View Inc (VIEW) 2022 Q4 法說會逐字稿

Greetings and welcome to the View, Inc.'s fourth quarter and full year 2022 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Samuel Meehan, Head of Investor Relations at View. Thank you, Samuel. You may begin.

歡迎來到 View, Inc. 的第四季度和 2022 年全年財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人，View 投資者關係主管 Samuel Meehan。謝謝你，塞繆爾。你可以開始了。

Good afternoon, everyone, and welcome to the View's fourth quarter and full year 2022 earnings call. I'm Samuel Meehan, Head of Investor Relations at View, I'm here with Dr. Rao Mulpuri, our CEO; and Amy Reeves, our CFO.

大家下午好，歡迎來到 View 的第四季度和 2022 年全年財報電話會議。我是 View 的投資者關係主管 Samuel Meehan，我和我們的首席執行官 Rao Mulpuri 博士一起來這裡；和我們的首席財務官 Amy Reeves。

Before we begin, I'd like to remind you that after market closed today, View issued a press release announcing its fourth quarter and full year 2022 financial results. You may access this press release in the Investor Relations section of view.com.

在我們開始之前，我想提醒您，在今天收市後，View 發布了一份新聞稿，宣布了其第四季度和 2022 年全年的財務業績。您可以在 view.com 的投資者關係部分訪問此新聞稿。

As today's discussion includes forward-looking statements, please refer to our press release for a discussion of factors that could cause the company's actual performance to differ materially from these forward-looking statements.

由於今天的討論包括前瞻性陳述，請參閱我們的新聞稿，了解可能導致公司實際業績與這些前瞻性陳述存在重大差異的因素的討論。

These forward-looking statements involve risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from our expectations. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after our call.

這些前瞻性陳述涉及風險和不確定性，其中許多是我們無法控制的，可能導致實際結果與我們的預期存在重大差異。這些前瞻性陳述從今天起適用，我們不承擔在電話會議後更新這些陳述的義務。

For a more detailed description of certain factors that could cause actual results to differ, please refer to our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings, including quarterly reports on Form 10-Q.

有關可能導致實際結果不同的某些因素的更詳細描述，請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K 表格年度報告和後續文件，包括 10-Q 表格的季度報告。

I would also like to remind you that during the call, we will discuss certain non-GAAP measures related to View's performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in the press release.

我還想提醒您，在通話期間，我們將討論與 View 業績相關的某些非 GAAP 指標。您可以在新聞稿中找到這些措施與最接近的可比 GAAP 措施的調節。

Now I will turn the call over to our CEO, Rao Mulpuri. Rao, over to you.

現在我將把電話轉給我們的首席執行官 Rao Mulpuri。饒，交給你了。

Thank you, Samuel, and thank you all for joining us this afternoon. In our prepared remarks, I'll discuss our 2022 highlights and address the important developments since our last call, and Amy will go into details on the financial performance of our business.

謝謝塞繆爾，感謝大家今天下午加入我們。在我們準備好的發言稿中，我將討論我們 2022 年的亮點並討論自我們上次電話會議以來的重要發展，艾米將詳細介紹我們業務的財務業績。

I'm excited to report that we achieved a record year in 2022 with revenues above $100 million for the first time in the company's history and within the guidance range we issued last year. The View team did an outstanding job, and I'm very proud of our team's collective efforts, dedication, and relentless execution in building our business.

我很高興地報告，我們在 2022 年創下了創紀錄的一年，收入在公司歷史上首次超過 1 億美元，並且在我們去年發布的指導範圍內。 View 團隊做得非常出色，我為我們團隊在建設業務過程中的集體努力、奉獻精神和不懈執行感到非常自豪。

2022 was a critical year for the company with several notable accomplishments. First, while hitting $100 million in revenues is a historical milestone for the company, what is underlying that is a tremendous effort to create the products and manage the supply chain and manufacturing capabilities, field service, and most importantly, customers that are steadfast partners in this journey to fundamentally make buildings more sustainable, healthier, and smarter.

2022 年對公司來說是關鍵的一年，取得了多項顯著成就。首先，雖然達到 1 億美元的收入對公司來說是一個歷史性的里程碑，但其背後是在創造產品和管理供應鍊和製造能力、現場服務以及最重要的是，客戶是我們堅定不移的合作夥伴方面付出的巨大努力。這一從根本上讓建築更可持續、更健康、更智能的旅程。

Second, moving to products. Our fourth-generation glass is now fully ramped up. The neutral colors produced by our proprietary plasma coatings are well received by designers, owners, and users of buildings and will be the new industry benchmark going forward.

第二，轉向產品。我們的第四代玻璃現已全面升級。我們專有的等離子塗層產生的中性色彩深受設計師、業主和建築用戶的歡迎，並將成為未來新的行業標杆。

We launched our multifamily residential product to capitalize on the large and growing opportunity for Smart Windows in the residential sector. I will cover this in more detail shortly. We successfully ramped up our Smart Building Platform, a fully integrated smart window product offering. This allows View greater control in optimizing design, performance, and cost of the smart building envelope, working seamlessly with the real estate ecosystem, and most importantly, provide the best solutions and customer support for our customers.

我們推出了我們的多戶住宅產品，以利用智能窗戶在住宅領域不斷增長的巨大機遇。稍後我將對此進行更詳細的介紹。我們成功地提升了我們的智能建築平台，這是一個完全集成的智能窗戶產品。這使 View 能夠更好地控制智能建築圍護結構的設計、性能和成本優化，與房地產生態系統無縫協作，最重要的是，為我們的客戶提供最佳解決方案和客戶支持。

We continue to innovate in Smart Building Technologies, our cloud-based SaaS business to accelerate the digital transformation of real estate. I'm pleased to report that this high-margin business grew to $11 million in revenue in 2022.

我們不斷創新智能建築技術，這是我們基於雲的 SaaS 業務，以加速房地產的數字化轉型。我很高興地報告說，這項高利潤業務在 2022 年的收入增長到 1100 萬美元。

Third, our operations continue to scale in improving yield and operational efficiencies within our manufacturing, supply chain, and field capabilities. We have plenty of headroom to grow capacity in our existing footprint as we drive awareness and demand for our products.

第三，我們的業務繼續擴大，以提高我們的製造、供應鍊和現場能力的產量和運營效率。隨著我們提高對我們產品的認識和需求，我們有足夠的空間來擴大我們現有足蹟的容量。

Fourth, we had a major legislative win in 2022 as Smart Windows were included in the investment tax credit. The federal government now provides a 30% to 50% tax credit on View's Smart Windows as part of the broader effort in the US to accelerate our transition to a more sustainable infrastructure.

第四，我們在 2022 年取得了重大的立法勝利，因為智能窗戶被納入了投資稅收抵免。聯邦政府現在為 View 的智能窗戶提供 30% 到 50% 的稅收抵免，作為美國加速向更可持續的基礎設施過渡的更廣泛努力的一部分。

Fifth, we completed a $212 million capital raise that was led by strategic real estate investors who are looking to create positive change in the industry. This is a great validation of our business, and we are thrilled that our customers are also investing in our company and have become great partners in this journey.

第五，我們完成了 2.12 億美元的融資，由希望在行業中創造積極變化的戰略房地產投資者牽頭。這是對我們業務的一個很好的驗證，我們很高興我們的客戶也在投資我們的公司，並成為這一旅程中的重要合作夥伴。

It's important to note that we achieved all of this in spite of the challenging macro environment. The combination of rising interest rates, uncertainty in lending markets and the lingering impacts of the pandemic have all caused change and uncertainty in the real estate industry. These challenges are balanced by secular tailwinds for View, including the industry's need to build and upgrade buildings that are more sustainable, experiential, healthier, and smarter.

值得注意的是，儘管宏觀環境充滿挑戰，我們還是實現了這一切。利率上升、貸款市場的不確定性以及大流行的揮之不去的影響共同導致了房地產行業的變化和不確定性。這些挑戰被 View 的長期順風所平衡，包括該行業需要建造和升級更具可持續性、體驗性、更健康和更智能的建築。

Now turning to the key market verticals. Office space is facing pressures from hybrid work models and companies are reassessing their required real estate footprint. Despite this, we continue to see employers' strong desire to bring their employees back to work and high-quality differentiated buildings are doing quite well in the market. Further, we continue to see renovations and repositioning of aging properties, and we also see that life science and labs continue to grow in this cycle.

現在轉向關鍵的垂直市場。辦公空間正面臨來自混合工作模式的壓力，公司正在重新評估他們所需的房地產足跡。儘管如此，我們繼續看到雇主讓員工重返工作崗位的強烈願望，高質量的差異化建築在市場上表現不俗。此外，我們繼續看到老化屬性的翻新和重新定位，我們還看到生命科學和實驗室在這個週期中繼續增長。

On to airports, which is a very strong sector for View, every major airport in the United States is focusing on sustainability and passenger experience. We continue to see active renovations and new terminals being added across the country. And View has installations and ongoing projects at major US airports, including Boston Logan, Chicago O'Hare, Dallas/Fort Worth, San Francisco, New York LaGuardia, Memphis, Charlotte, and Phoenix among many others.

至於機場，這是 View 的一個非常強大的部門，美國的每個主要機場都在關注可持續性和乘客體驗。我們繼續看到全國各地都在積極翻新和增加新航站樓。 View 在美國主要機場都有安裝和正在進行的項目，包括波士頓洛根機場、芝加哥奧黑爾機場、達拉斯/沃思堡機場、舊金山機場、紐約拉瓜迪亞機場、孟菲斯機場、夏洛特機場和鳳凰城機場等。

Next, the healthcare sector is continuing to build hospitals as well as medical office buildings and ambulatory care services facilities. Sustainability, patient experience, and care for their own employees have become very important for every healthcare leader in the post-COVID environment. View have several signature installations across North America and we're well positioned to grow in this sector.

接下來，醫療保健部門繼續建設醫院以及醫療辦公大樓和門診服務設施。在後 COVID 環境中，可持續性、患者體驗和對員工的關懷對於每個醫療保健領導者來說都變得非常重要。 View 在北美擁有多個標誌性裝置，我們在這一領域的發展處於有利地位。

Now turning to the multifamily residential sector, which has shown relative strength in this cycle. There's a severe shortage of housing in the United States that requires additional capacity to be added in many cities nationwide.

現在轉向多戶住宅部門，該部門在本週期中表現出相對強勢。美國的住房嚴重短缺，需要在全國許多城市增加額外的容量。

We released our multifamily residential product last year, and we've seen great excitement from building owners and residents alike. Our residential product is specifically engineered for the multifamily setting, and we built a suite of applications designed around the individual user.

我們去年發布了我們的多戶住宅產品，我們看到業主和居民都非常興奮。我們的住宅產品專為多戶家庭設計，我們構建了一套圍繞個人用戶設計的應用程序。

For example, we recently launched the Sleep In Mode on the View mobile app. Sleep In Mode allows users to keep their apartments cool and dark in the morning until they're ready to start their day at a predetermined wake-up time. When the user wants to wake up, View Smart Windows gradually clear, gently waking up residents with natural light. Essentially, users can program their sunrise.

例如，我們最近在 View 移動應用程序上推出了睡眠模式。睡眠模式允許用戶在早上讓他們的公寓保持涼爽和黑暗，直到他們準備好在預定的喚醒時間開始新的一天。當用戶想要醒來時，View Smart Windows 逐漸清晰，用自然光輕輕喚醒住戶。本質上，用戶可以對他們的日出進行編程。

We are gaining market momentum in this very important sector. Earlier this week, we announced that RXR selected View's Smart Windows for their Hamilton Green large-scale mixed-use project in New York. This represents View's largest multifamily project to date and is the latest of several notable projects in multifamily, including 4650 Broadway and Sven in the New York area, along with projects in Seattle, DC area, Boston, Toronto, and Vancouver.

我們正在這個非常重要的領域獲得市場動力。本週早些時候，我們宣布 RXR 選擇 View 的智能窗戶用於他們在紐約的 Hamilton Green 大型混合用途項目。這是 View 迄今為止最大的多戶項目，也是多戶項目中最新的幾個著名項目，包括紐約地區的 4650 Broadway 和 Sven，以及西雅圖、華盛頓地區、波士頓、多倫多和溫哥華的項目。

Looking ahead, we're focused on key platform customers with large nationwide portfolios in the multifamily vertical that see higher value in our product and want to differentiate their buildings.

展望未來，我們專注於在多戶垂直領域擁有大量全國投資組合的主要平台客戶，他們看到了我們產品的更高價值，並希望讓他們的建築脫穎而出。

We're also redoubling our focus on the institutional sector, notably airports and healthcare. A narrower focus of our business around these high-quality customers allows us to reduce sales friction, drive repeat business, and enable a more efficient path to profitability.

我們還加倍關注機構部門，尤其是機場和醫療保健。圍繞這些優質客戶縮小我們的業務重點，使我們能夠減少銷售摩擦，推動重複業務，並實現更有效的盈利途徑。

Now shifting gears to the year ahead, in 2023, we look to build on our accomplishments from last year. We all know that the macro environment particularly for real estate is tough and uncertain. And not surprisingly, some of our existing customers have seen delays in their projects.

現在換檔到明年，即 2023 年，我們希望在去年取得的成就的基礎上再接再厲。眾所周知，宏觀環境尤其是房地產的宏觀環境是艱難和不確定的。毫不奇怪，我們的一些現有客戶的項目出現了延誤。

In spite of these headwinds, we have a committed backlog for 2023 that already exceeds 2022 revenues. As we've said before, our business is less about the macro and more about adoption. We have a healthy project pipeline to drive substantial growth in 2023 and beyond.

儘管存在這些不利因素，我們 2023 年的積壓訂單已經超過 2022 年的收入。正如我們之前所說，我們的業務與宏觀無關，而與採用有關。我們有一個健康的項目管道來推動 2023 年及以後的大幅增長。

In order to continue to drive efficiencies and recognizing the uncertainty in the markets, we've taken proactive steps to lower our fixed costs and the breakeven point so that we can achieve profitability milestones at a significantly lower revenue level. We'll be talking about 2023 in more detail on our Q1 earnings call coming up shortly.

為了繼續提高效率並認識到市場的不確定性，我們採取了積極措施來降低固定成本和盈虧平衡點，以便我們能夠在顯著降低的收入水平上實現盈利里程碑。我們將在即將召開的第一季度財報電話會議上更詳細地討論 2023 年。

With that, I'll hand it over to Amy to cover the financials. Amy, over to you.

有了這個，我會把它交給艾米來處理財務問題。艾米，交給你了。

Thank you, Rao, and good afternoon, everyone. I will be covering the financial results for the fourth quarter and full year 2022.

謝謝你，Rao，大家下午好。我將介紹第四季度和 2022 年全年的財務業績。

As we get started, please note that unless otherwise stated, my comments refer to non-GAAP results of operations as described by Samuel at the beginning of the call. Please refer to the non-GAAP reconciliations in our press release.

在我們開始時，請注意，除非另有說明，否則我的評論指的是塞繆爾在電話會議開始時所描述的非 GAAP 運營結果。請參閱我們新聞稿中的非 GAAP 調節。

For the quarter, we reported revenue of $44 million, which represents a 56% year-over-year increase from Q4 2021 due to growth across all product lines, including Smart Glass, Smart Building Platform, and Smart Building Technologies.

本季度，我們報告的收入為 4400 萬美元，較 2021 年第四季度同比增長 56%，這歸功於包括智能玻璃、智能建築平台和智能建築技術在內的所有產品線的增長。

We continue to see an acceleration in the strategic transition towards our Smart Building Platform business and expect this to continue in 2023.

我們繼續看到向智能建築平台業務的戰略轉型加速，並預計這種情況將在 2023 年繼續。

For the fourth quarter, we increased not only the number of Smart Building Platform projects compared to a year ago, but we are also increasing the average size of the projects.

對於第四季度，與一年前相比，我們不僅增加了智能建築平台項目的數量，而且我們還增加了項目的平均規模。

For the full year 2022, we reported revenue of $101 million, representing 37% year-over-year growth compared to $74 million in 2021 and within our guidance of $100 million to $110 million.

對於 2022 年全年，我們報告的收入為 1.01 億美元，與 2021 年的 7400 萬美元相比同比增長 37%，並且在我們 1 億美元至 1.1 億美元的指導範圍內。

The strong revenue growth was driven by momentum in our smart building platform and smart building technology products.

強勁的收入增長是由我們的智能建築平台和智能建築技術產品的勢頭推動的。

Our Q4 2022 Non-GAAP cost of revenues increased 29% year over year from Q4 2021, primarily driven by higher revenues. Q4 2022 cost of revenues benefited from a decrease in new contract loss accruals, lower levels of inventory impairments for raw materials, and operational enhancements achieved in our factory.

我們的 2022 年第四季度非 GAAP 收入成本比 2021 年第四季度同比增長 29%，這主要是由於收入增加所致。 2022 年第四季度的收入成本受益於新合同應計損失的減少、原材料庫存減值水平的降低以及我們工廠實現的運營改進。

For the full year 2022, our non-GAAP cost of revenues increased 5% year over year from full year 2021, primarily driven by higher revenues and ramping of our factory capacity, which was partially offset by better operational efficiencies in the factory. We also benefited from a decrease in new contract loss accruals in 2022.

2022 年全年，我們的非 GAAP 收入成本比 2021 年全年增長 5%，這主要是由於收入增加和工廠產能增加所推動，這部分被工廠運營效率提高所抵消。我們還受益於 2022 年新合同應計損失的減少。

Cost of revenues continue to improve as a percentage of revenues, reflecting the benefit of growing revenues over the company's fixed manufacturing costs and favorable mix shift to our smart building platform product. As a result, gross margin as a percent of sales significantly improved year over year.

收入成本佔收入的百分比繼續提高，反映出收入增長對公司固定製造成本的好處以及向我們的智能建築平台產品的有利組合轉移。因此，毛利率佔銷售額的百分比同比顯著提高。

We expect to see continued leverage in our gross margin as we grow our revenues, improve our operational efficiencies, and lower our structural fixed costs through the proactive measures we have taken.

隨著我們增加收入、提高運營效率並通過我們採取的積極措施降低結構性固定成本，我們預計我們的毛利率將繼續受到影響。

Turning to operating expenses, View incurred $13 million in non-GAAP research and development expense in Q4 2022, a decrease of 26% from Q4 2021. This decrease was primarily driven by the completion of certain major R&D projects and realization of cost savings initiatives. We expect these improvements to continue in 2023.

談到運營費用，View 在 2022 年第四季度產生了 1300 萬美元的非 GAAP 研發費用，比 2021 年第四季度減少了 26%。這一減少主要是由於某些主要研發項目的完成和成本節約計劃的實現。我們預計這些改進將在 2023 年繼續。

We incurred $23 million in non-GAAP SG&A expenses, which increased 4% compared to Q4 2021. We continue to take proactive measures to lower the structural cost of the business and expect SG&A expense to be lower going forward.

我們產生了 2300 萬美元的非 GAAP SG&A 費用，與 2021 年第四季度相比增長了 4%。我們繼續採取積極措施降低業務的結構性成本，並預計 SG&A 費用在未來會更低。

For the fourth quarter 2022, we reported an adjusted EBITDA loss of $57 million compared to $60 million in Q4 2021, reflecting higher revenues and a leverage of our expenses over our top-line growth.

2022 年第四季度，我們報告調整後的 EBITDA 虧損為 5700 萬美元，而 2021 年第四季度為 6000 萬美元，這反映出收入增加以及我們的支出對收入增長的影響。

Cash used in operations for the full year 2022 was $260 million compared to $261 million in the full year 2021. Last year, we said we anticipated cash burn would improve in the second half, driven by a leverage from our higher revenues, improved working capital management, reduced G&A expense following the completion of the restatement, and realization of our focus on cost savings initiatives.

2022 年全年運營中使用的現金為 2.6 億美元，而 2021 年全年為 2.61 億美元。去年，我們表示預計下半年現金消耗將有所改善，這得益於我們更高的收入、改善的營運資金的推動管理、重述完成後減少的 G&A 費用，以及實現我們對成本節約計劃的關注。

During the first half of the year, our cash used in operations totaled $153 million. We are pleased to report today that we made significant strides in reducing cash burn in the second half of the year, with cash used in operations of $107 million, representing a 30% reduction.

今年上半年，我們用於運營的現金總額為 1.53 億美元。我們今天很高興地報告，我們在今年下半年減少現金消耗方面取得了重大進展，運營中使用的現金為 1.07 億美元，減少了 30%。

As Rao mentioned, this week, we took actions to reduce our fixed costs and improve cash burn in order to reduce our breakeven point. When combined with the actions we took late last year and other cost savings initiatives we have put in place, we estimate these actions will result in an annualized fixed cost and cash savings of approximately $50 million. We expect to realize these savings in our financials starting in the second half of 2023.

正如 Rao 提到的，本週，我們採取行動降低固定成本並改善現金消耗，以降低我們的盈虧平衡點。結合我們去年底採取的行動和我們已經實施的其他成本節約舉措，我們估計這些行動每年將節省大約 5000 萬美元的固定成本和現金。我們預計從 2023 年下半年開始在我們的財務中實現這些節省。

In Q4 2022, we completed a $212 million financing through the sale of convertible senior notes and ended the year with $198 million of cash, cash equivalents, and short-term investments.

2022 年第四季度，我們通過出售可轉換優先票據完成了 2.12 億美元的融資，並在年底擁有 1.98 億美元的現金、現金等價物和短期投資。

With our cost savings plans in place, our focus this year will be on growing an efficient business and raising an additional capital to support us as we progress on our path to profitability.

有了我們的成本節約計劃，我們今年的重點將放在發展高效的業務和籌集額外的資金上，以支持我們在實現盈利的道路上取得進展。

With that, operator, we'll open up for questions.

有了這個，接線員，我們將公開提問。

Thank you. (Operator Instructions) Pavel Molchanov, Raymond James.

謝謝。 （操作員說明）Pavel Molchanov，Raymond James。

Thanks for taking the questions. So, let's start with the outlook for 2023. At the end of last year when you last reported, you talked about revenue at least doubling approximately $200 million in 2023. Are you reaffirming that today or what's the latest on that?

感謝您提出問題。那麼，讓我們從 2023 年的展望開始。去年年底，當你上次報告時，你談到到 2023 年收入至少翻一番，大約 2 億美元。你是在今天重申這一點，還是在重申這一點？最新消息是什麼？

Yeah. So, Pavel, as we said in our remarks, obviously, we're seeing the real estate industry go through a transition, particularly as it relates to recent events in capital markets. As I mentioned in our remarks, we've had several of our existing customers push out projects. But in spite of that, our 2023 committed backlog is greater than 2022 revenues and we have a significant pipeline of projects we're sorting through as we speak.

是的。所以，帕維爾，正如我們在發言中所說，顯然，我們看到房地產行業正在經歷一場轉型，尤其是與資本市場最近發生的事件有關。正如我在評論中提到的，我們有幾個現有客戶推出了項目。但儘管如此，我們 2023 年承諾的積壓訂單比 2022 年的收入還要多，而且我們正在整理大量項目。

So, we do expect '23 to be a significant growth year. We're just not prepared today to give a guidance range yet, and we will come back to you shortly with not only that, but also the impact of the significant breakeven point reductions that we are taking today and come back with a more holistic story the next time we speak.

因此，我們確實預計 23 年將是一個重要的增長年。我們今天還沒有準備好給出一個指導範圍，我們很快就會回到你身邊，不僅如此，還有我們今天採取的顯著盈虧平衡點減少的影響，並帶著一個更全面的故事回來下次我們說話。

Okay. That's clear. And I guess, same question as it relates to gross margin. You talked about previously about getting to a positive gross margin by the end of 2023, is that still on the table or to be determined?

好的。這很清楚。我想，同樣的問題與毛利率有關。您之前談到要在 2023 年底之前實現正毛利率，這是否仍在討論中或有待確定？

Yeah, that's our goal. And I can tell you with the actions we're taking, we're committing to serve our customers and grow our business. But obviously, recognizing the macro, we're being prudent in how we invest in our business. Those actions will lower our breakeven point.

是的，那是我們的目標。我可以通過我們正在採取的行動告訴您，我們致力於為客戶服務並發展我們的業務。但顯然，認識到宏觀，我們在如何投資我們的業務方面是謹慎的。這些行動將降低我們的盈虧平衡點。

So, I think our goals remain the same, and we'll come back to you with more details when we speak the next time. But you should anticipate that with the new plan we have, we'll be able to hit the profitability milestones at a lot lower revenue levels than in the past.

所以，我認為我們的目標保持不變，我們會在下次談話時向您提供更多詳細信息。但是你應該預料到，通過我們的新計劃，我們將能夠以比過去低得多的收入水平達到盈利里程碑。

Okay. That is good to hear. Thinking about all of the verticals, and you touched a little bit on this in your remarks, is it fair to say that multifamily is becoming the most resilient or economically non-sensitive of the market, certainly compared to the traditional office building space?

好的。這是個好消息。考慮到所有垂直領域，並且您在發言中略微提到了這一點，與傳統辦公樓空間相比，可以說多戶家庭正在成為市場中最具彈性或對經濟不敏感的市場嗎？

Yeah. So, office, I think the need for total capacity office is in question to say it mildly, and to put it bluntly, probably there's an overcapacity of market right now with the current demand. A lot of people anticipated that post-pandemic everybody will come back, not everybody came back is number one. And second, the economy took a downturn. So, companies are actually giving up space.

是的。所以，辦公室，我認為對總容量辦公室的需求是有問題的，溫和地說，坦率地說，目前的需求可能是市場容量過剩。很多人都預料到疫情過後大家都會回來，並不是每個人都回來了。其次，經濟低迷。所以，公司實際上是在放棄空間。

But as I mentioned, there are some bright spots. The renovations will continue. For every one new building being built even in the upturn, there's 100 existing buildings and we do have a resilient renovation and repositioning business. And then there's not only a need for people to reposition, but also need to deal with some of the energy penalties that are coming up.

但正如我所提到的，有一些亮點。裝修將繼續進行。即使在經濟好轉時期，每建造一座新建築，就有 100 座現有建築，我們確實有彈性翻新和重新定位業務。然後人們不僅需要重新定位，還需要處理一些即將到來的能量損失。

So, we think that part of it will be strong. As I mentioned, life science is strong, but in spite of those overall macro for office is terrible. Multifamily and residential in general, there is a shortage of housing and not enough homes are being built to deliver to the broader trends, for example, urbanization.

所以，我們認為這部分會很強大。正如我提到的，生命科學很強大，但儘管如此，辦公室的整體宏觀環境還是很糟糕。一般來說，多戶住宅和住宅住房短缺，而且建造的房屋數量不足以應對更廣泛的趨勢，例如城市化。

So, you will see multifamily being built. That sector too will have haves and have-nots with the interest rates and the and the funding environment in real estate. But we feel fortunate that we have a set of customers and pipeline of projects where these projects will likely be built and will be built, and we're well positioned to access that segment in this next cycle.

因此，您會看到正在建造的多戶住宅。該部門也將在利率和房地產融資環境方面有得有失。但我們感到幸運的是，我們有一組客戶和項目管道，這些項目可能會在這些項目中構建，並且我們有能力在下一個週期中訪問該部分。

Okay. And then lastly, maybe back to what you said regarding the Inflation Reduction Act. So, the tax credit eligibility of the product is pretty clear. Is the fact that bank lending may be impaired for all kinds of construction initiatives this year for obvious reasons, will that make it more difficult for prospective customers to monetize the tax credit that they would be eligible for? Is that one of the headwinds that we're facing?

好的。最後，也許回到你所說的關於《通貨膨脹減少法案》的內容。因此，該產品的稅收抵免資格非常明確。由於明顯的原因，今年銀行貸款可能會因各種建設計劃而減值，這是否會使潛在客戶更難以將他們有資格獲得的稅收抵免貨幣化？這是我們面臨的不利因素之一嗎？

I don't think so Pavel. So, first of all, whether a project gets built or not is, it's above our [pay grade]. So, let's say it's a $300 million project, they have to go get X amount of equity and Y amount of debt. But once they have that, in any given market, there may be multiple buildings being built. There's still an anxiety about not only whether the building gets rented, but at what rate does it get rented.

我不這麼認為，帕維爾。因此，首先，無論項目是否建成，它都高於我們的[薪酬等級]。所以，假設這是一個 3 億美元的項目，他們必須獲得 X 數額的股權和 Y 數額的債務。但是一旦他們擁有了，在任何給定的市場中，可能都會建造多座建築物。人們仍然擔心，不僅建築物是否被出租，而且出租率是多少。

And in that sense, the best building always gets either rented or rented at the best rates. So, people are looking for ways to differentiate. And as we might have talked about last time, what the tax credit does is it allows the owner to put this amenity in for essentially the same cost in some cases lower than they would have with traditional windows. So, to the extent they're going to build a building at all, we're well positioned from a tax credit point of view.

從這個意義上說，最好的建築總是以最優惠的價格出租或出租。因此，人們正在尋找差異化的方法。正如我們上次可能談到的那樣，稅收抵免的作用是允許業主以基本相同的成本安裝這種便利設施，在某些情況下，成本低於傳統窗戶。因此，就他們要建造建築物的程度而言，從稅收抵免的角度來看，我們處於有利地位。

The other thing we should have mentioned is the product itself has evolved. We wouldn't have been able to make this transition from office to multifamily, if not for the fact that we engineered our product over the last couple of years in terms of, as you know, residential has operable sliding doors, swinging doors, bifolds. We have power transfers for that. We have the ability to run electronics in a apartment setting in terms of where the central controls are located versus the windows. And then finally, the consumer apps.

我們應該提到的另一件事是產品本身已經發展。如果不是因為我們在過去幾年中設計了我們的產品，如您所知，住宅有可操作的推拉門、旋轉門、雙折門，我們就無法實現從辦公室到多戶家庭的轉變.我們為此進行了電力傳輸。根據中央控制裝置與窗戶的位置，我們有能力在公寓環境中運行電子設備。最後是消費者應用程序。

So, the product is ready, our ability to execute in that market is ready. We now have the owner relationships. These tend to be large fleets, people with repeat buys that have tens of thousands of apartments across the country. And all of the leading developers are looking to build more sustainable spaces that are more experiential that a resident would want to be in.

因此，產品已準備就緒，我們在該市場的執行能力也已準備就緒。我們現在有了所有者關係。這些往往是大型車隊，重複購買的人在全國擁有數万套公寓。所有領先的開發商都在尋求建造更具可持續性的空間，這些空間更具居民想要的體驗。

Yes, they save some money in energy. So, it obviously helps at this moment. But importantly, it helps them differentiate their property. So, for those reasons as long as the project is being built, View is well positioned with the tax credit.

是的，他們在能源方面節省了一些錢。所以，它顯然在這一刻有幫助。但重要的是，它可以幫助他們區分自己的財產。因此，由於這些原因，只要項目還在建設中，View 就可以享受稅收抵免。

Okay. Let me squeeze in one more. You had several recent announcements about the airport market, which by definition is publicly financed. So, we're not nearly as economically sensitive as private-sector construction. What role do you envision publicly financed projects, including airports playing in your revenue mix this year compared to previous years?

好的。讓我再擠一個。你最近發布了幾項關於機場市場的公告，根據定義，機場市場是公共資助的。因此，我們在經濟上的敏感性不如私營部門的建設。與往年相比，您認為今年公共資助項目（包括機場）在您的收入組合中扮演什麼角色？

Yeah. Great question. So, airports, for example, healthcare, we talked about, we have a number of projects in that sector as well. These are very resilient in downturns. I mean, as airports tend to be public works projects, there's FAA funding. There's broadly infrastructure funding in the US that came out of the stimulus that is still being spent.

是的。很好的問題。因此，我們談到了機場，例如醫療保健，我們在該領域也有許多項目。這些在經濟低迷時期非常有彈性。我的意思是，由於機場往往是公共工程項目，所以有美國聯邦航空局的資助。美國有廣泛的基礎設施資金，這些資金來自仍在花費的刺激措施。

Every major airport, I'm sure, as you're traveling, you'll see construction both in renovation of existing terminals and expansion. And it's also great that not only they are expanding the two things that every airport director looks for are the two things we provide which is a passenger experience and they're instructed by airlines telling them a better on-the-ground passenger experience leads to a better in-the-air experience for the airline.

每個主要機場，我敢肯定，當你旅行時，你會看到現有航站樓的翻新和擴建。同樣很棒的是，他們不僅擴大了每個機場主管所尋找的兩件事，而且我們提供的兩件事是乘客體驗，航空公司指示他們告訴他們更好的地面乘客體驗會導致為航空公司提供更好的空中體驗。

So, they're looking for airports to build better facilities, but also, they're looking to be sustainable. So, since we serve both of those, not only were we winning with some premium in the past, remember now the tax credit applies to these non-tax paying entities as well in the new legislation because the tax credit allows them to get a rebate check back from the IRS and in the private sector where they may not have a tax burden, you can sell the credit.

因此，他們正在尋找機場來建造更好的設施，同時，他們也在尋求可持續發展。因此，由於我們為這兩者提供服務，我們不僅在過去贏得了一些溢價，請記住現在稅收抵免適用於這些非納稅實體以及新立法，因為稅收抵免允許他們獲得退稅從美國國稅局核實，在他們可能沒有稅收負擔的私營部門，您可以出售信貸。

And so, that's why this cycle for not only View, but all sustainable products that are included in the investment tax credit is very strong because it applies to private sector as well as public sector. And to your point, we were already well positioned in airports. So, we expect to do quite well in that sector.

因此，這就是為什麼這個週期不僅適用於 View，而且適用於投資稅收抵免中的所有可持續產品都非常強大，因為它適用於私營部門和公共部門。就您而言，我們已經在機場做好了準備。因此，我們希望在該領域做得很好。

All right. I'll leave it there. Thank you, guys.

好的。我會把它留在那裡。感謝你們。

And we have reached the end of our question-and-answer session. I'll now turn the call back over to Rao Mulpuri closing remarks.

我們的問答環節已經結束。我現在將電話轉回 Rao Mulpuri 的結束語。

Thank you all for joining the call today. 2022 was a record year for View, and I'm extremely proud of the View team and what we've accomplished so far. 2023 will be an exciting year for the company as we focus on our operational efficiency and continue to grow the topline. I look forward to speaking with you all again on our Q1 2023 earnings call. Thank you.

感謝大家今天加入電話會議。 2022 年是 View 創紀錄的一年，我為 View 團隊以及我們迄今為止所取得的成就感到非常自豪。 2023 年對公司來說將是激動人心的一年，因為我們專注於運營效率並繼續增加收入。我期待在我們的 2023 年第一季度財報電話會議上再次與大家交談。謝謝。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時你們可以掛斷電話。感謝您的參與。