AEye Inc (LIDR) 2023 Q2 法說會逐字稿

Good afternoon and thank you for joining AEye's second-quarter 2023 earnings call. With me today are Matt Fisch, Chief Executive Officer, and Conor Tierney, Chief Financial Officer. Earlier today, we announced our financial results for the second quarter 2023. A copy of our press release can be found on our website at investors.aeye.ai.

下午好，感謝您參加 AEye 的 2023 年第二季度財報電話會議。今天與我在一起的有首席執行官馬特·費甚 (Matt Fisch) 和首席財務官康納·蒂爾尼 (Conor Tierney)。今天早些時候，我們公佈了 2023 年第二季度的財務業績。您可以在我們的網站 Investors.aeye.ai 上找到我們的新聞稿副本。

Before we begin, I would like to remind participants that today's discussion may include forward-looking statements as defined in the securities laws and regulations of the United States with reference to future events, future operating results or financial performance.

在開始之前，我想提醒與會者，今天的討論可能包括美國證券法律法規中定義的有關未來事件、未來經營業績或財務業績的前瞻性陳述。

Forward-looking statements are based on our current expectations and assumptions regarding our business, the industry, and other conditions. These forward-looking statements are subject to inherent risks, uncertainties, and changes in circumstances that are difficult or impossible to predict.

前瞻性陳述基於我們當前對我們的業務、行業和其他條件的預期和假設。這些前瞻性陳述受到固有風險、不確定性以及難以或無法預測的情況變化的影響。

Our actual results may differ materially from those contemplated by these forward-looking statements. We caution you, therefore, against placing undue reliance on any of these forward-looking statements. You can find more information about the risks, uncertainties, and other factors in our reports filed from time to time with the Securities and Exchange Commission, including in our most recent periodic report.

我們的實際結果可能與這些前瞻性陳述預期的結果存在重大差異。因此，我們提醒您不要過分依賴任何這些前瞻性陳述。您可以在我們不時向美國證券交易委員會提交的報告（包括我們最近的定期報告）中找到有關風險、不確定性和其他因素的更多信息。

All information discussed today is as of August 7, 2023, and we do not intend and undertake no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

今天討論的所有信息均截至 2023 年 8 月 7 日，我們不打算也不承擔任何義務更新任何前瞻性陳述，無論是由於新信息、未來發展還是其他原因，除非法律要求。

In addition, today's discussion will include references to certain non-GAAP financial measures. These non-GAAP measures are presented for supplemental information purposes only and should not be considered as a substitute for financial information presented in accordance with GAAP.

此外，今天的討論將包括對某些非公認會計準則財務指標的參考。這些非公認會計原則措施僅供補充信息之用，不應被視為替代根據公認會計原則提出的財務信息。

A reconciliation of the measures to the most directly comparable GAAP measures is available in our press release, and you should refer to our reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures in our earnings release.

我們的新聞稿中提供了這些指標與最直接可比的 GAAP 指標的調節表，您應該在我們的收益發布中參考我們的非 GAAP 財務指標與最直接可比的 GAAP 指標的調節表。

Now let me pass the call over to Matt.

現在讓我把電話轉給馬特。

Thanks, Jen, and thank you all for joining us, especially those of you who are new investors based on our recent trading volume and stock price activity.

謝謝 Jen，感謝大家加入我們，特別是根據我們最近的交易量和股價活動而成為新投資者的人。

On today's call, I'll provide an update on our progress in executing against the plans we laid out in our first-quarter earnings call and the continued demand for LiDAR we are seeing in the automotive space. Then I'll spend a few minutes talking about how our technology that delivers safety at speed and our capital light licensing model positioning AEye to win in the ADAS market. This allows us to quickly scale across automotive and other industries.

在今天的電話會議上，我將介紹我們在第一季度財報電話會議中製定的計劃的執行進展情況以及我們在汽車領域看到的對激光雷達的持續需求。然後我將花幾分鐘時間討論我們快速提供安全性的技術以及我們的 Capital Light 許可模式如何使 AEye 在 ADAS 市場中獲勝。這使我們能夠快速擴展到汽車和其他行業。

Let me start by reviewing the important progress we have made in automotive design validation. I'm excited to tell you that we recently achieved major in-vehicle test milestones with both NVIDIA, who is a major ADAS player and two Tier 1 global automotive OEMs.

首先讓我回顧一下我們在汽車設計驗證方面取得的重要進展。我很高興地告訴您，我們最近與主要 ADAS 廠商 NVIDIA 和兩家全球一級汽車 OEM 廠商共同實現了重要的車載測試里程碑。

We received tremendously positive feedback from all three about the performance of our HRL131 Long Range technology in both urban and high-speed highway scenarios. We are especially gratified that after road-testing our technology, NVIDIA commented that AEye's technology is best-in-industry based on a crucial set of their KPIs. Safety at speed is a critical advantage in the LiDAR space that enables safe, hands-free highway driving. In addition, supply chain readiness and costs have been barriers to widespread adoption of LiDAR.

我們從這三者那裡收到了關於我們的 HRL131 遠程技術在城市和高速高速公路場景中的性能的非常積極的反饋。我們特別感到高興的是，在對我們的技術進行道路測試後，NVIDIA 根據一組關鍵的 KPI 評價說 AEye 的技術是業界最佳的。高速安全是激光雷達領域的一項關鍵優勢，可實現安全、免提的高速公路駕駛。此外，供應鏈準備情況和成本一直是激光雷達廣泛採用的障礙。

As expected, automotive OEMs are focused on all of these factors. Over the course of our long-standing partnership with Continental, AEye has made substantial progress in addressing these critical issues. In this past quarter, due to our cost reduction initiatives and our intensely focused work with Continental's team, we have made a significant breakthrough in lowering the BOM, or bill of material, costs.

正如預期的那樣，汽車原始設備製造商關注所有這些因素。在我們與大陸集團的長期合作過程中，AEye 在解決這些關鍵問題方面取得了實質性進展。在過去的這個季度，由於我們的成本削減計劃以及我們與大陸集團團隊的密切合作，我們在降低 BOM（物料清單）成本方面取得了重大突破。

This ensures that we now have a production-ready supply chain in ADAS product at a price point well below $1,000 even at modest volumes. This attractive price point, along with the rigor of the supply chain we have established with Continental are distinct competitive advantages that give AEye a clear path to manufacturing at scale.

這確保了我們現在擁有一個可投入生產的 ADAS 產品供應鏈，即使產量不大，價格也遠低於 1,000 美元。這個有吸引力的價格點，加上我們與大陸集團建立的嚴格的供應鏈，是明顯的競爭優勢，為 AEye 的大規模製造提供了一條清晰的道路。

We are highlighting this important benefit in all of our RFQ responses to automotive OEMs. We have a huge opportunity ahead of us. The automotive LiDAR market is expected to grow at a compound annual growth rate of 55% over the next five years to reach $4.7 billion in 2028.

我們在向汽車原始設備製造商發出的所有詢價回復中都強調了這一重要優勢。我們面前有一個巨大的機會。汽車LiDAR市場預計未來五年將以55%的複合年增長率增長，到2028年達到47億美元。

As I mentioned last quarter, we are in the process of responding to six RFQs through Continental. I'm pleased to report that since then, AEye has been named as a finalist for two of the six RFQs and we expect those award decisions by the end of the year. Furthermore, we expect to bid on additional RFQs later this year. RFQs typically range in size from $250 million to more than $1 billion. So each RFQ is an important opportunity for AEye. And taken together, our pipeline of RFQs represents a sizable revenue opportunity.

正如我上季度提到的，我們正在通過大陸航空回复六份詢價。我很高興地向大家報告，從那時起，AEye 已入圍六項詢價中兩項的決賽，我們預計這些獎項的決定將在今年年底前做出。此外，我們預計將在今年晚些時候對額外的詢價進行投標。 RFQ 的規模通常從 2.5 億美元到超過 10 億美元不等。所以每一次詢價對於AEye來說都是一個重要的機會。總而言之，我們的詢價渠道代表著巨大的收入機會。

To be clear, these are series production awards, not development projects. As revenue begins to ramp for us, we also expect to benefit from our capital-light and royalty-based business model that delivers high margins. In the second quarter, AEye launched 4Sight+, a solution that enables vehicles to detect pedestrians, small objects, and vehicles at distance, at speeds of up to 80 miles per hour. This functionality is key to OEMs successfully delivering safe, hands-free highway driving. 4Sight+ has received tremendous positive feedback from OEMs and the ADAS ecosystem and is currently being incorporated into Continental's HRL131 Long Range LiDAR product.

需要明確的是，這些是系列製作獎項，而不是開發項目。隨著我們的收入開始增加，我們還期望從我們的輕資本和基於特許權使用費的業務模式中受益，這種模式可以帶來高利潤。第二季度，AEye 推出了 4Sight+，該解決方案使車輛能夠以高達 80 英里/小時的速度檢測遠處的行人、小物體和車輛。此功能是 OEM 成功提供安全、免提高速公路駕駛的關鍵。 4Sight+ 已經獲得了 OEM 和 ADAS 生態系統的巨大積極反饋，目前正被納入大陸集團的 HRL131 長距離激光雷達產品中。

Beyond automotive, we continue to gain traction in other markets, including Intelligent Transportation Systems, or ITS. For those of you who might not be familiar, ITS is critical to urban planning and enables smarter and more connected transportation systems. ITS has many applications including in smart intersections, highway automated tolling, traffic management, and highway incident detection to improve both safety and performance.

除了汽車之外，我們還繼續在其他市場獲得關注，包括智能交通系統 (ITS)。對於那些可能不熟悉的人來說，智能交通系統對於城市規劃至關重要，它可以實現更智能、更互聯的交通系統。 ITS 有許多應用，包括智能交叉口、高速公路自動收費、交通管理和高速公路事故檢測，以提高安全性和性能。

In the ITS category, we have been working with our systems integration partner Intetra on a LiDAR tolling system in Turkey that is nearly complete. We recently expanded our engagement with Intetra to deliver LiDAR-based tolling solutions for a major international highway in Kazakhstan. Based on our success, we expect to expand into new markets with Intetra, including Southern Europe and APAC.

在 ITS 類別中，我們一直在與系統集成合作夥伴 Intetra 合作，在土耳其開發一個接近完成的 LiDAR 收費系統。我們最近擴大了與 Intetra 的合作，為哈薩克斯坦的一條主要國際高速公路提供基於激光雷達的收費解決方案。基於我們的成功，我們期望與 Intetra 一起拓展新市場，包括南歐和亞太地區。

In partnership with another systems integrator in the US, AEye's LiDAR has already been successfully deployed on a 22-mile stretch of interstate highway to improve highway monitoring and automated incident detection.

AEye 的激光雷達與美國另一家系統集成商合作，已成功部署在一段 22 英里的州際高速公路上，以改善高速公路監控和自動事故檢測。

Before we close, I'd like to touch on our capital-light business model, which is based on licensing and royalties. The beauty of our licensing model is that allows us to rinse and repeat across automotive suppliers and then quickly move into other markets by leveraging the foundation we have in place. Looking ahead, as we scale, we expect to benefit from the leverage in our business model that is unmatched in the marketplace.

在結束之前，我想談談我們基於許可和特許權使用費的輕資本商業模式。我們的許可模式的優點在於，它使我們能夠在汽車供應商之間進行沖洗和重複，然後利用我們現有的基礎快速進入其他市場。展望未來，隨著我們的規模擴大，我們預計將受益於我們市場上無與倫比的業務模式的槓桿作用。

With that, I'll turn the call over to Conor to discuss our financial performance.

接下來，我會將電話轉給康納，討論我們的財務業績。

Thanks, Matt. Welcome everyone. I'll begin with some comments on the expense management initiatives we announced in March, and then I'll provide an update on our financial performance and our outlook. I'm pleased with the progress we've made in streamlining our cost structure. Our cash burn decreased by $4.7 million from last quarter due to a combination of workforce reductions, office closures, vendor savings, and other efficiencies.

謝謝，馬特。歡迎大家。我將首先對我們在三月份宣布的費用管理舉措進行一些評論，然後我將提供有關我們財務業績和前景的最新信息。我對我們在簡化成本結構方面取得的進展感到高興。由於裁員、關閉辦公室、供應商節省和其他效率提高等因素的綜合作用，我們的現金消耗比上季度減少了 470 萬美元。

We expect our burn rate to continue to decline next quarter as we realize further savings from these initiatives. We are also on track to achieve our goal of reducing last year's cash burn rate by 50% by the beginning of 2024. As a result of the steps we took to reduce expenses, our cost structure is now more closely aligned with our near-term revenue opportunities and our capital-light business model.

隨著我們從這些舉措中實現進一步節省，我們預計下季度的資金消耗率將繼續下降。我們還有望實現到 2024 年初將去年的現金消耗率降低 50% 的目標。由於我們採取了減少開支的措施，我們的成本結構現在與我們的近期目標更加一致收入機會和我們的輕資本商業模式。

Importantly, we have a plan to extend our cash runway to the end of 2024. Today, our balance sheet remains healthy, and we have the financial resources we need to execute on our key objectives.

重要的是，我們計劃將現金跑道延長至 2024 年底。如今，我們的資產負債表保持健康，並且擁有實現關鍵目標所需的財務資源。

Now, turning to our second-quarter financial results. Second-quarter revenues were $571,000, which came in at the mid-range of guidance, but decreased slightly from the prior quarter. During the quarter, we shipped more units of our core 4Sight LiDAR product compared to the prior quarter. Higher revenues from product sales were partially offset by lower automotive development contract revenues.

現在，轉向我們的第二季度財務業績。第二季度收入為 571,000 美元，處於指導範圍的中值，但較上一季度略有下降。與上一季度相比，本季度我們核心 4Sight LiDAR 產品的出貨量有所增加。產品銷售收入的增加被汽車開發合同收入的減少部分抵消。

Second-quarter GAAP operating expenses were $14.8 million, down 39% from the prior quarter, due primarily to our cost reduction initiatives. Non-GAAP operating expenses were $10.7 million in the second quarter, down from $16.5 million last quarter. We reported a second-quarter GAAP net loss of $16 million, or a loss of $0.09 per share versus a GAAP net loss of $26.3 million, or a loss of $0.16 per share reported last quarter.

第二季度 GAAP 運營費用為 1,480 萬美元，比上一季度下降 39%，這主要歸功於我們的成本削減舉措。第二季度非 GAAP 運營費用為 1,070 萬美元，低於上季度的 1,650 萬美元。我們報告第二季度 GAAP 淨虧損為 1600 萬美元，即每股虧損 0.09 美元，而上季度報告的 GAAP 淨虧損為 2630 萬美元，即每股虧損 0.16 美元。

On a non-GAAP basis, our net loss was $11.7 million, or a loss of $0.07 per share in the second quarter compared to a non-GAAP net loss of 17.7 million or $0.11 per share in the prior quarter. Overall expense reductions for the second quarter exceeded our expectations and were an important driver of the improvement in our GAAP and non-GAAP net loss for the quarter.

按非 GAAP 計算，我們第二季度的淨虧損為 1,170 萬美元，即每股虧損 0.07 美元，而上一季度的非 GAAP 淨虧損為 1,770 萬美元，即每股虧損 0.11 美元。第二季度的總體費用削減超出了我們的預期，是本季度 GAAP 和非 GAAP 淨虧損改善的重要推動力。

We continue to manage our cash carefully. Net cash used in operating activities for the second quarter was $13.1 million. CapEx in the second quarter was modest at $209,000. We closed the second quarter with a healthy balance sheet, including $58.7 million of cash, cash equivalents and marketable securities.

我們繼續謹慎管理我們的現金。第二季度經營活動使用的現金淨額為 1,310 萬美元。第二季度資本支出溫和，為 209,000 美元。第二季度結束時，我們的資產負債表狀況良好，其中包括 5870 萬美元的現金、現金等價物和有價證券。

You may recall we had a convertible note on our balance sheet that was issued in September 2022. In July 2023, we paid the remaining balance on the note. The note is now paid in full. As an additional source of liquidity, we continue to have access to our equity line of credit facility.

您可能還記得我們的資產負債表上有一張於 2022 年 9 月發行的可轉換票據。2023 年 7 月，我們支付了票據的剩餘餘額。該票據現已全額支付。作為額外的流動性來源，我們可以繼續使用我們的股權信貸額度。

Now turning to our guidance for the third quarter of 2023. We expect third quarter revenue to be in the range of $500,000 to $700,000. Looking to the fourth quarter, we anticipate increased demand for our industrial products and expect revenue to increase sequentially. We expect our third quarter GAAP EPS loss to be $0.09 and our non-GAAP EPS loss to decrease to $0.06 as we continue to drive savings through our capital-light licensing model with Continental.

現在轉向我們對 2023 年第三季度的指導。我們預計第三季度收入將在 500,000 美元至 700,000 美元之間。展望第四季度，我們預計工業產品的需求將增加，收入將環比增長。我們預計第三季度 GAAP 每股收益損失將為 0.09 美元，非 GAAP 每股收益損失將減少至 0.06 美元，因為我們將繼續通過與大陸集團的輕資本許可模式來節省成本。

All told, I'm delighted about the progress we have made on key milestones related to product validation, manufacturability and advancement to the quoting phase with multiple OEMs. This, coupled with our healthy balance sheet, puts us in a great position to execute on our 2023 strategic plan. We will continue to take a disciplined approach to managing our expenses as we navigate the path forward from design validation to high-volume production.

總而言之，我對我們在產品驗證、可製造性以及與多個 OEM 進入報價階段相關的關鍵里程碑方面取得的進展感到高興。再加上我們健康的資產負債表，使我們處於執行 2023 年戰略計劃的有利位置。在從設計驗證到大批量生產的過程中，我們將繼續採取嚴格的方法來管理我們的費用。

With that, I'll pass it back to Matt to wrap things up,

有了這個，我會把它傳回給馬特來總結事情，

I'd like to close by recapping the highlights of our second-quarter progress. First, we received important technology validation from three prestigious industry players including NVIDIA as well as two Tier 1 global automotive OEMs. Second, we made a significant breakthrough in lowering BOM costs, ensuring we have a production-ready supply chain with Continental and can now deliver an ADAS product at a price point well below $1,000. We have a strong pipeline of six RFQs. We have been named finalists for two of these and expect award decisions by year-end.

最後，我想回顧一下我們第二季度進展的亮點。首先，我們獲得了 NVIDIA 等三大知名行業參與者以及兩家全球一級汽車 OEM 廠商的重要技術驗證。其次，我們在降低 BOM 成本方面取得了重大突破，確保我們與大陸集團擁有一條可立即投入生產的供應鏈，並且現在可以以遠低於 1,000 美元的價格提供 ADAS 產品。我們擁有強大的六項詢價渠道。我們已入圍其中兩項的決賽，預計獎項將在年底做出決定。

Based on our ongoing conversations with OEMs, we expect to have the opportunity to bid on a meaningful number of additional RFQs going forward. Finally, thanks to our capital-light licensing model and careful expense management, we accomplished all of this while significantly reducing our cash burn rate. We look forward to building on our recent momentum for the remainder of 2023.

根據我們與原始設備製造商的持續對話，我們預計未來將有機會對大量額外的詢價進行投標。最後，得益於我們的輕資本許可模式和謹慎的費用管理，我們實現了這一切，同時顯著降低了現金消耗率。我們期待在 2023 年剩餘時間內繼續保持近期勢頭。

Thanks to the consistent execution and hard work of our talented team and our partnership with Continental, commercialization in the automotive market is in our line of sight. The opportunity I saw when I joined AEye five months ago is unfolding, and our entire team is engaged and excited about our future.

得益於我們才華橫溢的團隊的一貫執行力和辛勤工作，以及我們與大陸集團的合作，汽車市場的商業化已在我們的視線之內。我五個月前加入 AEye 時看到的機會正在顯現，我們整個團隊都對我們的未來充滿熱情和興奮。

With that, I'll turn the call back over to the operator for questions.

這樣，我會將電話轉回給接線員詢問問題。

John Roy, Water Tower Research.

約翰·羅伊，水塔研究。

Thank you. So Matt, can you give us a little more color on the demand environment for LiDAR and for your product specifically?

謝謝。那麼，Matt，您能給我們更多關於激光雷達和您的產品的需求環境的信息嗎？

Hey. Thanks, John. And welcome back again. It's great to have you this quarter. Look, there are two major things that we're looking at here, and that any LiDAR provider would be looking at. Number one, does your product perform? The second piece is, can you deliver? Meaning is your supply chain robust enough and is it hitting the cost targets that are needed to be competitive in the market. I want to jump into both of these points.

嘿。謝謝，約翰。歡迎再次回來。很高興本季度有你。看，我們在這里關注的是兩個主要的事情，也是任何激光雷達提供商都會關注的。第一，你的產品性能好嗎？第二個問題是，你能送貨嗎？意思是您的供應鏈足夠強大，並且是否達到了在市場上具有競爭力所需的成本目標。我想談談這兩點。

I actually spent my last couple of months out on the road, talking to OEMs directly. And on these two points, here's what I see and here's what we're hearing: number one, on the performance side, what really matters at the end of the day is whether or not the LiDAR device can identify and see hazardous conditions on the road? And this is where we're getting some incredibly strong feedback.

事實上，我的最後幾個月都在路上，直接與原始設備製造商交談。關於這兩點，這是我所看到的和我們所聽到的：第一，在性能方面，最終真正重要的是激光雷達設備是否能夠識別和看到地面上的危險狀況。路？這就是我們得到一些非常強烈的反饋的地方。

And what I want to be specific about is, can you see this object when you're driving at night, when you're driving at high speed? And every OEM has their own set of torture tests in this regard. Let me give you some examples. It could be a tire on the road. It could be the lane reflectors on the road, which are known to shine back into laser and cause some challenges there. Pedestrians shadow at night or cars painted in very dark black colors. Every one of these OEMs has their own unique torture tests. We're doing incredibly well in this regard, on these performance benchmarks, we'll call them.

我想具體說的是，當你晚上開車、高速行駛時，你能看到這個物體嗎？而每個 OEM 在這方面都有自己的一套折磨測試。讓我舉一些例子。它可能是路上的輪胎。它可能是道路上的車道反射器，眾所周知，它們會反射回激光並在那裡造成一些挑戰。行人在夜間留下陰影，或者汽車漆成深黑色。每一家原始設備製造商都有自己獨特的酷刑測試。我們在這方面做得非常好，在這些性能基准上，我們稱之為。

And this is where the feedback came from that I mentioned earlier in the earnings call. So product performance, we're hearing that we're performing incredibly well, and best in industry on some of these pathological benchmarks, if you will, putting us into the finalist spot on these RFQs.

這就是我之前在財報電話會議中提到的反饋的來源。因此，在產品性能方面，我們聽說我們的表現非常好，並且在某些病態基准上處於行業最佳狀態，如果您願意的話，這使我們進入了這些詢價的決賽。

The second piece is, can you deliver on your supply chain? And this is where we have an unbelievable advantage working with Continental. So I'm now in the room with the heads of Continental purchasing and category buying and they're completely mobilizing into high gear. And you can see, as you're sitting with the OEM and Continental purchasing in the room that there's a lot of security and safety and peace of mind coming from the OEMs. They're making comments like, wow, Continental, we have confidence in you because you're supplying our other ADAS components. This is a big advantage for us. This is what I'm hearing in the rooms with OEMs and Continental as well. Great question.

第二個問題是，你能在你的供應鏈上交付嗎？這就是我們與大陸集團合作擁有令人難以置信的優勢的地方。我現在正與大陸集團採購和品類採購負責人共處一室，他們正在全面動員起來。您可以看到，當您與原始設備製造商和大陸集團採購人員坐在房間裡時，原始設備製造商提供了很多保障和保障，讓您高枕無憂。他們的評論是，哇，大陸集團，我們對你們有信心，因為你們為我們提供其他 ADAS 組件。這對我們來說是一個很大的優勢。這也是我在 OEM 和大陸集團的房間裡聽到的。很好的問題。

Great. And one kind of follow-up to that. Talking about the six RFQs opportunities that you and Conti have been looking at, two of them, you're the finalist. So how many other players did you beat out for those two and what do you think about the other four?

偉大的。以及對此的一種後續行動。談到您和康迪一直在關注的六個詢價機會，其中兩個，您是決賽入圍者。那麼，您在這兩名球員中擊敗了多少名其他球員？您對其他四名球員有何看法？

Yeah. So look, the OEMs don't necessarily share the information of who's who in the room. But what they do tell us is that we're in a finalist position because of the two advantages that I mentioned earlier. And so when I say finalist, just to be very, very clear, this means that the actual RFQ, the tender has gone out, and we've had to respond to it in an official capacity. That's what I mean by finalist in the RFQ.

是的。所以你看，原始設備製造商不一定會共享房間裡誰是誰的信息。但他們確實告訴我們，我們之所以能進入決賽，是因為我之前提到的兩個優勢。因此，當我說入圍者時，非常非常清楚，這意味著實際的詢價、招標已經發出，我們必須以官方身份對其做出回應。這就是我所說的詢價最終入圍者的意思。

As far as the other four go, we expect more of those four to enter that finalist mode this year. So we'd be happy to provide an update on that in the next call and as the news comes in. But that's -- definition of a finalist is we've actually had a quote and sent an official response through Continental, and we expect those are the two that have happened so far, and we expect at least one more, shall we say, between now and the end of the year to enter that phase.

就其他四家而言，我們預計今年這四家中會有更多人進入決賽模式。因此，我們很樂意在下次電話會議和新聞發佈時提供最新信息。但是，決賽入圍者的定義是，我們實際上已經收到了報價，並通過大陸集團發送了官方回复，我們預計這就是迄今為止發生的兩件事，容我們說，我們預計從現在到今年年底，至少還會有另一件事進入這一階段。

Great, Matt. Thanks so much.

太棒了，馬特。非常感謝。

(Operator Instructions) Kevin Garrigan, WestPark Capital.

（操作員說明）Kevin Garrigan，WestPark Capital。

Yeah, hey. Good afternoon, guys, and congratulations on the milestones. The landscape of automotive OEMs out there. Are there any OEMs that you're not engaged with? And what are some of the reasons for that? And what are the ways that you can kind of lever your way into them?

是的，嘿。下午好，伙計們，祝賀您取得了里程碑式的成就。汽車原始設備製造商的前景。是否有您未與之合作的 OEM 廠商？造成這種情況的原因是什麼？您可以通過哪些方式進入其中？

Yeah. So look -- thanks, Kevin. So first of all, it's great to have you back again this quarter. Continental has an incredibly broad footprint internationally. And I would say that there's not anything necessarily out of balance. And so we do have access to the full portfolio of OEMs at least the major global OEMs, and they also have regions in Asia and China, as well. So I think the best way I can sum it up is we're incredibly busy in quoting activities right now. And again, as I mentioned earlier, these are series production awards, high-volume-type tenders that are out there in the market. So we're incredibly busy. And there's certainly more on the horizon.

是的。所以看——謝謝，凱文。首先，很高興您本季度再次回歸。大陸集團在國際上擁有極其廣泛的足跡。我想說的是，並不一定有什麼不平衡的地方。因此，我們確實可以接觸到原始設備製造商的完整產品組合，至少是全球主要原始設備製造商，而且他們在亞洲和中國也有區域。所以我認為最好的總結就是我們現在非常忙於報價活動。再次，正如我之前提到的，這些是市場上的系列製作獎項、大批量類型的招標。所以我們非常忙。當然還有更多的事情即將發生。

Okay. Got it. Got it. That makes sense. And (technical difficulty)

好的。知道了。知道了。這就說得通了。並且（技術難度）

Hey, Kevin, it looks like we're having a little bit of technical difficulty here. Maybe if you could repeat the question? Your line just got very choppy.

嘿，凱文，看來我們在這裡遇到了一些技術困難。也許你可以重複一下這個問題嗎？你的線路變得非常不穩定。

Can you hear me now?

你能聽到我嗎？

Perfect.

完美的。

Okay. Yeah. I'm sorry about that. The (technical difficulty) that had announced in June, does that expand your revenue opportunity at all?

好的。是的。對此我很抱歉。 6 月份宣布的（技術難度）是否會擴大您的收入機會？

Kevin, would you mind repeating that? It's hard to hear the first part of the question.

凱文，你介意重複一遍嗎？很難聽清問題的第一部分。

Let me try it one more time. Does the -- does the 4sight platform that you guys had announced, does that expand your revenue opportunity at all?

讓我再試一次。你們宣布的 4sight 平台是否會擴大您的收入機會？

Okay, Kevin, it came through now. We got it. Yeah. Regarding the 4Sight+, this -- as I mentioned earlier, there's some really tricky things that OEMs are now coming back and asking for these pathological cases, particularly driving at highway speeds, the 80-plus mile per hour range. And this was the intent of the 4Sight product is to further expand the sensors' ability in high-speed -- having high-speed driving situations as well as some tricky urban conditions as well.

好吧，凱文，現在事情已經過去了。我們得到了它。是的。關於 4Sight+，正如我之前提到的，原始設備製造商現在會回來詢問這些病態案例，特別是在高速公路上行駛（每小時 80 英里以上的範圍）時，有一些非常棘手的事情。 4Sight 產品的目的是進一步擴展傳感器在高速條件下的能力 - 包括高速駕駛情況以及一些棘手的城市條件。

So as the market is learning more about what are the hazardous conditions that need to be avoided, reacted to, areas where camera and radar, for example, aren't doing a great job, 4Sight+ was in response to the evolving market needs and the feedback that we've been getting over the last year or so. So absolutely, yes is the answer.

因此，隨著市場更多地了解需要避免和應對的危險條件，例如攝像頭和雷達無法發揮出色作用的領域，4Sight+ 是為了響應不斷變化的市場需求和我們在過去一年左右收到的反饋。所以絕對是，答案是肯定的。

Okay. Perfect. That's it for me. Thanks, guys, and congrats again.

好的。完美的。對我來說就是這樣。謝謝大家，再次恭喜。

Thanks, Kevin.

謝謝，凱文。

Thanks, Kevin.

謝謝，凱文。

I'm showing no further questions at this time. I would now like to turn the conference back to CEO, Matt Fisch, for closing remarks.

我目前沒有提出任何進一步的問題。現在我想請首席執行官馬特·費甚 (Matt Fisch) 致閉幕詞。

Thank you for joining our call today. We look forward to updating you on our progress in the coming months. We also hope to see some of you at the JPMorgan Automotive Conference in New York on August 10 and the Jefferies Semiconductor IT Hardware & Communications Technology Summit in Chicago on August 29. Please reach out if you want to schedule some time to meet with us while we're in New York or Chicago. Thanks, everyone, and have a great day.

感謝您今天加入我們的電話會議。我們期待在未來幾個月向您通報我們的最新進展。我們還希望在8 月10 日於紐約舉行的摩根大通汽車會議以及8 月29 日於芝加哥舉行的Jefferies 半導體IT 硬件和通信技術峰會上見到你們。如果您想安排一些時間與我們會面，請與我們聯繫。我們在紐約或芝加哥。謝謝大家，祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。