Canoo Inc (GOEV) 2022 Q3 法說會逐字稿

Greetings, and welcome to the Canoo Third Quarter 2022 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加 Canoo 2022 年第三季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to our host, Kunal Bhalla, Senior Vice President of Corporate Development and Capital Markets. Thank you. You may begin.

我現在將把會議轉交給我們的主持人，企業發展和資本市場高級副總裁 Kunal Bhalla。謝謝你。你可以開始了。

Thank you, and welcome, everyone, to Canoo's quarterly earnings conference call. Today, I have with me Investor Chairman and CEO, Tony Aquila; along with Interim CFO and Chief Accounting Officer, Ramesh Murthy. Tony will provide an update on the business. Ramesh will then run through our financial results for the quarter. Turning it back to Tony for closing remarks. We will then open the call up for questions.

謝謝大家，歡迎大家參加 Canoo 的季度收益電話會議。今天，我與投資者主席兼首席執行官托尼·阿奎拉（Tony Aquila）在一起；與臨時首席財務官兼首席會計官 Ramesh Murthy 一起。托尼將提供有關業務的最新信息。然後，Ramesh 將介紹我們本季度的財務業績。把它轉回給托尼的閉幕詞。然後，我們將打開電話提問。

Please be advised we may make forward-looking statements based on current expectations. These are subject to significant risks and uncertainties, and our actual results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release and on our most recent Form 10-Q and 10-K and other reports that we may file with the SEC, including Form 8-Ks. All of our statements are made as of today and are based on information currently available to us. Except as required by law, we assume no obligation to update any such statements.

請注意，我們可能會根據當前的預期做出前瞻性陳述。這些受到重大風險和不確定性的影響，我們的實際結果可能存在重大差異。有關可能影響我們未來財務業績和業務的因素的討論，請參閱今天的收益發布以及我們最近的 10-Q 和 10-K 表格以及我們可能向 SEC 提交的其他報告中的披露，包括表格8-Ks。我們所有的聲明都是在今天做出的，並且是基於我們目前可以獲得的信息。除法律要求外，我們不承擔更新任何此類聲明的義務。

During this call, we'll discuss non-GAAP financial measures. You can find the reconciliation of these non-GAAP financial measures to GAAP financial measures in today's earnings release, which can be found on the IR section of our website.

在本次電話會議中，我們將討論非 GAAP 財務指標。您可以在今天的收益報告中找到這些非 GAAP 財務指標與 GAAP 財務指標的對賬情況，該報告可在我們網站的 IR 部分找到。

Now please navigate to the webcast landing page and access the video link towards the bottom left of the page. We will pause briefly while you watch the video.

現在請導航到網絡直播登陸頁面並訪問頁面左下角的視頻鏈接。當您觀看視頻時，我們將暫停一下。

(presentation)

（介紹）

And now I'll turn it over to Tony.

現在我將把它交給托尼。

Thanks, Kunal, and welcome, everyone, to the call. Thank you all for joining. Speaking to you today in the midst of global economic and geopolitical disruptions, the market and sector are under pressure. And these growing pains are compounded given the large group of younger companies.

謝謝，Kunal，歡迎大家來電。謝謝大家的加入。今天在全球經濟和地緣政治動蕩的情況下與您交談，市場和行業面臨壓力。鑑於大量年輕公司，這些成長的痛苦更加複雜。

I've said this before, our team has weathered this type of environment successfully in the past. We have been through the tech bust, the '08 global financial crisis and others. Our strategy is bearing out, and we will speak more about it today.

我之前說過，我們的團隊過去成功地經受住了這種環境。我們經歷了科技蕭條、08 年全球金融危機等。我們的戰略正在發揮作用，我們今天將對此進行更多討論。

We are a large investor compared to our peers, focused on creating long-term shareholder value and sometimes you take more pain on the front end. So we're going to have a bit of a different approach compared to others in the space.

與同行相比，我們是一個大投資者，專注於創造長期股東價值，有時你會在前端承受更多痛苦。因此，與該領域的其他人相比，我們將採用一些不同的方法。

Our big news or no news approach is deliberate, keeping our cards close in a competitive market sector. Today, I'm going to connect some of the dots. So you can see more clearly our strategy as we get even closer to SOP.

我們的重大新聞或無新聞方法是經過深思熟慮的，以使我們在競爭激烈的市場領域保持密切聯繫。今天，我將連接一些點。因此，隨著我們更接近 SOP，您可以更清楚地看到我們的策略。

We have stayed focused on creating unique IP, increasing our patents by 13% to 205 total patents in the third quarter. We have made the decision to manufacture domestically in the United States very early on, and we expect to achieve a 20,000-unit run rate capacity in 2023, doubling that capacity in 2024.

我們一直專注於創造獨特的知識產權，第三季度我們的專利總數增加了 13%，達到 205 項。我們很早就決定在美國國內生產，我們預計到 2023 年將達到 20,000 台的運行速度產能，到 2024 年將產能翻一番。

We have over $300 million invested in machinery equipment and tooling, finished Gamma build phase with 118 vehicles built and remain focused on the start of production. We are pioneering aspects of the automotive business model compared to both traditional and recent approaches. Some of this is becoming public now. We have more, and we will continue to release it over time.

我們在機械設備和工具上投資了超過 3 億美元，完成了 Gamma 製造階段，製造了 118 輛汽車，並繼續專注於生產的開始。與傳統方法和近期方法相比，我們在汽車商業模式方面處於領先地位。其中一些現在正在公開。我們有更多，隨著時間的推移我們將繼續發布它。

We were ready for the inflation reduction act or IRA and are leveraging our platform that is 92% sourced in the U.S. or allied nations, targeting high-grade commercial customers. We are already positioned to choose who we partner with. 19 months since taking on the CEO role, our strategy is starting to come into light. We've made moves which you may not have understood at the time. But they put us ahead in light of the IRA bill. And now you see other scrambling for alternatives.

我們已為降低通脹法案或 IRA 做好準備，並正在利用我們 92% 來自美國或盟國的平台，瞄準高檔商業客戶。我們已經準備好選擇與誰合作。自擔任 CEO 19 個月以來，我們的戰略開始顯現。我們已經採取了您當時可能不了解的舉措。但他們讓我們領先於愛爾蘭共和軍法案。現在你看到其他人爭相尋找替代品。

We've been strategic and sequential in our actions to set up the building blocks for a long-term growth value creation and successful company. We focus on a use case driven technology platform architecture. And we finalized the MPP1 platform and derivative products, the LVV and the LV with third-party validation, including real-world deliveries for one of our customers.

我們的行動具有戰略性和連續性，為一家長期增長的價值創造和成功的公司奠定了基礎。我們專注於用例驅動的技術平台架構。我們最終確定了 MPP1 平台和衍生產品、LVV 和經過第三方驗證的 LV，包括為我們的一位客戶提供的實際交付。

We have put a lot of work into making the MPP1 a foundation for our business. We are capable of producing 60,000 units of our MPP1. In future quarters, I will explain why that is important.

我們付出了很多努力，使 MPP1 成為我們業務的基礎。我們有能力生產 60,000 台 MPP1。在接下來的幾個季度中，我將解釋為什麼這很重要。

We invested nearly $1 billion in the creation of Canoo's technology and now have over 205 patents. Early on, we changed our business model to develop IP for ourselves, not others. That has materialized into significant inbound interests as of late, in licensing and strategic partnership opportunities, which we are currently evaluating. More to come on this in the future, but our focus is launching our own brand and secondarily, pursuing those possible partnerships.

我們投資了近 10 億美元來開發 Canoo 的技術，現在擁有超過 205 項專利。早期，我們改變了我們的商業模式，為自己而非他人開發 IP。最近，這已在許可和戰略合作機會方面實現了重大的入境利益，我們目前正在評估這些機會。未來還會有更多關於這方面的內容，但我們的重點是推出我們自己的品牌，其次是尋求那些可能的合作夥伴關係。

From the start, we've been focused on sourcing parts from America and allied nations, followed by a focus on domestic manufacturing. This isn't just patriotic, it is good business sense. IP and supply chain control helped position us well for the recent past IRA.

從一開始，我們就專注於從美國和盟國採購零件，然後專注於國內製造。這不僅是愛國，而且是良好的商業意識。知識產權和供應鏈控制幫助我們為最近過去的 IRA 定位良好。

We developed partnerships with 2 states in the sovereign nation, Oklahoma, Arkansas and the Cherokee Nation. We are making significant investments in these 2 states and will create an estimated 3,400 new high-tech American jobs. To attract this investment, these jobs and the significant economic impact they can bring over many years, Oklahoma, Arkansas and local partners have offered us now rising to $485 million in total incentives. Thanks to Governor Stitt, Governor Hutchinson, their economic development teams, legislators and the partners in both states for their continued support.

我們與主權國家俄克拉荷馬州、阿肯色州和切羅基民族的 2 個州建立了合作夥伴關係。我們正在這兩個州進行大量投資，並將創造大約 3,400 個新的高科技美國就業機會。為了吸引這項投資、這些工作以及它們多年來可能帶來的重大經濟影響，俄克拉荷馬州、阿肯色州和當地合作夥伴現在為我們提供了高達 4.85 億美元的總激勵措施。感謝斯蒂特州長、哈欽森州長、他們的經濟發展團隊、立法者和兩個州的合作夥伴的持續支持。

In this phase, we have focused on large strategic customer commercial orders, securing high-grade credit commercial customers as well as a landmark Massa contract and further expanding our TAM into the rapidly growing as we can all now see government and defense opportunities.

在這一階段，我們專注於大型戰略客戶商業訂單，獲得高等級信用商業客戶以及具有里程碑意義的馬薩合同，並進一步將我們的 TAM 擴展到快速增長的領域，因為我們現在都可以看到政府和國防的機會。

We received the U.S. Army contract for analysis and demonstration and the service expects to begin experimenting at [Campraling] this month. We will deliver the vehicle on schedule and with even greater functionality, a record-breaking 140 days since we signed the contract to delivery.

我們收到了美國陸軍的分析和演示合同，該服務預計將於本月在 [Campraling] 開始試驗。我們將按時交付車輛，並提供更強大的功能，從我們簽訂交付合同到創紀錄的 140 天。

We are working on other government-related projects that leverage our unique IP and are continuing to develop IP, and we will share more in the coming quarters. As you know, we also selected a proven battery partner in Panasonic and are honored to be selected as their second partner in North America besides Tesla.

我們正在開展其他與政府相關的項目，利用我們獨特的 IP 並繼續開發 IP，我們將在未來幾個季度分享更多信息。如您所知，我們還選擇了松下一家久經考驗的電池合作夥伴，很榮幸被選為除特斯拉之外的第二個北美合作夥伴。

You have been patient, and we appreciate it. And today, we announced our Phase 2 manufacturing strategy. We previously announced a battery production facility earlier in this month. In the MidAmerica Industrial Park with a highly automated, high-speed production line.

您一直很耐心，我們對此表示感謝。今天，我們宣布了我們的第二階段製造戰略。我們之前在本月早些時候宣布了一個電池生產設施。在 MidAmerica 工業園擁有高度自動化、高速的生產線。

Today, we are pleased to announce that we have entered into an agreement for the purchase of a vehicle manufacturing facility in Oklahoma City. This is a 120-acre facility with existing production-ready infrastructure is strategically located and can close and as close to on-ramps and off-ramps has all of the transportation and ecosystems infrastructure, including rail.

今天，我們很高興地宣布，我們已經就購買俄克拉荷馬城的汽車製造工廠達成了一項協議。這是一個佔地 120 英畝的設施，現有可生產的基礎設施位於戰略位置，可以關閉，並且靠近入口和出口，擁有所有交通和生態系統基礎設施，包括鐵路。

We are planning to ramp to a 20,000 initial annual run rate capacity in 2023 and up to a 40,000 annual run rate capacity by 2024 with opportunities for expansion. These 2 facilities underpin our Phase 2 manufacturing plans and provide us the scalability and rapid ability to deliver vehicles to our customers in 2023 and bridge us to a mega micro factory in prior. The mega micro factory will now be on a separate capital track more to come on this in the future.

我們計劃在 2023 年將初始年運行能力提高到 20,000 個，到 2024 年將年運行能力提高到 40,000 個，並有擴張的機會。這兩個設施支撐了我們的第二階段製造計劃，並為我們提供了可擴展性和快速能力，以便在 2023 年向我們的客戶交付車輛，並在之前將我們與大型微型工廠聯繫起來。巨型微型工廠現在將在單獨的資本軌道上更多地在未來出現。

Oklahoma City Mayor, David Holt and the city's economic development team are outstanding advocates for their hometown. SOP starts this month with our contract manufacturing partners on our own equipment. Following these initial builds, we will then aggressively shift all our equipment and focus to our new facility during Q1 and Q2 of 2023 as we start production.

俄克拉荷馬市市長大衛霍爾特和該市的經濟發展團隊是他們家鄉的傑出倡導者。 SOP 從本月開始，我們的合同製造合作夥伴使用我們自己的設備。在這些初始構建之後，我們將在 2023 年第一季度和第二季度開始生產時積極轉移我們所有的設備並專注於我們的新工廠。

We expect the first sellable vehicle deliveries to occur in the back half of Q1, and we will ramp production in 2H 2023 to 20,000 units run rate by year-end.

我們預計首批可銷售車輛將在第一季度後半段交付，我們將在 2023 年第二季度將產量提高到年底的 20,000 輛。

Moving on to software, another differentiator for Canoo. So let's talk in-house development software. We have a lot of experience in developing software for this industry. In our other and previous investments we have deployed and are actively supporting our customers' mixed fleets today. 94% of electrical devices on the vehicle can be updated over the year.

轉向軟件，這是 Canoo 的另一個差異化因素。所以讓我們談談內部開發軟件。我們在為這個行業開發軟件方面擁有豐富的經驗。在我們的其他和之前的投資中，我們已經部署並積極支持我們客戶的混合車隊。車輛上 94% 的電氣設備可以全年更新。

We have deployed 200-plus successful OTA updates to our fleet. 2,500-plus remote commands have also been successfully deployed across the fleet. We collected 150 data points and signals per second during customer test cycles, which resulted in 121 million data points per vehicle, helping us drive opportunities to reduce our bond, increase our functionality, improve our data products, analytics and improve the efficiency of the workflow for our partners.

我們已經為我們的機隊部署了 200 多個成功的 OTA 更新。 2,500 多個遠程命令也已成功部署在整個艦隊中。在客戶測試週期中，我們每秒收集 150 個數據點和信號，從而為每輛車產生 1.21 億個數據點，幫助我們創造機會減少我們的聯繫、增加我們的功能、改進我們的數據產品、分析和提高工作流程的效率為我們的合作夥伴。

We are focused on defining new types of business. We are not focused on the traditional 100-year-old OEM model. Our complete technology platform is a semi-harmonized and articulated here in-house. This is a stand-alone business for us going forward with many ongoing discussions as mentioned prior.

我們專注於定義新的業務類型。我們並不專注於具有 100 年曆史的傳統 OEM 模式。我們完整的技術平台是內部的半協調和鉸接式。如前所述，這對我們來說是一項獨立的業務，需要進行許多正在進行的討論。

The software code has been developed in-house and allows for a secure, flexible and upgradable platform that can remain fresh across its cycle. Since taking over, we've moved from outsourcing to insourcing that is IP creation.

該軟件代碼是內部開發的，它允許一個安全、靈活和可升級的平台，可以在整個週期內保持新鮮。自接管以來，我們已經從外包轉向內包，即知識產權創造。

We focus on use case space software-driven approach. We are building an ecosystem that creates a high return on capital as we have done previously for our customers and open up new high-margin revenue streams for us all.

我們專注於用例空間軟件驅動的方法。我們正在建立一個生態系統，像我們以前為客戶所做的那樣創造高資本回報，並為我們所有人開闢新的高利潤收入來源。

Moving on to sales. Between our commercial sales and our reservations production is sold out through 2024. Our order book growth over last quarter, we have $2-plus billion in total orders in our pipeline. We have grown our Stage 3 contractual commitments to $750 million or 18,000 units, a 224% growth over the last quarter, including commitments from Zeeba for an initial binding commitment of 3,000 units for 2024 and from Kingbee, with the binding order of 9,300 American-made electric vehicles.

繼續銷售。在我們的商業銷售和我們的預訂生產之間，到 2024 年都售罄。我們的訂單量比上一季度增長，我們的訂單總額超過 2 億美元。我們已將第三階段的合同承諾增加到 7.5 億美元或 18,000 台，比上一季度增長 224%，其中包括 Zeeba 對 2024 年 3,000 台的初始約束性承諾和 Kingbee 的承諾，具有約束力的 9,300 台美國-製造電動汽車。

We now have 42,000 units of Stage 2 orders, growing 57% over the last quarter, and over 50% of our orders are LDVs versus 28% last quarter. We have also announced our virtual Canoo experience on our home page.

我們現在有 42,000 台第二階段訂單，比上一季度增長 57%，超過 50% 的訂單是 LDV，而上一季度這一比例為 28%。我們還在主頁上宣布了我們的虛擬 Canoo 體驗。

We are very happy to report that we had 0 downtime during advanced customer road test programs. Now let us move to an update from the field with customer road test programs. We need over 1,400 deliveries covering 4,500-plus miles during peak and nonpeak, metro and rural environments, over 41 days across 2 of these major metroplexes and rural areas.

我們很高興地報告，在高級客戶道路測試計劃期間，我們的停機時間為 0。現在讓我們通過客戶道路測試計劃進行現場更新。在高峰和非高峰、地鐵和農村環境中，我們需要超過 1,400 次交付，覆蓋 4,500 多英里，超過 41 天，跨越 2 個這些主要大都市和農村地區。

65% to 70% remaining charge operating in 23 degrees to 110 degrees temperature, 0 downtime and 0 accidents. All necessary fixes and maintenance were completed during the post-delivery window, offering customers a very specific program so that their uptime can be appreciated and achieved their new goals.

65% 至 70% 剩餘電量在 23 度至 110 度溫度下運行，0 停機時間和 0 事故。所有必要的修復和維護都在交付後窗口完成，為客戶提供了一個非常具體的計劃，以便他們的正常運行時間可以得到讚賞並實現他們的新目標。

The road test programs have been a testament to our commitment and investment in extensive and rigorous vehicle and customer validation programs. And we have received very positive feedback from users on aspects such as the ride comfort, visibility and workflow ergonomics.

道路測試計劃證明了我們對廣泛而嚴格的車輛和客戶驗證計劃的承諾和投資。我們收到了用戶對乘坐舒適性、能見度和工作流程人體工程學等方面的非常積極的反饋。

We're moving from engineering the product to now manufacturing it at scale. Now we move to the next thing we have to prove. We successfully completed our Gamma build and begin homologation activities. We have completed all required manufacturer cost down and range testing, and we'll be submitting our EPA application on Monday, November 14.

我們正在從設計產品轉向現在大規模生產。現在我們進入下一個我們必須證明的事情。我們成功完成了 Gamma 構建並開始了認證活動。我們已經完成了所有要求的製造商成本降低和範圍測試，我們將於 11 月 14 日星期一提交我們的 EPA 申請。

We received preliminary range indications of 200-plus based on testing at the -- at an EPA certified facility. Activities for other certification processes to meet standards for FMVSS, CARB and FCC compliance are also in process currently.

根據在 EPA 認證設施的測試，我們收到了 200 多個範圍的初步指示。其他認證流程的活動以符合 FMVSS、CARB 和 FCC 合規標準的活動目前也在進行中。

We are ready to start production. We are anxious about it. We're excited about it. We're focused on it. For the lifestyle delivery vehicle with SOP expected to launch on 11/17, and we aim to complete final certification in the first quarter of 2023.

我們準備開始生產。我們對此感到焦慮。我們對此感到興奮。我們專注於它。對於預計將於 11/17 推出的具有 SOP 的生活方式交付工具，我們的目標是在 2023 年第一季度完成最終認證。

We're taking a disciplined phased expansion approach to bringing on capacity based on committed orders. This is now proving to be a very good move for us since the economy is now more turbulent and it's more difficult to sell vehicles one at a time.

我們正在採取有紀律的分階段擴展方法，根據已承諾的訂單增加產能。現在證明這對我們來說是一個非常好的舉措，因為現在經濟更加動盪，一次出售一輛汽車更加困難。

As mentioned previously, during the first half of 2023, we will begin installing our existing machinery and equipment into our new facility. We will be phasing our expansion strategically by aligning our capacity with the committed order book, continuing our disciplined approach to accessing capital and capital allocations.

如前所述，在 2023 年上半年，我們將開始將現有的機器和設備安裝到我們的新設施中。我們將通過使我們的能力與承諾的訂單保持一致，繼續我們的紀律性方法來獲取資本和資本分配，從而戰略性地分階段擴展我們的業務。

We will double our capacity and run rate from 20,000 by the end of 2023 to 40,000 by the end of 2024 and beyond as we bridge to our mega micro factory in prior. While we're a bit delayed in prior due to economic reasons, we have accelerated with the [Terracination], our partnership and are able to launch the battery assembly center in prior. So jobs are ahead of schedule in that area, which is very strategic for many reasons.

我們將把我們的產能和運行速度從 2023 年底的 20,000 台增加到 2024 年底及以後的 40,000 台，因為我們之前已經連接到我們的大型微型工廠。雖然由於經濟原因我們之前有點延遲，但我們已經加快了與我們的合作夥伴 [Terracination] 的合作，並且能夠提前啟動電池組裝中心。因此，該領域的工作提前完成，出於多種原因，這非常具有戰略意義。

Our manufacturing plan enables rapid geographic expansion and opportunistic joint ventures that we have track records of doing in the past globally. As my last company, we expanded it to 96 countries. We will discuss this more in the future.

我們的製造計劃能夠實現我們過去在全球範圍內進行的快速地理擴張和機會主義合資企業。作為我的最後一家公司，我們將其擴展到 96 個國家/地區。我們將在以後更多地討論這個問題。

The LDVs components are below our goal at 1,600, which lowers BOM cost and reduces supply chain and build complexity without reducing the customer satisfaction. We are now ready to receive the tooling we previously acquired and placed orders for outstanding equipment for our facilities. Our plan is to build 15 production vehicles this year. These vehicles will be allocated across our committed order customers, including some to NASA and Walmart, among others.

LDV 組件低於我們 1,600 個的目標，這降低了 BOM 成本並減少了供應鍊和構建複雜性，而不會降低客戶滿意度。我們現在已準備好接收我們之前購買的工具，並為我們的設施訂購了出色的設備。我們計劃今年生產 15 輛量產車。這些車輛將分配給我們承諾的訂單客戶，包括一些給 NASA 和沃爾瑪等。

The last 2 quarters have been very tight. The macroeconomic has worsened, pushing the cost of capital higher and forcing us to accelerate our maturity and manage cost efficiently to achieve our goals. We have been doing our best to manage cash, continued access to liquidity and dilution.

最近兩個季度非常緊張。宏觀經濟惡化，推高了資本成本，迫使我們加快成熟度並有效管理成本以實現我們的目標。我們一直在盡最大努力管理現金、持續獲得流動性和稀釋。

We reduced our cash burn by 25% over the last quarter, and we will continue to shift the expense mix, increasing the ratio of capital spend to operating spend, which we will also focus on the financing. On the assets of the financing front, we have secured an additional $30 million in a pipe and a note to be converted via cash or stock.

我們在上一季度將現金消耗減少了 25%，我們將繼續調整費用結構，提高資本支出與運營支出的比率，我們還將專注於融資。在融資方面的資產方面，我們已經獲得了額外的 3000 萬美元管道和一張將通過現金或股票轉換的票據。

We are in the final phases of evaluating multiple options to finance the Oklahoma facility that has -- the team has been working on for quite some time. And last but not least, we are in the final stage of a fixed asset financing facility for our machinery and equipment.

我們正處於評估為俄克拉荷馬州設施融資的多種選擇的最後階段——該團隊已經工作了很長時間。最後但並非最不重要的一點是，我們正處於為我們的機器和設備提供固定資產融資便利的最後階段。

Now I'd like to turn it over to Ramesh to give you more about the financial metrics. Ramesh?

現在我想把它交給拉梅什，讓你更多地了解財務指標。拉梅什？

Thank you, Tony. Before going into our third quarter results, I'd like to say we are making strategic and tactical decisions with a focus on long-term shareholder value. We have been conservative and diligent with our spend, prioritizing the path to start of production in a sequential progression that lays the foundation and building blocks for growth so that we can scale at the right time.

謝謝你，托尼。在進入我們的第三季度業績之前，我想說我們正在製定戰略和戰術決策，重點是長期股東價值。我們在支出方面一直保持保守和勤奮，優先考慮開始生產的順序，為增長奠定基礎和基石，以便我們能夠在適當的時間擴大規模。

Moving to the Q3 results. Cash used in operations for the 9 months ended September 30, 2022, was $329.9 million compared to $180.6 million for the 9 months ended September 30, 2020. Capital expenditures were $88.8 million for the 9 months ended September 30, 2022, compared to $74 million for the 9 months ended September 30, 2021.

轉到第三季度的結果。截至 2022 年 9 月 30 日止 9 個月用於運營的現金為 3.299 億美元，而截至 2020 年 9 月 30 日止 9 個月為 1.806 億美元。截至 2022 年 9 月 30 日止 9 個月的資本支出為 8880 萬美元，而截至 2022 年 9 月 30 日止 9 個月為 7400 萬美元截至 2021 年 9 月 30 日止 9 個月。

Net cash provided by financing activities for the 9 months ended September 30, 2021, was $181.3 million compared to net cash used in financing activities of $5.4 million for the 9 months ended September 30, 2021.

截至 2021 年 9 月 30 日止 9 個月的融資活動提供的現金淨額為 1.813 億美元，而截至 2021 年 9 月 30 日止 9 個月的融資活動使用的現金淨額為 540 萬美元。

We have reduced our R&D spend by 50% compared to Q2. In the third quarter, research and development expenses were $57.1 million compared to $59.4 million in the prior period. Excluding $8.2 million of stock-based compensation, research and development expenses were $48.9 million.

與第二季度相比，我們的研發支出減少了 50%。第三季度，研發費用為 5710 萬美元，而上一季度為 5940 萬美元。不包括 820 萬美元的股票薪酬，研發費用為 4890 萬美元。

We also reduced our SG&A spent by 12% in Q3 compared to Q2. This is primarily due to a continued push to identify efficiencies and streamline our processes. We prioritized our spend to align with the start of production. SG&A expense was $48.8 million for the quarter compared to $45.5 million in the prior year period. Excluding $11.3 million of stock-based compensation, SG&A expense was $37.5 million.

與第二季度相比，我們在第三季度還將 SG&A 支出減少了 12%。這主要是由於不斷推動確定效率和簡化我們的流程。我們優先考慮我們的支出以與生產開始保持一致。本季度的 SG&A 費用為 4880 萬美元，而去年同期為 4550 萬美元。不包括 1130 萬美元的股票薪酬，SG&A 費用為 3750 萬美元。

GAAP net loss was $117.7 million for the quarter compared to a GAAP net loss of $80.9 million in the prior year period. Adjusted EBITDA was negative $80.8 million for the year compared to negative $85.8 million in the prior year period.

本季度 GAAP 淨虧損為 1.177 億美元，而去年同期 GAAP 淨虧損為 8090 萬美元。今年調整後的 EBITDA 為負 8080 萬美元，而去年同期為負 8580 萬美元。

Turning to our forward-looking guidance. We continue to be tactical and judicious with our spend and have revised our expenditure guidance for the remainder of the year by driving efficiencies as we move towards SOP.

轉向我們的前瞻性指導。我們在支出方面繼續保持策略性和審慎性，並在我們向 SOP 邁進時通過提高效率來修訂今年剩餘時間的支出指導。

For Q4, we anticipate approximately $70 million to $90 million of operating expenses, excluding stock-based compensation and a $30 million to $50 million of capital expenditures. We are now on track for a 40% reduction in operating expenses for the second half of the year, which is a significant improvement compared to our previously disclosed projection of 20% reduction. This aligns with the operating plan we've laid out in this call.

對於第四季度，我們預計運營費用約為 7000 萬至 9000 萬美元，不包括股票薪酬和 3000 萬至 5000 萬美元的資本支出。我們現在有望在今年下半年將運營費用減少 40%，與我們之前披露的減少 20% 的預測相比，這是一個顯著的改善。這與我們在本次電話會議中製定的運營計劃一致。

To close, we continue to be tactical and strategic with our spend while focusing on achieving SOP. We have a great product and a significant customer demand, and we've doubled our order book to $2 billion, and we've sold out through 2024.

最後，我們在專注於實現 SOP 的同時，繼續在支出方面保持戰術性和戰略性。我們擁有出色的產品和巨大的客戶需求，我們的訂單量翻了一番，達到 20 億美元，並且到 2024 年我們已經售罄。

We have machinery, tooling and agreements for our manufacturing facilities in Oklahoma. We have access to capital, and we are on path to production. Our customers will receive their vehicle allocations in 2023.

我們在俄克拉荷馬州的製造工廠擁有機械、工具和協議。我們有機會獲得資金，我們正在走向生產。我們的客戶將在 2023 年收到他們的車輛分配。

Before we open it up to questions, let me hand it back to Tony for closing remarks. Tony?

在我們提出問題之前，讓我把它交還給托尼做結束語。托尼?

Thank you, Ramesh. Look, I would really just like to again thank all the Canoo believers and supporters out there internally and externally. And it's a big task to do what we're doing. We're definitely punching out our milestones in a difficult backdrop.

謝謝你，拉梅什。看，我真的想再次感謝所有內部和外部的 Canoo 信徒和支持者。做我們正在做的事情是一項艱鉅的任務。我們肯定會在艱難的背景下完成我們的里程碑。

And this is all about pushing through in the American Spirit. These are the times when you make companies. And we got to prove that. That's what we're focused on, and I want to thank all of you for your support, but we are determined. Kunal?

這一切都是為了推動美國精神。這些是你建立公司的時代。我們必須證明這一點。這就是我們關注的重點，我要感謝大家的支持，但我們有決心。庫納爾？

Thank you, Tony. Operator, please open up the line for questions.

謝謝你，托尼。接線員，請打開線路提問。

(Operator Instructions) Our first question comes from Amit Dayal with H.C. Wainwright.

（操作員說明）我們的第一個問題來自 H.C. 的 Amit Dayal。溫賴特。

Congrats on the order buildup and new customers, by the way. Tony, just in regards to this new facility announcement, is there any risk of sort of double spend on this facility announced today versus what you guys need to do at the prior location?

順便說一句，祝賀訂單增加和新客戶。托尼，就這個新設施公告而言，今天宣布的這個設施與你們在之前的地點需要做的事情相比，是否存在雙重支出的風險？

No. So the focus here was, as you know, from the very beginning, when I took over, we were kind of working under the framework of the prior business model. And it had contract manufacturing, which was currently slated to be overseas, obviously.

不。所以，正如你所知，從一開始，當我接手時，我們的重點就是在先前商業模式的框架下工作。顯然，它有合同製造，目前計劃在海外進行。

And we were against that is because we saw a forward curve on that. So we pivoted, got a different contract manufacturing while we figured out we could get state incentives in order to -- and where we would have the best possible workforce for a long-term business venture.

我們反對這一點是因為我們看到了一個向前的曲線。因此，我們轉向，獲得了不同的合同製造，同時我們發現我們可以獲得國家激勵措施 - 並且我們將擁有最好的勞動力來進行長期的商業冒險。

And so with that, we started to formulate that the governments and the military opportunities were going to be large, particularly for what our platform can do, which we'll kind of share soon. But the whole long-term plan would be that Oklahoma City would actually become a defense and specialty products site in Phase 2. So there would be no overlap.

因此，我們開始製定政府和軍事機會將會很大，特別是對於我們的平台可以做什麼，我們很快就會分享。但整個長期計劃是，俄克拉荷馬城實際上將在第 2 階段成為一個國防和特種產品站點。因此不會有重疊。

And that's -- Oklahoma City is known for its 1,300 aerospace and defense companies. We just seem like with everything the way it is, that opportunity had been cultivated. We got an incredible pricing on this. In fact, we made money on the buy and it's got room for expansion, and it's strategically located. So based on our current plan, there will not be overlap.

這就是——俄克拉荷馬城以其 1,300 家航空航天和國防公司而聞名。我們只是看起來一切都是這樣，這個機會已經被培養出來了。我們得到了令人難以置信的定價。事實上，我們通過收購賺了錢，它有擴張的空間，而且它的戰略位置。所以根據我們目前的計劃，不會有重疊。

Okay. And just going back to sort of your cost conserving efforts. The sequential drop in R&D that we saw in 3Q versus 2Q, is that part of those efforts? Or is it just a natural evolution of you guys getting closer to commercialization and R&D is now sort of behind you?

好的。回到你的成本節約努力。我們在第三季度與第二季度看到的研發連續下降，是這些努力的一部分嗎？或者這只是你們越來越接近商業化而研發現在有點落後的自然演變？

Yes. I would say it's a little bit of both, right? I mean I'd say some of it was us ramping down. Some of it is just us focusing in on lifting and shifting because obviously, Oklahoma City is now announced and our deepening of our relationship with Oklahoma state and city and prior. So it just kind of those factors driving the change.

是的。我會說兩者都有一點，對吧？我的意思是我會說其中一些是我們正在減速。其中一些只是我們專注於提升和轉變，因為顯然，俄克拉荷馬城現已宣布，我們加深了與俄克拉荷馬州和城市以及之前的關係。所以它只是推動變化的那些因素。

I do cringe a little bit when I'm spending less on R&D because I'm a big IP guy. But right now, it is the right thing for us to do in this phase. And we have the right people focused on the innovation areas associated to the customers we're focused on now.

當我在研發上的支出減少時，我確實有點畏縮，因為我是一個大知識產權人。但是現在，我們在這個階段做的事情是正確的。我們有合適的人員專注於與我們現在關注的客戶相關的創新領域。

Understood. And just one last one for me sort of on the financing side. I know you are shooting for just-in-time type of transactions to meet those needs. What are the needs you have in terms of dollar amounts that are coming up? Do you at least start making these deliveries in the second half of the first quarter next year?

明白了。對我來說，只有最後一個是在融資方面。我知道您正在為滿足這些需求的即時交易類型而努力。就即將到來的美元金額而言，您有什麼需求？您是否至少在明年第一季度的下半年開始交付這些產品？

Yes. I think we're fortunate to have some good external advisers and people that have partnered to execute. We ran our ATM program successfully in a very, very difficult quarter. And we continue to kind of focus on the execution of that because that kind of shores up the gap in our capital plan.

是的。我認為我們很幸運有一些優秀的外部顧問和合作執行的人員。我們在一個非常非常困難的季度成功地運行了我們的 ATM 程序。我們將繼續專注於執行該計劃，因為這彌補了我們資本計劃中的差距。

Because the reality of it is in these deals like this is on any given day, there is a certain number of events that occur as you go to SOP that are just not planned in the system. So that was kind of the reason we really wanted to get the ATM moving. And then we still got $170 million available. And we have $100 million or $190 million on the PPA.

因為它的現實是在這樣的交易中，就像在任何一天，當你進入 SOP 時，會發生一定數量的事件，這些事件只是系統中沒有計劃的。所以這就是我們真正想讓 ATM 移動的原因。然後我們仍然有 1.7 億美元可用。我們在 PPA 上有 1 億或 1.9 億美元。

Obviously, we're trying to be very, very disciplined. And in retrospect, as you know, if you look at all these companies had all the money, money does not equal security. What equals security is achievements and milestones. And in tough times, you got to learn how to manage leaner and more efficient, makes companies better. It's tough.

顯然，我們正在努力非常非常自律。回想起來，你知道，如果你看看所有這些公司都擁有所有的錢，錢不等於安全。與安全同等重要的是成就和里程碑。在困難時期，您必須學習如何更精簡、更高效地管理，讓公司變得更好。這很難。

But like we said earlier, a lot of the people that have come to join Canoo worked with me in the past and survived multiple markets, and successfully taking opportunities in those markets. So I think we are not happy to be in a high inflationary, unstable supply chain environment, but we see huge opportunities in globalization.

但正如我們之前所說，很多加入 Canoo 的人過去曾與我一起工作，並在多個市場中倖存下來，並成功地抓住了這些市場的機會。所以我認為我們不樂意處於高通脹、不穩定的供應鏈環境中，但我們看到了全球化的巨大機遇。

The platform is perfect for it. There are lots of cash in other markets so that the opportunity for joint ventures like we've done in the past. So the access to capital, I know that bothers a lot of people. And it bothers Ramesh, quite a bit, frankly.

該平台非常適合它。其他市場有大量現金，因此有機會像我們過去那樣建立合資企業。所以獲得資金，我知道這讓很多人感到困擾。坦率地說，這讓拉梅什很困擾。

But for me, I've been doing this multiple times. There's 2x in business that I've been worried and that tells you how much I'm generally always worried, which is, one, when I have lots of cash because I know efficiency will go down the group and you get a little careless. And I think the afford period is wearing off on people. And it's time to get back to competitiveness.

但對我來說，我已經多次這樣做了。我一直擔心的業務有 2 倍，這告訴您我通常總是擔心多少，即，第一，當我有大量現金時，因為我知道效率會降低整個團隊，而您會有點粗心。而且我認為人們的負擔得起的時期正在消退。是時候恢復競爭力了。

In addition to that, I think being able to teach the crew here, how to run a business on just-in-time milestone capital is a very disciplined approach as an investor, not just as the Chairman and CEO. I know it is painful, but would you rather give a young company a lot of money? Or would you rather give it money based on milestones?

除此之外，我認為能夠教導這裡的工作人員如何利用即時里程碑資本經營企業是作為投資者的一種非常自律的方法，而不僅僅是作為董事長兼首席執行官。我知道這很痛苦，但你寧願給一家年輕的公司很多錢嗎？還是您更願意根據里程碑給它錢？

I mean the American ways has proven that to be a successful model. We're very focused on it. It's worked for me. As I say, I'm always one deal away from screwing up my track record. But we got $500 million in asset value. We will unlock and we will continue to access non-dilutive capital. I know today, people do not appreciate that as in many things over the last 19 months.

我的意思是美國的方式已經證明這是一個成功的模式。我們非常關注它。它對我有用。正如我所說，我總是離搞砸我的業績記錄只有一步之遙。但我們獲得了 5 億美元的資產價值。我們將解鎖，我們將繼續獲得非稀釋性資本。我今天知道，人們並不像過去 19 個月的許多事情那樣理解這一點。

But we are focused, and we are in it with you. So that's our approach. I'm sad to see so many companies falling on dire times. But I am proud of this team and the fact that we led the charge in bringing more financial discipline into these young companies and us as one of them.

但我們很專注，我們與您同在。這就是我們的方法。看到這麼多公司陷入困境，我很難過。但我為這個團隊以及我們帶頭為這些年輕公司以及我們作為其中一員帶來更多財務紀律的事實感到自豪。

Our next question comes from Bruce Chan with Stifel.

我們的下一個問題來自於 Stifel 的 Bruce Chan。

Tony, you mentioned upfront the economic environment and the impact that's having on your capital position and some of your costs. But from a commercial standpoint, maybe you've got the Walmart deal. You've had some nice incremental wins from Kingbee and Zeeba. Are you seeing any slowing in the pipeline from customers that are maybe a bit nervous about the next 12 to 24 months?

托尼，你預先提到了經濟環境以及它對你的資本狀況和一些成本的影響。但從商業角度來看，也許你已經得到了沃爾瑪的交易。您已經從 Kingbee 和 Zeeba 獲得了一些不錯的增量勝利。您是否看到可能對未來 12 到 24 個月有點緊張的客戶的渠道放緩？

We're only focused on Grade A, BBB credit customers, right, with secured funding because we'll finance those POs at a range that gives us favorable cash flow from when we start to product those orders. So our agreements are that way. Again, these were all things we signaled early when the market was more euphoric about individual sales and all that stuff, the cost is just too dramatic for your company.

我們只專注於 A 級、BBB 信用客戶，對，有擔保資金，因為我們將為這些採購訂單提供資金，從我們開始生產這些訂單時起，我們將獲得有利的現金流。所以我們的協議就是這樣。同樣，當市場對個人銷售和所有這些東西更加欣喜若狂時，這些都是我們早期發出的信號，對於您的公司來說，成本太高了。

But we've managed to reduce pieces in the vehicle and not lose functionality and the beauty. The team's worked really hard on that. So I think for us, the pipeline is really good, actually. I mean people calling in, why, because our price point is great. Our product has lots of space. The people that use it love it. You get employee satisfaction out of it.

但是我們已經設法減少了車輛中的部件，而不會失去功能和美觀。團隊在這方面非常努力。所以我認為對我們來說，管道真的很好，實際上。我的意思是人們打電話來，為什麼，因為我們的價格點很好。我們的產品有很多空間。使用它的人喜歡它。您可以從中獲得員工的滿意度。

And so far, everybody we've gone against we've been blessed by God to be the winner. And we're very focused on that, and we'll continue to do that. And I think the demand is really now based to us. We're going to be modulating customer expectations, which is the place you want to be in a bad economic cycle.

到目前為止，我們所反對的每個人都得到了上帝的祝福，成為了贏家。我們非常關注這一點，我們將繼續這樣做。而且我認為需求現在真的基於我們。我們將調整客戶的期望，這是您希望處於糟糕經濟周期的地方。

And you want Grade A, BBB credit customers in your early evolutions because they also teach you a lot about your product before you put it widely and geographically spread across just individual consumers who can get frustrated in new vehicle launches. We've built one of the largest data companies for the automotive industry, and it still is to this day. We've seen a lot of car launches. This is targeted. This is focused to not waste our shareholders' money and be able to ensure we retain our customers.

而且您希望在您的早期發展中獲得 A 級、BBB 信用客戶，因為在您將產品廣泛和地理分佈在可能對新車發布感到沮喪的個人消費者之前，他們還會教您很多關於您的產品的知識。我們已經為汽車行業建立了最大的數據公司之一，直到今天仍然如此。我們已經看到了很多汽車發布。這是有針對性的。這樣做的重點是不浪費我們股東的錢，並能夠確保我們留住我們的客戶。

Okay. That's super helpful. And then maybe just a follow-up. You talked a bit about price points and BOM costs. We've seen a pretty material easing in supply chain fluidity and supply chain costs over the past few months. Container rates are now maybe 5x or more lower than what they were earlier this year. Is that strategically causing you to rethink any of your near-shoring or "friend shoring" activities and maybe start diversifying your sourcing at all?

好的。這非常有幫助。然後也許只是一個後續行動。您談到了價格點和 BOM 成本。在過去的幾個月裡，我們看到供應鏈流動性和供應鏈成本出現了相當大的緩解。集裝箱費率現在可能比今年早些時候低 5 倍或更多。這是否在戰略上導致您重新考慮您的任何近岸或“朋友支持”活動，並可能開始使您的採購多樣化？

Yes. So look, we've been bringing stuff into the U.S. for quite a while, quietly. It's been tough because we had to really rationalize our cash, get our terms better with our suppliers. It's been a painful period as we kind of mature ourselves. And these are part of the evolutions you go through.

是的。所以看，我們一直在悄悄地把東西帶到美國有一段時間了。這很艱難，因為我們必須真正合理化我們的現金，與我們的供應商達成更好的條件。這是一段痛苦的時期，因為我們自己已經成熟了。這些是你經歷的演變的一部分。

But reducing the pieces without taking the functionality ways helped us manage the cost. We're still keeping our price point really good. We got room to bring it up and still be competitive. We're square in zone to have room with the federal incentives and state incentives for EV credits.

但是在不採用功能方式的情況下減少部件有助於我們管理成本。我們仍然保持我們的價格點非常好。我們有空間提出它，並且仍然具有競爭力。我們在區域內與聯邦激勵措施和州對電動汽車積分的激勵措施保持一致。

So I think we've done pretty well. There are still probably 100 more pieces. I believe we can do in subassemblies and improve our efficiency and effectiveness. And we're going to be bringing in some very experienced people in the phase as we ramp that up in our manufacturing team.

所以我認為我們做得很好。大概還有100多件。我相信我們可以在組件中進行並提高我們的效率和效力。我們將在這個階段引入一些非常有經驗的人，因為我們在我們的製造團隊中加強了這一點。

So we got a good start of the team, and we'll be focused on that team and bringing in people that are highly probable, very experienced in multiple car launches.

因此，我們的團隊有了一個良好的開端，我們將專注於該團隊，並引進極有可能、在多次汽車發布方面非常有經驗的人。

Okay. Great. I appreciate the time.

好的。偉大的。我很珍惜時間。

No worries, man. And I would just close with the fact that we're significantly -- we're 92% U.S. and allied nations and the U.S. part is growing. We've moved our development of all software in-house. We've taken away anything to do with China. We've done all this stuff over the last 20 months. And I think someday, we'll be seen for it. We just got to prove this next phase and probably the phase after that.

別擔心，伙計。最後，我想說的是，我們很重要——我們有 92% 是美國和盟國，而且美國的部分正在增長。我們已將所有軟件的開發轉移到內部。我們已經拿走了任何與中國有關的東西。在過去的 20 個月裡，我們已經完成了所有這些工作。我想有一天，我們會被看到的。我們只需要證明下一個階段，可能是之後的階段。

(Operator Instructions) Our next question comes from Noel Parks with Tuohy Brothers.

（操作員說明）我們的下一個問題來自 Noel Parks 和 Tuohy Brothers。

Just a couple of things. Now that you're getting ever closer to seeing the ramp-up in production, it's been on the way for such a long time. Can you talk a bit more -- tou mentioned it earlier, but talk a little bit more about the allocation of production as you ramp up to satisfy the backlog of customers? Just wondering if that's contractual or if it's essentially at your discretion depending on the particular customer?

只是幾件事。現在你越來越接近看到產量的增加，它已經進行了很長時間。你能多說一點嗎——頭在前面提到過，但是當你增加以滿足客戶的積壓時，多談談生產的分配嗎？只是想知道這是否是合同規定的，還是基本上由您自行決定，具體取決於特定客戶？

Yes. So it's a great question, Noel. So we, like you said, being watched many car launches and watching successful car launches get struggled in production in our past. We're very focused on upfront managing with our customers how we ramp them.

是的。所以這是一個很好的問題，諾埃爾。所以，就像你說的，我們在過去看到許多汽車發布和成功的汽車發佈在生產中遇到了困難。我們非常專注於與客戶一起預先管理我們如何提升他們。

You've got to have some flexibility in your delivery schedule. If you write agreements where you're contractually bound by extreme amount of units or set expectations you're just going to make people upset. So that's kind of why we've been working the way we've been working. It's been highly confidential, not even well populated within the company, but we're very focused on being able to make sure that we actually out-deliver customer expectations rather than under-delivering them.

你必須在你的交貨時間表上有一些靈活性。如果您編寫的協議在合同中受到大量單位的約束或設定期望，您只會讓人們不高興。這就是為什麼我們一直以我們一直以來的工作方式工作的原因。它是高度機密的，甚至在公司內部都不是很好，但我們非常專注於能夠確保我們實際上超出了客戶的期望，而不是低於他們的期望。

Great. Okay. And just about a couple of your recent customer announcement about the Kingbee agreement and also the one with the Zeeba, so 2 sizable fleet leasing providers. I wonder if you could just talk anything extra, the color you'd like to give on the agreements would be great. But in particular about the service component of them and how, I guess, whatever sort of maintenance obligations you have beyond sort of rollout of upgrade, what that looks like? And is there like a flat structure per unit for the service and maintenance or certain thresholds that they have to stay below?

偉大的。好的。以及您最近發布的有關 Kingbee 協議的客戶公告以及與 Zeeba 協議的客戶公告，因此是 2 家規模較大的車隊租賃提供商。我想知道您是否可以多說點什麼，您想在協議上賦予的顏色會很棒。但特別是關於它們的服務組件，我猜，除了推出升級之外，你還有什麼樣的維護義務，那是什麼樣的？每個單元是否存在用於服務和維護的扁平結構，或者它們必須保持在某些閾值以下？

Yes. So I think for us, we've got experience in doing these things in the past and setting customer expectation in a forward period is extremely important because at the end of the day, they set a schedule. We are focused on professional use cases. So you can't screw those up. So you have to temper it.

是的。所以我認為對我們來說，我們過去有做這些事情的經驗，並且在未來一段時間內設定客戶期望非常重要，因為在一天結束時，他們會制定時間表。我們專注於專業用例。所以你不能搞砸這些。所以你必須緩和它。

And Walmart is incredibly savvy. The Kingbee team is impressive. Their growth trajectory is amazing. And the Zeeba team is just really focused on a great business model. And so we're very selective. We believe we have a very unique product. I mean, to actually do what we did and have 0 downtime and to have such a resounding 100% of the drivers enjoyed it. And we exceeded their expectations.

沃爾瑪非常精明。 Kingbee團隊令人印象深刻。他們的成長軌跡令人驚嘆。 Zeeba 團隊只是真正專注於一個偉大的商業模式。所以我們非常有選擇性。我們相信我們有一個非常獨特的產品。我的意思是，要真正做到我們所做的事情，零停機時間，並且讓如此響亮的 100% 的車手都喜歡它。我們超出了他們的預期。

So we're also focused on the majority of this being updated over software without the customer being in convenience. So it's really important that you do not overpromise as we got beat up in the earlier period of us taking over as we try to bring our own tempo into the business.

因此，我們還專注於在不方便客戶的情況下通過軟件更新其中的大部分內容。因此，當我們試圖將自己的節奏帶入業務時，我們在接管的早期被毆打，因此您不要過度承諾是非常重要的。

But I think it's starting to calibrate itself all around us. And even though it's going to be a tough year, hopefully, we'll be a bright spot in it.

但我認為它開始在我們周圍進行自我校準。儘管這將是艱難的一年，但希望我們能成為其中的亮點。

Thank you. There are no further questions at this time. I'll hand the floor back to management for closing remarks.

謝謝你。目前沒有其他問題。我將把發言權交還給管理層以結束髮言。

Everybody, thanks again, really meant what I said about. I appreciate everybody being our supporters and defenders. We're quiet heads down, trying to get this job done. We've got a lot to do. We're going to focus on doing it and doing it to the best of our ability.

大家，再次感謝，真的是我所說的。我感謝大家成為我們的支持者和捍衛者。我們安靜地低著頭，試圖完成這項工作。我們有很多事情要做。我們將專注於做到這一點，並儘我們所能做到這一點。

And I just want to say to the team that built the Screaming Eagle, which is the vehicle we delivered to the military which I've never seen a delivery of a vehicle in 140 days. By the way, they completed in 100 days. I just want to give a shout out to all of them. I'm super proud, super privileged. And let's go. Thank you very much.

我只想對製造 Screaming Eagle 的團隊說，這是我們交付給軍隊的車輛，我在 140 天內從未見過交付車輛。順便說一句，他們在 100 天內完成。我只想向他們所有人大聲喊叫。我超級自豪，超級榮幸。我們走吧。非常感謝。

Thank you. This concludes today's conference. All parties may disconnect. Have a great day.

謝謝你。今天的會議到此結束。各方都可以斷開連接。祝你有美好的一天。