Hyliion Holdings Corp (HYLN) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Hyliion Holdings Fourth Quarter and Full Year 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. After the management's prepared remarks, there will be a question-and-answer session. I would now like to turn the conference over to Kellen Ferris, Hyliion's Director of Investor Relations. Kellen, please go ahead.

美好的一天，謝謝你的支持。歡迎來到 Hyliion Holdings 第四季度和 2022 年全年收益電話會議。此時，所有參與者都處於只聽模式。在管理層準備好的發言之後，將進行問答環節。我現在想將會議轉交給 Hyliion 的投資者關係總監 Kellen Ferris。凱倫，請繼續。

Good morning, everyone. Welcome to Hyliion Holdings Fourth Quarter and Full Year 2022 Earnings Conference Call. On the call today are Thomas Healy, our Chief Executive Officer; and Jon Panzer, our Chief Financial Officer. A slide presentation accompanies this conference call and is available on Hyliion's Investor Relations website at investor.hyliion.com. Please note that during today's call, we will make forward-looking statements regarding the company's business outlook. Forward-looking statements are predictions, projections and other statements about anticipated events that are based on current expectations and assumptions, and as such, are subject to risks and uncertainties. Many factors could cause actual results to differ materially from the forward-looking statements on this call.

大家，早安。歡迎來到 Hyliion Holdings 第四季度和 2022 年全年收益電話會議。今天接聽電話的是我們的首席執行官 Thomas Healy；和我們的首席財務官 Jon Panzer。本次電話會議附有幻燈片演示，可在 Hyliion 的投資者關係網站 investor.hyliion.com 上獲取。請注意，在今天的電話會議中，我們將就公司的業務前景做出前瞻性陳述。前瞻性陳述是基於當前預期和假設的關於預期事件的預測、預測和其他陳述，因此受到風險和不確定性的影響。許多因素可能導致實際結果與本次電話會議的前瞻性陳述存在重大差異。

For more information about the factors that may cause the company's results to differ materially from such forward-looking statements, please refer to our earnings press release as well as our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. You are cautioned not to put undue reliance on forward-looking statements, and we undertake no duty to update this information unless required by applicable law. Now I will turn the call over to Thomas.

有關可能導致公司業績與此類前瞻性陳述存在重大差異的因素的更多信息，請參閱我們的收益新聞稿以及我們向美國證券交易委員會提交的文件。前瞻性陳述僅代表發表之日的情況。請注意不要過分依賴前瞻性陳述，除非適用法律要求，否則我們不承擔更新此信息的義務。現在我將把電話轉給托馬斯。

Good morning, everyone, and thank you for joining us today for our fourth quarter and full year 2022 earnings call. We have a lot of exciting news to share with you about the progress we've made over the past year and our plans for 2023. First, let's review the key milestones that we achieved in the fourth quarter of 2022 and for the full year. We had another milestone on the path to commercialization of our Hypertruck ERX powertrain by starting winter testing. We also completed the first full year of revenue generation and achieved our latest revenue guidance for the year. We added another 10 orders for initial Hypertruck ERX production slots, bringing the total up to 210 units. In addition, we acquired the Carna generator technology, which will give us a competitive advantage by having a high-efficiency fuel-agnostic generator. We've increased our workforce by over 50 employees during the year, including our CFO, Jon Panzer, and our Chief Strategy Officer, Sherri Lance. We also added Jay Craig, the former CEO of Meritor to our Board of Directors, and he recently took over the Chairman role. We also expanded our relationships with both PACCAR Peterbilt and Cummins, which will help us scale our solutions and bring them to market more quickly.

大家早上好，感謝您今天加入我們的第四季度和 2022 年全年財報電話會議。我們有很多令人振奮的消息要與您分享我們在過去一年取得的進展以及我們 2023 年的計劃。首先，讓我們回顧一下我們在 2022 年第四季度和全年取得的關鍵里程碑。通過開始冬季測試，我們在 Hypertruck ERX 動力總成商業化道路上取得了另一個里程碑。我們還完成了第一個全年的創收，並實現了最新的年度收入指引。我們為最初的 Hypertruck ERX 生產槽增加了另外 10 個訂單，使總數達到 210 個單位。此外，我們還獲得了 Carna 發電機技術，這將通過擁有高效的燃料不可知發電機為我們帶來競爭優勢。我們在這一年中增加了 50 多名員工，包括我們的首席財務官 Jon Panzer 和我們的首席戰略官 Sherri Lance。我們還將 Meritor 前首席執行官 Jay Craig 添加到我們的董事會，他最近接任了董事長一職。我們還擴大了與 PACCAR Peterbilt 和康明斯的關係，這將幫助我們擴展我們的解決方案並更快地將它們推向市場。

We made great progress on the regulatory front as well. Our technology will be included in the inflation Reduction Act and is expected to qualify for CARB's advanced clean truck and advanced claim fleet mandates, which define clean truck production and adoption requirements for OEMs and fleets. These are all significant achievements, and we are proud with what we have accomplished. Shifting back to the Hypertruck ERX powertrain milestones. As a reminder, we initially shared this commercialization time line back in 2021. And for 5 consecutive quarters, we have hit every milestone on schedule since then. During the quarter, we checked another box on our commercialization road map by initiating winner testing, which includes putting our powertrains through its paces in northern environments where most battery electric vehicles really struggle due to cold weather. Because our powertrain has a CNG range extender, it can operate more reliably and over greater distances than a pure plug-in vehicle.

我們在監管方面也取得了很大進展。我們的技術將包含在降低通貨膨脹法案中，並有望符合 CARB 的高級清潔卡車和高級索賠車隊要求，這些要求定義了原始設備製造商和車隊的清潔卡車生產和採用要求。這些都是重大成就，我們為我們所取得的成就感到自豪。回到 Hypertruck ERX 動力總成里程碑。提醒一下，我們最初在 2021 年分享了這條商業化時間表。從那以後，我們連續 5 個季度都按計劃實現了每個里程碑。在本季度，我們通過啟動獲勝者測試在我們的商業化路線圖上勾選了另一個方框，其中包括讓我們的動力總成在北方環境中發揮作用，在北方環境中，大多數純電動汽車都因寒冷的天氣而苦苦掙扎。由於我們的動力總成具有 CNG 增程器，因此與純插電式車輛相比，它可以更可靠地運行並行駛更遠的距離。

We've been pleased with the results thus far, and while we've encountered some opportunities to strengthen components, we do not expect anything we've experienced to date to adversely impact our plans to start commercial production of the powertrain later this year. Having completed summer testing and initiated winter testing, we are beginning to build the next generation of development vehicles that incorporate all past learnings. These new vehicles will continue to go through validation testing, but will also be used for expanded fleet trials throughout 2023. As we head towards the start of commercial production late in the year, I'm also pleased to share that we are on track for obtaining CARB, EPA and NHTSA certifications in the second half of the year, which we expect to be our final milestones before delivering units to fleets.

到目前為止，我們對結果很滿意，雖然我們遇到了一些加強部件的機會，但我們預計迄今為止我們所經歷的任何事情都不會對我們今年晚些時候開始動力總成商業生產的計劃產生不利影響。完成夏季測試並啟動冬季測試後，我們開始構建融合過去所有經驗的下一代開發工具。這些新車將繼續通過驗證測試，但也將用於整個 2023 年的擴大車隊試驗。隨著我們在今年晚些時候開始商業生產，我也很高興地告訴大家，我們正步入正軌在今年下半年獲得 CARB、EPA 和 NHTSA 認證，我們希望這是我們向車隊交付設備之前的最後一個里程碑。

Late in 2022, we received an order from DSV for 10 Hypertruck ERX units with an option to buy 10 more. DSP is one of the largest third-party logistics companies in the world and is focused on expanding its U.S. business with these trucks deployed out of the Dallas region. DSV shared with us that they are seeing growing demand for their customers to offer emission-reducing solutions such as Class 8 trucks with the Hypertruck ERX powertrain system. We are excited to work with DSV and to continue growing our customer base while we help them grow theirs. We've also continued to execute additional control fleet trials, recently completing one with Ruan, moving goods for one of their largest shippers. Ruan is not only a Hypertruck innovation council member, but they also placed an order for 10 production slots. Ruan is committed to climate change initiatives and has a vision to transition to more sustainable movements of freight.

2022 年底，我們收到了 DSV 的 10 輛 Hypertruck ERX 單元的訂單，並可選擇再購買 10 輛。 DSP 是世界上最大的第三方物流公司之一，專注於通過部署在達拉斯地區以外的這些卡車來擴展其美國業務。 DSV 與我們分享，他們看到客戶對提供減排解決方案的需求不斷增長，例如配備 Hypertruck ERX 動力總成系統的 8 級卡車。我們很高興與 DSV 合作，並在幫助他們發展客戶的同時繼續擴大我們的客戶群。我們還繼續執行額外的控制船隊試驗，最近完成了與 Ruan 的一項試驗，為他們最大的托運人之一運送貨物。阮不僅是 Hypertruck 創新委員會成員，而且他們還訂購了 10 個生產槽位。 Ruan 致力於氣候變化倡議，並希望過渡到更可持續的貨運方式。

As we go through additional fleet trials, we expect to continue to grow our backlog of orders for production slots. Various other fleets have told us they are interested in the Hypertruck ERX powertrain, but would like to see us reach additional development milestones prior to participating in fleet trials or placing orders. We, therefore, believe that we will see more firm orders from customers as we approach our commercialization goal late in the year. I next want to provide an update on our founders program. As mentioned on our last call, we are calling our initial deployments of trucks, our founders program. We'll provide white glove service and will have a launch facility in the Dallas region to support and service these trucks to ensure a positive customer experience. We are researching the best facility location for our needs in Dallas, and we'll look to share more later in 2023 as we make progress. We also anticipate that the launch facility will be the location where we deliver new trucks to customers as they go through end-of-line certification at the Peterbilt plant in Denton, Texas.

隨著我們進行額外的機隊試驗，我們預計生產時段的訂單積壓將繼續增加。其他各種車隊告訴我們，他們對 Hypertruck ERX 動力總成感興趣，但希望看到我們在參與車隊試驗或下訂單之前達到更多的開發里程碑。因此，我們相信，隨著我們在今年晚些時候接近我們的商業化目標，我們將看到更多來自客戶的確定訂單。接下來我想提供有關我們創始人計劃的最新信息。正如我們在上次電話會議中提到的，我們將卡車的初始部署稱為我們的創始人計劃。我們將提供白手套服務，並將在達拉斯地區設立一個發射設施來支持和維修這些卡車，以確保積極的客戶體驗。我們正在研究滿足我們在達拉斯需求的最佳設施位置，隨著我們取得進展，我們將在 2023 年晚些時候分享更多信息。我們還預計發射設施將成為我們向客戶交付新卡車的地點，因為他們在德克薩斯州登頓的彼得比爾特工廠通過了終端認證。

Shifting to a regulatory update. As a reminder, there are 3 main incentives or initiatives that we are pursuing, the inflation Reduction Act, Carbadvanced clean trucks and carbadvanced clean fleets. The IRA provides a $40,000 tax credit per vehicle and a truck with the Hypertruck ERX powertrain qualifies for the same incentive as a plug-in electric truck. ACT is a car mandate on OEMs to drive the production and sale of vehicles that qualify for zero-emission vehicle credits in the years ahead. According to this regulation, our Hypertruck ERX system qualifies for 75% of the ZEV credit that a plug-in electric truck or a fuel cell truck will qualify for. ACF is similar to ACT but is a mandate on the fleets to purchase 0 or near zero-emission trucks. ACF is still in the drafting stage, but as it stands today, the Hypertruck ERX product will qualify for 100% of a ZEV credit or the same value as a BEV or fuel cell truck. Carbons recently proposed some changes to ACF where fleets can seek exemptions to delay compliance with the policy if either clean trucks are not available for purchase or if there are documented delays associated with installation of on-site charging infrastructure.

轉向監管更新。提醒一下，我們正在推行 3 項主要激勵措施或舉措，即通貨膨脹減少法案、Carbadvanced 清潔卡車和 carbadvanced 清潔車隊。 IRA 為每輛車提供 40,000 美元的稅收抵免，配備 Hypertruck ERX 動力總成的卡車有資格獲得與插電式電動卡車相同的獎勵。 ACT 是對原始設備製造商的一項汽車授權，旨在推動未來幾年符合零排放汽車信用條件的汽車的生產和銷售。根據該法規，我們的 Hypertruck ERX 系統有資格獲得插電式電動卡車或燃料電池卡車有資格獲得的 ZEV 積分的 75%。 ACF 類似於 ACT，但要求車隊購買零排放或接近零排放的卡車。 ACF 仍處於起草階段，但就目前而言，Hypertruck ERX 產品將有資格獲得 100% 的 ZEV 積分或與 BEV 或燃料電池卡車相同的價值。 Carbons 最近提議對 ACF 進行一些修改，如果無法購買清潔卡車，或者如果有與現場充電基礎設施安裝相關的記錄延遲，車隊可以尋求豁免以延遲遵守政策。

In a recent meeting, CARB confirmed that exemptions will not be offered to fleets if a near zero-emission vehicle like a truck with the Hypertruck ERX powertrain is available to be purchased. We are pleased with how ACF is shaping up as we believe cards policy recognizes the value that our range extending electric powertrain system plays in the transition to cleaner operating vehicles, electrification of trucking and meeting broader sustainability goals. Shifting gears. As we kick off 2023, we are excited to announce that we are undertaking the development of a fuel cell truck under a collaboration agreement. As you know, we've showcased a 3-stage development road map for our Hypertruck powertrain that starts with a CNG engine as the range extender generator. We then replaced the CNG generator with the more efficient carnofuel-agnostic generator. And finally, transition to a fuel cell-powered truck. In 2022, we announced Cummins is our supplier for the CNG engine, and we also unveiled the Carna as our fuel agnostic solution.

在最近的一次會議上，CARB 確認，如果可以購買接近零排放的車輛（例如配備 Hypertruck ERX 動力總成的卡車），則不會向車隊提供豁免。我們對 ACF 的形成感到滿意，因為我們相信卡政策認可我們的增程電動動力總成系統在向清潔運營車輛過渡、卡車運輸電氣化和實現更廣泛的可持續發展目標方面發揮的價值。換檔。在我們開啟 2023 年之際，我們很高興地宣布，我們正在根據合作協議開發燃料電池卡車。如您所知，我們展示了 Hypertruck 動力總成的 3 階段發展路線圖，該路線圖從 CNG 發動機作為增程發電機開始。然後，我們用更高效的與汽車燃料無關的發電機替換了 CNG 發電機。最後，過渡到燃料電池驅動的卡車。 2022 年，我們宣布康明斯是我們的 CNG 發動機供應商，我們還推出了 Carna 作為我們的燃料不可知解決方案。

We believe that our road map aligns with the need to transition to electric powertrain solutions in a manner that evolves over time, along with availability of clean fuel sources and charging infrastructure. It also leverages the ability to retain most of the same powertrain components across our vehicle platforms, including the axles, batteries, electric accessories and most importantly, the software that controls the entire system. While we believe CNG will be the fuel most prominently used in the near term for range extender electric vehicles, we also see the market evolving towards greater electrification based on hydrogen as a fuel source. Initial adoption of hydrogen vehicles will likely occur in a regional fashion around new fueling locations designed to support trucks. As more stations are built out and the cost of hydrogen comes down, we expect to see adoption grow and application shift from regional to include long haul.

我們相信，我們的路線圖符合以隨時間演變的方式過渡到電動動力總成解決方案的需求，以及清潔燃料來源和充電基礎設施的可用性。它還利用了在我們的車輛平台上保留大部分相同動力總成組件的能力，包括車軸、電池、電氣附件，最重要的是，控制整個系統的軟件。雖然我們相信 CNG 將成為近期增程式電動汽車最主要使用的燃料，但我們也看到市場朝著以氫為燃料來源的更大電氣化方向發展。氫燃料汽車的初步採用可能會以區域性方式出現在為支持卡車而設計的新加油站附近。隨著更多站點的建成和氫氣成本的下降，我們預計會看到採用率的增長和應用從區域轉向包括長途運輸。

Therefore, we are pleased to announce that Hyzon Motors is our collaboration partner in the development of this fuel cell powered vehicle. Together, we will integrate the Hylan electric powertrain system and the Hyzon fuel cells into a Peterbilt chassis. Hyzon is an industry leader in the production of fuel cells and Hylan is an industry leader in developing electric powertrain solutions. We are excited to have our teams working together to develop a prototype hydrogen fuel cell powered vehicle that we expect to be the predecessor of a commercial version of a truck in the future years. We expect to complete the development of this truck later this year. By advancing our product portfolio with a fuel cell solution, we are positioning Hylan to be ready for growth in the demand for hydrogen-powered trucks in the coming years as new sources of hydrogen fueling become available at lower cost in strategic markets. We are excited about this collaboration and the opportunity to work with the Hyzon team and its fuel cell technology. More to come later this year.

因此，我們很高興地宣布，Hyzon Motors 是我們開發這款燃料電池動力汽車的合作夥伴。我們將一起將 Hylan 電動動力總成系統和 Hyzon 燃料電池集成到 Peterbilt 底盤中。 Hyzon 是燃料電池生產的行業領導者，而 Hylan 是開發電動動力總成解決方案的行業領導者。我們很高興讓我們的團隊共同開發氫燃料電池動力汽車原型，我們希望它在未來幾年成為商用卡車的前身。我們預計在今年晚些時候完成這款卡車的開發。通過使用燃料電池解決方案推進我們的產品組合，我們將 Hylan 定位為在未來幾年為氫動力卡車的需求增長做好準備，因為在戰略市場上可以以較低的成本獲得新的氫燃料來源。我們對這次合作以及與 Hyzon 團隊及其燃料電池技術合作的機會感到興奮。今年晚些時候還會有更多。

Before handing it over to Jon, I'd like to take a moment to acknowledge the passing of our former Chairman, Ed Olkkola, who is not only our Chairman, but also an initial investor in Hyliion. He passed away on December 15 after a long thought battle with leukemia. He was a mentor to our team and his contributions to our success will always be remembered. I am extremely grateful for everything I did for me personally and for Hyliion. With his passing, Jay Craig has taken over as the Chairman of the Board, and we're excited to have him in this role. And with that, I will turn the call over to Jon.

在將它交給 Jon 之前，我想花點時間感謝我們的前任主席 Ed Olkkola 的逝世，他不僅是我們的主席，還是 Hyliion 的初始投資者。在與白血病進行長期的思想鬥爭後，他於 12 月 15 日去世。他是我們團隊的導師，他對我們成功的貢獻將永遠被銘記。我非常感謝我為我個人和 Hyliion 所做的一切。在他去世後，Jay Craig 接任了董事會主席一職，我們很高興他能擔任這一職務。有了這個，我會把電話轉給喬恩。

Thank you, Thomas, and good morning, everyone. Turning to our financial results for the fourth quarter. We reported revenue of $1.1 million related to hybrid sales, including 3 trucks outfitted with hybrid systems compared to $500,000 in the third quarter of this year and $200,000 in the fourth quarter of a year ago. Operating expenses totaled $31.6 million for the quarter, up from the $26.6 million we recorded a year ago in the fourth quarter, but sequentially lower than the $34.1 million we reported in the third quarter of 2022 after excluding the $28.8 million accounting impact from the KARNO acquisition we closed in September. I want to also note that this is the first time we are recording a full quarter of normalized expenses for the Karno operation in our financial results. R&D expenses totaled $21.8 million, up $4.4 million from 2021, but down about $2 million from the prior quarter, again after excluding the impact of the KARNO purchase accounting. SG&A expenses for the quarter were $9.7 million, up $500,000 from 2021, but down $500,000 from the third quarter as we are starting to level out the growth in spending on overhead costs. In total, Hyliion reported a net loss of $29.4 million for the fourth quarter, which is nearly flat compared to the net loss of $29.6 million reported in the fourth quarter of 2021.

謝謝你，Thomas，大家早上好。談談我們第四季度的財務業績。我們報告與混合動力銷售相關的收入為 110 萬美元，其中包括 3 輛配備混合動力系統的卡車，而今年第三季度為 500,000 美元，去年第四季度為 200,000 美元。本季度的運營費用總計 3160 萬美元，高於去年第四季度的 2660 萬美元，但連續低於我們在 2022 年第三季度報告的 3410 萬美元（扣除收購 KARNO 的 2880 萬美元會計影響）我們在九月關閉。我還想指出，這是我們第一次在我們的財務業績中記錄 Karno 業務的完整季度標準化費用。研發費用總計 2180 萬美元，比 2021 年增加 440 萬美元，但比上一季度減少約 200 萬美元，這也是在剔除 KARNO 採購會計的影響後。本季度的 SG&A 費用為 970 萬美元，比 2021 年增加 500,000 美元，但比第三季度減少 500,000 美元，因為我們開始平衡間接費用支出的增長。 Hyliion 第四季度的淨虧損為 2940 萬美元，與 2021 年第四季度的淨虧損 2960 萬美元相比幾乎持平。

Comparing the 2 periods, operating expenses were about $5 million higher in 2022 than 2021, but were mostly offset by a smaller gross loss and higher interest income on our investments. Sequentially, our operating loss of $29.4 million was $5.2 million lower than the loss we reported in the third quarter of 2022, excluding Karno accounting, with improvements in all areas, including lower gross loss, lower R&D and SG&A expenses and higher interest income. Turning now to the full year. Revenue was $2.1 million on sales of hybrid systems and full trucks. Thomas mentioned, this is in line with our most recent guidance of approximately $2 million in hybrid revenue for the year. Looking at the expense side and excluding the KARNO acquisition adjustment in all results, total full year operating expenses were $123.6 million, $30 million more than we reported in 2021 and driven mostly by higher R&D expenses, which were $81.6 million in 2022 compared to $58.3 million in 2021. The increase in R&D expense was driven by a full year of development and testing work on our Hypertruck ERX powertrain system as well as component purchases for development trucks we built in 2022 and additional units we plan to build in 2023.

比較這兩個時期，2022 年的運營費用比 2021 年高出約 500 萬美元，但大部分被較小的毛虧損和較高的投資利息收入所抵消。因此，我們的營業虧損為 2940 萬美元，比我們在 2022 年第三季度報告的虧損低 520 萬美元，不包括 Karno 會計，所有領域都有所改善，包括毛虧損減少、研發和 SG&A 費用減少以及利息收入增加。現在轉向全年。混合動力系統和全卡車的銷售收入為 210 萬美元。 Thomas 提到，這符合我們最近關於今年混合收入約 200 萬美元的指導意見。從費用方面來看，在所有結果中排除 KARNO 收購調整後，全年運營費用總額為 1.236 億美元，比我們在 2021 年報告的多 3000 萬美元，這主要是由於研發費用增加，2022 年為 8160 萬美元，而 2022 年為 5830 萬美元2021 年。研發費用的增加是由於我們對 Hypertruck ERX 動力總成系統進行了一整年的開發和測試工作，以及為我們在 2022 年建造的開發卡車和我們計劃在 2023 年建造的其他單元採購的組件。

Full year SG&A expenses totaled $42 million, up $6.7 million from a year ago, and net loss for 2022 was $124.6 million compared to $96 million in 2021. I want to note that full year operating expenses of $123.6 million that I mentioned earlier were about $6 million lower than our most recent full year forecast of $130 million, primarily due to delays in R&D services and components that were pushed into 2023. We ended the quarter with total cash, short-term and long-term investments of $422 million compared to about $455 million at the end of the third quarter, with a $33 million of cash used during the period accounted for almost entirely by our net loss in the period and also increased prepaid insurance expense. Looking forward into 2023, we expect to continue to deliver hybrid systems and full trucks with hybrid systems installed at about the same quarterly rate as we averaged in 2022 or about $0.5 million of revenue per quarter as we move towards commercial launch of the Hypertruck ERX system.

全年 SG&A 費用總計 4200 萬美元，比一年前增加 670 萬美元，2022 年的淨虧損為 1.246 億美元，而 2021 年為 9600 萬美元。我想指出，我之前提到的 1.236 億美元的全年運營費用約為 6 美元百萬低於我們最近的全年預測 1.3 億美元，這主要是由於推遲到 2023 年的研發服務和組件的延遲。我們在本季度結束時的現金、短期和長期投資總額為 4.22 億美元，相比之下約為第三季度末為 4.55 億美元，期間使用的現金為 3300 萬美元，幾乎完全由我們當期的淨虧損造成，還增加了預付保險費用。展望 2023 年，隨著我們邁向 Hypertruck ERX 系統的商業發布，我們預計將繼續以與 2022 年平均水平大致相同的季度率或每季度約 50 萬美元的收入交付混合動力系統和安裝了混合動力系統的全卡車.

We plan to start delivering production versions of the trucks with our Hypertruck ERX system in the fourth quarter of this year. Initially, we do expect these sales to be recorded at a negative gross margin due to the start-up nature of our commercialization activities, including component procurement and truck assembly. Over time, we expect our cost of sales to be reduced, driving positive margins. We expect our full year 2023 operating expenses to be in the $130 million to $140 million range. This estimate reflects our continued focus on delivering the Hypertruck ERX system in late 2023, but also transitioning from largely research and development activities more towards testing and commercialization support. Also, as noted earlier, we are beginning to level off growth in SG&A expenses, a trend which we expect to continue in 2023.

我們計劃在今年第四季度開始交付配備 Hypertruck ERX 系統的卡車量產版。最初，由於我們的商業化活動（包括零部件採購和卡車組裝）處於起步階段，我們確實預計這些銷售額將錄得負毛利率。隨著時間的推移，我們預計我們的銷售成本會降低，從而推動正利潤率。我們預計 2023 年全年運營費用將在 1.3 億美元至 1.4 億美元之間。這一估計反映了我們繼續專注於在 2023 年底交付 Hypertruck ERX 系統，但也從主要的研發活動更多地轉向測試和商業化支持。此外，如前所述，我們開始穩定 SG&A 費用的增長，我們預計這一趨勢將在 2023 年繼續。

We plan to continue to grow our in-house engineering and development resources in 2023, while simultaneously reducing spending on outsourcing of these services. Included in our projections for 2023 spending is additional development work for our KARNO generator the fuel cell truck collaboration program with Hizon and other platform development projects that leverage the Hypertruck ERX system. We continue to believe that we have sufficient financial resources to fund current commercialization activities for our Hypertruck ERX powertrain as well as for initial development activities for the KARNO product and the Hyzon collaboration project. We noted last quarter that we expect to see increases in working capital for 2023, primarily as we acquire components needed for assembly of production trucks later this year. By beginning to acquire some parts in the coming months, we will reduce the risk that supply chain issues delay our planned start of truck deliveries.

我們計劃在 2023 年繼續增加內部工程和開發資源，同時減少這些服務的外包支出。我們對 2023 年支出的預測包括 KARNO 發電機的額外開發工作、與 Hizon 的燃料電池卡車合作計劃以及其他利用 Hypertruck ERX 系統的平台開發項目。我們仍然相信，我們有足夠的財務資源來資助我們的 Hypertruck ERX 動力總成的當前商業化活動，以及 KARNO 產品和 Hyzon 合作項目的初步開發活動。我們在上個季度指出，我們預計 2023 年的營運資金將增加，這主要是因為我們在今年晚些時候採購了生產卡車組裝所需的組件。通過在未來幾個月開始採購一些零件，我們將降低供應鏈問題延遲我們計劃的卡車交付開始的風險。

Finally, we expect to see an increase in capital spending for the year as we build out our Austin headquarters facility to support truck assembly work construction of a product validation facility and investments in the KARNO generator, including additive printers and test cells. Although it is still early in the year, we expect total cash used in the year to support our operations, capital spending and working capital inventory build to be less than $200 million compared to $135 million that we used in 2022. With that, I will turn it back over to Thomas for closing remarks.

最後，我們預計今年的資本支出會增加，因為我們將建設奧斯汀總部設施，以支持產品驗證設施的卡車裝配工作建設和對 KARNO 發電機的投資，包括增材打印機和測試單元。雖然現在還處於年初，但我們預計今年用於支持我們的運營、資本支出和營運資本庫存建設的現金總額將少於 2 億美元，而我們在 2022 年使用了 1.35 億美元。因此，我將將其轉回 Thomas 以作結束語。

For our closing remarks, we have a few exciting updates and events to share with you. First, we want to highlight that we will be exhibiting at the ACT Expo in Anaheim, California in early May. We'll be showcasing both our Hypertruck ERX and KARNO technology. We'll have a KARNO generator in our booth as well as the initial proof-of-concept semitruck utilizing a KARNOgenerator. This will be the first time ever that the KARNO technology has been publicly displayed. At the show, you'll also have the opportunity to see Hyzon's fuel cell that will be integrating into a hyper truck. We are excited to share our progress with the industry and connect with other leaders in the space. In early January, I participated in a panel at the World Economic Forum in Davos, where we spoke about how the grid is or is not able to support EV charging and how solutions like the KARNOgenerator can produce electricity locally in a distributed grid model to help ease the charging infrastructure issues.

在我們的結束語中，我們有一些令人興奮的更新和事件要與您分享。首先，我們要強調的是，我們將於 5 月初參加在加利福尼亞州阿納海姆舉行的 ACT 博覽會。我們將展示我們的 Hypertruck ERX 和 KARNO 技術。我們的展位將有一台 KARNO 發電機，以及使用 KARNO 發電機的初始概念驗證半掛卡車。這將是 KARNO 技術首次公開展示。在展會上，您還將有機會看到將集成到超級卡車中的 Hyzon 燃料電池。我們很高興與業界分享我們的進步，並與該領域的其他領導者建立聯繫。 1 月初，我參加了達沃斯世界經濟論壇的一個小組討論會，我們討論了電網如何支持或不能支持電動汽車充電，以及 KARNOgenerator 等解決方案如何在分佈式電網模型中本地發電以提供幫助緩解充電基礎設施問題。

We also spoke about how range extender vehicles like the Hypertruck can help avoid many of the infrastructure problems. We encourage you to watch the panel discussion on our Youtube channel as well as our recently released educational video on what size batteries are truly needed for EV trucking. Lastly, we are pleased to announce that we will be hosting an investor conference at our headquarters in Austin, Texas on June 27. We'll be showcasing our existing technology and some of the future advancements we are working on. We encourage all of our investors and interested parties to attend and learn more about our vision for the future of electrification.

我們還談到了像 Hypertruck 這樣的增程器車輛如何幫助避免許多基礎設施問題。我們鼓勵您在我們的 Youtube 頻道上觀看小組討論，以及我們最近發布的關於電動汽車卡車運輸真正需要多大電池的教育視頻。最後，我們很高興地宣布，我們將於 6 月 27 日在我們位於德克薩斯州奧斯汀的總部舉辦投資者會議。我們將展示我們現有的技術和我們正在努力的一些未來進步。我們鼓勵我們所有的投資者和感興趣的各方參加並更多地了解我們對電氣化未來的願景。

In conclusion, we are very pleased with the progress we have made over the past year. We have achieved significant milestones, expanded our customer base and made important regulatory strides. With our continued focus on innovation and collaboration, we are confident in our ability to lead the industry towards a more sustainable and efficient future. Thank you for your ongoing support, and we look forward to updating you on our progress in the months ahead. With that, I will open the call to questions. Please go ahead, operator.

總之，我們對過去一年取得的進展感到非常高興。我們已經取得了重要的里程碑，擴大了我們的客戶群，並取得了重要的監管進展。憑藉我們對創新和協作的持續關注，我們有信心引領行業走向更可持續、更高效的未來。感謝您一直以來的支持，我們期待著在未來幾個月向您通報我們的最新進展。有了這個，我將開始提問。請繼續，接線員。

At this time, (Operator Instrustions] We'll pause for just a moment to compile the Q&A roster. And your first question comes from the line of Bill Peterson from JPMorgan.

此時，（操作員指示）我們將暫停片刻來整理問答名單。你的第一個問題來自摩根大通的比爾彼得森。

Is Mahima Kakani on for Bill Peterson. Can you tell a little bit more -- could you please tell us a little bit more about if the Hyzon collaboration could potentially change the timing between the KARNO and the fuel cell launches and/or the key markets address?

Mahima Kakani 會代替 Bill Peterson 上場嗎？你能告訴我們更多一點——你能告訴我們更多關於 Hyzon 合作是否有可能改變 KARNO 和燃料電池發布和/或關鍵市場地址之間的時間安排嗎？

Sure, absolutely. So first, coming to market is going to be the Hypertruck ERX, which is the CNG range extender solution. In parallel, as you know, we're already working on the KARNO development vehicle. That will be first showcased out at the ACT Expo here in just a couple of months. And then as we announced today, we're going to start working on a fuel cell development vehicle as well. So in terms of timing of those solutions, the one advantage that a fuel cell solution does have is just -- it's less regulatory compliances that we need to go through in order to bring that to market. So there is some acceleration of the development schedule there. In terms of actual timing of when we'd be ready to bring that to market, we're not ready to share yet just because the agreement with Hyzon is really around this initial development vehicle, proving that out showing to the market that our powertrain is able to incorporate a fuel cell, just like it can incorporate the range extender CNG, the KARNO generator.

當然，絕對。首先，進入市場的將是 Hypertruck ERX，它是 CNG 增程器解決方案。同時，如您所知，我們已經在研究 KARNO 開發工具。這將在幾個月後在這裡的 ACT 博覽會上首次展示。然後正如我們今天宣布的那樣，我們也將開始研究燃料電池開發工具。因此，就這些解決方案的時間安排而言，燃料電池解決方案確實具有的一個優勢就是——為了將其推向市場，我們需要遵守的法規較少。所以那裡的開發進度有所加快。就我們準備好將其推向市場的實際時間而言，我們還沒有準備好分享，因為與 Hyzon 的協議實際上是圍繞這個最初的開發工具，向市場證明了我們的動力總成能夠包含燃料電池，就像它可以包含增程器 CNG，KARNO 發電機一樣。

And then from there, we'll showcase the solution with customers and we'll work with Hyzon to determine how we see best fit to potentially bring a solution to market and what the timing of that would be. So more to come on that end. But as your question is pointing out, there are easier or say, less barriers to bring a fuel cell solution to market just because of the regulatory side of things and the zero tailpipe emissions. But by all means, the team is focused on ERXs the first one we're bringing to market, and that will be in start of production later this year.

然後從那裡，我們將向客戶展示解決方案，我們將與 Hyzon 合作，確定我們認為最適合將解決方案推向市場的最佳方式以及上市時間。為此還有更多內容。但正如您的問題所指出的那樣，由於監管方面的規定和零尾氣排放，將燃料電池解決方案推向市場的障礙更容易或更少。但無論如何，該團隊專注於 ERX，這是我們推向市場的第一個產品，它將在今年晚些時候開始生產。

Got it. And then maybe as a follow-up to that, is the Hyzon collaboration, let's say, that the prefesconcept kind of met expectations, will that be the primary fuel cell strategy forward? Or is it part of a larger hydrogen strategy from Hylan?

知道了。然後也許作為後續行動，Hyzon 的合作，比如說，prefesconcept 達到了預期，這將是未來的主要燃料電池戰略嗎？或者它是 Hylan 更大的氫戰略的一部分？

Yes. So, I think we've probably been pretty bullish on is we see hydrogen as being a fuel of the future. But the biggest question is just when, right? And even where we sit here today, hydrogen costs are still much, much higher than diesel even. There's only a few stations out there where you can actually refuel a hydrogen vehicle a semi truck. So from that standpoint, we really see hydrogen as being kind of a localized delivery, and we expect there to be interest from fleets and demand from fleets in those areas. But for the real like vast majority of the country over-the-road trucking, we definitely see natural gas and renewable natural gas, especially as being the fuel of choice.

是的。所以，我認為我們可能一直非常看好我們將氫視為未來的燃料。但最大的問題是什麼時候，對吧？即使在我們今天坐在這裡的地方，氫氣成本仍然遠遠高於柴油。只有幾個站點可以真正為氫燃料汽車和半掛卡車加油。因此，從這個角度來看，我們確實將氫視為一種本地化交付，我們預計這些地區的車隊會產生興趣和需求。但對於像全國絕大多數公路卡車運輸這樣的真實情況，我們肯定會看到天然氣和可再生天然氣，尤其是作為首選燃料。

As a company, we've got in some question marks or maybe even criticism in the past of like, are we going to be ready when hydrogen is available. Are we going to be a true contender at that point? And that's one of the reasons why we wanted to make sure we fulfilled the road map that we had, the 3-stage road map of including a fuel cell as well because we want to show that whenever hydrogen is ready, when those costs come down, when infrastructure gets built out, we're going to be able to have a solution that is piggybacking on a powertrain that by that time, we expect to already have millions and millions of miles proven out with the CNG range extender. And so we want to showcase that we're going to be a strong contender in the hydrogen space as well.

作為一家公司，我們在過去遇到過一些問號甚至批評，比如，當氫氣可用時，我們是否會做好準備。到那時我們會成為真正的競爭者嗎？這就是為什麼我們要確保完成我們的路線圖，包括燃料電池的三階段路線圖的原因之一，因為我們想表明，無論何時氫氣準備就緒，當這些成本下降時，當基礎設施建成後，我們將能夠擁有一個搭載動力總成的解決方案，到那時，我們預計已經有數百萬英里的 CNG 增程器得到驗證。因此，我們想展示我們也將成為氫氣領域的有力競爭者。

Your next question comes from the line of Andres Sheppard from Cantor Fitzgerald.

您的下一個問題來自 Cantor Fitzgerald 的 Andres Sheppard。

Thomas. Congrats on the quarter. A quick question on our end, a bit on the quantitative side. As you approach start of production second half of this year, you have the 210 orders, which was increased from last quarter. How should we be thinking about gross margins? Now I know you don't guide those. But should we expect those margins to perhaps turn positive by the end of this year? Or are we more realistically, should we be envisioning 2024 as a more feasible time line?

托馬斯。祝賀這個季度。我們這邊的一個快速問題，有點定量方面的問題。當您接近今年下半年開始生產時，您有 210 個訂單，比上一季度有所增加。我們應該如何考慮毛利率？現在我知道你不指導那些。但我們是否應該期望這些利潤率到今年年底可能會轉正？或者我們更現實一點，我們是否應該將 2024 年設想為一個更可行的時間表？

Andres, this is Jon Panzer, I'll take that question. So we mentioned that we're going to be commercializing the truck later this year. So we're going to start making deliveries sometime in the fourth quarter. We don't know exactly what date or how many. So I wouldn't assume in 2023 that we would see positive margins. As we mentioned, there's some inefficiencies with starting out and component costs are higher when you're purchasing them on lower volumes. But we're actively working to turn those positive, and that's going to be from more efficient assembly, better procurement and also just engineering changes to the truck. So it's a little bit too early to predict, but you can be sure that's besides delivering a reliable truck, that's our #1 priority for the future. So it's a little bit hard to predict exactly when that will be.

安德烈斯，我是喬恩·潘澤，我來回答這個問題。所以我們提到我們將在今年晚些時候將卡車商業化。所以我們將在第四季度的某個時候開始交付。我們不知道確切的日期或數量。所以我不認為我們會在 2023 年看到正利潤率。正如我們所提到的，開始時效率低下，當您以較低的數量購買時，組件成本會更高。但我們正在積極努力將這些轉變為積極的一面，這將來自更高效的裝配、更好的採購以及卡車的工程變更。因此，現在做出預測還為時過早，但可以肯定的是，除了交付可靠的卡車之外，這是我們未來的首要任務。所以很難準確預測那會是什麼時候。

Understood. That's helpful. Maybe as a follow-up, I'm curious, maybe Thomas, maybe this one a little bit more for you. What kind of trends have you been seeing on the supply side, right? Obviously, supply chain disruptions has been a big problem for the entire industry. Just curious what you've been seeing and maybe any thoughts for 2023.

明白了。這很有幫助。也許作為後續行動，我很好奇，也許是 Thomas，也許這一次更適合你。您在供應方面看到了什麼樣的趨勢，對嗎？顯然，供應鏈中斷一直是整個行業的大問題。只是好奇你看到了什麼，也許對 2023 年有什麼想法。

So we're definitely seeing the, I guess, the hurdles that were in place of the supply chain markets over the past couple of years. We're definitely seeing those easing some. We're not seeing suppliers continue to extend their lead times. If anything, it's starting to go the other way they're achieving the lead times they told us and in some instances, moving in the lead time. So I think everything is heading in the right direction of the supply chain market. The next thing that we hope to see, and we're going to obviously push on this, so our supply base is to start to see the pricing reduced back to where it was or start to head towards the levels it was pre this kind of shake up in the supply market. So that will be one of our big pushes here. One of the things maybe just to parlay this question into another topic is just we're starting to see BEV vehicles get out into the market, get out into customers' hands. And the question is where is the customer demand is going to lie.

因此，我想我們肯定會看到過去幾年供應鏈市場存在的障礙。我們肯定會看到那些放鬆了一些。我們沒有看到供應商繼續延長交貨時間。如果有的話，它開始以另一種方式實現他們告訴我們的交貨時間，並且在某些情況下，在交貨時間內移動。所以我認為供應鏈市場一切都在朝著正確的方向發展。我們希望看到的下一件事，我們顯然會推動這一點，所以我們的供應基礎是開始看到價格降低到原來的水平，或者開始走向這種情況之前的水平供應市場震盪。所以這將是我們在這裡的一大推動力。可能只是為了將這個問題轉化為另一個話題，其中一件事就是我們開始看到 BEV 車輛進入市場，進入客戶手中。問題是客戶需求在哪裡。

And what's been interesting, and we've kind of forecasted this a little bit in the past is we're seeing that fleets are really struggling with these BEV vehicles that they're seeing charging as being a massive issue. The cost of infrastructure, the uptime of the vehicle, the amount of time that it spends having to be recharged, all these things are just factors that are really hurting feasibilities to adopt the BEV solution, which is then in return, actually causing more demand and more focus on our solutions, which is great. And just to put an actual story to that, we were with a fleet not too long ago, who did adopt some BEV vehicles, some plug-in vehicles. And the very senior executive there came back to us and their comment was, after their experience with Bev, while he's at the company, they will never adopt another BEV vehicle again into their operations. just because of how many hurdles and headaches they had with trying to adopt the BEV, but they see our solution as being very practical. So that's some positive news for the path we're on most definitely.

有趣的是，我們過去曾稍微預測過這一點，我們看到車隊真的在為這些 BEV 車輛苦苦掙扎，他們認為充電是一個大問題。基礎設施的成本、車輛的正常運行時間、充電所花費的時間，所有這些都是真正損害採用 BEV 解決方案可行性的因素，反過來，這實際上會導致更多的需求更專注於我們的解決方案，這很棒。舉一個真實的故事來說，不久前我們有一個車隊，他們確實採用了一些 BEV 車輛，一些插電式車輛。那裡的一位非常高級的管理人員回到我們身邊，他們的評論是，在他們與 Bev 的經歷之後，當他在公司時，他們再也不會在他們的運營中採用另一種 BEV 車輛。只是因為他們在嘗試採用 BEV 時遇到了很多障礙和麻煩，但他們認為我們的解決方案非常實用。因此，對於我們所走的道路來說，這無疑是一些積極的消息。

Appreciate that context. Tom, is very helpful. Maybe one last one if I could squeeze it in. Just remind us again on your capital needs, kind of what your expectation is there obviously funded through start-up production, but any additional color there?

欣賞這種背景。湯姆，很有幫助。如果我能擠進去的話，也許是最後一個。再次提醒我們你的資金需求，你的期望是什麼，顯然是通過啟動生產提供資金的，但是還有什麼額外的顏色嗎？

Yes. This is Jon again. I'll summarize that. So we finished the year with $422 million of liquid assets on our balance sheet. So capital that will be available to us when we need it. And we spent, I think it was roughly $135 million last year. We also guided to spending somewhere under $200 million this year, the unknowns there is just our working capital build and how many trucks we sell by the end of the year. So somewhere south of $200 million. So that's going to leave us over $200 million by the end of this year is our projection. So that leaves us in good shape. So we have no plans to raise any capital this year, and it puts us in a great position to even start 2024 as we start to ramp up sales.

是的。這又是喬恩。我會總結一下。因此，我們在資產負債表上以 4.22 億美元的流動資產結束了這一年。因此，在我們需要時可以使用的資本。我們去年花了大約 1.35 億美元。我們還指導今年的支出低於 2 億美元，未知數只有我們的營運資本建設以及到年底我們售出多少輛卡車。所以在 2 億美元以南的某個地方。因此，我們的預測是，到今年年底，我們的收入將超過 2 億美元。所以這讓我們處於良好狀態。因此，我們今年沒有籌集任何資金的計劃，這使我們處於有利地位，甚至可以在 2024 年開始增加銷售額。

Excellent. Congrats again on the quarter. I'll pass it on.

出色的。再次祝賀本季度。我會傳下去的。

Your next question comes from the line of Donavan Schafer from Northland Capital Markets.

你的下一個問題來自 Northland Capital Markets 的 Donavan Schafer。

I do want to start off just actually by offering my condolences around Ed passing. I know you was an early investor in the firm. I think he even had sort of like a COO role for some stretch of time. And I think it goes back to like 2016 or something. I know he was there for a long time. So no doubt, I'm sure that he will be missed. So I just wanted to pause and appreciate. So turning to questions. For the Hypertruck ERX ramp, you guys hinted on some of that talked about some of this with like working capital and supply chain and sourcing and all that. But of course, I think we would all love to know and have a crystal ball for exactly what the Hypertruck ERX ramp will look like in 2024, following the initial 200 or 210 units, thinking about second quarter, third quarter, fourth quarter I'm guessing it's a lot to -- it's far too early for you guys for you guys to give us anything on that? Of course, if you can, please do. But if not, what I'd like to know is at what point do you need to start making procurement decisions? When procurement decisions and other things like when do you need to have your own internal view in place for the number of units you would need to be able to produce in Q2, Q3 and so forth? What's the gating point or the point this year where you would need to start making some of those decisions?

我確實想通過對埃德去世表示哀悼來開始。我知道你是公司的早期投資者。我認為他在一段時間內甚至擔任過首席運營官的角色。我認為它可以追溯到 2016 年左右。我知道他在那裡待了很長時間。所以毫無疑問，我確信他會被想念。所以我只想停下來欣賞一下。所以轉向問題。對於 Hypertruck ERX 坡道，你們暗示了其中一些話題，比如營運資金、供應鍊和採購等等。但是，當然，我想我們都很想知道並有一個水晶球來確切了解 Hypertruck ERX 坡道在 2024 年的樣子，在最初的 200 或 210 輛之後，考慮第二季度、第三季度、第四季度我'我猜這有很多 - 你們現在就此給我們任何信息對你們來說還為時過早嗎？當然，如果可以，請做。但如果不是，我想知道您需要在什麼時候開始做出採購決策？當採購決策和其他事情時，比如什麼時候你需要對你在第二季度、第三季度等需要生產的單位數量有自己的內部看法？今年您需要開始做出其中一些決定的關口點或時間點是什麼？

Sure. So yes, as you led in with the question, it kind of hints into. We're not ready to share just volume expectations for 2024 at this point. We are confident and are going to work very hard to make sure we achieve what we set out of delivering all those 200 vehicles by the end of Q1 of '24, which is going to be a great ramp-up for the team. But in terms of the procurement part of it that you mentioned, it's a great question because as we shared in past earnings calls, we were starting to pre-buy some of the things for these initial 200 trucks just to make sure that we had them in plenty of time. Supply chain markets, it varies based on components, but usually probably at 6 months is a fair bet. Some components are longer than that. Some are much shorter than that in terms of what we would need to be placing orders. So, but for kind of analysis purpose, I would use kind of that 6-month mark of one we would need to be placing orders before actually making the deliveries with the customers. We're obviously working very closely with Peterbilt and working through the availability of trucks, and we feel confident for those initial 200 bills. We're in in good shape there.

當然。所以是的，當你提出問題時，它有點暗示。目前，我們還沒有準備好僅分享對 2024 年的銷量預期。我們有信心並將非常努力地工作，以確保我們實現我們設定的目標，即在 24 年第一季度末交付所有這 200 輛汽車，這對團隊來說將是一個巨大的提升。但就你提到的採購部分而言，這是一個很好的問題，因為正如我們在過去的財報電話會議上分享的那樣，我們開始為最初的 200 輛卡車預購一些東西，以確保我們擁有它們在足夠的時間。供應鏈市場，它因組件而異，但通常 6 個月是一個合理的選擇。有些組件比這更長。就我們需要下訂單的內容而言，有些要短得多。所以，但出於某種分析目的，我會使用那種我們需要在實際向客戶交付之前下訂單的 6 個月標記。顯然，我們正在與 Peterbilt 密切合作，並努力解決卡車的可用性問題，我們對最初的 200 張賬單充滿信心。我們在那裡的狀態很好。

And one thing to highlight on that and just the Peterbilt relationship is going well. We continue to make great progress with them. And actually, one of the big milestones for the team internally here was just recently, we did the first build of a decontented truck off of Peterbilt's line that was packed specifically for Hyliion. So as we've talked about in the past, in the early stages here, we were kind of taking full trucks, and we were taking components off of them and then having to discard those or sell those components. Now we're moving forward with being able to source chassis and trucks directly from Peterbilt that are built, how we need them to be, which is a huge milestone, and we expect that relationship to continue to grow as we move forward here.

需要強調的一件事就是與彼得比爾特的關係進展順利。我們繼續與他們取得巨大進步。實際上，團隊內部的一個重要里程碑是最近，我們第一次從 Peterbilt 的生產線上建造了一輛不滿的卡車，專門為 Hyliion 包裝。因此，正如我們過去所說的那樣，在這裡的早期階段，我們有點像裝滿卡車，我們從它們身上取下組件，然後不得不丟棄或出售這些組件。現在我們正在向前邁進，能夠直接從 Peterbilt 採購底盤和卡車，我們需要它們，這是一個巨大的里程碑，我們希望隨著我們在這裡的前進，這種關係將繼續發展。

Okay. That's very helpful. And then for the winter testing, given that you've already begun the winter testing. I'm sure it's not complete or you would have said it was finished. And I'm sure that some amount of assessment has to have this full start to finish scope for an assessment. But I'm curious if there are various incremental phases for the winter testing or any discrete points where it allows you to give us some color or some updates on how the vehicles have been performing so far in the winter testing. And also maybe any new insights from that versus the summer testing? I know like you talked about frustrations with BEVs in cold weather, do you consume a lot of energy with heating the cab, but with something like a natural gas generator, you get waste heat from that. So that's why heating isn't really a problem in an internal combustion engine. So curious, comparing and contrasting winter, summer testing benefits and just any incremental updates fr om what you're seeing so far?

好的。這很有幫助。然後是冬季測試，因為您已經開始了冬季測試。我敢肯定它還沒有完成，否則你會說它已經完成了。而且我確信一定數量的評估必須具有完整的開始到完成評估範圍。但我很好奇冬季測試是否有不同的增量階段或任何離散點，它允許您為我們提供一些顏色或一些關於車輛在冬季測試中到目前為止的表現的更新。與夏季測試相比，也許還有什麼新見解？我知道你談到了在寒冷天氣下使用 BEV 的挫敗感，加熱駕駛室會消耗大量能量，但是使用天然氣發電機之類的東西，你會從中得到廢熱。所以這就是為什麼加熱在內燃機中並不是真正的問題。如此好奇，比較和對比冬季、夏季測試的好處以及您目前所見的任何增量更新？

Absolutely. So a few different parts to that question. So I'll start off with, is it still ongoing? So yes, it is. Actually, we're still in the middle of winter testing right now, and we're going to continue it on. Actually, we just have made some design improvements to the vehicle. The next batch of vehicles are just starting to hit the road, actually. As we're getting ready for this call, we noticed that there's already been some pictures of the truck out on the road, the new design, the updated design. So we're excited to have that already underway. But testing will continue. In terms of what we've learned thus far, there have been learnings, right? The philosophy of the testing is you want to push things to the point that you break them, so you figure out where the weak points are. So we're doing just that. But what I will say is nothing that we found in testing thus far has made us have to go back and rethink the time line that we're on. So that's a huge win. But the learnings have been learned anywhere from water ingress areas, things like that to improve connectors to improve designs of sheet metal to improve, nothing that's major though, as well as we've even had learnings on some of the components that we're sourcing from whether they're brand-new or newer companies in the industry to well-established, been around for a bunch of years, but they're new into the electrification space.

絕對地。這個問題有幾個不同的部分。所以我會開始，它還在進行嗎？所以是的，它是。實際上，我們現在仍處於冬季測試的中期，我們將繼續進行下去。實際上，我們只是對車輛進行了一些設計改進。實際上，下一批車輛才剛剛開始上路。當我們為這次電話會議做準備時，我們注意到路上已經有卡車的一些照片，新設計，更新設計。所以我們很高興已經開始了。但測試將繼續。就我們迄今為止所學到的知識而言，已經有了教訓，對吧？測試的理念是你想把事情推到你破壞它們的地步，所以你找出弱點在哪裡。所以我們就是這樣做的。但我要說的是，到目前為止，我們在測試中發現的任何東西都沒有讓我們不得不回過頭來重新考慮我們所處的時間線。所以這是一個巨大的勝利。但是從進水區域的任何地方都可以學到這些知識，比如改進連接器以改進鈑金設計以改進這些東西，但這些都不是主要的，而且我們甚至已經對我們正在使用的一些組件進行了學習從他們是行業中的全新公司還是較新的公司採購到完善的，已經存在了很多年，但他們是電氣化領域的新手。

We've been able to give feedback to those suppliers as well and help them through continuing to iterate the designs of their components. And then the last part of your question was kind of summer versus winter. I think winter is normally thought of as being very, very difficult for electric vehicles and it is because you need to use a lot of your battery capacity to actually heat the batteries because batteries don't like to be cold. One of the nice things that we have as an advantage, as you pointed out, is we can actually use the natural gas generator during that time to be producing electricity to help with powering the vehicle. And thus, we don't see as much of the negative performance attributes of cold weather. It doesn't affect our powertrain as much as it does of the EV. So overall, been very pleased with the testing though.

我們也能夠向這些供應商提供反饋，並幫助他們繼續迭代其組件的設計。然後你問題的最後一部分是夏季與冬季的對比。我認為冬天通常被認為對電動汽車來說非常非常困難，這是因為你需要使用大量的電池容量來實際加熱電池，因為電池不喜歡寒冷。正如您所指出的，我們擁有的優勢之一是我們實際上可以在那段時間使用天然氣發電機來發電以幫助為車輛提供動力。因此，我們看不到寒冷天氣的負面性能屬性。它對我們的動力總成的影響不如對電動汽車的影響大。總的來說，對測試非常滿意。

Okay. And then if I could just squeeze one last question in about kind of there's originally, there's sort of the 200 production slots for the founders program tied to the launch facility in Dallas. And now you've got the incremental 10 units ordered by DSV. Is that -- as we get incremental orders and things that come in, so you add on to that initial 200, are those going to be folded into that same idea of like a founders program and they get that kind of white glove treatment you talked about with additional servicing and monitoring and everything out of the Dallas facility. I think you kind of hinted at that in your prepared remarks. But just wanting to clarify how to think about incremental orders in relation to the initial $200 million that were kind of highlighted as the founders program?

好的。然後，如果我可以提出最後一個問題，那就是最初的那種，與達拉斯發射設施相關的創始人計劃有 200 個生產槽。現在您已經獲得了 DSV 訂購的增量 10 個單位。那是——當我們獲得增量訂單和進來的東西時，所以你添加到最初的 200 個，這些是否會被折疊成像創始人計劃一樣的想法，他們會得到你所說的那種白手套待遇關於額外的服務和監控以及達拉斯工廠的一切。我認為你在準備好的發言中暗示了這一點。但只是想澄清一下如何考慮與創始人計劃中強調的最初 2 億美元相關的增量訂單？

Sure. So we anticipate the founders to be those initial 200, and we worked with the fleets make sure that those vehicles are going to be coming through Dallas and using the launch facility. Coincidentally, with DSV, the area that they're going to be operating these vehicles is out of Dallas as well. So we're going to use the launch facility to assist with their vehicles in addition. But as we go forward, we plan to loosen that constraint of wanting to make sure the fleets are going to be coming through Dallas and really just make it a solution that's available across the country. Obviously, if a fleet is coming through Dallas and then we're going to use that launch facility. And just to put some more color there, we are still in the process of identifying where that facility is exactly going to be located where in Dallas. We're also exploring fueling options, having fueling on-site versus potentially just having a fueling station nearby that the trucks can fuel up at. So we're on a good trajectory to have all of that complete by later this year when we launch the vehicle, and we'll be supporting those initial ones or other fleets that are in the Dallas area out of that location.

當然。所以我們預計創始人是最初的 200 人，我們與車隊合作確保這些車輛將通過達拉斯並使用發射設施。巧合的是，對於 DSV，他們將要運營這些車輛的區域也在達拉斯之外。因此，我們還將使用發射設施來協助他們的車輛。但隨著我們的前進，我們計劃放寬希望確保車隊將通過達拉斯的限制，並真正讓它成為一個在全國范圍內可用的解決方案。顯然，如果艦隊經過達拉斯，我們將使用該發射設施。只是為了在那裡添加更多顏色，我們仍在確定該設施將在達拉斯的確切位置。我們也在探索加油選項，在現場加油，而不是可能只是在附近有一個卡車可以加油的加油站。因此，我們正處於一個良好的軌道上，可以在今年晚些時候推出車輛時完成所有這些工作，我們將支持達拉斯地區以外的那些最初的車隊或其他車隊。

Okay. So when you talk about potentially doing that service elsewhere as you expand in other markets, so then the idea is this type of white glove talking about like a white club service, that's a service you would actually intend to have available. It's not something where it was just, oh, here's the first 200. We want to really make this a flawless perfect thing and all the learnings and everything involved. So it's just white glove for the first 200, you actually -- that's something you at least want to have available as an option going forward than in other markets. Is that correct?

好的。因此，當您談論在其他市場擴張時可能在其他地方提供該服務時，那麼這個想法就是這種白手套就像白人俱樂部服務一樣，這是您實際打算提供的服務。它不僅僅是，哦，這是前 200 個。我們真的想讓它成為一個完美無瑕的東西，所有的學習和涉及的一切。所以它只是前 200 名的白手套，你實際上 - 這是你至少希望作為未來而不是其他市場的選擇。那是對的嗎？

So maybe just to try to put a little more color to it of how we were thinking about it. So for the first 200, we're approaching it where it's critical that we get as much learnings off of these initial vehicles as possible to make sure that the design is robust. There are no failure points that we see coming up. So what we've asked the fleet is even if the vehicle is working perfectly fine. They aren't experiencing any issue. We still want to get eyes on the truck to make sure that it's working as we would expect it would, and we don't visually see anything. Obviously, we're going to be tracking the data at 24/7. But, so that's kind of the agreement we have with those initial 200 trucks. As we go past that, the goal would be that we're only going to be getting eyes on the vehicle, if there's a routine maintenance that's scheduled or if there was an issue on the vehicle. And so maybe that's more the difference of the kind of the white glove is us kind of creating an arrangement with the fleet where we're maybe more involved than we normally would be once it's into normal volume production versus after the 200, we want the fleet to use it like they would any other technology that's on the truck.

所以也許只是想為我們的想法添加更多色彩。因此，對於前 200 輛，我們正在接近它，這是至關重要的，我們盡可能多地從這些初始車輛中學習，以確保設計穩健。我們沒有看到即將出現的故障點。所以我們問車隊的是，即使車輛工作得很好。他們沒有遇到任何問題。我們仍然希望注視卡車以確保它按我們預期的方式工作，並且我們在視覺上看不到任何東西。顯然，我們將全天候 24 小時跟踪數據。但是，這就是我們與最初的 200 輛卡車達成的協議。當我們超越這一點時，目標是我們只會關注車輛，如果有計劃的例行維護或車輛是否有問題。因此，也許這更多的是白手套的不同之處在於我們與艦隊進行了某種安排，在這種情況下，我們可能比正常情況下參與得更多，一旦進入正常批量生產，與 200 輛之後相比，我們希望車隊可以像使用卡車上的任何其他技術一樣使用它。

(Operator Instructions) Your next question comes from the line of Avi Jaroslawicz from UBS.

（操作員說明）您的下一個問題來自瑞銀的 Avi Jaroslawicz。

Avi on for Steve Fisher. So Jon, I think a couple of questions on OpEx for this year. So one is just how should we be thinking about SG&A for this year? I know expected to be leveling off, but does that mean kind of flat with last year or increasing for some part of the year and then flattening out from there? And then also, in terms of the R&D expenses, can you maybe bucket how much of the R&D is geared towards commercialization this year versus development of future products?

史蒂夫費舍爾的阿維。所以喬恩，我認為今年有幾個關於 OpEx 的問題。那麼，我們應該如何考慮今年的 SG&A？我知道預計會趨於平穩，但這是否意味著與去年持平或在今年的某些時間有所增加然後從那裡趨於平緩？然後，就研發費用而言，您能否總結一下今年用於商業化的研發與未來產品開發的比例？

Sure. So first of all, in the SG&A, the guidance there is really just to indicate that on the SG&A side, the administrative side of the company, we're starting to kind of reach maturity and where we don't need to build a lot larger organization. And so to your question, I don't want to split hairs here, but we just see it kind of leveling out. You might look at more fourth quarter and just say, hey, that's give or take a number like that. Of course, it grew a little bit. It looks like it grew a little bit less than 10% last year. So that fourth quarter might be a good point to just look at. So I don't want to overplay it because we could see opportunities to expand or grow, but we just don't see that right now. And then again, it's a way of just saying, hey, we're focused on R&D. We're focused on the product versus the administrative side. And then on R&D, we're shifting over there are from R&D to testing and certification and then into commercialization support the activities that Thomas was talking about in terms of just making sure we have a good product that we can support in the field. We are shifting over starting to shift some of that R&D into the isom project, certainly over to KARNO and some other things, other products and opportunities that we'll talk more about when we get to our investor conference later in the year. So yes, it's going to start to shift. There's not a lot of value in trying to parse it out too finely, but we are definitely starting to shift in the newer things and exciting things as we get to the commercialization point on the truck.

當然。所以首先，在 SG&A 中，那裡的指導實際上只是表明在 SG&A 方面，公司的行政方面，我們開始有點成熟，我們不需要建立很多更大的組織。所以對於你的問題，我不想在這里分裂頭髮，但我們只是看到它有點趨於平穩。你可能會看更多的第四季度，然後說，嘿，這是給或拿這樣的數字。當然，它長大了一點。看起來它去年的增長率略低於 10%。因此，第四季度可能是一個值得關注的好點。所以我不想誇大它，因為我們可以看到擴展或增長的機會，但我們現在還沒有看到。再一次，這是一種表達方式，嘿，我們專注於研發。我們專注於產品而不是管理方面。然後在研發方面，我們正在從研發轉向測試和認證，然後轉向商業化支持 Thomas 所說的活動，即確保我們擁有可以在該領域提供支持的優質產品。我們正在轉移，開始將部分研發轉移到 isom 項目，當然轉移到 KARNO 和其他一些東西，其他產品和機會，我們將在今年晚些時候的投資者會議上更多地討論這些。所以是的，它將開始轉變。試圖將其解析得過於精細並沒有太大價值，但是當我們到達卡車的商業化點時，我們肯定會開始轉向更新的東西和令人興奮的東西。

Got it. Appreciate those. And then Thomas, so in terms of the strategy for the fuel cells, can you explain like why steel cells are better to use than the KARNO generator. I know that you mentioned in terms of the regulations, no tail pipe emissions, but the KARNO generator seems like it shouldn't really be emitting a whole lot. I know we discussed some of the tech behind it. So just trying to understand the advantages of fuel cell versus the KARNO generator.

知道了。欣賞那些。然後托馬斯，就燃料電池的策略而言，你能解釋一下為什麼鋼電池比卡諾發電機更好用嗎？我知道您在法規中提到，沒有尾氣排放，但 KARNO 發電機似乎不應該排放太多。我知道我們討論了它背後的一些技術。所以只是想了解燃料電池相對於 KARNO 發電機的優勢。

Sure. So on the fuel cell side, you hit the nail on the head. It's a zero tailpipe. It only runs on hydrogen versus KARNO brings forward this opportunity that's fuel agnostic. So it can run on natural gas. It can also run on hydrogen. When it is running on natural gas, you do have tailpipe emissions, but we're seeing that they are significantly, significantly better than the NOx emissions that an internal combustion engine would be producing. Similarly, on hydrogen, you are going to have a very, very micro amount of emissions, but you do still have a tail pipe coming out of it. So in terms of efficiencies, though, we actually expect that the KARNO is going to pull forward better efficiencies than a fuel cell. So I think what we're going to see is likely for some of these areas where the stations are already built out, we are going to see some fuel cell adoption. Hyzon already has the customer base that they're working with. We'll work with Hyzon and going and seeing customers presenting this solution. And we do expect that we will have interest on the fuel cell. But then as we look at kind of more of the over-the-road long-haul trucking, we think KARNO is what is going to be, we've chosen by fleets because they could have a solution that's really future-proofed, right? You could use it for natural gas, you could also use it for hydrogen and the generator can go between those various fuels without a problem.

當然。所以在燃料電池方面，你一針見血。這是一個零排氣管。它只使用氫氣運行，而 KARNO 提出了這個與燃料無關的機會。所以它可以使用天然氣運行。它也可以在氫氣上運行。當它使用天然氣運行時，確實會有尾氣排放，但我們看到它們比內燃機產生的氮氧化物排放要好得多。同樣，在氫氣上，你將有非常非常微量的排放，但你仍然有一個尾管從中冒出來。因此，就效率而言，我們實際上預計 KARNO 將比燃料電池提高效率。所以我認為我們將要看到的可能是其中一些已經建成車站的地區，我們將看到一些燃料電池的採用。 Hyzon 已經擁有與他們合作的客戶群。我們將與 Hyzon 合作，並去看客戶展示該解決方案。我們確實希望我們會對燃料電池感興趣。但是當我們看到更多的公路長途卡車運輸時，我們認為 KARNO 將成為未來，我們已經被車隊選中，因為他們可以擁有一個真正面向未來的解決方案，對吧？您可以將其用於天然氣，也可以將其用於氫氣，並且發電機可以毫無問題地在這些不同的燃料之間切換。

So we're pretty bullish on the opportunities that KARNO has, but it is still a technology that's in development. And so that's why we are including the fuel cell as well. One other thing just to highlight is around the certification. So we're -- one of the questions for a long time has been, even with the ERS, are we going to be kind of pulled into the government mandates that are out there, ACF, ACT, IRA. And we're seeing probably across all of our product portfolio, the ERS, the carnal and the fuel cell that all 3 of those are going to be pulled in. And one thing to highlight there is just recently, there's been a lot of discussion around ACF, which is the mandate that's in draft format by CARB. So a little color on ATF, fleets have been actually pushing back on CARB saying they're looking for exemptions from ACF and that they don't need to adopt vehicles till later on than what CARB is proposing.

所以我們非常看好 KARNO 所擁有的機會，但它仍然是一項正在開發中的技術。這就是為什麼我們也包括燃料電池。要強調的另一件事是圍繞認證。所以我們 - 長期以來的一個問題是，即使有 ERS，我們是否會被拉入那裡的政府指令，ACF，ACT，IRA。我們可能會在我們所有的產品組合中看到，ERS、肉體和燃料電池，這三者都將被引入。要強調的一件事是，就在最近，進行了很多討論圍繞 ACF，這是 CARB 制定的草案格式的授權。因此，在 ATF 上有點顏色，車隊實際上一直在反對 CARB，稱他們正在尋求 ACF 的豁免，並且他們不需要採用車輛，直到晚於 CARB 的提議。

One of the exciting things for us is recently CARB had a call where they reiterated and expressed that if a near zero emission vehicle that has the correct performance characteristics is available. They're not going to grant fleet extensions for not being able to get infrastructure, not having vehicles available because CARB is viewing it and saying that, that near-zero-emission vehicle is good that they should be adopting, so they're not going to get an exemption. So that's a huge one for us because now fleets will be kind of forced into adopting a near zero emission vehicle even if a bed vehicle isn't available. And obviously, we're one of those vehicles. And they could adopt us during that time or long term and still get the same credit. So long-winded answer there, but I want to touch on a couple of points for you.

令我們興奮的事情之一是，最近 CARB 接到電話，他們重申並表示，如果有具有正確性能特徵的接近零排放的車輛可用。他們不會因為無法獲得基礎設施、沒有可用車輛而批准車隊延期，因為 CARB 正在查看它並說，接近零排放的車輛很好，他們應該採用，所以他們不會將獲得豁免。所以這對我們來說是一個巨大的挑戰，因為現在即使沒有床車，車隊也將被迫採用接近零排放的車輛。顯然，我們就是其中之一。他們可以在那段時間或長期收養我們，並且仍然獲得同樣的榮譽。那裡的答案很囉嗦，但我想為你談幾點。

And there are no further questions at this time. Mr. Thomas Healy. I turn the call back over to you for some final closing remarks.

目前沒有其他問題。托馬斯·希利先生。我將電話轉回給您，請您作最後的結束語。

Terrific. Well, we appreciate everyone joining the call today. A lot of exciting news. We're excited about the announcement today around the demo vehicle with Hyzon and we encourage everyone to that is interested to please either attend the ACT Expo that's happening in early May. We're going to be showcasing a lot with the ERX as well as the KARNO. If you're interested in as well, please join us for our investor conference, which will be happening at our headquarters on June 27. We expect to be able to really showcase a lot of what we're doing live during that investor meeting. So appreciate everyone taking the time, and we look forward to chatting again next quarter.

了不起。那麼，我們感謝今天加入電話會議的每一個人。很多令人振奮的消息。我們很高興今天宣布了與 Hyzon 的演示車，我們鼓勵所有對此感興趣的人參加 5 月初舉行的 ACT 博覽會。我們將通過 ERX 和 KARNO 展示很多東西。如果您也有興趣，請參加我們的投資者會議，會議將於 6 月 27 日在我們的總部舉行。我們希望能夠在投資者會議期間真正展示我們正在做的很多事情。非常感謝大家抽出時間，我們期待下個季度再次聊天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。