Symbotic Inc (SYM) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to Symbotic's fourth quarter and fiscal 2024 financial results conference call.

感謝您的耐心等待，歡迎參加 Symbotic 第四季和 2024 財年財務業績電話會議。

(Operator Instructions)

（操作員說明）

I would now like to hand the call over to Charlie Anderson, VP, Investor Relations.

我現在想將電話轉給投資者關係副總裁查理安德森 (Charlie Anderson)。

Please go ahead.

請繼續。

Thank you.

謝謝。

Hello, welcome to Symbotic's fourth quarter 2024 financial results webcast.

您好，歡迎收看 Symbotic 2024 年第四季財務表現網路廣播。

I'm Charlie Anderson, Symbotic's VP of Investor Relations.

我是查理安德森 (Charlie Anderson)，Symbotic 投資者關係副總裁。

Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking.

我們今天所做的一些有關我們業務營運和財務表現的聲明可能被認為是前瞻性的。

Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties.

此類陳述基於當前的預期和假設，受到許多風險和不確定性的影響。

Actual results could differ materially.

實際結果可能存在重大差異。

Please refer to our Form 10-K, including the risk factors.

請參閱我們的表格 10-K，包括風險因素。

We undertake no obligation to update any forward-looking statements.

我們不承擔更新任何前瞻性陳述的義務。

In addition, during this call, we will present both GAAP and non-GAAP financial measures.

此外，在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in today's press release, which is distributed and available to the public through our Investor Relations website located at ir.symbotic.com. On today's call, we are joined by Rick Cohen, Symbotic's Founder, Chairman and Chief Executive Officer; and Carol Hibbard, Symbotic's Chief Financial Officer.

今天的新聞稿中包含了 GAAP 與非 GAAP 衡量標準的調整，該新聞稿透過我們的投資者關係網站 ir.symbotic.com 向公眾發布和提供。 Symbotic 創辦人、董事長兼執行長 Rick Cohen 也參加了今天的電話會議。和 Symbotic 財務長 Carol Hibbard。

These executives will discuss our fourth quarter and full year fiscal 2024 results and our outlook, followed by Q&A.

這些高階主管將討論我們第四季和 2024 財年全年的業績以及我們的前景，然後進行問答。

With that, I'll turn it over to Rick to begin.

有了這個，我將把它交給里克開始。

Rick

瑞克

Thank you.

謝謝。

Charlie.

查理.

Good afternoon and thank you for joining us to review our most recent results with a strong finish to the year, delivering on our commitment to quickly return to high growth and historical gross margin levels.

下午好，感謝您與我們一起回顧我們的最新業績，我們以強勁的業績結束了這一年，兌現了我們快速恢復高增長和歷史毛利率水平的承諾。

This was highlighted by completing a record number of system deployments in the fourth quarter, reflecting solid project execution.

第四季完成創紀錄數量的系統部署凸顯了這一點，反映出專案執行的紮實程度。

System starts also reaccelerated to a record level.

系統啟動也重新加速到創紀錄的水平。

For the full year, we grew revenue 55%, more than doubled the number of sites in operation and more than doubled our software revenue, reflecting our ability to convert our backlog and scale.

全年，我們的收入成長了 55%，營運站點數量增加了一倍多，軟體收入增加了一倍多，這反映了我們轉換積壓訂單和規模的能力。

Importantly, we expect to maintain a high rate of year-over-year revenue growth while continuing to stabilize our gross margin in our first quarter.

重要的是，我們預計第一季營收將保持較高的年成長率，同時繼續穩定毛利率。

Carol will expand on this in the guidance.

卡羅爾將在指南中對此進行詳細闡述。

On the customer front, we recently announced a new customer, Walmex.

在客戶方面，我們最近宣布了一個新客戶 Walmex。

By expanding into a new geography, Mexico, we are now officially executing on all five of the growth vectors laid out at our Investor Day in May, namely customer penetration and expansion, new verticals, new products and now new geographies.

透過擴展到新的地區（墨西哥），我們現在正式執行五月投資者日制定的所有五個成長方向，即客戶滲透和擴展、新垂直領域、新產品和現在的新地區。

Working with Walmex drives home the point that our solution can deliver significant ROI for customers in new geographies and further expands our addressable market.

與 Walmex 的合作讓我們認識到，我們的解決方案可以為新地區的客戶帶來顯著的投資報酬率，並進一步擴大我們的目標市場。

We believe customers in these geographies see the value of our palletizing and transportation savings on top of labor savings.

我們相信這些地區的客戶除了節省勞動力之外，還看到了我們節省碼垛和運輸的價值。

The bottom line is that the number of opportunities we see for our technology portfolio continues to expand, and I'm excited by what that means in both the short and long term for my fellow shareholders.

最重要的是，我們看到我們的技術組合的機會數量不斷增加，我對這對我的股東們的短期和長期意味著什麼感到興奮。

Turning to GreenBox.

轉向綠盒。

I'm pleased to report Green Box continues to make progress building out its team customer pipeline and site network.

我很高興地報告 Green Box 在建立其團隊客戶管道和網站網路方面繼續取得進展。

This quarter, we began deployment on a second green box location this time in the state of Georgia.

本季度，我們開始在喬治亞州的第二個綠盒位置進行部署。

On the innovation front, we highlighted last quarter that we added vision capabilities to SymBots at customer sites.

在創新方面，我們上季強調，我們在客戶站點為 SymBots 增加了視覺功能。

Among other features, Vision gives our customers the ability to perform tele-ops which enables remote bot control for enhanced productivity.

除其他功能外，Vision 還使我們的客戶能夠執行遠端操作，從而實現遠端機器人控制，從而提高生產力。

We have now successfully demonstrated this capability at multiple sites and view it as a key differentiator.

我們現在已在多個站點成功展示了此功能，並將其視為關鍵的差異化因素。

Last, we are making targeted investments in both people and products given the expanding opportunities we see in both new products and new geographies to augment our growth.

最後，鑑於我們在新產品和新地區看到了不斷擴大的機會，以促進我們的成長，我們正在對人員和產品進行有針對性的投資。

In summary, this quarter, we delivered on our commitment to quickly return to higher system gross margin, strong top line growth and reaccelerate system starts.

總之，本季我們兌現了快速恢復更高系統毛利率、強勁營收成長和重新加速系統啟動的承諾。

Our key objectives for 2025 are scaling for growth and investing in our innovation engine all while maintaining a focus on delivering high quality systems for our customers.

我們 2025 年的主要目標是擴大成長規模並投資我們的創新引擎，同時繼續專注於為客戶提供高品質的系統。

By doing so, we look forward to another year of strong top line growth, a significant rise in completed sites as our deployment process improves and expanding profitability.

透過這樣做，我們期待又一年實現強勁的營收成長，隨著我們的部署流程的改進和盈利能力的擴大，已完工站點的數量將顯著增加。

I want to thank our entire team for their efforts, our customers for their trust and our investors for their support.

我要感謝我們整個團隊的努力，感謝客戶的信任，感謝投資人的支持。

Now, Carol will discuss our financial results and outlook.

現在，卡羅爾將討論我們的財務表現和前景。

Carol.

頌歌。

Thank you, Rick.

謝謝你，瑞克。

Before I discuss our financial results, I wanted to address the restatements to our quarterly financial statements included in the earnings press release.

在討論我們的財務表現之前，我想先談談收益​​新聞稿中包含的季度財務報表的重述。

As we were reviewing our business processes and preparing our full year financial statements, we identified occurrences during fiscal year 2024 where goods and services, primarily relating to specific milestone achievements were expensed prior to the time that the corresponding milestones were achieved.

當我們審查業務流程並準備全年財務報表時，我們發現 2024 財年發生的情況是，主要與特定里程碑成就相關的商品和服務在實現相應里程碑之前就被費用化。

The net result is essentially timing differences between the quarters within fiscal 2024 and has no impact on our full year results since the appropriate expenses were properly recorded in the fourth quarter.

最終結果本質上是 2024 財年各季度之間的時間差異，對我們的全年業績沒有影響，因為適當的費用已正確記錄在第四季度。

Our earnings press release describes the restatements in greater detail, and we have also posted a supplemental presentation with the variances to our Investor Relations website, which is also included as an exhibit to the 8-K we filed today.

我們的收益新聞稿更詳細地描述了這些重述，我們還在投資者關係網站上發布了包含差異的補充說明，該網站也作為我們今天提交的 8-K 的附件。

As a result of the restatement of the financial results for the previously reported quarters, we will be filing amended Form 10-Qs for fiscal year 2024 to reflect the amounts that are included in the earnings press release.

由於對先前報告的季度的財務業績進行了重述，我們將提交修訂後的 2024 財年 10-Q 表格，以反映收益新聞稿中包含的金額。

We also plan to timely file our 10-K next week.

我們還計劃下週及時提交 10-K。

With that, let me turn to our financial results.

接下來，讓我談談我們的財務表現。

Fourth quarter revenue grew to $577 million with strong revenue growth driven by solid progress across our 44 systems in the process of deployment.

第四季營收成長至 5.77 億美元，強勁的營收成長得益於我們 44 個系統在部署過程中取得的紮實進展。

Our exceptionally strong fourth quarter results reflect a favorable alignment of Symbotic vendor and customer collaboration and helped contribute to $1.8 billion of full year revenue.

我們異常強勁的第四季度業績反映了 Symbotic 供應商和客戶合作的良好結合，並幫助貢獻了 18 億美元的全年收入。

This quarter, we also recorded our first quarter of net income as a public company, we also delivered on our commitment to increase system start.

本季度，我們也記錄了作為上市公司的第一季淨利潤，我們也兌現了增加系統啟動的承諾。

Sequentially, we began nine new system deployments and completed four systems bringing us up to a total of '25 operational systems.

隨後，我們開始部署九個新系統並完成四個系統，使我們的作業系統總數達到 25 個。

Turning to backlog.

轉向積壓。

Our backlog of committed contracted orders of $22.4 billion remained largely consistent with last quarter as the revenue recognized during the quarter was partially offset by final pricing on contracts already in the backlog.

我們的積壓已承諾合約訂單為 224 億美元，與上季度基本保持一致，因為本季確認的收入被積壓合約的最終定價部分抵消。

I will note that Walmex was signed after the quarter end and will be additive to the backlog next quarter.

我要指出的是，Walmex 是在季度末後簽署的，並將增加下個季度的積壓訂單。

As mentioned earlier, system margins rebounded strongly, returning to historical levels.

如前所述，系統利潤率強勁反彈，回到歷史水準。

Gross margin software maintenance and support eclipsed 50% for the quarter, trending toward typical industry software margins as more systems go operational.

本季軟體維護和支援的毛利率超過 50%，隨著更多系統投入運行，該毛利率趨向於典型的行業軟體毛利率。

In Operations Services, we did experience a slight negative gross margin as we added resources at certain sites where we have large projects and are adding new capabilities.

在營運服務方面，我們確實經歷了輕微的毛利率負值，因為我們在某些​​擁有大型專案並正在增加新功能的地點增加了資源。

We do expect to improve upon this performance and return to modest profitability in Operations Services as we move through the fiscal year.

我們確實希望在本財年期間能夠改善此績效並恢復營運服務的適度獲利能力。

We finished the year with cash and equivalents of $727 million, which declined sequentially from $870 million in the third quarter.

年底，我們的現金及等價物為 7.27 億美元，比第三季的 8.7 億美元有所下降。

This was driven primarily by the timing of cash receipts that we have since received in the first week of October.

這主要是由我們在 10 月第一周收到的現金收入時間決定的。

For the first quarter of fiscal 2025, we expect revenue of $495 million to $515 million and adjusted EBITDA between $27 million and $31 million, reflecting continued strong year-over-year growth, stable gross margins and an uptick in OpEx due to investments Rick alluded to.

對於2025 財年第一季度，我們預計收入為4.95 億至5.15 億美元，調整後EBITDA 為2700 萬至3100 萬美元，反映出持續強勁的同比增長、穩定的毛利率以及由於投資而導致的運營支出上升。

In short, we are making the improvements outlined this quarter and expect to realize strong EBITDA margin expansion as we scale.

簡而言之，我們正在實施本季概述的改進，並期望隨著我們的規模擴大，實現強勁的 EBITDA 利潤率擴張。

We now welcome your questions.

我們現在歡迎您提出問題。

Operator, please begin the Q&A.

接線員，請開始問答。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Andy Kaplowitz, Citibank.

安迪‧卡普洛維茨，花旗銀行。

Hi, hello.

嗨，你好。

This is Natalia Bach on behalf of Andy Cridge from Citigroup.

我是花旗集團安迪·克里奇 (Andy Cridge) 的娜塔莉亞·巴赫 (Natalia Bach)。

First question, I'd like to ask the first question I'd like to ask is the margins in the quarter were better than you had guided.

第一個問題，我想問的第一個問題是本季的利潤率比您指導的要好。

And for fiscal -- and for the first quarter, you're calling for stable gross margins with EBITDA margin sequentially lower.

對於第一季的財務狀況，您要求維持穩定的毛利率，而 EBITDA 利潤率則連續下降。

Can you help us bridge what is pressuring the margin in the quarter?

您能幫助我們解決本季利潤率面臨的壓力嗎？

And as we think about the remainder of the year, would you say that 1Q could be the lowest margin quarter and that margins could inflect sequentially over the course of the year?

當我們考慮今年剩餘時間時，您是否會說第一季可能是利潤率最低的季度，利潤率可能會在一年中連續變化？

All right, good evening.

好吧，晚上好。

And thanks for the question.

謝謝你的提問。

So our gross margin this quarter hit 19.6%, which was a rebound back to historical levels.

所以我們這個季度的毛利率達到了19.6%，反彈回到了歷史水準。

So we quickly returned to those historical gross margins.

所以我們很快就回到了歷史毛利率。

If you remember, our 3Q margin was depressed due to the long-dated construction schedules and the implementation of several improvements that we had put in place.

如果您還記得的話，我們的第三季利潤率因長期的施工計劃和我們已實施的多項改進的實施而受到抑制。

And we see that same occurrence in 4Q.

我們在第四季也看到了同樣的情況。

As we think through our 1Q '25 guide, it really reflects a continuation in a period of transition to higher gross margins as we focus on achieving several significant milestones across some of our larger systems.

當我們仔細思考我們的 25 年第一季指南時，它確實反映了向更高毛利率過渡時期的延續，因為我們專注於在一些較大的系統中實現幾個重要的里程碑。

We continue to prioritize quality deployments.

我們繼續優先考慮高品質部署。

And then we're going to still be on a trajectory to continue to improve schedule and improve costs and expand those gross margins throughout year.

然後我們仍將繼續改善進度、降低成本並擴大全年毛利率。

Okay, helpful.

好的，有幫助。

And then if I could just ask one more question.

然後我能否再問一個問題。

.

。

I think you've spoken about increasing sales penetration in Europe.

我想您已經談到了提高歐洲銷售滲透率的問題。

Can you briefly touch on any updates that you have in that region?

能簡單介紹一下該地區的最新情況嗎？

And then this quarter announced an agreement in Mexico.

然後本季在墨西哥宣布了一項協議。

Would you say that relatively lower cost geographies could potentially be either Symbotic or GreenBox's customers?

您是否認為成本相對較低的地區可能是 Symbotic 或 GreenBox 的客戶？

Or was it more of a onetime opportunity with Walmex given your relationship with Walmart?

或者考慮到您與沃爾瑪的關係，這更像是與 Walmex 合作的機會嗎？

Yeah.

是的。

So we have, we have nothing new to report on Europe.

所以我們沒有關於歐洲的新消息要報告。

We continue to have discussions, but nothing new to report there.

我們繼續進行討論，但沒有什麼新的報道。

On Mexico and new geographies, certainly, it speaks highly of the relationship that we have with Walmart and the fact that they're happy with us.

當然，在墨西哥和新的地區，它高度評價了我們與沃爾瑪的關係以及他們對我們感到滿意的事實。

But in working with Walmart on understanding these new geographies, I think we're appreciating some of the value creation opportunities that we're creating in other markets other than just the US where supply chains are different, transportation is different, wage rates are different. but there are other things that we add value to.

但在與沃爾瑪合作了解這些新地區時，我認為我們正在欣賞我們在美國以外的其他市場創造的一些價值創造機會，這些市場的供應鏈不同，運輸不同，工資水平不同。但我們還可以為其他事情增加價值。

So I don't think Mexico is a one-off.

所以我不認為墨西哥是一次性的。

I don't think the South America, Central America are one-offs.

我不認為南美洲、中美洲是一次性的。

But right now, we have our first customer, and we're very excited.

但現在，我們有了第一個客戶，我們非常興奮。

Got it.

知道了。

Thank you so much.

太感謝了。

Jim Ricchiuti, Needham and Company.

吉姆·里基烏蒂（Jim Ricchiuti），李約瑟公司。

Hi.

你好。

Thank you.

謝謝。

I was wondering if we could just go back to the quarter and the revenue coming in above guidance.

我想知道我們是否可以回到該季度，收入高於指導值。

Maybe you could talk a little bit about what drove that and the follow-up on that is, we don't obviously have a lot of history with the company, but don't recall many instances where we've seen sequentially down revenues.

也許你可以談談是什麼推動了這一點，後續行動是，我們顯然與該公司沒有太多的歷史，但不記得我們看到收入連續下降的許多例子。

So maybe if you could just help us understand what drove the Q4 revenue performance?

那麼，您是否可以幫助我們了解推動第四季營收表現的因素？

And what's baked into the Q1 guidance?

第一季的指導意見包含哪些內容？

Thank you.

謝謝。

Yeah, so good evening Jim.

是的，晚上好，吉姆。

So our 4Q '24 operation performance resulted in the $577 million of revenue.

因此，我們 24 年第四季的營運表現帶來了 5.77 億美元的收入。

This was a really strong quarter driven by several factors.

這是一個由多個因素驅動的非常強勁的季度。

So we talked about significant progress being made on our 44 systems that are in deployment.

因此，我們談到了我們正在部署的 44 個系統正在取得的重大進展。

We completed four systems, which was a record, and we completed -- and we started nine systems, which was also a record for Symbotic.

我們完成了四個系統，這是一個記錄，我們完成了 - 我們啟動了九個系統，這也是 Symbotic 的記錄。

And the scheduled delays that we had in the third quarter that we talked about those elongated construction delays, they corrected faster than we had planned, which allowed us to complete additional milestones this quarter.

我們在第三季所計劃的延誤，我們談到了那些長期的施工延誤，它們的糾正速度比我們計劃的要快，這使我們能夠在本季度完成額外的里程碑。

And so as we think through the strong quarter, our fourth quarter tends to be very strong.

因此，當我們思考強勁的季度時，我們的第四季往往會非常強勁。

We pull in -- tends to be similar to fourth quarter last year, our year-end, we come in at a strong level.

我們的收入往往與去年第四季（即我們的年末）類似，我們的收入水準很高。

Our 1Q guide still reflects continued strong growth.

我們的第一季指南仍然反映出持續強勁的成長。

We're guiding to 40% year-over-year as we head into the first quarter.

進入第一季度，我們的目標是年增 40%。

Got it.

知道了。

And Rick, you, you alluded to some vision technology that you're adding.

瑞克，你，你提到了你正在添加的一些視覺技術。

I wonder if you could talk a little bit about the technology acquisition you made of the robotics, what it brings to you and just in general how you're viewing the the M&A environment if we could potentially see additional technology type acquisitions.

我想知道您是否可以談談您對機器人技術的收購，它為您帶來了什麼，以及如果我們有可能看到其他技術類型的收購，您通常如何看待併購環境。

Yeah.

是的。

So Veo is a very unique company that has some really valuable IP on safety and access which is very important because our robots move very quickly.

因此，Veo 是一家非常獨特的公司，在安全和存取方面擁有一些非常有價值的智慧財產權，這非常重要，因為我們的機器人移動速度非常快。

And so the opportunity at Veo was really unique, and we jumped on it right away, hired the whole company.

因此，Veo 的機會確實非常獨特，我們立即抓住了這個機會，聘請了整個公司。

They are working here now, great people.

他們現在在這裡工作，都是很棒的人。

So -- and I think we are going to find, even in the last quarter, we have a lot more inbound.

因此，我認為我們會發現，即使在上個季度，我們的入境人數也多得多。

We're very focused on being a good acquirer and building good relationships with these companies that we're acquiring.

我們非常注重成為優秀的收購者並與我們要收購的這些公司建立良好的關係。

The vision technology that we're employing allows for safety and a bunch of other things to be used in applications that typically aren't used in mobile robotics.

我們採用的視覺技術可以確保安全性，並在移動機器人通常不使用的應用中使用許多其他功能。

So we think there's lots of opportunities, and we continue to get inbound for new technologies.

因此，我們認為存在許多機會，我們將繼續尋求新技術。

Got it.

知道了。

Thank you.

謝謝。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Hey, good evening guys.

嘿，大家晚上好。

Hi, Ross.

嗨，羅斯。

Hey, The GreenBox is in Georgia announcement, maybe I missed it.

嘿，The GreenBox 在喬治亞州發布，也許我錯過了。

Was that with C&S wholesalers?

是 C&S 批發商嗎？

Or is that a new customer?

或者說這是一個新客戶？

So, the Green Box our first GreenBox facility that we're building, and we're developing the market now to get customers in there.

因此，Green Box 是我們正在建造的第一個 GreenBox 設施，我們現在正在開發市場以吸引客戶進入那裡。

So we're building this without an anchor customer right now, but it will take about two years before or 18 months before the building actually come live.

因此，我們現在在沒有固定客戶的情況下建造這個項目，但需要大約兩年或 18 個月的時間才能真正投入使用。

And so we're very actively recruiting customers, and we're very focused on a multi-tenant solution, which is where we think GreenBox really offers a lot of opportunity.

因此，我們非常積極地招募客戶，並且非常關注多租戶解決方案，我們認為 GreenBox 確實在這方面提供了許多機會。

And we've had a number of inbounds from both small and large CPG companies and other e-commerce companies.

我們收到了來自小型和大型消費品公司以及其他電子商務公司的大量入境資訊。

And so now that we have a building, we're very excited that we hopefully will be closing some deals on some customers in the next year or so.

現在我們有了一棟大樓，我們非常興奮，希望能夠在明年左右與一些客戶達成一些交易。

But it will take a while before the building is actually ready for deployment.

但該建築還需要一段時間才能真正準備好部署。

Yeah, I can imagine that's helpful.

是的，我可以想像這很有幫助。

I mean, how should we think about the financing of that?

我的意思是，我們該如何考慮融資？

Is it a CapEx or OpEx decision with you and SoftBank?

這是您和軟銀共同做出的資本支出或營運支出決定嗎？

And this is all to ask.

這就是所有要問的。

I mean, CapEx has started to tick up a little bit.

我的意思是，資本支出已經開始略有上升。

Is this late in the GreenBox?

綠色盒子裡已經太晚了嗎？

Or is it just more capacity expansion as you guys look to kind of double your ability to deliver in the next couple of years?

或者只是更多的產能擴張，因為你們希望在未來幾年內將交付能力提高一倍？

Yeah, it's both.

是的，兩者都是。

I mean there is there will be CapEx that will be spent on the getting the infrastructure and the Atlanta facility ready and we're also continuing to invest in New R&D here at Symbotic.

我的意思是，將會有資本支出用於基礎設施和亞特蘭大設施的準備，我們也將繼續投資 Symbotic 的新研發。

Perfect.

完美的。

Thank you guys.

謝謝你們。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Hey, thanks for taking the question you have will on for Mark Delaney.

嘿，感謝您向馬克·德萊尼提出問題。

And so for my for my first question, in fiscal '24, you guys have been targeting one or two new customers per year.

因此，對於我的第一個問題，在 24 財年，你們每年都會瞄準一兩個新客戶。

Is that for the right framework to think about for fiscal '25.

這是 25 財年考慮的正確框架嗎？

And just kind of on that, when you think about your go-to-market margin and expanding it to some of these new vertical geographies, do you need to expand your sales force as well?

就這一點而言，當您考慮進入市場的利潤並將其擴展到一些新的垂直地區時，您是否也需要擴大您的銷售團隊？

So I'lI was going to, I'll start and then Rick, you can talk to what we need to do to potentially expand our sales force.

所以我打算，我會開始，然後里克，你可以談談我們需要做什麼來擴大我們的銷售團隊。

So if I think about one to two customers per year, for 2024, our new customer of Southern Glazers, we accomplished that in the first quarter of the year, it seems like forever ago.

因此，如果我考慮每年一到兩個客戶，那麼到 2024 年，我們的新客戶 Southern Glazers 就在今年第一季實現了這一目標，這似乎已經是很久以前的事了。

And as we look forward to 2025, as we announced a few weeks ago, Walmex will be our first new customer in 2025 that will bring our customer set to 10.

當我們展望 2025 年時，正如我們幾週前宣布的那樣，Walmex 將成為我們 2025 年的第一個新客戶，這將使我們的客戶數量達到 10 個。

So I think we're still on that trajectory of one to two new customers per year.

所以我認為我們仍然處於每年一到兩個新客戶的軌道上。

We always want to make sure we're prioritizing the build-out of our $22 billion backlog with our existing customers and make sure that we're deploying and executing to the systems we have in our backlog as we create capacity going forward to identify additional new customers.

我們始終希望確保優先與現有客戶一起建立 220 億美元的積壓訂單，並確保我們在積壓訂單中的系統上進行部署和執行，同時我們還可以繼續創造能力來識別更多的客戶。

Rick, do you have anything?

瑞克，你有什麼東西嗎？

And we also made the decision this year that we will be expanding our sales force, and we're in the process of designing what that sales force would look like and how big it will be.

今年我們也決定擴大我們的銷售隊伍，我們正在設計銷售隊伍的外觀和規模。

But we will be expanding our sales force.

但我們將擴大我們的銷售團隊。

Okay.

好的。

Thank you for the color there.

謝謝你那裡的顏色。

And just for my follow up on the Walmex deal, I believe you said with two new systems.

對於我對 Walmex 交易的跟進，我相信你說的是兩個新系統。

Pardon me if I missed it, but how much of that adds to the backlog?

如果我錯過了，請原諒我，但是這會增加​​多少積壓？

And then on the pricing side, do those sites have preferential pricing similar to Walmart, given the relationship there?

然後在定價方面，考慮到與沃爾瑪的關係，這些網站是否有類似沃爾瑪的優惠定價？

Or is this somewhere or is it closer to the Southern Glazers?

或者這是在某個地方，還是離南格雷澤家族更近？

Thank you.

謝謝。

So, Walmart Mexico will add about $400 million to the backlog.

因此，沃爾瑪墨西哥公司的積壓訂單將增加約 4 億美元。

And again, we'll do that in first quarter.

再說一遍，我們將在第一季這樣做。

So that's for two sites.

這是兩個站點的情況。

So the two first sites that we have in Mexico are much larger than what we have seen in what we've deployed so far, and they're also greenfield sites.

因此，我們在墨西哥的首批兩個站點比我們迄今為止部署的站點要大得多，而且它們也是新建站點。

And so the time line in terms of when you actually see revenue contributing for Symbotic will be a little bit different time frame.

因此，當您實際看到 Symbotic 的收入貢獻時，時間軸將略有不同。

But the sites are large.

但網站很大。

We're excited that they are greenfield because it also shows that we have the capability to not only do a brownfield site, but it is a greenfield.

我們很高興它們是綠地，因為這也表明我們不僅有能力建造棕地，而且它是綠地。

Walmart Mexico is not part of the existing contract geometry.

沃爾瑪墨西哥不屬於現有合約幾何的一部分。

And so that's why it's a new customer and a new opportunity for us going forward.

這就是為什麼它是我們的新客戶，也是我們前進的新機會。

We believe that Walmart has clear ambitions to deploy further than the two, but we're excited to get started on the first two.

我們相信沃爾瑪有明確的雄心，要在這兩者之上進行更進一步的部署，但我們很高興能夠開始前兩者。

Thank you.

謝謝。

Ken Newman, Keyban Capital markets.

肯紐曼，Keyban 資本市場。

Hey, thanks.

嘿，謝謝。

Good evening guys.

晚上好，夥計們。

Maybe just to start on the OpEx side.

也許只是從營運支出開始。

Carol, I'm sorry if I missed it but can you just give a little bit more color on sizing the OpEx increases in 1Q?

卡羅爾，如果我錯過了，我很抱歉，但您能否就第一季營運支出成長的規模提供更多資訊？

Just relative to the tech innovations versus maybe some of the EPC in-sourcing initiatives you highlighted last quarter.

只是相對於技術創新與您上季度強調的一些 EPC 內包計劃。

Just to clarify, is the in-sourcing done?

只是想澄清一下，內包完成了嗎？

Or just how far are we into it before that's all settled?

或者說，在一切塵埃落定之前，我們到底走了多遠？

Yeah, So I'll start on the EPC.

是的，所以我將從 EPC 開始。

So EPC is not going see increases in our OpEx because that actually flows through our cost of goods sold.

因此，EPC 的營運支出不會增加，因為這實際上會流向我們的銷售成本。

So by bringing in the EPC, that is contractual that is part of our build-out of our system.

因此，透過引入 EPC，這是我們系統建構的一部分的合約。

So that's not what you're seeing going in terms of the OpEx.

因此，這並不是您所看到的營運支出的情況。

Just to pull on that thread a little bit, as a reminder, we will have a phased transition for bringing the EPC back in-house.

提醒一下，我們將分階段進行過渡，將 EPC 重新納入內部。

And so we continue to phase out our prior and Symbotic is taking over incrementally several sites.

因此，我們繼續逐步淘汰先前的產品，Symbotic 正在逐步接管多個站點。

We have begun the resourcing and hiring associated with the sites that we are taking over.

我們已經開始與我們正在接管的站點相關的資源和招聘。

So that work is going well, and we will continue to identify both schedule and cost improvements associated with bringing that in-house.

因此，這項工作進展順利，我們將繼續確定與內部引進相關的進度和成本改進。

From the OpEx perspective, what you're seeing tick up in 1Q '25 is primarily around R&D and then additional SG&A as we continue to scale.

從營運支出的角度來看，您在 25 年第一季看到的成長主要是圍繞研發，然後是隨著我們繼續擴大規模而增加的銷售、管理和管理費用。

And Rick highlighted a couple of things in the overall script just related to we're going to continue to focus on bringing innovation, and that's really what you're seeing in our tick-up in OpEx in 1Q.

Rick 在整個腳本中強調了一些與我們將繼續專注於創新相關的事情，這正是您在第一季營運支出成長中所看到的。

Okay.

好的。

That's, that's helpful and maybe just thinking about the growth margin line.

也就是說，這很有幫助，也許只是考慮成長利潤線。

Obviously, I think you're highlighting expectations for that to be stable, 4Q to 1Q.

顯然，我認為您強調了對第四季到第一季穩定的預期。

I know steel prices have been a larger portion of your cost, and we've seen that rebound here since the end of September.

我知道鋼材價格在成本中所佔比例較大，而且自 9 月底以來我們已經看到鋼材價格反彈。

Obviously, there's some debate on just how much higher that could go just given the tariff situation.

顯然，考慮到關稅情況，關稅可能會上漲多少存在一些爭論。

Just curious, what are you embedding from a nominal gross margin impact from higher steel costs in 1Q?

只是好奇，第一季鋼鐵成本上漲對名目毛利率的影響意味著什麼？

And any early thoughts you have on what margins could be -- how they could be impacted from tariffs?

您對利潤率可能有什麼早期想法 - 它們如何受到關稅的影響？

So the majority of our contracts on steel have pass-through clauses.

因此，我們大多數的鋼鐵合約都有轉嫁條款。

And so what we've focused on is making sure that we're identifying a shorter return once we're on contract going and turning on our steel contracts so that we don't have any pricing issues.

因此，我們的重點是確保一旦我們簽訂合約並履行我們的鋼鐵合同，我們就能確定較短的回報，這樣我們就不會遇到任何定價問題。

So we're maximizing that pricing power.

因此，我們正在最大化定價能力。

And taking advantage of the fact that we've got pass-through clauses in our contracts, and that will continue.

並利用我們合約中的轉嫁條款這一事實，這種情況將繼續下去。

So that will give us protection around steel in the event that there are tariffs and higher prices need to go worry about.

因此，如果需要擔心關稅和價格上漲，這將為我們提供鋼鐵方面的保障。

So just to clarify though there, I mean, gross profit dollars are protected, correct, but nominally margins could be impacted.

因此，為了澄清這一點，我的意思是，毛利受到保護，這是正確的，但名義上的利潤率可能會受到影響。

Is that the right way to think about it?

這是正確的思考方式嗎？

Correct.

正確的。

Yeah, correct.

是的，正確。

Think about it that way.

這麼想吧。

Damian Karas of UBS.

瑞銀集團的達米安·卡拉斯。

Hey, good evening everyone.

嘿，大家晚上好。

So obviously, it seems like a fair amount has changed since you guys reported some 3.5 months ago or so, last time around.

很明顯，自從你們上次大約 3.5 個月前報告以來，似乎已經發生了相當大的變化。

There's been the removal of some uncertainties out there for investors and the market and the economy just thinking about kind of some of the uncertainty around the US election.

對於投資者、市場和經濟來說，一些不確定性已經消除，只是考慮到美國大選的一些不確定性。

And obviously, kind of we're moving forward in this said rate cutting cycle.

顯然，我們正在這個降息週期中向前推進。

Just curious if that's changed or helped advance any of your conversations with customers at all or not really just yet and it's kind of still slow and steady on thinking about some of the expansion opportunities with newer customers.

只是好奇這種情況是否已經改變或有助於推進您與客戶的任何對話，或者還沒有真正改變，並且在考慮與新客戶的一些擴展機會時仍然緩慢而穩定。

Yeah, I think we always look at the macroeconomic trends, and I fall back on one of the advantages or several of the advantages of our system revolve around the benefits in terms and the return that for a customer in going ahead and making the CapEx commitment, the returns around labor, the returns around availability of resources inventory reduction.

是的，我認為我們總是關注宏觀經濟趨勢，我依靠我們系統的一個或多個優勢，圍繞著客戶在繼續進行資本支出承諾時所帶來的好處和回報，圍繞勞動力的回報，圍繞著可用資源庫存減少的回報。

All of that will continue as we go into any macro uncertainty in the environment.

當我們遇到環境中的任何宏觀不確定性時，所有這些都將繼續下去。

Okay.

好的。

Understood.

明白了。

And then a follow up question on Walmex.

然後是關於 Walmex 的後續問題。

So beyond the two DCs that you spoke to, what's a good way to think about the potential timing of winning further opportunities with Walmex beyond those two sites and how that potentially plays out over time?

因此，除了您採訪的兩個DC 之外，還有什麼好方法可以考慮與Walmex 在這兩個站點之外贏得更多機會的潛在時機以及隨著時間的推移，這種機會可能會如何發揮作用？

So, how we're thinking about Walmex, we're excited to start with that customer, and we're going to focus on the two deployments that we have in front of us.

因此，我們如何看待 Walmex，我們很高興能與該客戶合作，並且我們將重點放在我們面前的兩個部署。

There is an opportunity.

有一個機會。

There are several thousand stores across Mexico for Walmart.

沃爾瑪在墨西哥有數千家商店。

So we do believe there is expanding opportunities there.

因此，我們確實相信那裡存在著不斷擴大的機會。

But first and foremost, we have to perform on the existing sites that we have just contracted for, and that's what's going to be our both.

但首先也是最重要的是，我們必須在我們剛剛簽約的現有場地上表演，而這將是我們雙方的工作。

Thanks very much.

非常感謝。

Matt Summerville, D A Davidson.

馬特·薩默維爾，D·A·戴維森。

Thanks.

謝謝。

Carol, in your prepared remarks, you mentioned 44 systems ongoing, a record for completed a record nine started.

卡羅爾，在您準備好的發言中，您提到了 44 個系統正在進行中，創紀錄地完成了創紀錄的 9 個系統啟動。

How should we think about those metrics, those KPIs, if you will, how they move over the course of '25.

我們應該如何考慮這些指標、那些關鍵績效指標（KPI），如果你願意的話，它們在 25 年的過程中如何改變。

I mean, the jump from 39 as an example, to 44 ongoing deployments.

我的意思是，從 39 個範例躍升至 44 個正在進行的部署。

I think that's the biggest jump or equal to the biggest jump, obviously, off of a larger jumping off point.

我認為這是最大的跳躍或等於最大的跳躍，顯然，是從更大的跳躍點開始的。

But just help me understand how I should think about those three KPIs evolving over the course of the year?

但請幫助我了解我應該如何看待這三個 KPI 在一年中不斷變化的情況？

And then I have a follow-up.

然後我有一個後續行動。

Yeah, thanks Matt.

是的，謝謝馬特。

So certainly the jump from 39 to 44 in deployment is our biggest one we've seen, and that is driven by the fact that this quarter, we started nine new projects, which is a record for us.

因此，部署數量從 39 個躍升到 44 個肯定是我們所見過的最大的一次，這是因為本季度我們啟動了 9 個新項目，這對我們來說是一個記錄。

And I think we've talked about before that we're not going to see a level of nine every single quarter.

我想我們之前已經討論過，我們不會每個季度都看到九級的水平。

The considerations around starting a project are a collaboration between ourselves and our customers.

啟動專案的考慮因素是我們與客戶之間的合​​作。

We've got to be ready to start as well as they have to be ready to start.

我們必須準備好開始，他們也必須準備好開始。

I think what we saw this quarter is the four completes.

我認為本季我們看到的是四個完成。

So that's also the highest number we've seen.

這也是我們見過的最高數字。

We've been ticking up from two per quarter to three per quarter, and now we hit four.

我們已經從每季兩個增加到每季三個，現在我們達到了四個。

I think you're going to see that continue in that neighborhood of four.

我想你會看到這種情況在那個四人社區繼續下去。

And then we've got a lot in progress.

然後我們已經取得了很多進展。

And the more we focus on making sure we're adhering to schedule, I think you're going to see that consistent throughout the year.

我們越注重確保遵守時間表，我想你會看到全年的情況都是一致的。

We don't guide on number of new starts, which I think we've talked about before. nine is an unusual amount for the quarter.

我們不會對新啟動的數量進行指導，我想我們之前已經討論過這一點。九對於本季來說是一個不尋常的數字。

A lot of things pulled together for us to be able to start nine, the confidence from our customer as well as we were ready to start.

許多事情齊心協力，讓我們能夠啟動九號，客戶的信心以及我們已經準備好啟動。

So I think if you think about 2025 from an annual perspective, you'll see additional starts than what we had in 2024, but it's certainly not going to be nine every quarter.

因此，我認為，如果您從年度角度考慮 2025 年，您會看到比 2024 年更多的開工，但肯定不會每個季度都是 9 個。

Got it, appreciate that and then maybe just a little color on, you know, Rick, you mentioned the remote bot capability as part of your prepared remarks, can you help me understand how that drives more efficiency or, or more transactions per hour, whatever the right metric is.

明白了，欣賞這一點，然後可能只是一點點色彩，你知道，Rick，你在準備好的發言中提到了遠端機器人功能，你能幫助我了解這如何提高效率或每小時更多交易嗎？正確的指標是什麼。

And then can you also comment on where you're at with your non ambient system development?

那麼您能否評論一下您在非環境系統開發方面的進展？

Thank you.

謝謝。

Yeah.

是的。

So the vision vision really helps us with the reliability of the robots.

因此，視覺視覺確實有助於我們提高機器人的可靠性。

So the packaging that we deal with, one of the reasons that what we do is difficult is leads pop open, there's dust, bottles leak.

所以我們處理的包裝，我們做的困難的原因之一是引線突然打開，有灰塵，瓶子洩漏。

And so in the past, when we started on this journey, our robots had sensors, but essentially they were blind.

所以在過去，當我們開始這段旅程時，我們的機器人有感測器，但本質上它們是盲目的。

So now what's happening is that the robot actually sees where there's a problem, can communicate with the operator.

現在發生的情況是，機器人實際上看到了哪裡有問題，可以與操作員溝通。

And so there's a process of machine learning where we actually teach the robot how to handle these situations.

因此，有一個機器學習的過程，我們實際上教導機器人如何處理這些情況。

And we can actually run these robots now remotely from anywhere in the world.

我們現在實際上可以從世界任何地方遠端運行這些機器人。

And so that has made the systems more reliable and it's given the customers a lot more confidence on our ability to scale and to do bigger systems.

因此，這使得系統更加可靠，並使客戶對我們擴展和建立更大系統的能力更有信心。

So that's the real value of vision.

這就是願景的真正價值。

And the vision is complicated because these are not controlled environments.

而且願景很複雜，因為這些不是受控環境。

It's not like a fab plan.

這不像是一個美妙的計劃。

I mean the humidity changes, there's dust, there's different products, they leak.

我的意思是濕度變化，有灰塵，有不同的產品，它們會洩漏。

So the ability to see and to use the vision and to teach the bot how to do better is very, very important to us.

因此，觀察和使用視覺以及教導機器人如何做得更好的能力對我們來說非常非常重要。

And it's been a long journey, but we made huge progress there.

這是一個漫長的旅程，但我們取得了巨大的進展。

As far as non-EMV at work, we continue to get discussions with our customers.

至於工作中的非 EMV，我們將繼續與客戶進行討論。

We're continuing to work on that as part of our R&D backlog, but nothing new to report on that at this time.

作為研發積壓工作的一部分，我們正在繼續進行這方面的工作，但目前沒有任何新的報告。

Got it.

知道了。

Thanks guys.

謝謝你們。

Derek Soderberg, Cancer, Fitzgerald.

德里克·索德伯格，巨蟹座，菲茨傑拉德。

Yeah, hi, everyone.

是的，大家好。

Just another question on Walmex.

關於 Walmex 的另一個問題。

Carol, you mentioned that Walmex, you think has ambitions to go beyond those two facilities.

卡羅爾，您提到 Walmex 有雄心壯志超越這兩個設施。

I think Walmex has something like 40 or 50 distribution centers.

我認為 Walmex 有大約 40 或 50 個配送中心。

I'm wondering if you can quantify that opportunity, should Walmex sort of roll out Symbotic's across their distribution network as they have plans for Walmart US.

我想知道你是否可以量化這個機會，Walmex 是否應該在其分銷網絡中推出 Symbotic，因為他們有針對 Walmart US 的計劃。

What does that opportunity look like?

這個機會是什麼樣的？

Yeah, We don't want to get ahead of our customer.

是的，我們不想領先我們的客戶。

And again, we're excited to start with the first two, and we want to prove that out.

再說一遍，我們很高興能從前兩個開始，並且我們想證明這一點。

As we look at the overall contribution across Mexico, Central America, South America in terms of the opportunity that's out there.

當我們審視墨西哥、中美洲、南美洲的整體貢獻時，發現了那裡的機會。

That has never been contemplated in our TAM or our SAM.

我們的 TAM 或 SAM 中從未考慮過這一點。

And so we think there's billions of opportunity in that space.

因此，我們認為該領域存在數十億的機會。

I certainly wouldn't attribute all of that to Walmart, certainly not all of Walmex.

我當然不會把這一切都歸功於沃爾瑪，當然也不會全部歸功於沃爾瑪。

We have not quantified what the total amount is.

我們還沒有量化總金額是多少。

I think you're right to think about it in terms of -- they have a number of distribution centers servicing thousands of stores, and we hope that we're part of that opportunity.

我認為你的思考是正確的——他們有許多配送中心，為數千家商店提供服務，我們希望我們能成為這個機會的一部分。

Got it that's helpful.

明白了，很有幫助。

And then Rick, as my follow up just around Green Box, I'm wondering if you could talk a bit more about the Georgia facility.

然後，里克，作為我對綠盒的後續行動，我想知道你是否可以多談談喬治亞州的設施。

I'm wondering if that facility, is the point of that profit center or a center to sort of prove as a proof of concept for the market?

我想知道該設施是否是利潤中心或作為市場概念證明的中心的重點？

And then just taking a step back, the green box agreement that you have with SoftBank, I think they committed to $11 billion in orders by 2029.

然後退一步，你與軟銀簽訂的綠盒協議，我認為他們承諾到 2029 年訂購 110 億美元的訂單。

Otherwise, they have to pay you.

否則，他們必須付錢給你。

Is that still generally the framework of that agreement?

這仍然是該協議的總體框架嗎？

And do you think you're tracking well along to sort of hit that agreement?

您認為您在達成該協議方面進展順利嗎？

Thanks.

謝謝。

Yeah.

是的。

So honestly the first question.

老實說，第一個問題。

Atlanta is one of those places where there's always opportunity to fill up a distribution center.

亞特蘭大是配送中心總有機會填滿的地方之一。

So Atlanta was almost from day one, the site that we wanted to go first.

所以亞特蘭大幾乎從第一天起就是我們想要首先去的地方。

We got a good facility.

我們有一個很好的設施。

It's over 1 million square feet.

面積超過100萬平方英尺。

A lot of potential customers there.

那裡有很多潛在客戶。

So Atlanta is -- will be a multi-tenant facility.

所以亞特蘭大將是一個多租戶設施。

And in some cases, what we're having discussions with people now is some people might say, well, instead of buying a whole system, maybe I just want to run 100,000 cases a week through your system, and it's a good test pilot.

在某些情況下，我們現在與人們討論的是，有些人可能會說，好吧，與其購買整個系統，也許我只想通過您的系統每週運行100,000 個案例，這是一個很好的測試試點。

So we think Atlanta will be very successful and will create a lot of growth opportunities.

因此，我們認為亞特蘭大將會非常成功，並將創造許多成長機會。

And some of the customers have already said, well, if we like Atlanta, where else are you going to go?

一些客戶已經說過，好吧，如果我們喜歡亞特蘭大，那麼您還打算去哪裡？

So we feel good about the ability to build out multiple systems.

因此，我們對建構多個系統的能力感到滿意。

And to your second question, nothing has changed between the relationship between SoftBank and Symbotic, the way we've done this partnership with GreenBox, and we're very excited about where we are.

關於你的第二個問題，軟銀和 Symbotic 之間的關係以及我們與 GreenBox 建立合作關係的方式沒有任何改變，我們對目前的情況感到非常興奮。

Got it.

知道了。

Really appreciate it.

真的很感激。

Thanks.

謝謝。

Michael Anastasiou, TD Cohen.

邁克爾·阿納斯塔西烏，TD·科恩。

Hey, good morning guys.

嘿，早上好，夥計們。

How are you doing?

你好嗎？

Great.

偉大的。

So yes, I just wanted to dive a little bit deeper into the GreenBox announcement I think like initial headlines said it was about $150 million or so for a 1 million square foot facility.

所以，是的，我只是想更深入地了解 GreenBox 的公告，我認為就像最初的頭條新聞所說，對於一個 100 萬平方英尺的設施來說，它的成本約為 1.5 億美元左右。

So how does that -- how should we be thinking about that from a sizing of Symbotic content perspective?

那麼，我們該如何從符號內容大小的角度來思考這個問題呢？

And then just looking at like the revenue margin opportunity for green box, how does that compare to pure Symbotic customer sites?

然後看看綠盒的營收利潤率機會，與純 Symbotic 客戶網站相比如何？

Thank you.

謝謝。

So, I'll start with that one and then Rick pile on top, if you like.

所以，如果你願意的話，我將從那個開始，然後瑞克（Rick）堆在上面。

So the GreenBox Atlanta announcement or Georgia announcement that I believe you're referring to at $150 million, the press release that was out there.

因此，我相信您指的是亞特蘭大 GreenBox 公告或喬治亞州公告，金額為 1.5 億美元，即當時發布的新聞稿。

Think about that as the entire warehouse and facility.

將其視為整個倉庫和設施。

So a GreenBox site similar to where we go in and build a system in with our other customers has a whole lot of other infrastructure associated with it, of which Symbotic a piece of it.

因此，類似於我們與其他客戶一起建立系統的 GreenBox 網站有很多與之相關的其他基礎設施，其中 Symbotic 是其中的一部分。

So you could consider Symbotic system similar to what our average modified has been on our contracts that we've gotten flow right now for our Symbotic system.

因此，您可以考慮符號系統，類似於我們對合約的平均修改，我們現在已經為我們的符號系統獲得了流量。

So it's no different.

所以這沒什麼不同。

But that number that you saw that was out there includes more than just the Symbotic piece of it.

但你看到的數字不僅僅包括符號部分。

That's where the overall -- how GreenBox will operate that warehouse.

這就是 GreenBox 將如何運作該倉庫的整體情況。

In terms of GreenBox revenue and margin opportunity, and so our systems that we are selling into GreenBox are a Symbotic system.

就 GreenBox 收入和利潤機會而言，我們向 GreenBox 銷售的系統是一個符號系統。

And so they're similar in revenue and gross margin like we are selling to our other customers.

因此，它們的收入和毛利率與我們向其他客戶銷售的產品相似。

And so it's our portion of that, then we are a 35% JV partner in that, and some of that comes back to Symbotic.

所以這是我們的一部分，然後我們是這方面 35% 的合資夥伴，其中一些回到了 Symbotic。

Thank you.

謝謝。

Rob Mason, Baird.

羅布梅森，貝爾德。

Yeah, good afternoon.

是的，下午好。

Carol, I wanted to just circle back to gross margin.

卡羅爾，我想回到毛利率。

Your expectation for the first quarter sounds similar to the fourth quarter in that regard.

在這方面，您對第一季的預期聽起來與第四季相似。

But how should we be thinking in fiscal '25, the ability to scale that from that level?

但在 25 財年，我們該如何思考從這個水準擴大規模的能力？

Have you worked through some of the issues that you talked about last quarter that were pulling gross margin lower?

您是否解決了上個季度談到的導致毛利率下降的一些問題？

Just where we are on that in terms of the progression.

就進展而言，我們目前所處的位置。

Yeah, thanks for the question, Rob.

是的，謝謝你的提問，羅布。

So we've worked through several of the issues that depressed our 3Q margin to lower than historical levels.

因此，我們已經解決了導致第三季利潤率低於歷史水準的幾個問題。

So I'd say what we've rebounded in the fourth quarter is a level we will likely see as we head into the first half of next year.

因此，我想說，我們在第四季的反彈是我們進入明年上半年時可能會看到的水平。

What we'll continue to focus on are what are those opportunities to improve as we look at the back half of 2025 and then into 2026.

展望 2025 年下半年和 2026 年，我們將持續關注哪些改善機會。

We recognize we're not at the gross margin we want to be.

我們認識到我們的毛利率並未達到我們想要的水平。

So we're focused on what can we do to improve schedule, which we've talked about in the past.

因此，我們專注於如何改進日程安排，我們過去已經討論過這一點。

The faster we can complete, the more we can save from a cost perspective, and we're continuing to look at ways that we maximize our cost performance as we're building a system.

我們完成的速度越快，從成本角度來看就能節省越多，並且我們在建置系統時將繼續尋找最大化成本效益的方法。

Very good.

非常好。

And then next question is just maybe this is for Rick, I noticed during the quarter, you added a new leader with the title Around Transformation Initiatives.

然後下一個問題可能是針對 Rick 的，我注意到在本季度，您新增了一位名為「圍繞轉型計劃」的新領導者。

And I'm just, you know, to the extent you can speak to that role, what you expect that person to bring to Symbotic.

我只是，你知道，在你可以談論這個角色的範圍內，你期望那個人為 Symbotic 帶來什麼。

Yeah.

是的。

So we've added quite a few new leaders.

所以我們增加了很多新的領導者。

But I think who you're talking about is a leader who we expect to be able to help us develop new products faster and is a champion for our R&D efforts.

但我認為你所說的是誰是一位領導者，我們希望他能夠幫助我們更快地開發新產品，並且是我們研發工作的擁護者。

So not necessarily the R&D doing the R&D work, but actually helping us focus on which R&D projects would be the most valuable to our customers.

因此，研發部門不一定負責研發工作，而是實際上幫助我們專注於哪些研發項目對我們的客戶最有價值。

Very good.

非常好。

Thank you.

謝謝。

Greg Palm, Craig Harlem.

格雷格·帕姆，克雷格·哈萊姆。

Yeah, thanks.

是的，謝謝。

I wanted to follow up on the Walmex, if I could, first.

如果可以的話，我想先跟進 Walmex。

I think what struck me as maybe most surprising as your first international win was in Mexico, a lower cost sort of labor wage region, which I guess kind of begs the question of what does that mean for your broader TAM?

我認為最令我驚訝的可能是你們的第一個國際勝利是在墨西哥，一個勞動力工資成本較低的地區，我想這迴避了一個問題：這對你們更廣泛的 TAM 意味著什麼？

And I'm thinking, broadly speaking, Asia, for instance, does this maybe increase the TAM potential in terms of opportunities of deploying Symbotic in regions maybe you thought weren't maybe at an appetite that you saw previously?

我在想，從廣義上講，例如亞洲，這是否可能會增加 TAM 在您之前認為沒有興趣的地區部署 Symbotic 的機會？

Yeah.

是的。

Thanks for the question, Greg.

謝謝你的提問，格雷格。

Yeah, we're really excited about this particular one.

是的，我們對這個特別的項目感到非常興奮。

It does emphasize the ROI even in those lower-cost geographies.

即使在那些成本較低的地區，它也確實強調了投資報酬率。

And so Rick alluded to it on an earlier question, it emphasizes sites in lower-cost geographies are also valuing the inventory improvement, the transportation costs and just the overall quality of what we are able to deploy.

因此，里克在先前的問題中提到了這一點，它強調低成本地區的站點也重視庫存改善、運輸成本以及我們能夠部署的整體品質。

So we do think that opens up the geography and really gives another proof point that the system provides the ROI even in a low-cost geography.

因此，我們確實認為這打開了地理範圍，並真正提供了另一個證據，證明該系統即使在低成本地區也能提供投資回報率。

In some ways, what is so interesting and reassuring for us is, in some ways, the US is the hardest market because it really has one of the best supply chains in the world.

在某些方面，對我們來說如此有趣和令人放心的是，在某些方面，美國是最困難的市場，因為它確實擁有世界上最好的供應鏈之一。

But when you get to some other markets where the supply chains really are not very sophisticated there's lots of opportunity to take inventory out, probably in labor in terms of inefficient labor and transportation in terms of getting all the right products in the right place at the right time.

但是，當你進入供應鏈確實不是很複雜的其他市場時，就有很多機會去庫存，可能是在勞動力效率低下和運輸方面，因為將所有正確的產品放在正確的地方。

So we're very excited, and we continue to learn about the opportunities that there are in these markets.

所以我們非常興奮，我們將繼續了解這些市場中存在的機會。

Got it.

知道了。

That makes sense.

這是有道理的。

And then I guess my other question on gross margin, maybe it's a two-parter.

然後我想我的另一個關於毛利率的問題，也許是兩個部分。

You had a restructuring charge in the quarter, I think, of $775,000.

我認為該季度的重組費用為 775,000 美元。

Where was that?

那是哪裡？

What segment was that in?

那是在哪一段？

And you alluded to operation services.

您提到了營運服務。

By my math, I think that was almost like a 100 basis point drag on total gross margin.

根據我的計算，我認為這幾乎相當於總毛利率下降了 100 個基點。

So I don't know if the restructuring was in there as well.

所以我不知道重組是否也在其中。

But like broadly speaking, as you look to Q1, especially in operation services, I think you said it may be rebounds a little bit, but can you just go in a little bit more detail exactly what happened in the quarter there?

但從廣義上講，當你看第一季度，特別是在營運服務方面，我認為你說可能會出現一點反彈，但你能否更詳細地介紹一下該季度到底發生了什麼？

Yeah.

是的。

So the restructuring charge was actually a benefit.

所以重組費用其實是一種好處。

And so what you're seeing there is the restructuring that we did around inventory two quarters ago, and we had obsolete inventory.

所以你看到的是我們兩個季度前圍繞庫存進行的重組，我們有過時的庫存。

We are working to go sell some of that inventory, and we had a pickup associated with the settling of that.

我們正在努力出售部分庫存，我們有一個與結算相關的提貨。

And so that's what that $800,000 roughly was sitting in the restructuring charge.

這就是大約 80 萬美元的重組費用。

It was actually a benefit.

這實際上是一個好處。

From an operations services perspective, we did have a significant drop in terms of the margin on that.

從營運服務的角度來看，我們的利潤率確實大幅下降。

What we saw this quarter is we added resources at a couple of sites where we have some large projects in deployment, and we expect that run rate going forward will improve over time.

本季我們看到的是，我們在幾個站點添加了資源，這些站點正在部署一些大型項目，我們預計未來的運行率將隨著時間的推移而提高。

We don't expect to see that negative run rate.

我們預計不會出現負運行率。

We had a few sites where we provided additional resources to ensure our projects were moving forward.

我們在一些站點上提供了額外的資源，以確保我們的專案取得進展。

Okay.

好的。

Thanks for that clarification.

感謝您的澄清。

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂摩爾 (Mike Latimore)，北國資本市場。

Alright, great, thanks very much.

好的，太好了，非常感謝。

Yeah, in terms of cash flow from operations, how should we think about that over the course of the year?

是的，就營運現金流而言，我們應該如何考慮這一年的情況？

Should that maybe as a percent of EBITDA?

這應該是 EBITDA 的百分比嗎？

So we really don't have any change to our fundamentals of our working capital.

因此，我們的營運資金基本面確實沒有任何改變。

Our cash inflows continue to be front-loaded.

我們的現金流入繼續處於前期狀態。

What you saw in our cash for this quarter was really focused on timing of receipts.

您在本季的現金中看到的真正重點是收款時間。

And we expect that to rebound as we head into 2025.

我們預計，隨著 2025 年的到來，這種情況將會反彈。

Got it.

知道了。

Great.

偉大的。

And then on the basically on the EPC investments, I guess you're hiring basically project managers there.

然後，基本上就 EPC 投資而言，我猜你們基本上是在那裡招募專案經理。

Can you just maybe tell us how many project managers you've hired?

您能告訴我們您僱用了多少位專案經理嗎？

How many you expect to hire over the course of the year?

您預計一年內僱用多少人？

Yeah, so II I won't quantify the, the number of people, but we have hired the resources for the first, you know, five to seven sites where we're ready to go deploy.

是的，所以我不會量化人數，但我們已經為第一批，你知道的，五到七個站點僱用了資源，我們準備好部署。

We've got program managers in place as well as a couple of the other resources for each of those sites.

我們為每個站點配備了專案經理以及一些其他資源。

And we're, we're moving forward and taking that work on as we indicated last quarter.

我們正在向前推進並繼續進行這項工作，正如我們上季度所表明的那樣。

I got it.

我得到了它。

Okay, thanks very much.

好的，非常感謝。

[Hardwick, Freedom Capital Markets].

[哈德威克，自由資本市場]。

Hi, good evening.

嗨，晚上好。

Carol, I just wanted to understand your comments on the backlog a little bit.

卡羅爾，我只是想了解您對積壓工作的評論。

I think you said the backlog was stable.

我想你說積壓是穩定的。

I assume you're talking sequentially there, even though there was over $500 million of revenue burn from the excellent quarter you had in systems revenue.

我假設您是按順序談論的，儘管您在系統收入方面表現出色的季度導致了超過 5 億美元的收入消耗。

So can you kind of explain a little bit more what happened?

那你能稍微解釋一下發生了什麼事嗎？

I think you said something about rig contracts being revised upwards.

我想你說過有關鑽機合約向上修改的事情。

I mean to borrow a phrase from another industry, it sounds like there's some sort of plus ups there.

我的意思是藉用另一個產業的一句話，聽起來好像有某種優勢。

Can you explain that a little bit further, please?

能進一步解釋一下嗎？

Yeah.

是的。

So you've got it.

所以你已經明白了。

It's that simple.

就是這麼簡單。

So last quarter, we were at $22.8 million from backlog, and now we're at $22.4 million.

上個季度，我們的積壓金額為 2,280 萬美元，現在為 2,240 萬美元。

And you're going to see our backlog adjust as we continue to deploy systems.

隨著我們繼續部署系統，您將看到我們的積壓工作不斷調整。

And so that reflects the revenue of $575 million for this quarter or $577 million.

因此，這反映了本季 5.75 億美元的收入或 5.77 億美元。

And then every time we sign an individual project, there are pluses and minuses, puts and takes around what our final configuration might look for that particular project.

然後，每次我們簽署單獨的項目時，都會有優點和缺點，以及我們的最終配置可能會針對該特定項目尋找的內容。

And so that's what you're seeing as the offsets to the reduction from revenue this quarter.

這就是您所看到的本季收入減少的抵消。

But there were no other specific customers additive to the backlog in this quarter.

但本季沒有其他特定客戶增加積壓訂單。

So the nine new projects that we all came from backlog.

所以我們的九個新專案都是來自積壓的專案。

And I just was trying to reconcile your -- what you said about systems in the 44 systems at the end of the year, what you said about completions and starts going forward.

我只是試圖協調您關於年底 44 個系統中的系統的說法，以及您關於完成情況和開始進展的說法。

I'm just kind of struggling to, it seems like your revenue guidance is quite conservative given what you said about where you are at the year-end and where you should be in terms of potentially further completions and starts throughout the year.

我只是有點掙扎，考慮到你所說的年底的情況以及全年可能進一步完成和開始的情況，你的收入指導似乎相當保守。

So it looks like Q1 guidance implies that you have quite a big step down in revenue per average system, whether you look on just the systems deployed at the end of the year in deployment at the end of the year or taking the average of the last eight quarters.

因此，第一季的指導似乎意味著每個系統的平均收入有相當大的下降，無論您只查看年底部署的系統還是採用去年的平均值八個季度。

Is there a particular reason why that should be the case that revenue steps down on an average system in deployment per basis?

平均係統的每次部署收入會下降，是否有特殊原因？

So, our 1Q guide reflects strong year-over-year growth.

因此，我們的第一季指南反映了強勁的同比增長。

And what you're seeing is fourth quarter was a unique quarter in which we had the highest number of starts that we've seen as well as the highest number of completes and really achievement of significant milestones in this quarter.

您所看到的是，第四季度是一個獨特的季度，我們在本季度中擁有最高的啟動數量以及最高的完成數量和真正實現的重要里程碑。

So our revenue in an individual quarter is more driven by the amount of systems that we have in deployment at a time and just the nature of the timing of the milestones and where they're at in their life cycle.

因此，我們每季的收入更取決於我們一次部署的系統數量以及里程碑時間的性質以及它們在生命週期中的位置。

And so as we look forward to 1Q, and we've looked at what we have out in front of us in terms of what's in deployment, that's what our guide reflects.

因此，當我們期待第一季時，我們已經了解了我們面前的部署內容，這就是我們的指南所反映的內容。

Okay.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

I would now like to turn the conference back to Charlie Anderson for closing remarks, sir.

先生，我現在想請查理·安德森（Charlie Anderson）致閉幕詞。

Yeah, thank.

是的，謝謝。

Thank you.

謝謝。

And we appreciate everybody for joining our call tonight and your interest in Symbotic.

我們感謝大家今晚加入我們的電話會議以及您對 Symbotic 的興趣。

And we look forward to seeing many of you during the quarter of the various investment conferences that we attend.

我們期待在我們參加的季度各種投資會議期間見到你們中的許多人。

Thank you and goodbye.

謝謝你，再見。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。