Eve Holding Inc (EVEX) 2023 Q2 法說會逐字稿

Greetings and welcome to the Eve Air Mobility second-quarter 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 Eve Air Mobility 2023 年第二季財報電話會議。 （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 Mr. Lucio Aldworth, Director of Investor Relations. Thank you, Mr. Aldworth. You may begin.

現在我很高興向您介紹主持人投資者關係總監盧西奧·奧爾德沃斯先生。謝謝你，奧德沃斯先生。你可以開始了。

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 second-quarter 2023 earnings conference call. I have here with me co-CEOs, Jerry DeMuro and Andre Stein; as well as our CFO, Eduardo Couto. After their initial remarks, we are going to open the call for questions.

謝謝你，接線生。大家，早安。我是 Eve 投資者關係總監 Lucio Aldworth，我歡迎大家參加我們的 2023 年第二季財報電話會議。與我一起出席的還有聯合執行長 Jerry DeMuro 和 Andre Stein；以及我們的財務長 Eduardo Couto。在他們的初步發言之後，我們將開始提問。

We've got a deck with a few slides and additional information that is available in our website at ir.eveairmobility.com. So please feel free to download it and follow through the presentation. Let me first say that this presentation includes forward-looking statements or statements about events or circumstances that have not yet occurred. We base these statements largely on our current expectations and projections about future events and financial trends that are affecting our business and our future financial performance. These statements are subject to risks, uncertainties, assumptions including, among other things, general economic, political, and business conditions both in Brazil and in our markets.

我們提供了包含幾張投影片和其他資訊的簡報，可在我們的網站 ir.eveairmobility.com 上取得。因此，請隨意下載並完成演示。首先我要指出的是，本簡報包含前瞻性陳述或尚未發生的事件或情況的陳述。我們的這些陳述主要基於我們目前對影響我們業務和未來財務表現的未來事件和財務趨勢的預期和預測。這些陳述受到風險、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。

The words believe, may, will, estimates, continues, anticipates, intends, expects, and similar words are intended to identify forward-looking statements. And we undertake no obligation to update publicly or revise any statement because of new information, future events, or other factors. In light of these risks and uncertainties, the future events and circumstances discussed in this presentation might not occur. Our actual results could differ substantially from those anticipated in our forward-looking statements.

「相信」、「可能」、「將」、「估計」、「繼續」、「預期」、「打算」、「預期」等詞語以及類似詞語旨在識別前瞻性陳述。我們不承擔因新資訊、未來事件或其他因素而公開更新或修改任何聲明的義務。鑑於這些風險和不確定性，本簡報中討論的未來事件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有很大差異。

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, and good morning, and thank you to all for joining the call today.

謝謝盧西奧，早安，謝謝大家今天加入電話會議。

Over the past few months, we've continued to make meaningful progress on our eVTOL development and the other aspects of our overall business plan. As announced at the Paris Air Show, we progressed to the point in our optimization work that we have now defined what we consider to be the final aircraft configuration which is depicted here. And I'll talk a little bit more about the details of that configuration on the next slide.

在過去的幾個月裡，我們在 eVTOL 開發和整體業務計劃的其他方面繼續取得有意義的進展。正如在巴黎航展上宣布的那樣，我們的優化工作已取得進展，現在我們已經定義了我們認為的最終飛機配置，如下所示。我將在下一張投影片上詳細討論該配置的細節。

We've reached this point in our development program by applying the findings most recently from the wind tunnel testing and a whole suite of test rigs, which provide actual performance data to validate our simulations and predictive modeling. Stein will talk a little bit more about these tools that we've used in our development process a little later.

我們透過應用風洞測試和一整套測試裝置的最新發現，在我們的開發計劃中達到了這一點，這些測試裝置提供了實際性能數據來驗證我們的模擬和預測模型。 Stein 稍後將詳細討論我們在開發過程中使用的這些工具。

Importantly, we have now identified the suppliers as well for several long-lead aircraft subsystems. They include the electric motors, the energy and storage management systems, and the propellers. We plan to select and announce the providers for avionics, actuators, and flight control systems in the next few weeks. And then we will move on to the less time-critical elements through the balance of the year.

重要的是，我們現在也確定了幾個長週期飛機子系統的供應商。它們包括電動馬達、能源和儲存管理系統以及螺旋槳。我們計劃在未來幾週內選擇並宣布航空電子設備、執行器和飛行控制系統的供應商。然後我們將在這一年的剩餘時間內繼續討論時間要求不那麼嚴格的元素。

We also have some late-breaking news, which we'd like to talk about, and that is that the FAA has agreed to recognize the primary certification and a certificate process through ANAC, which will allow us to do the dual validation, which is so critical to our development program. We still expect that our certification basis will be approved by ANAC in this calendar year.

我們還有一些最新消息，我們想談談，那就是 FAA 已同意通過 ANAC 認可主要認證和證書流程，這將使我們能夠進行雙重驗證，即對我們的發展計劃至關重要。我們仍然期望我們的認證基礎能夠在今年獲得 ANAC 的批准。

I'd now like to talk a little bit more about the final design configuration as shown here on slide 3. It includes a new empennage fixed to the center booms that are then attached to the wings, providing a more robust physical structure. It also includes one pusher with dual motors or redundant motors and eight lifters, which benefits both weight and safety of the vehicle.

我現在想多談談幻燈片 3 中所示的最終設計配置。它包括固定在中心吊桿上的新尾翼，然後將其連接到機翼上，從而提供更堅固的物理結構。它還包括一個帶有雙馬達或冗餘馬達的推動器和八個升降器，這有利於車輛的重量和安全性。

The DNA of our simple lift and cruise design remains unchanged. It is designed for efficient and safe travel and targeting 99% of the urban missions. The cabin will continue to house up to four passengers and a pilot. We continue to make refinements in the cabin structure based on the mockup, which we unveiled to investors earlier this year and have taken on a worldwide tour to get customer and user feedback. Based on that feedback, we've made various enhancements including the baggage compartment, which we believe continues to be the best in class and is particularly adapted for airport downtown shuttle services.

我們簡單的電梯和巡航設計的 DNA 保持不變。它專為高效、安全出行而設計，針對 99% 的城市任務。機艙將繼續容納最多四名乘客和一名飛行員。我們繼續根據模型對機艙結構進行改進，該模型已於今年稍早向投資者公佈，並進行了全球巡迴演出以獲取客戶和用戶的反饋。根據這些回饋，我們進行了各種改進，包括行李艙，我們相信它仍然是同類中最好的，並且特別適合機場市中心的接駁車服務。

With our main suppliers known and specifications for those components defined, we can now start to assemble parts for our full-scale production prototype. We will begin assembly of that prototype by the end of the year and, in fact, have already started to cut components, and then we will begin the test campaign sometime next year.

在了解了我們的主要供應商並定義了這些組件的規格後，我們現在可以開始為我們的全面生產原型組裝零件。我們將在今年年底開始組裝原型，事實上，我們已經開始切割零件，然後我們將在明年某個時候開始測試活動。

Now moving to the next slide. We announced at the Paris Air Show the selection of several of our main suppliers, BAE for the energy management and energy storage systems, Duc for the propellers for both the pusher and the lifter, and Nidec Aerospace, which is a JV between Nidec Corporation and Embraer for the electric motors which will be bespoke for both the lifters and the pusher. As you may recall, selecting suppliers was one of the main milestones we established for 2023, and we continue to be on track with that milestone. And as I mentioned earlier, achieving this will allow us to start building our first prototype. And recently, we received tooling and began cutting material for the wings, and you will see that on the next slide.

現在轉到下一張投影片。我們在巴黎航展上宣布選擇幾家主要供應商，其中BAE 負責能源管理和儲能係統，Duc 負責推進器和升降機的螺旋槳，Nidec Aerospace 是日本電產株式會社和日本電產株式會社之間的合資企業。巴西航空工業公司為升降機和推進機定制電動機。您可能還記得，選擇供應商是我們為 2023 年制定的主要里程碑之一，並且我們將繼續朝著這一里程碑邁進。正如我之前提到的，實現這一目標將使我們能夠開始建立我們的第一個原型。最近，我們收到了工具並開始切割機翼的材料，您將在下一張幻燈片中看到這一點。

Last and certainly not least, I want to mention the announcement that we made last week regarding Johann Bordais joining Eve as our CEO effective September 1. Johann currently serves as the President and CEO of Embraer Services and Support, having built that organization from the ground up into a $1.3 billion global enterprise, which is one of Embraer's most successful businesses. So Johann is a well-known quantity and a perfect fit for this role.

最後也是同樣重要的一點，我想提一下我們上周宣布的關於Johann Bordais 加入Eve 擔任執行長的消息，該消息將於9 月1 日生效。Johann 目前擔任巴西航空工業公司服務與支援部門的總裁兼首席執行官，他是從頭開始建立該組織的成為價值 13 億美元的全球企業，這是巴西航空工業公司最成功的業務之一。所以約翰是一個眾所周知的人物，非常適合這個角色。

The Eve vision is to not only design and develop a groundbreaking aviation product as well as a global support network, it is also to develop a sustainable urban air mobility ecosystem that will literally transform urban transportation on a global basis. Achieving these ambitions will require an incredible amount of talent and innovation. Having accomplished our initial goals of establishing Eve as a public enterprise and bringing that enterprise into practice, we are now going to focus on the immense challenge in the next phase and have added a very talented and seasoned executive to complement the existing team.

Eve 的願景不僅是設計和開發突破性的航空產品以及全球支援網絡，而且是開發可持續的城市空中交通生態系統，從而真正改變全球的城市交通。實現這些雄心壯志需要大量的人才和創新。在實現了將Eve 打造為公共企業並將其付諸實踐的最初目標後，我們現在將重點關注下一階段的巨大挑戰，並增加了一位非常有才華且經驗豐富的高管來補充現有團隊。

This addition will also allow Stein, who will remain with Eve as our Chief Strategy Officer, to increase the leadership and focus on the diverse elements of operations, infrastructure, and regulation that are absolutely essential if we are going to make UAM a reality.

史坦因將繼續擔任Eve 的首席策略官，這項補充也將使史坦因能夠加強領導力，並專注於營運、基礎設施和監管的各種要素，如果我們要讓UAM 成為現實，這些要素是絕對必要的。

I will remain with the team through the end of October to support Johann's transition. And in parallel, Ken Ricky has announced his intentions to resign from the Board in October, and it is intended that I would replace him at that time. I would note this change in leadership is really taking place now versus later in the year so that we can ensure a seamless transition of responsibilities, and there is absolutely no rush moving forward.

我將留在團隊直至十月底，以支持約翰的過渡。同時，Ken Ricky 宣布打算在 10 月辭去董事會職務，屆時我將接替他。我要指出的是，領導層的這種變化實際上是在現在而不是今年晚些時候發生的，這樣我們就可以確保職責的無縫過渡，而且絕對不急於向前推進。

Now I would like to ask Stein to provide you more details on other important developments in the last quarter.

現在我想請斯坦因向您提供有關上季度其他重要進展的更多詳細資訊。

Thanks, Gerry. We are excited to announce that we have just celebrated the completion of the first carbon fiber laminate material for our first eVTOL prototype, as we plan to start assembling it now in the second half of the year. We continue to make important advancements in our development process. We continue to work in our dedicated rigs to test different modern propeller configurations under different conditions. This also uses stress test and measure vibration in the entire system, sound profile, and other metrics.

謝謝，格里。我們很高興地宣布，我們剛剛慶祝了我們的第一個 eVTOL 原型的第一種碳纖維層壓材料的完成，因為我們計劃在今年下半年開始組裝它。我們在開發過程中持續取得重要進展。我們繼續在專用設備中工作，在不同條件下測試不同的現代螺旋槳配置。它還使用壓力測試並測量整個系統的振動、聲音輪廓和其他指標。

We also built and we are running a truck mountain rig that is designed to travel down the runway and simulate the act of vibration and the aerodynamic drag of the rotors under real-life conditions. And it is used to validate and refine our modeling of rotor performance.

我們還建造並正在運行卡車山地鑽機，該鑽機旨在沿著跑道行駛並模擬現實條件下轉子的振動行為和空氣動力阻力。它用於驗證和完善我們的轉子性能建模。

And lastly, we are also employing a series of additional rigs for batteries and motor as well as thermal management tests that permit extensive independent testing of discrete subsystems. Again, this is part of our testing protocol in which to test different components separately and allowing for a quick and relatively inexpensive development process. We can easily swap parts and change component configurations on to find our optimal solution. This would be not possible had we already committed to a prototype plan.

最後，我們還採用了一系列用於電池和馬達以及熱管理測試的附加裝置，允許對離散子系統進行廣泛的獨立測試。同樣，這是我們測試協議的一部分，其中單獨測試不同的組件並允許快速且相對便宜的開發過程。我們可以輕鬆更換零件並更改組件配置，以找到最佳解決方案。如果我們已經致力於原型計劃，這是不可能的。

Now on to slide 6. Perhaps as importantly, we selected a few weeks ago where our initial factory will be in Brazil. We had announced it last year after extensive studies of Porsche Consulting to define and optimize our industrialization strategy that our initial facility to be in Brazil. And now we define the site in Taubate in the state of Sao Paulo. We are going to expand one of Embraer units, and the image shows the red existing building. The site is strategically important with easy access to major highways and the railway. It is also close to Embraer's and Eve's headquarters in Sao Jose dos Campos, and our development teams, and other human resources.

現在轉到幻燈片 6。也許同樣重要的是，我們在幾週前選擇了我們最初的工廠將設在巴西。經過保時捷顧問公司的廣泛研究，我們在去年宣布了這一消息，以定義和優化我們的工業化策略，我們的初始工廠將設在巴西。現在我們將站點定義在聖保羅州的陶巴特。我們將擴建巴西航空工業公司的其中一個單位，圖片顯示了現有的紅色建築。該地點具有重要的戰略意義，可輕鬆前往主要高速公路和鐵路。它也靠近巴西航空工業公司和 Eve 位於聖若澤杜斯坎普斯的總部以及我們的開發團隊和其他人力資源。

We believe this will facilitate the development and sustainability of new production process and reinforce our agility and competitiveness. On top of that, this will be a cost-efficient way to maximize synergies with product development and experience and resources of Embraer.

我們相信這將促進新生產流程的開發和永續性，並增強我們的敏捷性和競爭力。最重要的是，這將是一種經濟高效的方式，可以最大限度地發揮與巴西航空工業公司產品開發、經驗和資源的協同效應。

Slide 7 shows that we currently have what we believe to be the largest and most diversified backlog by a number of customers and regions in the industry today. In total, we have announced that the LOIs for 2,850 aircraft from 28 different customers spread over 14 countries and different business from mainlines to regional airlines to helicopter operators, ride-sharing platform, and leasing companies.

投影片 7 顯示，我們認為目前業界許多客戶和地區的積壓訂單規模最大、最多元化。我們總共宣布了來自 28 個不同客戶的 2,850 架飛機的意向書，這些客戶遍布 14 個國家，業務範圍涵蓋幹線航空公司、支線航空公司、直升機運營商、共乘平台和租賃公司。

We also have LOIs to offer our Urban Air Traffic Management systems from nine customers, not to mention our portfolio of services and operation solutions that is an integral part of Urban Air Mobility Solutions and our discussions with our customers. 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.

我們也向九家客戶提出了提供城市空中交通管理系統的意向書，更不用說我們的服務和營運解決方案組合，這是城市空中交通解決方案以及我們與客戶討論的一個組成部分。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。

We believe this pipeline offers strong long-term revenue visibility and will help Eve to smooth cash flow consumption in the years to come as we start to convert the existing letter of intentions into firm orders and collect predelivery payments known as PDPs. Beyond that, we are developing a strong network of partners in areas such as infrastructure and energy to address one of the largest challenges ahead of urban mobility, which is to create a whole new ecosystem besides simply developing an aircraft.

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的意向書轉換為確定訂單並收取稱為 PDP 的預交付付款。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，以解決城市交通面臨的最大挑戰之一，即除了簡單地開發飛機之外，還要創建一個全新的生態系統。

As part of this effort, we started to announce, together with our customers, our focus cities where we will be accelerating these efforts: San Francisco with United Airlines in US and Rio with Helisul in Brazil, more to come on that front as well.

作為這項努力的一部分，我們開始與客戶一起宣布我們將加速這些努力的重點城市：舊金山與聯合航空在美國，裡約與Helisul在巴西，還有更多這方面的工作。

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。

Thanks, Stein. Now moving to slide 8. It is a preoperational company, and our financial results reflect mostly the costs associated with the development of our eVTOL.

謝謝，斯坦因。現在轉到投影片 8。這是一家試營運公司，我們的財務表現主要反映了與我們的 eVTOL 開發相關的成本。

Starting with income statement highlights, we invested almost $22 million during the second-quarter 2023 in our program development versus $10 million a year ago. The majority was invested to develop our eVTOL and a portion in service and support solutions in the Urban Air Traffic Management system.

從損益表重點開始，我們在 2023 年第二季在專案開發上投資了近 2,200 萬美元，而一年前為 1,000 萬美元。大部分投資用於開發我們的 eVTOL，部分投資用於城市空中交通管理系統的服務和支援解決方案。

In addition to development expenses, we also deployed $7 million in SG&A this quarter compared to $16 million last year. Important to say, last year, we had several IPOs and other nonrecurring expenses. Excluding that, our SG&A expenses are actually growing as we increased our corporate structure together with the program development.

除了開發費用外，本季我們還部署了 700 萬美元的 SG&A，而去年為 1,600 萬美元。重要的是，去年我們進行了多次首次公開募股和其他非經常性支出。排除這一點，隨著我們擴大公司結構和專案開發，我們的銷售管理費用實際上正在增​​長。

Eve also reported around $7 million in noncash expenses related to the mark-to-market of our warrants as our shares went up during the quarter, and we also had $4 million in financial revenues during the second quarter, mostly due to the financial return of invested cash as interest rates are higher. We have a very conservative financial policy, keeping our money invested in short-term deposits with [big banks] With that, we reported a net loss of $31 million in the second quarter of 2023.

Eve 還報告稱，隨著我們的股價在本季度上漲，與我們的認股權證按市值計價相關的非現金費用約為700 萬美元，第二季度我們還有400 萬美元的財務收入，主要是由於投資現金，因為利率較高。我們有非常保守的財務政策，將資金投資於[大銀行]的短期存款。因此，我們在 2023 年第二季淨虧損 3,100 萬美元。

Now moving to cash flow. Our operations consumed $28 million in the quarter versus $20 million last year, mostly driven by the higher R&D expenses in the agreement with Embraer for the eVTOL development. In total, our cash consumption in the first six months of the year was $48 million. This is more than twice the $22 million of the first semester of 2022. This increase was already expected and shows Eve's higher R&D efforts.

現在轉向現金流。本季我們的營運消耗了 2,800 萬美元，而去年為 2,000 萬美元，這主要是由於與巴西航空工業公司就 eVTOL 開發協議中的研發費用增加所致。今年前六個月我們的現金消耗總計為 4,800 萬美元。這是 2022 年第一季 2,200 萬美元的兩倍多。這一增長已經在預期之內，也顯示了 Eve 更高的研發力度。

With that, we ended the second quarter with $269 million in cash, but when we consider the standby credit line from the Brazilian Development Bank of around $100 million that we are going to start to access now in September, our total liquidity exceeds $370 million, and it's enough to fund our operations into 2025.

這樣，我們第二季末的現金為 2.69 億美元，但考慮到我們將於 9 月開始獲得巴西開發銀行約 1 億美元的備用信貸額度，我們的總流動資金超過 3.7 億美元，這足以為我們2025 年的營運提供資金。

Finally, slide 9 summarizes our short-term milestones, and we want to reaffirm our commitment. As mentioned before, we concluded the first two milestones selecting primary suppliers for critical components of our aircraft and freezing the configuration of our eVTOL.

最後，投影片 9 總結了我們的短期里程碑，我們希望重申我們的承諾。如前所述，我們完成了前兩個里程碑，為我們的飛機關鍵部件選擇了主要供應商，並凍結了我們的 eVTOL 的配置。

We have also started to manufacture some of the individual components of our first prototype and should begin to assemble these individual parts later this year. With that, we plan to initiate the test campaign next year. We also continue to work in the trial software of our urban air traffic management system.

我們也開始製造第一個原型的一些單獨零件，並應在今年稍後開始組裝這些單獨零件。因此，我們計劃明年啟動測試活動。我們也持續進行城市空中交通管理系統的試用軟體工作。

Lastly, we reaffirmed our total cash consumption between $130 million and $150 million in 2023, which is a result of all our development efforts.

最後，我們重申2023年的現金消耗總額在1.3億至1.5億美元之間，這是我們所有發展努力的成果。

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

我們的發言到此結束，我想開始提問。接線員，請繼續。

(Operator Instructions) Savi Syth, Raymond James.

（操作員說明）Savi Syth，Raymond James。

This is Matt filling in for Savi. First, congrats to Stein and Gerry alike in leaving the company thus far in their new roles. And Gerry, I believe this will be your last call, if my calendar is correct. So thank you for all the knowledge along the way, and we have really enjoyed speaking with you. That being said, for my questions, with the aircraft configuration now set, do you have any early thoughts on what the aircraft performance, specifications, and production or operating costs will look like or is that more of the event after you finalize more of the suppliers?

我是馬特 (Matt) 接替薩維 (Savi)。首先，恭喜 Stein 和 Gerry 離開公司擔任新職務。格里，如果我的日曆正確的話，我相信這將是你的最後一次通話。感謝您一路以來所提供的所有知識，我們非常高興與您交談。話雖這麼說，對於我的問題，隨著飛機配置現已確定，您對飛機的性能、規格以及生產或運營成本會是什麼樣子有什麼早期想法嗎？供應商？

Good question, Matt. First, thank you for that on behalf of Stein as well, and I'll turn it over to him. We are still targeting those same high-level numbers that we've been advertising since inception, roughly the 100-kilometer range, et cetera. So I'll pass it over to Stein for a little more detail, if you like.

好問題，馬特。首先，我也代表史坦因感謝您，我會轉交給他。我們仍然以自成立以來一直宣傳的那些高水準數字為目標，大約是 100 公里範圍，等等。如果您願意的話，我會將其轉交給 Stein 以獲取更多詳細資訊。

Absolutely. But that is the message. We are on track and now with more confidence that the goal is set for the aircraft are feasible. We are talking about 100 kilometers 60 miles of maximum range. We are talking about pilot for four passengers with their carry-on on board. So that's all in good place, and we are moving forward to that. So there was no change. The configuration is closed now. We have been working with it for a while.

絕對地。但這就是訊息。我們已步入正軌，現在更有信心為飛機設定的目標是可行的。我們談論的是 100 公里 60 英里的最大航程。我們正在談論的是四名攜帶隨身行李登機的乘客的飛行員。所以一切都很好，我們正在朝著這個方向前進。所以沒有任何變化。配置現已關閉。我們已經使用它有一段時間了。

We just opened and closed as we select the motors. So that also gives us more comfort to talk about it with an actual supplier in place. That makes a lot of difference, both for the motors and for the batteries. So we keep on moving with the confidence that we are on the right track.

我們只是在選擇電機時打開和關閉。因此，這也讓我們更放心地與實際供應商討論這個問題。這對於馬達和電池來說都有很大的不同。因此，我們堅信自己走在正確的軌道上，繼續前進。

Okay, great. That makes sense. And then maybe for Edu or whoever may want to take it. Now with more of the main suppliers selected, are you able to discuss at a high level on how those agreements are set up and when we could expect certain deliverables and payment timing to hit?

好的，太好了。這就說得通了。然後也許對於 Edu 或任何想要接受它的人來說。現在選擇了更多的主要供應商，您是否能夠在高層討論如何制定這些協議以及我們何時可以預期某些可交付成果和付款時間？

Yes, as you mentioned, right, Matt, we signed the primary suppliers, right? We are finalizing some other key components in the short term. Those are, of course, long negotiations, right? They may require some payments from the lead side. But those payments are highly connected with the eVTOL development, right.

是的，正如你所提到的，對吧，馬特，我們簽署了主要供應商，對吧？我們正在短期內敲定其他一些關鍵組件。當然，這些都是漫長的談判，對嗎？他們可能需要牽頭方支付一些費用。但這些付款與 eVTOL 的開發密切相關，對吧。

We pay part of the development from some suppliers, and this payment is connected to the different phases of the development, right. The more we progress or as we advance, we do those payments. All of that is already included in our short-term forecast. And we feel comfortable with the cash level we have that we plenty of cash for, I would say, way into 2025.

我們向一些供應商支付部分開發費用，這筆付款與開發的不同階段有關，對吧。我們進步得越多，或隨著我們進步，我們就會支付這些款項。所有這些都已包含在我們的短期預測中。我們對我們擁有的現金水準感到滿意，我想說，到 2025 年我們都有足夠的現金。

Okay, that makes sense. So basically, no real non-recurring cost timing or lumpiness that we should really consider more as you progress?

好吧，這是有道理的。所以基本上，沒有真正的非經常性成本時間或塊狀性，我們應該在您的進步中真正考慮更多？

Matt, I think just to highlight what Edu said, if you look at our cash burn in the first half versus the second half, there is an increase in the second half, and that is directly attributable in a major way with now stepping up the development program with the vendors, supplier payments. The product deliveries really won't be until well into next year. So that is really one of the main reasons why you see the increase in the cash second half over first half.

馬特，我想強調一下埃杜所說的，如果你看看我們上半年和下半年的現金消耗情況，下半年就會有所增加，這在很大程度上直接歸因於現在加強與供應商制定方案，供應商付款。產品交付實際上要到明年才能完成。因此，這確實是下半年現金比上半年增加的主要原因之一。

The second issue, which we are working very aggressively to manage cash is the beginning of the industrialization of the Taubate site, as Stein alluded to. So they are the main drivers there, but payments related to product really will be more in next year than this year. We are still developing.

正如史丹所提到的，我們正在非常積極地管理現金的第二個問題是陶巴特工廠工業化的開始。因此，它們是那裡的主要驅動力，但明年與產品相關的付款確實會比今年更多。我們仍在發展中。

And Matt, if I can complement your question, I didn't mention about the operational costs that you also asked. So like with the performance, the selection of the suppliers and the fees in the configuration help us to be comfortable that when it comes to cash operational costs, how much you are going to cost to operate the aircraft.

馬特，如果我可以補充你的問題，我沒有提到你也問的營運成本。因此，與性能一樣，供應商的選擇和配置費用有助於我們在現金運營成本方面感到放心，即運營飛機的成本是多少。

And our internal analysts put us with a clear advantage against the competitors, at least double-digit advantage when it comes to cash operational costs. And again, with the suppliers, the performance as well as even the cost of goods sold becomes more mature. And we believe we are like with the performance in the right track towards that as well.

我們的內部分析師認為我們相對於競爭對手有明顯的優勢，在現金營運成本方面至少有兩位數的優勢。再一次，對於供應商來說，性能甚至銷售成本都變得更加成熟。我們相信，我們的表現也正朝著這個目標邁進。

Cai von Rumohr, TD Cowen & Co.

Cai von Rumohr，TD Cowen & Co.

Gerry and Stein, great work. So as for suppliers in air transport programs, it is not unusual to have pay-to-play provisions so that the suppliers contribute to the development and that sometimes they get paid after the articles are actually delivered to end customers. I know you are not going to talk about individual agreements. But just philosophically, can you give us a little more color on how those agreements are structured and what they imply in terms of cash contributions from suppliers and cash flows?

格里和斯坦，幹得好。因此，對於航空運輸專案的供應商來說，付費條款並不罕見，這樣供應商就可以為開發做出貢獻，有時他們會在物品實際交付給最終客戶後獲得報酬。我知道您不會談論個人協議。但從哲學角度來說，您能否給我們更多關於這些協議的結構以及它們對供應商現金貢獻和現金流的影響？

So I will give a very high level, Cai. The typical launch assistance, we are staying away from that. But these agreements are very comprehensive. They cover the development phase, the production phase. And to-date, each of them addresses the aftermarket and how we will manage the support to the aircraft and customers after that. But other than that, though, the development in production are set up pretty traditionally, as you might in any product manufacturing and little, if any, real, what I would call, launch assistance.

所以我會給蔡一個非常高的評價。典型的發射援助，我們遠離它。但這些協議非常全面。它們涵蓋開發階段、生產階段。到目前為止，它們都涉及售後市場以及我們將如何管理對飛機和客戶的支援。但除此之外，生產開發的設置非常傳統，就像在任何產品製造中一樣，幾乎沒有（如果有的話）真正的，我所說的啟動援助。

Stein, do you want to expand on that at all?

Stein，你想進一步闡述嗎？

I think you touched the main points, but the rationale here is not to get any surprise in the aftermarket. So we are really cautious on how we are setting that deal. So we can deliver back to the previous questions, aircraft that is the leader in the market when it comes to cash operational costs. So there is always a trade-off there, and we are very savvy about it. Given our own experience from previous programs with something that we do bring from the [mother] company, right?

我認為你觸及了要點，但這裡的理由是不要在售後市場上得到任何驚喜。因此，我們對於如何達成這筆交易非常謹慎。因此，我們可以回到先前的問題，就現金營運成本而言，飛機是市場上的領導者。因此，總是需要進行權衡，我們對此非常了解。鑑於我們從先前的專案中獲得的經驗以及我們確實從[母]公司帶來的東西，對嗎？

And I think you mentioned, Stein, you think you have an operating -- cash operating cost advantage versus the competitors. Can you expand on that a little bit why roughly what range of magnitude that might be?

我想你提到過，史坦因，你認為與競爭對手相比，你擁有營運現金營運成本優勢。能詳細說明一下為什麼大概的幅度範圍可能是多少嗎？

Sure. So what is the rationale behind it? Our simple design, there is a reason why we decided to go, so avoiding complexities that increased maintenance costs, for example, our performance being tailored towards urban and mobility, there is no free lunch. You want to fly farther and faster, that comes at a cost. So when you add this simplicity of design, there is a performance base that aircraft as well that you care were designed for a given mission.

當然。那麼背後的原理是什麼呢？我們簡單的設計，是有我們決定去的原因，所以避免了增加維護成本的複雜性，例如，我們的性能是針對城市和流動性量身定制的，沒有免費的午餐。你想飛得更遠更快，這是有代價的。因此，當您添加這種簡單的設計時，就會有一個性能基礎，您所關心的飛機也是為特定任務而設計的。

You add our understanding of design for maintainability, designing for manufacturing, and even how we are talking with our suppliers and assuring that you have a competitive aircraft. Then when you do our own internal analysis and compare what you would be if you were doing a different aircraft. And we have done that since the beginning, right. We look at different trade-offs in terms of adding tilts or increasing the complexity.

您可以添加我們對可維護性設計、製造設計，甚至我們如何與供應商交談並確保您擁有一架有競爭力的飛機的理解。然後，當您進行我們自己的內部分析並比較如果您使用不同的飛機時會是什麼樣子。我們從一開始就這樣做了，對吧。我們在增加傾斜或增加複雜性方面考慮不同的權衡。

If you look at that and the final conclusion we got that we are on the right track to create that differentiation. It will vary from operator to operator, maybe in some case 10%, some case 15%, some case could be a bit less. But there is a clear advantage there given, again, the simplicity of design, our design for maintainability, our know-how, designing and building aircraft towards that.

如果你看看這一點以及我們得到的最終結論，我們就走在創造差異化的正確軌道上。不同的業者會有所不同，可能在某些情況下為 10%，在某些情況下為 15%，在某些情況下可能會少一些。但這裡有一個明顯的優勢，再次考慮到設計的簡單性、我們的可維護性設計、我們為此設計和製造飛機的專業知識。

Keep in mind that the main -- one of the main points for any regional aircraft is exactly that philosophy, how you are designed for the mission and assuring that you have a reliable aircraft, which helps with increased utilization that also helps reducing the operational cost at a lower cost of operation, keeping the user experience in mind as well. So that's how you are reaching that.

請記住，任何支線飛機的要點之一正是這一理念，即如何為任務而設計並確保您擁有一架可靠的飛機，這有助於提高利用率，也有助於降低運營成本以較低的營運成本，同時也考慮到用戶體驗。這就是你實現這一目標的方式。

Terrific. And one other one. So with Johann joining, you get bring additional support expertise. And I think you are different than your competitors, and you have much more focus on offering support and service. I think your initial IPO plans called in 2030, roughly 45% of revenues would come from service and support. Can you give us any color in terms of -- because you are going to be slower to -- or after your competitors in terms of entry into service, how you intend on building up the support effort? And I assume that's going to be the earliest revenues that you will recognize.

了不起。還有另外一件。因此，隨著 Johann 的加入，您將獲得額外的支援專業知識。我認為你們與競爭對手不同，你們更注重提供支援和服務。我認為你們最初的 IPO 計劃是在 2030 年，大約 45% 的收入將來自服務和支援。您能否向我們透露您打算如何加強支援工作，因為您在進入服務方面會比您的競爭對手慢一些？我認為這將是您最早認識到的收入。

Cai, I will probably turn it over to Stein. I'm not sure we accept your characterization that we will be substantially behind others. There is quite a bit to be accomplished, as you well know, to get these products through certification and then actually in operations. And without mentioning a specific competitor, when you look at their business plan, it's for two handfuls of these products to be delivered in the first couple of years. So I'm not sure that material difference is going to exist.

蔡，我可能會把它交給史坦因。我不確定我們是否接受您的描述，即我們將大大落後於其他國家。如您所知，要使這些產品通過認證並實際投入運營，還有很多工作要做。在不提及具體競爭對手的情況下，當你查看他們的商業計劃時，你會發現其中的兩種產品將在前幾年內交付。所以我不確定是否會存在實質差異。

Having said that, I think you are exactly right that this team with this experience supporting aircraft around the world is focused on that part of the role. And Stein has been very, very involved with the teams. He mentioned the launch cities. Quite a bit of planning is going into that. And it is also one of the reasons why we are bringing on the level of expertise that we are. Stein?

話雖如此，我認為你是完全正確的，這個擁有支援世界各地飛機經驗的團隊專注於這部分角色。史坦因非常非常積極地參與團隊的工作。他提到了發射城市。為此我們做了相當多的計劃。這也是我們提升專業水準的原因之一。史坦因？

Again, I think you touched all the main points. But first of all, I completely agree that you have to be seen that we are coming after our competitors or not. And also the ramp-up plan that, in our case, it's sound. So it's not extreme that we're going to deliver thousands of aircraft in the first year. But at the same time, we are going to deliver enough aircraft to really create a good position for us in terms of market share. That's the plan.

再說一次，我認為你觸及了所有要點。但首先，我完全同意，你必須看到我們是否正在追趕我們的競爭對手。就我們而言，還有一個合理的提升計劃。因此，我們在第一年交付數千架飛機並不極端。但同時，我們將交付足夠的飛機，以真正為我們在市場份額方面創造良好的地位。這就是計劃。

When it comes to service and operational solutions, beyond the experience, the assets we have with existing infrastructure, how we are overlapping and combining that with the discussions of the initial cities where you can deliver type of infrastructure preexists from Embraer structure partnerships and so on. Remember, that can help us do that without an incredible amount of CapEx in the beginning.

當涉及服務和營運解決方案時，除了經驗之外，我們在現有基礎設施方面擁有的資產，我們如何將其與可以透過巴西航空工業公司結構合作夥伴關係交付預先存在的基礎設施類型的初始城市的討論相重疊和結合等等。請記住，這可以幫助我們在開始時無需投入大量資本支出即可實現這一目標。

That again, it is a clear differential that you always mentioned since the beginning that to achieve that network that pre-existing network from Embraer, it would take us -- if we were to do it from scratch, it will take us decades and hundreds of millions of dollars in terms of investment.

再說一次，這是一個明顯的區別，您從一開始就一直提到，要實現巴西航空工業公司預先存在的網絡，我們需要花費數十年和數百年的時間。就投資而言，達數百萬美元。

So we definitely have an edge there, and we had a lot of lessons learned on how to deliver to. And now with Johann coming, Johann has been running that organization since its creation actually on the beginning. A lot of expertise on that area, too.

所以我們在這方面絕對有優勢，並且我們在如何交付方面學到了很多經驗教訓。現在隨著約翰的到來，約翰實際上從一開始就一直在管理該組織。在該領域也有很多專業知識。

Jonathan Koutras, J.P. Morgan.

喬納森·庫特拉斯，摩根大通。

Now that we have primary suppliers named and the test campaign will begin early next year, when should we expect LOIs that compose of a significant backlog be converted into from motors? Is this something we can expect once the prototype is completed, so mid to late next year? Or am I thinking about it wrong?

既然我們已經指定了主要供應商，並且測試活動將於明年初開始，那麼我們什麼時候可以預期將大量積壓訂單中的意向書從電機轉化為汽車呢？一旦原型完成，即明年中後期，我們是否可以期待這一點？還是我想錯了？

If I may, Gerry. The two things are not directly related. That definition is more related to us maturing the development of the aircraft, something we said from the beginning. Us doing the things on the right orders in terms of prototypes and so on, not flying too early just to show to the market. So that is one track.

如果可以的話，格里。這兩件事沒有直接關係。這個定義與我們使飛機的開發更加成熟有關，這是我們從一開始就說過的。我們在原型等方面按照正確的順序做事，而不是為了向市場展示而過早飛行。這是一首曲目。

When it comes to that confirmation, it is exactly the work we are doing now on really getting this backlog we have and working for our customers to better understand their business case, where the craft will be deployed, what type of infrastructure needs to be there, what you need from our program as well, the confirmation we are having now with supplier selection. That's a very key milestone because that allow us to have the right visibility in terms of both performance and costs, as we mentioned before. So these are the key drivers for us to really start in converting this backlog in real orders and real deals.

當涉及到確認時，這正是我們現在正在做的工作，真正獲得我們所擁有的積壓工作，並幫助我們的客戶更好地了解他們的業務案例，工藝將部署在哪裡，需要什麼類型的基礎設施，您也需要從我們的計劃中獲得什麼，我們現在正在與供應商選擇進行確認。這是一個非常重要的里程碑，因為這使我們能夠在性能和成本方面擁有正確的可見性，正如我們之前提到的。因此，這些是我們真正開始將積壓訂單轉化為實際訂單和實際交易的關鍵驅動力。

Gerry, not sure if you want to comment anything else there?

Gerry，不確定您是否想發表其他評論？

No, I think you are exactly right. While the two are not necessarily contingent on the other. The timeframe that you mentioned is probably realistic. And the priority, as Stein said, will be first with our launch city and launch customers to convert them, and then we'll move through the balance of the backlog.

不，我認為你是完全正確的。雖然兩者不一定取決於對方。您提到的時間表可能是現實的。正如史丹所說，首要任務是先讓我們的發布城市和發布客戶進行轉換，然後我們將處理積壓的餘額。

We are working right now to fill the first two years of production slots. So they will be the priorities as we move through the first half of next year. And by that point, I think you'll see some of those early ones converted, and then we'll move through the balance.

我們現在正在努力填補前兩年的生產空缺。因此，它們將成為我們明年上半年的優先事項。到那時，我想你會看到一些早期的轉變，然後我們將實現平衡。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Congratulations, guys. So I just wanted to talk about suppliers again and just the configuration of the eVTOL. As you point out on slide 3, you've made some finalizations and refinements. Maybe can you point out to us what was the most significant? And then what's left, if anything, on the configuration or this is final?

恭喜你們，夥伴們。所以我只想再談一次供應商以及 eVTOL 的配置。正如您在投影片 3 中指出的那樣，您已經進行了一些最終確定和改進。也許您能給我們指出最重要的是什麼？那麼配置上還剩下什麼（如果有的話）或者這是最終的？

Good question, Sheila. It just so happens we have with us today our Chief Technology Officer. But I think Stein can probably give you a pretty high level. We expect some further refinements, though, as we go along. We still have another set of wind tunnel test at least on the horizon, and we mentioned these test rigs. So there may be some minor tweaking of the wing, et cetera.

好問題，希拉。碰巧我們今天有我們的首席技術長。但我認為史丹可能會給你一個相當高的水平。不過，隨著我們的進展，我們預計會有一些進一步的改進。我們至少即將進行另一組風洞測試，我們提到了這些測試裝置。所以可能會對機翼等進行一些細微的調整。

Stein, do you want to talk to that?

史坦因，你想談談嗎？

Sure. It is the configuration, so where the pusher is, what do you actually see? That's what is defined. We've been working towards that for a while now, what we've done in Paris was just to disclose it. And we timed that together with the selection of the -- particularly the motors. So we could assure, okay, there is a real offer there for us to move ahead of that. So we don't expect anything that is really visible. But we are fine tuning the shape of the wing, the shape of the blades of the propellers, the interactions of the systems, the noise profile of the aircraft, the sound profile of the aircraft, and tweaking these interactions.

當然。這是配置，那麼推送器在哪裡，您實際上看到了什麼？這就是定義的內容。我們已經為此努力了一段時間，我們在巴黎所做的只是披露這一點。我們將這一點與選擇——特別是電機——一起進行了計時。所以我們可以保證，好吧，有一個真正的報價可以讓我們提前實現這一目標。所以我們並不期望有任何真正可見的東西。但我們正在微調機翼的形狀、螺旋槳葉片的形狀、系統的相互作用、飛機的噪音分佈、飛機的聲音分佈，並調整這些相互作用。

But visually, you won't see and we don't expect any change in anything that is visually different really other than the fine tuning of the controllers, the human machine interface as well, how exactly the cockpit will be interacting with future pilots and users to really refine that to optimize the battery consumption. So that is ongoing. This level of refinement already with the suppliers on board, that it is part of this phase of the project.

但在視覺上，你不會看到，我們也不期望任何視覺上不同的東西發生任何變化，除了控制器、人機介面的微調、駕駛艙將如何與未來的飛行員互動以及用戶需要真正改進它以優化電池消耗。所以這是持續進行的。這種程度的細化已經得到了供應商的認可，這是該專案此階段的一部分。

But we don't expect to see any change that can actually visually perceived in terms of aircraft other than details on the shape. We really need to go -- we need this to be engineered and go and deep dive on the details of it to see any future difference there. But the configuration as a whole is set. That was part of the finalization of the current phase of the development.

但除了形狀細節之外，我們預計飛機不會出現任何實際視覺上可感知的變化。我們真的需要去——我們需要對其進行設計，並深入研究它的細節，以了解未來的任何差異。但整體配置已經確定。這是當前開發階段最終確定的一部分。

Got it. And then on the suppliers, were they all competitive wins that you guys put out RFPs for? So a little bit to Cai's question. And do they already have these products on any other eVTOL?

知道了。那麼對於供應商來說，他們都是你們提出 RFP 的競賽贏家嗎？那就稍微回答一下蔡老師的問題。他們是否已經在其他 eVTOL 上擁有這些產品？

Absolutely. They were all completed. There was a very large funnel and an eventual down selection process to the final vendors. And frankly, I think as you have found with the other and speaking with the other eVTOL manufacturers, virtually every one of these solutions is bespoke to that particular aircraft, its configurations, and its performance requirements.

絕對地。他們都完成了。有一個非常大的漏斗和最終供應商的最終選擇過程。坦白說，我認為正如您在與其他 eVTOL 製造商交談時發現的那樣，幾乎所有這些解決方案都是針對特定飛機、其配置及其性能要求量身定制的。

Stein, do you want to add anything to that?

Stein，你想補充什麼嗎？

No, no, I think you said it all. We are on the right track on that, too.

不，不，我想你已經說完了。我們在這方面也走在正確的軌道上。

Austin Moeller, Canaccord.

奧斯汀·莫勒，Canaccord。

So just my first question here. What issues do you think other eVTOL OEMs will have in maintaining their aircraft once delivered to customers relative to Eve, which has access to Embraer's global MRO shops and supply chain?

這只是我的第一個問題。您認為其他電動垂直起降原始設備製造商在將飛機交付給客戶後，相對於 Eve（可進入巴西航空工業公司的全球 MRO 商店和供應鏈）而言，在維護方面會遇到哪些問題？

So Gerry, if I may start. There are a lot of issues related to logistics, to managing the initial provision lease of materials, for example, the parts, having the CapEx in place even for the physical locations that we have earlier access not only on the existing infrastructure, as I mentioned, but even on the experience of understanding what comes first, so what you need to target first. And logistics is one good example of that, particularly in a market like that, that will be - that will happen at city level. It's not like these aircraft will be able to fly cross country to go to a different MRO. So we really need to establish how we do that.

格里，請容許我開始吧。正如我所提到的，有許多與物流、管理材料（例如零件）的初始供應租賃相關的問題，甚至對於我們早期訪問的實體位置（不僅在現有基礎設施上）也有適當的資本支出，但即使是在理解什麼是第一位的經驗上，所以你首先需要瞄準什麼。物流就是一個很好的例子，特別是在這樣的市場中，這將在城市層級發生。這些飛機不可能跨國飛行去往不同的 MRO。所以我們確實需要確定如何做到這一點。

So working with our customers as well. A lot of our customers have their own capabilities. And one example of that, in Paris, we have also announced moving ahead in a further down discussion with Helisul in Brazil, and we'll go more into detail to the -- how the operation solutions will work here in Brazil, but the same applies for other operators. So it is the combination of the physical infrastructure, but the process, know-how, logistics that we are bringing from the -- on our DNA from the [mother] company.

因此，我們也與我們的客戶合作。我們的許多客戶都有自己的能力。舉個例子，在巴黎，我們也宣布繼續與巴西的 Helisul 進行進一步的討論，我們將更詳細地討論營運解決方案如何在巴西發揮作用，但同樣適用於其他業者。因此，它是實體基礎設施的結合，也是我們從[母公司]公司的DNA中帶來的流程、專業知識和物流的結合。

Okay, that's helpful. And do you expect to be able to collect PDPs after the first test flights are complete or closer to ANAC and FAA certification?

好的，這很有幫助。您是否期望在首次試飛完成或接近 ANAC 和 FAA 認證後能夠收集 PDP？

We -- sorry, Gerry.

我們——對不起，格里。

No, that's fine. I think we are both going to say the same thing. It will depend on the conversion of the LOIs into firm agreements. But generally, the PDPs will start about 18 months before -- roughly 18-months. Isn't that right, Edu, before delivery of the aircraft. And then as we hit milestones through certification and build, those progress payments increase. So roughly 18 months out.

不，沒關係。我想我們都會說同樣的話。這將取決於意向書轉化為確定協議的情況。但一般來說，PDP 將在大約 18 個月前開始——大約 18 個月。是不是，Edu，在飛機交付之前。然後，當我們通過認證和構建達到里程碑時，這些進度付款就會增加。所以大約還有18個月。

Great. Thanks for all the details.

偉大的。感謝您提供所有詳細資訊。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Congrats to Gerry and Andre. And Andre, it's great seeing you in Paris at the air show. A lot of our questions have been asked, but maybe one qualitative and one quantitative. On the qualitative side, I was just curious to get your thoughts on the recent FAA implementation guide that was published in late July. There's a lot of information there. So just wondering, maybe at a high level, what your preliminary thoughts around that were.

祝賀格里和安德烈。安德烈，很高興在巴黎航空展上見到你。我們提出了很多問題，但可能一個是定性的，一個是定量的。在定性方面，我只是想了解您對 7 月底發布的最新 FAA 實施指南的看法。那裡有很多信息。所以只是想知道，也許在較高的層面上，你對此的初步想法是什麼。

Stein?

史坦因？

Yeah, we had a deep dive on that, and we have been talking with FAA and with our peers as well. So as an industry answer to that, our understanding, even on discussions we had with them, that was quite preliminary. So very similar to what you see in our [techs] today with internal combustion engine aircraft and the expectations exactly for us as an industry to comment and come back on that. We are working closely with [Gamma] to answer together. But there are a few points there that I think are relevant to highlight.

是的，我們對此進行了深入研究，並且我們一直在與美國聯邦航空局以及我們的同行進行交談。因此，作為業界對此的回答，我們的理解，即使是我們與他們進行的討論，也是相當初步的。非常類似於您今天在我們的[技術]中看到的內燃機飛機，以及我們作為一個行業對此發表評論並返回的期望。我們正在與【Gamma】密切合作，共同給出答案。但我認為有幾點值得強調。

We understand that we are focused on the Urban Air Mobility operation, so we need to keep the highest safety level, highest safety standards. We are completely aligned with FAA with that concern. We believe, though, there are different ways to show that we are complying with that level of safety that is required. So in terms of reserves, keep in mind that when are talking about Urban Air Mobility, we are talking about structure operations. So you take off, knowing exactly where you need to go. You know exactly where your alternates are. Just to give you a bit of color on things we are talking about. It is different than when you are flying ad hoc and you need to -- we need time to figure out -- in case of any emergencies still need to figure out where to land.

我們知道，我們專注於城市空中交通運營，因此我們需要維持最高的安全水準、最高的安全標準。對於這項擔憂，我們與美國聯邦航空局完全一致。但我們相信，可以透過不同的方式來表明我們遵守了所需的安全等級。因此，就儲備而言，請記住，當我們談論城市空中交通時，我們談論的是結構操作。所以你起飛，確切地知道你需要去哪裡。您確切地知道您的替補人員在哪裡。只是為了讓您對我們正在談論的事情有一些了解。這與你臨時飛行不同，你需要——我們需要時間來弄清楚——如果發生任何緊急情況，仍然需要弄清楚在哪裡降落。

Structural operations, we don't require that. You know already before taking off all the potential alternates. So that is one example. Same as pilots. We need to apply the latest of technology to assure that you have the capable pilots on board, but there are different ways to do that, not necessarily experience from previous flights and different types of aircraft is the best way.

結構操作，我們不需要。在取消所有潛在的替代者之前你已經知道了。這就是一個例子。和飛行員一樣。我們需要應用最新的技術來確保您擁有有能力的飛行員，但有不同的方法可以做到這一點，不一定是以前航班的經驗，不同類型的飛機才是最好的方法。

There was a comment about ATP pilots for eVTOL. We believe there are other ways to assure the same level of safety through different methods for training, use of technology for training to ensure that the pilot knows what he's doing and is comfortable flying our eVTOL, reducing the pilot load and the eVTOL is another key aspect of that.

有一則關於 eVTOL ATP 飛行員的評論。我們相信還有其他方法可以透過不同的訓練方法來確保相同程度的安全性，使用技術進行培訓以確保飛行員知道他在做什麼並舒適地駕駛我們的 eVTOL，減少飛行員的負荷和 eVTOL 是另一個關鍵的方面。

So I believe that it's going as expected. The first issue thus far came in heavy. But again, I believe -- and I believe based on all discussions we have, that was the intention. For the industry now to position themselves and showing how we can deliver the highest terms of safety through different process, different technologies, different alignments.

所以我相信事情會如預期進行。到目前為止，第一個問題很嚴重。但我再次相信——而且我相信基於我們所有的討論，這就是我們的意圖。現在，業界應該定位自己，並展示我們如何透過不同的流程、不同的技術和不同的調整來提供最高的安全條款。

And there is a timeline, and actually we are reaching the time for the -- there is a timeline for the industry comment. It is the 14th of the month now. So we are in good -- from our side, we have made our comments already.

有一個時間表，實際上我們已經到了發表行業評論的時間表了。現在是這個月的14號。所以我們的情況很好——從我們的角度來看，我們已經發表了我們的評論。

Got it. That's very helpful. And maybe just one last quick one. A question for -- maybe for Edu. With the $370 million in total liquidity, which includes the lines of credit, I'm just wondering, you are funded into 2025. You have said before that the certification process is expected to cost between $500 million and $600 million, which obviously you are well underway. I'm just wondering how you are thinking about capital raising opportunities. There's going to have to be a point where once you begin manufacturing and testing and as you go through all these three different certifications, I would expect some sort of capital raise at that point. So I'm just curious how you are thinking about that and anything you could say to that extent.

知道了。這非常有幫助。也許只是最後一件事。一個問題——也許是給 Edu 的。憑藉 3.7 億美元的總流動資金（其中包括信貸額度），我只是想知道，您的資金支持到 2025 年。您之前曾說過，認證過程預計將花費 5 億至 6 億美元，顯然您是進展順利。我只是想知道您如何看待融資機會。一定有一個點，一旦你開始製造和測試，並且當你通過所有這三個不同的認證時，我預計那時會籌集某種資金。所以我只是好奇你是如何看待這個問題的，以及你能在這個程度上說些什麼。

Thanks, Andres, for the question. As you mentioned, we are very well capitalized, right. We have this $370 million in liquidity. We have been working to start to access this $100 million long-term standby facility right from the present development bank line in September.

謝謝安德烈斯提出的問題。正如您所提到的，我們資本充足，對吧。我們有 3.7 億美元的流動資金。我們一直在努力從 9 月開始從目前的開發銀行額度中獲取這筆 1 億美元的長期備用貸款。

We are in very good shape. That will be quite interested because we have been able to control our cash consumption, right. But with this line, our cash consumption should reduce even further, right, because a good amount of our expenses for the second half of this year and throughout 2024 will be financed with this long-term R&D line.

我們的狀態非常好。這會很有趣，因為我們已經能夠控制我們的現金消耗，對吧。但有了這條線，我們的現金消耗應該會進一步減少，對吧，因為我們今年下半年和整個 2024 年的大量開支將由這條長期研發線提供資金。

Regarding CapEx, we are also discussing some long-term finance. So I think, overall, we are in a very good shape. We do not plan any capital raise in the short term because our liquidity is high. We still have to access those finance lines, and we are going to start to withdraw them now. So we are feeling good. Of course, as you mentioned, we have this $500 million, $600 million in total R&D. But we raised, right, we already raised $0.5 billion including equity and debt. So we are in good shape.

關於資本支出，我們也在討論一些長期財務。所以我認為，總的來說，我們的狀況非常好。由於我們的流動性很高，因此我們短期內不規劃任何融資。我們仍然需要使用這些融資額度，而且我們現在就要開始撤回它們。所以我們感覺很好。當然，正如你所提到的，我們有這5億美元、6億美元的研發總額。但我們籌集了，對吧，我們已經籌集了 5 億美元，包括股權和債務。所以我們的狀態很好。

Got it. Congrats on the quarter again, and I'll pass it on.

知道了。再次恭喜這個季度，我會把它傳遞下去。

Marvin Fong, BTIG.

馬文·方，BTIG。

Congratulations and good luck on your next moves, Gerry and Stein. My question just kind of follow-up on what others have been asking about. Now that you have selected several of your suppliers and have visibility on some of the other ones, are you still confident on your earlier estimates on what it would cost to build the eVTOL? And could you comment on like what percentage now of like operating costs you have now secured now that you selected suppliers, like, for instance, I believe propulsion is your largest operating cost and now that you have selected the suppliers for it, it seems like you've locked that in. So maybe just kind of comment on how much of your operating costs you've nailed down, you have actually seen the product and made the orders?

格里和斯坦，恭喜你們，並祝你們下一步好運。我的問題只是對其他人所問問題的跟進。現在您已經選擇了幾家供應商，並且對其他一些供應商有了了解，您對之前對建造 eVTOL 成本的估計仍然有信心嗎？您能否評論一下，既然您選擇了供應商，您現在已經確保了類似營運成本的百分比，例如，我相信推進力是您最大的營運成本，既然您已經選擇了供應商，那麼似乎您已經鎖定了這一點。所以也許只是評論一下你已經確定了多少營運成本，你實際上已經看到了產品並下了訂單？

Sure. To your point, it is indeed assuring that the key suppliers help us a lot to understand that feature. More than the propulsion, it's actually the battery, I think, it's really the game changer in terms of operational cost for [logical] aviation, but both things are quite relevant and having now an actual supplier with a contract in place, it is not R&D partnership that you are going to know later on. It is an actual agreement like we've done in other programs.

當然。就您而言，主要供應商確實可以幫助我們了解該功能。我認為，不僅僅是推進力，它實際上是電池，就[邏輯]航空的運營成本而言，它確實是遊戲規則的改變者，但這兩件事都非常相關，而且現在有了一個實際的供應商並簽訂了合同，它並不是您稍後將會了解的研發合作夥伴關係。這是一個實際的協議，就像我們在其他計劃中所做的那樣。

So that gives us considerably more confidence to understand our future numbers, we will not comment on the exact percentage that represents on that on the operational cost. But what I can say -- and it will change from country to country, right, depending on pilot salaries and mechanic salaries and so on.

因此，這讓我們更有信心了解未來的數字，我們不會評論營運成本的確切百分比。但我可以說的是，這會因國家而異，對吧，這取決於飛行員的薪水和機械師的薪水等等。

But battery kind of represents what fuel used to represent, internal combustion engines in terms of relevance. So having that in place really help us to see how that is going to play out in terms of operational costs.

但就相關性而言，電池在某種程度上代表了過去燃料所代表的內燃機。因此，做到這一點確實可以幫助我們了解這將如何影響營運成本。

Also, another key aspect of the operational costs, it's, of course, the ownership cost of the eVTOL. So having select that suppliers and having a good understanding of the next phase as well because we are going through this process. Already with answers in hand even though some -- throughout this year, we will select more suppliers, but we are heavily engaged. So that gives us a lot of confidence on this future operational costs.

此外，營運成本的另一個關鍵方面當然是 eVTOL 的擁有成本。因此，選擇供應商並對下一階段有很好的了解，因為我們正在經歷這個過程。已經有了答案，儘管在今年，我們將選擇更多的供應商，但我們正在積極參與。因此，這讓我們對未來的營運成本充滿信心。

We haven't seen anything though that would change our basic estimate in terms of the cost of building the aircraft. So some are a little bit higher, some are a little bit lower. And it will be volume dependent, but we are not changing the original forecast.

不過，我們還沒有看到任何事情會改變我們對飛機製造成本的基本估計。所以有的高一點，有的低一點。這將取決於數量，但我們不會改變最初的預測。

Okay, that's great. That's all I had.

好的，太好了。這就是我所擁有的一切。

There are no further questions at this time. I would like to turn the floor back over to management for closing comments.

目前沒有其他問題。我想將發言權交還給管理層以徵求結束意見。

Thank you, Camilla. We look forward to updating you on our progress throughout the next few quarters as we achieve our operating milestones and medium in the upcoming events we're scheduled to attend. As always, if you have any questions, please don't hesitate to reach out to our team. Last but certainly not least, I wanted to thank Gerry and Stein personally for their friendship and contributions to Eve for the last few years. I'm positive. We are only in the position we are in right now because of their leadership. So thanks to both of you and best of luck.

謝謝你，卡米拉。我們期待在接下來的幾季中向您通報我們的最新進展，因為我們在計劃參加的即將舉行的活動中實現了營運里程碑和媒介。像往常一樣，如果您有任何疑問，請隨時與我們的團隊聯繫。最後但同樣重要的是，我想親自感謝格里和斯坦因過去幾年的友誼和對伊芙的貢獻。我很樂觀。我們之所以能取得現在的成績，全歸功於他們的領導。謝謝你們倆，祝你好運。

To everyone else, thank you for participating in today's conference call, and have a good day. Thank you.

對於其他所有人，感謝您參加今天的電話會議，祝您有美好的一天。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。