Aurora Innovation Inc (AUR) 2024 Q3 法說會逐字稿

Greetings and welcome to the Aurora third-quarter 2024 business review call.

您好，歡迎參加 Aurora 2024 年第三季業務回顧電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Stacy Feit, Vice President of Investor Relations.

現在我很高興向您介紹主持人，投資者關係副總裁史黛西·費特 (Stacy Feit)。

Thank you, Stacy.

謝謝你，史黛西。

You may begin.

你可以開始了。

Thanks, Paul.

謝謝，保羅。

Good afternoon, everyone and welcome to our third quarter 2024 business review call.

大家下午好，歡迎參加我們的 2024 年第三季業務回顧電話會議。

We announced our results earlier this afternoon.

我們今天下午早些時候公佈了結果。

Our shareholder letter and a presentation to accompany this call are available on our Investor Relations website at ir.aurora.tech.

我們的股東信函和本次電話會議的簡報可在我們的投資者關係網站 ir.aurora.tech 上取得。

The shareholder letter was also furnished with our form 8-K filed today with the SEC.

股東信函也隨我們今天向 SEC 提交的 8-K 表格一起提供。

On the call with me today are Chris Urmson, Cofounder and CEO and David Maday, CFO.

今天與我通話的有聯合創始人兼執行長 Chris Urmson 和財務長 David Maday。

Chris will provide an update on the progress we have made across the key pillars of our business and David will recap our third quarter financial results.

克里斯將提供我們在業務關鍵支柱方面取得的最新進展，大衛將回顧我們第三季度的財務表現。

We will then open the call to Q&A.

然後我們將打開問答電話。

A recording of this conference call will be available on our investor relations website at ir.aurora.tech shortly after this call has ended.

本次電話會議結束後不久，我們的投資者關係網站 ir.aurora.tech 上將提供本次電話會議的錄音。

I would like to take this opportunity to remind you that during the call, we will be making forward-looking statements.

我想藉此機會提醒您，在電話會議期間，我們將做出前瞻性陳述。

This includes statements relating to the benefits of integrating artificial intelligence into our product, the safety benefits of our technology and products, the achievement of certain milestones around the realization of the potential benefits of the development, manufacturing, scaling and commercialization of the Aurora Driver and related services, including relationships and anticipated benefits with partners and customers and on the time frame we expect or at all the market opportunity the expected future market size, our products compatibility with those with partners and customers, our expected market share, the efficiency of our validation process, our remote assistance efficiency for driverless operations and profitability of our products and services, regulatory tailwinds and framework in which we operate, expected cash runway and overall future prospects.

這包括與將人工智慧整合到我們的產品中的好處、我們的技術和產品的安全好處、圍繞實現Aurora 驅動程式的開發、製造、擴展和商業化的潛在好處所實現的某些里程碑有關的聲明，以及相關服務，包括與合作夥伴和客戶的關係和預期利益，以及我們預期的時間範圍或所有市場機會，預期的未來市場規模，我們的產品與合作夥伴和客戶的產品兼容性，我們的預期市場份額，我們的效率驗證流程、我們無人駕駛操作的遠端協助效率以及我們產品和服務的盈利能力、監管順風和我們運營的框架、預期現金跑道和整體未來前景。

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call.

這些陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與本次電話會議期間預測或暗示的結果有重大差異。

In particular, those described in our risk factors included in our annual report on form 10-K for the year ended December 31, 2023, filed with the SEC as amended as well as current uncertainty and unpredictability in our business, the markets and economy.

特別是，我們向 SEC 提交的截至 2023 年 12 月 31 日止年度的 10-K 表格年度報告中所描述的風險因素以及我們業務、市場和經濟當前的不確定性和不可預測性。

Additional information will also be set forth on our quarterly report on form 10-Q for the quarter ended September 30, 2024.

其他資訊也將在我們截至 2024 年 9 月 30 日的季度的 10-Q 季度報告中列出。

You should not rely on our forward-looking statements as predictions of future events.

您不應依賴我們的前瞻性陳述作為未來事件的預測。

All forward-looking statements that we make on this call are based on assumptions and beliefs as of the date hereof and Aurora disclaims any obligation to update any forward-looking statements, except as required by law.

我們在本次電話會議中所做的所有前瞻性陳述均基於截至本新聞稿發布之日的假設和信念，除非法律要求，否則奧羅拉 (Aurora) 不承擔更新任何前瞻性陳述的義務。

Our discussion today may include non-GAAP financial measures.

我們今天的討論可能包括非公認會計準則財務指標。

These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results.

這些非公認會計原則措施應作為我們公認會計原則結果的補充，而不是替代或孤立於我們的公認會計原則結果。

Information regarding our non-GAAP financial results, including a reconciliation of our historical GAAP to non-GAAP results may be found in our shareholder letter, which was furnished with our form 8-K filed today with the SEC and may also be found on our Investor Relations website.

有關我們的非GAAP 財務業績的信息，包括我們歷史GAAP 與非GAAP 業績的調節，可以在我們的股東信中找到，該信函隨我們今天向SEC 提交的8-K 表格一起提供，也可以在我們的股東信中找到。

With that, I'll now turn the call over to Chris.

這樣，我現在將把電話轉給克里斯。

Thank you, Stacy.

謝謝你，史黛西。

Today, we stand on the brink of a new era in mobility in logistics that will bring a safer, more efficient and more accessible future for everyone.

今天，我們正站在物流移動新時代的邊緣，這將為每個人帶來更安全、更有效率、更便利的未來。

With commercial launch, now within sight, we are closer than ever to unlocking the benefits of the aurora driver for our customers and the motoring public.

隨著商業發布的臨近，我們比以往任何時候都更接近為我們的客戶和駕駛大眾釋放 aurora 驅動程式的好處。

We are excited that the broader industry shares our vision.

我們很高興更廣泛的行業分享我們的願景。

Enthusiasm for our technology continues to build among many of the industry's most respected carriers.

許多業界最受尊敬的業者對我們的技術的熱情持續高漲。

This sentiment was particularly evident at our recent partner summit and is further underscored in our commercial contracting progress.

這種情緒在我們最近的合作夥伴高峰會上尤其明顯，並在我們的商業承包進展中進一步強調。

With another launch customer signed, our expected launch capacity is now fully contracted, and we are in the final stages of contracting our remaining second half capacity to match our anticipated supply.

隨著另一家啟動客戶的簽約，我們的預期啟動能力現已完全收縮，我們正處於收縮下半年剩餘產能以匹配我們預期供應的最後階段。

Importantly, with the support of many of Wall Street's largest institutional investors, we completed another successful capital raise in August adding nearly $0.5 billion to our balance sheet.

重要的是，在許多華爾街最大機構投資者的支持下，我們在 8 月成功完成了另一次融資，為我們的資產負債表增加了近 5 億美元。

This incremental capital extends our runway well into 2026 and we expected to fund the initial phases of our scaling strategy.

這些增量資本將我們的跑道延伸至 2026 年，我們預計將為我們擴展策略的初始階段提供資金。

As we progress towards commercial launch, we continue to lead the industry with our commitment to safety and autonomy performance transparency.

隨著我們向商業發布邁進，我們繼續以對安全和自主性能透明度的承諾引領行業。

To begin driverless operations, we must close our safety case for the Dallas to Houston launch lane.

要開始無人駕駛操作，我們必須關閉達拉斯至休士頓發射通道的安全案例。

Our safety case framework is a comprehensive evidence-based approach to confirming that our self-driving vehicles are acceptably safe to operate on public roads.

我們的安全案例框架是一種全面的基於證據的方法，用於確認我們的自動駕駛車輛在公共道路上運行的安全性是可以接受的。

We quantify our progress toward closing our Dallas to Houston launch lane safety case through the autonomy readiness measure or ARM, which is a weighted measure of completeness across all claims of the safety case for our launch lane.

我們透過自主準備措施或 ARM 來量化完成達拉斯至休士頓發射通道安全案例的進展，這是對我們發射通道安全案例的所有索賠完整性的加權衡量標準。

We remain the only company in the industry that has provided this level of transparency.

我們仍然是業內唯一提供這種透明度的公司。

As of the end of October ARM was 97%.

截至10月底，ARM的使用率為97%。

With our most recent software release. we have validated a majority of highway driving.

使用我們最新的軟體版本。我們已經驗證了大部分高速公路駕駛。

We are now primarily focused on final behavior refinement and validation for components of surface streets that we sequenced later in our work plan, some rarer construction elements, and closing a small number of vehicle claims, specifically related to redundant systems.

我們現在主要關注我們稍後在工作計劃中排序的地面街道組件的最終行為細化和驗證、一些較罕見的建築元素，以及關閉少量車輛索賠，特別是與冗餘系統相關的索賠。

Validation of the Aurora Driver's perception system is virtually complete, with over 400 modes validated and just six remaining.

Aurora Driver 感知系統的驗證已基本完成，已驗證 400 多種模式，僅剩 6 種。

The perception capabilities are truly outstanding, not just in everyday conditions but also in just about any condition the world throws at it.

感知能力確實非常出色，不僅在日常條件下，而且在世界遇到的幾乎任何條件下都是如此。

On page 5 of our presentation, we have shared a collection of our of challenging scenarios that while rare, do occur.

在我們的簡報的第 5 頁上，我們分享了一系列具有挑戰性的場景，雖然很少見，但確實會發生。

In one case, the Aurora Driver detects a motorcycle speeding down the road at an astonishing 150 miles per hour.

在一個案例中，Aurora Driver 偵測到一輛摩托車以驚人的每小時 150 英里的速度在路上行駛。

In another, it spots someone lying under a car on the freeway from over 150 meters away.

在另一張照片中，它從 150 多公尺外發現有人躺在高速公路上的汽車下方。

The Aurora Driver also skillfully tracks a work convoy blocking multiple lanes and in one of the most unpredictable and dangerous scenarios, it detects a jaywalking pedestrian suddenly emerging from behind trees on a dark rainy night when visibility on the highway is very limited.

Aurora Driver 還能夠熟練地追蹤阻塞多條車道的工作車隊，在最不可預測和最危險的場景之一中，它會在漆黑的雨夜、高速公路能見度非常有限的情況下，檢測到一名亂穿馬路的行人突然從樹後出現。

Each of these situations poses extreme danger, whether due to a small high-speed actor, low profile individuals that a human driver would likely not notice, in-motion work crews or poor visibility and erratic pedestrian movement.

這些情況中的每一種都會造成極大的危險，無論是由於高速行駛的小型物體、人類駕駛員可能不會注意到的低調個體、運動中的工作人員還是能見度差和行人運動不穩定。

Yet in every case, the aurora driver calmly perceives the scenario.

然而，在任何情況下，極光司機都會冷靜地感知這一幕。

These perception capabilities enable the aurora driver to navigate the complex environments it encounters.

這些感知能力使極光司機能夠在遇到的複雜環境中導航。

In the video on page 6 of the presentation, you can see the Aurora Driver's superhuman perception capabilities on the road.

在演示第 6 頁的影片中，您可以看到 Aurora Driver 在道路上超人​​的感知能力。

The Aurora Driver is navigating heavy traffic on I-45 just outside of Houston and detects a motorcycle 100 meter behind illegally lane splitting through a narrow space between trucks.

Aurora Driver 正在休士頓郊外的 45 號州際公路上繁忙的交通中行駛，檢測到一輛摩托車在後方 100 公尺處非法分道穿過卡車之間的狹窄空間。

The Aurora Driver quickly identifies the motorcycle as what we refer to in the self-driving industry, a vulnerable road user and adjusts creating as much space as possible.

Aurora Driver 很快就會將摩托車識別為我們在自動駕駛行業中所說的弱勢道路使用者，並進行調整以創造盡可能多的空間。

Unlike a human driver who would likely focus on the vehicle directly ahead and not anticipate this behavior from behind, the Aurora Driver has 360-degree awareness and can respond proactively to mitigate danger.

人類駕駛員可能會專注於前方的車輛，而不會預見到後面的這種行為，而與此不同的是，Aurora 駕駛員擁有 360 度的感知能力，可以主動做出反應以減輕危險。

Similarly, in the video on page 7 of our presentation, we see the Aurora Driver traveling through Huntsville, Texas on a dark night at speed from 230 meter away, it detects a person attempting to run across the highway and immediately takes action slowing down while lane changing away from the pedestrian's path to create additional safe space.

同樣，在我們演示第7 頁的影片中，我們看到Aurora Driver 在漆黑的夜晚以230 公尺外的速度穿過德克薩斯州亨茨維爾，它檢測到有人試圖穿過高速公路，並立即採取行動減速，同時變換車道遠離行人路線，以創造額外的安全空間。

Once it is safely passed, the Aurora Driver merges back into its preferred travel lane successfully navigating this complex, very high-risk scenario with precision and care with further confidence in the aurora driver's performance.

一旦安全通過，Aurora 駕駛員就會重新回到其首選行駛車道，以精確和謹慎的方式成功地駕馭這一複雜且風險極高的場景，這讓我們對 Aurora 駕駛員的表現更加充滿信心。

We are transitioning to a single vehicle operator for some of our commercial loads as we approach driverless operations.

隨著我們接近無人駕駛運營，我們正在將一些商業負載過渡到單一車輛運營商。

This operating mode also provides the discipline to fully implement our remote assistance capabilities and supports our analysis for remote assistance efficiency for driverless operations.

這種操作模式也為我們全面實施遠端協助能力提供了紀律，並支援我們對無人駕駛操作的遠端協助效率進行分析。

Based on our current modeling, we expect to be able to operate at least 10 trucks per remote assistant specialist by the end of 2025, which is a meaningful threshold that supports our path to achieving positive gross profit.

根據我們目前的模型，我們預計到 2025 年底，每位遠端助理專家至少能夠操作 10 輛卡車，這是一個有意義的閾值，支持我們實現正毛利。

We expect to continue increasing this ratio throughout 2026 and beyond.

我們預計在 2026 年及以後繼續提高這一比率。

Another key metric we use to assess the Aurora Driver's performance and commercial readiness is the Autonomy Performance Indicator or API.

我們用來評估 Aurora 驅動程式效能和商業準備的另一個關鍵指標是自主效能指標或 API。

The indicator penalizes the use of onsite support, which will be the most expensive support provided to enable the Aurora Driver.

該指標對使用現場支援進行懲罰，這將是為啟用 Aurora 驅動程式而提供的最昂貴的支援。

We are focused on driving up the percentage of commercial loads that did not require any form of onsite support, which we refer to as 100% API loads.

我們致力於提高不需要任何形式現場支援的商業負載的百分比，我們將其稱為 100% API 負載。

As a reminder, we do not anticipate that aggregate API will ever reach 100% even at launch, because certain situations will always require onsite support.

提醒一下，即使在發佈時，我們預計聚合 API 也不會達到 100%，因為某些情況總是需要現場支援。

However, we believe the percentage of 100% API loads is a strong indicator of our progress toward commercial launch and we expect this metric to reach approximately 90% by commercial launch.

然而，我們相信 100% API 負載的百分比是我們商業發布進度的有力指標，我們預計在商業發佈時將達到約 90%。

During the third quarter, 80% of the commercial loads on the Dallas to Houston launch lane had 100% API which is a five-percentage point higher than last quarter and consistent with the performance we saw in the June stable software release.

第三季度，達拉斯至休士頓發射通道上 80% 的商業負載擁有 100% API，這比上季度高出 5 個百分點，與我們在 6 月穩定軟體版本中看到的效能一致。

To supplement our internal ARM and API metrics, during the third quarter, we invited leading authorities in commercial drivers' license training and evaluation, J.J. Keller and Roadmaster to assess the Aurora Driver's proficiency.

為了補充我們的內部 ARM 和 API 指標，在第三季度，我們邀請了商業駕駛執照培訓和評估的領先權威 J.J. Keller 和 Roadmaster 評估 Aurora Driver 的熟練度。

They evaluated our system as they would assess a traditional truck driver and found the aurora driver performed exceptionally well, meeting or surpassing the standards expected of a professional driver.

他們像評估傳統卡車司機一樣評估我們的系統，發現 aurora 司機表現異常出色，達到或超過了專業司機的預期標準。

We feel good about our progress and are confident in our ability to close the safety case for driverless operations on our launch lane.

我們對我們的進展感到滿意，並對我們在發射車道上完成無人駕駛操作安全案例的能力充滿信心。

With additional visibility on the time needed to complete the aforementioned remaining validation, we now expect to launch commercially in April 2025.

透過進一步了解完成上述剩餘驗證所需的時間，我們現在預計將於 2025 年 4 月推出商業版。

While this is modestly later than we had intended, this timing remains within the margin of error we have anticipated and conveyed throughout 2024.

雖然這比我們的預期晚了一些，但這個時間仍然在我們在 2024 年預期和傳達的誤差範圍內。

With our intention to introduce the Aurora Driver with a crawl, walk, run approach, this shift to our timeline will have a negligible financial impact and does not affect our scaling efforts on our path to self-funding.

我們打算以爬行、步行、跑步的方式推出 Aurora Driver，這種時間安排的轉變對財務的影響可以忽略不計，並且不會影響我們在自籌資金道路上的擴展工作。

During launch, we expect to deploy up to 10 driverless trucks in commercial operations, starting with one driverless truck and transitioning the balance to driverless.

在發布期間，我們預計將在商業運營中部署多達 10 輛無人駕駛卡車，從一輛無人駕駛卡車開始，然後將平衡過渡到無人駕駛。

We are deliberately starting this way, as our early efforts will be focused on exercising the full product suite to ensure a seamless product launch, while demonstrating the value proposition for our customers and continuing to build trust with all of our stakeholders.

我們有意以這種方式開始，因為我們早期的努力將集中在運用完整的產品套件，以確保無縫的產品發布，同時向我們的客戶展示價值主張並繼續與所有利益相關者建立信任。

In the second half of 2025, our focus will be expanding our product capabilities, adding new lanes and increasing capacity to tens of trucks by the end of 2025.

2025 年下半年，我們的重點將是擴大產品能力，增加新車道，並在 2025 年底前增加數十輛卡車的運力。

To ready our customers for driverless operations, in September, we hosted our annual partner summit where we were joined by more than 20 of the nation's largest and most sophisticated carriers.

為了讓我們的客戶做好無人駕駛操作的準備，我們在 9 月舉辦了年度合作夥伴高峰會，全國 20 多家最大、最先進的營運商參加了此次峰會。

In aggregate, these businesses operate well over 100,000 class eight trucks.

這些企業總共營運超過 10 萬輛八級卡車。

We brought these customers together with industry safety experts, regulators, first responders and law enforcement for collaborative conversations on driverless operations.

我們將這些客戶與產業安全專家、監管機構、急救人員和執法部門聚集在一起，就無人駕駛操作進行協作對話。

We also announced and soft launched our partner success program in which customers have the opportunity to more deeply evaluate and assess the Aurora Driver's performance as a final step to move forward with driverless operations.

我們還宣布並軟啟動了我們的合作夥伴成功計劃，客戶有機會更深入地評估 Aurora Driver 的性能，作為推進無人駕駛操作的最後一步。

The enthusiasm was palpable.

熱情之高溢於言表。

Some of the participants on average rated the right experience 4.7 out of 5 across a set of 20 criteria.

有些參與者在 20 項標準中對正確體驗的平均評分為 4.7 分（滿分為 5 分）。

While all eyes are first on the Dallas to Houston launch lane, our customers have also been keenly interested in when the Aurora Driver will begin to operate beyond Texas.

雖然所有人的目光都首先集中在達拉斯至休士頓的發射通道上，但我們的客戶也對 Aurora Driver 何時開始在德州以外的地區運作非常感興趣。

We regularly gather feedback from many of the industry's leading carriers regarding where the Aurora Driver can add the most value.

我們定期收集許多業界領先營運商的回饋，以了解 Aurora 驅動程式可以在哪些方面增加最大價值。

At the summit, we announced that in 2025 we plan to extend our Fort Worth to El Paso Lane, on which we are autonomously hauling loads daily to Phoenix, one of our customers most frequently requested lanes.

在高峰會上，我們宣布，我們計劃在2025 年將沃斯堡航線延伸至埃爾帕索航線，每天我們都會在這條航線上自動將貨物運送到鳳凰城，這是我們客戶最常要求的航線之一。

The Fort Worth of Phoenix Lane spends over 1,000 miles and takes at least 15 hours to complete making it particularly compelling for autonomy since the Aurora Driver is not subject to hours of service limitations can operate nearly 24/7.

沃斯堡鳳凰城車道行駛超過 1,000 英里，至少需要 15 個小時才能完成，這使得它對於自動駕駛特別有吸引力，因為 Aurora Driver 不受服務時間限制，可以幾乎 24/7 運行。

We expect to begin commercial pilots for customers between Fort Worth and Phoenix in the first half of 2025, with the intent to go travel us on that route later in the year.

我們預計將於 2025 年上半年開始為沃斯堡和鳳凰城之間的客戶進行商業試點，並打算在今年稍後讓我們在這條航線上旅行。

With the promise of how the Aurora Driver can benefit, not just operations between Dallas and Houston but also their network more broadly.

極光司機承諾不僅可以受益於達拉斯和休士頓之間的運營，還可以受益於更廣泛的網路。

Schneider recently executed their contract for 2025 volume and joins our commercial launch cohort.

Schneider 最近執行了 2025 年銷量合同，並加入了我們的商業發布隊列。

As we prepare for commercial launch, we continue to autonomously haul freight for all our pilot customers, including, FedEx Werner, Schneider, Herschbach, Uber Freight and others.

在準備商業發佈時，我們將繼續為所有試點客戶自主運輸貨運，包括 FedEx Werner、Schneider、Herschbach、Uber Freight 等。

We are scheduling nearly 160 commercial loads per week or more than double the commercial volume we were executing a year ago.

我們每周安排近 160 個商業負載，是一年前執行的商業負載的兩倍多。

Cumulative to date, we have autonomously delivered under the supervision of vehicle operators, more than 8,200 loads driving over 2.2 million commercial miles with nearly 100% on time performance for our pilot.

迄今為止，我們已在車輛操作員的監督下自主交付了超過 8,200 批貨物，行駛了超過 220 萬英里的商業里程，飛行員的準時率近乎 100%。

As our customers gain confidence through hands-on experience, we are also seeing growing optimism around autonomous technology from state governments, including a request from the California DMV for informal public input on draft regulatory language regarding the testing and deployment of autonomous trucks.

隨著我們的客戶透過實務經驗獲得信心，我們也看到州政府對自動駕駛技術越來越樂觀，包括加州DMV要求就有關自動卡車測試和部署的監管語言草案提供非正式的公眾意見。

While preliminary, we view this as an encouraging step toward a process that would explicitly allow deployment of self-driving trucks in the state.

雖然是初步的，但我們認為這是朝著明確允許在該州部署自動駕駛卡車的進程邁出的令人鼓舞的一步。

To demonstrate the safety benefits, the Aurora Driver would bring to California's roadways, which tragically see more than 400 fatal collisions involving trucks each year.

為了展示其安全優勢，Aurora Driver 將在加州的道路上運行，不幸的是，加州每年都會發生 400 多起涉及卡車的致命碰撞事故。

We examine data from 14 fatal crashes on I-5 in Sacramento County that occur between 2018 and 2022.

我們檢視了 2018 年至 2022 年間薩克拉門託縣 5 號州際公路上發生的 14 起致命車禍的數據。

We recreated these collisions and simulation to understand how the driver would have acted if placed in these situations.

我們重新創建了這些碰撞和模擬，以了解如果駕駛員處於這些情況下會如何行動。

Our analysis found that Aurora Driver would not have caused any of the fatal collisions.

我們的分析發現，Aurora Driver 不會造成任何致命碰撞。

We included one of these simulations on page 14 of the presentation.

我們在簡報的第 14 頁上包含了其中一項模擬。

In the original incident on I-5, a three-way collision occurred due to a wrong way driver on the highway.

在最初的 I-5 州際公路事故中，由於司機在高速公路上逆向行駛，發生了三向相撞事故。

We created a variation of the original incident by simulating - in simulation by placing the Aurora Driver in the position of avoiding the wrong way driver while accounting for a passenger vehicle alongside it in the adjacent lane.

我們透過模擬創建了原始事件的變體 - 在模擬中，將 Aurora 駕駛員放置在避免逆向駕駛員的位置，同時考慮到相鄰車道中旁邊的客車。

In the simulated scenario, a proprietary long range FirstLight Lidar recognizes the wrong way driver far in advance and enables the driver to safely complete a contested lane change to move out of the way, preventing the collision.

在模擬場景中，專有的長距離 FirstLight 雷射雷達可以提前識別出錯誤車道的駕駛員，並使駕駛員能夠安全地完成有爭議的變換車道以讓路，從而防止碰撞。

More than 5,000 fatal crashes involving large trucks occur on our nation's highways annually.

我國高速公路上每年發生 5,000 多起涉及大型卡車的致命事故。

We applaud the California DMV for undertaking the robust stakeholder-driven process as it considers the development of a regulatory framework that would enable the safe deployment of autonomous trucks in California to fully realize the safety and economic benefits of this technology.

我們讚揚加州DMV採取了強有力的利害關係人驅動的流程，因為它考慮制定一個監管框架，使自動駕駛卡車能夠在加州安全部署，以充分實現該技術的安全性和經濟效益。

We submitted public comments which were due to the DMV earlier this month and we look forward to continuing our work to help move these regulations forward.

我們在本月稍早向 DMV 提交了公眾意見，我們期待繼續開展工作，以幫助推動這些法規的實施。

In the meantime, under existing law and regulation, autonomous trucks can be deployed today in the vast majority of states in the US.

同時，根據現有的法律和法規，自動駕駛卡車目前可以在美國絕大多數州部署。

All of the work we're doing to launch driverless operations in Texas is supporting the development of our playbook for rapid lane expansion to capitalize on the significant autonomous trucking opportunity.

我們為在德克薩斯州開展無人駕駛業務所做的所有工作都是為了支持我們制定快速車道擴展手冊，以充分利用重要的自動卡車運輸機會。

Last month, McKinsey and company projected that the US will have the fastest autonomous truck adoption rate globally with autonomous heavy-duty trucks, accounting for 13% of trucks on the road in 2035.

上個月，麥肯錫及其公司預測，美國將擁有全球最快的自動駕駛卡車採用率，其中自動駕駛重型卡車將佔 2035 年道路上卡車的 13%。

Given the self-similarity of the US interstate highway system and the power of our verifiable AI technology, we expect the Aurora Driver to capture a considerable share of this opportunity.

考慮到美國州際高速公路系統的自相似性以及我們可驗證的人工智慧技術的強大功能，我們預計極光駕駛者將抓住這一機會的相當大的份額。

We anticipate the Aurora Driver's capabilities to transfer across lanes with the opening of new lanes requiring limited development just for incremental features.

我們預計 Aurora Driver 能夠隨著新車道的開放而跨車道轉移，僅需要有限的開發來實現增量功能。

In fact, our team recently completed bidirectional mapping of the El Paso to Phoenix route, 450 miles each way in just two weeks.

事實上，我們的團隊最近完成了埃爾帕索至菲尼克斯路線的雙向測繪，單程 450 英里，僅花了兩週時間。

The Aurora Driver navigated a vast majority of the lane autonomously in its first-round trip.

Aurora Driver 在第一輪行程中自動駕駛了大部分車道。

Autonomy software capabilities transferred seamlessly to the Phoenix Lane as we anticipated with vehicle operator inventions for the Inland Border Patrol station and some complex construction.

正如我們對內陸邊境巡邏站和一些複雜建築的車輛操作員發明所預期的那樣，自主軟體功能無縫地轉移到了鳳凰巷。

We also expect the efficiency of our validation process to support more expeditious safety case closure for future lanes as the subsequent turns of the crank will naturally be faster.

我們還期望驗證過程的效率能夠支援未來車道更快速的安全案例關閉，因為曲柄的後續轉動自然會更快。

These factors give us the confidence in our plan to rapidly expand driverless operations to the Fort Worth to El Paso Lane and then further to Phoenix before unlocking additional lanes across the sunbelt.

這些因素使我們對快速將無人駕駛業務擴展到沃斯堡到埃爾帕索巷，然後進一步擴展到菲尼克斯，然後在陽光地帶解鎖更多車道的計劃充滿信心。

To commercialize autonomous trucking across these lanes at scale, deep integration with OEMs on scalable autonomy level truck platforms is needed.

為了大規模地將這些車道上的自動駕駛卡車運輸商業化，需要在可擴展的自動駕駛等級卡車平台上與原始設備製造商進行深度整合。

We continue to make good progress with our OEM partners on our vehicle programs.

我們與 OEM 合作夥伴在車輛專案上繼續取得良好進展。

During the third quarter, we integrated several new Aurora Driver equipped Volvo VNL autonomous trucks into our fleet, and they are now operating in autonomy on the road alongside our path for our Peterbilt 579 trucks.

在第三季度，我們將幾輛配備沃爾沃 VNL 自動駕駛卡車的新 Aurora Driver 整合到我們的車隊中，它們現在在我們的 Peterbilt 579 卡車的道路旁自動運行。

Our exclusive partnership with Continental is designed to support scaling of the Aurora Driver hardware for high volume lines, lines side installation at our OEMs.

我們與大陸集團的獨家合作夥伴關係旨在支援 Aurora 驅動程式硬體的擴展，以用於我們的 OEM 的大批量生產線和生產線側安裝。

This month, Aurora Continental reached another partnership milestone.

本月，奧羅拉大陸集團 (Aurora Continental) 達到了另一個合作里程碑。

We finalized the detailed system and component level architecture and hardware selections for the scalable hardware as a service generation of the Aurora Driver.

我們最終確定了詳細的系統和組件級架構以及可擴展硬體的硬體選擇，即 Aurora 驅動程式的服務產生。

Our teams are preparing to start initial testing in the first half of 2025 as we continue to progress towards the start of production plan for 2027.

我們的團隊正準備在 2025 年上半年開始初步測試，同時我們將繼續推進 2027 年開始生產計畫。

At Aurora, we are driven by a mission to deliver the benefits of self-driving technology safely, quickly and broadly.

在 Aurora，我們的使命是安全、快速、廣泛地提供自動駕駛技術的優勢。

That mission has led us to now where the aurora driver is on the cusp of making self-driving trucks the new standard for safety efficiency and sustainability in the logistics industry.

這項使命使我們現在正處於將自動駕駛卡車打造成物流行業安全效率和可持續性的新標準的風口浪尖。

Tremendous opportunity lies ahead, and we are working tirelessly to capitalize on it.

巨大的機會就在前方，我們正在不懈地努力，以抓住機會。

With that, I will now pass it over to Dave, who will review our financial results.

現在，我將把它交給戴夫，他將審查我們的財務表現。

Thank you, Chris.

謝謝你，克里斯。

Let's discuss our financial results.

讓我們討論一下我們的財務表現。

We have provided a summary on page 18 of the slide deck for reference.

我們在投影片第 18 頁提供了摘要以供參考。

During the third quarter of 2024, we continued to demonstrate strong fiscal discipline.

2024 年第三季度，我們持續展現強烈的財政紀律。

Third quarter, 2024 operating expenses, including stock-based compensation totaled $196 million.

2024 年第三季營運費用（含股票薪酬）總計 1.96 億美元。

Excluding stock-based compensation, operating expenses totaled $161 million.

不包括股票報酬，營運費用總計 1.61 億美元。

Within operating expenses, our R&D expenses, excluding stock-based compensation totaled $139 million.

在營運費用中，我們的研發費用（不包括股票薪酬）總計 1.39 億美元。

This amount reflects $834,000 in pilot revenue, which is up 75% year-over-year and which we record as a contra R&D expense.

這筆金額反映了 834,000 美元的試點收入，年增 75%，我們將其記錄為研發支出。

After our commercial launch, pilot revenue will be recognized as standard revenue rather than as a contra R&D expense.

在我們的商業推出後，試點收入將被確認為標準收入，而不是作為研發支出。

SG&A expenses excluding stock-based compensation were $22 million.

不包括股票薪酬的 SG&A 費用為 2,200 萬美元。

We used approximately $143 million in operating cash.

我們使用了大約 1.43 億美元的營運現金。

During the third quarter of 2024, Capital Expenditures totaled $7 million.

2024 年第三季度，資本支出總計 700 萬美元。

This cash spend was below our externally communicated target, reflecting our continued commitment to fiscal prudence.

這項現金支出低於我們對外傳達的目標，反映出我們對財政審慎的持續承諾。

For the fourth quarter of 2024, we expect cash use to be within the $175 million to $185 million quarterly average range.

2024 年第四季度，我們預計現金使用量將在 1.75 億美元至 1.85 億美元的季度平均範圍內。

We expect our 2025 quarterly average cash use to be in this range as well.

我們預計 2025 年季度平均現金使用量也將在此範圍內。

During the third quarter, we opportunistically raised $483 million in gross proceeds from a public offering of our Class A common stock.

在第三季度，我們透過 A 類普通股的公開發行機會籌集了 4.83 億美元的總收益。

Net proceeds totaled $466 million.

淨收益總計 4.66 億美元。

We ended the third quarter with a very strong balance sheet, including approximately $1.4 billion in cash and short term and long-term investments.

第三季結束時，我們的資產負債表非常強勁，其中包括約 14 億美元的現金以及短期和長期投資。

We expect this liquidity to support our planned commercial launch and fund our operations well into 2026.

我們預計這些流動性將支持我們計劃的商業啟動，並為我們的營運提供資金直至 2026 年。

With that, we'll now open the call to Q&A.

現在，我們將開始問答電話。

Thank you.

謝謝。

Well, now we conduct a question-and-answer session.

好，現在我們進行問答環節。

[Operator Instructions]

【操作說明】

Our first question is from George Gianarikas with Canaccord Genuity.

我們的第一個問題來自 Canaccord Genuity 的 George Gianarikas。

Please proceed with your question.

請繼續你的問題。

Hi, good afternoon and thank you for taking my questions.

你好，下午好，謝謝你回答我的問題。

If you do not mind, can you please give us a little bit more detail on the remaining validation required to launch commercially in April of next year

如果您不介意的話，能否請您向我們提供有關明年 4 月商業推出所需的剩餘驗證的更多詳細信息

?

？

and also given that the timeline has been somewhat extended, can you help us understand your conviction that this is the last target and that it is not going to move from April to another date after that in the future?

而且考慮到時間表有所延長，您能否幫助我們理解您的信念，即這是最後一個目標，並且將來不會從四月移至此後的另一個日期？

Thank you very much.

非常感謝。

Yeah, thank you, George.

是的，謝謝你，喬治。

I appreciate the question.

我很欣賞這個問題。

First, we are just really, honestly, very excited with the progress we've been making.

首先，老實說，我們對我們所取得的進展感到非常興奮。

If you look at some of the performance we are highlighting in this call, and obviously what we see entirely the quality of driving the safety of what we are putting on the road, we are becoming more and more proud of.

如果你看看我們在這次電話會議中強調的一些表現，顯然我們所看到的完全是我們在道路上行駛的安全性的質量，我們變得越來越自豪。

My conviction on our ability to get across the finish line and get this launched is only increasing with every step.

我對我們有能力衝過終點線並推出這款產品的信心隨著每一步的推進而不斷增強。

For us when we had an internal milestone just recently where we assessed the progress we have been making, and we came to the conclusion that just given the work that we had scheduled in front of us, that we are not going to be able to get that finished by the end of the year, and so we thought it prudent to share that as early as we could.

對我們來說，最近我們有了一個內部里程碑，我們評估了我們所取得的進展，我們得出的結論是，鑑於我們已經安排在我們面前的工作，我們將無法實現該工作已於年底完成，因此我們認為儘早分​​享這項資訊是明智的做法。

And this is that moment.

這就是那一刻。

When I look at the competence that 1.5 years or so, we have been talking about the error bars being months.

當我查看 1.5 年左右的能力時，我們一直在談論幾個月的誤差線。

We see this modest delay as being very consistent with that.

我們認為這種適度的延遲與這一點非常一致。

At this point, we see the error bars in our estimate of being weeks.

此時，我們會看到我們估計的周數有誤差線。

So, we are very excited about where we stand here.

因此，我們對我們所處的位置感到非常興奮。

In terms of the work that is to be done, it is really primarily in the areas of some elements of surface street driving and some elements of construction that we see on the freeway.

就要完成的工作而言，實際上主要是在地面街道上駕駛的一些要素和我們在高速公路上看到的一些建築要素領域。

A point that is really important to make is that, that API number, that we share the 100% API number, which is at 80% of trips being without the need for driver intervention, encompasses driving through construction and on the surface streets between our terminals.

真正重要的一點是，我們共享 100% API 編號，即 80% 的行程無需駕駛員幹預，涵蓋了穿過施工區域和我們之間的地面街道的駕駛。

So in practice, our system handles these scenarios very well today.

所以在實踐中，我們的系統今天可以很好地處理這些場景。

And it is just we want to have extremely high confidence in the system as we go forward and it is just work, we had scheduled that just takes a little bit longer for us to get to.

只是我們希望在前進的過程中對系統抱持極高的信心，這只是工作，我們已經安排好了，只是需要更長的時間才能完成。

So, these require this validation is it sounds like it is software and training issue.

因此，這些需要進行驗證，這聽起來像是軟體和培訓問題。

It is nothing, it has nothing to do with your OEM partners, commitment to the product or other partners, commitment to the launch date.

這沒什麼，與你的OEM合作夥伴、對產品或其他合作夥伴的承諾、對上市日期的承諾無關。

No, this is our internal execution.

不，這是我們的內部執行。

We continue to have a very strong working ship - a working relationship with our OEM partners.

我們繼續保持著非常強大的工作關係——與我們的 OEM 合作夥伴的工作關係。

The work we are doing in the vehicles at this point is primarily focused on validating the redundant systems in the vehicles.

目前我們在車輛中所做的工作主要集中在驗證車輛中的冗餘系統。

And maybe as a follow-up to the extent, there are commercial loads that you committed to carrying in 2025 and now looks like the timeline has been extended by a few months.

也許作為後續行動，你們承諾在 2025 年承擔一些商業負載，但現在看起來時間表已經延長了幾個月。

Is there any impact financially?

經濟上有影響嗎？

I mean, are there any penalties you have to pay or any other issue with regard to those contracts?

我的意思是，您是否需要支付與這些合約相關的任何罰款或任何其他問題？

Thank you.

謝謝。

No, no, there are not and we will continue to be building our load volume over this time.

不，不，沒有，我們將在這段時間內繼續增加我們的負載量。

And we do like we'll operate as we are today in a pilot mode with an operator on board.

我們確實希望我們將像今天一樣以試點模式進行運營，並配備一名操作員。

We'll have an increasing number of our operations operating with single vehicle rather than to a single vehicle operator instead of two vehicle operators as we go forward as well.

隨著我們的前進，我們將有越來越多的業務使用單一車輛而不是單一車輛操作員而不是兩名車輛操作員進行操作。

Thank you.

謝謝。

Our next question is from David Vernon with Bernstein.

我們的下一個問題來自大衛·弗農和伯恩斯坦。

Please pursue with your question.

請追問你的問題。

Hey, Chris and Dave.

嘿，克里斯和戴夫。

Thanks for hosting the call today.

感謝您主持今天的電話會議。

I just wanted to ask you if you could maybe sort of help me understand the commentary around the technology sort of adapting wealth of Phoenix.

我只是想問你是否可以幫助我理解有關調整鳳凰城財富的技術的評論。

I am just looking at it from the lenses, was kind of sitting here and watching you guys go and working on the autonomous readiness measurement index and trying to get yourself, you know, very, very experienced in the Dallas to Houston Lane.

我只是從鏡頭中觀察它，有點坐在這裡看著你們去研究自主準備測量指數，並試圖讓自己在達拉斯到休斯頓車道上非常非常有經驗。

Why would not there be additional time in that to extend to new lanes as you go forward, in terms of just making sure that the system would be ready and capable of adapting to that new operating environment?

就確保系統準備就緒並能夠適應新的操作環境而言，為什麼在前進時沒有額外的時間擴展到新的車道？

Yeah.

是的。

So, we do anticipate there being a small amount of work, but a core thesis that we have had is that driving on a freeway, whether you are in Texas or California or Montana, is basically the same.

因此，我們確實預計會有少量工作，但我們的核心論點是，無論您是在德克薩斯州、加利福尼亞州還是蒙大拿州，在高速公路上駕駛基本上都是相同的。

And we believe this, and we are starting to see it empirically as well.

我們相信這一點，我們也開始從經驗上看到這一點。

And so part of - we have been saying this for a few years.

因此，我們已經這麼說了好幾年了。

Part of what we wanted to do was to validate that hypothesis.

我們想做的部分就是驗證這個假設。

And so, we have built out that lane.

因此，我們建造了那條車道。

We know that members of the investment community, sometimes have questions about, can you map this at a rate that is efficient?

我們知道投資界的成員有時會有疑問，您能否以有效的速度繪製此圖？

The answer is yes, we can.

答案是肯定的，我們可以。

And here we are.

我們到了。

And this is before we have really optimized the mapping process.

這是在我們真正優化映射過程之前。

And then what we see is that the execution on the driving quality on that is consistent with what we would have expected.

然後我們看到的是駕駛品質的執行與我們的預期一致。

We have a strong relationship with the Border Patrol team, the customs Border Patrol agency.

我們與海關邊境巡邏機構邊境巡邏隊有著密切的關係。

But the work where we have so far engaged most closely is with the El Paso inland station.

但迄今為止，我們參與最密切的工作是埃爾帕索內陸站。

And so, in the interest of maintaining the quality of that partnership, and not surprising folks, when we went through this border patrol station between El Paso and Phoenix, we just disengaged for it.

因此，為了保持這種夥伴關係的質量，這並不奇怪，當我們經過埃爾帕索和菲尼克斯之間的這個邊境巡邏站時，我們就脫離了接觸。

And then we mentioned earlier that, we have some work to do to finalize validation on construction zones, and this was a particularly complicated bit of construction that we had to operate through.

然後我們之前提到，我們需要做一些工作來完成施工區域的驗證，這是我們必須完成的一個特別複雜的施工過程。

Yeah, I am just trying to think of like, sample size wise, right?

是的，我只是想考慮一下樣本量，對嗎？

Because I would imagine the number of hours in your denominator for your indices for Dallas to Houston is a lot higher than you would have for Phoenix.

因為我可以想像，達拉斯到休士頓的指數分母中的小時數比鳳凰城的要高得多。

So, like, as you think about that scaling factor?

那麼，就像您考慮比例因子一樣？

Because that is essentially the question I'm trying to get after is, how quickly will this be scalable lane to lien?

因為這本質上是我想要解決的問題，即留置權的可擴展通道要多快才能實現？

I am just purely out of interest; I cannot find either our side of it, I just don't understand that.

我純粹是出於興趣；我找不到我們的任何一方，我只是不明白。

Yeah.

是的。

No, we expect it to be rapid, relatively rapid and get faster over time.

不，我們預計它會很快，相對較快，並且隨著時間的推移會變得更快。

And part of the way we have structured our validation, we have talked in the past about these kind of three buckets of stuff we see all the time, stuff we see rarely, and then amplify, and then stuff that we, we go to the miss to crash taxonomy to build simulations, I guess.

我們建構驗證的部分方式是，我們過去討論過這三類我們一直看到的東西，我們很少看到的東西，然後放大，然後我們去的東西我想，錯過了構建模擬的崩潰分類法。

That gives us a very granular view of the capabilities the Aurora Driver has, and when we open a new lane, we have to look at are there new features or new capabilities required in that lane that do not map onto the validation that \we have already done.

這使我們能夠非常詳細地了解 Aurora 驅動程式所具有的功能，當我們打開新通道時，我們必須查看該通道中是否存在未對應到我們擁有的驗證的新功能或新功能。

And generally, because again, freeways look very similar, industrial parts look very similar wherever you are in the nation.

一般來說，因為高速公路看起來非常相似，工業零件看起來非常相似，無論你在全國哪裡。

There is not that much that you need to add.

您不需要添加那麼多。

And so, you know, the second lane that we add, we expect to have a little bit more work to do than the third lane than the fourth lane.

所以，你知道，我們添加的第二條車道，我們預計比第三條車道比第四條車道有更多的工作要做。

And at some point, much like you or I are able to drive the vast majority of places without retracing.

在某些時候，就像你或我能夠駕駛絕大多數地方而無需折返一樣。

We expect the driver to be able to do the same.

我們希望司機也能做到這一點。

Awesome.

驚人的。

Thanks very much.

非常感謝。

Thanks for the question.

謝謝你的提問。

[Operator Instructions]

【操作說明】

Our next question is from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克·德萊尼。

Please proceed with your question.

請繼續你的問題。

Good afternoon and thanks very much for taking my questions.

下午好，非常感謝您回答我的問題。

First, I was hoping you could share an update on operational readiness of the supply chain, including working with part suppliers in areas like sensors and compute truck, OEM partners.

首先，我希望您能分享有關供應鏈運營準備情況的最新信息，包括與感測器和計算卡車等領域的零部件供應商以及 OEM 合作夥伴的合作。

You mentioned Volvo and PACCAR and then also some of your contract manufacturing partners.

您提到了沃爾沃和 PACCAR，還有您的一些合約製造合作夥伴。

Absolutely.

絕對地。

So, we see no parts constraints or blockers in getting the commercial launch that you know, we are in good position there.

因此，我們認為在商業發布方面沒有任何部件限製或障礙，我們在這方面處於有利地位。

I believe we have pre purchased already everything that we need for those launch vehicles.

我相信我們已經預先購買了這些運載火箭所需的一切。

So, do not have concerns with that.

所以，不必擔心。

We continue to build relationships, because for us, what we do not want to be doing is sprinting and then having to sleep or stand still for a while before we can hit this curve, the growth curve.

我們繼續建立關係，因為對我們來說，我們不想做的就是衝刺，然後在達到這條曲線、成長曲線之前必須睡覺或靜止一段時間。

And so you have heard us talk in the past about the engagement with (Fibernet) and how that will allow us to bridge to small thousands vehicles, and then the longer-term partnership with Continental that will help us get to automotive scales, tens of thousands plus.

因此，您過去曾聽過我們談論與（Fibernet）的合作以及這將如何使我們能夠連接到數千輛小型車輛，然後與大陸集團建立長期合作夥伴關係，這將幫助我們達到汽車規模，數十輛數千以上。

And so we are continuing to work with both of those.

因此，我們將繼續與這兩個方面合作。

We have, you know, strong partnership with Continental and a great working relationship with Fibernet.

您知道，我們與大陸集團有著牢固的合作關係，與 Fibernet 也有著良好的合作關係。

And we are already beginning to bring up hardware for that mid generation.

我們已經開始為中世代推出硬體。

And we talked about a little bit about the state of the progress with Continental and that longer term hardware as a service platform.

我們討論了大陸集團的進展狀況以及長期硬體即服務平台。

So, all things are moving very well for us in those directions.

因此，對我們來說，所有事情都朝著這些方向發展得非常順利。

Thanks for that, Chris.

謝謝你，克里斯。

My second question was around the contracting, and you mentioned additional progress that occurred during the last quarter and doing well with the 2025 bookings in total.

我的第二個問題是關於合約的，您提到了上季度發生的額外進展以及 2025 年預訂總量的良好情況。

I believe the view from Investor Day was that pricing would be relatively in line with market rates and hoping to better understand as you have gone further into the bookings process.

我相信投資者日的觀點是，定價將與市場價格相對一致，並希望隨著您進一步進入預訂流程而更好地理解。

Is that still materializing as you had expected?

這仍然如您所期望的那樣實現嗎？

Hey Mark, it is Dave.

嘿馬克，我是戴夫。

Thanks for the question.

謝謝你的提問。

Yeah, so without getting into any specifics because we do not release the individual ones, the market itself is down a little bit this year on pricing.

是的，因此，由於我們沒有發佈單獨的具體信息，所以無需透露任何具體細節，今年市場本身的定價略有下降。

And we generally set up our pricing very consistent with what the market rates are, with any adjustments that may be needed for our launch partners and things like that.

我們的定價通常與市場價格非常一致，並根據我們的發布合作夥伴等可能需要的調整進行調整。

So, I would say, generally speaking, we are kind of in line with what we expected and what the market rates are indicating.

所以，我想說，一般來說，我們與我們的預期和市場利率所顯示的情況相符。

I think for us, it is really important to build that base of business and establish these footholds with all of our partners and continuing to move forward.

我認為對我們來說，建立業務基礎並與所有合作夥伴建立這些立足點並繼續前進非常重要。

So, we are pretty happy.

所以，我們很高興。

Overall, I think the entire market would like to have a little bit more robust pricing and we will benefit from that as well.

總的來說，我認為整個市場都希望有更穩健的定價，我們也將從中受益。

Thanks Dave.

謝謝戴夫。

One more financial question, if I could please.

如果可以的話，還有一個財務問題。

You mentioned in your prepared remarks, if I heard correctly, that once the company begins commercial operations loads that are hauled even with a human driver in the truck will move from contra R&D and be considered revenue.

如果我沒聽錯的話，您在準備好的發言中提到，一旦公司開始商業運營，即使卡車上有人類司機也可以運輸負載，這些負載將從相反的研發中轉移並被視為收入。

Can you give us a sense of the run rate of what is contra R&D at this point, so we can better understand for modeling purposes as we build 2025 and beyond estimates.

您能否讓我們了解目前研發的運行率，以便我們在建立 2025 年及超出估計時能夠更好地理解建模目的。

Thanks.

謝謝。

Yeah, this last quarter, we were a little under a million for contra R&D based on our pilot revenue and essentially every load that we carry for a customer, we bill out, right.

是的，上個季度，根據我們的試點收入以及我們為客戶承擔的每一項負載，我們的研發費用略低於一百萬，我們會開立帳單，對吧。

And so, you will continue to see that build up over time.

因此，隨著時間的推移，您將繼續看到這種情況的累積。

So, if you are doing your modeling and things like that, it is just building off of that.

所以，如果你正在進行建模之類的事情，那麼它只是在此基礎上進行的。

Thank You.

謝謝。

Thank you.

謝謝。

Our next question is from Jeff Osborne with TD Cowen.

我們的下一個問題來自 Jeff Osborne 和 TD Cowen。

Please proceed with your question.

請繼續你的問題。

Great.

偉大的。

Thank you.

謝謝。

Just a couple of quick ones on my side.

我這邊只有幾個快速的。

I was wondering, I might have missed it.

我想知道，我可能錯過了。

But did you quantify the launch capacity that you have contracted in the duration of the contracts that you signed?

但是，您是否量化了在您簽署的合約期間內簽訂的發射能力？

No.

不。

So what we talked about in the remarks is that we are going to begin with one truck and then we are going to scale that up to 10 and that, no, we have not shared the duration of the contracts, but they are in line with industry practices.

因此，我們在評論中談到的是，我們將從一輛卡車開始，然後將其擴展到 10 輛，不，我們沒有透露合約的期限，但它們符合行業慣例。

So, just to add into that the market generally, there's a couple of things.

因此，總的來說，只要將市場納入其中，就有幾件事。

One, the market generally contracts on an annual basis, and we tend to follow that practice in our contracts because we have been working with these people for these partners for a long time.

第一，市場通常每年都會收縮，我們傾向於在合約中遵循這種做法，因為我們已經為這些合作夥伴與這些人合作了很長時間。

We have got automatic renewals and set up and triggers.

我們有自動續訂、設定和觸發器。

We are going to start up again with like up to 10, and then at the end of '25, we are going to be into the 10s of trucks, right.

我們將再次開始使用大約 10 輛卡車，然後在 25 年底，我們將擁有 10 輛卡車，對吧。

So, you will see us focus the first half of the year, really on execution and making sure everything is call us for our partners and then we will start to scale up the business in the second half of the year.

因此，你會看到我們上半年的重點是執行，並確保一切都為我們的合作夥伴做好準備，然後我們將在下半年開始擴大業務規模。

It makes sense.

這是有道理的。

And just to be clear with the - were there any contracts signed before that you might have, like, termination causes or delays?

需要明確的是 - 之前是否簽署過任何合同，您可能會遇到終止原因或延誤等情況？

Does the four-month delay lead to any hardship for the counterparty?

四個月的拖延是否會為交易對方帶來任何困難？

Yes.

是的。

Not at all, as a matter of fact, I think George might have mentioned that as well.

一點也不，事實上，我想喬治也可能提到這一點。

The last thing we want to do is, incentivize to get something out before we get it right.

我們最不想做的事情是，在我們把事情做好之前，激勵他們把事情做好。

And so all of our partners, all of our customers are all have the same value and perception of what this can provide for us.

因此，我們所有的合作夥伴、所有客戶都對這可以為我們提供的東西有相同的價值觀和看法。

And the number one element is safety, and it is much more important to ensure that we get it right than to try to meet some arbitrary date, and none of our contracts have any penalties, restrictions or anything like that for not launching in a certain time frame.

第一個要素是安全，確保我們做對比試圖滿足某個任意日期更為重要，而且我們的合約都沒有因未在特定日期啟動而受到任何處罰、限製或類似的規定。

Thanks.

謝謝。

Sorry, I was going to say, I think that is consistent with the way we think about the partnerships we are trying to build.

抱歉，我想說，我認為這與我們思考我們正在努力建立的夥伴關係的方式是一致的。

We are looking for customers who see this as a strategic long-term opportunity and want to be ready themselves for this next generation of the logistics business.

我們正在尋找將其視為策略性長期機會並希望為下一代物流業務做好準備的客戶。

Makes perfect sense.

很有道理。

And maybe the last one for you, Chris. could you be more granular?

也許這是給你的最後一個，克里斯。能說得更細一點嗎？

I think when you have done the ride and drives with investors and analysts, we have gone through construction zones.

我認為，當你與投資者和分析師一起騎行和駕駛時，我們已經穿過了建築區域。

Could you just give us a few examples of edge cases that you are still overcoming as it relates to the interaction with construction zones?

您能否給我們舉幾個您仍在克服的與施工區互動相關的邊緣情況的例子？

Yeah, it's not really about edge cases.

是的，這與邊緣情況無關。

It's about ensuring that across the variability of how a construction site can be configured that we have validated that.

這是為了確保我們已經驗證了建築工地配置方式的可變性。

So, it turns out when you drive back and forth between Dallas and Houston, the construction kind of looks the same every day.

所以，事實證明，當你在達拉斯和休士頓之間來回開車時，每天的建築看起來都是一樣的。

And so there's limited exposure to different ways that folks can close off lanes and whatnot.

因此，人們對關閉車道之類的不同方式的了解有限。

And so, it is not that this is something new and surprising.

因此，這並不是什麼新鮮事和令人驚訝的事情。

It is just that, it is kind of - it is been in this particular place in the schedule of work and it is just taken us a little bit longer to get some of the stuff done that we had intended.

只是，它是在工作安排中的這個特定位置，只是我們花了更長的時間來完成一些我們想要的事情。

And I think important to note is that when we look at the actual on road performance of the trucks that we actually have not had a disengagement caused by construction zone since May on the Dallas to Houston line.

我認為值得注意的是，當我們觀察卡車的實際道路性能時，我們實際上自 5 月以來在達拉斯至休士頓線路上還沒有因施工區域而導致脫離。

That's good to hear.

很高興聽到這個消息。

Thank you.

謝謝。

That is all I had.

這就是我所擁有的一切。

Thank you for the questions.

謝謝你的提問。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

This does conclude today's conference call.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。