Cepton Inc (CPTN) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Q2 2023 Cepton Inc business update and earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Hull Xu, CFO. Thank you, Hull, you may begin.

您好，歡迎參加 2023 年第二季度 Cepton Inc 業務更新和財報電話會議。 （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，首席財務官徐赫爾。謝謝你，赫爾，你可以開始了。

Thank you, and welcome to Cepton's second quarter 2023 earnings call and business update. With me today are Jun Pei, Co-Founder and Chief Executive Officer; and Mitch Hourtienne, Senior Vice President of Business Development.

謝謝，歡迎參加 Cepton 的 2023 年第二季度財報電話會議和業務更新。今天和我在一起的有聯合創始人兼首席執行官裴俊；和業務開發高級副總裁 Mitch Hourtienne。

During the call, we may refer to our unaudited GAAP and non-GAAP measures in our earnings release. The Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Reconciliations for non-GAAP measures are included in our earnings release.

在電話會議期間，我們可能會在收益發布中提及未經審計的 GAAP 和非 GAAP 衡量標準。非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務業績指標。非公認會計原則措施的調節包含在我們的收益發布中。

I'd like to remind everyone that comments made in this conference call may include forward-looking statements regarding the company's expected operational and financial performance for future periods. These statements are based on the company's current expectation and are subject to the Safe Harbor Statement relating to the forward-looking statements contained in our earnings release and the slides that accompany this call.

我想提醒大家，本次電話會議中的評論可能包括有關公司未來時期預期運營和財務業績的前瞻性陳述。這些聲明基於公司當前的預期，並受與我們的收益發布和本次電話會議隨附的幻燈片中包含的前瞻性聲明相關的安全港聲明的約束。

Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks, uncertainties or other factors, including those discussed in the earnings release or during today's call, and those described in our filings with the US SEC. We're not undertaking any commitment to update these statements as a result of future events except as required by law.

由於許多風險、不確定性或其他因素，包括收益報告中或今天電話會議中討論的因素，以及我們向公司提交的文件中描述的因素，未來時期的實際結果可能與這些前瞻性陳述中明示或暗示的結果存在重大差異。美國證券交易委員會。除法律要求外，我們不承諾因未來事件而更新這些聲明。

As a quick reminder, this call is being recorded, and you can find the earnings release and slides that accompany this call as well as the webcast replay of this call at investors.cepton.com. Now I'd like to turn the call over to Jun.

快速提醒一下，本次電話會議正在錄音，您可以在 Investors.cepton.com 上找到本次電話會議附帶的收益發布和幻燈片以及本次電話會議的網絡廣播重播。現在我想把電話轉給Jun。

Thank you, Hull, and good afternoon, everyone. Thank you for joining Cepton second quarter 2023 earnings call. We will provide a business update and review our second quarter financial results with you. Starting off, I'm proud to announce that we have delivered a new company record for the quarterly product revenue and gross margin. This quarter, we shipped the highest number of lidar units to both of our automotive and smart infrastructure end customers since our inception. In automotive, we expect our shipment volumes to be more than double for each sequential quarter for the remainder of this year, as our OEM customers look to launch the start of production at the end of this year.

謝謝你，赫爾，大家下午好。感謝您參加 Cepton 2023 年第二季度財報電話會議。我們將提供業務更新並與您一起審查我們的第二季度財務業績。首先，我很自豪地宣布，我們的季度產品收入和毛利率創下了公司的新紀錄。本季度，我們向汽車和智能基礎設施終端客戶交付了自成立以來數量最多的激光雷達裝置。在汽車領域，我們預計今年剩餘時間內每個季度的出貨量將增加一倍以上，因為我們的 OEM 客戶希望在今年年底開始生產。

Our smart infrastructure, we're executing our multi-million-dollar contract from our largest tolling customer. This is the largest commercial deployment of our lidars to-date for the tolling application. We have discussed with you our expected growth this year over the past few quarters. This time, I will let the results speak for themselves.

我們的智能基礎設施，我們正在執行來自我們最大的收費客戶的數百萬美元的合同。這是迄今為止我們的激光雷達在收費應用中最大規模的商業部署。我們在過去幾個季度與您討論了今年的預期增長。這一次，我會讓結果來說話。

Our record-setting quarters reflects the hard work and dedication put forth by our teams executing our current programs. We expect this trend to continue for the remainder of the year as we continue to ramp unit volumes for automotive series production as well as for smart infrastructure projects. Our series production execution, we remain on track to fulfill orders for OEM start of production at the end of this year. We shipped the highest number of preproduction units this quarter in support of our lead OEM program, resulting from our continued commercialization efforts to increase our production capacity.

我們創紀錄的季度反映了我們執行當前項目的團隊所付出的辛勤工作和奉獻精神。我們預計這一趨勢將在今年剩餘時間內持續下去，因為我們將繼續增加汽車系列生產以及智能基礎設施項目的單位產量。我們的系列生產執行，我們仍然有望在今年年底完成 OEM 開始生產的訂單。本季度我們交付了最高數量的預生產單元，以支持我們的領先 OEM 計劃，這是我們為提高產能而不斷進行商業化努力的結果。

This quarter, we internally developed and deployed automated manufacturing equipment to our contract manufacturing partners in order to meet series production order volumes. Automation of our manufacturing processes is a increasing priority for our hardware and software teams, as unit volume continue to increase. This quarter, our development efforts has expanded into testing and calibration equipment. Lidar sensors are highly sophisticated instruments that require the expertise of our engineering teams to maintain the required level of precision in all manufacturing steps. By investing our time and resources, our custom manufacturing solutions are scalable across different products, maximizing production efficiency and minimizing physical footprint.

本季度，我們內部開發並向合同製造合作夥伴部署自動化製造設備，以滿足批量生產訂單量。隨著單位產量的不斷增加，製造流程的自動化對於我們的硬件和軟件團隊來說越來越重要。本季度，我們的開發工作已擴展到測試和校准設備。激光雷達傳感器是高度複雜的儀器，需要我們工程團隊的專業知識才能在所有製造步驟中保持所需的精度水平。通過投入時間和資源，我們的定制製造解決方案可以跨不同產品進行擴展，從而最大限度地提高生產效率並最大限度地減少物理佔地面積。

We remain confident in meeting our production milestones for the remainder of the year. Last quarter, we announced our point cloud processing ASIC that we developed in-house specifically for our lidars. This quarter, we completed the engineering validation of this ASIC into our near range Nova product. We have successfully integrated new ASIC into our Nova B samples, and began shipping units to our lead autonomous ground vehicle OEM customer. We expect our new X90 product line to start shipping was this ASIC by the end of this year.

我們仍然有信心在今年剩餘時間內實現生產里程碑。上個季度，我們宣布了專門為激光雷達內部開發的點雲處理 ASIC。本季度，我們完成了該 ASIC 在我們的近程 Nova 產品中的工程驗證。我們已成功將新的 ASIC 集成到 Nova B 樣品中，並開始向我們領先的自動地面車輛 OEM 客戶發貨。我們預計我們的新 X90 產品線將在今年年底開始發貨。

Across our automotive OEM customers, we're seeing increasing interest in perception solutions, and we are developing automotive perception software by leveraging our proven smart infrastructure software solutions. Lidar sensors vary in many different dimensions from scanning patterns to point cloud density. This has created the need for a plug-and-play solution that can easily integrate into the broader ADAS software stack. In addition, automotive OEMs have the unique challenge of synchronizing multiple sensor types.

我們發現，我們的汽車 OEM 客戶對感知解決方案的興趣日益濃厚，我們正在利用我們經過驗證的智能基礎設施軟件解決方案來開發汽車感知軟件。激光雷達傳感器在從掃描模式到點云密度的許多不同維度上都有所不同。這就產生了對即插即用解決方案的需求，該解決方案可以輕鬆集成到更廣泛的 ADAS 軟件堆棧中。此外，汽車原始設備製造商還面臨同步多種傳感器類型的獨特挑戰。

We're proud to be one of the core building blocks, providing valuable input data to help save lives. Please stay tuned for our further progress. Our accomplishments this quarter are certainly worth highlighting. The record quarters like this one are just the beginning of our company. We will continue to scale our business throughout the remainder of the year. This year, there are a number of automotive programs up for grabs. We believe our extensive lidar portfolio of short, medium, and long-range lidars in combination with our experience in executing automotive production program, positions us to win additional series production awards.

我們很自豪能夠成為核心構建模塊之一，提供有價值的輸入數據來幫助拯救生命。請繼續關注我們的進一步進展。我們本季度取得的成就當然值得強調。像這樣創紀錄的季度只是我們公司的開始。我們將在今年剩餘時間內繼續擴大我們的業務。今年，有許多汽車項目可供爭奪。我們相信，我們廣泛的短程、中程和遠程激光雷達產品組合，再加上我們在執行汽車生產計劃方面的經驗，將使我們能夠贏得更多的系列生產獎項。

With that, I'll turn it over to Mitch for details on our efforts with our customer programs.

這樣，我會將其轉交給米奇，了解我們在客戶計劃方面所做的努力的詳細信息。

Thank you, Jun. This quarter, our lead OEM production customer revealed the third contracted vehicle model plan to incorporate our lidar, and you'll see a few more details in a few days. Recent announcements such as this one has led to accelerated interest from major car OEMs, competing in the US market. The race for safe autonomy is really front and center now, especially here in the US market. Outside of China, the US market continues to be the biggest for the Level 2+ and Level 3 ADAS feature set.

謝謝你，Jun。本季度，我們的主要 OEM 生產客戶透露了第三個合同車型計劃，計劃採用我們的激光雷達，幾天后您將看到更多細節。最近的此類公告引起了主要汽車原始設備製造商的興趣，這些製造商正在參與美國市場的競爭。安全自主的競爭現在確實是前沿和中心，尤其是在美國市場。除中國以外，美國仍然是 2+ 級和 3 級 ADAS 功能集的最大市場。

This quarter, we received an RFI from one of the largest automotive OEMs in the world. This RFI was specifically driven by the US arm of this OEM. Another strong indication that the US market competition is pressuring international automakers to consider their US offerings to include lidar for their next-gen Level 2+ and Level 3 ADAS systems. For our existing RFIs and RFQs, we completed multiple on-site technical reviews this quarter with several top-10 OEMs. Specifically, we are in the final round discussions with what we believe to be the largest open automotive OEM series production award this year. Echoing Jun's comments earlier, we are uniquely positioned to win because of our experience launching at a North American OEM, General Motors; and our strong partnership with Koito manufacturing.

本季度，我們收到了來自世界上最大的汽車原始設備製造商之一的 RFI。該 RFI 是由該 OEM 的美國部門專門推動的。另一個強有力的跡象表明，美國市場競爭正在迫使國際汽車製造商考慮在其美國產品中為其下一代 2+ 級和 3 級 ADAS 系統提供激光雷達。對於我們現有的 RFI 和 RFQ，我們本季度與多家排名前 10 的 OEM 完成了多項現場技術審查。具體來說，我們正在進行最後一輪討論，我們認為這是今年最大的開放式汽車 OEM 系列生產獎。與 Jun 早些時候的評論相呼應，我們擁有獨特的優勢，能夠贏得勝利，因為我們在北美 OEM 通用汽車公司擁有豐富的經驗；以及我們與小糸製造公司的牢固合作夥伴關係。

Our industry-leading form factor for behind the windshield integration, coupled with our multiyear journey down the cost walk past affords us the opportunity to really be in the final sourcing conversations across multiple OEMs. When we get to this final point in major sourcings, I remain confident that we really have built everything: from our technical prowess to our commercial strategy to our tier-one partnership, the strongest in this industry to match what these customers are striving for, and result in positive outcomes for Cepton, for the OEMs, and ultimately for the consumers that will become safer and more comfortable by these Cepton lidar enabled features. I'm very hopeful that in the near future, we will be announcing our lidar will be used on even more American cars and trucks.

我們在擋風玻璃集成方面具有行業領先的外形尺寸，加上我們多年來不斷降低成本的歷程，使我們有機會真正參與多個原始設備製造商的最終採購對話。當我們到達主要採購的最後一點時，我仍然相信我們確實已經建立了一切：從我們的技術實力到我們的商業戰略，再到我們的一級合作夥伴關係，這是這個行業中最強大的，可以滿足這些客戶所追求的目標，並為 Cepton、OEM 以及最終消費者帶來積極成果，這些 Cepton 激光雷達功能將變得更安全、更舒適。我非常希望在不久的將來，我們將宣布我們的激光雷達將用於更多的美國汽車和卡車。

On the smart infrastructure side, we had record level of shipments to our largest commercial contract and the tolling application, which we believe to be the largest for this type of lidar application. In tolling, our lidar sensors enable free flow tolling without the need for human assistance tolling lanes. Our sensors are also used to measure traffic data and incorporate road usage data for predictive analytic applications like road maintenance optimization. The biggest advantage of why lidars work better than cameras is that traffic data can be measured at night and during inclement weather conditions.

在智能基礎設施方面，我們最大的商業合同和收費應用程序的出貨量達到了創紀錄的水平，我們認為這是此類激光雷達應用程序中最大的。在收費過程中，我們的激光雷達傳感器可實現自由流動收費，無需人工協助收費車道。我們的傳感器還用於測量交通數據，並將道路使用數據納入預測分析應用，例如道路維護優化。激光雷達比攝像頭工作得更好的最大優點是可以在夜間和惡劣天氣條件下測量交通數據。

Further, our lidar has the ability to detect the number of axles the vehicles passing through as well as taking detailed height measurements. These features help systems integrators improve on billing and improve safety in areas where there are high clearance requirements, such as bridges and tunnels. Our lidars are currently being deployed across the US, and we're in discussions to expand into additional states and countries over the next 6 to 12 months.

此外，我們的激光雷達能夠檢測車輛經過的車軸數量並進行詳細的高度測量。這些功能可幫助系統集成商改進計費並提高橋樑和隧道等間隙要求較高的區域的安全性。我們的激光雷達目前正在美國各地部署，我們正在討論在未來 6 到 12 個月內擴展到更多州和國家。

Finally, I'm happy to report that we recently received our first production order for lidar installations across multiple airports in the US. This is an emerging application for our products, and we look to share more information with you in future announcements.

最後，我很高興地向大家報告，我們最近收到了第一份在美國多個機場安裝激光雷達的生產訂單。這是我們產品的一個新興應用程序，我們希望在未來的公告中與您分享更多信息。

Next, I'll turn it over to Hull.

接下來，我將把它交給赫爾。

Thank you, Mitch.

謝謝你，米奇。

Starting with our second quarter results. Total revenue for the quarter was $2.8 million, an increase of 9% compared to the prior year period and 88% compared to our previous quarter. Product revenue was $2.8 million, a new record for the company, an increase of 92% compared to the prior year period and 123% compared to our previous quarter. Our strong product revenue growth was driven by an increase in our average selling price for commercial deployments and a product mix shift more in favor of smart infrastructure. There was minimal development revenue, which is based on timing of completion of outstanding projects.

從我們第二季度的業績開始。本季度總收入為 280 萬美元，比去年同期增長 9%，比上一季度增長 88%。產品收入為 280 萬美元，創公司新紀錄，比去年同期增長 92%，比上一季度增長 123%。我們強勁的產品收入增長是由於商業部署的平均售價上漲以及產品組合更加有利於智能基礎設施而推動的。開發收入微乎其微，這是基於未完成項目的完成時間。

We achieved record gross margin of positive 15.6% on a GAAP basis, primarily driven by revenue mix shift between automotive and smart infrastructure customers, and fixed cost leverage on the record level of unit shipments. As our sales volume shift in favor of automotive OEM customers for the remainder of the year, our ASP is expected to decrease as incremental production milestones are met, and we begin to sell at production volume prices. As a result, we expect gross margin to decrease in the short term, followed by a rebound as unit volumes grow and economies of scale is achieved.

按 GAAP 計算，我們的毛利率達到創紀錄的 15.6%，這主要是由於汽車和智能基礎設施客戶之間的收入組合轉變，以及創紀錄的單位出貨量水平的固定成本槓桿推動的。由於我們的銷量在今年剩餘時間內轉向汽車原始設備製造商客戶，隨著增量生產里程碑的實現，我們的平均售價預計會下降，並且我們開始以量產價格進行銷售。因此，我們預計短期內毛利率將下降，隨後隨著銷量的增長和規模經濟的實現而出現反彈。

Second quarter GAAP net loss was $14.2 million or $0.09 per share, basic and diluted; non-GAAP net loss was $11.8 million or $0.08 per share, basic and diluted. Second quarter non-GAAP adjusted EBITDA was negative $12.6 million. As of June 30, 2023, we had available liquidity of approximately $168 million. Total available liquidity consists of approximately $70 million in cash and short-term investments and a commitment to purchase up to $98 million in equity for Lincoln Park Capital.

第二季度 GAAP 淨虧損為 1,420 萬美元，即每股基本虧損和稀釋虧損 0.09 美元；非 GAAP 淨虧損為 1180 萬美元，即每股基本虧損和稀釋虧損 0.08 美元。第二季度非 GAAP 調整後 EBITDA 為負 1,260 萬美元。截至 2023 年 6 月 30 日，我們的可用流動資金約為 1.68 億美元。可用流動資金總額包括約 7,000 萬美元的現金和短期投資，以及承諾購買林肯公園資本 (Lincoln Park Capital) 高達 9,800 萬美元的股權。

And with that, I'd like to open the call for questions.

接下來，我想開始提問。

(Operator Instructions)

（操作員說明）

Matthew Galinko, Maxim Group.

馬修·加林科，Maxim 集團。

Thanks for taking my questions. I wanted to touch on -- you talked about the kind of the gross margin dynamics we should expect through the balance of this year. In terms of first margin on scaling back up on that automotive volumes ramp up, are you able to get there on your existing OEM relationship or do you expect you need more volume from additional wins to get to a high-volume expected gross margin? And to the extent that you could say, what kind of margin range can we expect at maturity?

感謝您回答我的問題。我想談談——您談到了我們應該在今年餘下時間預期的毛利率動態。就汽車銷量增加時擴大規模的第一利潤而言，您是否能夠通過現有的OEM 關係實現這一目標，或者您是否預計需要從額外的勝利中獲得更多銷量才能達到高銷量的預期毛利率？您可以說，到期時我們可以預期什麼樣的保證金範圍？

Hey, Matt, thanks for the question. Yeah, the short answer is that yes, we can get there from our existing contract with GM, obviously, more units will be helpful. But we do expect to get to a mid-40s gross margin somewhere around 2025-ish, depend on volume, obviously.

嘿，馬特，謝謝你的提問。是的，簡短的回答是，是的，我們可以從與通用汽車的現有合同中實現這一目標，顯然，更多的單位會有所幫助。但我們確實預計毛利率將在 2025 年左右達到 40 多歲左右，這顯然取決於銷量。

Got it. Okay. that's helpful.

知道了。好的。這很有幫助。

In terms of the outstanding decisions that you're expecting to be made I guess through the balance of this year, can you give us some sense of -- do you feel you have a leading position in some or a number of them? How many are you working towards? Just any more color you could provide on what you're working on today.

就您預計在今年餘下時間做出的傑出決定而言，您能否給我們一些感覺——您是否認為您在其中一些或某些方面處於領先地位？您正在努力實現多少目標？您可以為您今天正在做的事情提供更多的顏色。

Yeah, Matt. This is Mitch Hourtienne. So I made some comments on that earlier. So we're in the final round at what we believe to be the biggest automotive opportunity to be source this year. Yes, of course, we are hopeful we're in a leading position, because of our experience on the General Motors project, working with Detroit OEMs, and our partnership with Koito. So we're in good shape.

是的，馬特。這是米奇·烏爾蒂安。所以我早些時候對此發表了一些評論。因此，我們進入了最後一輪，我們認為這是今年最大的汽車採購機會。是的，當然，我們希望我們處於領先地位，因為我們在通用汽車項目、與底特律原始設備製造商合作以及與 Koito 的合作方面擁有豐富的經驗。所以我們的狀態很好。

And then, yes, we are in final rounds at multiple OEMs is what I mentioned. I think, the comments are the same there. Everyone values the relationship with Koito, the technology evolution from our lead program at GM. And we're going to be one of the leaders in the space this next few years.

然後，是的，正如我所提到的，我們正處於多個 OEM 的最後一輪談判中。我想，那裡的評論是一樣的。每個人都重視與 Koito 的關係，這是我們在通用汽車主導項目的技術演變。未來幾年我們將成為該領域的領導者之一。

Got it. That's helpful. And maybe last question from me on the smart tolling contract that, I think, we've talked about over the last quarter. I think we talked about there being potential for expanded scope within that contract. It sounds like it's progressing relatively well from your comments. But just curious if there's opportunity for expanding that scope in 2024, or how we should be thinking about timing of that?

知道了。這很有幫助。也許我的最後一個問題是關於智能通行費合同，我想我們在上個季度已經討論過。我想我們討論過該合同範圍有可能擴大。從您的評論來看，似乎進展相對順利。但只是好奇 2024 年是否有機會擴大這一範圍，或者我們應該如何考慮時機？

Yeah, good question. We did recently meet with the executives from this lead customer. We only have a small fraction of their available market share even in the US. So we did talk about those expansion opportunities both in the US and abroad. There's some opportunities in Eastern Europe and Southeast Asia that should be coming in early 2024 as well. So we think that business can be four-five fold the current contraction in the short term.

是的，好問題。我們最近確實會見了該主要客戶的高管。即使在美國，我們的市場份額也只佔他們的一小部分。所以我們確實討論了在美國和國外的擴張機會。 2024 年初，東歐和東南亞也會出現一些機會。因此，我們認為短期內業務可能會是目前收縮的四到五倍。

Great. Thank you.

偉大的。謝謝。

Thank you. At this time, there are no more questions. I would like to turn the floor back over to Hull Xu for closing comments.

謝謝。此時，已經沒有更多的疑問了。我想把發言權交還給徐赫爾以徵求結束意見。

Actually, I'll --

事實上，我會——

Actually, looks like there's a question in the queue.

實際上，隊列中似乎有一個問題。

Apologies, they just join in.

抱歉，他們只是加入。

Richard Shannon, Craig-Hallum Capital.

理查德·香農，克雷格·哈勒姆資本。

Thanks, guys, for taking my questions. I guess you have to signal a few times to get one in. But I guess I just did it once. Glad I could (inaudible) guys.

謝謝你們回答我的問題。我猜你得打幾次信號才能進去。但我猜我只打了一次。很高興我能（聽不清）伙計們。

Hi, Richard.

嗨，理查德。

Let's see here, a couple of questions from me. If I may have missed the comments, I can't remember if it is a key by Hull or Mitch. But I think you talked about even it's doubling here in the next couple of quarters, so that's specific to the automotive TAM or to the total business?

讓我們看看我提出的幾個問題。如果我可能錯過了評論，我不記得這是赫爾還是米奇的鑰匙。但我認為您談到了在接下來的幾個季度中甚至會翻倍，所以這是特定於汽車 TAM 還是整個業務？

Yes, I believe it was -- hey, Richard, this is Mitch. I think it was in Jun's commentary about doubling our automotive volume shipments each sequential quarter for the rest of the year. So, that is specific to the automotive OEM business that we have.

是的，我相信是——嘿，理查德，這是米奇。我認為 Jun 的評論中提到了今年剩餘時間裡我們每個季度的汽車出貨量都將翻倍。這是我們擁有的汽車 OEM 業務特有的情況。

Okay. You've talked about in the past related to your early first major automotive win here. You talked about kind of having 10,000 plus-units in the order book here. Would you update that number? Because it sounds like it could be more like 20,000? Or do you want to update us on how we should think about that number?

好的。您過去曾在這裡談論過與您早期的第一個重大汽車勝利有關的事情。您談到這裡的訂單簿中有 10,000 多個單位。您會更新該號碼嗎？因為聽起來可能更多是20,000？或者您想告訴我們應該如何看待這個數字嗎？

No, we're going to keep that number for now.

不，我們暫時保留該號碼。

Okay. That's fair enough.

好的。這很公平。

Now turn us on. So you did update us on the yearly guidance number, which I'm assuming you still want to keep in place, I think 15 to 20. And so with a fairly good number for the second quarter in automotive doubling, what does that say about the smart infrastructure business? Was this a large order you're fulfilling in the second quarter and then waiting for some of these new orders that come in, airports or tolling? Or how do we think about the progression that on automotive segment here?

現在打開我們的電源。因此，您確實向我們更新了年度指導數字，我認為您仍然希望保持該數字，我認為是 15 到 20。因此，第二季度汽車銷量翻番的數字相當不錯，這說明了什麼智能基礎設施業務？這是您在第二季度履行的大訂單，然後等待機場或收費站收到的一些新訂單嗎？或者我們如何看待汽車領域的進展？

So we were not changing any guidance for the year, first of all. The smart infrastructure shipments, that is largely from the tolling contract, which we had the very end of last year. So most of their contract will be shipped in this year. I think two thirds of it will be shipped this year and one-third will be next year. So the automotive units are going to increase in Q3 and Q4, as we ramp up the current problems.

因此，首先我們不會改變今年的任何指導。智能基礎設施的出貨量主要來自我們去年年底簽訂的收費合同。所以他們的大部分合同都會在今年發貨。我認為三分之二將在今年發貨，三分之一將在明年發貨。因此，隨著我們解決當前問題，汽車部門將在第三季度和第四季度增加。

Okay. All right, fair enough. And then you talked about -- I think this is the first time you talked about an airport opportunity, which I think I have some familiarity with there. But if you think -- especially, Mitch, relative to your comments about the tolling opportunity having a four to five X multiplier effect, if you can get more share and get more international business there, how do we think about the total airport opportunity over couple of years period of time relative to the opportunities you have in tolling? Are they commensurate or one much larger than the other?

好的。好吧，很公平。然後你談到——我想這是你第一次談到機場的機會，我想我對那裡有一些熟悉。但如果你認為——特別是米奇，相對於你對具有四到五倍乘數效應的收費機會的評論，如果你能在那裡獲得更多份額並獲得更多國際業務，我們如何看待整個機場的機會相對於您在收費領域擁有的機會而言，幾年的時間？它們是相稱的還是一個比另一個大得多？

Yeah, good question. I think at the beginning, there commensurate with the tolling application, there's probably one to two dozen major airports that are strongly considering adopting lidar technology. But then there's probably also a dozen applications within the airport itself. So it's going to start off in the few thousand-unit range here at the beginning.

是的，好問題。我認為一開始，與收費應用相稱的，可能有一到二打主要機場正在強烈考慮採用激光雷達技術。但機場內可能還有十幾個應用程序。因此，一開始將從幾千個單位的範圍開始。

Okay, fair enough. And one last big picture question for me, just related to your large automotive customer GM. I think there's a well-known contract out there with another smaller OEM, with a public lidar company that's had a delay in deploying its lidar due to some software -- somewhere in the system there. I'm wondering if you could make some comments about how you see General Motors dealing with the software and integration of all the other sensors you coming up the cohesive system? And to what degree are you seeing any issues that they may be having or seem to avoiding? I think that would be great to hear, please.

好吧，很公平。對我來說，最後一個重要問題與您的大型汽車客戶總經理有關。我認為與另一家規模較小的 OEM 簽訂了一份眾所周知的合同，該合同是與一家公共激光雷達公司簽訂的，由於系統中某處的某些軟件，該公司延遲部署其激光雷達。我想知道您是否可以就您如何看待通用汽車處理軟件以及集成系統中所有其他傳感器的方式發表一些評論？您在多大程度上看到了他們可能遇到或似乎避免的任何問題？我想很高興聽到這個消息。

Sure, yeah. I think there's a couple of different approaches out there among the OEMs. One is they do all the sensor fusion and perception software in house, which is the case for General Motors. Some smaller OEMs opt to buy pieces of the perception software from the sensor providers, like is the case with the few of our competitors. And I do think that that creates a bit of a risk when there are software issues. They can't be solved in house by the OEM, they have to be solved together with these smaller supplier companies. So I think that's what we've witnessed in that case that you're talking about.

當然，是的。我認為 OEM 廠商有幾種不同的方法。一是他們在內部完成所有傳感器融合和感知軟件，通用汽車就是這種情況。一些較小的原始設備製造商選擇從傳感器提供商那裡購買感知軟件，就像我們的少數競爭對手的情況一樣。我確實認為，當出現軟件問題時，這會帶來一些風險。這些問題無法由 OEM 內部解決，必須與這些較小的供應商公司一起解決。所以我認為這就是我們在你所談論的案例中所目睹的情況。

In regards to General Motors, again, they do all of the sensor fusion and perception software in house. So they have a lot more control, a tighter grip on the end result. So I think that's maybe why you haven't seen similar issues publicly from General Motors.

至於通用汽車，他們再次在內部完成所有傳感器融合和感知軟件。所以他們有更多的控制權，對最終結果有更嚴格的把握。所以我認為這也許就是為什麼你沒有看到通用汽車公開類似的問題。

Okay. Fair enough. I appreciate all the detail, Mitch. That's all for me, guys. Thank you very much.

好的。很公平。我很欣賞所有的細節，米奇。這就是我的全部了，伙計們。非常感謝。

Gus Richard, Northland.

格斯·理查德，北國。

Yes, thanks for taking my questions. Could you give us the mix between infrastructure and auto in the quarter in terms of revenue?

是的，感謝您回答我的問題。您能否向我們介紹本季度基礎設施和汽車行業的收入情況？

Yeah. Hey, Gus, this is Hull. The unit mix, it's about two-third, one-third: two-third, automotive; one-third, smart infra.

是的。嘿，格斯，這是赫爾。單位組合，大約是三分之二，三分之一：三分之二是汽車；三分之一，智能基礎設施。

Okay, got it. And then, you had a couple of site visits. I know your cash customers are going through their process. Can you give us a little bit of a sense of what they need to do to come to a conclusion, and what do you think the timing of decisions are for people you're talking to?

好，知道了。然後，您進行了幾次現場訪問。我知道您的現金客戶正在經歷他們的流程。您能否讓我們了解一下他們需要做什麼才能得出結論？您認為與您交談的人的決策時機是什麼？

Yeah, it's a good question, Gus. This is Mitch. So the timing for the biggest opportunity is probably the quickest. I would say within the next couple of months, there will be a decision. It's quite a lengthy process inside the OEMs. There's nothing unusual this time around. I think we experienced a similar timeline with our initial contract, so we kind of know the process. And again, Koito is part of this process as well, as our preferred tier-one partner. Some of the other opportunities could be closer to the end of the year for their decision. And again, nothing out of the ordinary on the processes, these typically take 6 to 12 months.

是的，這是個好問題，格斯。這是米奇。因此，最大機會的時機可能是最快的。我想說在接下來的幾個月內，將會做出決定。在 OEM 內部這是一個相當漫長的過程。這次並沒有什麼異常。我認為我們在最初的合同中經歷了類似的時間表，所以我們有點了解這個過程。再次強調，小糸作為我們首選的一級合作夥伴，也是這一過程的一部分。其他一些機會可能會在接近年底時做出決定。再說一次，流程沒有什麼異常，通常需要 6 到 12 個月的時間。

Got it. And then in terms of your ability to ramp output, do you see any constraints in the near term? Or are you getting everything, your ducks in a row to ramp as your volume increases?

知道了。那麼就您提高產量的能力而言，您認為短期內是否存在任何限制？或者你是否已經得到了一切，你的鴨子排成一排，隨著音量的增加而增加？

Yeah, I think we -- of course, we've had challenges, that's the fortunate position we're in, as we have Koito helping us with the supply chain. So they are really helping us put everything in order. We've met all the deliveries to the OEM at this point, and we're not very high on their concerns list. If you look at things like Ultium battery packs, I think those are a lot higher concern than anything like Cepton lidar.

是的，我認為我們——當然，我們遇到了挑戰，這是我們所處的幸運位置，因為我們有小糸在供應鏈方面幫助我們。所以他們確實在幫助我們把一切安排得井井有條。目前，我們已經完成了向 OEM 交付的所有任務，而且我們在他們的關注點上並不是很重要。如果你看看 Ultium 電池組之類的東西，我認為它們比 Cepton 激光雷達之類的東西更受關注。

Gus, Jun here, just to supplement what Mitch said. I did mention that a lot of the engineering effort within the company is slowly but surely emphasizing the production efficiency, production tooling, manufacturing automation. All of these efforts are actually ongoing and will continue to go as the volume trends up. So all of those are, very fortunately for us, will be taken care of.

Gus，Jun來了，只是為了補充Mitch所說的。我確實提到過，公司內部的許多工程工作正在緩慢但堅定地強調生產效率、生產工具和製造自動化。所有這些努力實際上正在進行中，並將隨著數量的增長而繼續進行。因此，對我們來說非常幸運的是，所有這些都將得到解決。

Got it. Thank you, that's very helpful. I think that's it from me.

知道了。謝謝，這非常有幫助。我想這就是我的想法。

Thanks, Gus.

謝謝，格斯。

Thank you. Now I believe that there are no further questions at this time. I would like to turn the floor back over to Jun Pei for closing comments.

謝謝。現在我相信此時已經沒有其他問題了。我想把發言權交還給裴俊以徵求結束意見。

Yeah, again, thank you, everyone for attending this call. It is quite a meaningful quarter for us and an exciting time for Cepton. So as I said, this is just the beginning, there will be more, a lot more to come. So have a great day, everyone. Thank you.

是的，再次感謝大家參加這次電話會議。這對於我們來說是一個非常有意義的季度，對於 Cepton 來說也是一個激動人心的時刻。正如我所說，這只是一個開始，還會有更多、更多的事情發生。祝大家有美好的一天。謝謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。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。