Lightning eMotors Inc (ZEV) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Lightning eMotors second quarter 2020 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Smith, Vice President of the Investor Relations. Please go ahead.

您好，歡迎參加 Lightning eMotors 2020 年第二季度財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係副總裁布萊恩·史密斯。請繼續。

Thank you, operator, and thank you for joining us. On the call today are Lightening's Co-Founder and CEO, Tim Reeser; Chief Revenue Officer, Kash Sethi; and CFO, David Agatston.

謝謝您，運營商，也感謝您加入我們。今天參加電話會議的是 Lightning 聯合創始人兼首席執行官 Tim Reeser；首席營收官 Kash Sethi；和首席財務官大衛·阿加斯頓。

Ahead of this call, Lightning issued our second quarter 2023 earnings press release and presentation deck, which we will reference today. These can be found on the Investor Relations section of our website at lightningemotors.com. On this call, management will be making statements based on current expectations and assumptions, which are subject to certain risks and uncertainties. Actual results could differ materially from these forward-looking statements due to risk factors that are listed in today's earnings release and in our filings with the SEC. We assume no duty to update any forward-looking statements except as required by law.

在這次電話會議之前，Lightning 發布了我們今天將參考的 2023 年第二季度收益新聞稿和演示文稿。這些可以在我們網站的投資者關係部分找到，網址為：lightingemotors.com。在本次電話會議上，管理層將根據當前的預期和假設發表聲明，這些聲明可能會受到某些風險和不確定性的影響。由於今天的收益報告和我們向美國證券交易委員會提交的文件中列出的風險因素，實際結果可能與這些前瞻性陳述存在重大差異。除法律要求外，我們不承擔更新任何前瞻性陳述的責任。

Today's presentation also includes non-GAAP financial measures. Please refer to the information contained today's earnings press release for definitional information and reconciliations of non-GAAP measures to the comparable GAAP measures.

今天的演示還包括非公認會計準則財務指標。請參閱今天的收益新聞稿中包含的信息，了解非公認會計準則衡量標準與可比公認會計準則衡量標準的定義信息和調節表。

And with that, let me turn it over to Tim.

接下來，讓我把它交給蒂姆。

Thank you, Brian, and thanks to everyone for joining us today. I'll start off on slide 4 with today's agenda. I will begin with the second quarter summary, followed by an overview of key products; an update of our Lightning eChassis development, supply chain progress; and conclude with an overview of the incentives landscape and the 2024 California Advanced Clean Fleets regulation. Kash will then provide an update on products, markets, and customer success; and David will wrap up with the financial summary.

謝謝你，布萊恩，也感謝大家今天加入我們。我將從第四張幻燈片開始介紹今天的議程。我將從第二季度總結開始，然後概述主要產品；我們的閃電電動底盤開發、供應鏈進展的最新情況；最後概述了激勵政策和 2024 年加州先進清潔車隊法規。然後，Kash 將提供有關產品、市場和客戶成功的最新信息；大衛將總結財務摘要。

Moving to slide 5, a summary of the quarter. First, Q2 was a strong quarter with the second highest quarterly revenue in our company's history. You'll recall that our prior two quarters were constrained by issues related to the recall of Romeo batteries. With that behind us, I'm pleased with the solid order book we have built for ZEV4 school bus and shuttle bus vehicles. We have sufficient inventory and the orders in hand to convert that inventory into cash during Q3 and Q4 and are maintaining the lower end of our 2023 revenue guidance. As we turn inventory into cash and reduce our outgoing cash outlays, we continue to explore all options and have been working with financial advisers to support a recapitalization and or sale of the business.

轉到幻燈片 5，該季度的摘要。首先，第二季度是一個強勁的季度，季度收入創公司歷史第二高。您會記得，我們的前兩個季度受到與羅密歐電池召回相關的問題的限制。有了這些，我對我們為 ZEV4 校車和班車車輛建立的可靠訂單感到滿意。我們有足夠的庫存和手頭訂單，可以在第三季度和第四季度將庫存轉換為現金，並維持 2023 年收入指導的下限。當我們將庫存變成現金並減少現金支出時，我們將繼續探索所有選擇，並一直與財務顧問合作，以支持資本重組和/或出售業務。

Moving to slide 6. I want to elaborate on our continued product development focus for 2023. Our near-term focus is on our ZEV4 vehicles, which include Class 4 school and shuttle buses, and Class 4 trucks, plus our mobile DC fast charger, while our longer-term focus is on the Lightning eChassis. We ramped production of our ZEV4 platform vehicles in Q2, and I'm pleased to say the customer response has been very positive, and customers are already responding with repeat orders.

轉到幻燈片 6。我想詳細說明我們 2023 年持續的產品開發重點。我們近期的重點是我們的 ZEV4 車輛，其中包括 4 級校車和班車、4 級卡車，以及我們的移動直流快速充電器，而我們的長期重點是Lightning eChassis。我們在第二季度提高了 ZEV4 平台車輛的產量，我很高興地說客戶的反應非常積極，並且客戶已經開始重複訂單。

In addition to ZEV4 ramp-up, we delivered our first customer units of the mobile DC fast charger in the quarter. The mobile fast chargers are one-of-a-kind product with an attractive sales price. We expect the sales pipeline to continue to grow as potential customers complete successful trials and demonstrations, and we expect these to result in multiunit purchases or leases. While the sales ramp may take time, Initial customer reaction is extremely positive and over a wide range of real-world use cases.

除了 ZEV4 的量產之外，我們還在本季度交付了第一批移動直流快速充電器的客戶單位。移動快速充電器是一款獨一無二的產品，銷售價格極具吸引力。我們預計，隨著潛在客戶成功完成試驗和演示，銷售渠道將繼續增長，並且我們預計這些將導致多單元購買或租賃。雖然銷售增長可能需要時間，但最初的客戶反應非常積極，並且涉及廣泛的實際用例。

Turning to slide 7. The development of our Lightning eChassis is progressing well with prototype development and testing as scheduled later this year. We expect to have two Chassis initially, one for Class 3 and one for Class 4, which share many common components. They both will provide improved range and payload versus our current ZEV3 and ZEV4 vehicles. Lightning's currently ZEV3 passenger van is the only electric passenger van in the market in North America today for Class 2 or 3, and we expect our new ZEV3 eChassis will allow us to continue our leadership in the medium duty passenger van segment.

轉向幻燈片 7。我們的 Lightning eChassis 的開發進展順利，原型開發和測試按計劃於今年晚些時候進行。我們預計最初​​有兩個機箱，一個用於 3 類，一個用於 4 類，它們共享許多通用組件。與我們當前的 ZEV3 和 ZEV4 車輛相比，它們都將提供更好的續航里程和有效載荷。 Lightning 目前的 ZEV3 乘用車是當今北美市場上唯一一款 2 級或 3 級電動乘用車，我們預計我們的新型 ZEV3 電動底盤將使我們能夠繼續在中型乘用車領域保持領先地位。

Our news ZEV4 cutaway chassis eChassis will support multiple vehicle applications such as buses, trucks, and ambulances, and come with a modern single or dual cam, with safety features not available today on current medium-duty cutaway platforms. We continue to stay true to our capital-light model and are collaborating closely with a chassis partner who already has the manufacturing capability to support our requirements.

我們的新 ZEV4 剖面底盤 eChassis 將支持多種車輛應用，例如公共汽車、卡車和救護車，並配備現代單凸輪或雙凸輪，具有目前中型剖面平台所不具備的安全功能。我們繼續堅持我們的輕資本模式，並與已經具備滿足我們要求的製造能力的底盤合作夥伴密切合作。

Moving to slide 8, let's discuss the supply chain landscape. I'm certain that I am as tired of talking about supply chain as our investors are in hearing about it. But there's no sign that the EV supply chain continues to be dynamic and still in a very early state relative to the traditional automotive supply chain. On the chassis side, supply has improved materially, and we have sufficient supply to meet our revenue guidance. But inconsistent lead-times and timing of deliveries can still impact quarterly revenue and result in temporary inventory spikes like we saw in Q2. The GM chassis is preferred by most Type A school bus OEMs, and we are currently the only EV manufacturer with an electrified solution on this platform.

轉到幻燈片 8，讓我們討論一下供應鍊格局。我確信我已經厭倦了談論供應鏈，就像我們的投資者已經厭倦了談論它一樣。但沒有跡象表明電動汽車供應鏈繼續保持活力，並且相對於傳統汽車供應鏈仍處於非常早期的狀態。在底盤方面，供應已大幅改善，我們有足夠的供應來滿足我們的收入指導。但交貨時間和交貨時間不一致仍會影響季度收入，並導致庫存暫時激增，就像我們在第二季度看到的那樣。通用汽車底盤是大多數 A 型校車 OEM 廠商的首選，我們是目前唯一一家在此平台上提供電動化解決方案的電動汽車製造商。

On the battery front, we have sufficient quantities of high-quality batteries from Proterra and CATL to meet our Q3 and Q4 build plans. The dynamics of the battery supplier landscape over the last few years led us to adopt a multi-source strategy and that will serve us well, given the most recent news from Proterra.

在電池方面，我們有足夠數量的 Proterra 和 CATL 的優質電池來滿足我們第三季度和第四季度的建設計劃。過去幾年電池供應商格局的動態促使我們採取多源戰略，鑑於 Proterra 的最新消息，這對我們很有幫助。

We are in discussions with Proterra and expect to be able to purchase batteries from them as needed for 2024. As we look to the future, we are engaged with all major battery suppliers and technologies to identify other lower-cost, high-quality battery solutions. Beyond chassis and batteries, we continue to work to diversify our supply chain and find higher quality components from reputable suppliers. We are managing through such transitions for components, including motors, vehicle upfits, and power steering pumps.

我們正在與 Proterra 進行討論，並期望能夠根據 2024 年的需要從他們那裡購買電池。展望未來，我們正在與所有主要電池供應商和技術合作，以確定其他成本更低、高質量的電池解決方案。除了底盤和電池之外，我們繼續努力實現供應鏈多元化，並從信譽良好的供應商那裡尋找更高質量的組件。我們正在管理組件的此類轉變，包括電機、車輛配件和動力轉向泵。

Turning to slide 9. This chart shows our new US and Canadian incentive programs, purposefully aligned with our current product offerings. And our customers have been using these incentives to help fund a portion of the purchase price of our vehicles. We are beginning to see increased order activity as we help customers navigate the application process and obtain needed approvals. These new incentives and the associated cumbersome application and award process have elongated the sales cycle due to lack of definition and extended award timing. But we are now seeing some steady flow and expect the pipeline and backlog to continue to accelerate as customers become more familiar with the incentive processes.

轉向幻燈片 9。此圖表顯示了我們新的美國和加拿大激勵計劃，專門與我們當前的產品組合保持一致。我們的客戶一直在利用這些激勵措施來幫助支付我們車輛購買價格的一部分。隨著我們幫助客戶瀏覽申請流程並獲得所需的批准，我們開始看到訂單活動有所增加。由於缺乏定義和延長的獎勵時間，這些新的激勵措施以及相關的繁瑣的申請和獎勵流程延長了銷售週期。但我們現在看到了一些穩定的流量，並預計隨著客戶對激勵流程的更加熟悉，管道和積壓訂單將繼續加速。

Turning to slide 10. I want to highlight that incentives are not the only demand driver. States are also implementing mandates to further drive adoption. The most imminent and impactful new mandate is the Advanced Clean Fleets regulation that California Air Resource Board approved in April 2023. The regulation requires a phased-in transition for California fleets towards zero-emission, medium and heavy-duty vehicles starting in 2024. The adopted rule is meant to enforce a large-scale transition to zero-emission medium and heavy-duty vehicles in California.

轉向幻燈片 10。我想強調的是，激勵措施並不是唯一的需求驅動因素。各國還在執行任務以進一步推動採用。最迫在眉睫、最具影響力的新規定是加州空氣資源委員會於 2023 年 4 月批准的《高級清潔車隊法規》。該法規要求加州車隊從 2024 年開始分階段轉向零排放、中型和重型車輛。通過的規則旨在強制加州大規模向零排放中型和重型車輛過渡。

Starting this January, commercial fleets of 50 more trucks as well as federal government agency fleets of vehicles in California will be required to add zero-emission vehicles to their fleets. And from 2024 to 2026, 50% of state and local government purchases must also be zero-emission vehicle or near zero-emission vehicles. As of the 2021 census, there were over 55,000 Class 4 to 6 vehicles in California with five-to-seven-year replacement cycles that will be immediately impacted by this regulation. In addition, there are 14 other states who are adopting or considering adopting similar mandates.

從今年 1 月開始，加利福尼亞州由 50 輛以上卡車組成的商業車隊以及聯邦政府機構車隊將被要求在其車隊中增加零排放車輛。從2024年到2026年，州和地方政府採購的50%也必須是零排放車輛或接近零排放車輛。截至 2021 年人口普查，加州有超過 55,000 輛 4 至 6 級車輛，更換週期為 5 至 7 年，將立即受到該法規的影響。此外，還有其他 14 個州正在採用或考慮採用類似的授權。

And now I'll turn it to Kash to provide an update on products, markets, and customer success.

現在我將請 Kash 提供有關產品、市場和客戶成功的最新信息。

Thank you, Tim. I'll begin on slide 12 with an update on our Class 4 EVs. Earlier this year, we launched our next generation ZEV4, a flexible platform that allows us to build a variety of commercial vehicles like school buses, public transit shuttle buses, and various kinds of delivery trucks and work trucks. The strategy of leveraging the industry's existing bus and truck upfitter network is working, and we continue to explore partnerships with additional vehicle builders. As Tim mentioned, we successfully ramped up ZEV4 production in Q2, and customer feedback has been positive so far.

謝謝你，蒂姆。我將從幻燈片 12 開始介紹我們的 4 級電動汽車的最新情況。今年早些時候，我們推出了下一代 ZEV4，這是一個靈活的平台，使我們能夠製造各種商用車輛，如校車、公共交通穿梭巴士以及各種送貨卡車和工作卡車。利用行業現有巴士和卡車改裝網絡的戰略正在發揮作用，我們將繼續探索與其他車輛製造商的合作夥伴關係。正如 Tim 提到的，我們在第二季度成功提高了 ZEV4 的產量，迄今為止客戶的反饋非常積極。

Moving on to slide 13 for an update on our second-generation Lightning mobile DC fast charger. I'm pleased to report that we have delivered the first customer units in Q2. Additionally, we showcased the product at the Dallas Fort Worth Airport, where we provided mobile charging to airport staff and customers in a variety of airport locations. We developed this product based on over two years of testing and customer feedback on our first-generation Lightning mobile. It is designed to support up to 420 kilowatt hours of energy and can fast charge over five vehicles -- up to five vehicles at a time.

轉到幻燈片 13，了解我們的第二代 Lightning 移動直流快速充電器的更新。我很高興地報告，我們已在第二季度交付了第一批客戶單位。此外，我們還在達拉斯沃斯堡機場展示了該產品，為多個機場地點的機場工作人員和客戶提供移動充電服務。我們根據兩年多的測試和客戶對第一代 Lightning 手機的反饋開發了該產品。它的設計支持高達 420 千瓦時的能源，可以為五輛以上車輛快速充電——一次最多五輛車。

The impressive array of use cases range from fleet managers leading short to medium term charging solutions as they wait for the long-term solutions to be upgraded; to event planners who want to provide passenger car charging at concerts, sporting events, and music festivals; to truck companies who would use that to rescue EVs that may have been stranded after running out of juice. We look forward to sharing more updates on this exciting product in the near future.

一系列令人印象深刻的用例包括車隊經理在等待長期解決方案升級時領導短期到中期充電解決方案；想要在音樂會、體育賽事和音樂節上提供客車充電服務的活動策劃者；卡車公司可以利用它來救援可能因電量耗盡而擱淺的電動汽車。我們期待在不久的將來分享這款令人興奮的產品的更多更新。

Turning to slide 14, we summarize here, our current lineup of products that are driving our business this year: zero-emission cargo Vans, delivery and work trucks, passenger vans, shuttle buses, school buses, and the Lightning mobile DC fast charger. These are real products on the road with customers today, and we continue to receive repeat orders from an expanding customer base. We will continue exploring new products and new vehicle partnerships that have strong growth potential in 2024 and beyond.

轉向幻燈片 14，我們在這裡總結了今年推動我們業務發展的當前產品陣容：零排放貨車、送貨和工作卡車、客車、班車、校車和閃電移動直流快速充電器。這些都是當今客戶在路上的真實產品，並且我們不斷收到來自不斷擴大的客戶群的重複訂單。我們將繼續探索 2024 年及以後具有強勁增長潛力的新產品和新車輛合作夥伴關係。

Moving to slide 15 for an update on the large order we previously announced for Macnab EV sales. This contract includes our 126 zero-emission vehicles, a mix of ZEV3 and ZEV4 cargo vans, passenger vans, and shuttle buses. Initial deliveries occurred in Q2, and we expect to deliver the balance of the order across Q3 and Q4.

請轉到幻燈片 15，了解我們之前宣布的 Macnab EV 銷售大訂單的最新情況。該合同包括我們的 126 輛零排放車輛、ZEV3 和 ZEV4 貨車、客車和班車。首次交付發生在第二季度，我們預計在第三季度和第四季度交付訂單的餘額。

Turning to slide 16, I want to highlight the success of our ZEV4 school bus product so far. We're building this in partnership with Collins, our REV Group company. Collins has over 50 years of experience building school buses, with tens of thousands of buses on the road today. We're able to leverage not only their bus manufacturing expertise, but also their nationwide network of school bus dealers who make for a great sales and service partner. Nearly 40 electric school buses have been deployed this year, and we have a significant number of confirmed orders for additional buses to be built in Q3 and Q4.

轉向幻燈片 16，我想強調一下我們的 ZEV4 校車產品迄今為止所取得的成功。我們正在與我們的 REV 集團公司 Collins 合作開發此產品。柯林斯擁有 50 多年製造校車的經驗，目前有數万輛校車在路上行駛。我們不僅能夠利用他們的客車製造專業知識，還能夠利用他們遍布全國的校車經銷商網絡，這些經銷商是一個出色的銷售和服務合作夥伴。今年已部署近 40 輛電動校車，並且我們已確認大量訂單將在第三季度和第四季度建造額外的校車。

Moving on to slide 17, let's look at some numbers from the field. We have now deployed over 600 zero-emission commercial vehicles that have accumulated an impressive 4.9 million miles on the road, a number growing rapidly every week. This includes over 10 unique vehicle types, demonstrating the variety of market verticals our core AV technology can be commercialized in. With real products and customer success stories, we are positioned nicely in the marketplace where many of our competitors are still in the prototype development and testing phase, years behind us on real-world experience.

繼續看幻燈片 17，讓我們看一下現場的一些數字。目前，我們已部署了 600 多輛零排放商用車，累計行駛里程達到 490 萬英里，這一數字每週都在快速增長。其中包括10 多種獨特的車輛類型，展示了我們的核心AV 技術可以商業化的各種垂直市場。憑藉真實的產品和客戶成功案例，我們在許多競爭對手仍處於原型開發階段的市場中處於有利地位，測試階段，實際經驗比我們落後很多年。

And with that, I will turn it over to David to provide an update on Lightning's financial results and outlook.

接下來，我將把它交給 David，以提供有關閃電網絡財務業績和前景的最新信息。

Thank you, Kash. I will now provide some commentary on our second quarter results, followed by our 2023 outlook too. Beginning on slide 19. For the second quarter, we generated GAAP revenue of $7.9 million, our second highest revenue quarter ever, driven by the initial success of our recently launched ZEV4 school bus product and continued sales of our ZEV3 inventory.

謝謝你，卡什。我現在將對我們第二季度的業績發表一些評論，然後是我們的 2023 年展望。從幻燈片19 開始。第二季度的GAAP 收入為790 萬美元，這是我們有史以來第二高收入的季度，這得益於我們最近推出的ZEV4 校車產品的初步成功以及我們的ZEV3 庫存的持續銷售。

On an adjusted basis, our revenue was $8.2 million on sales of 70 units. The difference between adjusted and GAAP revenue is the pro rata charge we took for buying back some vehicles with Romeo batteries, the impact of which we recorded mostly in Q1. In the quarter, Lightning produced 46 units, including vehicles, powertrains, and mobile DC fast chargers. The adjusted EBITDA loss for the first quarter was $17.1 million compared to a $13.9 million loss in the prior year period. The changes primarily related to a larger gross loss and higher cost of revenues. A reconciliation of net income to the adjusted EBITDA loss can be found on slide 23, and the revenue reconciliation can be found on slide 24.

調整後，我們銷售 70 台，收入為 820 萬美元。調整後收入和 GAAP 收入之間的差異是我們按比例回購一些配備 Romeo 電池的車輛所收取的費用，我們主要在第一季度記錄了其影響。該季度，Lightning 生產了 46 台產品，包括車輛、動力總成和移動直流快速充電器。第一季度調整後 EBITDA 虧損為 1,710 萬美元，而上年同期虧損為 1,390 萬美元。這些變化主要與更大的毛損失和更高的收入成本有關。淨利潤與調整後 EBITDA 損失的調節表可在幻燈片 23 中找到，收入調節表可在幻燈片 24 中找到。

Turning to slide 20. Lightning ended the second quarter with $12.6 million in cash and cash equivalents. We believe that this cash, plus the Yorkville facility, and the cash we will collect from the sales of our existing inventory is sufficient to fund our operations in the near future. We have seen a material uptick in cash inflow recently as we collect on the revenue -- booked in Q2 and early Q3, and recently received material cash proceeds from a legal settlement.

轉向幻燈片 20。Lightning 在第二季度結束時擁有 1260 萬美元的現金和現金等價物。我們相信，這筆現金，加上約克維爾設施，以及我們從現有庫存銷售中收取的現金，足以為我們在不久的將來的運營提供資金。最近，我們看到現金流入大幅增加，因為我們收取了第二季度和第三季度初的收入，並且最近從法律和解中獲得了大量現金收益。

We obviously know that we still need to secure additional funding, and we are actively exploring all avenues to raise the capital needed to support operations. Net inventory at the end of the first quarter was $57 million, up from the last -- up from last quarter on chassis purchases required to meet our second half '23 order demand. We expect to draw down our inventory over the course of the next several quarters, which will help improve our cash flow. The deal with Macnab that Kash highlighted will be fulfilled exclusively with inventory on hand and therefore, provide material cash into the business.

我們顯然知道我們仍然需要獲得額外的資金，並且我們正在積極探索所有途徑來籌集支持運營所需的資金。第一季度末的淨庫存為 5,700 萬美元，高於上季度，這是為了滿足 23 年下半年訂單需求所需的底盤採購。我們預計在接下來的幾個季度中減少庫存，這將有助於改善我們的現金流。卡什強調，與 Macnab 的交易將完全利用現有庫存來完成，因此將為業務提供大量現金。

As with any growing company, inventory and accounts receivable have been cash streams for us over the past couple of years, but in the upcoming quarters, we expect that trend to reverse. As noted on the Q1 earnings call, we took actions in early Q2 to reduce our expenses. While those steps have had the intended impact, we continue to identify further opportunities to reduce the expenditures and conserve cash.

與任何成長型公司一樣，庫存和應收賬款在過去幾年中一直是我們的現金流，但在接下來的幾個季度，我們預計這種趨勢將會逆轉。正如第一季度財報電話會議所指出的，我們在第二季度初採取了減少開支的行動。雖然這些步驟產生了預期的影響，但我們仍在繼續尋找進一步的機會來減少支出和節省現金。

Turning to slide 21. We have been upfront about our need to raise additional capital to fund operations. We are pleased that despite the extremely challenging market conditions, we have options. We have the existing equity line of credit with Lincoln Park and a prepaid advance agreement with Yorkville. However, our ability to raise funds through these instruments can be constrained by our current market capitalization and daily trading volumes.

轉向幻燈片 21。我們一直坦率地表示需要籌集額外資金來資助運營。我們很高興，儘管市場條件極具挑戰性，但我們仍有選擇。我們與林肯公園擁有現有的股權信貸額度，並與約克維爾簽訂了預付預付款協議。然而，我們通過這些工具籌集資金的能力可能會受到我們當前市值和每日交易量的限制。

In addition, in order to further leverage the Yorkville PPA, we require a successful outcome from the shareholder vote on August 24. The vote is successful, we expect to begin drawing on the PP again -- PPA again immediately to bring additional cash into the business. As a reminder, we still have approximately $47 million less than the original commitment with Yorkville.

此外，為了進一步利用約克維爾 PPA，我們需要 8 月 24 日的股東投票取得成功結果。投票成功後，我們預計將立即再次開始動用 PP——PPA，為公司帶來額外的現金。商業。提醒一下，我們仍然比約克維爾最初的承諾少了大約 4700 萬美元。

Furthermore, we have been actively working with advisers, including an investment bank to approach parties interested in helping us scale the business via additional financing, recapitalization, and or strategic partnerships, and also to explore the sale of the company. We're considering all structural and strategic options available to us to maximize liquidity and returns to stakeholders and hope to have a positive outcome from this process by year-end.

此外，我們一直在積極與包括一家投資銀行在內的顧問合作，接觸有興趣通過額外融資、資本重組和/或戰略合作夥伴關係幫助我們擴大業務的各方，並探索出售公司的可能性。我們正在考慮所有可用的結構和戰略選擇，以最大限度地提高流動性和利益相關者的回報，並希望在年底前從這一過程中取得積極成果。

Turning to slide 22, our outlook for the year. Based on current business conditions, we expect for 2023 revenue to be in the range of $35 million to $45 million. Vehicle and powertrain system sales to be in the range of 300 to 350 units; vehicle and powertrain production to be in the range of 200 to 230 units. We have reduced the top end of our annual revenue guidance from $50 million to $45 million, and also lowered the top end of the unit sale range. Accordingly, we reduced the top end of the revenue and unit sales to reflect the change made to conserve cash.

轉向幻燈片 22，我們對今年的展望。根據目前的業務狀況，我們預計 2023 年收入將在 3500 萬美元至 4500 萬美元之間。整車及動力總成系統銷量在300至350輛之間；車輛和動力總成產量將在 200 至 230 輛之間。我們已將年收入指導上限從 5000 萬美元降低至 4500 萬美元，並降低了單位銷售範圍的上限。因此，我們減少了收入和銷量的上限，以反映為節省現金而做出的改變。

We are now only purchasing inventory if needed for firm orders. While we likely would receive additional firm orders during the second half of this year, that could have allowed us to hit the original top end of guidance, we may not be able to obtain the inventory needed to complete those built-in time to book revenue in 2023. We also lowered the unit production range to reflect both the change to a built to order model, and because we still have a material amount of finished goods inventory available to sell to meet our revenue guide.

我們現在僅在確定訂單需要時才購買庫存。雖然我們可能會在今年下半年收到額外的確定訂單，這可能使我們能夠達到最初的指導上限，但我們可能無法獲得完成預定收入的內置時間所需的庫存2023 年。我們還降低了單位生產範圍，以反映對訂單生產模式的變化，並且因為我們仍然有大量成品庫存可供銷售以滿足我們的收入指導。

Now, I will turn it back over to Tim for closing remarks.

現在，我將把它轉回給蒂姆做總結髮言。

Thank you, David. I remain optimistic about the outlook for Lightning eMotors, as we continue to execute our strategic and operating plans. Our team has managed through more challenges than I care to list over the past two years. As we make progress on our new platforms as the government incentives and mandates gain further traction and as customer adoption grows, I see a bright future for commercial electric vehicles and for Lightning eMotors.

謝謝你，大衛。我對 Lightning eMotors 的前景保持樂觀，因為我們將繼續執行我們的戰略和運營計劃。在過去的兩年裡，我們的團隊克服了比我願意列出的更多的挑戰。隨著政府激勵措施和指令的進一步推動以及客戶採用率的增長，我們在新平台上取得了進展，我看到了商用電動汽車和 Lightning eMotors 的光明未來。

I would like to finish by thanking all of our customers for their confidence in Lightning, our partners for their contributions to our company's progress, and our shareholders for their support. I especially want to thank our employees who are executing at a high level through a challenging operating environment.

最後，我要感謝我們所有的客戶對閃電網絡的信任，感謝我們的合作夥伴對我們公司進步的貢獻，感謝我們的股東的支持。我特別要感謝我們的員工，他們在充滿挑戰的運營環境中表現出色。

And with that, thank you, everyone. I appreciate your time today. Operator, we are now ready to open the line for questions.

在此，謝謝大家。我很感謝您今天的時間。接線員，我們現在準備開通提問線路。

(Operator Instructions)

（操作員說明）

Colin Rusch, Oppenheimer.

科林·魯施，奧本海默。

Hey, guys. Thanks so much for having me on. So can you talk a little bit about the mix of vehicle types that you're seeing, as you've gone through this year and look at kind of where the sweet spot is on incentives and where there's real demand and sell through, what can you say about the vehicle types that you guys have in the backlog at this point?

大家好。非常感謝您邀請我參加。那麼，您能談談您今年所看到的車輛類型組合嗎？看看激勵措施的最佳點在哪裡，哪裡有真正的需求和銷售，什麼可以你說一下你們目前積壓的車輛類型嗎？

Thank you, Collin. Great to hear from you again. I think one of the reasons we've spent a lot of time focusing on Class 4, well, there's two reasons. One of them is the incentives landscape with both IRA and FPA and EPA, all combining together for that Class 4 product. The other thing is our Class 4 product is quite utilitarian in the sense that it can be a school bus, it can be a shuttle bus, and it can be a work truck. So it's a unique product in that sense. And so that is certainly where we see demand, and we've talked a lot about school buses picking up, but also shuttle buses and work trucks in those areas.

謝謝你，科林。很高興再次收到你的來信。我認為我們花大量時間專注於 4 級的原因之一，有兩個原因。其中之一是 IRA、FPA 和 EPA 的激勵措施，所有這些都結合在一起形成了 4 類產品。另一件事是我們的4級產品非常實用，它可以是校車，可以是班車，也可以是工作卡車。所以從這個意義上來說，它是一個獨特的產品。因此，這肯定是我們看到需求的地方，我們已經談論了很多關於校車的增加，以及這些地區的班車和工作卡車的增加。

We continue to see good demand on our ZEV3 product as well. And said the -- a lot in the passenger space is, as I said, we're the only people who have a Class 3 passenger van available today as an electric vehicle. So we have some unique part. So not only do we see the demand in places where very clearly, there are incentives and now mandates, as I mentioned, but also where we don't have a lot of competition. So on both those areas, we don't have much competition in many of the applications and use cases we have, and that's where we see the scaling and the demand happening.

我們繼續看到對我們的 ZEV3 產品的良好需求。正如我所說，在乘客空間中，我們是唯一擁有 3 級客貨車作為電動汽車的人。所以我們有一些獨特的部分。因此，正如我提到的，我們不僅在有激勵措施和強制要求的地方看到了需求，而且在沒有太多競爭的地方也看到了需求。因此，在這兩個領域，我們擁有的許多應用程序和用例都沒有太多競爭，這就是我們看到擴展和需求發生的地方。

Perfect. And then there's been some changes in the battery landscape. Can you talk a little bit about the supply chain, and how you're navigating that? Obviously, there's a lot of puts and takes around that, but just want to understand some of the resilience in your own supplier base.

完美的。然後電池領域發生了一些變化。您能談談供應鏈以及您是如何應對的嗎？顯然，對此有很多調整和調整，但只是想了解您自己的供應商基礎的一些彈性。

Yeah. We decided after lots of challenges, five years ago, that we have to have a dual source plan. And so since that -- really early on, we've maintained multiple battery sources for, and frankly, have had lots of challenges with those sources along the way with different battery suppliers struggling to deliver, struggling with quality, different battery suppliers struggling with availability, some going out of business.

是的。五年前，在經歷了許多挑戰之後，我們決定必須制定雙源計劃。因此，從那時起，我們很早就維護了多種電池來源，坦率地說，這些來源一路上遇到了很多挑戰，不同的電池供應商在交付、質量方面苦苦掙扎，不同的電池供應商在交付和質量方面苦苦掙扎。可用性，一些停業。

So that landscape is obviously not evolving in a positive way at this point, I think it still remains challenging. And so our goal has been to be multi sourced in the battery space. And so as you've seen today, we have both CATL and Proterra batteries in inventory in stock. We're able to make many different of our variance of products with different batteries. And our commitment remains stronger than ever that continue that multisource strategy.

因此，目前情況顯然沒有以積極的方式發展，我認為它仍然具有挑戰性。因此，我們的目標是在電池領域實現多源供應。正如您今天所看到的，我們有 CATL 和 Proterra 電池的庫存。我們能夠使用不同的電池生產多種不同的產品。我們的承諾比以往任何時候都更加堅定，繼續實施多源戰略。

So we do -- I think on the other side of multi-source, we've maintained a lot of inventory and obviously, that's been a tough drain on cash. But it's paying off at this point in the sense that we have inventory to build these next two quarters, and that's been huge as well. So we -- it's an area where we think our experience is paying off in the sense that we understood the value multi-source and have executed on that. And the money we spent and the investments we've made, both from a technology standpoint and an inventory are paying off too. So we do -- we feel good about it, but certainly, we know we have to remain vigilant and we're going to have to continue to have multi-source options to succeed.

所以我們確實這樣做了——我認為在多來源的另一方面，我們維持了大量庫存，顯然，這對現金來說是一個巨大的消耗。但目前它正在得到回報，因為我們有庫存來建造接下來的兩個季度，而且庫存也很大。因此，我們認為，在這個領域，我們的經驗正在獲得回報，因為我們了解多源的價值並已執行這一點。從技術和庫存的角度來看，我們花的錢和所做的投資也得到了回報。所以我們確實這樣做了——我們對此感覺良好，但當然，我們知道我們必須保持警惕，並且我們將必須繼續擁有多源選擇才能取得成功。

Perfect. And then one last one from me. You went through a fairly robust and thorough design out of cost on your manufacturing, and you've -- and separate from that, you have invested in the chassis production. Can we just get an update on how all of that flowing through in terms of your cost structure, and how we should think about some of that evolving over the next two or three quarters?

完美的。然後是我的最後一張。您在製造成本方面進行了相當穩健和徹底的設計，並且除此之外，您還投資了底盤生產。我們能否了解所有這些在您的成本結構方面如何流動的最新信息，以及我們應該如何考慮未來兩三個季度的一些變化？

Yeah. I think there's two parts to what evolves. One of them are we selling through inventory that was made in the past, so it may not have taken advantage of some of those cost reductions. And the second one, of course, is where the volume ends up. So we are benefiting, as you look forward and look at our guidance, from significant improvements in volumes, which significantly improves how we allocated the allocation cost per vehicle of overhead and fixed assets. So that's one of the cases that the volume is improving.

是的。我認為演變有兩個部分。其中之一是我們通過過去製造的庫存進行銷售，因此它可能沒有利用其中一些成本降低的優勢。當然，第二個是音量結束的地方。因此，當您展望並查看我們的指導時，我們將從數量的顯著改善中受益，這顯著改善了我們分配每輛車的間接費用和固定資產分配成本的方式。這是成交量正在改善的情況之一。

And then as you point out, we've reduced, for example, labor cost per vehicle has gone down and continues to go down and especially, when you're building in the case of ZEV4, we're still within the first 100 units, there's a tremendous amount of optimization and learning that goes on in those first 100 units in terms of making it more efficiently. So that's going very well as well. So we do continue to see and are very optimistic about where we see the costs going, and we can see it first hand. But the other thing is we're seeing the volumes improve firsthand. So we really want both of those to occur in order to really see the efficiencies and ultimately hit positive gross margin.

然後，正如您所指出的，我們已經降低了，例如，每輛車的勞動力成本已經下降並繼續下降，特別是，當您建造 ZEV4 時，我們仍然在前 100 輛單位之內，在前100 個單元中進行了大量的優化和學習，以提高效率。所以這也進展順利。因此，我們確實會繼續觀察成本的走向，並且對此非常樂觀，我們可以親眼目睹。但另一件事是我們親眼目睹了銷量的改善。因此，我們真的希望這兩者都能發生，以便真正看到效率並最終實現正毛利率。

Did I miss anything, David?

我錯過了什麼嗎，大衛？

Just the cost-downs from batteries over time. Yes, it will be another big one.

只是隨著時間的推移電池的成本下降。是的，這將是另一件大事。

And motors.

還有電機。

So we've got both batteries and batteries and motors are coming down in cost significantly to over the next couple of years.

因此，我們的電池以及電池和電機的成本在未來幾年內都會大幅下降。

Perfect. Thanks so much, guys.

完美的。非常感謝，伙計們。

Thank you, Colin.

謝謝你，科林。

Sherif El-Sabbahy, Bank of America.

美國銀行謝里夫·埃爾-薩巴希。

Hi, good afternoon. So I understand you have batteries on hand, and we've discussed the issue with battery supplier. But just concerning customers, are they expressing any concerns about taking products with a supplier that's currently under Chapter 11, issues with warranties, or so forth? Are they looking to it change out maybe what products are looking out based on the battery supplier front?

嗨，下午好。據我所知，您手頭有電池，我們已經與電池供應商討論了這個問題。但僅就客戶而言，他們是否對向當前符合第 11 章規定的供應商購買產品、保修問題等表示擔憂？他們是否希望根據電池供應商的情況改變哪些產品？

Hey, Sheriff, this is Kash. So yeah, we're certainly getting questions from customers, existing customers and dealer partners on what happen, what does it mean, what are our options? And I think as Tim alluded to us, having a multi-source battery strategy really comes in handy here now, just so we have more options based on how the next three to six months plays out with that one specific company. So it is a conversation with customers.

嘿，警長，這是卡什。所以，是的，我們肯定會收到來自客戶、現有客戶和經銷商合作夥伴的問題，詢問發生了什麼，這意味著什麼，我們的選擇是什麼？我認為，正如蒂姆向我們提到的那樣，多源電池策略現在確實派上用場，這樣我們就可以根據未來三到六個月與該特定公司的情況有更多選擇。所以這是與客戶的對話。

We are still building products with the battery. We're going to be building more products with that battery. And so far, it hasn't resulted in any canceled deals or lost orders. But certainly, the industry and us, we're keeping an eye on how that situation evolves. It might have an impact in the future. But I think because we will be able to come to the plate with another battery option available that can go into production right away, not in two years, I'm assuming the impact will be minimal for us versus another OEM where the only battery they had, that it was that specific battery where there's a bit of a risk now.

我們仍在用電池製造產品。我們將用該電池製造更多產品。到目前為止，尚未導致任何交易取消或訂單丟失。但當然，整個行業和我們都在密切關注這種情況的發展。可能會對未來產生影響。但我認為，因為我們將能夠提供另一種電池選項，可以立即投入生產，而不是在兩年內，所以我認為與另一家 OEM 相比，我們的影響將是最小的，他們唯一的電池是確實，現在有一點風險的是那個特定的電池。

And just to follow up on that. With the CATL batteries, are those designed into each of your products and exchangeable versus a Proterra battery? Or is there any redesign work needed to use the CATL on any particular models?

只是為了跟進。對於 CATL 電池，這些電池是否設計到您的每款產品中並且可以與 Proterra 電池互換？或者是否需要進行任何重新設計工作才能在任何特定型號上使用CATL？

We've been in process of designing these CATL and some models are native, for example, our mobile battery, MBVC product as CATL native. So we don't have to change anything there. Some products are native, and so the backup plan is either already in place or in process. In the case of ZEV4, the backup to CATL has been in process for quite some time. So that's why Kash is saying we can pivot fairly quickly, because it was always already underway, meaning we already have inventory of the product, we already have -- of these specific batteries, we already have used the batteries in other applications, so we know software well, we know the integration well, et cetera. So it is something that we're able to pivot very quickly.

我們一直在設計這些寧德時代，有些模型是寧德時代原生的，比如我們的手機電池、MBVC產品就是寧德時代原生的。所以我們不需要改變任何東西。有些產品是本地產品，因此備份計劃要么已經到位，要么正在進行中。就 ZEV4 而言，CATL 的備份已經進行了相當長的一段時間。這就是為什麼卡什說我們可以相當快地轉向，因為它總是已經在進行中，這意味著我們已經有了產品庫存，我們已經有了這些特定電池，我們已經在其他應用中使用了這些電池，所以我們我們非常了解軟件，我們非常了解集成，等等。所以我們能夠非常快速地轉變這一點。

Understood. And just lastly, with the volumes -- unit volumes picking up in the second half, should we expect to see gross margin inflect positively?

明白了。最後，隨著下半年單位銷量的增加，我們是否應該預期毛利率會出現積極變化？

We wouldn't expect to get to positive gross margin this year. We think could be first half of next year, but we would certainly expect to see gross margin improve as we migrate more towards the ZEV4, which is higher ASPs and a slightly better gross margin than we have on our ZEV3s.

我們預計今年不會實現正毛利率。我們認為可能是明年上半年，但隨著我們更多地轉向ZEV4，我們肯定會看到毛利率有所改善，與我們的ZEV3 相比，ZEV4 的平均售價更高，毛利率也稍好一些。

Thank you.

謝謝。

Michael Ward, The Benchmark Company.

邁克爾·沃德，基準公司。

Thanks. Good afternoon, everyone. First off on page 10. With these new California regulations, is -- do the regulations apply to just companies or fleets registered in California or anyone doing business in California?

謝謝。大家下午好。首先在第 10 頁。根據這些新的加州法規，這些法規是否僅適用於在加州註冊的公司或車隊或在加州開展業務的任何人？

Hey, Mike, this is Kash. Anybody operating and needs the vehicle registered in California. So top --

嘿，邁克，這是卡什。任何人經營並需要在加利福尼亞州註冊的車輛。那麼頂——

Okay. And does that --

好的。那是不是——

(multiple speakers) could be somewhere else.

（多個發言者）可能在其他地方。

Okay. So that fleet of about 370,000 units, does that include the other 14 states that are going to adhere to those regulations? And if not, do you have any idea of the size that could add?

好的。那麼，這支約 370,000 輛汽車的車隊是否包括將遵守這些規定的其他 14 個州？如果沒有，您知道可以增加的尺寸嗎？

No, that number is only for California. I don't have a good estimate at the top of my head. I mean, it could be -- all 14 could be combined to be something similar, but I don't know for sure, Mike.

不，這個數字僅適用於加利福尼亞州。我腦子裡沒有一個好的估計。我的意思是，這可能是——所有 14 個都可以組合成類似的東西，但我不確定，邁克。

Okay, it's substantially. Okay. And do any of your partners listed on page 14? Do they have a sizable fleet in California, and have they talked to you yet about how they're going to compare -- because some of them start as early as January 1, '24, correct?

好吧，基本上是這樣。好的。第 14 頁上列出了您的合作夥伴嗎？他們在加利福尼亞州有一支規模相當大的車隊嗎？他們有沒有跟你談過他們將如何進行比較——因為其中一些車隊早在 2024 年 1 月 1 日就開始運營了，對嗎？

Correct. That is correct. Yes, we are having those conversations with our truck partners, who are having conversations with fleet operators in California on what the regulation means, how do they plan for it, can they do it in stages, what vehicle types? Those conversations are happening.

正確的。那是對的。是的，我們正在與我們的卡車合作夥伴進行這些對話，他們正在與加利福尼亞州的車隊運營商進行對話，討論該法規的含義，他們如何計劃，他們是否可以分階段進行，以及哪些車輛類型？這些對話正在發生。

And there's kind of a second part, we didn't want to get into the complexity. But when you look at the opportunity, to kind of to your question specifically, Mike, the regulation not only applies to customers being required to buy zero-emission vehicles, but it also applies to OEMs required to build a certain percentage of their fleet be zero-emission vehicles or they pay a fine.

還有第二部分，我們不想討論複雜性。但是，當你看到這個機會時，具體來說你的問題，邁克，該規定不僅適用於被要求購買零排放車輛的客戶，而且還適用於需要在其車隊中建造一定比例的原始設備製造商零排放車輛，否則將支付罰款。

And so we've been accumulating these heavy duty zero-emission vehicle credits for the last year and a half. And there's a lot of interest in that as well. So to your point, many of these OEMs we work with have to have a plan, because not only do they need to be able to meet the customer demands that are really taking off, but they also need to be able to meet their own demands or else they get heavy fines.

因此，我們在過去一年半中一直在積累這些重型零排放車輛積分。人們對此也很感興趣。因此，就您的觀點而言，我們合作的許多原始設備製造商都必須制定計劃，因為他們不僅需要能夠滿足真正起飛的客戶需求，而且還需要能夠滿足自己的需求否則他們將受到巨額罰款。

Okay. And then on -- David, when you look at the cash inflows on the second half, excluding operations, from what I can tell, there are three sources. You have the inventory run-down and that could be meaningful, right, from a working capital standpoint, $5 million to $10 million. Is that a reasonable assumption for the second half, positive?

好的。然後，大衛，當你看看下半年的現金流入時，不包括運營，據我所知，有三個來源。庫存消耗殆盡，從營運資金的角度來看，這可能是有意義的，500 萬到 1000 萬美元。對於下半年來說，這是一個合理的假設嗎？是積極的嗎？

Do you mean -- see, just from the revenue -- the cash we collect from the revenue that we expect to book in the second half?

你的意思是——看，僅從收入來看——我們從預計下半年預定的收入中收取的現金？

If you have -- you've this working capital use now pretty consistently, so at some point that should start to turn positive, inventory rundown, whatever it's going to be. Is it safe to assume that $5 million to $10 million positive in the second half?

如果你現在的營運資金使用情況相當穩定，那麼在某個時候，庫存消耗應該開始轉為正值，無論它會是什麼。是否可以安全地假設下半年盈利 500 萬至 1000 萬美元？

Well, I look at it as all positive. In other words, whatever we get in from selling down the inventory, there will be no expense against that, because we've already paid for the inventory from a cash perspective, if that makes sense.

嗯，我認為這都是積極的。換句話說，無論我們從出售庫存中獲得什麼收益，都不會產生任何費用，因為如果有意義的話，我們已經從現金角度支付了庫存費用。

Okay. But now how much --

好的。但現在有多少——

We have payroll and other things, so it doesn't net --

我們有工資單和其他東西，所以它沒有淨值——

No, no, I understand. But if you have $57 million in inventory, how much of that is finished goods that can be sold of?

不，不，我明白。但如果您有 5700 萬美元的庫存，其中有多少是可以出售的成品？

$20 million to $25 million.

2000萬至2500萬美元。

Okay. And then you have the Linamar settlement, $3 million, that cash will come in in the second half?

好的。然後與利納馬達成和解，金額為 300 萬美元，現金將在下半年到位？

Correct.

正確的。

Okay. And then the equity line, so do you -- I assume you'll tap some of the equity line in the second half as well. So that should get you through into -- from a cash perspective, into the --

好的。然後是淨值線，你也是——我想你也會在下半場利用一些淨值線。所以這應該能讓你進入——從現金的角度來看——

The Yorkville, we also have Yorkville, which is --

約克維爾，我們還有約克維爾，它是——

Yorkville, okay.

約克維爾，好吧。

$47 million left on the Yorkville.

約克維爾號還剩 4700 萬美元。

Okay. So you have plenty of liquidity to get you into '24, and then you look for something more permanent. Is that what you're thinking?

好的。所以你有足夠的流動性讓你進入24歲，然後你會尋找更持久的東西。你是這麼想的嗎？

Absolutely. And it's not like we're waiting till '24 to look for that, we're looking right now.

絕對地。我們並不是要等到 24 日才去尋找，我們現在就在尋找。

Right. No, absolutely. All right. Thank you. Thank you very much.

正確的。不，絕對是。好的。謝謝。非常感謝。

Thank you, Mike.

謝謝你，邁克。

Abhi Sinha, Northland Financial.

阿比·辛哈 (Abhi Sinha)，北國金融公司。

Yeah, hi. Thanks for taking my question. Just quick one, what kind of contract you have with CATL for the batteries? Would they be able to pick up your entire load? And second, if you could compare the two margins that you get with CATL versus Proterra batteries?

是的，嗨。感謝您提出我的問題。請快速問一下，您與 CATL 簽訂了什麼樣的電池合同？他們能夠承擔您的全部負載嗎？其次，您是否可以比較 CATL 與 Proterra 電池獲得的兩個利潤？

Yes. So I think a few things. We have a -- I'd say, the CATL contract is actually being renegotiated as we speak. But yes, they have committed to-date that they can meet our volumes even the entire load. As we said, we remain committed to multisource, so we don't expect to put all of our load over on to them. But they can if we need to, we have the -- they have the capacity, as you can imagine, given they are the largest battery supplier in the world.

是的。所以我想了一些事情。我們有一個——我想說，就在我們說話的時候，寧德時代的合同實際上正在重新談判。但是，是的，他們迄今為止已經承諾可以滿足我們的數量甚至整個負載。正如我們所說，我們仍然致力於多源，因此我們不希望將所有的負擔都交給他們。但如果我們需要的話，他們可以，我們有——他們有能力，正如你可以想像的，因為他們是世界上最大的電池供應商。

From a margin standpoint, I'll position it a little differently in that is we look at what do the batteries cost us, because we sell a complete powertrain that includes the batteries. And as you can imagine, the CATL batteries are a less expensive chemistry. So the chemistry is lithium-iron-phosphate rather than NMC. And so consequently, the chemistry makes them significantly cheaper on the order of 30% to 40%. So it's a material amount. So yes, there are margin improvement opportunities from us in cases where we do use CATL instead of Proterra.

從利潤的角度來看，我的定位略有不同，因為我們會考慮電池的成本，因為我們銷售包括電池在內的完整動力系統。正如您可以想像的那樣，CATL 電池是一種較便宜的化學物質。所以化學成分是磷酸鐵鋰而不是 NMC。因此，化學成分使它們的價格顯著降低 30% 到 40%。所以這是一個物質數量。所以，是的，如果我們確實使用 CATL 而不是 Proterra，我們就有提高利潤率的機會。

Got it, thank you. And then out of the 200, 250 units that you are going to sell in the next two quarters, can you talk about the cadence of that? So it's like 116 going from Macnab, so what do we look at third quarter versus fourth quarter? And is any of that bigger order just like Macnab, or is this more of a -- more very well segregated, diversified ones?

收到了。謝謝。然後，您將在接下來的兩個季度銷售 200、250 台，您能談談銷售的節奏嗎？ Macnab 的數據大約為 116，那麼我們如何看待第三季度與第四季度的情況呢？更大的訂單是否像 Macnab 一樣，或者這更像是一個——更加隔離、多元化的訂單？

You are asking, over what period of time do you expect us to book the revenue and cash from Macnab and where else we're getting orders? Sorry, I didn't quite follow, Abhi.

您問，您希望我們在多長時間內從 Macnab 獲得收入和現金，以及我們還能從哪裡獲得訂單？抱歉，我沒聽懂，Abhi。

Right. So you have 200, 250 units coming up in the next two quarters.

正確的。因此，未來兩個季度將推出 200、250 個單位。

Yeah.

是的。

So I'm trying to understand how many at third quarter versus fourth quarter, which one is more heavy.

所以我想了解第三季度和第四季度有多少，哪個更重。

Yeah. One of the reasons we've moved away from quarterly guidance is because that timing can be really tricky in terms of when things hit. And so you can obviously back into what our second half is in total, and that net -- how that flows is a little unclear at this point. I would think -- the good news is they're both higher than Q1 and Q2.

是的。我們放棄季度指導的原因之一是，就事情發生的時間而言，時機可能非常棘手。所以你顯然可以回到我們下半場的總數，以及那個淨值——目前還不清楚它是如何流動的。我認為 - 好消息是它們都高於第一季度和第二季度。

Sure. And secondly, kind of --

當然。其次，有點——

Maybe expanding and then -- and maybe this hits that or maybe another one. I think the other question is kind of where they come from, there's a big customer at Macnab, but I think it's safe to, Kash, the rest of the order book is much more diversified in terms of a lot of customers buying half-a-million or million worth of vehicles rather than all concentrate, is that --

也許會擴張，然後——也許這會擊中那個，也可能會擊中另一個。我認為另一個問題是它們來自哪裡，Macnab 有一個大客戶，但我認為這是安全的，Kash，訂單的其餘部分更加多樣化，因為很多客戶購買了半個-價值數百萬或數百萬的車輛而不是全部集中，是--

Yeah, we have a lot of customers buying anywhere from 5 to 25 vehicles for the rest of the year, that is the mix.

是的，我們有很多客戶在今年剩下的時間裡購買 5 到 25 輛汽車，這就是這個組合。

And then we still expect school buses to be strong in the second half of the year also.

我們仍然預計下半年校車也將表現強勁。

Yeah, absolutely. So the school bus number combined will be a very nice number. So it will be split between various school districts across the country.

是的，絕對是。所以校車數量加起來將是一個非常好的數字。因此它將被分配到全國各地的各個學區。

Got it. Thank you, that's all I have.

知道了。謝謝你，我只有這些了。

Thank you, Abhi.

謝謝你，阿比。

There are no further questions at this time. This concludes today's conference call. You may disconnect your lines at this time and thank you for your participation and have a good day.

目前沒有其他問題。今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與，祝您有美好的一天。