View Inc (VIEW) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Views' first quarter 2023 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Samuel Meehan, Head of Investor Relations. Have a great day.

美好的一天，感謝您的支持。歡迎參加 Views 2023 年第一季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想將會議交給投資者關係主管塞繆爾·米漢 (Samuel Meehan)。祝你有美好的一天。

Good afternoon, everyone, and welcome to Views' first quarter 2023 earnings call. I'm Samuel Meehan, Head of Investor Relation at View. I'm here with Dr. Rao Mulpuri, our CEO; and Amy Reeves, our CFO.

大家下午好，歡迎參加 Views 的 2023 年第一季度財報電話會議。我是 View 投資者關係主管 Samuel Meehan。我和我們的首席執行官 Rao Mulpuri 博士一起來到這裡。以及我們的首席財務官艾米·里夫斯 (Amy Reeves)。

Before we begin, I'd like to remind you that after market closed today, View issued a press release announcing its first quarter 2023 financial results. It may access this press release in the Investor Relations section of view.com. 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 those forward-looking statements.

在開始之前，我想提醒您，今天收盤後，View 發布了一份新聞稿，宣布了 2023 年第一季度的財務業績。可以在 view.com 的投資者關係部分訪問本新聞稿。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. 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.

這些前瞻性陳述涉及風險和不確定性，其中許多風險和不確定性超出了我們的控制範圍，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。有關可能導致實際結果不同的某些因素的更詳細說明，請參閱我們向 SEC 提交的文件，包括我們最新的 10-K 表年度報告和後續文件，包括 10-Q 表季度報告。

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

我想提醒您，在電話會議期間，我們將討論與 Views 業績相關的某些非 GAAP 指標。您可以在新聞稿中找到這些指標與最接近的可比 GAAP 指標的對照表。

Now I will turn the call over to our CEO, Dr. 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 博士。拉奧，交給你了。

Thank you, Samuel, and thank you, all for joining us this afternoon. In our prepared remarks, I'll address important developments since our last call, and Amy will go into details on the financial performance of the business. I'll cover the macro environment and the real estate industry dynamics as they relate to View in terms of challenges and our opportunities; then I'll cover how we're navigating this environment, specifically, our strategy to reach profitability, including our go-forward cost structure and enhanced go-to-market approach.

謝謝塞繆爾，謝謝大家今天下午加入我們。在我們準備好的發言中，我將討論自上次通話以來的重要進展，艾米將詳細介紹公司的財務業績。我將介紹宏觀環境和房地產行業動態，因為它們與我們的挑戰和機遇有關。然後我將介紹我們如何應對這種環境，特別是我們實現盈利的戰略，包括我們的未來成本結構和增強的進入市場方法。

First, on the macro. The real estate industry is going through significant changes and our customers are contending with two main issues. One, the office sector has been under stress in every market; and two, higher interest rates and the lack of availability of credit. But given View is leading a secular trend and we're at a very low market share at the moment, Views' journey is less about the macro, but more about the underlying dynamics that drive the adoption of smart windows. Despite these challenges, there's plenty of opportunity in the market for View, and we expect to continue to gain market share through the cycle.

首先，關於宏觀。房地產行業正在經歷重大變化，我們的客戶面臨兩個主要問題。第一，辦公樓行業在各個市場都面臨著壓力；第二，更高的利率和缺乏信貸。但鑑於 View 正在引領長期趨勢，而我們目前的市場份額非常低，Views 的旅程與宏觀因素無關，而更多地與推動智能窗戶採用的潛在動力有關。儘管面臨這些挑戰，View 市場仍然存在大量機會，我們預計將在整個週期中繼續獲得市場份額。

Now turning to the office segment, while the overall demand for office is bad, tenants that are renewing leases are moving to new spaces are demanding that the offices be top spec and highly amenitized in order to make it attractive for their employees to come into the office and do their best work. Class A office is doing better, and Class B and C offices are suffering the worst.

現在轉向寫字樓領域，雖然寫字樓的整體需求不佳，但續簽租約並搬到新空間的租戶要求寫字樓必須是頂級規格且設施齊全，以吸引員工進入辦公室並儘最大努力工作。 A級寫字樓表現較好，B級和C級寫字樓表現最差。

This flight to quality drives adoption of new smart windows since they provide a superior occupant experience. Building owners are also under pressure to comply with regulations around climate change, and View provides the perfect combination of a better building for the occupants and a better building for the planet.

這種對質量的追求推動了新型智能窗戶的採用，因為它們提供了卓越的居住體驗。建築業主還面臨著遵守有關氣候變化的法規的壓力，而 View 提供了為居住者提供更好的建築和為地球提供更好的建築的完美結合。

Now regarding other real estate verticals. As we have noted in prior calls, it's a well-known fact that there continues to be a shortage of housing across the US, and we have a significant pipeline of projects in the multifamily map.

現在談談其他房地產垂直領域。正如我們在之前的電話會議中指出的那樣，眾所周知的事實是，美國各地的住房仍然短缺，而且我們在多戶住宅地圖上擁有大量項目。

Now, as you know, we are in a number of notable US airports, and continue to grow with repeat business in both renovations and terminal expansions in existing airports as well as additional new airports. We also have significant installations in hospitals and medical office buildings across North America, both of these institutional segments are much more resilient in this cycle compared to commercial real estate.

現在，如您所知，我們在美國許多著名機場都有業務，並在現有機場以及其他新機場的翻修和航站樓擴建方面不斷擴大重複業務。我們還在北美各地的醫院和醫療辦公樓安裝了大量設施，與商業房地產相比，這兩個機構部門在此週期中的彈性要大得多。

Now let me describe our go-forward strategy and path to profitability. As we announced on our last earnings call, we took actions that we expect will reduce our annual structural fixed costs by approximately $50 million. We completed these actions in the first quarter of 2023. It's important to note that these savings start to become effective in Q2 2023 and are above and beyond the year-over-year improvements we realized in our first quarter 2023 financial results.

現在讓我描述一下我們的前進戰略和盈利之路。正如我們在上次財報電話會議上宣布的那樣，我們採取的行動預計將使我們的年度結構性固定成本減少約 5000 萬美元。我們在 2023 年第一季度完成了這些行動。值得注意的是，這些節省將於 2023 年第二季度開始生效，並且超出了我們在 2023 年第一季度財務業績中實現的同比改進。

I'd like to provide more details into the realigned cost structure of the business and our go-forward strategy. First, regarding our factory fixed costs. As you know, we've had to create a very unique supply chain, moving from an ordinary window to a high-tech connected smart skin for the building. That required us to make substantial investments in capacity and years of iterative process improvements. Through the hard work and dedication of our team, our manufacturing process has now matured, and our factory is performing well with high quality and on-time delivery for our customers.

我想提供有關重新調整的業務成本結構和我們的前進戰略的更多詳細信息。首先，關於我們工廠的固定成本。如您所知，我們必須創建一個非常獨特的供應鏈，從普通的窗戶轉向建築物的高科技互聯智能表皮。這要求我們對能力進行大量投資，並進行多年的迭代流程改進。經過我們團隊的辛勤工作和奉獻，我們的製造工藝現已成熟，我們的工廠表現良好，為客戶提供高質量和準時交貨。

In the first quarter of 2023, we adjusted our supply chain process capacity and overhead costs and rationalize them to reflect our improved operational performance, resulting in higher efficiency and lower fixed costs. Also, in Q1, we made significant strides in transitioning from our smart glass product to being more vertically integrated with the smart building platform, which allows us to optimize for the overall system performance rather than just the components.

2023年第一季度，我們調整了供應鏈流程產能和間接成本，並對其進行了合理化，以反映我們改進的運營績效，從而提高了效率並降低了固定成本。此外，在第一季度，我們在從智能玻璃產品過渡到與智能建築平台更加垂直集成方面取得了重大進展，這使我們能夠優化整體系統性能而不僅僅是組件。

This change is significant in that it removes inefficiencies across manufacturing and supply chains, and allows us to deliver more efficiently for our customers while also reducing our cost of delivery per project. Putting it all together, we believe the current factory and delivery infrastructure we have already built will allow the company to scale to profitability.

這一變化意義重大，因為它消除了製造和供應鏈的低效率，使我們能夠更高效地為客戶交付產品，同時還降低了每個項目的交付成本。總而言之，我們相信我們目前已經建成的工廠和交付基礎設施將使公司能夠擴大規模並實現盈利。

Second, onto R&D. As we have mentioned on prior calls, we are now in our fourth-generation product. That transition was completed last year, and it has been met with terrific feedback from customers on neutral color, aesthetics, and visual quality. We also recently completed R&D of our next-generation network that is more secure, lower cost, and easier to install. This is an area that effectively tracks Moore's Law in taking advantage of the benefits of continued cost reductions in semiconductors and circuit design. The completion of both of these initiatives allowed us to reduce R&D expenses substantially. Gen4 is now our mainstream product, and we intend to get to profitability in this product.

其次，注重研發。正如我們在之前的電話中提到的，我們現在已經推出了第四代產品。這一轉變已於去年完成，並得到了客戶對中性色彩、美觀和視覺質量的極好的反饋。我們最近還完成了下一代網絡的研發，該網絡更安全、成本更低、更易於安裝。這是一個有效遵循摩爾定律的領域，可以利用半導體和電路設計成本持續降低的優勢。這兩項舉措的完成使我們能夠大幅減少研發費用。 Gen4現在是我們的主流產品，我們打算通過這個產品實現盈利。

Now, let me talk about sales and marketing. First, regarding marketing, our customers are the best promoters of our product. With major installations in each of the key US markets, awareness of our product has gone up significantly in the last year. This allows us to be more efficient with our marketing spend going forward.

現在，讓我談談銷售和營銷。首先，在營銷方面，客戶是我們產品最好的推廣者。去年，隨著美國各個主要市場的大規模安裝，我們產品的知名度顯著提高。這使我們能夠更加高效地開展未來的營銷支出。

Next onto the sales effort, while we spent the last few years getting reference installations and building awareness in key markets, we're now focused on what we call platform accounts. These are customers who have large portfolios of buildings and are constantly building and renovating. Instead of treating each building as a separate decision, our customers are increasingly choosing View as a design standard across their portfolios. These market-leading customers also tend to be more sustainability focused, and equally importantly, have the ability to invest in up markets and down markets.

接下來是銷售工作，雖然我們在過去幾年中一直在關鍵市場上獲得參考安裝並建立知名度，但我們現在專注於所謂的平台帳戶。這些客戶擁有大量建築物並不斷建造和翻新。我們的客戶不再將每棟建築視為單獨的決策，而是越來越多地選擇 View 作為其產品組合的設計標準。這些市場領先的客戶也往往更加註重可持續發展，同樣重要的是，有能力投資高端市場和低端市場。

Once we penetrate these accounts, we also enjoy significant repeat business. This makes the selling effort a lot more efficient, effectively reducing our customer acquisition costs. So, putting it all together, the maturation of our manufacturing processes and ramp-up, combined with a product that is fully developed and ready for the mainstream, and a sales effort that's focused on platform customers gives us a more efficient cost structure.

一旦我們滲透到這些客戶中，我們也能獲得大量的回頭客業務。這使得銷售工作更加高效，有效降低了我們的客戶獲取成本。因此，總而言之，我們的製造工藝和產能的成熟，加上已完全開發並準備好進入主流的產品，以及專注於平台客戶的銷售工作，為我們提供了更高效的成本結構。

We've also been very thoughtful about the go-forward structure of the business. And today, we believe we have the infrastructure in place to achieve profitable scale. Specifically, we plan on holding our fixed costs at this level until we achieve profitability. In total, these reductions represent a significantly lower fixed cost structure to the business and set up lower breakeven points for both gross margin positive and EBITDA positive.

我們還對業務的未來結構進行了深思熟慮。今天，我們相信我們擁有實現盈利規模的基礎設施。具體來說，我們計劃將固定成本保持在這一水平，直到實現盈利。總的來說，這些削減意味著業務的固定成本結構顯著降低，並為正毛利率和正 EBITDA 設定了較低的盈虧平衡點。

Turning to the revenue side of the business. Last year, we did $100 million in revenue, which was a significant milestone for the company. It's worth pointing out that this was achieved prior to the investment tax credit being enacted. Historically, our customers paid a significant premium for smart windows. Going forward, the tax credit removed that premium making the smart window about the same cost as a traditional window. As a result, the smart window can now be incorporated cost effectively across a bigger spectrum of our customers' portfolios.

轉向業務的收入方面。去年，我們的收入達到了 1 億美元，這對公司來說是一個重要的里程碑。值得指出的是，這是在投資稅收抵免頒布之前實現的。從歷史上看，我們的客戶為智能窗戶支付了很高的溢價。展望未來，稅收抵免消除了這一溢價，使得智能窗戶的成本與傳統窗戶大致相同。因此，智能窗戶現在可以經濟有效地整合到我們更大範圍的客戶產品組合中。

We're seeing a significant uptick in customer interests, and we anticipate this momentum will drive our demand growth going forward. As we mentioned on our last call, we have a committed backlog for 2023 that already exceeds 2022 revenues. Today, we are guiding our 2023 revenue outlook to be in the range of $125 million to $150 million, or a growth of 36% at the midpoint of the range.

我們看到客戶興趣顯著上升，我們預計這種勢頭將推動我們未來的需求增長。正如我們在上次電話會議中提到的，我們承諾的 2023 年積壓訂​​單已經超過 2022 年的收入。今天，我們將 2023 年收入展望定在 1.25 億美元至 1.5 億美元之間，即該範圍中值增長 36%。

Now onto some details about the investment tax credit. ITC for smart windows was enacted on January 1. And today, customers are able to get it vastly superior window for around the same cost as a traditional window. At the same time, View is able to capture higher value and better profit margins per project.

現在介紹有關投資稅收抵免的一些細節。針對智能窗戶的 ITC 於 1 月 1 日頒布。如今，客戶能夠以與傳統窗戶大致相同的成本獲得性能優越的窗戶。同時，View 能夠為每個項目獲取更高的價值和更好的利潤率。

This quarter, we made substantial progress educating the industry on ITC, and putting key operational building blocks in place for our customers. View established an insurance program to support our customers and enable the guarantee of the tax credit for qualifying projects. We believe with these building blocks in place for the investment tax credit, we will see a rapid acceleration of customers benefiting from the smart window ITC.

本季度，我們在 ITC 行業教育方面取得了實質性進展，並為客戶建立了關鍵的運營構建模塊。 View 建立了一個保險計劃來支持我們的客戶並為符合條件的項目提供稅收抵免保證。我們相信，隨著這些投資稅收抵免的構建模塊到位，我們將看到越來越多的客戶從智能窗戶 ITC 中受益。

Finally, today, we announced that we're pursuing a $150 million financing. As you know, we closed a $200 million financing last year, that was led by RXR and other strategic real estate investors. We're currently in discussions with our existing noteholders and shareholders regarding today's announced financing. Given the progress we made this quarter in lowering our structural fixed costs and lower breakeven point, our strategy is that with this financing, we get the company to profitability.

最後，今天，我們宣布正在尋求 1.5 億美元的融資。如您所知，我們去年完成了 2 億美元的融資，由 RXR 和其他戰略房地產投資者領投。我們目前正在與現有票據持有人和股東就今天宣布的融資進行討論。鑑於本季度我們在降低結構性固定成本和降低盈虧平衡點方面取得的進展，我們的策略是通過這筆融資，讓公司實現盈利。

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負責財務。艾米，交給你了。

Thank you, Rao, and good afternoon. Everyone. I will be covering the financial results for the first quarter of 2023. 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.

謝謝拉奧，下午好。每個人。我將介紹 2023 年第一季度的財務業績。在我們開始時，請注意，除非另有說明，我的評論指的是塞繆爾在電話會議開始時描述的非 GAAP 運營業績。請參閱我們新聞稿中的非公認會計原則調節表。

For the quarter, we reported revenue of $18 million, which represents an 8% year-over-year increase from Q1 2022, primarily due to growth in our smart building platform product, as we continue our momentum to strategically shift to this line of business. We expect to continue to see this shift throughout 2023, as we focus on the development of relationships with high quality customers and our differentiated approach to supporting their projects.

本季度，我們報告收入為 1800 萬美元，較 2022 年第一季度同比增長 8%，這主要是由於我們的智能建築平台產品的增長，同時我們繼續戰略性轉向該業務線的勢頭。我們預計在 2023 年將繼續看到這種轉變，因為我們專注於發展與優質客戶的關係以及我們支持他們的項目的差異化方法。

Our Q1 2023 non-GAAP cost of revenues decreased 1% year-over-year, reflecting the benefit of cost savings initiatives put in place in our factory during 2022, and lower levels of inventory impairments, which more than offset the increased cost of delivery of our smart building platform products associated with the higher revenues.

我們的 2023 年第一季度非 GAAP 收入成本同比下降 1%，反映出我們工廠在 2022 年實施的成本節約舉措的好處，以及庫存減值水平的降低，這足以抵消增加的交付成本我們的智能建築平台產品與更高的收入相關。

Cost of revenues continued to improve as a percentage of revenues, reflecting the benefit of growing revenues over the company's fixed manufacturing costs and the favorable mix shift to our smart building platform product. We expect to see continued leverage in our gross margin as we grow our revenues, improve our operational efficiencies, and realize the impact of our lower structural fixed costs through the additional measures that Rao discussed earlier. As a result, we expect that gross margin as a percentage of revenues will continue to improve during 2023, both as compared to 2022 and sequentially each quarter this year.

收入成本佔收入的百分比持續改善，反映出收入增長相對於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變。隨著我們收入的增長、運營效率的提高以及通過 Rao 之前討論的額外措施實現較低的結構性固定成本的影響，我們預計我們的毛利率將繼續發揮槓桿作用。因此，我們預計 2023 年毛利率佔收入的百分比將繼續改善，無論是與 2022 年相比還是今年每個季度的連續改善。

Turning to operating expenses. View incurred $12 million in non-GAAP research and development expense in Q1 2023, a year-over-year decrease of 40%. This decrease was primarily driven by the completion of certain R&D projects as well as the realization of cost savings initiatives that we put in place in late 2022.

轉向運營費用。 View 2023 年第一季度的非 GAAP 研發費用為 1200 萬美元，同比下降 40%。這一下降主要是由於某些研發項目的完成以及我們在 2022 年底實施的成本節約計劃的實現。

We incurred $16 million in non-GAAP SG&A expenses in Q1 2023, which decreased 39% year-over-year, reflecting lower spend on accounting and legal fees following the completion of our restatement in the second half of 2022, as well as lower sales and marketing expenses following our cost savings initiatives that we put in place in late 2022. We expect to see even lower quarterly R&D and SG&A expense beginning in the second quarter of 2023, as we further realize the cost savings that we put in place in March, which Rao discussed earlier.

2023 年第一季度，我們的非 GAAP SG&A 費用為 1600 萬美元，同比下降 39%，反映出我們在 2022 年下半年完成重述後會計和法律費用的減少，以及銷售額的下降我們在 2022 年底實施的成本節約舉措之後的營銷費用。隨著我們進一步認識到 3 月份實施的成本節約，我們預計從 2023 年第二季度開始，季度研發和銷售及管理費用將更低，Rao 之前討論過。

For the first quarter of 2023, we reported net adjusted EBITDA loss of $43 million compared to $63 million in Q1 2022, reflecting the impact of our lower expenses. We expect to see continued improvement of our adjusted EBITDA loss this year.

2023 年第一季度，我們報告調整後 EBITDA 淨虧損為 4300 萬美元，而 2022 年第一季度為 6300 萬美元，反映了我們費用減少的影響。我們預計今年調整後的 EBITDA 虧損將繼續改善。

Now turning to cash. Cash used in operations for the first quarter of 2023 was $60 million, an $11 million improvement compared to $71 million in the first quarter of last year. We anticipate that our cash burn will continue to improve over the course of 2023, driven by leverage from higher revenues with our lower fixed cost structure following our recent cost savings initiatives that were put in place. As we previously mentioned, we expect that these actions will result in annualized savings of approximately $50 million.

現在轉向現金。 2023 年第一季度運營中使用的現金為 6000 萬美元，比去年第一季度的 7100 萬美元增加了 1100 萬美元。我們預計，在我們最近實施的成本節約舉措之後，我們的現金消耗將在 2023 年繼續改善，這得益於收入增加和固定成本結構降低的槓桿作用。正如我們之前提到的，我們預計這些行動每年將節省約 5000 萬美元。

We anticipate sequential improvements to our cash burn each quarter this year. Due to the cash impact of the restructuring in the second quarter, we will fully realize the impact to our cash burn beginning in the third quarter. We ended the quarter with $130 million of cash, cash equivalents, and short-term investments, compared to $198 million at the end of -- as of December 31, 2020.

我們預計今年每個季度的現金消耗都會持續改善。由於第二季度重組對現金的影響，我們將從第三季度開始充分意識到對現金消耗的影響。截至本季度末，我們的現金、現金等價物和短期投資為 1.3 億美元，而截至 2020 年 12 月 31 日末的現金、現金等價物和短期投資為 1.98 億美元。

We believe our cash and short-term investments on hand should be sufficient to fund our currently anticipated operating and capital requirements into, but not through the third quarter of 2023. In light of this cash need, and as Rao, mentioned earlier on the call, we are actively pursuing a $150 million financing to strengthen our balance sheet and support us as we progress on our path to profitability.

我們認為，我們現有的現金和短期投資應該足以滿足我們目前預期的運營和資本需求，但不能持續到 2023 年第三季度。鑑於這種現金需求，正如 Rao 在電話會議中之前提到的那樣，我們正在積極尋求 1.5 億美元的融資，以加強我們的資產負債表並支持我們在盈利之路上取得進展。

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

接線員，接下來我們將開始提問。

(Operator Instructions) Pavel, Raymond James.

（操作員說明）Pavel，Raymond James。

Thanks for taking the question. Let me start with the tax credit and insurance protocol that you have created. Can you be a little more precise, what is being insured, and what is View's role in providing that service?

感謝您提出問題。讓我從您創建的稅收抵免和保險協議開始。您能否更準確地說明一下，投保的對像是什麼？View 在提供該服務中扮演的角色是什麼？

Yeah. Pavel, thank you for that. So, as you know, the tax credit is a 30% to 50% credit. And we -- most of our projects qualify for 40% credit, because we are a domestic manufacturer as well. So, there's a 10% kicker for domestic manufacturing. And then in certain brownfield or energy community properties, you can get up to 50%. There is a way you estimate the percent of the project that covers for the tax credit, and that estimate is based on our interpretation of how the law is written. The regs are still coming out. The regulations for broadly the entire Section 48 tax credit is still coming out from the IRS.

是的。帕維爾，謝謝你。所以，如您所知，稅收抵免是 30% 到 50% 的抵免。我們的大多數項目都有資格獲得 40% 的信貸，因為我們也是一家國內製造商。因此，國內製造業有 10% 的提升空間。然後，在某些棕地或能源社區地產中，您可以獲得高達 50% 的收益。有一種方法可以估算稅收抵免的項目百分比，該估算基於我們對法律制定方式的解釋。法規仍在出台中。整個第 48 條稅收抵免的規定仍由美國國稅局 (IRS) 制定。

As you know, you saw some clarifications around EVs and so on, so they're getting around to different aspects of the energy tax codes. And we expect those to come out later this year. But in the meantime, our customers are making investment decisions and they're looking for further clarity. And as you know, there's an industry of legal firms, accounting firms, insurance firms, that are well versed in this subject, given the subject of tax credits itself is not new.

如您所知，您看到了有關電動汽車等的一些澄清，因此他們正在討論能源稅法規的不同方面。我們預計這些產品將在今年晚些時候推出。但與此同時，我們的客戶正在做出投資決策，他們正在尋求進一步的明確性。如您所知，鑑於稅收抵免主題本身並不新鮮，有一個由律師事務所、會計師事務所、保險公司組成的行業，他們精通這一主題。

And so, what we have in place is a program where we can guarantee the credit for our customers. And we have third party insurance that backs our guarantee. So, imagine a project where a customer may be making a $30 million investment in smart windows, and they expect to get a $12 million tax credit, that credit and the availability of that credit at the time the project is put in service, which will be sometime in the future. But they're making the investment decision today is being guaranteed by our program.

因此，我們制定了一個可以保證客戶信用的計劃。我們有第三方保險來支持我們的保證。因此，想像一個項目，客戶可能在智能窗戶上投資 3000 萬美元，他們希望獲得 1200 萬美元的稅收抵免，該抵免以及該抵免在項目投入使用時的可用性，這將是在未來的某個時候。但他們今天做出的投資決定是由我們的計劃保證的。

Right. And given that you're essentially taking this potential liability on your balance sheet. Have you estimated the company could be on the hook for X dollars, for example, based on 2023 sales that you're guiding to?

正確的。考慮到您實際上是在資產負債表上承擔這種潛在的責任。例如，根據您指導的 2023 年銷售額，您是否預計該公司可能會面臨 X 美元的損失？

Yes. So, we're actually not taking it on our balance sheet. We have an insurance policy that covers the guarantee, and there is a small fee paid for that, that's pretty common in these types of situations. We would still get the full revenue and the benefit of it, and it's backed by a third party insurer.

是的。所以，我們實際上並沒有把它記入我們的資產負債表上。我們有一份涵蓋擔保的保險單，並為此支付少量費用，這在此類情況下很常見。我們仍然可以獲得全部收入和收益，並且它得到第三方保險公司的支持。

Okay. Let me turn to the guidance. Good to see you reinstating revenue guidance for the year. I remember six months ago, when you gave initial 2023 guidance, you indicated that some kind of expectation for gross margin turning positive before the end of 2023. What's the latest, in terms of when you think gross margin can get above zero?

好的。讓我談談指導。很高興看到您恢復了今年的收入指導。我記得六個月前，當您給出 2023 年初步指導時，您表示對 2023 年底前毛利率將轉為正值的某種預期。您認為毛利率何時可以高於零，最新情況是什麼？

Yeah. So, Pavel, traditionally, we have focused on growth as an antidote to burn. And that meant higher volumes mean faster path to profitability, that would be true for any business that has a very high amount of fixed cost. And as you know, volume gives us the accretive benefit of getting to profitability.

是的。所以，帕維爾，傳統上，我們關注增長作為燃燒的解毒劑。這意味著更高的銷量意味著更快的盈利之路，對於任何固定成本非常高的企業來說都是如此。如您所知，銷量為我們帶來了盈利的增值效益。

The new strategy we have is one where we're focused on the higher quality business by way of better margins. And we're expanding the margins with all of the things we talked about, which is putting the tax credit into operation, taking the fully vertical system of smart building platform that allows us to deliver more value and capture more value, and running our infrastructure a lot more efficiently. All of that means we're able to capture better margin per square foot shipped, for example.

我們的新戰略是通過提高利潤來專注於更高質量的業務。我們正在通過我們談論的所有事情來擴大利潤，即將稅收抵免投入運營，採用智能建築平台的完全垂直系統，使我們能夠提供更多價值並獲取更多價值，並運行我們的基礎設施效率更高。例如，所有這些意味著我們能夠獲得更好的每平方英尺發貨利潤。

On the cost side, as you know, not only in our delivery cost, which is manufacturing supply chain and our support in the field of fulfilling our commitments to our customers, but also in R&D, sales and marketing, and G&A having reduced our breakeven points. You will see that we're able to get to gross margin positive and EBITDA positive at lower volume levels, and also lower revenue levels than we had planned in the past. So, this is a realigned strategy that's focused on the right kind of customers and projects, while delivering in a more efficient way than we thought we could a year ago.

在成本方面，如您所知，不僅在我們的交付成本（即製造供應鏈）以及我們在履行對客戶承諾方面的支持方面，而且在研發、銷售和營銷以及一般行政費用方面也降低了我們的盈虧平衡點點。您會發現，我們能夠以較低的銷量水平實現正毛利率和正 EBITDA，並且收入水平也低於我們過去計劃的水平。因此，這是一個重新調整的戰略，專注於正確的客戶和項目，同時以比我們一年前想像的更有效的方式交付。

The net impact of that is we will get very, very close, if not right around gross margin positive by the end of this year. So, we're keeping the timeline to get there. But we've created a strategy where we're able to capture better value in getting there. Now whether we get slightly positive, slightly negative, right around gross margin depends on the mix of projects we'll have in a given quarter. But our timeline to achieve profitability remains about the same as we thought we did six months ago.

其淨影響是，到今年年底，我們將非常非常接近（即使不是正好）毛利率為正值。因此，我們會嚴格遵守時間表以實現這一目標。但我們已經制定了一項戰略，使我們能夠在實現這一目標的過程中獲得更好的價值。現在，我們的毛利率是否會略有上升，是否會略有下降，取決於我們在給定季度的項目組合。但我們實現盈利的時間表與六個月前的預期大致相同。

Okay. And then maybe finally, I'll ask about the proposed convertible offering, $150 million that you announced today. Your last convert, or I should say your first and only convert thus far, of course was with the strategic partner RXR. Do you envision a similar kind of arrangement for this convert or are you aiming more for traditional financial investors, or too early to say?

好的。最後，我可能會問一下您今天宣布的 1.5 億美元的擬議可轉換發行。您最後一次皈依，或者我應該說迄今為止您的第一次也是唯一一次皈依，當然是與戰略合作夥伴 RXR 合作。您是否為這種轉變設想了類似的安排，或者您的目標是更多地針對傳統金融投資者，或者現在說還為時過早？

I think it's a bit early to be specific. But let me tell you, as you know, the real estate industry largest asset class in the world is going through changes and will continue to go through massive changes, and that industry will be the benefactor of our product, our company, and companies like us being successful in the medium to long-term.

我認為現在說具體情況還為時過早。但讓我告訴你，正如你所知，房地產行業世界上最大的資產類別正在經歷並將繼續經歷巨大的變化，這個行業將成為我們的產品、我們的公司以及像這樣的公司的受益者。我們在中長期內取得成功。

Now within the industry, there are entities that manage not only portfolios of real estate, but have pockets of capital available to invest in emerging technologies and growth companies. And RXR is one of them. As we had announced in the last financing, we've had many others that have very similar thoughts in terms of change in the industry, and the change they're looking for, and the ability for them to fund and help develop companies like ours.

現在，在該行業內，有些實體不僅管理房地產投資組合，而且擁有大量資金可用於投資新興技術和成長型公司。 RXR就是其中之一。正如我們在上次融資中宣布的那樣，我們有許多其他人在行業變革、他們正在尋求的變革以及他們資助和幫助像我們這樣的公司發展的能力方面有非常相似的想法。

The beauty of that investor group is that they are operators. They get due diligence as a user of the product, and they get to support us as a user of the product in our iterative learning and enhancement. And having that investor base in the last round has been hugely beneficial to View, compared to our prior class of investors. In that, were able to get insights into the industry dynamics, how in interest rates are impacting their ability to invest, what subsegment is being more successful than not, how we should evolve our product and evolve the collective collaboration and designs.

該投資者群體的美妙之處在於他們是運營商。他們作為產品的用戶得到盡職調查，並且他們作為產品的用戶在我們的迭代學習和增強中支持我們。與我們之前的投資者相比，上一輪擁有這樣的投資者基礎對 View 來說是非常有利的。在此過程中，我們能夠深入了解行業動態、利率如何影響他們的投資能力、哪些細分市場更成功、我們應該如何改進我們的產品並改進集體協作和設計。

And for example, in one of the projects we worked on, we had 50 different sizes. We were able to bring it down to six sizes by working closely with them. That has enormous benefits in our manufacturing supply chain in on-time delivery, as well as in costs, and running our operation.

例如，在我們從事的一個項目中，我們有 50 種不同的尺寸。通過與他們密切合作，我們能夠將其縮小到六種尺寸。這對我們的製造供應鏈的準時交貨、成本和運營都有巨大的好處。

So to answer your question, I think we should expect that same group and class of investors to be heavily involved in this next financing, because they have the ability to diligence View story, and be confident about it, and frankly, help us succeed in the medium to long-term.

因此，為了回答你的問題，我認為我們應該期望同一群體和類別的投資者大量參與下一次融資，因為他們有能力勤奮查看故事，並對它充滿信心，坦率地說，幫助我們成功中長期。

Let me actually squeeze one more in. If we zoom out versus six months ago, again, when you gave original 2023 guidance, you talked, I guess it was in March, about the headwinds in commercial real estate more broadly. So now that you've had a little more time to kind of observe the macro landscape in real estate, how much different do you expect the sales mix or customer mix to be this year compared to '22 or '21, in terms of multi-family versus airport versus commercial high-rise?

讓我再多說一點。如果我們把範圍縮小到六個月前，那麼當您給出最初的 2023 年指導時，我猜是在 3 月份，您談到了更廣泛的商業房地產的逆風。因此，現在您已經有更多時間來觀察房地產的宏觀形勢，您預計今年的銷售組合或客戶組合與 22 或 21 年相比，在多方面有何不同？ -家庭、機場、商業高層建築？

Yeah, great questions. I'll have two points of View on that. Number one, from a macro and how it impacts real estate, our planning is not that this will turn around anytime soon. So, we are fully planning for an environment in which all sectors of real estate will be challenged for the next couple of years. Now that may not be true. But as a tech company serving the industry at a very low market share, we believe that that's a safe assumption for us, because if it grows from here and does better, that's upside.

是的，很好的問題。對此我有兩個觀點。第一，從宏觀及其對房地產的影響來看，我們的計劃並不是這種情況會很快好轉。因此，我們正在全面規劃未來幾年房地產所有領域都將面臨挑戰的環境。現在這可能不是真的。但作為一家以非常低的市場份額為該行業提供服務的科技公司，我們相信這對我們來說是一個安全的假設，因為如果它從這裡開始增長並做得更好，那就是上行空間。

In terms of segments, as you know, traditionally, we've been very strong in office, and life science and office-oriented projects. We've made that pivot -- started to make that pivot last year, and today, our largest pipeline of projects is in multifamily. And so I would say that a major shift from office to multifamily, and our timing of being ready with our product is impeccable.

就細分市場而言，如您所知，傳統上我們在辦公室、生命科學和辦公室導向的項目方面一直非常強大。我們已經實現了這一轉變——去年開始實現這一轉變，而今天，我們最大的項目管道是在多戶住宅中。所以我想說，從辦公室到多戶住宅的重大轉變，我們準備產品的時機是無可挑剔的。

And thar that -- two, three years ago, we weren't ready today. We are fully ready with our panels, with all the multifamily buildings tend to have more operable sliding doors, swinging windows, et cetera. And then also the way you interact with the product, there is a B2C component where the consumer, someone in the apartment is now using the app to control their environment. So, we've completed all of that work to be ready for multifamily.

而且，兩三年前，我們今天還沒有準備好。我們已經完全準備好我們的面板，所有多戶建築往往都有更多可操作的滑動門、擺動窗等。然後還有您與產品交互的方式，有一個 B2C 組件，消費者（公寓中的某個人）現在使用該應用程序來控制他們的環境。因此，我們已經完成了所有工作，為多戶家庭做好準備。

We also have had a number of major multifamily installations with great feedback and data coming back, and those same portfolios are now repeat buying from us, and now expanding to other portfolios. Some of our developer customers on actually have the ability themselves to pivot from heavily office to heavily multi-family in multiple geographies in the US. So that's also kind of creating the symmetry, where they're moving to more multi-family and View is able to deliver more multi-family.

我們還擁有許多主要的多戶住宅裝置，這些裝置得到了很好的反饋和數據，這些相同的投資組合現在正在重複從我們這裡購買，並且現在擴展到其他投資組合。我們的一些開發商客戶實際上有能力從美國多個地區的大型辦公室轉向大型多戶住宅。因此，這也創造了一種對稱性，他們正在轉向更多的多戶住宅，而 View 能夠提供更多的多戶住宅。

So that's the office to multi-family transition. Having said that, let me tell you, we're still doing a number of offices, as well as life science, and renovations and office sector because of the flight to quality that we discussed. Throughout this time, as you know, we've been growing in airports. We're in a number of -- a dozen or so US airports, many of them with multiple projects. I mean, they build or renovate every single year in some of these airports. And we're now onto our third or fourth project in some of these airports, as well as new ones.

這就是辦公室到多戶家庭的轉變。話雖如此，讓我告訴你，由於我們討論過的對質量的追求，我們仍在做一些辦公室，以及生命科學、裝修和辦公部門。如您所知，這段時間以來，我們在機場方面一直在發展。我們在美國有十多個機場，其中許多都有多個項目。我的意思是，他們每年都會在其中一些機場建造或翻新。我們現在正在其中一些機場以及新機場開展第三個或第四個項目。

And then healthcare is also a segment in US and Canada, where we've been in a number of large hospitals as well as medical office buildings. Airports and hospitals are investing, relatively speaking, better in this cycle, and we're well positioned there as well.

然後醫療保健也是美國和加拿大的一個部分，我們已經在這些國家的許多大型醫院以及醫療辦公樓中進行了工作。相對而言，機場和醫院在這個週期中的投資更好，我們在這方面也處於有利地位。

So yes, to your question, we have transitioned our verticals to where there is money, and there is build out. The macro to the first order is worse than it used to be. And but we're factoring a significantly worse macro in how we think about pipeline and our customers going forward anyway.

所以，是的，對於你的問題，我們已經將我們的垂直領域轉變為有錢、有建設的地方。一階宏比以前更糟糕了。但無論如何，我們在考慮管道和客戶的未來時，都會考慮到一個明顯更糟糕的宏觀因素。

Very good. Thank you, guys.

非常好。感謝你們。

Great. This concludes the Q&A section of the call. Rao, I'll hand it back to you.

偉大的。電話會議的問答部分到此結束。拉奧，我會把它還給你。

Thank you all for joining the call today. View has made a lot of progress to start the year. We took actions to reduce our cost structure and lowered our breakeven point for profitability. We expect to continue to grow revenue using our focused sales approach. We intend to raise 150 million of financing. And our strategy is that with this financing, we kept the company to profitability. With that, I look forward to speaking with you all again on our Q2 2023 earnings call. Thank you.

感謝大家今天加入電話會議。今年年初，View 取得了很大進展。我們採取行動降低成本結構並降低盈利盈虧平衡點。我們預計將通過集中銷售方式繼續增加收入。我們擬籌集1.5億融資。我們的策略是，通過這筆融資，我們可以讓公司保持盈利。因此，我期待在 2023 年第二季度財報電話會議上再次與大家交談。謝謝。

So, thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

所以，感謝您參加今天的會議。這確實結束了該程序。您現在可以斷開連接。