Xos Inc (XOS) 2024 Q2 法說會逐字稿

Greetings, everyone, and welcome to Xos, Inc.'s second-quarter 2024 earnings call.

大家好，歡迎參加 Xos, Inc. 的 2024 年第二季財報電話會議。

(Operator Instructions) Please note, today's conference call is being recorded.

（操作員說明）請注意，今天的電話會議正在錄音。

At this time, I'd like to turn the floor over to the General Counsel of Xos, Christen Romero.

現在，我想請 Xos 總法律顧問 Christen Romero 發言。

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 are Chief Executive Officer, Dakota Semler; Chief Operating Officer, Giordano Sordoni; and Acting Chief Financial Officer, Liana Pogosyan.

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 second quarter 2024 earnings press release, which we will reference during the call.

在本次電話會議之前，Xos 發布了 2024 年第二季財報新聞稿，我們將在電話會議期間參考新聞稿。

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，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 refer to the information contained in the company's second quarter 2024 earnings press release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

請參閱公司 2024 年第二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 forward-looking statements.

應提醒參與者不要過度依賴前瞻性陳述。

With that, I now turn it over to our CEO, Dakota.

現在，我將其交給我們的執行長達科他。

Thanks, Christen, and thank you, everyone, for joining us.

謝謝克里斯汀，也謝謝大家加入我們。

On today's call, I will cover highlights from the second quarter of 2024, during which we generated $15.5 million in revenue, delivered 90 units, and achieved our fourth consecutive quarter of positive gross margin.

在今天的電話會議上，我將介紹 2024 年第二季的亮點，在此期間我們創造了 1550 萬美元的收入，交付了 90 台，並實現了連續第四個季度的正毛利率。

Gio and Liana will then provide operational and financial updates, respectively.

Gio 和 Liana 隨後將分別提供營運和財務最新資訊。

Starting with sales and deliveries, revenue is up 18% quarter-over-quarter and 227% year over year.

從銷售和交付量開始，營收季增 18%，年增 227%。

The majority of our 90 units delivered were StepVans for fleet customers, namely UPS and FedEx Ground contractors, supplemented by powertrain sales to Blue Bird, and Hub sales to multiple new customers.

在我們交付的 90 台車輛中，大部分是為車隊客戶（即 UPS 和 FedEx Ground 承包商）提供的 StepVans，另外還向 Blue Bird 銷售動力總成，並向多個新客戶銷售 Hub。

We expect 2024 volumes to be meaningfully higher than 2023 and similarly weighted towards the second half of the year as customers respond to incentives and charging infrastructure comes online.

我們預計 2024 年的銷售量將顯著高於 2023 年，隨著客戶對激勵措施的反應以及充電基礎設施的上線，下半年的權重也將類似。

Demand for Xos products remained robust throughout the year.

Xos 產品的需求全年保持強勁。

In May, we attended the industry's largest conference, the Advanced Clean Transportation Expo, where potential customers demonstrated strong interest in both our vehicles and our latest generation Hub.

五月份，我們參加了業界最大的會議——先進清潔交通博覽會，潛在客戶對我們的車輛和最新一代的 Hub 表現出了濃厚的興趣。

In addition to our own booth, Xos' technology was also on display by Blue Bird, one of the largest school bus OEMs and a leader of EVs in the sector.

除了我們自己的展位外，最大的校車原始設備製造商之一和該行業電動車的領導者藍鳥也展示了 Xos 的技術。

We announced our exciting new powertrain partnership with Blue Bird during the quarter and at the show, they displayed a pair of parcel delivery chassis built with Xos' powertrains.

我們在本季宣布了與 Blue Bird 令人興奮的新動力總成合作夥伴關係，並在展會上展示了一對採用 Xos 動力總成製造的包裹遞送底盤。

Blue Bird's decision to partner with Xos and showcase our powertrain underscores our reputation as a leader in EV technology.

Blue Bird 決定與 Xos 合作並展示我們的動力系統，突顯了我們作為電動車技術領導者的聲譽。

The partnership resulted in significant attention to Xos' products.

此次合作引起了人們對 Xos 產品的極大關注。

Over the course of the show and weeks that followed, the Blue Bird partnership came up repeatedly with both fleet buyers and industry insiders as a vote of confidence in Xos' technical capabilities and the company's future.

在展會期間和隨後的幾週內，藍鳥合作夥伴關係多次被車隊買家和業內人士提及，作為對 Xos 技術能力和公司未來的信任票。

Turning now to our charging products, where we are experiencing stronger-than-expected sales activity, the Hub, Xos' mobile energy storage and charging product, is filling gaps felt by customers.

現在轉向我們的充電產品，我們的銷售活動強於預期，Xos 的行動儲能和充電產品 Hub 正在填補客戶感受到的空白。

They recognize the value of pivoting their fleets and equipment away from fossil fuels but have to confront the realities of lagging permanent infrastructure installation timelines, limited charging options in remote locations, and the complexity of accessing grid power from work sites.

他們認識到將車隊和設備遠離化石燃料的價值，但必須面對永久性基礎設施安裝時間滯後、偏遠地區充電選項有限以及從工作地點獲取電網電力的複雜性等現實。

This quarter, Hub sales were particularly strong with firms outside our StepVan customer base, including a large government fleet.

本季度，Hub 的銷售在 StepVan 客戶群以外的公司（包括大型政府車隊）中尤其強勁。

Operators across the industries are demonstrating a clear need for more flexible charging solutions, and we expect that charging solutions will grow into a robust part of Xos's overall business.

各行業的營運商都表現出對更靈活的計費解決方案的明確需求，我們預計計費解決方案將成長為 Xos 整體業務的重要組成部分。

The strength of the sector is evidenced by the attention it received at the ACT Expo this year, where more than a dozen firms showcased combined charging and energy storage products.

該行業的實力在今年的 ACT 博覽會上受到關注，十幾家公司展示了充電和儲能組合產品。

We view the increased number of options as a healthy evolution of the EV market and ultimately beneficial for Xos.

我們認為，選擇數量的增加是電動車市場的健康發展，最終有利於 Xos。

As the first mover in the space, the Hub has a strong sales pipeline and is a mature and cost-competitive product.

作為該領域的先驅，Hub 擁有強大的銷售管道，是一款成熟且具有成本競爭力的產品。

New market entrants are bringing more visibility to the product category than Xos alone can generate, and also provide alternate paths for customers to discover Xos and our products.

新的市場進入者為產品類別帶來了比 Xos 單獨產生的更多的知名度，並且還為客戶發現 Xos 和我們的產品提供了替代途徑。

Most importantly, the advancement of alternative charging options will support faster adoption of our vehicles and expand the EV market to include more of the fleets without access to traditional permanent chargers.

最重要的是，替代充電選項的進步將支持我們的車輛更快被採用，並擴大電動車市場，以涵蓋更多無法使用傳統永久充電器的車隊。

For more detail on how we are fulfilling the strong demand for Xos products, I'll hand it over to our COO, Gio, for an operational update.

有關我們如何滿足對 Xos 產品的強勁需求的更多詳細信息，我會將其交給我們的首席營運長 Gio，以獲取營運更新。

Thank you, Dakota.

謝謝你，達科塔。

Xos's engineering, supply chain, and manufacturing teams remain focused on scaling production and delivering further margin improvements.

Xos 的工程、供應鏈和製造團隊仍專注於擴大生產規模並進一步提高利潤率。

Our engineers are developing a longer 208-inch wheelbase variation of the Xos StepVan to support a wider range of bodies requested by our customers.

我們的工程師正在開發軸距更長的 208 吋 Xos StepVan，以支援客戶要求的更廣泛的車身。

In fact, we've already secured signed sales orders for this new variation.

事實上，我們已經為這個新版本簽署了銷售訂單。

Some of the first units will be delivered to Mission Linen as part of the order that we announced in the first quarter.

作為我們第一季宣布的訂單的一部分，首批設備中的一些將交付給 Mission Linen。

Lengthening the vehicle is a relatively simple change, with efforts primarily focused on changes to the frame rails, extensions to wiring harnesses, and durability testing of the updated chassis.

加長車輛是一個相對簡單的改變，主要集中在車架縱樑的改變、線束的延長以及更新底盤的耐久性測試。

This means we're able to launch the new variant quickly and with minimal R&D investment.

這意味著我們能夠以最少的研發投資快速推出新版本。

We expect the new long wheelbase StepVan to be in customer hands by the first quarter of 2025.

我們預計新款長軸距 StepVan 將在 2025 年第一季交付客戶手中。

Also, within engineering, our software and controls team have made improvements to our connectivity platform that will translate into cost savings on both complete vehicles and powertrains.

此外，在工程領域，我們的軟體和控制團隊對我們的連接平台進行了改進，這將轉化為整車和動力總成的成本節省。

As commercial vehicle customers begin to expect features like over-the-air updates and real-time telemetry, our in-house software capabilities have differentiated Xos as both a vehicle manufacturer and a technology partner to legacy OEMs.

隨著商用車客戶開始期待無線更新和即時遙測等功能，我們的內部軟體功能使 Xos 成為汽車製造商和傳統 OEM 的技術合作夥伴。

Furthermore, our teams continue to find opportunities to grow our margins by reducing direct costs.

此外，我們的團隊繼續尋找透過降低直接成本來增加利潤的機會。

This quarter, Xos brought a greater portion of logistics for our completed chassis in-house, which translates to lower costs overall.

本季度，Xos 為我們內部完成的底盤提供了更多的物流服務，這意味著整體成本更低。

Our manufacturing team is focused on scaling vehicle production efficiently, integrating Hub and powertrain production to the factory floor.

我們的製造團隊專注於有效擴大車輛生產規模，將輪轂和動力總成生產整合到工廠車間。

As I mentioned last quarter, we're preparing for production rates of up to 8 Hubs per month in 2024 alongside our StepVan and powertrain volumes to satisfy strong demand from existing and new Xos customers.

正如我上季度提到的，我們正準備在 2024 年實現每月最多 8 個輪轂的生產率以及 StepVan 和動力總成的產量，以滿足現有和新 Xos 客戶的強勁需求。

As a final note, we're tracking the potential tariff changes that could impact our China-sourced components.

最後一點，我們正在追蹤可能影響我們在中國採購的零件的潛在關稅變化。

Xos is preparing for any such development by identifying alternative sources and exploring tariff mitigation strategies.

Xos 正在透過尋找替代來源和探索關稅緩解策略來為任何此類發展做好準備。

At this point, we do not anticipate significant tariff-related disruptions or impediments to our production schedule, but we will continue to monitor any developments in this space.

目前，我們預計我們的生產計劃不會受到與關稅相關的重大干擾或阻礙，但我們將繼續監控這一領域的任何進展。

With that, I'll pass it to Liana.

這樣，我會把它交給莉安娜。

Thank you, Gio.

謝謝你，吉奧。

For the second quarter, our revenue increased to $15.5 million from $13.2 million in the first quarter of 2024, primarily as a result of our increased deliveries.

第二季度，我們的營收從 2024 年第一季的 1,320 萬美元增加到 1,550 萬美元，這主要是由於我們的交付量增加。

Our costs of goods sold during the quarter increased to $13.5 million compared to $10.4 million in the first quarter.

本季我們的銷售成本增加至 1,350 萬美元，而第一季為 1,040 萬美元。

GAAP gross margin during the quarter was a profit of $2 million, or 13.1%, compared to a profit of $2.8 million in the first quarter, or 21.2%.

本季 GAAP 毛利率為 200 萬美元，即 13.1%，而第一季的利潤為 280 萬美元，即 21.2%。

The first quarter's GAAP gross margins included beneficial adjustments related to our inventory reserves and inventory accuracy processes.

第一季的 GAAP 毛利率包括與我們的庫存儲備和庫存準確性流程相關的有益調整。

GAAP gross margin during the second quarter was negatively impacted by lower average selling price due to product mix, write-off of excess materials, and adjustments to our reserves due to overall higher inventory balances.

第二季公認的會計原則毛利率受到產品組合導致的平均售價下降、多餘材料的沖銷以及由於整體庫存餘額較高而對我們的儲備進行調整的負面影響。

We continue to see margin improvements in our StepVans as we realize the efforts of our engineering, supply chain, and manufacturing teams.

隨著我們認識到我們的工程、供應鏈和製造團隊的努力，我們的 StepVans 的利潤率不斷提高。

We have been able to work with our suppliers in reducing the cost of several critical components as we scale production, leading to lower direct material costs for each unit.

隨著我們規模化生產，我們能夠與供應商合作降低多個關鍵部件的成本，從而降低每個單元的直接材料成本。

Additionally, our engineering and production teams continue to gain efficiencies in the design and build of our StepVans, reducing labor costs while increasing the durability and reliability of each unit produced.

此外，我們的工程和生產團隊不斷提高 StepVans 的設計和製造效率，降低勞動成本，同時提高每個生產單元的耐用性和可靠性。

It should be noted that GAAP gross margins for a vehicle OEM are impacted by a range of reserves that, combined with changes in the sales mix between direct, dealer, and prior model inventory sales, introduced 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，再加上直接、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。

We continue to share a consistent non-GAAP gross margin that adjusts for inventory reserves and physical inventory and other related adjustments that you can find in today's earnings press release.

我們繼續分享一致的非公認會計原則毛利率，該毛利率根據庫存儲備和實體庫存以及您可以在今天的收益新聞稿中找到的其他相關調整進行調整。

Turning to expenses.

轉向開支。

Our second quarter operating expenses of $13.4 million remains broadly in line with the first quarter's figure of $13 million. Non-GAAP

我們第二季的營運支出為 1,340 萬美元，與第一季的 1,300 萬美元基本持平。非公認會計原則

operating loss for the second quarter was $9.7 million.

第二季營運虧損為 970 萬美元。

GAAP operating loss was $11.4 million.

GAAP 營運虧損為 1,140 萬美元。

Excitedly, our operating profitability is following a promising trajectory.

令人興奮的是，我們的營運獲利能力正沿著充滿希望的軌跡發展。

Following last year's efforts to reduce spending on noncore projects and the release of the current StepVan platform, our non-GAAP operating loss improved to negative 63% this quarter from negative 357% one year ago.

繼去年努力減少非核心項目支出以及目前 StepVan 平台的發布後，本季我們的非 GAAP 營運虧損從一年前的負 357% 改善至負 63%。

We expect to see continued improvements over the coming quarters as our volumes grow and our operations teams continue to identify and implement cost-saving changes to our products.

隨著我們的銷售成長以及我們的營運團隊繼續識別和實施節省成本的產品變更，我們預計未來幾季將持續改進。

Turning to the balance sheet.

轉向資產負債表。

We closed the quarter with cash and cash equivalents and restricted cash of $20.7 million, compared to $47.3 million at the end of the first quarter.

本季末，我們的現金和現金等價物以及限制性現金為 2,070 萬美元，而第一季末為 4,730 萬美元。

The reduction in cash above our historical trends was primarily the result of our elevated accounts receivable balance of $29.7 million at the end of the quarter, compared to $20.3 million in the first quarter.

現金減少高於歷史趨勢的主要原因是本季末應收帳款餘額增加至 2,970 萬美元，而第一季為 2,030 萬美元。

This resulted from a concentration of deliveries made at the end of the quarter, as well as a temporary buildup in government incentive receivables.

這是由於季度末交付集中以及政府激勵應收帳款暫時增加所致。

The substantially higher deliveries we expect to make in the second half of the year also played a role as inventory increased to $41.4 million in the current quarter from $36.6 million in the first quarter to support higher production rates.

我們預計下半年交付量將大幅增加，這也起到了一定作用，因為庫存從第一季的 3,660 萬美元增加到本季的 4,140 萬美元，以支持更高的生產力。

We have taken steps to improve our incentive collection processes and expect our accounts receivable and inventory balances to stabilize over the coming quarters.

我們已採取措施改善我們的激勵收集流程，並預期我們的應收帳款和庫存餘額將在未來幾季穩定。

In addition, we are actively pursuing options for nondilutive working capital to fund the growth of our business and preserve liquidity.

此外，我們正在積極尋求非稀釋性營運資金的選擇，為我們的業務成長提供資金並保持流動性。

Relatedly, operating cash flow less CapEx or free cash flow of negative $26.1 million for the quarter was a decrease from negative $14.6 million last quarter.

與此相關的是，本季營運現金流減去資本支出或自由現金流為負 2,610 萬美元，較上季度的負 1,460 萬美元有所下降。

Unfavorable changes in working capital driven by higher accounts receivable and inventory balances and lower margins this quarter contributed to the increase in negative free cash flow.

本季應收帳款和庫存餘額增加以及利潤率下降導致營運資本發生不利變化，導致負自由現金流增加。

Based on the initiatives we discussed, we expect to see more favorable changes in working capital in the coming quarters.

根據我們討論的舉措，我們預計未來幾季營運資金將出現更有利的變化。

Finally, we are reaffirming our full year 2024 guidance of revenue in the range of $66.7 million to $100.4 million, a non-GAAP operating loss of between $43.7 million to $48.7 million, and 400 to 600 units delivered.

最後，我們重申 2024 年全年收入指引為 6,670 萬美元至 1.004 億美元，非 GAAP 營運虧損為 4,370 萬美元至 4,870 萬美元，交付量為 400 至 600 台。

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

我現在將把電話轉回達科他州。

Thank you, Liana.

謝謝你，莉安娜。

To wrap up, Xos is positioned to win.

總而言之，Xos 有望獲勝。

We are growing deliveries, demonstrating our leadership in commercial EVs via partnerships with established OEMs, powering forward with a strong margin trajectory, and building a self-sustaining business.

我們正在增加交付量，透過與成熟的原始設備製造商的合作展示我們在商用電動車領域的領導地位，以強勁的利潤軌跡向前發展，並建立自我維持的業務。

Diversifying our product portfolio by leveraging our StepVan technology to satisfy unmet demand for powertrains and Hubs is adding to our strong backlog of StepVans.

透過利用我們的 StepVan 技術來豐富我們的產品組合，以滿足對動力系統和輪轂的未滿足的需求，這增加了我們大量的 StepVan 積壓訂單。

Our technology portfolio and highly competitive pricing has made us a partner of choice for OEMs like Blue Bird.

我們的技術組合和極具競爭力的價格使我們成為像藍鳥這樣的原始設備製造商的首選合作夥伴。

Our relentless focus on capital efficiency and cost reductions translated into four consecutive quarters of positive gross margin this year and continued progress in the company's path to profitability.

我們對資本效率和成本削減的不懈關注，導致今年連續四個季度實現正毛利率，並在公司盈利之路上不斷取得進展。

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

接下來，讓我們打開提問熱線。

(Operator Instructions) Mike Shlisky, D.A. Davidson.

（操作員說明）Mike Shlisky，D.A.戴維森。

Good afternoon, and thanks for taking my questions.

下午好，感謝您回答我的問題。

So folks, if I'm looking at this correctly, given the $9.7 million non-GAAP operating loss in 2Q, roughly what you saw in the first quarter, you still expect to have the $43 million to $48.7 million loss for the full year.

所以各位，如果我正確地看待這一點，考慮到第二季 970 萬美元的非 GAAP 營運虧損（與第一季大致相同），您仍然預計全年虧損 4,300 萬至 4,870 萬美元。

But you've got revenue increasing in the back half.

但下半年的收入增加。

So curious, what's dragging on income in the back half here?

很好奇，是什麼拖累了後半段的收入？

You have sales increase and pretty good momentum in most areas.

大多數地區的銷售額都有所增長並且勢頭良好。

What should we expect to be a challenge in the second half from a profitability perspective?

從獲利角度來看，我們預計下半年將面臨哪些挑戰？

Yeah.

是的。

So we can start, and I can address your first part of your question, Mike, which is why the high increase there in Q2.

所以我們可以開始了，麥克，我可以回答你問題的第一部分，這就是第二季大幅成長的原因。

First, that was driven really by a ramp-up in inventory spending because of the demand for orders that we're seeing in the second half of the year.

首先，這實際上是由庫存支出增加所推動的，因為我們在今年下半年看到了訂單需求。

The other component, as Liana touched on, is really those collections of government incentives.

正如利亞娜所提到的，另一個組成部分實際上是政府激勵措施的集合。

So a number of our customers get the benefit of state, local, or federal subsidies, some of which are paid out on longer terms, might go beyond the traditional net 15 or net 30 terms that we have with our customers.

因此，我們的許多客戶都受益於州、地方或聯邦補貼，其中一些補貼的支付期限較長，可能超出我們與客戶簽訂的傳統淨 15 或淨 30 期限。

And so some of those carry across into the second quarter or into the third and fourth quarter for vehicles delivered at the end of Q2.

因此，對於第二季末交付的車輛，其中一些將延續到第二季​​或第三和第四季。

And a big part of that has just been our ability to collect against those receivables for those government incentives, where they operate by a different set of terms than what our standard customer terms and conditions apply.

其中很大一部分是我們為政府激勵措施收取應收帳款的能力，這些激勵措施的運作條款與我們適用的標準客戶條款和條件不同。

When we're looking at our guidance for the rest of the year, we are very, very confident in staying within the realm of our guidance at the volume level or at the unit level.

當我們審視今年剩餘時間的指導時，我們非常非常有信心在數量級別或單位級別上保持在我們的指導範圍內。

And that's where we're driving our operating loss assumptions and our gross margin assumptions for Q3 and Q4.

這就是我們推動第三季和第四季營業虧損假設和毛利率假設的地方。

So ultimately, we do expect that we'll recover a lot of the cash that came from those incentives for vehicles delivered in the first half of the year in the second half, as well as convert that work in process or the dollars used to purchase inventory into finished goods and ultimately sell those vehicles to customers in the second half of the year.

因此，最終，我們確實預計下半年將收回大量來自上半年交付車輛激勵措施的現金，並將在製品或用於購買的美元轉化為現金。給客戶。

It's a process that we've been continuing trying to improve and hone, but ultimately something that I think will only get better in the quarters to come.

我們一直在不斷努力改進和磨練這個過程，但最終我認為在未來幾季只會變得更好。

Okay.

好的。

I might follow-up on that one offline.

我可能會在線下跟進那個。

You didn't mention much in the prior comment about the sales pipeline and the backlog that you might have.

您在先前的評論中沒有過多提及您可能存在的銷售管道和積壓訂單。

Can you comment on existing customer interest, new customer interest, and where you think things are headed into 2025 here?

您能否評論一下現有客戶的興趣、新客戶的興趣以及您認為 2025 年的發展方向？

Yeah, absolutely.

是的，絕對是。

So even in the macroeconomic context right now, where we've seen a little bit of a slowdown in the broader EV sector and a slowdown in growth, not a slowdown in overall sales, we continue to see strong interest, particularly from large national accounts.

因此，即使在目前的宏觀經濟背景下，我們看到更廣泛的電動車產業略有放緩，成長放緩，而不是整體銷售放緩，我們仍然看到強烈的興趣，特別是來自大型國民帳戶的興趣。

I would say sales closed in the second quarter have skewed more towards our large national accounts than our smaller regional accounts.

我想說，第二季完成的銷售更偏向我們的大型國民帳戶，而不是我們較小的地區帳戶。

And there are several factors that are influencing that.

有幾個因素會影響這一點。

One is just the cost of capital right now for a lot of those smaller fleets.

其中之一就是目前許多小型船隊的資本成本。

When they're looking at capital financing or lease financing of these vehicles, the interest rate market today is elevated, and that's driving some of the slower purchasing rates we've seen in the small and regional fleets.

當他們考慮這些車輛的資本融資或租賃融資時，當今的利率市場正在升高，這導致我們在小型和區域性車隊中看到的一些購買率放緩。

But on the national fleet side, we're still seeing strong demand, and many of the customers are trying to meet some of the implementation timelines for regulations such as the Advanced Clean Fleet Rule in California.

但在國家車隊方面，我們仍然看到強勁的需求，許多客戶正在努力滿足加州先進清潔車隊規則等法規的一些實施時間表。

So a lot of our customers, the big parcel delivery customers, we highlighted two of our largest groups of deliveries, which is UPS for Q2 and then obviously FedEx Ground contractors, both of which are ramping up orders pretty significantly to comply with that ACF regulation.

因此，我們的許多客戶，即大型包裹遞送客戶，我們強調了我們最大的兩個遞送群體，即第二季度的UPS 和聯邦快遞地面承包商，這兩家公司都在大幅增加訂單，以遵守ACF法規。

And we expect that will continue to grow in the years to come as more states adopt some form of ACF locally or a combination of ACF or ACT regulations.

我們預計，隨著越來越多的州在當地採用某種形式的 ACF 或 ACF 或 ACT 法規的組合，這一比例將在未來幾年繼續增長。

So overall, sales backlog continues to grow.

整體而言，銷售積壓持續成長。

And as we touched on, there's other products that are now coming into the fold, like the Xos Hub and our powertrains business, powered by Xos, that are also starting to add into that backlog.

正如我們所談到的，現在還有其他產品加入進來，例如 Xos Hub 和我們由 Xos 提供支援的動力總成業務，這些產品也開始添加到積壓中。

And we expect those will continue to grow over the quarters to come as there's still strong, strong interest in electrifying those school bus industry and the school bus platform in the broader commercial vehicle and specialty vehicle space.

我們預計這些將在未來幾季繼續成長，因為人們仍然對校車產業以及更廣泛的商用車和特種車輛領域的校車平台電氣化抱持強烈的興趣。

Great.

偉大的。

Maybe one last one for me to follow up on your Blue Bird comments.

也許是我跟進您的藍鳥評論的最後一篇。

Are there other potential powertrain partnerships that you're looking at beyond Blue Bird and Winnebago?

除了藍鳥和溫尼貝戈之外，您還考慮其他潛在的動力系統合作夥伴關係嗎？

And I guess I'm curious to see if -- and Gio, you mentioned you made the longer wheelbase version on a relatively inexpensive way.

我想我很好奇——吉奧，你提到你以相對便宜的方式製造了更長的軸距版本。

So it's a bit of an adaptation.

所以這有點適應。

Are the products you're looking at to go into further adaptation from here, or do you have anything newer, more radical, or even larger in the pipeline here?

您正在尋找的產品是否會從這裡進一步適應，或者您是否有任何更新、更激進、甚至更大的產品正在醞釀中？

Yeah.

是的。

The powertrain team remains active, and the deals that we've announced with Winnebago and Blue Bird definitely adds some momentum there.

動力系統團隊仍然活躍，我們與 Winnebago 和 Blue Bird 宣布的交易無疑增加了一些動力。

So there are other things we're working on that we can't quite share yet.

我們正在做一些其他事情，但目前還不能完全分享。

And then, while the variations to the StepVan, whether we make the StepVan a bit longer or a bit shorter, that does tend to open up some new customer avenues, both on a StepVan body platform and also to other powertrain customers that might be more interested in some of those adaptations for their particular use case.

然後，雖然 StepVan 的變化，無論我們將 StepVan 做得更長還是更短，這確實會開闢一些新的客戶途徑，無論是在 StepVan 車身平台上，還是為其他動力總成客戶提供更多的機會。對針對其特定用例的一些調整感興趣。

Of course, in the past, we had talked about medium-duty and heavy-duty trucks as well.

當然，過去我們也談到中型和重型卡車。

Those are still things that we think make a lot of sense in certain environments.

我們認為這些在某些環境下仍然很有意義。

But right now, our core focus is the electric chassis for delivery vans, our powertrain unit, as well as the Hubs.

但現在，我們的核心重點是貨車的電動底盤、動力總成單元以及集線器。

Great.

偉大的。

Thanks for answering my questions.

感謝您回答我的問題。

I appreciate it.

我很感激。

(Operator Instructions) Donovan Schafer, Northland Capital Markets.

（操作員說明）Donovan Schafer，Northland Capital Markets。

Hey, guys.

嘿，夥計們。

First, I want to just follow up on Mike's first question about the guidance.

首先，我想跟進麥克關於指南的第一個問題。

I can imagine a lot of possibilities, but I think what he's getting at is, not on a cash basis because, of course, on a cash basis, the changes in working capital could make Q2 a larger cash-consuming quarter.

我可以想像很多可能性，但我認為他的意思不是以現金為基礎，因為當然，以現金為基礎，營運資金的變化可能會使第二季成為現金消耗更大的季度。

But on an accrual accounting basis, since you're giving us -- for the outlook, you're giving revenue and a non-GAAP operating loss, which there's adjustments there, but it's still more accrual than a cash flow-type number.

但在權責發生製會計基礎上，既然你給我們提供了前景，你給了我們收入和非公認會計準則營業虧損，其中有調整，但它仍然比現金流類型的數字更應計。

So if we -- in order to square the revenue guidance and the operating loss guidance, it seems like either ASPs would have to come down, or I guess I'm thinking maybe gross margins -- it seems like gross margins maybe would have to come down.

因此，如果我們——為了平衡收入指導和營業虧損指導，似乎平均售價必須下降，或者我想我可能在考慮毛利率——似乎毛利率可能必須下降下降。

So is there something like that you see in Q3 and Q4, gross margin compression or operating expense increasing more materially?

那麼，您在第三季和第四季是否看到了類似的情況，即毛利率壓縮或營運費用大幅增加？

Is that something you've identified and seen or is it more just from a conservatism or a consistency standpoint, you just have a desire to stick with what you initially put out, just reiterating as a way of being cautious or conservative?

這是你已經識別和看到的東西，還是只是從保守主義或一致性的角度來看，你只是想堅持你最初提出的內容，只是重申作為謹慎或保守的一種方式？

Thanks, Donovan.

謝謝，多諾萬。

With respect to the non-GAAP operating loss, I would say, our overall guidance is on the conservative basis.

關於非公認會計準則營業虧損，我想說，我們的整體指導是保守的。

As you can see in the non-GAAP operating loss for the six months ended, we were at about $19 million, and we would expect that same or better trajectory for the second half of the year.

正如您在截至六個月的非 GAAP 營運虧損中所看到的那樣，我們的虧損約為 1900 萬美元，我們預計今年下半年會出現相同或更好的軌跡。

Okay.

好的。

Actually, that's very helpful.

事實上，這非常有幫助。

Thank you.

謝謝。

And then as a second question, looking just -- focusing just on the revenue piece of it, we've talked in the past that I think the belief or expectation is that you hope to be able to have sequential revenue growth each quarter.

然後，作為第二個問題，僅關注其中的收入部分，我們過去曾討論過，我認為信念或期望是您希望能夠每個季度實現連續的收入成長。

So now that we're in August, just wanted to double-check and see if that's still the thinking that you still think Q3 will be higher than Q2 and Q4 will be higher than Q3, if that's the anticipated pattern, or if there's anything from a seasonal or a timing standpoint where Q3 would be the bigger quarter versus Q4?

所以現在我們已經在8 月了，只是想仔細檢查一下，看看您是否仍然認為第三季度將高於第二季度，第四季度將高於第三季度，這是否是預期的模式，或者是否有什麼變化從季節性或時間角度來看，第三季比第四季更大？

I think that, directionally, how you're thinking is correct.

我認為，從方向上來說，你的想法是正確的。

You should expect to see a sequential increase in revenues.

您應該會看到收入連續增長。

I think one of the key aspects also with respect to revenue is average selling price, which there is some variability between quarter to quarter.

我認為與收入有關的一個關鍵方面是平均售價，每個季度之間存在一些變化。

But one of the things that I think is also important is with respect to the product mix, not only within our StepVan product, but also within Hubs and as well as powertrains there is that variability from period to period.

但我認為同樣重要的一件事是產品組合，不僅在我們的 StepVan 產品中，而且在輪轂和動力系統中，每個時期都存在差異。

But sequentially, there should be an expectation of an increase.

但隨後，應該會有增加的預期。

Okay.

好的。

And then one last one, if I can squeeze it in, is just with the Hubs, last quarter, we talked about ramping the ability to manufacture Hubs for the second half of the year.

最後一個，如果我可以擠進去的話，就是輪轂，上個季度，我們討論了提高下半年製造輪轂的能力。

I think the goal was four Hubs per month, I believe, correct me if I'm wrong on that.

我認為目標是每月四個中心，我相信，如果我錯了，請糾正我。

But that was the goal for the second half.

但這是下半場的進球。

Just curious if we can get a specific update on where we're at, if you've hit that capability of four per month or not.

只是好奇我們是否可以獲得有關我們所處位置的具體更新，如果您已經達到每月四個的能力。

And then if you have that capability or just in general, what is the run rate right now -- yeah, run rate of production of the Hub?

然後，如果你有這種能力，或者只是一般而言，現在的運行率是多少——是的，集線器的生產運行率是多少？

Yeah, Donovan, appreciate the question.

是的，多諾萬，感謝這個問題。

The Hub line setup has gone really well, and we are building Hubs more consistently.

集線器線路設定進展非常順利，我們正在更加一致地建立集線器。

Our supply base is caught up, and so we're really happy with all the progress on the Hub line.

我們的供應基地已趕上，因此我們對 Hub 生產線的所有進展感到非常滿意。

We aren't at -- so eight hubs per month is two per week.

我們沒有——所以每月八個中心就是每週兩個。

We're not quite getting all the way up to two per week every single week, but we are just about to be there.

我們還沒有完全達到每週兩次，但我們即將實現這一目標。

So often, it'll be 1.5-plus per week, and then the next week, we'll get out two.

通常情況下，每週會超過 1.5 個，然後下週，我們會拿出兩個。

So, more or less, at least by the end of the month here, we'll be at two per week and reach that capacity.

因此，或多或少，至少到本月底，我們將達到每週兩次並達到該容量。

Fantastic.

極好的。

Thanks, guys.

謝謝，夥計們。

I'll take the rest of my questions offline.

剩下的問題我會離線回答。

Thanks.

謝謝。

And ladies and gentlemen, at this time, I'm showing no further questions in the queue.

女士們、先生們，此時，我不會在隊列中顯示任何其他問題。

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 now disconnect your lines and have a wonderful day.

您現在可以斷開線路並度過美好的一天。