Archer Aviation Inc (ACHR) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for joining the Archer Aviation Incorporated Q4 '23 financial results conference call.

下午好，感謝您參加 Archer Aviation Incorporated '23 年第 4 季財務業績電話會議。

My name is Kate and I will be the moderator for today's call.

我叫凱特，我將擔任今天電話會議的主持人。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to your host, Andy Missan, Chief Legal Officer.

現在我想將電話轉給主持人、首席法務官安迪·米桑 (Andy Missan)。

You may proceed.

您可以繼續。

Thank you, operator.

謝謝你，接線生。

Good afternoon, everyone, and thank you for joining us today to review Archer's fourth quarter and full fiscal year 2023 operating and financial results.

大家下午好，感謝您今天與我們一起回顧 Archer 第四季度和 2023 財年的營運和財務業績。

My name is Andy Missan, Chief Legal Officer of Archer.

我是安迪‧米桑 (Andy Missan)，Archer 的首席法務官。

On the call today are Adam Goldstein, our Founder and CEO; Mark Mesler, our CFO; and Tom Muniz, our COO.

今天參加電話會議的是我們的創辦人兼執行長 Adam Goldstein；馬克‧梅斯勒，我們的財務長；以及我們的營運長 Tom Muniz。

During today's call, we will be making forward looking statements.

在今天的電話會議中，我們將做出前瞻性聲明。

These statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements.

這些陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述預期的結果有重大差異。

For more information about these risks and uncertainties please refer to our SEC filings under the caption Risk Factors.

有關這些風險和不確定性的更多信息，請參閱我們向 SEC 提交的“風險因素”標題下的文件。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this call, we will discuss both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將討論公認會計原則和非公認會計原則財務指標。

A reconciliation of certain GAAP to non-GAAP measures is included in our shareholder letter posted on our IR website.

我們在 IR 網站上發布的股東信中包含了某些 GAAP 與非 GAAP 措施的調整。

And now I'd like to turn the call over to Adam.

現在我想把電話轉給亞當。

Archer has taken a unique and focused path towards certification, scaling, manufacturing and commercialization.

Archer 在認證、規模化、製造和商業化方面採取了獨特而專注的道路。

I'm going to take you through why our approach in each of these areas gives me confidence that we will be positioned to go live in 2025.

我將向您介紹為什麼我們在每個領域的方法讓我相信我們將在 2025 年上線。

First and most importantly, we have designed our aircraft since day one for certification now that our team's focus is shifting to the last major phase of Midnight type certification program, which the FDA calls the implementation phase.

首先也是最重要的是，我們從第一天起就設計了我們的飛機以進行認證，現在我們團隊的重點正在轉移到午夜型認證計畫的最後一個主要階段，FDA 稱之為實施階段。

We believe that our approach has derisked our path to certification and will allow us to move through to certification before anyone else in the industry.

我們相信，我們的方法消除了我們獲得認證的風險，並使我們能夠先於業內其他人獲得認證。

As you saw from our announcement earlier today, approximately 80% of Midnight's subsystems and components are sourced from leading aerospace suppliers with certification heritage, meaning that they are either already flying on hundreds or thousands of other certified aircraft today or that they are derived from other designs which have been previously certified.

正如您從我們今天早些時候的公告中看到的，大約80% 的Midnight 子系統和組件均來自具有認證傳統的領先航空航天供應商，這意味著它們要么已經在數百或數千架其他經過認證的飛機上飛行，要么來自其他認證飛機。先前已獲得認證的設計。

Given that the FAA is already deeply familiar with these systems in their certification history.

鑑於美國聯邦航空局在其認證歷史中已經非常熟悉這些系統。

This strategy has enabled us to rapidly mature midnight design and testing, allowing us to become what we believe to be the first company in the sector to be simultaneously building three conforming aircraft to be used in pilot and flight testing and for credit FA compliant findings as part of our FAA type certification program.

這項策略使我們能夠快速成熟的午夜設計和測試，使我們成為該行業第一家同時建造三架合格飛機的公司，這些飛機將用於飛行員和飛行測試以及信用 FA 合規調查結果：我們的FAA 型式認證計劃的一部分。

It is even more clear to us now that had we gone down the fully vertically integrated pathway, we would be facing an order of magnitude higher R&D budget certification risk and uncertainty about our ability to scale production and launch meaningful commercial operations.

現在我們更加清楚，如果我們走完全垂直整合的道路，我們將面臨更高數量級的研發預算認證風險以及我們擴大生產和開展有意義的商業運營的能力的不確定性。

Instead, our teams have continued to execute at a relentless focused velocity alongside the best and most experienced suppliers in the aerospace industry with a minimized risk of incurring a costly redesign.

相反，我們的團隊繼續與航空航天業最優秀、最有經驗的供應商一起以不懈的專注速度執行任務，並將昂貴的重新設計的風險降至最低。

As you have seen in our shareholder letter, we have provided a significant amount of detail around the strategic sourcing of our aircraft subsystems and components as well as the steps we will be working through as part of the implementation phase of our certification program.

正如您在我們的股東信中所看到的，我們提供了有關飛機子系統和組件的策略採購的大量細節，以及我們將在認證計劃實施階段採取的步驟。

Tom will walk through this in more detail with the goal of providing greater clarity into how we've been able to and plan to continue to make efficient progress through the FAA certification process.

Tom 將更詳細地介紹這一點，目的是更清楚地說明我們如何能夠併計劃繼續通過 FAA 認證流程取得有效進展。

Equally important is our team's steadfast focus on ensuring we can scale our manufacturing in line with demand.

同樣重要的是，我們的團隊堅定不移地致力於確保我們能夠根據需求擴大生產規模。

You may not have realized it, but Stellantis was actually the first of the strategic relationships reforms even before United.

你可能沒有意識到，斯特蘭蒂斯實際上是第一個戰略關係改革，甚至早於曼聯。

When I founded Archer, I knew from watching the EV industry that developing the capability to manufacture our aircraft at high volumes was perhaps the number one enabler of our future success alongside the design and certification of the aircraft.

當我創立 Archer 時，我透過觀察電動車產業了解到，除了飛機的設計和認證之外，發展大批量製造飛機的能力可能是我們未來成功的首要推動因素。

We have been doing that with data since 2020.

自 2020 年以來，我們一直在利用數據來做到這一點。

And together, we're on track to complete the build-out of our high volume manufacturing facility in Georgia later this year, which will be capable of producing up to 650 aircraft per year.

我們預計在今年稍後完成位於喬治亞州的大批量製造工廠的建設，該工廠每年將能夠生產多達 650 架飛機。

It puts us in position as the only company in the industry with the facilities to produce and deliver aircraft at scale in 2025 and into the later half of this decade.

它使我們成為業內唯一一家擁有在 2025 年和本十年後半段大規模生產和交付飛機設施的公司。

There's still a lot of hard work to be done to scale manufacturing, but there's no better partner to do that with since the lumpiness to recently announced that they have turned to profit on EVs and are full speed ahead on electrification.

要擴大生產規模，還有很多艱苦的工作要做，但自從最近宣布他們已在電動汽車上實現盈利並在電氣化方面全速前進以來，沒有更好的合作夥伴可以做到這一點。

Our commercial team is seeing a high level of demand for EV toll aircraft globally and potential customers are very excited about what that can deliver.

我們的商業團隊看到全球對電動收費飛機的高需求，潛在客戶對其所能提供的服務感到非常興奮。

So we are lucky to have multiple viable options, both domestically and abroad for early commercial launch.

因此，我們很幸運能夠在國內和國外擁有多種可行的選擇來進行早期商業發布。

Those same customers are now identifying that for the coming years, we are likely to be the only player in the industry, selling an aircraft that is FAA certified and that could be produced in high volumes.

這些客戶現在認識到，在未來幾年中，我們很可能成為該行業中唯一一家銷售經過美國聯邦航空管理局 (FAA) 認證且可以大批量生產的飛機的參與者。

As a result, our team has built a strong indicative order book for up to 700 aircraft, potentially worth $3.5 billion, which puts us in a formidable position to have our partners around the world, take delivery of midnight and in turn, start generating significant revenue for Archer as soon as next year.

因此，我們的團隊已經建立了多達 700 架飛機的強大指示性訂單簿，潛在價值 35 億美元，這使我們處於有利地位，可以讓世界各地的合作夥伴在午夜收貨，進而開始產生大量收入Archer 最快將於明年獲得收入。

In the Emirates, we are seeing promising markets for the night in both Abu Dhabi and Dubai as well as an air corridor between the two cities.

在阿聯酋，我們看到阿布達比和杜拜的夜間市場以及兩個城市之間的空中走廊都有前景。

We have partnered with two leading air operators there, Chateau and Falcon Aviation.

我們與當地兩家領先的航空業者 Chateau 和 Falcon Aviation 合作。

We continue to expect the lead to be an early launch market for us.

我們仍然預計領先市場將是我們的早期發布市場。

We also continue to believe India will be the largest market for flying cars globally, and we are rapidly making progress standing up a JV with our partner, Inter Globe enterprises, India's foremost, travel, aviation and hospitality conglomerate, with whom we plan to launch an air taxi service across Delhi, Mumbai and Bangalore route in 2026.

我們仍然相信印度將成為全球最大的飛行汽車市場，並且我們正在與我們的合作夥伴Inter Globe Enterprises 建立合資企業，該合資企業是印度最重要的旅遊、航空和酒店集團，我們正在迅速取得進展，我們計劃與他們合作推出2026 年將提供橫跨德里、孟買和班加羅爾路線的空中計程車服務。

That brings us to the last but arguably most crucial part of our strategy, capital efficiency.

這就引出了我們策略的最後一個但可以說是最關鍵的部分：資本效率。

We are laser focused on executing a capital-light approach to growing the business.

我們專注於執行輕資本方法來發展業務。

That approach extends across everything we do, from our decision to work with leading aerospace suppliers across 80% of our subsystems and components instead of vertically integrating and more broadly to how we approach manufacturing and how we deploy aircraft.

這種方法貫穿了我們所做的一切，從我們決定在 80% 的子系統和組件上與領先的航空航天供應商合作，而不是垂直整合，更廣泛地到我們如何進行製造和如何部署飛機。

In an EV and EV toll business, scaling manufacturing would typically be one of the largest capital requirements.

在電動車和電動車收費業務中，擴大製造規模通常是最大的資本需求之一。

Our goal has been to focus our use of capital on designing and certifying the aircraft and minimizing the capital we must deploy to achieve volume manufacturing capabilities.

我們的目標是將資金集中用於飛機的設計和認證，並最大限度地減少為實現批量製造能力而必須部署的資金。

That is why last year we announced our decision to have the largest contract manufacturer of aircraft.

這就是為什麼我們去年宣布決定擁有最大的飛機合約製造商。

Our plan is for Stellantis to absorb past and future CapEx required to manufacture hundreds of midnight aircraft per year, and we will jointly collaborate on ensuring we have proper supply chain in approach and manufacturing aircraft at the lowest possible cost.

我們的計劃是讓 Stellantis 吸收過去和未來每年製造數百架午夜飛機所需的資本支出，我們將共同合作，確保我們在進場和製造飛機方面擁有適當的供應鏈，以盡可能低的成本。

From there, we plan to have a turnkey relationship with Stellantis will help us fulfill our needs for aircraft for our direct to consumer UAM business as well as our global customer base who wish to order aircraft and ship midnight aircraft around the world to be deployed commercially.

從那時起，我們計劃與 Stellantis 建立交鑰匙關係，這將幫助我們滿足直接面向消費者的 UAM 業務以及希望訂購飛機並在世界各地運送午夜飛機以進行商業部署的全球客戶群對飛機的需求。

We are maturing our contract manufacturing plans rapidly, and our goal is to finalize the details later this year with the launch has been absorbing the vast majority of the capital expenditures and working capital requirements to manufacture our aircraft at scale.

我們正在迅速完善我們的合約製造計劃，我們的目標是在今年稍後敲定細節，發射已經吸收了大規模製造我們飛機的絕大多數資本支出和營運資金需求。

I believe that we are the only EV toll company in the world to announce a relationship like this with a top automotive manufacturer and this gives us significant cash flow advantages compared to competitors who are investing hundreds of millions of dollars in manufacturing off their own balance sheet.

我相信，我們是世界上唯一一家宣布與頂級汽車製造商建立這種關係的電動車收費公司，與那些投資數億美元在自己資產負債表外進行製造的競爭對手相比，這為我們帶來了顯著的現金流優勢。

We will continue to share more details on the strategy in the coming quarters, but this puts us in an unprecedented position to commercialize this business very efficiently.

我們將在未來幾季繼續分享有關該策略的更多細節，但這使我們處於前所未有的位置，可以非常有效地將這項業務商業化。

You can see that efficiency in our cash position, which has remained essentially flat over the last few quarters, even through some of the most intense periods of spending as we built out our test labs, production facilities in California and have been standing up our supply chain and building multiple areas.

你可以看到我們現金頭寸的效率，在過去幾個季度中基本保持不變，即使在我們在加利福尼亞州建設測試實驗室、生產設施並一直維持供應的支出最緊張的時期也是如此。連鎖並建設多個區域。

Mark will walk through that in more detail as well as our forecasted spend.

馬克將更詳細地介紹這一點以及我們的預測支出。

But I do want to highlight that our current spend forecast includes the CapEx and working capital that could potentially shift to still on test when we finalize our contract manufacturing arrangement.

但我確實想強調，我們目前的支出預測包括資本支出和營運資金，當我們最終確定合約製造安排時，這些支出可能會轉為仍在測試中。

So that represents a significant potential reduction of spend that we expect to realize in the future between this plant, strategic contracting manufacturing relationship with Stellantis and their continued willingness to invest capital directly into Archer.

因此，這代表著我們預計未來在該工廠、與 Stellantis 的戰略承包製造關係以及他們繼續直接向 Archer 投資的意願之間實現的支出的大幅減少。

I'm very pleased by their alignment to ensure we remain well capitalized as we work together to commercialize the business as soon as possible.

我很高興他們的合作能夠確保我們在共同努力盡快將業務商業化的同時保持充足的資本。

It was great hosting the launch of CEO, Carlos Tavares; Chairman of the Board, John Elkann, and several other executives from the scientist team at Archer's headquarters and integrated test lab and manufacturing facility just last month to further align on our strategy.

很高興主持執行長卡洛斯·塔瓦雷斯 (Carlos Tavares) 的發布會；董事會主席約翰·埃爾坎 (John Elkann) 以及來自 Archer 總部、綜合測試實驗室和製造工廠的科學家團隊的其他幾位高管於上個月與我們進行了會面，以進一步調整我們的策略。

I want to now take a moment to thank the FAA for its continued partnership and support of our industry.

我現在想花點時間感謝美國聯邦航空局對我們產業的持續合作和支持。

I flew to Washington DC to meet the administrator Michael Whittaker a couple of weeks ago, and I'm pleased that the administration has chosen to prioritize innovation in Advanced Air Mobility more than ever before.

幾週前，我飛往華盛頓特區會見了行政長官邁克爾·惠特克（Michael Whittaker），我很高興政府選擇比以往任何時候都更加優先考慮先進空中機動性的創新。

This has been evident in our interactions with the regulators over the last several months, especially as we've had an opportunity to regularly host the FAA leadership at our California facilities.

這在過去幾個月我們與監管機構的互動中表現得很明顯，特別是我們有機會定期在我們的加州工廠接待 FAA 領導層。

Notably, the FAA recently awarded Archer our Part 145 certification, and we're grateful to be one of only two companies globally to reach this milestone, which is a major vote of confidence from the FAA towards our goal of entering into service next year.

值得注意的是，FAA 最近向Archer 授予了Part 145 認證，我們很高興成為全球僅有的兩家達到這一里程碑的公司之一，這是FAA 對我們明年投入服務的目標投下的一張重要信任票。

Finally, you may have heard me used the term flying cars today.

最後，你可能聽到我今天使用了「飛行汽車」這個詞。

As we broaden Archer's reach around the world, we have also started doing a lot of thinking on the industry's nomenclature for our aircraft.

隨著我們擴大 Archer 在世界各地的影響力，我們也開始對我們飛機的行業術語進行大量思考。

Former NASA executive Mark Moore first coined the term EV toll or electric vertical takeoff and landing with his invention of the revolutionary and aircraft in 2009.

美國國家航空暨太空總署 (NASA) 前高階主管馬克摩爾 (Mark Moore) 於 2009 年發明了革命性的飛機，首次創造了電動垂直起降一詞。

In turn, he helped launch our industry and the name has lasted over a decade, but there's no question that it remains a mouthful for newcomers.

反過來，他幫助創立了我們的行業，這個名字已經持續了十多年，但毫無疑問，它對於新來者來說仍然是一個拗口的名字。

Peter Teal, famously equipped that the world wanted flying cars and instead got 140 characters, he wasn't wrong.

彼得·蒂爾 (Peter Teal) 眾所周知，世界需要飛行汽車，但他得到了 140 個角色，他沒有錯。

He was just off by a few years.

他還差幾年。

So we've decided to embrace the term flying cars because to make urban air mobility accessible to the general public, we need to bring the future of transportation into today's reality.

因此，我們決定採用飛行汽車這個術語，因為為了讓一般大眾能夠使用城市空中交通，我們需要將未來的交通帶入當今的現實。

The fact that flying cars are starting to weave into the fabric of society it's a testament to the hard work that everyone here at Archer and our partners and others around the industry are doing.

飛行汽車開始融入社會結構這一事實證明了 Archer 的每個人、我們的合作夥伴以及業內其他人所做的辛勤工作。

We're not just innovating within the realm of transportation, redefining it.

我們不僅僅是在交通領域進行創新、重新定義它。

Turning the ones ramped of into reality one flight at a time.

將這些逐漸變成現實，一次一趟。

With that, I'll turn it over to Tom.

有了這個，我會把它交給湯姆。

Thanks, Adam.

謝謝，亞當。

Over the last several months, we have made tremendous progress across our aircraft program in its entirety from flight tests to manufacturing and of course, FAA certification.

在過去的幾個月裡，我們的飛機計畫從飛行測試到製造，當然還有美國聯邦航空局認證，都取得了巨大進展。

For today's update I want to focus on our certification progress and explain in detail, but you can expect for the rest of the process and why we believe we can be the first to certify an EV toll aircraft with the FAA.

在今天的更新中，我想重點介紹我們的認證進展並詳細解釋，但您可以期待其餘的過程以及為什麼我們相信我們可以成為第一個獲得美國聯邦航空局認證的電動收費飛機的人。

Our strategy to partner with top tier suppliers rather than vertically integrate, is now paying off as our partners have decades of experience certifying their systems and components, thus significantly reducing the risk of our certification program.

我們與頂級供應商合作而不是垂直整合的策略現已獲得回報，因為我們的合作夥伴擁有數十年的系統和組件認證經驗，從而顯著降低了我們認證計劃的風險。

As you can see in the shareholder letter we published today, we have added two new charts, an updated progress chart that explains the implementation phase of the certification process and our status as well as an illustration showing the suppliers for our aircraft main components and systems for whom we are working to accomplish the remaining certification efforts.

正如您在我們今天發布的股東信中看到的，我們添加了兩個新圖表，一個是更新的進度圖，解釋了認證過程的實施階段和我們的狀態，以及一個顯示我們飛機主要部件和系統的供應商的插圖我們正在為他們完成剩餘的認證工作。

The details of the FAA type certification process are laid out in 150 plus page document called FAA order, 8110.4C. On this call, I'm going to trying to distill that process down, providing further clarity about the FAA's process.

FAA 型式認證流程的詳細資訊在長達 150 多頁的文件（稱為 FAA 命令 8110.4C）中列出。在這次電話會議上，我將嘗試精簡這個流程，進一步明確聯邦航空總署的流程。

In this document, the FAA breaks up the type certification process into four main phases, conceptual design, requirements, definition, compliance planning and implementation.

在本文件中，美國聯邦航空總署將型式認證流程分為四個主要階段：概念設計、要求、定義、合規性規劃和實施。

We have previously focused on the requirements definition and compliance planning phases at the FAA certification process, but we are now shifting into the final phase of FAA certification called implementation.

我們之前專注於 FAA 認證流程中的要求定義和合規規劃階段，但現在我們正在進入 FAA 認證的最後階段（稱為實施）。

Putting this in plain language, much of the past work has been centered around establishing the regulations that apply to our aircraft and making plans for how we will show that our design complies with these regulations.

用簡單的語言來說，過去的大部分工作都集中在建立適用於我們飛機的法規以及製定計劃以表明我們的設計符合這些法規。

In the implementation phase we execute against these plans, building conforming hardware performing tests, analyses and inspections and audits, gathering all of the required data to show the FAA that our aircraft is safe and compliant.

在實施階段，我們根據這些計劃執行，建立合格的硬體來執行測試、分析、檢查和審計，收集所有所需的數據，以向美國聯邦航空管理局表明我們的飛機是安全且合規的。

If you look at the top of our certification progress chart you can see how the FAA breaks down the implementation phase into three steps, compliance data generation, compliance substantiation and compliance finding below, you can see a plain language translation of each of these.

如果您查看我們的認證進度表的頂部，您可以看到FAA 如何將實施階段分為三個步驟：合規資料產生、合規確認和合規調查，下面您可以看到每個步驟的簡單語言翻譯。

It starts with writing test plans and building confirming hardware spend using these test plans and hardware to do for credit testing, then interpreting and summarizing the data submitting it to the FDA for them to review and determined that the design complies with the requirements.

首先編寫測試計劃並建立確認硬體支出，使用這些測試計劃和硬體進行信用測試，然後解釋和總結提交給 FDA 的數據，供他們審查並確定設計符合要求。

These basic steps supply at the component system and aircraft level, building up a comprehensive set of data from thousands of tests, inspections and analysis.

這些基本步驟適用於組件系統和飛機級別，透過數千次測試、檢查和分析建立了一套全面的數據。

As you can see in our chart, we've intentionally worked with some of the most experienced aerospace suppliers in the world to source the vast majority of the subsystems and components on our aircraft rather than build them ourself.

正如您在我們的圖表中看到的，我們有意與世界上一些最有經驗的航空航天供應商合作，採購我們飛機上的絕大多數子系統和組件，而不是我們自己建造。

These suppliers in turn are all working alongside us to write the test plans, build the conforming hardware performance for credit tests and ultimately sends data to the FDA for them to review and find that our aircraft complies.

這些供應商反過來又與我們一起編寫測試計劃，建立符合信用測試的硬體性能，並最終將數據發送給 FDA 供他們審查並發現我們的飛機符合要求。

So with this strategy, we get an extraordinary amount of leverage that we wouldn't have had if we had chosen to vertically integrate across all of the subsystems beyond the fact that these suppliers are performing certification work for and with us.

因此，透過這項策略，我們獲得了非凡的影響力，如果我們選擇在所有子系統之間進行垂直集成，而這些供應商正在為我們並與我們一起執行認證工作，那麼我們就不會擁有這種影響力。

As you can see in this chart, most of the components and systems are based on designs with certification heritage, which Adam explained, means that they are either already flying on hundreds or thousands of other certified aircraft today or that they're derived from other designs which have been previously certified.

正如您在此圖表中所看到的，大多數組件和系統都基於具有認證傳統的設計，亞當解釋說，這意味著它們要么已經在當今數百或數千架其他經過認證的飛機上飛行，要么源自其他飛機先前已獲得認證的設計。

This is a reflection of our strategy to focus on certification from day one and choose the most efficient path to commercialize our aircraft.

這反映了我們從第一天起就專注於認證並選擇最有效的途徑將我們的飛機商業化的策略。

Within the main area of the chart, you can see where we are in the process for each specific system including the two systems where we have already started receiving for credit compliance findings from the FAA flight control system from Saffron and large and environmental control system from Honeywell at the bottom of the chart, you can see that we now have three conforming aircraft in various states.

在圖表的主要區域中，您可以看到我們在每個特定係統的流程中所處的位置，包括我們已經開始從Saffron 的FAA 飛行控制系統和來自Saffron 的大型環境控制系統接收信用合規調查結果的兩個系統。霍尼韋爾在圖表底部，您可以看到我們現在擁有三架處於不同狀態的合格飛機。

Manufacturing of our total planned fleet of six pilot and conforming aircraft intend to build for use in testing as part of the implementation phase.

作為實施階段的一部分，我們計劃製造的總共六架飛行員和合格飛機的機隊打算用於測試。

My teams specifically chose and align the detailed configuration of each of these aircraft to our detailed flight test plan with each aircraft.

我的團隊專門選擇了每架飛機的詳細配置，並將其與我們每架飛機的詳細飛行測試計劃相匹配。

Having a specific set of objectives and test data together across the various systems, we plan to have several type inspection authorization is for IA.s to use these aircraft to incrementally make our way through the flight test for credit portion at the end of the certification process, particularly from these charts, is that we are making substantial progress on our certification program.

在各個系統中擁有一組特定的目標和測試數據後，我們計劃獲得多項型式檢驗授權，以便IA使用這些飛機在認證結束時逐步通過飛行測試以獲得學分部分特別是從這些圖表來看，我們的認證計劃正在取得實質進展。

As we've tackled our main efforts, we are introducing a lot of new detailed information here.

當我們完成主要工作後，我們將在此介紹許多新的詳細資訊。

And over the coming quarters, we plan to update and expand the information to reflect our progress as we move through the implementation phase of certification is what you can expect from here until type certification First and most importantly, a ramp up in our Ford Credit certification, testing and compliance finding activities, starting with MiMedx's core components and subsystems business, where our strategy will pay off in spades.

在接下來的幾個季度中，我們計劃更新和擴展信息，以反映我們在進入認證實施階段時所取得的進展，從這裡開始，直到型式認證首先也是最重要的是，我們的福特信用認證將有所增加、測試和合規性查找活動，從 MiMedx 的核心組件和子系統業務開始，我們的策略將在這些方面獲得豐厚回報。

Because as I mentioned before, the majority of our key components and subsystems are not designed from scratch rather come from our supplier partners who have decades of certification heritage, and we can leverage their experience, knowledge and capabilities to make these activities as streamlined as possible.

因為正如我之前提到的，我們的大多數關鍵組件和子系統都不是從頭開始設計的，而是來自我們擁有數十年認證歷史的供應商合作夥伴，我們可以利用他們的經驗、知識和能力來使這些活動盡可能簡化。

Second, we will initiate piloted company flight testing to gather the requisite data to provide the FA in support of the TIS. four type inspection authorization.

其次，我們將啟動試點公司飛行測試，以收集必要的數據，為 FA 提供支援 TIS。四項型式檢定授權。

This is the penultimate milestone that gates FAA pilots flying our aircraft so that they can perform for credit flight testing for last step in the certification program, we remain on track for our first pilot night flight later this year.

這是倒數第二個里程碑，美國聯邦航空管理局飛行員可以駕駛我們的飛機，以便他們能夠進行認證計劃最後一步的信用飛行測試，我們仍將在今年晚些時候進行首次飛行員夜間飛行。

In addition, I want to call out one very exciting milestone that the team achieved recently and Adam mentioned earlier, which is getting our Part one, 45 certification from the FAA, making us one of only two easy, tell companies globally to have achieved last week.

此外，我想指出該團隊最近實現的一個非常令人興奮的里程碑，Adam 之前提到過，這就是我們獲得了FAA 的第一部分45 認證，這使我們成為全球僅有的兩個簡單、告訴公司已實現最後目標的公司之一。星期。

This achievement only further shows our incredibly close and collaborative working relationship with the FAA as well as our commitment to stringent safety and operational standards.

這項成就進一步表明了我們與美國聯邦航空局極其密切的合作關係，以及我們對嚴格安全和操作標準的承諾。

This is a critical step, allowing us to operate a repair and maintenance station, and it will be important on the path to building our Part 135 operating certificate and preparing to initiate commercial operations.

這是關鍵的一步，使我們能夠運作維修和保養站，對於建立我們的 Part 135 營運證明和準備啟動商業營運非常重要。

Let's now transition to flight test updates.

現在讓我們過渡到飛行測試更新。

Our midnight aircraft has completed a significant portion of its flight test program as well as a collaborative down wash and outlaws flight testing campaign with the FAA and NASA throughout this phase we rapidly progressed through a broad array of increasingly complex flight maneuvers and research missions, generating large volumes of valuable data to inform the remainder of our flight program with midnight.

我們的午夜飛機已經完成了飛行測試計劃的很大一部分，以及與美國聯邦航空管理局和美國宇航局合作的下洗和非法飛行測試活動，在此階段，我們通過一系列日益複雜的飛行演習和研究任務迅速取得進展，產生了大量有價值的數據可以為我們午夜飛行計劃的其餘部分提供資訊。

I founded, especially rewarding for my teams to work hand-in-hand with both the FAA and NASA during which we collaboratively gathered critical data about the impact of our aircraft down washing out watch footprint during takeoff and landing.

我創立的團隊與美國聯邦航空局(FAA) 和美國國家航空暨太空總署(NASA) 攜手合作，特別值得一提的是，我們共同收集了有關飛機在起飛和著陸過程中沖刷手錶足蹟的影響的關鍵數據。

To my knowledge, the FAA and NASA only worked with one other OEM on this important work for the industry, who is my honor to host the senior at a leadership team at our headquarters just last month as part of my team's ongoing efforts with theirs.

據我所知，美國聯邦航空局和美國宇航局僅與另一家原始設備製造商合作開展這項對行業而言重要的工作，我很榮幸上個月在我們總部接待了領導團隊的高級人士，這是我的團隊與他們持續努力的一部分。

Our work together here is Paramount's unlocking access to additional aviation infrastructure across our country as we begin shifting additional efforts towards ramping up commercial operations as soon as next year and throughout the decade.

我們在這裡共同努力，派拉蒙將在全國範圍內解鎖更多的航空基礎設施，因為我們最早將於明年和整個十年開始將更多努力轉向加強商業運營。

Also, last month, we completed upgrading the Knight's battery system to include some of the latest high-voltage battery packs directly off our manufacturing line in our California facilities.

此外，上個月，我們完成了 Knight 電池系統的升級，其中包括一些直接從我們加州工廠的生產線生產的最新高壓電池組。

We recently announced a deal with NASA to collaborate on the technology for and validate the safety levels of these batteries.

我們最近宣布與 NASA 達成協議，合作開發這些電池的技術並驗證其安全等級。

I've already been quite pleased with the batteries performance to date, which has enabled us to make significant progress as we advance our program towards fulfilling Boeing transition flight in the coming months.

到目前為止，我對電池的性能非常滿意，這使我們能夠在未來幾個月推進計劃以實現波音過渡飛行時取得重大進展。

In parallel with these efforts, our flight test team had their most productive and busy quarter, yet flying more than 50 times.

在這些努力的同時，我們的飛行測試團隊度過了最有成效和最忙碌的季度，飛行次數超過 50 次。

I'm proud of how rapidly they've been able to ramp up the flight test program, and we intend to soon be able to fly as much as 10 to 15 times per day.

我對他們能夠如此迅速地推進飛行測試計劃感到自豪，我們打算很快就能夠每天飛行 10 到 15 次。

Getting closer to our commercial mission tempo while proceeding through the critical implementation phase of FAA certification.

在完成 FAA 認證的關鍵實施階段的同時，更接近我們的商業任務節奏。

Alongside our flight test program as I mentioned earlier, our manufacturing team has begun simultaneous construction on our first three piloted conforming denied aircraft as part of our plan to build a total of six conforming aircraft for use in our certification testing program.

除了我之前提到的飛行測試計劃外，我們的製造團隊還開始同時建造我們的前三架被試駕駛的合格飛機，作為我們計劃建造總共六架合格飛機用於我們的認證測試計劃的一部分。

We have designed key components and systems of these aircraft to conform to the intended type design for FAA certification.

我們設計了這些飛機的關鍵部件和系統，以符合美國聯邦航空總署認證的預期型號設計。

I believe we are the first in the industry to announce that we are taking such a step and it signals the level of competence we have in our design.

我相信我們是業內第一個宣布我們正在採取這一步驟的公司，這標誌著我們在設計方面的能力水平。

We will utilize these conforming aircraft at first piloted flight testing and then subsequently leveraged spend for credit testing with the FAA.

我們將利用這些合格的飛機進行首次試飛測試，然後利用支出與美國聯邦航空局進行信用測試。

The full fleet of six flight test aircraft that we will be building in California will support our certification flight test campaign in its entirety before we fully transitioned our aircraft assembly activities through our factory in Georgia, just outside of Atlanta.

我們將在加州建造的由六架飛行測試飛機組成的完整機隊將在我們通過位於亞特蘭大郊外的喬治亞州的工廠完全過渡我們的飛機組裝活動之前，為我們的整個認證飛行測試活動提供支援。

Our manufacturing team, which includes dozens of full-time employees from our long-time partner, Stellantis with experts from brands such as Jeep, Ram and Maserati, remains on track to complete the construction of the first phase of our high rate volume manufacturing facility.

我們的製造團隊包括來自長期合作夥伴 Stellantis 的數十名全職員工以及來自 Jeep、Ram 和 Maserati 等品牌的專家，他們仍在按計劃完成高產量製造工廠第一階段的建設。

As a reminder, this first phase is a build-out of roughly 350,000 square feet of our approximately 100 acre site designed to support the annual production of up to 650 aircraft in just the first phase.

提醒一下，第一階段是在我們約 100 英畝的場地上擴建約 35 萬平方英尺，旨在支持第一階段每年生產多達 650 架飛機。

The reason we are able to build such a highly efficient and productive factory so quickly and affordably goes back to one of the most important pieces of our strategy to partner with the best in the industry who can help take on significant portions of the manufacturing burden for us.

我們能夠如此快速且經濟地建造如此高效、高產的工廠的原因可以追溯到我們戰略中最重要的部分之一，即與行業中最好的合作夥伴，他們可以幫助承擔大部分製造負擔。我們。

The supplier partners to include the most well-known brands in aviation such as Honeywell, SoftBrands, Garmin and FACC are currently spooling up multiple parallel manufacturing lines to build and ship parts for us to Georgia.

供應商合作夥伴包括霍尼韋爾、SoftBrands、Garmin 和 FACC 等航空領域最知名的品牌，目前正在組建多條並行生產線，為我們製造零件並將其運送到喬治亞州。

For example, FACC which makes carbon composite parts for some of the largest aircraft OEMs in the world, we'll be leveraging its network of infrastructure across Europe to manufacture composite structures for midnight and ship them directly to our Covington factory for final assembly.

例如，FACC 為世界上一些最大的飛機原始設備製造商生產碳複合材料零件，我們將利用其遍布歐洲的基礎設施網絡在午夜製造複合材料結構，並將其直接運送到我們的卡溫頓工廠進行最終組裝。

If we had vertically integrated the scope.

如果我們垂直整合範圍。

On the other hand, we would have been forced to install large, expensive autoclaves and entire robotic manufacturing lines from scratch in order to start constructing aircraft instead of leveraging existing talents and CapEx.

另一方面，我們將被迫從頭開始安裝大型、昂貴的高壓滅菌器和整個機器人生產線，以便開始建造飛機，而不是利用現有的人才和資本支出。

But this leading aerospace supplier was used across many certification programs.

但這家領先的航空航太供應商被用於許多認證項目。

We feel especially thankful for the strategy we chose, especially at this inflection point in our journey.

我們對我們選擇的策略感到特別感激，尤其是在我們旅程的這個轉折點。

Again, as far as I can tell, nobody in the industry will have even a fraction of the manufacturing capacity as our Georgia facility ramps, which helps accentuate what a powerful partners salon to assist in helping us execute on this strategy.

同樣，據我所知，隨著我們佐治亞州工廠的擴建，業內沒有人擁有哪怕一小部分的製造能力，這有助於強調強大的合作夥伴沙龍可以幫助我們執行這一戰略。

Our construction teams in Georgia are in the later stages of forming the foundation for the facility.

我們在喬治亞州的施工團隊正處於為該設施奠定基礎的後期階段。

It has begun creating a taxiway connector that will give us convenient and direct access to the Covington municipal airport runway, which we will leverage for high rate flight test operations.

它已開始創建滑行道連接器，使我們能夠方便、直接地進入卡溫頓市政機場跑道，我們將利用該跑道進行高速率飛行測試操作。

This facility will be home to our first and largest factory that will support our initial global operational ramp for making very efficient use of our capital through initial revenue generation from commercial operations starting as soon as next year.

該設施將成為我們第一家也是最大的工廠的所在地，該工廠將支援我們最初的全球營運升級，以便最早從明年開始透過商業營運產生初始收入，從而非常有效地利用我們的資本。

And with that, I'll turn it over to Mark.

有了這個，我會把它交給馬克。

Thanks, Tom.

謝謝，湯姆。

Bringing together all the key achievements that Adam and Tom just discussed, it is clear.

把亞當和湯姆剛才討論的所有關鍵成就放在一起，就很清楚了。

We have made tremendous progress across the key areas that will enable Archer to achieve commercialization, certification, scaled manufacturing and commercial partnerships.

我們在關鍵領域取得了巨大進展，使 Archer 能夠實現商業化、認證、規模化製造和商業合作夥伴關係。

Great to see all the pieces starting to come together.

很高興看到所有的部分開始整合在一起。

Before I get into our financial performance, I'd like to briefly remind you of some key details of our business model and how it will work as we reach commercialization, specifically the impact of our expanding indicative of order book.

在介紹我們的財務表現之前，我想簡要提醒您我們業務模式的一些關鍵細節，以及當我們實現商業化時它將如何運作，特別是我們不斷擴大的訂單指標的​​影響。

Recall that Archer's go-to-market strategy is a hybrid approach where we are both selling aircraft to operators through what we call Archer direct akin to an OEM model and using our aircraft to operate a direct to consumer aerial ride-sharing service on specific routes for what we call Archer air.

回想一下，Archer 的進入市場策略是一種混合方法，我們既透過類似於 OEM 模式的 Archer direct 方式向營運商銷售飛機，又使用我們的飛機在特定航線上運營直接面向消費者的空中共享服務我們稱為弓箭手氣。

This hybrid approach allows us to take advantage of direct sales opportunities early on in our business to generate significant revenues.

這種混合方法使我們能夠在業務早期利用直銷機會來產生可觀的收入。

While the aerial ridesharing piece of the business builds out over the last year, we've achieved a lot of traction building indicative order book for the direct sale of our aircraft to our parks.

雖然空中共享業務的業務在去年有所發展，但我們已經獲得了大量的牽引力建設指示性訂單，以便將我們的飛機直接銷售到我們的公園。

As we have outlined in our shareholder letter, we currently have arrangements in place to potentially deliver up to 700 aircraft following certification.

正如我們在股東信中所述，我們目前已做出安排，並有可能在獲得認證後交付多達 700 架飛機。

With an estimated average selling price of $5 million a piece, we have the potential to recognize up to $3.5 billion in revenue from that order book.

預計平均售價為每件 500 萬美元，我們有可能從該訂單中確認高達 35 億美元的收入。

Further, we would expect our indicative order book for direct aircraft sales to continue to grow in 2024 and 2025, as we are likely to be the only OEM in the market with an FAA certified aircraft that is available for purchase and can be produced in volume.

此外，我們預計直接飛機銷售的指示性訂單將在 2024 年和 2025 年繼續成長，因為我們可能是市場上唯一擁有 FAA 認證飛機、可供購買並可大量生產的 OEM 。

This creates a tremendous opportunity to early on and generate significant revenues and cash proceeds for the business.

這創造了一個巨大的機會，可以儘早為企業創造可觀的收入和現金收益。

This is a key business model differentiator relative to others in the industry who will only be operating their aircraft in their own UAM networks.

相對於業內其他僅在自己的 UAM 網路中運營飛機的企業來說，這是一個關鍵的商業模式差異化因素。

There clearly many pieces that need to fall into place in order to get to commercialization and lots of hard work ahead, but we are confident we have the team to do it.

顯然，為了實現商業化，還有許多工作需要落實到位，未來還有大量艱苦的工作，但我們相信我們有團隊來做到這一點。

Now let's get to our financial performance.

現在讓我們來看看我們的財務表現。

We've been very thoughtful in how we manage our liquidity.

我們在如何管理流動性方面一直非常深思熟慮。

Over the past four quarters, Archer's unrestricted cash balance has remained relatively flat.

在過去的四個季度中，Archer 的不受限制的現金餘額保持相對穩定。

In fact, you can see that our cash actually increased slightly from Q3 '23 to Q4 '23.

事實上，您可以看到我們的現金實際上從 23 年第三季到 23 年第四季略有增加。

The strength of our liquidity has been supported by our relationship with Stellantis.

我們與 Stellantis 的關係支持了我們的流動性實力。

Just last year, Stellantis has provided us with a $150 million of forward equity purchase agreement that allowed Archer to access that capital at our discretion.

就在去年，Stellantis 向我們提供了一份 1.5 億美元的遠期股權購買協議，讓 Archer 可以根據我們的判決獲得該資金。

This allowed us to opportunistically take advantage of a strong stock price to minimize dilution.

這使我們能夠機會主義地利用強勁的股價來最大限度地減少稀釋。

We expect that to launch this will continue to provide this type of liquidity support through commercialization.

我們預計該專案的推出將繼續透過商業化提供此類流動性支援。

Given our position as a long-term strategic partner of the company, we expect them to do this on attractive terms and through attractive structures.

鑑於我們作為該公司長期戰略合作夥伴的地位，我們希望他們能夠以有吸引力的條款和有吸引力的結構來做到這一點。

We ended FY23 with approximately $625 million of liquidity, which included $464.6 million of cash and cash equivalents on our balance sheet, combined with remaining approximately $153 million of debt and equity proceeds available under our various arrangements.

截至 2023 財年，我們擁有約 6.25 億美元的流動資金，其中包括資產負債表上的 4.646 億美元現金和現金等價物，以及我們各種安排下可用的剩餘約 1.53 億美元的債務和股權收益。

We also have another $6.9 million of restricted cash.

我們還有另外 690 萬美元的限制性現金。

Specifically quarter over quarter, cash increased by $3.2 million from $451.4 million to $454.6 million.

具體而言，現金環比增加了 320 萬美元，從 4.514 億美元增至 4.546 億美元。

In the fourth quarter, cash used in operations and the purchase of property, plant and equipment was $91.2 million, which was offset by net debt and equity financing activities of approximately $94 million.

第四季度，用於營運和購買不動產、廠房和設備的現金為 9,120 萬美元，被約 9,400 萬美元的淨債務和股權融資活動所抵銷。

Year over year, cash decreased by $66.6 million from $531.2 million to $464.6 million, primarily driven by cash used in operations and the purchase of property, plant and equipment of $314.1 million, offset by net debt and equity financing activities of $248.3 million.

現金年減 6,660 萬美元，從 5.312 億美元減少至 4.646 億美元，主要是由於營運中使用的現金以及購買不動產、廠房和設備 3.141 億美元，被淨債務和股權融資活動 2.483 億美元抵消。

I also note that we did receive approximately $2 million in proceeds from the DoD for the services we rendered as part of our Air Force contract with them for the year.

我還注意到，我們確實從國防部收到了大約 200 萬美元的收益，因為我們提供的服務是我們今年與空軍簽訂的合約的一部分。

Switching to expenses on a GAAP basis, total operating expenses for Q4 '23 were $107.3 million, which includes $20.4 million of stock-based compensation from $4.4 million of warrant expenses.

如果按照 GAAP 計算費用，23 年第 4 季的總營運費用為 1.073 億美元，其中包括 440 萬美元的認股權證費用中的 2,040 萬美元的股票補償。

These results were within our prior estimate range of $100 million to $110 million.

這些結果在我們先前估計的 1 億至 1.1 億美元範圍內。

For the full year of FY23, total GAAP operating expenses were $446.9 million, which included $135.1 million of non-cash expenses, including stock-based compensation, warranty expense and other items.

2023 財年全年，公認會計準則營運費用總額為 4.469 億美元，其中包括 1.351 億美元的非現金費用，包括股票薪酬、保固費用和其他項目。

Our Q4 '23 total non-GAAP operating expenses were $87.5 million, which was just above the top end of our estimates range of $85 million due to opportunistically accelerating certain supplier expenses in the quarter for non-recurring costs and services as well as for aircraft parts, as we started manufacturing our first three conforming aircraft.

我們23 年第4 季的非GAAP 營運支出總額為8750 萬美元，略高於我們估計範圍8500 萬美元的上限，因為本季度某些供應商的非經常性成本和服務以及飛機支出機會性地加速成長當我們開始製造首批三架合格飛機。

We incurred approximately $19 million of nonrecurring costs and material expenses with our suppliers during the quarter, which was up from the $12 million to $15 million per quarter that we are experiencing in the first three quarters of 2023.

本季度，我們與供應商發生了約 1900 萬美元的非經常性成本和材料費用，高於 2023 年前三個季度每季度 1200 萬美元至 1500 萬美元的水平。

For the full year FY23, our total non-GAAP operating expenses were $307.8 million.

2023 財年全年，我們的非 GAAP 營運支出總額為 3.078 億美元。

Operating expenses for the year include investments required to achieve the key elements of our commercialization plan.

本年度的營運費用包括實現我們商業化計畫的關鍵要素所需的投資。

We continued to invest in the design development, test and certification activities for our main aircraft.

我們繼續投資於主力飛機的設計開發、測試和認證活動。

Further, we incurred expenses at several of our supply chain partners to establish capabilities to manufacture the components and systems for our midnight aircraft.

此外，我們還向幾個供應鏈合作夥伴支付了費用，以建立為我們的午夜飛機製造組件和系統的能力。

We made investments to build out production facilities in California and in the people and infrastructure in our SG&A functions required to scale our operations.

我們投資在加州建設生產設施，並投資擴大業務規模所需的 SG&A 職能部門的人員和基礎設施。

Of the total $328 million in non-GAAP operating expenses for the year, approximately $60 million of that was for non-recurring costs, material expenses at our suppliers.

在本年度 3.28 億美元的非公認會計準則營運費用中，約 6,000 萬美元用於非經常性成本，即我們供應商的材料費用。

Turning to 2024 for remaining highly disciplined with our spending to get to commercialization in the most capital-efficient way possible.

展望 2024 年，我們將嚴格控制支出，以盡可能最有效的資本效率實現商業化。

I'll briefly discuss 2024 and the dynamics that will impact our spending.

我將簡要討論 2024 年以及影響我們支出的動態。

In support of the efforts that Adam and Tom have outlined, our spending for the year will focus on building our fleet of six pirated conforming aircraft, of which we have already begun the first three, completing our high-volume manufacturing facility in Covington, Georgia.

為了支持 Adam 和 Tom 概述的努力，我們今年的支出將集中於建造由六架盜版合格飛機組成的機隊，其中前三架我們已經開始建造，完成我們在喬治亞州卡溫頓的大批量製造工廠。

Continuing to invest in supplier capabilities to support our component manufacturing at their site and continuing to add to our workforce for critical functions in support of our engineering certification and flight test efforts, freeing up our scaled manufacturing, investing in our power, other support and infrastructure teams to enable our planned commercialization.

繼續投資於供應商能力，以支持我們在其現場的零件製造，並繼續增加我們的員工隊伍，以履行關鍵職能，以支持我們的工程認證和飛行測試工作，釋放我們的規模化製造，投資於我們的電力、其他支援和基礎設施團隊來實現我們計劃的商業化。

As Adam mentioned, with the goal of finalizing our arrangements to want us to act as our contract manufacturer, we have the opportunity to in the future substantially offset and reduce our cash spend as it relates to capital expenditures, one-time expenses related to standing up our supply chain, manufacturing headcount, parts materials, and any other cash expenditures related to scaling up manufacturing.

正如亞當所提到的，為了最終確定我們作為合約製造商的安排，我們有機會在未來大幅抵消和減少我們的現金支出，因為它涉及資本支出、與常設相關的一次性費用擴大我們的供應鏈、製造人員數量、零件材料以及與擴大製造規模相關的任何其他現金支出。

With respect to cash receipts, we do anticipate receiving additional proceeds from our DoD contracts throughout the year for workaround flight test, aircraft delivery, battery energy storage systems, flight simulator and pilot training and autonomy development.

就現金收入而言，我們確實預計全年將從國防部合約中獲得額外收益，用於解決飛行測試、飛機交付、電池儲能係統、飛行模擬器和飛行員培訓以及自主開發的問題。

Further, we also expect to receive additional pre-delivery payments from our current aircraft commitments in our new deal for them to execute within that context for Q1 2024, we anticipate total GAAP operating expenses about $100 million to $120 million, which included expected stock-based compensation and warrant expense of approximately $25 million and that's translating into total non-GAAP operating expenses of $75 million to $95 million.

此外，我們也預計將從我們目前的飛機承諾中獲得額外的預付款，以便他們在2024 年第一季執行的新協議中執行，我們預計GAAP 營運費用總額約為1 億至1.2 億美元，其中包括預期的庫存 -基於薪酬和認股權證的費用約為 2500 萬美元，相當於非 GAAP 營運費用總額為 7500 萬至 9500 萬美元。

Operator, we will now open it up for questions.

接線員，我們現在開始提問。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

And hey, good afternoon.

嘿，下午好。

Just on the cash burn, Mark, I wonder if you could it was helpful to understand what's going to go in some other kind of tailwinds there as well.

就現金消耗而言，馬克，我想知道您了解其他一些順風車會發生什麼是否會有所幫助。

But I was curious, as you go through the quarters, is that do you expect to step up or because you get some of these cash tailwinds?

但我很好奇，當你經歷這個季度時，你是希望加強還是因為你獲得了一些現金支持？

Yes, we should think of it as being a little bit more steadier.

是的，我們應該認為它更穩定一點。

I think I talked to you through a framework Savi.

我想我是透過 Savi 框架與您交談的。

So as I outlined, our spending is generally covered in four buckets.

正如我所概述的，我們的支出通常分為四個部分。

We've got people parts, nonrecurring investments, IT vendors and CapEx.

我們有人員、非經常性投資、IT 供應商和資本支出。

And given our reliance on Tier 1 suppliers and program maturity.

考慮到我們對一級供應商的依賴和專案的成熟度。

Our headcount growth should be more modest this year than in the past and the increase in costs in parts related to conforming flight test vehicles and NRE., those are more one-time in nature.

今年我們的員工人數成長應該比過去更加溫和，並且與合格飛行測試車輛和 NRE 相關的零件成本增加，這些本質上更多是一次性的。

And so you should expect to see our quarterly run rate come down in the second half and let's say, run rate, I mean, Jeff, the range that I provided for Q1, you could see that contract in the second half of the year.

因此，您應該期望看到我們的季度運行率在下半年下降，比方說，運行率，我的意思是，傑夫，我為第一季度提供的範圍，您可以在下半年看到該合約。

That's helpful.

這很有幫助。

And if I may, just on the flight testing, could you provide a little bit more color on just how much of that, what's the kind of the timing around the year will be in and how much of that will be done on the kind of the current aircraft that you have versus the conforming aircraft.

如果可以的話，就飛行測試而言，您能否提供更多信息，說明其中的多少、一年中的時間安排以及將在哪種飛機上完成多少工作。您當前擁有的飛機與符合要求的飛機。

Just want to appreciate some of those the magnitude of work you have here in 2024.

只是想欣賞一下 2024 年你們所做的大量工作。

Hey, Savi, thanks for the question.

嘿，薩維，謝謝你的提問。

It's been a great last few months in flight testing.

過去幾個月的飛行測試非常順利。

As we mentioned on the call, we did over 50 flights between now and the last earnings call.

正如我們在電話會議中提到的，從現在到上次財報電話會議，我們執行了 50 多次航班。

We're really happy with that.

我們對此感到非常高興。

Some of the days were flying a five or more times per day, and we plan to really ramp that up over the coming weeks and months.

有些日子每天飛行五次或更多，我們計劃在未來幾週和幾個月內真正增加飛行次數。

In terms of what to expect, we're still in the envelope expansion flight test campaign for midnight.

就預期而言，我們仍在午夜進行包絡擴展飛行測試活動。

So we're continuing to fly faster and faster through transition.

因此，我們在轉型過程中將繼續飛得越來越快。

And then our main goal is to get into pilot flight testing later this year, and we're on track to be doing that second half of the year.

我們的主要目標是在今年稍後進行試點飛行測試，我們預計將在今年下半年進行。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hey, thank you for taking the questions.

嘿，謝謝你提出問題。

I had was just on the time line, if you put everything together that you mentioned on search and flight testing, what's sort of a realistic time line or a range of outcomes you could see for getting to operations?

我只是在時間線上，如果你把你在搜索和飛行測試中提到的所有內容放在一起，那麼現實的時間線或你可以看到的一系列結果是什麼？

Yes.

是的。

Hey, Edison, this is Tom.

嘿，愛迪生，這是湯姆。

So I think the right way to think about that is just looking at our strategy holistically.

所以我認為正確的思考方式就是從整體上審視我們的策略。

So we really tried to highlight in the materials this quarter, everything we've done has been based around minimizing risk certification.

因此，我們確實試圖在本季的資料中強調，我們所做的一切都是基於最小化風險認證。

So that's everything from partnering with suppliers to using components with certain heritage and all that combined with a very simple aircraft design enabling us to have a clear path forward as possible.

因此，從與供應商合作到使用具有一定傳統的組件，所有這些都與非常簡單的飛機設計相結合，使我們能夠擁有盡可能清晰的前進道路。

I'm standing here today.

今天我站在這裡。

I can say I'm really confident in the design maturity of the aircraft and our path forward there still a lot of work to do, obviously to get the aircraft through certification.

我可以說我對飛機的設計成熟度非常有信心，而且我們的前進道路還有很多工作要做，顯然要讓飛機通過認證。

But their relationship with FAA is super positive, and we're making a lot of progress as to specific timing for certification.

但他們與美國聯邦航空局的關係非常積極，我們在認證的具體時間方面取得了很大進展。

I think that's really up to that, hey, this point, but we're doing everything in our power to be ready to commercialize next year.

我認為這真的取決於這一點，嘿，這一點，但我們正在盡一切努力為明年的商業化做好準備。

Understood.

明白了。

And then follow up on the DOD.

然後跟進國防部。

I know you mentioned you've got some contribution.

我知道你提到你做了一些貢獻。

How do you think about the contribution for this year?

您如何看待今年的貢獻？

And also does the first aircraft on track to be sent over an early contract?

第一架飛機是否會透過早期合約發送？

Edison, this is Adam.

愛迪生，這是亞當。

And so as the Midnight flight test program has been successful, we have basically switched into the execution mode with the DoD for that aircraft.

因此，隨著午夜飛行測試計劃的成功，我們基本上已經切換到國防部對該飛機的執行模式。

And we're now waiting on a date when we can start that delivery process to begin flight testing with the DoD.

我們現在正在等待一個可以開始交付流程的日期，以便開始與國防部進行飛行測試。

So we do continue to expect that to be sometime in the near term.

因此，我們仍然預期這會在短期內發生。

But in the meantime, we prioritized them other efforts with the DoD.

但同時，我們優先考慮了他們與國防部的其他工作。

And so we've started work on autonomy flight simulators that cross use the certification of test results and several other topics.

因此，我們開始開發自主飛行模擬器，交叉使用測試結果認證和其他幾個主題。

And as Mark mentioned, it mentioned in the prepared remarks, we've already started collecting against us.

正如馬克所提到的，它在準備好的評論中提到，我們已經開始對我們進行收集。

And but that's well, we haven't given guidance on like a total dollar amount that we expect to get this year.

但這還好，我們還沒有給出我們預計今年獲得的總金額的指導。

And by them, we do expect that to ramp up through the throughout the year.

透過他們，我們確實預計這一數字將在全年中不斷增加。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Hi, everyone.

大家好。

A good afternoon.

午安.

Thanks for taking our question and congratulations on the quarter and I guess I wanted to ask on the certification of the different components.

感謝您提出我們的問題並祝賀本季度，我想我想詢問不同組件的認證問題。

I'm referring, I guess in this case to slide 3.

我指的是，我想在這種情況下應該是幻燈片 3。

So which, by the way, I think is a great of things we're including that.

順便說一句，我認為這是我們所包含的一件很棒的事情。

My question is, I'm just trying to understand the perspective behind this is essentially the thought process is that because you are sourcing these components as opposed to manufacturing them that you then anticipate the certification process will be well faster or smoother.

我的問題是，我只是想了解這背後的觀點，本質上是思維過程，因為您是採購這些組件而不是製造它們，所以您預計認證過程會更快或更順利。

I'm just trying to, I guess, understand the narrative there, if you can maybe explain a little bit further, that would be great.

我想，我只是想理解那裡的敘述，如果你能進一步解釋一下，那就太好了。

Thank you.

謝謝。

Yes.

是的。

Hi, Andreas, it's Tom.

嗨，安德烈亞斯，我是湯姆。

Absolutely.

絕對地。

So yes, that's right.

所以是的，沒錯。

And it's really us executing on the strategy that we've laid out a couple of years ago.

我們確實在執行幾年前製定的策略。

And so by partnering with he's experienced aerospace suppliers and choosing subsystems and components that have certification heritage, we basically have all of the expertise, knowledge experience from all these past aircraft programs helping drive things forward.

因此，透過與經驗豐富的航空航太供應商合作並選擇具有認證傳統的子系統和組件，我們基本上擁有所有過去飛機專案的專業知識和知識經驗，有助於推動事情向前發展。

And we really want to hit that home what the chart that's referencing or you can see with the exception of the electric propulsion system, which we do in house for the vast majority of other systems.

我們真的很想深入了解所引用的圖表或您可以看到的內容，但電力推進系統除外，這是我們在內部為絕大多數其他系統所做的。

It's us working alongside companies like Saffron, Garmin, Honeywell, FACC.

我們與 Saffron、Garmin、Honeywell、FACC 等公司合作。

And for that reason, we're able to make a lot of progress and have very clear line of sight to what we need to do.

出於這個原因，我們能夠取得很多進展，並且對我們需要做的事情有非常清晰的認識。

I think the other combining thing there is we've really designed the aircraft to be as simple as possible.

我認為另一個結合點是我們確實將飛機設計得盡可能簡單。

So if you take an example, like imagine you're flying on a commercial airliner today, you look out the window, there's flaps moving or control surfaces moving on the wing, everybody could see those and those are sourced from the traditional aerospace suppliers, companies like Honeywell.

因此，如果你舉個例子，想像一下你今天乘坐一架商用客機，你向窗外看，有襟翼在移動或機翼上的控制面在移動，每個人都可以看到這些，而這些都是來自傳統航空航太供應商，像霍尼韋爾這樣的公司。

So while we may not be using the exact actuator, that's on an aircraft you're seeing out there today.

因此，雖然我們可能沒有使用確切的執行器，但這是您今天看到的飛機上的執行器。

And what we're doing is based on a lot of that same technology with all the same certification expertise.

我們正在做的事情是基於許多相同的技術和所有相同的認證專業知識。

So we think that positions us really well to make our way through this last phase of the certification process efficiently.

因此，我們認為這使我們能夠有效地完成認證過程的最後階段。

Got it.

知道了。

That's super helpful.

這非常有幫助。

Thanks for that.

感謝那。

And maybe have a quick follow-up in regards to the order books that you've disclosed, trying to get a sense.

也許對您所揭露的訂單簿進行快速跟進，試圖了解情況。

Is this something that you anticipate to maybe continue to update into the coming quarters?

您預計這可能會在未來幾季繼續更新嗎？

I guess my real question is, is, is there a large area of emphasis and continuing to build and grow this order book from the direct business model or, you know, is the focus, but still certification manufacturing and more of the UAM.

我想我真正的問題是，是否有一個很大的重點領域，並繼續透過直接業務模式建立和發展這個訂單簿，或者，你知道，是重點，但仍然是認證製造和更多的 UAM。

Just trying to get a sense of what should we be thinking about in regards to the order book and as we look forward to into 2024 and into next year.

只是想了解我們在訂單簿方面應該考慮什麼以及我們對 2024 年和明年的展望。

Thank you, Andreas.

謝謝你，安德烈亞斯。

It's Adam.

是亞當。

So we wanted to start really kind of highlighting the order book as a way to really show the readiness that the company has in this next phase of actually starting to deliver aircraft.

因此，我們想開始真正強調訂單簿，以此來真正展示公司在下一階段實際開始交付飛機方面的準備情況。

So again, if you step back, it's we built a vehicle that was very straightforward to build design and what we believe to be certified.

所以，如果你退一步，我們製造了一輛非常簡單的設計和我們相信已經獲得認證的車輛。

We partnered with the Tier one aerospace suppliers in order to rapidly move through the certification process.

我們與一級航空航天供應商合作，以便快速完成認證流程。

We've now been working with the office to stand up a manufacturing plant that has the capacity to deliver significant volumes.

我們現在一直在與該辦公室合作建立一個有能力交付大量產品的製造工廠。

And so we are working on the demand side to really deliver against those volumes and because of our business model, we have the ability to sell plants to help fund a lot of this journey.

因此，我們正在需求方面努力，以真正滿足這些需求，並且由於我們的商業模式，我們有能力出售工廠來為這趟旅程提供大量資金。

I think it's really important that we start showing them where a lot of the demand is coming from.

我認為我們開始向他們展示大量需求來自哪裡非常重要。

And so we've obviously talked a lot about United over the past several years, but we've also ramped up the conversations with some new international partners as well with the entire globe would just be on the parent company to the Indigo and as well as our UA partners in their Chateau.

因此，在過去的幾年裡，我們顯然已經談論了很多關於曼聯的事情，但我們也加強了與一些新的國際合作夥伴以及整個全球的對話，這些合作夥伴只是靛藍航空的母公司，以及作為我們在他們的城堡中的UA 合作夥伴。

So the really what we're trying to showcase is that we're confident in the design.

因此，我們真正想要展示的是我們對設計充滿信心。

We're confident the certification progress.

我們對認證的進展充滿信心。

We're confident we manufacture and build.

我們對製造和建造充滿信心。

And now we're starting to build up the demand side to deliver against all that.

現在我們開始建立需求方來應對這一切。

Operator?

操作員？

Operator, can we go to the next analyst?

接線員，我們可以去找下一位分析師嗎？

Apologies, can you hear me?

抱歉，你聽得到我說話嗎？

Yep.

是的。

Bill Peterson, JP Morgan.

比爾彼得森，摩根大通。

Hi, good afternoon.

嗨，下午好。

This is Mahima Kakani on for Bill (multiple speakers) it seems like there are certain systems like flight controls and environmental controls that are further along in the testing process.

這是 Mahima Kakani 為 Bill（多名發言者）發言，似乎某些系統（例如飛行控制和環境控制）正在進一步測試過程中。

So I'm kind of curious what is pending in terms of Archer's propulsion systems and in order for it to really move on to the Ford Credit testing process that you outlined.

所以我有點好奇Archer 的推進系統還有什麼懸而未決的事情，以及為了讓它真正進入你概述的福特信用測試過程。

Yes, hey, happy to answer that.

是的，嘿，很高興回答這個問題。

So you're correct.

所以你是對的。

There are some systems that you mentioned flight controls, environmental controls, where we're already making compliance findings or the FAA's making combined signings.

您提到了一些系統，例如飛行控制、環境控制，我們已經在這些系統中進行了合規調查，或者美國聯邦航空管理局 (FAA) 進行了聯合簽署。

Other areas.

其他地區。

We're not as far along.

我們還沒那麼遠。

And that relates back to where we are with our certification plans.

這與我們的認證計劃的進展有關。

So while we've had several of those accepted, several are still open.

因此，雖然我們已經接受了其中的一些，但仍有一些尚未開放。

And to give you an example, we have a certification plan that talks about flight testing.

舉個例子，我們有一個涉及飛行測試的認證計劃。

And the reason that's not closed is because we're still waiting for issued paper from the FDA.

之所以沒有結束，是因為我們仍在等待 FDA 發布的文件。

That in reality affects how the entire industry is going to approach some flight test related topics.

實際上，這會影響整個行業如何處理一些與飛行測試相關的主題。

So that's not to say that it won't be done, you know, won't be done or will be done soon, but it's not done right now.

所以這並不是說它不會完成，你知道，不會完成或很快就會完成，但現在還沒有完成。

So we're not I'm not doing for credit compliance finding work in those areas.

所以我們不是在這些領域為信用合規尋找工作。

And having said that, though, our goal is to get through the whole certification program really efficiently.

儘管如此，我們的目標是真正有效地完成整個認證計劃。

So we made a plan from the beginning of which areas we wanted to focus on earlier, you mentioned the electric propulsion system.

所以我們從一開始就制定了一個計劃，我們之前想要專注在哪些領域，你提到了電力推進系統。

That is where we've been putting a lot of our effort with the FAA to make those plans really clear and progressing there.

這就是我們與美國聯邦航空管理局 (FAA) 一起付出大量努力的地方，以使這些計劃真正明確並取得進展。

But overall, just super happy with the progress, and I'm happy with where things are going.

但總的來說，我對進展非常滿意，而且我對事情的進展感到滿意。

That's very helpful color.

這是非常有用的顏色。

Thank you.

謝謝。

And then as a follow-up, can you comment on sort of the breakdown of responsibility between your vendors and Archer and working with the FAA to sign off on these parts is conforming and nonconforming and other parts of Vacon, it does take care of on Arch's behalf.

然後作為後續行動，您能否評論一下您的供應商和 Archer 之間的責任細目，以及與 FAA 合作簽署這些零件是否合格和不合格以及 Vacon 的其他零件，它確實負責阿奇的代表。

Yes, that's exactly the idea.

是的，正是這個想法。

So there's two parts to think about.

所以有兩個部分要考慮。

One is the manufacturing of the conforming parts that we need to use to do the testing.

一是製造我們需要用來進行測試的合格零件。

So rather than having to stand up all of our own production lines to make things like flight computers or actuators or electronics, hardware, et cetera, are able to leverage the infrastructure, the capabilities, the expertise that our vendors have in each of those areas.

因此，我們不必建立自己的所有生產線來製造飛行電腦、執行器或電子產品、硬體等，而是能夠利用我們的供應商在每個領域所擁有的基礎設施、能力和專業知識。

But then it does go beyond that when it comes to certification because we're able to really partner with these companies, leverage their technical and certification expertise to accomplish the work.

但在認證方面，它確實超出了這個範圍，因為我們能夠真正與這些公司合作，利用他們的技術和認證專業知識來完成工作。

So you think of it much more as a combined team of Archer plus all the experts at all of our supplier partners, working together with the FDA to accomplish and the goal.

因此，您可以將其更多地視為由 Archer 加上我們所有供應商合作夥伴的所有專家組成的聯合團隊，與 FDA 共同努力實現目標。

Hopefully, that makes sense.

希望這是有道理的。

Thank you.

謝謝。

David Zazula, Barclays.

大衛·扎祖拉，巴克萊銀行。

Okay.

好的。

Thanks for taking my question.

感謝您提出我的問題。

But maybe for Tom, if I could follow up on Mahima.

但也許對湯姆來說，如果我能跟進 Mahima 的話。

First question there.

第一個問題在那裡。

With respect to the open items still are the electric propulsion.

相對於開放工程仍是電力推進。

Like why do you think it's still relatively low risk to continue moving on the conforming aircraft with.

例如為什麼您認為繼續乘坐符合要求的飛機移動的風險仍然相對較低。

Yes, still some portions of the certification and test plant is still outstanding.

是的，認證和測試工廠的某些部分仍然懸而未決。

Yes, it's a great question.

是的，這是一個很好的問題。

So the way to think about that is, again, to take a step back and done understand.

因此，思考這個問題的方法就是再次退後一步並完成理解。

And we from the beginning, I made a plan to use these six aircraft in a very targeted way to get very specific data to inform and execute our store program.

我們從一開始就制定了計劃，以非常有針對性的方式使用這六架飛機，以獲得非常具體的數據來通知和執行我們的商店計劃。

So each one has specific goals.

所以每個人都有特定的目標。

And then those goals drive into specific areas that, for example, systems that need to be conformed or aspects like that.

然後這些目標會進入特定領域，例如需要整合的系統或類似方面。

So what you see and that's moving forward with these first tier three aircraft is that we're confident in a large extent of the designs, and we're able to move forward and begin doing that for credit work that we highlight in this charge.

因此，您所看到的以及這些第一級三級飛機的進展是，我們對大部分設計充滿信心，並且我們能夠繼續前進並開始為我們在這項費用中強調的信貸工作做這件事。

With regard to how we think about electric propulsion and how we plan to move forward.

關於我們如何看待電力推進以及我們計劃如何前進。

We plan to have multiple TIAs.

我們計劃有多個 TIA。

So that's a standard type inspection authorization, each one mapping to an aircraft and specific flight test objectives.

這是一個標準的型式檢驗授權，每一項都對應於一架飛機和特定的飛行測試目標。

So the Ultra propulsion system and related aspects are essentially just one of the elements are one of the objectives in the overall holistic flight test certification plan.

因此，超級推進系統和相關方面本質上只是整體飛行測試認證計劃的要素之一，也是目標之一。

Hey, David, this is Adam.

嘿，大衛，這是亞當。

Just following up here, it doesn't it doesn't just stop with, you know, the suppliers being are using the Tier one suppliers as being the only part of the straightforward lowered risk certification plan, even within new electric propulsion system.

只是在這裡跟進，它並不只是停止，你知道，供應商正在使用一級供應商作為直接降低風險認證計劃的唯一部分，即使在新的電力推進系統中也是如此。

I mean, we chose a system that has been also has a lower cost of, for example, we chose cylindrical cells that are choosing pump cells and cylindrical cells have dedicated vendors out there, we think pretty straightforward and understanding and the different government ambition.

我的意思是，我們選擇了一個成本較低的系統，例如，我們選擇了圓柱形電池，它選擇泵電池，圓柱形電池有專門的供應商，我們認為非常簡單和理解以及不同的政府野心。

We chose to build an electric engine from the very beginning.

我們從一開始就選擇製造電動引擎。

It was very manufacturable.

它非常具有可製造性。

There are lots of choices you make to build high-performance parts that are much more difficult to certify.

您可以做出多種選擇來建造更難以認證的高性能零件。

So all the choices really go back to that original strategy.

所以所有的選擇其實都回到了最初的策略。

And I think that really should be clear, looking at the chart that we have up, that's certainly put out that shows us moving rapidly through the stages with the FAA.

我認為這一點確實應該很清楚，看看我們所提供的圖表，它肯定表明我們與美國聯邦航空管理局 (FAA) 一起快速完成各個階段。

Again, it's not that this is easy, but we are making significant progress and a lot of it has to do with just the strategy shows from beginning.

再說一遍，這並不容易，但我們正在取得重大進展，其中很大一部分與從一開始就展示的策略有關。

I think that will continue to pay off here over the next to the next about 12 months.

我認為這將在接下來的大約 12 個月內繼續帶來回報。

Thanks Adam, thanks, Tom.

謝謝亞當，謝謝湯姆。

That's really helpful color.

這真是有用的顏色。

If I could follow up, you recently hosted yes, some personnel from the FDA on the very senior side.

如果我可以跟進的話，您最近接待了 FDA 的一些高級人員。

I guess could you share some of the feedback you got there?

我想你能分享一下你在那裡得到的一些回饋嗎？

And then specifically to the increased attention there as senior personnel, DSI can lead to page Boeing based on the risk of events there.

然後，特別是對於高級人員越來越多的關注，DSI 可以根據那裡發生的事件的風險向波音公司尋求幫助。

Do you feel like that could have any negative ramifications in terms of your certification?

您認為這會對您的認證產生負面影響嗎？

Yes.

是的。

I think it really how critical do you think that is to your certification path in '24 and '25?

我認為您認為這對您 24 和 25 年的認證之路有多重要？

Thanks.

謝謝。

Yes, absolutely.

是的，一點沒錯。

A couple of thoughts on that.

對此有幾點想法。

One is just makes me appreciate how from the beginning, we chose to keep our design as simple as possible and not push the envelope and introduced new technologies or new riskier manufacturing processes, you know, 3D printing, et cetera, in it anywhere we didn't have to.

一個只是讓我欣賞如何從一開始，我們選擇讓我們的設計盡可能簡單，而不是突破極限，並引入新技術或新的風險更高的製造工藝，你知道，3D列印等等，在我們沒有做過的任何地方都不必。

And so that simplicity, I think, is really appreciated by the FDA because it makes their work easier for all of us.

因此，我認為 FDA 非常讚賞這種簡單性，因為它使我們所有人的工作變得更加輕鬆。

And the second thought that comes to mind is and when that leadership team was out here and in many interactions I've had with FA, I keep hearing how they appreciate our team's thoughtfulness and experience.

我想到的第二個想法是，當領導團隊來到這裡時，在我與 FA 的多次互動中，我不斷聽到他們如何欣賞我們團隊的深思熟慮和經驗。

I often get comments like, well, you guys aren't like a typical aerospace start-up.

我常常收到這樣的評論，例如，你們不像典型的航空航太新創公司。

You're a much more experienced structured, serious team.

你們是一支經驗豐富、結構嚴謹、認真的團隊。

And I think that trustworthiness that comes across is really valuable.

我認為這種信任感非常有價值。

For example, we did one of several software audits recently and comment from the FAA expert was this is one of the best audits that he had seen, and he was so surprised that we had such quality work coming from a new company like ours.

例如，我們最近進行了幾次軟體審計，美國聯邦航空管理局專家的評論是，這是他見過的最好的審計之一，他對我們這樣的新公司做出如此高品質的工作感到非常驚訝。

So I just got to give kudos to our team that we have a really experienced group of folks, both internal employees and across the suppliers that I mentioned before in.

因此，我要向我們的團隊表示敬意，因為我們擁有一支真正經驗豐富的團隊，其中包括內部員工和我之前提到的供應商。

Hey, David, this is Adam.

嘿，大衛，這是亞當。

Just specifically addressing the comments around Boeing.

只是專門針對有關波音的評論。

No, we have not seen any type of you know of people getting pulled off our project or slowdown in work.

不，據您所知，我們還沒有看到任何類型的人員退出我們的專案或工作進度放緩。

In fact, it's accelerated and gone the other way.

事實上，它已經加速並走向了相反的方向。

And just recently I was in Washington DC to meet with them the new administrator.

就在最近，我在華盛頓特區會見了他們的新管理員。

And it was actually really encouraging that from a, um, advanced their mobility had a seat at the table with the administrator amongst the large OEMs that are building.

事實上，令人鼓舞的是，從先進的角度來看，他們的移動性在正在建造的大型原始設備製造商中與管理員一起擁有了一席之地。

And so I think there is an emphasis on the space.

所以我認為重點是空間。

And as a result, we've gotten, I think, a lot of attention to our circle of progress.

我認為，因此，我們的進步圈受到了很多關注。

Thank you.

謝謝。

Austin Moeller, Canaccord.

奧斯汀·莫勒，Canaccord。

Your line is now open.

您的線路現已開通。

Austin, your line is now open.

奧斯汀，您的線路現已開通。

Alright team, it does appear that Austin has disconnected.

好吧，團隊，奧斯汀似乎確實已斷開連接。

Apologies.

道歉。

(Operator Instructions)

（操作員說明）

Kate, I think we can we can call it.

凱特，我想我們可以這樣稱呼它。

Absolutely, that will conclude the Q&A session.

當然，問答環節到此結束。

With that, I will turn it back over to Adam Goldstein for some closing remarks.

至此，我將把它轉回給亞當·戈德斯坦（Adam Goldstein）做一些結束語。

Thank you for joining the call today.

感謝您今天加入通話。

In addition to the entire team of our employees, and partners for really the relentless execution and maintaining our leadership position in the industry and helping bringing flying cars to market next year.

除了我們整個員工團隊和合作夥伴的堅持不懈的執行力，保持我們在行業中的領導地位，並幫助明年將飛行汽車推向市場。

I'm very proud of the strategy that we've taken since day one with FAA tenured suppliers, which has enabled us to leapfrog others in the sector and the entire and entered the final stages of the FAA certification process and I'm very also excited about our capital efficient approach that has helped us maintain a strong liquidity position as we go into 2024.

我對我們從第一天起就與 FAA 終身供應商採取的策略感到非常自豪，這使我們能夠超越該行業和整個行業的其他公司，並進入 FAA 認證流程的最後階段，我也非常高興我們對我們的資本效率方法感到興奮，這種方法幫助我們在進入2024 年時保持強勁的流動性狀況。

Thank you very much for being on the call.

非常感謝您接聽電話。

That concludes today's call and thank you all for your participation, and you may now disconnect your lines.

今天的電話會議到此結束，感謝大家的參與，現在您可以掛斷電話了。