Berkshire Grey Inc (BGRY) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Berkshire Grey's third-quarter 2022 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加伯克希爾·格雷 2022 年第三季財報電話會議。 （操作員指令）

I would now like to turn the conference call over to David Calusdian, an Investor Relations representative for Berkshire Grey. Please go ahead, sir.

現在，我想將電話會議轉給伯克希爾·格雷投資者關係代表戴維·卡盧斯迪安 (David Calusdian)。先生，請繼續。

Thank you, Joe, and thanks to everyone for joining Berkshire Grey's third-quarter 2022 earnings conference call. Earlier today, we issued a news release announcing our financial results. The release is available on our Investor Relations website at ir.berkshiregrey.com. Leading today's discussion will be Berkshire Grey's Founder and Chief Executive Officer, Tom Wagner; and our Chief Financial Officer, Mark Fidler. Following management's prepared remarks, we'll open the call to your questions.

謝謝你，喬，也謝謝大家參加波克夏‧格雷 2022 年第三季財報電話會議。今天早些時候，我們發布了一份新聞稿，宣布了我們的財務表現。新聞稿可在我們的投資者關係網站 ir.berkshiregrey.com 上查閱。今天的討論由 Berkshire Grey 的創始人兼首席執行官湯姆·瓦格納 (Tom Wagner) 主持；以及我們的財務長馬克·菲德勒（Mark Fidler）。在管理階層發表完準備好的發言後，我們將開始回答您的問題。

Before we get started, we would like to inform you that certain statements made during this conference call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Future operating performance and financial results of the business may differ materially from those expressed or implied in any forward-looking statements provided on this conference call due to various uncertainties and risk factors. Information concerning these uncertainties and risk factors is contained in our filings with the SEC, and we refer you to those forward-looking statements disclaimer that accompanied our press release this morning regarding our financial results. Forward-looking statements included in this call are based on information currently available to us and represent the company's current view as of the date these statements are made. We do not commit to updating these statements.

在開始之前，我們想通知您，本次電話會議中發表的某些聲明可能構成《私人證券訴訟改革法案》所定義的前瞻性聲明。由於各種不確定因素和風險因素，未來的業務經營績效和財務結果可能與本次電話會議中提供的任何前瞻性陳述中表達或暗示的結果有重大差異。有關這些不確定性和風險因素的資訊包含在我們提交給美國證券交易委員會的文件中，請您參閱我們今天上午發布的有關財務結果的新聞稿中的前瞻性聲明免責聲明。本次電話會議中包含的前瞻性陳述基於我們目前掌握的信息，代表了公司在做出這些陳述之日的當前觀點。我們不承諾更新這些聲明。

As a reminder, we'll be making -- referring to some non-GAAP financial measures during today's call. A detailed reconciliation of GAAP and non-GAAP measures can be found in our earnings news release issued today, which will be furnished to the SEC and is available now on our IR website. These non-GAAP measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any performance measures derived in accordance with it.

提醒一下，我們將在今天的電話會議上參考一些非 GAAP 財務指標。我們今天發布的收益新聞稿中可以找到 GAAP 和非 GAAP 指標的詳細對帳表，該新聞稿將提供給美國證券交易委員會 (SEC)，現已在我們的 IR 網站上發布。這些非 GAAP 指標是根據 GAAP 編制的財務績效指標的補充，而非替代或優於這些指標，並且不應被視為根據 GAAP 得出的​​任何績效指標的替代。

With that, I'll turn the call over to CEO, Tom Wagner.

說完這些，我將把電話轉給執行長湯姆·瓦格納 (Tom Wagner)。

Thank you, David. Good morning, everyone. Welcome to our third-quarter 2022 earnings call. Today, Mark and I will update you on our quarterly performance, operational execution, long-term strategic alignment with customers, and the continued favorable macro environment driving the long-term demand for automation. We'll also provide some real-world feedback about how well our systems are performing at customers' locations.

謝謝你，大衛。大家早安。歡迎參加我們的 2022 年第三季財報電話會議。今天，馬克和我將向您介紹我們的季度業績、營運執行情況、與客戶的長期策略合作，以及推動長期自動化需求的持續有利的宏觀環境。我們還將提供一些關於我們的系統在客戶所在地運作情況的真實回饋。

First, let's talk about the quarter. We delivered revenue of approximately $24 million, growth of almost $5 million year-over-year. Through early November, we secured over $50 million in new orders, of which approximately $26 million were secured since our last earnings call. We're pleased with the orders we've secured to date. As expected, most of our orders this year represent follow-on orders from our existing customers. These orders demonstrate the success of our solutions in operation and quantifiable ROI for our customers. We have a very active sales pipeline of specific opportunities, and we expect more orders to be signed by the end of the year.

首先，我們來談談本季。我們實現了約 2,400 萬美元的收入，年增近 500 萬美元。截至 11 月初，我們已獲得超過 5,000 萬美元的新訂單，其中約 2,600 萬美元是自上次財報電話會議以來獲得的。我們對迄今為止獲得的訂單感到非常滿意。如預期，我們今年的大部分訂單都是來自現有客戶的後續訂單。這些訂單證明了我們的解決方案在運作中的成功以及為客戶帶來可量化的投資報酬率。我們擁有非常活躍的特定機會銷售管道，我們預計到今年年底將簽署更多訂單。

On the execution front, we're rapidly scaling deployments of our solutions and installing them more efficiently than ever before at customer sites in the United States and Canada. The third quarter is historically a very busy time for us since many customers need to have systems installed prior to their peak season, which occurs mainly between Thanksgiving and Christmas. During the third quarter, we installed 57 of our systems at 16 different sites, making it our busiest quarter ever.

在執行方面，我們正在迅速擴大我們的解決方案的部署，並在美國和加拿大的客戶現場比以往更有效率地安裝它們。從歷史上看，第三季度對我們來說是一個非常繁忙的時期，因為許多客戶需要在旺季之前安裝系統，而旺季主要發生在感恩節和聖誕節之間。第三季度，我們在 16 個不同的站點安裝了 57 個系統，這是我們有史以來最繁忙的季度。

At this point through Q3, we have installed hundreds of our systems and have them running in production at our customers' facilities. Our systems are picking, sorting, packing, and organizing goods to fill e-commerce orders, resupply retail stores, and handle packages at large volumes daily. We hit contracted production rates and demonstrate high performance. For instance, we've achieved 100% accuracy and increased throughput by up to three times while substantially reducing labor costs. Real-world quantifiable performance and ROI is why these same customers, many of whom are Fortune 100 companies, are ordering more solutions.

截至第三季度，我們已經安裝了數百個系統，並在客戶的工廠中投入生產。我們的系統每天挑選、分類、包裝和組織貨物以滿足電子商務訂單、補給零售店並處理大量包裹。我們達到了合約的生產力並表現出了優異的業績。例如，我們實現了 100% 的準確率，並將吞吐量提高了三倍，同時大幅降低了勞動成本。現實世界中可量化的績效和投資報酬率是這些客戶（其中許多是財富 100 強公司）訂購更多解決方案的原因。

The value we're delivering to customers is just part of how our technology is differentiated. Recall, our technology tackles the hardest, most labor-intensive problem in the warehouse distribution industry. The processing of individual items, also known as eaches or smaller groups of items such as vendor packs. This handling is the cornerstone of precise, modern fulfillment where the emphasis is on improving operational efficiencies while supporting all of the changes in consumer expectations tied to that mobile phone in your pocket.

我們為客戶提供的價值只是我們技術差異化的一部分。回想一下，我們的技術解決了倉庫配送產業中最困難、最耗費勞動力的問題。單一項目的處理，也稱為“個體”或“小組項目”（例如供應商包）。這種處理是精確、現代履行的基石，其重點是提高營運效率，同時支援與口袋中的手機相關的所有消費者期望的變化。

There are very few advanced automation options that can process these items and almost none that deliver full solutions like Berkshire Grey. Our solutions, which incorporate large bodies of proprietary AI software and patented hardware with over 170 patents issued and more than 325 current filings, deliver. We are disrupting the automation market with proven, innovative technology that addresses a critical and core need.

很少有先進的自動化選項能夠處理這些物品，而且幾乎沒有像 Berkshire Grey 那樣提供完整的解決方案。我們的解決方案包含大量專有 AI 軟體和專利硬件，已頒發超過 170 項專利，目前有超過 325 項正在申請中。我們正在透過成熟的創新技術來顛覆自動化市場，滿足關鍵的核心需求。

Now I'd like to talk about our perspective on the current macro environment. We've all observed that the current economic climate is challenging, marked by increased inflation, rising wages, continued supply chain issues, and the like. Certain of our large customers have been impacted by some of these issues, which generally result in increased operating costs. For some, labor constraints have also contributed to lower-than-expected revenues. At the same time, our customers continue to be under tremendous pressure to meet consumer expectations and maintain their competitive advantage. This leads to a continued need for automation because it actually helps to manage and mitigate some of these issues, and we are seeing this.

現在我想談談我們對當前宏觀環境的看法。我們都已經注意到，當前的經濟環境充滿挑戰，主要表現為通貨膨脹加劇、薪資上漲、供應鏈問題持續存在等等。我們的某些大客戶受到了其中一些問題的影響，這通常會導致營運成本增加。對一些企業來說，勞動力限制也是導致收入低於預期的原因之一。同時，我們的客戶持續承受著巨大的壓力，需要滿足消費者的期望並保持競爭優勢。這導致了對自動化的持續需求，因為它實際上有助於管理和緩解其中的一些問題，我們正在看到這一點。

To illustrate, let's talk about FedEx for a minute. Earlier this year, we announced an expansion of our strategic relationship with FedEx, which we continue to be very excited about. This expansion includes a strategic new application of our technologies for critical operation, a corporate-wide master purchase agreement construct. And we issued a warrant to purchase our common stock that fully vest when FedEx purchases $200 million in products and services by the end of 2025.

為了說明這一點，讓我們來討論一下聯邦快遞。今年早些時候，我們宣布擴大與聯邦快遞的策略合作關係，我們對此感到非常興奮。此次擴展包括對我們關鍵操作技術的策略性新應用，以及全公司範圍的主採購協議建構。我們也發行了認股權證來購買我們的普通股，當聯邦快遞在 2025 年底前購買價值 2 億美元的產品和服務時，該認股權證將完全歸屬。

Now FedEx has publicly discussed the challenges posed by the global macroeconomic environment. However, just last week, and we appreciate our partnership with them, they placed an $11 million order for more of our systems to be deployed in 2023. When it comes to the challenging macros, our technology precisely addresses the challenges by improving operational efficiency, reducing reliance on manual labor, and helping to future-proof operations due to the modular and flexible nature of our solutions.

現在聯邦快遞公開討論了全球宏觀經濟環境帶來的挑戰。然而，就在上週，我們很感謝與他們的合作，他們下了一份價值 1100 萬美元的訂單，要求在 2023 年部署更多系統。

We continue to see tailwinds driven by our customers' needs to become more efficient in their operations and, above all, maintain their competitive edge in meeting the high expectations of their customers. We remain very bullish on our overall growth opportunity. Our commercial teams are very busy working on over 150 unique opportunities with existing and prospective customers to offer real solutions to real problems, and we are making excellent progress on that front. In fact, we were recently verbally notified that two projects in Europe are expected to be awarded to us. More importantly, these would mark the first projects in EMEA for Berkshire Grey. With a pipeline worth over $6 billion of potential projects, we have strong conviction in our long-term growth prospects.

我們繼續看到由客戶需求推動的順風，即提高其營運效率，以及最重要的是保持其在滿足客戶高期望方面的競爭優勢。我們對我們的整體成長機會仍然非常樂觀。我們的商業團隊正忙於與現有和潛在客戶合作超過 150 個獨特的機會，為實際問題提供真正的解決方案，我們在這方面取得了顯著進展。事實上，我們最近得到口頭通知，預計將有兩個歐洲計畫授予我們。更重要的是，這將是波克夏·格雷在歐洲、中東和非洲地區的首批計畫。我們擁有價值超過 60 億美元的潛在項目，對公司的長期成長前景充滿信心。

In summary, we're delighted with our Q3 performance and recent orders. The macro environment continues to support the robust long-term opportunity for our type of automation, and we are executing well operationally. Our technology continues to prove its value, and we look forward to executing on our business plan.

總而言之，我們對第三季的業績和最近的訂單感到滿意。宏觀環境持續為我們的自動化類型提供強勁的長期機會，而且我們的營運執行良好。我們的技術不斷證明其價值，我們期待執行我們的商業計劃。

Now let me turn it over to Mark to give some details on the quarter and our outlook for the year.

現在，讓我將話題轉交給馬克，讓他詳細介紹本季的情況以及我們對今年的展望。

Thanks, Tom, and good morning, everyone. I'd like to start by discussing our third-quarter results. Net revenue for the quarter was $23.6 million, an increase of over 26% year-over-year. Year-to-date, revenues were $52.5 million, an increase of 93% over the prior year. So we continue to make great progress growing revenue. We were very busy installing systems this quarter as expected, given the typical seasonality of the business. In line with that seasonality, we expect the number of installations will decrease somewhat in Q4, and we expect this seasonality in our deployment cycle will continue in future years.

謝謝，湯姆，大家早安。我想先討論一下我們的第三季業績。本季淨收入為 2,360 萬美元，年增超過 26%。年初至今，營收為 5,250 萬美元，比上年成長 93%。因此我們在增加收入方面繼續取得巨大進步。考慮到業務的典型季節性，我們本季非常忙於安裝系統，這一點是意料之中的。根據這種季節性特點，我們預計第四季度的安裝數量將有所下降，並且我們預計未來幾年部署週期的這種季節性特點將持續下去。

During the third quarter, we realized approximately $350,000 for the provision of common stock warrants, which is recorded as a reduction in revenue. As you may recall, we issued a warrant to purchase Berkshire Grey common stock in conjunction with the expansion of our strategic relationship with FedEx. We will record a provision for common stock warrants as FedEx makes progress towards divesting of their warrant, and this provision is recorded as a reduction of revenue for US GAAP purposes. We will continue to clearly communicate the impact of the provision for common stock warrants in order to provide for a better understanding of the progress we're making with revenue. More information regarding the accounting treatment of the FedEx warrant can be found in our 10-Q, which is expected to be filed later today.

第三季度，我們因提供普通股認股權證而實現了約 35 萬美元的收入，這被記錄為收入減少。您可能還記得，我們​​為了擴大與聯邦快遞的策略關係，發行了購買波克夏‧格雷普通股的認股權證。隨著聯邦快遞在剝離其認股權證方面取得進展，我們將記錄一項普通股認股權證撥備，並且這項撥備將記錄為美國公認會計準則的收入減少。我們將繼續清楚地傳達普通股認股權證準備金的影響，以便更好地了解我們在收入方面的進展。有關聯邦快遞認股權證會計處理的更多信息，請參閱我們的 10-Q 報告，預計該報告將於今天晚些時候提交。

Moving to orders. Since our last earnings call, we secured new orders of $26 million through early November, which brings total orders this year to over $50 million so far. Our backlog is over $100 million, including the orders received through early November. So far this year, most of the orders represent follow-on orders from existing customers. As Tom mentioned, our commercial teams continue to be quite busy working on over 150 specific project opportunities, some of which are expected to be finalized by the end of the year. We have consistently communicated that our orders would be heavily weighted in the second half of this year.

轉向訂單。自上次財報電話會議以來，截至 11 月初，我們已獲得價值 2,600 萬美元的新訂單，這使得今年迄今的訂單總額已超過 5,000 萬美元。我們的積壓訂單超過 1 億美元，其中包括截至 11 月初收到的訂單。今年到目前為止，大多數訂單都是來自現有客戶的後續訂單。正如湯姆所提到的，我們的商業團隊繼續忙於處理 150 多個特定的專案機會，其中一些預計將在年底前完成。我們一直在傳達這樣的訊息：今年下半年我們的訂單將會非常緊張。

Our long-term growth prospects remain strong, supported by a several billion-dollar pipeline. This pipeline is comprised of our strategic customers and over 135 other household name companies, many of which could become long-term strategic customers themselves.

在數十億美元資金的支持下，我們的長期成長前景仍然強勁。這個管道由我們的策略客戶和超過 135 家其他家喻戶曉的公司組成，其中許多公司本身可能會成為長期策略客戶。

Moving to gross margin. We continue to execute the margin improvement initiatives we have previously outlined, and we are already starting to see substantial progress. Gross margin was negative 5% or negative 3.6%, excluding the impact of the provision for the FedEx warrant for the third quarter of 2022. This is a significant improvement from prior quarters. And please note that prior quarters did not have any provisions for common stock warrants. In prior quarters, gross margins were negative 22% in Q1, negative 13% in Q2 and negative 15% for the same quarter in 2021. I repeat, Q3 gross margins were negative 3.6%, excluding the impact of the FedEx warrant, and we expect this positive momentum to continue for all of 2023.

轉向毛利率。我們繼續執行我們之前概述的利潤率提高舉措，並且已經開始看到實質進展。毛利率為負5%，即負3.6%，不包括2022年第三季聯邦快遞認股權證撥備的影響。請注意，前幾個季度沒有針對普通股認股權證的任何規定。在前幾季度，第一季的毛利率為負 22%，第二季為負 13%，2021 年同期為負 15%。

There are a few key drivers for the margin improvement. First, we continue to become more efficient with each new project. We're reducing the time it takes to fully install systems, and our contract manufacturers are becoming increasingly more efficient assembling the system. Second, our revenues are growing. An important driver of margin expansion and long-term profitability is scale. Scale allows us to leverage our overhead and takes advantage of lower unit pricing with our contract manufacturers.

利潤率提高有幾個關鍵驅動因素。首先，隨著每個新專案的開展，我們的效率不斷提高。我們正在減少完全安裝系統所需的時間，我們的合約製造商組裝系統的效率也越來越高。第二，我們的收入正在成長。利潤率擴大和長期獲利能力的重要驅動力是規模。規模使我們能夠充分利用我們的管理費用，並享受與合約製造商簽訂合約時享受的較低單位定價優勢。

And finally, we're making great progress in reducing product costs. Our engineering and supply chain teams continue to identify and implement updates to our designs and direct costs that we consider to be low-hanging fruit and are expected to be realized with next year's deployments. We are encouraged by our efforts to date, and we expect that all of our current project orders and anticipated new orders for delivery next year will realize positive margins.

最後，我們在降低產品成本方面取得了巨大進展。我們的工程和供應鏈團隊繼續識別和實施我們的設計和直接成本的更新，我們認為這些更新是唾手可得的，預計將在明年的部署中實現。我們迄今為止的努力令我們感到鼓舞，我們預計所有當前項目訂單和預計明年交付的新訂單都將實現正利潤。

So we're pleased with the progress we're making to improve the gross margins. While overall gross margin is still expected to be slightly negative for the full-year 2022, we are on plan to achieve overall gross margin for 2023 and beyond. And we remain confident in our ability to achieve our run rate operating metrics of about 50% gross margins in the long term.

因此，我們對提高毛利率所取得的進展感到滿意。雖然預計 2022 年全年整體毛利率仍將略為負值，但我們計劃在 2023 年及以後實現整體毛利率。我們仍然有信心，我們能夠長期實現約 50% 毛利率的運行率營運指標。

Moving to operating expenses. Total OpEx for the quarter was $26 million, excluding stock-based comp, which is over $2 million lower than the second quarter and over $5 million lower than the first quarter. The initiatives we started over the summer to reduce cash burn are starting to be realized. Adjusted EBITDA, which is defined as loss from operations adjusted primarily for depreciation, stock comp expense, the FedEx warrant provision, and changes in the fair value of warrants, was negative $26.1 million in the third quarter, an improvement of over $4 million from Q2 and an almost $6 million improvement over the first quarter of this year. A reconciliation of our net loss to adjusted EBITDA is included in our earnings release issued earlier this morning.

轉向營運費用。本季的總營運支出為 2,600 萬美元（不含股票補償），比第二季低 200 多萬美元，比第一季低 500 多萬美元。我們在夏季開始採取的減少現金消耗的措施開始取得成效。調整後 EBITDA（主要針對折舊、股票補償費用、聯邦快遞認股權證準備金以及認股權證公允價值變動進行調整後的營業虧損）在第三季度為負 2610 萬美元，較第二季度改善超過 400 萬美元，較今年第一季改善近 600 萬美元。我們今天早上發布的收益報告中包含了淨虧損與調整後 EBITDA 的對帳。

On the balance sheet, we ended the quarter with approximately $78 million of cash and no debt. We recently announced that we entered into an equity purchase agreement with Lincoln Park Capital, allowing us to raise up to $75 million in cash from the sale of common stock. This transaction provides us with increased financial flexibility as we continue to execute our business plan.

在資產負債表上，我們本季末擁有約 7,800 萬美元的現金，沒有債務。我們最近宣布與林肯公園資本達成股權購買協議，允許我們透過出售普通股籌集高達 7,500 萬美元的現金。當我們繼續執行業務計劃時，這筆交易為我們提供了更大的財務靈活性。

Looking ahead, we remain confident in our growth trajectory. We've secured over $50 million in orders so far and have a backlog of over $100 million now with the FedEx order we just received, providing good visibility for revenue. While we had the busiest quarter ever in terms of execution, we expect certain customer projects will be slightly delayed for the remainder of this year, and we are, therefore, updating our revenue forecast for 2022 to be between $65 million and $70 million, excluding any impact of the FedEx warrant. For clarity, our prior guidance did not include any estimates for provisions for common stock warrants.

展望未來，我們對我們的成長軌跡仍然充滿信心。到目前為止，我們已經獲得了超過 5000 萬美元的訂單，由於剛剛收到聯邦快遞的訂單，目前積壓訂單已超過 1 億美元，這為收入提供了良好的可見性。雖然就執行而言，我們經歷了有史以來最繁忙的一個季度，但我們預計某些客戶專案在今年剩餘時間內會略有延遲，因此，我們將 2022 年的收入預測更新為 6500 萬美元至 7000 萬美元之間，不包括聯邦快遞認股權證的任何影響。為了清楚起見，我們先前的指引沒有包括任何普通股認股權證準備金的估計。

We have strong conviction in our long-term growth potential. Our commercial activity is busy as ever, our pipeline continues to grow, and follow-on orders from customers further bolster our growth prospects. So to reiterate some key points, we continue to be in strong position to execute. Our technology is proven in production and driving tangible ROI for Fortune 100 customers.

我們對長期成長的潛力充滿信心。我們的商業活動一如既往的繁忙，我們的產品線不斷成長，客戶的後續訂單進一步增強了我們的成長前景。因此，重申一些關鍵點，我們將繼續保持強而有力的執行地位。我們的技術已經在生產中得到驗證，並且為財富 100 強客戶帶來了切實的投資回報。

We continue to expand our commercial relationships. Follow-on orders from customers validate this point. Macro tailwinds continue to drive the long-term need for automation. Even in challenging times, customers are making investments in our automation technology. And our backlog, combined with our growing pipeline, provides us with even greater conviction about our long-term growth prospects.

我們繼續擴大我們的商業關係。客戶的後續訂單也驗證了這一點。宏觀順風持續推動對自動化的長期需求。即使在充滿挑戰的時期，客戶仍在對我們的自動化技術進行投資。我們的積壓訂單和不斷增長的產品線使我們對公司的長期成長前景更有信心。

And now, operator, we'll turn it over for Q&A.

接線員，現在我們將其交給問答環節。

Thank you. (Operator Instructions) Andrew Obin, Bank of America.

謝謝。 （操作員指示）美國銀行安德魯‧奧賓 (Andrew Obin)。

This is David Ridley-Lane on for Andrew Obin. I was wondering, are the customer project delays that you're seeing here a function of supply chain issues or kind of maybe on the customer side, labor availability? Or are you hearing anything about budget-related delays from customers?

這是安德魯·奧賓 (Andrew Obin) 的戴維·里德利·萊恩 (David Ridley-Lane)。我想知道，您在這裡看到的客戶專案延遲是否是由於供應鏈問題造成的，或者可能是客戶方面的勞動力可用性問題？或是您聽到客戶反映與預算相關的延遲情況？

No. The answer to that is really, these are just updates to construction schedules and timeline schedules that the customer had asked for that we're accommodating. And it's really just pushing some of the projects from this year into next year. But it's not really -- it's not necessarily a result of any broad supply chain issues. These would really have to do with the timing of customer projects, which we are accommodating for these particular projects.

不。這實際上只是將今年的一些項目推遲到明年。但事實並非如此——這不一定是任何廣泛的供應鏈問題造成的。這些實際上與客戶專案的時間表有關，我們正在為這些特定的項目提供便利。

And then any update on the sort of larger contract negotiation with Target? Is that still continuing?

那麼與 Target 進行更大規模合約談判有什麼進展嗎？這樣的狀態還在繼續嗎？

Hey, David. For Target, we have a deep and wide relationship with them, and we appreciate their partnership. We continue to work with them on their long-term strategy and believe that our systems are a part of that. We're just -- we're in active discussions now and stay tuned.

嘿，大衛。對於塔吉特，我們與他們保持著深厚而廣泛的關係，我們感謝他們的合作。我們繼續與他們合作制定長期策略，並相信我們的系統是其中的一部分。我們現在正在積極討論，請繼續關注。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Greg Palm, Craig-Hallum.

（操作員指示） Greg Palm，Craig-Hallum。

Yes, good morning. Thanks for taking the questions. I first wanted to just follow up on the previous question in terms of the construction delays. I mean, do you have good visibility into those projects being recognized now in Q1? Or when you talk about some delays, could it be further into next year?

是的，早安。感謝您回答這些問題。首先，我想就施工延誤的問題繼續回答。我的意思是，您是否清楚了解目前在第一季得到認可的那些項目？或者當您談到一些延遲時，是否會延遲到明年？

It's likely going to be later Q1, Q2. It's really just a function again of meeting the customer needs and when we're going to be delivering equipment, et cetera, et cetera. These aren't necessarily long term, going to be pushed out years and years. But that's kind of what we're looking at.

很可能是在第一季或第二季晚些時候。這實際上只是滿足客戶需求的功能，以及我們何時交付設備等等。這些不一定是長期的，需要花費很多年的時間。但這正是我們正在關注的。

Okay, makes sense. And if I heard you right, I think you mentioned the likelihood of still receiving more orders this year or so, I guess, in the next six weeks. Can you maybe quantify what you might see? Do you expect that orders this year could be in excess of what you saw last year? And then just in terms of that backlog, do you expect to recognize the majority or the entirety of the current backlog next year or does some of that push out to future years?

好的，有道理。如果我沒聽錯的話，我想您已經提到了今年左右，也就是未來六週內仍有可能收到更多訂單。您能量化您所看到的東西嗎？您預計今年的訂單量會超過去年嗎？那麼就積壓訂單而言，您是否預計明年能夠確認大部分或全部當前積壓訂單，或者其中一部分訂單是否會推遲到未來幾年？

So generally speaking, we can receive orders. We do expect to receive more orders before the end of the year. And we can actually receive orders as late as Q1 of next year and still be able to realize revenue in 2023 for those orders. So that's just sort of a general statement.

所以一般來說，我們都能接訂單。我們確實希望在年底前收到更多訂單。我們實際上可以在明年第一季之前收到訂單，並且仍然能夠在 2023 年實現這些訂單的收入。這只是一種一般性陳述。

With the backlog now, our expectation is that most of that would be realized over the next, call it, 12 to 15 months. Obviously, it's dependent upon customer schedules and assuming that there are no further supply chain disruptions, which all could happen. But right now, that's not -- we're not expecting that, but those still could pose as risks. So right now, generally speaking, over in the next 12 to 15 months is when we would realize the backlog.

考慮到目前積壓的任務，我們預計大部分任務將在未來 12 到 15 個月內實現。顯然，這取決於客戶的時間表，並假設沒有進一步的供應鏈中斷，而這一切都有可能發生。但目前，情況並非如此——我們並沒有預料到這種情況，但這些仍然可能構成風險。所以現在，一般來說，在未來 12 到 15 個月內我們就能解決積壓問題。

Okay, understood. And then I thought the comment on the expansion into Europe was interesting. Are those follow-on orders from existing customers or are those new customers? And maybe you can just talk about the opportunity or maybe the focus on expansion into new geographies like EMEA.

好的，明白了。然後我認為關於向歐洲擴張的評論很有趣。這些是現有客戶的後續訂單還是新客戶的？或許您可以談談機會，或專注於向 EMEA 等新地區擴張。

Greg, we think EMEA is important. These are our first wins in EMEA, and those are with new customers. We think the potential there is quite high, both with these specific customers and in that as a region.

格雷格，我們認為歐洲、中東和非洲地區很重要。這是我們在歐洲、中東和非洲地區的首次勝利，而且都是來自新客戶。我們認為那裡的潛力相當大，無論是對於這些特定客戶還是對該地區而言。

Okay. Look forward to getting more updates there. I'll hop back in the queue. Thanks.

好的。期待在那裡獲得更多更新。我將重新回到隊列中。謝謝。

All right. Thank you.

好的。謝謝。

This concludes the question-and-answer portion of today's call. At this time, I would like to turn the conference over to Berkshire Grey's CEO, Tom Wagner for closing remarks.

今天電話會議的問答部分到此結束。現在，我想將會議交給伯克希爾·格雷的首席執行官湯姆·瓦格納 (Tom Wagner) 來致閉幕詞。

Thank you all for joining us today. We look forward to talking to you again next quarter. Thank you and have a good rest of your day.

感謝大家今天的參與。我們期待下個季度再次與您交談。謝謝您，祝您今天剩餘的時間過得愉快。

Ladies and gentlemen, this does conclude today's conference call. You may all disconnect and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。大家可以斷開連線並享受美好的一天。