Xos Inc (XOS) 2023 Q3 法說會逐字稿

Greetings, and welcome to Xos's third-quarter 2023 earnings call.

您好，歡迎參加 Xos 2023 年第三季財報電話會議。

(Operator Instructions) Please note this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the conference over to the General Counsel of Xos, Christen Romero.

現在，我想將會議交給 Xos 總法律顧問 Christen Romero。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, everyone, for joining us today.

謝謝大家今天加入我們。

Hosting the call with me today are Chief Executive Officer, Dakota Semler; Chief Operating Officer, Giordano Sordoni; and Acting Chief Financial Officer, Liana Pogosyan.

今天與我一起主持電話會議的是執行長達科塔·塞姆勒 (Dakota Semler)；首席營運官佐丹奴·索爾多尼；代理財務長 Liana Pogosyan。

Ahead of this call, Xos issued its third-quarter 2023 earnings press release, which we will reference during this call.

在本次電話會議之前，Xos 發布了 2023 年第三季財報新聞稿，我們將在本次電話會議期間參考該新聞稿。

This can be found on the Investor Relations section of our website at investors.xostrucks.com.

您可以在我們網站的投資者關係部分找到這些資訊：investors.xostrucks.com。

On this call, management will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties.

在本次電話會議上，管理階層將根據目前的預期和假設做出前瞻性聲明，這些聲明將受到風險和不確定性的影響。

Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect because of factors discussed in today's earnings news release, during this conference call, or in our latest reports and filings with the Securities and Exchange Commission.

如果我們的任何關鍵假設由於今天的收益新聞稿、本次電話會議或我們向美國證券交易委員會提交的最新報告和文件中討論的因素而出現錯誤，則實際結果可能與我們的前瞻性陳述存在重大差異。

These documents can be found on our website at investors.xostrucks.com. We do not undertake any duty to update any forward-looking statements.

這些文件可以在我們的網站 Investors.xostrucks.com 上找到。我們不承擔更新任何前瞻性陳述的責任。

Today's presentation also includes references to non-GAAP financial measures and performance metrics.

今天的演示還包括對非公認會計準則財務指標和績效指標的引用。

Please reference the information contained in the company's third-quarter 2023 earnings press release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

請參考公司 2023 年第三季財報新聞稿中包含的信息，以了解歷史非 GAAP 指標與可比較 GAAP 財務指標的定義資訊和調整表。

Participants should be cautioned not to put undue reliance on any forward-looking statements.

應提醒參與者不要過度依賴任何前瞻性陳述。

With that, I'll turn it over to Dakota.

有了這個，我就把它交給達科他州。

Thanks, Christen, and thank you, everyone, for joining us to review Xos's most profitable and highest revenue quarter yet.

謝謝克里斯汀，謝謝大家與我們一起回顧 Xos 迄今為止利潤最高、收入最高的季度。

On today's call, I will cover highlights from the quarter during which we delivered 105 units and achieved positive GAAP gross margins.

在今天的電話會議上，我將介紹本季度的亮點，在此期間我們交付了 105 台設備並實現了正 GAAP 毛利率。

Next, our COO, Giordano Sordoni, will provide an update on our manufacturing efforts.

接下來，我們的營運長 Giordano Sordoni 將介紹我們製造工作的最新情況。

To conclude, our Acting CFO, Liana Pogosyan will share the company's third-quarter financial performance.

最後，我們的代理財務長 Liana Pogosyan 將分享公司第三季的財務業績。

We are excited to report that deliveries were up 175% over the last quarter.

我們很高興地報告，上一季的交付量增加了 175%。

Importantly, we demonstrated our ability to scale unit volumes and simultaneously expand margins.

重要的是，我們展示了擴大單位數量並同時擴大利潤的能力。

Importantly, our cost reduction efforts and investment in process improvements over the past 12 months paid off.

重要的是，過去 12 個月我們降低成本的努力和流程改善的投資得到了回報。

We attained a GAAP gross margin of positive 11.9% and unit gross margins of up to 20%.

我們的 GAAP 毛利率為 11.9%，單位毛利率高達 20%。

This positive performance gives us the headroom to achieve margins in line with best-in-class commercial truck OEMs.

這種積極的表現使我們有足夠的空間實現與一流商用卡車原始設備製造商一致的利潤率。

Much of our ability to deliver more vehicles than ever came from the improved manufacturability of the 2023 stepvan.

我們能夠交付比以往更多的車輛，很大程度上得益於 2023 Stepvan 的可製造性的提高。

Such gains in manufacturing efficiency will continue to support delivery volumes in the fourth quarter and beyond.

製造效率的提高將繼續支持第四季及以後的交付量。

Our diverse customer mix for the quarter underscores the continued demand we see for TCO competitive EV trucks.

本季我們多元化的客戶組合凸顯了我們對 TCO 競爭性電動卡車的持續需求。

The majority of our deliveries this quarter went to large fleets like Loomis, Aramark, and Canada Post, where trust was built over months of operating Xos segments.

本季我們的大部分交付都交付給了盧米斯 (Loomis)、愛瑪客 (Aramark) 和加拿大郵政 (Canada Post) 等大型車隊，這些車隊在 Xos 部門運營數月的過程中建立了信任。

These fleets typically follow a more regimented vehicle replacement cadence and smaller fleets, which translates into more predictable volumes for Xos.

這些車隊通常遵循更嚴格的車輛更換節奏和較小的車隊，這意味著 Xos 的數量更可預測。

Deliveries to small fleets were more impacted by macroeconomic concerns and contracted slightly this quarter.

小型車隊的交付量受宏觀經濟擔憂的影響更大，本季略有收縮。

However, this was more than compensated for by the large increase in deliveries to national fleets.

然而，國家船隊交付量的大幅增加足以彌補這一不足。

We anticipate that our strong delivery numbers this quarter will translate to a strong fourth-quarter flowing partly to the more consistent demand and charging infrastructure readiness of larger fleets.

我們預計，本季強勁的交付量將轉化為第四季度的強勁表現，部分原因是大型車隊的需求更加一致，充電基礎設施準備就緒。

We also had commercial victories in the public sector, where the California State Government selected Xos as an approved stepvan vendor.

我們還在公共部門取得了商業勝利，加州政府選擇 Xos 作為批准的小型貨車供應商。

This enables government fleets statewide to freely purchase Xos vehicles via normal procurement processes and limits the ability of our competitors to serve the same market.

這使得全州政府車隊能夠透過正常採購流程自由購買 Xos 車輛，並限制我們的競爭對手服務相同市場的能力。

Beyond stepvans, we achieved an important milestone with the Xos Hub, our mobile charging solution.

除了步進貨車之外，我們還透過行動充電解決方案 Xos Hub 實現了一個重要的里程碑。

We won approval for the core incentive from the California Air Resources Board or CARB that covers up to $160,000 for off-highway vehicle charging applications.

我們獲得了加州空氣資源委員會 (CARB) 核心激勵措施的批准，該措施為非公路車輛充電應用提供高達 16 萬美元的資金。

Immediately following approval, we saw an uptick in customer interest for deployment to construction sites, ports, and other eligible sites.

獲得批准後，我們立即發現客戶對部署到建築工地、港口和其他符合條件的地點的興趣上升。

Our powertrain business also saw an uptick in interest from school bus and RV OEMs where established manufacturers are looking for a dependable EV powertrain solution.

校車和房車原始設備製造商對我們的動力總成業務的興趣也有所增加，這些製造商正在尋找可靠的電動車動力總成解決方案。

In particular, a number of new parties came to the table following the Proterra bankruptcy, which provided an opportunity for their customers to consider a more cost-competitive alternative.

特別是，在 Proterra 破產後，一些新的參與者加入了談判桌，這為他們的客戶提供了考慮更具成本競爭力的替代方案的機會。

Turning now to positive momentum in the regulatory environment.

現在轉向監管環境的正面勢頭。

This October, California Secretary of State received the final version of the Advanced Clean Fleets or ACF rule with an effective date of January 1, 2024.

今年 10 月，加州州務卿收到了高級清潔車隊 (ACF) 規則的最終版本，生效日期為 2024 年 1 月 1 日。

ACF requires fleets in California to either purchase only zero-emission vehicles going forward or adopt a series of zero-emission milestones for their fleets.

ACF 要求加州的車隊要么僅購買未來的零排放車輛，要么為其車隊採用一系列零排放里程碑。

The regulation applies to any fleet operator with either more than $15 million in global annual revenues or more than 15 medium- or heavy-duty vehicles in operation.

該法規適用於全球年收入超過 1500 萬美元或運營中型或重型車輛超過 15 輛的任何車隊營運商。

This includes the vast majority of Xos's California customers, who will be required to either purchase only zero-emission vehicles after January 1, 2024, or meet the first milestone of 10% in zero-emission vehicles by January 1, 2025.

這包括 Xos 的絕大多數加州客戶，他們將被要求在 2024 年 1 月 1 日之後僅購買零排放車輛，或在 2025 年 1 月 1 日之前達到零排放車輛 10% 的第一個里程碑。

We anticipate that most of our customers will opt for the milestones, which will allow fleets to comply by purchasing increasing numbers of EV stepvans.

我們預計大多數客戶都會選擇里程碑，這將使車隊能夠透過購買越來越多的電動踏板車來滿足要求。

We expect that the step-up purchase requirements will stimulate significant commercial EV demand.

我們預計，逐步提高的購買要求將刺激龐大的商用電動車需求。

First milestone in 2025 requires 10% ownership of zero-emission vehicles by existing California stepvan fleets and will require thousands of new EV vehicles in California alone.

2025 年的第一個里程碑要求加州現有步進貨車車隊擁有 10% 的零排放車輛，並且僅在加州就需要數千輛新電動車。

As one of the only options for EV stepvans, Xos is well positioned to capitalize on this near-term demand.

作為電動踏板車的唯一選擇之一，Xos 完全有能力利用這一近期需求。

Future milestones of 25% EVs by 2028, 50% EVs by 2031, and 75% EVs by 2033, and 100% EVs by 2035 will support the industry for more than a decade.

未來的里程碑是到2028 年電動車普及率達到25%、到2031 年電動車普及率達到50%、到2033 年電動車普及率達到75%、到2035 年電動車普及率達到100%，這將為該行業提供十多年的支持。

The ACF rule includes a shortlist of exemptions available on a case-by-case basis to account for charging infrastructure delays and vehicle availability concerns.

ACF 規則包括根據具體情況提供的豁免候選清單，以解決充電基礎設施延誤和車輛可用性問題。

Such exemptions include time allowances for delays in charger installations and utility upgrades as well as exemptions for vehicles with range and power requirements not yet met by EVs.

此類豁免包括充電器安裝和公用設施升級延遲的時間補貼，以及電動車尚未滿足續航里程和功率要求的車輛的豁免。

Charging delay extensions will likely spread some of the 2025 milestone demand over a longer period of time, but will also encourage fleets to prioritize charging investments.

充電延遲的延長可能會將 2025 年里程碑式的部分需求分散到更長的一段時間內，但也會鼓勵車隊優先考慮充電投資。

Approval for an ACF extension requires an in-progress charging plan and documented evidence of slowdowns from contractors, utilities, and/or equipment suppliers.

ACF 延期的批准需要承包商、公用事業公司和/或設備供應商提供正在進行的收費計劃和記錄的減速證據。

Importantly, the vast majority of the stepvan market we serve will not be eligible for ACF's vehicle availability exemption as our long-range stepvan satisfies the vast majority of operational routes.

重要的是，我們服務的絕大多數步進貨車市場將不符合 ACF 的車輛可用性豁免資格，因為我們的遠程步進貨車滿足絕大多數營運路線。

Further, no exemptions are available to fleets that haven't already met the 10% milestone.

此外，尚未達到 10% 里程碑的車隊不能享有任何豁免。

In summary, Xos is positioned for success.

總而言之，Xos 已經做好了成功的準備。

As the leader in our sector, we have delivered more Class 5 and 6 EV stepvans than anyone else, achieved our lofty gross margin goals, and reinforced our strong backlog and customer pipeline.

作為我們行業的領導者，我們交付的 5 級和 6 級電動踏板車比其他任何公司都多，實現了我們崇高的毛利率目標，並加強了我們強大的積壓訂單和客戶管道。

Combined with a robust regulatory regime, we believe Xos is at a positive inflection point and on the horizon of a bright future.

結合強而有力的監管制度，我們相信 Xos 正處於一個積極的轉折點，並即將迎來光明的未來。

With that, I will turn the call over to our COO, Gio Sordoni, who will share an operational update.

接下來，我將電話轉給我們的營運長 Gio Sordoni，他將分享營運最新情況。

Thanks, Dakota.

謝謝，達科塔。

This quarter we achieved a new milestone in the Tennessee factory.

本季我們在田納西州工廠實現了新的里程碑。

Supported by customer demand, a culture of continuous improvement and a dedicated team, we sustained a build rate in excess of 700 stepvans per year.

在客戶需求、持續改進的文化和敬業的團隊的支持下，我們的年產量保持在 700 輛以上。

The team maintained this production rate for over a month, underscoring our ability to deliver substantially higher volumes without additional CapEx investments.

團隊將這一生產力保持了一個多月，這突顯了我們無需額外資本支出投資即可大幅提高產量的能力。

We expect to regularly achieve and beat this production rate for progressively longer periods over the coming quarters.

我們預計在未來幾季的更長時間內定期達到並超越此生產力。

Improvements in factory efficiency such as simplified vehicle assembly processes and reduced shipping costs also contributed to our positive gross margins.

工廠效率的提高（例如簡化的車輛組裝流程和降低的運輸成本）也為我們的毛利率帶來了積極的貢獻。

We channeled lessons from five years of building stepvans into our 2023 design.

我們將五年來製造輕便貨車的經驗教訓融入 2023 年的設計中。

Our team implemented important changes that resulted in a simplified built process and better shielded us from supply chain variability.

我們的團隊實施了重要的變革，簡化了建置流程，並更好地保護我們免受供應鏈變化的影響。

Increased use of sub-assemblies reduced congestion on the production line and minimize the impact of part availability disruptions by allowing more components of the stepvan to be assembled insynchronously.

增加子組件的使用減少了生產線的擁堵，並透過允許非同步組裝步進貨車的更多組件來最大限度地減少零件可用性中斷的影響。

Implementing these processes required close collaboration from our manufacturing, engineering, and supply chain teams throughout the design, validation, and launch phases of our gross margin positive stepvan.

實施這些流程需要我們的製造、工程和供應鏈團隊在毛利率為正的 Stepvan 的設計、驗證和啟動階段密切合作。

I'm proud to share the team's accomplishments and their positive impact on our overall delivery efforts.

我很自豪能夠分享團隊的成就及其對我們整體交付工作的正面影響。

To take advantage of our new subassembly-driven production line, we invested in the systems training and the tools used by our manufacturing team.

為了利用我們新的組件驅動生產線，我們投資於系統培訓和製造團隊使用的工具。

We better integrated our product lifecycle management tools with our manufacturing execution systems.

我們更將產品生命週期管理工具與製造執行系統整合。

Vehicles on the assembly line are being built with digital work instructions and quality check stations built directly into the process.

裝配線上的車輛正在使用數位化工作指令和直接內建在流程中的品質檢查站進行製造。

Months of slow builds conducted with our engineering and manufacturing teams allowed us to unlock additional efficiencies in the design and on the factory floor.

我們的工程和製造團隊進行了數月的緩慢構建，使我們能夠提高設計和工廠車間的效率。

Improvements to our work order systems and assembly instructions reduced downtime and decreased quality issues.

我們的工單系統和組裝說明的改進減少了停機時間並減少了品質問題。

Additionally, as a result of our complete transition to in-house manufacturing, we reduced labor cost per vehicle and better leverage our in-house metal fabrication capabilities.

此外，由於我們完全過渡到內部製造，我們降低了每輛車的勞動力成本，並更好地利用我們的內部金屬製造能力。

By building more parts in-house, we eliminated supplier margins and freight costs and accelerated implementation of design updates.

透過內部製造更多零件，我們消除了供應商利潤和運費成本，並加速了設計更新的實施。

Finally, I'd like to provide an update on our supply chain.

最後，我想介紹一下我們供應鏈的最新情況。

We believe that things have settled into the new normal.

我們相信事情已經進入新常態。

Some disruptions remain for capacity-constrained vendors but for the most part, concerns have shifted from part availability, pricing, and managing inflationary pressures.

對於產能有限的供應商來說，一些幹擾仍然存在，但在大多數情況下，擔憂已經從零件可用性、定價和管理通膨壓力轉向。

Wiring harnesses remain challenging for the entire industry and occasionally disrupt our production lines.

線束對整個產業來說仍然具有挑戰性，有時會擾亂我們的生產線。

However, most vendors are meeting our volume expectations and our supply chain team has turned their focus to improvements in purchasing terms to reduce the working capital held as inventory.

然而，大多數供應商都達到了我們的銷售預期，我們的供應鏈團隊已將重點轉向改善採購條件，以減少作為庫存持有的營運資金。

I'll now turn the call over to our acting CFO, Liana Pogosyan, who will cover our financial results for the quarter.

我現在將把電話轉給我們的代理財務長 Liana Pogosyan，她將介紹我們本季的財務表現。

Thanks, Gio.

謝謝，吉奧。

For the third quarter, our revenue increased to $16.7 million from $4.8 million in the second quarter of 2023.

第三季度，我們的營收從 2023 年第二季的 480 萬美元增至 1,670 萬美元。

Our cost of goods sold during the quarter increased to $14.7 million compared to $8.5 million in the second quarter of 2023, largely as a result of our increased deliveries.

我們本季的銷售成本增加至 1,470 萬美元，而 2023 年第二季為 850 萬美元，這主要是由於我們的交付量增加。

GAAP gross margin during the quarter was a profit of $2 million compared to a loss of $3.7 million last quarter.

本季 GAAP 毛利率為利潤 200 萬美元，而上季為虧損 370 萬美元。

Margin improvements were driven by higher average selling price from the 2023 model year stepvans delivered in the current quarter.

本季交付的 2023 年 Stepvan 平均售價較高，推動了利潤率的提高。

Additionally, the company achieved a quarter-over-quarter reduction in direct materials, direct labor, and overhead costs on a per unit basis through the realization of previous investments in R&D and continued focus on cost reduction through strategic sourcing.

此外，透過實現先前的研發投資以及透過策略採購持續關注降低成本，該公司實現了單位直接材料、直接勞動力和間接費用的環比下降。

Reduced from physical inventory counts as well as releases of inventory reserves related to sold units also contributed to our improved margins.

實際庫存數量的減少以及與已售單位相關的庫存儲備的釋放也有助於我們提高利潤率。

It should be noted that GAAP gross margin for a vehicle OEM are impacted by a range of reserves that combined with changes in sales mix between direct dealer and prior model inventory sales introduce higher levels of volatility in quarterly results.

應該指出的是，汽車原始設備製造商的 GAAP 毛利率受到一系列儲備的影響，加上直接經銷商和先前車型庫存銷售之間銷售組合的變化，導致季度業績出現更高水平的波動。

For this reason, we continue to share consistent non-GAAP gross margin that you can find in today's earnings press release.

因此，我們將繼續分享一致的非公認會計準則毛利率，您可以在今天的收益新聞稿中找到這一點。

Turning to expenses, our third-quarter operating expenses decreased to $14.6 million from $16.8 million in the prior quarter, driven in part by the June 2023 reduction in workforce.

說到費用，我們第三季的營運費用從上一季的 1,680 萬美元減少至 1,460 萬美元，部分原因是 2023 年 6 月勞動力減少。

Non-GAAP operating loss for the third quarter was $11.2 million.

第三季非 GAAP 營運虧損為 1,120 萬美元。

We closed the quarter with cash and cash equivalents of $22.6 million compared with $27.8 million at the end of the second quarter.

截至本季末，我們的現金和現金等價物為 2,260 萬美元，而第二季末為 2,780 萬美元。

In addition to cash used in operating activities, we used $10.1 million during the third quarter in financing activities primarily related to payments on our convertible debentures with Yorkville.

除了經營活動中使用的現金外，我們在第三季還使用了 1,010 萬美元用於融資活動，主要與支付約克維爾可轉換債券有關。

Such payments to Yorkville are scheduled to conclude in the fourth quarter.

向約克維爾的此類付款計劃於第四季度完成。

We continue to evaluate financial and strategic alternatives to provide additional liquidity and fund the business plan.

我們繼續評估財務和策略替代方案，以提供額外的流動性並為業務計劃提供資金。

Inventory dropped to $48.9 million in the third quarter from $55.5 million last quarter due to a combination of faster turns and sell down of our remaining prior generations stepvan inventory.

由於週轉速度加快以及我們剩餘的上一代 Stepvan 庫存的拋售，第三季度的庫存從上季度的 5550 萬美元降至 4890 萬美元。

We anticipate inventory levels will continue to decrease next quarter.

我們預計下個季度庫存水準將繼續下降。

Operating cash flow less CapEx while free cash flow of negative $8.4 million for the quarter was significantly lower than negative $15.8 million last quarter.

營運現金流減去資本支出，而本季自由現金流為負 840 萬美元，明顯低於上季的負 1,580 萬美元。

This change reflects a meaningful reduction in our burn rate from prior quarters, and we continue to see reductions in cash burn on a month-over-month basis.

這項改變反映出我們的燒錢率較前幾個季度大幅下降，我們繼續看到現金燒錢逐月減少。

Coming up our strongest quarter thus far, we are reaffirming our full-year 2023 guidance of 250 to 350 units delivered.

即將迎來迄今為止最強勁的季度，我們重申 2023 年全年交付量目標為 250 至 350 輛。

Revenue to be in the range of $36.3 million to $54.7 million and a non-GAAP operating loss of between $50.5 million to $61 million.

收入將在 3,630 萬美元至 5,470 萬美元之間，非 GAAP 營運虧損將在 5,050 萬美元至 6,100 萬美元之間。

Our priority remains getting to free cash flow generation as soon as possible.

我們的首要任務仍然是盡快產生自由現金流。

This quarter was an important step in that direction and reflects the growing delivery volumes, strong margins, and improved inventory management.

本季度是朝著這個方向邁出的重要一步，反映了不斷增長的交付量、強勁的利潤率和改進的庫存管理。

I'll now turn the call back over to Dakota.

我現在將把電話轉回達科他州。

Thanks, Liana.

謝謝，莉安娜。

To wrap up, Xos is at an exciting inflection point.

總而言之，Xos 正處於一個令人興奮的轉折點。

We are a leader in EV commercial trucks with over 450 deliveries to date.

我們是電動商用卡車領域的領導者，迄今已交付超過 450 輛卡車。

We are a leader in EV economics with top-tier gross margins.

我們是電動車經濟領域的領導者，毛利率最高。

We are well positioned for future success due in part to regulatory developments requiring the adoption of commercial EVs.

我們已為未來的成功做好了充分準備，部分原因是監管發展要求採用商用電動車。

We see significant upside potential for our shareholders as we continue to deliver quality vehicles at competitive prices and the inevitable transition to medium duty EVs quickens.

隨著我們繼續以具有競爭力的價格提供優質車輛，並且不可避免地加速向中型電動車的過渡，我們看到了股東的巨大上升潛力。

Finally, we would like to thank all veterans and their families for their service and sacrifices made to protect our country and our freedoms through bravery and dedication in times of peace is particularly appreciated.

最後，我們要感謝所有退伍軍人及其家人為保護我們的國家和我們的自由所做的服務和犧牲，特別感謝他們在和平時期的勇敢和奉獻精神。

But in difficult times like we are going through globally, your sacrifices are truly heroic.

但在我們全球正在經歷的困難時期，你們的犧牲確實是英勇的。

We wish to thank all past veterans and those serving today, who have done so much for this incredible country.

我們要感謝所有過去的退伍軍人和今天服役的人們，他們為這個令人難以置信的國家做出瞭如此多的貢獻。

With that, let's open the line for questions.

接下來，讓我們打開提問熱線。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Hi, this is Adam on for Jerry today.

大家好，我是今天為傑瑞做的亞當。

Thanks for taking my question.

感謝您提出我的問題。

It looks like COGS per unit came down around 35% sequentially quarter over quarter.

每單位 COGS 環比下降了 35% 左右。

Can you just unpack some of the moving pieces driving the sequential improvement and help us understand the level of fixed cost in cost of goods sold number -- just thinking about how we should think about the unit profitability trajectory from here if you're able to continue to ramp up deliveries sequentially?

您能否解開一些推動連續改進的因素，並幫助我們了解已售商品成本中的固定成本水平——如果您能夠的話，請考慮一下我們應該如何考慮單位盈利軌跡繼續按順序增加交付量？

Yeah, absolutely.

是的，絕對是。

And thanks, Adam, for that question.

謝謝亞當提出這個問題。

So really quite a few things that contributed to that improved gross margin, the first of which being the launch of our Pelican program, which is our 2023 step van.

因此，確實有許多因素促進了毛利率的提高，其中第一個是我們的 Pelican 計畫的啟動，也就是我們的 2023 年踏板車。

That vehicle is the result of over a year of engineering work and supply chain work that helped improve overall direct material costs.

該車輛是一年多的工程工作和供應鏈工作的成果，有助於改善整體直接材料成本。

It helped reduce the amount of time it takes to assemble a vehicle, reducing labor allocations and overheads.

它有助於減少組裝車輛所需的時間，減少勞動力分配和管理費用。

And we've also made it a more reliable, more durable vehicle.

我們也使其成為更可靠、更耐用的車輛。

So most of the changes came because our product mix started shifting to that 2023 model year vehicle that we've been shipping to key customers in the quarter.

因此，大部分的變化發生是因為我們的產品組合開始轉向我們在本季向主要客戶出貨的 2023 年車型。

The other thing that's contributed to improved gross margins is our continued focus on adjusting pricing for the market.

有助於提高毛利率的另一件事是我們繼續專注於調整市場定價。

So we've seen several factors, including inflation rising, which has had an impact on all commercial vehicles.

因此，我們看到了幾個因素，包括通貨膨脹上升，這對所有商用車都產生了影響。

And in the last several years, we've continued to update our pricing to ensure that it's in line with the market while still being competitive and enabling fleets to achieve that TCO savings.

在過去幾年中，我們不斷更新我們的定價，以確保其與市場保持一致，同時仍具有競爭力，並使車隊能夠實現 TCO 節省。

The price action that we've taken at the beginning of 2023 as well as a price change that we made in midway through 2023 helped us contribute to higher than average ASPs across the vehicles that were delivered.

我們在 2023 年初採取的價格行動以及我們在 2023 年中期進行的價格調整幫助我們使交付的車輛的平均售價高於平均水平。

But I'll let Liana add a little bit more color too, on the specifics.

但我也會讓 Liana 在細節上添加更多色彩。

So happy to provide additional context.

很高興提供額外的背景資訊。

Our GAAP gross margins as we noted in our prepared remarks, is also impacted by various GAAP reserves.

正如我們在準備好的評論中指出的那樣，我們的 GAAP 毛利率也受到各種 GAAP 準備金的影響。

And over the last year, we made significant improvements in our overall inventory management process.

去年，我們在整體庫存管理流程方面取得了重大改善。

And as a result of that, we've seen those impacts in our financial performance of reduced inventory reserves this quarter that also contributed to improve margins.

因此，我們看到本季庫存儲備減少對我們的財務表現產生了影響，這也有助於提高利潤率。

Great.

偉大的。

Thanks.

謝謝。

That's helpful.

這很有幫助。

And then I think your guidance implies something like 125 units delivered next quarter at the midpoint.

然後我認為您的指導意味著下個季度中點交付 125 台。

So a nice little step-up from here.

所以從這裡開始是一個很好的小進步。

How much visibility and comfort do you have on that ramp?

坡道上的能見度和舒適度有多少？

And any early thoughts on the trajectory for 2024 deliveries?

對 2024 年交付軌跡有何早期想法？

Yeah.

是的。

So specifically in regards to this quarter, we're reiterating guidance and expect to remain within that range.

因此，特別是在本季度，我們重申指導意見，並預計將保持在該範圍內。

I think it's going to be a strong end-of-year quarter, and we look to build momentum with each quarter and build upon successive growth.

我認為這將是一個強勁的年終季度，我們希望每個季度都能建立動力並在連續成長的基礎上繼續發展。

And so that's what we're expecting for the remainder of this year.

這就是我們對今年剩餘時間的預期。

Into 2024, as we discussed in our comments about the incentives, we believe that market will continue to be strong with our national account customers.

進入 2024 年，正如我們在有關激勵措施的評論中所討論的那樣，我們相信我們的國民帳戶客戶的市場將繼續強勁。

There's always a seasonal impact that comes as a result of the holidays, which slows down kind of towards the end of Q4 beginning of Q1.

假期總是會帶來季節性影響，這種影響在第四季末和第一季初有所放緩。

But that ramps pretty, pretty quickly and particularly in areas like in parcel delivery, where folks are getting ready to build up their fleet over the summer months and spring prior to peak season for next year.

但這種成長相當非常快，特別是在包裹遞送等領域，人們準備在明年旺季之前的夏季和春季建立車隊。

The other factor that you're really considering in building into our volumes for next year is growth in our powertrain business.

在增加我們明年的銷售時真正考慮的另一個因素是我們動力總成業務的成長。

We're expecting significant growth in that area to come from some other specialty vehicle industries adjacent to last model delivery vehicles or our current stepvan vehicles that we're building.

我們預計該領域的顯著增長將來自與最新型號的交付車輛或我們目前正在建造的步進車輛相鄰的其他一些特種車輛行業。

So continue to see growth in that segment although we haven't issued full guidance for 2024 yet.

因此，儘管我們尚未發布 2024 年的完整指導，但該領域仍將繼續成長。

Great.

偉大的。

And then last one from me.

然後是我的最後一張。

Can you just update us on how you're thinking about financing needs from here and different financing options that you can take in the current rate environment to bolster your liquidity?

您能否向我們介紹一下您如何考慮這裡的融資需求以及您在當前利率環境下可以採取的不同融資方案以增強流動性？

Absolutely.

絕對地。

So one of the things that getting to positive gross margin -- positive GAAP gross margins enables us to do is take more traditional debt financing options out.

因此，實現正毛利率——正 GAAP 毛利率使我們能夠做的一件事就是取消更多傳統的債務融資選擇。

So we've been having some really positive dialogues with various types of non-dilutive capital providers.

因此，我們一直在與各種類型的非稀釋性資本提供者進行一些非常積極的對話。

Although the interest rates and rates in these kinds of markets are still high, as we continue to grow and ramp volumes, it will be essential to have access to that sort of capital for working capital and funding growth of inventory to support our backlog.

儘管此類市場的利率和利率仍然很高，但隨著我們的不斷增長和銷售的增加，獲得此類資金作為營運資金和為庫存增長提供資金以支持我們的積壓訂單至關重要。

The other thing we've been doing and considering is evaluating other strategic opportunities that exist in the market, whether that be equity capital opportunities or other strategic collaborations that bolster up the balance sheet or minimize our cash use.

我們一直在做和考慮的另一件事是評估市場上存在的其他策略機會，無論是股權資本機會還是其他增強資產負債表或最大限度減少現金使用的策略合作。

And so we're looking to any kind of transaction that would help create synergies for the business and build up a better cash liquidity balances.

因此，我們正在尋找任何有助於為業務創造協同效應並建立更好的現金流動性平衡的交易。

Thanks so much.

非常感謝。

Mike Shlisky, DA Davidson.

麥克·什利斯基，檢察官戴維森。

Hello.

你好。

Good afternoon.

午安.

Thanks for taking my questions.

感謝您回答我的問題。

I guess I wanted to start off I've asked this question before, but now that it's upon us, the ACF rules starting January 1.

我想我想開始我之前已經問過這個問題，但現在由我們來決定，ACF 規則從 1 月 1 日開始。

I guess maybe a two-part question.

我想也許是一個由兩個部分組成的問題。

At this point, are there any other providers of the stepvan types that you make that could possibly deliver the vehicles in the quantities that are needed for next year besides Xos?

目前，除了 Xos 之外，還有其他您生產的步進貨車類型的供應商可以提供明年所需數量的車輛嗎？

Is there anybody else out there that could compete on the forced EV adoption for next year?

還有其他人可以在明年強制採用電動車方面進行競爭嗎？

And then maybe secondly, how you started thinking at this point, now that we're just 1.5, 2 months away, elevated incoming phone calls where we have to get these like vans or and these deals for prevent -- ASAP to either get them this year or we show that we're trying to get them to apply for an exemption?

其次，你現在是如何開始思考的，現在距離我們只有 1.5、2 個月了，來電數量增加，我們必須獲得這些，比如貨車，或者這些交易以防止 - 盡快獲得它們今年還是我們表明我們正在努力讓他們申請豁免？

Just kind of curious as to what the customer voice has been recently on that.

只是有點好奇客戶最近對此有何看法。

Yeah, absolutely.

是的，絕對是。

So Mike, in response to your question, I believe there is one other company that might be able to create a solution that would be compliant with the ACF rule in the stepvan market.

麥克，在回答你的問題時，我相信還有一家公司可能能夠創建一個符合步進廂式貨車市場中的 ACF 規則的解決方案。

But we don't work with them and don't know if they're capable of producing the volumes that are necessary for the market.

但我們不與他們合作，也不知道他們是否有能力生產市場所需的產量。

So that obviously still remains to be seen.

所以這顯然還有待觀察。

I think when you look at the customer list and customers that we've worked with in the past and are now working with and some of our new deliveries that will take place in Q4, including the leading parcel delivery companies in this space, I think it speaks to us having the most reliable, durable product for their operations.

我認為，當您查看客戶名單以及我們過去合作過和現在正在合作的客戶以及我們將在第四季度進行的一些新交付時，包括該領域領先的包裹交付公司，我認為它表明我們擁有適合其營運的最可靠、最耐用的產品。

And so we're excited about it.

所以我們對此感到興奮。

It amounts to thousands of units that will need to be on the road by the end of 2024.

到 2024 年底，需要上路行駛的車輛數量將達數千輛。

And as we've shared previously in other earnings calls, a big part of that is going to be infrastructure and getting the trucks delivered before the end of the year.

正如我們之前在其他財報電話會議中分享的那樣，其中很大一部分將是基礎設施和在年底前交付卡車。

So we're starting that process with several of our customers even as they're taking delivery of trucks, excuse me -- even as they're taking delivery of trucks now planning out infrastructure for next year.

因此，我們正在與我們的幾個客戶開始這個過程，即使他們正在接收卡車，對不起，即使他們正在接收卡車，現在正在規劃明年的基礎設施。

Okay.

好的。

I guess I was trying to get a sense of the sense of urgency among those customers today.

我想我是想了解今天這些顧客的迫切感。

Are they getting a little more stronger?

他們是不是變得更強了一些？

I guess I'm trying to figure out how serious are they about complying with the rules.

我想我是想弄清楚他們對於遵守規則有多認真。

Or are they all trying to find exemptions at this point?

或者他們現在都在試圖尋找豁免？

Yeah.

是的。

I would say there's been some dialogue coming from industry trade groups around challenging the rules and not complying, although CARB has shown in the past that even with those kinds of challenges, they've still issued citations and have issued notices to comply to large fleets that haven't met the rule.

我想說的是，行業貿易團體圍繞著挑戰規則和不遵守規則進行了一些對話，儘管 CARB 過去已經表明，即使面臨這些挑戰，他們仍然發出了罰單並發出了遵守大型車隊要求的通知就是不符合規則。

So when it comes to large national accounts and large fleet customers in California, they're known to work within CARB's rules and comply with them.

因此，當談到加州的大型國民帳戶和大型車隊客戶時，眾所周知，他們會在 CARB 的規則範圍內工作並遵守這些規則。

It's generally the smaller fleets that you don't see as much compliance with.

通常，您不會看到較小的機隊遵守那麼多規定。

And that's because they have a lot of risk if a large parcel delivery or our uniform rental company can't operate within the state of California, it's one of the largest markets for most of the fleet.

這是因為，如果大型包裹遞送或我們的製服租賃公司無法在加州運營，他們就會面臨很大的風險，加州是大多數車隊的最大市場之一。

So they need to be able to have continuing operations, and they'll pay to comply and make sure they can legally operate.

因此，他們需要能夠持續運營，並且他們將付費遵守並確保他們可以合法運營。

Got it.

知道了。

I'll switch over to gross margins and EBITDA margins really quickly.

我將很快轉向毛利率和 EBITDA 利潤率。

I'm just trying to do some -- throwing some balls against the wall of math here.

我只是想做一些事情——在這裡向數學的牆壁扔一些球。

But it sounds like maybe given the fixed costs we've got today -- it's been coming down a bit -- you could turn EBITDA positive at maybe 1,000 units a year.

但聽起來也許考慮到我們今天的固定成本——它已經下降了一點——你可以在每年 1,000 台的情況下將 EBITDA 轉為正數。

I'm on the right track there, or can you give us any update on when you think you might be able to start showing some breakeven EBITDA or some free cash flow?

我的方向是正確的，或者您能告訴我們您何時可以開始顯示一些損益平衡的 EBITDA 或一些自由現金流嗎？

Yeah, it's a great question.

是的，這是一個很好的問題。

So I think as we shared about a year ago in our previous earnings call, we had a calculated plan to reduce direct material costs, reduced fixed costs of operating the business and other OpEx and improve our trajectory to getting the business to gross margin positive.

因此，我認為，正如我們在一年前在上一次財報電話會議上分享的那樣，我們制定了一項經過深思熟慮的計劃，以降低直接材料成本，降低運營業務和其他運營支出的固定成本，並改善我們使業務毛利率為正的軌跡。

And the next thing we shared was that the next step on our roadmap is getting to generating positive free cash flow.

我們分享的下一件事是，我們路線圖的下一步是產生正的自由現金流。

So we haven't guided to a specific date, but I think we've made some incredible accomplishments in the last year to achieve these goals and to get there in the very near future.

因此，我們還沒有確定具體日期，但我認為我們在去年取得了一些令人難以置信的成就，以實現這些目標並在不久的將來實現這些目標。

First and foremost, we've got unit gross margins ranging anywhere from the low teens percentage all the way up to low 20s percentage points.

首先也是最重要的是，我們的單位毛利率範圍從十幾歲的百分比一直到二十多歲的百分比。

Second, we've cut operational expenses significantly, nearly 50% year over year, which demonstrates that we can continue to operate our model, scale sales, and scale growth of our products into the field while maintaining a lean operational structure that supports the ongoing needs of the business, including engineering, supply chain, and our service requirements to keep our vehicles supported in the field.

其次，我們大幅削減了營運費用，年減了近50%，這表明我們可以繼續運營我們的模式，擴大銷售規模，並將我們的產品規模增長推向該領域，同時保持精益運營結構，支持持續的業務發展。業務需求，包括工程、供應鏈以及我們的服務要求，以確保我們的車輛在現場得到支援。

And then the third thing is we continue to increase volumes quarter over quarter.

第三件事是我們持續逐季增加銷售量。

And so our focus as we increase volumes is to get to that point where we're generating positive EBITDA and eventually positive free cash flow in the near-term future.

因此，隨著產量的增加，我們的重點是在不久的將來實現正的 EBITDA 並最終實現正的自由現金流。

Got it.

知道了。

Maybe one last one from me because that's your last answer there.

也許是我的最後一個，因為這是你最後的答案。

You've got a bunch of vehicles.

你有很多車輛。

Now they've been on the road for well over a year or two, maybe more than that.

現在他們已經在路上一兩年多了，甚至更多。

Do you guys sense that in 2024, the parts and service will start to be a bigger part of the revenue?

你們是否認為到 2024 年，零件和服務將開始在收入中佔據更大的比例？

Should we start to actually model any actual numbers there?

我們應該開始對任何實際數字進行實際建模嗎？

And I guess on related note, can you give -- share with us what your customers have shared about uptime of your vehicles compared to other ICE models or even other EVs that you may have out there?

我想在相關說明中，您能否與我們分享您的客戶對您的車輛與其他 ICE 車型甚至您可能擁有的其他電動車相比的正常運行時間的看法？

I would appreciate both those answers.

我很感激這兩個答案。

Thank you.

謝謝。

Yeah, it's a great question.

是的，這是一個很好的問題。

So we've had vehicles on the road all the way since 2018, but a substantial portion of vehicles have been put on the road in the last couple of years.

因此，自 2018 年以來，我們一直都有車輛上路，但很大一部分車輛是在過去幾年才上路的。

We are continuing to see our service needs grow in the field from unplanned maintenance events.

我們不斷看到我們的現場服務需求因計劃外維護事件而增長。

And we do have a small amount of service revenue coming in through parts sales as well as service labor to help repair those vehicles out in the field.

我們確實透過零件銷售和服務勞動力獲得了少量服務收入，以幫助在現場維修這些車輛。

And when we say unplanned maintenance events, we're talking about things like breaking the mirror off or a tire or a wheel; systems that aren't failing because of the reliability of the vehicle and maybe because an operator error or other kind of issue.

當我們說計劃外維護事件時，我們指的是諸如後視鏡、輪胎或車輪破裂之類的事情；系統不會因為車輛的可靠性而發生故障，也可能是因為操作員錯誤或其他類型的問題。

So we are seeing some parts revenue on that front and expect that will continue to grow as more vehicles are out there in the field and more powertrains are out there in the field.

因此，我們看到了這方面的一些零件收入，並預計隨著更多的車輛投入使用和更多的動力系統投入使用，該收入將繼續增長。

The other component, which is start as we start to see vehicles age into the field -- it will be a few years before we see significant replacement costs on things like battery or powertrain components just because the expected lifespan of a lot of those components is far longer than these vehicles have been out there in the field.

另一個組件是在我們開始看到車輛老化進入該領域時開始的——我們需要幾年的時間才能看到電池或動力總成組件等部件的巨大更換成本，因為許多這些組件的預期壽命是比這些車輛在現場使用的時間要長得多。

As you probably remember, Mike, we have a hybrid model of how we serve our service and support customers in the field.

麥克，您可能還記得，我們​​有一個混合模型來提供服務並支援現場客戶。

We have a team of Xos technicians across the country from California, all the way to the East Coast and covering Midwest and Texas and other areas.

我們的Xos技術團隊遍佈全國，從加州，一直到東海岸，涵蓋中西部和德克薩斯州等地區。

And for those technicians who are conducting repairs and diagnostics on vehicles, that's where we'll sell a direct part.

對於那些對車輛進行維修和診斷的技術人員，我們將直接銷售零件。

But then we also have certain markets where we work with strong dealer partners to sell our parts and utilize their service teams to support our vehicles.

但我們也有某些市場，我們與強大的經銷商合作夥伴合作銷售我們的零件並利用他們的服務團隊來支援我們的車輛。

And so in that case, margins on parts revenue is a little bit lower, but it is still coming in as we get more vehicles out into those markets.

因此，在這種情況下，零件收入的利潤率會稍低一些，但隨著我們將更多車輛投放到這些市場，零件收入的利潤率仍然會增加。

Great.

偉大的。

I appreciate the discussion.

我很欣賞這次討論。

I'll pass it along.

我會把它傳遞下去。

Thank you.

謝謝。

Donovan Schafer, Northland Capital Markets.

多諾萬‧謝弗 (Donovan Schafer)，北國資本市場。

Hey, guys.

大家好。

Congratulations on the quarter and this looks great.

恭喜本季度，這看起來很棒。

You guys have been sticking through things, and you're kind of putting up some numbers from the initiatives you've been working on.

你們一直在堅持做事，並且從你們一直在努力的舉措中拿出了一些數字。

I want to start by -- I dialed in late, so it's possibly missed this if it was in the prepared remarks, but EV charging has been such a headache historically.

我想首先——我撥得很晚，所以如果它是在準備好的評論中，它可能會錯過這一點，但電動車充電在歷史上一直是一個令人頭痛的問題。

So can we get an update on that?

那我們能得到最新消息嗎？

And is it something that you feel like at this point is actually kind of behind us?

現在您覺得這件事實際上已經過去了？

Or is it still touch and go enough that we could get quarters that run into those issues -- something changed or that's kind of in the rearview mirror or we're quite out of the woods yet per se?

或者它仍然足夠讓我們能夠得到遇到這些問題的宿舍——有些事情發生了變化，或者是在後視鏡中，或者我們本身已經擺脫了困境？

Any clarification on that would be helpful.

對此的任何澄清都會有所幫助。

Yeah, charging infrastructure is a really important aspect of our customer deliveries, Donovan, I think.

是的，多諾萬，我認為充電基礎設施是我們客戶交付的一個非常重要的方面。

Thank you for asking the question.

感謝您提出問題。

As we delivered more vehicles into the field and as our orders have shifted to be supporting more national accounts and small and medium-sized regional fleets, the infrastructure problems and challenges have lessened, but they are still very much there.

隨著我們向現場交付更多車輛，並且我們的訂單已轉向支援更多國民帳戶和中小型區域車隊，基礎設施問題和挑戰有所減輕，但仍然存在。

As we've shared in previous calls, we anticipate that these infrastructure challenges will be there for years to come.

正如我們在先前的電話會議中所分享的那樣，我們預計這些基礎設施挑戰將在未來幾年內持續存在。

I shared earlier in the call that there are different phase in milestone requirements.

我之前在電話會議中分享過，里程碑要求有不同的階段。

In California, for instance, the first one is 10% of high-priority fleets by the end of next year.

例如，在加州，第一個目標是到明年年底佔高優先車隊的 10%。

The next iteration is 25%.

下一次迭代是 25%。

So the infrastructure that will need to be deployed over the coming years will continually increase each year.

因此，未來幾年需要部署的基礎設施將每年不斷增加。

And with that, we anticipate challenges, particularly for some of these large deployment sites where there might be 100 or 200 vehicles parked out.

因此，我們預計將面臨挑戰，特別是對於一些可能停放 100 或 200 輛車的大型部署地點。

And but that being said, our deliveries in the quarter were actually trending much more towards large national accounts.

但話雖這麼說，我們本季的交付量實際上更傾向於大型國民帳戶。

And we anticipate that continuing in the next 12 months or so, really because that's where we're seeing our strongest recurring order base right now.

我們預計這種情況將在未來 12 個月左右持續下去，因為這就是我們目前看到的最強勁的經常性訂單基礎。

So with those customers' infrastructure problems generally lessen and more proactive about creating long-term infrastructure plans.

因此，這些客戶的基礎設施問題通常會減少，並且會更主動地制定長期基礎設施計劃。

Generally, they have more sites to deploy their vehicles across.

一般來說，他們有更多的地點來部署車輛。

And so it's not always constrained to a single or a few locations.

因此，它並不總是局限於單一或幾個位置。

And it gives us more flexibility to work with those customers on long-term planning.

它使我們能夠更靈活地與這些客戶一起制定長期規劃。

So to answer your question, yes, we anticipate it being a problem, although the shifting customer mix will help somewhat in alleviating customer deliveries going forward.

因此，回答你的問題，是的，我們預計這是一個問題，儘管不斷變化的客戶組合將在一定程度上有助於減輕未來的客戶交付量。

Okay.

好的。

That's helpful.

這很有幫助。

And then turning to -- and you talked about the off-road -- I think it's the $160,000 per unit California credit.

然後轉向——你談到了越野——我認為這是每單位 160,000 美元的加州信用額。

You mentioned marine or port (technical difficulty) and you also talked about the powertrain business doing well and looking strong or growth opportunities there, which, of course, makes you think of Wiggins power lift, which has been one of the powertrain customers before.

您提到了海運或港口（技術難度），還談到了動力總成業務表現良好，看起來很強勁或有增長機會，這當然讓您想到威金斯動力升降機，它之前一直是動力總成客戶之一。

So I'm curious, how much do you see the -- I think in California, there's a new law driving lower emissions at the ports.

所以我很好奇，你在多大程度上看到了——我認為在加州，有一項新的法律正在推動降低港口的排放量。

And then if you have these different -- those would be, of course, applications that are not on roads and so you could use the $160,000 credit.

然後，如果您有這些不同的應用程式 - 當然，這些應用程式不在道路上，因此您可以使用 160,000 美元的信貸。

And also, so, how much are kind of those multiple regulations that would come into play in a port marine type environment?

那麼，這些多重法規在港口海洋類型環境中發揮作用有多大？

How much of a driver and potential is there in that area?

該領域有多少驅動力和潛力？

If you can give any color on that, that'd be great.

如果你能給它任何顏色，那就太好了。

Yeah, happy to.

是的，很高興。

So as a category of top line, our Powered by Xos and our Xos Energy Solutions business still represent less than 10% of our overall revenues, but we anticipate them growing at an even faster rate next year than vehicle sales.

因此，作為營收的一個類別，我們的 Powered by Xos 和 Xos 能源解決方案業務仍占我們總收入的不到 10%，但我們預計它們明年的成長速度甚至比汽車銷售還要快。

And part of that has accelerated by those regulations that you touched on, requiring all vehicles operating in and around airports and ocean ports in the state of California to go to zero emissions over the next few years.

您提到的那些法規加速了這一進程，要求加州機場和海港及其周圍運營的所有車輛在未來幾年內實現零排放。

We also anticipate a lot of the environments there needing additional charging infrastructure that's flexible to be able to support the needs of various types of equipment from forklifts to reach stackers to yards spotters, and all of the other associated port material handling equipment.

我們也預計，那裡的許多環境需要額外的靈活充電基礎設施，以便能夠支援各種類型設備的需求，從堆高機到堆高機，再到堆場觀察員，以及所有其他相關的港口物料搬運設備。

While we can't provide specific color on having guided to that market yet, I think you will continue to see more growth in that segment as well as other on-highway segments from the powertrain business that will show really fruitfully for us in 2024 and had strong gross margin unit sales as well as more infrastructure sales.

雖然我們還無法提供有關進入該市場的具體信息，但我認為您將繼續看到該細分市場以及動力總成業務的其他公路細分市場的更多增長，這將在2024 年為我們帶來真正豐碩的成果，單位銷售毛利率強勁，基礎建設銷售也增加。

One anecdotal point that I'll share is as we've launched the Hub product into the market, we've had a whole array of new customers, both in the ports and airports, but also in other industrial sectors that need charging infrastructure that's rapidly deployable, including smaller, lighter duty Class 1 and Class 2 vehicle fleets that are looking for rapidly deployable charging infrastructure.

我要分享的一個軼事是，當我們將 Hub 產品推向市場時，我們已經擁有了一大批新客戶，無論是在港口和機場，還是在其他需要充電基礎設施的工業領域。可快速部署，包括正在尋找可快速部署的充電基礎設施的小型、輕型1 級和2 級車隊。

So we anticipate that products like our Hub will continue to see growth in other ancillary markets that are facing similar regulations to the ones our customer fleets are facing.

因此，我們預計像我們的 Hub 這樣的產品將繼續在其他輔助市場中看到成長，這些市場面臨與我們的客戶車隊面臨的類似法規。

Okay.

好的。

That's very interesting.

這很有趣。

And then just as a clarifying question, because Luminous has been a big and repeat customer, consistent customer for you guys, when you get orders or when we are talking about Loomis armored trucks and when you're talking about Powered by Xos, so the armored trucks fall under -- do you treat that as a Powered by Xos or is it more of like the 2023 stepvan-type chassis with armored car body?

然後作為一個澄清問題，因為 Luminous 一直是你們的大回頭客，始終如一的客戶，當你們收到訂單時，或者當我們談論 Loomis 裝甲卡車時，當你們談論 Powered by Xos 時，所以裝甲卡車屬於- 您是否將其視為由Xos 提供動力的卡車，還是更像是帶有裝甲車身的2023 年Stepvan 型底盤？

And so you treat it -- just thinking about when give color and commentary about, this is doing well.

所以你對待它——只要考慮何時給予色彩和評論，這做得很好。

We except growth here, we expect growth there -- when you're talking about -- what bucket do you put the armored trucks into?

我們除了這裡的成長之外，我們期望那裡的成長——當你談論的時候——你把裝甲車放在哪個桶子裡？

Yes, the armored vehicles are still on the 2023 stepvan chassis.

是的，裝甲車仍然使用2023年的stepvan底盤。

So it's still our conventional vehicle business.

所以這仍然是我們的傳統汽車業務。

When we think about Powered by Xos, we're not building the overall chassis.

當我們考慮 Powered by Xos 時，我們並不是建造整個機箱。

We provide powertrain components, things like battery systems, motors, high-voltage distribution, all the software and other auxiliary components, but generally not the drive line, the chassis, the vehicle frame of those vehicles.

我們提供動力總成組件，例如電池系統、馬達、高壓配電、所有軟體和其他輔助組件，但通常不提供這些車輛的傳動系統、底盤、車架。

Okay.

好的。

That's helpful.

這很有幫助。

Okay, great.

好的，太好了。

Thanks, guys.

多謝你們。

I'll take the rest of my questions offline.

剩下的問題我會離線回答。

Thanks, Donovan.

謝謝，多諾萬。

This concludes the conference call and the Q&A.

電話會議和問答到此結束。

Ladies and gentlemen, thank you for your participation.

女士們、先生們，感謝您的參與。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines.

您可以斷開線路。

And have a wonderful day.

祝你有美好的一天。