Rocket Lab USA Inc (RKLB) 2024 Q2 法說會逐字稿

Hello, and thank you for standing by.

您好，感謝您的支持。

My name is Regina, and I will be your conference operator today.

我叫雷吉娜，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Rocket Lab second-quarter 2024 financial results update and conference call.

此時，我歡迎大家參加 Rocket Lab 2024 年第二季財務業績更新和電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Morgan Connaughton, Vice President of Communications at Rocket Lab.

我現在想將會議交給 Rocket Lab 通訊副總裁 Morgan Connaughton。

Please go ahead.

請繼續。

Thank you.

謝謝。

Hello, and welcome to today's conference call to discuss Rocket Lab's second-quarter 2024 financial results.

您好，歡迎參加今天的電話會議，討論 Rocket Lab 2024 年第二季財務業績。

Before we begin the call, I would like to remind you that our remarks may contain forward-looking statements that relate to the future performance of the company.

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。

And these statements are intended to qualify for the Safe Harbor protection from liability established by the Private Securities Litigation Reform Act.

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.

任何此類聲明均不能保證未來業績，今天的新聞稿中強調了可能影響我們業績的因素，其他內容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 subject to change for future developments.

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。

Except as required by law, the company does not undertake any obligation to update these statements.

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.

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。

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.

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 replay of a copy of the presentation will be available on our website.

此次電話會議還將進行網路直播，並提供支援性演示文稿，並且我們的網站上將提供演示文稿副本的重播。

Today's speakers are our Rocket Lab's Founder and Chief Executive Officer, Sir Peter Beck; as well as Chief Financial Officer, Adam Spice.

今天的演講者是我們火箭實驗室的創辦人兼執行長 Peter Beck 爵士；以及財務長 Adam Spice。

They will be discussing key business highlights as well as updates on our Electron, Neutron, and Space Systems programs.

他們將討論關鍵業務亮點以及我們的電子、中子和空間系統專案的最新情況。

We will discuss financial highlights and outlook before we finish by taking questions.

在結束提問之前，我們將討論財務亮點和前景。

So with that, let me turn the call over to Sir Peter.

那麼，讓我把電話轉給彼得爵士。

Thanks very much, Morgan, and thank you all for joining us today.

非常感謝，摩根，也感謝大家今天加入我們。

We've delivered an exceptionally strong second quarter this year, and I'm looking forward to taking you through all of the highlights and achievements.

今年第二季的業績異常強勁，我期待向您介紹所有亮點和成就。

But before we get there, I wanted to spend some time talking about who we are today, where Rocket Lab is headed in the future and the very deliberate and strategic steps we're taking to get there.

但在我們實現這一目標之前，我想花一些時間談談我們今天是誰、Rocket Lab 未來的發展方向以及我們為實現這一目標而採取的深思熟慮的戰略步驟。

One of the common misconceptions we've faced is that Rocket Lab is a launch company.

我們面臨的一個常見誤解是火箭實驗室是一家發射公司。

Yes, launch is something that we're an industry leader in.

是的，發布是我們在這方面的行業領導者。

And of course, Rocket being in the name doesn't help, but it's just part of what we do.

當然，火箭出現在名字中並沒有什麼幫助，但這只是我們工作的一部分。

I'd like to look at this in three clear steps.

我想透過三個明確的步驟來看待這個問題。

First, the ride to do important things in space, you first have to get there.

首先，要想在太空中做重要的事情，你必須先到達那裡。

We've solved this with a small launch with Electron and we're breaking the medium launch monopoly with Neutron.

我們透過 Electron 的小型發射解決了這個問題，並且透過 Neutron 打破了中型發射的壟斷。

Next, the tools to do the things in space once you get there.

接下來，是到達太空後可以在太空中完成任務的工具。

This is a spacecraft, the critical components that make them function, the software, the ground systems and all the other pieces that make missions possible in orbit.

這是一艘太空船，包括使其發揮作用的關鍵部件、軟體、地面系統以及使在軌任務成為可能的所有其他部件。

We're reliably delivering this for commercial government and customers today.

今天，我們正在可靠地為商業政府和客戶提供這項服務。

With the first two comfortably under about our future and the whole reason for going to space is in the first place, the data and the services that spacecraft provide.

前兩點對我們的未來感到滿意，而進入太空的全部原因首先是太空船提供的數據和服務。

It's the most valuable part of the supply chain; demand for it is growing worldwide.

它是供應鏈中最有價值的部分；全球對其的需求正在成長。

And it's what will deliver long-term recurring revenue and incremental value for shareholders.

這將為股東帶來長期經常性收入和增量價值。

By owning launch and spacecraft, we're at a distinct advantage when it comes to establishing our own space capabilities or constellations.

透過擁有發射和太空船，我們在建立自己的太空能力或星座方面具有明顯的優勢。

We can build and launch our own spacecraft at cost, and we don't have to wait in line for limited launch capacity.

我們可以以成本建造和發射我們自己的太空船，而且我們不必為了有限的發射能力而排隊等待。

We completely avoid the pain point that most constellation operators face, being at the mercy of suppliers on cost and schedule, often causing deeply disruptive delays and bringing capability online at scale.

我們完全避免了大多數星座運營商面臨的痛點，即在成本和進度上受到供應商的擺佈，常常導致嚴重的破壞性延遲並大規模上線能力。

But that constellation or capability is not quite ready yet for us to disclose.

但我們還沒準備好透露這個星座或能力。

But this overall company vision is useful to bear in mind when reviewing Rocket Labs achievements in this quarter, in the months and the years ahead.

但在回顧 Rocket Labs 在本季、未來幾個月和幾年的成就時，牢記公司的整體願景是有用的。

So with that, let me move on to more specifics for the quarter.

那麼，讓我繼續討論本季的更多細節。

Q2 was a huge quarter for Rocket Lab in a lot of ways, but especially in terms of revenue.

從很多方面來說，第二季度對 Rocket Lab 來說都是一個重要的季度，尤其是在營收方面。

For the first time, Rocket Lab revenue ticked past $100 million in the quarter.

Rocket Lab 本季營收首度突破 1 億美元。

Revenue ultimately came at $106 million for Q2, which is a company record.

第二季營收最終達到 1.06 億美元，創下公司紀錄。

We also achieved a 15% quarter-on-quarter increase and a whopping 71% year-on-year increase.

我們也實現了環比成長 15%，年成長高達 71%。

This result demonstrates the continued strength of our end-to-end space company strategy and offering diversified products and services since the growth is driven by an increase in launches on last year, as well as significant growth in our Space Systems business.

這一結果表明我們的端到端航太公司策略和提供多元化產品和服務的持續優勢，因為成長是由去年發射次數的增加以及我們的航太系統業務的顯著成長所推動的。

As of Q2 close, our backlog sits at over $1 billion.

截至第二季末，我們的積壓訂單已超過 10 億美元。

Now on to some Electron specific updates.

現在介紹一些 Electron 特定的更新。

Before I get into some more Electron achievements in the quarter, it's worth spending a moment going back to basics on the Electron business model.

在我了解本季度更多 Electron 成就之前，值得花點時間回顧 Electron 商業模式的基礎知識。

I raised this because the most common metric we get held to is number of launches per quarter and the resulting point-in-time revenue recognition.

我提出這個問題是因為我們最常用的指標是每季的發布次數以及由此產生的時間點收入確認。

Revenue recognition is guided by a well-established GAAP principles, but can at times failed to reflect the underlying strength in our business, given the constructive cash flow nature of the launch business where we collect cash well in advance of revenue recognition.

收入確認遵循完善的公認會計準則原則，但有時無法反映我們業務的潛在實力，因為我們在收入確認之前就收集了現金，因此啟動業務具有建設性的現金流性質。

Electron delivers what rideshares and other rockets can't.

Electron 提供了共享出行和其他火箭無法提供的服務。

It's a dedicated launch service tailored to each customer's specific needs.

這是一項專門針對每個客戶的特定需求量身定制的啟動服務。

What that means in practice is customers get to choose and change their launch date.

這在實踐中意味著客戶可以選擇和更改他們的發布日期。

They can choose their launch site and precisely where they want to be deployed in orbit, and they can and they can launch on incredibly short notice.

他們可以選擇發射地點以及他們想要部署在軌道上的精確位置，並且他們可以並且可以在極其短的時間內發射。

We have demonstrated getting someone from contract signing to orbit in less than eight weeks.

我們已經證明，在不到八週的時間內就可以讓某人從簽訂合約進入軌道。

If you're booked on a large ride share or a bunch of other spacecraft, you simply don't get that flexibility.

如果您預訂了大型共乘服務或大量其他太空船，則您根本無法獲得這種靈活性。

And you certainly can't expect to get a dedicated ride on a large rocket or a new entrance vehicle in just week's notice.

而且您當然不能指望在短短一周內就可以專門乘坐大型火箭或新的入口車輛。

This flexibility does make it challenging to predict with high certainty exactly how many launches will do each year and exactly where they'll land in each quarter.

這種靈活性確實使得準確預測每年將進行多少次發布以及每個季度的發布地點變得具有挑戰性。

That's not unexpected; rather, it's baked into our model and what sets us apart.

這並不意外；相反，它融入了我們的模式，也是我們與眾不同的原因。

Now fortunately, the surface level volatility represented by GAAP launch revenue recognition is disconnected from the underlying cash flow generation in so much as we collect the vast majority of cash from our launch customers before launch day.

現在幸運的是，以 GAAP 發布收入確認為代表的表面波動與潛在的現金流量產生無關，因為我們在發布日之前從發布客戶那裡收集了絕大多數現金。

So if they shipped out by a few days, weeks or even months, it makes a negligible difference.

因此，如果他們提前幾天、幾週甚至幾個月發貨，其影響可以忽略不計。

On this slide, you can see an example of our billing cycle for Electron.

在此投影片上，您可以看到 Electron 計費週期的範例。

We typically do it one or two ways, time-based billing or milestone based.

我們通常以一兩種方式進行，即基於時間的計費或基於里程碑的計費。

Time based is mostly what our customers booked a year or more in advance of launch.

基於時間的預訂主要是我們的客戶在發布前一年或更長時間的預訂。

And as you will see, we build 10% on contract signing, then further installments until we get to the final 10%, which is payable on launch day as soon as we ignite the engines.

正如您將看到的，我們在簽訂合約時支付 10%，然後進一步分期付款，直到達到最後的 10%，即在啟動當天我們點燃引擎後支付。

Milestone based is more used for our customers who come to us with their hair on fire, say, or minus three months.

基於里程碑的更適用於那些在三個月內來到我們這裡的客戶。

Once again, we'll take a 10% on signing and then we move swiftly through the key milestones like spacecraft fit checks and readiness reviews, and then we collect the remaining installments until, again, we charge the final 10% when we ignite the engines.

再一次，我們將在簽字時收取10% 的費用，然後我們迅速完成關鍵的里程碑，例如太空船適合性檢查和準備情況審查，然後我們收集剩餘的分期付款，直到我們再次在啟動專案時收取最後10% 的費用。

So as you can see, if a customer requires launch, it requires a launch date that pushes into the next quarter.

正如您所看到的，如果客戶需要發布，則需要將發布日期推遲到下個季度。

We have likely already collected up to 90% of the contract value.

我們可能已經收回了合約價值的 90%。

We just don't recognize the revenue until launch day for accounting practices purposes.

我們只是出於會計實務的目的，直到啟動日才確認收入。

Okay.

好的。

A quick overview of some Electron achievements.

一些 Electron 成就的快速概述。

We've signed 17 new Electron launch contracts year to date with a total contract value of $141 million.

今年迄今為止，我們已經簽署了 17 份新的 Electron 啟動合同，合約總價值為 1.41 億美元。

We also reached an exciting new place in the global launch rankings.

我們還在全球發布排名中取得了令人興奮的新名次。

Electron is now the third most frequently launched rocket globally behind only Falcon 9 and the Chinese Long March.

Electron 目前是全球發射頻率第三高的火箭，僅次於獵鷹 9 號和中國長徵號。

Falcon 9 has only been flowing for seven years.

獵鷹 9 號僅運行了七年。

This is a monumental achievement and really highlights Electron significance as a proven sort-after capability.

這是一項巨大的成就，真正凸顯了 Electron 作為經過驗證的分類能力的重要性。

We've achieved a 100% increase in launch rate for the first half of this year as compared with the first half of 2023, doubling rocket production and launch cadence in this year is far from the norm and really sets our team apart.

與 2023 年上半年相比，今年上半年我們的發射率提高了 100%，火箭產量和發射節奏翻了一番，這遠非常態，這確實讓我們的團隊與眾不同。

As of today, Electron accounts for 64% of all non-Space X US launches in 2024 so far.

截至目前，Electron 佔 2024 年美國所有非 Space X 發射的 64%。

This really shows what an impact Electron has had on the industry and highlights just how constrained customers are right now with respect to launch options.

這確實顯示了 Electron 對行業的影響，並突顯了客戶目前在發布選項方面受到的限制。

And of course, in a year plagued by launch anomalies and delays worldwide, Electron has continued to deliver trusted and reliable access to space with mission success throughout the year for all of our customers.

當然，在全球範圍內遭受發射異常和延誤困擾的一年中，Electron 繼續為我們所有的客戶提供值得信賴和可靠的太空訪問，並全年成功完成任務。

Now this approach has been a successful one for Electron retaining its title of: The Most Active Small Rocket Globally; and now, of course, The Most Frequently Launched in Fly and Rocket this year.

現在，這個方法取得了成功，Electron 保住了「全球最活躍小型火箭」的稱號；當然，還有今年最常推出的 Fly 和 Rocket。

I won't go into the specifics of all nine launches we have completed this year-to-date.

我不會詳細介紹今年迄今為止我們已完成的所有九項發布。

But if there's something that I'd like you to take away from looking at all of these missions is just how complex and tailored and customer-centric they are.

但如果我希望您從所有這些任務中學到什麼，那就是它們是多麼複雜、量身定制和以客戶為中心。

We're taking dedicated missions 11 days apart to place climate change monitoring constellation in precise locations to monitor the poles, a ride share mission that deployed two different customer satellites to entirely different orbits and altitudes on the same launch, swapped the customer mission out with the next one in queue within two weeks when a customer required a later launch date.

我們每隔11 天執行專門任務，將氣候變遷監測星座放置在精確的位置以監測兩極，這是一項乘車共享任務，在同一次發射中將兩顆不同的客戶衛星部署到完全不同的軌道和高度，將客戶任務替換為當客戶要求推遲發布日期時，兩週內隊列中的下一個產品。

All of this is exactly why customers choose Electron.

這一切正是客戶選擇 Electron 的原因。

It delivers a flexible service that small sats have never had before.

它提供小型衛星從未有過的靈活服務。

Now on to contract wins.

現在談談合約勝利。

There was a few big months with the commercial sales team with team launch deals signed with Synspective, Japanese earth observation constellation operator.

商業銷售團隊度過了重要的幾個月，與日本地球觀測星座營運商 Synspective 簽署了團隊啟動協議。

We've been the sole launch provider for Synspective to date with five successful missions, which has been a huge honor.

迄今為止，我們是 Synspective 唯一的發射提供者，已成功完成五次發射任務，這是一項巨大的榮譽。

We have also signed a four-launch deal with another commercial constellation operator who has asked to remain confidential at this time.

我們還與另一家商業星座運營商簽署了一項四次發射協議，該協議目前要求保密。

Electron also continues to be a critical enabler to the Department of Defense.

Electron 也仍然是國防部的關鍵推動者。

We recently signed three new launch deals that further strengthened our position as a trusted partner across launch and space systems.

我們最近簽署了三項新的發射協議，進一步鞏固了我們作為發射和太空系統值得信賴的合作夥伴的地位。

Both contracts include being selected by the Space Systems Command to do and demonstrate an end-to-end space mission.

這兩份合約都包括被太空系統司令部選中來執行和演示端到端太空任務。

This means Rocket Lab will design, build a spacecraft, and launch it and operate it on short notice.

這意味著火箭實驗室將在短時間內設計、建造太空船、發射和操作它。

This is a clear validation of our model as an end-to-end space company.

這是對我們作為端到端航太公司的模型的明確驗證。

We were also awarded the STP-S30 launch contract, a $14.5 million mission for the Space Force.

我們還獲得了 STP-S30 發射合同，這是一項為太空軍提供的價值 1,450 萬美元的任務。

And last but not least, Haste continues to be a sought-after capability with another hypersonic suborbital missions sold.

最後但並非最不重要的一點是，隨著另一項高超音速亞軌道任務的出售，「急速」仍然是一種廣受歡迎的功能。

We're immensely proud to have taken a proven product in Electron and adapted it into a new use case.

我們非常自豪能夠在 Electron 中採用經過驗證的產品並將其改編成新的用例。

Unlocking hypersonic test launch capability for the DoD, helping open up the bottleneck that has existed for so long, thanks to the limited availability of wind tunnels and test flight opportunities.

解鎖國防部的高超音速測試發射能力，幫助打破長期以來由於風洞和試飛機會有限而存在的瓶頸。

In the second quarter, we reached a significant company milestone but also set a record for the wider launch industry when we launched our 50th Electron mission.

第二季度，我們實現了公司的一個重要里程碑，同時在發射第 50 個 Electron 任務時也為更廣泛的發射行業創造了記錄。

We reached this milestone faster than any other commercially developed rocket and history.

我們比任何其他商業開發的火箭和歷史更快達到了這一里程碑。

And we're on track to be the fastest to 100 also.

我們也有望成為最快達到 100 名的人。

This really just demonstrates our team's ability to execute in record time.

這確實證明了我們團隊在創紀錄的時間內執行任務的能力。

We also demonstrated a pretty unique ability on our 50th mission, which was deploying a customer spacecraft within 8 meters of the target.

我們還在第 50 次任務中展示了一項相當獨特的能力，即在距離目標 8 公尺的範圍內部署客戶太空船。

Now for context, the general accepted industry tolerance is 1,500 meters or 15 kilometers.

現在就背景而言，普遍接受的行業公差是 1,500 公尺或 15 公里。

So to deploy the spacecraft within single-digit meters, not kilometers, is a real differentiator.

因此，將太空船部署在單位公尺（而不是公里）內是一個真正的差異化因素。

Here's why that matters.

這就是為什麼這很重要。

It makes Electron the clear launch vehicle of choice for some really complex missions and unique capabilities that are increasingly sought after, like Rendezvous in proximity operations, constellation replenishment, and customized orbits.

它使 Electron 成為一些非常複雜的任務和日益受到追捧的獨特功能的明確選擇的運載火箭，例如鄰近操作中的交會、星座補給和定制軌道。

Moving on from small launch into updates on the Neutron development.

從小規模發布轉向 Neutron 開發更新。

I'm often asked how Neutron plans to compete and why we need to invest in a medium launch vehicle.

我經常被問到 Neutron 計劃如何競爭以及為什麼我們需要投資中​​型運載火箭。

So I'm going to go back to a little bit of 101 here.

所以我要回到101。

There is a practical monopoly and medium launch right now; there's no doubt about that.

現在有實際的壟斷和中等的發射；毫無疑問。

Demand is strong and growing for launch capability, particularly in the constellation space with more than 10,000 satellites needing launched by the end of the decade.

對發射能力的需求強勁且不斷增長，特別是在星座空間，到本十年末需要發射超過 10,000 顆衛星。

And that's viewed by many as a pretty conservative projection.

許多人認為這是一個相當保守的預測。

Neutron is best placed to be the rocket that disrupts this monopoly.

Neutron 最適合成為打破這種壟斷的火箭。

We have a proven track record of building and launching a reliable vehicle that became a market leader.

我們在製造和推出可靠的車輛方面擁有良好的記錄，並成為市場領導者。

Through this experience, we've been able to work incredibly closely with customers to design a new rocket that meets their needs, resulting in a customer-led design.

透過這些經驗，我們能夠與客戶密切合作，設計出滿足他們需求的新型火箭，從而實現以客戶為主導的設計。

And we're on track to bring that to market at an incredibly rapid timeline.

我們有望以極快的速度將其推向市場。

Across all of our launch and Space Systems businesses to date, we have astutely assessed demand and opportunities and accurately allocated investment and effort where it makes the most business sense.

到目前為止，在我們所有的發射和空間系統業務中，我們敏銳地評估了需求和機會，並在最具商業意義的地方準確地分配了投資和精力。

And that has produced undeniable successful results.

這已經產生了不可否認的成功結果。

And Neutron will be no different.

Neutron 也不例外。

Now on to overall Neutron development progress, and I'm pleased to confirm, we've largely progressed past the design phase.

現在，關於 Neutron 的整體開發進度，我很高興地確認，我們基本上已經完成了設計階段。

And we've moved swiftly into production and qualification of flight hardware for 100% of the vehicle.

我們已迅速開始生產和鑑定 100% 車輛的飛行硬體。

With flight articles now coming together, we're on track to first launch for mid next year.

隨著飛行文章的匯集，我們預計在明年年中首次推出。

I've said this before, but it's a key point that I think a lot of people tend to miss if they're not familiar with the launch vehicle development programs.

我之前已經說過這​​一點，但我認為，如果很多人不熟悉運載火箭開發計劃，他們往往會錯過這一點。

Developing a rocket is certainly a big piece of work, but it's only about one-third of what you actually need to do.

開發火箭無疑是一項艱鉅的工作，但這只是您實際需要做的大約三分之一。

The remainder is launch and production infrastructure.

剩下的就是發射和生產基礎設施。

That's the pad, the test cells, the production lines, the factories, and all the processes and procedures to support them.

這就是測試台、測試單元、生產線、工廠以及支援它們的所有流程和程序。

A lot of organizations will focus their attention on their first rocket.

許多組織將注意力集中在他們的第一枚火箭上。

But we knew that that it would be very important to build up all the infrastructure and to support production test and launch in the long term.

但我們知道，從長遠來看，建立所有基礎設施並支援生產測試和發布非常重要。

So that's what we've done in parallel.

這就是我們並行做的事情。

I'm really proud of the speed and progress that the team has achieved with Neutron so far in an incredibly short timeframe, especially in the update I'm about to share next.

我對團隊迄今為止在極短的時間內透過 Neutron 取得的速度和進展感到非常自豪，尤其是在我接下來要分享的更新中。

Okay.

好的。

The update you've all been waiting for, the Archimedes Engine Test Campaign.

你們一直在等待的更新，阿基米德引擎測試活動。

As we've said before, propulsion is always a long pole in the tent when it comes to developing a rocket.

正如我們之前所說，在開發火箭時，推進力始終是帳篷裡的長桿。

But thanks to having successfully designed, flown, and built more than 500 Rutherford engines, we have a pretty good chunk of experience how to do this.

但由於成功設計、飛行和建造了 500 多個盧瑟福發動機，我們擁有豐富的經驗來做到這一點。

We use this to fast-track Archimedes development, and this has certainly paid off.

我們用它來快速追蹤阿基米德的發展，這確實得到了回報。

We also made a very conscious and strategic decision right from the outset to design a flight engine and put something on the engine test and that was designed to be flight-ready.

我們從一開始就做出了一個非常有意識的戰略決定，設計飛行發動機並進行發動機測試，旨在為飛行做好準備。

It's fairly common to see downscaled engines or early-stage prototypes used for a couple of years before companies actually move into putting something on the stand that could fly.

在公司真正開始將可以飛行的東西放在展台上之前，經常會看到縮小尺寸的引擎或早期原型機使用了幾年。

But we didn't do that.

但我們沒有這樣做。

In the past couple of months, we put Archimedes through hundreds of tests to validate the design, including spin prime ignition tests as well as understanding all the start-up and shutdown transient.

在過去的幾個月中，我們對阿基米德進行了數百次測試來驗證設計，包括自旋啟動點火測試以及了解所有啟動和關閉瞬態。

All of that work accommodated recently in a successful Archimedes hot fire.

所有這些工作最近都在一次成功的阿基米德大火中得到了解決。

We started off with a series of low-power hot fires with great results and crank it up to put the engine through its paces.

我們首先進行了一系列低功率熱火，取得了良好的效果，然後將其調高，使引擎達到最佳狀態。

We've now reached a main stage hot fire at 102% power.

我們現在已經達到主舞台熱火，功率為 102%。

Now taking a new staged combustion liquid rocket engine from clean sheet design to hot fire in a flight configuration in just a couple of years is really industry-leading stuff.

現在，在短短幾年內將新型分級燃燒液體火箭發動機從乾淨的設計到飛行配置中的熱火，確實是行業領先的。

From here, it's about dialing the engine and building a bunch more of them and getting them rolling off the production line.

從這裡開始，就需要啟動引擎，建造更多的引擎，然後讓它們下線。

Now the team has been pushing hard to get the first flight articles through qualification.

現在，團隊正在努力爭取首飛物品通過資格賽。

But like we've always said, with Electron, building our first rocket is hard, but building the 10th or the 50th is even harder.

但就像我們一直說的，對於 Electron，建造我們的第一枚火箭很困難，但建造第 10 枚或第 50 枚就更難了。

That's why we know it's just as important to build the machine behind the rocket and set it up for scale from day one.

這就是為什麼我們知道從第一天開始建造火箭背後的機器並對其進行規模化設定同樣重要。

The next Archimedes engine is coming off the production line right now.

下一代阿基米德引擎現已下線。

And while the assembly line for many more is also established.

同時也建立了更多的裝配線。

Meanwhile, we have scaled Avionics production line to support both Electron and Neutron and all things that make it easier to roll into a launch cadence after flight one.

同時，我們擴大了航空電子設備生產線的規模，以支援電子和中子以及所有使在第一次飛行後更容易進入發射節奏的東西。

While the propulsion team has been kicking gold, the composite team has been moving at phase two.

雖然推進團隊一直在努力爭取金牌，但複合團隊一直在進入第二階段。

As you can see here, we have flight hardware and production, including the fairing panels for Neutrons fixed fairing.

正如您在這裡所看到的，我們擁有飛行硬體和生產，包括中子固定整流罩的整流罩面板。

Remember, this paring is pretty unique in that it remains attached to Neutron throughout the launch and landing enabling us to reuse it across multiple missions.

請記住，這種配對非常獨特，因為它在整個發射和著陸過程中始終附著在中子上，使我們能夠在多個任務中重複使用它。

Meanwhile, we have flight hardware and production for all other Neutron composite structures, including stage 1 and stage 2 tanks and the inter stage.

同時，我們擁有所有其他中子複合結構的飛行硬體和生產，包括第一級和第二級儲槽以及級間。

Since this picture paints 1,000 words, here's a quick look at some of the composite production going on behind the scenes to bring Neutron to life.

由於這張圖片描繪了 1,000 個單詞，因此我們可以快速瀏覽幕後為使 Neutron 栩栩如生而進行的一些複合製作。

The progress in composites production is just about to accelerate even faster with the installation of our automated fiber placement machine in Middle River Baltimore.

隨著我們在巴爾的摩中河安裝的自動化纖維鋪放機，複合材料生產的進展即將加快。

This capacity and capability in parallel to a manual layup of Neutron structures enables us to rapidly scale up production for the first flight and full operational cadence to follow on.

這種能力和能力與中子結構的手動鋪設並行，使我們能夠快速擴大首次飛行的生產規模，並隨後實現全面的營運節奏。

The custom-built 90-tonne machine will automate the production of all large composite Neutron structures, including the panels that make up the 91-foot inter-stage and fairing as well as the first and second stages.

這台客製化的 90 噸機器將自動生產所有大型複合 Neutron 結構，包括構成 91 英尺級間和整流罩以及第一級和第二級的面板。

This machine is one of the largest of its kind in the world and will allow us to save thousands of hours on stage 1 alone compared with hand labor.

該機器是世界上同類機器中最大的機器之一，與手工勞動相比，僅第一階段就可以節省數千個小時。

Speaking of infrastructure, progress is coming along nicely at launch complex through Virginia with fluid systems installation underway, and we've started receiving some of the critical long-lead items like cryogenic systems and tanks.

說到基礎設施，維吉尼亞州的發射場進展順利，流體系統安裝正在進行中，我們已經開始接收一些關鍵的長期項目，如低溫系統和儲槽。

As you can see from the photo on the screen, we've poured tons of concrete into Neutrons pad and ready to receive the launch mount.

正如您從螢幕上的照片中看到的那樣，我們已將大量混凝土澆注到中子墊中，並準備好接收發射架。

This is a huge piece of infrastructure and a big milestone to tick off for the part of the first flight.

這是一個巨大的基礎設施，也是首飛部分的重要里程碑。

Just 10 minutes down the road from the pad is a Neutron assembly and integration facility where Neutron will undergo the final assembly before transportation to the pad.

距離發射台僅 10 分鐘路程，就有一個 Neutron 組裝和整合設施，Neutron 將在這裡進行最終組裝，然後再運送到發射台。

Construction of this is progressing well and on track to receive the first Neutron early next year ahead of launch.

該項目的建設進展順利，預計在明年初發射前接收第一個中子。

Okay.

好的。

That wraps up launch onto the other half of our business now Space Systems.

我們的另一半業務（即太空系統）就這樣完成了。

Before I dig into the achievements on specific Space Systems, items, I thought it worth a quick reminder of the scale of the programs we have underway.

在深入研究特定空間系統、專案的成就之前，我認為有必要快速提醒我們正在進行的計劃的規模。

Right now, we have more than $720 million worth of spacecraft on track and on contract and in development, including constellations to the Space Development Agency, Globalstar, as well as bespoke spacecraft for NASA, the DoD, and commercial customers.

目前，我們有價值超過 7.2 億美元的太空船在軌、合約和開發中，包括為太空發展局、全球星提供的星座，以及為 NASA、國防部和商業客戶量身定制的太空船。

On any given day, the team is working through design reviews, qualification campaigns, analysis, and production for these programs.

在任何一天，團隊都會對這些程序進行設計審查、資格認證活動、分析和生產。

In many cases, work isn't very visible because the hardware build only comes at the very end.

在許多情況下，工作不是很明顯，因為硬體建置只在最後進行。

And in some cases, our customers request confidentiality so we can't share images or too much detail on progress.

在某些情況下，我們的客戶要求保密，因此我們無法分享影像或過多的進度細節。

What I will say is our team has earned a reputation for delivering high-quality spacecraft on rapid timelines, and these programs are tracking no differently.

我要說的是，我們的團隊因在快速時間內交付高品質太空船而贏得了聲譽，這些專案的追蹤情況也不例外。

Okay.

好的。

On to the more granular detail.

接下來是更詳細的細節。

We had a huge milestone recently by completing production and test of two identical spacecraft for the NASA Mars Mission.

最近，我們為美國太空總署火星任務完成了兩艘相同太空船的生產和測試，這是一個巨大的里程碑。

It's not uncommon for an interplanetary mission to take a decade to go from design to flight ready.

星際任務從設計到飛行準備需要十年的時間並不罕見。

So to design, build and test not one but two Mars spacecraft in around three years is pretty impressive.

因此，在三年左右的時間裡設計、建造和測試不是一艘而是兩艘火星航天器是相當令人印象深刻的。

Once again, it has been made possible in part by a vertical integration strategy, which removes a heavy reliance on suppliers since we produce many components in-house, enabling us to control schedule and costs.

再一次，這在一定程度上是透過垂直整合策略來實現的，該策略消除了對供應商的嚴重依賴，因為我們在內部生產許多元件，使我們能夠控制進度和成本。

And in the case of ESCAPADE, the spacecraft featured Rocket Lab solar cells, reaction wheels, star trackers, separation systems, radios, flight software structure on and on to go.

就 ESCAPADE 而言，該太空船配備了火箭實驗室太陽能電池、反作用輪、星追蹤器、分離系統、無線電、飛行軟體結構等。

The Twin spacecraft are now packed up for shipping out to the Cape and ready for launch during the up-and-coming Mars transit window, which extends through October.

雙子飛船現在已經收拾好準備運往好望角，並準備在即將到來的火星過境窗口期間發射，該窗口將持續到十月。

Over to Albuquerque now, where we've signed preliminary terms for $49.4 million in federal state and local funding, including a portion under the CHIPS Act.

現在轉到阿爾伯克基，我們已經簽署了聯邦州和地方資金 4,940 萬美元的初步條款，其中包括《CHIPS 法案》規定的一部分。

The funding will enable us to expand production of our solar cells, which are important components for national defense and security satellites.

這筆資金將使我們能夠擴大太陽能電池的生產，而太陽能電池是國防和安全衛星的重要組成部分。

We expect to create around 100 new manufacturing jobs as a direct result of this funding and expansion it enables.

作為此次融資和擴張的直接結果，我們預計將創造約 100 個新的製造業就業機會。

Another peer of spacecraft, we have rolling down the production line are the next two set of satellites for Varda Space Industries.

我們已經下線的另一艘太空船是瓦爾達航太工業公司的下兩套衛星。

These pioneer class satellites host in space manufacturing capsules, which enable the production of pharmaceuticals and other products that benefit from low gravity environments.

這些先鋒級衛星安裝在太空製造艙中，可以生產受益於低重力環境的藥品和其他產品。

We successfully operated one of the spacecraft for Varda last year, successfully setting it onto a course for reentry and landing it in the Utah desert in February this year.

去年，我們成功地為瓦爾達操作了一艘太空船，成功地將其設定為重返大氣層的航線，並於今年 2 月在猶他州沙漠著陸。

The spacecraft is nearing completion and preparing for launch in the coming months with a one-third are following not far behind.

該航天器已接近完工，並準備在未來幾個月內發射，三分之一的太空船緊隨其後。

Now on to Constellation spacecraft and development at the moment.

現在談談星座航天器和目前的開發。

Recently, we completed a successful systems requirements review for our $500 million prime contract with the FDA to design and build 18 tranche two transport beta satellites.

最近，我們成功完成了與 FDA 簽訂的價值 5 億美元的主要合約的系統要求審查，該合約旨在設計和建造 18 顆第二批運輸測試衛星。

From here, we'll move into a preliminary design review before hardware starts to take shape and clean rooms.

從這裡開始，我們將在硬體開始成型和清理房間之前進行初步設計審查。

This spacecraft is scheduled to launch in 2027.

該航天器計劃於 2027 年發射。

So we're on track and kicking some of these critical design milestones off early in the program.

因此，我們已步入正軌，並在專案初期就開始了一些關鍵的設計里程碑。

And 17 spacecraft Thunder constellation for MDA and Globalstar, we have completed integration readiness review and hardware is in production, including the first delivery of a full flight set to the customer.

對於 MDA 和 Globalstar 的 17 艘太空船雷霆星座，我們已經完成了整合準備審查，硬體正在生產中，包括首次向客戶交付全套飛行裝置。

This program is moving at pace with spacecraft scheduled for completion and launch by the end of 2025.

該計劃正與太空船同步推進，計劃於 2025 年底完成並發射。

As spacecraft programs tend to get the most of the attention in the Space Systems, but our merchant components business continues to kick goals too, including when it comes to innovating new products.

由於太空船專案往往在太空系統中受到最多關注，但我們的商業組件業務也繼續實現目標，包括在創新新產品方面。

At the Small Sat Conference in Utah this week, the team introduced a new advanced satellite dispenser, giving customers more choice for versatile and reliable spacecraft deployment.

在本週於猶他州舉行的小型衛星會議上，該團隊推出了一種新型先進的衛星分配器，為客戶提供了更多多功能且可靠的太空船部署選項。

The ASD builds on the 11-year heritage of the containerized satellite dispenser, which has successfully deployed more than 60 satellites.

ASD 建立在貨櫃衛星分配器 11 年的傳統之上，該分配器已成功部署 60 多顆衛星。

If I allude about the achievements across our other components businesses, we'll be here all evening.

如果我提到我們其他零件業務的成就，我們整個晚上都會在這裡。

So I'll try and keep it brief.

所以我會盡量簡短。

Now to round out our business updates, I just want to provide a quick update on our M&A strategy.

現在，為了完善我們的業務更新，我只想快速介紹我們的併購策略。

We've had the privilege of being a launch provider, spacecraft developer, and component supplier to scores of companies and organizations across the global space industry.

我們有幸成為全球航太工業數十家公司和組織的發射提供者、太空船開發商和組件供應商。

Increasingly, they want complete mission solutions and a mixed approach of organic and development and M&A aims to serve this.

他們越來越需要完整的任務解決方案以及有機和發展的混合方法，而併購旨在服務於此。

Right now, we're managing a robust pipeline of targets, while being selective and strategic about what we want to bring into our suite of capabilities.

目前，我們正在管理一系列強大的目標，同時對我們想要納入我們的能力套件的內容進行選擇性和策略性的選擇。

The focus is on targets that would fill gaps in our already extensive suite of solutions, while also enabling meaningful revenue scale and profit.

重點是填補我們已經廣泛的解決方案套件中的空白，同時實現有意義的收入規模和利潤的目標。

We look forward to sharing more on this in due course.

我們期待在適當的時候就此分享更多資訊。

And last but not least, before we move into the financial highlights, I wanted to share some news about a documentary that recently came out, which covers Rocket Lab in a way that many people may not have seen before.

最後但並非最不重要的一點是，在我們進入財務亮點之前，我想分享一些有關最近上映的紀錄片的新聞，該紀錄片以許多人以前可能從未見過的方式介紹了火箭實驗室。

Wild Wild Space was released on HBO Max just a few weeks ago.

《狂野太空》幾週前在 HBO Max 上映。

It's a film version of the New York Times best-selling book, When the Heavens Went On Sale by Ashlee Vance and it's directed by Academy Award-winning Director Ross Kauffman.

這是阿什莉·萬斯 (Ashlee Vance) 所寫的《紐約時報》暢銷書《天堂特價》的電影版本，由奧斯卡獎獲獎導演羅斯·考夫曼 (Ross Kauffman) 執導。

If you're interested in the history of Rocket Lab and how we got to where we are today and some insight into what drives us, this is a great place to start.

如果您對 Rocket Lab 的歷史、我們如何走到今天的位置以及對我們的驅動因素感興趣，那麼這是一個很好的起點。

Highly recommended if you go and check it out on HBO.

如果你去 HBO 看看的話，強烈推薦。

That wraps up the top-line business achievement.

這就是最重要的業務成就。

So with that, I'll hand it over to Adam to discuss our financial highlights and outlook.

因此，我將把它交給 Adam 來討論我們的財務亮點和前景。

Great.

偉大的。

Thanks, Pete.

謝謝，皮特。

Second-quarter 2024 revenue was $106 million, which was consistent with our prior guidance range and reflects significant year-on-year growth of 71% and sequential growth of 15%, driven by strong contribution from both business segments, led by Space Systems.

2024 年第二季營收為 1.06 億美元，與我們先前的指導範圍一致，反映出同比增長 71%，環比增長 15%，這得益於以空間系統為首的兩個業務部門的強勁貢獻。

Our launch services segment delivered revenue of $29.4 million, slightly above our guidance of $28 million to $29 million.

我們的發射服務部門實現了 2,940 萬美元的收入，略高於我們 2,800 萬至 2,900 萬美元的指引。

Our current backlog continues to support our current year target average revenue per launch of $7.5 million with some quarterly variability tied to volume purchase discounts, launch location, and mission assurance requirements.

我們目前的積壓訂單繼續支持我們今年每次發射 750 萬美元的目標平均收入，但季度變化與批量購買折扣、發射地點和任務保證要求相關。

Our Space Systems segment delivered $77 million in the quarter, again, in line with our prior guidance range of $77 million to $81 million, reflecting sequential growth of over 28% driven primarily by growth in our SDA and MDA contracts revenue.

我們的太空系統部門在本季度再次交付了 7700 萬美元，符合我們之前 7700 萬美元至 8100 萬美元的指導範圍，環比增長超過 28%，這主要是由我們的 SDA 和 MDA 合約收入增長推動的。

Now turning to gross margin.

現在轉向毛利率。

GAAP gross margin for the second quarter was 25.6%, in line with our prior guidance range of 24% to 26%.

第二季 GAAP 毛利率為 25.6%，符合我們先前 24% 至 26% 的指引範圍。

Non-GAAP gross margin for the second quarter was 30.7%, which was also in line with our prior guidance range of 30% to 32%.

第二季非 GAAP 毛利率為 30.7%，也符合我們先前 30% 至 32% 的指引範圍。

Relatedly, we ended Q2 with production-related headcount of $914 million, up 42% from the prior quarter.

與此相關的是，第二季結束時，我們與生產相關的員工總數為 9.14 億美元，比上一季成長 42%。

Turning to backlog.

轉向積壓。

We ended Q2 2024 with $1.07 billion of total backlog with launch backlog of $294 million and Space Systems backlog of $772.6 million.

截至 2024 年第二季度，我們的積壓訂單總額為 10.7 億美元，其中發射積壓訂單為 2.94 億美元，太空系統積壓訂單為 7.726 億美元。

Relative to Q1 2024, total backlog was up 5% sequentially or $51 million despite a $106 million revenue quarter as strong bookings continued in our launch and Space Systems businesses.

與 2024 年第一季相比，儘管我們的發射和太空系統業務的預訂量持續強勁，但季度收入為 1.06 億美元，但積壓訂單總額仍環比增長了 5%，即 5,100 萬美元。

For launch, backlog was up 36% sequentially or $78.3 million, primarily due to the 10 launch agreement with inspective that Pete mentioned earlier.

發射方面，積壓訂單比上一季增加了 36%，即 7,830 萬美元，這主要是由於與皮特之前提到的檢查員簽訂了第 10 次發射協議。

We continue to cultivate a healthy pipeline, including multi-launch deals and large satellite manufacturing contracts that can create lumpiness in our backlog growth, given the size and complexity of these opportunities.

我們繼續培育健康的管道，包括多次發射交易和大型衛星製造合同，考慮到這些機會的規模和複雜性，這些合約可能會導致我們的積壓訂單增長出現波動。

We expect approximately 44% of current backlog to be recognized as revenues within 12 months.

我們預計目前積壓訂單的大約 44% 將在 12 個月內確認為收入。

Turning to operating expenses.

轉向營運費用。

GAAP operating expenses for the second quarter of 2024 were $70.4 million, up $3.2 million sequentially, but below the low end of our guidance range of $74 million to $76 million.

2024 年第二季的 GAAP 營運費用為 7,040 萬美元，比上一季增加 320 萬美元，但低於我們指引範圍 7,400 萬美元至 7,600 萬美元的下限。

Non-GAAP operating expenses for the second quarter were $58.5 million, up $2.2 million sequentially, which is also below the low end of our guidance range of $62 million to $64 million.

第二季非 GAAP 營運費用為 5,850 萬美元，比上一季增加 220 萬美元，也低於我們 6,200 萬美元至 6,400 萬美元指引範圍的下限。

The sequential increases in both GAAP and non-GAAP operating expenses were primarily driven by continued growth in headcount and prototyping spending to support our neutron development program, related infrastructure IT support for Neutron, and our '18 satellite SDA contract and a step-up related to our annual merit cycle.

GAAP 和非 GAAP 營運費用的連續增長主要是由於人員數量和原型製作支出的持續增長，以支援我們的中子開發計劃、中子的相關基礎設施 IT 支援以及我們的 '18 衛星 SDA 合約和升級相關到我們的年度績效循環。

In R&D specifically, GAAP expenses were up $1.4 million quarter on quarter due to Neutron prototyping, materials, headcount growth, and related merit increases.

具體而言，在研發方面，由於 Neutron 原型設計、材料、員工人數成長和相關績效成長，GAAP 支出較上季增加 140 萬美元。

Non-GAAP R&D expenses were up $400,000 quarter on quarter, driven similarly to the GAAP expenses.

非 GAAP 研發費用較上季增加 40 萬美元，其推動因素與 GAAP 費用類似。

Q2 ending R&D head count was 673, representing an increase of 48% from the prior quarter.

第二季末研發人員總數為 673 人，較上一季增加 48%。

In SG&A, GAAP expenses increased $1.8 million quarter on quarter, largely due to an increase in staff costs following our annual merit cycle.

在 SG&A 方面，GAAP 費用較上季增加 180 萬美元，主要是由於我們的年度績效週期後員工成本增加。

Non-GAAP SG&A expenses increased by $1.7 million, driven similarly to GAAP SG&A expenses.

非 GAAP SG&A 費用增加了 170 萬美元，其推動因素與 GAAP SG&A 費用類似。

And Q2 ending SG&A head count was $273 million, representing an increase of 10% from the prior quarter.

第二季末 SG&A 員工總數為 2.73 億美元，比上一季成長 10%。

In summary, total second-quarter headcount was 1,860, up 100 heads from the prior quarter.

總而言之，第二季員工總數為 1,860 人，比上一季增加 100 人。

Turning to cash.

轉向現金。

Purchases of property, equipment and capitalized software licenses was $15.3 million in the second quarter of 2024, a decrease of $3.8 million from $19.2 million in the first quarter of 2024.

2024 年第二季購買的財產、設備和資本化軟體許可證為 1,530 萬美元，比 2024 年第一季的 1,920 萬美元減少了 380 萬美元。

We continue our investment in Neutron research, testing, and production infrastructure projects, along with the expansion of our satellite production and Space Solar solutions capacity.

我們繼續投資中子研究、測試和生產基礎設施項目，同時擴大我們的衛星生產和太空太陽能解決方案產能。

And we do expect our capital expenditures to increase in the second half of the year.

我們確實預計下半年的資本支出將會增加。

Cash consumed from operations was $13 million in the second quarter of 2024 compared to $2.6 million in the first quarter of 2024.

2024 年第二季營運消耗的現金為 1,300 萬美元，而 2024 年第一季為 260 萬美元。

The sequential increase of $10.4 million was driven primarily by changes in working capital related to the accounts receivables owing to the Space Systems milestone payments and the deposit owed on our 10 launch agreement with inspective signed late in Q2.

環比增加 1,040 萬美元主要是由於與應收帳款相關的營運資金變化，這是由於空間系統里程碑付款以及我們與第二季末與檢查人員簽署的第 10 次發射協議所欠押金所致。

Overall, non-GAAP free cash flow, defined as GAAP operating cash flow -- reduced by purchases of property, equipment, and capitalized software in the second quarter of 2024 -- was a use of $28.3 million compared to $21.8 million in the first quarter of 2024.

總體而言，非 GAAP 自由現金流（定義為 GAAP 營運現金流量）（因 2024 年第二季購買財產、設備和資本化軟體而減少）為 2,830 萬美元，而第一季為 2,180 萬美元2024 年。

Our milestone cash collections have been strong in the first half of 2024.

2024 年上半年，我們實現了里程碑式的現金回款強勁。

And we are ahead of our targeted cash consumption run rate for the year, but we do expect a pickup in cash consumption in the second half, owing to expected increase in Neutron CapEx and lumpiness in large Space Systems milestone payment collections.

我們超出了今年的目標現金消耗運行率，但我們確實預計下半年現金消耗會有所回升，因為中子資本支出預計會增加，而且大型太空系統里程碑付款收款會出現波動。

The ending balance of cash, cash equivalents, restricted cash and marketable securities was $546.8 million as of the end of the second quarter of 2024.

截至 2024 年第二季末，現金、現金等價物、限制性現金及有價證券的期末餘額為 5.468 億美元。

We exit Q2 in a strong position to execute on our organic expansion initiatives as well as inorganic options to further vertically integrate our supply chain with critical capabilities and expand our addressable market, consistent with what we've done successfully in the past.

我們在第二季退出時處於有利地位，可以執行我們的有機擴張計劃以及無機選擇，以進一步垂直整合我們的供應鏈與關鍵能力，並擴大我們的目標市場，這與我們過去的成功做法一致。

Adjusted EBITDA loss of $21.2 million in Q2 improved slightly by $500,000 from a loss of $21.7 million in Q1 as the benefit of strong revenue growth was largely offset by increased spending primarily related to Neutron development.

第二季調整後的EBITDA 虧損為2,120 萬美元，比第一季的虧損2,170 萬美元略有改善50 萬美元，因為收入強勁成長的好處在很大程度上被主要與Neutron 開發相關的支出增加所抵消。

With that, let's turn to our guidance for the third quarter of 2024.

接下來，讓我們來看看 2024 年第三季的指引。

We expect revenue in the third quarter to range between $100 million and $105 million.

我們預計第三季的營收將在 1 億美元至 1.05 億美元之間。

This range reflects $79 million to $84 million of contribution from Space Systems and approximately $21 million from launch services.

這一範圍反映了來自太空系統的 7,900 萬至 8,400 萬美元的貢獻以及來自發射服務的約 2,100 萬美元。

We expect third quarter GAAP gross margin to range between 25% to 27% and non-GAAP gross margin to range between 30% to 32%.

我們預計第三季 GAAP 毛利率將在 25% 至 27% 之間，非 GAAP 毛利率將在 30% 至 32% 之間。

These forecasted GAAP and non-GAAP gross margins reflect improved mix within our Space Systems segment in favor of components and subsystems offset by the impact of lower fixed launch services cost absorption.

這些預測的 GAAP 和非 GAAP 毛利率反映了我們的太空系統部門內部組合的改善，有利於組件和子系統，抵消了固定發射服務成本吸收降低的影響。

We expect third-quarter GAAP operating expenses to range between $80 million and $82 million and non-GAAP operating expenses to range between $69 million and $71 million.

我們預計第三季 GAAP 營運支出將在 8,000 萬美元至 8,200 萬美元之間，非 GAAP 營運支出將在 6,900 萬美元至 7,100 萬美元之間。

The quarter-on-quarter increases are driven primarily by continued Neutron investment into staff costs, prototyping and materials.

季度環比成長主要是由 Neutron 對員工成本、原型設計和材料的持續投資所推動的。

We expect third-quarter GAAP and non-GAAP net interest expense to be $1 million.

我們預計第三季 GAAP 和非 GAAP 淨利息支出為 100 萬美元。

We expect second-quarter adjusted EBITDA loss to range between $31 million and $33 million and basic shares outstanding to be approximately $498 million shares.

我們預計第二季調整後 EBITDA 損失將在 3,100 萬美元至 3,300 萬美元之間，已發行基本股約為 4.98 億美元。

Despite Q3's modest revenue step back, we expect a market resumption in growth across both segments of our businesses as we exit the year.

儘管第三季營收略有回落，但我們預計，隨著今年的結束，我們的兩個業務部門的市場都會恢復成長。

And with that, I'd like to hand the call over to the operator for questions.

因此，我想將電話轉交給接線員詢問問題。

(Operator Instructions)

（操作員說明）

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hey, good afternoon.

嘿，下午好。

Thank you for taking our questions and all the progress.

感謝您提出我們的問題並取得所有進展。

First one on Neutron.

第一個關於 Neutron 的。

Obviously, you've made a lot of progress.

顯然，你已經取得了很大的進步。

You've got the hot fire test.

您已經完成了熱火測試。

What should we look for as the next big milestones as we think about the first launch in the next year?

當我們考慮明年的首次發佈時，我們應該尋找什麼作為下一個重大里程碑？

Yes.

是的。

Hi, Edison.

嗨，愛迪生。

So as we've always kind of pointed out, I mean, the things to watch our infrastructure build.

正如我們一直指出的那樣，我的意思是，需要關注我們的基礎設施建設。

So the launch pad taking shape and becoming ready to receive a rocket.

發射台已經成型並準備好接收火箭。

Keep a look out for tanks and large structures.

留意坦克和大型結構。

And where we're at right now is we're in the qualification phase.

我們現在正處於資格賽階段。

So we're starting to prepare for the really big test like full-scale stage separation test, full-scale fearing openings, landing lead deployments and all those kinds of things.

因此，我們開始為真正的大型測試做準備，例如全面的階段分離測試、全面的恐懼空缺、著陸先導部署以及所有這些事情。

So we'll provide a pretty healthy update of all those achievements that they come along.

因此，我們將提供他們所取得的所有成就的相當健康的更新。

But that's kind of the cycle we're in is kind of like I said on the call is design is done and every component in the rocket is either in production or some form of qualification test.

但這就是我們所處的周期，就像我在電話會議上所說的那樣，設計已經完成，火箭中的每個組件要么正在生產，要么正在進行某種形式的資格測試。

Got you.

明白你了。

And then kind of more of a financial one on Neutron.

然後是 Neutron 上更多的金融問題。

So we're looking at the cost of several rocket programs.

所以我們正在研究幾個火箭項目的成本。

You may have seen this analysis, typically, they cost many times more than what you're allocating for Neutron.

您可能已經看過此分析，通常，它們的成本比您為 Neutron 分配的成本高出許多倍。

What do you think that you guys are doing differently relative to some of these other programs, whether it's legacy or start-ups that's enabling you to actually develop such a robust rocket at a much lower program cost?

您認為，相對於其他一些項目，你們的做法有何不同，無論是傳統項目還是初創企業，都使你們能夠以低得多的項目成本實際開發出如此強大的火箭？

Yes.

是的。

Well, I think, firstly, it needs to be backed up by data and unfortunately, that analysis did.

嗯，我認為，首先，它需要有數據支持，但不幸的是，分析確實如此。

If you look at the cost in time that it took us to develop Electron, you can see, as you point out, we can do these things at a very fast time at a very low cost.

如果你看看我們開發 Electron 所花費的時間成本，你會發現，正如你所指出的，我們可以以非常低的成本、非常快的時間完成這些事情。

And I guess that comes down to our aircraft development approach.

我想這取決於我們的飛機開發方法。

And even if you just look at the example of the Archimedes engine, as I mentioned in the call, what a lot of folks do is they'll put together various subscale tests or boilerplate engines that have lots of industrial valves, bolted to them and whatnot.

即使你只看阿基米德發動機的例子，正如我在電話中提到的，很多人所做的就是將各種小規模測試或樣板發動機放在一起，這些發動機有很多工業閥門，用螺栓固定在它們上面，諸如此類的。

But especially now that we've been around the block a few times, we're able to confidently build an entirely flight-ready engine and put it on the standard it works.

但特別是現在我們已經繞了好幾次了，我們能夠自信地建造一個完全可飛行的發動機，並將其置於其工作標準上。

So it comes down to just the experience of the team and also a development approach.

因此，這取決於團隊的經驗和開發方法。

We like to fail fast, but not at the system level.

我們喜歡快速失敗，但不是在系統層面。

We'll fail quickly at the component level.

我們將在元件級別很快失敗。

But the time things get built up into complete systems, we kind of expect them to work.

但當事情被建構成完整的系統時，我們有點期望它們能夠發揮作用。

And it's just the way that we've always been; it's the Rocket Lab magic, if you will.

這就是我們一直以來的做法；如果你願意的話，這就是火箭實驗室的魔法。

And right throughout the history of the company, we've always managed to develop these systems at a speed and the cost that pretty much at this cost.

在公司的整個歷史中，我們始終設法以幾乎與此成本相同的速度和成本開發這些系統。

Right.

正確的。

And if I could just sneak in one more financial one.

如果我能再偷偷地寫一份財務報告就好了。

I think the implied 3Q guidance is three launches.

我認為隱含的第三季指引是三次發布。

Do we have any updated thoughts on what we could do for the full year for Electron?

對於 Electron 全年可以做些什麼，我們有什麼最新的想法嗎？

Yes.

是的。

I mean it's really, really difficult to predict.

我的意思是，這真的非常難以預測。

As you see, launches move around all the time.

如您所見，發射一直在移動。

And as we tried to explain in the call, that's kind of the value proposition for the business.

正如我們在電話中試圖解釋的那樣，這就是企業的價值主張。

Internally here, we worry less about that as we kind of pointed out that the majority of the cash is collected through their billing cycle.

在內部，我們不太擔心這一點，因為我們指出大部分現金是透過他們的計費週期收取的。

But launches move around tremendously.

但發射活動卻發生了巨大的變化。

And I guess we're trying to kind of provide that color for folks so that they can see how the business really operates.

我想我們正在嘗試為人們提供這種顏色，以便他們可以看到業務的實際運作方式。

Erik Rasmussen, Stifel.

艾瑞克·拉斯穆森，斯蒂菲爾。

Yeah.

是的。

Thanks for taking the questions and I appreciate all the detail.

感謝您提出問題，我很欣賞所有細節。

There's a lot there to unpack.

有很多東西需要解壓縮。

But maybe just to piggyback off that question; I realize that launch has been always tough to sort of predict.

但也許只是為了順應這個問題；我意識到發布總是很難預測。

I know the manifest seems like it's filling up each quarter, but it's always sort of customer readiness and other things that can push things out.

我知道清單似乎每季都會填滿，但總是有客戶準備和其他因素可以推動事情的進展。

But Adam had mentioned in Q4, we'll see a resumption of growth in both segments.

但亞當在第四季提到，我們將看到這兩個領域恢復成長。

If we're sort of assuming three launches, and that's about implied $7 million ASP.

如果我們假設推出 3 次，則隱含的平均售價約為 700 萬美元。

I'm just trying to sort of dissect: does that mean if we're back in sort of a $7.5 million ASP for Q4 and prelaunches that obviously gets us more a higher revenue.

我只是想剖析一下：這是否意味著，如果我們在第四季和預發布中恢復 750 萬美元的平均售價，顯然會為我們帶來更高的收入。

But would we also, I guess, see is it potential to see even more than three launches in Q4?

但我想，我們是否也能看到第四季是否有可能推出超過三款產品？

Yes, Eric.

是的，埃里克。

It's Adam.

是亞當。

So I think the way to look at that is, yes, I mean we are -- as you pointed to my remarks at the end of my prepared statements, we do see significant growth returning to the business as we exit the year.

所以我認為看待這個問題的方式是，是的，我的意思是我們是——正如你在我準備好的聲明末尾指出的那樣，我們確實看到隨著我們今年的退出，業務將顯著增長。

And it's not off of a small increase of ASP quarter sequentially.

而且季度平均售價並未出現小幅成長。

So we expect to be able to launch significantly more in Q4 than we are in Q3.

因此，我們預計第四季推出的產品數量將比第三季多得多。

Whether that means you go from three launches to four launches or from three launches to, say, seven launches, I think that's kind of the range that we're kind of operating within.

無論這意味著從三次發射到四次發射，還是從三次發射到七次發射，我認為這都是我們的運作範圍。

And that's really kind of guided by, again, kind of the customer readiness.

這確實是由客戶準備情況所引導的。

We've done quite a bit of work looking into kind of where these slippages occur.

我們已經做了大量工作來調查這些滑點發生的位置。

And we can't -- the slippages are always driven by customer readiness.

我們不能－延誤總是由客戶準備狀況造成的。

But in this case, we didn't -- when we look at the manifest that we had coming into 2024, there hasn't been a mission on that manifest that we couldn't support from a production perspective.

但在這種情況下，我們沒有——當我們查看 2024 年的清單時，從生產角度來看，該清單上沒有我們無法支援的任務。

Any volatility we've seen versus kind of that manifest has all been kind of customer delay related.

我們所看到的任何波動都與客戶延遲有關。

But as Pete said, that's part of the business and why people pay a significant premium to be on a dedicated small launcher versus being on a rideshare.

但正如皮特所說，這是業務的一部分，也是人們為使用專用小型發射器而不是乘坐共享出行支付高額溢價的原因。

So it's kind of uncomfortable in one respect, but also comforting in the other respect that people see value in that flexibility.

因此，一方面讓人感到不舒服，但另一方面又讓人感到安慰，因為人們看到了這種靈活性的價值。

Got you.

明白你了。

That's helpful.

這很有幫助。

And then maybe just -- we're seeing a step-up in non-GAAP OpEx to $69 million to $71 million, which we were around $58 million in Q2.

然後也許只是 - 我們看到非 GAAP 營運支出上升至 6900 萬美元至 7100 萬美元，第二季度約為 5800 萬美元。

Is this sort of the right range as we should think about the back half of the year?

我們應該考慮今年下半年的情況，這個範圍是否正確？

I mean we've gotten guidance for Q3, but just thinking in terms of the look through Q4.

我的意思是我們已經獲得了第三季的指導，但只是考慮第四季的情況。

As we've said many times, these rocket programs are challenging like lots of levels, including being able to predict the timing of when certain expenses are going to hit up because you can make your commitments at one point and then you can face delays or actually, in some cases, get things that pull into the left as well.

正如我們多次所說的，這些火箭計劃在許多層面上都具有挑戰性，包括能夠預測某些費用何時會出現，因為你可以在某一時刻做出承諾，然後你可能會面臨延誤或實際上，在某些情況下，也可以得到向左拉的東西。

So I'd say, in general, I think that you should think about Neutron spending continuing to grow sequentially from Q3 into Q4.

所以我想說，總的來說，我認為你應該考慮 Neutron 支出從第三季到第四季持續成長。

So that will kind of drive overall OpEx in that same direction.

因此，這將推動整體營運支出朝同一方向發展。

But we're not looking at step function increases.

但我們並不是考慮階躍函數的增加。

It's more kind of just more kind of, I would say, on a relatively predictable slope of that curve.

我想說，這更像是一種相對可預測的曲線斜率。

We would expect that spending would start to trail off, obviously, as we start to approach the first launch of the vehicle, which we talk about middle of next year.

顯然，隨著我們即將在明年年中首次推出該車輛，我們預計支出將開始減少。

So I think we probably still have I'd say, at least, I'd say, one quarter of kind of increased spend kind of velocity and then perhaps it starts to kind of plateau and then trail off as we approach the first launch.

所以我認為我們可能仍然有，至少，我想說，四分之一的支出速度增加，然後也許它開始趨於穩定，然後隨著我們接近第一次發布而逐漸減弱。

Great.

偉大的。

And maybe if I could just add one more.

也許我可以再增加一個。

It looks like for successful test of a hot fire for the Archimedes, I mean, would you say that now this coincides with your timeline to get Neutron on the pad by mid-2025?

看起來阿基米德熱火測試已經成功，我的意思是，你會說現在這與你在 2025 年中期將 Neutron 放在發射台上的時間表相吻合嗎？

I think, Peter, you had mentioned that, that's still on track.

我想，彼得，你已經提到過，這仍然在正軌上。

But does this now give you a lot more comfort in that no earlier than mid-2025?

但現在不早於 2025 年中期，這是否會讓您感到更安心？

Yes, Eric.

是的，埃里克。

It's certainly on the right side of the equation, yes.

是的，它肯定位於等式的右邊。

So from here on in, there's more kind of testing to be done.

因此，從現在開始，需要進行更多類型的測試。

But certainly, our approach here was to put the flight engine on the stand and take it to full power.

但當然，我們在這裡的方法是將飛行引擎放在支架上並使其發揮最大功率。

And that buys down just all the risk really.

這確實降低了所有風險。

So there's still obviously qualification of the engine to go, but certainly, that gives us a lot of confidence to move forward.

因此，引擎顯然還有待驗證，但這無疑給了我們前進的信心。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Peter and Adam, on the data and services initiative, can you provide more color on exactly what kind of capabilities and solutions you're providing, areas you're targeting?

Peter 和 Adam，關於數據和服務計劃，您能否提供更多關於您正在提供的功能和解決方案以及您的目標領域的更多資訊？

And maybe it's a little bit early, but any sort of indication of how you think about economics of what a mature data and services capability could provide for you?

也許現在有點早，但有任何跡象表明您如何看待成熟的數據和服務功能可以為您提供什麼的經濟性嗎？

Yes, Kristine.

是的，克里斯汀。

So look, if you break up the industry, the launch is about a $10 billion TAM spacecraft is about $20 billion and then the services from orbits about a $320 billion TAM.

所以看，如果你分解這個產業，發射大約 100 億美元的 TAM 太空船大約需要 200 億美元，然後來自軌道的服務大約需要 3200 億美元的 TAM。

So if you have the first two, then your ability to compete in the second one becomes incredibly strong.

因此，如果你擁有前兩個，那麼你在第二個中的競爭能力就會變得異常強大。

And I would say that we're not ready to talk about what particular applications that we're pursuing.

我想說的是，我們還沒有準備好談論我們正在追求的特定應用程式。

Right now, we are focused on building capability to go after some applications that we find interesting.

目前，我們專注於建立能力來追蹤一些我們感興趣的應用程式。

But clearly, getting into a $320 billion TAM, we think you can be pretty disruptive is a great place to be and where we've been anchoring for a long time.

但顯然，進入一個 3200 億美元的 TAM，我們認為你可以具有相當大的顛覆性，這是一個很好的地方，也是我們長期以來一直錨定的地方。

But like I said, it's too early to really provide too much color on where we're headed with that.

但正如我所說，現在就我們的發展方向提供太多的資訊還為時過早。

Jason Gursky, Citi.

賈森古爾斯基，花旗銀行。

Just a quick follow-up on that last one on the services side of it, the $320 billion TAM.

只是對服務方面的最後一項（價值 3200 億美元的 TAM）的快速跟進。

Maybe you can just educate us on kind of -- I'll use a baseball analogy, if you'll humor me, kind of what inning you're in on the development of that?

也許你可以告訴我們──我會用棒球來比喻，如果你能幽默一下的話，你現在處於哪一局的發展？

What other capabilities do you need?

您還需要什麼其他能力？

And when do you expect kind of unveiling of what you're up to there from a timing perspective?

從時間的角度來看，你預計什麼時候會公佈你在做什麼？

Well, I'm going to horrify you, Jason, because I'm from New Zealand, I only know Rugby.

好吧，傑森，我會讓你感到害怕，因為我來自紐西蘭，我只知道橄欖球。

So a baseball analogy has lost on me completely.

所以我完全無法用棒球來比喻。

But I would say that.

但我會這麼說。

I think you can look at the acquisitions, the kind of spacecraft we're building and the scaling that we're doing to kind of bring some comfort in where we're trying to hit with this.

我認為你可以看看我們的收購、我們正在建造的太空船類型以及我們正在做的擴展，以便為我們正在努力實現的目標帶來一些安慰。

Like I say, it would be incorrect for me to really provide too much steering.

就像我說的，對我來說，提供太多指導是不正確的。

But I mean, it's clearly -- I've been very public in the fact that I think the large space companies of the future are the ones that are going to have the ability to build whatever spacecraft they need to build, the ability to launch them on demand and deploy constellations at cost.

但我的意思是，很明顯 - 我一直非常公開地表示，我認為未來的大型航太公司將有能力建造他們需要建造的任何航天器，有能力發射按需提供並按成本部署星座。

And if you have those things, then your ability to provide a service from space is uniquely advantaged compared to anybody else.

如果你擁有這些東西，那麼與其他人相比，你從太空提供服務的能力就具有獨特的優勢。

It doesn't have those things.

它沒有那些東西。

So right now, I would say that we're really focused on building that capability, and you'll see Space Systems continue to grow and scale.

所以現在，我想說我們真的專注於建立這種能力，你會看到太空系統繼續發展和規模化。

Neutron is a really, really key part of this puzzle.

中子是這個難題中非常非常關鍵的部分。

I mean we need multi-time launch to deploy significant constellations.

我的意思是我們需要多次發射來部署重要的星座。

So Neutron is probably one of the most critical and key elements to that future.

因此，中子可能是未來最關鍵和最關鍵的元素之一。

Right.

正確的。

Okay.

好的。

So from a timing perspective, that's helpful.

因此，從時間角度來看，這是有幫助的。

And then on this point, though, government versus commercial customers, where do you think you're going to be spending your time on the services side?

但在這一點上，政府與商業客戶相比，您認為您將把時間花在服務方面的哪裡？

Bit of both.

兩者都有一點。

So we generally like sort of a 50%/50% mix across the business, and you can see that pretty consistent across launch and Space Systems.

因此，我們通常喜歡整個業務中 50%/50% 的混合，您可以看到在發射和太空系統中這種比例非常一致。

But there's huge opportunities on both sides of the ledger there.

但帳本雙方都存在巨大的機會。

Especially as the US government moves away from kind of singular large assets and to orbit into distributed networks and orbit so there's opportunity on both sides of the scale.

特別是當美國政府從單一的大型資產轉向分散式網路和軌道時，規模的雙方都存在機會。

Okay.

好的。

And then Peter, can you just kind of give us a revised view maybe on when you would expect to start signing up customers for Neutron as your thinking changed at all on when we start booking some?

然後 Peter，您能否給我們一個修改後的看法，也許您預計何時開始為 Neutron 簽約客戶，因為當我們開始預訂一些客戶時，您的想法發生了根本變化？

Not really.

並不真地。

I mean, if you bring a rocket that doesn't exist and you start selling contracts against it, there are always discounted contracts.

我的意思是，如果你帶來了一枚不存在的火箭，並開始出售它的合同，總會有折扣合約。

And as I think I've said before, this is exactly what we did with Electron and it took us years to flush those out.

正如我之前所說的，這正是我們在 Electron 上所做的，我們花了數年時間才將其清除。

So of all the things I worry about at night, demand is just not one of them.

因此，在我晚上擔心的所有事情中，需求並不是其中之一。

And I'd much rather bring a vehicle to the market and prove that it works and provide a capability to kind of unblock the kind of demand a monopoly then kind of preemptively sign a whole bunch of contract that I think would all regret later on.

我更願意將一輛車推向市場，證明它有效，並提供一種能力，以某種方式解除壟斷的需求，然後先發製人地簽署一大堆合同，我認為以後都會後悔。

Right.

正確的。

Okay.

好的。

I've got one clarification and then one just for Adam.

我有一項澄清，還有一項專門針對亞當。

On the clarification, so the point you're trying to make here on Electron and the cadence of the schedule and the cash flow profile on the rev rec here is that you guys could have done all of these launches this year from a manufacturing perspective.

澄清一下，你想在 Electron 上提出的觀點以及時間表的節奏和轉速記錄的現金流概況是，你們今年可以從製造的角度完成所有這些發布。

You're getting the cash.

你得到現金了。

There have been -- and this is the part that I really want to confirm, there haven't been any cancellations.

已經有——這是我真正想確認的部分，沒有任何取消。

And so it's really just a question of when these things go, not if, is that the point you're all trying to make here just so that we all kind of understand all the moving pieces on the financial statements is the point you were trying to clarify?

因此，這實際上只是這些事情何時發生的問題，而不是是否會發生的問題，這就是你們都試圖在這裡提出的觀點，以便我們都能理解財務報表上的所有動態部分正是你們所嘗試的觀點澄清一下？

That's 100% correct, Jason.

這是 100%正確的，傑森。

Yes.

是的。

No.

不。

We're collecting the cash on those as the rocket comes down the production line and as milestones met or time is met, it's just we don't get to recognize the revenue until we have intentional agnation.

當火箭從生產線上下來時，隨著里程碑的實現或時間的滿足，我們正在收取這些現金，只是我們只有在有意圖的聯合之前才能確認收入。

Yes.

是的。

Okay.

好的。

Got it.

知道了。

That's good.

那挺好的。

And then Adam, one for you.

然後是亞當，一位適合你的人。

Any updated thoughts on when we get to cash flow breakeven on a sustainable basis?

關於我們何時能夠可持續地實現現金流損益平衡，有什麼最新的想法嗎？

Yes.

是的。

No, I think it still looks very much like it had before when along really we can't get to cash flow positivity on a sustained basis until we get first neutron off the pad.

不，我認為它看起來仍然很像以前，在我們從發射台上得到第一個中子之前，我們實際上無法持續獲得正現金流。

And so I've kind of been kind of pointing people towards two quarters after the first neutron launch is where I think we kind of turn that corner on a more permanent basis given where the rest of the business is growing, kind of what the P&L starts to look like once you've got that first R&D test launch off and that you've got most of that infrastructure put in place to scale Neutron, which I think we will have by, I would say, the middle of next year.

因此，我一直在向人們指出，在第一次中子發射後的兩個季度，考慮到其餘業務的增長，我認為我們會在更永久的基礎上扭轉這個局面，就像損益表一樣一旦你完成了第一次研發測試，並且你已經準備好大部分基礎設施來擴展Neutron，我認為我們將在明年年中完成。

Again, middle next year kind of represents kind of a minimum viable product and minimum viable infrastructure in this case.

同樣，在這種情況下，明年年中代表了一種最低限度可行的產品和最低限度可行的基礎設施。

So there will be continued investment, but at a very, very different level.

因此，將會持續進行投資，但投資水準非常非常不同。

So I think my kind of guideposts are roughly two quarters after the first Neutron launch.

所以我認為我的路標大約是在第一次 Neutron 發射後兩季。

Cai von Rumohr, TD Cowen.

蔡·馮·魯莫爾，TD·考恩。

Yes.

是的。

So if you do four to seven launches in the fourth quarter, you'll do 15 to 18 for the year with an initial manifest of '22.

因此，如果您在第四季度進行 4 到 7 次發射，那麼全年將進行 15 到 18 次發射，初始清單為「22」。

So you're slipping 20% to 30%.

所以你的業績下滑了 20% 到 30%。

And it looks like quite a big flip in the third quarter.

第三季的情況看起來發生了很大的轉變。

Can you give -- is there any common reason?

你能給出－有什麼共同的原因嗎？

I mean, these are all customer slips?

我的意思是，這些都是客戶單嗎？

Was it the satellites aren't ready?

是衛星還沒準備好嗎？

Or is there any common thread you can describe?

或者您可以描述任何共同點嗎？

Yes, Cai.

是的，蔡。

No, it's 100% customer readiness.

不，這是 100% 的客戶準備就緒。

And it's the kind of the nature of the business, customer will request a launch date.

這是業務的性質，客戶會要求發布日期。

This spacecraft is generally not complete when they're requesting the launch date.

當他們要求發射日期時，這艘太空船通常還不完整。

It will go through various tests and sometimes there's rework or customers have other things that they're trying to line up.

它將經過各種測試，有時需要返工，或者客戶有其他東西需要排列。

So yes, that's 100% of the reason.

所以是的，這就是 100% 的原因。

How do you think about your pricing?

您如何看待您的定價？

Because if you get 90% three months before -- first of all, is that three months before the scheduled launch when you initially signed the contract?

因為如果你在三個月前就拿到了 90%——首先，是在你最初簽訂合約時預定發布前的三個月嗎？

And then if you have to go three months, but they're slipping by two months, which looks like what's been happening, you're still collecting that last 10%.

然後，如果你必須去三個月，但他們滑落了兩個月，這看起來就像正在發生的事情，你仍然在收集最後的 10%。

So any thoughts about -- they have the flexibility, but if they slip, you get a penalty for slipping because obviously, it has to cost you more money.

因此，任何想法——他們都有靈活性，但如果他們失誤，你就會因為失誤而受到懲罰，因為顯然，它必須花費更多的錢。

Yes.

是的。

I mean I would say that that is one of the reasons to why we can charge a premium for the service that's kind of baked into the premium for the service.

我的意思是，我想說，這就是為什麼我們可以對服務收取溢價的原因之一，而這種溢價已經融入到服務的溢價中。

And there are -- we do have some penalties in the contracts.

我們的合約中確實有一些處罰措施。

We're kind of -- certainly, if agree just things happen.

當然，如果我們同意的話，事情就會發生。

But also, we have customers that have 72% reoccurring customers.

而且，我們的客戶中有 72% 是重複客戶。

So if a customer has an issue with a spacecraft, they're already upset.

因此，如果客戶對太空船有疑問，他們就會感到不安。

The last thing they want to do is slip with the penalty.

他們最不想做的就是因為點球而滑倒。

And if you have a long-standing relationship with the customer that's certainly not ideally there.

如果你與客戶有長期的關係，那肯定不是理想的情況。

And I guess that's what we're trying to provide a little bit of color today that is kind of the business model of a bespoke service like this.

我想這就是我們今天試圖提供的一點點色彩，這就是像這樣的客製化服務的商業模式。

And while it's super frustrating for us, this is the service that we provide.

雖然這對我們來說非常令人沮喪，但這就是我們提供的服務。

And the good news is that as the rocket is coming down the production line, we're collecting the cash.

好消息是，當火箭從生產線上下來時，我們正在收集現金。

And the rocket is essentially funded as it's coming through the facility.

火箭在通過該設施時基本上就得到了資助。

But as to when the customer ultimately turns up and is ready to fly, it's just simply out of our control.

但至於客戶最終何時出現並準備起飛，這完全超出了我們的控制範圍。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Adam, Peter, thank you for taking my question.

亞當、彼得，謝謝你回答我的問題。

I just wanted to ask for a status update on SolAero.

我只是想詢問 SolAero 的狀態更新。

I know it's been kind of what's been dragging down the broader space systems portfolio, and we're not yet at that 30% gross margin point.

我知道這在某種程度上拖累了更廣泛的太空系統產品組合，而且我們還沒有達到 30% 的毛利率。

Just some color as to what's going on there, when we might be able to see that?

只是一些關於那裡發生的事情的顏色，我們什麼時候能夠看到？

Yes, I can jump and take that one, Pete.

是的，我可以跳起來接住那個，皮特。

So the SolAero business actually -- so yes, you're correct, Andre, that we've been kind of been a little bit hamstrung by a legacy contract that was in place prior to us acquiring the business.

所以 SolAero 業務實際上 - 所以是的，你是對的，安德烈，我們有點受到我們收購該業務之前簽訂的遺留合約的阻礙。

And we're still working our way through that.

我們仍在努力解決這個問題。

I mean, there's still a little -- I would say not little, there's still a bit of the backlog that's representative of that, but it's becoming less and less than the mix.

我的意思是，還有一點——我會說不是很少，仍然有一些積壓代表著這一點，但它變得越來越少。

And so if you -- what we look at is if we step back and say, what's new business being signed up at?

因此，如果我們退後一步說，正在簽約的新業務是什麼？

Is that being signed up at the target model or less or more?

是在目標型號上註冊還是更少或更多？

And we can say we, on average, now been kind of getting to a point where the 30 point margin target has really come into focus.

我們可以說，平均而言，我們現在已經達到了 30 點利潤率目標真正成為焦點的程度。

So the business that we're signing up now, that those margins are very -- I would say, much more assured to be at that target than they ever were before.

因此，我們現在簽約的業務，我想說的是，這些利潤比以前更有信心實現該目標。

I would say that the -- you've probably seen the chips and other state and local incentives that we've received to support that business.

我想說的是——你可能已經看到了我們為支持該業務而收到的晶片以及其他州和地方的激勵措施。

And that's going to do nothing but help improve those margins even probably beyond that target because of the fact that we're really replacing an aging reactor fleet of these in our solar fab.

這無助於提高利潤率，甚至可能超越目標，因為我們實際上正在更換太陽能工廠中老化的反應器​​群。

So I think everything is poling in the right direction.

所以我認為一切都在朝著正確的方向發展。

I think we've made a lot of progress.

我認為我們已經取得了很大進步。

I think it's just taking a matter of time to get that old contract flushed out through the mix and it's happening.

我認為將舊合約從混合中淘汰只是需要時間問題，而且它正在發生。

And what we're finding in that business is kind of meeting all of the strategic objectives that we had set out when we acquired it, which was to provide that kind of much more higher degree of control over kind of delivering programs at cost and performance.

我們在該業務中發現的是，它滿足了我們收購它時設定的所有策略目標，即以成本和效能對交付項目提供更高程度的控制。

Because SolAero is such an important piece of the overall cost of a spacecraft that we really thought of strategic to bringing in.

因為 SolAero 是太空船總成本中非常重要的一部分，所以我們確實考慮了策略性引進。

And it's providing us with confidence not only that we can kind of deliver programs at a certain margin, but it also just confirms the fact that we can actually get the capacity that is sometimes very difficult to get unless you plan very, very far in advance.

它不僅讓我們有信心以一定的幅度交付項目，而且還證實了這樣一個事實：我們實際上可以獲得有時很難獲得的容量，除非您提前非常非常早地計劃。

So all the different strategic kind of angles are coming into focus.

因此，所有不同的策略角度都成為焦點。

And I think the gross margin one is also, too, it's just going to take a little bit longer.

我認為毛利率也是如此，只是需要更長的時間。

We said our goal was to get there by within two years of closing the deal, which would have put that back in Q1 of 2024, so earlier this year.

我們說過，我們的目標是在交易完成後兩年內實現這一目標，這本來可以追溯到 2024 年第一季度，也就是今年早些時候。

So I'd say it's probably been delayed by a few quarters, but I would say not materially.

所以我想說它可能被推遲了幾個季度，但我想說不是實質性的。

And certainly, the longer-term kind of indicators all look are very positive for that.

當然，所有長期指標看起來都非常正面。

That's helpful.

這很有幫助。

And then maybe just general color on PSC and Sinclair and ASI and some of the other businesses in the space system groups?

然後也許只是 PSC、辛克萊、ASI 以及空間系統集團中的其他一些業務的一般色彩？

Yes.

是的。

I would say that, again, Pete talked about it earlier in his prepared remarks about our M&A strategy.

我想說，皮特早些時候在他準備好的關於我們的併購策略的評論中談到了這一點。

And I would say that our M&A strategy has worked out very, very well.

我想說，我們的併購策略非常非常有效。

I think the -- when you look at the components and subsystems parts of the portfolio, that's growing almost exactly kind of on our annual CAGR targets that we've set out and communicated to folks previously.

我認為，當你查看產品組合的組件和子系統部分時，你會發現它的成長幾乎完全符合我們先前製定並與人們溝通的年度複合年增長率目標。

So you want to think about that components and subsystems business with delivering roughly a 20% kind of CAGR.

因此，您需要考慮組件和子系統業務的複合年增長率約為 20%。

It's always what we had kind of targeted, hopefully, would get to.

這始終是我們的目標，希望能夠實現。

And that's really what that business has been delivering and continues to do so.

這確實是該業務一直以來並繼續提供的服務。

Suji Desilva, ROTH Capital.

蘇吉·德西爾瓦，羅仕資本。

Congratulations on the progress here.

恭喜這裡的進展。

On Neutron, good to see the hot fire test success.

在 Neutron 上，很高興看到熱火測試成功。

I'm just wondering as I look ahead to the first launch of year.

當我展望今年的第一次發佈時，我只是想知道。

I know it's not customer payload dependent, at least I don't believe it is your first launch.

我知道這與客戶有效負載無關，至少我不相信這是您的第一次發布。

And it's largely in Rocket Labs hands.

它主要掌握在火箭實驗室手中。

But I just want to know if there's any non-Rocket Lab dependencies, risks that might occur that would otherwise prevent you from having to launch when you're ready to go, things like regulatory pad rate is?

但我只是想知道是否存在任何非火箭實驗室依賴性，可能發生的風險，否則會阻止您在準備好時啟動，例如監管墊率之類的事情？

Just want to envision those as we get closer to that launch a year from now.

只是想想像一下，當我們距離一年後的發布越來越近時。

Yes.

是的。

Suji, great question.

蘇吉，好問題。

So we've definitely front-footed a lot of that.

所以我們在這方面肯定已經採取了很多行動。

I mean I think a lot of us saw Electron sit on the pad at Wallops for a long time waiting AFT certification and things like that.

我的意思是，我想我們很多人都看到 Electron 在 Wallops 的墊子上等待了很長時間，等待 AFT 認證和類似的事情。

So we certainly have all those kinds of things well in control.

所以我們當然可以很好地控制所有這些事情。

And a lot of that groundwork was done a long time ago, especially with some of the licensing around the launch pad at Wallops and things like that.

許多基礎工作很久以前就已經完成了，特別是圍繞 Wallops 發射台的一些許可以及類似的事情。

So we think we've got that in hand.

所以我們認為我們已經掌握了這一點。

And certainly, there's nothing that's kind of out of bed at the moment.

當然，目前沒有什麼事情是需要起床的。

Suffice to say, though, some of these regulatory timelines can drag on.

不過，可以說，其中一些監管時間表可能會拖延。

But we remain -- we have a lot of extended and experience and relationships with the regulators.

但我們仍然——我們與監管機構擁有大量的長期經驗和關係。

So it's not untrodden ground for us.

所以這對我們來說並不是一片未踏足的土地。

Okay.

好的。

Yes, I guess the second go around a year.

是的，我想第二次大約需要一年。

And then also you mentioned ultra-accuracy launch capability in the press release.

您也在新聞稿中提到了超精準發射能力。

I'm just wondering, is that -- would you consider a niche market opportunity?

我只是想知道，您會考慮一個利基市場機會嗎？

Or incrementally, is that a meaningful opportunity versus the traditional launches where you can get to that meter, I believe, systems?

或者說，與傳統的發布方式相比，我認為這是一個有意義的機會，您可以使用該儀表系統？

Yes, yes.

是的，是的。

So initially, we didn't think it would be -- given that the industry standard is sort of 15 kilometers long it would be that important to folks.

所以最初，我們並不認為它會是這樣——考慮到行業標準有 15 公里長，這對人們來說是如此重要。

But as we started to really accurately deploy, I guess it opened the aperture for missions that weren't possible before.

但當我們開始真正準確地部署時，我想它為以前不可能的任務打開了大門。

A good example of that was the mission we did just recently for a Japanese customer, where the Rendezvous with a spin upper stage.

一個很好的例子是我們最近為一位日本客戶執行的任務，其中 Rendezvous 在上層旋轉。

And they're able to run Rendezvous directly off the rocket.

他們能夠直接從火箭上運行「交會」。

So normally, you would have required a big ball of delta weight to kind of come off the rocket and clean the orbit up.

所以通常情況下，你需要一個三角洲重量的大球才能從火箭上下來並清理軌道。

So I guess we've created a capability there that has really opened the aperture for a lot of other folks to do much more interesting things, including the DoD.

所以我想我們已經在那裡創建了一項功能，這確實為許多其他人（包括國防部）打開了大門，讓他們可以做更多有趣的事情。

And you can see, we even have a DoD Rendezvous mission now.

你可以看到，我們現在甚至還有國防部交會任務。

So it's definitely an emerging space.

所以這絕對是一個新興空間。

There's a lot more desire to do kind of these proximity operations and Rendezvous operations.

人們更希望進行此類近距離作戰和交會作戰。

And once again, it's all just muscle building for future on Neutron as well if we ever need to dock with anything in the future, we have all of that capability now created.

再說一次，這一切都只是為 Neutron 的未來做準備，如果我們將來需要與任何東西對接，我們現在已經具備了所有這些能力。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Hey, guys.

嘿，夥計們。

Thanks for taking our questions.

感謝您回答我們的問題。

Congrats on the quarter.

恭喜本季。

A lot of our questions have been asked.

我們被問了很多問題。

So I was wondering if you could touch on something from the Space Systems.

所以我想知道你是否可以談談太空系統的一些東西。

I wonder if you guys have any updates on that $515 million SDA award.

我想知道你們是否有關於 5.15 億美元 SDA 獎金的最新消息。

I know you touched on it earlier.

我知道你很早就提到過它。

So I was wondering how you expect revenue to ramp in the second half of '25 where if you could walk us through again, like how the financial impact of this contract is?

所以我想知道您預計 25 年下半年的收入將如何成長，您能否再次向我們介紹一下，例如這份合約的財務影響如何？

Yes, I'll take that.

是的，我會接受的。

So we're at the very, very, very beginning of that program execution.

所以我們正處於程式執行的非常、非常、非常開始的階段。

We've recognized -- I think it's like maybe single-digit millions maybe to maybe as high as $10 million of revenue under that contract under the EAC methodology that gets supplied under the accounting guidance.

我們已經認識到——我認為根據會計指導提供的 EAC 方法，該合約下的收入可能是數百萬美元，也可能高達 1000 萬美元。

So I would say that, look, that's going to continue to ramp.

所以我想說，看，這將繼續增加。

We've got each quarter going forward should be incrementally kind of constructive to driving revenue growth.

我們認為未來的每季都應該逐步有利於推動營收成長。

And so I think you would expect that program to, I'd say, probably hit its maximum revenue contribution probably not for another, I would say, probably six or eight quarters is probably the profile I think about how that grow from then it starts to kind of flatten out and then decline.

因此，我認為您會期望該計劃，我會說，可能會達到其最大收入貢獻，可能不會是另一個，我會說，可能是六個或八個季度，這可能是我認為從那時起如何增長的概況趨於平緩然後下降。

And of course, it's all about kind of backfilling with the next contract or the other growth vector to kind of make sure you don't hit near pocket.

當然，這一切都是為了用下一份合約或其他成長向量來回填，以確保你不會陷入困境。

But right now, we're in the very early, early stages.

但現在，我們正處於非常早期的階段。

We still have significant revenue recognition off of the MDA Globalstar contract.

我們仍然從 MDA Globalstar 合約中獲得了大量收入確認。

And then we're, again, just really just kind of not even scratch the surface of revenue contribution from the FDA program of $515 million.

再說一次，我們還只是觸及 FDA 計畫 5.15 億美元收入貢獻的皮毛。

Got you.

明白你了。

Appreciate the color.

欣賞顏色。

And I guess switching gears a little bit.

我想稍微改一下。

I know this was asked earlier.

我知道這是早些時候問過的。

So I was wondering maybe what's a reasonable number of potential launches that you could expect for this year?

所以我想知道今年您預計可能推出的合理數量是多少？

Maybe how confident are you at hitting 20 potentially, as I know you're aiming for 22 earlier, there's some shift to the right.

也許你對達到 20 的可能性有多大信心，因為我知道你的目標是早些時候達到 22，所以有一些向右的轉變。

Just wanted to see if you could point us in the right direction there.

只是想看看你能否為我們指明正確的方向。

Thank you.

謝謝。

Yes.

是的。

Again, we've tried to be a bit more kind of nuanced about this.

我們再次嘗試對此更加細緻。

Because, again, we always end up getting a bit surprised.

因為，我們總是會感到有點驚訝。

We give people the best estimates that we have based on our knowledge of where they are in their program life and so forth.

我們根據我們對人們在計劃生命週期等方面的了解，為他們提供最好的估計。

And it's very difficult to handicap where launch is going to actually occur.

而且很難限制實際發射的地點。

But right now, it's looking like if you look at the model for Q3, we would have, we think, another opportunity for perhaps many as four in Q4 to as many as seven.

但現在，如果你看看第三季的模型，我們認為，我們將在第四季有另一個機會，可能有四個到七個。

So that kind of gives you a range of somewhere between 15 and 18 launches for the year.

因此，今年的發布數量介於 15 到 18 之間。

There's really no upside beyond 18 is kind of again really, I would advise nobody to kind of put that into their model at this point.

超過 18 真的沒有什麼好處，我建議現在沒有人將其放入他們的模型中。

Because that's a stretch that's doable, but it's not a layup.

因為這是一個可行的伸展動作，但不是上籃。

And so if you think about like the delta between kind of the 22 and the 18, there is no customer readiness to support a launch beyond 18 for this year.

因此，如果您考慮一下 22 和 18 之間的差異，那麼客戶就沒有準備好支援今年推出超過 18 的產品。

So that's really kind of where things cap out.

所以這確實是事情的極限。

Again, that's if everything goes perfectly, and things rarely if ever do.

再說一遍，這是一切順利的情況，而事情很少有這樣的情況。

Anthony Valentini, Goldman Sachs.

安東尼·瓦倫蒂尼，高盛。

Hey guys, you got Anthony on for Noah tonight.

嘿夥計們，今晚你們讓安東尼代替諾阿。

Thanks for taking my question.

感謝您提出我的問題。

I'm curious if you guys anticipate that you'll have to go back to the capital markets in order to fund some of these grander aspirations that you have.

我很好奇你們是否預計必須回到資本市場才能為你們的這些更宏偉的願望提供資金。

Well, I think it really depends.

嗯，我認為這確實取決於。

I think what we have right now, we are in a very -- we're in an indie position of the amount of cash and liquidity that we have to fund the business.

我認為我們現在所擁有的，我們在為業務提供資金的現金和流動性方面處於非常獨立的地位。

I think that can, again, fund some of our M&A ambitions.

我認為這可以再次為我們的一些併購雄心提供資金。

I think that it really is going to depend on kind of the size of the opportunity that comes into focus.

我認為這確實取決於所關注的機會的大小。

I think that right now, we don't really say, hey, look, let's not consider things that are outside of our current ability to finance.

我認為現在我們並沒有真正說，嘿，看，我們不要考慮超出我們當前融資能力的事情。

Because I think for the right opportunity, the capital markets are available.

因為我認為資本市場是有適當的機會的。

Again, it has to be for the right opportunity.

再說一次，它必須是為了合適的機會。

But right now, we don't see anything that would cause us to go back to capital markets.

但目前，我們沒有看到任何促使我們重返資本市場的因素。

Okay.

好的。

That's helpful.

這很有幫助。

And then in terms of the commentary, it sounds like really Neutron is the enabler to you guys being able to do some of these things.

然後就評論而言，聽起來 Neutron 確實是你們能夠做這些事情的推動者。

Should we be thinking about that because of the fact that, that will be driving more cash flow that you can then redeploy elsewhere or more so like the actual rails to getting to space?

我們是否應該考慮這一點，因為這將推動更多的現金流，然後您可以將其重新部署到其他地方，或者更像是通往太空的實際軌道？

I would say both, Anthony.

我想說兩者都是，安東尼。

For sure.

一定。

That will conclude our question-and-answer session.

我們的問答環節就到此結束。

I'll hand the call back to Peter Beck for any closing remarks.

我會將電話轉回給 Peter Beck，讓其結束語。

Great.

偉大的。

Thanks very much.

非常感謝。

So before we close out today, I just wanted to draw your attention to some up-and-coming conferences we'll be attending.

因此，在今天結束之前，我只想提請您注意我們將要參加的一些即將舉行的會議。

We look forward to sharing more exciting news and updates with you there.

我們期待與您分享更多令人興奮的新聞和更新。

So that wraps up today's call.

今天的電話會議到此結束。

Once again, thank you very much, and we look forward to speaking with you again about the exciting progress that Rocket Lab has been making next quarter.

再次非常感謝您，我們期待再次與您談論 Rocket Lab 下個季度取得的令人興奮的進展。

That will conclude today's call.

今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。