Virgin Galactic Holdings Inc (SPCE) 2025 Q1 法說會逐字稿

Good afternoon. My name is Louella, and I will be your conference operator today. At this time, I would like to welcome everyone to Virgin Galactic's first-quarter 2025 earnings conference call. (Operator Instructions)

午安.我叫 Louella，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 2025 年第一季財報電話會議。（操作員指示）

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

現在我將電話轉給投資者關係副總裁 Eric Cerny。

Thank you. Good afternoon, everyone. Welcome to Virgin Galactic's first-quarter 2025 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 2025 年第一季財報電話會議。今天與我一起通話的是執行長 Michael Colglazier；以及財務長Doug Ahrens。在我們準備好發言之後，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.

我們的新聞稿和幻燈片簡報將與今天的演講一起發佈在我們的投資者關係網站上。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。

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.

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，因此具有風險和不確定性。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，請參閱公司不時向美國證券交易委員會提交的文件中的風險因素。請注意不要過度依賴前瞻性陳述，且本公司明確表示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。

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.

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 財務指標的對帳情況。

Turning to our agenda for today's call on page 3. Today, we'll cover progress in developing our next-generation spaceships, a look ahead at future commercial initiatives and a financial update.

翻到第 3 頁，看看我們今天電話會議的議程。今天，我們將介紹下一代太空船的開發進展、未來商業計劃的展望以及財務更新。

I'll now turn the call over to our CEO, Michael Colglazier.

現在我將把電話轉給我們的執行長 Michael Colglazier。

Thanks, Eric. Welcome, everyone, to our first quarter earnings call. We opened 2025 driving solid progress toward putting our next-generation spaceships into commercial service. An enormous amount of work is taking place across our company as well as at our key suppliers, and we continue to expect our first research space flight will take place in summer of 2026 with private astronaut flights following in fall of 2026. Our company-wide focus on controlling expenses continues as we move with purpose through the remainder of our pre-revenue phase.

謝謝，埃里克。歡迎大家參加我們的第一季財報電話會議。2025年伊始，我們將穩定地推動下一代太空船投入商業服務的進程。我們公司以及主要供應商正在進行大量的工作，我們預計我們的首次研究太空飛行將於 2026 年夏季進行，私人太空人飛行將於 2026 年秋季進行。在我們有目的地度過剩餘的盈利前階段時，我們全公司將繼續專注於控制費用。

Year-over-year operating expenses have continued to decrease as our spending has shifted to create the capital assets that drive our business model. This focus on cost has kept our balance sheet strong with well over $0.5 billion in cash, cash equivalents and marketable securities on hand.

由於我們的支出已轉向創造推動我們業務模式的資本資產，因此營運費用較去年同期持續下降。這種對成本的關注使我們的資產負債表保持強勁，手頭上有超過 5 億美元的現金、現金等價物和有價證券。

Turning to slide 4. Progress on our new spaceships is an important topic for all our stakeholders, and I will spend time on today's call providing color across many of the areas that make up spaceship production. We released a short video recap of our progress this morning, and I encourage you to check that out.

翻到幻燈片 4。我們的新型太空船的進展對於我們所有的利益相關者來說都是一個重要主題，我將在今天的電話會議上詳細介紹太空船生產的許多領域。我們今天早上發布了一段簡短的影片回顧我們的進展，我鼓勵您看看。

Since we have far more going on than we can cover in an earnings call or a highlight video, I will also share some new ways we are going to bring you behind the scenes to follow along with our progress in more detailed ways. This slide highlights many of the concurrent work streams that are underway to deliver our new spaceships.

由於我們要做的事情遠遠超出了收益電話會議或精彩影片所能涵蓋的範圍，我還將分享一些新的方式，讓您更詳細地了解幕後情況，從而了解我們的進展。這張投影片重點介紹了為交付我們的新太空船而正在進行的許多平行工作流程。

These include rocket and propulsion systems, avionics and flight controls, mechanical systems and the ongoing development and delivery of carbon parts. So let's get into it on slide 5. Our hybrid rocket motor system is a huge strategic advantage that supports the long service life of our spaceships while enabling quick turnaround time between flights.

其中包括火箭和推進系統、航空電子設備和飛行控制、機械系統以及碳部件的持續開發和交付。那麼就讓我們從第 5 張投影片開始討論。我們的混合火箭引擎系統是一個巨大的戰略優勢，它支援我們的太空船的長使用壽命，同時實現飛行之間的快速週轉時間。

Our spaceships are built for breakthrough reusability of 500 flights or more, and most of the components within our propulsion system are built for the life of the ship. The rocket motor, which is designed to be removed and replaced in a matter of hours, is part of what we expect will allow us to drive single ship turnaround time down to days versus the weeks or months typically seen with other rockets.

我們的太空船是為了突破 500 次或更多次飛行的可重複使用性而建造的，而且我們推進系統中的大多數部件都是為飛船的整個使用壽命而建造的。火箭引擎的設計可以在幾個小時內拆卸和更換，這是我們期望的一部分，這將使我們能夠將單艘火箭的周轉時間縮短至幾天，而不是其他火箭通常需要幾週或幾個月的時間。

One of the important components of the system is the oxidizer tank. Last quarter, we shared an image of our first flight-ready tank in production. We have since finished fabrication of that tank, completed acceptance testing and are now doing final prep before sending it to the spaceship factory, where it will be integrated into the fuselage subassembly.

該系統的一個重要組成部分是氧化劑罐。上個季度，我們分享了第一款正在生產的可飛行坦克的圖像。我們已經完成了該油箱的製造，完成了驗收測試，現在正在進行最後的準備，然後將其送往太空船工廠，在那裡它將整合到機身子組件中。

Our rocket systems team is amazingly skilled, and it's exciting to see these systems come together. Turning to page 6. I want to recognize great progress from our avionics team. Avionics are the electronic and digital platforms that connect with each system on the ship. These systems give our pilots the information and controls they need to safely operate their missions.

我們的火箭系統團隊技術精湛，看到這些系統組合在一起真是令人興奮。翻到第 6 頁。我想表彰我們的航空電子團隊取得的巨大進步。航空電子設備是連接船上各個系統的電子和數位平台。這些系統為我們的飛行員提供安全執行任務所需的資訊和控制。

With our new spaceships, we're taking advantage of the latest in modern avionics to support even greater predictability and repeatability of our flight profile. In addition, by leaning more heavily into off-the-shelf avionics hardware, in combination with our own proprietary software, we are creating systems that require less maintenance and support faster turnaround times.

利用我們的新太空船，我們利用最新的現代航空電子設備來支援更高的飛行剖面可預測性和可重複性。此外，透過更多地依賴現成的航空電子硬件，結合我們自己的專有軟體，我們正在創建需要更少維護並支援更快週轉時間的系統。

The ingenuity and elegance that underpin these systems is incredible, especially as they are built with multiple layers of redundancy while maintaining lightweight design and robust maintainability. The test benches in our lab, shown in the image on this page, provide a platform for us to test and verify our spaceship software far in advance of flight, which is designed to significantly derisk and expedite our flight test program.

這些系統所蘊含的獨創性和優雅性令人難以置信，特別是因為它們採用多層冗餘構建，同時保持了輕量級設計和強大的可維護性。如本頁圖片所示，我們實驗室中的測試台為我們提供了一個平台，讓我們可以在飛行之前測試和驗證我們的太空船軟體，這旨在顯著降低風險並加快我們的飛行測試計劃。

On page 7, you'll see an image of the simulator where pilots are already testing our new flight control system. The partnership between our engineering team and our spaceship pilots is great to watch. The immersive hands-on testing enabled by the simulator is also designed to derisk and expedite our flight test program as it enables our pilots to fly and refine hundreds of incredibly accurate space flight simulations well ahead of our first flight.

在第 7 頁，您將看到模擬器的圖像，飛行員正在其中測試我們的新飛行控制系統。我們的工程團隊和太空船飛行員之間的合作關係非常令人矚目。模擬器實現的沉浸式動手測試也旨在降低風險並加快我們的飛行測試計劃，因為它使我們的飛行員能夠在首次飛行之前飛行並完善數百個極其精確的太空飛行模擬。

As a shout out to our flight controls team and pilot core, they just received the prestigious Jack Northrop Award from the Society of Experimental Test Pilots for Virgin Galactic's presentation of our fly-by-wire spaceship controls.

值得一提的是，我們的飛行控制團隊和核心飛行員剛剛獲得了實驗試飛員協會頒發的著名的傑克·諾斯羅普獎，以表彰維珍銀河公司展示的電傳飛行飛船控制系統。

On page 8, I'd like to touch on mechanical systems. These are the important moving parts within the ship, which includes landing gear, pneumatic systems, valves and actuators, just to name a few. Each of these systems has its own set of design, manufacturing and test requirements. This slide shows various parts of our landing gear. The Mechanical Systems team already has 95% of the landing gear parts complete and ready for assembly.

在第 8 頁，我想談談機械系統。這些是船舶內部的重要運動部件，包括起落架、氣動系統、閥門和執行器等等。每個系統都有自己的一套設計、製造和測試要求。這張投影片展示了我們起落架的各個零件。機械系統團隊已經完成 95% 的起落架零件並準備組裝。

Pages 9 through 13 highlight some of the many carbon parts that have been built as well as examples of parts currently in the production cycle. The outer surfaces of the spaceship, built with incredibly strong heat-resistant BMI carbon composite are referred to as skins.

第 9 頁至第 13 頁重點介紹了已製造的眾多碳零件以及目前處於生產週期的零件範例。太空船的外表面採用極其堅固的耐熱 BMI 碳複合材料製成，稱為外皮。

Here, you see images of wing skins, fuselage skins and feather boom skins as well as an image of the aft bulkhead, all of which are key structures that make up the spaceship. The image on page 14 captures some of our wing final assembly tools that are installed in our spaceship factory.

在這裡，您可以看到機翼蒙皮、機身蒙皮和羽狀桁條蒙皮的圖像以及後艙壁的圖像，所有這些都是構成太空船的關鍵結構。第 14 頁的圖片展示了我們太空船工廠安裝的一些機翼最終組裝工具。

High fidelity precision tooling, including these examples from the wing, allow for a much more streamlined assembly process, enabling us to shave months off our historical assembly time while assuring the quality and safety of our building process. This tooling also equips us to make additional spaceships quickly and cost efficiently as we grow and scale our fleet. Lots of exciting work is still ahead as we bring these new spaceships into service.

高保真精密工具（包括機翼上的這些範例）可實現更簡化的組裝過程，使我們能夠將過去的組裝時間縮短數月，同時確保建造過程的品質和安全。隨著我們艦隊的擴大和發展，這種工具也使我們能夠快速、經濟高效地製造更多的太空船。當我們將這些新型太空船投入使用時，還有很多令人興奮的工作要做。

We have detailed program plans for each element of the ship, which allow us to project both schedule and cost with reasonable fidelity. We do not, of course, expect every part of the program to be executed exactly as planned. Almost all large-scale aerospace programs experienced bumps in the road that weren't part of the original design.

我們為船舶的每個部分都制定了詳細的計劃，這使我們能夠合理地預測進度和成本。當然，我們並不期望該計劃的每個部分都完全按照計劃執行。幾乎所有大型航空航太專案都會遇到最初設計中未曾預料到的障礙。

The key to good execution is being able to respond in a nimble fashion whenever these bumps show up and our manufacturing team, along with our supply chain partners have demonstrated outstanding ability to adapt around unexpected scenarios. A case in point materialized in our wing subassembly plan last month.

良好執行的關鍵在於能夠在出現這些問題時以靈活的方式做出反應，我們的製造團隊以及我們的供應鏈合作夥伴已經表現出了適應意外情況的卓越能力。上個月我們的機翼組件計畫就體現了一個典型的例子。

One of the wing parts we expected to arrive at our spaceship factory in April was delayed, requiring us to replan the sequence of assembly. Because our assembly tools and processes allow for flexibility in the build process, we've been able to adjust our wing assembly order around the arrival of the late part. In this case, while wing assembly is now starting later than originally planned, the nimble adjustments from the team allow us to adapt to the change without impacting the critical path of the overall project.

我們原計劃於四月運抵太空船工廠的機翼部件之一出現延誤，因此需要我們重新規劃組裝順序。由於我們的組裝工具和流程允許在建造過程中具有靈活性，因此我們能夠根據後期部件的到達來調整機翼組裝順序。在這種情況下，雖然機翼組裝現在開始的時間比原計劃晚，但團隊的靈活調整使我們能夠適應變化，而不會影響整個專案的關鍵路徑。

In addition to maintaining a quick and nimble approach across our manufacturing effort, we build contingency or buffer into our schedule estimates, which we manage at the corporate level. This contingency planning provides us the flexibility to absorb unexpected scenarios in one area of the program without disrupting other workflows or macro program time lines.

除了在整個製造過程中保持快速靈活的方法之外，我們還在進度估算中建立了緊急或緩衝，並在公司層級進行管理。這種應急計劃使我們能夠靈活地吸收程式某個領域中的意外情況，而不會中斷其他工作流程或巨集程式時間軸。

Turning to slide 15. As you can tell, enormous progress is occurring across the company. It's fascinating and important work, but the volume is too great to do it justice in an earnings call format. For this reason, starting in June, we will begin publishing an in-depth series across our social channels that showcases how we build our spaceships.

翻到第 15 張投影片。如您所見，整個公司正在取得巨大的進步。這是一項非常有趣且重要的工作，但由於工作量太大，無法透過收益電話會議的形式來公正地對待。因此，從六月開始，我們將開始在我們的社交管道上發布一系列深入的文章，展示我們如何建造我們的太空船。

We believe this will be an engaging and exciting way to bring along our customers, our investors and our fans as we build the spaceships that are designed to dramatically reduce the cost of commercial human space flight and open the door to wider access to space travel.

我們相信，這將是一種引人入勝且令人興奮的方式，讓我們的客戶、投資者和粉絲能夠參與其中，因為我們建造的太空船旨在大幅降低載人商業航天飛行的成本，並為更廣泛的太空旅行打開大門。

We expect the series to debut on our social channels next month. As I shared at the outset of the call, our entire company is focused on bringing these spaceships into service in a safe, timely and cost-efficient fashion.

我們預計該系列將於下個月在我們的社交管道上首次亮相。正如我在電話會議開始時所說的那樣，我們整個公司都致力於以安全、及時和經濟高效的方式將這些太空船投入使用。

Before I hand the call over to Doug to talk about the financials of our spaceship program, let's turn to slide 16 and touch on three commercial initiatives that are being planned now for execution in the future. First, I'd like to share some color on how we plan to reopen sales as we get closer to bringing our new spaceships into service. We expect to run a highly bespoke education sales process that will onboard new customers in distinct waves.

在我將電話交給 Doug 討論我們的太空船計劃的財務狀況之前，讓我們翻到第 16 張幻燈片，談談目前正在計劃在未來執行的三項商業計劃。首先，隨著我們的新飛船投入使用，我想分享一些我們計劃如何重新開始銷售的資訊。我們期望運行一個高度客製化的教育銷售流程，以不同的方式吸引新客戶。

This approach has several intended benefits. For customers, tailoring the number of new arrivals into our future astronaut community during each wave allows us to provide a white-glove onboarding experience that will form the foundation of each customer's journey to space. From a yield management perspective, this allows us to adjust our pricing wave by wave.

這種方法有幾個預期的好處。對於客戶來說，在每一波過程中根據新加入未來太空人社群的人數進行量身定制，使我們能夠提供白手套入職體驗，這將成為每位客戶太空之旅的基礎。從收益管理的角度來看，這使我們能夠逐步調整定價。

We expect to open the first wave of space flight reservations in Q1 of 2026, which we see as the ideal time to leverage the excitement leading up to the initial flights of our new spaceships. Specific pricing has not been set, although we expect the price will increase relative to our last price of $600,000.

我們預計將於 2026 年第一季開放第一波太空飛行預訂，我們認為這是利用新太空船首次飛行前的興奮情緒的理想時機。具體價格尚未確定，但我們預計價格將相對於我們上次的 60 萬美元的價格有所上漲。

We expect the majority of people who will join in this first wave will be new customers, including both scientists and private citizens. With that said, our experienced flying spaceship Unity has us optimistic about repeat business coming from the approximately 675 customers already on our manifest.

我們預計，第一波加入的大多數人將是新客戶，包括科學家和私人公民。話雖如此，我們經驗豐富的飛行飛船 Unity 使我們對來自我們名單上已有的約 675 名客戶的回頭業務充滿信心。

As a case in point, all three of the private astronauts who flew on our last space flight, Galactic 7, have signed on to fly again once our new spaceships are in service. Second, we continue to advance the preliminary development work on our next spaceport, and we are midway through our feasibility assessment with the Italian government for a spaceport in Southern Italy. As we shared before, we see excellent potential in the spaceport located in either Europe or the Middle East.

舉個例子，參加過我們上一次太空飛行「銀河 7 號」的所有三名私人太空人都已簽約在我們的新飛船投入使用後再次飛行。第二，我們繼續推動下一個太空港的初步開發工作，目前我們正與義大利政府就義大利南部太空港的可行性進行評估。正如我們之前所分享的，我們看到位於歐洲或中東的太空港具有巨大的潛力。

Moving to page 17. Third, I want to share a bit more on our carrier ship platform. We've been asked on earnings calls in the past as to whether we plan to develop markets and revenue streams in addition to suborbital space flight. I have consistently shared that we first needed to focus our company, bring our new production spaceships into service and deliver cash positive operations.

翻到第 17 頁。第三，我想分享一些關於我們航空母艦平台的資訊。我們在過去的收益電話會議上曾被問及除了亞軌道太空飛行之外，是否計劃開發市場和收入來源。我一直強調，我們首先需要集中精力於我們的公司，將我們新生產的飛船投入使用，並實現現金流正向營運。

While we still have much important work ahead of us to deliver our new spaceships in 2026, the progress we have already made is now allowing us to direct energy toward business development pursuits that could eventually lead to incremental revenue opportunities.

雖然我們為了在 2026 年交付新的太空船還有很多重要的工作要做，但我們已經取得的進展使我們能夠將精力投入到業務發展上，最終可能帶來增量收入機會。

We believe taking a more expansive view of our carrier ship platform may be one of those opportunities. Last quarter, we discussed the potential for our carrier aircraft to be adapted for government and research use given its unique ability to carry heavy payloads to high altitude.

我們相信，更廣泛地看待我們的航空母艦平台可能是其中一個機會。上個季度，我們討論了我們的運載機因其具有將重型有效載荷運送到高空的獨特能力而適用於政府和研究用途的可能性。

The need for an aircraft that can reach high altitude for long durations while lifting heavy payloads, which we refer to as a HAL heavy aircraft, has existed for many years and the volume of missions that could leverage this capability has been increasing.

多年來，人們一直需要一架能夠長時間達到高空並運載重型有效載荷的飛機，我們稱之為 HAL 重型飛機，並且可以利用這種能力的任務數量一直在增加。

Turning to slide 18. Since last quarter, we have connected with leaders within the Department of Defense, national laboratories and aerospace and defense companies to ascertain the potential product market fit of our carrier aircraft capabilities with government customer needs.

翻到第 18 張投影片。自上個季度以來，我們與國防部、國家實驗室以及航空航太和國防公司的領導人進行了聯繫，以確定我們的艦載機能力與政府客戶需求的潛在產品市場契合度。

We've been encouraged by initial feedback, which has identified both existing and emerging missions that could potentially benefit from access to HAL Heavy Support Aircraft. Examples of these missions could include airborne research and development testing, intelligent surveillance and reconnaissance support, command and control node capabilities and multiple opportunities within the emerging Golden Dome initiative.

初步回饋令我們感到鼓舞，它表明現有和新興的任務都可能受益於 HAL 重型支援飛機。這些任務的例子包括機載研究和開發測試、智慧監視和偵察支援、指揮和控制節點能力以及新興的金色穹頂計劃中的多種機會。

In the near term, we plan to explore early steps, including cooperative research and development agreements as well as other R&D opportunities within the industry to showcase the missions our existing and future carrier ships could support.

短期內，我們計劃探索早期步驟，包括合作研究和開發協議以及行業內的其他研發機會，以展示我們現有和未來的運載艦可以支援的任務。

With that, I'll turn the call over to our CFO, Doug Ahrens.

說完這些，我將把電話轉給我們的財務長 Doug Ahrens。

Thanks, Michael. Good afternoon, everyone. Turning to slide 19 and our financial review of the first quarter. Revenue was approximately $500,000 from future astronaut access fees and event fees. Total operating expenses for the first quarter decreased 21% to $89 million compared to $113 million in the prior year period.

謝謝，麥可。大家下午好。翻到第 19 張投影片，看看我們對第一季的財務回顧。未來太空人的訪問費和活動費收入約為 50 萬美元。第一季總營運費用為 8,900 萬美元，較去年同期的 1.13 億美元下降 21%。

We remain highly focused on managing our expenses across all areas of the company. Consistent with the trend during 2024, we continue to see a reduction in operating expenses as our spending shifts from research and development to capital investments in manufacturing assets that can be used to repeatedly build spaceships.

我們仍然高度重視管理公司各領域的費用。與 2024 年的趨勢一致，隨著我們的支出從研發轉向可用於重複建造太空船的製造資產的資本投資，我們將繼續看到營運費用的減少。

With production of our first two spaceships underway, we have also been capitalizing the components that are being manufactured or purchased. Capital expenditures for the first quarter grew to $46 million compared to $13 million in the prior year period.

隨著我們前兩艘太空船的生產正在進行，我們也一直在利用正在製造或購買的零件。第一季的資本支出從去年同期的 1,300 萬美元增至 4,600 萬美元。

Adjusted EBITDA improved to negative $72 million in the first quarter compared to negative $87 million in the prior year period. Free cash flow was negative $122 million in the first quarter, within the range of our guidance.

第一季調整後 EBITDA 改善至負 7,200 萬美元，去年同期為負 8,700 萬美元。第一季自由現金流為負 1.22 億美元，在我們的預期範圍內。

Moving to slide 20. We ended the first quarter with $567 million in cash, cash equivalents and marketable securities. During the quarter, we generated $31 million in gross proceeds through an at-the-market or ATM equity offering program. The ATM program remains in place both as a potential source of growth capital and as a means to bolster the balance sheet when appropriate.

移至第 20 張投影片。第一季結束時，我們擁有 5.67 億美元的現金、現金等價物和有價證券。本季度，我們透過市場或 ATM 股票發行計畫獲得了 3,100 萬美元的總收益。ATM 計劃仍然有效，既是潛在的成長資本來源，也是在適當的時候增強資產負債表的手段。

Today, you will see some additional SEC filings from us about the program, but those are all just technical filings and they all still relate to the same existing $300 million program we entered in November 2024. The filings are not establishing a new or upsized program.

今天，您將看到我們向美國證券交易委員會 (SEC) 提交的一些有關該計劃的額外文件，但這些都只是技術文件，它們仍然與我們於 2024 年 11 月簽署的現有 3 億美元計劃有關。該文件並未設立新的或擴大的項目。

Moving to our projection. Revenue for the second quarter of 2025 is expected to be approximately $400,000 for astronaut access fees. Forecasted free cash flow for the second quarter of 2025 is expected to be in the range of negative $105 million to $115 million.

轉向我們的預測。預計 2025 年第二季的太空人使用費收入約為 40 萬美元。預計 2025 年第二季的自由現金流將在負 1.05 億至 1.15 億美元之間。

This projection represents lower spending going forward as the required peak investment level is now behind us. We further project that cash spending will continue to decline through 2025 as we complete this phase of investment.

這項預測表明，由於所需的投資高峰已經過去，未來的支出將會降低。我們進一步預測，隨著這一階段投資的完成，到 2025 年現金支出將持續下降。

Moving through the final assembly and testing phase, we expect to continue converting some of our cash on hand into manufacturing assets and spaceships as we bring our initial Delta fleet into service. We anticipate that approximately half of our spending in 2025 will be for onetime capital expenditures for tooling, manufacturing capacity and the production of our first two new Delta class spaceships.

在進入最後的組裝和測試階段後，隨著我們最初的 Delta 機隊投入使用，我們預計將繼續將部分現金轉化為製造資產和太空船。我們預計，2025 年大約一半的支出將用於工具、製造能力和生產前兩艘新型德爾塔級太空船的一次性資本支出。

On our last call, I highlighted that our growth in capital expenditures is reflected in property, plant and equipment or PP&E on our balance sheet, and we expect that trend will continue to play out in 2025. At the end of the first quarter, we reported $249 million in PP&E compared to $209 million at the end of 2024.

在我們上次電話會議上，我強調，我們的資本支出成長反映在資產負債表上的財產、廠房和設備（PP&E）中，我們預計這一趨勢將在 2025 年繼續發揮作用。截至第一季末，我們的 PP&E 成本為 2.49 億美元，而 2024 年底為 2.09 億美元。

With that, I'll turn the call back over to Michael.

說完這些，我就把電話轉回給麥可。

Thanks, Doug. Closing on page 21. Q1 demonstrated strong progress advancing the build of our new spaceships and keeping pace with our plans to begin commercial space flight in 2026. I'm encouraged by the momentum and responsiveness of the teams across Virgin Galactic and our supply partners, and I'm looking forward to showcasing how we build spaceships in our new series that will launch next month.

謝謝，道格。結束於第 21 頁。Q1 顯示我們在推進新型太空船建造方面取得了重大進展，並與我們在 2026 年開始商業太空飛行的計劃保持同步。維珍銀河和我們的供應合作夥伴團隊的動力和響應能力令我感到鼓舞，我期待在下個月推出的新系列中展示我們如何建造太空船。

We are moving through the necessary steps to conclude the pre-revenue phase of the company. The assets we are creating during this phase are tremendous, including the spaceships that will go into commercial service as well as the IP, tooling, and manufacturing infrastructure that will be used to expand our fleet.

我們正在採取必要措施，以完成公司的獲利前階段。我們在此階段創造的資產是巨大的，包括將投入商業服務的太空船以及將用於擴大我們艦隊的智慧財產權、工具和製造基礎設施。

We believe these assets will open up a powerful and profitable business model that will benefit from an industry-leading cost structure, fixed cost leverage as we scale and an unparalleled customer experience. We're excited to see our new ships come to life in 2025, and we can't wait to begin flying our customers to space in 2026.

我們相信，這些資產將開闢一個強大且有利可圖的商業模式，該模式將受益於行業領先的成本結構、規模擴大後的固定成本槓桿以及無與倫比的客戶體驗。我們很高興看到我們的新飛船在 2025 年投入使用，我們迫不及待地想在 2026 年開始將我們的客戶送入太空。

Operator, let's open the call for questions.

接線員，讓我們開始提問吧。

(Operator Instructions) Oliver Chen, TD Cowen.

（操作員指示） Oliver Chen，TD Cowen。

Hi, Michael and Doug. It's really encouraging about ticket sales opening in first quarter '26. How are you thinking about the total addressable market of 300,000 or more previously? And any thoughts you may have there?

嗨，邁克爾和道格。2026 年第一季開始售票確實令人鼓舞。您之前是如何考慮 30 萬或更多的總目標市場規模的？您有什麼想法嗎？

Second question is the free cash flow is encouraging, especially given that peak investments are behind you. What are your thoughts longer term in terms of the free cash flow burn reaching below $100 million? Or how would you think more medium to longer term there? And this would love any tactical thoughts if tariffs are impacting some of your material inputs at all? Thank you very much.

第二個問題是自由現金流令人鼓舞，特別是考慮到投資高峰已經過去。從長期來看，您對自由現金流消耗達到 1 億美元以下有何看法？或是您認為中長期來看情況如何？如果關稅對您的某些材料投入產生影響，您會有什麼策略性的想法嗎？非常感謝。

Thanks, Oliver. It's Michael. I'll take the first one and the last one, Doug, throw free cash flow over to you. So I don't think we have different inputs at the moment, Oliver, as to the macro 300,000 total addressable market and the growth of that. The analysis that went behind that a couple of years ago, I thought was pretty solid by several of the investment banks that covered the industry.

謝謝，奧利佛。我是麥可。我會選擇第一個，而最後一個，道格，把自由現金流交給你。因此，奧利佛，我認為我們目前對於宏觀 30 萬總目標市場及其成長沒有不同的投入。我認為幾年前幾家負責該行業的投資銀行對此所做的分析是相當可靠的。

So I don't have any updates to that from proprietary research. I do believe that at the start of this, we are going to see tremendous amount of activity through the sales process, and that's why referral and repeat visitation is so important to us. We put in one note, you probably caught. I just thought a nice piece of optimism on how powerful our experience is. We had three private astronauts on our last flight.

因此，我沒有任何來自專有研究的更新資訊。我確實相信，在一開始，我們就會看到銷售過程中出現大量的活動，這就是為什麼推薦和重複訪問對我們如此重要。我們添加了一條註釋，您可能已經注意到了。我只是對我們的經驗有多強大抱持樂觀的態度。我們上次飛行時有三名私人太空人。

We also had a Turkish government researcher on that flight. All three of those private astronauts have signed up again. It was that meaningful of an experience. So when I see the early years of this, I think we will grow by sales and a heavy amount through referral and a decent amount through repeat. And so the amount we need to tap into the top of the funnel, those 300,000 individuals is really pretty light at the beginning, and I think that will grow over time as we scale the fleet up.

那趟航班上還有一名土耳其政府研究人員。這三名私人太空人都已再次報名。這是一次非常有意義的經驗。因此，當我看到這一項目的早期發展時，我認為我們的銷售額將實現成長，透過推薦獲得大幅成長，透過重複獲得相當可觀的成長。因此，我們需要挖掘漏斗頂端的人數，這 30 萬人在一開始確實很少，但我認為，隨著我們擴大船隊規模，這個數字會隨著時間的推移而增長。

Just Doug, before I give it to you, I talked to our Head of Supply Chain a couple of times, both in advance of this call and just following along with tariffs. Most of our work, as you'd expect, is US-sourced. As you go multiple layers down the supply chain, some of the raw materials can come from outside of the US. Because we've been working on this for a while, we have ordered all the long lead materials in advance. So all the stock we need for these first two ships is pretty much already in.

道格，在我告訴你之前，我已經和我們的供應鏈主管談過幾次了，既在這次電話會議之前，也在關稅問題之後。正如您所料，我們的大部分工作都來自美國。隨著供應鏈的層層深入，一些原料可能來自美國以外。因為我們已經為此工作了一段時間，所以我們已經提前訂購了所有長引線材料。因此，我們前兩艘船所需的所有庫存基本上都已經到位了。

There are small elements, but relatively de minimis into the economics here. Packing and things we ship from -- we ship all of our parts, and there's a lot of wood in the crates and wood is up because wood is coming from Canada, things like that. But most of the meaningful expenditures that could have been subject to tariffs have already been purchased.

雖然存在一些小因素，但對於這裡的經濟學來說，這些因素相對來說是微不足道的。包裝和我們發貨的東西——我們運送所有的零件，板條箱裡有很多木材，木材價格上漲，因為木材來自加拿大，諸如此類。但大多數可能被徵收關稅的有意義的支出已經被購買了。

So Doug, on free cash flow?

那麼 Doug，關於自由現金流呢？

Yeah. Thanks, Michael. And thanks for the question, Oliver. So yeah, we're pleased that the peak spending is now behind us. And that's because we've been investing in tooling and it was all the R&D before that. We showed a lot of pictures of tools that have been already built and they're in the factory.

是的。謝謝，麥可。謝謝你的提問，奧利佛。是的，我們很高興支出高峰已經過去。這是因為我們一直在投資工具，而在此之前我們一直在進行研發。我們展示了許多已經製造完成且在工廠中的工具的圖片。

Those are one-time investments, right, that allow us to make copy of the spaceships now with that. But that's where the peak spending was coming from. So now as we go forward, we still have more investments to do as we finish that and really invest in these remaining two spaceships. But what that gives us is a trend where the required spending by quarter goes down. So the trend through 2025 is a declining spend trend.

這些都是一次性投資，對吧，現在我們可以用它來複製太空船。但這正是支出高峰的來源。因此，現在隨著我們繼續前進，我們在完成這項工作並真正投資剩下的兩艘太空船時仍需要做更多的投資。但這帶給我們的趨勢是，每季所需支出呈現下降趨勢。因此到 2025 年的趨勢是支出呈下降趨勢。

And as you noted, yes, we're still targeting to be below $100 million spend by the fourth quarter of 2025. And then, you asked about long term. We do expect that beyond that, the spending level will continue to decline into 2026. And then we start to cross over because in 2026, we have our two spaceships in operations. We start to get cash inflows ahead of the space flights, and that's when it turns over to a positive cash flow business model.

正如您所說，是的，我們仍將目標定為 2025 年第四季支出低於 1 億美元。然後，您詢問了長期問題。我們確實預計，除此之外，支出水準還將繼續下降至 2026 年。然後我們開始跨越，因為在 2026 年，我們的兩艘太空船將投入運作。我們在太空飛行前就開始獲得現金流入，這時它就轉變為正現金流商業模式。

So we're pleased with that outlook. Looking much longer term, I can refer you back to the economic model that we've shared in past calls, that's still valid. That's still what we are projecting that with two spaceships in service and with the launch vehicle Eve, we expect to be able to get to a revenue level of $450 million a year in steady state, and that generates $90 million to $100 million of EBITDA, and that can be all cash flow unless we choose to plow that back into building more assets. So that's the different phases of our cash flow projections, Oliver.

因此我們對這一前景感到滿意。從更長遠的角度來看，我可以向大家介紹我們在過去的電話會議中分享過的經濟模型，它仍然有效。我們仍然預測，隨著兩艘太空船投入使用以及 Eve 運載火箭的投入使用，我們預計在穩定狀態下能夠達到每年 4.5 億美元的收入水平，並產生 9000 萬至 1 億美元的 EBITDA，而這可以全部成為現金流，除非我們選擇將其重新投入到建設更多資產中。這就是我們的現金流預測的不同階段，奧利佛。

Thanks a lot. Very helpful. One follow-up. Michael, you have an extensive background from Disney and we lead luxury here at TD Cowen. Would just love your latest views on anything that's changed or how you're thinking lately about customer engagement, experiential and the lifestyle brand aspect of what you're doing? Thank you.

多謝。非常有幫助。一次後續行動。邁克爾，你在迪士尼擁有豐富的背景，我們在 TD Cowen 領導奢侈品業務。我很想了解您對任何變化的最新看法，或者您最近對客戶參與度、體驗和生活方式品牌的看法？謝謝。

Only thing I'd add on that note, Oliver, is it's in sight, and we are really excited as a company to start to make Virgin Galactic a real name in that luxury and aspirational brand space. We have everything we need in what this industry is, what the quality of our product is, the aspiration and exclusivity of the product. And now we're building the incredible machines that will allow us to do it. So we're excited to step in and be a real player here.

奧利佛，我唯一想補充的是，它就在眼前，作為一家公司，我們真的很高興能夠開始讓維珍銀河成為豪華和令人嚮往的品牌領域的真正品牌。我們對這個行業、我們的產品品質、產品的期望和獨特性都有了充分的了解。現在我們正在建造能夠讓我們實現這一目標的不可思議的機器。因此，我們很高興能夠介入並成為這裡真正的參與者。

Thank you. Best regards.

謝謝。此致。

Greg Konrad. (Operator Instructions)

格雷格·康拉德。（操作員指示）

Good evening. Maybe just to follow-up on the reopening of sales in Q1. You mentioned a first wave. But just given how you're thinking about future flight cadence, any color in terms of how you think about the size of that first wave? And then what is the ideal backlog just given that flight cadence? You were at 1,000 before you started flights the first time. Like how do you think about the ideal size of backlog given the overall market size?

晚安.也許只是為了跟進第一季重新開始的銷售情況。您提到了第一波。但是，考慮到您對未來飛行節奏的思考，您對第一波的規模有何看法？那麼，考慮到飛行節奏，理想的積壓量是多少？在您第一次開始飛行之前，您的飛行距離就已經達到 1,000 公尺。例如，考慮到整體市場規模，您認為理想的積壓訂單規模是多少？

Thanks, Greg. I think having a one to two-year backlog is appropriate and that's consistent with where we've been. Once you're past two years, I think people are waiting a little longer than is helpful. And technically, you need a month of backlog and it's just fine. But I think having a solid backlog is better.

謝謝，格雷格。我認為積壓一到兩年是合適的，這與我們目前的狀況一致。一旦過了兩年，我認為人們等待的時間就會變得有點太長，沒有什麼幫助。從技術上講，你需要一個月的積壓就可以了。但我認為擁有充足的積壓訂單會更好。

I also think having a year's worth of backlog allows for greater flexibility from a yield management standpoint. So what we're trying to do now is we start with waves because we will be putting our new ships into service. We will start them, they're all expected to fly twice a week when we have the carrier shipped capacity to do so. And we expect, in general, to be able to fly 125 flights over the course of the year. So we'll work to overhit that, but that's our targeted numbers.

我還認為，從收益管理的角度來看，擁有一年的積壓訂單可以提供更大的靈活性。因此，我們現在要做的是從波浪開始，因為我們將把新船投入使用。我們將啟動這些航班，當我們的承運商擁有運力時，預計它們每週飛行兩次。我們預計全年將能飛行 125 個航班。因此，我們會努力實現這一目標，但這是我們的目標數字。

So at six people per ship, 125 flights a year, that's the capacity that we'll, I'll say, target from an annual point until we expand our fleet. So that means we want to have 6 times 125 that many people signed up on a rolling basis a year in advance.

因此，以每艘船 6 名乘客、每年 125 個航班計算，這就是我們在擴大船隊之前每年的目標運力。這意味著我們希望提前一年有 6 倍 125 人滾動報名。

The question really becomes what price point do we want to bring those people in as our flight rate moves forward? That's one of the benefits of Waves from a business standpoint is we can look at the value we're creating. I think we'll get continued referral and excitement.

真正的問題是，隨著我們的航班價格不斷上漲，我們想以什麼樣的價格吸引這些人？從商業角度來看，Waves 的優勢之一就是我們可以看到我們正在創造的價值。我認為我們會得到持續的推薦和興奮。

I do think that will continue to expand the demand pressure against the existing fleet, and we can think about pricing appropriately there. The other thing with going in waves, which is super important to the customer experience, we're not just bringing people up and down the space.

我確實認為這將繼續擴大對現有船隊的需求壓力，我們可以考慮在那裡進行適當的定價。採用波浪式行走的另一個好處是，這對客戶體驗至關重要，我們不只是帶領人們在空間中來回走動。

This is a life experience. It's a life journey. And we want to bring people in from the moment they sign on in a way that shows them this is something that is unique in the world and that experience starts from the moment they sign up.

這是一次人生經驗。這是一趟人生旅程。我們希望從人們註冊的那一刻起就吸引他們，讓他們看到這是世界上獨一無二的東西，這種體驗從他們註冊的那一刻開始。

If we just throw the doors open and can't handle the volume or rational volume coming in, it makes it harder for us to give that white glove treatment to each and every individual astronaut that joins in. So that's why we do it from a customer standpoint, business-wise, it allows us to yield manage and stair step pricing up as we go along.

如果我們只是打開艙門，卻無法處理進入的太空人數量或合理數量，那麼我們就很難為每位加入的太空人提供白手套待遇。因此，這就是我們從客戶的角度、從業務角度這樣做的原因，它使我們能夠在進行過程中進行收益管理並逐步提高定價。

And then as a follow-up, you mentioned you were about halfway through a feasibility study for a second spaceport in Italy. Can you maybe talk about what some of those main gating factors are in terms of establishing feasibility? And do economics play into that decision in any way, whether that's funds in from Italy or how that gets funded?

然後作為後續問題，您提到您正在進行義大利第二個太空港可行性研究的一半工作。您能否談談在確定可行性方面的主要限制因素有哪些？那麼，經濟因素是否會對這項決定產生影響，無論是來自義大利的資金還是資金來源？

Sure. So I'll talk from our side, from the Italian side. What we're doing right now is establishing clarity of what airspace would be needed is a very important element there. So there's an Air Force base that is in the Pula region of Italy that's been designated by the Italian government as a spaceport region. President Malone has designated a non-trivial amount of funds into helping move that region into a horizontal like a runway spaceport.

當然。因此我將從我們、從義大利的角度來談談。我們現在正在做的事情就是明確需要什麼樣的空域，這是非常重要的一點。義大利普拉地區有一個空軍基地，義大利政府已將其指定為太空港區域。馬龍總統已撥出一大筆資金，幫助該地區發展成為像跑道航太港一樣的水平區域。

So there's good government support in that area. Where we fly is dependent upon lots of factors, and so a lot of what's going on is the specific flight path, studying the wind and the weather patterns, both across seasons, across days and intraday across the hours because depending upon prevailing winds and other factors, we would fly different flight paths, obviously, originating and returning to the same runway but going in different ways.

因此，政府對該地區提供了良好的支持。我們的飛行地點取決於許多因素，因此，很多事情都是關於具體的飛行路徑，研究風和天氣模式，包括跨季節、跨天以及跨小時，因為根據盛行風和其他因素，我們會飛不同的飛行路徑，顯然，出發和返回都是同一條跑道，但飛行方式不同。

That has different implications to what airspace is either available or might need adjustment within the overall Italian airspace. So that's the heaviest one that we're doing right now. I think when it gets down to economics, the runway is already there.

這對於義大利整個空域中哪些空域可用或可能需要調整有不同的意義。這是我們目前正在做的最繁重的工作。我認為，當談到經濟時，跑道已經存在了。

It turns into facilities and hangers for ships at a spaceport and a place for us to train our customers along the way, obviously, than building the ships that would operate in there. Those are the primary, I'd say, upfront investment elements of a new spaceport.

它變成了太空港的設施和飛船機庫，也是我們沿途培訓客戶的地方，顯然，而不是建造在那裡運行的飛船。我認為這些都是新太空港的主要前期投資要素。

Thank you.

謝謝。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Hi, guys. This is Greg Dahlberg on for Myles. Thank you for the time. I wanted to dig a little bit deeper into the repeat business aspect just because you guys have been emphasizing the importance here. I was wondering, is there like maybe a win rate you're assuming in your medium, long-term planning assumptions for repeat business? I guess, just trying to gauge what it could look like when the cadence of flight starts to really kick up. Thank you.

嗨，大家好。這是格雷格·達爾伯格 (Greg Dahlberg) 取代邁爾斯 (Myles)。感謝您抽出時間。我想更深入地探討重複業務方面，因為你們一直在強調它的重要性。我想知道，在您對重複業務的中長期規劃假設中，是否有一個成功率？我猜，只是想判斷一下當飛行節奏真正開始加快時它會是什麼樣子。謝謝。

I think early days, obviously, Greg, in being able to predict, we have a relatively small number of flights. And so the statistical significance is going to be a bit limited there. As far as statistics go, we have, I'd say, in the double digits, low to mid-double digits of people who have flown that have raised their hand and want to do a repeat with us percentage-wise there, but I think it's hard to really pull that as the statistical data point to go forward.

我認為，格雷格，顯然，在早期階段，我們能夠預測的航班數量相對較少。因此，統計意義將會受到一些限制。就統計數據而言，我想說，已經有兩位數、低兩位數到中兩位數的乘客舉手錶示希望與我們一起重複這一計劃，但我認為，從統計數據來看，很難真正做到這一點。

What I look more closely at is how meaningful was the experience. When I have a chance to talk to people who have flown with us and I get a chance to talk to them afterwards, how meaningful has it stayed?

我更仔細地考慮的是這次經驗有多有意義。當我有機會與曾與我們一起飛行的乘客交談，並且之後有機會與他們交談時，這有多有意義？

How relevant is this? How important is this in their ongoing life? How much are they talking about it, sharing about it? And just ask, is this something you would like to do again? And if you like to do it again, would you like to do it with people you know, your friends, your family, buddy group, whatever that is.

這有多大關係？這對他們今後的生活有多重要？他們對此談論了多少，分享了多少？只要問一下，這是您還想再做一次的事情嗎？如果你想再做一次，你願意和你認識的人、朋友、家人、夥伴們一起做嗎？無論是什麼人。

And the feedback I get is very consistent in I would love to do this again. And so then I think it depends upon the individual and where their economic situation stands as to whether this is something that they would like to prioritize sooner or later.

我得到的回饋非常一致，我很樂意再次這樣做。所以我認為這取決於個人及其經濟狀況，至於這是否是他們遲早要優先考慮的事情。

So we'll see how that all plays itself out. But I do think it's a meaningful piece. What's probably more meaningful is when you have a customer experience that's this powerful is the referral factor, right?

因此我們將拭目以待這一切將如何發展。但我確實認為這是一件有意義的作品。更有意義的可能是，當你擁有如此強大的客戶體驗時，這就是推薦因素，對嗎？

Because all the people that our flown astronauts talk to become potential customers for us. And a lot of our flown astronauts know people within that 300,000 total addressable market, and that makes a more easier customer acquisition process through the referral effort.

因為與我們飛行的太空人交談的所有人都會成為我們的潛在客戶。我們的許多太空人都認識這 30 萬個潛在市場中的人們，這使得透過推薦的方式獲取客戶的過程變得更加容易。

Got it. Thank you for the time.

知道了。感謝您抽出時間。

You're welcome.

不客氣。

If there are no further questions, ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，如果沒有其他問題，今天的電話會議就結束。感謝大家的加入。您現在可以斷開連線。