Rocket Lab USA Inc (RKLB) 2024 Q1 法說會逐字稿

Good day, everyone, and welcome to the Rocket Lab's first-quarter 2024 financial results update and conference call.

大家好，歡迎來到 Rocket Lab 2024 年第一季財務業績更新和電話會議。

At this time, I would like to hand the call over to Murielle Baker, Communications Manager at Rocket Lab. Please go ahead, ma'am.

現在，我想將電話轉交給 Rocket Lab 的通訊經理 Murielle Baker。請繼續，女士。

Thank you. Hello, everyone. We're glad to have you join us for today's conference call to discuss Rocket Lab's first-quarter 2024 financial results.

謝謝。大家好。我們很高興您參加今天的電話會議，討論 Rocket Lab 2024 年第一季的財務表現。

Before we begin the call, I'd like to remind you that our remarks may contain forward-looking statements that relate to the future performance of the company. And these statements are intended to qualify for the Safe Harbor protection from liability established by the Private Securities Litigation Reform Act.

在我們開始通話之前，我想提醒您，我們的言論可能包含與公司未來業績相關的前瞻性陳述。這些聲明旨在符合《私人證券訴訟改革法案》規定的免責安全港保護的資格。

Any such statements are not guarantees of future performance. And factors that could influence our results are highlighted in today's press release and others are contained in our filings with the Securities and Exchange Commission.

任何此類聲明都不能保證未來的表現。今天的新聞稿中強調了可能影響我們業績的因素，其他因素也包含在我們向美國證券交易委員會提交的文件中。

Such statements are based upon information available to the company as of the date hereof and are subject to change for future developments. Except as required by law, the company does not undertake any obligation to update these statements.

此類聲明基於截至本協議發布之日公司可獲得的信息，並可能因未來發展而發生變化。除法律要求外，本公司不承擔任何更新這些聲明的義務。

Our remarks and press release today also contain non-GAAP financial measures within the meaning of Regulation G enacted by the SEC. Included in such release and our supplemental materials are reconciliations of these historical non-GAAP financial measures to the comparable financial measures calculated in accordance with GAAP.

我們今天的言論和新聞稿還包含 SEC 頒布的 G 條例含義內的非 GAAP 財務措施。此類新聞稿和我們的補充資料中包含這些歷史非 GAAP 財務指標與根據 GAAP 計算的可比較財務指標的調整表。

This call is also being webcast with a supporting presentation. And a replay and copy of the presentation will be available on our website. Our presenters today are Rocket Lab's Founder and Chief Executive, Peter Beck; and Chief Financial Officer, Adam Spice. After our prepared comments, we will take questions.

此次電話會議也將透過網路直播並提供支援演示。我們的網站上將提供簡報的重播和副本。今天我們的主講人是 Rocket Lab 的創辦人兼執行長 Peter Beck；和財務長亞當·斯派斯。在我們準備好意見後，我們將回答問題。

And now, let me turn the call over to Mr. Beck.

現在，讓我把電話轉給貝克先生。

Thank you, Murielle, and thank you, everybody for joining us today. We've got a lot of great achievements and milestones to share on our start to the year, not the least of which is executing a record number of launches and space systems growth that delivered a record total revenue of $93 million in the quarter, up 55% quarter over quarter and 69% year over year.

謝謝你，穆里埃爾，也謝謝大家今天加入我們。在今年的開局之際，我們取得了許多偉大的成就和里程碑，其中最重要的是執行了創紀錄的發射次數和太空系統的增長，這使得本季度的總收入達到了創紀錄的9300 萬美元，年成長率成長 55%，年成長 69%。

Adam will talk through the rest of the details of our financial results for the first quarter before covering the financial outlook for Q2 2024. After that, we'll take some questions and finish today's call with the near-term conferences we will be attending.

Adam 將討論我們第一季財務表現的其餘細節，然後介紹 2024 年第二季的財務前景。

All right. Onto what we achieved in the first quarter of the year, starting with Electron. We had a great series of launches in Q1 with four successful missions, three of them for commercial customers from Launch Complex 1 in New Zealand and a national security mission for the NRO out of our second site in Virginia.

好的。從 Electron 開始，我們在今年第一季取得了一些成就。我們在第一季進行了一系列精彩的發射，其中有四項成功的任務，其中三項是在新西蘭的1 號發射中心為商業客戶執行的，另一項是在弗吉尼亞州第二發射場為NRO 執行的國家安全任務。

We had to launch -- we had a launch turnaround of just eight days between our flight for the Japanese customers inspective in the NRO launch, which was no small task from two launch sites across the world. In fact, we remain the only company with the capability of orbital launch from both hemispheres. It really demonstrates the capability of the team to turn around launches so quickly and sets us up well to execute against our pack manifest for 2024.

我們必須發射——我們為日本客戶檢查 NRO 發射的航班之間的發射週轉時間只有八天，這對世界各地的兩個發射場來說是一項不小的任務。事實上，我們仍然是唯一一家具備從兩個半球進行軌道發射能力的公司。它確實展示了團隊如此迅速地扭轉發布的能力，並使我們能夠很好地執行 2024 年的包清單。

We completed our fifth launch of the year less than two weeks ago, a commercial mission for KAIST Institute of South Korea, along with a landmark scientific mission for NASA to test our solar sailing technology also on board. Note here rideshared missions are the same, and this launch, in particular, was a tricky and complex one that played into our unique strengths.

不到兩週前，我們完成了今年的第五次發射，這是韓國 KAIST 研究所的一項商業任務，同時也是 NASA 的一項具有里程碑意義的科學任務，旨在測試我們的太陽帆技術。請注意，這裡的共乘任務是相同的，特別是這次發布是一項棘手且複雜的任務，發揮了我們獨特的優勢。

For large launch rideshare, normally you have a bunch of satellites that are heading to the exact same orbit, and you deploy them into one location. If the orbit isn't ideal from your spacecraft, then you're kind of tough luck. But for KAIST and NASA, we had two satellites going to two completely different orbits to each other, first one to 520 kilometers, and then all the way up to 1,000 kilometers in low Earth orbit for the other.

對於大型發射共享，通常您有一堆前往完全相同軌道的衛星，並將它們部署到一個位置。如果你的太空船的軌道不理想，那麼你就運氣不好了。但對於 KAIST 和 NASA 來說，我們有兩顆衛星運行在兩個完全不同的軌道上，第一個衛星運行在 520 公里處，然後另一顆衛星運行在近地軌道上 1,000 公里處。

Those kinds of conflicting mission requirements would normally require two separate launches. But with our unique kick stage capabilities, we're able to drop KAIST off at 520, and NASA up to 1,000, and then complete another series of engine burns to bring the kick stage back closer to Earth for faster disposal and demisability. It's this kind of precision and flexibility that makes us a really attractive launch service for our customers, which is also inherent in the next two missions we have scheduled to fly in Q2.

這些相互衝突的任務要求通常需要兩次單獨的發射。但憑藉我們獨特的反沖級能力，我們能夠將韓國科學技術院(KAIST) 降到520，將NASA 降到1,000，然後完成另一系列發動機燃燒，使反沖級回到更接近地球的位置，以便更快地處理和報廢。正是這種精確性和靈活性使我們成為對客戶非常有吸引力的發射服務，這也是我們計劃在第二季度執行的接下來的兩次任務所固有的。

So coming up in Q2, we have two back-to-back missions scheduled for NASA to deliver their pre-fire mission to space or missions to space. The mission is focused on understanding how much of Earth's heat loss is lost into space from the Antarctic, which will help improve climate change models and provide better predictions on sea level rise and weather changes in the future.

因此，在第二季度，我們為 NASA 安排了兩次背靠背任務，分別執行發射前的太空任務或太空任務。任務的重點是了解地球的熱量損失有多少從南極散失到太空中，這將有助於改進氣候變遷模型，並為未來的海平面上升和天氣變化提供更好的預測。

We're setting up two satellites for NASA, one on each launch that will crisscross the poles to gather accurate readings across the two orbits from one mission. One PREFIRE -- once PREFIRE is in space, PREFIRE-2 must be placed there within three weeks' time, which again plays to our strengths as a responsive launch provider, hitting precise orbital deployments.

我們正在為美國太空總署設置兩顆衛星，每次發射時一顆衛星都會穿過兩極，以收集一次任務中兩個軌道上的準確讀數。一次 PREFIRE——一旦 PREFIRE 進入太空，PREFIRE-2 必須在三週內放置在那裡，這再次發揮了我們作為反應靈敏的發射提供者的優勢，實現精確的軌道部署。

We actually demonstrated a similar capability with the two tropics missions launched last year, so it's great to see NASA take up this capability once again. After that, we are set to launch the first of five missions for a new customer, Kineis, a French company backed by private and public investors, including the French government space agency.

事實上，我們在去年發射的兩次熱帶任務中展現了類似的能力，因此很高興看到美國太空總署再次採用這種能力。之後，我們將為新客戶 Kineis 啟動五項任務中的第一項，Kineis 是一家由私人和公共投資者支持的法國公司，其中包括法國政府航太局。

We will be deploying their entire satellite constellation into low Earth orbit, some 25 satellites across five Electron launchers. There is also a non-forecasted but potential fifth launch for a commercial constellation customer we're tracking for Q2. Operationally, we'll be ready to launch this mission when the customer is ready, and if there's a chance of that happening before the end of Q2. But like I said, there's also a chance of it slipping out of the quarter. So it's not forecast in the financials for the current quarter.

我們將把他們的整個衛星星座部署到近地軌道，其中大約 25 顆衛星分佈在 5 個 Electron 發射器上。我們正在第二季度追蹤的商業星座客戶還有一個未預測但可能的第五次發射。在操作上，當客戶準備好時，如果有可能在第二季末之前發生，我們將準備好啟動此任務。但正如我所說，它也有可能滑出本季。因此，本季的財務數據中沒有對此進行預測。

On to the rest of the year and we remain on track for another record number of Electron launches. Across the 22 missions sold for 2024, we are seeing some movement in the manifest, as expected, due to customers being late with their spacecraft or asking to shift later in the year, or sometimes even into 2025. This kind of manifest whack-a-mole, as we call it, is nothing new to any launch provider, and it's something we've become very familiar with after seven years of launching Electron.

在今年剩下的時間裡，我們仍有望再創歷史新高的 Electron 發射數量。在 2024 年出售的 22 項任務中，正如預期的那樣，我們看到清單發生了一些變化，因為客戶遲到了他們的航天器或要求在今年晚些時候轉移，有時甚至推遲到 2025 年。 ，正如我們所說，對於任何啟動提供者來說都不是什麼新鮮事，並且在推出Electron 七年後我們已經變得非常熟悉。

We see the opportunity of those gaps to fill the manifest with new customers who need an urgent ride, sometimes within months, or existing ones who want to move to the left rather than wait for their booked slot. For customers who also ask for a new launch date later in the schedule, we have typically invoiced it and collected the majority of the launch contract value up to that point and then we recognize the revenue once they've flown.

我們看到了這些空白的機會，可以用需要緊急乘車（有時在幾個月內）的新客戶或想要移到左側而不是等待預訂時段的現有客戶來填補清單。對於在時間表稍後還要求新的發射日期的客戶，我們通常會開立發票並收取截至該時間點的大部分發射合約價值，然後在他們起飛後我們確認收入。

It's why launch revenue forecasting can be so lumpy. But like I said, while we might not get all 20 -- 22 flights off this year, based on caste customer movement, we're on track for a record year for Electron. And from where we sit today, 2025 is shaping up to be another record year also.

這就是為什麼發布收入預測會如此不穩定。但就像我說的，雖然根據種姓客戶的流動情況，我們今年可能無法取消所有 20 - 22 個航班，但我們有望在 Electron 創下創紀錄的一年。從我們今天的角度來看，2025 年也將成為另一個創紀錄的一年。

One of the really exciting missions for 2025 was one we booked early in Q1 -- early in Q2, the $32 million VICTUS HAZE mission for the US Space Force. This one is really a full end-to-end mission solution that will really show off the success of a vertical integration strategy. We'll be designing, building, launching, and operating the spacecrafts to demonstrate technically responsive space for the Department of Defence.

2025 年真正令人興奮的任務之一是我們在第一季初和第二季初為美國太空部隊預訂的價值 3,200 萬美元的 VICTUS HAZE 任務。這確實是一個完整的端到端任務解決方案，將真正展示垂直整合策略的成功。我們將設計、建造、發射和操作太空船，為國防部展示技術反應空間。

The spacecraft will come with all of their own components, including propulsion systems, solar cells, erection wheels, star trekkers, flight ground software, spacecraft on and on and on it goes. Then we will fly it on Electron, and once it's in space, we'll be operating it to demonstrate (technical difficulty) with another spacecraft in orbit, which is a highly sought-after capability for the DoD. And I should mention that our task is to launch the spacecraft within 24 hours' notice from the Space Force.

該太空船將配備所有自己的組件，包括推進系統、太陽能電池、安裝輪、星際迷航者、飛行地面軟體、不斷運行的太空船。然後我們將在 Electron 上駕駛它，一旦它進入太空，我們將對其進行操作，以與在軌的另一艘航天器一起進行演示（技術難度），這是國防部備受追捧的能力。我應該提到，我們的任務是在收到太空軍通知的 24 小時內發射太空船。

It's the first-time we've sold a complete end-to-end mission solution and to a prestigious customer as well. It's a super exciting mission that showcases our ability to meet the DoD's growing need for rapid and responsive orbital capability. It will also be a fantastic demonstration of what we can do as a full end-to-end mission services provider. We'll be taking care of absolutely everything the DoD needs for assured access to space, which is an important capability for the nation.

這是我們第一次向知名客戶出售完整的端到端任務解決方案。這是一項超級令人興奮的任務，展示了我們滿足國防部對快速響應軌道能力日益增長的需求的能力。這也將很好地展示我們作為完整的端到端任務服務提供者的能力。我們將照顧國防部確保進入太空所需的一切，這對國家來說是一項重要能力。

Another new launch contract we've been awarded post-Q1 is the second mission from the US Space Force, this time for the space test program. It's a $14.5 million launch that will fly out of Launch Complex 2 in Virginia within the next 24 months to carry out research, experiments and technology demonstrations for the DoD in space.

我們在第一季後獲得的另一份新發射合約是美國太空軍的第二次任務，這次是太空測試計畫。此次發射耗資 1,450 萬美元，將在未來 24 個月內從維吉尼亞州的 2 號發射場發射，為國防部進行太空研究、實驗和技術演示。

We've proven ourselves as a trusted and dedicated partner to the DoD across multiple missions now on Electron. In fact, our first mission for the STP program was all the way back in 2019, when Electron launches were still in single-digits, and we're looking forward to continued execution with the STP 30 mission.

我們已經在 Electron 上的多項任務中證明了自己是國防部值得信賴和專注的合作夥伴。事實上，我們的 STP 計畫的第一個任務可以追溯到 2019 年，當時 Electron 的發射數量仍處於個位數，我們期待繼續執行 STP 30 任務。

Finally, to round out Electron, we've got an existing -- an exciting post quarter update on our recovery program. For the first time, we've returned in Electron stage back to the production line in preparation for re-flying. This tank is the one that came back to Earth during the recovery mission we launched in January, and it came back in such good condition that we're bringing it back into the production fold.

最後，為了完善 Electron，我們對我們的恢復計劃進行了令人興奮的季度後更新。我們第一次在 Electron 階段返回生產線，準備重新飛行。這輛坦克是我們在一月份發射的回收任務中返回地球的坦克，它回來時的狀況非常好，因此我們將其重新投入生產。

Already, it's passed a barrage of qualification tests. But having gone through those additional checks, it's now undergoing its final fit-out and another round of the same acceptance testing that will take any brand new tank through that runs front of the line.

它已經通過了一系列資格測試。但在完成了這些額外的檢查後，它現在正在進行最終的組裝和另一輪相同的驗收測試，任何全新的坦克都將通過測試。

The results of that campaign will determine its suitability for re-flight, but if all looks good, and we could be looking to re-flight later in the year. That's just a quick overview of some of the key highlights across Q1 to date for Electron.

活動的結果將決定是否適合重新飛行，但如果一切順利，我們可能會考慮在今年稍後重新飛行。這只是 Electron 迄今為止第一季的一些關鍵亮點的快速概述。

Now on to some of the exciting progress and achievements for space systems. We moved quickly this quarter in executing against our larger space systems contract to date, our debut as a prime spacecraft contractor to the industry with a $515 million constellation of 18 spacecraft we're developing for the Space Development Agency. All of these spacecraft for the agency's Tranche 2 transport layer will be designed, built, and managed by us, and includes a full suite of our space systems products.

現在介紹一下空間系統的一些令人興奮的進展和成就。本季度我們迅速行動，執行迄今為止規模更大的太空系統合同，這是我們首次作為行業主要航天器承包商，為航天發展局開發價值 5.15 億美元的由 18 艘航天器組成的星座。該機構第二階段運輸層的所有這些航天器都將由我們設計、建造和管理，並包括我們的全套太空系統產品。

We officially kicked off the beginning of the program with the SDA in Q1, as well as completed preliminary studies for the spacecraft's design. The contract marks the beginning of our extension of being a prime contractor, a role we've moved into swiftly and comfortably by handpicking a team of experienced subcontractors to support the program across payload sensor supply and ground systems.

我們在第一季正式啟動了與SDA的項目，並完成了太空船設計的初步研究。該合約標誌著我們作為主承包商的延伸的開始，透過精心挑選一支經驗豐富的分包商團隊來支持整個有效載荷感測器供應和地面系統的計劃，我們已經迅速而輕鬆地進入了這一角色。

Another fantastic trick for the space systems group in the quarter was the successful completion of our mission with Varda, which returned to Earth, the world's first space manufacturing mission conducted outside of the International Space Station. This was a mission where we took Varda's manufacturing capsule that makes pharmaceutical crystals and put it on top of one of our spacecraft, which supplied the capsule -- everything it needed to do its work, like power supply, positioning and management in space.

本季太空系統小組的另一個絕妙技巧是我們與瓦爾達一起成功完成了返回地球的任務，這是世界上第一個在國際太空站之外進行的太空製造任務。在這項任務中，我們將瓦爾達製造藥物晶體的製造膠囊放在我們的一艘太空船頂部，太空船為膠囊提供了完成其工作所需的一切，例如電力供應、太空中的定位和管理。

The last one is a really important capability we demonstrated on this mission. Our spacecraft and operations team were tasked with setting the capsule on its path back to Earth so it could land safely in a tiny area in the middle of the Utah desert. I liken this to like throwing a ball from low Earth orbit while aiming to hit a bullseye. The Rocker Lab team pulled off a really incredible feat to just absolutely nail the capsule's reentry on target.

最後一項是我們在這次任務中展示的一項非常重要的能力。我們的太空船和操作團隊的任務是讓太空艙走上返回地球的路徑，以便它可以安全地降落在猶他州沙漠中部的一個小區域。我把這比喻為從低地球軌道丟一個球，同時瞄準擊中靶心。 Rocker Lab 團隊完成了一項令人難以置信的壯舉，將太空艙的再入目標完全鎖定。

This skill set makes us now one of only two commercial launch companies with spacecraft reentry capabilities, a rare and valuable thing in the market. And we'll be demonstrating this again soon with our second spacecraft for the next Varda demonstration already well ahead in production and on track for its expected launch date. The added bonus of -- the added bonus is everything we've learned in these reentry missions is we're able to directly apply to future capsule launches on Neutron as well.

這種技能組合使我們成為目前僅有的兩家具有太空船再入能力的商業發射公司之一，這在市場上是罕見且有價值的。我們很快就會再次證明這一點，我們的第二艘太空船已經在生產中遙遙領先，並預計在預期的發射日期進行下一次瓦爾達演示。額外的好處是——額外的好處是我們在這些再入任務中學到的一切，我們也能夠直接應用於未來在中子上發射太空艙。

Another of our big satellite programs, the 17 spacecraft build for MDA Globalstar has also progressed nicely through Q1. The first of two flight frames for these spacecraft were completed, shipped out of Long Beach, and delivered to MDA for the next phase of the program.

我們的另一個大型衛星項目，為 MDA Globalstar 建造的 17 顆太空船在第一季也取得了良好進展。這些太空船的兩個飛行框架中的第一個已經完成，從長灘運出，並交付給 MDA 進行該計劃的下一階段。

Once Globalstar's payloads arrive to MDA, we'll begin the next step of integrating those into the spacecraft before the complete package enters the acceptance testing campaign. This constellation is slated for launch in 2025, so we're making great progress towards that deadline.

一旦 Globalstar 的有效載荷到達 MDA，我們將開始下一步，將其整合到太空船中，然後整個套件進入驗收測試活動。該星座計劃於 2025 年發射，因此我們正在朝著這個最後期限取得巨大進展。

Next is our ESCAPADE program, which is the mission to Mars for NASA with our two spacecraft. The first fully assembled spacecraft is currently being put through the ringer in the vacuum chamber testing, pushing the spacecraft to its limits so we can know with confidence it can survive the journey from Earth to Mars. The second satellite will go into the vacuum chamber as soon as the first one comes out, and it's right now undergoing similar checks to ensure it's ready for the load that we'll see when it's launched later this year.

接下來是我們的 ESCAPADE 計劃，這是 NASA 用我們的兩艘太空船執行的火星任務。第一個完全組裝好的太空船目前正在真空室測試中進行測試，將太空船推向極限，這樣我們就可以放心地知道它能夠在從地球到火星的旅程中倖存下來。第二顆衛星將在第一顆衛星出來後立即進入真空室，目前它正在接受類似的檢查，以確保它已準備好承受今年稍後發射時我們將看到的負載。

And finally, to wrap up space systems, we have a new long-term supply agreement for our space solar solutions with a large space client worth up to $150 million. This one is a multi-year agreement that will see our solar technology support critical missions across civil, defense and national security. And March 31, ending backlog reflects the initial orders against this long-term agreement.

最後，為了結束太空系統，我們與價值高達 1.5 億美元的大型太空客戶簽訂了新的太空太陽能解決方案長期供應協議。這是一項多年協議，我們的太陽能技術將支援民事、國防和國家安全領域的關鍵任務。 3 月 31 日，積壓訂單的結束反映了針對該長期協議的初始訂單。

Demand for solar power and space continues to grow as the world moves towards new constellations and proliferated new architecture. We're now one of the largest suppliers of space-grade solar cells globally. And space solar power is already one of the most constrained areas in the industrial supply chain, which is why we've invested in expanding, modernizing our space manufacturing capability, including automated processes and assembly.

隨著世界走向新星座和新建築的激增，對太陽能和空間的需求持續增長。我們現在是全球最大的太空級太陽能電池供應商之一。太空太陽能已經是工業供應鏈中最受限制的領域之一，這就是為什麼我們投資擴大和現代化我們的太空製造能力，包括自動化流程和組裝。

These are just some of the steps we've taken to ensure the resiliency of the space solar supply chain beyond current and future missions. And it's the latest contract -- this latest contract is a strong recognition of that. Overall, some great work and progress across our space systems business to date.

這些只是我們為確保太空太陽能供應鏈在當前和未來任務之外的彈性所採取的一些步驟。這是最新的合約——這份最新的合約是對此的強烈認可。總體而言，迄今為止，我們的太空系統業務取得了一些出色的工作和進展。

Now it's time to share how development with Neutron go. So onto a huge milestone for Neutron that I'm really excited to share. We've completed our first Archimedes engine. The engine you see here is already shipped out the door of our engine development complex in Long Beach, and is fitted to the test stand at NASA Stennis.

現在是時候分享 Neutron 的開發過程了。因此，我很高興與大家分享 Neutron 的一個重大里程碑。我們已經完成了第一個阿基米德發動機。您在這裡看到的發動機已經從我們位於長灘的發動機開發中心運出，並安裝在 NASA 斯坦尼斯的測試台上。

What we're taking to the stand is very close to a flight-like engine, and with all of the production infrastructure stood up alongside the engine's development. We believe the team is in the optimal position to be able to make quick iterations to Archimedes based on what we learn through testing.

我們在展台上展示的產品非常接近類似飛行的發動機，並且所有生產基礎設施都與發動機的開發同步進行。我們相信團隊處於最佳位置，能夠根據我們透過測試學到的知識對阿基米德進行快速迭代。

Archimedes is a really unique engine, given its trust class engine cycle and propellant combination. It's an oxidizer-rich stage combustion cycle powered by liquid oxygen and methane. One of these engines equals the same amount of thrust as roughly three Electron rockets. On top of that, we've designed Archimedes to stand up to a target maximum reusability of 20 flights per engine.

鑑於其值得信賴的引擎循環和推進劑組合，阿基米德是一款真正獨特的引擎。這是一個由液態氧和甲烷提供動力的富含氧化劑的階段燃燒循環。其中一具引擎的推力相當於大約三枚電子火箭的推力。最重要的是，我們設計的阿基米德能夠達到每具引擎 20 次飛行的最大可重複使用性目標。

Each Archimedes is designed for 165,000 pounds of Thrust for a combined lift-off on the first stage of 1,450,000 pounds thrust. The turbo pump has an 18,000-shaft horsepower, and we picked an operating point that is optimized for reusability over maximum performance, which will allow us to operate this engine at a much lower stress level as compared to others.

每個阿基米德的設計推力為 165,000 磅，第一級的組合升空推力為 1,450,000 磅。渦輪泵具有 18,000 軸馬力，我們選擇了一個針對可重複使用性而不是最大性能進行優化的工作點，這將使我們能夠在比其他引擎低得多的壓力水平下運行該引擎。

And like I said, it positions us well for rapid development and qualify -- for a rapid development and qualification testing campaign. Integrated within Archimedes 2 all 3D -- all-new 3D printed parts that come off their factory floors at Long Beach. Like its turbo pump, pre-burner and main combustion chamber components, valve housings, and engine structural components, all of these the same parts that continue to be printed as we build out more engines to this one in parallel.

正如我所說，它為我們的快速開發和資格測試奠定了良好的基礎——快速開發和資格測試活動。整合在阿基米德 2 中，所有 3D 零件均來自長灘工廠車間的全新 3D 列印零件。就像它的渦輪泵、預燃室和主燃燒室部件、閥門殼體和發動機結構部件一樣，所有這些相同的部件在我們並行構建更多發動機時都會繼續打印。

We've got about four sets of engines on the go right now. Perhaps the biggest point I want to make here too is that we haven't taken any huge concessions just to make fire for the sake of it. We've been very intentional and methodical with Archimedes making sure to refine its design so that now we're at a point that we've got an engine that can be readily productionized long term.

我們現在有大約四套引擎正在運作。也許我在這裡也想表達的最重要的一點是，我們並沒有做出任何巨大的讓步，只是為了火上加油。我們非常有意和有條不紊地與阿基米德一起確保改進其設計，以便現在我們已經擁有了可以輕鬆長期生產的引擎。

A test-ready Archimedes is really the inflection point for Neutron's development. Now that Archimedes is on the stand, the real fun begins, and we've started the test campaign in earnest. Having a complete engine, we've gone through some of the biggest unknowns in the development program and can update the schedule for its first flight accordingly, which we've adjusted to first launch no earlier than mid-'25.

準備好進行測試的阿基米德確實是 Neutron 發展的轉捩點。現在阿基米德站在了看台上，真正的樂趣開始了，我們正式開始了測試活動。有了完整的發動機，我們已經解決了開發計劃中一些最大的未知因素，並可以相應地更新其首次飛行的時間表，我們已將其調整為不早於 25 年中期首次發射。

We run highly aggressive schedules at Rocket Lab. We always have and all of our programs – we are looking at all our programs and that's why we've been able to deliver new capability to the market like HASTE, Electron, CAPSTONE, and more industry-leading timeframes.

我們在火箭實驗室的日程安排非常緊湊。我們一直都有我們的所有計劃 - 我們正在研究我們所有的計劃，這就是為什麼我們能夠向市場提供新功能，如 HASTE、Electron、CAPSTONE 以及更多行業領先的時間框架。

Getting Neutron to the pad this year was an ambitious green light schedule that we had a path to closing if every single aspect went exactly according to plan. But as we've always said, this is a rocket development program and this is always filled with gremlins, some in new control and some not.

今年讓 Neutron 進入發射台是一個雄心勃勃的綠燈計劃，如果每個方面都完全按照計劃進行，我們就有一條路可以完成這個計劃。但正如我們一直所說的，這是一個火箭開發計劃，並且總是充滿了小魔怪，有些處於新控制之下，有些則沒有。

In this case, we've made the call to take additional time, not only to just bring a minimum viable product engine to the stand but to be very intentional and methodical about setting Archimedes up for success in the long term. This means rigorous component level testing before the first hot fire and refining a design that can be productionized long term.

在這種情況下，我們呼籲花費更多時間，不僅是為了將最小可行的產品引擎帶到展台上，而且要非常有意識和有條理地讓阿基米德取得長期成功。這意味著在第一次熱火之前進行嚴格的組件級測試，並改進可以長期生產的設計。

We've also taken the time to scale up the manufacturing and test facilities to support full scale production, and built a knowledgeable and experienced team ready to build, test, and fly Archimedes at the pace that customers are demanding once we bring Neutron to market. All of this takes time to get ultimately right. So that drove a schedule which now closes mid-next year.

我們還花時間擴大製造和測試設施以支援全面生產，並建立了一支知識淵博、經驗豐富的團隊，一旦我們將Neutron 推向市場，就可以按照客戶要求的速度建造、測試和飛行阿基米德飛機。所有這些都需要時間才能最終正確。因此，這推動了現在於明年年中結束的時間表。

We have a proven track record of delivering technology and capabilities to market on rapid and often record breaking timelines. And Neutron still coming to market faster than just about any other rocket program that I know. We believe Neutron will be a category defining launch vehicle serving critical market needs, and we're excited to move into the final phase of development.

我們擁有以快速且經常破紀錄的時間表向市場提供技術和能力的良好記錄。中子進入市場的速度仍然比我所知道的任何其他火箭項目都要快。我們相信中子將成為滿足關鍵市場需求的定義運載火箭類別，我們很高興進入開發的最後階段。

While the propulsion team has made leaps and downs on Archimedes, the structural team -- our test team is also putting together big wins on the board as well. We've got some of the Rocket's largest composite panels and tech sections collecting across all of our composite facilities. We've completed the first Neutron's pairing panels with a set of full panels coming off the composite's -- coming out of composite's securing and expected to be assembled together in the coming weeks.

雖然推進團隊在阿基米德方面取得了飛躍和下降，但結構團隊——我們的測試團隊也在板上取得了巨大的勝利。我們在所有複合材料設施中收集了一些火箭最大的複合材料面板和技術部分。我們已經完成了第一塊 Neutron 配對面板以及一組從複合材料上取下的完整面板 - 來自複合材料的固定，預計將在未來幾週內組裝在一起。

These are large almost 8 meter-long sections that mount Neutron's canards and house the payloads inside the rocket. So they're really significant pieces of Neutron's build. The internal tank structures on Neutron's second stage also come together, having completed an assembly test run earlier in the quarter. This is the second stage two that we built for Neutron after the development stage we built and tested last year.

這些是近 8 公尺長的大型部件，用於安裝 Neutron 的鴨翼並容納火箭內部的有效載荷。所以它們確實是 Neutron 建構的重要組成部分。 Neutron 第二級的內部儲槽結構也已組裝完畢，並在本季早些時候完成了組裝測試。這是繼去年建置和測試的開發階段之後，我們為 Neutron 建置的第二個階段。

Putting the pieces together -- putting all the pieces of Neutron's together is not the same as assembling Electron, which the team obviously, regularly does by hand. So completing the assembly test run for Neutron, and now moving on to final assembly, lamination and integration of the pieces into flight configuration marks a major progress in the vehicle's development.

將各個部件放在一起——將 Neutron 的所有部件放在一起與組裝 Electron 不同，顯然團隊經常手工組裝 Electron。因此，完成 Neutron 的組裝測試運行，現在進入組裝、層壓以及將部件整合到飛行配置中，標誌著飛行器開發的重大進展。

The size and the scale of the structure and the pieces we're working with here is important to show. So here are some more images of the carbon composite tank builds taking place across our various facilities. And it's fair to say some amazing work from the team here pushing hard to get this all together.

展示我們正在處理的結構和部件的大小和規模非常重要。以下是我們各個設施中正在建造的碳複合材料儲罐的更多圖片。可以公平地說，這裡的團隊做了一些令人驚嘆的工作，努力推動這一切的實現。

Speaking of launch, Launch Complex 3 up in Virginia is really starting to take shape. Concrete works for Neutron's launch mount have been completed and the concrete foundations for the site's liquid propellant and gas storage tanks have gone in. Long lead propellant tanks are soon to be delivered to site, and we'll see our propellant farm stood up in the coming months.

說到發射，位於維吉尼亞州的 3 號發射中心已經真正開始成形。中子發射架的混凝土工程已經完成，現場液體推進劑和氣體儲存槽的混凝土基礎也已經完工。 。

We also installed the 278 foot water tower. Visually, we've changed the skyline of Wallops waterfront forever. So it's an exciting new feature for LC3.

我們還安裝了 278 英尺的水塔。從視覺上看，我們永遠改變了沃洛普斯海濱的天際線。所以這是 LC3 的一個令人興奮的新功能。

We've made good progress on all other Neutron facilities in the area as well, including Neutron's assembly and integration test complex just outside the Wallops gate, another set of concrete foundations have gone down. And we've got the skeleton structure up for our next building on the site. Construction is really moving nicely along in Virginia, which is great to see.

我們在該地區的所有其他 Neutron 設施上也取得了良好進展，包括位於 Wallops 門外的 Neutron 組裝和整合測試綜合體，另一組混凝土地基已經倒塌。我們已經為現場的下一棟建築搭建了骨架結構。維吉尼亞州的建設進展非常順利，這真是令人高興。

So that wraps up the business highlights for 2024 so far. So from here, I'll hand it over to Adam to take us through the financial updates.

以上就是 2024 年迄今的業務亮點。因此，從現在開始，我將把它交給 Adam，讓他帶領我們了解財務最新情況。

Great. Thanks, Pete. First quarter 2024 revenue was $92.8 million, which was towards the low end of our prior guidance range, reflecting significant year-on-year growth of 69%, and sequential growth of 55%, driven by strong contribution from both business segments.

偉大的。謝謝，皮特。 2024 年第一季營收為 9,280 萬美元，接近我們先前指導範圍的低端，在兩個業務部門的強勁貢獻推動下，同比大幅增長 69%，環比增長 55%。

Our launch services segment delivered revenue of $32.7 million in the quarter from four launches, in line with guidance of $32 million to $33 million, representing sequential growth of 287%, driven by a return to normal launch operations after [Q4] was impacted by our September anomaly.

我們的發射服務部門在本季度通過四次發射實現了3270 萬美元的收入，符合3200 萬至3300 萬美元的指導，環比增長287%，這是由於[Q4] 受到我們的影響後恢復正常的發射業務所推動的。

The average selling price per launch was $8.2 million, well above our target average selling price of $7.5 million, the result of a favorable mix of government and complex commercial missions. Our current backlog continues to support our target average revenue per launch with some variability tied to volume purchase commitments, launch location and mission assurance requirements.

每次發射的平均售價為 820 萬美元，遠高於我們 750 萬美元的目標平均售價，這是政府和複雜的商業任務有利組合的結果。我們目前的積壓訂單繼續支持我們的每次發射平均收入目標，但存在與大量購買承諾、發射地點和任務保證要求相關的一些變化。

Our space systems segment delivered just over $60 million in the quarter, which was towards the low end of our prior guidance range of $60 million to $65 million, but reflecting sequential growth of 17%, driven primarily by growth in our MDA contract revenue, albeit slightly less than was expected.

我們的太空系統部門本季交付略高於6,000 萬美元，接近我們之前6,000 萬至6,500 萬美元指導範圍的低端，但環比增長17%，這主要是由我們的MDA 合約收入的增長推動的，儘管略低於預期。

Now turning to gross margin. GAAP gross margin for the first quarter was 26.1%, slightly above the high end of our prior guidance range of 24% to 26%. Non-GAAP gross margin for the first quarter was 31.7%, which was also above our prior guidance range of 29% to 31%.

現在轉向毛利率。第一季 GAAP 毛利率為 26.1%，略高於我們先前指引範圍 24% 至 26% 的上限。第一季非 GAAP 毛利率為 31.7%，也高於我們先前 29% 至 31% 的指引範圍。

GAAP and non-GAAP gross margin improvements relative to our guidance reflects continued efficiencies in both our launch and satellite manufacturing businesses. We ended Q1 with production production-related headcount of 872, up 20 from the prior quarter.

相對於我們的指導，公認會計準則和非公認會計準則毛利率的改善反映了我們的發射和衛星製造業務的持續高效。第一季結束時，與生產相關的員工人數為 872 人，比上一季增加 20 人。

Turning to backlog. We ended Q1 2024 with $1.02 billion of total backlog with Launch backlog of $215.6 million, and space systems backlog of $799.7 million. Relative to Q4 2023, total backlog was down only 3% sequentially, or $31 million, despite a $93 million quarter of revenue.

轉向積壓。截至 2024 年第一季度，我們的積壓訂單總額為 10.2 億美元，其中發射積壓訂單為 2.156 億美元，太空系統積壓訂單為 7.997 億美元。與 2023 年第四季相比，儘管季度營收為 9,300 萬美元，但積壓訂單總額僅較上季下降了 3%，即 3,100 萬美元。

Strong bookings continued in our space systems business, highlighted by initial orders related to the long-term supply agreement with a tier-one prime contractor that Pete alluded to earlier, and a follow-up booking for reaction wheels supporting a mega constellation.

我們的空間系統業務繼續保持強勁的預訂量，其中突出的是與皮特早些時候提到的與一級主承包商簽訂的長期供應協議相關的初始訂單，以及支持巨型星座的反作用輪的後續預訂。

For Launch, backlog was down 13% sequentially, or $32.7 million as we drew backlog down against a record number of launches in the quarter. We continue to cultivate a healthy pipeline, including multi-launch deals that can be lumpy given the size and complexities of these opportunities. We expect approximately 42% of current backlog to be recognized as revenue within 12 months.

對於 Launch，積壓訂單環比下降了 13%，即 3,270 萬美元，因為我們減少了本季度創紀錄的發布數量的積壓訂單。我們將繼續培育健康的管道，包括多次啟動交易，鑑於這些機會的規模和複雜性，這些交易可能會不穩定。我們預計目前積壓訂單的約 42% 將在 12 個月內確認為收入。

Turning to operating expenses. GAAP operating expenses for the first quarter of 2024 were $67.3 million, below the low end of our guidance range of $73 million to $75 million. Non-GAAP operating expenses for the first quarter were $56.4 million, which was below the low end of our guidance range of $62 million to $64 million.

轉向營運費用。 2024 年第一季的 GAAP 營運費用為 6,730 萬美元，低於我們指導範圍 7,300 萬美元至 7,500 萬美元的下限。第一季非 GAAP 營運費用為 5,640 萬美元，低於我們 6,200 萬至 6,400 萬美元指引範圍的下限。

The increases in both GAAP and non-GAAP operating expenses versus the fourth quarter of 2023 were primarily driven by continued growth in headcount and prototype spending to support our Neutron development program and related infrastructure to support Neutron and our 18 satellite SDA contract, partially offset by shifting R&D resource to production support for space systems.

與2023 年第四季相比，GAAP 和非GAAP 營運費用的增加主要是由於人員數量和原型支出的持續成長，以支援我們的Neutron 開發計畫和相關基礎設施，以支援Neutron 和我們的18 顆衛星SDA 合同，部分抵銷將研發資源轉向太空系統的生產支援。

In SG&A, GAAP expenses increased $2.9 million quarter on quarter, largely due to a $1.6 million increase in stock-based compensation along with an increase in outside services, partially offset by a decrease in the change in contingent consideration related to our PSC acquisition due to a lower average stock price in the quarter.

在銷售、管理和行政費用方面，GAAP 費用環比增加290 萬美元，主要是由於基於股票的薪酬增加160 萬美元以及外部服務的增加，部分被與我們的PSC 收購相關的或有對價變化的減少所抵銷。

Non-GAAP SG&A expenses increased by $1.9 million, primarily due to the increase in outside services included in year-end audit expenses, legal fees, and corporate IT and security spending that further enabled efficient scaling of the business. Q1 ending SG&A headcount was 263, representing an increase of 16 from the prior quarter.

非 GAAP SG&A 費用增加了 190 萬美元，主要是由於年終審計費用、法律費用以及企業 IT 和安全支出等外部服務的增加，進一步實現了業務的高效擴展。第一季末 SG&A 員工人數為 263 人，比上一季增加 16 人。

In R&D specifically, GAAP expenses were up $1 million quarter on quarter due to Neutron prototyping, materials and headcount increases. Meanwhile, we have shifted certain non-Neutron R&D resources to support the execution of our MDA contract production ramp.

具體而言，在研發方面，由於 Neutron 原型設計、材料和員工人數增加，GAAP 費用將比去年同期增加 100 萬美元。同時，我們已經轉移了某些非中子研發資源，以支援 MDA 合約產量提升的執行。

Non-GAAP expenses were up $900,000 quarter on quarter, driven similarly to GAAP expenses. Q1 ending R&D headcount was 625, representing an increase of 40 from the prior quarter. In summary, total first quarter headcount was 1,760, up 76 heads from the prior quarter.

非 GAAP 支出較上季增加 90 萬美元，其推動因素與 GAAP 支出類似。第一季末研發人員總數為 625 人，比上一季增加 40 人。總而言之，第一季員工總數為 1,760 人，比上一季增加 76 人。

Turning to cash. Purchases of property, equipment and capitalized software licenses was $19.2 million in the first quarter of 2024, an increase of $8.8 million from $10.4 million in the fourth quarter of 2023. This sequential increase was due to our continued investment in Neutron research, testing, and production infrastructure projects along with the expansion of our satellite production and space solar solutions capacity.

轉向現金。 2024 年第一季購買的財產、設備和資本化軟體許可證為1920 萬美元，比2023 年第四季的1040 萬美元增加了880 萬美元。開發的持續投資。

Cash consumed from operations was $2.6 million in the first quarter of 2024, compared to $42.2 million in the fourth quarter of 2023. The sequential improvement of almost $40 million was driven by a lesser net income loss and working capital improvements owing to the ramp-up of production in our MDA Globalstar program and a step up in launch cadence, as well as strong cash collections, including initial milestone payments related to our space systems programs.

2024 年第一季營運消耗的現金為 260 萬美元，而 2023 年第四季為 4,220 萬美元。 季增近 4,000 萬美元，是由於淨收入損失減少以及營運資本增加所致。計劃的生產和發射節奏的加快，以及強勁的現金回收，包括與我們的太空系統計劃相關的初始里程碑付款。

Overall, non-GAAP free cash flow defined as GAAP operating cash flow reduced by purchases of property, equipment and capitalized software in the first quarter of 2024 was a use of $21.8 million, compared to $52.6 million in the fourth quarter of 2023. The ending balance of cash, cash equivalents, restricted cash, and marketable securities was $564.9 million as of the end of the first quarter of 2024.

整體而言，非GAAP 自由現金流定義為2024 年第一季因購買財產、設備和資本化軟體而減少的GAAP 營運現金流，使用量為2,180 萬美元，而2023 年第四季為5,260 萬美元。

As discussed on our February earnings call, we generated $355 million in a convertible senior notes offering, which was coupled with two deployments of $43.2 million supporting our convertible capped call and equipment facility loan repayments, as well as $11.2 million in debt issuance cost, yielding $257.4 million of net financing.

正如我們在2 月的財報電話會議上所討論的，我們透過可轉換優先票據發行獲得了3.55 億美元的收益，同時還部署了兩次4,320 萬美元的部署，支持我們的可轉換上限贖回權和設備設施貸款償還，以及1,120 萬美元的債務發行成本，產生淨融資 2.574 億美元。

We exit Q1 with a strong position to exercise inorganic options to further vertically integrate our supply chain with the critical capabilities consistent with what we've done successfully in the past. Our full-quarter profitability trend demonstrates progress towards adjusted EBITDA breakeven and attaining our long-term financial model.

我們在第一季結束時擁有強大的地位，可以行使無機選項，以進一步垂直整合我們的供應鏈，其關鍵能力與我們過去成功完成的工作一致。我們的全季獲利趨勢表明，我們在調整後 EBITDA 盈虧平衡和實現長期財務模型方面取得了進展。

We expect Electron's gross margins to continue to improve over time due to increased scale and production efficiencies, and satellite manufacturing contributions to improve due to increased scale and leverage of growing IP capabilities and infrastructure. With our strong launch manifest and increasing scale driven by space systems contract execution in 2024, we are well positioned to continue our progression to adjusted EBITDA breakeven following our Neutron investment cycle.

我們預計，由於規模和生產效率的提高，Electron 的毛利率將隨著時間的推移而繼續提高，而衛星製造的貢獻將由於規模的擴大以及不斷增長的 IP 能力和基礎設施的利用而提高。憑藉我們強勁的發射清單以及 2024 年空間系統合約執行推動的規模不斷擴大，我們處於有利位置，可以在 Neutron 投資週期後繼續實現調整後 EBITDA 盈虧平衡。

And with that, let's turn to our guidance for the second quarter of 2024. We expect revenue in the second quarter to range between $105 million and $110 million. This range reflects $77 million to $81 million of contribution from space systems, and $28 million to $29 million from Launch Services, which assumes four launches. As Pete noted, we do have a fifth launch slated for late June but are taking a cautious approach in terms of guidance setting given the end-of-quarter timing risk.

接下來，讓我們轉向 2024 年第二季的指引。這一範圍反映了來自太空系統的 7700 萬至 8100 萬美元的貢獻，以及來自發射服務的 2800 萬至 2900 萬美元的貢獻，該服務假設進行四次發射。正如 Pete 指出的那樣，我們確實計劃在 6 月下旬推出第五次產品，但考慮到季度末的時機風險，我們在指導設定方面採取了謹慎的態度。

We expect second quarter GAAP gross margins to range between 24% to 26%, and non-GAAP gross margin to range between 30% to 32%. These forecasted GAAP and non-GAAP gross margins reflect mix shifts in our space systems segment towards the larger and lower margin satellite manufacturing program revenue contribution versus certain of our higher gross margin component offerings, as well as a weaker mix within our components businesses.

我們預計第二季 GAAP 毛利率將在 24% 至 26% 之間，非 GAAP 毛利率將在 30% 至 32% 之間。這些預測的GAAP 和非GAAP 毛利率反映了我們的太空系統部門的組合轉變，與我們某些毛利率較高的組件產品相比，衛星製造計劃收入貢獻轉向更大和更低的利潤，以及我們組件業務的組合較弱。

We expect second quarter GAAP operating expenses to range between $74 million and $76 million, and non-GAAP operating expenses to range between $62 million and $64 million. The quarter-on-quarter increases are driven primarily by increased Neutron investment, including staff costs, prototyping and materials, as well as our annual merit increases effective April 1.

我們預計第二季 GAAP 營運支出將在 7,400 萬美元至 7,600 萬美元之間，非 GAAP 營運支出將在 6,200 萬美元至 6,400 萬美元之間。季度環比成長的主要原因是 Neutron 投資增加，包括員工成本、原型設計和材料成本，以及我們於 4 月 1 日生效的年度績效成長。

We expect second quarter GAAP and non-GAAP net interest expense to be $1 million. We expect second quarter adjusted EBITDA loss to range between $23 million and $25 million, and basic shares outstanding to be approximately 494 million shares.

我們預計第二季 GAAP 和非 GAAP 淨利息支出為 100 萬美元。我們預計第二季調整後 EBITDA 損失將在 2,300 萬美元至 2,500 萬美元之間，流通基本股約為 4.94 億股。

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

然後，我們會將電話轉交給接線生詢問問題。

(Operator Instructions) Erik Rasmussen, Stifel.

（操作說明）Erik Rasmussen，Stifel。

Yeah. Thanks for taking the questions. Maybe just on Neutron. You obviously made a lot of significant progress and passed the number of milestones in the Archimedes being the latest, I guess, major one.

是的。感謝您提出問題。也許只是在 Neutron 上。顯然，您取得了很多重大進展，並且通過了阿基米德里程碑的數量，我想這是最新的主要里程碑。

But you are pushing that out by at least six months. Is it mostly on the engine side sort of the conservatism there and sort of what can pull that timeline in, or even push that out further?

但你要把這個時間延後至少六個月。是否主要是在引擎方面的保守主義以及某種可以拉近時間線，甚至進一步推遲時間線的因素？

Yeah. Hi, Eric. So the engine is always a long pole in the tent, with any launch vehicle development. So, and look, we learned a lot building that engine and getting it to the stand, and we'll continue to learn more, as we go through the engine qualification and hot fire programs.

是的。嗨，艾瑞克。因此，隨著任何運載火箭的發展，引擎始終是帳篷裡的長桿。所以，看，我們在製造該發動機並將其送上展台方面學到了很多東西，並且在我們進行發動機資格認證和熱火項目時，我們將繼續了解更多信息。

But that engine is really the primary driver for the move. And rocket programs are notoriously difficult to kind of plan because I think a lot of people see the rocket. But they don't see all of the tremendous amount of infrastructure around it that it takes to bring a rocket to fruition.

但這個引擎確實是這項舉措的主要驅動力。眾所周知，火箭項目很難計劃，因為我認為很多人都看到了火箭。但他們並沒有看到火箭實現所需的大量基礎設施。

So there's a lot going on in the program, as you saw in some of the materials there. But really the engine is always, and certainly for us, the driver for the program.

正如您在其中的一些材料中看到的那樣，該計劃中發生了很多事情。但實際上，對我們來說，引擎始終是程式的驅動程式。

Okay. And then what would you say then this was the first, we call it -- still we'll call it a test mission, right, or an R&D mission. Could there be -- if you do get it in the middle of the year, could you actually then, what do you think the timeline would be for you to start to?

好的。然後你會說什麼，這是第一個，我們稱之為——我們仍然稱之為測試任務，對吧，或者研發任務。有沒有可能——如果你確實在年中得到了它，你實際上可以，你認為你開始的時間表是什麼？

And assuming that's a successful launch, what do you think the timeline could be sort of matching what you previously said of maybe three following that R&D the following year, and then five the other year? Is that still the right way of thinking about it?

假設這是一次成功的發布，您認為時間表可能會與您之前所說的第二年研發後的三個，然後另一年的五個相匹配？這仍然是正確的思考方式嗎？

Yeah, totally it is. We've played this game before and sort of the one, three, five is the right way to think about it. And I think that certainly -- as we're building capability and in some cases stock, that's exactly how we're planning it still.

是的，完全是這樣。我們以前玩過這個遊戲，一、三、五是正確的思考方式。我認為，當然，當我們正在建立能力並在某些情況下儲備庫存時，這正是我們目前的計劃。

Okay. And staying with launch, but going back to Electron, you had 22. It sounds like there's some changes in customers in the manifest, and that obviously, is maybe impacting even this quarter.

好的。繼續發布，但回到 Electron，你有 22 個。

But we would have thought that if you'd hit that 22, you would have had to do six in Q2 for each quarter for the remainder of the year given you did four. Where do you think that number could wind up and could you actually even hit 22 for the year still?

但我們會認為，如果你達到了 22 個，那麼你就必須在第二季度每季完成 6 個，然後在今年剩餘的時間裡完成 6 個，因為你做了 4 個。您認為這個數字最終會達到什麼水平？

Yeah. Look, I mean, we had the solid 22 missions booked this year. And as I mentioned on the call, it's literally a game of manifest, whack a mole, and people move out. Very rarely people move to the left, but that does occasionally happen.

是的。聽著，我的意思是，我們今年預訂了 22 項可靠的任務。正如我在電話中提到的，這實際上是一場明顯的遊戲，打掉地鼠，然後人們就離開。很少有人會向左移動，但這種情況確實偶爾會發生。

We have a bunch of folks that come in at the last minute. The biggest challenge for launch timelines is not so much vehicles. It's often licensing and sometimes mission design and payload structure development.

我們有一群人在最後一刻才進來。發射時間表面臨的最大挑戰並不是車輛數量。它通常是許可，有時是任務設計和有效載荷結構開發。

So although, we're in May, certainly not waving the white flag, but we -- as more time goes on, it gets more and more difficult to be able to do that and bring those missions in or add new missions to the manifest. So we're just making sure that we're being transparent here that it's going to be difficult to get those 22 missions off purely for some of those reasons.

因此，雖然我們已經是五月了，當然不會揮舞白旗，但隨著時間的推移，我們越來越難以做到這一點並將這些任務納入清單或在清單中添加新任務。所以我們只是確保我們在這裡保持透明，純粹因為其中一些原因很難完成這 22 項任務。

So where we actually end up at the end of the year is kind of in the hands of our customers in a lot of respects. But I'll make the point that, this is just the reality of launch, and none of these missions go away. They just sort of move around and some will move into other quarters and some will move into next year.

因此，我們在今年年底的實際結果在許多方面都取決於我們的客戶。但我要指出的是，這只是發射的現實，這些任務都不會消失。他們只是四處走動，有些人會搬到其他地方，有些人會搬到明年。

Okay. Great. Well, and then maybe just last on the MBA contract, it seems like this program and revenue recognition is kicking in. Maybe just help us understand the revenue trajectory and contribution or maybe the weighting as we sort of progress through this year.

好的。偉大的。好吧，也許就在 MBA 合約的最後，這個計劃和收入確認似乎正在開始發揮作用。

Yeah. I can take that one, Pete. So, Erik, to your point, we are in now the meat of the rev rec underneath this program, and we expect to recognize the majority of the remaining contract value in 2024.

是的。我可以接受那個，皮特。所以，艾瑞克，就你的觀點而言，我們現在正處於該計劃下的轉速記錄的核心部分，我們預計將在 2024 年確認大部分剩餘合約價值。

And it will be, I would say, you think about it, kind of peaking probably in the -- kind of in the Q3 period, maybe shifts to Q4. And then we'll also start to see more meaningful contribution from the SDA contract that we announced earlier this year.

我想說，你想一想，可能會在第三季達到頂峰，也許會轉移到第四季。然後我們也將開始看到我們今年稍早宣布的 SDA 合約做出更有意義的貢獻。

So I think we've kind of managed to have things land in such a way where you don't have kind of a risk of a big drop off as the MDA contract kind of comes to a conclusion because we've got a contract that's more than 3 times larger, kind of following it in the wings, if you will. So I think that, again, our plan is to still see almost all of the remaining contract value recognized in the 2024 time period.

所以我認為我們已經設法讓事情以這樣一種方式落地，當 MDA 合約結束時，你不會有大幅下降的風險，因為我們有一份合約比它大三倍多，如果你願意的話，可以說是尾隨其後。因此，我認為，我們的計劃仍然是在 2024 年期間確認幾乎所有剩餘合約價值。

And there is an operating contract, the SOC, that goes along with this MDA Globalstar agreement, but that's relatively small in the grand scheme of things with regards to the total contract value of roughly $150 million.

MDA Globalstar 協議附帶一份營運合同，即 SOC，但相對於約 1.5 億美元的總合約價值而言，該合約相對較小。

Great. Thanks. I'll jump back into the queue.

偉大的。謝謝。我會跳回隊列。

Thanks, Erik.

謝謝，埃里克。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Hey, guys. Good afternoon. Congratulations on the quarter, and thanks for taking our questions. Just a quick one for Pete. Obviously, congratulations on the Archimedes engine build.

大家好。午安.恭喜本季度，感謝您提出我們的問題。對皮特來說只是一個快速的。顯然，恭喜阿基米德發動機建成。

You're now targeting the hot fire test, which will be a big important milestone there. With now targeting first launch no earlier than middle of 2025, can you just maybe help us -- just remind us what are the other big milestones between the hot fire engine and the launch. Thank you.

您現在的目標是熱火測試，這將是一個重要的里程碑。現在的目標是在 2025 年中期首次發射，您能否幫助我們 - 請提醒我們在火熱的消防車和發射之間還有哪些其他重大里程碑。謝謝。

Yeah. Sure. Thanks, Andre. So we've always said, look for concrete on the ground at Wallops and in the test sites, look for large stage tanks and things like that, and look for fire. And those things remain kind of the same things that I'd be looking for.

是的。當然。謝謝，安德烈。所以我們總是說，在瓦洛普斯和測試場地的地面上尋找混凝土，尋找大型水箱之類的東西，並尋找火災。這些東西仍然是我一直在尋找的東西。

So yeah, getting something -- getting a pad built is a huge program in its own right. Getting the engine test facility built is a huge program that's done, and then, like I said, now it's just working through the Archimedes final development and iteration.

所以，是的，得到一些東西——建造一個墊子本身就是一個巨大的計劃。建造引擎測試設施是一個龐大的計劃，然後，就像我說的，現在只是進行阿基米德的最終開發和迭代。

And then I think the other thing I'd be tracking is like making sure that we continue to build components for other launches. So not a one-and-done kind of a thing.

然後我認為我要追蹤的另一件事是確保我們繼續為其他發佈建置元件。所以這不是一勞永逸的事。

It's like making sure that there's a bunch of other engines coming off the production line and more tanks and structures and things like that. So that is certainly something that we're focused on is making sure we keep the machine primed with all the components needed to not just get one launch away, but stand up a commercial service.

這就像確保有一堆其他引擎從生產線上下來，還有更多的坦克和結構以及類似的東西。因此，我們重點關注的事情肯定是確保我們的機器配備了所需的所有組件，不僅可以實現一次發射，而且可以提供商業服務。

Got it. Okay. That's super helpful. I appreciate all that color. And maybe just a quick follow-up for Adam. Adam, just on the liquidity -- sorry if I didn't hear this correctly. But does the $560 million -- let's call it $565 million. Does that include the net proceeds of the recent capital raise? And separately, just remind us --

知道了。好的。這非常有幫助。我很欣賞所有這些顏色。也許只是亞當的快速跟進。亞當，只是關於流動性——如果我沒聽清楚的話，抱歉。但 5.6 億美元真的嗎——我們就稱之為 5.65 億美元吧。這是否包括最近融資的淨收益？另外，請提醒我們——

Yes, it does.

是的，它確實。

Okay. Okay. Great. And then just remind us. So with that liquidity on hand, what is the run rate expected? How are you thinking about that? Thank you.

好的。好的。偉大的。然後提醒我們。那麼，有了現有的流動性，預期的運行率是多少？你覺得怎麼樣？謝謝。

Let's say run rate or runway, I think that the -- we raised a significant amount of capital, obviously, in this most recent transaction. And as we've stated, it was really all about providing inorganic growth optionality for us.

比方說運行率或跑道，我認為，顯然，我們在最近的交易中籌集了大量資金。正如我們所說，這實際上是為我們提供無機增長的選擇。

And we do continue to see significant opportunities out there. I would say, the deal pipeline that we're managing at this point is probably as full as it's been in really the last couple of years as far as potential actionable targets for us.

我們確實繼續看到重大機會。我想說，就我們潛在的可行目標而言，我們目前管理的交易管道可能與過去幾年一樣飽滿。

So I think the timing on raising that the funds was probably pretty ideal. If you look at the capital required to complete Neutron, we didn't raise the money for that. We had liquidity for that.

所以我認為籌集資金的時機可能非常理想。如果你看看完成 Neutron 所需的資金，我們並沒有為此籌集資金。我們有足夠的流動性。

Given where we're at in the program, we feel like we're still very much on track to the $250 million to $300 million total spend to get Neutron to the pad. And fortunately for us, not all of that spend has landed on our backs. We've had some support from various partners that have brought capital to the table as well.

考慮到我們在該計劃中所處的位置，我們認為我們仍然有望實現將 Neutron 發射到發射台的總支出 2.5 億至 3 億美元。對我們來說幸運的是，並非所有支出都落在我們身上。我們得到了各個合作夥伴的支持，他們也帶來了資金。

So I think that, again, we feel very good about our ability to scale our space systems business, continue to scale Electron, get Neutron to the pad with the capital that we had pre-convertible. And we continue to look for options to deploy that convertible proceeds to inorganic means.

因此，我認為，我們再次對我們擴展空間系統業務的能力感到非常滿意，繼續擴展 Electron，利用我們預先轉換的資本將 Neutron 帶到發射台。我們將繼續尋找將可轉換收益轉化為無機手段的選擇。

So yeah, and I think that right now, we feel really good about where we're at from a liquidity perspective, and we really don't see the need right now to think about anything beyond that.

所以，是的，我認為現在，從流動性的角度來看，我們對自己所處的位置感到非常滿意，而且我們確實認為現在沒有必要考慮除此之外的任何事情。

Got it. That makes sense. So it sounds, though, like you are potentially interested in continuing to grow inorganically and to that point, maybe remain active in the M&A market. But with that liquidity on hand, that's certainly feasible, at least so far. So okay, that's helpful.

知道了。這就說得通了。不過，聽起來您可能對繼續無機成長感興趣，到那時，您可能會在併購市場上保持活躍。但有了現有的流動性，這當然是可行的，至少到目前為止是這樣。好吧，這很有幫助。

Yeah.

是的。

Thanks again, guys. Congrats on the quarter. I'll pass it on. Thank you.

再次感謝你們。恭喜本季。我會把它傳遞下去。謝謝。

Thank you.

謝謝。

Jason Gursky, Citi.

賈森古爾斯基，花旗銀行。

Hey. Good afternoon, guys. Hey, Pete. Quick question for you on the engine development. What exactly caused you to need to push by six plus months? You mentioned you had some learnings there.

嘿。下午好，夥計們。嘿，皮特。關於引擎開發的快速問題。究竟是什麼原因導致您需要延後六個多月？你提到你在那裡學到了一些東西。

Hoping maybe you'd kind of share some of those details with us, or at least characterize whether they were issues with the design, issues with the manufacturability. Just kind of give us a flavor of what went wrong here.

希望您能與我們分享其中一些細節，或至少描述它們是否是設計問題、可製造性問題。只是讓我們來了解這裡出了什麼問題。

So no, like, major issue. We didn't run up against a wall and had to solve something majorly, technically. But I mean, kind of, as I mentioned on the call, like, the point here is not to just make fire.

所以不，就像一個重大問題。我們並沒有碰壁，必須在技術上解決一些主要問題。但我的意思是，正如我在電話中提到的，這裡的重點不僅僅是生火。

The point here is to roll into production. And there's a number of kind of new processes and actually even new materials that we developed for Archimedes. And those were all intended to support production.

這裡的重點是投入生產。我們為阿基米德開發了多種新工藝，甚至實際上是新材料。這些都是為了支持生產。

At a different time, we go into much more detail about some of the manufacturing methods we've used for the combustion chambers and things like that. But really, similar to Rutherford, when we build the very first to 3D printer -- a chamber there, that was a new technology that hadn't been done before.

在不同的時間，我們更詳細地介紹了我們用於燃燒室等的一些製造方法。但實際上，與盧瑟福類似，當我們建造第一台 3D 列印機——那裡的一個房間時，這是一項以前從未做過的新技術。

And we spent a lot of time because we thought that that was going to be a big payoff. So, not dissimilar to that. There's some manufacturing techniques that we've employed on Archimedes that in the long term are going to pay off handsomely. So a lot of time we spend on that.

我們花了很多時間，因為我們認為這將是一個巨大的回報。所以，與此沒有什麼不同。我們在阿基米德上採用了一些製造技術，從長遠來看將獲得豐厚的回報。所以我們花了很多時間在這上面。

And then just -- quite frankly, just the time that it takes to stand up the factory and the machine that builds the machine is probably the biggest learning. Look, we've done this enough. We know that is difficult and time-consuming, but an engine on the scale certainly adds an extra element to that.

然後——坦白說，建立工廠和製造機器所需的時間可能就是最大的學習。看，我們已經做得夠多了。我們知道這既困難又耗時，但規模如此之大的引擎無疑為此增加了額外的元素。

You can't just pick up a pump volute and bolt it on the engine. You have to get a crane to put the pump volute on. So everything is just such a larger scale that it makes it more difficult. So, yeah, not like one big staggering thing, just a whole bunch of stuff that just sort of adds up.

您不能只拿起泵蝸殼並將其用螺栓固定在引擎上。你必須用起重機來安裝泵蝸殼。所以一切都規模如此之大，以至於變得更加困難。所以，是的，不像一件令人震驚的大事，而是一大堆東西加起來。

Yeah. Okay. That makes good sense. And then, do you think you build buffer or contingency into the planning? So now you've got this mid-'25 date out there, how much contingency do you have in that?

是的。好的。這很有道理。然後，您認為您在計劃中是否建立了緩衝或應急措施？那麼現在你已經確定了 25 年中期的約會，你有多少意外情況呢？

Well, as I mentioned before, we run green light schedules at Rocket Lab. So in an engineering program, especially one of that scale, it's almost impossible to build a sensible engineering buffer in because you never really know the elements that are going to cause your problem.

嗯，正如我之前提到的，我們在火箭實驗室運行綠燈時間表。因此，在一個工程專案中，尤其是那種規模的工程專案中，幾乎不可能建立一個合理的工程緩衝區，因為你永遠不知道哪些因素會導致你的問題。

You've got some inklings and you'll pad some areas. But if you walk into a room full of engineers and ask them to add buffer in their schedule, then come back in 2040, that's just kind of the way it rolls. So we always run green light schedules. So our schedules are always ambitious, and that's worked really well for us.

您已經有了一些線索，並且需要補充一些區域。但如果你走進一個充滿工程師的房間，要求他們在日程中添加緩衝，然後在 2040 年回來，事情就是這樣進行的。所以我們總是執行綠燈時間表。所以我們的日程安排總是雄心勃勃，這對我們來說非常有效。

I mean, if you look across the execution history, the time that it took us to put Electron on the pad was extraordinary. I mean, we started that program in 2014, had our first launch in 2017, and that was from absolutely zero. So there are some challenges with a vehicle of this scale.

我的意思是，如果你回顧執行歷史，我們將 Electron 放在墊子上所花費的時間是非常長的。我的意思是，我們在 2014 年啟動了該計劃，並於 2017 年首次啟動，那是從零開始的。因此，這種規模的車輛存在一些挑戰。

But -- and I always caution everybody all the time that at the end of the day, this is a rocket program and it's a very difficult thing to execute. That's why there's only a few of us in the world that have pulled it off. But the way we run our schedules are informed by experience and what we've learned in the past, but we always run them very aggressively and very ambitiously.

但是——我總是提醒大家，歸根結底，這是一個火箭計劃，執行起來非常困難。這就是為什麼世界上只有我們幾個人成功了。但是我們安排日程的方式是根據經驗和我們過去學到的東西來確定的，但我們總是非常積極和雄心勃勃地安排它們。

Okay. And then maybe just a quick update on the demand for Neutron. And you talked earlier on the call about this 135 schedule from a launch cadence perspective.

好的。然後可能只是對 Neutron 需求的快速更新。您之前在電話會議上從發布節奏的角度談到了這個 135 計劃。

But maybe you can just kind of give us an update on over the last three months, which we've been hearing from potential customers there, and whether 135 is just going to be scratching the surface, or kind of give us an update on what your view of the market is there.

但也許您可以向我們提供過去三個月的最新情況，我們從那裡的潛在客戶那裡聽到了這一情況，以及 135 是否只是觸及表面，或者向我們提供有關什麼的最新信息你對市場的看法就在那裡。

Yeah. Sure. Of all the things that I stay awake at night not tossing and turning about demand for Electron -- for Neutron, sorry, is just -- it's not one of them. And we continue to have really good robust discussions with our customers. But I think, as I've mentioned before, it's kind of, you show me yours and I'll show you mine.

是的。當然。在我徹夜難眠的所有事情中，我沒有因為對 Electron 的需求而輾轉反側——對 Neutron 來說，抱歉，只是——這不是其中之一。我們將繼續與客戶進行非常良好、熱烈的討論。但我認為，正如我之前提到的，這有點像，你向我展示你的，我向你展示我的。

And we maintain the fact that what we want to do is bring a launch vehicle to market that is -- that's ready to go and into a market that is in great need, rather than do a whole bunch of early adopter pricing and deals that don't have any teeth. So it's fair to say that the interactions with customers over the last quarter have certainly strengthened and we maintain that. We're happy to entertain normal kind of deals where it's 10% down, non-refundable and normal kind of LSAs.

我們堅持這樣一個事實，即我們想要做的是將運載火箭推向市場，即準備好進入急需的市場，而不是進行一大堆早期採用者的定價和交易。因此，可以公平地說，上個季度與客戶的互動肯定有所加強，我們也維持這一點。我們很樂意接受正常類型的交易，其中包括 10% 首付、不可退款和正常類型的 LSA。

But the reality is that people want to see a real rocket before they make such large commitments. And the same goes for us. We want -- we sell a whole bunch of launch because most customers aren't looking to buy one, they're looking to buy many that we don't commit to a customer that ultimately doesn't turn up in the pad because with Electron, you can see the challenges that also causes is a reality of the space business. So we're looking at them and they're looking at us.

但現實是，人們在做出如此大的承諾之前希望看到真正的火箭。我們也是如此。我們希望——我們出售一大堆已推出的產品，因為大多數客戶不想購買一個，他們希望購買許多我們不承諾最終不會出現在墊子上的客戶，因為Electron，您可以看到太空業務也面臨的挑戰。所以我們看著他們，他們也在看著我們。

Right. Yeah. No, that makes good sense. I appreciate that. Then, Adam, just one quick one for you. The comment that you made on backlog burn over the next 12 months, 42% I think was the number that you threw out there. Was that a reference to all of the backlog, or was that just to the launch business? And then as maybe just a quick follow-on to this backlog question.

正確的。是的。不，這很有道理。我很感激。那麼，亞當，給你一個快速的。您對積壓訂單的評論在接下來的 12 個月內被燒毀，我認為是您在那裡拋出的數字。這是指所有積壓的訂單，還是僅指發布業務？然後也許只是這個積壓問題的快速後續。

What are your guys' expectations or goals here as far as book-to-bill is concerned for 2024, and kind of going forward in any given year? I know these awards can be pretty lumpy and you've just built up some nice backlog here. But investors are certainly going to be focused on book-to-bill going forward.

就 2024 年的訂單出貨量而言，你們的期望或目標是什麼，以及在任何特定年份的進展是什麼？我知道這些獎項可能相當不穩定，而且您剛剛在這裡積累了一些不錯的積壓訂單。但投資人肯定會關注未來的訂單出貨量。

So just kind of update us on what the overall pipeline looks like, and whether we can, year in, year out of this new base that you've got here, have book-to-bills that exceed 1. Thanks.

因此，請向我們介紹一下整體管道的最新情況，以及我們是否可以在您在這裡的這個新基礎上年復一年地實現超過 1 的訂單出貨比。

Yeah. Sorry, Jason. So yeah, I should have been more clear. So the 42% applies to all the backlog. So it's not specific to Launch or space systems. So it's a total business. And as far as the book-to-bill target, no, you're right.

是的。對不起，傑森。所以是的，我應該更清楚。因此 42% 適用於所有積壓訂單。所以它並不特定於發射或太空系統。所以這是一項完整的業務。至於訂單出貨量目標，不，你是對的。

Of course, everybody -- we need to see a book-to-bill greater than 1, just given kind of what our growth aspirations are. I think that when you see that we've got backlog over $1 billion against a street consensus number, that's obviously significantly lower than that.

當然，每個人——只要考慮到我們的成長願望，我們就需要看到訂單出貨比大於 1。我認為，當你看到我們的積壓訂單超過 10 億美元（與街頭共識數字相比）時，這顯然明顯低於這個數字。

We've got -- quite a bit of ability to grow significantly based off of just the backlog that we have in place. But we continue to chase big deals. I think that's the one thing that's really evolved over the course of the last 12 months.

我們有相當大的能力，僅憑現有的積壓就能顯著成長。但我們繼續追求大交易。我認為這是過去 12 個月中真正發生變化的一件事。

And I think largely, not -- I would say not disconnected at all from what we've seen like for example, landing that large SDA contract is that kind of as we start to get more and more of these super sophisticated programs, one, we seem to attract more of those kind of opportunities as well.

我認為很大程度上，不是——我想說的是，這與我們所看到的情況根本沒有脫節，例如，當我們開始獲得越來越多的超級複雜程序時，獲得大型SDA 合約就是這樣的，一個，我們似乎也吸引了更多此類機會。

So I think you'll continue to see us chasing big deals on the space systems side. I mean, the component business continues to grow nicely and that's great because of the margin profile that some of those businesses have by selling components into the merchant market. But I think that, what we see are large program opportunities to continue to build the backlog not too dissimilar to what happened with the SDA beta contract.

所以我認為你會繼續看到我們在太空系統方面追逐大交易。我的意思是，組件業務繼續良好成長，這很好，因為其中一些企業透過向商業市場銷售組件而獲得了利潤。但我認為，我們看到的是繼續建立積壓的大型計畫機會，與 SDA 測試版合約所發生的情況並沒有太大不同。

But also as Neutron becomes closer and closer to its first launch, that's where -- that's a very chunky opportunity as we kind of -- as we sign LSAs for that vehicle, those are all needle moving, given the average selling price that we expect to realize from a Neutron launch.

但隨著 Neutron 距離首次發射越來越近，這對我們來說是一個非常大的機會，當我們為該車輛簽署 LSA 時，考慮到我們預期的平均售價，這些都是令人興奮的事情從中子發射中實現。

So I think you'll see and we talked about this last year as we progressed through 2023 is that when people kind of looked and said, hey, it looks like your backlog growth is stalled a bit. And what does that mean for future growth?

所以我想你會看到，我們去年在 2023 年進展時討論過這個問題，當人們看起來並說，嘿，看起來你的積壓增長有點停滯了。這對未來的成長意味著什麼？

We said, look, you have to be patient because the kind of opportunities that we're chasing are just of such a scale and complexity that they don't come together on a predictable kind of programmatic way. They come in fits and starts, and I think we saw that again late last year with the SDA contract coming into focus.

我們說，看，你必須要有耐心，因為我們正在追逐的機會的規模和複雜性如此之大，以至於它們不會以可預測的程序化方式聚集在一起。他們斷斷續續地出現，我想我們在去年底 SDA 合約成為焦點時再次看到了這一點。

And then I believe you'll see similar things as far as program size, and then again across not only space systems, but also including Neutron. So I think that you're right. It's right for people to expect the book-to-bill greater than 1. I have no concerns similar to Pete that that's of the things that I stay up at night worrying about, that's also not one of them.

然後我相信，就程式規模而言，您會看到類似的事情，然後不僅在太空系統中，而且還包括中子系統。所以我認為你是對的。人們期望訂單出貨比大於 1 是正確的。

Awesome. Thanks, guys. I appreciate it.

驚人的。多謝你們。我很感激。

Matt Akers, Wells Fargo.

馬特·埃克斯，富國銀行。

Hey, guys. Good afternoon. Thanks for the question. Thanks for -- I guess you talked a little bit about reusability and putting the rocket back into the process. Just curious how you think about that ramping up. If that launch is successful, how fast you could start to see some of the cost benefits of doing that on a wider scale?

大家好。午安.謝謝你的提問。謝謝——我猜你談到了可重用性以及將火箭重新投入到流程中。只是好奇你如何看待這種成長。如果該發布成功，您可以多快開始看到更廣泛的實施所帶來的一些成本效益？

Yeah. Thanks, Matt. So, I mean, our focus this year has just been on production. And although the reusability program for Electron has made good strides and milestones, really just rolling the vehicles off the end of the production line has been our focus. And reusable vehicles, they still have developments in aspects to them that make them kind of distracting to production.

是的。謝謝，馬特。所以，我的意思是，我們今年的重點只是生產。儘管 Electron 的可重用性計劃取得了良好的進展和里程碑，但實際上，我們的重點只是將車輛從生產線末端滾下。至於可重複使用的車輛，它們在某些方面仍然有發展，這使得它們在某種程度上分散了生產的注意力。

But like I say, the vehicle looks great and this is really the first one that's rolling back into production. If this goes well, then it becomes a much more of a standardized thing. We can kind of roll this into being a much more usual part of what you see with Electron launches.

但就像我說的，這輛車看起來很棒，而且這確實是第一輛重新投入生產的車。如果進展順利，那麼它就會變得更加標準化。我們可以將其變成您在 Electron 發射中看到的更常見的部分。

Okay. Great. Thanks. And I guess just one more -- just thoughts on latest on SolAero margins, and how you're making progress on, I think, the 30% margin target there.

好的。偉大的。謝謝。我想還有一點——只是關於 SolAero 利潤率的最新想法，以及我認為你們在實現 30% 利潤率目標方面如何取得進展。

Yeah. I can take that.

是的。我可以接受。

Yeah.

是的。

Yeah. So, Matt, on the SolAero margins, again, that's something that we continue to work through the challenges of some pre-acquisition -- well, really one pre-acquisition owner's contract, which still has a bit of a ways to go on that. So kind of what we look to is if you kind of exclude that thing, which unfortunately we weren't able to affect, we had to kind of absorb that upon adoption of the company.

是的。所以，馬特，在 SolAero 的利潤方面，我們將繼續努力應對一些預收購的挑戰 - 嗯，實際上是一份預收購所有者合同，該合同仍有一些路要走。因此，我們希望的是，如果你排除了那件事，不幸的是我們無法影響這一點，我們必須在公司採用後吸收它。

The bookings that are coming in now are very strong. So if we look at additions to backlog for the SolAero business, it would -- I'd have to strain my memory to think of one that was coming in recently that was below our target.

現在收到的預訂非常強勁。因此，如果我們查看 SolAero 業務積壓的新增訂單，我將不得不絞盡腦汁才能想起最近出現的一項低於我們目標的訂單。

Most of the business that we're booking for that is above that 30% gross margin target. And part of that is enabled by the fact that, again, we've been a little bit more -- I would say a little bit more hard-nosed on customer negotiations and holding price.

我們預訂的大部分業務都高於 30% 的毛利率目標。部分原因是我們在客戶談判和維持價格方面更加務實。

I think when -- I mean, the other things that factor into it is some of the investments that we're making in the business as far as putting new reactors in place in Albuquerque that are more -- that are delivering better production efficiency.

我認為，我的意思是，其他因素包括我們在業務中進行的一些投資，例如在阿爾伯克基安裝新反應堆，這些投資可以提供更好的生產效率。

I think the business has always been very good at controlling their overhead costs and it's a very tightly run business. So it's really all about kind of building the backlog in such a way where we have confidence we can deliver that kind of at the margins.

我認為該企業一直非常擅長控制間接費用，而且是一家營運非常嚴格的企業。因此，這實際上就是以這樣一種方式建立積壓工作，使我們有信心能夠在利潤範圍內交付這種服務。

I think there's probably more upside than downside to that longer-term target of 30% gross margin. It just takes a little while to get there. When we acquired the business, we said within about two years of acquisition is when we expected to be able to have a line of sight to those gross margin targets of north of 30%.

我認為 30% 毛利率的長期目標可能利大於弊。只需要一點時間就可以到達那裡。當我們收購該業務時，我們表示，在收購後大約兩年內，我們預計能夠實現 30% 以上的毛利率目標。

And I think what we underestimated was just the challenge in kind of getting that one owner's contract behind us and we still have a bit of that water to carry. But again, I think I feel very good about kind of everything else that we've been booking and where the backlog stands right now, I think it's probably going to be -- we've got at least through the end of 2024 and probably a little bit beyond that to get that out of the mix.

我認為我們低估的只是獲得一份業主合約的挑戰，而且我們仍然有一些水需要攜帶。但同樣，我認為我對我們已經預訂的其他一切以及目前積壓的情況感覺非常好，我認為我們至少可以在 2024 年底之前完成，並且可能稍微超出這個範圍，就可以將其從混合中剔除。

It's helpful. Thank you.

這很有幫助。謝謝。

Michael Leshock, KeyBanc Capital Market.

Michael Leshock，KeyBanc 資本市場。

Hey, good afternoon. I wanted to follow up on the backlog question. Very strong right now, and just wondering how high you can take your backlog before maybe having to walk away from business or in the same vein, do you expect to get more pricing power on future contract wins as your backlog grows?

嘿，下午好。我想跟進積壓問題。現在非常強大，只是想知道在可能不得不放棄業務之前您的積壓訂單可以達到多高，或者以同樣的方式，隨著您的積壓訂單的增長，您是否期望在未來的合約贏得中獲得更多的定價權？

Yeah.

是的。

Yeah. I mean --

是的。我是說 -

Okay. Go ahead, Pete. Sorry.

好的。來吧，皮特。對不起。

You go ahead, Adam. I'll stay.

你繼續吧，亞當。我會留下來。

I was going to say, I don't think that it doesn't feel like we're in a position where we necessarily have got a problem because we have too much backlog relative to our ability to produce to that backlog. I think we are seeing some natural pricing support come on the Electron side, just because the fact that a lot of the competition that we're really aspirational have not materialized. And so I think that -- that's certainly helping on the pricing front because I think now there's more rationalization going on with.

我想說的是，我不認為我們所處的位置必然會遇到問題，因為相對於我們生產積壓訂單的能力，我們的積壓訂單太多了。我認為我們看到 Electron 方面提供了一些自然的定價支持，只是因為我們真正渴望的許多競爭尚未實現。所以我認為——這對定價方面肯定有幫助，因為我認為現在正在進行更多的合理化。

You could have more rational discussions because again, you don't have people who don't know how to run a rocket business going out and trying to sell rockets and putting kind of phantom pressure on pricing. So that's -- that has really started to evaporate.

你們可以進行更理性的討論，因為同樣，不會有不知道如何經營火箭業務的人出去嘗試銷售火箭並對定價施加某種幻影壓力。所以這真的開始消失了。

I think that when you look at some of the things that we're doing to put more capacity in place with places like SolAero, I think that's helping us kind of remove any of those kind of head kind of ceilings, if you will, and how big the business can grow to.

我認為，當你看到我們正在為像 SolAero 這樣的地方增加容量而採取的一些措施時，我認為這正在幫助我們消除任何此類頭部天花板（如果你願意的話），並且業務可以發展到多大。

So I feel pretty good about that. And I think all that is supportive of again margin expansion -- gross margin expansion as we move forward. We've seen that in the business over the course of the last year. But we do have some interesting mixes -- mix challenges when it comes to kind of just the overall gross margin profile. When you have some lower margin overall, call it photon or satellite manufacturing skewing.

所以我對此感覺很好。我認為所有這些都支持利潤率的再次擴張——隨著我們前進，毛利率的擴張。去年我們在業務中看到了這一點。但我們確實有一些有趣的組合——就整體毛利率狀況而言，混合挑戰。當整體利潤率較低時，可以稱為光子或衛星製造偏差。

So, for example, we have more of the mix coming from that lower margin space systems manufacturing part of the business. But what's helpful about that business though, is even though it may not have the same gross margin profile as the higher gross margin component -- merchant component businesses, they can have a lot of operating leverage to them because we're able to basically reuse a lot of the IP that we've created on prior missions.

例如，我們有更多的組合來自利潤較低的太空系統製造業務部分。但該業務的有用之處在於，儘管它可能沒有與毛利率較高的部分（商業部分業務）相同的毛利率，但它們可以擁有很大的營運槓桿，因為我們基本上能夠重複使用我們在之前的任務中創建了很多IP。

And so we now have a pretty full some portfolio of IP, and we've invested in the manufacturing capabilities to the point now where incremental programs that may not have the greatest gross margin perspective can drop quite a bit to the bottom line because of what we've already put in place from an investment perspective. So that's kind of how I look at kind of the overall kind of margin shaping over the course of the next year or so. But I'll -- maybe, Pete, you can jump in.

因此，我們現在擁有相當完整的智慧財產權組合，並且我們已經對製造能力進行了投資，以至於目前可能沒有最大毛利率前景的增量計劃可能會大幅下降，因為我們已經從投資的角度做好了準備。這就是我對未來一年左右的整體利潤率塑造的看法。但我會——也許，皮特，你可以加入進來。

I think you said it well, Adam. The only thing I'd add there is that we are -- Rocket Lab is known and our reputation is execution. So we're always kind of, as Adam pointed out, balancing, our growth with our ability to execute because the last thing we want to do is fall behind on that.

我認為你說得很好，亞當。我唯一要補充的是，我們——火箭實驗室是眾所皆知的，我們的聲譽就是執行力。因此，正如亞當指出的那樣，我們總是在成長與執行能力之間取得平衡，因為我們最不想做的就是在這方面落後。

So when we look at programs and opportunities, we are selective and kind of, as Adam mentioned before is, the kind of programs we're looking for and spending our time on are very large ones. So we have to be kind of always diligent to make sure we don't take on programs that absorb a lot of resource but don't have a lot of scale. So we're continually juggling those opportunities against how we want to grow the business.

因此，當我們尋找項目和機會時，我們是有選擇性的，正如亞當之前提到的那樣，我們正在尋找並花費時間的項目是非常大的項目。因此，我們必須始終勤奮，以確保我們不會採取吸收大量資源但規模不大的計劃。因此，我們不斷地在這些機會與我們想要發展業務的方式之間進行權衡。

Yeah. And Michael, I would further add that a little bit, saying like, Pete and I were talking the other day about the fact that it feels like, the demand signal is stronger now than any time I could really remember it in the business.

是的。邁克爾，我想進一步補充一點，就像皮特和我前幾天談論的事實一樣，感覺現在的需求訊號比我真正記得的業務中的任何時候都要強烈。

You think that it maybe would start to moderate a bit because we've now got $1 billion-plus backlog. And the business is kind of hitting a new scale with, with our Q2 guiding, guide above $100 million per quarter.

你認為它可能會開始有所緩和，因為我們現在有超過 10 億美元的積壓訂單。根據我們第二季的指導，該業務正在達到新的規模，每季指導超過 1 億美元。

But it feels like -- to a great extent, it feels like we're drinking from a fire hydrant here, and there's a lot of opportunities that we're having to kind of shift through. But there is a very strong demand signal out there as far as the kind of programs that we're being asked to look at.

但在很大程度上，感覺就像我們正在從消防栓裡喝水，而且我們必須改變很多機會。但就要求我們關注的項目類型而言，存在非常強烈的需求訊號。

Yeah. Absolutely, I appreciate that. And then on the launch side, specifically for HASTE launches, just wondering if you see opportunities there for more pricing.

是的。當然，我很欣賞這一點。然後在發布方面，特別是針對 HASTE 發布，只是想知道您是否看到了更高定價的機會。

I think if you look at the customers' alternatives, they could be significantly higher costs versus Rocket Lab's offering. So is there a strategy there to increase pricing, or keep it stable where it's at today? Any update on the HASTE side would be great. Thank you.

我認為，如果你看看客戶的替代方案，你會發現它們的成本可能比 Rocket Lab 的產品高得多。那麼有沒有一種策略可以提高定價，或是維持目前的價格穩定呢？ HASTE 方面的任何更新都會很棒。謝謝。

Yeah. I mean, we see HASTE as a really fantastic opportunity for Electron, not only just on price but also on scale. And I guess the biggest opportunity for us there from a revenue perspective is the additional services from the launch vehicle as well. So, yes, as you point out, Michael, the alternatives are significantly higher, but the reason why there are so few launches and so little advancement is because of that.

是的。我的意思是，我們認為 HASTE 對於 Electron 來說是一個非常好的機會，不僅在價格上，而且在規模上。我想從收入角度來看，我們最大的機會也是來自於運載火箭的附加服務。所以，是的，正如你所指出的，邁克爾，替代方案要高得多，但發佈如此之少、進展如此之少的原因就是因為這個。

So by coming into the market with a disruptively low price point, we're seeing just such a growth and kind of revitalization of that market that, -- I think ultimately, that's the best approach for the creating the most amount of value out of it is to stimulate it rather than suffocate it.

因此，透過以顛覆性的低價進入市場，我們看到了該市場的成長和復興，我認為最終，這是創造最大價值的最佳方法。

Got it. Thank you, guys.

知道了。感謝你們。

Thank you.

謝謝。

Suji Desilva, Roth MKM.

蘇吉·德西爾瓦，羅斯·MKM。

Hi, Peter. Hi, Adam. Just a little bit maybe following the last question. The VICTUS HAZE missions, and you talked about being end-to-end service. I'm trying to understand if there's incremental products or services you're offering there that can be productized and offered more broadly if there's a financial uplift of those incremental elements you're characterizing as part of the end-to-end service offering.

嗨，彼得。嗨，亞當。也許只是一點點跟隨最後一個問題。 VICTUS HAZE 任務，您談到了端到端服務。我試圖了解您提供的增量產品或服務是否可以產品化並更廣泛地提供，如果您將其描述為端到端服務產品的一部分，這些增量元素可以帶來財務提升。

Yeah, for sure. I guess the biggest one is rendezvous and proximity operations. I mean, that is a very rare capability and something you need to dock spacecraft with ISS, for example.

耶，當然了。我想最大的一個是交會和接近操作。我的意思是，這是一種非常罕見的能力，例如，您需要將太空船與國際太空站對接。

So kind of aligned with our strategy of only taking on work that we think is strategic to us, that is -- that's certainly a good example of that. But as an end-to-end service with a spacecraft, we're leveraging the foundation's designs from one of our spacecraft already.

這與我們的策略是一致的，即只從事我們認為對我們具有策略意義的工作，這當然是一個很好的例子。但作為太空船的端到端服務，我們已經在利用我們的一艘太空船的基金會設計。

It certainly does make it possible to be more productized. And we see this is the direction that not just the US government but the world is heading towards, right, on-demand, rapid call-up. And whoever has the best solution there is in a good position because often responsive launches talked about, well, I mean, that's useless unless you've got something to stick on top of it. So this is really the first demonstration of responsive space where it's all combined right down to the data handling and operations of the spacecraft.

它確實使得更產品化成為可能。我們看到，這不僅是美國政府，也是全世界都在朝著按需、快速呼叫的方向發展。誰擁有最好的解決方案，誰就處於有利地位，因為響應式發布經常被談論，好吧，我的意思是，除非您有東西可以堅持下去，否則這是沒有用的。因此，這確實是響應式空間的首次演示，其中所有內容都結合到了航天器的資料處理和操作中。

Yeah. And I think Suji, I think along that line, I think one of the -- we talked about the financial benefits to the model. I think when you're able to couple the launch with the spacecraft manufacturer, I mean, you just -- you're increasing your odds of your P win for these types of programs when you can go with a turnkey solution.

是的。我認為蘇吉，我認為沿著這條線，我認為其中之一 - 我們討論了該模型的財務收益。我認為，當你能夠將發射與太空船製造商結合時，我的意思是，當你可以採用交鑰匙解決方案時，你就增加了此類專案獲勝的幾率。

Because I think right now, what we're seeing is that what the customer probably fears the most, it's not necessarily they fear higher pricing. They fear delay, right, because I think there's just the supply chain within the space market, particularly new space has not yet gotten to the point where it could deliver scalable solutions on time.

因為我認為現在我們看到的是客戶可能最擔心的，不一定是他們擔心更高的價格。他們擔心延遲，對吧，因為我認為太空市場中只有供應鏈，特別是新太空還沒有達到可以按時提供可擴展解決方案的程度。

So I think that when we can go with the turnkey, say, look, we have the launch capacity, we have the ability to design a spacecraft and manufacture spacecraft in a predictable timeline because we're so vertically integrated. I mean, it just kind of pushes the narrative forward and ultimately allows you to have just a higher overall market share and market kind of share capture approach.

所以我認為，當我們可以進行交鑰匙工程時，比如說，我們有發射能力，我們有能力在可預測的時間內設計太空船並製造太空船，因為我們是垂直一體化的。我的意思是，它只是推動了故事的發展，並最終讓你擁有更高的整體市場份額和市場份額捕獲方法。

So I think this is really kind of a -- more of a sign of things to come. This is where we really wanted to take the business was being able to do these end-to-end solutions for the customers.

所以我認為這實際上更像是未來事情的一個跡象。這就是我們真正希望業務能夠為客戶提供這些端到端解決方案的地方。

And ultimately, with that will come just better scaling and more predictable scaling of the business across both segments. So we think this is a huge kind of validation of that strategy being realized now. And of course, with an incredibly sophisticated customer as well.

最終，這兩個領域的業務將得到更好的擴展和更可預測的擴展。因此，我們認為這是對現在正在實現的策略的巨大驗證。當然，還有非常成熟的客戶。

Sure. Great. Okay. And then my second question is, you listed out the subcontractors on the FDA contract in the press release. Just trying to understand now -- I know you've been targeting M&A to insource.

當然。偉大的。好的。我的第二個問題是，您在新聞稿中列出了 FDA 合約中的分包商。現在我想了解一下——我知道您一直將併購目標定為內包。

But is there an equilibrium balancing point where as a prime contractor, you'll leverage external subcontracting and components versus wanting to keep bringing things in-house? How do you balance that going forward as you grow?

但是，是否存在一個平衡點，作為主承包商，您將利用外部分包和組件，而不是希望繼續將東西內部化？隨著你的成長，你如何平衡這一點？

Yeah. It's really two elements. I mean, we don't vertically integrate because we think it's some kind of religion. We do it for either one or two reasons. One, we think we can create more value for the company, or two, we need to control it because suppliers just can't deliver it, either the scale or the timelines that we require.

是的。這確實是兩個要素。我的意思是，我們不是垂直整合，因為我們認為這是某種宗教。我們這樣做有一個或兩個原因。一，我們認為我們可以為公司創造更多價值，或者二，我們需要控制它，因為供應商無法交付它，無論是我們要求的規模還是時間表。

So as we kind of execute on a prime -- as a prime, then the subcontractors that deliver on schedule, on budget, and this kind of, to your point, there's no need to kind of religiously suck their capabilities in. It's just -- that seems to be a relatively rare thing in the space industry. So we end up more often than not having to own it than rely on those parties.

因此，當我們在首要任務上執行時——作為首要任務，然後是按計劃、按預算交付的分包商，就你的觀點而言，沒有必要虔誠地吸收他們的能力。在航太工業中似乎是比較罕見的事情。因此，我們最終往往不得不擁有它，而不是依賴這些各方。

Appreciate the balanced answer. Thanks.

欣賞平衡的答案。謝謝。

Cai von Rumohr, TD Cowen.

蔡·馮·魯莫爾，TD·考恩。

Yes. Thanks so much. So it looks like -- feels like your schedule is definitely slipped and you talk of a manifest of 22, but you have a comment in there that you look for a record year in launches. I mean, you only did 10 last year. That would say 11 would get you home. Can you give us your best guess as to a realistic range of number of Electron launches we could see this year?

是的。非常感謝。所以看起來——感覺你的日程肯定被推遲了，你談到了 22 個清單，但你在那裡有一條評論說你希望今年的發布量創紀錄。我的意思是，你去年只做了 10 個。也就是說 11 點就能送你回家。您能否對今年我們可能看到的 Electron 發射數量的實際範圍給出您的最佳猜測？

Yes. Well, I think if we launched 11, that would be a -- that would not be a record year. In our minds, that would be a massive disappointment. And look, it's just -- we can provide a number, but it's just super hard to kind of predict given -- as the customers move around. But I think it's fairly fair to say that at this point, we'll struggle to achieve 22, but we have line of sight for probably a couple of less than that.

是的。嗯，我認為如果我們推出 11，那將是一個——那不會是創紀錄的一年。在我們看來，這將是一個巨大的失望。看，我們可以提供一個數字，但隨著客戶的移動，很難預測。但我認為可以公平地說，在這一點上，我們將努力實現 22，但我們的視線可能比這個少一些。

Yeah. Okay.

是的。好的。

Look, I would add something to that. I mean, one of the benefits of diversification that we've been driving so hard towards and now getting more than 70% of our revenue coming from space systems is that we no longer -- it's no longer like a push out of a launch threatens our entire kind of year's annual operating plan, right?

聽著，我想補充一些東西。我的意思是，我們一直在努力實現多元化，現在我們 70% 以上的收入來自太空系統，其好處之一是我們不再——不再像推出發射威脅那樣我們整個一年的年度經營計劃是這樣的吧？

So, we believe that we've got strength in other parts of the business, particularly on the space systems side, where if we can't deliver those 22 launches, it doesn't really put at risk our ability to deliver a very solid year that's still on target with our internal plan for what we think we can deliver as far as revenue and growth.

因此，我們相信我們在業務的其他部分也有實力，特別是在太空系統方面，如果我們不能交付這 22 次發射，這並不會真正危及我們提供非常可靠的服務的能力。的目標，即我們認為我們可以實現的收入和成長。

So, as much as we are very, very, very reluctant to wave the white flag on anything here, but to the extent that things move outside of our control, we do believe that we've got strength in the business more broadly that would make up for any potential shortfall that we'd see from a launch or two that move out.

因此，儘管我們非常、非常、非常不願意對這裡的任何事情舉白旗，但如果事情超出了我們的控制範圍，我們確實相信我們在更廣泛的業務中擁有實力，彌補我們從一兩次推出中看到的任何潛在缺口。

Got it. Great color. So, if you look at the rest of your competitors, I mean, particularly in the satellite side, RTX basically said they're throwing in the towel on being a space prime. LHX is there. They bought satellites from MO. They basically have been laid with problems. Terran is basically on ultra-life support. It sounds like your competitors are really not doing particularly well.

知道了。顏色很棒。所以，如果你看看其他競爭對手，我的意思是，特別是在衛星方面，RTX 基本上表示他們正在放棄成為太空霸主的地位。 LHX就在那裡。他們從 MO 購買了衛星。他們基本上都遇到了問題。人類基本上依靠超級生命維持。聽起來你的競爭對手確實做得不是特別好。

Any thoughts about, A, it sounds like things are actually a little bit more chaotic than they've been, maybe that's an overread. Do you see that happening? And is there any opportunity to just take a radically different approach and basically raise your prices 25%? Because the problem I can see of getting your backlog is, you don't have the opportunity to kind of do a more profitable launch for someone who might be willing to pay for it.

任何關於「A，聽起來事情實際上比以前更加混亂」的想法，也許這是一種過度解讀。你看到這種情況發生了嗎？是否有機會採取完全不同的方法，將價格基本上提高 25%？因為我認為獲得積壓的問題是，你沒有機會為可能願意為此付費的人進行更有利可圖的發布。

Well, Cai, I would say, our business model and our strategy is working exactly to your point. The vertical integration and the power that brings to bring these platforms to market at a price point, and as Adam mentioned, the schedule is disruptive and that's what you're seeing.

蔡，我想說，我們的商業模式和策略完全符合你的觀點。垂直整合和將這些平台以一定價格推向市場的力量，正如亞當所提到的，時間表具有破壞性，這就是你所看到的。

And then from a launch perspective, I think there's -- as Adam pointed out, there has been a kind of a waning of who's real and who's not. And there'll be opportunities for us there, I'm sure.

然後從發布的角度來看，我認為——正如亞當指出的那樣，誰是真實的、誰不是。我確信我們在那裡會有機會。

Great. And so, I mean, you talk about demand being better, but it doesn't really sound like pricing is a whole lot better. Is that a misread on my part?

偉大的。所以，我的意思是，你說需求更好，但聽起來定價並沒有好很多。這是我的誤讀嗎？

Well, I think it's a delicate --

嗯，我認為這是一個微妙的——

Go ahead, Pete.

來吧，皮特。

I was just going to say, I think it's a delicate balance, Cai, because to the point about the Haze missions before is, you want to stimulate the market.

我只是想說，我認為這是一個微妙的平衡，蔡，因為之前霧霾任務的重點是，你想刺激市場。

And if you just go and just all of a sudden whack a big price increase there, then you can potentially damage those markets that you're trying to grow. Because some of them are new and some of them are fragile. So, I think you have to be very, very balanced and careful about how you do those sorts of things.

如果你去那裡突然價格大幅上漲，那麼你可能會損害你想要發展的市場。因為有些是新的，有些是脆弱的。所以，我認為你必須非常非常平衡和小心地對待如何做這些事情。

Thank you very much.

非常感謝。

Yeah. And Cai -- I would add to that too, Cai, on the pricing side of things. If we look at what's happened with Electron pricing, it's gone nothing but up for us in the last several years, right?

是的。蔡－我也想補充一點，蔡，在定價方面。如果我們看看 Electron 定價發生了什麼，我們會發現過去幾年我們的定價一直在上漲，對嗎？

So, if you recall back a few years ago, we were talking about launch prices in the $6.5 million to $7 million, now $7 million to $7.5 million, and now in this most recent quarter is $8.2 million.

因此，如果您還記得幾年前，我們談論的發行價格為 650 萬至 700 萬美元，現在為 700 萬至 750 萬美元，而現在最近一個季度為 820 萬美元。

And I think you're going to continue to see that type of trajectory on pricing as competition, again, as kind of people fail to execute and we bring an increasingly scarce product to market and the mix of that Electron businesses, as was I think was being asked earlier with regards to the impact of things like Haze on the overall mix.

我認為你將繼續將這種定價軌跡視為競爭，再次，因為人們無法執行，我們將日益稀缺的產品推向市場以及電子業務的組合，正如我認為的那樣早些時候有人詢問霧霾等因素對整體組合的影響。

But I also think that when you look at our Photon pricing, if you look at the contracts that we're competing on, the contracts that we're winning, we're not winning on the lowest price, it's quite the opposite. Like, we can oftentimes price at a premium to our competition, again, because of the fact that we're bringing that level of vertical integration, which translates into schedule certainty and performance certainty, right?

但我也認為，當你看看我們的 Photon 定價時，如果你看看我們正在競爭的合同，我們贏得的合同，我們並不是以最低的價格獲勝，事實恰恰相反。就像，我們經常可以比我們的競爭對手定價更高，因為我們正在實現這種水平的垂直整合，這轉化為進度確定性和性能確定性，對嗎？

So I think that's really what is kind of playing into the strategy. So, I think we're absolutely seeing pricing benefits that are accruing to us as a result of the strategy, not only for diversification. But actually the fact that we're executing, that we're vertically integrated, and that we represent, strangely enough, a lower risk option for customers, despite the fact that we're a very new generation, new space company versus some of the legacy players that you mentioned earlier in your commentary.

所以我認為這才是該戰略的真正意義。因此，我認為我們絕對看到了該策略為我們帶來的定價優勢，而不僅僅是多元化。但事實上，我們正​​在執行，我們是垂直整合的，而且奇怪的是，我們為客戶提供了一個較低風險的選擇，儘管事實上我們是一家非常新一代的新太空公司，與一些其他公司相比。

Thank you very much.

非常感謝。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hey, thanks for squeezing me in. Just had a couple of quick ones. First on Neutron, did the Baltimore Bridge incident impact the infrastructure timeline at all?

嘿，謝謝你讓我進來。首先關於 Neutron，巴爾的摩大橋事件是否影響了基礎設施時間表？

Not that we can see at this point in time, no.

目前我們還不能看到，不是。

Okay. Then on the financials, I think the R&D was a bit low in the first quarter. Is that just a timing thing? Should we expect that to really step up in 2Q?

好的。然後在財務方面，我認為第一季的研發有點低。這只是一個時間問題嗎？我們是否應該期望這一數字在第二季真正加強？

Yes, Edison. Yes, absolutely. It's a timing issue, I think. Like, it seems like all things in our business, there's elements of lumpiness and certainly spend timing is one of those things.

是的，愛迪生。是的，一點沒錯。我認為這是一個時間問題。就像，我們業務中的所有事情似乎都存在不穩定的因素，當然花費時間也是其中之一。

So, the nature of a particular Neutron with how things come and kind of fits and starts, we have large, for example, prototyping expenses that may -- they may end up slipping out a little bit relative to maybe where you thought they're going to be. But there will be volatility and I think you would absolutely expect that over the next few quarters, we'll continue to see a march up in R&D, primarily driven by, if not entirely driven by Neutron, in kind of first flight.

因此，特定 Neutron 的性質以及事情如何發生以及某種時斷時續的情況，例如，我們有大量的原型製作費用，它們最終可能會相對於您認為的情況稍微滑落。但將會出現波動，我認為你絕對會期望在接下來的幾個季度中，我們將繼續看到研發的成長，這主要是由中子驅動的，如果不是完全由中子驅動的話，就像首次飛行一樣。

Understood. And just last one, on the, I guess the FDA contribution, do we have any sense what that could be this year, next year? I know you said you would get some small amount, but just wondering if there's anything a bit more discreet that you can maybe provide on that curve, on the launch curve.

明白了。最後一個，我想 FDA 的貢獻，我們是否知道今年、明年會是什麼？我知道你說過你會得到一些少量的資金，但只是想知道你是否可以在啟動曲線上提供一些更謹慎的東西。

Yes. So, we're continuing to do our work. I mean, the program is certainly progressing and with that progression, and we talked about identifying subcontractors to work with us on that program.

是的。因此，我們正在繼續做好我們的工作。我的意思是，該計劃肯定正在取得進展，隨著進展，我們討論了確定分包商與我們合作開展該計劃。

As we kind of brought more people formally under intent, we've gotten more color as far as kind of their timing and their ability to deliver against their milestones. So we definitely are starting to bake some of that into our operating plan for the remainder of this year.

隨著我們讓更多的人正式了解意圖，我們對他們的時間表和實現里程碑的能力有了更多的了解。因此，我們肯定會開始將其中一些納入今年剩餘時間的營運計劃中。

Earlier, we said that we couldn't -- we weren't in a position to really say, so the -- say the end amount that was in the Q1 results was actually relatively, very, very small. I would call that immaterial. It's starting to become more material in the numbers that you're seeing in Q2 that we guided towards.

早些時候，我們說過我們不能 - 我們無法真正說，所以 - 說第一季結果中的最終金額實際上相對非常非常小。我認為這無關緊要。正如我們在第二季所看到的，我們所引導的數字開始變得更加重要。

And you'll continue to see kind of building on that as we progress through 2024. And I would say that, and part of -- and that is also allowing us to kind of overcome, I'd say a little bit of the earlier weakness that we talked about as far as progress being made against the MDA contract with regards to RevRec.

隨著 2024 年的進展，您將繼續看到在此基礎上取得進展。在RevRec 方面取得的進展。

Some of that MDA RevRec is being made up for from initial contributions from the FDA contract. But I think when Erik asked the question earlier about kind of what the timing of RevRec look like for the remainder of the MDA Globalstar contract.

其中一些 MDA RevRec 是由 FDA 合約的初始捐款來彌補的。但我想當 Erik 早些時候問過有關 MDA Globalstar 合約剩餘部分的 RevRec 時間安排的問題時。

Again, that is given -- just given the delivery schedules, that will, again, continue to build momentum, probably peak sometime in the Q3 time period, maybe it's Q4. But ultimately, as that's kind of peaking out, we've got this building of FDA coming in behind it to prevent a real kind of drop-off, if you will, when that program comes to conclusion.

同樣，鑑於交付時間表，這將再次繼續建立勢頭，可能在第三季的某個時間達到頂峰，也許是第四季。但最終，隨著這種情況達到頂峰，我們有 FDA 的這棟大樓在後面，以防止當該計劃結束時出現真正的下降（如果你願意的話）。

So, I don't think we're quite ready yet to give kind of full year contribution from the FDA program, because again, it's pretty early in its life. But it's, again, part of the reason why we're confident that even if there was a launch or two that moves out of 2024 from that 22-launch manifest, that we have the ability to not really feel that from an overall top-line growth perspective. So, we hope to be able to give you more color in a little bit, but right now, we just-- it's a little too early to provide a lot of color on FDA contribution.

所以，我認為我們還沒有準備好從 FDA 計劃中提供全年捐款，因為同樣，它還處於其生命的早期階段。但這也是我們有信心的部分原因，即使有一兩次發射從 22 次發射清單中移至 2024 年之後，我們也有能力從整體上感覺不到這一點——線增長視角。因此，我們希望能夠盡快為您提供更多信息，但現在，我們只是——提供有關 FDA 貢獻的大量信息還為時過早。

Great. Thank you.

偉大的。謝謝。

And at this time, there are no further questions. I'll hand things back to our speakers for any additional or closing remarks.

而此時，已經沒有其他問題了。我會將所有內容交還給我們的發言人，以供其補充或結束發言。

Okay. I think that wraps up today's presentation. Thank you, everyone, for joining us on the call. Rocket Lab will be participating in these up-and-coming conferences and look forward to the opportunity to share more exciting news and updates with you then. So, thanks again.

好的。我想今天的演講就到此結束了。謝謝大家加入我們的電話會議。 Rocket Lab 將參加這些即將舉行的會議，並期待有機會與您分享更多令人興奮的新聞和更新。所以，再次感謝。

Once again, everyone, that does conclude today's conference. Thank you all for your participation. You may now disconnect.

各位，今天的會議到此結束。感謝大家的參與。您現在可以斷開連線。