Sonim Technologies Inc (SONM) 2021 Q1 法說會逐字稿

Good afternoon. Welcome to Sonim Technologies' first-quarter 2021 results conference call. My name is Gary, and I will be your operator today. Joining us for today's call are Sonim's CEO, Tom Wilkinson, CFO, Bob Tirva, and Investor Relations advisor, Matt Kreps. Following the remarks, we will open the call for questions.

下午好。歡迎來到 Sonim Technologies 2021 年第一季度業績電話會議。我叫加里，今天我將是你的接線員。加入我們今天的電話會議的有 Sonim 的首席執行官 Tom Wilkinson、首席財務官 Bob Tirva 和投資者關係顧問 Matt Kreps。在評論之後，我們將開始提問。

I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of the company's website at www.sonimtech.com. Now, I would like to turn the call over to Matt Kreps. Sir, please proceed.

我想提醒大家，這個電話正在被錄音，並將通過公司網站 www.sonimtech.com 投資者關係部分的鏈接重播。現在，我想把電話轉給 Matt Kreps。先生，請繼續。

Thank you, and welcome, everyone, to Sonim Technologies' results call for the first quarter ended March 31, 2021. Sonim has just distributed a press release and filed a Form 8-K with the Securities and Exchange Commission. Those documents are available on the sonimtech.com website under the Investors link. Information from that press release includes historical financial results, some of which will also be discussed in the company's remarks on this call.

謝謝大家，歡迎大家參加 Sonim Technologies 截至 2021 年 3 月 31 日的第一季度業績電話會議。Sonim 剛剛發布了一份新聞稿，並向美國證券交易委員會提交了 8-K 表格。這些文件可在 sonimtech.com 網站上的 Investors 鏈接下獲取。該新聞稿中的信息包括歷史財務業績，其中一些也將在公司對本次電話會議的評論中進行討論。

Please note that certain information discussed on the call today will include forward-looking statements about future events, Sonim's business strategy, upcoming product launches and its future financial and operating goals and plans. These forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict and may cause the actual results to differ materially from those stated or implied by those statements.

請注意，今天電話會議上討論的某些信息將包括有關未來事件、Sonim 的業務戰略、即將推出的產品及其未來財務和運營目標和計劃的前瞻性陳述。這些前瞻性陳述僅是預測，受難以預測的風險、不確定性和假設的影響，並可能導致實際結果與這些陳述明示或暗示的結果存在重大差異。

Certain of these risks and assumptions are discussed in Sonim's SEC filings, including its most recent quarterly report on Form 10-Q, which we expect to file in the next few days, and most recent annual report on Form 10-K.

Sonim 向美國證券交易委員會提交的文件中討論了其中的某些風險和假設，包括我們預計在未來幾天提交的 10-Q 表格的最新季度報告，以及 10-K 表格的最新年度報告。

These forward-looking statements reflect management's beliefs, estimates and projections as of the date of this live broadcast, May 11, 2021. And Sonim undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call, except as required by law. Now I'd like to turn the call over to, Tom Wilkinson.

這些前瞻性陳述反映了管理層截至 2021 年 5 月 11 日直播之日的信念、估計和預測。Sonim 不承擔修改或更新任何前瞻性陳述以反映此直播日期之後的事件或情況的義務電話會議，法律要求的除外。現在我想把電話轉給 Tom Wilkinson。

Thanks, Matt, and hello to everyone joining us on the call and online. We're off to a good start on our transformative year in 2021 as Sonim entered the rugged handhelds and tablet market with our popular new smart scanner products, including the RS80, and newly available RS60. We expect to release our tablet, the RT80, at the end of the second quarter. We're also pleased to report that we're on track for the launch of our next-generation feature phones in Q3 of this year with major carriers in North America.

謝謝，馬特，向通過電話和在線加入我們的每個人問好。隨著 Sonim 憑藉我們廣受歡迎的新型智能掃描儀產品（包括 RS80 和新推出的 RS60）進入堅固耐用的手持設備和平板電腦市場，我們在 2021 年有了一個良好的開端。我們預計將在第二季度末發布我們的平板電腦 RT80。我們也很高興地報告，我們有望在今年第三季度與北美的主要運營商一起推出我們的下一代功能手機。

In addition, we are poised to expand our presence in the large and attractive international market with our phones, scanner and tablet products. We are prioritizing our spending on R&D to focus on developing products that we believe will enable future revenue growth, including a number of projects that will show their benefit in 2021 through both revenue upside and better overall margins.

此外，我們準備通過我們的手機、掃描儀和平板電腦產品擴大我們在龐大而有吸引力的國際市場的影響力。我們正在優先考慮研發支出，以專注於開發我們認為能夠促進未來收入增長的產品，包括一些將在 2021 年通過收入增長和更高的整體利潤率顯示其效益的項目。

We commenced sales of our RS80 smart scanner rugged tablets in mid-February, and sold all of our initial quantities into distribution, resulting in average $1 million of revenue for the first quarter. Customer feedback has been very good, and we've seen meaningful future opportunities for this product with our channel partners. We continue to take orders as we scale up production of these devices.

我們於 2 月中旬開始銷售我們的 RS80 智能掃描儀加固型平板電腦，並將我們所有的初始數量銷售給分銷商，第一季度的平均收入為 100 萬美元。客戶反饋非常好，我們與渠道合作夥伴一起看到了該產品未來有意義的機會。隨著我們擴大這些設備的生產，我們繼續接受訂單。

The RS80, is an 8-inch fully rugged Android tablet with an integrated barcode scanner that features a glove-friendly touch screen, high-capacity and multi-shift battery, resistance to water and dust and many other features specifically tailored to maximize this functionality on the job.

RS80 是一款 8 英寸全堅固型 Android 平板電腦，配備集成條形碼掃描器、手套友好型觸摸屏、高容量和多班次電池、防水防塵以及許多其他專為最大化此功能而量身定制的功能在工作中。

These features truly matter as many customers have found in prior trials of consumer devices, cases and other solutions that simply do not work and end up costing more, both in dollars and in productivity, than just buying well-designed rugged devices in the first place.

這些功能確實很重要，因為許多客戶在之前對消費類設備、外殼和其他解決方案的試用中發現，這些設備、外殼和其他解決方案根本不起作用，最終在美元和生產力方面的成本都高於購買設計精良的堅固設備.

The RS80 is specifically built to last and can lower the total cost of ownership compared to consumer tablets as a result of its proven durability while also improving the barcode scanning experience for frontline workers who must rapidly capture large amounts of data.

RS80 經過專門設計，經久耐用，與消費類平板電腦相比可以降低總擁有成本，因為其久經考驗的耐用性同時還改善了必須快速捕獲大量數據的一線工作人員的條碼掃描體驗。

We also announced full commercial availability of the RS60 rugged handheld, which has one of the largest screens and longest lasting batteries in its class, earlier this month, and the market response has been just as exciting. The RS60 provides a user-friendly experience for frontline workers who must rapidly capture and consume large amounts of data on a highly portable device.

本月早些時候，我們還宣布了 RS60 堅固型手持設備的全面商用，它擁有同類產品中最大的屏幕和最長的電池續航時間，市場反響同樣令人興奮。 RS60 為必須在高度便攜的設備上快速捕獲和使用大量數據的一線工作人員提供了用戶友好的體驗。

It too, is carefully tailored to the needs of the job, including a large 8,000 milliamp battery, twice the capacity usually found in leading handheld scanners to ensure all day performance. The RS60 is also compatible with an extensive line of rugged accessories that includes our SonimWare suite of enterprise mobility software to increase efficiency, security and device management by our customers. The device also features LTE connectivity for added flexibility. Our pipeline for the RS60 is building now, and we expect great things from this product.

它也是根據工作需要精心定制的，包括一個 8,000 毫安的大電池，是領先手持掃描儀通常容量的兩倍，以確保全天性能。 RS60 還與廣泛的堅固配件系列兼容，其中包括我們的 SonimWare 企業移動軟件套件，以提高我們客戶的效率、安全性和設備管理。該設備還具有 LTE 連接功能，以增加靈活性。我們的 RS60 流水線正在建設中，我們期待從該產品中獲得偉大的成果。

In addition to entering the large and high-margin rugged handheld market, we have been diligently expanding our distribution network [to] affect broader sales and revenue growth without incurring the cost of direct in-house sales hires. The management team at Sonim has worked with most of these distributors before and we know the customers they serve will want to take a closer look at our products.

除了進入龐大且利潤率高的堅固型手持設備市場外，我們一直在努力擴展我們的分銷網絡，以影響更廣泛的銷售和收入增長，而不會產生直接內部銷售人員的成本。 Sonim 的管理團隊之前曾與這些分銷商中的大多數合作過，我們知道他們所服務的客戶會希望更仔細地了解我們的產品。

A good example is the recent agreement we announced with Synnex to distribute our RS60 and RS80 rugged SmartScanners and our XP8 ultra-rugged smartphone across North America. Synnex is a Fortune 200 Corporation and one of the large providers of comprehensive distribution, systems design and integration services for the technology industry to a wide range of enterprises. In short, they're a great partner specifically for the devices we sell.

一個很好的例子是我們最近宣布與 Synnex 達成協議，在北美分銷我們的 RS60 和 RS80 堅固型 SmartScanner 以及我們的 XP8 超堅固型智能手機。 Synnex 是一家財富 200 強公司，也是為技術行業的眾多企業提供綜合分銷、系統設計和集成服務的大型供應商之一。簡而言之，他們是我們銷售的設備的絕佳合作夥伴。

We also added Energy Electronics as a distributor, which has built a great business around corporate communication devices that has been growing at 50% per year, by serving some of the biggest manufacturers in the business.

我們還增加了 Energy Electronics 作為分銷商，該公司通過為業內一些最大的製造商提供服務，圍繞企業通信設備建立了一個以每年 50% 的速度增長的偉大業務。

And while continued expansion in North America is a great addition to our business, we are also looking at tapping into new markets where Sonim has not previously been sold, especially Europe. Our SmartScanners provide early access to these markets and our next-generation mobile phones follow. I'll talk more about our phones in a moment.

雖然在北美的持續擴張對我們的業務來說是一個很好的補充，但我們也在考慮開拓 Sonim 以前沒有銷售過的新市場，尤其是歐洲。我們的 SmartScanner 提供了進入這些市場的早期通道，我們的下一代手機緊隨其後。我稍後會詳細介紹我們的手機。

By adding rugged SmartScanner devices as well as expanding into Europe, we will increase our addressable market opportunities by 4X by the end of 2021, versus where we started in early 2020 pre-pandemic.

通過添加堅固耐用的 SmartScanner 設備並擴展到歐洲，與我們在 2020 年初大流行前開始的情況相比，到 2021 年底，我們的潛在市場機會將增加 4 倍。

In January, we announced the partnership with Syndico, a specialist distributor of professional communications, body-worn video and drone solutions that will add distribution of Sonim's ultra-rugged mobility solutions throughout the United Kingdom.

1 月，我們宣布與 Syndico 建立合作夥伴關係，Syndico 是專業通信、穿戴式視頻和無人機解決方案的專業分銷商，這將增加 Sonim 在英國的超堅固移動解決方案的分銷。

For their end-markets, products that can stand up to the harshest conditions are an absolute necessity. Sonim's devices and accessories are engineered to meet that need. Specific to our opportunity, Syndico is supporting a notable increase in UK demand for cellular-based critical communication systems serving mission critical roles.

對於他們的終端市場，能夠承受最惡劣條件的產品是絕對必要的。 Sonim 的設備和配件專為滿足這一需求而設計。針對我們的機會，Syndico 正在支持英國對服務於關鍵任務角色的基於蜂窩的關鍵通信系統的需求顯著增加。

Now I'd like to talk about some of our new, exciting phone products launching later this year, which are the other key to Sonim's future growth, alongside our rugged handheld devices. Feature phones are Sonim's highest volume products and deliver the ultra-rugged durability in simple and effective voice focused and Push-to-Talk communication capabilities that our customers value without the complexity of a full smartphone.

現在我想談談我們今年晚些時候推出的一些令人興奮的新手機產品，它們是 Sonim 未來增長的另一個關鍵，以及我們堅固的手持設備。功能手機是 Sonim 銷量最高的產品，提供超堅固耐用的簡單有效的語音集中和一鍵通通信功能，我們的客戶看重這些功能，而沒有完整智能手機的複雜性。

We expect the first of our next generation of feature phones to ship in Q3 of this year, and additional form factors to follow. These devices will utilize new processors for increased performance and provide expanded network support for additional and new carriers in the US as well as in Europe and the rest of the world. They will also include new features and support usability requirements based on feedback from our current customers.

我們預計我們的下一代功能手機中的第一款將於今年第三季度發貨，隨後還會有更多的外形規格。這些設備將利用新的處理器來提高性能，並為美國、歐洲和世界其他地區的更多和新的運營商提供擴展的網絡支持。它們還將包括新功能，並根據我們當前客戶的反饋支持可用性要求。

For example, our commercial customers moving from radios to Push-to-Talk over Cellular have responded very well to our devices. This includes areas like transportation, security and industrial deployments. The move towards Push-to-Talk over Cellular is projected to have strong growth for a number of years in both North America and Europe.

例如，我們的商業客戶從無線電轉向移動一鍵通對我們的設備反應非常好。這包括交通、安全和工業部署等領域。預計未來數年北美和歐洲向移動電話一鍵通的趨勢將強勁增長。

We are incorporating a number of customer-driven use features into the design as well, particularly for our LMR to PTT users who are using certain [no look] capabilities that we can incorporate into our devices, so as to be even more competitive in that market.

我們還將許多客戶驅動的使用功能納入設計中，特別是對於我們的 LMR 到 PTT 用戶，他們正在使用我們可以整合到我們設備中的某些 [no look] 功能，以便在這方面更具競爭力市場。

These devices are already seeing traction with customers, including a $10 million preorder with a new North American carrier customer that is excited to sell our new feature phones. We believe this is a good early example of the market opportunity with these new and highly differentiated devices, but are only the tip of the market iceberg that we can address with our next generation of phone devices.

這些設備已經受到客戶的青睞，包括一位新的北美運營商客戶的價值 1000 萬美元的預購訂單，該客戶很高興能夠銷售我們的新功能手機。我們相信這是這些新的和高度差異化設備的市場機會的一個很好的早期例子，但這只是我們可以用我們的下一代電話設備解決的市場冰山一角。

Let me stop here for a few minutes and ask Bob to cover our financial results.

讓我在這裡停幾分鐘，請鮑勃介紹我們的財務結果。

Thanks, Tom. Our press release issued earlier today announced the results for the first quarter ended March 31, 2021. A copy of the release is available in the Investor Relations section of our website.

謝謝，湯姆。我們今天早些時候發布的新聞稿公佈了截至 2021 年 3 月 31 日的第一季度業績。可在我們網站的投資者關係部分獲取該新聞稿的副本。

Net revenues for the first quarter of 2021 were $12.2 million compared with $12.7 million in the first quarter of 2020. The change in net revenue reflected the expected decline in sales of our legacy products, partially offset by the introduction of the RS80 late in Q1, and the shipment of over $1 million of that product during the period.

2021 年第一季度的淨收入為 1220 萬美元，而 2020 年第一季度為 1270 萬美元。淨收入的變化反映了我們遺留產品銷售額的預期下降，部分被第一季度末推出的 RS80 所抵消，以及在此期間超過 100 萬美元的該產品的出貨量。

Gross profit for the first quarter of 2021, increased 14% to $2.5 million, or 20.1% of net revenues from $2.2 million or 17.0% of net revenues in the first quarter of 2020. The increase in gross profit and gross margin included the addition of relatively higher gross margin scanner sales in the first quarter, and the recovery from the inefficiencies in the first quarter of 2020 caused by our factory and supply chain shut down due to the global COVID-19 pandemic.

2021 年第一季度毛利從 2020 年第一季度的 220 萬美元或淨收入的 17.0% 增長 14% 至 250 萬美元，或占淨收入的 20.1%。毛利和毛利率的增長包括增加第一季度毛利率相對較高的掃描儀銷售，以及我們的工廠和供應鏈因全球 COVID-19 大流行而關閉導致的 2020 年第一季度效率低下的複蘇。

Offsetting this benefit to a certain extent was that unit costs were negatively impacted by rising component prices for our legacy products as they approach end-of-life. Sonim anticipates that margins will improve later in the year as our mix shifts to next-generation devices, which take advantage of our cost-effective outsourcing partnerships for both manufacturing and software development.

在一定程度上抵消了這一優勢，因為我們的舊產品接近報廢時，其組件價格上漲對單位成本產生了負面影響。 Sonim 預計，隨著我們的組合轉向下一代設備，利潤率將在今年晚些時候提高，這些設備利用我們在製造和軟件開發方面具有成本效益的外包合作夥伴關係。

Operating expenses for the first quarter were $11.5 million compared with $11.2 million in the first quarter of 2020. The increase in operating expenses was driven by $2.4 million in legal expenses pertaining to a previously disclosed and ongoing SEC investigation. A somewhat elevated level of legal spending is likely to continue until this matter is resolved.

第一季度的運營費用為 1150 萬美元，而 2020 年第一季度為 1120 萬美元。運營費用的增加是由於 240 萬美元的法律費用與先前披露的和正在進行的 SEC 調查有關。在此事得到解決之前，法律支出的水平可能會有所提高。

A portion of our legal expenses may be covered by our corporate insurance policy in the future once certain deductible levels are met. Setting aside these legal costs, general and administrative expenses declined by 12% year-over-year, and sales and marketing declined by 30% year-over-year. Meanwhile, research and development increased 18% as Sonim continued to invest to bring additional new handset products to market in the second half of 2021.

一旦達到某些免賠額水平，我們的部分法律費用可能會在未來由我們的公司保險承保。撇開這些法律費用，一般和行政費用同比下降 12%，銷售和營銷同比下降 30%。與此同時，隨著 Sonim 繼續投資以在 2021 年下半年將更多新手機產品推向市場，研發增長了 18%。

Net loss for the first quarter of 2021 totaled $9.3 million, or $0.14 per basic and diluted share, compared to a net loss of $10 million in the first quarter of 2020 or $0.48 per basic and diluted share.

2021 年第一季度淨虧損總計 930 萬美元，即基本股和稀釋後每股虧損 0.14 美元，而 2020 年第一季度淨虧損為 1000 萬美元，即基本股和稀釋後每股虧損 0.48 美元。

Turning to the balance sheet, our cash balance at the end of March was $13.9 million, and we remain effectively debt-free. The decline in our cash balance was primarily attributable to our net loss for the quarter, which was driven by lower margins on legacy products as well as the higher than anticipated legal expenses I previously mentioned.

談到資產負債表，我們在 3 月底的現金餘額為 1390 萬美元，而且我們實際上仍然沒有負債。我們現金餘額的下降主要是由於我們本季度的淨虧損，這是由於遺留產品的利潤率較低以及我之前提到的高於預期的法律費用所致。

Given the gap between our legacy products winding down and our next-generation products ramping, as well as the uncertainty around legal expenses in the near term, we feel that it makes sense to explore accessing the equity or debt capital markets in the near-term. Our goal is to further strengthen our balance sheet to better protect the company against uncertainties in the next few quarters.

鑑於我們的遺留產品逐漸減少與我們的下一代產品不斷增加之間的差距，以及近期法律費用的不確定性，我們認為探索在短期內進入股票或債務資本市場是有意義的.我們的目標是進一步加強我們的資產負債表，以更好地保護公司免受未來幾個季度的不確定性影響。

As in previous quarters, we will not be providing specific guidance today. We look forward to continuing the successful launches of our next-generation products as we move through 2021 and see strong opportunities in the second half as these products hit the market.

與前幾個季度一樣，我們今天不會提供具體指導。我們期待著在 2021 年繼續成功推出我們的下一代產品，並在下半年看到這些產品投放市場時的巨大機遇。

The initial $10 million preorder we received is a good indication of the enthusiasm our carrier partners have for our rugged mobile devices, which we believe fill an important customer need in the market. With that, I will now turn it back to Tom, for some additional comments.

我們收到的最初 1000 萬美元的預購訂單很好地表明了我們的運營商合作夥伴對我們堅固耐用的移動設備的熱情，我們相信這些設備可以滿足市場上重要的客戶需求。有了這個，我現在將它轉回給湯姆，徵求一些額外的意見。

Thanks, Bob. In conjunction with the work we are doing to bridge our capital needs, we are pleased to announce that we have retained B. Riley as our investment bank to explore capital market financing ideas as well as strategic alternatives for our company, including both buy and sell-side opportunities. Our management team and Board expects to work closely with the bankers to chart a path forward. With that, I will now turn it back to the operator for our Q&A session.

謝謝，鮑勃。結合我們為滿足資本需求所做的工作，我們很高興地宣布，我們已聘請 B. Riley 作為我們的投資銀行，以探索資本市場融資理念以及我們公司的戰略選擇，包括買賣邊機會。我們的管理團隊和董事會希望與銀行家密切合作，規劃前進的道路。有了這個，我現在將把它轉回給我們的問答環節的接線員。

(Operator Instructions) Martin Yang, Oppenheimer.

（操作員說明）Martin Yang，Oppenheimer。

Hi, thank you for taking my question. So, first question I want to get a sense of -- when you see the good feedback on your tablet products, does that change your view on a long-term road map for you as the overall company when you look at the [reasons], your product portfolio in the next two years? And then the follow-up question regarding tablet is, can you share with us what the typical lifecycles are for those rugged tablets?

你好，謝謝你接受我的問題。所以，我想了解的第一個問題是——當您看到對您的平板電腦產品的良好反饋時，當您查看 [原因] 時，這是否會改變您對整個公司的長期路線圖的看法？ ，您未來兩年的產品組合？關於平板電腦的後續問題是，您能否與我們分享這些堅固型平板電腦的典型生命週期是什麼？

Good question. So, I think that the good feedback and demand we've had for these phones reinforces the plan that we already had and fits in our expectations for the future. It certainly becomes more -- when we actually start selling products like we have, it becomes more of a reality instead of projection. At that point, it is going to help us focus on expanding our product set sort of in the same way in the future by bringing out more rugged mobility products down the line. Let's see -- what was the second part of your question?

好問題。因此，我認為我們對這些手機的良好反饋和需求加強了我們已有的計劃，符合我們對未來的期望。它肯定會變得更多——當我們真正開始銷售我們擁有的產品時，它變得更像是現實而不是預測。屆時，它將通過推出更堅固的移動產品來幫助我們專注於在未來以同樣的方式擴展我們的產品集。讓我們看看——您問題的第二部分是什麼？

Oh, the lifecycle on those rugged products.

哦，那些堅固耐用的產品的生命週期。

Yes, I think -- these are rugged products, so I think that we should expect our new customers to use them for two to three years before recycling it -- before cycling them.

是的，我認為——這些是堅固耐用的產品，所以我認為我們應該期望我們的新客戶在回收之前使用它們兩到三年——在循環使用它們之前。

And do you have like a trading program to facilitate the upgrade?

您是否有類似的交易程序來促進升級？

So, in our case, this would be the first time they're using our first barcode scanner products. So, we do have training materials and marketing materials to help our distribution partners get the products out and get them in hands and being used. When we get to the point of next generationing these types of products, we would certainly produce similar kind of materials at that time.

因此，在我們的案例中，這將是他們第一次使用我們的第一款條碼掃描器產品。因此，我們確實有培訓材料和營銷材料來幫助我們的分銷合作夥伴推出產品並將它們拿到手並使用。當我們到了下一代這類產品的地步時，我們肯定會在那個時候生產類似的材料。

My next question is on the upcoming feature phones. Looks like feature phones, rugged feature phones plays really well in a particular market. And do you think there will be more similar preorders coming from other carriers? And what are the typical rationales for large preorders like that?

我的下一個問題是關於即將推出的功能手機。看起來像功能手機，堅固耐用的功能手機在特定市場上表現非常好。您認為來自其他運營商的類似預訂單會更多嗎？像這樣的大量預購的典型理由是什麼？

Well, every carrier works differently. In this case, we got our POs delivered to us in a large amount and upfront. I think it's logical for each carrier to essentially pursue business as they see fits best their risks and their needs. We don't typically get as far out of a PO as we've been able to get in this one.

好吧，每個運營商的工作方式都不同。在這種情況下，我們的採購訂單大量且預先交付給了我們。我認為每個承運人從根本上追求他們認為最適合他們的風險和需求的業務是合乎邏輯的。我們通常不會像我們能夠獲得的那樣從 PO 中得到那麼多。

Their motivation, though, should be to make sure that they lock into the supply that they would like to have of our new products. And in particular for this customer, they're working with us, and these POs are going to make them first to market for our product.

不過，他們的動機應該是確保鎖定他們想要的新產品供應。特別是對於這個客戶，他們正在與我們合作，這些採購訂單將使他們首先將我們的產品推向市場。

That makes sense. Can you give us a sense of how much time will it take for that pre-order to be fully executed?

這就說得通了。您能否告訴我們完全執行該預購訂單需要多長時間？

The POs that we received are for Q3 and Q4.

我們收到的採購訂單是針對第三季度和第四季度的。

Got it. Thanks. I'll jump back to the queue.

知道了。謝謝。我會跳回到隊列中。

Mike Crawford, B. Riley Securities.

Mike Crawford，B. Riley 證券公司。

Tom, Bob, what level of capital do you desire to get across that ODM transition finish line?

Tom、Bob，你們希望獲得多少資金來跨越 ODM 過渡終點線？

You know, we don't -- we're not really expressing it quite at the moment. I think that we'll be able to communicate that in a short period of time. But for the most part, what we're really focused on here is shoring up our balance sheet to cover for the unexpected but not unlimited legal costs that we've been having to incur lately.

你知道，我們沒有——我們目前並沒有真正表達出來。我認為我們將能夠在短時間內就此進行溝通。但在大多數情況下，我們真正關注的是鞏固我們的資產負債表，以支付我們最近不得不承擔的意外但並非無限的法律費用。

There's a point in time in the near future where a large amount of any legal costs that we will be continuing to spend would be covered by insurance. We're just not there yet. Bob has got a few thoughts on this as well.

在不久的將來的某個時間點，我們將繼續花費的大量法律費用將由保險支付。我們只是還沒有。 Bob 對此也有一些想法。

Yes. I think the -- as Tom mentioned, definitely the legal expenses were an unforeseen -- at least at the level that we've experienced -- unforeseen in the past quarter. But at the end of the day, the way to look at this is that we have the [private] generation products, the legacy products, which are coming to an end, the next-generation products which are ramping and those don't align perfectly.

是的。我認為——正如湯姆所提到的，法律費用絕對是不可預見的——至少在我們所經歷的水平上——在過去一個季度是不可預見的。但歸根結底，看待這個問題的方式是，我們有 [私人] 一代產品，即將結束的傳統產品，正在崛起的下一代產品，以及那些不一致的產品完美。

And there's risk there in terms of making sure we get the new products off the ground, and there's a little bit of risk in terms of what the tail is on the legacy products. And so, we just want to make sure that we are covered for eventualities that might impact our cash balance. It's still pretty healthy and this is more of a precautionary measure in our view short term.

在確保我們推出新產品方面存在風險，而在遺留產品的尾巴方面存在一點風險。因此，我們只想確保我們能夠應對可能影響我們現金餘額的不測事件。它仍然很健康，我們認為這在短期內更像是一種預防措施。

On your 10-K, there was really only a mention of one new derivative suit in Delaware, but are you talking about D&O insurance? And what are the deductibles and how much more do you have until you get there?

在您的 10-K 中，實際上只提到了特拉華州的一項新衍生訴訟，但您是在談論 D&O 保險嗎？免賠額是多少？在到達那里之前您還有多少？

That is what we're talking about, D&O insurance. But specifically, it's the SEC matter and not the lawsuits. The shareholder lawsuits have been settled. So in that sense, those are behind us. It's more of the SEC work that goes on. And the SEC doesn't give estimates as to when they will conclude their work. And so, we really are just waiting to see their feedback.

這就是我們所說的 D&O 保險。但具體來說，這是 SEC 的事情，而不是訴訟。股東訴訟已經解決。所以從這個意義上說，那些都在我們身後。更多的是 SEC 正在進行的工作。 SEC 也沒有給出他們何時結束工作的估計。因此，我們真的只是在等著看他們的反饋。

I see. And the D&O, [did] that deductible or limit headroom until you get there?

我懂了。而 D&O，在你到達那里之前 [did] 免賠額或限制淨空？

We have -- I mean our deductible is $7.5 million. I don't have at my fingertips exactly when we cross the threshold on that. But we've incurred significant amounts today towards that number.

我們有——我的意思是我們的免賠額是 750 萬美元。當我們跨過這方面的門檻時，我無法準確掌握。但我們今天已經為這個數字招致了大量費用。

Okay. And then just switching gears, one last one. Just on your new channel distribution strategy, is this a case where with partners like Synnex, where -- will you be recognizing revenue upon shipment into the channel as opposed to when they sell it through? And where are we in that process?

好的。然後只是切換齒輪，最後一個。就您的新渠道分銷策略而言，與像 Synnex 這樣的合作夥伴合作時，您會在渠道發貨時確認收入，而不是在他們通過渠道銷售時確認收入嗎？我們在那個過程中處於什麼位置？

So, under the new accounting guidance, we would recognize revenue based on shipping to the distributor and developing a reserve for returns. And we're just getting started, obviously, we've shipped $1 million plus. We don't really have experience with returns yet, but we've estimated a modest amount and booked that, but that will be the process going forward.

因此，在新的會計準則下，我們將根據向分銷商發貨並製定退貨準備金來確認收入。我們才剛剛開始，很明顯，我們已經運送了超過 100 萬美元。我們還沒有真正的退貨經驗，但我們估計了一個適度的數量並預訂了，但這將是未來的過程。

Okay. Thank you very much.

好的。非常感謝。

Jaeson Schmidt, Lake Street.

Jaeson Schmidt，湖街。

Hey, guys. Thanks for taking my questions. Just curious if you've seen any supply constraints or supply chain challenges?

大家好。感謝您回答我的問題。只是想知道您是否遇到過任何供應限製或供應鏈挑戰？

Yes. So, our only challenges have been really with the legacy products that we have. Some of the components are older and they're reaching end of life, so our suppliers are EOLing certain components that go into our products. Those become a little bit more expensive as the quantities drop and those are phased out for next-generation type products that we would use in our new devices.

是的。因此，我們唯一的挑戰實際上是我們擁有的遺留產品。一些組件比較舊，它們的使用壽命即將結束，因此我們的供應商正在停產我們產品中的某些組件。隨著數量的減少，這些產品會變得有點貴，而且我們將在新設備中使用的下一代產品將逐步淘汰這些產品。

So, that's really all we've seen. I mean, if you've talking about COVID-related. We had that a year ago, but that does not seem to be an issue today.

所以，這就是我們所看到的。我的意思是，如果您談論的是與 COVID 相關的問題。一年前我們有過，但今天這似乎不是問題。

We'll be able to build to all of the demand that we have and have a very good handle on what our total lifecycle is. But as Bob mentioned, costs start to shift over time, not availability.

我們將能夠構建我們擁有的所有需求，並很好地處理我們的整個生命週期是什麼。但正如 Bob 提到的那樣，成本開始隨著時間的推移而變化，而不是可用性。

Okay. And then I mean, based on the new order for these next-gen feature phones, I assume we're on the cusp of a replenishment cycle. But do you have a sense of inventory levels overall at carriers, in regard to your legacy products?

好的。然後我的意思是，根據這些下一代功能手機的新訂單，我認為我們正處於補貨週期的風口浪尖。但是，對於您的遺留產品，您是否了解承運人的整體庫存水平？

Yes, there's still a little bit of inventory on the smartphone at AT&T. But by and large, our carrier partners don't carry large amounts of inventory other than the smartphone at AT&T.

是的，AT&T 的智能手機仍有少量存貨。但總的來說，除了 AT&T 的智能手機外，我們的運營商合作夥伴並沒有大量庫存。

Okay. And then just the last one for me and I'll jump back into queue. Just to clarify on that $10 million order, is that for multiple SKUs or a single SKU?

好的。然後是我的最後一個，我會跳回隊列。只是為了澄清那筆 1000 萬美元的訂單，是針對多個 SKU 還是單個 SKU？

It's actually two SKUs. There's a camera and a no-camera version of that feature phone, but it's all for one carrier.

它實際上是兩個SKU。該功能手機有一個攝像頭和一個無攝像頭版本，但都是針對一個運營商的。

Okay. Thanks a lot, guys.

好的。非常感謝，伙計們。

Sure.

當然。

Thank you. At this time, this concludes the question-and-answer session. I would now like to turn the call back over to Mr. Wilkinson, for his closing remarks.

謝謝。至此，問答環節到此結束。我現在想將電話轉回給威爾金森先生，請他作結束語。

Thank you for joining us on today's call. We'll be participating in an Oppenheimer conference tomorrow. If any of you would like to arrange a call with management, please reach out to Matt Kreps at Darrow Associates. His contact information is listed on our press release. We would be happy to arrange a follow-up call if needed. Thank you.

感謝您參加今天的電話會議。我們明天將參加奧本海默會議。如果你們中的任何人想安排與管理層的通話，請聯繫 Darrow Associates 的 Matt Kreps。我們的新聞稿中列出了他的聯繫信息。如果需要，我們很樂意安排跟進電話。謝謝。

Thank you for joining us today for Sonim Technologies' first-quarter 2021 earnings conference call. You may now disconnect.

感謝您今天加入我們參加 Sonim Technologies 2021 年第一季度收益電話會議。您現在可以斷開連接。