Archer Aviation Inc. (ACHR) 2025 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's Archer Aviation Company Q4 '25 financial results conference call. My name is Tamia and I will be your moderator for today's call. (Operator Instructions)

午安.感謝各位參加今日 Archer Aviation Company 2025 年第四季財務業績電話會議。我叫塔米婭，我將擔任今天電話會議的主持人。（操作說明）

I would now like to pass the conference over to your host, Kate Kiewel, Head of Investor Relations. You may proceed.

現在我將把會議交給主持人，投資者關係主管凱特·基維爾。您可以繼續。

Welcome to Archer's earnings call. This is Kate Kiewel, Archer's Head of Investor Relations. Today we will be making forward-looking statements that are based on current assumptions. We don't undertake any obligation to update those assumptions as a result of new information or future events. Risks and uncertainties may cause our actual results to differ materially from those contemplated by these statements.

歡迎參加Archer的財報電話會議。這是凱特·基維爾，Archer公司的投資者關係主管。今天我們將根據目前的假設做出一些前瞻性陳述。我們不承擔因新資訊或未來事件而更新這些假設的任何義務。風險和不確定性可能導致我們的實際結果與這些聲明中設想的結果有重大差異。

For more information about potential risks and uncertainties, review the risk factors in our SEC filings. Today we will also be discussing both GAAP and non-GAAP financial measures. A reconciliation of those measures is included in our shareholder letter and earnings release from today. Now I'll turn it over to Adam.

有關潛在風險和不確定性的更多信息，請查看我們向美國證券交易委員會提交的文件中的風險因素。今天我們也將討論GAAP和非GAAP財務指標。這些措施的調整說明已包含在我們今天發布的致股東信和獲利報告中。現在我把麥克風交給亞當。

Thanks, Kate. At Archer, we are building a next generation aerospace company with civil and defense applications. We have formed an ecosystem with some of the best partners in the world, from Anduril to SpaceX to Nvidia.

謝謝你，凱特。在 Archer，我們正在打造一家面向民用和國防領域的下一代航空航太公司。我們與世界上一些最優秀的合作夥伴建立了一個生態系統，包括 Anduril、SpaceX 和 Nvidia 等。

We have great momentum, and I'm excited to walk you through it today. I published a more detailed shareholder letter that I encourage everyone to read. I'm going to keep my remarks relatively brief and dedicate most of this call to Q&A from analysts and retail investors.

我們現在勢頭強勁，今天我很高興能帶大家詳細了解。我已發布一封更詳細的股東信，鼓勵大家閱讀。我發言會盡量簡短，並將大部分時間用於回答分析師和散戶投資者的提問。

Last year, our pilots took midnight through its C tall campaign. Flights over 50 miles, over 30 minutes of flight time at altitudes above 10,000 ft, and speeds exceeding 150 MPH. And we have now begun Midnight's piloted VTA flight test campaign.

去年，我們的飛行員在午夜完成了 C 高空飛行活動。飛行距離超過 50 英里，飛行時間超過 30 分鐘，飛行高度超過 10,000 英尺，速度超過 150 英里/小時。現在我們已經開始了 Midnight 的 VTA 試飛活動。

We will continue to expand our piloted midnight fleet and the flight envelope throughout 2026, enabling us to begin TIA activities with the FAA as soon as this year. As we expand our flight test program, we are simultaneously preparing to be ready for air taxi operations. We are on track to begin deploying midnight this year both in American cities as part of the White House's EVA Integration Pilot Program, or eIPP, and in the UAE as part of our commercial launch program.

我們將繼續擴大我們的夜間有人駕駛機隊和飛行包線，直至 2026 年，這將使我們能夠最早在今年開始與美國聯邦航空管理局 (FAA) 開展 TIA 活動。隨著我們擴大飛行測試計劃，我們也在同時為空中計程車營運做好準備。我們正按計劃推進午夜飛行器部署工作，今年將在美國城市（作為白宮艙外活動整合試點計劃 (eIPP) 的一部分）和阿聯酋（作為我們商業發射計劃的一部分）啟動。

Before we go into our plans for the UAE this year, I want to acknowledge the current geopolitical situation in the Middle East.

在我們介紹今年在阿聯酋的計劃之前，我想先談談中東當前的地緣政治局勢。

Our team and partners in the region are in our thoughts, and their safety will always be our top priority. We will continue to monitor the situation closely. Despite that current uncertainty, we remain focused on rapidly progressing our commercialization strategy in the UAE.

我們牽掛著我們在該地區的團隊和合作夥伴，他們的安全始終是我們的首要任務。我們將繼續密切關注事態發展。儘管目前存在不確定性，但我們仍專注於在阿聯酋快速推進商業化策略。

I am pleased to share that Archer is the first EVT manufacturer to establish a restricted type certificate program with the GCAA, which sets us up to deliver additional midnight aircraft to the country this year for piloted and passenger carrying operations while simultaneously building out our network of certified vertiports across Abu Dhabi.

我很高興地宣布，Archer 是第一家與阿聯酋民航總局 (GCAA) 建立限制性型號合格證計劃的 EVT 製造商，這使我們能夠在今年向阿聯酋民航總局 (GCAA) 建立限制性型號合格證計劃的 EVT 製造商，這使我們能夠在今年向阿聯酋交付更多午夜飛機，用於載人飛行和客運運營，同時在阿布扎比各地建立我們經認證的垂直起降場網絡。

While our team is hard at work commercializing the United States and the UAE, our global backlog continues to grow. Our order book is in the billions, with seven of the world's largest airlines choosing to partner with us. Some new partners include Saudi Arabia's PIF and the Serbian government.

雖然我們的團隊正在努力開拓美國和阿聯酋市場，但我們的全球積壓訂單仍在增加。我們的訂單總額達數十億美元，全球七家最大的航空公司選擇與我們合作。一些新的合作夥伴包括沙烏地阿拉伯公共投資基金和塞爾維亞政府。

The commercial momentum is real, and it is built on a certification strategy that we've been executing against for seven years. This quarter, the FAA confirmed its final acceptance of 100% of Midnight's means of compliance. I believe this makes us the first EVT company to achieve this level of progress with the FAA.

商業發展勢頭強勁，這得益於我們七年來一直貫徹執行的認證策略。本季度，美國聯邦航空管理局確認最終接受了 Midnight 公司 100% 的合規措施。我相信這使我們成為第一家與美國聯邦航空管理局取得如此進展的EVT公司。

Completing Midnight's means of compliance unlocks the ability to finish the next phase, finalizing its remaining certification plans. We expect those to get there in the coming quarters, clearing the path for TIA work to begin on the program as soon as this year.

完成 Midnight 的合規流程後，即可完成下一階段，最終完成剩餘的認證計畫。我們預計這些工作將在未來幾季內完成，為TIA計畫最早於今年開始鋪路。

Our partnership with AR is central to our defense strategy. We're designing an autonomous hybrid electric VA aircraft built for dual use. A loyal wingman for defense and cargo or medevac for commercial customers. We remain optimistic about winning a major defense contract this year.

我們與AR的合作是我們國防戰略的核心。我們正在設計一款可自主運作的混合動力電動虛擬空中交通管制飛機，用於軍民兩用。為國防、貨物運輸或醫療後送提供忠誠的僚機服務，服務商業客戶。我們仍然樂觀地認為今年能贏得一份重要的國防合約。

We are always looking for opportunities to apply the proprietary technologies we have developed for our commercial aircraft to other adjacent applications.

我們一直在尋找機會，將我們為商用飛機開發的專有技術應用到其他相關領域。

In November we announced our 1st 3rd party powertrain deal with Androl and Edge Group to power their Omen autonomous air vehicle. Anduril spent 5 years searching for a propulsion solution for Omen, and I'm proud they chose ours.

11 月，我們宣布與 Androl 和 Edge Group 達成首個第三方動力系統協議，為其 Omen 無人飛行器提供動力。Anduril 花了 5 年時間尋找 Omen 的推廣解決方案，我很自豪他們最終選擇了我們的方案。

Beyond commercial aircraft and defense, we see a third opportunity software. We've partnered with Palantir for next generation air traffic control, movement control, and route planning.

除了商用飛機和國防領域，我們看到了軟體領域的第三個機會。我們與 Palantir 合作，共同開發下一代空中交通管制、移動管制和航線規劃技術。

We are working with Nvidia to integrate their IGX Thor platform into Midnight for safety critical autonomy applications, and we are working with SpaceX's Starlingnk to bring high speed, low latency connectivity to our aircraft. We plan to unveil our first software product in this category later this year.

我們正在與英偉達合作，將他們的 IGX Thor 平台整合到 Midnight 中，用於安全關鍵型自主應用；同時，我們也在與 SpaceX 的 Starlingnk 合作，為我們的飛機帶來高速、低延遲的連接。我們計劃於今年稍後推出該類別中的首款軟體產品。

Executing across all of these fronts requires exceptional leadership. I want to highlight Benjamin Lyon, who has integrated fully into his role at Archer as President of Aircraft OEM. Benjamin is a longtime pilot who spent decades at Apple shaping some of the most complex hardware programs they ever built, then served as CTO at Active, one of the world's leading industrial technology companies.

在所有這些方面都取得成功需要卓越的領導力。我想重點介紹一下 Benjamin Lyon，他完全融入了 Archer 公司，並擔任飛機 OEM 總裁。本傑明是一位資深飛行員，曾在蘋果工作數十年，參與打造了該公司有史以來最複雜的一些硬體程序，之後擔任世界領先的工業技術公司之一 Active 的首席技術官。

He is exactly the operator you want driving a program towards commercialization, and his impact on our engineering, manufacturing, and certification velocity is tangible.

他正是你想要推動專案走向商業化的那個人，他對我們的工程、製造和認證速度的影響是顯而易見的。

Tom Muez continues to support the midnight program but has now taken a leadership role in developing our hybrid aircraft. Together, Benjamin and Tom represent exactly the caliber of leadership the opportunity requires.

湯姆·穆埃茲繼續支持午夜計劃，但現在已在開發我們的混合動力飛機方面發揮了領導作用。班傑明和湯姆的才華完全符合這一職位所需的領導特質。

We ended Q4 with approximately $2 billion in liquidity. While this is a strong position, I try to be ruthless about cutting anything that does not earn its place. My job is to drive execution, fly aircraft, deploy them in cities, complete certification, scale manufacturing, and deliver to the customers who are waiting.

第四季末，我們的流動資金約為20億美元。雖然這是一個堅定的立場，但我會毫不留情地剔除任何不配擁有它地位的東西。我的工作是推動執行，駕駛飛機，在城市部署飛機，完成認證，擴大生產規模，並交付給等待的客戶。

Thank you to our team, our partners, the government agencies, and our shareholders that all play a part in our success. Deep tech is extremely challenging, and you give us the ability to pursue it. I do not take your support for granted, and we will work every day to continue to earn it.

感謝我們的團隊、合作夥伴、政府機構和股東，感謝大家為我們的成功所做的貢獻。尖端科技極具挑戰性，而你們給了我們追求它的能力。我不會把你們的支持視為理所當然，我們會每天努力工作，繼續贏得你們的支持。

With that, I'll hand it over to Priya.

這樣，我就把它交給普里亞了。

Thanks Adam. On today's call, I'm not going to walk through all the detailed financial results as those are set out in our earnings release. Instead, I'll briefly discuss the key highlights our liquidity position, capital allocation priorities, and overall financial discipline.

謝謝你，亞當。在今天的電話會議上，我不會詳細介紹所有財務業績，因為這些內容已在我們的獲利報告中列出。相反，我將簡要討論我們的流動性狀況、資本配置優先事項和整體財務紀律的關鍵亮點。

First, with respect to liquidity, as Adam highlighted, we close the quarter with a very strong balance sheet and total liquidity of approximately $2 billion which is the highest watermark in Orchard's history. Our financial strength allows us to think and act beyond a single program. With respect to our priorities for deploying capital, it is very straightforward.

首先，就流動性而言，正如 Adam 所強調的，我們本季末的資產負債表非常強勁，總流動性約為 20 億美元，這是 Orchard 歷史上的最高紀錄。我們的財力使我們能夠超越單一項目進行思考和行動。至於我們部署資金的優先事項，這非常明確。

In the near term, commercializing midnight remains our number one priority. This includes progressing certification activities, scaling manufacturing, and advancing market launch efforts. Beyond the midnight platform, as we position Archer as a category leader, our next investment priority is in adjacent opportunities such as the hybrid aircraft program and our software platform. These efforts meaningfully expand our long-term optionality and total addressable market.

短期內，午夜場的商業化仍然是我們的首要任務。這包括推動認證活動、擴大生產規模和推動市場推廣工作。除了午夜平台之外，隨著我們將 Archer 定位為行業領導者，我們的下一個投資重點是混合動力飛機項目和我們的軟體平台等相關機會。這些努力顯著擴大了我們的長期選擇範圍和潛在市場規模。

Our focused capital allocation carries through to day to day execution with Q4 spending tightly aligned to the guidance we outlined in the last earnings call. We are moving steadily towards industrialization and market entry that naturally requires increased but disciplined spend.

我們重點關注的資本配置也體現在日常營運中，第四季的支出與我們在上次財報電話會議上提出的指導方針緊密一致。我們正穩步邁向工業化和市場准入，這自然需要增加但有節制的支出。

For Q1, we estimate our adjusted EBITA loss to be in the range of $160 million to $180 million. This step up in investment is deliberate and is a direct reflection of the meaningful progress we are planning for the year. We will continue to provide transparency on spend trajectory and liquidity as we continue to execute against our key priorities.

我們預計第一季調整後的 EBITA 虧損將在 1.6 億美元至 1.8 億美元之間。這次加強投資是經過深思熟慮的，直接反映了我們為今年制定的實際進展計劃。我們將繼續保持支出軌跡和流動性方面的透明度，同時繼續推動我們的關鍵優先事項。

And with that, I will turn it back over to Adam.

就這樣，我把麥克風交還給亞當。

Thanks, Priya. I want to first start by addressing some of the retail questions, and the first question is, How's the pathway for Archer to be the main air taxi service for the summer [2028] Olympics?

謝謝你，Priya。我想先回答一些零售方面的問題，第一個問題是，Archer 如何才能成為 2028 年夏季奧運會的主要空中計程車服務？

Well, the Summer 2028 Olympics is the most important commercialization milestone for Archer because it represents an unslipable bait for us, and it's driving the regulators and it's really driving us towards making decisions and ultimately making progress. But it's not just certification that has to be ready for the launch. It really is all about the infrastructure, the supply chain, the technical progress, all just converging at the same time. And just last quarter you saw us invest in the Hawthorne Airport, and our team is on the ground every day there working through initial flight operations, pilot training, and so this is a very important event for the administration and so we are coordinating at the highest levels to make sure that this goes off smoothly.

2028 年夏季奧運會是 Archer 最重要的商業化里程碑，因為它對我們來說是一個無法抗拒的誘惑，它正在推動監管機構，也正在推動我們做出決定，並最終取得進展。但發布前需要準備的不僅僅是認證。這一切都與基礎設施、供應鏈和技術進步有關，所有這些因素都在同時匯合。就在上個季度，你們也看到了我們對霍桑機場的投資，我們的團隊每天都在那裡進行初步的飛行運營、飛行員培訓等工作，因此這對管理層來說是一件非常重要的事情，所以我們正在最高層進行協調，以確保一切順利進行。

And with that I'll turn it back to the operator to open up for questions.

接下來，我將把麥克風交還給接線員，讓他回答問題。

(Operator Instructions) Edison Yu, Deutsche Bank.

（操作員指示）餘愛迪生，德意志銀行。

Want to start off on EIP. Can you give us a sense of what the next milestones are and the sequencing of of events that need to happen before you start to fly the aircraft?

想先從EIP開始。您能否簡要介紹接下來的里程碑是什麼，以及在開始試飛飛機之前需要完成的事件順序？

Sure, thanks, Edison. So just to take a quick step back on the eIPPprogram, we view this really as a big moment for the industry. I'd like to call it our Waymo moment. It's, if you think about like the first time you saw a waymo, it felt like science fiction to you, but now the goal is to have, half a million people, in cities, in the biggest cities in the country, start to see these aircrafts as part of your everyday commute just like they started to see waymos every day.

當然，謝謝你，愛迪生。所以，讓我們快速回顧一下 eIPP 計劃，我們認為這對整個產業來說確實是一個重要的時刻。我想稱之為我們的「Waymo時刻」。想想你第一次看到 Waymo 的時候，感覺就像科幻小說裡的東西，但現在的目標是讓全國最大的城市裡的 50 萬人開始把這些飛行器當作日常通勤的一部分，就像他們開始每天看到 Waymo 一樣。

And that's what I think the eIPP has the power to do for air taxis. So seeing new aircraft flying over major cities will be exciting at first, but we do need to get people comfortable with them and ultimately accept them as an everyday outcome. And that is how we're going to drive consumer acceptance across the industry and in turn regulatory approval. And so all that is on track, and Archer is on track to to participate in that event.

而我認為，eIPP 有能力為空中計程車產業帶來這樣的改變。因此，看到新型飛機飛越各大城市起初會令人興奮，但我們確實需要讓人們習慣它們，並最終接受它們成為日常生活的一部分。這就是我們將如何推動整個產業獲得消費者認可，進而獲得監管部門批准的方式。所以一切都在按計畫進行，阿徹也將按計畫參加這項賽事。

For the eIPP, we've had a lot of inbound interest from the municipalities and then ultimately we've submitted the applications and there's roughly, a dozen or so municipalities that we've partnered with, including Southern California, Texas, and Florida.

對於 eIPP 項目，我們收到了來自各市政當局的大量諮詢，最終我們提交了申請，目前我們已經與大約十幾個市政當局建立了合作關係，其中包括南加州、德克薩斯州和佛羅裡達州。

And now we are looking forward to the DOT announcing. The finalists later this month. And then once the finalists are announced, we'll begin working directly with the selected localities to establish the initial operational plans and then we'll focus on public flights as soon as the second half of the year. So it's really back to the DOT's hands at this point. We're waiting for them on next steps.

現在我們期待著交通部發佈公告。決賽入圍名單將於本月稍後公佈。一旦公佈最終入圍名單，我們將立即與選定的地區直接合作，制定初步營運計劃，並於今年下半年開始專注於公共航班。所以現在真的又回到交通部手中了。我們正在等待他們下一步的指示。

Understood. And then in terms of the piloted vertical for transition, I think in the letter you mentioned kind of the next few months are the test camp it will rep, I guess what is the, I guess, broader plan for the number of aircraft for the levels of flying that you would do for the rest of the year?

明白了。至於有人駕駛垂直起降過渡項目，我想你在信中提到接下來的幾個月是測試營，我想，對於今年剩餘時間裡你將進行的飛行水平和飛機數量，更廣泛的計劃是什麼？

Yeah, hey, Edison, this is Tom. We'll just maybe to take a step back, as you mentioned earlier, we're now in the piloted VTA and transition part of our flight test, and that's all kind of in support of and on track for the eIPP work that Adam mentioned earlier on the call. And just to kind of remind everybody, this comes on the back of all the VTAL flying we've done on midnight without a pilot on board over the last several years and the extensive CAL campaign that we did last year.

嘿，愛迪生，我是湯姆。我們不妨退後一步，正如您之前提到的，我們現在正處於飛行測試的有人駕駛垂直過渡和過渡階段，這一切都是為了支持亞當之前在電話中提到的 eIPP 工作，並且進展順利。提醒大家一下，這是在我們過去幾年裡進行了無數次午夜無飛行員的垂直起降飛行，以及去年我們開展的大規模 CAL 活動之後的結果。

So we believe we're in a strong position with the testing that we've done. We also are really glad we invested time in that detailed CAL campaign as having the ability to do both those conventional takeoff and landings and vertical takeoffs and landings, we think is a huge advantage for the product and a big differentiator, obviously for the business case, safety case, things we've talked about.

因此，我們相信，根據我們已經進行的測試，我們處於有利地位。我們也很高興當初投入時間進行詳細的 CAL 活動，因為能夠進行常規起飛和著陸以及垂直起飛和著陸，我們認為這對產品來說是一個巨大的優勢，也是一個很大的差異化因素，顯然對商業案例、安全案例以及我們討論過的其他方面都是如此。

So our goal is with this aircraft and the others that are coming online to efficiently get through the transition testing. In support of the IPP, but then we'll get right into TIA activity, all of this with the goal of being certified for the Olympics.

因此，我們的目標是讓這架飛機以及其他即將投入使用的飛機有效率地完成過渡測試。為了支援 IPP，我們將立即投入 TIA 活動，所有這一切都是為了獲得奧運認證。

Understood. And if I just sneak one in on the, I think you mentioned the first one to get the 100% on the MOC, can you just maybe walk us through the, maybe the last couple of kind of percentage points? It seems like the industry in general has struggled a little bit to get to those last pieces. What do you think held that up and why were you able to get through that?

明白了。如果我偷偷加一個進去，我想你提到過第一個能拿到 MOC 100% 的分數，你能不能跟我們講解一下最後幾個百分點是怎麼拿到的？看來整個產業在完成最後幾項工作都遇到了一些困難。你認為是什麼阻礙了那段時間的到來，又是什麼原因讓你最終撐了過來？

Yeah, so it's a good question.

是的，這確實是個好問題。

So I would say it's definitely fair to say the last few percent were the hardest to close, but I think the fact that we've from the very beginning taken really best practice approaches or conventional approaches to topics like lightning strike, gus loads, occupant production, those sort of things that are all enabled by us having a larger, heavier aircraft meant we were able to get through those topics with the FAA and we did that instead of by sort of pushing back we were able to just accept sort of the again the best practice approach so I think that's that's what enabled us to get through it.

所以我覺得，最後那幾個百分點是最難達成的，這點絕對沒錯。但我認為，從一開始我們就對諸如雷擊、陣風載荷、乘員數量等問題採取了最佳實踐方法或常規方法，而這些都得益於我們擁有更大、更重的飛機，這意味著我們能夠與美國聯邦航空管理局（FAA）就這些問題進行溝通。我們沒有採取抵制的態度，而是接受了最佳實踐方法，所以我認為這就是我們最終能夠達成協議的原因。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good afternoon. Can I ask, I, I'm sure it really depends on, all the activity that you plan on doing this year, but just curious at a high level, maybe, where that EBITDA can step up as you go through the year and maybe any commentary on CapEx's expectations for 2026.

嘿，下午好。我可以問一下嗎？我確信這真的取決於您今年計劃開展的所有活動，但我只是好奇，從宏觀層面來看，隨著年數的增加，EBITDA 可能會在什麼情況下增長？以及您對 2026 年資本支出預期有何評論？

Okay Savi, thanks for the question, Prio. So you know that we don't give, annual or multi-year guidance, but I'll walk you through the flavors of where, spending is going towards. So at the core of which, we're investing in three focused areas. The first is, you can expect the supply chain readiness and manufacturing capacity, and that's to ensure that we can aggressively ramp up midnight production and deploy it. Second, as we've talked about.

好的，Savi，謝謝你的提問，Prio。所以你知道我們不提供年度或多年期的業績指引，但我會帶你了解支出流向的各個方面。因此，我們的核心投資重點放在三個領域。首先，您可以期待供應鏈的準備就緒和生產能力，這將確保我們能夠迅速提高午夜的生產能力並進行部署。第二，正如我們之前討論過的。

In development of our dual use hybrid aircraft, they believe the opportunity is now to win contracts from the US and its allies as they pursue this new vertical lift form factor. And third, of course, is our development of AI autonomy software platform. So while all these three result in spending being elevated in 2025, I think there are a lot of near term opportunities to win awards on the defense side that could offset some of the spending or early revenues on the software side and the air taxi side as part of our launch edition program.

在開發我們的兩用混合動力飛機時，他們認為現在有機會贏得美國及其盟友的合同，因為他們正在追求這種新的垂直升力外形。第三，當然是我們開發的AI自主軟體平台。因此，雖然這三者都會導致 2025 年的支出增加，但我認為在國防方面有很多近期贏得獎項的機會，這可以抵消一些支出，或者作為我們啟動版計劃的一部分，在軟體方面和空中出租車方面獲得早期收入。

So the goal really long-term here is to have a diversified set of opportunities that can allow us to get to meaningful long-term sustainable revenue and as in how we progress through the quotas, we'll keep providing our quarterly guidance, but hopefully that gives you again a framework to think about where are we deploying capital.

因此，從長遠來看，我們的目標是擁有多元化的機會，從而實現有意義的長期永續收入。至於我們如何完成配額，我們將繼續提供季度指導，但希望這能再次為您提供一個框架，讓您思考我們正在將資金部署到哪裡。

And then just on the, GCA side, could you explain a little bit more about what the key features are of a restricted flight approach, like what is and isn't included in that versus kind of a full certification.

然後，就 GCA 方面而言，您能否再詳細解釋一下限制性飛行進近的關鍵特徵是什麼，例如它包含哪些內容，不包含哪些內容，以及它與完全認證相比有何不同？

Sure, hey, Say, this is Adam. So our progress in the in the UAE is obviously continuing and given the kind of current geopolitical situation, we're just mindful of it and you know how fast to push and how to support our partners best over there and obviously, safety for our people is going to be important and safety for our partners over there is going to be really important, but with that as a backdrop, we aligned with the DCAA on a on a pathway for commercialization. And we chose the restricted type certificate really because it was more of a recognized alternative than some of the other choices such as like a type qualification, and it just really gives you broader operational flexibility and a scalable foundation to bring, Midnight to market in the Middle East, but we really have to kind of wait and see how all that plays out here, and I think there's more details to come on that.

當然，嘿，對了，這是亞當。因此，我們在阿聯酋的進展顯然仍在繼續，鑑於當前的地緣政治形勢，我們對此非常關注，也知道推進的速度以及如何最好地支持我們在那裡的合作夥伴。顯然，我們人員的安全很重要，我們在那裡的合作夥伴的安全也非常重要。正是在此背景下，我們與國防民航局 (DCAA) 就商業化途徑達成了一致。我們之所以選擇受限型號合格證，是因為它比其他一些選擇（例如型號鑑定）更受認可，而且它確實能提供更廣泛的營運靈活性和可擴展的基礎，從而將 Midnight 推向中東市場。但我們真的需要拭目以待，看看這一切最終會如何發展，我認為之後會有更多細節公佈。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，坎托·菲茨杰拉德。

Adam, I wanted to maybe circle back to, eIPP for a minute, obviously with the projects now in the application, stage, I'm just curious, like how are you thinking about those projects, like what would you call a success and particularly the California project, is that maybe where most of the attention is focused on or just kind of how you're thinking about winning those projects and what would you characterize as a successful eIPP entry. Thank you.

亞當，我想再回到 eIPP 的話題上來一會兒。顯然，現在這些項目都處於申請階段，我很好奇，你是如何看待這些項目的？你認為怎樣才算成功？特別是加州項目，是不是大家最關注的地方？或者你是如何看待贏得這些項目的？你認為成功的 eIPP 計畫應該具備哪些條件？謝謝。

Thanks, Andres. I think the eIPP kind of win will largely be an industry win where we have lots of aircraft flying around in multiple cities and getting the general public comfortable with what we're doing. So I think that's really the number one takeaway that can come from this.

謝謝你，安德烈斯。我認為 eIPP 的成功在很大程度上將是行業的勝利，我們將有許多飛機在多個城市飛行，讓公眾對我們的工作感到放心。所以我認為這才是這件事最重要的啟示。

There are a lot of very interesting cities and states that have applied. And so, I'm hopeful, California and Texas and Florida, ultimately get picked, but of course we have to wait and see what happens. Any one city or location is not going to actually determine a success or a failure, of this. So we have lots of options here that can get picked. Of course we are hopeful.

有很多非常有趣的城市和州都提出了申請。所以，我希望加州、德州和佛羅裡達州最終能夠被選中，但當然，我們還得拭目以待。任何一個城市或地點都無法真正決定這件事的成敗。所以我們有很多選擇。我們當然抱持著希望。

The Huntington Beach location does get picked given, our plan to ramp operations, ahead of ahead of the Olympics. But there are lots of great opportunities across many other cities that we think will also be, great opportunities as well. So I would say showcasing the aircraft, showing what they can do, having multiple operators doing this, getting the general public comfortable with this, and ultimately getting everybody comfortable with this industry just as they have gotten comfortable with Waymos in their cities.

選擇亨廷頓海灘作為新址，因為我們計劃在奧運會之前擴大營運規模。但我們認為，其他許多城市也蘊藏著許多絕佳的機會。所以我認為應該展示這些飛機，展示它們的功能，讓多家運營商參與其中，讓公眾逐漸接受它們，最終讓每個人都能像接受 Waymos 在他們所在的城市一樣接受這個行業。

That's super helpful. I appreciate all that detail. And maybe just a quick follow-up. I wanted to touch on, I, so I see that you recently, conducted a piloted, V12 flight on the new aircraft, and apologies if I missed this earlier, but can you maybe just walk us through your flight, your flight plans for this year and kind of how you expect to ramp up those flight hours, throughout this year and again ahead of eIPP and UAE.

這太有幫助了。我很欣賞你提供的所有細節。或許還需要一個簡短的後續問題。我想談談，我看到您最近駕駛新飛機進行了一次有人駕駛的 V12 飛行，如果我之前錯過了，請您見諒。您能否向我們介紹一下您的飛行，您今年的飛行計劃，以及您預計如何在今年內以及在 eIPP 和阿聯酋之前逐步增加飛行小時數？

Thank you. Yeah, hey, Andreas, it's Tom. So yeah, we're super excited that we're now in that piloted VA phase. So what you expect to see over the coming weeks and months is just additional flying and working out towards full piloted transition. Obviously after that, then we get into TIA and onward certification, but also in support of the Olympics.

謝謝。嗨，安德烈亞斯，我是湯姆。是的，我們非常興奮，我們現在進入了虛擬助理試點階段。因此，在接下來的幾週和幾個月裡，大家預計會看到更多的飛行訓練，並逐步過渡到完全由飛行員駕駛的模式。顯然，在那之後，我們將進入TIA及後續認證階段，同時也支持奧運。

And maybe this is a good chance for Benjamin to comment here. There are a lot of lessons that we've learned in flight tests, and I think it'd be good for Benjamin to comment on some of those.

或許這是本傑明發表意見的好機會。我們在飛行測試中學到了很多經驗教訓，我認為本傑明可以就其中的一些經驗發表一些看法。

Thanks, Adam. One of the learnings we got from the CAL campaign was that it was actually the software update cycle that paced our progress, and that's because for our first piloted campaign, we wanted to stick with a well understood path. So we used traditional aerospace methods, and we learned along the way that about half the time taken. Was due to manual steps that could actually be easily automated using best software practices from Silicon Valley.

謝謝你，亞當。我們從 CAL 活動中學到的經驗之一是，實際上是軟體更新周期決定了我們的進展速度，這是因為在我們的第一個試點活動中，我們希望堅持走一條眾所周知的道路。因此我們採用了傳統的航空航天方法，並在過程中了解到，大約一半的時間都用不了。這是由於一些手動步驟造成的，而這些步驟實際上可以輕鬆利用矽谷的最佳軟體實踐來實現自動化。

So as part of preparing for the VTA campaign, we actually made updates to our software infrastructure. Like one such example is we now automatically deploy software updates to the midnight aircraft. And as you can imagine, the team is very proud of having reduced multi-month long cycles into often just a few days while maintaining the highest standards of safety.

因此，作為 VTA 活動準備的一部分，我們實際上對我們的軟體基礎設施進行了更新。例如，我們現在會自動向午夜執飛的飛機部署軟體更新。可想而知，團隊非常自豪地將原本長達數月的周期縮短到通常只需幾天，同時保持了最高的安全標準。

Thanks guys, super helpful. I appreciate all that and congrats again on the recent success. I'll pass it on.

謝謝各位，真的很有幫助。我非常感謝，並再次祝賀你們最近的成功。我會轉達的。

Amit Dayal, HC Wright.

Amit Dayal，HC Wright。

Thank you. Good afternoon, everyone. So, Adam, just, can you provide any color on how many aircraft, will you have available for, the certification and testing and then, for the eIPP program?

謝謝。大家下午好。亞當，你能否透露一下，你們將有多少架飛機可用於認證和測試，以及 eIPP 計畫？

Sure, I'll give you a flavor of that moment. Thanks for the question. So we're in the late stages of building that initial fleet of midnight aircraft that we've talked about, and we're going to deploy those in '26 and '27 for our flight testing, our TIA activities, and then also as part of our eIPP and the International launch program. And so the focus of those aircraft is really to get us through the pilot of ETA transition testing and then ultimately to demonstrate air taxi ops under the eIPP and launch programs and then of course we need to use that to get into TIA and then ultimately type certification, but in parallel. We're also really stepping up our manufacturing and supply chain capacity to put it in a position to allow us to aggressively ramp the aircraft builds as we get into '27 and '28 as we ready for the commercial ops in Los Angeles for the Olympics and beyond.

當然，我會讓你體會到那一刻的感受。謝謝你的提問。所以，我們正處於建造我們之前談到的首批午夜飛機的最後階段，我們將在 2026 年和 2027 年部署這些飛機進行飛行測試、TIA 活動，以及作為 eIPP 和國際啟動計劃的一部分。因此，這些飛機的重點實際上是幫助我們完成 ETA 過渡測試的試點，然後最終在 eIPP 和啟動計劃下演示空中出租車運營，當然，我們需要利用這些飛機進入 TIA，然後最終獲得型號合格證，但這一切都是並行進行的。我們也大力提升製造和供應鏈能力，以便能夠在 2027 年和 2028 年大幅提高飛機產量，為洛杉磯奧運會及以後的商業運營做好準備。

Oh, so that's where I was going next item. So from a manufacturing perspective, what else needs to be put in place for you guys to be ready to meet the timelines you just, talked about and any color on how much CapEx is going towards that effort.

哦，原來我接下來要講的就是這個。從製造角度來看，為了達到你們剛才提到的時間表，還需要採取哪些措施？以及，在這方面投入了多少資本支出？

Yeah, it's a good question. And so you know as we go through the certification process, we are really focused on making sure we have the right aircraft that's designed for a great consumer experience, very safe, and that can carry the appropriate amount of payload, but can also be mass manufactured, and I talked a little bit about that in the shareholder letter. It's very challenging balancing. The performance certification side of it as well as manufacturing ramp.

是的，這是個好問題。所以你知道，在進行認證的過程中，我們真正關注的是確保我們擁有合適的飛機，這種飛機的設計旨在提供良好的消費者體驗，非常安全，能夠承載適當的有效載荷，而且還可以大規模生產，我在給股東的信中也談到了這一點。保持平衡非常具有挑戰性。性能認證方面以及生產爬坡方面。

So the good news is, we've already stood up Georgia, the Covington plant, we've invested pretty heavily in CapEx, pretty heavily in a lot of the NRC and tooling, and so, while our spend has been elevated here, I think we are in pretty good position here to actually ramp once we get through the certification program.

好消息是，我們已經在佐治亞州科文頓工廠投產，我們在資本支出方面投入了相當多的資金，在核管理委員會和工具方面也投入了相當多的資金，因此，雖然我們在這裡投入的資金有所增加，但我認為一旦我們完成認證計劃，我們就處於一個相當有利的位置，可以真正提高產量。

Austin Moeller, Canaccord.

Austin Moeller，Canaccord。

Hi, good afternoon, Adam and Priya. So just my first question here is the 100% means of compliance completion on the FAA side, does that mean that you're essentially close to or through critical design review and we shouldn't expect any more aircraft changes? I know that you had changed the landing gear last year.

嗨，下午好，亞當和普里亞。所以我的第一個問題是，FAA方面100%的合規完成情況，是否意味著你們基本上已經接近或完成了關鍵設計審查，我們不應該再期待飛機有任何改動？我知道你去年更換過起落架。

Yeah, hey Austin, this is Tom. I mean, the reality is I can't say we won't make any further design changes until we get through all the cert testing, and the reality is there's pros and cons there. It's actually an opportunity for us to make improvements, where we have, time and bandwidth in the program, but like that being said, we're really comfortable with the architecture of the aircraft, and we don't see any technology issues today.

嗨，奧斯汀，我是湯姆。我的意思是，現實情況是，我不能保證在完成所有認證測試之前我們不會進行任何進一步的設計更改，而且現實情況是，這樣做有利有弊。實際上，這是一個讓我們在現有時間和資源的情況下，對專案進行改進的機會。但話雖如此，我們對飛機的架構非常滿意，目前沒有發現任何技術問題。

One thing I can also say is the approach to design for certification from the very beginning, like I mentioned, it's meant we have a larger and heavier aircraft than some of our competitors. It's really positioned us well and so, Adam kind of touched on this earlier. The challenge here is making sure that the design has the right performance, the right cert path, and the manufacturing path to actually launch the product, and we're really comfortable with where those are coming together.

我還可以補充一點，正如我之前提到的，從一開始我們就採取了認證設計方法，這意味著我們的飛機比一些競爭對手的飛機更大更重。這確實讓我們處於非常有利的位置，亞當之前也稍微提到過這一點。這裡的挑戰在於確保設計具有合適的性能、合適的認證途徑和合適的生產途徑，從而真正推出產品，而我們對這些方面目前的進展非常滿意。

Okay, and if we just think about the Iran operation and the first use by the Pentagon of one-way attack drones, should we think about a midnight rotorcraft drone as potentially competing on future phases of like the drone dominance program, or do you think it would be more in line with like a collaborative combat aircraft type program specifically set aside for rotorcraft where they're looking for something attritable?

好的，如果我們只考慮伊朗行動和五角大樓首次使用單向攻擊無人機，我們是否應該將午夜旋翼無人機視為未來無人機主導計劃的潛在競爭對手，還是認為它更符合專門為旋翼機設立的合作作戰飛機計劃，該計劃旨在尋找可消耗的武器？

Yeah, I think the conflicts, have really reinforced what's always been true, Austin, which is that air dominance is just the decisive factor and it's key to military superiority. And so, what we're seeing now and what you're asking about is really the beginning of a generational shift in how nations are thinking about aerial warfare, and that shift we think will play out over a multi-decade period of time. But I think one thing is clear is that simply hybridizing an air taxi to get some additional. Your payload, it may get you some short-term win, but it's divergent from what the administration really and what America's allies want and what they're demanding.

是的，我認為這些衝突確實印證了奧斯汀一直以來的觀點，那就是空中優勢是決定性的因素，也是軍事優勢的關鍵。因此，我們現在看到的，也是你所問的，實際上是各國對空中戰爭的看法發生代際轉變的開端，我們認為這種轉變將在未來幾十年內逐步顯現。但我認為有一點很明確，那就是簡單地將空中計程車進行混合動力改造，就能獲得一些額外的收益。你的方案或許能為你帶來一些短期利益，但這與政府的真正意圖以及美國盟友的意願和要求背道而馳。

And so that's why we partnered with Anderal to build an autonomous hybrid VTOL aircraft with dual use capabilities, both civil and defense applications. But on the military side, we think the demand is going to be for a loyal wingman, and that's for armed reconnaissance attack helicopters. And so due to the sensitive nature of it though, I can't share. Much more details at this point, but our hope is that we can show the aircraft this year, which will translate into some really key wins and to really help accelerate our progress there, we opened up a new hub in Bristol, UK, where we've already hired 20+ seasoned engineers.

因此，我們與 Anderal 合作，打造了一款具有民用和國防雙重用途能力的自主混合動力垂直起降飛機。但就軍事方面而言，我們認為需求將是忠誠的僚機，那就是武裝偵察攻擊直升機。但由於此事性質敏感，我無法分享。目前還有很多細節需要說明，但我們希望今年能夠展示這款飛機，這將帶來一些真正關鍵的勝利。為了真正幫助加快我們在該領域的進展，我們在英國布里斯托爾開設了一個新的中心，在那裡我們已經聘請了 20 多名經驗豐富的工程師。

(Operator Instructions) David Zazula, Barclays.

（操作說明）David Zazula，巴克萊銀行。

Hey, good afternoon and thanks for taking my question. Just Adam, and your first question in response, you said that the Olympic 2028 date was driving the regulators. If you could unpack that statement a little bit, what do you mean? Do you mean resource allocation, and what was kind of behind that statement?

您好，下午好，感謝您回答我的問題。亞當，你回答的第一個問題是，你說 2028 年奧運的舉辦日期是監管機構的決定性因素。如果您能稍微解釋一下這句話的意思，您是什麼意思？您指的是資源分配嗎？這句話背後到底是什麼意思？

Sure. Back in 2022, the FAA was the one that put out the goal of being able to fly EVTA aircraft en masse in one city at the LA 28 Olympic Games. They called it Innovate 2028. So it really wasn't an FAA program kind of concept to begin with.

當然。早在 2022 年，美國聯邦航空管理局 (FAA) 就提出了一個目標，在洛杉磯 28 屆奧運會上，能夠在一個城市大規模飛行 EVTA 飛機。他們稱之為「創新2028」。所以，這從一開始就不是一個美國聯邦航空管理局（FAA）的計畫概念。

Since then, you've seen this administration be heavily leaned into the Olympics, wanting to show all the, great things America has done, the, reindustrialization of America. America's leadership in aviation, and so it's become, a big, I think, selling point for the Olympics in general. And so it really has been, one, I think an exciting thing for everybody to rally behind and people to be proud in America that we're leading in aviation and also an important point for the administration to make sure that we get this done. But what it did was create an unslipable date and so it's a date that everybody knows things have to be done by.

從那時起，你會看到本屆政府大力支持奧運會，想要展示美國所取得的所有偉大成就，以及美國的再工業化。美國在航空領域的領先地位，我認為這已經成為奧運的一大賣點。因此，我認為這確實是一件令人興奮的事情，一方面，它能讓每個人都團結起來支持，讓美國人為我們在航空領域的領先地位感到自豪；另一方面，對於政府來說，這也是一件非常重要的事情，必須確保我們完成這項工作。但它卻設定了一個不可更改的日期，因此每個人都知道必須在這個日期之前完成事情。

And so, in this industry it's tricky, right? We've had, Companies have been around for a long time and we keep putting out dates and us too, and the challenge is how do you get anybody to sort of stick to these dates? The way to do that is to align everybody to some unslipable date, and I think the Olympics has done that. It's really just forced everybody to get moving to make sure that all of these, challenging things that we have to get done are getting done. So hopefully that gives you a perspective, but I think a lot of it has to do with the culture and really the excitement that is around the games.

所以，在這個行業裡，情況很棘手，對吧？我們公司已經存在很長時間了，我們一直在發布日期，我們自己也是如此，但挑戰在於如何讓每個人都遵守這些日期？實現這一目標的辦法是讓所有人朝著一個不可更改的日期努力，我認為奧運就做到了這一點。這實際上迫使每個人都行動起來，確保我們必須完成的所有這些具有挑戰性的事情都能完成。希望這能給你一些啟發，但我認為這很大程度上與文化以及圍繞比賽的興奮感有關。

Helpful and then you got us a little bit about deployment earlier, maybe specifically for what you have in production right now. Can you just give us the breakdown of what you expect to be kind of UAE based versus what US based on the testing plan for this year.

很有幫助，你之前也跟我們講了一些關於部署方面的內容，特別是關於你們目前在生產環境中使用的內容。能否詳細說明一下，根據今年的檢測計劃，哪些部分是基於阿聯酋的，哪些部分是基於美國的？

Sure, I think it's a little bit difficult for us to predict too much stuff in the UAE right now just sort of given the ongoing conflict. Our goal is to keep getting through, some of the testing and the certification progress over there, as well as, the certification process testing and eIPP over in the US. So I think we'll have to wait and see kind of how that plays out to determine. The volumes that we're going to, put it in each of the different locations, so I would say, let's wait and see how that that turns out.

當然，鑑於阿聯酋目前持續不斷的衝突，我認為我們很難預測該國的許多事情。我們的目標是繼續推進那邊的測試和認證工作，以及美國的認證流程測試和 eIPP 工作。所以我覺得我們得等等看事情會如何發展才能下結論。我們要把這些卷冊放在不同的位置，所以我想說，讓我們拭目以待，看看結果如何。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey, good afternoon, everyone. Just one quick one on eIPP and then one on design. I guess, if we think about the application that you put out there, is CA involved or should we only expect you guys to see V12 flights? And is there a possibility we could see V12 flights, up, down, even though we don't have full transition at that time and that's enough to help sort of move the industry forward? I just kinda want to make sure to be on the right page of what we might be looking for later in this year.

大家好，下午好。先簡單問一個關於eIPP的問題，再問一個關於設計的問題。我想，如果我們考慮一下你們提出的申請，CA是否參與其中，還是我們只能期待你們看到V12的飛行？我們是否有可能看到 V12 火箭的飛行，無論是上升還是下降，即使那時我們還沒有完全實現過渡，但這是否足以推動整個產業向前發展？我只是想確保我們對今年晚些時候可能需要尋找的東西有正確的認識。

Hey Chris, we do expect to be through the full flight envelope at that point, and so I would expect us to certainly see VTAL full transition flights, but because the aircraft was designed to do both VTA and CAL, we have the capability to do both. I think that's what's unique about the aircraft, and so there's an opportunity to do both.

嘿，克里斯，我們預計到那時將完成整個飛行包線，所以我預計我們肯定會看到 VTAL 的完整過渡飛行，但由於該飛機設計用於執行 VTA 和 CAL，因此我們有能力執行這兩種飛行。我認為這就是這架飛機的獨特之處，因此有機會同時做到這兩點。

Okay, and then the letter talks about the benefits of four bladed design, and I know you had a two-bladed design prior. Is it just that you didn't know what you didn't know, and I guess.

好的，信中也談到了四葉設計的優點，我知道你們之前用的是雙葉設計。是不是因為你不知道自己不知道的事情，我想也是。

You talked about software before, like, is there some sort of four bladed design gives you increased confidence in transition flight, or is that the wrong way to think about it and those aren't that correlated.

你之前談過軟體，例如，某種四葉設計是否能讓你更有信心進行過渡飛行，或者這種想法是錯誤的，這兩者之間並沒有那麼大的關聯。

I think it goes back to just the broader philosophy of trying to balance performance certification, and manufacturability. And so that is what is, that's where all the work of the industry is going into right now, and I think it's very doable to build an aircraft that can fly really far or fly really high or fly really fast, but once you TRY to certify that, a lot of the case falls apart because the FAA is extremely rigorous in terms of the standards that they make you have.

我認為這可以追溯到更廣泛的理念，即努力平衡性能認證和可製造性。所以這就是現狀，這就是目前整個產業努力的方向。我認為製造一架能夠飛得很遠、飛得很高或飛得很快的飛機是完全可行的，但是一旦你嘗試進行認證，很多事情就會失敗，因為美國聯邦航空管理局（FAA）在標準方面非常嚴格。

And so what we do is we look at different trades, and so all three are. And can be done. You can use a two bladed propeller, a three bladed propeller, or a four blade propeller. You can even probably use a five bladed propeller. They just all come with different trades. And so what we mentioned in the letter was a two bladed propeller had a more of a weight penalty on the trade, versus a four bladed propeller had more of a drag penalty. So one gives you more range, one gives you more payload. We optimize around payload, which is why we chose why we chose the four bladed propeller, and we just use that as an example.

因此，我們研究不同的交易，這三者都是如此。而且是可以做到的。你可以使用兩葉螺旋槳、三葉螺旋槳或四葉螺旋槳。你甚至可以使用五葉螺旋槳。他們只是附帶不同的交易而已。因此，我們在信中提到的是，雙葉螺旋槳在貿易中承受的重量損失更大，而四葉螺旋槳在阻力方面承受的損失更大。所以一個能提供更遠的航程，一個能提供更大的有效載荷。我們以有效載荷為中心進行優化，這就是我們選擇四葉螺旋槳的原因，我們只是以此為例。

Help show there are literally thousands of trades that go on like that throughout these programs. And so some could be design trades where they're industrial designs for like better looks where it can look, but it might hit your performance. Some might be payload, some might be range, some might be speed. So those are just trying to give you a flavor for how we think about design here, but any of them are possible. We went with the four bladed option because we thought it optimized for what we needed to make sure we can build a proper business case around.

請幫忙證明，在這些項目中，實際上有成千上萬筆類似的交易正在發生。因此，有些可能是設計類貿易，例如工業設計，目的是為了更好的外觀，但可能會影響性能。有些可能是有效載荷，有些可能是航程，有些可能是速度。這些只是想讓您了解我們這裡的設計理念，但任何一種方案都是可能的。我們選擇了四葉片方案，因為我們認為它最符合我們的需求，可以確保我們能夠圍繞它建立一個合理的商業案例。

Thank you. There are currently no more questions at this time, so I'll pass it back over to the team for closing remarks.

謝謝。目前沒有其他問題了，我將把發言權交還給團隊做總結發言。

Well, thank you very much for attending the call. We certainly have a lot of work ahead of us, but I could not be more excited about where we are headed. Every day our team shows up with the same urgency that we had on day one, and that is not changing. I do not take your support for granted. We will keep earning it every day. Thank you very much.

非常感謝您參加電話會議。我們面前當然還有很多工作要做，但我對未來的發展方向感到無比興奮。我們的團隊每天都像第一天一樣充滿緊迫感，這從未改變。我不會把你們的支持視為理所當然。我們會每天堅持努力爭取。非常感謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。