Ouster Inc (OUST) 2022 Q4 法說會逐字稿

Hello, and welcome, everyone, to Ouster's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) And just a reminder, today's call is being recorded, and a replay of the call will be available on the Ouster Investor Relations website an hour after the completion of this call.

大家好，歡迎大家參加 Ouster 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，今天的通話正在錄製中，通話結束一小時後，Ouster Investor Relations 網站將提供通話重播。

I'd now like to turn the conference over to Ms. Sarah Ewing, Director of Investor Relations. Sarah, please go ahead.

我現在想將會議轉交給投資者關係總監 Sarah Ewing 女士。莎拉，請繼續。

Thank you, and good afternoon, everyone. Thank you for joining us for our 2022 fourth quarter earnings call. I'm joined today by Ouster's Chief Executive Officer, Angus Pacala; and Chief Financial Officer, Mark Weinswig.

謝謝，大家下午好。感謝您加入我們的 2022 年第四季度財報電話會議。今天，Ouster 的首席執行官安格斯·帕卡拉 (Angus Pacala) 加入了我的行列；和首席財務官 Mark Weinswig。

Before we begin the prepared remarks, we would like to remind you that earlier today, Ouster issued a press release announcing its fourth quarter and fiscal year 2022 results. The company also published an investor presentation, which is available on the Investor Relations section of ouster.com.

在我們開始準備好的評論之前，我們想提醒您，今天早些時候，Ouster 發布了一份新聞稿，宣布了其第四季度和 2022 財年的業績。該公司還發布了投資者介紹，可在 ouster.com 的投資者關係部分獲取。

I'd also like to remind everyone that during the course of this conference call, Ouster's management will discuss certain forward-looking information regarding the company, including forecasts, targets, statements from its press release, potential future customer orders and shipments, near- and long-term revenue opportunities, strategic customer agreements, market share trends, anticipated synergies from the company's merger with Velodyne, ability to recognize the benefits of cost savings initiatives, future products, anticipated benefits and applications of new product releases, technological advancements and commercial paths, potential future market opportunities, customer traction and the company's business outlook and first quarter 2023 financial guidance and trajectory are forward-looking statements that are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. There is no guarantee that such plans, estimates and expectations will be achieved. Thus, while these statements represent management's expected future results and performance, Ouster's actual results are subject to several risks and uncertainties that may cause actual results to differ materially from current expectations that we may share with you today.

我還想提醒大家，在本次電話會議期間，Ouster 的管理層將討論有關公司的某些前瞻性信息，包括預測、目標、新聞稿中的聲明、潛在的未來客戶訂單和發貨、近期-和長期收入機會、戰略客戶協議、市場份額趨勢、公司與 Velodyne 合併的預期協同效應、認識到成本節約計劃的好處的能力、未來產品、新產品發布的預期好處和應用、技術進步和商業路徑、潛在的未來市場機會、客戶吸引力和公司的業務前景以及 2023 年第一季度的財務指導和軌跡是前瞻性陳述，旨在涵蓋 1995 年《私人證券訴訟改革法案》的安全港條款，用於前瞻性-尋找陳述。無法保證此類計劃、估計和期望一定會實現。因此，雖然這些陳述代表了管理層的預期未來結果和業績，但 Ouster 的實際結果受到多種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們今天可能與您分享的當前預期存在重大差異。

In addition to any risks highlighted during this call, you should carefully consider other important risk factors and disclosures that may affect Ouster's future results as described in its most recent annual report on Form 10-K and other reports that the company files with or furnishes with the SEC. Except as required by law, rule or regulation, the company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this call. Information discussed on this call concerning the company's industry competitive position and markets in which it operates is based on information from independent industry and research organizations, other third-party sources and management estimates which are derived from publicly available information released by independent industry analysts and other third-party sources as well as data from the company's internal research and are based on reasonable assumptions and computations made upon reviewing such data and its experience in and knowledge of such industry and markets. By definition, assumptions are subject to uncertainty and risks, which could cause results to differ materially from those expressed in the estimates.

除了本次電話會議中強調的任何風險外，您還應仔細考慮可能影響 Ouster 未來業績的其他重要風險因素和披露，如其最近的 10-K 表格年度報告和公司提交或提供的其他報告中所述美國證券交易委員會。除法律、規則或法規要求外，公司不承擔在本次電話會議日期後以任何理由更新任何這些前瞻性陳述的義務。本次電話會議上討論的有關公司行業競爭地位及其運營市場的信息基於獨立行業和研究機構的信息、其他第三方來源以及管理層估計，這些估計來自獨立行業分析師和其他機構發布的公開信息第三方來源以及公司內部研究的數據，並基於在審查此類數據及其在此類行業和市場中的經驗和知識後做出的合理假設和計算。根據定義，假設受到不確定性和風險的影響，這可能導致結果與估計中表達的結果存在重大差異。

During this call, we will discuss certain non-GAAP financial measures, which exclude the effects of events and transactions we consider to be outside of our operations as outlined in today's press release. These non-GAAP financial measures should be considered as a supplement to and not a substitute for measures prepared in accordance with GAAP. For a reconciliation of non-GAAP financial measures discussed during this call to the most recently comparable GAAP measures, please refer to today's press release. Finally, please be advised that we will only cover historical Ouster financial results as well as forward-looking statements for the combined company. We will not report on nor provide standalone results for Velodyne.

在此次電話會議中，我們將討論某些非 GAAP 財務指標，這些指標排除了我們認為不屬於我們運營範圍的事件和交易的影響，如今天的新聞稿中所述。這些非 GAAP 財務措施應被視為對根據 GAAP 編制的措施的補充，而不是替代措施。有關本次電話會議期間討論的非 GAAP 財務指標與最近可比 GAAP 指標的對賬，請參閱今天的新聞稿。最後，請注意，我們將僅涵蓋 Ouster 的歷史財務業績以及合併後公司的前瞻性陳述。我們不會報告也不會提供 Velodyne 的獨立結果。

I'd now like to turn the call over to Angus.

我現在想把電話轉給安格斯。

Good afternoon, everyone, and thank you for joining us today. To start, I want to recap Ouster's mission to improve quality of life by building safer, more efficient assistance, automation and autonomy technology for diverse end markets. We aim to do this by evolving from a market-leading lidar manufacturer to a category-defining autonomy provider through delivering best-in-class digital lidar hardware that spans markets, creating a robust software ecosystem to accelerate lidar adoption and deepen customer relationships and releasing vertical-specific autonomy solutions, all of which increases Ouster's value to customers and shareholders.

大家下午好，感謝您今天加入我們。首先，我想回顧一下 Ouster 的使命，即通過為不同的終端市場構建更安全、更高效的輔助、自動化和自治技術來提高生活質量。我們的目標是通過提供跨市場的一流數字激光雷達硬件、創建強大的軟件生態系統以加速激光雷達的採用並加深客戶關係並發布垂直特定的自治解決方案，所有這些都增加了 Ouster 對客戶和股東的價值。

We made meaningful strides towards fiscal 2022, particularly in the fourth quarter. Last year, we released our first A samples for the Salt State DF series, introduced the industrial OS sensor lineup for high-volume production programs and launched the most performance sensor suite on the market, our new REV7 OS sensors powered by the L3 chip, which increases our competitiveness across each of our target markets. Even more, we built and prereleased our first subscription software, Ouster Gemini, a cloud-backed digital lidar perception platform for smart infrastructure applications, which will expand and accelerate opportunities for digital lidar.

我們在 2022 財年取得了重大進展，尤其是在第四季度。去年，我們發布了 Salt State DF 系列的第一個 A 樣品，推出了用於大批量生產項目的工業 OS 傳感器系列，並推出了市場上性能最高的傳感器套件，即由 L3 芯片提供支持的新型 REV7 OS 傳感器，這提高了我們在每個目標市場的競爭力。更重要的是，我們構建並預發布了我們的第一個訂閱軟件 Ouster Gemini，這是一個用於智能基礎設施應用的雲支持數字激光雷達感知平台，它將擴大和加速數字激光雷達的機會。

As a result of these product developments and in combination with our multiyear customer agreements, Ouster delivered nearly $11 million in revenue in the fourth quarter of 2022 with 17% gross margins and achieved our full year 2022 guidance with $41 million in revenue and 27% gross margins. We sold a record of over 2,950 sensors in the fourth quarter and over 8,650 sensors in 2022, bringing our total number to more than 18,500 units shipped to date worldwide. Furthermore, we booked $70 million in business in 2022.

由於這些產品的開發以及我們多年的客戶協議，Ouster 在 2022 年第四季度實現了近 1100 萬美元的收入，毛利率為 17%，並實現了我們 2022 年全年的指導目標，收入為 4100 萬美元，毛利率為 27%邊距。我們在第四季度銷售了超過 2,950 個傳感器，並在 2022 年銷售了超過 8,650 個傳感器，使我們迄今為止在全球出貨的總數超過 18,500 個。此外，我們在 2022 年預訂了 7000 萬美元的業務。

Finally, we announced our merger with Velodyne in the fourth quarter, which we completed on February 10, 2023, ahead of our initial time line. As one consolidated company, we have an even stronger team, a healthy balance sheet, new channel partners and a wide selection of positive margin products to serve a diverse set of customers that position us to win more deals than ever before. We expect our innovative digital lidar road map amplified by exciting new software solutions to further expand our serviceable market and catalyze growth across the business. In addition to Ouster's digital lidar, OS and VF sensors, we will continue to manufacture and support the VLP-16, VLP-32 and the VLS-128 product lines.

最後，我們在第四季度宣布了與 Velodyne 的合併，該合併於 2023 年 2 月 10 日完成，比我們最初的時間表提前了。作為一家合併後的公司，我們擁有更強大的團隊、健康的資產負債表、新的渠道合作夥伴和廣泛的正利潤率產品選擇，可以為多樣化的客戶群提供服務，使我們能夠贏得比以往更多的交易。我們期望我們創新的數字激光雷達路線圖通過令人興奮的新軟件解決方案得到放大，以進一步擴大我們的服務市場並促進整個業務的增長。除了 Ouster 的數字激光雷達、OS 和 VF 傳感器，我們將繼續製造和支持 VLP-16、VLP-32 和 VLS-128 產品線。

As we continue to support existing customers using the Velodyne products which bolsters our revenue base, we believe our digital approach is the end state for lidar due to its simplified architecture, superior price-to-performance ratio and alignment with Moore's Law, which ultimately offers a longer-term advantage for customers. We will continue to focus and invest R&D in our digital lidar road map, along with the Ouster Gemini and BlueCity software to drive product adoption and new high-margin revenue streams. Over time, we aim to transition customers to exclusively digital products.

隨著我們繼續支持使用 Velodyne 產品的現有客戶，這增加了我們的收入基礎，我們相信我們的數字方法是激光雷達的最終狀態，因為它具有簡化的架構、卓越的性價比以及與摩爾定律的一致性，最終提供為客戶帶來更長期的優勢。我們將繼續專注於我們的數字激光雷達路線圖的研發，以及 Ouster Gemini 和 BlueCity 軟件，以推動產品採用和新的高利潤收入流。隨著時間的推移，我們的目標是讓客戶轉向完全數字化的產品。

As part of the ongoing integration, Ouster also announced a new management team and Board, inclusive of executives and directors from both companies. We brought on Velodyne's CFO, Mark Weinswig, to lead finance at Ouster and promoted Ouster's Deputy GC, Megan Chung, to General Counsel. Each company designated 4 directors to the Board, all with valuable experience and perspective to offer the company, including former Velodyne CEO, Ted Tewksbury, who will lead the Board as Executive Chairman. We aim to form a management team and Board that not only understands our products, our team and our history, but also has experience in growing a public company in a complex and competitive market. I'm excited to work with this strong team to scale the development of digital lidar and evolve Ouster from a market-leading lidar manufacturer to a category-defining autonomy provider.

作為正在進行的整合的一部分，Ouster 還宣布了一個新的管理團隊和董事會，其中包括來自兩家公司的高管和董事。我們聘請 Velodyne 的首席財務官 Mark Weinswig 領導 Ouster 的財務，並將 Ouster 的副 GC Megan Chung 提升為總法律顧問。每家公司指定 4 名董事加入董事會，他們都具有為公司提供寶貴的經驗和觀點，包括前 Velodyne 首席執行官 Ted Tewksbury，他將作為執行主席領導董事會。我們的目標是組建一個管理團隊和董事會，不僅了解我們的產品、我們的團隊和我們的歷史，而且還具有在復雜和競爭激烈的市場中發展一家上市公司的經驗。我很高興能與這個強大的團隊合作，擴大數字激光雷達的開發規模，並將 Ouster 從市場領先的激光雷達製造商發展成為定義類別的自主供應商。

Turning to merger activities. We are currently focused on immediate initiatives to support the ongoing integration and achieve announced cost synergies. Prior to merging, Velodyne had started the process of outsourcing the manufacturing of its products to Fabrinet, a contract manufacturer in Thailand, to bring meaningful improvements to the cost structure. We have accelerated these efforts as a result of the merger and are on track to complete the transition of all maintained product lines this year, starting with the VLP-16 sensors in Q1, the VLP-32 in Q2 and the VLS-128 by the end of the year. As products are successfully transitioned, we remain focused on improving yields and quality and optimizing BOM cost, with the goal of improving the margin structure of the Velodyne sensors.

轉向合併活動。我們目前專注於支持正在進行的整合併實現已宣布的成本協同效應的即時舉措。在合併之前，Velodyne 已開始將其產品製造外包給泰國合同製造商 Fabrinet，以顯著改善成本結構。由於合併，我們加快了這些努力，並有望在今年完成所有維護產品線的過渡，從第一季度的 VLP-16 傳感器、第二季度的 VLP-32 和 VLS-128 開始。年底。隨著產品的成功轉換，我們仍然專注於提高產量和質量並優化 BOM 成本，目標是改善 Velodyne 傳感器的利潤結構。

Immediately after closing the merger, we took action to integrate our sales organization and engineering teams to both support existing Velodyne customers and execute on our strategy for our digital lidar hardware and software road maps. We developed a plan to integrate the Ouster Gemini and BlueCity Smart Infrastructure software solutions under a single umbrella, which is already underway. Additionally, we are streamlining our G&A and IT operations under a consolidated team and platform to realize a cost-efficient structure to drive value creation for Ouster and its shareholders. Following the integration, we expect to retain approximately 350 employees.

完成合併後，我們立即採取行動整合我們的銷售組織和工程團隊，以支持現有的 Velodyne 客戶並執行我們的數字激光雷達硬件和軟件路線圖戰略。我們制定了一項計劃，將 Ouster Gemini 和 BlueCity 智能基礎設施軟件解決方案集成在一個單一的保護傘下，該計劃已經在進行中。此外，我們正在整合的團隊和平台下精簡 G&A 和 IT 運營，以實現具有成本效益的結構，從而為 Ouster 及其股東創造價值。整合後，我們預計將保留約 350 名員工。

The new Ouster is a lidar powerhouse, offering a comprehensive suite of incredible lidar sensors, 2 novel smart infrastructure software solutions, a comprehensive patent portfolio spanning analog and digital lidar, and global commercial reach, with over 850 customers spanning the automotive, industrial robotics and smart infrastructure industries in approximately 50 countries.

新的 Ouster 是激光雷達的強大動力，提供一整套令人難以置信的激光雷達傳感器、2 種新穎的智能基礎設施軟件解決方案、涵蓋模擬和數字激光雷達的全面專利組合以及全球商業影響力，擁有 850 多家客戶，涵蓋汽車、工業機器人和約 50 個國家/地區的智能基礎設施行業。

Ouster has 3 strategic priorities for 2023: execute on our digital lidar road map; develop a robust software ecosystem to accelerate lidar adoption; and build a financially strong business to support our long-term growth and deliver value to shareholders. Our differentiated digital lidar technology supports a uniquely diversified business model with the ability to drive near- and long-term revenue growth and scale across multiple markets.

Ouster 在 2023 年有 3 個戰略重點：執行我們的數字激光雷達路線圖；開發強大的軟件生態系統以加速激光雷達的採用；建立財務實力雄厚的企業，以支持我們的長期增長並為股東創造價值。我們差異化的數字激光雷達技術支持獨特的多元化商業模式，能夠推動近期和長期收入增長，並在多個市場擴大規模。

In the fourth quarter, we released our new REV7 sensors, the highest-performing family of sensors on the market, delivering dramatic improvements in range, precision and accuracy across our entire OS lineup. Our OS0 delivers 1.5x more range and 6x higher resolution than competitors. Our OS1 delivers 2x more range and 4x higher resolution than competitors. And our OS2 not only achieved a greater-than-200-meter range on 10% reflective objects, but now has a maximum range of over 400 meters. Additionally, the OSDome Hemisphere 180-degree field of view delivers 4x higher resolution than competitors. The REV7 sensor suite improves our overall competitiveness across markets, opens up new opportunities and cements our position as the industry leader for high-performance lidar.

在第四季度，我們發布了新的 REV7 傳感器，這是市場上性能最高的傳感器系列，在我們整個操作系統系列中的範圍、精度和準確度方面都有了顯著改進。我們的 OS0 提供比競爭對手多 1.5 倍的範圍和高 6 倍的分辨率。我們的 OS1 提供比競爭對手多 2 倍的範圍和 4 倍的分辨率。而我們的 OS2 不僅在 10% 反光物體上實現了大於 200 米的射程，現在最大射程超過了 400 米。此外，OSDome Hemisphere 180 度視野提供比競爭對手高 4 倍的分辨率。 REV7 傳感器套件提高了我們在各個市場的整體競爭力，開闢了新的機遇並鞏固了我們作為高性能激光雷達行業領導者的地位。

The early feedback from customers has been extremely positive. We closed new and expanded deals for REV7 sensors shipping to 29 customers in the fourth quarter. We also booked orders with customers such as Cyngn and Vecna for warehouse automation; PARIFEX for speed enforcement; Torc Robotics for trucking; and [Rise] for aerial drone inspection as well as a major mapping customer, a large European OEM and another European OEM using REV7 on mining trucks. We believe the REV7 sensors will more than double our serviceable market, driven by new opportunities for long-range and mapping applications. As such, we expect REV7 to be a major growth catalyst for Ouster in 2023.

客戶的早期反饋非常積極。我們在第四季度完成了向 29 家客戶發貨的 REV7 傳感器的新交易和擴展交易。我們還與 Cyngn 和 Vecna 等客戶預訂了倉庫自動化訂單；用於速度執法的 PARIFEX；用於卡車運輸的 Torc 機器人； [Rise] 用於空中無人機檢查以及主要測繪客戶、一家大型歐洲 OEM 和另一家在礦用卡車上使用 REV7 的歐洲 OEM。我們相信，在遠程和測繪應用的新機遇的推動下，REV7 傳感器將使我們的服務市場增加一倍以上。因此，我們預計 REV7 將成為 Ouster 2023 年的主要增長催化劑。

Looking forward, we also expect the Digital Flash, or DF, series for high-volume series production automotive programs, to also be a major catalyst for growth. We released our first A samples in 2022, which demonstrated that our solid-state digital flash architecture could achieve the stringent performance requirements of the automotive industry at a competitive cost. In the second half of the year, we plan to release final form factor early B samples of our DF sensors. This is a critical milestone on our automotive road map and in our commercial engagements with automakers, including our strategic OEM partner. For the first time, we will be placing DF sensors in OEM hands to represent the final size, shape and performance of the DF product line. I can't wait to demonstrate the performance, cost and flexibility advantage of the DF product line.

展望未來，我們還預計用於大批量批量生產汽車項目的數字閃存 (DF) 系列也將成為增長的主要催化劑。我們在 2022 年發布了第一批 A 樣品，這表明我們的固態數字閃存架構能夠以具有競爭力的成本滿足汽車行業的嚴格性能要求。今年下半年，我們計劃發布 DF 傳感器的最終外形早期 B 樣品。這是我們汽車路線圖以及我們與汽車製造商（包括我們的戰略 OEM 合作夥伴）的商業合作中的一個重要里程碑。我們將首次將 DF 傳感器交到 OEM 手中，以代表 DF 產品線的最終尺寸、形狀和性能。我迫不及待地想展示 DF 產品線的性能、成本和靈活性優勢。

Turning to software. Building a robust software ecosystem remains an important part of our product road map to catalyze new growth. This includes best-in-class development tools to simplify development for customers as well as our new software solutions business built on Ouster Gemini and BlueCity targeting the smart infrastructure vertical. The market for lidar across smart infrastructure applications is vast and growing, driven by government initiatives to build safer, more sustainable cities by modernizing public infrastructure and transportation systems as well as emerging opportunities for lidar in security and crowd analytics to enhance the guest experience, boost revenue and simplify operations.

轉向軟件。建立一個強大的軟件生態系統仍然是我們產品路線圖的重要組成部分，以促進新的增長。這包括用於簡化客戶開發的一流開發工具，以及我們基於 Ouster Gemini 和 BlueCity 構建的針對智能基礎設施垂直領域的新軟件解決方案業務。跨智能基礎設施應用的激光雷達市場廣闊且不斷增長，其驅動因素是政府通過公共基礎設施和交通系統現代化建設更安全、更可持續的城市的舉措，以及激光雷達在安全和人群分析方面的新興機會，以增強客戶體驗，促進收入和簡化操作。

With millions of signalized intersections around the world and the global market for end system security cameras already estimated at $32 billion, there is a multibillion dollar market opportunity for lidar and smart infrastructure. As lidar technology becomes increasingly prevalent on critical infrastructure across the U.S., from airports and shipping ports to our country's most populated cities and traffic roadways, Ouster is proud to be one of the few companies offering Buy American-certified sensors.

全球有數百萬個信號交叉口，終端系統安全攝像頭的全球市場估計已達到 320 億美元，激光雷達和智能基礎設施存在數十億美元的市場機會。隨著激光雷達技術在美國各地的關鍵基礎設施中變得越來越普遍，從機場和航運港口到我國人口最多的城市和交通道路，Ouster 很自豪能成為提供購買美國認證傳感器的少數公司之一。

To build on this momentum, we recently released the Ouster Gemini Smart Infrastructure Perception Platform and added the BlueCity Traffic Management Solution. With the successful early rollout of Ouster Gemini in the second half of 2022 and after closing deals with more than 10 companies, we officially released Ouster Gemini in January 2023. A handful of these customers are already using Ouster Gemini in live deployments across the U.S. and Europe to improve retail operations, security and roadway safety.

為鞏固這一勢頭，我們最近發布了 Ouster Gemini 智能基礎設施感知平台並添加了 BlueCity 交通管理解決方案。隨著 Ouster Gemini 在 2022 年下半年的成功早期推出以及與 10 多家公司達成交易後，我們於 2023 年 1 月正式發布了 Ouster Gemini。其中一些客戶已經在美國和美國的實時部署中使用 Ouster Gemini。歐洲改善零售業務、安全和道路安全。

BlueCity is a turnkey lidar-based solution for intelligent transportation systems with over 100 active deployments in 2022. As part of our plans to unify our software solutions for the smart infrastructure vertical, BlueCity will be underpinned by Ouster Gemini to add OS sensor compatibility, more features and better overall performance to BlueCity customers.

BlueCity 是一種基於激光雷達的交鑰匙智能交通系統解決方案，到 2022 年將有 100 多個活躍部署。作為我們為智能基礎設施垂直領域統一軟件解決方案計劃的一部分，BlueCity 將由 Ouster Gemini 提供支持，以增加操作系統傳感器兼容性等為 BlueCity 客戶提供功能和更好的整體性能。

With the launch of our game-changing REV7 sensors, new software solutions for smart infrastructure applications and early B samples for the DF series as well as key benefits from our merger with Velodyne, including an expanded team, customer base, product portfolio and partner ecosystem, we believe Ouster is more competitive and poised to close exciting new deals in 2023.

隨著我們改變遊戲規則的 REV7 傳感器、用於智能基礎設施應用程序的新軟件解決方案和 DF 系列的早期 B 樣品的推出，以及我們與 Velodyne 合併的主要好處，包括擴大的團隊、客戶群、產品組合和合作夥伴生態系統，我們相信 Ouster 更具競爭力，並準備在 2023 年完成令人興奮的新交易。

In order to position the company for stable, near- and long-term growth, we are building a business model that is both competitive and resilient. I'm happy to introduce Mark Weinswig as our new CFO to lead us through the integration with Velodyne to help us align our cutting-edge technology and market growth with a solid business foundation to support Ouster now and into the future.

為了使公司實現穩定、近期和長期的增長，我們正在建立一種既有競爭力又有彈性的商業模式。我很高興介紹 Mark Weinswig 作為我們的新首席財務官，帶領我們完成與 Velodyne 的整合，幫助我們將尖端技術和市場增長與堅實的業務基礎結合起來，以支持 Ouster 現在和未來。

And with that, I'll now turn it over to Mark to update on our financial results for the fourth quarter and full year 2022 as well as provide further details on our near-term integration plans.

就此，我現在將其轉交給馬克更新我們第四季度和 2022 年全年的財務業績，並提供有關我們近期整合計劃的更多細節。

Thank you, Angus, and good afternoon, everyone. I am excited to be a member of the Ouster management team and look forward to aligning our differentiated digital lidar technology and diversified market approach with a business model that is in line with the lidar industry's estimated growth trajectory.

謝謝安格斯，大家下午好。我很高興成為 Ouster 管理團隊的一員，並期待將我們差異化的數字激光雷達技術和多元化的市場方法與符合激光雷達行業預期增長軌蹟的商業模式結合起來。

Starting off with our fourth quarter 2022 results, we recognized nearly $11 million in revenue. Our industrial and robotics customers accounted for a combined 62% of sales in the fourth quarter, which included substantial shipments for port automation, material handling vehicles, drone inspection and warehouse automation applications.

從我們 2022 年第四季度的業績開始，我們確認了近 1100 萬美元的收入。我們的工業和機器人客戶在第四季度合計佔銷售額的 62%，其中包括港口自動化、物料搬運車輛、無人機檢查和倉庫自動化應用的大量出貨量。

A key highlight of the quarter was the number of units shipped, reaching a record of 2,950 sensors in Q4, or a 23% increase over the fourth quarter of 2021. This includes the first commercial shipments of our new REV7 sensors to 29 customers. Further, we shipped sensors to nearly 90 new customers in the fourth quarter of 2022. Ouster is entering 2023 in a great position with the newly released platform over 850 customers worldwide across all of our key markets and a strong balance sheet.

本季度的一個重要亮點是出貨量，第四季度達到創紀錄的 2,950 個傳感器，比 2021 年第四季度增長 23%。這包括我們向 29 家客戶首次商業出貨的新型 REV7 傳感器。此外，我們在 2022 年第四季度向近 90 家新客戶運送了傳感器。Ouster 在進入 2023 年時處於有利地位，新發布的平台在全球所有主要市場擁有超過 850 家客戶，資產負債表強勁。

Ouster continued to deliver positive gross margins in the fourth quarter of 2022, recording 17% gross margins. Gross margins were lower in the fourth quarter, primarily driven by some large unit volume sales to certain commercial customers with lower ASPs as well as higher expenses associated with the manufacturing transition to the REV7 sensor platform and overhead underutilization from our lower build plan as part of the product transition to the REV7. We expect to deliver higher margins over time after we complete the Velodyne integration and ramp up our manufacturing of the REV7 sensors. This transition to REV7 is a major catalyst for growth as this suite of sensors more than doubles our serviceable market, opening up new opportunities and increasing our overall competitiveness in 2023.

Ouster 在 2022 年第四季度繼續實現正毛利率，毛利率為 17%。第四季度的毛利率較低，這主要是由於向某些商業客戶的大量單位銷售量較低的平均售價以及與向 REV7 傳感器平台的製造過渡相關的較高費用以及作為產品過渡到 REV7。在我們完成 Velodyne 集成並加快 REV7 傳感器的製造之後，我們希望隨著時間的推移提供更高的利潤。向 REV7 的過渡是增長的主要催化劑，因為這套傳感器使我們的可服務市場擴大了一倍多，開闢了新的機會並提高了我們在 2023 年的整體競爭力。

Moving on to our full year results. We are very pleased with our progress over the past year. Ouster achieved both our revised revenue and gross margin targets for 2022, recording approximately $41 million in revenue and 27% gross margins for the year. In total, we shipped over 8,650 sensors in 2022, which amounts to over 18,500 sensors shipped to date. Across our target markets, Ouster saw strong traction in the industrial and robotics verticals, accounting for 35% and 34% of our sensors shipped in 2022, respectively, with strong demand for automation technologies across the supply chain continued from mines of farms to shipping ports and warehouses.

繼續我們的全年業績。我們對過去一年的進展感到非常高興。 Ouster 實現了我們修訂後的 2022 年收入和毛利率目標，全年收入約為 4100 萬美元，毛利率為 27%。總的來說，我們在 2022 年出貨了 8,650 多個傳感器，迄今為止已經出貨了 18,500 多個傳感器。在我們的目標市場中，Ouster 看到了工業和機器人垂直領域的強大吸引力，分別占我們 2022 年傳感器出貨量的 35% 和 34%，從農場的礦山到航運港口，整個供應鏈對自動化技術的強勁需求不斷和倉庫。

The automotive vertical accounted for 22% of sensors shipped primarily from robotaxis, robotrucking, shuttles and buses. Finally, 9% of sensors were shipped to customers in the smart infrastructure vertical in 2022. This remains an area of significant opportunity, with over 210 new programs awarded in 2022, representing demand for thousands of sensors, which will be deployed over the coming years as well as with the release of the Ouster Gemini software product in January 2023 and our new BlueCity offering.

汽車垂直領域佔傳感器出貨量的 22%，主要來自機器人出租車、機器人卡車、班車和公共汽車。最後，9% 的傳感器在 2022 年被運往智能基礎設施垂直領域的客戶。這仍然是一個充滿機遇的領域，2022 年有超過 210 個新項目獲得批准，代表著對數千個傳感器的需求，這些傳感器將在未來幾年部署以及 2023 年 1 月發布的 Ouster Gemini 軟件產品和我們的新 BlueCity 產品。

In 2022, Ouster recorded $70 million in bookings with new and existing customers, demonstrating our growing traction across verticals even in the near term. Bookings represent binding contract orders from customers, which we believe is a more meaningful metric than strategic customer agreements, or SCAs, as the bookings metric captures orders from all customers. Ouster ended 2022 as a leading lidar company amongst our public lidar peer set based on both revenues and gross margins. We believe this momentum is only strengthened by the merger with Velodyne, which showcases Ouster's maturity in the industry and allows us to build a business model that can sustain near- and long-term growth.

2022 年，Ouster 的新老客戶預訂額達到 7000 萬美元，這表明即使在短期內，我們在垂直領域的吸引力也在不斷增長。預訂代表來自客戶的具有約束力的合同訂單，我們認為這是比戰略客戶協議或 SCA 更有意義的指標，因為預訂指標包含來自所有客戶的訂單。根據收入和毛利率，Ouster 到 2022 年底成為我們公開的激光雷達同行中領先的激光雷達公司。我們相信這種勢頭只有通過與 Velodyne 的合併才能得到加強，這展示了 Ouster 在行業中的成熟度，並使我們能夠建立能夠維持近期和長期增長的商業模式。

Turning to the Velodyne merger integration activities. We are taking strategic steps to achieve the cost synergies that allow us to build a healthy business. The company is well capitalized with a combined approximately $315 million in cash, restricted cash, cash equivalents and short-term investments as of December 31, 2022.

轉向 Velodyne 合併整合活動。我們正在採取戰略步驟來實現成本協同效應，使我們能夠建立健康的業務。截至 2022 年 12 月 31 日，公司資本充足，現金、限制性現金、現金等價物和短期投資總額約為 3.15 億美元。

We remain on track to exceed previously projected annualized cost synergies of $75 million within 9 months. The synergy estimate is baselined against the stand-alone cost structures of the 2 companies as of the third quarter of 2022. We closed the merger with Velodyne on February 10, earlier than expected, and took immediate steps to significantly reduce costs. By the end of the first quarter of 2023, the company expects to have removed approximately $50 million in annual run rate costs compared to the third quarter of 2022. We expect the first phase of integration to require onetime cash costs of approximately $12 million to $14 million, with the majority paid by the end of March.

我們仍有望在 9 個月內超過先前預計的 7500 萬美元的年度成本協同效應。協同效應估算基於兩家公司截至 2022 年第三季度的獨立成本結構。我們於 2 月 10 日早於預期完成了與 Velodyne 的合併，並立即採取措施大幅降低成本。到 2023 年第一季度末，與 2022 年第三季度相比，公司預計每年的運營成本將減少約 5000 萬美元。我們預計整合的第一階段需要一次性現金成本約 1200 萬至 14 美元萬，其中大部分在 3 月底前支付完畢。

These implemented cost reductions primarily focused on duplicative R&D programs, general and administrative activities and the creation of a joint operations team. These activities include a headcount reduction of approximately 200 employees, along with the closing of Velodyne's facility in India. We expect to retain approximately 350 employees following the completion of our integration efforts. We're keenly focused on positioning the company for long-term success, and we'll continue to identify additional cost synergies as we work through the integration.

這些實施的成本削減主要集中在重複的研發項目、一般和行政活動以及聯合運營團隊的創建。這些活動包括裁員約 200 名員工，以及關閉 Velodyne 在印度的工廠。我們預計在整合工作完成後將保留約 350 名員工。我們非常專注於為公司的長期成功定位，並且在我們通過整合工作時，我們將繼續確定額外的成本協同效應。

Through these activities, we are taking the first steps to realign our operating model to build a healthy, scalable business that can deliver value to our shareholders. We look forward to providing further details over the next couple of quarters as we continue to develop and execute on our plan.

通過這些活動，我們正在邁出第一步，重新調整我們的運營模式，以建立一個健康、可擴展的業務，為我們的股東創造價值。隨著我們繼續制定和執行我們的計劃，我們期待在接下來的幾個季度提供更多細節。

Going forward, at this time, we plan to only provide quarterly guidance for revenue. For the first quarter of 2023, Ouster is targeting between $15 million and $17 million in revenue. We expect the first quarter to experience some margin pressure due to the merger integration work, including the ongoing work to outsource manufacturing for Velodyne sensors as well as the manufacturing transition and start-up costs from the REV6 to REV7 OS sensors.

展望未來，目前，我們計劃僅提供季度收入指導。 2023 年第一季度，Ouster 的目標收入在 1500 萬至 1700 萬美元之間。由於合併整合工作，我們預計第一季度將面臨一些利潤壓力，包括正在進行的 Velodyne 傳感器外包製造工作，以及從 REV6 到 REV7 OS 傳感器的製造轉型和啟動成本。

That said, we remain highly confident in our long-term trajectory and continued traction in the market. With a strong balance sheet, increased scale and new product offerings, we believe 2023 will be a transformational year for this company.

也就是說，我們對我們的長期發展軌跡和市場的持續吸引力仍然充滿信心。憑藉強勁的資產負債表、擴大的規模和新產品，我們相信 2023 年將是這家公司轉型的一年。

And with that, I would like to turn the call back over to Angus.

有了這個，我想把電話轉回給安格斯。

Thank you, Mark. 2023 is going to be a major year for Ouster, driven by new hardware and software solutions that we believe will accelerate lidar adoption and the new operating model aimed to put us on a path to profitability in line with our long-term growth plans. Lidar is quickly becoming an essential technology on our roads, across our supply chain and throughout our critical infrastructure. Ouster is well positioned with the technology, team and strategic approach to make lidar ubiquitous to build a safer, more efficient future.

謝謝你，馬克。 2023 年對 Ouster 來說將是重要的一年，我們相信新的硬件和軟件解決方案將加速激光雷達的採用，而新的運營模式旨在讓我們走上符合我們長期增長計劃的盈利之路。激光雷達正迅速成為我們道路上、整個供應鍊和整個關鍵基礎設施中的一項必不可少的技術。 Ouster 憑藉技術、團隊和戰略方法處於有利地位，可以使激光雷達無處不在，從而建設一個更安全、更高效的未來。

With that, I'd like to open it up for Q&A.

有了這個，我想打開它進行問答。

(Operator Instructions) We'll take our first question this afternoon from Andres Sheppard at Cantor Fitzgerald.

（操作員說明）今天下午我們將從 Cantor Fitzgerald 的 Andres Sheppard 那裡回答我們的第一個問題。

Congratulations on the quarter. Maybe to start off, I just wanted to see if you could provide a little more color on gross margins, right? So Q4 margin came in a little bit lower than historical numbers. I realize you don't provide guidance for 2023, but can you give us a sense of whether this last number is a bit of an outlier or whether we should expect similar gross margins over the -- in 2023?

祝賀這個季度。也許首先，我只是想看看您是否可以提供更多有關毛利率的顏色，對嗎？因此，第四季度利潤率略低於歷史數據。我知道你沒有提供 2023 年的指導，但你能告訴我們最後一個數字是否有點異常，或者我們是否應該期望 2023 年的毛利率相似？

Thank you very much for the question. So looking at the fourth quarter, we did see lower gross margins. It was primarily driven by 3 areas: number one was higher start-up costs associated with the manufacturing transition from the REV6 to REV7 sensors, which we do believe will deliver higher margins over time. Number two was some large volume, lower ASP deals with key commercial customers; and then number three was a reduced bill plan, which led to lower manufacturing absorption and a reduced operating leverage. Those were some impacts for the fourth quarter.

非常感謝你的提問。所以看看第四季度，我們確實看到了較低的毛利率。它主要由 3 個方面推動：第一是與從 REV6 到 REV7 傳感器的製造過渡相關的更高啟動成本，我們相信隨著時間的推移，這將帶來更高的利潤。第二是與主要商業客戶的一些大批量、較低平均售價的交易；第三是減少賬單計劃，這導致製造吸收減少和運營槓桿降低。這些是對第四季度的一些影響。

Looking at the first quarter. Obviously, we're going to have some additional opportunities or pressures related to the merger integration with Velodyne. That will include some ongoing work to outsource manufacturing and for the start-up costs associated with manufacturing those products over in Thailand.

看第一季度。顯然，我們將有一些與 Velodyne 的合併整合相關的額外機會或壓力。這將包括一些正在進行的外包製造工作，以及與在泰國製造這些產品相關的啟動成本。

We will continue to see some additional manufacturing transition costs associated with the move from the REV6 to REV7 sensors and then potentially some onetime merger-related costs, including items such as purchase accounting step-up relating to inventory. But we do believe that the REV7 sensors will help us drive higher margins as we move through the rest of this year.

我們將繼續看到一些與從 REV6 傳感器轉移到 REV7 傳感器相關的額外製造轉型成本，然後可能會看到一些與一次性合併相關的成本，包括與庫存相關的採購會計遞增等項目。但我們確實相信，REV7 傳感器將幫助我們在今年剩餘時間裡推動更高的利潤。

Yes. And I would also add that we do expect ASPs to be stabilized back at historic levels, not the lower levels of Q4, and that's what we're seeing in Q1. So I think overall, it was absolutely the right call to invest in the REV7 lineup, and there were costs associated with that, that did obviously impact the Q4 margin. But the early response from the REV7 customers, we shipped to 29 customers in the quarter. We've had immense positive reaction from those products. And it sets us up extremely well looking into 2023 on where we're going with the business. So just a little helpful context on why we made that investment.

是的。我還要補充一點，我們確實希望 ASP 能夠穩定在歷史水平，而不是第四季度的較低水平，這就是我們在第一季度看到的情況。所以我認為總的來說，投資 REV7 系列絕對是正確的選擇，並且有相關的成本，這顯然影響了第四季度的利潤率。但 REV7 客戶的早期反應，我們在本季度向 29 個客戶發貨。我們對這些產品產生了巨大的積極反應。這讓我們非常了解 2023 年的業務發展方向。因此，關於我們為什麼進行這項投資的一些有用的背景信息。

Got it. No, that's very helpful and insightful. I appreciate that color. Maybe as a quick follow-up. Can you mind just reminding us on your capital needs, right? So the $315 million in liquidity, that includes the merger with Velodyne. And so what does that mean going forward? Do you anticipate there being a need to raise additional capital? Or is that aggregate liquidity sufficient to give you significant runway?

知道了。不，這非常有幫助和有見地。我很欣賞那種顏色。也許作為快速跟進。你能介意提醒我們你的資金需求嗎？因此，3.15 億美元的流動性，包括與 Velodyne 的合併。那麼這意味著前進嗎？您預計需要籌集更多資金嗎？或者，總的流動性是否足以為您提供重要的跑道？

As you mentioned, as of December 31, we had a very healthy combined balance sheet if we take into account the cash that we received from the Velodyne merger with roughly $315 million. One of the key things is that we made -- we took action on day 1 after the merger to reduce our cost structure. We had committed to, as part of the merger, to exceed $75 million in cost synergies.

正如你提到的，截至 12 月 31 日，如果我們考慮到我們從 Velodyne 合併中獲得的大約 3.15 億美元的現金，我們的合併資產負債表非常健康。其中一件關鍵的事情是我們做了——我們在合併後的第一天就採取了行動來降低我們的成本結構。作為合併的一部分，我們承諾要實現超過 7500 萬美元的成本協同效應。

As we mentioned in our prepared remarks, we've already removed $50 million exiting the first quarter. There was some onetime cash costs associated with that with about $12 million to $14 million, but we do feel very good about the early-stage success of the integration.

正如我們在準備好的評論中提到的那樣，我們已經從第一季度移除了 5000 萬美元。與此相關的一次性現金成本約為 1200 萬至 1400 萬美元，但我們對整合的早期成功感到非常滿意。

We see significant opportunities in the lidar space, and we do believe that our technology and products should enable us to win significant share in the future. We are going to continue to make investments over time, but it is something that we our weighing, which is obviously making sure that we can put in place a healthy business model for the future. And so we are looking at opportunities to continue to reduce our cost structure and put us in a good position for that.

我們在激光雷達領域看到了巨大的機遇，我們相信我們的技術和產品應該能夠讓我們在未來贏得重要份額。隨著時間的推移，我們將繼續進行投資，但這是我們權衡的事情，這顯然是為了確保我們能夠為未來建立一個健康的商業模式。因此，我們正在尋找機會繼續降低我們的成本結構，並使我們處於有利地位。

Congratulations on the quarter.

祝賀這個季度。

Thank you.

謝謝。

Thank you go next now to Brian Dobson of Chardan Capital Markets.

謝謝你，接下來請到 Chardan Capital Markets 的 Brian Dobson。

Yes. So I understand that you're not issuing guidance. However, you did issue a combined pro forma outlook for the 2 companies just prior to the close of the deal. Now that you've had some time to overview the businesses with the combined entity, how do you feel about those 2023 and 2024 revenue numbers? And should the Street still rely on them?

是的。所以我知道你沒有發布指導。但是，您確實在交易結束前發布了兩家公司的綜合預估展望。既然您已經有時間了解合併後實體的業務，您對 2023 年和 2024 年的收入數字有何看法？華爾街還應該依賴他們嗎？

Yes. We appreciate the question. Obviously, right now, we're only giving our first quarter guidance, which was for this period, which is between the $15 million and $17 million. We are continuing to look at the combined business, what it's going to look like. Obviously, we're only 40 days into this merger. So we're just starting off with kind of looking at the opportunities to grow the business, for the opportunities to get our cost structure in line. So I look forward to updating you in future quarters as we continue to make more progress on some of these integration activities. But for right now, we're really just putting our heads down and focusing on the task at hand.

是的。我們感謝這個問題。顯然，現在，我們只給出了這一時期的第一季度指導，在 1500 萬美元到 1700 萬美元之間。我們將繼續關注合併後的業務，它會是什麼樣子。顯然，我們進行這次合併只有 40 天。因此，我們剛剛開始著手尋找發展業務的機會，尋找使我們的成本結構保持一致的機會。因此，隨著我們在其中一些整合活動中繼續取得更多進展，我期待在未來幾個季度為您更新。但就目前而言，我們真的只是低下頭，專注於手頭的任務。

Yes. And I'd just add that we came out of 2022 with $70 million in bookings for the year. That's an extremely strong number for us as a business, and that was built primarily from the REV6 product line. And obviously, we've invested and now we're shipping REV7 products. They're a game changer for our customer base and for expanding our SOM.

是的。我只想補充一點，我們從 2022 年開始全年的預訂量為 7000 萬美元。對於我們作為一家企業來說，這是一個非常強勁的數字，而且主要是從 REV6 產品線構建的。顯然，我們已經投資，現在我們正在運送 REV7 產品。他們改變了我們的客戶群並擴大了我們的 SOM。

And so the growth we saw in bookings, the growth we saw in revenue and shipments and won deals last year gives us a lot of confidence that we're on the right trajectory for this year. And the merger from the work we've done in the last 4 weeks, we're on track with the merger. We're on track with our product transition on the Velodyne side, to Fabrinet, to really supporting those products and that revenue base long term as well. So I think in aggregate, we feel really good about where we are for the year.

因此，我們在去年看到的預訂量增長、收入和出貨量增長以及贏得的交易給了我們很大的信心，讓我們相信今年我們正走在正確的軌道上。從我們過去 4 週所做的工作合併來看，我們正在按計劃進行合併。我們正在 Velodyne 方面的產品過渡到 Fabrinet，以真正支持這些產品和長期收入基礎。所以我認為總的來說，我們對今年的情況感覺非常好。

Right. And were those REV7 sales, were those contemplated in the pro forma numbers that you put out in the filing?

正確的。那些 REV7 的銷售，是否在您提交的備考數字中有所考慮？

Yes, absolutely. So absolutely, this year, REV7 will be a major catalyst for us winning new business and also expanding business with our existing customer sets. I can't stress enough how much of a game changer the REV7 product line is. We changed basically every component in those devices we upgraded, starting with the L3 chip, a much more advanced semiconductor node, hundreds of millions of transistors worth of logic that double the range of the entire product line with no drawback in power draw, size, form factor, cost structure to the product line.

是的，一點沒錯。因此，今年 REV7 無疑將成為我們贏得新業務以及擴大與現有客戶群的業務的主要催化劑。 REV7 產品線在多大程度上改變了遊戲規則，我怎麼強調都不為過。我們基本上改變了我們升級的那些設備中的每個組件，從 L3 芯片開始，這是一個更先進的半導體節點，價值數億個邏輯晶體管，使整個產品線的範圍擴大一倍，而在功耗、尺寸、產品線的外形尺寸、成本結構。

And we also released a new form factor, the OSDome in the process. So not only are we improving our existing products, but we released this very differentiated OSDome product to expand more in our industrial and robotics space, but also give us a perfect sensor for all of our smart infrastructure solutions business. I'm using it in a ceiling-mounted way, just like a security dome. So the REV7 is absolutely a part of the business. And I'd highlight that we've already announced head-to-head wins with the REV7 sensors. Cyngn and LASE are 2 that we recently released, one in industrial robotics, the other in port automation. And so the early product feedback has been incredibly promising.

我們還發布了一個新的外形尺寸，OSDome 正在開發中。因此，我們不僅改進了現有產品，還發布了這款極具差異化的 OSDome 產品，以進一步擴展我們的工業和機器人領域，同時為我們所有的智能基礎設施解決方案業務提供完美的傳感器。我以天花板安裝的方式使用它，就像安全圓頂一樣。所以 REV7 絕對是業務的一部分。我要強調的是，我們已經宣布了與 REV7 傳感器的正面交鋒。 Cyngn 和 LASE 是我們最近發布的兩個，一個是工業機器人，另一個是港口自動化。因此，早期的產品反饋非常有希望。

That's excellent to hear. Just one final question. In the filing, you have some pro forma revenue numbers for '23 for Velodyne and for Ouster. And then you have the combined entity. And it seems like there's some leakage between those 3 numbers, and that's probably due to, call it, redundant product lines or redundant customers. The first quarter guidance you gave, that's just for stand-alone Ouster, right? Would you expect combined results to be below that range?

真是太好了。最後一個問題。在文件中，你有 Velodyne 和 Ouster 在 23 年的一些預估收入數字。然後你就有了合併後的實體。這 3 個數字之間似乎存在一些洩漏，這可能是由於冗餘產品線或冗餘客戶造成的。您給出的第一季度指導僅適用於獨立的 Ouster，對嗎？您希望綜合結果低於該範圍嗎？

Well, I appreciate the question. So for the stand-alone guidance that we're giving for the $15 million to $17 million of revenues, that includes any Velodyne products that we are shipping out after the merger date of February 10. So that would include the existing Ouster business, plus the VLP-16, the VLP-32 and the VLS-128 product lines from Velodyne.

好吧，我很欣賞這個問題。因此，對於我們為 1500 萬至 1700 萬美元的收入提供的獨立指導，其中包括我們在 2 月 10 日合併日期之後發貨的任何 Velodyne 產品。這將包括現有的 Ouster 業務，加上Velodyne 的 VLP-16、VLP-32 和 VLS-128 產品線。

We'll go now to not to Tristan Gerra of Baird.

我們現在不去貝爾德的特里斯坦杰拉。

This is Tyler on for Tristan. Could you provide an update of the state of demand in China? Do you expect a second half recovery? And then also, could you just remind us what your revenue exposure is to China?

這是特里斯坦的泰勒。您能否提供中國需求狀況的最新情況？您預計下半年會復蘇嗎？然後，您能否提醒我們您在中國的收入敞口是多少？

Thanks for the question. Yes. So we've never broken out the China revenue base. We've invested significantly in the region. There's a ton of great business to be had in APAC as a region overall. We do have a presence in China, both Velodyne and Ouster did, and we continue to have a presence there.

謝謝你的問題。是的。所以我們從來沒有打破過中國的收入基礎。我們在該地區投入了大量資金。作為一個整體，亞太地區有很多很棒的業務。我們在中國確實有業務，Velodyne 和 Ouster 都有，而且我們會繼續在那裡開展業務。

We have a lot of great customers within China in the robotics and automotive space where there's been a ton of investment in kind of robotaxi and adjacent industries. But we're also investing significantly into major other Asian markets like South Korea, Japan, Australia, Singapore. And obviously, we have a big physical presence in Thailand as well with our manufacturing there.

我們在中國有很多機器人和汽車領域的大客戶，在這些領域已經對機器人出租車和相關行業進行了大量投資。但我們也大量投資於其他主要亞洲市場，如韓國、日本、澳大利亞、新加坡。顯然，我們在泰國有很大的實體存在以及我們在那裡的製造。

So we're expecting to continue to invest in the entire region. It's an important region for us. We haven't broken out the demand and don't expect to, but really feeling good about the APAC region and their performance in 2022 and what we're expecting from them in 2023.

因此，我們期望繼續在整個地區進行投資。這對我們來說是一個重要的地區。我們還沒有打破需求，也不期望這樣做，但對亞太地區及其 2022 年的表現以及我們對他們 2023 年的期望感到非常滿意。

Okay. Great. For my follow-up, you mentioned that 1Q '23 ASP should go back to historical levels. But how should we think about price declines expected for the rest of the year and then also compare that with your expected cost declines for the year?

好的。偉大的。對於我的後續行動，你提到 1Q '23 ASP 應該回到歷史水平。但是我們應該如何考慮今年剩餘時間的預期價格下降，然後將其與您今年的預期成本下降進行比較？

Yes. So just stepping back, the fundamental kind of premise of the digital lidar sensors that our COGS are going to continue to decrease faster than our ASPs continues to be our expectation. Mark mentioned some of the headwinds that we'll have as a part of the merger, as a part of the REV6 to REV7 transition, those are near-term effects. But we do expect that REV7 will continue to march down this COGS trajectory while ASPs stay more stable. And so we noted that ASPs were lower in the fourth quarter due to some higher volume, lower ASP customers, but we've already seen ASPs rebound for the REV6 products, and the REV7 products are already coming in at higher ASPs, premium ASPs, than the REV6 products by design, given their premium performance.

是的。因此，退一步說，數字激光雷達傳感器的基本前提是我們的 COGS 將繼續以比我們的 ASP 更快的速度下降，這仍然是我們的預期。馬克提到了作為合併的一部分，作為 REV6 到 REV7 過渡的一部分，我們將遇到的一些不利因素，這些都是近期影響。但我們確實預計 REV7 將繼續沿著這個 COGS 軌跡前進，同時 ASP 保持更穩定。因此，我們注意到第四季度的平均售價較低，原因是一些銷量較高、平均售價較低的客戶，但我們已經看到 REV6 產品的平均售價出現反彈，而 REV7 產品已經以更高的平均售價、優質的平均售價進入市場，考慮到其卓越的性能，在設計上優於 REV6 產品。

We go next now to Kevin Cassidy at Rosenblatt Securities.

我們接下來是 Rosenblatt Securities 的 Kevin Cassidy。

Yes. Congratulations on the book-to-bill ratio that you had in 2022. When you're looking at the first quarter, are you continuing that type of book-to-bill ratio, assuming $16 million in revenue?

是的。祝賀您在 2022 年的訂單出貨比。當您查看第一季度時，假設收入為 1600 萬美元，您是否繼續保持這種類型的訂單出貨比？

Absolutely. I think that the book-to-bill is such a strong indicator for the business. You'll recall going back even to when we went public, we talked about the importance of building binding relationships with our customers, signing contracts with our customers, and we continue to do that and expect to continue to succeed. It's better for customers to have visibility into their purchasing cycles, and it's better for us in managing our supply chain and understanding where the business is going.

絕對地。我認為訂單出貨比是業務的一個強有力的指標。你會回想起我們上市時，我們談到了與客戶建立有約束力的關係、與客戶簽訂合同的重要性，我們將繼續這樣做，並期望繼續取得成功。客戶可以更好地了解他們的採購週期，也可以更好地管理我們的供應鍊和了解業務的發展方向。

Okay. Great. And to just better understand the -- getting the ASPs back up again, is that high-volume customers. Are you still -- are they still going to be in high-volume in 2023 and you're just getting more lower volume, let's say, higher ASP, so the mix is bringing the ASP back up? Or is that high-volume customer onetime shipments?

好的。偉大的。為了更好地理解——讓 ASP 再次恢復，就是大量客戶。您是否仍然 - 他們是否仍會在 2023 年保持高銷量，而您的銷量會越來越低，比方說，ASP 會更高，所以這種組合會使 ASP 回升？或者是大批量客戶的一次性發貨？

It's really a mix of both. And we have -- things are -- there is some volatility in ASPs, and we saw that through the quarters last year. There are the seasonal effects of Q4 in our business. We generally see higher volumes with slightly lower ASPs. It was a little more pronounced this year. But yes, I think that there's not too much to read into. We have high-volume customers that are purchasing in all the quarters through the year.

這真的是兩者的結合。而且我們 - 事情是 - 平均售價存在一些波動，我們在去年的幾個季度看到了這一點。我們的業務受到第四季度的季節性影響。我們通常會看到更高的銷量和略低的 ASP。今年表現得更明顯一些。但是，是的，我認為沒有太多需要閱讀的內容。我們有大量客戶在全年的所有季度都在採購。

Okay. Great. Congratulations on getting the merger done.

好的。偉大的。恭喜你完成了合併。

Thank you.

謝謝。

We'll go next now to Richard Shannon of Craig-Hallum.

接下來我們將請 Craig-Hallum 的 Richard Shannon 發言。

I guess my first one is for Mark here. Maybe give us some thoughts here how to build the cost model and cost structure. But just want to ask a direct question here of how you see your breakeven model from a gross margin, OpEx point of view.

我想我的第一個是給馬克的。也許在這裡給我們一些想法如何建立成本模型和成本結構。但只想在這裡直接問一個問題，即您如何從毛利率、運營支出的角度看待盈虧平衡模型。

Yes. I appreciate the question. And Rich, I can tell you that we've been focusing probably more time on that topic than on any other one. I can tell you that we are in the process of kind of building out our long-term modeling plans to make sure that we can take into account the combined company. We obviously have -- just 40 days ago, we obviously changed the entire dynamics of the organization with the combination. And obviously, we're very excited about that.

是的。我很欣賞這個問題。 Rich，我可以告訴你，我們花在這個話題上的時間可能比其他任何話題都多。我可以告訴你，我們正在製定我們的長期建模計劃，以確保我們可以考慮合併後的公司。我們顯然已經 - 就在 40 天前，我們顯然通過合併改變了組織的整個動態。顯然，我們對此感到非常興奮。

In terms of kind of the near-term outlook, we are really focused on that $75 million of cost synergies. We've -- we went into the merger with that on our mind. We've really put a lot of effort onto it. We're very happy that really in just the first 2 months, we've already been able to obtain roughly 65% of those cost savings on a go-forward basis. And we expect to continue to really drive the cost down from -- as committed to in the merger agreement and continue to actually see additional opportunities to lower the cost structure from that perspective.

就近期前景而言，我們真正關注的是 7500 萬美元的成本協同效應。我們已經 - 我們考慮到了合併。我們真的付出了很多努力。我們非常高興，僅在前兩個月，我們就已經能夠在前進的基礎上獲得大約 65% 的成本節約。我們希望繼續真正降低成本——正如合併協議中所承諾的那樣，並繼續從這個角度實際看到降低成本結構的更多機會。

In terms of the long-term business model, I mean we are doing a lot of work on the manufacturing side. Angus talked about it a little bit before. I also had in my prepared remarks, which is this move of some of the historical Velodyne products over to Thailand to really increase margins. One of the things that Angus mentioned in his remarks was that the merger allowed us to actually expedite some of that work. And you're going to start seeing more and more of the Velodyne products manufactured overseas, which should allow us to start to increase margins.

就長期商業模式而言，我的意思是我們在製造方面做了很多工作。安格斯之前也談過一點。我在準備好的發言中也提到，這是將一些歷史悠久的 Velodyne 產品轉移到泰國，以真正提高利潤率。 Angus 在他的評論中提到的一件事是，合併使我們能夠真正加快其中的一些工作。你會開始看到越來越多的 Velodyne 產品在海外製造，這應該讓我們開始增加利潤。

There are some start-up costs associated with that. There's some capital that we've put in place. But we are really excited about what this opportunity means in terms of being able to give us a higher gross margin business over the next few quarters, especially as we get through these early parts of the merger. I know I'm not answering your question exactly, but unfortunately, [we've only reached] 40 days, and I look forward to giving you more updates especially as we go through and we start getting more and more information under our belt.

有一些與之相關的啟動成本。我們已經投入了一些資金。但我們真的很高興這個機會能夠在未來幾個季度為我們帶來更高的毛利率業務，尤其是在我們完成合併的這些早期階段時。我知道我沒有準確回答你的問題，但不幸的是，[我們只到了] 40 天，我期待為你提供更多更新，尤其是在我們經歷並開始獲得越來越多的信息時。

Okay. I figured it might be a little early for that, but I appreciate your attempt at that one. I'm sure I'll ask again in the future. Maybe just a follow-up on the gross margin topic, your kind of 2 thoughts here. You talked about some REV7 transitional things as well as the Velodyne merger impact in the first quarter.

好的。我想這可能有點早，但我很感激你在這方面的嘗試。我相信我以後會再問的。也許只是對毛利率話題的跟進，你在這裡有兩種想法。你談到了一些 REV7 過渡性的事情以及第一季度 Velodyne 合併的影響。

I would assume that the -- at least the Velodyne merger part would affect the second quarter. So kind of when do we get rid of some of those effects and kind of get to a normal course of business? And then following up on that, as you talk about affecting the Velodyne manufacturing approach with what you've done at Ouster, where the gross margin is so good. Is there any way or expectation that Velodyne products are still remaining can get to an Ouster-like gross margin structure that you reported in the last few quarters?

我認為——至少 Velodyne 合併部分會影響第二季度。那麼我們什麼時候才能擺脫其中的一些影響並開始正常的業務過程呢？然後跟進，當你談到影響 Velodyne 製造方法與你在 Ouster 所做的事情時，那裡的毛利率非常好。是否有任何方式或期望 Velodyne 產品仍然可以達到您在過去幾個季度報告的類似 Ouster 的毛利率結構？

Yes. So looking at the gross margins and kind of what we're doing, first of all, on the -- from some of the historical Velodyne products. And we'll just call them the VLP-16, -32 and VLS-128 because we're really thinking about ourselves as one company. And it's -- obviously, we're only 40 days into it, but it's something that we're really focused on from that just that communication perspective.

是的。所以看看毛利率和我們正在做的事情，首先，來自一些歷史悠久的 Velodyne 產品。我們只稱它們為 VLP-16、-32 和 VLS-128，因為我們真正將自己視為一家公司。很明顯，我們只進行了 40 天，但從溝通的角度來看，這是我們真正關注的事情。

We started the transition before the merger. But after the merger, there's been a huge amount of increased efforts in terms of the -- both the Velodyne and Ouster operations groups to continue to basically move that process forward. It will take a couple of quarters, additional quarters before we get through most of that transition. Right now, we're expecting to be done sometime in the second half of this year. And that will allow those products to have a higher margin base.

我們在合併之前就開始了過渡。但在合併之後，Velodyne 和 Ouster 運營團隊都加大了努力，繼續推動這一進程。在我們完成大部分過渡之前，需要幾個季度，更多的季度。現在，我們預計將在今年下半年的某個時候完成。這將使這些產品擁有更高的利潤基礎。

There are some intricate differences between the 2 different product lines, which Angus is -- I'm sure looking forward to discussing about some of the margin base. But that's something where -- obviously, we do think that there's a better margin opportunity with some of the newer digital lidar products than what we've seen with some of the other existing historical products.

兩條不同的產品線之間存在一些錯綜複雜的差異，安格斯就是——我很期待討論一些利潤基礎。但這就是 - 顯然，我們確實認為與我們在其他一些現有歷史產品中看到的相比，一些較新的數字激光雷達產品有更好的利潤機會。

Yes. Just to add on to that, I mean we quickly took a look, at the time of the merger, what we could do on the Velodyne product base to increase margins quickly, efficiently and for the purpose of really supporting the existing customer base, and giving them a smooth transition that could be measured in years, not quarters, from analog lidar products to digital lidar products.

是的。除此之外，我的意思是我們在合併時迅速審視了我們可以在 Velodyne 產品基礎上做些什麼，以快速、高效地增加利潤，並真正支持現有客戶群，並且為他們提供從模擬激光雷達產品到數字激光雷達產品的平穩過渡，這種過渡可以以年而不是季度來衡量。

We're investing -- when we look -- when I just step back and continue to think about where this industry is going, digital lidar products have a fundamental cost structure advantage. And we're going to continue to invest in the R&D road map that's behind those digital lidar products. But we're in the fortunate position where we can provide really a supply guarantee to the Velodyne customers that they're going to be able to purchase these products for the VLP-16 and -32 and -128 products for the foreseeable future and give them a really smooth transition to digital products over a matter of years.

我們正在投資 - 當我們看時 - 當我退後一步繼續思考這個行業的發展方向時，數字激光雷達產品具有基本的成本結構優勢。我們將繼續投資於那些數字激光雷達產品背後的研發路線圖。但我們處於幸運的位置，我們可以為 Velodyne 客戶提供真正的供應保證，他們將能夠在可預見的未來為 VLP-16、-32 和 -128 產品購買這些產品，並給予他們在幾年內真正平穩地過渡到數字產品。

Okay. I appreciate those thoughts. And I guess one last quick question for Mark. I was just trying to estimate what your cash balance ending this quarter will be, and you're only 8 days from the end, so I figured I'd ask you if you could give us an estimate. I was kind of doing back envelope numbers to kind of get into around 270. Is that in the right range?

好的。我很欣賞這些想法。我想馬克的最後一個快速問題。我只是想估計您本季度末的現金餘額是多少，距離結束只有 8 天，所以我想我會問您是否可以給我們一個估計。我有點做回信封數字有點進入 270 左右。那在正確的範圍內嗎？

Yes. Obviously, we entered the quarter with $315 million -- or sorry, entered the year. We look at it as a combined basis, both the historical Velodyne and historical Ouster. Obviously, we're burning at their typical run rates for that first 40 days. Since that time, we've continued to do a lot of these integration activities to lower the burn rate. There is some cash costs associated with it. We publicly announced that it would be in this -- just this first stage of integration, it would be roughly $12 million to $14 million of cash cost. We did note, though, that, that would give us an annualized run rate savings of about $50 million per year.

是的。顯然，我們以 3.15 億美元進入本季度——或者抱歉，以 3.15 億美元進入了這一年。我們將其視為一個綜合基礎，包括歷史上的 Velodyne 和歷史上的 Ouster。顯然，我們在前 40 天以他們典型的運行率燃燒。從那時起，我們繼續進行大量此類集成活動以降低消耗率。有一些與之相關的現金成本。我們公開宣布，這將是 - 只是整合的第一階段，現金成本約為 1200 萬至 1400 萬美元。不過，我們確實注意到，這將為我們每年節省約 5000 萬美元的年化運行率。

But we are really looking at kind of making sure that we -- our cash is going to be something that's very, very important to us because we have a long runway in front of us. We have a lot of investment that we want to do. And so obviously, making sure that we can retain as much cash as we can, lower the burn rate and protect that asset in that we are very much focused on.

但我們真的在考慮確保我們 - 我們的現金將成為對我們來說非常非常重要的東西，因為我們面前有一條漫長的跑道。我們有很多想要做的投資。很明顯，確保我們能夠保留盡可能多的現金，降低燃燒率並保護我們非常關注的資產。

Great. And I think that's the -- I'm sorry, I'm just checking if there are more questions.

偉大的。我認為那是-- 抱歉，我只是想看看是否還有其他問題。

We do have a couple of more questions, sir. We go next now to Kevin Garrigan at WestPark Capital.

先生，我們還有幾個問題。接下來我們去 WestPark Capital 的 Kevin Garrigan。

Got it. Let me echo my congrats on the merger completion. Just 2 quick questions. So the first one. Last quarter, or actually last 2 quarters, the macroeconomic environment was impacting some customer cycles in some end markets. Can you kind of update us on whether this is still a big factor? And are customers delaying decisions to deploy your lidar at all? Or has macro improved and kind of will it be an impact in 2023?

知道了。讓我對合併完成表示祝賀。只需 2 個快速問題。所以第一個。上個季度，或者實際上是過去兩個季度，宏觀經濟環境正在影響一些終端市場的一些客戶週期。你能告訴我們這是否仍然是一個重要因素嗎？客戶是否完全推遲了部署激光雷達的決定？還是宏觀有所改善，會在 2023 年產生影響嗎？

Yes. I think that we -- looking back, our business came out of 2022 having weathered this environment quite well. And we expect -- we're a diversified company. We highlighted the growth in industrial and robotics sector for the business in 2022.

是的。我認為我們 - 回顧過去，我們的業務從 2022 年開始就很好地經受住了這種環境。我們期望——我們是一家多元化的公司。我們強調了 2022 年工業和機器人領域的業務增長。

Those are industries that really have a much more stable customer base than some of the R&D-focused emerging technologies that other companies in the space have kind of focused their companies on. And so diversification allowed us to complete the year with extremely strong bookings-to-bill ratio.

這些行業確實擁有比該領域其他公司專注於其公司的一些以研發為重點的新興技術更穩定的客戶群。因此，多元化使我們能夠以極其強勁的預訂出貨比結束這一年。

I really want to highlight, it's just kind of indicating how healthy this business is even in this macroeconomic environment. And again, you can see that the places that we're investing in the business are meant to continue to diversify and broaden our scope to build an even more, I guess, robust company against any kind of macroeconomic trends.

我真的想強調，這只是表明即使在這種宏觀經濟環境下，這項業務也有多健康。再一次，你可以看到我們在業務上投資的地方是為了繼續多元化和擴大我們的範圍，以建立一個更加強大的公司，我想，它可以應對任何宏觀經濟趨勢。

Okay. Got it. That makes sense. And then just as a quick follow-up. The combined company is, I'd say, a powerhouse in the nonautomotive lidar market. We've heard from some other lidar companies that they're trying to break into non-auto. Are you seeing any competitors making a big presence in non-auto or any increased competition in this market?

好的。知道了。這就說得通了。然後作為快速跟進。我想說，合併後的公司是非汽車激光雷達市場的強者。我們從其他一些激光雷達公司那裡聽說，他們正試圖打入非汽車領域。您是否看到任何競爭對手在非汽車領域佔據重要地位或該市場的競爭加劇？

I've seen a lot of press releases and not a lot of products. And I hope that it's just going back to how hard it is to release products in the lidar space, let alone competitive products, let alone gross margin-positive products. And now with REV7, it's the seventh time we've done that. So I expect there to be head-to-head, more head-to-head competition. But we've shown in the past, and I'm positive with the REV7 sensors, that we're going to continue to show that we are highly, highly competitive in the space.

我看過很多新聞稿而不是很多產品。我希望它只是回到激光雷達領域發布產品的難度，更不用說有競爭力的產品，更不用說毛利率為正的產品了。現在有了 REV7，這是我們第七次這樣做了。所以我希望會有更直接、更直接的競爭。但我們過去已經表明，我對 REV7 傳感器持肯定態度，我們將繼續表明我們在該領域的競爭力非常強。

And I'd actually point to what Ouster is doing in automotive and bringing now, looking to 2023 with the DF sensor line finally coming with early B samples into the automotive market as an indication of the presence Ouster is going to have in this market that historically some of our competitors thought was safe. And just to highlight some of the benefits that we are bringing to the market there. The DF sensor is really targeted at ultra-cost competitive, high performance modular sensors to go into the consumer vehicles that you and I drive. And there's immense amount of technology that has gone into building the world's highest performing solid-state digital lidar sensors in this DF product line and doing it at a cost point that is fundamentally shifting the entire kind of landscape of automotive lidar.

實際上，我要指出 Ouster 在汽車領域所做的事情以及現在帶來的東西，展望 2023 年，DF 傳感器系列最終將與早期 B 樣品一起進入汽車市場，這表明 Ouster 將在這個市場上佔有一席之地從歷史上看，我們的一些競爭對手認為是安全的。只是為了強調我們為那裡的市場帶來的一些好處。 DF 傳感器真正針對的是極具成本競爭力的高性能模塊化傳感器，用於您和我駕駛的消費車輛。在這個 DF 產品線中，有大量的技術被用於構建世界上性能最高的固態數字激光雷達傳感器，並且在從根本上改變汽車激光雷達的整個格局的成本點上做到這一點。

So we mentioned on the prepared remarks, we're going to be releasing early B samples, final form factor devices with the final size, shape, performance of the devices that will go into cars ultimately just in this next year, in the next couple of quarters, actually. And I have a ton of expectations for that and how it's going to catalyze our automotive business, given all the feedback that we've gotten internally from automakers as we've released A samples last year, communicated the DF road map and now finally putting the actual hardware into automakers' hands.

所以我們在準備好的評論中提到，我們將發布早期 B 樣品，最終尺寸、形狀和設備性能的最終外形設備，這些設備最終將在明年、接下來的幾年內用於汽車宿舍，實際上。考慮到我們在去年發布 A 樣品時從汽車製造商內部獲得的所有反饋，傳達了 DF 路線圖，現在終於把實際硬件交到汽車製造商手中。

Yes. That makes a ton of sense. Thank you for that color. Great. That was all that I have. Thanks guys, and congrats again.

是的。這很有道理。謝謝你的顏色。偉大的。這就是我的全部。謝謝大家，再次恭喜。

And we'll go next now to Colin Rusch at Oppenheimer.

接下來我們將請教奧本海默的 Colin Rusch。

First, could we talk a little bit about the ecosystem of not hardware elements that you guys are merging here? And how much progress in synergy there is within the software development tools or some of the other data and sensor fusion offerings that you guys are bringing to the table for your customers and how that's being received by the customer base so far?

首先，我們可以談談你們在這里合併的非硬件元素的生態系統嗎？在軟件開發工具或你們為客戶提供的其他一些數據和傳感器融合產品中，協同作用取得了多大進展？到目前為止，客戶群對此的接受程度如何？

Yes. I think the biggest thing to highlight here, this is a great question, and it really targets where we're going as a business. I mentioned at the beginning how we have a multipronged strategy to really grow from a hardware lidar maker into a solutions provider, an autonomy solutions provider. And we have the good fortune that both Velodyne and Ouster premerger had begun to invest in smart infrastructure solutions.

是的。我認為這裡要強調的最重要的事情是，這是一個很好的問題，它確實針對我們作為企業的發展方向。我在開頭提到了我們如何採用多管齊下的戰略，真正從硬件激光雷達製造商成長為解決方案提供商，自主解決方案提供商。我們很幸運，Velodyne 和 Ouster premerger 都開始投資智能基礎設施解決方案。

And that's the Ouster Gemini software platform that targets really the entire vertical. So security, crowd analytics and intelligent traffic systems. And then the BlueCity solution, which is a very focused solution just for traffic, analytics and management on the Velodyne side.

這就是真正針對整個垂直領域的 Ouster Gemini 軟件平台。所以安全、人群分析和智能交通系統。然後是 BlueCity 解決方案，這是一個非常專注於 Velodyne 端的流量、分析和管理的解決方案。

Since the merger, we actually now have combined those teams, and I held a software summit in Canada, where we got both teams together and defined a unified road map where we could integrate BlueCity and Gemini into kind of a single software road map where now BlueCity is underpinned by the Gemini offering and both can be sold to their respective audiences. And we've seen a ton of really great initial progress on this.

自合併以來，我們實際上已經合併了這些團隊，我在加拿大舉行了一次軟件峰會，我們將兩個團隊聚集在一起並定義了一個統一的路線圖，我們可以將 BlueCity 和 Gemini 整合到一個單一的軟件路線圖中，現在BlueCity 以 Gemini 產品為基礎，兩者都可以出售給各自的受眾。我們已經看到了這方面的大量非常好的初步進展。

We mentioned early traction with Gemini, released just this quarter. We already have over 10 deployments with that software. It sped the time to market for the customer set that we're selling into, really opened up new opportunities in crowd analytics, security and traffic because we're selling to a customer that may not know about lidar specifically but wants to have an end capability.

我們提到了本季度剛剛發布的 Gemini 的早期牽引力。我們已經使用該軟件進行了 10 多次部署。它加快了我們正在銷售的客戶群的上市時間，真正在人群分析、安全和交通方面開闢了新的機會，因為我們正在向可能不了解激光雷達但希望結束的客戶銷售產品能力。

And then BlueCity has been in the market actually for a couple of years now, and announced that they had done over 100 deployments in 2022 alone. And so we're combining -- we now have a significant team devoted to these efforts, and I see huge synergies as a result of the summit and the combined road map that came out of the summit that we held just last month.

然後 BlueCity 實際上已經進入市場幾年了，並宣布他們僅在 2022 年就完成了 100 多次部署。所以我們正在合併——我們現在有一個重要的團隊致力於這些努力，我看到了峰會和我們上個月舉行的峰會產生的綜合路線圖的巨大協同效應。

Okay. That's helpful. And just shifting away from the synergies that you guys are seeing from the organization to potential optimization of the balance sheet. Can you talk a little bit about what you can do to lower the cost of capital overall for the organization and extend the runway given the scope and scale of the ambition for the combined entity?

好的。這很有幫助。只是從你們從組織中看到的協同效應轉移到資產負債表的潛在優化上。考慮到合併後實體的雄心範圍和規模，您能否談談您可以做些什麼來降低組織的整體資本成本並延長跑道？

Yes. As we talked about before, obviously, we entered the year with a combined $315 million. As you mentioned, we are really focused on the cost synergies that we can take out of the business and making sure we can take those out as quickly as possible.

是的。正如我們之前談到的那樣，顯然，我們以 3.15 億美元的總收入進入了這一年。正如您所提到的，我們真正關注的是我們可以從業務中獲得的成本協同效應，並確保我們可以盡快將它們消除。

We are very pleased with the $50 million of annualized cost savings that we've taken out entering into the second quarter. For us, investment in new programs and new technologies is key. It's one of the reasons why Ouster's been so successful. The $70 million of bookings that we have as an organization that we got in 2022 is right from that investment.

我們對進入第二季度的年度成本節約 5000 萬美元感到非常滿意。對我們來說，對新項目和新技術的投資是關鍵。這是 Ouster 如此成功的原因之一。我們作為一個組織在 2022 年獲得的 7000 萬美元預訂正是來自這項投資。

And so the lidar space is just starting off. These deployments that we're doing right now, while we're very excited about it, these are just the beginning and there'll be additional investment that's needed. At the same time, we are putting together our business plan to make sure that we have the right operation structure or margin structure so that we can do what we can to get to a place where we feel that this is a truly successful business.

因此，激光雷達領域才剛剛起步。我們現在正在進行的這些部署，雖然我們對此感到非常興奮，但這僅僅是開始，還需要額外的投資。與此同時，我們正在製定我們的業務計劃，以確保我們擁有正確的運營結構或利潤率結構，以便我們能夠盡我們所能，使我們覺得這是一家真正成功的企業。

And it's going to take some time, it's going to take a lot of work, but we're very excited about the opportunity. And the merger really helped us in terms of putting together these 2 organizations, giving us additional scale and then allowing us to realign the overall cost structure.

這需要一些時間，需要做很多工作，但我們對這個機會感到非常興奮。合併確實幫助了我們將這兩個組織整合在一起，給了我們額外的規模，然後讓我們重新調整了整體成本結構。

And Mr. Pacala, it appears we have no further questions today. I'll turn the conference back to you.

帕卡拉先生，看來我們今天沒有其他問題了。我會把會議轉回給你。

All right. Well, I just -- I wanted to end by thanking all of our employees actually for a very strong 2022 and for putting in the work that positions Ouster for another incredible year in 2023. And I'd also like to thank everyone for attending the call today and for the questions asked.

好的。好吧，我只是 - 最後我想感謝我們所有的員工，感謝他們在 2022 年取得了非常強勁的成績，並感謝他們所做的工作，使 Ouster 在 2023 年又是一個令人難以置信的一年。我還要感謝大家參加今天打電話詢問問題。

Thank you. Ladies and gentlemen, that will conclude Ouster's Fourth Quarter 2022 Earnings Conference Call. Again, I'd like to thank you all so much for joining us and wish you all a great remainder of your day. Goodbye.

謝謝。女士們，先生們，Ouster 的 2022 年第四季度收益電話會議將結束。再次，我要非常感謝大家加入我們，並祝大家度過美好的一天。再見。