Xos Inc (XOS) 2023 Q4 法說會逐字稿

Thanks, greetings, and welcome to access Inc. fourth quarter and full year 2023 earnings call.

謝謝、問候並歡迎參加 Inc. 第四季和 2023 年全年財報電話會議。

At this time, all participant lines are in a listen-only mode.

此時，所有參與線路都處於只聽模式。

For those of you participating in the conference call there will be an opportunity for your questions at the end of today's prepared comments.

對於那些參加電話會議的人來說，在今天準備好的評論結束時將有機會提出問題。

Please note this conference is being recorded.

請注意，本次會議正在錄製中。

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

這次，我想將會議交給 Access 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 fourth-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 年第四季財報新聞稿，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，這些預期和假設存在風險和不確定性。

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，那麼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原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.

請參考該公司 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 best year to date.

謝謝克里斯汀，也謝謝大家和我們一起回顧 Xos 迄今為止最好的一年。

On today's call, I will cover highlights from 2023 during which we generated revenues of $44.5 million, delivered 283 units, and achieved positive gross margins in both the third and fourth quarters.

在今天的電話會議上，我將介紹 2023 年的亮點，在此期間，我們實現了 4,450 萬美元的收入，交付了 283 台，並在第三季和第四季實現了正毛利率。

Before handing it off to Gio and Liana for operational and financial updates, I will discuss our anticipated acquisition of electromechanical and the outlook for 2024.

在將其交給 Gio 和 Liana 獲取營運和財務更新之前，我將討論我們對機電的預期收購以及 2024 年的前景。

Last year, we delivered quarter over quarter growth and set new delivery records in each of the third and fourth quarters following the release of the redesigned Stepan platform.

去年，在重新設計的 Stepan 平台發布後，我們實現了季度環比增長，並在第三和第四季度創下了新的交付記錄。

As is common practice in our industry, most of our customers build confidence in excess vehicles by starting with an initial order of 10 or fewer trucks and putting these vehicles through their paces in the real world, customers then return with larger order sizes that make excess part of their ongoing vehicle replacement schedule.

正如我們行業的常見做法，我們的大多數客戶都會從10 輛或更少卡車的初始訂單開始，並在現實世界中測試這些車輛，從而建立對過剩車輛的信心，然後客戶會帶著更大的訂單規模返回，從而使過剩他們正在進行的車輛更換計劃的一部分。

The initial orders all involve important decisions about the vehicle use case total cost of ownership, charging infrastructure and driver training that differ from the traditional commercial vehicle sales process making a robust sales program, a strategic focus of excess our strong customer pipeline built on the past six years of direct sales propelled us to success with significant delivery volumes to established customers like Luminous and UniFirst as well as new customers, including UPS and Canada Post.

最初的訂單都涉及有關車輛用例總擁有成本、充電基礎設施和駕駛員培訓的重要決策，這與傳統商用車銷售流程不同，制定了穩健的銷售計劃，這是我們建立在過去的強大客戶渠道的策略重點六年的直銷經驗推動我們取得了成功，為 Luminous 和 UniFirst 等老客戶以及 UPS 和加拿大郵政等新客戶提供了大量交付量。

Direct sales comprise over 90% of our 2023 sales and remain a critical tool in growing our market share.

直銷占我們 2023 年銷售額的 90% 以上，並且仍然是擴大我們市場份額的關鍵工具。

Following the sale, we rely heavily on our dealer partners to service and support excess vehicles, delivering a high-quality customer experience that directly translates into larger follow-on orders.

銷售後，我們嚴重依賴經銷商合作夥伴為多餘車輛提供服務和支持，提供高品質的客戶體驗，從而直接轉化為更大的後續訂單。

In 2023, we saw order sizes grow with many of our customers, including Loomis as purchase of 150 vehicles announced in the first quarter and we expect that our established relationships with globally recognized fleets will continue to differentiate access.

2023 年，我們看到許多客戶的訂單規模不斷增長，包括 Loomis 在第一季宣布購買 150 輛汽車，我們預計與全球知名車隊建立的關係將繼續帶來差異化的准入。

Our new step and platform also contributed directly to our improved financial results, showcasing that accesses commercial EVs can deliver attractive gross margins without the massive scale and capital requirements cited by many new excess debt bands.

我們的新步驟和平台也直接促進了我們財務業績的改善，表明使用商用電動車可以提供有吸引力的毛利率，而無需許多新的超額債務範圍所引用的大規模和資本要求。

Exhibit unit gross margins in the range of 6% to 23% in line or exceeding the gross margins of many legacy OEMs.

展出單位的毛利率在 6% 至 23% 之間，與許多傳統 OEM 的毛利率持平或超過。

We expect these results will continue to improve the concerted efforts of our engineering and supply chain teams, which Gio will describe momentarily.

我們預計這些結果將繼續改善我們的工程和供應鏈團隊的共同努力，Gio 將立即對此進行描述。

The new step van was also a step forward for our customers, combining longer range with improved payloads and reliability.

新型步進貨車對我們的客戶來說也是向前邁出的一步，它將更長的續航里程與改進的有效載荷和可靠性結合在一起。

Over the second half of the year, we delivered over 170 units of the new step and the customers alongside a small population of prior generation inventory.

今年下半年，我們向客戶交付了 170 多個新台階以及少量上一代庫存。

It is a vehicle platform that we plan to leverage for many years, both in this step van market and our powertrain and hub products.

這是我們計劃在踏板車市場以及我們的動力系統和輪轂產品中利用多年的車輛平台。

Operationally, we pursued a series of difficult and aggressive cost cutting efforts in 2023 that instilled financial discipline and rigor across the company.

在營運方面，我們在 2023 年採取了一系列困難且積極的成本削減措施，在整個公司灌輸了財務紀律和嚴格性。

By the fourth quarter, we reduced operating expenses by 43% from their peak in the fourth quarter of 2021.

到第四季度，我們的營運費用較 2021 年第四季的高峰減少了 43%。

Those changes together with improvements to our gross margins, propel XOS towards our next company goal, positive free cash flow.

這些變化加上我們毛利率的提高，推動 XOS 實現我們的下一個公司目標：正自由現金流。

Our steady march towards positive free cash flow is bolstered by our expected acquisition of electromechanical.

我們預期收購機電業務將推動我們穩步邁向正自由現金流。

In 2023, we explored multiple options to address excess of the need for growth in working capital.

2023 年，我們探討了多種方案來解決營運資本成長的過度需求。

We found a unique opportunity with electromechanical following the discontinuation of their solo EZ electro-mechanical conducted an extensive review of all options to deploy their capital and determined access offered the best long-term opportunity.

在停止單獨的 EZ 機電業務後，我們發現機電業務有一個獨特的機會，對部署其資本的所有選項進行了廣泛的審查，並確定訪問提供了最佳的長期機會。

Our anticipated acquisition of electro-mechanical further underscores accesses unique position as a leader in fleet electrification.

我們預期對機電的收購進一步凸顯了我們作為車隊電氣化領導者的獨特地位。

Yesterday, the transaction was approved by shareholders of both excess and electromechanical, and we currently anticipate to close this upcoming Monday, March 25, the deal is expected to provide access with over $45 million in additional capital that will provide a secure financial base for many quarters.

昨天，該交易獲得了 Excess 和機電公司股東的批准，目前預計將於 3 月 25 日星期一完成，該交易預計將提供超過 4500 萬美元的額外資本，這將為許多人提供安全的財務基礎宿舍。

For reference, excess quarterly cash consumption range between $2.2 million and $8.5 million in the second half of 2023.

作為參考，2023 年下半年季度超額現金消耗範圍在 220 萬美元至 850 萬美元之間。

Excluding our now completed repayments to Yorkville, the positive impact of the acquisition is hard to overstate.

不包括我們現在完成的對約克維爾的還款，收購的正面影響怎麼強調都不為過。

And I think all of the electromechanical shareholders for their support in ensuring that access remains a leader in commercial EVs for years to come following the anticipated close of the transaction next week.

我認為所有機電股東的支持，確保在預計下週交易結束後的未來幾年內，Access 仍然是商用電動車領域的領導者。

And the resultant influx of capital to Xos will continue to make judicious capital allocations in those areas where we anticipate short and term gains in our bottom line, we will remain open to outside funding opportunities where it unlocks significant value for both customers and shareholders.

由此產生的資本湧入 Xos 將繼續在我們預計短期和長期盈利的領域進行明智的資本配置，我們將繼續對外部融資機會持開放態度，為客戶和股東釋放巨大價值。

However, we do not foresee a need for additional capital to deliver growing volumes of our core products.

然而，我們預計不需要額外的資金來提供不斷增長的核心產品數量。

Turning now to our commercial prospects for 2024, I firmly believe that Exxon has selected the ideal entry point to the commercial EV market with our step and further believe that excess will parlay Stefan success into other sectors as customer demand and infrastructure readiness grows for now, we remain fully committed to the step end market and our related powertrain products that continued focus is reflected in our CapEx and R&D budgets, which remain unchanged following the acquisition,

現在轉向我們2024 年的商業前景，我堅信埃克森美孚已經通過我們的步驟選擇了進入商用電動車市場的理想切入點，並進一步相信，隨著客戶需求和基礎設施準備情況的增長，過剩將讓Stefan 的成功進入其他領域，我們仍然完全致力於梯級市場和我們的相關動力總成產品，持續的關注反映在我們的資本支出和研發預算中，收購後這些預算保持不變，

We believe concentrated attention on increased debt and deliveries is the key to reaching our financial goals.

我們相信，集中精力增加債務和交付是實現我們財務目標的關鍵。

In 2024, our delivery volumes will be bolstered by three major factors.

2024 年，我們的交付量將受到三大因素的推動。

First, we anticipate our established customers will continue to increase their order sizes and make XOS a part of their routine vehicle procurement cycles.

首先，我們預計我們的老客戶將繼續增加訂單規模，並使 XOS 成為其日常車輛採購週期的一部分。

We continue to believe that deliveries will be weighted to the second half of the year as customers race to install charging infrastructure, supported by our sales team who have gotten a strong start to the year relative to 2023, we expect to see substantially stronger first and second quarters.

我們仍然相信，隨著客戶競相安裝充電基礎設施，在我們的銷售團隊的支持下，交付將集中在今年下半年，我們的銷售團隊在今年相對2023 年取得了良好的開局，我們預計首先會大幅強勁，第二季。

Second, regulatory pressure, combined with customer incentives available in at least 10 states, we'll continue to motivate new and existing customers to adopt EVs.

其次，監管壓力，加上至少 10 個州提供的客戶激勵措施，我們將繼續激勵新舊客戶採用電動車。

Lastly, the revised stepped van platform is translating into stronger powertrain sales.

最後，改良後的階梯式貨車平台正在轉化為更強勁的動力總成銷售。

We have powertrain deliveries planned for Winnebago and a nationally recognized school bus manufacturer in 2024.

我們計劃於 2024 年向溫尼貝戈和一家全國認可的校車製造商交付動力系統。

In addition to bolstered vehicle sales we have high expectations for the updated Access Hub.

除了汽車銷售的成長之外，我們對更新後的 Access Hub 也抱有很高的期望。

The Hub serves as both a sales enablement tool for Stepan and as a high-margin product in its own right.

該中心既是 Stepan 的銷售支援工具，也是一種高利潤產品。

We are seeing surging interest and purchase orders from a range of customers, including Xcel Energy and Duke Energy who have signed sales orders and are beginning to take delivery.

我們看到一系列客戶的興趣和採購訂單激增，其中包括 Xcel Energy 和 Duke Energy，他們已簽署銷售訂單並開始交貨。

Our hub leverages existing power infrastructure at customer sites.

我們的中心利用客戶現場現有的電力基礎設施。

It provides stopgap EV charging, remote and rescue charging and low costs and DC charging infrastructure.

它提供權宜之計的電動車充電、遠端和救援充電以及低成本的直流充電基礎設施。

Each unit can charge up to four vehicles at one time from a single power connection, which many locations already have on site to hub can also be mounted to a trailer to provide mobile power storage and charging capabilities by allowing users to forego expensive and time-consuming electrical upgrades.

每個單元可以透過單一電源連接一次最多四輛車充電，許多地點已經在現場設置了集線器，也可以安裝到拖車上，透過允許用戶放棄昂貴和時間來提供行動電源儲存和充電功能。升級。

Our fleet customers can put newly purchased that Vans into service before permanent charging infrastructure is complete.

我們的車隊客戶可以在永久充電基礎設施建成之前將新購買的貨車投入使用。

In many cases, fleets can entirely avoid the uncertain infrastructure installation timelines that have impacted excess vehicle delivery schedules.

在許多情況下，車隊可以完全避免不確定的基礎設施安裝時間表，這些時間表會影響過多的車輛交付時間表。

An additional support for hub sales are the recent incentives from the California Air Resources Board core incentive projects, which provide up to $160,000 per unit for certain hub purchases in all.

輪轂銷售的另一項支持是最近加州空氣資源委員會核心激勵項目的激勵措施，該項目為某些輪轂採購提供每台高達 16 萬美元的獎勵。

While the hub won't eliminate charging related delays for our customers, we believe it will meaningfully improve the predictability of our staff and deliveries.

雖然該中心不會為我們的客戶消除與充電相關的延誤，但我們相信它將有意義地提高我們的員工和交付的可預測性。

I'll now hand it over to our COO, Goe, for an operational update.

現在我將把它交給我們的營運長 Goe，以獲取營運更新資訊。

Thanks, Dakota. 2023 was a [better] year for the excess engineering, supply chain and manufacturing teams.

謝謝，達科塔。對於過剩的工程、供應鏈和製造團隊來說，2023 年是[更好]的一年。

We launched a new higher performance step and platform delivered positive gross margins and sustain higher vehicle build rates than ever before.

我們推出了新的更高性能步驟，平台實現了正毛利率，並維持了比以往更高的車輛製造率。

Our updated Stefan platform delivers higher payload and range performance to our customers while simultaneously enabling us to achieve our gross margin targets.

我們更新的 Stefan 平台為我們的客戶提供了更高的有效負載和航程性能，同時使我們能夠實現毛利率目標。

The long-range variance for our platform is particular highlight and comprise comprised approximately 53% of 2023 deliveries.

我們平台的長期差異尤其突出，約佔 2023 年交付量的 53%。

Platform redesign was coupled with significant revamp of our factory operations by bringing our manufacturing team in-house, integrating our ERP system into our product development and manufacturing systems and fabricating more components on-site, we were able to scale up factory output to match customer demand without significant capital investments.

平台重新設計與我們工廠營運的重大改造相結合，透過將我們的製造團隊引入內部，將我們的ERP 系統整合到我們的產品開發和製造系統中，並在現場製造更多組件，我們能夠擴大工廠產量以滿足客戶需求無需大量資本投資即可滿足需求。

In both the third and fourth quarters, we were able to demonstrate for periods of time build rates in excess of 700 chassis per year.

在第三和第四季度，我們能夠在一段時間內展示每年超過 700 個底盤的建造率。

Such sustained build rates, underscore the Tennessee factories, future production capabilities and reflects the agility with which our team can quickly pivot and satisfy production demands without risking unhealthy inventory built up.

如此持續的建造速度，強調了田納西州工廠的未來生產能力，並反映了我們的團隊能夠快速調整和滿足生產需求的敏捷性，而不會冒著建立不健康庫存的風險。

The team accomplished all of this while significantly reducing operating expenses over the year, which is a testament to our ability to deliver results in a capital constrained environment.

團隊實現了所有這些目標，同時大幅降低了一年中的營運費用，這證明了我們有能力在資本緊張的環境中交付成果。

Beyond Stephan's, our team fully revamped the hub by leveraging our existing battery and charger technology.

除了史蒂芬的團隊之外，我們的團隊還利用我們現有的電池和充電器技術對該中心進行了全面改造。

The Hub now offers sub-10,000-pound curb weight, 280-kilowatt hour capacity, and four charge heads with up to 150-kilowatt charge speeds.

該中心現在提供低於 10,000 磅的整備重量、280 千瓦時的容量和四個充電頭，充電速度高達 150 千瓦。

All at a 40% lower price than our prior version, thanks to our engineers, effort and the highly overlapping supply chains, we have the manufacturing capacity to build up to 100 hubs per year at our Birds town, Tennessee factory, in addition to our project and Stefan volumes.

由於我們的工程師、努力和高度重疊的供應鏈，所有這些產品的價格都比之前的版本低 40%，除了我們的專案和斯特凡卷。

Turning to 2024, our supply chain and engineering teams will continue to focus on cost reductions and improve vehicle performance.

展望 2024 年，我們的供應鏈和工程團隊將繼續專注於降低成本和提高車輛性能。

Our growing scale and reputation as a leader in the industry is starting to pay dividends and supplier relationships.

我們作為行業領導者不斷擴大的規模和聲譽正開始帶來紅利和供應商關係。

As a result, we have more opportunities to enter into long-term supply agreements with better terms that have eluded new OEMs.

因此，我們有更多的機會以更優惠的條件簽訂長期供應協議，而這是新的原始設備製造商無法做到的。

Our engineers are working closely alongside our supply chain team to further improve performance and margin of our vehicles.

我們的工程師與供應鏈團隊密切合作，進一步提高車輛的性能和利潤。

In 2024, we expect to expand our addressable market by introducing new Stefan variants and powertrain systems where customer demand is sufficient to justify the R&D resources the Access Hub and powered by access will continue to expand and support revenue growth, but for 2024, our top priority will remain scaled Stefan production and deliveries.

到2024 年，我們預計透過推出新的Stefan 變體和動力總成系統來擴大我們的潛在市場，其中客戶需求足以證明研發資源的合理性，Access Hub 和由Access 提供動力的研發資源將繼續擴大並支持收入成長，但到2024 年，我們的頂級優先事項仍是擴大 Stefan 的生產和交付。

With that I'll pass it to Liana.

我會把它交給莉安娜。

Good afternoon, everyone. 2023 was a year full of challenges that Xos was able to navigate all while making significant progress financially launching our gross margin, positive step and growing unit delivery and securing meaningful capital via our expected acquisition of electromechanical have prepared excellence to deliver strong results in the coming year.

大家下午好。 2023 年是充滿挑戰的一年，Xos 能夠應對所有挑戰，同時在毛利率方面取得重大進展，積極邁出步伐，增加單位交付量，並透過我們預期收購機電獲得有意義的資本，為未來取得強勁業績做好了準備年。

Compared with 2022, we grew revenue by 22%, improved the annual gross margins to near breakeven at negative 2.9% from negative 83% and reduced our quarterly operating expenses by 27%.

與 2022 年相比，我們的營收成長了 22%，年度毛利率從負 83% 提高到接近盈虧平衡的負 2.9%，季度營運費用減少了 27%。

These accomplishments required immense dedication from our entire team and provide me confidence that we will continue to deliver on our aggressive targets in 2024 and beyond.

這些成就需要我們整個團隊的巨大奉獻，並讓我相信我們將在 2024 年及以後繼續實現我們的宏偉目標。

With that in mind, I'll now review our financial performance for the fourth quarter of 2023.

考慮到這一點，我現在將回顧我們 2023 年第四季的財務表現。

Our revenue for the fourth quarter increased to $18.4 million compared to $16.7 million in the third quarter.

我們第四季的營收從第三季的 1,670 萬美元增至 1,840 萬美元。

Our cost of goods sold during the quarter increased to $17 million compared to $14.7 million in the prior quarter.

本季我們的銷售成本增加至 1,700 萬美元，而上一季為 1,470 萬美元。

GAAP gross margin during the quarter was a profit of $1.3 million compared to a profit of $2 million in the prior quarter.

本季 GAAP 毛利率為 130 萬美元，上一季為 200 萬美元。

The change in revenues was primarily due to the increase in quarter-over-quarter unit deliveries as well as an increase in current quarter deliveries of energy products, including the Xos have cost of goods sold increased in line with revenues during the quarter.

收入變化主要是由於季度單位交付量的增加以及本季能源產品交付量的增加，包括 Xos 的銷售成本隨本季收入的增加而增加。

Gross margin was impacted in the current quarter by changes in our inventory reserve updates to the absorption of overhead costs related to sold units and the results of our physical inventory counts.

本季的毛利率受到我們庫存儲備更新的變化的影響，以吸收與已售單位相關的間接費用以及我們的實際庫存盤點結果。

This activity resulted in slightly lower margins compared to the prior quarter, but highlights our focus on continuous improvement of our inventory management processes.

與上一季相比，這項活動導致利潤率略有下降，但凸顯了我們對持續改善庫存管理流程的關注。

As noted last quarter, GAAP gross margin for our vehicle OEM is impacted by a range of reserves set, combined with changes in the sales mix between dealers, correct.

正如上季所指出的，我們的汽車 OEM 的 GAAP 毛利率受到一系列儲備金的影響，再加上經銷商之間銷售組合的變化，這是正確的。

And prior model inventory sales introduced higher levels of volatility in quarterly results.

先前的庫存銷售模型導致季度業績出現更高水準的波動。

For this reason, we can to continue to share a consistent non-GAAP gross margin.

因此，我們可以繼續分享一致的非公認會計準則毛利率。

So you can find in today's earnings release.

所以你可以在今天的財報中找到。

Our fourth quarter operating expenses decreased to [$13.5 million] from $14.6 million in the prior quarter, primarily driven by the October 2023 reduction in workforce and overall lower expenses across all categories, partially offset by electro-mechanical transaction related expenses.

我們第四季的營運費用從上一季的 1,460 萬美元下降至“1,350 萬美元”，這主要是由於 2023 年 10 月勞動力減少以及所有類別費用總體下降，但部分被機電交易相關費用所抵消。

Full year non-GAAP operating loss was $58.1 million and for the fourth quarter of $10.9 million.

全年非 GAAP 營運虧損為 5,810 萬美元，第四季營運虧損為 1,090 萬美元。

Operating expenses are expected to increase moderately following the acquisition as we wind down the remaining electromechanical operations through the second quarter.

隨著我們在第二季逐步減少剩餘的機電業務，收購後營運費用預計將適度增加。

We ended the year with cash and cash equivalents of $11.6 million compared with $22.6 million at the end of the third quarter.

年末我們的現金和現金等價物為 1,160 萬美元，而第三季末為 2,260 萬美元。

In addition to cash used in operating activities.

除經營活動所使用的現金外。

We used $10.9 million during the fourth quarter.

第四季我們使用了 1090 萬美元。

And financing activities primarily related to our convertible debentures were with Yorkville, which have now been repaid in full.

主要與我們的可轉換債券相關的融資活動是在約克維爾進行的，現已全額償還。

As I said last quarter, these payments concluded in the fourth quarter and will not impact future results.

正如我上季度所說，這些付款在第四季度結束，不會影響未來的業績。

Inventory contracted to $37.8 million from $48.9 million in the third quarter as we continue to draw down the pandemic inventory and prior generation set them, raw material balance decreased as a result of the serious production of telecom units during the quarter offset by fewer receipts given our focus on strategic purchasing and inventory management.

庫存從第三季度的4890 萬美元減少到3780 萬美元，因為我們繼續減少大流行病庫存，並且上一代設定了庫存，由於本季度電信設備的大量生產，原材料餘額減少，但由於我們的收入減少，抵銷了原料餘額的減少。

Finished goods inventory decreased due to the sale of our prior generations, but status as well as the sale of energy products.

由於我們前幾代產品的銷售，但狀態以及能源產品的銷售，成品庫存有所減少。

We expect inventory balances to stabilize moving forward with prudent and deliberate purchasing operating cash flow, less CapEx or free cash flow improved to negative $0.9 million for the fourth quarter from negative $8.4 million last quarter.

我們預計，隨著謹慎而審慎的採購營運現金流、資本支出或自由現金流的減少，庫存餘額將穩定下來，第四季度的自由現金流將從上季的負840 萬美元改善至負90 萬美元。

This reflects both excesses improved cost structure from reductions made in 2023 as well as increased deliveries of gross margin positive units.

這反映了 2023 年成本結構的過度改善以及毛利率為正的單位交付量的增加。

Wrapping up with outlook for 2024, we expect to generate $66.7 million to $100.4 million in revenue, achieve a non-GAAP operating loss of $48.7 million to $43.7 million, and deliver 400 to 600 units.

總結 2024 年的展望，我們預計將產生 6,670 萬美元至 1.004 億美元的收入，實現非 GAAP 營運虧損 4,870 萬美元至 4,370 萬美元，並交付 400 至 600 台。

As a result, we designed Stephan and updated exercise.

因此，我們設計了 Stephan 並更新了練習。

We expect ex to deliver positive gross margin in each quarter of 2024.

我們預計 ex 將在 2024 年每季實現正毛利率。

This growth will be supported by improved liquidity in the form of over $45 million in cash and cash equivalents that we expect to receive from the acquisition of the electromechanical in the coming weeks.

這一成長將得到流動性改善的支持，我們預計將在未來幾週內透過收購機電公司獲得超過 4500 萬美元的現金和現金等價物。

This capital will be used to fund of its ongoing operations and working capital needs to support our growing Stefan deliveries.

這筆資金將用於資助其持續營運和營運資金需求，以支持我們不斷增長的 Stefan 交付量。

Our expected acquisition of electromechanical includes the assumption of certain liabilities, mainly in the form of two real estate leases that we expect to sublease.

我們預期收購機電包括承擔某些負債，主要以我們預計轉租的兩處房地產租賃的形式承擔。

We do not anticipate the acquisition to meaningfully change the trajectory of excess its operating expenses.

我們預計此次收購不會顯著改變其營運費用過高的軌跡。

Our delay our achievement of positive cash flows.

我們延遲實現正現金流。

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, 2023 was a critical year for Xos that set the stage for an exciting 2024.

總而言之，2023 年對 Xos 來說是關鍵的一年，為令人興奮的 2024 年奠定了基礎。

Our customers clearly demonstrated their growing demand for electrification, leading to our back-to-back record quarters in the second half of 2023.

我們的客戶清楚地表明了他們對電氣化日益增長的需求，導致我們在 2023 年下半年連續創下季度業績記錄。

Our vehicles are now used by the majority of North America's large step vans fleet and remain the sole source option for zero-emission class five and six that Vans delivered at scale.

我們的車輛現已被北美大多數大型貨車車隊使用，並且仍然是 Vans 大規模交付的零排放五級和六級的唯一來源選擇。

We also demonstrated that commercial EVs can be built profitably with the release of our gross margin positive step in making axles a leader in positive EV economics.

我們也證明，透過釋放毛利率積極舉措，使車軸成為積極電動車經濟的領導者，商用電動車可以實現盈利。

Now with the upcoming acquisition of electro mechanical we have secured the funding needed to build a sustainable cash flow positive business.

現在，隨著即將收購機電公司，我們已經獲得了建立可持續現金流正業務所需的資金。

These milestones remain rare accomplishments and the commercial EV industry access continues to be an outlier in the industry and a critical part of the electrification of commercial vehicles.

這些里程碑仍然是罕見的成就，商用電動車產業的准入仍然是產業中的異類，也是商用車電氣化的關鍵部分。

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

接下來，讓我們打開提問熱線。

(Operator Instructions) Donovan Shafer, Northland Capital Markets.

（操作員指示）Donovan Shafer，Northland Capital Markets。

Hey, guys.

大家好。

Congratulations on getting the votes for the solar acquisition, and that's great to hear on.

恭喜您獲得太陽能收購的選票，很高興聽到這個消息。

So for my first question, I wanted to ask was I want to ask about gross margins.

因此，對於我的第一個問題，我想問的是毛利率。

So and yes, they came down a little bit this quarter.

所以，是的，他們本季略有下降。

And based on the owner side, I realize there are some there's some inherent lumpiness.

從業主的角度來看，我意識到有些東西存在一些固有的缺陷。

It seems as to do with the way reserves are treated in different channels, whether it's direct sales or through dealer.

這似乎與不同通路處理儲備的方式有關，無論是直接銷售還是透過經銷商。

But it sounds like on a non GAAP with the non-GAAP gross profit, you report it adjusts for a lot of that.

但聽起來就像是在非公認會計原則和非公認會計原則毛利的基礎上，你報告說它對其中的很大一部分進行了調整。

So I'm curious if we can kind of just isolate if there is something my impression is that kind of on an apples-to-apples basis, gross margins have come down a little bit Q3 to Q4.

因此，我很好奇我們是否可以區分出我的印像是，在同類基礎上，第三季到第四季的毛利率略有下降。

Correct me if I'm wrong on that on and if so, just what if you can talk through what kind of was the impact there in the fourth quarter?

如果我錯了，請糾正我，如果是這樣，您能談談第四季度的影響嗎？

Can you hear us now, Donovan?

你現在聽得到我們說話嗎，多諾萬？

Yes.

是的。

So there's really a couple of things that drive that.

所以確實有幾件事推動了這一點。

When you look at the GAAP figures, it's obviously the reserves that Liana touched on that a little bit of that change.

當你查看 GAAP 數據時，很明顯，Liana 觸及的儲備是這項變化的一點點。

But when we adjust for non-GAAP considerations, the single largest factor is going to be model mix and some of the shorter range.

但當我們根據非公認會計準則考慮因素進行調整時，最大的因素將是模型組合和一些較小的範圍。

Battery vehicles are slightly different.

電池汽車略有不同。

Configured vehicles are going to represent or demonstrate different margin profiles and so as we make different deliveries to various customers that have longer range or lift gates or other components that might be added onto the vehicle, and that's ultimately going to drive our margin performance quarter to quarter that changes.

配置的車輛將代表或展示不同的利潤概況，因此，當我們向具有更長續航里程或提升門或可能添加到車輛上的其他組件的不同客戶進行不同的交付時，這最終將推動我們季度的利潤表現發生變化的季度。

But as we get through some of the older inventory, which should end in Q2 and as we make more deliveries of our 2023 and 2024 Stockmen's.

但隨著我們清理掉一些較舊的庫存（應在第二季結束），並且我們將在 2023 年和 2024 年交付更多庫存。

The margin profile across all of those vehicles will continue to increase.

所有這些工具的利潤率都將繼續增加。

And as we said in the previous calls, we believe margin profile of all of our products should be in a north of 20%.

正如我們在先前的電話會議中所說，我們相信我們所有產品的利潤率應該在 20% 以上。

So it should continue to improve in quarters to come.

因此，未來幾個季度它應該會繼續改善。

Okay, great.

好的，太好了。

And then turning to 2024 --

然後轉向 2024 年——

Just to add one more point on your margin, (technical difficulty) for this quarter is ample.

只要在利潤上再增加一分，本季的（技術難度）就足夠了。

And in my script, we mentioned that there was absorption of overhead related costs and part of the evaluation of the methodology.

在我的腳本中，我們提到了間接費用相關成本的吸收以及方法評估的一部分。

We recorded a change in estimates this quarter that was one-time in nature that we don't expect to reoccur, and that was primarily driven by the lower margins this quarter as well.

我們在本季度記錄了估計的變化，這本質上是一次性的，我們預計不會再次發生，這主要是由於本季利潤率較低所致。

And then through 2024, it's a very crude kind of approach to things.

然後到 2024 年，這將是一種非常粗糙的處理方法。

But if I take the midpoint of the revenue guidance and I take the midpoint of the non-GAAP operating loss guidance.

但如果我取收入指引的中點和非公認會計原則營業虧損指引的中點。

And if I just sort of hold OpEx and other expenses constant and just sort of make that the same '24 as it was in '23, which I know is very crude.

如果我只是保持營運支出和其他費用不變，然後讓 24 年與 23 年相同，我知道這是非常粗略的。

But the implication there is something like a gross margin for 2024, somewhere in the ballpark of 11%.

但這意味著 2024 年的毛利率約為 11%。

And I'm just curious if you can give any color around like is that is that like is that going?

我只是好奇你是否可以給周圍任何顏色，就像是那樣嗎？

Is that going to grossly miss lead us to think in that framework, are there going to be different sort of puts and takes or things that would cause a deviation from that?

這是否會嚴重錯過引導我們在該框架中思考，是否會有不同類型的投入和採取或會導致偏離的事情？

And then also if it'll start lower and scale through the year, how you would expect that kind of gross margin to behave over the year?

然後，如果它開始時會較低並在一年內擴大規模，您預計全年的毛利率會如何表現？

Yes.

是的。

So it's a great question.

所以這是一個很好的問題。

And while we don't guide to gross margins and free cash flow or I guess operating cash flow on a granular level.

雖然我們沒有提供毛利率和自由現金流的指導，或者我猜是細粒度的經營現金流。

We can provide some context that I think informs your assumption, which if you look at 2023 OpEx, we talked about making significant improvements since our full our full year OpEx reductions were close to 25% by the end of Q4.

我們可以提供一些我認為可以為您的假設提供依據的背景信息，如果您看一下2023 年的運營支出，我們就談到了重大改進，因為到第四季度末，我們全年的運營支出減少了接近25%。

And so if you look at the annualized OpEx number, it's probably not the stabilized OpEx number that we saw in Q4, and that will drive a little bit of improvement.

因此，如果你看一下年化營運支出數字，它可能不是我們在第四季度看到的穩定營運支出數字，而這將推動一點點改善。

And then as we represented that model mix will continue to improve, and we anticipate selling a substantial portion of those higher-margin kind of vehicle configurations within the year that will ultimately lead to that improved gross margin performance in the year ahead.

然後，正如我們所表示的那樣，車型組合將繼續改善，我們預計在一年內銷售大部分利潤率較高的車輛配置，這最終將導致未來一年毛利率表現的改善。

Obviously, a lot of it comes down to what gets delivered quarter to quarter.

顯然，這很大程度上取決於每季交付的內容。

So there is still a little bit of variability but I think comm, generally speaking, OpEx performance should be better excluding some of the impacts of the inclusion of EMVfinancials for Q1 and the profitability of all the vehicles will deliver in this year will continue to improve as well.

因此，仍然存在一些可變性，但我認為，總的來說，排除第一季納入 EMVfinancials 的一些影響，營運支出表現應該會更好，而且今年將交付的所有車輛的盈利能力將繼續改善以及。

And if I can squeeze one more in, just if we can get an update on the state of at the current state of things for your customers, getting the EV charging infrastructure in place, kind of what visibility you have, what kind of conversations or engagement you're doing with customers to make sure that they will be able to take delivery sort of as scheduled where you don't compare to I know in the past, you know, a year ago or so.

如果我能再擠進一個，只要我們能夠了解您的客戶當前的情況更新，讓電動車充電基礎設施到位，您擁有什麼樣的可見性，什麼樣的對話或您正在與客戶進行接觸，以確保他們能夠按計劃接收貨物，而我知道過去，你知道，大約一年前。

So that was limiting the ability of customers to take delivery.

因此，這限制了客戶提貨的能力。

So we can just get kind of an update there, that'd be great.

所以我們可以在那裡得到一些更新，那就太好了。

Yes, absolutely.

是的，一點沒錯。

We're happy to provide a general update.

我們很高興提供一般更新。

Infrastructure continues to be the biggest issue that we and other OEMs experienced in terms of delivering vehicles, growing deliveries period-over-period.

基礎設施仍然是我們和其他原始設備製造商在交付車輛和交付量逐年增長方面遇到的最大問題。

But we're taking that into our own hands and really working with customers to improve the rate with which we deliver infrastructure on.

但我們正在將其掌握在自己手中，並真正與客戶合作，以提高我們交付基礎設施的速度。

We also recently announced the launch of our second generation hub and subsequent to Q4 close in the beginning of Q1.

我們最近也宣布推出第二代集線器，並在第四季結束後於第一季初推出。

And this second generation hub was released too much fanfare.

而這個第二代集線器的發布也太過張揚了。

And we've been building a significant order backlog of those units, which will help enable delivery of more of our own trucks as well as other EVs for customers that don't currently acquire excess trucks.

我們一直在為這些單位建立大量的積壓訂單，這將有助於為目前沒有購買多餘卡車的客戶交付更多我們自己的卡車以及其他電動車。

And so we believe that's solving a significant portion of the problem that we're dealing with today.

因此，我們相信這解決了我們今天正在處理的問題的很大一部分。

But beyond that, we don't believe that the hub is going to solve all of our infrastructure challenges.

但除此之外，我們不相信中心能夠解決我們所有的基礎設施挑戰。

I will say that we have better insight and better visibility into the deployment timelines of some of our key infrastructure projects with a lot of our customers here in California or in other large states where targeting infrastructure is being deployed, such as in Texas or New York.

我想說的是，我們對一些關鍵基礎設施專案的部署時間表有更好的洞察力和可見性，我們的許多客戶位於加利福尼亞州或其他正在部署目標基礎設施的大州，例如德克薩斯州或紐約州。

But we doesn't mean we have certainty around all of those dates as projects can experience construction delays, utility delays, building permit delays, and that can slow these projects down.

但我們並不意味著我們對所有這些日期都有確定性，因為專案可能會遇到施工延誤、公用事業延誤、建築許可延誤，這可能會減慢這些專案的速度。

So we're continuing to be more proactive about monitoring that and incorporating that into our annual planning exercise.

因此，我們將繼續更積極主動地進行監控並將其納入我們的年度規劃活動中。

And then products like the hub will continue to supplement and provide a stopgap solution until we can get that permanent infrastructure deployed.

然後，像中心這樣的產品將繼續補充並提供權宜之計，直到我們能夠部署永久基礎設施。

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 seems like you are sort of at the run rate of deliveries consistent with the low end of the guide.

看來您的交貨運行率與指南的低端一致。

So just wondering how you're thinking about the puts and takes that would keep you at this run rate and at the low end versus the high end of the range.

因此，只是想知道您如何考慮看跌期權和看跌期權，以使您保持在該運行速度以及範圍的低端與高端。

What are what are the key bottlenecks to deliveries on the range of that embedded in guidance?

在指南中嵌入的範圍內交付的主要瓶頸是什麼？

Yes.

是的。

Thanks for the question, Adam, so I would start off by reiterating my previous point, really about infrastructure that continues to be the single biggest bottleneck or hurdle in terms of increasing deliveries.

謝謝亞當提出的問題，所以我首先要重申我先前的觀點，基礎設施仍然是增加交付量的最大瓶頸或障礙。

And so for the reaching or obtaining the high end of the guide.

對於達到或獲得指南的高端也是如此。

I think infrastructure will drive the majority of that incremental performance.

我認為基礎設施將推動大部分增量效能。

And there are other factors that are obviously playing into all of this, including the time to delivery from the upfit facility, supply chain and component parts that go into the vehicles.

顯然還有其他因素在影響這一切，包括從改裝設施交付的時間、供應鏈和車輛零件。

And but I would say the majority of the delays that we experienced in that range are going to be attributable to infrastructure delays with projects that customers are deploying.

但我想說，我們在該範圍內經歷的大部分延遲都是由於客戶正在部署的專案的基礎設施延遲造成的。

And one other factor that I think is will significantly change.

我認為另一個因素將會發生重大變化。

That is the hub.

那就是樞紐。

And although we've just launched the hub Gen two units are going to be shipping our first units this quarter, we don't have a clear understanding of how that will impact deliveries quite yet as we haven't fully rolled out production and fully got them into the field with customers.

儘管我們剛剛推出了第二代中心單元，並將在本季度發貨我們的第一批單元，但我們還不清楚這將如何影響交付，因為我們還沒有完全推出生產並完全讓他們與客戶一起進入現場。

But we do anticipate that will have a pretty significant positive impact for us being able to stay within that range and hopefully stay at the high end of that range.

但我們確實預計這將對我們能夠保持在該範圍內並希望保持在該範圍的高端產生相當大的積極影響。

So as the hub continues to ramp up in production in Q2, we hope that that can drive our performance and being in the top end of the range.

因此，隨著第二季度該輪轂的產量繼續增加，我們希望這能夠推動我們的業績並處於該範圍的高端。

And nice to see the positive margin gross margins on the new XO step.And I think you said unit gross margins in the range of 6% to 23% on that project on that product, what drives that variability and where do you expect margins on that product trend over time?

很高興看到新的XO 步驟的毛利率為正。率在哪裡隨著時間的推移，該產品的趨勢是什麼？

Yes.

是的。

So it actually is driven a lot by customer model mix and the configuration ultimately that our customers deploy on some of our longer range battery options may have at higher margin profile.

因此，它實際上在很大程度上是由客戶模型組合和配置驅動的，我們的客戶在我們的一些更長續航里程的電池選項上部署的最終配置可能具有更高的利潤率。

Other feature add-ons, things like lift gates for power takeoff or power export might drive that and even the body configuration.

其他附加功能，例如用於動力起飛或電力輸出的提升門，可能會推動這一點，甚至車身配置。

So generally, customer specific attributes and features on the vehicle as well as customer specific deal terms.

一般來說，客戶特定的車輛屬性和功能以及客戶特定的交易條款。

Now as we go to increased volumes and increased deliveries to some of our larger customers who do offer a small discount for some of those larger bulk purchases.

現在，隨著我們向一些較大的客戶增加產量和增加交貨量，他們確實為一些較大的批量採購提供了小額折扣。

And those generally will accrue to those customers that are buying north of 100 units or more.

這些通常會由購買超過 100 套或以上的客戶獲得。

So that's what drives most of the variability there is obviously of COGS allocation or labor allocation that gets attributed to different vehicles, depending upon the time how that vehicles delta.

因此，這就是導致大部分可變性的原因，顯然是歸因於不同車輛的銷貨成本分配或勞動力分配，這取決於車輛增量的時間。

But those vary less than the actual final vehicle model spec.

但這些差異小於實際的最終車型規格。

That's helpful.

這很有幫助。

And then last one for me.

然後是我的最後一張。

On the unit deliveries outlook for 2024, can you provide any color between the split of Stefan's first powertrains versus hub products?

關於 2024 年的單位交付前景，您能否提供 Stefan 首款動力系統與輪圈產品之間的差異？

Yes, we're not providing that guidance today.

是的，我們今天不提供該指導。

We anticipate that really all three of the categories are growing pretty substantially.

我們預計這三個類別實際上都會大幅成長。

And so as we look to 2024, there's just depending upon our customer, whether it's a powered by excess customer or it's a certain customer, there are different variables that inform when they take delivery of those trucks.

因此，當我們展望 2024 年時，這取決於我們的客戶，無論是由過剩客戶提供動力還是特定客戶，都有不同的變數來通知他們何時接收這些卡車。

But we have a pretty good confidence around that pipeline to stay well within that range and know that really all three of these product segments are going to be growing double digits in terms of their deliveries in the year.

但我們對該管道保持在該範圍內充滿信心，並且知道所有這三個產品領域今年的交付量都將實現兩位數增長。

Mike Shlisky, DA Davidson.

麥克·什利斯基，檢察官戴維森。

Yes, hi, good afternoon.

是的，嗨，下午好。

Thanks for taking my question.

感謝您提出我的問題。

I guess I wanted to see you still have legacy vehicle to deliver in 2024 or will it be entirely the new version.

我想我希望看到你們在 2024 年仍然有舊版車輛交付，或者它將完全是新版本。

And I guess on top of that, you have a new new version or there is there a whole new round of improvements for the gross margin on an IT guy in the somewhat near future here?

我想最重要的是，你們有一個新的版本，或者在不久的將來，IT 人員的毛利率會有全新一輪的改進？

Yes, absolutely.

是的，一點沒錯。

Thanks for the question, Mike, and thanks for joining.

謝謝你的提問，麥克，也謝謝你的加入。

With regards to the legacy units in Q2, we'll have less than 10 of those units to deliver.

至於第二季的舊設備，我們將交付不到 10 台。

So with most of the net realizable value accruals already having hit our P&L in the previous year, we don't expect to be the margin trail to really impact us in full year 2024.

因此，由於大部分應計可變現淨值已在上一年達到我們的損益表，我們預期利潤率軌跡不會在 2024 年全年真正影響我們。

So again, very single-digit units for the remainder of the year.

再說一次，今年剩餘時間的單位數非常少。

And then the second point around your question around new models, which is our 2024 model year, Stefan, we will continue to make improvements every year on the product, both for improved customer experience, improved efficiency and durability and reliability, but one of the other side effects or benefits of making those engineering changes is, as you pointed out, the improvement of our cost of goods sold.

然後圍繞你關於新車型的問題的第二點，這是我們的2024 車型年，Stefan，我們將繼續每年對產品進行改進，既為了改善客戶體驗，提高效率以及耐用性和可靠性，但其中之一正如您所指出的，進行這些工程變更的其他副作用或好處是提高我們的銷售成本。

But we do we do anticipate some improvement in our cost of goods sold, not as drastic of an improvement from our legacy inventory to the 2023, Stefan, but still incremental margin performance improvements within the year because of some of those engineering changes and particularly because of because of some of the supply chain changes and improvements that we've negotiated with our key vendors and suppliers that make up the cost for that vehicle.

但我們確實預計我們的銷售成本會有所改善，雖然不會像我們的傳統庫存到2023 年那樣大幅改善，Stefan，但由於其中一些工程變化，尤其是因為其中一些工程變化，年內利潤率績效仍然會有所改善。

Okay, great.

好的，太好了。

And then I guess I was curious if you had mentioned that almost all your sales were through the direct channel and the dealer network was providing most of the service piece of it on.

然後我想我很好奇您是否提到幾乎所有銷售都是透過直接管道進行的，並且經銷商網路提供了其中的大部分服務。

Do you anticipate more of the 2024 sales to be of the new equivalent to be in the dealer channel?

您預計 2024 年經銷商通路的新銷售中會有更多嗎？

Or would you still think you'll be on mostly national or direct accounts?

或者您仍然認為您將主要使用國民帳戶或直接帳戶嗎？

Yes, it's a great question.

是的，這是一個很好的問題。

So as we mentioned in the call, 90% of our sales came through the direct channel, I believe that number will actually continue to go up and we'll see even higher than 90% of our sales goes through our direct channel and just one quick clarification on the service perspective, most of the service work is still done by our traveling technicians and our mobile maintenance excess service team, which are excess employees.

正如我們在電話中提到的，我們 90% 的銷售額來自直接管道，我相信這個數字實際上會繼續上升，我們會看到超過 90% 的銷售額來自直接管道，而且只有一個快速澄清一下服務方面，大部分的服務工作還是由我們的出差技術人員和我們的流動維修超額服務團隊來完成，他們都是超額員工。

But we do work with those third-party dealer vendors and maintenance mobile maintenance companies to help supplement in markets where we may not have a concentrated population of vehicles.

但我們確實與那些第三方經銷商供應商和維修行動維護公司合作，以幫助補充我們車輛數量可能不集中的市場。

And so we do anticipate that our service footprint will continue to grow as we deliver vehicles across new territories on throughout the central United States and other locations where we don't already have trucks.

因此，我們確實預計，隨著我們在美國中部和其他我們還沒有卡車的地區的新地區交付車輛，我們的服務足跡將繼續擴大。

And but we also anticipate that we'll continue to do a majority of the service work on those vehicles.

但我們也預計我們將繼續對這些車輛進行大部分維修工作。

Can you discuss some of the non step van sales I've got.

您能討論一下我銷售的一些非踏板貨車嗎？

I guess maybe can you are you able to say what happened in the fourth quarter?

我想也許你能說說第四季發生了什麼事嗎？

Could you provide a breakdown of the vehicles versus the powertrains for that even matters at this point for your margins.

您能否提供車輛與動力系統的詳細信息，因為這對於您的利潤甚至很重要。

And looking ahead, I suggest somebody tells us what that might look like in '24, particularly on the school bus side, there's only a few players.

展望未來，我建議有人告訴我們 24 年會是什麼樣子，特別是在校車方面，只有少數玩家。

Will you be providing one of the one of the large players with the best powertrain?

您會為大型企業之一提供最好的動力系統嗎？

And is that a replacement for our prior model or will they will use both the I'm putting out an entirely new unit school bus model in '24.

這是我們之前模型的替代品還是他們會使用我在 24 年推出的全新單位校車模型。

Yes.

是的。

A great question.

這是一個很好的問題。

So when we talk about model mix, as you know, the step vans and seeing significantly improved gross margin starting in 2023 and will will further improve into 2024 are powered by excess margins because of the associated engineering costs and the setup costs of building out those customer and that those customers and that customer pipeline, the margin profiles are generally even higher in the 20% to 30% range, sometimes higher but ultimately depends a lot on this customer circumstances.

因此，當我們談論車型組合時，如您所知，從2023 年開始，踏板貨車的毛利率將顯著提高，並將在2024 年進一步提高，這是由超額利潤驅動的，因為相關的工程成本和建造這些車型的設定成本客戶以及這些客戶和客戶管道的利潤率通常更高，在 20% 到 30% 範圍內，有時更高，但最終很大程度上取決於該客戶的情況。

The challenge in that segment is that we don't always control the volume deliveries because we are a a powertrain supplier providing a component to a final vehicle manufacturer or an OEM.

該領域面臨的挑戰是，我們並不總是控制批量交付，因為我們是一家向最終汽車製造商或原始設備製造商提供組件的動力總成供應商。

And with regard to our specific customers in that space and the school bus and recreational vehicle products, these are new products that they would be launching with our powertrain technology, so incremental business that they're not already currently supporting and servicing today, and we do anticipate there will be growing volumes, although on the mix, I would say relative to our overall core Stepan business is still relatively low.

對於我們在該領域的特定客戶以及校車和休閒車產品，這些是他們將使用我們的動力總成技術推出的新產品，因此他們目前尚未支援和服務增量業務，我們確實預計銷量將會成長，但從整體來看，我想說相對於我們的整體核心Stepan 業務仍然相對較低。

It's a minority percentage of our overall vehicle deliveries and revenue.

它只占我們整體車輛交付量和收入的一小部分。

Dakota just make sure the bus, the bus that this customer will be launching.

達科他州只需確定該客戶將推出的巴士。

Do you know if you'll be eligible for some of the large subsidies from the EPA and various states that are currently underway.

您知道您是否有資格獲得 EPA 和各州目前正在進行的一些大額補貼。

There's a pretty large programs.

有相當大的程序。

And I'm curious to make sure that excellence buses, excess powered buses will be able to receive those types of subsidies.

我很想確保卓越的公車、超動力公車能夠獲得此類補貼。

That's a great question.

這是一個很好的問題。

We do believe it will be eligible under the program because it's not in production yet.

我們確實相信它符合該計劃的資格，因為它尚未投入生產。

We haven't gotten final confirmation.

我們還沒有得到最終確認。

But as you know, Mike, the EPA released was expected to release about $500 million in subsidies and their last grants release in early January, and they announced a $1 billion pool of funding.

但如你所知，麥克，美國環保署預計將發放約 5 億美元的補貼，他們最後一次撥款是在 1 月初，他們宣布了 10 億美元的資金池。

So it's a fast-growing market and continues to see lots of demand in that space.

因此，這是一個快速成長的市場，並且該領域的需求持續成長。

And we expect our vehicle to view our powertrain to be one of the vehicles that will be eligible for those EPA incentives and potentially other state-driven driven incentive programs.

我們希望我們的車輛將我們的動力系統視為有資格獲得 EPA 激勵措施和其他潛在的國家驅動激勵計劃的車輛之一。

Daniel Ives, Wedbush.

丹尼爾艾夫斯，韋德布希。

Steve Wahrhaftig on for Daniel Ives.

史蒂夫沃爾哈夫提格 (Steve Wahrhaftig) 替補丹尼爾艾夫斯 (Daniel Ives)。

I just had two quick questions.

我只有兩個簡單的問題。

Are you mentioned on the call that the cash consumption that you guys had in the back half of '23 was somewhere between $2.2 million, $8.5 million.

您是否在電話會議中提到，你們在 23 年下半年的現金消耗在 220 萬美元到 850 萬美元之間。

If I heard that correctly, you expect this to continue throughout the first quarter and into '24 and then also, you mentioned that the deliveries for this year would be a little bit more back half weighted.

如果我沒聽錯的話，您預計這種情況將持續整個第一季並持續到 24 年，然後您還提到今年的交付量會稍微偏重一點。

Should it be similar to what we saw in 2023?

它應該與我們在 2023 年看到的情況類似嗎？

Not then how should we really expect that going forward?

那我們該如何期待未來的發展呢？

Yes, those cash burn numbers are what we delivered in the second half of 2023.

是的，這些現金消耗數據就是我們在 2023 年下半年交付的數據。

And we anticipate that with our continued delivery of 2023 and '24 model year vehicles.

我們預計，隨著我們繼續交付 2023 和 24 車型年的車輛，這一點將會實現。

Our margin profiles will continue to improve and thereby reducing that number.

我們的利潤狀況將繼續改善，從而減少這個數字。

We also anticipate that we can continue to deliver more units, which will also continue to reduce that number in the year to come.

我們也預計我們可以繼續交付更多的單位，這也將在來年繼續減少這個數字。

And I think when we're looking at inventory turns in terms of getting older inventory off the balance sheet.

我認為，當我們考慮庫存週轉時，會將舊庫存從資產負債表中剔除。

We anticipate that our inventory turns will continue to anticipate necessitating less working capital to build a larger amount of vehicles.

我們預計我們的庫存週轉將繼續預計需要更少的營運資金來製造更多的車輛。

And so that's to address your first question on and then what was the can you clarify the second question just one more time for me?

這是為了解決你的第一個問題，然後你能再幫我澄清一下第二個問題嗎？

So you mentioned a little bit about the deliveries for this upcoming year would be a little more back half weighted.

因此，您提到了明年的交貨量將稍微偏重一點。

Is it going to be similar to what we saw in 2023?

它會與我們在 2023 年看到的情況類似嗎？

And if not, how should we expect to be modeling this out?

如果不是，我們應該如何建模呢？

We do anticipate that it will be back half weighted.

我們確實預計它將恢復一半權重。

And there's a variety of factors that are more industry factors on that drive and seasonality in some of the markets such as our parcel delivery customers, they generally in Q1 and Q4 don't take a lot of deliveries out.

在某些市場中，有許多行業因素在推動和季節性因素，例如我們的包裹遞送客戶，他們通常在第一季和第四季不會進行大量遞送。

And the reason for that being Q4 is obviously the busiest season where volumes for them can go upwards of 100% of their baseline volume.

原因是第四季顯然是最繁忙的季節，他們的銷量可能會超過基準銷量的 100%。

So delivering to those customers at that time period is very difficult.

因此，在那個時期向這些客戶交付產品是非常困難的。

And then in Q1, we see a lot of that carryover volume from package returns and shipment returns.

然後在第一季度，我們看到大量來自包裹退貨和貨運退貨的結轉量。

The deliveries in Q1 and Q4 tend to be slow for parcel delivery, which represents a substantial portion of our overall vehicle deliveries.

包裹遞送在第一季和第四季的遞送速度往往較慢，而包裹遞送占我們整體車輛遞送的很大一部分。

So that's where they concentrate amongst Q2 and Q3 generally.

所以這就是他們通常集中在第二季和第三季的地方。

And then in terms of our other powertrain customers and some of our uniform rental or vocational customers.

然後是我們的其他動力總成客戶和一些制服租賃或職業客戶。

They generally take delivery at the in the second half of the year, either during the summer period or in Q4, some of which for our smaller fleets is take to take advantage of some of the accelerated depreciation tax treatment of acquiring new equipment such as Section 179, some of which just has to do with the end of their fiscal years and the timing of their budget cycles.

它們通常在下半年交付，無論是在夏季還是在第四季度，其中一些對於我們的小型機隊來說是為了利用購買新設備的一些加速折舊稅待遇，例如部分179，其中一些僅與財政年度結束和預算週期的時間有關。

But to reaffirm what definitely it does mean we do have a back-half-weighted 2024 as well.

但重申一下，這確實意味著我們確實也有一個後半加權的 2024 年。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now correct.

你現在可以更正了。