IONQ Inc (IONQ) 2022 Q2 法說會逐字稿

Greeting, and welcome to the IonQ second-quarter 2022 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions)

您好，歡迎參加 IonQ 2022 年第二季財報電話會議。目前，所有與會者均處於「僅收聽」模式。正式演講結束後將進行問答環節。 （操作員指示）

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Jordan Shapiro, Vice President of Financial Planning and Analysis and Head of Investor Relations. Please go ahead, Sir.

提醒一下，本次會議正在錄製中。現在，我想將會議交給主持人喬丹·夏皮羅（Jordan Shapiro），他是財務規劃與分析副總裁兼投資者關係主管。先生，請開始。

Good afternoon, everyone and welcome to IonQ's second-quarter 2022 earnings call. My name is Jordan Shapiro, and I am the Vice President of Financial Planning and Analysis and Head of Investor Relations here at IonQ. I am pleased to be joined on today's call by Peter Chapman, IonQ's President and Chief Executive Officer; Thomas Kramer, our Chief Financial Officer; Dr. Chris Monroe, our Co-Founder and Chief Scientist; and Dr. Jungsang Kim, our Co-Founder and Chief Technology Officer.

大家下午好，歡迎參加 IonQ 2022 年第二季財報電話會議。我叫喬丹‧夏皮羅 (Jordan Shapiro)，是 IonQ 財務規劃與分析副總裁兼投資人關係主管。我很高興今天能與 IonQ 總裁兼執行長 Peter Chapman、財務長 Thomas Kramer、聯合創始人兼首席科學家 Chris Monroe 博士以及聯合創始人兼首席技術長 Jungsang Kim 博士一起參加電話會議。

By now, everyone should have access to the company's second-quarter 2022 earnings press release issued this afternoon, which is available on the Investor Relation's section of our website at investors.ionq.com. Please note that on today's call, management will refer to adjusted EBITDA, which is a non-GAAP financial measure.

現在，大家應該已經可以查看公司今天下午發布的2022年第二季度財報新聞稿了，該新聞稿可在我們網站investors.ionq.com的投資者關係板塊查看。請注意，在今天的電話會議上，管理階層將參考調整後的EBITDA，這是一個非公認會計準則（non-GAAP）財務指標。

While the company believes this non-GAAP financial measure provides useful information for investors, the presentation of this information is not intended to be considered in isolation, or as a substitute for the financial information presented in accordance with GAAP. This call discusses certain non-GAAP measures, and you are directed to our press release for reconciliation of such measures to GAAP.

雖然本公司認為此非公認會計準則 (non-GAAP) 財務指標為投資者提供了有用的信息，但此資訊的呈現並非旨在單獨考慮，亦不可替代根據公認會計準則 (GAAP) 呈現的財務信息。本次電話會議討論了某些非公認會計準則 (non-GAAP) 指標，如需了解這些指標與公認會計準則 (GAAP) 的對照情況，請參閱我們的新聞稿。

Before we begin, please note that some of our remarks in this call will be forward-looking. Therefore, please refer to the cautionary statement in today's press release for additional details about these remarks. Please note that these forward-looking statements made during this conference call speak only as of today.

在開始之前，請注意，本次電話會議中的部分言論將具有前瞻性。因此，請參閱今日新聞稿中的警示性聲明，以了解更多有關這些言論的詳細資訊。請注意，本次電話會議中的這些前瞻性陳述僅代表截至今日的觀點。

Please refer to today's press release and to the company's quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2022, which was filed with the SEC and other filings with the SEC for detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

請參閱今天的新聞稿以及公司向美國證券交易委員會提交的截至 2022 年 6 月 30 日的財政季度的 10-Q 表季度報告和向美國證券交易委員會提交的其他文件，以詳細討論可能導致實際結果與今天做出的任何前瞻性陳述中表達或暗示的結果存在重大差異的風險。

Now, I will turn it over to Peter Chapman, President and CEO of IonQ. Peter?

現在，我將把時間交給 IonQ 總裁兼執行長 Peter Chapman。 Peter？

Thanks, Jordan, and thank you everyone for joining us today. We had quite the quarter and I'm excited to fill you in on the tremendous progress we've made here at IonQ. With respect to our technical progress, we had previously reported six months ago that our Aria class of quantum computers had achieved a record 20 algorithmic qubits.

謝謝喬丹，也謝謝大家今天加入我們。我們這個季度取得了豐碩的成果，我很高興向大家介紹 IonQ 的巨大進步。關於我們的技術進展，我們六個月前就曾報告過，我們的 Aria 級量子電腦已經達到了創紀錄的 20 個演算法量子位元。

As you'll remember, algorithmic qubits are a benchmark consisting of common quantum algorithms that represent the kind of jobs customers want to run. The algorithms used in the benchmark were defined by the quantum industry group, QEDC with input from various hardware companies and users. Today, I am excited that we are bringing to the cloud a computer with more than 130,000 times the computational power of our previous cloud offering.

大家應該還記得，演算法量子位元是一個基準測試，由常見的量子演算法組成，這些演算法代表了客戶想要運行的作業類型。基準測試中使用的演算法由量子產業組織 QEDC 定義，並參考了眾多硬體公司和使用者的意見。今天，我很高興我們即將推出一款運算能力比我們之前的雲端產品高出 13 萬倍以上的雲端運算產品。

Specifically, we've been hard at work to dramatically improve Aria's performance, and I can share today that we have achieved a record breaking 23 algorithmic qubits. Every time you add an algorithmic qubit, you double the computational power, which is the useful computational space for running algorithms.

具體來說，我們一直在努力大幅提升 Aria 的性能，今天我可以分享的是，我們已經實現了創紀錄的 23 個演算法量子位元。每增加一個演算法量子比特，運算能力就會翻倍，也就是運行演算法的可用運算空間。

Moving from 20 to 23 is therefore an eight-X increase in Aria's computational power, all in just six months since February of this year. These further cements Aria's lead as the most powerful known quantum computer in the world, in terms of its ability to run useful quantum algorithms. This is significantly better than what we initially had expected for Aria.

因此，從 20 到 23，Aria 的運算能力提升了 8 倍，而這一切自今年 2 月以來僅花了六個月的時間。這進一步鞏固了 Aria 作為全球已知最強大的量子電腦在運行實用量子演算法方面的優勢。這比我們最初對 Aria 的預期要好得多。

In other words, we're well on our way towards meeting our 2022 technical goal of 25 algorithmic qubits and are confident of hitting that target. Initial tests show that our next-generation systems that we've discussed on prior earnings calls are already outperforming even the best Aria data on several key metrics. With Aria exceeding expectations, we believe the future is even brighter for our next generation.

換句話說，我們正朝著 2022 年實現 25 個演算法量子位元的技術目標穩步前進，並且有信心實現這一目標。初步測試表明，我們在先前的財報電話會議上討論過的下一代系統，在幾個關鍵指標上的表現甚至超過了 Aria 的最佳數據。隨著 Aria 的表現超出預期，我們相信下一代系統的未來將更加光明。

And as you may remember, we plan to offer Forte to initial customers later this year, for those who are interested in using IonQ's latest and greatest. Moreover, with the progress we are making on our barium systems, we expect even better performance and have a high degree of confidence in meeting our technical milestones in the coming years.

您可能還記得，我們​​計劃在今年稍後向首批客戶提供 Forte，供有興趣使用 IonQ 最新、最強大產品的客戶使用。此外，隨著鋇系統持續進展，我們期待其性能更上一層樓，並對未來幾年實現技術里程碑充滿信心。

Meanwhile, we are thrilled to announce that IonQ Aria, which we believe to be the most powerful commercial quantum computer in the world with 23 algorithm qubits, will be available tomorrow to all users of Microsoft Azure Quantum. Anyone with access to Microsoft's platform can process jobs on Aria. It takes only a few minutes to set up an Azure account and to start programming on our IonQ quantum system.

同時，我們非常高興地宣布，IonQ Aria 將於明日開放給所有 Microsoft Azure Quantum 使用者。我們認為，它是全球最強大的商用量子計算機，擁有 23 個演算法量子位元。任何能夠存取微軟平台的使用者都可以在 Aria 上處理作業。只需幾分鐘即可設定 Azure 帳戶並開始在我們的 IonQ 量子系統上進行程式設計。

This announcement furthers our commitment to making industry-leading hardware publicly accessible to current and future generations of quantum programmers. IonQ systems are performing best-in-class and customers have noticed. Existing customers are expanding their engagements with IonQ and we've recently added new customers, including Airbus and Dow.

此次發布進一步彰顯了我們致力於讓業界領先的硬體向當前和未來的量子程式設計師開放的承諾。 IonQ 系統的性能一流，客戶也感受到了它的魅力。現有客戶正在擴大與 IonQ 的合作，我們最近也新增了包括空中巴士和陶氏在內的新客戶。

Airbus is leveraging IonQ to use Aria to explore optimization problems that are at the core of their aerospace business, such as how to efficiently load cargo on aircraft. The quantum algorithm we're developing with Airbus will account for a number of critical aviation variables that make this problem particularly difficult for classical algorithms to solve.

空中巴士正在利用 IonQ 和 Aria 探索其航空航天業務的核心最佳化問題，例如如何有效地將貨物裝載到飛機上。我們與空中巴士共同開發的量子演算法將考慮一系列關鍵的航空變量，這些變量使得這個問題對於傳統演算法來說尤其難以解決。

Dow, a global leader in chemistry and material science, is using Aria to explore the boundaries of quantum computing applications in materials discovery research. They join other IonQ customers who are partnering with us to explore the intersection of quantum machine learning, material science and chemistry.

陶氏公司是化學和材料科學領域的全球領導者，該公司正在利用 Aria 探索量子計算在材料發現研究中的應用邊界。他們與其他 IonQ 客戶攜手合作，共同探索量子機器學習、材料科學和化學的交叉領域。

We continue to see compelling results on the projects we have initiated to apply our systems to real business problems, both internally and with customers. In June, we announced the results of our partnership with GE Research to develop a quantum algorithm that manages financial risk exposure.

我們啟動的專案將我們的系統應用於實際業務問題，無論是內部還是客戶，都取得了令人矚目的成果。今年6月，我們宣布了與通用電氣研究院合作開發管理金融風險敞口的量子演算法的成果。

Our work used a large data set to generate the risk models across up to four variables. This technique is broadly applicable to industries which have risk management needs such as finance, insurance, and supply chain management.

我們的工作使用大型資料集來產生最多四個變數的風險模型。此技術廣泛應用於金融、保險和供應鏈管理等有風險管理需求的產業。

Recently, we also signed a formal agreement to collaborate with the University of Maryland on a project for the National Science Foundation. For this, IonQ will build and host a quantum router as part of a new quantum network, the Mid-Atlantic region quantum internet spanning UMD's campus and the surrounding area. The work is not only important for quantum communications, but also continues our work towards connecting multiple quantum computers together to form even more powerful systems.

最近，我們也與馬裡蘭大學簽署了一項正式協議，合作進行美國國家科學基金會（NSF）的一個計畫。為此，IonQ 將建置並託管一台量子路由器，作為新量子網路的一部分，該網路是橫跨馬裡蘭大學校園及週邊地區的中大西洋地區量子網路。這項工作不僅對量子通訊至關重要，也延續了我們連接多台量子電腦以形成更強大系統的努力。

We are also pleased to provide an update on the multimillion-dollar DARPA contract awarded to Zapata Computing for which IonQ is a participant. Over the last months, our subcontract was finalized and our work with DARPA and Zapata is underway.

我們也很高興地向您介紹 IonQ 參與的 Zapata Computing 公司獲得 DARPA 數百萬美元合約的最新進展。在過去的幾個月裡，我們已完成分包合約的簽訂，目前我們與 DARPA 和 Zapata 的合作正在進行中。

Internally, we're investing in cutting edge research for problems that we think will benefit the most from quantum computing and deliver near-term business value. For example, we recently published a series of quantum methods for natural language processing, or NLP, a technology that is increasingly ubiquitous in voice interfaces like Amazon's Alexa, in email applications like Gmail and in chatbot functionalities like those who may have experienced in customer support.

在內部，我們正在投資前沿研究，以解決我們認為最能從量子計算中獲益並帶來短期商業價值的問題。例如，我們最近發布了一系列用於自然語言處理 (NLP) 的量子方法。 NLP 技術在亞馬遜 Alexa 等語音介面、Gmail 等電子郵件應用程式以及客服人員可能體驗過的聊天機器人功能中越來越普遍。

Our team created NLP algorithms to represent linguistic qualities like ambiguity, vagueness, and novelty on a quantum computer. These elements are notoriously difficult to represent and no previously published work has demonstrated ambiguity resolution or language generation working on a live quantum hardware. We think quantum techniques of this nature could eventually be embedded in these NLP applications, delivering a smoother and more powerful user experience.

我們的團隊創建了 NLP 演算法，用於在量子電腦上表示諸如歧義、模糊性和新穎性等語言特徵。這些元素的表示難度眾所周知，而且先前尚未有研究成果證明能夠在即時量子硬體上實現歧義消解或語言生成。我們認為，這類量子技術最終可以嵌入這些 NLP 應用中，從而帶來更流暢、更強大的使用者體驗。

We are seeing a wealth of opportunities present themselves across enterprise, government and academic customers. And each time we achieve remarkable results with our customers, they become advocates and case studies for the value of IonQ quantum computing. This virtual cycle is the cornerstone of the go-to-market flywheel that we are developing alongside our technology.

我們看到企業、政府和學術客戶中湧現大量機會。每當我們與客戶共同取得卓越成果時，他們就會成為 IonQ 量子運算價值的擁護者和案例研究。這種虛擬循環是我們與科技共同發展的市場飛輪的基石。

Lastly, in July 2022, we welcome Kathy Chou to the IonQ Board of Directors. Kathy brings with her deep technical experience from her role as SVP of SaaS Engineering at Nutanix. Go-to-market experience as a sales and operations executive at VMware, and a background in mechanical engineering and manufacturing from Stanford. Kathy joins Inder Singh, the CFO and Executive Vice President of Arm Limited, as our two newest independent Board members. We're thrilled to welcome Kathy to our Board.

最後，2022年7月，我們歡迎Kathy Chou加入IonQ董事會。 Kathy曾擔任Nutanix SaaS工程資深副總裁，擁有豐富的技術經驗。她也擁有在VMware擔任銷售和營運主管的市場推廣經驗，以及史丹佛大學機械工程和製造的背景。 Kathy與Arm Limited財務長兼執行副總裁Inder Singh一起，成為我們最新的兩位獨立董事會成員。我們非常高興地歡迎Kathy加入我們的董事會。

I will now turn the call over to Thomas, for more detailed review of the numbers and corporate initiatives. Thomas?

現在我將把電話轉給托馬斯，讓他更詳細地審查這些數字和公司舉措。托馬斯？

Thank you, Peter.

謝謝你，彼得。

Before I jump into our financial results, I wanted to touch on some important progress we made at the organizational level. I'm excited to share that we have identified a facility in Seattle to host our first assembly line for manufacturing quantum computers. We're gearing up production to support anticipate customer demand and our quantum networking R&D.

在介紹我們的財務表現之前，我想先談談我們在組織層面取得的一些重要進展。我很高興地告訴大家，我們已經在西雅圖選定了一家工廠，用於建造我們第一條量子電腦的組裝線。我們正在加緊生產，以支援預期的客戶需求和我們的量子網路研發。

To support our plans for production, we have hired Dave Mehuys as Vice President of Product Engineering. Dr. Mehuys joins us after leading Systems Engineering at PsiQuantum, where he oversaw teams throughout systems, R&D and operations and brings a robust understanding of quantum hardware with him.

為了支持我們的生產計劃，我們聘請了 Dave Mehuys 擔任產品工程副總裁。 Mehuys 博士在加入我們之前，曾在 PsiQuantum 領導系統工程，負責管理系統、研發和營運團隊，並帶來了對量子硬體的深刻理解。

Additionally, we are expanding our sales reach internationally with the creation of IonQ's first international entities in Germany and Israel. We also named Noam Zakay as our Managing Director, IonQ, Germany, to oversee our sales growth in Europe. Noam join us after almost three decades at IBM. Most recently, as the Program Director of IBM quantum Europe.

此外，我們正在擴大國際銷售範圍，在德國和以色列成立了 IonQ 的首批國際實體。我們也任命 Noam Zakay 為 IonQ 德國董事總經理，負責監督我們在歐洲的銷售成長。 Noam 在 IBM 工作近三十年後加入我們。最近，他擔任 IBM 量子歐洲專案總監。

We are thrilled to welcome Dave and Noam on board, as we gear up to service a rapidly expanding market.

我們非常高興地歡迎 Dave 和 Noam 加入我們，我們正準備為快速擴張的市場提供服務。

As more and more organizations are starting to explore quantum, we are getting ready to capture this demand on a worldwide stage. More than $24 billion was invested in quantum worldwide between 2016 and 2021. And to pay some investment is not slowing down.

隨著越來越多的組織開始探索量子技術，我們正準備在全球範圍內抓住這項需求。 2016年至2021年期間，全球在量子領域的投資超過240億美元。而且，投資熱潮仍在持續。

As a local example, US government investment in quantum information science R&D nearly double from 2019 to 2022, going from a reported $449 million to a requested $877 million. At IonQ, this manifest itself in increasing requests to participate in our piece, which we will expect will contribute to the commercial momentum we are experiencing. With both a larger number of inbound leads and the opportunities themselves being larger in size, our belief in the long-term market opportunity is as strong as ever.

舉個本地例子，美國政府在量子資訊科學研發的投資從2019年到2022年幾乎翻了一番，從報告的4.49億美元增加到申請的8.77億美元。在IonQ，這體現在參與我們專案的請求不斷增加，我們預計這將有助於我們目前的商業發展動能。隨著入站線索數量的增加和機會本身規模的擴大，我們對長期市場機會的信心一如既往地堅定。

Now, let's walk through the second quarter results in more detail. We outperformed our revenue projections for the quarter with $2.6 million in recognized revenue due to faster than expected implementation and increased usage. This compares to $93,000 in a prior year period and is above the high-end of our previously provided range.

現在，讓我們更詳細地回顧一下第二季的業績。由於實施速度快於預期且使用量增加，我們本季的確認收入達到了260萬美元，超出了預期。相較之下，去年同期的確認收入為9.3萬美元，且高於我們先前設定的最高預期範圍。

Moving down the income statement, for Q2 2022, our total operating cost and expenses for the second quarter were $21.5 million, up 114% from $10.1 million in the comparable prior year period.

順著損益表往下看，2022 年第二季度，我們的第二季總營運成本和費用為 2,150 萬美元，比去年同期的 1,010 萬美元成長 114%。

To break this down further, our research and development cost for the second quarter were $9.7 million, up 76% from $5.5 million in the year prior period. We continue to invest heavily in R&D and given anticipated demand of building more systems than originally expected for this year.

進一步細分，我們第二季的研發成本為970萬美元，較去年同期的550萬美元成長了76%。我們將繼續大力投資研發，並預計今年系統建置需求將超過最初的預期。

Our sales and marketing costs in the second quarter were $2.1 million, up 145% from $871,000 in their year prior period. We continue to believe investment in sales and marketing today will position us for increasing commercial momentum for years to come.

我們第二季的銷售和行銷成本為210萬美元，較去年同期的87.1萬美元成長145%。我們始終堅信，目前在銷售和行銷方面的投入將使我們在未來幾年保持強勁的商業勢頭。

Our general and administrative cost in the second quarter was $7.6 million, up 160% from $2.9 million in the comparable prior year period. This change is largely attributable to an increase in stock based compensation expense, which was $2.8 million for the second quarter compared to $1.7 million in the comparable prior year period.

我們第二季的一般及行政管理費用為760萬美元，較去年同期的290萬美元成長160%。這項變動主要歸因於股票薪酬費用的增加。第二季股票薪資費用為280萬美元，去年同期為170萬美元。

All of this resulted in a net loss of $1.7 million in the second quarter compared to $10 million in the prior year period. It's important to note that these results include a non-cash gain of $16.1 million for the second quarter related to the fair value of a warrant liability.

所有這些因素導致第二季淨虧損170萬美元，去年同期淨虧損為1,000萬美元。值得注意的是，這些業績包含第二季與認股權證負債公允價值相關的1,610萬美元非現金收益。

Additionally, we saw an adjusted EBITDA loss for the second quarter of $11.6 million compared to a $7 million adjusted EBITDA loss in the prior year period.

此外，我們發現第二季的調整後 EBITDA 虧損為 1,160 萬美元，而去年同期的調整後 EBITDA 虧損為 700 萬美元。

Turning now to our balance sheet. Cash, cash equivalents and investments as of June 30, 2022, were $571.3 million. We continue to believe this gives us sufficient cash reserve to get to profitability without needing to raise additional funds, given our current roadmap.

現在來看看我們的資產負債表。截至2022年6月30日，現金、現金等價物及投資總額為5.713億美元。考慮到我們目前的路線圖，我們仍然相信，這足以讓我們在無需額外融資的情況下實現盈利。

Focusing on our full fiscal 2022 outlook, we continue to have confidence in our full year 2022 revenue range of $10.2 million to $10.7 million. We expect third-quarter revenue to be between $2.6 million and $2.9 million. We achieved $600,000 in bookings for the quarter compared to $57,000 in the Q2 2021 period.

展望2022財年的整體前景，我們仍對2022年全年營收目標區間1,020萬美元至1,070萬美元充滿信心。我們預計第三季營收將在260萬美元至290萬美元之間。本季我們的預訂量為60萬美元，而2021年第二季為5.7萬美元。

As for full fiscal 2022, we are maintaining our expected range of $23 million to $27 million. This range reflects the high level of interest we have seen from customers and are confident that the deals we are currently negotiating will close.

對於2022財年全年業績，我們維持2,300萬美元至2,700萬美元的預期範圍。這個預期範圍反映了客戶的高度興趣，我們相信目前正在談判的交易最終能夠達成。

As we have noted on prior calls, we continue to expect bookings to be lumpy for quite some time. This means that while we have confidence in our overall economic performance, it can sometimes be hard to accurately predict exactly in which quarter deals will close. We believe providing bookings outlooks on an annual basis rather than on a quarterly basis will better capture our business outlook and intend to provide only annual outlooks moving forward.

正如我們在先前的電話會議中提到的，我們預計訂單量在相當長的時間內仍將波動。這意味著，儘管我們對整體經濟表現充滿信心，但有時很難準確預測交易將在哪個季度完成。我們認為，按年度而非按季度提供訂單展望更能反映我們的業務前景，並且我們計劃未來僅提供年度展望。

While we believe we will achieve our booking forecast, we also feel it is prudent to acknowledge the risk associated with the present market conditions, which is leading to contracting delays across the technology sector.

雖然我們相信我們將實現我們的預訂預測，但我們也認為，承認與當前市場狀況相關的風險是明智的，這導致整個技術行業的合約延遲。

We have identified $12 million of late-stage opportunity in our booking forecast that we believe is likely to close, but precise timing is unclear, which may lead us to miss some or all of this value in 2022. We, nevertheless, remain confident that these customers will contract with IonQ.

我們在預訂預測中發現了 1200 萬美元的後期機會，我們相信這些機會可能會結束，但具體時間尚不清楚，這可能導致我們在 2022 年錯過部分或全部價值。儘管如此，我們仍然相信這些客戶將與 IonQ 簽約。

We have noted the increase in demand we are seeing across the market.

我們注意到整個市場的需求正在增加。

Our expectation is that large, late-stage opportunities in our pipeline will eventually be prevalent enough that this lumpiness begins to smooth out. In the meantime, our team is approaching the market with gusto to capture that demand for IonQ. In summary, we are happy to say that even in these market conditions, we remain confident in our forecast and our ability to keep our spend in line with previous expectations.

我們期望，我們產品線中大型的後期專案機會最終能夠充分發揮作用，從而逐漸消除這種不平衡。同時，我們的團隊正積極進軍市場，以抓住 IonQ 的需求。總而言之，我們很高興地說，即使在當前的市場環境下，我們仍然對我們的預測以及保持支出與先前預期一致的能力充滿信心。

Our more than $0.5 billion cash position continues to be a significant advantage for the company and enable us to make investments in R&D and manufacturing to continue delivering our market leading systems.

我們超過 5 億美元的現金狀況繼續成為公司的顯著優勢，使我們能夠在研發和製造方面進行投資，並繼續提供我們市場領先的系統。

Thank you, Thomas.

謝謝你，托馬斯。

The second quarter was marked by landmark technical progress on our systems, in a rapidly expanding set of customer applications that are already delivering compelling results. The future continues to be bright for quantum computing. We could not be more proud of the team, and we are grateful to have you alongside us for this journey.

第二季度，我們的系統取得了里程碑式的技術進步，客戶應用範圍迅速擴展，並已取得令人矚目的成果。量子運算的未來依然光明。我們為我們的團隊感到無比自豪，並感謝你們與我們一路同行。

And with that, I'd like to have the operator open the line for questions.

現在，我想請接線員開通熱線來回答問題。

At this time, we will be conducting a question-and-answer session. (Operator Instructions)

此時，我們將進行問答環節。 （操作員指示）

Our first question comes from Quinn Bolton, Needham & Company.

我們的第一個問題來自 Needham & Company 的 Quinn Bolton。

Hi, guys. Congratulations on the nice results, especially on the 23 algorithmic qubits for Aria. I guess, wanted to start with the comment that you'll be bringing Aria to Azure quantum beginning tomorrow. Obviously, you've talked about bringing that computer to Azure this year.

大家好。恭喜你們取得如此好的成果，尤其是 Aria 的 23 個演算法量子位元。我想，首先我想說的是，你們明天就會把 Aria 引入 Azure 量子運算。顯然，你們已經談到今年會把這台電腦引入 Azure。

So, congratulations on that achievement. But I guess I'm wondering since Aria or Harmony is available on other public clouds, how easy will it be to bring Aria to other public clouds later this year? And is that in your current plants? And then, I've got follow-up. Thanks.

所以，恭喜您取得這項成就。不過，我想問一下，既然 Aria 或 Harmony 已經在其他公有雲上可用，那麼今年稍後將 Aria 遷移到其他公有雲會有多容易？這在您目前的工廠嗎？然後，我還有後續問題。謝謝。

Hey, Quinn. Good question.

嘿，Quinn。好問題。

Just on the technical -- I'll answer the technical part first, which is all the machines support the same API, whether it's an old machine or a latest generation. So, largely there's kind of not much work on the cloud provider's part to get to the latest machine. It's mostly configuration work that they have to do just to inside their system and administratively to say, hey, there's a new system and those kinds of things.

就技術方面而言——我先回答技術部分，也就是說，所有機器都支援相同的 API，無論是舊機器還是最新一代的機器。因此，雲端供應商基本上不需要做太多工作就能獲得最新的機器。他們主要需要做的就是在系統內部進行配置，並在管理上告知用戶，嘿，這是一個新系統之類的。

Actually, to be honest, probably setting up new rates and those kinds of things are more difficult than it is actually integrating one of our new systems, so that parts relatively easy. We look forward to make -- to explore other avenues for Aria on other systems, but we're not making any comments on that today.

事實上，說實話，設定新的費率之類的事情可能比實際整合我們的新系統更難，所以這部分相對容易。我們期待探索Aria在其他系統上的應用途徑，但今天我們不對此發表任何評論。

Understood. And then for Thomas, I know there've been some delays in government contracting this year, just with COVID and work from home, et cetera, but wondering on the $12 million of late-stage bookings you identified that, could be subject to delays and slip out of 2022 into 2023.

明白了。然後，托馬斯，我知道今年政府合約有一些延誤，主要是因為新冠疫情和居家辦公等原因。但我想知道，您提到的1200萬美元後期訂單，可能會出現延誤，從2022年推遲到2023年。

Can you comment -- is that mostly government related contracts? Is it heavily skewed to commercial? Just sort of what's the mix between government and commercial in that $12 million?

您能否評論一下—這些合約主要都是政府合約嗎？商業合約佔比很大嗎？這1200萬美元裡，政府合約和商業合約的比例是多少？

So, we're not actually breaking up segments. And given that we've always said we have a lumpy business. And so, we have a small number of contracts that they're often very large. And so, given that these contracts are still in negotiation, we would like to disclose as little as we can about them.

所以，我們其實並沒有拆分業務。鑑於我們一直強調我們的業務是分散的，所以我們的合約數量不多，但通常金額都很大。鑑於這些合約仍在談判中，我們希望盡可能少地揭露相關資訊。

But it's a mix of contracts. And the good news for us is that we have buyers who are interested and we continue our discussions, but these are complex sales. It's not like you walk into the supermarket and grab a Snickers bar. Although, we're negotiating the Safeway, if we can be listed there.

但合約種類繁多。好消息是，我們有一些買家感興趣，我們也繼續洽談，但這些交易很複雜。這不像你走進超市隨便買一塊士力架。不過，我們正在和Safeway洽談，看看能不能在那裡上市。

(laughter) Okay. Thank you very much.

（笑聲）好的，非常感謝。

Thank you.

謝謝。

Sam Peterman, Craig-Hallum.

山姆彼得曼、克雷格哈勒姆。

Hi, guys. Thanks for taking my question. I wanted to follow up on the bookings and maybe ask a different way, but I know you're not changing your revenue guidance for fiscal 2022, which is consistent with how you talked about those bookings on the last call.

大家好。感謝您回答我的問題。我想跟進預訂情況，或許可以換個方式提問，但我知道您不會改變2022財年的收入預期，這與您在上次電話會議上談到的預訂情況一致。

But curious if you're seeing any impact to potentially your fiscal 2023 revenue outlook from some of these bookings push outs, or just from the general market environment out there and broadly technology pushing out some of those contracts? Not asking for a number, obviously you haven't guided to that, but just curious, qualitatively how you guys are thinking about whether that might impact your fiscal 2023 revenue.

但我很好奇，您是否認為這些訂單推遲會對您2023財年的收入前景產生任何影響，或者僅僅是因為目前的總體市場環境以及廣泛的技術推遲了部分合約？我並不是問具體數字，顯然您還沒有給出具體數字，我只是好奇，你們是如何定性地看待這些推遲是否會影響您2023財年的收入的。

So, we will get back to our 2023 outlook on the Q4 call, where we will give detailed expectations of it. But what we're seeing here is that there is interest in our technology, and so far, we continue to have a great confidence in what we think is going to happen in 2023.

所以，我們將在第四季電話會議上回顧我們對2023年的展望，屆時我們將給予詳細的預期。但我們目前看到的是，大家對我們的技術很感興趣，到目前為止，我們對2023年的發展仍然充滿信心。

Okay. Fair enough. I guess my second question on the improvement in the algorithmic qubits for Aria. Could you talk a little bit more about what enabled that? And then if those improvements are kind of -- if those improvements will translate to other systems like Forte, for example?

好的。不錯。我的第二個問題是關於 Aria 演算法量子位元的改進。您能否詳細談談是什麼促成了這一點？這些改進是否可以轉化為其他系統，例如 Forte？

Absolutely. This is Jungsang, responding to your question.

確實。我是 Jungsang，回答你的問題。

So, there are many different fronts that we've been pushing. One is, obviously, improving the performance of the hardware. But we've also been making great strides in learning how to mitigate some of the errors that are in our systems in a more intelligent and effective way. And also we've been pushing on performance of our software tools, including compilers and optimizers.

所以，我們一直在推進許多不同的方面。其中之一顯然是提升硬體效能。但我們也在學習如何以更聰明、更有效率的方式緩解系統中存在的一些錯誤方面取得了長足的進步。此外，我們也一直在提升軟體工具（包括編譯器和優化器）的效能。

So, all of these things allow us to take the same algorithm, and then make it more effectively executable on our machine. And then with a higher probability to get the right answer. So, it's really a combination of all the technology developments of many fronts, that have made this possible.

所以，所有這些因素使我們能夠採用相同的演算法，並使其在我們的機器上更有效地執行。這樣一來，我們就能以更高的機率獲得正確的答案。所以，這其實是多面向技術發展的結合，使得這一切成為可能。

And I'll just jump in on this, which is everything -- which I think was part of your question -- everything that we're learning on Aria, I think is some of it very directly like the compiler work that Jungsang thing mentioned is applicable across everything we're doing. But even the things that we're learning on Aria is something that often translates into a next machine and gives us a hint as to what to do on the next one.

我直接說這個，我想這也是你問題的一部分，我們在 Aria 上學到的一切，我認為其中一些非常直接，例如 Jungsang 提到的編譯器工作，可以應用到我們所做的一切。但即使是我們在 Aria 上學到的東西，也常常轉化為下一代機器的參考，並給我們提供在下一代機器上該做什麼的提示。

So, it is kind of today and also tomorrow.

所以，這既是今天，也是明天。

Got it. Thank guys.

明白了。謝謝大家。

Toshiya Hari, Goldman Sachs.

高盛的 Toshiya Hari。

Hi. Good afternoon. Thanks so much for taking the question. I've got two as well. My first one, Thomas, I wanted to go back to the contracting delays you talked about.

大家好，下午好。非常感謝你回答這個問題。我也有兩個問題。第一個問題，湯瑪斯，我想回到你提到的合約延期問題。

Just wanting to clarify is this sort of macro driven where your customers, whether it be private companies or governments becoming a little bit more prudent and careful with their investments, or if it's something more tech related, quantum related? Any color there would be helpful.

只是想澄清一下，這種宏觀驅動因素是您的客戶（無論是私人企業還是政府）在投資方面更加謹慎和謹慎嗎？還是與技術或量子相關的因素？任何具體因素都會有所幫助。

And then as my second question on profitability, you guys talked about building more systems this year and that driving, I think, it was R&D spend a little bit higher. You also talked about your location in Seattle and building out your presence in Germany and Israel. So, I guess, the question is, should we be thinking about the timing of profitability being pulled in or pushed out relative to prior expectations or no change to how you're thinking about converting to profitability? Thank you.

關於獲利能力的第二個問題，你們談到了今年建造更多系統，我認為這是研發支出略有增加的原因。你們也談到了在西雅圖的佈局，以及在德國和以色列的業務拓展。所以，我想，問題是，我們是否應該考慮獲利能力的提升或下降時機，相對於先前的預期，還是應該保持獲利能力的轉換方式不變？謝謝。

Good to hear your voice again, Toshiya. Those are excellent questions and I'll just start from the back.

很高興能再次聽到你的聲音，Toshiya。這些問題都很棒，我就從後面開始吧。

So, I don't forget. When it comes to our expenses and a lot of this is also investments, as opposed to just P&L expense. We have no changes in our plans. This is essentially what we had planned to do all along. And yes, we have more machines in production that doesn't really affect our P&L since a lot of that is capitalized.

所以，我不會忘記。說到我們的支出，其中許多也是投資，而不僅僅是損益支出。我們的計劃沒有改變。這基本上就是我們一直以來的計劃。是的，我們生產中的機器增加了，但這對我們的損益表沒有太大影響，因為其中許多都已資本化。

But what it does do is it allows us to have more capacity come online in the near to medium future, actually make that medium future because we're not planning to double our capacity overnight, but we do want to be able to satisfy all the demand that's out there.

但它確實讓我們能夠在不久的將來擁有更多的產能，實際上實現這一中期目標，因為我們不打算在一夜之間將產能翻一番，但我們確實希望能夠滿足所有的需求。

And right now, with the record break performance that we have, it's just prudent of us to make more machines. On to your other question is this macro related? I think some of it's macro related, but some of it's also just that these are really large purchases, and they are purchases in a technology that world essentially has not seen before.

現在，鑑於我們創紀錄的業績，生產更多機器對我們來說是明智之舉。關於你的另一個問題，這與宏觀經濟有關嗎？我認為部分原因在於宏觀經濟，但部分原因也在於這些採購規模非常大，而且是涉及一項全球前所未見的技術。

And so, there's just a lot of back and forth, and everybody needs to understand it. And a lot of the time there are people like me on both sides and we're like, we know the price of everything and the value of nothing. And it just takes longer to get like all the number crunch errors and the legal to get to it. We are not seeing a slowdown in demand.

所以，這中間有很多來回的爭論，每個人都需要理解。很多時候，雙方都有像我這樣的人，我們好像知道所有東西的價格，卻不知道任何東西的價值。只是需要更長的時間才能處理所有數字運算錯誤和法律問題。我們並沒有看到需求放緩。

Got it. Thank you.

明白了。謝謝。

(Operator Instructions) David Williams, Benchmark.

（操作員指示）大衛威廉斯，基準。

Hey, gentlemen, thanks so much for letting me ask the question. Congrats on all the progress.

嘿，先生們，非常感謝你們讓我提問。祝賀你們的進展。

Thanks, David.

謝謝，大衛。

One, what I wanted to ask maybe quickly and you kind of talked about the build out of the hardware sales and the manufacturing there? Seems like you're moving fairly quickly.

第一，我想快速問一下，您剛剛談到了硬體銷售和製造方面的發展？看起來您的進度相當快。

And just kind of curious, if you are thinking that maybe the Aria platform could be introduced in these machines or if that's for the next-generation, and then maybe if there's any component of this, this related to the networking side versus the computing side?

只是有點好奇，您是否認為 Aria 平台可能會引入這些機器中，或者這是否適用於下一代機器，然後也許其中有任何組件與網絡方面或計算方面有關？

All, David, excellent questions. We actually are building a second Aria system here in College Park and in record time.

大衛，大家好，這個問題問得真好。我們實際上正在學院公園市建設第二個 Aria 系統，而且速度創下了紀錄。

So -- and that's to me upcoming demand as well. The answer though in the Seattle, it maybe just even to help, to break down as to what the two locations are going to do. In the Seattle office, they'll be working on manufacturing of quantum computers and kind of bringing the Henry Ford effect, if you will, to that. So that team is very much focused on building rack mounted, quantum computers that can be easily manufactured.

所以——對我來說，這也是即將到來的需求。不過，在西雅圖，答案可能只是為了幫助大家，分解這兩個地方會做什麼。在西雅圖辦公室，他們將致力於量子電腦的製造，並將亨利福特效應（如果你願意的話）帶入其中。所以，這個團隊非常專注於建造易於製造的機架式量子電腦。

Here in College Park, they have a different charter, which is to work on improving the performance. So, those are kind of the teams have different kind of goals, if you will, between the two locations. And your insight about machines is spot on. If you want to do networking, you have to have more than one quantum computer to do it.

在大學公園，他們有不同的章程，致力於提高性能。所以，可以說，這兩個地方的團隊有不同的目標。你對機器的洞察力非常準確。如果你想做網絡，你必須擁有多台量子電腦。

So one of the reasons that we are building, gearing up manufacturing is to have enough free machines, so that R&D can do experiments for quantum networking. We can get the software written for those things. So that's kind of part of it as well.

因此，我們建造並加速生產的原因之一就是為了獲得足夠的免費機器，以便研發部門能夠進行量子網路實驗。我們也可以寫相關的軟體。所以，這也是其中的一部分。

You asked one last question, I think, which is kind of, will these be Aria machines? I think they're more than likely going to -- not be Aria machines into the future. That'll be next-generation Forte or better, is it will be the first ones rolling off the assembly line in Seattle.

我想你問了最後一個問題，那就是這些會是Aria機器嗎？我認為它們未來很可能不會是Aria機器。那會是下一代Forte或更好的機器，它們會是第一批在西雅圖裝配線上下線的機器嗎？

Great. (multiple speakers)

太好了。 （多位發言者）

This is Chris Monroe here. I might add about your networking question.

我是 Chris Monroe。我想補充一下你的網路問題。

As you might know, we're going to scale our quantum computers by networking many chips together. That's always been in our plans. We're starting to spin up that effort right now. I would say, in our current systems, we don't need that yet, but this is what -- when our systems get more powerful, that's how we will do it.

您可能知道，我們將透過將許多晶片聯網來擴展我們的量子電腦。這一直是我們的計劃。我們現在正在加快這項工作。我想說，在我們目前的系統中，我們暫時不需要這樣做，但當我們的系統變得更強大時，我們就會這樣做。

And that said, also we're just now kicking off a big program with the University of Maryland on developing protocols for networking, optically networking ion trapped quantum computer systems.

話雖如此，我們現在也剛與馬裡蘭大學啟動了一個大型項目，旨在開發網路協定、光網路離子捕獲量子電腦系統。

Okay. All very great color. Thanks for that. Certainly appreciate it. And then, I know this question was asked earlier, but we're just going to dig in a bit.

好的。顏色都很棒。謝謝。非常感謝。然後，我知道這個問題之前有人問過，但我們還是深入探討一下吧。

But you talked about the performance improvements on the Aria system. And I know that was a bit of a surprise. And maybe just digging in, is this -- it doesn't sound like it's chip specific. So, are there areas, I guess that you kind of look across your platform today, are there other areas that you could squeak out additional performance maybe in the classical compute side, or maybe even the algo side?

但您談到了 Aria 系統的效能改進。我知道這有點出乎意料。或許深入探討一下，這聽起來不像是特定於晶片的。那麼，我想您今天在整個平台上審視過，還有其他領域可以進一步提升效能嗎？例如在經典計算方面，甚至是演算法方面？

Do you think there's additional room to optimize, or do you feel like you've kind of squeezed out all of your performance at this point?

您是否認為還有進一步優化的空間，或者您是否覺得目前您的所有表現都已經被榨乾了？

Yeah.

是的。

So, I think we-- (multiple speakers)

所以，我認為我們──（多位發言者）

Again, Chris Monroe here. Go ahead, Jungsang.

再一次，我是 Chris Monroe。請繼續，Jungsang。

Yeah.

是的。

I think, we have plenty of room to continue to squeeze. If you think about getting a very complex algorithm and getting executed on a very specific machine, there tends to be a lot of different steps that has to be taken. Many of them in the software domain, and many of them in improving the hardware. And we're finding quite a bit of opportunities, especially as we understand some of these applications deeper. And then, finding ways to improve the mitigation of errors in our systems.

我認為，我們還有很大的空間可以繼續挖掘。如果你想要開發一個非常複雜的演算法，並在特定的機器上執行，往往需要採取很多不同的步驟。其中許多步驟涉及軟體領域，也有很多步驟涉及硬體改進。我們發現了不少機會，尤其是在我們對其中一些應用有了更深入的理解之後。然後，我們找到了改進系統錯誤緩解方法的方法。

We continue to find opportunities and these many of these things actually carry into the future. So, I think this is one of the areas where, as we focus on kind performance metric tied to a realistic and practical algorithm, we're finding compounding opportunities to continue to improve the performance, so that we can actually run bigger and more challenging problems on the same -- on improving hardware.

我們不斷尋找機會，其中許多實際上都會延伸到未來。所以，我認為這是一個領域，當我們專注於與現實實用演算法相關的效能指標時，我們正在尋找複合機會來繼續提升效能，以便我們能夠在改進的硬體上實際運行更大、更具挑戰性的問題。

And I'll just add a little bit to this, which is, we had talked about improving the native hardware in the past. We talked about error correction. A burgeoning area of quantum at the moment is kind of what we'll call error mitigation. And that's kind of in the middle, which is kind of a new field. And in part that's also what's happening here. It's one part is to reason that we've managed to get Aria to go further than we initially planned.

我再補充一點，我們之前討論過改進原生硬件，例如糾錯。目前量子領域一個新興的領域就是我們所說的誤差緩解。它處於中間階段，是一個比較新的領域。現在發生的事情也部分源自於此。這部分原因在於，我們能夠讓 Aria 比最初計劃走得更遠。

And again adding to that a little color, is that the type of errors that our machines experience, without getting two technical they're sort of miscalibration. They don't destroy the quantum information. It's still in there. And the types of areas we have -- and that's not true of all quantum computing systems.

再補充一點，我們的機器會遇到一些錯誤，雖然沒有技術層面的錯誤，但它們都是一種校準錯誤。它們不會破壞量子訊息，訊息仍然存在。而我們擁有的區域類型——並非所有量子計算系統都是如此。

We knew we were able to mitigate, and we're seeing that now that are our compilers and software are able to squeeze more out without doing active air correction. We're going to do that too, but we're going to have the whole kind of spectrum of air mitigation and then full-blooded error correction as our systems grow.

我們知道我們能夠緩解錯誤，而且我們現在看到，我們的編譯器和軟體能夠在不進行主動空中校正的情況下，擠出更多錯誤。我們也會這樣做，但隨著系統的發展，我們將擁有全方位的空中緩解措施，並進行全面的錯誤校正。

Again, all great, very good color. Certainly, appreciate it. One last one, if I might. And just on the barium, any update there and how much performance advantage do you think you would have today if you were -- had that employed on the Aria system? Thank you.

再次感謝，一切都很棒，色彩非常好。當然，非常感謝。如果可以的話，我還有最後一個問題。關於鋇，有什麼更新嗎？如果您在Aria系統上使用了鋇，您認為現在的效能優勢會有多大？謝謝。

Yeah.

是的。

We continue to make progress and make an increasing effort in improving, validating Aria systems. We have already expressed some of the progress we've seen today, but we will actually share more as we have more concrete information, not much more to concretely point this time.

我們將繼續取得進展，並加強改進和驗證 Aria 系統。我們已經分享了今天看到的一些進展，但隨著我們掌握更多具體信息，我們會分享更多，這次不會透露太多具體信息。

(Operator Instructions) Martin Smith.

（操作員指示）馬丁史密斯。

Looks like we lost him, one second.

看起來我們失去他了，一秒鐘。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would now like to turn the call back over to Peter Chapman, for closing remarks.

女士們，先生們，問答環節到此結束。現在，我想把發言權交還給彼得·查普曼，請他致閉幕詞。

Thanks everyone. Thanks for listening in today and the great questions that were presented to us.

謝謝大家。感謝大家今天的收聽，也感謝大家提出的這些精彩問題。

We are very happy with the progress we made this quarter. And we continue to look forward to hitting our, both earnings and bookings numbers as we outline today. I want to say a huge thanks to the IonQ team for making the technical progress that they've made so far. And we look forward to talking to you all in 90 days or so. So, thanks again. Have a great day.

我們對本季取得的進展感到非常滿意。我們將繼續期待實現今天概述的盈利和預訂量目標。我要衷心感謝 IonQ 團隊迄今為止的技術進步。我們期待在 90 天左右與大家見面。再次感謝！祝您擁有美好的一天。

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

今天的會議到此結束。您可以掛斷電話了。感謝您的參與。