Virgin Galactic Holdings Inc (SPCE) 2024 Q2 法說會逐字稿

Good afternoon. My name is Sarah, and I'll be your conference operator today. At this time, I would like to welcome everyone to Virgin Galactic's second-quarter 2024 earnings conference call. (Operator Instructions)

午安.我叫莎拉，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 2024 年第二季財報電話會議。（操作員說明）

I will now turn the call over to Eric Cerny, Vice President of Investor Relations.

我現在將把電話轉給投資者關係副總裁 Eric Cerny。

Thank you. Good afternoon, everyone. Welcome to Virgin Galactic's second-quarter 2024 earnings conference call. On the call with me today are Michael Colglazier, Chief Executive Officer; and Doug Ahrens, Chief Financial Officer. Following our prepared remarks, we will open the call for questions.

謝謝。大家下午好。歡迎參加維珍銀河 2024 年第二季財報電話會議。今天與我通話的是執行長 Michael Colglazier；道格‧阿倫斯 (Doug Ahrens)，財務長。在我們準備好的發言之後，我們將開始提問。

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.

我們的新聞稿和幻燈片演示將伴隨今天的講話，可在我們的投資者關係網站上獲取。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。

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, and 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.

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。請您注意不要過度依賴前瞻性陳述，且本公司明確表示不承擔更新本次電話會議期間可能討論的前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

Please also note that we will refer to certain non-GAAP financial metrics on today's call. Please refer to our earnings release for a reconciliation of these non-GAAP financial metrics.

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指標。請參閱我們的收益發布，以了解這些非公認會計準則財務指標的調節表。

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

說到這裡，我想把電話轉給麥可。

Thanks, Eric. Let's go to slide 3. Since our Q1 earnings call in May, we made strong advancements on the development of our Delta Class spaceships. We will have substantially wrapped up the multiyear design phase of these high-performance ships in Q3 as we pivot the organization's focus to the build and test phases.

謝謝，埃里克。我們來看投影片 3。自五月第一季財報電話會議以來，我們在 Delta 級太空船的開發方面取得了重大進展。隨著我們將組織的重點轉向建造和測試階段，我們將在第三季基本完成這些高性能船舶的多年設計階段。

Designing step function leads and performance and reliability into these production model ships has required a huge effort by our engineering team. I'm really proud of their work and their progress, which is hard to showcase as design progress mostly takes place within software systems and analytic models.

設計這些生產模型船舶的階躍功能引線以及性能和可靠性需要我們的工程團隊付出巨大的努力。我真的為他們的工作和進步感到自豪，這很難展示，因為設計進展主要發生在軟體系統和分析模型中。

To spotlight the magnitude of their endeavor, we released a video this morning that provides an overview of the Delta spaceship design and the performance characteristics that have been planned for these ships. Watch it. It's great, and it gives you a clear view of the future of private space travel.

為了突出他們的努力的規模，我們今天早上發布了一段視頻，概述了達美航空飛船的設計以及為這些飛船計劃的性能特徵。留意它。太棒了，它讓你對私人太空旅行的未來有一個清晰的認識。

During the second quarter, we've continued to manage the company with tenacious fiscal discipline. We've maintained strength in our balance sheet to provide the resources needed to execute our strategic plan, and we remain on track to launch commercial operations with our first Delta spaceships in 2026 as planned.

第二季度，我們繼續以頑強的財務紀律管理公司。我們保持了資產負債表的實力，以提供執行我們的戰略計劃所需的資源，並且我們仍然按計劃於 2026 年用我們的第一艘達美太空飛船啟動商業運營。

We closed the second quarter with an incredible space flight, Galactic 07, marking the completion of Virgin Spaceship Unity's operational phase and the brilliant conclusion of a nearly decade-long development and testing program. The mini space missions flown by this pathfinding ship built incredible knowledge and expertise for the company.

我們以一次令人難以置信的太空飛行「銀河 07」結束了第二季度，標誌著維珍團結號太空船運營階段的完成以及近十年的開發和測試計劃的輝煌結束。這艘探路船執行的迷你太空任務為該公司積累了令人難以置信的知識和專業知識。

I'd like to start the call by focusing on two core assets that we are now leveraging for competitive advantage and growth. First, we've created a customer experience beyond compare. The value perceived by our customers remained off the charts at price points spanning from around $0.5 million to around $1 million.

我想先關注我們現在正在利用的兩項核心資產來實現競爭優勢和成長。首先，我們創造了無與倫比的客戶體驗。我們的客戶所感知的價值在 50 萬美元左右到 100 萬美元左右的價格點上仍然是打破紀錄的。

Second, we've developed a space flight system and technology that will revolutionize the operating model and economics of human space flight. While the turnaround time between flights of traditional space vehicles has historically been measured in months, Virgin Galactic now has the experience and data needed to target spaceship turn times that are measured in days, which throws open the door to profitable growth and scale.

其次，我們開發了一種太空飛行系統和技術，將徹底改變載人太空飛行的運作模式和經濟性。雖然傳統太空飛行器飛行之間的周轉時間歷來以月為單位，但維珍銀河現在擁有以天為單位的太空船週轉時間所需的經驗和數據，這為盈利增長和規模打開了大門。

Outstanding product quality that commands a premium price is a huge competitive advantage for any company. We have it, and it will drive the top line of our company's growth. With unprecedented turn times and reusability metrics, our Delta ships are planned to disrupt the historic cost structure of human space flight and deliver strong profit margins.

卓越的產品品質加上高昂的價格對於任何公司來說都是巨大的競爭優勢。我們擁有它，它將推動我們公司的成長。憑藉前所未有的周轉時間和可重複使用性指標，我們的達美航空太空船計畫打破載人航太飛行的歷史成本結構，並帶來強勁的利潤率。

World-class product quality, paired with an industry-leading cost structure, is a massive advantage. When combined with the production capability we are currently creating with our Delta Class Spaceship Program, these assets form the basis of a powerful business model and growth engine for Virgin Galactic.

世界一流的產品質量，加上業界領先的成本結構，是一個巨大的優勢。與我們目前透過三角洲級太空船計畫所創建的生產能力相結合，這些資產構成了維珍銀河強大的商業模式和成長引擎的基礎。

There are lots of opinions about Virgin Galactic's business model shared on various social channels and platforms. We find many of those opinions are missing key pieces of information. To improve the quality of information that's readily available to our large retail investor base, we released a video overview of Virgin Galactic business model today, which can be found on our Investor Relations website and various social channels and platforms.

在各種社交管道和平台上，有許多關於維珍銀河商業模式的觀點。我們發現其中許多觀點都缺少關鍵資訊。為了提高我們龐大的散戶投資者群體容易獲得的資訊的質量，我們今天發布了維珍銀河商業模式的視頻概述，您可以在我們的投資者關係網站以及各種社交渠道和平台上找到該視頻。

It's incredibly important to have our investors tracking with our business strategy and our progress in executing the plan. So today, I've asked our CFO, Doug Ahrens, to share a deep look into our business model, including expectations around variable cost and the degree of fixed cost leverage we expect to see as we grow the size of our fleet.

讓我們的投資者追蹤我們的業務策略和執行計劃的進展非常重要。因此，今天，我請我們的財務長 Doug Ahrens 分享對我們業務模式的深入了解，包括對可變成本的預期以及隨著我們機隊規模的擴大，我們期望看到的固定成本槓桿程度。

I'll come back on the line to discuss progress being made on our production model spaceships, and I'll talk about the shift in focus that will be occurring in the next month as we wrap up our multiyear design phase and pivot our attention more fully to the build and test phases of the Delta program. Doug will return to discuss financial results for the quarter, and we'll then open the call for Q&A.

我將回來討論我們的生產模型太空船所取得的進展，我將討論下個月我們結束多年設計階段並將我們的注意力更多地轉移時將發生的焦點轉變完全進入三角洲計劃的構建和測試階段。道格將回來討論本季的財務業績，然後我們將開始問答環節。

Doug, over to you.

道格，交給你了。

Thanks, Michael. While it is obvious to most, it is worth repeating that we are a company operating in a very new industry. We have an innovative business model that is not yet known by many. We believe there is a gap between how the public markets understand our business relative to the value we are creating within the company. To ensure we can realize the benefits of this extremely powerful business model, we scrutinized our allocation of resources and maintain a constant, intense focus on our spending choices every day.

謝謝，麥可。儘管對大多數人來說這是顯而易見的，但值得重複的是，我們是一家在一個非常新的行業中運營的公司。我們擁有許多人還不知道的創新商業模式。我們認為，公開市場對我們業務的理解與我們在公司內部創造的價值之間存在差距。為了確保我們能夠實現這種極其強大的商業模式的好處，我們仔細審查了資源分配，並每天持續、強烈地關注我們的支出選擇。

Today, we want to tie together all the components of our economic model and share that with you. Our experience to date conducting space flights on a monthly basis has validated our assumptions around our operating costs and the economies of scale we expect to achieve as we expand our fleet.

今天，我們希望將我們經濟模型的所有組成部分結合在一起並與您分享。迄今為止，我們每月進行太空飛行的經驗驗證了我們對營運成本的假設以及我們在擴大機隊時預期實現的規模經濟。

Historically, the design and operations of human spacecraft made regular repeatable flight operations with individual space vehicles complex and time-consuming. And therefore, the cost of human space travel was prohibitively high.

從歷史上看，人類太空船的設計和操作使得單一太空船的定期可重複飛行操作變得複雜且耗時。因此，人類太空旅行的成本高得令人望而卻步。

While the space industry typically measures turnaround time between flights of a single vehicle in months, Virgin Galactic's new Delta ships are being built to operate with an average turnaround time of just three days, an enormous breakthrough that structurally changes the cost of human space flight.

雖然航太工業通常以幾個月為單位衡量單次飛行之間的周轉時間，但維珍銀河的新型達美航空飛船的平均週轉時間僅為三天，這是一個巨大的突破，從結構上改變了載人太空飛行的成本。

The design of our space flight system enables each spaceship to fly hundreds of customers to space each year, significantly increasing number of people are able to make the journey while also bringing costs down.

我們的太空飛行系統的設計使每艘太空船每年能夠將數百名客戶運送到太空，顯著增加了能夠完成旅程的人數，同時也降低了成本。

Turning to slide 4. Let's take a closer look at the economics of the business. After an initial ramp-up period following the launch of our first two Delta Class spaceships, we expect to have capacity to deliver approximately 125 space flights per year, with six seats per spaceship and at current pricing of $600,000 per seat. This would allow for an annualized revenue of $450 million.

轉到投影片 4。讓我們仔細看看企業的經濟效益。在推出前兩艘達美級太空船後，經過最初的提升期，我們預計每年有能力提供約 125 次太空飛行，每艘太空船有 6 個座位，目前每個座位的定價為 60 萬美元。這將使年收入達到 4.5 億美元。

Turning to slide 5. As we then expand our fleet by adding another mothership and two more spaceships, we expect flight capacity to increase to around 275 flights per year, with annual revenue growing to approximately $1 billion. This impressive revenue level is delivered with around 1,650 seats sold per year.

轉到投影片 5。隨著我們透過增加另一艘母艦和另外兩艘太空船來擴大我們的機隊，我們預計飛行能力將增加到每年約 275 架次，年收入將增長到約 10 億美元。這一令人印象深刻的收入水平是透過每年售出約 1,650 個座位實現的。

With an estimated total addressable market, or TAM, of 300,000 customers growing at 8% per year, we would still only be fulfilling less than 1% of global demand. This further supports our pricing opportunities as demand is expected to far outstrip supply even as we scale.

據估計，總目標市場 (TAM) 已達到 30 萬名客戶，並且以每年 8% 的速度成長，但我們仍然只能滿足全球需求的不到 1%。這進一步支持了我們的定價機會，因為即使我們規模擴大，需求也預計將遠遠超過供應。

With substantial unmet demand, we plan to further expand our fleet to build out additional space sports in other parts of the globe. The addition of a fully operational second spaceport would enable combined revenue of around $2 billion per year at current prices.

由於大量未滿足的需求，我們計劃進一步擴大我們的機隊，以便在全球其他地區進行更多的太空運動。以目前價格計算，第二個全面運作的太空港的增加將使每年的綜合收入達到約 20 億美元。

Turning to slide 6. This table helps illustrate how Virgin Galactic's business grows as the fleet expands over time. Virgin Galactic's business model not only drives significant revenue growth but is also expected to drive exponential growth in profits.

轉到投影片 6。表格有助於說明維珍銀河的業務如何隨著機隊規模的擴大而成長。維珍銀河的商業模式不僅推動收入顯著增長，而且預計還將推動利潤呈指數級增長。

With our initial launch fleet of two Delta Class ships and one mothership reaches steady state flight operations, we expect adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization to exceed $100 million per year. This represents a very healthy adjusted EBITDA margin of around 20% to 25%.

隨著我們最初推出的由兩艘達美級船舶和一艘母艦組成的機隊達到穩定的飛行運營狀態，我們預計調整後的EBITDA（息稅折舊攤提前利潤）每年將超過1 億美元。這代表調整後 ​​EBITDA 利潤率非常健康，約 20% 至 25%。

As more spaceships are added to our fleet, fixed cost leverage allows profits to grow exponentially. By adding another mothership and two more spaceships, profits now have the potential to grow up to $0.5 billion annually, with adjusted EBITDA margins expanding to around 45% to 50%.

隨著越來越多的太空船加入我們的艦隊，固定成本槓桿可以使利潤呈指數級增長。透過增加另一艘母艦和兩艘太空船，利潤現在有可能成長到每年 5 億美元，調整後的 EBITDA 利潤率擴大到 45% 至 50% 左右。

This estimated margin expansion is due to much of the cost structure of our business remaining fixed, even as frequency of flights increases. Profits are expected to increase even further as additional spaceports are developed around the world.

這項估計的利潤成長是由於我們業務的大部分成本結構保持固定，即使航班頻率增加。隨著世界各地開發更多太空港，利潤預計將進一步增加。

As you can see on the chart, with two fully utilized spaceports, we expect adjusted EBITDA to be roughly $1 billion per year, with adjusted EBITDA margins expanding to 50% to 55%. The business model with that magnitude of profit growth is extraordinary. It's that profit potential, combined with the tremendous experience of human space flight, we are delivering that motivates all of us at Virgin Galactic every day.

正如您在圖表中看到的那樣，在兩個充分利用的太空港的情況下，我們預計調整後的 EBITDA 每年約為 10 億美元，調整後的 EBITDA 利潤率將擴大到 50% 至 55%。利潤成長如此之大的商業模式非同尋常。我們所提供的正是這種利潤潛力，加上人類太空飛行的豐富經驗，每天都激勵著維珍銀河的所有人。

We are currently focused on building the components of this powerful economic engine. We're investing in the manufacturing capacity for the assembly of spaceships. We are building the capability to make additional spaceships as an estimated recurring cost of $50 million to $60 million apiece.

我們目前專注於建立這個強大經濟引擎的組件。我們正在投資於太空船組裝的製造能力。我們正在建造製造更多太空船的能力，每艘太空船的經常性成本估計為 5,000 萬至 6,000 萬美元。

As we have said before, we expect a payback period of less than six months for incremental vehicles, which is exceptional for sizable capital investments. We have built and maintained our balance sheet to realize this profitable business model. We are pleased to announce that we have substantially completed our $400 million at the market, or ATM, equity offering program.

正如我們之前所說，我們預計增量車輛的投資回收期將少於六個月，這對於大規模資本投資來說是非常特殊的。我們建立並維護了我們的資產負債表，以實現這種獲利的商業模式。我們很高興地宣布，我們已基本完成了 4 億美元的市場（或 ATM）股票發行計劃。

As of the date of this call, we have raised $394 million through this ATM, bolstering the balance sheet and ensuring we have the liquidity needed to bring our first two Delta Class spaceships into service. As we've outlined, with our first two Delta ships in service, we can generate over $100 million of adjusted EBITDA annually, and we have the resources to get there.

截至本次電話會議之日，我們已透過該 ATM 籌集了 3.94 億美元，改善了資產負債表，並確保我們擁有將前兩艘 Delta 級太空船投入使用所需的流動性。正如我們所概述的，隨著我們的前兩艘達美郵輪投入使用，我們每年可以產生超過 1 億美元的調整後 EBITDA，並且我們擁有實現這一目標的資源。

But that's not our endgame. But the chart shows the exponential growth and profitability that we estimate will be delivered as we add two additional spaceships and additional mothership to our fleet and Spaceport America, New Mexico. As shown in the middle column of this chart, these few additional ships are projected to generate up to $500 million adjusted EBITDA per year at current price points as they leverage the fixed costs that will have already been put in place.

但這不是我們的結局。但該圖表顯示，隨著我們為我們的艦隊和新墨西哥州美國太空港添加兩艘額外的太空船和額外的母艦，我們預計將實現指數級增長和獲利能力。如該圖表中欄所示，這幾艘新增船舶預計在當前價格點上每年產生高達 5 億美元的調整後 EBITDA，因為它們利用了已經到位的固定成本。

While we forecast our current resources are sufficient to profitably launch our business, we have the option to seek additional growth capital in order to accelerate our profit generation by enabling the faster acquisition of more vehicles.

雖然我們預測我們目前的資源足以啟動我們的業務並實現盈利，但我們可以選擇尋求額外的成長資本，以便透過更快地收購更多車輛來加速我們的利潤產生。

To recap and summarize the business model, the unprecedented value we deliver to our customers enables high margins from space flights. We expect this margin will substantially exceed the fixed cost of running our business as we scale.

回顧和總結我們的商業模式，我們為客戶提供的前所未有的價值使太空飛行獲得了高利潤。我們預計，隨著我們規模的擴大，這一利潤率將大大超過營運業務的固定成本。

We project high adjusted EBITDA margins for our business model, and those margins are expected to grow exponentially as we add vehicles to our fleet. We are investing capital now to develop the tools, manufacturing capacity, and initial spaceships needed to deliver this highly profitable business model. Day in and day out, we maintain our fiscal discipline, scrutinizing our spending in great detail to ensure we are positioned to complete our mission.

我們預計我們的業務模式將獲得較高的調整後 EBITDA 利潤率，並且隨著我們向車隊增加車輛，這些利潤率預計將呈指數級增長。我們現在正在投資資金來開發實現這種高利潤商業模式所需的工具、製造能力和初始太空船。我們日復一日地維持財務紀律，詳細審查我們的支出，以確保我們有能力完成我們的使命。

I'd like to turn the call back over to Michael to share the progress we've been making on our Delta Class Spaceship Program.

我想把電話轉給邁克爾，分享我們在德爾塔級太空船計畫上的進展。

Thanks, Doug. Turning to slide 7. Progress on our Delta Class Spaceship Program was substantial in Q2. Our engineering team has been accelerating the pace of design completion, which has enabled more and more tool fabrication to get underway. In the next month, our teams will begin to pivot from a primary focus on design completion to primary focus on the build and test phases of our production spaceships.

謝謝，道格。轉到投影片 7。我們的 Delta 級太空船計劃在第二季度取得了實質進展。我們的工程團隊一直在加快設計完成的速度，這使得越來越多的工具製造得以啟動。下個月，我們的團隊將開始從主要專注於設計完成轉向主要專注於我們生產太空船的建造和測試階段。

The video I mentioned at the start of the call provides an excellent overview of our Delta spaceship design and provides a good way to visually understand the enormous amount of work that has been delivered by our Virgin Galactic engineering team as well as by our key partners at Bell Textron and Qarbon Aerospace. While the design phase has been wrapping up, we have already released key tools that will be used to build the parts of our Delta spaceships.

我在電話會議開始時提到的影片很好地概述了我們的Delta 飛船設計，並提供了一種很好的方式來直觀地了解我們的維珍銀河工程團隊以及我們的主要合作夥伴交付的大量工作。雖然設計階段已經結束，但我們已經發布了將用於建造 Delta 太空船部件的關鍵工具。

Here, on pages 7 and 8, you can see examples of the tools that will be used to build major parts of the fuselage. Most of these parts will be built and assembled in Texas at our partners' facilities, and they will then be shipped to our new final assembly campus in Phoenix. For those who are unfamiliar with aerospace parts fabrication, these images show examples of tools, similar to molds, that will be used to make the parts of our spaceships.

在第 7 頁和第 8 頁上，您可以看到用於建造機身主要部件的工具範例。這些零件大部分將在德克薩斯州我們合作夥伴的工廠製造和組裝，然後運往我們位於菲尼克斯的新組裝園區。對於那些不熟悉航空航太零件製造的人來說，這些圖像顯示了類似於模具的工具範例，這些工具將用於製造我們的太空船零件。

The images of the metallic objects are examples of tools that have already been built. These tools are important assets that can be used time and time again to create the parts needed for our entire fleet of spaceships, which allows us to rapidly expand our spaceship fleet in a cost-effective fashion. Another asset we have completed is our final assembly campus located in Phoenix.

金屬物體的圖像是已經建造的工具的例子。這些工具是重要的資產，可以一次又一次地使用來製造我們整個太空船艦隊所需的零件，這使我們能夠以具有成本效益的方式快速擴大我們的太空船艦隊。我們完成的另一項資產是位於鳳凰城的組裝園區。

We received final certificates of occupancy for our two buildings in Phoenix in July, and an advanced team is now developing detailed assembly plans as well as training and rehearsal materials while preparing to receive assembly tools and equipment. You can see an image of the completed buildings on page 9.

我們於 7 月收到了鳳凰城兩座大樓的最終入住證書，一支先進的團隊目前正在製定詳細的組裝計劃以及培訓和排練材料，同時準備接收組裝工具和設備。您可以在第 9 頁看到已完工建築物的圖片。

Our Delta Spaceship Program remains on track to deliver ships into commercial service in 2026. As I mentioned, we expect to pivot our primary focus to the build and test phases of the Delta Spaceship Program in Q3, with tool development accelerating in both the third and fourth quarter and parts fabrication ramping up in Q4.

我們的 Delta 太空船計畫仍有望在 2026 年將太空船投入商業服務。正如我所提到的，我們預計在第三季將主要重點轉向三角洲太空船計畫的建造和測試階段，第三季和第四季工具開發將加速，第四季零件製造將加快。

We expect to receive major parts and subassemblies into our Phoenix campus in the first half of 2025 with rollout and testing of our first Delta ship commencing in the second half of 2025. As we shared before, we plan to be running major systems test with our iron bird testbed and structural test with a static test article in parallel to all these efforts in order to have an efficient integrated vehicle ground testing phase commencing in the second half of '25.

我們預計將在 2025 年上半年將主要零件和組件接收到我們的鳳凰城園區，並於 2025 年下半年開始推出和測試我們的第一艘達美船。正如我們之前分享的，我們計劃在所有這些努力的同時，使用我們的鐵鳥測試台進行主要係統測試，並使用靜態測試物品進行結構測試，以便在下半年開始有效的綜合車輛地面測試階段。

We will be sharing updates against all these milestones in the months and quarters ahead, so our investors can track along with our development progress.

我們將在未來幾個月和幾季分享所有這些里程碑的最新情況，以便我們的投資者可以追蹤我們的開發進度。

Doug, I'll hand the call back to you to cover the financial results from the second quarter.

道格，我會把電話轉給你，介紹第二季的財務表現。

Thanks, Michael. Turning to slide 10. We generated revenue of $4 million driven by the Galactic 07 commercial space flight and future astronaut membership fees. Notably, average ticket prices for the Galactic 07 flight were approximately $900,000 per seat. Total operating expenses were $106 million compared to $141 million in the prior year period, driven by both lower R&D and SG&A expenses.

謝謝，麥可。轉到投影片 10。在銀河 07 號商業太空飛行和未來太空人會員費的推動下，我們創造了 400 萬美元的收入。值得注意的是，銀河 07 航班的平均票價約為每個座位 90 萬美元。總營運費用為 1.06 億美元，而去年同期為 1.41 億美元，這是由於研發和銷售、一般管理費用減少所致。

Capital expenditures were $34 million compared to $10 million in the prior year period as we ramped up investment in property, plant and equipment related to development of our Delta Class fleet. Free cash flow was negative $114 million in the second quarter compared to negative $135 million in the same period last year.

資本支出為 3,400 萬美元，而去年同期為 1,000 萬美元，因為我們加大了對與 Delta 級機隊開發相關的財產、廠房和設備的投資。第二季自由現金流為負 1.14 億美元，去年同期為負 1.35 億美元。

Turning to slide 11. Our balance sheet remains strong with $821 million in cash, cash equivalents, and marketable securities. Moving to our projections, forecasted free cash flow for the third quarter of 2024 is expected to be in the range of negative $115 million to $125 million.

轉到投影片 11。我們的資產負債表依然強勁，擁有 8.21 億美元的現金、現金等價物和有價證券。根據我們的預測，2024 年第三季的自由現金流預計將在負 1.15 億美元至 1.25 億美元之間。

I'll now turn the call back over to Michael.

我現在將把電話轉回給邁克爾。

Thank you, Doug. I recently hit my four-year anniversary of Virgin Galactic, having joined the company in the year after it went public. I have never been more excited by both our progress and our potential as the goal of high frequency, highly meaningful, and highly profitable human space flight is in clear sight.

謝謝你，道格。我最近迎來了維珍銀河成立四週年紀念日，我是在該公司上市後的第二年加入的。我對我們的進步和潛力感到前所未有的興奮，因為高頻率、高度有意義和高利潤的載人航天飛行的目標已經清晰可見。

We have built a customer experience that is unparalleled. The value perceived by our customers is off the charts and will drive our top-line growth as we expand our fleet.

我們打造了無與倫比的客戶體驗。我們的客戶所感受到的價值是超乎尋常的，並將隨著我們擴大機隊而推動我們的收入成長。

Production model spaceships currently in development are game changers in human space flight. The reusability and turn time capabilities being built into the Delta ships are planned to deliver high capacity with an industry-leading cost structure, driving solid profitability as we launch and outstanding profitability as we expand our fleet.

目前正在開發的量產型太空船將改變人類太空飛行的遊戲規則。達美船舶的可重複使用性和周轉時間能力計劃以行業領先的成本結構提供高運力，在我們推出時推動穩健的盈利能力，並在我們擴大船隊時推動卓越的盈利能力。

Q3 will mark a new phase for our Delta Spaceship Program as we transition from a focus on design to a focus on building and testing. This is exciting, and we look forward to sharing our continued progress.

第三季將標誌著我們的達美太空船計畫進入一個新階段，因為我們從專注於設計轉向專注於建造和測試。這是令人興奮的，我們期待分享我們的持續進展。

Operator, let's open the call for questions.

接線員，讓我們開始提問。

(Operator Instructions) Greg Konrad, Jefferies.

（操作員說明）Greg Konrad，Jefferies。

Maybe just to start on the two spaceport scenario, when do you expect to see any decision being made? How are discussions going? And is there maybe the potential to tie a second spaceport to any potential growth capital needs?

也許只是從兩個太空港的場景開始，您預計什麼時候會做出任何決定？討論進度如何？是否有可能將第二個太空港與任何潛在的成長資本需求連結起來？

I think we've always said, generally from the time we really get serious. I think that's a four- to five-year effort to bring a new spaceport online, by the time you work through all the needs of government, aerospace, and depending upon the location, what needs to be done from a facility infrastructure standpoint.

我想我們總是說，通常從我們真正認真起來的時候開始。我認為要讓一個新的太空港上線需要四到五年的時間，屆時你將滿足政府、航空航天的所有需求，並根據地點的不同，從設施基礎設施的角度需要完成哪些工作。

So, for us, that wants to generally be happening in '25, although we are actively talking to various entities that are interested in this along the way. So generally, I think it's a four- to five-year piece. And I think '25 is the window when you would see us -- probably wanting to talk about something there.

因此，對我們來說，這通常會在 25 年發生，儘管我們一直在積極與對此感興趣的各個實體進行對話。所以總的來說，我認為這是一個四到五年的作品。我認為 25 年是你見到我們的窗口——可能想在那裡談論一些事情。

And then to your question on is that partnership that would happen most surely with a government entity, I would say, at some level for aerospace. Is there a way to blend that into growth capital? Depending upon the location, the government and the interest there. I think the answer is, yes, that is a possibility. Our partnership in Spaceport America is with the state of New Mexico who owns and built that facility and we leased that from them.

然後你的問題是，我想說，在航空航太領域，最有可能與政府實體建立夥伴關係。有沒有辦法將其融入成長資本？取決於地點、政府和那裡的利益。我認為答案是，是的，這是有可能的。我們在美國太空港的合作夥伴是新墨西哥州，他們擁有並建造了該設施，我們從他們那裡租用了該設施。

So the major investment in that first spaceport was in the physical plant. Some of the places that we are considering have a lot of their physical plants built out already and there may be other places where we could partner collectively to create a good economic engine for the community in which we enter. So I think that's a possibility, but I think it's dependent upon the government and the needs that they would have to be what would the specifics of that look like.

因此，第一個太空港的主要投資是在實體工廠。我們正在考慮的一些地方已經建造了許多實體工廠，可能還有其他地方我們可以共同合作，為我們進入的社區創造一個良好的經濟引擎。所以我認為這是一種可能性，但我認為這取決於政府和他們的需求，具體細節是什麼樣的。

And then, I appreciate all the data and numbers that you gave. And of course, we always ask for more after you give that, but just thinking about that growth capital on the two spaceport. I mean, how do you think about the free cash flow conversion of the company at scale? And how does maybe CapEx play into that, just thinking about the accelerated build of spaceships and just how you can convert that EBITDA to cash?

然後，我感謝您提供的所有數據和數字。當然，在你給予之後，我們總是要求更多，但只是考慮兩個太空港的成長資本。我的意思是，您如何看待公司大規模的自由現金流轉換？考慮一下太空船的加速建造以及如何將 EBITDA 轉化為現金，資本支出可能會如何發揮作用？

Thanks, Greg. This is Doug. So we wanted to give you the EBITDA, so you could see what we're generating from the business in terms of operating cash flows. And that's all available to plow back into the business as we see fit. So we're pleased that is a source of capital that we can use to push all back into CapEx if we want or we could scale back if that was the wise choice.

謝謝，格雷格。這是道格。因此，我們想為您提供 EBITDA，以便您可以了解我們從業務中產生的營運現金流量。所有這些都可以在我們認為合適的情況下重新投入業務。因此，我們很高興這是一個資本來源，如果我們願意的話，我們可以用它來將所有資金投入資本支出，或者如果這是明智的選擇，我們可以縮減規模。

But most likely, what we're going to choose to do is invest that because that's how we get more vehicles faster and moves us to the profitable columns as you move to the right. So we're going to want to invest in those vehicles and bring on new spaceships and motherships as quickly as possible and get to the calls where you see EBITDA expanding shown on the page.

但最有可能的是，我們將選擇做的是投資，因為這樣我們才能更快地獲得更多車輛，並在向右移動時將我們移動到有利可圖的列。因此，我們將希望投資這些交通工具，並儘快引進新的太空船和母艦，並接到電話，您將看到頁面上顯示的 EBITDA 不斷擴大。

And I think to Doug's point, as we invest in additional ships, the cost on those additional ships is coming at a variable basis, right? We will have already completed the upfront cost in the facilities, the upfront cost and the tools, the design will have been done.

我認為按照道格的觀點，當我們投資額外的船隻時，這些額外船隻的成本是可變的，對吧？我們已經完成了設施、前期成本和工具的前期成本，設計也已經完成。

And so now we're replicating using tools like the examples we showed today, and that gives us new ships at relatively low variable prices and the return on those ships is great. So anything we do from a CapEx standpoint, I think we're going to look from a ROIC, return on invested capital approach, and make sure that we're putting our money to shareholders great use, but I see great return on investment for scaling our ships in our fleet up. And so that would be our primary first choice.

所以現在我們正在使用像我們今天展示的例子這樣的工具進行複製，這為我們提供了相對較低的可變價格的新船，並且這些船的回報是巨大的。因此，從資本支出的角度來看，我們所做的任何事情，我認為我們都會從投資回報率（ROIC）、投資資本回報率的角度來看待，並確保我們將我們的錢充分利用在股東身上，但我認為投資報酬率很高擴大我們艦隊中的船舶規模。所以這將是我們的首要選擇。

Thank you.

謝謝。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi, Michael and Doug. The addressable market sounds quite attractive. Just what are some of the key assumptions that underpin the 300,000 people at 8% per year? Also, as you mentioned, parts and subassemblies are an important part as we look to next year and the progress you've been making. How are you thinking about the supply chain in the current environment that you're seeing in terms of service and supply chain, and the ability to get the parts and the people that you need? Thank you.

嗨，邁克爾和道格。潛在市場聽起來相當有吸引力。支撐 30 萬人每年 8% 成長的關鍵假設是什麼？此外，正如您所提到的，零件和子組件是我們展望明年以及您所取得的進展的重要組成部分。您如何看待當前環境中的供應鏈，包括服務和供應鏈，以及獲得所需零件和人員的能力？謝謝。

Thanks, Oliver. First, on the TAM estimates. So whether you think of it as a cascading filter or a bit of a Venn diagram overlap. We're starting with research on the number of people globally with a net worth of $10 million or above. That particular metric is the one that we expect to see growing at 8% annual growth.

謝謝，奧利佛。首先，關於 TAM 的估計。因此，無論您將其視為級聯濾波器還是維恩圖的一點重疊。我們首先對全球淨資產達到 1,000 萬美元或以上的人數進行研究。我們預計這一特定指標將以 8% 的年增長率成長。

So it's starting there. And then we're filtering that in two sets of filters. One is a propensity from -- of people to use a fairly substantial proportion of their net worth on experiences. So unlike people who may have a lot of net worth and just like to stay at home or invest in other ways. We're definitely filtering for people who prioritize experiential travel in their lives.

所以一切從這裡開始。然後我們在兩組過濾器中對其進行過濾。其中之一是人們傾向於將相當大比例的淨資產用於體驗。因此，與那些可能擁有大量淨資產並且只喜歡留在家裡或以其他方式投資的人不同。我們肯定會篩選那些在生活中優先考慮體驗式旅行的人。

And then third, a stated interest in space travel, right, and getting a perspective of the earth for space. And so that's the funnel down around there, and that's we package that up with some of our internal understanding with our own team. I'll note of our existing, current -- future astronaut group.

第三，對太空旅行的明確興趣，對的，以及從太空中了解地球的視角。這就是那裡的漏斗，我們將其與我們自己的團隊的一些內部理解打包在一起。我會注意到我們現有的、目前的以及未來的太空人團隊。

Probably half are in the $10 million and up range and probably half are less. And I think that just depends on the people who are less prioritize this type of an experience and are willing to put a greater percentage of their available resources towards it. But hopefully, that answers that question.

可能有一半的價格在 1000 萬美元及以上，也可能有一半在 1000 萬美元以下。我認為這僅僅取決於那些不太重視這種體驗的人，並且願意將更大比例的可用資源投入其中。但希望這能回答這個問題。

On the supply chain side, we are constantly on top of supply chain issues. So by no means do I intend to imply we never see an issue or a glitch. On the whole note, we continue to manage them well. So we have managed the design of these ships ourselves, and we're managing the final assembly for ourselves.

在供應鏈方面，我們始終關注供應鏈議題。因此，我絕不打算暗示我們從未看到問題或故障。總的來說，我們繼續很好地管理它們。因此，我們自己管理這些船舶的設計，並自行管理最終組裝。

I think as you know, we have Bell and Qarbon as the primary people that will be creating the major subassemblies there. So we work with Bell and Qarbon for a wider range of vendors to support. Some Bell and Qarbon go directly, some we provide as owner-furnished items. And this is, in a good way, this is an aerospace program and the aerospace industry is big. There are lots of suppliers, there are lots of availability.

我想如您所知，我們有貝爾和卡邦作為主要人員，他們將在那裡創建主要組件。因此，我們與 Bell 和 Qarbon 合作，為更廣泛的供應商提供支援。一些 Bell 和 Qarbon 直接發貨，一些我們作為業主提供的物品提供。從好的方面來說，這是一個航空航天計劃，航空航天工業規模很大。有很多供應商，有很多可用性。

We are mostly a carbon fiber ship. We have metallics. Those are typical in the aerospace industry, some aluminum, some titanium. And we've been way ahead of ensuring the material orders here that we have the billets, we have the general supplies, and we've been ordering those up early, so it's not to let that get in the way.

我們主要是一艘碳纖維船。我們有金屬。這些是航空航太工業的典型材料，有些是鋁，有些是鈦。我們已經遠遠領先於確保這裡的材料訂單，我們有鋼坯，我們有一般供應品，而且我們一直很早就訂購了這些，所以這不會成為障礙。

And then you'll have a situation come up. We had one not too recently where one of the tools as we're refining what you'll hear is the loft of the tools. We're refining the actual shape of what the mold will look like. So part will come out correctly.

然後你就會遇到一個情況。我們最近有一個工具，當我們正在改進時，您會聽到的是工具的閣樓。我們正在完善模具的實際形狀。所以部分會正確輸出。

There can be analysis that needs to go in there. And some of our efforts needed to accelerate the analysis that we were doing, and we had to work through the supply chain to be able to make that move at a good pace.

可能需要進行分析。我們的一些努力需要加快我們正在進行的分析，並且我們必須透過供應鏈開展工作，以便能夠以良好的速度進行這項行動。

We have lots of smaller issues along the way like that. But so far, the major slugs of material, major supply issues we are staying in front of. But it's a week-to-week look and forecast ahead to make sure we remain ahead.

過程中我們遇到了許多類似的小問題。但到目前為止，我們仍然面臨著主要的材料問題和主要的供應問題。但這是每週的展望和預測，以確保我們保持領先。

Okay. And one follow-up. You've given a lot of clear information on the leverageability of the model as well as the opportunity. The equity value of the stock is pretty modest relative to the opportunity. So what do you think is more underappreciated in your opinion? It's an open-ended question. Thank you.

好的。還有一個後續行動。您提供了有關模型的槓桿作用以及機會的大量清晰資訊。相對於機會而言，該股票的股權價值相當適中。那麼您認為什麼是更被低估的呢？這是一個開放式問題。謝謝。

I think modest is a gracious term in the way that sentence is phrased, Oliver, but thank you. We would agree that the value that is being built into and created by the company is not accurately reflected in the market capitalization value that we currently are seeing.

我認為從這句話的措辭方式來看，「謙虛」是一個親切的詞，奧利佛，但謝謝你。我們同意，公司正在建立和創造的價值並未準確反映在我們目前看到的市值中。

So what is in the way? Well, what are the risks that I don't think are in the way. I don't think technical risk is the question because we've proved that out with Unity. I don't think it's a safety risk piece, which is what we are demonstrating with all of our flights over the last year.

那麼到底是什麼阻礙了呢？好吧，有哪些我認為不存在的風險呢？我認為技術風險不是問題，因為我們已經透過 Unity 證明了這一點。我不認為這是一個安全風險，這是我們去年所有航班所展示的。

It's not regulatory risk because we've worked through that with our spaceship Unity. And it's not product market fit, not customer risk because that's shown to have great value. So what's left in that piece is primarily driven by execution risk. Are we going to finish the work that we have and get that done in time and pace and fiscal discipline so as not to create financial risk.

這不是監管風險，因為我們已經透過我們的太空船 Unity 解決了這個問題。這不是產品市場契合度，也不是客戶風險，因為事實證明這具有巨大的價值。因此，該部分剩下的內容主要是由執行風險所驅動的。我們是否要完成我們現有的工作，並按時按節奏完成工作並遵守財務紀律，以免造成財務風險。

And execution risk happens. It's on all manufacturing industries. There's execution risk. How do we handle it? We have, first, massive diligence daily across all parts of this program to both make sure we're getting done the work that needed to get done that day, and we're looking forward to make sure that something new isn't on the horizon that needs firefighting.

並且存在執行風險。它適用於所有製造業。存在執行風險。我們該如何處理呢？首先，我們每天對該計劃的所有部分進行大量的盡職調查，以確保我們完成當天需要完成的工作，並且我們期待確保新的內容不會出現在計劃中。

So that's one. Two, we keep contingency buffer, built within our schedule and our plan. Our teams are not meant to use it, but we also recognize there are unknowns that nobody can fully predict, and we need to have the capacity to absorb those, while also looking for opportunities to improve as well.

這就是其中之一。第二，我們在我們的時間表和計劃內建立應急緩衝。我們的團隊並不打算使用它，但我們也意​​識到存在無人能完全預測的未知因素，我們需要有能力吸收這些未知因素，同時也尋找改進的機會。

So we're managing this very tightly along the way. And I, personally, if I look at where the market is reacting, I think there's -- must be a heavy weighting into, I think, is less fully informed opinions, and we'll see opinions out of, look, Virgin Galactic is spending money without revenue that must be bad.

因此，我們一直在非常嚴格地管理這一點。就我個人而言，如果我看看市場的反應，我認為，我認為，一定會嚴重考慮不太充分知情的意見，我們會看到來自維珍銀河的意見花了錢卻沒有收入，這一定是不好的。

And well, we are in a pre-revenue phase, and we are clearly investing heavy capital in. It's very purposeful because we're building the assets and the infrastructure that will create an incredible company. And it's that last part as simple as it sounds, that I don't think is being accurately reflected.

嗯，我們正處於收入前階段，我們顯然正在投入大量資金。這是非常有目的的，因為我們正在建造資產和基礎設施，以創建一家令人難以置信的公司。最後一部分聽起來很簡單，但我認為沒有準確反映。

So we have gone to the step of putting out a thoughtful video of our business model. It's 6 minutes. I encourage everybody to watch it, share with your friends. And it lays everything out in succinct fashion. And then let's have the conversation around that.

因此，我們已經採取了步驟，推出了一段關於我們的商業模式的深思熟慮的影片。6分鐘了。我鼓勵大家觀看，並與您的朋友分享。它以簡潔的方式列出了一切。然後我們就圍繞這個話題進行對話。

But right now, I believe we're missing some of those important points we're investing for the future, and I think that gets missed perhaps in some of the past. So hopefully, today is a good way to start changing that and getting better balance in information shared.

但現在，我相信我們錯過了一些我們為未來投資的重要要點，而且我認為在過去的一些時候可能會錯過這一點。因此，希望今天是開始改變這種狀況並在資訊共享方面取得更好平衡的好方法。

Thanks, Michael. Thanks, Dough. Best regards.

謝謝，麥可。謝謝，麵團。此致。

Thanks, Oliver.

謝謝，奧利佛。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究中心。

Thanks. Good evening, and thanks for the video. You really get the case flow, and I think it was a well-produced overview. Doug, can I focus on slide 6 for a second? I just want to make sure I understand the economics, particularly the space line operations and SG&A of your initial fleet assumption. Because obviously, if I look at just the first half of this year, you're already annualizing $100 million for space line and $120 million for SG&A.

謝謝。晚上好，感謝您的影片。你確實了解了案例流程，我認為這是一個製作精良的概述。道格，我可以先看第 6 張投影片嗎？我只是想確保我了解經濟情況，特別是您最初機隊假設的太空航線運營和銷售、一般行政費用 (SG&A)。因為顯然，如果我只看今年上半年，你會發現航太線的年化成本已經達到 1 億美元，SG&A 的年化成本已經達到 1.2 億美元。

So how does whatever in those two lines change from here to there? Or are you just saying the costs that we're incurring today are going to be the same costs we're going to incur when we're flying 125 flights a year?

那麼這兩行中的內容從這裡到那裡是如何變化的呢？或者您只是說我們今天產生的成本與我們每年飛行 125 次航班時產生的成本相同？

Yes. Thanks, Myles. So yeah, the costs that are in those buckets are very similar to what they are today because what you see growing as we increase the flight rate is the variable costs that go up. So we bring in the revenue, and then we've got what we showed is variable space like cost, which is rocket motor and the fuel and the hospitality, and all of that, that goes around the flights. But the fixed cost portion is as it's stated, it's fundamentally fixed.

是的。謝謝，邁爾斯。所以，是的，這些成本與今天的成本非常相似，因為隨著我們提高飛行率，您看到的成長是可變成本的上升。因此，我們帶來了收入，然後我們得到了我們所展示的可變空間成本，即火箭發動機、燃料和招待，以及所有與航班相關的費用。但正如所說，固定成本部分基本上是固定的。

The activities in that group varies over time. I mean, right now, they've been working on flying Unity and now we're working on things like getting the factory ready in Phoenix and so on. So we're -- and we've got people working on Delta programs. That group is still employed and doing different things, and then they shift back into flying.

該組中的活動隨著時間的推移而變化。我的意思是，現在他們一直在致力於飛行 Unity，現在我們正在做一些事情，例如讓鳳凰城的工廠做好準備等等。所以我們——我們有人員參與達美航空計畫。那群人仍然有工作，做著不同的事情，然後他們又重新開始飛行。

And then you start to see it grow as we add more and more vehicles from there. SG&A, also it's by definition, fundamentally fixed. As we start to fly more, there's no real reason why it would grow more than a modest amount from where we are today in terms of administrative costs.

然後你開始看到它隨著我們從那裡添加越來越多的車輛而增長。SG&A，根據定義，基本上是固定的。隨著我們開始增加飛行次數，就管理成本而言，沒有任何理由會比今天的水平增長更多。

And we've got the sales function is probably the area where you'll see the growth versus the rest of it, which is fairly fixed. So sales would be the area where we would ramp up over time in that bucket to make sure we have all of the volume that's projected here. But that's really the logic behind it.

我們的銷售職能可能是您會看到與其他部分相比成長的領域，這是相當固定的。因此，銷售額將是我們將隨著時間的推移而增加的領域，以確保我們擁有此處預期的所有銷售量。但這確實是背後的邏輯。

So I know there's an accounting treatment in the R&D line, that part, I guess. The new accounting treatment for the SG&A line because, again, the run rate you have today is $120 million versus that $100 million or so you're targeting. So clearly, something has to go away from what you're doing today within SG&A?

所以我知道研發部門有會計處理，我想這部分。SG&A 行的新會計處理是因為，您今天的運作率為 1.2 億美元，而您的目標是 1 億美元左右。很明顯，您今天在 SG&A 中所做的事情必須有所改變？

There's a small -- yes, so good observation. So there's a small portion of this that will get reclassed into R&D or space on operations. We have some functions that are involved in management, and so on, in this phase of our operations. But as we shift to flying and we move down the road, you will see some reclassing into those other buckets out of G&A, but not a lot, but the amount you just mentioned.

有一個小——是的，觀察力非常好。因此，其中一小部分將被重新分類為研發或營運空間。在我們這個階段的營運中，我們有一些涉及管理等的職能。但當我們轉向飛行並繼續前進時，您會看到一些重新分類到 G&A 之外的其他類別，但不是很多，而是您剛才提到的數量。

Okay. All right. And then just one quick one. The number of astronauts in the backlog, how stable has that been? I know this maybe 18 months ago, it was $800 million.

好的。好的。然後只是一個快速的。積壓的太空人數量有多穩定？我知道這可能是 18 個月前，價值 8 億美元。

I think at the end of the year was $750 million. I think the presentation, the video said approximately $700 million. Are you curating further the backlog? Is there a little bit of bleed off? What movement are we seeing in the backlog?

我想年底的收入是 7.5 億美元。我認為演示影片中說大約 7 億美元。您是否正在進一步處理積壓的工作？是不是有一點點出血？我們在積壓中看到了什麼變化？

Mostly you're seeing, I'd say, mostly stability. So we have been holding the same basic level going through. We flew a number of people over the last year, so that was partly going down. There have been a couple of places where we saw a bigger drop of folks that have come through, but that's pretty stable. Of the folks who have dropped out, the large majority of that have been folks who are very early in the program for various reasons.

我想說，你看到的大部分是穩定性。所以我們一直保持著相同的基本水準。去年我們運送了很多人，所以數量有所下降。在某些地方，我們看到了更多的人通過，但這是相當穩定的。在退出的人中，絕大多數是因為各種原因很早就加入該計劃的人。

Some are in a change of life stage. Some may have other issues that have come up, some may have had health issues that have come up. And so the majority of the people who have stepped away from the program, at least at this stage, have been preponderant. The preponderance of that has been our very early folks. We feel very strong about this group.

有些人正處於人生的轉變階段。有些人可能會出現其他問題，有些人可能會出現健康問題。因此，至少在現階段，大多數退出該計劃的人佔了絕大多數。其中大部分是我們非常早期的人。我們對這個團體的感覺非常強烈。

We stay connected with them. We're working and we go to the various cities where we have large groups of them and give updates on the company. And they're incredibly valuable group of people to us and as a company. As we said, we don't have sales open right now. So we're not actively working to backfill when these open.

我們與他們保持聯繫。我們正在工作，我們會去各個城市，那裡有很多人，並提供公司的最新情況。對我們和公司來說，他們是非常有價值的一群人。正如我們所說，我們現在沒有開放銷售。因此，當這些開放時，我們不會積極努力回填。

This still gives us quite a backlog, and we're comfortable with the amount of backlog we have right now. But when we do open up sales, you'll start to see these numbers go up as people come in on the tail end of the line here.

這仍然給我們帶來了相當大的積壓，我們對目前的積壓數量感到滿意。但當我們開放銷售時，你會開始看到這些數字隨著人們排在隊伍的最後而上升。

Okay. All right. Thanks.

好的。好的。謝謝。

(Operator Instructions) Michael Leshock, KeyBanc Capital Markets.

（操作員指令）Michael Leshock，KeyBanc 資本市場。

Hey. Good afternoon. I wanted to start asking on the free cash flow guidance. I think you previously expected 2024 to be the largest cash burn in support of the Delta Class ship. But just given what you've done to date in the 3Q guide, that would imply a 4Q burn of around $135 million, and that's just to be in line with 2023 burn level.

嘿。午安.我想開始詢問自由現金流指導。我想您之前預計 2024 年將是支援達美級船舶的最大現金消耗期。但僅考慮到您迄今為止在第三季指南中所做的工作，這將意味著第四季度的燒錢約為 1.35 億美元，而這正好與 2023 年的燒錢水準保持一致。

So are you expecting a step-up in cash burn in the fourth quarter, maybe in the $140 million to $150 million range, just assuming that you're still expecting 2024 to be the largest spending year?

那麼，假設您仍然預計 2024 年將是支出最多的一年，您是否預計第四季度的現金消耗會增加，可能在 1.4 億美元至 1.5 億美元的範圍內？

Thanks, Mike. This is Doug. So yes, we do still expect 2024 to be the largest spending year. It's about flattish to '23, a little higher. We didn't give guidance past Q3, but I can give you some direction that -- as we talked about in the prepared remarks, we do have acceleration of activity going on with the tooling development and parts fabrication.

謝謝，麥克。這是道格。所以，是的，我們仍然預計 2024 年將是支出最多的一年。與 23 年相比持平，略高一些。我們沒有在第三季之後提供指導，但我可以給你一些指導——正如我們在準備好的評論中談到的那樣，我們確實加速了工具開發和零件製造的活動。

That's a Q3, Q4 activity and trailing into Q1. So you'll see the local peak could be around the Q4, Q1 time frame. And then you'll start to see things ramp down in Q2, Q3 of 2025. So that's directionally where we see things going. A little lower than the amount you just highlighted, though, not in the level of 150, that number, we're lower than that.

這是第三季、第四季的活動，並持續到第一季。因此，您會看到局部高峰可能在第四季度、第一季時間範圍內。然後你會開始看到 2025 年第二季、第三季情況有所放緩。這就是我們看到事情發展的方向。不過，比您剛才強調的數量要低一些，但不是 150 這個數字的水平，我們比這個數字要低。

Got it. And then any change in how you're thinking about research flights as Delta Class starts to ramp? Are you still targeting that 10% or so range of flights slated for research? So that's the first question.

知道了。隨著達美艙的數量開始增加，您對研究航班的看法是否會改變？您是否仍以 10% 左右的航班為研究目標？這是第一個問題。

And then secondly, we got to see the research product in action and heard the grade testimonials of some of your customers. Have any more government agencies inquired about research flights now that you've proven the reliability of the offering, given the success of Unity flights?

其次，我們看到了研究產品的實際應用，並聽取了一些客戶的等級評估。鑑於 Unity 航班的成功，既然您已經證明了該產品的可靠性，是否還有更多政府機構詢問研究航班？

I'll take that one, Mike. The research program and research product that we have has been equally successful, albeit from a different customer lens as our private astronaut place. We typically spend most of our time talking about our private astronauts.

我要那個，麥克。我們的研究計劃和研究產品同樣成功，儘管與我們的私人太空人場所的客戶視角不同。我們通常花大部分時間談論我們的私人太空人。

But it's very successful because we offer access to a micrography environment that relatively is quite long and quite clean, and at the price point is quite valuable for the price charged. And so it just wins on every front there.

但這是非常成功的，因為我們提供了相對較長且乾淨的顯微攝影環境，而且在價格上對於所收取的價格來說非常有價值。所以它在各個方面都取得了勝利。

We have had -- I think you probably saw Kellie Gerardi, and a group of researchers have signed on for another research flight. I think you'll see things like that with people who've flown before, we obviously do that with payloads.

我們已經——我想你可能看到了凱莉·杰拉迪（Kellie Gerardi），一群研究人員已經簽約參加另一次研究飛行。我想你會在以前飛行過的人身上看到類似的事情，我們顯然是透過有效的載荷來做到這一點。

Lots of our university partners are repeat flyers as they either do new research or use our platform to refine their research before it goes further out to the space station or even beyond. So the product quality had been very good and the repeat availability of it will be very good. Most of our research customers, not all, but most, need pre-specific dates.

我們的許多大學合作夥伴都是重複飛行者，因為他們要么進行新的研究，要么使用我們的平台來完善他們的研究，然後再進一步前往太空站甚至更遠的地方。所以產品品質非常好，重複可用性也會非常好。我們的大多數研究客戶（不是全部，但大多數）都需要預先指定的日期。

Most of them are government-funded and most government funding requires some specificity of dates. And we're a little far out from getting real specific out of the dates, and we know generally there, but the customers need us to be a little more specific.

其中大多數是政府資助的，大多數政府資助都需要一些特定的日期。我們距離獲得真正具體的日期還有一點距離，我們大致上知道這一點，但客戶需要我們更具體一點。

So as we get closer in, you'll see us also start to ramp up research sales as we also open up private astronaut sales. Now, you asked about 10% I think that's a nice target in the early days. We'll see as we scale this up, right?

因此，當我們越來越接近時，您會看到我們也開始增加研究銷售，因為我們也開放了私人太空人銷售。現在，你問了大約 10%，我認為這在早期是一個不錯的目標。當我們擴大規模時我們就會看到，對嗎？

If you go to page 6 on this chart, as we start getting to 275, you get to a second spaceport, it's a lot of space flights. I don't have a sense that the market will -- the research market will continue to scale the 10% all the way up.

如果你翻到這張圖表的第 6 頁，當我們開始到達 275 時，你就會到達第二個太空港，那裡有很多太空飛行。我不認為市場會—研究市場會繼續擴大 10% 的規模。

But I definitely think that's the right target in our early periods for sure. I will note, we adjusted our pricing. While we don't have sales open, we do take referrals from existing customers, and as I've always used the term, some house seats that we offer.

但我絕對認為這肯定是我們早期階段的正確目標。我會注意到，我們調整了定價。雖然我們沒有開放銷售，但我們確實接受現有客戶的推薦，正如我一直使用這個詞一樣，我們提供了一些內部座位。

We've brought those prices into parallel. So, at this point, every seat equivalent, whether it's for a private astronaut, a human researcher or we removed the seat and put a payload rack in, all is at $600,000 on a seat equivalent basis. That's our current off the market price when we really open up sales for the Delta ships will reassess our price set again.

我們已經將這些價格並列起來。因此，在這一點上，每個座位當量，無論是私人太空人、人類研究人員，還是我們拆除座位並放入有效載荷架，在座位當量基礎上的價格都是 60 萬美元。這是我們目前的市場價格，當我們真正開放達美船舶銷售時，我們將再次重新評估我們設定的價格。

Then lastly, I appreciate the economics that you provided. Just looking at some of the assumptions, is it four spaceships and two motherships at Spaceport America before you start to look into expanding into a second spaceport. Does that the -- what you need to see before you build a second spaceport? Is that the expected capacity of a spaceport in the future?

最後，我很欣賞您提供的經濟學知識。看看一些假設，在你開始考慮擴建第二個太空港之前，美國太空港是否有四艘太空船和兩艘母艦。這就是您在建造第二個太空港之前需要看到的嗎？這是未來太空港的預期容量嗎？

It's not that we need to see that before working on the next spaceport We'll definitely start working on the next spaceport even before these Delta ships launched in '26. However, it's the smartest place to go first. One thing you'll notice if you start doing the math of ratios of how revenue and contribution margin growing relative to these cost lines growing. And we have a bigger set of leverage as we move from the initial fleet to the expanded fleet and going from one to two spaceports.

這並不是說我們需要在建造下一個太空港之前看到這一點，甚至在 26 年這些 Delta 飛船發射之前我們肯定會開始建造下一個太空港。然而，這是最明智的選擇。如果您開始計算收入和邊際貢獻相對於這些成本線成長的比率，您會注意到一件事。當我們從最初的機隊轉向擴大的機隊並從一個到兩個太空港時，我們擁有更大的影響力。

There are a couple of things behind that. But to the question you're asking, Mike, it's primarily because two spaceships and one mothership, that's an imbalanced line. It's an underutilized spaceport. We have a lot of our fixed costs in to run baseline operations there, and even in SG&A as one of the earlier questions was talking about that we can fully get leverage on as we add a couple more ships. Now this chart shows us with two and four, and then at that point, like moving to an additional spaceport.

這背後有幾件事。但對於你問的問題，麥克，這主要是因為兩艘太空船和一艘母艦，這是一條不平衡的線。這是一個未充分利用的太空港。我們有很多固定成本用於在那裡運行基線運營，甚至在SG＆A方面，正如前面的問題之一所討論的那樣，當我們增加更多的船隻時，我們可以充分利用這一點。現在這張圖表向我們展示了兩個和四個，然後在這一點上，就像移動到另一個太空港一樣。

There's -- you've heard us talk about higher than 275 flights in the past. We're trying to be reasonably conservative and not getting too far ahead of what weather will look like when we get to additional spaceports. And so trying to have a balanced place there.

您過去曾聽我們談論過超過 275 次航班。我們試著保持相當保守的態度，不要太提前到達其他太空港時的天氣狀況。所以試圖在那裡有一個平衡的地方。

But it may be that it's worth adding a fifth spaceship in each of these things just to have a hot spare ready and being able to pick up additional set of flights along the way. So you might see us tweak the numbers, but what we have here on the page is where we would like to start each of these spaceports.

但也許值得在這些事情中添加第五艘太空船，只是為了準備好熱備件並能夠沿途搭乘額外的航班。所以你可能會看到我們調整數字，但我們在頁面上顯示的是我們想要啟動每個太空港的地方。

Got it. Thanks, guys.

知道了。謝謝，夥計們。

This concludes the question-and-answer session. It will also conclude today's conference call. We thank you for joining. You may now disconnect your lines.

問答環節到此結束。今天的電話會議也將結束。我們感謝您的加入。現在您可以斷開線路。