Impinj Inc (PI) 2024 Q4 法說會逐字稿

Welcome to Impinj fourth quarter and full year 2024 financial results conference call and webcast.

歡迎參加 Impinj 2024 年第四季和全年財務業績電話會議和網路廣播。

(Operator Instructions)

（操作員指令）

Due to Mr. Andy Cobb's

由於 Andy Cobb 先生的

[laryngitis].

[喉炎]。

I would now like to turn the conference over to Miss Tracy Moran, Senior Investor Relations Manager.

現在，我想將會議交給高級投資者關係經理 Tracy Moran 女士。

Please go ahead.

請繼續。

Thank you, Nick.

謝謝你，尼克。

Good afternoon and thank you all for joining us to discuss Impinj fourth quarter and full year 2024 results.

下午好，感謝大家加入我們討論 Impinj 2024 年第四季和全年業績。

On today's call, Chris Diorio, Impinj co-founder and CEO will provide a brief overview of our market opportunity and performance.

在今天的電話會議上，Impinj 聯合創始人兼執行長 Chris Diorio 將簡要介紹我們的市場機會和業績。

Cary Baker, Impinj CFO will follow with a detailed review of our fourth quarter and full year 2024 financial results and first quarter 2025 outlook.

Impinj 財務長 Cary Baker 將詳細回顧我們 2024 年第四季和全年的財務業績以及 2025 年第一季的展望。

We will then open the call for questions.

然後我們將開始提問。

Andy Cobb, Impinj Vice President of Strategic finance will join us for the Q&A.

Impinj 策略財務副總裁 Andy Cobb 將與我們一起參與問答環節。

Hussein Mecklai who normally joins us, unfortunately, has the flu.

不幸的是，平時和我們一起的侯賽因·梅克萊 (Hussein Mecklai) 得了流感。

So cannot be here today.

所以今天不能來這裡。

You can find management's prepared remarks plus trended financial data on the investor relations section of the company's website.

您可以在公司網站的投資者關係部分找到管理層的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.

我們將在本次電話會議中根據今天的展望，對財務表現和未來預期做出聲明。

Any such statements are forward-looking under the Private Securities Litigation Reform Act of 1995.

根據 1995 年《私人證券訴訟改革法》，任何此類聲明均具有前瞻性。

Whereas we believe we have a reasonable basis for making these forward-looking statements.

我們相信我們有合理的基礎做出這些前瞻性的陳述。

Our actual results could differ materially because any such statements are subject to risks and uncertainties.

我們的實際結果可能存在重大差異，因為任何此類陳述都受風險和不確定性的影響。

We describe these risks and uncertainties in the annual and quarterly reports we file with the SEC.

我們在向美國證券交易委員會提交的年度和季度報告中描述了這些風險和不確定性。

We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements except as required by law.

除法律要求外，我們不承擔更新或修改我們的前瞻性聲明的任何義務，並明確否認任何更新或修改我們的前瞻性陳述的義務。

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.

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 GAAP，除自由現金流外，所有資產負債表和現金流指標均為 GAAP。

Please refer to our earnings release for a reconciliation of non-GAAP financial metrics for the most comparable GAAP metrics.

請參閱我們的收益報告，以了解非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳。

Before turning to our results and outlook note that we will participate in Susquehanna's 14th annual Technology Conference on February 27 in New York, the Cantor Global Technology Conference on March 11 in New York and the 37th Annual Roth conference on March 18th in Dana Point.

在談到我們的業績和展望之前，請注意，我們將參加 2 月 27 日在紐約舉行的 Susquehanna 第 14 屆年度技術會議、3 月 11 日在紐約舉行的 Cantor 全球技術會議以及 3 月 18 日在達納角舉行的第 37 屆年度 Roth 會議。

We look forward to connecting with many of you at those events.

我們期待在這些活動中與你們建立聯繫。

I will now turn the call over to Chris.

現在我將電話轉給克里斯。

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

謝謝你，特蕾西，也謝謝大家參加電話會議。

2024 marked our fourth consecutive year of double-digit revenue growth.

2024年是我們連續第四年實現兩位數的營收成長。

And another yearly revenue record underlying that growth was market strength and retail apparel, general merchandise and supply chain and logistics.

這一成長背後的另一個年度收入記錄是市場實力和零售服裝、百貨商品以及供應鏈和物流。

Our financial unit volumes grew 34% over 2023.

2023 年，我們的金融部門業務量成長了 34%。

Our top line growth combined with strong operating leverage and our favorable litigation settlement drove record annual adjusted EBITDA and free cash flow. 2024 also ushered in two major market catalysts.

我們的營收成長，加上強勁的經營槓桿和有利的訴訟和解，推動了創紀錄的年度調整後 EBITDA 和自由現金流。 2024年還迎來兩大市場催化劑。

First startup item level, [foodtech], second [Impinj Gen2X] which dramatically expands the landscape of enterprise solutions.

第一個新創專案級別，[foodtech]，第二個[Impinj Gen2X]，大大擴展了企業解決方案的格局。

We and our partners can deliver, the long term secular tailwinds underlying our industry remain strong and our leadership position in it is as strong as ever that said we faced headwinds at the end of the fourth quarter that will spill into first geopolitical uncertainty and tariffs and users changing label partner share allocations, aggressive label, price shopping and shorter ordering cycles, disrupted partner bookings.

我們和我們的合作夥伴可以實現這一目標，我們行業長期的順風依然強勁，我們在該行業的領導地位也一如既往地強大，儘管如此，我們在第四季度末面臨的逆風將首先蔓延到地緣政治的不確定性和關稅以及用戶改變標籤合作夥伴的份額分配、激進的標籤、價格購物和更短的訂購週期，擾亂了合作夥伴的預訂。

First quarter impact includes some partners having extra end point.

第一季的影響包括一些合作夥伴擁有額外的終點。

I see inventory and asking us to reschedule orders.

我看到庫存並要求我們重新安排訂單。

Compounded by no large new programs ramping in first half, 2025 we cannot sustain our prior 34% and implement C unit volume growth pace in the first quarter.

加上上半年沒有大型新項目上線，2025年我們無法維持之前的34%的成長速度並在第一季實現C單位銷售成長速度。

So, our focus is helping our inlay partners clear a few weeks of inventory and together navigating the geopolitical and tariff landscape.

因此，我們的重點是幫助我們的鑲嵌合作夥伴清理幾週的庫存，並共同應對地緣政治和關稅格局。

And through it all using our best-in-class products.

並在整個過程中使用我們一流的產品。

Enterprise solutions leadership and [Gen2X] to regain momentum and increase market share.

企業解決方案領導地位和[Gen2X]重新獲得動力並增加市場佔有率。

As we accelerate out of a disappointing first quarter.

我們正加速擺脫令人失望的第一季。

For 2025 we continue to anticipate solid industry, RAIN label expansion driven by growth in retail apparel, general merchandise and supply chain and logistics buoyed by modest but growing food volumes.

對於 2025 年，我們繼續預期產業將保持穩健發展，RAIN 標籤的擴張將受到零售服裝、百貨商品以及供應鏈和物流成長的推動，而食品產量雖然不大，但正在不斷增長。

Recent conversations with our enterprise and service bureau partners suggest that US retail demand is solid.

最近我們與企業和服務局合作夥伴的對話顯示美國零售需求強勁。

US demand for RAIN labels is healthy and growing in the EU if not growing is at least stable.

美國對 RAIN 標籤的需求是健康的，並且在歐盟不斷增長，即使沒有增長至少也是穩定的。

Our E-family reader IC order book is strong across all large partners and geographies bullying our belief that our first quarter end point I see headwinds are temporary.

我們的 E-family 閱讀器 IC 訂單在所有大型合作夥伴和地區都很強勁，這讓我們相信第一季的終點面臨的阻力是暫時的。

Turning to solutions, today we are directly engaged with two large grocery chains, one focused on perishables and the other on seamless self-check in imagine grocery checkout as easy as today's apparel checkout at our visionary European retailer.

談到解決方案，今天我們直接與兩家大型雜貨連鎖店合作，一家專注於易腐爛食品，另一家專注於無縫自助結帳，想像一下雜貨店結帳就像我們有遠見的歐洲零售商今天的服裝結帳一樣簡單。

In terms of potential endpoint IC volumes both are larger than any program that has come before and in terms of the overall opportunity, food is huge.

就潛在終點 IC 容量而言，這兩項計劃都比之前的任何計劃都要大；而就整體機會而言，食品的潛力巨大。

One, if not both of these enterprises may ramp in 2026.

這兩家企業中，至少有一家可能在 2026 年實現擴張。

In general merchandise the large North American retailers, multi category rollout continues with compliance increasing quarterly and room to grow in 2025 in supply chain and logistics.

在北美大型百貨商品零售商中，多品類的推出仍在繼續，合規性每季都在增加，並且到 2025 年供應鏈和物流方面還有成長空間。

The second large North American end user increased their label volumes in 2024, and we expect modest growth in 2025, as they continue their autonomous reading journey.

北美第二大終端用戶在 2024 年增加了標籤數量，我們預計 2025 年將出現適度成長，因為他們將繼續進行自主閱讀。

Using our E-family reader ICs, the visionary European retailer, ongoing rollout of our self-checkout and loss prevention solution grew in the fourth quarter, driving strong gateway revenue but will decline in the first quarter as that program completes successfully.

這家富有遠見的歐洲零售商使用我們的 E-family 閱讀器 IC，持續推出的自助結帳和防損解決方案在第四季度實現增長，推動了網關收入的強勁增長，但隨著該計劃的成功完成，第一季度的收入將出現下降。

That said our opportunity in new RAIN based use cases with them is far from over including their ongoing embedded tagging ramp.

也就是說，我們在基於 RAIN 的新用例中的機會還遠未結束，其中包括他們正在進行的嵌入式標記坡道。

In addition to our direct engagements, we have partners using our E-family reader ICs and [GEN two X] to expand existing use cases like loss prevention and enable previously challenging use cases like always on overhead reading in retail stores, those partner engagements further expand our platform's footprint and create multiple in what I see, share gain opportunities for us.

除了直接合作之外，我們還有合作夥伴使用我們的 E 系列閱讀器 IC 和 [GEN two X] 來擴展現有用例（如損失預防）並實現以前具有挑戰性的用例（如零售店中始終處於高架讀取狀態），這些合作夥伴的參與進一步擴大了我們平台的覆蓋範圍並為我們創造了多個收益在我看來可以分享的機會。

Our December launch of [Gen two X] was a bellwether event for our industry. [Gen two X] dramatically enhances the performance and security of RAIN systems.

我們於 12 月推出的 [Gen two X] 是我們行業的風向標事件。 [Gen two X] 大大增強了 RAIN 系統的效能和安全性。

The response from our ecosystem has been overwhelming with our top six reader partners already deploying [GEN two X] and others including prior competitors working with us to deliver clear benefits to end users.

我們的生態系統的反應非常熱烈，我們的六大讀者合作夥伴已經部署了 [GEN two X]，其他合作夥伴（包括先前的競爭對手）也與我們合作，為最終用戶帶來明顯的好處。

[Gen two X] is embedded natively in our M800.

[Gen two X] 原生嵌入在我們的 M800 中。

So, unlocking it simply requires reader enablement [Gen two X] enables smaller more cost effective and M800 inlays for most use cases, but especially for cosmetics, accessories and food.

因此，解鎖它只需要讀卡機啟用 [Gen two X] 即可使更小、更具成本效益的 M800 嵌體適用於大多數用例，尤其是化妝品、配件和食品。

Adding to our recurring when I see opportunity, we already have multiple enterprises piloting and using [Gen two X] with more on the way.

當我看到機會時，我們就會不斷重複，我們已經有多家企業試行和使用 [Gen two X]，而且還有更多企業正在試行和使用。

On the organizational front, Jeff Dossett, our Chief Revenue Officer announced his retirement after eight years at Impinj.

在組織方面，我們的首席營收長 Jeff Dossett 在 Impinj 工作八年後宣布退休。

Yes, we won't miss you but know that we will continue your mission to build peerless solutions, engineering and sales teams that leverage our platform to win July fortune 100 enterprises.

是的，我們不會想念你，但要知道，我們將繼續你的使命，建立無與倫比的解​​決方案、工程和銷售團隊，利用我們的平台贏得 7 月份財富 100 強企業。

Kahan Richardson, a seven-year Impinj veteran will lead the sales organization in closing 2024 was another year of strong revenue growth and free cash flow.

在 Impinj 工作了七年的 Kahan Richardson 將帶領銷售部門完成收尾工作，2024 年將是另一個收入成長和自由現金流強勁的一年。

We delivered record adjusted EBITDA and earnings per share successfully resolved our patent litigation and delivered market leading products and innovations.

我們實現了創紀錄的調整後 EBITDA 和每股收益，成功解決了專利訴訟，並提供了市場領先的產品和創新。

Looking forward, we see first quarter headlines, but we have been through tough times before.

展望未來，我們看到了第一季的頭條新聞，但我們之前也經歷過艱難時期。

Each time we press our competitive advantages to emerge, a stronger company in a stronger market position.

每當我們發揮我們的競爭優勢時，我們就會成為一家更強大的公司，佔據更強大的市場地位。

This time, we are better positioned with a far more seasoned team than we have ever been to do so.

這一次，我們擁有比以往更有經驗的團隊，因此處於更有利的位置。

As we continue driving our bold vision to connect every item in our everyday world.

我們將繼續推動我們的大膽願景，將我們日常生活中的每件物品連接起來。

I remain confident in our market position and energized by the opportunities ahead.

我對我們的市場地位依然充滿信心，並對未來的機會充滿信心。

Before I turn the call over to Cary for our financial review and first quarter outlook.

在我將電話轉給 Cary 進行我們的財務審查和第一季展望之前。

I'd like to again thank every member of the Impinj team for your constant effort.

我想再次感謝 Impinj 團隊的每位成員的持續努力。

Driving our bold vision.

推動我們大膽的願景。

As always, I feel honored by my incredibly good fortune to work with you.

像往常一樣，我很榮幸能夠與您合作。

Cary?

卡里？

Thank you, Chris.

謝謝你，克里斯。

And good afternoon, everyone.

大家下午好。

When I joined Impinj five years ago, I was drawn both to the massive opportunity and the leverage of recurring silicon revenue. 2024 offered a glimpse of what that future holds with exceptional operating margin expansion.

五年前，當我加入 Impinj 時，我被其巨大的機會和經常性矽片收入的槓桿作用所吸引。 2024 年讓我們得以一窺未來的發展前景，屆時營業利潤率將大幅擴張。

On the back of strong revenue growth.

在強勁營收成長的推動下。

We delivered record annual adjusted EBITDA and record free cash flow while just scratching the surface of our market opportunity.

我們實現了創紀錄的年度調整後 EBITDA 和自由現金流，但我們對市場機會的把握還只是皮毛。

Today, more than ever, I am in general energized by our secular demand and operating leverage potential.

今天，我比以往任何時候都更被我們的長期需求和營運槓桿潛力所鼓舞。

Fourth quarter revenue was $91.6 million down 4%.

第四季營收為 9,160 萬美元，下降 4%。

Sequentially compared with $95.2 million in third quarter, 2024 and up 30% year-over-year from $70.7 million in fourth quarter, 2023.

與 2024 年第三季的 9,520 萬美元相比，季增 30%，較 2023 年第四季的 7,070 萬美元年增 30%。

Fourth quarter, end point, I see revenue $74.1 million down 9% sequentially compared with $81 million in third quarter, 2024 and up 37% year-over-year from $53.9 million in fourth quarter, 2023.

在第四季結束時，我預計營收為 7,410 萬美元，較 2024 年第三季的 8,100 萬美元環比下降 9%，較 2023 年第四季的 5,390 萬美元年增 37%。

Although we typically see fourth quarter declines this year was below our expectations as we accommodated partner push off requests.

儘管我們通常會看到第四季度出現下滑，但今年的下滑低於我們的預期，因為我們滿足了合作夥伴的延遲請求。

Looking to the first quarter, we again expect a sequential endpoint.

展望第一季度，我們再次期待一個連續的終點。

I see revenue decline.

我看到收入下降。

Fourth quarter systems revenue was $17.5 million.

第四季系統收入為1750萬美元。

Up 23% sequentially compared with $14.2 million in third quarter, 2024 and up 4% year-over-year from $16.8 million in fourth quarter, 2023 systems revenue exceeded our expectations driven by strength in reader gateway and reader, I see sales looking to the first quarter, we expect systems revenue to decline more than seasonally as the self-checkout and loss prevention deployment at the visionary European retailer concludes successfully total 2024 revenue was $366.1 million.

與 2024 年第三季度的 1,420 萬美元相比，環比增長 23%，與第四季度的 1680 萬美元相比，同比增長 4%，2023 年系統收入超出我們的預期，這得益於閱讀器網關和閱讀器的強勁增長，我看到第一季度的零售銷售，我們預計將比季節性成本下降更多，因為歐洲的總收入將約61 億美元。

Up 19% year-over-year compared with $307.5 million in 2023.

與 2023 年的 3.075 億美元相比，年增 19%。

Endpoint, I see revenue grew 30% year over year driven by apparel, general merchandise, supply chain and logistics.

端點，我看到在服裝、百貨、供應鏈和物流的推動下，營收年增了 30%。

The long tail of applications and licensing revenue systems revenue declined 18% year-over-year with reader and gateway declines more than offsetting growth in both test and measurement and reader ICs.

長尾應用和授權收入系統收入年減 18%，其中閱讀器和網關的下降超過了測驗測量和閱讀器 IC 的成長。

Fourth quarter, gross margin was 53.1% compared with 52.4% in third quarter, 2024 and 50.9% in fourth quarter, 2023.

第四季毛利率為 53.1%，而 2024 年第三季為 52.4%，2023 年第四季為 50.9%。

The year over year increase was driven by leverage on fixed costs.

年比成長主要是由於固定成本的槓桿作用。

The quarter-over-quarter increase was driven by higher systems revenue mix and improved end point.

環比成長主要得益於系統收入組合的提高和終端的改善。

I see direct margins full year 2024 gross margin was 54% compared with 51.9% in 2023.

我認為 2024 年全年直接利潤率為 54%，而 2023 年為 51.9%。

With the increase due primarily to licensing revenue.

成長主要歸因於許可收入。

Looking to first quarter, 2025 we expect gross margin to decline modestly, sequentially total.

展望 2025 年第一季度，我們預期毛利率將較上季小幅下降。

Fourth quarter operating expense was $33.6 million compared with $32.5 million in third quarter, 2024 and $33 million in fourth quarter. 2023 research and development expense was $18 million.

第四季營運費用為 3,360 萬美元，而 2024 年第三季為 3,250 萬美元，第四季為 3,300 萬美元。 2023 年研發費用為 1,800 萬美元。

Sales and marketing expense was $7.8 million.

銷售和行銷費用為780萬美元。

General and administrative expense was $7.9 million.

一般及行政開支為 790 萬美元。

2024 operating expense to $131.9 million compared with $137.8 million in 2023.

2024 年營運費用將達到 1.319 億美元，而 2023 年為 1.378 億美元。

We expect total first quarter, 2025 operating expense to increase sequentially driven by normal seasonal factors.

我們預計，受正常季節性因素的影響，2025 年第一季的總營業費用將較上季增加。

Fourth quarter adjusted IDO was $15 million compared with $17.3 million in third quarter, 2024 and $3 million in fourth quarter.

第四季調整後的 IDO 為 1500 萬美元，而 2024 年第三季為 1730 萬美元，第四季為 300 萬美元。

2023.

2023 年。

Fourth quarter adjusted even on margin was 16.4%. 2024 adjusted up was $65.9 million compared with $21.8 million in 2023.

第四季調整後利潤率為16.4%。 2024 年調整後為 6,590 萬美元，而 2023 年為 2,180 萬美元。

2024.

2024年。

Adjusted even down margin was 18%.

調整後的均價利潤率為18%。

Fourth quarter.

第四季。

GAAP net loss was $2.7 million.

GAAP 淨虧損為 270 萬美元。

Fourth quarter, non-GAAP net income was $14.5 million or $0.48 per share on a fully diluted basis.

第四季度，非 GAAP 淨收入為 1,450 萬美元，或每股 0.48 美元（全面攤薄計算）。

2024 GAAP net income was $40.8 million. 2024 non-GAAP net income was $62.9 million or $2.11 per share on a fully diluted basis.

2024 年 GAAP 淨收入為 4,080 萬美元。 2024 年非 GAAP 淨收入為 6,290 萬美元，或全面攤薄後每股 2.11 美元。

According to the balance sheet, we ended the fourth quarter with cash equivalents and investments of $239.6 million inventory totaled $99.3 million.

根據資產負債表，我們在第四季結束時的現金等價物和投資為 2.396 億美元，庫存總額為 9,930 萬美元。

Up $11 million from the prior quarter.

比上一季增加了 1100 萬美元。

With the increase coming primarily from endpoint ICs fourth quarter.

成長主要來自於第四季的端點 IC。

Net cash provided by operating activities was $12.6 million property and equipment purchases totaled $4.1 million.

經營活動提供的淨現金為 1,260 萬美元，財產和設備購買總額為 410 萬美元。

Free cash flow was $8.5 million.

自由現金流為850萬美元。

For the full year net cash provided by operating activities was $128.3 million property and equipment purchases totaled $17.1 million excluding the $45 million income from the litigation settlement.

全年營運活動提供的淨現金為 1.283 億美元，不包括訴訟和解收入 4,500 萬美元，物業和設備購買總額為 1,710 萬美元。

Free cash flow was $66.2 million driven by revenue growth and operating margin expansion.

自由現金流為 6,620 萬美元，主要得益於營收成長和營業利潤率擴大。

Before turning to our guidance, I want to highlight a few items unique to our results and outlook.

在談到我們的指導之前，我想先強調一下我們的業績和展望中獨有的幾個面向。

First endpoint ICs revenue will decline sequentially in the first quarter, primarily driven by volume as our channel burns through a few weeks of inventory for a much lesser degree yearly price reductions and product mix specifically M800 ramping at lower ASPS impact our first quarter outlook.

第一端點 IC 收入將在第一季環比下降，主要原因是由於我們的通路消耗了幾週的庫存，而年度降價幅度要小得多，而且產品組合（特別是 M800 以較低的 ASPS 增加）影響了我們的第一季前景。

Second, we anticipate first quarter gross margin to mark the low point for the year.

其次，我們預期第一季的毛利率將是今年的最低點。

Second quarter, product gross margin will begin benefiting from higher M800 mix and lower cost wafers.

第二季度，產品毛利率將開始受益於更高的M800組合和更低成本的晶圓。

Third, while our January bookings exceeded our fourth quarter run rate to be prudent.

第三，儘管我們一月份的訂單量超過了第四季的訂單量，但還是要謹慎行事。

We are assuming few returns at the midpoint of our revenue guidance.

我們假設在收入預期的中間點會有少量回報。

According to our outlook, we expect first quarter revenue between $70million and $73 million.

根據我們的預測，我們預計第一季的營收將在 7,000 萬美元至 7,300 萬美元之間。

We expect adjusted EBITDA between $1.1 million and $2.6 million the bottom line.

我們預計調整後的 EBITDA 底線將在 110 萬美元至 260 萬美元之間。

We expect non-GAAP net income between $1.7 million and $3.2 million reflecting non-GAAP fully delivered earnings per share between $0.06 and $0.11 in closing.

我們預計非公認會計準則淨收入在 170 萬美元至 320 萬美元之間，反映非公認會計準則完全實現的每股收益在 0.06 美元至 0.11 美元之間。

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

我要感謝 Impinj 團隊、我們的客戶、我們的供應商以及我們的投資者一直以來的支持。

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

我現在將電話轉給接線生，開始問答環節。

Nick?

缺口？

We will now begin the question-and-answer session to ask a question.

我們現在開始問答環節來問一個問題。

(Operator Instructions).

（操作員指令）。

And your first question today will come from Blayne Curtis with Jefferies.

今天第一個問題來自 Jefferies 的 Blayne Curtis。

Please go ahead.

請繼續。

Hey, good afternoon.

嘿，下午好。

Thanks for taking my question.

感謝您回答我的問題。

I guess a couple, I just wanted to kind of understand the timing of which because you did kind of have a Flatter December and, you've been through these cycles before.

我想有幾個，我只是想了解一下具體時間，因為你們確實經歷了一個較為平緩的 12 月，而且你們以前也經歷過這些週期。

Did you have any kind of thoughts that this might happen back then?

當時有沒有想過這種事可能會發生？

I'm just trying to understand the timing when things kind of flattened out.

我只是想要了解何時才會趨於平穩。

Were, were you sensing some inventory and then maybe you can talk about when did you see the bulk of these push outs kind of come to you?

您是否感覺到了一些庫存，然後也許您可以談談您是什麼時候看到大部分這些推出的產品來到您手中的？

Yeah.

是的。

Okay.

好的。

Go ahead.

前進。

So, Blayne thanks for the question.

所以，布萊恩感謝你提出這個問題。

So, as it as it relates to the channel inventory builds, we built a few weeks of access channel inventory, and we believe the cause of that was a mix between demand and timing with demand being the larger factor.

因此，就渠道庫存建設而言，我們建立了幾週的訪問渠道庫存，我們認為造成這種情況的原因是需求和時間的混合，其中需求是更大的因素。

From a demand perspective.

從需求角度來說。

Our channel inventory levels are a function of their expected demand and the b that the bit that they build ahead of that demand 90 days ago, we and our partners expected stronger demand entering 2025.

我們的通路庫存水準取決於他們的預期需求以及他們在 90 天前提前建立的需求，我們和我們的合作夥伴預計 2025 年的需求會更強勁。

And you know, for example, the pullback we've seen with our second large North American supply chain and logistics customers was unanticipated when we guided Q4 from a timing perspective, aggressive label, price shopping and end customers, adjusting their inlay supplier mix has resulted in pockets of inventory because not all of our partners can run with the same amount of endpoint ICs inventory.

你知道，例如，當我們從時間角度指導第四季度時，我們看到的第二大北美供應鏈和物流客戶的回調是意料之外的，積極的標籤、價格購物和最終客戶調整他們的鑲嵌供應商組合導致庫存積壓，因為並不是所有的合作夥伴都能使用相同數量的端點 IC 庫存。

And then lastly, you're probably also see in the partners order shorter to shorter lead times and bringing down their inventory levels to match.

最後，您可能還會看到合作夥伴訂單的交付週期越來越短，庫存水準也隨之降低。

Great, thanks, and then maybe you just relate this to some of the other corrections you've seen.

太好了，謝謝，那麼也許您只需將其與您見過的其他一些更正聯繫起來。

Do you feel like you're ahead of this one anymore?

你還覺得自己已經領先了嗎？

Because in the past, it's taken a couple of quarters to kind of dig out.

因為在過去，需要花幾個季度的時間才能挖掘出來。

I know you said you wouldn't be the bottom.

我知道你說過你不會墊底。

I think the question is going to be, how fast do you recover this year?

我認為問題是，今年的恢復速度有多快？

So I'm just kind of curious how you think about the shape of this correction versus other ones you've seen in the past?

所以我只是有點好奇，與過去見過的其他修正相比，您如何看待這次修正的形狀？

Yeah, Blayne, this is Chris, I'll say a few words and I'll say a period once it, once we jump in, when we saw, saw the correction starting in the, in the back half of the fourth quarter, we took swift action.

是的，布萊恩，我是克里斯，我會說幾句，我會說一個句號，一旦我們跳進去，當我們看到，看到在第四節後半段開始的修正時，我們迅速採取了行動。

And as I said in my prepared remarks, seen this play before.

正如我在準備好的發言中所說，我以前看過這部戲。

We're better seasoned.

我們的經驗更豐富。

We're better positioned the time with more season team than we've ever been.

與以往任何時候相比，我們擁有更多賽季的球隊，可以更好地安排時間。

We're not calling the duration of the, of the correction that we're going to go through, but we are actively working through it.

我們不預測這次調整的持續時間，但我們正在積極地努力完成它。

And as I said, working with our partners, to burn down their excess channel inventory and emerge in a stronger position the other side.

正如我所說的，我們與合作夥伴共同努力，消耗掉他們過剩的通路庫存，並在另一方面佔據更有利的地位。

And I personally believe that we are in a far better position to emerge in that stronger position, given everything we have got going on in the market.

我個人相信，考慮到我們在市場上的一切進展，我們更有能力獲得更強大的地位。

[Gen two X] Enterprise Solutions and 800.

[Gen two X] 企業解決方案和 800。

We're in a strong position this time.

這次我們處於有利地位。

So, expect us to accelerate out, but we're not predicting the timing right now.

因此，預計我們會加速，但我們現在還無法預測時間。

Yeah.

是的。

Well, I'll start by just highlighting, we only guide one quarter at a time.

好吧，我首先要強調的是，我們每次只指導一個季度。

We're not going to hazard a guess on Q2 at this point.

目前，我們不想冒險對第二季做出猜測。

What we see our customers ordering with very short lead times given the market uncertainty, we are prudently modeling fewer returns in our guide input.

由於市場不確定性，我們發現客戶訂購的訂單交貨時間非常短，因此我們在指導輸入中謹慎地模擬了較少的退貨。

And specifically, we're modeling zero terms for our endpoint IC business.

具體來說，我們正在為端點 IC 業務建模零項。

Are there scenarios where second quarter endpoint IC product revenue recovers on a smaller channel inventory headwind.

是否有這樣的情況：第二季終端 IC 產品收入會因為通路庫存逆風較小而復甦？

Yes, but we understand that these problems are rarely a one quarter issue.

是的，但我們知道這些問題很少是一個季度的問題。

And while we see those scenarios of a potential snapback, we're going to prepare for a larger headwind and hope for a better outcome.

當我們看到可能反彈的情況時，我們將為更大的逆風做好準備，並希望取得更好的結果。

Appreciate it.

非常感謝。

Thanks.

謝謝。

And your next question today will come from Harsh Kumar with Piper Sandler.

今天的下一個問題來自 Piper Sandler 的 Harsh Kumar。

Please go ahead.

請繼續。

Yeah.

是的。

Hey guys, I wanted to ask on a similar note on the excess inventory.

嘿夥計們，我想問一個關於庫存過剩的類似問題。

How many weeks of excess inventory do you think you have?

您認為您有多少週的過剩庫存？

And is it spread out over a bunch of different areas or mostly concentrated in one or two sort of in the partners or industries?

它是否分佈在許多不同的領域，還是主要集中在一兩個合作夥伴或產業中？

However, you want to categorize it.

但是，您想對其進行分類。

But the main question is how many weeks do you think you have?

但主要的問題是您認為您還有多少週？

Hey, harsh.

嘿嘿，狠狠的。

This is Cary.

這是卡里。

I think it's a few weeks.

我認為是幾個星期。

It's more concentrated than is typical.

它比典型的更集中。

A lot of it relates to logistics, given the change in demand we see from our second large logistics provider.

鑑於我們看到的第二大物流供應商的需求發生了變化，其中許多都與物流有關。

Okay, great.

好的，太好了。

So, my second question was on that is, were you talking about the change in demand?

所以，我的第二個問題是，您談論的是需求的改變嗎？

Are you referring to the Amazon deal with UPS which is now public where the volumes will decline?

您指的是亞馬遜與 UPS 達成的協議嗎？

Is that, is that the large function that you are referring to at up at your second largest customer?

這就是您所指的第二大客戶的大型職能嗎？

Well, harsh, we don't name specific customers, but you know, if you've been following the news, there's been changes in logistics demand.

嗯，說實話，我們不會透露具體客戶的名字，但你知道，如果你一直關注新聞，你會發現物流需求改變了。

Yeah, and Harsh there's another element as well.

是的，Harsh 還有另一個因素。

There's been some share allocations as well.

也有一些股票分配。

So, our inlay partners built ahead assuming a certain portion of share, it was a share reallocation which on top of that, a bit of a push out has resulted in some channel inventory.

因此，我們的鑲嵌合作夥伴提前承擔了一定比例的份額，這是份額的重新分配，在此基礎上，稍加推廣就產生了一些通路庫存。

And that's, that's the, that's the bulk of the channel inventory that we need to.

這就是我們需要的大部分通路庫存。

Correct.

正確的。

Not all of it but the bulk of it.

雖然不是全部，但佔了大部分。

Got it.

知道了。

Okay.

好的。

I'll get back in two guys.

我會帶兩個人回來。

Thank you.

謝謝。

Sure.

當然。

Thank you.

謝謝。

(Operator Instructions) and your next question today will come from Jim Ricchiuti, Needham & Co with Needham and company, please go ahead.

（操作員指示）今天您的下一個問題將來自 Needham & Co 公司的 Jim Ricchiuti，請繼續。

I think.

我認為。

So, you alluded to the fact that you're not really seeing large program ramps and, and obviously that, that that impacts the first half of the year.

所以，您提到，您實際上並沒有看到大型專案的崛起，而且顯然這會影響今年上半年。

And I'm just wondering, and again, I know you can't give guidance beyond the quarter, but when would you or maybe you could just characterize what you see in the pipeline in terms of program ramps that potentially has, could have some impact further out in the year.

我只是想知道，而且我再次強調，我知道您無法給出本季之後的指引，但您什麼時候能給出指引，或者您是否能描述一下您在專案進度方面所看到的可能對今年後續發展產生的影響？

So Jim, we see a strong enterprise pipeline.

吉姆，我們看到了強大的企業管道。

I cited two food opportunities in our prepared remarks.

我在我們準備好的發言中提到了兩種食物機會。

There are other opportunities in our pipeline.

我們還有其他的機會。

From an overall enterprise perspective, we see good tailwinds for our industry.

從整體企業角度來看，我們看到產業面臨良好的順風動能。

We saw strong RAIN label growth last year.

去年我們看到了 RAIN 標籤的強勁成長。

And as we see those new opportunities layer in, we expect strong growth in the future, but they'll just, we're in a bit of a dull right now with no new fortune 100 company companies really jumping into the market at least in the first half.

隨著我們看到這些新機會的層層湧現，我們預計未來將出現強勁成長，但目前市場有點沉悶，至少在上半年還沒有新的財富 100 強公司真正進入市場。

And, and if there is movement in the second half, it'll be just the beginnings of the land.

而且，如果下半場有所動靜，那也只是開始而已。

So just to put it, put it all in a nutshells, strong enterprise pipeline.

所以，簡而言之，就是強大的企業通路。

A lot of interest happens to be a low right now.

目前很多興趣都處於低點。

Yeah, and Chris with respect to the customers that are working in the grocery vertical.

是的，克里斯非常尊重在雜貨店垂直行業工作的客戶。

Obviously, it's been public CAGR doing something.

顯然，公共複合年增長率發揮了一定作用。

Can you say whether the second grocery is a US based grocer or is it a European grocery?

你能說出第二家雜貨店是美國的雜貨店還是歐洲的雜貨店嗎？

Jim.

吉姆。

Of course, we know, I think for competitive reasons, we prefer not to give an answer to that question right now.

當然，我們知道，我認為出於競爭原因，我們現在不願意回答這個問題。

But it is a large opportunity.

但這是一個很大的機會。

And it's one that we've decided to work directly with that enterprise end user because of the potential built into it.

由於其內在潛力，我們決定直接與企業最終用戶合作。

Thank you.

謝謝。

I'm sorry, I can't answer directly.

抱歉，我無法直接回答。

Fair enough.

很公平。

Okay, thank you, Jim.

好的，謝謝你，吉姆。

And your next question today will come from Troy Jensen with Cantor Fitzgerald.

今天的下一個問題來自 Cantor Fitzgerald 的 Troy Jensen。

Please go ahead.

請繼續。

Hey, gentlemen, thanks for taking my question.

嘿，先生們，謝謝你們回答我的問題。

Maybe a couple here for, for charity.

也許是一對夫婦來這裡是為了慈善事業。

You guys talked about.

你們談論過。

Aggressive endpoint price shopping.

積極的端點價格購物。

Can you just kind of talk to us.

你能和我們聊聊嗎？

About what is the ASP reductions.

關於 ASP 降低的情況是什麼。

Or just any more insight into that?

或者對此還有更多的見解嗎？

Yeah.

是的。

So, when we think of endpoint IC from kind of our pricing impact, which I think is where you're going on your question, Troy, I would say given the current market dynamics, the negotiations came in line largely with our expectations.

因此，當我們從定價影響的角度考慮端點 IC 時，我認為這就是您在回答問題時要說的，特洛伊，考慮到當前的市場動態，談判基本上符合我們的預期。

Our focus in this year's negotiations was driving the M800 adoption.

我們今年談判的重點是推動 M800 的採用。

As you know, the M800 is a lower price skew.

如您所知，M800 的價格較低。

So, we can expect average ASP's to come down as the M800 ramps as a percentage of our mix, the tradeoff.

因此，我們可以預計，隨著 M800 在我們的產品組合中所佔的百分比增加，平均 ASP 將會下降，這是一種權衡。

However, is from, comes from the gross margin line where we expect accretion as the lower cost M800 ramps into our volume running skew.

然而，隨著成本較低的 M800 進入我們的銷售運行偏差，我們預計毛利率會出現成長。

And -- I'll say a little bit more in terms of aggressive label price shopping.

並且——關於積極的標籤價格購物，我還想再多說一點。

There's a bit of bonding over capacity out in the market right now.

目前，市場上存在一些產能過剩的問題。

And so, there's a fairly competitive market dynamic at the label level.

因此，標籤層面的市場競爭相當激烈。

And so we're seeing end users price shop aggressively, service bureaus, price, shop aggressively.

因此，我們看到最終用戶積極地比價，服務機構也積極地比價。

And that aggressive price shopping has resulted in delayed orders to us.

這種激進的價格競爭導致我們的訂單被延遲。

Got you.

明白了。

Alright, understood.

好的，明白了。

And then in conjunction with that just carry talked about gross margins being down modestly in Q1.

然後與此結合，剛才談到第一季的毛利率略有下降。

Could you just frame what modestly means?

你能簡單解釋一下謙虛的含義嗎？

Yeah, I think maybe let's talk about the impact that we'll see to, gross margin.

是的，我想也許我們可以談談這對毛利率的影響。

I did say modestly, it'll mark the low point for the year and we'll begin benefiting as we move forward from the M800 mix and lower cost waiver flowing through.

我確實謙虛地說過，這將標誌著今年的低點，隨著 M800 組合和更低成本豁免的實施，我們將開始受益。

Now, when you deconstruct the guide and you have the top and the bottom line, you can back into roughly what you might think the gross margin will be.

現在，當您解構指南並獲得頂線和底線時，您可以大致回到您認為的毛利率。

But I think the, I think the key point is to understand that it'll build throughout the year as we ramp the M800 as we get to those lower cost.

但我認為，關鍵是要明白，隨著我們擴大 M800 的規模並降低成本，這個過程將在全年進行。

Way first All right.

先走了好吧。

Understood.

明白了。

Good luck guys.

祝大家好運。

Thank you, Troy.

謝謝你，特洛伊。

And your next question today will come from Christopher Roland with Susquehanna.

今天的下一個問題來自 Susquehanna 的 Christopher Roland。

Please go ahead.

請繼續。

Hey, thanks for the question.

嘿，謝謝你的提問。

Yeah, just a follow up.

是的，只是後續行動。

I guess first of all on the price shopping comment, I just understand that.

我想首先關於價格購物的評論，我只是理解這一點。

Is that pricing between you and your IC competitor?

這是您和您的 IC 競爭對手之間的定價嗎？

Help me understand that a little bit more.

幫助我進一步理解這一點。

And then, Chris, I think you also mentioned an aggressive low.

然後，克里斯，我想你也提到了激進的低點。

Is there a lower margin inlay guy out there?

有沒有利潤率較低的鑲嵌師？

I just sorry, he help me understand the pricing dynamic here that that you were talking about.

我只是很抱歉，他幫助我了解了您所說的定價動態。

So, Chris, thanks for the question.

所以，克里斯，謝謝你的提問。

So, the label price shopping is twofold.

因此，標籤價格購物具有雙重性。

It's from the enter from the enterprise end users to the service bureaus and that's from the service bureaus to the bonders people who actually take our IC's and put them on a list because there's some excess bonding capacity in the market and it's pretty competitive market right now.

這是從企業最終用戶進入服務機構，再從服務機構進入鍵合機的人員，他們實際上會獲取我們的 IC 並將其列入清單，因為市場上存在一些過剩的鍵合能力，而且目前市場競爭相當激烈。

There's a lot of, but there's a lot of price shopping around that which has resulted in the delayed orders to us.

有很多，但是有很多價格貨比三家，這導致我們的訂單延遲。

So, I was referring to the price shopping.

所以，我指的是價格購物。

It is from our customer.

這是來自我們客戶。

It is between our customer and our customer's customer, our customer's customer, which is the enterprise end user.

它存在於我們的客戶和我們客戶的客戶之間，我們的客戶的客戶即企業最終用戶。

Does that help?

這樣有幫助嗎？

That does help thank you, for that, that clarity and then I know you guys only guide one quarter at a time but any, any broad thoughts as to, how this inventory dynamic may impact seasonality.

這確實有幫助，謝謝你，謝謝你的清晰度，然後我知道你們一次只能指導一個季度，但對於這種庫存動態如何影響季節性，有任何廣泛的想法嗎？

Is there going to be any seasonality going forward or do we flat line off this base?

未來是否會出現季節性變動？

just any broad thoughts.

只是任何廣泛的想法。

Not, nothing specific I think would be appreciated by all of us.

不，我認為沒有什麼特別的東西會讓大家感激。

Yeah, it, so, we only guide one quarter of time and I really don't want to hazard a guess on the second quarter right now.

是的，所以我們只指導一個季度的時間，我現在真的不想冒險猜測第二季的時間。

You know, some of the factors that we're seeing going into our guide.

您知道，我們在指南中已經考慮到了一些因素。

First, our January bookings were strong, they exceeded our fourth quarter run rate.

首先，我們一月份的訂單量很強勁，超過了我們第四季的訂單量。

And that January strength includes endpoint IC terms orders, but to be prudent, we're assuming few returns at the guide at the midpoint of our guide and specifically zero turns on our end point.

一月份的強勢包括終點 IC 條款訂單，但為謹慎起見，我們假設在指南中點處指南的回報很少，特別是在終點處為零轉彎。

I see business.

我看到了生意。

We just want to be give ourselves some time to get our arms around the situation.

我們只是想給自己一些時間去了解情況。

We're working hard to clear out the channel inventory, but we know that can take some time.

我們正在努力清理渠道庫存，但我們知道這可能需要一些時間。

So that's really how we're thinking about it right now and, and we'll provide more update as we go.

所以這就是我們現在的想法，我們將隨時提供更多更新。

If there's one word, I'd like you to take away.

如果有一個詞，我希望你能記住。

It's just prudent.

這只是謹慎的做法。

That's the word that, Troy used and that's, a word that we're, all behind that word and that's where we stand right now.

這就是特洛伊使用的詞語，也是我們都支持的詞語，這就是我們現在的立場。

Just we're being prudent as we look forward.

我們只是謹慎地展望未來。

Okay, thank you very much guys.

好的，非常感謝大家。

Thank you.

謝謝。

And your next question today will come from Scott Searle with Roth Capital.

今天的下一個問題來自 Roth Capital 的 Scott Searle。

Please go ahead.

請繼續。

Hey, good afternoon.

嘿，下午好。

Thanks for taking the questions.

感謝您回答這些問題。

Hey, Chris, maybe, just given the near-term inventory headwinds.

嘿，克里斯，也許吧，只是考慮到近期的庫存阻力。

I'm wondering if you could talk about the dynamic of the longer-term growth in the marketplace, right?

我想知道您是否可以談談市場長期成長的動態，對嗎？

You consistently talked about the historic end point.

您一直在談論歷史的終點。

I see unit growth of 25% to 30%.

我看到單位成長率為25%至30%。

Is that demand profile changing at all when you're looking at 2025 or is that still tracking?

展望 2025 年，需求狀況是否會發生變化，還是仍會如此？

We're just working through a near term inventory issue.

我們正在解決近期庫存問題。

You know, Scott, I wish I could answer that question for you.

你知道，史考特，我希望我能為你回答這個問題。

We'll have a better read on it a little bit through the year.

今年我們會對此有更深入的了解。

What we see right now is, is essentially like I said in our prepared remarks, we see strength in North America, kind of driven a little bit across the board, retail, apparel, retail, general merchandise, and supply chain and logistics as well as new opportunities and then the growing food opportunities.

我們現在看到的是，基本上就像我在準備好的發言中所說的那樣，我們看到北美的實力，這種實力在各個領域都有所推動，包括零售、服裝、零售、百貨、供應鏈和物流，以及新的機會和不斷增長的食品機會。

So North America we see is still solid and it's, and it's still going forward.

因此，我們看到北美市場依然穩固，而且還在向前發展。

The EU is flattish, at least from our current perspective.

至少從我們目前的角度來看，歐盟表現平淡。

And we don't usually call out Asia and that's smaller anyway.

而且我們通常不會提及亞洲，因為它比較小。

So, it's hard for me to project what those factors mean for 2025 overall.

因此，我很難預測這些因素對 2025 年的整體影響。

In the longer term, we see long term secular tail ones underlying our, industry, the food opportunity layering on at least in it.

從長遠來看，我們看到長期的尾部因素至少在我們的行業中存在，食品機會也存在於其中。

You know, if we see some, some ramps heading into 2026 on top of other things that are going on suggest that, we, that the future is very bright and we fundamentally believe it's very bright.

你知道，如果我們看到2026年的一些進展，再加上正在發生的其他事情，那麼我們就認為未來非常光明，而且我們從根本上相信未來非常光明。

I just can't hazard a guess right now on 2025 especially given the geopolitical dynamic, the tariff situation, all those other things and I wish I could give you a better answer.

我現在無法猜測 2025 年的情況，尤其是考慮到地緣政治動態、關稅情況以及所有其他因素，我希望我能給你一個更好的答案。

But as of right now, I can't.

但截至目前，我還不能。

Hey Chris just clarification the tariff issue when you say geopolitical is that because customers were pre buying and pre shipping ahead of any sort of the tariff situation or is there some other dynamic going on there?

嘿，克里斯，你剛才說的地緣政治問題，只是澄清一下關稅問題，是因為客戶在任何關稅情況發生之前就進行了預先購買和預先發貨，還是有其他動態發生？

And then if I could finally just wrap up with the pipeline, it sounds like the pipeline is still pretty active.

然後，如果我最終能夠完成管道，聽起來管道仍然非常活躍。

I was wondering if you could expand beyond food.

我想知道您是否可以拓展食品以外的領域。

I think you've addressed that a couple of times.

我想你已經談過這個問題幾次了。

But with your, your large North American retail or general merchandise, I think they were moving to the phase three things like that are progressing on that front and leveraging that existing customers supply channel or supply chain, right?

但是對於你們的北美大型零售或百貨商品來說，我認為他們正在進入第三階段，在這方面正在取得進展，並利用現有客戶的供應管道或供應鏈，對嗎？

I think you were talking about other big box retailers starting to pull forward.

我認為您談論的是其他大型零售商開始向前邁進。

Has that dynamic changed at all or some of those opportunities still existing in '25?

這種動態是否發生了變化，或者其中一些機會在 25 年仍然存在？

Thanks.

謝謝。

Yeah.

是的。

Okay.

好的。

I'll do my best on those questions.

我將盡力解答這些問題。

In terms of the geopolitical situation, it was a, it was less of a pull forward and less of, I'm going to use the word sourcing, uncertainty and the sourcing uncertainty being primarily if you're, a supplier to an enterprise, you need to know where to source out based on what the tariff situation is.

就地緣政治局勢而言，它不是一個向前推動的因素，我將使用採購這個詞，不確定性，而採購的不確定性主要是如果你是一個企業的供應商，你需要根據關稅情況知道去哪裡採購。

So, we're seeing, we're seeing some delayed orders just for sourcing decisions based on where the tariffs might hit.

因此，我們看到，我們看到一些訂單被延遲，只是為了根據關稅可能影響的地方做出採購決定。

And that is resulting in short, short, short of order cycles and, and essentially causing at least from our perspective where we are right now the way orders to us as those decisions get made in terms of the pipeline.

這導致了訂單週期越來越短，並且從本質上講，至少從我們目前的角度來看，這導致了訂單向我們傳達訊息的方式，因為這些決策都是在管道方面做出的。

We have ongoing efforts with our lead customers, our lead enterprise and users in the retail apparel space, we still see significant opportunities there and we'll be expanding some of the engagements in the retail apparel space.

我們正與零售服裝領域的主要客戶、主要企業和用戶持續合作，我們仍然看到那裡存在巨大的機遇，我們將擴大在零售服裝領域的一些合作。

Because as I mentioned in the prepared remarks, some of the things our partners are doing around loss prevention and self-checkout around overhead reading, could open up a new wave of opportunities in retail.

因為正如我在準備好的發言中提到的那樣，我們的合作夥伴在防損和自助結帳以及高架讀取方面所做的一些事情可能會為零售業開闢新一輪的機會。

On top of that obviously, there's further expansion in retail, general merchandise, second large North American supply chain and logistics end user with some spillover to other big box retailers.

顯然，除此之外，零售、百貨商品、北美第二大供應鏈和物流終端用戶的業務還在進一步擴張，並且會對其他大型零售商產生一定的影響。

We're taking advantage of some of the tag categories.

我們正在利用一些標籤類別。

And then the third thing, big thing we're looking at is the enterprise mobile transitioning into consumer mobile.

第三件事，也是我們正在關注的一件大事，就是企業行動向消費者行動的轉變。

The date for the enterprise mobile is not yet announced yet, but you know, we're obviously talking about it.

企業行動版的日期尚未公佈，但你知道，我們顯然正在談論它。

All of us are talking about it.

我們大家都在談論它。

The date for a transition to consumer mobile is further out in time, that's still you know, a guarded expectation our part.

向消費者行動裝置過渡的日期還很遙遠，但這仍然是我們謹慎的期望。

But we're going to do everything we can to drive that consumer opportunity, which will truly change the dynamics in the industry.

但我們將竭盡全力推動這項消費者機會，這將真正改變產業的動態。

So, it's all of the things.

所以，這就是所有的事情。

We just basically point a picture to a bright future, but right now, we got a little bit of a rough patch to go through.

我們基本上只是為未來描繪了一幅光明的圖景，但現在，我們還是得克服一些困難。

Great.

偉大的。

Thanks so much.

非常感謝。

Sure.

當然。

Thank you.

謝謝。

And your next question today is a follow up from Harsh Kumar of Piper Sandler.

今天的下一個問題是來自 Piper Sandler 的 Harsh Kumar 的後續問題。

Please go ahead.

請繼續。

Yeah.

是的。

Hey guys.

嘿，大家好。

So, I wanted to ask you about this the new customer that the grocery level, could you at least I know you don't want to give us a name.

所以，我想問你關於這個雜貨店等級的新顧客，你能不能至少告訴我你不想告訴我們名字。

Could you tell us if it's a large customer or a smaller boutique type grocery chain?

您能告訴我們這是一個大客戶還是一個小型的精品雜貨連鎖店嗎？

And then the other part two of the question is if you're going to be having one of these guys ramp in a meaningful way in the in 2026 would you not start to see some volumes, perhaps in 2025 maybe second half with your partners.

然後問題的第二部分是，如果您打算讓其中一個人在 2026 年以有意義的方式增加產量，您是否會開始看到一些產量，也許是在 2025 年下半年，也許是與您的合作夥伴一起。

Yeah.

是的。

So harsh.

太嚴厲了。

I'll take that one.

我要那個。

The answer to the first part of the question is large customer.

問題第一部分的答案是大客戶。

Although, any time you talk to large.

雖然，任何時候你都跟大人說話。

So, we're actually, but to be specific, it's in grocery, it's not in a fast food or other kind of things.

所以，實際上，但具體來說，它是在雜貨店，而不是快餐或其他類型的東西。

So, it is grocery at the item level.

因此，從物品層面來說，它是雜貨。

And then the time frame, because you know, when you think about the size of the opportunities, the opportunities are so large, the larger an opportunity is the more measured the pace you just have to accept that we anticipate some and when I see volumes in the back half of the year, obviously a lot depends on the pace at which the customers go and things like that.

然後是時間框架，因為你知道，當你考慮到機會的規模時，機會是如此之大，機會越大，步伐就越有節制，你必須接受我們預期的一些情況，當我看到今年下半年的交易量時，顯然很大程度上取決於客戶的發展速度等等。

We expect some volumes, some volumes at the in the back half of the year.

我們預計今年下半年將有一些銷售量。

And ideally one or both of those will ramp into 2026.

理想情況下，其中一個或兩個都將在 2026 年實現。

Now that said the one that we're not citing right now since it is a self-checkout opportunity, we have a lot of work to do to get it fully up and running and working.

既然現在我們還沒有引用它，因為這是一個自助結帳的機會，我們還有很多工作要做才能使它完全啟動和運行。

So, we're early days and then the same way as it took us some time to do the self-checkout and loss prevention opportunity with the visionary European retailer, we really need to roll up our sleeves and get this one working for this particular grocer.

所以，我們才剛起步，就像我們花了一些時間與有遠見的歐洲零售商合作開展自助結帳和防損業務一樣，我們真的需要擼起袖子，讓這個特定的雜貨店也能利用這個機會。

It's not a loss prevention opportunity at self-checkout, but self-checkout at item level grocery, it's going to take some work on our side.

這不是自助結帳的防損機會，而是商品級雜貨店的自助結帳，這需要我們做一些工作。

I believe we're the best company to do it.

我相信我們是最適合做這件事的公司。

We're best positioned to do it.

我們最有能力做這件事。

And if anybody can do it, we can, we're going to give it our best shot and I believe we will make it go, but I can't give you the timing yet.

如果有人能做到，我們也能，我們會盡力，我相信我們會成功，但我還不能告訴你具體時間。

Understood.

明白了。

Thank you.

謝謝。

Thank you, Chris, for that color.

謝謝你，克里斯，謝謝你的色彩。

Sure.

當然。

Thank you.

謝謝。

Harsh.

殘酷的。

That concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Chris Diorio, co-founder and CEO for any closing remarks.

我想將會議交還給聯合創始人兼執行長 Chris Diorio 來做結束語。

Thank you, Nick and I'd like to thank all of you for joining the call today.

謝謝，尼克，我想感謝大家今天參加電話會議。

Thank you for your ongoing support.

感謝您一直以來的支持。

Bye-bye.

再見。