Serve Robotics Inc (SERV) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to Serve Robotics second quarter 2024 earnings conference call. Please be advised that today's conference is being recorded.

感謝您的支持，歡迎參加 Serve Robotics 2024 年第二季財報電話會議。請注意，今天的會議正在錄音。

I would not like to hand the conference over to your host, Head of Communications and Investor Relations, Aduke Thelwell. Please go ahead.

我不想把會議交給主持人、傳播和投資者關係主管 Aduke Thelwell。請繼續。

Thank you, operator, and good afternoon everyone. Welcome to Serve Robotics second quarter 2024 earnings call. On the call today, we have Serve's CEO and Co-founder, Ali Kashani; and our CFO, Brian Read.

謝謝接線員，大家下午好。歡迎參加 Serve Robotics 2024 年第二季財報電話會議。參加今天電話會議的有 Serve 的執行長兼聯合創始人 Ali Kashani 和我們的財務長 Brian Read。

During today's call, we may present both GAAP and non-GAAP financial measures. If needed, a reconciliation of GAAP to non-GAAP measures can be found in our earnings relief filed earlier today. Certain statements in this presentation and on this call are forward-looking statements. You should not place undue reliance on forward-looking statements.

在今天的電話會議中，我們可能會展示 GAAP 和非 GAAP 財務指標。如果需要，可以在我們今天早些時候提交的收益減免中找到 GAAP 與非 GAAP 指標的對帳表。本簡報和電話會議中的某些陳述屬於前瞻性陳述。您不應過度依賴前瞻性陳述。

Actual risks may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as the risks and uncertainties described in our most recent Form 10-K and in other filings made with the SEC.

實際風險可能與這些前瞻性聲明有重大差異，除非法律要求，否則我們不承擔更新我們今天所做的任何前瞻性聲明的任何義務。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿，以及我們最新的 10-K 表格和向美國證券交易委員會提交的其他文件中描述的風險和不確定性。

We published our quarterly earnings press release, prepared remarks, and supplemental slides to our Investor Relations website earlier today, and we asked you to review those documents if you haven't already.

我們今天早些時候在投資者關係網站上發布了季度收益新聞稿、準備好的評論和補充幻燈片，如果您還沒有查看過這些文件，我們請您查看一下。

With that, let me hand it over to Ali.

說完這些，讓我把它交給阿里。

Thank you, Aduke, and thank you all for joining Serve's inaugural earnings call. You may have already read our earnings release from earlier today. In this call, we will cover four topics. First, I would like to briefly introduce the company to those of you who are new to our story. Second, I'll share our near term plans to scale our fleet to 2000 robots. Third, Brian will discuss our Q2 results and the financial impact of our upcoming fleet growth. And finally, I would like to spend a little bit of time outlining our long term vision. At the end, we will spend the remaining time answering your questions.

謝謝你，阿杜克，也謝謝大家參加 Serve 的首次財報電話會議。您可能已經閱讀了我們今天早些時候發布的收益報告。在本次電話會議中，我們將討論四個主題。首先，我想向那些還不熟悉我們公司的人簡單介紹一下公司。其次，我將分享我們近期的計劃，將我們的機器人團隊擴大到 2000 台。第三，布萊恩將討論我們的第二季業績以及即將到來的機隊成長的財務影響。最後，我想花一點時間概述我們的長期願景。最後，我們將利用剩餘的時間回答您的問題。

Let's start by sharing a quick history of Serve Robotics. My co-founders and I first started this effort as the advanced projects division of Postmates in 2017 before spinning out of Uber into an independent company in 2021. Serve was founded with a vision to revolutionize last mile transportation using autonomous robots to help answer this question, why deliver two pan burritos in two town cars?

首先讓我們簡單回顧一下 Serve Robotics 的歷史。我和我的共同創辦人於 2017 年首次以 Postmates 高級專案部門的身份開始了這項工作，之後於 2021 年從 Uber 分拆成為一家獨立公司。Serve 成立的願景是利用自動機器人徹底改變最後一英里的運輸，以幫助回答這個問題：為什麼要用兩輛轎車運送兩個墨西哥捲餅？

Our team comes with a depth of experience in food delivery, automation, and robotics. These positions as well to serve the growing last mile delivery market, including food delivery, where approximately 50% of all trips are less than 2.5 miles and are well suited for sidewalk robots.

我們的團隊在食品配送、自動化和機器人技術方面擁有豐富的經驗。這些職位也服務於不斷增長的最後一英里配送市場，包括食品配送，其中約 50% 的行程距離不到 2.5 英里，非常適合人行道機器人。

We provide a robotic delivery experience that we expect will continue to delight customers, improve reliability for merchants, reduce traffic congestion, and eliminate vehicle emissions. And even improve safety for pedestrians and cyclists.

我們提供機器人送貨體驗，希望它能繼續取悅客戶、提高商家的可靠性、減少交通擁堵並消除車輛排放。甚至提高行人和騎自行車者的安全性。

At scale, we expect our robots to complete deliveries at lower cost than couriers, making last mile more affordable and accessible, which in turn could boost local economies. We estimate that by reducing car trips, delivery robots can lower greenhouse gas emissions by over 700 megatons annually, which represents 2% of all global emissions approximately.

從規模上看，我們預計我們的機器人能夠以比快遞員更低的成本完成配送，使最後一英里的配送更加經濟實惠、更加便捷，從而促進當地經濟發展。我們估計，透過減少汽車出行，送貨機器人每年可以減少超過 700 兆噸的溫室氣體排放，約佔全球排放量的 2%。

If you live in Los Angeles, you've probably seen our friendly robots delivering on sidewalks already, or maybe you've seen them on TV, like on John Mulaney's Netflix special, Everybody's in L.A. or the latest Beverly Hills Cop movie. Our current fleet has been in operation since 2022, and we've delivered to tens of thousands of households throughout Los Angeles, serving over 300 restaurants. And we've been consistently increasing our delivery volume by double digits month over month for the past 30 months.

如果您住在洛杉磯，您可能已經在人行道上看到過我們友好的機器人送貨，或者您可能在電視上看到過它們，例如約翰·穆拉尼 (John Mulaney) 的 Netflix 特別節目《人人都在洛杉磯》或最新的《比佛利山警探》電影。我們目前的車隊自 2022 年起開始運營，我們已經為洛杉磯數萬戶家庭提供送餐服務，為 300 多家餐廳提供服務。過去 30 個月，我們的送貨量一直保持著逐月兩位數的成長。

Our business generates revenue from three main sources. First is delivery as a service. This is the revenue we make for delivering packages. We operate our fleet of robots. We don't sell them to anyone. Our second revenue stream is out-of-home advertising. This is what we get paid for placing ads on our robots. These two revenue streams scale as a function of our fleet size, and we are fortunate to have global enterprise partners and have more demand than available supply.

我們的業務收入主要來自三個來源。首先是交付即服務。這是我們運送包裹所獲得的收入。我們經營著我們的機器人隊伍。我們不會將它們出售給任何人。我們的第二個收入來源是戶外廣告。這就是我們在機器人上投放廣告所獲得的報酬。這兩個收入來源隨著我們的機隊規模而擴大，我們很幸運能擁有全球企業合作夥伴，而且需求大於供應。

Our third revenue stream is software, which is independent of our fleet size. This quarters software revenue is represented by our income from non-recurring services contract with Magna International. Our software revenue is a nod to our broader vision and part of our master plan that goes beyond last month food delivery. Our plan begins with commercializing our robotics platform for food delivery, but we will then expand beyond food into other last mile categories as we bring down the cost of delivery.

我們的第三個收入來源是軟體，這與我們的車隊規模無關。本季的軟體收入來自我們與麥格納國際簽訂的非經常性服務合約的收入。我們的軟體收入體現了我們更廣闊的願景，也是我們超越上個月食品配送的整體規劃的一部分。我們的計劃首先是將我們的機器人平台商業化用於食品配送，但隨著配送成本的降低，我們將把業務範圍從食品擴展到其他最後一英里類別。

And finally, we will use our core technology to power any new robots that need to coexist with humans and navigate our complex environments. I'll speak about our broader vision at the end of this presentation.

最後，我們將利用我們的核心技術為任何需要與人類共存並在複雜環境中導航的新機器人提供動力。我將在本次演講結束時談論我們更廣泛的願景。

The final topic to touch on before discussing Q2 is competitive differentiation. We believe Serve is differentiated by a few key strengths, and this includes our first of a kind Level 4 autonomous robots deployed in a Tier 1 city like Los Angeles, our years of experience collecting data and insights from commercially operating an autonomous fleets, our robust data-driven approach to engineering and go to market, which was only made possible because we were born inside the industry and had access to unique proprietary data.

在討論第二季之前要談的最後一個主題是競爭差異化。我們相信 Serve 憑藉幾個關鍵優勢脫穎而出，其中包括我們在洛杉磯等一線城市部署的首款 4 級自動駕駛機器人、我們多年來從商業運營自動駕駛車隊中收集數據和見解的經驗、我們強大的數據驅動的工程和上市方法，這一切都是因為我們誕生於行業內部並能夠訪問獨特的專有數據。

Also, our history of forming valuable strategic relationships with partners such as Uber, Magna, NVIDIA, Delivery Hero, and 7-Eleven. And finally, our superior experience for restaurants and customers compared to what they use today. With the company intro out of the way, let's dive into the highlights of Q2.

此外，我們還與 Uber、Magna、NVIDIA、Delivery Hero 和 7-Eleven 等合作夥伴建立了寶貴的策略關係。最後，與目前使用的方式相比，我們為餐廳和顧客提供了更優質的體驗。在介紹完公司之後，讓我們深入了解第二季的亮點。

As you may know, in April, Serve completed a successful public offering and uplisting onto the Nasdaq capital market after raising $40 million in new financing, and we began trading under the ticker symbol SERV. This was an important milestone in our journey, providing us with an important source of capital for growth.

您可能知道，今年 4 月，Serve 在籌集了 4000 萬美元新融資後成功完成公開募股並在納斯達克資本市場上市，我們開始以股票代碼 SERV 進行交易。這是我們發展歷程中的重要里程碑，為我們的發展提供了重要的資金來源。

We've also continued to extend our track record of operational growth and had a strong quarter in Q2 across our primary metrics, daily active robots and daily supply hours. Daily active robots measures the average number of robots out in the field performing deliveries, while daily supply hours measures the average number of hours per day that our robots are ready to perform delivers. These metrics are important as they provide a high-level gauge of our operating efficiency and indicate progress in advance of larger fleet deployments.

我們也繼續擴大我們的營運成長記錄，並在第二季度的主要指標、每日活躍機器人和每日供應時間方面表現強勁。每日活躍機器人數量衡量的是現場執行送貨任務的機器人平均數量，而每日供應小時數衡量的是我們的機器人每天準備執行送貨任務的平均小時數。這些指標非常重要，因為它們可以高水準地衡量我們的營運效率，並預示更大規模車隊部署之前的進展。

During Q2, we had 48 daily active robots. That represents a 23% increase quarter over quarter, and 85% increase compared to Q2 last year. These robots produced 385 daily supply hours, a 28% increase quarter over quarter, and a 106% increase compared to Q2 2023.

第二季度，我們每天有 48 個活躍機器人。這比上一季成長了 23%，比去年第二季成長了 85%。這些機器人每天的供應時間為 385 小時，較上季成長 28%，與 2023 年第二季相比成長 106%。

Together, this led to our Q2 delivery and branding revenues increasing by 80% over the prior quarter and by 178% compared to the same quarter last year. We accomplished this while holding flat our corresponding costs of revenues quarter over quarter and observed over 50% gross margin improvements compared to the same period last year.

總體而言，這使得我們第二季的交付和品牌收入比上一季成長了 80%，與去年同期相比成長了 178%。我們在實現這一目標的同時，保持了相應的收入成本與上一季持平，並且與去年同期相比，毛利率提高了 50% 以上。

This positive impact to gross margin was driven by improvements throughout our autonomy, software, and operation stacks. For example, we've steadily increased the average speed of robots. We've also continued improving robots' autonomous navigation capabilities in more challenging environments, resulting in reduced rates of human intervention. And we've made improvements to our route planning, lowered cost of connectivity, and improved daily deployment operations.

對毛利率的正面影響是由我們的自主性、軟體和操作堆疊的改進所推動的。例如，我們穩步提高機器人的平均速度。我們也不斷提高機器人在更具挑戰性的環境中的自主導航能力，從而減少人為幹預。我們改進了路線規劃，降低了連接成本，並改善了日常部署作業。

As we continue to improve our operations, we pave the path to scale up our fleet to 2000 robots. As you may know, the 2000 robot expansion is under an agreement we have with Uber Eats, which allows us to rapidly scale by having access to existing delivery demand in each city we go to.

隨著我們不斷改進運營，我們為將機器人隊伍擴大到 2000 台鋪平了道路。您可能知道，2000 台機器人的擴展是我們與 Uber Eats 達成的協議，這使我們能夠根據所到訪的每個城市現有的配送需求快速擴大規模。

The ability to scale through partners like Uber is one of the key strengths of our business model. We've designed our robots to be extremely simple to interact with and require minimal training. So we are able to onboard new merchants through Uber with a simple email message. I would like to share what we expect the fleet expansion process to look like over the coming months.

透過 Uber 等合作夥伴擴大規模的能力是我們商業模式的主要優勢之一。我們設計的機器人互動極為簡單，並且只需極少的培訓。因此，我們能夠透過 Uber 發送一封簡單的電子郵件來吸引新商家。我想分享一下我們對未來幾個月船隊擴張進程的預期。

The scale up is proceeding in four phases: design, manufacturing, deployment, and scaled operations. We'll go into fair detail on this, but the headline message here is that once we execute on this plan, we expect to have 2000 robots generate $60 million to $80 million in revenue run rate annually.

擴大規模分四個階段進行：設計、製造、部署和規模化營運。我們將對此進行詳細說明，但這裡的標題資訊是，一旦我們執行該計劃，我們預計 2000 台機器人每年將產生 6000 萬至 8000 萬美元的收入運行率。

Let's begin with the design phase. The foundation of our growth starts with effective robot design. Ensuring that we have high performance and reliable hardware and software enables us to continuously improve operational performance and unit economics.

讓我們從設計階段開始。我們成長的基礎始於有效的機器人設計。確保我們擁有高效能和可靠的硬體和軟體使我們能夠持續提高營運績效和單位經濟效益。

Since 2017, we've designed successive iterations of our robots from the ground up based on unique operational insights, as well as proprietary data we had on last mile delivery. I'm really excited to share that we have completed the design phase of our third generation hardware that will be used to scale our fleet to 2000 robots. The engineering validation and test units, or EVT, have entered the validation and testing phase as of last month and now we are in the certification process.

自 2017 年以來，我們根據獨特的營運見解以及有關最後一哩交付的專有數據，從頭開始設計了機器人的連續迭代。我很高興地告訴大家，我們已經完成了第三代硬體的設計階段，將用於將我們的機器人團隊擴大到 2000 台。工程驗證和測試單元（EVT）已在上個月進入驗證和測試階段，目前我們正處於認證過程中。

We are very proud of the improvements we've made to our robots with the introduction of the third generation fleet. We'll have more to share about the Gen 3 robots, but for now I'll highlight a few areas of improvement. First, we've made significant upgrades to our sensor suite and introduced a 5 times increase in onboard compute. This would power our newest AI models that drive our continuous autonomy improvements.

隨著第三代機器人的推出，我們對機器人的改進感到非常自豪。我們將分享更多有關第三代機器人的信息，但現在我將重點放在幾個需要改進的領域。首先，我們對感測器套件進行了重大升級，並將板載運算能力提高了 5 倍。這將為我們最新的人工智慧模式提供動力，推動我們不斷提高自主性。

Second, we have a new drivetrain and battery pack design with 67% more battery capacity. These upgrades enable the new robots to move twice as fast, travel twice as far on a single charge, break 40% more quickly, and spend six more hours in the field every single day.

其次，我們採用了新的動力傳動系統和電池組設計，電池容量增加了 67%。這些升級使新機器人的移動速度提高一倍，一次充電後行駛距離提高一倍，故障率提高 40%，並且每天在現場工作的時間增加六個小時。

And last but not least, all of the above improvements and more were accomplished by cutting our hardware costs roughly in half. So to sum up, upgraded sensors, 5 times more compute power for more AI, more battery, more range, faster robots, more operating hours, and all of that at half the cost per robot.

最後但同樣重要的一點是，所有上述改進以及更多改進都是透過將我們的硬體成本削減大約一半來實現的。總而言之，升級的感測器、5 倍的運算能力，以實現更多的 AI、更多的電池、更大的範圍、更快的機器人、更長的運行時間，而所有這些都只需每個機器人成本的一半。

This brings us to the second phase, manufacturing. We are now preparing the third-generation robots for scaled manufacturing. As you may have seen in our April announcement, we have contracted Magna International, one of the largest contract vehicle manufacturers, to be our contract manufacturer.

這將我們帶入第二階段，即製造階段。我們現在正在準備第三代機器人的規模化生產。正如您可能在我們 4 月的公告中看到的那樣，我們已與最大的合約汽車製造商之一 Magna International 簽約，成為我們的合約製造商。

We have also assembled our full supply chain and began the initial steps of manufacturing our next generation robots, a multi-step process that will continue throughout the rest of the calendar year. We expect the first robots to roll off the production line by the end of Q4 2024.

我們還組建了完整的供應鏈，並開始製造下一代機器人的初步步驟，這是一個多步驟的過程，將在今年剩餘時間內持續進行。我們預計第一批機器人將於 2024 年第四季末下線。

This leads me to the third phase, deployment. Our expansion plan involves geographic expansion within both our core operating footprint in Los Angeles, as well as expansion into new cities. As you may have seen, in June, we expanded our delivery area into Koreatown in LA and began onboarding local merchants throughout our partnership with Uber Eats.

這就進入了第三階段，部署。我們的擴張計劃涉及在洛杉磯核心運營範圍內的地理擴張以及向新城市的擴張。您可能已經看到，今年 6 月，我們將配送區擴展到洛杉磯的韓國城，並透過與 Uber Eats 的合作開始吸收當地商家。

We intend to continue this geographical expansion by rolling out at least 250 additional robots in Los Angeles by the end of Q1 2025 and entering one new major metro market by the end of Q2. Our deployment goal remains 2000 robots by the end of 2025. And as previously disclosed, some new markets under consideration include San Diego, Dallas, and Vancouver, Canada.

我們計劃繼續這一地域擴張，到 2025 年第一季末在洛杉磯推出至少 250 台機器人，到第二季末進入一個新的主要大都市市場。我們的部署目標仍然是到 2025 年底部署 2000 台機器人。如同先前所揭露的，正在考慮的一些新市場包括聖地牙哥、達拉斯和加拿大溫哥華。

Once we have initial deployment completed, the fouth and final phase is scaled operation. This is the process of improving operational performance and efficiency in a new geography over time. We've spent over six years designing our robots and the past two years focusing on developing tools and processes to improve our operational capacity. Over this time, we've learned that there are significant local economies of scale in robotic delivery and that much of our efficiency is driven by advanced algorithms for task planning and better allocation of our most expensive resource, labor.

一旦我們完成初步部署，第四階段也是最後階段就是規模化營運。這是隨著時間的推移提高新地區的營運績效和效率的過程。我們花了六年多的時間來設計我們的機器人，過去兩年則專注於開發工具和流程以提高我們的營運能力。在這段時間裡，我們了解到機器人送貨具有顯著的本地規模經濟，並且我們的效率很大程度上是由用於任務規劃和更好地分配我們最昂貴的資源——勞動力的先進演算法驅動的。

Our progress on operational efficiency has led to a track record of a steady increase in delivery volumes by making consistent improvements to our deployment plan, placement of robots, autonomy software, and operations, which have also translated into consistent decreases in our dollar cost of revenue per delivery. Ultimately, we found that at full utilization, each robot can be expected to pay for itself in less than one year.

透過不斷改進部署計劃、機器人佈局、自主軟體和運營，我們在營運效率方面取得了進步，從而實現了交付量的穩步增長，這也意味著我們每次交付的收入成本持續下降。最終，我們發現，在充分利用的情況下，每個機器人預計可以在不到一年的時間內收回成本。

Naturally, this rollout plan will have important financial impacts, since much of our manufacturing and production costs will be front loaded, and our 2025 revenues will require investment beginning in 2024. Once we complete the four phases we just discussed, we expect the new fleet of robots to generate $60 million to $80 million in annual revenue run rates.

當然，這項推廣計畫將產生重要的財務影響，因為我們的大部分製造和生產成本將被前期投入，而我們 2025 年的收入將需要從 2024 年開始的投資。一旦我們完成剛才討論的四個階段，我們預計新的機器人隊伍每年將產生 6000 萬至 8000 萬美元的收入運行率。

With that, let me turn it over to Brian to further discuss the rollout and our financials.

接下來，讓我將主題交給 Brian，讓他進一步討論產品的推出和我們的財務狀況。

Thanks, Ali, and good afternoon, everyone. I'd like to outline the financial impact of our near term deployment plan beginning with design.

謝謝，阿里，大家下午好。我想從設計開始概述我們近期部署計劃的財務影響。

As Ali mentioned, the design of our third-generation robot is complete. We continue to explore ways to reduce hardware costs while improving AI and software capabilities. As a result, our team has reduced the cost of the third-generation robot by approximately 50%, and we have direct line of sight to further cost reductions intended to be incorporated throughout the 2000-unit production run.

正如阿里所提到的，我們的第三代機器人的設計已經完成。我們不斷探索降低硬體成本同時提升人工智慧和軟體能力的方法。結果，我們的團隊將第三代機器人的成本降低了約 50%，我們直接看到了在 2000 台生產過程中進一步降低成本的趨勢。

We are now focused on executing the full scale manufacturing of these robots. As such, during the second quarter, we commenced investment in non-recurring engineering and tooling to prepare for production. Our supply chain team has been diligently securing materials and components from our global supplier network to meet production targets.

我們現在專注於執行這些機器人的全面製造。因此，在第二季度，我們開始對非經常性工程和工具進行投資，為生產做準備。我們的供應鏈團隊一直在努力從我們的全球供應商網路中獲得材料和零件，以滿足生產目標。

Initial orders were placed with all vendors, and we have started receiving materials for our third-generation robots. Thanks to our strategic partnerships and supplier agreements such as Oster, we are well positioned to maintain steady supply, minimize potential disruptions, and control costs. As we enter the deployment phase, our strategy is focused on generating immediate revenue through both delivery and advertising streams.

我們已經向所有供應商下了初始訂單，並且已經開始接收第三代機器人的材料。由於我們的策略合作夥伴關係和 Oster 等供應商協議，我們能夠保持穩定的供應、最大限度地減少潛在的中斷並控製成本。當我們進入部署階段時，我們的策略重點是透過交付和廣告串流產生即時收入。

Our AI-driven robots are equipped to operate in new cities from day one thanks to their advanced sensors and navigation capabilities. These minimize the need for pre-mapping, allowing us to quickly capitalize on the growing demand for last mile delivery solutions in urban environments. We will take a deliberate phased approach to deployment, rolling out robots and batches starting in Q1 2025.

憑藉先進的傳感器和導航功能，我們的人工智慧機器人從第一天起就能夠在新城市中運作。這些最大限度地減少了預先繪製地圖的需要，使我們能夠快速利用城市環境中對最後一哩路交付解決方案日益增長的需求。我們將採取分階段的部署方式，從 2025 年第一季開始推出機器人和批次。

As we move into the scaled operation phase, our goal is to maximize the utilization of each robot, thus maximizing profitability and driving competitive margins. Robots are expected to achieve full cost recovery within 12 months after reaching full utilization. Executing this strategy effectively on our fleet of 2000 robots is anticipated to achieve annual revenues of $60 million to $80 million and positive gross margin. It is important to note that full utilization in a new city may take anywhere from six months to one year to achieve.

隨著我們進入規模化營運階段，我們的目標是最大限度地提高每個機器人的利用率，從而最大限度地提高盈利能力並提高競爭利潤率。機器人預計在達到充分利用後 12 個月內實現全部成本回收。在我們的 2000 台機器人上有效執行這項策略，預計年收入將達到 6,000 萬至 8,000 萬美元，毛利率為正。值得注意的是，新城市的充分利用可能需要六個月到一年的時間才能實現。

With minimal regulatory barriers for sidewalk robots in most US cities and strong support from local governments who view robotic delivery as a way to reduce congestion, accidents, and carbon emissions, we are confident that this plan will allow us to scale efficiently and sustainably.

由於美國大多數城市對人行道機器人的監管障礙很少，而且當地政府大力支持機器人送貨，認為它是減少交通擁堵、事故和碳排放的一種方式，我們相信該計劃將使我們能夠高效、可持續地擴大規模。

Now turning to our second quarter financial results. Revenue for the second quarter was $468,000, which included $296,000 of software service revenue from our agreement with Magna. As we expected, this service contract was substantially completed during the second quarter, and as a result, we do not anticipate material revenue from software services in Q3 2024.

現在來看看我們的第二季財務業績。第二季的收入為 468,000 美元，其中包括與麥格納達成的協議帶來的 296,000 美元軟體服務收入。正如我們預期的那樣，該服務合約已於第二季基本完成，因此，我們預計 2024 年第三季軟體服務不會帶來實質收入。

We saw strong growth in our delivery and branding revenues during the second quarter, which generated $172,000, an increase of 80% quarter over quarter, and 178% over the same period prior year. As Ali described, several improvements throughout our autonomy and software stack enabled our cost of revenues to remain relatively flat when compared to last quarter. As a result, delivery and branding gross margins improved 64% quarter over quarter and improved 85% compared to the same period prior year.

我們第二季的配送和品牌收入強勁成長，達到 172,000 美元，較上季成長 80%，比去年同期成長 178%。正如阿里所描述的，我們的自主性和軟體堆疊的幾項改進使我們的收入成本與上一季相比保持相對穩定。因此，配送和品牌毛利率較上季提高 64%，與去年同期相比提高 85%。

Operating expenses for the second quarter were $8.7 million and include $3.5 million of non-cash stock-based compensation expense. Net operating loss for the second quarter was $9 million remaining flat compared to the prior quarter.

第二季的營運費用為 870 萬美元，其中包括 350 萬美元的非現金股票薪資費用。第二季淨營業虧損為 900 萬美元，與上一季持平。

Due to the upfront capital requirements for our fleet, we will continue to explore effective financing solutions for our robots. In June, we received signed commitments with existing equipment financing partners for $11.6 million. As of today, no amount has been drawn under these facilities.

由於我們的機器人團隊有前期資本需求，我們將繼續為我們的機器人探索有效的融資解決方案。6 月份，我們與現有設備融資合作夥伴簽署了 1,160 萬美元的承諾。截至今天，這些設施尚未提取任何金額。

As of June 30, the company had $28.8 million of cash and cash equivalents. Our second quarter free cash flow, calculated as cash flow from operations minus capital expenditures, was $6.5 million and included $1.1 million related to initial manufacturing costs.

截至 6 月 30 日，該公司擁有 2,880 萬美元的現金和現金等價物。我們第二季的自由現金流（以經營現金流減去資本支出計算）為 650 萬美元，其中包括與初始製造成本相關的 110 萬美元。

In July, the company completed a $15 million private placement transaction with a single institutional investor. This was an opportunistic fundraise for which we will use the proceeds not only to extend the operational runway but reduce equipment financing costs and make targeted investments to our technology stack. With our strong balance sheet, we are optimistic about our future prospects and excited to drive market innovation within last mile delivery.

7月份，該公司與一家機構投資者完成了1,500萬美元的私募交易。這是一次機會主義的融資，我們將利用所得資金不僅延長營運時間，而且還將降低設備融資成本並對我們的技術堆疊進行有針對性的投資。憑藉強勁的資產負債表，我們對未來前景充滿樂觀，並很高興推動最後一哩交付的市場創新。

I will now turn it back to Ali.

我現在把話題轉回給阿里。

Now that we've discussed the financials and near term deployment plans, let's take a step back and look at the big picture. I would like to share with you my view of how transportation will be evolving over the coming years and how that relates to our work here at Serve.

現在我們已經討論了財務狀況和近期部署計劃，讓我們退一步來看看整體情況。我想與大家分享我對未來幾年交通運輸發展的看法，以及這與我們在 Serve 的工作有何關聯。

Right now, you can ship packages from China to the US for $2, but delivering from Chinatown to your home costs $10. This is because long distance shipping has benefited from significant automation, but last month transportation has not seen similar advances.

現在，您可以花 2 美元將包裹從中國運送到美國，但從唐人街運送到您家則需要 10 美元。這是因為長途運輸受益於高度自動化，但上個月運輸業並未取得類似的進展。

A cargo ship with a crew of 20 moves more goods than the entire British navy of 100,000 people did a few 100 years back, but an average mailman today does the work of two people from 100 years ago. That's a 5,000 times productivity gain in shipping versus 2 times gain in last mile.

一艘擁有 20 名船員的貨船運送的貨物比幾百年前整個擁有 10 萬人的英國海軍運送的貨物還要多，但今天一名普通郵遞員所做的工作相當於 100 年前的兩個人。這意味著運輸生產率提高了 5,000 倍，而最後一英里的生產率僅提高了 2 倍。

Fixing this gap is a massive market opportunity, and I see artificial intelligence as its unlock. That's because while we scaled our muscles, going from horses to steam engines to gas engines and electric motors, we just haven't been able to scale our brains until now. A few people on a giant ship can move millions of packages at once, but ships don't help with last mile delivery. There it's still one person, one box all the way to your front door.

彌補這一差距是一個巨大的市場機遇，我認為人工智慧是解鎖這一機會的鑰匙。這是因為，雖然我們擴大了肌肉的規模，從馬到蒸汽機，再到燃氣發動機和電動機，但直到現在我們還無法擴大大腦的規模。巨型船上的幾個人可以同時運送數百萬個包裹，但船隻無法幫助完成最後一英里的運送。仍然是一個人，一個箱子一路送到你家門口。

This massive historical gap in progress, paired with the new advances in AI and robotics is why I have focused our efforts on last month's transportation as our first market. It seems clear to me that there is more value to capture in last mile than any other Lagos transportation.

這一巨大的歷史性進步差距，加上人工智慧和機器人技術的新進展，使得我上個月將我們的努力重點放在交通上，將其作為我們的第一個市場。在我看來，最後一英里比任何其他拉各斯交通方式都更具有價值。

Even within last mile, food delivery is a particularly great beachhead. We eat three times a day. There's been rapid and steady growth in market size tanks to hungry customers. Yet most delivery platforms are yet to turn profitable because we need our meals within 30 minutes and can't wait for them to show up in a big truck the next day.

即使在最後一英里，食品配送也是一個特別好的灘頭堡。我們每天吃三餐。對於渴望購買的顧客來說，市場規模一直在快速且穩定地成長。然而，大多數外送平台尚未獲利，因為我們需要在 30 分鐘內收到餐食，而不能等到第二天大卡車把餐食送來。

Meanwhile, everyone complains about cost. Restaurants say they are overcharged. Customers say delivery is too expensive, and drivers aren't paid enough. And some regulators have stepped into the fray, but their efforts seem likely to exasperate rather than improve cost pressures.

同時，每個人都抱怨成本問題。餐館稱他們的收費過高。顧客表示送貨費用太高，而司機的薪水卻不夠。一些監管機構已介入，但他們的努力似乎只會加劇而不是改善成本壓力。

All of this is due to the inherent cost of asthma, and by addressing it, we help unlock massive potential, estimated at $450 billion by the end of the decade. This brings us back to our solution, a personal sized robot that can navigate human environments like sidewalks.

所有這些都是由於氣喘的固有成本造成的，透過解決這個問題，我們可以幫助釋放巨大的潛力，預計到本世紀末將達到 4500 億美元。這讓我們回到我們的解決方案，一個可以在人行道等人類環境中導航的個人大小的機器人。

Serve delivery robots that are currently deployed in LA for hundreds of restaurants have over 1,000 times less kinetic energy than cars. They can safely stop at any time for remote human assistance. They plug and play into cities and need no new infrastructure. And they address half of last mile deliveries because median delivery distance is only a couple of miles.

目前，洛杉磯數百家餐廳部署的送餐機器人的動能比汽車低 1,000 倍以上。它們可以隨時安全地停下來，尋求遠端人工援助。它們可以在城市中即插即用，而無需新的基礎設施。他們解決了最後一哩配送的一半問題，因為平均配送距離只有幾英里。

Even compared to other automated solutions such as autonomous vehicles or drones, we believe our robots are inherently safer. In fact, we complement AVs and drones because we don't need dedicated parking or loading area like they do. And we can pick up orders for them from places they cannot reach. Also, our robots are not heavily regulated like AVs and drones are. As a matter of fact, currently in the US, by default, our robots are allowed to operate anywhere.

即使與自動駕駛汽車或無人機等其他自動化解決方案相比，我們相信我們的機器人本質上更安全。事實上，我們對 AV 和無人機進行了補充，因為我們不像它們那樣需要專門的停車場或裝卸區。我們還可以幫他們從他們無法到達的地方取貨。此外，我們的機器人並不像自動駕駛汽車和無人機那樣受到嚴格監管。事實上，目前在美國，預設情況下，我們的機器人可以在任何地方運作。

To sum up, I believe that we can bring robots at scale to our public spaces as a truly new form of transportation for the 21st century, one that our society deserves, because not only do we lower delivery costs, we also reduce pollution, congestion, and traffic accidents. But last mile is only the start for us. We have a three-step master plan which I quickly mentioned at the beginning of the call and hope to speak about more in the future.

總而言之，我相信我們可以將機器人大規模地引入公共場所，成為21世紀真正的新型交通方式，這是我們社會應得的，因為我們不僅可以降低運輸成本，還可以減少污染、擁擠和交通事故。但最後一英里對我們來說才剛開始。我們有一個三步驟總體規劃，我在通話開始時簡要地提到了這一點，並希望在未來談論更多。

Step one of our master plan is to commercialize food delivery, starting with our 2000 robots for Uber Eats because food delivery is one of the most expensive last mile applications today. As we scale our fleet and lower delivery costs, step two is to expand to all other last mile sectors beyond food and sidewalks. This could be delivering groceries or medications or other parcels to customers on sidewalks or moving things within other environments such as malls, airports, hospitals, or factories.

我們總體規劃的第一步是將食品配送商業化，首先從為 Uber Eats 提供 2000 台機器人開始，因為食品配送是當今最昂貴的最後一英里應用之一。隨著我們擴大車隊規模並降低運輸成本，第二步是擴展到食品和人行道以外的所有其他最後一哩領域。這可能是在人行道上向顧客運送雜貨、藥品或其他包裹，或在商場、機場、醫院或工廠等其他環境中移動物品。

And step three is to use our core robotic tech to power all robots globally that want to coexist with humans and navigate our complex environments, whether they have four wheels or two legs. I think many people share this vision that over coming years we are going to see a rapid rise in the use of robots, with some technology visionaries even forecasting proliferation of 1 billion robots within the next 25 years. And for that to materialize, robots will need to enter our spaces.

第三步是利用我們的核心機器人技術為全球所有想要與人類共存並在複雜環境中導航的機器人提供動力，無論它們是四個輪子還是兩條腿。我認為很多人都有這樣的觀點，即在未來幾年我們將看到機器人的使用量迅速增長，一些技術遠見者甚至預測未來 25 年內機器人的數量將增加 10 億台。為了實現這一目標，機器人需要進入我們的空間。

We can be a natural partner for robot makers new and old, including those working on humanoid form factors, because they too need to walk among humans. And that's something we are really good at. We've been building AI models to help robots navigate complex human environments for the last seven years, and that's our three-step master plan. Solve food delivery, solve last model beyond food delivery, and then use our technology to power other robots moving among humans.

我們可以成為新舊機器人製造商的天然合作夥伴，包括那些致力於人形機器人的製造商，因為他們也需要在人類中行走。而這正是我們真正擅長的。過去七年來，我們一直在建立人工智慧模型來幫助機器人在複雜的人類環境中導航，這就是我們的三步驟總體計畫。解決食品配送問題，解決食品配送之外的最後模型，然後使用我們的技術為在人類之間移動的其他機器人提供動力。

Before we bring this to a conclusion and open up for questions, I want to emphasize our current focus on the first phase of our vision, which is to scale up our food delivery fleet. We have spent the last seven years preparing for this moment, and with the incredible progress we are seeing in AI and robotics and the increasing demand for last mile automation, we are confident in our strategy to lead the autonomous delivery industry and bring more efficiency into last mile.

在我們結束討論並開始提問之前，我想強調我們目前的重點是我們願景的第一階段，即擴大我們的食品配送團隊。我們花了七年時間為這一刻做準備，隨著人工智慧和機器人技術的驚人進步以及最後一英里自動化需求的不斷增長，我們對引領自動交付行業並提高最後一英里效率的策略充滿信心。

Before answering questions I want to truly thank each and every team member at Serve and every partner to Serve for their unwavering commitment and resilience. You've all been instrumental in driving our success and meeting our strategic objectives. I look forward to continuing this journey together and achieving greater milestones in the quarters and years ahead. Thank you.

在回答問題之前，我要由衷感謝 Serve 的每位團隊成員以及 Serve 的每位合作夥伴的堅定承諾和韌性。你們都為推動我們的成功和實現我們的策略目標發揮了重要作用。我期待著在未來的幾個季度和幾年裡繼續共同前進並取得更大的里程碑。謝謝。

And with that, let's turn it over to questions.

接下來，讓我們開始提問。

Thank you. Ladies and gentlemen, I will now pass the conference over to Aduke for questions. Please go ahead.

謝謝。女士們、先生們，現在我將會議交給 Aduke 提問。請繼續。

I'd like to begin by saying thank you to all the investors and analysts who submitted great questions to us over email. We really appreciate the engagement.

首先，我要感謝所有透過電子郵件向我們提交重要議題的投資者和分析師。我們非常感謝您的參與。

So to start off, let's start with a composite question that covers many of the common questions we received. Many wanted to understand how we receive orders, how far our robots go, how they manage handoffs to customers, whether they can go inside buildings, et cetera.

首先，讓我們從一個涵蓋我們收到的許多常見問題的綜合問題開始。許多人想了解我們如何接收訂單、我們的機器人能走多遠、它們如何管理與客戶的交接、它們是否可以進入建築物內部等等。

So Ali, why don't you start by walking us through how the robots work exactly?

那麼阿里，為什麼不先向我們介紹一下機器人的具體工作原理呢？

Thank you, Aduke. Let me start at the beginning. Every morning, robots head out of work -- head out to work usually on their own from our central facility. They stay out all day and then they return home at night once they're done. They can go all day on a single charge, and they can go upwards of 20 miles every single day. And that's our current robots, the third-gen robots that I mentioned earlier are doubling that range.

謝謝你，阿杜克。讓我從頭開始。每天早上，機器人都會出發工作——通常是它們自己從我們的中央設施出發去上班。他們整天待在外面，然後晚上工作結束後就回家。一次充電即可行駛一整天，每天可行駛 20 英里以上。這就是我們現在的機器人，我之前提到的第三代機器人的探測範圍擴大了一倍。

An average delivery today takes our robots about a mile. The order process from a customer's point of view, it's just like any other order. It starts by placing an order on Uber Eats and at the end of the process, being notified that the order -- excuse me, that the order has been to a robot. A robot then heads over to the restaurant and once it's there, it notifies the restaurant to have the staff come out and load the robots when the food is prepared.

如今，我們的機器人平均每次送貨要行駛約一英里。從客戶的角度來看，訂單流程就像其他訂單一樣。首先在 Uber Eats 上下訂單，然後在流程結束時收到通知，告知訂單——抱歉，訂單已經發送給機器人了。然後，機器人前往餐廳，一旦到達餐廳，它就會通知餐廳工作人員在食物準備好後出來裝載機器人。

The robot then heads over to the customer who uses the Uber Eats app to track the progress just like any other order. And once the robot arrives at the destination, the customer is notified and they are able to go outside to retrieve the item.

然後，機器人會前往客戶那裡，客戶可以使用 Uber Eats 應用程式追蹤進度，就像其他訂單一樣。一旦機器人到達目的地，就會通知顧客，然後他們就可以到外面取回物品。

Now note that the robot does not enter the building. It waits outside, and customers can use a button in the Uber Eats app to unlock and retrieve their item. Currently, the robot only has a single cargo space, but we've done batch deliveries in the past with a 100% success rate, and the interior of the robot is fully customizable.

現在請注意，機器人不會進入建築物。它在外面等候，顧客可以使用 Uber Eats 應用程式中的按鈕來解鎖並取回他們的物品。目前，機器人僅有一個貨艙，但我們過去曾進行過批量運送，成功率為 100%，機器人的內部是完全可自訂的。

Also, I should mention that customers are generally happy to come outside to meet the robot because getting the delivery in a robot means that they don't need to tip. And it happens that tipping is one of the biggest cost components that customers perceive. And then finally, once the robot is done with that delivery, it heads to the nearest restaurant for the next order.

另外，我應該提到，顧客通常很樂意到外面來見見機器人，因為透過機器人送貨意味著他們不需要給小費。而小費恰恰是顧客認為的最大成本組成之一。最後，一旦機器人完成送貨，它就會前往最近的餐廳接受下一個訂單。

Okay. Great. Thank you. So our next question comes from Rommel Dionisio from Aegis Capital. And he is asking, can you please describe sequential growth in delivery volume in LA during the current quarter?

好的。偉大的。謝謝。我們的下一個問題來自 Aegis Capital 的 Rommel Dionisio。他問道，您能否描述一下本季洛杉磯的配送量較上季成長情況？

Sure, I can take that one, Aduke. So thanks, Rommel, for the question. As you know, we don't provide quarter over quarter specific delivery data, but we're very happy that this quarter we extended the 30-month track record of double digit month over month increases, and we're seeing that in our delivery volumes, each month.

當然，我可以接受，阿杜克。所以，感謝隆美爾提出這個問題。如您所知，我們沒有提供季度環比的具體交付數據，但我們非常高興本季度我們延續了 30 個月來環比兩位數增長的記錄，而且我們每個月的交付量都看到了這一點。

More importantly, we have the key metrics that we do disclose in our filings earlier today. Those includes the daily active robots, and those increased 23% quarter over quarter and about 106% compared to Q2 last year. And we also had a 28% increase in our daily supply hours from all of those robots.

更重要的是，我們今天早些時候在文件中揭露了關鍵指標。其中包括每日活躍機器人數量，環比增長 23%，與去年第二季度相比增長了約 106%。而且，這些機器人的每日供應時間也增加了 28%。

As Ali mentioned, just to tie those together then, right, we were able to have an 80% increase in the delivery and branding revenues within the quarter compared to last quarter. And most importantly, I'd say we did all of that by holding the cost of revenues flat when we looked at Q1 versus Q2, and we're really going to be focusing and continuing to execute to make the economics work as we grow the fleet. So thanks, Rommel.

正如阿里所提到的，只是為了把這些連結在一起，與上一季相比，我們本季的交付和品牌收入成長了 80%。最重要的是，我想說，我們做到了這一切，因為我們在第一季和第二季保持了收入成本的平穩，而且隨著我們機隊規模的擴大，我們真的會集中精力並繼續執行，以使經濟效益最大化。所以謝謝你，隆美爾。

Thanks, Brian. And if I can add some color to that last statement, the reason we've been able to grow our revenue by keeping the cost flat is that we've been making a tonne of improvements to our software, to our autonomy stack, and also to the way we operate the robots. This includes increasing the average speed of the robots, making the autonomy work better in difficult environments, reducing the rate of human intervention, improving route planning, and much more that hopefully we'll speak to more in the future.

謝謝，布萊恩。如果我可以對最後一句話進行一些補充的話，我們之所以能夠透過保持成本平穩來增加收入，是因為我們對我們的軟體、我們的自主堆疊以及我們操作機器人的方式進行了大量改進。這包括提高機器人的平均速度、讓機器人在困難環境中更好地自主工作、減少人為幹預率、改善路線規劃等等，希望我們將來能談論更多。

Okay, thanks. Our next question comes from Chris Lahiji, the Founder of LD Micro. He asked, how do you guys measure success on the engineering side? Will the robots have more functionality and more uses in the years to come?

好的，謝謝。我們的下一個問題來自 LD Micro 的創辦人 Chris Lahiji。他問道，你們如何衡量工程的成功？未來幾年機器人是否會有更多功能和用途？

Thank you, Chris. This is a great question. Ultimately, everything really comes down to four performance areas, which is safety, customer satisfaction, unit economics, and market size.

謝謝你，克里斯。這是一個很好的問題。最終，一切都歸結於四個績效領域，分別是安全性、顧客滿意度、單位經濟性和市場規模。

So our software and hardware at every iteration, we need to first and foremost make sure that we are operating safely. And once you're safe, you want to make sure that you are timely and reliable so that the customers are happy.

因此，我們的軟體和硬體在每次迭代時，首先需要確保安全運作。一旦安全了，您就需要確保及時可靠，以便客戶滿意。

Once you have those table stakes sorted out, the next step is to make sure that we are reducing costs for last mile delivery compared to what it is today. And then lastly, as we expand the capabilities of the robots, we are increasing the size of our market op opportunity. So every successive generation of our robots, both hardware and software, have been improving these four areas.

一旦你解決了這些問題，下一步就是確保我們能夠降低最後一哩路交付的成本（與現在相比）。最後，隨著我們擴展機器人的功能，我們也增加市場營運機會的規模。因此，我們的每一代機器人，無論是硬體還是軟體，都在改進這四個方面。

We already have a really strong track record when it comes to safety and reliability and customer satisfaction. And our existing robots can serve last mile urban delivery, the short distance deliveries that has a total addressable market of hundreds of billions of dollars. So our focus out of those four areas today is mainly on one, which is unit economics, which is we want to make deliveries profitable as we scale our fit.

在安全性、可靠性和客戶滿意度方面，我們已經擁有非常出色的業績記錄。我們現有的機器人可以服務最後一哩的城市配送，短距離配送的潛在市場總額達數千億美元。因此，我們今天在這四個領域中的重點主要放在一個方面，即單位經濟學，即我們希望在擴大適應度的同時使交付能夠盈利。

And our third-generation robot that we just announced has improved a number of key areas that touches on all of those performance areas but specifically on unit economics, like having more battery, which means more range and more hours of operation every day, it improves economics because we can do more database per robots per day.

我們剛剛發布的第三代機器人在許多關鍵領域都得到了改進，涉及了所有性能領域，特別是在單位經濟性方面，例如擁有更多的電池，這意味著更大的續航里程和每天更長的運行時間，這提高了經濟效益，因為我們可以為每個機器人每天處理更多的資料庫。

Therefore, amortize the fixed cost over more database. Faster robots also improve the economics because you do more database a day, but it also improves customer satisfaction. Of course, reducing the cost of the robots is a really important contributor to our goal for reducing delivery costs.

因此，將固定成本分攤到更多的資料庫。速度更快的機器人不僅能提高經濟效益，因為您每天可以處理更多的資料庫，還能提高客戶滿意度。當然，降低機器人的成本對於我們降低運輸成本的目標來說是一個非常重要的因素。

Yeah. Thanks, Ali. Our next question is from Brian Kinstlinger at Alliance Global Partners. He says, can you speak to the competitive landscape? And can you explain how Serve's robot compares to others?

是的。謝謝，阿里。我們的下一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。他說，你能談談競爭格局嗎？您能解釋一下 Serve 的機器人與其他機器人相比有何不同嗎？

Yeah, this is a great question. And I guess it's important to first highlight that robots like ours can have a variety of applications from warehouses, to campuses, and to urban environments like where we are focused on.

是的，這是一個很好的問題。我想首先要強調的是，像我們這樣的機器人可以有各種各樣的應用，從倉庫到校園，再到我們關注的城市環境。

There are a number of players that are on campuses today to -- the way we look at it is campuses are more akin to a closed environment with fixed repetitive routes that don't necessarily need as sophisticated of an autonomy and AI system. Whereas when you're on the city sidewalk, you need really mature and sophisticated AI and autonomy so that you can navigate that environment in a safe and reliable way. And that's what we've been creating.

如今，校園裡有許多參與者——我們認為校園更像是一個封閉的環境，有固定的重複路線，不一定需要複雜的自主性和人工智慧系統。而當你在城市人行道上時，你需要真正成熟和複雜的人工智慧和自主性，這樣你才能以安全可靠的方式駕馭這種環境。這就是我們一直在創造的。

Campuses are a really good place for robots because of that added simplicity, but it's also a smaller market with less spending on delivery compared to cities and populated centers. So for those reasons we've been focusing on cities rather than campuses. We are building that deep tech and AI that's needed to serve a much bigger market with better economics.

由於更簡單，校園是機器人的理想應用場所，但與城市和人口密集的中心相比，校園的市場規模較小，在配送方面的支出也較少。因此，由於這些原因，我們一直關注城市而不是校園。我們正在建立深度技術和人工智慧，以便服務更大的市場並實現更好的經濟效益。

And as we do that, we can expand to other environments, including campuses as well. But ultimately this is a really huge market and there's room for many great companies to be built on robot delivery, whether it's a warehouse or a campus or a sidewalk.

當我們這樣做時，我們可以擴展到其他環境，包括校園。但最終這是一個非常巨大的市場，許多優秀的公司都有空間建立在機器人送貨上，無論是倉庫、校園或人行道。

Okay. Thanks, Ali. Our next question is also a composite question from email. What is the price of the robot? What can you tell us about [BOM] cost?

好的。謝謝，阿里。我們的下一個問題也是來自電子郵件的綜合問題。這個機器人的價格是多少？您能告訴我們有關 [BOM] 成本的哪些資訊？

Thank you. Our cost per robot continues to come down significantly. It is based on a number of factors. We don't disclose the specific number, but there are three main drivers that bring the cost down. First of all, when we are building robots as a one-off low volume fleet in the past, obviously they cost more. But now that we're scaling up, the ramp up the volume helps us bring the cost down.

謝謝。我們每個機器人的成本持續大幅下降。它基於多種因素。我們沒有透露具體的數字，但有三個主要驅動因素可以降低成本。首先，當我們過去建造一次性小批量機器人時，顯然它們的成本更高。但現在我們正在擴大規模，產量的增加有助於我們降低成本。

Secondly, a lot of the components in the robots, they're also getting cheaper and better over time. Like our batteries or computers, our sensors are getting cheaper over the years we've been operating. But most importantly is the design of the robot. We've done significant improvements throughout the iterations we've done recently to bring the cost per robot down, which, as I said, it's about in the third generation it's about 50% of the cost of previous generations.

其次，隨著時間的推移，機器人中的許多零件也變得越來越便宜、越來越好。就像我們的電池或電腦一樣，我們的感測器在我們運行的這些年裡變得越來越便宜。但最重要的是機器人的設計。我們在最近的迭代中取得了重大改進，降低了每個機器人的成本，正如我所說，第三代機器人的成本約為前幾代的 50%。

For our 2000 robots that we are launching with Uber Eats, we've mentioned this publicly before that a robot will cost less than the cheapest new car you can buy in the United States. And as we said in the call earlier, at full utilization, each robot would pay for itself in less than (technical difficulty)

對於我們與 Uber Eats 合作推出的 2000 台機器人，我們之前曾公開提到過，機器人的價格將低於在美國可以買到的最便宜的新車。正如我們之前在電話中所說的那樣，在充分利用的情況下，每個機器人將在不到（技術難度）

Okay. Thanks, Ali. The next question is from Larry. Why limit your potential to just serving food? What about delivering packages for USPS, FedEx, Amazon, and others?

好的。謝謝，阿里。下一個問題來自拉里。為什麼要將您的潛力限制在提供食物上？為 USPS、FedEx、亞馬遜和其他公司遞送包裹怎麼樣？

Larry, you are a visionary. I could not agree more. There is a lot of potential for a tech beyond food delivery, and I outlined this in the three-step master plan earlier, which is that food delivery is only our first step. I mentioned the second step to be expanding beyond into adjacent areas like groceries, medications, and parcels, which I believe is what Larry was referring to.

拉里，你是一個有遠見的人。我完全同意。除了食品配送之外，科技還有很多潛力，我之前在三步驟總體規劃中概述了這一點，食品配送只是我們的第一步。我提到第二步是擴展到雜貨、藥品和包裹等鄰近領域，我相信這就是拉里所指的。

There are also other use cases for robot delivery that don't exist today, like reverse logistics. Imagine what it would look like if you could return things in robots in a cheap and convenient way, or using them to enable and support other automated delivery vehicles like AVs and drones that I mentioned during the presentation. And then finally, step three would be to use our technology to really power other robots and bring other robots that want to exist with humans and navigate our environments to market.

機器人送貨還有其他目前尚不存在的用例，例如逆向物流。想像一下，如果您能夠以廉價便捷的方式用機器人退回物品，或者使用它們來啟用和支援我在演示中提到的其他自動運輸車輛（如 AV 和無人機），那會是什麼樣子。最後，第三步是利用我們的技術為其他機器人提供動力，並將其他想要與人類共存並在我們的環境中導航的機器人推向市場。

Thanks, Ali. Our next question comes from email. Are the robots frequently stolen or vandalized? Can they defend themselves?

謝謝，阿里。我們的下一個問題來自電子郵件。機器人是否經常被盜或遭到破壞？他們能保護自己嗎？

So this is a question that I get more often than I actually have to deal with cases of vandalism. First off, our robots have a secured cargo as we mentioned earlier, and only the intended customer can get their package.

因此，我被問到這個問題的次數比我實際處理的破壞案件的次數還多。首先，正如我們之前提到的，我們的機器人有安全的貨物，只有預期的客戶才能收到他們的包裹。

Secondly, the robots operate in fairly crowded environments and during busy hours. So they're equipped with cameras and sensors. They have remote communication. They have loudspeakers, so they have a lot of deterrents designed into them and into the way we operate.

其次，機器人在相當擁擠的環境中和繁忙時段運作。所以它們配備了攝影機和感測器。他們有遠端通訊。他們有擴音器，因此他們設計了許多威懾手段，並且影響了我們的操作方式。

But having said that, perhaps the most important thing to mention is the proof that we have in the numbers which I shared earlier. Over the years, with tens of thousands of deliveries we've done, we have had a much higher delivery success rate than even couriers have today. And it's very rare for a package to not be delivered successfully, leave alone to be stolen or vandalized.

但話雖如此，也許最重要的是我之前分享的數字所證明的東西。多年來，我們已完成數萬次的快遞業務，我們的快遞成功率甚至比現在的快遞員還要高得多。包裹未能成功送達的情況非常罕見，更不用說被盜或被破壞了。

And the last thing I would mention is if you go to our operation areas in LA, what probably is going to surprise you most is how quickly people have become indifferent to the robots. They're just walking by as if nothing is happening, even though for the first time observer, it can be quite an incredible experience to see one of these robots moving around.

最後我想說的是，如果你去我們在洛杉磯的營運區域，你可能會最驚訝的是人們對機器人變得漠不關心的速度有多快。它們只是走過，好像什麼事都沒發生過，儘管對於第一次觀察的人來說，看到這些機器人四處走動可能是相當不可思議的體驗。

I would imagine that when mailboxes are first introduced, people had a similar concern that their stuff is going to be sitting there in a box in public and people can't vandalize or steal them. But today we don't notice mailboxes anymore. It definitely appears to me that our robots are in the same trajectory of becoming an unnoticeable mailbox except for -- with wheels. And just like mailboxes, our robots are also going to make lives better.

我可以想像，當郵箱首次推出時，人們也有類似的擔心，他們的東西會放在公共的郵箱裡，不會被人破壞或偷走。但今天我們不再注意到信箱了。在我看來，我們的機器人肯定會變成不起眼的郵箱，只不過有輪子而已。就像郵箱一樣，我們的機器人也將使生活變得更加美好。

Okay. Great. I believe we've covered all the immediate questions for today. And so with that, I'd like to thank everyone for participating in Serve's first virtual conference call and hand it back to the operator to close.

好的。偉大的。我相信我們已經討論了今天所有需要解決的問題。因此，我要感謝大家參加 Serve 的第一次虛擬電話會議，並將其交還給接線員以結束會議。

Ladies and gentlemen, this includes today's conference call. You may now disconnect.

女士們、先生們，這包括今天的電話會議。您現在可以斷開連線。