Nikola Corp (NKLA) 2022 Q3 法說會逐字稿

Good morning, and welcome to the Nikola Corporation's Third Quarter 2022 Earnings Call. (Operator Instructions) We will begin today's call with a short video presentation followed by management's prepared remarks. (Operator Instructions) As a reminder, this conference is being recorded.

早上好，歡迎參加 Nikola Corporation 的 2022 年第三季度財報電話會議。 （操作員說明）我們將以簡短的視頻演示開始今天的電話會議，然後是管理層準備好的講話。 （操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce Nikola's Director of Investor Relations, Henry Kwon. Thank you, Henry. You may begin.

現在我很高興向大家介紹 Nikola 的投資者關係總監 Henry Kwon。謝謝你，亨利。你可以開始了。

Thank you, operator, and good morning, everyone. Welcome to Nikola Corporation's Third Quarter 2020 Earnings Call. With me today are Mark Russell, Chief Executive Officer; Michael Lohscheller; President of Nikola; and Kim Brady, Chief Financial Officer.

謝謝接線員，大家早上好。歡迎參加 Nikola Corporation 的 2020 年第三季度財報電話會議。今天和我在一起的是首席執行官馬克·拉塞爾；邁克爾·洛舍勒；尼古拉總裁；和首席財務官金布雷迪。

The press release detailing our financial results was distributed shortly after 6:00 a.m. Pacific Time this morning. The release can be found on the Investor Relations section of the company's website, along with presentation slides accompanying today's call.

詳細說明我們財務業績的新聞稿於太平洋時間今天早上 6:00 後不久發布。該新聞稿可在公司網站的投資者關係部分以及今天電話會議隨附的演示幻燈片中找到。

Today's discussions include references to non-GAAP measures. These measures are reconciled to the most comparable U.S. GAAP measures and can be found at the end of the Q3 earnings press release we issued today.

今天的討論包括對非公認會計原則措施的引用。這些措施與最具可比性的美國公認會計原則措施相一致，可以在我們今天發布的第三季度收益新聞稿末尾找到。

Today's discussions also include forward-looking statements about our future expectations and plans. Actual results may differ materially from those stated, and factors that could cause actual results to differ are also explained at the end of today's earnings press release and on Page 2 of our earnings presentation. Forward-looking statements speak only as of the date on which they are made. You are cautioned not to put undue reliance on forward-looking statements.

今天的討論還包括關於我們未來預期和計劃的前瞻性陳述。實際結果可能與所述結果存在重大差異，可能導致實際結果不同的因素也在今天的收益新聞稿末尾和我們的收益報告的第 2 頁中進行了解釋。前瞻性陳述僅在發表之日發表。請注意不要過分依賴前瞻性陳述。

We will now begin a brief video presentation, followed by prepared remarks from Mark Russell, Michael Lohscheller and Kim Brady.

我們現在將開始一段簡短的視頻演示，然後是 Mark Russell、Michael Lohscheller 和 Kim Brady 準備好的講話。

(presentation)

（介紹）

Good morning, and thanks for joining the call. What an incredible journey we're on. Most of you know that we announced my retirement earlier this year, having been involved with Nikola either as an investor or as an executive from the beginning, I've been reflecting on the extraordinary challenges we've experienced and truly amazing things we've accomplished over the years. I'm so grateful that I've been part of it all, and so thankful for the privilege of being part of this team.

早上好，感謝您加入電話會議。我們正在踏上一段多麼不可思議的旅程。你們中的大多數人都知道，我們今年早些時候宣布退休，從一開始就以投資者或高管的身份與 Nikola 合作，我一直在反思我們所經歷的非凡挑戰以及我們所經歷的真正令人驚奇的事情多年來完成。我很感激我參與了這一切，也很感激有幸成為這個團隊的一員。

Nikola is an awesome team of truly incredible individuals, world-class people who are dedicated in their careers to pioneering sustainable zero-emission commercial transportation. These are the people that give me the confidence to be stepping back. In fact, since we announced this transition, things have gone so well that we are handing the reins over early.

Nikola 是一支由真正令人難以置信的個人組成的令人敬畏的團隊，他們是世界級的人，他們致力於在其職業生涯中開創可持續的零排放商業運輸。這些人給了我退後的信心。事實上，自從我們宣布這一過渡以來，事情進展得如此順利，以至於我們提前交出了韁繩。

And Michael Lohscheller will become CEO effective today. That said, I won't be going very far. I'm still one of Nikola's largest shareholders, and I'll remain on Nikola's Board. I'll continue to do my best to support this team and our strategy in every way I can. But it is with deep confidence that I now hand the balance of this call and the CEO of baton over to Michael Lohscheller, who has been prepared over the course of his extraordinary and diverse career to now lead Nikola to the next level. Michael?

Michael Lohscheller 今天將成為 CEO。也就是說，我不會走得太遠。我仍然是 Nikola 的最大股東之一，我將繼續留在 Nikola 的董事會。我將繼續盡我所能，盡我所能支持這支球隊和我們的戰略。但是，我現在懷著極大的信心將這次電話會議的平衡和接力棒的首席執行官交給邁克爾·洛舍勒，他在他非凡而多樣化的職業生涯中已經做好了準備，現在可以帶領尼古拉更上一層樓。邁克爾?

Thank you, Mark, and good morning, everyone. Thanks for joining us on this call. I am honored to succeed Mark Russell as CEO at Nikola and to drive forward the company's mission. Under Mark's leadership, Nikola has achieved many significant milestones and we look forward to his continued guidance as a member of our Board.

謝謝你，馬克，大家早上好。感謝您加入我們的電話會議。我很榮幸能接替 Mark Russell 擔任 Nikola 的首席執行官，並推動公司的使命向前發展。在 Mark 的領導下，Nikola 取得了許多重要的里程碑，我們期待著他作為董事會成員的持續指導。

As I assume my new role as CEO at Nikola, I would like to share some thoughts on both immediate and long-term strategic goals and objectives. First, I will discuss my views on our immediate objectives and how we are tracking them. Then I will discuss how meeting our immediate objectives will set us up for our long-term aspirations. Kim will also address in greater detail additional current challenges in the commercial space.

在我擔任 Nikola 首席執行官的新角色時，我想分享一些關於近期和長期戰略目標的想法。首先，我將討論我對我們近期目標的看法以及我們如何跟踪這些目標。然後我將討論如何實現我們的近期目標將幫助我們實現我們的長期願望。 Kim 還將更詳細地討論當前商業領域的其他挑戰。

In production and manufacturing, we have made tremendous progress in increasing our daily production. Supply chain management has seen lots of improvements in the past quarter. We shifted from air freight to ocean freight on imported components. We localized purchases of many critical components during the quarter. We also started to diversify our supplier base. The results are beginning to show on our P&L, which Kim will discuss later in detail.

在生產和製造方面，我們在提高日常產量方面取得了巨大進步。供應鏈管理在上個季度取得了很大的進步。我們將進口零部件從空運轉向海運。我們在本季度本地化了許多關鍵組件的採購。我們也開始多元化我們的供應商基礎。結果開始顯示在我們的損益表上，Kim 稍後將詳細討論。

In R&D, we are making good progress in our fuel cell truck development. This quarter, we started to produce the beta builds of our fuel cell trucks. The betas contain a number of improvements over the alphas based on customer input. From winter testing of the alpha, we have improved water management and our fuel cell and exhaust systems. We also improved the range, efficiency and talk of the betas. So I believe we are on a good path in R&D, supply chain management and production systems.

在研發方面，我們的燃料電池卡車開發取得了良好進展。本季度，我們開始生產我們的燃料電池卡車的測試版。 Beta 版根據客戶輸入對 Alpha 版進行了許多改進。從 alpha 的冬季測試開始，我們改進了水管理以及我們的燃料電池和排氣系統。我們還改進了測試版的範圍、效率和談話內容。所以我相信我們在研發、供應鏈管理和生產系統方面都走在了良好的道路上。

Where we can improve is on the commercial side of the business. It's clear that there are macro headwinds right now that, at some point, will turn into macro tailwinds. We must take proactive steps to make sure that we have a commercial program in place that will allow us to fully benefit when the market dynamics become more favorable. I believe we can achieve this by increasing our dedicated sales efforts to better understand our customers and their needs.

我們可以改進的地方是業務的商業方面。很明顯，現在存在宏觀逆風，在某些時候會變成宏觀順風。我們必須採取積極措施，確保我們有一個商業計劃，使我們能夠在市場動態變得更加有利時充分受益。我相信我們可以通過增加我們的銷售努力來更好地了解我們的客戶和他們的需求來實現這一目標。

We need to become less dependent on dealers and instead lead them in our commercial management. To improve our distribution, we hired 8 additional staff in Q3. We will continue to intensify our dedicated sales coverage in the coming quarters and believe this will strengthen us for the fuel cell truck market where we anticipate greater growth opportunities will be in the future. These short and medium-term execution will lead us to our long-term aspirations.

我們需要減少對經銷商的依賴，而是在我們的商業管理中引導他們。為了改善我們的分銷，我們在第三季度增聘了 8 名員工。我們將在未來幾個季度繼續加強我們的專用銷售覆蓋範圍，並相信這將加強我們在燃料電池卡車市場上的實力，我們預計未來將有更大的增長機會。這些短期和中期的執行將引導我們實現我們的長期願望。

Our long-term strategic focus will be on growing our global presence in the hydrogen supply and infrastructure business. Our fuel cell trucks will enable us to accelerate the transition to clean energy, and we have made some important decisions on this front. As one of my first actions since becoming Nikola's President, I appointed Carey Mendes as President of Nikola's Energy business. Carey has more than 20 years of operational experience in the energy industry. He spent 12 years at BP, where he played a key role in growing BP's renewable energy business. Since his appointment, Carey has begun to oversee all aspects of our energy business at Nikola.

我們的長期戰略重點將是擴大我們在氫供應和基礎設施業務中的全球影響力。我們的燃料電池卡車將使我們能夠加速向清潔能源的過渡，我們已經在這方面做出了一些重要的決定。作為我成為 Nikola 總裁後的第一批行動之一，我任命 Carey Mendes 為 Nikola 能源業務總裁。 Carey 在能源行業擁有 20 多年的運營經驗。他在 BP 工作了 12 年，在發展 BP 的可再生能源業務方面發揮了關鍵作用。自上任以來，Carey 開始監督我們在 Nikola 的能源業務的各個方面。

I'm also very excited to share with you that in the beginning of October, we announced the appointment of Andrew Vesey to our Board of Directors. This signals another step towards executing our long-term goals. Andrew joins us with over 40 years of experience in the energy industry. He has been focused on the acceleration of a decarbonized energy future, and we are confident that his knowledge and insight will help us to execute on our strategy as we move forward.

我也很高興與您分享，在 10 月初，我們宣布任命 Andrew Vesey 為我們的董事會成員。這標誌著我們朝著實現我們的長期目標又邁出了一步。 Andrew 以 40 多年的能源行業經驗加入我們。他一直專注於加速脫碳能源的未來，我們相信他的知識和洞察力將幫助我們在前進的過程中執行我們的戰略。

We closed on the Arizona production hub land purchase on September 30, and now we are making progress on the permitting and zoning requirements. We have also made good progress on ordering electrolyzers and liquefaction equipment. Our hydrogen infrastructure will support our truck customers after we launched our fuel cell trucks in the second half of 2023, and this infrastructure will also help support third-party demand. The Arizona hydrogen production hubs planned initial capacity will be 30 tons per day and expand to 150 tons per day once completed. By 2026, we are targeting to achieve at least 300 tons of hydrogen supply with 50 to 60 fueling stations nationwide. We are making progress on hydrogen refueling stations and building on our announcement last quarter of 3 locations.

我們於 9 月 30 日結束了亞利桑那州生產中心的土地購買，現在我們在許可和分區要求方面取得了進展。我們在訂購電解槽和液化設備方面也取得了不錯的進展。在我們於 2023 年下半年推出燃料電池卡車後，我們的氫基礎設施將為我們的卡車客戶提供支持，該基礎設施也將有助於支持第三方需求。亞利桑那州的氫氣生產中心計劃初始產能為每天 30 噸，建成後將擴大到每天 150 噸。到 2026 年，我們的目標是實現至少 300 噸氫氣供應，在全國建立 50 至 60 個加氫站。我們在加氫站方面取得進展，並在上個季度宣布的 3 個地點的基礎上再接再厲。

We also announced our collaboration with E.ON to form a joint venture. The joint venture will provide hydrogen supply and refueling infrastructure for our fuel cell trucks in Europe. As you may know, E.ON is one of Europe's largest operators of energy networks and energy infrastructure, and we look forward to bringing an integrated mobility solution to our customers. We signed a term sheet with E.ON to solidify the collaboration, and we are currently working to finalize the terms. Our European strategy will build on the asset-light partnership approach that we began in the U.S. with our U.S. strategic partners.

我們還宣布與 E.ON 合作組建合資企業。該合資企業將為我們在歐洲的燃料電池卡車提供氫氣供應和加油基礎設施。如您所知，E.ON 是歐洲最大的能源網絡和能源基礎設施運營商之一，我們期待為我們的客戶帶來集成的移動解決方案。我們與 E.ON 簽署了一份條款清單以鞏固合作，我們目前正在努力敲定條款。我們的歐洲戰略將建立在我們與美國戰略合作夥伴在美國開始的輕資產合作夥伴關係的基礎上。

As you saw in the video, our fuel cell trucks generated strong interest from potential customers at the IAA in Hanover, Germany in September. IAA is the largest and the most important transportation logistics show in the world. And together with our European partner, IVECO, we presented the European Tre BEV and FCEV beta on the Nikola and IVECO stand. The incredible level of interest for our fuel cell trucks once again validated our conviction on the critical role that Nikola plays in the global transition to a hydrogen economy. In this transition, we believe that our fuel cell trucks will stimulate demand for hydrogen and help accelerate the rate of hydrogen adoption in the greater economy.

正如您在視頻中看到的那樣，我們的燃料電池卡車在 9 月的德國漢諾威 IAA 上引起了潛在客戶的濃厚興趣。 IAA是世界上最大、最重要的運輸物流展。我們與歐洲合作夥伴依維柯一起在 Nikola 和 IVECO 展台上展示了歐洲 Tre BEV 和 FCEV beta。我們的燃料電池卡車令人難以置信的興趣再次證實了我們對 Nikola 在全球向氫經濟轉型中發揮的關鍵作用的信念。在這一轉變中，我們相信我們的燃料電池卡車將刺激對氫的需求，並有助於加快氫在更大經濟體中的採用率。

I'll now share a few opportunities that we are well positioned to capitalize on. The recently passed Inflation Reduction Act in the U.S. provides a number of benefits to Nikola, and these will be additive as our business plans were created without assuming them. In Europe, the European Parliament Transport and Tourism Committee has recently agreed to target 1 hydrogen refueling station per 100 kilometers along the trans-European transport network core and comprehensive network by 2028. This new target is more ambitious than the original proposal, which had called for 1 refueling station every 150 kilometers. The European Union's regulatory development will play an important role in speeding up hydrogen deployment there and provide Nikola with significant opportunities to replicate our U.S. strategy in Europe.

我現在將分享一些我們可以很好地利用的機會。美國最近通過的《通脹降低法案》為 Nikola 提供了許多好處，這些好處將是附加的，因為我們的業務計劃是在沒有假設的情況下創建的。在歐洲，歐洲議會交通和旅遊委員會最近同意，到 2028 年，目標是在跨歐洲交通網絡核心和綜合網絡沿線每 100 公里建設 1 個加氫站。這個新目標比原提案更加雄心勃勃，原提案呼籲每150公里1個加油站。歐盟的監管發展將在加快那裡的氫部署方面發揮重要作用，並為 Nikola 在歐洲複製我們的美國戰略提供重要機會。

On to some details of what we have done on the vehicle front in Q3 now. On fuel cell vehicles, our TTSI pilot testing, which began in June, has locked over 9,700 miles to date. We began pilot testing with Walmart in August and it has locked over 5,500 miles to date. In Q3, we produced 6 beta trucks and expect to produce 17 beta trucks for the full year by the end of Q4. On our Tre BEVs, we produced a total of 75 trucks in during Q3 and delivered 63 to our dealers. We began pilot testing the Tre BEV with SAIA in August, and today, the trucks have locked over 1,600 miles.

關於我們現在在第三季度在車輛前端所做的一些細節。在燃料電池汽車上，我們於 6 月開始的 TTSI 試點測試迄今已鎖定超過 9,700 英里。我們於 8 月開始與沃爾瑪進行試點測試，迄今為止已鎖定超過 5,500 英里。在第三季度，我們生產了 6 輛 Beta 卡車，預計到第四季度末全年將生產 17 輛 Beta 卡車。在我們的 Tre BEV 上，我們在第三季度共生產了 75 輛卡車，並向我們的經銷商交付了 63 輛。我們於 8 月開始與 SAIA 一起對 Tre BEV 進行試點測試，如今，卡車已鎖定超過 1,600 英里。

We also began pilot testing the Tre BEVs with Walmart in September, and the trucks have also locked over 2,700 miles today. We're also very excited to share that we received a purchase order of 100 Tre BEVs from Zeem Solutions, a leading provider of zero-emission EV Fleet-as-a-Service provider yesterday. The trucks will be delivered in 2023.

我們還於 9 月開始與沃爾瑪一起對 Tre BEV 進行試點測試，這些卡車今天也已鎖定 2,700 多英里。我們也很高興地分享，我們昨天收到了零排放 EV 車隊即服務提供商 Zeem Solutions 的 100 輛 Tre BEV 採購訂單。這些卡車將於 2023 年交付。

We are still on track to complete Phase 2 of our Coolidge, Arizona manufacturing facility by the end of Q1 2023. The nameplate capacity of our Coolidge plant when Phase 2 is completed, will be approximately 20,000 units a year. The facility will be capable of assembling both BEVs and fuel cells on the same line. We also plan to establish a line for the assembly of our Bosch fuel cell power models.

我們仍有望在 2023 年第一季度末完成亞利桑那州柯立芝製造工廠的第二階段。當第二階段完成時，我們柯立芝工廠的銘牌產能將約為每年 20,000 台。該設施將能夠在同一條生產線上組裝 BEV 和燃料電池。我們還計劃建立一條用於組裝博世燃料電池動力模型的生產線。

Regarding Phase 2 of our Coolidge expansion front, after assessing the macro uncertainties in the market, we have taken another look at our previous assumption on scaling in Q4 2022 and fiscal year 2023. As we discussed during our second quarter earnings call, we can now confirm that we are deferring our Phase 3 Coolidge expansion plan to 2024.

關於我們柯立芝擴張戰線的第二階段，在評估了市場的宏觀不確定性之後，我們再次審視了我們之前對 2022 年第四季度和 2023 財年擴展的假設。正如我們在第二季度財報電話會議中討論的那樣，我們現在可以確認我們將柯立芝第三階段擴建計劃推遲到 2024 年。

Kim will provide details on the numbers. And with that, I will hand it over to Kim.

金將提供有關數字的詳細信息。有了這個，我會把它交給金。

Thanks, Michael, and good morning, everyone. Let me begin with the financial overview for the third quarter. Our Q3 revenues were in line with our expectations and our gross loss was less than expected. In Q3, we reported revenues of $24.2 million on deliveries of 63 Tre BEVs and on MCT compared to deliveries of 48 Tre BEV and 4 MCTs in Q2. Cost of revenues came in at $54.4 million, resulting in a gross loss of $30.2 million, with a negative 124% gross margin in Q3 from negative 161% in Q2. Gross margin came in significantly better than our guidance of negative 240% to negative 250%. The gross loss improvement of 37% from Q2 is driven by lower material overhead expenses and improved overhead cost absorption on higher revenues during the quarter.

謝謝，邁克爾，大家早上好。讓我從第三季度的財務概覽開始。我們第三季度的收入符合我們的預期，我們的總虧損低於預期。在第三季度，我們報告了 63 輛 Tre BEV 和 MCT 的交付收入為 2420 萬美元，而第二季度交付了 48 輛 Tre BEV 和 4 輛 MCT。收入成本為 5440 萬美元，導致毛虧損 3020 萬美元，第三季度毛利率為負 124%，而第二季度為負 161%。毛利率明顯好於我們負 240% 至負 250% 的指導。與第二季度相比，毛虧損減少了 37%，這是由於本季度材料管理費用降低以及管理費用吸收改善以及本季度收入增加所致。

Our material overhead expenses, which consists mainly of inbound inventory freight and duty, came in favorable as our dependence on air freight as a percentage of total freight came down to 33% in Q3 from 84% in Q2. We should also mention one item regarding our cost of sales in Q3. As we shared in our Q2 earnings call, our acquisition of Romeo Power involved providing up to $20 million in a temporary price increase for each battery pack delivered through transaction close. This amount came to $11.9 million in Q3. This pack price increase was not recognized as a part of our cost of revenues for the quarter, but was capitalized in prepaid expenses and other current assets on balance sheet as a part of future purchase price consideration. Had this amount been recognized on the P&L, our Q3 gross margin would have been about negative 174%. We will share more on Romeo's impact on our cost structure later in the call when we discuss Q4 guidance.

由於我們對空運佔總貨運的百分比從第二季度的 84% 下降到第三季度的 33%，我們的材料間接費用（主要包括入庫庫存運費和關稅）得到了有利的結果。我們還應該提到一項關於我們在第三季度的銷售成本的項目。正如我們在第二季度財報電話會議中分享的那樣，我們對 Romeo Power 的收購涉及為通過交易完成交付的每個電池組提供高達 2000 萬美元的臨時價格上漲。這一數額在第三季度達到 1190 萬美元。這一包裝價格上漲沒有被確認為我們本季度收入成本的一部分，而是在資產負債表上的預付費用和其他流動資產中資本化，作為未來購買價格對價的一部分。如果在損益表中確認這一金額，我們第三季度的毛利率將約為負 174%。當我們討論第四季度指導時，我們將在電話會議稍後分享更多關於羅密歐對我們成本結構的影響。

At the SG&A level, the most significant cost driver during Q3 was the change in our management compensation structure. On August 15, our Board of Directors approved an amendment to executive employment agreements with our (inaudible) executives. Under the new scheme, each of the affected executives had existing market-based stock awards with stock price milestones of $40 and $55 canceled, and the performance period applicable to the shares with a $25 stock price milestone was extended by 12 months from June 3, '23 to June 3, '24. Under U.S. GAAP, if a market-based stock award is canceled without the concurrent grant or offer of a replacement award, the cancellation is treated as a stock repurchase for no consideration. We recognized $55.8 million in market-based RSU awards for the cancellation of the $40 and $55 tranches for all executives, representing the remaining unamortized expense of these awards as of the cancellation date.

在 SG&A 層面，第三季度最重要的成本驅動因素是我們管理層薪酬結構的變化。 8 月 15 日，我們的董事會批准了與我們（聽不清）高管的高管僱傭協議的修正案。根據新計劃，每位受影響的高管都取消了現有的基於市場的股票獎勵，其中股票價格里程碑為 40 美元和 55 美元，適用於具有 25 美元股價里程碑的股票的業績期從 6 月 3 日起延長了 12 個月， '23 至 24 年 6 月 3 日。根據美國公認會計原則，如果基於市場的股票獎勵在沒有同時授予或提供替代獎勵的情況下被取消，則取消被視為無對價的股票回購。我們為取消所有高管的 40 美元和 55 美元部分確認了 5580 萬美元的基於市場的 RSU 獎勵，這是截至取消日期這些獎勵的剩餘未攤銷費用。

Q3 EBITDA came to negative $221.7 million, and adjusted EBITDA came to negative $105.9 million. Equity and net loss of affiliates came to $2.0 million in Q3 from $1.3 million in Q2. The loss was driven by net losses at the Nikola-IVECO Europe JV due to the expanded scope of the JV's product development and vehicle engineering activities that we refer to in our Q2 earnings call. Our net loss for Q3 was $236.2 million, and the loss per share came to negative $0.54 on a GAAP basis, and negative $0.28 on a non-GAAP basis.

第三季度 EBITDA 為負 2.217 億美元，調整後的 EBITDA 為負 1.059 億美元。附屬公司的股權和淨虧損從第二季度的 130 萬美元增至第三季度的 200 萬美元。虧損是由於我們在第二季度財報電話會議中提到的合資企業產品開發和車輛工程活動範圍擴大，導致 Nikola-IVECO Europe JV 出現淨虧損。我們第三季度的淨虧損為 2.362 億美元，按公認會計原則計算，每股虧損為負 0.54 美元，按非公認會計原則計算為負 0.28 美元。

On the balance sheet, we ended the third quarter with $403.8 million in cash and restricted cash from $529.2 million at the end of Q2. Regarding available liquidity, our existing ELOC facilities with Tumim remain at $312.5 million. We also have entered into an equity distribution agreement or at the market facility, where Nikola may offer and sell up to $400 million of common stock. We received approximately $100.5 million of gross proceeds under the ATM during the quarter. If we consider cash, ELOC and ATM, our total access to liquidity stood at $1.01 billion as of the end of Q3, representing an improvement from $841.8 million at the end of Q2. We believe this liquidity access is more than sufficient to cover our spending and positions us well for the following 12 months.

在資產負債表上，我們在第三季度末有 4.038 億美元的現金和限制性現金，而第二季度末為 5.292 億美元。關於可用流動性，我們與 Tumim 的現有 ELOC 設施仍為 3.125 億美元。我們還簽訂了股權分配協議或在市場設施中，尼古拉可以提供和出售高達 4 億美元的普通股。本季度，我們通過 ATM 獲得了大約 1.005 億美元的總收益。如果我們考慮現金、ELOC 和 ATM，截至第三季度末，我們獲得的流動資金總額為 10.1 億美元，比第二季度末的 8.418 億美元有所改善。我們認為，這種流動性通道足以支付我們的支出，並使我們在接下來的 12 個月內處於有利地位。

Next, we want to turn your attention to our working capital as we have now completed 2 quarters of Tre BEVs deliveries. Our accounts receivable in Q3 came to $37.7 million from $16.7 million at the end of Q2. Our inventory increased from $52.1 million in Q2 to $81.1 million at the end of Q3, driven by purchases of components and raw materials to support Tre BEVs production in Q4 2022 and 2023. Our typical vendor payment terms to our vendors range from 30 to 45 days. Together with our dealers, we are working to reduce the number of days in our payment terms on future deliveries to minimize the working capital impact. As we aim to achieve a target of keeping 12 months of liquidity on hand at the end of each quarter, we will continue to seek the right opportunities to replenish our liquidity on an ongoing basis while trying to minimize dilution to our shareholders. We are also considering how we can potentially reduce spending without compromising our critical programs for 2023.

接下來，我們希望將您的注意力轉移到我們的營運資金上，因為我們現在已經完成了 2 個季度的 Tre BEV 交付。我們在第三季度的應收賬款從第二季度末的 1670 萬美元增至 3770 萬美元。我們的庫存從第二季度的 5,210 萬美元增加到第三季度末的 8,110 萬美元，這是由於購買了組件和原材料以支持 2022 年第四季度和 2023 年第四季度的 Tre BEV 生產。我們向供應商支付的典型供應商付款期限為 30 至 45 天.我們正在與我們的經銷商一起努力減少未來交付的付款期限中的天數，以盡量減少對營運資金的影響。由於我們的目標是在每個季度末保持 12 個月的流動性，我們將繼續尋找合適的機會來持續補充我們的流動性，同時盡量減少對股東的稀釋。我們還在考慮如何在不影響 2023 年關鍵計劃的情況下減少開支。

Regarding the Romeo merger update, we completed our exchange offer to purchase all outstanding common shares of Romeo and subsequent acquisition. The transaction closed on October 14, and Romeo is now a subassembly plan for Coolidge. We are currently focused on post-acquisition integration, including manufacturing line optimization and productivity improvements addressing customer contracts and aggressively reducing BOM and closure cost and nonpersonnel cost.

關於羅密歐合併更新，我們完成了購買羅密歐所有流通普通股的交換要約以及隨後的收購。交易於 10 月 14 日結束，羅密歐現在是柯立芝的子裝配計劃。我們目前專注於收購後整合，包括生產線優化和生產力改進，以解決客戶合同問題，並積極降低 BOM 和關閉成本以及非人員成本。

We anticipate recording a noncash impairment charges on Romeo's assets as of September 30, 2022, currently estimated in the range of $0 to $75 million. The such potential charge would decrease the amount of Nikola's bargain purchase price gain on the acquisition, which was previously estimated as $83 million based on Q2 pro forma financials. The actual amount of the impairment charge and its effect on any bargain purchase price game is an estimate only at this point and not fully known at this time and will be based on financial purchase price accounting reflected in Q4 financial statements.

我們預計截至 2022 年 9 月 30 日，羅密歐的資產將計入非現金減值費用，目前估計在 0 至 7500 萬美元之間。此類潛在費用將減少 Nikola 在此次收購中的討價還價收購價格收益金額，此前根據第二季度的備考財務數據估計為 8300 萬美元。減值費用的實際金額及其對任何討價還價遊戲的影響只是此時的估計，目前尚不完全清楚，將基於第四季度財務報表中反映的財務購買價格會計。

Moving on to Q4 and fiscal year 2022 full year guidance. As an early disruptor in zero-emission BEV trucks, we've learned many lessons this year. In the second and third quarters, we delivered 111 trucks to dealers. And while we are pleased with our progress on truck production and interest from our end customers, we will be unable to deliver 300 trucks to dealers by the end of 2022. We would like to share some of our observations and the reasons why we are revising our fiscal year 2022 delivery guidance.

轉到第四季度和 2022 財年全年指導。作為零排放 BEV 卡車的早期顛覆者，我們今年吸取了很多教訓。第二季度和第三季度，我們向經銷商交付了111輛卡車。雖然我們對卡車生產的進展和最終客戶的興趣感到滿意，但到 2022 年底，我們將無法向經銷商交付 300 輛卡車。我們想分享一些我們的觀察以及我們修改的原因我們的 2022 財年交付指南。

First, as discussed on the Q2 earnings call, while our mobile charging trailers and E-Skids can help customers get started on electrification continuing to scale up to fleet level charging infrastructure remains a hurdle and often involves a lengthy process, which usually requires regulatory approval and support from the local power provider and municipality. This is further impacted by uncertainties over macroeconomic conditions resulting in end customers' reluctance to make significant capital investments in the necessary charging infrastructure. We anticipate these headwinds will continue to be a significant limiting factor in the customer uptake rate for the Tre BEVs, especially for the remainder of this year and likely through 2023. This dynamic appears to be more about customer investments in charging infrastructure timing and less about their willingness to transition to 0 emission trucks.

首先，正如在第二季度財報電話會議上所討論的，雖然我們的移動充電拖車和 E-Skids 可以幫助客戶開始電氣化，但繼續擴大到車隊級別的充電基礎設施仍然是一個障礙，並且通常涉及一個漫長的過程，這通常需要監管部門的批准並得到當地電力供應商和市政當局的支持。這進一步受到宏觀經濟條件不確定性的影響，導致最終客戶不願對必要的充電基礎設施進行重大資本投資。我們預計這些不利因素將繼續成為限制 Tre BEV 客戶使用率的重要因素，尤其是在今年剩餘時間和可能到 2023 年。這種動態似乎更多地與客戶對充電基礎設施時間的投資有關，而不是關於他們願意過渡到零排放卡車。

Second, the Q4 gross margin will deteriorate from Q3 once we start consolidating Romeo Power into our financials. When we announced the acquisition on August 1, we summarized the potential long-term benefits from the merger to be approximately 30% cost reduction in non-cell related battery pack costs by the end of 2023. However, our BOM cost for the battery packing closures will increase temporarily for the next 5 quarters as Romeo's power was subsidizing Nikola's battery packs by approximately $110,000 per truck.

其次，一旦我們開始將 Romeo Power 整合到我們的財務中，第四季度的毛利率將比第三季度惡化。當我們在 8 月 1 日宣布收購時，我們總結了合併的潛在長期利益，即到 2023 年底，非電池相關的電池組成本降低約 30%。但是，我們的電池組 BOM 成本在接下來的 5 個季度中，關閉將暫時增加，因為 Romeo 的電力正在為 Nikola 的電池組提供每輛卡車約 110,000 美元的補貼。

We are converting from machine battery packing closures to casted enclosures, which we expect to lower the BOM cost significantly. This requires validation and testing once the first article is produced. This effectively means we will not see the benefits of significant battery pack cost savings until the end of 2023. But we have a clear line of sight and when our cost savings initiatives are complete, we expect battery pack cost to drop by at least $110,000 per truck.

我們正在從機器電池包裝封蓋轉換為鑄造外殼，我們預計這將顯著降低 BOM 成本。這需要在生產第一篇文章後進行驗證和測試。這實際上意味著我們要到 2023 年底才能看到顯著節省電池組成本的好處。但我們有明確的視野，當我們的成本節省計劃完成後，我們預計電池組成本將至少下降 110,000 美元/個卡車。

Third, at this point, the Tre BEVs truck cost per unit is meaningfully higher than the average selling price per unit. This is expected for a new technology product in an early stage of adoption. As we continue to scale our business, we anticipate production costs to decrease. However, in light of current macroeconomic conditions, we are evaluating the rate of scaling production in Q4 2022 and 2023 to minimize a situation where the more Tre BEV trucks we sell, the greater the growth loss in the short term.

第三，此時，Tre BEV 卡車的單位成本明顯高於單位平均售價。對於處於早期採用階段的新技術產品，這是預期的。隨著我們繼續擴大業務規模，我們預計生產成本將下降。然而，鑑於目前的宏觀經濟狀況，我們正在評估 2022 年第四季度和 2023 年第四季度的生產規模化速度，以盡量減少我們銷售的 Tre BEV 卡車越多，短期內增長損失越大的情況。

Ultimately, we need to scale at the right level to further decrease Tre BEV truck cost per unit and achieve greater operating leverage in direct and indirect labor and manufacturing overhead. With that backdrop, our Q4 consolidated financials will include Romeo's cost structure. Through our Q4 in 2023, we plan to include supplemental information in our earnings stack to provide visibility to the ongoing cost structure of Romeo's operation. We plan to produce approximately 120 to 170 trucks in Q4 as we currently hold enough inventory in Coolidge to meet their production target.

最終，我們需要在適當的水平上進行擴展，以進一步降低 Tre BEV 卡車的單位成本，並在直接和間接勞動力和製造費用方面實現更大的運營槓桿。在這種背景下，我們第四季度的綜合財務將包括羅密歐的成本結構。通過我們在 2023 年的第四季度，我們計劃在我們的收益堆棧中包含補充信息，以提供對羅密歐運營的持續成本結構的可見性。我們計劃在第四季度生產大約 120 至 170 輛卡車，因為我們目前在柯立芝擁有足夠的庫存來滿足他們的生產目標。

Due to a high level of uncertainty surrounding the timing of our Q4 delivery, we decided not to provide volume or revenue guidance. However, whatever we produce in Q4, we believe we will be able to recognize as revenue in Q4 and 2023. We anticipate our gross margin being between negative 240% and negative 280%.

由於第四季度交付時間的高度不確定性，我們決定不提供數量或收入指導。然而，無論我們在第四季度生產什麼，我們相信我們將能夠在第四季度和 2023 年確認為收入。我們預計我們的毛利率在負 240% 和負 280% 之間。

R&D expenses should be in the range of $82.5 million to $87.5 million, including approximately $5 million for Romeo, and SG&A expenses will likely be in the range of $85 million to $90 million, including approximately $25.5 million for Romeo. The stock-based compensation will be roughly $58 million, including approximately $16 million for Romeo due to the acceleration of RSUs and PSUs as part of the merger agreement for former executive officers. CapEx for Q4 should be in the range of $30 million to $40 million.

研發費用應在 8250 萬美元至 8750 萬美元之間，其中羅密歐約 500 萬美元，SG&A 費用可能在 8500 萬美元至 9000 萬美元之間，其中羅密歐約 2550 萬美元。基於股票的薪酬將約為 5800 萬美元，其中羅密歐的約 1600 萬美元是由於 RSU 和 PSU 的加速，這是前執行官合併協議的一部分。第四季度的資本支出應在 3000 萬至 4000 萬美元之間。

Michael mentioned that the nameplate building capacity for Coolidge is about 20,000 units per year, including BEV and fuel cell electric vehicle upon completion of Phase 2 in the first quarter of 2023. This capacity should be sufficient to achieve our internal production targets for 2023 and 2024 and 2025, which we have yet to disclose. Accordingly, we can confirm that Phase 3 build-out will be deferred, reducing our anticipated cash burn by $345 million in 2023.

邁克爾提到，柯立芝的銘牌產能約為每年20,000輛，包括2023年第一季度完成二期後的BEV和燃料電池電動汽車。這個產能應該足以實現我們2023年和2024年的內部生產目標和 2025 年，我們尚未披露。因此，我們可以確認第 3 階段的擴建將被推遲，從而在 2023 年將我們預期的現金消耗減少 3.45 億美元。

Furthermore, as we adjust to the current macro environment of inflation, rising interest rates and increased commodity prices, we made the difficult decision to reduce headcount by 7% this month or approximately 100 employees. I, along with the full management team, express our gratitude to this impacted individuals and are working hard to support them through this transition. Though it was not easy, this decision allows us to better align our headcount with strategic priorities that will improve productivity and reduce BOM with greater focus and discipline regarding 2023 expectations. As previously alluded to, we are operating in a highly unusual and challenging environment, especially for early EV OEMs and H2 infrastructure providers.

此外，隨著我們適應當前通脹、利率上升和商品價格上漲的宏觀環境，我們做出了艱難的決定，即本月裁員 7% 或約 100 名員工。我和整個管理團隊對這些受影響的個人表示感謝，並正在努力支持他們度過這一過渡期。儘管這並不容易，但這一決定使我們能夠更好地使我們的員工人數與戰略優先事項保持一致，從而提高生產力並減少 BOM，並更加關注和遵守 2023 年的預期。正如前面提到的，我們在一個非常不尋常和充滿挑戰的環境中運營，特別是對於早期的 EV OEM 和 H2 基礎設施供應商。

After carefully considering and weighing the above factors, we have determined that we are better off delivering fewer BEV trucks and preserving cash until the visibility becomes more apparent and the planned BOM cost savings are achieved in 2023. Accordingly, we are proactively reducing volume expectations for Tre BEV trucks in Q4 2022 and 2023. We will provide you with more details on our 2023 projected BEV truck deliveries when we announce our fourth quarter results. During this time, we will be prudent stewards of capital while improving efficiency and negative gross margins.

在仔細考慮和權衡上述因素後，我們確定我們最好減少交付 BEV 卡車並保留現金，直到可見性變得更加明顯，並在 2023 年實現計劃的 BOM 成本節約。因此，我們正在積極降低對銷量的預期Tre BEV 卡車在 2022 年第四季度和 2023 年第四季度。我們將在公佈第四季度業績時為您提供有關 2023 年預計 BEV 卡車交付的更多詳細信息。在此期間，我們將成為審慎的資本管家，同時提高效率和負毛利率。

Furthermore, we are also looking to significantly reduce our OpEx and CapEx spending in 2023 by 20% to 30% from the 2022 level. To be clear, we are running at full speed to ensure the Tre FCEV truck schedule is not compromised, and we can achieve the start of production in the second half of 2023.

此外，我們還希望將 2023 年的運營支出和資本支出支出從 2022 年的水平大幅降低 20% 至 30%。需要明確的是，我們正在全速運行，以確保 Tre FCEV 卡車的時間表不受影響，我們可以在 2023 年下半年實現投產。

This concludes our prepared remarks. We will use the remainder of the time to address your questions. But before we open the line to analyst questions, we would like to take this opportunity to answer some questions from our retail shareholders, Henry?

我們準備好的評論到此結束。我們將利用剩餘的時間來解決您的問題。但在我們向分析師提問之前，我們想藉此機會回答我們散戶股東亨利的一些問題？

Thank you, Kim. The first question was combined from 2 separate questions asked by 2 investors that address what we feel are identical issues. When will Nikola's product be in production? And when will Nikola start delivering the vehicles?

謝謝你，金。第一個問題是由 2 位投資者提出的 2 個獨立問題合併而成，這些問題解決了我們認為相同的問題。 Nikola 的產品何時投入生產？尼古拉什麼時候開始交付車輛？

We began commercial deliveries of our Tre BEV to dealers in Q2. And customer deliveries of these electric trucks are currently being made by our dealers and have mainly gone to end customers in Southern California. To be clear, these are not demo deliveries, but trucks used by our customers in their day-to-day business in their fleets. These deliveries have been made for 2 quarters now.

我們在第二季度開始向經銷商商業交付 Tre BEV。這些電動卡車的客戶交付目前由我們的經銷商進行，主要交付給南加州的最終客戶。需要明確的是，這些不是演示交付，而是我們的客戶在其車隊的日常業務中使用的卡車。這些交付現在已經進行了 2 個季度。

On our fuel cell trucks, we are currently producing the beta version of our demo trucks and are on schedule to make commercial deliveries to customers in the second half of 2023 in the U.S. and in the first half of 2024 in Europe.

在我們的燃料電池卡車上，我們目前正在生產我們的演示卡車的測試版，並按計劃於 2023 年下半年在美國和 2024 年上半年在歐洲向客戶進行商業交付。

The next question is, is there any chance of salvaging the GM deal or striking a new deal with an existing auto manufacturer to start production of the Badger?

下一個問題是，是否有機會挽救與通用汽車的交易或與現有汽車製造商達成新協議以開始生產獾？

Understandably, there is much confusion around the Badger since we never formally announced that we would be dropping it. To make it clear here, we are no longer developing the Badger because our commercial truck and energy infrastructure business is our strategic focus. As an early-stage growth company, we cannot divert capital to the Badger light truck that aligns more with passenger vehicles.

可以理解的是，由於我們從未正式宣布將放棄它，因此圍繞 Badger 存在很多混亂。在這裡要明確一點，我們不再開發 Badger，因為我們的商用卡車和能源基礎設施業務是我們的戰略重點。作為一家處於早期成長階段的公司，我們不能將資金轉移到更貼近乘用車的Badger輕型卡車上。

The next question is, what is the plan for the company to get out of the red and instill confidence back in investors?

下一個問題是，公司有什麼計劃來擺脫困境並重新向投資者灌輸信心？

As discussed, current macroeconomic headwinds create some uncertainty, which affects both our top line growth and cost. We are working hard to increase sales to our end customers by strengthening our sales capabilities. We are also taking steps to reduce our BOM cost and cost burden at the cost of goods sold level by improving operating leverage as we scale. However, this will be challenging in an environment of high inflation and higher commodity prices since the end customers are reluctant to increase their costs. Accordingly, we cannot provide guidance on when we expect to reach profitability, but we will share our thoughts with you as things stabilize in the coming quarters.

如前所述，當前的宏觀經濟逆風造成了一些不確定性，這會影響我們的收入增長和成本。我們正在努力通過加強我們的銷售能力來增加對最終客戶的銷售。我們還採取措施，通過隨著我們的規模擴大而提高運營槓桿，以降低我們的 BOM 成本和銷售成本水平的成本負擔。然而，在高通脹和大宗商品價格上漲的環境中，這將是一項挑戰，因為最終客戶不願增加成本。因此，我們無法就預計何時實現盈利提供指導，但隨著未來幾個季度的穩定，我們將與您分享我們的想法。

The next question is investors need complete transparency after recent events involving the company. What is your plan to bring investors back on your side?

下一個問題是，在最近涉及該公司的事件之後，投資者需要完全透明。你有什麼計劃讓投資者重新站在你這邊？

We are committed to open and transparent communications with all of our investors, this platform to ask questions being an example of that commitment. We aim to always communicate clearly about our progress and milestones and are receiving some positive feedback from investors. We have seen a significant increase in institutional investment owners spin on our stock versus 6 quarters ago. So we see that as a positive trend. Market conditions lie outside of our control, but we will continue to take steps to ensure that you are well informed about our progress on a timely basis.

我們致力於與我們所有的投資者進行公開和透明的溝通，這個提問的平台就是這種承諾的一個例子。我們的目標是始終清楚地傳達我們的進展和里程碑，並從投資者那裡得到一些積極的反饋。與 6 個季度前相比，我們看到機構投資所有者對我們股票的投資顯著增加。所以我們認為這是一個積極的趨勢。市場狀況不在我們的控制範圍內，但我們將繼續採取措施確保您及時了解我們的進展。

(Operator Instructions)

（操作員說明）

Our first question is from Douglas Dutton with Evercore ISI.

我們的第一個問題來自 Douglas Dutton 和 Evercore ISI。

Just curious if you have any more insight now that Romeo has acquired, what is the exit rate or one-half run rate in '23, we could look at for deliveries?

只是好奇您現在是否對羅密歐獲得了更多見解，23 年的退出率或一半運行率是多少，我們可以看看交付情況？

Doug, thanks for the question. As you know, we're making a very good progress with Romeo. We are very much focused on post-acquisition integration. And we have been able to actually meet target and what Romeo committed prior to acquisition, they have delivered. And so right now, we have the ability to manufacture approximately 3 trucks and have a capacity to increase that to 5 trucks. So we feel pleased in terms of targets, and we expect additional manufacturing improvements, including greater deal, greater efficiency. And so we anticipate that we can improve on what Romeo has achieved to date, and we'll be able to share that with you more earnings call.

道格，謝謝你的提問。如您所知，我們在羅密歐方面取得了非常好的進展。我們非常關注收購後的整合。我們已經能夠真正實現目標以及羅密歐在收購之前所承諾的，他們已經交付了。所以現在，我們有能力製造大約 3 輛卡車，並且有能力將其增加到 5 輛卡車。因此，我們對目標感到滿意，我們期待更多的製造改進，包括更大的交易、更高的效率。因此，我們預計我們可以改進羅密歐迄今為止所取得的成就，我們將能夠與您分享更多的收益電話。

Okay. Great. And then do you think the 2,000 truck run rate is still sees -- or the 2,000 truck total deliveries in '23 is still feasible? You mentioned previously that you had the cell and pack capacity for that. It sounds like it's not a production issue, and it might be more of a cost issue now on the pack side. So what needs to happen on the cost side for us to reach that 2,000 total delivery number for the Tre BEV in '23?

好的。偉大的。然後你認為 2,000 輛卡車的運行率仍然可見 - 或者 23 年的 2,000 輛卡車總交付量仍然可行？您之前提到您擁有電池和電池組的容量。聽起來這不是生產問題，現在在包裝方面可能更多是成本問題。那麼，我們需要在成本方面發生什麼，才能在 23 年達到 Tre BEV 的 2,000 輛總交付量？

Doug, we talked in a fair amount about our cost challenges, especially with temporary price increase for battery pack enclosures. As you know, that increased our cost for cost of goods sold per unit by $110,000. And so we have a significant gap between average ASP and cost per unit. So we are losing money, as you know. And so as we think about 2023, a very challenging environment, and we are more concerned about especially with respect to our BEV trucks, reducing that loss. We think that's prudent. We think that's what a wide sort of capital would do. And so we have debated about this internally, and we think it's important that at least for the next 5 quarters that we're very thoughtful about this. And so we're not prepared to provide any guidance.

道格，我們大量討論了我們的成本挑戰，特別是電池組外殼的臨時價格上漲。如您所知，這使我們的單位商品銷售成本增加了 110,000 美元。因此，我們在平均 ASP 和單位成本之間存在顯著差距。如你所知，我們正在虧損。因此，當我們想到 2023 年時，這是一個非常具有挑戰性的環境，我們更關心的是我們的 BEV 卡車，尤其是減少這種損失。我們認為這是謹慎的。我們認為這就是廣泛的資本會做的事情。因此，我們在內部對此進行了辯論，我們認為至少在接下來的 5 個季度中，我們對此進行深思熟慮是很重要的。因此，我們不准備提供任何指導。

At this point, we will provide greater visibility in our Q4 earnings call, but we want to make sure that we have -- we are well prepared as we think through 2023. It's still a bit unclear. We know that market could get worse. And so we are trying to be prudent.

在這一點上，我們將在第四季度財報電話會議中提供更大的知名度，但我們希望確保我們已經做好了充分的準備，因為我們考慮到 2023 年。目前還不清楚。我們知道市場可能會變得更糟。因此，我們正努力保持謹慎。

(Operator Instructions)

（操作員說明）

Our next question is from Bill Peterson with JPMorgan.

我們的下一個問題來自摩根大通的比爾·彼得森。

Mark, good luck on your transition to retirement. And Michael, welcome on board, and good luck navigating these challenging times. My question is for you, Michael, on strategy. In the video, you discussed the importance of both having BEVs and fuel cells as part of the portfolio. However, given the cash position, I mean, taking into consideration of the margins that Kim outlined, I mean, used to be challenging beyond '23. So -- and then not only that, but the learnings from the BEVs have likely already been designed to the fuel cells. And then you talked about all the challenges around infrastructure and lead times. I mean there's impacts on the grid with BEVs.

馬克，祝你過渡到退休好運。還有邁克爾，歡迎您加入，祝您在這些充滿挑戰的時刻順利度過。邁克爾，我的問題是關於戰略的。在視頻中，您討論了將 BEV 和燃料電池作為產品組合一部分的重要性。但是，考慮到現金狀況，我的意思是，考慮到 Kim 概述的利潤率，我的意思是，在 23 年之後，過去一直充滿挑戰。所以——不僅如此，從 BEV 中學到的東西很可能已經被設計用於燃料電池。然後你談到了圍繞基礎設施和交貨時間的所有挑戰。我的意思是 BEV 對電網有影響。

And then there's competition, right? Competition from other newcomers as well as established players. Ultimately, I'm not really sure if it's going to have a different of your product. I guess the question is kind of twofold. I guess why at this stage of BEV (inaudible) important in the portfolio? And if things don't improve, like what would the company consider in terms of just, I guess, part of metaphor, a bit like pulling the plug as it were on the BEV program. I mean as you already said you're going to be losing more money every time you ship a product. I mean why should this be considered to be 1 of the 2 important legs of the company?

然後是競爭，對吧？來自其他新人以及老牌玩家的競爭。最終，我不確定它是否會與您的產品有所不同。我想這個問題是雙重的。我猜為什麼在這個階段 BEV（聽不清）在投資組合中很重要？如果事情沒有改善，就像公司會考慮的那樣，我猜，隱喻的一部分，有點像拔掉 BEV 計劃的插頭。我的意思是，正如您已經說過的，每次您交付產品時都會損失更多的錢。我的意思是為什麼這應該被認為是公司兩個重要分支之一？

And I guess, even in the press release, you're kind of highlighting more and more about hydrogen, I think a lot of people that own the stock for the long term, I believe that's kind of the only thing to think about. So why have the BEV program at this stage looking forward?

而且我想，即使在新聞稿中，您也越來越多地強調氫，我認為很多人長期持有該股票，我相信這是唯一需要考慮的事情。那麼，為什麼現階段的 BEV 計劃值得期待呢？

Thanks for the question. And well, I mean, very straightforward. So first of all, I mean, zero-emission mobility is our strategy, and we feel good that we have 2 legs to stand on, as I said in the video. Because at the end of the day, customer will decide, right? And what we see is in terms of customer feedback, some customers really like the BEV, in particular once they have the infrastructure set up. They like the range, they look at the total cost of ownership. At the same time, they are customers, they prefer a longer range with the fuel cell. In terms of learnings from the BEV, I think it's obvious. I mean, you need to have really an integrated mobility solution for customers.

謝謝你的問題。嗯，我的意思是，非常簡單。首先，我的意思是，零排放機動性是我們的戰略，正如我在視頻中所說，我們感覺很好，我們有兩條腿可以站立。因為最終，客戶會做出決定，對吧？我們看到的是客戶反饋，一些客戶真的很喜歡 BEV，尤其是在他們建立了基礎設施之後。他們喜歡這個範圍，他們著眼於總擁有成本。同時，他們是客戶，他們更喜歡燃料電池續航里程更長。就 BEV 的學習而言，我認為這是顯而易見的。我的意思是，您需要為客戶提供真正的集成移動解決方案。

So meaning you need to provide the truck and the infrastructure for the best. And for the fuel cell, obviously, including the hydrogen. That's why I also want to put a lot of emphasis on the hydrogen piece of our business because I feel it's very much an entry into our business. So for example, when I was in Europe at IAA, a lot of energy customers came to us and talked to us and also asked for the truck.

這意味著您需要提供最好的卡車和基礎設施。而對於燃料電池，顯然包括氫氣。這就是為什麼我也想把重點放在我們業務中的氫部分，因為我覺得這在很大程度上是我們業務的一個入口。例如，當我在歐洲的 IAA 工作時，很多能源客戶來找我們並與我們交談，還要求提供卡車。

So in summary, I think we feel very good about these 2 offers. Customers will decide. I mean if you look at our data in terms of BEV and fuel cell also in terms of LOIs MOUs, fuel cell is higher, right? So I think there is a lot of opportunity for the fuel cells, but I feel very good that we have these both alternatives because let the customer at the end decide.

總而言之，我認為我們對這兩個報價感覺非常好。客戶將決定。我的意思是，如果您從 BEV 和燃料電池方面以及意向書 MOU 方面查看我們的數據，燃料電池更高，對吧？所以我認為燃料電池有很多機會，但我覺得我們有這兩種選擇非常好，因為最終讓客戶決定。

Okay. Certainly following the progress on that. I mean shifting to hydrogen, again, you kind of really -- it looks like you highlighted a lot of this in the press release, and it's understandable. For the initial tranche of the 30 tons per day, when would you expect to achieve that? And I guess, how should we, as the investor community, how should we think about the ramp to 300 tons per day?

好的。當然是跟隨這方面的進展。我的意思是再次轉向氫氣，你真的 - 看起來你在新聞稿中強調了很多，這是可以理解的。對於每天 30 噸的初始部分，您預計何時實現？我想，作為投資者社區，我們應該如何看待每天 300 噸的坡道？

And maybe more importantly, as it relates to Nikola, what is Nikola's contribution in terms of the capital expenditures? And maybe you can give some color on what kind of CapEx is required for -- given sort of output? I guess what kind of cost structure should we assume by around the '26 time frame?

也許更重要的是，就尼古拉而言，尼古拉在資本支出方面的貢獻是什麼？也許你可以對需要什麼樣的資本支出給出一些顏色——給定的輸出？我猜我們應該在 26 年左右的時間框架內假設什麼樣的成本結構？

Bill, great question. So let's think about this. We have been very clear to the market that our focus and our strategy when it comes to hydrogen infrastructure is capital-efficient and asset-light. That means we are going to seek partners both strategic and financial partners for hydrogen production hub as well as dispensing locations. That means we may have a small piece of ownership. What we are focused on is making sure that we control hydrogen molecules. That's really important for us.

比爾，好問題。所以讓我們考慮一下。我們對市場非常清楚，我們在氫基礎設施方面的重點和戰略是資本高效和輕資產。這意味著我們將在氫生產中心和分配地點尋找戰略和財務合作夥伴。這意味著我們可能擁有一小部分所有權。我們關注的是確保我們控制氫分子。這對我們來說真的很重要。

So coming back to our Arizona hub 30 tons per day for Phase 1, likely, this will be available sometime towards the end of 2024, possibly early 2025. We understand in late 2023, as we actually have our fuel cell truck being delivered to customers. As you know, California will be our first market, and we have worked with potential hydrogen providers as well as we will have mobile trailers to meet the needs of our customers in early -- in late 2023.

因此，回到我們的亞利桑那樞紐，第一階段每天 30 噸，很可能，這將在 2024 年底，可能在 2025 年初的某個時候提供。我們了解在 2023 年底，因為我們實際上已經將燃料電池卡車交付給客戶.如您所知，加利福尼亞將是我們的第一個市場，我們已與潛在的氫氣供應商合作，我們將在 2023 年初 - 年底推出移動拖車以滿足客戶的需求。

(Operator Instructions)

（操作員說明）

Our next question is from Chris McNally with Evercore.

我們的下一個問題來自 Evercore 的 Chris McNally。

And just jumping on midway through the call. So I just wanted to do a follow-up on the comments around Romeo and some of the subsidies that you're now learning on -- learning about post acquisition. Can you just remind us for your original 2023, how much of the pack capacity was coming from Romeo as opposed to the more recent deal with Proterra or internal pack?

只是在通話中途跳了起來。因此，我只想跟進有關羅密歐的評論以及您現在正在學習的一些補貼——了解後期收購。您能否提醒我們您最初的 2023 年，與最近與 Proterra 或內部包裝的交易相比，有多少包裝容量來自羅密歐？

In terms of the way we are thinking about this is that especially for U.S. BEV truck, we anticipate all of our battery modules and packs will be coming from Romeo. What we have discussed with Proterra is that they will focus on providing modules and packs for BEV trucks as well as fuel cell trucks in Europe. And so we have a very clear delineation, and we're very much focused on improving manufacturing operations, increasing yields and making sure that we improve execution so that ultimately, we are able to significantly improve output and delivery of models and packs from Romeo.

就我們的考慮方式而言，尤其是對於美國 BEV 卡車，我們預計我們所有的電池模塊和電池組都將來自 Romeo。我們與 Proterra 討論的是，他們將專注於為歐洲的 BEV 卡車以及燃料電池卡車提供模塊和包。因此，我們有一個非常明確的劃分，我們非常專注於改善製造運營、提高產量並確保我們改進執行，以便最終能夠顯著改善 Romeo 模型和包裝的輸出和交付。

And then, Kim, is there now an ability to sort of increase the scope of the Proterra relationship? Because it just -- quick math on $110,000 would essentially -- it sounds like Romeo was on a cost basis sort of well out of the bounds of industry numbers on a dollar per kilowatt basis for pack -- is it just not something that's feasible in the short term to increase for North American deliveries at the use of Proterra?

然後，Kim，現在有能力擴大 Proterra 關係的範圍嗎？因為它只是 - 110,000 美元的快速計算本質上 - 聽起來羅密歐在成本基礎上遠遠超出了行業數字的範圍，以每千瓦美元為單位的包裝 - 它只是不是可行的嗎？短期內增加使用 Proterra 的北美交付量？

As you know, it takes time for validation and testing. And so when it comes to Proterra, it's their designer packs and modules. And so it's really the timing that we're concerned about. And as you know Romeo, really, this was a small company. It did not move at that scale to be able to reduce their cost in terms of manufacturing efficiencies. And the -- when we -- as we suspected, we knew most of the Romeo contracts or existing contracts were essentially loss leaders. We have been able to address a lot of those contracts, so that we are very much focused on simply supplying battery modules and packs to Nikola.

如您所知，驗證和測試需要時間。所以當談到 Proterra 時，就是他們的設計師包和模塊。所以這確實是我們關心的時機。你知道羅密歐，真的，這是一家小公司。它並沒有採取那種規模的行動來降低製造效率方面的成本。而且 - 當我們 - 正如我們所懷疑的那樣，我們知道大多數羅密歐合同或現有合同基本上都是虧損的領導者。我們已經能夠處理很多這些合同，因此我們非常專注於簡單地向 Nikola 提供電池模塊和電池組。

And then I guess the final follow-up, I mean, now that internal, could you talk about the steps because, I mean, some of the cost figures, it could be almost $300 per kilowatt, to reduce that number to something that's more market standard to get you back to you, to your point, maybe at some point at '23 or '24 into a gross margin positive position. What specifically would Nikola be doing to the Romeo process?

然後我想最後的後續行動，我的意思是，現在是內部的，你能談談這些步驟嗎，因為，我的意思是，一些成本數字，它可能是每千瓦近 300 美元，將這個數字減少到更多市場標準讓你回到你的身邊，回到你的觀點，也許在 23 年或 24 年的某個時候，毛利率處於正數位置。 Nikola 會對 Romeo 流程具體做什麼？

Great question. When you think about modules and packs, the biggest cost component here is what we call packing closures. Currently, that's being machined. We are converting that to testing. We believe we can drop approximately 90% of our costs. And there are about 15 other components that we know that we'll be able to drop. So we have a very detailed plan component by component, but the biggest contributor in terms of costs will be packing closures. So I've alluded that right now, packing closure cost increase in the short term for the next 5 quarters will likely be around $106,000. We believe we can drop about 85% of that just in terms of addressing junction box as well as the enclosure.

好問題。當您考慮模塊和包時，這裡最大的成本組件就是我們所說的包裝閉包。目前，正在加工。我們正在將其轉換為測試。我們相信我們可以降低大約 90% 的成本。我們知道還有大約 15 個其他組件可以丟棄。因此，我們逐個組件製定了非常詳細的計劃，但就成本而言，最大的貢獻者將是包裝封口。所以我現在已經暗示，未來 5 個季度的短期包裝關閉成本增加可能在 106,000 美元左右。我們相信，僅就尋址接線盒和外殼而言，我們可以減少大約 85% 的成本。

And time frame for that, for the 80%? Is that sort of a target by the end of the year '23?

80% 的時間框架是什麼？這是到 23 年底的目標嗎？

End of 2023. Obviously, we're going to push hard. We're going to be aggressive. But once again, it requires validation and testing. So it's really the validation and testing that takes so long. Now we're going to try to optimize that as much as possible. And we'll keep you posted. But right now, our anticipation is that by Q4 2023, we'll be able to achieve those costs, and we'll provide the transparency.

到 2023 年底。顯然，我們將繼續努力。我們要積極進取。但再一次，它需要驗證和測試。所以真正需要這麼長時間的驗證和測試。現在我們將嘗試盡可能優化它。我們會及時通知您。但現在，我們的預期是到 2023 年第四季度，我們將能夠實現這些成本，並且我們將提供透明度。

And just to add Tim just said, I mean, the Romeo acquisition is such a big benefit because you think about this, we do supply chain altogether. We do engineering together. We do manufacturing together. So we have line of sight of several cost reductions and the most prominent one was one Kim was highlighting, but I mean, strategically, it's such a big benefit having such an important component as a battery in-house. And we integrate every function, right? And therefore, we see good line of sight for cost reduction. Of course, we're trying to do as fast as we can here.

補充一下蒂姆剛才說的，我的意思是，收購羅密歐是一個很大的好處，因為你想想看，我們一起做供應鏈。我們一起做工程。我們一起做製造。因此，我們看到了幾項成本降低，其中最突出的是 Kim 強調的一項，但我的意思是，從戰略上講，擁有內部電池這樣重要的組件是一個很大的好處。我們集成了所有功能，對嗎？因此，我們看到了降低成本的良好前景。當然，我們在這裡盡可能快地做到這一點。

Our next question comes from Jeff Osborne with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Jeff Osborne。

Most of my questions have been asked already. I wanted to dig a bit into the European factory as well as what's your battery strategy there. Will you be making those same battery packs that you just described earlier or buying those from a third party?

我的大部分問題已經被問到了。我想深入了解歐洲工廠以及那裡的電池策略。您會製造與您之前描述的相同的電池組，還是從第三方購買？

Yes. I mean thanks for the question, Jeff. And Europe is obviously an important business for us. I mean everything going on in Europe indicates like probably the pressure on CO2 is even higher than here. So for us, it's a very important business and the setup together with IVECO is really strong because we have a joint venture with them in Ulm where we have a factory together. We have all the learnings from the BEV and also the fuel cell, which we transferred now from here to Europe. We have a dealer network with the IVECO dealers. So I think this is good. And in Europe, we will use the Proterra battery going forward, right? And also try to localize as many elements as possible so that we have a real competitive setup in Europe. But I feel very good about Europe and also opportunities going forward.

是的。我的意思是謝謝你的問題，傑夫。歐洲顯然是我們的重要業務。我的意思是，歐洲發生的一切都表明，二氧化碳的壓力可能比這裡還要高。所以對我們來說，這是一項非常重要的業務，與依維柯的合作非常強大，因為我們在烏爾姆與他們建立了合資企業，並在那里共同擁有一家工廠。我們從 BEV 和燃料電池中學到了所有知識，我們現在將它們從這裡轉移到歐洲。我們與依維柯經銷商建立了經銷商網絡。所以我認為這很好。在歐洲，我們將繼續使用 Proterra 電池，對吧？並嘗試將盡可能多的元素本地化，以便我們在歐洲擁有真正的競爭環境。但我對歐洲和未來的機會感覺很好。

That's great. And I got the OpEx and CapEx commentary for '23. I wanted to better appreciate, is there an ability to potentially also defer the fuel cell facility from Bosch and just import those from Germany themselves as opposed to making them? Like what would be the cost ramifications if you were to do something like that?

那太棒了。我得到了 23 年的 OpEx 和 CapEx 評論。我想更好地理解，是否有可能推遲博世的燃料電池設施，只從德國自己進口而不是製造它們？如果你做這樣的事情會產生什麼成本後果？

Jeff, we don't actually make our fuel cell power module. As you know, we assemble them, so we buy components from Bosch. So the investment that we make at Coolidge is really the assembly line with respect to fuel cell power module.

傑夫，我們實際上並沒有製造我們的燃料電池電源模塊。如您所知，我們組裝它們，因此我們從博世購買組件。所以我們在柯立芝的投資實際上是燃料電池功率模塊的裝配線。

Our next question is from Bill Peterson with JPMorgan.

我們的下一個問題來自摩根大通的比爾·彼得森。

Yes. I actually wanted to come back to -- you had some commentary earlier about trying to -- it seems like you're pivoting more towards direct sale versus dealers. I guess I'm wondering of all the products you've delivered so far, are they still all at dealers at the moment, waiting for delivered to end customers? What percentage has kind of gone to end customers? And I guess, can you tie back to the focus on, I guess, the end customers as opposed to the dealer network? Can you just expand on the strategy, please?

是的。我實際上想回到 - 你之前有一些關於嘗試的評論 - 看起來你更多地轉向直銷而不是經銷商。我想我想知道你們到目前為止交付的所有產品，它們現在還在經銷商處，等待交付給最終客戶嗎？最終客戶的百分比是多少？我想，你能把重點重新放在終端客戶上，而不是經銷商網絡上嗎？請您擴展一下策略好嗎？

Yes. Thanks, Bill, for the question. So a few remarks on the dealer network. I mean, first of all, I think it's a very big benefit that we have a good dealer network, in particular in terms of the service element, right? Because in the truck business, it's all about uptime. If you have an issue with a truck you want to have service immediately. So I think it's a very important element that Nikola was able to set up this dealer network, right? Now of course, now we want to speed up and make sure like this is going as fast as possible. But I'm also pushing hard on direct contact to customers, in particular, big fleet customers, right?

是的。謝謝，比爾，這個問題。所以在經銷商網絡上說幾句。我的意思是，首先，我認為我們擁有良好的經銷商網絡是一個非常大的好處，尤其是在服務元素方面，對吧？因為在卡車業務中，一切都與正常運行時間有關。如果您對卡車有任何疑問，您希望立即獲得服務。所以我認為 Nikola 能夠建立這個經銷商網絡是一個非常重要的因素，對吧？當然，現在我們要加快速度並確保盡可能快地進行。但我也在努力與客戶直接接觸，尤其是大型車隊客戶，對吧？

And we were very pleased that we announced yesterday the order with Zeem, I mean 100 best trucks. I think it is a very important proof point for us that we are on the right path here and to deliver them in 2023. But I think the dealer network is important. We will continue like this, but I want to push harder on direct sales, direct contact to the customer and then manage that in the best possible way.

我們很高興昨天宣布了與 Zeem 的訂單，我的意思是 100 輛最好的卡車。我認為這對我們來說是一個非常重要的證明點，證明我們在正確的道路上並在 2023 年交付它們。但我認為經銷商網絡很重要。我們將繼續這樣，但我想更加努力地推動直接銷售，直接與客戶聯繫，然後以最好的方式進行管理。

And then maybe in terms of end customers?

然後也許就最終客戶而言？

Sure. In terms of dealer inventory and also deliveries to customer, so we made good progress, as indicated in terms of production; supply chain, all that is fine. And now obviously, most of our trucks are with dealers. But we also have or dealers have delivered also trucks to end customers. Overall, we have around 97 trucks in dealer inventory and 14 have gone to end customers. And that's obviously a process, right? So I think we ramp up very well on production side, inventory now with dealers. And now the next step is to end customers, and we delivered already 14 to end customers in the third quarter.

當然。在經銷商庫存和向客戶的交付方面，我們取得了良好的進展，如生產方面所示；供應鏈，一切都好。現在很明顯，我們的大部分卡車都在經銷商那裡。但我們也有或經銷商也向最終客戶交付了卡車。總體而言，我們在經銷商庫存中約有 97 輛卡車，其中 14 輛已交付給最終客戶。這顯然是一個過程，對吧？所以我認為我們在生產方面的增長非常好，現在與經銷商的庫存。現在下一步是面向終端客戶，我們在第三季度已經向終端客戶交付了 14 台。

So Bill, just to add some additional insights. As you know, this is progression. First, we are going to build trucks. Second, we've got to deliver to our dealers and they got to make sure that they have inventory and then ultimately, dealer delivers to customers, end customers. Some of the challenges that we talked about is that end customers, especially for certain customers, they lack charging infrastructure. So we are working with them. Clearly, that takes time. And so that's one of the biggest challenge that we are coordinating and working directly with our customers and dealers to make sure that we're providing solutions.

所以比爾，只是為了添加一些額外的見解。如你所知，這是進步。首先，我們要製造卡車。其次，我們必須交付給我們的經銷商，他們必須確保他們有庫存，然後最終，經銷商交付給客戶，最終客戶。我們談到的一些挑戰是終端客戶，尤其是某些客戶，他們缺乏充電基礎設施。所以我們正在與他們合作。顯然，這需要時間。因此，這是我們正在與客戶和經銷商直接協調和合作以確保我們提供解決方案的最大挑戰之一。

In addition to that, there's also (inaudible) reimbursement process, which is somewhat complex and it also is fairly lengthy. And so we just want you to recognize the timing aspect, which is really important. And that's the reason why when we think about our Q4 and when we have not provided guidance, because there's significant timing here that's really not certain. And then obviously, with cost, we are thinking about how many BEVs should we really sell. That's a big question.

除此之外，還有（聽不清）報銷流程，這有點複雜，而且相當冗長。所以我們只是想讓你認識到時間方面，這非常重要。這就是為什麼當我們考慮我們的第四季度並且我們沒有提供指導時的原因，因為這裡有重要的時機真的不確定。然後顯然，考慮到成本，我們正在考慮我們應該真正銷售多少輛 BEV。這是個大問題。

So we're working both sides and addressing that. But clearly, as Michael talked about, we have added additional sales staff, so that we can provide force implication to our dealers as well as interacting with our customers, especially for what we call strategic corporate accounts. In addition to that, dealers are now getting up. They are adding sales staff on their side. So this all has taken time in terms of process.

所以我們正在雙方合作並解決這個問題。但顯然，正如邁克爾所說，我們增加了額外的銷售人員，這樣我們就可以為我們的經銷商提供有力的影響，並與我們的客戶互動，特別是對於我們所謂的戰略企業客戶。除此之外，經銷商現在正在起床。他們正在增加銷售人員。所以這一切都需要時間。

No, I think that's well understood. I think ultimately, I guess, related to the cost, lack of infrastructure, lack of readiness, I mean, is it prudent for us to assume this pretty low shipments to dealers given they probably have the channel fill, right? I mean I don't know what kind of orders you need to fulfill or what the backlog is at this stage, but do we just assume a low run rate for the reason all of as you said, cost, readiness and so forth?

不，我認為這很好理解。我想最終，我想，與成本、缺乏基礎設施、缺乏準備有關，我的意思是，考慮到經銷商可能已經填補了渠道，我們假設對經銷商的出貨量相當低，是否明智，對吧？我的意思是我不知道您需要完成什麼樣的訂單或現階段的積壓訂單是什麼，但我們是否只是因為您所說的成本、準備情況等原因而假設運行率低？

I would say it's still premature. As you know, typically in automotive industry, the wholesale inventory at dealers, typically around 30% of wholesale revenue or even 35%, right now, we have so few units that's still out there, and we're building out our dealership, and so 90 units is not pretty low inventory, 97 units end of Q3. And so we just want you to recognize that. It's just right now that's very low units. And as we talked about, we'll move those units in Q4 and in 2023.

我會說現在還為時過早。如您所知，通常在汽車行業，經銷商的批發庫存，通常約佔批發收入的 30% 甚至 35%，現在，我們仍然存在的單位很少，我們正在建立我們的經銷商，並且所以 90 台的庫存量並不低，第三季度末有 97 台。所以我們只是想讓你認識到這一點。就在現在，這是非常低的單位。正如我們所說，我們將在第四季度和 2023 年搬遷這些單位。

There are no further questions at this time. I would like to turn the floor back over to Michael Lohscheller for any closing comments.

目前沒有其他問題。我想把發言權轉回給 Michael Lohscheller 以徵求任何結束意見。

Thank you, everyone, for joining us today. I'm excited to begin the next phase of Nikola's journey. While there are macro uncertainties and headwinds facing us in the short term, we remain disciplined and are committed to focusing on the following: continuously improving our production systems and supply chain management, as I indicated before, we are making good progress here; r&D on our trucks, we are also making good advancements in developing our fuel cell trucks and improving our electric trucks; commercial engagement on vehicle sales, we plan to intensify our focus here to take more control over our distribution strategy. Our hirings will begin this intensification process. These short and medium-term executions will lead us to achieve our long-term objectives in the energy business, which is also making good progress.

謝謝大家，今天加入我們。我很高興能開始 Nikola 下一階段的旅程。雖然短期內我們面臨宏觀不確定性和逆風，但我們保持紀律並致力於專注於以下方面：不斷改進我們的生產系統和供應鏈管理，正如我之前所說，我們在這方面取得了良好進展；在我們的卡車研發方面，我們也在開發我們的燃料電池卡車和改進我們的電動卡車方面取得了良好的進展；對於汽車銷售的商業參與，我們計劃在這裡加強我們的關注，以更好地控制我們的分銷策略。我們的招聘將開始這一強化過程。這些短期和中期的執行將引導我們實現我們在能源業務方面的長期目標，這也取得了良好的進展。

Thanks again for joining us today. We look forward to seeing you next quarter.

再次感謝您今天加入我們。我們期待在下個季度見到您。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。