Aeva Technologies Inc (AEVA) 2022 Q4 法說會逐字稿

Good day. My name is Doug, and I'll be your conference facilitator. I would like to welcome everyone to Aeva Technologies Fourth Quarter and Full Year 2022 Earnings Conference Call.

再會。我叫道格，我將擔任你們的會議主持人。歡迎大家參加 Aeva Technologies 第四季度和 2022 年全年收益電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, today's conference call is being recorded and simultaneously webcast.

提醒一下，今天的電話會議正在錄製中並同時進行網絡直播。

I would now like to turn the call over to Andrew Fung, Director of Investor Relations. Andrew, please go ahead.

我現在想把電話轉給投資者關係總監 Andrew Fung。安德魯，請繼續。

Thank you, and welcome, everyone, to Aeva's Fourth Quarter and Full Year 2022 Earnings Conference Call. Joining on the call today are Soroush Salehian, Aeva's Co-Founder and CEO; and Saurabh Sinha, Aeva's CFO.

謝謝大家，歡迎大家參加 Aeva 的第四季度和 2022 年全年收益電話會議。今天加入電話會議的有 Aeva 的聯合創始人兼首席執行官 Soroush Salehian；和 Aeva 的首席財務官 Saurabh Sinha。

Ahead of this call, we issued our fourth quarter and full year 2022 press release and presentation, which we will refer to today and can be found on our Investor Relations website at investors.aeva.com.

在此電話會議之前，我們發布了 2022 年第四季度和全年的新聞稿和演示文稿，我們今天將參考這些新聞稿和演示文稿，可以在我們的投資者關係網站 investors.aeva.com 上找到。

Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date.

請注意，在本次電話會議上，我們將根據當前的預期和假設做出前瞻性陳述，這些陳述受到風險和不確定性的影響。這些聲明僅反映我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K.

這些陳述受各種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期存在重大差異。有關可能影響我們財務業績的重大風險和其他重要因素的進一步討論，請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-Q 表格和 10-K 表格。

In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Aeva's performance. These non-GAAP measures should be considered in addition to, and not as a substitute for, or in isolation from GAAP results. The webcast replay of this call will be available on our company website under the Investor Relations link.

此外，在今天的電話會議中，我們將討論非 GAAP 財務指標，我們認為這些指標可作為 Aeva 業績的補充指標。這些非 GAAP 措施應作為 GAAP 結果的補充，而不是替代或孤立於 GAAP 結果。本次電話會議的網絡直播重播將在我們公司網站上的“投資者關係”鏈接下提供。

And with that, let me turn the call over to Soroush.

就這樣，讓我把電話轉給 Soroush。

Thank you, Andrew, and good afternoon, everyone. 2022 was a significant year at Aeva that was marked by a number of milestones that moved us forward on the path towards production. I would like to summarize our key achievements on Slide 5.

謝謝安德魯，大家下午好。 2022 年對 Aeva 來說是重要的一年，標誌著許多里程碑，這些里程碑使我們在生產的道路上向前邁進。我想在幻燈片 5 上總結我們的主要成就。

First, we introduced Aeries II, the world's first commercially available 4D LiDAR offering high performance and a smaller form factor. Over the course of 2022, we shipped to more than 40 customers. Importantly, this has enabled us to progress on a growing number of vehicle programs to the advanced or RFQ stage with leading OEMs.

首先，我們推出了 Aeries II，這是世界上第一款具有高性能和更小外形的商用 4D LiDAR。在 2022 年期間，我們向 40 多個客戶發貨。重要的是，這使我們能夠與領先的 OEM 一起將越來越多的車輛項目推進到高級或 RFQ 階段。

Second, our commercial progress was possible because of our ability to bring up our initial manufacturing line, launching a new product is not trivial, and I am very proud of the work the Aeva team accomplished to increase the pace of production by approximately 3x by year-end and enable us to meet more of the growing demand for our unique products.

其次，我們的商業進展是可能的，因為我們有能力啟動我們的初始生產線，推出新產品並非易事，我為 Aeva 團隊所做的工作感到非常自豪，他們每年將生產速度提高約 3 倍-結束並使我們能夠滿足更多對我們獨特產品不斷增長的需求。

Third, we solidified our accelerated expansion into the established and growing industrial automation markets, with the addition of our collaboration with SICK AG. We also completed core development of our LiDAR-on-Chip perception platform for industrial automation, which we were using for our existing customers, including Nikon as well as to grow our opportunities in industrial automation.

第三，通過與 SICK AG 的合作，我們鞏固了對成熟和不斷增長的工業自動化市場的加速擴張。我們還完成了用於工業自動化的 LiDAR-on-Chip 感知平台的核心開發，我們將其用於包括尼康在內的現有客戶，並擴大我們在工業自動化領域的機會。

And fourth, all of this was accomplished while maintaining a sharp focus on spend. OpEx came in below the outlook we provided for 2022 by more than 10% without limiting our ability to execute. We ended the year with $324 million in cash and marketable securities, which positions us well to continue investing strategically to bring Aeva 4D LiDAR to market.

第四，所有這一切都是在保持對支出的高度關注的同時完成的。在不限制我們執行能力的情況下，運營支出比我們為 2022 年提供的展望低 10% 以上。我們在年底擁有 3.24 億美元的現金和有價證券，這使我們能夠繼續進行戰略投資，將 Aeva 4D LiDAR 推向市場。

Turning now to Slide 7. I would like to provide more color on recent business developments. The Aeva team has been laser-focused on advancing our growing commercial momentum and our efforts are beginning to show meaningful progress. In particular, I am excited to share that Aeva has been selected by a top 10 global OEM for their vehicle development program.

現在轉到幻燈片 7。我想提供更多關於最近業務發展的顏色。 Aeva 團隊一直專注於推動我們不斷增長的商業勢頭，我們的努力開始顯示出有意義的進展。我特別高興地宣布，Aeva 已被全球 10 大 OEM 選中用於其車輛開發計劃。

We are starting to deploy Aeva 4D LiDAR as the long-range LiDAR on this OEM on-road development fleet. We're a valuable real-world data with a new dimension of velocity, will be used to define the specifications for production vehicles with a targeted 2025 start of production.

我們開始部署 Aeva 4D LiDAR 作為該 OEM 公路開發車隊的遠程 LiDAR。我們是具有新速度維度的有價值的真實世界數據，將用於定義目標為 2025 年開始生產的量產車輛的規格。

We have been engaged for some time with this OEM and now they can start to incorporate Aeva's unique velocity data and the perception software to achieve their high standards for safety. Because FMCW can instantly measure velocity for every pixel and is immune to interference from other LiDARs or the sun, they can provide unique advantages over time of flight or 3D LiDAR in detection and classification of critical objects on the road.

我們已經與這家 OEM 合作了一段時間，現在他們可以開始整合 Aeva 獨特的速度數據和感知軟件，以實現他們的高安全標準。由於 FMCW 可以即時測量每個像素的速度，並且不受其他 LiDAR 或太陽的干擾，因此它們可以在檢測和分類道路上的關鍵物體方面提供超過飛行時間或 3D LiDAR 的獨特優勢。

We believe this helps OEMs with a better margin of safety and to achieve the performance needed for a broad deployment of advanced ADAS and autonomous capabilities. We hope to share more details on this collaboration over the course of this year.

我們相信這有助於原始設備製造商獲得更好的安全邊際，並實現廣泛部署高級 ADAS 和自主功能所需的性能。我們希望在今年的過程中分享更多關於這種合作的細節。

Moving to Slide 8. I would like to discuss our progress in industrial automation. In Q4, we completed the core development of our LiDAR-on-Chip perception platform for industrial automation, which utilizes the same chip architecture we are using for automotive, but with different software to pursue the large and growing precision distance measurement market, which is a subset of the large industrial automation sector.

轉到幻燈片 8。我想討論我們在工業自動化方面的進展。在第 4 季度，我們完成了用於工業自動化的 LiDAR-on-Chip 感知平台的核心開發，該平台使用與汽車相同的芯片架構，但使用不同的軟件來追求龐大且不斷增長的精密距離測量市場，這是大型工業自動化部門的一個子集。

Precision distance measurement is used across many industries for manufacturing, inspection and quality control. While the market is already multi-billion dollars in size, broader adoption has been limited by current solutions that are typically challenged in meeting the right balance of performance, cost and size, all-in-one solution, often resulting in multiple product architecture SKUs for each application to achieve, for example, short, mid- or long-range distance measurements.

許多行業都使用精密距離測量來進行製造、檢驗和質量控制。雖然市場規模已經達到數十億美元，但更廣泛的採用受到當前解決方案的限制，這些解決方案通常在滿足性能、成本和尺寸的正確平衡方面面臨挑戰，一體化解決方案通常會導致多個產品架構 SKU為每個應用實現，例如，短距離、中距離或長距離測量。

Through adaptable software, Aeva's LiDAR-on-Chip can achieve the needed level of precision across multiple applications from short to longer ranges, all on the same scalable silicon photonics architecture at affordable cost in a compact form factor. We think this performance flexibility can bring immense value to the end user and allows us to pursue multiple opportunities with the same platform.

通過自適應軟件，Aeva 的 LiDAR-on-Chip 可以在從短距離到遠距離的多種應用中實現所需的精度水平，所有這些都在同一個可擴展的矽光子架構上，以可承受的成本和緊湊的外形。我們認為這種性能靈活性可以為最終用戶帶來巨大的價值，並允許我們在同一個平台上尋求多種機會。

We're using this platform, starting with our collaboration with Nikon, leveraging Aeva's ability to achieve micron level precision for industrial metrology applications. Additionally, our plan this year is to leverage our LiDAR-on-Chip perception platform to respond to a growing pool from the market and distance measurements for large-scale opportunities.

我們正在使用這個平台，從我們與尼康的合作開始，利用 Aeva 的能力為工業計量應用實現微米級精度。此外，我們今年的計劃是利用我們的 LiDAR-on-Chip 感知平台來響應市場和距離測量中不斷增長的大規模機會。

Let's turn to Slide 9. After successfully bringing up our initial manufacturing line last year, I am pleased to share that we are expanding to a new manufacturing line in 2023 to support our growing commercial momentum. This line simplifies the overall manufacturing process and is where we complete our LiDAR system assembly, calibration and test.

讓我們轉到幻燈片 9。在去年成功啟動我們的初始生產線後，我很高興地與大家分享，我們將在 2023 年擴展到一條新的生產線，以支持我們不斷增長的商業勢頭。這條生產線簡化了整個製造過程，也是我們完成 LiDAR 系統組裝、校準和測試的地方。

We expect this new added capacity to sufficiently support our product deployment needs to existing customers and new opportunities until mass production. Earlier this year, we began manufacturing on this new line and expect process optimizations to continue over the next few months. Along with the higher capacity, our new line will allow us to also implement increasing levels of automation as we progress towards production.

我們希望這種新增加的能力能夠充分支持我們對現有客戶的產品部署需求和新機會，直到大規模生產。今年早些時候，我們開始在這條新生產線上進行生產，並希望在接下來的幾個月內繼續優化流程。除了更高的產能，我們的新生產線還將使我們能夠在生產過程中實現更高水平的自動化。

Turning now to Slide 11, I would like to share more about our key goals for this year. Our priority is to convert more of our commercial progress to program wins and focus on the following objectives in 2023: first, we target winning 2 additional programs towards production. We are progressing on a growing number of vehicle programs to the advanced or RFQ stage with leading OEMs. In addition, this year, we are looking to further our engagements within major industrial sensing opportunities, where we can leverage our LiDAR-on-Chip perception platform. We do not expect to win all of our engagements, but do believe we are in a position to secure additional programs towards production this year; second, we plan to complete key product development in automotive and industrial. In automotive, this includes completing the final form factor that will be used for series production. For industrial automation, we will continue to iterate on our platform this year to prepare for market release and expand additional opportunities for deployment at scale; third, complete the expansion of our new manufacturing line, which we expected to provide sufficient capacity to support our existing customers until production and secure additional production programs; and fourth, we are focused on maintaining strong financial discipline as we work to bring Aeva 4D LiDAR to market.

現在轉到幻燈片 11，我想分享更多關於我們今年的主要目標。我們的首要任務是將更多的商業進展轉化為項目勝利，並在 2023 年專注於以下目標：首先，我們的目標是贏得 2 個額外的生產項目。我們正在與領先的原始設備製造商合作，將越來越多的車輛項目推進到高級或 RFQ 階段。此外，今年，我們希望進一步參與主要的工業傳感機會，我們可以在其中利用我們的 LiDAR-on-Chip 感知平台。我們不希望贏得所有的參與，但相信我們有能力在今年獲得更多的生產計劃；第二，我們計劃完成汽車和工業領域的重點產品開發。在汽車領域，這包括完成將用於批量生產的最終外形尺寸。對於工業自動化，我們將在今年繼續迭代我們的平台，為市場發布做準備，並擴大規模部署的機會；第三，完成我們新生產線的擴建，我們預計這將提供足夠的產能來支持我們現有的客戶直至生產並確保額外的生產計劃；第四，在努力將 Aeva 4D LiDAR 推向市場的過程中，我們專注於保持嚴格的財務紀律。

As Saurabh will discuss in more detail next, we target OpEx in 2023 to be similar to 2022. We have a strong balance sheet, and we'll continue to strategically invest to meet the increasing demand for our unique 4D LiDAR technology.

正如 Saurabh 接下來將更詳細地討論的那樣，我們的目標是 2023 年的運營支出與 2022 年相似。我們擁有強大的資產負債表，我們將繼續進行戰略投資，以滿足對我們獨特的 4D LiDAR 技術不斷增長的需求。

With that, let me turn the call over to Saurabh who will discuss the financials.

有了這個，讓我把電話轉給 Saurabh，他將討論財務問題。

Thank you, Soroush, and good afternoon, everyone. Let's turn to Slide 13 to discuss our full year 2022 financial results and 2023 financial outlook. Revenue for full year 2022 was $4.2 million, which included revenue of $8.1 million that was partially offset by an adjustment of $3.9 million due to an existing customer's roadmap revision towards less customization. This aligns with our standard product line capabilities, we look forward to continuing our collaboration with this customer on their program.

謝謝 Soroush，大家下午好。讓我們轉到幻燈片 13 來討論我們 2022 年全年的財務業績和 2023 年的財務展望。 2022 年全年的收入為 420 萬美元，其中包括 810 萬美元的收入，但由於現有客戶將路線圖修訂為減少定制，因此被 390 萬美元的調整部分抵消。這符合我們的標準產品線能力，我們期待繼續與該客戶就其計劃進行合作。

Non-GAAP operating loss for the full year 2022 was $127.7 million, which primarily consisted of R&D expenses. In addition, we continue to efficiently manage operating expenses, and it came in below our annual outlook for 2022 by more than 10%. Our gross cash use, which is operating cash flow, less capital expenditure, was $117.4 million for the full year 2022. This enabled us to end the year with a strong cash, cash equivalents and marketable securities position of $323.8 million. Weighted average shares outstanding for the fourth quarter was 218.4 million.

2022 年全年的非美國通用會計準則營業虧損為 1.277 億美元，主要包括研發費用。此外，我們繼續有效地管理運營費用，它比我們 2022 年的年度預期低 10% 以上。 2022 年全年，我們的現金使用總額（即運營現金流減去資本支出）為 1.174 億美元。這使我們在年底時擁有 3.238 億美元的強勁現金、現金等價物和有價證券頭寸。第四季度加權平均流通股為 2.184 億股。

Turning now to our financial outlook for 2023. As Soroush said, this year, we are focused on increasing our wins and supporting our customers on product validation and development of their end product. We are targeting revenue in 2023 to grow by at least 50% year-over-year, driven by higher product deliveries to our key customers. As we are bringing up our new manufacturing line and optimizing processes in the first half of the year, we expect 2023 revenues to be back-end loaded.

現在談談我們對 2023 年的財務展望。正如 Soroush 所說，今年，我們的重點是增加我們的勝利，並支持我們的客戶進行產品驗證和開發他們的最終產品。我們的目標是到 2023 年收入同比增長至少 50%，這主要得益於向主要客戶交付更多產品。由於我們在今年上半年推出新的生產線並優化流程，我們預計 2023 年的收入將在後端加載。

We are targeting non-GAAP operating expenses, which excludes stock-based compensation and other potential non-recurring charges to be similar to 2022. And lastly, Aeva's balance sheet is strong, and we continue to have significant capital to execute on our plan to ramp up product shipments, support our existing customers and convert additional programs toward production.

我們的目標是非 GAAP 運營支出，其中不包括與 2022 年類似的基於股票的薪酬和其他潛在的非經常性費用。最後，Aeva 的資產負債表強勁，我們繼續擁有大量資金來執行我們的計劃增加產品出貨量，支持我們現有的客戶並將額外的項目轉化為生產。

I will now turn the call back to Soroush for closing remarks.

我現在將把電話轉回 Soroush 以作結束語。

Thank you, Saurabh. In summary, we are really excited about our growing commercial momentum and the opportunities ahead in 2023. Over the past quarter, we have made substantial progress on multiple programs with global OEMs, thanks to the tremendous work by the Aeva team.

謝謝你，索拉布。總而言之，我們對我們不斷增長的商業勢頭和 2023 年未來的機遇感到非常興奮。在過去的一個季度中，由於 Aeva 團隊的大量工作，我們在與全球 OEM 的多個項目上取得了實質性進展。

Similarly, we are actively engaged on growing opportunities to use our LiDAR-on-Chip perception platform for large-scale implementation in industrial automation.

同樣，我們積極參與越來越多的機會，使用我們的 LiDAR-on-Chip 感知平台在工業自動化中大規模實施。

Our focus in 2023 is on winning these opportunities and continuing to work towards production with our existing partners. We are in a strong position with our unique technology and financial position to do so, and I look forward to sharing our progress over the course of this year.

我們在 2023 年的重點是贏得這些機會，並繼續與我們現有的合作夥伴一起努力生產。憑藉我們獨特的技術和財務狀況，我們在這方面處於有利地位，我期待著分享我們在今年取得的進展。

With that, we will now open up the line for questions.

有了這個，我們現在將打開問題熱線。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Colin Rusch with Oppenheimer.

我們的第一個問題來自 Colin Rusch 與 Oppenheimer 的對話。

Congratulations on all the progress. With the increased availability of product and having -- been able to get samples out, can you talk a little bit about the availability of samples and how it's changing the scope and scale of the customer engagement that you're able to work on at this point?

祝賀所有的進步。隨著產品可用性的提高以及能夠取出樣品，您能否談談樣品的可用性以及它如何改變您能夠在此工作的客戶參與的範圍和規模觀點？

Sure, Colin. Happy to answer that. This is Soroush. So obviously, as we set the goal last year to release Aeries II. This is a key milestone for us. We did achieve that goal. We really delivered on launching Aeries II and this has been a key factor for us, right?

當然，科林。很高興回答這個問題。這是索羅什。很明顯，我們去年設定了發布 Aeries II 的目標。這對我們來說是一個重要的里程碑。我們確實實現了那個目標。我們真的交付了 Aeries II 的發布，這對我們來說是一個關鍵因素，對吧？

As I mentioned on the call, that launch resulted in us being able to ship to over 40-plus customers. We have further expanded with that, our ability to secure new partners in the industrial as well, including with the collaboration with SICK AG, of course, in addition to existing collaboration with Nikon.

正如我在電話中提到的那樣，這次發布使我們能夠向 40 多個客戶發貨。我們進一步擴大了我們在工業領域獲得新合作夥伴的能力，當然，除了與尼康的現有合作之外，還包括與 SICK AG 的合作。

And we've also made good progress in bringing up our initial manufacturing line. So all of that has really resulted us to actually now continue our progress towards advancing to the late stage or few stations with multiple customers, which, obviously, if we could not deliver Aeries II would have been a problem.

我們在建立最初的生產線方面也取得了良好進展。因此，所有這一切確實導致我們實際上現在繼續朝著後期階段或擁有多個客戶的少數站點前進，顯然，如果我們無法交付 Aeries II，那將是一個問題。

So that's been a big win for us. I think also, generally, the feedback of customers has been quite positive and we're making now meaningful progress. And case in point is the top 10 OEM decision that I mentioned on the call, to start implementing our LiDAR on their vehicle fleet, which is a significant milestone for us as well. So hopefully -- I hope that answers your question.

所以這對我們來說是一個巨大的勝利。我還認為，總的來說，客戶的反饋非常積極，我們現在正在取得有意義的進展。一個典型的例子是我在電話會議上提到的 10 大 OEM 決定，即開始在他們的車隊上實施我們的 LiDAR，這對我們來說也是一個重要的里程碑。所以希望——我希望這能回答你的問題。

Yes. That's helpful. And then with the manufacturing process, can you talk a little bit about the key areas of maturation that you're working on right now this year? And then also the CapEx spend that you're planning to put into that line this year as you work towards larger scale?

是的。這很有幫助。然後在製造過程中，你能談談你今年正在努力的成熟的關鍵領域嗎？然後還有您計劃在今年擴大規模時投入該生產線的資本支出？

Yes. So as I mentioned on the call, this year, we're expanding our manufacturing to a new line, which has really further increased our capacity. And the important here thing is that our overall LiDAR system manufacturing is being simplified through the process. We are increasing automation.

是的。因此，正如我在電話會議上提到的，今年，我們正在將我們的製造擴展到一條新生產線，這確實進一步提高了我們的產能。這裡重要的是，我們的整個 LiDAR 系統製造正在通過這個過程得到簡化。我們正在增加自動化。

We will have, with this new line, sufficient capacity to support our customers and new wins until production. So this now -- this new line is really going to be setting us up for the next set of opportunities, engagements and getting to secure those wins.

有了這條新生產線，我們將有足夠的能力來支持我們的客戶和新的勝利，直到投產。所以現在 - 這條新線真的將為我們準備下一組機會、參與並確保這些勝利。

So -- but the activity really is around continuing with process optimizations, which I mentioned on the call, we're going to be doing in the next few months and further increasing our automation level to really continue scaling our product deliveries throughout the rest of this year to our -- to those key customers.

所以 - 但活動實際上是圍繞繼續進行流程優化，我在電話會議上提到了這一點，我們將在接下來的幾個月內進行，並進一步提高我們的自動化水平，以真正繼續在其餘時間擴展我們的產品交付今年給我們 - 給那些主要客戶。

Our next question comes from the line of Antoine Chkaiban with New Street Research.

我們的下一個問題來自 Antoine Chkaiban 與 New Street Research 的合作。

So yes, maybe my main question is, recent news flow suggests that multiple LiDAR-enabled L3 ADAS designs are getting pushed out by 1 to 2 years. And can you maybe please -- can you give us your latest perspective on the situation what you are hearing in conversations with OEMs and in particular, has anything changed with regards to whether those L3 platforms will add up LiDAR, when they eventually ramp and what their latest thoughts are on time of flight versus FMCW?

所以是的，也許我的主要問題是，最近的新聞流表明，多個支持 LiDAR 的 L3 ADAS 設計將被推遲 1 到 2 年。您能否向我們介紹一下您在與原始設備製造商的對話中所聽到的情況的最新觀點，特別是關於這些 L3 平台是否會添加 LiDAR、它們最終何時會增加以及什麼方面的變化？他們最近的想法是關於飛行時間與 FMCW 的對比？

Yes. Sure, Antoine. Happy to answer that. So I think generally, obviously, OEM to OEM, vehicle type to vehicle type and level automation, there are differences in approaches from between across these folks there's differences in the timings. I think some of the -- we can assume from what we hear in the industry, some of the very, very high -- super high-level automation, obviously, has timelines-wise, what we are seeing is pushed out.

是的。當然，安托萬。很高興回答這個問題。所以我認為一般來說，顯然，OEM 到 OEM，車輛類型到車輛類型和自動化水平，這些人之間的方法存在差異，時間也存在差異。我認為一些 - 我們可以從我們在行業中聽到的消息中假設，一些非常非常高 - 超高水平的自動化，顯然，在時間表方面，我們所看到的被推遲了。

But those L3 plus and ADAS applications from automation, that's actually where a lot of the focus is. And this has been critical for our case in terms of our advancements throughout the opportunities evidenced by the fact that we've been able to actually provide units to our customers and start delivering samples so they can actually validate, but also importantly, the -- the OEMs are starting to actually make progress towards RFQ stages.

但是那些來自自動化的 L3 plus 和 ADAS 應用程序，實際上是很多關注的地方。就我們在整個機會中取得的進步而言，這對我們的案例至關重要，事實證明我們已經能夠實際向客戶提供設備並開始交付樣品，以便他們能夠實際驗證，但同樣重要的是，——原始設備製造商開始真正在 RFQ 階段取得進展。

So we're now in multiple RFQ programs as a result of our ability to ship last year with Aeries II. And there are a number of decisions that are happening. We expect to happen this year. And one, of course, the case in point in this, clear evidence is that this top 10 OEM that we talked about, which is an established leader in automotive, as I mentioned on the call, with significant scale.

因此，由於我們去年能夠與 Aeries II 一起發貨，因此我們現在參與了多個 RFQ 計劃。並且有許多正在發生的決定。我們預計今年會發生。當然，一個明確的例子就是我們談到的這家前 10 大 OEM，正如我在電話會議上提到的那樣，它是汽車領域的公認領導者，規模很大。

And we've been working with this OEM for some time now. And this OEM was tested with other 3D time-of-flight LiDARs in the prior development stages, since our close collaboration is now in the next stage is actually this -- our LiDAR technology, the 4D LiDAR as the long-range LiDAR on the fleet vehicles.

我們已經與這家 OEM 合作了一段時間。這個 OEM 在之前的開發階段與其他 3D 飛行時間 LiDAR 進行了測試，因為我們的密切合作現在處於下一階段實際上是這個 - 我們的 LiDAR 技術，4D LiDAR 作為遠程 LiDAR車隊車輛。

So that's to your point about what the advantages that the folks are seeing, I think that's now starting to take shape. And we continue to build on our belief that the industry, overtime, is going to transition to FMCW. But again, we are pretty encouraged by the progress we've made and excited to start off the year with this growing momentum here.

所以這就是關於人們看到的優勢的觀點，我認為現在已經開始形成。我們繼續堅信，隨著時間的推移，該行業將過渡到 FMCW。但同樣，我們對我們取得的進展感到非常鼓舞，並很高興以這種不斷增長的勢頭開始新的一年。

And maybe just as a quick follow-up, you mentioned that you're progressing well on a growing number of vehicle programs, the advanced -- or a few stage with the new OEMs. And so maybe if you could just give us like a sense of how things have progressed relative to, say, 90 days or 180 days ago so we can better visualize how momentum is picking up, that would be amazing.

也許只是作為一個快速跟進，你提到你在越來越多的車輛項目上進展順利，先進的 - 或者與新 OEM 的幾個階段。因此，也許如果你能讓我們了解事情相對於 90 天或 180 天前的進展情況，這樣我們就可以更好地想像勢頭是如何回升的，那將是驚人的。

Yes, sure. Look, as I said, as a direct result of our ability to actually ship product to customers and also some of the customers now -- the decision is happening this year, and we are now fortunate to be advancing to those RFQ stages, advance stages on multiple programs, with decisions happening in the next number of months.

是的，當然。看，就像我說的，這是我們能夠實際向客戶以及現在的一些客戶運送產品的直接結果——這個決定是在今年做出的，我們現在很幸運能夠進入那些 RFQ 階段，高級階段在多個項目上，在接下來的幾個月內做出決定。

One. Two, is we are seeing some of those OEMs after they start actually implement and use our technology to really start realizing how they can leverage the key dimensions such as velocity, the differentiation of our technology. And this, in large part, is helping some of those folks to achieve some of the high-level standards that they could not achieve before with other solutions, right?

一。第二，我們是否看到其中一些原始設備製造商在開始實際實施和使用我們的技術後真正開始意識到他們如何利用關鍵維度，例如速度，我們技術的差異化。這在很大程度上幫助了其中一些人實現了他們以前使用其他解決方案無法實現的一些高級標準，對嗎？

So that, I think, is some of the traction and actually evidence that we're seeing from the customer. We fully expect to continue working with -- through these program opportunities RFQs with these customers as well as supporting this top 10 OEM as they work towards production. And as I mentioned, with the target SOP 2025.

所以，我認為，這是我們從客戶那裡看到的一些牽引力和實際證據。我們完全希望繼續與這些客戶合作——通過這些計劃機會向這些客戶發出 RFQ，並在他們致力於生產時支持這 10 大 OEM。正如我提到的，目標是 SOP 2025。

Our next question comes from the line of Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Joe Moore。

In terms of the new OEM arrangement that you talked about. You talked about it is a development agreement with kind of the intent to go to manufacturing in 2025. Can you be -- what does that development agreement mean? Is it a commitment to volume? Is there prospects for volume, but you have to meet certain milestones. Just how should we think about what a development agreement means in terms of certainty of revenue commitment?

就您談到的新 OEM 安排而言。您談到這是一項開發協議，其目的是在 2025 年投入生產。您可以——該開發協議是什麼意思？這是對數量的承諾嗎？是否有銷量的前景，但你必須達到某些里程碑。就收入承諾的確定性而言，我們應該如何考慮開發協議的意義？

Yes. Sure, Joe, happy to answer. So let me give you some context background as we talked about this now a little bit. So first of all, as I mentioned, this OEM is an established leader in automotive with significant scale. We've been working with them for some time.

是的。當然，喬，很樂意回答。所以讓我給你一些背景背景，因為我們現在談到了這一點。因此，首先，正如我提到的，這家 OEM 是汽車行業的公認領導者，規模巨大。我們已經與他們合作了一段時間。

They have tested with other 3D time-of-flight LiDAR in the prior stages. And with our close collaboration with this OEM in the next stage, we decided to really implement our technology as the long-range LiDAR. So what does this mean? This means that we're expecting that this replaces the 3D time-of-flight LiDAR on the vehicle fleet. That's what our understanding is.

他們已經在前期階段與其他 3D 飛行時間 LiDAR 進行了測試。通過在下一階段與該 OEM 的密切合作，我們決定真正將我們的技術實施為遠程 LiDAR。那麼這是什麼意思？這意味著我們期望它能取代車隊中的 3D 飛行時間激光雷達。我們的理解是這樣的。

And to your question about, okay, what does the development include? What does it pertain? So there is a few things. One is that we're deploying our LiDAR on the road fleet. So this is -- we're providing them with sensors. They're integrating on their vehicle fleet. Importantly, they're starting to actually integrate our velocity, data products and our perception software into their stack, which, I think, is a critical point as we expect with this that the overall stack is going to start to be defined with their -- for their production vehicles with our velocity data, right?

關於你的問題，好的，開發包括什麼？它與什麼有關？所以有幾件事。一是我們正在公路車隊上部署我們的 LiDAR。所以這是——我們為他們提供傳感器。他們正在整合他們的車隊。重要的是，他們開始實際將我們的速度、數據產品和我們的感知軟件集成到他們的堆棧中，我認為這是一個關鍵點，因為我們預計整個堆棧將開始用他們的 - - 用我們的速度數據為他們的生產車輛，對嗎？

So we're working together to define those specs for production. And the SOP target is for 2025. So that is all critical. And the reason -- I think one of the key reasons for them deciding to implement us on their vehicle fleet that setting the path and the key specs for the production program is that they were not really able to achieve the standards of the safety and performance that they're looking for, again, to our understanding for deployment.

因此，我們正在共同努力，為生產定義這些規格。 SOP 目標是 2025 年。所以這很關鍵。原因 - 我認為他們決定在他們的車隊中實施我們為生產計劃設定路徑和關鍵規格的關鍵原因之一是他們無法真正達到安全和性能標準他們再次尋求我們對部署的理解。

And with our technology, they're starting to see what they can do with the addition of the velocity. And as we have talked about the long-range detection, which other time-of-flight solutions are challenged. So it's further evidenced towards the unique advantages of FMCW technology.

借助我們的技術，他們開始看到他們可以通過增加速度來做什麼。正如我們談到的遠程檢測，其他飛行時間解決方案面臨挑戰。從而進一步證明了FMCW技術的獨特優勢。

When you think about attach rates out in the 2025 timeframe, is this the kind of thing that would be part of a -- sort of an option package that people would buy for the car? Would it be standard in all the vehicles, maybe not. If you can't talk to the specific one. As you just think about 2025 types of production, is it more of like a driver assistance package or is it part of the standard delivery?

當您考慮 2025 年時間框架內的附加費率時，這是否會成為人們為汽車購買的一種選項包的一部分？它會成為所有車輛的標準配置嗎，也許不會。如果您不能與特定的人交談。當您考慮 2025 種生產時，它更像是駕駛員輔助包還是標準交付的一部分？

Yes. So I obviously can't comment on the specific details yet, but our expectation is that this is for a higher-level automation product. And it's obviously -- using the LiDAR sensor technology is crucial for the OEM achieving their specific use cases, specifically as we talk about on, for example, highway driving, long-range sensing. So that's what I can say at this time. And we're really focused on helping this OEM achieve those requirements that they cannot really be able to achieve before for their production vehicle program.

是的。所以我顯然還不能對具體細節發表評論，但我們的預期是這是針對更高級別的自動化產品。很明顯——使用 LiDAR 傳感器技術對於 OEM 實現其特定用例至關重要，特別是在我們談論的高速公路駕駛、遠程傳感等方面。這就是我此時可以說的。我們真正專注於幫助這家原始設備製造商實現他們以前無法真正實現其量產車輛計劃的那些要求。

Our next question comes from the line of Tristan Gerra with Robert W. Baird.

我們的下一個問題來自 Tristan Gerra 和 Robert W. Baird 的台詞。

This is Tyler on for Tristan. How is the competitive landscape for FMCW technology changed? Are Intel with Mobileye and other players still working to develop the technology? Or have you seen any changes there?

這是特里斯坦的泰勒。 FMCW 技術的競爭格局發生了怎樣的變化？英特爾與 Mobileye 和其他參與者是否仍在努力開發該技術？或者你看到那裡有什麼變化嗎？

Yes. Look, so obviously, I can't comment for others. But I think one thing that we see we feel is important is that we're not alone and doing -- bringing this technology to the market. We think we have an advantage in terms of both the technology approach, which we have had significant work in protecting our IP and the patents with I think, to the state still was one of the largest portfolio of IP granted pens in the space.

是的。你看，這麼明顯，我不能為別人發表評論。但我認為，我們認為我們認為重要的一件事是，我們並不孤單——將這項技術推向市場。我們認為我們在技術方法方面都有優勢，我們在保護我們的知識產權和我認為的專利方面做了重要工作，對國家來說仍然是該領域最大的知識產權授權筆組合之一。

And two, also from a product maturity standpoint, as you know, we've been at this for 6 or nearly 7 years now with -- which requires significant investment, significant development and so -- which I think has helped us to progress on our opportunities to secure some of these key partners and start preparing for the program -- production programs that are coming up.

第二，同樣從產品成熟度的角度來看，正如你所知，我們已經從事這方面工作 6 年或將近 7 年了——這需要大量投資、重大開發等等——我認為這幫助我們取得了進步我們有機會獲得其中一些關鍵合作夥伴並開始為即將推出的節目做準備。

Obviously, there are -- as I mentioned, there are other folks that are in the space. I think we take every competition seriously. And I think generally for the space, again, as we have talked about before, we do expect that, overtime, there is going to be a transition from time-of-flight towards FMCW. And some of the largest players like you mentioned, like Mobileye, also starting to implement that strategic -- strategy is actually a, I think, a positive thing for the industry.

顯然，正如我所提到的，這個領域還有其他人。我認為我們認真對待每一場比賽。而且我認為總體而言，對於空間，正如我們之前所討論的那樣，我們確實希望隨著時間的推移，從飛行時間向 FMCW 過渡。像你提到的一些最大的參與者，比如 Mobileye，也開始實施這一戰略——我認為，戰略實際上對行業來說是一件積極的事情。

I think it's a proof point to the advantages of FMCW, and we welcome that, and I think -- we think that's important, overall, for the industry space. I think we expect that over the next number of years, others also will come. But we hope to continue extending our lead in the FMCW space with our unique approach to technology and now our focus on bringing up our manufacturing and releasing our first product in the market.

我認為這是對 FMCW 優勢的一個證明，我們對此表示歡迎，而且我認為——我們認為這對整個行業空間來說很重要。我想我們預計在接下來的幾年裡，其他人也會來。但我們希望通過我們獨特的技術方法繼續擴大我們在 FMCW 領域的領先地位，現在我們專注於提升我們的製造能力並在市場上發布我們的第一個產品。

Great. And then maybe a quick follow-up to what you just said and on that previous question. Can you provide an update on the timing that you expect for that transition to FMCW, both for robotaxi and then also personal vehicles?

偉大的。然後可能會快速跟進您剛才所說的內容和上一個問題。您能否提供有關機器人出租車和個人車輛向 FMCW 過渡的預期時間的最新信息？

Yes. I mean, look, as we've talked about and some -- like, for example, with the top 10 OEM here, first launch is happening around the 2025 timeframe. As you know, in the automotive space, programs have multiple year cycles. And this is not something that's going to happen overnight. And I do fully expect that there will be additional wins in time-of-flight domain even this year.

是的。我的意思是，看，正如我們所討論的那樣——例如，這裡排名前 10 的 OEM，首次發布將在 2025 年左右進行。如您所知，在汽車領域，項目有多年周期。這不是一夜之間就能發生的事情。而且我完全希望即使在今年，飛行時間領域也會有更多的勝利。

But the fact that OEMs are starting to leverage and implement the FMCW approach realizes potential, start to actually implement it in their stack and therefore, make those decisions to start replacing FMCW time-of-flight, already I think, is a big proof point towards that transition is starting to happen.

但事實是，OEM 開始利用和實施 FMCW 方法，實現了潛力，開始在他們的堆棧中實際實施它，因此，做出開始取代 FMCW 飛行時間的決定，我認為，這是一個很好的證明朝著這種轉變的方向開始發生。

So -- and that's I think is important. As I said, okay, it can take a few years for that to complete. And at the end of the day, also, we don't think this is just only one technology is going to be in the next few years, it's going to take some time for that to happen.

所以——我認為這很重要。正如我所說，好吧，這可能需要幾年時間才能完成。歸根結底，我們也不認為這只是未來幾年的一項技術，這需要一些時間才能實現。

Our next question comes from the line of Suji Desilva with ROTH Capital Partners.

我們的下一個問題來自 Suji Desilva 與 ROTH Capital Partners 的對話。

Congrats on the progress here. Soroush, on the top 10 global OEM development. What are some of the milestones to watch for in the timeline between now and calendar '25? And if you can't be specific about the top 10, you just won, maybe just generally, after you announce an on-road development, what should we watch for in the next -- in the first year or 2, prior to volume ramp?

祝賀這裡取得的進展。 Soroush，全球OEM開發前10名。從現在到日曆 25 年之間的時間軸上有哪些值得關注的里程碑？如果你不能具體說明前 10 名，你就贏了，也許只是一般來說，在你宣佈公路開發之後，我們在接下來的第一年或第二年應該注意什麼，在量產之前斜坡？

Yes, I think -- thanks for the question, Suji. So the biggest thing for us is working together with this OEM to help them integrate the unique technology in their stack. And as they build the rest of the stack around it, we think this is going to be quite a powerful combination because of taking advantage of those unique data products. For example, when you go from black and white cameras to color, using that color information, of course, is going to provide you with some new valuable information, right?

是的，我想——謝謝蘇吉的提問。所以對我們來說最重要的是與這家 OEM 合作，幫助他們將獨特的技術集成到他們的堆棧中。當他們圍繞它構建其餘的堆棧時，我們認為這將是一個非常強大的組合，因為它利用了那些獨特的數據產品。例如，當您從黑白相機轉到彩色相機時，使用該顏色信息當然會為您提供一些新的有價值的信息，對嗎？

So that's what we're doing, which involves specifically the deployment of our LiDAR on their fleet, then integrating those data products in their stack and starting to build their actual software stack for their production vehicles as they move along.

這就是我們正在做的事情，具體涉及在他們的車隊上部署我們的 LiDAR，然後將這些數據產品集成到他們的堆棧中，並開始為他們的生產車輛構建實際的軟件堆棧。

So that, I think, is an important piece that we're going to be working with this OEM in the next number of months to achieve that. And generally, this -- from -- you asked about generally from, okay, when you go to a fleet, what happens next? Typically, the next stages go through the traditional award process, RFQ and award. And we -- as I mentioned earlier, we are progressing with a number of others into the RFQ stages in the next months and expect some of those decisions to happen this year. So that's, I think, a couple of things I would say that you should be looking out for.

因此，我認為這是我們將在接下來的幾個月中與該 OEM 合作以實現這一目標的重要部分。一般來說，這個 - 來自 - 你通常問的是，好吧，當你去艦隊時，接下來會發生什麼？通常，下一階段會經歷傳統的授標流程、RFQ 和授標。我們——正如我之前提到的，我們正在與其他一些人一起在接下來的幾個月中進入 RFQ 階段，並預計其中一些決定將在今年做出。所以，我認為，我想說的是您應該注意的幾件事。

Okay. And then for a follow-up, I think I know to answer this, but is every customer going to have to go through this phase where they're getting access to your velocity data and capability for essentially the first time and they have to kind of weave it in with theirs and meld it together?

好的。然後對於後續行動，我想我知道要回答這個問題，但是每個客戶都必須經歷這個階段，他們基本上是第一次訪問您的速度數據和功能，並且他們必須親切將它與他們的交織在一起並融合在一起？

Or can some just benefit from all the learning you've done, in-house, in the past few years and just kind of run with that? Or just -- is every customer going to have to kind of go through this phase?

或者，有些人是否可以從過去幾年您在內部所做的所有學習中受益，並以此為基礎？或者只是 - 每個客戶都必須經歷這個階段嗎？

Yes. So short answer is actually, as we implement this for initial customers, the fact that -- so one thing also I mentioned earlier is even for this top 10 OEM, they're starting to actually, not just use the velocity, but our perception software, right? So -- and that, I think, actually is an important value proposition because it actually helps them accelerate their integration. So it's not that this is a super long process.

是的。如此簡短的回答實際上是，當我們為初始客戶實施這個時，事實是 - 我之前提到的一件事是即使對於這個前 10 大 OEM，他們實際上開始，不僅僅是使用速度，而是我們的看法軟件，對吧？所以——我認為，這實際上是一個重要的價值主張，因為它實際上幫助他們加速了整合。所以這並不是說這是一個超長的過程。

The fact that we have significant experience with our FMCW data, the fact that we have been developing the perception software in conjunction and parallel to our hardware is an important thing. And as we're able to talk in the future, we will do that more about that. But this specific top 10 customer and others, I think, are going to be able to use, actually tap into our perception software to accelerate those integration pieces.

事實上，我們在 FMCW 數據方面擁有豐富的經驗，我們一直在與我們的硬件結合併並行開發感知軟件，這一點很重要。當我們將來能夠談論時，我們將為此做更多的事情。但我認為，這個特定的前 10 大客戶和其他人將能夠使用，實際利用我們的感知軟件來加速這些集成部分。

What I'm referring to is really the normal process that they have to kind of go through as they build up their vehicle fleets, most -- almost all OEMs prior to an actual launch. So that, I think, is important. And we see this as a validation point for us to be able to then provide -- take from those learnings and provide the perception software and the results from it to other customers as well.

我指的是他們在建立車隊時必須經歷的正常過程，大多數 - 幾乎所有 OEM 在實際發布之前。因此，我認為這很重要。我們將此視為我們能夠提供的驗證點 - 從這些學習中汲取經驗，並將感知軟件及其結果也提供給其他客戶。

Our next question comes from the line of Kevin Garrigan with WestPark Capital.

我們的下一個問題來自 WestPark Capital 的 Kevin Garrigan。

Just 1 quick one for me. So besides Nikon with industrial metrology and SICK with industrial sensing, what are were there some other applications customers are looking to deploy your LiDAR for? Can you kind of remind us of your strategy in industrial market? I don't think you guys are going after every single application, but what are some areas you're focusing on, if any?

對我來說只有 1 個快速的。那麼除了具有工業計量學的尼康和具有工業傳感的 SICK 之外，還有哪些其他應用客戶希望部署您的 LiDAR？您能否提醒我們您在工業市場的戰略？我不認為你們會關注每一個應用程序，但是你們關注的領域有哪些（如果有的話）？

Yes, thanks for the question, Kevin. So look, I think this is an important area for us because it's actually one we're seeing additional inbound interest across industrial applications. You're right, industrial, generally, is a kind of broad term. We're not going after every single piece, but I would divide this into a couple of different pieces. One is around industrial sensing, where we have, for example, the 4D or the 4D scanning applications.

是的，謝謝你的問題，凱文。所以看，我認為這對我們來說是一個重要領域，因為它實際上是我們在工業應用中看到更多入站興趣的領域。你是對的，工業，一般來說，是一種廣義的術語。我們不會追求每一件作品，但我會把它分成幾個不同的部分。一個是圍繞工業傳感，例如，我們有 4D 或 4D 掃描應用程序。

This is the approach we're taking in our collaboration with SICK AG. The company is one of the leaders, help leaders in industrial sensing space. There, we're providing sensor solutions starting with kind of our Aeries II products and for applications around safety, automation, logistics and as such.

這就是我們在與 SICK AG 合作時所採用的方法。該公司是領導者之一，幫助工業傳感領域的領導者。在那裡，我們提供傳感器解決方案，從我們的 Aeries II 產品開始，用於安全、自動化、物流等方面的應用。

The other segment really where we're focused on is around what we call precision distance measurement. These are typically applications where it's not really scanning. And the focus really is on measuring precisely, either distance of objects or features of things throughout the manufacturing process, including manufacturing inspection, metrology and overall other safety topics or interaction between humans and manufacturing automation equipment.

我們真正關注的另一個部分是我們所謂的精確距離測量。這些通常是不真正掃描的應用程序。重點實際上是在整個製造過程中精確測量物體的距離或事物的特徵，包括製造檢查、計量學和其他整體安全主題或人與製造自動化設備之間的交互。

And this is what I was mentioning on the call where with our -- completion of our LiDAR-on-Chip module or perception platform for industrial sensing, we can now achieve the micron-level precision. And this -- one of our first customers in this space is Nikon, which we have talked about. And they're using that for automotive manufacturing, high-volume manufacturing applications.

這就是我在電話會議上提到的——隨著我們的 LiDAR-on-Chip 模塊或工業傳感感知平台的完成，我們現在可以達到微米級的精度。而這個 - 我們在這個領域的第一批客戶之一是我們已經談到的尼康。他們將其用於汽車製造、大批量製造應用。

But also, we're -- we see a pull from the market for the distance measurement across other applications which we think, there is a clear existing business and potential for large-scale deployment. And this is -- this could be from anything from a few centimeters of distance to hundreds of meters of distance. And the key for us is unlike other solutions.

而且，我們 - 我們看到了來自其他應用程序的距離測量市場的拉動，我們認為，存在明確的現有業務和大規模部署的潛力。這是——這可能是從幾厘米到數百米的任何距離。我們的關鍵不同於其他解決方案。

So first of all, 3D time-of-flight LiDAR, what's out there in the market doesn't even typically address those markets because of some of the performance inherent limitations. Other existing solutions are either typically across multiple SKUs with different architectures, that are focused on some only doing a piece of it to just very short range, some that's medium range and some of that's longer range.

因此，首先，3D 飛行時間 LiDAR，由於某些性能固有的限制，市場上的產品通常甚至無法滿足這些市場的需求。其他現有解決方案通常跨越具有不同架構的多個 SKU，這些解決方案專注於一些只在非常短的範圍內做一部分，一些是中等範圍，一些是更長的範圍。

The advantage that we bring here is really that we can achieve that high level of performance, micron-level precision and a compact silicon photonics chip platform add volume and scale, which, based on the manufacturing costs that we have, also in a way that is -- from a cost standpoint, is affordable.

我們在這裡帶來的優勢實際上是我們可以實現高性能、微米級精度和緊湊的矽光子芯片平台，增加體積和規模，基於我們的製造成本，也以某種方式是——從成本的角度來看，是負擔得起的。

And doing so in a way that one solution is able to tackle multiple of these applications from a short to longer range. And we think this is an interesting area from an opportunity standpoint for us. And we're engaged in multiple opportunities with folks. And as we're able to talk more, we will be able to discuss further.

這樣做的方式是，一種解決方案能夠處理從短距離到更遠距離的多種應用。從機會的角度來看，我們認為這是一個有趣的領域。我們與人們有多種機會。隨著我們能夠談論更多，我們將能夠進一步討論。

There are no further questions in the queue. I'd like to hand the call back to management for closing remarks.

隊列中沒有其他問題。我想將電話轉回管理層以作結束語。

Thank you for joining the call, and we will see you next time.

感謝您加入電話會議，我們下次再見。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。