Impinj Inc (PI) 2024 Q2 法說會逐字稿

Welcome to the Impinj second-quarter 2024 financial results conference call and webcast. (Operator Instructions) Please note today's event is being recorded.

歡迎參加 Impinj 2024 年第二季財務業績電話會議和網路廣播。 （操作員說明）請注意今天的活動正在錄製中。

I would now like to turn the conference over to Mr. Andy Cobb, Vice President, Strategic Finance. Please go ahead.

現在我想將會議交給策略財務副總裁安迪‧科布先生。請繼續。

Thank you, Rocco. Good afternoon and thank you all for joining us to discuss Impinj’s second-quarter 2024 results.

謝謝你，羅科。下午好，感謝大家加入我們討論 Impinj 的 2024 年第二季業績。

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 second-quarter financial results and third-quarter outlook. We will then open the call for questions. Jeff Dossett, Impinj’s CRO, will join us for the Q&A.

在今天的電話會議上，Impinj 聯合創始人兼執行長 Chris Diorio 將簡要概述我們的市場機會和業績。 Impinj 財務長 Cary Baker 將詳細審查我們第二季的財務業績和第三季的前景。然後我們將開始提問。 Impinj 的 CRO Jeff Dossett 將參加我們的問答。

You can find management’s prepared remarks, plus trended financial data, on the company’s investor-relations website. 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. Whereas 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.

您可以在公司的投資者關係網站上找到管理層準備好的言論以及趨勢財務數據。我們將在本次電話會議中根據我們今天的展望發表有關財務業績和未來預期的聲明。根據1995 年《私人證券訴訟改革法案》，任何此類聲明均具有前瞻性。類別聲明都存在風險和不確定性。

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

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。在今天的電話會議上，除收入或我們明確說明的其他財務指標外，所有財務指標均為非公認會計準則。除自由現金流外，所有資產負債表和現金流量指標均採用公認會計準則。請參閱我們的收益發布，以了解非公認會計原則財務指標與最具可比性的公認會計原則指標的調節表。

Before turning to our results and outlook, note that we will participate in the Canaccord Genuity 44th Annual Growth Conference on August 13, in Boston; the 13th Annual Needham Virtual Industrial Tech, Robotics and Clean Tech 1x1 Conference on August 19; the Jefferies Semiconductor, IT Hardware and Communications Technology Summit on August 27, in Chicago; the 2024 Evercore ISI Semiconductor, IT Hardware and Networking Conference on August 28, in Chicago; the Piper Sandler Growth Frontiers Conference on September 10, in Nashville; and the Goldman Sachs Communacopia and Technology Conference on September 11, in San Francisco. We look forward to connecting with many of you there.

在討論我們的業績和展望之前，請注意，我們將於 8 月 13 日參加在波士頓舉行的 Canaccord Genuity 第 44 屆年度成長會議； 8 月 19 日舉行的第 13 屆尼德姆虛擬工業技術、機器人和清潔技術 1x1 年度會議； 8 月 27 日在芝加哥舉行的 Jefferies 半導體、IT 硬體和通訊技術高峰會； 8 月 28 日在芝加哥舉行的 2024 年 Evercore ISI 半導體、IT 硬體和網路會議； Piper Sandler 增長前沿會議於 9 月 10 日在納許維爾舉行；以及 9 月 11 日在舊金山舉行的高盛 Communacopia 和技術會議。我們期待與你們中的許多人建立聯繫。

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。感謝大家加入此次通話。

Our second-quarter results were strong, setting several new records. Revenue topped $100 million and adjusted EBITDA topped $25 million, both well above our guidance. Free cash flow topped $40 million. Multiple trends drove that outperformance including apparel and footwear strength, early signs of retail rebuying, steady growth in general merchandise, continued secular growth including a long tail of specialty applications, and strong demand for our products and platform.

我們的第二季業績強勁，創下了多項新紀錄。營收超過 1 億美元，調整後 EBITDA 超過 2,500 萬美元，均遠高於我們的指引。自由現金流超過 4000 萬美元。多種趨勢推動了業績的優異表現，包括服裝和鞋類的強勢、零售重新購買的早期跡象、一般商品的穩定增長、持續的長期增長（包括專業應用的長尾）以及對我們產品和平台的強勁需求。

We expect these same trends to drive solid third-quarter product-revenue growth. Starting with silicon, second-quarter endpoint IC product revenue exceeded our expectations as unit volumes set a new quarterly record, including M800 shipments more than doubling. The $15 million 2024 licensing payment added to the revenue strength.

我們預計這些趨勢將推動第三季產品收入的穩健成長。從矽開始，第二季端點 IC 產品收入超出了我們的預期，單位銷售量創下了新的季度記錄，其中 M800 出貨量增加了一倍多。 2024 年 1500 萬美元的授權付款增強了收入實力。

Looking to third quarter, we expect to again deliver sequential endpoint IC product revenue growth. We also expect M800 to continue ramping, albeit from a modest base but growing sharply as M800 inlays pass market qualification. Finally, our investments in post-processing capacity during the covid downturn are paying dividends today, with our operations team well positioned to meet the rising demand.

展望第三季度，我們預期端點 IC 產品營收將再次實現持續成長。我們也預計 M800 將繼續成長，儘管基數不大，但隨著 M800 嵌體通過市場資格，將大幅成長。最後，我們在新冠疫情低迷時期對後處理能力的投資如今正在獲得回報，我們的營運團隊能夠很好地滿足不斷增長的需求。

Turning to reader ICs, second-quarter E-family volumes exceeded our expectations, driven by broad market demand for handhelds, printers, and fixed readers. Looking to third quarter, we see continued strong E-family shipment volumes, albeit masked by modestly lower overall reader IC revenue as we wind down our prior-generation Indy ICs.

至於讀卡機 IC，在手持設備、印表機和固定讀卡機的廣泛市場需求的推動下，第二季 E 系列銷售量超出了我們的預期。展望第三季度，我們看到 E 系列出貨量持續強勁，儘管由於我們逐步淘汰上一代 Indy IC，整體讀卡機 IC 收入略有下降，從而掩蓋了這一點。

Turning to solutions, we expect the visionary European retailer’s ongoing rollout of our self-checkout and loss prevention solution to continue driving growing demand for our protected-mode-enabled endpoint ICs as well as delivering modest gateway revenue. We expect IC volumes at the large North American retailer to continue growing, driven by general merchandise tagging and product rebuys. And we expect the second large North American supply chain and logistics end user to increase their label consumption and fixed-reader footprint, driving demand for both our endpoint ICs and E-family reader ICs.

談到解決方案，我們預計這家富有遠見的歐洲零售商將不斷推出我們的自助結帳和防損解決方案，將繼續推動對我們支持保護模式的端點IC 不斷增長的需求，並帶來適度的網關收入。我們預計，在一般商品標籤和產品重購的推動下，這家北美大型零售商的 IC 銷售將持續成長。我們預計第二大北美供應鏈和物流最終用戶將增加其標籤消耗和固定閱讀器佔地面積，從而推動對我們的端點 IC 和 E 系列閱讀器 IC 的需求。

Taken together, our enterprise-solutions efforts continue paying dividends in silicon volumes. Touching now on growth opportunities, we see food tagging expanding, including in-store item-level pilots where the volumes are really large. In apparel, we see increasing supply-chain usage driving demanding readability expectations, benefiting our higher-performing M800.

總而言之，我們的企業解決方案努力繼續在矽片數量上帶來紅利。現在談到成長機會，我們看到食品標籤正在擴大，包括店內商品級試點，其數量非常大。在服裝領域，我們看到供應鏈使用量的增加推動了對可讀性的期望，這使我們性能更高的 M800 受益。

In general merchandise, we see market expansion as retailers piggyback on the pioneering work of the large North American retailer. And we see growth in specialty applications, for example, when I had the opportunity to see in depth during a recent trip to Japan, in which a consortium of four Japanese publishers are tagging books, magazines, and comic books to better match store inventory to consumer demand.

在一般商品方面，我們看到零售商藉助北美大型零售商的開創性工作而擴大市場。我們看到專業應用的成長，例如，當我最近一次去日本旅行時有機會深入了解，其中由四家日本出版商組成的聯盟正在為書籍、雜誌和漫畫書添加標籤，以更好地將商店庫存與客戶需求。

On the organizational front, we promoted Gahan Richardson to Executive Vice President for our products and platform. We added Alberto Pesavento, a 23-year Impinj veteran and CTO, to our executive team. And we promoted Christina Balam to Senior Vice President of HR. Heartfelt congratulations and thank you, Gahan, Alberto, and Christina.

在組織方面，我們將 Gahan Richardson 提升為產品和平台執行副總裁。我們將在 Impinj 工作 23 年的資深人士兼首席技術長 Alberto Pesavento 加入我們的執行團隊。我們將克里斯蒂娜·巴拉姆 (Christina Balam) 提升為人力資源高級副總裁。衷心祝賀並感謝加漢、阿爾貝托和克里斯蒂娜。

In closing, we delivered a very strong second quarter and see steady product-revenue growth looking into the third. On the solutions front, we believe our efforts are and will continue driving endpoint IC volumes and share gains.

最後，我們實現了非常強勁的第二季度，並看到第三季度的產品收入穩定成長。在解決方案方面，我們相信我們的努力正在並將繼續推動端點 IC 產量和份額成長。

Further out, we see continued secular growth opportunities in retail, supply chain and logistics, and specialty applications, with food layering on top. As we continue driving our bold vision to connect every item in our everyday world, I remain confident in our market position and energized by the opportunities ahead.

更進一步，我們看到零售、供應鏈和物流以及專業應用領域持續的長期成長機會，其中食品產業處於領先地位。當我們繼續推動我們的大膽願景，將日常生活中的每一件物品連接起來時，我對我們的市場地位仍然充滿信心，並對未來的機會充滿信心。

Before I turn the call over to Cary for our financial review and third-quarter outlook, I’d like to again thank every member of the Impinj team for your constant effort driving our bold vision. As always, I feel honored by my incredible good fortune to work with you. Cary?

在我將電話轉給 Cary 進行財務審查和第三季度展望之前，我要再次感謝 Impinj 團隊的每一位成員，感謝你們為推動我們大膽願景所做的不懈努力。像往常一樣，我為能與您合作感到無比的幸運而感到榮幸。卡里？

Thank you, Chris, and good afternoon, everyone. Second-quarter revenue was $102.5 million, up 33% sequentially from $76.8 million in first quarter 2024 and up 19% year over year from $86 million in second quarter 2023.

謝謝克里斯，大家下午好。第二季營收為 1.025 億美元，比 2024 年第一季的 7,680 萬美元成長 33%，比 2023 年第二季的 8,600 萬美元年增 19%。

Second-quarter endpoint IC revenue was $89.4 million, up 45% sequentially from $61.5 million in first quarter 2024 and up 38% year over year from $64.9 million in second quarter 2023. Excluding the $15 million licensing revenue, second-quarter product revenue grew 21% sequentially and 15% year over year. Product revenue exceeded our expectations, for the reasons Chris already cited. Looking forward, we expect third-quarter endpoint IC product revenue to increase sequentially.

第二季端點IC 營收為8,940 萬美元，較2024 年第一季的6,150 萬美元季增45%，較2023 年第二季的6,490 萬美元年增38%。第二季產品營收成長了21%季增 %，年增 15%。產品收入超出了我們的預期，原因克里斯已經提到過。展望未來，我們預期第三季端點IC產品營收將季增。

Second-quarter systems revenue was $13.1 million, down 14% sequentially from $15.3 million in first quarter 2024 and down 38% year over year from $21.1 million in second quarter 2023. Systems revenue was below our expectations, due primarily to lower channel reader sales. Looking forward, we expect third-quarter systems revenue to increase sequentially.

第二季系統營收為1,310 萬美元，比2024 年第一季的1,530 萬美元下降14%，比2023 年第二季的2,110 萬美元年減38%。頻道讀卡機銷量下降。展望未來，我們預期第三季系統營收將季增。

Second-quarter gross margin was 58.2%, compared with 51.5% in first quarter 2024 and 53.3% in second quarter 2023. The sequential increase was driven primarily by licensing revenue. The year-over-year increase was also driven primarily by licensing revenue, partially offset by a higher mix of endpoint IC revenue. Excluding the licensing revenue, second-quarter product gross margin was 51.0%. Looking forward, we expect third-quarter product gross margin to increase sequentially.

第二季毛利率為 58.2%，而 2024 年第一季為 51.5%，2023 年第二季為 53.3%。年比成長也主要是由授權收入推動的，但部分被端點 IC 收入組合的增加所抵消。不計授權收入，第二季產品毛利率為51.0%。展望未來，我們預期第三季產品毛利率將較上季上升。

Total second-quarter operating expense was $32.8 million, compared with $32.9 million in first quarter 2024 and $35.9 million in second quarter 2023. Operating expense was consistent with our expectations even with the revenue outperformance. Research and development expense was $17.6 million. Sales and marketing expense was $7 million. General and administrative expense was $8.2 million. Looking forward, we expect third-quarter operating expense to increase sequentially.

第二季營運費用總額為 3,280 萬美元，而 2024 年第一季為 3,290 萬美元，2023 年第二季為 3,590 萬美元。研究與開發費用為1760萬美元。銷售和行銷費用為 700 萬美元。一般及行政費用為 820 萬美元。展望未來，我們預計第三季營運費用將較上季增加。

Second-quarter adjusted EBITDA was $26.8 million, compared with $6.7 million in first quarter 2024 and $10 million in second quarter 2023. Second-quarter adjusted EBITDA margin was 26.2%. Excluding the licensing revenue, adjusted EBITDA margin was 13.5%.

第二季調整後 EBITDA 為 2,680 萬美元，而 2024 年第一季為 670 萬美元，2023 年第二季為 1,000 萬美元。不計授權收入，調整後 EBITDA 利潤率為 13.5%。

Second-quarter GAAP net income was $10 million. Second-quarter non-GAAP net income was $25.3 million, or $0.83 per share on a fully diluted basis.

第二季 GAAP 淨利為 1000 萬美元。第二季非 GAAP 淨利為 2,530 萬美元，或完全攤薄後每股 0.83 美元。

Turning to the balance sheet, we ended the second quarter with cash, cash equivalents, and investments of $220.2 million, compared with $174.1 million in first quarter 2024 and $114.9 million in second quarter 2023. Inventory totaled $80.8 million, down $7 million from the prior quarter.

Turning to the balance sheet, we ended the second quarter with cash, cash equivalents, and investments of $220.2 million, compared with $174.1 million in first quarter 2024 and $114.9 million in second quarter 2023. Inventory totaled $80.8 million, down $7 million from the prior四分之一.

Second-quarter capital expenditures totaled $1.4 million. Free cash flow was $44.1 million.

第二季資本支出總計 140 萬美元。自由現金流為 4,410 萬美元。

Before turning to our guidance, I want to highlight two items specific to our results and outlook. First, favorable working-capital trends boosted second-quarter free cash flow. We expect those favorable accounts receivable and inventory trends to normalize in the second half. We recently increased our wafer purchases to ensure we can meet demand, so also expect second-half inventory to increase from second-quarter levels.

在轉向我們的指導之前，我想強調針對我們的結果和前景的兩個項目。首先，有利的營運資本趨勢提振了第二季的自由現金流。我們預計這些有利的應收帳款和庫存趨勢將在下半年恢復正常。我們最近增加了晶圓採購量，以確保滿足需求，因此預計下半年庫存將較第二季水準增加。

Finally, our second-quarter adjusted EBITDA outperformance previewed the operating leverage in our business model as revenue scales. That leverage will again be on display in third quarter as product revenue scales once again. And with most of the M800 ramp yet to come, we expect additional leverage in the future.

最後，我們第二季調整後的 EBITDA 優異表現預示著我們的業務模式中的營運槓桿隨著收入規模的擴大。隨著產品收入再次擴大，這種槓桿作用將在第三季再次顯現。由於 M800 的大部分產能尚未到來，我們預計未來將會有更多槓桿作用。

Turning to our outlook, we expect third-quarter revenue between $91 million and $94 million, compared with $65 million in third quarter 2023, a 42% increase at the midpoint. We expect adjusted EBITDA between $13.8 million and $15.3 million. On the bottom line, we expect non-GAAP net income between $13.5 million and $15 million, reflecting non-GAAP fully diluted earnings per share between $0.46 and $0.50.

談到我們的展望，我們預計第三季營收將在 9,100 萬美元至 9,400 萬美元之間，而 2023 年第三季營收為 6,500 萬美元，中位數成長 42%。我們預計調整後 EBITDA 在 1,380 萬美元至 1,530 萬美元之間。就底線而言，我們預計非 GAAP 淨利潤在 1350 萬美元至 1500 萬美元之間，反映出非 GAAP 完全稀釋每股收益在 0.46 美元至 0.50 美元之間。

In closing, I want to thank the Impinj team, our customers, our suppliers, and you, our investors, for your ongoing support.

最後，我要感謝 Impinj 團隊、我們的客戶、我們的供應商以及您（我們的投資者）的持續支持。

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

我現在將通話轉給接線員以開始問答環節。羅科？

(Operator Instructions) Harsh Kumar, Piper Sandler.

（操作員說明）Harsh Kumar，Piper Sandler。

Yeah, hey, guys. First of all, Chris, Cary, and the rest of the team at Impinj, congratulations, fantastic results and fantastic guide. I'm sure all the investors, sell-side analysts appreciate that.

是的，嘿，夥計們。首先，Chris、Cary 和 Impinj 團隊的其他成員，恭喜你，取得了出色的成績，並得到了出色的指導。我相信所有投資人、賣方分析師都會欣賞這一點。

Chris, I have two questions. First of all, I wanted to ask about the second logistics customers. You went out of your way to mention them in your commentary. I was curious if you could provide a little bit more update than perhaps in your commentary, where are they in terms of endpoint IC? Where are they in terms of readers, in terms of fully getting embedded on both fronts? And how long will it be before they are 100% penetrated? And then I have a follow-up.

克里斯，我有兩個問題。首先我想問第二物流客戶。您在評論中特意提及了它們。我很好奇您是否可以提供比評論中更多的更新，它們在端點 IC 方面處於什麼位置？就讀者而言，就完全融入這兩個面向而言，他們處於什麼位置？還要多久才能100%滲透？然後我有一個後續行動。

Okay. Thank you, Harsh, for your kind words. On the second large North American supply chain and logistics enterprise end user, we've got a close and direct relationship supporting that end user as well as with the multiple inlay partners that supply labels to that end user.

好的。謝謝你，哈什，你的客氣話。對於北美第二大供應鏈和物流企業最終用戶，我們與為該最終用戶提供標籤的多個 Inlay 合作夥伴建立了密切而直接的關係，為該最終用戶提供支援。

The end users deployment is proceeding as we and they anticipated. They remain committed to a full rollout, and as I said in my prepared remarks, we see them increasing their label consumption, and we also see opportunities for our reader ICs.

最終用戶的部署正在按照我們和他們的預期進行。他們仍然致力於全面推廣，正如我在準備好的演講中所說，我們看到他們增加了標籤消費，我們也看到了我們的閱讀器 IC 的機會。

In terms of the timeframe for them to get to 100%., I think I'll -- better just -- I'm referring you to the comments that they've made about what their plans are. They've made some pretty strong statements to the market about what they plan to do, and we see them executing to and delivering against those commitments.

就他們達到 100% 的時間表而言，我想我會 - 更好的是 - 我請您參考他們對計劃的評論。他們已經向市場做出了一些關於他們計劃做什麼的非常強大的聲明，我們看到他們正在執行並兌現這些承諾。

Thank you, Chris. And then for my other question, one of your distributors and inlay partners reported yesterday and spooked the market, if you will, by talking down the growth rate from previous expectations on intelligent labels. I think, at this point, again, you are growing a lot faster than that particular distributor is. So maybe help us understand how are you going fundamentally that much faster than this large distributor of yours? And maybe there's some color to it that you could help us think through.

謝謝你，克里斯。然後，對於我的另一個問題，你們的一位分銷商和鑲嵌合作夥伴昨天報道稱，如果您願意的話，通過降低智能標籤之前預期的增長率，嚇壞了市場。我認為，在這一點上，你的成長速度比那個特定的經銷商快得多。那麼，也許可以幫助我們了解，你們是如何從根本上走得比你們這個大型經銷商快得多的？也許你可以幫助我們思考其中的一些色彩。

Okay, Sure, thanks for the question, Harsh. We have been building and today have close relationships and direct visibility innovating solutions for leading enterprises, and we really feel that those relationships are paying dividends in silicon volumes.

好的，當然，謝謝你的提問，Harsh。我們一直在為領先企業建立密切的關係和直接的可視性創新解決方案，如今我們已經建立了密切的關係，我們確實認為這些關係正在為晶片數量帶來紅利。

Additionally, we partner closely with and deliver to eight large inlay suppliers that broadly supply the market as well as dozens of smaller ones. So we've got broad reach into the market, not just through one inlay provider or label provider, but through many, many of them.

此外，我們還與廣泛供應市場的八家大型鑲嵌供應商以及數十家較小的供應商密切合作並為其供貨。因此，我們不僅透過一家嵌體供應商或標籤供應商，而是透過許多許多供應商，進入了廣泛的市場。

Finally, as I said in my prepared remarks, we see strong demand for our products and platform. We think we've got the leading products in the market. We feel good about our market position, and overall, we're seeing strength in the market today.

最後，正如我在準備好的演講中所說，我們看到對我們的產品和平台的強勁需求。我們認為我們擁有市場上的領先產品。我們對自己的市場地位感覺良好，整體而言，我們看到今天市場的實力。

Cary, anything you'd like to add?

卡里，你還有什麼要補充的嗎？

Yeah. Thank you, Chris. First, I would just like to remind everybody that we don't always line up with Avery Dennison in a given quarter. And in fact, we haven't lined up with them in the last four quarters. So they're an incredibly strong partner for us, but we just don't always line up with their public comments.

是的。謝謝你，克里斯。首先，我想提醒大家，我們並不總是在特定季度與艾利丹尼森保持一致。事實上，我們在過去的四個季度裡並沒有與他們保持一致。因此，他們對我們來說是一個非常強大的合作夥伴，但我們並不總是與他們的公眾評論保持一致。

Jim Ricchiuti, Needham & Co.

吉姆‧里基烏蒂 (Jim Ricchiuti)，李約瑟公司

Thank you. And maybe just to follow up on that last question. Yeah, A, you did talk about certain customer rollouts shifting to the right. And I'm just curious. I know you don't line up with them quarter to quarter. But are you seeing any signs of that versus maybe what you were anticipating earlier in the year?

謝謝。也許只是為了跟進最後一個問題。是的，A，您確實談到了某些客戶的推出向右移動。我只是好奇。我知道你不會每季都跟他們排隊。但與您今年早些時候的預期相比，您是否看到了任何跡象？

Jim, this is Chris. At the highest level, I'd say no, not really. There's puts and takes with any given account to the answer I just gave to Harsh about the second large North American supply chain and logistics end user, we see their deployment proceeding as we and they anticipated. So we're actually not seeing pullback in the market. We see strength in the market today and we also -- I gave some reasons, as I was speaking to apparel and footwear strength, retail rebuys, steady growth in general merchandise, long tail of specialty applications, and strength in our products and platforms.

吉姆，這是克里斯。在最高層面上，我會說不，不是真的。對於我剛剛向 Harsh 給出的關於第二大北美供應鏈和物流最終用戶的答案，有任何給定的考慮因素，我們看到他們的部署按照我們和他們的預期進行。所以我們實際上並沒有看到市場回調。我們看到了當今市場的實力，而且我也給出了一些原因，因為我談到了服裝和鞋類的實力、零售重購、一般商品的穩定增長、專業應用的長尾以及我們產品和平台的實力。

On the retail rebuys, you see those retail rebuys beginning now with Europe actually leading. The market, as we see it, is not yet caught up, and we see no evidence of us over shipping demand. So we broadly do not see a pullback.

在零售重新購買方面，您會看到這些零售重新購買現在開始，而歐洲實際上處於領先地位。在我們看來，市場還沒有跟上，我們沒有看到運輸需求超過的跡象。因此，我們總體上看不到回調。

Got it. That's clear, Chris. Thanks. And the follow-up question is just regarding the systems business, and I'm wondering if you could talk about the line of sight you have in the systems business, I think you're suggesting a pickup in Q3. Is that a pickup in project base business or just more broadly the systems business?

知道了。很清楚，克里斯。謝謝。後續問題只是關於系統業務，我想知道您是否可以談談您對系統業務的看法，我認為您建議在第三季進行提振。這是專案基礎業務的回升還是更廣泛的系統業務的回升？

Yeah, Jim. This is Cary. I'll take that one. So yeah, you're correct. We expect systems revenue to increase quarter over quarter in Q3. There's a couple of components at play.

是的，吉姆。這是卡里。我會接受那個。所以是的，你是對的。我們預計第三季系統營收將季增。有幾個組件在起作用。

We see continued strong E-family reader IC shipment volumes, but they're a little bit masked by the modestly lower overall reader IC revenue as we wind down the prior-generation Indy ICs. Now recall those last time shifts largely occurred in Q2, which makes the sequential a tough compare for the reader IC component of our systems business.

我們看到 E 系列讀卡機 IC 的出貨量持續強勁，但隨著我們逐步淘汰上一代 Indy IC，整體讀卡機 IC 收入略有下降，這有點掩蓋了這一趨勢。現在回想一下，上次的變化主要發生在第二季度，這使得我們系統業務的讀取器 IC 元件的連續比較變得艱難。

Outside of those reader IC, we expect all systems product lines to grow sequentially in Q3. We're coming off, what we hope to be, a low point as we look to the future. And in Q4, historically, systems business has been stronger. Now it's too early to guide a Q4 number at this point, but we are encouraged by some of the traction we are seeing.

除了這些讀卡機 IC 之外，我們預計所有系統產品線將在第三季依序成長。當我們展望未來時，我們正在經歷我們希望的那樣，一個低點。從歷史上看，第四季的系統業務表現更為強勁。現在指導第四季度的數據還為時過早，但我們對所看到的一些牽引力感到鼓舞。

In the number that we're guiding is clearly not a big project at play in Q3. The loss prevention final phase is going as expected. Recall that we thought that would be more modest volumes quarterly given the complexity of that deployment across four different core brands. But that's what we're seeing today in the systems business. We're encouraged by our Q3 guide being up a little bit for systems.

我們指導的數字顯然不是第三季發揮作用的大項目。防損最後階段正如預期進行。回想一下，考慮到四個不同核心品牌部署的複雜性，我們認為每季的銷售量會比較溫和。但這就是我們今天在系統業務中看到的情況。我們對第三季的系統指南有所進步感到鼓舞。

Scott Searle, ROTH Capital.

史考特·塞爾，羅斯資本。

Hey, good afternoon. Thanks for taking my questions and great job on the quarter. Cary and Chris, maybe to jump in, it seems like systems is on a little bit of a better trajectory into the third quarter than I think we were thinking probably about 90 days ago. Blending that into your guidance, it implies that endpoint ICs are growing, give or take 10% or so sequentially. I know the last couple of years we haven't had traditional seasonality, but before we went into a constrained environment from a supply chain perspective, you know, the uptake I think was historically larger.

嘿，下午好。感謝您提出我的問題，並感謝本季的出色工作。 Cary 和 Chris，也許插話一下，系統進入第三季的軌跡似乎比我們 90 天前想像的要好一些。將其融入您的指導中，這意味著端點 IC 正在成長，連續成長或減少 10% 左右。我知道過去幾年我們沒有傳統的季節性，但在我們從供應鏈的角度進入受限環境之前，我認為歷史上的吸收量更大。

So I'm wondering if you could talk a little bit about that about what you're seeing from an endpoint IC standpoint into the third quarter and the fourth quarter, especially given the strength that we just saw in the June quarter?

因此，我想知道您是否可以從端點 IC 的角度談談您對第三季和第四季的看法，特別是考慮到我們剛剛在 6 月季度看到的強勁勢頭？

Hey, Scott. This is Cary. I'll take that one. So you highlighted in both Q1 and Q2 endpoint IC volumes have significantly outperformed normal seasonality. In Q1, normal seasonality is flat to slightly up. We were up 14% sequential. Q2 is typically up around 15%. And as I noted, in the prepared remarks, our endpoint IC business was up 21%.

嘿，斯科特。這是卡里。我會接受那個。因此，您強調第一季和第二季端點 IC 銷售量均明顯優於正常季節性。第一季度，正常季節性持平或略有上升。我們季增 14%。第二季通常會上漲 15% 左右。正如我所指出的，在準備好的發言中，我們的端點 IC 業務成長了 21%。

So again, we significantly outperformed seasonality through the first half of the year. That's given us a little bit of a cautious approach into Q2. We're still signaling systems business up maybe on the last Q3 signaling systems business up, but maybe on the lower end of seasonality.

因此，今年上半年我們的表現再次明顯優於季節性。這讓我們對第二季度採取了一些謹慎的態度。我們的信號系統業務仍在成長，可能是在第三季訊號系統業務成長的基礎上，但可能是在季節性的低端。

Got you. But just, Cary, just review that a little bit more? There's -- you're not seeing anything specific from a customer standpoint, a pull back. It's more just caution given 1Q and 2Q traditional norms.

明白你了。但是，卡里，再回顧一下好嗎？從客戶的角度來看，你沒有看到任何具體的回調。考慮到第一季和第二季的傳統標準，這更多的是謹慎。

Yeah, we're not seeing any pullback in customers. You know, there's always puts and takes here and there, but we see broad strength in our endpoint IC business, and that's reflected in what we delivered through the first half of this year as well as our guide into Q3.

是的，我們沒有看到客戶有任何減少。你知道，總是有一些變化，但我們看到了我們的端點 IC 業務的廣泛優勢，這反映在我們今年上半年的交付以及第三季的指南中。

Yeah, Scott, in my prepared remarks, I talked about solid third-quarter product revenue growth extending to endpoint ICs, and then we do expect to see some seasonal -- typical seasonality in fourth quarter. But we guide one quarter at a time.

是的，斯科特，在我準備好的發言中，我談到了第三季度產品收入的穩健增長延伸到端點 IC，然後我們確實預計第四季度會出現一些季節性——典型的季節性。但我們一次指引一個季度。

Got you. And Chris, if I could just quickly follow up. You're starting to talk about food vertical again or starting to talk about it now. Huge opportunity. I'm wondering if you could take us through how you're seeing the early implementations and pilots and how we should think about that as we get into, I guess, '25 and beyond? Thanks.

明白你了。克里斯，如果我能快速跟進就好了。你又開始談論垂直食品或現在開始談論它。巨大的機會。我想知道您是否可以向我們介紹一下您如何看待早期的實施和試點，以及當我們進入（我猜）25 年及以後時我們應該如何考慮這一點？謝謝。

Yeah, so Scott, that's a -- as I said, I think it was on last quarter's earnings call, food opportunity is moving more quickly than I had previously anticipated. And I had tempered my expectations just based on the potential volumes in food. The bigger things are, the slower they tend to go. But we saw -- we're seeing and saw then or continue to see some real promising opportunities around how pallet and case tagging through the supply chain for food freshness. Those opportunities are accelerating or accelerated in the second quarter, and we see further acceleration looking further out.

是的，斯科特，正如我所說，我認為這是在上個季度的財報電話會議上，食品機會的變化速度比我之前預期的要快。我只是根據食物的潛在數量調整了我的期望。事情越大，它們往往進展得越慢。但我們看到——我們現在看到或繼續看到一些真正有前途的機會，圍繞如何透過供應鏈對托盤和箱子進行標籤來保證食品新鮮度。這些機會在第二季度正在加速或加速，我們看到未來會進一步加速。

On top of that, like I said in my prepared remarks, this time that we're actually now seeing item level pilots in stores. That's relatively new. Those pilots have not yet turned into rollouts, but there are multiple of them and the opportunity around food freshness and reducing food waste in stores is very significant. So the fact we're already seeing in-store pilots to me is very exciting.

最重要的是，就像我在準備好的發言中所說的那樣，這次我們實際上在商店中看到了商品級試點。這是相對較新的。這些試點尚未投入使用，但有多個試點，圍繞食品新鮮度和減少商店食品浪費的機會非常重要。因此，我們已經看到店內試點的事實對我來說非常令人興奮。

I can't give you a timeframe for when those pilots will turn into deployments, but just the size and the scope of the pilots and the fact that they are in stores and they're layering on top of the supply chain opportunities for me is very exciting.

我無法為您提供這些試點項目何時進行部署的時間表，但試點項目的規模和範圍以及它們在商店中的事實以及它們在供應鏈機會之上的分層對我來說是非常令人興奮。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森，坎托·菲茨杰拉德。

Hey, gentlemen. Congrats on another spectacular quarter. Maybe I'll start here with Cary. I got a follow-up – a follow-up for Chris. But Cary, can you just kind of help us out with on Q3 OpEx versus margins, gross margins? What -- kind of directionally, where you think we're going?

嘿，先生們。恭喜又一個精彩的季度。也許我會從卡里開始。我收到了後續訊息——克里斯的後續訊息。但是 Cary，您能否幫助我們了解第三季營運支出與利潤率、毛利率的比較？什麼——有點方向性，你認為我們要去哪裡？

Yeah, sure. So in Q3, we expect our product gross margins -- now again, that's without the license revenue. We expect our product gross margin margins to increase quarter over quarter. I would say currently our product gross margins are running below our targeted 53% to 54% range for a few reasons.

好，當然。因此，在第三季度，我們預計我們的產品毛利率——現在又不包括授權收入。我們預計我們的產品毛利率將環比增長。我想說，目前我們的產品毛利率低於 53% 至 54% 的目標範圍，原因有幾個。

First, we have stronger than typical mix of endpoint IC revenue as our systems business recovery has lagged that of endpoint ICs. Second, our lower-margin 200-millimeter volume running SKUs were a higher percentage of our revenue in Q2 and to a lesser degree we expect that again in Q3. That product line is two generations old at this point and we are moving it before the M800 ramps. That effort should mostly be finished before we enter Q4.

首先，我們的端點 IC 收入組合強於典型的收入組合，因為我們的系統業務復甦落後於端點 IC。其次，我們的利潤率較低的 200 毫米批量運行 SKU 在第二季度的收入中所佔的比例較高，我們預計第三季的收入比例也會有所下降。該產品線目前已有兩代歷史，我們將在 M800 推出之前將其轉移。這項工作應該在我們進入第四季之前完成。

And then finally, while growing sharply, we expect the M800 volumes to remain small from a mix perspective and will not have a visible impact to product gross margins. And I would just add that, overall, we remain confident in the long-term margin targets that I outlined at our Investor Day last year.

最後，儘管 M800 銷量大幅成長，但從混合角度來看，我們預計 M800 銷量仍將較小，不會對產品毛利率產生明顯影響。我想補充一點，總體而言，我們對我在去年投資者日概述的長期利潤率目標仍然充滿信心。

Okay. So 51% in Q2, if you ex-out NXP and you expect that to grow sequentially here in Q3 (multiple speakers)

好的。因此，如果您排除恩智浦，並且您預計該數字將在第三季度連續增長（多個發言者），那麼第二季度將增長 51%

Correct. That's correct, Troy. (multiple speakers) I expect OpEx to increase sequentially in Q3.

正確的。沒錯，特洛伊。 （多位發言者）我預計第三季營運支出將持續成長。

On an absolute basis, it should be up sequentially.

從絕對值來看，應該是依序上升的。

Yeah.

是的。

Okay. I guess, Chris, for you, you remember coming out of COVID, a lot of chatter about wafer shortages and Impinj had a fight for capacity. There's so much chatter right now about just the process it needs for AI, right? So I'm just curious to know your kind of like longer-term visibility on wafer supply. I don't know if we've thought about that much or talked on that, but that just popped to my head recently.

好的。我想，克里斯，對你來說，你記得剛從新冠疫情中走出來，有很多關於晶圓短缺的討論，而 Impinj 也曾為產能而戰。現在有很多關於人工智慧所需流程的討論，對吧？所以我只是想知道你們對晶圓供應的長期可見度。我不知道我們是否考慮過這麼多或談論過這一點，但這只是最近突然出現在我的腦海中。

We haven't talked about it much, Troy, but we've sure thought about it a lot. As we said in our prepared remarks, we are increasing our wafer orders to stay ahead of the growing demand on. We have good support from our foundry partner today and both -- and really right now, the way the market has evolved, we and they recognize that we are together supplying into enterprises that have transformed their operations to rely on RAIN RFID. And those enterprises are delivering everything from medical parts and supplies to hospital crash carts to critical shipments to airline parts and baggage.

特洛伊，我們對此談得不多，但我們確實想了很多。正如我們在準備好的發言中所說，我們正在增加晶圓訂單，以領先於不斷增長的需求。今天，我們得到了我們的代工合作夥伴的大力支持——事實上，現在，隨著市場的發展，我們和他們認識到，我們正在共同為那些已經將其運營轉變為依賴RAIN RFID 的企業提供服務。這些企業正在運送各種物品，從醫療零件和用品到醫院急救車，再到關鍵貨物，再到航空零件和行李。

So I can never say that we won't go through another shortfall because you know the semiconductor industry is cyclical. I do feel today with the growth in RAIN RFID, Impinj's growth overall and the recognition of what we are critically delivering to the market that we have good support from our foundry partner. And as long as we stay ahead in terms of our wafer availability and are able to deliver into the opportunities, I'm guardedly optimistic that with that support from our foundry partner, we'll be able to continue delivering going forward.

所以我永遠不能說我們不會再經歷一次短缺，因為你知道半導體產業是週期性的。今天，隨著 RAIN RFID 的成長、Impinj 的整體成長以及我們向市場提供的重要產品的認可，我確實感受到我們得到了代工合作夥伴的大力支持。只要我們在晶圓供應方面保持領先並能夠抓住機遇，我就謹慎樂觀地認為，在我們的代工合作夥伴的支持下，我們將能夠繼續向前邁進。

No promises. I can't predict the future, but I feel good today and I feel good also that we are better at forecasting, able to understand what we need in the market, and are buying ahead into it.

沒有保證。我無法預測未來，但我今天感覺很好，而且我也感覺很好，因為我們更擅長預測，能夠了解市場需要什麼，並提前購買。

Troy, this is Cary. The other piece of it, I would add, today being different than 2020 is today, we target carrying 180 days of forward inventory on the balance sheet. And that is so that we can insulate or do our best to insulate our customers from semiconductor cycles. We just didn't have that in 2020.

特洛伊，這是卡里。我想補充一點，今天與 2020 年不同的是，我們的目標是在資產負債表上保留 180 天的遠期庫存。這樣我們就可以或盡最大努力使我們的客戶免受半導體週期的影響。我們只是在 2020 年沒有這樣的東西。

(Operator Instructions) Guy Hardwick, Freedom Capital Markets.

（操作員說明）Guy Hardwick，自由資本市場。

Hi, good afternoon. Just to echo what everyone else says, congrats on the tremendous results. So my question is regarding the M800 series, I think you said that volume has doubled. Are you prepared to give us a sense of what proportion of IC volumes are the M800 series firstly?

嗨，下午好。只是為了回應其他人所說的，祝賀取得的巨大成果。所以我的問題是關於M800系列，我想你說體積增加了一倍。您準備好先給我們介紹一下M800系列在IC總量中所佔的比例嗎？

And secondly, I mean, just wondering what the commercial implications are of the step-up in performance of the M800 versus the previous M700 and your closest competitor, which I think is the NXP UCODE 9. Because by my simple math, I think the M800 is something like a 20% increase -- provides a 20% increase in range for the same power or something like a 30% reduction in path for the same range. Maybe you could talk us through the commercial implications of that?

其次，我的意思是，我只是想知道M800 與之前的M700 以及最接近的競爭對手（我認為是NXP UCODE 9）相比，性能的提升有何商業意義。認為M800 的性能提升了 20%，在相同功率的情況下，射程增加了 20%，或者在相同射程的情況下，路徑減少了 30%。或許您可以向我們介紹一下這方面的商業影響？

Guy, this is Cary. I'll take the first piece and then I'll hand it over to Chris.

蓋伊，這是卡里。我會拿走第一塊，然後把它交給克里斯。

The volumes are small. We have received the first few market qualifications that now we're working on getting the M800 qualified into sockets. We won't really see a ramp until that piece is completed. So early days right now, we're encouraged by where we are. We're growing sharply. It's still a very small portion of our mix.

體積很小。我們已經獲得了首批市場資格，現在我們正在努力將 M800 納入插座。在該部分完成之前我們不會真正看到坡道。現在還處於早期階段，我們對自己的現狀感到鼓舞。我們正在急劇增長。它仍然只占我們組合的很小一部分。

And Guy, to answer your question about the impact. You are correct in the numbers the M800 depending on the inlay, it gives between 20%, 25% greater read range. It also has additional capabilities in the IC that improved overall readability. We are seeing the M800 unlock opportunities or solve problems that were previously very difficult to solve. I'll cite two examples. One is, as I mentioned in my prepared remarks, in retail supply chain, retailers are putting more and more items into boxes and reading the boxes outgoing from manufacturing and incoming into DCs with the expectation that they'll get 100% readability on the items in a box as it comes into the DC.

蓋伊，回答你關於影響的問題。您的 M800 數字是正確的，取決於嵌體，它的讀取範圍擴大了 20% 至 25%。它還具有 IC 中的附加功能，可提高整體可讀性。我們看到 M800 釋放了機會或解決了以前很難解決的問題。我舉兩個例子。一是，正如我在準備好的發言中提到的，在零售供應鏈中，零售商將越來越多的商品放入盒子中，並讀取從製造商發出並進入配送中心的盒子，期望他們能夠獲得100% 的商品可讀性當它進入 DC 時放在一個盒子裡。

We're now seeing boxes containing several 100 items, very closely stacked, really packed in. The M800 gives much better readability in those situations, meaning that there's less exception handling where employees have to open the box into a manual account. That's a big impact.

我們現在看到的箱子裡裝著100 件物品，堆放得非常緊密，確實包裝得很嚴實。處理更少。這是一個很大的影響。

Second one that I'll cite is -- I mentioned the food pilots. The readability on certain food items is very difficult. Food items tend to either have a lot of liquid if they're proteins, where they may be wrapped in foil. We're finding that using the M800, we're able to innovate with our inlay partners, innovate inlays that solve those use cases and give good readability for that readability wasn't achievable before. And so we're actually pushing fairly aggressively M800-based inlays into those food pilots.

我要引用的第二個是──我提到了食品試點。某些食品的可讀性非常困難。如果食品是蛋白質，則往往含有大量液體，因此可能會用箔紙包裹。我們發現，使用 M800，我們能夠與鑲嵌合作夥伴進行創新，創新鑲嵌來解決這些用例，並提供以前無法實現的良好可讀性。因此，我們實際上正在相當積極地將基於 M800 的鑲嵌物推入這些食品飛行員中。

So overall, we have very high expectations for M800 in the market in terms of its penetration and overall ability to drive new opportunities. We are coming off of modest volumes right now but ramping sharply. And really high expectations for the future.

所以總的來說，我們對M800在市場上的滲透率和推動新機會的整體能力抱有很高的期望。我們目前的銷量不大，但正在急劇增加。對未來抱持著很高的期望。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hi, guys. Thanks for the question. I just wanted to talk about two opportunities and get your opinions on them. I guess the first, any update -- I think you talked about the digital passport in Europe. Any update there?

嗨，大家好。謝謝你的提問。我只是想談談兩個機會並徵求您的意見。我想第一個更新是——我想你談到了歐洲的數位護照。有更新嗎？

And then secondly, self-checkout, I think there were retailers -- [Five Below] was one of them -- talking about loss via self-checkout, the traditional barcode checkout. Obviously, doing it with ICs would be much better, but do you think there's an aversion to self-checkout, overall? Or do you think there's a draw towards this IC-driven checkout? And have you seen an increase in interest around IC-based checkout? Thanks.

其次，自助結帳，我認為有些零售商 - [以下五家] 是其中之一 - 談論透過自助結帳（傳統的條碼結帳）造成的損失。顯然，使用 IC 會好得多，但您是否認為人們對自助結帳整體感到厭惡？或者您認為這種 IC 驅動的結帳方式有吸引力嗎？您是否發現人們對基於 IC 的結帳的興趣增加？謝謝。

Okay, Chris. This is Chris. I'll take the -- I'll do them reverse order. I'll take the second question first.

好吧，克里斯。這是克里斯。我會採取相反的順序。我先回答第二個問題。

In terms of self-checkout, we're seeing today the self-checkout opportunities in retail stores and those self-checkout opportunities are really improving customer satisfaction. You don't have to wait in line. You do self-checkout; you walk out of the store.

在自助結帳方面，我們今天看到零售商店的自助結帳機會，這些自助結帳機會確實提高了客戶滿意度。您不必排隊等候。您自助結帳；你走出商店。

The reading of the items at the point of sale is essentially instantaneous. I've done it personally many times. It was -- did some of the earliest ones in Japan. You just go up to the checkout counter, you put your items down, instantly you see on the screen with they are, you hit pay, pick up the items, and you walk out of the store. It is a seamless, credible experience compared to waiting in a line to getting checked out.

銷售點的商品讀取基本上是即時的。我個人已經做過很多次了。這是日本最早的一些做法。你只需走到收銀台，放下物品，立即在螢幕上看到它們，你點擊付款，拿起物品，然後走出商店。與排隊結帳相比，這是一種無縫、可靠的體驗。

Self-checkout requires effective loss prevention at the store exits and what we -- and that loss prevention is very difficult problem because what the readers have to do is find the stolen item leaving the store in a sea of other items that's right near the store exit. We have been able to effectively solve that problem. And that solution is enabling the self-checkout.

自助結帳需要在商店出口處進行有效的防損，防損是一個非常困難的問題，因為讀者要做的就是在商店附近的大量其他物品中找到離開商店的被盜物品。我們已經能夠有效地解決這個問題。該解決方案正在啟用自助結帳。

So we see pull from the retail market. We're focusing right now on our visionary European retailer really to make sure that we have an incredibly robust solution, which they have today, working with them to make sure they are successful. And then we're looking with our partners to step and repeat that solution into the market.

所以我們看到了零售市場的拉力。我們現在真正關注的是我們有遠見的歐洲零售商，以確保我們擁有一個令人難以置信的強大解決方案，他們今天也擁有這樣的解決方案，並與他們合作以確保他們取得成功。然後，我們正在與合作夥伴一起尋找並在市場上重複解決方案。

To go back to your first question on DPP. We, Impinj, are working very closely with the RAIN Alliance who -- and together, we're working the DPP initiatives very closely. There's others participating, of course, as well.

回到你關於民進黨的第一個問題。我們 Impinj 正在與 RAIN 聯盟密切合作，我們正在與 RAIN 聯盟一起非常密切地配合 DPP 的倡議。當然，還有其他人參與。

We're also participating directly in the European standards bodies via our Voyantic business unit, together to ensure, first, that RAIN is an approved data carrier for DPP. After that, the necessary next step is to enable consumers to be able to read the tagged items. And what I can say there is really our entire RAIN community. All the companies in it are galvanized behind that need for consumers to be able to read the tagged items. I can't point you to specific proof points right now. We just know there's a lot of push.

我們也透過 Voyantic 業務部門直接參與歐洲標準機構，首先共同確保 RAIN 成為 DPP 批准的資料載體。之後，必要的下一步是使消費者能夠讀取標記的商品。我可以說的是我們整個 RAIN 社群。其中的所有公司都在推動消費者能夠讀取標記的商品的需求。我現在無法向你指出具體的證據。我們只知道有很大的推動力。

And at the end user level -- at the enterprise end user level, there's a lot of pull from companies that provide to consumers to enable that readability. So time will tell how fast this rolls out, but those are the two things. First, get brand approved as a DPP carrier. Second, enable consumers. So expect us and others to work very hard on both of those efforts.

在最終用戶層面——在企業最終用戶級別，向消費者提供服務以實現這種可讀性的公司具有很大的吸引力。所以時間會告訴我們它的推出速度有多快，但這是兩件事。首先，獲得品牌批准作為 DPP 營運商。第二，賦能消費者。因此，希望我們和其他人在這兩項努力上付出很大的努力。

Thank you. Just a quick follow-up and then a question. For consumers to read that, would that imply they would have an app on their phone and readability or how would they be able to read that?

謝謝。只要快速跟進，然後提出問題。對於消費者來說，閱讀該內容是否意味著他們的手機上有一個應用程式並且具有可讀性，或者他們如何能夠閱讀該內容？

And then just for my main question, second question, your competitor in RFID had very strong results there, do you think their share accelerates now that the lawsuit is done? And also, they talked about having a workaround in your IP in the next three years or so. Do you think that's a possibility as well?

對於我的主要問題，第二個問題，你們在 RFID 領域的競爭對手在那裡取得了非常強勁的業績，您認為訴訟結束後他們的份額是否會加速？此外，他們還談到了在未來三年左右的時間內在您的 IP 中找到解決方法。您認為這也有可能嗎？

Okay. I'll try and -- I didn't write those questions down but I'm going to do my best to answer that in order. We may have to come back to it.

好的。我會嘗試——我沒有寫下這些問題，但我會盡力按順序回答。我們可能得回過頭來討論這個問題。

First one, in terms of consumer readability, the initial target is consumer mobile devices. That won't put the exclusive target. You can see readability in homes and things like that, but the initial target is readability in consumer mobile devices. It's a matter of getting that reading in the phone, and then, of course, there would be an app that supports it.

第一，就消費者可讀性而言，最初的目標是消費者行動裝置。那不會放置獨家目標。您可以在家庭和類似的地方看到可讀性，但最初的目標是消費者行動裝置的可讀性。問題是在手機中讀取這些內容，然後，當然，就會有一個支援它的應用程式。

That's what the community is pushing towards. And, quite frankly, we have enterprise end users pulling for it, which they have a lot larger voice than our community. We're the suppliers. When the enterprise end users say they want it, that really helps.

這就是社區正在努力實現的目標。而且，坦白說，我們有企業最終用戶的支持，他們比我們的社群有更大的發言權。我們是供應商。當企業最終用戶表示他們想要它時，這確實有幫助。

On the NXP part, we feel good about our position in the market. We feel good about demand for our products and platform. And we believe our enterprise solution efforts have the potential to drive share gains for us. But we don't -- we actually really can't comment on share gains or share losses or where we stand in share until the end of each year when the RAIN Alliance compiles the composite data and give us a number for what the overall market is doing.

就恩智浦而言，我們對自己的市場地位感到滿意。我們對我們的產品和平台的需求感到滿意。我們相信我們的企業解決方案努力有潛力為我們帶來份額成長。但我們實際上無法評論份額收益或份額損失，或者我們的份額狀況，直到每年年底 RAIN 聯盟編制綜合數據並為我們提供總體市場的數字。

All I can say right now is we feel good about our position, and we feel good about demand for our products and platform, and we believe we have the leading products in the market and a leading ability to deliver enterprise solutions that use those products and, in many ways, require those products in order to get -- in order for the solution to work, to just flat out work.

我現在能說的是，我們對自己的地位感到滿意，對我們的產品和平台的需求感到滿意，我們相信我們擁有市場上的領先產品，並且具有提供使用這些產品的企業解決方案的領先能力，在很多方面，需要這些產品才能使解決方案發揮作用，順利完成工作。

And then the third question was about IP design around. Time will tell there. Any -- in just about every case, if there's somebody who really wants to put in a lot of effort to design around some IP, there's almost always a way. You can cite a couple of exceptions historically. But there is a way to design around IP. But it takes a lot of effort. And Impinj has a very large number of patents in the IC space, RAIN RFID space, and in the systems and solutions that kind of use that IP.

第三個問題是關於IP設計的。時間會證明一切。任何 - 幾乎在每種情況下，如果有人真的想投入大量精力圍繞某些 IP 進行設計，幾乎總有辦法。您可以舉出一些歷史上的例外。但有一種方法可以圍繞 IP 進行設計。但這需要付出很大的努力。 Impinj 在 IC 領域、RAIN RFID 領域以及使用該 IP 的系統和解決方案中擁有大量專利。

It's going to be up to NXP, whether they put effort into designing out that IP or put effort into innovating new products. I can't speak for what they're going to do. I feel good about the fact that we reached a settlement that we've brought in $45 million upfront payment and $15 million, at least this -- first time in licensing revenue. And I feel good about the fact that Impinj is the leading provider in the market in terms of products and in terms of our IP portfolio, which will do well for us going forward.

這將取決於恩智浦，他們是否努力設計IP或努力創新新產品。我不能說他們要做什麼。我對我們達成和解感到高興，我們已經支付了 4500 萬美元的預付款和 1500 萬美元，至少這是許可收入的首次。我對 Impinj 在產品和智慧財產權組合方面是市場領先的供應商這一事實感到滿意，這對我們未來的發展將大有裨益。

Thank you. And 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.

謝謝。我們的問答環節到此結束。我想將會議轉回聯合創始人兼執行長 Chris Diorio 發表閉幕詞。

Well, thank you, Rocco. I'd like to thank you all for joining the call today and thank you for your ongoing support. Bye-bye.

好吧，謝謝你，羅科。我要感謝大家今天加入電話會議，並感謝你們一直以來的支持。再見。

thank you, sir. Today's conference is now concluded. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝你，先生。今天的會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路並度過美好的一天。