Innoviz Technologies Ltd (INVZ) 2022 Q4 法說會逐字稿

Welcome to Innoviz fourth-quarter and full-year 2022 earnings conference call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this call is being recorded.

歡迎參加 Innoviz 第四季度和 2022 年全年收益電話會議。此時，所有參與者都處於只聽模式。正式介紹後將進行簡短的問答環節。提醒一下，此通話正在錄音中。

It is now my pleasure to introduce your host, Rob Moffatt, VP, Business Development and IR with Innoviz. Rob, you may begin.

現在我很高興向您介紹主持人 Rob Moffatt，他是 Innoviz 的業務開發和 IR 副總裁。羅伯，你可以開始了。

Good morning. This is Rob Moffat, Vice President of Corporate Development and Investor Relations at Innoviz, and I want to welcome you to our earnings conference call. Joining us today are Omer Keilaf, Chief Executive Officer; and Eldar Cegla, Chief Financial Officer.

早上好。我是 Innoviz 公司發展和投資者關係副總裁 Rob Moffat，歡迎您參加我們的收益電話會議。今天加入我們的是首席執行官 Omer Keilaf；和首席財務官 Eldar Cegla。

Following their opening remarks, we will open the call for your questions. I would like to remind everyone that this call is being recorded and will be available on the Investor Relations section of our website at ir.innoviz.tech.

在他們的開場白之後，我們將開始徵集您的問題。我想提醒大家，這次電話會議正在錄音中，並將在我們網站 ir.innoviz.tech 的投資者關係部分提供。

Before we begin, I would like to remind you that our discussion today will include forward-looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Innoviz. Actual results could differ materially from those anticipated in the forward-looking statements. Forward-looking statements made today speak only to our expectations as of today, and we undertake no obligation to publicly update or revise them.

在我們開始之前，我想提醒您，我們今天的討論將包括前瞻性陳述，這些陳述受與未來事件和 Innoviz 未來財務業績相關的風險和不確定性的影響。實際結果可能與前瞻性陳述中預期的結果存在重大差異。今天做出的前瞻性陳述僅代表我們今天的預期，我們沒有義務公開更新或修改它們。

For a discussion of some important risk factors that could cause actual results to differ materially from any forward-looking statements, please see the Risk Factors section of our 20-F filed with the SEC on March 30, 2022. I will now turn the call over to Omer. Please go ahead.

有關可能導致實際結果與任何前瞻性陳述存在重大差異的一些重要風險因素的討論，請參閱我們於 2022 年 3 月 30 日向美國證券交易委員會提交的 20-F 的風險因素部分。我現在將轉交電話交給奧馬爾。請繼續。

Thank you, Rob, and good morning, everyone, and thank you for joining us. I'm excited to provide another update on the progress we've been making at Innoviz. This has been a fast-moving quarter with our steady march towards 2023 production, new additions to our pipeline, expanding our order book with existing customers; and something I am particularly excited about is our special guest today, Steven Schondorf, the former Chief Engineer of ADAS systems at Ford who has recently joined us as a senior strategic advisor to the company.

謝謝你，Rob，大家早上好，感謝你加入我們。我很高興再次更新我們在 Innoviz 取得的進展。這是一個快速發展的季度，我們穩步邁向 2023 年的生產，增加了我們的管道，擴大了我們與現有客戶的訂單；讓我特別興奮的是今天我們的特邀嘉賓，福特 ADAS 系統前總工程師 Steven Schondorf，他最近加入我們，擔任該公司的高級戰略顧問。

And that's just on the automotive side. On the non-automotive side, we hit important milestones with the unveiling of the Innoviz360 at CES in January and the addition of non-automotive distributors since our Distributor Summit last November.

這只是在汽車方面。在非汽車方面，我們在 1 月份在 CES 上推出 Innoviz360 以及自去年 11 月的經銷商峰會以來增加了非汽車經銷商，從而達到了重要的里程碑。

With that said, let's start things off with a quick update on our march towards 2023 SOP. This continues to be a key focus of our company right now. It is something we've been working towards for over five years, and we are excited to be so close to achieving it.

話雖如此，讓我們從快速更新我們邁向 2023 SOP 的進展開始。這仍然是我們公司目前的重點。這是我們五年多來一直努力的目標，我們很高興能如此接近實現它。

Both of our 2023 launches, the BMW program and the Shuttle program, are on track, and we are making solid progress towards their volume ramp, which should come in in the back half of the year. You can even see a nice photo here of one of our test vehicles doing some final winter testing, getting ready for the launch.

我們在 2023 年推出的 BMW 計劃和 Shuttle 計劃都在按計劃進行，我們正在朝著他們的銷量增長邁進，這應該會在今年下半年實現。您甚至可以在此處看到一張漂亮的照片，照片是我們的一輛測試車正在進行最後的冬季測試，為發布做準備。

And while we are discussing our existing customers, I wanted to let you know that we are currently under discussions to expand our existing commercial agreement with Volkswagen to design an InnovizTwo on additional platforms beyond the one that we already been communicated. Our initial production win with Volkswagen was awarded in 2022 and was for one meaningful platform with multiple brands and multiple models within the Volkswagen group.

在我們討論現有客戶的同時，我想讓你知道，我們目前正在討論擴大我們與大眾汽車的現有商業協議，以在我們已經溝通過的平台之外的其他平台上設計 InnovizTwo。我們在 2022 年贏得了與大眾汽車的首次生產勝利，這是為大眾汽車集團內擁有多個品牌和多種車型的一個有意義的平台而設的。

The expansion that is currently being discussed would be in addition to the earlier award and would potentially bring our InnovizTwo LiDAR from one to two new ADAS and autonomy platforms with multiple vehicle models that were not initially designed to include a LiDAR. Overall, we are on track for a mid-decade launch.

目前正在討論的擴展將是對早期授予的補充，並有可能將我們的 InnovizTwo LiDAR 從一個新的 ADAS 和自主平台帶入兩個最初設計為不包含 LiDAR 的多種車型。總體而言，我們有望在十年中期推出。

Expanding our order book with one of our largest customers will validate a key component of our long-term investment thesis. We believe that once you are on the shelf with an OEM, it becomes easier and easier for them to select you for additional programs as LiDAR becomes more widely utilized and adopted across their entire vehicle footprint. This therefore has the potential to set the stage for years, if not a decade or more of growth with each new OEM we win.

與我們最大的客戶之一一起擴大我們的訂單將驗證我們長期投資理論的一個關鍵組成部分。我們相信，一旦您與 OEM 一起上架，隨著 LiDAR 在整個車輛足跡中得到更廣泛的使用和採用，他們會越來越容易選擇您進行其他項目。因此，這有可能為我們贏得的每個新 OEM 的增長奠定基礎，即使不是十年或更長時間。

This is why we view the world through the lens of OEM share. We believe that winning a first platform reduces the friction and makes it much easier to win additional business. And as those of you who are close to the automotive industry know, OEMs like Volkswagen have many platforms for us to potentially be added to.

這就是為什麼我們通過 OEM 份額的角度來看世界。我們相信，贏得第一個平台可以減少摩擦，並更容易贏得更多業務。熟悉汽車行業的人都知道，像大眾汽車這樣的原始設備製造商有很多平台可供我們加入。

And with that opportunity for growth ahead of us, we announced earlier this week that we are expanding our Munich office and growing our footprint in Germany. We are doing this because we believe there is a long pathway for additional growth for us in Germany and Europe beyond the customers we already have.

鑑於我們面前的增長機會，我們本週早些時候宣布我們正在擴大我們的慕尼黑辦事處並擴大我們在德國的足跡。我們這樣做是因為我們相信，除了我們已有的客戶之外，我們在德國和歐洲還有很長的路要走。

For investors that are interested in learning more about our relationship with Volkswagen group, I want to highlight a very important industry event coming up soon. EcoMotion is one of the most important platforms in the smart mobility space, and the much-anticipated EcoMotion Week conference will be held in Tel Aviv in May.

對於有興趣進一步了解我們與大眾汽車集團關係的投資者，我想強調即將舉行的一項非常重要的行業活動。 EcoMotion 是智能移動領域最重要的平台之一，備受期待的 EcoMotion Week 會議將於 5 月在特拉維夫舉行。

As part of that event, I invited Gero Kempf, the Executive Vice President of ADAS and autonomous driving at Audi to come by our headquarters for a visit and to join me for a fireside chat at the EcoMotion conference. In that conversation we will talk about our partnership and will give listeners a better anticipation for where our engineering and joint effort is going.

作為該活動的一部分，我邀請了奧迪 ADAS 和自動駕駛執行副總裁 Gero Kempf 來我們總部參觀，並與我一起在 EcoMotion 會議上進行爐邊談話。在那次談話中，我們將談論我們的合作夥伴關係，並將讓聽眾更好地期待我們的工程和共同努力的方向。

Moving to our RFI and RFQ pipeline, we had some exciting new growth in our pipeline during the quarter, including the addition of what I can describe as a multi-million-unit RFI from a brand you will be very excited and potentially surprised about. That's all I can say about the customer at this point, but we are obviously excited for this addition, and the entire team will be working hard on it over the next year.

轉向我們的 RFI 和 RFQ 渠道，我們在本季度的渠道中取得了一些令人興奮的新增長，包括增加了我可以描述為來自一個品牌的數百萬單位的 RFI，您會非常興奮並可能感到驚訝。關於客戶，我現在只能說這麼多，但我們顯然對這一新增功能感到興奮，整個團隊將在明年為此努力工作。

One of the trends that's worth pointing out is the fact that RFI and RFQ order sizes even for small and mid-sized car companies appear to be trending higher over time, with RFIs increasingly coming in at the millions of units Level instead of tens or hundreds of thousands of units. We believe this reflects planned install rates moving higher, and some OEMs increasingly exploring LiDAR as standard equipment, especially on higher-end vehicles.

值得指出的趨勢之一是，即使是中小型汽車公司的 RFI 和 RFQ 訂單規模似乎隨著時間的推移呈上升趨勢，RFI 越來越多地達到數百萬單位的水平，而不是數十或數百數千個單位。我們認為這反映了計劃安裝率的提高，以及一些原始設備製造商越來越多地探索將 LiDAR 作為標准設備，尤其是在高端車輛上。

The second trend that we are seeing is that there is also a little bit of an uplift with some OEMs exploring true Level 4 programs, utilizing multiple LiDARs per vehicle, as opposed to a single forward-facing LiDAR in the Level 2+ and Level 3 programs. It's still very early in both of these trends, but I believe that these developments in our pipeline give a decent look into where the industry is ultimately going to.

我們看到的第二個趨勢是，一些 OEM 探索真正的 4 級計劃，每輛車使用多個 LiDAR，而不是 2+ 級和 3 級中的單個前向 LiDAR，這也帶來了一些提升程式。這兩種趨勢都還處於早期階段，但我相信我們管道中的這些發展可以很好地了解該行業的最終走向。

Looking at the pipeline in total, we are disclosing it in the 10-15 program range. Since we described it as 11 on the last call and just mentioned a few additions, you can infer that our RFI and RFQ program count is currently at the higher end of that range. Most of these programs are for Level 2 to Level 3 light vehicle programs, though there are a few that are Level 4. There are also several that are commercial truck programs and shuttle or robotaxi programs as well, but the majority of programs are for light-vehicle automotive especially when looking at things from the volume perspective.

從總體上看管道，我們在 10-15 個程序範圍內披露它。由於我們在上次通話中將其描述為 11 並且剛剛提到了一些補充，您可以推斷我們的 RFI 和 RFQ 程序計數目前處於該範圍的較高端。這些程序中的大多數是針對 2 級到 3 級輕型車輛程序的，儘管有一些是 4 級程序。也有一些是商用卡車程序和班車或機器人出租車程序，但大多數程序是針對輕型車輛的-車輛汽車，尤其是從體積角度看事物時。

The majority of the programs are also with new customers. In fact, only two of the programs are expansions with existing customers on the left-hand side of this graph. So the majority of these RFIs and RFQs could represent entirely new footholds with new customers for us to grow our long-term penetration.

大多數計劃也面向新客戶。事實上，該圖左側只有兩個程序是現有客戶的擴展。因此，這些 RFI 和 RFQ 中的大多數可以代表我們與新客戶的全新立足點，以增加我們的長期滲透率。

To help put out the opportunity into context, we are providing additional information to size the scope of the pipeline. We took the customer information on requested volumes and our expectations for anticipated ASPs and added a layer of conservatism on top of those numbers. If you sum the total of the proposals, it is over 20 million LiDAR units. In fact, the higher end has the potential to be well north of that, and we anticipate that the value of the pipeline is multiple times larger than the current forward-looking order.

為了幫助將機會置於上下文中，我們提供了額外的信息來確定管道的範圍。我們獲取了有關請求量的客戶信息以及我們對預期 ASP 的期望，並在這些數字之上添加了一層保守主義。如果將提案總數加起來，則超過 2000 萬個 LiDAR 單元。事實上，高端有可能遠高於此，我們預計管道的價值比當前的前瞻性訂單高出數倍。

Another important factor now is now that we became a Tier 1, we have the opportunity to quote for more meaningful NREs, and many of you have heard us talk about this a lot. For those who may be newer to the Innoviz story, NRE stands for non-recurring engineering. It is cash that we receive before production begins for engineering, design, and other services that we provide. Sometimes it is recognized as revenue, and sometimes it is recognized as a contra item to costs, but either way it's a cash payment that can meaningfully finance our business.

現在另一個重要因素是現在我們成為了 Tier 1，我們有機會為更有意義的 NRE 報價，你們中的許多人已經聽到我們談論了很多。對於那些可能對 Innoviz 故事比較陌生的人來說，NRE 代表一次性工程。這是我們在開始生產之前收到的現金，用於我們提供的工程、設計和其他服務。有時它被確認為收入，有時它被確認為成本的對銷項目，但無論哪種方式，它都是可以為我們的業務提供有意義的資金的現金支付。

In the automotive world, we are typically designed in roughly three to four years before the vehicle launches. During that period the project gets funded primarily through NREs. These services are mostly performed by our existing staff. This means that they have the potential to offset our existing costs meaningfully, offering a very high flow-through from a profit and cash perspective, and they come on earlier before the start of production.

在汽車領域，我們通常在車輛發布前大約三到四年內完成設計。在此期間，該項目主要通過 NRE 獲得資金。這些服務主要由我們現有的員工執行。這意味著它們有可能有效地抵消我們現有的成本，從利潤和現金的角度提供非常高的流量，並且它們在生產開始之前就開始了。

So NREs can be an important part of funding the company ahead of production volume inflection. That's why securing NREs is such an important part of our overall strategy.

因此，NRE 可以成為在產量變化之前為公司提供資金的重要部分。這就是為什麼保護 NRE 是我們整體戰略的重要組成部分。

For the majority of the programs in our pipeline, we are seeking potentially meaningful NREs. Summed across the current pipeline, the total NREs that we are negotiating for is in the $150 million to $250 million range over the next three to four years. If we can achieve this, it will be an important part of our financial trajectory and our long-term path towards breakeven.

對於我們管道中的大多數項目，我們正在尋找具有潛在意義的 NRE。總結當前管道，我們正在談判的 NRE 總額在未來三到四年內在 1.5 億至 2.5 億美元之間。如果我們能夠實現這一目標，這將成為我們財務軌跡和實現收支平衡的長期道路的重要組成部分。

We'll talk more about our near-term projections for NRE when we get to our 2023 outlook shortly. But to summarize, as you can see from this slide, there is a lot of deal activity going on right now, particularly in the automotive space. We continue to believe that the majority of OEM's market share is going to be likely awarded in this year, and our goal is to exit 2023 as the clear leader in automotive LiDAR.

當我們很快談到我們的 2023 年展望時，我們將更多地討論我們對 NRE 的近期預測。但總而言之，正如您從這張幻燈片中看到的那樣，目前正在進行大量交易活動，尤其是在汽車領域。我們仍然相信 OEM 的大部分市場份額可能會在今年獲得，我們的目標是到 2023 年成為汽車 LiDAR 領域的明確領導者。

Given how deep our focus is on the automotive industry and the unique opportunity that we have to capture the market leading position in LiDAR, I am excited to share that we've added a pre-eminent industry executive as a senior strategic advisor. Steven Schondorf recently retired from his role as the Chief Engineer of ADAS systems at Ford.

鑑於我們對汽車行業的關注有多深，以及我們必須抓住 LiDAR 市場領先地位的獨特機會，我很高興與大家分享，我們已經任命了一位傑出的行業高管作為高級戰略顧問。 Steven Schondorf 最近從福特 ADAS 系統總工程師的職位上退休。

In that position, he served as Ford's internal subject matters expert on everything ADAS-related. He was responsible for evaluating many early-stage technologies, and he built the company's system architecture and overall product strategy, including features like Ford's BlueCruise hands-free driving system, which has reached millions of customers.

在那個職位上，他擔任福特的內部主題專家，負責與 ADAS 相關的所有事情。他負責評估許多早期技術，並構建了公司的系統架構和整體產品戰略，包括福特的 BlueCruise 免提駕駛系統等功能，該系統已覆蓋數百萬客戶。

Importantly, Steven isn't just an engineer with 30 years of automotive experience and 60 patents under his belt, but he has a tremendous ability to also think strategically and drill down on a business case centered around profitability and growth. We are excited to be able to bring his experience, expertise, and deep industry relationships into Innoviz.

重要的是，史蒂文不僅是一位擁有 30 年汽車經驗和 60 項專利的工程師，而且他還具有強大的戰略思考能力，並深入研究以盈利能力和增長為中心的業務案例。我們很高興能夠將他的經驗、專業知識和深厚的行業關係帶入 Innoviz。

I'll hand it over to Steven for a quick introduction and some thoughts on the LiDAR industry from an OEM's perspective. Hi, Steve.

我將把它交給 Steven，讓他從 OEM 的角度快速介紹一下 LiDAR 行業和一些想法。嗨，史蒂夫。

Thank you, Omer, and to the whole Innoviz team. I'm really excited to be working with Innoviz, a clear early market leader in an industry that has significant exponential growth ahead of it. Omer asked me to say a couple of words on the importance of LiDAR in Level 3 systems from an OEM's perspective and talk about the things we've done together since I've begun working in my advisory role.

謝謝你，Omer，也感謝整個 Innoviz 團隊。我真的很高興能與 Innoviz 合作，Innoviz 是一個明顯的早期市場領導者，在這個行業中有顯著的指數增長。 Omer 讓我從 OEM 的角度談談 LiDAR 在 3 級系統中的重要性，並談談自從我開始擔任顧問職務以來我們一起做過的事情。

Autonomous driving is an incredibly complex problem to solve. Human eyes and brains are much more sophisticated than any camera and compute system available for cars. The world's driving infrastructure has been designed with these capabilities in mind. It hasn't been designed for computers and robots to succeed.

自動駕駛是一個非常複雜的問題。人眼和大腦比汽車可用的任何攝像頭和計算系統都要復雜得多。世界上的駕駛基礎設施在設計時就考慮到了這些功能。它不是為計算機和機器人的成功而設計的。

Most people trying to design autonomous systems want as many sensing capabilities as possible to deal with the trickiest edge and corner cases. These are expensive endeavors that autonomous teams are engaged in, and time is of the essence. It doesn't make sense to over constrain your team and jeopardize the ultimate success of your system by limiting the amount of sensory input. Of course, they have to consider the overall system cost, but most people I've talked to and read about are focused on using cameras, radar, and LiDAR to attack the problem.

大多數嘗試設計自主系統的人都希望盡可能多的傳感功能來處理最棘手的邊緣和角落情況。這些都是自治團隊所從事的昂貴工作，時間至關重要。過度限制你的團隊並通過限制感官輸入的數量來危及你的系統的最終成功是沒有意義的。當然，他們必須考慮整體系統成本，但我與之交談和閱讀的大多數人都專注於使用攝像頭、雷達和 LiDAR 來解決這個問題。

I've been working with Innoviz for three months now, and I've just returned from my first on-site visit in Israel. My mission is to help evolve Innoviz's strategy and to accelerate their path towards being the best Tier 1 direct supplier in the LiDAR space. I already had a positive view of Innoviz's technology and expertise before I started working with the company, otherwise I wouldn't be here. But my recent trip to their facilities in Israel expanded and confirmed those impressions.

我已經與 Innoviz 合作三個月了，我剛剛結束對以色列的第一次現場訪問。我的使命是幫助 Innoviz 發展戰略，並加速他們成為 LiDAR 領域最佳一級直接供應商的道路。在我開始與公司合作之前，我已經對 Innoviz 的技術和專業知識產生了積極的看法，否則我不會在這裡。但我最近對他們在以色列的設施的訪問擴大並證實了這些印象。

In the last 15 years, I've met many suppliers working on amazing technologies, some mature, some cutting-edge. Success depends on good technology, strong leadership, a highly skilled team, and the right mindset. Innoviz has all of those. The team is topnotch with amazing potential.

在過去的 15 年裡，我遇到過許多致力於驚人技術的供應商，有些已經成熟，有些則很前沿。成功取決於良好的技術、強有力的領導、高技能的團隊和正確的心態。 Innoviz 擁有所有這些。該團隊是一流的，具有驚人的潛力。

I've had the opportunity to get a much closer look behind the curtain, and I feel strongly that the company is at the head of the pack from a design and technology perspective. The design is robust; the manufacturing process is well-considered; and the strategies they have in place will take them far.

我有機會更深入地了解幕後情況，我強烈地感覺到該公司在設計和技術方面處於領先地位。設計堅固；製造過程經過深思熟慮；他們制定的戰略將使他們走得更遠。

So thank you for the opportunity to work with you and the team, Omer, and for giving me a chance to speak with your investors as well. I look forward to working together. I'll hand it back to you.

所以感謝你有機會與你和團隊合作，Omer，也感謝你給我機會與你的投資者交談。我期待著一起工作。我會把它還給你。

Thank you, Steven. Having someone who can bring the mindset of an OEM more directly into the company will be a valuable asset for Innoviz going forward. Thank you, Steven. Now, moving from the automotive side to a product that aim more at the non-automotive world. I'm very proud of the work that our innovation team has done over the past year to turn the Innoviz360 from an idea into reality.

謝謝你，史蒂文。擁有能夠更直接地將 OEM 思維方式帶入公司的人將是 Innoviz 前進的寶貴資產。謝謝你，史蒂文。現在，從汽車方面轉向更針對非汽車領域的產品。我為我們的創新團隊在過去一年中將 Innoviz360 從想法變成現實所做的工作感到非常自豪。

We first announced the intention to develop the Innoviz360 at the 2022 Consumer Electronics Show, setting an ambitious goal to launch it the following year in 2023. It's hard to explain how ambitious of a goal this was going from a concept to a working sample with such exceptional performance and such a compact design in only one year. And honestly, the final month before the show involved a lot of late nights making final tweaks ahead of its unveiling to the world.

我們在 2022 年消費電子展上首次宣布了開發 Innoviz360 的意向，並設定了一個雄心勃勃的目標，即在次年的 2023 年推出它。很難解釋這個從概念到工作樣本的目標是多麼雄心勃勃卓越的性能和如此緊湊的設計僅在一年內完成。老實說，演出前的最後一個月在向世界揭幕之前進行了最後的調整。

But as always, the Innoviz team put in the work and came through to meet the deadline. The product is aimed largely on the non-automotive side of the industry, with very strong use cases across commercial trucks, heavy machinery shuttles, rail, smart cities, logistics, and maritime industries.

但一如既往，Innoviz 團隊投入了工作並在最後期限前完成了任務。該產品主要針對行業的非汽車領域，在商用卡車、重型機械穿梭車、鐵路、智慧城市、物流和海運業等領域具有非常強大的用例。

We've heard directly from customers in these industries that there is a major opportunity for disruption here for new solutions with automotive-grade specs and automotive-scale price points. We are still in the product's early days, but we believe there is an opportunity to become a meaningful disruptor in the 360 space.

我們直接從這些行業的客戶那裡聽說，對於具有汽車級規格和汽車級價格點的新解決方案來說，這裡有一個重大的顛覆機會。我們仍處於產品的早期階段，但我們相信有機會成為 360 空間中有意義的顛覆者。

And on the price point side, the Innoviz360 design leverages many hardware advances from InnovizTwo, including a single laser, single detector, and an ASIC and will benefit from the economics of scale as the products will share many of the same components, particularly the highest possible points. This means that as InnovizTwo is produced at automotive volumes in the coming years, the 360 could be very rapidly become both a performance and price leader in the non-automotive space.

在價格方面，Innoviz360 設計利用了 InnovizTwo 的許多硬件進步，包括單個激光器、單個檢測器和 ASIC，並將受益於規模經濟，因為產品將共享許多相同的組件，尤其是最高的組件可能的點。這意味著隨著 InnovizTwo 在未來幾年以汽車規模生產，360 可能會迅速成為非汽車領域的性能和價格領導者。

And while we are on the non-automotive space, I wanted to give a quick recap of the Distributor Summit that we hosted in November and previewed on our third-quarter earnings call. This was our first-ever four-day long summit focused on industrial and non-automotive distribution channels.

雖然我們在非汽車領域，但我想快速回顧一下我們在 11 月舉辦的經銷商峰會，並在我們的第三季度財報電話會議上進行了預覽。這是我們有史以來第一次為期四天的峰會，重點關注工業和非汽車分銷渠道。

The event was a big success, with nine distributors joining us at our headquarters in Israel, coming from across Asia, Europe, and North America. We educated them on our technology, armed them with our marketing tools, and introduced them to our ordering and logistics platform. We've prepared a short video to highlight the event.

這次活動取得了巨大的成功，來自亞洲、歐洲和北美的 9 位經銷商來到我們位於以色列的總部。我們對他們進行技術教育，用我們的營銷工具武裝他們，並將他們介紹給我們的訂購和物流平台。我們準備了一段短片來突出這一事件。

(video playing)

（視頻播放）

As you can see from the video, leveraging distributors is an important part of our go-to-market strategy. It's a lower-cost way to amplify the efforts of our sales staff, expanding our reach in non-automotive quickly and without meaningful increases to our headcount and fixed costs. The event was also a catalyst for additional meetings at CES and one-on-one interactions with additional distributors afterwards.

正如您從視頻中看到的那樣，利用分銷商是我們進入市場戰略的重要組成部分。這是一種低成本的方式來擴大我們的銷售人員的努力，快速擴大我們在非汽車領域的影響力，而不會有意義地增加我們的員工人數和固定成本。該活動還促進了在 CES 上舉行更多會議以及之後與其他經銷商的一對一互動。

These engagements are the first step in building out our distribution channel. And as we've said before, 2023 will be an important year for our growth in the non-automotive market, and we are making progress in building the partnerships and the overall foundation for success in the coming years.

這些參與是建立我們的分銷渠道的第一步。正如我們之前所說，2023 年將是我們在非汽車市場增長的重要一年，我們正在建立合作夥伴關係並為未來幾年的成功奠定整體基礎。

Now, before moving to our 2023 targets, I wanted to offer a recap of our original 2022 goals and remind you where things shook out for the year. In the bubbles on this slide, you can see where we finished the year versus the original goals that we have set for ourselves at the onset.

現在，在轉向我們的 2023 年目標之前，我想回顧一下我們最初的 2022 年目標，並提醒您這一年發生了什麼變化。在這張幻燈片的氣泡中，您可以看到我們今年完成的情況與我們在開始時為自己設定的最初目標的對比。

In terms of pre-production programs, we came into the year targeting 10, and we finished the year at 14. In terms of automotive design wins, we came into the year targeting one, and we finished the year with two, including Volkswagen and the Asian EV-focused OEM we announced in September. And in terms of the forward-looking order book, we originally targeted a 30% increase, and we blew that number away with a 165% increase, thanks in large part to our Volkswagen win. Wins like that offer a good reminder of how much large automotive contracts can move the needle for a company our size.

就預生產項目而言，我們今年的目標是 10 個，到年底時是 14 個。在汽車設計方面，我們今年的目標是 1 個，我們今年的目標是 2 個，包括大眾汽車和我們在 9 月宣布的亞洲專注於電動汽車的 OEM。就前瞻性訂單而言，我們最初的目標是增加 30%，而我們以 165% 的增幅打破了這個數字，這在很大程度上要歸功於大眾汽車的勝利。像這樣的勝利很好地提醒了我們，有多少大型汽車合同可以為我們這樣規模的公司帶來多大的改變。

Looking at this slide, you can see that we set ambitious targets, and we over delivered on what we said we would do. With that said, let's take a look at our 2023 goals.

查看這張幻燈片，您可以看到我們設定了雄心勃勃的目標，而且我們超額兌現了我們承諾的目標。話雖如此，讓我們來看看我們的 2023 年目標。

Our top goal for the year is to bring in at least two new series production awards with all-new customers. As we said earlier in the call, as we hope to prove by expanding our relationships with Volkswagen, we believe that winning a new OEM gives us a foothold for a relationship that we can expand with our customer for years to come as LiDAR-based Level 2+ and Level 3, and eventually even a Level 4, becomes increasingly common.

我們今年的首要目標是與全新客戶一起獲得至少兩個新系列產品獎。正如我們早些時候在電話會議中所說，正如我們希望通過擴大與大眾汽車的關係來證明的那樣，我們相信贏得新的 OEM 為我們提供了一個立足點，我們可以在未來幾年與我們的客戶擴展基於 LiDAR 的 Level 2+ 和 3 級，最終甚至是 4 級，變得越來越普遍。

We are also targeting at least one to two additional program awards from existing customers. If we can secure additional platforms, we believe we can offer firm evidence that validates this key aspect of our long-term investment thesis.

我們還計劃從現有客戶那裡獲得至少一到兩個額外的計劃獎勵。如果我們能夠獲得更多平台，我們相信我們可以提供確鑿的證據來驗證我們長期投資理論的這一關鍵方面。

For the full-year 2023, we are targeting $12 million to $15 million of revenue, more than doubled 2022 base. In addition to that, and related to these goals, is our target to achieve $20 million to $40 million of new NRE bookings in 2023. Internally, this is how we are running the business, with our primary focus on winning additional programs and securing substantial NREs in order to help drive revenue growth going forward.

對於 2023 年全年，我們的目標是實現 1200 萬至 1500 萬美元的收入，是 2022 年基數的兩倍多。除此之外，與這些目標相關的是，我們的目標是在 2023 年實現 2000 萬至 4000 萬美元的新 NRE 預訂。在內部，這就是我們經營業務的方式，我們的主要重點是贏得更多項目並確保大量NREs 以幫助推動收入增長。

We see tremendous opportunity for growth in both the near and the long-term. As we noted when reviewing the pipeline, we believe there's a total pool of roughly $150 million to $250 million of NREs across the 10 to 15 programs that are already in the pipeline, with most of those deals offering NREs in the $10 million to $50 million range each.

我們看到了近期和長期增長的巨大機會。正如我們在審查管道時所指出的那樣，我們認為在已經在進行中的 10 到 15 個項目中，NRE 的總資金池大約為 1.5 億到 2.5 億美元，其中大多數交易提供的 NRE 在 1000 萬到 5000 萬美元之間每個範圍。

NREs are important indicator of our performance because each deal we take across the finish line would offer meaningful growth to our top line from the 2023 base and could rapidly accelerate the rate at which we compound our top line once the new programs enter the production phase. Securing the NREs could also play a major role in funding our business. Many of the services within the NREs will be performed by our existing engineering headcount. The revenues would largely go to offset existing fixed costs, offering a very high flow-through that could materially extend our cash runway.

NRE 是衡量我們業績的重要指標，因為我們完成的每筆交易都會為我們的收入從 2023 年的基礎上帶來有意義的增長，並且一旦新項目進入生產階段，就可以迅速加快我們增加收入的速度。確保 NRE 的安全也可以在為我們的業務提供資金方面發揮重要作用。 NRE 中的許多服務將由我們現有的工程人員執行。收入將主要用於抵消現有的固定成本，提供非常高的流量，可以大大延長我們的現金跑道。

And lastly, every deal that we win is a deal that's no longer available for a competitor. When we look at our pipeline, we can see that the bulk of early OEM share in the LiDAR space is going to be decided in 2023, with nearly every major global OEM likely to have given an award by 2024.

最後，我們贏得的每筆交易都是競爭對手無法再獲得的交易。當我們審視我們的管道時，我們可以看到 LiDAR 領域的大部分早期 OEM 份額將在 2023 年決定，幾乎每個主要的全球 OEM 都可能在 2024 年之前獲得獎勵。

Make no mistake, this is a land grab, and given that these contracts can last for 8 to 10 years like our Volkswagen and BMW contracts, we believe this is an opportunity to lock up early automotive LiDAR market share, not only for years to come, but possibly the next decade or more. This is why we are so deeply focused on winning new deals and securing additional NREs.

別搞錯了，這是一場搶地盤，鑑於這些合同可以像我們大眾和寶馬的合同一樣持續 8 到 10 年，我們相信這是鎖定早期汽車 LiDAR 市場份額的機會，而不僅僅是未來幾年，但可能是下一個十年或更長時間。這就是為什麼我們如此專注於贏得新交易和獲得更多 NRE。

One more point that I will make before moving on is that the NREs are typically only available in large amounts to Tier 1s. This was a huge part of our logic to shift from a Tier 2 to a Tier 1. Not only does this move give us more direct control in the bidding process, it's also giving us the opportunity to secure more meaningful pre-production revenues, which can be an important part of our medium-term financial trajectory.

在繼續之前我要說的另一點是 NRE 通常只能大量提供給一級供應商。這是我們從第 2 層轉移到第 1 層的邏輯的重要組成部分。此舉不僅讓我們更直接地控制投標過程，還讓我們有機會獲得更有意義的預生產收入，這可以成為我們中期財務軌蹟的重要組成部分。

With that, I'll turn it over to Eldar to go over the financials.

有了這個，我會把它交給 Eldar 來檢查財務。

Thank you, Omer, and good morning, everyone. Before going too deep into the financials, I first wanted to take a moment to give an update on our unit sales from the fourth quarter. As you remember, our third-quarter revenue was impacted by the move of our company headquarters and the associated downtime of our calibration and testing line.

謝謝你，Omer，大家早上好。在深入探討財務狀況之前，我首先想花點時間介紹一下我們第四季度的單位銷售額的最新情況。如您所知，我們第三季度的收入受到公司總部搬遷以及校準和測試線相關停機時間的影響。

At the time of our third-quarter call, we communicated the volumes were recovering nicely into Q4. I am pleased to announce that units sold were up an impressive 170% for 3Q and 164% versus the fourth quarter of last year. And when looked at on the full-year basis, units were just shy of doubling coming in at growth of 99%. These numbers highlight the impressive progress we have made over the last year on the manufacturing side as we ramp up our capabilities ahead of our SOP launch later this year.

在我們第三季度的電話會議上，我們表示交易量正在很好地恢復到第四季度。我很高興地宣布，與去年第四季度相比，第三季度銷量增長了 170%，令人印象深刻，增長了 164%。從全年來看，銷量幾乎翻了一番，增長率達到 99%。這些數字突顯了我們去年在製造方面取得的令人矚目的進步，因為我們在今年晚些時候推出 SOP 之前提高了我們的能力。

Moving to the 2022 financials, starting with cash, we ended 2022 with approximately $186.2 million in cash, short-term deposits, short-term restricted cash, and marketable securities on the balance sheet. Our largely matured cost structure and our operating cash outlays remained mostly stable during the quarter and were in line with our 2022 budget.

轉到 2022 年的財務狀況，從現金開始，到 2022 年底，我們的資產負債表上有大約 1.862 億美元的現金、短期存款、短期受限現金和有價證券。我們基本成熟的成本結構和我們的運營現金支出在本季度基本保持穩定，符合我們的 2022 年預算。

Moving to the income statement, revenues in 2022 came in at $6 million, compared to 2021 revenues of $5.5 million, representing a growth of 10.2% year over year. The difference between the unit volumes growth of 99% and revenue growth of over 10% come from the non-repeat of 2021 machinery and other revenues, coupled with the natural decline in ASPs as we pivot from sample unit pricing to production-Level pricing for our largest customers.

轉到損益表，2022 年的收入為 600 萬美元，而 2021 年的收入為 550 萬美元，同比增長 10.2%。 99% 的單位銷量增長和超過 10% 的收入增長之間的差異來自 2021 年機械和其他收入的非重複，以及我們從樣品單位定價轉向生產級定價時平均售價的自然下降我們最大的客戶。

This phenomenon is likely to continue into 2023 as we move towards full production with the BMW program and our shuttle program. For the BMW program specifically, we will transition from selling full LiDAR sample units to selling components to Magna, who will in turn manufacture the components into LiDARs for BMW. To help put this into context in very broad strokes, a sample unit can often sell in the $5,000 to $10,000 range, whereas production-Level volumes components are sold below $1,000.

隨著我們通過 BMW 計劃和我們的航天飛機計劃全面投產，這種現象可能會持續到 2023 年。具體對於寶馬計劃，我們將從銷售完整的 LiDAR 樣品單元過渡到向 Magna 銷售組件，後者將為 BMW 製造 LiDAR 組件。為了更廣泛地說明這一點，樣品單元的售價通常在 5,000 美元到 10,000 美元之間，而生產級批量組件的售價低於 1,000 美元。

Naturally, these lower ASPs should be offset by higher unit volumes, which should begin in the back half of 2023 as volumes ramp. That said, trough revenues should occur in the first quarter of 2023, with each consecutive quarter thereafter looking stronger as those volumes come on, with the bigger inflection expected in the back half of the year.

當然，這些較低的平均售價應該被較高的單位銷量所抵消，隨著銷量的增加，單位銷量應該會在 2023 年下半年開始。也就是說，收入低谷應該出現在 2023 年第一季度，隨著這些銷量的增加，此後每個連續的季度看起來都會更強勁，預計今年下半年會出現更大的拐點。

While there are a lot of moving parts here, it's important to look at the overall picture. Even with the headwinds from ASPs, we expect the step-up in volume's growth to be meaningful net positive with revenues more than doubling to the $12 million to $15 million range for the year.

雖然這裡有很多活動部件，但重要的是要了解整體情況。即使有來自 ASP 的不利因素，我們預計銷量增長的加快將帶來有意義的淨正收益，全年收入將增加一倍以上，達到 1200 萬至 1500 萬美元的範圍。

Moving further down the income statement, on the cost side, operating expenses for 2022 were $124.6 million, a decrease from $152.6 million in 2021. 2022 operating expenses included $19.3 million of share-based compensation compared to $64.7 million in 2021. The year-over-year decrease in operating expenses was primarily due to lower Levels of share-based compensation, partially offset by an increase in headcount, InnovizTwo development costs, depreciation and amortization costs, and facility costs.

在損益表中進一步向下移動，在成本方面，2022 年的運營費用為 1.246 億美元，低於 2021 年的 1.526 億美元。2022 年的運營費用包括 1930 萬美元的股權補償，而 2021 年為 6470 萬美元。 -年運營費用的減少主要是由於較低的股份補償水平，部分被員工人數、 InnovizTwo 開發成本、折舊和攤銷成本以及設施成本的增加所抵消。

Research and development expenses for 2022 were $95.1 million, an increase from $93.3 million in 2021. The year included $12 million attributable to share-based compensation compared to $25.5 million in 2021.

2022 年的研發費用為 9510 萬美元，高於 2021 年的 9330 萬美元。這一年包括 1200 萬美元的股權激勵，而 2021 年為 2550 萬美元。

In conclusion, we grew our revenues, delivered a record number of units to our clients, improved our manufacturing throughput, and made meaningful progress on the march towards SOP with the BMW and shuttle programs launching later this year. We believe there is a strong momentum in the automotive space we can leverage on. And with mature products at hand, we can generate additional revenues from the non-automotive segment.

總之，我們增加了收入，向我們的客戶交付了創紀錄數量的單位，提高了我們的製造吞吐量，並在今年晚些時候推出 BMW 和航天飛機計劃後，在向 SOP 邁進方面取得了有意義的進展。我們相信我們可以利用汽車領域的強勁勢頭。有了成熟的產品，我們可以從非汽車領域獲得額外收入。

And with that, I will turn the call back to Omer. Thank you very much.

有了這個，我會把電話轉回給奧馬爾。非常感謝。

Thank you, Eldar. I have just one housekeeping item before we transition over to Q&A. As we've indicated in the past, we've had some customer pushback on communicating changes to the forward-looking order book in real time as deals are announced as this can be a source of competitive intelligence.

謝謝你，埃爾達。在我們過渡到問答環節之前，我只有一件家務用品。正如我們過去所指出的那樣，在宣布交易時，我們遇到了一些客戶反對實時傳達前瞻性訂單簿的變化，因為這可能是競爭情報的來源。

So going forward in 2023, we are going to transition to communicating the total new order amounts, including NRE awards, annually, on our year-end call. I just wanted to flag that change in advance.

因此，從 2023 年開始，我們將過渡到每年在年終電話會議上通報新訂單總額，包括 NRE 獎勵。我只是想提前標記該更改。

As you've already heard today, 2023 is going to be a big year for Innoviz with multiple milestones. The entire team is excited for the year ahead, and we have our heads down, focusing on our SOP launch and converting as many customers from the pipeline into the order book as possible.

正如您今天已經聽說的那樣，2023 年對於 Innoviz 來說將是具有多個里程碑的重要一年。整個團隊都對來年感到興奮，我們低著頭，專注於我們的 SOP 發布，並將盡可能多的客戶從渠道轉化為訂單。

With that, I'll turn the call over to the operator to take us into the Q&A.

有了這個，我會把電話轉給接線員，讓我們進入問答環節。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（操作員說明）Mark Delaney，Goldman Sachs。

Yes. Thank you for the updates and appreciate you taking my questions. I was hoping to start first with the NRE commentary. You spoke about a target of $20 million to $40 million of NRE bookings in 2023. If the company were to achieve that, is that bookings something that will be recognized over several years or mostly in 2023? And should we think of that mostly as coming in as revenue or contract cost? Because you said it could vary.

是的。感謝您的更新，感謝您回答我的問題。我希望首先從 NRE 評論開始。您談到了 2023 年 2000 萬至 4000 萬美元的 NRE 預訂目標。如果公司要實現這一目標，那麼這些預訂是否會在幾年內或大部分時間在 2023 年得到認可？我們是否應該將其主要視為收入或合同成本？因為你說它可能會有所不同。

Sure. I'll start, and I'll let Eldar continue. Generally, every program, which when we are quoting, we're not only quoting for the base price or the tooling cost. We also include a big part of NRE, which is fund activity. This is traditionally paid across the program from denomination time to the SOP, so we expect it to be paid in the course of the program, which is roughly three to four years. Related to the recognition of it, Eldar --

當然。我會開始，我會讓靈族繼續。一般來說，每個程序，當我們報價時，我們不僅報價基本價格或工具成本。我們還包括 NRE 的很大一部分，即基金活動。傳統上，這是從面額時間到 SOP 的整個項目支付的，因此我們預計它會在項目過程中支付，大約是三到四年。與對它的認可有關，靈族——

Yeah. So the recognition goes based on the milestones that we meet. So if we potentially win a program this year with NREs, and there is a certain milestone that will converge this year, it means we will recognize this part of the NRE, and this will be -- if it will be recognized as revenues, it will be on top of the target that we mentioned.

是的。因此，認可是基於我們遇到的里程碑。因此，如果我們今年有可能贏得一個與 NRE 相關的項目，並且今年會出現一個特定的里程碑，這意味著我們將認識到 NRE 的這一部分，這將是——如果它被確認為收入，它將在我們提到的目標之上。

But maybe the fact -- I just want to add, the fact that we're now talking about the NRE, we realized that we overlooked this part, which is quite meaningful to our business. Having that we are now a Tier 1 reporting on programs, the NREs become very meaningful. And as you can imagine, $20 million to $40 million is only for those -- I would say, is a target for those 10 to 15 million could be eventually on a recurrent year-over-year, could be a very meaningful base to our funding.

但也許事實——我只想補充一點，我們現在正在談論 NRE，我們意識到我們忽略了這部分，這對我們的業務非常有意義。既然我們現在是計劃的一級報告，NRE 就變得非常有意義。正如你可以想像的那樣，2000 萬到 4000 萬美元只用於那些——我想說的是，這 10 到 1500 萬的目標最終可能會逐年遞增，這可能是我們的一個非常有意義的基礎資金。

That's helpful. And maybe to round that discussion out and trying to think through gross margin in 2023, you talked about shifting from selling some full samples to providing components. Perhaps there's some NREs coming in that are contract COGS.

這很有幫助。也許為了結束討論並嘗試考慮 2023 年的毛利率，您談到了從銷售一些完整樣品轉向提供組件。也許有一些 NRE 是合同 COGS。

So when you think about some of those factors, what are some of the implications for gross margin? Yeah. I realize you're not giving specific gross margin guidance, but do you think you can cross into positive gross margins at some point in 2023 and perhaps maybe be positive even on gross margin for the full year?

因此，當您考慮其中一些因素時，對毛利率有何影響？是的。我知道你沒有給出具體的毛利率指導，但你認為你可以在 2023 年的某個時候實現正毛利率，甚至全年的毛利率也可能是正的嗎？

I think we should see improvements in gross margins. I don't want to give guidance on whether or not we become positive, but we do expect better gross margins on the overall year outlook.

我認為我們應該看到毛利率有所改善。我不想就我們是否變得樂觀提供指導，但我們確實預計全年展望的毛利率會更高。

Okay. And then one last one for me. On the last call, you spoke about one to three OEM decisions taking place over the next six months. Maybe just update us on how those have been progressing. Have any of them been decided, and how do you think any of this is doing things now?

好的。然後最後一張給我。在上次通話中，您談到了未來六個月內將做出的一到三個 OEM 決策。也許只是讓我們了解這些進展如何。他們中的任何一個已經決定了嗎？你認為這些現在是如何做的？

We're still pending for several decisions. It's very difficult to really give an accurate estimate of when things happen. So this time, I'm trying to refrain from doing that. But we are working towards several decisions, and we hope that -- and we'll feel positive about them, and that will strengthen our order books and NRE.

我們仍在等待幾項決定。很難準確估計事情發生的時間。所以這一次，我盡量避免這樣做。但我們正在努力做出幾個決定，我們希望——我們會對它們感到積極，這將加強我們的訂單和 NRE。

Thank you.

謝謝。

You're welcome. Thank you, Mark.

不客氣。謝謝你，馬克。

Thank you, Mark.

謝謝你，馬克。

Jared Maymon, Berenberg.

賈里德·梅蒙，貝倫貝格。

Hey. Morning, guys. Thanks for the update, Omer, Eldar. And Steven, good to meet you. Happy to hear you're taking the expertise from Ford and going to help a lot the guys at Innoviz. That's great. I guess just -- so two questions for me, kind of high-Level stuff.

嘿。早上好，伙計們。感謝更新，Omer，Eldar。史蒂文，很高興見到你。很高興聽到您從福特那裡汲取專業知識，並將幫助 Innoviz 的很多人。那太棒了。我想只是 - 所以我有兩個問題，有點高層次的問題。

First one's on China. So there's obviously been a few Chinese competitors in the news recently, one for IPO footprint expansion and then the other one for production award with a subsidiary of a global OEM. So I guess maybe for Omer, just wondering if your view has changed on the threat of Chinese competitors at this point, especially in the mass market segment.

第一個是關於中國的。因此，最近的新聞中顯然出現了一些中國競爭對手，一個是為了擴大 IPO 足跡，另一個是與一家全球 OEM 的子公司簽訂生產合同。所以我想也許對奧馬爾來說，只是想知道你對中國競爭對手的威脅的看法是否已經改變，尤其是在大眾市場領域。

So maybe the right way to frame this question up is, have you seen these guys more often in procurement with the ADAS and purchasing teams of global OEMs? And then is there anything you think Innoviz can do or is already planning to do to better your eyes in the Asian market or take the fight to China beyond the recent production award with the Asian-based OEM?

所以也許提出這個問題的正確方法是，你是否更經常地看到這些人與全球 OEM 的 ADAS 和採購團隊進行採購？那麼，您認為 Innoviz 有什麼可以做或已經計劃做的事情來改善您在亞洲市場的眼光，或者除了最近與亞洲 OEM 的生產合同之外，還可以將戰鬥帶到中國？

Yeah. Great. I'm happy you asked this question. So actually, when talking about non-Chinese OEMs, we currently do not see the China-based lighter companies competing. My assumption is based on the fact that the requirements that we're seeing are far much higher than the solutions that are offered by them. And I assume this is a big part of why we do not see them competing on that.

是的。偉大的。我很高興你問了這個問題。所以實際上，在談到非中國OEM時，我們目前沒有看到中國的打火機公司參與競爭。我的假設是基於這樣一個事實，即我們看到的要求遠遠高於他們提供的解決方案。我認為這是我們看不到他們在這方面競爭的一個重要原因。

On the other hand, we just had a visit of our China team from China visiting Innoviz for the first time after 3.5 years. It was a good opportunity to catch up and I would say reinstalled our position or strategy in China. InnovizTwo, in a way, solves many of the difficulties we had in the past.

另一方面，我們的中國團隊在 3.5 年後首次訪問了 Innoviz。這是一個迎頭趕上的好機會，我想說重新確立了我們在中國的地位或戰略。 InnovizTwo 在某種程度上解決了我們過去遇到的許多困難。

InnovizOne, when competing on different programs, we got very good feedback from customers that were actually quite impressed by the product. But from the competitive landscape in China, it was decided to be too expensive, and second part was the fact that our production line is not in China. Those were the two topics that in a way made it a bit more difficult for us to win business in China.

InnovizOne，在參加不同項目的比賽時，我們從客戶那裡得到了很好的反饋，他們對產品印象非常深刻。但從中國的競爭格局來看，決定它太貴了，第二部分是我們的生產線不在中國。這兩個話題在某種程度上讓我們更難在中國贏得業務。

Now that InnovizTwo is so significantly cheaper and so significantly better, and also, we are targeting a production line in China with InnovizTwo. That opens up that opportunity all over again. So we are revisiting our activity in China with InnovizTwo, and we are hoping for a great success there, too.

既然 InnovizTwo 便宜得多，性能也好得多，而且我們的目標是在中國建立一條 InnovizTwo 生產線。這再次打開了這個機會。因此，我們正在重新審視我們與 InnovizTwo 在中國的活動，我們也希望在那裡取得巨大成功。

Got it. Great. Thanks, Omer. And then second one, actually you kind of opened this up nicely with the requirements commentary. But just I guess there's been some talk recently on the use case of Level 3 both from the silicon guys and then some of your competitors in LiDAR as well, and on the use case of traffic jam assist versus a full Level 3 highway autonomy system and whether or not each is useful in their own right.

知道了。偉大的。謝謝，奧馬爾。然後第二個，實際上你用需求評論很好地打開了它。但我猜最近有一些關於 3 級用例的討論，既有來自矽業的人，也有你們在 LiDAR 領域的一些競爭對手，以及關於交通擁堵輔助與完整的 3 級高速公路自治系統的用例，以及每個人是否對自己有用。

That said, one of your competitors recently said publicly and largely unopposed that your technology won't be able to deliver Level 3 highway autonomy at 130 kilometers per hour. So I'm just wondering, can you kind of talk about the programs that you have with BMW, Volkswagen, and the unnamed Asia-based OEM? And what's being targeted both by the OEMs and the platform partners you're working with on those contracts?

也就是說，您的一位競爭對手最近公開表示，您的技術無法以每小時 130 公里的速度提供 3 級高速公路自主性，而且基本上沒有人反對。所以我只是想知道，你能談談你與寶馬、大眾和未具名的亞洲原始設備製造商的項目嗎？原始設備製造商和與您在這些合同上合作的平台合作夥伴的目標是什麼？

Oh, definitely. Yeah. I would say, Innoviz technology is currently providing really the highest, I would say, requirements in many ways. We are seeing today RFIs and RFQs that in a way are copied from our data sheet. And we are happy to set the barrier for the rest of the market.

哦，當然。是的。我想說，Innoviz 技術目前在很多方面都提供了最高的要求。我們今天看到的 RFI 和 RFQ 在某種程度上是從我們的數據表中復制的。我們很高興為其他市場設置障礙。

I can go very long, and I'm happy that -- actually, I did have a session workshop where I introduced Level 3 requirements and explain very well how 80 miles an hour or 130 kilometers an hour are possible through a certain specification of the LiDAR, which is one to one with the requirements that InnovizTwo is providing. And actually, if you go one by one, you'll see that all of our parameters are meeting that and exceeding it. The other company that have mentioned that is actually far below that. And I'm surprised by their comments, and I'm happy that they've raised that question.

我可以走很長時間，我很高興——實際上，我確實舉辦了一個會議研討會，在那裡我介紹了 3 級要求，並很好地解釋瞭如何通過特定的規範達到每小時 80 英里或每小時 130 公里的速度。 LiDAR，與 InnovizTwo 提供的要求一對一。實際上，如果你逐一進行，你會發現我們所有的參數都達到並超過了它。另一家提到的公司實際上遠低於此。我對他們的評論感到驚訝，我很高興他們提出了這個問題。

When we are working with car companies and in their target to reach 130 kilometers an hour, they are setting very clearly the requirements they have for the frame rate. We are operating at 20 frames per second. As I understand, they operate at 10. Frame rate is a very important element in the reaction time that the car would have, and I would say that this is a very huge advantage that Innoviz is able to provide.

當我們與汽車公司合作時，他們的目標是達到每小時 130 公里，他們對幀率的要求非常明確。我們以每秒 20 幀的速度運行。據我所知，它們以 10 幀運行。幀速率是汽車反應時間中非常重要的因素，我想說這是 Innoviz 能夠提供的一個非常巨大的優勢。

Other than that, the very uniform resolution of 0.05 degree resolution across the field of view with a very wide vertical field of view, which is needed for different driving scenarios is something that Innoviz is capable of, while the other solution is not. So I definitely believe that Innoviz is actually the one that is capable in providing those specifications while the rest are not. And I'm happy to direct anyone for the white paper I wrote on the matter. I'm happy to find any challenge from anyone on that. Very glad.

除此之外，Innoviz 能夠提供非常均勻的 0.05 度分辨率和非常寬的垂直視野，這是不同駕駛場景所需要的，而其他解決方案則不能。所以我絕對相信 Innoviz 實際上是能夠提供這些規格而其餘的則不能。我很樂意指導任何人閱讀我就此事撰寫的白皮書。我很高興發現任何人在這方面提出的任何挑戰。非常高興。

Thanks, Omer.

謝謝，奧馬爾。

Andres Sheppard, Cantor.

安德烈斯謝潑德，康托爾。

Hey, Eldar. Hey, Omer. Good morning, or good afternoon, I should say. Congrats on the quarter, and thanks for taking our questions. I just wanted to maybe get a little more clarity on the revenue guidance for 2023, right? So I see the $12 million to $15 million.

嘿，埃爾達。嘿，奧馬爾。早上好，或者下午好，我應該說。祝賀本季度，感謝您提出我們的問題。我只是想更清楚地了解 2023 年的收入指導，對嗎？所以我看到了 1200 萬到 1500 萬美元。

So just to maybe understand that is predominantly comprised from, and please correct me if I'm mistaken here, but that is predominantly comprised of the revenues from the BMW partnership and the shuttle program, both of which will begin ramping up with the start of production in the second half of this year. Is that correct?

因此，也許可以理解這主要包括，如果我在這裡弄錯了請糾正我，但這主要包括來自寶馬合作夥伴關係和班車計劃的收入，這兩者都將隨著今年下半年投產。那是對的嗎？

It's partially correct. Of course, the shuttle program and the BMW program have a significant part of our revenues for this year, but we have additional expectation from the market that we are operating as well as non-automotive opportunities that we are selling into. So it'll be a mixture.

這是部分正確的。當然，班車項目和寶馬項目占我們今年收入的很大一部分，但我們對我們正在運營的市場以及我們正在銷售的非汽車機會有額外的期望。所以它會是一個混合物。

Okay. Got it. But I guess what I'm wondering is it's probably going to be a little bit more weighted on the second half of the year, right?

好的。知道了。但我想我想知道的是，它可能會在今年下半年變得更加重要，對吧？

That's correct. That's correct.

這是正確的。這是正確的。

Okay. Thank you. That's helpful. And maybe just a quick follow-up, just remind us again where things stand with your capital needs, right? So total liquidity is about $186 million. What is the expectation that gets you through? Is that through SOP? Or is that into 2024? Have you talked about that?

好的。謝謝。這很有幫助。也許只是快速跟進，再次提醒我們您的資金需求情況如何，對嗎？因此，總流動資金約為 1.86 億美元。讓你度過難關的期望是什麼？是通過SOP嗎？還是到 2024 年？你談過那個嗎？

Oh, of course it will allow us to get to SOP and even beyond that. I would also say that our expectation this year is to win additional programs that will actually allow us to subsidize our activity in a meaningful manner. If you add the two launches that we have this year, the sales to an automotive that will grow also over next year, and then a lease that we're going to collect from the different car companies, we believe that it will help us into funding the activities all going forward.

哦，當然，這將使我們能夠達到 SOP，甚至超越 SOP。我還要說的是，我們今年的期望是贏得更多的計劃，這些計劃實際上使我們能夠以有意義的方式補貼我們的活動。如果你加上我們今年的兩次發布，明年汽車的銷量也將增長，然後我們將從不同的汽車公司收集租賃，我們相信這將幫助我們進入為所有的活動提供資金。

Got it. And sorry, maybe if I could squeeze just one last one. You mentioned today that you are in conversations with Volkswagen to potentially explore additional opportunities from that relationship. So I guess if I ask bluntly, what does that mean, right? Is that for other vehicles? Is that for another one of your products? Maybe just help me understand what that means exactly.

知道了。抱歉，如果我能擠最後一個就好了。您今天提到您正在與大眾汽車進行對話，以潛在地從這種關係中探索更多機會。所以我想如果我直截了當地問，那是什麼意思，對吧？是給其他車用的嗎？那是你們的另一種產品嗎？也許只是幫助我理解這到底意味著什麼。

Sure. We were nominated for a platform where we collaborate with Volkswagen and CARIAD, where this platform is going to sell different brands and different vehicles. This design includes the single LiDAR and different other sensors and a computing platform, et cetera. There are two other platforms that possibly would include more than one LiDAR and possibly a different set of other sensors and computing platform. It's a different platform that was decided recently to include also the LiDAR to reach the Level 3 -- Level 2+ to Level 3.

當然。我們被提名為我們與大眾汽車和 CARIAD 合作的平台，該平台將銷售不同品牌和不同的車輛。該設計包括單個 LiDAR 和不同的其他傳感器以及計算平台等。還有兩個其他平台可能包括多個 LiDAR，並且可能包含一組不同的其他傳感器和計算平台。這是一個不同的平台，最近決定也包括 LiDAR 以達到 3 級——2+ 級到 3 級。

And having fallen that decision, there are discussions between them and us about the way that Innoviz could possibly support in parallel these multiple integration platforms and allow them to launch with the LiDAR. Obviously, we are very excited and happy that we see that this opportunity is now and allowing us to grow our business. Obviously, if you look at our original order book from the first win, it does not reflect (technical difficulty).

在做出這個決定後，他們和我們之間就 Innoviz 可能並行支持這些多個集成平台並允許它們與 LiDAR 一起啟動的方式進行了討論。顯然，我們非常興奮和高興，因為我們看到現在這個機會讓我們能夠發展我們的業務。顯然，如果你從第一場胜利開始看我們原來的訂單簿，它並沒有反映（技術難度）。

[Volkswagen] is a very big car company, and eventually the opportunity of it that we hold behind this group is potentially bigger than the first platform. And we hope to see us growing into Volkswagen in a more meaningful way.

[大眾]是一家非常大的汽車公司，最終我們在這個集團背後擁有的機會可能比第一個平台更大。我們希望看到我們以更有意義的方式成長為大眾汽車。

Understood. Very, very helpful. Thanks again. Congrats on the quarter. I'll pass it on.

明白了。非常非常有幫助。再次感謝。祝賀這個季度。我會傳下去的。

Kevin Cassidy, Rosenblatt Securities.

凱文卡西迪，羅森布拉特證券。

Yeah. Thanks for taking my question, and thank you for having this update. Just to expand on those last questions, for moving to a different platform, when you're saying that there are other sensors, is it more LiDARs? or you're moving into other types of sensors?

是的。感謝您提出我的問題，並感謝您進行此更新。只是為了擴展最後一個問題，為了轉移到不同的平台，當你說還有其他傳感器時，是不是更多的激光雷達？或者你正在轉向其他類型的傳感器？

No, no, no. Not a different LiDAR. I'm just saying eventually this platform is designed to serve -- it's a different platform that we were awarded to, which is actually launching without the LiDAR initially, and now there was a decision to include LiDAR. Generally, I'm not aware of the other sensors that today, there's no LiDAR there. It's a different platform that we need to integrate into. That's what it means.

不不不。不是不同的激光雷達。我只是說最終這個平台是為服務而設計的——這是我們被授予的一個不同的平台，實際上最初是在沒有 LiDAR 的情況下啟動的，現在我們決定包括 LiDAR。一般來說，我不知道今天的其他傳感器，那裡沒有 LiDAR。這是一個我們需要融入的不同平台。這就是它的意思。

Okay. Great. Thanks. And it looks like 2023 is going to be a critical year, as you're pointing out, 10 or 15 more bids happening --

好的。偉大的。謝謝。看起來 2023 年將是關鍵的一年，正如您所指出的那樣，還有 10 或 15 個投標發生——

Yeah. (multiple speakers)

是的。 （多個揚聲器）

(laughter) Yeah. Maybe, as you're looking at this, that some of your competitors will probably fall off the pace, what is your view of -- you clearly got some major wins and will survive. Would you be interested in acquiring these other companies as they fall off the pace for their technology or even maybe their customer base?

（笑聲）是的。也許，正如你所看到的，你的一些競爭對手可能會落後，你的看法是什麼——你顯然已經取得了一些重大勝利並將生存下來。您是否有興趣收購這些其他公司，因為他們的技術甚至可能是他們的客戶群落後了？

Not necessarily. I mean, obviously, we believe that our technology is currently winning the market, and we are very -- we believe there is a long path to what we're doing. And as you can see, we continue to develop new technologies such as the Innoviz360. If there will be a technology that we will find as interesting, we might look at it. Right of now, we are very much feeling, I would say, content, it's the right word, with the technology that we are building ourselves.

不必要。我的意思是，顯然，我們相信我們的技術目前正在贏得市場，而且我們非常 - 我們相信我們正在做的事情還有很長的路要走。如您所見，我們繼續開發新技術，例如 Innoviz360。如果有一項我們會覺得有趣的技術，我們可能會關注它。現在，我們非常感覺，我想說，滿足，這是正確的詞，我們正在構建自己的技術。

Okay. Understood. Thank you.

好的。明白了。謝謝。

Thank you.

謝謝。

Thank you. That concludes the question-and-answer session for today. Would you like to add closing remarks?

謝謝。今天的問答環節到此結束。您想添加結束語嗎？

Well, as Kevin said, it's a very exciting year for us like every year, and we are excited to things that will come along. And we know that we can't also -- we always start the year, and we find out more opportunities that becoming -- that exciting us, although the cost of deal, we're not even aware of. And I'm very pleased of where Innoviz is today, and I have very good confidence that we'll continue to grow and success. Thank you for joining our earnings call.

好吧，正如凱文所說，與往年一樣，這對我們來說是非常激動人心的一年，我們對即將發生的事情感到興奮。而且我們知道我們也不能——我們總是在新的一年開始，我們會發現更多的機會——這讓我們興奮，儘管交易的成本，我們甚至都沒有意識到。我對 Innoviz 今天所處的位置感到非常高興，並且我非常有信心我們將繼續發展並取得成功。感謝您加入我們的財報電話會議。

Thank you.

謝謝。