Nikola Corp (NKLA) 2024 Q1 法說會逐字稿

And good morning, everyone, and welcome to Nikola Corporation's Fourth Quarter and Full Year 2023 Earnings and Business Update Call.

大家早安，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。

Joining me today are Steve Girsky, President and CEO, and Brian to hoover Corporate Controller.

今天與我一起出席的有總裁兼執行長 Steve Girsky 和企業財務總監 Brian Hoover。

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.

您可以在我們網站的投資者關係部分找到此新聞稿以及今天電話會議附帶的簡報幻燈片。

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 U.S. 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 statements 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陳述。

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 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，並且在我們的收益電話會議第二頁的今天收益新聞稿末尾以及我們向 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 statements speak only as of the date on which they are made.

前瞻性陳述僅代表其作出之日的情況。

You are cautioned not to put undue reliance on forward-looking statements after their video presentation.

請注意，不要過度依賴視訊演示後的前瞻性陳述。

Steve and Brian will provide their prepared remarks followed by analyst Q&A.

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。

Then we will conclude with questions from our stockholders.

然後我們將以股東的提問作為結束。

Please begin the video presentation.

請開始視訊示範。

Thank you. Nicolas' mission is to pioneer solutions for a zero emission world.

謝謝。尼古拉斯的使命是為零排放世界開創解決方案。

And we want to assist companies that are investing in sustainable solutions and decarbonizing the trucking industry is the most or whatever I've ever had with a view towards that have been in some really nice.

我們希望幫助那些投資於永續解決方案和卡車運輸業脫碳的公司，這是我所見過的最多的公司，我們的目標是實現一些非常好的目標。

We're building more hydrogen fuel cell trucks every day at our facility in Coolidge, Arizona.

我們位於亞利桑那州柯立芝的工廠每天都在製造更多的氫燃料電池卡車。

It drives very smooth, very quiet.

它行駛起來非常平穩、非常安靜。

Some extremely good turning radius, very impressed with the technology that's integrated, which is incredible.

一些非常好的轉彎半徑，對整合的技術印象深刻，這是令人難以置信的。

This plus the fuel cell gives us enough range to meet our customers' needs and still meet their sustainability goals.

再加上燃料電池為我們提供了足夠的範圍來滿足客戶的需求並且仍然實現他們的永續發展目標。

This is the product we're going to go with for the foreseeable future.

這是我們在可預見的未來將使用的產品。

Today, we're celebrating the grand opening of our very first modules dealer site today.

今天，我們慶祝我們第一個模組經銷商網站的盛大開幕。

It starts with a ripple.

它始於漣漪。

And with your support, historical becomes a wave and the way becomes a tidal wave as we all pursue our common goal of cleaning up long-haul transportation, if we are successful, it will bring a better future for our kids. Yes.

在您的支持下，歷史將成為波浪，道路將成為浪潮，因為我們都在追求清潔長途交通的共同目標，如果我們成功了，將為我們的孩子帶來更美好的未來。是的。

Thanks, Dylan, and good morning, everyone.

謝謝迪倫，大家早安。

Welcome to our fourth quarter and full year 2023 earnings and business update call what a time it is for Nicola as our mission of decarbonizing the trucking industry is crystallizing.

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，對於 Nicola 來說，現在正是我們卡車運輸業脫碳使命具體化的時刻。

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

之前，我們已經分享了很多關於我們的計劃以及我們今天正在努力的事情。

It's all about execution.

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營運中運輸貨物。

The list of fleets operating the trucks is strong and includes BRG Brothers, a long-standing partner, IMC logistics, the largest marine drayage company in the United States for Gen Duncan and sons and independent fleet operator and frequent social media post or Coyote containers 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.

經營這些卡車的車隊名單很強大，包括長期合作夥伴 BRG Brothers、鄧肯將軍及其兒子美國最大的海運拖運公司 IMC Logistics、獨立車隊運營商以及頻繁在社交媒體上發帖或 Coyote 集裝箱的車隊。月就說過，第四季我們製造了42輛氫燃料電池電動卡車，預留了7輛用於測試、客戶展示和批發。

The remaining 35 We ended Q4 with no finished goods inventory selling every truck available for ship to commerce.

剩餘的 35 輛卡車在第四季度結束時沒有成品庫存出售，可用於運送到商業。

And notably every truck we sold to dealers had a designated end user behind it.

值得注意的是，我們賣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, we could have sold more trucks, if not for supplier park constraints.

沒有任何東西作為經銷商庫存出售，如果不是供應商園區的限制，我們本可以出售更多卡車。

Additionally, we continue to accumulate H fit vouchers in California for vouchers issued in 2023 and through January 2024.

此外，我們將繼續在加州累積 2023 年至 2024 年 1 月發放的 H fit 代金券。

In California, it was 360 voucher requests for hydrogen fuel cell tractor trucks, of which 355 were for Nikola.

在加州，有 360 份氫燃料電池牽引車憑證申請，其中 355 份是 Nikola 的。

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 there are more age fit voucher request for our hydrogen fuel cell electric truck than all other OEMs combined on battery electric truck and fuel cell.

關於優惠券的另一個有趣的事實是，我們的氫燃料電池電動卡車的年齡適合優惠券要求比所有其他原始設備製造商對電池電動卡車和燃料電池的總和還要多。

In that same period, we have a clear market plan, focusing on regions with strong tailwinds like California and Canada for a hydrogen fuel cell electric trucks and highlight infrastructure solutions.

在同一時期，我們有一個明確的市場計劃，重點關注加州和加拿大等氫燃料電池電動卡車強勁的地區，並專注於基礎設施解決方案。

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 and use our 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恢復第一批卡車並使用我們的雙手，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.

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

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

同樣，改進後的卡車（我們稱之為 BEV 2.0）目前正在進行柯立芝驗證測試，初步結果非常出色。

A high-low hydrogen infrastructure business is on solid footing with a strong leadership team.

高低氫基礎設施業務擁有強大的領導團隊，基礎穩固。

We 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 in 2023.

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 2023 年氫高速公路的額外擴建計劃。

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 used by approximately 35%.

我們持續改善流動性狀況，並減少支出，使不受限制的現金部位增加一倍以上，達到 4.647 億美元，並將使用的現金減少約 35%。

Our unrestricted cash position is the highest it's been at at a quarter end since Q4 2021, we continue to improve our liquidity position and remain financially disciplined.

我們的無限制現金部位是自 2021 年第四季以來的最高水平，我們繼續改善流動性部位並保持財務紀律。

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 experienced leaders such as Oli Hofmann, 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.

我們繼續吸引頂級人才，並為長期經驗豐富的領導者建立了世界一流的管理團隊，例如能源總裁奧利·霍夫曼（Oli Hofmann）、首席營運長瑪麗·陳（Mary Chan），並且正在與潛在的新財務長進行討論官員，其經驗包括擔任其他上市公司的財務長和相關營運經驗。

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

這是帶領我們前進的團隊，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 purchase, former CEO. of Travel Centers of America and just last week.

12 月，我們增加了前執行長喬納森·普切斯 (Jonathanpurchase)。美國旅遊中心和上週。

Carla telly joined Carla has a successful track record leading and scaling energy organizations across Fortune one 50 private equity start-up and government entities for over two decades.

Carla Telly 加入 Carla 擁有二十多年來在財富 50 強私募股權新創公司和政府實體中領導和擴展能源組織的成功記錄。

If you look at the makeup of our Board is 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，你會發現他們是一群經驗豐富的企業家思想家和跨國公司的經營者。

Q4 was about getting out on the field, proving we can bring this groundbreaking technology to the market and deploying the building blocks to begin developing the hydrogen highway this coming year is about scaling our business, growing revenues and optimizing costs.

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，並部署建造模組以在明年開始開發氫高速公路，目的是擴大我們的業務、增加收入和優化成本。

Now on to our business update and a discussion about what's to come in 2024, beginning with the hydrogen fuel cell electric truck.

現在我們開始介紹我們的業務更新，並討論 2024 年的發展趨勢，首先從氫燃料電池電動卡車開始。

As I stated earlier in the call, during Q4, we built 42 production FCEV.s, 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，在第四季度，我們製造了 42 輛量產 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 post online from fleets and Nicola van spotting the trucks in operation.

車隊和尼古拉貨車在網路上發布了幾篇帖子，發現這些卡車正在運行。

So here are a few anecdotes.

這裡有一些軼事。

Coyote container successfully drove their truck from the Port of Oakland to the Port of Long Beach and to highlight Ontario to refuel And back to the Port of Oakland, there was probably no other zero-emissions truck that could handle the 866 mile journey hauling freight with one refuel 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.

Coyote 貨櫃成功地將卡車從奧克蘭港開往長灘港，並突出安大略省加油並返回奧克蘭港，可能沒有其他零排放卡車能夠處理 866 英里的貨運旅程MTA. 的一輛加油卡車從埃德蒙頓到卡加利往返行駛了519 公里，完成旅程後油箱的油量約為40%。

That route is Alberta's busiest transportation corridor and the journey proves our zero-emission truck and serve that market not to mention all the while it was minus 10 degrees Celsius outside.

這條路線是艾伯塔省最繁忙的交通走廊，這段旅程證明了我們的零排放卡車並服務於該市場，更不用說室外氣溫一直為零下 10 攝氏度。

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

據我們所知，沒有其他 FCED。迄今為止在阿爾伯塔省的試驗已經能夠完成這項行程。

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

我們的鎳工程團隊仍在將我們的卡車推向極限，駕駛卡車一天滿載行駛超過 1,000 英里，沒有任何問題。

Initial fleet feedback has been overwhelmingly positive with a smooth ride and power being among the highlights.

最初的車隊回饋非常積極，平穩的行駛和動力是其中的亮點。

And our sales team continues to work alongside dealers to facilitate sales last November, we told you we had approximately 96% of the hydrogen fuel cell electric truck age fifth Boucher requests in California.

我們的銷售團隊繼續與經銷商合作，以促進去年 11 月的銷售，我們告訴您，我們在加州滿足了約 96% 的第五代 Boucher 氫燃料電池電動卡車的需求。

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

當時，共有 135 張代金券被索取，其中 130 張是給 Nicolas 的。

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

截至 2024 年 1 月底，加州已發放 360 張代金券，其中 355 張是我們卡車的代金券。

So the additional 225 requested vouchers since the last call2 100% of them have been for our truck.

因此，自上次通話以來額外請求的 225 張優惠券2 100% 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銷售策略，即腳踏實地，幫助車隊實現永續發展目標、我們領先的市場地位和我們的產品品質。

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.

我們生產的氫燃料電池卡車今天正在路上行駛，我們正在實現重型運輸脫碳的任務。

One Fleet at a time 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 our plan is to have all end user trucks back in their respective fleets by the end of Q2.

我們仍有望在第一季末將第一批卡車返回客戶運營，我們的計劃是在第二季末將所有最終用戶卡車返回各自的車隊。

And throughout Q3 and Q4, we will complete upgrades to additional EV.s at our Coolidge, Arizona facility and have the best 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更多電動車的升級，並提供最佳的 2.0 版本可供銷售。

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

我們不斷累積HVIT。 1 月底，BEV 代金券申請量為 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 fabs from one dealer on the East Coast.

額外的憑證請求是在東海岸一家經銷商對 47 座晶圓廠的採購訂單之外提出的。

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 nickel 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確保所有卡車的鎳庫存得到落實。

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.

正如我之前所說，我們將卡車稱為 BEV 2.0，因為我們不僅要更換電池組並解決突出的服務活動修復問題。

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.

但我們已經進行了許多額外的增強功能，其中一些可以立即使用，而另一些則預計將隨著時間的推移透過無線方式進行更新，以增強卡車的功能。

The improvements include an updated instrument readout for more vital information viewing and activity 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，以實現更重要的資訊查看和活動改進，更用戶友好的移動應用程序，預定出發功能，確保駕駛員開始路線時獲得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。

Nicola is one truck platform to powertrain options, and we're developing a network providing zero-emission fueling and charging solutions for Class A. trucking.

Nicola 是一個提供動力系統選項的卡車平台，我們正在開發一個網絡，為 A 級卡車運輸提供零排放加油和充電解決方案。

That's all we do moving on to the energy business highlights.

這就是我們轉向能源業務亮點所做的全部工作。

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

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，客戶每天都使用該加氫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，我們也指定第一元素燃料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 客戶能夠利用其新的多用途重型加油站，該加油站地理位置優越，位於奧克蘭港附近，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.

這些地點地理位置優越，為客戶提供從北加州前往南加州的機會。

And back pilot team is hard at work to secure additional refueling locations and assets in Southern California.

後面的飛行員團隊正在努力確保南加州有更多的加油地點和資產。

We have a line of sight right now to secure six additional Tyler modular refueling sites in 2024.

我們目前的目標是在 2024 年增加 6 個泰勒模組化加油站。

As mentioned in Northern California, we have first element fuel in Oakland with three additional sites being planned near the Bay Area and Sacramento, in addition to the planned pilot stations.

正如在北加州所提到的，我們在奧克蘭擁有第一批元素燃料，除了計劃的試點站外，還計劃在灣區和薩克拉門托附近增加三個站點。

And first element, we are in discussions with other hydrogen fueling station operators to allow Nikola customers to fuel at their underutilized assets.

第一個要素是，我們正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 HILA hydrogen highway 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.

安大略省的模組化站是 HILA 氫高速公路模組化站開發的第一步，旨在支援新的地理區域，因為氫燃料電池電動卡車網路密度已在周邊地區聚集，並作為靈活的臨時解決方案。

While permanent refueling infrastructure is built 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.

雖然永久性加油基礎設施是在永久性加油站基礎設施完成後建造的，但當我們希望提高現有市場的密度或進入新市場時，可以將模組化加油資產重新部署到新地點。

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.

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，而無需致力於永久性基礎設施。

Prior to developing hydrogen fuel cell electric truck demand, ensuring high utilization of refueling assets.

先行發展氫燃料電池電動卡車需求，確保加氫資產的高利用率。

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

規劃中的氫高速公路正在順利進行，Highland 團隊的首要任務是確保客戶 100% 的時間正常運行，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 offtake to support our 2024 truck plan of record.

我們很高興地確認此時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 年卡車計劃。

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 used by focusing spend on core business initiatives, cash used for CapEx and 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.

在整個2023 年，我們繼續加強流動性頭寸，增加不受限制的現金餘額，同時透過將重點放在核心業務計劃上的支出、用於資本支出和經營活動的現金來削減現金使用量，其中不包括供應商存款損失、股票薪酬、 2023 年下半年，折舊和營運資本影響平均每季為 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 highlight 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化力度，並重點關注那些有希望在年底前每季度減少到 7000 萬美元以下的活動，這種燃燒率將在 2024 年上半年繼續下去。

In 2023, we sold 79 battery electric trucks prior to the recall and 35 hydrogen fuel cell electric trucks in Q4 or 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 to the cancellation of certain dealer agreements.

卡車淨收入包括經銷商回扣、激勵措施以及取消某些經銷商協議造成的卡車退貨的影響。

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 gross losses outsized in 2023 due to the battery electric truck recall, which includes a reserve of $65.8 million for us, may recall costs and the write-down of $45.7 million for the battery pack and other BV inventory components.

由於電池電動卡車召回，我們 2023 年的毛損失為負 2.141 億美元，2023 年毛損失巨大，其中包括我們的 6580 萬美元儲備金、可能召回成本以及電池組和其他 BV 的 4570 萬美元減記庫存組件。

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

不包括 LAS 和供應商押金，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。

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

我還想對 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 from a onetime 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.

全年持續經營業務淨虧損為 8.646 億美元。

And on a non-GAAP basis came in at $631.3 million.

以非公認會計準則計算，收入為 6.313 億美元。

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

我們完成了製造足跡和生產線重新配置外殼，使氫燃料電池電動卡車生產上線，全年資本支出總計 1.205 億美元。

While we expect some hydrogen fuel cell electric truck showing cost of 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的成本可以結轉至 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, net of dealer rebates and incentives.

本季度，我們交付了 35 輛氫燃料電池電動卡車，扣除經銷商回扣和激勵後，卡車總收入為 1,250 萬美元。

ASP. was 351,000 due to the fulfillment of a number of lower price legacy deals, which drove down ASP.

ASP。為 351,000，由於許多較低價格的遺留交易的完成，導致平均售價下降。

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

我們預計 2024 年平均售價將有所成長，因為我們的銷售組合將不再是傳統交易，而是以待售方式進行銷售。

Net revenue for the quarter was $10.4 million and includes the reversal of some revenue from dealer cancellations and repurchase of their bad inventory as we continue to strategically refine and position.

本季的淨收入為 1,040 萬美元，其中包括隨著我們繼續進行策略性改善和定位，經銷商取消訂單和回購不良庫存帶來的部分收入的逆轉。

Our dealer and service network geographies have strong tailwinds like California and Canada.

我們的經銷商和服務網絡地區擁有強大的優勢，例如加州和加拿大。

Gross loss in Q4 was approximately $38.2 million, resulting in a negative gross margin of 332% gross losses outsized due to low production volume, high variable and fixed costs and non-cash accruals.

第四季的毛虧損約為 3,820 萬美元，由於產量低、可變成本和固定成本高以及非現金應計費用，導致毛利率為 332% 的負值。

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 stand-alone basis, we can separate cost 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 and 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變動製造成本以及柯立芝成本，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.

以單位計算，每輛卡車的變動現金成本約為 679,000 美元。

We expect these cash costs to decrease as our bill of materials come down and River 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，河運從空運回到海運，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 cost per vehicle were 126,000.

以單位計算，每輛車的固定現金成本為 126,000。

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

我們預計，隨著我們擴大產量，我們將體驗到單位固定現金成本的營運槓桿的好處。

So on a cash basis per track, we are a negative 129% cash margin, but there are a component of cost of goods accruals.

因此，以每條軌道的現金計算，我們的現金利潤率為負 129%，但其中有應計商品成本的一部分。

Nda include items like warranty, net realizable value, write-downs of inventory, the Vetco SOA license amortization and depreciation on the Coolidge manufacturing facility and equipment.

Nda 包括保固、可變現淨值、庫存減記、Vetco SOA 許可攤提以及柯立芝製造設施和設備折舊等項目。

On a per unit basis, accruals and D&A were 459,000 per track, resulting in a gross margin loss on the trucks have negative 260% as we continue to increase ASP. lower bill of materials and increase production, we expect items above to substantially decrease on a per unit basis since this is our first quarter reporting hydrogen and fuel cell electric truck sales.

按單位計算，每條軌道的應計費用和 D&A 為 459,000 美元，隨著我們繼續提高平均售價，卡車的毛利率損失為負 260%。由於這是我們報告氫和燃料電池電動卡車銷售的第一季度，因此我們預計上述項目的單位數量將大幅減少。

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.

我們希望為您提供一些見解，因為損益表中包含許多應計費用和會計準備金，這些應計費用和會計準備金隨著產量的下降而突出顯示。

We believe looking at operating leverage as a better measure of nickel as performance in this early stage of production, 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.

我們相信，將營運槓桿視為生產早期階段鎳表現的更好衡量標準，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，並在我們實現更高的產量和交付量時提供清晰的途徑來提高現金利潤率下半年的銷量。

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, total operating expenses for Q4 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.

接下來是我們的營運支出，第四季的總營運支出為 8,960 萬美元，在所提供的指導範圍內，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和減少現金使用，營運費用低於費用指導的低端。

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

第四季使用的現金為 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。

And 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 are guiding for full year hydrogen fuel cell electric truck deliveries in the range of 300 to 350 trucks.

目前，我們指導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，因為我們在柯立芝和氫氣供應方面擁有充足的生產能力，那麼這個範圍可能會有上行空間。

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 with current demand greater than supply, we can be selective on customer orders and believe we can push price higher contrast this with the current light-duty EV market where inventory is high and prices are coming down.

像往常一樣，我們的供應鏈團隊正在努力與供應商合作，我們將在未來幾季繼續為您提供更新，當前需求大於供應，我們可以對客戶訂單進行選擇性，並相信我們可以將價格推高。

We are doing the opposite on the battery electric trucks.

我們在電池電動卡車上卻做了相反的事。

We expect to deliver at least 120 20 for these deliveries will begin after we have completed the return of the recall trucks to end users in late Q2 or early Q3 2024.

我們預計將在 2024 年第二季末或第三季初將召回卡車返還給最終用戶後開始交付至少 120 20 輛。

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

由於經銷商繼續提交 H FIT 優惠券，而且我們的銷售團隊正在透過銷售管道爭取額外的採購訂單，因此我們深受鼓舞。

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

我們預計今年全年卡車總收入將在 1.5 億美元至 1.7 億美元之間。

We expect hydrogen revenue and associated costs to be minimal as we are just beginning to deliver the first trucks and develop the hydrogen highway for the full year 2024 guide.

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為 2024 年全年指南開發氫氣高速公路。

We think hydrogen and other revenue will be in the range of $10 million to $12 million.

我們認為氫氣和其他收入將在 1000 萬美元至 1200 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 on the truck side, lower production volumes will be helpful to the cash burn initially as we will not incur as many costs.

我們預計全年總毛利率將在交付指導低端的負 100% 和卡車方面高端的負 80% 之間，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費用。

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 noncash accruals and fixed costs that are elevated right now as we ramp up production volumes and deploy new technology 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.

正如布萊恩之前談到的，隨著我們此時提高產量和部署新技術，一些非現金應計費用和固定成本正在上升，我們相信如果我們能夠繼續提高平均售價。並降低材料成本，我們相信，隨著我們過渡到 2025 年，我們能夠為每輛卡車帶來正的現金貢獻利潤。

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 $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 Heiler modular refueling infrastructure, supplier tooling and investments to reduce the hydrogen fuel cell electric truck bill of materials for the first quarter of 2024.

資本支出將主要用於 Heiler 模組化加油基礎設施、供應商工具和投資，以減少 2024 年第一季氫燃料電池電動卡車的材料清單。

Based on supply availability, we 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，我們預計將交付 30 至 35 輛氫燃料電池電動卡車，收入在 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% 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 CapEx in Q1 will be approximately $20 million.

我們預計第一季的毛利率將約為負245% 至負205%，第一季的營運費用預計將在7,250 萬美元至7,750 萬美元之間，其中包括790 萬美元的股票補償，第一季的資本支出將約為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 to 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, we gave walk around tours and rights and the excitement and reactions from people said it all they know where for real other OEMs have their future trucks on the showroom floor.

這一點在 CES 2024 上最為明顯，我們由博世主辦，帶來了三輛氫燃料電池電動卡車，我們提供了參觀和權利，人們的興奮和反應說，他們知道真正的其他原始設備製造商在哪裡他們未來的卡車在陳列室地板上。

Our Class eight hydrogen fuel cell electric truck was the only one driving attendees up and down Paradise Road.

我們的八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 Nicholas business model, and we're doing what we said we're going to do.

我們已經進入尼古拉斯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 inspires 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 Nicolas' future.

再次感謝大家的時間、熱情和對 Nicolas 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。

Thank you.

謝謝。

If you would like to ask a question, please press star one on your telephone keypad.

如果您想提問，請按電話鍵盤上的星號一。

A confirmation tone will indicate your line is in the question queue.

確認音將表示您的線路已在問題佇列中。

You may press star two.

您可以按星二號。

If you would like to remove your question from the queue and For participants using speaker equipment, it may be necessary to pick up your handset, people are pressing the star tiers.

如果您想從佇列中刪除您的問題，並且對於使用揚聲器裝置的參與者，可能需要拿起您的聽筒，人們正在按星級。

Our first question is from Mike Shlisky, D.A.

我們的第一個問題來自檢察官 Mike Shlisky。

Davidson.

戴維森。

Please proceed.

請繼續。

Hi, good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

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

史蒂夫，您已經注意到沒有卡車被出售給經銷商庫存。

And I guess I was curious whether you are getting requests from dealers that inventory.

我想我很好奇你們是否收到了經銷商的庫存請求。

Is there a point where you'll be able to finally fulfill that?

是否有一個時刻你能夠最終實現這一目標？

Or is customer stocking for demand kind of almost the entire 2024 planned output here?

或者客戶的需求庫存是否幾乎相當於 2024 年計畫產量的全部？

So good morning, Mike.

早上好，麥克。

And we are still filling customer demand.

我們仍在滿足客戶的需求。

Right now.

現在。

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.

在某些時候，經銷商將擁有一輛示範車或類似的東西。

But I think it's going to be a while before they'll be able to start actually physically stop trucks.

但我認為他們還需要一段時間才能真正開始實際停止卡車。

Okay.

好的。

And then on <unk> on one near term level, you had mentioned a few component constraints.

然後在近期層面上，您提到了一些組件限制。

It held back production from curious if you resolve those here in the first quarter or have a line of sight to when that might get targets are resolved on short?

如果您在第一季解決這些問題，或者知道什麼時候可以解決短期目標，那麼它會抑制生產嗎？

So I would say on the truck side, they're starting to resolve.

所以我想說，在卡車方面，他們正在開始解決問題。

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

在加油方面，他們實際上也開始解決，卡車方面的解決速度要快一些。

Okay.

好的。

And one last one for me on you had mentioned you had those initial slide about how you plan to enter a market with Qorvo and then bring in the permanent hydrogen infrastructure after that kind of ease into it and help manage the local transition.

我的最後一張關於您提到的最初幻燈片是關於您計劃如何與 Qorvo 一起進入市場，然後在輕鬆進入後引入永久性氫基礎設施並幫助管理當地轉型。

That was very interesting at this point.

此時這非常有趣。

Do you have any plans for your next market outside of the Arizona, California corridor, you had alluded to Canada and then you've got somewhat higher offtake in the like Midwest.

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？

I'd be curious if you've got more in the pipeline here over the next year or two?

我很好奇你們在未來一兩年內有沒有更多的計畫？

Or is there still a lot of infill to go within California?

或者說加州境內還有很多填充物需要填充？

Sure. As we look at it this way, we end up fish where the fish are right now, the incentives are best in California and in Canada, there's 30,000 trucks serving the ports in California.

當然。當我們這樣看時，我們最終會在現在有魚的地方捕魚，加州和加拿大的激勵措施最好，有 30,000 輛卡車為加州的港口提供服務。

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

所有這些卡車都採取了一項重大舉措，以實現零任務。

We want to be in a position of supplying them.

我們希望能夠為它們供貨。

We think the market is bright for us in California.

我們認為加州的市場對我們來說是光明的。

We've got plenty of opportunity.

我們有很多機會。

And again, like you said, this is about building density, okay.

再說一遍，就像你說的，這是關於建築密度的，好吧。

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, I'm sure. As we move through the year, there'll be other markets. But right now, California and Canada are our two best markets.

是，我確定。隨著這一年的推移，還會有其他市場。但目前，加州和加拿大是我們最好的兩個市場。

All right, outstanding.

好吧，很出色。

Appreciate the help, Pathlore.

感謝您的幫助，Pathlore。

Our next question is from Ben Kallo with Baird.

我們的下一個問題來自 Ben Kallo 和 Baird。

Please proceed.

請繼續。

Co-founder and Bob, congrats and the work so far. Just on the just on the you mentioned the port.

聯合創始人和鮑勃，恭喜你，到目前為止的工作。就在你提到的端口上。

Could you just talk more about the opportunity there and how you're working on developing that side of it. Closer to the mix was, sir?

您能否多談談那裡的機會以及您如何致力於發展這方面的工作。先生，更接近混合的是？

Yes.

是的。

So the Board to use, like I said, 30,000 trucks serving the boards, we're attacking those markets.

因此，正如我所說，董事會使用 30,000 輛卡車為董事會提供服務，我們正在攻擊這些市場。

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

這就是我們大部分燃料的去向。

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。

And frankly, that's where some of the biggest orders were these 35 trucks, a handful went up to Canada, but most of them went to California.

坦白說，最大的訂單就是這 35 輛卡車，其中少數銷往加拿大，但大多數銷往加州。

It was 10.5, okay?

當時是10.5，好嗎？

These weren't small bags here.

這裡的這些不是小包。

These were big guys, so big opportunity and not only just by the way, the Southern California ports, the Northern California ports.

這些都是大人物，所以有很大的機會，而且不僅僅是南加州港口，還有北加州港口。

First element will be able I was at our settlement last week with only they're going to be able to fuel 100 plus trucks a day.

第一個因素是，我上週在我們的和解中，只有他們每天才能為 100 多輛卡車提供燃料。

It's a big opportunity for us and 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 名。

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

因此，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。

And what do you think about the part of the pilots with your customers?

您對飛行員與客戶的部分有何看法？

How do you think they look at their buying pattern as compared to for the total for electric trucks.

與電動卡車的總量相比，您認為他們如何看待自己的購買模式？

But just let me like our infrastructure today by awarding five 50 or how do we think about like the cadence of that.

但是，讓我透過獎勵 5 個 50 來喜歡我們今天的基礎設施，或者我們如何看待這樣的節奏。

I know our customers have right.

我知道我們的客戶有權利。

So first, let me correct something.

首先，讓我糾正一些事情。

We sold 10 trucks in 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。

So these were not people.

所以這些人不是人。

And by the way, one of the people who bought 10 trucks once 40 more, it's been public about that.

順便說一句，其中一位購買了 10 輛卡車的人一度購買了 40 輛以上的卡車，這件事已經公開了。

When you ask them, why are they buying fuel cell truck?

當你問他們為什麼要買燃料電池卡車？

Why are they interested their message to us is some basically it's the same weight as many others, electric truck and gets almost three times the range and can refuel faster.

他們為什麼感興趣，他們向我們傳達的訊息是，它基本上與許多其他電動卡車的重量相同，續航里程幾乎是三倍，並且可以更快地加油。

Thank you.

謝謝。

Our next question is from Jeff Kauffman with Vertical Research Partners.

我們的下一個問題來自垂直研究合作夥伴的傑夫考夫曼。

Please proceed.

請繼續。

Well, thank you very much, guys. How are you? Well, thank you for the detailed guidance for 24 and the update that was really helpful.

嗯，非常感謝你們，夥計們。你好嗎？嗯，感謝您對 24 小時的詳細指導和非常有幫助的更新。

I just had a couple of questions.

我只是有幾個問題。

Be cost of getting the battery electric trucks back out into customer hands in the field.

將電池電動卡車重新交回現場客戶手中的成本。

Is that showing up only in the cash flow statement.

是只出現在現金流量表中嗎？

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

損益表和 24 指南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？

And Brian, do you want to handle it?

布萊恩，你想處理嗎？

Yes. So we had to write up the costs initially.

是的。所以我們必須先寫出成本。

So we've already expensed $16 million of primarily dollars in Q3.

因此，我們在第三季已經支出了 1600 萬美元，其中主要是美元。

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 and then so.

因此，大部分現金影響將出現在第一季和第二季度，然後依次類推。

Okay.

好的。

So yes, so no, I mean, on 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.

所以是的，所以不，我的意思是，對於我們在指南中討論的額外 100 輛卡車的銷售，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, as Brian alluded to, leave reserve a $68 million warranty on a liability at four.

因此，正如布萊恩所提到的那樣，這些將影響損益表，為四項責任保留 6,800 萬美元的保證金。

And of that, we 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 materials to actually retrofit the packs.

其中很大一部分支出將用於實際改裝背包的材料。

But ultimately, those packs will be sold pretty close to the timing or those trucks will be sold pretty closely, 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 tax impact on that.

因此，我們預計稅收影響將降至最低。

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, it is Brian. As Brian alluded to, most of these cash costs are in the first half of the year, we expect cash burn to be materially less in the second half of the year than the first half of the year.

另一件事，傑夫，是布萊恩。正如布萊恩所提到的，大部分現金成本發生在上半年，我們預計下半年的現金消耗將大大少於上半年。

Okay.

好的。

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 that vehicle?

然後，當我們談論燃料電池卡車時，我們現在正在銷售它們，這是您透過銷售該車輛產生的唯一收入嗎？

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.

或者是否有其他與燃料或維護相關的收入或我們應該在該收入數字中考慮的其他奇怪現象。

And so there is some small Palm energy revenue in that number we Tim, we said $10 million to $12 million this year.

因此，提姆，我們說今年棕櫚能源收入在 1,000 萬到 1,200 萬美元之間。

Most of that is around energy. It's small. We're just getting started there.

其中大部分與能源有關。它很小。我們才剛開始。

That's the big piece of it.

這就是其中的重要部分。

Okay, great.

好的，太好了。

And then final question so if I walk through the guidance that you gave, and then my math might be a little pausing here because I'm kind of at a payphone, both with my cellphone here but it looks like somewhere in the low $400 million cash burn, it's ex depreciation, ex stock-based comp.

然後是最後一個問題，如果我按照你提供的指導進行操作，那麼我的數學可能會在這裡有點停頓，因為我有點在公用電話旁，我的手機都在這裡，但它看起來像是在4億美元的低位現金消耗，這是除折舊，除股票比較。

Does that mean you're going to have to raise capital again before the end of the year?

這是否意味著您必須在年底前再次籌集資金？

Or do I have that?

或者我有那個嗎？

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

是的。所以聽著，我們擁有兩年來最高的無限現金，我們實際上擁有更多現金。

And then that burn, okay.

然後就是燒傷，好吧。

Second half is going to be materially lower than first half.

下半年將大幅低於上半年。

And we have assets we could sell that we could monetize.

我們擁有可以出售並貨幣化的資產。

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。

Our next question is from Greg Lewis with BTIG.

我們的下一個問題來自 BTIG 的 Greg Lewis。

Please proceed.

請繼續。

Yes, thank you and aggregate tax rate. I think it's actually my questions.

是的，謝謝您和總稅率。我認為這實際上是我的問題。

Dylan, I real quick that those 100 BEV trucks you've referenced, are those largely already in inventory and then just need the battery pack off that. Is that where you are? Is that where you were just saying?

Dylan，我很快就知道您提到的那 100 輛 BEV 卡車大部分已經在庫存中，只需要卸下電池組即可。那是你所在的地方嗎？你剛才說的是那裡嗎？

Yes, Greg.

是的，格雷格。

So the I believe we had about 150 trucks and Nicolet inventory.

所以我相信我們有大約 150 輛卡車和 Nicolet 庫存。

So those 100 are coming right off of our balance sheet.

所以這 100 個人就直接從我們的資產負債表上消失了。

And those will be positive cash contribution as we'll sell them or you can think about a 300,000 SKUs and the cost of retrofits is substantially lower.

這些將是積極的現金貢獻，因為我們將出售它們，或者您可以考慮 300,000 個 SKU，並且改造成本要低得多。

Okay, great.

好的，太好了。

And then those will be held And Greg, those will be sold anywhere in the country? Yes.

然後這些將被舉行 格雷格，那些將在全國任何地方出售？是的。

You understood on.

你就明白了。

I did want to talk about the hydrogen at the end of the network.

我確實想談談網路末端的氫氣。

Com, congrats on getting that first one up and running.

Com，恭喜第一個啟動並運行。

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

看來你已經有下一個帶有元素的東西了。

As we think about 2024, I want to say we were kind of targeting that mid single digit range on maybe Bob maybe my kind of midyear is, are we kind of still on a path to that to that kind of growth with realizing the longer term targets? 16, you have probably three four years out down the road, mid single digit range, Greg, in your mind, in terms of fueling stations?

當我們考慮 2024 年時，我想說的是，我們的目標是中個位數範圍，也許鮑勃也許是我的年中目標，我們是否仍然走在實現長期增長的道路上目標？ 16、格雷格，在你看來，就加油站而言，你可能還有三、四年的時間，中間個位數範圍？

Well, yes, I think we're on target.

嗯，是的，我想我們已經達到目標了。

We have line of sight on six modular sites in the South and another 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, Greg, there's a big funnel.

這是一個移動目標，格雷格，有一個大漏斗。

Ole and his team are looking at new sites every day where we need demand.

奧萊和他的團隊每天都在尋找我們需要的新地點。

And and so it's still a good target.

所以它仍然是一個很好的目標。

Okay, great. And then just then just one more for me around the on obviously, Mike's question around supply chain issues being a drag as we sit here now midway through Q1, as we think about the ramp in fuel cell deliveries, any kind of cadence you can kind of 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.

好的，太好了。然後就在那時，對我來說，顯然，麥克關於供應鏈問題的問題是一個拖累，因為我們現在坐在這裡，在第一季度的中間，當我們考慮燃料電池交付量的增長時，你可以選擇任何一種節奏讓我們意識到，當我們展望夏季時，我們開始對供應鏈有更好的了解。

Yes. So farmers now at 30 60, 91 20 sounds like a good good on the low end.

是的。因此，農民現在的 30 60、91 20 聽起來像是低端的好東西。

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

顯然，如果情況開始緩和，我們將採取行動，我們將加速這一進程。

Perfect.

完美的。

I thank you very much.

我非常感謝你。

Yes, as a reminder, this star one on your telephone keypad.

是的，提醒一下，您的電話鍵盤上有這個星星。

If you would like to ask a question. Our next question is from Lenny Dunn with Deutsche Bank.

如果您想問問題。我們的下一個問題來自德意志銀行的 Lenny Dunn。

Please proceed.

請繼續。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

And I was wondering if you can maybe talk about the previous not EBITDA positive target that's been and I think circled 2025. And I was wondering if you have any sort of update on that and perhaps any update on units associated that made now may be needed to get you there from them?

我想知道您是否可以談談之前的非 EBITDA 積極目標，我認為是在 2025 年。 我想知道您是否對此有任何更新，也許現在可能需要對相關單位進行任何更新把你從他們那裡帶到那裡？

Wendy, can you repeat your question is breaking up a little bit there.

溫迪，你能再說一次嗎，你的問題在那裡有點破裂了。

Sorry, can you hear me now?

抱歉，你現在聽得到我說話嗎？

Yes, yes.

是的是的。

I was 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。

And 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。

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

同樣，這裡的策略是在卡車可變利潤上獲得正的現金貢獻利潤。

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 driving more cash to cover the fixed costs.

一旦我們做到了這一點，我們就會加快產量並推動更多現金來支付固定成本。

So 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.

因此，現在，隨著我們從今年晚些時候到明年，我們對這兩個積極的現金貢獻率都有關注。

And that will drive us as we ramp volume next year to increase, you basically get a EBITDA positive.

當我們明年增加產量時，這將推動我們增加，基本上你會獲得正的 EBITDA。

Got it, guys.

明白了，夥計們。

So don't underestimate the inefficiencies we are working through here. This has been all about getting on the field getting on the field, you learn you pivot and then you and then you went okay, that's the strategy here to 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 wind, that's the strategy.

因此，不要低估我們正在解決的低效率問題。這一切都是關於上場，上場，你學會瞭如何旋轉，然後你就一切順利，這就是上場學習的策略，做出我們需要做出的調整，無論是在球場上燃料，無論是進入市場，還是製造卡車，然後進行這些調整和風力，這就是策略。

And then maybe separately on on the gross margin, maybe on the best side, can you maybe comment on sort of like post this 100 units of deliveries, what the and perhaps normalized margin profile will look like and you're using a different battery pack versus what you're previously. So just wanted to understand sort of targeted margin profile for that part of this year?

然後，也許可以單獨討論毛利率，也許最好的方面，您可以評論一下這 100 單位的交付量，也許標準化的利潤概況會是什麼樣子，並且您使用的是不同的電池組與以前的你相比。那麼只是想了解今年這段時間的目標獲利狀況？

I-many? So in the full year guidance that we gave, the best margin is included there.

我-很多？因此，在我們給出的全年指導中，最佳利潤率也包含在內。

We're not specifically breaking out that guidance right now on a gross margin basis, as you're aware, we have a lot of trucks in our inventory approximately 150 that we're going to sell through those trucks will only require new battery packs and then some additional direct labor cost.

我們現在並沒有在毛利率的基礎上具體打破這一指導，正如你所知，我們的庫存中有很多卡車，大約有 150 輛，我們將通過這些卡車進行銷售，只需要新的電池組然後是一些額外的直接勞動成本。

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.

然而，當我們可能在明年第一季或第二季開始重建它們時。

We have not provided gross margin guidance and we'll continue to update you guys as we get closer to that target timeframe.

我們尚未提供毛利率指導，隨著接近目標時間範圍，我們將繼續向大家通報最新情況。

Okay. Thank you.

好的。謝謝。

As a reminder, it is star one on your telephone keypad.

提醒一下，它是您電話鍵盤上的一顆星。

If you would like to ask a question, we will pause for a brief moment to poll for final question with no further questions.

如果您想提出問題，我們將暫停片刻，輪詢最終問題，不再提出其他問題。

I will now hand the call back over to Dillon for investor questions.

我現在將把電話轉回給狄龍，回答投資者的問題。

Thank you, operator.

謝謝你，接線生。

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

我們透過同一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 to how does Nicola differentiate itself from competitors?

一，我們 2024 年的計畫是什麼，Nicola 如何從競爭對手中脫穎而出？

And how is equal or better positioned than other manufacturers who are entering the hydrogen and battery electric class eight market.

以及與其他進入氫能和電池電動八級市場的製造商相比，其定位如何相同或更好。

And three, what happened with the Badger program is what we are seeing on social media. True. Steve, let's start off with the first question.

第三，Badger 計畫所發生的事情就是我們在社群媒體上看到的。真的。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, Dylan.

謝謝你，迪倫。

2024 is about execution, scaling our business and optimizing revenue and costs every day, we are validating our business model by executing on what we said we were going to do near term drivers include higher average sales price, growing our strong sales pipeline and deploying sufficient modular fuel as to meet the needs of our customers.

2024 年是關於執行、擴展我們的業務以及優化每天的收入和成本，我們正在透過執行我們所謂的短期驅動因素來驗證我們的業務模式，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資源模組化燃料以滿足客戶的需求。

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

自從我們宣布第四季度交付了 35 輛氫燃料電池電動卡車以來，我們對我們產品的興趣日益濃厚。

In fact, the total number of a trip vouchers for our hydrogen fuel cell electric truck at the end of January exceeds the total vouchers requested for all BABs 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旅行代金券總數超過了自 2023 年以來所有 BAB 請求的代金券總數，並且涵蓋了所有製造商。

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

我們在氫燃料電池電動卡車優惠券的可用 H FIT 優惠券中佔據主導份額，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, the stock price will take care of itself as we execute our plans.

我們仍然高度專注於業務，並確保客戶至上，當我們執行計劃時，股價會自然變化。

I 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.

我再說一遍，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 Nicola as I am now.

像現在一樣，我對成為 Nicola 的一員感到無比興奮。

Thank you, Steve. Next topic is how are we better positioned and what differentiates us from the competition.

謝謝你，史蒂夫。下一個主題是我們如何更好地定位以及我們在競爭中的獨特之處。

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 at Class eight hydrogen fuel cell electric truck to customers in North America, customers like the RGIMC. logistics for Gen and Coyote containers are hauling freight as we speak.

我們克服了許多挑戰，成為第一家向北美客戶（例如 RGIMC 等客戶）提供 8 級氫燃料電池電動卡車的製造商。正如我們所說，Gen 和 Coyote 貨櫃的物流正在運輸貨物。

What sets our hydrogen and fuel cell electric truck apart is that has extended range, more features, more capabilities than its peers, MO and customer experience data show that customers prefer that tighter turning radius driver assistance features, smoother ride and the extended range up to 500 miles.

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，MO 和客戶體驗數據表明，客戶更喜歡更小轉彎半徑的駕駛員輔助功能、更平穩的行駛以及續航里程可達500 英里。

Appreciate the embedded technology of over the air updates which keeps them out of the service bay and on the road, these software driven over-the-air updates will allow us to add more features over time to make the trucks even better in short, we are benefiting from being a leader in the market and first mover advantage, our clear market plan focusing on regions with strong tailwinds like California and Canada for a hydrogen fuel cell electric trucks and highway and infrastructure solutions will bear out versus our competitors' rate.

感謝無線更新的嵌入式技術，這使它們遠離服務區並在路上行駛，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，簡而言之，我們受益於市場領導者和先發優勢，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以及高速公路和基礎設施解決方案的強勁順風地區，這將比我們競爭對手的速度更勝一籌。

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

第三個主題是關於最近帶來的一些有關獾的社交媒體帖子。

I will turn this one over to you.

我會把這個交給你。

Thank you, Dylan, and good morning.

謝謝你，迪倫，早安。

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

我已經成為紐柯團隊的一員八年了，參與了從猶他州的幾個人到今天擁有菲尼克斯總部和柯立芝製造工廠的 900 多名員工的公司的成長過程。

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 Nicolas' 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尼古拉斯獾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 after Nichola 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.

Badger 專案是由 Trevor Milton 在 Nichola 進行了一些研究和開發後發起的，已獲得 6,000 多個預訂和定金，並建造了兩個原型，最終於 2020 年底完成。

The Badger program was always predicated on an OEM partnership because passenger vehicle development programs take billions of dollars to engineer, validate, produce and distribute.

Badger 專案始終以 OEM 合作夥伴關係為基礎，因為乘用車開發專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 A. trucks.

這是一項極其複雜的工作，與 A 級卡車截然不同。

This is why passenger vehicle companies do not typically build heavy-duty trucks and vice versa after Mr. Milton's departure from the company in September 2020, Nicola did not pursue the Badger program on November 30th, 2020, we announced that we were returning all order deposits for the Badger 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 eight heavy-duty semi trucks.

這就是為什麼乘用車公司通常不會製造重型卡車，反之亦然。當天的新聞稿外，我們當時的執行長表示，我們正在專注於我們的八級重型半掛卡車的核心業務。

This brings us to the summer of 2023 when an agreement was executed between Nikola and Ember.

時間來到 2023 年夏天，Nikola 和 Ember 簽署了一份協議。

A company majority owned by Dave Sparks and coal Canada, nuclear agreed to sell the Badger and powersports related assets, which included certain intellectual property and some physical prototypes.

戴夫·斯帕克斯（Dave Sparks）和加拿大煤炭公司核能公司（Nuclear）同意出售獾和動力運動相關資產，其中包括某些知識產權和一些物理原型。

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 based upon their representations that they plan to bring these products to market and that they needed working capital to do so.

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，並邀請了幾家電動車相關合作夥伴參加會議，我們根據他們的陳述討論了可能的銷售，他們計劃將這些產品推向市場，並且需要營運資金來這樣做。

A deal was struck that allowed Amber to purchase the assets on a note with no money down to be paid back to Nicola overtime.

達成協議後，安柏可以用票據購買資產，無需支付加班費，即可償還給尼古拉。

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

尼古拉保留了Ember 30% 的權益，這降低了欠成員的應付票據，允許尼古拉斯在資產開發和任何有價值的情況下為股東保留一些價值，並允許尼古拉收回米爾頓先生給予的500,000股作為米勒先生離開公司的一部分，交給史帕克斯先生。

Mr. Sparks and Mr. Cannon agreed that Mr. Milton would not be involved directly or indirectly in any way with the Badger or powersports 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 或動力運動資產。

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 Nicola, Mr. Sparks and Mr. Cannon acknowledged and agreed to this stipulation over the 3.5 years since Mr. Milton left the company, we had Nicola have worked to stay above the fray, not comment on as legal proceedings and stay focused on the work at hand to bring zero-emission Class eight trucks to market.

特別指出，Milton 先生在這項工作中的參與為零，因為公司強烈認為他對 Nicola 造成了足夠的聲譽、財務和運營損害，Sparks 先生和 Cannon 先生在 3.5 年內承認並同意這一規定。頓先生離開公司多年以來，我們讓尼古拉一直努力保持在爭論之外，不對法律訴訟發表評論，並繼續專注於手頭的工作，將零排放的八級卡車推向市場。

As you have all heard on this call, we have done just that the irony that Mr. Milton is now trying to take control of Nicola after all that has happened in the past 3.5 years is not lost on us at the Company.

正如你們在這次電話會議上聽到的那樣，我們公司並沒有忽視在過去 3.5 年發生的所有事情之後，米爾頓先生現在試圖控制尼古拉的諷刺意味。

We will continue to push back against any efforts he makes to attempt to take control of Nicola, 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技術相關經驗的董事要好得多公司。

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 oppose that request for confirmation that we are waiting on a decision from the federal court judge.

毫不奇怪，米爾頓先生反對確認我們正在等待聯邦法院法官做出決定的請求。

Our company has made a commitment to openness and transparency with government entities.

我們公司對政府實體做出了公開和透明的承諾。

Our stockholders partners and our employees.

我們的股東合作夥伴和我們的員工。

I am honored to be a part of this organization every day and like all Nicola 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 Nicola 團隊成員一樣，仍然致力於我們的使命並消除不必要的干擾。

Thank you. For your time this morning.

謝謝。今天早上給你的時間。

And now I turn it back to Dylan Yanki, our Chief Legal Officer, Britton, more than for your explanation.

現在我將其轉回給我們的首席法律官迪倫·揚基 (Dylan Yanki) 布里頓 (Britton)，不僅僅是為了讓您做出解釋。

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。