TuSimple Holdings Inc (TSP) 2022 Q3 法說會逐字稿

Good day, and welcome to the TuSimple Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Keep in mind that this call is being recorded, and there will be a replay available at ir.tusimple.com following this call.

美好的一天，歡迎參加圖森未來 2022 年第三季財報電話會議。 （操作員說明）請記住，此通話正在錄音，並且在本次通話之後將在 ir.tusimple.com 上提供重播。

I would now like to turn the conference over to Ryan Amerman, Head of Investor Relations for TuSimple. Mr. Amerman, please go ahead.

現在我想將會議交給圖森未來投資人關係主管 Ryan Amerman。阿默曼先生，請繼續。

Thank you, Joanna. Good morning, and welcome to our third quarter 2022 earnings call. We appreciate your flexibility, especially during earnings, while we would have preferred to host the call yesterday, logistically, it just wasn't possible.

謝謝你，喬安娜。早上好，歡迎參加我們的 2022 年第三季財報電話會議。我們感謝您的靈活性，特別是在收益期間，雖然我們更願意在昨天主持電話會議，但從邏輯上講，這是不可能的。

With us today are TuSimple's Interim Chief Executive Officer, Ersin Yumer; Interim Chief Financial Officer, Eric Tapia; and the Chairman of TuSimple's Board of Directors, Brad Buss.

今天與我們在一起的有圖森未來臨時執行長 Ersin Yumer；臨時財務長 Eric Tapia；以及圖森未來董事會主席 Brad Buss。

We will first review the operating and financial highlights, and then we will take questions. As a reminder, TuSimple shareholder letter and a replay of this call will be available on the Investor Relations page of our website. This call is being recorded. If you object in any way, please disconnect now.

我們將首先回顧營運和財務亮點，然後我們將回答問題。謹此提醒，圖森未來股東信函和本次電話會議的重播將在我們網站的投資者關係頁面上提供。此通話正在錄音。如果您以任何方式反對，請立即斷開連接。

Please note that TuSimple's shareholder letter, press releases and this call contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors. Please refer to the risk factors detailed in our SEC filings.

請注意，圖森未來的股東信、新聞稿和本次電話會議包含前瞻性陳述，這些陳述存在風險和不確定性。這些前瞻性陳述僅是預測，可能由於多種因素而與實際的未來事件或結果有重大差異。請參閱我們向 SEC 提交的文件中詳細說明的風險因素。

We will also discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles.

我們也將討論非公認會計原則財務指標，這些指標不符合公認會計原則。

Please refer to the safe harbor disclaimer and non-GAAP financial measures presented in our shareholder letter for more details, including a reconciliation of the non-GAAP measures to the comparable GAAP measures.

有關更多詳細信息，請參閱我們的股東信中提出的安全港免責聲明和非 GAAP 財務指標，包括非 GAAP 指標與可比較 GAAP 指標的調節表。

I will now turn the call over to Brad to begin.

我現在將把電話轉給布拉德開始。

Thank you, Ryan. My name is Brad Buss, and I am the new Chairman of TuSimple's Board of Directors. I've been a member of TuSimple's Board since prior to the IPO. Before becoming Chairman of the Board, I served as the lead independent director as well as the Chairman of the Audit Committee.

謝謝你，瑞安。我叫 Brad Buss，是圖森未來新任董事會主席。自 IPO 之前我就一直是圖森未來董事會成員。在成為董事會主席之前，我曾擔任首席獨立董事以及審計委員會主席。

Before we go much further, I want to provide a brief update and changes in the company. We recently announced a leadership transition in connection with an ongoing independent investigation initiated by the Board's Audit Committee. That led to the Board to conclude that an immediate change of CEO was necessary.

在我們進一步討論之前，我想先介紹一下公司的最新情況和變化。我們最近宣布了與董事會審計委員會發起的正在進行的獨立調查有關的領導層換屆。這導致董事會得出結論，有必要立即更換執行長。

Accordingly, the Board removed Xiaodi Hou from his positions as Chief Executive Officer, President and Chief Technology Officer of the company as well as being replaced as Chairman of the Board of Directors. This necessary departure became effective Sunday, October 30, 2022. We also appointed Ersin Yumer, who has been our Executive Vice President of Operations as Interim CEO and President, while we conduct a search for a permanent CEO.

據此，董事會免去侯小迪的公司執行長、總裁、技術長職務，並改任董事長。這項必要的離職於 2022 年 10 月 30 日星期日生效。

I want to be very clear that safety, transparency and accountability are critical values to our company, and we take these values extremely seriously. Based on the ongoing investigation, the company also believes that during 2022, in conjunction with the company's evaluation of Hydron as potential OEM partner, the company shared confidential information with Hydron without relevant nondisclosure and other cooperation agreements in place. This information was not brought to the attention of the audit or government security committee.

我想明確表示，安全、透明度和問責制是我們公司的關鍵價值觀，我們非常重視這些價值觀。根據正在進行的調查，該公司還認為，2022年期間，結合該公司對Hydron作為潛在OEM合作夥伴的評估，該公司在沒有相關保密協議和其他合作協議的情況下與Hydron共享了機密資訊。此資訊並未引起審計或政府安全委員會的注意。

Furthermore, as of the time of this call, the company believes that based on information obtained in connection with an ongoing investigation by the Audit Committee, during 2021, certain employees of the company spent paid hours working on matters for Hydron without disclosing this to the Audit Committee as required by company policy. The company believes that such paid hours had an estimated value of less than $300,000, but they are above the value required for an SEC disclosure.

此外，截至本次電話會議之時，該公司認為，根據審計委員會正在進行的調查所獲得的信息，在2021 年期間，該公司的某些員工花了帶薪時間為Hydron 處理事務，但沒有向董事會揭露此情況。該公司認為，此類帶薪工作時間的估計價值不到 30 萬美元，但高於 SEC 揭露要求的價值。

Both of these matters are detailed in our Form 8-K filed with the SEC yesterday, October 31. The decision to terminate the CEO is independent of the Wall Street Journal article and was made in connection with an ongoing internal investigation launched by the Audit Committee in July. The independent directors unanimously determined that it was necessary and in the best interest of the shareholders to terminate Xiaodi Hou. Furthermore, we lost trust and confidence in Xiaodi's judgment, decision making and ability to lead as the company's CEO.

這兩件事都在我們昨天（10 月31 日）向SEC 提交的8-K 表格中進行了詳細說明。正在進行的內部調查而做出的。獨立董事一致認為，終止侯小迪的職務是必要的，並且符合股東的最佳利益。此外，我們對小迪的判斷、決策和作為公司執行長的領導能力失去了信任和信心。

You also may be aware that Xiaodi has been making certain statements on various social media platforms. We would like to make it crystal clear that he's doing this as an individual, not as a Board member. He's not authorized to make any statements on behalf of the company, and we are disappointed in his lack of judgment and decision making and making these unauthorized statements.

您可能還知道，小迪一直在各種社交媒體平台上發表某些聲明。我們想明確表示，他是作為個人而非董事會成員這樣做的。他無權代表公司發表任何聲明，我們對他缺乏判斷和決策並做出這些未經授權的聲明感到失望。

Again, I want to be very clear, the Board and the management team take the responsibilities of this company under our CFIUS agreement extremely seriously. That includes protecting the data that is at the heart of this company, and there will be accountability for anyone who breaches this trust, but we also know that the technology developed at TuSimple's works. We have proven it through the world's first driver of autonomous freight test runs, and we are on the path to commercialization.

我想再次明確表示，董事會和管理團隊非常重視根據我們的 CFIUS 協議承擔該公司的責任。這包括保護作為公司核心的數據，任何違反這種信任的人都將承擔責任，但我們也知道圖森未來開發的技術是有效的。我們已經透過世界上第一位自動貨運駕駛員的測試證明了這一點，並且我們正在走向商業化。

My commitment to you is this, we're going to make the hard decisions that set this company on a trajectory towards long-term stability and long-term success. This concludes my prepared remarks related to the CEO transition. And due to the nature of this situation, we'll not be able to take any further questions related to this subject only during the Q&A. Thank you for your understanding. I'll now hand it over to Ersin, who will discuss some highlights for the quarter and enhancements we're making to our AFN operations. And then finally, Eric will lock up with an overview of our financials. Thank you. Ersin?

我對您的承諾是，我們將做出艱難的決定，使公司走上長期穩定和長期成功的軌道。我準備好的有關執行長過渡的演講到此結束。由於這種情況的性質，我們無法僅在問答期間回答與此主題相關的任何進一步問題。感謝您的體諒。我現在將其交給 Ersin，他將討論本季的一些亮點以及我們對 AFN 營運所做的改進。最後，埃里克將概述我們的財務狀況。謝謝。艾爾辛？

Thank you, Brad. Good morning, and welcome to our third quarter earnings call. Today, I would like to start by acknowledging how difficult the past few days have been for all of our stakeholders, for our investors, employees and partners. We understand the concern and uncertainty that these events have caused, and I'm humbled to be entrusted with helping to lead the company at this critical juncture.

謝謝你，布拉德。早上好，歡迎參加我們的第三季財報電話會議。今天，我首先要承認過去幾天對於我們所有的利害關係人、我們的投資者、員工和合作夥伴來說是多麼困難。我們理解這些事件引起的擔憂和不確定性，我很榮幸能夠在這個關鍵時刻受託幫助領導公司。

I look forward to working closely with the Board and management to continue on our mission to provide reliable, low cost, base capacity while setting a new standard for fuel efficiency and safety.

我期待與董事會和管理層密切合作，繼續履行我們的使命，提供可靠、低成本的基本容量，同時制定燃油效率和安全的新標準。

Today, I'd like to highlight what we are doing to build transparency on safety with our stakeholders, discuss additions we have made to the AFN, provide an update on the key partnerships and finally, discuss key initiatives we have in place for the rest of this year and next that will move us towards our goal of initial commercialization in 2023.

今天，我想強調我們正在採取哪些措施來與利益相關者建立安全透明度，討論我們對 AFN 所做的補充，提供關鍵合作夥伴關係的最新信息，最後討論我們為其餘部分制定的關鍵舉措今年和明年，這將推動我們實現2023 年初步商業化的目標。

I will then hand it over to Eric, who will walk through the financials. We strive to put safety at the core of everything we do. We also understand how important it is for us to be transparent and build trust with all of our stakeholders. This is essential in order for the industry to embrace all the potential benefits autonomous technologies can bring to the transportation market. Going forward, we will highlight the processes and initiatives we employ as we work to bring -- take autonomous technology to the market.

然後我會將其交給艾瑞克（Eric），他將詳細介紹財務狀況。我們努力將安全置於我們所做的一切的核心。我們也了解保持透明度並與所有利害關係人建立信任對我們來說有多重要。為了讓該行業充分利用自動駕駛技術為交通市場帶來的所有潛在好處，這一點至關重要。展望未來，我們將重點介紹我們在努力將自主技術推向市場時所採用的流程和舉措。

Additionally, I am pleased to announce we will be partnering with multiple independent auditors that are recognized within the industry to conduct audits verifying various aspects of our technology and operations from a safety perspective. These will include processes and procedures for our hiring, training and on-road testing. While this is not a requirement today, we believe we are leading the industry with these audits.

此外，我很高興地宣布，我們將與多個業內認可的獨立審計師合作，從安全角度對我們的技術和營運的各個方面進行審計。其中包括我們的招募、培訓和道路測試的流程和程序。雖然現在這不是一項要求，但我們相信我們在這些審核方面處於行業領先地位。

Our goal is to improve transportation safety for all road users by delivering the safest driver on the road. Ultimately, through safe engineering, testing and development, we have the opportunity to save thousands of lives every year. Over the last few months, we have had some exciting additions to our AFN as we continue expanding our presence in Texas. First, we signed a lease on 10 acres in São Paulo. Phase 1 of this terminal development is expected to be completed in the first quarter of 2023, and this terminal will play a key role in supporting our capacity plant in Texas.

我們的目標是透過提供最安全的道路駕駛員來提高所有道路使用者的交通安全。最終，透過安全工程、測試和開發，我們每年有機會拯救數千人的生命。在過去的幾個月裡，隨著我們繼續擴大在德州的業務，我們的 AFN 新增了一些令人興奮的內容。首先，我們在聖保羅簽署了 10 英畝的租約。該碼頭開發一期預計將於 2023 年第一季完成，該碼頭將在支持我們德州產能工廠方面發揮關鍵作用。

The location is right of I-45, a major interstate connecting Dallas to Houston. And in early October, we signed a lease on 11 acres in San Antonio. With the addition of these 2 properties, we have the assets we need to support our operations in the Texas Triangle then the safety case is validated.

該位置位於 45 號州際公路右側，這是一條連接達拉斯和休士頓的主要州際公路。 10 月初，我們在聖安東尼奧簽署了 11 英畝的租約。增加這兩個資產後，我們就擁有了支持我們在德州三角區運作所需的資產，然後安全案例得到了驗證。

Adding to our track record of industry firsts, this past quarter, our partner, Scania announced a fully autonomous-run powered by TuSimple technology that transported commercial goods in regular traffic conditions between logistics hubs. The truck traveled about 300 kilometers in Sweden with the first and last mile being handled manually. This was Europe's first fully autonomous transportation of commercial goods, and we are extremely proud to partner with Traton to mark another milestone towards advancing autonomous technology.

上個季度，我們的合作夥伴斯堪尼亞宣布推出由圖森未來技術支援的全自動運行系統，該系統可以在物流中心之間的常規交通條件下運輸商業貨物，這進一步刷新了我們的行業第一記錄。這輛卡車在瑞典行駛了約 300 公里，第一英里和最後一英里均由人工處理。這是歐洲首​​次完全自主的商業貨物運輸，我們非常自豪能夠與 Traton 合作，標誌著推進自主技術的另一個里程碑。

Next, I'd like to provide you an update on our program within U.S. Class 1 railroad. Last quarter, we discussed unplanned road construction that caused us to have to rework a lot in Arizona and adjusted destination points. After much consideration, both we and our partner have decided it makes the most sense to relocate this freight move from Arizona to Texas. Texas is an important freight market for both TuSimple and our partners. And given the terminal additions to our AFN, we now have the capacity in place to support our plans for the foreseeable future. We continue to work with this partner, and we'll continue to update you on the progress.

接下來，我想向您介紹我們在美國 1 級鐵路內的計劃的最新情況。上個季度，我們討論了計劃外的道路建設，導致我們不得不在亞利桑那州進行大量返工並調整目的地點。經過深思熟慮，我們和我們的合作夥伴都認為，將貨運從亞利桑那州轉移到德克薩斯州是最有意義的。對於圖森未來和我們的合作夥伴來說，德州是一個重要的貨運市場。鑑於我們的 AFN 增加了航站樓，我們現在有能力支持我們在可預見的未來的計劃。我們將繼續與該合作夥伴合作，並將繼續向您通報最新進展。

As we consistently stated, cost per mile reduction is a significant focus for us. A major aspect of this is removing the support vehicles which require improved reliability of cheap components. We are focused on upgrading our entire fleet to consist of the most updated hardware platform running a consistent version of our proprietary software. This does require us to pull trucks out of the fleet to undergo the upgrade process with the expectation that we will complete the entire update by the end of 2022.

正如我們一貫指出的，降低每英里成本是我們的一個重要關注點。其中一個主要方面是取消需要廉價零件提高可靠性的支援車輛。我們專注於升級我們的整個機群，以包含運行我們專有軟體一致版本的最新硬體平台。這確實需要我們從車隊中抽出卡車來進行升級過程，預計我們將在 2022 年底前完成整個更新。

There are 2 main benefits to this upgrade. First, a uniform fleet of trucks provides us flexibility in how we utilize the trucks for testing and revenue-generating model. More importantly, however, we expect the upgrade will result in a more ruggedized and reliable autonomous system, which is a key requirement in removing the support vehicles and providing substantial opportunity to reduce our cost per mile.

此次升級有兩個主要好處。首先，統一的卡車車隊為我們提供瞭如何利用卡車進行測試和創造收入模型的靈活性。然而，更重要的是，我們預計升級將帶來更堅固、更可靠的自動系統，這是移除支援車輛並為降低每英里成本提供大量機會的關鍵要求。

With these upgrades, we are utilizing a greater percentage of hardware that is automotive or new automotive grade. This is the result of strengthening internal capabilities as well as a maturing supply base. A critical component of our improved internal capabilities is our recent expansion in Tucson. This gives us the capability to design and develop automotive-grade components on site. And to ensure that our autonomous systems last for many years on the road, we have added testing capabilities for factors like heat, cold and vibrations that will help us validate the expected failure rate of certain components. We believe these are key capabilities that will lead to a more durable autonomous fleet.

透過這些升級，我們正在利用更大比例的汽車或新車級硬體。這是加強內部能力以及成熟供應基礎的結果。我們改進內部能力的關鍵組成部分是我們最近在圖森的擴張。這使我們能夠現場設計和開發汽車級組件。為了確保我們的自主系統在道路上持續使用多年，我們增加了對熱、冷和振動等因素的測試能力，這將幫助我們驗證某些組件的預期故障率。我們相信這些關鍵能力將帶來更耐用的自動駕駛車隊。

Next, I'll discuss some exciting developments in our operations. I'd like to start by highlighting the changes we have made to our AFN operations. Historically, our revenue fleet was run separately to work with our transportation partners and introduce them to our autonomous technology, while our test fleet was focused on advancing our technology and Driver Out milestones in Arizona.

接下來，我將討論我們營運中的一些令人興奮的發展。首先，我想強調一下我們對 AFN 營運所做的改變。從歷史上看，我們的營收車隊是單獨運營的，與我們的運輸合作夥伴合作並向他們介紹我們的自動駕駛技術，而我們的測試車隊則專注於推進我們的技術和亞利桑那州的Driver Out里程碑。

Now that we have reached our initial Driver Out milestone, I began the process of combining our revenue and test fleets into one autonomous operations group. The result of this will be that we have one fleet of truck capable of running either test or revenue-generating model with the same state-of-the-art AV software and hardware. This gives us the flexibility in how we utilize the fleet for servicing our customers as well as for maturing the technology.

現在我們已經達到了最初的 Driver Out 里程碑，我開始將我們的收入和測試車隊合併為一個自主營運小組。結果將是，我們擁有一支卡車車隊，能夠使用相同的最先進的自動駕駛軟體和硬體運行測試或創收模型。這使我們能夠靈活地利用車隊為客戶提供服務以及使技術成熟。

For the next couple of years, we will continue working to reduce cost per mile. Our focus on generating revenue models will concentrate on a few key lanes in and around the Texas Triangle. In the short term, this has the potential to lead to a year-over-year decline in revenue mile. However, we believe it is the prudent decision as we expect to move down the cost curve, enabling our technology to become commercially viable more quickly. We are focused on meeting a meaningful share of this, $800 billion U.S. market.

在接下來的幾年裡，我們將繼續努力降低每英里的成本。我們對創造收入模型的重點將集中在德州三角及其周邊的幾個關鍵車道上。從短期來看，這有可能導致收入里程年減。然而，我們相信這是一個謹慎的決定，因為我們希望降低成本曲線，使我們的技術更快實現商業可行性。我們致力於在這個 8000 億美元的美國市場中佔據有意義的份額。

And now I will hand it over to Eric to discuss the financials.

現在我將把它交給艾瑞克來討論財務問題。

Thank you, Ersin. Let me start with truck reservations. This quarter, our reservation count held steady at 7,500 trucks. However, after the quarter closed, we did receive a 100-truck order from a new partner. We are pleased with the continued interest we see from existing and potential partners.

謝謝你，埃爾辛。讓我從卡車預訂開始。本季度，我們的預訂數量穩定在 7,500 輛卡車。然而，在本季結束後，我們確實收到了新合作夥伴的 100 輛卡車訂單。我們很高興看到現有和潛在合作夥伴的持續興趣。

Now shifting gears to our financial results for the third quarter of '22. We reported $2.7 million of revenue in the quarter, a 49% year-over-year increase and 4% sequentially. The year-over-year performance was primarily driven by higher revenue miles from a larger fleet and high utilization.

現在讓我們來看看 2022 年第三季的財務表現。我們報告本季營收為 270 萬美元，年增 49%，季增 4%。同比業績主要是由更大的車隊和高利用率帶來的更高的收入里程所推動的。

The sequential performance, though, was primarily driven by better utilization of our revenue fleet. While we consider it performed in line with our full year revenue guidance, it's important to highlight Ersin's previous comments regarding revenue miles. We believe the right actions for the long-term health of the business is to operate it as a one autonomous commercial operation with the goal of bringing our technology to market.

不過，連續表現主要是由我們的收入車隊的更好利用所推動的。雖然我們認為它的表現符合我們的全年收入指引，但重要的是要強調 Ersin 先前關於收入里程的評論。我們相信，為了業務的長期健康發展，正確的行動是將其作為一個獨立的商業運營機構來運營，目標是將我們的技術推向市場。

That said, as we continue to operate the fleet and gradually shift to the Texas Triangle, we expect near-term revenue headwinds as a major focus on commercialization.

也就是說，隨著我們繼續營運機隊並逐漸轉向德州三角，我們預計近期收入逆風將成為商業化的主要焦點。

Moving to expenses. We spent $86 million on total R&D this quarter, including $17 million of stock-based compensation for SBC. This compares to $85 million in the same period last year and essentially flat compared with the second quarter of '22. Excluding the impact of SBC, R&D increased 8% sequentially as we continue to invest in our technology, R&D assets and core tech talent.

轉向開支。本季我們的研發總支出為 8,600 萬美元，其中包括 SBC 的 1,700 萬美元的股票薪資。相比之下，去年同期為 8,500 萬美元，與 22 年第二季基本持平。排除SBC的影響，隨著我們持續投資於我們的技術、研發資產和核心技術人才，研發季增8%。

We will continue to invest in commercialization of our world-leading technology and key talent, while managing our R&D dollars as efficiently as possible.

我們將繼續投資於我們世界領先的技術和關鍵人才的商業化，同時盡可能有效地管理我們的研發資金。

On the SG&A front, we spent $31 million during the period, including $6 million of SBC. This compares to $30 million in the same period of last year and $22 million in the second quarter of '22 or up 41% sequentially.

在 SG&A 方面，我們在此期間花費了 3,100 萬美元，其中包括 600 萬美元的 SBC。相比之下，去年同期為 3,000 萬美元，2022 年第二季為 2,200 萬美元，比上一季成長了 41%。

Excluding the impact of SBC, SG&A was up 32% sequentially. As a reminder, in the second quarter of '22, we had favorable account true-up of $4.4 million. Excluding this item, SG&A was up 7% sequentially, primarily due to higher legal costs in the third quarter, partly offset by the impact of several cost reduction initiatives.

排除 SBC 的影響，SG&A 環比成長 32%。提醒一下，在 2022 年第二季度，我們的有利帳戶真實餘額為 440 萬美元。不包括該項目，SG&A 環比增長 7%，主要是由於第三季度法律成本上升，部分被多項成本削減措施的影響所抵消。

Our loss from operations was $120 million in the third quarter of '22, up 3% versus the same period last year and up 8% sequentially. Our adjusted EBITDA loss in the third quarter of '22 was $94 million, up 16% versus the same period last year and up 13% sequentially.

2022 年第三季我們的營運虧損為 1.2 億美元，比去年同期成長 3%，比上一季成長 8%。 2022 年第三季我們調整後的 EBITDA 虧損為 9,400 萬美元，比去年同期成長 16%，比上一季成長 13%。

In the third quarter of '22, we had $4.8 million of CapEx, primarily million related to truck-related equipment and hardware as well as facility investments in our AFN. We ended the third quarter of '22 with cash, cash equivalents and short-term investments totaling approximately $1.07 billion, down 8% sequentially.

2022 年第三季度，我們的資本支出為 480 萬美元，主要與卡車相關設備和硬體以及 AFN 的設施投資相關。截至 2022 年第三季度，我們的現金、現金等價物和短期投資總額約為 10.7 億美元，比上一季下降 8%。

I'll now hand it back to Ersin for a few last remarks.

現在我將把它交還給埃爾辛，讓他做最後的評論。

Thank you, Eric. I know I speak for our entire team when I say that I'm excited about the opportunities that lay ahead as we continue to build our AFN in Texas. I expect that 2033 will be a big year for TuSimple, and I look forward to continuing to update you with our program. With that, we are ready to start the Q&A session.

謝謝你，埃里克。我知道，當我說我對我們繼續在德克薩斯州建立 AFN 所面臨的機會感到興奮時，我代表我們整個團隊。我預計 2033 年對圖森未來來說將是重要的一年，我期待繼續向您通報我們的計劃的最新情況。這樣，我們就可以開始問答環節了。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Jordan Levy with Truist.

我們的第一個問題來自 Jordan Levy 和 Truist 的對話。

Maybe first for Ersin or Brad. There's clearly a lot of potential for distraction with the recent events in the organization. And now you mentioned you won't be taking questions on that. And this is more on kind of the business side, but I think it's important for shareholders to get a sense of your confidence in how you're all thinking about moving the company forward in the commercialization and strategy and time line. So I just wanted to get your high-level thoughts there.

也許首先是埃爾辛或布拉德。顯然，組織中最近發生的事件很可能會分散注意力。現在你提到你不會就此提問。這更多的是業務方面的問題，但我認為，讓股東了解你們對如何推動公司在商業化、策略和時間表上向前發展的信心非常重要。所以我只是想了解你們的高層次想法。

Thank you. Thanks for the question. First of all, our commercialization plans in terms of our strategy in 2023 is not changing with the recent changes. Given that, we are feeling confident that we can hit our milestones that we have laid out, and we will be updating you on these milestones in a lot more details in the upcoming months.

謝謝。謝謝你的提問。首先，我們2023年策略上的商業化計畫並沒有隨著最近的變化而改變。有鑑於此，我們有信心實現我們設定的里程碑，並且我們將在接下來的幾個月中向您提供有關這些里程碑的更多詳細資訊。

Yes. And just to echo I think from the Board's perspective, we are really excited on the strategy. I mean the people, the technology, the commercialization plan, everyone is in sync, it isn't going to change. Ersin has been very involved in it. And more importantly, we got a very strong balance sheet. So I know you can sometimes see new CEOs, oh my gosh, things are changing, but that is not going to happen. We're all very excited on the path we're on.

是的。我想從董事會的角度來看，我們對這項策略感到非常興奮。我的意思是人員、技術、商業化計劃，每個人都是同步的，不會改變。埃爾辛積極參與其中。更重要的是，我們的資產負債表非常強勁。所以我知道有時你會看到新的首席執行官，天哪，事情正在發生變化，但這不會發生。我們都對我們所走的道路感到非常興奮。

Appreciate that. And just a quick follow-up and a totally separate question. Can you all speak to the trucks that have been upgraded so far and how you've seen them performing from either a reliability or efficiency perspective? Like have you seen any measurable improvements in utilization or the number of rescues or that sort of thing?

很欣賞這一點。只是一個快速的跟進和一個完全獨立的問題。你們能否談談迄今為止已升級的卡車，以及您如何從可靠性或效率的角度看待它們的表現？例如您是否看到利用率或救援數量等方面有任何可衡量的改進？

Yes. So we are currently upgrading in fact, the first truck in the newest upgraded hardware series, and we haven't run that on the road yet. When we do that and when we have updates, we will update you. We do expect that it will increase reliability quite a bit due to the components that are maturing in our supply base as well as the in-house parts that we are building ourselves in Tucson that are automotive grade or new automotive grade.

是的。事實上，我們目前正在升級，這是最新升級硬體系列中的第一輛卡車，但我們還沒有在路上運行過。當我們這樣做並且有更新時，我們會向您更新。我們確實預計它將大大提高可靠性，因為我們的供應基地中的組件正在成熟，以及我們在圖森自己製造的汽車級或新汽車級的內部零件。

And just to add and rest assured that in the upcoming months, as we are getting ready and [computing] our 2023 financial plan, we'll share a lot more details and time lines around what is the CapEx spend on the upgrade and when do we expect to have this truck in circulation because that will definitely be a key driver for our revenue target, which again, we'll share out with you today.

補充一點，請放心，在接下來的幾個月裡，當我們準備好並[計算]我們的2023 年財務計劃時，我們將分享更多關於升級的資本支出支出以及何時進行的詳細信息和時間表。

Our next question comes from the line of Ravi Shanker with Morgan Stanley.

我們的下一個問題來自拉維·尚克 (Ravi Shanker) 與摩根士丹利 (Morgan Stanley) 的對話。

So just to kind of touch on that point for the upgrade fleet. But do you have all the components and the visibility and all the components that you need to do these upgrades? And kind of, Ersin, you touched on this point a little bit, but maybe -- is it a little bit of a chicken and egg situation where you need to do this comprehensive testing to finalize your kind of ultimate vendors for some of these products and technologies? Or do you do the finalization and pick the vendors first and then run them through the steps? How do you solve that you chicken and egg problem?

所以只是想談談升級機隊的這一點。但是您是否擁有進行這些升級所需的所有組件和可見性以及所有組件？ Ersin，你稍微談到了這一點，但也許——這有點像先有雞還是先有蛋的情況，你需要進行全面的測試來最終確定其中一些產品的最終供應商和技術？或者您是否先完成最終確定並選擇供應商，然後讓他們完成各個步驟？怎麼解決先有雞還是先有蛋的問題呢？

Thanks for the question, Ravi. So -- of course, we have been doing vendor selection for quite a while right now, and we have been working with our supply base to ensure that the supply is as much ready as possible for these upgrades starting these months and rolling into 2023. So currently, we do not see big hiccups in terms of our supply for these upgrades, both internal parts that we are producing as well as the external ones. We have been doing tests in terms of which [stances] we are going to use and different suppliers.

謝謝你的提問，拉維。因此，當然，我們現在已經進行了相當長一段時間的供應商選擇，並且我們一直在與我們的供應基地合作，以確保供應為從這幾個月開始一直持續到2023 年的這些升級做好盡可能的準備。 因此，目前，我們在這些升級的供應方面沒有看到大的問題，無論是我們正在生產的內部零件還是外部零件。我們一直在測試我們將使用哪些[立場]以及不同的供應商。

And we took -- we started with a large number of suppliers, right? And then during these tests in the past couple of months, we have been reducing our supply base down and then putting the orders in. So like I mentioned, we do not really expect big hiccups. But if that happens in later days for unexpected reasons, we will of course update you.

我們從大量供應商開始，對吧？然後在過去幾個月的這些測試中，我們一直在減少供應基地，然後下訂單。 所以就像我提到的，我們並不真正預期會出現大問題。但如果以後因為意外原因發生這種情況，我們當然會向您通報最新情況。

And just to connect it to the financial performance, so some of the uptick that you saw this quarter on CapEx is actually related to not only facility upgrades, but long-lead supply chain items for trucks. So we are keeping our guidance of CapEx for the year. So you would expect to see more CapEx in Q4. Again, just to address the need to upgrade truck and a lot of it will also spill into [2030].

只是將其與財務業績聯繫起來，因此您在本季看到的資本支出的一些上升實際上不僅與設施升級有關，還與卡車的長期供應鏈項目有關。因此，我們維持今年的資本支出指引。因此，您預計第四季度將看到更多資本支出。同樣，只是為了解決升級卡車的需求，其中許多也會蔓延到 [2030]。

Understood. And maybe as a follow-up. Again, I know you said you wouldn't take direct questions on this, but maybe there's a bit of an adjacency. Can you confirm if kind of Xiaodi owns any of the patents or technology that you guys used to operate? And kind of do you need him to sign off on anything? And also, can you confirm that the operations are expected to run exactly as planned for this week going forward? I know it's early days yet, but just trying to get the plan.

明白了。也許作為後續行動。再說一次，我知道你說過你不會就此提出直接問題，但也許有一些鄰接。您能確認一下小迪是否擁有你們曾經經營的專利或技術嗎？你需要他簽署任何東西嗎？另外，您能否確認本週的營運預計將完全按照計劃進行？我知道現在還為時過早，但只是想制定計劃。

Thanks, Ravi. So the patents are owned by TuSimple as the company. Of course, on some of these patents, Xiaodi's name is listed as an inventor, but the patent rights are belonging to the company.

謝謝，拉維。因此，這些專利歸圖森未來公司所有。當然，其中一些專利上，小迪的名字被列為發明人，但專利權歸公司所有。

Got it. And operations are running as planned?

知道了。營運是否按計劃進行？

Yes.

是的。

Our next question comes from the line of Nathan Ho with Bank of America.

我們的下一個問題來自美國銀行的 Nathan Ho。

This is actually Adam Roszkowski on for Ken Hoexter, Bank of America. Could you talk a little bit about just retaining talent at this time? Maybe just -- was the kind of headcount in this quarter sequentially flat for a reason? Or maybe just talk about that, please.

這實際上是美國銀行 Ken Hoexter 的 Adam Roszkowski。能談談此時僅保留人才的問題嗎？也許只是——本季的員工人數連續持平是有原因的嗎？或者也許只是談談這個問題。

So just to address the flat headcount part for this quarter, this was actually up making sure that we are very careful with our spending and financials. On the other hand, the talent retention side, which has been a very significant focus for me in the past couple of months, I have been trying to be very connected and high-touch with our employee base in our 3 main locations, San Diego, Tucson and Dallas. We will keep doing this, and we will get some help from our Board as well. We do not see a base turnover from this perspective. But of course, our people are our biggest asset, and we will make necessary investments to keep that employee base with us.

因此，為了解決本季的固定員工人數問題，這實際上是為了確保我們對支出和財務非常謹慎。另一方面，人才保留方面，這在過去幾個月裡一直是我非常關注的焦點，我一直在努力與我們的 3 個主要地點（聖地亞哥）的員工群體保持密切聯繫和密切接觸、圖森和達拉斯。我們將繼續這樣做，並且我們也將從董事會獲得一些幫助。從這個角度來看，我們並沒有看到基數營業額。當然，我們的員工是我們最大的資產，我們將進行必要的投資以保留員工基礎。

Got it. And maybe just a follow-up. Could you talk about the truck count trajectory maybe beyond 2023 on the commercial side? And how you're thinking about it? How should we expect to ramp?

知道了。也許只是後續行動。您能否談談 2023 年後商業方面的卡車數量軌跡？你是怎麼想的？我們該如何預期成長？

So I'll take that on. So we're in the process of working for our '23 plans. So at this point, we're not ready to share more details until the fourth quarter call. But I can tell you that we are expecting to finish the year with the 75 truck count that we mentioned. And we are thinking and addressing some needs on our supply chain. But again, we'll share more details as we -- once we share fourth quarter results, and we'll talk about '23 plans in the next coming months.

所以我會接受這個。因此，我們正在努力實現「23」計劃。因此，目前我們還沒有準備好在第四季度電話會議之前分享更多細節。但我可以告訴您，我們預計今年年底卡車數量將達到我們提到的 75 輛。我們正在思考並解決供應鏈上的一些需求。但同樣，一旦我們分享第四季度的業績，我們將分享更多細節，我們將在接下來的幾個月內討論「23」計畫。

Our next question comes from the line of Brian Ossenbeck with JPMorgan.

我們的下一個問題來自摩根大通的布萊恩·奧森貝克 (Brian Ossenbeck)。

I want to come back to the topic of safety. Can you give us a sense as to what you hope to accomplish from having the independent auditors look at these processes and perhaps why need multiple of them. I don't know if there's if that's for different regions or different aspects or specialties? And then specifically for Ersin, the incident in April was classified as a human error on the last call. I just wanted to see if you agreed with that characterization.

我想回到安全這個主題。您能否讓我們了解您希望透過讓獨立審計師查看這些流程來實現什麼目標，以及為什麼需要多個流程。不知道是否有針對不同地區、不同面向、不同專業的情況？然後，特別是對於 Ersin，四月份的事件在最後一次通話中被歸類為人為錯誤。我只是想看看你是否同意這種描述。

Thanks for the question. So let's first talk about the safety audits and the multiple -- potentially multiple third-party auditors. As you know, we have been very engaged in the last couple of months with our stakeholders in terms of opening up and making them understand our processes from a safety perspective as well as the technology. These interactions have led us to understand that we can actually provide our stakeholders a lot more visibility as well as education in this area. So we do want to do this from a third-party auditor perspective.

謝謝你的提問。因此，讓我們先談談安全審核和多個——可能多個第三方審核員。如您所知，在過去的幾個月裡，我們一直在與利益相關者進行密切接觸，以開放並讓他們從安全角度和技術的角度了解我們的流程。這些互動使我們認識到，我們實際上可以為利害關係人提供更多的可見性以及該領域的教育。所以我們確實想從第三方審計師的角度來做到這一點。

What we would like to achieve is to, both for ourselves as well as for our stakeholders, get an independent assessment on different processes, procedures as well as our -- different aspects of our technology. Now using multiple -- potentially multiple auditors, as you mentioned, it is because different aspects of the technology or operations might require different expertise. And these different expertise sometimes come from different audit bodies. So it's not necessarily we would like to multiply the same audit process, it's more about different expertise's required for different parts of the business.

我們希望實現的是，為我們自己以及我們的利害關係人，對不同的流程、程序以及我們技術的不同面向進行獨立評估。正如您所提到的，現在使用多個（可能是多個）審計員，這是因為技術或營運的不同方面可能需要不同的專業知識。這些不同的專業知識有時來自不同的審計機構。因此，我們不一定希望增加相同的審計流程，更多的是業務的不同部分需要不同的專業知識。

On the April 6 event, we actually mentioned this in our interactions with the federal NHTSA and FMCSA as well that it's not only a human error, but there is also software and system-related failures that had happened at the same time. So we have provided an update to the software to prevent these failure as well as the future human errors. But just to close this, we actually never mentioned that it's just a human error from our perspective.

在4月6日的活動中，我們實際上在與聯邦NHTSA和FMCSA的互動中也提到了這一點，這不僅是人為錯誤，而且還同時發生了與軟體和系統相關的故障。因此，我們提供了軟體更新，以防止這些故障以及未來的人為錯誤。但為了結束這一點，我們實際上從未提到從我們的角度來看這只是一個人為錯誤。

Okay. Understood. And then, Brad, I know you don't want to take direct questions on this, but wanted to see if you could at least give us some context as to why the Board lost confidence in trust in Xiaodi and the firing was determined based on the 8-K to be without cause, even though there's an ongoing investigation, so a little hard to square those 2. I wanted to see if you could give some clarification to that?

好的。明白了。然後，布拉德，我知道您不想就此提出直接問題，但想看看您是否至少可以向我們提供一些背景信息，說明為什麼董事會對小迪失去了信心，並且解僱是基於以下原因決定的： 8 -K 是沒有原因的，儘管正在進行調查，所以有點難以將這2 項平方。

And then secondarily, if you can just share some of the reaction of your stakeholders so far over the last 24, 48 hours.

其次，您能否分享一下利害關係人在過去 24、48 小時內的一些反應。

Yes. I mean there's not really a lot I can add there. I mean for cause, there's fairly high standards in materiality levels that generally go with that. So I would just probably leave it there. And then I think the confidence point is it's just a lot of little things that have came up, and we'll just go on from there. The key is I think we made a good decisive decision, and we're moving forward and nothing is changing with our strategy.

是的。我的意思是，我可以補充的內容並不多。我的意思是，在重要性水平上有相當高的標準，通常與此相匹配。所以我可能會把它留在那裡。然後我認為信心點在於，這只是出現了很多小事情，我們將從那裡繼續下去。關鍵是我認為我們做出了一個很好的決定性決定，我們正在向前邁進，我們的策略沒有任何改變。

And any reaction you can share from your stakeholders and conversations there in partner safety, anything like that?

您可以分享任何利害關係人的反應以及合作夥伴安全方面的對話嗎？

I mean from my end, there's been nothing significant. I mean we've been pretty focused on the earnings and obviously, we're not pleased with the stock market reaction, but we are committed to moving the company quickly forward.

我的意思是，從我的角度來看，沒有什麼重要的事情發生。我的意思是，我們一直非常關注收益，顯然，我們對股市的反應並不滿意，但我們致力於推動公司快速發展。

Our next question comes from the line of Colin Rusch with Oppenheimer.

我們的下一個問題來自科林·魯什（Colin Rusch）和奧本海默（Oppenheimer）的對話。

I think we're all kind of getting after the same things. But on the customer side, and those folks, what sort of pushback reaction have you gotten so far? Obviously, it's going to come over the next period of time, but how much have you shared with them? And what sort of feedback are you getting so far from those folks?

我認為我們都在追求同樣的事情。但在客戶方面，以及那些人，到目前為止，你得到了什麼樣的抵制反應？顯然，它會在接下來的一段時間內實現，但你與他們分享了多少？到目前為止，您從這些人那裡得到了什麼樣的回饋？

Can you repeat the question again?

你能再重複一次這個問題嗎？

Sure. In terms of the organizational changes that you've just made, can you just comment on customer responses and engagement at this point? Have you reached out to everyone? And what sort of feedback are you getting at this point? .

當然。就您剛剛進行的組織變革而言，您現在能否評論一下客戶的反應和參與度？你已經聯絡到所有人了嗎？此時您得到了什麼樣的回饋？ 。

We have reached out and we are having active conversations.

我們已經伸出援手，正在進行積極的對話。

Nothing, and certainly there's -- all our key partners are very important to our trajectory. So we kept them appraised. And again, we believe we're committed on our mission and what we're going to do as a company, and we convey that to our customers and our partners.

沒有，當然有──我們所有的主要合作夥伴對我們的發展軌跡都非常重要。所以我們對他們進行了評估。再說一次，我們相信我們致力於我們的使命和我們作為一家公司將要做的事情，並將這一點傳達給我們的客戶和合作夥伴。

And again, that's the key for them is that, hey, our strategy isn't changing, right? So we're letting them know that very clearly, hey, it's literally just a CEO change, not a strategy change. And quite honestly, they work directly with everyone below the CEO level very, very closely. So we're not anticipating anything to change from a strategic standpoint with the customers or the partners.

再說一次，對他們來說關鍵是，嘿，我們的策略沒有改變，對吧？所以我們讓他們非常清楚地知道，嘿，這實際上只是執行長的變更，而不是策略的變更。老實說，他們直接與執行長級別以下的每個人都非常非常密切地合作。因此，從與客戶或合作夥伴的策略角度來看，我們預計不會發生任何變化。

Okay. That's helpful. And then, I guess, Brad, you've been involved in some Boards that had to go through some tough situations. In terms of looking at the scope and scale of what's going on with TuSimple, can you give us a sense of like how quickly this might get resolved? Obviously, you're going to find the right person as the next CEO, go through a whole process on the CFO as well and get this right. Does this feel to you like this is kind of a 3- to 6-month process? Or is this going to be a little bit longer road for the company?

好的。這很有幫助。然後，我想，布拉德，你參與過一些必須經歷一些艱難處境的董事會。就圖森未來所發生事件的範圍和規模而言，您能否讓我們了解這個問題能多快得到解決？顯然，你將找到合適的人選作為下一任首席執行官，並對首席財務官進行整個流程並把這件事做好。您是否覺得這是一個 3 到 6 個月的過程？或者這對公司來說會是一條更長的路嗎？

They're always so hard to tell. I think we've made very good progress on the investigation. We're running a great process. We're already actively recruiting. And again, like the key is we don't -- it's not like there is a big disagreement on strategy, right? That is the biggest thing that gels company sideways, we're very aligned. So it's really just getting a couple of people in place and I think the way we go. So we're hoping to have things wrapped up very quickly.

他們總是那麼難以說清楚。我認為我們的調查取得了很大進展。我們正在運行一個很棒的流程。我們已經在積極招募。再說一遍，關鍵是我們沒有——戰略上並沒有很大的分歧，對吧？這是讓公司橫向發展的最重要的事情，我們非常一致。所以這實際上只是讓幾個人就位，我認為我們要採取的方式。所以我們希望事情能盡快結束。

(Operator Instructions) Our next question comes from the line of Rajvindra Gill with Needham & Company.

（操作員說明）我們的下一個問題來自 Needham & Company 的 Rajvindra Gill。

This is Nick Doyle on behalf of Raji. Could you give us some more detail around the ramp of the self-driving projects, specifically the time line for the removal of the support vehicle you had talked about kind of second half '23. And then on the call, you were talking about the hardware upgrades that are ongoing. I'm just wondering if that's pushing that out at all? Or any update there would be great.

我是尼克·多伊爾（Nick Doyle），代表拉吉（Raji）。您能否向我們提供有關自動駕駛項目進度的更多詳細信息，特別是您提到的 23 年下半年拆除支援車輛的時間表。然後在電話中，您談到了正在進行的硬體升級。我只是想知道這是否會推動這一點？或者任何更新都會很棒。

Thank you. The removal of the support vehicles is something we're actively working on in parallel with the current hardware as well because as you might imagine, there are technology related parts of this that are not necessarily only the hardware. On -- at the same time, the hardware upgrades are continuing in parallel as well. So we do expect to hit both milestones in 2023. We will update you on the more specific dates in the upcoming months.

謝謝。拆除支援車輛是我們與當前硬體同時積極進行的工作，因為正如您可能想像的那樣，其中存在與技術相關的部分，而不一定只是硬體。同時，硬體升級也在並行進行。因此，我們確實預計在 2023 年實現這兩個里程碑。

And then for my second question, could you talk about why you moved your partner from Arizona to Texas? Any detail there? I mean off the top of my head, it just makes me think that you're just focusing more on Texas instead of kind of expanding geographies. So any detail there would be great.

對於我的第二個問題，你能談談為什麼你把你的伴侶從亞利桑那州搬到德克薩斯州嗎？有詳細的嗎？我的意思是，我突然想到，這只是讓我覺得你只是更專注於德克薩斯州，而不是擴大地域。所以任何細節都會很棒。

So the reason to move to Texas was driven by both our interest in the Texas Triangle and commercializing in the Texas Triangle and a few lanes around it as well as our partners existence and interest in the -- in Texas as well. So because of this commercialization goal, they did want to move the target into Texas so that we can move towards commercialization while hitting this goal with the partner.

因此，搬到德克薩斯州的原因是我們對德克薩斯三角區的興趣和在德克薩斯三角區及其周圍幾條車道的商業化，以及我們的合作夥伴在德克薩斯州州的存在和興趣。所以因為這個商業化的目標，他們確實想把目標搬到德州，這樣我們就可以在與合作夥伴一起實現這個目標的同時，走向商業化。

The key theme that we mentioned in the letter is we're choosing depth over breadth, right? And the Texas Triangle allows us to create lanes that sit on a commercial scale, right, and that for us is quite critical to really prove our technology in real potentially scalable miles. So things like -- beyond just the truck and the hardware, think about also the AFN in the network, right, and infrastructure that comes with that, right? With advanced plans, we'll be able to really scale maintenance operations, really scale other technicals that really support the AFN, right, versus one-off rugs. So for us, we think that, that density, that depth in the infrastructure and depth with customer could allow us to reach our commercialization goals a lot faster.

我們在信中提到的關鍵主題是我們選擇深度而不是廣度，對吧？德州三角允許我們創建商業規模的車道，對吧，這對我們來說對於在真正的潛在可擴展里程中真正證明我們的技術非常關鍵。所以，除了卡車和硬體之外，還要考慮網路中的 AFN，以及隨之而來的基礎設施，對嗎？有了先進的計劃，我們將能夠真正擴展維護操作，真正擴展真正支援 AFN 的其他技術，對吧，而不是一次性地毯。因此，對我們來說，我們認為基礎設施的密度、深度以及與客戶的深度可以讓我們更快地實現商業化目標。

Our next question comes from the line of Joseph Spak with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Joseph Spak。

I was wondering if you could update us on the potential sale of that China business and whether any of these latest developments you think complicate that potential outcome?

我想知道您能否向我們介紹該中國業務潛在出售的最新情況，以及您認為這些最新進展是否會使潛在結果變得複雜？

So our process is progressing, but we have no material updates to share at this point.

因此，我們的流程正在取得進展，但目前我們沒有任何重大更新可以分享。

The change is not going to impact any of the decisions, just to be clear, that we have a process.

這項變更不會影響任何決定，只是要明確的是，我們有一個流程。

Okay. And then just, I guess, one quick point like -- the release yesterday indicated all the guidance was reiterated. I didn't see any of that in the shareholder letter. Maybe I missed it. But if you -- can you just sort of confirm that and sort of -- all sort of the data points from last shareholder letter are the same.

好的。然後，我想，昨天的發布表明所有指導都得到了重申。我在股東信中沒有看到任何內容。也許我錯過了。但如果你——你能確認一下嗎——上一封股東信中的所有數據點都是相同的。

And maybe if we could sort of just -- to give a little bit of a peak into '23, you're burning about $100 million a quarter. It would seem like that might need to step up as you sort of continue to progress and ramp on commercialization and maybe even some costs for retention. But I wanted to sort of get your high-level thoughts as to sort of how to think about that for next year.

也許如果我們可以在 23 年達到高峰，那麼每季就會燒掉約 1 億美元。隨著你繼續進步和商業化，甚至可能需要一些保留成本，這似乎可能需要加強。但我想了解一下你們對明年如何考慮這個問題的高層想法。

So high level, we stand by our revised guidance that we showed in Q2, as we said in the letter. In terms of expectation for '23, as I mentioned earlier, we were not -- based on our status of our plan, we're not ready to share more until we share fourth quarter results. I would say same trajectory that you've seen over the last quarters, right, where we are focusing on deploying capital with the most important milestones and keeping discretionary costs at bay, but you can expect that same thing, disciplined (technical difficulty). But we'll share numbers in the next couple of months till December.

正如我們在信中所說，如此高的水平，我們堅持我們在第二季度展示的修訂後的指導方針。就 23 年的預期而言，正如我之前提到的，根據我們計劃的狀態，我們不准備分享更多信息，直到我們分享第四季度的業績。我想說的是你在過去幾季看到的同樣的軌跡，對吧，我們專注於在最重要的里程碑上部署資本，並控制可自由支配的成本，但你可以期待同樣的事情，紀律（技術難度）。但我們將在接下來的幾個月（直到 12 月）分享數據。

Our next question comes from the line of Jeff Osborne with Cowen.

我們的下一個問題來自傑夫·奧斯本和考恩的對話。

Just a couple of quick ones here. On the move from Arizona to Texas, is that a customer that's a material piece of revenue? And do we need to wait for the AFN's to open up in both Dallas and San Antonio to see that resumption of growth?

這裡只是一些快速的。從亞利桑那州搬到德克薩斯州時，該客戶是否是一筆實質收入？我們是否需要等待 AFN 在達拉斯和聖安東尼奧開放才能看到經濟成長的恢復？

No, this is not driven by any customer driver. Again, it's more about what I mentioned earlier, the Texas Triangle will set a great way to -- for us to drive lane density, given the volume and depth of some existing routes. But it's not based on customer preference or selections.

不，這不是由任何客戶驅動程式驅動的。再說一次，這更多的是我之前提到的，考慮到一些現有路線的體積和深度，德州三角將為我們提供一個很好的方式來提高車道密度。但這不是基於客戶的偏好或選擇。

Got it. And then I know you're not giving guidance for 2023, but assuming you ended the year with 75 trucks that you mentioned before, how do you weigh the cadence of updating those or upgrading those versus revenue versus testing? And then on the -- assuming you're pumping the brakes on the testing side to some extent or not, adding new trucks, are you doing more simulation in lieu of rail-road testing? Can you just -- I'm curious how you would articulate that the truck is progressing without the actual testing cadence being at the pace that you maybe originally intended to.

知道了。然後我知道您不會給出 2023 年的指導，但假設您在年底擁有之前提到的 75 輛卡車，您如何權衡更新或升級這些卡車的節奏與收入和測試的節奏？然後，假設您在測試方面是否在某種程度上踩了煞車，並添加了新卡車，您是否會進行更多模擬來代替鐵路公路測試？你能不能——我很好奇你會如何闡明卡車正在進步，而實際測試節奏卻沒有達到你最初預期的速度。

Just to be clear about the question, are you asking whether this move from Arizona to Texas for this possible partner is affecting our testing capacity?

為了澄清這個問題，您正在問這個可能的合作夥伴從亞利桑那州搬到德克薩斯州是否會影響我們的測試能力？

I'm not. I think you mentioned earlier that the revenue in 2023 could be down as you likely haul less for revenue. And so I just wanted to understand. It seems like you're adding fewer trucks next year as you're trying to minimize cash burn. So I just wanted to understand, are you doing more simulation in lieu of rail-road testing?

我不是。我想您之前提到過，2023 年的收入可能會下降，因為您的收入可能會減少。所以我只是想了解一下。看來您明年將減少增加的卡車數量，因為您正試圖最大限度地減少現金消耗。所以我只是想了解，你們是否會進行更多模擬來代替鐵路測試？

Right. So there are a couple of reasons for this expectation. One of them is, of course, we mentioned the hardware upgrades. The hardware upgrades are going to continue for the most part of 2023. What that means is at any given time, 2 to 6 trucks will be in the upgrade bay, right? They're not going to be with the fleet. So there's a circulation from the fleet to the upgrade and then upgrade to be validated and then go back to the fleet. So that particular downtime for a continuous small number of trucks is one of the effecting part.

正確的。因此，這種期望有幾個原因。其中之一當然是我們提到的硬體升級。硬體升級將在 2023 年的大部分時間裡持續進行。他們不會和艦隊在一起。因此，存在從機隊到升級的循環，然後升級進行驗證，然後返回機隊。因此，少量卡車的連續停機是影響因素之一。

The second effect on this is our merged operations of revenue and testing. What we are really focusing on is to bring our cost per mile down, and cost per mile is something that we have introduced in the Analyst Day back in May. And you might remember of us talking in detail there, but we're going to keep updating you on this.

對此的第二個影響是我們的收入和測試合併業務。我們真正關注的是降低每英里成本，而每英里成本是我們在五月的分析師日中引入的。您可能還記得我們在那裡詳細討論過，但我們將持續向您通報最新情況。

We do think that this is a really important key metric for us for commercialization and the unit economics for this industry, right? So we are really going down the path to create more visibility into commercialization and what the end goal is. And therefore, we are changing how we operate during this particular phase of getting into the initial commercialization.

我們確實認為這對我們這個產業的商業化和單位經濟效益來說是一個非常重要的關鍵指標，對吧？因此，我們確實正在努力提高商業化和最終目標的可見性。因此，我們正在改變我們在進入初始商業化的特定階段的運作方式。

And just to chime in, to answer your question about tech, we foresee no slowdowns on our tech. Again, as we are upgrading trucks, but we will still focus on running the trucks with the upgraded systems or current system. So we don't foresee any slowdown. Yes, on the revenue potentially, but not on the testing capabilities.

為了回答你關於科技的問題，我們預期我們的技術不會放緩。同樣，由於我們正在升級卡車，但我們仍將專注於使用升級後的系統或當前系統來運行卡車。因此，我們預計不會出現任何放緩。是的，關於潛在的收入，但不是關於測試能力。

In addition, you mentioned 75 trucks, again, that's our expectation for this year. But we're right now in the market. We're trying to secure more trucks in our fleet. But again, we'll share more on our '23 plans. We potentially might have a higher count in '23.

另外，您提到75輛卡車，這也是我們今年的預期。但我們現在就在市場上。我們正在努力確保車隊中有更多卡車。但我們將再次分享更多有關 '23 計劃的資訊。 23 年我們的計數可能會更高。

I'm showing no further questions in the queue. I would now like to turn the call back over to Ersin for closing remarks.

我在隊列中沒有顯示任何其他問題。我現在想將電話轉回給埃爾辛，讓其致閉幕詞。

Thank you all for taking the time to join us today. As I stated earlier, we understand that the last few months have been challenging for all of our stakeholders. We are committed to ensuring that we hold ourselves to the highest standards, setting this company on a trajectory towards long-term stability and success and update you with our progress. Thank you. (technical difficulty) path forward. We look forward to continuing to update you with our progress. Thank you.

感謝大家今天抽空加入我們。正如我之前所說，我們知道過去幾個月對我們所有的利害關係人來說都是充滿挑戰的。我們致力於確保自己達到最高標準，使公司走上長期穩定和成功的軌道，並向您通報我們的進展。謝謝。 （技術難度）前進的道路。我們期待繼續向您通報我們的進展。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. 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。您現在可以斷開連線。