Ouster Inc (OUST) 2023 Q2 法說會逐字稿

Good afternoon, and welcome, everyone, to Ouster's second quarter earnings conference call. (Operator Instructions) The call today is being recorded, and a replay of the call will be available on the Ouster Investor Relations website an hour after the conclusion of this call.

下午好，歡迎大家參加 Ouster 第二季財報電話會議。 （操作員說明）今天的電話會議正在錄音，電話會議的重播將在電話會議結束一小時後在 Ouster 投資者關係網站上提供。

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

現在我想將會議交給投資者關係總監 Sarah Ewing 女士。尤因女士，請繼續。

Thank you, and good afternoon, everyone. Thank you for joining us for our 2023 second 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，大家下午好。感謝您參加我們的 2023 年第二季財報電話會議。今天，Ouster 執行長 Angus Pacala 也加入了我的行列。和財務長馬克·溫斯維格。

Before we begin the prepared remarks, we would like to remind you that earlier today, Ouster issued a press release announcing its second quarter 2023 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發言之前，我們想提醒您，今天早些時候，Ouster 發布了一份新聞稿，宣布了 2023 年第二季的業績。該公司還發布了一份投資者演示文稿，可在 ouster.com 的投資者關係部分查看。

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 and industry trends, anticipated synergies from the company's merger with Velodyne, ability to recognize the benefits of cost savings initiatives, future products and release dates, anticipated benefits and applications of new product releases, manufacturing expectations, technological advancements and commercial paths, potential future market opportunities, customer traction and the company's business outlook and the third quarter 2023 financial guidance and trajectory are forward-looking statements that are intended to be covered by the safe harbor provision of the Private Securities Litigation Reform Act of 1995 for forward-looking statements.

我還想提醒大家，在本次電話會議期間，Ouster 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、未來潛在的客戶訂單和發貨量、近期的情況等。應用、製造預期、技術進步和商業路徑、未來潛在的市場機會、客戶吸引力和公司的業務前景以及2023 年第三季度的財務指導和軌跡均為前瞻性陳述，旨在由私人公司的安全港條款涵蓋1995 年證券訴訟改革法案中的前瞻性聲明。

There is no guarantee that such plans, estimates and expectations will be achieved. Thus, while these statements represent management's expectations, 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.

無法保證此類計劃、估計和期望能夠實現。因此，雖然這些陳述代表了管理層的預期、未來業績和業績，但Ouster 的實際結果受到多種風險和不確定性的影響，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 the company filed with or furnishes to the SEC. Except as required by law or a regulation, the company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this call.

除了本次電話會議期間強調的任何風險之外，您還應該仔細考慮可能影響Ouster 未來業績的其他重要風險因素和披露信息，如最新的10-K 表格年度報告以及公司向Ouster 提交或提供的其他報告中所述。除法律或法規要求外，本公司不承擔在本次電話會議之後以任何理由更新任何這些前瞻性陳述的義務。

Information discussed on this call concerning the company's industry competitive position and the markets at which it operates is based on the 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.

本次電話會議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、其他第三方來源和管理層估計的信息，這些信息來自獨立行業發布的公開信息分析師和其他第三方來源以及公司內部研究的數據，並基於在審查這些數據及其在此類行業和市場的經驗和知識後做出的合理假設和計算。

By definition, assumptions are subject to uncertainty and risks, which could cause results to differ materially from those expressed in the estimates.

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有重大差異。

During this call, we will discuss certain non-GAAP financial measures. 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 directly comparable GAAP measures, please refer to today's press release.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。這些非公認會計原則財務措施應被視為根據公認會計原則制定的措施的補充，而不是替代。有關本次電話會議期間討論的非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的調節表，請參閱今天的新聞稿。

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. Following our merger with Velodyne in the first quarter, we set out to expand our product offering to broaden our serviceable market, strengthen our overall financial position and build an operating model for Ouster that would enable us to viably scale and catalyze growth across the business.

大家下午好，感謝您今天加入我們。在第一季與Velodyne 合併後，我們開始擴大產品範圍，以拓寬我們的服務市場，增強我們的整體財務狀況，並為Ouster 建立一個營運模式，使我們能夠有效地擴大規模並促進整個業務的成長。

Ouster exited the second quarter 2023 with record revenues of over $19 million, record bookings of $43 million, increased average selling prices of approximately $6,300 per sensor on shipments of over 3,000 sensors and a sustainable cash balance of $224 million. That, coupled with a meaningful reduction in expenditures across the business and our cutting-edge product road map, positions the company for long-term success and puts us on an achievable path to profitability.

Ouster 在2023 年第二季結束時，收入超過1,900 萬美元，創紀錄的預訂額為4,300 萬美元，每個感測器的平均售價提高了約6,300 美元，出貨量超過3,000 個感測器，可持續現金餘額為2.24 億美元。再加上整個業務支出的大幅減少和我們尖端的產品路線圖，使公司能夠取得長期成功，並使我們走上一條可實現的盈利之路。

Last quarter, we shared our 4 strategic priorities for the business in 2023 as we build Ouster into a global leader in autonomy solutions and digital LiDAR across our diverse end markets.

上季度，我們分享了 2023 年業務的 4 個戰略重點，我們將 Ouster 打造成跨多元化終端市場的自主解決方案和數位雷射雷達的全球領導者。

#1, drive new business through a targeted sales approach to deliver near-term growth; 2, execute on the digital LiDAR road map for OS and DF Series to expand our serviceable market; 3, develop a robust software ecosystem to accelerate LiDAR adoption; and 4, build a financially strong business to support our long-term growth.

#1，透過有針對性的銷售方式推動新業務，實現近期成長； 2、執行OS和DF系列的數位光達路線圖，以擴大我們的服務市場； 3.開發強大的軟體生態係以加速LiDAR的採用； 4、建立財務實力雄厚的業務以支持我們的長期成長。

Ouster had a record quarter with increased sales of REV7 sensors. Our REV7 sensors now account for the majority of our OS sensor revenue and bookings. We also shipped VLS-128 sensors to Motional and May Mobility, coinciding with new and expanded multiyear customer agreements in the first and second quarters. Additionally, we expanded the number of customers licensing the Ouster Gemini and BlueCity software solutions.

Ouster 的 REV7 感測器銷售成長，季度業績創歷史新高。我們的 REV7 感測器現在占我們作業系統感測器收入和預訂的大部分。我們也向 Motional 和 May Mobility 運送了 VLS-128 感測器，與第一季和第二季新簽訂的和擴展的多年客戶協議相吻合。此外，我們也擴大了 Ouster Gemini 和 BlueCity 軟體解決方案授權的客戶數量。

Turning to execution on our product road map. Our ability to improve sensor hardware through custom silicon CMOS chipsets will continue to set Ouster apart and keep our OS scanning sensors on the front end of innovation and performance. We have demonstrated this through multiple chipset tape-outs over the years, including the L3 chip last fall. We intend to do it again with the tape-out of our next-generation custom silicon, the L4 chip later this year.

轉向執行我們的產品路線圖。我們透過客製化矽 CMOS 晶片組改進感測器硬體的能力將繼續使 Ouster 脫穎而出，並使我們的作業系統掃描感測器處於創新和性能的前端。多年來，我們透過多個晶片組流片（包括去年秋天的 L3 晶片）證明了這一點。我們打算在今年稍後透過下一代客製化晶片 L4 晶片的流片來再次實現這一目標。

We also completed the integration of our early B sample solid-state digital flash or DF sensors. At only 40 millimeters tall and fully solid state, these final form factor sensors can detect 10% reflective objects, at up to 200 meters range with camera-like resolution. The DF advantages are key for automakers looking to integrate reliable sensors that can be manufactured affordably and at scale in high-volume production vehicle programs. Our early B samples will be sampled to leading automakers in the third quarter of 2023, which is a critical milestone in our automotive road map and in our commercial engagements with automakers. Next year, we will upgrade our B samples by integrating our next-generation silicon, the Chronos chip, which is also expected to tape-out later this year.

我們還完成了早期 B 樣品固態數位閃光燈或 DF 感測器的整合。這些最終外形尺寸的感光元件僅 40 毫米高，為全固態，可在長達 200 公尺的範圍內偵測 10% 的反射物體，並具有類似相機的解析度。對於希望整合可靠感測器的汽車製造商來說，DF 的優勢至關重要，這些感測器可以在大批量生產的車輛專案中以經濟實惠的方式大規模製造。我們的早期 B 樣品將於 2023 年第三季向領先的汽車製造商提供樣品，這是我們的汽車路線圖以及我們與汽車製造商的商業合作中的一個重要里程碑。明年，我們將透過整合我們的下一代晶片 Chronos 晶片來升級我們的 B 樣品，該晶片也預計將在今年稍後流片。

Turning to software. Ouster has made major product and commercial strides since the start of the year as we now offer our flexible Gemini smart infrastructure platform and our highly optimized BlueCity traffic actuation and control solution to an ever-expanding set of customers. We now have over 200 active deployments of our software solutions running an array of in-house developed machine learning algorithms that make real-time observations of the environment around them. These AI-enabled sensor solutions allow companies and governments to solve a range of challenges involving logistics, security and transportation. Where cameras have been used in the past, our LiDAR hardware and software solutions provide more actionable and reliable data in all manner of low light and environmental conditions to detect and track objects for people in real time and aggregate analytics in the cloud.

轉向軟體。自今年年初以來，Ouster 在產品和商業方面取得了重大進展，我們現在為不斷擴大的客戶群提供靈活的 Gemini 智慧基礎設施平台和高度優化的 BlueCity 交通驅動和控制解決方案。現在，我們的軟體解決方案已獲得 200 多個活躍部署，運行一系列內部開發的機器學習演算法，可以即時觀察周圍的環境。這些支援人工智慧的傳感器解決方案使公司和政府能夠解決涉及物流、安全和運輸的一系列挑戰。在過去使用攝影機的地方，我們的光達硬體和軟體解決方案可以在各種低光源和環境條件下提供更具可操作性和可靠的數據，以即時檢測和追蹤人員的物體並在雲端中匯總分析。

We are on track to complete the full unification of BlueCity with Ouster Gemini in the third quarter to pave the way for more features and a unified technology stack for faster development of both platforms in the future. I expect the demand for LiDAR hardware and software solutions across the smart infrastructure vertical will be a major growth driver for our business over the coming years. I spoke at a White House event in June to formally launch the Advanced Research Projects Agency for Infrastructure, or ARPA-I, a new agency within the Department of Transportation to foster the development and adoption of technologies that can improve the safety, sustainability and efficiency of our transportation infrastructure. The U.S. government's recognition of LiDAR as a critical transportation technology, combined with accelerating adoption of sensors at the state and municipal level, make me confident that we're on the cusp of a wide-scale deployment of this technology. And Ouster is well positioned to supply that demand.

我們預計在第三季完成 BlueCity 與 Ouster Gemini 的全面統一，為未來兩個平台更快開發更多功能和統一技術堆疊鋪平道路。我預計整個智慧基礎設施垂直領域對光達硬體和軟體解決方案的需求將成為未來幾年我們業務的主要成長動力。我在6 月的白宮活動中發表講話，正式啟動了基礎設施高級研究計畫局(ARPA-I)，這是交通部內的一個新機構，旨在促進可提高安全性、永續性和效率的技術的開發和採用我們的交通基礎設施。美國政府承認光達是一項關鍵的交通技術，再加上州和市級感測器的加速採用，讓我相信我們正處於大規模部署這項技術的風口浪尖。 Ouster 完全有能力滿足這項需求。

And finally, all of this progress is backed by an increasingly strong operating model with an eye on profitability. This is why Ouster took decisive steps in the second quarter to further reduce our expenditures across the business. As a result of those actions as well as additional steps to streamline our operations, we are now targeting over $110 million in cost savings exiting the fourth quarter of 2023 compared to our original goal of over $75 million at the close of the merger, as baselined against the stand-alone cost structures of Ouster and Velodyne after the third quarter of 2022.

最後，所有這些進步都得到了日益強大的注重獲利能力的營運模式的支持。這就是為什麼 Ouster 在第二季採取果斷措施，進一步減少整個業務的支出。透過這些行動以及精簡營運的其他措施，我們現在的目標是到2023 年第四季節省超過1.1 億美元的成本，而我們最初的目標是在合併結束時節省超過7500 萬美元的成本（以基線計算）比較 2022 年第三季後 Ouster 和 Velodyne 的獨立成本結構。

As part of these efforts, Ouster also continued to execute on its outsourced manufacturing strategy for the former Velodyne products. We completed the transition of the VLP-32 sensor to Fabrinet in Thailand following the full transition of the VLP-16 in the first quarter of 2023 and remain on track to fully transition the VLS-128 by the end of the year.

作為這些努力的一部分，Ouster 也繼續執行其前 Velodyne 產品的外包製造策略。繼 2023 年第一季全面過渡 VLP-16 後，我們在泰國完成了 VLP-32 感測器向 Fabrinet 的過渡，並預計在年底前全面過渡 VLS-128。

We look forward to providing the market with more information on how these actions fit into our detailed financial plan next quarter.

我們期待向市場提供更多信息，說明這些行動如何融入我們下季度的詳細財務計劃。

I'll turn the call over to our CFO, Mark Weinswig, to provide more context on our financial results for the second quarter and outlook for the third quarter.

我將把電話轉給我們的財務長馬克溫斯威格 (Mark Weinswig)，以提供有關我們第二季財務業績和第三季前景的更多背景資訊。

Thank you, Angus, and good afternoon, everyone. The second quarter marked continued commercial traction and strong ASPs of our REV7 product family as well as significant progress towards completing our merger integration efforts and realigning Ouster's business model with our expected growth trajectory.

謝謝你，安格斯，大家下午好。第二季標誌著我們 REV7 產品系列的持續商業吸引力和強勁的平均售價，以及在完成我們的合併整合工作和根據我們的預期成長軌跡重新調整 Ouster 業務模式方面取得的重大進展。

Starting off with our second quarter 2023 results, we recognized a record $19 million in revenue, a 13% increase over the first quarter. Industrial and robotics customers continued to drive the majority of our revenue in the second quarter, accounting for approximately 56% of sales closely followed by sales in the smart infrastructure vertical. In the second quarter, we booked $43 million in business with new and existing customers, up from $33 million in the first quarter 2023. This represents a book-to-bill ratio of over 2% in the second quarter. In the first half of this year, we have already booked a combined $76 million in business, up from a total of $70 million in the fiscal year 2022.

從 2023 年第二季業績開始，我們實現了創紀錄的 1,900 萬美元收入，比第一季成長 13%。工業和機器人客戶繼續推動我們第二季的大部分收入，約佔銷售額的 56%，緊隨其後的是智慧基礎設施垂直領域的銷售額。第二季度，我們與新客戶和現有客戶的業務預訂額為 4,300 萬美元，高於 2023 年第一季的 3,300 萬美元。今年上半年，我們已經預訂了總計 7,600 萬美元的業務，高於 2022 財年的 7,000 萬美元總額。

Similar to the first quarter, we saw continued commercial traction driven by strong demand and improved average selling prices for our REV7 sensors. In total, we shipped over 3,000 sensors in the second quarter. Our ASPs increased to 6,300 from 5,700 per sensor in the first quarter, primarily due to the strength of REV7 and a positive mix shift within the VLP product category.

與第一季類似，我們看到強勁的需求和 REV7 感測器平均售價的提高推動了持續的商業吸引力。第二季我們總共出貨了 3,000 多個感測器。我們的平均售價從第一季每個感測器的 5,700 個增加到 6,300 個，這主要是由於 REV7 的實力以及 VLP 產品類別內的積極組合轉變。

We believe Ouster is in a strong position as we move through the remainder of 2023. We have the most performant family and sensors on the market, one of the broadest customer bases in the industry and a strong balance sheet with $224 million in cash, cash equivalents and short-term investments as of June 30. As anticipated, Ouster saw slightly improved GAAP gross margins in the second quarter. The second quarter gross margins of 1% included certain expenses outside of our ordinary operations, including excess and obsolete costs and losses on firm purchase commitments of $3.8 million associated with the consolidation of product lines and manufacturing transition to the REV7-OS sensors.

我們相信，在 2023 年剩餘的時間裡，Ouster 處於有利地位。月30 日的等價物和短期投資。第二季 1% 的毛利率包括我們正常營運之外的某些費用，包括超額和過時成本以及與產品線整合和向 REV7-OS 感測器製造過渡相關的 380 萬美元堅定採購承諾的損失。

Ouster's non-GAAP gross margins were 26% in the second quarter of 2023. Given the transient nature of integration-related activity, we will continue to break out merger integration, product transition and other expenses outside of our ordinary operations in an effort to provide a clear delineation between infrequent or unusual impacts in the fundamentals of the business to help baseline future operating performance.

2023 年第二季度，Ouster 的非 GAAP 毛利率為 26%。業務基本面的罕見或異常影響，以協助確定未來營運績效的基準。

In an effort to meet customer demand, reduce costs and ultimately expand long-term gross margins, we made further progress in our efforts to transition all Velodyne sensor production lines to a contract manufacturer in Thailand. We have completed the full transition of the VLP-32 sensor following the full transition of the VLP-16 in the first quarter, and we remain on track to transition the VLS-128 by the end of the year. As a result of these efforts, we expect to see improved gross margins in the second half of 2023 as these activities are completed and the savings begin to be realized.

為了滿足客戶需求、降低成本並最終擴大長期毛利率，我們在將所有 Velodyne 感測器生產線轉移給泰國的合約製造商方面取得了進一步進展。繼第一季 VLP-16 全面過渡之後，我們已經完成了 VLP-32 感測器的全面過渡，我們仍有望在今年年底前過渡 VLS-128。由於這些努力的結果，隨著這些活動完成並開始實現節省，我們預計 2023 年下半年毛利率將有所改善。

Turning to our cost reduction efforts. We took additional actions in the second quarter to reduce our cash burn rate and align our cost structure with a path to profitability. Building off the actions already taken in the first quarter, the company reduced annual run rate costs by an additional $40 million in the second quarter of 2023. We implemented further cost reductions across the organization, which resulted in a onetime cash expense of over $3 million. With these cuts, we are now on track to exceed our previously announced cost savings target of $80 million to $85 million, increasing our estimate to over $110 million in annualized cost savings exiting the fourth quarter of 2023 as baselined against the stand-alone cost structure of Ouster and Velodyne as of the third quarter of 2022.

轉向我們降低成本的努力。我們在第二季採取了更多行動，以降低現金消耗率，並使我們的成本結構與獲利之路保持一致。在第一季已採取的行動的基礎上，公司在 2023 年第二季將年度營運成本額外降低了 4,000 萬美元。透過這些削減，我們現在預計將超越先前宣布的 8,000 萬至 8,500 萬美元的成本節約目標，將根據獨立成本結構作為基準，將 2023 年第四季度的年化成本節約額提高到超過 1.1 億美元截至2022年第三季度，Ouster 和Velodyne 的情況。

During our third quarter earnings call, we expect to present a long-term plan for the business as well as greater detail on our combined company cost structure on a go-forward basis. The actions we have taken have been difficult. We believe they put us in a great position to improve our financial results, providing us with strong operating leverage as we grow the business. We are working to position Ouster for long-term success and are taking the necessary steps to grow top line revenues while also containing costs and improving margins.

在第三季的財報電話會議上，我們預計將提出長期業務計劃，並進一步詳細介紹我們合併後的公司成本結構。我們採取的行動是困難的。我們相信，它們使我們處於改善財務表現的有利位置，在我們發展業務時為我們提供強大的營運槓桿。我們正在努力使 Ouster 長期成功，並採取必要措施來增加營收，同時控製成本並提高利潤。

Now turning to guidance. For the third quarter of 2023, Ouster is targeting between $20 million and $22 million in revenues. We are pleased that our growth rate over the past couple of quarters, driven by the strong bookings activities and key design wins. We expect to see continued progression on our gross margins over the next 2 quarters as we complete the merger integration work, outsource manufacturing of Velodyne LiDAR sensors and migrate more of the business to our more performant REV7 sensors. As we continue to make progress on these activities, we do expect our GAAP gross margins and non-GAAP gross margins to start to converge in the second half of the year.

現在轉向指導。 Ouster 的 2023 年第三季營收目標為 2,000 萬至 2,200 萬美元。我們很高興看到過去幾季我們的成長率是由強勁的預訂活動和關鍵設計勝利所推動的。隨著我們完成合併整合工作、外包 Velodyne LiDAR 感測器的製造並將更多業務遷移到性能更高的 REV7 感測器，我們預計未來 2 個季度的毛利率將持續成長。隨著我們在這些活動上繼續取得進展，我們預計我們的 GAAP 毛利率和非 GAAP 毛利率將在今年下半年開始趨同。

Overall, the second quarter performance saw a number of financial improvements over the first quarter, including higher bookings and revenues, a strong book-to-bill, higher gross margins, lower operating expenses and an improved adjusted EBITDA.

總體而言，第二季的業績較第一季出現了許多財務改善，包括預訂量和收入增加、訂單出貨比強勁、毛利率提高、營運費用降低以及調整後 EBITDA 改善。

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

說到這裡，我想把電話轉回給安格斯。

Thanks, Mark. Ouster is now the largest U.S. producer of 3D LiDAR. We have a proven ability to manufacture at scale with positive gross margins and have demonstrated strong growth with record revenue and bookings in 2 consecutive quarters. Increasingly, we provide AI-enabled sensor solutions to companies and governments worldwide to solve a range of challenges involving logistics, security and transportation. By leveraging Moore's Law and our silicon road map, we continue to release new sensor products and capabilities annually and have typically increased the performance of our devices substantially with each release. The success of our REV7 sensors is the latest example of the effectiveness of our digital-first strategy.

謝謝，馬克。 Ouster 目前是美國最大的 3D LiDAR 生產商。我們擁有經過驗證的大規模生產能力和正毛利率，並展現出強勁的成長勢頭，營收和預訂量連續兩季創歷史新高。我們越來越多地向世界各地的公司和政府提供支援人工智慧的感測器解決方案，以解決涉及物流、安全和運輸的一系列挑戰。透過利用摩爾定律和我們的晶片路線圖，我們每年都會繼續發布新的感測器產品和功能，並且通常每次發布都會大幅提高我們設備的性能。我們的 REV7 感測器的成功是我們數位優先策略有效性的最新例證。

This quarter, we had another major milestone, completing the integration of our first DF sensors, our line of affordable, low energy, quiet, extremely high-resolution LiDAR sensors tailored for the global automotive industry. With our continued product and commercial advancements and recent actions to reduce costs across the business, I believe we can achieve the revenue growth, margins and cost targets necessary to become a highly profitable supplier of LiDAR sensors and solutions.

本季度，我們實現了另一個重要里程碑，完成了首款 DF 感測器的集成，這是我們為全球汽車行業量身定制的經濟實惠、低能耗、安靜、極高分辨率的 LiDAR 感測器系列。透過我們持續的產品和商業進步以及最近降低整個業務成本的行動，我相信我們能夠實現成為高利潤雷射雷達感測器和解決方案供應商所需的收入成長、利潤和成本目標。

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

就這樣，我想打開它進行問答。

Thank you, Mr. Pacala. (Operator Instructions) We'll go first Stephanie to Andres Sheppard at Cantor Fitzgerald.

謝謝你，帕卡拉先生。 （操作員指示）我們將首先前往 Cantor Fitzgerald 的 Stephanie 到 Andres Sheppard。

Congratulations on the quarter. And I want to start by maybe asking about gross margins, maybe particularly on a GAAP basis. It's great to see that you're back in positive territory there. I think that was a surprise, at least to us. Curious on how you're thinking about it throughout the rest of the year. I know there was some commentary in the prepared remarks, but maybe just to expand from there, what might we expect from margins throughout the rest of the year?

恭喜本季。我想先問問毛利率，尤其是按照公認會計準則計算的毛利率。很高興看到你回到了積極的領域。我認為這是一個驚喜，至少對我們來說是這樣。很好奇你在今年剩下的時間裡是如何思考這個問題的。我知道準備好的評論中有一些評論，但也許只是從那裡擴展，我們對今年剩餘時間的利潤率有何期望？

Thank you for the question. And gross margin is something that we're very passionate about. Gross margins for the quarter were 1%, and that included a number of nonrecurring unusual and frequent items, including our excess and obsolete costs and certain losses on purchase commitments that totaled about $3.8 million. These were mainly associated with the consolidation of product lines and the manufacturing transition from the REV6 to the REV7 sensors. Our non-GAAP gross margins were up to 26%, which was sequentially up and reflected both higher revenues and the higher ASPs associated with our REV7 sensors. We do believe looking forward into the second half of the year that with continued commercial traction and higher revenues, the cost reduction efforts we've undertaken and also our move to outsource manufacturing that we should see our margins expand in the second half of the year and with our GAAP gross margin starting to get more aligned with our non-GAAP gross margins.

謝謝你的提問。毛利率是我們非常熱衷的事。該季度的毛利率為 1%，其中包括一些非經常性的異常和頻繁項目，包括我們的超額和過時成本以及總計約 380 萬美元的某些採購承諾損失。這些主要與產品線的整合以及從 REV6 到 REV7 感測器的製造過渡有關。我們的非 GAAP 毛利率高達 26%，環比上升，反映了與我們的 REV7 感測器相關的更高的收入和更高的平均售價。我們確實相信，展望今年下半年，隨著持續的商業吸引力和更高的收入、我們所採取的降低成本的努力以及我們轉向外包製造的舉措，我們應該會看到我們的利潤率在下半年擴大我們的GAAP 毛利率開始與我們的非GAAP 毛利率更加一致。

And then maybe just a quick follow-up. In terms of the $43 million in bookings, which you alluded to, it's a combination of business with new and existing customers just remind us how quickly does that translate into revenue? Is that all reported in the quarter? Or is that maybe spread out throughout the few quarters that are left?

然後也許只是快速跟進。就您提到的 4,300 萬美元預訂而言，這是與新客戶和現有客戶的業務組合，只是提醒我們，這轉化為收入的速度有多快？這都是本季報告的嗎？或者這可能會分散在剩下的幾個季度中嗎？

Yes. Thanks for the question, Andres. So it's good to highlight. The vast majority -- bookings, first of all, encompasses all business that we closed, that's binding in the quarter, whether we recognized some of that business in the quarter as revenue or whether we push it off as backlog into subsequent quarters or in the subsequent years. I would say that the majority of what we book is for the same year that we book it in. But with a book-to-bill of over 2 this quarter, you can imagine that there's actually a multiyear component to a certain percentage of the bookings that we do make. And we highlighted that really.

是的。謝謝你的提問，安德烈斯。所以最好突出一下。絕大多數——首先，預訂包括我們關閉的所有業務，這些業務在本季度具有約束力，無論我們是否將本季度的部分業務確認為收入，還是將其作為積壓訂單推遲到後續季度或本季度。我想說的是，我們預訂的大部分都是我們預訂的同一年的。的預訂。我們確實強調了這一點。

Well, Motional is a good example of this, where we announced a multiyear, through 2026, supply agreement with Motional. And that booking obviously has a near-term component, but that is layered in over the next couple of years. So not -- the majority of our bookings are not that long at length. I'd say the majority of bookings tend to be within the year or the 2 years following the booking. But overall, the takeaway there is that it's a very strong forward indicator of the business. And again, we closed $76 million so far in bookings in the first half of this year compared to $70 million in bookings for all of 2022. So we're off to a great start.

Motional 就是一個很好的例子，我們宣布與 Motional 簽訂一份到 2026 年的多年供應協議。這種預訂顯然有近期的成分，但將在未來幾年內分層。所以不是——我們的大多數預訂的長度都沒有那麼長。我想說，大多數預訂往往是在預訂後的一年內或兩年內。但總的來說，它是該業務的一個非常強大的前瞻性指標。再說一次，今年上半年我們的預訂量為 7,600 萬美元，而 2022 年全年的預訂量為 7,000 萬美元。

Moving on now to Kevin Garrigan at Westpark Capital.

現在轉向 Westpark Capital 的 Kevin Garrigan。

Let me echo my congrats. I think you noted you're in 200 active deployments with BlueCity and Gemini. Can you give us a sense of how much revenue came from these -- from the software? Or is it still kind of too minimal? And then does the combination of both come with higher pricing?

讓我表達我的祝賀。我想您已經注意到您與 BlueCity 和 Gemini 進行了 200 項活動部署。您能否告訴我們有多少收入來自這些軟體？或者它仍然太小了？那麼兩者的結合是否會帶來更高的定價？

Thanks, Kevin, for the question. This is a really interesting area of the business. It's one that I believe -- and I think it's a major growth driver for us in the future of the company. And so just to reiterate, the smart infrastructure -- the software that we're selling is focused on the smart infrastructure vertical. We're selling into security, logistics and transportation networks with our Gemini and BlueCity solutions. It's still the early days. We announced Gemini in the first quarter of this year. BlueCity was a product that we have now incorporated from the Velodyne merger and have 2 quarters of that under our belts. But the early progress with these 200 deployments is incredibly compelling.

謝謝凱文提出問題。這是一個非常有趣的業務領域。我相信這一點，而且我認為這是我們公司未來的主要成長動力。因此，重申一下，智慧基礎設施——我們銷售的軟體專注於智慧基礎設施垂直領域。我們透過 Gemini 和 BlueCity 解決方案向安全、物流和運輸網路領域銷售產品。現在還處於早期階段。我們在今年第一季宣布了 Gemini。 BlueCity 是我們從 Velodyne 合併中合併而來的產品，我們擁有其中的 2 個季度。但這 200 個部署的早期進展令人難以置信。

In terms of breaking this out, we're going to wait until this is a significant enough part of our business that we start breaking this out as a separate metric to kind of show the momentum that we have in the software side of the business. And absolutely, I expect that we'll be driving higher ASPs or higher gross margins in our combined kind of software attached sales. Because keep in mind, with every piece of software that we sell or every software license, we're also selling hardware, we are selling LiDAR sensors as well. So this software attached sale is a really, really positive new dynamic that we've built into the business. And from every indication we've seen from customer feedback to the government response to just the raw product performance, this is off to a great start.

就突破這一點而言，我們將等到這是我們業務中足夠重要的一部分，然後我們開始將其作為一個單獨的指標來突破，以顯示我們在業務軟體方面的勢頭。當然，我預計我們將在我們的組合軟體附加銷售中推動更高的平均售價或更高的毛利率。因為請記住，對於我們銷售的每一個軟體或每個軟體許可證，我們也在銷售硬件，我們也在銷售雷射雷達感測器。因此，這種軟體附加銷售是我們在業務中建立的一個非常非常積極的新動力。從客戶回饋到政府對原始產品性能的反應，我們看到的每一個跡像都表明，這是一個好的開始。

And then on ASPs, congrats on the strong growth there. Can you give us a sense on how we should kind of think about ASPs as we kind of head into the second half of the year? And should we expect kind of the typical seasonal effects in Q4?

然後就 ASP 而言，祝賀其強勁成長。您能否告訴我們，當我們進入今年下半年時，我們該如何看待 ASP？我們是否應該預期第四季會出現典型的季節性影響？

Well, it's hard to anticipate exactly where ASPs will go. But what we've seen so far is a very positive trend in the upward direction. And as for one main reason, it's the REV7 release. So if you recall, we started -- we had $5,600 ASPs last quarter. That was a rebound from the fourth quarter of 2022 for Ouster, and it was really driven by the REV7 release. Why is it commanding higher ASPs is because we built fundamentally more capability and performance into L3 chip that went in those devices, boosted the performance of the sensor and commanding premium ASPs as a result and having this kind of outsized impact on the entire business. We saw that continue this quarter with $630 ASPs versus $5,600 last quarter. So the trend is in the right direction. And I'd say that while now we announced the majority of our sales for REV7, the majority of our OS sensor sales are now for REV7 sensors. But that doesn't mean that all of them are. So we're still seeing more uptake from the customer base. And we'll see how that plays out with the ASPs for the second half of the year, but I have a lot of confidence in where we're going.

嗯，很難準確預測 ASP 的走向。但到目前為止，我們看到的是一個非常積極的上升趨勢。至於主要原因之一，就是 REV7 的發布。因此，如果您還記得的話，我們上個季度的平均售價為 5,600 美元。對於 Ouster 來說，這是自 2022 年第四季以來的反彈，這實際上是由 REV7 版本推動的。為什麼它要求更高的ASP，是因為我們從根本上在這些設備中的L3 晶片中內建了更多的功能和性能，提高了感測器的性能，從而獲得了優質的ASP，並對整個業務產生了巨大的影響。我們看到本季這種情況仍在繼續，平均售價為 630 美元，而上個季度為 5,600 美元。所以趨勢是朝著正確的方向發展的。我想說，雖然現在我們宣布了 REV7 的大部分銷售額，但我們作業系統感測器的大部分銷售額現在都是 REV7 感測器。但這並不意味著所有這些都是。因此，我們仍然看到客戶群的使用量增加。我們將看看下半年 ASP 的表現如何，但我對我們的發展方向充滿信心。

We go to Greg Pendy at Chardan.

我們去找查丹的格雷格·彭迪。

It's Greg Pendy in for Brian Dobson. Just real quick, trying to frame how much left is on the gross margin upside from transitioning to Thailand. So could you just kind of help us understand how much of an impact the VLS-128 will have just assuming your gross margins on a non-GAAP basis, we're 27% in this quarter, and how we should be thinking about that, maybe as a tailwind in the second half?

格雷格·彭迪 (Greg Pendy) 取代布萊恩·多布森 (Brian Dobson)。速度很快，試圖確定遷移到泰國後毛利率還剩多少。那麼，您能否幫助我們了解 VLS-128 會產生多大的影響，假設您的毛利率是基於非 GAAP 基礎，我們本季的毛利率為 27%，以及我們應該如何考慮這一點，也許是下半場的順風車？

Yes, thank you for the question. So our non-GAAP gross margins for the quarter were 26%. We do believe that there is a significant amount of expansion opportunity due to both the cost reductions that we've put in place that we're executing on over the next couple of quarters and also the transition of the manufacturing over to our contract manufacturer. In terms of individual product lines and the margins on either, we typically do not disclose what those are. But I can tell you, as you have seen the increase in our ASPs. And obviously, as our ASPs continue to be robust, we would expect that, that should flow right through to the gross margins and give us additional operating leverage down to the bottom line.

是的，謝謝你的提問。因此，我們本季的非 GAAP 毛利率為 26%。我們確實相信，由於我們在未來幾季實施的成本削減措施以及將製造業務轉移到我們的合約製造商，因此存在大量的擴張機會。就個別產品線及其利潤率而言，我們通常不會透露這些內容。但我可以告訴你，正如你所看到的，我們的平均售價有所增加。顯然，隨著我們的平均售價繼續保持強勁，我們預計，這應該會直接影響毛利率，並為我們帶來額外的營運槓桿直到底線。

We'll go next now to Kevin Cassidy at Rosenblatt.

接下來我們將採訪羅森布拉特的凱文·卡西迪。

This is [Madison De Palette] from Rosenblatt Securities calling in for Kevin Cassidy. Could you give me a breakdown of the end markets for the bookings?

我是羅森布拉特證券公司的 [麥迪遜·德·帕萊特] 為凱文·卡西迪打來的電話。您能否給我預訂的終端市場的詳細資訊？

Madison, thanks for the question. We don't give a breakdown and never have given really a breakdown for the bookings side of the business by vertical. But I can point to the revenue breakdown where Mark Weinswig mentioned that we had driven the majority of our revenue from the robotics and industrial sector. That's become a trend for Ouster. And we see a lot of strength in that side of the business. Our products really drive to the cost centers of industrial businesses and where our warehousing and logistic customers. It's one of the reasons why we've had so much success in things like automated forklifts and automated ground vehicles that are operating in warehouses and manufacturing facilities. So yes, the majority of business driven right now in industrial and robotics, but I've also made a lot of comments on this call about my expectations for smart infrastructure and how much traction we're seeing now that we have some mature software offerings in that space to kind of spur the adoption of that technology.

麥迪遜，謝謝你的提問。我們沒有提供細分，也從未真正按垂直領域對業務預訂方面進行細分。但我可以指出收入細分，馬克溫斯威格（Mark Weinswig）提到我們的大部分收入來自機器人和工業領域。這已經成為 Ouster 的趨勢。我們看到這方面的業務有很大的優勢。我們的產品真正進入工業企業的成本中心以及我們的倉儲和物流客戶所在的地方。這就是為什麼我們在倉庫和製造設施中運行的自動堆高機和自動地面車輛等方面取得如此巨大成功的原因之一。所以，是的，目前大多數業務都是由工業和機器人技術驅動的，但我也在這次電話會議上發表了很多評論，內容涉及我對智慧基礎設施的期望，以及我們現在擁有一些成熟的軟體產品所帶來的吸引力。

We go next now to Richard Shannon at Craig-Hallum.

接下來我們請聽 Craig-Hallum 的理查德·香農 (Richard Shannon)。

Mark, I may follow-up on the gross margin question. Clearly, understanding you see some upside potential from a number of different factors. And I guess I'll ask specifically if you can quantify or give us a kind of a range of where you think this can go assuming, of course, the same mix here, obviously, automotive may change that, but you've got some manufacturing transitions, some other cost reductions and certainly a mix shift towards REV7 happening here. So I wonder if you can give us a sense of where it can peak out? I mean this is a number that's going to start with a 3 or possibly higher? Just any way you can quantify a range that would be great.

馬克，我可能會跟進毛利率問題。顯然，了解您從許多不同因素中看到了一些上行潛力。我想我會具體問你是否可以量化或給我們一個你認為可以去的範圍，當然，假設這裡是相同的組合，顯然，汽車可能會改變這一點，但你有一些製造轉型、其他一些成本降低，當然還有向REV7 的混合轉變正在發生。所以我想知道你能否讓我們了解它可以在哪裡達到頂峰？我的意思是這是一個以 3 或可能更高的數字開頭的數字？只要能量化一個範圍，那就太好了。

Yes. I appreciate the question and great hearing from you, Richard. Ouster, prior to the merger, had been able to attain margins that were north of 30%. And obviously, our goal is to even strive that even higher as we go forward through the year. There are a couple of levers for us to do that. One is obviously revenue is a key thing. We have to -- we're going to need to grow. The great news is that as you heard from Angus in our prepared remarks, the bookings have been very strong. The book-to-bill being over 2%. And just the bookings through the whole fiscal year have been -- give us a lot of confidence that we can actually grow the business. So obviously, increasing revenue is one aspect.

是的。理查德，我很感謝你的提問和精彩的聆聽。在合併之前，Ouster 的利潤率已超過 30%。顯然，我們的目標是在這一年中爭取更高的目標。我們有幾個槓桿可以做到這一點。一是收入顯然是關鍵。我們必須－我們需要成長。好消息是，正如您在我們準備好的演講中從安格斯那裡聽到的那樣，預訂量非常大。訂單出貨率超過2%。整個財年的預訂量給了我們很大的信心，讓我們相信我們能夠真正發展業務。顯然，增加收入是一方面。

The other one is just getting higher ASPs and having an ability to actually bring some of those higher ASPs down to the gross margin line. And finally, it's the cost reduction. So we previously talked on the call just in terms of overall cost reductions, the efforts that we've taken, both in the first quarter and in the second quarter. And in addition to that, the transition over to our contract manufacturing.

另一個是提高平均售價，並有能力將其中一些較高的平均售價降低到毛利率水準。最後，是成本的降低。因此，我們之前在電話會議中僅討論了總體成本削減以及我們在第一季和第二季所做的努力。除此之外，也過渡到我們的合約製造。

But one aspect that I think is important that Angus also mentioned and that we have probably not given enough time to, at this point, is the software-enabled products that we actually are going to be providing as part of the smart infrastructure should give us an additional leverage as those become a higher part of our revenue. That's not going to be tomorrow. That's not going to be probably this quarter that we start to see that breakout, but we are making very, very good progress there. So I think that this is something where we hope that we should be able to start seeing some type of quarter-on-quarter expansion of gross margins throughout this year and hopefully into 2024.

但我認為安格斯也提到的一個重要方面，我們可能還沒有給予足夠的時間，在這一點上，我們實際上將作為智能基礎設施的一部分提供的軟體產品應該為我們提供當這些成為我們當收入的更高部分時，就會產生額外的槓桿作用。那不會是明天。我們可能不會在本季開始看到突破，但我們正在這方面取得非常非常好的進展。因此，我認為我們希望今年能夠開始看到毛利率出現某種形式的季度環比擴張，並有望持續到 2024 年。

Angus, my follow-up question is on the automotive market. You're really looking at your digital flash products. Maybe you can quantify the number of engagements that you have time frames by which you might expect some sort of decision and ultimately, the SOP that you're targeting there? I assume it probably is in the 426 but just want to get your sense of the progress there.

安格斯，我的後續問題是關於汽車市場的。您真正關注的是您的數位快閃記憶體產品。也許您可以量化您在時間範圍內預期做出某種決策的參與次數，並最終確定您的目標 SOP？我認為它可能在 426 中，但只是想讓您了解那裡的進展。

Yes. Thanks for the question. I was hoping you were going to ask about DF because we're doing some really special there. And I'm looking forward to providing a more fulsome update. It's been a lot of hard work for a couple of years to bring together the incredible technology that's driving this sensor. And so in this quarter, we finished the integration of the world's first long-range truly solid-state flash LiDAR sensor based on this digital technology. There's really nothing like it in the world other than this device. And we're putting it in automaker's hand this quarter. So I'm going to be out on the road meeting with a number of automakers.

是的。謝謝你的提問。我希望您會詢問有關 DF 的問題，因為我們正在那裡做一些非常特別的事情。我期待著提供更豐富的更新。幾年來，我們經過大量艱苦的工作，才將驅動該感測器的令人難以置信的技術整合在一起。因此，在本季度，我們完成了世界上第一個基於這種數位技術的遠距離真正固態閃光雷射雷達感測器的整合。除了這個設備之外，世界上真的沒有類似的東西。我們將在本季將其交給汽車製造商。因此，我將去拜訪一些汽車製造商。

We have a team doing worldwide toward getting this in the hands of OEM customers at the very first time. What makes it special is a couple of things. But first of all, we're building a technology that we think can win the majority of this industry long term. And we're building to meet the market, right? It's -- you don't need to be first as long as you're building the thing that's going to be sustainable long term. And that's an integrated self-state digital technology. And so the DF shines because it's low cost, it's all state, it's digital, there's a multi-sensor platform that is required to really get into all the vehicle makes and models that make this a saturated technology. And it's high performance.

我們有一個團隊在全球範圍內努力將其第一時間交付給 OEM 客戶。它的特別之處在於以下幾件事。但首先，我們正在建立一種我們認為可以長期贏得該行業大部分市場的技術。我們正在建設以滿足市場，對吧？只要你正在建立長期可持續發展的東西，你就不需要成為第一。這是一種整合的自狀態數位技術。因此，DF 之所以引人注目，是因為它成本低、全狀態、數位化，需要一個多感測器平台才能真正進入所有車輛品牌和型號，從而使其成為飽和技術。而且它的性能很高。

So we're hitting 200-meter range at 10% with a flash LiDAR. This is something that physicists 5 years ago said couldn't be done. And we're doing it in a form factor that's incredibly slim, this thing is only 40 millimeters tall. So yes, we'll be providing a more fulsome update next quarter, but we're tracking on our progress. We said we get this thing out into automakers' hands this quarter, and we're doing it. So I couldn't be more pleased.

因此，我們使用閃光 LiDAR 以 10% 的速度達到 200 公尺的範圍。這是物理學家5年前說不可能的事。我們的外形非常纖薄，只有 40 毫米高。所以，是的，我們將在下個季度提供更豐富的更新，但我們正在追蹤我們的進展。我們說過我們會在本季將這個東西交到汽車製造商手中，而我們正在這樣做。所以我高興極了。

(Operator Instructions) And it appears we have no further questions this afternoon. Mr. Pacala, I'd like to turn things back to you for closing comments.

（操作員說明）今天下午我們似乎沒有其他問題了。帕卡拉先生，我想將事情轉回給您以供結束評論。

Well, I want to thank everyone for joining the call today. I did want to highlight, it's been a quarter and a half since we completed the merger with Velodyne. I'm incredibly pleased that we have delivered so far on the thesis of the combination of the 2 companies. We are significantly growing revenues, and expanding product portfolio, record bookings and the trajectory on cost, margin and bookings that really is speaking to the bright future for the company. So thanks again for joining the call.

好吧，我要感謝大家今天加入電話會議。我確實想強調一下，自從我們完成與 Velodyne 的合併以來已經過去四分之一半了。我非常高興我們到目前為止已經完成了兩家公司合併的論文。我們的營收顯著成長，產品組合不斷擴大，預訂量創歷史新高，成本、利潤和預訂量的軌跡確實預示著公司光明的未來。再次感謝您加入通話。

Thank you. Ladies and gentlemen, the conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。女士們、先生們，會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。