Canoo Inc (GOEV) 2022 Q4 法說會逐字稿

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

歡迎來到 Canoo 第四季度和 2022 年全年收益發布電話會議。 （操作員說明）請注意，正在錄製此會議。

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

我現在將會議轉交給您的主持人，企業發展和資本市場高級副總裁 Kunal Bhalla。謝謝。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 CFO, Ken Manget; and CAO, Ramesh Murthy. Tony will provide an update on the business. Ken will then run through our capital raise strategy. Then Ramesh will share the financial results for the quarter. 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，和我一起的是投資者、董事長兼首席執行官托尼·阿奎拉 (Tony Aquila)；與首席財務官 Ken Manget 一起；和 CAO，Ramesh Murthy。托尼將提供有關業務的最新信息。然後，Ken 將介紹我們的籌資戰略。然後 Ramesh 將分享本季度的財務結果。然後我們將打開問題電話。

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.

請注意，我們可能會根據當前預期做出前瞻性陳述。這些都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和我們最近的 10-Q 和 10-K 表格以及我們可能向美國證券交易委員會提交的其他報告中的披露，包括表格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.

我們所有的聲明都是截至今天做出的，並且是基於我們目前可獲得的信息。除非法律要求，否則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.

在這次電話會議中，我們將討論非 GAAP 財務指標。您可以在今天的收益發布中找到這些非 GAAP 財務指標與 GAAP 財務指標的對賬，這些信息可以在我們網站的 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 we watch the video.

現在請導航至網絡廣播登錄頁面並訪問頁面左下方的視頻鏈接。我們將在觀看視頻時暫停一下。

(presentation)

（推介會）

As many of you already know, our discipline is big news or no news. This means we're focused on meaningful milestones and impactful news. We're focused on long-term growth and value creation for all our stakeholders.

正如你們中的許多人已經知道的那樣，我們的紀律要么是大新聞，要么就不是新聞。這意味著我們專注於有意義的里程碑和有影響力的新聞。我們專注於為所有利益相關者實現長期增長和價值創造。

Turning it over to Tony to talk about some big news, but not old news. Over to you, Tony.

把它交給托尼來談談一些重大新聞，但不是舊聞。交給你了，托尼。

Thank you, Kunal, and thank you, everyone, for joining us for our Q4 and full-year 2022 results. Before getting into it, I'd like to thank all our associates for their hard work and dedication to our mission.

謝謝 Kunal，也謝謝大家加入我們的第四季度和 2022 年全年業績。在開始之前，我要感謝所有同事的辛勤工作和對我們使命的奉獻。

We are pushing the envelope on technology, innovation and what an EV means to consumers and fleets. That requires a specific mindset, skill set and focus on milestones. As we continue our journey to create a high-tech advanced mobility company in an extremely volatile macroeconomic climate, I'd like to recap some of our significant achievements during the last year.

我們正在推動技術、創新以及電動汽車對消費者和車隊的意義的極限。這需要特定的心態、技能和對里程碑的關注。隨著我們在極其動蕩的宏觀經濟環境中繼續創建一家高科技先進移動公司的旅程，我想回顧一下我們在過去一年中取得的一些重大成就。

If you look at the steps that we have taken since I became CEO, we immediately jumped in and started the verification and realignment of the strategy. I'd like to sincerely thank our believers, all stakeholders that hung in there with us while we have worked through the transition. And to those that were focused on headlines, they can now focus on the milestones achieved.

如果你看看自從我成為 CEO 以來我們採取的步驟，我們會立即投入並開始對戰略進行驗證和調整。我要真誠地感謝我們的信徒，以及在我們完成過渡期間與我們站在一起的所有利益相關者。對於那些專注於頭條新聞的人，他們現在可以專注於實現的里程碑。

As you can see in our earnings release, we have now reached a conclusion on the SEC investigation. The resolution includes an agreement to pay $1.5 million. Our agreement with the staff still needs to be approved by the commission itself, something we hope will happen in the next few weeks. This ends a significant chapter from the company's past management and paves the way for us to focus entirely on the work of our refounding.

正如您在我們的收益發布中看到的那樣，我們現在已經就美國證券交易委員會的調查得出結論。該決議包括一項支付 150 萬美元的協議。我們與工作人員的協議仍需要委員會本身的批准，我們希望這將在未來幾週內發生。這結束了公司過去管理的重要篇章，並為我們完全專注於我們的重建工作鋪平了道路。

Our entire management team continues to work hard to address all legacy issues, and the sacrifice for shareholders is not lost upon us. The transition from legacy Canoo to today has been expensive for our associates and all stakeholders, as reflected in the price of our shares.

我們的整個管理團隊繼續努力解決所有遺留問題，我們不會為股東做出犧牲。從遺留的 Canoo 到今天的過渡對我們的員工和所有利益相關者來說代價高昂，這反映在我們的股票價格上。

Legacy matters have been a big distraction. And as we continue to eliminate these legacy matters, it only increases our ability and efficiency in achieving future milestones. And we are increasingly excited about the direction of the company.

遺留問題一直是一個很大的干擾。隨著我們繼續消除這些遺留問題，它只會提高我們實現未來里程碑的能力和效率。我們對公司的發展方向越來越感到興奮。

I'd like to remind everyone that as the largest shareholder and long-term-focused investor, we invest continuously on many levels to help derisk the business and increase its opportunities for success. Our just-in-time discipline has helped us become more efficient, especially during the realignment.

我想提醒大家，作為最大的股東和長期關注的投資者，我們在多個層面不斷投資，以幫助降低業務風險並增加其成功機會。我們的準時制紀律幫助我們變得更有效率，尤其是在重組期間。

However, it has added more complexity as we and others access the capital markets in the current market conditions. We see this as a portion of the long-term cycle, but just a portion, of accessing the capital markets. Our aim is consistent with the long-term investors view. It's to look back at the strategy with the goal of having managed a better return on capital dilution and total value creation.

然而，隨著我們和其他人在當前市場條件下進入資本市場，它增加了更多的複雜性。我們認為這是長期週期的一部分，但只是進入資本市場的一部分。我們的目標與長期投資者的觀點一致。這是為了回顧戰略，目標是管理更好的資本稀釋回報和總價值創造。

We led the charge by alerting investors about the risk factors that the EV industry faces, not only to talk about the opportunities and advantages, which are great. As we have shown, we have signed up world-class customers, and we will continue to focus on our 3-stage customer engagement model and on growing a solid customer pipeline.

我們率先提醒投資者註意電動汽車行業面臨的風險因素，而不僅僅是談論機會和優勢，這些都是很好的。正如我們所展示的，我們已經簽約了世界級的客戶，我們將繼續專注於我們的三階段客戶參與模型和發展穩固的客戶渠道。

We have remained focused on event and milestone-driven just-in-time capital raises as we work to put the legacy and the realignment of the business behind us. We will now enter the next phase. And that phase, we'll be more focused on milestones versus event-based or just-in-time. This will lower the cost, make more efficient use of capital and allow us to focus on long-term sources.

我們一直專注於事件和里程碑驅動的及時融資，因為我們努力將業務的遺產和重組拋在腦後。我們現在將進入下一階段。在那個階段，我們將更加關注里程碑而不是基於事件或即時。這將降低成本，更有效地利用資本，並使我們能夠專注於長期資源。

We navigated the volatile economic environment in 2022 with a mixed view of our performance as we reflect back. But let us walk you through the key milestones.

回想起來，我們在 2022 年動蕩的經濟環境中對我們的表現持不同看法。但讓我們帶您了解關鍵的里程碑。

U.S. manufacturing and job creation, we believe there -- as you know, we led the charge to bring jobs and manufacturing to the U.S. heartland, which we are very proud of; completed our Phase 1 SOP in Michigan; announced vehicle manufacturing facility in Oklahoma City; and kicked off Phase 2 SOP OKC, including establishing an EV battery module manufacturing facility in Pryor, Oklahoma, partnering with the state of Oklahoma and the Cherokee nation to establish workforce training programs, committed to hiring up to 550 employees to support our manufacturing ramp as we scale production.

美國製造業和創造就業機會，我們相信——如您所知，我們帶頭為美國中心地帶帶來就業機會和製造業，我們為此感到非常自豪；完成我們在密歇根州的第一階段 SOP；宣佈在俄克拉荷馬城設立汽車製造廠；並啟動了俄克拉荷馬州 Pryor 的 2 期 SOP OKC，包括在俄克拉荷馬州普賴爾建立電動汽車電池模塊製造工廠，與俄克拉荷馬州和切諾基民族合作建立勞動力培訓計劃，承諾僱用多達 550 名員工以支持我們的製造坡道我們規模化生產。

IP protection. We reduced our resilience on China by focusing on U.S. and allied nation source components. We had previously stepped in to lead the share purchase from the Chinese investor to address the CFIUS concerns and the settlement, mitigating potential IP leakage risk.

知識產權保護。我們通過關注美國和盟國的來源成分來降低我們對中國的彈性。我們之前曾介入牽頭向中國投資者購買股份，以解決 CFIUS 的擔憂和和解，從而降低潛在的知識產權洩露風險。

We also focused on BOM optimization, the build of materials, reduced [cart] counts to under 1,800 parts, one of the lowest, even per EV vehicle. We reduced supply chain risk. This will come further into focus as we begin manufacturing and delivering vehicles. We believe there is still more room to optimize and achieve on a continuous basis.

我們還專注於 BOM 優化、材料構建、將 [購物車] 數量減少到 1,800 個以下，這是最少的零件之一，即使是每輛 EV 汽車也是如此。我們降低了供應鏈風險。隨著我們開始製造和交付車輛，這將成為人們關注的焦點。我們相信還有更多的空間可以持續優化和實現。

Fleet sales. (inaudible) thousands of vehicles orders has been our strategy. And our product has received multiple points of validation. Now we're very proud to have customers like Walmart, [Veba], recently Schindler Elevator and CBRE to add to the names of our customer partners. Our product is being well received in the market, and we are excited to help electrify the working fleets in America and beyond.

艦隊銷售。 （聽不清）數千輛汽車訂單一直是我們的戰略。我們的產品已獲得多點驗證。現在，我們非常自豪能夠將沃爾瑪、[Veba]、最近的 Schindler Elevator 和 CBRE 等客戶添加到我們的客戶合作夥伴名單中。我們的產品在市場上很受歡迎，我們很高興能幫助美國及其他地區的工作車隊電氣化。

American innovation. We delivered the U.S. Army light tactical vehicle, the LTV. We achieved an order to deliver the LTV, and we did it in [101] days. This validates our highly modular platform architecture and our ability to rapidly develop specific use cases. These actions have been supported by both current and past administrations.

美國創新。我們交付了美國陸軍輕型戰術車輛 LTV。我們獲得了交付 LTV 的訂單，我們在 [101] 天內完成了。這驗證了我們高度模塊化的平台架構以及我們快速開發特定用例的能力。這些行動得到了現任和前任政府的支持。

The IRA bill is validation of our strategy and provides a strong tailwind. For commercial vehicles placed into service in 2023, Canoo fleet customers will benefit from the maximum allowed credit of $7,500 per unit. Under new IRA sourcing rules, most vehicles don't qualify for the consumer credit. This validates the realignment of our strategy to first focus on large fleet and government use cases.

IRA 法案是對我們戰略的驗證，並提供了強大的順風。對於 2023 年投入使用的商用車輛，Canoo 車隊客戶將受益於每輛 7,500 美元的最高允許信用額度。根據新的 IRA 採購規則，大多數車輛不符合消費信貸的條件。這驗證了我們戰略的重新調整，首先關注大型車隊和政府用例。

As we stand here today and reflect, we struggled and underestimated the complexity of some of our milestones, especially taking into account the legacy impacts and the microeconomic backdrop. We struggled with the transition and timely resourcing of components as we shifted away from China exposure.

當我們今天站在這裡反思時，我們掙扎並低估了我們一些里程碑的複雜性，特別是考慮到遺留影響和微觀經濟背景。當我們從中國業務轉移時，我們在組件的過渡和及時資源配置方面遇到了困難。

Delays in bringing up onshore manufacturing. We over, under and mishired in certain areas. Timing and cost of capital being de-synchronized with the realignment of the strategy was also a constraining factor. As we start to put the legacy matters behind us, we will be better focused on our future.

推遲在岸製造。我們在某些領域過度、不足和失職。與戰略調整不同步的時間和資本成本也是一個制約因素。當我們開始拋開遺留問題時，我們將更好地關注我們的未來。

Let us walk you through some of our strategy and recent milestones.

讓我們向您介紹我們的一些戰略和最近的里程碑。

Our capital-raising strategy is maturing, especially as we remove legacy matters like the SEC overhang, which improves our access to low-cost, long-term nondiluted capital. We have all been through a lot these last 16 months, and some of us even longer.

我們的籌資戰略正在走向成熟，尤其是在我們消除 SEC 懸置等遺留問題後，這改善了我們獲得低成本、長期未稀釋資本的途徑。在過去的 16 個月裡，我們都經歷了很多，有些人經歷的時間更長。

As we continue to mature, migrating from an R&D design and premarket delivery to a manufacturing and market launch organization, hitting these milestones will better help us manage the current market turbulence, based on our growing track record of achieving important milestones.

隨著我們不斷成熟，從研發設計和上市前交付轉變為製造和市場發布組織，根據我們實現重要里程碑的不斷增長的記錄，達到這些里程碑將更好地幫助我們管理當前的市場動盪。

The shift from R&D design and premarket delivery to manufacturing and market launch will come with some organizational changes and risks. On the good side, our cost per FTE is going down as a result of changes in our mix as we align with our continuing R&D becoming more focused on certain segments like customer innovation and fleet, government, military, Department of Defense and very specific geographic expansion markets.

從研發設計和上市前交付到製造和市場投放的轉變將伴隨一些組織變化和風險。從好的方面來說，由於我們的組合發生變化，我們的每 FTE 成本正在下降，因為我們與持續的研發保持一致，變得更加專注於某些領域，例如客戶創新和車隊、政府、軍隊、國防部和非常具體的地理區域拓展市場。

We are fortunate that our realignment allows us to be one of the first to access the benefits of our -- for our customers and ourselves in the newly implemented IRA bill.

我們很幸運，我們的調整使我們成為第一個在新實施的 IRA 法案中為我們的客戶和我們自己獲得利益的公司之一。

Now let me share some of the fourth quarter and recent highlights. We received 217-mile EPA certification for the LDV, which we will continue to focus on improving. This is already up to 50% higher than what is targeted by many of those in our customer base.

現在讓我分享一些第四季度和最近的亮點。我們的 LDV 獲得了 217 英里的 EPA 認證，我們將繼續專注於改進。這已經比我們客戶群中的許多人的目標高出 50%。

Further, our advanced deliveries with Walmart proved excellent range and retention in triple-digit heat and below freezing temperature conditions. We remain persistent in making our vehicles among the most durable and reliable.

此外，我們與沃爾瑪的先進交付證明了在三位數高溫和冰點以下溫度條件下的出色範圍和保持力。我們堅持不懈地使我們的車輛躋身於最耐用和可靠的行列。

We now have a $2.8 billion order book. We had 5% growth over the last quarter and 323% growth since this time last year. Others have been flat or declining. We continue to see strong demand for our product, and it's a tribute to the hard work of our design, manufacturing, engineering and customer journey teams. So they're very proud.

我們現在有 28 億美元的訂單。我們在上個季度增長了 5%，自去年這個時候以來增長了 323%。其他人持平或下降。我們繼續看到對我們產品的強勁需求，這是對我們設計、製造、工程和客戶旅程團隊辛勤工作的讚揚。所以他們非常自豪。

The initial phase of the international expansion, we announced that with GCC Olayan as our distribution partner in Saudi Arabia. We will share and make more clear how our geographic expansion strategy aligns with our North American strategy in the coming quarters.

在國際擴張的初始階段，我們宣布 GCC Olayan 成為我們在沙特阿拉伯的分銷合作夥伴。我們將在未來幾個季度分享並更清楚地說明我們的地域擴張戰略如何與我們的北美戰略保持一致。

Oklahoma City manufacturing readiness continues to progress, and we remain focused on exiting 2023 at a 20,000 run rate. General assembly lines have arrived at OKC. Other equipment is being put in place. Highly automated, high-speed battery line has arrived at the Pryor facility. We will update you on the progress in the coming weeks and quarters.

俄克拉荷馬城的製造業準備工作繼續取得進展，我們仍然專注於以 20,000 的運行率退出 2023 年。總裝線已抵達 OKC。其他設備正在就位。高度自動化的高速電池生產線已抵達普賴爾工廠。我們將在未來幾周和幾個季度向您通報進展情況。

IP monetization. The U.S. Department of Defense has awarded us a battery systems and technology contract, currently for advanced testing in multiple environments.

IP貨幣化。美國國防部授予我們一份電池系統和技術合同，目前用於在多種環境中進行高級測試。

This additional use of our technology speaks to the TEM, technology equipment manufacturer, versus an OEM, which is an original manufacturer -- original equipment manufacturer and the versatility of multiple different layers of our technology that can be scalable and adaptable to important and emerging use cases and markets.

這種對我們技術的額外使用說明了 TEM（技術設備製造商）與原始設備製造商（原始設備製造商）之間的區別——原始設備製造商以及我們技術的多個不同層的多功能性，這些層可以擴展並適應重要的和新興的用途案例和市場。

We continue strengthening the management team. We announced Ken Manget as CFO and added Tony Elias as our EVP of Operations. Ken and Tony, in their respective areas, bring a wealth of experience in capital raising, strategic finance and manufacturing. Ken will introduce himself shortly and provide an update with Ramesh on the results and financial guidance.

我們繼續加強管理團隊。我們宣布 Ken Manget 擔任首席財務官，並任命 Tony Elias 為我們的運營執行副總裁。 Ken 和 Tony 在各自領域帶來了在融資、戰略融資和製造方面的豐富經驗。 Ken 將很快介紹自己，並向 Ramesh 提供最新的結果和財務指導。

And now I'd like to take this time to introduce Ken.

現在我想藉此機會介紹 Ken。

I'm very pleased to be with you all today. I've spent time most of my career in multiple areas of the capital markets, at first in the sell side, where I structured billions of equity and debt capital raises, including nondilutive financing for major automotive OEMs.

我很高興今天能和大家在一起。我職業生涯的大部分時間都在資本市場的多個領域度過，起初是在賣方，在那裡我籌劃了數十億的股權和債務融資，包括為主要汽車原始設備製造商提供的非稀釋性融資。

Subsequently, I was at Ontario Teachers' Pension Plan, where I first met Tony while managing a $10 billion global equity strategy that invest in growth equity, pre-IPO and public companies. I'm excited to leverage my years of a diverse perspective and experience with the team at Canoo.

隨後，我在安大略省教師退休金計劃工作，在那裡我第一次見到托尼，當時我正在管理一項 100 億美元的全球股權戰略，該戰略投資於增長股權、首次公開募股前和上市公司。我很高興能利用我多年來在 Canoo 團隊的多元化視角和經驗。

The timing of becoming in is to focus on Canoo's transition from engineering and R&D to scale manufacturing. My mission is to be better focused on better aligning our capital needs and capital sources as we shift more towards a milestone basis. I've hit the ground running, and I'm actively working with the team on finalizing our 2023-2024 diversified capital plan.

進入的時機是專注於Canoo從工程和研發到規模製造的轉變。我的任務是更好地專注於更好地調整我們的資本需求和資本來源，因為我們更多地轉向里程碑式的基礎。我已經開始行動，我正在積極與團隊合作，最終確定我們的 2023-2024 年多元化資本計劃。

I recently led our first-registered direct offering of $52.5 million that was oversubscribed. As in this raise, we focused on allocating to improve the diversification of our shareholder base. I will now be picking up the mission of moving us from a just-in-time capital raise strategy to what Tony described before, which is a more milestone-driven strategy.

我最近領導了我們首次註冊的 5250 萬美元直接募股，該募股獲得超額認購。在這次融資中，我們專注於分配以改善股東基礎的多元化。我現在將肩負使命，將我們從即時籌資戰略轉變為托尼之前描述的戰略，這是一個更加里程碑式的戰略。

My focus in this quarter will be to better align capital efforts with the coming online of manufacturing across the supply base. We will continue to carefully manage our cash and improve efficiency of capital allocation until we implement our more aligned capital strategy.

我在本季度的重點將是更好地使資本努力與整個供應基地即將上線的製造業保持一致。我們將繼續謹慎管理我們的現金並提高資本配置效率，直到我們實施更加一致的資本戰略。

Ramesh will now walk through the results.

Ramesh 現在將瀏覽結果。

Turning to cash flow. We ended the year with $36.6 million of cash and cash equivalents. Cash used in operations for the quarter and year ended December 31, 2022, was $70.6 million and $400.5 million, respectively, compared to $120.2 million and $300.8 million, respectively, for the same period in 2021. Cash used in operations for Q4 '22 period was 23% lower than the previous quarter.

轉向現金流。我們以 3660 萬美元的現金和現金等價物結束了這一年。截至 2022 年 12 月 31 日的季度和年度，運營中使用的現金分別為 7060 萬美元和 4.005 億美元，而 2021 年同期分別為 1.202 億美元和 3.008 億美元。22 年第四季度運營中使用的現金比上一季度下降了 23%。

Capital expenditures were $8.5 million and $97.3 million, respectively, for the quarter and year ended December 31, 2022, respectively, compared to $62.6 million and $136.6 million, respectively, for the 3 and 12 months ended December 31, 2021.

截至 2022 年 12 月 31 日止季度和年度的資本支出分別為 850 萬美元和 9730 萬美元，而截至 2021 年 12 月 31 日止三個月和十二個月的資本支出分別為 6260 萬美元和 1.366 億美元。

Net cash provided by financing activities for the 3 and 12 months ended December 31, 2022, was $109.2 million and $290.4 million, respectively, compared to net cash-used financing activities for the 3 and 12 months ended December 31, 2021, was $6 million and $11.4 million, respectively.

截至 2022 年 12 月 31 日的第 3 個月和第 12 個月，融資活動提供的現金淨額分別為 1.092 億美元和 2.904 億美元，而截至 2021 年 12 月 31 日的第 3 個月和第 12 個月的融資活動現金淨額為 600 萬美元和 1140 萬美元，分別。

Moving to the income statement. Our fourth quarter 2022 results are as follows: research and development expenses of $44.2 million for the quarter compared to $88.2 million in the prior-year period. We had a bell curve in our R&D spend as we moved from preproduction to manufacturing. Our R&D spend in Q4 '22 was 25% lower than Q3 '22, and our R&D spend in second half of '22 was 53% lower in R&D spend compared to the first half of 2022.

轉到損益表。我們 2022 年第四季度的業績如下：本季度的研發費用為 4420 萬美元，而去年同期為 8820 萬美元。當我們從預生產轉向製造時，我們的研發支出呈鐘形曲線。我們在 22 年第四季度的研發支出比 22 年第三季度低 25%，與 2022 年上半年相比，我們在 22 年下半年的研發支出低 53%。

SG&A expense was $36.4 million for the quarter compared to $50.7 million in the prior-year period. Our SG&A spend was 32% lower than Q3 '22 and 28% lower than Q4 of 2021.

本季度的 SG&A 費用為 3640 萬美元，而去年同期為 5070 萬美元。我們的 SG&A 支出比 22 年第三季度低 32%，比 2021 年第四季度低 28%。

GAAP net loss was $80.2 million for the quarter compared to a GAAP net loss of $138.1 million in the prior-year period. This is attributed in part to the completion of our Gamma program.

本季度 GAAP 淨虧損為 8020 萬美元，而去年同期為 GAAP 淨虧損 1.381 億美元。這部分歸功於我們的 Gamma 計劃的完成。

Adjusted EBITDA was negative $60.7 million for the quarter compared to negative $120.3 million in the prior-year period.

本季度調整後的 EBITDA 為負 6070 萬美元，而去年同期為負 1.203 億美元。

Our fiscal year 2022 results are as follows: research and development expenses of $299.2 million for the year compared to $246.2 million in the prior year. SG&A expense was $196 million for the year compared to $194 million in the prior year.

我們 2022 財年的結果如下：本年度的研發費用為 2.992 億美元，上年為 2.462 億美元。本年度 SG&A 費用為 1.96 億美元，上年為 1.94 億美元。

GAAP net loss was $487.7 million in the year compared to a GAAP net loss of $346.8 million in the prior year. Adjusted EBITDA was negative $408.6 million for the year compared to negative $332.6 million in the prior year.

當年 GAAP 淨虧損為 4.877 億美元，而上一年的 GAAP 淨虧損為 3.468 億美元。調整後的 EBITDA 全年為負 4.086 億美元，上年為負 3.326 億美元。

We had previously forecasted a 40% reduction in operating expenses for the second half of the year. However, we achieved a 45% reduction in operating expenses, excluding stock compensation and depreciation.

我們此前曾預測今年下半年的運營費用將減少 40%。然而，我們實現了 45% 的運營支出減少，不包括股票補償和折舊。

Turning to our forward-looking guidance. We continue to be tactical and prudent with our spend to align with milestones. Our guidance for Q1 2023 is as follows: OpEx, $55 million to $70 million; and capital expenditures, $30 million to $45 million.

轉向我們的前瞻性指導。我們繼續保持戰術和謹慎的支出，以與里程碑保持一致。我們對 2023 年第一季度的指導如下：OpEx，5500 萬至 7000 萬美元；和資本支出，3000 萬至 4500 萬美元。

Turning it back to Kunal.

把它轉回庫納爾。

Thanks, Tony, Ken and Ramesh. We're excited about 2023 as we scale our production and begin deliveries of our product to all our customers.

謝謝托尼、肯和拉梅什。我們對 2023 年感到興奮，因為我們將擴大生產規模並開始向所有客戶交付產品。

Operator, please open the line for questions.

接線員，請打開問題線路。

(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。

Just to begin with Tony, could you give us or remind us, I guess, what the production and delivery targets for 2023 are?

剛開始托尼，你能給我們或提醒我們，我想，2023 年的生產和交付目標是什麼？

[Turn on the] speaker, you may be muted. We can't hear you.

[打開] 揚聲器，您可能被靜音了。我們聽不到你的聲音。

Yes. Sorry about that. We were muted. I apologize. Yes. With respect to that, we have focused on a 20,000 run rate exit, and we'll be fine-tuning that with our customers as to what the deliveries will be in the quarters.

是的。對於那個很抱歉。我們被靜音了。我道歉。是的。關於這一點，我們專注於 20,000 次運行率退出，我們將與我們的客戶就本季度的交付量進行微調。

But right now, we're just -- to be cautious with everybody, we know with a lot more certainty than we do on a weekly basis as we ramp things up or a quarterly basis. We know with strong confidence that we can exit the year at a 20,000 run rate, based on the delivery schedules and the installation schedules of all the equipment.

但現在，我們只是 - 對每個人都保持謹慎，我們知道比我們每週或每季度做的事情更加確定。我們非常有信心地知道，根據所有設備的交付時間表和安裝時間表，我們可以以 20,000 台的運行率結束這一年。

Understood. And then in terms of sort of the activity that is happening at the facilities right now, would you say you are at like 70%, 80% preparedness or maybe even sort of at a higher number relative to being able to start some initial production activity?

明白了。然後就目前設施中正在發生的活動而言，相對於能夠開始一些初始生產活動，你會說你的準備程度大約為 70%、80% 還是更高？ ？

So yes, we did some initial SOP Phase 1, which tested the robotics and a whole bunch of activities in Michigan. We then now torn down the majority of all that, those items, and we relocated them to Oklahoma City. So they're already programmed and tested. There are some new pieces that have arrived, that have been tested, for example, the battery line at the manufacturer. We now have to put that up and test it.

所以是的，我們做了一些初始 SOP 第一階段，測試了機器人技術和密歇根州的一系列活動。然後，我們現在拆除了所有這些物品的大部分，並將它們重新安置到俄克拉荷馬城。所以他們已經被編程和測試。有一些新產品已經到貨，已經過測試，例如製造商的電池線。我們現在必須提出並測試它。

But I would say, from items on the ground, we're probably somewhere in the 65%-ish range of items on the ground, probably at north of 85% with what's inbound. And we have a few areas where we are working on manual workflows or semi-manual workflows, where we have some vendors which are taking a little bit longer and need longer lead time.

但我想說，從地面上的物品來看，我們可能處於地面上 65% 左右的物品範圍內，可能在入境物品的 85% 以北。我們在一些領域致力於手動工作流程或半手動工作流程，我們有一些供應商需要更長的時間並需要更長的交貨時間。

But we found workflow around that, which gave us the confidence to put the stake in the ground about a 20,000 unit run rate.

但我們找到了圍繞它的工作流程，這讓我們有信心將賭注押在大約 20,000 單位的運行率上。

And then just adjacent to that, in terms of production folks and people on the floor, just the folks who will be putting all this, in terms of hiring them, are you already starting that activity?

然後就在旁邊，就生產人員和現場人員而言，就僱用他們而言，將把所有這些都放在一起的人，你已經開始這項活動了嗎？

Yes.

是的。

And do you feel confident about finding the right people for these things? I mean there's a lot of headline about jobs, et cetera, right now, but just wondering how you are positioned in terms of your hiring needs.

您是否有信心為這些事情找到合適的人選？我的意思是現在有很多關於工作的頭條新聞等等，但只是想知道您在招聘需求方面的定位如何。

Yes. Look, I'd say, where we sit today, based on the fact that we studied the labor shed now for multiple years on Oklahoma and we've kind of zigzagged a little bit by diversifying our risk from being concentrated only in Pryor, Oklahoma to now splitting it to Oklahoma City and Pryor, our confidence comes up.

是的。看，我想說的是，我們今天坐在哪裡，基於這樣一個事實，即我們現在研究了俄克拉荷馬州的工棚多年，並且通過分散我們的風險而不是僅集中在俄克拉荷馬州的普賴爾，我們有點曲折現在將其拆分為俄克拉荷馬城和普賴爾，我們的信心就來了。

We've partnered with the Cherokee nation in the state of Oklahoma to focus on better ways to train and give people opportunities. We feel good about the labor shed.

我們與俄克拉荷馬州的切諾基民族合作，專注於更好的培訓方式並為人們提供機會。我們對工棚感覺很好。

I think what we still got to work through is just that first ramp of associates. Now the new facility we have, it already has a completed training center. We need to equip it, but we'll be using AI tools.

我認為我們仍然需要努力的只是第一批員工。現在我們有了新設施，它已經有了一個完整的培訓中心。我們需要裝備它，但我們將使用 AI 工具。

And with respect to your question on hiring, I think like most of the early manufacturers, I think we upgraded our manufacturing team a bit earlier in the process. And because you come to different phases of needs, the people have performed great tasks. But now we're bringing in teams that have experience at scale.

關於你關於招聘的問題，我想像大多數早期的製造商一樣，我認為我們在這個過程中更早地升級了我們的製造團隊。而且因為你來到了不同階段的需求，人們已經完成了偉大的任務。但現在我們正在引進具有大規模經驗的團隊。

And we're doing it as we step into the 20,000, 40,000, 60,000 run rate and above, trying to get ahead, trying to learn from what some of our peers experienced with, if you will, bringing it up to scale.

當我們進入 20,000、40,000、60,000 或更高的運行率時，我們正在這樣做，試圖取得成功，試圖從我們的一些同行的經驗中學習，如果你願意的話，將其擴大規模。

Understood. Just one last one for me, maybe for Ken. In terms of the nondilutive financing options, what options do you have in front of you? Any color on that would be helpful.

明白了。最後一張給我，也許給肯。在非稀釋性融資選擇方面，您有哪些選擇？上面的任何顏色都會有所幫助。

Yes. We expect to be discussing that in the coming quarter or 2. We're exploring a number of diversified funding sources, which leveraged some of the background I was describing earlier.

是的。我們預計將在接下來的一季度或第二季度討論這個問題。我們正在探索多種多元化的資金來源，這些資金來源利用了我之前描述的一些背景。

I can add to that as well. For example, we couldn't -- prior to getting some of the legacy matters addressed, especially with respect to the SEC, we couldn't actually file for things like in the Department of Energy loan program and things of that nature. Now our opportunities are exponential for us to access capital as we start to establish this management team's track record.

我也可以補充一點。例如，我們不能——在解決一些遺留問題之前，尤其是與美國證券交易委員會有關的問題，我們實際上無法申請能源部貸款計劃和類似性質的事情。現在，隨著我們開始建立這個管理團隊的業績記錄，我們獲得資本的機會呈指數級增長。

Our next question comes from Craig Irwin with ROTH MKM.

我們的下一個問題來自 Craig Irwin 和 ROTH MKM。

It's Andrew on for Craig here. And just a quick one for me. Great news to see the over 300% growth in orders this year. I was wondering if you could just kind of give a little bit more detail on maybe where you're seeing strength in demand, what segments, mix, order size, just anything additionally that you could share would be great.

我是克雷格的安德魯。對我來說只是一個快速的。看到今年訂單增長超過 300% 的好消息。我想知道你是否可以提供更多細節，也許你看到需求強勁的地方，哪些細分市場，組合，訂單規模，任何你可以分享的東西都會很棒。

Yes. Sure. So look, our orders have been around the Grade A, BBB credit type customers because we know that's going to reduce our cost of capital. But in addition to that, we focused on customers that have unique workflows and for us to meet those workflows, so we can get multiyear long-term orders. And these are generally higher margin because the customer gets a very good return on capital, and they're higher margin for us as well.

是的。當然。所以看，我們的訂單一直圍繞著 A 級、BBB 信用類型的客戶，因為我們知道這將降低我們的資本成本。但除此之外，我們還專注於擁有獨特工作流程的客戶，並讓我們滿足這些工作流程，因此我們可以獲得多年的長期訂單。這些通常是更高的利潤率，因為客戶獲得了非常好的資本回報，而且它們對我們來說也是更高的利潤率。

So the mix has been primarily focused around the LDV with limited units of the LV and primarily large-, medium-sized fleets. We are working to figure out the allocation we can do of the orders in the order book to the small and more individual users.

因此，這種組合主要集中在 LDV 和有限的 LV 以及主要是大中型車隊。我們正在努力弄清楚我們可以將訂單簿中的訂單分配給較小的和更多的個人用戶。

So we get a distribution to some of them, but we'll be doing it on a very concentrated rollout so we don't also have the same problems that some of the other companies had with mass rollout of their vehicles because you do have to anticipate some service, maintenance, repair, support items. We come out of this area from our past as well and built a great team that has worked for us before that is leading that initiative.

所以我們得到了其中一些的分發，但我們將在非常集中的部署中進行，所以我們也不會遇到其他一些公司在大規模部署他們的車輛時遇到的同樣問題，因為你必須預期一些服務、維護、修理、支持項目。我們也從過去走出了這個領域，並建立了一個偉大的團隊，該團隊在此之前為我們工作過，正在領導該計劃。

So I think very concentrated, large orders get our book up to where the credit rating is really good as we look at some of those nondilutive financing items that we'll be announcing in the coming quarters.

因此，我認為非常集中，大訂單使我們的賬簿達到信用評級非常好的地方，因為我們會查看我們將在未來幾個季度宣布的一些非稀釋性融資項目。

And our next question comes from Jaime Perez with R.F. Lafferty.

我們的下一個問題來自 Jaime Perez 和 R.F.拉弗蒂。

Tony, do you have any update on the Walmart order as far as how is that going along?

托尼，你有關於沃爾瑪訂單的最新進展嗎？

They're on time. In fact, they're here today working with us. We've got a pretty robust delivery schedule. Actually, we're trying to taper it back just a little bit so we can distribute some other customers as well. They've been an amazing partner for us to work with. And we'll be delivering vehicles to them as per the schedule that they will announce shortly as well as part of their bigger fleet strategy.

他們準時。事實上，他們今天在這裡與我們一起工作。我們有一個非常穩健的交付時間表。實際上，我們正在嘗試稍微減少一點，以便我們也可以分配一些其他客戶。他們一直是我們合作的絕佳合作夥伴。我們將按照他們將很快宣布的時間表以及他們更大的車隊戰略的一部分向他們交付車輛。

So everything is moving at or above what our original expectations were. And that's probably all that's appropriate for me to say right now.

所以一切都在達到或超過我們最初的預期。這可能就是我現在應該說的所有內容。

(Operator Instructions) Our next question comes from (inaudible) with Raymond James.

（操作員說明）我們的下一個問題來自（聽不清）雷蒙德·詹姆斯。

Now that we're 100 days into the Inflation Reduction Act commercial EV incentive, the first tax credit, is it too early to say how much effect is it having on demand? Is it stimulating the market the way it was supposed to?

既然我們已經實施了 100 天的通貨膨脹減少法案商業 EV 激勵措施，第一個稅收抵免，現在說它對需求有多大影響還為時過早嗎？它是否以預期的方式刺激了市場？

I think actually, it's -- for the big companies, it's more of a business target and a target for business performance. So it really -- it's just been extra additive. But for the medium-sized businesses, it's kind of -- it's a tipping-point decision. It's actually helped.

我認為實際上，對於大公司來說，它更像是一個業務目標和業務績效目標。所以它真的 - 它只是額外的添加劑。但對於中型企業來說，這有點——這是一個轉折點的決定。它實際上是有幫助的。

And we didn't really even cover within the pipeline. But there's a tremendous amount of companies that have emerged because now it's really affordable for them to enter into this as they navigate some of the charging issues and other things. So the Inflation Reduction Act is super additive to helping the customers that are -- have more difficulty in the transition, if that makes sense.

我們甚至沒有真正涵蓋管道內。但是已經出現了大量的公司，因為現在他們在解決一些收費問題和其他問題時真的可以負擔得起進入這一領域。因此，《降低通貨膨脹法》對於幫助那些在過渡中遇到更多困難的客戶來說是超級附加的，如果這有意義的話。

Right. Yes. It absolutely does. I mean, I guess maybe the counterbalancing variable is that oil prices and gasoline and diesel have fallen to the lowest levels in about 1.5 years. Is that a headwind at all to the adoption curve as you talk to prospective customers?

正確的。是的。確實如此。我的意思是，我猜也許平衡變量是油價以及汽油和柴油價格已跌至約 1.5 年來的最低水平。當您與潛在客戶交談時，這是否會對採用曲線產生不利影響？

Yes. I think it would be for those companies that are focused on selling 1 or 2 at a time because it's immediate return on capital versus kind of, if you will, your greenhouse gas emission targets and so on. I think for the bigger companies, that's a marginal issue.

是的。我認為這將適用於那些專注於一次銷售 1 或 2 件的公司，因為它可以立即獲得資本回報，而不是溫室氣體排放目標等。我認為對於大公司來說，這是一個邊緣問題。

And the life -- because they look at the long life of the vehicle, the total cost of ownership and return on capital. These are just better platforms as we proved with thousands of miles of testing and deliveries. I mean these are -- so we know the outcome of the math. Right now, it's still very positive for us, looking at on a return on capital from a long-term basis. So those customers are still steaming ahead.

還有壽命——因為他們關注車輛的長壽命、總擁有成本和資本回報率。正如我們通過數千英里的測試和交付所證明的那樣，這些只是更好的平台。我的意思是這些 - 所以我們知道數學的結果。現在，從長期的角度來看，它對我們來說仍然是非常積極的，看資本回報率。因此，這些客戶仍在蒸蒸日上。

But to your point, I would imagine for the small, small business, which we have not focused on the individual user basis at this time, I would imagine that they are slowing down.

但就你的觀點而言，我認為對於我們目前沒有關注個人用戶基礎的小型企業，我認為它們正在放緩。

When you think about a payback period for, let's say, the LDV right now, what are we looking at, like, 4 or 5 years, something like that?

當你考慮投資回收期時，比方說，現在的 LDV，我們在看什麼，比如 4 年或 5 年之類的？

It depends on how they use it. With the fact that our range is now 50% greater than what most of our customers, not all, but most of our customers are requiring, they actually can get a lot more return on capital, which accelerates the amount of deliveries they can do on a daily basis as we see these bigger customers emerging. And so the payback period can be, depending on them, as soon as 3.5 years.

這取決於他們如何使用它。事實上，我們的範圍現在比我們大多數客戶（不是全部，但我們大多數客戶的要求）大 50%，他們實際上可以獲得更多的資本回報，從而加快他們可以完成的交付量我們每天都看到這些更大的客戶出現。因此，根據他們的不同，投資回收期最快可達 3.5 年。

Thank you. And that concludes today's question-and-answer session as well as today's conference call. All parties may disconnect. Have a great day.

謝謝。今天的問答環節和今天的電話會議到此結束。各方可能會斷開連接。祝你有美好的一天。