Lordstown Motors Corp (RIDE) 2022 Q4 法說會逐字稿

Good morning. My name is Chris, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Lordstown Motors Q4 2022 Earnings Conference Call. (Operator Instructions) Thank you. Carter Driscoll, Head of Investor Relations, you may begin.

早上好。我叫克里斯，今天我將擔任你們的會議接線員。此時，歡迎大家參加 Lordstown Motors 2022 年第四季度財報電話會議。 （操作員說明）謝謝。投資者關係主管 Carter Driscoll，您可以開始了。

Thank you, operator. Good morning, and thank you to all for joining the Lordstown Motors' Fourth Quarter and Fiscal '22 Earnings Conference Call. To supplement today's discussion, please go to our IR website, view our press release and investor deck.

謝謝你，運營商。早上好，感謝大家參加 Lordstown Motors 第四季度和 22 財年的收益電話會議。為了補充今天的討論，請訪問我們的 IR 網站，查看我們的新聞稿和投資者平台。

Before we begin, I want to call your attention to our safe harbor provision for forward-looking statements that is posted on our website and is part of our quarterly update. The safe harbor provision identifies risk factors and uncertainties that may cause actual results to differ materially from the content of our forward-looking statements for the reasons we cite in our Form 10-K and other SEC filings, including uncertainties posed by the difficulty in predicting future outcomes.

在我們開始之前，我想提請您注意我們網站上發布的前瞻性聲明安全港條款，該條款是我們季度更新的一部分。安全港條款確定了可能導致實際結果與我們前瞻性陳述的內容存在重大差異的風險因素和不確定性，原因是我們在 10-K 表格和其他 SEC 文件中引用的原因，包括難以預測所帶來的不確定性未來的結果。

Joining us today will be Lordstown Motors' CEO and President, Edward Hightower; CFO, Adam Kroll; and Executive Chairman, Dan Ninivaggi.

今天加入我們的是 Lordstown Motors 的首席執行官兼總裁 Edward Hightower；首席財務官亞當·克羅爾；和執行主席 Dan Ninivaggi。

With that, I'd like to turn the call over to Edward.

有了這個，我想把電話轉給愛德華。

Thank you, Carter, and welcome, everyone. I would like to start today by giving you an update on the Endurance temporary production pause to address post-launch quality concerns and the voluntary recall that we announced last week. As we shared throughout last year leading up to the launch, engineering readiness, quality and part availability would govern the speed and ramp-up of the Endurance launch. Post launch, the ongoing adherence to our part quality and vehicle quality standards is required to maintain or accelerate our production plan.

謝謝卡特，歡迎大家。今天開始，我想向您介紹 Endurance 臨時停產的最新情況，以解決發布後的質量問題和我們上周宣布的自願召回。正如我們在去年發布前分享的那樣，工程準備、質量和零件可用性將決定 Endurance 發布的速度和提升。發布後，需要持續遵守我們的零件質量和車輛質量標準，以維持或加快我們的生產計劃。

Shortly after our January production update, we began to discover and experience several new performance and quality issues with the vehicles coming off the production line and vehicles in process. The issues affected several vehicle subsystems, including propulsion, chassis and infotainment. At a high level, most of these issues could be attributed to supplier part quality shortfalls and software glitches. As our customers are our highest priority, we decided to temporarily pause production as we work with our supplier network to root-cause the issues; conduct additional vehicle component and software testing; and as needed, make updates to affected vehicle components and software.

在我們 1 月份的生產更新後不久，我們開始發現並體驗到一些新的性能和質量問題，這些問題涉及下線車輛和生產中的車輛。這些問題影響了多個車輛子系統，包括推進系統、底盤和信息娛樂系統。在較高的層面上，這些問題中的大多數可歸因於供應商零件質量不足和軟件故障。由於我們的客戶是我們的重中之重，因此我們決定暫時停止生產，因為我們與我們的供應商網絡合作以解決問題的根源；進行額外的車輛部件和軟件測試；並根據需要更新受影響的車輛組件和軟件。

Concurrent with this production pause, we recently discovered isolated incidences of Endurance's losing propulsion while driving. Root-cause analysis by our engineering team, manufacturing partners and supplier network identified a specific electrical connection as the driver of this issue. In this regard, we filed paperwork with the National Highway Traffic Safety Administration, NHTSA, to voluntarily recall the Endurance to address this issue. The recall affects 19 vehicles that are either in the hands of customers or being used internally by LMC. We have worked with our supplier network to implement a part corrective action that we believe will address this issue and have begun to retrofit customer and internal vehicles with the updated parts.

在停產的同時，我們最近發現了 Endurance 在駕駛時失去推進力的孤立事件。我們的工程團隊、製造合作夥伴和供應商網絡進行的根本原因分析確定了特定的電氣連接是導致此問題的驅動因素。在這方面，我們向美國國家公路交通安全管理局 (NHTSA) 提交了文件，自願召回 Endurance 來解決這個問題。此次召回涉及客戶手中或 LMC 內部使用的 19 輛汽車。我們已與我們的供應商網絡合作實施我們認為將解決此問題的零件糾正措施，並已開始使用更新的零件改造客戶和內部車輛。

Subsequent to this filing, our part brake supplier informed us that one of the source components in their system was not to specification. They have since supplied us with corrected parts, and we have filed a voluntary recall to address this issue as well. Vehicles waiting for shipment and vehicles in process at the manufacturing plant will also be retrofitted with both corrective actions once sufficient quantities of the components are available.

在提交此文件後，我們的製動器零件供應商通知我們，他們系統中的一個源組件不符合規格。此後，他們向我們提供了更正的零件，我們也提交了自願召回以解決此問題。一旦有足夠數量的組件可用，等待裝運的車輛和在製造廠生產中的車輛也將通過這兩種糾正措施進行改裝。

Our team has also worked closely with our supplier network to root-cause the other post-launch quality issues and develop and implement corrective actions, which have included part quality corrections, part design modifications, retrofits and software updates. We now have line of sight to the resolution of the issues that resulted in the production pause and voluntary recalls and in the coming weeks, expect to announce when we will resume production and deliveries.

我們的團隊還與我們的供應商網絡密切合作，找出其他發布後質量問題的根本原因，並製定和實施糾正措施，其中包括零件質量校正、零件設計修改、改造和軟件更新。我們現在可以解決導致生產暫停和自願召回的問題，預計在未來幾週內宣布我們何時恢復生產和交付。

We recognize and understand that this news is disappointing to our stakeholders. It is to our team as well. However, please understand that the actions we have taken are consistent with our company values in the best interest of our customers and aligned with the long-term interest of Lordstown Motors.

我們認識到並理解這一消息令我們的利益相關者感到失望。這對我們的團隊也是如此。但是，請您理解，我們採取的行動符合我們公司的價值觀，符合我們客戶的最大利益，也符合 Lordstown Motors 的長期利益。

New vehicle launches require time, experience and diligence, especially as vehicles transition towards electrification and the increased use of features, technologies and attributes driven by software. Our experienced team has collectively been involved in hundreds of new vehicle launches across multiple OEMs around the world. We will continue to put our customers and values first.

新車的發布需要時間、經驗和勤奮，尤其是在車輛向電氣化過渡以及越來越多地使用由軟件驅動的功能、技術和屬性的情況下。我們經驗豐富的團隊共同參與了全球多家原始設備製造商的數百次新車發布。我們將繼續把我們的客戶和價值觀放在首位。

As we have discussed on previous earnings calls, we plan to build an initial batch of up to 500 Endurance's -- Endurance vehicles this year in order to see the commercial fleet market demonstrate the capabilities of the truck and support our OEM partnership pursuits, which is critical to scaling production. To date, approximately 40 Endurance vehicles have been completed or are in process.

正如我們在之前的財報電話會議上所討論的那樣，我們計劃在今年製造首批多達 500 輛 Endurance 的耐力車輛，以便看到商業車隊市場展示卡車的能力並支持我們的 OEM 合作夥伴關係追求，這是對擴大生產至關重要。迄今為止，大約有 40 輛 Endurance 車輛已經完成或正在生產中。

As you may recall, we decided to limit the size of the first batch of commercial production as the BoM cost of the Endurance is materially higher than our selling price. Forming the right partnerships will create the business rationale to invest in the hard tooling and VAVE actions required to reduce its BoM cost and scale production of the truck.

您可能還記得，我們決定限制第一批商業生產的規模，因為 Endurance 的 BoM 成本大大高於我們的售價。建立正確的合作夥伴關係將為投資硬工具和 VAVE 行動創造商業理由，以降低其 BoM 成本和卡車的規模生產。

Lordstown Motors launch of the Endurance created the opportunity for other OEMs to access the platform and manufacturing capacity of a fully homologated and certified vehicle in the second most popular segment in the United States, full-size pickup trucks. While we continue to pursue partnership opportunities, should we not identify a partner in the coming months, we may decide to pause commercial production of the Endurance until a partner is identified.

Lordstown Motors 推出 Endurance 為其他原始設備製造商創造了機會，使其能夠在美國第二受歡迎的全尺寸皮卡細分市場中獲得完全認可和認證的車輛的平台和製造能力。在我們繼續尋求合作機會的同時，如果我們不能在未來幾個月內確定合作夥伴，我們可能會決定暫停 Endurance 的商業生產，直到確定合作夥伴為止。

This week, we will be displaying the Endurance at NTEA Work Truck Week in Indianapolis. We will also display an Endurance with commercial fleet-focused accessories from leading manufacturers and suppliers of aftermarket equipment. To provide our customers with aftermarket service and warranty support, we have entered into an agreement with a third-party provider, under which, we will jointly provide service and warranty for the Endurance vehicles in key states, where allowed by law. Technicians at these service locations will complete Lordstown's vehicle service training curriculum, and our partner provider will provide service solutions, including warranty and preventive and scheduled maintenance. We will share more about on the strategic rollout with our service partner in the coming weeks.

本週，我們將在印第安納波利斯的 NTEA 工作卡車週上展示 Endurance。我們還將展示 Endurance 以及來自領先的售後市場設備製造商和供應商的商用車隊配件。為了向我們的客戶提供售後服務和保修支持，我們與第三方供應商簽訂了協議，根據該協議，我們將在法律允許的情況下共同為主要州的 Endurance 車輛提供服務和保修。這些服務點的技術人員將完成 Lordstown 的車輛服務培訓課程，我們的合作夥伴提供商將提供服務解決方案，包括保修以及預防性和定期維護。在未來幾週內，我們將與我們的服務合作夥伴分享更多關於戰略部署的信息。

Switching to our future vehicle program. We continue to work collaboratively with Foxconn and the MIH consortium on the predevelopment work and vehicle development process, or VDP, deliverables for our next platform and vehicle program. The next platform and vehicle program are key to Lordstown Motors' long-term business strategy and are becoming a greater portion of our company's focus. While we are not ready to announce the details yet, I can tell you that this vehicle will serve growing battery electric vehicle commercial fleet segments that are different from those targeted by the Endurance. Also, the new vehicle will likely source key components and subsystems from Foxconn and MIH consortium members and be built in the Foxconn EV Ohio assembly plant.

切換到我們未來的車輛計劃。我們將繼續與富士康和 MIH 財團就預開發工作和車輛開發流程 (VDP) 以及我們下一個平台和車輛計劃的可交付成果進行合作。下一個平台和車輛計劃是 Lordstown Motors 長期業務戰略的關鍵，並且正在成為我們公司關注的更大一部分。雖然我們還沒有準備好公佈細節，但我可以告訴你，這款車將服務於不斷增長的純電動汽車商用車隊，這與 Endurance 的目標車型不同。此外，新車可能會從富士康和 MIH 財團成員採購關鍵部件和子系統，並在富士康 EV 俄亥俄裝配廠生產。

Discussions with potential anchors' customers are also ongoing. Our asset-light business model and collaboration with the Foxconn EV ecosystem, including MIH, will provide the opportunity for Lordstown Motors to create winning EVs that are tailored to the needs of our customers that use them for various work applications while gaining the cost benefits of scale.

與潛在主播客戶的討論也在進行中。我們的輕資產業務模式以及與包括 MIH 在內的富士康 EV 生態系統的合作，將為 Lordstown Motors 提供機會，創造出適合客戶需求的成功 EV，這些客戶將它們用於各種工作應用，同時獲得成本效益規模。

We shared the story of Lordstown future and collaboration with Foxconn and MIH earlier this year at CES. We also plan to discuss our role in the growing Foxconn EV ecosystem later this month at the upcoming South by Southwest event in Austin, Texas during their Mobility, Electrification and Innovation Trade.

今年早些時候，我們在 CES 上分享了 Lordstown 的未來以及與富士康和 MIH 的合作故事。我們還計劃在本月晚些時候在德克薩斯州奧斯汀舉行的西南偏南活動中討論我們在不斷發展的富士康電動汽車生態系統中的作用。

Q4 2022 was a very busy and exciting quarter, and Q1 2023 has continued this trend. I will now turn the floor over to our CFO, Adam Kroll, to present our Q4 performance and financial outlook. Adam?

2022 年第四季度是一個非常忙碌和激動人心的季度，2023 年第一季度延續了這一趨勢。我現在將請我們的首席財務官 Adam Kroll 介紹我們第四季度的業績和財務前景。亞當？

Thank you, Edward. Good morning, everyone, and thank you for joining us. During 2022, we significantly reduced our cash burn, fixed costs and operating complexity as well as raised $263 million in capital, of which $210 million was from Foxconn and the balance from common stock issuances into the market. The Foxconn funds included $157 million related to the plant sale that was received in 2022, plus another $53 million in November from the sale of common and preferred stock. You may recall the total proceeds from the plant sale were $257 million, of which $100 million in down payments were received in 2021.

謝謝你，愛德華。大家早上好，感謝您加入我們。 2022 年期間，我們大幅減少了現金消耗、固定成本和運營複雜性，並籌集了 2.63 億美元的資金，其中 2.1 億美元來自富士康，其餘資金來自向市場發行的普通股。富士康的資金包括 2022 年收到的與工廠出售相關的 1.57 億美元，以及 11 月份從普通股和優先股出售中獲得的另外 5300 萬美元。您可能還記得工廠出售的總收益為 2.57 億美元，其中 1 億美元的預付款是在 2021 年收到的。

Under the terms of the investment agreement we entered into with Foxconn in November and subject to regulatory approval, other conditions and satisfaction of EV program milestones, Foxconn is expected to purchase up to $117 million in additional common and preferred stock. As a reminder, the use of proceeds from the preferred stock investments may only be used to fund costs associated with developing the new vehicle program. There's more detail on the sources and timing of all the funds raised in our earnings deck on our IR site.

根據我們於 11 月與富士康簽訂的投資協議條款，並在獲得監管部門批准、其他條件和 EV 計劃里程碑的滿足情況下，富士康預計將購買高達 1.17 億美元的額外普通股和優先股。提醒一下，優先股投資收益的使用只能用於資助與開發新車輛計劃相關的成本。在我們的 IR 網站上的收益平台中，有更多關於所有籌集資金的來源和時間的詳細信息。

Q1 of 2022 was our last full quarter with plant operating costs as the asset sale closed May 11. In that quarter, our total operating costs were approximately $22 million and were budgeted to rise to support launch and increase production. Thus, we shed roughly $100 million in annual operating costs in exchange for a contract manufacturing fee per vehicle and $257 million in asset sale proceeds. In addition, we benefit from substantially lower operating complexity and risk by putting manufacturing in the hands of Foxconn. And as Ed discussed, we advanced our long-term vehicle development partnership with Foxconn and its EV ecosystem.

2022 年第一季度是我們最後一個完整的工廠運營成本季度，因為資產出售於 5 月 11 日結束。在那個季度，我們的總運營成本約為 2200 萬美元，並且預算增加以支持啟動和增加產量。因此，我們節省了大約 1 億美元的年度運營成本，以換取每輛車的合同製造費和 2.57 億美元的資產出售收益。此外，通過將製造交給富士康，我們可以大大降低運營複雜性和風險。正如 Ed 所討論的，我們推進了與富士康及其電動汽車生態系統的長期汽車開發合作夥伴關係。

I also want to point out that in every quarter of 2022, we outperformed our cash burn and liquidity targets through spending discipline, well beyond the impact of the production and launch timing. Ending with almost $222 million in cash and short-term investments, the fourth quarter was our most significant beat at $57 million or 34% above the top end of the range in our outlook.

我還想指出，在 2022 年的每個季度，我們通過支出紀律都超過了我們的現金消耗和流動性目標，遠遠超出了生產和發佈時間的影響。第四季度以近 2.22 億美元的現金和短期投資結束，是我們最重要的突破，達到 5700 萬美元，比我們預期範圍的上限高出 34%。

As you're all aware, the transitional aspects of 2022 create a lot of noise, which I will call out as I walk you through our results. More detail can be found in our press release and the earnings deck on our IR site. Upon reaching certification in Q4, we began customer deliveries of the Endurance, resulting in revenue recognition of 3 vehicles in the period. As I explained on our last earnings call, with the start of commercial production and sales, we would begin reporting cost of sales in the fourth quarter, some of which were reported in R&D or SG&A for the first 9 months of 2022.

眾所周知，2022 年的過渡方面會產生很多噪音，我會在向您介紹我們的結果時指出這些噪音。更多詳細信息，請參閱我們的新聞稿和我們 IR 網站上的收益平台。在第四季度獲得認證後，我們開始向客戶交付 Endurance，在此期間確認了 3 輛車的收入。正如我在上次財報電話會議上解釋的那樣，隨著商業生產和銷售的開始，我們將在第四季度開始報告銷售成本，其中一些在 2022 年前 9 個月的研發或 SG&A 中報告。

Fourth quarter and full year reported cost of sales totaled approximately $30 million. However, it's important to understand how that breaks down. Our production costs were $635,000, which included direct materials on the vehicles sold, manufacturing, warranty accrual, delivery and launch-related costs. The remaining $29.4 million of cost of sales included $8.3 million of depreciation on production equipment and tooling we continue to own and $21 million of charges in connection with inventory write-down, primarily related to our NRV adjustment for inventory acquired during the period and another charge we took for excess inventory on hand. The NRV represents a charge we take to write down inventory to the net realizable value, which equates to the sales price of the endurance.

第四季度和全年報告的銷售成本總計約為 3000 萬美元。但是，重要的是要了解它是如何分解的。我們的生產成本為 635,000 美元，其中包括所售車輛的直接材料、製造、應計保修、交付和發布相關成本。剩餘的 2,940 萬美元銷售成本包括我們繼續擁有的生產設備和工具的 830 萬美元折舊以及與庫存減記相關的 2,100 萬美元費用，主要與我們在此期間收購的庫存的 NRV 調整和另一項費用有關我們認為手頭有多餘的庫存。 NRV 代表我們將存貨減記至可變現淨值的費用，這相當於耐力的銷售價格。

The result is that what goes through cost of sales and production cost represents a 0 direct material margin because it is after the NRV. The excess inventory charge was a small amount taken to address purchases related to supplier minimum heart order quantities that are in excess of our anticipated consumption. More detail can be found in the notes to our financial statements in the 10-K.

結果是，通過銷售成本和生產成本的直接材料利潤為 0，因為它在 NRV 之後。超額庫存費用是一小部分，用於解決與超過我們預期消耗量的供應商最低心臟訂單數量相關的採購。可以在 10-K 財務報表的附註中找到更多詳細信息。

Our total SG&A and R&D costs for the fourth quarter were $37.8 million and for the year, were $246.1 million. SG&A expenses were $22.2 million for the quarter, including $7.6 million in non-cash items for the write-off of a prepaid royalty and accelerated stock comp and $1.2 million of litigation accruals. The remaining $13.3 million includes $8.3 million in personnel and professional fees; $3.2 million in legal fees and insurance premiums; and $1.9 million in other services, software and marketing expenditures.

我們第四季度的 SG&A 和研發總成本為 3780 萬美元，全年為 2.461 億美元。本季度的 SG&A 費用為 2220 萬美元，其中包括 760 萬美元的非現金項目，用於沖銷預付特許權使用費和加速股票補償，以及 120 萬美元的訴訟應計費用。剩餘的 1330 萬美元包括 830 萬美元的人員和專業費用； 320 萬美元的法律費用和保險費；以及 190 萬美元的其他服務、軟件和營銷支出。

Compared to the fourth quarter of 2021, personnel and professional fees were down 39%, primarily due to a significant reduction in consulting support that has been trending down since the start of 2022. Outside legal costs continue to trend down as well compared to Q4 of '21. They were down almost 80%. And a significant reduction in our annual insurance renewals in the quarter led to a 23% decrease in premiums, which will carry forward. Other costs, primarily marketing spend, were 11% higher compared to the prior year as we ramp selling activity.

與 2021 年第四季度相比，人員和專業費用下降了 39%，這主要是由於自 2022 年初以來一直呈下降趨勢的諮詢支持大幅減少。與 2021 年第四季度相比，外部法律費用也繼續呈下降趨勢'21。他們下跌了近 80%。本季度我們的年度續保大幅減少導致保費下降 23%，這將結轉。由於我們加大了銷售活動的力度，其他成本（主要是營銷支出）比上一年增加了 11%。

For the fiscal year, SG&A expenses were $138.3 million. However, that includes $33.9 million in litigation accruals, $25.6 million in NRV charges for the first 9 months of 2022 before reporting cost of sales and $7.6 million for the write-off of the prepaid royalty and accelerated stock comp. The remaining $71.1 million of SG&A consisted of $40.5 million for personnel and professional fees; $11.4 million of legal expenses; $11.8 million of insurance premiums; and $7.2 million for other services, software and marketing expenditures.

本財年，SG&A 費用為 1.383 億美元。然而，這包括 3390 萬美元的訴訟應計費用、2022 年前 9 個月報告銷售成本前的 2560 萬美元 NRV 費用以及 760 萬美元的預付特許權使用費註銷和加速股票補償。其餘 7110 萬美元的 SG&A 包括 4050 萬美元的人員和專業費用； 1140 萬美元的法律費用； 1180萬美元的保險費； 720 萬美元用於其他服務、軟件和營銷支出。

The year-over-year improvement was driven by a $23.9 million decrease in outside legal fees and $9.2 million in other professional and consulting fees, net of an increase in personnel costs as we build capabilities in-house. Partially offsetting these items were higher expenditures for services and marketing as we prepare to launch the Endurance, along with higher insurance premium, representing the timing of a higher renewal late in 2021.

同比增長是由於外部法律費用減少了 2390 萬美元，其他專業和諮詢費用減少了 920 萬美元，扣除了我們內部能力建設導致的人員成本增加。部分抵消了這些項目的是我們準備推出 Endurance 時用於服務和營銷的更高支出，以及更高的保險費，這意味著 2021 年底更高的續約時間。

R&D expenses were $15.6 million in the quarter, including $1.8 million of accelerated stock comp; $10.6 million in personnel and consulting costs; and $3.2 million in software, other services and overhead. This compares to non-plant-related personnel and consulting costs of $16.9 million in the fourth quarter of 2021 and $14.2 million in the third quarter of 2022, representing decreases of 38% and 26%, respectively, as Endurance development and testing expenditures trend down approaching the launch, as previously discussed in our outlooks. For the same reason, freight costs were also down $1.4 million versus Q4 of 2021 and relatively flat to the third quarter of '22.

本季度的研發費用為 1560 萬美元，其中包括 180 萬美元的加速股票補償； 1060 萬美元的人員和諮詢費用；以及 320 萬美元的軟件、其他服務和管理費用。相比之下，2021 年第四季度非工廠相關人員和諮詢費用為 1690 萬美元，2022 年第三季度為 1420 萬美元，分別下降 38% 和 26%，原因是耐力開發和測試支出呈下降趨勢正如我們之前在展望中所討論的那樣，即將推出。出於同樣的原因，運費也比 2021 年第四季度下降了 140 萬美元，與 2022 年第三季度相比相對持平。

For the full year, the headline number of $107.8 million in R&D compares to $284 million in 2021. However, these amounts include plant-related costs of $33.3 million in 2022 incurred prior to the sale in May and $57.1 million in 2021. The amount in 2022 also reflects an $18.4 million reimbursement received from Foxconn as part of the sale. Prototype component expenses were $22.8 million in 2022, down 78% versus $105 million in 2021 due to the transition from parts testing to beta and PPV builds and ultimately, launch.

全年的研發總金額為 1.078 億美元，而 2021 年為 2.84 億美元。但是，這些金額包括 2022 年 5 月出售前產生的工廠相關成本 3330 萬美元和 2021 年的 5710 萬美元。 2022 年還反映了作為銷售的一部分從富士康收到的 1840 萬美元的報銷。 2022 年原型組件支出為 2280 萬美元，與 2021 年的 1.05 億美元相比下降 78%，原因是從零件測試過渡到 Beta 和 PPV 構建並最終發布。

The remaining R&D expenditures in 2022 totaled $70 million compared to $122 million in 2021. In 2022, personnel and professional fees were $55.2 million, representing an almost 47% decrease from 2021. Freight was lower by $6 million or 86%. Again, the trends are all tied to progression of Endurance development to launch.

2022 年剩餘研發支出總計 7000 萬美元，而 2021 年為 1.22 億美元。2022 年，人員和專業費用為 5520 萬美元，比 2021 年減少近 47%。運費減少 600 萬美元或 86%。同樣，這些趨勢都與 Endurance 開發到發布的進展有關。

Other operating items for the year totaled $111.4 million, representing a non-cash impairment on our long-lived assets. As highlighted last quarter, the move into commercial production triggered a review for impairment and a charge of approximately $75 million in Q3. The primary metric we use to evaluate fair value is our enterprise value, which, of course, fluctuates with our stock price, cash position and net assets or liabilities. The decline in our stock price during the fourth quarter was the primary contributor to the incremental impairment of approximately $21 million in Q4.

本年度其他經營項目總計 1.114 億美元，代表我們長期資產的非現金減值。正如上個季度強調的那樣，進入商業生產的舉措引發了減值審查，並在第三季度產生了約 7500 萬美元的費用。我們用來評估公允價值的主要指標是我們的企業價值，當然，它會隨著我們的股價、現金狀況和淨資產或負債而波動。第四季度我們股價的下跌是第四季度增加減值約 2100 萬美元的主要原因。

We also wrote down the value of certain prepayments for inventory that are for quantities we do not anticipate being consumed by the Endurance, including assets related to the right to access General Motors parts, which represents the balance of the total impairment. More detail on each of these can be found in the 10-K footnote.

我們還減記了某些存貨預付款的價值，這些預付款用於我們預計 Endurance 不會消耗的數量，包括與獲取通用汽車零件的權利相關的資產，這代表了總減值的餘額。可以在 10-K 腳註中找到有關其中每一項的更多詳細信息。

At the end of 2022, cash and short-term investments were almost $222 million, approximately $18 million higher than the third quarter of 2022. The change in cash consists of $42.7 million in cash used for operations, inclusive of a $21.1 million working capital investment; $2.9 million in capital expenditures, net of $1.1 million in asset sale proceeds; and $63.7 million in cash proceeds from the issuance of common and preferred stock, including the $52 million purchased by Foxconn.

到 2022 年底，現金和短期投資接近 2.22 億美元，比 2022 年第三季度高出約 1800 萬美元。現金變化包括用於運營的 4270 萬美元現金，包括 2110 萬美元的營運資本投資; 290 萬美元的資本支出，扣除 110 萬美元的資產出售收益；以及 6370 萬美元的普通股和優先股發行現金收益，其中包括富士康購買的 5200 萬美元。

The $57 million cash beat I mentioned earlier was due to cost containment, which represented approximately $13 million, along with $12.4 million in stock sales under the ATM, $12 million in lower CapEx and $13 million in working capital, excluding inventory. Supply chain issues and a decision not to pull forward as much of the inventory purchases into the fourth quarter contributed to the outperformance.

我之前提到的 5700 萬美元的現金節拍是由於成本控制，這代表了大約 1300 萬美元，以及 ATM 下的 1240 萬美元股票銷售，1200 萬美元的資本支出減少和 1300 萬美元的營運資金，不包括庫存。供應鏈問題以及不將盡可能多的庫存採購提前到第四季度的決定促成了出色的表現。

The impact of lower Endurance production and inventory buys was less than $3 million of the benefit. The CapEx benefit was almost entirely timing related and will shift into the first and second quarters of 2023.

較低的 Endurance 生產和庫存購買的影響不到 300 萬美元的收益。資本支出收益幾乎完全與時間相關，並將轉移到 2023 年第一季度和第二季度。

Turning to our outlook. While our business model is more durable and operational execution has improved, we will continue to execute a capital-constrained business plan, making trade-offs on what and when we spend the funds we have. Scaling the Endurance, even where we defined a strategic OEM partner, will require substantial additional capital. And while we expect $100 million in preferred stock funding under the Foxconn investment agreement, we'll cover the planned predevelopment work for the new vehicle program in 2023. Significantly, more capital will need to be raised to reach certification, homologation and commercial sales. In addition, our litigation contingencies could be material.

轉向我們的前景。雖然我們的商業模式更持久，運營執行力也有所改善，但我們將繼續執行資本受限的商業計劃，權衡使用我們擁有的資金的內容和時間。擴展 Endurance，即使我們定義了戰略 OEM 合作夥伴，也將需要大量額外資金。雖然我們預計富士康投資協議將提供 1 億美元的優先股資金，但我們將涵蓋 2023 年新車計劃的計劃前期開發工作。值得注意的是，需要籌集更多資金才能實現認證、認證和商業銷售。此外，我們的訴訟或有事項可能很重要。

With several moving parts and variables with the Endurance program and the first joint EV program with Foxconn, we are confining our outlook to the first quarter of 2023. Moreover, we won't be providing production guidance as that is highly dependent upon the timing to resolve the matters Ed discussed earlier and other factors.

由於 Endurance 計劃和與富士康的第一個聯合 EV 計劃有幾個活動部分和變量，我們將我們的展望限制在 2023 年第一季度。此外，我們不會提供生產指導，因為這在很大程度上取決於時間解決 Ed 之前討論的問題和其他因素。

I will point out again that cost of sales now reflects essentially 0 direct material margin, given the NRV is almost entirely taken prior to a sale due to advanced inventory buys. However, we will have incremental production costs associated with warranty, recalls, delivery, manufacturing and other costs. We also expect to take additional NRV charges on inventory acquired in future periods as well as depreciation.

我要再次指出，銷售成本現在基本上反映了直接材料利潤為 0，因為由於提前庫存購買，NRV 幾乎完全在銷售前被採用。然而，我們將增加與保修、召回、交付、製造和其他成本相關的生產成本。我們還希望對未來期間獲得的存貨以及折舊收取額外的 NRV 費用。

We expect to end the first quarter of 2023 with $150 million to $170 million in cash and short-term investments, excluding any additional Foxconn funding, other equity sales or contingent liabilities. Relative to Q4 of 2022, we anticipate aggregate SG&A and R&D to decline slightly without the accelerated stock compensation, litigation accruals and asset write-downs, as R&D modestly increases with new program development activity, partially offsetting the larger decrease in SG&A. We expect CapEx to be modestly higher for the reasons I mentioned earlier, and working capital is likely to consume less cash.

我們預計到 2023 年第一季度末將有 1.5 億至 1.7 億美元的現金和短期投資，不包括任何額外的富士康資金、其他股權出售或或有負債。相對於 2022 年第四季度，我們預計在不加速股票薪酬、訴訟應計費用和資產減記的情況下，SG&A 和 R&D 的總和將略有下降，因為 R&D 隨著新項目開發活動而適度增加，部分抵消了 SG&A 的較大降幅。由於我之前提到的原因，我們預計資本支出會略有增加，而營運資金可能會消耗較少的現金。

The remaining $117 million of Foxconn investments discussed earlier are broken down as follows: approximately $47 million from a second tranche of common stock, following satisfaction of conditions under the investment agreement, followed by tranches of $30 million and $40 million of preferred stock purchases that are each subject to achieving mutually agreed development milestones and satisfying other conditions. We cannot predict at this stage when or if those milestones will be achieved. As a reminder, the preferred stock investments will fund an increasing share of our costs as development of the new program advances.

前面討論的剩餘 1.17 億美元的富士康投資細分如下：在滿足投資協議的條件後，來自第二批普通股的約 4700 萬美元，隨後是 3000 萬美元和 4000 萬美元的優先股購買每一項都取決於實現共同商定的發展里程碑並滿足其他條件。我們現階段無法預測何時或是否會實現這些里程碑。提醒一下，隨著新計劃的發展，優先股投資將為我們的成本份額增加提供資金。

Lastly, the investment agreement limits the use of proceeds from the preferred stock solely for the new program. Our team is highly focused on resuming Endurance production and deliveries and developing the new program with our lower cost structure and in collaboration with the Foxconn EV Ecosystem.

最後，投資協議限制將優先股收益僅用於新計劃。我們的團隊高度專注於恢復 Endurance 的生產和交付，並以我們較低的成本結構開發新項目，並與富士康 EV 生態系統合作。

With that, operator, please open the line for questions.

有了這個，接線員，請打開問題線路。

(Operator Instructions) The first question is from Tyler DiMatteo with BTIG.

（操作員說明）第一個問題來自 BTIG 的 Tyler DiMatteo。

So my first one here is just on the initial Endurance sale. Now that you're selling the vehicles, how has that changed, I guess, the customer discussions and the dynamics? And really trying to think about what other opportunities now that vehicles are rolling off the lines and in their hands? Any color there?

所以我在這裡的第一個只是關於最初的耐力銷售。現在您正在銷售車輛，我猜客戶的討論和動態有何變化？並且真的想考慮現在車輛正在下線並在他們手中的其他機會是什麼？那裡有什麼顏色？

I would say the dynamic is there continues to be interest in the vehicle, Tyler. Obviously, we're disappointed that we've had to take the pause in production to address the issues that I went through in my section. But we look forward to getting them back, getting back into production and resuming deliveries. So we can continue to get more of them in the hands of customers. We have customers that are looking forward to the deliveries, and we're looking forward to getting them to them.

我想說動態是對車輛的興趣繼續存在，泰勒。顯然，我們很失望我們不得不暫停生產來解決我在我的部分遇到的問題。但我們期待著讓他們回來，重新投入生產並恢復交付。因此，我們可以繼續將更多產品交到客戶手中。我們有一些期待交貨的客戶，我們也期待著將它們送到他們手中。

Okay. Great. And then my follow-up here. On the new vehicle and the strategy and how you're thinking about incorporating it into the portfolio, I know you said it will have different end markets than the Endurance. Just any other color there about how you're thinking about bringing that vehicle to market? I know you said you'll give some detail later on. Just any other additional comments on that?

好的。偉大的。然後我在這裡跟進。關於新車和戰略以及您如何考慮將其納入產品組合，我知道您說過它將擁有與 Endurance 不同的終端市場。關於您如何考慮將該車輛推向市場，還有其他顏色嗎？我知道你說過你稍後會提供一些細節。對此還有其他補充意見嗎？

Yes. Yes, Tyler, I think if you would think about it, I think you can think about it, market opportunity and then opportunities for scale. If you think about the market opportunity, there are other segments besides full-size pickups in the commercial fleet space that could benefit from an electric vehicle that's targeted towards their needs. We're assessing the market. We're looking at those different segments and the opportunities and taking that into consideration in our predevelopment work of the next platform and vehicle program.

是的。是的，泰勒，我想如果你考慮一下，我想你可以考慮一下，市場機會，然後是規模機會。如果您考慮市場機會，除了商用車隊空間中的全尺寸皮卡之外，還有其他細分市場可以從針對他們需求的電動汽車中受益。我們正在評估市場。我們正在研究這些不同的細分市場和機會，並在我們下一個平台和車輛計劃的預開發工作中考慮到這一點。

And then with regard to scale, that's really where our opportunity is. With us as Foxconn's preferred vehicle development partner, we plan to leverage common components, common subsystems and share them across. That's the plan is for them to be shared across multiple OEMs. That will allow smaller OEMs to gain scale. So we're thinking about how we meet those growing market opportunity needs with a vehicle that has the benefits of scale, because we implement a strategy where common high-value components need to be engineered just once and can be reused and that a common bill of process or common manufacturing process out of Ohio can be used to build multiple vehicles. So that's what we're thinking, market opportunity and a drive towards scale.

然後就規模而言，這確實是我們的機會所在。我們作為富士康首選的汽車開發合作夥伴，我們計劃利用通用組件、通用子系統並在彼此之間共享。計劃是讓它們在多個 OEM 之間共享。這將使較小的原始設備製造商獲得規模。因此，我們正在考慮如何通過具有規模優勢的車輛來滿足不斷增長的市場機會需求，因為我們實施了一項戰略，其中普通的高價值組件只需設計一次並可以重複使用，並且一個共同的賬單俄亥俄州的流程或普通製造流程可用於製造多種車輛。這就是我們的想法，市場機會和擴大規模的動力。

The next question is from Winnie Dong with Deutsche Bank.

下一個問題來自德意志銀行的 Winnie Dong。

I was wondering if you can maybe comment, just based on the line of sight on issues that we've identified with the suppliers, should we anticipate the fix sort of to be like at end of Q1 event or something that will take longer to address?

我想知道您是否可以僅根據我們對供應商確定的問題的看法發表評論，我們是否應該預計修復會像在第一季度活動結束時那樣，或者需要更長時間才能解決？

No. Thank you for the question, Winnie. I think vehicle launches essentially have issues. And really, the key steps are identifying the issue, determining a root cause, determining what the corrective action is and then setting a time line for determining when that corrective action or actions can be implemented into the vehicle, so that you could get the vehicle back to in the hands of their customers.

不，謝謝你的問題，溫妮。我認為車輛發布本質上是有問題的。實際上，關鍵步驟是識別問題、確定根本原因、確定糾正措施，然後設定時間線以確定何時可以將糾正措施實施到車輛中，這樣您就可以得到車輛回到客戶手中。

When I say we have line of sight, the positive thing is we've identified the issue. We've identified the root causes and potential collective -- corrective actions or corrective actions. But you're not done until you're done. So we're following a very disciplined and rigorous process that many of us has worked with throughout other OEMs. And we don't want to announce that we're done until we're done. But we are following the key steps of the path. And as I said, we have line of sight, meaning we know the root causes of the issue and the corrective actions. We don't have all of the details on when every corrective action will be available to us. So that's why we have not giving guidance today. But in the coming weeks, we expect to be able to give guidance on when we'll resume production and deliveries.

當我說我們有視線時，積極的事情是我們已經確定了問題。我們已經確定了根本原因和潛在的集體——糾正措施或糾正措施。但直到你完成，你才算完成。因此，我們正在遵循一個非常有紀律和嚴格的流程，我們中的許多人在其他 OEM 中都使用過該流程。我們不想在完成之前宣布我們已經完成。但我們正在遵循這條道路的關鍵步驟。正如我所說，我們有視線，這意味著我們知道問題的根本原因和糾正措施。我們沒有關於何時可以使用每項糾正措施的所有詳細信息。所以這就是為什麼我們今天沒有給出指導。但在未來幾週內，我們希望能夠就何時恢復生產和交付提供指導。

Okay. Got it. That's very helpful. And then a follow-up on the commentary of looking for sort of like a strategic OEM partnership as it relates to the Endurance. I wonder if you can maybe remind us and elaborate that on that. Because if I hear correctly, you mentioned if the partner is not identified and essentially, you pause the production? Or did I hear that incorrectly?

好的。知道了。這很有幫助。然後是關於尋找與 Endurance 相關的戰略 OEM 合作夥伴關係的後續評論。我想知道你是否可以提醒我們並詳細說明這一點。因為如果我沒聽錯的話，你提到過如果合作夥伴沒有被識別，那麼你會暫停生產嗎？還是我聽錯了？

Yes. Yes, Winnie, you heard that correctly. And it goes back to the guidance we gave last year in one of our previous earnings calls in that because the BoM cost of the endurance is significantly higher than its selling price, materially higher than its selling price, I believe is what we said, it is an upside down margin on each one. The good thing is we know how to bring that cost down significantly through investments in hard tooling or high-volume tooling, if you will, said another way, and various VAVE projects, value engineering and value analysis projects that would bring the BoM cost down.

是的。是的，溫妮，你沒有聽錯。這可以追溯到我們去年在我們之前的一次財報電話會議上給出的指導，因為耐力的 BoM 成本明顯高於其售價，大大高於其售價，我相信這就是我們所說的，它是每個倒置的保證金。好消息是我們知道如何通過投資硬工具或大批量工具來顯著降低成本，換句話說，以及各種 VAVE 項目、價值工程和價值分析項目，這些項目將降低 BoM 成本.

However, as I've alluded to and as Adam alluded to, and as we said in the previous calls, it would be a significant investment to implement the hard tooling for those projects. So we believe that the most prudent business decision would be to bring on another partner whose volume opportunity, combined with our commercial fleet volume opportunity as Lordstown, would make more business sense to spend that additional investment for the hard tooling and the VAVE projects.

然而，正如我和 Adam 所提到的，以及我們在之前的電話會議中所說的那樣，為這些項目實施硬工具將是一項重大投資。因此，我們認為，最謹慎的商業決策是引入另一個合作夥伴，其數量機會與我們作為 Lordstown 的商業機隊數量機會相結合，將更具商業意義的是將額外投資用於硬工具和 VAVE 項目。

So we -- our discussions with potential partners are ongoing. We think it's an attractive proposition, not only because the vehicle is in the most -- the second most popular segment in the United States, which is full-size pickups, it's one of the few full-size battery electric, full electric pickup trucks on the market today, and another OEM could enter the market much faster by partnering with us than doing a vehicle and plant from the ground up. But -- so it's not only that market opportunity is attractive, but the vehicle is fully homologated. It's fully certified. It has been launched and is in the marketplace. So we see that as an attractive and shorter path for another OEM who wants to get into this attractive market.

所以我們 - 我們與潛在合作夥伴的討論正在進行中。我們認為這是一個有吸引力的提議，不僅因為該車輛是美國最受歡迎的第二大細分市場，即全尺寸皮卡，它是為數不多的全尺寸電池電動全電動皮卡車之一在今天的市場上，另一個 OEM 可以通過與我們合作更快地進入市場，而不是從頭開始製造車輛和工廠。但是 - 因此，不僅市場機會具有吸引力，而且該車輛已完全通過認證。它是完全認證的。它已經推出並在市場上銷售。因此，我們認為對於希望進入這個有吸引力的市場的另一家 OEM 而言，這是一條有吸引力且更短的路徑。

And if we don't find that partner, we don't see it making business rationale for us to spend that investment, significant investment ourselves. So we would likely pause production until that partner is identified.

如果我們找不到那個合作夥伴，我們就不會認為它為我們花費這筆投資、大量投資自己提供了商業理由。因此，我們可能會暫停生產，直到確定該合作夥伴為止。

Got it. That's very helpful. If I can squeeze one last one in. Can you maybe color on sort of the trajectory of CapEx spending for this year? I know you mentioned some of what was not spent in Q4 may possibly be pushed into Q1 and Q2.

知道了。這很有幫助。如果我能擠出最後一個。你能不能對今年資本支出的軌跡進行著色？我知道你提到了一些在第四季度沒有花的錢可能會被推到第一季度和第二季度。

Could you take that?

你能接受嗎？

Yes. Yes. I mean it's -- so the comment is specifically related to Endurance activity, that will decline. And you've seen it each quarter sequentially, the CapEx numbers are coming down. It just continues along that same development path, whereas you launch the vehicle, there's less, obviously, to invest in the equipment. Obviously, we also no longer own the plant, which early in the year, that also had its share of CapEx. So it's not going to be a material amount of CapEx in the very, very near term. But as the program advances with Foxconn, then obviously, it would ramp up after that.

是的。是的。我的意思是 - 所以評論與耐力活動特別相關，這將下降。而且你每個季度都看到了它，資本支出數字正在下降。它只是沿著同樣的發展道路繼續前進，當你推出車輛時，顯然對設備的投資更少。顯然，我們也不再擁有該工廠，該工廠在今年年初也有其資本支出份額。因此，在非常、非常短期內，這不會是大量的資本支出。但隨著富士康項目的推進，很明顯，它會在那之後加速。

(Operator Instructions) The next question is from Mark Delaney with Goldman Sachs.

（操作員說明）下一個問題來自高盛的馬克德萊尼。

The first was about the future vehicle with Foxconn. You spoke a little bit around the cost to commercialize that. Could you elaborate a bit more on the magnitude of cost to potentially commercialize your next vehicle and also speak to potential sources of funding? Is your expectation that Foxconn would fund most or all of that? Or do you need other significant sources of capital?

第一個是關於富士康的未來汽車。你談到了將其商業化的成本。您能否詳細說明將您的下一輛車商業化的成本規模，並談談潛在的資金來源？您預計富士康會資助大部分還是全部？還是您需要其他重要的資金來源？

Well, Mark, thank you for the question. So what we laid out is that approximately $100 million -- well, $100 million of the preferred investment that Foxconn is making that we announced back in November will go towards the predevelopment work for the future platform and new program. This program, it fits with the ambitions of both Foxconn and us. Foxconn has ambitions to become a greater part of the EV supply chain through the EV -- through their growing EV ecosystem.

好吧，馬克，謝謝你的提問。因此，我們計劃的是大約 1 億美元——嗯，我們在 11 月宣布的富士康正在進行的優先投資中的 1 億美元將用於未來平台和新項目的前期開發工作。這個計劃，符合富士康和我們的志向。富士康有志於通過其不斷發展的電動汽車生態系統，通過電動汽車成為電動汽車供應鏈中更大的一部分。

And as the preferred vehicle development partner, we will be doing all of the design, engineering, development, testing, homologation, certification of these vehicles that leverage those components and then build them in the Foxconn EV Ohio plant. So -- but however, as you know, $100 million is not sufficient to take a vehicle from concept all the way into production. So we do anticipate needing to raise additional capital once we have a well-defined program with the business case, the markets, the customers, the architecture identified, the cost structure. And then we will be in collaboration going back to the market to raise the additional capital to take that vehicle into production. And that will be -- we'll be sharing more with you on that process as it progresses throughout the year.

作為首選的車輛開發合作夥伴，我們將對這些利用這些組件的車輛進行所有設計、工程、開發、測試、認證和認證，然後在富士康 EV 俄亥俄州工廠進行製造。所以 - 但是，但是，如您所知，1 億美元不足以將車輛從概念一路投入生產。因此，一旦我們有了一個包含業務案例、市場、客戶、確定的架構和成本結構的定義明確的計劃，我們確實預計需要籌集額外資金。然後我們將合作回到市場籌集額外資金，使該車輛投入生產。那將是——隨著這一年的進展，我們將與您分享更多有關該過程的信息。

And Mark, it's Adam. I think part of what I'd add to that is it doesn't have to all come from us. It doesn't have to all come from equity. There's a number of different avenues we can and would expect to pursue. We're not certainly at a point where we can talk more specifically, but we want to make sure, obviously, people are aware, more capital will need to come to bring the program to market. But there's numerous alternatives that we've considered and will continue to pursue when the time is right.

馬克，是亞當。我認為我要補充的部分內容是它不一定全部來自我們。它不必全部來自股權。我們可以並且期望採用許多不同的途徑。我們當然不能更具體地討論，但我們想確保，顯然，人們知道，需要更多的資金才能將該項目推向市場。但是我們已經考慮過許多替代方案，並將在適當的時候繼續追求。

Okay. That's helpful color. And then on the quality issues that you're working through for the Endurance, you spoke a bit on time line and some of the things you're doing. Any cost criteria and numbers you can share as you're starting to get line of sight? What might the cost per unit be for repair? I mean what does that do to the ongoing billing materials as well?

好的。這是有用的顏色。然後關於您正在為 Endurance 解決的質量問題，您談到了時間表和您正在做的一些事情。當您開始獲得視線時，您可以分享任何成本標準和數字嗎？維修的單位成本是多少？我的意思是這對正在進行的計費材料有什麼影響？

We don't expect it to be a material change to the bill of material cost that we have. Some of the changes will be software update related. Some of them will be component design modifications, not that will not materially change the cost of those components. So we're -- the good thing is we have line of sight to those issues, and it's implementing -- completing the implementation of the plan to get all the changes we need into production, any vehicles retrofit needed done, any customer updates needed done, and then we'll give guidance on what that timing looks like.

我們不希望它對我們現有的材料成本清單產生重大變化。一些更改將與軟件更新相關。其中一些將是組件設計修改，但不會實質性改變這些組件的成本。所以我們 - 好事是我們對這些問題有看法，並且正在實施 - 完成計劃的實施，將我們需要的所有變更投入生產，完成任何車輛改造，需要任何客戶更新完成，然後我們將就該時間安排提供指導。

Mark, we don't expect it to be material. I mean, as Ed said, it's affected 19 vehicles.

馬克，我們不希望它是重要的。我的意思是，正如埃德所說，它影響了 19 輛車。

We have no further questions at this time. I'll turn it over to the presenters for any closing remarks.

目前我們沒有其他問題。我會把它交給主持人聽取任何結束語。

Well, in closing, I would just like to thank our team for their resilience and attention to detail on both the Endurance and the vehicle development process deliverables for our next platform and vehicle program. I will also like to thank our shareholders for their continued support. And thank you for all of you who joined the call today. Thank you.

好吧，最後，我要感謝我們的團隊在我們下一個平台和車輛計劃的耐力和車輛開發過程可交付成果方面的應變能力和對細節的關注。我還要感謝我們的股東一直以來的支持。感謝今天加入電話會議的所有人。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。