Ouster Inc (OUST) 2024 Q4 法說會逐字稿

Hello and welcome to Ouster's fourth-quarter 2024 earnings conference call. (Operator Instructions)

您好，歡迎參加 Ouster 2024 年第四季財報電話會議。（操作員指示）

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 completion of this call. I'd now like to turn the conference over to Jim Fanucchi, Investor Relations. Please go ahead.

今天的電話會議正在錄音，電話會議結束一小時後，電話會議的重播將在 Ouster 投資者關係網站上提供。現在我想將會議交給投資人關係部的 Jim Fanucchi。請繼續。

Good afternoon, everyone. Thank you for joining us for our fourth-quarter 2024 earnings call. I am joined today by Ouster's Chief Executive Officer, Angus Pacala; and Interim Chief Financial Officer, Chen Geng. Before we begin the prepared remarks, we would like to remind you that earlier today, Ouster issued a press release announcing its fourth-quarter 2024 results. An investor presentation was published and is available on the Investor Relations section of Ouster's website.

大家下午好。感謝您參加我們的 2024 年第四季財報電話會議。今天與我一起出席的還有 Ouster 的執行長 Angus Pacala 和代理財務長陳耕。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，宣布了其 2024 年第四季度的業績。一份投資者介紹已經發布，可在 Ouster 網站的投資者關係部分查閱。

Today's earnings call and press release reflect management's views as of today only and will include statements related to our competitive position, anticipated industry trends, our business and strategic priorities, our financial outlook, and our revenue guidance for the first quarter of 2025, all of which constitute forward-looking statements under the federal securities laws. 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.

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，並將包括與我們的競爭地位、預期的行業趨勢、我們的業務和戰略重點、我們的財務前景以及我們對 2025 年第一季的收入預測有關的聲明，所有這些都構成聯邦證券法下的前瞻性聲明。由於與我們的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, 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.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱公司的 SEC 文件和今天的新聞稿，這兩份文件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上所做的任何前瞻性陳述均基於今天的假設，除非法律另有規定，否則我們不承擔因新資訊或未來事件而更新這些陳述的義務。

Information discussed in this call concerning ouster's industry, competitive position in the markets in which it operates is based on information from independent industry and research organizations, other third-party sources, and management estimates. These estimates 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. These estimates are based on reasonable assumptions and computations made upon reviewing such data and Ouster's experience in and knowledge of such industry and markets. By definition, assumptions are subject to uncertainty and risk, which could cause results to differ materially from those expressed in the estimates.

本次電話會議中討論的有關 Ouster 的行業、其在營運市場中的競爭地位的資訊是基於來自獨立行業和研究組織、其他第三方來源和管理層估計的資訊。這些估計來自獨立行業分析師和其他第三方來源發布的公開信息，以及 Ouster 內部研究的數據。這些估計是基於審查此類數據以及 Ouster 在該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，假設具有不確定性和風險，這可能導致結果與估計所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. I would now like to turn the call over to Angus.

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。這些非公認會計準則財務指標應被視為依照公認會計準則編製的指標的補充，而不是替代。有關本次電話會議中討論的非 GAAP 財務指標與最直接可比較的 GAAP 指標的對照表，請參閱今天的新聞稿。現在我想把電話轉給安格斯。

Hello, everyone, and thank you for joining us today. I'll start with a brief recap of the quarter and review of our execution against our 2024 strategic priorities. Chen Geng, our Interim CFO, will cover our financial results in more details before I close with our 2025 objectives and some final thoughts.

大家好，感謝大家今天加入我們。我將首先簡要回顧本季並檢視我們根據 2024 年策略重點的執行情況。在結束我們的 2025 年目標和一些最終想法之前，我們的臨時財務長陳耕將更詳細地介紹我們的財務表現。

The fourth quarter capped off a year of consistent execution, record financial results, and delivering increased value for our customers. For the quarter, we generated $30 million in revenue and gross margins of 44%, reinforcing our position as a leader in the liar industry. This is the eighth straight quarter we have met or exceeded our guidance. We continue to have one of the strongest balance sheets in the industry, ending the year with $175 million of cash and equivalents with zero debt.

第四季為我們一年的持續執行、創紀錄的財務業績以及為客戶創造的更高價值畫上了圓滿的句號。本季度，我們的收入為 3000 萬美元，毛利率為 44%，鞏固了我們在謊言行業的領先地位。這是我們連續第八個季度達到或超過預期。我們繼續擁有業內最強勁的資產負債表之一，年底我們的現金及等價物為 1.75 億美元，且無任何負債。

We also won a $2 million contract to deploy our BlueCity traffic management solution in Chattanooga, Tennessee to improve roadway safety and reduce congestion. Chattanooga is expanding BlueCity to over 120 intersections covering the downtown area and will be the largest deployment of lidar detection technology for traffic and pedestrian safety in the United States. We have launched BlueCity across the United States from Tennessee to Washington, tapping into the massive opportunity presented by the Intelligent Transportation Systems or ITS market.

我們還贏得了一份價值 200 萬美元的合同，在田納西州查塔努加部署我們的 BlueCity 交通管理解決方案，以提高道路安全性並減少交通擁堵。查塔努加正在將 BlueCity 擴展到市中心 120 多個交叉路口，並將成為美國最大的交通和行人安全雷射雷達偵測技術部署。我們已經在美國從田納西州到華盛頓州的範圍內推出了 BlueCity，充分利用了智慧交通系統 (ITS) 市場帶來的巨大機會。

There are 300,000 signalized intersections in the United States, and we see a similarly sized opportunity in both Europe and Asia. With each intersection supporting two or more lighter sensors, we estimate this market can drive demand for over 1 million units.

美國有 30 萬個號誌交叉口，我們在歐洲和亞洲也看到了類似規模的機會。由於每個交叉路口都支援兩個或更多個打火機感測器，我們估計這個市場可以推動超過 100 萬台的需求。

Ouster is also working closely with several of the world's largest heavy equipment manufacturers such as John Deere to support their automation efforts in agriculture and construction. These companies manufacture millions of machines every year, and their customers face a significant challenge to fill positions that are often strenuous and dangerous. The automation technology powered by our ladder solutions helps make the global supply chain safer, their operations more efficient, and alleviate chronic labor constraints. These highlights wrapped our year in which our OS sensor volumes increased by over 50%, our software attached bookings grew by over 60%, and we deployed sensors at iconic events like the Paris Olympics.

Ouster 也與 John Deere 等全球幾家最大的重型設備製造商密切合作，以支持他們在農業和建築領域的自動化工作。這些公司每年生產數百萬台機器，而他們的客戶面臨著巨大的挑戰，需要填補那些往往費力又危險的職位。我們的階梯式解決方案所支援的自動化技術有助於提高全球供應鏈的安全性、提高營運效率並緩解長期存在的勞動力限制。這些亮點概括了我們這一年的表現：我們的作業系統感測器數量增加了 50% 以上，我們的軟體附加預訂量增加了 60% 以上，並且我們在巴黎奧運會等標誌性活動中部署了感測器。

We also reached major milestones in our next generation custom silicon chips and developed new software tools to accelerate ladder adoption. We also successfully executed against each of our 2024 business priorities, which were one, expand software solutions and grow the installed base; two, advance the development of digital lidar hardware; and three, progress on our long-term financial framework.

我們也在下一代客製化矽晶片方面取得了重大里程碑，並開發了新的軟體工具來加速階梯式採用。我們也成功執行了 2024 年的每項業務重點，即：一、擴展軟體解決方案並擴大安裝基礎；二、推進數位雷射雷達硬體的開發；三、推進我們的長期財務框架。

Starting with software. We saw impressive growth in our software attached bookings in 2024, which increased by over 60% versus 2023 and exceeded a double-digit percentage of our total bookings in each quarter of 2024. We define software attached bookings as a sale of either our ouster Gemini perception platform or a BlueCity traffic management solution, along with sensors and associated accessories and services. Our software solutions currently serve the smart infrastructure vertical, which we see as a $19 billion market opportunity spread across ITS, security, logistics, and crowd analytics.

從軟體開始。2024 年，我們的軟體附加預訂量實現了令人矚目的成長，與 2023 年相比成長了 60% 以上，並且在 2024 年每個季度都超過了總預訂量的兩位數百分比。我們將軟體附加預訂定義為我們的 ouster Gemini 感知平台或 BlueCity 交通管理解決方案以及感測器和相關配件和服務的銷售。我們的軟體解決方案目前服務於智慧基礎設施垂直領域，我們認為這是一個涉及 ITS、安全、物流和人群分析的 190 億美元的市場機會。

Our 2024 bookings for Ouster Gemini and BlueCity are expected to expand our cumulative deployments to more than 700 sites. BlueCity successfully passed the requirements of NEMA TS2, and we integrated Ouster Gemini and Genetec Security Center. We also expanded our distribution network, bringing on traffic technology partners covering nearly 20 states across the country to sell BlueCity to states and local governments, which should fast track the adoption of our intelligent traffic control solution.

我們對 Ouster Gemini 和 BlueCity 的 2024 年預訂預計將使我們的累積部署擴展到 700 多個站點。BlueCity 成功通過了 NEMA TS2 的要求，並且我們整合了 Ouster Gemini 和 Genetec Security Center。我們還擴大了分銷網絡，引入了覆蓋全國近 20 個州的交通技術合作夥伴，向各州和地方政府銷售 BlueCity，這應該可以加快我們智慧交通控制解決方案的採用。

I'm also excited to announce that shortly after the end of the fourth quarter, a leading global technology company renewed its Ouster Gemini annual license for over $1 million per year. This amazing milestone represents our largest software deal ever, and we have just scratched the surface of this potential opportunity as we increase our penetration with new and existing customers across the globe.

我也很高興地宣布，第四季結束後不久，一家全球領先的科技公司以每年超過 100 萬美元的價格續簽了其 Ouster Gemini 年度許可證。這個令人驚嘆的里程碑代表了我們迄今為止最大的軟體交易，隨著我們在全球範圍內不斷提高對新舊客戶的滲透率，我們才剛剛觸及這個潛在機會的表面。

Moving to lidar development. In 2024, we made significant advancements on our digital ladder roadmap. On the firmware side, we introduced Firmware 3.1 with zero minimum range along with improvements to accuracy and better obscurant penetration. We also spent much of the year developing Firmware 3.2, which we announced earlier this week and brings a powerful new set of features to our customers. We are also accelerating lighter adoption with two developer tools, Ouster SDK and Ouster Studio.

轉向光達開發。2024年，我們在數位化階梯路線圖上取得了重大進展。在韌體方面，我們推出了韌體 3.1，其最小範圍為零，同時提高了準確性並具有更好的遮蔽穿透力。我們還花了一年的大部分時間開發韌體 3.2，並在本週早些時候發布了該版本，它為我們的客戶帶來了一組強大的新功能。我們也透過兩種開發工具 Ouster SDK 和 Ouster Studio 加速輕量級採用。

Over the past 12 months, we have released four new versions of our SDK that include real-time localization, multi-sensor support, and up to 4X faster data visualization. We also added new features to Ouster Studio, our lidar visualization tool. The new Ouster Studio web offers customers 250 gigabytes of free lidar data storage, making it easy to store, access, organize, and collaborate across an organization. No other lidar company provides such a robust software development ecosystem.

在過去的 12 個月中，我們發布了四個新版本的 SDK，其中包括即時定位、多感測器支援以及速度高達 4 倍的資料視覺化。我們還為光達視覺化工具 Ouster Studio 新增了新功能。新的 Ouster Studio 網站為客戶提供 250 GB 的免費雷射雷達資料儲存空間，方便整個組織儲存、存取、組織和協作。沒有其他光達公司能夠提供如此強大的軟體開發生態系統。

Since launching in late 2022, REV7 quickly became our best-selling sensor as customers recognized its superior performance and enhanced reliability. Throughout 2024, we worked to upgrade select components in REV7 to improve reliability and thermal performance even further. We also taped out both our next generation L4 and Kronos custom silicon. Our L4 sensor prototypes are generating rich point clouds and have moved into validation testing. Our Kronos chip is back from the fab and is undergoing bring up.

自 2022 年底推出以來，REV7 迅速成為我們最暢銷的感測器，因為客戶認可其卓越的性能和增強的可靠性。在整個 2024 年，我們致力於升級 REV7 中的精選組件，以進一步提高可靠性和熱性能。我們還推出了下一代 L4 和 Kronos 客製化矽片。我們的 L4 感測器原型正在產生豐富的點雲，並已進入驗證測試階段。我們的 Kronos 晶片已從晶圓廠返回並正在進行調試。

Finally, we delivered results in line with our long-term framework. We achieved revenue of $111 million, up 33% year over year, and aligned with our 30% to 50% growth target. Our full year margin of 36% sits squarely within our target range of 35% to 40%. Operating expenses reflect our continued focus on maintaining our cost structure, and our average quarterly ops in 2024 was 7% below third quarter 2023 levels.

最終，我們取得了符合長期框架的成果。我們實現了 1.11 億美元的收入，年增 33%，與我們 30% 至 50% 的成長目標一致。我們的全年利潤率為 36%，正好處於 35% 至 40% 的目標範圍內。營運費用反映了我們對維持成本結構的持續關注，2024 年我們的平均季度營運費用比 2023 年第三季的水平低 7%。

In summary, I'm pleased with our accomplishments in 2024. In 2025, Ouster, like other businesses, will be navigating the volatility and uncertainty in the current climate. We are encouraged by the opportunities to empower global industries with high performance, reliable, and accessible 3D sensing solutions.

總而言之，我對我們在 2024 年的成就感到滿意。2025 年，Ouster 將像其他企業一樣，應對當前環境中的波動性和不確定性。我們很高興有機會為全球產業提供高效能、可靠且可存取的 3D 感測解決方案。

I'll now turn the call over to Chen, who will provide more context on our fourth quarter financial results.

現在我將電話轉給陳，他將提供有關我們第四季度財務業績的更多背景資訊。

Thank you, Angus, and good afternoon, everyone. In the fourth quarter, we shipped approximately 4,800 sensors and recognized $30 million in revenue. This represents our eighth straight quarter of revenue growth. We saw strong sequential unit growth of 23% as we saw large volume purchases from automotives and robotics customers. These two verticals were also the largest contributors to fourth quarter revenues, with industrial closely behind. We are helping these customers solve challenges in a range of applications such as robotaxi, last mile delivery, mapping, and construction. This is a testament to the diversity of our business.

謝謝你，安格斯，大家下午好。第四季度，我們出貨了約 4,800 個感測器，實現了 3,000 萬美元的收入。這是我們連續第八個季度實現收入成長。由於我們看到汽車和機器人客戶的大量採購，我們看到了 23% 的連續強勁單位成長。這兩個垂直行業也是第四季度收入的最大貢獻者，工業行業緊隨其後。我們正在幫助這些客戶解決一系列應用領域的挑戰，例如自動駕駛計程車、最後一英里交付、地圖繪製和建築。這證明了我們業務的多樣性。

Fourth quarter gross margin improved to 44% on both a GAAP and on GAAP basis. Gross margin strength reflected record sensor volumes, along with lower costs related to legacy inventory. Absent this benefit, underlying gross margin performance was within our long-term framework target of 35% to 40%. This range remains an appropriate annual growth margin target for the business, and there may be quarterly variability in our margins due to customers shipment schedules, product mix, and other factors.

第四季毛利率以 GAAP 和 GAAP 計算均提高至 44%。毛利率的強勁反映了創紀錄的傳感器銷量，以及與遺留庫存相關的成本的降低。如果沒有這項福利，基礎毛利率表現將符合我們 35% 至 40% 的長期框架目標。這一範圍仍然是業務的適當年度成長利潤率目標，由於客戶的裝運計劃、產品組合和其他因素，我們的利潤率可能會出現季度變化。

GAAP operating expenses of $39 million in the fourth quarter were down 9% over the prior year and up 1% sequentially. The sequential increase was primarily driven by higher litigation expenses of $6 million offset by lower stock-based compensation. We expect operating expenses to fluctuate on a quarterly basis, largely due to the timing of R&D project spending and litigation costs.

第四季 GAAP 營運費用為 3,900 萬美元，較上年下降 9%，較上一季成長 1%。環比增長主要由於訴訟費用增加 600 萬美元，但股票薪酬減少所抵消。我們預計營運費用將按季度波動，這主要是由於研發項目支出和訴訟成本的時間表。

Turning to full year results. For 2024, we shipped over 17,000 sensors and reported revenues of $111 million, an increase of 33% year over year. Bookings were $115 million and represented a book-to-bill ratio over 1. We are encouraged to see more customers moving into production, but this can come with a quarterly order cadence rather than large orders that cover a full year outlook. Overall, we are maintaining our long-term framework of 30% to 50% annual revenue growth.

轉向全年業績。到 2024 年，我們的感測器出貨量將超過 17,000 個，報告收入為 1.11 億美元，年增 33%。訂單額為 1.15 億美元，訂單出貨比超過 1。我們很高興看到更多客戶投入生產，但這可能伴隨著季度訂單節奏，而不是涵蓋全年前景的大訂單。整體而言，我們維持每年30%至50%的收入成長的長期框架。

GAAP gross margin was 36%, up 2,600 basis points year over year. GAAP operating expenses were $145 million, down from $382 million in 2023, which included goodwill impairment charges of $167 million. Our balance sheet remains among the strongest in the industry with cash equivalents, restricted cash, and short-term investments of $175 million at December 31. During the fourth quarter, we received approximately $24 million of net proceeds from our ATM. Our differentiated financial position reflects our prudent decision to proactively manage our balance sheet.

GAAP毛利率為36%，年增2,600個基點。以 GAAP 計算，營運費用為 1.45 億美元，低於 2023 年的 3.82 億美元，其中包括 1.67 億美元的商譽減損費用。我們的資產負債表仍然是業界最強勁的，截至 12 月 31 日，現金等價物、受限現金和短期投資為 1.75 億美元。在第四季度，我們從 ATM 獲得了約 2,400 萬美元的淨收益。我們差異化的財務狀況反映了我們主動管理資產負債表的審慎決定。

Finally, a quick note on the rapidly evolving tariff environment. While there remains significant uncertainty over the path of terrorists, our supply chain is largely positioned outside of the countries currently impacted by the recently enacted tariffs, and we do not expect a material impact to our business at this time. Moving to guidance for the first quarter, we expect to achieve revenue between $30 million and $32 million.

最後，簡單介紹一下快速變化的關稅環境。儘管恐怖分子的行動路線仍然存在很大的不確定性，但我們的供應鏈基本上位於目前受最近實施的關稅影響的國家之外，我們預計目前不會對我們的業務產生重大影響。根據第一季的預期，我們預計將營收 3,000 萬至 3,200 萬美元之間。

I'll now turn the call back over to Angus to share our 2025 goals and closing remarks.

現在我將把電話轉回給安格斯，讓他分享我們的 2025 年目標並作結束語。

Thanks, Chen. I'm excited to share our three strategic priorities for 2025, which will be the most transformational year in Ouster's history. First, we are laser focused on scaling our software attached business. Second, we plan to transform our product portfolio. And third, we will continue to execute towards profitability.

謝謝，陳。我很高興與大家分享我們 2025 年的三大策略重點，這將是 Ouster 史上最具變革性的一年。首先，我們專注於擴大我們的軟體附加業務。第二，我們計劃轉變我們的產品組合。第三，我們將繼續努力實現獲利。

Starting with our software attached business in 2025, we are focused on capturing more of the $19 billion smart infrastructure market opportunity and have a dedicated sales effort for this vertical. For Gemini, we are working directly with some of the world's leading global corporations, as well as a network of strategic partners and integrators to increase our penetration in security and logistics applications.

從 2025 年的軟體附加業務開始，我們專注於抓住更多價值 190 億美元的智慧基礎設施市場機遇，並為這一垂直領域開展專門的銷售工作。對於 Gemini，我們直接與一些世界領先的跨國公司以及策略合作夥伴和整合商網路合作，以增加我們在安全和物流應用方面的滲透率。

We are expanding the use case of our BlueCity solution from intersections and crosswalks to applications like tolling and highway traffic management. We are also working to secure partnerships for BlueCity to increase our presence to the entirety of North America, which would nearly triple our current footprint.

我們正在將 BlueCity 解決方案的用例從十字路口和人行橫道擴展到收費和高速公路交通管理等應用。我們也正在努力爭取與 BlueCity 建立合作夥伴關係，以擴大我們在整個北美的業務範圍，這將使我們的業務範圍擴大近三倍。

We see promise in our EMEA and APAC markets as well, and we'll be implementing a similar sales strategy this year to expand our international software attached business. After strong growth in our software attached bookings in 2024, I expect further tailwinds in 2025 as our smart infrastructure customers embrace lidar's enhanced performance. I continue to expect margins from our software attached business to be accretive to our hardware only sales.

我們也看到了歐洲、中東和非洲地區 (EMEA) 和亞太地區 (APAC) 市場的前景，今年我們將實施類似的銷售策略，以擴大我們的國際軟體附加業務。在 2024 年我們的軟體附加預訂量強勁增長之後，我預計隨著我們的智慧基礎設施客戶接受雷射雷達增強的性能，2025 年將出現進一步的順風。我繼續期望我們的軟體附加業務的利潤能夠增加我們的硬體銷售額。

Turning to our new product roadmap. Our work in 2024 has set the stage for the biggest year of innovation in Ouster's history. In 2025, we will transform the entire Ouster product portfolio, including all new hardware, powerful new capabilities embedded in firmware, new features in the Ouster SDK, and increased software functionality in Ouster Gemini and BlueCity.

轉向我們的新產品路線圖。我們在 2024 年的工作為 Ouster 歷史上最大的創新年奠定了基礎。2025 年，我們將改造整個 Ouster 產品組合，包括所有新硬體、韌體中嵌入的強大新功能、Ouster SDK 中的新功能以及 Ouster Gemini 和 BlueCity 中增強的軟體功能。

This week alone, we announced two product enhancements that expand our addressable market and make the development and usability of Ouster sensors and solutions easier than ever before. We introduced 3D zone monitoring, a major milestone on Ouster's industrial safety certification roadmap.

僅在本週，我們就宣布了兩項產品改進，擴大了我們的潛在市場，並使 Ouster 感測器和解決方案的開發和可用性比以往任何時候都更容易。我們引入了 3D 區域監控，這是 Ouster 工業安全認證路線圖上的一個重要里程碑。

For the first time, Ouster is embedding 3D Zone monitoring directly into its sensor lineup. This new firmware feature allows our customers to detect objects within customized 3D Zones and trigger real-time alerts or actions without the need for additional software development. This feature is the result of significant demand from our material handling customers and will immediately expand our reach in the existing billion-dollar industrial market for legacy 2D lidar, where 2D zone monitoring has near universal adoption. With 3D zone monitoring, we are enabling the next generation of industrial robotics.

Ouster 首次將 3D Zone 監控直接嵌入其感測器系列中。此新韌體功能可讓我們的客戶偵測客製化的 3D 區域內的物件並觸發即時警報或操作，而無需進行額外的軟體開發。此功能源自於我們物料搬運客戶的巨大需求，並將立即擴大我們在現有數十億美元傳統 2D 雷射雷達工業市場的影響力，其中 2D 區域監控幾乎已被普遍採用。透過 3D 區域監控，我們正在實現下一代工業機器人技術。

Second, we introduced a cloud-based portal for Ouster Gemini, enabling users to seamlessly and securely configure, manage, and view all of their ladder deployments through a single unified interface. Additionally, customers can host data and review events and analytics directly in the portal. Gemini Portal represents a paradigm shift in the usability and convenience of our software and has the potential to add new software revenue streams over time.

其次，我們為 Ouster Gemini 引入了一個基於雲端的門戶，使用戶能夠透過單一統一的介面無縫、安全地配置、管理和查看所有梯子部署。此外，客戶可以直接在入口網站中託管資料並查看事件和分析。Gemini Portal 代表了我們軟體可用性和便利性的典範轉移，並有可能隨著時間的推移增加新的軟體收入來源。

Finally, our next generation L4 and Kronos powered sensors will mark a step change in our product portfolio, significantly improving the performance, reliability, and security of the ouster product family. Importantly, we estimate these innovations will more than double our current addressable market, particularly for automotive, industrial, and robotics applications.

最後，我們的下一代 L4 和 Kronos 驅動感測器將標誌著我們產品組合的重大變化，顯著提高 ouster 產品系列的性能、可靠性和安全性。重要的是，我們估計這些創新將使我們目前的目標市場規模增加一倍以上，特別是在汽車、工業和機器人應用領域。

Lastly, we will remain focused on progressing towards profitability through a combination of consistent revenue growth, strong gross margins, and stringent control of operating expenses. For 2025, we are maintaining our long-term framework of 30% to 50% annual revenue growth, gross margin in the range of 35% to 40%, and operating expenses at or below third quarter 2023 levels.

最後，我們將繼續致力於透過持續的收入成長、強勁的毛利率和嚴格的營運費用控制來實現盈利。對於 2025 年，我們將維持 30% 至 50% 的年收入成長、35% 至 40% 的毛利率以及 2023 年第三季水準或以下的營運費用的長期框架。

Our performance in 2024 is a testament to what sets Ouster apart as a lidar company, our people, customers, and technology. The product developments in 2025 will result in the largest increase in our addressable market in our history. I'm confident that we are on the right path to reaching our profitability goals and maintaining our status as the largest lidar company in the Western world. I want to thank our employees, partners, and shareholders for their continued support.

我們在 2024 年的表現證明了 Ouster 作為雷射雷達公司、我們的員工、客戶和技術的獨特之處。2025 年的產品開發將使我們的目標市場實現史上最大的成長。我相信，我們正走在實現獲利目標和維持西方世界最大光達公司地位的正確道路上。我要感謝我們的員工、合作夥伴和股東的持續支持。

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

現在，我想開始問答環節。

(Operator Instructions)

（操作員指示）

Andres Sheppard, Cantor Fitzgerald.

安德烈斯‧謝潑德 (Andres Sheppard)、康托‧費茲傑拉 (Cantor Fitzgerald)。

Congratulations on the quarter. So lots of great progress, something that stood out to us in your prepared remarks you talked about maybe the majority of the sensors in this past quarter being used for use cases like robotaxis and last mile delivery. I'm wondering if you can maybe elaborate a bit further on that. What are you seeing in those markets as this robotaxi segment becomes more commercializable? And is it more for passenger vehicles, commercial vehicles, more delivery robots? Just wondering if you could maybe expand on that.

恭喜本季。因此取得了很大的進展，您在準備好的發言中提到，上個季度大多數感測器可能都用於自動駕駛計程車和最後一英里交付等用例，這一點讓我們印象深刻。我想知道您是否可以進一步詳細說明這一點。隨著自動駕駛計程車領域變得更加商業化，您在這些市場看到了什麼？它更適用於乘用車、商用車還是送貨機器人？我只是想知道您是否可以進一步闡述這一點。

Yeah, no, that's a great question, and thanks for highlighting. I mean, this is one of those great tailwinds that's propelling our business into the future. We've had -- there's been a kind of a trough of disillusionment in robotaxis over the last couple of years, but with the resurgence and success of Waymo in San Francisco and now expanding to LA and elsewhere and a bunch of other kind of well performing stocks in the robust taxi sphere.

是的，不，這是一個很好的問題，感謝您的強調。我的意思是，這是推動我們業務走向未來的巨大順風之一。過去幾年，我們對自動駕駛計程車的期望值一度跌至低谷，但隨著 Waymo 在舊金山的復甦和成功，以及其在洛杉磯和其他地方的擴張，以及出租車領域其他一系列表現良好的股票的強勁增長。

There's just -- there's proof points that this is going to happen and it's fueling our customer base. We still have a number of high-profile customers in the robotaxi space like [Emotional], like May Mobility. Torc Robotics, that now we see this as a positive piece of momentum for them and it's possibly affecting Ouster. And so, I'm definitely bullish on the robotaxi opportunities for ouster in the future.

有證據表明這將會發生，並且它將為我們的客戶群提供動力。我們在自動駕駛計程車領域仍然擁有一些知名客戶，例如 [Emotional] 和 May Mobility。Torc Robotics，現在我們認為這對他們來說是一個積極的勢頭，並且可能會影響 Ouster。因此，我絕對看好未來自動駕駛計程車被取代的機會。

On the last mile delivery robotics, I mean, this is more this is a general trend around physical AI, and I use that term because that's what Jensen Huang has been labeling this whole movement of kind of industrial and medium form factor intelligent machines that are emerging as a critical new kind of innovation.

關於最後一哩配送機器人，我的意思是，這更像是物理人工智慧的一個總體趨勢，我使用這個術語是因為黃仁勳一直在給這種正在成為一種關鍵的新型創新的工業和中型智慧機器的整個運動貼標籤。

For AI, physical AI and Ouster, obviously, is powering the eyes of that revolution, and we're already seeing the benefits of that with increased kind of mind share and commercial opportunities for the customers that we have in that space today. So very positive tailwinds to those aspects of the business. Thanks for the question.

對於人工智慧、實體人工智慧和 Ouster 來說，顯然正在為這場革命提供動力，我們已經看到了它帶來的好處，即為我們今天在該領域的客戶增加了心智份額和商業機會。因此，這對業務的這些方面來說是一個非常積極的推動力。謝謝你的提問。

(Operator Instructions)

（操作員指示）

Tim Savageaux, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Tim Savageaux 說道。

I want to go back to something you mentioned about Ouster status as the largest latter supplier in the western world. And I wonder, it sort of begs the question to some degree, but I wonder what you are seeing out of your current and potential China-based suppliers and whether there are any kind of dynamics changing that. And maybe a broader competitive update on what you're seeing in your target markets, especially in smart infrastructure and robotics.

我想回到您提到的關於 Ouster 作為西方世界最大的後者供應商的地位的問題。我想知道，這在某種程度上引出了問題，但我想知道您對當前和潛在的中國供應商有何看法，以及是否有任何動態正在改變這種狀況。也許您可以看到目標市場中更廣泛的競爭更新，特別是在智慧基礎設施和機器人領域。

Sure. So I may be misinterpreting the question on supply chain, but if you're referring to Ouster's supply chain for manufacturing our own products, we've taken kind of a strategic view there. We manufacture our products in Thailand with strong partners Benchmark Electronics and Fabrinet. And we also still provide American made lidar by American certified lidars by the -- with a production facility in the United States. So we think we've kind of strategically positioned ourselves and our supply chain to be a strong kind of Western provider of this technology with a secure supply chain.

當然。所以我可能誤解了有關供應鏈的問題，但如果您指的是 Ouster 用於製造我們自己的產品的供應鏈，那麼我們對此採取了一種策略觀點。我們與強大的合作夥伴 Benchmark Electronics 和 Fabrinet 在泰國生產我們的產品。我們也在美國設有生產基地，提供美國製造、美國認證的光達。因此，我們認為我們已經從戰略上將自己和我們的供應鏈定位為擁有安全供應鏈的強大的西方技術供應商。

On the -- so and then on the competitive landscape, we just stepping back, Ouster has been consistently positioned as the diversified lidar company. It's kind of one of our three strategic pillars digital lidar, diversification, and execution on core business initiatives. And smart infrastructure, I think we're leading the way. We were leading the way just on pure sensor sales and building sensors that were applicable to the $19 billion smart infrastructure market. Traffic analytics -- traffic control and analytics, security and logistics automation, and now, we're leading the way with software attached business.

在競爭格局方面，我們退一步來看，Ouster 一直被定位為多元化的雷射雷達公司。它是我們的三大戰略支柱之一：數位光達、多樣化和核心業務計劃的執行。而在智慧基礎設施方面，我認為我們處於領先地位。我們在純感測器銷售和適用於價值 190 億美元的智慧基礎設施市場的感測器建築方面處於領先地位。交通分析－交通控制和分析、安全和物流自動化，現在，我們在軟體附加業務方面處於領先地位。

Now, there is a difference here because these markets are established markets, so there are legacy players and legacy technologies, whether it's camera centric technologies for security applications or inductive loop and radar technologies and now traffic camera technologies in the ITS sphere. So there are legacy competitors generating significant revenues in this space. And that -- I view that as a good thing because it's a proof point on the clear and concrete potential that Ouster is tapping into versus we're growing with this emerging market for autonomy and AI and our other markets.

現在，這裡有一個區別，因為這些市場是成熟的市場，所以有傳統的參與者和傳統的技術，無論是安全應用的攝影機中心技術還是感應線圈和雷達技術，以及現在 ITS 領域的交通攝影機技術。因此，傳統的競爭對手在這個領域創造了可觀的收入。我認為這是一件好事，因為它證明了 Ouster 正在挖掘的明確而具體的潛力，我們正在隨著這個新興的自主、人工智慧市場和其他市場而成長。

So there's a big pie to go after and Ouster is bringing a significantly differentiated technology to these smart infrastructure markets. And so, that's the key is when we're winning in a city like Chattanooga, it's because we're bringing superior performance, superior capability, more flexibility to a traffic operator, a DOT of a city, and we're meeting the economics.

因此，這是一個巨大的市場，Ouster 正在為這些智慧基礎設施市場帶來顯著差異化的技術。所以，關鍵在於，當我們在查塔努加這樣的城市獲勝時，是因為我們為交通運營商、城市交通部帶來了卓越的性能、卓越的能力、更大的靈活性，並且滿足了經濟要求。

We're competitive on price and so it's a very compelling sale whether you're a traffic operator or whether you are a physical security manager at a utility company. So I think we're well positioned there and it's more about you know how we expand in those markets is first product readiness, and second market education and market outreach. And that's why we have these dedicated sales efforts to educate and do outbound commercial activity in the smart infrastructure sphere this year.

我們的價格具有競爭力，因此無論您是交通運輸業者還是公用事業公司的實體安全經理，這都是非常有吸引力的銷售。所以我認為我們在那裡處於有利地位，更重要的是我們如何在這些市場擴張，首先是產品準備，其次是市場教育和市場拓展。這就是為什麼我們今年要付出這些專門的銷售努力來在智慧基礎設施領域進行教育和開展對外商業活動。

And I may have misspoke there, but I was talking more about your Chinese competitors in the supply chain and whether you're seeing any change in the competitive environment from suppliers that are competing with you based out of China, I guess, versus the supply chain.

我可能說錯了，但我更多地談論的是你們在供應鏈中的中國競爭對手，以及與你們競爭的中國供應商的競爭環境是否發生了變化，我想，與供應鏈相比。

Yeah. So I think that the -- there's obviously public results posted now by Hisai and Robison is another Chinese company that went public in the past year. And so, there's more exposure to public investors for some of the competitive set in China. But the backdrop for Ouster is we've been competing with the same set of companies for the last nine years, and so the competitive dynamic really hasn't changed there in many ways.

是的。所以我認為——Hisai 和 Robison 顯然已經公佈了公開業績，Robison 是另一家在去年上市的中國公司。因此，中國一些競爭性企業將有更多的機會接觸公眾投資者。但 Ouster 的背景是，過去九年我們一直在與同一組公司競爭，因此競爭態勢在許多方面實際上並沒有改變。

Actually, Ouster has brought with REV7, a mature version of the digital lidar technology that we built our business on to market in the last two years and increased our competitiveness versus our other competitors. So I feel very good about where we stand in these markets, where we have chosen to play and where we're able to play geopolitically. We have maintained, and in some cases, grown significant market share over the last couple of years, and I don't see a significant shift in the competitive landscape in the foreseeable future.

實際上，Ouster 已經將 REV7（數位光達技術的成熟版本）推向市場，我們在過去兩年內以此為基礎開展業務，並提高了我們相對於其他競爭對手的競爭力。因此，我對我們在這些市場中的地位、我們選擇參與的領域以及我們能夠在地緣政治中參與的領域感到非常滿意。在過去幾年裡，我們一直保持著市場份額，在某些情況下甚至增長了相當可觀的份額，而且我認為在可預見的未來競爭格局不會發生重大變化。

And last one for me, I think you talked about doubling the TAM this year. I think you were at $70 billion before, so expect an incremental $70 billion, I guess. And you talked about kind of breaking that down between segments, I assume auto might be a big piece of that, but any more color there would be great.

對我來說最後一個問題是，我認為您談到了今年將 TAM 翻一番。我認為之前的金額是 700 億美元，所以我想預計增量金額將達到 700 億美元。您談到了將其細分為各個部分，我認為自動可能是其中很重要的一部分，但如果有更多的顏色就更好了。

Yeah. So thanks for that color. So the -- in terms of the breakdown of the TAM, we've been consistent and still have the view that there's roughly an equal split between the four markets that we're going after auto industrial, smart infrastructure, and robotics and we have seen that play out in our revenue split in the last couple of years.

是的。所以感謝那個顏色。因此，就 TAM 的細分而言，我們一直保持一致，並且仍然認為，我們所追求的四個市場（汽車工業、智慧基礎設施和機器人）之間的分配大致相等，並且我們已經看到這在過去幾年的收入分配中有所體現。

In terms of TAM expansion, yes, so the products that we have under development, we see doubling the TAM opportunity for our biggest expansion in our TAM in the company's history. There's huge potential in continuing to develop digital ladder technology and the software solutions that right on top of that. And I really think we are just scratching the surface with the today's set of products that we have in the market.

就 TAM 擴展而言，是的，因此，對於我們正在開發的產品，我們看到了 TAM 翻倍的機會，這是我們公司歷史上 TAM 的最大擴展。繼續開發數位階梯技術以及基於此的軟體解決方案具有巨大的潛力。我確實認為，我們目前在市場上推出的產品還只是觸及皮毛。

We really only have one product line, the OS sensor products. We've been talking about the DF products for a long time. We've been developing and investing in them for a long time, so that's obviously coming, but there are many other products that we are developing as our resources as a company have expanded over the years. So there's a lot to come here and yes, we are going to have the biggest expansion in our addressable market and the company's history.

我們其實只有一條產品線，也就是OS感測器產品。我們已經談論 DF 產品很長時間了。我們已經對它們進行了長期的開發和投資，因此這顯然是未來的趨勢，但隨著我們公司資源多年來不斷擴大，我們也正在開發許多其他產品。所以這裡有很多事情要做，是的，我們將實現我們目標市場和公司歷史上最大的擴張。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

This is Tyler on for Richard Shannon. Has your 3D zoning been gaining interest in the smart info market as well? And have you seen any more engagement with the increase in manufacturing reshoring?

這是泰勒 (Tyler) 為理查德·香農 (Richard Shannon) 表演的。您的 3D 分區是否也引起了智慧資訊市場的關注？您是否看到製造業回流的趨勢增加？

Yeah. Thanks for the question. So the 3D Zone monitoring for those listening, we just released that this week. It's a firmware upgrade to all existing REV7 customers and future REV7 sales. And it enables the sensor for the first time to process on sensor without any external software at all or external compute and determine when there are people or objects in the surroundings around the sensor. It's a very similar feature to what has been shipped on every basically every 2D industrial ladder for the past 30 years. So it's a requirement to serve that 2D industrial lidar with a new 3D lidar like we produce.

是的。謝謝你的提問。因此，我們本週剛發布了針對聽眾的 3D 區域監控功能。這是針對所有現有 REV7 客戶和未來 REV7 銷售的韌體升級。它首次使感測器能夠在沒有任何外部軟體或外部計算的情況下進行處理，並確定感測器周圍環境中是否有人或物體。它的功能與過去 30 年來基本上每個 2D 工業階梯上所搭載的功能非常相似。因此，我們需要用我們生產的新型 3D 雷射雷達來服務 2D 工業雷射雷達。

This has been a long-standing requirement. So I'm really excited and bullish on this in the industrial space. That's where it's targeted. We already have a lot of beta customers very happy with the -- with that functionality, and I would say it remains to be seen what other markets it becomes useful in. So not sure that it will be a key feature for smart for the smart infrastructure vertical. Because we have even more sophisticated versions of Perception that we sell in our BlueCity and our Gemini software solutions, but it could be -- and you know that's one of the benefits to Ouster.

這是一個長期存在的要求。因此，我對工業領域的發展感到非常興奮和樂觀。這就是它的目標。我們已經有很多對該功能非常滿意的測試客戶，我想說，它在其他哪些市場上有用還有待觀察。因此不確定它是否會成為智慧基礎設施垂直領域的關鍵功能。因為我們在 BlueCity 和 Gemini 軟體解決方案中銷售的 Perception 版本更為複雜，但它可能是——而且你知道這是 Ouster 的優勢之一。

We have this platform of products that play across verticals, so when we build something valuable for one vertical, Occasionally, there's crossover value into another vertical, and we're happy to provide that value to those other customers as well.

我們擁有跨垂直領域的產品平台，因此，當我們為一個垂直領域建立有價值的產品時，偶爾也會為另一個垂直領域帶來交叉價值，我們也很樂意為其他客戶提供這種價值。

And then your second question on just any benefits we're getting from reshoring or onshoring of some of our manufacturing. I just want to highlight that we've always maintained an onshore manufacturing presence.

您的第二個問題是，我們將從部分製造業回流或轉移到國內獲得什麼好處。我只想強調，我們始終保持在岸製造業務。

Our Buy American certification is not a new thing. It's something we've maintained for the last, I think, four years now, and we see an ongoing benefit of being a key Western provider of lidar technology. And really, the largest provider of this technology in the west at this point with onshore manufacturing capability when it is needed, so definitely driving a benefit from that. But it's not a new thing, it's something we've been investing in for years at this point.

我們的「購買美國貨」認證並不是什麼新鮮事。我想，這是我們過去四年來一直堅持的，我們看到了作為西方主要雷射雷達技術供應商的持續優勢。事實上，目前西方最大的此項技術提供者在需要時擁有國內製造能力，因此肯定會從中受益。但這並不是什麼新鮮事，而是我們多年來一直在投資的事情。

I meant more so on the manufacturing talks of other companies coming back here and in semiconductor. But alongside of that, what kind of revenue streams could we expect? Could you describe any that you would be getting from the Gemini portal, the additional ones?

我更多的是指其他公司回到這裡討論的製造業以及半導體產業的談判。但除此之外，我們還能期待什麼樣的收入來源呢？您能描述一下您將從 Gemini 入口網站獲得什麼嗎？還有什麼其他的嗎？

Yeah. So yeah, I'm glad you're bringing this up. So this morning, we announced a Gemini Portal. Yesterday morning, we announced Gemini Portal, which is a cloud connection to the Gemini Edge deployments that we have. So basically, the idea is we have now about 700 deployments of Gemini and BlueCity booked, 300 deployments of Gemini at this point. And in those cases, the customer is installing an edge box, an edge AI processor alongside our sensors at their facility, and we have a couple of customers now that have hundreds of sites that they're deploying across.

是的。是的，我很高興你提出這個問題。所以今天早上，我們宣布了雙子座門戶。昨天早上，我們宣布了 Gemini Portal，它是我們現有的 Gemini Edge 部署的雲端連線。所以基本上，我們的想法是，現在已經預訂了大約 700 個 Gemini 和 BlueCity 部署，目前有 300 個 Gemini 部署。在這些情況下，客戶會在他們的設施中安裝一個邊緣盒、一個邊緣 AI 處理器以及我們的感測器，現在我們有幾個客戶正在部署數百個站點。

And so, management of those sites, health monitoring, diagnostics, configuration, upkeep, support that starts to become a challenge unless there's a centralized hub for accessing those sites and managing them, and that's what that's what Gemini Portal is. It's that centralized cloud-based hub for aggregating, but it's not just about kind of the table stakes like maintaining a system that's already there. There's value that we are going to provide in the future through that portal.

因此，除非有一個集中的中心來存取和管理這些站點，否則這些站點的管理、健康監測、診斷、配置、維護和支援將開始成為一個挑戰，而這正是 Gemini Portal 的角色所在。它是基於雲端的集中式聚合中心，但它不僅僅涉及維護現有系統之類的基本要求。我們將來會透過該入口網站提供有價值的服務。

We mentioned a couple of things in the press release around our ability to collect event recordings, and store them, allow the customer to review them, save them, share them things. That analytical layers that we can build in to give you information about crowd flows in your facility over the course of the day. So there's a ton of value that we're going to be able to provide to our Gemini customers. We wanted to get them portal in a state that we can offer to all Gemini customers, all paying Gemini customers today, and I expect to have more to come on other revenue streams in the portal in the future.

我們在新聞稿中提到了一些關於我們收集事件記錄並儲存它們的能力，讓客戶可以查看、保存和分享它們。我們可以建立分析層，為您提供全天設施內人群流量的資訊。因此，我們將能夠為 Gemini 客戶提供大量價值。我們希望將入口網站打造成可以向所有 Gemini 客戶（今天所有付費的 Gemini 客戶）提供服務的狀態，並且我期望未來入口網站的其他收入來源能夠更多。

Casey Ryan, WestPark Capital.

凱西·瑞安（Casey Ryan），WestPark Capital。

Great quarter and great outlook. One thing that sort of might be helpful is to talk about the margin profile, the gross margin profile, I guess by vertical or if there's another way to look at it in combination between software and sensors. But I'm just curious how big the range is between, say and markets, right, if there's a big GM delta between industrial and automotive and how you think about that sort of revenue or margin contribution mix?

偉大的季度和偉大的前景。有一件事可能會有所幫助，那就是談論利潤率概況、毛利率概況，我想可以透過垂直方式，或從軟體和感測器的結合角度來看待它。但我只是好奇，如果工業和汽車之間存在很大的通用差異，那麼市場之間的範圍有多大，您如何看待這種收入或利潤貢獻組合？

Yeah. And I'll step in, but I'll allow Chen to get some additional color here. But I mean, I think the first thing is just that we are running a margin positive business on all four of our verticals just in case there's something unsaid there. We really want to make sure that we have sustainable long-term verticals that we're playing in, and it's a reason why we don't name some verticals. Those four are specifically chosen because of the business and the margin we see now and long term.

是的。我會介入，但我會允許陳在這裡獲得一些額外的色彩。但我的意思是，我認為第一件事就是我們在所有四個垂直領域都開展利潤為正的業務，以防萬一有什麼未說出來的事情。我們確實希望確保我們擁有可持續的長期垂直行業，這也是我們不透露某些垂直行業名稱的原因。之所以選擇這四家公司，是因為我們目前和長期看到的業務和利潤率。

We, historically, haven't broken out the margin, so I'm going to stop there in case China has anything else to cover. We're not ready to give that that level of insight into our business because it does start to inform things like costs and ASPs by vertical, which they are competitive reasons maybe not to share, but I'll let Chen add any additional caller.

從歷史上看，我們還沒有公佈利潤率，所以我將就此打住，以防中國還有其他事情需要報導。我們還沒有準備好讓我們的業務洞察到這個程度，因為它確實開始告知垂直行業的成本和平均售價等信息，出於競爭原因，這些可能不會被分享，但我會讓陳添加任何其他來電者。

Yeah. Casey, I think the only thing that would be additive to Angus' comment is that we have mentioned that we expect software attached business to be accretive to our overall margin profile. So as that revenue stream becomes a larger portion of the consolidated business, we do expect a tailwind from that.

是的。凱西，我認為唯一可以補充安格斯評論的是，我們已經提到，我們預計軟體附加業務將增加我們的整體利潤率。因此，隨著該收入流在合併業務中所佔比例越來越大，我們確實預期會出現順風。

Right. Well, right. And so, that's really where the question goes, right, is that if verticals where the software attached grows, the margin contribution grows. It sort of raises the question of your gross margin guidance, right, which could look kind of conservative coming out of this quarter, right?

正確的。嗯，對的。所以，問題就在這裡，對吧，如果附加軟體的垂直產業成長，利潤貢獻也會成長。這多少引發了您對毛利率預期的疑問，對吧？從本季來看，您的預期可能看起來有點保守，對吧？

I know there were some one-time items, but in sort of a positive note, it looks like your business could be trending to a higher GM kind of target model, but I just wonder how you think about that if you're uncertain about what the mix is or if you just want to be conservative as you go to '25? But why you're sort of focused on keeping the 35% to 40%, target range, I guess, for now.

我知道有一些一次性項目，但從積極的方面來看，看起來您的業務可能正趨向於更高 GM 類型的目標模型，但我只是想知道，如果您不確定組合是什麼，或者您只是想在 25 年時保持保守，您會如何看待這一點？但我猜，為什麼你現在只專注於保持 35% 到 40% 的目標範圍呢？

Yeah. No, I appreciate the comments, and I guess there's a difference between our goal and our commitment to our shareholders. And so, absolutely, there are goals with our software growth and ways we could beat our commitment, have upside in the business. We've mentioned that many times whether it's in the automotive industry or with our software attached growth, we're showing really strong bookings year-over-year growth of 60% in the smart infrastructure vertical with our software attached bookings.

是的。不，我很感謝這些評論，我想我們的目標和我們對股東的承諾之間存在差異。因此，我們的軟體成長確實有目標，而且我們可以找到超越承諾的方法，從而實現業務的成長。我們已經多次提到，無論是在汽車行業還是在我們的軟體附加成長中，我們在智慧基礎設施垂直領域的軟體附加預訂量同比增長了 60%，表現非常強勁。

So there are things like that that indicate there may be upside, but I want to pull it back and just ground us in what we're willing to commit to our shareholders is that long-term financial framework. Still, there's a lot of uncertainty, some of it out of our control in this day and age, so 30% to 50% revenue growth, 35%, 40% margins is where we think we'll be or where we feel we can commit to being through the path of profitability.

因此，有一些事情表明可能會有上行空間，但我想將其拉回來，並讓我們堅定地相信我們願意向股東承諾的是長期財務框架。儘管如此，仍有許多不確定性，其中一些是我們無法控制的，因此，我們認為營收成長 30% 至 50%，利潤率 35% 至 40% 是可以實現的，或者說，我們認為我們可以致力於獲利。

And then one, I guess, last thing sort of take smart cities as an example. How competitive is price as a factor or is it really about the solution and maybe the fact is that between the hardware and the software your solution's superior and that kind of wins the day. But just tell me how intense the pricing is necessarily if people can do apples to apples in sort of a competitive bid situation.

然後，我想，最後一件事就是以智慧城市為例。價格是一個競爭力的因素嗎？或者它真的與解決方案有關嗎？也許事實是，在硬體和軟體之間，你的解決方案更勝一籌，而這正是最終獲勝的關鍵。但請告訴我，如果人們可以在某種競爭性投標情況下進行同類比較，那麼定價的力度必然有多大。

Yeah. So the pricing dynamics and smart infrastructure can be really different specifically and you mentioned traffic -- the traffic industry, and it's because there's a lot of this technology requires a public tender and so there's pretty well-known kind of pricing requirements. And yeah, there's just -- there's a lot of public information about pricing and traffic specifically.

是的。因此，定價動態和智慧基礎設施可能確實存在差異，您提到了交通——交通行業，這是因為許多此類技術都需要公開招標，因此存在相當眾所周知的定價要求。是的，有很多關於定價和流量的公開資訊。

Now, the takeaway from this all is pricing, you have to meet a price. You don't -- but you don't necessarily need to. If once you meet a price, there's a performance benefit and a requirement commonly that's coming with that public tender and a reason why they have that tender out. They need a technology that can see both vehicles and pedestrians or that can be reconfigured on a monthly cadence instead of being dug into the ground. So there are requirements on the product side that lidar is uniquely positioned to provide that push it over the edge and make sure that we're winning a lot of tenders based on that performance feature set while meeting a price that is required through the public tender.

現在，這一切的要點就是定價，你必須滿足一個價格。你不需要──但你也不一定需要。如果一旦滿足了價格，就會有績效優勢和要求，這通常會伴隨公開招標而來，這也是他們進行招標的原因。他們需要一種能夠同時看到車輛和行人的技術，或者可以按月重新配置而不是埋入地下的技術。因此，在產品方面，雷射雷達具有獨特的優勢，可以提供突破極限的功能，並確保我們能夠憑藉該性能特徵集贏得大量投標，同時滿足公開招標所要求的價格。

Right. Good. That's sort of clarifying. So I appreciate that, and thanks for the update. It sounds like a very positive outlook for the year.

正確的。好的。這算是澄清一下。我很感激，也謝謝你的更新。這聽起來對今年的前景非常樂觀。

Maddie De Paola, Rosenblatt.

麥迪‧德‧保拉 (Maddie De Paola)，羅森布拉特 (Rosenblatt)。

Hey, guys. I was just wondering, could you provide some more details on backlog?

嘿，大家好。我只是想知道，您能否提供一些有關積壓的更多詳細資訊？

Yeah. So I assume that the question on the backlog, I think, is just the question on like prospects for growth in the future. And there, I would first just highlight, we had a very strong year delivering on our overall long-term guidance of 30% to 50% growth. We did 33% year-over-year growth, $111 million in revenue, unit volumes weigh up 17,300 units shipped last year. So we had a very strong year. And we -- our bookings support that continued outlook and commitment to 30% to 50% growth in 2025, and obviously, we're guiding up in Q1 this year. So we haven't given specific backlog numbers. I can say that the backlog supports the continued growth at the commitment level that we've outlined in our long-term model.

是的。因此，我認為有關積壓的問題只是有關未來成長前景的問題。首先我想強調的是，今年我們的業績表現非常強勁，實現了我們長期 30% 至 50% 的成長預期。去年我們的營收年增 33%，達到 1.11 億美元，出貨量達到 17,300 台。所以我們度過了非常強勁的一年。我們的預訂量支持了我們對 2025 年成長 30% 至 50% 的持續展望和承諾，顯然，我們在今年第一季的預測有所上升。因此我們沒有給出具體的積壓數字。我可以說，積壓訂單支持我們在長期模型中概述的承諾水準的持續成長。

And maybe I'll just say, we have, anecdotally, like the customer set that we have started to announce with that we have started to show proof points in the market of with their marketing is indicative of the continued growth and investment from a mature and sophisticated customer base.

也許我只是想說，根據傳聞，我們已經開始宣布客戶群，我們已經開始在市場上展示他們的行銷證據，表明成熟和複雜的客戶群正在持續成長和投資。

I'm talking about customers. John Deere, who at CES, announced publicly working with Ouster lidars, had Ouster lidars on their tractors, at their booths, in their presentations, or Google Maps announcing at the Paris Olympics last year and showing Ouster lidars on the Google Maps vehicles on their new fleet. So really good evidence of the customers that are sophisticated historic lidar users but moving into a modern era of autonomy with lidar powered by Ouster.

我說的是顧客。約翰迪爾 (John Deere) 在 CES 上公開宣布與 Ouster 雷射雷達合作，並在其拖拉機、展位和演示中安裝了 Ouster 雷射雷達，谷歌地圖 (Google Maps) 也在去年巴黎奧運會上宣布，並在其新車隊的谷歌地圖車輛上展示了 Ouster 雷射雷達。這確實有力地證明了，客戶是歷史悠久的成熟光達用戶，但正在進入由 Ouster 提供支援的雷射雷達的現代自主時代。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯‧謝潑德 (Andres Sheppard)、康托‧費茲傑拉 (Cantor Fitzgerald)。

I think I got cut off the first time, but thanks again for all the helpful context on our question there. Just a quick follow up maybe a question for Chen. You mentioned, I think you don't expect material impact from tariffs. I'm curious, do you expect material impact to your customers or to your supply chain, if you could maybe expand on that. And then can you just remind us your capital needs, no debt, $175 million, what are any outstanding capital needs.

我想我第一次被打斷了，但還是要再次感謝您對我們的問題提供的所有有用的背景資訊。只是想快速跟進一下，也許可以問陳一個問題。您提到，我認為您預計關稅不會產生實質影響。我很好奇，您是否預計這會對您的客戶或供應鏈產生重大影響，您能否詳細說明一下。然後您能否提醒我們您的資本需求，沒有債務，1.75億美元，還有哪些未償還的資本需求。

Sure. Thanks, Andres. On the tariff side, I think the best we can do is comment that the environment is rapidly evolving, and we are adjusting to that environment as quickly as we can at this point. We don't see any disruptions to our supply chain and we continue to work with our customers, but I think it is a little bit difficult to anticipate what may happen with that environment, even in the next day, much less the next year.

當然。謝謝，安德烈斯。在關稅方面，我認為我們能做的最好的事情就是評論環境正在迅速變化，我們正在盡快適應這種環境。我們的供應鏈沒有受到任何干擾，我們也繼續與客戶合作，但我認為很難預測在這種環境下會發生什麼，即使是第二天，更不用說明年了。

On the capital needs side, we are continuing to be a fairly low capital needs business. We will continue to fund the development of our next generation sensors and transform the product portfolio in 2025. And so, the way that the company is currently capitalized, the way that the company is currently supported from a personnel standpoint, we believe is pretty sufficient to still deliver a lot of growth ahead.

在資本需求方面，我們仍然是一家資本需求相當低的企業。我們將繼續資助下一代感測器的開發，並在 2025 年轉變產品組合。因此，我們認為，公司目前的資本狀況以及從人員角度對公司提供的支持足以實現未來的大幅成長。

Congrats on the strong quarter.

恭喜本季業績強勁。

This concludes the question-and-answer session. I'll turn the call to Angus Pacala for closing remarks.

問答環節到此結束。我將請安格斯·帕卡拉 (Angus Pacala) 致閉幕詞。

All right. Well, thank you all for joining the call. We'll -- we look forward to speaking with you all again during the first quarter call in early May. Have a good day.

好的。好吧，謝謝大家參加電話會議。我們期待在五月初的第一季電話會議上再次與大家交談。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。