Luminar Technologies Inc (LAZR) 2024 Q1 法說會逐字稿

Welcome, everyone, to Luminar's business update call for the first quarter of 2024. My name is Aileen Smith, and I am Luminar's Head of Investor Relations. With me today are Austin Russell, Founder and Chief Executive Officer; and Tom Fennimore, Chief Financial Officer.

歡迎大家參加 Luminar 2024 年第一季的業務更新電話會議。我叫 Aileen Smith，是 Luminar 的投資人關係主管。今天與我在一起的有創始人兼執行長 Austin Russell；和財務長湯姆·芬尼莫爾。

As a quick reminder, this call is being recorded, and you can find the shareholder letter that accompanies this call at investors.luminartech.com. At 4:00 p.m. Eastern Time, we published our Q1 letter to shareholders, which hopefully many of you have reviewed. We're continuing with our format this quarter from prior quarters, which will primarily be an interactive Q&A session. I'm sure we have a lot of questions to get through.

快速提醒一下，本次電話會議正在錄音，您可以在 Investors.luminartech.com 上找到本次電話會議隨附的股東信函。下午 4:00東部時間，我們發布了第一季給股東的信，希望你們中的許多人都閱讀過。本季我們將繼續前幾季的形式，主要是互動問答環節。我確信我們還有很多問題需要解決。

As a reminder, we will be addressing retail investor questions posted to the [Safe] platform. Institutional investor questions e-mailed to our investors in box and live questions from our analyst community. We'll be tracking these platforms intermittently through the duration of the call to address any that come in real time.

提醒一下，我們將解決發佈到 [Safe] 平台的散戶投資者問題。機構投資者的問題透過電子郵件發送給我們的投資者，並透過我們的分析師社群提出即時問題。我們將在通話期間間歇性地追蹤這些平台，以解決即時出現的任何問題。

Before we begin the Q&A session, I wanted to remind everyone that during the call, we may refer to GAAP and non-GAAP financial measures. Today's discussion also contains forward-looking statements based on the environment as we currently see it, and as such, does include risks and uncertainties. Please refer to our shareholder letter for more information on the specific risk factors that could cause actual results to differ materially.

在我們開始問答環節之前，我想提醒大家，在電話會議中，我們可能會參考 GAAP 和非 GAAP 財務指標。今天的討論還包含基於我們目前所看到的環境的前瞻性陳述，因此確實包含風險和不確定性。請參閱我們的股東信，以了解有關可能導致實際結果出現重大差異的特定風險因素的更多資​​訊。

With that, we can get into some of the questions that have been on folks' mind since Luminar Day and some of the developments over the past few weeks.

這樣，我們就可以探討自 Luminar Day 以來人們一直在思考的一些問題以及過去幾週的一些進展。

So we'll jump right in with question number 1, when will you start mass production of your LiDAR sensors? And what future plans do you have for growth?

因此，我們直接討論第一個問題，你們什麼時候開始大規模生產 LiDAR 感測器？您對未來的成長有何計劃？

All right. Thanks. Hopefully, hear us okay?

好的。謝謝。希望您能聽到我們的聲音好嗎？

All good.

都好。

Awesome. And yes, thanks, Aileen, for the intro and excited to get the chance to jump first straight in and answer some of the questions, and thanks for taking a look at the letter of those output, or really presentation with all the information. A lot of stuff going on. We thought it was going to be something more simple, given that we just have Luminar Day, but with the new regulations, everything in the meantime. It's been quite a world win.

驚人的。是的，謝謝艾琳的介紹，很高興有機會首先直接回答一些問題，並感謝您查看這些輸出的字母，或真正包含所有資訊的演示。很多事情正在發生。我們認為這會變得更簡單，因為我們剛剛度過了 Luminar Day，但隨著新規定的出台，一切都在同時進行。這是一場世界性的勝利。

But yes, in terms of the SOP question, that's, of course, one that we're really excited about. We did officially hit our starter production milestone with Volvo. So that's something that -- what the past decade of Luminar has been leading up to, and we're fortunate enough to get a lot of big congratulations notes from books to the industry that have been waiting at this moment for quite some time.

但是，是的，就 SOP 問題而言，這當然是我們真正感到興奮的問題。我們確實正式達到了沃爾沃的首發生產里程碑。這就是 Luminar 在過去十年中一直在努力實現的目標，我們很幸運地從書籍中收到了很多來自業界的祝賀信，而這些信件已經等待了相當長一段時間了。

And of course, with everyone from our other customers to other kinds of automakers to see this success is very meaningful all the way even to our own supply base that with the vast majority of programs not ultimately making it to production in the broader autonomous vehicle world, this is something that's, I think, a standalone shining beacon showing what is possible and people are very much taking notice.

當然，從我們的其他客戶到其他類型的汽車製造商，每個人都能看到這項成功，甚至對我們自己的供應基地來說也非常有意義，因為絕大多數專案最終並未在更廣泛的自動駕駛汽車世界中投入生產。

Our second question, what are the implications of the new [net of] rolling? And what impact will this have on Luminar? Can you meet these standards and broader autonomy without LiDAR like Tesla believes?

我們的第二個問題，新滾動的影響是什麼？這會對 Luminar 產生什麼影響？您能否像特斯拉所認為的那樣，在沒有光達的情況下滿足這些標準和更廣泛的自主權？

Yes. So we're not aware of any system that comes even close to meeting it without LiDAR. And what we've actually shown is that with our long-range LiDAR across all the different testing protocols, including specifically the ones that NHTSA has outlined, that we [are] able to successfully meet and beat those different protocols. And this is all confirmed as well by the testing that Swiss Re has done independently.

是的。因此，我們不知道有任何系統可以在沒有光達的情況下接近滿足這一要求。我們實際展示的是，透過我們的遠程雷射雷達跨越所有不同的測試協議，特別是 NHTSA 概述的協議，我們能夠成功滿足並擊敗這些不同的協議。瑞士再保險獨立進行的測試也證實了這一點。

We showed that at Luminar Day, where they're able to show a massive double-digit improvement in terms of the safety implications as well as when -- in reduction of vehicle accidents and crashes as well as when they do occur, still significantly a reduction in the speed at which the accident occurs corresponding to improved mitigation power, so to call it from that.

我們在 Luminar Day 上展示了他們在安全影響方面以及在減少車輛事故和碰撞方面以及在它們確實發生時仍然顯著地取得了兩位數的進步。可以這麼說。

And what that all means is that we believe that long-range LiDAR is required to be able to meet those kinds of new standards that NHTSA is mandating across the board and a massive tailwind overall for the adoption. I have to say I was pretty impressed by how far they went on these regulations.

這意味著我們相信遠程雷射雷達必須能夠滿足 NHTSA 全面強制實施的新標準，並為採用提供巨大的推動力。我必須說，他們對這些規定的執行程度給我留下了深刻的印象。

I mean we know it's been coming for some time, what -- a decade in the making. And the U.S. is really stepping it up, and I think we'll serve as the benchmark worldwide. We saw similar trends what, decades ago with everything from seat belts to airbags to even the concept of AEB in the first place that -- camera radar we're able to solve for.

我的意思是，我們知道它已經出現了一段時間，甚至十年了。美國確實在加大力度，我認為我們將成為全球的基準。幾十年前，我們看到了類似的趨勢，從安全帶到安全氣囊，甚至是 AEB 概念，我們首先能夠解決的是攝影機雷達。

But as we know, the majority of accidents that occur today still occur even despite some of these advancements in AEB technology and it needs a fundamental step function improvement. And that's not to say that there isn't still room left to be able to do and improvements to be made with existing systems. Absolutely, that's the case. But we're talking a totally different world. In particular, there's a massive increase in the speed at which required to be able to do this as well as a requirement for pedestrian testing and braking during day time and night time.

但正如我們所知，儘管 AEB 技術取得了一些進步，但當今發生的大多數事故仍然會發生，並且需要從根本上改進階躍功能。這並不是說現有系統沒有空間可以做或可以改進。絕對是這樣。但我們談論的是一個完全不同的世界。特別是，能夠做到這一點的速度以及在白天和夜間進行行人測試和煞車的要求大幅增加。

And what we've seen is -- across the automaker landscape is I think also a lot of surprises that this is now pushing forward so quickly kind of beyond the expectations. In the [letter] [we] outlined that, I think this is pretty clear in terms of driving standardization as much as a decade earlier than what it was otherwise thinking and 10x'ing our opportunity for what we have ahead. And this is all happening, like I said, literally -- in automotive years, this is like right around the corner in 2029. So I think this is possibly one of the best things to happen to Luminar, maybe even the best thing to happen to Luminar in our entire history. So very excited for that.

我們所看到的是——我認為在整個汽車製造商領域也有很多令人驚訝的事情，現在進展如此之快，有點超出了預期。在[信]中[我們]概述了這一點，我認為這在推動標準化方面非常明確，比我們原本的想法提前了十年，並將我們未來的機會增加了十倍。正如我所說，這一切正在發生——在汽車行業，這就像 2029 年即將到來。所以我認為這可能是 Luminar 發生的最好的事情之一，甚至可能是 Luminar 整個歷史上發生的最好的事情。對此非常興奮。

Next question is around the announcement from last Friday. Would it be accurate to say that the restructuring goal is to outsource much or most of the manufacturing process in order to reduce capital need and related risks as well as to more rapidly ramp up production?

下一個問題是關於上週五的公告。是否準確地說，重組目標是將大部分或大部分製造流程外包，以減少資本需求和相關風險，並更快地提高產量？

Sure. Why don't I handle that question. So as Austin mentioned, we reached SOP a few weeks ago with Volvo. And that was a really intensive 4-year-plus period to industrialize our first product, Iris. During the last few years, we've tripled the size of the company. We put in a lot of blood, sweat and tears to get there. And we've learned a lot about ourselves as an organization.

當然。為什麼我不回答這個問題。正如 Austin 所提到的，我們幾週前與沃爾沃達成了 SOP。我們花了 4 年多的時間將我們的第一個產品 Iris 工業化。在過去的幾年裡，我們公司的規模擴大了兩倍。為了實現這一目標，我們付出了很多心血、汗水和淚水。作為一個組織，我們對自己有了很多了解。

And upon reaching SOP and actually a little bit in advance, we really took a long hard look at ourselves and tried to decide what do we do better than anybody else out there, and a lot of that is related to our technology, our R&D, our semiconductor business, et cetera, and then what are some of the industrialization activities where, quite frankly, some of our existing partners like TPK do just as well, if not better than us.

在達到 SOP 後，實際上提前了一點，我們真的認真審視了自己，並試圖決定我們在哪些方面比其他人做得更好，其中許多與我們的技術、我們的研發有關，我們的半導體業務等等，然後是一些工業化活動，坦白說，我們現有的一些合作夥伴（如TPK）做得同樣好，甚至比我們更好。

And so the primary focus of the actions that we took last week was to put Luminar in a position where we can move more quickly and more efficiently and more cost effectively to develop and industrialize our future products. I wouldn't say -- it wasn't primarily a cost exercise. It was more of an efficiency and speed exercise. Unfortunately, that resulted in having us to make some tough decisions on a personal level, but it was something that we had to do.

因此，我們上週採取的行動的主要重點是讓 Luminar 能夠更快、更有效率、更具成本效益地開發和工業化我們的未來產品。我不會說——這主要不是一個成本練習。這更多的是一種效率和速度的練習。不幸的是，這導致我們在個人層面上做出一些艱難的決定，但這是我們必須做的事情。

When you kind of look at the magnitude of those savings that result in about $80 million of savings, substantially all of them should be realized on a run rate basis by the end of the year. A little more than half of those are going to be cash savings and a little less than half is going to be stock savings in terms of stock we issued to our employees and some of our vendors. Not included in that $80 million are going to be some of the benefits we get from being able to move faster on the industrialization as well as more efficiently. And let me try to quantify that.

如果您考慮一下這些節省的規模（大約可節省 8,000 萬美元），那麼基本上所有這些節省都應在年底前按運行率實現。其中一半多一點將是現金節省，不到一半將是我們向員工和一些供應商發放的庫存的庫存節省。這 8000 萬美元中不包括我們因能夠更快、更有效率地推進工業化而獲得的一些好處。讓我嘗試量化這一點。

If I look at what it costs to put the capital in the ground, both to build out the -- building the clean room and the automation equipment for our Mexico plant, that totals to about nearly $60 million. What we expect to be able to launch our second facility in China with TPK 4 is going to be about 20% of that now, not 20% less, but 20% of that amount, and that's for almost triple the capacity.

如果我看看投入資金的成本，包括為我們的墨西哥工廠建造無塵室和自動化設備，總計約 6000 萬美元。我們預計能夠在中國推出第二個 TPK 4 工廠的產能約為現在的 20%，不是減少 20%，而是 20%，幾乎是產能的三倍。

The other thing, if you look over the last 3 years, and I would say, if you look at some of the industrialization cost caused by inefficiencies from industrializing our product for the first time, over the last 3 years, between cost overruns on some of our [NRE] budgets as well as inventory write-downs and duplicative testing, and once again, all this stuff is normal when you industrialize it for the first time.

另一件事，如果你看看過去三年，我想說，如果你看看過去三年中，由於我們的產品首次工業化效率低下而造成的一些工業化成本，在某些方面的成本超支之間我們的[NRE] 預算以及庫存減記和重複測試，再次強調，當您第一次將其工業化時，所有這些都是正常的。

We want to focus on getting more efficient the next time. Those 3 things alone over the last 3 years totaled nearly $100 million. And we think we're going to be able to substantially reduce that amount going forward for our Halo product from the lessons we've learned and doing it more efficiently.

下次我們希望集中精力提高效率。光是這三件事在過去 3 年的總價值就接近 1 億美元。我們認為，根據我們學到的經驗教訓，我們將能夠大幅減少 Halo 產品的用量，並提高效率。

And then finally, we have our first Halo win. We'll talk about more of that in bid, I'm sure. But our SOP now for Halo is going to be in 2026, and we wouldn't be able to move that fast without industrializing our first product and putting in place this new structure with tech. So yes, there are cost benefits of it. But more importantly, the reason that we took the actions we did was to make us more efficient and leaner and meaner and to move quickly in our industrialization process.

最後，我們贏得了第一個光環勝利。我確信我們會在競標中討論更多相關內容。但我們現在《光環》的 SOP 是在 2026 年，如果不將我們的第一個產品工業化並利用技術建立這種新結構，我們就無法那麼快地行動。所以是的，它有成本效益。但更重要的是，我們採取這些行動的原因是為了讓我們更有效率、更精簡、更刻薄，加速工業化進程。

Well said. And I think describes all of that. And it's been been a whole journey for us over the past decade. And I think if you really zoom out overall, what we've invested on the order of around $1.8 billion to be able to develop the technology platform, the IP platform and the industrialization muscle to be able to enable this to make this possible. And that's where now you look at, okay, what is the incremental cost to develop a new product, what is the incremental cost to be able to scale. And that has come down radically from relative to the total investment amount that we had to do in the first place to get to the stage, to get to this leadership position that we've been.

說得好。我認為描述了所有這些。過去十年對我們來說是一個完整的旅程。我認為，如果你真正從整體上看，我們已經投資了大約 18 億美元來開發技術平台、IP 平台和工業化力量，從而使這一切成為可能。這就是你現在要考慮的，開發新產品的增量成本是多少，能夠擴展的增量成本是多少。相對於我們為了登上舞台、達到我們一直以來的領導地位而必須做的總投資額，這已經從根本上下降了。

So now what sort of becomes -- what starts out as a headwind, now we get to ride in terms of the respective tailwinds to that. And of course, TPK is one of the first steps of the evolution of the bid transformation, and there's going to be more to come. This is something that certainly, we're looking forward to.

那麼現在會變成什麼樣子──一開始是逆風，現在我們要乘著各自的順風而行。當然，TPK只是出價轉型演變的第一步，而且還會有更多的進展。這當然是我們所期待的。

And when you take a look at the -- same thing, like you have a couple of billion dollars, what it takes to have the first kind of technologies products, Iris family now what, talking on the order of closer to like on the order of $100 million now for Halo because we already have this investment. We have the technology that now we're just iterating on each generation of chip, on each generation of subcomponent that makes that possible.

當你看一下——同樣的事情，就像你有幾十億美元，需要什麼才能擁有第一種技術產品，Iris 家族現在是什麼，在訂單上談論更接近喜歡的順序現在Halo 的投資額為1 億美元，因為我們已經有了這項投資。我們擁有的技術現在只是在每一代晶片、每一代子組件上進行迭代，使其成為可能。

So yes, excited for what's ahead, doing so very efficiently. And of course, you guys please look at the shareholder notes as well as Luminar Day if you haven't seen it to see some of the breakthroughs that Halo is enabling and beyond.

所以，是的，對未來感到興奮，而且做得非常有效。當然，如果你們還沒有看過 Luminar Day，請查看股東說明和 Luminar Day，以了解 Halo 所實現的以及超越的一些突破。

We're going to switch gears and take some questions from the analyst community. As a reminder, for our analysts. We want to get as many questions in as possible. So we're going to allow an initial questions and some follow-ups. Our first question is going to come from Kevin Garrigan at WestPark Capital.

我們將改變策略並回答分析師群體的一些問題。提醒一下我們的分析師。我們希望收到盡可能多的問題。因此，我們將允許提出初步問題和一些後續問題。我們的第一個問題將來自 WestPark Capital 的 Kevin Garrigan。

Wondering if you can expand on where in the process the 2 [non-series] production customers are that you noted in the guide? Is this next phase kind of the final stage before announcing the series production win? And are these contract kind of years to lose? Or are you facing some competition with these too?

想知道您是否可以詳細說明您在指南中提到的 2 個[非系列]生產客戶在流程中的哪個位置？下一階段是宣布系列製作獲勝之前的最後階段嗎？這些合約會損失很多年嗎？或者您也面臨與這些的競爭嗎？

One of them is an automotive customer, and I would say we're getting to the tail end of the development phase. Once again, I don't like to predict when our customers are going to make specific decisions that we want them to make because that timing is largely out of our control, and it's been taking a little bit longer than we would hope for. But I think we're getting to the tail end of that process with them. The other is a non-automotive customer where we've been working with them for several quarters now, and we're kind of transitioning into the next stage of that and adjusting the size of the contract.

其中之一是汽車客戶，我想說我們正處於開發階段的尾聲。再說一次，我不喜歡預測我們的客戶何時會做出我們希望他們做出的具體決定，因為這個時間在很大程度上是我們無法控制的，而且花費的時間比我們希望的要長一些。但我認為我們正在與他們一起完成這個過程。另一個是非汽車客戶，我們已經與他們合作了幾個季度，我們正在過渡到下一階段並調整合約規模。

So that one, it's exclusive. There's less competition. The first one, we've been working with them for a while. And while we're not too worried about the competition, it's not your business until you win it.

所以說，它是獨一無二的。競爭少了。第一個，我們已經與他們合作了一段時間。雖然我們不太擔心競爭，但在您贏得競爭之前，這與您無關。

Yes. Got it. Okay. And then just a quick clarification. Your warrants with Volvo that you noted that are going to cause contract revenue for Volvo. I didn't see any other specific warrants with customers in the order book in any...

是的。知道了。好的。然後快速澄清一下。您注意到您對沃爾沃的認股權證將為沃爾沃帶來合約收入。我在訂單簿中沒有看到任何其他與客戶相關的特定認股權證...

No, this -- Yes, this is something that dates back to 2020 when we assigned the initial framework agreement with Volvo. It was compensation for them to help us industrialize our product for the first time. It's a little over [$4 million] more and strike price of about $3. And for accounting reasons, once we reach series production, we need to amortize the value of those warrants, which was about $3 million at the time over the first [22,000] and change [latters] that we make.

不，這個——是的，這可以追溯到2020年，當時我們與沃爾沃簽訂了最初的框架協議。幫助我們第一次將產品工業化，這是對他們的補償。價格多出[400 萬美元]多一點，執行價約 3 美元。基於會計原因，一旦我們達到系列生產，我們需要攤銷這些認股權證的價值，當時這些認股權證的價值約為300 萬美元，超過我們製作的第一張[22,000] 張認股權證和變更[後者]。

And so that's going to put a little bit of headwinds on the revenue for the contra revenue reasons as well as to the margin that we achieve on those sensors as well. There is no other customers where we have warrants like that or a contra revenue issue and this date backs to something, as I said, we did it over 4 years ago at this point.

因此，出於相反的收入原因，這將對我們的收入以及我們在這些感測器上實現的利潤帶來一些阻力。我們沒有其他客戶擁有這樣的認股權證或對銷收入問題，而且這個日期可以追溯到 4 年前的某個事情，正如我所說，我們在這一點上做到了。

And that doesn't affect the cash flow what we get in, of course, or anything with the customers and the [incremental].

當然，這不會影響我們獲得的現金流，也不會影響與客戶和客戶的任何關係。[增加的]。

Our next question is going to come from Joshua Buchalter at TD Cowen.

我們的下一個問題將來自 TD Cowen 的 Joshua Buchalter。

To start, I wanted to ask about your cost basis and any change that might have -- might be coming from the restructuring? So I know at the inaugural Luminar Day, you walked us through the $650 and then $350 milestones of your unit cost economics. Has anything changed regarding that trajectory as you've undertaken the restructuring efforts, moving more to outsourcing and in particular, I mean, with Halo on the road map?

首先，我想問一下你們的成本基礎以及重組可能帶來的任何改變？據我所知，在首屆 Luminar Day 上，您向我們介紹了單位成本經濟學的 650 美元和 350 美元里程碑。隨著你們進行重組工作，更多地轉向外包，特別是，我的意思是，在路線圖上考慮 Halo 時，這一軌跡有什麼變化嗎？

Yes. So all the actions we took, most of those are -- all of them are unrelated to sensor cost and sensor economics. One of the things we're doing now, our engineering team has almost been solely focused on getting to SOP because you got to get there. And now that they're freeing up and we're going to start aggressively attacking the sensor cost. There's still work that needs to be done there, but the actions we took in that $80 million, that's unrelated to the sensor cost.

是的。因此，我們採取的所有行動，其中大部分都是 - 所有這些都與感測器成本和感測器經濟性無關。我們現在正在做的事情之一是，我們的工程團隊幾乎只專注於實現 SOP，因為你必須到達那裡。現在他們正在釋放，我們將開始積極降低感測器成本。這方面仍有工作要做，但我們在這 8,000 萬美元中採取的行動與感測器成本無關。

The targets that we talked about last year at the inaugural Luminar Day as you mentioned, those were always conditioned on us kind of having a first full year run rate of production. And so you need to get the economies of scale. You need to get the credibility and the contracts in place with your supply base. You need to work through the manufacturing kinks and you need to do some amount of kind of VAVEs to get there. And so we're in the early innings of getting there. We're not at those targets today. We're going to be much closer, and we still have a path to get very close to that $650 level.

正如你所提到的，我們去年在首屆 Luminar Day 上討論的目標，這些目標總是以我們擁有第一個全年生產運行率為條件。所以你需要獲得規模經濟。您需要與您的供應基地建立信譽並簽訂合約。您需要解決製造難題，並且需要進行一定數量的 VAVE 才能實現這一目標。所以我們正處於實現這目標的早期階段。今天我們還沒有達到這些目標。我們將會更加接近，而且我們仍然有辦法非常接近 650 美元的水平。

L-Tech and the industrialization, that's all going to be for Halo. And so there may be some resources that we put there on the cost downs for Iris and Iris Plus, but the vast majority of those resources as well as the benefits we're going to see on that is going to be for the industrialization of Halo.

L-Tech 和工業化，這一切都將屬於 Halo。因此，我們可能會投入一些資源來降低 Iris 和 Iris Plus 的成本，但這些資源中的絕大多數以及我們將看到的好處將用於 Halo 的工業化。

And then for my follow-up, I know it's been only about 1 week or a few days since the automatic emergency braking regulations were announced. But I think it's been rumored for some time, and you guys have been talking about it potentially coming for a bit. I mean do you expect or have you seen potential customers preparing for this? Does it change any expectations for when you would get -- be able to bring things into your order book? And I guess, big picture to qualify for the new regulations and hit it, when would a potential customer need to sign a deal to hit that 2029 time frame?

然後就我的後續情況而言，我知道自動緊急煞車規定發布以來僅過了大約 1 週或幾天。但我認為傳聞已經有一段時間了，你們也一直在談論它可能會出現一段時間。我的意思是，您是否期望或看到潛在客戶為此做準備？它是否會改變您對何時能夠將產品納入您的訂單簿的期望？我想，要符合新規定並達到目標，潛在客戶什麼時候需要簽署協議才能達到 2029 年的時間表？

Yes. So I think it's a great question on all of that. And I think this definitely took a lot of the industry by surprise in terms of the level that it was -- I think there was a lot of anticipation that it was going to be heavily watered down, so to say, in terms of the requirements. So for example, in particular, the majority of the automakers have been part of actually an alliance that's been lobbying to be able to significantly reduce the requirements there such that it would not be mandated, so to say, to align with something that would have this kind of level of capability on every -- because remember, it's not just high-end people. It's literally even the lowest end possible, like any -- like every single vehicle that's sold and they've said that it will take up to $4,000 in additional hardware and software costs per vehicle, which is obviously great from a content value standpoint.

是的。所以我認為這是一個很好的問題。我認為這確實讓很多行業感到驚訝，因為它的水平 - 我認為很多人都預計它會被嚴重淡化，可以說，就要求而言。例如，特別是，大多數汽車製造商實際上是一個聯盟的一部分，該聯盟一直在遊說能夠大幅降低那裡的要求，這樣就不會被強制要求，可以說，與那些本來可以每個人都具備這種層次的能力，因為記住，不只是高端人士。從字面上看，它甚至是最低端的，就像任何售出的車輛一樣，他們說每輛車將需要高達4,000 美元的額外硬體和軟體成本，從內容價值的角度來看，這顯然很棒的。

But the lobbying has been basically to try and reduce certain requirements, such as, for example, the sentiment was that you should be able to hit a pedestrian at up to 25 kilometers per hour instead of stop for pedestrians fully, has been the big push, which -- as you figure in negotiations with NHTSA, NHTSA says, no, it should be zero, they say 25%, and they split the difference right in the middle at 0.

但遊說基本上是試圖減少某些要求，例如，人們的觀點是，你應該能夠以每小時 25 公里的速度撞到行人，而不是完全為行人停車，這一直是很大的推動力，正如你在與NHTSA 的談判中所計算的那樣，NHTSA 說，不，它應該為零，他們說25%，並且他們將差額在中間的0 處平分。

So you're taking a hard line on this. And we kind of laugh about it, but it is very, very serious safety implications. And the reality is that vehicles today should not let you run over pedestrians. They should not let you run into things in front of you. And we're talking about the most simple, basic safety functionality on a vehicle. And the current kinds of camera and radar technologies cannot enable this across the board in these required scenarios for what's needed to prevent the vast majority of accidents.

所以你對此採取強硬立場。我們對此一笑置之，但這是非常非常嚴重的安全隱憂。現實情況是，今天的車輛不應該讓你碾壓行人。他們不應該讓您遇到眼前的事。我們談論的是車輛上最簡單、基本的安全功能。目前的攝影機和雷達技術無法在這些所需場景中全面實現這一點，以防止絕大多數事故的發生。

And we've shown what's possible. Swiss Re, in particular, Luminar Day has shown what's possible. And we're also now starting to even see, hey, what are the insurance implications for this? If you actually -- that was like -- one of the points of inspiration as well for NHTSA is that, hey, as this happens, the insurance industry is going to be reformed to be able to from a total cost of ownership perspective reduce the cost. So there's a lot of different factors at play. But I would say this, is that I think from a timing standpoint to answer that specific part of the question, I think there's probably going to be a scramble over the next couple of years to really start getting plans into place.

我們已經展示了可能性。瑞士再保險，尤其是 Luminar Day 已經證明了一切皆有可能。我們現在也開始看到，嘿，這對保險有什麼影響？如果你真的——就像——國家公路交通安全管理局的靈感之一是，嘿，當這種情況發生時，保險業將進行改革，以便能夠從總體擁有成本的角度降低成本。所以有很多不同的因素在起作用。但我想說的是，我認為從回答問題特定部分的時間角度來看，我認為未來幾年可能會出現爭先恐後的局面，真正開始落實計畫。

The beautiful thing with this is that this aligns perfectly with the timing for Halo, whereas this would have been very difficult to try and fulfill and accomplish with Iris and Iris Plus, which are more met for higher-end vehicles. Halo is designed to be able to be mainstream. So this couldn't have come in literally a more perfect time between the Swiss Re report and the safety report for what they put out on the insurance application of that and most importantly, a Halo product that's able to take advantage of this.

這樣做的美妙之處在於，這與 Halo 的時間安排完美契合，而用 Iris 和 Iris Plus 來嘗試、實現和完成這一點是非常困難的，而 Iris 和 Iris Plus 更適合高端車輛。Halo 的設計就是為了能夠成為主流。因此，瑞士再保險的報告和他們在保險應用方面發布的安全報告之間的時間簡直是再完美不過了，最重要的是，光環產品能夠利用這一點。

So part of the whole concept is, if there was a concern around cost, hey, or something not in the thousands of dollars, but in the hundreds of dollars, you're able to have a product that can fill all these requirements. And not only that, in terms of meeting and exceeding it, as we've shown and we have those, for example, specific examples and the requirements in that letter.

因此，整個概念的一部分是，如果擔心成本，嘿，或不是數千美元，而是數百美元，您就可以擁有可以滿足所有這些要求的產品。不僅如此，在滿足和超越方面，正如我們所展示的那樣，我們有那些，例如，具體示例和那封信中的要求。

It's also able to enable a software upgrade in additional software. So it's the same hardware autonomous capabilities and start to advance those as well, which, by the way, we already know is already happening. The majority of automakers at this stage are now planning to have long-range LiDAR or Luminar in their road maps already by the end of the decade. So this wasn't like a crazy thing. It's just -- the crazy part is the sheer scope of what this is. And the fact that this is not, hey, you need to do this to get a 5-star safety rating on your car. It's you need to do this to literally even make a car.

它還能夠啟用其他軟體的軟體升級。因此，這是相同的硬體自主功能，並開始推進這些功能，順便說一句，我們已經知道這已經發生了。現階段的大多數汽車製造商現在都計劃在本世紀末將遠端 LiDAR 或 Luminar 納入其路線圖。所以這並不是一件瘋狂的事。只是——最瘋狂的部分是它的範圍之廣。事實上，這不是，嘿，你需要這樣做才能讓你的車獲得 5 星級的安全評級。事實上，你需要這樣做才能製造一輛汽車。

Or sell a car.

或者賣車。

Sorry, to sell a car and -- yes. I should say, in the U.S. Obviously, U.S. is -- hopefully takes a leadership position and kind of proliferates throughout.

抱歉，要賣一輛車——是的。我應該說，在美國，顯然，美國希望佔據領導地位，並在整個範圍內擴散。

We're going to transition back to a few questions from our investors. Next question, how has the delay in the Volvo launch from last year and the macroeconomic environment affected your capital situation? Will you have to raise an additional $1 billion in 2025, like certain estimates have stated? And what kind of dilution should your shareholders expect?

我們將回到投資者提出的幾個問題。下一個問題，去年沃爾沃上市的延遲以及宏觀經濟環境對你們的資金狀況有何影響？到 2025 年，您是否需要像某些估計所說的那樣額外籌集 10 億美元？您的股東應該期望什麼樣的稀釋？

Yes. I'm not -- Look, I would say the $1 billion is nowhere near what we think we need additional capital we need to get to profitability. Now that we're SOP, now that we've taken some of the restructuring actions that we've taken, we're still finalizing our analysis on what the additional capital need is going to be, and we're looking at a variety of scenarios, including downside scenarios. And even in our extreme downside scenario, we get nowhere around $1 billion. The number that we're sending around on is somewhere around a couple of hundred million dollars of incremental capital, plus or minus.

是的。我不是——聽著，我想說的是，10 億美元遠低於我們認為獲利所需的額外資本。既然我們已經採取了 SOP，既然我們已經採取了一些重組行動，我們仍在完成對額外資本需求的分析，並且我們正在考慮各種的情景，包括不利的情景。即使在極端下行的情況下，我們也無法獲得約 10 億美元的資金。我們發送的增量資本數量大約是幾億美元，無論是正數還是負數。

And when you kind of look at where our balance sheet is today, we have enough cash to get us to at least the end of 2025. So we don't have a gun to our head to do anything soon. And we still -- we believe, have access to multiple forms of capital, so we can go get that additional capital when the timing and the situation is right.

當你看到我們今天的資產負債表時，我們有足夠的現金至少可以維持到 2025 年底。因此，我們沒有辦法盡快採取任何行動。我們相信，我們仍然可以獲得多種形式的資本，因此我們可以在時機和情況合適時獲得額外的資本。

And look, we also would rather address the 2 balance sheet issues that we have sooner rather than later, the first being the additional capital, which I just talked about. And then the second is when you kind of look at our convertible debt, that's trading at a deep discount. And as I mentioned before, we're kind of looking at are there creative things that we can do given that dynamic.

看，我們也寧願盡快解決我們面臨的兩個資產負債表問題，第一個是我剛才談到的額外資本。第二個是當你看看我們的可轉換債務時，它的交易價格有很大的折扣。正如我之前提到的，我們正在考慮考慮到這種動態，我們是否可以做一些創造性的事情。

So now that we've reached SOP, now that we've taken the actions that we've done, we're actively looking to fix those 2 balance sheet overhangs that we have, but we want to do it at the right time, minimize dilution, get the best terms that we can, but also address it sooner rather than later.

現在我們已經達到了 SOP，既然我們已經採取了我們已經採取的行動，我們正在積極尋求解決我們所擁有的兩個資產負債表懸而未決的問題，但我們希望在正確的時間這樣做，盡量減少稀釋，盡可能獲得最好的條款，但也要儘早解決這個問題。

No, it makes total sense. And I'll say this is that -- obviously, we're very sensitive around all these things and particularly when you have a lower share price there, you want to be really, really conscious for dilution. I'll say that over the, what, 8 years when we were private, I think in aggregate, over all the financings that we raised for hundreds of millions of dollars we got were -- diluted the company what, on the order of like 50% over half a dozen different rounds and going through that. That's how we have large ownership positions in the company more generally. So we take this super seriously, really thoughtful. Our own Board is also taking it very seriously in terms of that aspect of it.

不，這完全有道理。我要說的是，顯然，我們對所有這些事情都非常敏感，特別是當你的股價較低時，你想要非常非常有意識地稀釋。我想說的是，在我們私有化的 8 年裡，我認為總的來說，我們籌集了數億美元的所有融資——稀釋了公司，大約是這樣的50% 超過六輪不同的回合並經歷了這些。這就是我們在公司中擁有大量所有權的原因。所以我們非常認真、非常深思熟慮地對待這個問題。我們自己的董事會在這方面也非常認真地對待它。

But we're in a strong position here. We know exactly what needs to be done. And most importantly, we want to show and continue to prove out the aspects of the business that show how significant this industry is and how much value we're able to really produce to get that realization. And we've been in a stronger position than ever with the fundamentals of our business from technology, product commercialization and scaling now with being the first company in a global scale to be able to go to SOP with us. So yes, that's what we have ahead.

但我們在這裡處於有利地位。我們確切地知道需要做什麼。最重要的是，我們希望展示並繼續證明業務的各個方面，這些方面表明這個行業有多重要，以及我們能夠真正創造多少價值來實現這一目標。我們在技術、產品商業化和規模化方面的業務基礎比以往任何時候都處於更有利的地位，現在是全球範圍內第一家能夠與我們一起實施 SOP 的公司。所以，是的，這就是我們所面臨的。

Next question, will you provide more detailed financial guidance for 2024 now that you've kicked off production for Volvo cars?

下一個問題是，既然您已經開始生產沃爾沃汽車，您是否會提供更詳細的 2024 年財務指導？

That's something we're going to do in the second half of the year. We're getting more visibility into the Volvo ramp up. We're getting more visibility into when we're going to start to realize some of the cost saving actions that we took, both on the restructuring we did on Friday as well as starting to aggressively attack the sensor cost. And so once we get into the second half of the year, we're going to provide more visibility on what our quarterly financial performance is going to be.

這是我們下半年要做的事。我們對沃爾沃的產能提升有了更多的了解。我們越來越清楚地了解何時開始意識到我們採取的一些成本節約措施，包括週五進行的重組以及開始積極降低感測器成本。因此，一旦進入下半年，我們將提供更多有關季度財務業績的可見性。

The 2 things that we talked about during our last call that we reiterate is we're going to get to a quarterly revenue run rate in the [mid-30s] by the end of the year, and then we'll end the year with $150 million plus of liquidity. Those are 2 things that we still remain confident in. I would say the path to getting from where we are today to those points by the end of the year, it's still going to be -- have some bumps on the road during that journey.

我們在上次電話會議中談到並重申的兩件事是，我們將在年底前達到 [30 多歲] 的季度收入運行率，然後我們將以1.5億美元以上的流動資金。我們仍然對這兩件事充滿信心。我想說的是，從我們現在所處的位置到年底實現這些目標的道路仍然是——在這段旅程中，道路上會遇到一些坎坷。

And just sort of the context of the [$35 million] call it per quarter if you're amortizing that, we're talking, what, $140 million run rate per year, so on an annualized basis. So I mean, pretty significant growth [are] to -- I mean, you guys all know last year's numbers and everything. The key is that all kicks in in the second half of the year. So when we talk about SOP for the revenue for this quarter and the next quarter, it's -- there's no series production revenues quarter, [small] for next quarter, but that's really where -- in the second half, and you start to see that kicking in and that exponential growth, really taking off.

就在[3500萬美元]的背景下，如果你要攤銷的話，我們說的是，每年1.4億美元的運行費，所以按年化計算。所以我的意思是，相當顯著的成長是——我的意思是，你們都知道去年的數字和一切。關鍵是一切都在下半年開始。因此，當我們談論本季度和下季度收入的 SOP 時，下季度沒有系列製作收入季度，[小]，但這確實是——在下半年，你開始看到這種啟動和指數級增長，真正起飛了。

And that's where what we highlighted is that we have $3.8 billion in our order book, that's now kicking off that conversion into revenue. And that's what's going to be the main driver behind all this exponential growth, whereas historically, it's been development systems that we've been working with automakers on. Of course, Volvo was the first, but that's sort of kicking off a plethora of additional subsequent vehicle model launches. We've shown how we have 25 of them that expands across combustion end vehicles, electric vehicles, hybrid vehicles, all those kinds, which is also unique to Luminar in terms of the diversity of what kinds of vehicles we're on. So excited to make that happen. And then as Tom was saying there, that economies of scale and value is going to be huge.

這就是我們強調的地方，我們的訂單簿中有 38 億美元，現在開始轉化為收入。這將成為所有這種指數級成長背後的主要驅動力，而從歷史上看，我們一直在與汽車製造商合作開發系統。當然，沃爾沃是第一個，但這在某種程度上開啟了後續大量車型的發布。我們已經展示瞭如何將 25 種技術擴展到燃燒終端車輛、電動車輛、混合動力車輛以及所有這些類型，這也是 Luminar 所獨有的，因為我們所使用的車輛類型多種多樣。很高興能實現這一目標。正如湯姆所說，規模經濟和價值經濟將是巨大的。

The other thing is that the most significant thing really with Volvo getting out there is also around the data collection. Right now, there's been a very -- I mean we're talking very, very small fleets of vehicles, [near] of hundreds usually that are going out collecting data. When you talk about something with Volvo, and it's tens of thousands of vehicles, just even starting this year alone, scaling to hundreds of thousands of vehicles and then ultimately, millions.

另一件事是，沃爾沃走出去的最重要的事情也是圍繞著數據收集。現在，我的意思是我們正在談論非常非常小的車隊，通常有近數百輛，正在出去收集數據。當你談論沃爾沃的一些事情時，它有數萬輛汽車，甚至從今年開始，就擴大到數十萬輛汽車，最終達到數百萬輛。

Like this is at a scale of data that no one in the industry has ever seen at a global level. And that allows the AI systems to really train on that data to be able to understand the world. I mean, we're talking about creating a more accurate understanding of the world that has ever been seen before by this precise 3D data more than what you have the largest economies fleet out there today, it's like [way more] or what, less than a couple of thousand vehicles, some of that effect.

這樣的數據規模是業界在全球範圍內從未見過的。這使得人工智慧系統能夠真正利用這些數據進行訓練，從而能夠理解世界。我的意思是，我們正在談論的是透過這種精確的3D 數據來更準確地了解以前所見過的世界，這比當今最大的經濟體艦隊的數據還要多，就像[更多]或者什麼，更少超過幾千輛車，其中一些效果。

So you take a look at that and the scope and scale of what we're talking about and the fact that every mobile driver is driven -- we don't pay them to drive. They drive themselves. So it's going to be pretty transformational as all of this happens.

所以你看看這個以及我們正在談論的範圍和規模，以及每個移動司機都是駕駛的事實——我們不付錢讓他們開車。他們自己開車。因此，當這一切發生時，這將是相當大的變革。

Let's switch gears and go back to our sell side analyst community. Our next question is going to come from Itay Michaeli at Citibank.

讓我們換個話題，回到我們的賣方分析師社群。我們的下一個問題將由花旗銀行的 Itay Michaeli 提出。

Just I was hoping if you could just remind us the #1 focus now is the Volvo ramp. How should we think about subsequent ramps of the ['25] plus programs that you have? Maybe if you could talk about roughly how many launches you're expecting in 2025? That would be helpful.

我只是希望您能提醒我們，現在第一大焦點是沃爾沃坡道。我們應該如何考慮您擁有的 ['25]+ 計劃的後續升級？也許您能談談您預計 2025 年會發布多少個產品？那會有幫助的。

The next big one that we have, which will be somewhere around the end of this year is going to be the Polestar 3. There may be 1 or 2 smaller programs next year between our current customers. And then I think the next big wave is really going to come around late '25, early '26 with Mercedes, and there's multiple platforms that will probably then launch starting in '26 over the next 2 to 3 years. And so this is the big one. Polestar 3 is the next one, a couple of other smaller ones and then the wave of Mercedes starting.

我們的下一款​​大車型將是 Polestar 3，預計今年底上市。明年我們現有的客戶之間可能會有 1 到 2 個較小的項目。然後我認為下一波大浪潮確實會在 25 年末、26 年初與梅賽德斯一起出現，並且有多個平台可能會在未來 2 到 3 年內從 26 年開始推出。這是最重要的。Polestar 3 是下一款，還有其他一些較小的車型，然後是梅賽德斯的浪潮。

The only other thing I'd point out is that there are also variants in particular, the launch in different times and locations. And so for example, this is the launch for the X90 out of North America there. So we're shipping from Mexico into North America. Luminar has a unique globally diversified footprint here, which is special. And so we're talking about the launch there. Then you talk about launches in China. There's already been -- they announced EX90 excellence as well as EX90 China variant. There's more opportunity and upside beyond these things as well.

我唯一要指出的是，還有一些變體，特別是在不同的時間和地點發布。例如，這是 X90 在北美的發布。所以我們從墨西哥運送到北美。Luminar 在這裡擁有獨特的全球多元化足跡，這一點很特別。所以我們正在談論那裡的發布。然後你談論在中國的發布。他們已經宣布了 EX90 卓越性能以及 EX90 中國版本。除了這些之外，還有更多的機會和好處。

Of course, we know -- we all know about the Polestar 3, but there's also different model variants as well of some of these things that can help further drive the growth of this. But this is -- so that's why you're going to see -- it's kind of like a flywheel effect, right, in terms of the compounding. So there's an exponential curve in terms of the ramp and the economies of scale for each one. And then when they sort of compound on top of each other, then you end up in this line. Very good pile up of all these things.

當然，我們都知道 Polestar 3，但也有不同的車型變體，其中一些可以幫助進一步推動這項業務的成長。但這就是——所以這就是為什麼你會看到——就複利而言，它有點像飛輪效應，對吧。因此，就每一項的成長和規模經濟而言，都存在一條指數曲線。然後當它們相互疊加時，你就會陷入這一行。所有這些東西堆得很好。

But it's not so much -- and this is where we've been smart about it. It's the same thing -- like I think if we try to launch with like 5 different OEMs all at the same time, we would be drowned. So it's good. It's like good methodical spacing between the different OEMs and launches and everything. But it is definitely action packed, that's for sure. And the beautiful part is it is the same hardware setup that we have that's [able] to launch. Obviously, there's a kind of specific integration modes and certain kinds of incremental cost compensations. But the large part, it's 95% the same thing.

但事情並沒有那麼嚴重——這就是我們聰明的地方。這是同樣的事情 - 就像我認為如果我們嘗試同時與 5 個不同的 OEM 一起推出產品，我們就會被淹沒。所以這很好。這就像不同的 OEM 和發布的產品之間有良好的系統間隔。但它絕對是充滿動作的，這是肯定的。最美妙的部分是，它與我們能夠啟動的硬體設定相同。顯然，存在一種特定的整合模式和某種增量成本補償。但大部分，95%都是一樣的。

And as my follow-up, Austin, you mentioned data collection. I kind of want to go back to that a little bit here. How much data are you getting from the real world fleet of some of your customers? And will you be getting data from the Volvo fleet as you ramp? And as you're getting this data back and iterating the software and AI, how much improvement are you seeing in safety and automated driving functionality? Such that when maybe the RFQs come in for NHTSA-related awards for later in the decade? How much better do you think the system could be by the time you get to that point?

作為我的後續行動，奧斯汀，你提到了資料收集。我想在這裡稍微回顧一下這一點。您從一些客戶的現實世界車隊中獲得了多少數據？當您升級時，您會從沃爾沃車隊獲取數據嗎？當您獲取這些數據並迭代軟體和人工智慧時，您看到安全和自動駕駛功能有多大改進？這樣，詢價何時可能會在本十年稍後獲得 NHTSA 相關獎項？當您達到這一點時，您認為系統可以改善多少？

Yes. So a couple of things on that. Obviously, the big step function from a product standpoint is with Halo. So that's what we're very excited about. But I would just say from a data perspective, more generally, there's 2 aspects. So one is from a customer standpoint of where they need the data, first and foremost, in terms of being able to build out the features, optimize them, introduce all the safety checks on it and then ultimately release the features. And that's where you're going to see the LiDAR get more and more utilized over time for these additional -- starting with safety features and ultimately autonomous driving features and other kinds of things that it can be able to enable, creating maps to the world, doing all those things.

是的。關於這一點有幾點。顯然，從產品的角度來看，最大的進步是 Halo。這就是我們非常興奮的事情。但我只想說，從數據的角度來看，更一般地說，有兩個面向。因此，從客戶的角度來看，他們需要資料的地方，首先是能夠建立功能、優化它們、引入所有安全檢查，然後最終發布功能。隨著時間的推移，您將看到雷射雷達在這些附加功能上得到越來越多的利用——從安全功能開始，最終實現自動駕駛功能以及它能夠實現的其他功能，創建世界地圖，做所有這些事情。

And so I'd say from a customer standpoint, they need this to build their and train their AI systems there. And then when it comes to our systems accordingly is that data is critical to say, feed the beast of this. We have our Luminar AI engine. We have some of our own initial vehicles that have sort of gotten that started. And we're very excited to be able to have the opportunity to start getting in customer data. So for some of our customers, we actually specifically have data [clauses] that allows us to be able to get access to data from customers. So that -- when that happens, that would be very accretive to the overall software efforts and scaling, and we're going to have more to talk about on the software front over the coming couple of months.

所以我想說，從客戶的角度來看，他們需要這個來建造並訓練他們的人工智慧系統。因此，當涉及到我們的系統時，數據至關重要，可以說，餵養這頭野獸。我們有 Luminar 人工智慧引擎。我們擁有一些自己的初始車輛，已經開始使用了。我們非常高興能夠有機會開始獲取客戶數據。因此，對於我們的一些客戶，我們實際上專門有資料[條款]，使我們能夠存取客戶的資料。因此，當這種情況發生時，這將對整體軟體工作和擴展產生很大的促進作用，我們將在接下來的幾個月裡在軟體方面進行更多討論。

Our next question is going to come from John Babcock from Bank of America.

我們的下一個問題將來自美國銀行的約翰·巴布科克。

A couple of questions here. I guess just starting now, you did mention in passing that Tesla is using your products and buying sensors. I was just wondering if you could talk a bit more about the extent to which they're doing that? Like are they just buying part of the sensors? Are they installing it for LiDAR? And also, are they growing business with you? And then if you could also just generally talk about how their relationship compares with that of other OEMs, that would be useful.

這裡有幾個問題。我想從現在開始，您確實順便提到特斯拉正在使用您的產品併購買感測器。我只是想知道你是否可以多談談他們這樣做的程度？他們只是購買部分感測器嗎？他們是為光達安裝它嗎？而且，他們與您的業務有成長嗎？然後，如果您還可以籠統地談論他們與其他原始設備製造商的關係如何比較，那將會很有用。

Yes. So what I would say is, I'm not going to -- I don't think we're in the best position to talk about what they're doing with our LiDAR. This isn't the first time that they've ordered [latter] from us. But I would say it's been more lumpy than recurring. The reason we're talking about this is because if they're greater than 10% in the quarter, we disclosed who customers are. But look, they're buying the LiDAR for us and what exactly they're doing them, we can only speculate.

是的。所以我想說的是，我不會 - 我認為我們不適合談論他們正在用我們的光達做什麼。這不是他們第一次向我們訂購[後者]。但我想說的是，它比反覆出現的情況更加不穩定。我們談論這一點的原因是，如果該季度的客戶比例超過 10%，我們就會揭露客戶是誰。但是看，他們正在為我們購買光達，而他們到底在做什麼，我們只能推測。

We -- they made us sign NDA.

我們——他們讓我們簽署保密協議。

I'm not surprised at all. I appreciate the color. And then just next on the cost savings program. I think you mentioned a bit more than half is going to be cash cost savings. Could you just confirm that? And then also, what are the total costs that it's ultimately going to take to get to that $80 million in annual run rate savings?

我一點也不驚訝。我很欣賞它的顏色。接下來是成本節約計劃。我想你提到一半以上將是現金成本節省。能確認一下嗎？另外，要實現年運行率節省 8000 萬美元，最終需要多少總成本？

Confirm the statement that you said. We kind of mentioned that in the letter. We disclosed what the cash costs are going to be there. It's on the order of magnitude of $6 million to $8 million. $6 to $8 million, so call it, less than $10 million.

確認你所說的說法。我們在信中提到了這一點。我們揭露了現金成本是多少。其金額約為 600 萬至 800 萬美元。 6到800萬美元，這麼說吧，不到1000萬美元。

And then might you be able to detail the contractor reduction piece associated with that and then provide any additional color on the other category that's driving that?

然後，您是否能夠詳細說明與此相關的承包商削減部分，然後在推動這一點的其他類別上提供任何其他顏色？

Yes. I would say the vast majority of that $80 million is coming from the headcount, both our employees and then also contractors ramping down. As you ramp up and we industrialize our first product reach SOP, there is a lot of, I would say, non-recurring work that needs to get done, whether that's setting up the plant, working with our suppliers to ramp up, doing testing of the products that is required to do to meet our automotive customer standards.

是的。我想說，這 8000 萬美元中的絕大多數來自員工人數，包括我們的員工和承包商。當你加速生產並實現我們的第一個產品達到 SOP 的工業化時，我想說，有很多非重複性工作需要完成，無論是建立工廠、與我們的供應商合作加速生產、進行測試滿足我們的汽車客戶標準所需的產品。

And what we try to do, if the work is not recurring to fulfill those needs with contractors, if it's going to be over a finite period of time. And then as that work is done and as the SOP and industrialization process for that product draws to a close, you can start ramping down those contractors. And then as we rely more on TPK and [L-Tech] for our Halo, which is our next-generation product, you don't need those resources to recur. And so that is what, I would say, driving the vast majority of the restructuring actions that we took last week.

如果工作不能重複滿足承包商的這些需求，如果工作需要在有限的時間內完成，我們會嘗試做什麼。然後，隨著這項工作的完成以及該產品的 SOP 和工業化流程接近尾聲，您可以開始減少這些承包商的數量。然後，由於我們的 Halo（我們的下一代產品）更依賴 TPK 和 [L-Tech]，因此您不需要重複使用這些資源。我想說，這就是推動我們上週採取的絕大多數重組行動的原因。

And I'd say, in particular, when it comes to the contracting partners, we had what, over 100 contracting partners in aggregate to help us in one way or another, the majority of which were signed to help us reach SOP. Now that, that's happened, we're able to roll off the majority of those under contracting partners to -- which helps reduce costs, but it's something that we have planned anyway as part of this. And frankly, overall, the majority of the Luminar cost structure there is to be able to help advance the future of what we're doing, where it's a relatively dynamic structure that we're able to have. So of course, now post SOP, that's where I think that dynamic changes and the needs change and models can evolve accordingly as well.

我想說，特別是在簽約合作夥伴方面，我們總共有 100 多個簽約合作夥伴以這樣或那樣的方式幫助我們，其中大多數簽約合作夥伴都是為了幫助我們達到 SOP。現在，這種情況已經發生了，我們能夠將大部分合約夥伴的項目轉交給——這有助於降低成本，但無論如何，這是我們計劃的一部分。坦白說，總體而言，Luminar 成本結構的大部分能夠幫助推進我們正在做的事情的未來，這是我們能夠擁有的相對動態的結構。當然，現在 SOP 之後，我認為動態變化和需求變化以及模型也可以相應地發展。

Okay. And then if you don't mind, just one quick question. There was a seating supplier that recently commented about the EX90 being delayed due to software issues. Can you just talk about whether or not that's an incremental delay relative to what you discussed? Or is that something that [have] been announced previously?

好的。如果您不介意的話，請簡單問一個問題。有一家座椅供應商最近評論說 EX90 由於軟體問題而被推遲。您能否談談相對於您所討論的內容而言，這是否是一個增量延遲？還是這是之前已經宣布過的事情？

I think that's old news, John, from 1 year or so ago.

約翰，我認為這是大約一年前的舊聞了。

Yes. That's correct. And on top of that, I think there was some misinformation also that there was some delay that was caused by Luminar as well, which was also not the case there either. So we're very excited for the EX90 ahead, and that's going to be a huge driver of growth here for us over the course of the second half of the year, that's going to take us to new high.

是的。這是正確的。最重要的是，我認為還有一些錯誤訊息表明 Luminar 也造成了一些延遲，但情況並非如此。因此，我們對即將推出的 EX90 感到非常興奮，這將成為我們今年下半年成長的巨大推動力，這將使我們達到新的高度。

Our next question is going to come from Mark Delaney from Goldman Sachs.

我們的下一個問題將來自高盛的馬克·德萊尼。

One on gross margins. Your gross margin came in better than expected in the first quarter. Although in the letter, you spoke about some production kinks and lower ASPs as potential headwinds over the next few quarters. I'm hoping you can help investors to better understand the magnitude of those headwinds? And perhaps more importantly, what might be needed to reach a positive gross profit?

一是毛利率。第一季的毛利率優於預期。儘管在信中，您談到了一些生產問題和較低的平均售價，這些都是未來幾季的潛在阻力。我希望您能幫助投資人更了解這些不利因素的嚴重程度？也許更重要的是，要達到正的毛利可能需要什麼？

Yes. So Mark, [I'd say] the improvement we saw during Q1, that was largely driven by the industrialization costs coming out of -- starting to come out of the system in good chunks. We're hoping that happening in Q4. It happened instead in Q1, as I said, the ability to kind of predict when you kind of do what needs to be done to launch your first product. There's some variability there. And so that kind of drove the process there.

是的。因此，馬克，[我想說]我們在第一季看到的改善，很大程度上是由工業化成本開始大量從系統中出來推動的。我們希望這會在第四季發生。正如我所說，它發生在第一季度，能夠預測何時需要做什麼來推出第一個產品。那裡有一些可變性。這推動了那裡的進程。

What's happening now is there is a -- once we start selling Volvo series production sensors and set of prototypes, there's a step function and immediate decline in the ASP, and we can't wave a magic wand and have our sensor cost decline at the same rate. It's going to take us a few quarters to start witnessing the benefits of the actions we have taken and are going to accelerate taking now to get those costs lower.

現在發生的情況是——一旦我們開始銷售Volvo系列生產感測器和一套原型機，ASP就會出現階梯函數和立即下降，我們不能揮舞魔杖讓我們的感測器成本下降相同的利率。我們需要幾個季度的時間才能開始見證我們所採取行動的好處，並且現在將加速採取行動以降低這些成本。

We also need economies of scale. Things aren't going to go smoothly and as you start increasingly ramping up, we're expecting some unexpected surprises. And so I would expect the gross loss to get a little worse before it starts to get better. I don't want to predict exactly what that curve is going to look like and when exactly we're going to get there. But reiterating what I said earlier on the call, it's going to take us 1 full year of [series] production to get close to some of the targets that we talked about 1 year ago for Iris.

我們還需要規模經濟。事情不會一帆風順，隨著你開始不斷進步，我們期待一些意想不到的驚喜。因此，我預計總損失在開始好轉之前會先變得更糟。我不想準確預測這條曲線會是什麼樣子以及我們何時會到達那裡。但重申我之前在電話會議上所說的話，我們需要一整年的[系列]生產才能接近我們一年前談到的《Iris》的一些目標。

I would say overall, when it comes to the cost structure there, you have the industrialization cost and sort of launch costs that you have there that's bucketed separately from the actual product cost in terms of what it costs to be able to deliver each thing. The thing that we've done well on is that we've now been really starting to aggressively roll off those industrialization costs. So that's what's driven that improvement. And actually, we would have been positive this quarter, barring a couple of things that are unrelated to the [actual] product itself.

我想說，總的來說，當涉及到那裡的成本結構時，你有工業化成本和某種啟動成本，這些成本與實際產品成本分開，即能夠交付每件東西的成本。我們做得很好的是，我們現在已經真正開始積極降低這些工業化成本。這就是推動這種改進的原因。事實上，除了一些與[實際]產品本身無關的事情之外，我們本季的情況是樂觀的。

But when it comes to that next wave, now the focus is going to be, as that scale's up, to get -- realize those economies of scale. And the key thing here is that -- from a supply chain perspective and supply chain basis is being able to now -- that we have that clear visibility into a volume perspective. There's a very big difference between when you're ordering components in the thousands versus hundreds of thousands and that's the key distinction from a supply base that we see -- we believe we'll be able to see those benefits up when you're not talking prototype pricing, where you're talking scaled surge production pricing. So that's kind of that next wave that drives that.

但當談到下一波浪潮時，隨著規模的擴大，現在的重點將是實現規模經濟。這裡的關鍵是——從供應鏈的角度和供應鏈基礎現在能夠——我們對數量的角度有清晰的了解。當您訂購數千個組件與數十萬個組件時之間存在很大差異，這是我們看到的與供應基地的關鍵區別- 我們相信，當您不訂購組件時，我們將能夠看到這些好處談論原型定價，你談論的是規模化的激增生產定價。這就是推動這一趨勢的下一波浪潮。

If you look at the overall direct costs, for example, even for this quarter, it was only around like $16 million off of the $21 million in revenue in aggregate. So there are some things there that have shown that we've seen those realizations.

例如，如果你看一下總體直接成本，即使是本季度，也只比 2,100 萬美元的總收入少了 1,600 萬美元左右。因此，有些事情表明我們已經看到了這些認識。

But now that we're doing that, we're not stopping. We're not resting on our laurels by any means, and now we're focused on this next wave that will drive that. And we're going to give some more insight as well into specific parts of our business in terms of the profitability aspects like our semiconductor business as a preview over the coming months.

但既然我們已經這麼做了，我們就不會停止。無論如何，我們都不會滿足於現有的成就，現在我們專注於推動這一趨勢的下一波浪潮。我們還將在盈利能力方面對我們業務的特定部分提供更多的見解，例如我們的半導體業務，作為未來幾個月的預覽。

That's all very helpful. My other question was on the TPK agreement, you spoke around an expanded relationship there. I think in the blog post you put out last week, Austin, you called it an exclusive relationships. So I was hoping to better understand what exactly that might entail, how the partnership and work with TPK may differ compared to your current arrangement with I believe Celestica? And then also when you think you may go into production with TPK?

這一切都非常有幫助。我的另一個問題是關於 TPK 協議，您談到了擴大那裡的關係。我想在你上週發表的部落格文章中，奧斯汀，你稱之為排他關係。因此，我希望更好地了解這到底意味著什麼，與 TPK 的合作夥伴關係和工作與您目前與 Celestica 的安排相比有何不同？然後您什麼時候認為可以與 TPK 一起投入生產？

Yes. Celestica, the relationship we have with them, that's more of a pure contract manufacturer, which is as we make products and series production. Celestica is making them. They made some of our late-stage prototypes just to make sure that their manufacturing system work the way it should have. But they're basically a series production manufacturing partner with us.

是的。天弘，我們與他們的關係，更多的是純粹的合約製造商，即我們製造產品和系列生產。天弘正在製造它們。他們製造了我們的一些後期原型，只是為了確保他們的製造系統以應有的方式運作。但他們基本上是我們的大量生產製造合作夥伴。

What we're doing in TPK, the deal we announced with them last year was the equivalent of what Celestica is for us at our Mexico plant [and] the China plant. This new relationship with TPK expands that to more of an industrialization, particularly related to Halo, our next-generation products.

我們在 TPK 所做的事情，我們去年與他們宣布的交易，相當於天弘為我們在墨西哥工廠和中國工廠所做的事情。與 TPK 的這種新關係將其擴展到更多的工業化，特別是與我們的下一代產品 Halo 相關。

So all the prototype manufacturing is going to be done by them. I would say a lot of the design validation and production validation testing, most of that, which we did ourselves is -- we're expecting them to kind of do most of that going forward. We're going to be sitting there verifying and doing some of the results. A lot of the supply chain management, a lot of kind of working out the manufacturing kinks. A lot of that -- the inventory management -- is going to be done by them as opposed to us. That's going to allow us to move faster, more efficiently.

所以所有的原型製造都將由他們完成。我想說很多設計驗​​證和生產驗證測試，其中大部分是我們自己做的——我們希望他們能在未來完成大部分工作。我們將坐在那裡驗證並做一些結果。很多供應鏈管理，很多解決製造問題的方法。其中許多工作——庫存管理——將由他們而不是我們來完成。這將使我們能夠更快、更有效率地行動。

I shared with you some of the inefficiency costs that we experienced industrializing Iris. I don't know how much savings we're going to have for our next-generation product relative to Iris, but I'm expecting to be substantial. And none of that is in the $80 million number that we kind of talked about with the direct actions that we took last week.

我與大家分享了我們在工業化 Iris 過程中所經歷的一些低效率成本。我不知道我們的下一代產品相對於 Iris 可以節省多少，但我預計會節省很多。這些都不在我們上週所採取的直接行動中所討論的 8000 萬美元的數字中。

Absolutely. And we'll also say, take a look at the Luminar Day speech that TPK gave, their CEO was on stage. And I think they described it as the relationship of kind of everything, all the work that they did back with Apple on the iPhone for its introduction in 2007, they really see this moment with -- that we've had with Volvo and part of the broader industry as a little bit of that iPhone moment to kick off the broader autonomy world.

絕對地。我們也要說，看看 TPK 的 Luminar Day 演講，他們的 CEO 就在那裡。我認為他們將其描述為一切事物的關係，他們在 2007 年推出 iPhone 時與蘋果所做的所有工作，他們真正看到了這一時刻——我們與沃爾沃以及沃爾沃的一部分進行了合作。的行業就像iPhone 時刻的一小部分，開啟了更廣泛的自動駕駛世界。

And in particular, you asked a question on exclusivity and those kind of leading up to that is that they have agreed and signed a deal to only work with Luminar in the world of LiDAR and EV more broadly, having the extreme amount of conviction that we'll be a winner or the winner.

特別是，你問了一個關於排他性的問題，導致他們同意並簽署了一項協議，只在更廣泛的雷射雷達和電動車領域與 Luminar 合作，我們堅信我們將成為勝利者或勝利者。

Okay. We'll take another question from our shareholder community. Now that Luminar has introduced Halo to the market, what has been the response from your existing and prospective customers? Do you expect Halo to drive new customers like Nissan and other large OEMs to make decisions sooner as it will be available in 2026?

好的。我們將回答股東社區的另一個問題。現在 Luminar 已將 Halo 推向市場，您現有和潛在客戶的反應如何？您是否預計 Halo 會在 2026 年上市後推動日產和其他大型 OEM 等新客戶更快做出決定？

Yes. I think it's been a great reception. Of course, as you figure, there's been some level of work behind the scenes with automakers on this, leading up to this. We've been working on the Halo design for like 6 years in terms of some of the technologies that have been going into this. I mean, this all goes back to this nearly $2 billion technology foundation and IT foundation that we've been able to develop to make this possible. That's how we get to ride all of those tailwinds and do so very, very efficiently this time.

是的。我認為這是一個很好的接待。當然，正如你所想到的，汽車製造商在幕後進行了一定程度的工作，導致了這一點。我們在 Halo 設計上花了大約 6 年的時間，研究其中的一些技術。我的意思是，這一切都可以追溯到我們為實現這一目標而開發的近 20 億美元的技術基礎和 IT 基礎。這就是我們如何能夠順風順水，而且這次做得非常非常有效率。

And of course, this is really taking into account the things that automakers are most excited about. And that's what allowed us to move so quickly to a point of where we can announce today our first OEM win with Halo. So very excited about that, and that's a start. There'll certainly be a lot more to come.

當然，這確實考慮到了汽車製造商最興奮的事情。這就是我們能夠如此迅速地取得進展的原因，今天我們可以宣布 Halo 贏得了我們的第一個 OEM 勝利。對此感到非常興奮，這就是一個開始。肯定還會有更多的事情發生。

And I would say for major automakers, I mean, the key thing is that, as you said before, people were really looking for 2 things. One was the validation that Luminar could successfully make it to series production in a world where the vast majority of programs do not successfully achieve that vast majority of companies, aren't successfully able to make it. Luminar has proven that it is very much possible and executing to that.

我想說，對於主要汽車製造商來說，關鍵是，正如您之前所說，人們真正在尋找兩件事。其中之一是驗證 Luminar 可以在絕大多數專案都未能成功實現這一目標的世界中成功實現系列生產，而絕大多數公司也無法成功實現這一目標。Luminar 已經證明這是非常有可能並且可以執行的。

The second part was just the product to be able to enable mainstream adoption. And that's something that -- it's clear there needs to be a step up from Iris to be able to do that at the kind of scale that we're talking about. And with -- it's about 1/3 of the size, double the overall efficiency, a fraction of the way -- wasn't half the cost, all the other benefits associated with Halo. And I think that is something that starts to get people really, really excited.

第二部分只是能夠實現主流採用的產品。很明顯，Iris 需要更進一步才能以我們正在討論的規模做到這一點。而且，它的尺寸大約是 Halo 的 1/3，整體效率提高了一倍，成本卻只有一半，與 Halo 相關的所有其他優勢。我認為這開始讓人們非常非常興奮。

So the other thing is that we, of course, understood some of these new regulatory requirements at a time where I think -- I don't want to say folks were maybe a sleep at the wheel on that, but there's definitely -- like it came as a surprise to some. And this is designed to be able to make sure that automakers can meet those new regulatory requirements as well. Of course, we exceed beyond those requirements. But that said, that is something that is meaningful and powerful to be able to do. And this is the kind of product that really can be standardized on mainstream vehicles. So it makes total sense and the reception across the board couldn't be more positive.

所以另一件事是，我們當然了解其中一些新的監管要求，我認為——我不想說人們可能在這方面睡著了，但肯定有——比如這讓一些人感到驚訝。這樣做的目的是為了確保汽車製造商也能夠滿足這些新的監管要求。當然，我們超出了這些要求。但話雖如此，這是一件有意義且強大的事。而這才是真正可以在主流車輛上標準化的產品。所以這是完全合理的，而且全面的反應再好不過了。

We've got a little less than 10 minutes. So we're going to get through as many analyst questions as we can. Our next question comes from Kevin Cassidy from Rosenblatt.

我們還有不到 10 分鐘的時間。因此，我們將盡可能回答分析師提出的問題。我們的下一個問題來自羅森布拉特的凱文·卡西迪。

My question is, Halo seems like a real game changer. And as the industry has evolved, can you tell me about more what's happening in the bidding content for your competitors? [Well] say, what's the competitive landscape? How has that changed? And also, what are the priorities that your customers are looking for now? Has that changed since when you first got into this bidding process?

我的問題是，《最後一戰》似乎是一個真正的遊戲規則改變者。隨著行業的發展，您能告訴我更多關於您的競爭對手的競標內容中發生的情況嗎？[嗯]說一下，競爭格局如何？這有何變化？另外，您的客戶現在正在尋找的優先事項是什麼？自從您第一次進入投標流程以來，情況有變化嗎？

Yes. I mean I would say that overall -- one thing that I think is significant in the case of Luminar specifically is that for most of the kinds of deals that we strike, we -- rarely so like a specific kind of bidding process, so to say, that the goal of what we like to do is that when we start working with someone, really go all in, you only have so much capacity and you have to have so much focus with different automakers. And what we'll do is we'll try and strike a more, call it, a company-wide deal for something that covers all the different kinds of scope of products and technology, other things that they're enabling rather than maybe say for like one specific point in time for one specific vehicle model for some arbitrarily low volume or not.

是的。我的意思是，我想說的是，總體而言，我認為就Luminar 而言特別重要的一件事是，對於我們達成的大多數類型的交易，我們很少如此喜歡特定類型的投標流程，因此比如說，我們喜歡做的目標是，當我們開始與某人合作時，真正全力以赴，你只有這麼多的能力，而且你必須對不同的汽車製造商有這麼多的關注。我們要做的是，我們將嘗試達成更多，稱之為全公司範圍的交易，涵蓋所有不同類型的產品和技術範圍，以及他們正在實現的而不是可能說的其他東西對於某種特定車型的某個特定時間點，或是否有任意低的音量。

I think that the way that you make this work is you have to have the big economies of scale. And of course, everyone can talk about opportunity all you want, but I think we've tried to set a really credible benchmark for the way that you define order book in terms of what's actually included in associated take rates and everything, not just saying, hey, magically you're not winning everything from even a given automaker. So long story short, of course, there are plenty of RFQs and everything that we're all a part of and the finalists, so to say, for the processes that are there.

我認為，要使這項工作發揮作用，就必須擁有龐大的規模經濟。當然，每個人都可以隨心所欲地談論機會，但我認為我們已經嘗試為您定義訂單簿的方式設定一個真正可靠的基準，根據相關採取率和所有內容實際包含的內容，而不僅僅是說，嘿，神奇的是，即使是某個特定的汽車製造商，你也無法贏得一切。長話短說，當然，有大量的詢價以及我們都參與的一切以及決賽入圍者，可以說，對於那裡的流程。

But every automaker probably always has some kind of RFQ outstanding for something. The question is like what's real, what's not real. And the reality is that I think historically, what we've seen every automaker -- like -- sorry, not everyone, so the majority of the, call it the top 20 automakers have, as I mentioned, the long range (inaudible) into the road map at some point throughout the decade. Obviously, those are different introduction points.

但每個汽車製造商可能總是有某種未完成的詢問。問題就像什麼是真實的，什麼是不真實的。現實是，我認為從歷史上看，我們所看到的每家汽車製造商- 抱歉，不是每個人，所以大多數，稱之為前20 名汽車製造商，正如我提到的，具有長距離（聽不清楚）在整個十年的某個時刻納入路線圖。顯然，這些都是不同的介紹點。

I think the question on the dynamic that we're excited to see is how the autonomy road map evolves and also gets radically accelerated with these new regulations. And that was something that -- it's a 300-page report, automakers are digesting it now. They're really -- it's probably over the next year we're going to be putting their updated road maps together.

我認為我們很高興看到的動態問題是自動駕駛路線圖如何發展，並如何透過這些新法規而從根本上加速。這是一份 300 頁的報告，汽車製造商現在正在消化它。他們真的——可能在明年我們就會把他們更新的路線圖放在一起。

And I think that's where -- when we're talking about the kind of volume opportunity. It's -- whatever is there now is -- it's going to be a tiny, tiny fraction of what's going to be running in parallel. So that's what we're excited about, if people can take that same kind of model the Volvo has around showing that safety should be for everyone, not just as a standard product, not just as an optional feature like a seat belt, then you really win the game.

我認為這就是當我們談論這種數量機會時的地方。無論現在有什麼，它將只是並行運行的一小部分。這就是我們感到興奮的地方，如果人們能夠採用沃爾沃的同類車型來表明，安全應該為每個人服務，而不僅僅是作為標準產品，而不僅僅是作為安全帶等可選功能，那麼您真正贏得比賽。

And that's where we also showed that -- and I think I mentioned this in the letter, even just a small fraction of market penetration, like we modeled 3% to 4%, that's like a home run for this kind of business because that means into the single-digit billions in revenue, growing rapidly, other stuff if we can do that in 10x. I mean that's where I think it kind of changes the game, as you pointed out, and we have the perfect product to do it.

這就是我們還表明的地方- 我想我在信中提到了這一點，即使只是市場滲透率的一小部分，就像我們建模的3% 到4% 一樣，這就像此類業務的全壘打，因為這意味著如果我們能在 10 倍的時間內做到這一點，那麼我們的收入將達到數十億個位數，並且快速增長，還有其他的東西。我的意思是，正如您所指出的，這就是我認為它會改變遊戲規則的地方，並且我們擁有完美的產品來做到這一點。

I won't have a follow-up. I'd save time for other people.

我不會有後續行動。我會為其他人節省時間。

Who do we have next Aileen?

下一個艾琳是誰？

Our next question is going to come from Jesus Gonzalez Lopez from JPMorgan.

我們的下一個問題將來自摩根大通的耶穌·岡薩雷斯·洛佩茲。

Just wanted to ask about the $50 million run rate cost savings you guys called out. How should we think about that split between OpEx and CapEx? And then what's kind of like the ramp-up time line for those things to come online?

只是想問一下你們所說的 5000 萬美元的運行成本節省。我們該如何看待營運支出和資本支出之間的劃分？那麼這些東西上線的啟動時間是怎麼樣的呢？

Are you talking about the $80 million?

你說的是那8000萬美元嗎？

Yes. Sorry.

是的。對不起。

Yes. So the $80 million, I would say very little of that is CapEx. Most of that $80 million, a little over half of it is cash. A little less than half of it is saving in stocks we issued to our employees and vendors, as I mentioned earlier. And I would say substantially all of that $80 million is stuff that's going to flow through the P&L either as COGS or OpEx.

是的。因此，我認為這 8000 萬美元中很少是資本支出。這 8000 萬美元中的大部分，略多於一半是現金。正如我之前提到的，其中不到一半是儲存在我們發給員工和供應商的庫存中。我想說，這 8000 萬美元基本上都將作為 COGS 或 OpEx 流經損益表。

And then -- so on the time line, should we expect that to like start coming online in the back half of the year and then really ramp up in '25 or...

然後 - 所以在時間線上，我們是否應該期望在今年下半年開始上線，然後在 25 年或...

We should get on a run rate basis, I would say, very close, if not the full $80 million by the end of the year. You'll start seeing it show up in Q2 and then really start to ramp up in Q3 and Q4.

我想說，我們應該在年底前達到 8000 萬美元，即使不是全額，也非常接近。您將開始看到它在第二季度出現，然後在第三季和第四季真正開始成長。

And for my follow-up, just kind of wanted to switch gears and talk about the order book. I know you guys just called out the first product was Halo. But -- so should we think about some of those wins that you already have in the order book converting to the Halo system? Or what's kind of like the cadence, like the product mix that we should see over the coming years?

對於我的後續行動，我只是想換個話題，談談訂單簿。我知道你們剛剛提到第一個產品是 Halo。但是——那麼我們是否應該考慮一下您已經在訂單簿中轉換為光環系統的一些勝利？或者我們在未來幾年應該看到的節奏、產品組合是什麼樣的？

Yes. The vast majority of our order book today as it stands as Iris and Iris Plus, we have had our first major win with Halo. And what I would say is we're in discussions real time with our customers to transition in the Halo sooner rather than later.

是的。今天我們的訂單中的絕大多數都是 Iris 和 Iris Plus，我們在 Halo 中取得了第一個重大勝利。我想說的是，我們正在與客戶進行即時討論，以便儘早過渡到 Halo。

Now look, you got to work through their production cycle, mid-cycle refreshes, making sure that you reduce as much as possible any additional software algorithm, training or validation that they need to do. And so it isn't something that you can do overnight. But I think it's in the interest of both parties, both to them because it's going to be a cheaper product and to us where we expect it to be a better margin product to do it soon rather than later. And so I would expect at some point in the future the order book to start converting and hopefully, at a very brisk pace to Halo.

現在看，您必須完成他們的生產週期、週期中期更新，確保盡可能減少他們需要執行的任何其他軟體演算法、培訓或驗證。所以這不是一朝一夕就能完成的事。但我認為這符合雙方的利益，對他們來說，因為這將是一種更便宜的產品，對我們來說，我們希望它是一種利潤率更高的產品，盡快推出而不是稍後推出。因此，我預計在未來的某個時候，訂單簿將開始轉換，並希望以非常快的速度轉換為 Halo。

Tom and Austin, you want to take another question?

湯姆和奧斯汀，你們想問另一個問題嗎？

Yes, let's do one more, Aileen.

是的，我們再做一件事，艾琳。

Okay. Our final question is going to come from Richard Shannon form Craig-Hallum.

好的。我們的最後一個問題將來自克雷格-哈勒姆的理查德·香農。

Sorry, I got on the call late here, and I'm not really sure I have a question this time. Sorry, I didn't hit any button, so apologies for that. I'll have to -- I'll follow up later when I've got a more -- full consumption of your entire call. So sorry about that.

抱歉，我遲到了，這次我不太確定我有問題。抱歉，我沒有按任何按鈕，所以對此表示歉意。我必須——稍後當我對你的整個通話有更多——充分的消耗後，我會跟進。對此感到非常抱歉。

Richard, that's the easiest question you ever asked. We'll talk to you soon, buddy. Aileen, let's do one more if we have it.

理查德，這是你問過的最簡單的問題。我們很快就會和你談談，夥計。艾琳，如果有的話，我們再做一次吧。

All right. I think in that case, we'll take our final question from the [Safe] platform, which is, what is the outlook for the next 5 years?

好的。我想在這種情況下，我們將從[Safe]平台提出最後一個問題，即未來5年的前景如何？

A lot of growth.

大量的成長。

Yes. World domination. No. But in all [seriousness], I think next 5 years, we got a lot ahead of us here. I mean, literally 5 years from now is 2029 when the new regulations go into effect. So that's going to be -- point the show. There's a lot that we have ahead to be able to do. Of course, like I said, we're realizing a massive amount of growth that's going to happen starting really in the second half of this year when the order book starts converting. We're going to realize those economies of scale. We're going to really start driving this like no tomorrow. And I mentioned in the letter and at the beginning that in terms of the strength of our business and fundamentals of what we're doing could never be stronger.

是的。統治世界。不。但說實話，我認為未來 5 年，我們將會取得更大的進步。我的意思是，從現在起 5 年後就是 2029 年，新法規將生效。所以這就是——節目的焦點。我們還有很多事情要做。當然，就像我說的，我們正在意識到，從今年下半年開始，當訂單開始轉換時，將會出現巨大的成長。我們將實現這些規模經濟。我們將真正開始像沒有明天一樣推動這一切。我在信中和開頭提到，就我們的業務實力和我們正在做的事情的基本面而言，它永遠不會更強大。

And the reality is that if we're able to achieve even a fraction of what we think we can over the next 5 years, that's a huge win in a home run. And the key is just being able to make sure that we can continue to differentiate ourselves. Obviously, in the -- there's a skepticism for this world and type of company in a world of EV start-ups and other kinds of autonomous -- fully autonomous vehicle companies and other things that haven't been able to deliver products or in a way that wanted or LiDAR that wasn't able to make the technology work, et cetera, where we're in a world of companies that are challenged.

現實情況是，如果我們能夠在未來 5 年內實現我們所認為的目標的一小部分，那就是一個巨大的本壘打勝利。關鍵是能夠確保我們能夠繼續脫穎而出。顯然，在電動車新創公司和其他類型的自動駕駛汽車公司以及其他無法交付產品或無法交付產品的公司的世界中，人們對這個世界和公司類型持懷疑態度。科技發揮作用等等，我們正處於一個充滿挑戰的公司的世界。

And that's where I think being able to show how we can continue to succeed how -- from where we've come from, from when we were first at IPO and developing a theoretical technology concept into industrialized product, being the first to launch in series production and scale going from one to a dozen, major commercial customers and wins to now having a clear path towards broader standardization.

我認為這就是能夠展示我們如何繼續取得成功的地方——從我們來自哪裡，從我們第一次首次公開募股並將理論技術概念開發成工業化產品，成為第一個系列產品的時候開始生產和規模從一個到十幾個，主要商業客戶並贏得了勝利，現在有一條通往更廣泛標準化的明確道路。

Future couldn't be brighter for us. The key is we know what we have to do. And that's not to say that there aren't headwinds. We know the macro headwinds that -- in a broader scale that have come into place, that's clear to everyone. And it's not lost on us by any means, and we're the -- tackling head on.

我們的未來再光明不過了。關鍵是我們知道我們必須做什麼。這並不是說沒有阻力。我們知道宏觀阻力——在更廣泛的範圍內已經出現，這是每個人都清楚的。無論如何，我們並沒有忽視這一點，而且我們正在迎難而上。

And I think that's where -- you guys saw some of the restructuring actions that we took place on Friday. It seems like it was a surprise to some, probably shouldn't be a huge surprise given we've kind of signaled that.

我認為這就是——你們看到了我們週五採取的一些重組行動。這對某些人來說似乎是一個驚喜，但考慮到我們已經發出了這樣的信號，這可能不應該是一個巨大的驚喜。

And the reality is that as we're talking here today, over the course of the next 5 years, there's going to be other drivers of efficiency that we're taking. And it's not even going to take that long. I mean, we're talking literally over the next 12 months. This is the first phase of what we're doing. There's a lot more opportunity that we have ahead and we're going to be fully capitalizing on that. So I'm very excited for what we have ahead for that time frame.

現實是，正如我們今天在這裡討論的那樣，在未來 5 年裡，我們還將採用其他提高效率的驅動因素。而且它甚至不會花那麼長時間。我的意思是，我們正在談論接下來的 12 個月。這是我們正在做的第一階段。我們前面還有很多機會，我們將充分利用這些機會。因此，我對我們在這段時間內所面臨的情況感到非常興奮。

And thank you, everyone, for being on the journey with us as we make that happen.

感謝大家在我們實現這目標的過程中與我們同行。

Okay. Thanks, everyone. That...

好的。感謝大家。那...

[Thanks, everyone.].

[感謝大家。

That marks the end of our question session. I'd like to thank everyone for sticking around and participating in the call and for the analysts that asked the questions and investors and other folks who have joined us. We look forward to talking to you guys next quarter.

這標誌著我們提問環節的結束。我要感謝大家留下來參加電話會議，感謝提出問題的分析師、投資者和其他加入我們的人。我們期待下個季度與你們交談。

Thanks, everyone.

感謝大家。