Symbotic Inc (SYM) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Symbotic Second Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please be advised that, today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Symbotic 2024 年第二季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the call over to your speaker for today Jeff Evanson, Vice President of Investor Relations. Please go ahead.

現在，我想將電話轉給今天的發言人、投資者關係副總裁傑夫·埃文森 (Jeff Evanson)。請繼續。

Thank you, Lisa. As a reminder, some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially.

謝謝你，麗莎。提醒一下，我們今天就業務營運和財務表現所發表的一些聲明可能被視為前瞻性的。這些聲明是基於目前的預期和假設，受多種風險和不確定性的影響。實際結果可能存在重大差異。

Please refer to our Forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statements. In addition, during this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings release, which is distributed and available to the public through our Investor Relations website located at ir.symbotic.com.

請參閱我們的 10-K 表格和 10-Q 表格，其中包括風險因素。我們不承擔更新任何前瞻性陳述的義務。此外，在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益報告中包含了非 GAAP 與 GAAP 指標的對帳表，該報告透過我們的投資者關係網站 ir.symbotic.com 發布並向公眾提供。

On today's call, we're joined by: Rick Cohen, Symbotic's Founder, Chairman and Chief Executive Officer; and Carol Hibbard, Symbotic's Chief Financial Officer. These executives will discuss our second quarter fiscal '24 results, and our outlook, followed by Q&A. Rick?

參加今天的電話會議的有：Symbotic 創辦人、董事長兼執行長 Rick Cohen；以及 Symbotic 財務長 Carol Hibbard。這些高階主管將討論我們 24 財年第二季的業績和展望，然後進行問答。瑞克？

Thank you, Jeff. Good afternoon and thank you for joining us to review our most recent results. Our second quarter reflects solid financial progress. At the same time, we accelerated the pace of innovation significantly during the quarter. We will discuss some of our recent innovations at our Investor Day on May 9. You can sign up for the webcast on the IR page of our website.

謝謝你，傑夫。下午好，感謝您與我們一起回顧我們的最新成果。我們的第二季財務狀況穩健。同時，我們在本季大幅加快了創新步伐。我們將在 5 月 9 日的投資者日上討論我們的一些最新創新。

Key innovations this quarter, include advancing our core technologies and artificial intelligence and automation, improving system performance and the customer experience, enhancing safety and accelerating deployment.

本季的主要創新包括推動我們的核心技術和人工智慧和自動化，提高系統效能和客戶體驗，增強安全性和加快部署。

I'd like to quickly highlight some important software improvements made this quarter. First, we improved our time space reservation routing algorithms. This allowed us to more than double transfer that capacity and boost bot density, which helps to increase throughput and system capacity.

我想快速強調本季的一些重要軟體改進。首先，我們改進了時間空間預留路由演算法。這使得我們的傳輸容量增加了一倍以上，並提高了機器人密度，從而有助於提高吞吐量和系統容量。

Second, we transitioned our code base to a microservices architecture for increased modularization. This enables more efficient coding, evolution and support.

其次，我們將程式碼庫轉換為微服務架構，以提高模組化程度。這使得編碼、發展和支援更有效率。

Finally, on the hardware side, with the addition of a new AI chip, we have increased the computational power of SymBot. This higher compute power is key to unlocking more of the value of artificial intelligence across the entire Symbotic system.

最後，在硬體方面，透過增加新的AI晶片，我們增加了SymBot的運算能力。更高的運算能力是釋放整個 Symbotic 系統中人工智慧更多價值的關鍵。

This quarter, we also wrapped up the restructuring and outsourcing of our manufacturing operations and standardized on the SymBot for all future deployments. This summer, we will begin the installation of our second BreakPack solution with an undisclosed customer. We're excited about the potential of this application as we continue to evolve the technology, knowing it has the capability to become an important part of an integrated omni-channel warehouse solution that services wholesale, retail and e-commerce channels with both case and each handling capacity.

本季度，我們也完成了製造業務的重組和外包，並對 SymBot 進行了標準化，以便所有未來的部署。今年夏天，我們將與一位未公開的客戶開始安裝第二個 BreakPack 解決方案。隨著技術的不斷發展，我們對這項應用程式的潛力感到非常興奮，我們知道它有能力成為整合全通路倉庫解決方案的重要組成部分，該解決方案為批發、零售和電子商務通路提供案例和處理能力。

GreenBox recently signed their first logistics as a service customer and issued related order for a Symbotic system all within this quarter, so Symbotic will begin recognizing initial GreenBox revenue in fiscal Q3. GreenBox will automate and operate a brownfield warehouse for CNS wholesale growth.

GreenBox 最近在本季簽下了他們的第一個物流即服務客戶，並為 Symbotic 系統發出了相關訂單，因此 Symbotic 將在第三財季開始確認 GreenBox 的初始收入。 GreenBox 將自動化並營運一座棕地倉庫，以促進 CNS 批發業務的成長。

Partnering with GreenBox allows CNS to accelerate its transition to an autonomous supply chain in a capital-efficient way. I'm excited that the CNS team saw the benefits of outsourcing with GreenBox.

與 GreenBox 合作使 CNS 能夠以資本高效的方式加速向自主供應鏈的轉型。我很高興 CNS 團隊看到了與 GreenBox 合作外包的好處。

GreenBox team is currently evaluating locations across the U.S. for these sites. Finally, while SoftBank team members have been performing much of the operational work in GreenBox, the initial hiring for a GreenBox management team has started. We expect to be able to announce our first hires in the next several months.

GreenBox 團隊目前正在評估美國各地這些站點的選址。最後，雖然軟銀團隊成員一直在 GreenBox 中執行大部分營運工作，但 GreenBox 管理團隊的初步招募已經開始。我們預計將在接下來的幾個月內宣布我們的第一批招募資訊。

To wrap up, we will continue to innovate, execute and scale to deliver for our customers as we grow and drive increased profitability. I want to thank our entire team for their excellent work this quarter.

總而言之，隨著我們不斷發展並提高獲利能力，我們將繼續創新、執行和擴大規模，為客戶提供服務。我要感謝我們整個團隊本季的出色工作。

Now, Carol will discuss our financial results and outlook. Carol?

現在，卡羅爾將討論我們的財務表現和前景。頌歌？

Thank you, Rick. Second quarter revenue grew to $424 million, up 59% compared to the same quarter last year. The strong revenue growth was driven by significant progress across our 37 systems in the process of deployments.

謝謝你，里克。第二季營收成長至4.24億美元，較去年同期成長59%。強勁的營收成長得益於我們 37 個系統在部署過程中取得的重大進展。

During the second quarter, we initiated 3 new system deployments and completed 3 systems, bringing us up to 18 fully operational systems. As indicated on our last call, system starts stabilized in the second quarter, as the team focused on implementing the innovations that Rick just mentioned and enhanced system standardization for phase deployments.

在第二季度，我們啟動了 3 個新系統部署，並完成了 3 個系統，使我們的完全運作系統達到 18 個。正如我們上次電話會議所指出的，系統啟動在第二季度趨於穩定，因為團隊專注於實施 Rick 剛才提到的創新，並增強了階段部署的系統標準化。

We expect quarterly system starts to accelerate during the rest of the year. For this quarter, our revenue numbers reflect that significant revenue growth can be driven by our ability to accelerate deployments in progress. And just as important, reductions in system deployment time create capacity to support future customer demand.

我們預計季度系統將在今年剩餘時間內加速啟動。就本季而言，我們的營收數字反映出，我們加速正在進行的部署的能力可以推動營收的大幅成長。同樣重要的是，縮短系統部署時間可以提高支援未來客戶需求的能力。

Our backlog of committed contracted orders of $22.8 billion declined due to the revenue recognized during the quarter. Our combined recurring revenue streams grew 85% sequentially and 145% year-on-year, reflecting the increase in the number of completed systems.

由於本季確認的收入，我們已承諾的 228 億美元合約訂單積壓量有所下降。我們的綜合經常性收入流環比增長 85%，年增 145%，反映了已完成系統數量的增加。

Overall, non-GAAP gross margin was down slightly from last quarter, but still better than expected. The innovations we deployed during the second quarter weighed upon system gross margin, but were largely offset by effective cost management and solid project execution.

整體而言，非公認會計準則毛利率較上季略有下降，但仍優於預期。我們在第二季部署的創新對系統毛利率造成了壓力，但有效的成本管理和穩健的專案執行在很大程度上抵消了這一影響。

System adjusted gross margin remained stable at 20% and generally in line with last quarter. As usual, our system gross margin also reflects burden of pass-through costs and lower-margin innovation projects that weigh on a reported gross margin. Our combined recurring revenue streams contributed to positive adjusted gross profit. This demonstrates the high leverage in our business model, showing that we can be profitable with a small number of active sites generating recurring revenue, while also being invested for the much larger number of systems still in deployment.

系統調整後毛利率維持穩定在20%，與上一季基本一致。像往常一樣，我們的系統毛利率也反映了轉嫁成本和低利潤創新項目的負擔，這些負擔影響了報告的毛利率。我們的綜合經常性收入流貢獻了正的調整後毛利。這證明了我們的商業模式具有很高的槓桿率，表明我們可以透過少數活躍站點產生經常性收入來獲利，同時還可以對仍在部署的大量系統進行投資。

As I said last quarter, we do not expect gross margin to improve every quarter, but we do expect gross margin to improve each year well into our future. We expect that as we scale over time, combined recurring gross margins can trend to over 60%.

正如我上個季度所說，我們並不期望毛利率每季都會提高，但我們確實期望未來每年的毛利率都會提高。我們預計，隨著我們規模的不斷擴大，綜合經常性毛利率可能會趨於 60% 以上。

Operating leverage improved again sequentially as we achieved a 5.3% adjusted EBITDA rate, compared to a 3.8% rate last quarter. This was driven by rapid revenue growth and gross margin expansion, along with stable operating expense.

我們實現了 5.3% 的調整後 EBITDA 率，而上一季的調整後 EBITDA 率為 3.8%，因此經營槓桿率再次較上季改善。這是由於收入快速增長、毛利率擴大以及營運費用穩定所致。

As Rick indicated, we completed restructuring related to outsourcing bot assembly and component inventory management, including standardizing SymBot as our go-forward platform. As a result, we recognized the non-GAAP restructuring charge of $34 million in the quarter.

正如 Rick 所指出的，我們完成了與外包機器人組裝和組件庫存管理相關的重組，包括將 SymBot 標準化為我們的前進平台。因此，我們本季確認了 3,400 萬美元的非 GAAP 重組費用。

Our cash and equivalents, including marketable securities grew $276 million sequentially to $951 million. Free cash flow, defined as cash flow from operating activities of $21 million, less capital expenditures of $3 million was $18 million and better than expected during the quarter.

我們的現金和等價物（包括有價證券）季增 2.76 億美元，達到 9.51 億美元。自由現金流（定義為來自經營活動的現金流 2,100 萬美元減去 300 萬美元的資本支出）為 1,800 萬美元，本季優於預期。

In addition, we raised $258 million from our February follow-on offering, which gives us the flexibility to maintain our aggressive pace of innovation in a variety of areas, including non-ambient systems development. As expected, stock-based compensation was elevated due to the January vesting that occurs each year. In fact, Q2 will usually be the quarter with the highest stock-based comp every year.

此外，我們透過 2 月的後續發行籌集了 2.58 億美元，這使我們能夠靈活地保持在非環境系統開發等多個領域的積極創新步伐。正如預期的那樣，由於每年一月份的歸屬，股票薪酬有所提高。事實上，每年第二季通常是股票薪酬最高的季度。

For the third quarter of fiscal 2024, we expect revenue of $450 million to $470 million and adjusted EBITDA between $27 million and $29 million. This represents revenue growth of over 47% and an adjusted EBITDA margin increase.

對於 2024 財年第三季度，我們預計營收為 4.5 億美元至 4.7 億美元，調整後 EBITDA 在 2,700 萬美元至 2,900 萬美元之間。這意味著營收成長超過 47% 且調整後的 EBITDA 利潤率也有所增加。

We now welcome your questions. Operator, please begin the Q&A.

現在我們歡迎您的提問。接線員，請開始問答。

(Operator Instructions) The first question that we have is coming from Andy Kaplowitz of Citi.

（操作員指示）我們第一個問題來自花旗的 Andy Kaplowitz。

Rick, I know you said in the release that you made significant advances in terms of our innovation road map. So could you give a little more color into what that means? I know you mentioned on the call already better software, the new AI chip. I'm sure you want to say much of this for the Investor Day, but did you, for instance, further accelerate deployment time? It seems like BreakPack revenue could come faster than expected. Maybe you can elaborate a little bit more on what you did in the quarter.

里克，我知道你在新聞稿中說過，我們的創新路線圖取得了重大進展。那麼你能否更詳細地解釋一下這是什麼意思呢？我知道您在電話中提到了更好的軟體，新的 AI 晶片。我確信您想在投資者日上多談這些，但是，例如，您是否進一步加快了部署時間？看起來 BreakPack 的收入可能會比預期來得更快。也許您可以詳細說明一下您在本季所做的工作。

Sure, Andy. So the -- we've been working on this for about 3 years now. But putting vision on our bots and that combined with NVIDIA chips that we're using allows us to recognize boxes that may be deformed, but still recognize what the product is. And so, that makes our bots much more able to pick irregular cases. And as you know, we're one of the only people, maybe the only one that puts our box directly on shelves. We don't put them on trays. That requires a lot of expertise and a lot of knowledge. And so, we've been on this journey for a while.

當然，安迪。所以——我們已經致力於此大約 3 年了。但將視覺功能放在我們的機器人上，並結合我們使用的 NVIDIA 晶片，讓我們能夠識別可能變形的盒子，但仍然可以識別產品是什麼。因此，這使得我們的機器人更有能力挑選出不尋常的案例。如您所知，我們是唯一將盒子直接放在貨架上的公司之一，也許是唯一一家。我們不把它們放在托盤上。這需要大量的專業知識和知識。所以，我們已經踏上這段旅程有一段時間了。

And now, about 40% of our bots in our network are vision-enabled. And so, there's a bunch of work for the AI to catch up with recognizing 1,000 different pictures of a single box and saying, oh, that's XY's product. And the shape, I didn't recognize it before because we were just using sensors. But now with vision, we can actually recognize that. So, that's one thing.

現在，我們網路中大約 40% 的機器人都具備視覺功能。因此，人工智慧需要做大量工作才能識別同一個盒子的 1,000 張不同圖片，並判斷「哦，那是 XY 的產品」。至於形狀，我之前並沒有識別出來，因為我們只是使用感測器。但現在透過視覺，我們就能真正體認到這一點。所以，這是一回事。

The other thing we did is that we changed the routing algorithms for our bots. And they will also be vision-enabled so that they're more reliable, so that if something happens like a bot gets stuck on a broken case or something that we can now route around it. And we always could do that a little bit, but now we can do it much better. And then to be able to actually see the bot in front of us is also innovative.

我們做的另一件事是改變了機器人的路由演算法。而且它們還將具備視覺功能，從而更加可靠，這樣如果發生某些事情，例如機器人被卡在破損的箱子上，或者我們現在可以繞過它。我們總是可以做到一點一滴，但現在我們可以做得更好。然後能夠真正看到我們面前的機器人也是一種創新。

The other thing we've done is we have started work on a perishable testing. And so, we think that's going to go fairly well, because there's not a lot of new things we have to do on perishables, but we want to test what happens when a bot runs over yogurt. So, things like that. And then, the next thing after that will be testing bots in a frozen environment. So, those are a couple of things we've been doing.

我們所做的另一件事是開始進行易腐爛物品的測試。因此，我們認為這會進展得相當順利，因為我們在易腐爛食品方面不需要做太多新的事情，但我們想測試當機器人碾過優格時會發生什麼。諸如此類的事情。然後，接下來的事情是在凍結的環境中測試機器人。這就是我們一直在做的一些事情。

And then, Andy -- I was going to say, I'll tackle the accelerated deployment time. So, last quarter, we highlighted that we had achieved our first deployment in 20 months. So, this quarter, out of the 3 systems that we deployed, we had several that also achieved a 20-month deployment time. So, we're -- we've definitely got some additional proof points.

然後，安迪 - 我要說的是，我將解決加速部署時間的問題。因此，上個季度我們強調我們已經實現了 20 個月內的首次部署。因此，本季度，我們部署的 3 個系統中，有幾個也實現了 20 個月的部署時間。所以，我們——我們確實得到了一些額外的證據點。

And as a reminder, some of the things that are enabling that faster deployment, we're seeing the benefit of continuous learning over multiple deployments from our supply chain, as well as our own folks. We've got increased collaboration across ourselves and our customer. And then, we talked quite a bit last quarter about the quality and the standardization to build on build instructions and our test procedures. We're seeing the benefit of all of that.

提醒一下，為了實現更快的部署，我們從供應鏈以及我們自己的員工的多次部署中看到了持續學習的好處。我們與客戶之間的合​​作日益密切。然後，我們在上個季度討論了很多關於建造說明和測試程序的品質和標準化問題。我們看到了這一切的好處。

So, going forward, we do have some straggler deployments, I'll call them, that we'll complete in the second half of this year that might take a little bit longer than that 20 months, because each deployment is not the same size or complexity, but we're still on target for the future to have a number of opportunities that we see driving deployment time less than 12 months.

因此，展望未來，我們確實有一些落後的部署，我將它們稱為，我們將在今年下半年完成，這可能需要比 20 個月更長的時間，因為每個部署的規模或複雜程度都不相同，但我們仍然有望在未來獲得大量機會，我們看到這些機會可以將部署時間縮短至 12 個月以內。

And then another pretty big update on the GreenBox side. So, maybe you can talk about that. I mean, you've been expecting your first customer, I think, this year, but starting in Q3. So, do you see an acceleration there from here? Do you get -- you focus on this customer like, how does that work moving forward?

然後 GreenBox 方面又進行了一次相當大的更新。所以，也許你可以談論這個。我的意思是，我想，您今年一直在期待您的第一位客戶，但從第三季開始。那麼，您看到從現在開始會出現加速嗎？您是否明白－您是否關注這個客戶，那麼接下來這項工作將如何進行？

Yes. So, we'll have our first deployment. C&S is going to use GreenBox to build a facility for them. I think when people will then reach out to us, they'll reach out to GreenBox or reach out to C&S and say, why did you make that decision? And it's everything that we've been saying. It's capital efficient. It allows people to get into automation quicker. And it allows -- C&S believes we'll have higher customer satisfaction using GreenBox than using a conventional warehouse system.

是的。因此，我們將進行第一次部署。 C&S 將使用 GreenBox 為他們建造一個設施。我認為當人們聯繫我們時，他們會聯繫 GreenBox 或 C&S 並詢問，為什麼你們做出這個決定？這就是我們一直在說的一切。它的資本效率很高。它使人們能夠更快地進入自動化。而且它可以——C＆S 相信，與使用傳統倉庫系統相比，使用 GreenBox 可以獲得更高的客戶滿意度。

And then the other thing we are looking at sites across the country right now to put up additional sites. So, we're feeling very bullish that if we build it, they'll come, and SoftBank's aligned with that. So, we're excited about that.

另一件事是我們目前正在全國範圍內尋找地點來建立更多的站點。因此，我們非常有信心，如果我們建造它，他們就會來，而軟銀也與此保持一致。因此，我們對此感到興奮。

And our next question will be coming from Matt Summerville of D.A. Davidson.

下一個問題來自 D.A. 的 Matt Summerville。戴維森。

I wanted to ask maybe a follow-up on GreenBox and C&S. Is this a single location that's going to support C&S? And if so, how much of C&S is that actually supporting? I guess, I'm trying to get an idea for is C&S planning on standardizing their warehouse, if you will, on GreenBox? Or is this more of, I guess, more of a proof point that this is -- that they want to see if this is the way they kind of want to proceed? I'm trying to understand their bigger picture thinking on strategy here and where this could evolve for you guys?

我想問一下有關 GreenBox 和 C&S 的後續問題。這是一個支援 C&S 的單一位置嗎？如果是這樣，那麼這實際上對 C&S 有多少支援？我想，我想知道 C&S 是否計劃在 GreenBox 上標準化他們的倉庫？或者我猜，這更像是一個證據點，表明他們想看看這是否是他們想要繼續的方式？我試著去了解他們在這方面的策略宏觀思考，以及這對你們來說會有什麼發展？

So, Matt, I'll start. So, C&S chose GreenBox as it was looking for ways to acceleration -- accelerate its automation rollout. This is the first proof point, I'll say, for C&S. And as we continue to vet multiple customers, multiple inbound related to GreenBox, we can see potential for additional customers and potentially additional opportunities across C&S.

那麼，馬特，我先開始了。因此，C＆S 選擇了 GreenBox，因為它正在尋找加速其自動化推廣的方法。我想說，這是 C&S 的第一個證明點。隨著我們繼續審查與 GreenBox 相關的多個客戶和多個入站項目，我們可以看到 C&S 中更多客戶的潛力和更多的潛在機會。

Okay. And then with respect to the perishable side of things, what are maybe the 2, 3, or however many it makes sense to talk about, what are the key milestones we should be looking for that we should be waiting to hear about where this perishable soon in terms of when that gets green-lighted, that you actually start selling and rolling some of these out?

好的。然後關於易腐爛物品方面，可能有 2 個、3 個或更多值得討論的里程碑，我們應該期待哪些關鍵里程碑，我們應該等待了解這種易腐爛物品何時獲得綠燈，何時您實際上開始銷售和推出其中一些？

Yes. I think it's probably a year out is my guess, and I think those milestones are going to be pretty easy to achieve, but the value of our system for our customers is incredible reliability. So, we're actually testing bots running in a structure in a perishable facility now. It's just a test site, but have a customer that's interested in doing that, and so we're running -- and basically, what you do is you create disaster scenarios, you look for edge scenarios, and you make sure that a 32 degree temperature. We're not really talking about frozen yet, but between 32 and 55, a lot of humidity, our bots will work fine. And we expect them to, but we're doing the testing.

是的。我猜可能還需要一年時間，而且我認為這些里程碑將很容易實現，但我們的系統對客戶的價值在於令人難以置信的可靠性。因此，我們實際上正在測試在易腐爛設施的結構中運行的機器人。這只是一個測試站點，但有一個客戶對此很感興趣，所以我們正在運行——基本上，你所做的就是創建災難場景，尋找邊緣場景，並確保溫度保持在 32 度。我們還沒有真正談論冰凍，但是在32到55之間，濕度很大，我們的機器人可以正常工作。我們也期待他們這麼做，但我們正在進行測試。

So, I think sometime within the next year, we probably will announce that we have a perishable site somewhere. And I have to be -- I can't be too forward-looking, but I would say, but that's actually always been in our project, because it's not in the team we've talked about. I mean, the whole perishable world is a big world, and we think there's very special applications for Symbotic, because an ambient building is $100, $125 a foot, and perishable is probably $250, and frozen might be $350.

因此，我認為明年的某個時候，我們可能會宣布我們在某個地方有一個易逝網站。我必須——我不能太有遠見，但我想說，但這實際上一直存在於我們的專案中，因為它不在我們談論的團隊中。我的意思是，整個易腐爛物品的世界都很大，我們認為 Symbotic 有非常特殊的應用，因為環境建築的價格為每英尺 100 美元、125 美元，易腐爛物品的價格可能為 250 美元，冷凍物品的價格可能為 350 美元。

So, the fact that we can store product as densely as we can, we think there's a different algebra for why people will use perishable, but we want to make sure before we sell a system that we've tested all the edge cases. So long answer, the short answer to your question is, about a year from now, you should look for something from us.

因此，事實上我們可以盡可能密集地儲存產品，我們認為人們使用易腐爛產品的原因有不同的代數，但我們希望確保在銷售系統之前我們已經測試了所有邊緣情況。長話短說，你的問題的簡短回答是，大約一年後，你應該會從我們這裡得到一些東西。

And our next question will be coming from Mark Delaney of Goldman Sachs.

我們的下一個問題來自高盛的馬克·德萊尼。

First one was trying to better understand the revenue per system and installation. It went up a fair amount relative to last quarter. And, Carol, you mentioned the progress you've made as a company in accelerating some of the installation times. I'm hoping to better understand how we should think about that ratio going forward? And is there opportunities to sustain or even build off of this level of revenue compared to the number of systems you have, given all the initiatives you have underway?

首先是嘗試更了解每個系統和安裝的收入。與上一季相比，這一數字上漲了不少。卡羅爾，您提到了公司在加快某些安裝時間方面所取得的進展。我希望能夠更理解我們今後該如何看待這個比例？考慮到您正在進行的所有計劃，與您擁有的系統數量相比，是否有機會維持甚至擴大這一收入水平？

Yes. So, I think the #1 thing driving what you're seeing on that ratio is where we're at in terms of that deployment lifecycle. So, if you think about -- we've talked about our revenue curve being the most revenue coming from those systems that are in the middle of install. And so we'll have a varying degree of that every single quarter. And so it's hard to predict the specific ratio, because the other thing that's driving that is each system is not the same size or the same complexity. And so you'll continue to see that vary.

是的。因此，我認為影響您看到這一比率的首要因素是我們所處的部署生命週期。所以，如果你想想——我們已經討論過我們的收入曲線，其中大部分收入來自於那些處於安裝過程中的系統。因此，每個季度我們都會經歷不同程度的這種情況。因此很難預測具體的比例，因為影響這一比例的另一個因素是每個系統的規模和複雜性都不相同。因此，您將繼續看到這種變化。

But as we move forward, our revenue curve will continue to grow, continue to see growth in that revenue, and that will -- so that ratio in terms of what it contributes from a system will continue to have more than those 37 in deployment at any given time.

但隨著我們不斷前進，我們的收入曲線將繼續增長，繼續看到收入的成長，這樣一來，就係統貢獻而言，該比率將在任何給定時間繼續超過部署的 37 個。

It ties into my next question. Would it better understand what completing the restructuring in your shift to an outsourced model may mean, not only in terms of some of the financial implications, like profit margins, but could you also talk about what it might mean for your capacity in terms of how many systems the company could have in place relative to the number of systems it could be working on at any one-time relative to the 37 that you currently have in installation?

這與我的下一個問題有關。能否更好地理解在轉向外包模式的過程中完成重組意味著什麼，不僅僅是在利潤率等財務影響方面，而且您是否還可以談談這對您的產能意味著什麼，即公司可以安裝的系統數量相對於公司可以同時處理的系統數量（相對於您目前安裝的 37 個系統）而言？

Yes. So this quarter, we focused on completing the outsourcing that we began last year, and it was focused on the complete restructure and focusing to move to our SymBot platform. And so I don't necessarily see the connection of how that necessarily drives to the scaling other than we now have a standardized SymBot. We're going to be able to continue to deploy innovations along that SymBot, but what we did in terms of restructure really shut down any additional inventory costs associated with all our obsolete bots.

是的。因此本季我們專注於完成去年開始的外包工作，並專注於徹底重組以及轉向我們的 SymBot 平台。因此，除了我們現在有一個標準化的 SymBot 之外，我不一定能看到這與擴展之間​​有何必然關聯。我們將能夠繼續沿著 SymBot 部署創新，但我們在重組方面所做的工作確實消除了與所有過時機器人相關的任何額外庫存成本。

Our next question is coming from Nicole DeBlase of Deutsche Bank.

下一個問題來自德意志銀行的 Nicole DeBlase。

I wanted to ask a couple on the financials. So the first is the system's gross margin fell to low double digits. I think you guys talked about in the opening remarks how that was driven by all of this innovation that you're working on. I guess, how quickly can that gross margin step up to a high teens or better level? Is that something you expect in the second half? Or will these innovation headwinds continue?

我想向一對夫婦詢問財務問題。所以首先就是系統的毛利率下降到了兩位數的低點。我想你們在開幕詞中談到了這是如何由你們正在從事的所有創新所推動的。我想，毛利率多快才能上升到百分之十幾或更高的水平？這是您對下半場的期望嗎？或者這些創新阻力將會持續下去嗎？

We did better than expected on gross margin. But as you indicated, we were stable quarter-over-quarter. And so a couple of items that weigh on our gross margin. So I'll talk about the things that are weighing on those gross margins now and then what we see for the future. So a couple of the things are the innovations that we have in work. We talked last quarter about focusing on additional resources to ensure quality deployments for some of those sizable projects we have in flow.

我們的毛利率表現優於預期。但正如您所說，我們的季度環比增長保持穩定。因此，有幾個因素會影響我們的毛利率。因此，我將討論目前影響毛利率的因素以及我們對未來的看法。所以，這些都是我們在工作上所做的創新。我們上個季度談到了集中額外資源來確保我們正在進行的一些大型專案的品質部署。

We have the benefit on many of our contracts that we have pass-through costs, so why we're able to pass that through with a profit that remains stable that it weighs on our gross margin.

我們在許多合約中都享有轉嫁成本的好處，所以我們能夠透過保持穩定的利潤來轉嫁這些成本，因為這些成本會影響我們的毛利率。

And then lastly, what's weighing on our gross margin is we have several lower margin projects in flow. And I would expect to see those start completing in the second half of this year. And so our 3Q guide reflects stable gross margins. So as I said, we've got several significant milestones coming up in the second half of the year on some of these big projects. And gross margin won't improve every quarter, but we expect improvement in the coming years and that that will step up year-over-year.

最後，影響我們毛利率的因素是，我們正在進行的幾個利潤率較低的項目。我預計這些項目將在今年下半年開始完成。因此，我們的第三季指南反映了穩定的毛利率。正如我所說的，今年下半年我們將在一些大項目上取得幾個重要的里程碑。毛利率不會每季都提高，但我們預計未來幾年會有所改善，並且會逐年提高。

And as I mentioned earlier, just in terms of the unlock for gross margin, the single biggest one being the time it takes to deploy our system. And we continue to see steps in the right direction with each one that we're rolling out.

正如我之前提到的，就毛利率的釋放而言，最大的因素是部署系統所需的時間。而且，我們看到，我們推出的每一個舉措都朝著正確的方向邁進。

And then I guess on the Operations Services business, we saw a really big step change, like revenue almost doubled sequentially there this quarter. I guess what drove that? And is this new level of revenue in Operations Services sustainable?

然後我想在營運服務業務方面，我們看到了一個非常大的變化，例如本季的收入幾乎比去年同期翻了一番。我猜是什麼導致了這樣的情況？營運服務的收入達到這一新水平是否可持續？

So when you look at the step-up, the single biggest driver is we now have 18 systems that went operational. We were at 15 last quarter. And when you compare that to just a year ago, we were at 9. So a significant step up.

因此，當你看這項進步時，最大的驅動力就是我們現在有 18 個系統投入運作。上個季度，我們的數字是 15。與一年前相比，我們的數字是 9。

You're going to continue to see that grow. And I'll separate software and I'll separate the operations, because I think you started with the operations piece of it. We expect operations revenue to continue to grow as we bring systems online. You will likely not see the same level that you saw this quarter. We had several one-time events in the quarter that were -- that contributed not only to revenue, but to our gross profit in the operations area. So a few of those you will not see repeat, but you should expect that revenue to continue to grow.

你將會繼續看到它的成長。我將分離軟體和操作，因為我認為你是從操作部分開始的。我們預計，隨著系統上線，營運收入將持續成長。您可能不會看到與本季度相同的水平。本季我們發生了幾起一次性事件，這些事件不僅增加了收入，還增加了我們營運領域的毛利。因此，其中一些你不會看到重複，但你應該預期收入將繼續增長。

Our next question will be coming from Ken Newman of KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Ken Newman。

Sure. So first question here. I'm just curious, you've -- obviously, you're talking about accelerating deployments or initiations here into the back half. Is there any way to kind of size how you think about acceleration to the back half? You did 3 this past quarter. Is it fair to assume that you kind of return to that, call it 4 or 5 types of projects in the back half and accelerate into 2025?

當然。這是第一個問題。我只是好奇，你——顯然，你在談論加速後半部分的部署或啟動。有沒有什麼方法可以衡量你對後半部加速度的看法？上個季度您完成了 3 項。是否可以假設您會回到那種狀態，在下半年進行 4 或 5 種類型的項目，然後加速到 2025 年？

Yes. So, we don't guide on system starts, but I'll start with where we were this quarter at 3. So, we indicated last quarter that we would see stabilization of our system starts that allowed the team to focus on all the innovations that Rick talked about and really implement system standardization for those phased deployments. So, that's what you saw this quarter.

是的。因此，我們不對系統啟動進行指導，但我將從本季 3 的情況開始。這就是您本季看到的情況。

And it is a team effort to make a decision to go ahead and implement a new project or a new SOA. So, that's a complex decision between ourselves, our suppliers, and our customers. So, our customers also need to manage their operations through all of our installation activities, including decommissioning legacy systems, preparing the site. So, it's a combined effort when we decide to go initiate. But given our contracted backlog at $23 billion, you're going to see the system starts step up in the second half of the year.

並且，做出繼續實施新專案或新 SOA 的決定需要整個團隊共同努力。所以，這是我們、我們的供應商和我們的客戶之間的一個複雜的決定。因此，我們的客戶還需要透過我們所有的安裝活動來管理他們的運營，包括退役遺留系統、準備場地。因此，當我們決定開始的時候，這是一個共同的努力。但考慮到我們的合約積壓金額為 230 億美元，您將會看到該系統將在今年下半年開始加快步伐。

I appreciate that. And then for my second question, I think you had positive free cash flow of just over $18 million this quarter. Is there anything that would prevent you from being free cash flow positive for the full year as it relates to some of the innovation spending that you guys are expecting for the rest of this year? Or any of the other restructuring actions you might be considering?

我很感激。然後對於我的第二個問題，我認為本季你們的自由現金流剛剛超過 1800 萬美元。鑑於你們預計今年剩餘時間將進行的部分創新支出，有什麼因素會阻礙你們全年實現自由現金流為正？或者您可能正在考慮採取任何其他重組行動？

As we look to the end of the year, we're expecting -- we don't guide on cash either, but you should expect to see positive working capital as we head to the back half of the year. Each quarter, there could be some lumpiness, I'll say in that, because depending on what maturity level of the systems we have in deployment, just as I described the revenue curve, the cash curve also mirrors that. And so, we could have some quarters where we are really heavy in terms of the final installation that might be a driver on cash.

展望年底，我們預期－我們也不會對現金做出預測，但進入下半年後，你應該會看到正營運資本。每個季度都可能會有一些波動，我想說的是，因為這取決於我們部署的系統的成熟度水平，正如我所描述的收入曲線，現金曲線也反映了這一點。因此，在某些季度，我們在最終安裝方面確實投入了大量資金，這可能是現金的驅動因素。

As a reminder, we're very front-loaded in terms of when we sign projects. So, you could still see some lumpiness, but we are on a trajectory for positive working capital going forward.

提醒一下，我們在簽署專案方面非常重視前期工作。因此，您仍然可能會看到一些不平衡，但我們未來營運資本的軌跡是正向的。

Our next question is coming from Greg Palm of Craig-Hallum.

我們的下一個問題來自 Craig-Hallum 的 Greg Palm。

I'm curious, we've been talking about driving timelines down for some period, and you've been really successful at doing that. And I'm just curious, how much of that is in your hands versus at the maybe expense of some of your outsourcing partners? And do you think that you're reducing the time lines at the expense of margins, meaning that as you continue to get better that you might not need, I don't know home many folks that are paid overtime or any of the other related costs to ensuring that you have happy customers and get a system at a shorter amount of time.

我很好奇，我們一直在談論縮短時間表，而你在這方面確實很成功。我只是好奇，其中有多少是在你們手中，又有多少可能是以犧牲一些外包夥伴為代價的？您是否認為您正在以犧牲利潤為代價來縮短時間線，這意味著隨著您繼續變得更好，您可能不需要加班費或任何其他相關成本，以確保您的客戶滿意並在更短的時間內獲得系統。

I'll start with the first part in terms of how much is in our hands and versus all of our partners. It is a joint effort. So we're there helping to ensure the management of the project, Symbotic is also responsible for the planning upfront. So you've got to start the system right and make sure you've got all the planning in place so that material shows up. And then all of our partners need to deliver to the schedules that we lay out.

我將從第一部分開始，談談我們手中有多少以及我們與所有合作夥伴相比有多少。這是一項共同的努力。因此，我們在那裡幫助確保專案的管理，Symbotic 也負責前期規劃。因此，您必須正確啟動系統並確保已做好所有規劃，以便材料能夠顯示。然後，我們所有的合作夥伴都需要按照我們制定的時間表進行交付。

So it's a combined effort across ourselves and then our customers certainly have a play in that, too, just ensuring the readiness. A fair point in terms of the time lines we've achieved. So we have talked about wanting to make sure we're putting the resources on a certain project, so that we can deploy on time and make sure we are deploying a very high-quality project.

因此，這是我們共同的努力，我們的客戶當然也要參與其中，以確保做好準備。就我們實現的時間軸而言，這是一個公平的觀點。因此，我們討論過要確保將資源投入到某個專案上，以便我們能夠按時部署，並確保我們部署的是一個高品質的專案。

I'd say, as you see us moving towards our -- going through our learning curve, and we continue to learn at every single site installation as do our suppliers. You're going to see that we'll continue to improve that time line without needing the additional resources to ensure schedule.

我想說，正如你所看到的，我們正在朝著我們的學習曲線前進，我們和我們的供應商一樣，在每個現場安裝中繼續學習。您將會看到，我們將繼續改進該時間表，而不需要額外的資源來確保進度。

Yes. Okay. That makes sense. And as we think about sizing up that non-ambient opportunity, I know you've talked about that TAM or that SAM in the past. But just given your thoughts around maybe having some orders or some facilities, can you at least size up what type of share expansion is possible? Like could you theoretically double the size of the opportunity with some of your current customers? I mean, is it more? Is it significantly less? I'm not expecting an exact answer, but I would just be curious to know what that sort of wallet share expansion opportunity is, again, with your current customers, not necessarily with customers that you haven't won to date with something else?

是的。好的。這很有道理。當我們考慮評估非環境機會時，我知道您過去曾談論過 TAM 或 SAM。但是，考慮到您可能有一些訂單或一些設施的想法，您至少可以評估一下可以進行哪種類型的股票擴張嗎？例如，從理論上講，你能否將某些現有客戶的機會規模擴大一倍？我的意思是，還有更多嗎？是不是明顯少了？我並不期待一個確切的答案，但我只是好奇地想知道，對於您現有的客戶來說，這種錢包份額擴大機會是什麼，而不一定是您迄今為止還沒有通過其他產品贏得的客戶？

So I'll start, and then Rick can share his thoughts. So we have not put a number out there in terms of sizing the TAM from our existing customer base. But we've also indicated that our current backlog does not include that particular opportunity. And we know that each of our customers has the opportunity to go ahead and expand to non-ambient. And so we consider that a significant opportunity for Symbotic going forward.

那我先開始，然後 Rick 可以分享他的想法。因此，我們還沒有根據現有客戶群來確定 TAM 的規模。但我們也表示，我們目前的積壓訂單並不包括這個特定機會。我們知道，我們的每個客戶都有機會繼續前進並擴展到非環境領域。因此我們認為這對 Symbotic 未來發展來說是一個重大機會。

Yes. I guess, I think the TAM is very large. I probably shouldn't be more specific than that right now. There are more ambient facilities than there are refrigerated facilities. So that's one thing. But the economics of refrigerated are such that if you have a 200,000-square-foot perishable building and you want to expand it and maybe you can't expand it enough and you have to build a whole new building. Our system is a very good solution for that. So if we have a $23 billion backlog on ambient, I would say, perishables probably not as big as our existing backlog, but it's very large.

是的。我猜，我認為 TAM 非常大。我現在可能不應該說得比這更具體。常溫設施的數量比冷藏設施的數量多。這是一回事。但冷藏的經濟效益是這樣的，如果你有一個20萬平方英尺的易腐爛建築，你想擴建它，但可能無法擴大到足夠大，你必須建造一個全新的建築。我們的系統對此提供了非常好的解決方案。因此，如果我們在環境方面的積壓訂單有 230 億美元，我想說，易腐爛物品的積壓訂單可能不如我們現有的積壓訂單那麼多，但數量也非常大。

And if I could just sneak in one more clarification. Carol, I think you said expect growth in operation services revenue going forward. Was that sequentially off of the $20 million in revenue that you just put up in Q2?

如果我可以再偷偷澄清一點的話。卡羅爾，我想你說過預計未來營運服務收入將會成長。這是與您第二季度剛實現的 2,000 萬美元收入連續成長的結果嗎？

No, because there are some one-time events that I referred to. So there's a percentage of this quarter's revenue that we put up for operations that won't be repeatable.

不，因為我提到了一些一次性事件。因此，我們將本季收入的一定比例用於不可重複的營運。

Got it. So growth on a year-over-year basis, not sequentially?

知道了。那麼成長是按年比計算的，而不是以環比計算的？

That's right. That's right.

這是正確的。這是正確的。

Our next question will be coming from Mike Latimore of North Capital Markets.

我們的下一個問題來自 North Capital Markets 的 Mike Latimore。

Congrats on the results and outlook here. On BreakPack, can you talk a little bit more about the prospects there? What are you -- what interest levels are you seeing from current customers? Is it opening more new logo discussions? And maybe just clarify, is it in kind of the Walmart backlog or not at this point?

祝賀這裡取得的成果和前景。關於 BreakPack，您能否進一步談談那裡的前景？現在您看到的是－目前客戶的興趣程度如何？它是否會開啟更多關於新標誌的討論？或許可以澄清一下，目前這是否屬於沃爾瑪的積壓訂單？

So I'll start. BreakPack is considered part of the Walmart backlog. So Walmart considers BreakPack is one of the elements that they'll continue to go deploy. I'd say from a BreakPack perspective, this -- we indicated in our opening remarks that this will be our second BreakPack. So we also indicated we are offering BreakPack for sale -- we think there is a large market for BreakPack for all of our customers. And I think we've talked about before, BreakPack is also a part of GreenBox. It could be part of all of the GreenBox customers that are coming in. Outside of that, I'm sure there is additional market for BreakPack customers beyond who's in our current customer base.

那我就開始了。 BreakPack 被視為沃爾瑪積壓訂單的一部分。因此沃爾瑪認為 BreakPack 是他們將繼續部署的元素之一。我想從 BreakPack 的角度來看，我們在開場白中指出，這將是我們的第二次 BreakPack。因此我們也表示我們正在出售 BreakPack——我們認為對於我們所有的客戶來說，BreakPack 都有很大的市場。我覺得我們之前談過，BreakPack 也是 GreenBox 的一部分。它可能是所有新加入的 GreenBox 客戶的一部分。

Yes. So the BreakPack in the Walmart application is for anything that goes into the store, that's not a full case. But if you think of Walmart as every Walmart supercenter has a pharmacy and a drugstore, is a perfect application for any of the big drug store companies. It's also could be interesting for dollar stores. So, we think this is a very big market that we really haven't talked much about because our BreakPack solution is very different than anything on the market. And it takes -- the reason it's different is because it uses a lot of the software, a lot of the vision and a lot of the smarts that we have in our SymBot. We now have a mini bot that does the same thing, actually does -- and it does some things in a miniature version that even better than the SymBot in terms of healing small packages. So we think that's a big market, but we haven't been -- I don't think a lot of people know about what this capability is yet, but they'll find out very soon.

是的。因此，沃爾瑪應用程式中的 BreakPack 適用於進入商店的任何物品，這並不是完整的情況。但如果您認為沃爾瑪就像每個沃爾瑪超級購物中心都有一個藥房和一家藥局一樣，那麼對於任何一家大型藥局公司來說，這都是一個完美的應用。這對於一元商店來說也可能很有趣。所以，我們認為這是一個非常大的市場，但我們實際上並沒有談論太多，因為我們的 BreakPack 解決方案與市場上的任何產品都非常不同。它之所以與眾不同，是因為它利用了我們 SymBot 中的大量軟體、大量視覺和大量智慧。我們現在有一個可以做同樣事情的微型機器人，實際上它可以——而且它的微型版本可以做一些事情，在修復小包裹方面甚至比 SymBot 做得更好。所以我們認為這是一個很大的市場，但我們還沒有——我認為很多人還不知道這種能力是什麼，但他們很快就會知道。

Got it. And then on the -- just the ability to do more system starts here, does that require kind of continued, let's say, blocking and tackling or refinement of outsourcing? Or are there others -- will there be some other kind of step function requirements in terms of outsourcing efficiency?

知道了。然後——只是從這裡開始實現更多系統的能力，這是否需要持續的，比如說，阻止和解決或改進外包？或者還有其他的——在外包效率方面是否會有其他類型的階梯式功能要求？

No. Our ability to start new systems is not dependent on outsourcing. We focused on outsourcing to scale, and we believe we've achieved that. So we are outsourced and have the capability to continue to expand. I'd say the slowing that we saw for this quarter on new starts, that's going to change in the back half of this year, and you'll see that number continue to grow. Just reflective of the $23 billion backlog we have. And when you look at the timing of when we plan on deploying that, the system starts will start to pick up.

不。我們專注於擴大外包規模，我們相信我們已經實現了這一目標。因此，我們進行了外包，並且有能力繼續擴張。我想說，本季我們看到的新開工數量放緩的現象將在今年下半年改變，你會看到這個數字持續成長。這只是反映了我們230億美元的積壓訂單。當您查看我們計劃部署的時間時，系統將開始加速。

And the next question will be coming from Robert Mason of Baird. Your line is open.

下一個問題來自貝爾德的羅伯特梅森 (Robert Mason)。您的線路已開通。

Just a question around GreenBox. How do you think about their ability to quickly ramp up just given the current schedule of current customers you have, just trying to think about how -- if they were to add, whether it be CNS or if they add other customers, just how quickly you think that they could layer incremental starts on top of the existing schedule?

我只想問一下有關 GreenBox 的問題。考慮到您現有客戶的時間表，您認為他們是否有能力快速提升產能？

So as we talk about GreenBox and our first deployment next quarter, so we are identifying the management team. So we're picking the leaders to put in place. GreenBox will then go ahead and begin ramping up with the additional resources. And so they're in the process of growing that team. And we believe our ability to ramp GreenBox will be over the course of the next several quarters, you'll continue to see new additions to our GreenBox deployments.

因此，當我們談論 GreenBox 和下個季度的首次部署時，我們正在確定管理團隊。因此，我們正在挑選領導人。隨後，GreenBox 將繼續投入並增加額外資源。他們正在擴大這個團隊。我們相信，在接下來的幾個季度裡，我們提升 GreenBox 的能力將會不斷增強，您將繼續看到我們的 GreenBox 部署中的新內容。

And just to clarify, when we've talked about first revenue from this first GreenBox order, we're talking about revenue in the June quarter.

需要澄清的是，當我們談到第一個 GreenBox 訂單的第一筆收入時，我們指的是 6 月季度的收入。

Okay. Okay. Very good. And just maybe a clarification question around BreakPack. It sounds like that you can market that system to customers who do not or would not necessarily be required to already own or have one of your current case handling systems. Am I understanding that correctly?

好的。好的。非常好。也許只是想澄清一下有關 BreakPack 的問題。聽起來，您可以將該系統推銷給那些沒有或不一定需要已經擁有或擁有您目前的案件處理系統之一的客戶。我的理解正確嗎？

So they would have a very -- they would have most of the people that are doing BreakPack still have to store boxes. And at some point, you take the box, you cut it open and you dispense the items in the box. So they don't necessarily need a BreakPack. They don't necessarily need a storage solution as large as some of the ones that we deployed, but they still have to store boxes. They'll still need the regular SymBot's, and they'll still need something to probably palletize the totes when they come out. So it could be a smaller system, but they'll still be part of our basic system the make it work.

所以他們會有一個非常——他們會讓大多數做 BreakPack 的人仍然需要存放箱子。在某個時候，你拿起盒子，把它切開，然後取出盒子裡的物品。所以他們不一定需要 BreakPack。他們不一定需要像我們部署的某些儲存解決方案那麼大的儲存解決方案，但他們仍然需要儲存箱子。他們仍然需要常規的 SymBot，並且他們仍然需要一些東西在出來時將手提箱堆放到托盤上。因此它可能是一個較小的系統，但它們仍然是我們基本系統的一部分，使其運作。

Our next question is coming from Joe Giordano of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Joe Giordano。

I guess, I'll start, Rick, on the SymBot and some of the innovations you put in there now that you're standardized on it. Just curious, of the 18 sites that you're running, I assume that there's bots that have been deployed that are not like the most vision-enabled using the current technology. Like what's your response -- what's your obligation to go back and kind of backward integrate like the newest and greatest into existing facilities?

我想，瑞克，我應該從 SymBot 開始，談談你們現在對它進行標準化之後所進行的一些創新。只是好奇，在您運行的 18 個網站中，我假設已經部署的機器人並不像使用當前技術實現的大多數視覺機器人那樣。例如，您的反應是什麼——您有什麼義務回去並將最新和最好的技術向後整合到現有設施中？

Yes. So Joe, we were very disciplined long time ago about what we sold, and there was a period before this big growth spurt where we knew we were going to change the bot. So basically, all of -- there are about 4 warehouses that have pre- SymBot's and part of the restructuring charge is cleaning up everything else. But all of our -- so one of the reasons we're going to go faster is everything is standardized now. There is no -- there are no legacy bonds. There is -- there are 4 early sites.

是的。所以喬，我們很久以前就對我們銷售的產品非常嚴格，在這次大增長之前的一段時間裡，我們知道我們將要改變機器人。所以基本上，大約有 4 個倉庫都有預先 SymBot，重組費用的一部分是清理其他所有東西。但是我們所有的——所以我們進步更快的原因之一是現在一切都標準化了。沒有－沒有遺留債券。有——有 4 個早期站點。

One of it is the CNS side, there's a couple of other sites that are early bots. But going forward, we made the decision, we took the charge. This is the way we want to run the business. And so we don't want to have to always be dealing with all these different versions of bot. So all of the Walmart systems, for instance, have the same bot. And everybody going forward for the last 2 years now has the same bot. So we made that decision. We've taken the charge. We're very standardized now.

其中一個是 CNS 方面，還有幾個其他站點是早期的機器人。但展望未來，我們做出了決定，我們承擔了責任。這就是我們想要經營企業的方式。因此，我們不想總是處理所有這些不同版本的機器人。例如，所有沃爾瑪系統都有相同的機器人。過去兩年來，每個人都擁有同一個機器人。所以我們做出了這個決定。我們已經承擔責任。我們現在非常標準化。

Perfect. And then on GreenBox with the CNS side, is this essentially like an outsourced single-tenant site that you're -- like where CNS is going to run the -- utilize the entire capacity. I'm just curious like how you see the balance of GreenBox, like on leveraging existing large customers for that sort of purpose versus multi-tenant sites? And like so those multi-tenant sites, do you feel like there's still like software engineering capabilities that need to be developed to really handle like the onboarding, offboarding smoothly?

完美的。然後在 GreenBox 與 CNS 方面，這本質上就像一個外包的單一租戶站點，就像 CNS 將運行的那樣，利用整個容量。我只是好奇您如何看待 GreenBox 的平衡，例如利用現有的大客戶來實現這種目的還是利用多租戶網站？那麼對於那些多租戶站點，您是否覺得仍需要開發軟體工程能力才能真正順利處理入職和離職？

Yes. So this is primarily going to be a CNS-only site, but not necessarily in the future. So we have extra capacity, we'll bring other customers, GreenBox will bring other customers into the site. One of the things that makes Symbotic so special in this space is, we have perfect inventory management. And by perfect when we ship 1 million boxes in a week, we might have 1 mistake and we can't figure out how, but it's 6 or 7 Sigma accuracy.

是的。因此，這主要將是一個僅限 CNS 的站點，但未來不一定如此。因此我們有額外的容量，我們會帶來其他客戶，GreenBox 也會將其他客戶帶入現場。 Symbotic 在這個領域的特殊之處之一是我們擁有完美的庫存管理。當我們在一周內運送 100 萬個箱子時，我們可能會犯 1 個錯誤，而我們無法找出原因，但精度達到 6 或 7 西格瑪。

And so there'll be some onboarding of additional customers, but we have that pretty well figured out. And so this first site will -- could be 100% CNS or it could be 80% CNS and other customers if we have room. And so the model would be for by customers could look at CNS and say, "Oh, now I understand GreenBox. If I want to take a building and I could be an anchor tenant and say, "I'll take 50% of the building in GreenBox, you'll go sell the rest of the building. That's exactly what we want out in the marketplace. So it could be an anchor customer or in some places, it could be 100 customers and no customer is bigger than 10% of the capacity. So that's what we're going to begin selling out there now.

因此將會有一些額外的客戶加入，但我們已經很好地解決了這個問題。因此，這個第一個站點可能是 100% CNS，也可能是 80% CNS 和其他客戶（如果我們有空間的話）。因此，該模型適用於客戶，他們可以查看 CNS 並說：「哦，現在我了解 GreenBox。如果我想租用一棟建築，我可以成為主要租戶，然後說，「我將租用 GreenBox 中 50% 的建築，您將出售該建築的其餘部分。這正是我們想要在市場上實現的。因此，它可能是一個主力客戶，或者在某些地方，它可能是 100 個客戶，並且沒有一個客戶超過容量的 10%。所以這就是我們現在要開始銷售的產品。

The technology as it currently exists can support like -- in a theoretical facility that lots of different customers with no anchor and they're all really small. I would imagine that that population changes fairly often. The businesses are moving and expanding or going away, the capability exists to bring on and bring off customers into a site like that that already exists?

現有的技術可以在理論上支援許多沒有錨點的不同客戶，而且這些客戶都非常小。我可以想像人口變化相當頻繁。企業正在搬遷、擴張或消失，現有的網站是否具有吸引和留住客戶的能力？

Yes. So we would have to build a management team to handle the customer relations. But in our structure, you could have 100 boxes in a row, and we would have perfect traceability. It could be 100 different customers with owning 100 boxes in an aisle. We have perfect traceability. So that part of it, the technology is already there. We have to build out the customer management piece.

是的。因此我們必須建立一個管理團隊來處理客戶關係。但在我們的結構中，你可以連續放置 100 個盒子，而且我們可以實現完美的可追溯性。一個貨架上可能有 100 個不同的顧客擁有 100 個箱子。我們有完美的可追溯性。所以這部分技術已經存在了。我們必須建立客戶管理部分。

And our next question is coming from Derek Soderberg of Cantor Fitzgerald.

我們的下一個問題來自 Cantor Fitzgerald 的 Derek Soderberg。

Just Just piggybacking off of one of the last questions with the new hardware and software innovations, will all of those be pushed out to systems currently in operation and any new systems? Or is it more of an optional add-on for customers. And then I'm wondering whether or not the -- any of the new hardware or software innovations turn into either cash payments or upside to existing contract terms or anything like that? And then I've got a follow-up.

只是順便問一下最後一個問題，隨著新硬體和軟體創新的出現，這些是否都會推廣到目前運行的系統和任何新系統中？或者它對客戶來說更像是一個可選的附加元件。然後我想知道——任何新的硬體或軟體創新是否會轉化為現金支付或現有合約條款的提升或諸如此類的東西？然後我有一個後續行動。

So I'll start, and then Rick can add at the end. So it depends. And so the innovations that we have in flow, we typically focus on several things. We're innovating for looking at R&D and additional enhancements to our systems. And so we do view those as potential opportunities in the future for additional revenue and additional sales. We also continue to innovate and look at R&D for how we're going to make the systems more efficient from an operational perspective and focus on reliability. So some of those enhancements are being rolled out to the systems we have in flow today and will be part of what's in our contracted backlog.

那我先開始，然後 Rick 可以在最後補充。所以這得看情況。因此，我們在流程方面的創新通常側重於幾件事。我們正在進行創新，以尋求研發和對我們系統的進一步改進。因此，我們確實將其視為未來增加收入和增加銷售的潛在機會。我們還將繼續創新並研究如何從營運角度使系統更有效率並專注於可靠性。因此，其中一些增強功能正在推廣到我們今天正在使用的系統中，並將成為我們合約積壓工作的一部分。

And then the third, which we've talked quite a bit about is, we're focused on innovations that will drive cost out of either system deployment or system operations. And so there's a mix in there. And so some of the innovation that we're working on absolutely is driven to our current customer set, but others would be growth going forward.

第三，我們已經討論過很多次了，我們專注於降低系統部署或系統營運成本的創新。因此，其中存在混合。因此，我們正在進行的一些創新肯定是為了我們現有的客戶群而開展的，但其他創新將推動未來的成長。

Yes. The other thing is that, we've always contemplated that if we can make the bonds go twice as fast and you need half as many bots, who gets that income. And so either we charge for reduced maintenance or if we take -- and we have the same number of bots that go twice as fast and the palletizing cells can do twice as much work, we would be entitled to a recurring income stream for the additional work that we're doing. So that's always been contemplated, but we're not there yet.

是的。另一件事是，我們一直在考慮，如果我們可以讓債券發行速度提高一倍，而需要的機器人數量只有一半，那麼誰會獲得這些收入。因此，我們要么收取減少維護的費用，要么如果我們採取 - 如果我們擁有相同數量的機器人，但運行速度是原來的兩倍，並且碼垛單元可以完成兩倍的工作，我們將有權從我們正在做的額外工作中獲得經常性的收入流。所以我們一直在考慮這個問題，但還沒有實現。

Got it. And then as my follow-up, just to clarify some of your commentary, Carol, I think you said there are some lower-margin projects out there. Can you talk a bit about what's changing on the project front that would characterize a project as low margin at this point? And what kind of step-up in gross margins might we see after, I guess, some of these low-margin projects or work through this year? I'm just looking for you to kind of clarify some of that.

知道了。然後作為我的後續問題，只是為了澄清你的一些評論，卡羅爾，我認為你說過那裡有一些利潤率較低的項目。您能否談談專案方面發生了哪些變化，導致專案目前利潤率較低？我猜，今年完成一些低利潤項目或工作之後，毛利率可能會有什麼樣的提升？我只是希望您能澄清一些問題。

Yes. So we've got projects in flow that were our earlier innovation projects, some of them fairly early systems, proof of concepts are included in there. And so as they burn off, you'll start to see our gross margin step up. I'm not going to tie a specific time line to those because the schedules vary. But you should expect into next year gross margin to start stepping up.

是的。因此，我們在流程中已經開展了早期創新項目，其中一些是相當早期的系統，其中包括概念驗證。因此，隨著它們的消耗，您將開始看到我們的毛利率上升。我不會為這些安排設定一個具體的時間表，因為時間安排會有所不同。但你應該預期明年毛利率將開始上升。

And this does conclude the Q&A session for today. I would now like to turn the call back over to Jeff for closing remarks. Please go ahead.

今天的問答環節到此結束。現在我想將電話轉回給傑夫，請他作最後發言。請繼續。

Thank you, Lisa, and thank you, everyone, for joining our call today. We appreciate your interest in Symbotic and we look forward to seeing you online for our Investor Day. Goodbye.

謝謝麗莎，也謝謝大家今天參加我們的電話會議。我們感謝您對 Symbotic 的關注，並期待在我們的投資者日線上見到您。再見。

This does conclude today's conference call. Thank you for joining. You may all disconnect.

今天的電話會議到此結束。感謝您的加入。你們都可以斷開連線。