Canoo Inc (GOEV) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Canoo Third Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kunal Bhalla, Senior Vice President, Capital Markets, Corporate Development and Purchasing. Thank you. Please go ahead.

您好，歡迎參加 Canoo 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹東道主庫納爾·巴拉 (Kunal Bhalla)，他是負責資本市場、企業發展和採購的高級副總裁。謝謝。請繼續。

Thank you, everyone, for joining us on our Q3 2023 earnings call. We're excited to be presenting this call from our Oklahoma City facility. During the call, Tony will update you on our business progress. Greg Ethridge, who joined as our CFO in August, having previously served on our Board, will provide an introduction and update on sales and financing. And finally, Ramesh will go over the Q3 financial results.

感謝大家參加我們的 2023 年第三季財報電話會議。我們很高興能從我們俄克拉荷馬城的工廠接到這個電話。在通話期間，托尼將向您介紹我們的業務進度。 Greg Ethridge 於 8 月加入我們擔任首席財務官，此前曾在我們的董事會任職，他將提供有關銷售和融資的介紹和最新資訊。最後，拉梅什將回顧第三季的財務表現。

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 in 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，我們可能會根據目前的預期做出前瞻性陳述。這些都面臨重大風險和不確定性，我們的實際結果可能有重大差異。有關可能影響我們未來財務表現和業務的因素的討論，請參閱今天的收益發布以及我們最新的 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內容，包括表格8- K。我們所有的聲明都是截至今天所做的，並且基於我們目前掌握的資訊。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. Over to you, Tony.

在本次電話會議中，我們將討論非公認會計準則財務指標。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，該報告可以在我們網站的 IR 部分找到。交給你了，東尼。

Thanks, Kunal, and welcome, everyone. We live in the most interesting times with an imperative for global innovation, but with macro and micro headwinds compounded by financial crosswinds, especially in certain industries and markets like ours. When our country has fallen behind, while this is daunting at times, this can feel like forever, but it can and will pass, based on your creativity, resolve and determination to find a way, to get your vision and mission to market and then to scale.

謝謝庫納爾，歡迎大家。我們生活在最有趣的時代，全球創新勢在必行，但宏觀和微觀的逆風加上金融側風，尤其是在像我們這樣的某些行業和市場。當我們的國家落後時，雖然有時令人畏懼，但感覺就像永遠一樣，但它可以而且將會過去，基於你的創造力、決心和決心，找到一種方法，將你的願景和使命推向市場，然後規模化。

What is inspiring to me is that it takes just a small group of innovators and hard-working believers who accept nothing other than to find a way to win. What is also inspiring to me, as our country has always done its most impactful work when the world has decided to give us #2 or #3 or even last place at times, to only see us emerge back in the game and many times on top. To be amongst these great innovators, you must find your own inner resolve to lead and not to follow others but rather hold the bar so high that at times, you even doubt yourself. Because as we have all seen, many people vote against the innovators versus support them. I am blessed and honored to have a group of like-minded people who volunteer every day, do their part and more so that we can accomplish our mission.

對我來說，鼓舞人心的是，只需要一小群創新者和勤奮的信徒，他們除了尋找獲勝之道外，別無其他。對我來說也很鼓舞人心的是，當世界決定給我們第二名或第三名，甚至有時甚至是最後一名時，我們的國家總是在做最有影響力的工作，只看到我們重新回到比賽中，而且很多次頂部。要成為這些偉大的創新者之一，你必須找到自己內心的決心去領導而不是跟隨別人，而是把標準定得太高，有時你甚至懷疑自己。因為正如我們所看到的，許多人投票反對創新者而不是支持他們。我很幸運也很榮幸擁有一群志同道合的人，他們每天都做志願者，盡自己的一份力量，以便我們能夠完成我們的使命。

While times are tough, we are grateful that every day, more and more of you are becoming believers in our strategy that we introduced 2-plus years ago when we took over the direction and leadership of Canoo. Our vision was bold, not the easiest to understand and was hyper-focused on different, and as we now know, emerging markets that require unique products, subproducts and approaches to first meet the needs of our customers in fleet, government and military and then onto consumer senior markets.

雖然時勢艱難，但我們很感激，每天都有越來越多的人成為我們兩年多前接手 Canoo 的方向和領導時推出的策略的信徒。我們的願景是大膽的，但不是最容易理解的，而是高度關注不同的新興市場，正如我們現在所知，新興市場需要獨特的產品、子產品和方法，首先滿足艦隊、政府和軍事客戶的需求，然後進軍高階消費市場。

Some have asked me why not focus on consumers first? It's simple. If you design your products and service for the most discerning commercial customers who aim to test the bounds of the possible, they will help you find a way to build it into reality through rigorous testing and value-based feedback, because their business and mission have a critical dependence on our platform to perform in volume and under stress.

有人問我為什麼不先關心消費者呢？這很簡單。如果您為最挑剔的商業客戶設計產品和服務，他們的目標是測試可能性的界限，他們將幫助您找到一種方法，透過嚴格的測試和基於價值的回饋將其變為現實，因為他們的業務和使命已經嚴重依賴我們的平台在批量和壓力下執行。

Not only are our fleet customers contracted multiyear volume buyers with bankable credit profiles and are those who demand minimalism with maximum functionality and safety, these partners can help you fast-forward generations of continuous improvement, which will ultimately benefit our consumer customers when we increase and expand our delivery to these additional markets. The risk of manufacturing before rigorous testing has been borne out by the best, you run the risk of costly recalls. Because of this, we have never just tested our products to pass a regulatory standard, but rather to live or die by the validation of our hard-working people of our country and our customers who rely on our product for critical processes.

我們的車隊客戶不僅是擁有可銀行信用檔案的多年合約購買者，而且是那些要求極簡主義、最大功能和安全性的客戶，這些合作夥伴可以幫助您快速推進幾代人的持續改進，當我們在增加和改進時，這最終將使我們的消費者客戶受益。將我們的交付範圍擴大到這些其他市場。在經過嚴格測試之前的製造風險已經得到了最好的證明，您將面臨代價高昂的召回風險。正因為如此，我們從來不只是測試我們的產品是否通過監管標準，而是透過我們國家辛勤工作的人民和依賴我們產品進行關鍵流程的客戶的驗證來決定生死存亡。

The big bets we have made around the redesign and functionality of our platform are beginning to play out successfully at multiple levels. But we still have things to prove. We have worked nearly 3 years to get to this point. We have derisked the business plan, derisked the technology and settled legacy matters. And we'll continue blocking and tackling with our characteristic of scrappiness, perseverance and tenacity. And the discipline and experience we will gain at a time like this is great for Canoo's future DNA.

我們圍繞平台的重新設計和功能所做的巨大賭注已開始在多個層面上取得成功。但我們還有事情要證明。我們花了近3年的時間才走到這一步。我們消除了商業計劃的風險，消除了技術的風險，並解決了遺留問題。我們將繼續以頑強拼搏、堅忍不拔的精神，繼續阻擊、阻截。我們在這樣的時刻所獲得的紀律和經驗對 Canoo 的未來 DNA 來說是非常重要的。

Look, as I mentioned, there have been substantial headwinds for Canoo and the whole EV market over the last 12 months. Headwinds will slow down any aircraft, but if engineered properly and if determined, it will complete its mission.

正如我所提到的，過去 12 個月 Canoo 和整個電動車市場面臨著巨大的阻力。逆風會減慢任何飛機的速度，但如果設計得當並且決心堅定，它就會完成其使命。

Now let me update you on our manufacturing progress in the quarter. We are proud to be a creative and adaptive team and continue to find innovative ways to acquire long lead time, capital-intensive and environmentally sensitive items. With the market in distress, the team has opportunistically and accretively added manufacturing assets at reduced prices. We are continuing to grow our presence in Oklahoma, and by the end of Q4 '23 target, 20% to 25% of our total workforce will be Oklahomans.

現在讓我向您介紹本季的製造進度。我們很自豪能夠成為一支富有創造力和適應性的團隊，並不斷尋找創新方法來獲取交貨時間長、資本密集和環境敏感的物品。在市場陷入困境的情況下，團隊趁機以較低的價格增加製造資產。我們正在繼續擴大在俄克拉荷馬州的業務，到 23 年第 4 季末的目標，俄克拉荷馬州員工將占我們員工總數的 20% 至 25%。

In our workforce development program with the Cherokee Nation, we began hiring and training employees at our Oklahoma facilities. Yesterday, we reached a key milestone and announced that we would be delivering our first batch of made-in-Oklahoma electric vehicles to the state of Oklahoma, Office of Management and Enterprise Services under an agreement to sell up to 1,000 vehicles.

在我們與切羅基民族的勞動力發展計畫中，我們開始在俄克拉荷馬州的工廠招募和培訓員工。昨天，我們達到了一個重要的里程碑，並宣布我們將根據一項銷售最多 1,000 輛汽車的協議，向俄克拉荷馬州管理和企業服務辦公室交付第一批俄克拉荷馬州製造的電動車。

Our manufacturing milestones achieved this quarter are: on July 27, we hit a 20,000-unit run rate for our battery modular line sold in Pryor, Oklahoma and the Cherokee Nation; July 31, 20,000-unit run rate for our robotics and assembly line for our ladder frame equipment installed at Oklahoma City; August 17, EPA permit granted for our OKC facility; November 10, commissioning of equipment completed on both the ladder frame system in Oklahoma City and the battery module system in Pryor; November 14, today, we update the general assembly system is on track to achieve the 20,000-unit run rate for Q1 2024.

我們本季實現的製造里程碑是： 7 月 27 日，我們在俄克拉荷馬州普賴爾和切羅基族國家銷售的電池模組化生產線達到了 20,000 件的運行率； 7 月 31 日，我們安裝在俄克拉荷馬城的梯架設備的機器人和組裝線的運作率為 20,000 台； 8 月 17 日，我們的 OKC 工廠獲得 EPA 許可； 11月10日，俄克拉荷馬城梯架系統與普賴爾電池模組系統完成設備調試； 11 月 14 日，今天，我們更新了組裝系統，預計將實現 2024 年第一季 20,000 台的運作率。

Listen, we believe it's essential for us to be disciplined when stepping our way into volume manufacturing with the right pace of investment and with our supply chain partners. Now I'd like to have Greg cover sales and capital markets activities, and then after that, we will go to Ramesh.

聽著，我們相信，在以正確的投資步伐並與我們的供應鏈合作夥伴一起進入批量製造領域時，我們必須遵守紀律。現在我想讓格雷格負責銷售和資本市場活動，然後我們將前往拉梅什。

Thank you, Tony. Just a quick intro. I've had the privilege of serving on the Canoo Board of Directors since December 2020 until recently, when Tony asked me to join the management team full time and put my skills to use for this next phase of growth. Prior to that, I spent 14 years investing and managing direct private and public control investments, often serving as an interim financial management role. And prior to that, I spent 10 years in investment banking, working in capital markets and restructuring.

謝謝你，托尼。只是一個快速介紹。自 2020 年 12 月以來，我一直有幸在 Canoo 董事會任職，直到最近，托尼要求我全職加入管理團隊，並將我的技能用於下一階段的發展。在此之前，我花了 14 年時間投資和管理直接私人和公共控制投資，並經常擔任臨時財務管理職位。在此之前，我在投資銀行工作了 10 年，從事資本市場和重整工作。

From my first days of meeting Canoo in mid-2020 and understanding the unique benefits of the modular platform and the technology stack, I had a strong belief in the substantial business opportunity for the company. My conviction about the company's success became stronger after getting to know Tony and the team here and witnessing the business model pivot that he directed in early 2022. For those of you that don't remember, the pivot was the change from a consumer-facing electric vehicle to the fleet-focused electric delivery vehicles that have now generated $750 million in committed orders or 18,000 units for key commercial customers and also large additional opportunities with government customers. This business model shift turned out to be pression, given the difficulties of consumer exposure in a high interest rate environment. Canoo's focus towards well-funded, high credit quality, commercial, government and military customers appears to be well timed.

從 2020 年中期第一次見到 Canoo 並了解模組化平台和技術堆疊的獨特優勢開始，我就堅信該公司蘊藏著巨大的商業機會。在認識托尼和這裡的團隊並目睹他在 2022 年初指導的商業模式轉型之後，我對公司成功的信念變得更加堅定。對於那些不記得的人來說，轉型是從面向消費者的轉變從電動汽車到以車隊為中心的電動送貨車，這些車輛現已為主要商業客戶帶來了7.5 億美元的承諾訂單或18,000 輛，同時也為政府客戶帶來了大量額外機會。考慮到消費者在高利率環境下面臨的困難，這種商業模式的轉變帶來了壓力。 Canoo 將重點放在資金充足、信用品質高的商業、政府和軍事客戶似乎恰逢其時。

Now shifting to our revenue and sales pipeline and recent milestones. During the third quarter, we entered the revenue-generating phase for the company. Sales during the quarter were generated from vehicle deliveries but also from revenue from the DoD's Defense Innovation Unit contract and services. As you know, our Multi-Purpose Platform, or MPP, and many of the underlying technologies, electric drive unit, battery modules and the system itself offer revenue-generating potential for more than just complete vehicle sales.

現在轉向我們的收入和銷售管道以及最近的里程碑。第三季度，我們進入了公司創收階段。本季的銷售額來自車輛交付，但也來自國防部國防創新部門合約和服務的收入。如您所知，我們的多用途平台（MPP）以及許多基礎技術、電力驅動單元、電池模組和系統本身不僅為整車銷售提供創收潛力。

We will continue delivering additional vehicles throughout the balance of the year to our highly discerning high-grade credit, government and commercial fleet customers; the type of customers you want, especially during tough market cycles. On July 12, Canoo delivered the Crude Transportation Vehicles, or CTV, a derivative of the lifestyle vehicle models to NASA. These specially-configured CTVs will transport astronauts to the launch pad at Florida's Kennedy Space Center for future Artemis missions. It was a historic day for our company and a very proud day for our team.

我們將在今年剩餘的時間裡繼續向我們眼光獨到的高等級信貸、政府和商業車隊客戶提供更多車輛；您想要的客戶類型，尤其是在艱難的市場週期期間。 7 月 12 日，Canoo 向 NASA 交付了原始運輸車輛 (CTV)，這是生活方式車輛模型的衍生品。這些專門配置的 CTV 將把太空人運送到佛羅裡達州肯尼迪太空中心的發射台，以執行未來的阿耳忒彌斯任務。這對我們公司來說是歷史性的一天，對我們的團隊來說也是非常自豪的一天。

On October 20, Canoo was pleased to attend when NASA officially revealed the CTVs at the Formula 1 Grand Prix in Austin, Texas. On November 10, we revealed the American Bulldog, a derivative of the Screaming Eagle that was delivered to the U.S. Army and been in constant testing since November of 2022. The Bulldog was developed as a further derivative and byproduct of this extensive testing. And again, as Tony mentioned, we announced yesterday, November 13, that we are delivering our first vehicles in up to 1,000-unit agreement to the Oklahoma Office of Management and Enterprise Services. We are very proud of our partnership with the state of Oklahoma and its workforce.

10 月 20 日，Canoo 很高興參加了 NASA 在德克薩斯州奧斯汀舉行的一級方程式大獎賽上正式揭曉 CTV 的活動。 11 月10 日，我們發布了“美國鬥牛犬”，它是“嘯鷹”的衍生品，已交付給美國陸軍，並自2022 年11 月以來一直在不斷進行測試。“鬥牛犬”是作為這種廣泛測試的進一步衍生性商品和副產品而開發的。正如托尼所提到的，我們昨天（11 月 13 日）再次宣布，我們將按照最多 1,000 輛協議向俄克拉荷馬州管理和企業服務辦公室交付第一批車輛。我們對與俄克拉荷馬州及其勞動力的合作夥伴關係感到非常自豪。

On our sales pipeline, our sales pipeline continues to build through 2025 with continuing order book, growth and pricing stability across our target segments. The team recently concluded prelaunch trials with key customers on our LDV 130, LDV 190 and other derivative products. $3 billion-plus order book across both Stage 2 and 3 orders, over 67,000 total reservation count, 3% sequential growth in the quarter on Stage 2 and 3 orders. Strong product acceptance on the commercial fleet side allows us to be more discerning on customer choice and modulate order acceptance, given our very strong backlog.

在我們的銷售管道上，我們的銷售管道將持續建置到 2025 年，目標細分市場的訂單量、成長和價格穩定將持續成長。該團隊最近與主要客戶完成了 LDV 130、LDV 190 和其他衍生產品的預發布試驗。第 2 階段和第 3 階段訂單總額超過 30 億美元，預訂總數超過 67,000 個，本季第 2 階段和第 3 階段訂單環比增長 3%。鑑於我們非常強大的積壓，商業車隊方面對產品的強烈接受使我們能夠更加挑剔客戶的選擇並調整訂單接受度。

Through pilot and predelivery customer testing, we found 97% to 100% of the use cases are satisfied when looking at the last 2 years of driving evaluations and deliveries with key fleet customers; six unique duty cycles, including high-volume, high-traffic metros; rural areas across both food deliveries and general merchandise; 150-plus days of reliable performance in extreme high temperature conditions and multiple weather environments; and over 10,000 industrial and commercial use miles and many thousand deliveries made to unique locations.

透過試點和交付前的客戶測試，我們發現，在查看過去 2 年主要車隊客戶的駕駛評估和交付情況時，97% 到 100% 的用例都得到滿足；六個獨特的工作週期，包括大容量、高客流量的地鐵；農村地區的食品配送和日用百貨；在極端高溫條件和多種天氣環境下具有150餘天的可靠性能；超過 10,000 英里的工業和商業使用里程以及數千次送貨到獨特的地點。

As we move into production, we also expect to start receiving deposits from our commercial fleet customers. At Canoo, as Tony described, we have been hyper-focused on delivering units to our customers and optimizing across our business. We have a strong track record of raising small amounts of capital and allocating it to different functional areas and using milestone-based achievements. During the quarter, we raised $78 million in equity-linked securities, and in October, we raised another $45 million. Year-to-date, we have successfully raised approximately $250 million in total capital to support the growth of Canoo.

隨著我們投入生產，我們也預計開始從我們的商業車隊客戶收到押金。正如托尼所描述的，在 Canoo，我們一直非常專注於向客戶交付產品並優化整個業務。我們在籌集少量資金並將其分配給不同的職能領域以及利用基於里程碑的成就方面擁有良好的記錄。本季度，我們透過股票掛鉤證券籌集了 7,800 萬美元，10 月份，我們又籌集了 4,500 萬美元。今年迄今為止，我們已成功籌集了約 2.5 億美元的總資本，以支持 Canoo 的發展。

The most recent $45 million convertible preferred investment that closed in October was from a foreign strategic partner that has ability to significantly upsize its investment as we continue to achieve our milestones. This long-term investor is interested in a manufacturing partnership with Canoo and can support Canoo at very attractive price points for certain parts of the vehicle. We continue to be focused on a variety of other capital alternatives, including with additional overseas partners.

最近一筆 4,500 萬美元的可轉換優先投資於 10 月完成，來自外國戰略合作夥伴，隨著我們繼續實現里程碑，該合作夥伴有能力大幅增加投資規模。這位長期投資者有興趣與 Canoo 建立製造合作夥伴關係，並且可以以非常有吸引力的價格點為 Canoo 提供車輛某些零件的支援。我們繼續關注各種其他資本選擇，包括與其他海外合作夥伴的合作。

Our primary focus this quarter and going forward will be to efficiently allocate capital and continue to achieve our business plan. We are generating savings that can be redeployed in the business at many levels. We continue to be focused on getting maximum efficiency from our capital, and that is my mission. We will take advantage of market dislocations as the opportunities arrive, and Ramesh will describe those in more detail.

我們本季和未來的主要重點將是有效分配資本並繼續實現我們的業務計劃。我們正在節省的資金可以在多個層面上重新部署到業務中。我們繼續致力於從我們的資本中獲得最大的效率，這就是我的使命。當機會到來時，我們將利用市場混亂，拉梅什將更詳細地描述這些機會。

In summary, despite a very challenging market backdrop this year, we have successfully raised capital to achieve our objectives and will continue to do so. Our team is scrappy, innovative and persevere. We will continue to optimize our spend and take advantage of the opportunities in front of us to achieve our business plan objectives. I will now hand it over to Ramesh to review the financial results.

總而言之，儘管今年的市場環境充滿挑戰，我們仍成功籌集資金以實現我們的目標，並將繼續這樣做。我們的團隊鬥志旺盛、勇於創新、堅持不懈。我們將繼續優化支出並利用擺在我們面前的機會來實現我們的業務計劃目標。我現在將把它交給拉梅什來審查財務結果。

Thank you, Greg. Now let me walk you through the results of Q3 2023. It was an exciting and historic quarter for 2 reasons: first, we are now a revenue-generating company. As Tony mentioned earlier, our first revenues were generated in July when we delivered our first 3 NASA vehicles on time, followed by revenues generated from the completion of certain engineering milestones and delivery of certain battery modules to the Department of Defense's Defense Innovation Unit. We generated revenues of approximately $519,000 in Q3 of 2023.

謝謝你，格雷格。現在讓我向您介紹 2023 年第三季的業績。這是一個令人興奮且具有歷史意義的季度，原因有兩個：首先，我們現在是一家創收公司。正如托尼之前提到的，我們的第一筆收入是在7 月份產生的，當時我們按時交付了首批3 架NASA 飛行器，隨後又通過完成某些工程里程碑以及向國防部國防創新部門交付某些電池模組而產生了收入。 2023 年第三季我們的營收約為 519,000 美元。

Our revenues in the third quarter reflect the inflection point we are at, beginning the phased ramp manufacturing approach in delivering low-volume vehicles starting Q4 of 2023. We expect to ramp volumes over the rest of 2023 and 2024 at a measured pace to match with the delivery schedules that are being agreed to with our customers. We incurred $903,000 in cost of revenues during the 3 months ended September 30, 2023. Our cost of revenues primarily includes vehicle components and parts, labor costs and amortized tooling and capitalized costs involved in producing an assembly of our parts and components.

我們第三季的收入反映了我們所處的拐點，從2023 年第四季開始，開始採用分階段斜坡製造方法，交付小批量車輛。我們預計將在2023 年剩餘時間和2024 年以適當的速度增加產量，以配合與我們的客戶商定的交貨時間表。截至 2023 年 9 月 30 日的三個月內，我們的收入成本為 903,000 美元。我們的收入成本主要包括車輛零件、勞動力成本、攤銷工具以及生產零件組裝所涉及的資本化成本。

Our negative gross margin of $384,000 during the 3 months ended September 30, 2023, was primarily due to the custom built initial vehicle deliveries to NASA and certain increased logistics and freight costs, and includes a lower of cost or net realizable value or LCNRV adjustment of approximately $366,000. We expect negative gross margin to improve on a per-vehicle basis as we increase overall production levels and achieve commercial cost savings on material and labor costs. Second, our continuous optimization of operating expenses and narrowed focus on our milestones has resulted in the lowest adjusted negative EBITDA since we have been as a public company.

截至2023 年9 月30 日的三個月內，我們的毛利率為384,000 美元，主要是由於向NASA 交付的定制初始車輛以及某些物流和貨運成本的增加，其中包括成本或可變現淨值或LCNRV調整的降低約366,000美元。隨著我們提高整體生產水準並實現材料和勞動力成本的商業成本節省，我們預計每輛車的負毛利率將會改善。其次，我們不斷優化營運費用並縮小對里程碑的關注，導致我們成為上市公司以來調整後的負 EBITDA 最低。

Moving to the income statement. Our third quarter 2023 results are as follows: Research and development expenses totaled $22 million for the quarter compared to $57.1 million in the prior year period, a 61% reduction from Q3 of 2022. SG&A expense was $24.9 million for the quarter compared to $48.8 million in the prior year period, a 49% reduction from Q3 of 2022. GAAP net loss was $112 million for the quarter compared to GAAP net loss of $117.7 million in the prior year period. Adjusted EBITDA was negative $40.4 million for the quarter compared to negative $80.8 million in the prior year period. Adjusted EPS was negative $0.07 per share for the quarter compared to adjusted EPS of negative $0.31 per share in the prior year period.

轉到損益表。我們2023 年第三季的業績如下： 本季的研發費用總計2,200 萬美元，而上年同期為5,710 萬美元，比2022 年第三季減少61%。 本季的SG&A 費用為2,490 萬美元，去年同期為4,880 萬美元與去年同期相比，較 2022 年第三季減少 49%。本季 GAAP 淨虧損為 1.12 億美元，而去年同期 GAAP 淨虧損為 1.177 億美元。本季調整後 EBITDA 為負 4,040 萬美元，而上年同期為負 8,080 萬美元。本季調整後每股收益為負 0.07 美元，而去年同期調整後每股收益為負 0.31 美元。

Turning to cash flow. We ended the quarter with $8.3 million of cash and cash equivalents. After giving effect to the issuance, sale and delivery of preferred shares and warrants for a total of $45 million, our cash balance would have been $53.3 million. Cash used in operations for the 9 months ended September 30, 2023, was $191.4 million compared to $329.9 million in the prior year period. Our capital expenditures of $45.4 million for the 9 months ended September 30, 2023 compared to $88.8 million for the 9 months ended September 30, 2022.

轉向現金流。本季結束時，我們擁有 830 萬美元的現金和現金等價物。在發行、出售和交付總計 4,500 萬美元的優先股和認股權證後，我們的現金餘額將為 5,330 萬美元。截至 2023 年 9 月 30 日的 9 個月營運中使用的現金為 1.914 億美元，而去年同期為 3.299 億美元。截至2023年9月30日的9個月，我們的資本支出為4,540萬美元，而截至2022年9月30日的9個月，我們的資本支出為8,880萬美元。

Net cash provided by financing activities for the 9 months ended September 30, 2023 was $208.9 million compared to net cash provided by financing activities for the 9 months ended September 30, 2022 of $181.3 million. Our monthly cash flows in Q3 of 2023 was approximately 40% lower than our average cash flow per month in 2022. We continue to optimize cash as we move into Q4 of 2023.

截至2023年9月30日的9個月融資活動提供的現金淨額為2.089億美元，而截至2022年9月30日的9個月融資活動提供的現金淨額為1.813億美元。我們 2023 年第三季的每月現金流量比 2022 年的每月平均現金流量低約 40%。進入 2023 年第四季度，我們將繼續優化現金。

Moving to our guidance. We had previously provided our guidance for the second half of the year as follows: adjusted EBITDA of negative $120 million to negative $140 million, and CapEx of $70 million to $100 million. Our relentless focus and discipline of expense management, including the labor arbitrage as a result of change in labor mix from engineering to manufacturing and transition of our workforce to Oklahoma and our deliberate strategy to minimize long-term purchase commitments, amongst other factors, allow us to improve our negative adjusted EBITDA guidance. This improvement has resulted in our revised negative adjusted EBITDA guidance to now be between $85 million to $105 million for the second half 2023, which is a 30% improvement from the guidance we have shared in the prior quarter.

轉向我們的指導。我們先前對下半年的指導如下：調整後的 EBITDA 為負 1.2 億美元至負 1.4 億美元，資本支出為 7,000 萬美元至 1 億美元。我們對費用管理的不懈關注和紀律，包括由於勞動力結構從工程到製造的變化而導致的勞動力套利，以及我們的勞動力轉移到俄克拉荷馬州，以及我們為盡量減少長期採購承諾等因素而採取的深思熟慮的策略，使我們能夠改善我們的負調整 EBITDA 指導。這項改進導致我們修訂後的 2023 年下半年負調整 EBITDA 指引目前在 8,500 萬美元至 1.05 億美元之間，比我們上一季分享的指引提高了 30%。

From a CapEx perspective, our phased ramp manufacturing approach allows us to fully utilize our low-volume tools prior to switching over to the high-volume tools and pace our asset expansion to align with production, thereby avoiding higher amortization over initial units produced. These reasons, combined with the other reasons Greg mentioned above as it relates to partnering with others in the industry, to acquire minimally used equipment at optimized cost, allows us to reduce our guidance.

從資本支出的角度來看，我們的分階段斜坡製造方法使我們能夠在切換到大批量工具之前充分利用我們的小批量工具，並調整我們的資產擴張以與生產保持一致，從而避免初始生產單位的攤銷更高。這些原因，加上格雷格上面提到的其他原因，因為它涉及與行業中的其他人合作，以優化的成本購買最少使用的設備，使我們能夠減少我們的指導。

Thereby, we share the following revised guidance for the second half of 2023 of CapEx being $30 million to $40 million. Our 2023 second half adjusted EBITDA guidance of negative $85 million to negative $105 million will bring our full year adjusted EBITDA guidance to negative $210 million to negative $235 million, which is approximately a 50% reduction from the prior year. Now let me turn it back to Tony for final remarks.

因此，我們分享以下 2023 年下半年資本支出修訂後的指引，即 3,000 萬至 4,000 萬美元。我們的2023 年下半年調整後EBITDA 指引為負8,500 萬美元至負1.05 億美元，這將使我們全年調整後EBITDA 指引為負2.1 億美元至負2.35 億美元，比前一年減少約50% 。現在讓我把它轉回給托尼做最後的評論。

Before we go to Q&A, I want to take this time to thank all of our supporters and especially the Canoo team and our partner suppliers for their incredible flexibility and support while we navigate our way through to the next phase. Operator, please take it to the questions.

在我們進行問答之前，我想藉此機會感謝我們所有的支持者，特別是Canoo 團隊和我們的合作供應商，他們在我們進入下一階段的過程中提供了令人難以置信的靈活性和支持。接線員，請帶著它來提問。

(Operator Instructions) Our first question comes from Stephen Gengaro with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Stephen Gengaro。

I think 2 things for me. The first, and this ties into your CapEx guidance. And on the second quarter call, you kind of reduced your CapEx needs to get to that 20,000-unit annual run rate. I'm just curious on the progress as far as the efficiency of getting to that 20,000-unit run rate. And does the reduced CapEx that you announced today change the time frame on that?

我認為對我來說有兩件事。第一個，這與您的資本支出指導相關。在第二季的電話會議上，您減少了達到 20,000 台年運行率所需的資本支出。我只是對達到 20,000 件運行率的效率進展感到好奇。您今天宣布的資本支出減少是否會改變時間框架？

No. Actually, we've actually enhanced our processes such that we're taking advantage of the opportunity to buy some of the equipment from the unfortunate situation for others. In addition to that, we've developed manual processes so that we actually can scale above and beyond because you do have some bumps and alignments that you have to do as you bring the line to full automation. So we feel the best we've ever felt. And if by chance you happen to be in the Oklahoma City area, we'd be happy to give you a tour.

不。事實上，我們實際上已經增強了我們的流程，以便我們可以利用這個機會為其他人購買一些不幸的設備。除此之外，我們還開發了手動流程，這樣我們實際上就可以擴大規模，因為當您將生產線完全自動化時，您確實需要做一些顛簸和調整。所以我們感覺是有史以來最好的。如果您碰巧在俄克拉荷馬城地區，我們很樂意帶您參觀。

Thanks, I will definitely take you up on that. The other thing for me was when we think about -- and I know you probably don't want to give me precise numbers, but when we think about sort of the move toward gross margin positive, can you give us sort of your updated thoughts on roughly the number of units you think you need to get there?

謝謝，我一定會接受你的。對我來說另一件事是，當我們考慮時，我知道您可能不想給我精確的數字，但是當我們考慮向毛利率正值邁進時，您能給我們一些最新的想法嗎？您認為到達那裡大約需要多少單位？

Yes. We start to really come to the profitability, to kind of breakeven around 14,000 to 16,000 units depending on the manual processes and the automation we've implemented. We democratized the scaling of the manufacturing environment so we can scale it with orders, so we don't have to frontload the CapEx. That's what we've fine-tuned and we've developed repair and assembly methods through AI and others, so we can train the workforce. And of course, we have great incentive programs for the workforce between the Cherokee Nation and the state of Oklahoma. So we feel good about the 14,000 units. There's more that we'll unveil as to why we concentrated on the 14,000- to 20,000-unit range, but we'll do that at a later date.

是的。我們開始真正實現盈利，在 14,000 到 16,000 台左右實現盈虧平衡，具體取決於我們實施的手動流程和自動化。我們使製造環境的擴展變得民主化，這樣我們就可以透過訂單來擴展它，這樣我們就不必預先加載資本支出。這就是我們進行微調的方法，我們透過人工智慧和其他技術開發了維修和組裝方法，以便我們可以培訓員工。當然，我們為切羅基族和俄克拉荷馬州之間的勞動力提供了巨大的激勵計劃。所以我們對 14,000 台感到滿意。關於為什麼我們集中在 14,000 到 20,000 單位範圍內，我們將公佈更多內容，但我們稍後會公佈。

Our next question comes from H.C. Wainwright -- Amit Dayal with H.C. Wainwright.

我們的下一個問題來自 H.C.溫賴特——阿米特·達亞爾 (Amit Dayal) 和 H.C.溫賴特。

Tony, just honing in on the delivery schedule for 2024. Can you give us a sense of how this will ramp from a number of units perspective? Is it in the 10s to 20s in, say, January, February and then ramping into the 50s and 100s later in the year? Any sort of directional?

東尼，我正在研究 2024 年的交貨時間表。您能否從多個單位的角度讓我們了解交付進度如何？是在 1 月、2 月的 10 到 20 多歲，然後在今年晚些時候增加到 50 多歲和 100 多歲嗎？有什麼方向性嗎？

Yes. So good to hear your voice. So first of all, everybody has produced the hockey stick logic system in the way they're going to do manufacturing which in reality, that's happened like 2% of the time if we studied just about anybody. And what you'll see is us stepping from, and that's why we developed the dual method path while we're bringing on CapEx, so we're not front-loading is we have manual methods as well as semi-manual methods as well as full automated. The high-tech areas of the MPP1 are fully automated now, and it takes less than 22 people that run that entire line, which can do scale to 50,000 units a year. And that capacity is locked and that process is refined and we've developed for training AI.

是的。很高興聽到你的聲音。首先，每個人都以他們將要進行製造的方式生產曲棍球棒邏輯系統，而實際上，如果我們研究任何人，這種情況發生的機率約為 2%。你會看到我們正在逐步退出，這就是為什麼我們在引入資本支出時開發了雙方法路徑，所以我們不會提前加載，因為我們也有手動方法和半手動方法完全自動化。 MPP1 的高科技領域現已完全自動化，運行整條生產線只需不到 22 個人，每年可擴展至 50,000 台。這種能力被鎖定，流程得到完善，我們已經開發了用於訓練人工智慧的方法。

But what you'll see, as we do announce it in the coming quarter, 1 seat, we're delivering vehicles and that is scaling. But it will not be a hockey stick event throughout the year because it is imperative that when we exit '24, that we're exiting it leaning towards -- if you just look at our order book, it's a 40,000-unit run rate. And I extend to you the same invitation to come visit us and I'll walk you through how we've done it. You've been to many factories. I think you'll find it pretty interesting what we've done and how we democratized some of these things that generally have been heavy CapEx loads.

但你會看到，正如我們在下一季宣布的那樣，我們正在交付車輛，並且正在擴大規模。但這不會是全年的曲棍球棒事件，因為當我們退出 24 世紀時，我們必須傾向於 - 如果你只看我們的訂單簿，那就是 40,000 單位的運行率。我也向您發出同樣的邀請來拜訪我們，我將向您介紹我們是如何做到這一點的。你去過很多工廠。我認為您會發現我們所做的事情以及我們如何將其中一些通常需要大量資本支出的事情民主化非常有趣。

I'll definitely take you up on that. So when we are now thinking about the delivery schedule for these customers, were there certain expectations, say, from the likes of Walmart, et cetera, of how many units they might have received, say, in 2024 and how that has changed? Are they still working with you in terms of managing expectations around units to be delivered to them?

我一定會接受你的。因此，當我們現在考慮這些客戶的交貨時間表時，例如沃爾瑪等公司是否對他們在 2024 年可能收到多少件商品有一定的期望，以及這種情況發生了怎樣的變化？他們是否仍在與您合作管理對交付給他們的單位的期望？

Yes. First of all, when we had the privilege of working with a company like Walmart and its leadership team, they understand logistics and scaling better -- I believe, better than anyone, especially in a very demanding manner in which customer delivery on location and as well as bring it to me. So they've been super awesome about how we've worked through this.

是的。首先，當我們有幸與像沃爾瑪這樣的公司及其領導團隊合作時，他們比任何人都更了解物流和規模化——我相信，比任何人都更好，特別是在非常苛刻的方式下，客戶在現場交付並按要求交付。以及把它帶給我。所以他們對我們如何解決這個問題非常滿意。

And what we've done with our customers is we talk to them about a level of accuracy of delivery in year 1, a different level in year 2 and a different level in year 3 because all our customers are multiyear orders. And so we have a minimum that we have, 80% to 98% confidence at and a higher end that we can reach. If and we decide to choose to accelerate some of the CapEx needs, of course, that gives us an opportunity for the customers to participate in giving us advances in order to do that. So we're finally hitting that stage again. Rather than try to talk everybody through it, for those that it's appropriate for, we'd be willing to give you a tour because now you can really see it.

我們與客戶所做的就是與他們討論第一年的交付準確性水平、第二年的不同水平和第三年的不同水平，因為我們所有的客戶都是多年訂單。因此，我們有一個最低限度，80% 到 98% 的信心，以及我們可以達到的更高目標。當然，如果我們決定選擇加速某些資本支出需求，那麼客戶就有機會參與向我們提供預付款，以便實現這一目標。所以我們終於再次達到這個階段了。對於那些適合的人，我們不會試圖向每個人講述它，而是願意帶您參觀一下，因為現在您可以真正看到它。

Okay, Tony. Just one last one for me. In terms of the strategic investor you mentioned earlier on the call, any color on who this entity is and if they are looking to potentially partner with you on the manufacturing side? Is that for outside of the U.S.?

好吧，托尼。給我的只是最後一張。就您之前在電話會議中提到的策略投資者而言，這個實體是誰以及他們是否希望在製造方面與您合作？是在美國以外的地方嗎？

It's a very strong American ally and it's people I've done business with before. And there's a lot of trust. They have an incredible amount of capabilities but they have large funds for their workforce development, which could give us even more competitive advantage. Most of all, they have invested an incredible amount of money in rapid development methods around 3D printing of highly sophisticated parts for various other use cases. But at this time, for many reasons, based on the work we're doing, that name is being kept confident.

這是一個非常強大的美國盟友，我以前也和他們有過生意往來。而且有很多信任。他們擁有令人難以置信的能力，但他們有大量資金用於勞動力發展，這可以為我們帶來更多競爭優勢。最重要的是，他們在針對各種其他用例的高度複雜零件的 3D 列印快速開發方法上投入了大量資金。但目前，由於多種原因，根據我們正在做的工作，這個名字仍被保密。

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。

Congratulations on your product manufacturing. Now are you going to be producing LDVs? And also I know you mentioned your new vehicle, the pit bull, pit dog (sic) [Bulldog], sorry. Are you going to be producing that? Because it's on your website. Are you just going to take reservations for it? Could you give me a little bit of color on the trajectory of that?

恭喜您的產品製造成功。現在你們要生產 LDV 了嗎？我也知道你提到了你的新車，比特犬，比特犬（原文如此）[鬥牛犬]，抱歉。你打算生產那個嗎？因為它在您的網站上。您只是要預訂嗎？你能為我提供一些有關其發展軌蹟的資訊嗎？

So yes. So one, being a Georgia boy, you definitely have the right to come here and drive the heck out of it and see what we put behind it. But yes, so it's the same MPP1 platform. It's -- you'll see when you come out and see the tour. You'll see how we built these -- the MPP1, the ladder frames and how their durability compares to others. It's designed for military and industrial use before consumer use, everything down to the welds, to the coatings.

所以是的。所以，作為一名喬治亞州的男孩，你絕對有權來到這裡，把它開出去，看看我們在它背後做了什麼。但是的，所以它是相同的 MPP1 平台。當你出來觀看巡迴演出時你就會看到。您將看到我們如何建造這些——MPP1、梯架以及它們與其他框架的耐用性比較。它在消費者使用之前是為軍事和工業用途而設計的，從焊接到塗層的一切都包括在內。

We don't use e-coat. We used a much more advanced process that gives you a much longer life. So we'll be able to produce because the MPP1 is just top hat. And if you look at the top hat, the front of our vehicle is reusable. So we're using between 65% and 80% of the parts spend, so we can build 130s, 190s, LD [deluxes]. We'll be building various units on the same line because it's a multiline-capable system.

我們不使用電泳漆。我們使用了更先進的工藝，可以延長您的使用壽命。所以我們能夠生產，因為 MPP1 只是高頂帽子。如果你看一下高頂帽子，我們車輛的前部是可重複使用的。因此，我們使用了 65% 到 80% 的零件支出，因此我們可以製造 130、190、LD [豪華]。我們將在同一條線上建造各種單元，因為它是一個支援多線的系統。

So that's one of the reasons why we're debugging it the way we are is because, one, we may build a Bulldog. The next one, it maybe a 190 since we have large volume customers who are able to do adequate runs on the vehicle. But to answer your question, in 2024, which will optimize our cash flow from the highest-grade credit customers, we'll be concentrating on the LDVs with limited LDs to high-volume customers.

這就是我們按照現在的方式調試它的原因之一，因為，第一，我們可能會建造一個鬥牛犬。下一輛可能是 190，因為我們有大量客戶，他們能夠在車輛上進行足夠的運行。但為了回答你的問題，到 2024 年，我們將優化來自最高等級信貸客戶的現金流，我們將專注於 LDV，而 LD 有限，無法滿足大批量客戶的需求。

My next question. Are you still getting any issue with the supplies? I mean, I know the labor strike, the UAW labor strike, some of the suppliers said there's a little bit of a backlog. Are you seeing that or do you anticipate that?

我的下一個問題。您的物資還有問題嗎？我的意思是，我知道勞工罷工、UAW 勞工罷工，有些供應商說有一點積壓。您是否看到了這一點或您是否預見了這一點？

Yes, I think our problems are probably a little different, Jaime, in the sense that a lot of our problems are kind of legacy negotiations where they were promising much more accelerated -- the typical 100,000-, 150,000-unit orders for pricing. We've actually taken, as Ramesh said, a very different approach and worked into partnership with these people because we effectively are running on negative days of -- on deliveries because we don't build anything unless it's presold and it has a good credit rating.

是的，我認為我們的問題可能有點不同，Jaime，從某種意義上說，我們的許多問題都是遺留談判，他們承諾會更加加速——典型的 100,000 件、150,000 件定價訂單。正如拉梅什所說，我們實際上採取了一種非常不同的方法，並與這些人合作，因為我們實際上是在交付的負面日子裡運行的，因為我們不會建造任何東西，除非預售並且擁有良好的信用評分。

So we're able to kind of recut those deals, and that's why I gave a special shout out because, I mean, I think not only are the supplier partners happy to find somebody who's not trying to ring them out for the next 10 cents, but to actually get rewarded as we do volume. So our pricing continues to get better, but that we address our BOM costs at a much more moderate level and at a more hybrid of automation and manual versus all fully automated. So as those lines come up, our margins improve dramatically.

因此，我們能夠重新削減這些交易，這就是為什麼我特別大聲疾呼，因為我的意思是，我認為供應商合作夥伴不僅樂於找到一個不會試圖為接下來的 10 美分向他們索要的人，但要像我們做銷量一樣真正獲得獎勵。因此，我們的定價繼續變得更好，但我們以更適中的水平以及自動化和手動與全自動化的更混合的方式解決 BOM 成本。因此，隨著這些產品線的出現，我們的利潤率將會大幅提高。

(Operator Instructions) Our next question comes from Poe Fratt with Alliance Global Partners.

（操作員說明）我們的下一個問題來自 Alliance Global Partners 的 Poe Fratt。

Can you just talk about your capital raising going forward? It looks like there won't be any more convert debt issue just because the options expired. And then can you just confirm that? And then will that be part of your -- it won't be part of your funding mix going forward? And then will you just talk about the timing on the next $105 million potential of convertible preferred with the same strategic investor?

能談談您未來的融資狀況嗎？看來不會再因為選擇權到期而發生任何轉換債務問題。然後你能確認一下嗎？那麼這會成為你的一部分——它不會成為你未來融資組合的一部分嗎？然後您能否談談與同一戰略投資者進行下一個 1.05 億美元可轉換優先股潛力的時機？

Yes. So that will come from some different sources. So we started generating revenue. I mean, we're real, right? And they're very discerning customers that provided that revenue, and that revenue will grow quarter-over-quarter. We needed to prove -- these are interesting times, right, as I talked about earlier. So we needed to prove that. So our funding mix now will start to come also from deposits as well as extended terms.

是的。所以這將來自一些不同的來源。所以我們開始創造收入。我的意思是，我們是真實的，對吧？他們是非常有眼光的客戶，提供了這種收入，而且這種收入將逐季成長。我們需要證明——正如我之前談到的，這是一個有趣的時代，對吧。所以我們需要證明這一點。因此，我們現在的資金組合也將開始來自存款和延長期限。

And that's why, again, I'll come back to our supplier partners, what they have been willing to do with us. And I think as the strike enhanced, the opportunity for them to take a breather and appreciate helping young companies that have tremendous order books, that derisks for them. And from a capital perspective, we'll continue to do, whether it's money from me or others, we'll fund the company in a just-in-time and milestone-based progress because I mean, look at it, we're trading below book value right now. So the pendulum always swings, as we all know, extremely.

這就是為什麼我會再次回到我們的供應商合作夥伴，以及他們願意與我們一起做的事情。我認為，隨著罷工的加劇，他們有機會喘口氣，並感謝幫助擁有大量訂單的年輕公司，這對他們來說是危險的。從資本的角度來看，我們將繼續這樣做，無論是我還是其他人的錢，我們都會及時為公司提供基於里程碑的進展，因為我的意思是，看看它，我們目前交易價格低於賬面價值。所以眾所周知，鐘擺總是劇烈擺動。

And we just want to prove ourselves and we're long-term investors, those things will come around. So we're feeling good about as we step through '24 based on the visibility of the macro environment we see, and we see lots of room for us to improve on everything we're giving guidance to today.

我們只是想證明自己，我們是長期投資者，這些事情都會發生。因此，根據我們所看到的宏觀環境的可見性，當我們跨越 24 年時，我們感覺良好，並且我們看到我們今天提供的指導的所有方面都有很大的改進空間。

Can you just clarify? On the last call, you were talking about the potential for nondilutive capital and the term sheets were coming in that might look attractive. When should we expect some less dilutive financing to occur? Meaning are there still [terms] out there with a certain amount of capital that you can tap into? Or just help me understand sort of the other levers that you can pull.

你能澄清一下嗎？在上次電話會議上，您談到了非稀釋資本的潛力，即將出台的條款清單可能看起來很有吸引力。我們什麼時候應該預期一些稀釋性較小的融資會發生？意思是仍有[條款]可以利用一定數量的資本嗎？或者只是幫助我了解您可以拉動的其他槓桿。

Yes. So I gave you a glimpse into the fact that we're now in an allocation phase and allocation also is connected to deposits, right? And these are sizable in nature approach with our customers. In addition to that, we believe the market is starting to realize our strategy that we announced a long time ago, as I mentioned, and that will obviously help.

是的。所以我讓您了解了這樣一個事實：我們現在處於分配階段，分配也與存款有關，對嗎？這些本質上是與我們的客戶接觸的重要方法。除此之外，我們相信市場正在開始意識到我們很久以前宣布的策略，正如我所提到的，這顯然會有所幫助。

I always tell the team in terrible markets that are trading below par, it's not about -- it's not just about price of your shares. It's about the volume and liquidity of it. And we have great liquidity and we have a strong base that is growing more towards the long-term side. So we see access to that capital. In addition to that, there are other sources of capital that we are working with that are much lower cost of capital for the various programs that they're associated to.

我總是告訴團隊，在交易價格低於標準的糟糕市場中，這不是——這不僅僅是你的股票價格。這是關於它的​​數量和流動性。我們擁有充足的流動性，並且擁有堅實的基礎，並且正在朝著長期方向發展。所以我們看到了獲得該資本的機會。除此之外，我們正在使用其他資金來源，這些資金來源對於與其相關的各種項目來說資本成本要低得多。

And as you win more and more of the big contracts, you get advanced payments associated to those contracts. In addition to that, there is the ability to put in long-term capital PIPEs that aren't interested in selling and other capital areas. We have incentives now starting to flow into -- we'll get our first set of incentives in the first of the year. And when we've got great POs from Grade A credit and BBB credit, our spread, very bankable to get advances on.

當您贏得越來越多的大合約時，您將獲得與這些合約相關的預付款。除此之外，還有能力投入對出售和其他資本領域不感興趣的長期資本 PIPE。我們的激勵措施現在開始流入—我們將在今年年初獲得第一批激勵措施。當我們從 A 級信用和 BBB 信用中獲得良好的 PO 時，我們的利差非常有利於獲得預付款。

However, we want to focus on this phase before we pay cost of capital, that we use the strength of the balance sheet of our customers and get them units, so they can make money with our units. That makes it all that -- that's a whole [various] of ways we would get the capital. But I think when the market is trading like this, you have to raise small amounts in frequency, and it also creates a behavior inside the company where they become less wasteful.

然而，我們希望在支付資本成本之前重點關注這一階段，即我們利用客戶資產負債表的實力為他們提供單位，這樣他們就可以用我們的單位賺錢。這就是我們獲得資本的所有[各種]方式。但我認為，當市場像這樣交易時，你必須頻繁地籌集少量資金，這也會在公司內部產生一種行為，減少浪費。

When you own companies, it's not a question of how much capital you have on the balance sheet. It's -- the big question I ask as an investor is what is the efficiency of the dollar invested on the balance sheet? And I can tell you, I've been doing it a long time. In the early phases, as we're all now seeing big amounts on the balance sheet often are connected to big burn rates.

當你擁有公司時，問題不在於資產負債表上有多少資本。身為投資者，我問的一個大問題是，投資在資產負債表上的美元的效率是多少？我可以告訴你，我已經這樣做很久了。在早期階段，我們現在都看到資產負債表上的大量資金通常與高燒錢率有關。

Great. And can you just -- so if you do the math, it looks like fourth quarter CapEx is coming in between $30 million and $40 million -- or I'm sorry, roughly $18 million to $28 million for the rest of the year. Can you take a stab at, well, one, I think you've been asked if that's enough to get you to the 20,000-unit production capacity. Is that? And then secondly, how much more capital is going to be required to get you to the 40,000-unit production capacity that it sounds like you're targeting for the end of 2024?

偉大的。如果你算一下，第四季的資本支出似乎在 3000 萬美元到 4000 萬美元之間，或者我很抱歉，今年剩餘時間大約為 1800 萬美元到 2800 萬美元。您能否嘗試一下，嗯，一個，我想您已經被問到這是否足以讓您達到 20,000 件的生產能力。就是它？其次，需要多少資金才能讓您在 2024 年底實現 40,000 輛的產能？

Yes. So from a capital perspective, we'll invest about another $200 million. That does not take effect for some of the $0.30 and less on the dollar of some of the stuff we're buying that some front-loaded CapEx before they had customers. So we're in a good phase, plus we really coordinated and again, happy to have a visit and show you the creativity of the way we're using different painting techniques.

是的。所以從資本的角度來看，我們還會再投資大約2億美元。這對於我們在擁有客戶之前預先加載的資本支出購買的一些 0.30 美元或更少的東西不起作用。所以我們正處於一個良好的階段，而且我們確實協調一致，很高興再次訪問並向您展示我們使用不同繪畫技術的創造力。

I come out of a background of that. I sold a company to PPG years back. We understand that market. We don't use e-coat. So our ability to exit at 40,000-unit run rate, which obviously we could accelerate if we put more capital. At this point in time, we don't see a need for that because we've been able to work with our customers because we want to really perfect the process to automation. So obviously, our margins go up and we use the least amount of capital.

我就是從這樣的背景走出來的。幾年前我把一家公司賣給了 PPG。我們了解這個市場。我們不使用電泳漆。因此，我們有能力以 40,000 台的運行速度退出，如果我們投入更多資本，顯然我們可以加快速度。目前，我們認為沒有必要這樣做，因為我們已經能夠與客戶合作，因為我們希望真正完善自動化流程。很明顯，我們的利潤上升了，而且我們使用的資本最少。

We see 2024 by the fact that we democratized the way the assembly line goes together, we'll be able to capitalize on a lot of those opportunities. Some of it's luck, some of it's timing. And if you think back to the very beginning when the pivot occurred, it occurred for a very specific reason. You got to build your business for a down market because they're not always up. And that's something we concentrated on.

我們看到 2024 年，我們將裝配線的運作方式民主化，我們將能夠利用許多這樣的機會。有的是運氣，有的是時機。如果你回想一下轉變發生的一開始，你會發現它的發生是有一個非常具體的原因的。你必須在低迷的市場中建立你的業務，因為它們並不總是上漲。這就是我們關注的重點。

I don't think you'll find anyone that has been able to democratize it to make money in the 14,000-, 16,000-unit range. And like I said, in a couple of quarters, we'll explain to you why we did that.

我認為你不會找到任何人能夠將其民主化並在 14,000 至 16,000 單位範圍內賺錢。正如我所說，幾個季度後，我們將向您解釋我們這樣做的原因。

Our next question comes from Stephen Gengaro with Stifel.

我們的下一個問題來自 Stifel 的 Stephen Gengaro。

Just a quick follow-up. When you look at the change in EBITDA guidance for the year and sort of the improvement, what are the biggest factors that are driving the delta between where you were and where you are now?

只是快速跟進。當您查看當年 EBITDA 指引的變化和改進情況時，您會發現哪些最大因素推動了過去與現在之間的差異？

So it's been -- our team has renegotiated a lot of deals with our suppliers. They've been huge contributors. In addition to that, we've seen a reduction in our CapEx. We've also been able to utilize better labor arbitrage between California, if you will, and Oklahoma. I mean, for all those that have businesses, I strongly encourage them to look at the state of Oklahoma. It's an amazing workforce and it's got a lot of upside in it. Cost of living is great. So we're picking it up from -- like think of it like when you're wringing out a towel, the water all funnels down to the center and -- but it's coming from all places.

所以我們的團隊已經與我們的供應商重新談判了很多交易。他們是巨大的貢獻者。除此之外，我們也發現資本支出減少。我們也能夠在加州（如果你願意的話）和俄克拉荷馬州之間利用更好的勞動力套利。我的意思是，對於所有有生意的人，我強烈鼓勵他們看看俄克拉荷馬州。這是一支令人驚嘆的勞動力隊伍，而且有很多優勢。生活成本很高。所以我們是從——想像一下，當你擰乾毛巾時，水都流到中心——但它來自各個地方。

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

目前沒有其他問題。我將把發言權交還給管理階層作結束語。

Again, we'd like to thank everybody. A big shout out to our believers and investors, those that have supported us with instruments, that continue to work with us on our equipment needs, the shocking system of introducing a democratized assembly line build-out, and a big shout out to some of our partners that helped us bring the material that is much more ecological to the industry for the first time. And for those of you that come and visit us, you'll see what that is. Thank you.

我們要再次感謝大家。向我們的信徒和投資者大聲喊叫，他們用儀器支持我們，繼續與我們合作滿足我們的設備需求，引入民主化裝配線建設的令人震驚的系統，並向一些我們的合作夥伴幫助我們首次將更加生態的材料引入產業。對於那些來拜訪我們的人，您會看到那是什麼。謝謝。

And that concludes today's call. All parties may disconnect. Have a good evening.

今天的電話會議到此結束。所有各方都可以斷開連接。祝你晚上愉快。