Eve Holding Inc (EVEX) 2023 Q4 法說會逐字稿

Greetings and welcome to the eve Holding Inc. Fourth Quarter 2020 Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Lucio Aldworth, Director of Investor Relations for each holding 50, you may begin bigger operator.

您好，歡迎參加前夕控股公司 2020 年第四季財報電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行問答環節。如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。提醒一下，本次會議正在錄製中。我現在想把會議交給你們的東道主，投資者關係總監Lucio Aldworth先生，每持有50股，你們就可以開始做更大的經營者。

Good morning, everyone. This is no longer a Director of Investor Relations.

大家，早安。他不再是投資者關係總監。

Ladies and I wanted to welcome everyone to our fourth quarter 2023 and full year earnings conference call. I have here with me our CEO, Johan body CFO, Eduardo Couto, and our Chief Technology Officer, Louis Valentin. After their initial remarks, we're going to open the call for questions. We have a back with a few slides and additional information on our website at IR dot Yves air mobility.com. So please feel free to download it and tag along.

我和女士們歡迎大家參加我們的 2023 年第四季和全年財報電話會議。和我在一起的還有我們的執行長 Johan body 財務長 Eduardo Couto 和我們的技術長 Louis Valentin。在他們的初步發言之後，我們將開始提問。我們的網站 IR dot Yves Air moving.com 上有一個帶有幾張幻燈片和其他資訊的背面。因此，請隨意下載並標記。

Let me first start this presentation. Ic&d includes forward-looking statements or statements about events or circumstances that have not yet occurred. These are largely based on our current expectations and projections about future events and financial trends affecting our business and our future financial performance. These 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 these forward-looking statements, and we undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events or other factors that future events and circumstances discussed in this presentation may not occur and actual results could differ substantially from those anticipated in our forward-looking statements or that, I wanted to turn the presentation over to Johan. Johan.

首先讓我開始這個演講。Ic&d 包括前瞻性陳述或尚未發生的事件或情況的陳述。這些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。「相信」、「可能」、「將」、「估計」、「繼續」、「預計」、「打算」、「預期」等詞語以及類似詞語旨在識別這些前瞻性陳述，我們不承擔因新訊息而公開更新或修改任何前瞻性陳述的義務、未來事件或其他因素，本簡報中討論的未來事件和情況可能不會發生，實際結果可能與我們前瞻性陳述中的預期有很大差異，或者我想將簡報交給Johan。約翰.

Thank you, lose your Good morning to all, and thank you for joining us for this call today. We had a very busy 2023 year with several important achievement. And among the milestone last year, I would like to highlight the one that most directly influence our program starting with the selection of our suppliers and the signing of the binding contracts was defined technically and all the specification for each of the component as well as all commercial aspects with the volume and the unit price, including, by the way aftermarket support conditions. We defined the architecture of all these details in June of last year with the definition of the flight critical component like the electrical motors, the energy management system, the propellers, especially when it comes to the dimension and the requirements for the subsystem of each of these parts, this enabled us to start the building process of our first full-scale nonconforming prototype. As a reminder, I would actually I cannot say that we have a unique approach that was generated by employing a proven methodology. We test the system and the components independently. And only then we incorporate them in the design once we find an optimal configuration. This allows us to quickly to the equator and efficiently involved with the design and reduce the program development schedule, but also the costs. So up until the initial assembly of the prototype, we already had tested individual system with the rigs under different condition and configuration. And we also started this September's the clone definition phase. We've also called internally the JDP. This is one. Our engineer interact closely with their export department, the suppliers we have selected to go over all the details on how each component will work and interact with each other for a seamless and integrated system. And I'm going to give you an example here. I think it's a little bit more concrete during the GDP. with the team will define the multiple sensors and which will feed the air speed data temperature relative humidity into the avionics and how the flight control system will enterprise the data in order to control the flight surface after the pilot comments. This, of course, will be supported by the fly-by-wire system that we are putting in place. So as you can see, it is a very complex task that involves several different processes impacting each other with a lot of moving parts and interaction. So the focus here is to design the systems to work seamlessly and safely.

謝謝大家，向大家說早安，也謝謝您今天參加我們的電話會議。我們度過了非常忙碌的 2023 年，並取得了許多重要成就。在去年的里程碑中，我想強調最直接影響我們計劃的一個里程碑，從選擇供應商開始，從技術上定義了具有約束力的合同，以及每個組件的所有規範以及所有商業方麵包括數量和單價，包括售後支援條件。去年 6 月，我們定義了所有這些細節的架構，定義了飛行關鍵部件，如電動馬達、能量管理系統、螺旋槳，特別是每個部件的子系統的尺寸和要求。全尺寸不合格原型的建造過程。提醒一下，我實際上不能說我們有一種透過採用經過驗證的方法產生的獨特方法。我們獨立測試系統和組件。只有找到最佳配置後，我們才會將它們納入設計中。這使我們能夠快速、有效率地參與赤道設計並減少方案開發進度，同時也降低了成本。因此，在原型的初始組裝之前，我們已經在不同條件和配置下使用鑽孔機測試了單獨的系統。我們也於今年九月開始了克隆定義階段。我們還在內部致電 JDP。這是一。我們的工程師與他們的出口部門、我們選擇的供應商密切互動，以檢查每個組件如何運作以及如何相互作用以形成無縫整合系統的所有細節。我將在這裡給你一個例子。我認為GDP中的這一點更為具體。該團隊將定義多個感測器，並將空氣速度數據、溫度相對濕度輸入航空電子設備，以及飛行控制系統如何處理這些數據，以便在飛行員提出意見後控制飛行表面。當然，這將得到我們正在部署的電傳操縱系統的支援。正如您所看到的，這是一項非常複雜的任務，涉及多個不同的流程，這些流程透過大量移動部件和互動相互影響。因此，這裡的重點是設計一個能夠無縫、安全地工作的系統。

Going to slide 3 it shows us the latest development and includes the five day exercise that we conducted in the UK to test the urban air traffic management. The ATM is ATM software with the partner of Flexjet.

轉到幻燈片 3，它向我們展示了最新進展，包括我們在英國進行的為期五天的測試城市空中交通管理的演習。ATM 是與 Flexjet 合作夥伴的 ATM 軟體。

Hello. It was used to validate and refine the software. We deployed it in parallel with the incumbent software that they already have and are in operation right now. And their operation with to simulate our typical function, the air traffic management operation. We successfully won some tests under normal conditions, but also under different conditions, which is not such as the delay, the bad weather, and it was a very concrete operation and we could learn from it and obviously just to make the software better afterwards. So we are quite excited about this.

你好。它用於驗證和完善軟體。我們將其與他們已經擁有並正在運行的現有軟體並行部署。他們的操作模擬了我們的典型功能，即空中交通管理操作。我們成功地贏得了正常條件下的一些測試，而且在不同的條件下，除了延遲、惡劣天氣之外，這是一個非常具體的操作，我們可以從中學習，顯然只是為了之後讓軟體變得更好。所以我們對此感到非常興奮。

Now moving to the next slide, couple of slides. We have we're bringing here several pictures that we just took from the test facility in Memphis, Soto in Brazil in state of Sao Paulo state, where you can see the process of our full-scale prototype, as you can see, the harness, which which are the electrical electrical and electronic connectors that we will place soon inside the wind. And the openness of these also carry all the information in the coming back and forth between the flight computers, sensors and actuators. You can also see the early stage of the structure and the fuselage to win the detail of the vertical stabilizer of the implementation.

現在轉到下一張投影片，幾張投影片。我們在這裡帶來了幾張照片，這些照片是我們剛從巴西聖保羅州索托孟菲斯的測試設施中拍攝的，在那裡您可以看到我們的全尺寸原型的過程，正如您所看到的，安全帶，這是我們很快就會放置在風中的電氣和電子連接器。而這些的開放性也承載著飛行電腦、感測器和執行器之間來回的所有資訊。您還可以看到早期結構和機身贏得垂直安定面實施的細節。

If you go to the next slide here, which show you the prototype is getting really the final stage. We have positioned the wing and the urbanize, and that was the last we call it internally and not the Junction, but also even pick it up in a nice way. We call it a marriage, a marriage between the fuselage and the underweight. And we have now still have to install the actuators, the control surfaces on the wings on the OpenEdge into the composite for the skin of the beetle, which we expect to be concluded in the next few weeks. And once we receive the electrical motors also in the second semester will outperform the necessary ground test, and we plan to start the test flight campaign later on this year.

如果您轉到此處的下一張投影片，它會向您展示原型實際上已進入最後階段。我們已經定位了機翼和城市化，這是我們在內部調用它的最後一個，而不是交界處，但甚至以一種很好的方式拿起它。我們稱之為聯姻，機身與輕量化之間的聯姻。現在我們仍然需要將執行器、OpenEdge 機翼上的控制面安裝到甲蟲皮膚的複合材料中，我們預計將在未來幾週內完成。一旦我們收到電動機，在第二學期也將超越必要的地面測試，我們計劃在今年稍後開始試飛活動。

Going to slide number six, this is showing you here the latest additions to our component suppliers list, which we will start to use for the first of our five conforming further that since the third quarter of '23, we have announced several suppliers. We have selected the AFSCC. to provide the control service and organized. I'd like to read the Spanish provider for the ways Crouzet for the power control of the code. Also, it does stick and that will also have signed deal with Talus for the sensors and Honeywell for guidance and navigation and lastly, Ricardo, for the seats, the new suppliers or actually joining the select group of the industry leaders of our Vitol, really point to highlight here that we have the best of breed approach to bring suppliers whether expansion addition and certification. And importantly, we will support us in the certification campaign and throughout the Visa lifecycle, not only for the certification and delivery but also in the lifecycle of profits.

前往第六張投影片，這裡向您展示了我們的組件供應商清單中最新添加的內容，我們將開始將其用於我們五個供應商中的第一個，以進一步確認自23 年第三季以來，我們已經宣布了幾家供應商。我們選擇了 AFSCC。提供控制服務並組織起來。我想閱讀西班牙提供者的Crouzet 代碼電源控制方法。此外，它確實堅持下去，還將與Talus 簽署感測器協議，與Honeywell 簽署導引和導航協議，最後與Ricardo 簽署座椅協議、新供應商協議，或實際上加入我們Vitol 行業領導者的精選團隊，真的這裡要強調的是，我們擁有最好的方法來為供應商提供擴展、添加和認證。重要的是，我們將在認證活動和整個 Visa 生命週期中為我們提供支持，不僅是認證和交付，而且是利潤生命週期。

Lastly, these contracts will have to find a place to quantity schedule with the skill function with reduction of the unit price as we reach the higher EV toll volumes out of our production sites, which will reduce the unit price of production, right? As we call economies of scales, there's little suppliers join the deck to supply, the electrical motors, the VA that we already informed early on in 2023 for the energy management and difficulties for the propellers. And we had also signed the embryo for the East flight control computer, the SEC and systems, and with this fly-by-wire capabilities. And Ray will also assist us in designing, developing and manufacturing all flight control, hardware systems and provide support for certification. Garmin will supply all the flight deck with the high resolution display of the flight deck and integrate the aircraft management with the flight control system.

最後，當我們從生產基地達到更高的電動車通行費數量時，這些合約將必須找到一個具有技能功能的數量計劃，並降低單價，這將降低生產的單價，對嗎？正如我們所說的規模經濟，很少有供應商加入供應電機、VA 的行列，我們已經在 2023 年初就能源管理和螺旋槳的困難向 VA 通報了情況。我們還簽署了東方飛行控制計算機、SEC 和系統的胚胎，並具有電傳操縱功能。Ray也將協助我們設計、開發和製造所有飛控、硬體系統並提供認證支援。Garmin將為所有飛行甲板提供高解析度的飛行甲板顯示器，並將飛機管理與飛行控制系統整合在一起。

We also selected lever for the flight control actuators and inter Galactic to provide us the thermal management system for the equipment. We still have few suppliers to select, but as they're not that critical for the aircraft performance like the transparencies, the cabin interior, we expect to conclude the selection process very soon.

我們還為飛行控制執行器選擇了槓桿，並為我們的設備提供了熱管理系統。我們仍然有少數供應商可供選擇，但由於它們對於飛機性能並不像透明膠片、機艙內部那麼重要，因此我們預計很快就會完成選擇過程。

Okay. Looking at the list, which is obviously increasing, were not up to 90%. I'm very confident that the level of safety and the certify ability and performance of our VEVTO.

好的。從名單來看，明顯在增加，但還沒有達到90%。我對我們 VEVTO 的安全水平以及認證能力和性能非常有信心。

Moving on to the Slide 7, it shows that we are in the entire now where we are in the entire master development phase. As I mentioned before, we are currently in a joint definition phase to detail all the interface to link the different system and make sure that they integrate altogether. This phase also include the system of our manufacturing process as well. As a reminder, we have already selected our manufacturing site a few months ago. The site is currently being used by Embry Air, but it will we will start soon to customize it to our own need later on this year at the current pace. And judging by the progress of the Assembly Row for the cycle, we're in really good shape. This received the certification, but that certification and make the Phase first delivery in still in 2026.

轉到投影片 7，它表明我們現在正處於整個主開發階段。正如我之前提到的，我們目前正處於聯合定義階段，以詳細說明連接不同系統的所有接口，並確保它們完全整合。這個階段也包括我們的製造過程的系統。提醒一下，我們幾個月前就已經選定了生產基地。該網站目前由安莉芳航空使用，但我們很快就會開始在今年稍後以目前的速度根據我們自己的需求進行客製化。從本週期裝配線的進展來看，我們的狀態非常好。該產品已獲得認證，但該認證和第一期交付仍要到 2026 年。

Moving on to the Slide number eight, it shows that currently what we have, we believe is to be the largest and the most diversified backlog by number of customers, but also by region, biodiversity and the whole industry. Today in total, we have announced and wise for 2,850 aircraft from 29 different customers spread over 13 countries and different businesses from the main lines to the regional airlines to helicopter operators, ridesharing platform, the leasing company as you can see it's very complete. We'll also have utilized to offer our urban air traffic management system for 14 different kind of customers. And we're also we believe that this reflects the market-leading value proposition that we bring to our customers and our partners. Beyond this, we are developing a strong network of partners in the area such as the infrastructure energy to address one of the main challenge that we have in the industry in the air mobility, it will create a whole new ecosystem beside the simple development of aircraft and important and I think more important than the vehicle. And obviously to me, it's a real deal. It's also we're securing the contract for with 10 different customers for the maintenance repair overhaul for service and support that will bring about it least $660 million in revenues for EVE over the course of the next five years on actually progress from the delivery the first delivery in 2026. Importantly, these customers that placed allies and they represent 985 aircraft, okay, which is about 35% of our order book so we can potentially expand this business within this customer base that had been mentioned about the 2,850 aircraft, I mean, because those are agnostic also amazed that we potentially we can service the EV, deliver a competitor's service revenues could proceed, actually enterprise sales. We believe that our pipeline is the services and for the vehicle, but also service and support contracts offer a strong long-term revenue visibility, and it will help to smooth the cash flow consumption in the years to come as we start converting the existing letters of intent into orders and collect the pre delivery payment known as PDPs.

轉到第八張投影片，它表明，我們認為目前我們所擁有的積壓訂單數量最多，而且按客戶數量、地區、生物多樣性和整個行業而言也是最多樣化的。今天，我們總共宣布了來自29 個不同客戶的2,850 架飛機，分佈在13 個國家和不同的業務，從幹線到支線航空公司，再到直升機運營商、共乘平台、租賃公司，你可以看到它非常完整。我們也將為 14 種不同類型的客戶提供城市空中交通管理系統。我們也相信，這反映了我們為客戶和合作夥伴帶來的市場領先的價值主張。除此之外，我們正在基礎設施能源等領域發展強大的合作夥伴網絡，以解決我們在空中交通領域面臨的主要挑戰之一，它將在飛機的簡單開發之外創建一個全新的生態系統而且很重要，我認為比車輛重要。顯然對我來說，這是一筆真正的交易。我們還與 10 個不同的客戶簽訂了維護、維修、大修服務和支援合同，這將為 EVE 在未來五年內帶來至少 6.6 億美元的收入（從第一次交付以來的實際進展） 2026年交付。重要的是，這些放置盟友的客戶代表了985 架飛機，好吧，這大約占我們訂單的35%，因此我們可以在提到的2,850 架飛機的客戶群中擴展這項業務，我的意思是，因為這些是不可知論者也驚訝於我們有可能為電動車提供服務，提供競爭對手的服務收入，實際上是企業銷售。我們相信，我們的管道是服務和車輛，而且服務和支援合約提供了強大的長期收入可見性，當我們開始轉換現有信件時，這將有助於平滑未來幾年的現金流消耗將意向寫入訂單並收取稱為PDP 的預交貨付款。

Now I'd like to invite you to go over our financial now the next milestones.

現在我想邀請您回顧我們的財務狀況以及下一個里程碑。

Thank you, Johan. Now moving to Slide 9 is a preoperational company developing its EBITDA in the ecosystem around it. Currently, our financials reflect mostly the costs associated with our program development. With that in mind, I want to highlight some of our 2023 financials. EBIT invested $34 million during the fourth quarter 2023 in our program development and $106 million in the full year, the majority was invested to develop our EVTOL and a smaller portion went to our service and support solutions in the urban air traffic management. We are the only retail company with a complete solution that includes design, development, manufacturing and sale of an aircraft as well as maintenance services and air traffic control sites. We also deployed $5 million in SG&A during the quarter and $23 million in the year, including R&D and SG&A. We reported a net loss of $39 million in the quarter and $127 million in the year.

謝謝你，約翰。現在轉到 Slide 9 的是一家預營運公司，正在其周圍的生態系統中開發其 EBITDA。目前，我們的財務狀況主要反映了與我們的專案開發相關的成本。考慮到這一點，我想重點介紹一下我們 2023 年的一些財務數據。息稅前利潤在2023 年第四季投資了3,400 萬美元用於我們的專案開發，全年投資了1.06 億美元，其中大部分投資用於開發我們的EVTOL，一小部分投資於我們在城市空中交通管理中的服務和支援解決方案。我們是唯一一家擁有完整解決方案的零售公司，其中包括飛機的設計、開發、製造和銷售以及維護服務和空中交通管制站點。我們還在本季部署了 500 萬美元的 SG&A，全年部署了 2,300 萬美元，包括研發和 SG&A。我們報告本季淨虧損 3,900 萬美元，全年淨虧損 1.27 億美元。

Now moving to cash flow. Our operations consumed $25 million in the quarter and a total of $95 million in the year. We ended the fourth quarter with $241 million in cash, down just $15 million from the third quarter 2023, as we also drew around $50 million from the preapproved credit line with the Brazilian Development Bank. We still have around $75 million available from this line that we expect to access still in 2020. Yves is highly comfortable with its total liquidity of $360 million as of the end of 2023 and believe our current liquidity would be enough to sustain our operations into the end of 2025. It's important to say that we anticipate an increase in our cash consumption in 2024 as we intensify our development with different rigs to test systems and components. We internal tests to validate our models. And now we are assembly our first full-scale prototype and have selected most of our suppliers, which involves higher payments going forward.

現在轉向現金流。我們的營運本季消耗了 2,500 萬美元，全年總計消耗了 9,500 萬美元。截至第四季末，我們的現金為 2.41 億美元，比 2023 年第三季僅減少 1,500 萬美元，同時我們也從巴西開發銀行預先批准的信貸額度中提取了約 5,000 萬美元。我們仍然可以從這條線上獲得約 7500 萬美元的資金，預計 2020 年仍能獲得。Yves 對截至 2023 年底 3.6 億美元的總流動性感到非常滿意，並相信我們目前的流動性足以維持我們的營運到 2025 年底。重要的是，我們預計 2024 年現金消耗將會增加，因為我們將加強使用不同設備來測試系統和組件的開發。我們進行內部測試來驗證我們的模型。現在我們正在組裝我們的第一個全尺寸原型，並選擇了大多數供應商，這涉及未來更高的付款。

Now moving to Slide 10. We have a checklist of our previously announced milestones. I'm happy to say that we have either met or exceeded our milestones for 2023 we selected the primary suppliers for critical components of our aircraft and froze the configuration of our all around the first semester of last year. And as Johan showed a few slides ago, we are advanced in the assembly of our first prototype. We hope we have also successfully conducted a trial run of our UATM. software under real-life conditions in the UK late last year. And lastly, we invested $95 million in our program during 2023, which is lower than anticipated in our guidance of $130 million to $150 million range given the three main factors. First, our continued discipline on cost control as a preoperational company. Second, we managed to extract savings from synergies with Embraer. And third, we move some of supplier payments from 2023. So the years last slide, please, the upcoming milestones for 2024. That includes the conclusion of our full-scale prototype and initial tests. In parallel, we expect to conclude the basis of certification and ease of compliance with the Brazilian certification of parts. It's important to remind we have Brazil as our primary certification authority that we work in alignment with the FDA to achieve the dual type certificate in Brazil and in the U.S. in 2020, we'll also start working in preparation for our first EBIT-R manufacturing plant in an existing site of Embraer in Brazil. We are also working to secure the necessary funding through a long-term financing to this site Finally, for 2024, we expect all of our efforts to consume between $130 million and $170 million in cash this year. With that, we conclude our remarks, and I would like to open the call for questions. Operator, please proceed.

現在轉到投影片 10。我們有一份之前宣布的里程碑的清單。我很高興地說，我們已經達到或超過了 2023 年的里程碑，我們為飛機的關鍵部件選擇了主要供應商，並在去年上半年凍結了所有配置。正如約翰之前展示的幾張幻燈片所示，我們在第一個原型的組裝方面取得了進展。我們希望我們的 UATM 也能成功進行試運行。去年年底，該軟體在英國的現實生活條件下推出。最後，我們在 2023 年期間在該計劃中投資了 9,500 萬美元，考慮到三個主要因素，這低於我們在 1.3 億至 1.5 億美元範圍內的預期預期。首先，作為一家未營運的公司，我們持續嚴格控製成本。其次，我們設法透過與巴西航空工業公司的協同效應來節省成本。第三，我們將部分供應商付款從 2023 年起延後。最後一張投影片是 2024 年即將到來的里程碑。這包括我們的全尺寸原型和初步測試的結論。同時，我們預計將確定認證的基礎以及巴西零件認證的易合性。需要提醒的是，我們將巴西作為我們的主要認證機構，我們與 FDA 合作，於 2020 年在巴西和美國獲得雙類型證書，我們也將開始為我們的第一個 EBIT-R 製造做準備巴西航空工業公司現有工廠。我們也正在努力透過對該網站的長期融資來確保必要的資金。我們的發言到此結束，我想開始提問。接線員，請繼續。

Kim, if you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue, you may press star two if you'd like to remove your question from the queue For participants using speaker equipment it may be necessary to pick up your handset before pressing the star key.

Kim，如果您想提問，請按電話鍵盤上的星號一。確認音將表示您的線路在問題佇列中，如果您想從佇列中刪除您的問題，可以按星號二。

Our first question comes from the line of Savi Smith with Raymond James. Please proceed with your question.

我們的第一個問題來自薩維史密斯和雷蒙詹姆斯的對話。請繼續你的問題。

Hey, good morning, everyone. I wonder if I can on the cash burn outlook here. If you can give a little bit of color around the timing throughout the year, that steps up and what what component of that might be CapEx a high share high side because you know here?

嘿，大家早安。我想知道我是否可以談談這裡的現金消耗前景。如果你能在全年的時間安排上給出一些色彩，那麼這會增加，其中哪些組成部分可能是資本支出較高的份額，因為你知道嗎？

So basically this cash consumption will be mostly on the development, right, which includes the payment of suppliers as well. There is a component for the manufacturing of our facility, right? We have selected the existing bridge facility in Sao Paulo. We're going to start to buy some machinery and tooling for our first site. But I would say, you know, maybe around $20 million will go to this first facility. The remaining of the cash consumption will be really focused on the development that is really moving at full speed

所以基本上這些現金消耗將主要用於開發，對吧，其中也包括供應商的付款。我們的工廠有一個用於製造的組件，對吧？我們選擇了聖保羅現有的橋樑設施。我們將開始為我們的第一個工廠購買一些機械和工具。但我想說，你知道，也許大約 2000 萬美元將投入第一個設施。剩下的現金消耗將真正集中在真正全速發展的項目上

and that steps through the year or is it fairly steady?

全年的情況是逐步變化的還是相當穩定的？

Generally we burn more in the second half than in the first, but I believe probably will be like up 40%, 35%, 40% in the first half and 60%, 65% in this half.

一般來說，我們下半年的燃燒量比上半年多，但我相信上半年可能會增加40%、35%、40%，下半年會增加60%、65%。

That's helpful. And if I just might on the vendor's loan and if I can have your thoughts on like how much of the $75 million you might kind of tap into in 2024.

這很有幫助。如果我可以使用供應商的貸款，並且我是否可以了解您的想法，例如您在 2024 年可能會利用 7500 萬美元中的多少。

And just to clarify, that's not in the cash burn guidance, Ray, that's that that should lower the cash, Brent, that's correct.

只是澄清一下，這並不在現金消耗指南中，雷，這應該降低現金，布倫特，這是正確的。

When we say that we were going to burn $130 million to $170 million, around $150 million , right for the full year. That means our cash. We will only go down half of that, right? Because the other half $75 million we're going to access from. We're going to withdraw from the BNDES line. That's a big advantage, right? We have this line that we are accessing since last year, we already took $25 million that hold our cash position pretty pretty well in the fourth quarter, and this is going to continue in all the upcoming quarters of this year. So our cash will go down very little, right around $75 million . If you do the simple math, right, $150 million , $75 million has been?

當我們說我們全年要燒掉 1.3 億到 1.7 億美元，大約 1.5 億美元。這意味著我們的現金。我們只會減少一半，對嗎？因為我們將獲得另一半 7500 萬美元。我們將退出 BNDES 線路。這是一個很大的優勢，對吧？我們從去年開始就擁有這條線，我們已經獲得了 2500 萬美元，在第四季度很好地保持了我們的現金頭寸，而且這種情況將在今年接下來的所有季度繼續下去。所以我們的現金只會減少很少，大約是 7500 萬美元。如果你簡單算一下，對吧，1.5 億美元，7,500 萬美元？

Yes, the other $75 million comes from our current cash. That's how it should work.

是的，另外 7500 萬美元來自我們現有的現金。這就是它應該如何運作的。

Perfect.

完美的。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Cai von Rumohr with TT Cowen. Please proceed with your question.

謝謝。我們的下一個問題來自 Cai von Rumohr 和 TT Cowen 的對話。請繼續你的問題。

Yes, thanks so much. Could you maybe update us on the certification environment and why what I mean by that is you probably read that the FDA basically has harmonized with the answer regarding what they're going to require Joe B to do which looks like good news. And yet if you look at some of the major aircraft G. 700. I mean, everything seems to take longer and longer and you know, so maybe tell us about the environment and particularly with respect to ENaC and the fact, but you're you basically are going to be the certifying there. Thank you.

是的，非常感謝。您能否向我們介紹一下認證環境的最新情況以及為什麼我的意思是您可能會讀到 FDA 基本上已經與他們將要求 Joe B 做什麼的答案進行了協調，這看起來是個好消息。然而，如果你看看一些主要飛機 G.700。我的意思是，一切似乎都需要越來越長的時間，你知道，所以也許可以告訴我們有關環境的信息，特別是關於 ENaC 和事實，但你基本上將在那裡進行認證。謝謝。

Hello, Chi. Johan speaking. Thank you. Thank you for your question. This is obviously an important topic there that we're following closely and also will continue will be responding in more details. But, you know, as you remember, well, I mean the primary certification that will be with ENaC and this is, you know, really what the other three that we are discussing the very recently end of last year, the open for public, the consultation, and we'll see exactly the actually extended that period at the end of this month. And we expect to have a lot of feedback, but also alignment as we going to have a inputs including well, probably from DARPA and other association Airline Association. So we're quite confident that we're going to the right direction and we'll know we'll know more by then Valentini.

你好，奇。約翰講話。謝謝。謝謝你的問題。這顯然是我們正在密切關注的一個重要主題，並將繼續提供更多詳細資訊。但是，你知道，正如你所記得的，我的意思是 ENaC 的主要認證，這實際上是我們去年年底討論的其他三個認證，向公眾開放，磋商後，我們將在本月底看到實際延長的期限。我們希望收到大量回饋，但也會得到一致意見，因為我們將收到包括來自 DARPA 和其他協會航空公司協會的意見。所以我們非常有信心我們正在朝著正確的方向前進，我們知道到那時我們會知道更多，瓦倫蒂尼。

Sure, some. Thank you, Carrie. And good to talk to you again and also complementing what Johan said. We we have we feel that we have good traction with Amec with the publication of our certification basis for public comment and both in the sense that it gives maturity to the requirements that we have set with them, but also that it allows us to go, as Johan mentioned in this direction of aligning. We're not seeing harmonization in the sense that they would not necessarily be exactly the same, but that it helps us to align both with the FA bases and also with a as a business in which we have more visibility to rate so that the publication of the JV basis yesterday still not final, but you know, another publication helps us to make sure that we are indeed following this path of alignment and makes us confident, as we have mentioned before, that with the availability of a MAC to work on this project that we will be able to maintain the time lines as we have established.

當然，有一些。謝謝你，嘉莉。很高興再次與您交談並補充約翰所說的內容。我們認為，透過發布我們的認證基礎以徵求公眾意見，我們對 Amec 具有良好的吸引力，這既使我們與他們制定的要求變得成熟，又使我們能夠繼續，正如約翰在這個方向上提到的對齊。我們沒有看到協調，因為它們不一定完全相同，但它有助於我們與 FA 基礎以及我們作為一個企業的業務保持一致，在業務中我們有更多的可見性進行評級，以便出版物昨天的合資基礎仍然不是最終的，但你知道，另一份出版物幫助我們確保我們確實遵循這條協調道路，並使我們有信心，正如我們之前提到的，有了MAC 的可用性這個項目我們將能夠維持我們既定的時間表。

Terrific. And then my last one. So talking recently with one of your competitors they were talking about a market, a potential retail market by which they mean, you know, a guy flies to a regional airport. He maybe has his home 40 miles away, but it takes his EV toll to fly from the regional airport to his home and back or to his business so that there might be sort of a shorter range biz jet type of application. Have you put any thought into that kind of use or any of your your customers are looking at that as a potential market?

了不起。然後是我的最後一個。因此，最近與您的一位競爭對手交談時，他們正在談論一個市場，一個潛在的零售市場，他們的意思是，你知道，一個人飛往地區機場。他的家可能在40 英里外，但從支線機場到他的家再飛回他的公司或到他的公司需要花費他的電動車費用，因此可能存在某種距離較短的商務噴氣機類型的應用。您是否考慮過這種用途，或者您的任何客戶是否將其視為潛在市場？

Thanks, guys. Just a question there would you say is only retail you mean that they will buy is on retail and flies on EBITDA, just like you're doing with cars? Is that what you're referring to yes, because we do not.

多謝你們。只是一個問題，你會說只有零售，你的意思是他們會購買零售產品，並根據 EBITDA 進行購買，就像你對汽車所做的那樣？這就是您所指的，是的，因為我們沒有。

Exactly accurate. Exactly.

完全準確。確切地。

No, no, no, we don't we don't see this. We do see the air taxi or what we call it commonly called in on the first mile last mile type of service variety and the airline would operate is exactly the model that we're working on with a Republic, you know, for Orlando where you know the premium customer will be up and they will go through the through their house. So we're very close to the house, but it would be overt supported. But but others at the very beginning. And we don't see this happening, I mean in time charter and unless not against the autonomous functionality and we don't want to be putting in our people are just driving cars driving some slight EBITDA loss?

不，不，不，我們沒有，我們沒有看到這一點。我們確實看到了空中計程車，或者我們通常所說的第一英里最後一英里類型的服務，航空公司將運營的模式正是我們正在與共和國合作的模式，你知道，在奧蘭多，你知道高級客戶會起床，他們會穿過他們的房子。所以我們離房子很近，但它會得到公開的支持。但一開始卻有其他人。我們不會看到這種情況發生，我的意思是在期租合約中，除非不反對自主功能，而且我們不想讓我們的員工只是駕駛汽車，導致一些輕微的 EBITDA 損失？

No, no, no, allogeneic.

不不不，同種異體。

Okay.

好的。

And just one more point. I think it's important to understand that that wouldn't at least from what the authorities have published so far that wouldn't change significantly the certification bases in terms of the safety level and things like that because we would still be considering at least if it's around the urban mobility areas, the or the urban centers, it will still be a flight over a densely populated areas, which is being considered by the authorities as one of the triggers just to to meet higher safety levels, right? So I think that it's just important to understand that in terms of the certification and consequently the design, I don't see that changing the vehicles so much. And so they wouldn't have so much of an effect on the certification path.

還有一點。我認為重要的是要明白，至少從當局迄今為止發布的內容來看，這不會顯著改變安全水平等方面的認證基礎，因為我們至少仍在考慮是否在城市交通區域、市中心或城市中心周圍，仍然會在人口稠密的地區上空飛行，當局認為這是滿足更高安全水平的觸發因素之一，對吧？因此，我認為重要的是要了解，就認證和設計而言，我認為車輛不會有太大改變。因此它們不會對認證路徑產生太大影響。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

And I think in our next question comes from the line of Sheila Kahyaoglu with Jefferies. Please proceed with your question.

我認為我們的下一個問題來自 Sheila Kahyaoglu 和 Jefferies 的說法。請繼續你的問題。

Hi, good morning, guys. Two one is obvious questions. You mentioned five additional prototypes this year with testing to begin in the second half. So just kind of how do we think about the build-out and what's the CapEx need to support that?

嗨，早上好，夥計們。二一是顯而易見的問題。您提到今年還有五個原型，測試將於下半年開始。那麼，我們如何考慮擴建以及需要什麼資本支出來支持它？

Let me go first on the yes, we can have ocean Burlington, you can elaborate on the on the first prototype and the others to come. And then I can comment on the on the OpEx.

讓我先談談是的，我們可以擁有海洋伯靈頓，您可以詳細說明第一個原型和其他原型。然後我可以對營運支出發表評論。

Sure. So the first prototype. The one we will start testing this year is the one that Johan described as being not put nonconforming prototype, which means that it doesn't have exactly the final configuration that the commercial vehicle will have. And so it will allow us to bring technical knowledge to validate some of the solutions that we are currently developing with some anticipation with respect to the time when we have to make the commitments for the commercial vehicle, the test of the prototypes of the commercial vehicle will not start until next year. And so then for for those prototypes. We have a different set of specifications, product specifications and they connect to the suppliers that Johan described in the presentation.

當然。所以第一個原型。我們今年將開始測試的車型是 Johan 所說的「未投入不合格原型車」的車型，這意味著它並不具備商用車的最終配置。因此，這將使我們能夠利用技術知識來驗證我們目前正在開發的一些解決方案，並對我們必須對商用車做出承諾、商用車原型測試的時間做出一些預期直到明年才會開始。對於那些原型來說也是如此。我們有一套不同的規格、產品規格，它們連接到約翰在演示中描述的供應商。

And those will be the one that will be used for the certification campaign and then to reach that type certificates so that that the investment then on these prototypes will come later on than I think, into conventional and in terms of investment, when we mention about the $150 million per year right expected for this year, it does include the investment on the development itself, right on the on the engineers and the whole development program. And it also does include the prototypes right? This year, we are assembly. We have our head start to assemble. We're going to conclude the assembly in started, thus the first prototype. We may also start to receive some parts for the for the other prototypes, but all of that is already included on the guidance to consume $150 million. And then having made, we still have $75 million available from the long-term finance from BNDES. So the actual burn in cash, it will be only half of this market.

這些將用於認證活動，然後獲得該類型證書，以便對這些原型的投資將比我想像的要晚，進入傳統和投資方面，當我們提到今年預計每年1.5 億美元，其中確實包括對開發本身、對工程師和整個開發計劃的投資。它也確實包括原型，對嗎？今年，我們是集會。我們已經開始組裝了。我們將開始完成組裝，也就是第一個原型。我們也可能開始接收其他原型的一些零件，但所有這些都已經包含在消耗 1.5 億美元的指引中。然後，我們仍然可以從 BNDES 的長期融資中獲得 7,500 萬美元。因此，實際消耗的現金僅佔該市場的一半。

Okay, great. Thank you. And then maybe if I could ask about the suppliers that you guys brought on. How is that relationship working with the suppliers?

好的，太好了。謝謝。然後也許我可以詢問一下你們帶來的供應商。與供應商的關係如何？

Well, thanks, Sheila, for your question. Yes, the relationship is great. Well, as you can see, most of them is actually suppliers that we've known from the Embry Air time also right? There are partners of Embry Air, some of no, not. But we do have a throughout and very well proven methodology to engage. And like I said, the negotiation is not only about the the put the conforming prototype and the production, the per Series, and it's also the customer support and services. So those are very detailed discussion and negotiation that we do for the whole lifetime cycle. And then we automatically engage in a GDP. We started on the last 20th of September, and we engage into all the engineering. So it's a physical presence in San Francisco was between engineering of eve of Embraer's, but also the engineering of the suppliers. So we can really and I explained this in an in my presentation where there's this big interaction and how it one system impact the other. So I think it's really good and it's been proving quite efficient.

嗯，謝謝希拉的提問。是的，關係很棒。嗯，正如你所看到的，他們中的大多數實際上也是我們從安莉芳航空時期就認識的供應商，對嗎？安莉芳航空有合作夥伴，有些則沒有。但我們確實有一套全面且經過充分驗證的方法可供參與。正如我所說，談判不僅涉及每個系列的合格原型和生產，而且還涉及客戶支援和服務。這些是我們在整個生命週期中進行的非常詳細的討論和談判。然後我們自動計算GDP。我們於 9 月 20 日開始，參與所有工程設計。因此，在舊金山的實體存在不僅是巴西航空工業公司的工程部門，也是供應商的工程部門。所以我們真的可以，我在我的演講中解釋了這一點，其中存在這種大的互動以及一個系統如何影響另一個系統。所以我認為這真的很好，而且事實證明它非常有效。

Great.

偉大的。

If I may add Johan, regarding the suppliers, Sheila, so just just to reinforce how they believe in our program, right. We have a long-term contract, right? We're talking about more than 10 15-year contracts with those suppliers not only for the development, but the contracts we signed, they go throughout the whole series of deliveries, right? This is one big difference that we have and also in terms of payments, we are going to have payments that will happen really down the road. So the and I would say pretty much all suppliers they accepted that we spread the payments to them over several years. I think it shows the confidence right that they they have on eve on Embraer's in our ability to succeed in this program and the contracts we signed with them. It fully reflects that, which is different from some other contracts we have seen out there.

如果我可以添加約翰，關於供應商，希拉，所以只是為了加強他們對我們計劃的信任，對吧。我們有長期合同，對嗎？我們正在談論與這些供應商簽訂的超過 10 個為期 15 年的合同，不僅涉及開發，而且我們簽署的合同貫穿整個交付系列，對吧？這是我們的一大區別，而且在付款方面，我們將在未來真正發生付款。因此，我想說，幾乎所有供應商都接受我們將付款分攤到幾年內。我認為這表明他們對巴西航空工業公司成功完成該計劃以及與他們簽署的合約的能力充滿信心。它充分反映了這一點，這與我們看到的其他一些合約不同。

Okay. Thank you.

好的。謝謝。

Thank you, Phil, and thank you.

謝謝你，菲爾，謝謝你。

Our next question comes from the line of Austin Moldow with Canaccord Genuity. Please proceed with your question.

我們的下一個問題來自 Canaccord Genuity 的 Austin Moldow。請繼續你的問題。

Hi, good morning, Johann, and I do just my first question here. Do you have any plans right now to thermally condition the battery either using cooling or cooling the charging system itself to enable high volume, high throughput flight activity during the day. If not then Thank you.

嗨，早上好，約翰，我在這裡回答第一個問題。現在您是否有計劃透過冷卻或冷卻充電系統本身來對電池進行熱調節，以實現白天的高容量、高吞吐量飛行活動。如果沒有那就謝謝了。

For the question that this is going deep into that because we have our CTO with us. So you can really I get to walk you through the answer to that go ahead, relatively sure.

對於這個問題，我們會深入探討這個問題，因為我們有技術長在場。所以我真的可以相對確定地向您介紹該問題的答案。

And thank you, and thank you, Jonathan, for the question. So so the cooling of the battery in the thermal management in general is a very big part of how the tolls work, right? So we are considering that we will need cooling, especially in the cases in which we are seeking shorter turnaround times on the ground between flights and faster charging. So for those cases, we are definitely considering having a cooling system that will allow us to condition the battery and before starting to charge it because that makes a big difference on the life cycle of the battery. So it postpones the degradation or it slows the degradation of the battery as we charge it and discharge it, which then in turn results in a reduction of our operational costs. So we do have both inside the vehicle, a cooling system that will enable us to do that. And we are working with the charging infrastructure and the charging equipment to provide that coolant in that thermal exchange for us to keep that the temperature of the battery wire we charge.

謝謝你，喬納森，謝謝你提出這個問題。因此，熱管理中電池的冷卻通常是通行費工作方式的一個非常重要的部分，對吧？因此，我們正在考慮需要冷卻，特別是在我們尋求縮短航班之間的地面週轉時間和更快充電的情況下。因此，對於這些情況，我們肯定會考慮採用冷卻系統，以便我們在開始充電之前對電池進行調節，因為這對電池的生命​​週期有很大影響。因此，當我們充電和放電時，它會推遲或減緩電池的退化，從而降低我們的營運成本。因此，我們在車內配備了冷卻系統，使我們能夠做到這一點。我們正在與充電基礎設施和充電設備合作，在熱交換中提供冷卻劑，以保持充電電池線的溫度。

Great. And then should we expect manned flight testing of the first prototype or would that be on the follow-ons? And should we think about manned flight testing as more of a 2025 action item?

偉大的。那麼我們是否應該期待第一架原型機的載人飛行測試，還是後續原型機的載人飛行測試？我們是否應該將載人飛行測試更多地視為 2025 年的行動項目？

Yes. So we will start the testing with an on crude vehicle pilot team remotely from a ground station in the embryo test facility and got the Olympics shortly here in Sao Paulo in Brazil. And the whole testing of this first prototype that we described will be made out without a person onboard. So on only an unaccrued vehicle, the prototypes that we mentioned that will be used for certification, and those will be piloted. And so the test campaign with those will have a pilot on board. But this first prototype is only on unproven vehicle.

是的。因此，我們將與一個原始車輛飛行員團隊從胚胎測試設施的地面站進行遠端測試，並很快在巴西聖保羅舉辦奧運會。我們描述的第一個原型的整個測試將在無人參與的情況下完成。因此，僅在未提列的車輛上，我們提到的原型將用於認證，並將進行試點。因此，這些測試活動將有一名飛行員參與。但第一個原型機僅在未經驗證的車輛上使用。

Great. Thanks for all the color group and talking thinking things.

偉大的。感謝所有顏色組和談論思考的事情。

As a reminder, if you'd like to join the question queue, please press star one on your telephone keypad.

提醒一下，如果您想加入問題佇列，請按電話鍵盤上的星號一。

And our next question comes from the line of Andres Sheppard with Cantor Cantor Fitzgerald. Please proceed with your question.

我們的下一個問題來自安德烈斯·謝潑德和康托·坎托·菲茨杰拉德的台詞。請繼續你的問題。

Hi, good morning, everyone. Congratulations on the quarter and thanks for taking our questions. And I wanted to touch on your service and support revenue stream. I this is obviously an area that you're placing a large emphasis on or at least have mentioned in the past. I'm curious what are the kind of developments there, particularly as some of your peers might be targeting entering into service in 2025? So what might we expect from the service and support revenue stream maybe next year and onwards? And what are the latest developments there? Thank you.

嗨，大家早安。恭喜本季度，感謝您提出我們的問題。我想談談你們的服務和支持收入來源。這顯然是您非常重視或至少在過去提到過的領域。我很好奇那裡有哪些進展，特別是你們的一些同行可能計劃在 2025 年投入使用？那麼，我們對明年及以後的服務和支援收入流有何期望？那裡的最新進展是什麼？謝謝。

Thanks, Andreas. Great question. Obviously, it's dear to my heart when it comes to service and support. So I will take this one. As you could see, I mean, we're up to $616 million worth of bidding of service and support that we presold dates. It's really linked to the operation and we need to have the certified airplane aircraft and then enter into service. So we can really taking with those services, there's one risk revenue stream that could happen before it with the ATM software that we are developing and it is Ignacio. So yes, but that's part of the same concept where you know, we want to make sure that we have the vehicle, but also the operation there is smooth, and we believe there's one way to do it. Is to be with our customers on ground boots on the ground and make sure that, you know, they have all the support have to operate and guaranteed availability. That's the ultimate goal availability availabilities. We demonstrate the segments, the aircraft operation, reliability, and then obviously the customer can make money with the with the with the vehicle. So well, this is very important that we can replicate. And so we are really looking at the full spectrum exactly what has been done. And this is another page that we have from Embry Air engineering manufacturing but service and support. We've learn all those years and we're going to be applying all those lessons learned, let's say, right away with a full total package, a very much ala carte service. There are operators that have their own MRO. They want to train their mechanics. They want to be able to perform the maintenance, and that's fine, you know, and then they want to go for applied by our program of having the engineering support, having the spare parts support having DSL. So I don't have the whole package. I think what differs in a little bit from the traditional market of service and support as the battery into something. And this is exactly the model that we're studying right now and has it had to be the up in the support and the charging. And with the recycling also what's going to happen with the battery as we're going to be changing. And every year, we're going to get to the 80% kind of of power and remaining. So we'll have to look at what we're going to be doing.

謝謝，安德烈亞斯。很好的問題。顯然，在服務和支援方面我非常看重。所以我就拿這個。正如您所看到的，我的意思是，我們預售日期的服務和支援投標價值高達 6.16 億美元。這確實與營運有關，我們需要擁有經過認證的飛機，然後才能投入使用。因此，我們確實可以利用這些服務，但在我們正在開發的 ATM 軟體之前，可能會出現一種風險收入來源，那就是 Ignacio。所以是的，但這是同一個概念的一部分，你知道，我們希望確保我們擁有車輛，而且操作順利，我們相信有一種方法可以做到這一點。就是與我們的客戶一起在地面上進行地面引導，並確保他們擁有操作所需的所有支援並保證可用性。這就是可用性的最終目標。我們展示了各個部分、飛機的運作、可靠性，然後顯然客戶可以透過車輛賺錢。所以，這非常重要，我們可以複製。因此，我們確實正在全面審視已經完成的工作。這是我們從安莉芳航空工程製造部門獲得的另一頁，除了服務和支援。我們已經學習了這些年，我們將應用所有這些經驗教訓，比方說，立即提供完整的整體套餐，非常多的單點服務。有些業者擁有自己的 MRO。他們想培訓他們的機械師。他們希望能夠執行維護，這很好，你知道，然後他們希望申請我們的工程支援、備件支援和 DSL 計劃。所以我沒有完整的包裹。我認為與傳統的服務和支援市場有一點不同，就像電池一樣。這正是我們現在正在研究的模型，它必須在支援和充電方面得到提升。隨著回收的進行，隨著我們的改變，電池也會發生什麼。每年，我們都會達到 80% 的電量和剩餘電量。所以我們必須看看我們要做什麼。

So right now, we're really focusing on this. The rest is very traditional model and it depends on what you know, the customer choice, some other or very much executive jets that will support its turnkey solution. And then others are way more independent and then we'll support, you know the way that they want us to.

所以現在我們真的很關注這個。其餘的都是非常傳統的模型，這取決於您所了解的情況、客戶的選擇、其他一些或非常多的公務機將支援其交鑰匙解決方案。然後其他人會更獨立，然後我們就會支持，你知道他們希望我們這樣做。

Got it. Got it. That's super helpful. I appreciate all that context. And then maybe one quick follow up question for Fred, do you so within your cash consumption guidance of one $130 million to $170 million, I'm wondering if we can maybe get a little more color on how much of that you expect will translate into CapEx, particularly as you're building some of these units. Now, how should we think about CapEx for this year? And also maybe what's the best way to think about OpEx for the for this year as well? Thank you.

知道了。知道了。這非常有幫助。我很欣賞所有這些背景。然後，也許有一個快速的後續問題要問弗雷德，您是否在1.3 億至1.7 億美元的現金消費指導範圍內這樣做，我想知道我們是否可以進一步了解您期望的現金消耗量將轉化為多少資本支出，特別是當您正在建立其中一些單位時。現在，我們該如何考慮今年的資本支出？也許思考今年營運支出的最佳方式是什麼？謝謝。

The majority of the development rate that includes, as I said, the engineers and the prototype may spend around of $20 million to $30 million on the prototype. And you know that the would say the majority is with the development of the upcoming vehicles, right? This is important to mention, right. We we are, of course, focusing on the first prototype that is coming, but we are also at full speed on the development of the additional five that will come in 2025 despite the full flight test campaign. So there is a lot of money that we are putting on that. It's not it's not only these this upcoming vehicle and we may spend some money on the manufacturing facility, right? Our first plant in Brazil, but that doesn't it shouldn't be that much in 2024. So it should be more in 25. But there will be some investments on CapEx on the facility as well. But let's say that the majority of the investments are still engineering development for the multiple vehicles that we bring for the flight DESCAP.

正如我所說，大部分開發費用（包括工程師和原型）可能會在原型機上花費約 2,000 萬至 3,000 萬美元。你知道，大多數人會說，大部分都是與即將推出的車輛的開發有關，對吧？這一點值得一提，對吧。當然，我們的重點是即將推出的第一架原型機，但我們也在全速開發 2025 年將推出的另外五架原型機，儘管正在進行全面的飛行測試活動。所以我們在這方面投入了大量資金。不僅僅是這些即將推出的車輛，我們可能會在製造設施上花一些錢，對吧？我們的第一家工廠位於巴西，但到 2024 年應該不會那麼多。所以應該是25以上。但該設施的資本支出也會有一些投資。但假設大部分投資仍用於我們為 DESCAP 航班帶來的多輛車的工程開發。

Okay, great. That's helpful. Thank you very much and congrats again and I'll pass it on. Thank you.

好的，太好了。這很有幫助。非常感謝並再次祝賀，我會將其轉達。謝謝。

Thank you. Andreas.

謝謝。安德烈亞斯.

Thank you.

謝謝。

Thank you. And our next question is a follow-up from the line of Savi Syth with Raymond James. Please proceed with your question.

謝謝。我們的下一個問題是薩維·賽斯 (Savi Syth) 和雷蒙德·詹姆斯 (Raymond James) 的後續問題。請繼續你的問題。

Hi. Just a clarification on the PDPs, is there kind of a certain milestone? Is it, you know, when the first prototype is kind of flying or perhaps next year and you'll find the other five prototypes that you see that you'll be able to kind of go and and solidify those LOIs or even you know what might contribute to kind of first PBT fell? Thanks.

你好。只是對 PDP 進行澄清，是否有某種里程碑？是嗎，你知道，當第一個原型飛行時，或者也許明年，你會發現其他五個原型，你將能夠開始並鞏固這些 LOI，甚至你知道什麼可能會導致 PBT 首次下跌？謝謝。

Savi. We haven't spoke, I had to do good like you start, you start to add those? No. Okay.

薩維。我們還沒有說話，我必須像你開始那樣做好事，你開始添加那些嗎？不。好的。

No, I was just going to see, Savi, the you know, we have multiple campaigns in discussion, right? We have multiple customers, as you can see, Mike, by the largest backlog in the in the industry, the focus is you start to convert those LOIs into firm orders which also translates into deposits, right? And pre-delivery payments, as you referred to. So this is going to start to come right that this year and '26 are going to receive a lot of downpayments and pre-delivery payments. But the most I would say, Johan can can can add. But I think the most important thing is really engagement with those customers make sure they're comfortable with the number. You have all these lots when they are going to be taking those vehicles and where they are going to be deploying them. But you know that the cash is going to come, the PDPs and the deferred orders are going to come in this year and in the upcoming years?

不，我只是想看看，薩維，你知道，我們正在討論多個活動，對吧？我們有多個客戶，正如你所看到的，麥克，透過業內最大的積壓，重點是你開始將這些意向書轉換為確定訂單，這也轉化為存款，對嗎？以及您提到的預付付款。因此，今年和 26 年將開始收到大量首付款和預付付款。但我最想說的是，約翰可以補充。但我認為最重要的是與這些客戶的真正接觸，確保他們對這個數字感到滿意。當他們準備使用這些車輛以及將它們部署到哪裡時，您擁有所有這些批次。但你知道現金將會到來，PDP 和延期訂單將會在今年和未來幾年到來嗎？

Absolutely. I do. I think this was really important. And what we want to have and convert some of those aligned to the first purchase agreement is just to make sure that we have our customers engaged the whole ecosystem. It takes time. It takes, you know what people resources and it's not so much because of the customer, but it is because of the whole ecosystem. It is not a traditional And I had a aircraft you're adding to the fleet. And it's really it's more than this so well. And I think, you know, we've been discussing very much with the customers with the ambition and when to engage, get done probably called the skin in the game from all the stakeholders. And this is what the PPA is about and they are the one asking for that's my assistant. So it's not like we have to sign those precedent agreement this year effort from a cash needs perspective, but definitely from an engagement

絕對地。我願意。我認為這非常重要。我們想要並轉換其中一些與第一份購買協議一致的內容只是為了確保我們的客戶參與整個生態系統。這需要時間。你知道需要哪些人力資源，這不是因為客​​戶，而是因為整個生態系統。這不是傳統的飛機，我有一架飛機要加入機隊。而且它確實比這更好。我認為，你知道，我們一直在與客戶進行大量討論，討論雄心勃勃的目標以及何時參與，完成工作可能被所有利益相關者稱為「遊戲中的皮膚」。這就是 PPA 的目的，他們要求的是我的助理。因此，我們今年不必從現金需求的角度簽署這些先例協議，但絕對是從參與的角度來看

very helpful.Thank you.

非常有幫助。

Thank you for taking our next question is a follow-up from the line of Cai von Rumohr with T. Cowen. Please proceed with your question.

感謝您接受我們的下一個問題是 Cai von Rumohr 和 T. Cowen 的後續問題。請繼續你的問題。

Yes, thanks. So much. So of the $660 million kind of service contracts, how much of that is with your competitors or with customers of your competitors non guys?

對了謝謝。非常。那麼，在 6.6 億美元的服務合約中，有多少是與您的競爭對手或競爭對手的非男性客戶簽訂的？

None. It's all in all on the EV toll and mobile offering, of course, in this to be able to go for agnostic. But it's really all the analyses based on the on the current aircraft data-wise. Okay.

沒有任何。當然，這一切都取決於電動車收費和移動產品，從而能夠做到不可知論。但這實際上是基於當前飛機數據的所有分析。好的。

But given the Deno, so like Joe B in Archer indicate they hope to be certified, you know, ahead of you or how are you doing in your efforts to kind of sell services either to them or to their ultimate customer, given that you have a long history of service capability and they don't.

但考慮到 Deno，就像 Archer 中的 Joe B 一樣，他們希望在您之前獲得認證，或者您在向他們或他們的最終客戶銷售服務方面做得如何，因為您有服務能力歷史悠久，但他們沒有。

Yes, we do have a common operators where customers have been asking. And I'm sure that it does make sense from an operator standpoint of view when it comes to customer support and services, you want to have one point of contact. You don't want to multiply, you know, the age of the contracts of the same nature, if you will, for MRO, then you might as well just have one provider for the different vehicle. That's a concept in our it does exist today where there are independent MRO or or or what do you have a agnostic MRO that can offer at this type of service. So we're open. We've been having a conversation that through a united. As a matter of fact, that's one example where they've been asking us to you know, to sit down with them with other EV, dollar-yen Minda and start talking about, you know how it's going to look like when the service and support. And you're right we do have the expertise when it comes to service and support that will be natural that would take the lead on this, but nothing more concrete at this stage.

是的，我們確實有一個客戶一直在詢問的共同經營者。我確信，從運營商的角度來看，當涉及客戶支援和服務時，您希望有一個聯繫點，這確實有意義。你知道，你不想增加相同性質的合約的期限，如果你願意的話，對於 MRO，那麼你可能只需要一個不同車輛的提供者。這是我們今天確實存在的概念，有獨立的 MRO 或或您有什麼不可知的 MRO 可以提供此類服務。所以我們是開放的。我們一直在透過團結進行對話。事實上，這是一個例子，他們一直要求我們與他們坐下來討論其他電動車、美元日元 Minda，並開始討論，你知道當服務和服務出現時，情況會是什麼樣子。你是對的，我們確實擁有服務和支援方面的專業知識，這將是自然而然的，這將在這方面發揮領導作用，但現階段還沒有更具體的東西。

Great.

偉大的。

Thank you, Andrew, and thank you, ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Mr. Albath for any final comments.

謝謝安德魯，謝謝女士們先生們，我們的問答環節到此結束。我將把發言權交還給阿爾巴斯先生，徵求最後的意見。

Thank you, Melissa, and I want to thank everyone who joined the call today. As you can see, we accomplished several important milestones this past year that were fully engaged. And of course, there is much more to come. So we do look forward. We're going to continue to update you on our progress throughout the next few quarters. And of course, look forward to meeting all of you in the upcoming events we're going to attend. As always, if you have any questions, don't hesitate to reach out. Thanks and have a good day.

謝謝梅麗莎，我要感謝今天加入電話會議的所有人。正如您所看到的，我們在過去的一年裡全心全意地完成了幾個重要的里程碑。當然，還有更多的事情要做。所以我們確實很期待。我們將在接下來的幾季繼續向您通報我們的進展。當然，期待在我們即將參加的活動中與大家見面。一如既往，如果您有任何疑問，請隨時與我們聯繫。謝謝，祝你有美好的一天。

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

謝謝。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。