Innoviz Technologies Ltd (INVZ) 2022 Q1 法說會逐字稿

Good morning, and welcome to Innoviz's first-quarter 2022 earnings conference call. Joining us today are Omer Keilaf, Chief Executive Officer, and Eldar Cegla, Chief Financial Officer. (Operator Instructions) 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.

早上好，歡迎參加 Innoviz 2022 年第一季財報電話會議。今天加入我們的還有執行長 Omer Keilaf 和財務長 Eldar Cegla。 （操作員說明）我想提醒大家，本次電話會議正在錄音，並將在我們網站 ir.innoviz.tech 的投資者關係部分提供。

Before we begin, we would like to remind you that our discussions 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.

在開始之前，我們想提醒您，我們今天的討論將包括前瞻性陳述，這些陳述受到與未來事件和 Innoviz 未來財務表現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的預期有重大差異。

Forward-looking statements made today speak only to our expectations as of today, and we undertake no obligation to publicly update or revise them. For discussion of some of the important risk factors that could cause actual results to differ materially from any forward-looking statements, please see the risk factors section of our Form 20-F filed with the SEC on March 30, 2022.

今天所做的前瞻性陳述僅代表我們今天的預期，我們不承擔公開更新或修改這些陳述的義務。有關可能導致實際結果與任何前瞻性陳述有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 SEC 提交的 20-F 表格中的風險因素部分。

I will now turn the call over to Omer. Please go ahead.

我現在將把電話轉給奧馬爾。請繼續。

Plus our recent announcements I want to --

再加上我們最近的公告，我想——

Okay. Can you hear me? Okay. I want to use the opportunity to thank people that reached out during the last week to congratulate us. Definitely, we went through a very long process to make this happen, and we're very, very excited. Obviously, adding another $4 billion to our order book is a major achievement and will allow the company to do many more things. But one of the most meaningful impacts of this recent announcement of our design win and award by one of the largest carmakers is not only through the fact that we won additional business, it's actually -- a big part of it that makes us very happy is our ability to secure this business as it does supplier Tier 1.

好的。你聽得到我嗎？好的。我想藉此機會感謝上周向我們表示祝賀的人們。當然，我們經歷了一個非常漫長的過程來實現這一目標，我們非常非常興奮。顯然，在我們的訂單中再增加 40 億美元是一項重大成就，將使公司能夠做更多的事情。但是，最近宣布我們的設計獲得最大的汽車製造商之一的獎項，最有意義的影響之一不僅是因為我們贏得了額外的業務，實際上，讓我們非常高興的一個重要部分是我們有能力像一級供應商一樣確保這項業務的安全。

Becoming a Tier 1 in the automotive market is a huge, huge step for us that will help us to run faster and secure many more deals. This is one of the things that we've been working for a very long time. It's very difficult to become a Tier 1 in this space, but we are sure that this will allow us to run faster and succeed in many more deals.

成為汽車市場的一級供應商對我們來說是一個巨大的進步，這將幫助我們更快地運行並獲得更多的交易。這是我們長期以來一直在努力的事情之一。在這個領域成為第一梯隊非常困難，但我們確信這將使我們能夠跑得更快並在更多交易中取得成功。

With that, I will -- please go to the presentation and elaborate more. Thank you. Can you go to the next page? Thank you.

接下來，我將——請觀看演示並詳細說明。謝謝。您可以轉到下一頁嗎？謝謝。

So following two years of working closely with one of the world's three largest vehicle groups as part of their extensive RFQ process, we're happily -- we were happy to finally announce last week that we were selected to be their direct and only LiDAR supplier for the L2 to L3 multi-year series production program. Selection of InnovizTwo out of any other LiDAR solution is a big vote of confidence to our technology leadership and product superiority. Both companies have agreed to have a joint announcement following a first delivery expected in the coming months.

因此，經過兩年與世界三大汽車集團之一的密切合作，作為其廣泛的詢價流程的一部分，我們很高興- 我們很高興終於在上周宣布我們被選為他們的直接且唯一的激光雷達供應商用於 L2 至 L3 多年系列生產計劃。從任何其他 LiDAR 解決方案中選擇 InnovizTwo 是對我們技術領先地位和產品優勢的巨大信任票。兩家公司已同意在未來幾個月首次交付後發表聯合公告。

This design win is our first automotive production deal for InnovizTwo which follows our two design wins for InnovizOne. Back in Q3 2021, we updated you about Innoviz being qualified as a direct Tier 1 supplier by one of the largest carmakers in the world. Being recognized as a direct supplier was a critical step to allow this group to select us for series production, yet we were waiting for the formal nomination.

這場設計勝利是我們為 InnovizTwo 贏得的首個汽車生產協議，此前我們為 InnovizOne 贏得了兩場設計勝利。早在 2021 年第三季度，我們就向您通報了 Innoviz 被全球最大的汽車製造商之一授予直接一級供應商資格的消息。被認可為直接供應商是該集團選擇我們進行大量生產的關鍵一步，但我們正在等待正式提名。

Last week, we were finally able to celebrate being awarded for the first time as a direct supplier by one of the most technical, prestigious, and largest carmakers in the world. This win has a significant impact on our ability to generate future revenues. We are no longer only selling components as a Tier 2, but rather the entire product along with our perception software.

上週，我們終於能夠慶祝首次被世界上技術最先進、最負盛名、最大的汽車製造商之一授予直接供應商稱號。這次勝利對我們未來創造收入的能力產生重大影響。我們不再只銷售二級組件，而是銷售整個產品以及我們的感知軟體。

This also means that we can leverage our success more easily to win other programs without being dependent on any third party. This win is a testament to the quality and uniqueness of our technology, industrialization capabilities, and automotive experience. During this process, we demonstrated a variety of Tier 1 capabilities, including our ability to manage mass production, manufacturability, automotive-grade quality, hardware validation, and computer-vision validation. Being selected by a technology leader in the industry is an important vote of confidence in Innoviz, which we believe will influence the rest of the industry and create a domino effect, bringing us other business opportunities.

這也意味著我們可以更輕鬆地利用我們的成功來贏得其他項目，而無需依賴任何第三方。這次勝利證明了我們技術、工業化能力和汽車經驗的品質和獨特性。在此過程中，我們展示了各種一級能力，包括管理大規模生產、可製造性、汽車級品質、硬體驗證和電腦視覺驗證的能力。被業界技術領導者選中，是對Innoviz投下的重要信任票，我們相信這將影響整個產業，產生骨牌效應，為我們帶來其他商機。

I would now like to take a minute to explain the recent announcement we made regarding our partnership with LiangDao, a full-stack Tier 1 service provider based in China and Germany. This partnership will help secure -- ensure we are poised to deliver on our commitment to our customers who target the Chinese market. We needed a partner to validate the perception software in China and LiangDao positions us to that exactly. As a result of winning our third design win, our order book was increased by $4 billion, resulting in a forward-looking order book of$6.6 billion, 2.5-times larger than last quarter.

我現在想花一點時間解釋一下我們最近發布的有關與LiangDao（一家位於中國和德國的全端一級服務提供商）合作夥伴關係的公告。這種夥伴關係將有助於確保我們準備好履行對瞄準中國市場的客戶的承諾。我們需要一個合作夥伴來在中國驗證感知軟體，而LiangDao正是為我們定位的。由於贏得了第三次設計勝利，我們的訂單增加了 40 億美元，前瞻性訂單達到 66 億美元，是上季的 2.5 倍。

Allow me to briefly explain how we -- how our forward-looking order book was calculated. In terms of volume production, the OEM we were selected by is one of the three largest vehicle groups in the world with about 10% market share. The program plan is based on three years of development and validation, followed by eight to 10 years of sales, with the expectation to see a growing take rate of 1% to 14% over the course of the program.

請容許我簡要解釋一下我們的前瞻性訂單簿是如何計算的。從量產來看，我們選擇的整車廠是全球三大整車集團之一，市佔率約10%。該計劃計劃基於三年的開發和驗證，然後是八到十年的銷售，預計在計劃過程中採用率將增長 1% 到 14%。

We expect to supply our LiDAR sensors for at least 8 million cars. And there is a potential to significantly increase this number given the fact that we are in discussions with the group on additional brands and models, expecting gross margin of between 30% to 40%. These amounts will not include the B sample or C samples, NRE, and production tools that are also part of the nomination. These are exciting times for Innoviz and I'm thrilled by what we have already achieved and what is still to come.

我們預計將為至少 800 萬輛汽車供應我們的 LiDAR 感測器。鑑於我們正在與該集團討論其他品牌和型號，預計毛利率將在 30% 至 40% 之間，這一數字有可能大幅增加。這些金額不包括 B 樣品或 C 樣品、NRE 和生產工具，這些也是提名的一部分。對於 Innoviz 來說，這是激動人心的時刻，我對我們已經取得的成就和即將取得的成就感到興奮。

Turning into our sales funnel and targets for the year. We increased the number of series production deals to three, emphasizing that the last is based on multiple brands, not just one. We have currently nine pre-production activities with customers that are using our LiDARs for development stage. Several of them are expected to turn into sales production at a later time.

變成我們今年的銷售漏斗和目標。我們將系列生產交易的數量增加到三個，並強調最後一個是基於多個品牌，而不僅僅是一個。目前，我們與在開發階段使用我們的雷射雷達的客戶進行了九項預生產活動。其中幾款預計稍後將轉產銷售。

We continue to bring new potential customers into our sales funnel. Currently, we have 12 different customers in different stages of RFI and RFQ. Three are at the late stage of their decision process. We expect our conversion rate to increase as we win the confidence of more OEMs. We see that our new nomination as a direct supplier to such a high volume and prestigious program, is already removing any friction perceived by other carmakers in allowing Innoviz to become the direct supplier for sales production programs.

我們繼續將新的潛在客戶帶入我們的銷售管道。目前，我們有12個不同的客戶處於RFI和RFQ的不同階段。其中三人正處於決策過程的後期階段。隨著我們贏得更多原始設備製造商的信任，我們預計我們的轉換率將會提高。我們看到，我們作為如此大批量和享有盛譽的項目的直接供應商的新提名，已經消除了其他汽車製造商在允許 Innoviz 成為銷售生產項目的直接供應商方面所感受到的任何摩擦。

This new design win enables us not only to meet our 2022 targets, but even exceed with another. Before the half -- of the first half of the year, namely signing at least one automotive commercial agreement and increasing our order book, which is now 153% higher.

這場新的設計勝利不僅使我們能夠實現 2022 年的目標，甚至超越了另一個目標。在上半年之前，即簽署至少一份汽車商業協議並增加我們的訂單，目前訂單量增加了 153%。

I would like to explain the difference between a pre-production commercial agreement versus a series production design win. Pre-production deals mostly serve the customers' need in testing, validating, and understanding the LiDAR requirements and needs to draft their RFIs and RFQ for a later stage. When it comes to making the sourcing decision for automotive series production, it's a much more rigorous and long process. Many other considerations come into play such as reliability, industrialization, cost sensitivity, automotive grade, cyber security, and endless other aspects that are covered in order to ensure the safe launch of a high-volume production line. All elements in which Innoviz is well positioned.

我想解釋一下預生產商業協議與系列生產設計勝利之間的差異。預生產交易主要滿足客戶測試、驗證和了解 LiDAR 要求的需求，以及為後期起草 RFI 和 RFQ 的需求。在做出汽車系列生產的採購決策時，這是一個更嚴格和漫長的過程。許多其他考慮因素也在發揮作用，例如可靠性、工業化、成本敏感性、汽車級、網路安全以及為了確保大批量生產線的安全啟動而涉及的無數其他方面。 Innoviz 在所有元素中都處於有利地位。

Pre-production programs are far more common, which is why we are able to secure more of them compared to series production nominations. But as expected, the committed volume and order book size are significantly different.

預製作項目更為常見，這就是為什麼我們能夠獲得比系列製作提名更多的預製作項目。但正如預期的那樣，承諾數量和訂單規模存在顯著差異。

Our strategic priorities are what we have grounded our focus on so far, and what we will continue to propel our success going forward. So I'd like to take a moment to remind everyone of our three strategic priorities: solidifying our position as the leading LiDAR supplier for automotive, expanding our market share beyond the automotive industry, and investing in our technology and perception software.

我們的策略重點是我們迄今為止所關注的重點，也是我們未來將繼續推動成功的重點。因此，我想花點時間提醒大家我們的三個策略重點：鞏固我們作為汽車雷射雷達領先供應商的地位，擴大我們在汽車行業以外的市場份額，以及投資我們的技術和感知軟體。

We have a sustainable strategy to deliver against these priorities and position Innoviz for success. Automotive dealers have a long sales cycles, high switching costs, enterprise-level deals, and a long-term commitment for high volume. But they come only following several years of development and testing period. We believe our automotive applications for LiDARs in passenger vehicles, the Level 2+ and Level 3 applications, will be the main driver for our revenues growth, which are expected to show significant growth in 2024 to 2030 model years. These opportunities are the critical decision time, decisions that will set the winners for the next 10 years.

我們制定了永續策略來應對這些優先事項，並使 Innoviz 取得成功。汽車經銷商的銷售週期長、轉換成本高、企業級交易、長期承諾大銷售量。但它們是在經過幾年的開發和測試之後才出現的。我們相信，我們的乘用車 LiDAR 汽車應用（2+ 級和 3 級應用）將成為我們收入成長的主要驅動力，預計在 2024 年至 2030 年車型年將出現顯著增長。這些機會是關鍵的決策時刻，這些決策將決定未來 10 年的贏家。

Non-automotive deals have shorter sales cycles, lower switching costs, and they take place in quite a fragmented market. Non-automotive deals will deliver revenues over the near-term and are much easier to penetrate. Given these dynamics, we see the importance of keeping 2022 focus on our first strategic priority, which is solidifying our position as a leading supplier for the LiDAR -- for LiDAR for automotive and leveraging on our momentum during the industry critical decision window.

非汽車交易的銷售週期較短，轉換成本較低，而且發生在相當分散的市場。非汽車交易將在短期內帶來收入，並且更容易滲透。鑑於這些動態，我們認為 2022 年重點關注我們的首要戰略重點非常重要，這將鞏固我們作為 LiDAR（汽車 LiDAR）領先供應商的地位，並在行業關鍵決策窗口期間利用我們的勢頭。

We will keep pursuing many automotive opportunities that are still in play, and we believe we can secure more. These automotive wins could guarantee long term and sustainable growth for the company. And as we enter 2023 with several sales production deals in our pocket, with two programs expected to launch, we'll take the next step of our plan, which is expanding our market share beyond automotive industry to boost our revenue generation. To that end, we are building today our production capacity for both InnovizTwo and Innoviz360 products, and have confidence in our ability to penetrate this market quickly.

我們將繼續尋求許多仍在發揮作用的汽車機會，我們相信我們能夠獲得更多機會。這些汽車領域的勝利可以保證公司的長期可持續成長。當我們進入 2023 年時，我們已經達成了幾項銷售生產協議，預計將啟動兩個項目，我們將採取下一步計劃，即擴大我們的市場份額，超越汽車行業，以增加我們的收入。為此，我們今天正在建立 InnovizTwo 和 Innoviz360 產品的生產能力，並對我們快速滲透該市場的能力充滿信心。

With InnovizOne, InnovizTwo, and Innoviz360, we expect an uptick in revenues during '23 through the non-automotive market while we begin to recognize revenues from the automotive deals we closed earlier.

憑藉 InnovizOne、InnovizTwo 和 Innoviz360，我們預計 23 年非汽車市場的收入將有所上升，同時我們開始確認先前完成的汽車交易的收入。

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

有了這個，我會把它交給埃爾達來檢查財務狀況。

Thank you, Omer, and good morning, everyone.

謝謝奧馬爾，大家早安。

Our confidence in our future growth opportunity is supported by our robust cash position, which gives us both the flexibility to execute our 2022 strategy and additional runway to invest in new and innovative technology. These are exciting times for Innoviz. As we are at the starting point of another major project, we maintain a high liquidity level of $275 million in cash, short-term deposits, and marketable securities.

我們強勁的現金狀況支撐著我們對未來成長機會的信心，這使我們能夠靈活地執行 2022 年策略，並為投資新技術和創新技術提供額外的途徑。對於 Innoviz 來說，這是一個令人興奮的時刻。由於我們正處於另一個重大項目的起點，我們保持著 2.75 億美元的現金、短期存款和有價證券的高流動性水準。

Our operating cash flow during the first quarter of 2022 was well within planned budget, and the Innoviz debt-free cash assets enable us to continue to execute our 2022 plans.

我們 2022 年第一季的營運現金流完全在計畫預算之內，Innoviz 無債務現金資產使我們能夠繼續執行 2022 年計畫。

Revenues for Q1 2022 were $1.8 million compared to Q1 2021 revenues of $0.7 million. All of our revenues in Q1 this year were InnovizOne related. The company expects InnovizOne sales to continue to increase, and we are also targeting to sell the first samples of InnovizTwo later this year.

2022 年第一季的營收為 180 萬美元，而 2021 年第一季的營收為 70 萬美元。今年第一季我們的所有收入都與 InnovizOne 相關。該公司預計 InnovizOne 銷量將繼續成長，我們也計劃在今年稍後銷售 InnovizTwo 的首批樣品。

Operating expenses for the first quarter of 2022 were $31.1 million, an increase from $19.7 million in the first quarter of 2021. Operating expenses in Q1 2022 included $4.7 million of share-based compensation, compared to $1.8 million of share-based compensation in Q1 2021. The increase in operating expenses in Q1 2022 compared to Q1 2021 was primarily due to the increase in the number of employees and the share-based compensation. Research and development expenses for Q1 2022 were $22.8 million, an increase from $16.7 million in Q1 2021. Research and development expenses in Q1 2022 included $2.7 million attributable to share-based compensation, compared to $1.3 million attributable to share-based compensation in Q1 2021.

2022 年第一季的營運支出為3,110 萬美元，較2021 年第一季的1,970 萬美元有所增加。2022 年第一季的營運支出包括470 萬美元的股權激勵，而2021 年第一季的股權激勵為180 萬美元與2021年第一季相比，2022年第一季營運費用增加主要是由於員工人數和股權激勵的增加。 2022 年第一季的研發費用為2,280 萬美元，較2021 年第一季的1,670 萬美元有所增加。2022 年第一季的研發費用包括270 萬美元的股權激勵費用，而2021 年第一季的研發費用為130 萬美元。 。

To conclude, we gained a strong position in the marketplace with the recent win, and we believe that this win strengthens our position to gain additional market share during this year and the years to come. As a direct supplier for the industry, we will continue to leverage our strong cash position to develop groundbreaking technology and products for the automotive market and beyond.

總而言之，我們透過最近的勝利在市場上獲得了強大的地位，我們相信這場勝利將鞏固我們的地位，在今年和未來幾年獲得更多的市場份額。作為該行業的直接供應商，我們將繼續利用我們強大的現金狀況為汽車市場及其他市場開發突破性的技術和產品。

And with that, I will turn the call back to Omer.

然後，我會將電話轉回給奧馬爾。

Thank you, Eldar.

謝謝你，埃爾達。

I hope you can tell from our call today how excited we are about Innoviz's future. Years of blood, sweat, and tears have gone into achieving the agreement we just announced. I'm incredibly proud of what our team has accomplished and know that the best is yet to come. We are eager to execute -- to exceed our customers' expectations and we deliver value -- as we deliver value to our shareholders.

我希望您能從我們今天的電話中看出我們對 ​​Innoviz 的未來感到多麼興奮。為了達成我們剛剛宣布的協議，我們付出了多年的心血、汗水和淚水。我對我們團隊所取得的成就感到無比自豪，並且知道最好的尚未到來。我們渴望執行——超越客戶的期望，我們創造價值——就像我們為股東創造價值一樣。

I will now open the call for your questions. Thank you.

我現在將開始電話詢問您的問題。謝謝。

Thank you. (Operator Instructions) Michael Filatov, Berenberg Capital Markets.

謝謝。 （操作員指令）Michael Filatov，Berenberg Capital Markets。

You guys can hear me?

你們聽得到我說話嗎？

We can hear you.

我們能聽到你的聲音。

Great. Well, first of all, congrats on the big win. I'm sure a lot of hard work went into that, so well done.

偉大的。好吧，首先，恭喜你取得了巨大的勝利。我確信為此付出了很多努力，所以做得很好。

So I just wanted to ask for maybe a bit more detail on that win, right? I mean, you talked about multiple brands being in the win or being part of the win. So I was wondering if you could talk about maybe how many brands are included and maybe how many models within each of those respective brands -- you might have said it earlier and I might have missed it. But if you could just provide any more color on that, that would be helpful. Thanks.

所以我只是想詢問有關這場勝利的更多細節，對嗎？我的意思是，您談到多個品牌正在獲勝或成為勝利的一部分。所以我想知道您是否可以談談可能包含多少個品牌，以及每個品牌內有多少型號——您可能已經說過了，我可能錯過了。但如果你能提供更多的顏色，那就會很有幫助。謝謝。

So Michael, I'll start -- we start with the three brands, which are the more premium brands of this program, and later on, we expect that this program will be trickle down to other brands and other car models. So we are starting with certain OEM brands and models and slowly exceeding over the time of this project.

邁克爾，我將從三個品牌開始，它們是該計劃中更優質的品牌，稍後，我們預計該計劃將滲透到其他品牌和其他車型。因此，我們從某些 OEM 品牌和型號開始，並在該專案的時間內慢慢超越。

But part of the reason that this program was delayed -- I mean, we were expecting a decision already last September. It was part of the -- the problem was this is a big group, and there are multiple brands. And being a company with so many car company -- so many car designs and each one has its own constraint required a lot of iterations of design. Working with the team, trying to help them in finding the right fit. Eventually in order to kick off the program because they didn't want to delay the launch of those cars that are targeting to be launched earlier.

但該計劃被推遲的部分原因是——我的意思是，我們預計去年九月就已經做出了決定。它是——問題是這是一個大集團的一部分，並且有多個品牌。作為一家擁有如此多汽車公司的公司——如此多的汽車設計，每一種都有自己的限制，需要大量的設計迭代。與團隊合作，努力幫助他們找到合適的人選。最終是為了啟動該計劃，因為他們不想推遲那些計劃提前推出的汽車的推出。

Nomination was made to date. But there are discussions yet with the other brands to be included, that we didn't count them in our order book. But once the decision will be done later, we will update the market. We expect to have more brands included in this platform.

截至目前，提名已完成。但目前還與其他品牌進行了討論，我們沒有將它們計入我們的訂單中。但一旦做出決定，我們將更新市場。我們希望有更多的品牌加入這個平台。

Okay. Understood. That's really helpful. So just to clarify that the order book number then, it's just for those three brands that you mentioned, those assumptions.

好的。明白了。這真的很有幫助。因此，為了澄清訂單編號，它僅適用於您提到的這三個品牌，這些假設。

Right.

正確的。

Yes.

是的。

Okay. Got it. Perfect. So just another follow-up question here. I see in the press release that InnovizOne start of production is targeted for next year when you plan on launching with your first customer, BMW, I assume. I thought the start of production was supposed to be -- you're ready for production by the end of this year. Is that still the case or is there any change to the production strategy for InnovizOne?

好的。知道了。完美的。所以這裡還有另一個後續問題。我在新聞稿中看到，InnovizOne 的目標是明年開始生產，當時您計劃與您的第一個客戶 BMW 一起推出，我猜。我認為應該在今年年底開始生產。情況仍然如此嗎？InnovizOne 的生產策略是否有任何變化？

I mean, our readiness is by end of this year. Customers launches next year. There are two customers that we expect to launch next year, both of them are relying on InnovizOne.

我的意思是，我們的準備工作將於今年底完成。客戶將於明年推出。我們預計明年將推出兩位客戶，他們都依賴 InnovizOne。

Okay. Yeah, understood. And one last one for me and I'll hop back into queue. In regards to the programs you're currently competing on in the RFI/RFQ stage, those that are maybe higher-volume series production customers. What's your expected sort of timing on the decisions for those programs? Are there any that you think could be decided this year? I know you want to get ahead of yourself but just curious if you have any thoughts on signing.

好的。是的，明白了。最後一張給我，我會跳回隊列。關於您目前在 RFI/RFQ 階段競爭的項目，那些可能是大量生產客戶。您預計這些計劃的決策時間是什麼？您認為今年可以做出哪些決定？我知道你想超越自己，但只是好奇你對簽約有什麼想法。

I would say yes. There are three customers that based on the discussions, it could make a decision this year. Having that we've gone through this process, seeing that sometimes these decisions take longer than we would have wished, I can't really predict that it will really happen. But yes, there are three programs that we expect to be decided this year. But again, we can't say how it will develop.

我會說是的。有三個客戶根據討論，今年可能會做出決定。我們已經經歷了這個過程，看到有時這些決定花費的時間比我們希望的要長，我無法真正預測它是否會真正發生。但是，是的，我們預計今年將決定三個計劃。但同樣，我們不能說它會如何發展。

I think that we are in a very good position having -- I can say that since this nomination award and having the fact that we became a Tier 1 has really surged the discussions around several customers and even new ones that before -- Innoviz tried to approach many car makers as a direct supplier. Not all of them were done initially thought that it's possible. Now we are kicking off those discussions. I'm feeling very comfortable saying that we are in a very good position on those programs that we're completing in the short term.

我認為我們處於非常有利的位置，我可以說，自從獲得提名獎以來，以及我們成為一級客戶的事實確實激起了圍繞多個客戶甚至新客戶的討論，而此前，Innoviz 試圖作為直接供應商與許多汽車製造商接洽。並不是所有的人最初都認為這是可能的。現在我們正在開始這些討論。我可以很輕鬆地說，我們在短期內完成的這些項目中處於非常有利的位置。

Excellent. Thanks very much. I'll hop back in the queue.

出色的。非常感謝。我會跳回到隊列中。

Thank you. Mark Delaney, Goldman Sachs Group, Inc.

謝謝。馬克‧德萊尼，高盛集團公司

Yes. Thank you very much for taking the questions. And let me add my congratulations on the series production win. I was hoping to also ask more on that and for this newest production win, when do you expect to begin shipments for series production? And maybe you could talk about what needs to happen between now and that in order to get ready in terms of sampling, and testing, getting manufacturing ready, and things like that.

是的。非常感謝您接受提問。讓我對系列製作的勝利表示祝賀。我還希望就此問題詢問更多信息，對於最新的生產勝利，您預計何時開始批量生產？也許你可以談談從現在到那時之間需要發生什麼，以便在採樣、測試、製造準備等方面做好準備。

Sure. So any now automotive program -- I mean, the nomination was just made a week ago. And basically as any program, there is a very standard process of providing A sample, B sample, C sample, D sample, in which we are committed to the timeline. It will be in the next three years and 3.5 years. And beyond that, expecting the SOP. Next step is the delivering the A sample, which is basically integration -- I mean, that's also basic depending for the joint announcement integration into the core of our first samples.

當然。所以現在的任何汽車項目——我的意思是，提名都是一周前才做出的。基本上，與任何程序一樣，都有一個非常標準的流程來提供 A 樣本、B 樣本、C 樣本、D 樣本，其中我們致力於時間軸。就是未來三年、3.5年。除此之外，期待 SOP。下一步是交付 A 樣本，基本上是整合 - 我的意思是，這也是基本的，取決於聯合聲明整合到我們第一個樣本的核心中。

As I possibly discussed earlier, we're not only providing a LiDARs for this program, we are also providing the perception software. In this opportunity, the perception software is embedded in the new platform. It's different than the platform that we use for the first program we have with BMW. But it's a very strong platform that will allow us to leverage on other programs. Yeah.

正如我之前可能討論過的，我們不僅為該計劃提供光達，還提供感知軟體。以此為契機，感知軟體被嵌入到新平台中。它與我們與寶馬合作的第一個項目所使用的平台不同。但這是一個非常強大的平台，使我們能夠利用其他計劃。是的。

That's helpful. And then maybe talk about what some of the financial implications are in that intermediate term period between now and that start of series production. Can you talk to some of the puts-and-takes in terms of maybe there's some revenue from the samples that you could have. But also, I imagine there's some OpEx. How should we think about some of those puts-and-takes that are netting out in terms of the profitability impact? Thank you.

這很有幫助。然後也許可以談談從現在到系列製作開始之間的中期期間的一些財務影響。你能談談一些你可能從樣品中獲得的收入嗎？而且，我想還有一些營運支出。我們該如何看待那些對獲利能力產生影響的賣權和賣出選擇權？謝謝。

Sure. So there is an agreed pricing for the different samples. And actually those are with very good, I would say, pricing point for us. We are expecting InnovizTwo -- I mean, we are working right now to ramp up the capacity of InnovizTwo. We are very eager also to penetrate the non-automotive market and get ready with our production line of InnovizTwo. Part of that capacity will serve this new customer, which is now a lead customer.

當然。因此，不同樣品有一個商定的定價。事實上，我想說，這些對我們來說是非常好的定價點。我們期待 InnovizTwo——我的意思是，我們現在正在努力提高 InnovizTwo 的容量。我們也非常渴望打入非汽車市場，並為我們的 InnovizTwo 生產線做好準備。該產能的一部分將服務於這個新客戶，該客戶現在是主要客戶。

And so for the following years, Innoviz is going to be producing these units. We're going to have our own production line in our new facility. It's a production line that will have quite a large capacity and there's no going to be a problem to serve them and many others. Beyond that, there is an NRE portion that is related to developments of the platform; and development also related to that our activity right now with the other brands in order to bring them to the desired, I would say, configuration. That's part of our work right now.

因此，在接下來的幾年裡，Innoviz 將生產這些裝置。我們將在新工廠擁有自己的生產線。這是一條產能相當大的生產線，為他們和許多其他人提供服務是沒有問題的。除此之外，還有一個與平台開發相關的NRE部分；和發展也與我們現在與其他品牌的活動有關，以便使它們達到我想要的配置。這是我們現在工作的一部分。

Beyond that, there is the C sample and D sample. Again, there is an agreed pricing on the different stages of the product stage, and we made sure that in those stages that we will have also good margins. I hope this answered your question.

除此之外，還有 C 樣本和 D 樣本。同樣，產品階段的不同階段有商定的定價，我們確保在這些階段我們也將擁有良好的利潤。我希望這能回答你的問題。

Yeah. Sorry, maybe one just quick clarification in terms of manufacturing. As you get to high-volume manufacturing, you even as the Tier 1 supplier, would you still envision using contract manufacturing partner to help you with that or do you plan to do all of that on your own? And then I'll leave it there and turn it over. Thank you.

是的。抱歉，也許只是在製造方面快速澄清一下。當您進行大批量製造時，即使您作為一級供應商，您是否仍然會考慮使用合約製造合作夥伴來幫助您實現這一目標，還是您計劃自己完成所有這些工作？然後我會把它留在那裡並把它翻過來。謝謝。

We're in discussions with different contract manufacturers and also Tier 1s. In regards to being -- taking the ownership of the manufacturing and as managing the supplier of the contract manufacturer, there's no plan right now to build our own manufacturing site.

我們正在與不同的合約製造商以及一級供應商進行討論。關於獲得製造所有權並管理合約製造商的供應商，目前沒有計劃建立我們自己的製造基地。

Our production line is only for the B sample. That's the production line. I mean, Innoviz is not only designing the LiDAR, we're also designing the manufacturing tools. All of the automation of the production is automated. In order to get to high-volume production in such a product, you need to design eventually a machine that build LiDARs. That's part of what we do.

我們的生產線只生產B樣品。這就是生產線。我的意思是，Innoviz 不僅設計光達，我們還設計製造工具。生產的所有自動化都是自動化的。為了實現此類產品的大量生產，您最終需要設計一台建造雷射雷達的機器。這是我們工作的一部分。

Part of the reason that the new customers felt comfortable with Innoviz becoming their direct supplier is because we showed them how much experience we have in developing production tools and been responsible for such design for manufacturing. And we are exercising right now, and we are developing the production tools as we speak. And that production tools will later serve anyone who will produce our LiDARs. It will use the production tools that we are developing, and that will lead only two operator.

新客戶對 Innoviz 成為他們的直接供應商感到滿意的部分原因是我們向他們展示了我們在開發生產工具以及負責此類製造設計方面的豐富經驗。我們現在正在鍛煉，我們正在開發生產工具。該生產工具稍後將為任何生產我們的光達的人提供服務。它將使用我們正在開發的生產工具，並且只需要兩名操作員。

Thank you. Andres Sheppard, Cantor Fitzgerald, L.P.

謝謝。安德烈斯·謝潑德、坎托·費茲傑拉、L.P.

Hey guys. Can you hear me okay?

大家好。你聽得到我說話嗎？

Yes.

是的。

Wonderful. Hey, Omer. Hey, Eldar. Congrats on the quarter and congrats on the hard win. After two years of a lot of work, very well deserved. And thanks for taking my questions.

精彩的。嘿，奧馬爾。嘿，艾爾達。恭喜本季的勝利，祝賀艱難的勝利。經過兩年的大量工作，非常值得。感謝您回答我的問題。

Just to maybe build on some of the questions that have been asked, help me understand. So when can we see revenue recognition from the increase in the order book? Right, I understand it takes a few years, but maybe can you give us a sense of when we can kind of start seeing those hit on the income statement?

只是為了也許以提出的一些問題為基礎，幫助我理解。那麼什麼時候我們才能看到訂單增加帶來的收入確認呢？是的，我知道這需要幾年的時間，但也許你能讓我們了解我們什麼時候可以開始在損益表上看到這些影響？

So as I tried to explain earlier in how we see our path through profitability, basically we're expecting next year to have a growth in our revenues coming from the automotive, and of course, out of the automotive programs that we were already awarded. And those will grow over the course of years, both of them. And 3.5 years from today, we expect to start generating revenues from the first order book. And the growth rate would be, as we said, in the 1% to 14% over the course of the eight to 10 years.

因此，正如我之前試圖解釋的那樣，我們如何看待我們的盈利之路，基本上我們預計明年來自汽車的收入將會增長，當然，來自我們已經獲得的汽車項目的收入也會增長。這些都會隨著時間的推移而增長，兩者都是。從今天起 3.5 年後，我們預計將開始從第一筆訂單中產生收入。正如我們所說，在八到十年的時間裡成長率將在 1% 到 14% 之間。

Got it. That's very helpful.

知道了。這非常有幫助。

Sorry. And of course, our assumption right now that in a similar timeline to that launch, there are other car makers that are due to make a decision. My expectation eventually is that the order book would not come only from a single customer. Even if it's multiple brands, we do expect that other car makers that are planning to launch at a similar timetable is something that we can leverage on and add to our revenues.

對不起。當然，我們現在的假設是，在與該發布類似的時間表中，還有其他汽車製造商將做出決定。我最終的期望是訂單簿不會僅來自單一客戶。即使它是多個品牌，我們也確實希望計劃在類似時間表推出的其他汽車製造商是我們可以利用並增加我們收入的東西。

Got it. Thanks, Omer. And then I think we can all kind of deduce who the partner is, but when do you anticipate, I guess, to disclose the name formally?

知道了。謝謝，奧馬爾。然後我想我們都可以推斷出合作夥伴是誰，但我猜你預計什麼時候正式披露這個名字？

Sure. I mean, of course, we are eager to share it. I mean, this customer is a very prestigious customer; and of course, stating the name would be building a lot of confidence to everyone. And I think the industry knows well about this deal. I can tell you that many car makers and Tier 1s have reached out to congratulate us on this huge deal. We've been competing on this for a long time. And of course, meanwhile we were nominated, there were other parts of the vehicle that were nominated. It's a very important program for the all industry.

當然。我的意思是，我們當然渴望分享它。我的意思是，這位客戶是一位非常有聲望的客戶；當然，說出這個名字會給每個人建立很大的信心。我認為業界對這筆交易非常了解。我可以告訴你，許多汽車製造商和一級供應商已經對我們達成的這項巨額交易表示祝賀。我們在這方面已經競爭很久了。當然，在我們獲得提名的同時，車輛的其他部分也獲得了提名。這對整個產業來說都是一個非常重要的計畫。

Right now, there is an agreement between us and the customer to do a joint press-release announcement following the first delivery. Right now, it's expanding the first delivery of the A sample and integrating our product into their vehicles including our perception software. And following that, we will do this a joint press release.

目前，我們和客戶之間已達成協議，並將在首次交付後發布聯合新聞稿。目前，它正在擴大 A 樣品的首次交付，並將我們的產品整合到他們的車輛中，包括我們的感知軟體。隨後，我們將發布聯合新聞稿。

I think that there is a lot of eagerness from our side, but also from their side. We are working closely with their teams for really two years, and it is a good relationship. Today, I'm having dinner with the team. It's really a start of a new relationship, which I believe will take us for now, for many years.

我認為我們這邊有很多渴望，但他們這邊也有很多渴望。我們與他們的團隊密切合作了兩年，這是一種良好的關係。今天，我和團隊一起吃晚餐。這確實是一種新關係的開始，我相信這種關係將持續我們很多年。

Got it. Now, that's very helpful. Thanks again. And maybe one last one, if I may. I know you didn't provide 2022 guidance in terms of revenue, but you did say that you kind of expect revenues to, I guess, increase or start ramping up throughout the year. So I'm just wondering, can you give us maybe a little bit more color on kind of what that means and how do you see revenue shaping up for the rest of the year?

知道了。現在，這非常有幫助。再次感謝。如果可以的話，也許還有最後一件事。我知道您沒有提供 2022 年收入的指導，但您確實說過，我猜您預計全年收入會增加或開始增加。所以我只是想知道，您能否給我們更多關於這意味著什麼的信息，以及您如何看待今年剩餘時間的收入情況？

Sure. Maybe I'll just start by saying, when we started -- when we went public with an assumption that this car maker decision would be at a certain timeline and there were decision window of the automotive market would be at a certain timeline. That has been pushed by about nine months. And our focus was always to leverage on that decision critical time; and basically making sure that we are not missing the opportunity to lock as many customers as possible, knowing that we are sacrificing the short-term opportunities of making more revenues from selling LiDARs to the non-automotive.

當然。也許我首先要說的是，當我們開始上市時，我們假設該汽車製造商的決策將在某個時間點做出，並且汽車市場的決策視窗將在某個時間點做出。這已經被推遲了大約九個月。我們的重點始終是利用決策關鍵時刻；基本上確保我們不會錯過鎖定盡可能多客戶的機會，因為我們知道我們正在犧牲向非汽車行業銷售光達來賺取更多收入的短期機會。

And for that reason, because we identified that the decision window has shifted, but it's actually as we speak. And I think that now, we expect it to accelerate. 2022 focus was really not about those sales or non-automotive. I will let Eldar to refer to the expected revenues toward the end of the year. But really our focus right now is automotive.

出於這個原因，因為我們發現決策視窗已經發生了變化，但實際上正如我們所說的那樣。我認為現在我們預計它會加速。 2022 年的焦點實際上不是那些銷售或非汽車領域。我會讓 Eldar 提及年底的預期收入。但實際上我們現在的重點是汽車。

But next year, we know that we will have securing our profits, several design wins, and then our focus on the non-automotive and starting generating growing revenues to catch up with the revenue expectations that we had. And I believe that with the really promising products that we have, the InnovizTwo and 360, we will be able to capture a very nice portion of the market to generate revenues for the near term until, of course, the growth of automotive ones.

但明年，我們知道我們將確保利潤，獲得多項設計勝利，然後我們將重點放在非汽車領域，並開始產生不斷增長的收入，以趕上我們的收入預期。我相信，憑藉我們擁有的真正有前途的產品 InnovizTwo 和 360，我們將能夠佔領相當大的市場份額，從而在短期內創造收入，當然，直到汽車產品的增長。

Yes. So in terms of revenues. So we do expect that we will see a continuous growth in our revenues over the year and the coming years, of course. As we stated, the InnovizOne is the primary product that we'll be selling this year. But even more importantly, there is a push to bring InnovizTwo to such a production state that we can start shipping it this year in order to see additional growth next year.

是的。所以從收入來看。因此，我們確實預計今年和未來幾年我們的收入將持續成長。正如我們所說，InnovizOne 是我們今年將銷售的主要產品。但更重要的是，我們正在推動 InnovizTwo 進入生產狀態，以便我們今年可以開始出貨，以便明年看到進一步的成長。

So this year, there was a focus -- as we said, there was a focus on winning the market and they will be continue to be the focus. For next year, we do expect to see some revenues not only from the automotive space, but also from other application and other market verticals.

所以今年，有一個焦點——正如我們所說，重點是贏得市場，他們將繼續成為焦點。明年，我們確實預計不僅會看到汽車領域的收入，還會看到其他應用程式和其他垂直市場的收入。

Now, the team are spending a lot of time now. And I mean, we are knocking on kind of like the opportunity right now since we have this award. I'm traveling this next week with my team to the US, to the East Coast and the West Coast, meeting with different customers. We are coming with the InnovizTwo. Those, I would say, discussions obviously would provide us more and more business to allow us to generate our revenues.

現在，團隊花費了大量時間。我的意思是，自從我們獲得這個獎項以來，我們現在正在尋找類似的機會。下週我將與我的團隊一起前往美國東海岸和西海岸，與不同的客戶會面。我們帶著 InnovizTwo 來了。我想說，這些討論顯然將為我們提供越來越多的業務，使我們能夠產生收入。

Wonderful. Thank you so much, guys. Congrats again. I'll pass it on, thank you.

精彩的。十分感謝大家。再次恭喜。我會轉發的，謝謝

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Kevin Cassidy, Rosenblatt Securities Inc.

（操作員指示）Kevin Cassidy，Rosenblatt Securities Inc.

Hi, congratulations, I'll add that too. I'm just wondering about the competitive landscape for maybe the bake off you went through over the last two years, the way you describe. What is the key attributes that InnovizTwo have that no one else could have?

你好，恭喜你，我也補充一下。我只是想知道你過去兩年所經歷的烘焙市場的競爭格局，正如你所描述的那樣。 InnovizTwo 擁有哪些其他人無法擁有的關鍵屬性？

Good question. So let's say that through the last two years, it was a very long process. I think during the first year, we were probably turned down about five times. And I told the team of the customer that through their negative result, each time, we improve the product, each time. Eventually reaching to the 30-times improvement. So much credit for them.

好問題。所以可以說，在過去的兩年裡，這是一個非常漫長的過程。我想在第一年，我們可能被拒絕了大約五次。我告訴客戶團隊，透過他們的負面結果，我們每次都會改進產品。最終達到了30倍的提升。他們有如此多的功勞。

Eventually, once we were able to reach their performance targets and gave indication for pricing, it was clear that in order for us to win the program, we need to be nominate -- we need to be qualified as a Tier 1. This kind of a car maker -- because it was really a high-volume program, it couldn't allow to be able to work -- to nominate just a LiDAR company. They need to have a Tier 1, which is meeting all of their group standards.

最終，一旦我們能夠達到他們的績效目標並給出定價指示，很明顯，為了讓我們贏得該計劃，我們需要獲得提名——我們需要獲得一級資格。一家汽車製造商——因為這確實是一個大批量的計劃，它不可能允許只提名一家光達公司。他們需要達到一級，滿足他們所有的團體標準。

We were going through process of about three to four months; different workshops that eventually concluded with our recognition as a Tier 1, signature of becoming a Tier 1. And eventually, we're competing against another Tier 1.

我們經歷了大約三到四個月的過程；不同的研討會最終以我們被認可為 Tier 1 結束，這是成為 Tier 1 的標誌。最終，我們將與另一個 Tier 1 競爭。

Towards the end of the year, it was us versus another Tier 1; which came with a technology that, from our understanding, was actually inferior in terms of performance. And through the different requirements that came from the group in order to support different configurations, mostly related to use of LiDARs in different locations and different -- that actually push for even higher performance than initially, as the other competitor couldn't live to the expectations and all to the performance requirements.

到了年底，我們與另一個 1 級球隊進行了對抗；據我們了解，該技術所配備的技術在性能方面實際上較差。透過團隊提出的不同要求，以支援不同的配置，主要與在不同地點和不同位置使用雷射雷達有關，這實際上推動了比最初更高的性能，因為其他競爭對手無法滿足這一要求期望和所有的性能要求。

And eventually towards the end of the process, we were under the assumption that we are no longer competing with anyone, felt like that. And of course, I can't -- I possibly don't have the full visibility. The kind of the discussions that went through between January to April was mostly related to internal discussions at the group level, related to some changes of the configuration. And we worked with the customer, probably redesign the LiDAR 10 times again, which part of it was related to the change in the height of the LiDAR, which was super critical.

最終，在這個過程結束時，我們假設我們不再與任何人競爭，有這樣的感覺。當然，我不能——我可能沒有完全的可見性。一月到四月期間經歷的這種討論主要與集團層面的內部討論有關，與配置的一些變化有關。我們和客戶合作，可能重新設計了10次光達，其中一部分與光達高度的變化有關，這是非常關鍵的。

But eventually, it felt that the level of engagement, the level of discussions with all of the teams in the group made us feel that we are very likely to be nominated, and we were happy that it eventually happened. But I think that until the last kind of time that we felt that we're really negotiating versus another competitor, it was versus another a Tier 1, a traditional Tier 1. And yeah, that's what we know.

但最終，我們覺得團隊中所有團隊的參與程度和討論程度讓我們覺得我們很有可能被提名，我們很高興這最終發生了。但我認為，直到最後一次我們覺得我們真正在與另一個競爭對手進行談判時，我們正在與另一個一級、傳統的一級競爭對手進行談判。是的，這就是我們所知道的。

Great. Thanks for that detail. And this is why, I guess, in the prepared remarks, you have said that you think the processing can move quicker. You learned a lot on this, so the next bid you're on, you'll have removed some of those obstacles already. Is that the way we should think about that?

偉大的。謝謝你的詳細資料。我想，這就是為什麼您在準備好的發言中表示您認為處理可以更快。您在這方面學到了很多東西，因此下次出價時，您將已經消除了其中一些障礙。我們該這樣思考嗎？

Look, one of the challenges of becoming to be selected as a LiDAR for car maker is the fact that car makers wants to select a Tier 1 that meets all of their group's standards. They can't work -- I mean, they have thousands of components in the car, and they need to make sure that a Tier 1 that -- eventually, all of the components are sourced through Tier 1s that can manage multiple components; and eventually, they have a small group of companies that meet up to their expectation.

看，被汽車製造商選為 LiDAR 的挑戰之一是汽車製造商希望選擇滿足其集團所有標準的 Tier 1。他們無法工作——我的意思是，他們的汽車中有數千個組件，他們需要確保一級——最終，所有組件都通過可以管理多個組件的一級進行採購；最終，他們擁有了一小部分符合他們期望的公司。

Several car makers are more technical and I would say, more advanced, allowing to, I would say, absorb some risk in going into new technologies. Most of the carmakers don't. They need to rely on selection and due diligence made by other car makers. And the fact that we approach them with a very exciting technology was actually not enough. They wanted to work with Tier 1, they ask us to turn with the Tier 1s. Our preference was to be working directly.

有幾家汽車製造商技術含量更高，我想說，更先進，可以吸收新技術的一些風險。大多數汽車製造商都沒有。他們需要依賴其他汽車製造商的選擇和盡職調查。事實上，我們用非常令人興奮的技術來接近他們實際上還不夠。他們想與 1 級合作，他們要求我們與 1 級合作。我們更喜歡直接工作。

And once we were able to show them that we were certified by a Tier 1 -- that was actually done several months ago, allow them to feel comfortable to start the process with us. And having this nomination is another step forward, which means that this was a very -- that we are credible to become a Tier 1.

一旦我們能夠向他們展示我們已經通過了一級認證——這實際上是在幾個月前完成的，讓他們放心地與我們一起開始這個過程。獲得這項提名是又向前邁出了一步，這意味著我們有信心成為一級供應商。

Becoming a Tier 1 also allows you to be more flexible. I think one of our advantages as a Tier 1 is that Innoviz is a very flexible company. We are very technical. One of the things that the customer that we were awarded for, I would say, had a preference for Innoviz was due to our agility. They've said multiple times that we were the most professional in terms of actually going through the RFQ and answering it in a way that we actually added value. I would say, experienced through the programs that we are already working for, for sure. Working with BMW gained us a lot of the knowledge.

成為一級會員還可以讓您更加靈活。我認為我們作為一級公司的優勢之一是 Innoviz 是一家非常靈活的公司。我們非常有技術。我想說，我們獲獎的客戶偏好 Innoviz 的原因之一是我們的敏捷性。他們多次表示，我們在實際審核詢價並以真正增加價值的方式答覆方面是最專業的。我想說，透過我們已經開展的專案所獲得的經驗是肯定的。與寶馬的合作讓我們獲得了很多知識。

We work with BMW. Though we were Tier 2, we work directly with BMW all along. I mean, we were working with them -- day after day, there is a big group today from BMW spending a week here. We are working very closely with the market. We understand the requirements. We just show BMW also all of the benefits coming from InnovizTwo, and all of the lessons learned that we've embedded into it. And those are very -- I would say, very much appreciated by a customer that wants to make a decision, doesn't want to spend two years to do due diligence, want to pick a solution that is sourced by others, and they don't need to take the risk on themselves.

我們與寶馬合作。雖然我們是二級供應商，但我們一直直接與寶馬合作。我的意思是，我們正在與他們合作——日復一日，今天有一大群來自寶馬的團隊在這裡度過了一周。我們正在與市場密切合作。我們了解這些要求。我們只是向寶馬展示 InnovizTwo 帶來的所有好處，以及我們嵌入其中的所有經驗教訓。我想說，那些想要做出決定、不想花兩年時間進行盡職調查、想要選擇其他人提供的解決方案的客戶非常感激，但他們不這樣做不需要自己承擔風險。

And obviously, there are so many car makers that size, right. This is one of the third -- I mean, one of three car companies in the world. So obviously, the volumes are very big and that allows us to get to level of industrialization and cost that serving any other car makers, even if they are not at that size. And we can leverage on our success.

顯然，有很多這樣規模的汽車製造商，對吧。這是第三家汽車公司之一——我的意思是，世界上三家汽車公司之一。顯然，產量非常大，這使我們能夠達到為任何其他汽車製造商提供服務的工業化水平和成本，即使它們的規模還沒有那麼大。我們可以利用我們的成功。

Before, when we were trying to win business and we had to engage also -- I mean, our desire to win business was obviously high always, but not always it was that easy to bring the Tier 1 partner to that level of motivation. And each company has its own set of motivation; and I would say, resources. It was not always easy to to bring that partner into the -- to win a program. Now, we don't have this issue anymore. Basically, nothing can stop us. We are very eager to win more business and leverage on our success.

以前，當我們試圖贏得業務時，我們也必須參與——我的意思是，我們贏得業務的願望顯然總是很高，但並不總是那麼容易讓一級合作夥伴達到那種積極性。每個公司都有自己的一套動機；我想說的是，資源。讓該合作夥伴參與並贏得一個專案並不總是那麼容易。現在，我們不再有這個問題了。基本上，沒有什麼可以阻止我們。我們非常渴望贏得更多業務並利用我們的成功。

And that's really why I'm super excited about this design win; because it really allows us to win more deals faster. So that's all.

這就是為什麼我對這次設計勝利感到非常興奮的原因；因為它確實可以讓我們更快贏得更多交易。就這樣。

All right. Great. Thank you very much and congratulations again.

好的。偉大的。非常感謝並再次恭喜。

Thank you.

謝謝。

Michael Filatov, Berenberg Capital Markets.

邁克爾·菲拉托夫，貝倫貝格資本市場。

I'm still here. So just two clarification questions. First one, you mentioned that you wouldn't be producing the InnovizTwo for this program yourselves in your own manufacturing line, right. Like you would need the initial samples. But you said you might work through a Tier 1 or a contract manufacturer. So I'm just trying to understand when you say you're direct Tier 1 supplier, how that sort of ties with your manufacturing through a Tier 1, right? I guess, try and clarify that for me.

我還在這兒。所以只有兩個澄清問題。第一個，您提到您不會在自己的生產線上為該程式生產 InnovizTwo，對吧。就像您需要初始樣品一樣。但您說您可能會透過一級製造商或合約製造商工作。因此，我只是想了解當您說您是直接一級供應商時，這與您通過一級的製造有何联系，對嗎？我想，請嘗試為我澄清這一點。

Maybe just to clarify, the first B samples, we are going to manufacture. We are manufacturing today -- I mean, now -- I mean, actually next to us, there is the production -- one part of the production line. InnovizTwo production design is done by us. So we're designing the product, but we're also designing the production line. And we are going to utilize the production line for the first time until we get it stable, until it gets to the C sample.

也許只是為了澄清，我們將製造第一個 B 樣品。我們今天正在製造——我的意思是，現在——我的意思是，實際上在我們旁邊，有生產——生產線的一部分。 InnovizTwo 的生產設計由我們完成。所以我們在設計產品的同時，也在設計生產線。我們將第一次使用這條生產線，直到它穩定下來，直到它到達C樣品。

So the B sample of next year is going to be done by us. It's going to be in our new facility. And that would get to quite a large capacity. Eventually, when it goes to high volume -- and of course, when we were, I would say, qualified to become a Tier 1, we had to point to the customer the expected location of the production line. And so we work with contract manufacturer. We work with the customer which audited the automotive grade. They wanted to make sure that this facility is meeting all of the automotive-grade gold standards. The logistics, the shipping, everything has to be audited. Eventually, when we get to the C sample and then to the D sample, it has to be in automotive-grade facility.

所以明年的B樣就由我們來做。它將在我們的新設施中。這將達到相當大的容量。最終，當它達到大批量時——當然，當我們有資格成為一級供應商時，我們必須向客戶指出生產線的預期位置。因此我們與合約製造商合作。我們與審核汽車等級的客戶合作。他們希望確保該設施符合所有汽車級黃金標準。物流、運輸，一切都必須經過審核。最終，當我們得到 C 樣品，然後是 D 樣品時，它必須位於汽車級設施中。

Not only that the design is automotive, and that's the B-sample stage. And the C sample, it will be also needs to be automotive-grade facility, which is not Innoviz. At that point, we will work with a contract manufacturer which will produce the LiDARs for us. But again, trying to -- important for me to say, they are going to use the production tools that we devote.

不僅是汽車設計，而且是 B 樣本階段。而C樣本，也需要是汽車級設施，這不是Innoviz。屆時，我們將與一家合約製造商合作，該製造商將為我們生產雷射雷達。但再次，對我來說很重要的是，他們將使用我們專用的生產工具。

So if I need to try to give you an impression of how a production line looks like. Eventually it's a machine that places the optics in InnovizTwo -- it became significantly simpler because there is one laser and one detector. So the full active-alignment process is a two-step, compared to eight steps with InnovizOne. The cycle time is dramatically lower. The testing is dramatically lower. And everything is going to be designed by us, tested by us.

因此，如果我需要嘗試讓您了解生產線的樣子。最終，它成為一台將光學器件放置在 InnovizTwo 中的機器——它變得更加簡單，因為只有一個雷射和一個探測器。因此，完整的主動對齊過程只需兩步，而 InnovizOne 則需要八步。週期時間顯著縮短。測試顯著降低。一切都將由我們設計、由我們測試。

And once we will see that the production line is up and running, we will shift the production line -- the production tool to our contract manufacturer, which will basically use it. They don't need to know anything about the LiDAR. The operators don't need to understand anything about the LiDAR. They just need to follow the operation of running a certified production line for automotive in terms of inventory and quality testing, but that's not going to be done by us.

一旦我們看到生產線啟動並運行，我們就會將生產線——生產工具轉移給我們的合約製造商，他們基本上會使用它。他們不需要了解有關光達的任何資訊。操作員不需要了解任何有關雷射雷達的知識。他們只需要在庫存和品質測試方面遵循經過認證的汽車生產線的操作，但這不會由我們來完成。

Sorry, just one more clarification on that, right. Is that not what you're doing with Magna right now? It's that shipping them the production tools as well as the components for the sensor.

抱歉，對此再澄清一點，對吧。這不是你現在對麥格納所做的事情嗎？而是向他們運送生產工具以及感測器組件。

Yeah. I mean, it is. I mean, the production line that is now at Magna, it was designed by us. And that's why it was quite easy for us when we worked with the new customer. It was easy for us to show them that our experience as a Tier 2 is actually more than just the Tier 2. We were more like a Tier 1 1/2 in already being able to show them that we have experience in producing tools for production line for automotive. And that what basically started the engagement and their interest.

是的。我的意思是，確實如此。我的意思是，現在麥格納的生產線是我們設計的。這就是為什麼我們與新客戶合作時非常容易。我們很容易向他們展示我們作為 Tier 2 的經驗實際上不僅僅是 Tier 2。我們更像是 Tier 1 1/2，因為我們已經能夠向他們展示我們在生產生產工具方面擁有經驗汽車線。這基本上就是開始參與和產生興趣的原因。

So today, Magna Holly is the production line that Magna is managing, and we sold them the production line that we design. We are supporting them. There are people from our side there to work with the team. And eventually, LiDARs at Magna are produced at Magna Holly, tested in Magna Holly, and shipped to BMW.

所以今天，麥格納霍利是麥格納管理的生產線，我們把我們設計的生產線賣給他們。我們支持他們。我們這邊有一些人與團隊一起工作。最終，麥格納的雷射雷達在麥格納霍利生產，在麥格納霍利進行測試，然後運往寶馬。

Michael, just to add to that, the business model is different. When we are working today with Magna, they are selling the full system to BMW. We are selling to them only the components, the revenue line is from the components. While once you are a direct supplier and you have a contract manufacturer, at the end of the day, we will be selling the whole system and the software. So it has some impact also on the revenues and on the topline.

邁克爾，補充一點，商業模式是不同的。當我們今天與麥格納合作時，他們正在向寶馬出售整個系統。我們只賣零件給他們，收入來自零件。一旦您成為直接供應商並且擁有合約製造商，最終我們將銷售整個系統和軟體。因此，它也會對收入和營收產生一些影響。

Understood, understood. Thank you for that clarification. And just one more question. You mentioned NREs is not part of the order books for this program. But do you expect to see NREs this year from the program? Or when should we expect to see that?

明白了，明白了。謝謝你的澄清。還有一個問題。您提到 NRE 不屬於該計劃的訂單簿的一部分。但您預計今年會在該計劃中看到 NRE 嗎？或者我們什麼時候應該看到這一點？

Yes, there is NRE also this year. We expect.

是的，今年也有NRE。我們期待。

Okay, great. And just one last one. I mean, given that you're now going to be -- essentially being a Tier one, is there any sort of change in your cash needs to support this program? Or are you so comfortable with the cash you have on balance sheet right now?

好的，太好了。還有最後一張。我的意思是，考慮到您現在基本上將成為一級供應商，您支持該計劃的現金需求是否有任何變化？或者您對目前資產負債表上的現金感到滿意嗎？

The cash on our balance sheet enables us to execute this program. We raised a sufficient amount of cash during our going public process and we have all our needs.

我們資產負債表上的現金使我們能夠執行該計劃。我們在上市過程中籌集了足夠的現金，並且滿足了我們的所有需求。

Even to add to it, part of the qualification to become a Tier 1 was to show the customer our financial robustness. So of course, when we went public and we raised money for the company, we didn't have to buy companies, we didn't have to buy technologies. We are using this amount in order to show the robustness the company has in securing our effort in the coming years and basically reaching the SOP.

更重要的是，成為一級供應商的資格之一就是向客戶展示我們的財務穩健性。所以當然，當我們上市並為公司籌集資金時，我們不必購買公司，我們不必購買技術。我們使用這筆金額是為了顯示公司在確保我們未來幾年的努力並基本達到標準作業程序方面的穩健性。

Understood. All right. Thanks a lot, guys.

明白了。好的。非常感謝，夥計們。

Thank you.

謝謝。

Thank you. You have no further questions. Please proceed.

謝謝。您沒有其他問題了。請繼續。

Okay. So really exciting times. I can tell you that the atmosphere in the office is very, very good. We all are getting a lot of sleeping pressure off. It was a very challenging time. I mean, we have been competing on this promo for a long time, super important for us. We knew how meaningful it will be to us. I don't know if we managed to express how impactful this is going to be for us. But I think that the -- just from the amount of engagements we had in the last week and a half from different customers and seeing how seriously they're seeing this event, I have very high confidence in our ability to be very successful. And we're looking forward for a bright future.

好的。真是令人興奮的時刻。我可以告訴你，辦公室的氣氛非常非常好。我們都減輕了很多睡眠壓力。那是一段非常具有挑戰性的時期。我的意思是，我們已經在這個促銷活動上競爭很長一段時間了，這對我們來說非常重要。我們知道這對我們來說有多有意義。我不知道我們是否能夠表達這對我們的影響有多大。但我認為，僅從過去一周半以來我們與不同客戶的互動量以及他們對這次活動的重視程度來看，我對我們取得成功的能力非常有信心。我們期待光明的未來。

Yeah. So next week, I'm traveling to New York and San Francisco, meeting with investors and customers. And I'm happy to be reached out for any interesting opportunity. Thank you very much.

是的。下週，我將前往紐約和舊金山，與投資者和客戶會面。我很高興能夠獲得任何有趣的機會。非常感謝。

Thank you.

謝謝。