菲斯克汽車 (FSR) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to Fisker Inc's fourth quarter and full year 2023 earnings call.

下午好，歡迎參加 Fisker Inc 第四季和 2023 年全年財報電話會議。

All participants are in a listen only mode after the speakers' presentation, we will conduct a question-and-answer session.

演講者演講結束後，所有參與者都處於只聽模式，我們將進行問答環節。

As a reminder, this conference call is being recorded.

謹此提醒，本次電話會議正在錄音中。

I would now like to turn the call over to Eric Goldstein, Head of Investor Relations.

我現在想將電話轉給投資者關係主管 Eric Goldstein。

Thank you.

謝謝。

Please go ahead, sir.

請繼續，先生。

Thank you, operator.

謝謝你，接線生。

Hello, everyone, and welcome to Fiskars Fourth Quarter and Full Year 2023 earnings call.

大家好，歡迎參加 Fiskars 第四季和 2023 年全年財報電話會議。

As the operator mentioned, my name is Eric Goldstein, Head of Investor Relations at Fisker.

正如接線員所提到的，我叫艾瑞克‧戈爾茨坦 (Eric Goldstein)，菲斯克投資者關係主管。

Joining me today on the call are Henrik Fisker, Chief Executive Officer, David King, Chief Technology Officer, Dr. Kedar Gupta, Fisker Chief Financial Officer and Chief Operating Officer, and Angel Salinas, Chief Accounting Officer.

今天與我一起參加電話會議的包括執行長 Henrik Fisker、技術長 David King、Fisker 財務長兼營運長 Kedar Gupta 博士以及首席會計長 Angel Salinas。

Please note that today's discussion includes forward-looking statements about our expectations.

請注意，今天的討論包括有關我們期望的前瞻性陳述。

Actual results in the future periods are subject to risks and uncertainties that could cause our results to differ materially from those projected.

未來時期的實際結果受到風險和不確定性的影響，可能導致我們的結果與預測有重大差異。

These risks include those set forth in the press release we issued earlier today as well as those more fully described in our filings with the Securities and Exchange Commission.

這些風險包括我們今天早些時候發布的新聞稿中列出的風險以及我們向美國證券交易委員會提交的文件中更全面描述的風險。

Today's discussion may also include certain non-GAAP measures, including non-GAAP operating expenses.

今天的討論也可能包括某些非公認會計原則措施，包括非公認會計原則營運費用。

These financial results discussed today are presented on a preliminary basis.

今天討論的這些財務結果是初步提出的。

Final data Final data will be included in Cisco's annual report on Form 10-K for the period ended December 31, 2023.

最終數據 最終數據將包含在思科截至 2023 年 12 月 31 日的 10-K 表格年度報告中。

So with that, I'm happy to turn the call over to Henrik.

因此，我很高興將電話轉給 Henrik。

Thank you, Eric, and good afternoon, everyone.

謝謝你，埃里克，大家下午好。

Thank you for joining us today for our fourth quarter and full year 2023 earnings call.

感謝您今天參加我們的 2023 年第四季和全年財報電話會議。

I want to start by thanking all our stakeholders, teams and partners for all the hard work and continued progress we made in 2023.

首先，我要感謝所有利害關係人、團隊和合作夥伴的辛勤工作以及我們在 2023 年取得的持續進步。

In addition, I'm very excited to introduce Angel Salinas, our Chief Accounting Officer, who joined us in early January.

此外，我非常高興地向您介紹我們的首席會計官 Angel Salinas，她於 1 月初加入我們。

Angel has 28 years of public company accounting experience.

Angel 擁有 28 年上市公司會計經驗。

He is here with us in the room as Eric mentioned and would be happy to answer questions.

正如艾瑞克所提到的，他和我們一起在房間裡，並且很樂意回答問題。

Accounting related questions later.

會計相關問題稍後再解答。

2023 was a challenging year for Fisker.

2023 年對菲斯克來說是充滿挑戰的一年。

We achieved some important milestones for the full year fiscal produced 10,193 oceans and delivered over 4,900 across 12 countries.

我們實現了一些重要的里程碑，全年生產了 10,193 個海洋，並在 12 個國家/地區交付了 4,900 多個海洋。

We are proud of what we were able to achieve, but acknowledge that these totals were below the guidance we provided during the year, despite what we believe was the swiftness and largest delivery expansion of any EV startup company ever supplier delays and other issues unexpectedly hampered our ability to ramp up production and deliveries during the year.

我們對我們能夠取得的成就感到自豪，但承認這些總數低於我們在這一年中提供的指導，儘管我們相信電動汽車新創公司的交付速度是有史以來最大的，但供應商延遲和其他問題意外地阻礙了這一點我們年內提高產量和交付量的能力。

While we made good progress in solidifying our delivery network, we were not able to efficiently accommodate our backlog backlog at the pace we and our customers' desired underserved.

雖然我們在鞏固交付網路方面取得了良好進展，但我們無法以我們和客戶期望的服務速度有效地處理積壓的訂單。

This led to the decision that we announced in January of a shift to a dealer partner model in early January, we announced our dealer partner model in North America and hybrid model in Europe, a big strategic shift for Fisker.

這導致我們在一月初宣布轉向經銷商合作夥伴模式的決定，我們在北美宣布了經銷商合作夥伴模式，在歐洲宣布了混合模式，這對菲斯克來說是一個重大的策略轉變。

We are making significant progress on this rollout, and I'm pleased to report, we already have sent our first invoices this week to several dealer groups.

我們在此次推出方面取得了重大進展，我很高興地報告，我們本週已經向幾個經銷商集團發送了第一張發票。

We have received over 250 expressions of interest from dealers across North America, Canada and Europe.

我們已收到來自北美、加拿大和歐洲經銷商的 250 多份意向書。

Just recently, we hosted several of these dealers And at our Manhattan Beach headquarters for a presentation of the fiscal lineup vehicles.

就在最近，我們在曼哈頓海灘總部接待了其中幾位經銷商，展示了財務陣容車輛。

It was an exciting day looking into the strategic future of our company.

這是展望我們公司策略未來的激動人心的一天。

We are carefully choosing our dealer partners.

我們正在仔細選擇我們的經銷商合作夥伴。

At the moment.

眼下。

We have signed up dealers who are family owned and some who want to open multiple stores for us as we grow.

我們已經與家族擁有的經銷商簽約，其中一些經銷商希望隨著我們的發展為我們開設多家商店。

But one example is a dealer who is interested in nine locations in North America.

但一個例子是一位經銷商對北美的九個地點感興趣。

Another example is a European dealer group.

另一個例子是歐洲經銷商集團。

He's working on taking the entire country in Europe.

他正在努力佔領整個歐洲國家。

That gives me great confidence that we will be able to set up a comprehensive wide reaching dealer network in a very short time.

這讓我非常有信心，我們將能夠在很短的時間內建立一個全面、廣泛的經銷商網路。

I expect we will keep signing up multiple dealers every week during the next few months and have a comprehensive dealer work with approximately 50 dealer locations of both North America and Europe by the second half of this year as we recognize the EV market is growing at a slower pace.

我預計，在接下來的幾個月裡，我們將繼續每週與多個經銷商簽約，並在今年下半年之前與北美和歐洲的約50 個經銷商地點進行全面的經銷商合作，因為我們認識到電動車市場正在以驚人的速度成長。速度較慢。

We want to be prepared.

我們希望做好準備。

We have already initiated a strategy to make our company even more lean and competitive specifically today, we announced a headcount reduction of approximately 15% of our workforce, mainly as a result of the shift from direct-to-consumer model to a dealer model as well as streamlining the company in other areas.

我們已經啟動了一項策略，使我們的公司更加精簡和更具競爭力，特別是今天，我們宣布裁員約 15%，這主要是由於從直接面向消費者的模式向經銷商模式的轉變，以及在其他領域精簡公司。

We recognize that success is not a straight line.

我們體認到成功並不是一條直線。

We are bringing to the world the most sustainable electric vehicle.

我們正在為世界帶來最永續的電動車。

We knew this would be difficult, but we are in this for the long haul and are confident in our direction.

我們知道這會很困難，但我們會長期堅持這一點，並對我們的方向充滿信心。

We believe the Ocean platform is competitively priced and has several class leading features, including a best-in-class range of 360 miles, while we also realize that the EV industry is going through a turbulent and unpredictable period, so we want to start this year with a more prudent plan.

我們相信Ocean 平台的價格具有競爭力，並具有多項領先功能，包括360 英里的同類最佳續航里程，同時我們也意識到電動車行業正在經歷一個動盪且不可預測的時期，因此我們想開始這個項目今年有更謹慎的計劃。

We currently anticipate delivering approximately 20,000 to 22,000 oceans globally in 2024, we expect sales momentum to build throughout the year.

目前，我們預計 2024 年全球交付量約為 20,000 至 22,000 個海洋，我們預計全年銷售動能將增強。

As our dealer footprint expands, we continue to bolster the breadth and depth of our management team with key executive leaders hired a key executive leadership hirings of seasoned and experienced executives across departments, including financing, accounting and marketing.

隨著經銷商足跡的擴大，我們繼續加強管理團隊的廣度和深度，聘請了關鍵執行領導，並聘請了跨部門（包括財務、會計和行銷）經驗豐富的高階主管。

I want to highlight one important development regarding our senior convertible notes.

我想強調有關我們的高級可轉換票據的一項重要進展。

On January 21, Fisker entered into a second amendment and waiver agreement with the holder of the 2025 senior convertible notes pursuant to this waiver.

1月21日，菲斯克根據該豁免與2025年高級可轉換票據持有人簽訂了第二份修訂和豁免協議。

Among other items, the company has obtained a release from the note holder relating to certain intellectual property belongs to Fisker upon the company entering into a certain commercial agreement with an automotive original equipment manufacturer OEM.

除其他事項外，在公司與汽車原始設備製造商 OEM 簽訂某些商業協議後，該公司已從票據持有人那裡獲得了有關屬於 Fisker 的某些智慧財產權的釋放。

The waiver provide us with increased flexibility to pursue strategic collaborations.

該豁免為我們尋求策略合作提供了更大的靈活性。

Dieter will speak further on the convertible note in her remarks.

迪特將在演講中進一步討論可轉換票據。

On the strategic front, Fisker is in negotiations with a large automaker for a potential transaction, which could include an investment in Fisker joint development of one or more electric vehicle platforms and North America manufacturing.

在策略方面，菲斯克正在與一家大型汽車製造商就一項潛在交易進行談判，其中可能包括投資菲斯克共同開發一個或多個電動車平台以及北美製造。

The close of any transaction would be subject to satisfaction of important conditions, including completion of due diligence and negotiations and execution of appropriate definitive agreements.

任何交易的完成都取決於重要條件的滿足，包括完成盡職調查和談判以及執行適當的最終協議。

Turning to the ocean.

轉向大海。

As mentioned earlier, we are proud to have delivered all over 4,900 Fisker Ocean in 2023.

如前所述，我們很自豪能夠在 2023 年交付超過 4,900 輛 Fisker Ocean。

And in the fourth quarter, we produced 4,789 vehicles and delivered 3,818 vehicles, an increase of approximately 250% from Q3 to Q4 in 2023.

第四季度，我們生產了 4,789 輛汽車，交付了 3,818 輛汽車，較 2023 年第三季至第四季成長約 250%。

The Ciscos and won six different European awards in Germany, France, Denmark and the United Kingdom for best electric vehicle, best SUV and best product design.

思科在德國、法國、丹麥和英國贏得了六個不同的歐洲獎項：最佳電動車、最佳 SUV 和最佳產品設計。

These accomplishments marks an important validation of the world class product that our incredible talented team has developed to ocean at OS 2.0 over the air update has already begun, which includes performance and powertrain improvements, enhancements for solar Sky, improved energy management and other user experience improvements.

這些成就標誌著對我們令人難以置信的才華橫溢的團隊開發的世界級產品的重要驗證，OS 2.0 無線更新已經開始，其中包括性能和動力系統改進、太陽能天空的增強、改進的能源管理和其他使用者體驗改進。

Additional OG. updates are planned throughout 2024.

額外的 OG。計劃於 2024 年進行更新。

This shows how advanced and fully connected our ocean vehicle is compared to most of our competitors.

這表明我們的海洋車輛與大多數競爭對手相比是多麼先進和完全互聯。

The Ocean is simply getting better and better, but I will have David King, our Chief Technology Officer, to address our OTA strategy in more detail later, let's talk about our future products.

海洋正在變得越來越好，但稍後我將請我們的技術長 David King 更詳細地介紹我們的 OTA 策略，讓我們談談我們未來的產品。

In 2023, we rolled out our vision for the future of Fisker products with a a radical new segment busting compact SUV designed to capture a large addressable market and Alaska vehicle in a segment of zones.

2023 年，我們推出了 Fisker 產品的未來願景，推出一款顛覆細分市場的全新緊湊型 SUV，旨在佔領廣闊的潛在市場，並在某個區域推出阿拉斯加汽車。

Now that several OEMs have postponed their EV programs.

現在，一些原始設備製造商已經推遲了他們的電動車計畫。

Alaska will sit in a unique market segment without any direct EV competitors due to its price and features.

由於其價格和功能，阿拉斯加將處於一個獨特的細分市場，沒有任何直接的電動車競爭對手。

The Alaska is about the size of a Ford Ranger, but luxuries unique features and bed sizes from 4.5 to 7.5 feet, expected pricing at $45,900 an hour this is the next model we are concentrating on right now.

Alaska 的大小與福特 Ranger 相當，但擁有獨特的奢華功能，床鋪尺寸從 4.5 英尺到 7.5 英尺不等，預計售價為每小時 45,900 美元，這是我們目前關注的下一款車型。

We will only continue to invest in these programs if we complete a strategic collaboration or investment within OEM. sustainability.

只有在 OEM 內部完成策略合作或投資，我們才會繼續投資這些專案。可持續性。

Turning to the topic of ESG and sustainability, a foundational pillar for our company.

談到 ESG 和永續發展這個主題，這是我們公司的基本支柱。

We have and we have made a strategic move to confidently drive toward our goal of creating the most sustainable vehicles across all our programs.

我們已經並且已經採取了一項策略性舉措，充滿信心地推動我們的目標，即在我們的所有專案中創造最永續的車輛。

Our Head of ESG now reports directly to our CTO.

我們的 ESG 主管現在直接向我們的技術長報告。

This enhances ESG alignment with engineering, design and procurement, providing more immediate access to support innovation and low impact materials and technology.

這增強了 ESG 與工程、設計和採購的一致性，提供更直接的支援創新和低影響材料和技術。

Our sustainability team has the full support of these departments and continues to work with our materials engineers and design leaders them work directly and diligently to use the best quality and lowest impact materials and technology.

我們的永續發展團隊得到了這些部門的全力支持，並繼續與我們的材料工程師和設計領導者合作，他們直接、勤奮地工作，以使用最好的品質和最低影響的材料和技術。

Our carbon footprint life-cycle assessment published in 2023 clearly showed our ability to lead the industry in sustainability.

我們於 2023 年發布的碳足跡生命週期評估清楚地表明了我們在永續發展方面引領產業的能力。

We are currently working on a system to incorporate ongoing carbon footprint, analytics and target setting for sustainability that will promote verifiable radical advancements.

我們目前正在開發一個系統，將持續的碳足跡、分析和永續發展目標設定結合起來，這將促進可驗證的根本性進步。

As I look back on 2023 and ahead to the remainder of 2024.

當我回顧 2023 年並展望 2024 年剩餘時間。

While I'm well aware that sentiment on EVs has seen brighter days and our own company has experience growing pains.

雖然我很清楚，人們對電動車的信心已經迎來光明的日子，而我們自己的公司卻經歷了成長的陣痛。

My confidence in the future of Fisker remains very strong through the hard work of our dedicated team.

透過我們敬業團隊的辛勤工作，我對菲斯克的未來仍然充滿信心。

I know we will continue to grow the physical brand and expand in our current North American and European markets and beyond.

我知道我們將繼續發展實體品牌，並在目前的北美和歐洲市場及其他地區擴張。

I appreciate everyone for sticking with us on this journey to us a clean, sustainable mobility future for us.

我感謝大家在這段旅程中與我們一起堅持，為我們創造一個清潔、可持續的移動未來。

All I would now like to turn the call over to our Chief Technology Officer, David King.

我現在想將電話轉給我們的技術長 David King。

Yes, thank you, Henrik.

是的，謝謝你，亨利克。

A key focus for the Fisker engineering team in the last quarter has been to consolidate the hard work that went into launching the Ocean by optimizing quality and the customer experience with a particular emphasis on software updates and feature introductions.

Fisker 工程團隊上個季度的重點是透過優化品質和客戶體驗來鞏固推出 Ocean 的辛勤工作，特別強調軟體更新和功能介紹。

Our strategy for the Ocean was to launch a global car with class-leading design and features, future-proofed hardware and a fully connected cyber secure software platform that would allow us to continually improve the user experience, optimize driving performance and introduce new features throughout the life of the car, the acclaim that the Ocean has received in the US and in Europe for its design, build quality, comfort, rooming, US its range and dynamic performance is testament to our successful delivery of the hardware and our investment in our over the capability to update software in so many of the vehicles ECUs means we can respond quickly to early customer feedback and our own data analysis to roll out performance improvements, bug fixes and some key features that were always planned to follow on shortly after the initial start of production, delivering any new software manually or over the as a big responsibility.

我們的海洋策略是推出一款具有一流設計和功能、面向未來的硬體和完全連接的網路安全軟體平台的全球汽車，這將使我們能夠不斷改善用戶體驗、優化駕駛性能並在整個過程中引入新功能海洋在美國和歐洲因其設計、製造品質、舒適性、空間而受到讚譽，其範圍和動態性能證明了我們成功交付硬體和對我們的投資擁有更新眾多車輛ECU 中軟體的能力意味著我們可以快速回應早期客戶回饋和我們自己的數據分析，以推出效能改進、錯誤修復和一些關鍵功能，這些功能始終計劃在初始版本後不久推出在生產開始時，手動或透過其他方式交付任何新軟體是一項重大責任。

And our testing and approval of component system level and vehicle level is accordingly, rigorous in order to add additional quality gates.

我們對組件系統等級和車輛等級的測試和批准也相應嚴格，以增加額外的品質關卡。

A key process improvement introduced in Q4 is our three-step OTA rollout that requires confirmation of successful updates in subsets of our internal and customer fleets before selling full scale.

在第四季度引入的一項關鍵流程改進是我們的三步驟 OTA 推出，要求在全面銷售之前確認我們內部和客戶車隊的子集成功更新。

We have also published a software road map to give better visibility of future upgrades, and our intention is to achieve a consistent monthly cadence of OTAs with at least three months rolling visibility of content.

我們還發布了軟體路線圖，以便更好地了解未來的升級，我們的目的是實現每月一致的 OTA 節奏，並至少三個月滾動內容可見性。

Looking back now on recently deployed updates.

現在回顧一下最近部署的更新。

During November and December, we rolled out OS 1.10 and 1.11, the former included refinements to the low speed regen braking performance over bumpy or slippery surfaces, along with 12-volt battery life improvements and bug fixes.

在 11 月和 12 月期間，我們推出了 OS 1.10 和 1.11，前者包括對崎嶇或濕滑表面上的低速再生煞車性能的改進，以及 12 伏特電池壽命的改進和錯誤修復。

The latter was focused on center screen response improvements, bug fixes and the introduction of trip meters.

後者專注於中央螢幕響應改進、錯誤修復和里程表的引入。

Meanwhile, we've also been working hard to complete the testing on the much-anticipated OS 2.0. The US commenced customer rollout this week, I want to point out is our largest scale OTA package to date with updates to 12 ECUs to deliver new features such as auto hold trailer sway mitigation revised 45, 55 front rear torque split further refinements to reach and brake blending some of the Sky charging meter and OTA, whilst plugged in along with performance improvements such as improved cabin heating and de-focusing revised audio churn for improved base response, improved center screen response and Bluetooth stability, part one of driver profiles as well as a range of bug fixes and some enabling changes for future updates.

同時，我們也一直在努力完成萬眾期待的OS 2.0的測試。美國本週開始向客戶推出，我想指出的是我們迄今為止最大規模的OTA 包，更新了12 個ECU，以提供新功能，例如自動保持拖車搖擺緩解修訂版45、55 前後扭矩分配進一步細化以達到和煞車系統融合了一些Sky 充電表和OTA，同時插入時還進行了性能改進，例如改進的座艙加熱和散焦改進的音頻攪動，以改進基本響應、改進的中央屏幕響應和藍牙穩定性，這也是駕駛員配置文件的一部分作為一系列錯誤修復和一些未來更新的啟用更改。

It also includes the eagerly awaited key for performance improvements and improved 12 volt battery management with a customer selectable energy saving mode that reduces overnight state of charge loss to below 1%.

它還包括期待已久的性能改進和改進的 12 伏特電池管理功能，以及客戶可選的節能模式，可將夜間充電狀態損失降低至 1% 以下。

Our ability to make the scale of OTA update is currently very rare within the industry and it places us in a very strong position to not only keep pace, but to set the pace in a rapidly changing industry.

目前，我們進行 OTA 更新規模的能力在業界非常罕見，這使我們處於非常有利的地位，不僅可以跟上步伐，而且可以在快速變化的行業中引領步伐。

Our software increasingly defines the user experience.

我們的軟體日益定義使用者體驗。

I've been driving an early release that I want to point out in my own ocean for over a month now covering more than 1,500 miles in that time.

我已經在自己的​​海洋中駕駛了一個早期版本，我想指出它已經有一個多月了，現在已經行駛了 1,500 英里以上。

And I am delighted that the sum of all the improvements in this ambitious package is so clearly apparent in the noticeably more sophisticated driving experience and cleaner functionality as well as fixing some irritations that I know will be much appreciated by our customers.

我很高興這個雄心勃勃的套件中的所有改進的總和在明顯更複雜的駕駛體驗和更清潔的功能以及修復一些刺激方面如此明顯，我知道我們的客戶將非常讚賞這些。

Looking ahead, we are preparing now to release I was 2.1 in March and I was 2.2 in April, both of which will be smaller in scale than 2.0. While we finalize the next major feature upgrade, I was 3.0 in May. 2.1 will introduce Elexa scheduled OTA and further center screen enhancements.

展望未來，我們現在正準備在 3 月發布 I was 2.1，在 4 月發布 I was 2.2，這兩個版本的規模都會比 2.0 小。當我們最終確定下一個主要功能升級時，我在 5 月發布了 3.0。 2.1 將引入 Elexa 預定 OTA 和進一步的中央螢幕增強功能。

While I was 2.2 will add memory seats, some general calibration refinements and the UK time zone, our 3.0 is our next major OTA package, and we are in the late stages of testing and sign off.

雖然我的 2.2 將添加內存座椅、一些常規校準改進和英國時區，但我們的 3.0 是我們的下一個主要 OTA 包，我們正處於測試和簽核的後期階段。

Now the feature content includes torque vectoring with one pedal drive further ESP refinements, Hilde sand control new exterior sound and a suite of eight U.S. performance improvements and features, including active cruise control.

現在的功能內容包括透過單踏板驅動的扭力向量控制進一步改進的 ESP、希爾德沙地控制新的外部聲音以及一套八項美國性能改進和功能，包括主動巡航控制。

Our vehicle engineering team is just back from a comprehensive Winter Test and sign of trip in Sweden earlier this month with excellent results on the Ice Lake by even the front-wheel-drive entry-level sport version gave an excellent account of itself away from Ocean optimization.

Our vehicle engineering team is just back from a comprehensive Winter Test and sign of trip in Sweden earlier this month with excellent results on the Ice Lake by even the front-wheel-drive entry-level sport version gave an excellent account of itself away from Ocean最佳化.

The Fisker team continues to work hard on the Alaska project.

菲斯克團隊繼續在阿拉斯加專案上努力工作。

This exciting midsize EV pickup will be packed with innovative features and will be uniquely placed in a segment of its own.

這款令人興奮的中型電動皮卡將配備創新功能，並將在自己的細分市場中佔據獨特地位。

All our learning and experience from the Ocean program is being embedded in the specifications and the engineering data to ensure rapid and robust development phase.

我們從海洋計畫中學到的所有知識和經驗都被嵌入到規範和工程數據中，以確保快速和穩健的開發階段。

I'm very proud of what our team has accomplished thus far and excited for our customers to experience the features and upgrades we have in-store for them.

我對我們的團隊迄今為止所取得的成就感到非常自豪，並為我們的客戶體驗我們為他們提供的功能和升級感到興奮。

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

這樣，我就把電話轉給吉塔。

Thank you, David.

謝謝你，大衛。

I would like to begin by expressing my gratitude to the entire Fisker team, our suppliers, customers and our shareholders, who have supported us during the tough year as Henrik has already said, 2023 was a much more challenging year than we anticipated.

首先，我要向整個Fisker 團隊、我們的供應商、客戶和股東表示感謝，他們在艱難的一年中為我們提供了支持，正如Henrik 所說，2023 年是比我們預期更具挑戰性的一年。

However, I can assure you that everyone at Fisker is working extremely hard around the clock.

然而，我可以向您保證，菲斯克的每個人都在日以繼夜地努力工作。

We have a highly differentiated product that truly deserves a higher level of customer awareness.

我們擁有高度差異化的產品，確實值得更高層次的客戶認知。

As we roll out our dealer partnership strategy, we expect our sales to grow as consumers become more aware of our brand and has the ability to test drive and kick the tires.

隨著我們推出經銷商合作夥伴策略，隨著消費者更加了解我們的品牌並有能力試駕和試駕，我們預計我們的銷售額將會成長。

I will now review our preliminary fourth quarter full-year results.

我現在將回顧我們第四季的初步全年業績。

Our fourth quarter revenue was $200.1 million, which was an increase of approximately $128 million from the third quarter.

我們第四季的營收為 2.001 億美元，比第三季增加了約 1.28 億美元。

Higher revenues were driven by a significant increase in deliveries in the quarter in the quarter to 3,818 units compared to 1,097 units in third quarter 2023.

營收增加的推動因素是本季交付量大幅增加，達到 3,818 台，而 2023 年第三季為 1,097 台。

Our top line in the fourth quarter was reduced by $44.6 million that was allocated to deferred revenue accounts on our balance sheet.

我們第四季的收入減少了 4,460 萬美元，這些資金被分配到資產負債表上的遞延收入帳戶。

This relates to revenue we expect to realize in the future when additional services tied to certain option packages have performed specifically related to aid us as well as certain vehicle features and functions that are updated over the air as a significant amount of this deferred revenue was also tied to a special package Fisker Ocean one owners that was announced in October.

這與我們預期在未來實現的收入有關，當時與某些選項包相關的附加服務已經執行，特別與援助我們相關，以及通過無線方式更新的某些車輛特性和功能，因為這種遞延收入的很大一部分也已被支付。與 10 月宣布的 Fisker Ocean one 業主特別套餐相關。

That package included free vehicle infotainment upgrades, lifetime wireless connectivity, a warranty extension free tire replacement and a 1,000 charge point gift card amongst other items.

該套餐包括免費車輛資訊娛樂升級、終身無線連接、保固延期、免費輪胎更換以及 1,000 個充電點禮品卡等。

If we were to include the deferred revenue, our reported revenue would have been approximately $244.7 million, and our average selling price would have been more in line with analysts' expectations.

如果我們將遞延收入納入，我們報告的營收約為 2.447 億美元，我們的平均售價將更符合分析師的預期。

Our gross margin was negative 35% in the quarter.

本季我們的毛利率為負 35%。

However, there were some nonrecurring items in the cost of goods sold that negatively impacted margins, which includes an inventory valuation charge and a supplier capacity expense on an adjusted basis, adding back the deferred revenue and removing the inventory charge and supplier capacity expense and gross margin would have been positive.

然而，銷售成本中的一些非經常性項目對利潤率產生了負面影響，其中包括調整後的庫存估價費用和供應商產能費用，加回遞延收入並刪除庫存費用和供應商產能費用以及毛利率利潤率本來就是正數。

We reported a loss from operations in the quarter of $103 million and SG&A of $79.4 million increased sequentially, largely due to a rise in headcount during the quarter and higher professional fees we quickly recognized we needed to pivot from direct sales to the dealer partnership model for the reasons that Henrik has already described at the end of the fourth quarter.

我們報告本季營運虧損 1.03 億美元，SG&A 環比增加 7,940 萬美元，這主要是由於本季度員工人數增加以及專業費用增加，我們很快意識到我們需要從直接銷售轉向經銷商合作模式亨里克在第四季末已經描述過原因。

With this pivot, we also needed to streamline company-wide operations.

在此基礎上，我們還需要簡化全公司的營運。

As a result, we expect to have a significant reduction in costs with respect to our real estate expenses and payroll through workforce reductions and related SG&A expenses.

因此，我們預計透過減少勞動力和相關的銷售、管理及行政費用，我們的房地產費用和工資成本將大幅降低。

Furthermore, we expect to have additional reductions in R&D as the Ocean Development is largely complete and any new vehicle program spending will be tied to a strategic automaker collaboration.

此外，由於海洋開發已基本完成，我們預計研發費用將進一步減少，任何新車項目支出都將與汽車製造商的戰略合作掛鉤。

I will now address a couple of other items in the income statement.

我現在將討論損益表中的其他幾個項目。

Other expense in the quarter was minus $10.5 million, largely due to a write off for a loan.

本季的其他費用為負 1,050 萬美元，主要是由於一筆貸款的沖銷。

We had previously made to a troubled supplier.

我們之前曾與一家陷入困境的供應商進行過接觸。

We had negative $328.5 million adjustment to the fair value of our 2025 convertible notes in the fourth quarter.

第四季度，我們對 2025 年可轉換票據的公允價值進行了 3.285 億美元的負調整。

The primary driver of this was the result of a conversion feature which became available to the holder of the notes due delayed filing of our Form 10-Q for the period ended September 30, 2023.

造成這種情況的主要原因是由於截至 2023 年 9 月 30 日的期間延遲提交 10-Q 表格，票據持有人可以使用轉換功能。

Fisker amended the agreement with the note holder to remove this conversion feature when we file our 10-K with the SEC.

當我們向 SEC 提交 10-K 時，Fisker 修改了與票據持有人的協議，刪除了此轉換功能。

As of February 29, approximately $237 million of the 2025 notes have been converted to equity, which has reduced the principal amount of 225 notes outstanding to $273 million from the initial aggregate principal amount of $510 million after our annual 10-K filed with the SEC.

截至2 月29 日，2025 年票據中約2.37 億美元已轉換為股權，這使得225 份未償還票據的本金金額從我們向SEC 提交年度10-K 後的最初本金總額5.1 億美元減少至2.73 億美元。

This conversion feature will cease to be available to the note holder and the fair value of the notes will be reduced.

票據持有人將無法使用此轉換功能，票據的公允價值將減少。

Our net loss for the fourth quarter was $463.6 million or $1.23 per share.

我們第四季的淨虧損為 4.636 億美元，即每股 1.23 美元。

For the full year 2023, we reported revenue of $272.9 million, which excludes the aforementioned $44.6 million of deferred revenue.

2023 年全年，我們報告的收入為 2.729 億美元，其中不包括上述 4,460 萬美元的遞延收入。

Our reported gross profit was minus $102.9 million or minus 38%.

我們報告的毛利為負 1.029 億美元，即負 38%。

Our net loss for the year was $762 million or minus $2.22 per share.

我們今年的淨虧損為 7.62 億美元，每股虧損 2.22 美元。

We ended 2023 with $325.5 million in cash and cash equivalents and $70.5 million in restricted cash.

截至 2023 年末，我們擁有 3.255 億美元的現金和現金等價物以及 7,050 萬美元的限制性現金。

Our cash position fluctuates based on a variety of factors since December 31, 2023, there has been a reduction further reduction in our cash due to ongoing operations.

自 2023 年 12 月 31 日以來，我們的現金狀況因多種因素而波動，由於持續經營，我們的現金進一步減少。

Before we move on to our outlook for 2024, I'd like to address our liquidity situation and 10 K status.

在我們展望 2024 年之前，我想先談談我們的流動性狀況和 10 K 狀況。

We expect our capital expenditures and working capital requirements to decrease in 2024 and beyond.

我們預計 2024 年及以後的資本支出和營運資金需求將減少。

As we enter the 2nd year of ocean production.

當我們進入海洋生產的第二年。

However, our business plan is highly dependent on the successful transition and execution from selling direct to customers to a new dealer partner model.

然而，我們的業務計劃高度依賴從直接向客戶銷售到新的經銷商合作夥伴模式的成功過渡和執行。

Furthermore, to the extent our current resources are insufficient to satisfy our financial requirements over the next 12 months, we may need to seek additional equity or debt financing, and there can be no assurance that we will be successful in these efforts.

此外，如果我們目前的資源不足以滿足未來 12 個月的財務需求，我們可能需要尋求額外的股權或債務融資，並且不能保證我們的這些努力會成功。

If the financing is not available is the final terms of financing a less desirable than we were expecting, we may be forced to decrease our planned level of investment in product development, we may have to scale back our operations, including headcount and production of the ocean, which could have an adverse impact on our business and financial prospects.

如果無法獲得融資，即最終融資條款不如我們預期，我們可能會被迫降低產品開發的計劃投資水平，我們可能不得不縮減我們的業務，包括員工人數和生產海洋，這可能對我們的業務和財務前景產生不利影響。

As a result, we expect to conclude, there is substantial doubt about our ability to continue as a going concern when we file our 10-Q with the SEC to address potential liquidity issues discussed already taking action.

因此，我們預計得出的結論是，當我們向 SEC 提交 10-Q 報告以解決已採取行動討論的潛在流動性問題時，我們是否有能力繼續持續經營存在重大疑問。

We are currently in discussion with an existing noteholder about potentially making an additional investment in the company.

我們目前正在與現有票據持有人討論對該公司進行額外投資的可能性。

The use of proceeds, if a transaction is consummated is expected to be for general corporate purposes, vehicle production and the ongoing transition to a dealer focused sales model.

如果交易完成，所得款項的用途預計將用於一般公司用途、車輛生產以及向以經銷商為中心的銷售模式的持續過渡。

In addition, as previously noted, Cisco intends to reduce its workforce by approximately 15% headcount reductions predominantly related to change in sales strategy from direct to consumer and to a dealer partner model.

此外，如前所述，思科打算將其員工人數減少約 15%，這主要與銷售策略從直接面向消費者和經銷商合作夥伴模式的轉變有關。

In addition, we are streamlining operations, including reducing our physical footprint and overall expenses regarding a 10-K, Fiskars currently unable to file its annual report on Form 10-K for the year ended December 31, 2023, the 2023 form 10-K within the time period prescribed fiscal needs additional time to finalize its consolidated financial statements and evaluation of the school disclosure controls and procedures.

此外，我們正在精簡運營，包括減少與 10-K 相關的實體足跡和總體費用，Fiskars 目前無法提交截至 2023 年 12 月 31 日的 10-K 表格年度報告，2023 年 10-K 表格在規定的期限內，財政部門需要更多的時間來完成其合併財務報表以及對學校揭露控制和程序的評估。

We currently expect to file between two and three Form 10-K within the 15-day extension period provided under Rule 12b-25.

目前，我們預計在規則 12b-25 規定的 15 天延期期間提交兩到三份 10-K 表。

Turning to our 2024 outlook.

轉向我們的 2024 年展望。

As Henrik stated, we expect to sell between 20,000 and 22,000 units in 2024, with the rollout of our dealer network underway, enhanced by the improvements and optimizations made to our outbound logistic operations.

正如 Henrik 所說，隨著我們的經銷商網路的推出，以及我們對出境物流業務的改進和優化，我們預計到 2024 年將售出 20,000 至 22,000 輛汽車。

We believe we have a strategy to make this happen in the most efficient and financially prudent way.

我們相信我們有一個策略可以以最有效和財務上最審慎的方式實現這一目標。

Importantly, the carrying value of completed vehicles in our inventory and prepaid raw materials at year end was dropped approximately $530 million.

重要的是，年底我們的庫存和預付原材料中的整車帳面價值下降了約 5.3 億美元。

During the first half of 2024, we expect to generate cash from the sale of existing 2023 production vehicles that are largely paid for supporting monetization of our balance sheet.

在 2024 年上半年，我們預計將透過銷售現有的 2023 輛生產車輛產生現金，這些車輛主要用於支持我們資產負債表的貨幣化。

In addition, we expect a higher than usual cash contribution from the oceans produced and subsequently sold in the first half of 2024 as the company consumes raw materials that are already on its balance sheet, meaning they are already paid for on a non-GAAP basis spending for SG&A, R&D and CapEx between '24 is expected to be in the range of $320 million to $390 million of this SG&A is estimated to be $200 million to $230 million, which is lower than our annualized fourth quarter run rate.

此外，我們預計 2024 年上半年生產和隨後銷售的海洋的現金貢獻將高於平常，因為該公司消耗的原材料已在其資產負債表上，這意味著它們已經按照非公認會計原則支付了2024 年期間的SG&A、研發和資本支出預計將在3.2 億至3.9 億美元之間，其中SG&A 預計為2 億至2.3 億美元，這低於我們第四季的年化運作率。

R&D is estimated to be in the $60 million to $80 million range, and CapEx is also estimated to be in the $60 million to $80 million range.

研發費用預計在 6,000 萬美元至 8,000 萬美元範圍內，資本支出預計也在 6,000 萬美元至 8,000 萬美元範圍內。

Together, this guidance strikes a balance between our asset-light model, our prudent investment plans and streamlining the company's operations.

總之，該指引在我們的輕資產模式、審慎的投資計畫和簡化公司營運之間取得了平衡。

Further to achieve our goals for 2024, our estimated average selling price per vehicle will be in the range of $56,000 to $62,000 after taking into account import duties and dealer commissions, reflecting the recent conversation conversions of a portion of 2025 senior convertible notes to equity and stock-based compensation, 456,780,116 shares of the company's Class A common stock are outstanding as of February 26, 2024.

為了進一步實現我們2024 年的目標，在考慮進口關稅和經銷商佣金後，我們估計每輛車的平均售價將在56,000 美元至62,000 美元之間，反映了最近將2025 年部分高級可轉換票據轉換為股權及截至 2024 年 2 月 26 日，本公司已發行 A 類普通股 456,780,116 股。

In addition, there are 132,354,128 shares of Class B common stock outstanding for a combined total share outstanding of 589,134,244 shares.

此外，還有 132,354,128 股已發行 B 類普通股，總發行股數為 589,134,244 股。

We are now happy to answer your questions.

我們現在很高興回答您的問題。

Thanks, Geeta.

謝謝，吉塔。

We're going to take three questions that we received from retail, and then we'll jump into Q&A from the analysts that are on the line.

我們將回答從零售業收到的三個問題，然後我們將進入線上分析師的問答環節。

So the first retail question is, given the recent decline in the stock price, what is Fisker's next move to improve shareholder value and how many new dealers does Fisker's think it's going to gain with dealer partner model well?

因此，第一個零售問題是，鑑於近期股價下跌，菲斯克下一步將採取什麼措施來提高股東價值？菲斯克認為透過經銷商合作夥伴模式將獲得多少新經銷商？

First, Fisker is intently focused on the transition from a direct to consumer sales model to a dealer partner model that I already talked about.

首先，菲斯克專注於從直接向消費者銷售模式轉向我已經談到的經銷商合作夥伴模式的轉變。

Also, we have over 250 interested dealers and both in between North America and Europe.

此外，我們在北美和歐洲擁有超過 250 個有興趣的經銷商。

And obviously we are going to convert a lot of those as fast as we can into signed up dealers we right now have 17 dealer locations already signed up between US and Europe.

顯然，我們將盡快將其中的許多經銷商轉變為註冊經銷商，目前我們在美國和歐洲之間已經註冊了 17 個經銷商地點。

And we have already started taking invoices from dealers and actually start to ship the first cars to dealers today.

我們已經開始從經銷商那裡收取發票，並且今天實際上開始向經銷商運送第一批汽車。

And I expect by the end of this quarter, we will have 52 dealer locations between in US and in Europe.

我預計到本季末，我們將在美國和歐洲擁有 52 個經銷商地點。

And I expect by the end of the year, we will have at least 100 dealer locations here in the US and in Europe have probably about 60 dealer locations, 50 to 60.

我預計到今年年底，我們將在美國擁有至少 100 個經銷商地點，在歐洲可能有大約 60 個經銷商地點，即 50 到 60 個。

Thanks, Henrik.

謝謝，亨里克。

For the second question, we're going to be pretty limited in terms of what we're allowed to say.

對於第二個問題，我們可以說的內容將非常有限。

But the question was, have there been any serious merger discussions with large automakers?

但問題是，是否與大型汽車製造商進行過認真的合併討論？

Yes, we've already had many discussions with large OEM partners or potential partners, but one have progressed quite far, and we are now in the middle of negotiations with one large automaker for a potential transaction which could include an investment in Fisker joint development of one or more electric vehicle platforms and North American manufacturing.

是的，我們已經與大型OEM 合作夥伴或潛在合作夥伴進行了多次討論，但其中一項已經取得了很大進展，我們現在正在與一家大型汽車製造商就一項潛在交易進行談判，其中可能包括對Fisker 共同開發的投資一個或多個電動車平台和北美製造。

Close of any transaction would be subject to satisfaction of important conditions including completion of due diligence and negotiation and execution of appropriate definitive agreements.

任何交易的完成都取決於重要條件的滿足，包括完成盡職調查以及適當的最終協議的談判和執行。

Okay.

好的。

And last question from retail.

最後一個問題來自零售業。

Fisker has missed its guidance and targets in the recent 10-Q missing from the third quarter set off a cascading event with the 2025 notes.

菲斯克未能實現最近 10 季的指引和目標，第三季的缺失引發了 2025 年票據的連鎖事件。

And now we have bought and out of compliance letter with the New York Stock Exchange, what concrete steps are being taken to rebuild trust and to hit targets?

現在我們已經購買了紐約證券交易所的合規函，正在採取哪些具體步驟來重建信任並實現目標？

We recognize that our 2023 was a challenging year for the Company.

我們認識到 2023 年對公司來說是充滿挑戰的一年。

Our guidance and targets reflected our best estimate at the time.

我們的指導和目標反映了我們當時的最佳估計。

But as discussed a number of unexpected challenges arose, we continued to bolster the breadth and depth of our management team with key executive leadership hirings such as Angel that are here today, and we will continue to hire people that we need and that will help the team here.

但正如所討論的，出現了一些意想不到的挑戰，我們繼續透過今天在這裡招募的關鍵高階主管領導層來增強我們管理團隊的廣度和深度，例如天使，我們將繼續僱用我們需要的人員，這將有助於團隊在這裡。

We anticipate that our strategic partnership would help and with a growth strategy and also a local manufacturing.

我們預計我們的策略合作夥伴關係將有助於制定成長策略和本地製造。

Our dealer partner model program is progressing well, and I expect that this is going to help accelerate our deliveries this year in fact, starting already next month.

我們的經銷商合作夥伴模型計劃進展順利，我預計這將有助於加快我們今年的交貨速度，從下個月開始。

And also we are reducing our workforce by approximately 15% of which is, of course, part of pivoting to the new dealer model that we don't need to have our internal salespeople, et cetera.

此外，我們還將裁員約 15%，當然，這是轉向新經銷商模式的一部分，我們不需要內部銷售人員等。

But it also means that we will reduce our physical spaces that we have and that we have engaged with both in US and Europe.

但這也意味著我們將減少我們在美國和歐洲擁有的以及我們參與的實體空間。

In fact, in Europe, we have some large dealer groups that have taken over some of our physical spaces, including the personnel.

事實上，在歐洲，我們有一些大型經銷商集團已經接管了我們的一些實體空間，包括人員。

So that will help reduce costs.

這將有助於降低成本。

And then finally, we continue to be transparent and have already increased our updates and press releases.

最後，我們繼續保持透明，並增加了更新和新聞稿。

Thanks, Henrik.

謝謝，亨里克。

Operator, we can open the line for questions.

接線員，我們可以開通提問線路。

(Operator Instructions)

（操作員說明）

James Picariello with BNP Paribas.

詹姆斯·皮卡里洛 (James Picariello) 與法國巴黎銀行 (BNP Paribas) 合作。

Hey, guys, this is Jake on for James.

嘿，夥計們，這是詹姆斯的傑克。

First on just as you guys build out this dealer partnership model.

首先，就像你們建立這個經銷商合作夥伴模型一樣。

How should investors think about the cadence for production deliveries through the year as you scale this up?

當你擴大規模時，投資人該如何考慮全年生產交付的節奏？

And I'm trying to convert some of the 5,000 some vehicles in inventory and the cash?

我正在嘗試轉換庫存中的 5,000 輛車輛和現金？

Yes, I can take that this, Henrik, thank you for the question of first of all, we don't have 5,000 vehicles in inventory because we have already sold vehicles, obviously this year.

是的，我可以接受這一點，Henrik，謝謝你首先提出的問題，我們的庫存沒有 5,000 輛汽車，因為我們已經售出了車輛，顯然是今年。

Secondly, we have a very unique setup with because we are having contract manufacturing.

其次，我們有一個非常獨特的設置，因為我們進行合約製造。

So versus maybe other startups, we don't have an issue producing cars, we can go and get even more cars produce if we wanted.

因此，與其他新創公司相比，我們在生產汽車方面沒有問題，如果我們願意，我們可以生產更多的汽車。

So we wanted to start out with a, I would say, rather conservative prediction of actual deliveries and sales this year of 20,000 to 22,000, should it turn out that we are doing much better.

因此，我想說，如果我們做得更好的話，我們首先對今年的實際交付量和銷量做出相當保守的預測，預測為 20,000 至 22,000 輛。

We can easily increase our production.

我們可以輕鬆地提高產量。

That's not the issue.

那不是問題。

And so I expect that with the dealer sort of what we are starting now with this rollout with the dealers that will accelerate fairly quickly up in sales, but we do need to sign on dealers.

因此，我預計，對於經銷商來說，我們現在開始向經銷商推出的產品將相當快速地加速銷售，但我們確實需要與經銷商簽約。

And we do have to go through diligence with each dealer in best case scenarios.

在最好的情況下，我們確實必須與每個經銷商進行盡職調查。

It takes about a week to sign up a dealer from we get out their application to their fully signed on and have ordered the first car.

從我們收到經銷商的申請到他們完全簽約並訂購第一輛車，大約需要一周的時間。

We have done a few a little quicker like in three days.

我們已經完成了一些快一點的事情，例如三天之內。

So it can actually go fairly quick.

所以它實際上可以進行得相當快。

We do have to get licenses in certain areas, but for example, we already have got our license in California.

我們確實必須在某些地區獲得許可證，但例如，我們已經在加利福尼亞州獲得了許可證。

We also have the license in Florida just to give two examples.

我們在佛羅裡達州也有許可證，僅舉兩個例子。

Those are two of our biggest markets and we already have signed up a dealers in across different other states.

這是我們最大的兩個市場，我們已經在其他不同州簽了經銷商。

California I expect will be signed up with dealers pretty much all around California starting next week.

加州 我預計從下週開始將與加州各地的經銷商簽約。

And that's obviously the biggest market and also starting next week, Florida as well.

這顯然是最大的市場，從下週開始，佛羅裡達州也是如此。

So I see a fairly quick sign up here in the US Canada as well.

因此，我在美國和加拿大也看到了相當快的註冊速度。

We are in discussions already and have already identified dealers.

我們已經在討論並且已經確定了經銷商。

There are dealer groups.

有經銷商團體。

And in Europe, as I mentioned earlier, we actually have dealers want to take a dealer groups who wants to take entire countries, which means they're going to move very fast.

在歐洲，正如我之前提到的，我們實際上有經銷商想要佔領整個國家的經銷商集團，這意味著他們的行動將會非常快。

And also, as I mentioned earlier, we do have our own facilities in each of the European countries and some of these facilities, for example, where dealer takes the entire country, they will actually take over the facility.

而且，正如我之前提到的，我們確實在每個歐洲國家都有自己的設施，其中一些設施，例如，如果經銷商佔領整個國家，他們實際上會接管該設施。

So that again reduces costs, but it also means they immediately have facilities.

這樣又降低了成本，但這也意味著他們立即擁有了設施。

One point I want to make as well, which is very important is a lot of dealers.

我還想指出一點，這一點非常重要，那就是有很多經銷商。

It have access to existing real estate some because they built a nice real estate during COVID for used cars.

它可以使用現有的房地產，因為他們在新冠疫情期間為二手車建造了一個不錯的房地產。

And the used car sales are not as hot as it used to be.

而且二手車銷售也不像以前那麼火熱了。

So we're able to move into them and meet three others is because they have less certain brands and they therefore have fantastic local dealerships ready that we can move in immediately.

因此，我們能夠搬入其中並與其他三個人會面，因為他們的品牌不太確定，因此他們擁有出色的當地經銷商，我們可以立即搬入。

So the dealers we are signing up right now we are moving vehicles straight into the showrooms, putting up a new sign and open for business.

因此，我們現在簽約的經銷商將車輛直接移入展廳，掛上新標誌並開始營業。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Yeah.

是的。

Thanks for taking the question.

感謝您提出問題。

Given the new distribution model as well as the new volume expectations out, what kind of gross margin profile are you thinking for the sales mix right now?

考慮到新的分銷模式以及新的銷售預期，您目前對銷售組合的毛利率狀況有何看法？

Yes, Pavel, it's Geeta.

是的，帕維爾，我是吉塔。

I'll take the question.

我來回答這個問題。

So we're not providing any gross margin guidance specifically for 2024.

因此，我們不會專門為 2024 年提供任何毛利率指引。

But we do expect to achieve on a non-GAAP basis, single digit margins, and we expect to go from mid to high single digits over time once a dealer model is fully rolled out and we expect that a large part of the dealer margins, we'll be offset by DTC costs that we incur today.

但我們確實希望在非公認會計原則的基礎上實現個位數的利潤率，並且隨著時間的推移，一旦經銷商模式全面推出，我們預計將從中等到高個位數，並且我們預計很大一部分經銷商的利潤率，我們將透過今天產生的 DTC 成本來抵銷。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Hi, thank you for taking the question.

您好，感謝您提出問題。

Maybe you can just talk to future product development.

也許你可以談談未來的產品開發。

I think that you said, Tom, right now that you're working on some strategic developments or some strategic agreements with OEMs that maybe you could just comment.

我想你說過，湯姆，現在你正在與原始設備製造商進行一些戰略開發或一些戰略協議，也許你可以對此發表評論。

I know you mentioned Alaska where it is Pakistan and the Navitaire could also squeeze one in as well.

我知道你提到了阿拉斯加，那裡是巴基斯坦，Navitaire 也可以擠進去。

And I know the that the distribution model change.

我知道分銷模式改變了。

But maybe you can comment on if there's backlog or just any indications of underlying demand?

但也許您可以評論一下是否有積壓或只是有任何潛在需求的跡象？

Thank you.

謝謝。

So as we say, clearly in there then thanks for the question.

正如我們所說，很明顯，謝謝你提出這個問題。

You know, we are not planning to start, you know, external expenditure on our next projects until or we have eight strategic dealers absorb strategic OEM partnership in place.

您知道，在我們有八家策略經銷商吸收策略 OEM 合作夥伴關係之前，我們不打算開始下一個專案的外部支出。

However, as we see in the market, we see that the biggest opportunity for growth and I think profitability and getting speed to market is with the Alaska.

然而，正如我們在市場上看到的那樣，我們看到最大的成長機會，我認為獲利能力和進入市場的速度是阿拉斯加。

So the internal team now focused on Alaska.

因此，內部團隊現在將重點放在阿拉斯加。

And so that would be at this moment.

此時此刻也是如此。

I see our next vehicle, but pair obviously would also be important as well because at a very affordable vehicle, but we do have to prioritize.

我看到了我們的下一輛車，但配對顯然也很重要，因為這是一輛非常實惠的車輛，但我們確實必須優先考慮。

So that's how I would answer that.

這就是我的回答。

From the second part of the question, can you just mention that again, just many indications on order book or oil demand?

從問題的第二部分來看，您能否再提一下，訂單簿或石油需求的許多跡象？

Yes.

是的。

Yes.

是的。

So so I think that we have to go with a very cautious prediction because we do see a, you know, a Y, the sort of negative sentiment will as a media or generally talked about and maybe for some companies, I would say that what we have seen with our dealers is the opposite.

所以我認為我們必須做出非常謹慎的預測，因為我們確實看到了，你知道，Y，作為媒體或普遍談論的那種負面情緒，也許對於一些公司來說，我想說的是我們與我們的經銷商看到的情況恰恰相反。

We have actually seen them being super excited.

我們實際上看到他們非常興奮。

I think part of it is that the dealers have been sitting looking over the fence for the last 15 years of start-up selling direct.

我認為部分原因是經銷商在過去 15 年的直銷新創公司中一直處於觀望狀態。

They have never really been able to participate in that sort of growth that's happened in the EV segment.

他們從未真正參與電動車領域發生的這種成長。

They've only read about it.

他們只讀過相關內容。

And now for the first time dealers in the US specifically are able to get an American independent automakers car into the dealership and that gives them a whole new competitive edge they have never had before, but they actually can go out and start competing against the best selling EV at the moment.

現在，美國的經銷商第一次能夠將美國獨立汽車製造商的汽車納入經銷店，這給了他們以前從未有過的全新競爭優勢，但他們實際上可以走出去，開始與最好的競爭目前正在銷售電動車。

And that obviously comes from the independent EV maker.

這顯然來自獨立電動車製造商。

So they're extremely excited to have a vehicle, like I said, we already have dealers ordering the vehicles.

所以他們對擁有一輛車感到非常興奮，就像我說的，我們已經有經銷商訂購車輛。

And, you know, dealers don't order one vehicle at the time.

而且，您知道，經銷商當時不會訂購一輛車。

It's can be 51 hundred or more depending on how many locations they have.

可能有 5100 個或更多，具體取決於他們擁有的地點數量。

And the advances I think for us is that they are ordering multiple vehicles now and they are going to sell them in areas where we have not been present.

我認為對我們來說的進步是他們現在訂購了多輛車輛，並將在我們尚未涉足的地區出售它們。

So ICE.

所以冰。

I actually forecast a pretty good demand specifically here in the US because of this whole new thing that's happened well, for the first time, these dealer groups was by the way have multiple brands, but they have never had a product like ours before, and they're super excited about it.

事實上，我預測美國的需求會非常好，因為這個全新的事情發生得很好，順便說一句，這些經銷商集團第一次擁有多個品牌，但他們以前從未有過像我們這樣的產品，並且他們對此非常興奮。

Our next question comes from the line of Jeff Osborne with TV counts.

我們的下一個問題來自傑夫·奧斯本（Jeff Osborne）對電視計數的看法。

Please go ahead and thank you, Henrik.

請繼續，謝謝你，亨里克。

A two-part question.

一個由兩部分組成的問題。

I was wondering if you could just give us a sense of how long you expect the due diligence process to last with the OEM and then in the event that that doesn't come together, if Kedar could quantify what the OpEx and CapEx commitment is in 2024 to prioritize the Alaska, I'd assume if an OEM partner doesn't pan out that you would look to curtail that.

我想知道您是否可以讓我們了解一下您預計與 OEM 進行的盡職調查過程會持續多長時間，然後如果無法實現，Kedar 是否可以量化運營支出和資本支出承諾的內容2024 年優先考慮阿拉斯加，我認為如果OEM 合作夥伴沒有成功，您會考慮減少這種情況。

So if you could give us a sense of what might be the that's the unfortunate event as the partner doesn't manifest itself.

因此，如果您能讓我們了解可能發生的情況，那將是不幸的事件，因為合作夥伴沒有表現出來。

So first of all, we have been in diligence for many months.

首先，我們已經勤勉好幾個月了。

That's all I can say to that end.

為此我只能說這麼多。

You know, we are looking to obviously point to close the deal as soon as we can, but I can only give the information we have already set about that at this point in time.

你知道，我們顯然希望盡快完成交易，但我只能提供我們目前已經確定的資訊。

I did say many, many months ago, I think five or six months ago that we were in talks with multiple OEMs.

我確實在很多很多個月前說過，我想五、六個月前我們正在與多家原始設備製造商進行談判。

And I think today we're really saying that we are we are now in the middle of negotiating with just one OEM, but obviously it's not like that started yesterday.

我認為今天我們實際上是在說我們現在正在與原始設備製造商進行談判，但顯然這與昨天開始的情況不同。

I think your second question is, if that doesn't happen, then what do we do with Alaska.

我認為你的第二個問題是，如果這種情況沒有發生，那麼我們該如何處理阿拉斯加。

So at this point in time, the guidance we have given is ocean only.

因此，目前我們給予的指導僅限於海洋。

And as I mentioned in my script, that any programs which are beyond the Ocean would only incur expenses of business strategic collaboration.

正如我在劇本中提到的，任何超出海洋的項目只會產生商業策略合作的費用。

So we would not be incurring any expenses on any vehicle programs in the absence of an OEM collaboration.

因此，如果沒有 OEM 合作，我們就不會在任何車輛項目上產生任何費用。

Our next question comes from the line of Chris Pierce with Needham.

我們的下一個問題來自克里斯·皮爾斯和李約瑟的對話。

Please go ahead.

請繼續。

On the dealer side of the world, are there any minimum volume that the dealers have to kind of commit to to join the program?

在經銷商方面，經銷商是否必須承諾加入該計劃的最低數量？

And does that inform the 20 CAD22,000 unit delivery guidance?

這是否會影響 20 加幣 22,000 單位的交付指導？

Or is that guidance informed by signing up more dealers?

還是透過簽約更多經銷商來提供指導？

And then is there marketing that you guys have to do in those regions for those dealerships are or is it on the dealer to market and sell the cars kind of on their own?

然後，你們必須在這些地區為這些經銷商做行銷嗎？還是由經銷商自己行銷和銷售汽車？

Thank you.

謝謝。

For asking the question, I'll take that.

既然問了這個問題，我就接受這個。

So we do have up on our public investor deck.

因此，我們確實在公共投資者平台上做好了準備。

We have shared with our what our dealer partner model looks like.

我們已經與我們分享了我們的經銷商合作夥伴模型的樣子。

And of course, in Europe.

當然，在歐洲。

We have a hybrid model.

我們有一個混合模型。

We don't have a franchise model like we have in the U.S. Our in Canada, we are following very typical guidelines that sort of the NADA framework suggests we are obviously looking at a certain minimum inventory and typically those are 30 to 45 days because you want to make sure that you are supplying our dealer partners with enough inventory.

我們沒有像美國那樣的特許經營模式。在加拿大，我們遵循非常典型的指導方針，NADA 框架表明我們顯然正在考慮一定的最低庫存，通常是 30 到 45 天，因為你希望確保您向我們的經銷商合作夥伴提供足夠的庫存。

Given the fact that we've had limited exposure of our product, we expect that we will be able to get multiple points and we will be able to supply inventory again for 32 sort of 45 days.

鑑於我們產品的曝光度有限，我們預計我們將能夠獲得多個積分，並且我們將能夠在 32 至 45 天之內再次供應庫存。

That's typically against something standard in the industry.

這通常違反了行業標準。

Nothing unique in our model and answer the marketing point.

我們的模型沒有什麼獨特之處，也沒有回答行銷點。

Obviously, the dealers.

很明顯是經銷商。

They do a lot of their own own local marketing.

他們自己做很多在地行銷。

We do have a co-op program where we will support them, but they have to spend money on marketing and obviously some of these dealers are in very prominent locations.

我們確實有一個合作計劃，我們將為他們提供支持，但他們必須在行銷上花錢，而且顯然其中一些經銷商位於非常顯眼的位置。

And they, for example, will go to the local malls and display the vehicles or do events.

例如，他們會去當地的購物中心展示車輛或舉辦活動。

We have a dealer right now in Atlanta.

我們現在在亞特蘭大有一個經銷商。

That's actually doing an event this weekend already, and we are helping out there with him, but he's willing obviously selling the vehicles there.

實際上這個週末已經在舉辦一個活動了，我們正在幫助他，但他顯然願意在那裡出售車輛。

So I would say I think getting out your dealers almost in every state in America.

所以我想說，我認為你的經銷商幾乎遍布美國每個州。

I mean, sometimes we forget how big Americas, but it's huge.

我的意思是，有時我們忘記了美洲有多大，但它確實很大。

And now we have been able to sell thousands of cars out of literally two locations where people could see the vehicle, New York and Los Angeles.

現在，我們已經能夠在紐約和洛杉磯這兩個人們可以看到汽車的地方銷售數千輛汽車。

So the fact we already have another 17 locations in between U.S. and Europe.

事實上，我們已經在美國和歐洲之間開設了另外 17 個辦事處。

He's already like gotten three times as much in the US alone now be used to have.

他現在光在美國就獲得了三倍的收入。

So I see that just being able to go down to your local dealership, see the vehicle and tried out and also want to say dealer groups that we pick.

因此，我認為只需前往當地的經銷商處，查看車輛並進行試用，並且還想說一下我們選擇的經銷商群體。

We are not picking people who have never sold a car.

我們不會挑選從未賣過車的人。

We are concentrating around fairly large family of dealerships.

我們專注於相當大的經銷商家族。

I mean, there's not everyone else like that, but that's sort of what we are seeing at the moment.

我的意思是，並不是所有人都這樣，但這就是我們目前所看到的。

So for example, mills auto that we signed up, I believe it was around 30 dealer dealerships.

例如，我們簽約的 Mills Auto，我相信大約有 30 家經銷商。

And I think it has around 10 brands.

我認為它有大約 10 個品牌。

So and a lot of these dealers have multiple brands in the same location.

因此，許多經銷商在同一地點擁有多個品牌。

So when you go down and buy or look at a certain brand, you would go down, you will see the Fisker there as well, and that's the same in Europe.

所以當你下去買或看某個品牌的時候，你會下去，你也會在那裡看到菲斯克，這在歐洲也是一樣的。

When you go down, there's maybe five or six brands, right?

當你往下走時，可能有五、六個品牌，對吧？

They're owned by the same dealer.

它們屬於同一個經銷商。

So we get automatic exposure that we have never had before.

所以我們得到了以前從未有過的自動曝光。

I mean, there is still a large amount of the population, probably the majority both in U.S. and Europe does never even heard about Fisker.

我的意思是，仍然有大量的人，可能美國和歐洲的大多數人甚至從未聽說過菲斯克。

So building the brand is something that dealers going to be part of and that's something which I think is going to accelerate.

因此，品牌建立是經銷商參與的一部分，我認為這將會加速。

We're appointing these dealers.

我們正在任命這些經銷商。

Our next question comes from the line of Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克‧德萊尼 (Mark Delaney)。

Please go ahead.

請繼續。

Yes, good afternoon, and thank you for taking my question, could you provide more color on your expectation for free cash flow this year based on the financial scenario outlined of 20 to 22,000 deliveries and how cash flow might vary in the first half relative to the second half of the year, given the focus you mentioned about working capital?

是的，下午好，感謝您回答我的問題，您能否根據概述的 20 至 22,000 次交付的財務情景以及上半年現金流相對於鑑於您提到的營運資金重點，下半年會怎樣？

Yes.

是的。

So I think come in just term.

所以我認為來得恰到好處。

In terms of working capital, I mean, we as we outlined, I have a very rich balance sheet with respect to finished goods and also prepaid materials.

就營運資金而言，我的意思是，正如我們所概述的那樣，我在成品和預付材料方面擁有非常豐富的資產負債表。

Our expectation is that we expect to free up significant cash flow from selling the finished goods.

我們的預期是，我們希望透過銷售成品來釋放大量現金流。

And for, as I mentioned earlier in my script, that we are also using this prepaid inventory.

正如我前面在腳本中提到的，我們也在使用這種預付費庫存。

So for every vehicle we build and resell, we have a higher than usual cash contribution from vehicles that are sold in the first half of 2024.

因此，對於我們製造和轉售的每輛車，我們從 2024 年上半年售出的車輛中獲得的現金貢獻高於平常。

So in terms of the guidance that I mentioned earlier, which is sort of 320 to 290 million, what we expect as the first half to contribute towards our working capital needs to support them the goals of the business.

因此，就我之前提到的 3.2 至 2.9 億美元的指導而言，我們預計上半年為我們的營運資金做出的貢獻需要支持他們實現業務目標。

Our next question comes from the line of three years teal with Wolfe Research.

我們的下一個問題來自與沃爾夫研究公司三年的合作。

Please go ahead.

請繼續。

Thanks a lot for taking my question.

非常感謝您提出我的問題。

So I just wanted to better understand where your relationship is now with Foxconn is if the case is now that you're essentially deferring development on the on the pure program does that have any impact as far as your agreement with them?

所以我只是想更好地了解您現在與富士康的關係如何，如果現在的情況是您基本上推遲了純計劃的開發，這對您與他們的協議有什麼影響嗎？

And then also, why aren't they investing in Fisker helping to contribute since you already have an existing relationship with them.

另外，既然您已經與他們建立了現有的關係，為什麼他們不投資 Fisker 來幫助做出貢獻呢？

Why do you feel the need to have to go to another another OEM?

為什麼您覺得有必要去另一個 OEM？

Thank you.

謝謝。

Thank you for the question.

感謝你的提問。

I would not really consider Foxconn and OEMs.

我不會真正考慮富士康和原始設備製造商。

First of all?

首先？

Secondly, um, you know, as we are in the middle of negotiation with a large OEM, I think that we could be as a company can really also only concentrate and only want to concentrate on one strategic partner.

其次，嗯，你知道，由於我們正在與一家大型原始設備製造商進行談判，我認為我們作為一家公司也可以真正只專注於並且只想專注於一個戰略合作夥伴。

And we obviously have to look at cool offers.

顯然，我們必須考慮很酷的優惠。

The best deal was the best for us, and that's the group right now.

最好的交易對我們來說是最好的，這就是現在的團隊。

We're negotiating with.

我們正在與.

I just want to add to that shows that term, in August, when we had a product vision day, the goal of product vision day was to showcase capabilities in terms of our platforms and in terms of the fact that and ocean has the ability to create a very exciting product portfolio that Alaska and it being a very exciting high volume product.

我只想補充一點，在八月份，當我們舉辦了產品願景日時，產品願景日的目標是展示我們平台的能力以及海洋有能力創造了一個非常令人興奮的產品組合，阿拉斯加是一個非常令人興奮的大批量產品。

And as a result of that, it did publicly said that we were talking to various automakers for sharing platforms.

因此，它確實公開表示我們正在與各個汽車製造商討論共享平台。

And the reason for that is that there's a large number of automakers or are probably behind or they don't have that focus in terms of the focus we've had for EV development, it saves time saves cost and where we've been focusing on in talking to automakers is really to share the technology, the investments we've made to reduce time to market.

原因是有大量汽車製造商，或者可能落後了，或者他們沒有像我們對電動車開發的重點那樣關注，這節省了時間，節省了成本，也是我們一直關注的重點與汽車製造商交談的真正目的是分享技術以及我們為縮短上市時間所做的投資。

So we do have a joint product portfolio based on the OCEAN platform and <unk>, that's the differentiator where Henrik said, Foxconn is obviously not an automaker, they are a contract manufacturer.

因此，我們確實有一個基於 OCEAN 平台和 的聯合產品組合，這就是 Henrik 所說的差異化因素，富士康顯然不是一家汽車製造商，他們是一家合約製造商。

There are no further questions at this time.

目前沒有其他問題。

I would now like to turn the call over to Henrik Fisker for closing remarks.

我現在想將電話轉給亨里克·菲斯克 (Henrik Fisker) 致結束語。

Thank you very much.

非常感謝。

I would like to thank everyone for joining the call, and I'd also like to thank all our supporters, believe me, we are working hard to actually make great progress at Fisker.

我要感謝大家加入這次電話會議，我還要感謝我們所有的支持者，相信我，我們正在努力工作，以便在菲斯克真正取得巨大進步。

And I think with this a pivot we have done to the dealer model.

我認為，透過這一點，我們已經對經銷商模式進行了調整。

We will see results fairly quickly, but I'm really confident in the future of Fisker and I will be back.

我們很快就會看到結果，但我對菲斯克的未來充滿信心，我會回來的。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。

Yes, yes.

是的是的。

Yes, Dave.

是的，戴夫。