Eve Holding Inc (EVEX) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Eve Air Mobility first-quarter 2023 earnings call. (Operator Instructions) As a reminder, today's conference is being recorded.

早上好，歡迎參加 Eve Air Mobility 2023 年第一季度財報電話會議。 （操作員指示）提醒一下，今天的會議正在錄製中。

I will now turn the call over to Lucio Aldworth, Head of Investor Relations. Please go ahead, sir.

我現在將把電話轉給投資者關係主管盧西奧·奧爾德沃斯 (Lucio Aldworth)。請繼續，先生。

Thank you, operator. Good morning, everyone. This is Lucio Aldworth, the Director of Investor Relations at Eve. And I wanted to welcome everyone to our first-quarter 2023 earnings conference call. I have here with me, Co-CEOs, Gerry DeMuro and André Stein as well as our CFO, Eduardo Couto.

謝謝你，接線員。大家，早安。我是 Eve 投資者關係總監盧西奧·奧爾德沃斯 (Lucio Aldworth)。我想歡迎大家參加我們的 2023 年第一季度收益電話會議。和我在一起的還有聯合首席執行官 Gerry DeMuro 和 André Stein，以及我們的首席財務官 Eduardo Couto。

After their initial remarks, we're going to open the call for questions. We have prepared the deck with a few slides and additional information. This is available at our Investor Relations website at ir.eveairmobility.com. So please feel free to download it.

在他們的初步發言之後，我們將開始提問。我們準備了包含幾張幻燈片和附加信息的演示文稿。您可以在我們的投資者關係網站 ir.eveairmobility.com 上獲取該信息。所以請放心下載。

Let me first start by mentioning that this presentation includes forward-looking statements or statements about events or circumstances that have not yet occurred. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting our business and their future financial performance.

首先我要指出的是，本演示文稿包含前瞻性陳述或有關尚未發生的事件或情況的陳述。我們的這些前瞻性陳述主要基於我們當前對影響我們業務及其未來財務業績的未來事件和財務趨勢的預期和預測。

The forward-looking statements are subject to risks, uncertainties, and assumptions, including among other things, general economic, political, and business conditions both in Brazil and in our market. The words believe, may, will, estimates, continues, anticipates intends, expects, and similar words are intended to identify forward-looking statements. We undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events or other factors.

前瞻性陳述受到風險、不確定性和假設的影響，其中包括巴西和我們市場的總體經濟、政治和商業狀況。 “相信”、“可能”、“將”、“估計”、“繼續”、“預計”、“打算”、“期望”等類似詞語旨在識別前瞻性陳述。我們不承擔因新信息、未來事件或其他因素而公開更新或修改任何前瞻性陳述的義務。

In light of these risks and uncertainties, the forward-looking statements and circumstances discussed in this presentation might not occur. Our actual results could differ substantially from those anticipated in our forward-looking statements.

鑑於這些風險和不確定性，本演示文稿中討論的前瞻性陳述和情況可能不會發生。我們的實際結果可能與我們前瞻性陳述中的預期存在很大差異。

With that, I will now turn the presentation over to Gerry. Gerry?

現在，我將把演示文稿交給格里。格里？

Thanks, Lucio. Good morning and thank you to those joining in the call today.

謝謝，盧西奧。早上好，感謝今天加入電話會議的人們。

Today is actually a special day for us. It's the first anniversary of our listing on the New York Stock Exchange. We've come a long way in the past year and are progressing well with our business plan, but we know there's quite a bit more to do. And I'm certain we have the right group of people to achieve our goals and become a major player in the UAM market.

今天對我們來說實際上是一個特殊的日子。這是我們在紐約證券交易所上市一周年。在過去的一年裡，我們取得了長足的進步，業務計劃進展順利，但我們知道還有很多工作要做。我確信我們擁有合適的團隊來實現我們的目標並成為 UAM 市場的主要參與者。

Over the last quarter, we've made significant progress on the development of our aircraft as well as in other areas of our business plan related to the UAM ecosystem. As you can see on slide 2 here, we advanced to the next step in the certification process by proposing our basis of certification to ANAC, and we expect approval by the end of the year.

上個季度，我們在飛機開發以及與 UAM 生態系統相關的業務計劃的其他領域取得了重大進展。正如您在幻燈片 2 中看到的，我們通過向 ANAC 提出我們的認證基礎，進入了認證流程的下一步，我們預計將在今年年底獲得批准。

We progressed negotiations with our suppliers on both technical and commercial terms, and our expectation is to close with suppliers of critical subsystems by the end of this quarter. We continued the extensive testing program with wind tunnel tests of different configurations and components. And in our design, we are now incorporating a best-in-class baggage compartment that Stein will talk a bit more about a little later, as well as how user feedback is enhancing and influencing our design.

我們與供應商就技術和商業條款進行了談判，我們預計在本季度末之前與關鍵子系統的供應商完成談判。我們繼續進行廣泛的測試計劃，對不同的配置和組件進行風洞測試。在我們的設計中，我們現在採用了一流的行李艙，斯坦因稍後將詳細討論該行李艙，以及用戶反饋如何增強和影響我們的設計。

Moving to slide 3, this illustrates our progress on the technical aspects of the program. I mentioned our wind tunnel testing which was a three-week long exercise at RUAG in Switzerland. We are also testing different motor and propeller configurations through dedicated rigs that allow us to test under different load and weather conditions. Interestingly, we have developed a truck-mounted rig to validate our modeling of rotor performance during transition and forward flight.

轉到幻燈片 3，這說明了我們在該計劃的技術方面取得的進展。我提到了我們的風洞測試，這是在瑞士 RUAG 進行的為期三週的演習。我們還通過專用裝備測試不同的電機和螺旋槳配置，使我們能夠在不同的負載和天氣條件下進行測試。有趣的是，我們開發了一種車載裝置來驗證我們在過渡和前飛過程中旋翼性能的建模。

In addition, we're also employing a series of additional rigs for battery and motor as well as thermal management tests. All of these will permit extensive independent testing of discrete subsystems, and this is an important aspect of our flexible approach which allows us to test systems separately and incorporate refinements into the design once we have reached a target solution. In essence, it allows for quick and efficient product development.

此外，我們還使用了一系列額外的設備進行電池和電機以及熱管理測試。所有這些都將允許對離散子系統進行廣泛的獨立測試，這是我們靈活方法的一個重要方面，它使我們能夠單獨測試系統，並在達到目標解決方案後將改進融入到設計中。從本質上講，它可以實現快速高效的產品開發。

In short, we continue to mature the aircraft within the milestones we established and forecasted earlier this year, and Edu will have a little more to say on the topic later.

簡而言之，我們將繼續在今年早些時候建立和預測的里程碑範圍內使飛機變得成熟，Edu 稍後將就這個話題發表更多看法。

Now I would like to ask Stein to talk about several features of our aircraft that we're very excited about.

現在我想請斯坦因談談我們飛機的幾個令我們非常興奮的功能。

Thanks, Gerry. We are very proud about our focus on user experience. And the result of that is to have been shortlisted for the Crystal Cabin Award this year. Being the shortlist for such prestigious award, it's a major achievement in itself and reflects all the hard work from our user experience and design teams, and it's a continuous effort. We had many events and conversations with users, customers, and partners to have a more human-centric, accessible, and cost-effective cabin, improving at the same time the user experience and economics for the operator.

謝謝，格里。我們對用戶體驗的關注感到非常自豪。其結果是入圍今年的水晶艙獎。入圍此類享有盛譽的獎項，本身就是一項重大成就，反映了我們的用戶體驗和設計團隊的所有辛勤工作，並且是持續的努力。我們與用戶、客戶和合作夥伴進行了許多活動和對話，以打造更加以人為本、更方便且更具成本效益的機艙，同時改善用戶體驗和運營商的經濟效益。

On that note, I'd like to highlight a few points about our cabin. And several of you might have been able to see it for yourselves, either in Melbourne last month at South by Southwest or in the last air show. One of them is an extra wide passenger door and specially designed seats for enhanced accessibility in and out of the cabin. We also focus on multiple sensory involvement including different solutions to address different user needs.

就此而言，我想強調有關我們客艙的幾點。你們中的一些人可能已經能夠親眼目睹它，無論是上個月在墨爾本的西南偏南還是在上一屆航展上。其中之一是超寬的乘客門和專門設計的座椅，以增強進出機艙的便利性。我們還專注於多種感官參與，包括滿足不同用戶需求的不同解決方案。

Besides that, we are using sustainable yet certifiable materials extensively in our cabin like cork, natural wool, and recyclable materials to minimize our impact on environment. As a reminder, sustainability is one of the pillars of our company, and that extends to cabin materials. Not only you will have a zero-emission aircraft, but you are minimizing carbon emissions throughout the entire cycle of the aircraft, so our material choices are critical.

除此之外，我們在客艙中廣泛使用可持續且可認證的材料，如軟木、天然羊毛和可回收材料，以盡量減少對環境的影響。謹此提醒，可持續發展是我們公司的支柱之一，也延伸到了客艙材料。您不僅將擁有一架零排放飛機，而且還可以最大限度地減少飛機整個週期的碳排放，因此我們的材料選擇至關重要。

Last, but not least, we have the best-in-class baggage capacity. Our eVTOL can fit one carry-on suitcase per passenger and you can even fit larger check-in luggage or even a wheelchair. We believe this adds to our passenger experience and accessibility drivers, provide capacity for ancillary revenue as operators can charge for additional baggage, items or cargo and strengthen our offer, particular for the airport shuttle market.

最後但並非最不重要的一點是，我們擁有一流的行李容量。我們的 eVTOL 可以容納每位乘客一個隨身行李箱，您甚至可以容納更大的托運行李甚至輪椅。我們相信，這會增加我們的乘客體驗和無障礙司機，提供輔助收入的能力，因為運營商可以對額外的行李、物品或貨物收取費用，並加強我們的服務，特別是在機場班車市場。

On to slide 5 now. We also hosted an infrastructure summit in our Melbourne offices in April with 25 partners from operators to infrastructure and technology providers to seat representatives. This was one of the many events we sponsored throughout the last few years to integrate partners in the entire urban air mobility ecosystem and help develop and scale its many components.

現在轉到幻燈片 5。 4 月份，我們還在墨爾本辦事處舉辦了一次基礎設施峰會，與會的 25 個合作夥伴包括運營商、基礎設施和技術提供商以及席位代表。這是我們過去幾年贊助的眾多活動之一，旨在整合整個城市空中交通生態系統中的合作夥伴，並幫助開發和擴展其許多組成部分。

We had four tracks on that event: sound implications for communities, energy, ground service, and passenger flow for a seamless experience. This type of event helped us and our partners diagnose potential pain points and yields findings for us to come up with solutions. In this experience specifically among other discussions with simulated passenger flow from boarding to the boarding using our cabin mockup. This gave participants a glimpse of what is necessary to its passenger flow and improved the overall experience.

我們對該事件有四個軌道：對社區、能源、地面服務和客流的良好影響，以實現無縫體驗。此類活動幫助我們和我們的合作夥伴診斷潛在的痛點，並為我們提供解決方案。在這次體驗中，特別是使用我們的客艙模型模擬從登機到登機的客流的其他討論。這讓參與者了解了客流的必要性，並改善了整體體驗。

This is unique to Eve, as we do believe that beyond developing manufacturing our aircraft, it is necessary to look at all pieces in the entire ecosystem and engage with partnership co-created. In that sense, it is uniquely positioned in the urban air mobility market.

這對於 Eve 來說是獨一無二的，因為我們確實相信，除了開發製造我們的飛機之外，還有必要審視整個生態系統中的所有部分，並與共同創建的合作夥伴關係進行合作。從這個意義上說，它在城市空中交通市場中具有獨特的地位。

Now moving to slide 6. I'd like to mention that right after our infrastructure summit, we also hosted an investor day in our Melbourne offices and Florida. We hosted around 50 participants from partners to analysts and investors. We had a full afternoon of presentations by our team leaders. These are the people in charge of every aspect of the development of our program, design, engineering, and urban air traffic management, business development, and customer experience. They offered some insights into their specific areas.

現在轉到幻燈片 6。我想提一下，在我們的基礎設施峰會之後，我們還在墨爾本辦事處和佛羅里達州舉辦了投資者日活動。我們接待了大約 50 名參與者，其中包括合作夥伴、分析師和投資者。我們的團隊領導進行了整整一個下午的演講。這些人負責我們的項目開發、設計、工程、城市空中交通管理、業務開發和客戶體驗的各個方面。他們針對各自的具體領域提出了一些見解。

We also opened in our US offices that event. At the end of the day, we unveiled our cabin mock up to the investment community over a more informal setting with our entire team.

我們還在美國辦事處舉辦了該活動。最後，我們與整個團隊在一個更非正式的環境中向投資界展示了我們的小屋模型。

Slide 7 shows that we currently have what we believe to be the largest and most diversified backlog by number of customers and regions in the industry today. In total, we have announced LOIs for 2,770 aircraft from 26 different customers spread over 12 countries and different business from main lines to regional airlines to helicopter operators, ride sharing platforms, and leasing companies.

幻燈片 7 顯示，我們認為目前我們擁有業內客戶數量和地區數量最多、最多樣化的積壓訂單。我們總共宣布了 2,770 架飛機的意向書，這些飛機來自 12 個國家的 26 個不同客戶，業務涵蓋幹線、支線航空公司、直升機運營商、拼車平台和租賃公司等不同業務。

We also have LOIs to offer our urban air traffic management system in eight different markets. We believe this reflects the state-of-the-art value proposition we bring to our partners and their clients. And there is more to come on that front. We believe that this pipeline offers strong term revenue visibility and will help Eve to smooth cash flow consumption in the years to come, as we start to convert existing letters of intention into firm orders and collect pre-delivery payments known as PDPs.

我們還有在八個不同市場提供城市空中交通管理系統的意向書。我們相信這反映了我們為合作夥伴及其客戶帶來的最先進的價值主張。在這方面還有更多的事情要做。我們相信，這條管道提供了強大的長期收入可見性，並將幫助 Eve 在未來幾年平穩現金流消耗，因為我們開始將現有意向書轉換為確定訂單並收取稱為 PDP 的預交付付款。

Beyond that, we are developing a strong network of partners in areas such as infrastructure and energy to address one of the largest challenge ahead of urban air mobility, which is to create a whole new ecosystem besides simply developing our aircraft.

除此之外，我們正在基礎設施和能源等領域建立強大的合作夥伴網絡，以解決城市空中交通面臨的最大挑戰之一，即除了簡單地開發我們的飛機之外，還要創建一個全新的生態系統。

Now, I'd like to invite Edu to talk about our financials and next milestones.

現在，我想邀請 Edu 談談我們的財務狀況和下一個里程碑。

Thank you, Stein.

謝謝你，斯坦因。

Now moving to slide 8. Eve is a pre-operational company, and our financial results for now reflect mostly the costs associated with the development of our eVTOL program. I would like to start with the income statement highlights. We invested almost $22 million during the first-quarter '23 in our program development versus $9 million a year ago. The majority was invested to develop our eVTOL and a portion for our service and support solutions in the development of our urban air traffic management system.

現在轉到幻燈片 8。Eve 是一家試運營公司，我們目前的財務業績主要反映了與我們的 eVTOL 項目開發相關的成本。我想從損益表的重點開始。 2023 年第一季度，我們在項目開發上投資了近 2200 萬美元，而一年前為 900 萬美元。大部分投資用於開發我們的 eVTOL，部分投資用於開發城市空中交通管理系統的服務和支持解決方案。

In addition to the development expenses, we also deployed $6 million in SG&A during the quarter versus $1 million last year. Keep in mind that the Eve and Embraer teams dedicated to the eVTOL development have been growing as the program evolves.

除了開發費用外，本季度我們還部署了 600 萬美元的銷售管理費用，而去年為 100 萬美元。請記住，隨著項目的發展，致力於 eVTOL 開發的 Eve 和巴西航空工業公司團隊一直在不斷壯大。

Eve also reported around $4 million in financial revenues during the first quarter, mostly due to the return of our cash investments. We have a very conservative financial policy keeping our money vested in short-term deposits with big banks. With that, we reported a net loss of $26 million in the first quarter of 2023.

Eve 還報告第一季度的財務收入約為 400 萬美元，主要歸功於我們的現金投資回報。我們有非常保守的金融政策，將我們的資金保留在大銀行的短期存款中。據此，我們報告 2023 年第一季度淨虧損 2600 萬美元。

Now moving to cash flow, our operations consumed $20 million in the quarter driven by higher R&D expenses and an increase in direct and indirect headcount through our master service agreement with Embraer. We had a positive impact on our cash flow coming from accounts payable that increased $6 million during the quarter. Most of this is related to the service agreement with Embraer which is typically paid after 45 days of service being rendered.

現在轉向現金流，由於研發費用增加以及通過與巴西航空工業公司的主服務協議增加直接和間接員工人數，我們的運營在本季度消耗了 2000 萬美元。本季度應付賬款增加了 600 萬美元，這對我們的現金流產生了積極影響。其中大部分與與 Embraer 簽訂的服務協議有關，通常在提供服務 45 天后付款。

With that, we ended the first quarter with around $295 million in cash, but when we consider the standby credit line from the Brazilian development bank of almost $100 million that will start to access this year, our total liquidity exceeds $390 million, and it's enough to fund our operations into 2025.

這樣，我們第一季度末的現金約為 2.95 億美元，但考慮到今年將開始獲得的巴西開發銀行近 1 億美元的備用信貸額度，我們的總流動資金超過 3.9 億美元，這已經足夠了為我們到 2025 年的運營提供資金。

Finally, slide 9 summarizes our milestones for 2023, and I wanted to reaffirm our commitments to this year's goals. We plan on defining the primary suppliers of some of the most critical components like motors, batteries, and propellers. Once we define these suppliers and detail the specifications of each component like weight, power, size, required subsystems, we can freeze the design details.

最後，幻燈片 9 總結了我們 2023 年的里程碑，我想重申我們對今年目標的承諾。我們計劃確定一些最關鍵部件（如電機、電池和螺旋槳）的主要供應商。一旦我們定義了這些供應商並詳細說明了每個組件的規格，如重量、功率、尺寸、所需的子系統，我們就可以凍結設計細節。

We also will start building our first full-scale prototype, which we plan to start testing next year. We also plan on launching a trial software on our urban air traffic management system by the end of the year, and we estimate a total cash consumption in 2023 between $130 million and $150 million.

我們還將開始構建我們的第一個全尺寸原型，計劃明年開始測試。我們還計劃在今年年底前在我們的城市空中交通管理系統上推出試用軟件，我們預計 2023 年的現金消耗總額在 1.3 億至 1.5 億美元之間。

With that, we conclude our remarks, and I would like to open the call for questions. Operator?

我們的發言到此結束，我想開始提問。操作員？

(Operator Instructions). Savi Syth, Raymond James.

（操作員說明）。薩維·賽斯，雷蒙德·詹姆斯。

As you kind of work through the supplier selection here, I was wondering if you're able to share any early indications on how some of these agreements might be structured in terms of guaranteed supply or escalators or just any early indications as you've had these conversations?

當您在這裡進行供應商選擇時，我想知道您是否能夠分享任何關於如何在保證供應或自動扶梯方面構建這些協議的任何早期跡象，或者只是您所擁有的任何早期跡象這些對話？

Good question. As we mentioned, we're working through both the technical aspects obviously as we look to refine the final design of the aircraft as well as the terms and conditions and all of the topics that you mentioned are relevant, right? And it really depends on the particular product offering combined with how unique that offering is for our application. If you look on the spectrum of things, motors will be very unique and require quite a bit of development to evolve electric motors for aviation applications versus something maybe a little more mature on the spectrum, which would be avionics. So each of those conditions kind of varies depending on the product offering.

好問題。正如我們提到的，我們顯然正在解決技術方面的問題，因為我們希望完善飛機的最終設計以及條款和條件以及您提到的所有主題都是相關的，對嗎？這實際上取決於特定的產品組合以及該產品對於我們的應用程序的獨特性。如果你看一下事物的範圍，電機將是非常獨特的，需要大量的開發來發展航空應用的電動機，而不是在該範圍上更成熟的東西，這將是航空電子設備。因此，這些條件中的每一個都根據所提供的產品而有所不同。

Stein, you want to add anything to that?

斯坦因，你想補充什麼嗎？

Not much. I think that's the point. As you said, Savi, we are in the final stage, so much you can actually disclose at this point. But I think we're on a good track. And as Jerry said, there are different challenge throughout the selection process. And as we've learned from other programs, we go by the big blocks first and the primary suppliers first, the ones that really move the needle. And you move along throughout the year with the whole selection process.

不多。我認為這就是重點。正如你所說，薩維，我們正處於最後階段，此時你實際上可以透露很多信息。但我認為我們正走在良好的軌道上。正如 Jerry 所說，整個選擇過程中會遇到不同的挑戰。正如我們從其他計劃中學到的那樣，我們首先關注大塊，然後首先關注主要供應商，那些真正能起到推動作用的供應商。您全年都會參與整個選拔過程。

That that makes sense and helpful. If I might along those lines just any kind of early thoughts on how many of the full-scale prototypes you plan on building in '23 and '24. And just curious, I'm guessing there's going to be some nonrecurring engineering costs related to that. I'm guessing that's probably picks up in the second half and then kind of maybe build into '24, but any color on that will be appreciated.

這是有道理且有幫助的。如果我可以按照這些思路，對您計劃在 23 年和 24 年建造多少全尺寸原型有任何早期想法。只是好奇，我猜測將會有一些與此相關的一次性工程成本。我猜這可能會在下半年有所改善，然後可能會進入 24 年，但任何顏色都會受到讚賞。

Yes, Savi. I'll turn it over to Stein, but you're exactly right. Our cash consumption on the non-recurring side will increase as we go through the year. And it's not just for the development of the full-scale prototypes or the build of those, it also will have to do with really launching now with the supplier side, both of those things will accelerate.

是的，薩維。我會把它交給斯坦因，但你是完全正確的。隨著時間的推移，我們的非經常性現金消耗將會增加。這不僅僅是為了全尺寸原型的開發或構建，它還與供應商方面的真正啟動有關，這兩件事都會加速。

Stein, you want to talk a little bit about plans for the prototype?

Stein，你想談談原型的計劃嗎？

Yes. As Gerry said, it increased. That actually is the very reason why we focus on the building blocks and really define and mature the solution overall engineering project before moving to full-scale prototypes. So we don't go back. The further we go down the program, more expensive it becomes not only because of the prototypes, but the amount of labor becomes more intensive as we move along the project.

是的。正如格里所說，它增加了。這實際上就是我們在轉向全尺寸原型之前專注於構建模塊並真正定義和成熟解決方案整體工程項目的原因。所以我們不回去。項目進展得越深入，成本就變得越高，這不僅是因為原型的原因，而且隨著項目的進展，勞動力的數量也變得更加密集。

So we are planning like a handful of prototypes throughout the development as we've done with other programs. That means that we expect to increase the expenditure in the years to come but within our business plan. So far, we have been able to keep a good track of expenditure in the development. And we do plan to increase that following on the maturing of the project.

因此，我們在整個開發過程中計劃了一些原型，就像我們對其他項目所做的那樣。這意味著我們預計在未來幾年增加支出，但要在我們的業務計劃範圍內。到目前為止，我們已經能夠很好地跟踪開發支出。我們確實計劃在項目成熟後增加這一數量。

Yes. Just to add one point here, Stein. Its Edu here, Savi. I think that's already reflected in our projections for the year, right? We burn $20 million in the first quarter. And if you look to full year, we expected $130 million to $150 million. So there will be a pickup in our expenses throughout the year and part of that comes from these nonrecurrings as well.

是的。斯坦因，在此補充一點。這裡是教育，薩維。我認為這已經反映在我們今年的預測中，對吧？第一季度我們燒掉了 2000 萬美元。如果你看看全年，我們預計 1.3 億至 1.5 億美元。因此，我們全年的支出將會增加，其中一部分也來自這些非經常性費用。

Makes sense. All right. Thank you.

說得通。好的。謝謝。

Cai von Rumohr, Cowen.

蔡·馮·魯莫爾，考恩。

So, Gerry, as you know, Billy Nolan of the FAA is about to retire and sometimes it takes a while to get another administrator into the seat. And while you're basically going to certify first with ANAC, what impact do you think that might have in terms of coordination with the FAA?

所以，格里，正如你所知，美國聯邦航空局的比利·諾蘭即將退休，有時需要一段時間才能讓另一位管理員上任。雖然您基本上會首先獲得 ANAC 認證，但您認為這可能會對與 FAA 的協調產生什麼影響？

So the Biden administration has already floated some names as potential replacements. We haven't seen any indication at the level that we're working with FAA through the bilateral agreement with ANAC. We haven't seen any indication that they're going to slow the emphasis on moving forward with eVTOL certification. So government organizations are government organizations, and the tops -- the administration nominees change from time to time. That's kind of routine.

因此，拜登政府已經提出了一些人選作為潛在的替代者。我們還沒有看到任何跡象表明我們正在通過與 ANAC 的雙邊協議與 FAA 合作。我們沒有看到任何跡象表明他們會放慢對 eVTOL 認證的重視。所以政府組織就是政府組織，高層——政府提名人會不時更換。這是一種例行公事。

But the working population basically stays in place and continues to do the work that that we ask them to do as civil servants. So I think that case will be the same here. And in terms of the FAA's stated objective to move forward with eVTOL certification as a priority, we haven't seen any change yet, but stay tuned if it will affect all of us equally. Us, maybe a little bit less as you mentioned because we're going through ANAC, but we certainly do hope to continue the dialogue with FAA and do the concurrent certification process.

但勞動人口基本上留在原地，繼續做我們要求他們作為公務員做的工作。所以我認為這裡的情況也是一樣的。就 FAA 所宣稱的優先推進 eVTOL 認證的目標而言，我們尚未看到任何變化，但請繼續關注它是否會對我們所有人產生同樣的影響。我們，正如您提到的，可能會少一些，因為我們正在通過 ANAC，但我們當然希望繼續與 FAA 對話並進行並行認證流程。

Stein, in the detailed discussions, have we seen any change at all? I'm not aware of any.

斯坦因，在詳細的討論中，我們看到有什麼變化嗎？我不知道有什麼。

No, not really. I think the concept and the push towards advanced air mobility remains there. We, through Embraer, have a longstanding relation with FAA that goes beyond particular demonstrations, so I don't foresee any particular change. But you are right when you said that any small bump because we need to realign within the FAA affects us a bit less as our primary certification organization is ANAC.

不，不是真的。我認為這一概念和對先進空中機動性的推動仍然存在。我們通過巴西航空工業公司與美國聯邦航空局建立了超出特定演示範圍的長期關係，因此我預計不會出現任何特定變化。但你說得對，因為我們需要在 FAA 內部重新調整，所以任何小變動對我們的影響都會小一些，因為我們的主要認證機構是 ANAC。

Got it. And, excuse me, last one. What still has to be defined in terms of operating requirements? I know that the FAA basically is, I think, it's getting closer in terms of what they're going to require for type cert. But what for operating one of the key issues that you think they still have to define to kind of get the operating requirements set?

知道了。還有，對不起，最後一張。在操作要求方面還需要定義哪些內容？我知道，我認為，美國聯邦航空局基本上已經越來越接近他們對型式認證的要求。但是，對於您認為他們仍然必須定義的關鍵問題之一的操作，以獲得操作要求集，該怎麼辦呢？

You are absolutely correct on that assumption. It's something that have been worked very closely as well with both operators and regulatory authorities. As we come from -- what was the experience of certifying airplanes for the highest standards of operations with not only part 25 aircraft, but part 21 operators, that helps. That helps understand where it could go.

你的這個假設是完全正確的。這是與運營商和監管機構密切合作的事情。對於我們來說，不僅對第 25 部分飛機進行認證，而且對第 21 部分運營商進行飛機最高運行標準認證的經驗是什麼，這很有幫助。這有助於了解它的去向。

The other aspect that helps is that the focus we have on safety requirements. That applies for operations as much as for the development of the aircraft itself. So we are planning for the highest standards. That definitely helps for future requirements. And we have been following that very closely as our operators.

另一個有幫助的方面是我們對安全要求的關注。這不僅適用於飛機的運營，也適用於飛機本身的開發。因此，我們正在按照最高標准進行規劃。這絕對有助於滿足未來的需求。作為我們的運營商，我們一直在密切關注這一點。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Thank you, and good morning, everyone.

謝謝大家，大家早上好。

So just on the supplier point as you guys are picking your suppliers, can you give us sort of an update on your prototype build later this year? Have there been findings from wind tunnel or truck mount testing? How is the design progressing as we think about first flight in 2024?

因此，就供應商而言，當你們選擇供應商時，您能給我們提供今年晚些時候原型構建的最新信息嗎？風洞或卡車安裝測試有結果嗎？當我們考慮 2024 年首飛時，設計進展如何？

Yes, as we've talked about, we are refining the final details of the design based on the technical information from suppliers on size, weight, volume, that sort of thing. So we're making minor refinements there. We expect after this major supplier selections are done to return to the wind tunnel testing again later this year at least once to validate any refinements that we put in there.

是的，正如我們所討論的，我們正在根據供應商提供的尺寸、重量、體積等技術信息來完善設計的最終細節。所以我們正在那裡進行一些小的改進。我們預計，在完成主要供應商選擇後，今年晚些時候將至少再次進行一次風洞測試，以驗證我們所做的任何改進。

Stein, you want to talk about the next few steps, few months?

Stein，你想談談接下來的幾步，幾個月嗎？

Yes. When you're talking about the next development phase, things like joint definition phase where we go together with select suppliers and really refine -- it's really about refinement. We have been engaged with suppliers for years by now. That's exactly why we believe you are mature enough to select not only the right supplier, but with the right specs. And that helps the next stage.

是的。當你談論下一個開發階段時，比如聯合定義階段，我們與選定的供應商一起進行真正的改進——這確實是關於改進。到目前為止，我們已經與供應商合作多年。這就是為什麼我們相信您已經足夠成熟，不僅可以選擇合適的供應商，而且可以選擇合適的規格。這有助於下一階段。

So going back to the whole philosophy of building blocks, we don't expect to find new surprise as you are developing the details and the integration between systems mainly, right, things like the motors, or the batteries, with the flight control computer. We have a good understanding already or know where the options are and how we're going to be able to integrate that. So it's really about the tailing and fine tuning the product.

因此，回到構建模塊的整個理念，當您主要開發細節和系統之間的集成（例如電機或電池與飛行控制計算機）時，我們預計不會發現新的驚喜。我們已經有了很好的理解，或者知道選項在哪里以及我們將如何整合它們。所以這實際上是關於產品的尾部和微調。

And then how are you working with your suppliers in terms of just the development funding. Is that some of your cash usage and how does those agreements work out?

然後，您如何與供應商在開發資金方面進行合作。這是您的部分現金使用情況嗎？這些協議如何實施？

Well, we as I'm sure -- we cannot disclose the commercial conditions of different suppliers. We are in the final process of selecting suppliers right now. What I can say though is that we've worked on both ways in previous programs of receiving fundings from the suppliers as well. So it is something that we are [used into] so it's in the table as well.

嗯，我確信我們不能透露不同供應商的商業條件。我們現在正處於選擇供應商的最後階段。但我可以說的是，在之前從供應商那裡獲得資金的計劃中，我們也曾以兩種方式進行過工作。所以這是我們[習慣]的事情，所以它也列在表中。

It's all about what is the best combination between funding and recurring costs and that actual cost of the project later on. So it's a balance. It will be a different balance with different suppliers. But I think it's progressing well at this point.

關鍵在於資金和經常性成本以及項目後期的實際成本之間的最佳組合是什麼。所以這是一個平衡。與不同的供應商會有不同的平衡。但我認為目前進展順利。

Okay. Great. Thank you so much.

好的。偉大的。太感謝了。

And maybe I'll also comment, Stein, the supplier. They are excited, right, about urban air mobility. Similar to the OEMs, the suppliers, they also want to be in that business. And they understand that there are some needs that the OEMs have. And I think they are going to be willing to put their skin in the game as well. Okay.

也許我也會評論一下，供應商斯坦因。他們對城市空中交通感到興奮，對吧。與原始設備製造商、供應商類似，他們也想涉足這一業務。他們了解原始設備製造商有一些需求。我認為他們也願意在遊戲中投入自己的精力。好的。

Yes. And just to reinforce that point that Edu makes, you'll note that we have a number technology partners who are already investors in the business and that will color perhaps the contractual arrangements that we have. We have unique products now being added such as the energy source being the battery. That provides an opportunity for different business models as you look forward.

是的。為了強調 Edu 提出的這一點，您會注意到我們有許多技術合作夥伴，他們已經是該業務的投資者，這可能會影響我們的合同安排。我們現在正在添加獨特的產品，例如電池作為能源。正如您所期待的，這為不同的商業模式提供了機會。

So again, Stein has said, each of these is kind of a unique situation, including the aftermarket arrangements which, again, because we have new products like batteries that may have a second life. Each of these has to be negotiated uniquely and that's taking a little bit of time, and we're investing that with each of the major suppliers.

斯坦因再次表示，每一種情況都是獨特的，包括售後安排，因為我們有像電池這樣的新產品，可能有第二次生命。其中每一個都必須進行獨特的談判，這需要一些時間，我們正在與每個主要供應商進行投資。

Great. Thank you, guys.

偉大的。感謝你們。

(Operator Instructions) Andres Sheppard, Cantor Fitzgerald.

（操作員說明）Andres Sheppard、Cantor Fitzgerald。

A lot of our questions have been answered, but maybe a quick question on the backlog. I recall from the cabin mockup event that a lot of the emphasis this year was going to be placed on converting that order pipeline of the 2,770 LOIs into firm orders. So I'm just wondering maybe you can comment on that? Any progress there? When do you anticipate maybe making some announcements there? Just wanted to maybe better understand what that timeline might look like. Thank you.

我們的很多問題都得到了解答，但也許還有一個關於積壓的問題。我記得在客艙模型活動中，今年的重點將放在將 2,770 個意向書的訂單管道轉化為確定訂單上。所以我只是想知道你是否可以對此發表評論？那裡有進展嗎？您預計什麼時候會在那裡發布一些公告？只是想更好地了解該時間表可能是什麼樣子。謝謝。

Sure, Andres. Stein has talked about this at some length in various forms in our approach. The short answer is, I wouldn't expect any announcement in the near term because we're working with our partners, including operators, in some cases ride share providers, looking at the optimum locations and a holistic plan for launch before we announce the initial conversions.

當然，安德烈斯。斯坦因在我們的方法中以各種形式詳細討論了這一點。簡而言之，我預計短期內不會發布任何公告，因為我們正在與我們的合作夥伴（包括運營商，在某些情況下還包括拼車提供商）合作，在我們宣布之前，尋找最佳地點和整體啟動計劃。初始轉換。

Stein, you want to talk about that team process?

Stein，你想談談團隊流程嗎？

Sure. So the whole focus right now, it's moved beyond any hype and really nailed down where the cities will be, where the operators want to start, bring in the partners. Events like this infrastructure summit that you just came out of last month, it's exactly about that. What the network that makes sense [where is the origin and] destination from passengers even, so we can build up the network and understand the number of aircraft of eVTOLs that are necessary to comply with the network, so we can plan that, align that with our industrialization strategy as well so we can assure that you have slots with this certification strategy, what goes after a (inaudible) what's the sequence, where you're going to be deploying the aircraft.

當然。因此，現在的整個焦點已經超越了任何炒作，真正確定了城市的位置、運營商想要開始的地方、引入合作夥伴的地方。像上個月剛剛結束的基礎設施峰會這樣的活動，正是與此相關的。網絡對乘客來說有意義[出發地和目的地在哪裡]，因此我們可以建立網絡並了解遵守網絡所需的電動垂直起降飛機數量，以便我們可以進行規劃，調整我們的工業化戰略也是如此，因此我們可以確保您擁有該認證戰略的位置，（聽不清）之後的順序是什麼，您將在哪裡部署飛機。

So we have been through this process since the beginning of the year. And to your point, there are quite a bit of progress. We don't expect an announcement of converting that necessarily soon exactly because we are doing the aircraft development actually. We're going to mature the decision.

所以我們從今年年初就一直在經歷這個過程。就您而言，已經取得了相當大的進展。我們預計不會很快宣布進行轉換，因為我們實際上正在進行飛機開發。我們會讓這個決定變得成熟。

We want to work together to figure out even the support. We need to start the plan for investment and support where you can leverage Embraer infrastructure as well and put all of that together. So that's the development that's happening this year and quite a bit of progress.

我們希望共同努力，甚至找到支持。我們需要啟動投資和支持計劃，您也可以利用巴西航空工業公司的基礎設施，並將所有這些整合在一起。這就是今年發生的發展，並且取得了相當大的進展。

We do have good visibility on quite a few potential on cities of the respective network, respective combination of potential partners in terms of infrastructure, energy, and so on, and also what the solution for service and support might be for that particular location.

我們確實對各自網絡的城市的相當多的潛力、基礎設施、能源等方面的潛在合作夥伴的各自組合以及針對該特定位置可能的服務和支持解決方案有很好的了解。

Maybe one last question for Edu. I know this was covered previously, but just help me better understand. So the cash spent for the quarter was below $20 million. And you're reaffirming $130 million, $150 million, so just again, sorry, I know this was covered before, but just help me to better understand that higher cash spend in the later quarters, what is the primary reason for that? Thanks.

也許是 Edu 的最後一個問題。我知道之前已經介紹過這一點，但只是幫助我更好地理解。因此該季度的現金支出低於 2000 萬美元。您重申了 1.3 億美元、1.5 億美元，所以再次抱歉，我知道這之前已經涵蓋過，但只是幫助我更好地理解後面幾個季度現金支出增加，主要原因是什麼？謝謝。

Yes. As we're discussing right, Andres. So we continue to ramp up our engagement. We are concluding now the supplier selection. On the second half, we're going to start the works related to the assemble of the first prototype. So the level of activity will continue to go up throughout the year.

是的。正如我們正在討論的那樣，安德烈斯。因此，我們繼續加大參與力度。我們現在正在結束供應商的選擇。下半年，我們將開始與第一個原型機的組裝相關的工作。因此，全年的活動水平將繼續上升。

In the first quarter, we consumed $20 million, a little bit less than $20 million, but definitely even if you look some of the accrued expenses, if you look the master service agreement we have in Embraer now, we're going to have $60 million to pay now in the mid of May. So there will be higher payments in the upcoming quarters.

第一季度，我們消耗了 2000 萬美元，略低於 2000 萬美元，但即使你看看一些應計費用，如果你看看我們現在在巴西航空工業公司的主服務協議，我們也將有 60 美元。現在5月中旬支付100萬。因此，接下來的幾個季度將會有更高的付款。

And that's the reason we're anticipating this $20 million which would annualize the $80 million, ready to grow throughout the year and be between $130 million and $150 million.

這就是我們預計這 2000 萬美元的原因，這將使 8000 萬美元年化，並準備全年增長，達到 1.3 億至 1.5 億美元之間。

Got it. Okay. Thanks very much everyone. Congrats again on the quarter and I'll pass it on. Thank you.

知道了。好的。非常感謝大家。再次祝賀本季度，我會將其傳遞下去。謝謝。

(Operator Instructions) Savi Syth, Raymond James.

（操作員說明）Savi Syth，Raymond James。

Hey, thanks for the follow-up. Just actually few. First, just following up on Andres' question, I realized that you have good ideas on partners and needs and things like that. When do you think some of those would be formalized and maybe announced in conjunction with your certification? Is that more like a second half 2024 timing or just curious as to when some of those get more finalized. I'm guessing you had to wait till some of your specs are finalized with the prototype.

嘿，謝謝你的跟進。其實只是很少而已。首先，在跟進安德烈斯的問題時，我意識到您對合作夥伴和需求以及類似的事情有很好的想法。您認為其中一些何時會正式化，並可能與您的認證一起宣布？這更像是 2024 年下半年的時間安排，還是只是好奇其中一些何時能最終確定。我猜你必須等到你的一些規格與原型一起最終確定。

Yes. Savi, good question. We've said all along this year that the first tranche of major suppliers. So if you recall that's propellers, electric motors, both the rotor and the pusher, pushers and the battery, really the energy solution. We consider them G0. That should be announced at the end of this quarter. Right behind that, you'll have the flight control computer.

是的。薩維，好問題。今年我們一直在講第一批主要供應商。因此，如果您還記得螺旋槳、電動機、轉子和推進器、推進器和電池，它們確實是能源解決方案。我們認為他們是G0。這應該在本季度末宣布。就在其後面，您將擁有飛行控制計算機。

Stein will help me out here, avionics, et cetera, which will follow shortly thereafter. So we really expect here, within the next 30 to 45 days, to nail down most of those. And we'll be prepared to announce who they are, Stein, anything you want to add to that?

斯坦因將在這裡幫助我，航空電子設備等等，這將在不久之後進行。因此，我們確實希望在接下來的 30 到 45 天內確定其中的大部分內容。我們將準備好宣布他們是誰，斯坦因，您還有什麼要補充的嗎？

Yes. It's pretty much the vast majority, but the main ones we are getting to the final stage of the selection process, as Gerry said, batteries and so on. But we do expect pretty much everything to be selected throughout this year. For next year, just some smaller items, things like interiors as well, cabins, airframes, and so on. So we have the vast majority of our aircraft covered and selected this year.

是的。這幾乎是絕大多數，但我們正在進入選擇過程的最後階段，正如格里所說，電池等是主要的。但我們確實預計今年幾乎所有內容都會被選中。明年，只有一些較小的項目，比如內飾、機艙、機身等。因此，我們今年覆蓋並選擇了絕大多數飛機。

And, Savi, again getting back to Andres' question and yours earlier, once we get those selections done and we launch into what Stein talked about this final joint development working out the systems of systems issues, that's why we really anticipate along with the accrued expenses and the prototypes and the supplier costs, that's why we expect the expenditures to ramp up as we go through the last two quarters of this year.

而且，薩維，再次回到安德烈斯和你之前的問題，一旦我們完成了這些選擇，我們就開始進行斯坦因所說的最終聯合開發，解決系統問題的系統，這就是為什麼我們真正期望與應計的費用、原型和供應商成本，這就是為什麼我們預計今年最後兩個季度的支出將會增加。

Makes sense. That was actually a super helpful answer. I was curious more on the first cities and the launch partners. When is -- but this is super helpful as well.

說得通。這實際上是一個非常有用的答案。我對首批城市和啟動合作夥伴更好奇。什麼時候——但這也非常有幫助。

Okay. No, these I think, as I said, we are in good shape. We do have a few cities that are likely to be the early ones. And when I say that, it's because both the operator -- by the end of the day, we are not the operator, so it is our customers. It's up to our customers to select in which market they will start. But we are able to bring together the customer, the community representatives of the city, the energy providers and infrastructure providers that will be looking at the vertiports, for example, to the same discussion.

好的。不，我認為，正如我所說，我們的狀況良好。我們確實有一些城市可能是最早的城市。當我這麼說時，是因為運營商——歸根結底，我們不是運營商，所以是我們的客戶。我們的客戶可以選擇他們要從哪個市場開始。但我們能夠將客戶、城市社區代表、能源供應商和基礎設施供應商聚集在一起，例如，他們將關注垂直起落機場，進行相同的討論。

And we do have a few cities in the pipeline. Stay tuned. That, we probably will be able to disclose before the final agreement with customers.

我們確實有幾個城市正在籌備中。敬請關注。這一點，我們可能會在與客戶達成最終協議之前披露。

Okay. Interesting. And then just one last question, I was curious regarding the urban ATM solution. The evolution of FAA's initial blueprint for air taxi operations, how does that compare to your expectations on the timing and need for that urban ATM solution that you're providing?

好的。有趣的。最後一個問題是，我對城市 ATM 解決方案感到好奇。 FAA 最初的空中出租車運營藍圖的演變與您對所提供的城市 ATM 解決方案的時間和需求的期望相比如何？

I think it's pretty in line. We're not talking about the overnight traffic management software, it applies for both the air navigation service providers, the PSUs, but also the vertiports, the operators. So all of them have applications. Some of them need to be certified. Some of them, they are more optimization software solutions really that do not require certification necessarily.

我覺得還蠻符合的我們談論的不是夜間交通管理軟件，它既適用於空中導航服務提供商（PSU），也適用於垂直機場（運營商）。所以它們都有應用。其中一些需要經過認證。其中一些實際上是更優化的軟件解決方案，不一定需要認證。

So that ones we do expect to have earlier on, one of the things we mentioned that we will have some deployment this year, right, that in terms of trials, we are, in the second half of this year, we're going to apply and have trials with parts of the software that will be in conditions for that already. We've done that last year in Chicago as well. We had trials there. We used our urban traffic management software too for trials and so on.

因此，我們確實希望早些時候能夠實現，我們提到的其中一件事是，我們今年將進行一些部署，對吧，就試驗而言，我們將在今年下半年，我們將應用並試用已經具備條件的軟件部分。去年我們在芝加哥也這樣做了。我們在那裡進行了試驗。我們也用我們的城市交通管理軟件進行了試用等等。

So some of the blocks, the building blocks, and the functionalities of the software might come even before what's going to be a final certified solution. But to your point, yes, we are not seeing anything different either on that side. There was a question -- early question on operations, segment operations. Actually, FAA is supposed to issue the startup, the conditions, end of this summer just to clarify a bit more on my last comment.

因此，軟件的某些模塊、構建模塊和功能可能會在最終經過認證的解決方案之前出現。但就你的觀點而言，是的，我們在這方面也沒有看到任何不同。有一個問題——早期關於運營、部門運營的問題。事實上，美國聯邦航空局應該在今年夏天結束時發布啟動條件和條件，只是為了進一步澄清我最後的評論。

They have already published the CONOPS last week. So far, it has been in line with the discussions we had before. That's not by coincidence. It's exactly this early engagement process that we keep track of everything that's going. We keep discussing. So when it comes, it doesn't come as a surprise.

他們上週已經發布了 CONOPS。到目前為止，這與我們之前的討論是一致的。這並非巧合。正是在這個早期參與過程中，我們跟踪了正在發生的一切。我們繼續討論。所以當它到來的時候，並不讓人感到意外。

Makes sense. Thank you very much.

說得通。非常感謝。

Marcelo Motta, J.P. Morgan.

馬塞洛·莫塔，摩根大通。

I have a couple of follow-ups in a sense, I mean, first if there is anything that you guys would like to comment about sales campaign. I mean, I know that the focus is more on getting the prototype up and running and also like the supplies, but just wondering if there is a possibility of seeing new orders or new partners maybe on the supply and selection that would come up to be added to the backlog.

從某種意義上說，我有幾個後續行動，我的意思是，首先，你們是否想對銷售活動發表任何評論。我的意思是，我知道重點更多地放在原型的啟動和運行上，也喜歡供應，但只是想知道是否有可能在供應和選擇上看到新訂單或新合作夥伴添加到待辦事項中。

And the second question is regarding liquidity. I mean, as I do mention, the company, you have very comfortable position until 2025, there is BNDES standby line, but just wondering if you guys have been looking for maybe another source of cheap funding, funds related to renewables, to EV, so if we could expect you guys continue to add more standby lines just to take advantage of the ramp-up of the company. Thank you.

第二個問題是關於流動性。我的意思是，正如我所提到的，該公司在 2025 年之前擁有非常舒適的地位，有 BNDES 備用線，但只是想知道你們是否一直在尋找另一個廉價資金來源，與可再生能源、電動汽車相關的資金，因此，如果我們可以期望你們繼續增加更多的備用線路，只是為了利用公司的發展優勢。謝謝。

On the first one, let me get the first one and then pass to Gerry and Edu. The short answer is, yes, even though the big focus, it is on getting a backlog we have and really streamlined operation, how it would be and so on. We might expect to see a few more orders that are strategic customers that we are working throughout this year.

第一個，讓我得到第一個，然後傳給 Gerry 和 Edu。簡短的回答是，是的，儘管重點是獲得我們的積壓工作並真正簡化操作，它會是什麼樣子等等。我們可能預計會看到更多訂單，這些訂單是我們今年一直在合作的戰略客戶。

We don't expect to put a lot of focus on just purely increase in the backlog, so it's more about strategic orders, strategic partners that can come along.

我們預計不會將太多注意力僅僅放在積壓訂單的增加上，因此更多的是戰略訂單和戰略合作夥伴的出現。

Edu, you want to? Yes, go ahead.

埃杜，你願意嗎？好，去吧。

Yes. With regard to funding, as we've talked about before, and Edu you can talk in detail, this year, we put ourselves in a very comfortable position. We can be, as you suggest opportunistic, and frankly if you have a source of cheap funding, as you're suggesting, we're certainly always open to brilliant ideas there. But our plan really is to consolidate where we're going with launch cities and launch customers and examine the pre-delivery payments that we talked about before, PDPs, and looking at the timing and the value of that cash flow, which can be fairly substantial.

是的。關於資金，正如我們之前討論過的，Edu你可以詳細討論，今年，我們把自己置於一個非常舒適的位置。正如您所建議的那樣，我們可以是機會主義的，坦率地說，如果您有廉價資金來源，正如您所建議的那樣，我們當然總是對那裡的絕妙想法持開放態度。但我們的計劃實際上是鞏固我們與啟動城市和啟動客戶的合作方向，並檢查我們之前討論過的交付前付款、PDP，並查看現金流的時間和價值，這可能是公平的重大的。

And when we get a good handle on that after the end of this year, we have a number of very significant options open to us with a pretty clean balance sheet and the ability with a $2 billion market cap to also leverage the capital markets if we'd like to.

當我們在今年年底後很好地處理這個問題時，我們將擁有許多非常重要的選擇，這些選擇具有相當乾淨的資產負債表，並且有能力以 20 億美元的市值利用資本市場，如果我們願意。

So Edu, you want to talk about that a little bit?

Edu，你想談談這個嗎？

And just to add one thing, Gerry, the short-term focus is really the standby facility with the Brazilian Development Bank, right? We still need to access that. We have $100 million there available for us. We are working to make sure we start to withdraw this money now in the beginning of the second half, so the big focus is to make sure we access the Brazilian Development Bank money that we already have available.

格里，補充一件事，短期重點實際上是巴西開發銀行的備用設施，對吧？我們仍然需要訪問它。我們有 1 億美元可供我們使用。我們正在努力確保我們在下半年開始就開始提取這筆錢，因此重點是確保我們能夠獲得巴西開發銀行現有的資金。

Perfect. Super clear. Thank you very much.

完美的。超級清晰。非常感謝。

Marvin Fong, BTIG.

馬文·方，BTIG。

Thank you. All of my questions were answered, actually. Thank you.

謝謝。事實上，我所有的問題都得到了解答。謝謝。

Thank you. That was the end of the questions. I'll turn the call back over to our speakers for any closing remarks.

謝謝。問題就這樣結束了。我會將電話轉回給我們的發言人，讓其發表結束語。

All right. Well, thank you all for attending. And as always, you can reach out to Lucio Aldworth, he'll be available for any follow-up questions you may have or any detailed information you may require. And we look forward to talking to you again in the not-too-distant future.

好的。好的，謝謝大家的出席。與往常一樣，您可以聯繫 Lucio Aldworth，他將隨時解答您可能遇到的任何後續問題或您可能需要的任何詳細信息。我們期待在不久的將來再次與您交談。

Thank you. This does conclude the conference.

謝謝。會議就此結束。

That's all right. Just to say goodbye then. But thanks for joining us today.

沒關係。那就只能說再見了。但感謝您今天加入我們。

Thank you. This does conclude the conference for today. We thank you for your participation and ask that you please disconnect your lines. Thank you, and have a good day.

謝謝。今天的會議到此結束。我們感謝您的參與，並請您斷開線路。謝謝你，有一個美好的一天。