Symbotic Inc (SYM) 2025 Q1 法說會逐字稿

Hello, and welcome to Symbotic first-quarter 2025 financial results conference call.

您好，歡迎參加 Symbotic 2025 年第一季財務業績電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Charlie Anderson, Vice President of Investor Relations.

現在，我想將會議交給投資者關係副總裁查理安德森。

You may begin.

你可以開始了。

Thank you.

謝謝。

Hello.

你好。

Welcome to Symbotic first-quarter 2025 financial results webcast.

歡迎收聽 Symbotic 2025 年第一季財務業績網路直播。

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

我是 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.

我們今天就業務運營和財務業績所做的一些聲明可能被視為前瞻性的。

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

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。

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 10-K 表格，其中包括風險因素。

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 earnings press release, which is distributed and available to the public through our Investor Relations website located at ir.symbotic.com.

今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳表，該新聞稿透過我們的投資者關係網站 ir.symbotic.com 發布並向公眾開放。

On today's call, we are joined by Rick Cohen, Symbotic Founder, Chairman and Chief Executive Officer; and Carol Hibbard, Symbotic Chief Financial Officer.

在今天的電話會議上，我們邀請了 Symbotic 創辦人、董事長兼執行長 Rick Cohen；以及 Symbotic 財務長 Carol Hibbard。

These executives will discuss our first-quarter fiscal 2025 results and our outlook followed by Q&A.

這些高階主管將討論我們的 2025 財年第一季業績和展望，然後進行問答。

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

現在我將把時間交給 Rick 來開始。

Rick?

瑞克？

Thank you, Charlie.

謝謝你，查理。

Good afternoon, and thank you for joining us to review our most recent results.

下午好，感謝您與我們一起回顧我們的最新成果。

In the first quarter, we continued to deliver high growth, while enhancing our technology position.

第一季度，我們繼續實現高成長，同時增強了我們的技術地位。

Last quarter, I highlighted that our key objectives for our fiscal year 2025 were scaling for growth and investing in our innovation engine, while delivering the high-quality systems to our customers.

上個季度，我強調了我們 2025 財年的關鍵目標是擴大成長並投資於創新引擎，同時為客戶提供高品質的系統。

And that by doing so, we would look forward to another year of strong top line growth and expanding profitability.

透過這樣做，我們期待來年實現強勁的營收成長和不斷擴大的獲利能力。

On the scaling front, we believe we have made good progress building out the team to support growth and deployments.

在擴展方面，我們相信我們在建立團隊以支援成長和部署方面已經取得了良好的進展。

Deployment execution is critical for our company.

部署執行對我們公司來說至關重要。

And we are seeing progress from the change we made last year bringing more of the deployment functions in-house.

我們看到了去年所做的改變所帶來的進展，即將更多的部署功能引進到公司內部。

In addition, we continue to focus on project execution and schedule.

此外，我們繼續關注專案的執行和進度。

In terms of investing in innovation, we recently ran a board a new CTO, James Kuffner.

在投資創新方面，我們最近任命了一位新任技術長詹姆斯·庫夫納 (James Kuffner)。

James brings a wealth of experience in robotics and software, with relevant leadership experience at Toyota and Google.

James 擁有機器人和軟體領域的豐富經驗，在豐田和Google擁有相關的領導經驗。

James and the team are working on several exciting initiatives notably new simulation tools intended to allow us to deploy new features more rapidly.

James 和他的團隊正在研究幾個令人興奮的計劃，特別是新的模擬工具，旨在讓我們能夠更快地部署新功能。

This capability was bolstered by our acquisition of OhmniLabs during the quarter, which allowed us to add software assets and tools that accelerate our simulation efforts company-wide.

本季度，我們收購了 OhmniLabs，這增強了這項能力，使我們能夠添加軟體資產和工具，從而加速全公司的模擬工作。

Having a strong technology position is at the core of our acquisition of Walmart's Advanced Systems and Robotics Business and the related commercial agreement to automate Walmart store level accelerated pickup and delivery centers, or APDs.

擁有強大的技術地位是我們收購沃爾瑪先進系統和機器人業務以及相關商業協議的核心，以實現沃爾瑪商店級加速提貨和配送中心（APD）的自動化。

As I noted a few weeks ago when we announced the deal, we see this acquisition as giving Symbotic arguably the industry's strongest collection of products, talent, and intellectual property for supply chain automation.

正如我幾週前宣布該交易時所說，我們認為此次收購將使 Symbotic 獲得業界最強大的供應鏈自動化產品、人才和智慧財產權集合。

Our goal is to help customers automate all the way from the manufacturing plant to the store and eventually to the consultant.

我們的目標是幫助客戶實現從製造工廠到商店、最終到顧問的全程自動化。

We closed this transformative acquisition last week and have already begun our integration efforts.

我們上週完成了這次變革性的收購，並已開始整合工作。

As a reminder, we will first be in a development phase, which will include the building of prototypes.

提醒一下，我們首先處於開發階段，其中包括建立原型。

This is a logical extension of our core technology and Walmart is committed to deploying our technology in 400 stores over a multi-year period, representing over $5 billion of future backlog, provided we meet key performance criteria during this phase.

這是我們核心技術的合理延伸，沃爾瑪承諾在未來幾年內在 400 家門市部署我們的技術，這意味著未來將有超過 50 億美元的訂單積壓，前提是我們在此階段滿足關鍵績效標準。

Stepping back, we closed three acquisitions in the last seven months, which we believe sets us apart as a leader in this space.

回顧過去，我們在過去七個月中完成了三項收購，我們相信這使我們成為該領域的領導者。

Further, Walmart's selection of us to automate their APDs is a strong acknowledgment of our capabilities.

此外，沃爾瑪選擇我們來實現其 APD 的自動化，這是對我們能力的有力認可。

Our technical talent continues to grow, and we remain focused on expanding our profitability.

我們的技術人才不斷壯大，我們仍然專注於擴大獲利能力。

I want to close my remarks by thanking our team for their hard work this quarter, our customers for their continued trust, and our investors for their support of our company.

最後，我想感謝我們團隊本季的辛勤工作、客戶的持續信任以及投資者對我們公司的支持。

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？

Thanks, Rick.

謝謝，里克。

First quarter revenue grew 35% year over year to $487 million, with revenue growth driven by solid progress across our 44 systems in the process of deployment along with 80% plus year-over-year growth from our recurring revenue, which includes software and operation services.

第一季營收年增 35% 至 4.87 億美元，營收成長主要得益於我們 44 個系統在部署過程中的穩步進展以及包括軟體和營運服務在內的經常性收入同比增長 80% 以上。

In the quarter, we began four new system deployments and completed four systems, bringing us up to a total of 29 in operations.

本季度，我們開始部署四個新系統，並完成了四個系統，使我們營運的系統總數達到 29 個。

As more systems go operational, we are seeing a more noticeable contribution from software.

隨著越來越多的系統投入運行，我們看到軟體的貢獻越來越顯著。

Our software revenue in the first quarter more than doubled year over year.

我們第一季的軟體營收年增了一倍以上。

And we delivered software margins over 65% for the first time in a quarter.

我們在一個季度內首次實現了軟體利潤率超過 65% 。

In terms of backlog, our backlog of committed contracted orders of $22.4 billion remained consistent with last quarter as the addition of the Walmart's contract plus final pricing on contract was offset by revenue recognized during the quarter.

在積壓訂單方面，我們已承諾的合約訂單積壓金額為 224 億美元，與上一季保持一致，因為沃爾瑪的合約加上合約的最終定價被本季度確認的收入所抵消。

System gross margin improved on a sequential basis, as we continue to improve our execution.

由於我們不斷改善執行力，系統毛利率連續提高。

Gross margin on software maintenance and support also improved sequentially, continuing its trend toward typical industry software margins as we gain scale.

軟體維護和支援的毛利率也持續提高，隨著規模的擴大，繼續保持向典型產業軟體利潤率靠攏的趨勢。

In Operations Services, we posted a negative gross profit as we continue to support certain sites by investing in additional resources to ensure customer success.

在營運服務方面，我們公佈了負毛利，因為我們繼續透過投資額外資源來支援某些站點以確保客戶成功。

We would expect the impact of this increase in resources to moderate going forward and see no change to our long-term model of operation services, as a beneficial contributor to overall margins.

我們預計，此次資源增加的影響將在未來逐漸減弱，並且不會對我們的長期營運服務模式產生任何影響，因為這將對整體利潤率產生有益的貢獻。

We see our focus on reliability and ease of use for our customers as enabling long-term benefits that we believe will far exceed any short-term expense associated with these efforts.

我們認為，我們專注於客戶的可靠性和易用性，這將帶來長期利益，我們相信這種利益將遠遠超過與這些努力相關的任何短期開支。

Operating expenses were up sequentially as expected due to the investments we are making to support our growth.

由於我們為支持成長而進行的投資，營業費用按預期環比增長。

Overall, our net loss in the quarter was $19 million.

總體而言，本季我們的淨虧損為 1,900 萬美元。

Thanks to improving gross margins on systems and software, adjusted EBITDA in the quarter of $18 million came in above our forecast.

由於系統和軟體毛利率的提高，本季調整後的 EBITDA 為 1800 萬美元，高於我們的預測。

We finished the quarter with cash and equivalents of $903 million, which increased from $727 million in the fourth quarter, primarily due to cash from operations of $205 million in the quarter, which was driven by the timing of cash received.

本季結束時，我們的現金和等價物為 9.03 億美元，高於第四季度的 7.27 億美元，這主要由於本季度經營活動產生的現金為 2.05 億美元，而這主要受收到現金的時間所驅動。

Now turning to our outlook.

現在來談談我們的展望。

For the second quarter of fiscal 2025, we expect revenue of $510 million to $530 million and adjusted EBITDA between $26 million and $30 million, reflecting another quarter of at least 30% year-over-year revenue growth and a sequential increase in overall gross margins, while accommodating a sequential increase in operating expenses associated with recent acquisitions.

對於 2025 財年第二季度，我們預計收入為 5.1 億美元至 5.3 億美元，調整後 EBITDA 在 2600 萬美元至 3000 萬美元之間，反映出該季度收入同比至少增長 30% 且整體毛利率連續增加，同時適應最近收購相關的運營費用連續增加。

We note that our guidance reflects only a modest contribution from the acquisition of the Walmart Advanced Systems and Robotics business, given the partial quarter and the fact that it is the early days of our development program.

我們注意到，考慮到本季度的業務不完整以及我們開發計劃還處於早期階段，我們的預期僅反映了收購沃爾瑪先進系統和機器人業務的少量貢獻。

As a reminder, you should not expect our revenue for our development program to track Walmart's front-loaded payments, and we may end up deferring a portion of the revenue to the store deployment period.

提醒一下，您不應期望我們的開發計畫收入追蹤沃爾瑪的前期付款，我們最終可能會將部分收入推遲到商店部署期。

In summary, we look forward to another quarter of high growth with the continued recovery in our margins.

總而言之，我們期待又一個季度的高成長以及利潤率的持續回升。

With that, we now welcome your questions.

現在，我們歡迎您提出問題。

Operator, please begin the Q&A.

接線員，請開始問答。

(Operator Instructions) Nicole DeBlase, Deutsche Bank.

（操作員指示）德意志銀行的 Nicole DeBlase。

So maybe just starting with the in 2Q.

因此可能只是從第二季開始。

You mentioned that we should see another Q-on-Q increase.

您提到我們應該會看到另一個環比增長。

Can you talk a little bit about the magnitude of that OpEx increase expected?

您能否談談預計的營運支出成長幅度？

And at what point do you get to kind of run rate OpEx, maybe you can split it between SG&A and R&D?

那麼您在什麼時候可以獲得某種運行率營運支出，也許您可以將其分為銷售、一般及行政開支和研發開支？

Thanks, Nicole.

謝謝，妮可。

Yes, so we saw a step-up in our OpEx this quarter, and we would expect second quarter OpEx to increase about $5 million to $10 million.

是的，我們看到本季的營運支出增加，我們預計第二季的營運支出將增加約 500 萬美元至 1,000 萬美元。

And this is primarily driven by the investments we're making in the long term for the business as well as what you're seeing from the acquisitions.

這主要得益於我們為業務進行的長期投資以及您從收購中看到的結果。

So the step-up this quarter for one quarter that we're posting, you saw a step up in SG&A.

因此，我們發布的本季的一個季度的增幅，您看到了銷售、一般及行政開支的增幅。

Some of that was our overall infrastructure, getting ready for acquisitions and our scaling of our program.

其中一些是我們的整體基礎設施，為收購和專案擴展做好準備。

So as we moderate going forward, you should expect that OpEx to moderate between R&D and SG&A, similar to the levels you're going to see in the second quarter.

因此，隨著我們未來的放緩，您應該預期營運支出將在研發和銷售、一般及行政開支之間放緩，類似於第二季度的水平。

Got it.

知道了。

And then just maybe if we could dig into the operation services loss in the quarter a little bit more.

那麼也許我們可以更深入地研究本季的營運服務損失。

I think you guys had expected that to return to maybe positive growth.

我想你們已經預料到這一數字可能會恢復到正成長。

So can you talk a little bit more about what happened?

那麼您能否進一步談談發生的事情？

And then how should we think about gross profit for that business for the rest of the year?

那麼，我們該如何考慮今年剩餘時間該業務的毛利呢？

Yes.

是的。

So when I think about operations services and what that includes.

因此，當我考慮營運服務及其所包含的內容時。

And you see a little bit of lumpiness in terms of revenue from quarter over quarter as well.

而且您也會發現季度間收入有些波動。

And so there are different intensities at different sites based on what we're providing from a training and resources perspective.

因此，根據我們提供的培訓和資源角度，不同站點的強度有所不同。

And what you saw this quarter, as we alluded to, we're supporting several of our customers and the resource needs that they need as some of our large systems go live.

正如我們在本季度所提到的，隨著我們的一些大型系統上線，我們正在為一些客戶提供支持，並滿足他們所需的資源需求。

I would expect you'll likely to see this continue in the near term, but not at the same level.

我預計這種情況在短期內可能會持續下去，但不會維持在同一水平。

And that depends on what we're focused on for the long term, which is focus on reliability and support for our customers as they deploy and bring our systems online.

這取決於我們長期關注的重點，即在客戶部署和上線我們的系統時專注於可靠性和支援。

Andrew Kaplowitz, Citigroup.

花旗集團的 Andrew Kaplowitz。

Rick or Carol, I think you said that your move to more in-sourcing is on track, and you're forecasting higher adjusted EBITDA margin again -- so it seems like you're starting to get down on the cost curve again, as you increase the number of deployed systems.

里克 (Rick) 或卡羅爾 (Carol)，我想你們說過，你們向更多內部採購的轉變正在按計劃進行，而且你們預測調整後的 EBITDA 利潤率將再次上升——因此，隨著你們部署系統數量的增加，似乎你們的成本曲線又開始下降了。

But maybe you could update us on where you are in the process of insourcing whether you feel good about more, let's call it, limited noise and margin from here?

但也許您可以向我們介紹一下您在內部採購過程中的進展，您是否對現在的更多、我們稱之為有限的噪音和利潤感到滿意？

Thanks for the question, Andy.

謝謝你的提問，安迪。

So in terms of our engineering, procurement and construction contract, we're making good progress -- and so as we talked about, this is going to be a multi-quarter transition.

因此，就我們的工程、採購和施工合約而言，我們正在取得良好進展 - 正如我們所說的，這將是一個跨多個季度的過渡。

Over the course of the last several months, we have brought all of that work in-house and the sourcing that we had that we brought in-sourced in from the contractors.

在過去的幾個月裡，我們將所有的工作都轉移到了公司內部，並從承包商引進了資源。

They have completed their work ahead of schedule.

他們已提前完成了工作。

And so all of that work is now in the hands of Symbotic.

所以所有這些工作現在都落到了 Symbotic 的手中。

We continue to scale, and we will have our first couple of systems where Symbotic was performing the EPC work behind us in the next quarter or so.

我們將繼續擴大規模，並將在下個季度左右擁有我們的首批幾個系統，Symbotic 將負責執行 EPC 工作。

So that's certainly one of the contributors in terms of managing overall schedule.

因此，從管理整體進度的角度來看，這無疑是因素之一。

We know we have work to do in terms of overall systems gross margin.

我們知道，在整體系統毛利率方面我們還有很多工作要做。

Schedule is one of those elements.

時間表就是其中一個要素。

And then we're focused on how we continue to improve our costs as well.

然後我們也將重點放在如何繼續改善我們的成本。

Okay, that's helpful.

好的，這很有幫助。

And then maybe related, I think you said you had four new system starts this quarter.

然後也許相關，我想你說過本季有四個新系統啟動。

You had nine last quarter.

上個季度你有九個。

We know it's going to be a bit lumpy.

我們知道它會有點不平整。

Is the run rate still higher, though, overall?

但整體而言，運行率是否仍然較高？

Or are you still expecting more over the next few quarters as you sort of stabilize as you just talking about in-sourcing and what have you.

或者您是否仍期待在接下來的幾個季度裡會有更多業務，因為正如您剛才談論的內部採購和其他業務一樣，情況已經趨於穩定。

Like how do you think about sort of new starts while balancing execution as you've talked about?

就像您談到的，您如何看待新的開始，如何平衡執行？

Yes.

是的。

So the four new starts this quarter was not unexpected given the fact that we were coming off of the last quarter at nine.

因此，考慮到我們上一季的業績是九成，本季有四家公司新開張並不令人意外。

And so we've also talked about every quarter's it's going to be lumpy.

因此，我們也討論了每季都會出現的波動。

We'll have some quarters that are higher, some are lower, but we should expect that number to continue to increase throughout the year, as we build out our $22 billion backlog.

有些季度的銷售額會比較高，有些季度的銷售額會比較低，但隨著我們 220 億美元的訂單積壓，我們預計這個數字將在全年持續成長。

Damian Karas, UBS.

瑞銀的 Damian Karas。

Maybe could Yes, maybe just taking a step back from kind of your current deployments.

也許可以，是的，也許只是從您目前的部署中退一步。

I was wondering if you could just maybe give us a sense on any indications or discussions from the potential target pool of customers out there and how they're thinking about budget this year.

我想知道您是否可以向我們介紹潛在目標客戶群的任何跡像或討論，以及他們對今年預算的看法。

Are you possibly seeing any changes in those discussions or from last year where there was a more tempered CapEx backdrop or kind of business as usual?

您是否看到這些討論有任何變化，或者與去年相比，資本支出背景更加緩和，或者業務一切照舊？

Yeah.

是的。

So this is Rick.

這就是里克。

So it's been -- it's been an interesting year.

所以，這是有趣的一年。

I think as the investments we're making in running these sites better and better and operationally have come to fruition.

我認為，我們在經營這些站點所做的投資已經取得了成果。

So we've had a lot more increase across multiple categories in the last, I would say, the end of last year, end of 2024 where people are starting to think about spending money in '25.

所以我想說，截至去年年底、2024 年底，我們在多個類別中都實現了大幅成長，人們開始考慮在 2025 年花錢。

So obviously, we've had a bunch more orders from Walmart.

顯然，我們收到了來自沃爾瑪的更多訂單。

But also, we've had manufacturers and different suppliers are much more incoming as well as more international inquiries.

但同時，我們的製造商和不同的供應商也接到了越來越多的國際詢問。

So I think -- what's happening is that I think people are more concerned about the labor situation than they were before.

所以我認為——現在的情況是，人們比以前更關注勞動力狀況。

I think the people that have the capital are interested in deploying the capital now versus maybe waiting and watching to see how some of our bigger customers were handling things.

我認為擁有資本的人現在有興趣部署資本，而不是等待和觀察我們的一些大客戶如何處理事情。

So we're pretty encouraged by what we see with the new customers and the new inquiries coming in.

因此，看到新客戶和新諮詢的到來，我們感到非常鼓舞。

Great.

偉大的。

That's really helpful color.

這確實是很有用的顏色。

And obviously, the subject matter of tariffs has been quite topical in the investor world of late.

顯然，關稅問題最近在投資者界中非常受關注。

So I think you've said in the past, you don't depend too much on China, but maybe you could just give us a sense, thinking about these three countries, China, Mexico, and Canada and what your exposures might be there?

所以我認為您過去曾說過，您不會過度依賴中國，但也許您可以給我們一個大致的印象，考慮一下中國、墨西哥和加拿大這三個國家，您在那裡可能面臨哪些風險？

Yeah.

是的。

I can start, and then Rick chime in.

我可以開始，然後 Rick 插嘴。

So we have immaterial impact for China.

因此我們對中國的影響是非實質的。

We continue to work closely with our supply chain team because as you indicated, it's rather volatile at the moment.

我們繼續與我們的供應鏈團隊密切合作，因為正如您所說，目前的情況相當不穩定。

Our contracts are varied as well by customer and by project, but typically, these types of costs are pass-throughs for us.

我們的合約因客戶和專案而異，但通常這些類型的成本都是轉嫁給我們的。

And so from the other jurisdictions, we're looking at -- we do have bot assembly in Mexico, and so that's we'll keep our eye on.

因此，從其他司法管轄區來看，我們正在關注——我們在墨西哥確實有機器人組裝，因此我們會密切關注。

But as you said, the -- what's included in terms of value add as well as what the final tariffs are going to end up being remains pretty volatile.

但正如你所說，增值部分包括的內容以及最終關稅是多少仍然相當不穩定。

And most of our products are actually made in the US.

我們的大多數產品實際上都是在美國製造的。

There's some assembly that we do in Mexico.

我們在墨西哥進行一些組裝工作。

I think the more interesting things though people are focusing on tariffs -- but if immigration, as a result of tariffs, is slowed down and deportations are accelerated, I would expect the demand for our products to continue to accelerate.

我認為更有趣的事情是，儘管人們關注的是關稅——但如果由於關稅導致移民速度放緩、驅逐出境速度加快，我預計我們產品的需求將繼續加速。

Yeah, that makes sense.

是的，這很有道理。

And just thinking about your own supply chain though, hypothetically, there is a Mexico tariff that gets tacked on would you lean towards making some price adjustments or kind of a shift in the footprint?

那麼，想想您自己的供應鏈，假設墨西哥被加徵關稅，您是否傾向於進行一些價格調整或改變足跡？

Just any thoughts on where you have leaned.

只是關於您所傾向的地方的任何想法。

Yeah.

是的。

Contractually, we contemplated tariffs.

從合約上來說，我們考慮了關稅。

We've contemplated, I don't know it's not necessarily force majeure, but government taxes and regulations and all of our contracts allow us to pass that along.

我們已經考慮過了，我不知道這不一定是不可抗力，但政府稅收和法規以及我們所有的合約都允許我們將其轉嫁。

Joe Giordano, TD Cowen.

喬·吉奧達諾（Joe Giordano），TD Cowen。

Carol, I was wondering if you can give us an update on like the control procedures implemented related to the issues you guys found as part of the year-end audit and how that's kind of informing your guides and giving kind of changing confidence in what you're seeing and how it relates to planning, future planning.

卡羅爾，我想知道您是否可以向我們介紹一下您在年終審計中發現的問題所實施的控製程序，以及這些程序如何為您的指南提供信息，如何改變您對所見內容的信心，以及它們與規劃和未來規劃的關係。

Yeah.

是的。

So -- all of our deficiency remediation controls.

所以——我們所有的缺陷補救控制。

So those included adding compensating controls over how we do good receipt as well as adding compensating controls over how we're recording revenue for nonbillable cost growth.

因此，這些包括對我們如何完成良好收據增加補償控制，以及對我們如何記錄非計費成本增長的收入增加補償控制。

We've provided enhancements to our ERP system.

我們對 ERP 系統進行了增強。

So all of those have been deployed.

所有這些都已部署。

And the results of our testing are encouraging.

我們的測試結果令人鼓舞。

We've had no deficiencies that were noted as part of that testing.

我們在測試中沒有發現任何缺陷。

But I believe that as we've noted before, it will take several sequential quarters of testing to remediate, but we are encouraged by the progress.

但我相信，正如我們之前提到的，需要連續幾個季度的測試才能補救，但我們對進展感到鼓舞。

Great.

偉大的。

And then if I could, one more follow-up there, and then if I could sneak one in for Rick.

然後，如果可以的話，我會再跟進一次，然後如果我可以偷偷為 Rick 做一次。

But I'm just curious, the four that you completed, how long did those systems generally take to do?

但我很好奇，您完成的四個系統通常需要多長時間才能完成？

And like how does that compare to the expected timeline for the four that you just started?

這與您剛開始的四個預期時間表相比如何？

And then, Rick, just if I can ask you on the M&A side.

然後，瑞克，我可以問你關於併購的問題嗎？

You've done some of these like interesting opportunistic deals here.

您在這裡做過一些有趣的機會交易。

How are you balancing complexity of the organization at an early stage, where you're trying to like dial it in and get more efficient versus taking advantage of some of these things that are out there, but that kind of widens the scope of it, right?

在早期階段，您如何平衡組織的複雜性？ 您試圖撥入電話並提高效率，而不是利用現有的某些東西，但這會擴大其範圍，對嗎？

So in terms of our timeline, so we started our remediation process immediately after the identification of our material weaknesses.

因此就我們的時間表而言，我們在發現重大缺陷後立即開始了補救過程。

So controls we put in place, and we tested them over the course of this quarter.

因此，我們實施了控制措施，並在本季度對其進行了測試。

On the acquisition side, the acquisitions have been more -- they've been small.

在收購方面，收購較多，規模較小。

And so two of the companies, we knew the people there and one of the companies was actually doing some consulting for us.

其中有兩家公司我們認識那裡的人，其中一家公司實際上正在為我們提供一些諮詢服務。

And so when we've done the acquisition, these are typically the first two outside of the Walmart robotics systems were 20-person companies.

因此，當我們完成收購時，這些通常是沃爾瑪機器人系統之外的頭兩家擁有 20 名員工的公司。

And so not very significant increases and actually we have replaced some of our people with some of the new technology with some of the new folks, so no significant cost changes.

因此成本成長並不十分顯著，實際上我們用一些新技術和新員工取代了一些原有人員，因此成本沒有顯著變化。

On the Walmart robotics and systems piece.

關於沃爾瑪機器人和系統部分。

It's been a week or two.

已經過去一兩週了。

We're still evaluating everything.

我們仍在評估一切。

There's some talent there, and we'll figure the integration.

那裡有一些人才，我們會想辦法整合。

But that building is just -- I don't know, it's like 10 minutes from here.

但那棟建築只是——我不知道，離這裡大約 10 分鐘路程。

So we think the integration will work very smoothly.

因此我們認為整合將會非常順利地進行。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Carol, can you update us on what the lead times look like in the quarter?

卡羅爾，您能向我們介紹本季的交貨時間嗎？

And just given the work on in-sourcing, how should we think about the internal expectations for driving that progress as we move through the year?

考慮到內部採購的工作，我們應該如何看待全年推動這項進展的內部期望？

For lead times, we've shortened our -- over the course of 2024, I'll say, post-COVID is when we tightened up our lead times from the majority of our supply chain, and we have not had significant changes over the course of the last quarter or two.

至於交貨時間，我們已經縮短了——我想說，在 2024 年期間，在疫情之後，我們縮短了大部分供應鏈的交貨時間，在過去一兩個季度中，我們沒有發生重大變化。

We continue to focus on what we can do upstream so that we can shorten that lead time as well as simplify the deployment once our material arrives on site.

我們將繼續專注於上游可以做的事情，以便縮短交貨時間，並簡化材料到達現場後的部署。

Okay.

好的。

I mean are we getting close to closing on kind of the 18 months with a path to 12.

我的意思是，我們是否已經接近完成 18 個月並朝著 12 個月的目標邁進？

I mean, is that really -- is that kind of the framework for the next 12, 24 months?

我的意思是，這真的是——這是未來 12 至 24 個月的框架嗎？

Or is there something.

或者有什麼事。

So the systems that we're deploying right now, we're still averaging 24 months or in a couple of them.

因此，我們目前部署的系統平均仍需 24 個月或幾個月的時間。

There have been large complex deployments, I'll call it, and they've been over, Ross.

我稱之為大規模複雜部署，它們已經結束了，羅斯。

We still see a path forward of how we streamline that improvement, but that's going to take some time.

我們仍然看到瞭如何簡化這項改進的前進道路，但這需要一些時間。

Okay.

好的。

And then maybe just touching on the tariffs and the pass-through.

然後可能只是談到關稅和轉嫁問題。

Can you give us a sense of the mix in the backlog that is fixed cost versus cost plus?

您能否向我們介紹一下積壓訂單中固定成本與成本加成的比例？

I noticed there's some language that changed in the recent filing -- just want to know how those contracts are negotiated if there's any recent updates there?

我注意到最近的文件中有一些語言發生了變化——只是想知道這些合約是如何協商的，是否有任何最近的更新？

Yeah, I'd say that the best way to think about that is contract type, obviously, varies by project and contract -- and we have ability for even items that are in our backlog as we go ahead and sign new projects going forward.

是的，我認為考慮這個問題的最好方式是合約類型，顯然，合約類型因項目和合約而異——而且我們有能力處理積壓的項目，因為我們將繼續簽署新的項目。

There's elements of that, that we negotiate as pass-throughs and updates for things like escalation and changes to material that we've talked about in the past around steel.

我們會就其中的一些要素進行協商，以傳遞和更新訊息，以解決升級以及我們過去圍繞鋼鐵討論過的材料變化等問題。

And probably, the best way to look at it is that for those things that are fully in our control, whether that's scheduled or project the customers' expectations are that we go ahead and we perform to those and those costs and investments, we will take a hit on gross margin there if we don't perform to that.

也許，最好的看待方式是，對於那些完全在我們控制範圍內的事情，無論是計劃的還是項目的，客戶的期望都是我們繼續前進並按照這些期望執行，如果我們不按照這些期望執行，那麼這些成本和投資將對毛利率造成打擊。

But the other things such as the tariffs that Rick identified, they're typically pass throughs.

但其他事項，例如里克提到的關稅，通常都是轉嫁性質的。

Okay.

好的。

But you don't get the sense you're seeing more pushback at this juncture.

但你並沒有感覺到在此時此刻遭遇了更多的阻力。

And if we hit a more rapid inflationary environment, you're going to start seeing more customers try to shift to a fixed cost schedule?

如果我們陷入通貨膨脹加劇的環境，你會看到更多客戶嘗試轉向固定成本計畫嗎？

No, we're not seeing that.

不，我們沒有看到這一點。

As you're aware, we've got long-term agreements in place for a good portion of our backlog.

如您所知，我們已經針對大部分積壓訂單簽訂了長期協議。

And so if you think about our backlog for both our Walmart customer and our GreenBox customer, those contracts are in place, and we're not looking at changing those.

因此，如果您考慮我們為沃爾瑪客戶和 GreenBox 客戶提供的積壓訂單，您會發現這些合約已經到位，我們不會考慮改變它們。

Colin Rusch, Oppenheimer.

奧本海默的科林拉什 (Colin Rusch)。

How should we be thinking about the potential for labor price inflation and how you guys are managing that risk as part of COGS?

我們該如何看待勞動價格上漲的可能性，以及你們如何在 COGS 中管理這種風險？

So a significant portion of our buildup is supply based.

因此，我們的建設很大一部分是基於供應的。

And so we continue to work with our suppliers and put in place long-term agreements with them to buffer us for some of that.

因此，我們繼續與供應商合作，並與他們達成長期協議，以緩解我們的部分壓力。

And then for the portion of the work that is Symbotic labor and EPC, it's certainly one of the things we'll continue to monitor.

然後對於 Symbotic 勞動力和 EPC 部分的工作，這肯定是我們將繼續監控的事情之一。

And we're always looking for opportunities across the rest of our cost base is to ensure that we'll be able to offset that.

我們一直在尋找其他成本基礎中的機會，以確保我們能夠抵消這一損失。

And then there's a fair amount of money that's gone into investing in hardware innovation and around robotics.

然後有相當多的資金被投入到硬體創新和機器人技術方面。

And certainly with some of the kind of attention that's being brought to physical AI, we assume that there's going to be some pretty meaningful innovation happening on the component side.

當然，隨著人們對實體 AI 的關注，我們假設在組件方面將會出現一些非常有意義的創新。

Could you guys talk a little bit about what you're seeing that you're excited about in terms of incremental components that can improve performance or drive costs lower, just in general across either the or the whole system?

你們能否談談你們所看到的、令你們興奮的增量組件，這些組件可以提高性能或降低成本，總體而言，無論是在整個系統中？

Yeah.

是的。

So I think we've been on the bleeding edge of that for a couple of years now.

所以我認為我們幾年來一直處於這一領域的前沿。

And so we started investing envisioned with the NVIDIA chips and graphic interfaces.

因此我們開始投資 NVIDIA 晶片和圖形介面。

We started investing in that, probably, two or three years ago, and that's been one of the expenses that we've incurred over the last couple of years.

我們大概在兩、三年前開始對此進行投資，這也是我們過去幾年所產生的開支之一。

Most of that is behind us now.

如今，這些這些都已成為過去。

So getting the physical architecture for our bots in place was a journey because nobody else is doing what we're doing.

因此，為我們的機器人建立實體架構是一個過程，因為沒有其他人在做我們正在做的事情。

People are doing this on cars.

人們正在汽車上做這樣的事。

They do it in the auto industry, but the bots are stationary.

他們在汽車行業中這樣做，但機器人是固定的。

And so when you have a moving lot that's picking up boxes, that was unique in the industry because there's vibration.

因此，當您有一個搬運場來搬運箱子時，這在行業中是獨一無二的，因為有振動。

There's a bunch of other things.

還有許多其他事情。

That's behind us now.

那已經成為過去了。

So now what we're really focusing on is being able to, what we call, [Teletiops] the bot.

因此，現在我們真正關注的是能夠實現我們所說的[Teletiops]機器人。

So essentially, a bot to us is now becoming a drone and we can physically move the bot.

因此從本質上講，對我們來說，機器人現在變成了無人機，我們可以物理地移動機器人。

We can move the arms.

我們可以移動手臂。

And then the next step for that -- so that's happening now.

然後是下一步——現在就發生。

It's been happening for the last six months.

這件事已經發生六個月了。

And that's all been part of the journey we've been on to increase reliability.

這些都是我們提高可靠性的努力的一部分。

And in terms of the customer support, we've had a lot of people on site and what that translates.

在客戶支援方面，我們在現場安排了許多人員來提供協助。

And so that's been part of the expense of the last quarter, but what that translates into the bots learn.

這是上個季度的部分費用，但這意味著機器人可以學習。

So what happens is now is if a bot goes to pick up a case and the lid pops open bot says, I can't pick up the case, maybe the block gets stuck.

所以現在發生的情況是，如果一個機器人去拿起一個箱子，蓋子彈開，機器人會說，我無法拿起這個箱子，也許是塊被卡住了。

Now what's happening is we'll tele-op it.

現在我們將透過遠端方式進行操作。

It will actually mimic the skills that the operator is doing and teach the bot and you could call it AI, you can call it ever you want.

它實際上會模仿操作員正在做的技能並教導機器人，你可以稱之為人工智慧，你可以隨意稱呼它。

But the bots learn and then they give us a feedback.

但是機器人會學習，然後給我們回饋。

And so that part of the journey is what really separates our system.

所以旅程的這一部分才是我們系統真正的特色。

We're still on the journey to have a warehouse within our structure and getting much, much closer to that in terms of how many manual interventions we have.

我們仍在努力在我們的結構內建立一個倉庫，並且從人工幹預的數量來看，我們已經越來越接近這個目標了。

So the AI, what we're seeing is the compute power is faster.

因此，我們看到人工智慧的運算能力更快了。

And we can now -- before, we used to have to do all this stuff with servers on site.

現在我們可以了——以前，我們必須使用現場的服務器來完成所有這些工作。

We're going to start with Proficy security.

我們將從 Proficy 安全開始。

We're going to start to use -- take advantage of the cloud to actually get faster transactions, more simulations, and take advantage of AI.

我們將開始使用——利用雲端運算來獲得更快的交易、更多的模擬，並利用人工智慧。

So ours is an application where AI will help us learn faster.

所以我們的這個應用程式可以利用人工智慧來幫助我們更快學習。

Mike Latimore, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Mike Latimore 。

All right.

好的。

Great.

偉大的。

Maybe an update on GreenBox.

也許是 GreenBox 上的更新。

Can you talk a little bit about the demand you're seeing there?

您能稍微談談您在那裡看到的需求嗎？

Do you expect revenue out of your Atlanta facility this year?

您預計今年亞特蘭大工廠的收入是多少？

Do you expect more sites this year?

您預計今年會有更多的站點嗎？

Maybe just some color on that would be great.

也許只要有點顏色就很棒了。

Yeah.

是的。

Atlanta is still on build-out.

亞特蘭大目前仍在建設中。

So not a lot of revenue there for this year.

因此，今年的收入不會很多。

That will probably run into next year. later in California, similar situation.

這可能會持續到明年。後來在加州，也出現了類似的情況。

But we have had some interesting inquiries into GreenBox as people are starting to look at the technology and looking at different applications.

但隨著人們開始關注這項技術並研究不同的應用，我們對 GreenBox 進行了一些有趣的詢問。

But when I spent the last -- the whole team has the last three or four months is where we can't announce it yet, but we have some very good hires that we will announce in the next quarter or so to build out the management team at GreenBox.

但當我花了最後三、四個月的時間時，整個團隊還不能宣布，但我們有一些非常優秀的員工，我們將在下個季度左右宣布，以建立 GreenBox 的管理團隊。

It has experience on with big and small manufacturers selling and developing out the rollout.

它擁有與大大小小的製造商合作銷售和開發推廣的經驗。

So that's been a big focus on us, and we've had a couple of breakthroughs which we'll announce in the next quarter or so.

因此，這一直是我們關注的重點，我們已經取得了一些突破，將在下個季度左右公佈。

And then I'll just do one go back in terms of both Layoff and Atlanta.

然後我將就萊奧夫和亞特蘭大問題再做一次回顧。

Their heavy implementation period will be later this year.

他們的重點實施階段將在今年稍後進行。

And so that's when you really start seeing the revenue ramp up.

那時你會真正開始看到收入增加。

But we're taking revenue for both of those now that you're probably seeing in our financials, but heavy ramp up towards the back half of this year.

但我們現在正在從這兩項業務中獲得收入，正如您可能在我們的財務報表中看到的那樣，但今年下半年的收入將大幅增加。

Yeah.

是的。

So motion get revenue, but the rather than got next year.

因此動議可以獲得收入，但不是明年可以獲得的。

Okay.

好的。

So just to be clear, Symbotic will be seeing revenue later this year.

需要明確的是，Symbotic 將在今年稍後實現盈利。

Absolutely.

絕對地。

And then on the cash flow from operations, really strong quarter, $205 million.

然後就經營活動產生的現金流而言，本季確實非常強勁，達到 2.05 億美元。

As you think about the rest of the year, should we view cash flow from operations being above or below whatever you produce in EBITDA?

當您考慮今年剩餘時間時，我們是否應該認為經營活動產生的現金流量是高於還是低於 EBITDA？

Yeah.

是的。

So we don't guide for full year for free cash flow.

因此，我們不對全年的自由現金流做出預測。

So 1Q was significantly benefited by the timing of the receipts that we talked about last quarter we were waiting on -- we had a large AR balance.

因此，第一季受益於我們上個季度談到的正在等待的收據時間——我們有大量應收帳款餘額。

So 1Q is highly benefited from that, but you should expect to see our cash position continue to rise throughout the year.

因此，第一季從中受益匪淺，但您應該預期我們的現金狀況將在全年繼續上升。

Derek Soderberg, Cantor.

德柏（Derek Soderberg），領唱。

Yeah.

是的。

I wanted to ask on the software subscriptions and support.

我想詢問有關軟體訂閱和支援的問題。

That was down quarter over quarter.

與上一季相比，這一數字有所下降。

Just curious what leads to the variability there on the downside, especially I think last quarter, you added nine systems.

只是好奇是什麼導致了下行方面的變化，特別是我認為上個季度，你增加了九個系統。

And you brought a few on to lag production.

而且您也帶來了一些滯後生產的問題。

Just curious what leads to that to decline sequentially?

只是好奇是什麼導致了其連續下降？

And then what's the actual mix between software subscriptions in that and then the mix of support in that?

那麼其中的軟體訂閱和支援組合的實際組合是怎麼樣的呢？

And then I've got a follow-up.

然後我有一個後續行動。

So our software revenue quarter over quarter, we did grow the number of sites, so we went from 25 sites live to 29 sites live.

因此，我們的軟體收入與上一季相比有所增加，站點數量從 25 個增加到了 29 個。

4Q, we had a onetime benefit in the software revenue line item for some features that we added.

第四季度，我們在軟體收入項目中獲得了一次性收益，用於支付我們添加的一些功能。

So yes, if you normalize for that one-time benefit in the fourth quarter, you actually see a sequential increase in our overall revenue for software and we expect that to continue to grow.

因此，是的，如果您將第四季度的一次性福利正常化，您實際上會看到我們的軟體總收入連續增加，並且我們預計這一收入將繼續增長。

So the overall operations of the services we're performing from the site shows up in our operation services line.

因此，我們從現場執行的服務的整體操作都會顯示在我們的營運服務線中。

So our software line is software license and subscription related.

所以我們的軟體產品線與軟體授權和訂閱相關。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just a high-level question for Rick.

然後我問 Rick 一個高層的問題。

The team has really executed against your growth strategy, expanding in domestic markets and then international with Walmex, now you've got an in-store solution.

團隊確實執行了您的成長策略，在國內市場擴張，然後與 Walmex 一起進入國際市場，現在您已經擁有了店內解決方案。

How do you see the business evolving from here in terms of other adjacent growth opportunities, maybe cold chain, automating returns, smaller packages?

就其他相關的成長機會而言，您如何看待未來業務的發展，例如冷鏈、自動化退貨、更小的包裝？

What else do you envision that Symbotic can do that you're not already doing today?

您認為 Symbotic 還能做什麼，而您現在還沒做？

Yeah.

是的。

So the accelerated pickup ability, the APDs that we'll be doing from Walmart frozen and perish.

因此，加速提貨能力，我們將從沃爾瑪冷凍和腐爛的 APD 中進行。

So we're developing out the full chain and that will eventually lead to us doing just perishable warehouses as well as back at store.

因此，我們正在開發完整的鏈條，最終使我們不僅經營易腐爛物品的倉庫，而且還經營商店業務。

We've already done some experimenting on the perishable side, 38 degrees is not a problem for us.

我們已經對易腐食品做了一些實驗，38 度對我們來說不是問題。

Frozen is still -- we still have more testing to do.

《冰雪奇緣》仍在進行中——我們還需要做更多的測試。

So that's still on our road map.

所以這仍然在我們的路線圖上。

Returns is something we think we could be very good at.

我們認為，回報是我們可以非常擅長的。

We've just been too busy to actually get at it right now.

我們現在實在太忙了，沒辦法真正去做這件事。

Greg Palm, Craig-Hallum.

格雷格·帕姆、克雷格·哈勒姆。

Going back to some of the cost overruns that sort of surfaced last quarter.

回顧上個季度出現的一些成本超支現象。

I'm just curious if we could get kind of just a broader update, especially on kind of visibility levels and when you sort of see those moderating going away completely, at least given what we saw from some of the quarters in fiscal '24.

我只是好奇我們是否可以獲得更廣泛的更新，特別是在可見度水平方面，以及當您看到這些緩和因素完全消失時，至少考慮到我們在 24 財年某些季度看到的情況。

Yeah.

是的。

So this quarter, we saw a slight improvement in our systems gross margin, so a slight tick up.

因此本季度，我們看到系統毛利率略有改善，略有上升。

And as we go forward in 2Q, 3Q, 4Q, we do have continued focus on making sure we're adhering to schedule, adhering to cost.

隨著第二季、第三季和第四季的推進，我們將繼續致力於確保遵守計畫、控製成本。

But you're also going to see benefited in the back half of the year is we will see several of our lower margin, very complex systems go live.

但您還將看到，今年下半年我們將受益，因為我們將看到幾個利潤率較低、非常複雜的系統上線。

And so we're going to see the benefit of a higher gross margin mix as you head to the back half of the year.

因此，當您進入今年下半年時，我們將看到更高毛利率組合的好處。

So focus on cost control and focus on deploying opportunities for all of those projects, but we're also going to see the benefit of those systems starting to go live and our mix will improve.

因此，重點是成本控制並專注於為所有這些專案部署機會，但我們也將看到這些系統開始上線的好處，我們的組合將會改善。

Okay, understood.

好的，明白了。

And then the revenue, at least by our math, the revenue from non-Walmart customers, which had been growing pretty fast for the last year plus really moderated this quarter.

然後是收入，至少根據我們的計算，來自非沃爾瑪客戶的收入在去年一直增長相當快，而本季度的增長確實有所放緩。

It was just very, very slight growth.

這只是非常非常輕微的增長。

Was that just timing?

那隻是時機嗎？

Like how should we think about just the revenue profile of obviously, the Walmart business, but also the non-Walmart customers as well?

例如，我們該如何看待沃爾瑪業務的收入狀況，以及如何看待非沃爾瑪客戶的收入狀況？

Yeah.

是的。

So clearly, by the backlog that we have and the percent that's contributed from Walmart, you're going to see a significant contribution from Walmart going forward.

因此顯然，根據我們的積壓訂單和沃爾瑪貢獻的百分比，您將看到沃爾瑪未來做出的重大貢獻。

And as Rick talked about from a GreenBox perspective, once we get the management team in place, we're fielding inbound there, you're going to start seeing that grow at the back half of the year.

正如 Rick 從 GreenBox 的角度所說的那樣，一旦我們的管理團隊到位，我們就會在那裡開展入站業務，您將在今年下半年開始看到業務的成長。

We continue to focus on what are some other customers that we can bring in in-house.

我們將繼續關注可以引入的其他客戶。

And maybe I'll turn it over to Rick to highlight some of the inbound or discussions we're having.

也許我會把它交給 Rick 來強調我們正在進行的一些討論。

Yeah.

是的。

I mean, inbound, so we have a number of manufacturers now looking at how they could use our systems for mixing centers.

我的意思是，入站，所以我們現在有許多製造商正在研究如何將我們的系統用於混合中心。

So this is opening up really our first CPG companies that are beginning to look at this as they start figuring out that they need to some of their smaller customers, because they need the sales.

因此，這實際上為我們的第一批 CPG 公司打開了大門，他們開始關注這個問題，因為他們開始發現他們需要一些較小的客戶，因為他們需要銷售。

I also think you're going to see the back of store systems, which are considerably cheaper than a warehouse system as a way for us to get rapid interest from a lot of other retailers besides Walmart that we've already had a couple of incomings, and only own the company for a week about could you do this in terms of customer pickup in the back of the store.

我還認為，您將會看到商店系統的後台，它比倉庫系統便宜得多，這是我們從沃爾瑪以外的許多其他零售商那裡獲得快速興趣的一種方式，我們已經有了一些收入，並且只擁有這家公司一周左右的時間，您能否在商店後台實現顧客提貨。

And so we're seeing that, and that's basically what we've been working on.

我們看到了這一點，基本上就是我們一直努力的方向。

And then we started doing some work in different verticals, medical supplies, things like that.

然後我們開始在不同的垂直領域進行一些工作，醫療用品等等。

So I think we'll see interest there.

所以我認為我們會看到人們對此感興趣。

Rob Mason, Baird.

羅布梅森，貝爾德。

I wanted to see if you could provide us an update just on how the deployment of break pack systems are going.

我想看看您是否能向我們提供有關分離包裝系統部署進展的最新情況。

I understand, I guess, even last quarter, there was maybe the second one deployed, but how that's going and relatedly or maybe not.

我理解，我想，甚至上個季度可能已經部署了第二個，但是情況如何以及是否相關。

When you talk about, Carol, you mentioned some of the complexity of some of the lower-margin projects.

卡羅爾，您提到了一些利潤較低的項目的複雜性。

I'm just curious, is that related to new features that are being put in new features that maybe we haven't been familiar with or just the nature of the installation that's causing the complexity?

我只是好奇，這是否與我們可能不熟悉的新功能有關，或者只是導致複雜性的安裝性質？

Yeah.

是的。

So we have our second break pack being deployed.

因此，我們的第二個救援包正在部署中。

And we have a bunch of others that will be coming after that shortly, which we haven't announced yet.

不久後我們還會推出一些其他產品，但我們尚未宣布。

And so we've redesigned the original mini bot, and we've made some new design functions, which actually customers are really happy about, makes it a little smaller, lowers the price, but still a very -- it actually increases the margin for us.

因此，我們重新設計了原始的迷你機器人，並增加了一些新的設計功能，實際上客戶對此非常滿意，它變得更小了，價格也更低了，但仍然——它實際上增加了我們的利潤。

So I would say that's just one of another product that's been in development for a while and going well.

所以我想說這只是已經開發了一段時間並且進展順利的另一個產品之一。

And then in terms of my comment on the mix changing as we go forward.

然後就我對我們前進過程中混合物變化的評論而言。

It's less about the new features that were on those projects, and there were projects that have just been with us for a long time that started out as lower margin.

這與這些項目的新功能關係不大，有些項目與我們合作了很長時間，一開始的利潤率較低。

And as we burn those off, we're going to see that mix change.

當我們把它們燒掉時，我們將看到混合物發生變化。

So it was less about features of those particular developments.

因此，它與這些特定發展的特徵關係不大。

Some of them are bigger systems that have been in deployment for a while, and it would be good to get those moved off into system deployment.

其中一些是較大的系統，已經部署了一段時間，最好將它們轉移到系統部署中。

Ken Newman, KeyBanc Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBanc 資本市場。

Carol, you mentioned expectations for gross margins to expand from 1Q into 2Q.

卡羅爾，您提到預計毛利率將從第一季擴大到第二季。

When I just think about that in the context of the midpoint of your guide, as well as some of the comments about mix kind of improving into the second half -- does that assume that the systems gross margin can break 20% here in the first half?

當我根據您的指南中點以及關於下半年混合改善的一些評論來思考這個問題時 - 這是否假設系統毛利率可以在上半年突破 20％？

Or is that still a bit too optimistic?

或者這仍然有點過於樂觀？

Yeah.

是的。

I would say breaking 20 in the first half is optimistic. -- first half, meaning, 1Q is behind us already.

我想說上半場突破20已經是樂觀的了。 ——上半年，也就是說，第一季已經過去了。

So if I think about 2Q I would not expect to see that Eclipse 20 in the first half of the year.

因此，如果我考慮第二季度，我不會期望在今年上半年看到 Eclipse 20。

And to be clear, would that mix step-up that you mentioned earlier in the call?

需要明確的是，這是否與您之前在通話中提到的混合升級有關？

Is that a potential step to kind of breaking that pathway?

這是打破這條路徑的潛在舉措嗎？

Yeah.

是的。

And I think what you're going to see in the second quarter too is we're going to have growth in OpEx, which we talked about.

我認為您在第二季度也會看到我們的營運支出將有所增長，正如我們之前討論過的。

And so that's what you're also seeing in our EBITDA guide.

這也是您在我們的 EBITDA 指南中看到的內容。

It reflects an increase in OpEx as well as a slight improvement in systems gross margin.

這反映了營運支出的增加以及系統毛利率的略微改善。

Software margin, we're going to continue to see levels in the 60s.

軟體利潤率我們將繼續看到 60 年代的水平。

And as we talked about, ops gross margin will be a drag for the near term.

正如我們所討論的，營運毛利率將在短期內成為一個拖累因素。

But in the long term, we expect that to rebound.

但從長遠來看，我們預計其將會反彈。

Yeah.

是的。

And then for my follow-up here, Rick, I just wanted to circle back on an earlier comment around AI.

然後，對於我的後續問題，里克，我只是想回到之前關於人工智慧的評論。

I know we've seen a lot of headlines here about potentially cheaper ways to train AI models when you think of -- I know you've been kind of first movers within the technology, but when you consider that these models might be cheaper trained, do you view that as a catalyst for yourself?

我知道我們已經看到很多關於訓練人工智慧模型的潛在更便宜的方法的頭條新聞，當你想到——我知道你是該技術領域的先行者，但是當你考慮到這些模型的訓練成本可能更低時，你是否認為這對你自己來說是一種催化劑？

Or is that potentially competitive threats as new, as other competitors try to utilize that cheaper technology?

或者這是否是新的潛在的競爭威脅，因為其他競爭對手試圖利用這種更便宜的技術？

How do you think about that as it relates to the system offerings?

您如何看待這與系統產品的關係？

Yeah.

是的。

That's a really good question.

這真是一個好問題。

So we think we're very, very far ahead of everybody else.

因此我們認為我們遠遠領先於其他人。

And the reason I say that is we've now hit 1 billion transactions a year, and you can't train these models without data.

我這樣說的原因是我們現在每年的交易量已經達到 10 億筆，沒有數據就無法訓練這些模型。

Nobody has the amount of data that we have combined with the architecture and the software.

沒有人擁有像我們這樣將架構與軟體結合在一起的資料量。

So we think we'll just continue to distance ourselves from the product.

因此我們認為我們將繼續與該產品保持距離。

Will Bryant, Goldman Sachs.

高盛的威爾布萊恩特（Will Bryant）。

I'm on for Mark Delaney today.

今天我代替馬克·德萊尼上場。

So just one really quickly on the APD acquisition.

因此，我們只想快速介紹一下 APD 收購情況。

I know it's supposed to be accretive to revenue margins and free cash flow, but can you just give a little bit more impact to the financials going -- at least this year, given that revenue is not supposed to kick in for a couple of more quarters, please?

我知道這應該會增加收入利潤和自由現金流，但你能否對財務狀況產生更大的影響——至少是今年，因為收入應該在接下來的幾季才會開始產生，好嗎？

Yeah.

是的。

So our second quarter does have a modest amount of revenue associated with our acquisitions.

因此，我們第二季確實有少量收入與收購有關。

So again, it's modest because we'll have a partial quarter.

所以再說一次，這是適度的，因為我們將有一個部分季度。

And we're just getting started from that development program, but you're going to see that growth throughout 2025 as we ramp up development.

我們才剛開始這個發展計劃，但隨著我們加快發展，您將在 2025 年看到這一成長。

If you think about the cash that we got for the first year, I think our comment was, $230 million of cash from the quarter drives $200 million of revenue for this year, so it will be backloaded.

如果你考慮我們第一年獲得的現金，我想我們的評論是，本季的 2.3 億美元現金將為今年帶來 2 億美元的收入，因此這將是後期加載的。

But we do have revenue a modest amount already beginning in the second quarter, and we're excited to get the integration going forward and start development.

但從第二季開始我們已經有了少量收入，我們很高興能夠推動整合並開始發展。

And just one more.

還剩一個。

I know Symbotic had commented that it plans to add more salespeople.

我知道 Symbotic 曾表示計劃增加更多銷售人員。

So what are your expectations for potential new customers either with Symbotic?

那麼您對於 Symbotic 的潛在新客戶有什麼期望呢？

Yeah.

是的。

So that's what I was implying.

這就是我所暗示的。

We're starting to ramp up the GreenBox sales team and some of those will be transferable to Symbotic -- some will be selling a Surmodics system, some will be offering a GreenBox solution.

我們正在開始擴大 GreenBox 銷售團隊，其中一些將轉移到 Symbotic——有些人將銷售 Surmodics 系統，有些人將提供 GreenBox 解決方案。

And so we're in the process of bringing on the sales leaders, and we think with the reception we've had when the leadership teams are building up the sales force will be good.

因此，我們正在招募銷售領導者，我們認為，從領導團隊在建立銷售團隊時所受到的歡迎來看，這將是好的。

We have started hiring two or three additional salespeople at Symbotic already.

我們已經開始在 Symbotic 招募兩到三名額外的銷售人員。

And they'll focus on different verticals.

他們將專注於不同的垂直領域。

Guy Hardwick, Freedom Capital Markets.

哈德威克（Guy Hardwick），自由資本市場（Freedom Capital Markets）。

Most of my questions have been asked already, but I just wonder how you feel about the guidance you gave in the 2024 10-K that 10% of the $22.4 billion backlog would be delivered this year.

我的大部分問題已經被問過了，但我只是想知道您對 2024 年 10-K 報告中給出的指導有何感想，即 224 億美元積壓訂單中的 10% 將在今年交付。

And maybe you can give some puts and takes to that?

也許您可以對此提出一些看法？

Or does it depend on a certain number of deployments in progress?

或者它取決於正在進行的一定數量的部署？

Yes.

是的。

So what you'll see in our 10-Q that we posted this evening, is the remaining performance obligation that we expect to deliver in the next 12 months, we upped that to 11%.

因此，您將在我們今晚發布的 10-Q 中看到，我們預計將在未來 12 個月內履行的剩餘履約義務，我們將其提高到了 11%。

So I think that will be a good indicator of how our revenue grows back half loaded for 2025.

所以我認為這將是一個很好的指標，顯示我們的收入在 2025 年將如何恢復半量成長。

And so will -- 4Q stronger than 3Q is what we're currently looking at.

所以 — — 我們目前預計第四季的表現將強於第三季。

Great.

偉大的。

And just as a follow-up, sorry if I missed it earlier, I was late on the call.

順便問一下，如果我之前沒有接到電話，我很抱歉，因為我遲到了。

I'm just wondering how discussions with non-grocery customers are progressing, say, general merchandise customers potential for new customers, I mean.

我只是想知道與非雜貨顧客的討論進展如何，比如說，日用百貨顧客的潛在新顧客。

A number of the customers we're talking to are non-grocery customers and there are different verticals.

我們正在交談的許多客戶不是雜貨客戶，而且來自不同的垂直行業。

So I mean, most retail is still food or general merchandise, but there's also medical supplies, and there's auto parts, and there's a bunch of other things, all of which we're in discussions with.

所以我的意思是，大多數零售仍然是食品或日用百貨，但也有醫療用品，汽車零件，還有許多其他東西，所有這些我們都在討論中。

Robert Jamieson, Vertical Research Partners.

羅伯特·傑米森（Robert Jamieson），垂直研究夥伴。

Just I had a quick one on the Walmart Robotics acquisition.

我只是想快速了解沃爾瑪機器人收購案。

I know it's just closed, and it's only been a few weeks.

我知道它剛剛關閉，而且才過去幾個星期。

But Rick, do you have a sense of where you think majority of work will be directed to meet Walmart's requirements for these APD systems?

但瑞克，你是否知道，為了滿足沃爾瑪對這些 APD 系統的要求，大部分工作將會流向何處？

Like is it more software related?

例如它是否與軟體更相關？

Is there anything you can use or repurpose or make better on the hardware or robotics front that was maybe developed by alert innovations in the system?

在硬體或機器人技術方面，有什麼東西是您可以使用、重新利用或改進的，可能是透過系統中的警報創新而開發的？

Yes.

是的。

So the Walmart's robotics solution, at this point, we're still looking at it.

因此，目前我們仍在研究沃爾瑪的機器人解決方案。

But there's a bunch of our hardware and a bunch of our software will be applicable to what Walmart already had, and that will accelerate the rollout of these sites.

但我們的許多硬體和軟體將適用於沃爾瑪現有的產品，這將加速這些網站的推出。

They had some good technology, but I think the combination of their technology and our technology is what really got Walmart excited and accelerate the.

他們有一些很好的技術，但我認為他們的技術與我們的技術的結合才是真正讓沃爾瑪興奮並加速發展的。

Okay.

好的。

And then just can we get an update on international.

然後我們才能獲得國際的最新消息。

I mean, -- it doesn't sound like there's much of an update this time.

我的意思是——聽起來這次沒有太多的更新。

But I mean, how did conversations trend during the quarter?

但我的意思是，本季的對話趨勢如何？

Did you see an increase in inbounds or queries?

您是否發現入站郵件或查詢數量增加？

Anything that would suggest maybe the activity is getting a little bit better.

任何可能表明活動正在變得稍微好一些的跡象。

The environment is improving over there?

那邊的環境有改善嗎？

Yes.

是的。

So we had a couple of European tours that we gave and visits and then I spent a bunch of time in Mexico because of Walmex just to understand the potential there.

因此，我們組織了幾次歐洲旅行和參觀，然後我因為 Walmex 在墨西哥花了很多時間，只是為了了解那裡的潛力。

And it was very interesting.

這非常有趣。

I mean, obviously, wages are lower in Mexico than they are in the US, but also their supply chain is much further behind our supply chain in terms of inventory management and flow to the stores.

我的意思是，顯然墨西哥的工資低於美國，而且在庫存管理和商店流動方面，他們的供應鏈也遠遠落後於我們的供應鏈。

And actually, went to some Walmart supercenters and but there are a lot of small stores in Mexico that actually are enabled by particularly the way you specialize and build pallets are delivered to the store.

實際上，我去了一些沃爾瑪超市，但墨西哥有很多小商店，它們實際上是透過專門定制托盤運送到商店的方式實現的。

So a huge opportunity south of the border across -- all the way down to Central -- Mexico, Central America, South America.

因此，這是一個巨大的機會，從邊境以南一直延伸到中部——墨西哥、中美洲和南美洲。

Thank you.

謝謝。

Ladies and gentlemen, I'm showing no further questions in the queue.

女士們、先生們，我表示隊列中沒有其他問題。

I would now like to turn the call back to Charlie for closing remarks.

現在我想請查理作最後發言。

Yeah.

是的。

Thank you, everybody, for joining our call tonight.

感謝大家參加我們今晚的電話會議。

We really appreciate your interest in Symbotic and look forward to seeing many of you during the quarter at the various investor conferences will be at -- thank you and bye-bye.

我們非常感謝您對 Symbotic 的關注，並期待在本季度的各種投資者會議上見到你們——謝謝你們，再見。

Ladies and gentlemen, that concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。