Virgin Galactic Holdings Inc (SPCE) 2024 Q3 法說會逐字稿

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

午安.我叫克里斯蒂娜，今天我將擔任您的會議主持人。現在，我歡迎大家參加維珍銀河 2024 年第三季財報電話會議。（操作員指令）

Thank you. I'll now turn the call over to Eric Cerny, Vice President of Investor Relations. Sir, the floor is now yours.

謝謝。現在我將把電話轉給投資者關係副總裁 Eric Cerny。先生，現在請您發言。

Thank you. Good afternoon, everyone. Welcome to Virgin Galactic's third 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 年第三季財報電話會議。今天與我一起通話的有執行長 Michael Colglazier；以及財務長Doug Ahrens。在我們發表完準備好的發言後，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 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發言，可在我們投資者關係網站上找到。請參閱簡報的第二張投影片，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的陳述。這些聲明是基於當前的預期和假設，因此受風險和不確定性的影響。許多因素可能導致實際事件與本次電話會議中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. 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.

有關這些風險和不確定性的更多信息，請參閱公司不時提交給美國證券交易委員會的文件中的風險因素。請注意不要過度依賴前瞻性陳述。本公司特別聲明，本公司不承擔更新本次電話會議中可能討論的前瞻性陳述的任何義務，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 GAAP 財務資訊。請參閱我們的收益報告以了解這些非 GAAP 財務指標的調整。

With that, I would like to turn the call over to Michael now.

說完這些，我現在想把電話轉給麥可。

Thanks, Eric. We've had a powerful and productive quarter at Virgin Galactic. I'll leave with three main points to open the call. First, and as planned, we've moved into the build phase of our spaceship program. This is the phase when we are building tools, fabricating parts and assembling the spaceships. I have to give a shout out to our engineering teams whose tireless work has successfully elevated our prototype spaceship to a true production model.

謝謝，埃里克。維珍銀河本季表現強勁、成果顯著。最後，我將以三個要點來開始本次電話會議。首先，按照計劃，我們已經進入太空船計劃的建造階段。這是我們建造工具、製造零件和組裝太空船的階段。我必須向我們的工程團隊致以謝意，他們的不懈工作成功地將我們的原型太空船提升為真正的生產模型。

We now have a spaceship design that can be manufactured efficiently and maintained effectively with enormous improvements in reusability and turn time, while keeping safety above all. We are hyper-focused on the critical path of the build phase, working in close coordination with our partners, Bell Textron and Qarbon Aerospace. Our spaceship program remains on track to begin commercial operations in 2026.

我們現在有了一個太空船設計，可以高效製造、有效維護，可重複使用性和周轉時間大大提高，同時將安全放在第一位。我們高度關注建設階段的關鍵路徑，並與我們的合作夥伴貝爾德事隆和 Qarbon Aerospace 密切合作。我們的太空船計劃仍按計劃進行，預計將於 2026 年開始商業運營。

Second, we are directing our efforts towards the next phase of growth by expanding our fleet beyond our first two spaceships. We have an exciting opportunity to capture economies of scale from our existing investments. The nonrecurring investments we have made in design, engineering and manufacturing infrastructure, allow additional spaceships to be built relatively quickly and cost effectively. This enables a straightforward path to add a third and a fourth spaceship at Spaceport America.

其次，我們將努力邁向下一階段的成長，擴大我們的艦隊規模，不再侷限於現有的兩艘太空船。我們有一個令人興奮的機會從現有投資中獲得規模經濟。我們在設計、工程和製造基礎設施方面所做的非經常性投資使得能夠相對快速且經濟高效地建造更多的太空船。這使得在美國太空港增加第三艘和第四艘太空船變得非常簡單。

Taking advantage of the flight capacity provided by a third and fourth spaceship requires the addition of a second mothership. With the strong progress made on the Delta program, we now have the engineering capacity to pick up the design work on a second mothership. This additional mothership and two additional spaceships are the keys to unlocking substantial economic expansion.

要利用第三艘和第四艘太空船提供的飛行能力，需要增加第二艘母艦。隨著德爾塔計畫的重大進展，我們現在擁有了承擔第二艘母艦設計工作的工程能力。這艘額外的母艦和兩艘額外的太空船是大幅經濟擴張的關鍵。

Third, with confidence in our customer experience and clarity in our business model, we plan to accelerate this economic expansion through the targeted use of growth capital. While our existing capital on hand is projected to be sufficient to bring our first two spaceships into service and drive positive operating cash flow, a two spaceship operation does not capture the full economic potential of a spaceport.

第三，憑藉對客戶體驗的信心和對業務模式的清晰認識，我們計劃透過有針對性地使用成長資本來加速經濟擴張。雖然我們現有的資本預計足以讓我們的前兩艘太空船投入使用並帶來正的營運現金流，但兩艘太空船的運作並不能充分發揮太空港的經濟潛力。

The growth capital we plan to employ will allow Virgin Galactic to deliver a second mothership and two additional spaceships much earlier than if we were to fund these ships solely through organic growth. Our strong cash position gives us flexibility in timing and pace of acquiring this growth capital. And this allows us to make prudent progress on fleet expansion, while maintaining continuous strength in our balance sheet.

我們計劃使用的成長資本將使維珍銀河能夠比僅透過有機成長來資助這些飛船更快地交付第二艘母艦和另外兩艘太空船。我們強大的現金狀況使我們能夠靈活地獲取這筆成長資本的時間和速度。這使我們能夠在機隊擴張方面取得審慎進展，同時保持資產負債表的持續強勁。

Importantly, the expanded fleet enabled with this growth capital creates an economic engine for Virgin Galactic. While we may adjust our capital structure from time to time, we expect the cash generated by this economic engine will be sufficient to fund operations going forward, including further fleet build-up and expansion to additional spaceports.

重要的是，借助這筆成長資本而擴大的機隊將為維珍銀河創造經濟引擎。雖然我們可能會不時調整我們的資本結構，但我們預計這具經濟引擎產生的現金將足以資助未來的運營，包括進一步擴建機隊和擴大更多太空港。

With that, let's get started on slide 3 with the agenda for today's call. I'll share visibility into the progress, challenges and solutions that have shaped our spaceship program during the quarter. We'll then revisit our business model and growth strategy, which sets the stage for our fleet build-out and the launch of our second-generation mothership program. Doug will then cover our financial results for the quarter, including how we're thinking about growth capital to optimize our revenue and profit growth.

那麼，讓我們從投影片 3 開始討論今天的電話會議議程。我將分享本季我們的太空船計畫的進展、挑戰和解決方案。然後，我們將重新審視我們的商業模式和成長策略，這為我們的船隊建設和第二代母艦計畫的啟動奠定基礎。然後，Doug 將介紹我們本季的財務業績，包括我們如何考慮成長資本以優化我們的收入和利潤成長。

As I shared in the opening, we are well into the building phase of our spaceship program with tools being completed and parts beginning to be produced. Our near and medium-term milestones remained the same as we shared last quarter. As a reminder, we expect part fabrication will continue ramping up in Q4. Assembly of the spaceships in Phoenix is expected to commence in Q1 of 2025, with the rollout and testing of our first ship expected in the second half of 2025.

正如我在開頭所說，我們的太空船計畫已經進入建造階段，工具已經完成，零件也開始生產。我們的近期和中期里程碑與上個季度的保持一致。提醒一下，我們預計零件製造將在第四季繼續增加。鳳凰城的太空船組裝預計將於 2025 年第一季開始，第一艘太空船的下水和測試預計將於 2025 年下半年進行。

Since our last call, we have refined our schedules to include day-by-day management of tool deliveries, parts fabrication and the build assembly sequence. As I shared at the opening, we expect to launch commercial operations in 2026. We are well through the majority of the nonrecurring engineering investment, also known as NRE, associated with our Delta spaceship program.

自上次通話以來，我們已經完善了計劃，包括工具交付、零件製造和建造組裝順序的日常管理。正如我在開幕式上所說的那樣，我們預計將於 2026 年開始商業運營。我們已經完成與 Delta 太空船計劃相關的大部分非經常性工程投資（也稱為 NRE）。

Engineering, design and manufacturing facilities comprise the largest part of NRE, but the tools used to make the parts for our spaceships are also a large nonrecurring item. These high-quality tools will enable us to quickly fabricate the parts for future spaceships with the full cost of an incremental spaceship estimated at $50 million to $60 million per ship. Page 4 shows examples of completed tools that are being used to create carbon fiber parts for our spaceships. Our tools are made with a material known as Invar, a nickel iron alloy, which provides the gold standard in delivering precision parts time after time.

工程、設計和製造設施構成了 NRE 的最大部分，但用於製造我們太空船零件的工具也是一個很大的非經常性項目。這些高品質的工具將使我們能夠快速製造未來太空船的零件，每艘增量太空船的全部成本估計為 5,000 萬至 6,000 萬美元。第 4 頁展示了用於製造我們太空船的碳纖維部件的完整工具範例。我們的工具採用一種名為因瓦合金（Invar）的材料製成，這是一種鎳鐵合金，它為一次又一次提供精密零件提供了黃金標準。

Moving to page 5. Our testing work will continue throughout the duration of our spaceship program and this effort is also well underway. The Lear jet shown here is owned by CalSpan, a company well-known in flight test circles for testing fly-by-wire configurations in advance of actual flight testing. Working with CalSpan, our engineers and spaceship pilots are able to assess flight control software on a flying test bed prior to the first flight of our Delta spaceship. This is one of many ways we are able to test critical parts of our system well in advance of our first spaceship flight test.

移至第 5 頁。我們的測試工作將在整個太空船計劃期間持續進行，這項工作目前也在順利進行中。這裡展示的 Lear 噴射機歸 CalSpan 所有，該公司在飛行測試圈內以在實際飛行測試之前測試電傳操縱配置而聞名。透過與 CalSpan 合作，我們的工程師和太空船飛行員能夠在 Delta 太空船首次飛行之前在飛行試驗台上評估飛行控制軟體。這是我們在首次太空船飛行測試之前測試系統關鍵部件的眾多方法之一。

Turning to page 6. We are ramping our hiring in the Phoenix Mesa area this quarter in advance of the spaceship assembly work in early 2025. Hiring emphasis is on A&P mechanics, manufacturing engineers, quality inspectors and other key personnel to augment our experienced teammates who have relocated to Phoenix.

翻到第 6 頁。為了在 2025 年初進行太空船組裝工作，我們本季將加大在鳳凰城梅薩地區的招募。招募重點是 A&P 機械師、製造工程師、品質檢查員和其他關鍵人員，以增強我們已遷至鳳凰城的經驗豐富的隊友。

Many of our highly experienced maintenance and technical operations teammates from New Mexico will also be joining the team in Phoenix for the building of our first two ships, after which they will return with the ships to Spaceport America to support flight test and commercial operations. We are all excited as our spaceship factory comes alive.

我們許多來自新墨西哥州的經驗豐富的維護和技術運營隊友也將加入鳳凰城的團隊，一起建造我們的前兩艘飛船，之後他們將隨飛船返回美國太空港，支持飛行測試和商業運營。我們的太空船工廠正式投入運營，我們都非常興奮。

Moving to page 7. Earlier today, we released a short video to give a glimpse into the exciting work that is happening at our partner facilities as major tools continue to arrive and parts fabrication ramps up. As we expected in a project of this scale, complexity in the manufacturing of certain parts can often lead to design revisions. And the overall design process can take longer to complete than originally expected. Working with Bell and Qarbon, who in turn are working with their suppliers, we have identified and implemented opportunities to reduce the impact of these design extensions.

移至第 7 頁。今天早些時候，我們發布了一段簡短的視頻，讓人們一睹隨著主要工具不斷抵達以及零件製造不斷加速，我們的合作夥伴工廠正在進行的激動人心的工作。正如我們在這種規模的專案中所預料的那樣，某些零件製造的複雜性通常會導致設計修改。而且整個設計過程可能比最初預期的要花更長的時間才能完成。透過與 Bell 和 Qarbon 合作（他們又與其供應商合作），我們已經確定並實施了減少這些設計擴展影響的機會。

Together, we've been able to re-sequence elements within our build planning to maintain overall program momentum and delivery within our expected time lines. In summary, lots of great work underway with our spaceship program, moving us forward as planned and on track for commercial service in 2026.

總之，我們能夠對建置規劃中的元素進行重新排序，以保持整體計畫的動力並在預期的時間內交付。總而言之，我們的太空船計畫正在進行中，許多出色的工作正在按計劃推進，並預計在 2026 年投入商業服務。

Turning to slide 8. I want to add more context around our strategy for growth. Last quarter, we shared a video describing our business model. And page 8 shows a copy of the economic slides that we highlighted in that presentation. Many of the costs required to operate a spaceport are fixed or semi-variable, and you can see this in the difference between the initial fleet and the expanded fleet columns. This provides an excellent opportunity to drive economies of scale as we expand the number of ships in our fleet.

翻到幻燈片 8。我想補充更多關於我們成長策略的背景資訊。上個季度，我們分享了一段描述我們商業模式的影片。第 8 頁展示了我們在該簡報中重點介紹的經濟投影片的副本。運營太空港所需的許多成本是固定的或半可變的，您可以從初始艦隊和擴展艦隊列之間的差異中看到這一點。隨著我們擴大船隊船舶數量，這為推動規模經濟提供了絕佳的機會。

The nonrecurring investments we have made in our Delta spaceship program allow us to cost effectively deliver a third and fourth spaceship. Unlocking the profitability of those spaceships requires an additional mothership to support them.

我們對 Delta 太空船計畫進行的非經常性投資使我們能夠以經濟高效的方式交付第三艘和第四艘太空船。要釋放這些太空船的獲利能力，需要額外的母艦來支援它們。

So turning to slide 9. With the strong progress we have made in our Delta program, we now have the engineering capacity to restart work on our second mothership. This second generation mothership will look and perform similarly to our current mothership (inaudible) which has performed well for us following an extensive modification in 2022.

現在轉到第 9 張投影片。隨著 Delta 專案的重大進展，我們現在擁有重新啟動第二艘母艦工作的工程能力。這艘第二代母艦的外觀和性能將與我們目前的母艦（聽不清楚）相似，後者在 2022 年進行了大規模改造後，表現良好。

The bar at the top of this slide provides an illustrative look at the schedule for our next mothership. Spending is expected to be limited through most of 2025 as we complete our design efforts, with commitments increasing as we approach the build phase of the mothership in 2026. We expect the pace of the second-generation mothership to pick up as resources are released from the Delta spaceship program.

此投影片頂部的欄位以示意圖形式顯示了我們下一艘母艦的時間表。隨著我們完成設計工作，預計 2025 年大部分時間的支出將受到限制，而隨著我們接近 2026 年母艦的建造階段，承諾將會增加。我們預計，隨著 Delta 太空船計畫資源的釋放，第二代母艦的研發步伐將會加快。

I hand the call over to Doug to share the quarterly update and explain more about our growth plan.

我將電話交給 Doug，讓他分享季度更新情況並進一步解釋我們的成長計劃。

Thanks, Michael. Turning to slide 10. Revenue for the quarter was $402,000, driven by future astronaut membership fees. Total operating expenses were $82 million compared to $116 million in the prior year period, primarily driven by lower R&D and SG&A expenses.

謝謝，麥可。翻到第 10 張投影片。本季營收為 402,000 美元，主要來自未來太空人會員費。總營運費用為 8,200 萬美元，而去年同期為 1.16 億美元，主要由於研發費用和銷售、一般及行政費用下降。

Capital expenditures for the quarter were $39 million compared to $13 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 $118 million in the third quarter compared to negative $105 million in the same period last year.

本季的資本支出為 3,900 萬美元，而去年同期為 1,300 萬美元，這主要是因為我們增加了與 Delta 級機隊發展相關的物業、廠房和設備的投資。第三季自由現金流為負 1.18 億美元，去年同期為負 1.05 億美元。

Turning to slide 11. Our balance sheet remains strong with $744 million in cash, cash equivalents and marketable securities. Moving to our projections. Forecasted free cash flow for the fourth quarter of 2024 is expected to be in the range of negative $115 million to $125 million. While we typically have not provided a multi-quarter outlook for free cash flow, we think providing additional color on the free cash flow profile for 2025 is helpful.

翻到第 11 張投影片。我們的資產負債表依然強勁，擁有 7.44 億美元的現金、現金等價物和有價證券。轉向我們的預測。預計 2024 年第四季的自由現金流將在負 1.15 億美元至 1.25 億美元之間。雖然我們通常不會提供自由現金流的多季度前景，但我們認為提供 2025 年自由現金流狀況的更多細節是有幫助的。

As we are now in the build phase for the Delta spaceship program, we project an uptick in spending in Q1 2025 as we reach the peak of payments for tools and parts. With these capital investments behind us, costs are expected to be meaningfully reduced through the remainder of 2025 as we progress through assembly and test of our new spaceships.

由於我們目前正處於 Delta 太空船計畫的建造階段，我們預計 2025 年第一季的工具和零件支付將達到峰值，支出將上升。有了這些資本投資，隨著我們新太空船的組裝和測試不斷推進，預計 2025 年剩餘時間內的成本將大幅降低。

The lower spending trend contributes to the delivery of our initial fleet of two new Delta spaceships into service with the capital we currently have. These ships are expected to generate positive operating cash flow, which can be used to organically expand our fleet.

較低的支出趨勢有助於我們利用現有資金將首批兩艘新型 Delta 太空船投入使用。這些船舶預計將產生正的經營現金流，可用於有機擴大我們的船隊。

While this is good, substantially greater returns can be achieved by accelerating the development of our expanded fleet. As Michael described, with the addition of another mothership plus Delta 3 and 4, we expect to double our revenue, while quadrupling EBITDA by leveraging our fixed cost base at Spaceport America in New Mexico. Relative to the pace at which we can expand our fleet organically by utilizing future cash flow from operations, we see a tremendous opportunity to accelerate revenue and profit with an infusion of growth capital.

雖然這是件好事，但透過加速擴大我們的機隊發展，我們可以獲得更大的回報。正如邁克爾所描述的，隨著另一艘母艦以及 Delta 3 和 4 的加入，我們預計收入將翻一番，同時透過利用位於新墨西哥州美國太空港的固定成本基礎，EBITDA 將翻兩番。相對於我們利用未來營運現金流有機擴張機隊的速度，我們看到了透過注入成長資本來加速收入和利潤的巨大機會。

With targeted investments in a new mothership and two more spaceships, we project that the addition of growth capital would enable us to achieve a fully utilized spaceport in 2028, at least two years earlier than we would otherwise. From there, our first fully utilized spaceport becomes the economic engine that generates more than enough cash flow to expand to other spaceports around the globe.

透過對新母艦和另外兩艘太空船的有針對性的投資，我們預計增加成長資本將使我們能夠在 2028 年實現太空港的充分利用，比我們原本的計畫提前至少兩年。從那時起，我們的第一個充分利用的太空港就成為經濟引擎，產生足夠的現金流來擴展到全球其他太空港。

We foresee that the right amount of growth capital to achieve the above goals, while also maintaining appropriate cushion on the balance sheet at all times, is $300 million. Our strong cash position gives us flexibility in timing and pace of acquiring this growth capital. And this allows us to make prudent progress on fleet expansion while maintaining continuous strength in our balance sheet.

我們預計，實現上述目標同時始終保持資產負債表上適當緩衝的適當成長資本為 3 億美元。我們強大的現金狀況使我們能夠靈活地獲取這筆成長資本的時間和速度。這使我們能夠在機隊擴張方面取得審慎進展，同時保持資產負債表的持續強勁。

Furthermore, the value that can be created with this remaining growth capital is expected to far outweigh the cost of that capital. We could go slower and not raise the growth capital, but that would delay EBITDA expansion and the significant value that EBITDA expansion represents. To wrap up, we are excited with the progress made on the Delta spaceship program. Building upon this foundation, we are now looking to capture the profit that can come from a fully utilized spaceport, paving the way for further self-sustaining global expansion.

此外，預計剩餘成長資本所能創造的價值將遠遠超過資本成本。我們可以放慢速度，不增加成長資本，但這會延遲 EBITDA 擴張及其所代表的重大價值。總而言之，我們對 Delta 太空船計畫的進展感到非常興奮。在此基礎上，我們現在正在尋求充分利用太空港所帶來的利潤，為進一步實現自我維持的全球擴張鋪路。

Back to you, Michael.

回到你身邊，麥可。

Thanks, Doug. We're pleased with our progress with our Delta spaceship program as well as our plans to accelerate the growth of Virgin Galactic. Q4 will bring more milestones for the Delta program as we prepare to assemble the first two spaceships next year. We're excited to advance our growth strategy and start the design process of our second mothership.

謝謝，道格。我們對 Delta 太空船計劃的進展以及加速維珍銀河發展的計劃感到非常高興。我們準備在明年組裝前兩艘太空船，第四季將為 Delta 計畫帶來更多里程碑。我們很高興推進我們的成長策略並開始我們的第二艘母艦的設計過程。

So operator, let's open the call for questions.

接線員，讓我們開始提問吧。

(Operator Instructions)

（操作員指令）

Matt Akers, Wells Fargo.

富國銀行的馬特‧艾克斯 (Matt Akers)。

Yeah. Hey, good afternoon guys. Thanks for the question. I was wondering what's your latest thinking on sort of reopening ticket sales given Spaceship 3 and 4? It sounds like will open up quite a bit of additional capacity. Just curious how you think about sort of the phasing of when you might sell tickets for those.

是的。嘿，大家下午好。謝謝你的提問。我想知道，鑑於《太空船 3》和《太空船 4》的上映，您對重新開​​放門票銷售的最新想法是什麼？聽起來這將會釋放相當多的額外產能。我只是好奇您如何考慮分階段出售這些門票。

Thanks, Matt. I think you'll see us opening ticket sales when we are probably within the -- a year or less of flying private citizens on our Delta ships. So somewhere towards the back half of 2025 is when that's most likely to be there. And the reason is, as we shared before, we want to hold. Right now, we want to make sure we're taking advantage of yielding.

謝謝，馬特。我想，當我們在達美航空的飛機上搭載普通公民乘坐航班大概一年或更短的時間時，您就會看到我們開始銷售機票。因此，2025 年下半年左右最有可能出現這種情況。原因是，正如我們之前所分享的，我們想要持有。現在，我們要確保我們能夠充分利用收益。

We have a business that we expect is quite supply constrained relative to demand. And we think it's appropriate to have people generally with a two year time window from the time they sign on board, building up the journey and then going ahead and letting them come to New Mexico for the week of training before flight. Once we get out in front of two years, it's not as beneficial. And so, that's a good sense of timing for us.

我們預計，我們的業務的供應相對於需求而言相當受限。我們認為，從人們簽約之日起，通常給他們兩年的時間來安排旅程，然後讓他們到新墨西哥州接受飛行前一周的培訓，這是合適的。一旦我們提前兩年退出，就不會那麼有利了。所以，這對我們來說是一個很好的時機判斷。

Got it. Thank you. And then, I guess just a question on any additional equity issuance for the -- as you pursue this mothership? I know you've talked about sort of the optionality of how fast you want to accelerate. But I guess do you foresee more equity issuance under that program given the current program? And is there sort of a minimum kind of cash balance we should think -- you guys think you need on the balance sheet kind of going forward here?

知道了。謝謝。然後，我想問一下，在您追求這艘母艦的過程中，是否會發行額外的股權？我知道您已經談論過加速速度的可選性。但我想，考慮到目前的計劃，您是否預計該計劃下會發行更多股票？我們是否應該考慮最低限度的現金餘額──你們認為你們需要在資產負債表上記錄這樣的餘額嗎？

This is Doug. Thanks for the question. So we talked about growth capital. And to put that in perspective, we've described how we have enough cash on the balance sheet today to get the first two Deltas into service and become cash flow positive.

這是道格。謝謝你的提問。因此我們談論成長資本。為了說明這一點，我們已經描述了當前資產負債表上有足夠的現金來讓前兩架達美航空投入使用並實現正現金流。

There's an opportunity to bring in growth capital along the way to accelerate the growth, and that would be really targeted at a second mothership and a couple more Deltas to round out the fleet in Spaceport America. So we see this big opportunity to go forward with that because it brings in the economies of scale. And we had an economic chart in here that shows the magnitude of that. With the extra vehicles in our fleet, another mothership and two more spaceships, we can double our revenue and quadruple our EBITDA.

這是一個引入成長資本以加速成長的機會，其真正目標是第二艘母艦和幾艘 Delta 飛船，以完善美國太空港的艦隊。因此，我們看到了繼續推進這一進程的巨大機遇，因為它帶來了規模經濟。我們這裡有一張經濟圖表來顯示其嚴重程度。透過增加艦隊中的飛船、另一艘母艦和兩艘太空船，我們可以將收入翻一番，並使 EBITDA 翻兩番。

So we're very interested in pursuing that. And that's available because we have a fixed cost base and the more volume we have and the more often we fly, the more leverage we get that goes to the bottom line. So we don't have an immediate need to bring in that growth capital, but we do see the opportunity to do that ahead of any vehicle investment.

因此我們對此非常感興趣。這是可行的，因為我們有固定的成本基礎，我們的客運量越大，飛行次數越多，我們獲得的槓桿就越大，從而影響到我們的獲利。因此，我們並不急需引入成長資本，但我們確實看到了在進行任何汽車投資之前引入成長資本的機會。

So we have a mothership ready by 2028 is the time line we are targeting and also to ensure we always have a strong balance sheet along the way. So there's no minimum cash balance that we're putting out there. But the growth capital we mentioned is more than enough to support all of our needs for growth and also keep the balance sheet strong.

因此，我們將在 2028 年之前準備好母艦，這是我們設定的時間表，同時也確保我們在過程中始終擁有強勁的資產負債表。因此，我們沒有設定最低現金餘額。但我們提到的成長資本足以支持我們所有的成長需求，並維持強勁的資產負債表。

Great. Thank you.

偉大的。謝謝。

Oliver Chen, TD Cowen.

奧利佛陳（Oliver Chen），TD Cowen 公司。

Hi Michael and Doug. We're in quite a dynamic environment. What are your thoughts around the potential for tariffs and anything we should know as you think about sourcing as that may add some risk to the production? And then as we think about your partners, how is everything going with your manufacturing partners, Bell Textron and Qarbon, any thoughts there?

嗨，邁克爾和道格。我們處在一個相當動態的環境。您對關稅的可能性有何看法？然後，當我們考慮您的合作夥伴時，您與製造合作夥伴 Bell Textron 和 Qarbon 的進展如何，您有什麼想法嗎？

And then, on the marketing side and just keeping engagement up, it sounds like everything is going really well as planned. What's on your mind in terms of the consumer engagement and marketing during this period and the key priorities you have there?

然後，從行銷方面以及保持參與度來看，聽起來一切都按計劃順利進行。您對這段時期的消費者參與和行銷有何想法？

Thanks, Oliver. As far as I think tariffs or other things that may be going on possibly in the future, we are reasonably insulated in our supply chain. Most of our efforts are coming from the United States, and we build everything here in the United States. Our suppliers are all here in the United States. So, our supply chain, I think, is connected to the United States in that regard.

謝謝，奧利佛。我認為，儘管未來可能會出現關稅或其他事件，但我們的供應鏈還是相當安全的。我們的大部分努力來自美國，我們的一切都在美國建造。我們的供應商都在美國。所以，我認為從這個意義上來說，我們的供應鏈與美國是相連的。

Bell and Qarbon have been really good to work with. We are -- as we said, in the midst of the build phase. You probably haven't had a chance to see it. We put just a real brief video out showcasing what it's like at one of Qarbon's factories. They have two that are working with us, as the one in Georgia. And they've been bringing in the tools that they use to build the carbon parts that need to be made before of course we can assemble them into our spaceship. And we had a couple of really big ones coming in there. So that work has been going and is continuing and the parts fabrication will be ramping up.

與 Bell 和 Qarbon 合作確實非常愉快。正如我們所說，我們正處於建設階段。您可能還沒有機會看到它。我們發布了一段簡短的視頻，展示了 Qarbon 的一家工廠的狀況。其中有兩家與我們合作，一家在喬治亞州。他們一直在引進製造碳零件所需的工具，然後我們才能將它們組裝到我們的太空船上。我們遇到了幾個非常大的事情。所以這項工作一直在進行中並且還在繼續，零件的製造也將不斷加快。

The teams at Qarbon and Bell, its super important partnership, because in a complex aerospace development program like this, all sorts of things come up where we think we're on a path to finish a design which will create a tool, that will allow us to order that tool through the supply chain, get it built, and there's a whole schedule for this.

Qarbon 和Bell 的團隊是極其重要的合作夥伴關係，因為在像這樣複雜的航空航天開發項目中，各種各樣的事情都會發生，我們認為我們正在完成一項設計的道路上，這將創造一個工具，這將允許我們透過供應鏈訂購該工具，並將其製造出來，並為此制定一整套時間表。

And then as we evolve, we learn something needs to change in order to get that tool manufactured the right -- or the part manufactured the right way. It ripples back through. We make a small change in the design that requires a change in the tool and so forth. So that's happening back and forth frequently.

然後，隨著我們的發展，我們了解到需要做出一些改變才能正確製造出該工具或以正確的方式製造零件。漣漪再次湧現。我們對設計做了一些小改動，需要更換工具等等。這種情況經常發生。

And to your question, Oliver, Bell and Qarbon have been outstanding to work with in this regard because we all see these topics at the same time. We can all jump on to the issue. We can work to resolve it either right away, or if certain things are going to take us longer, we can work together with them to re-sequence the order in which things come.

對於您的問題，Oliver、Bell 和 Qarbon 在這方面表現出色，因為我們同時看到了這些主題。我們都可以直接討論這個問題。我們可以立即努力解決它，或者如果某些事情需要我們花費更長時間，我們可以與他們一起努力，重新安排事情發生的順序。

So you heard me talk about really hyper-focused on the critical path of the program. We do that in day-to-day, hour-to-hour partnership with our friends at Bell and Qarbon. And that's how we're maintaining our schedule going forward. So you heard us talk about really no change in our milestone expectations from the last quarter because we're making the progress that we need and expect.

所以你聽到我談論真正高度關注程式的關鍵路徑。我們與 Bell 和 Qarbon 的朋友們日復一日、時時刻刻都保持著合作關係。這就是我們今後維持日程的方式。所以您聽到我們談論的是，我們的里程碑預期與上個季度相比實際上沒有變化，因為我們正在取得我們需要和期望的進展。

You asked about consumer marketing. Obviously, we've taken not a full hiatus, but a much more quiet approach to our marketing during this phase, because we're really focused on building. That will change as we move through the back half of 2025.

您詢問的是消費者行銷。顯然，我們並沒有完全停止，而是在這一階段採取了更安靜的營銷方式，因為我們真正專注於建設。到 2025 年下半年，這種情況將會改變。

But what you will see from us is, as these big tools are coming into Bell and Qarbon, as the big parts come out, as we really start to assemble things that start looking like a spaceship, that's when we think it's relevant for us to lean forward a little bit and start sharing those stories, not just like here on an investor call, but putting that out for our retail investors, putting that out for our customers and fans so that the excitement starts to build that these are the ships that are going to carry me the space, they're coming along. And you'll see us ramp up both marketing and event strategies around that.

但你會發現，隨著這些大型工具進入 Bell 和 Qarbon，隨著大型零件的出現，隨著我們真正開始組裝看起來像太空船的東西，我們認為這對我們來說是有意義的向前傾一點，開始分享這些故事，不僅僅是在投資者電話會議上，而是向我們的散戶投資者、我們的客戶和粉絲們分享，這樣人們就會開始興奮，這些船就是將帶我去太空，他們正在前進。您會看到我們圍繞這一點加強了行銷和活動策略。

Okay. And the Delta Class announcement regarding the third and fourth ships sound encouraging. What's underlying that decision and what you're seeing? And does it interrelate to your thoughts on demand? Thank you.

好的。關於第三艘和第四艘艦的德爾塔級公告聽起來令人鼓舞。這個決定背後的原因是什麼？這和您對需求的看法有關聯嗎？謝謝。

Doug -- I'll take it, Doug, kick in here. The -- well, on one hand, this is our strategy all along, has been to build the economic engine of fully utilized spaceports. You've heard us talk about that for quite a while. I'd say over the prior year, we've really put our heads down to focus on the first two Delta ships and getting those out the door so that with our existing mothership that's already in New Mexico, we can reach a cash positive basis.

道格 —— 我接受，道格，踢進來。一方面，這是我們一直以來的策略，就是打造充分利用太空港的經濟引擎。您已經聽我們談論這個問題好一段時間了。我想說的是，在過去的一年裡，我們真的把注意力集中在前兩艘達美航空母艦上，並讓它們出海，這樣我們現有的母艦已經在新墨西哥州，我們就可以實現現金正收益。

And in the effort of doing less, super well and on time, we've just kept our focus on that, and that has progressed very well, as we talked about in the prepared remarks. So now is the right time to get back to, okay, well, we want to add more spaceships so that we can carry more customers, drive more profit. And as Doug said, there's a lot of fixed and semi-variable cost in running a spaceport.

在努力以更少的投入、更好的完成任務並按時完成任務的過程中，我們一直將重點放在這一點上，而且正如我們在準備好的發言中談到的那樣，這方面已經取得了很好的進展。所以現在是回到正軌的最佳時機，好吧，我們想增加更多的太空船，這樣我們就可以搭載更多的顧客，帶來更多的利潤。正如道格所說，營運太空港需要大量的固定成本和半變動成本。

So as we add capacity at the top and drive revenue, it really flows down with a lot of leverage. So the goal is to take advantage of these economies of scale and capture the EBITDA growth earlier than we would if we just funded everything through kind of the organic cash flow generated from operations, because otherwise wait a while.

因此，當我們增加頂部容量並增加收入時，它實際上會透過很大的槓桿作用向下流動。因此，我們的目標是利用這些規模經濟，並比我們僅透過營運產生的有機現金流為所有業務提供資金時更早實現 EBITDA 成長，因為否則需要等待一段時間。

It's really timed well, because as we've moved through design phase and into the build phase of the Delta ship, we'll start to be able to free up engineering capacity that have been -- our engineers who have been working on the spaceship can now move over to the mothership. And that works out really well in kind of load balancing our engineering workforce. So this is the right time to get that going.

時機非常好，因為隨著我們進入德爾塔飛船的設計階段和建造階段，我們將開始能夠釋放工程能力——我們的工程師一直在飛船上工作現在可以轉移到母艦上。這對於平衡我們的工程人員的負載確實很有效。因此，現在是開始這項行動的最佳時機。

And as Doug said, by starting these now, it allows us to bring not only the second mothership, but also the third and fourth Delta ship in by 2028. That will allow us to have a nice step-up in capacity at Spaceport America. And then, of course, we've already now built the tools and the manufacturing infrastructure to keep going, which is how we will then be able to self-fund growth to the next spaceport and where we go from there.

正如道格所說，透過現在啟動這些計劃，我們不僅可以引進第二艘母艦，還可以在 2028 年之前引進第三艘和第四艘達美航空母艦。這將使我們美國太空港的容量得到很大的提升。當然，我們現在已經建立了繼續運作的工具和製造基礎設施，這就是我們如何能夠自籌資金用於下一個太空港的建設以及從那裡出發的發展。

Thank you. Sounds encouraging. Best regards. Happy holidays as well.

謝謝。聽起來令人鼓舞。此致。節日快樂。

Thanks to you, Oliver.

謝謝你，奧利佛。

Greg Konrad, Jefferies.

傑富瑞（Jefferies）的格雷格·康拉德（Greg Konrad）。

Good evening. Maybe just -- you gave some helpful color around 2025 free cash flow and the uptick in Q1 and then kind of reduction through 2025. Just with the commentary around growth capital, does the multiyear free cash flow outlook -- In the past, I think you had talked about 2024 and 2025 relative to 2023. Has there been any change to kind of expectations around 2025 free cash flow usage?

晚安.也許只是——您對 2025 年自由現金流和第一季的上升以及到 2025 年的下降給出了一些有用的說明。僅針對成長資本的評論，多年期自由現金流前景——過去，我認為您曾談論過 2024 年和 2025 年相對於 2023 年的情況。對 2025 年自由現金流使用情況的預期有任何變化嗎？

No change, because we've been planning this all along. So we have a trend down in 2025 just because of where we are in the life cycle of Delta. We've got the CapEx going into tooling and parts fabrication. And so then the next phase is just a lower cost base because we're focused on assembly and test.

沒有變化，因為我們一直在計劃這件事。因此，由於我們處於 Delta 的生命週期階段，我們在 2025 年會呈現下降趨勢。我們已將資本支出投入工具和零件製造。因此下一階段的成本基礎會更低，因為我們專注於組裝和測試。

With the mothership coming in, it starts off with a lower spend profile, because it's the engineering work at the beginning. And then the spending ramps up later when -- at a higher level when we get to tooling and parts fabrication, just like we did with Delta. So yes, the overall profile for '23, '24, '25 is the same. So we're expecting a trend down in 2025. And we can also add a little more color that we expect to be exiting 2025 at a level below $100 million a quarter of spend.

隨著母艦的到來，它的支出一開始會較低，因為一開始是工程工作。然後，當我們開始進行工具和零件製造時，支出就會增加到更高的水平，就像我們對 Delta 所做的那樣。所以是的，23、24、25年的整體概況是相同的。因此我們預期 2025 年將出現下降趨勢。我們還可以補充一點，我們預計到 2025 年，每季的支出水準將低於 1 億美元。

And just one more bit of information that's helpful is, more than half of our spend will be in CapEx. So you'll see a shift from expense to capital expenditures because there will be this ramp in tooling and parts fab that I talked about. And then throughout 2025, half or more of our overall spend will be capital expenditures. So it shows that we're maturing through the process here and getting that infrastructure in place and the parts coming in.

還有一個有用的信息是，我們的支出中有一半以上將用於資本支出。因此，您將看到從費用到資本支出的轉變，因為我談到的工具和零件製造將會成長。到 2025 年，我們總支出的一半或更多將是資本支出。這表明我們正在透過這裡的流程不斷成熟，基礎設施已經到位，零件也已到位。

And then, when you talked about growth capital and kind of bridging to that acceleration, and that was really helpful. You talked about the $100 million burn or under exiting 2025. Does that reaccelerate on those growth initiatives? Or it just doesn't improve as quickly because now you're filtering in those growth capital on top of the production of the first and second Delta?

然後，當您談到成長資本以及加速成長的橋樑時，這確實很有幫助。您談到了到 2025 年將燒掉 1 億美元或以下的資金。這是否會再次加速這些成長舉措？或者只是改進得不那麼快，因為現在你在第一和第二個 Delta 的生產之上過濾那些成長資本？

Yeah. So I think the right way to look at this is just where we're at in 2026. By then, you start to see cash coming in, right, from the flights that we're doing with the Delta Class. So the whole thing starts to change to a cash flow positive business as we enter commercial service with the Delta and ramped that up -- first two Deltas.

是的。所以我認為正確的看待這個問題的方式就是看看我們在 2026 年所處的位置。到那時，您將開始看到從我們達美航空的航班中賺取的現金。因此，當我們與達美航空合作商業服務並加大投入時（前兩架達美航空），整個業務開始轉變為現金流為正的業務。

So the -- you'll see the cash burn continue to improve over time because of that shift towards money coming in now with commercial operations. And then we become self-sustaining at that point. And then, as we continue to add to the fleet with this growth capital, we build up even more cash inflows from that, which feeds additional expansion of the fleet and into other spaceports. So it sets us up for the future beyond that. But that's the way to look at that trend.

因此，您會看到，隨著時間的推移，現金消耗不斷改善，因為資金正在轉向透過商業營運流入。然後我們就能自給自足了。然後，隨著我們繼續用這筆成長資本擴充機隊，我們將從中累積更多的現金流入，這將為機隊的進一步擴張和其他太空港提供資金。所以它為我們的未來做好了準備。但這就是看待這一趨勢的方式。

And then maybe one last one for me. I mean, it was helpful, you kind of sized growth capital at $300 million. You said recurring production of Delta, (inaudible) the $60 million. Can we think about the Delta between that $300 million and the two Deltas as kind of going towards the development of the second mothership, just thinking about NRE and maybe the production of that?

對我來說這也許就是最後一個了。我的意思是，這很有幫助，你將成長資本規模定為 3 億美元。您說《達美航空》的重複製作，（聽不清楚）耗資 6000 萬美元。我們是否可以考慮將這 3 億美元和兩艘 Delta 之間的 Delta 用於第二艘母艦的開發，只考慮 NRE 以及可能的生產？

The main use of the growth capital is really to get going on the mothership, right, because we're still working on Deltas 1 and 2. And the next thing to be focused on is the design and then the tooling and then starting parts fab on a mothership. So you'll see that as the real use for that growth capital. And then, we already have the factory and the tooling and everything in place for the spaceships that we would add to pair with that mothership. And they'll all be coming together about the same time. So we have the fully utilized spaceport with the mothership and the two new spaceships arriving.

成長資本的主要用途實際上是啟動母艦，因為我們仍在致力於 Deltas 1 和 2。接下來要注意的是設計，然後是工具，然後開始在母艦上製造零件。因此，您會發現，這就是成長資本的真正用途。然後，我們已經有了工廠、工具和一切準備好的太空船，我們將把它與母艦配對。而且他們都會在大約同一時間聚集在一起。因此，我們擁有充分利用的太空港，母艦和兩艘新飛船已經抵達。

Thank you.

謝謝。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

(inaudible) I was hoping to maybe just make sure I understand the mothership -- second mothership timing for 2028. I think earlier this year you also had a timing for 2028 for the second mothership. Is that right? And if that's correct, then is there something in the schedule that's actually moving with the growth capital you're talking about? Or what within the schedule is being enabled by the growth capital?

（聽不清楚）我希望確保我了解母艦——第二艘母艦的時間安排在 2028 年。我記得今年早些時候你們還曾計劃在 2028 年發射第二艘母艦。是嗎？如果這是正確的，那麼計劃中是否有一些內容實際上隨著您所說的成長資本而移動？或是計劃內的哪些內容是透過成長資本來實現的？

As what we've been trying to do very clearly is ensure first things first. Let's take the cash we have on hand and use that to build these first two Delta ships so that we get to operating cash positivity and can kind of manage our destiny from there. So that's where we've been truly focused. That's going well and as planned. So what we want to do is obviously bring in enough funds that stay ahead of the cost ramp that will come with building this mothership so that we aren't dipping into funds that we would be using for those first two spaceships.

我們一直在努力做的就是明確確保要事優先。讓我們利用手邊現有的現金來建造達美航空的頭兩艘飛船，這樣我們就能實現營運現金正數，並從此掌控我們的命運。所以這就是我們真正關注的重點。一切進展順利，符合計畫。因此，我們顯然想要籌集足夠的資金，以應對建造這艘母艦所帶來的成本上漲，這樣我們就不會動用前兩艘太空船的資金。

That timing, to your point, Myles, is the same as we've described before. We want the mothership to come in, in the '28 time frame, as well as the third and the fourth spaceship, which we probably haven't been as explicit about in the past. So not only the mothership, but also those next two spaceships would be together coming in, in '28 so that we can put them all to use together and start driving profits from it.

邁爾斯，就你的觀點而言，那個時機與我們之前描述的相同。我們希望母艦能夠在 28 個時間範圍內抵達，同時還有第三艘和第四艘太空船，而過去我們可能沒有這麼明確地說明這一點。因此，不僅母艦，接下來的兩艘太空船也將在 1928 年一起抵達，以便我們能夠將它們一起使用並開始從中獲利。

Okay. Got it. So this is more of a green light exercise than a change of your plan. It sounds like it's consistent with your plan. And that's more of -- you're gating the capital investment?

好的。知道了。因此，這更像是綠燈行動，而不是計畫的改變。聽起來這和你的計畫一致。這更多的是──你在控制資本投資嗎？

That's correct. We're just managing that through and I guess, being more explicit about the timing of Deltas 3 and 4.

沒錯。我們只是在設法解決這個問題，我想，我們會更明確地了解 Deltas 3 和 4 的時間表。

Okay. And then, Michael, you talked about the Delta design, the feedback loops. And it sounded like it was more on the tool design that you're having the feedback loops at the moment. Is that indicative that you haven't got down to component level feedback loop designs? Or are you through much of the component level design of the actual Delta Class and you're more into the manufacturing process design and that's where you're having the feedback?

好的。然後，邁克爾，您談到了 Delta 設計，即反饋迴路。聽起來，您目前的回饋循環更多的是與工具設計有關。這是否表示您尚未深入到組件級回饋迴路設計？或者您已經完成了 Delta 等級的實際組件級設計，並且更專注於製造流程設計，並且您在這方面得到了回饋？

Yeah. So it's a combination of, I'd say, tool manufacturing feedback loops, as we're really working through the details of the loss, it was some. And then, an example that maybe is relevant for a wider group, we're in -- the drawings left are really assembly drawings and the manufacturing work instructions that will come for building. And so, just as a fairly simple example, the interior of our cabin has a floor to it and it has side walls that go in there.

是的。所以我想說，這是工具製造回饋迴路的組合，因為我們正在真正研究損失的細節，所以確實如此。然後，舉一個可能與更廣泛的群體相關的例子，我們看到左邊的圖紙實際上是裝配圖和用於建造的製造工作說明。舉一個相當簡單的例子，我們的小屋內部有一個地板，並且有側壁。

And these are all built in 3DX and the modeling software we use. Different people are working on those different parts. And as they were brought together, there's, I'll call it a flange that we use to kind of bolt these back down. And when we brought these together for how we're going to assemble, we realized we had a conflict in those areas.

這些都是在3DX和我們使用的建模軟體中內建的。不同的人負責不同的部分。當它們被組裝在一起時，我們用一個法蘭將它們用螺栓固定起來。當我們將這些問題綜合起來討論如何進行組裝時，我們意識到在這些方面存在衝突。

And so, it's a fairly easy conflict to resolve from a design standpoint, like, just adjust the flange and make that into a different place. But that one little simple thing on the design made a change to the tool that was already in process. And so therefore, we have to now rethink through the tool dynamic. And it all works out, and we had plenty of time to sequence that into how we build it so we don't lose time off the critical path for that.

因此，從設計的角度來看，這是一個相當容易解決的衝突，例如，只需調整法蘭並將其放到不同的地方。但是設計上的這個簡單的小事情卻對正在處理中的工具產生了改變。因此，我們現在必須重新思考工具動態。一切都順利進行，我們有充足的時間按照順序進行構建，這樣我們就不會在關鍵路徑上浪費時間。

But that's what we're trying to share is just -- it's kind of the blocking and tackling of moving through assembly drawings and manufacturing work instructions. We continue to identify elements that need revision. Sometimes those are pretty straightforward. Sometimes it needs a tweak to the design. Sometimes that's it. Sometimes those designs ripple back through the tool path. And then we have to start adjusting schedule sequencing to keep everything on track. So I was just trying to give a little bit of color into -- those are the things that our teams are just battling day by day, as is typical of a program like this.

但這正是我們想要分享的——這是一種透過組裝圖和製造工作說明來阻止和解決的問題。我們繼續識別需要修改的要素。有時這些非常簡單。有時需要對設計做一些調整。有時就是這樣。有時這些設計會透過刀具路徑產生連鎖反應。然後我們必須開始調整計劃順序以確保一切順利進行。所以我只是想稍微解釋一下——這些都是我們的團隊每天都在努力應對的事情，對於這樣的專案來說，這是很典型的。

Make sence. All right, thanks for the color.

有道理。好的，謝謝你的顏色。

You're welcome.

不客氣。

(Operator Instructions)

（操作員指令）

Michael Leshock, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Michael Leshock。

Hey, good afternoon. I wanted to follow up on cash flow. Previously, you had expected 2024 to be the largest cash burn year related to the Delta Class ships, but now it's looking like it could come in a bit lower. Was this due to the timing of some spending being pushed into 2025? Or did you come in under budget in certain areas? And how is Delta Class progressing relative to your initial budget for the ships?

嘿，下午好。我想追蹤現金流。之前，您曾預計 2024 年將是德爾塔級船舶相關的現金消耗最大的一年，但現在看來，這一數字可能會略有下降。這是因為一些支出被推遲到 2025 年嗎？或者您在某些方面超出預算？相對於你們最初的船舶預算，Delta Class 的進展如何？

So, overall, we've been very actively managing our spending. So some of the lower numbers come from just our active control of what we spend our money on and trying to be as lean as possible. There's always a little bit of timing shift within quarters. But I think we were also trying to be conservative previously to highlight what 2024 could look like, and again, paint that picture for the year-over-year profile, which still stands. So 2024 is still the peak. 2025 will be lower. And so -- we gave that guidance a while ago. I think we came in pretty close what we were expecting. And then the second part of your question, could you remind me, Mike?

因此，總體而言，我們一直非常積極地管理我們的支出。因此，較低的數字僅來自於我們積極控制資金支出，並盡可能精簡開支。各季度內總會存在一些時間上的轉變。但我認為，我們之前也試圖採取保守的態度，以突出 2024 年可能會是什麼樣子，並再次描繪出同比概況，這一情況仍然有效。因此2024年仍是高峰。 2025年將會更低。所以——我們不久前給了這個指導。我認為我們已經非常接近我們所期望的結果了。然後關於你問題的第二部分，你能提醒我嗎，麥克？

Just overall, how the Delta Class is progressing relative to your initial budget for the program?

總體來說，相對於專案最初的預算，Delta 級的進展如何？

Yes, it's tracking very well. So we've been very diligent about tracking all the different elements of the program and we've been very pleased with the aggregate spend for that program from NRE through the tooling development and what we project for the remainder of the program is on track with what we had projected.

是的，跟踪得很好。因此，我們一直非常努力地追蹤該計劃的所有不同要素，我們對從 NRE 到工具開發為該計劃花費的總金額感到非常滿意，我們對該計劃剩餘部分的預測也正在按計劃進行。的。

Okay. And then on the headcount additions at the Arizona facility, what are you seeing in terms of labor availability? I'm just trying to get a sense how fast you could add headcount and how much additional labor would you need to add at that facility?

好的。那麼，關於亞利桑那州工廠的員工人數增加，您認為勞動力的可用性如何？我只是想知道您能以多快的速度增加員工數量以及工廠需要增加多少額外的勞動力？

It's Michael. Thanks Mike. Just for context, if you think what's going to happen through Phoenix in the -- let's call it over the course of the next year, we'll be assembling these first two ships in a fairly intensive hands-on phase and then we'll move those ships into ground testing, at which point in time we'll fly them after that to Spaceport America, where they'll go through their flight test program.

是麥可。謝謝邁克。僅供參考，如果你想想鳳凰號在未來一年內會發生什麼，我們將在相當密集的動手階段組裝這兩艘船，然後我們將將這些飛船移至地面測試，然後我們再將它們飛到美國太空港，在那裡進行飛行測試程序。

And then there'll probably be a little bit of a time period while we're out working on flight testing and getting those Delta ships in before the mothership that we've been talking about is kind of rolling into Phoenix for assembly there. So what we're trying to be thoughtful about is not ramping up. I'll call it an excessively large, permanent group at Phoenix at this time.

然後，我們可能需要花一點時間進行飛行測試，並讓達美航空的飛機進場，之後我們談論的母機就會運往鳳凰城進行組裝。因此，我們正在努力思考的是不要加強。我現在將其稱為鳳凰城的一個非常龐大的永久團體。

The larger ramp will probably come when the mothership comes in because then we'll have a more consistent mothership build, spaceships build, do another spaceship, do another mothership. It'll be consistent. So we were handling that as we have a great and very talented team in New Mexico, heavy A&P mechanic group. They maintain all of our ships. A lot of those folks have agreed to come to Phoenix and kind of bring the lead and the expertise to help us go through the building phase.

當母艦到來時，可能會出現更大的坡道，因為這樣我們就會有更一致的母艦建造，太空船的建造，再建造另一艘太空船，再建造另一艘母艦。它會保持一致。因此，我們處理這個問題，因為我們在新墨西哥州有一支優秀且非常有才華的團隊，重型 A&P 機械師組。他們負責維護我們所有的船隻。許多人都同意前往鳳凰城並提供領導力和專業知識來幫助我們度過建設階段。

And then as we bring those first two Delta ships back to New Mexico, that team that's based in New Mexico will leave Phoenix and go back home to put them through the flight. So I give you all that context because it means the amount of hires that we need to do in Phoenix is relatively modest, because we'll be bringing in folks from New Mexico and a few from Mojave as well.

然後，當我們將前兩架達美航空的飛機帶回新墨西哥州時，駐紮在新墨西哥州的團隊將離開鳳凰城，返回家鄉，讓它們順利完成飛行。所以我向你們提供所有這些背景資訊是因為這意味著我們需要在鳳凰城招募的人數相對較少，因為我們會從新墨西哥州招募員工，也會從莫哈韋招募一些員工。

With that said, this is a highly (inaudible) job. This is building spaceships. And the Phoenix market is very strong in what we're trying to do in general. And we believe we will compete and be an employer of choice there as we come in. So yes, we have to go do that. That will come later in the fourth quarter. So we'll be putting our energies to that. But I believe the market depth relative to the amount of people we need is quite deep.

話雖如此，這是一項非常（聽不清楚）的工作。這是建造太空船。總體而言，鳳凰城市場對於我們所嘗試的業務來說非常強勁。我們相信，我們將有能力參與競爭，並成為當地首選雇主。是的，我們必須這麼做。這將在第四季度晚些時候實現。因此我們將全心投入其中。但我相信，相對於我們所需的人數而言，市場深度是相當深的。

That's helpful. Thank you, guys.

這很有幫助。謝謝你們。

Thanks, Mike.

謝謝，麥克。

We do thank you for your questions, and we do thank you for your time today. This does conclude today's conference call. And you may now disconnect. Have a great day, everyone.

我們非常感謝您提出的問題，也非常感謝您今天抽出時間。今天的電話會議到此結束。現在您可以斷開連線了。祝大家有個愉快的一天。