Virgin Galactic Holdings Inc (SPCE) 2024 Q1 法說會逐字稿

Good afternoon. My name is and I will be your conference operator today. At this time, I would like to welcome everyone to Virgin Galactic Quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. And if you would like to ask a question during this time, please press star followed by the number one on your telephone keypad. If you would like to withdraw your question, simply press star one. Again, I will now turn the call over to Eric Cerny, Vice President of Investor Relations. Please go ahead. Thank you.

午安.我的名字是，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加維珍銀河季度 2024 年財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。如果您想在此期間提問，請按星號，然後按電話鍵盤上的數字 1。如果您想撤回您的問題，只需按星號一即可。我現在再次將電話轉給投資者關係副總裁 Eric Cerny。請繼續。謝謝。

Good afternoon, everyone. Welcome iMergent Electric's First Quarter 2024 earnings conference call. On the call with me today are Michael Colglazier, Chief Executive Officer, and Doug Aaron's, Chief Financial Officer. Following our prepared remarks, we will open the call for questions. Our press release and slide presentation that will accompany today's remarks are available on our Investor Relations website. Please see Slide 2 of the presentation for our safe harbor disclaimer. During today's call, we may make certain forward looking statements. These statements are based on current expectations and assumptions and as a result are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements made on this call. For more information about these risks and uncertainties, please refer to the Risk Factors in the Company's SEC filings made from time to time you are cautioned not to put undue reliance on forward-looking statements in the Company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call, whether as a result of new information, future events or otherwise. Please also note that we will refer to certain non-GAAP financial information on today's call. Please refer to our earnings release for a reconciliation of these non-GAAP financial metrics.

大家下午好。歡迎 iMergent Electric 召開 2024 年第一季財報電話會議。今天與我通話的有執行長 Michael Colglazier 和財務長 Doug Aaron。在我們準備好的發言之後，我們將開始提問。伴隨今天演講的新聞稿和幻燈片簡報可在我們的投資者關係網站上取得。請參閱簡報的投影片 2 以了解我們的安全港免責聲明。在今天的電話會議中，我們可能會做出某些前瞻性陳述。這些陳述是基於當前的預期和假設，因此存在風險和不確定性。許多因素可能導致實際事件與本次電話會議中所做的前瞻性陳述有重大差異。有關這些風險和不確定性的更多信息，請參閱公司不時向 SEC 提交的文件中的風險因素，請注意不要過度依賴前瞻性陳述，公司明確表示不承擔任何更新前瞻性陳述的義務。次電話會議期間可能討論的陳述，無論是由於新資訊、未來事件或其他原因。另請注意，我們將在今天的電話會議上參考某些非公認會計準則財務資訊。請參閱我們的收益報告，以了解這些非公認會計準則財務指標的調節表。

With that, so I'd like to now turn the call over to Michael.

有了這個，我現在想把電話轉給麥可。

Thanks, Eric, and good afternoon, everyone. On Slide 3, you'll see the agenda for today, I'll share several updates about our commercial Spaceline and the progress we're making toward our long-term business objectives on the immediate horizon is our next spaceflight collective seven scheduled for June eighth, Galactic seven will be our last commercial flight with VSS Unity. And this will mark an important turning point for Virgin Galactic and the spaceflight will be a celebratory moment as we reflect on the many successes of our past finding first commercial space, the learnings we have built over our last seven spaceflight have enormously benefited our spaceship designs. In addition, we have also learned a great deal about the performance of our mothership VMS Eve, which has been an incredible asset for the company following the ship's major enhancement program that was completed in 2023. One of the many benefits of using a specialized airplane for our first stage of spaceflight is the frequency of flight operations that can be achieved with an aircraft versus a liquid rocket booster using flight and engineering data from East service history. Our technical operation teams are developing a targeted maintenance plan and operation schedule for EVE and I'm pleased to share that we now expect the MSC to support three space missions per week, a 50% increase over prior base case estimations. This is fantastic news. We expect EVE and our first two delta ships will be able to execute approximately 125 spaceflight carrying 750 or so astronauts to space each year to put that in perspective, Eve and the first two delta ships will bring more people to space in a single year than the total number of astronauts who have ever journey to space to date economically, that equates to roughly 450 million in annualized revenue within the first 12 months following entry into commercial service. Of course, those numbers are expected to grow substantially as we scale our operations by adding new ships and expand across multiple space ports.

謝謝埃里克，大家下午好。在投影片3 上，您將看到今天的議程，我將分享有關我們的商業Spaceline 的一些最新動態，以及我們在近期長期業務目標方面所取得的進展，即計劃於6 月舉行的下一次航天集體七次飛行第八，銀河七號將是我們使用 VSS Unity 的最後一次商業飛行。這將標誌著維珍銀河的一個重要轉折點，這次太空飛行將是一個值得慶祝的時刻，因為我們反思過去尋找第一個商業太空的許多成功，我們在過去七次太空飛行中積累的經驗對我們的太空船設計非常有益。此外，我們還深入了解了母艦 VMS Eve 的性能，繼 2023 年完成該船的重大增強計劃後，這對該公司來說是一筆令人難以置信的資產。在太空飛行的第一階段使用專用飛機的眾多好處之一是，使用來自東部服役歷史的飛行和工程數據，與液體火箭助推器相比，使用飛機可以實現飛行操作的頻率。我們的技術營運團隊正在為 EVE 制定有針對性的維護計劃和營運時間表，我很高興地告訴大家，我們現在預計 MSC 每週支援三個太空任務，比之前的基本情況估計增加 50%。這是個好消息。我們預計EVE 和我們的前兩艘Delta 飛船每年將能夠執行約125 次航太飛行，將750 名左右太空人送入太空，從長遠來看，Eve 和前兩艘Delta 飛船將在一年內將更多的人帶到太空迄今為止，經濟實惠地進入太空的太空人總數相當於進入商業服務後前 12 個月內的年化收入約 4.5 億美元。當然，隨著我們透過增加新飛船並擴展到多個太空港來擴大業務規模，這些數字預計將大幅增長。

During today's call, I'll ask Doug Aaron's, our Chief Financial Officer, to shed more light on our financial operating model, giving you a sense of what our economics are estimated to look like with the initial rollout of our first two delta shifts and in the years to follow with that, let's get started on slide 4 at Virgin Galactic. Nothing is more exciting than Sina spaceflight in action and witnessing the incredible impact that the journey to SpaceX has on our astronauts and their families on June eighth. We will again watch Unity sort of the planet from Spaceport America this time with a blended manifest to research and private astronauts. This will be our seventh commercial flight and our 12 spaceflight. Overall, our research astronaut onboard will conduct several human intended experiments, and we also have several autonomous rack-mounted payloads on board in connection with NASA's flight opportunities program and academic institutions. Three private astronauts will also join this flight two from the US and one from Italy. Given the blended nature of this particular manifest, Galactic seven is expected to realize an average per seat price of over $800,000, the highest of our commercial flights flown to date. The value of our spaceflight for our customers is enormous, and we are seeing ongoing strength in our pricing, which we expect will continue as we introduce the Delta ships and grow the business when we see Unity fly next month, it will be a very exciting and proud moment. Unity has helped to revolutionize commercial human spaceflight and has served Virgin Galactic incredibly well demonstrating the safety and repeatability of our spaceflight system on forming the design of our next-generation ships. Unity will continue to play a role in training and the ship will reside at Spaceport America to commemorate its historic role in commercial space travel. As you know, Unity reached the point where it was turning monthly, completing six space flights in six months last year, a significant accomplishment for our Pathfinder spaceship. At the same time, we have always known the VMSE., a specialized airplane is able to turn much faster. One of the great advantages of our spaceflight system is this combination of carrier airplane and mated spaceship, in addition to providing the benefit of a runway takeoff and landing the mother ship design enables the efficient turnaround capabilities of an aircraft as we put our mother ship through the paces with regular flights and inspections. Eve has performed brilliantly. As I mentioned at the opening, our technical operations team is in flight and engineering data from East service history are developing a targeted maintenance plan and operations schedule that supports three space missions per week of 50% increase over our prior base case estimations, third flight per week will prove highly beneficial to our business model when we resume commercial service with the launch of just our first two delta ships, we expect to operate a robust and meaningful business with positive operating cash flow. This is why we have prioritized the cash we already have on hand to bring these ships into service on a related note, use impressive flight capacity will also serve us well with our next generation mother ship program. As we stated last year, we resequence the next mothership program to better manage our capital and spending levels in the near term, and we are continuing to exercise that optionality. We've been pleased with our development approach to our Delta spaceships where Virgin Galactic maintains design authority and leverages the manufacturing and engineering expertise of a few key industry partners. We expect to follow a similar approach with our next mothership program and we will be shifting our engineering talent towards our next mothership design following the conclusion of this summer of the bulk of our Delta spaceship design as we balance our desire for rapid growth. With our spending pace ahead of meaningful revenue, we will target 2028 for delivery of the first of our next gen mother ships. This timing enables us to manage our existing capital constantly, which in turn sets us up for long-term success.

在今天的電話會議中，我將請我們的財務長 Doug Aaron 詳細介紹我們的財務營運模式，讓您了解我們的經濟狀況在最初推出前兩個 Delta 班次和在接在下來的幾年裡，讓我們從維珍銀河的幻燈片4 開始。沒有什麼比 6 月 8 日新浪太空飛行並見證 SpaceX 之旅對我們的太空人及其家人產生的不可思議的影響更令人興奮的了。這次我們將再次從美國太空港觀看 Unity 類似的星球，其中包含研究人員和私人太空人的混合清單。這將是我們的第七次商業飛行和我們的第 12 次航太飛行。總的來說，我們的研究太空人將進行幾項人類預期的實驗，我們的機上還有幾個與美國太空總署飛行機會計劃和學術機構相關的自主機架式有效載荷。三名私人太空人也將參加這次飛行，其中兩名來自美國，一名來自義大利。鑑於這一特殊艙單的混合性質，銀河七號預計每個座位的平均價格將超過 80 萬美元，這是我們迄今為止飛行的商業航班中的最高價格。我們的航太對我們的客戶來說價值是巨大的，我們看到我們的定價持續走強，我們預計隨著我們引入達美航空飛船並在下個月看到Unity 飛行時業務的增長，這種定價將持續下去，這將是一個非常令人興奮的事情和自豪的時刻。Unity 幫助徹底改變了商業載人航天，並為維珍銀河提供了令人難以置信的服務，展示了我們航天系統在形成下一代飛船設計時的安全性和可重複性。Unity將繼續在訓練中發揮作用，該船將駐紮在美國太空港，以紀念其在商業太空旅行中的歷史性作用。如你所知，Unity 達到了每月一次的轉變，去年在六個月內完成了六次太空飛行，這是我們探路者號太空船的一項重大成就。同時，我們一直都知道 VMSE，一架專門的飛機能夠轉彎得更快。我們航太系統的一大優勢是艦載機和配對飛船的結合，除了提供跑道起飛和著陸的好處外，母船設計還能夠在我們讓母船通過時實現飛機的高效週轉能力定期飛行和檢查的速度。伊芙的表現非常出色。正如我在開頭提到的，我們的技術運營團隊正在飛行，來自東部服務歷史的工程數據正在製定有針對性的維護計劃和運營計劃，支持每週三次太空任務，比我們之前的基本情況估計增加50%，第三次飛行當我們透過推出首批兩艘達美輪船來恢復商業服務時，每週將證明對我們的商業模式非常有利，我們預計將運營一項穩健且有意義的業務，並擁有正的營運現金流。這就是為什麼我們優先考慮現有現金來使這些船舶投入使用，使用令人印象深刻的飛行能力也將為我們的下一代母艦計畫提供良好的服務。正如我們去年所說，我們重新安排了下一個母艦計劃，以便在短期內更好地管理我們的資本和支出水平，並且我們將繼續行使這種選擇權。我們對 Delta 太空船的開發方法感到滿意，維珍銀河保持了設計權威，並利用了一些關鍵行業合作夥伴的製造和工程專業知識。我們希望在下一個母艦計劃中遵循類似的方法，並且在今年夏天完成大部分達美飛船設計之後，我們將把我們的工程人才轉移到下一個母艦設計上，同時平衡我們對快速增長的渴望。由於我們的支出速度超過了有意義的收入，我們的目標是在 2028 年交付第一艘下一代母船。這個時機使我們能夠持續管理現有資本，從而為我們長期成功奠定基礎。

Importantly, our growth strategy remains the same to scale our commercial space travel business first, by adding shifts to our fleet in New Mexico and then expand into additional space ports in excellent locations around the globe.

重要的是，我們的成長策略保持不變，首先透過增加新墨西哥州機隊的班次來擴大我們的商業太空旅行業務，然後擴展到全球各地優越地點的其他太空港口。

Turning to slide 5, let's talk about progress and tangible milestones. We're hitting within our Delta program.

轉向幻燈片 5，讓我們談談進度和切實的里程碑。我們正在實施我們的達美計畫。

As you can see in the chart on slide 5, there are multiple phases to our Delta program beginning with design than moving to tooling parts, fabrication subassemblies final assemblies and then on to flight test and commercial service. All sequential these phases have purposeful overlap throughout the development process. Currently, we are working through the latter part of our design phase, which we expect to wrap up this summer. Along the way as designs of individual parts are completed, we have been releasing those designs to begin development of the tools that will be used in the parts fabrication process. Similarly, as those initial tools are completed and delivered, our partners at Bell and carbon are able to start fabricating parts and they are beginning to accumulate the components that will be necessary for their respective subassemblies.

正如您在投影片 5 的圖表中看到的那樣，我們的 Delta 計劃有多個階段，從設計開始，到加工零件、製造子組件、最終裝配，然後再進行飛行測試和商業服務。所有連續的這些階段在整個開發過程中都有目的地重疊。目前，我們正在完成設計階段的後半部分，預計今年夏天結束。隨著各個零件的設計完成，我們一直在發布這些設計，以開始開發將在零件製造過程中使用的工具。同樣，隨著這些初始工具的完成和交付，我們貝爾和碳的合作夥伴能夠開始製造零件，並且他們開始累積各自子組件所需的組件。

The images on Slide 6 shows some of the tools that have been delivered or are in development as well as an example of what a finished part looks like within its tooling. This particular part is a door for the landing gear within the wing total delivery and parts fabrication are beginning to accelerate as we work to complete the bulk of the design phase this summer and move more fully into the build phase. Most of you know that Bell is supplying the unique feathering system in flight control surfaces for Delta. While carbon is producing the fuselage and wing components. I met recently with teams from both companies and I'm excited about the emphasis that they put on quality and performance of these key components, while aligning with our overall production schedule in parallel with design, tooling and parts fabrication, we have been building out the facilities needed for both our test assets and our final assembly factory. The facility in Phoenix that will house our final assembly operation is nearing completion seen here on Slide 7. We expect to take occupancy of the building this summer and will begin setting up the factory floor for assembly and developing our training tools and processes in preparation for the final assembly stage in the first half of 2025.

投影片 6 上的影像顯示了一些已交付或正在開發的工具，以及成品零件在其工具中的外觀範例。這個特殊的零件是機翼內起落架的一扇門，隨著我們努力完成今年夏天的大部分設計階段並更全面地進入建造階段，整個交付和零件製造開始加速。大多數人都知道貝爾正在為達美航空的飛行控制面提供獨特的順槳系統。而碳則用於生產機身和機翼部件。我最近會見了兩家公司的團隊，我很高興他們強調這些關鍵部件的品質和性能，同時與我們的整體生產計劃與設計、工具和零件製造並行，我們一直在建造我們的測試資產和組裝工廠所需的設施。位於菲尼克斯的工廠將負責我們的組裝作業，如幻燈片 7 所示，該工廠已接近完工。我們預計今年夏天入住該大樓，並將開始建立工廠車間進行組裝，並開發我們的培訓工具和流程，為 2025 年上半年的最終組裝階段做準備。

Also on slide 7, you can see the mockup of our cabin interior for Delta, which we are using to confirm human factors. In addition to fit and finish, we have a host of upgrades. We are adding to our Delta cabin interiors, and we're looking forward to revealing the full interior design and functionality later this year, you've heard us talk about our test asset called the Iron Bird and the design of the full build out of the system is shown on slide 8, we recently opened the test facility that houses this hybrid system is up and running and Irvine near our Southern California headquarters. The Iron Bird allows us to test and verify the operation of dozens of Delta subsystems, including avionics, further actuation and pneumatics on the ground and in parallel to the assembly of our ships. Again, the purpose of this system is to provide the widest possible scope of ground testing prior to performing flight test, taking flight tests more streamlined and efficient.

同樣在投影片 7 上，您也可以看到達美航空機艙內部的模型，我們用它來確認人為因素。除了安裝和表面處理之外，我們還進行了大量升級。我們正在添加達美航空客艙內飾，我們期待在今年晚些時候展示完整的內飾設計和功能，您已經聽過我們談論我們稱為“鐵鳥”的測試資產以及完整構建的設計該系統如幻燈片8 所示，我們最近在南加州總部附近的爾灣開設了容納此混合系統的測試設施並投入運作。鐵鳥讓我們能夠測試和驗證數十個達美航空子系統的運作情況，包括航空電子設備、地面進一步驅動和氣動系統，以及與我們的船舶組裝並行的系統。同樣，該系統的目的是在執行飛行測試之前提供盡可能廣泛的地面測試，使飛行測試更加簡化和高效。

Turning to slide 9, regarding schedule. Our overall plan remains intact with commercial service expected to begin with our first two delta ships in 2026.

轉向幻燈片 9，關於日程安排。我們的總體計劃保持不變，預計我們的前兩艘達美輪船將於 2026 年開始提供商業服務。

Sure and some color underneath the macro time line, we have been adapting our detailed schedule to take advantage of opportunities and to react to sub-elements of the plan that need more time for completion. As with most large aerospace programs, we find schedule improvement opportunities while also identifying elements that are extending beyond their originally allotted time durations, and we work to integrate both of these into the overall plan.

當然，在宏觀時間線之下，我們一直在調整詳細的時間表，以利用機會並對計劃中需要更多時間完成的子要素做出反應。與大多數大型航空航天專案一樣，我們發現了進度改進機會，同時也確定了超出最初分配時間的要素，並且我們努力將這兩者整合到總體計劃中。

The key with regard to schedule is to adapt the sequencing and application of resources to ensure the critical path of the program remains on track. At a tactical level, we are realizing schedule improvements to the final assembly time lines as we compare our detailed build plan activities versus our initial estimates, our final assembly process for Delta is much different and improved versus our prototype work with Unity and imagine and we are seeing the benefits of our digital thread approach manufacturing strategy with Bell and carbon. While the build planning has been a positive for our schedule, we have had elements within our design phase extend longer. Net-net, the benefits we have found and the time extensions we have realized have balanced out and our overall program schedule remains intact with schedule contingencies and buffers still in place to handle unexpected items that will surely arise over the course of the upcoming work. Our team at Virgin Galactic and our partners at Bell and carbon are all committed to the success of the program and the collaboration between the groups as we work through the typical ups and downs of a complex program.

時間表的關鍵是調整資源的排序和應用，以確保專案的關鍵路徑保持在正軌上。在戰術層面上，當我們將詳細的構建計劃活動與我們的初步估計進行比較時，我們正在實現對最終裝配時間線的進度改進，我們Delta 的最終裝配過程與使用Unity 和Imagine 進行的原型工作相比有很大不同並得到了改進，我們我們看到了貝爾和碳的數位線程方法製造策略的好處。雖然建造規劃對我們的日程安排有積極作用，但我們的設計階段中的元素卻延長了。淨淨，我們發現的好處和我們實現的時間延長已經平衡，我們的總體計劃時間表保持不變，計劃意外事件和緩衝區仍然到位，以處理在接下來的工作過程中肯定會出現的意外項目。我們維珍銀河的團隊以及貝爾和碳的合作夥伴都致力於該計劃的成功以及各小組之間的合作，因為我們正在經歷複雜計劃的典型起伏。

I've been great to witness.

我很高興見證。

I'll now turn the call over to Doug, so he can share more detail about the financial operating model and how our first two delta ships have a meaningful impact on our business in the near term, generating strong operating cash flows, even before we fully build out our fleet, New Mexico or expand to additional space ports.

現在我將把電話轉給道格，這樣他就可以分享有關財務運營模式的更多細節，以及我們的前兩艘達美輪船如何在短期內對我們的業務產生有意義的影響，甚至在我們之前就產生強勁的營運現金流。

Doug, over to you.

道格，交給你了。

Thank you, Michael. Good afternoon, everyone. Let's go to Slide 10. The planned increase in flight cadence for our mothership eve is a game changer when the first two delta shifts in our commercial service with steady-state operations flying even three times a week means we have the capacity to conduct approximately 125 flights per year, allowing for potential weather or operational inefficiencies at that pace with six seats per spaceflight. We plan to fly 750 astronauts to space annually with our first two delta ships. Not only does this enable us to serve existing ticket holders fairly rapidly, but it also enables us to begin serving new customers at higher price points.

謝謝你，麥可。大家下午好。讓我們看投影片 10。我們母艦前夕計劃增加的飛行節奏將改變遊戲規則，因為我們的商業服務中的前兩次達美航空班次每週飛行三次，穩定狀態的運營意味著我們每年有能力執行大約125 次航班，從而允許潛在的天氣或運作效率低下，每次航太飛行有六個座位。我們計劃每年用我們的前兩艘 Delta 飛船將 750 名太空人送入太空。這不僅使我們能夠相當快速地為現有持票者提供服務，而且還使我們能夠開始以更高的價格為新客戶提供服務。

Closing the recently announced pricing of $600,000 per seat within a year. After Delta into service, we expect to be able to achieve a run rate of $450 million annually. This is a sizable business that can be achieved at the mothership we have plus the addition of the first two Delta class spaceships. We have shared with you previously that we expect to see contribution margins above 75% for each spaceflight. This is a margin we project after accounting for the variable costs of each flight, such as rocket motor fuel, hospitality expenses for the astronauts et cetera. This contribution margin will be more than enough to cover the fixed costs of running the business leading to meaningful operating cash flow. This is a first stepping stone in our economic growth story as these profits can be reinvested to further expand our fleet and drive additional growth. At that stage, we plan to build incremental delta ships at a recurring cost of 50 to $60 million each. These are highly accretive assets. The cost of our future ships are so low because the designs are already done, the tools will already have been built, the supply chain will be in place and our special assembly factory will be up and running. These are the investments we are making right now and which give us the infrastructure needed to further drive substantial growth. Our intentions are to continue to expand at Spaceport America and then to add more space sports and other locations around the world as we said before, we estimate that each operational Spaceport can generate over 1 billion of revenue annually.

最近宣布的價格將在一年內達到每個席位 60 萬美元。達美航空投入營運後，我們預計每年的運行率將達到 4.5 億美元。這是一項相當大的業務，可以透過我們擁有的母艦加上前兩艘三角洲級太空船來實現。我們之前曾與您分享過，我們預計每次航太飛行的邊際貢獻率將超過 75%。這是我們在考慮每次飛行的可變成本（例如火箭發動機燃料、太空人的招待費等）後預計的利潤。這一邊際貢獻將足以支付營運業務的固定成本，從而產生有意義的營運現金流。這是我們經濟成長故事的第一步，因為這些利潤可以再投資，以進一步擴大我們的機隊並推動進一步成長。在此階段，我們計劃以每艘 5,000 至 6,000 萬美元的經常性成本建造增量 Delta 船舶。這些都是高度增值的資產。我們未來船舶的成本如此之低，因為設計已經完成，工具已經製造出來，供應鏈已經就位，我們的特殊組裝工廠也已經啟動並運行。這些是我們現在正在進行的投資，它們為我們提供了進一步推動大幅成長所需的基礎設施。我們的目的是繼續擴大美國太空港的規模，然後在世界各地增加更多的太空運動和其他地點，正如我們之前所說，我們估計每個運營的太空港每年可以產生超過 10 億美元的收入。

Turning to slide 11, I want to run through a very high-level recap of our financial results. For the first quarter, we generated revenue of $2 million, driven by commercial spaceflight and future asset membership fees. Total operating expenses were 113 million compared to 164 million in the prior year period, primarily driven by lower R&D and SG&A expenses, partly reflective of our restructuring efforts last year, free cash flow was negative $126 million in the first quarter compared to negative 139 million in the same period last year.

轉向投影片 11，我想對我們的財務表現進行一次非常高水準的回顧。第一季度，在商業航太和未來資產會員費的推動下，我們創造了 200 萬美元的收入。總營運費用為1.13 億美元，上年同期為1.64 億美元，主要是由於研發和銷售、一般管理費用減少，部分反映了我們去年的重組工作，第一季自由現金流為負1.26 億美元，而上年同期為負1.39 億美元去年同期。

Turning to slide 12, our balance sheet remains strong with 867 million in cash, cash equivalents and marketable securities. During the first quarter, we generated 7 million in gross proceeds through an at-the-market or ATM equity offering program.

轉向投影片 12，我們的資產負債表依然強勁，擁有 8.67 億現金、現金等價物和有價證券。第一季度，我們透過市場或 ATM 股票發行計畫獲得了 700 萬美元的總收益。

Moving to our projections for revenue for the second quarter of 2024 is expected to be approximately 3.5 million, forecasted free cash flow for the second quarter of 2024 is expected to be in the range of negative $110 million to $120 million. I'll now turn the call back over to Michael.

我們預計 2024 年第二季的營收約為 350 萬美元，預計 2024 年第二季的自由現金流將在負 1.1 億美元至 1.2 億美元之間。我現在將把電話轉回給邁克爾。

Thanks, Doug.

謝謝，道格。

To recap today's call, we are planning to fly the last commercial flight of VSS Unity on June eighth. Taking a researcher in three private astronauts to space and delivering an incomparable and life-changing experience to each of them. This will mark our seventh commercial flight and 12 spaceflight in total, again demonstrating that Virgin Galactic spaceflight system is safe, reliable and repeatable with an experienced beyond compare. I also shared that we expect our existing mothership will have the capacity to fly up to three times a week with the first two delta shifts or upwards of 125 times a year, supporting a strong revenue business in the first stage of Delta operations. We are making important progress with our Delta suppliers and are seeing steady progress with designs, tooling development, initial parts, fabrication and preparations to open our final assembly factory this summer. Our Delta schedule remains on track for commercial service in 2026. At the same time, we remain committed to our long-term high-growth business model, scaling operations at Spaceport America with a fleet of four to five spaceships, followed by the creation of fully utilized space ports and continuous operations from multiple locations around the world.

回顧今天的電話會議，我們計劃在 6 月 8 日執行 VSS Unity 的最後一次商業航班。將三名私人太空人中的一名研究人員帶到太空，為他們每個人提供無與倫比的、改變生活的體驗。這將標誌著我們的第七次商業飛行和總共 12 次太空飛行，再次證明維珍銀河太空飛行系統是安全、可靠和可重複的，且經驗豐富。我還表示，我們預計現有的母機將能夠在前兩次達美班次中每週飛行 3 次，或者每年飛行 125 次以上，從而支持達美航空運營第一階段的強勁收入業務。我們正在與達美供應商取得重要進展，並在設計、工具開發、初始零件、製造和今年夏天開設總裝工廠的準備工作方面取得穩步進展。我們的達美航空航班計劃仍按計劃在 2026 年提供商業服務。同時，我們仍然致力於長期高成長的業務模式，擴大美國太空港的營運規模，擁有一支由四到五艘太空船組成的艦隊，隨後創建充分利用的太空港，並在美國各地的多個地點持續運作。

With that, we'll turn to questions.

接下來，我們將轉向問題。

Operator, we're ready to begin the Q&A portion of the call.

接線員，我們已準備好開始通話的問答部分。

(Operator Instructions) Greg Konrad, Jefferies.

（操作員說明）Greg Konrad，Jefferies。

Greg, appreciate the incremental details. Just on the 450 million annual run rate of revenue, it seems like that assumes the 600 k. ticket price. How much backlog of lower tickets are there to kind of cycle through before you kind of get to that higher price point? Or how should we think about near term revenue just given some launch pricing?

格雷格，欣賞增量細節。光是 4.5 億的年營業收入來看，似乎就假設了 60 萬。票價。在達到更高的價格點之前，有多少積壓的低價機票需要循環處理？或者，考慮到一些發布定價，我們應該如何考慮近期收入？

Hi, Greg, this is Doug. I'm yes, so we have approximately 600 a little over 600 asthma at the lower price points. And then we have some that were sold at 450 k. And so one of the important things we noted is at the flight rate of 125 flights a year, we can fly up to 750 astronauts per year. So that will move to our backlog of customers fairly quickly. So what we gave you was our annualized run rate at about 12 months out after we've moved through the the backlog we already have. And then we've applied the ticket pricing that we've recently announced 600 K because that's what we're projecting at this time. It's worth noting, though that and we said that this flight coming up Galactic seven, the average price per seat is over 800,000. So it's showing the pricing leverage we have. So we think it's a fair number to use to say 600 k. for the future for that point in time.

嗨，格雷格，我是道格。我是的，所以我們有大約 600 多於 600 種價格較低的氣喘產品。然後我們有一些售價為 45 萬。因此，我們注意到的重要事情之一是，以每年 125 次飛行的飛行速度，我們每年最多可以搭載 750 名太空人。因此，這將很快轉移到我們的積壓客戶中。因此，我們向您提供的是在處理完已有的積壓訂單後大約 12 個月的年化運行率。然後我們應用了最近宣布的 600 K 票價，因為這就是我們目前的預計價格。值得注意的是，雖然我們說這個航班是銀河七號，但每個座位的平均價格都在80萬以上。所以它顯示了我們擁有的定價槓桿。所以我們認為 600 k 是一個合理的數字。為那個時間點的未來。

And then just to confirm the first two Delta class B ships roll out at the same time or enter commercial at the same time and then appreciate the detail around the mothership 2020. How much does that become a pacing item? Just given it seems like maybe you'll be able to exceed that from a delta standpoint in 2020?

然後只是確認前兩艘達美 B 級船同時推出或同時進入商業，然後欣賞 2020 年母艦的細節。這在多大程度上成為了節奏項目？從 Delta 的角度來看，2020 年您似乎能夠​​超越這個數字？

Kevin, the greatest Michael. So Yves, which is excellent, still will remain the bottleneck against the capacity of the Delta ships. So when we bring a second mother ship out at that point, those two delta ships would become the bottleneck. So we'd want to pair the arrival of that new mother ship with a fast follow with additional Delta Delta ships for sure. And we kind of keep that balanced as we grow the fleet up. But with Eve and at week three times a week, the way we can do that allows some some weeks. We'll have a back-to-back flight, then there'll be a number where we'll run more than three a week. There will be other weeks where we will run less than three week because we're doing a regularly scheduled maintenance piece within that operation. There may be opportunity to go up above where we are, but we feel good with what we're stating today at 125. By the time we factor weather days and rain days and inefficiencies that will come out. So that's probably a good gate until we get to 28, that 125 flights as a kind of planning target for your modeling. And then it really opens up as we add additional mother ships.

凱文，最偉大的麥可。所以，優秀的伊夫還是會是三角洲艦艇運力的瓶頸。因此，當我們在那時推出第二艘母船時，那兩艘三角洲船將成為瓶頸。因此，我們肯定希望將這艘新母船的到來與快速跟進的其他達美航空船舶配對。隨著機隊規模的擴大，我們會保持這種平衡。但是對於夏娃和每週三次，我們可以這樣做的方式允許一些幾週的時間。我們將有一個背靠背的航班，然後會有一些每週運行超過三個的航班。還有其他幾週，我們的運行時間將少於三週，因為我們正在該操作中進行定期維護工作。可能有機會超越我們現在的水平，但我們對今天的 125 分感到滿意。當我們考慮天氣日和下雨日以及將會出現的低效率時。因此，在我們達到 28 次（即 125 次航班）之前，這可能是一個很好的選擇，作為建模的規劃目標。當我們添加更多的母艦時，它才真正開放。

So just a quick follow-up to that. So should we assume not assume the third Delta enter service until 2028 then?

所以只是快速跟進一下。那麼我們是否應該假設第三架達美航空要到 2028 年才能投入使用呢？

Yes, we would match the third Delta ship with the addition of the next mothership.

是的，我們會將第三艘達美艦與新增的下一艘母艦相匹配。

Thank you all.

謝謝你們。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究中心。

Thanks, good evening, Michael, the way on the way you're describing it, you're going to actually burn through your backlog of customers reasonably quickly. So I'm curious, what is your thought process on reopening initially the sales window? And also just from a running the business perspective, how do you want to run with a backlog such that you can you sort of run to a predictable pace as opposed to something else and also provide you're flying customers with enough lead time for them to plan around their trips.

謝謝，晚上好，邁克爾，按照你所描述的方式，你實際上會相當快地消耗掉積壓的客戶。所以我很好奇，您最初重新開放銷售窗口的想法是什麼？另外，從營運業務的角度來看，您希望如何處理積壓的訂單，以便您能夠以可預測的速度而不是其他方式運行，並為您的飛行客戶提供足夠的交貨時間圍繞他們的旅行進行計劃。

Right.

正確的。

Thanks for the question, Myles, because consistently. I think it's helpful to have on both the customer side and the business side had a two year run rate and the customer side that 1st year is really recognizing the journey that the spaceflight is. It's not just the up-and-down moment. By any sense, it is a journey and we will build people through that journey from the moment. They sign on. I think once you go past two to three years, that journey starts to get a little long for people and they are getting antsy. But two years, I think is appropriate. And then we'd like to get people on a steady-state basis are around 12 months of notice that says, okay, your flights going to be 12 months from now in that month. So people can start to prepare schedules and friends and family who will come. So if you look at our existing backlog of customers with us starting in 26, that means within 26 and 27, we should really process through the existing folks surveyed by the time we get to 28. And especially when you have that next mothership And if we're going to have a two year backlog in front of that, we want everybody kind of onboard by the beginning of 26. So just backing that up, you'll see us start the sales process within the 25 period. We won't wait till the end of 25 to do that because we'd like to have another years of backlog in place by the time we start 26 and we're balancing getting people on board in time to have. And I said both the journey for them as well as a nice comfortable backlog for us to focus on executing our operations. At the same time, if we tried to bring people in to early, I think we lose some of the pricing pressure that we're obviously been demonstrating with these last flights. So we want to keep a balance there so that we maintain the power of pricing that befits the quality of the experience we're delivering, but still allow both our customers and us for planning. So hopefully that two year window that explains that, that us.

謝謝你的提問，邁爾斯，因為一直以來。我認為，客戶方和業務方都有兩年的運行率，客戶方在第一年真正認識到航太之旅是有幫助的。這不僅僅是起起落落的時刻。從任何意義上來說，這都是一段旅程，從那一刻起，我們將透過這段旅程來培養人們。他們簽到了。我認為一旦過了兩三年，人們的旅程就會開始變得有點漫長，他們會變得焦躁不安。不過兩年，我覺得比較適合。然後我們希望人們能夠在穩定的狀態下提前 12 個月左右收到通知，告訴他們，好吧，您的航班將在該月的 12 個月後起飛。這樣人們就可以開始準備日程安排以及即將到來的朋友和家人。因此，如果你看看我們從 26 年開始積壓的現有客戶，這意味著在 26 到 27 年間，我們應該在 28 年前真正處理完接受調查的現有人員。尤其是當你擁有下一艘母艦時 如果我們要在此之前積壓兩年，我們希望每個人都能在 26 年初之前加入。因此，只要支持這一點，您就會看到我們在 25 天內開始銷售流程。我們不會等到 25 年底才這樣做，因為我們希望在 26 開始時再有一年的積壓，並且我們正在平衡讓人們及時加入。我說的是他們的旅程以及讓我們專注於執行我們的營運的良好舒適的積壓工作。同時，如果我們試圖讓人們提前入場，我認為我們會減輕一些定價壓力，而我們在最後的航班中顯然已經展示了這一點。因此，我們希望保持平衡，以便我們保持與我們提供的體驗品質相符的定價能力，但仍允許我們的客戶和我們進行規劃。所以希望兩年的時間窗口能夠解釋這一點，也就是我們。

Yes, that's perfect explanation. Maybe one on on the details of the accounting CapEx. I know you were looking for 40 to 50 million in the quarter. It was light, but R&D was heavy. I mean, I guess that was because you didn't transition fully to capitalizing versus R & D. Is that the way to read it? Right?

是的，這是完美的解釋。也許是關於會計資本支出的詳細資訊。我知道您在本季度尋求 4000 至 5000 萬美元。它很輕，但研發很重。我的意思是，我想那是因為你沒有完全過渡到資本化和研發。這是閱讀的方式嗎？正確的？

Yes. Just an accounting convention that when we flip the switch, but you'll see that start to ramp up this year, especially in the second half. So you'll start to see majority CapEx will start to exceed OpEx as we wrap up the design work here and we're building more tooling. And then parts fabrication happens, you'll see the shift take place.

是的。這只是一個會計慣例，當我們按下開關時，你會看到今年開始增加，尤其是在下半年。因此，當我們完成此處的設計工作並建立更多工具時，您將開始看到大多數資本支出將開始超過營運支出。然後零件製造發生，你會看到轉變發生。

Okay. And sorry, just one last one, which is you will be cycling through 1,000 customers a year and 28 and their constituencies, what kind of physical plant improvement and time line for investment are you going to have to make within Spaceport America on that experiential side.

好的。抱歉，最後一個問題是，您每年將拜訪 1,000 名客戶和 28 個客戶及其支持者，在體驗方面，您必須在美國太空港內進行什麼樣的實體工廠改進和投資時間表。

And that's a great question. The plant here at Spaceport America, for those who have been there, and we have one major hangar that can handle our operations for the mother ship and a number of spaceships as we grow and as we bring in another mother ship, we do expect to work with the space ported to Mexico and add our what we call kind of a launch. And that would be an additional Hanger primarily for the made a pair of space at the mothership. And that Hanger would also be where we do the maintenance on the mother ships. So we'll add additional hangar there. It's not not the architectural statement of what's the primary Hanger base in New Mexico that building is not only a hangar. It's our customer operations. It's training all those things. So it's a job, it's an airplane hangar that needs to be built. So that would be one of the pieces of infrastructure that's there. The other piece will come in in the training facilities that are there as we start to fly, have really even with these two delta shifts and we're flying more than once a week, we will break training out to an additional training facility and use the space port and the third for where we are. I've been doing training that will really become kinds of launched a focus and we'll bring a training facility separately. So we have choices about whether to build those out or to rent facilities for that, but we expect those to be in the Las Cruces, New Mexico area as well. So those are the two I'm looking over to Doug, if there's anything other program, a major investment, but at aircraft hangar as we scale and training facilities.

這是一個很好的問題。對於那些去過那裡的人來說，美國太空港的工廠，我們有一個主要的機庫，可以處理母船和許多太空船的運營，隨著我們的成長，當我們引入另一艘母船時，我們確實希望與移植到墨西哥的空間合作，並添加我們所謂的發射。這將是一個額外的衣架，主要是為了在母艦上騰出一對空間。那個機庫也是我們對母艦進行維護的地方。所以我們將在那裡添加額外的機庫。這並不是新墨西哥州主要機庫基地的建築聲明，該建築不僅僅是一個機庫。這是我們的客戶營運。它正在訓練所有這些東西。所以這是一項工作，是需要建造的飛機庫。所以這將是那裡的基礎設施之一。另一部分將在我們開始飛行時進入那裡的訓練設施中，即使有這兩個三角洲班次，我們每週飛行不止一次，我們將把訓練分散到額外的訓練設施並使用太空港，第三個是我們所在的地方。我一直在進行訓練，這將真正成為一個焦點，我們將單獨帶來一個訓練設施。因此，我們可以選擇是否建造這些設施或為此租賃設施，但我們預計這些設施也將位於新墨西哥州拉斯克魯塞斯地區。因此，這就是我正在向道格尋求的兩個項目，如果還有其他項目的話，這是一項重大投資，但在飛機機庫上，因為我們擴大了規模和培訓設施。

Thank you, Robin.

謝謝你，羅賓。

(Operator Instructions) Michael Ashok, KeyBanc.

（操作員說明）Michael Ashok，KeyBanc。

Hey, good afternoon. Mike, I think you've previously said 2024 is kind of the peak cash burn year in support of Delta. And then looking at your 2Q guide, it implies somewhere around 130 quarterly, $130 million quarterly burn rate give or take for 3Q and 4Q each. So it likely would be a step up in the burn sequentially at some point this year. If 24 is the peak burn year. And so is that still your view? And do you have any line of sight when you expect to see the peak quarterly cash burn, just assuming Delta class schedule progresses as expected?

嘿，下午好。麥克，我想你之前說過 2024 年是支持達美航空的現金消耗高峰年。然後看看你的第二季指南，它意味著第三季和第四季各有大約 130 個季度、1.3 億美元的季度燒錢率。因此，今年某個時候燃燒的速度可能會依次加快。如果24年是燃燒高峰年。那麼這仍然是您的觀點嗎？假設達美航空的班次進度如預期進行，您是否預期季度現金消耗將達到高峰？

Thanks, Mike. Yes, we do expect the peak burn to be here in 2024. That's still the case. So you'll see a ramp we haven't guided specifically beyond Q2, but we do see a trend coming for Q3 and Q4 that we would be increasing our spending on CapEx. And as I mentioned previously, because we're still going to be going through the tooling completion and moving heavily into parts fabrication. So the peak is still to come in this year for Delta.

謝謝，麥克。是的，我們確實預計 2024 年將達到高峰。情況依然如此。因此，您會看到我們在第二季之後沒有專門指導的成長，但我們確實看到第三季和第四季的趨勢，即我們將增加資本支出支出。正如我之前提到的，因為我們仍將完成模具加工並大力轉向零件製造。因此，達美航空今年的高峰仍將到來。

Okay. And then I think you said you're targeting 28 for the second mothership, which should get over over 125 flights per year on those first two delta ships. I'm just wondering if the ongoing legal issues with Boeing, have the potential to impact any plans on the mothership front? Or if you could share any update, any update there?

好的。然後我想你說過第二艘母艦的目標是 28 次，前兩艘三角洲飛船每年應該進行超過 125 次航班。我只是想知道波音公司持續存在的法律問題是否有可能影響母艦方面的任何計劃？或者您可以分享任何更新嗎？

Sure. The very short answer is no. The issues with Boeing are not material and are not going to be impacting how we progress our mothership program and our position with Boeing is very clear and if you haven't had a chance, there's a very thorough overview of that and the countersuit that we've put out. But in short, we've our positions. We received unacceptable work from Boeing the intellectual property that was in debate is either owned outright or duly licensed by us and the all the elements of that are laid out. In that case, what that said is again, it's not a material piece. It will not be a distraction for us in any way as we move forward with our mother ship program. But I it's a good read if you want to read the background there.

當然。非常簡短的答案是否定的。與波音公司的問題並不重要，不會影響我們如何推進母艦計劃，我們對波音公司的立場非常明確，如果您沒有機會，我們會對此進行非常全面的概述以及我們的反訴已經放出來了但簡而言之，我們有我們的立場。我們從波音公司收到了不可接受的工作，爭論中的智慧財產權要么是我們完全擁有的，要么是由我們正式許可的，並且所有要素都已列出。在這種情況下，話又說回來，它不是一個物質塊。當我們推進母艦計劃時，它不會以任何方式分散我們的注意力。但如果你想了解那裡的背景，我認為這是一本很好的讀物。

Yes. Did it. It was surprising to see for me some. Okay. And then I think just lastly for me. Previously, you allocated a portion of ticket sales to Virtuoso? Did they sell their portion fully? And is that something a partnership that you're going to continue to leverage when you open up ticket sales again, they have Virtuoso is not fully used their allocation like us.

是的。做到了。看到一些對我來說很驚訝。好的。然後我想最後對我來說。之前你把一部分門票收入分配給了Virtuoso？他們是否完全出售了自己的部分？當你再次開放門票銷售時，你會繼續利用這種合作夥伴關係嗎？

They've kind of pulled back on the sales piece until we get closer. And I think the opportunity for companies like Virtuoso where they have a very healthy and active base, in particular in adventure travel and high end travel is a relevant potential channel for us, Mike, clearly we'll be doing a lot direct. But I do think there's there's health and as this becomes known and normal, we had a huge deal just in this last year of six flights in six months. And that seemed like a huge deal and we're going to show up in to the 26 and start operations on a pace of 125 human spaceflight a year and it's going to be completely different idea of what's going on here that the word will be out. People will be known at that place at wide distribution access to people is sometimes helpful. And so I think we'll continue to test our efforts like we've done with Virtuoso, but I do expect the bulk will probably be direct sales Got it.

在我們接近之前，他們已經取消了銷售。我認為像 Virtuoso 這樣的公司擁有非常健康和活躍的基礎，特別是在冒險旅行和高端旅行方面，他們的機會對我們來說是一個相關的潛在管道，邁克，顯然我們將做很多直接的事情。但我確實認為這是健康的，隨著這變得眾所周知並變得正常，我們在去年六個月內的六次航班中發生了一件大事。這似乎是一件大事，我們將參加第 26 次載人航天飛行，並以每年 125 次載人航天的速度開始運營，這將是完全不同的想法，因為消息將會傳出。人們在那個地方會被認識，在廣泛的分佈中接觸到人們有時是有幫助的。因此，我認為我們將繼續測試我們的努力，就像我們對 Virtuoso 所做的那樣，但我確實預計大部分可能是直接銷售，並且明白了。

Thank you.

謝謝。

Thank you. Concludes the Q&A session as well as today's call. We thank you for joining. You may now disconnect your lines.

謝謝。問答環節和今天的電話會議結束。我們感謝您的加入。現在您可以斷開線路。