Ouster Inc (OUST) 2024 Q1 法說會逐字稿

Hello, and welcome to Ouster's first quarter 2024 earnings conference call.

您好，歡迎參加 Ouster 2024 年第一季財報電話會議。

(Operator Instructions) This call today is being recorded, and a replay of the call will be available on the Ouster Investor Relations website in hour after the completion of this call.

（操作員說明）今天的電話會議正在錄音，電話會議結束後一小時內將在 Ouster 投資者關係網站上提供電話會議的重播。

I'd now like to turn the conference over to Chen Geng, VP of Strategic Finance and Treasurer.

現在我想把會議交給策略財務副總裁兼財務主管陳耕。

Please go ahead.

請繼續。

Good afternoon, everyone.

大家下午好。

Thank you for joining us for our first quarter 2024 earnings call.

感謝您參加我們的 2024 年第一季財報電話會議。

I am joined today by Ouster's Chief Executive Officer, Angus Pacala; and Chief Financial Officer, Mark Weinswig.

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 first quarter 2024 results.

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 2024 年第一季的業績。

An investor presentation was published and is available on the Investor Relations section of Ouster's website.

一份投資者簡報已發布，可在 Ouster 網站的投資者關係部分查看。

Today's earnings call and press release reflect management's views as of today only and will include statements related to our business and financial outlook that are forward-looking statements under the federal securities laws.

今天的收益電話會議和新聞稿僅反映管理層截至今天的觀點，並將包括與我們的業務和財務前景相關的聲明，這些聲明屬於聯邦證券法規定的前瞻性聲明。

Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business.

由於與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述中包含或暗示的結果有重大差異。

For a discussion of the material risks and other important factors that could impact our actual results, please refer to the company's SEC filings and today's press release.

有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱該公司向 SEC 提交的文件和今天的新聞稿。

Both of which can be found on our Investor Relations website, any forward-looking statements that we make on this call are based on assumptions as of today and, other than as may be required by law, we undertake no obligation to update these statements as a result of new information or future events.

兩者都可以在我們的投資者關係網站上找到，我們在本次電話會議中所做的任何前瞻性陳述均基於截至今天的假設，除法律可能要求的之外，我們不承擔更新這些陳述的義務新資訊或未來事件的結果。

Information discussed on this call concerning Ouster's industry, competitive position and the 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 Ouster'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 Ouster 行業、競爭地位及其運營市場的信息基於獨立行業和研究組織、其他第三方來源以及管理層估計的信息，這些信息源自獨立行業分析師發布的公開信息和其他第三方來源，以及來自Ouster 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.

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。

These non-GAAP financial measures should be considered as a supplement to and not a substitute for measures prepared in accordance with GAAP.

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。

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.

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 would now like to turn the call over to Angus.

我現在想把電話轉給安格斯。

Hello, everyone, and thank you for joining us today.

大家好，感謝您今天加入我們。

I'll start with a brief recap of the quarter, overview of the market, and update on our strategic priorities.

我將首先簡要回顧本季、市場概況，並介紹我們的策略重點的最新情況。

Mark will cover our results in more detail before I close with some final thoughts.

在我結束一些最後的想法之前，馬克將更詳細地介紹我們的結果。

In the first quarter, we continued to build upon the positive operational momentum that we generated throughout 2023.

第一季度，我們持續鞏固 2023 年全年的積極營運動能。

We reported record revenues of $26 million, which was at the high end of our guidance range.

我們報告的收入達到創紀錄的 2600 萬美元，處於我們指導範圍的高端。

This represents growth of 51% year-over-year, and our revenues exceeded an annualized run rate of $100 million for the first time in Ouster's history.

這意味著同比增長 51%，我們的收入在 Ouster 歷史上首次超過了 1 億美元的年化運行率。

Our customers' continued adoption of REV7 sensors, combined with our operational leverage, drove non-GAAP gross margin expansion to 36%, which represents our highest level to date.

我們的客戶持續採用 REV7 感測器，加上我們的營運槓桿，推動非 GAAP 毛利率擴大至 36%，這是我們迄今為止的最高水準。

During the quarter, we closed on numerous large deals in our smart infrastructure and industrial verticals.

本季度，我們在智慧基礎設施和工業垂直領域完成了許多大型交易。

Within smart infrastructure, we continued to extend our collaboration with a leading global logistics company to install additional REV7 sensors and Ouster Gemini at their distribution yards.

在智慧基礎設施方面，我們繼續擴大與一家全球領先物流公司的合作，在其配送場安裝額外的 REV7 感測器和 Ouster Gemini。

We see potential for further expansion as we are currently deploying our solutions on only 5% of their global footprint.

我們看到了進一步擴張的潛力，因為我們目前僅在其全球足跡的 5% 上部署了我們的解決方案。

Moreover, we estimate that this single customer represents only a fraction of the market opportunities for this use case.

此外，我們估計這個單一客戶僅代表該用例的市場機會的一小部分。

Last year alone, 10 of the largest retail and logistics companies collectively invested nearly $50 billion in capital expenditures.

光是去年，10家最大的零售和物流公司就總共投資了近500億美元的資本支出。

Our Gemini solution is designed to offer a myriad of benefits, such as reducing operating costs, boosting operating efficiency, fortifying perimeter security, enhancing workplace safety, and alleviating labor constraints.

我們的 Gemini 解決方案旨在提供多種優勢，例如降低營運成本、提高營運效率、加強週邊安全、增強工作場所安全以及緩解勞動力限制。

We believe that these compelling value propositions will help secure an increasing portion of this spend.

我們相信，這些令人信服的價值主張將有助於確保這筆支出的比例不斷增加。

The industrial vertical is a perfect example of our belief that ultimately everything that moves will become autonomous.

工業垂直領域是我們信念的完美例子，最終所有移動的東西都將變得自動化。

During the first quarter, we landed million-dollar deals to bring REV7 to agriculture and ports applications.

第一季度，我們達成了數百萬美元的交易，將 REV7 引入農業和港口應用。

Within agriculture, we see the potential for agricultural automation to become one of our largest end markets.

在農業領域，我們看到農業自動化有潛力成為我們最大的終端市場之一。

Based on industry data, there are over 2 million tractors sold each year.

根據行業數據，每年銷售超過 200 萬台拖拉機。

Assuming two sensors per vehicle, each 1% penetration rate represents 40,000 sensors, or nearly triple the amount of sensors we sold during 2023.

假設每輛車有兩個感測器，每 1% 的滲透率代表 40,000 個感測器，幾乎是我們在 2023 年銷售的感測器數量的三倍。

Our solutions also bring a convincing value proposition to ports around the world.

我們的解決方案也為世界各地的港口帶來令人信服的價值主張。

Throughput in ports globally surpassed 850 million containers in 2023.

2023年，全球港口吞吐量將超過8.5億個貨櫃。

Our solutions can enable increased efficiency in tasks such as container positioning, tracking, collision avoidance, and twist lock detection.

我們的解決方案可以提高貨櫃定位、追蹤、避免碰撞和扭鎖偵測等任務的效率。

By saving one second per container, we estimate that ports can move an additional 20 million units per year.

透過每個貨櫃節省一秒，我們估計港口每年可以額外運輸 2000 萬個貨櫃。

At an average terminal handling charge of $500 per container, this represents $10 billion of incremental revenue for the port industry.

以每個貨櫃 500 美元的平均碼頭裝卸費計算，這意味著港口業將增加 100 億美元的收入。

Governments worldwide are investing in their infrastructure, and the US alone has committed to spending over $20 billion on US port infrastructure over the next five years.

世界各國政府都在投資基礎設施，光是美國就承諾在未來五年內投資超過 200 億美元用於美國港口基礎設施。

We feel well-positioned to capitalize on this investment.

我們感覺自己處於有利地位，可以充分利用這項投資。

Turning to our strategic business priorities for 2024, our first priority is to expand software and grow the installed base.

談到我們 2024 年的策略業務重點，我們的首要任務是擴展軟體並擴大安裝基礎。

During the first quarter, Ouster trained a new deep learning perception model that advances our ambition to become a world leader in lidar powered perception solutions.

在第一季度，Ouster 訓練了一個新的深度學習感知模型，該模型推動了我們成為雷射雷達驅動感知解決方案的世界領導者的雄心壯志。

With enhanced operating performance, our Gemini and Blue City customers now benefit from improvements to object detection at longer distances and multiple object tracking accuracy.

憑藉增強的操作性能，我們的 Gemini 和 Blue City 客戶現在受益於遠距離物體偵測和多物體追蹤精度的改進。

We continue to expand Ouster Gemini and Blue City deployments and close millions in software-attached sales in the first quarter.

我們繼續擴大 Ouster Gemini 和 Blue City 的部署，並在第一季實現了數百萬美元的軟體附加銷售額。

Ouster collaborated with a recipient of the US Department of Transportation's, SMART Grant to empower pedestrian safety improvements, near-miss detection, traffic counting, and traffic flow analytics.

Ouster 與美國交通部 SMART Grant 的接受者合作，致力於改善行人安全、未遂事故偵測、交通計數和交通流量分析。

Compared to competing solutions, Ouster provides superior all-weather performance, privacy protection, and the ability to accurately detect and classify multiple types of road users.

與競爭解決方案相比，Ouster 提供卓越的全天候效能、隱私權保護以及準確偵測和分類多種類型道路使用者的能力。

With over 300,000 signalized intersections in the US alone, we view the market for intelligent transportation systems as a tremendous future growth opportunity.

光是在美國就有超過 30 萬個號誌交叉口，我們將智慧交通系統市場視為未來巨大的成長機會。

Our smart infrastructure team also recently attended major industry events, including the United States' largest security trade show.

我們的智慧基礎設施團隊最近也參加了重大產業活動，包括美國最大的安全貿易展。

There were a few anecdotes that I'd like to share.

我想分享一些軼事。

First, one of the world's largest retailers noted that Ouster was one of the true gems of the show.

首先，世界上最大的零售商之一指出，Ouster 是該展會真正的瑰寶之一。

While one of the largest security integrators in North America said Ouster was the most interesting technology he had seen in 20 years.

而北美最大的安全整合商之一表示，Ouster 是他 20 年來見過的最有趣的技術。

This positive feedback reinforces our conviction that lidar is poised to become the preeminent technology for the next generation of smart infrastructure applications.

這種正面的回饋增強了我們的信念，即光達有望成為下一代智慧基礎設施應用的卓越技術。

Turning to hardware technology, Ouster continued to execute on its product roadmap in the first quarter.

談到硬體技術，Ouster 在第一季繼續執行其產品路線圖。

We introduced new firmware designed to enhance the performance capabilities of our REV7 sensors and coincides with heightened interest for AI and robotics customers.

我們推出了新的韌體，旨在增強 REV7 感測器的性能，同時也迎合了人工智慧和機器人客戶日益濃厚的興趣。

Delivered over the air, the update supports improved accuracy and zero minimum range and will enable operations in tighter spaces and closer proximity to other objects.

此更新透過無線方式提供，支援提高精度和零最小範圍，並將支援在更狹窄的空間和更接近其他物體的情況下進行操作。

Our next generation L4 custom silicon chip is taped out and is expected to bring significant improvements in performance, reliability, and manufacturability, along with safety certifications to the OS sensor family.

我們的下一代 L4 客製化矽晶片已流片，預計將在性能、可靠性和可製造性方面帶來顯著改進，並為作業系統感測器系列提供安全認證。

We continue to develop our automotive-grade custom silicon and plan to integrate the Chronos chip into our final form factor, solid-state digital flash or DF sensors in the next year.

我們將繼續開發汽車級客製化晶片，並計劃在明年將 Chronos 晶片整合到我們的最終外形、固態數位快閃記憶體或 DF 感測器中。

DF represents a first-of-its-kind truly solid-state, compact, affordable, and performant family of automotive-grade lidar sensors.

DF 代表了首個真正固態、緊湊、經濟且高性能的汽車級光達感測器系列。

Finally, we progressed on our long-term financial framework during the first quarter.

最後，我們在第一季的長期財務框架方面取得了進展。

Our first quarter revenue growth of 51% and margin expansion to 29% aligned well with the parameters we had laid out.

我們第一季的營收成長 51%，利潤率擴大至 29%，與我們制定的參數非常吻合。

While we are pleased that our GAAP operating expenses of $33 million were 14% lower than the third quarter of 2023, we do expect our GAAP operating expenses to fluctuate quarter-to-quarter, primarily due to changes in non-cash stock-based compensation expenses and other items.

雖然我們很高興我們的 GAAP 營運費用為 3,300 萬美元，比 2023 年第三季低 14%，但我們確實預計我們的 GAAP 營運費用將出現季度波動，這主要是由於非現金股票薪酬的變化費用和其他項目。

We continue to look for further opportunities to optimize our cost structure and reduce our cash burn.

我們繼續尋找進一步的機會來優化我們的成本結構並減少現金消耗。

The first quarter marked strong operating results and progress on all three of our strategic business objectives.

第一季取得了強勁的經營業績，並在我們所有三個策略業務目標方面取得了進展。

I'll now turn the call over to our CFO, Mark Weinswig to provide more context on our financial results for the first quarter.

我現在將把電話轉給我們的財務長馬克溫斯威格 (Mark Weinswig)，以提供更多有關我們第一季度財務業績的背景資訊。

Thank you, Angus, and good afternoon, everyone.

謝謝你，安格斯，大家下午好。

In the first quarter, we recognized a record $25.9 million in revenue, a 51% increase over the first quarter of 2023, and a 6% increase over the fourth quarter of 2023.

第一季度，我們實現創紀錄的 2,590 萬美元收入，比 2023 年第一季成長 51%，比 2023 年第四季成長 6%。

We also shipped a record 4,500 sensors in the quarter.

本季我們還交付了創紀錄的 4,500 個感測器。

Overall, we saw strong revenue contributions from each of our four verticals, automotive, industrial, robotics, and smart infrastructure.

總體而言，我們看到汽車、工業、機器人和智慧基礎設施這四個垂直領域的強勁收入貢獻。

The robotics vertical was the largest contributor to revenue and more than doubled on a year-over-year basis, followed by automotive, which generated the highest quarterly revenue in our history.

機器人垂直產業是收入的最大貢獻者，年成長了一倍以上，其次是汽車產業，它產生了我們歷史上最高的季度收入。

This quarter illustrates the benefits of our strong customer and market diversity, which provides us with the opportunity to capitalize on multiple emerging industry trends.

本季度展示了我們強大的客戶和市場多樣性的優勢，這為我們提供了利用多個新興行業趨勢的機會。

GAAP gross margin improved to 29% from negative 2% in the first quarter of 2023 and increased 700 basis points from 22% in the prior quarter.

GAAP 毛利率從 2023 年第一季的負 2% 升至 29%，較上一季的 22% 增加 700 個基點。

Non-GAAP gross margin improved to 36% in the first quarter and reached the highest levels in Ouster's history.

第一季非 GAAP 毛利率提高至 36%，達到 Ouster 歷史最高水準。

This marks our fourth consecutive quarter with higher GAAP and non-GAAP gross margin.

這標誌著我們連續第四個季度的 GAAP 和非 GAAP 毛利率更高。

The margin expansion over the past year reflects the operating leverage inherent in our business model, along with our premium-performing REV7 sensors.

過去一年的利潤成長反映了我們業務模式固有的營運槓桿以及我們高性能的 REV7 感測器。

Over the past year, we have lowered our cost structure as we transition manufacturing to contract manufacturing partners in Thailand and streamlined our internal processes.

在過去的一年裡，我們將製造業務轉移給泰國的合約製造合作夥伴，並簡化了內部流程，從而降低了成本結構。

These actions have positioned Ouster to be a low-cost provider of high-performance sensors.

這些舉措使 Ouster 成為高性能感測器的低成本供應商。

GAAP operating expenses of $33 million were lowered by 81% year-over-year and 22% sequentially.

GAAP 營運費用為 3,300 萬美元，年減 81%，季減 22%。

We have continued to make strides on reducing our cost structure while substantially growing revenues.

我們在降低成本結構方面持續取得進展，同時大幅增加收入。

We are carefully managing our cost structure while at the same time continuing to invest in new products and technologies to drive future growth avenues.

我們正在仔細管理我們的成本結構，同時繼續投資新產品和技術，以推動未來的成長途徑。

Our balance sheet remains strong with cash, cash equivalents, restricted cash, and short-term investments of $189 million at March 31.

截至 3 月 31 日，我們的資產負債表依然強勁，現金、現金等價物、限制性現金和短期投資為 1.89 億美元。

This cash balance includes approximately $4 million raised via our ATM during the first quarter.

該現金餘額包括第一季透過 ATM 籌集的約 400 萬美元。

Reflecting our strategy to maintain a strong balance sheet to help fund our future growth.

反映了我們保持強勁的資產負債表以幫助我們未來成長的策略。

Since Q1 of 2023, we have significantly reduced our operating cash burn.

自 2023 年第一季以來，我們大幅減少了營運現金消耗。

As the lidar industry transitions into its next phase of growth, we intend to maintain our financial position as a point of differentiation.

隨著雷射雷達行業進入下一階段的成長，我們打算保持我們的財務狀況作為差異化點。

We believe our customers are placing increased emphasis on their partners' balance sheets.

我們相信，我們的客戶越來越重視其合作夥伴的資產負債表。

Moving to our guidance for the second quarter of 2024, we expect to achieve between $26 million and $28 million of revenue.

根據我們對 2024 年第二季的指導，我們預計將實現 2,600 萬至 2,800 萬美元的收入。

At the midpoint of the range, this represents approximately 40% year-over-year revenue growth.

在該範圍的中點，這意味著收入同比增長約 40%。

Now with that, I'll turn the call back over to Angus.

現在，我將把電話轉回安格斯。

Thanks, Mark.

謝謝，馬克。

I'm proud of the notable accomplishments Ouster achieved during the first quarter.

我為 Ouster 在第一季取得的顯著成就感到自豪。

Our revenues exceeded an annualized run rate of $100 million for the first time.

我們的年收入首次超過 1 億美元。

We shipped a record 4,500 sensors, and we reported the highest non-GAAP gross margin in Ouster history.

我們的感測器出貨量達到創紀錄的 4,500 個，我們報告了 Ouster 史上最高的非 GAAP 毛利率。

We also marked the one-year anniversary of our merger with Velodyne.

我們也慶祝了與 Velodyne 合併一周年。

Compared to the first quarter of 2023, we have grown our revenues by 51% and expanded our gross margin by over 3,000 basis points.

與 2023 年第一季相比，我們的營收成長了 51%，毛利率擴大了 3,000 多個基點。

We are the only publicly traded lidar company over the past year to deliver four straight quarters of sequential revenue growth, margin expansion, and lower cash burn.

我們是過去一年中唯一一家連續四個季度實現收入連續成長、利潤率擴張和現金消耗較低的上市雷射雷達公司。

Over the past year, our focused operational execution combined with a leading product portfolio has established us as one of the strongest Western lidar companies in the industry.

在過去的一年裡，我們專注的營運執行力與領先的產品組合相結合，使我們成為業內最強大的西方光達公司之一。

This positions us well for the substantial opportunity ahead of us, as we are firm believers that everything that moves in the future will be robotic.

這使我們能夠很好地抓住眼前的巨大機遇，因為我們堅信未來移動的一切都將是機器人。

The adoption of lidar among our customers and across industries remains in its infancy, and we are determined to capture the multibillion-dollar market for a global ecosystem of autonomy solutions.

雷射雷達在我們的客戶和跨行業中的採用仍處於起步階段，我們決心佔領全球自主解決方案生態系統的數十億美元市場。

With our REV7 sensors and Gemini and Blue City software solutions, Ouster is creating the critical technologies at the core of autonomy. 2024 is off to a positive start, and I'm confident that our persistent execution will continue to set Ouster apart from the rest of the industry.

透過我們的 REV7 感測器以及 Gemini 和 Blue City 軟體解決方案，Ouster 正在創造自動化核心的關鍵技術。 2024 年是一個良好的開端，我相信我們堅持不懈的執行力將繼續使 Ouster 在業界脫穎而出。

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

說到這裡，我想打開它進行問答。

(Operator Instructions) Madison De Paola, Rosenblatt.

（操作員說明）Madison De Paola，Rosenblatt。

Hi.

你好。

Thanks for taking my question, and congrats on the great results this quarter.

感謝您提出我的問題，並祝賀本季取得的出色成果。

So, I just was wondering, did you have any 10% customers in Q1, and do you expect that over time there will be one or more 10% customers?

所以，我只是想知道，您在第一季是否有 10% 的客戶，您預計隨著時間的推移會有一個或多個 10% 的客戶嗎？

Well, thank you for the question.

嗯，謝謝你的提問。

And this quarter, we did have one 10% customer.

這個季度，我們確實有一個 10% 的客戶。

We have continued to see 10% customers come and go during different quarters based on our customers' ramp up from the commercial perspective.

從商業角度來看，根據我們客戶的成長情況，我們在不同季度繼續看到 10% 的客戶來來去去。

Our customers continue to go this stage of, obviously early trials into pilot, into production.

我們的客戶繼續進入這個階段，顯然是早期試驗、試點、生產。

And as we see more and more customers move into production, we do expect that those customers that are 10% -- at a 10% level will continue to increase over time.

隨著我們看到越來越多的客戶投入生產，我們確實預計 10% 的客戶將隨著時間的推移繼續增加。

Okay.

好的。

Yeah, great.

很好。

Thanks for taking my question.

感謝您提出我的問題。

(Operator Instructions) Shadi Mitwalli, Craig-Hallum.

（操作員說明）Shadi Mitwalli，Craig-Hallum。

Hey, this is Shadi Mitwalli on for Richard Shannon.

嘿，我是理查德·香農 (Richard Shannon) 的沙迪·米特瓦利 (Shadi Mitwalli)。

Congrats on another solid quarter, guys.

夥計們，恭喜又一個穩定的季度。

My first question is on revenue growth.

我的第一個問題是關於收入成長。

In Q1, revenues grew 51%, and Q2 is guided for a growth of 40% year-over-year.

第一季營收成長 51%，第二季預計年增 40%。

So, I was just wondering if Ouster can give us some clarification on if this 40% to 50% revenue growth range is expected for 2024?

所以，我只是想知道 Ouster 能否給我們一些澄清，說明 2024 年預計營收成長幅度是否為 40% 至 50%？

Yes, thanks for the question, Shadi.

是的，謝謝你的提問，沙迪。

So, we're really focused on delivering on the long-term financial framework that provides a path of profitability for Ouster.

因此，我們真正專注於實現長期財務框架，為 Ouster 提供獲利之路。

And that spells out a 30% to 50% year-over-year revenue growth, a 35% to 40% gross margin, and an OpEx goal of keeping things flat or below Q3 2023 levels.

這意味著營收年增 30% 至 50%，毛利率達到 35% 至 40%，營運支出目標維持與 2023 年第三季持平或低於水準。

And so, that's very much what we're committed to.

因此，這就是我們的承諾。

And as you can see, we're definitely tracking to those metrics in Q1 and in the mid-range of guidance to those metrics in Q2.

正如您所看到的，我們肯定會追蹤第一季的這些指標以及第二季這些指標的中期指引範圍。

So, definitely happy about the progress to-date and committed to that long-term model ultimately ending in profitability.

因此，我們對迄今為止的進展感到非常高興，並致力於最終實現盈利的長期模式。

Great.

偉大的。

Thanks for the color on that.

謝謝你的顏色。

And then just have a follow-up on OpEx.

然後對運營支出進行跟進。

R&D this quarter was lower than usual and SG&A higher than usual.

本季的研發費用低於平常，SG&A 高於平常。

So, I was just wondering if these are the new levels or just some typical seasonality going on in OpEx?

所以，我只是想知道這些是新水平還是只是在營運支出中發生的一些典型季節性？

Yeah.

是的。

So, OpEx in the first quarter is always just a little bit unusual.

因此，第一季的營運支出總是有點不尋常。

As you probably know, FICA and a lot of these taxes and 401K items do get reset in the first quarter.

您可能知道，FICA 以及許多此類稅收和 401K 項目確實會在第一季重置。

In addition, we do see some of the fees that relate to year-end audit-related insurance.

此外，我們確實看到了一些與年終審計相關保險相關的費用。

Those kind of come in at the end of the fourth quarter, which causes fourth quarter typically to be --- sorry, first quarter to be a little bit higher than the prior quarter.

這些數據是在第四季度末出現的，這導致第四季度通常會——抱歉，第一季比上一季略高。

We do expect, going back to Angus' remarks, to continue to see our OpEx be flat to down from where we had guided from our financial framework, which was the third quarter of 2023.

回到 Angus 的言論，我們確實預計我們的營運支出將繼續與我們根據財務框架（即 2023 年第三季）指導的水平持平或下降。

We've made really good progress over the last couple of quarters, almost better than expected.

在過去的幾個季度中，我們取得了非常好的進展，幾乎好於預期。

And we continue to really focus hard in terms of what we can do to bring down our cost structure on an overall basis.

我們繼續努力關注如何從整體上降低我們的成本結構。

Yeah.

是的。

And one thing I just add to the R&D spend portion of the OpEx, we're in two of our strategic priorities this year are based around product roadmap, the software solutions, and then the digital ladder hardware as the core of our business.

我剛剛在營運支出的研發支出部分添加了一件事，我們今年的兩個策略重點是基於產品路線圖、軟體解決方案，然後是作為我們業務核心的數位階梯硬體。

But our business is driven ultimately by silicon development.

但我們的業務最終是由晶片開發驅動的。

The chips that go into our sensors drive our product roadmap.

我們感測器中的晶片驅動著我們的產品路線圖。

And the costs associated with those chips can be lumpy.

與這些晶片相關的成本可能會很高。

A chip tape out can fall in a single quarter and then causing a rise in R&D and then go back to a more normal level.

晶片流片可能會在一個季度內下降，然後導致研發費用增加，然後回到更正常的水平。

So that's where you might see some of the kind of inconsistency quarter-to-quarter, specifically in R&D spend.

因此，您可能會看到季度與季度之間存在一些不一致的情況，特別是在研發支出方面。

Awesome.

驚人的。

Thanks for the color on that, congrats on another solid quarter.

感謝您的色彩，恭喜又一個堅實的季度。

(Operator Instructions) Itay Michaeli, Citi.

（操作員指示）Itay Michaeli，花旗銀行。

Great.

偉大的。

Thanks.

謝謝。

Hi, everyone.

大家好。

Can you hear me?

你聽得到我嗎？

Sorry, Itay, you're kind of coming in and out.

抱歉，Itay，你有點進進出出。

Hope you can hear me now?

希望你現在能聽到我的聲音嗎？

Just a two follow-ups for me.

對我來說只是兩個後續行動。

First, going back to the revenue growth for the full year, given the momentum at the Angus you spoke about at the beginning of the call, just curious if there's like a bias to the lower high end of the 30%, 50% range for this year.

首先，回到全年的收入增長，考慮到您在電話會議開始時談到的安格斯的勢頭，只是好奇是否存在對 30%、50% 範圍的較低高端的偏見今年。

And then second, maybe for Mark, the cash use this quarter, I think about $7 million, maybe [13] extra working capital inflow.

其次，也許對馬克來說，本季的現金使用情況，我認為約為 700 萬美元，也許 [13] 額外的營運資金流入。

Is that how we should be thinking about kind of quarterly cash use over the -- next couple of quarters?

這就是我們應該如何考慮未來幾季的季度現金使用情況嗎？

Yeah, I'll take the first question.

是的，我來回答第一個問題。

So we're very much committed to the 30% to 50% range and for the long term model there are many avenues that bring us to profitability within that framework.

因此，我們非常致力於 30% 到 50% 的範圍，對於長期模型，有很多途徑可以讓我們在該框架內實現盈利。

And you have to understand that one of the biggest -- we have a lot of tailwinds that are helping buoy our business.

你必須明白，最大的因素之一是我們有很多有利因素來幫助推動我們的業務。

Lidar is a predominant sensing modality across all of the future projects, most of the future projects that we're working on across our industries.

光達是所有未來項目的主要感測方式，我們正在跨行業開展的大多數未來項目。

But there are also challenges with our customers adopting the technology at a rapid pace.

但我們的客戶快速採用該技術也面臨挑戰。

That's one of the biggest kind of headwinds to the business is just the adoption pace of lidar.

該業務面臨的最大阻力之一就是雷射雷達的採用速度。

And it's something that we continue to push on each and every day to make it easier for this technology to be adopted at a rate that pushes us into the high end of the framework.

我們每天都在繼續推動這項工作，以使這項技術更容易被採用，並將我們推向框架的高端。

But right now, so yeah, we have tailwinds, but also headwinds to the business that we have to counter and that's where the work is still to be done.

但現在，是的，我們有順風，但也有我們必須應對的業務逆風，這就是我們仍有待完成的工作。

So ultimately, the 30% to 50% is something that we feel comfortable with and expect to track towards.

因此，最終，30% 到 50% 是我們感到滿意並期望實現的目標。

And on the cash usage, this quarter, the Ouster team really did a great job.

而在現金使用方面，本季，Ouster 團隊確實做得非常好。

We saw lower inventory, better AR, lower DSOs, a little bit of an increase in our accounts payable, which led to some significant working capital improvements.

我們看到庫存更低、應收帳款更好、DSO 更低、應付帳款略有增加，這導致了營運資本的顯著改善。

While I'd love to see those kind of going forward, sometimes those are one time in nature, but we do expect that we will continue to drive down our inventory levels over time.

雖然我很樂意看到這種進展，但有時這些本質上只是一次，但我們確實希望隨著時間的推移，我們將繼續降低庫存水準。

And in the second quarter, just as a quick FII, we will have a $4 million fee or settlement associated with a previous litigation that we had that -- we had taken the charge for in the fourth quarter.

在第二季度，就像快速 FII 一樣，我們將收取 400 萬美元的費用或與我們之前的訴訟相關的和解 - 我們在第四季度承擔了費用。

So there will be a little bit of cash usage from that, but otherwise, like you said, significant improvements in our overall cash flow from operations over the last year.

因此，將會有一點現金使用，但除此之外，就像你所說的，去年我們的整體營運現金流量顯著改善。

Terrific.

了不起。

Very helpful.

很有幫助。

If I could sneak one last one in.

如果我能偷偷溜進最後一張就好了。

I think that the incremental margin on gross margins sequentially this quarter was something like 57%.

我認為本季毛利率較上季增量約為 57%。

Is that kind of level sustainable here going forward as we think about continued revenue growth from here?

當我們考慮從這裡開始持續的收入成長時，這種水準是否可持續？

So, on a non-GAAP basis, our gross margins this quarter were 36%.

因此，以非公認會計原則計算，我們本季的毛利率為 36%。

We were very happy by that performance.

我們對那次表演感到非常高興。

If we look at where we were a year ago, 11 percentage points higher than where we were a year ago.

如果我們看看一年前的情況，比一年前高出 11 個百分點。

In terms of kind of incremental gross margins, this quarter we did see some benefits in terms of some lower costs in the operating expenses, our cost of goods sold.

就增量毛利率而言，本季我們確實看到了一些好處，即營運費用和銷售成本的成本降低。

We also saw some improvements in other areas.

我們也看到其他領域的一些改進。

But in terms of our incremental margin, while we've never disclosed it, we do have an incremental margin that obviously is higher than our 35% to 40% level.

但就我們的增量利潤率而言，雖然我們從未披露過，但我們的增量利潤率確實明顯高於我們 35% 至 40% 的水平。

And that's and by continuing to increase our revenue levels, that's what's going to get us to that 35% to 40% GAAP gross margin level that we're targeting as part of our financial framework.

透過持續提高我們的收入水平，這將使我們達到 35% 至 40% 的 GAAP 毛利率水平，這是我們財務框架的一部分目標。

Terrific.

了不起。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

(Operator Instructions) Andres Sheppard, Cantor Fitzgerald.

（操作員說明）Andres Sheppard、Cantor Fitzgerald。

Hi, guys.

嗨，大家好。

This is [Anand] on here for Andres.

我是安德烈斯的[阿南德]。

Congrats on the quarter and thanks for taking our questions.

恭喜本季度，感謝您提出我們的問題。

I know you're focused primarily on the non -- on automotive market, but with Tesla moving to further implement its FSD software into more vehicles and potentially launching a robotaxi in the future, do you think this could potentially be an opportunity for our Ouster since they'll likely have to adopt lidar or do you see potential similar opportunities in the automotive space?

我知道您主要關注非汽車市場，但隨著特斯拉進一步將其 FSD 軟體應用到更多車輛中，並可能在未來推出機器人出租車，您認為這可能是我們 Ouster 的一個機會嗎？可能不得不採用光達，或者您是否在汽車領域看到了潛在的類似機會？

Well, automotive continues to be a major vertical for us in the robotaxi, robotrucking, shuttle, and bus industry.

嗯，汽車仍然是我們機器人計程車、機器人卡車、接駁車和巴士行業的主要垂直領域。

And we have major customers that have been buying our sensors for years in those industries.

我們的主要客戶多年來一直在這些行業購買我們的感測器。

Many of those customers naturally will transition between different products that Ouster has over time, and specifically things like the DF sensors as we bring those to market.

隨著時間的推移，許多客戶自然會在 Ouster 擁有的不同產品之間進行轉換，特別是當我們將 DF 感測器推向市場時。

I do see a natural transition to different product lines.

我確實看到了向不同產品線的自然過渡。

For us, I think, I can't comment specifically on Tesla as being an opportunity or whatever for Ouster specifically, but I think that the AI advancements that are being made that companies like Tesla are taking advantage of very much apply to all sensor modalities, lidar being one of them, and that is definitely buoying our business.

對我們來說，我認為，我不能具體評論特斯拉是否是 Ouster 的一個機會或其他什麼，但我認為像特斯拉這樣的公司正在利用的人工智慧進步非常適用於所有感測器模式，雷射雷達就是其中之一，這無疑地推動了我們的業務。

I see that as a really good development, again, because of much of the difficulty with customers ramping quickly into this technology is just the challenge of them integrating the technology, building robust systems.

我再次認為這是一個非常好的發展，因為客戶快速採用這項技術的大部分困難只是他們整合技術、建立強大系統的挑戰。

And the advancements in AI that companies like Tesla are evangelizing, I would say, are actually helping us, not just in automotive, but across all of our verticals.

我想說，像特斯拉這樣的公司所宣揚的人工智慧進步實際上正在幫助我們，不僅在汽車領域，而且在我們所有的垂直領域。

And to add some numbers to that, as we mentioned in the prepared remarks, automotive, we had a record quarter for us, so we were very, very happy by Ouster's performance in the first quarter.

添加一些數字，正如我們在準備好的評論中提到的那樣，汽車行業，我們的季度創歷史新高，因此我們對 Ouster 第一季的表現非常非常滿意。

Got you.

明白你了。

Thanks.

謝謝。

It's very helpful.

這非常有幫助。

And if I could just get one quick follow-up in.

如果我能快速跟進一下就好了。

I was wondering, since software was a big emphasis this quarter, if you could go over quickly the business plan related to your software ecosystem and how that's going to impact your margins in the long term and how you're going to bridge to your long-term target with Gemini and Blue City?

我想知道，由於軟體是本季的重點，您是否可以快速回顧一下與您的軟體生態系統相關的業務計劃，以及這將如何影響您的長期利潤，以及您將如何實現長期利潤雙子座和藍城的長期目標？

Yeah, so I see, I mean, the software that we're providing to customers is now a central kind of strategic pillar and differentiator for Ouster.

是的，所以我明白了，我的意思是，我們向客戶提供的軟體現在是 Ouster 的核心策略支柱和差異化因素。

There are a couple different tiers of software that we provide to customers.

我們向客戶提供幾個不同等級的軟體。

The first is the developer tools that we're providing, largely free to every customer that buys an Ouster sensor.

第一個是我們提供的開發人員工具，基本上是免費向每個購買 Ouster 感測器的客戶提供。

This is the SDK and associated tools.

這是 SDK 和相關工具。

We don't talk a lot about them, but the goal there is to make Ouster sensors the de fact easiest and most convenient and efficient hardware to develop around.

我們不會過多談論它們，但我們的目標是使 Ouster 感測器成為事實上最簡單、最方便、最高效的開發硬體。

And I think we're well on the path to making that the case.

我認為我們正在努力實現這一目標。

Now Gemini and Blue City are really the revenue generating total solutions that we brought to market over a year ago.

現在，Gemini 和 Blue City 確實是我們一年多前推向市場的創收整體解決方案。

And I'm incredibly happy with.

我非常高興。

The goal there is to both expand into a new set of markets that increase the overall opportunity set for Ouster.

雙方的目標都是擴展到一系列新市場，從而增加 Ouster 的整體機會。

And specifically, we're talking smart infrastructure markets, security, crowd analytics, and traffic control solutions, major markets that traditionally lidar has not played in.

具體來說，我們談論的是智慧基礎設施市場、安全、人群分析和交通控制解決方案，這些傳統雷射雷達尚未涉足的主要市場。

And the second thing is just to build a completely new revenue model for Ouster and ultimately a higher margin one that's very sticky.

第二件事就是為 Ouster 建立一個全新的收入模式，並最終建立一個非常黏性的更高利潤的模式。

So in the last year plus, we not only brought these products to market, but we've commercialized them and built go-to-market plans, and now deployed them at pretty significant scale within customers.

因此，在去年多的時間裡，我們不僅將這些產品推向市場，而且將它們商業化並製定了上市計劃，現在在客戶中大規模部署它們。

And I mentioned in the prepared remarks, customer feedback has been incredibly strong for these products even in their infancy.

我在準備好的發言中提到，即使這些產品處於起步階段，客戶的回饋也非常強烈。

And I do think that they are still in their infancy.

我確實認為他們仍處於起步階段。

We are a long way from Ouster being a dominant player in any of our smart infrastructure verticals.

我們距離 Ouster 成為智慧基礎設施垂直領域的主導者還有很長的路要走。

But I think that given the initial feedback that has been effusive in many cases, that we're on a path where that is a distinct possibility.

但我認為，鑑於在許多情況下得到的熱情洋溢的初步反饋，我們正走在一條明顯有可能的道路上。

So we're going to continue to make major investments into the software side of Ouster, given the kind of unique position we have in the market to bring both hardware and software to these players.

因此，考慮到我們在市場上為這些玩家提供硬體和軟體的獨特地位，我們將繼續對 Ouster 的軟體方面進行重大投資。

And going back to the second part of your question on the margin side, the 35% to 40% goal or framework that we have put together in terms of margins, that's based on significant amount of hardware revenue, we do expect our software revenue to increase.

回到你關於利潤率問題的第二部分，我們在利潤率方面製定的 35% 到 40% 的目標或框架，這是基於大量的硬體收入，我們確實預計我們的軟體收入增加。

We do expect that our margins from software will be higher in the long-term.

我們確實預計，從長遠來看，我們的軟體利潤將會更高。

So we're looking forward to being able to discuss that a little bit more thoroughly probably sometime early next year.

因此，我們期待能夠在明年初的某個時候更徹底地討論這個問題。

Wonderful.

精彩的。

That's very helpful.

這非常有幫助。

Thanks.

謝謝。

I'll pass it on.

我會把它傳遞下去。

(Operator Instructions) Kevin Garrigan, WestPark Capital.

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

Yes.

是的。

Hi, good afternoon, Angus and Mark, and thanks for taking my questions.

嗨，安格斯和馬克，下午好，感謝您回答我的問題。

And let me echo my congrats on the progress.

讓我對所取得的進展表示祝賀。

Kind of going off the previous question, can you give us a sense of how quickly you're expecting to continue or to offer new software solutions?

有點偏離上一個問題，您能否讓我們了解您期望以多快的速度繼續或提供新的軟體解決方案？

And any customers that only buy the sensor and kind of not go for the software.

任何只購買感測器而不購買軟體的客戶。

Is there anything you guys can kind of do to change their mind or how do those conversations kind of go?

你們能做些什麼來改變他們的想法嗎？

Yeah, that's a great question.

是的，這是一個很好的問題。

The first part of it is just simple.

它的第一部分很簡單。

We absolutely expect to be more nimble with the software and be able to provide more rapid kind of updates, product updates and release updates with that software.

我們絕對希望該軟體更加靈活，並能夠透過該軟體提供更快速的更新、產品更新和版本更新。

Just it's the nature of the medium.

這就是媒材的本質。

And then on the second part of the question, I do see that ultimately we can expand the software footprint into many different industries.

關於問題的第二部分，我確實看到最終我們可以將軟體足跡擴展到許多不同的行業。

You have to understand that every single one of our customers' needs a pretty complex piece of software in order to take advantage of the lidar hardware that they're buying from us.

您必須了解，我們的每位客戶都需要一款相當複雜的軟體，才能利用他們從我們這裡購買的光達硬體。

And we're building credibility in each one of our verticals by providing this incredibly sophisticated hardware, but also a long-term relationship to each one of our major customers that builds confidence in Ouster not only as a hardware provider, but as a support provider, as a systems provider and ultimately as a combined software hardware provider.

我們透過提供這種極其先進的硬件，以及與每位主要客戶的長期合作關係，在每個垂直領域建立了信譽，這不僅增強了人們對Ouster 作為硬體提供商，而且還作為支持提供商的信心，作為系統提供者並最終作為組合軟體硬體提供者。

So, I do think there's opportunities for us to move into adjacent verticals, move in the industrial, automotive and robotics verticals potentially with software solutions as we're doing in smart infrastructure.

因此，我確實認為我們有機會進入相鄰的垂直領域，並可能透過軟體解決方案進入工業、汽車和機器人垂直領域，就像我們在智慧基礎設施領域所做的那樣。

That's kind of the -- that's the end, one of the end states for Ouster I think is more of an autonomy systems provider than just an isolated hardware and isolated software provider.

這就是——這就是結局，我認為 Ouster 的最終狀態之一是，它更像是一個自治系統提供商，而不僅僅是一個孤立的硬體和軟體提供者。

But like I said, it's still early days and we're going to stay committed to the smart infrastructure portion of our software business for the time being.

但正如我所說，現在還處於早期階段，我們暫時將繼續致力於軟體業務的智慧基礎設施部分。

Yes.

是的。

Got it.

知道了。

Okay.

好的。

Perfect.

完美的。

And then just as a quick follow-up, and I apologize if I missed this, but I'd love to hear feedback customers are giving you on the DF sensors and from what you're seeing in the automotive industry, and the people you're talking to are timelines kind of or starter production for some of these models, are they getting pushed out pretty significantly?

然後作為一個快速跟進，如果我錯過了這一點，我深表歉意，但我很想听到客戶給您提供的關於DF 傳感器的反饋，以及您在汽車行業和您所看到的人們的反饋。

I've heard 2028 is some of the new kind of years that people are seeing?

我聽說 2028 年是人們所看到的一些新的年份？

Yeah, absolutely.

是的，絕對是。

And I'm going to sound like a little bit like a broken record here because my view of the automotive industry remains the same and our place within it.

我在這裡聽起來有點像打破了記錄，因為我對汽車行業的看法以及我們在其中的地位保持不變。

We're building DF sensors to meet the market at the end state of what is required, which is low cost, solid state, modular, flexible, high performance, and affordable products.

我們正在建立 DF 感測器來滿足市場的最終需求，即低成本、固態、模組化、靈活、高性能且價格實惠的產品。

And that's what DF is, it's a product that can, that will be, I expect in cars for the next multiple decades, not just in the next five years.

這就是 DF，我預計它將在未來幾十年（而不僅僅是未來五年）出現在汽車中。

And yeah, unfortunately, one of the things that we've seen is timelines push out.

是的，不幸的是，我們看到的事情之一就是時間表被推遲。

They rarely pull in the automotive industry and in the kind of the adjacent robotaxi industry.

他們很少介入汽車產業以及鄰近的機器人計程車產業。

So that's definitely a dynamic that gives me confidence that we should be taking our time with DF and making sure we're building exactly the right thing, which I think we are, and meet the market on our timeline because it's better to be correct than to be first into a market like this.

因此，這絕對是一種動力，讓我相信我們應該花時間與DF 合作，確保我們正在建立完全正確的東西（我認為我們確實如此），並在我們的時間表上滿足市場，因為正確比正確更好率先進入這樣的市場。

Yeah, no, absolutely that makes a [ton] of sense.

是的，不，這絕對是有道理的。

Okay, perfect.

好的，完美。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

And at this time, there are no further questions.

而此時，已經沒有其他問題了。

I'll hand things back to Angus to call up for any additional or closing remarks.

我會將事情交還給安格斯，以徵求任何補充或結束語。

Well, thank you all for joining the call.

好的，謝謝大家加入通話。

Ultimately, Ouster's success is the result of our team's belief in the differentiated strategy that we've set out and the effort that the Ouster team has put in day-in and day-out.

最終，Ouster 的成功是我們團隊對我們所製定的差異化策略的信念以及 Ouster 團隊日復一日努力的結果。

So I do want to thank the Ouster team for another great quarter. 2024 is off to a really positive start.

因此，我確實要感謝 Ouster 團隊的另一個出色季度。 2024 年是一個非常積極的開始。

And at this point, we're advancing on our path to profitability, and I'm confident that the Ouster team's execution is going to continue to set Ouster apart from the rest of the industry.

目前，我們正在盈利之路上不斷前進，我相信 Ouster 團隊的執行力將繼續使 Ouster 在行業中脫穎而出。

So thanks again and have a good evening, everyone.

再次感謝大家，祝大家晚上好。

Once again, everyone, that does conclude today's conference.

各位，今天的會議到此結束。

We would like to thank you all for your participation.

我們衷心感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。