Xos Inc (XOS) 2024 Q3 法說會逐字稿

Good day, and welcome to the Xos' third-quarter 2024 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Xos 2024 年第三季財報電話會議。（操作員指令）

Please note this event is being recorded. I would now like to turn the conference over to Christen Romero, General Counsel. Please go ahead.

請注意，該事件正在被記錄。現在，我想將會議交給總法律顧問 Christen Romero。請繼續。

Thank you, everyone, for joining us today. Hosting the call with me today are Chief Executive Officer, Dakota Semler; Chief Operating Officer, Giordano Sordoni; and Acting Chief Financial Officer, Liana Pogosyan. Ahead of this call, Xos issued its third-quarter 2024 earnings press release, which we will reference during the call. This can be found on the Investor Relations section of our website at 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.

感謝大家今天的參與。今天與我一起主持電話會議的有執行長 Dakota Semler；營運長 Giordano Sordoni；以及代理財務長 Liana Pogosyan。在本次電話會議之前，Xos 發布了其 2024 年第三季財報新聞稿，我們將在電話會議中參考該新聞稿。您可在我們網站 investors.xostrucks.com 的投資者關係部分找到此資訊。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陳述，這些陳述受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因今天的收益新聞稿、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不正確，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. Today's presentation also includes references to non-GAAP financial measures and performance metrics. Please refer to the information contained in the company's third quarter 2024 earnings press release for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures. Participants should be cautioned not to put undue reliance on forward-looking statements.

這些文件可以在我們的網站 investor.xostrucks.com 上找到。我們不承擔更新任何前瞻性陳述的責任。今天的演示也引用了非公認會計準則財務指標和績效指標。請參閱公司 2024 年第三季收益新聞稿中包含的信息，以獲取定義信息以及歷史非 GAAP 指標與可比較 GAAP 財務指標的調整。應告誡參與者不要過度依賴前瞻性陳述。

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

現在，我將把權力移交給我們的執行長達科塔 (Dakota)。

Thanks, Christen, and thank you, everyone, for joining us. On today's call, I'm thrilled to share the highlights from the third quarter of 2024, during which we generated $15.8 million in revenue, delivered 94 units and achieved a gross margin of 18.1%. Xos is one of the very few electric vehicle manufacturers delivering double-digit gross margins on our products. This marks the fifth quarter of delivering consecutive positive gross margins. In addition to our improved margin performance, Xos continues to focus on improving year-over-year growth and liquidity.

謝謝，克里斯汀，也謝謝大家加入我們。在今天的電話會議上，我很高興與大家分享 2024 年第三季的亮點，在此期間，我們創造了 1580 萬美元的收入，交付了 94 台設備，實現了 18.1% 的毛利率。Xos 是極少數產品毛利率達到兩位數的電動車製造商之一。這是連續第五個季度實現毛利率為正。除了提高利潤率表現外，Xos 還繼續致力於提高同比成長率和流動性。

In my remarks, I plan to cover some of our achievements in vehicle deliveries, the hub product ramp-up and shifting market conditions in the commercial electric vehicle market. Then Gio and Liana will then dive deeper into our operational and financial achievements. Of the 94 deliveries this quarter, we've seen growing momentum with increasing customer and product diversity. This quarter, we began shipping hubs in significant volumes with nearly 12 units shipped through the end of the quarter, underscoring the rising demand for our rapid deployment mobile charging solution.

在我的演講中，我計劃介紹我們在車輛交付、樞紐產品提升和商用電動車市場不斷變化的市場條件方面取得的一些成就。然後 Gio 和 Liana 將深入探討我們的營運和財務成就。在本季度的 94 筆交付中，我們看到了隨著客戶和產品多樣性的不斷增加而增長的勢頭。本季度，我們開始運送大量樞紐，截至本季末已運送近 12 個單位，凸顯了對我們快速部署行動充電解決方案的需求不斷增長。

Overall, unit deliveries increased by 4.4% compared to the second quarter, while top line revenue increased by 1.6%. In our StepVan business, we are seeing positive shifts with an increase in strip chassis deliveries relative to completed vehicle deliveries. This drives substantial improvements in our working capital turnover. By delivering strip chassis units ahead of the bodying up process, we accelerate our delivery cycle and better ensure quicker turnaround times relative to completed vehicle deliveries.

總體而言，單位交付量與第二季相比成長了 4.4%，而營收成長了 1.6%。在我們的 StepVan 業務中，我們看到了積極的變化，相對於整車交付量，帶狀底盤交付量有所增加。這大大提高了我們的營運資金周轉率。透過在車身組裝過程之前交付帶狀底盤單元，我們加快了交付週期，並更好地確保了相對於整車交付更快的周轉時間。

While not all of our deliveries will transition to strip chassis, we believe that a rising proportion of these orders will positively impact our cash flow and inventory turnover. We also made significant strides in our powertrain business, delivering our first powertrain product to be utilized in a Blue Bird school bus. This short wheel-based Type C school bus is an exciting product offering as Blue Bird continues to lead the market with its electric school bus solutions for districts nationwide. The product provides school districts with a durable and reliable Type C commercial chassis frame-on-body school bus while meeting the constraints of narrow streets and tight turning radiuses that are typical of many school districts.

儘管並非所有的交付都會轉變為條形底盤，但我們相信，這些訂單比例的增加將對我們的現金流量和庫存週轉產生積極影響。我們也在動力總成業務方面取得了重大進展，交付了第一款用於藍鳥校車的動力總成產品。這款短輪 C 型校車是一款令人興奮的產品，Blue Bird 繼續以其為全國各地區提供的電動校車解決方案引領市場。該產品為學區提供了耐用可靠的C型商用底盤框架式校車，同時滿足了許多學區典型的狹窄街道和小轉彎半徑的限制。

This quarter marked a major milestone as we reached low-volume series production with our hub product. And by the end of the quarter, we were building approximately 2 units per week, delivering this valuable tool to our customers. Regarding our hub deliveries, we delivered several units, including to top-tier companies like Waymo, a leading self-driving car operator, ABM, a top facility service provider; and Loomis, one of our valued fleet customers. We also delivered units to other key customers such as Xcel Energy, which is one of the largest investor-owned utilities in the country; and SSA Pacific, a subsidiary of SSA Marine, one of the largest terminal operating companies and stevedoring businesses in the world.

本季標誌著我們的一個重要里程碑，因為我們的輪轂產品實現了小批量生產。到本季末，我們每周大約生產 2 個單元，向客戶交付這項寶貴工具。關於我們的樞紐交付，我們已經交付了多個單位，其中包括領先的自動駕駛汽車運營商 Waymo、頂級設施服務提供商 ABM 等頂級公司；以及我們尊貴的車隊客戶之一Loomis。我們也向其他主要客戶交付了設備，例如 Xcel Energy，它是全國最大的投資者擁有的公用事業公司之一；以及 SSA Pacific，它是 SSA Marine 的子公司，SSA Marine 是世界上最大的碼頭營運公司和裝卸企業之一。

In short, hub deliveries are being put in the hands of well-regarded companies and excitement around the product is growing. While charging infrastructure continues to be a challenge and fleets such as FedEx Ground contractors face continued delays, we believe that the hub can offer a solution. As mentioned, we've already seen adoption from some of our largest customers. Such momentum reflects the strong demand for our hub solutions, not just across fleet operators, but across a range of industries. In light of the hub's success and growing interest in the product, we ramped up demonstrations of the hub in Q4.

簡而言之，樞紐交付正被交到知名公司的手中，人們對該產品的興趣也日益高漲。儘管充電基礎設施仍然是一個挑戰，而且聯邦快遞地面承包商等車隊面臨持續的延誤，但我們相信該樞紐可以提供解決方案。正如前文所提到的，我們已經看到一些最大客戶的採用。這種勢頭反映了對我們的樞紐解決方案的強勁需求，不僅是車隊營運商，而且是各行各業。鑑於該中心的成功以及人們對產品日益增長的興趣，我們在第四季度加強了該中心的演示。

Evaluations are intended to showcase the hub's versatility and ability to provide diverse fleet charging, mobile charging and events and crucial disaster response charging infrastructure during storms and public safety power shutoffs. Beyond our deliveries, we've secured several million dollars in new incentives, providing critical support to small and large national accounts. Such incentives available in key states like Texas, New York and California help enable a more seamless and affordable transition to electric vehicles.

評估旨在展示該中心的多功能性以及在暴風雨和公共安全斷電期間提供多樣化車隊充電、移動充電和活動以及關鍵的災難響應充電基礎設施的能力。除了交付之外，我們還獲得了數百萬美元的新激勵措施，為大大小小的國家帳戶提供關鍵支援。德克薩斯州、紐約州和加利福尼亞州等主要州提供的此類激勵措施有助於實現更無縫且經濟實惠的電動車過渡。

Despite these new incentive applications and a growing number of approvals, incentive collections on delivered vehicles continues to be a challenge. There are several state programs and agencies that oversee the disbursement of such funds and the processes vary significantly depending upon the state agencies involved. Incentive collection has become a primary focus at Xos and the backlog of delivered incentives in our accounts receivable exceeds $25 million.

儘管有這些新的激勵申請且批准數量不斷增加，但對已交付車輛的激勵措施收取仍然是一個挑戰。有多個州計劃和機構負責監督此類資金的支付，並且具體流程因所涉及的州機構不同而有很大差異。獎勵收款已成為 Xos 的主要關注點，我們應收帳款中已交付獎勵的積壓金額超過 2,500 萬美元。

Fortunately, we've developed several new processes to streamline the incentive application process and the redemption approval and collection workflows. These efforts are a key step in accounts receivable collection. I want to personally thank all of the [indiscernible] who have worked tirelessly to help customers receive incentive benefits and to streamline Xos' collection of such incentives. While we do not anticipate collecting 100% of the over $25 million in backlogged incentive receivables this quarter, we do expect these payouts to accelerate, which would improve our cash position and access to working capital. We have also begun to improve our inventory carrying costs and better ensure our customers receive vehicles as needed by increasing our sales through dealer partnerships.

幸運的是，我們已經開發了幾個新流程來簡化激勵申請流程以及兌換審批和收款工作流程。這些努力是應收帳款回收的關鍵一步。我要親自感謝所有 [音訊不清晰] 的人，他們不知疲倦地工作，幫助客戶獲得激勵利益並簡化 Xos 收集此類激勵的方式。雖然我們預計本季無法 100% 收回積壓的超過 2500 萬美元的激勵應收款，但我們預計這些支出將加速，這將改善我們的現金狀況和營運資金的取得。我們也開始透過與經銷商合作增加銷售量來改善庫存持有成本，更好地確保客戶按需要收到車輛。

This helps us manage inventory carrying costs and better ensures our customers receive vehicles as needed. We found dealers to be supportive in delivering vehicles and providing ongoing maintenance services. This is especially true for our dealer partner, Thompson Truck Centers in Tennessee. Just as the year started, we continue to be sharply focused on the reduction of operational expenses. Gio will detail our efforts in reducing facility-based operational expenses.

這有助於我們管理庫存持有成本，並更好地確保我們的客戶按需要收到車輛。我們發現經銷商在交付車輛和提供持續維護服務方面提供了支援。對於我們的經銷商合作夥伴，田納西州的湯普森卡車中心來說尤其如此。從今年伊始，我們繼續高度重視削減營運費用。Gio 將詳細介紹我們在降低設施營運費用方面所做的努力。

We also reduced a portion of our overall headcount in the quarter and subsequent to the quarter end. While this decision was difficult for Xos and all of the impacted employees, we believe it puts us on a better trajectory towards achieving positive free cash flow in the near term. We continue to be excited about achieving free cash flow through increased revenues and reduced operational expenses to bring this goal within reach.

我們也在本季以及季末之後減少了部分員工人數。雖然這個決定對 Xos 和所有受影響的員工來說都很困難，但我們相信它將使我們在短期內朝著實現正自由現金流的方向邁進。我們繼續對透過增加收入和減少營運費用來實現自由現金流感到興奮，從而使這一目標得以實現。

With that, I'll hand it over to Gio for more on our operational updates.

說完這些，我將把話題交給吉奧，讓他進一步介紹我們的營運更新。

Thank you, Dakota, and good afternoon, everyone. The manufacturing, supply chain and quality teams delivered strong results in the quarter and continued their focus on consistent high-quality production, all while improving efficiency. In addition to regular chassis production, the team worked hard in the quarter to prepare for the launch of a new longer wheel-based variant of our StepVan chassis platform. We are now producing this 208-inch wheel-based variant on our main production line.

謝謝你，達科塔，大家下午好。製造、供應鏈和品質團隊在本季度取得了強勁的業績，並繼續專注於持續的高品質生產，同時提高效率。除了常規底盤生產外，團隊在本季還努力準備推出基於 StepVan 底盤平台的新型長輪版本。我們目前正在主要生產線上生產這種基於 208 吋輪轂的車型。

This longer wheel base allows for a longer body and an increase of 200 cubic feet of cargo capacity. This was driven by requests from some of our linen customers and other folks that are looking for larger cubic volume on our Class 6 platform. We increased our hub production build rates up in the quarter, achieving a steady pace of approximately 2 hubs per week. This significant accomplishment positions us well to build and deliver additional hub units to meet customer demand before the end of the year.

更長的軸距使得車身更長，載貨容量增加 200 立方英尺。這是為了滿足我們的一些亞麻客戶以及其他希望在我們的 6 級平台上獲得更大立方體積的人的要求。我們在本季提高了樞紐生產建設率，實現了每週約 2 個樞紐的穩定速度。這一重大成就使我們能夠在年底之前建造和交付更多的輪轂單元，以滿足客戶需求。

The engineering and supply chain teams remain dedicated to a bill of material cost reduction program, both through optimizations of our vehicle design as well as partnering with our supply base to introduce cost savings changes to the components that we source and bring in. In the last 12 months, our team has implemented over $10,000 in cost reductions, and we have additional reductions planned this quarter and well into 2025. We remain focused on our strategy to invest more in Tennessee, which is proving to be a central hub for our operations. Our StepVan chassis and the Xos Hub are both built at our main plant in Byrdstown, Tennessee.

工程和供應鏈團隊始終致力於物料清單成本降低計劃，透過優化我們的車輛設計以及與我們的供應基地合作，對我們採購和引入的零件進行成本節約變革。在過去的 12 個月中，我們的團隊已實施了超過 10,000 美元的成本削減，並且我們計劃在本季度以及 2025 年進一步削減成本。我們將繼續專注於在田納西州加大投資的策略，事實證明田納西州是我們業務的中心樞紐。我們的 StepVan 底盤和 Xos Hub 均在位於田納西州伯茲敦的主要工廠生產。

Recently, we secured a sublease for part of our Los Angeles facility and transferred possession to our new tenant. This move will reduce our operational expenses through the end of the lease term. We are also actively working on subleasing 2 additional real estate facilities that we assumed through our acquisition of ElectraMeccanica, which closed in Q1. There's interest in both properties, and we hope to provide more updates on these potential subleases in the near future. Our operational improvements and cost control measures are designed to keep us on track for our long-term goals while supporting our short-term needs for production and delivery.

最近，我們獲得了洛杉磯工廠部分區域的轉租權，並將所有權轉移給新租戶。此舉將在租賃期結束時減少我們的營運費用。我們也正在積極轉租透過收購 ElectraMeccanica 而獲得的另外 2 處房地產設施，該收購於第一季完成。這兩處房產都受到人們的青睞，我們希望在不久的將來提供有關這些潛在轉租的更多更新資訊。我們的營運改善和成本控制措施旨在讓我們實現長期目標，同時支援我們的短期生產和交付需求。

In light of the recent election results, we anticipate potential changes at the federal level that could impact our industry and our business. Among these, one of the most significant changes could be an increase in tariffs on imported components from our global suppliers. While we're closely monitoring this evolving situation with the help of customs advisers, no immediate changes are expected until 2025. Meanwhile, we're actively working with suppliers to pursue alternative sourcing strategies, including reshoring components to North America where possible and increasing our investments in our U.S.-based supply chain.

鑑於最近的選舉結果，我們預計聯邦層面的潛在變化可能會影響我們的產業和業務。其中最重大的變化之一可能是對我們從全球供應商進口的零件的關稅增加。雖然我們在海關顧問的幫助下密切關注這一不斷變化的形勢，但預計直到 2025 年才會出現任何變化。同時，我們正積極與供應商合作，尋求替代採購策略，包括盡可能將零件回流北美，並增加對美國供應鏈的投資。

Although these tariffs may be disruptive, we're confident they won't hinder our ability to source necessary components. Additionally, we anticipate mitigating much of the impact from these tariffs through ongoing reductions in our cost of goods, along with positive effects from our engineering and supply chain initiatives aimed at lowering direct material costs. We are committed to American manufacturing, which is why we've invested significantly in our Tennessee facility, and we'll continue to strengthen our manufacturing and supply chain infrastructure to manage potential changes in the federal landscape effectively.

儘管這些關稅可能會造成破壞，但我們相信它們不會妨礙我們採購必要零件的能力。此外，我們預計透過持續降低商品成本，以及旨在降低直接材料成本的工程和供應鏈措施的正面影響，將減輕這些關稅的大部分影響。我們致力於美國製造業，這就是我們在田納西州工廠投入大量資金的原因，我們將繼續加強我們的製造和供應鏈基礎設施，以有效應對聯邦格局的潛在變化。

With that, I'll turn it over to Liana for an in-depth look at our financial performance.

接下來，我將把話題交給 Liana，讓她深入了解我們的財務表現。

Thank you, Gio. For the third quarter of 2024, our revenue was $15.8 million, up from $15.5 million in the second quarter this year. Our cost of goods sold during the quarter decreased to $12.9 million compared to $13.5 million in the second quarter. GAAP gross margin during the quarter was a profit of $2.9 million or 18.1% compared to a profit of $2 million or 13.1% in the second quarter. We are excited to deliver the fifth consecutive quarter of positive gross margins.

謝謝你，吉奧。2024 年第三季度，我們的營收為 1,580 萬美元，高於今年第二季的 1,550 萬美元。本季我們的銷售成本從第二季的 1,350 萬美元下降至 1,290 萬美元。本季 GAAP 毛利率為 290 萬美元，即 18.1%，而第二季的利潤為 200 萬美元，即 13.1%。我們很高興連續第五個季度實現正毛利率。

Margin improvements were mainly driven by continued focus on reducing labor and overhead costs and improving our production processes. GAAP gross margin also benefited this quarter from a sale of clean energy credits. Excluding the sale, GAAP gross margin was 15%. Turning to expenses. Our third quarter operating expenses were $12.6 million compared to $13.4 million last quarter as we remain disciplined in managing our costs while continuing to support key growth initiatives.

利潤率的提高主要得益於我們持續注重降低勞動力和管理成本以及改善生產流程。本季度，GAAP 毛利率也受惠於清潔能源信貸銷售。不計該筆銷售費用，GAAP 毛利率為 15%。談到費用。我們第三季的營運費用為 1,260 萬美元，而上一季的營運費用為 1,340 萬美元，因為我們在繼續支持關鍵成長計畫的同時，仍然嚴格管理成本。

Our operating profitability continued to follow a promising trajectory with non-GAAP operating loss for the third quarter of $6.6 million compared to non-GAAP operating loss of $9.7 million last quarter.

我們的營業獲利能力持續保持良好的軌跡，第三季非公認會計準則營業虧損為 660 萬美元，而上季非公認會計準則營業虧損為 970 萬美元。

Turning to the balance sheet. We closed the quarter with cash and cash equivalents and restricted cash totaling $9.2 million. Operating cash flow less CapEx or free cash flow was negative $11.7 million for the quarter compared to a negative free cash flow of $26.1 million last quarter, which represents a significant improvement over the second quarter due to enhanced discipline with respect to working capital and cash management.

轉向資產負債表。本季結束時，我們的現金、現金等價物和受限現金總額為 920 萬美元。本季營運現金流減去資本支出或自由現金流為負 1,170 萬美元，而上季的自由現金流為負 2,610 萬美元，由於加強了對營運資本和現金管理的紀律，本季度的經營狀況較第二季有了顯著改善。

Inventory increased to $42.4 million in the current quarter from $41.4 million last quarter. We are actively managing our liquidity position and plan to improve our liquidity and working capital requirements, including reducing operating costs in order to preserve financial resources and improving accounts receivable collections. We have taken several cost-cutting measures during the fourth quarter, which include reduction in our total workforce and temporary salary reductions for certain of our senior executives.

庫存從上季度的 4,140 萬美元增加至本季的 4,240 萬美元。我們正在積極管理我們的流動性狀況，並計劃改善我們的流動性和營運資金需求，包括降低營運成本以保留財務資源並改善應收帳款收集。我們在第四季採取了多項削減成本的措施，包括減少員工總數和暫時減免部分高階主管的薪資。

On the collection front, as Dakota mentioned, -- our accounts receivable from delivered incentives currently exceeds $25 million. We've developed streamlined processes to expedite the application, approval and collection of these incentives, though we do not expect to collect the entire backlog this quarter. We do anticipate the collection of these incentive payouts to accelerate, which will enhance our cash position and improve our access to working capital.

在收款方面，正如達科塔所提到的，我們從已交付的獎勵中獲得的應收帳款目前超過 2500 萬美元。我們已經制定了精簡流程來加快這些獎勵的申請、批准和收集，儘管我們預計本季無法收集到所有積壓獎勵。我們確實預期這些獎勵性支出的收取將會加速，這將增強我們的現金狀況，並改善我們的營運資金取得管道。

Now turning to our outlook for the rest of 2024. We are updating our guidance. While our revenue and unit delivery outlooks have decreased, we are now expecting a narrower non-GAAP operating loss. We anticipate revenue to fall within the range of $54.1 million to $67.6 million and our unit deliveries to be within the range of 320 to 400 units. We have reduced our non-GAAP operating loss to a range of $42.2 million to $33.7 million.

現在來談談 2024 年剩餘時間的展望。我們正在更新我們的指導。雖然我們的收入和單位交付前景有所下降，但我們目前預計非公認會計準則經營虧損將會收窄。我們預計收入將在 5,410 萬美元至 6,760 萬美元之間，單位交付量將在 320 至 400 單位之間。我們已將非公認會計準則下的營業虧損減少至 4,220 萬美元至 3,370 萬美元之間。

This adjustment reflects some of the challenges we face with infrastructure and customer delays. However, it also reflects a higher average selling price and improved margins on our products, along with tighter control over operating expenses. We expect Q4 to be an equally active quarter as we work diligently to deliver within these guidance ranges.

這項調整反映了我們在基礎設施和客戶延誤方面面臨的一些挑戰。然而，這也反映了我們產品平均售價的提高和利潤率的提高，以及對營運費用的更嚴格的控制。我們預計第四季度將是一個同樣活躍的季度，因為我們將努力實現這些指導範圍。

With that, I'll turn the call back over to Dakota.

說完這些，我將把電話轉回給達科塔。

Thank you, Liana. While our industry is facing tremendous challenges, including delays from charging infrastructure and continued pressures from our customers to produce the most competitively priced durable vehicles on the market, we aim to meet these challenges and delight our customers.

謝謝你，莉安娜。雖然我們的行業面臨著巨大的挑戰，包括充電基礎設施的延遲以及客戶持續施加的壓力，要求我們生產市場上價格最具競爭力的耐用汽車，但我們的目標是應對這些挑戰並讓客戶滿意。

We are proud to be the largest electric vehicle vendor for FedEx Ground operators and the largest electric vehicle package manufacturer -- package car manufacturer for UPS' North American fleet. We continue to be the largest electric vehicle vendor for several leading uniform rental companies with more EV deliveries than any other OEM for companies such as Alsco, Cintas and UniFirst.

我們很榮幸成為聯邦快遞地面營運商最大的電動車供應商和最大的電動車包裹製造商——UPS北美車隊的包裹車製造商。我們繼續成為幾家領先的製服租賃公司的最大電動車供應商，向 Alsco、Cintas 和 UniFirst 等公司交付的電動車數量超過任何其他 OEM。

Our new product, the Xos Hub is gaining traction as well with purchase orders from some of the largest and most respected investor-owned utilities in the country, along with many diverse Fortune 500 companies. From the point that we started this business 8 years ago, we have demonstrated consistent leadership in our product development initiatives. We've adapted our operating cost model to ensure resilience in the near term, and we continue to see significant long-term potential.

我們的新產品 Xos Hub 也獲得了青睞，獲得了國內一些最大、最受尊敬的投資者擁有的公用事業公司以及許多不同的財富 500 強公司的採購訂單。從八年前開始這項業務以來，我們在產品開發計畫中始終展現出領導力。我們調整了營運成本模型以確保短期內的彈性，並且我們繼續看到巨大的長期潛力。

The commercial interest across the segments we serve is broad, and we believe that Xos is uniquely positioned to be a leading player in this industry, competing with the legacy diesel manufacturers that have dominated the market for decades.

我們所服務的領域的商業利益非常廣泛，我們相信 Xos 擁有獨特的優勢，可以成為該行業的領導者，與幾十年來一直主導市場的傳統柴油製造商競爭。

With that, we'll open up the queue for questions, and I'll turn over the call to the operator.

這樣，我們將開始回答問題，然後我會將電話轉給接線生。

(Operator Instructions)

（操作員指令）

Craig Irwin, ROTH Capital Partners.

克雷格歐文（Craig Irwin），羅仕證券資本合夥公司（ROTH Capital Partners）。

Dakota, can you maybe talk a little bit about the opportunity on the drivetrain side? It's a business that's shown that it's starting to take off a little bit, could offer some leverage back to the other side of the house where you've already been doing good volumes. Can you maybe sketch out for us the breadth of customers that have shown interest in potentially buying drivetrains and whether or not there are different vehicle sizes or different formats that might represent new opportunities?

達科塔，您能不能談談動力傳動系統方面的機會？這個業務已經顯示出開始起飛的跡象，可以為已經獲得良好業務量的公司的另一邊提供一些槓桿作用。您能否為我們概括一下對購買動力傳動系統感興趣的客戶範圍，以及是否存在可能代表新機會的不同車輛尺寸或不同格式？

Absolutely. Thanks for the question, Craig. With our powertrain business powered by Xos, we believe there's an immense opportunity. And as a reminder for everybody, the powered by Xos business takes and leverages a lot of the intellectual property that we've developed on our vehicles, including software, high-voltage distribution and engineering design that goes into that high-voltage powertrain system. And we then market it and provide it to other OEMs along with the engineering support services to help integrate those powertrains into their vehicle platforms.

絕對地。謝謝你的提問，克雷格。我們相信，憑藉由 Xos 提供支援的動力總成業務，我們將獲得巨大的機會。需要提醒大家的是，Xos 驅動的業務採用並利用了我們在車輛上開發的許多智慧財產權，包括軟體、高壓配電和高壓動力系統的工程設計。然後，我們將其推向市場並提供給其他 OEM，同時提供工程支援服務，以幫助將這些動力系統整合到他們的車輛平台中。

There's several what we call beachhead markets or early markets that have really embraced electrification. Some of these being more specific vocational vehicles. So there's one of our customers, Winnebago, produces mobile medical and mobile command center vehicles, which have really embraced these products as they do a lot of idling, a lot of short distance travel where a zero-emission vehicle is perfect because they can drive the short range that it takes to get to their destination and then ultimately idle for hours on end, utilizing that powertrain system to power any house loads that are on that vehicle.

有幾個我們稱為灘頭市場或早期市場的市場已經真正接受了電氣化。其中一些是更具體的職業車輛。我們的一個客戶 Winnebago 生產移動醫療和移動指揮中心車輛，他們非常喜歡這些產品，因為他們需要經常空轉和短距離行駛，而零排放車輛非常適合這種應用，因為他們可以行駛短距離到達目的地，然後最終連續幾個小時空轉，利用動力系統為車輛上的所有家庭負載提供動力。

In addition to the mobile command center market, school bus has been an incredibly fast-growing market for us, and we continue to see that market in the US be strongly supported by EPA funding that's been afforded to many of the school bus manufacturers in North America. We've delivered our first powertrain system for this market segment and believe that, that industry will continue to see growth as the vehicles become more cost competitive and as incentives applications are approved for some of the school districts around the country.

除了移動指揮中心市場之外，校車市場對我們來說也是一個成長非常迅速的市場，我們繼續看到美國的校車市場得到美國環保署 (EPA) 資金的大力支持，而北美的許多校車製造商都獲得了美國環保署的資金支持。我們已經為這個細分市場提供了第一套動力系統，並相信，隨著汽車成本競爭力的增強以及全國部分學區的激勵措施申請獲得批准，該行業將繼續實現成長。

And then lastly is some of the off-highway vehicles that we've been supporting for several years now with customers such as Wiggins Lift, (inaudible) and other customers that we haven't announced yet in the off-highway heavy industrial equipment sector, where they're leveraging powertrain components and powertrain systems from us to fully electrify their vehicles. And many of these markets and applications have been very quickly forced to go electric, either through emissions regulations or specific state or local port regulations requiring zero emissions adoption in those markets. So we think that will be a fast-growing market as well. Ultimately, with these customers, we are a supplier to our OEM partners.

最後是一些非公路車輛，我們已經為這些車輛提供了支持，客戶包括 Wiggins Lift（聽不清楚）以及我們尚未公佈的非公路重型工業設備領域的其他客戶，他們利用我們的動力總成組件和動力總成系統來實現車輛的完全電氣化。許多此類市場和應用很快就被迫轉向電氣化，要么通過排放法規，要么通過特定的州或地方港口法規，要求這些市場採用零排放。因此我們認為這也將是一個快速成長的市場。最終，有了這些客戶，我們就成為了 OEM 合作夥伴的供應商。

So we don't control the direct sales of these end-user units into the fleets that they get adopted into. So we have less control over the size and scale of how these markets ramp up. But we believe that these are all critical strong markets that will continue to see growth in the electrification realm in the next two to three years and certainly beyond that time frame, too. With these markets, I think across the powertrain business, we can anticipate that this could grow to being in the range of 10% to 25% of our overall the unit mix because we have different ASPs for different kinds of products that we support with the powered by Xos business.

因此，我們不控制這些最終用戶設備向其所採用的車隊的直接銷售。因此，我們對這些市場成長的規模和範圍的控制較少。但我們相信，這些都是至關重要的強勁市場，在未來兩到三年內，電氣化領域將持續成長，當然在此之後也是如此。有了這些市場，我認為在整個動力系統中，我們可以預期這一數字可能會成長到我們整體單位組合的 10% 到 25% 之間，因為我們對由 Xos 業務驅動的不同種類的產品有不同的 ASP。

Excellent. Excellent. So my second question is about your inventory. Can you maybe clarify for us what portion of the inventory right now should be considered finished goods or maybe finished vehicles or hubs?

出色的。出色的。我的第二個問題是關於您的庫存。您能否為我們澄清一下，目前庫存中有多少部分應該被視為成品，或者成品車輛或輪轂？

And then can you maybe discuss the parts commonality between your different products? And if -- as you receive incremental orders, your ability to liquidate inventory into different markets, not just being dependent on having batteries for one truck, one type, but being able to sell things into a variety of different applications.

那麼你可以討論一下你們不同產品之間的零件通用性嗎？而且如果——當您收到增量訂單時，您將庫存清算到不同市場的能力不僅僅依賴於擁有一種卡車、一種類型的電池，而是能夠將產品銷售到各種不同的應用中。

Absolutely. So when it comes to the work in process versus finished goods, we really are building all of our products to order. So we don't build inventory to sit on a dealer lot or to sit in an OEM lot. Most of the work in process or the finished goods that we have on our balance sheet is destined for a customer and is designed to be delivered within shortly thereafter it finishes the production process.

絕對地。因此，當談到在製品與成品時，我們實際上都是根據訂單生產所有產品。因此，我們不會建立庫存來存放在經​​銷商地段或 OEM 地段。我們資產負債表上的大部分在製品或製成品都是發送給客戶的，並計劃在生產過程完成後不久交付。

Now there are periodic delays in that process that can come about from infrastructure and charging. However, we really try to mitigate those. And before we go to production with most of our products, we clarify with the customer that they're ready to receive them and that they have an infrastructure plan in place. As a bit of a split, raw materials today accounts for about 70% of our total inventory. WIP is around 21% and finished goods is around 9%.

現在，該過程會出現週期性的延遲，可能是由於基礎設施和充電問題造成的。然而，我們確實在盡力減輕這些影響。在大多數產品投入生產之前，我們都會向客戶確認他們已準備好接收產品，並且已經制定了基礎設施計劃。稍微區分一下，目前原料約占我們總庫存的 70%。在製品約佔21%，成品約佔9%。

And raw materials, you'll note we're a little bit heavier on the raw material side of things. That's as we work through some of that older inventory and parts inventory, that will continue to reduce and we'll optimize those inventory flows in the quarters to come. But we really want to operate as leanly as possible, making sure that those finished goods get delivered to a customer as quickly as possible.

至於原料，您會注意到，我們在原料方面投入的精力比較多。隨著我們處理一些舊庫存和零件庫存，這些庫存將繼續減少，並且我們將在未來幾季優化這些庫存流動。但我們確實希望盡可能精簡營運，確保成品盡快交付給客戶。

And then your second question, can you remind me what that one was, Craig?

然後是你的第二個問題，你能提醒我那是什麼嗎，克雷格？

No, that basically captured it, Dakota. Last question, if I may, is Well, if we were to liquidate inventory, what do you see as the opportunity as far as cash generation out of inventory liquidation over the next couple of quarters? Is there potentially a lower level of inventory that you think would be steady state for the company at the current run rate?

不，達科塔，基本上就是這樣。最後一個問題，如果可以的話，如果我們要清算庫存，您認為在接下來的幾個季度中，透過清算庫存來產生現金的機會是什麼？您認為，在目前的運行速度下，公司庫存水準是否可能處於穩定狀態？

Yes, it's a great question. From an inventory liquidation standpoint, most of the inventory we are in possession of today is relevant and applicable for the products that we're building today. So we do anticipate to be able to work through that in the ordinary course. And some of the steps that we highlighted in the call are helping us do that.

是的，這是一個很好的問題。從庫存清算的角度來看，我們今天擁有的大部分庫存與我們今天正在生產的產品相關且適用。因此，我們確實期望能夠透過正常程序解決這個問題。我們在通話中強調的一些步驟正在幫助我們做到這一點。

So one, by delivering strip chassis instead of completed vehicles, it shortens that inventory turnover period. we're actually not carrying the balance of those bodies on our balance sheet, and that's something that the customer is working directly with the upfitter to carry. And going beyond that, most of those components share commonality.

因此，首先，透過交付帶狀底盤而不是整車，可以縮短庫存週轉期。我們實際上並沒有在資產負債表上記錄這些機構的餘額，這是客戶直接與改裝商合作承擔的。除此之外，大多數組件都具有共通性。

So this kind of addresses your initial question, which is when we look at our StepVan platform, our powertrain platform and even the hub platform, excluding the chassis components, really thinking more about the powertrain components such as the battery modules, high-voltage power electronics, cables, software systems, vehicle control units, electronics, we share about 90% commonality across those different product lines.

因此，這在一定程度上回答了您的最初問題，即當我們查看我們的 StepVan 平台、動力總成平台甚至輪轂平台時，除了底盤組件之外，真正更多地考慮動力總成組件，例如電池模組、高壓電力電子設備、電纜、軟體系統、車輛控制單元、電子設備，我們在這些不同的產品線之間有大約 90% 的共性。

So there may be slightly different SKUs or variations for different product configurations, but there is a lot of commonality that we've designed into the product so that we can get to scale and build synergy even as some of these markets are relatively small, we can build that scale across the total unit production that we're producing at the company.

因此，不同產品配置的 SKU 或變體可能會略有不同，但我們在產品中設計了許多共通性，以便我們能夠擴大規模並建立協同效應，即使其中一些市場相對較小，我們也可以在公司生產的總單位產量範圍內建立這種規模。

Excellent. And I'm sorry, if I can just squeeze one more in. There's been some concern out there about the Buy in America compliance, the tariffs that have been put in place and the potential for these to significantly impact overall system costs, battery costs.

出色的。很抱歉，如果我能再擠一點時間的話。有人擔心「美國購買」的合規性、已實施的關稅以及這些關稅可能對整體系統成本和電池成本產生重大影響。

But talking to some of the different vendors, I think maybe these fears are unfounded. Can you maybe update us on what you think the tariffs, the way they're written would mean for battery costs if companies that you're working with were maybe to pursue some of the strategic options they have in front of them to bring out some of the cost of Asian production?

但與一些不同的供應商交談後，我認為也許這些擔憂是沒有根據的。如果與您合作的公司可能要實施一些他們面臨的策略選擇，以分擔亞洲生產的部分成本，您能否告訴我們，您認為關稅以及關稅的製定方式對電池成本意味著什麼？

Yes, absolutely. It's actually a process that started several years ago. As we were delivering vehicles before we went into the COVID-19 pandemic, we saw a lot of the disruption that followed with the supply chain in 2020, 2021 and beyond.

是的，絕對是如此。事實上，這個過程幾年前就開始了。在新冠肺炎疫情爆發之前，我們正在交付車輛，我們看到 2020 年、2021 年及以後的供應鏈出現了許多中斷。

And that really forced us to focus on reshoring as much of our production as possible, really trying to find competent, capable suppliers that met our quality and cost and reliability targets in North America, particularly in the US. So several components that we used to source abroad in Asia, whether it be in China or in India, we're now sourcing directly here from US suppliers, which has helped insulate us from the potential impacts of tariff changes or trade regulation changes that will be coming in the year ahead.

這實際上迫使我們集中精力盡可能地將生產轉移回國內，真正試圖在北美（特別是美國）找到能夠滿足我們的品質、成本和可靠性目標的有能力的供應商。因此，我們過去從亞洲（無論是中國還是印度）採購的幾個零件，現在都直接從美國供應商處採購，這有助於我們免受未來一年關稅變化或貿易法規變化的潛在影響。

Beyond that, we still do have some components that we source from Asia, and we're actually actively having conversations with suppliers to understand what their plans are and to make sure that we can mitigate any potential disruption that may come as a result of changing tariff regulations or trade restrictions that are going to ensue in 2025. I think we're very well positioned in that we are trying to multi-source with suppliers across a range of different components.

除此之外，我們仍有一些零件從亞洲採購，而且我們實際上正在積極與供應商對話，以了解他們的計劃，並確保我們能夠減輕因 2025 年即將出台的關稅法規或貿易限制變化而可能帶來的任何潛在幹擾。我認為我們處於非常有利的位置，因為我們正在嘗試與多種不同組件的供應商進行多源合作。

So for a single component, we'll try to have two or three suppliers that have a diverse source of producing those components. So we don't become too beholden to a particular geographic industry or to a particular geographic location or supplier that's concentrated in an area that might be subject to incremental tariffs.

因此，對於單一組件，我們將嘗試擁有兩到三個擁有多種生產來源的供應商。因此，我們不會過度依賴特定的地理產業、特定的地理位置或集中在可能受到增量關稅影響的地區的供應商。

And beyond that, we're working with some advisers to help us manage those costs so that we can continue to deliver industry-leading cost to our customers in a way that isn't going to be disrupted by tariffs in the next administration.

除此之外，我們也正在與一些顧問合作，幫助我們管理這些成本，以便我們能夠繼續以不會受到下一屆政府關稅影響的方式向我們的客戶提供領先業界的成本。

Congratulations on those strong margins this quarter.

恭喜本季利潤率取得如此高的成績。

(Operator Instructions)

（操作員指令）

Ted Jackson, Northland Securities.

北國證券的泰德傑克森 (Ted Jackson)。

I'd like to just kind of drill into the balance sheet a little bit and talk a bit about kind of working capital and the improvements that you think you can get out of there. So like we talked about inventory with the last set of questions.

我想稍微深入研究一下資產負債表，並談談營運資金以及您認為可以從中獲得的改進。就像我們在上一組問題中討論庫存一樣。

But if you look at it, it's -- I mean, depending on how you want to do the math, maybe up to 10 months of inventory. Where do you think you could get that down to in terms of bringing it down to kind of if you think about it in terms of how much stuff do you have on hand vis-à-vis on a turns basis, how many days of coverage that you need? And then going over into the receivables side, do you think that with regards to that $25 million of what I guess you would call it like credits that you'll bring some of that across the finish line in the fourth quarter?

但如果你看一下，它——我的意思是，取決於你如何計算，可能最多有 10 個月的庫存。您認為您可以如何將其降低到某種程度，如果您考慮一下您手頭上有多少東西，相對於輪流而言，您需要多少天的覆蓋範圍？然後談到應收帳款方面，您是否認為，對於那 2500 萬美元（我猜您會稱之為信貸）的部分，您會在第四季度將其中的一部分帶入終點線？

And then how do you see that playing out into 2025? So I guess what I'm really getting at is kind of the main levers you have in terms of working capital improvement are going to be really on inventory and on receivables. And I guess you could say on payables, too. But kind of walk through how you're going to bring these things down to levels and really take some cash out of the balance sheet.

那麼，您認為 2025 年會如何發展呢？所以我想我真正想說的是，在營運資本改善方面，主要的槓桿實際上是庫存和應收帳款。我想您也可以說應付款項。但你要逐步了解如何將這些事情降低到一定水平，並真正從資產負債表中提取一些現金。

Yes, absolutely, and thank you for the questions. So first, we definitely are carrying a heavier set of inventory than is a typical industry turn. I think if you look at many stabilized manufacturers, it can be anywhere from four to eight turns per year depending upon the product. Although one thing that we'd like to call out, which I think is important is electric vehicles today, we still rely on a global supply chain.

是的，當然，感謝您的提問。首先，我們的庫存肯定比典型的產業庫存要重。我認為，如果你觀察許多穩定的製造商，你會發現根據產品的不同，每年的輪換次數可以是四到八次。儘管我們想指出的一點，我認為很重要的一點是當今的電動車，但我們仍然依賴全球供應鏈。

And much of that global supply chain informs the amount of inventory turns and the inventory cycles and the supply chain lead times of many of our critical components. So we are always trying to manage that while continuing to reduce cash usage overall. As of right now, our inventory turns are relatively low, as you mentioned, roughly 8 to 10 months of inventory. And we anticipate that over the coming quarters, that will step down slightly.

而大部分全球供應鏈決定了我們許多關鍵零件的庫存週轉量、庫存週期和供應鏈交付週期。因此，我們始終努力實現這一目標，同時繼續減少現金的整體使用量。截至目前，我們的庫存週轉率相對較低，正如您所說，大約為 8 到 10 個月的庫存。我們預計，未來幾個季度，這一數字將略有下降。

And eventually, our target is to get to the industry range of four to eight turns per year, but we haven't provided specific guidance as to when that will happen or whether it will occur next year. There are several efforts that we're leading internally into including our cost-out effort to reduce cost of goods sold, but also to improve payment terms with those suppliers to make sure that we can reduce that number.

最終，我們的目標是達到行業範圍內每年四到八次的周轉率，但我們還沒有提供具體指導，說明何時實現或是否會在明年實現。我們正在進行內部多項努力，包括降低銷售成本，以及改善與供應商的付款條件，以確保我們能夠減少這一數字。

There's also things that I mentioned before, such as reshoring, which will shorten that supply chain lead time and shorten the length of time that goods are in transit before they get incorporated into a work in process or into a vehicle. So we're taking several steps to make those changes, but it is a gradual process as we make those transition to suppliers. And then your second point about credits and the accounts receivable balance, is something that we've really been focused on for the last three to four months quite intensely given the volume of these credits and the value that they provide to many of our customers.

還有我之前提到的事情，例如回流，這將縮短供應鏈的前置時間，並縮短貨物在被納入在製品或車輛之前的運輸時間。因此，我們正在採取幾個步驟來實現這些改變，但這是一個漸進的過程，因為我們要向供應商進行轉變。然後，您提到的第二點關於信貸和應收帳款餘額，這是我們在過去三到四個月裡一直非常關注的問題，因為這些信貸的數量以及它們為我們的許多客戶提供的價值。

We have already started to see significant progress in the beginning of Q4 in how those credits have been paid out, and we're making significant steps in shortening the length of time to get those vouchers accepted and those vouchers paid out and collected from our perspective. So while we don't anticipate collecting the full $25 million, we do anticipate we're going to make a significant dent in that balance by the end of Q4 with the remaining to be collected in the first half of 2025.

在第四季初，我們已經開始看到這些積分的支付方式取得了重大進展，從我們的角度來看，我們正在採取重大措施縮短這些代金券的接受時間以及這些代金券的支付和收取時間。因此，雖然我們預計無法收回全部 2500 萬美元，但我們預計到第四季末我們將大幅減少這一餘額，剩餘部分將在 2025 年上半年收回。

But something to keep in mind is as we deliver more vehicles, that balance does grow as most of our customers have the benefit of utilizing these incentives and purchasing their vehicles. So while we anticipate the volume or the balance to go down, there will still be increasing incentives as we increase deliveries and increase top line revenue.

但要記住的是，隨著我們交付更多的車輛，這種平衡確實會增加，因為我們的大多數客戶都能利用這些激勵措施併購買他們的車輛。因此，雖然我們預計數量或餘額會下降，但隨著我們增加交付量並增加營業收入，激勵措施仍會增加。

Well, all else being equal, would it be fair to think that we'll see the reported receivables number on the balance sheet go down in the fourth quarter because of the credits being turned over?

那麼，在其他所有條件相同的情況下，我們是否可以公平地認為，由於信用額度被轉出，資產負債表上報告的應收帳款數字在第四季度會下降？

Yes. We can definitely anticipate that, that will happen in the fourth quarter. Our credit balances are expected to be reduced as well as our accounts receivable from our direct pay customers will also be reduced in the fourth quarter.

是的。我們可以肯定地預期，這將在第四季度發生。預計第四季我們的信用餘額將會減少，並且來自直接付款客戶的應收帳款也將減少。

Okay. Great. And then shifting over to the convertible that is now in the current liabilities side of the balance sheet. Can you talk through how that's going to play out in the coming quarters now that we have that moved from long term to short term?

好的。偉大的。然後轉移到現在位於資產負債表流動負債方的可轉換債券。既然我們已經從長期轉向短期，您能否談談未來幾季將如何發展？

Absolutely. The convertible note with Aljomaih has been an important source of capital for us and continue to help us meet the growing needs of the business and afford us working capital to fund inventory. The maturation of that note occurs in the third quarter of next year, which is why it's moved into our current liabilities.

絕對地。Aljomaih 的可轉換票據一直是我們的重要資金來源，並繼續幫助我們滿足不斷增長的業務需求，並為我們提供用於資助庫存的營運資金。該票據將於明年第三季到期，因此將其轉入我們的流動負債中。

As we continue to approach that maturity date, we've been in conversations to discuss what the intended plans for that convertible note facility is. We don't have any current news that we can share but we're very, very pleased with Aljomaih's support up until this point as they've continued to be a strong equity investor holding a significant position within the company as well as continuing to fund our ongoing capital needs through this convertible note, and we anticipate they'll continue to support us well beyond 2025.

隨著到期日的臨近，我們一直在討論可轉換票據工具的預期計劃。我們沒有任何可以分享的最新消息，但我們對 Aljomaih 迄今為止的支持非常非常滿意，因為他們一直是強大的股權投資者，在公司中佔有重要地位，並繼續透過這張可轉換票據為我們持續的資本需求提供資金，我們預計他們將在 2025 年以後繼續為我們提供支持。

So as we approach the maturity date, we think we'll have some solutions as to how to address that particular convertible note and hopefully continue to scale our access to capital beyond just that facility.

因此，隨著到期日的臨近，我們認為我們將有一些解決方案來解決特定的可轉換票據，並希望繼續擴大我們的資本獲取管道，而不僅僅是該設施。

Okay. And then my final question on this, and I'll step out the line is on the sale of energy credits that boosted the gross margin in the current -- or in the third quarter. Is there a chance that we would see some more activity on that front in the fourth quarter and beyond? I mean I'm kind of new to the name. Is that something that you've done in the past? Is that something that we would -- could count on seeing in future periods?

好的。我的最後一個問題是關於能源信用額的出售，它提高了本季或第三季的毛利率。我們是否有可能在第四季及以後看到更多這方面的活動？我的意思是我對這個名字還不太熟悉。這是你過去做過的事嗎？這是我們在未來能夠看到的事嗎？

Yes. This is the first time that we've actually transacted credits. So this is actually a bit of a new process for us. But -- it is a process that we've been closely monitoring and banking those credits over the past several years as we've delivered vehicles across the country.

是的。這是我們第一次實際進行信用交易。所以這對我們來說實際上是一個新的過程。但是——這是我們在過去幾年中密切監控和儲存這些信貸的過程，因為我們已在全國範圍內交付車輛。

We don't anticipate that there will be regularity to these credits every single quarter, but there will be periodic transactions like this one that will continue to improve margins and also be very cash accretive as they have no marginal cost to us when we transact these credits to other OEMs or other potential consumers. And it really depends on the credit type. They vary pretty significantly, but we do anticipate that this will happen more frequently in the future.

我們並不預期這些信用額度每季都會有規律，但會有像這樣的定期交易，這將繼續提高利潤率，同時也將大大增加現金，因為當我們將這些信用額度交易給其他 OEM 或其他潛在消費者時，它們對我們來說沒有邊際成本。這確實取決於信用類型。它們之間的差異相當大，但我們預計未來會更頻繁地發生。

And where are those? I mean, are -- do you have these things on your balance sheet? And what line item are they in? And kind of what -- I mean, could you kind of bird dog the value that you have sitting there?

它們在哪裡？我的意思是，你的資產負債表上有這些東西嗎？它們屬於哪一項？還有什麼——我的意思是，你能不能稍微估量一下你坐在那裡的價值？

Yes, they're not on our balance sheet. They are on our balance sheet and -- but they aren't fully accounted for in all of the value of all of the different credits. So right now, we anticipate that this small payment that we received in Q3, that's in our AR.

是的，它們不在我們的資產負債表上。它們在我們的資產負債表上——但它們並沒有完全計入所有不同信貸的總價值。因此現在，我們預計第三季收到的這筆小額付款已計入我們的應收帳款中。

But any of the future credits that we anticipate transacting are not on the balance sheet in a substantial form. And the reason for that is because of the uncertain value and the kind of nascent markets for a lot of these credits, it's very hard to place a valuation on them that can be clearly relied upon.

但我們預期交易的任何未來信貸都不會以實質形式出現在資產負債表上。原因在於，由於這些信貸的價值不確定，且市場尚處於新興階段，因此很難對其做出明確可靠的估值。

Interesting. And will your Q be out later today?

有趣的。您的 Q 會在今天晚些時候發布嗎？

It will actually be filed tomorrow morning.

它實際上將於明天早上提交。

This concludes our question-and-answer session, and the conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。