Nikola Corp (NKLA) 2023 Q4 法說會逐字稿

Good morning, and welcome to the Nikola Corporation Fourth Quarter and Full Year 2023 earnings and business update call.

早上好，歡迎參加尼古拉公司 2023 年第四季和全年收益和業務更新電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is my pleasure to introduce Dhillon Sandhu, Head of Investor Relations.

我很高興向您介紹投資者關係主管 Dhillon Sandhu。

Please go ahead.

請繼續。

Thank you, operator and good morning, everyone.

謝謝接線員，大家早安。

Welcome to Nikola Corporation's fourth quarter and full year 2023 earnings and business update call.

歡迎參加尼古拉公司第四季和 2023 年全年收益和業務更新電話會議。

Joining me today are Steve Girsky, President CEO; and Brian De Hoog, Corporate Controller.

今天加入我的是總裁兼執行長 Steve Girsky；以及公司財務總監 Brian De Hoog。

A press release detailing our financial and business results was distributed earlier this morning.

今天早上早些時候發布了一份詳細介紹我們的財務和業務業績的新聞稿。

This release can be found on the Investor Relations section of our website, along with presentation slides accompanying today's call.

新聞稿以及今天電話會議附帶的簡報幻燈片可以在我們網站的投資者關係部分找到。

Today's discussion includes references to non-GAAP measures.

今天的討論涉及非公認會計原則措施。

These measures are reconciled to the most comparable US GAAP measures and can be found at the end of the Q4 earnings press release we issued today.

這些指標與最具可比性的美國公認會計原則指標一致，可以在我們今天發布的第四季度收益新聞稿末尾找到。

Today's discussion also includes forward-looking statement about our future results, expectations and plans.

今天的討論還包括有關我們未來業績、期望和計劃的前瞻性聲明。

Actual results may differ materially from those stated and some 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 call deck and also in our filings with the SEC.

實際結果可能與所述結果有重大差異，並且在今天的收益新聞稿末尾、我們的收益電話會議第二頁以及我們向 SEC 提交的文件中也解釋了一些可能導致實際結果不同的因素。

Forward-looking statement speak only as of the date on which they're made.

前瞻性聲明僅代表發布之日的情況。

You are cautioned not to put undue reliance on forward-looking statement.

請注意不要過度依賴前瞻性陳述。

After the video presentation, Steve and Brian will provide their prepared remarks, followed by analysts Q&A, then we will conclude with questions from our stockholders.

視訊演示結束後，史蒂夫和布萊恩將發表他們準備好的講話，然後是分析師問答，最後我們將回答股東的問題。

Please begin the video presentation.

請開始視訊示範。

Thank you.

謝謝。

(video playing)

（影片播放）

Thanks, Dhillon, and good morning, everyone.

謝謝，Dhillon，大家早安。

Welcome to our fourth quarter and full year 2023 earnings and business update call.

歡迎參加我們的 2023 年第四季和全年財報和業務更新電話會議。

What a time it is for Nikola, as our mission of decarbonizing the trucking industry is crystallizing.

對尼古拉來說，這是一個多麼美好的時刻，我們卡車運輸業脫碳的使命正在具體化。

Previously, we've shared a lot about what our plans are and what we are working towards.

之前，我們已經分享了很多關於我們的計劃和努力的方向。

Today, it's all about execution.

今天，一切都與執行有關。

Our production hydrogen fuel cell electric trucks are in fleet operations hauling freight.

我們生產的氫燃料電池電動卡車正在車隊中運輸貨物。

The list of fleets operating the trucks is strong and includes Biagi Brothers, a longstanding partner; IMC Logistics, the largest marine drayage company in the United States; 4 Gen/Duncan and Sons, an independent fleet operator and frequent social media poster, coyote container.

營運這些卡車的車隊名單很強大，其中包括長期合作夥伴比亞吉兄弟 (Biagi Brothers)； IMC Logistics，美國最大的海運拖運公司； 4 Gen/Duncan and Sons，獨立車隊營運商，經常在社群媒體上發布海報，土狼貨櫃。

As we said in January, during the fourth quarter, we built 42 hydrogen fuel cell electric trucks, reserving seven for testing and customer demos and wholesale the remaining 35.

正如我們一月份所說，第四季度，我們製造了 42 輛氫燃料電池電動卡車，並保留 7 輛用於測試和客戶演示，其餘 35 輛進行批發。

We ended Q4 with no finished goods inventory, selling every truck available for ship to commerce, and notably, every truck we sold to dealers had a designated end user behind it.

截至第四季度，我們沒有成品庫存，將每輛可用於商業運輸的卡車出售，值得注意的是，我們出售給經銷商的每輛卡車背後都有指定的最終用戶。

Nothing was sold as dealer stock inventory.

沒有任何東西作為經銷商庫存出售。

We could have sold more trucks if not for supplier part constraints.

如果不是供應商零件的限制，我們本來可以銷售更多的卡車。

Additionally, we continue to accumulate HVIP vouchers in California.

此外，我們繼續在加州累積 HVIP 優惠券。

For vouchers issued in 2023 and through January 2024 in California, there were 360 voucher requests for hydrogen fuel cell tractor trucks, of which 355 were from Nikola.

加州 2023 年至 2024 年 1 月發放的優惠券，有 360 份氫燃料電池牽引車優惠券申請，其中 355 張來自 Nikola。

That's a 99% share of the requested vouchers, a testament to our leading position in the market and first mover advantage.

這是所要求的優惠券的 99% 份額，證明了我們在市場中的領先地位和先發優勢。

Another interesting fact about the vouchers.

關於優惠券的另一個有趣的事實。

There are more HVIP voucher requests for our hydrogen fuel cell electric truck than all other OEMs combined on battery electric truck and fuel cell in that same period.

我們的氫燃料電池電動卡車的 HVIP 優惠券請求量比同期所有其他 OEM 電池電動卡車和燃料電池的總和還要多。

We have a clear market plan, focusing on regions with strong tailwinds like California and Canada for our hydrogen fuel cell electric trucks and HYLA infrastructure solutions.

我們有明確的市場計劃，重點關注加州和加拿大等氫燃料電池電動卡車和 HYLA 基礎設施解決方案的強勁推動力地區。

Our battery electric trucks are being retrofit with new battery packs, driver enhancements and software updates.

我們的電池電動卡車正在採用新的電池組、駕駛員增強功能和軟體更新進行改造。

We remain on-track to get the first trucks back in end user hands by the end of Q1 and believe all trucks will be returned to end user fleets by late Q2 or early Q3.

我們仍有望在第一季末將第一批卡車送回最終用戶手中，並相信所有卡車將在第二季末或第三季初返回最終用戶車隊。

Once these end user trucks have been returned, we will begin selling through our existing battery electric inventory for revenue again.

一旦這些最終用戶卡車被歸還，我們將再次開始透過現有的電池電動庫存進行銷售以獲取收入。

The revised truck, which we nicknamed the BEV 2.0 is currently undergoing validation testing in Coolidge and initial results have been exceptional.

改良後的卡車（我們稱之為 BEV 2.0）目前正在柯立芝進行驗證測試，初步結果非常出色。

Our HYLA Hydrogen Infrastructure business is on solid footing with a strong leadership team.

我們的 HYLA 氫基礎設施業務擁有強大的領導團隊，基礎穩固。

We have recently announced the opening of our first modular fueling station in Ontario, Southern California.

我們最近宣佈在南加州安大略省開設第一個模組化加油站。

Customers are fueling at our Ontario station daily, and later in the call, we will share our additional expansion plans for the hydrogen highway.

客戶每天都在我們的安大略站加油，稍後在電話中，我們將分享我們對氫高速公路的額外擴建計劃。

In 2023, we continued to improve our liquidity position and decreased our spend, more than doubling our unrestricted cash position to $464.7 million and cutting cash use by approximately 35%.

2023 年，我們繼續改善流動性狀況並減少支出，將不受限制的現金部位增加一倍多，達到 4.647 億美元，並將現金使用量減少約 35%。

Our unrestricted cash position is the highest it's been at, at a quarter end since Q4 2021.

我們的無限制現金部位是自 2021 年第四季以來季度末的最高水準。

We continue to improve our liquidity position and remain financially disciplined.

我們持續改善流動性狀況並保持財務紀律。

Furthermore, we have effectively completed all footprint related CapEx in Coolidge, which is expected to bring our cash use down further in 2024.

此外，我們已經有效地完成了柯立芝所有與佔地面積相關的資本支出，預計這將在 2024 年進一步減少我們的現金使用量。

We continue to attract top tier talent and have a world-class management team in place for the long haul.

我們持續吸引頂尖人才，並長期擁有世界級的管理團隊。

Experienced leaders such as Ole Hoefelmann, President of Energy; Mary Chan, Chief Operating Officer and are in discussions with a potential new Chief Financial Officer, whose experience includes roles as CFO of other publicly-listed companies and relevant operational experience.

能源總裁 Ole Hoefelmann 等經驗豐富的領導者；營運長陳瑪麗 (Mary Chan) 正在與潛在的新任財務長進行討論，後者的經驗包括擔任其他上市公司的財務長以及相關營運經驗。

They understand the urgency with which we need to keep moving and break new ground.

他們理解我們需要繼續前進並開闢新天地的緊迫性。

This is the team to bring us forward.

這是帶領我們前進的團隊。

We have a Board of Directors with deep expertise in trucking, manufacturing and energy.

我們的董事會在卡車運輸、製造和能源領域擁有深厚的專業知識。

In December, we added Jonathan Perchick, former CEO of TravelCenters of America, and just last week, Carla Tully joined.

去年 12 月，我們聘請了 TravelCenters of America 前執行長 Jonathan Perchick，就在上週，Carla Tully 也加入了。

Carla has a successful track record leading and scaling energy organizations across Fortune 150, private equity, start-up and government entities for over two decades.

Carla 擁有二十多年來領導和擴展財富 150 強能源組織、私募股權、新創公司和政府實體的成功記錄。

If you look at the makeup of our Board, it's a group who are highly experienced entrepreneurial thinkers and operators of global companies.

如果你看看我們董事會的組成，你會發現這是一群經驗豐富的創業思想家和跨國公司的經營者。

Q4 was about getting out on the field, proving we could bring this groundbreaking technology to the market and deploying the building blocks to begin developing the hydrogen highway.

第四季的目標是走出去，證明我們可以將這項突破性技術推向市場，並部署建造模組來開始開發氫高速公路。

This coming year is about scaling our business, growing revenues and optimizing costs.

來年的重點是擴大我們的業務、增加收入和優化成本。

Now on to our business updates and discussion about what's to come in 2024.

現在我們將介紹我們的業務更新以及有關 2024 年未來發展的討論。

Beginning with the hydrogen fuel cell electric truck, as I stated earlier in the call, during Q4, we built 42 production FCEVs, delivering 35 of the trucks and reserving seven for captured fleet testing and customer demos.

正如我之前在電話會議中所說，從氫燃料電池電動卡車開始，我們在第四季度生產了42 輛FCEV，交付了35 輛卡車，並預留了7 輛用於捕獲的車隊測試和客戶演示。

These trucks are operating in California and Canada, hauling commercial freight.

這些卡車在加利福尼亞州和加拿大運營，運輸商業貨物。

There have been several posts online from fleets and Nikola fans spotting the trucks in operation, so here are a few anecdotes.

車隊和尼古拉粉絲在網上發布了幾篇帖子，發現這些卡車正在運行，所以這裡有一些軼事。

Coyote Container successfully drove their truck from the Port of Oakland to the Port of Long Beach, then to Iowa, Ontario to refuel and back to the Port of Oakland.

Coyote Container 成功將卡車從奧克蘭港開往長灘港，然後前往安大略省愛荷華州加油，最後返回奧克蘭港。

There is probably no other zero emissions truck that could handle the 866 mile journey hauling freight with one refuel.

可能沒有其他零排放卡車可以一次加油就能完成 866 英里的貨運旅程。

MTA's truck drove 519 kilometers round trip from Edmonton to Calgary and back with the tank about 40% full after they completed the journey.

MTA 的卡車從埃德蒙頓到卡加利往返行駛了 519 公里，完成行程後油箱的油量約為 40%。

That route is Alberta's busiest transportation corridor and the journey proves our zero emissions truck can serve that market.

該路線是艾伯塔省最繁忙的運輸走廊，這段旅程證明我們的零排放卡車可以服務該市場。

Not to mention all the while it was minus 10 degrees celsius outside.

更不用說外面一直是攝氏負10度。

As far as we are aware, no other FCEV trials in Alberta to date have been able to complete this trip until now.

據我們所知，迄今為止，艾伯塔省還沒有其他 FCEV 試驗能夠完成這項行程。

And our Nikola engineering team is still pushing our trucks to the limit, driving the truck more than 1,000 miles in one day fully loaded without any problems.

我們的 Nikola 工程團隊仍在將我們的卡車推向極限，在一天內滿載駕駛卡車超過 1,000 英里，沒有出現任何問題。

Initial fleet feedback has been overwhelmingly positive, with a smooth ride and power being among the highlights and our sales team continues to work alongside dealers to facilitate sales.

最初的車隊回饋非常積極，其中的亮點是平穩的行駛和動力，我們的銷售團隊繼續與經銷商合作以促進銷售。

Last November, we told you we had approximately 96% of the hydrogen fuel cell electric truck HVIP voucher requests in California.

去年 11 月，我們告訴您，我們在加州收到了大約 96% 的氫燃料電池電動卡車 HVIP 優惠券請求。

At that time, there were 135 requested vouchers, of which 130 were for Nikola.

當時，共有 135 張優惠券，其中 130 張是給 Nikola 的。

As of the end of January 2024, there were 360 vouchers requested in California, of which 355 are for our truck.

截至 2024 年 1 月底，加州共申請了 360 張代金券，其中 355 張是我們卡車的代金券。

So of the additional 225 requested vouchers since the last call, 100% of them have been for our truck.

因此，自上次致電以來額外申請的 225 張優惠券中，100% 都是用於我們的卡車的。

It's a testament to our first-mover advantage, sales strategy of having boots on the ground helping fleets realize their sustainability goals, our leading market position and the quality of our product.

這證明了我們的先發優勢、實地幫助車隊實現永續發展目標的銷售策略、我們領先的市場地位和我們產品的品質。

This is not a science project.

這不是一個科學項目。

Our production hydrogen fuel cell truck is driving on the road today and we are making our mission to decarbonize heavy-duty transportation happen one fleet at a time.

我們生產的氫燃料電池卡車今天正在道路上行駛，我們正在以每次車隊的方式實現重型運輸脫碳的使命。

Progress continues on our battery electric truck remediation.

我們的電池電動卡車修復工作持續取得進展。

We remain on-track to return the first trucks to customer operations by the end of Q1.

我們仍有望在第一季末將第一批卡車重新投入客戶營運。

Our plan is to have all end user trucks back in their respective fleets by the end of Q2.

我們的計劃是在第二季末讓所有最終用戶卡車回到各自的車隊。

And throughout Q3 and Q4, we will complete upgrades to additional BEVs at our Coolidge, Arizona facility and have the BEV 2.0 available for sale.

在整個第三季度和第四季度，我們將在亞利桑那州柯立芝工廠完成對更多 BEV 的升級，並提供 BEV 2.0 可供銷售。

We continue to accumulate HVIP vouchers for the BEV, with 95 requested at the end of January, up from 62 on last quarter's call.

我們繼續累積 BEV 的 HVIP 優惠券，一月底申請了 95 份，高於上季電話會議的 62 份。

The additional voucher requests are in addition to the purchase orders for 47 BEVs from one dealer on the East Coast.

額外的憑證請求是在東海岸一家經銷商購買 47 輛純電動車的訂單之外提出的。

Our sales team and dealers are in further discussions with fleets to secure additional purchase orders and are on-track to have all trucks in Nikola inventory spoken for prior to resuming production.

我們的銷售團隊和經銷商正在與車隊進行進一步討論，以確保獲得額外的採購訂單，並預計在恢復生產之前安排尼古拉庫存中的所有卡車。

As I said earlier, we're calling the truck BEV 2.0 because not only are we replacing the battery packs and addressing outstanding service campaign fixes, but we've made a number of additional enhancements, some available immediately and others that over time are expected to be updated over the air to augment the truck's capabilities.

正如我之前所說，我們將卡車稱為BEV 2.0，因為我們不僅更換了電池組並解決了突出的服務活動修復問題，而且我們還進行了許多額外的增強功能，其中一些功能可以立即使用，而另一些功能則預計會隨著時間的推移而提供透過無線方式更新以增強卡車的功能。

The improvements include an updated instrument readout for more vital information viewing, connectivity improvements, a more user-friendly mobile app, a scheduled departure feature which ensures maximum charge when drivers begin their route and a better charging experience.

這些改進包括更新的儀表讀數以查看更重要的資訊、連接改進、更用戶友好的行動應用程式、計劃出發功能（確保駕駛員開始路線時最大充電）以及更好的充電體驗。

In addition to improved battery packs and new features, the trucks are also expected to be lighter, which is expected to result in higher payload capacity for fleets.

除了改進的電池組和新功能外，卡車還預計會更輕，預計將為車隊帶來更高的有效負載能力。

We are committed to the battery electric product.

我們致力於電池電動產品。

Nikola has one truck platform, two powertrain options and we're developing a network providing zero emission fueling and charging solutions for Class 8 trucking.

Nikola 擁有一個卡車平台、兩種動力系統選項，我們正在開發一個網絡，為 8 級卡車運輸提供零排放加油和充電解決方案。

That's all we do.

這就是我們所做的一切。

Moving on to the energy business, HYLA.

轉向能源業務，HYLA。

Earlier this month, we announced the opening of our first modular hydrogen fueling station in Ontario, California, which can fuel up to 40 trucks per day.

本月早些時候，我們宣佈在加州安大略省開設第一個模組化加氫站，每天可為多達 40 輛卡車提供燃料。

Customers are utilizing this station on a daily basis to fuel up and keep hauling freight.

客戶每天都使用這個加油站來補充燃料並繼續運輸貨物。

Additionally, we named First Element Fuel as an authorized fueling solutions partner.

此外，我們也指定 First Element Fuel 作為授權加油解決方案合作夥伴。

The collaboration enables Nikola customers to utilize their new multi-use heavy-duty refueling station strategically situated near the Port of Oakland, which will be able to serve up to 200 trucks per day.

此次合作使 Nikola 客戶能夠利用其位於奧克蘭港附近戰略性位置的新型多用途重型加油站，該加油站每天可為多達 200 輛卡車提供服務。

These locations are ideally located, providing customers with the opportunity to go from Northern to Southern California and back.

這些地點地理位置優越，為客戶提供往返北加州和南加州的機會。

The HYLA team is hard at work to secure additional refueling locations and assets.

HYLA 團隊正在努力確保額外的加油地點和資產。

In Southern California, we have a line of sight right now to secure six additional HYLA modular refueling sites in 2024.

在南加州，我們目前預計在 2024 年將新增 6 個 HYLA 模組化加油站。

As mentioned, in Northern California, we have First Element Fuel in Oakland, with three additional sites being planned near the Bay Area and Sacramento.

如前所述，在北加州，我們在奧克蘭設有 First Element Fuel，並計劃在灣區和薩克拉門托附近另外設立三個站點。

In addition to the planned HYLA stations and First Element, we are in discussions with other hydrogen fueling station operators to allow Nikola customers to fuel at their underutilized assets.

除了計劃中的 HYLA 加油站和 First Element 之外，我們還在與其他加氫站營運商進行討論，以允許 Nikola 客戶利用其未充分利用的資產進行加油。

The modular station in Ontario is the first step in the development of the HYLA Hydrogen Highway.

安大略省的模組化站是 HYLA 氫高速公路發展的第一步。

Modular stations are intended to support new geographies as hydrogen fuel cell electric truck network density is amassed in the surrounding area and serve as a nimble interim solution, while permanent refueling infrastructure is built.

模組化站旨在支援新的地區，因為氫燃料電池電動卡車網路密度在周邊地區聚集，並作為靈活的臨時解決方案，同時建立永久性加油基礎設施。

Upon completion of the permanent station infrastructure, the modular fueling assets can be redeployed in a new location, as we look to develop density in existing markets or enter new ones.

永久加油站基礎設施完成後，隨著我們希望提高現有市場的密度或進入新市場，模組化加油資產可以重新部署到新地點。

We believe the modular strategy will provide us with a flexible solution, allowing us to rapidly penetrate new markets and remain capital efficient without the need to commit to permanent infrastructure prior to developing hydrogen fuel cell electric truck demand, ensuring high utilization of refueling assets.

我們相信，模組化策略將為我們提供靈活的解決方案，使我們能夠快速滲透新市場並保持資本效率，而無需在開發氫燃料電池電動卡車需求之前致力於永久性基礎設施，從而確保加油資產的高利用率。

The planned hydrogen highway is well underway and the top priority of the HYLA team is to ensure customers are up 100% of the time and fuel is not a bottleneck to deliver trucks.

規劃中的氫能高速公路正在順利進行，HYLA 團隊的首要任務是確保客戶 100% 正常運行，燃料不是卡車交付的瓶頸。

We are happy to confirm at this time, our energy team has secured more than enough off take to support our 2024 truck plan of record.

我們很高興此時確認，我們的能源團隊已獲得足夠的承購量來支持我們創紀錄的 2024 年卡車計畫。

Passing it to Brian to cover the financial results.

將其傳遞給布萊恩以報道財務業績。

Thank you, Steve.

謝謝你，史蒂夫。

Throughout 2023, we continue to strengthen our liquidity position, increasing our unrestricted cash balance, while also cutting our cash use by focusing spend on core business initiatives.

2023 年，我們將繼續加強流動性狀況，增加不受限制的現金餘額，同時透過將支出集中在核心業務計劃上來減少現金使用。

Cash used for CapEx in operating activities, which excludes loss on supplier deposits, stock-based compensation, depreciation and impact of working capital averaged $85 million per quarter in the second half of 2023 compared to $130 million in the first half of 2023.

2023 年下半年，營運活動中用於資本支出的現金（不包括供應商押金損失、股票薪酬、折舊和營運資金影響）平均為 8,500 萬美元，而 2023 年上半年為 1.3 億美元。

That burn rate will continue in the first half of 2024 as we ramp up hydrogen fuel cell electric and HYLA activities that have visibility to reducing to less than $70 million per quarter by year end.

隨著我們加大氫燃料電池電動和 HYLA 活動的力度，這種燃燒率將在 2024 年上半年繼續下去，預計到年底每季將減少到 7,000 萬美元以下。

In 2023, we sold 79 battery electric trucks prior to the recall and 35 hydrogen fuel cell electric trucks in Q4 for total net truck revenue of $30.1 million.

2023 年，我們在召回前銷售了 79 輛電池電動卡車，並在第四季度銷售了 35 輛氫燃料電池電動卡車，卡車總淨收入為 3,010 萬美元。

Net truck revenue includes the impact of dealer rebates, incentives and truck returns due to the cancellation of certain dealer agreements.

卡車淨收入包括經銷商回扣、激勵措施和因取消某些經銷商協議而導致的卡車退貨的影響。

Service and other revenue in 2023 was $5.8 million.

2023 年服務和其他收入為 580 萬美元。

Our gross loss in 2023 was negative $214.1 million.

2023 年我們的總虧損為負 2.141 億美元。

Gross loss is outsized in 2023 due to the battery electric truck recall, which includes a reserve of $65.8 million for estimated recall costs and the write down of $45.7 million for BEV battery pack and other BEV inventory components.

由於電池電動卡車召回，2023 年的總損失巨大，其中包括用於估計召回成本的 6580 萬美元儲備金以及 BEV 電池組和其他 BEV 庫存組件的 4570 萬美元減記。

Total operating expenses for the year came in at $435.8 million and includes $75.4 million of stock-based compensation and $28.8 million loss on supplier deposits.

本年度總營運支出為 4.358 億美元，其中包括 7,540 萬美元的股票薪酬和 2,880 萬美元的供應商押金損失。

Excluding loss on supplier deposits, total operating expenses were within our previously provided guidance range and improved substantially versus the full year 2022.

不包括供應商押金損失，總營運費用在我們之前提供的指導範圍內，並且與 2022 年全年相比大幅改善。

We'd also like to provide a little color on the elevated interest expense for 2023.

我們也想對 2023 年利息支出的增加提供一些說明。

Net interest expense totaled $76 million for the full year, of which $41.2 million is from a one-time, non-cash expense related to the conversion of the April 2023 toggle convertible notes during the third quarter.

全年淨利息支出總計 7,600 萬美元，其中 4,120 萬美元來自與第三季 2023 年 4 月切換可轉換票據轉換相關的一次性非現金支出。

Net loss from continuing operations for the full year was $864.6 million and on a non-GAAP basis came in at $631.3 million.

全年持續經營業務淨虧損為 8.646 億美元，以非 GAAP 計算淨虧損為 6.313 億美元。

CapEx for the full year totaled $120.5 million as we completed the manufacturing footprint and line reconfiguration in Coolidge to bring hydrogen fuel cell electric truck production online.

我們完成了柯立芝的製造基地和生產線重新配置，使氫燃料電池電動卡車在線上生產，全年資本支出總計 1.205 億美元。

While we expect some hydrogen fuel cell electric truck tooling costs to carry over into 2024, the vast majority of these expenditures are in the rearview mirror.

雖然我們預計一些氫燃料電池電動卡車工具成本將延續到 2024 年，但其中絕大多數支出都已成為過去。

Moving on to the Q4 2023 results.

接下來是 2023 年第四季的業績。

During the quarter, we delivered 35 hydrogen fuel cell electric trucks for total truck revenue of $12.5 million.

本季度，我們交付了 35 輛氫燃料電池電動卡車，卡車總收入為 1,250 萬美元。

Net of dealer rebates and incentives, ASP was $351,000 due to the fulfillment of a number of lower-priced legacy deals, which drove down ASP.

扣除經銷商回扣和獎勵後，平均售價為 351,000 美元，原因是完成了許多低價的遺留交易，從而壓低了平均售價。

We expect ASP to increase throughout 2024 as our sales mix transitions away from legacy deals as they are fulfilled.

我們預計 2024 年平均售價將持續成長，因為我們的銷售組合將在傳統交易完成後轉型。

Net revenue for the quarter was $10.4 million and includes a reversal of some revenue from dealer cancellations and repurchase of their BEV inventory as we continue to strategically refine and position our dealer and service network in geographies of strong tailwinds like California and Canada.

本季淨收入為1,040 萬美元，其中包括經銷商取消和回購BEV 庫存帶來的部分收入的逆轉，因為我們繼續策略性地完善我們的經銷商和服務網絡並將其定位在加州和加拿大等強勁的地區。

Gross loss in Q4 was approximately $38.2 million, resulting in a negative gross margin of 332%.

第四季的毛虧損約為 3,820 萬美元，導致毛利率為 332% 的負值。

Gross loss is outsized due to low production volume, high variable and fixed costs and non-cash accruals.

由於產量低、變動成本和固定成本高以及非現金應計費用，毛損失過大。

We would like to provide some additional insight into the current unit economics per hydrogen fuel cell electric truck and show the true cash spend per truck today.

我們希望對目前每輛氫燃料電池電動卡車的單位經濟性提供一些額外的見解，並展示當今每輛卡車的真實現金支出。

Looking at hydrogen fuel cell electric truck production on a standalone basis, we can separate costs of goods into three buckets, variable cash costs, fixed cash costs, and accruals, depreciation and amortization.

從獨立的角度來看氫燃料電池電動卡車的生產，我們可以將商品成本分為三類：變動現金成本、固定現金成本以及應計費用、折舊和攤提。

Variable cash costs include our bill of materials and variable manufacturing costs in Coolidge such as direct labor, manufacturing supplies, inbound freight duties and taxes.

變動現金成本包括我們的物料清單和柯立芝的變動製造成本，例如直接勞動力、製造供應、入境運費和稅金。

On a per unit basis, variable cash costs were approximately $679,000 per truck.

以每輛卡車計算，變動現金成本約為 679,000 美元。

We expect these cash costs to decrease as our bill of materials come down and revert from airfreight back to ocean freight as supplier throughput normalizes.

我們預計，隨著供應商吞吐量正常化，我們的物料清單下降並從空運恢復到海運，這些現金成本將會下降。

Fixed cash costs primarily include indirect labor and facilities overhead spend.

固定現金成本主要包括間接勞動力和設施管理費用。

On a per unit basis, fixed cash costs per vehicle were $126,000.

以單位計算，每輛車的固定現金成本為 126,000 美元。

We expect we will experience the benefits of operating leverage on a fixed cash cost on a per unit basis, as we scale production volumes.

我們預計，隨著我們擴大產量，我們將體驗到以單位固定現金成本為基礎的營運槓桿的好處。

On a cash basis per truck, we are at a negative 129% cash margin.

以每輛卡車的現金計算，我們的現金利潤率為負 129%。

The third component of cost of goods accruals in D&A include items like warranty, net realizable value write downs of inventory, the IVECO S-Way license amortization and depreciation on the Coolidge manufacturing facility and equipment.

D&A 中應計貨物成本的第三個組成部分包括保固、庫存可變現淨值減記、依維柯 S-Way 許可攤提以及柯立芝製造設施和設備的折舊等項目。

On a per unit basis, accruals and D&A were $459,000 per truck, resulting in a gross margin loss on the trucks of negative 260%.

按單位計算，每輛卡車的應計費用和 D&A 為 459,000 美元，導致卡車的毛利率損失為負 260%。

As we continue to increase ASP, lower our bill of materials and increase production, we expect the items above to substantially decrease on a per unit basis.

隨著我們繼續提高平均售價、降低物料清單並增加產量，我們預計上述項目的單位數量將大幅減少。

Since this is our first quarter reporting hydrogen fuel cell electric truck sales, we wanted to give you some insight as there are many accruals and accounting reserves included in the P&L that are highlighted with lower production volumes.

由於這是我們報告氫燃料電池電動卡車銷售的第一季度，我們希望為您提供一些見解，因為損益表中包含許多應計項目和會計準備金，這些項目突出顯示了產量的下降。

We believe looking at operating leverage is a better measure of Nikola's performance in this early stage of production.

我們認為，考察營運槓桿是衡量尼古拉在生產早期階段表現的更好指標。

Actual cash spend per truck gives insight into where we have operating leverage and provides a clear runway to improve cash margin as we achieve higher production and delivery volumes in the second half of the year.

每輛卡車的實際現金支出可以讓我們深入了解我們的營運槓桿，並為我們在下半年實現更高的產量和交付量時提高現金利潤率提供清晰的途徑。

Steve will share where we expect to be on a cash contribution margin basis later in the call, when we provide 2024 guidance.

當我們提供 2024 年指導時，史蒂夫將在稍後的電話會議中分享我們對現金貢獻利潤率的預期。

Moving on to our operating expenses.

繼續我們的營運費用。

Total operating expenses for fourth quarter came in at $89.6 million within the provided guidance range and includes $10.4 million of losses on supplier deposits and $6.5 million of stock-based compensation.

第四季的總營運費用為 8,960 萬美元，在規定的指導範圍內，其中包括 1,040 萬美元的供應商押金損失和 650 萬美元的股票薪酬。

Excluding loss on supplier deposits, operating expenses came in below the low end of expense guidance, as we continue to foster financial discipline and reduce cash use.

不包括供應商押金損失，隨著我們繼續加強財務紀律並減少現金使用，營運費用低於費用指導的低端。

Cash use for Q4 was $129.9 million below our $140 million target.

第四季的現金使用量為 1.299 億美元，低於我們 1.4 億美元的目標。

We anticipate our cash use will continue to decline on average as we continue to see reductions in bill of material costs and manage our working capital effectively.

我們預計，隨著物料成本的持續下降和營運資金的有效管理，我們的平均現金使用量將繼續下降。

Lastly, we ended Q4 with a total unrestricted cash balance of $464.7 million, an improvement of $102 million from Q3 and our highest unrestricted cash balance since Q4 of 2021.

最後，我們第四季末的非限制現金餘額總額為 4.647 億美元，比第三季增加了 1.02 億美元，也是自 2021 年第四季以來我們最高的非限制現金餘額。

Thanks, Brian.

謝謝，布萊恩。

Let's discuss our 2024 outlook.

讓我們討論一下 2024 年的展望。

We're starting the year in a strong position as demand is not a constraint, and we believe we can sell every truck we can build.

我們在今年開始就處於有利地位，因為需求不再是一個限制，我們相信我們可以銷售我們能製造的每一輛卡車。

We are experiencing some delays in the ramp-up of new components from suppliers on the hydrogen fuel cell electric truck and modular refueling assets.

我們在氫燃料電池電動卡車和模組化加油資產供應商的新組件生產方面遇到了一些延遲。

At this time, we're guiding for full year hydrogen fuel cell electric truck deliveries in the range of 300 to 350 trucks.

目前，我們預計全年氫燃料電池電動卡車交付量為 300 至 350 輛。

There could be upside to this range, if supply constraints on both the truck components and dispensing assets alleviate, as we have plenty of production capacity in Coolidge and hydrogen supply.

如果卡車零件和分配資產的供應限制得到緩解，那麼這個範圍可能會有上升空間，因為我們在柯立芝和氫氣供應方面擁有充足的生產能力。

As always, our supply chain team is diligently working with our suppliers and we will continue to provide you with updates in the coming quarters.

一如既往，我們的供應鏈團隊正在與供應商努力合作，我們將在未來幾季繼續為您提供最新資訊。

With current demand greater than supply, we can be selective on customer orders and believe we can push price higher.

由於當前需求大於供應，我們可以對客戶訂單進行選擇性，並相信我們可以推高價格。

Contrast this with the current light duty EV market where inventory is high and prices are coming down.

與此形成鮮明對比的是，目前的輕型電動車市場庫存較高，但價格正在下降。

We are doing the opposite.

我們正在做相反的事。

On the battery electric trucks, we expect to deliver at least 100 in 2024.

在純電動卡車方面，我們預計 2024 年將交付至少 100 輛。

These deliveries will begin after we have completed the return of the recall trucks to end users in late Q2 or early Q3 2024.

這些交付將在我們於 2024 年第二季末或第三季初完成將召回卡車退還給最終用戶後開始。

We are encouraged as dealers continue to submit HVIP vouchers, and our sales team is working through the sales pipeline for additional purchase orders.

經銷商繼續提交 HVIP 優惠券，我們的銷售團隊正在透過銷售管道爭取額外的採購訂單，這讓我們深受鼓舞。

We expect total truck revenue for the full year to be between $150 million to $170 million.

我們預計全年卡車總收入將在 1.5 億至 1.7 億美元之間。

This year, we expect hydrogen revenue and associated cost to be minimal as we are just beginning to deliver the first trucks and develop the hydrogen highway.

今年，我們預計氫氣收入和相關成本將降至最低，因為我們剛開始交付第一批卡車並開發氫氣高速公路。

For the full year 2024 guide, we think hydrogen and other revenue will be in the range of $10 million to $12 million.

對於 2024 年全年指南，我們認為氫氣和其他收入將在 1,000 萬美元至 1,200 萬美元之間。

We expect total gross margin for the full year to be in the range of negative 100% on the low end of delivery guidance and negative 80% on the high end.

我們預計全年總毛利率將在交付指引低端負 100% 和高端負 80% 之間。

On the truck side, lower production volumes will be helpful to the cash burn initially as we will not incur as many costs.

在卡車方面，較低的產量將有助於最初的現金消耗，因為我們不會承擔那麼多成本。

However, we do see a line of sight to achieve positive cash contribution margin later in the year.

然而，我們確實看到了今年稍後實現正現金貢獻率的希望。

As Brian talked about earlier, there are some non-cash accruals and fixed costs that are elevated right now as we ramp up production volumes and deploy new technology.

正如布萊恩之前談到的，隨著我們提高產量和部署新技術，一些非現金應計費用和固定成本目前正在上升。

At this time, we believe if we can continue to increase ASP and reduce bill of material costs, we believe we can be in a position to produce a positive cash contribution margin on every truck as we transition into 2025.

目前，我們相信，如果我們能夠繼續提高平均售價並降低物料成本，我們相信在過渡到 2025 年時，我們能夠在每輛卡車上產生正的現金貢獻利潤。

At that point, selling more trucks will produce more cash flows to begin covering fixed manufacturing costs and operating expenses.

到那時，銷售更多的卡車將產生更多的現金流，以開始覆蓋固定的製造成本和營運費用。

We expect 2024 operating expenses to be in the range of $280 million to $300 million including $30 million of stock-based compensation.

我們預計 2024 年營運費用將在 2.8 億至 3 億美元之間，其中包括 3,000 萬美元的股票薪酬。

Our expected CapEx for 2024 is $60 million to $70 million.

我們預計 2024 年的資本支出為 6,000 萬至 7,000 萬美元。

CapEx will be predominantly spent on HYLA modular refueling infrastructure, supplier tooling and investments to reduce the hydrogen fuel cell electric truck bill of materials.

資本支出將主要用於 HYLA 模組化加油基礎設施、供應商工具和投資，以減少氫燃料電池電動卡車的材料成本。

For the first quarter of 2024, based on supply availability, expect to deliver between 30 and 35 hydrogen fuel cell electric trucks for revenues between $12 million and $14 million.

根據供應情況，預計 2024 年第一季將交付 30 至 35 輛氫燃料電池電動卡車，營收在 1,200 萬美元至 1,400 萬美元之間。

We expect gross margin for Q1 will be approximately negative 245% to negative 205%.

我們預計第一季毛利率將約為負245%至負205%。

Operating expenses for Q1 are expected to be between $72.5 million to $77.5 million and includes $7.9 million of stock-based compensation.

第一季的營運費用預計在 7,250 萬美元至 7,750 萬美元之間，其中包括 790 萬美元的股票薪酬。

CapEx in Q1 will be approximately $20 million.

第一季的資本支出約為 2000 萬美元。

We expect operating expenses to decline further throughout the year, as we complete the battery electric truck recall and reduce hydrogen fuel cell electric truck engineering and validation activities, as we are now focused on production.

隨著我們完成電池電動卡車召回並減少氫燃料電池電動卡車工程和驗證活動（因為我們現在專注於生產），我們預計全年營運費用將進一步下降。

To close the call, I'd like to just talk about the interest in Nikola and our products and services.

在結束通話之前，我想談談對 Nikola 以及我們的產品和服務的興趣。

There has been so much interest from government officials, suppliers, to partners and fleets.

政府官員、供應商、合作夥伴和車隊都表現出了極大的興趣。

Nowhere was that more evident than at CES 2024, where we were hosted by Bosch and brought three hydrogen fuel cell electric trucks.

這一點在 CES 2024 上表現得最為明顯，我們由博世主辦，並帶來了三輛氫燃料電池電動卡車。

We gave walk around tours and rides and the excitement and reactions from people said it all.

我們提供了步行遊覽和遊樂設施，人們的興奮和反應說明了一切。

They know we're for real.

他們知道我們是來真的。

While other OEMs have their future trucks on the showroom floor, our Class 8 hydrogen fuel cell electric truck was the only one driving attendees up and down Paradise Road.

雖然其他原始設備製造商在展廳地板上展示了他們未來的卡車，但我們的 8 級氫燃料電池電動卡車是唯一一輛載著與會者在天堂路上來回行駛的卡車。

We are building the products, hauling freight and refueling at our first modular station.

我們正在我們的第一個模組化站製造產品、運輸貨物和加油。

We have entered the execution phase of Nikola's business model, and we're doing what we said we're going to do.

我們已經進入尼古拉商業模式的執行階段，我們正在做我們說過要做的事情。

Finally, I want to thank those fleets who have our trucks in operation and are putting them to work, while also collaborating with us to refine our product with each mile.

最後，我要感謝那些使用我們的卡車並讓它們投入工作的車隊，同時也與我們合作，每一英里都改進我們的產品。

Your faith in our pioneering product inspire us and we are here to support you in your journey to ensure your success.

您對我們開創性產品的信任激勵著我們，我們將隨時為您提供支持，確保您的成功。

Thank you all again for your time, passion and commitment to Nikola's future.

再次感謝大家的時間、熱情和對 Nikola 未來的承諾。

This concludes our prepared remarks.

我們準備好的演講到此結束。

Operator, please open the line for analyst questions.

接線員，請接通分析師提問線路。

(Operator Instructions) Mike Shlisky, DA Davidson.

（操作員說明）Mike Shlisky，DA Davidson。

Steve, you had noted that, there was no trucks sold for dealer stock inventory.

史蒂夫，您已經注意到，沒有為經銷商庫存出售卡車。

I guess I was curious whether you are getting requests from dealers to have inventory and is there a point where you'll be able to finally fulfill that or is customer spoken for demand kind of almost the entire 2024 planned output here?

我想我很好奇你們是否收到經銷商要求擁有庫存的請求，以及你們是否能夠最終滿足這一要求，或者客戶所說的需求是否幾乎達到了 2024 年計劃的全部產量？

We are still filling customer demand right now.

我們現在仍在滿足客戶需求。

We have customers attached to every order.

我們的每份訂單都有客戶。

At some point, dealers will have a demo vehicle or something like that, but I think it's going to be a while before they'll be able to actually physically stock trucks.

在某些時候，經銷商將擁有一輛演示車或類似的東西，但我認為他們還需要一段時間才能真正實際庫存卡車。

And then on more near-term level, you had mentioned a few component constraints that held back production.

然後，在更近期的層面上，您提到了一些阻礙生產的組件限制。

I'm curious if you resolve those here in the first quarter or have a good line of sight to when that might get resolved?

我很好奇您是否在第一季解決了這些問題，或對何時解決這些問題有良好的了解？

I would say on the truck side, they're starting to resolve and on the fueling side, they're actually also starting to resolve with the truck side resolving a little faster.

我想說，在卡車方面，他們開始解決，在加油方面，他們實際上也開始解決，卡車方面解決得更快一些。

And one last one for me.

最後一張是給我的。

You had mentioned there was an interesting slide about how you plan to enter market with the portable and then bring in the permanent hydrogen infrastructure after that to kind of ease into it and help manage the local transition.

您曾提到有一張有趣的幻燈片，介紹了您計劃如何以便攜式設備進入市場，然後引入永久性氫基礎設施，以輕鬆進入並幫助管理當地轉型。

That was very interesting.

這很有趣。

At this point, do you have any plans for your next market outside of the Arizona California corridor?

目前，您對亞利桑那州加州走廊以外的下一個市場有什麼計劃嗎？

You had alluded to Canada, I know you've got some off take in Midwest.

你提到了加拿大，我知道你在中西部有一些訂單。

I'd be curious if you've got more in the pipeline here over the next year or two or is there still a lot of infill to go within California here?

我很好奇，在接下來的一兩年裡，你們是否會在這裡進行更多的建設，或者加州境內是否還有很多填充項目？

Sure.

當然。

We look at it this way.

我們是這樣看的。

We need to have fish where the fish are.

有魚的地方我們需要有魚。

Right now the incentives are best in California and in Canada.

目前，加州和加拿大的激勵措施最好。

There's 30,000 trucks serving the ports in California.

有 30,000 輛卡車為加州的港口提供服務。

There's a big move with all those trucks to go to zero emission.

所有這些卡車都採取了一項重大舉措，以實現零排放。

We want to be in a position to supply them.

我們希望能夠向他們供貨。

We think the market is right for us in California.

我們認為加州的市場適合我們。

We got plenty of opportunity.

我們有很多機會。

Again, like you said, this is about building density.

再說一次，就像你說的，這與建築密度有關。

We need to build density to make this work.

我們需要提高密度才能使這項工作發揮作用。

Will we eventually move out from California?

我們最終會搬離加州嗎？

Yes.

是的。

I'm sure as we move through the year, there'll be other markets.

我確信隨著這一年的發展，還會有其他市場。

But right now, California and Canada are our two best markets.

但目前，加州和加拿大是我們最好的兩個市場。

Ben Kallo, Baird.

本卡洛，貝爾德。

Congrats on the work so far.

祝賀到目前為止的工作。

Just on you mentioned the port, could you just talk more about the opportunity there and how you're working on developing that?

剛才您提到了港口，您能否更多地談談那裡的機會以及您如何致力於開發它？

I know that's a close opportunity and makes a lot of sense there.

我知道這是一個千載難逢的機會，而且很有意義。

Yes.

是的。

The ports are huge.

港口很大。

Like I said, 30,000 trucks serving the ports.

就像我說的，有 30,000 輛卡車為港口服務。

We're attacking those markets.

我們正在攻擊這些市場。

That's where our most of our fuelers are going.

這就是我們大多數加油機要去的地方。

We think it's an enormous opportunity for us.

我們認為這對我們來說是一個巨大的機會。

Frankly, that's where some of the biggest orders were.

坦白說，這就是一些最大的訂單所在的地方。

These 35 trucks, a handful went up to Canada, but most of them went to California.

這35輛卡車，少數是去加拿大的，但大部分是去加州的。

It was 210 and a five, okay.

是210加5，好吧。

These weren't small guys here.

這裡的這些人可不是什麼小人物。

These were big guys.

這些都是大人物。

So big opportunity and not only just by the way the Southern California ports, it's the Northern California ports.

如此巨大的機會，不僅是南加州港口，還有北加州港口。

First Element will be able, I was at First Element last week with Ole.

第一元素可以，上週我和奧萊一起參加了第一元素。

They're going to be able to fuel 100 plus trucks a day.

他們每天將能夠為 100 多輛卡車提供燃料。

It's a big opportunity for us and it could move to 200.

這對我們來說是一個很大的機會，可能會增加到 200 個。

We think there's a huge opportunity in both Northern and Southern California ports and connecting them.

我們認為北加州和南加州的港口以及將它們連接起來都有巨大的機會。

When you think about the pilots and the fleets or customers, how do you think their buying pattern as compared to the full electric trucks?

當您想到飛行員、車隊或客戶時，與全電動卡車相比，您如何看待他們的購買模式？

Does that mean like infrastructure do they buy one, five and then 50 or how do we think about like the cadence of that?

這是否意味著像基礎設施一樣，他們會購買 1 個、5 個，然後 50 個，或者我們如何看待這樣的節奏？

I know all customers are probably different.

我知道所有客戶可能都是不同的。

First, let me correct something.

首先，讓我糾正一些事情。

We sold 10 trucks to two different fleets and five trucks to one.

我們向兩個不同的車隊出售了 10 輛卡車，並向一個車隊出售了 5 輛卡車。

By the way, one of the people who bought 10 trucks wants 40 more.

順便說一句，購買 10 輛卡車的人之一想要再買 40 輛。

He has been public about that.

他已公開此事。

When you ask them why are they buying fuel cell truck, why are they interested, their message to us is, basically it's the same weight as many others electric truck and gets almost 3x times the range and can refuel faster.

當你問他們為什麼購買燃料電池卡車、為什麼感興趣時，他們向我們傳達的訊息是，基本上它的重量與許多其他電動卡車相同，行駛里程幾乎是原來的 3 倍，而且加油速度更快。

Jeff Kauffman, Vertical Research Partners.

傑夫考夫曼，垂直研究夥伴。

Thank you very much.

非常感謝。

Thank you for the detailed guidance for '24 and the update.

感謝您對 '24 和更新的詳細指導。

That was really helpful.

這真的很有幫助。

I just had a couple of questions.

我只是有幾個問題。

The cost of getting the battery electric trucks back out into customer hands in the field, is that showing up only in the cash flow statement?

將電池電動卡車重新交回現場客戶手中的成本是否只顯示在現金流量表中？

Is there part of that running through the P&L and the guidance in '24?

24 年的損益表和指導中是否有部分內容貫穿其中？

Could you give us a little clarity on that?

您能給我們解釋一下嗎？

Brian, do you want to handle that?

布萊恩，你想解決這個問題嗎？

Yes.

是的。

So we had to write up the cost initially.

所以我們必須先寫下成本。

We've already spent $68 million primarily that was in Q3.

我們已經花了 6800 萬美元，主要是在第三季。

From a cash perspective, we've incurred about $3 million so far.

從現金角度來看，到目前為止我們已經支出了約 300 萬美元。

So most of the cash impact will be in Q1 and Q2.

因此，大部分現金影響將出現在第一季和第二季。

So the trucks that we're selling, the additional 100 trucks that we talked about in the guidance, those will be for revenue throughout the year.

因此，我們正在銷售的卡車，以及我們在指南中討論的額外 100 輛卡車，這些卡車將用於全年收入。

We expect to start delivering those late Q3 or early Q4.

我們預計將在第三季末或第四季初開始交付。

So those will hit the P&L.

所以這些都會影響損益表。

As Brian alluded to, we reserved a $68 million warranty liability at all.

正如布萊恩所提到的，我們保留了 6800 萬美元的保固責任。

Of that, we've spent approximately $3 million.

其中，我們花了大約 300 萬美元。

A lot of that spend will be spent on the material to actually retrofit the tax.

其中很大一部分支出將用於實際改造稅收的材料。

But ultimately, those packs will be sold pretty close to the timing or those trucks will be sold pretty close to the timing of actually retrofitting them.

但最終，這些包的銷售時間將非常接近，或者這些卡車的銷售時間將非常接近實際改裝的時間。

So we expect a minimal impact on that.

因此，我們預期對此的影響最小。

I think last quarter we alluded to of the total $65 million spend, which is now $68 million.

我想上個季度我們提到了 6500 萬美元的總支出，現在是 6800 萬美元。

We expect the net cash spend to be approximately $35 million as we sell through the battery electric inventory for a positive cash contribution and we collect on some of the outstanding AR.

我們預計淨現金支出約為 3500 萬美元，因為我們透過電池電動庫存進行銷售以獲得正現金貢獻，並且我們收集了一些未償還的 AR。

So maybe that number is a $38 million impact instead of $35 million now, but that's how you should think about it and they will hit the P&L for revenues.

因此，也許這個數字會產生 3800 萬美元的影響，而不是現在的 3500 萬美元，但這就是你應該如何考慮的，他們將影響收入的損益表。

And the other thing, Jeff, as Brian alluded to, most of these cash costs are in the first half of the year.

另一件事，傑夫，正如布萊恩所提到的，大部分現金成本都發生在今年上半年。

We expect cash burn to be materially less in the second half of the year than the first half of the year.

我們預計下半年的現金消耗將顯著少於上半年。

And then when we're talking about the fuel cell trucks now that we're out there selling them, is the only revenue that you're generating on the sale of the vehicle or are there other revenues related to say fuel or maintenance or kind of other oddities that we should be thinking about in that revenue figure?

然後，當我們談論燃料電池卡車時，我們現在正在銷售它們，這是您透過銷售車輛產生的唯一收入，還是有其他與燃料、維護或其他相關的收入我們應該在該收入數字中考慮其他奇怪的地方嗎？

So, there is some small energy revenue in that number.

因此，這個數字中有一些小的能源收入。

We said $10 million to $12 million this year.

我們說今年 1000 萬至 1200 萬美元。

Most of that is around energy.

其中大部分與能源有關。

It's small.

它很小。

We're just getting started there.

我們才剛開始。

That's the big piece of it.

這就是其中的重要部分。

And then final question.

然後是最後一個問題。

So if I walk through the guidance that you gave and then my math might be a little fuzzy here because I'm kind of in a pay phone booth with my cell phone here.

因此，如果我按照您提供的指導進行操作，那麼我的數學可能會有點模糊，因為我拿著手機在付費電話亭裡。

But it looks like somewhere in the low $400 million cash burn ex depreciation, ex stock-based comp, does that mean you're going to have to raise capital again before the end of the year or do I have the.

但看起來在 4 億美元的低現金消耗（除折舊、除股票補償之外）中，這是否意味著你將不得不在年底之前再次籌集資金，或者我有。

Yes.

是的。

So listen, we have the highest cash, unrestricted cash we've had in two years.

聽著，我們擁有兩年來最高的現金、不受限制的現金。

We actually have more cash than that burn, okay.

我們實際上擁有的現金比消耗的還多，好吧。

Second half is going to be materially lower than first half and we have assets we could sell that we could monetize.

下半年的業績將大大低於上半年，我們有可以出售的資產，可以從中獲利。

So we'll figure out what we need to do when we need to do it, but we don't need to do it right now that's for sure.

所以我們會在需要做的時候弄清楚我們需要做什麼，但我們現在不需要做，這是肯定的。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

I have real quick, that those 100 bed trucks you've referenced.

我很快就知道你提到的那些 100 輛卡車了。

Are those largely already in inventory and then just need the battery pack up?

這些產品是否大部分已經在庫存中，然後只需要電池組？

Is that what you were just saying?

這就是你剛才說的話嗎？

Yes, Greg.

是的，格雷格。

So the, I believe we had about 150 trucks in Nikola inventory.

因此，我相信 Nikola 庫存中有大約 150 輛卡車。

So those 100 are coming right off of our balance sheet and those will be positive cash contribution as we'll sell them for you can think about a $300,000 ASP and the cost of retrofits is substantially lower.

因此，這 100 台設備將立即從我們的資產負債表中扣除，這些將是積極的現金貢獻，因為我們將出售它們，您可以想像 ASP 為 300,000 美元，而且改造成本要低得多。

And Greg, those will be sold anywhere in the country.

格雷格，這些產品將銷往全國任何地方。

Yes, understood.

是的，明白了。

I did want to talk about the hydrogen, the network.

我確實想談談氫、網路。

Congrats on getting that first one up and Romeo.

恭喜你獲得第一個和羅密歐。

It looks like you kind of have the next one with element.

看來你有下一個帶有元素的東西。

As we think about 2024, I want to say, we were kind of targeting that mid-single-digits range, maybe in kind of mid-year.

當我們考慮 2024 年時，我想說，我們的目標是中間個位數範圍，也許是在年中。

Are we kind of still on a path to that growth with realizing the longer-term targets of 16 probably three, four years out down the road?

我們是否仍在實現這種成長的道路上，並在未來三、四年內實現 16 個長期目標？

Mid-single-digit range.

中間個位數範圍。

In terms of fueling stations?

就加油站而言？

Yes.

是的。

I think we're on target.

我想我們已經達到目標了。

We have line of sight on six modular sites in the south and other three in the north.

我們可以看到南部的六個模組化站點和北部的另外三個模組化站點。

It's a moving target.

這是一個移動的目標。

It's a big funnel.

這是一個大漏斗。

Ole and his team are looking at new sites every day where we need demand, and so it's still a good target.

索爾斯克亞和他的團隊每天都在尋找我們需要的新地點，因此它仍然是一個很好的目標。

And then just one more for me around the obviously Mike's question around supply chain issues being a drag.

然後對我來說，還有一個關於明顯麥克關於供應鏈問題成為拖累問題的問題。

As we sit here now midway through Q1, as we think about the ramp in fuel cell deliveries, any kind of cadence you can walk us through just realizing that we're starting to have a better line of sight on supply chain, as we look out into the summer?

當我們現在在第一季中期坐在這裡時，當我們考慮燃料電池交付量的增長時，您可以引導我們經歷任何一種節奏，只是意識到我們開始對供應鏈有更好的視野，正如我們所看到的到夏天了嗎？

Farmer's Matt, 30, 60, 90, 120 sounds like a good on the low-end.

Farmer 的 Matt、30、60、90、120 聽起來不錯，屬於低端。

And obviously if things start to ease up, we'll accelerate that.

顯然，如果情況開始緩和，我們將加速這一進程。

Winnie Dong, Deutsche Bank.

溫妮‧董，德意志銀行。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

I was wondering if you can maybe talk about the previous EBITDA positive target that's been, I think set for 2025.

我想知道您是否可以談談先前設定的 2025 年 EBITDA 正向目標。

I was wondering if you have any sort of update on that and perhaps any update on units associated that may be needed to get you there?

我想知道您是否對此有任何更新，也許您可能需要對相關單位進行任何更新？

Winnie, can you repeat your question?

溫妮，你能重複你的問題嗎？

It was breaking up a little bit there.

那裡有點破裂了。

Sorry, can you hear me now?

抱歉，你現在聽得到我說話嗎？

Yes.

是的。

Yes.

是的。

I was talking about the previously indicated EBITDA positive target for 2025.

我說的是先前指出的 2025 年 EBITDA 正向目標。

I was wondering if there's any updates to that goal and then perhaps any associated units that may be needed to get you to that target.

我想知道該目標是否有任何更新，以及實現該目標可能需要的任何相關單位。

Again, the strategy here is to get the positive cash contribution margin on a truck, variable margin on a truck.

同樣，這裡的策略是獲得卡車的正現金貢獻利潤，卡車的可變利潤。

We aspire to do that by year end.

我們希望在年底前做到這一點。

Once we do that, it's about accelerating volume and dropping more cash to cover the fixed costs.

一旦我們做到了這一點，我們就會加快銷量並投入更多現金來支付固定成本。

Right now, we have a line of sight on both of those, the positive cash contribution margin as we get to later this year into next year and that will drive us as we ramp volume next year to basically get to EBITDA positive.

目前，我們對這兩個目標都有關注，從今年晚些時候到明年，我們將獲得正的現金貢獻率，這將推動我們明年增加銷量，基本上實現 EBITDA 為正值。

Guys, don't underestimate the inefficiencies we are working through here.

夥計們，不要低估我們正在解決的低效率問題。

This has been all about getting on the field.

這一切都是為了上場。

Getting on the field, you learn, you pivot and then you win.

踏上球場，你學習、調整方向，然後你就贏了。

That's the strategy here.

這就是這裡的策略。

Get on the field, learn, make adjustments that we need to make whether it's on the fuel, whether it's on the go-to-market, whether it's building the truck and then make those adjustments and win.

走進現場，學習，做出我們需要做出的調整，無論是在燃料方面，無論是在上市方面，還是在製造卡車方面，然後做出這些調整併取得勝利。

That's the strategy.

這就是策略。

And then maybe separately, on the gross margin maybe on that side, can you maybe comment on sort of like post this 100 units of deliveries, what the, perhaps normalized margin profile will look like?

然後，也許在毛利率方面，您能否評論一下這 100 單位的交付量，也許標準化的利潤狀況會是什麼樣子？

You're using, I think, a different battery pack versus Romeo previously.

我認為您使用的電池組與之前的 Romeo 不同。

So just wanted to understand sort of the targeted margin profile for that product?

那麼只是想了解該產品的目標利潤概況？

Yes.

是的。

Hi, Winnie.

嗨，溫妮。

So in the full year guidance that we gave, the BEV margin is included there.

因此，在我們給出的全年指導中，純電動車利潤率也包含在內。

We're not specifically breaking out BEV guidance right now on a gross margin basis.

我們目前並沒有專門根據毛利率來打破 BEV 指引。

As you're aware, we have a lot of trucks in our inventory, approximately 150 that we're going to sell-through.

如您所知，我們的庫存中有很多卡車，大約有 150 輛我們將出售。

Those trucks will only require new battery packs and then some additional labor cost.

這些卡車只需要新的電池組和一些額外的勞動成本。

So we do expect a positive cash contribution on those trucks this year.

因此，我們確實預計今年這些卡車將獲得積極的現金貢獻。

However, when we start rebuilding them potentially in Q1 or Q2 next year, we have not provided gross margin guidance and we'll continue to update you guys as we get closer to that target timeframe.

然而，當我們可能在明年第一季或第二季開始重建它們時，我們尚未提供毛利率指導，隨著我們接近目標時間框架，我們將繼續向大家通報最新情況。

(Operator Instructions) With no further questions, I will now hand the call back over to Dhillon for investor questions.

（操作員說明）沒有其他問題，我現在將把電話轉回給 Dhillon 回答投資者問題。

Thank you, operator.

謝謝你，接線生。

We received a series of questions from retail investors through the SAI platform, the majority of which can be summed up into three topics.

我們透過SAI平台收到了散戶投資者的一系列問題，其中大部分可以歸納為三個主題。

One, what are our plans for 2024?

一、我們2024年的計畫是什麼？

Two, how does Nikola differentiate itself from competitors and how is Nikola better positioned than other manufacturers who are entering the hydrogen and battery electric Class 8 market?

第二，Nikola 如何與競爭對手區分開來？Nikola 與其他進入氫能和電池電動 8 級市場的製造商相比，有何更好的定位？

And three, what happened with the Badger program?

第三，Badger 計劃發生了什麼事？

Is what we are seeing on social media true?

我們在社群媒體上看到的內容是真的嗎？

Steve, let's start off with the first question.

史蒂夫，讓我們從第一個問題開始。

What can investors look forward to in 2024?

2024年投資人可以期待什麼？

Thank you, Dhillon. 2024 is about execution, scaling our business and optimizing revenue and costs.

謝謝你，迪倫。 2024 年是關於執行、擴展業務以及優化收入和成本的一年。

Every day, we are validating our business model by executing on what we said we were going to do.

每天，我們都透過執行我們所說的要做的事情來驗證我們的商業模式。

Near-term drivers include higher average sales price, growing our strong sales pipeline and deploying sufficient modular fuelers to meet the needs of our customers.

近期驅動因素包括更高的平均銷售價格、擴大我們強大的銷售管道以及部署足夠的模組化燃料裝置以滿足客戶的需求。

Since we announced we delivered 35 hydrogen fuel cell electric trucks in Q4, we've had heightened interest in our product.

自從我們宣佈在第四季度交付 35 輛氫燃料電池電動卡車以來，我們對我們的產品產生了濃厚的興趣。

In fact, the total number of HVIP vouchers for our hydrogen fuel cell electric truck at the end of January exceeds the total vouchers requested for all BEVs requested since 2023, and that's across all manufacturers.

事實上，截至 1 月底，我們的氫燃料電池電動卡車的 HVIP 代金券總數超過了自 2023 年以來所有純電動車申請的代金券總數，並且涵蓋所有製造商。

We own a dominant share of the available HVIP vouchers for hydrogen fuel cell electric truck vouchers, and we intend to keep it that way.

我們擁有氫燃料電池電動卡車優惠券可用 HVIP 優惠券的主導份額，並且我們打算保持這種狀態。

This is not a time for distractions.

現在不是分心的時候。

We remain hyper focused on the business and ensuring that our customers come first.

我們仍然高度專注於業務並確保客戶至上。

The stock price will take care of itself as we execute our plans.

當我們執行計劃時，股價會自然變動。

I'll say it again: we are in the right place at the right time with the right products to transform the commercial transportation ecosystem for the better.

我再說一次：我們在正確的時間、正確的地點使用正確的產品來改善商業運輸生態系統。

I couldn't be more excited to be a part of Nikola as I am now.

能像現在一樣成為尼古拉的一員，我感到無比興奮。

Thank you, Steve.

謝謝你，史蒂夫。

Next topic is how we better positioned and what differentiate us from the competition?

下一個主題是我們如何更好地定位以及我們在競爭中有何獨特之處？

The biggest difference is our hydrogen fuel cell electric truck is available to customers right now.

最大的區別是我們的氫燃料電池電動卡車現在可供客戶使用。

We have overcome many challenges to be the first manufacturer to deliver a Class 8 hydrogen fuel cell electric truck to customers in North America.

我們克服了許多挑戰，成為第一家向北美客戶提供 8 級氫燃料電池電動卡車的製造商。

Customers like Biagi, IMC Logistics, 4 Gen, and Coyote Containers are hauling freight as we speak.

正如我們所說，Biagi、IMC Logistics、4 Gen 和 Coyote Containers 等客戶正在運輸貨物。

What sets our hydrogen fuel cell electric truck apart is that it has extended range, more features, more capabilities than its peers.

我們的氫燃料電池電動卡車與眾不同之處在於，它比同行具有更遠的續航里程、更多的功能和更多的功能。

Demo and customer experience data show that customers prefer the tighter turning radius, driver assistance features, smoother ride, and the extended range up to 500 miles.

演示和客戶體驗數據表明，客戶更喜歡更小的轉彎半徑、駕駛員輔助功能、更平穩的行駛以及長達 500 英里的續航里程。

They appreciate the embedded technology of over-the-air updates, which keeps them out of the service bay and on the road.

他們欣賞無線更新的嵌入式技術，這使他們能夠遠離服務區並在路上。

These software-driven over-the-air updates will allow us to add more features over time to make the trucks even better.

這些軟體驅動的無線更新將使我們能夠隨著時間的推移添加更多功能，使卡車變得更好。

In short, we are benefiting from being a leader in the market and first-mover advantage.

簡而言之，我們受益於市場領導者和先發優勢。

Our clear market plan, focusing on regions with strong tailwinds like California and Canada for our hydrogen fuel cell electric trucks and HYLA infrastructure solutions, will bear out versus our competitors.

我們明確的市場計劃，重點關注加州和加拿大等氫燃料電池電動卡車和 HYLA 基礎設施解決方案的強勁地區，這將比我們的競爭對手更勝一籌。

Great.

偉大的。

And the third topic is about some of the social media posts regarding the Badger recently.

第三個主題是最近社群媒體上關於獾的一些貼文。

Britton, I will turn this one over to you.

布里頓，我會把這個交給你。

Thank you, Dhillon, and good morning.

謝謝你，迪倫，早安。

I've been a member of the Nikola team for eight years, taking part in its growth from just a few people in Utah to a company today with more than 900 employees, a headquarters in Phoenix and a manufacturing facility in Coolidge.

我已經成為 Nikola 團隊的一員八年了，參與了該公司從猶他州的幾個人發展成為如今擁有 900 多名員工、總部位於菲尼克斯、製造工廠位於柯立芝的公司的過程。

I'm very proud of what this company has accomplished and overcome as we work to decarbonize the heavy-duty trucking industry.

我對這家公司在我們致力於重型卡車行業脫碳過程中所取得的成就和克服的困難感到非常自豪。

There have been some confusing and potentially misleading videos and comments about Nikola Badger program that have been posted in recent days that I would like to address with facts.

最近幾天發布了一些關於 Nikola Badger 計劃的令人困惑且可能具有誤導性的影片和評論，我想用事實來解決這些問題。

The Badger program was initiated by Trevor Milton.

Badger 計畫由 Trevor Milton 發起。

After Nikola undertook some research and development, more than 6,000 reservations and deposits were taken and two prototypes were built, eventually being completed in late 2020.

Nikola進行了一些研發後，收到了超過6000份預訂和訂金，並建造了兩輛原型車，最終在2020年底完成。

The Badger program was always predicated on an OEM partnership.

Badger 計劃始終以 OEM 合作夥伴關係為基礎。

Because passenger vehicle development programs take billions of dollars to engineer, validate, produce and distribute.

因為乘用車開發案需要數十億美元來設計、驗證、生產和分銷。

It is an extraordinarily complex endeavor and very different from Class 8 trucks.

這是一項極其複雜的工作，與 8 級卡車截然不同。

This is why passenger vehicle companies do not typically build heavy-duty trucks and vice versa.

這就是為什麼乘用車公司通常不生產重型卡車，反之亦然。

After Mr. Milton's departure from the company in September 2020, Nikola did not pursue the Badger program.

Milton 先生於 2020 年 9 月離開公司後，Nikola 並未繼續推行 Badger 計畫。

On November 30, 2020, we announced that we were returning all order deposits for the Badger.

2020 年 11 月 30 日，我們宣布退還 Badger 的所有訂單押金。

In addition to a press release on that day in which our CEO at the time stated that, we were focusing on our core business of Class 8 heavy duty semi-trucks.

除了當天我們當時的執行長在新聞稿中表示，我們正在專注於8級重型半拖車的核心業務。

This brings us to the summer of 2023 when an agreement was executed between Nikola and Ember, a company majority owned by Dave Sparks and Cole Cannon.

2023 年夏天，Nikola 與 Ember（由 Dave Sparks 和 Cole Cannon 持有多數股權的公司）簽署了一項協議。

Nikola agreed to sell the Badger and Powersport’s related assets, which included certain intellectual property and some physical prototypes.

尼古拉同意出售 Badger 和 Powersport 的相關資產，其中包括某些智慧財產權和一些實體原型。

Mr. Sparks and Mr. Cannon expressed a desire to bring these products to market and brought several EV related partners to meetings as we discussed a possible sale.

史帕克斯先生和坎農先生表達了將這些產品推向市場的願望，並在我們討論可能的銷售時邀請了幾家電動車相關合作夥伴參加會議。

Based upon their representations that they plan to bring these products to market and that they needed working capital to do so, a deal was struck that allowed Ember to purchase the assets on a note with no money down to be paid back to Nikola over time.

根據他們的陳述，他們計劃將這些產品推向市場，並且需要營運資金來實現這一目標，因此達成了一項協議，允許Ember 以票據形式購買這些資產，並且無需支付首付，隨著時間的推移，可以向Nikola 償還。

Nikola retained a 30% interest in Ember, which lowered the note payable owed back from Ember, allowed Nicholas to retain some value for its shareholders if the assets were ever developed into anything worthwhile, and allowed Nicholas to claw back 500,000 shares that were given by Mr. Milton to Mr. Sparks as part of Mr. Milton's departure from the company.

Nikola 保留了 Ember 30% 的權益，這降低了 Ember 所欠的應付票據，如果資產被開發成任何有價值的東西，尼古拉斯就可以為股東保留一些價值，並允許尼古拉斯收回 500,000 股作為Milton 先生離開公司的一部分，Milton 先生轉投Sparks 先生。

Mr. Sparks and Mr. Cannon agreed that Mr. Milton would not be involved directly or indirectly in any way with the Badger or Powersport’s assets.

斯帕克斯先生和坎農先生同意米爾頓先生不會以任何方式直接或間接參與 Badger 或 Powersport 的資產。

It was specifically stated that Mr. Milton was to have zero involvement in this effort because the company felt strongly that he had caused enough reputational, financial and operational damage to Nikola.

特別指出，米爾頓先生對這項工作的參與為零，因為公司強烈認為他對尼古拉造成了足夠的聲譽、財務和營運損害。

Mr. Sparks and Mr. Cannon acknowledged and agreed to this stipulation.

Sparks先生和Cannon先生承認並同意這項規定。

Over the three and a half years since Mr. Milton left the company, we at Nikola have worked to stay above the fray, not comment on his legal proceedings, and stay focused on the work at hand to bring zero emission Class 8 trucks to market.

自從 Milton 先生離開公司以來的三年半時間裡，我們 Nikola 一直努力置身事外，不對他的法律訴訟發表評論，而是專注於手頭的工作，將零排放 8 級卡車推向市場。

As you have all heard on this call, we have done just that.

正如你們在這次電話會議上聽到的那樣，我們已經做到了這一點。

The irony that Mr. Milton is now trying to take control of Nikola after all that has happened in the past three and a half years is not lost on us at the company.

諷刺的是，在過去三年半發生的一切之後，米爾頓先生現在試圖控制尼古拉，我們公司並沒有忽視這一點。

We will continue to push back against any efforts he makes to attempt to take control of Nikola, and we believe our directors and management are far and away better for our stockholders than a slate of directors who lack relevant experience to run a clean energy, clean tech company.

我們將繼續抵制他試圖控制尼古拉的任何努力，我們相信，我們的董事和管理層對我們的股東來說，比一群缺乏經營清潔能源、清潔能源、清潔能源等相關經驗的董事要好得多。科技公司。

We continue to pursue all legal avenues against Mr. Milton related to the $165 million arbitration award that we won related to his wrongful conduct.

我們將繼續針對 Milton 先生的不當行為贏得 1.65 億美元的仲裁裁決，尋求一切法律途徑。

We are currently working to have that arbitration award confirmed in federal court.

我們目前正在努力讓聯邦法院確認該仲裁裁決。

Not surprisingly, Mr. Milton has opposed that request for confirmation, but we are waiting on a decision from the federal court judge.

毫不奇怪，米爾頓先生反對這項確認請求，但我們正在等待聯邦法院法官的決定。

Our company has made a commitment to openness and transparency with government entities, our stockholders, partners, and our employees.

我們公司對政府實體、股東、合作夥伴和員工做出了公開和透明的承諾。

I am honored to be a part of this organization every day and like all Nikola team members, remain committed to our mission and eliminating unnecessary distractions.

我很榮幸每天都能成為這個組織的一員，並且像所有 Nikola 團隊成員一樣，繼續致力於我們的使命並消除不必要的干擾。

Thank you for your time this morning.

感謝您今天早上抽出時間。

And now, I turn it back to Dhillon.

現在，我把它轉回給迪倫。

Thank you to our Chief Legal Officer, Britton Worthen for your explanation.

感謝我們的首席法律長 Britton Worthen 的解釋。

That concludes our prepared remarks for today.

我們今天準備好的演講到此結束。

Thank you all for joining.

感謝大家的加入。

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time and thank you for your participation.

此時您可以斷開線路，感謝您的參與。