Impinj Inc (PI) 2022 Q3 法說會逐字稿

Welcome to the Impinj Third Quarter 2022 Earnings Conference Call and Webcast. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mr. Andy Cobb, Vice President, Strategic Finance. Please go ahead.

歡迎參加 Impinj 2022 年第三季度收益電話會議和網絡直播。 （操作員說明）請注意，此事件正在記錄中。我現在想將會議轉交給戰略財務副總裁 Andy Cobb 先生。請繼續。

Thank you, [MJ]. Good afternoon, and thank you all for joining us to discuss Impinj's third quarter 2022 results. On today's call, Chris Diorio, Impinj's Co-Founder and CEO, will provide a brief overview of our market opportunity and performance. Cary Baker, Impinj's CFO, will follow with a detailed review of our third quarter 2022 financial results and fourth quarter 2022 outlook. We will then open up the call for questions. Jeff Dossett, Impinj's CRO, will join us for the Q&A. You can find management's prepared remarks plus trended financial data on the Investor Relations section of the company's website.

謝謝你，[MJ]。下午好，感謝大家加入我們討論 Impinj 2022 年第三季度的業績。在今天的電話會議上，Impinj 的聯合創始人兼首席執行官 Chris Diorio 將簡要概述我們的市場機會和業績。 Impinj 首席財務官 Cary Baker 將隨後詳細審查我們 2022 年第三季度的財務業績和 2022 年第四季度的展望。然後，我們將打開提問電話。 Impinj 的 CRO Jeff Dossett 將加入我們的問答環節。您可以在公司網站的投資者關係部分找到管理層準備好的評論以及趨勢財務數據。

We will make statements in this call about financial performance and future expectations that are based on our outlook as of today. Any such statements are forward-looking under the Private Securities Litigation Reform Act of 1995. While we believe we have a reasonable basis for making these forward-looking statements, our actual results could differ materially because any such statements are subject to risks and uncertainties. We describe these risks and uncertainties in the annual and quarterly reports we file with the SEC. We do not undertake, and expressly disclaim, any obligation to update or alter our forward-looking statements except as required by law.

我們將在本次電話會議中根據我們今天的展望就財務業績和未來預期發表聲明。根據 1995 年的《私人證券訴訟改革法案》，任何此類陳述都是前瞻性的。雖然我們相信我們有合理的基礎做出這些前瞻性陳述，但我們的實際結果可能存在重大差異，因為任何此類陳述都存在風險和不確定性。我們在向 SEC 提交的年度和季度報告中描述了這些風險和不確定性。除法律要求外，我們不承擔並明確否認更新或更改我們的前瞻性陳述的任何義務。

On today's call, all financial metrics, except for revenue or where we explicitly state otherwise, are non-GAAP. Balance sheet and cash flow metrics are GAAP. Please refer to our earnings release for a reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics.

在今天的電話會議上，所有財務指標，除了收入或我們另有明確說明外，都是非公認會計原則。資產負債表和現金流量指標是公認會計原則。請參閱我們的收益發布，了解非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬。

Before turning to our results and outlook, note that we will participate in the Baird 2022 Global Industrial Conference on November 10 in Chicago, and we will virtually attend the Susquehanna Semiconductor Showcase on December 13. We look forward to connecting with many of you at those events.

在談到我們的結果和展望之前，請注意，我們將參加 11 月 10 日在芝加哥舉行的 Baird 2022 全球工業會議，我們將虛擬參加 12 月 13 日的 Susquehanna 半導體展示會。我們期待與你們中的許多人聯繫事件。

I will now turn the call over to Chris.

我現在將把電話轉給克里斯。

Thank you, Andy, and thank you all for joining the call.

謝謝你，安迪，謝謝大家加入電話會議。

Our third quarter results were strong. Revenue and adjusted EBITDA exceeded our guidance, with both setting new quarterly records. Against the backdrop of broader macro crosscurrents, these record results highlight our growth potential as product supply improves.

我們的第三季度業績強勁。收入和調整後的 EBITDA 超出了我們的預期，均創下了新的季度記錄。在更廣泛的宏觀逆流的背景下，這些創紀錄的業績突顯了我們隨著產品供應改善的增長潛力。

Last quarter, I said that, based on my conversations with Impinj's leading end users and go-to-market partners, I expect the demand to remain strong at least through second half 2022. Recent conversations with those end users and partners suggest that that strength extends well into 2023, driven by new deployments and expansion at existing deployments. Highlighting that strong demand, we entered the fourth quarter with record backlog.

上個季度，我說過，根據我與 Impinj 的主要最終用戶和進入市場的合作夥伴的對話，我預計至少到 2022 年下半年，需求將保持強勁。最近與這些最終用戶和合作夥伴的對話表明，這種優勢在現有部署的新部署和擴展的推動下，這一趨勢一直延續到 2023 年。突顯出強勁的需求，我們進入了第四季度的積壓記錄。

Starting with endpoint IC supply, the pace and lead times of wafer upsides from our foundry partner continue to gradually improve. Despite that improvement, third quarter demand still exceeded supply by more than 50% for the sixth consecutive quarter, and we expect demand to exceed supply well into 2023. At Impinj's yearly Executive Forum, a partner event which we just held, our leading inlay partners highlighted they are adding significant inlay manufacturing capacity and reiterated they would layer on additional endpoint IC bookings if we had more wafers. We look forward to the day when our improving supply situation positions us to take those additional bookings.

從端點 IC 供應開始，我們的代工合作夥伴的晶圓上升速度和交貨時間繼續逐漸改善。儘管有所改善，但第三季度的需求仍連續第六個季度超過供應量超過 50%，我們預計到 2023 年需求將超過供應量。在 Impinj 的年度高管論壇上，我們剛剛舉辦的合作夥伴活動中，我們領先的鑲嵌合作夥伴強調他們正在增加顯著的嵌體製造能力，並重申如果我們有更多的晶圓，他們將增加額外的端點 IC 預訂。我們期待著供應狀況改善使我們能夠接受這些額外預訂的那一天。

Third quarter endpoint IC revenue exceeded our expectations, and for the fourth consecutive quarter set a new quarterly record. Our current supply visibility supports continued endpoint IC unit volume growth in both fourth quarter of 2022 and 2023. Looking further out, we continue to see multiyear growth tailwinds for our endpoint ICs.

第三季度端點 IC 收入超出我們的預期，並連續第四個季度創下新的季度記錄。我們目前的供應可見性支持 2022 年第四季度和 2023 年第四季度的端點 IC 單位數量持續增長。展望未來，我們繼續看到端點 IC 的多年增長順風。

Turning to system supply. Component shortfalls again constrained our reader shipments like they have for the past 4 quarters. For reader ICs, although third quarter supply mostly caught up to demand, we see strong orders heading into fourth quarter, particularly for our E-family products. In aggregate, we entered fourth quarter with significant systems backlog yet with product supply still constraining systems revenue growth into 2023. Like for endpoint ICs, we look forward to the day when we have enough system supply to satisfy market needs.

轉向系統供應。與過去 4 個季度一樣，組件短缺再次限制了我們的閱讀器出貨量。對於閱讀器 IC，雖然第三季度的供應基本滿足了需求，但我們看到強勁的訂單將進入第四季度，尤其是我們的 E 系列產品。總體而言，我們進入第四季度時有大量系統積壓，但產品供應仍然限制系統收入增長到 2023 年。就像端點 IC 一樣，我們期待有一天我們有足夠的系統供應來滿足市場需求。

Third quarter systems revenue exceeded our expectations. Reader ICs were a bright spot, setting a new quarterly record. Reader and gateway revenue met our expectations, led again by shipments to the visionary European retailers expanded loss prevention deployment. Looking into 2023, we see solid systems demand led by rapid unit volume growth in our E-family reader ICs.

第三季度系統收入超出了我們的預期。閱讀器 IC 是一個亮點，創下新的季度記錄。閱讀器和網關的收入達到了我們的預期，這再次得益於向有遠見的歐洲零售商擴大防損部署的出貨量。展望 2023 年，我們看到由於我們的 E 系列讀卡器 IC 的單位數量快速增長，系統需求強勁。

On the product front, I am thrilled by our September launch of the Impinj Authenticity solution engine. More than a decade in the making, Impinj Authenticity is an end-to-end platform offering for cryptographically authenticating everyday items as genuine. Comprising a new endpoint IC, the Impinj M775, which pairs an ISO standardized cryptographic engine with a unique key in each IC; new firmware in our reader ICs and readers that enables a challenge response dialogue with those endpoint ICs, a new cloud-based Impinj Authentication service that can verify an IC's Authenticity in milliseconds, and easy-to-use APIs that enable partner or end-user product databases that pair each item with its authenticated endpoint IC. Impinj Authenticity will inhibit counterfeits, improve product safety and secure the supply chain.

在產品方面，我對我們 9 月份推出的 Impinj Authenticity 解決方案引擎感到非常興奮。十多年來，Impinj Authenticity 是一個端到端的平台，用於對日常物品進行加密驗證為真品。包含一個新的端點 IC，即 Impinj M775，它將 ISO 標準化加密引擎與每個 IC 中的唯一密鑰配對；我們的讀卡器 IC 和讀卡器中的新固件支持與這些端點 IC 進行質詢響應對話，新的基於雲的 Impinj 身份驗證服務可以在幾毫秒內驗證 IC 的真實性，以及易於使用的 API，支持合作夥伴或最終用戶產品數據庫將每個項目與其經過身份驗證的端點 IC 配對。 Impinj Authenticity 將抑制假冒產品，提高產品安全性並保護供應鏈。

With Impinj Authenticity, we hope to make a substantial dent in global counterfeiting, which costs legitimate enterprises hundreds of billions of dollars annually. Only available from the Impinj platform, Impinj Authenticity is also our first product offering focused on expanding our recurring revenue opportunity from endpoint ICs to include cloud services. Impinj Authenticity represents another key element of Impinj's mission of connecting every item in our everyday world and, while doing so, protecting those items, the privacy of people who benefit from those connected items, and the world we live in; Impinj Authenticity for protecting items, protected mode for protecting privacy and, looking forward, using the Impinj platform to improve the sustainability of those connected items.

通過 Impinj Authenticity，我們希望大幅減少全球假冒行為，因為這些假冒每年給合法企業造成數千億美元的損失。 Impinj Authenticity 僅可從 Impinj 平台獲得，它也是我們的第一款產品，專注於將我們的經常性收入機會從端點 IC 擴展到包括雲服務。 Impinj Authenticity 代表了 Impinj 使命的另一個關鍵要素，即連接我們日常生活中的每一件物品，同時保護這些物品、從這些連接物品中受益的人的隱私，以及我們生活的世界； Impinj Authenticity 用於保護項目，保護模式用於保護隱私，並期待使用 Impinj 平台來提高這些連接項目的可持續性。

On the project front, we see continued strong retail momentum. The visionary European retailer, pleased with our RAIN-based loss prevention offering, continues deploying as planned. We expect that deployment to continue generating meaningful revenue for at least the next 2 quarters.

在項目方面，我們看到持續強勁的零售勢頭。這家富有遠見的歐洲零售商對我們基於 RAIN 的防損產品感到滿意，並繼續按計劃進行部署。我們預計該部署將至少在接下來的兩個季度繼續產生可觀的收入。

The Asia-based global retailers' continued expansion of their self-checkout deployment into new geographies generated meaningful reader revenue again in the third quarter. And in supply chain and logistics, we continue to expect a second large North American customer to drive large endpoint IC volumes in 2023 and beyond.

總部位於亞洲的全球零售商繼續將其自助結賬部署擴展到新的地區，在第三季度再次產生了可觀的讀者收入。在供應鍊和物流方面，我們繼續預計第二大北美客戶將在 2023 年及以後推動大型端點 IC 銷量。

In closing, I'd like to thank every member of the Impinj team for your tremendous effort this quarter. We delivered record revenue and adjusted EBITDA, introduced a new first-of-its-kind platform offering to inhibit global counterfeiting, strengthened our bond with partners and end users and positioned us for growth, all while navigating ongoing supply challenges. With a strong team and a growing opportunity, I remain confident in our market position and energized by our strong demand.

最後，我要感謝 Impinj 團隊的每一位成員在本季度所做的巨大努力。我們實現了創紀錄的收入並調整了 EBITDA，推出了首創的新平台來抑制全球假冒，加強了我們與合作夥伴和最終用戶的聯繫，為我們的增長做好了準備，同時應對持續的供應挑戰。憑藉強大的團隊和不斷增長的機會，我對我們的市場地位仍然充滿信心，並為我們的強勁需求注入活力。

I will now turn the call over to Cary for our financial review and fourth quarter outlook. Cary?

我現在將把電話轉給 Cary 進行我們的財務審查和第四季度展望。卡里？

Thank you, Chris, and good afternoon, everyone. On today's call, I will review our third quarter financial results and fourth quarter financial outlook.

謝謝你，克里斯，大家下午好。在今天的電話會議上，我將回顧我們的第三季度財務業績和第四季度財務展望。

Third quarter revenue was $68.3 million, up 14% sequentially compared with $59.8 million in the second quarter of 2022 and up 51% year-over-year from $45.2 million in third quarter 2021. Third quarter endpoint IC revenue was $51.2 million, up 19% sequentially compared with $42.9 million in the second quarter of 2022 and up 60% year-over-year from $32 million in third quarter 2021. Accelerated demand timing for specialty and industrial ICs drove third quarter revenue above our expectations. And although that specialty and industrial mix will normalize in the fourth quarter, we still expect sequential endpoint IC revenue growth with our improving wafer supply.

第三季度收入為 6830 萬美元，與 2022 年第二季度的 5980 萬美元相比，環比增長 14%，與 2021 年第三季度的 4520 萬美元相比，同比增長 51%。第三季度端點 IC 收入為 5120 萬美元，增長 19%與 2022 年第二季度的 4,290 萬美元相比，環比增長 60%，較 2021 年第三季度的 3,200 萬美元增長 60%。特種和工業 IC 的需求時間加快推動第三季度收入超出我們的預期。儘管該專業和工業組合將在第四季度正常化，但我們仍預計隨著晶圓供應的改善，端點 IC 收入將連續增長。

Third quarter systems revenue was $17.1 million, up 1% sequentially compared with $16.9 million in the second quarter of 2022 and up 29% year-over-year from $13.2 million in the third quarter 2021. Third quarter systems revenue exceeded our expectations, driven by strong reader IC shipments. On a sequential basis, reader IC revenue increased, reader revenue was flat and gateway revenue declined. On a year-over-year basis, reader IC and gateway revenue increased while reader revenue declined. Despite strong demand, we expect similar fourth quarter systems revenue as we continue navigating reader component short (indiscernible).

第三季度系統收入為 1710 萬美元，與 2022 年第二季度的 1690 萬美元相比，環比增長 1%，與 2021 年第三季度的 1320 萬美元相比，同比增長 29%。第三季度系統收入超出了我們的預期，原因是讀卡器IC出貨強勁。環比來看，閱讀器IC收入增長，閱讀器收入持平，網關收入下降。閱讀器 IC 和網關收入同比增長，而閱讀器收入下降。儘管需求強勁，但我們預計第四季度系統收入類似，因為我們繼續將閱讀器組件縮短（聽不清）。

Third quarter gross margin was 56.9% compared with 54.7% in second quarter 2022 and 53.3% in third quarter 2021. The sequential increase was driven by endpoint IC product margins, specifically the richer mix of specialty and industrial IC. The year-over-year increase was driven by higher endpoint IC product margins from both the specialty and industrial IC mix and a larger Impinj M700 mix, partially offset by decreased sales of old reserved inventory.

第三季度毛利率為 56.9%，而 2022 年第二季度和 2021 年第三季度分別為 54.7% 和 53.3%。環比增長是由端點 IC 產品利潤率推動的，特別是專業和工業 IC 的更豐富組合。同比增長是由於專用和工業 IC 組合以及更大的 Impinj M700 組合帶來的更高的端點 IC 產品利潤率，部分被舊保留庫存的銷售減少所抵消。

Total third quarter operating expense was $29 million compared with $28.8 million in the second quarter 2020 and $24.4 million in third quarter of 2021. Research and development expense was $14 million. Sales and marketing expense was $7.4 million. General and administrative expense was $7.7 million. We expect similar total operating expense in the fourth quarter.

第三季度總運營費用為 2900 萬美元，而 2020 年第二季度為 2880 萬美元，2021 年第三季度為 2440 萬美元。研發費用為 1400 萬美元。銷售和營銷費用為 740 萬美元。一般和行政費用為 770 萬美元。我們預計第四季度的總運營費用相似。

Third quarter adjusted EBITDA was $9.8 million compared with $3.8 million in second quarter of 2022 and a loss of $400,000 in third quarter 2021. Third quarter adjusted EBITDA margin was 14.3%. Third quarter GAAP net loss was $2.2 million. Third quarter non-GAAP net income was $9.3 million, or $0.34 per share on a fully diluted basis.

第三季度調整後 EBITDA 為 980 萬美元，而 2022 年第二季度為 380 萬美元，2021 年第三季度虧損 400,000 美元。第三季度調整後 EBITDA 利潤率為 14.3%。第三季度 GAAP 淨虧損為 220 萬美元。第三季度非 GAAP 淨收入為 930 萬美元，或在完全稀釋的基礎上每股 0.34 美元。

Turning to the balance sheet. We ended third quarter with cash, cash equivalent and investments of $201.1 million compared with $183.7 million in the second quarter 2022 of $113.3 million in third quarter 2021. Inventory totaled $31.9 million, down slightly from the prior quarter.

轉向資產負債表。我們第三季度末的現金、現金等價物和投資為 2.011 億美元，而 2022 年第二季度為 1.837 億美元，2021 年第三季度為 1.133 億美元。庫存總額為 3190 萬美元，比上一季度略有下降。

Third quarter net cash provided by operating activities was $14.5 million. Property and equipment purchases totaled $2.3 million. Free cash flow was $12.2 million.

第三季度經營活動提供的淨現金為 1450 萬美元。物業和設備採購總額為 230 萬美元。自由現金流為 1220 萬美元。

Before turning to our fourth quarter guidance, I want to highlight a few items unique to our results and outlook. First, third quarter gross margin exceeded expectations due primarily to the favorable shipment timing of specialty and industrial endpoint IC. Looking forward, we anticipate gross margins to stabilize in the 53% to 54% range as endpoint IC mix normalizes, at least until further 300-millimeter innovations create opportunities for gross margin accretion.

在轉向我們的第四季度指導之前，我想強調一些對我們的結果和展望獨特的項目。首先，第三季度毛利率超出預期，主要是由於專業和工業端點 IC 的有利出貨時機。展望未來，我們預計隨著端點 IC 組合的正常化，毛利率將穩定在 53% 至 54% 的範圍內，至少在進一步的 300 毫米創新為毛利率增加創造機會之前。

Second, we currently anticipate receiving a meaningful quantity of wafers late in the fourth quarter that are scheduled for early first quarter customer shipment. That balance sheet timing will mask the fact that our shippable supply remains extraordinarily weak.

其次，我們目前預計將在第四季度末收到相當數量的晶圓，這些晶圓計劃在第一季度初向客戶發貨。資產負債表的時間安排將掩蓋我們的可運輸供應仍然異常疲軟的事實。

Third, equipment delivery timing has resulted in lower-than-expected capital expenditures year-to-date. And despite some catch-up in fourth quarter, we now anticipate our 2022 CapEx will fall below 2021. Regardless, we have sufficient endpoint IC post-processing capacity that the equipment delays will not impact our ability to grow 2023 endpoint IC shipments. Finally, as wafer upsides from our foundry partner continue layering in, we foresee increasing endpoint IC shipments driving mid- to high single-digit sequential endpoint IC revenue growth in fourth quarter 2022 and again in first quarter 2023.

第三，設備交付時間導致年初至今的資本支出低於預期。儘管在第四季度有所追趕，但我們現在預計 2022 年的資本支出將低於 2021 年。無論如何，我們有足夠的端點 IC 後處理能力，設備延遲不會影響我們增加 2023 年端點 IC 出貨量的能力。最後，隨著我們的代工合作夥伴的晶圓優勢不斷增加，我們預計端點 IC 出貨量的增加將推動 2022 年第四季度和 2023 年第一季度的中高個位數連續端點 IC 收入增長。

Turning to our outlook. We expect fourth quarter revenue between $71.5 million and $73.5 million compared with $52.6 million in fourth quarter 2021, a 38% year-over-year increase at the midpoint. We expect adjusted EBITDA between $9.8 million and $11.3 million. On the bottom line, we expect non-GAAP net income between $9 million and $10.5 million, reflecting non-GAAP fully diluted earnings per share between $0.32 and $0.37.

轉向我們的前景。我們預計第四季度收入在 7150 萬美元至 7350 萬美元之間，而 2021 年第四季度為 5260 萬美元，中點同比增長 38%。我們預計調整後的 EBITDA 在 980 萬美元至 1130 萬美元之間。歸根結底，我們預計非 GAAP 淨收入在 900 萬美元至 1050 萬美元之間，反映出非 GAAP 完全攤薄後每股收益在 0.32 美元至 0.37 美元之間。

In closing, I want to thank the Impinj team for your outstanding execution this quarter, particularly in driving operating leverage, one of our key financial objectives. Back in 2020, we committed to returning to adjusted EBITDA break-even. We have now delivered 4 consecutive quarters of positive adjusted EBITDA, with third quarter 2022 setting a new record.

最後，我要感謝 Impinj 團隊在本季度的出色執行，特別是在提高運營槓桿率方面，這是我們的主要財務目標之一。早在 2020 年，我們就致力於恢復調整後的 EBITDA 收支平衡。我們現在已經連續 4 個季度實現了調整後的 EBITDA，其中 2022 年第三季度創下了新紀錄。

And looking ahead, I see opportunities for continued operating leverage improvement. Even as we continue investing in our business, we now turn our focus to our next goal, generating consistent free cash flow. I look forward to ongoing progress towards that goal.

展望未來，我看到了持續改善經營槓桿的機會。即使我們繼續投資於我們的業務，我們現在也將注意力轉向我們的下一個目標，即產生穩定的自由現金流。我期待著朝著這個目標不斷取得進展。

I will now turn the call to the operator to open the question-and-answer session. MJ?

我現在將呼叫轉給接線員以打開問答環節。喬丹？

Thank you. (Operator Instructions) The first question today comes from Mark Lipacis from Jefferies.

謝謝你。 （操作員說明）今天的第一個問題來自 Jefferies 的 Mark Lipacis。

On the question of supply, going forward, aside from the strategy of just waiting for more wafers to become available, could you just frame out what are the realm of possibilities to get supply on a more consistent basis? And as a follow-up to that, maybe Cary, if you could just talk about the industry. There are some people who believe that the industry is going to go into an inventory correction and that we're going to have capacity loosen up a lot in the first half of next year. And then, often, that's followed by a restocking cycle, and then we get tight capacity again.

關於供應問題，展望未來，除了等待更多晶圓可用的策略外，您能否概述在更一致的基礎上獲得供應的可能性範圍是多少？作為後續行動，如果你能談談這個行業，也許是 Cary。有人認為，行業將進入庫存調整期，明年上半年產能將大幅放鬆。然後，通常，緊隨其後的是一個補貨週期，然後我們再次獲得緊縮的產能。

And I'm wondering how much working capital would you consider putting to building inventories? I guess you have around 90 days. Would you consider 180, or 3/4 of a year of inventories just to kind of make your customers feel better that you have the ability to supply them and hit that upside?

我想知道你會考慮投入多少營運資金來建立庫存？我猜你有大約 90 天。您是否會考慮 180 或一年 3/4 的庫存，只是為了讓您的客戶感覺更好，因為您有能力為他們提供供應並實現這一目標？

This is Chris. I'll start. In the timeframe that we're talking about here over the next couple of quarters, our supply opportunity is to work closely with our foundry partner to generate additional supply as it frees up and as they're able to deliver more wafers. They deliver more wafers both from their fabs exceeding their capacity plans as well as from any demand shortfalls from other customers and other industries.

這是克里斯。我會開始的。在接下來幾個季度我們在這裡討論的時間範圍內，我們的供應機會是與我們的代工合作夥伴密切合作，以產生額外的供應，因為它可以釋放並且他們能夠交付更多的晶圓。他們從超出產能計劃的晶圓廠以及其他客戶和其他行業的任何需求短缺中交付更多的晶圓。

We are positioned to take as those wafers become available. We've seen modest upsides already. We expect to (indiscernible) where we hope to continue seeing modest upsides. And depending on how the market goes, we will take what we can get from our foundry partner. We work closely with them, and that we believe we are prioritized for that upside. Even with our current supply visibility, that visibility supports endpoint IC unit volume growth in fourth quarter 2022 and in 2023.

當這些晶圓可用時，我們將接受。我們已經看到了適度的上漲空間。我們預計（聽不清）我們希望繼續看到適度上漲的地方。並且根據市場情況，我們將從我們的代工合作夥伴那裡獲得我們可以得到的東西。我們與他們密切合作，我們相信我們會優先考慮這一優勢。即使以我們目前的供應可見性，這種可見性也支持 2022 年第四季度和 2023 年第四季度的端點 IC 單位數量增長。

In terms of our ability to take and how much we take kind of the inventory build, which is what you're getting at, if supply becomes more available, I'll turn it over to Cary.

就我們的能力以及我們採取多少庫存構建而言，這就是你所得到的，如果供應變得更多可用，我會把它交給卡里。

So yes, if we were to have the opportunity to rebuild supply, we absolutely would. We're very lean, particularly on our finished goods. We're effectively producing units and shipping them out within the following weeks. So we would build supply.

所以是的，如果我們有機會重建供應，我們絕對會的。我們非常精益，特別是在我們的成品上。我們正在有效地生產設備並在接下來的幾週內將它們運送出去。所以我們會建立供應。

I'm not worried about building the supply because our products have incredibly long lifecycles. Our Monza 4 was introduced more than 10 years ago. It's increasing volumes this year. Our Monza R6, [R6P], were introduced more than 5 years ago, and they're still growing volumes this year. So there is a long product lifecycle that gives us the flexibility to add inventory.

我不擔心建立供應，因為我們的產品具有非常長的生命週期。我們的 Monza 4 是 10 多年前推出的。今年它的數量正在增加。我們的 Monza R6 [R6P] 是 5 年前推出的，今年它們的銷量仍在增長。因此，產品生命週期很長，讓我們可以靈活地添加庫存。

Now, I see the same reports that you are, and I'm hopeful that supply will break free for us. Currently, I'm not modeling inventory build this year. I don't see us getting enough incremental supply to first satisfy the demand that's in the market and then be in a position to build inventory.

現在，我看到了和你一樣的報導，我希望供應會為我們釋放。目前，我沒有為今年的庫存構建建模。我認為我們沒有獲得足夠的增量供應來首先滿足市場需求，然後才能建立庫存。

Mark, this is Chris. I'll just add, during the depth of the pandemic, we built many billions of units of inventory; in fact, what was considered at that time an outsized inventory build. We burned through that inventory essentially in 2 quarters, and we've been short ever since. And I would say that we learned from that situation, especially as Cary said, given the long life of our products and, given the opportunity to build inventory this time around, we'd like to do so again. And so we are looking at all of our options for supply. But in the timeframe that you're talking about, like I said, the opportunity here is to work closely with our existing foundry partner.

馬克，這是克里斯。我只想補充一點，在大流行期間，我們建立了數十億單位的庫存；事實上，當時被認為是超大庫存。我們基本上在兩個季度內消耗掉了這些庫存，從那以後我們就一直處於短缺狀態。我想說我們從這種情況中吸取了教訓，特別是正如 Cary 所說，鑑於我們產品的使用壽命長，並且這次有機會建立庫存，我們希望再次這樣做。因此，我們正在研究我們所有的供應選擇。但在你所說的時間範圍內，就像我說的那樣，這裡的機會是與我們現有的代工合作夥伴密切合作。

The next question comes from Jim Ricchiuti of Needham & Company.

下一個問題來自 Needham & Company 的 Jim Ricchiuti。

I'm wondering, as you look at the 2 areas of the business where you're clearly constrained, which part normalizes first in terms of the supply challenges based on the conversations that you're having?

我想知道，當您查看業務的 2 個明顯受限的領域時，根據您的對話，哪一部分首先在供應挑戰方面正常化？

So yes, we're constrained on both sides of our business, on the system side and on the endpoint IC side. Obviously, predicting the future here is very difficult. I'm going to hazard a guess that we will probably see the system supply free up earlier because we are so far behind in terms of our endpoint IC supply-demand imbalance that we've got a lot of catching up to do. And at the same time, we are seeing system components gradually start to free up.

所以，是的，我們在業務的雙方、系統方面和端點 IC 方面都受到限制。顯然，在這裡預測未來是非常困難的。我會大膽猜測，我們可能會更早地看到系統供應釋放，因為我們在端點 IC 供需不平衡方面遠遠落後，我們有很多工作要做。同時，我們看到系統組件逐漸開始釋放。

So my expectation would be, looking forward, that we will see systems normalize before the endpoint ICs do, but that's an expectation based on today's facts. And of course, the situation on the ground could change at any time.

因此，我的期望是，展望未來，我們將在端點 IC 之前看到系統正常化，但這是基於當今事實的期望。當然，當地局勢隨時可能發生變化。

And then the follow-up question I have just relates to that, Chris. And this really comes down to I guess you're beginning to enter your normal end-of-year price negotiations. I wonder how would you think about your leverage, frankly, as you go into this process? It sounds like you're in a pretty good position for a second year in a row now, or third year.

然後是我剛剛提出的後續問題，克里斯。這真的歸結為我猜你開始進入正常的年終價格談判。坦率地說，當你進入這個過程時，我想知道你會如何看待你的影響力？聽起來你現在連續第二年或第三年處於一個相當不錯的位置。

So Jim, I'm going to say a few words there and then turn it over to Jeff and/or Cary.

那麼Jim，我將在那裡說幾句話，然後交給Jeff 和/或Cary。

We are currently looking at continued price increases from our foundry partner. We are looking, of course, at continued constrained supply and strong market demand. So that's the situation in front of us right now. Of course, at the same time, we want to deliver into the opportunity and grow those market opportunities as much as we can. Cary, why don't you say a little bit about our integrity of our margin model; and then, Jeff, anything you would like to add on kind of the dynamics in the fourth quarter?

我們目前正在考慮我們的代工合作夥伴的價格持續上漲。當然，我們正在關注持續受限的供應和強勁的市場需求。這就是現在擺在我們面前的情況。當然，與此同時，我們希望抓住機會並儘可能多地增加這些市場機會。 Cary，你為什麼不稍微談談我們保證金模型的完整性？然後，傑夫，你想在第四季度添加什麼動態？

Yes, certainly. So Jim, our foundry partner has signaled another round of price increases beginning in 2023. You should expect us to handle those the same way we did on the previous rounds of price increases. We will look to pass those costs on to our customers in a way that maintains the integrity of the margin model

是的，當然了。因此，我們的代工合作夥伴 Jim 已經發出了從 2023 年開始新一輪價格上漲的信號。您應該期望我們以與前幾輪價格上漲相同的方式處理這些問題。我們將尋求以保持保證金模型完整性的方式將這些成本轉嫁給我們的客戶

This is Jeff. I think the only other thing I would add is that, in the context of this extended supply constraint, we have been working very closely and very hard on behalf of our partners and their efforts on behalf of their end customers to optimize the supply that is available into the market, and that has been the primary focus of our engagement with our partners as opposed to typical fourth quarter end-of-year pricing negotiations.

這是傑夫。我認為我要補充的唯一另一件事是，在這種供應限制擴大的背景下，我們一直在代表我們的合作夥伴非常密切和非常努力地工作，他們代表他們的最終客戶努力優化供應，即進入市場，這是我們與合作夥伴接觸的主要焦點，而不是典型的第四季度年終定價談判。

So our conversations continue to be supply-focused and focused on optimizing end customer outcomes to help service programs that have already deployed as well as to plan for the activation of new programs when the supply outlook improves. And as Cary said, we continue to work closely with our partners with respect to cost pass-throughs, if our costs increase, to pass those through effectively to our partners' end customers.

因此，我們的對話繼續以供應為重點，並專注於優化最終客戶成果，以幫助已經部署的服務計劃，併計劃在供應前景改善時激活新計劃。正如卡里所說，我們將繼續與我們的合作夥伴就成本轉嫁密切合作，如果我們的成本增加，則將其有效地轉嫁給我們合作夥伴的最終客戶。

The next question comes from Mike Walkley of Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Mike Walkley。

I guess, Chris, my question is digging a little more to Impinj Authenticity. How should we think about that recurring revenue, the opportunity, how you might price it, trial time with customers and when it might start to impact the financial model?

我想，克里斯，我的問題是深入挖掘 Impinj Authenticity。我們應該如何考慮經常性收入、機會、如何定價、與客戶的試用時間以及何時開始影響財務模型？

So Impinj Authenticity is our first platform offering, really. It's an end-to-end platform offering comprising essentially every element of our platform, and it expands our recurring revenue opportunity from endpoint ICs to include cloud services.

所以 Impinj Authenticity 是我們的第一個平台產品，真的。這是一個端到端的平台產品，基本上包含我們平台的每個元素，它將我們從端點 IC 中獲得的經常性收入機會擴展到包括雲服務。

The endpoint IC revenue opportunity is, of course, meaningful. The systems revenue opportunity is meaningful. And at the same time, we spent years building a cloud service from which we will monetize authenticating items.

當然，端點 IC 的收入機會是有意義的。系統收入機會是有意義的。與此同時，我們花了數年時間構建雲服務，我們將從該服務中通過身份驗證項目獲利。

Given that it's really a new offering, this idea of bringing cryptographic authentication to everyday items, it's too early to model significant 2023 revenue. We will keep you and our investors and everybody else updated as we make progress on this opportunity and as we make progress in different verticals.

鑑於它確實是一種新產品，這種將加密身份驗證引入日常物品的想法，現在對 2023 年的重大收入進行建模還為時過早。隨著我們在這個機會上取得進展以及在不同垂直領域取得進展，我們將讓您和我們的投資者以及其他所有人保持最新狀態。

But as of right now, we're really excited about the launch, excited about what we brought to market here and really energized by the opportunity in front of us. We've been working on it for a long time. Expect us to push it really hard in the market. And I personally have a lot invested in this one. I've talked about it for quarters, and I am absolutely thrilled that we were able to launch it.

但就目前而言，我們對此次發布感到非常興奮，對我們在這裡推向市場的產品感到興奮，並且對我們面前的機會感到非常興奮。我們已經為此努力了很長時間。期待我們在市場上大力推動它。我個人在這方面投入了很多。我已經談論了幾個季度，我非常高興我們能夠推出它。

Mike, this is Jeff. Just a couple of observations or insights from the market. I have the opportunity to engage with executives of sector-leading enterprises. And the topic of brand value has been a consistent focus and priority. And we talk a lot about how they create and lose value associated with their brand, and counterfeits are clearly a very significant value erosion situation.

邁克，這是傑夫。只是來自市場的一些觀察或見解。我有機會與行業領先企業的高管接觸。品牌價值的話題一直是焦點和優先事項。我們經常談論他們如何創造和失去與其品牌相關的價值，而假冒產品顯然是一種非常嚴重的價值侵蝕情況。

So we're very excited to be able to come to those conversations with the Impinj Authenticity solution engine, which enables our partners to craft a whole new category, a whole new approach to improving the authenticity of everyday items. And we're already beginning to get expressions of interest to begin to build the pipeline. We're seeing interest not only in apparel and footwear, as we anticipated, but also in other sectors, including pharmaceutical, building materials and many, many more.

因此，我們很高興能夠與 Impinj Authenticity 解決方案引擎進行這些對話，這使我們的合作夥伴能夠打造一個全新的類別，一種提高日常用品真實性的全新方法。而且我們已經開始獲得開始構建管道的興趣表達。正如我們預期的那樣，我們不僅看到了對服裝和鞋類的興趣，而且還看到了其他行業，包括製藥、建築材料等等。

So this is a long-term opportunity. We hope to create a new growth vector for Impinj, and we look forward to updating you in subsequent quarterly earnings calls.

所以這是一個長期的機會。我們希望為 Impinj 創建一個新的增長向量，我們期待在隨後的季度財報電話會議中為您更新。

I guess from my follow-up question, just for Cary, it's really great to see the inflection point in the model over the last 2 quarters, and I guess, 3, based on your guidance. Is there any way to think about adjusted EBITDA and free cash flow margins, going forward? Is the back half of this year a fair way to be thinking about future years? Or is this above where you might be in future years given investments you plan to keep making in the business?

我想從我的後續問題來看，僅針對 Cary，很高興看到過去 2 個季度模型中的拐點，我猜是 3，基於您的指導。未來有什麼辦法可以考慮調整後的 EBITDA 和自由現金流利潤率？今年下半年是考慮未來幾年的公平方式嗎？或者考慮到您計劃繼續在業務中進行的投資，這是否高於您未來幾年的可能？

Yes. So I think the back half of the year is a good starting point in the near term. We expect additional leverage in our model, and we will continue to drive that.

是的。所以我認為下半年是近期的一個很好的起點。我們希望我們的模型有更多的槓桿作用，我們將繼續推動這一點。

There will be incremental investment in our business. We see the opportunity in front of us as massive, and we're going to invest in front of that opportunity. You should assume most of that investment is in the R&D line. So as you think about your long-term models, assume that we will grow R&D at roughly the same rate as revenue.

我們的業務將會有增量投資。我們認為擺在我們面前的機會是巨大的，我們將在這個機會面前進行投資。你應該假設大部分投資都在研發領域。因此，當您考慮您的長期模型時，假設我們將以與收入大致相同的速度增長研發。

On the sales and marketing line, there is investment required, to be sure, but we have a strong network of partners that we leverage to take our products to market, both on the endpoint IC side and the system side. So while there will be continued investment in sales and marketing, it won't have to be at the same rate of revenue growth. And then clearly, there will be leverage in the G&A side.

在銷售和營銷線上，當然需要投資，但我們擁有強大的合作夥伴網絡，我們可以利用這些網絡將我們的產品推向市場，包括端點 IC 端和系統端。因此，儘管將繼續對銷售和營銷進行投資，但收入增長速度不必相同。然後很明顯，在 G&A 方面會有影響力。

As you look in the very near-term to Q1, recall that, last year, we made the decision to transition our management bonus from 100% stock to 50% stock and 50% cash, with the cash component impacting our non-GAAP OpEx. You should expect us to take the next step to 100% cash beginning in 2023. So that, along with the payroll tax resets that always occur at the beginning of the year, the heavier audit fees, I'm expecting a step-up in OpEx in Q1.

回顧第一季度的近期情況，回想一下，去年，我們決定將我們的管理獎金從 100% 股票轉變為 50% 股票和 50% 現金，現金部分會影響我們的非 GAAP 運營支出.您應該期望我們從 2023 年開始採取下一步行動，實現 100% 現金。因此，隨著年初總是發生的工資稅重置、審計費用的增加，我預計會增加第一季度的運營支出。

The next question comes from Troy Jensen with Lake Street Capital.

下一個問題來自 Lake Street Capital 的 Troy Jensen。

So how about, Cary, just to challenge you a little bit on kind of the gross margin guidance for Q4 of 53% to 54%, the last time you were there was a year ago, and you were doing $45 million in revenue, right? Now you're talking $72.5 million. And I get, and I know you're probably going to say specialty and industrial IC sales were strong or unseasonably strong, but it seems like that's a recurring problem for you guys. So if you can just talk us through how gross margins get to 53% to 54%?

那麼，卡里，就第四季度 53% 到 54% 的毛利率指導向你提出一點挑戰，你上一次在那裡是一年前，你的收入是 4500 萬美元，對吧?現在你說的是 7250 萬美元。我明白了，我知道你們可能會說專業和工業 IC 銷售強勁或反常強勁，但這似乎是你們反復出現的問題。所以，如果你能告訴我們毛利率是如何達到 53% 到 54% 的？

Yes. So you're right, Troy. The biggest impact has been the specialty and industrial ICs. This quarter was a little bit different in that part of it was demand timing. We had orders that we had planned for or modeled in Q4 that our customers requested in Q3. So there's a little bit of a pull-forward effect.

是的。所以你是對的，特洛伊。最大的影響是專業和工業集成電路。本季度在需求時間方面有所不同。我們收到了客戶在第三季度要求的第四季度計劃或建模的訂單。所以有一點點前拉效應。

That being said, the level that we are modeling in Q4 that is the basis for our 53% to 54% normalized gross margin, I look at a preliminary modeling for 2023, and I see that as a consistent quarterly level looking into 2023. So that gives me confidence that, at least at this moment, I think some of the nuance has been created, the very good nuance, to be clear, that's been created in the specialty and industrial is behind us at this point.

話雖如此，我們在第四季度建模的水平是我們 53% 至 54% 標準化毛利率的基礎，我查看了 2023 年的初步建模，我認為這是 2023 年的一致季度水平。所以這讓我有信心，至少在這一刻，我認為已經創造了一些細微差別，非常好的細微差別，明確地說，是在專業和工業領域創造的，此時我們已經落後了。

You will note in our guide what's embedded in there, assuming the similar OpEx, is that I'm modeling at the high end of that 53% to 54% range again. But I think that's the right spot for us right now. I think endpoint IC mix is normalizing. We're not done there. There's more opportunity for incretion as we continue innovating on our 300-millimeter product line.

您將在我們的指南中註意到其中嵌入的內容（假設運營支出相似）是我再次在 53% 到 54% 範圍的高端建模。但我認為這對我們來說是正確的位置。我認為端點 IC 組合正在正常化。我們還沒有完成。隨著我們繼續在 300 毫米產品線上進行創新，有更多的機會進行植入。

And (indiscernible) my follow-up, can you just talk about wafer supply diversification? Are there anything you guys are doing to try to spread out the wafer production?

還有（聽不清）我的後續，你能談談晶圓供應多元化嗎？你們有沒有做任何事情來嘗試分散晶圓生產？

Yes, Troy. As I mentioned a little bit earlier, at least in the timeframe we're talking about over the next couple of quarters, our opportunity is to work closely with our existing foundry partner with the new products that we had spent so much time developing with them and launching with them and to focus on working with them to get wafer upside to basically drive our position, our supply into the market.

是的，特洛伊。正如我之前提到的，至少在接下來幾個季度我們談論的時間範圍內，我們的機會是與我們現有的代工合作夥伴密切合作，開發我們花了很多時間與他們一起開發的新產品並與他們一起推出並專注於與他們合作以使晶圓上漲，從而基本上推動我們的地位，我們的供應進入市場。

As Cary noted, there are opportunities for some gross margin accretion as we continue to advance our 300-millimeter product portfolio. Along those lines, there's opportunities to increase the number of die per wafer and potentially get some more IC supply that way. But in the timeframe we're talking about, the opportunities with our existing foundry partner.

正如 Cary 所指出的，隨著我們繼續推進 300 毫米產品組合，我們有機會增加一些毛利率。沿著這些思路，有機會增加每個晶圓的芯片數量，並有可能通過這種方式獲得更多的 IC 供應。但在我們談論的時間範圍內，我們現有的代工合作夥伴的機會。

The next question comes from Scott ones Scott Searle of Roth Capital.

下一個問題來自 Roth Capital 的 Scott Searle。

Chris, maybe diving into 2023, you've given some color as it relates to some of the customers that you've talked about in the past, your European visionary customer, large logistics in North America, et cetera. I'm wondering if you could talk a little bit more about what else is in the pipeline as opposed to some of the existing customers. What use cases are getting pulled forward? And how should we think about the mix of the end verticals as we get into the end of '23?

克里斯，也許潛入 2023 年，你已經賦予了一些色彩，因為它與你過去談到的一些客戶、你的歐洲有遠見的客戶、北美的大型物流等等有關。我想知道您是否可以多談談與一些現有客戶相比還有哪些正在籌備中的內容。哪些用例正在向前推進？當我們進入 23 年末時，我們應該如何考慮最終垂直行業的混合？

So Scott, thanks for the question. I obviously can't talk about specific customer opportunities, specific ones looking at 2023 above and beyond what we've spoken about already. However, I will say that we are looking at retail, expanding beyond apparel to general merchandise, which I think you're well aware of. And that general merchandise opportunity is quite -- I mean, it's large. It's much larger than the retail apparel opportunity overall.

所以斯科特，謝謝你的問題。我顯然不能談論特定的客戶機會，也不能談論超出我們已經談到的 2023 年的特定機會。但是，我會說我們正在關注零售，從服裝擴展到日用商品，我想你很清楚這一點。而一般商品的機會是相當的——我的意思是，它很大。它比整體零售服裝機會大得多。

We do see growth, and you can kind of hear it in other calls from other executives from other companies associated with the supply chain and logistics opportunity, and we expect to see large endpoint IC volumes turning to 2023 and beyond, so that supply chain and logistics opportunity.

我們確實看到了增長，你可以從其他公司的其他高管與供應鍊和物流機會相關的其他電話中聽到這一點，我們預計到 2023 年及以後會看到大量端點 IC 量，因此供應鍊和物流機會。

There is a food opportunity, which we generally include in supply chain and logistics for now because most of that food opportunity is associated with shipments rather than -- I say most, not exclusively -- but the most is associated with shipments. So we're including food opportunity in supply chain and logistics, which even makes the supply chain and logistics opportunity even larger.

有一個食品機會，我們現在通常將其包括在供應鍊和物流中，因為大多數食品機會與運輸有關，而不是——我說的是大多數，不是唯一的——但大部分與運輸有關。因此，我們將食品機會納入供應鍊和物流，這甚至使供應鍊和物流機會更大。

And then Jeff spoke to, associated with Impinj Authenticity, the opportunity in pharmaceuticals and medical devices. If I layer all of those together, the opportunity in front of us is far, far larger than the opportunity that we and the industry have already achieved. And our industry as a whole is still sub-1% penetrated in a gigantic market. We are seeing that market open up in multiple verticals, and we're truly excited about the future staring into 2023 and beyond.

然後 Jeff 談到了與 Impinj Authenticity 相關的藥品和醫療設備的機會。如果我將所有這些疊加在一起，我們面前的機會遠遠大於我們和整個行業已經實現的機會。我們整個行業在一個巨大的市場中的滲透率仍然低於 1%。我們看到該市場在多個垂直領域開放，我們對 2023 年及以後的未來感到非常興奮。

Scott, this is Cary. As you think about the pacing of the quarters, first with endpoint IC, I mentioned in my prepared remarks that we're expecting mid- to high single-digit growth on endpoint IC revenue in Q4 and again in Q1. We are expecting growth overall in endpoint ICs based on the current supply that we have. But at the end of the day, we are still going to be supply limited, not demand limited, throughout 2023 for endpoint ICs.

斯科特，這是卡里。當您考慮季度的節奏時，首先是端點 IC，我在準備好的評論中提到，我們預計第四季度和第一季度端點 IC 收入將出現中高個位數增長。根據我們現有的供應，我們預計端點 IC 的整體增長。但歸根結底，在整個 2023 年，端點 IC 的供應仍將受限，而非需求受限。

And then on the systems side, I signaled flat systems revenue going into Q4 because of reader component shortfalls, not because of demand. I believe those reader component shortfalls persist through the first half of 2023. And then, the other factor that you (indiscernible) consider in 2023 as it relates to systems is the large loss prevention deployment with the visionary European retailer. That project will continue generating meaningful revenue for at least the next 2 quarters as we complete this phase of the project.

然後在系統方面，我表示由於閱讀器組件短缺，而不是因為需求，第四季度的系統收入持平。我相信這些閱讀器組件的短缺將持續到 2023 年上半年。然後，您（音頻不清晰）在 2023 年考慮的與系統相關的另一個因素是與有遠見的歐洲零售商的大規模防損部署。隨著我們完成該項目的這一階段，該項目將至少在接下來的兩個季度繼續產生可觀的收入。

This deployment is going very well, and there are opportunities, from both a store and a brand perspective, to win more business with this customer. And we're going to have to balance those opportunities to customers' timing desires as well as those component availability as we manage our systems business into the second half of 2023.

這一部署進展順利，從商店和品牌的角度來看，都有機會贏得更多與該客戶的業務。在我們將系統業務管理到 2023 年下半年時，我們將不得不平衡這些機會與客戶的時間需求以及這些組件的可用性。

And lastly, if I could, just to follow up on Mike's earlier question on Impinj Authenticity; I know it's early days, but in terms of the model, how are you guys thinking about it? Is it a subscription-based model? Is it a per-unit model or a usage model? What are the early thoughts on that front?

最後，如果可以的話，只是跟進 Mike 之前關於 Impinj Authenticity 的問題；我知道現在還為時尚早，但就模型而言，你們是怎麼想的？它是基於訂閱的模型嗎？是單位模型還是使用模型？在這方面的早期想法是什麼？

So Scott, so we are actively engaging right now with partners in terms of the details in that model. Different verticals and different use cases will have different needs. I think you should really be thinking about us focusing on generating recurring revenue from that authentication opportunity and pushing forward with different models, subscription per use click and others depending on the needs of the particular segment and particular end user.

所以斯科特，所以我們現在正在積極與合作夥伴就該模型的細節進行溝通。不同的垂直領域和不同的用例會有不同的需求。我認為您真的應該考慮讓我們專注於從該身份驗證機會中產生經常性收入，並根據特定細分市場和特定最終用戶的需求推進不同的模式、每次使用點擊訂閱和其他模式。

But the key to us is that we're going to be generating recurring revenue from the endpoint IC, from the service, both of them together and linking the entire thing through the Impinj platform as an entire complete platform offering that's exclusive to the Impinj platform. And that's where the excitement for us where it comes in.

但對我們而言，關鍵是我們將從端點 IC 和服務中產生經常性收入，將兩者結合在一起，並通過 Impinj 平台將整個事物鏈接起來，作為 Impinj 平台獨有的完整平台產品.這就是我們興奮的地方。

This concludes our question-and-answer session. I would like to turn the conference back over to Chris Diorio, Co-Founder and CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給聯合創始人兼首席執行官克里斯·迪奧里奧（Chris Diorio），以發表任何結束語。

Thank you, MJ. I'd like to thank you all for joining the call today, and I hope you and your loved ones are and remain safe and well. Thank you very much. Bye-bye.

謝謝你，MJ。我要感謝大家今天加入電話會議，我希望您和您所愛的人平安無事。非常感謝。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。