Ouster Inc (OUST) 2022 Q1 法說會逐字稿

Good afternoon and welcome everyone to Ouster's First 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 completion of this call.

下午好，歡迎大家參加 Ouster 的第一季度收益電話會議。 （操作員說明）今天的通話正在錄音，通話結束一小時後，將在 Ouster Investor Relations 網站上重播通話。

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

我現在想把會議交給投資者關係總監 Sarah Ewing。請繼續。

Thank you. I'm joined today by Ouster's Chief Executive Officer, Angus Pacala; and Chief Financial Officer, Anna Brunelle. Before we begin the prepared remarks, we would like to remind you that Ouster issued a press release announcing its first quarter financial results shortly after market closed today. The company also published an investor presentation, which is available on the Investor Relations section of ouster.com.

謝謝你。今天，Ouster 的首席執行官安格斯·帕卡拉 (Angus Pacala) 也加入了我的行列；和首席財務官安娜布魯內爾。在我們開始準備的評論之前，我們想提醒您，Ouster 在今天收市後不久發布了一份新聞稿，宣布了其第一季度的財務業績。該公司還發布了一份投資者介紹，可在 ouster.com 的投資者關係部分查閱。

I'd also like to remind everyone that during the course of this conference call, Ouster's management will discuss forecasts, targets and other forward-looking statements regarding the company including statements from its press release, future customer orders and shipments, near and long-term revenue opportunities, market share trends, future products and commercial paths, potential future opportunities, customer traction, winning an OEM program and the company's business outlook and 2022 guidance and trajectory that are intended to be covered by the Safe Harbor provisions 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 的管理層將討論有關公司的預測、目標和其他前瞻性陳述，包括其新聞稿中的陳述、未來客戶訂單和出貨量、近期和長期-長期收入機會、市場份額趨勢、未來產品和商業路徑、潛在的未來機會、客戶吸引力、贏得 OEM 計劃以及公司的業務前景和 2022 年指導和軌跡，旨在涵蓋私人證券的安全港條款針對前瞻性陳述的 1995 年訴訟改革法案。

While these statements represent management's expected future results and performance, Ouster's actual results are subject to many risks and uncertainties that could cause actual results to differ materially from current expectations that we may share with you today. In addition to any risks highlighted during this call, you should consider the important risk factors and other disclosures that may affect Ouster's future results as described in its most recent annual report on Form 10-K and its other filings with the SEC. Except as required by law, rule or regulation, the company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this call.

雖然這些陳述代表管理層預期的未來結果和業績，但 Ouster 的實際結果受到許多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。除了本次電話會議中強調的任何風險外，您還應考慮可能影響 Ouster 未來業績的重要風險因素和其他披露，如其最新的 10-K 表格年度報告和向 SEC 提交的其他文件中所述。除法律、規則或法規要求外，公司不承擔在本次電話會議召開之日後出於任何原因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 in which it operates is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates 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 market.

本次電話會議討論的有關公司行業、競爭地位及其經營所在市場的信息基於來自獨立行業和研究機構的信息、其他第三方來源和管理層估計。管理層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公司內部研究的數據，並基於審查這些數據及其在該行業的經驗和知識後做出的合理假設和計算和市場。

By definition, assumptions are subject to uncertainty and risk, which could cause results to differ materially from those expressed in the estimates. During this call, we may discuss certain non-GAAP financial measures, which exclude the effects and events and transactions we consider to be outside our core operations. These non-GAAP measures should be considered as supplement to and not a substitute for measures prepared in accordance with GAAP. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please refer to today's press release.

根據定義，假設存在不確定性和風險，這可能導致結果與估計中表達的結果大不相同。在本次電話會議中，我們可能會討論某些非公認會計原則財務措施，這些措施不包括我們認為超出我們核心業務的影響、事件和交易。這些非公認會計原則措施應被視為對根據公認會計原則編制的措施的補充而非替代。有關非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬，請參閱今天的新聞稿。

I would now like to turn the call over to our Chief Executive Officer, Angus Pacala.

我現在想將電話轉給我們的首席執行官 Angus Pacala。

Hi, everyone. Following the breakout year in 2021, Ouster continued to bolster its strong position in the market in the first quarter. We maintained positive gross margins, introduced new solutions, delivered on major automotive milestones along our product roadmap and with our strategic OEM partner. We believe these developments will act as catalysts for growth in each of our target industries and to further improve our position in the marketplace. At Ouster Automotive, we are pursuing a hardware first strategy focused on winning the multi-billion dollar opportunity to supply lidar hardware into consumer vehicles through the superior price and performance of digital lidar. Ouster Automotive announced the Digital Flash or DF series for automotive last fall. The industry's first multi sensor suite of short, medium and long range solid-state lidars for comprehensive coverage around the vehicle.

大家好。在 2021 年的突破年之後，Ouster 在第一季度繼續鞏固其在市場上的強勢地位。我們保持了正的毛利率，推出了新的解決方案，在我們的產品路線圖上以及與我們的戰略 OEM 合作夥伴一起實現了主要的汽車里程碑。我們相信這些發展將成為我們每個目標行業增長的催化劑，並進一步提高我們在市場中的地位。在 Ouster Automotive，我們正在推行硬件優先戰略，重點是通過數字激光雷達的卓越價格和性能贏得數十億美元的機會，為消費車輛提供激光雷達硬件。去年秋天，Ouster Automotive 發布了用於汽車的 Digital Flash 或 DF 系列。業界首款包含短程、中程和遠程固態激光雷達的多傳感器套件，可全面覆蓋車輛周圍。

Just like Ouster's OS scanning centers in market today, the Digital Flash Series is powered by a single silicon CMOS chip enabling us to scale performance in line with Moore's Law unlike any other lidar company while simultaneously dropping cost and complexity. We continue to track towards automotive readiness for our DF Series to support automotive programs starting production in 2025. In the first quarter, we announced the Chronos chip, the automotive grade fully custom digital lidar system-on-chip that will power our DF solid-state sensor suite. The Chronos chip is the foundation of the DF architecture and will enable us to deliver more performance, power efficient and compact sensors to automotive series production programs. We also shipped the first DF A-Sample sensors delivering on a major milestone in our strategic development agreement with our global automotive OEM partner.

就像當今市場上的 Ouster 操作系統掃描中心一樣，Digital Flash 系列由單個矽 CMOS 芯片提供支持，使我們能夠按照摩爾定律擴展性能，這與任何其他激光雷達公司不同，同時降低了成本和復雜性。我們將繼續跟踪 DF 系列的汽車準備情況，以支持 2025 年開始生產的汽車項目。第一季度，我們宣布推出 Chronos 芯片，這是一款汽車級完全定制的數字激光雷達系統級芯片，將為我們的 DF 固態-狀態傳感器套件。 Chronos 芯片是 DF 架構的基礎，將使我們能夠為汽車系列生產計劃提供更高性能、更節能和更緊湊的傳感器。我們還發運了第一個 DF A-Sample 傳感器，實現了我們與全球汽車 OEM 合作夥伴的戰略發展協議中的一個重要里程碑。

We plan to present the upgraded A-Sample to over 30 additional auto OEMs, Tier 1s and EV companies in order to unlock new commercial opportunities and progress to the next round of discussions with those already in motion. The A-Sample is another step on the path to achieving what consumers and automakers alike are pushing for, vehicles with safe, convenient and reliable autonomy features that they can trust with their lives. Lidar is the bridge from driver assistance to true autonomy and digital lidar goes further to make these systems more feature rich and affordable for everyone. With no moving parts, Ouster's DF Series is the first solid-state Digital Flash lidar on the market. By absorbing the system complexity into the Chronos chip, Ouster's suite of short, medium and long-range DF sensors offers automakers greater affordability and flexibility in vehicle design and coverage.

我們計劃向另外 30 多家汽車 OEM、Tier 1 和 EV 公司展示升級後的 A-Sample，以釋放新的商業機會並推進與已經進行的下一輪討論。 A-Sample 是實現消費者和汽車製造商都在推動的道路上的又一步，這些車輛具有安全、方便和可靠的自主功能，他們可以信賴他們的生活。激光雷達是從駕駛員輔助到真正自主的橋樑，數字激光雷達進一步使這些系統功能更豐富，每個人都能負擔得起。 Ouster 的 DF 系列沒有移動部件，是市場上第一款固態數字閃光激光雷達。通過將系統複雜性吸收到 Chronos 芯片中，Ouster 的短程、中程和遠程測向傳感器套件為汽車製造商在車輛設計和覆蓋範圍方面提供了更大的經濟性和靈活性。

Ouster automotive can offer a total of up to 5 DF sensors for roughly $1,000, a lower price and smaller overall size than the single forward-looking analog lidars offered by some of our competitors. This price and form factor advantage extends to single sensor RFQs as well. By being small and affordable, a suite of DF sensors can be integrated around the vehicle just like digital cameras to provide 360 degree awareness and a rich set of safe autonomy features. Short, medium and long-range lidars looking to the front, sides and behind the vehicle provide the critical data necessary for state automated lane changes, confidence maneuvering through 4-way intersections, reliable high speed mergers and so much more. A vehicle powered by a single forward-looking lidar cannot even navigate 4-way intersections without driver oversight. Put simply, multisensor digital lidar suites are the bridge from driver assistance to safe affordable autonomy.

Ouster 汽車可以以大約 1,000 美元的價格提供多達 5 個 DF 傳感器，與我們的一些競爭對手提供的單個前瞻性模擬激光雷達相比，價格更低且整體尺寸更小。這種價格和外形尺寸優勢也延伸到單傳感器 RFQ。由於體積小且價格實惠，一套 DF 傳感器可以像數碼相機一樣集成在車輛周圍，以提供 360 度感知和豐富的安全自主功能。觀察車輛前方、側面和後方的短程、中程和遠程激光雷達為狀態自動變道、通過 4 路交叉口的自信機動、可靠的高速合併等提供了必要的關鍵數據。在沒有駕駛員監督的情況下，由單個前視激光雷達驅動的車輛甚至無法在 4 向交叉路口導航。簡而言之，多傳感器數字激光雷達套件是從駕駛員輔助到安全負擔得起的自主的橋樑。

Turning away from automotive into smart infrastructure. Our team was excited to announce the launch of the Ouster Accur8vision security solution this past quarter. Ouster Accur8vision is a joint security solution that combines Ouster's 3D digital lidar with industry-leading security software from Tacticaware, a Hexagon company, to target the multibillion-dollar security market. Nearly every high value piece of infrastructure has a security system in place from industrial sites and high value warehouses to airports, military and defense buildings and data centers. Today, this market is dominated by CCTV cameras and thermal cameras that passively record the events unfolding around them. 3D lidar based systems are a paradigm shift because they can generate active alerts in real time while providing all of the passive recording capability of legacy technology. We see a massive opportunity to disrupt this market with our Ouster Accur8vision digital lidar security solution.

從汽車轉向智能基礎設施。我們的團隊很高興地宣佈在上個季度推出了 Ouster Accur8vision 安全解決方案。 Ouster Accur8vision 是一種聯合安全解決方案，將 Ouster 的 3D 數字激光雷達與海克斯康旗下公司 Tacticaware 的行業領先安全軟件相結合，瞄準價值數十億美元的安全市場。從工業場所和高價值倉庫到機場、軍事和國防建築和數據中心，幾乎每一個高價值基礎設施都配備了安全系統。今天，這個市場由閉路電視攝像機和熱成像攝像機主導，它們被動地記錄周圍發生的事件。基於 3D 激光雷達的系統是一種範式轉變，因為它們可以實時生成主動警報，同時提供傳統技術的所有被動記錄功能。我們看到了通過我們的 Ouster Accur8vision 數字激光雷達安全解決方案顛覆這個市場的巨大機會。

Turning to other product updates. We remain on track to release the L3 chip later this year, which will succeed the L2X chip in powering all of our OS sensors. The L3 chip is the culmination of years of R&D inside Ouster and keeps us on the exponential performance path of Moore's Law. The improvement provided by this fully custom and proprietary chip design leverages technology advancements that revolutionize the camera sensor industry and brings them to the high performance lidar industry for the very first time. I simply can't wait to unveil it to our customers as planned later this year. Another benefit of our digital roadmap is our ability to ship continuous over-the-air software updates to all of our customers, which introduce features that expand our ability to win additional opportunities across our TAM. Since the introduction of our first OS sensor, we have released 5 firmware updates.

轉向其他產品更新。我們仍有望在今年晚些時候發布 L3 芯片，它將接替 L2X 芯片為我們所有的操作系統傳感器提供動力。 L3 芯片是 Ouster 內部多年研發的結晶，它使我們保持在摩爾定律的指數性能路徑上。這種完全定制和專有的芯片設計提供的改進利用了徹底改變相機傳感器行業的技術進步，並首次將它們帶入了高性能激光雷達行業。我迫不及待地想按照今年晚些時候的計劃向我們的客戶展示它。我們的數字路線圖的另一個好處是我們能夠向所有客戶提供持續的無線軟件更新，這引入了擴展我們在 TAM 中贏得更多機會的能力的功能。自推出我們的第一個操作系統傳感器以來，我們已經發布了 5 次固件更新。

Our latest firmware introduces new features to make our sensors more adaptive for remote applications, including data flexibility for faster, more efficient edge computing. We expect these updates to also benefit industrial customers who are accustomed to process any limited data from legacy 2D lidar sensors, that are eager to adopt high resolution 3D lidar to improve safety and performance capabilities. We continue to invest in building out a best-in-class software development experience that serves as the foundation of our entire software ecosystem. We recently released an updated version of our software development kit or SDK for lidar and continue to see tremendous customer adoption with hundreds of downloads each month. Again this is an important tool that accelerates our customers' time to autonomy enabling them to test and validate our sensors faster and bring their applications to market sooner.

我們最新的固件引入了新功能，使我們的傳感器更適合遠程應用，包括數據靈活性，以實現更快、更高效的邊緣計算。我們希望這些更新也能讓那些習慣於處理來自傳統 2D 激光雷達傳感器的任何有限數據、渴望採用高分辨率 3D 激光雷達來提高安全性和性能能力的工業客戶受益。我們將繼續投資打造一流的軟件開發體驗，作為我們整個軟件生態系統的基礎。我們最近發布了用於激光雷達的軟件開發工具包或 SDK 的更新版本，並繼續看到巨大的客戶採用，每月有數百次下載。同樣，這是一個重要的工具，可以加快我們客戶的自主時間，使他們能夠更快地測試和驗證我們的傳感器，並將他們的應用程序更快地推向市場。

This year we expect to release more products spanning hardware and software than ever before. Advancements with our DF Series for automotive, L3 chip, software ecosystem and industry certifications are expected to be major catalysts for digital lidar adoption across our 4 targeted industries and directly contribute to our growth this year and beyond.

今年，我們預計將發布比以往更多的硬件和軟件產品。我們的 DF 系列在汽車、L3 芯片、軟件生態系統和行業認證方面的進步預計將成為我們 4 個目標行業採用數字激光雷達的主要催化劑，並直接促進我們今年及以後的增長。

I'd now like to turn the call over to our CFO, Anna Brunelle, to provide a full update on our Q1 2022 financial results and business outlook.

我現在想將電話轉給我們的首席財務官 Anna Brunelle，以提供我們 2022 年第一季度財務業績和業務前景的完整更新。

Thank you, Angus. We made substantial gains over the course of 2021 nearly doubling our revenue over the previous year. We continued our momentum in the first quarter of 2022 recording our second highest quarterly revenue of $8.6 million, up 29% over the first quarter of 2021, and aim to double our revenue again in 2022. We shipped 1,550 sensors, a 58% increase over the first quarter of 2021, and produced a record 4,368 sensors demonstrating our ability to scale to meet market demand. As discussed during our earnings call for the fourth quarter of 2021, we expected some revenue variability in the first quarter and remain confident in our commercial pipeline for the year and our ability to continue to win deals in head-to-head competition across each of our 4 verticals. We delivered gross margins of 30%, up from the 26% gross margins recorded in the first quarter of 2021 and in line with the 30% gross margins recorded in the fourth quarter of 2021.

謝謝你，安格斯。我們在 2021 年期間取得了可觀的收益，使我們的收入比上一年幾乎翻了一番。我們在 2022 年第一季度繼續保持勢頭，錄得 860 萬美元的第二高季度收入，比 2021 年第一季度增長 29%，我們的目標是在 2022 年再次將收入翻番。我們出貨了 1,550 個傳感器，比 2021 年第一季度增長 58% 2021 年第一季度，生產了創紀錄的 4,368 個傳感器，證明了我們有能力擴展以滿足市場需求。正如我們在 2021 年第四季度的財報電話會議中所討論的，我們預計第一季度的收入會出現一些變化，並對我們今年的商業渠道以及我們繼續在每個領域的正面競爭中贏得交易的能力充滿信心我們的 4 個垂直領域。我們實現了 30% 的毛利率，高於 2021 年第一季度記錄的 26% 毛利率，與 2021 年第四季度記錄的 30% 毛利率一致。

Our proven manufacturing and operations team continued to secure our sourced material and scale production of our OS sensor despite headwinds from continued supply chain challenges. Over the course of the first quarter, our average cost per unit sold was up slightly from the fourth quarter of 2021 primarily due to lower absorption of overhead cost per unit. However, similar to the trend shown throughout 2021, we expect our average cost per unit sold will continue to decline faster than our average selling price as our sales volumes continue to increase. We believe Ouster has the highest hardware gross margin profile of our public lidar peer group, validating our leading cost structure associated with our CMOS digital lidar architecture, which enables high scalability in both performance and cost. Over the last quarter, we converted additional pre-production and production level customers to strategic customer agreements or SCAs.

儘管供應鏈面臨持續挑戰，但我們久經考驗的製造和運營團隊繼續確保我們的 OS 傳感器的採購材料和規模生產。在第一季度，我們的單位銷售平均成本比 2021 年第四季度略有上升，這主要是由於單位管理費用的吸收減少。然而，與整個 2021 年顯示的趨勢類似，隨著銷量繼續增加，我們預計每單位銷售的平均成本將繼續以快於平均售價的速度下降。我們相信 Ouster 在我們的公共激光雷達同行組中擁有最高的硬件毛利率，這驗證了我們與 CMOS 數字激光雷達架構相關的領先成本結構，這在性能和成本方面都具有高度可擴展性。在上個季度，我們將更多的預生產和生產級客戶轉換為戰略客戶協議或 SCA。

To-date Ouster has signed 72 SCAs representing over $550 million in contracted revenue opportunity through 2026. While we remain excited about large customer deals in our pipeline, timelines and uncertainties exist, customers are still learning their ramp rates which can impact the timing of purchase orders quarter to quarter. We continue to improve predictability into our customers' needs and timelines as we grow such that the timing of orders will have a smaller impact on our quarterly results as we scale. We believe our diverse group of SCAs exemplifies the success and the importance of our multi-market approach as Ouster is not dependent on a single or small handful of customers or even 1 market vertical with revenues expected to ramp in 2025 and 2026, but rather on both auto and non-auto opportunities that offer revenues and attractive margins in both the near and long term.

迄今為止，Ouster 已經簽署了 72 個 SCA，代表到 2026 年的合同收入機會超過 5.5 億美元。雖然我們仍然對我們管道中的大客戶交易感到興奮，但存在時間表和不確定性，客戶仍在了解他們的斜坡率，這可能會影響購買時間按季度訂購。隨著我們的發展，我們將繼續提高對客戶需求和時間表的可預測性，以便隨著我們的規模擴大，訂單的時間對我們的季度業績的影響會更小。我們相信，我們多元化的 SCA 團隊體現了我們多市場方法的成功和重要性，因為 Ouster 不依賴於單個或少數客戶，甚至不依賴於預計 2025 年和 2026 年收入將增加的一個垂直市場，而是依賴於汽車和非汽車機會在近期和長期都提供收入和有吸引力的利潤。

Our capital allocation plan continues to focus on 3 key areas: to accelerate our product roadmap, to expand our software offering and to build out our global sales and marketing teams. These initiatives will support our aim to at least double revenue growth this year, increase our market share across our 4 market verticals and continue to extend our technical advantage over our peers. We continued to ramp our commercial engine and sales pipeline over the first quarter and subsequently shipped new software updates with the release of the new firmware and software development kit and made headway towards the future release of our own verticalized software solution. We also shipped our first Digital Flash Series A-Sample achieving a major milestone within our strategic development agreement with our global auto OEM partner as we advance towards automotive readiness for Series production starting in 2025.

我們的資本分配計劃繼續專注於三個關鍵領域：加快我們的產品路線圖、擴展我們的軟件產品以及建立我們的全球銷售和營銷團隊。這些舉措將支持我們實現今年收入增長至少翻番的目標，增加我們在 4 個垂直市場的市場份額，並繼續擴大我們在同行中的技術優勢。我們在第一季度繼續增加我們的商業引擎和銷售渠道，隨後隨著新固件和軟件開發工具包的發布發布了新的軟件更新，並在我們自己的垂直化軟件解決方案的未來發布方面取得了進展。隨著我們從 2025 年開始為汽車系列生產做好準備，我們還交付了我們的第一個數字閃存系列 A 樣品，這在我們與全球汽車 OEM 合作夥伴的戰略發展協議中實現了一個重要的里程碑。

We were able to make these strategic investments while maintaining a cash balance of approximately $163 million at the end of the first quarter. Following the close of the first quarter and as described in our 8-K, Ouster further strengthened its financial position with a $50 million term loan with no dilution to equityholder including immediate access to $40 million in cash and a potential additional $10 million in 2023 subject to satisfying certain conditions. With this step, we are putting in place corporate finance best practices to ensure access to capital as needed. In the first quarter, we added 90 new customers and expanded sales to existing customers in line with the 3 major market trends playing out across our target industry: the shift to electrification, advanced safety and autonomy in automotive, the automation of our global supply chain in industrials and the widespread investment in privacy, safety and efficiency of our day-to-day lives in smart infrastructure.

我們能夠進行這些戰略投資，同時在第一季度末保持約 1.63 億美元的現金餘額。第一季度結束後，如我們的 8-K 中所述，Ouster 進一步加強了其財務狀況，提供了 5000 萬美元的定期貸款，不會稀釋股東，包括立即獲得 4000 萬美元的現金和可能在 2023 年額外獲得 1000 萬美元的資金滿足一定的條件。通過這一步，我們正在實施企業融資最佳實踐，以確保根據需要獲得資金。第一季度，我們增加了 90 個新客戶並擴大了對現有客戶的銷售，這與我們目標行業的 3 大市場趨勢一致：向電氣化的轉變、汽車的先進安全性和自主性、我們全球供應鏈的自動化在工業領域，以及對我們日常生活中隱私、安全和效率的廣泛投資在智能基礎設施中。

While we continue to execute on our DF product roadmap and advance negotiations for automotive series production program starting in 2025, we have a rich automotive business today across robo trucking, robotaxi, shuttles and buses. In 2021 we shipped 34% of our sensors within the automotive vertical, which represents a $1.9 billion total addressable market by 2025. In the first quarter, we shipped sizable orders to multiple trucking customers both upstarts and OEMs in the US and Europe as well as the autonomous bus, shuttle and robotaxi customers in the US and Asia. Within automotive, Ouster is emerging as a leader in robo trucking with customers like Plus.ai and Torc Robotics and other large trucking OEMs. And we expect this sub-market to continue to be a primary driver of growth through 2022. There are approximately 12 million freight trucks in the world, of which approximately 10% need to be replaced annually.

雖然我們繼續執行我們的 DF 產品路線圖並推進從 2025 年開始的汽車系列生產計劃的談判，但我們今天在機器人卡車、機器人出租車、穿梭巴士和公共汽車方面擁有豐富的汽車業務。 2021 年，我們 34% 的傳感器在汽車垂直領域出貨，到 2025 年，這代表著 19 億美元的總潛在市場。第一季度，我們向美國和歐洲的多家貨運客戶和 OEM 以及美國和亞洲的自動駕駛巴士、穿梭巴士和自動駕駛出租車客戶。在汽車領域，Ouster 正在成為機器人卡車運輸領域的領導者，其客戶包括 Plus.ai 和 Torc Robotics 以及其他大型卡車運輸 OEM。我們預計到 2022 年，這個子市場將繼續成為增長的主要驅動力。全球約有 1200 萬輛貨運卡車，其中約 10% 每年需要更換。

Customers are already deploying production pleas today and are using Ouster lidar to bring L2 plus autonomy features to freight delivery trucks on our highways saving fuel and other costs for end customers. Within industrial and robotics, we are benefiting from macroeconomic trends as companies take steps to automate their supply chain to increase productivity and solve for a lack of skilled labor in the market. We saw significant demand from the material handling market in the first quarter of 2022, especially for warehouse automation where we signed new SCA customers and booked large spot buys. We also continue to expand our commercial traction in off-highway vehicles for mining and agricultural applications as well as collision avoidance systems for railcars. And finally, we saw significant uptick in the adoption of lidar for more greenfield robotics applications across the supply chain such as drone and rail-based inspection system and volumetric monitoring solutions for raw material.

客戶今天已經在部署生產請求，並正在使用 Ouster 激光雷達為我們高速公路上的貨運卡車帶來 L2 plus 自動駕駛功能，從而為最終客戶節省燃料和其他成本。在工業和機器人領域，隨著公司採取措施使供應鏈自動化以提高生產力並解決市場上缺乏熟練勞動力的問題，我們正從宏觀經濟趨勢中受益。我們在 2022 年第一季度看到了物料搬運市場的巨大需求，特別是倉庫自動化方面，我們簽下了新的愛生雅客戶並預訂了大量現貨採購。我們還繼續擴大我們在採礦和農業應用的非公路車輛以及軌道車防撞系統中的商業牽引力。最後，我們看到激光雷達在整個供應鏈中用於更多未開發機器人應用的情況顯著增加，例如無人機和基於軌道的檢查系統以及原材料的體積監測解決方案。

Based on our current pipeline, we expect warehouse automation, port and logistics automation and raw material processing applications for mining and agriculture to be the major growth drivers in 2022 within the industrial and robotics vertical. We continue to gain market share in the existing $1 billion market for legacy industrial sensors as we further displace high cost 2D laser safety standards and other legacy sensors making this 1 f the largest near term and fastest growing opportunities for digital lidar. The warehouse automation market is just in its infancy and already generating millions in revenue for our business. The market opportunity is estimated at over $15 billion today as less than 20% of warehouses currently have any form of automation. According to a recent report, the market for mobile robots is estimated to grow 10 times by 2030 driven by the sale of automated mobile robots which tripled from 2018 to 2020.

根據我們目前的管道，我們預計倉庫自動化、港口和物流自動化以及採礦和農業的原材料加工應用將成為 2022 年工業和機器人垂直領域的主要增長動力。隨著我們進一步取代高成本的 2D 激光安全標準和其他傳統傳感器，我們將繼續在現有 10 億美元的傳統工業傳感器市場中獲得市場份額，從而使這一 1f 成為數字激光雷達近期最大和增長最快的機會。倉庫自動化市場剛剛起步，已經為我們的業務創造了數百萬的收入。今天的市場機會估計超過 150 億美元，因為目前只有不到 20% 的倉庫擁有任何形式的自動化。根據最近的一份報告，預計到 2030 年，移動機器人市場將增長 10 倍，這主要得益於自動化移動機器人的銷量，從 2018 年到 2020 年增長了兩倍。

Ouster is already working with customers, including large industrial OEMs looking to automate their own fleet and a large global company looking to invest millions into automating its warehousing operation as well as a number of leading warehouse automation companies, including Vecna Robotics, Third Wave Automation, ATI Motors and Balyo. These customers as well as our pipeline of future opportunities position us well to scale in line with market demand. Turning to smart infrastructure. Last year we won 110 projects, which represented nearly 3,000 sensors, for initial deployments that have the potential to expand the hundreds of thousands of sensors. We continue to gain traction in the first quarter of 2022 through new deployment and project expansion in airports, highways, streets and more across Europe, the Middle East, Asia and North America. These include critical infrastructure security, traffic monitoring, connected vehicles as well as speed enforcement applications.

Ouster 已經在與客戶合作，包括希望實現自己的車隊自動化的大型工業 OEM 和希望投資數百萬美元實現倉儲運營自動化的大型全球公司，以及一些領先的倉庫自動化公司，包括 Vecna Robotics、Third Wave Automation、 ATI 汽車和 Balyo。這些客戶以及我們的未來機會管道使我們能夠很好地根據市場需求進行擴展。轉向智能基礎設施。去年，我們贏得了 110 個項目，代表了近 3,000 個傳感器，用於有可能擴展數十萬個傳感器的初始部署。通過在歐洲、中東、亞洲和北美的機場、高速公路、街道等的新部署和項目擴展，我們將在 2022 年第一季度繼續獲得牽引力。其中包括關鍵基礎設施安全、交通監控、聯網車輛以及速度執法應用。

We expect the continued expansion of intelligent transportation projects in addition to crowd analytic application to be the primary growth drivers in the smart infrastructure vertical in 2022. We also see a massive opportunity to disrupt the multibillion dollar security market with our new joint security solution Ouster Accur8vision where incumbent technology benefit from the relatively high ASPs and faster sales cycles. We expect the lidar industry to evolve in similar ways of the digital camera industry. According to a recent report by (inaudible), the market for digital cameras for security is the largest non-consumer digital camera market in the world estimated at $32 billion in 2021. Our growth over the first quarter across each of our verticals, especially a handful of fast developing submarkets such as robo trucking, warehouse automation and intelligent transportation system reinforces our ability to capture market share within the $8.6 billion total addressable market expected by 2025.

我們預計，除了人群分析應用之外，智能交通項目的持續擴展將成為 2022 年智能基礎設施垂直領域的主要增長動力。我們還看到了通過我們新的聯合安全解決方案 Ouster Accur8vision 擾亂數十億美元安全市場的巨大機會現有技術受益於相對較高的平均售價和更快的銷售週期。我們預計激光雷達行業將以與數碼相機行業類似的方式發展。根據（聽不清）最近的一份報告，用於安全的數碼相機市場是全球最大的非消費數碼相機市場，預計到 2021 年將達到 320 億美元。我們在每個垂直領域的第一季度增長，尤其是少數快速發展的子市場，如機器人卡車運輸、倉庫自動化和智能交通系統，增強了我們在 2025 年預計的 86 億美元總潛在市場中佔領市場份額的能力。

Our differentiated technology backed by a leading cost structure and our multimarket approach position Ouster to take advantage of both near- and long-term revenue opportunities and continue to gain market share. The fundamentals of our business remain unchanged. Our bottom-up analysis based on sales pipeline, bookings and commercial expansion plans coupled with major product announcements planned for later in the year provides a commercial path to deliver on our full year 2022 guidance of $65 million to $85 million in revenue and 25% to 30% gross margins, which we expect will follow a similar trajectory to 2021 with larger customer orders and shipments hitting in the second half of the year.

我們以領先的成本結構和多市場方法為後盾的差異化技術使 Ouster 能夠利用近期和長期的收入機會並繼續獲得市場份額。我們的業務基本面保持不變。我們基於銷售渠道、預訂和商業擴張計劃以及計劃在今年晚些時候發布的主要產品發布的自下而上分析為實現我們 2022 年全年 6500 萬至 8500 萬美元的收入和 25% 至30% 的毛利率，我們預計到 2021 年將遵循類似的軌跡，下半年會有更大的客戶訂單和出貨量。

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

我現在想把電話轉回安格斯。

Thanks, Anna. Essential to driving digital lidar adoption in each of our verticals is a desire to improve safety and quality of life while increasing efficiency, sustainability and equity. Applications powered by digital lidar have the potential to do just that. Our technology is already creating safer conditions for miners in Inner Mongolia, engineers at nuclear facilities in Europe and on roadways in the United States and abroad. Lidar can help reduce traffic congestion to minimize greenhouse gas emissions or monitor critical infrastructure like railways and power lines. These are just a few of many examples. At scale, the positive impact we can have on society is enormous and starts at home with the actions we take as a company.

謝謝，安娜。在我們每個垂直領域推動數字激光雷達採用的關鍵是希望提高安全性和生活質量，同時提高效率、可持續性和公平性。由數字激光雷達驅動的應用程序有可能做到這一點。我們的技術已經為內蒙古的礦工、歐洲核設施的工程師以及美國和國外道路上的工程師創造了更安全的條件。激光雷達可以幫助減少交通擁堵，以最大限度地減少溫室氣體排放或監控鐵路和電力線等關鍵基礎設施。這些只是眾多例子中的一小部分。在規模上，我們可以對社會產生巨大的積極影響，並從我們作為一家公司所採取的行動開始。

Earlier this year, Ouster announced a sustainability program predicated on the founding principle of our company to innovate and deliver technologies that lead to safer and more efficient vehicles, transportation networks, workplaces and infrastructure for more sustainable and prosperous communities. We have formed an internal advisory committee to guide our sustainability program and look forward to reporting our efforts and impact for 2022. In closing, our increased customer traction across each of our 4 verticals and critical product development combined with further capital flexibility position Ouster to drive near- and long-term revenue growth. We believe digital lidar is uniquely positioned to power societal transformations and become an indispensable part of our day-to-day lives.

今年早些時候，Ouster 宣布了一項基於我們公司的創始原則的可持續發展計劃，旨在創新和提供技術，使車輛、交通網絡、工作場所和基礎設施更安全、更高效，從而實現更可持續和繁榮的社區。我們成立了一個內部諮詢委員會來指導我們的可持續發展計劃，並期待報告我們在 2022 年的努力和影響。最後，我們在 4 個垂直領域和關鍵產品開發中增加了客戶牽引力，再加上進一步的資本靈活性，使 Ouster 能夠推動近期和長期的收入增長。我們相信，數字激光雷達具有獨特的優勢，可以推動社會變革，並成為我們日常生活中不可或缺的一部分。

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

有了這個，我想打開它進行問答。

(Operator Instructions) Our first question will come from the line of Tristan Gerra with Baird.

（操作員說明）我們的第一個問題來自 Tristan Gerra 和 Baird。

This is Tyler on for Tristan. First, in light of the supply chain constraints, how are you seeing car OEMs project their timelines for the ramp of the lidar industry? Are you seeing any push-outs or is everything on track with your prior timing expectations?

這是特里斯坦的泰勒。首先，鑑於供應鏈的限制，您如何看待汽車 OEM 為激光雷達行業的發展規劃他們的時間表？您是否看到任何推出或一切都按您之前的時間預期進行？

I'm sorry Taylor. I have a little bit of trouble hearing you. Did you say car OEMs?

對不起，泰勒。我有點聽不懂你的聲音。你說的是汽車原始設備製造商嗎？

Yes, the car OEMs.

是的，汽車原始設備製造商。

I can take that. Thanks for the question. So I guess if this is a question around the broader industry, then I think that there is always a subset of companies that are going to fall behind their initial projections. This is not something that it's historically true if you look at automakers releasing any new technology. But there's also a subset that are still moving forward and I'd say the majority of the industry is still moving forward very aggressively into autonomy and lidar. And so what we see from our conversations is a real effort to stick to their autonomy and electrification strategies and not let any kind of budget restrictions affect that because it's so core to the business and the future kind of competitiveness of automakers at this point.

我可以接受。謝謝你的問題。所以我想如果這是一個圍繞更廣泛行業的問題，那麼我認為總會有一部分公司會落後於他們最初的預測。如果您看看汽車製造商發布的任何新技術，這在歷史上是不正確的。但也有一個子集仍在向前發展，我想說大多數行業仍在非常積極地向自主和激光雷達發展。因此，我們從談話中看到的是真正努力堅持他們的自主和電氣化戰略，而不是讓任何類型的預算限制影響這一點，因為它對業務和汽車製造商未來的競爭力至關重要。

Great. For my follow-up, how should we look at your mix by end market this year? I know you talked about some of the growth drivers for each of your end markets, but how should we think of the mix? Do you expect any material changes from last year?

偉大的。對於我的後續行動，我們應該如何看待你們今年的終端市場組合？我知道您談到了您的每個終端市場的一些增長動力，但我們應該如何看待這種組合？您預計與去年相比會有任何重大變化嗎？

I think we are -- we did 34% of our revenue in automotive sector last year and I think that continues to drive a lot of our growth going forward and we saw the remainder kind of split evenly between the robotics and industrial verticals where we're also still seeing more traction. But I think as I highlighted in my prepared remarks, we're really excited as well about the smart infrastructure vertical this year, which is about 15% last year and that's primarily around, as we said, the 110 contracts that we signed previously that are still continuing to develop and add to our projected revenue this year.

我認為我們是——去年我們在汽車行業的收入佔總收入的 34%，我認為這將繼續推動我們未來的大部分增長，我們看到剩下的部分在機器人技術和工業垂直領域之間平分秋色。重新也仍然看到更多的牽引力。但我認為，正如我在準備好的發言中所強調的那樣，我們對今年的智能基礎設施垂直領域也感到非常興奮，去年這一比例約為 15%，正如我們所說，這主要是圍繞我們之前簽署的 110 份合同仍在繼續發展並增加我們今年的預計收入。

Just to add a little more color there. Smart infrastructure we come back to again and again because really it's the true greenfield opportunity for lidar. The other verticals we're operating in, there's a lot of understanding and use of legacy lidar systems and -- but in smart infrastructure, there is kind of unbounded opportunity because it's a new use case for lidar and there's such a huge market existing there in digital cameras, almost $32 billion of digital cameras sold just into security not even talking about smart infrastructure or traffic management or crowd analytics. So absolutely we see things progressing as is, but that's the safe bet with roughly equal distribution across our verticals. But there is immense potential that we may tap into in smart infrastructure above and beyond what we're talking about.

只是為了在那裡添加更多顏色。我們一次又一次地回到智能基礎設施，因為這確實是激光雷達真正的綠地機會。我們正在運營的其他垂直領域，對傳統激光雷達系統有很多了解和使用，而且——但在智能基礎設施中，存在無限的機會，因為它是激光雷達的新用例，那裡存在如此巨大的市場在數碼相機領域，近 320 億美元的數碼相機僅用於安全領域，甚至沒有涉及智能基礎設施、交通管理或人群分析。因此，我們絕對看到事情正在按原樣發展，但這是我們的垂直領域大致相等分佈的安全賭注。但是，我們可以在智能基礎設施中挖掘出巨大的潛力，超出我們所談論的範圍。

Our next question will come from the line of Brian Dobson with Chardan capital markets.

我們的下一個問題將來自 Brian Dobson 與 Chardan 資本市場的觀點。

So you pointed to gross margin being up 300 basis points on stronger average sales prices and you alluded to navigating supply chain issues. Could you just give us a little bit more color on what was driving that pricing power in the quarter and how you expect pricing to evolve through the balance of the year?

因此，您指出由於平均銷售價格走強，毛利率上升了 300 個基點，並且您提到了解決供應鏈問題。您能否就本季度推動定價能力的因素以及您期望定價在今年餘下時間如何演變給我們提供更多信息？

Yes. I mean I think we talked a bit about that we had several new customers entering our pipeline in Q1 and as a result of that, that tended to lift our ASPs. And I think going forward, we've said that we expect ASPs to fall as we are able to lower our COGS as we ship more volume. So if you recall, our cost of goods sold are primarily based on volume increases. We expect to see constant margin improvement as we sell more and more volume and that's just based on our digital architecture. And so we are expecting kind of further improvements to the product line to get to the cost structure that we're anticipating, it's mostly coming from these volume improvements. And so over time historically and into the future, we expect that we'll continue to drop ASPs in line as our COGS drop and so that gives us a lot of kind of predictability into the business.

是的。我的意思是我認為我們談到了一些新客戶在第一季度進入我們的管道，因此，這往往會提高我們的平均售價。而且我認為展望未來，我們已經說過我們預計 ASP 會下降，因為我們能夠隨著出貨量的增加而降低我們的 COGS。因此，如果您還記得，我們的商品銷售成本主要是基於銷量的增長。隨著我們的銷量越來越多，我們預計利潤率會不斷提高，而這只是基於我們的數字架構。因此，我們期望對產品線進行進一步改進，以達到我們預期的成本結構，這主要來自這些數量的改進。因此，隨著時間的推移，從歷史和未來來看，我們預計隨著 COGS 的下降，我們將繼續降低 ASP，這給了我們對業務的很多可預測性。

Great. And then you mentioned that customers are still learning their ramp rates and that impacts the timing of quarters, you're expecting more sales in the back half of the year. Can you just walk us through the quarterly cadence as you expect it?

偉大的。然後你提到客戶仍在了解他們的斜坡率，這會影響季度的時間安排，你預計今年下半年會有更多的銷售。您能按照您的預期向我們介紹季度節奏嗎？

I mean I think we are really excited about the guidance that we've given. We guided to $65 million to $85 million in revenue, which is nearly a doubling of our revenue over the prior year even at the low end of that guidance. And I think when we talk about what we're anticipating over the quarters, we haven't given quarterly guidance historically, but I think that you can see that there have been trends in our business over the last couple of years so we tend to have really strong fourth quarters. And so I think looking forward, what's really important here is that our guidance is based on our bottoms-up pipeline projections. So our pipeline supports our guidance. We have over 600 customers, we've signed 72 of the Strategic Customer Agreements now where we're getting 3 and 5-year forecast from our customers. And so it's really important that you understand the bottoms-up projections are supported by those customers in that pipeline. And so I think we're just expecting a similar trajectory to last year where we're seeing many of our larger orders hitting in the second half of the year.

我的意思是我認為我們對我們提供的指導感到非常興奮。我們指導的收入為 6500 萬至 8500 萬美元，即使在該指導的低端，這幾乎是我們去年收入的兩倍。而且我認為當我們談論我們對季度的預期時，我們歷史上沒有給出季度指導，但我認為你可以看到過去幾年我們的業務出現了趨勢，所以我們傾向於第四季度非常強勁。所以我認為展望未來，這裡真正重要的是我們的指導是基於我們自下而上的管道預測。所以我們的管道支持我們的指導。我們有 600 多個客戶，我們現在已經簽署了 72 份戰略客戶協議，我們從客戶那裡獲得了 3 年和 5 年的預測。因此，了解自下而上的預測得到該管道中的那些客戶的支持非常重要。所以我認為我們只是期待與去年類似的軌跡，我們看到我們的許多大訂單在下半年出現。

Our next question will come from the line of Sam Peterman with Craig-Hallum.

我們的下一個問題將來自 Sam Peterman 和 Craig-Hallum。

I appreciate all the color in the prepared remarks. I did want to ask on the quarter you just reported. Obviously revenue is below the fourth quarter and below kind of what you were anticipating. It's still not very clear to me kind of what drove -- I know you mentioned seasonality. If you give any thoughts on kind of where you saw weakness either in terms of end market or with any supply constraints or anything like that. Just curious what you saw in the first quarter with lidar revenues being down a bit.

我很欣賞準備好的評論中的所有顏色。我確實想問一下你剛剛報告的季度。顯然，收入低於第四季度，低於你的預期。我仍然不太清楚是什麼驅動的——我知道你提到了季節性。如果您對終端市場或任何供應限製或類似情況方面的弱點提出任何想法。只是好奇你在第一季度看到了什麼，激光雷達收入略有下降。

I mean, I don't think that we saw any weakness in any areas. I mean certainly we haven't lost any kind of head-to-head deal -- major deals with customers. I think when we talked about our projections for 2022 when we gave our fourth quarter earnings update, we did say that we expected some variability going into Q1. And so I don't think anything fundamentally has changed in the business. We're still seeing kind of -- we're still signing up new customers, we're still seeing them progress through the pipeline and we get 3 to 5-year forecasts for many of our customers. And so yes, I guess I don't see any fundamental changing in the business. I think we're really excited about the growth we're seeing and the customers we are working with.

我的意思是，我認為我們在任何領域都沒有看到任何弱點。我的意思是，我們當然沒有失去任何形式的正面交易——與客戶的重大交易。我認為，當我們在發布第四季度收益更新時談到我們對 2022 年的預測時，我們確實說過我們預計第一季度會有一些變化。因此，我認為業務中沒有任何根本性的變化。我們仍然看到——我們仍在與新客戶簽約，我們仍然看到他們在管道中取得進展，我們為我們的許多客戶獲得了 3 到 5 年的預測。所以是的，我想我看不到業務發生任何根本性變化。我認為我們對所看到的增長以及與我們合作的客戶感到非常興奮。

Okay. Fair enough. And then I wanted to follow up on the topic of obviously your sales guidance for the year, kind of asking it different way. Obviously the quarter-over-quarter increases you acquired are pretty substantial and get to that midpoint of your guidance. And you mentioned a couple different factors: bookings, your sales pipeline, upcoming products, et cetera. So I just wanted to ask if you could give any color around what end markets are going to drive strength and how much of that outlook that you have is booked versus your line of sight versus you expect to be spot buys? Any kind of color on your level of visibility at this point would be helpful.

好的。很公平。然後我想跟進你今年的銷售指導這個話題，用不同的方式問它。顯然，您獲得的季度環比增長非常可觀，並且達到了您指導的中點。你提到了幾個不同的因素：預訂、你的銷售渠道、即將推出的產品等等。所以我只是想問一下，您是否可以就哪些終端市場將推動實力以及您所擁有的前景與您的視線與您預期的現貨購買有多少給出任何顏色？在這一點上，您的可見度級別的任何顏色都會有所幫助。

I mean I think we highlighted in our prepared remarks some of the growth that we're seeing around -- in automotive for example around the robo trucking industry where we're really emerging as a leader and we're working with several large customers there that give us a lot of predictability in that submarket. And then on the supply chain automation side, we talked particularly about warehouse automation where we're signing new SCA customers and booking some large spot buys. We continue to see traction in off-highway vehicles for applications like mining and agriculture, et cetera. And then I think also on the smart infrastructure side, Angus had given some color earlier in response to a question where we're just seeing additional new deployments and project expansions in 2022 in airports, highways, streets, et cetera and we're seeing that kind of worldwide across all of our geographies. So I think we remain very excited about this year.

我的意思是，我認為我們在準備好的評論中強調了我們看到的一些增長——例如在汽車領域，在機器人卡車運輸行業，我們真正成為領導者，我們正在與那裡的幾家大客戶合作這使我們在該子市場具有很大的可預測性。然後在供應鏈自動化方面，我們特別談到了倉庫自動化，我們正在簽署新的 SCA 客戶並預訂一些大型現貨採購。我們繼續看到用於採礦和農業等應用的非公路車輛的牽引力。然後我認為在智能基礎設施方面，安格斯早些時候已經給出了一些顏色來回答一個問題，即我們在 2022 年看到機場、高速公路、街道等的更多新部署和項目擴展，我們正在看到在我們所有的地區都在全球範圍內。所以我認為我們對今年仍然非常興奮。

(Operator Instructions) Your next question will come from the line of Andres Sheppard with Cantor Fitzgerald.

（操作員說明）您的下一個問題將來自 Andres Sheppard 和 Cantor Fitzgerald 的台詞。

Congrats on the quarter. Can you hear me okay?

祝賀本季度。你能聽到我的聲音嗎？

Yes.

是的。

Most of my questions have been asked, but maybe to follow-up on the last one there in terms of revenue, right? So with $8.6 million revenue for the quarter, to get to the midpoint of the guidance which was reaffirmed today let's call it $75 million, that leaves about $66 million or so in revenue for the year. So I'm just wondering should we account for the seasonality? Do you expect a bit of like a ramp-up period or is most of the revenue expected in the later quarter? Just a little more color there would be helpful.

我的大部分問題都被問到了，但也許是在收入方面跟進最後一個問題，對吧？因此，本季度的收入為 860 萬美元，要達到今天重申的指導的中點，我們稱之為 7500 萬美元，全年的收入約為 6600 萬美元。所以我只是想知道我們應該考慮季節性嗎？您是否預計會有一個加速期，或者大部分收入預計會在後一季度實現？多一點顏色會有幫助。

Yes, I can step in and answer it a little bit differently. So first and foremost, we have bottoms-up revenue pipeline that supports our guidance for the year but it's absolutely item-by-item, customer by customer, opportunity by opportunity. So that's why we're reaffirming guidance because we have the opportunities to support it and we are winning those opportunities. So nothing fundamentally changed about the business. We see the business growing and we're reaffirming guidance because of that data if nothing else. Obviously we are growing the business and we've said that there is going to be a ramp that looks like last year in the second half of this year as well. It's just part -- it's part of doubling revenue year-over-year. The back half of every year is going to be back weighted.

是的，我可以介入並以不同的方式回答。因此，首先，我們有自下而上的收入渠道來支持我們今年的指導，但這絕對是逐項、逐個客戶、逐個機會的。所以這就是我們重申指導的原因，因為我們有機會支持它，我們正在贏得這些機會。因此，業務並沒有發生根本性的變化。我們看到了業務的增長，我們正在重申基於這些數據的指導，如果沒有別的的話。顯然，我們正在發展業務，我們已經說過，今年下半年也會有一個像去年一樣的斜坡。這只是一部分——它是收入同比翻番的一部分。每年的後半段都將重新加權。

But then there's also potentially some seasonality that we're seeing with customers placing very significant orders and receiving shipments at the end of the year. And then in terms of contribution split by vertical, right now we see roughly equal contribution from the 4 verticals. And I don't see the -- last year with the 34% of units shipped into automotive with about 20%, 25% for industrials and robotics and about 15% of units shipped in the smart infrastructure. And I don't see a significant deviation from that, maybe plus or minus 10% of shuffling between the verticals for this year just depending on which orders they win. So I want to make it abundantly clear there's a reason why we're reaffirming guidance. We understand there is a significant ramp that happens, but we got the data and we clearly are able to ship against it. We are doing great on the manufacturing side.

但是，我們也看到潛在的季節性因素，客戶在年底下達大量訂單並收到貨物。然後在按垂直方向劃分的貢獻方面，現在我們看到 4 個垂直方向的貢獻大致相等。而且我沒有看到 - 去年有 34% 的設備運往汽車，約 20%、25% 用於工業和機器人技術，約 15% 的設備運往智能基礎設施。而且我沒有看到明顯的偏差，今年垂直行業之間的洗牌可能會增加或減少 10%，這取決於他們贏得的訂單。因此，我想非常清楚地表明，我們重申指導方針是有原因的。我們知道發生了顯著的增長，但我們得到了數據，我們顯然能夠反對它。我們在製造方面做得很好。

Got it. Now that's very through. Maybe my quick follow-up is in terms of the margins, which I know has been asked a little bit already. With 30% margins for the quarter, you're already at the top end of your guidance and you've mentioned that you kind of anticipate maybe those margins to improve. So I'm wondering is that 25% to 30% gross margin guidance, is that all of a sudden maybe conservative?

知道了。現在已經很徹底了。也許我的快速跟進是在利潤方面，我知道已經有人問過這個問題。本季度的利潤率為 30%，您已經處於指導的頂端，並且您已經提到您預計這些利潤率可能會提高。所以我想知道 25% 到 30% 的毛利率指導是否突然之間可能是保守的？

I think you're right -- go ahead.

我認為你是對的 - 繼續。

I'm sorry. I think we said in our Q4 earnings 3 months ago that we were giving ourselves some headroom in our guidance on margin in case of further disruptions in the supply chain. The thing that we don't want to -- we never want to be in a position where we have to decide between hitting our margin guidance and shipping to customers, right, and maintaining our continuity of supply. So there may be some upside there, but what we've said is we don't want it really want it built into 2 models because we retain the rate to hit the guidance, which means falling within that range if we need to keep shipping.

對不起。我認為我們在 3 個月前的第四季度財報中說過，如果供應鏈進一步中斷，我們會給自己的利潤率指引留出一些空間。我們不想做的事情——我們永遠不想處於必須在達到我們的保證金指導和向客戶發貨之間做出決定的位置，對，以及保持我們的供應連續性。所以那裡可能有一些好處，但我們所說的是我們不希望它真的希望它內置到 2 個模型中，因為我們保留了達到指導的費率，這意味著如果我們需要繼續發貨，則落在該範圍內.

And this does conclude our question-and-answer session. I'd like to turn the conference back over to Angus Pacala for any closing remarks.

這確實結束了我們的問答環節。我想把會議轉回給 Angus Pacala 做任何閉幕詞。

No. Thank you all for tuning in. We're really happy about the year that's started and we're looking forward to the growth that we're seeing in the business. Thank you all.

不。謝謝大家收看。我們對開始的一年感到非常高興，我們期待著我們在業務中看到的增長。謝謝你們。

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

女士們，先生們，會議到此結束。感謝您參加今天的演講。您現在可以斷開您的線路。