Vicinity Motor Corp (VEV) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Vicinity Motor Corp first quarter 2024 corporate update conference call. (Operator Instructions). As a reminder, this conference is being recorded. Before we begin the formal presentation, I'd like to remind everyone that statements made on today's call and webcast, including those regarding future financial results and industry prospects are forward-looking.

您好，歡迎參加 Vicinity Motor Corp 2024 年第一季公司更新電話會議。（操作員說明）。提醒一下，本次會議正在錄製中。在我們開始正式演講之前，我想提醒大家，今天的電話會議和網路廣播中所做的聲明，包括有關未來財務業績和行業前景的聲明都是前瞻性的。

It may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described on the call. Please refer to the company's regulatory filings for any -- for a list of associated risks, and we would also like to refer you to the company's website for more supporting industry information.

它可能會受到許多風險和不確定性的影響，可能導致實際結果與電話會議中描述的結果有重大差異。請參閱該公司的監管文件以獲取相關風險列表，我們還建議您訪問該公司的網站以獲取更多支援行業資訊。

I would now like to hand the call over to William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. William, the floor is yours.

現在我想將電話轉交給 Vicinity Motor Corp 創辦人兼執行長 William Trainer。

Thank you, operator, and good afternoon, everyone. I'm pleased to welcome you to today's first quarter 2024 corporate update conference call. The first quarter of 2024 continued our focus on our build-out of our distribution network across North America and a robust cadence of our deliveries of our VMC 1,200 electric trucks and our Vicinity classic clean diesel buses against our significant backlog.

謝謝接線員，大家下午好。我很高興歡迎您參加今天的 2024 年第一季企業更新電話會議。2024 年第一季度，我們繼續專注於北美分銷網絡的建設，並在大量積壓訂單的情況下強勁交付 VMC 1,200 電動卡車和 Vicinity 經典清潔柴油巴士。

During the quarter, we made successful deliveries of 44 of our VMC 1,200 trucks and 22% Vicinity classic transit buses to our eager customer base. Our performance helped us drive a 400% increase in revenue and positive cash flow from operations, reflecting the VMC 1,200 demand from our growing network of dealers across Canada and momentum from our market leadership position with our transit buses.

本季度，我們成功向熱切的客戶群交付了 44 輛 VMC 1,200 卡車和 22% Vicinity 經典公車。我們的業績幫助我們實現了 400% 的營收成長和營運現金流，反映了我們不斷成長的加拿大經銷商網路對 VMC 1,200 的需求以及我們公車巴士市場領導地位帶來的動力。

With that, I'd like now to hand it over to Brent Phillips, who we were recently privileged with promoting to the newly created role of President to lead us in our next phase of growth. Brent joined Vicinity in November of 2021, bringing over 30 years of experience in the commercial transportation field, including numerous leadership roles in distribution and manufacturing, including operation, sales and marketing. Brent will lead us through this quarter's highlights and outline new strategic and operational initiatives that he will spearhead. Brent?

現在，我想將其交給布倫特·菲利普斯（Brent Phillips），我們最近有幸晉升他為新設立的總裁，領導我們下一階段的成長。Brent 於 2021 年 11 月加入 Vicinity，帶來了商業運輸領域 30 多年的經驗，包括在分銷和製造領域（包括營運、銷售和行銷）擔任眾多領導職務。布倫特將帶領我們了解本季的亮點，並概述他將帶頭的新策略和營運舉措。布倫特？

Thank you, Will. It's an honor to be asked to help lead the next phase of profitable growth at Vicinity. I'll start with our VMC 1,200. We recently announced for new dealership partners to meet growing demand, including VMC Laval and Laval and Peninsula VMC truck center and south Toronto shipped EV trucks in West Toronto, Jack Carter, VMC trucks in southern Alberta, and most recently our James Vicinity truck in cam loops in Kelowna, British Columbia.

謝謝你，威爾。我很榮幸受邀協助領導 Vicinity 下一階段的獲利成長。我將從我們的 VMC 1,200 開始。我們最近宣布尋找新的經銷商合作夥伴來滿足不斷增長的需求，包括VMC Laval 和Laval 以及Peninsula VMC 卡車中心和南多倫多在西多倫多運送電動卡車、Jack Carter、在艾伯塔省南部運送的VMC 卡車，以及最近我們在凸輪中的James Vicinity 卡車不列顛哥倫比亞省基洛納的循環。

These new EV specific dealerships expand the VMC 1,200, sales and service coverage in strategic markets across Canada, leveraging the expertise and built-in base that each partner has in their respective regions. Each partner has exceptional experience and expertise in the automotive market and fleet services, making them well-suited to help fleet operators seamlessly transition to an all-electric future.

這些新的電動車特定經銷商利用每個合作夥伴在各自地區擁有的專業知識和內建基礎，擴大了 VMC 1,200 在加拿大戰略市場的銷售和服務覆蓋範圍。每個合作夥伴在汽車市場和車隊服務方面都擁有卓越的經驗和專業知識，非常適合幫助車隊營運商無縫過渡到全電動未來。

For Vicinity to VMC 1,200 carries a healthy margin profile in year-round purchasing habits of the differentiated customer base. And that helps us to smooth the traditional revenue lumpiness of our established transit bus business.

對於 Vicinity 到 VMC 1,200 來說，在差異化客戶群的全年購買習慣中，利潤狀況良好。這有助於我們緩解現有公車巴士業務傳統的收入波動。

VMC 1,200 provides an ideal entry point into the developing commercial EV market for dealerships and customers that are attracted by our competitive price point, inclusive of incentives and operational savings. In addition, to delivering operating cost savings immediately and contributing to carbon emissions reductions VMC 1,200 further benefits through Canadian federal and provincial rebate. Perhaps most notable it qualifies for a Canadian Federal Rebate nationwide of $40,000 Canadian from Transport Canada with additional provincial incentive programs available up to $92,000 in certain provinces.

VMC 1,200 為我們具有競爭力的價格點（包括激勵措施和營運節省）所吸引的經銷商和客戶提供了進入發展中的商用電動車市場的理想切入點。此外，透過加拿大聯邦和省級回扣，立即節省營運成本並為減少碳排放做出貢獻 VMC 1,200 進一步收益。也許最值得注意的是，它有資格獲得加拿大交通部在全國範圍內提供的 40,000 加元的加拿大聯邦回扣，並且在某些省份還提供高達 92,000 加元的額外省級獎勵計劃。

In the transit bus business during the first quarter, we saw strong demand and deliveries for our Vicinity classic transit bus lines, and that helps grow our backlog and serve as a foundational building block of our revenue mix. Orders during the quarter included follow-on purchase order from Autobus La Quebecoise for delivery of 12 Vicinity classic buses to service cities throughout the province of Quebec.

在第一季的公車業務中，我們看到對 Vicinity 經典公車路線的強勁需求和交付，這有助於增加我們的積壓訂單，並成為我們收入組合的基礎組成部分。本季度的訂單包括 Autobus La Quebecoise 的後續採購訂單，向魁北克省的服務城市交付 12 輛 Vicinity 經典巴士。

These follow-on orders in addition to the eight on -- eight bus order received in December validates our reputation for excellence built through the sale and delivery of nearly 1,000 Vicinity transit buses since inception. Our reputation creates a level of trust. There allows for a significant competitive advantage to offer both our legacy and next-generation electric buses and a variety of classes and configurations to an incredibly wide variety of customers.

除了 12 月收到的 8 輛 8 輛巴士訂單之外，這些後續訂單證實了我們自成立以來透過銷售和交付近 1,000 輛 Vicinity 公車巴士而建立的卓越聲譽。我們的聲譽創造了一定程度的信任。這使得我們能夠獲得顯著的競爭優勢，為各種各樣的客戶提供傳統和下一代電動公車以及各種類別和配置。

Our US manufacturing campus in Ferndale, Washington, and continued to ramp production during the quarter to tackle the fulfillment of our growing backlog, which, as of March 31 exceeded USD125 million. Facility is designed to meet our current and future production needs with annual capacities of 850 buses and several thousand electric VMC 1,200 trucks.

我們位於華盛頓州芬代爾的美國製造園區在本季度繼續提高產量，以解決不斷增長的積壓訂單，截至 3 月 31 日，積壓訂單已超過 1.25 億美元。該工廠旨在滿足我們當前和未來的生產需求，年產能為 850 輛公車和數千輛電動 VMC 1,200 輛卡車。

Operationally, I was appointed to the newly created role of President to lead our next phase of growth. To that end, we are focused on driving strategic and operational and set initiatives to streamline production and increase vehicle sales through our Vicinity classic and Lightning bus lines as well as the VMC 1,200 trucks.

在營運方面，我被任命擔任新設立的總裁一職，領導我們下一階段的發展。為此，我們專注於推動策略和運營，並製定舉措，透過我們的 Vicinity classic 和 Lightning 巴士線路以及 VMC 1,200 卡車來簡化生產並增加車輛銷售。

Our initial strategic plan is focused on milestones related to the onshoring of production for the Vicinity Lightning bus and Ferndale, Washington augmenting the Canadian dealer network for the VMC 1,200 truck that we've covered today and the formal launch of the VMC 1,200 into the US market.

我們最初的戰略計劃重點關注與 Vicinity Lightning 巴士和華盛頓州芬代爾的本地生產相關的里程碑，擴大我們今天介紹的 VMC 1,200 卡車的加拿大經銷商網絡，以及將 VMC 1,200 正式推向美國市場。

As we stand today, we are aggressively building out our VMC 1,200 dealer network continent wide in ramping up production at our Ferndale facility. We're actively working to monetize our backlog, including an immediate term focus on converting our $28 million of inventory to cash. The first quarter strong revenue, positive cash flow from operations and robust backlog are positioning us for a high level of operational execution in the quarters ahead.

就我們今天的情況而言，我們正在整個大陸積極建造 VMC 1,200 經銷商網絡，以提高芬代爾工廠的產量。我們正在積極努力將積壓訂單貨幣化，包括近期重點將 2,800 萬美元的庫存轉化為現金。第一季強勁的收入、來自營運的正現金流和強勁的積壓訂單使我們能夠在未來幾季保持高水準的營運執行。

With that, I will now turn it over to Dan to review the financial results for the quarter ended March 31, 2024. Dan?

現在，我將把它交給 Dan 來審查截至 2024 年 3 月 31 日的季度的財務業績。擔？

Thank you, Brent. Good afternoon, everyone. I will keep my portion to a brief review of our financial results. Full breakdown is available in our regulatory filings and in the press release that crossed the wire after market close today.

謝謝你，布倫特。大家下午好。我將繼續簡要回顧我們的財務表現。完整的詳細資訊可以在我們的監管文件和今天收盤後發布的新聞稿中找到。

Revenue increased 400% to $13.2 million in the first quarter of 2024 as compared to $2.7 million in the first quarter of 2023. 400% increase in revenue was primarily driven by higher deliveries, including 44 truck and 22 bus deliveries in the first quarter as compared to five trucks and three buses in the same year-ago quarter.

2024 年第一季營收成長400%，達到1,320 萬美元，而2023 年第一季為270 萬美元。汽車去年同期增加到五輛卡車和三輛公車。

Gross profit in the first quarter of 2024 totaled $1.9 million or 14% of revenue as compared to $0.5 million or 18% of revenue in the first quarter of 2023. Gross margins were positively affected by higher deliveries in 2024 and a product mix that has shifted more towards electric trucks at higher margin.

2024 年第一季的毛利總計 190 萬美元，佔營收的 14%，而 2023 年第一季的毛利為 50 萬美元，佔營收的 18%。2024 年交付量增加以及產品組合更多轉向利潤率更高的電動卡車，對毛利率產生了積極影響。

Cash provided in operating activities in the first quarter of 2024 totaled $0.5 million as compared to cash used of $3.6 million in the first quarter of 2023. Net loss in the first quarter of 2024 totaled $3.7 million or negative $0.08 per share as compared to a loss of $2.4 million or negative $0.05 per share in the first quarter of 2023.

2024 年第一季經營活動提供的現金總額為 50 萬美元，而 2023 年第一季使用的現金為 360 萬美元。2024 年第一季的淨虧損總計 370 萬美元，即每股負 0.08 美元，而 2023 年第一季的淨虧損為 240 萬美元，即每股負 0.05 美元。

Adjusted EBITDA in the first quarter of 2024 totaled a gain of $0.1 million as compared to a loss of $1.4 million in the first quarter of 2023. Cash and cash equivalents as of March 31, 2024, totaled $4.3 million as compared to $2 million as at December 31, 2023. We believe we are well positioned for a high level of operational execution in 2024, with the fundamentals of our operations expected to further strengthen as we ramp deliveries throughout the year.

2024 年第一季調整後 EBITDA 總計收益 10 萬美元，而 2023 年第一季虧損 140 萬美元。截至 2024 年 3 月 31 日，現金及現金等價物總額為 430 萬美元，而截至 2023 年 12 月 31 日為 200 萬美元。我們相信，我們已做好準備，能夠在 2024 年實現高水準的營運執行，隨著全年交付量的增加，我們的營運基本面預計將進一步加強。

I'd now like to pass it back to Brent to offer some closing remarks, after which we will begin our question and answer session. Brent?

現在我想把它傳回給布倫特，以提供一些結束語，之後我們將開始我們的問答環節。布倫特？

Thank you, Dan. During the quarter, our accomplishments included continued diversification of our distribution network with new dealerships ramping up production, a growing sales funnel and record backlog that includes our transit bus line. Market fundamentals continue to support our bid business strategy as we see continued demand for our classic bus products as well as through the transmission -- transition to commercial EV adoption, supported by government incentives, corporate sustainability goals and lower total cost of ownership in operation for EV buyers.

謝謝你，丹。本季度，我們的成就包括分銷網絡的持續多元化、新經銷商的產量增加、銷售渠道的不斷擴大以及包括我們的公交線路在內的創紀錄的積壓訂單。市場基本面繼續支持我們的投標業務策略，因為我們看到對我們的經典客車產品以及透過傳輸向商用電動車過渡的持續需求，在政府激勵措施、企業永續發展目標和較低的營運總擁有成本的支持下電動車買家。

As we move ahead into 2024 and continue to execute against our key milestones, I believe we have built a foundation of a business that can deliver value to its stakeholders and our communities for years to come.

隨著我們邁入 2024 年並繼續實現我們的關鍵里程碑，我相信我們已經建立了一個可以在未來幾年為利害關係人和我們的社區創造價值的業務基礎。

And with that, I would like to now hand the call back to the operator to begin our question and answer session. Operator?

現在，我想將電話轉回給接線員以開始我們的問答環節。操作員？

Thank you, Brent. We will now begin the question and answer session. (Operator Instructions) Robin Cornwell, Catalyst Research.

謝謝你，布倫特。我們現在開始問答環節。（操作員說明）Robin Cornwell，Catalyst Research。

Hi, good afternoon or good morning. I guess still afternoon for you. And my first question is for Brent. Could you detail a little bit on the $28 million of inventory that you look to deliver in Q2?

嗨，下午好或早安。我想你還是下午。我的第一個問題是問布倫特的。您能否詳細介紹一下您希望在第二季交付的 2,800 萬美元的庫存？

Hey, Robin, this is Dan. So we're not going to give the specific quarterly projections at this time. The inventory right now that we have on hand is a majority truck inventory. We are working through bus inventory fairly quickly right now and delivering on all of our backlog for buses. Right now, we have probably just over 280 trucks on hand that we'll be working through and just under 30 buses to be delivered as at the end of the quarter.

嘿，羅賓，這是丹。因此，我們目前不會給出具體的季度預測。目前我們手邊的庫存大部分是卡車庫存。我們現在正在相當快地處理公車庫存，並交付所有積壓的公車。目前，我們手頭上可能有超過 280 輛卡車可供我們使用，到本季末將交付不到 30 輛巴士。

So that would be written in the end of Q2. So 280 trucks.

所以這將寫在第二季的末尾。所以280輛卡車。

We ended -- those are the end of Q1 numbers.

我們結束了——這些是第一季數據的結束。

Sorry, I'm confused on that. When you said 280 trucks, on hand to be delivered --

抱歉，我對此感到困惑。當你說 280 輛卡車，現有待交付時--

The inventory that we have on hand not to be delivered. We're not going to give any guidance or delivery forecasts.

我們現有的庫存尚未交付。我們不會提供任何指導或交付預測。

Okay. So I was just trying to get an idea of what the composition of the $28 million, not the time of delivery, but just what the composition of the inventory?

好的。所以我只是想知道這 2800 萬美元的組成是什麼，不是交貨時間，而是庫存的組成是什麼？

Yeah, we have -- there is a breakdown in the financials in the note. So there's a portion of that is parts inventory for our aftermarket parts business. And then they say the remaining was about 280 trucks and just under 30 buses.

是的，我們有－票據中有財務細目。因此，其中一部分是我們售後零件業務的零件庫存。然後他們說剩下的大約是 280 輛卡車和不到 30 輛巴士。

Okay, thank you. Sorry for the confusion. I took on my part. Okay, I guess continuing with Dan, what is your margin outlook look like? I guess, what's your back into production and you've got Ferndale as well now. So what kind of margins are you expecting in or do you think you could achieve over the next three months to six months?

好的，謝謝。抱歉造成混亂。我承擔了我的責任。好吧，我想繼續問 Dan，你的利潤前景如何？我想，你的製作進度怎麼樣了，現在你也有了芬代爾。那麼，您預計或認為在未來三個月到六個月內可以實現多少利潤？

yeah, that's great question. So our margins for the quarter were about 14%. Ideally, we get to a spot where we're over 20% margins. But realistically for the next while 15% margins are really where it is sitting. But as we start shifting to more and more electric vehicles, the margin profile definitely goes up from there.

是的，這是一個很好的問題。所以我們本季的利潤率約為 14%。理想情況下，我們的利潤率會超過 20%。但實際上，接下來 15% 的利潤率確實是這樣的。但隨著我們開始轉向越來越多的電動車，利潤率肯定會從此上升。

Okay. And the I'll just ask one more quick question. Are there any delays that you're seeing for two things, one parts and any backlogs? And second, any delays going on with the approval process of grants to your customers?

好的。我再問一個簡單的問題。您是否發現兩件事有任何延誤，一是零件，二是積壓？其次，向您的客戶提供資助的審批流程是否有任何延誤？

Yeah, Robin, those are good questions. As it relates to parts, I'd say that were more or less normalized, which means it's imperfect, either from a service parts availability standpoint or even production parts availability.

是的，羅賓，這些問題都很好。由於它與零件相關，我想說這或多或少是標準化的，這意味著它是不完美的，無論是從服務零件可用性的角度來看，還是從生產零件可用性的角度來看。

And I don't mean to be evasive there. But I think that by a large extent, some of the supply chain challenges have largely mitigated, but there can be just the normal supply chain challenges that happened in business. And then secondly, to answer the second part of your question, can you repeat that part of the question, Robin?

我並不是要迴避。但我認為，在很大程度上，一些供應鏈挑戰已經在很大程度上緩解，但可能只是商業中發生的正常供應鏈挑戰。其次，為了回答你問題的第二部分，你能重複問題的那部分嗎，羅賓？

Yeah, there's been a lot of comment about the government grants going out to potential clients of yours and having been delayed or perhaps not in process at all. Have you heard any or have any commentary on that?

是的，有很多關於向您的潛在客戶發放的政府補助金被推遲或根本沒有進行的評論。您對此有聽過或有任何評論嗎？

So there is a process to government funding, of course, and there's some bill, some delays in that. And I think that some of those delays were initially, maybe underappreciated or unanticipated. But now that we have the grants in place and the process better understood. I think that we've got a pretty clear path to being able to operate through that -- on those grant funding delays, that were great for us and for our dealers.

當然，政府資助有一個流程，其中有一些法案，有一些延誤。我認為其中一些延誤最初可能沒有得到充分重視或沒有預料到。但現在我們已經有了撥款，並且對這個過程有了更好的理解。我認為我們已經有了一條非常清晰的途徑來解決這個問題——對於那些撥款資金的延遲，這對我們和我們的經銷商來說都是很好的。

Okay, great. Thank you. I'll re-queue.

好的，太好了。謝謝。我重新排隊吧

Okay. Thank you.

好的。謝謝。

(Operator Instructions) Poe Fratt, Alliance Global Partners.

（操作員說明）Poe Fratt，Alliance Global Partners。

Hi, good afternoon congratulations, Brent, on becoming President. Can you just highlight what you mean by the formal launch of the VMC 1,200 in the US? What's the timing on that? What has to happen before there's the formal launch?

嗨，下午好，恭喜布倫特成為總統。您能否強調一下在美國正式推出 VMC 1,200 的意思？那個時間是什麼時候？在正式發布之前必鬚髮生什麼？

Hi, Poe, and thank you for the congratulations. Appreciate the question. So our formal launch, we're aggressively pursuing dealer partners in the United States currently. I think that is progressing along quite well, frankly.

嗨，坡，謝謝你的祝賀。感謝這個問題。因此，我們正式推出後，目前正在積極尋求美國的經銷商合作夥伴。坦白說，我認為這進展得很好。

And then that needs to be balanced again and against and timed with certain US regulatory certifications. That probably is best not to get into the detail of, but that's all timing out and everything is kind of lining up with what we had projected later last year as we rolled out this US launch plan. So I'd say that everything's on track and kind of working along as we had hoped it would.

然後需要再次平衡並與某些美國監管認證進行平衡。也許最好不要詳細討論，但這一切都已經過時了，一切都與我們去年晚些時候推出美國發射計劃時的預測相符。所以我想說，一切都步入正軌，並且正如我們所希望的那樣進行。

So second half of the year or potentially sooner?

那麼下半年或可能更早？

It's going to time out to second half of the year. But we may be able to catch it a little bit sooner.

預計要到下半年了。但我們也許可以早一點抓住它。

Okay. And then this quarter, you delivered 44 trucks, last quarter, you talked about invoicing but not delivering 71. Does that imply that you have around the high 20s still in voice, but not delivered yet? Or I guess another way to ask question is how many invoices you have about standing for the trucks right now?

好的。然後這個季度，您交付了 44 輛卡車，上個季度，您談到了發票，但沒有交付 71 輛。這是否意味著您的聲音仍處於 20 多歲左右，但尚未交付？或者我想另一種提問方式是，您現在有多少張關於卡車的發票？

It's a fair question. Dan, do you have an exact number on that?

這是一個公平的問題。丹，你有確切的數字嗎？

-- Exact number, but you're right. So there are probably 20 something trucks out there, that we've invoice and we're waiting to collect on and ready to put the bodies on those trucks and deliver.

——確切的數字，但你是對的。因此，那裡可能有 20 多輛卡車，我們已開立發票，正在等待收集並準備將屍體放在這些卡車上並運送。

And would you anticipate being able to collect this quarter on those outstanding invoices and then potentially delivering other trucks in the quarter?

您是否預計能夠在本季度收回這些未清發票，然後可能在本季度交付其他卡車？

Yeah. Some of that is related to our customers, our dealers and getting their floorplan and up in place and they're financing in place. So if all goes well, yes, but can't guarantee that, of course.

是的。其中一些與我們的客戶、我們的經銷商以及他們的平面圖和到位以及他們的融資到位有關。因此，如果一切順利，是的，但當然不能保證這一點。

Okay. And understood that -- that's why you're not giving any specific guidance. Dan, can you talk about the refinancing that you've done this quarter and including well, I guess that the debt deferral you had the new debt that you put on the balance sheet, if I do all the math, what's your pro forma cap cash right now on the balance sheet? It should be, I'd say, close to $7 million, $8 million. Is that a ballpark number or can you just sort of walk me through the debt financing that intent this quarter?

好的。並理解這一點——這就是為什麼你沒有給出任何具體指導。丹，你能談談你本季完成的再融資嗎？現在有現金嗎？我想說，應該接近 700 萬美元、800 萬美元。這是一個大概的數字嗎？

So the deferral, did not add any new cash to our balance sheet, though it's a deferral of payments that were scheduled for April and July, which have now been pushed out to October. The $2 million, we had actually received already at quarter end. But the financing the documentation was not fully in place, which is why it shows up in the subsequent events. That amount was already in our cash.

因此，延期並沒有在我們的資產負債表上增加任何新的現金，儘管這是原定於 4 月和 7 月付款的延期，現在已推遲到 10 月。實際上，我們在季度末就已經收到了 200 萬美元。但該文件的融資並未完全到位，這就是為什麼它出現在隨後的事件中。這筆錢已經是我們的現金了。

At quarter end and it was also showing up as accrued liabilities rather than short term debt just until we get the paperwork completed. So and that paperwork was completed shortly after quarter end. So there's no net effect on our increase on our cash position from March 31.

在季度末，它也顯示為應計負債而不是短期債務，直到我們完成文書工作。因此，該文書工作在季度結束後不久就完成了。因此，自 3 月 31 日起，我們現金部位的增加並沒有受到任何淨影響。

Other than potentially in a positive cash flow or change in cap --

除了潛在的正現金流或上限變化之外--

That's correct.

這是正確的。

And then, Dan, can you just update me on the extension or renewal of the working capital line with RBC in the Development Corp in Canada?

然後，Dan，您能否向我介紹加拿大開發公司與 RBC 的營運資金額度延長或更新的最新情況？

Yes. So we have extended that again. So I believe we have another probably two months on that, and we're working on getting a longer extension for that facility as well working with RBC and EDC. In finalizing the facility to make sure that it's approved and extended for when we need it.

是的。所以我們再次延長了這一期限。因此，我相信我們可能還有兩個月的時間，我們正在努力為該設施爭取更長的延期，並與 RBC 和 EDC 合作。在最終確定該設施時，確保它在我們需要時得到批准並延長。

Okay. And I'm not sure if you disclosed this or -- what's the order backlog still over $125 million? Do you have a number of the order backlog split between buses and trucks.

好的。我不確定您是否披露了這一點，或者——積壓訂單仍超過 1.25 億美元是多少？您是否有大量訂單積壓分配在巴士和卡車之間？

Yeah. I don't have an exact breakdown of that at this point in time.

是的。目前我還沒有具體的細節。

The last one I had was about 100 buses and about 1,100 trucks. Is that you need to do that ring bringing the ballpark --

我最後一輛是大約 100 輛巴士和大約 1,100 輛卡車。你需要做那個環帶棒球場嗎--

The 100 buses we've started delivering on, but we've also taken new orders for buses. So it's probably still hovering around that figure plus or minus 10 or 20, probably more like plus for the buses right now.

我們已經開始交付 100 輛巴士，但我們也收到了新的巴士訂單。所以它可能仍然徘徊在這個數字正負 10 或 20 左右，現在可能更像是公車的正值。

Okay, sounds good. Thanks for your time.

好吧，聽起來不錯。感謝您抽出時間。

What are my thoughts as it relates to that Poe, and hopefully you can appreciate this is just from a competitiveness standpoint. Some vagueness around, where our successes are coming from, is probably best left as -- with less detail in it, but nonetheless, we -- that is kind of out there and we'll continue to talk about that. But probably not get down into the mix and splits.

我對坡的想法是什麼，希望你能理解這只是從競爭力的角度來看。關於我們的成功從何而來的一些模糊性，可能最好保留為 - 細節較少，但儘管如此，我們 - 這是一種存在，我們將繼續討論這一點。但可能不會深入混合和分裂。

Right. As an analyst, I'd love the [ignorance].

正確的。作為分析師，我喜歡[無知]。

We're going to get along, just fine.

我們會和睦相處，很好。

Thank you.

謝謝。

You're welcome. Thank you.

不客氣。謝謝。

This concludes our question and answer session. I'd now like to turn the call back over to Mr. Brent Phillips for his closing remarks.

我們的問答環節到此結束。現在我想將電話轉回給布倫特·菲利普斯先生，讓他作結束語。

Thank you, operator. I would like to thank each of you for joining our earnings call today. We look forward to continuing to update you on our ongoing progress and growth as we continue our rapid pace of operational execution. If we're unable to answer any of your questions, please reach out to our IR firm, MZ Group, who would be more than happy to assist. Thank you.

謝謝你，接線生。我要感謝大家今天參加我們的財報電話會議。隨著我們繼續快速執行運營，我們期待繼續向您通報我們持續取得的進展和成長。如果我們無法回答您的任何問題，請聯絡我們的投資者關係公司 MZ Group，他們將非常樂意為您提供協助。謝謝。

Ladies and gentlemen, this concludes today's teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路並度過美好的一天。