Symbotic Inc (SYM) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Symbiotic's second-quarter 2025 financial results conference call. Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Symbiotic 2025 年第二季財務業績電話會議。請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Charlie Anderson, Symbotic Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言人，Symbotic 投資者關係副總裁 Charlie Anderson。請繼續。

Thank you. Welcome to Symbotic's second quarter of fiscal 2025 financial results webcast. I'm Charlie Anderson, Symbotic's Vice President of Investor Relations.

謝謝。歡迎收聽 Symbotic 2025 財年第二季財務表現網路廣播。我是 Charlie Anderson，Symbotic 的投資人關係副總裁。

Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Form 10-K, including the risk factors. We undertake no obligation to update any forward-looking statements.

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。此類聲明基於當前的預期和假設，受多種風險和不確定性的影響。實際結果可能存在重大差異。請參閱我們的 10-K 表格，其中包括風險因素。我們不承擔更新任何前瞻性陳述的義務。

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

此外，在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對賬，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's Founder, Chairman and Chief Executive Officer; and Carol Hibbard, Symbotic's Chief Financial Officer. These executives will discuss our second quarter fiscal year 2025 results and our outlook, followed by Q&A.

參加今天的電話會議的有 Symbotic 創辦人、董事長兼執行長 Rick Cohen 和 Symbotic 財務長 Carol Hibbard。這些高階主管將討論我們 2025 財年第二季的業績和展望，然後進行問答。

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

下面，我將把發言權交給 Rick。瑞克？

Thank you, Charlie. Good afternoon, and thank you for joining us to review our most recent results. In the second quarter, we delivered strong results, both financially and operationally. Our revenue grew by 40% year over year, and our gross margins expanded significantly, reflecting our focus on project execution while controlling costs and delivering high-quality deployments. Carol will give more detail on the level of improvements in her remarks, but at a high level, the changes we have made to improve our deployment processes are beginning to pay off.

謝謝你，查理。下午好，感謝您與我們一起回顧我們的最新成果。在第二季度，我們在財務和營運方面都取得了強勁的業績。我們的收入年增了40％，毛利率大幅提高，這反映了我們專注於專案執行，同時控製成本並提供高品質的部署。卡羅爾將在她的演講中更詳細地介紹改進的程度，但從高層次來看，我們為改進部署流程所做的改變已開始取得成效。

These include a more streamlined and predictable workflow and installation, closer coordination with contractors by in-sourcing construction management and a strong emphasis on quality management principles to minimize errors and rework, among others.

這些措施包括更精簡和可預測的工作流程和安裝、透過內部施工管理與承包商進行更緊密的協調以及高度重視品質管理原則以最大限度地減少錯誤和返工等。

With stronger project execution, we are well positioned to access future growth and are adding talent to do so. That includes Brian Alexander, our new Senior Vice President, Commercial, who joined us recently from Hub Group, where he served in roles, including Chief Operating Officer and Chief Marketing Officer, serving multiple Fortune 500 clients with specialized supply chain solutions.

透過更強大的專案執行力，我們已做好準備迎接未來的成長，並正在為此招募人才。其中包括我們新任商業高級副總裁 Brian Alexander，他最近從 Hub Group 加入我們，在 Hub Group 擔任營運長和首席行銷長等職務，為多家財富 500 強客戶提供專業的供應鏈解決方案。

Additionally, GreenBox, our warehouse as a Service joint venture with SoftBank, recently hired Asshrock Choudhary as CEO. Asshrok joins GreenBox from Cboe Logistics, where he oversaw the third largest contract logistics business in the world as its Global Managing Director.

此外，我們與軟銀合資成立的倉庫即服務公司 GreenBox 最近聘請 Asshrock Choudhary 擔任執行長。Asshrok 在加入 GreenBox 之前曾任職於芝加哥期權交易所物流公司 (Cboe Logistics)，擔任該公司全球董事總經理，負責管理全球第三大合約物流業務。

GreenBox also began the third site during the quarter, and we remain excited about our prospects. During the quarter, we also closed our acquisition of Walmart Advanced Systems and robotics or ASR, which expands our product portfolio to include a micro fulfillment solution, both to ambient and perishable environments.

GreenBox 也在本季啟動了第三個站點，我們對我們的前景仍然充滿期待。在本季度，我們也完成了對沃爾瑪先進系統和機器人技術或 ASR 的收購，這擴大了我們的產品組合，包括適用於常溫環境和易腐環境的微型履行解決方案。

Beyond this addition, we have compelling innovation on our road map to deliver even more value to our customers while also building upon the progress we've made to deploy systems for efficiency. I'm excited to share more in the coming quarters. In summary, Symbiotic is in an advantageous position going forward.

除此之外，我們的路線圖上還有引人注目的創新，旨在為我們的客戶提供更多價值，同時鞏固我們在部署系統效率方面所取得的進展。我很高興在接下來的幾季分享更多內容。綜上所述，Symbiotic 在未來的發展中處於有利地位。

We have a strong multiyear opportunity with nearly $23 billion of backlog. Our margins have expanded due to improved execution and we continue to attract impressive talent. I will close my remarks by thanking our customers for their continued trust, our team for their strong execution and our investors for their support of our company.

我們擁有近 230 億美元的積壓訂單，這是一個強大的多年期機會。由於執行力的提高，我們的利潤率有所擴大，並且我們繼續吸引優秀人才。最後，我要感謝客戶一直以來的信任、我們團隊的強大執行力以及我們投資人對我們公司的支持。

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

現在，卡羅爾將討論我們的財務表現和前景。頌歌？

Thank you, Rick. Second quarter revenue grew 40% year over year to $550 million, with revenue growth driven by solid progress across our 46 systems and deployments, and we more than doubled the number of operational systems from a year ago. We also benefited from two months of contribution from the acquired Walmart Advanced Systems and Robotics.

謝謝你，里克。第二季營收年增 40%，達到 5.5 億美元，營收成長得益於我們 46 個系統和部署的穩定進展，我們的營運系統數量比一年前增加了一倍多。我們也受惠於收購的沃爾瑪先進系統和機器人公司兩個月的貢獻。

Higher revenues and forecast, combined with improving gross margins drove a reduction in our net loss to $21 million in the second quarter versus $55 million in the second quarter of fiscal 2024. Adjusted EBITDA in the quarter of $35 million was also above our forecast and more than tripled year over year from $9 million in the year ago quarter.

更高的收入和預測，加上不斷提高的毛利率，推動我們的淨虧損從 2024 財年第二季的 5,500 萬美元減少至第二季的 2,100 萬美元。本季調整後的 EBITDA 為 3,500 萬美元，也高於我們的預期，與去年同期的 900 萬美元相比，同比增長了兩倍多。

In our second quarter, we began a record 10 new system deployments, which included one new GreenBox site in Southern California intended for multiple tenants, along with multiple brake pack deployments. We also completed eight systems in the quarter, doubling our previous record of 4, bringing us to a total of 37 operational systems.

在第二季度，我們開始了創紀錄的 10 個新系統部署，其中包括位於南加州的一個供多個租戶使用的新 GreenBox 站點，以及多個煞車包部署。我們還在本季完成了 8 個系統，比之前的 4 個系統多了一倍，使我們的營運系統總數達到 37 個。

As Rick mentioned, we are improving our installation performance. You have heard us talk in the past about total deployment time lines of roughly 24 months, defined as time between the signing of the state and the work for system to customer acceptance of (inaudible). However, the portion of the deployment most in our control time between the start of its installation and its acceptance by a customer.

正如 Rick 所提到的，我們正在提高我們的安裝性能。您曾聽我們討論過，總部署時間約為 24 個月，也就是從簽署狀態檔案到系統投入運作到客戶驗收的時間。（聽不清楚）。然而，部署的大部分時間都在我們的控制範圍內，也就是從安裝開始到客戶驗收之間。

This also happens to be where we see most of the cost revenue recognition, which impacts our margin performance. The largest sample size we have for comparison are the Phase 1 deployments for our largest customer.

這也恰好是我們看到大部分成本收入確認的地方，這會影響我們的利潤率表現。我們用於比較的最大樣本量是我們最大客戶的第一階段部署。

In the second quarter, our installation to acceptance timelines were roughly two months shorter for Phase 1 systems than our historical average. And notably, these systems were 15% larger in size than our historical average for Phase 1 systems. Normalizing for size, which also equates to revenue, our improvement level is more than 30% better than our historical average.

在第二季度，第一階段系統的安裝到驗收時間比歷史平均時間縮短了約兩個月。值得注意的是，這些系統的規模比我們第一階段系統的歷史平均值大 15%。按規模標準化（也等同於收入），我們的改善水準比歷史平均高出 30％ 以上。

With the increase in operational systems, we saw our software revenue grow by over 160% year over year to $6.7 million. and operations services revenue grew 47% year over year to $29.6 million. In terms of the backlog, our backlog was $22.7 billion grew sequentially from $22.4 billion last quarter. This increase was primarily due to the addition of our development contract with Walmart associated with accelerated pickup and delivery or APD systems, offset by the revenue revenues. Turning to margins.

隨著營運系統的增加，我們的軟體收入年增超過 160%，達到 670 萬美元；營運服務收入年增 47%，達到 2,960 萬美元。就積壓訂單而言，我們的積壓訂單為 227 億美元，較上一季的 224 億美元季增。這一增長主要是由於我們與沃爾瑪簽訂了與加速提貨和送貨或 APD 系統相關的開發合同，但被收入所抵消。轉向利潤。

System gross margin improved significantly on a sequential basis as we gain the expected improvement from completing lower-margin systems while also improving our overall project execution as both Rick and I highlighted. Revenue from Walmart ASR was also accretive to our system margins.

系統毛利率連續大幅提高，因為我們透過完成利潤率較低的系統獲得了預期的提高，同時也改善了我們的整體專案執行情況，正如 Rick 和我所強調的那樣。沃爾瑪 ASR 的營收也增加了我們的系統利潤。

Gross margin on software maintenance and support again exceeded 65% trending toward typical industry software margins as we gain scale. And in operation services, we swung back to a gross profit, thanks to a more favorable mix due to training revenue associated with the large number of new systems that went live. We also saw modest benefits in the Walmart ASR acquisition, where we are now providing services for the existing APD sites in operations.

隨著規模的擴大，軟體維護和支援的毛利率再次超過 65%，趨向於典型的行業軟體利潤率。在營運服務方面，我們重新實現了毛利，這得益於大量新系統上線帶來的培訓收入所帶來的更有利的業務組合。我們也從沃爾瑪 ASR 收購中看到了一定的好處，我們現在正在為現有的 APD 站點提供服務。

Operating expenses were up sequentially due to acquisitions and the investments we are making to support our growth. We finished the quarter with cash and equivalents of $955 million, which increased from $903 million in the first quarter, primarily due from cash from operations of $270 million in the quarter, offset by the $200 million paid for Walmart ASR and $21 million of capital expenditures.

由於收購和我們為支持成長而進行的投資，營運費用環比上升。本季結束時，我們的現金和等價物為 9.55 億美元，高於第一季的 9.03 億美元，主要由於本季經營活動產生的現金 2.7 億美元，但為沃爾瑪 ASR 支付的 2 億美元和 2,100 萬美元的資本支出抵消了這一影響。

Now turning to our outlook. For the third quarter of fiscal 2025, we expect revenue between $520 million to $540 million and adjusted EBITDA between $26 million and $30 million. In summary, our execution has improved, resulting in improved gross margin performance, and we are investing to drive future growth and product innovation.

現在轉向我們的展望。對於 2025 財年第三季度，我們預計營收在 5.2 億美元至 5.4 億美元之間，調整後 EBITDA 在 2,600 萬美元至 3,000 萬美元之間。總而言之，我們的執行力有所提高，從而提高了毛利率表現，我們正在投資推動未來的成長和產品創新。

With that, we now welcome your questions. Operator, please begin the Q&A.

現在，我們歡迎您提出問題。接線員，請開始問答。

(Operator Instructions) Andy Kaplowitz, Citi.

（操作員指示）花旗銀行的 Andy Kaplowitz。

Rick and Carol, I know one of the big focal points this year was scaling for growth. So does Q2 foreshadow where you want to be in terms of, I think you said 10 system starts and completions. And if it does, how do we think about system starts and completions given the ramp-up in Q2. Carol, I know you've said in the past it's lumpy, but should we assume that you've turned the corner, you continue to ramp up from here? And is the improvement really a function of getting your arms around EPC and sourcing?

里克和卡羅爾，我知道今年的一大焦點是擴大成長。那麼 Q2 是否預示了您想要達到的目標，我想您說過 10 個系統啟動和完成。如果確實如此，考慮到第二季的成長，我們如何看待系統的啟動和完成。卡羅爾，我知道你以前說過情況不太樂觀，但我們是否應該認為你已經渡過了難關，並從現在開始繼續攀升？這種改進真的是透過掌握 EPC 和採購來實現的嗎？

So thanks for the question, Andy. Our system starts will continue to be lumpy. So I do think the number that we start is a combination of ourselves as well as our customers, being ready to go ahead and launch and demo in a new building or a new face. And so it's a mutual decision between the two of us to go ahead and start. But that being said, we do see the trajectory with the backlog ahead of us that we will continue to see the number of system starts improve as we go through the coming quarters and the coming years.

謝謝你的提問，安迪。我們的系統啟動仍會不穩定。因此，我確實認為，我們開始的數字是我們自己和客戶的結合，準備在新建築或新面孔中繼續推出和展示。因此，這是我們兩人共同做出的決定，繼續前進並開始。但話雖如此，我們確實看到了未來積壓訂單的軌跡，隨著未來幾季和幾年的發展，我們將繼續看到系統啟動數量有所改善。

Got it. And you're forecasting EBITDA margin down a bit sequentially in Q3 versus Q2 at the midpoint. Is there anything in the forecast for tariff-related impact? Maybe it's mix? Can you talk about the puts and takes on margin going into the second half?

知道了。您預測第三季的 EBITDA 利潤率與第二季中期相比會較上季略有下降。預測中是否存在與關稅相關的影響？也許是混合的？能談談下半年的保證金狀況嗎？

And do you have an estimate for tariff-related expense? Or how are you thinking about it moving forward in terms of price versus cost?

您對關稅相關費用有估價嗎？或者您如何看待價格與成本的發展？

Okay. Yes, you've got a lot wrapped up in that question. I'll start with the overall gross margin performance. So this quarter's gross margin performance was driven by three key things. It was project mix.

好的。是的，你對這個問題有很多想問的。我將從整體毛利率表現開始。因此，本季的毛利率表現受三個關鍵因素驅動。這是項目組合。

So we had eight projects that we completed, many of those were our lower-margin projects. And so those will be moving off. Overall, project execution improved, we also had contribution, as I mentioned, from our ASR business, which is bringing accretive margins to our overall systems revenue.

因此，我們完成了八個項目，其中許多都是利潤較低的項目。所以這些將會消失。總體而言，專案執行情況有所改善，正如我所提到的，我們的 ASR 業務也做出了貢獻，為我們的整體系統收入帶來了增值利潤。

As I think about the -- our EBITDA guide for 3Q would imply roughly 100 basis points down from what we just posted this quarter. Primarily, the difference there is the ASR business for this quarter was higher than what we expect to see in the next quarter.

我認為——我們第三季的 EBITDA 指南比我們本季剛發布的結果低了大約 100 個基點。首先，本季的 ASR 業務差異高於我們預期的下一季的 ASR 業務差異。

And so some of that business as we work through overall design. We'll see that ramp back up in the coming quarters when we start building prototypes. But you're seeing the impact of that, which is why we're at roughly 21% for the coming quarter. In terms of tariffs, our guide, both for top line and for bottom line does not include the impact of tariffs. If I think about tariff impact for us, with most of our contracts allowing tariffs being passed through, you'll actually see increases in revenue associated with that, but it will be a drag on gross margin because it's pass-through revenue.

在我們進行整體設計的過程中，有一些業務也是如此。當我們開始建立原型時，我們將在未來幾個季度看到這一成長勢頭的回升。但您已經看到了其影響，這就是為什麼我們下一季的成長率將達到約 21%。在關稅方面，我們的指導方針，無論是頂線還是底線，都不包括關稅的影響。如果我考慮關稅對我們的影響，由於我們的大多數合約都允許轉嫁關稅，因此您實際上會看到與此相關的收入增​​加，但這會拖累毛利率，因為它是轉嫁收入。

Got it. So just being dollar for dollar [faster].

知道了。所以只是一美元換一美元[快點]。

Yes.

是的。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Just a follow-on from Andy, is you guys are also kind of modeling revenue down sequentially in the third quarter, which is unusual from a seasonal perspective. Is that also to do with the timing of acquisition impacting the P&L? Or is there something else going on there?

安迪的後續問題是，你們第三季的營收也呈現季減趨勢，這從季節性角度來看是不尋常的。這是否也與收購時機影響損益有關？還是那裡還有其他事情發生？

So thanks for the question, Nicole. There is a little bit of impact because we did have modest revenue this quarter associated with ASR. We'll see that drop a little bit in the next quarter. But the primary driver for our third quarter revenue is really a function of the number of starts that we had a year ago. So if you remember, 2Q and 3Q last year were our lowest system starts and we're now a year into where they would be really heavy in system implementation.

謝謝你的提問，妮可。這有一點影響，因為本季我們與 ASR 相關的收入確實不多。我們會看到下個季度這一數字會略有下降。但我們第三季收入的主要驅動力實際上取決於我們一年前開工的數量。所以如果你還記得的話，去年第二季和第三季是我們系統啟動次數最少的時期，而現在我們已經進入了系統實施的真正高峰期。

And so that's the primary driver in terms of what you're seeing for our guide for the third quarter.

因此，就我們第三季指南而言，這就是主要驅動因素。

Okay. Understood. And then with respect to the OpEx, so R&D and SG&A stepped up pretty significantly sequentially. Are we now kind of at a good R&D and SG&A run rate? Or should we expect further step-ups in the second half?

好的。明白了。然後就營運支出而言，研發費用和銷售、一般及行政費用連續顯著增加。我們現在的研發銷售、一般及行政開支運作率是否良好？或者我們應該期待下半年進一步的提升？

For our R&D run rate, I'd say that's a good run rate going forward. The SG&A run rate was higher this quarter, primarily related to acquisitions. So our acquisition costs were higher in SG&A. You're going to see that step back down in the next quarter and see that flat.

對於我們的研發運行率，我認為這是一個很好的未來運行率。本季銷售、一般及行政費用 (SG&A) 運作率較高，主要與收購有關。因此我們的銷售、一般及行政費用 (SG&A) 收購成本較高。您將會在下一季看到這一數字回落並持平。

Okay. And any quantification of how much we should expect that to step down.

好的。以及我們預計該數字將會下降多少的量化數據。

Yes. I would expect somewhere between $4 million and $5 million of a step down in the SG&A OpEx.

是的。我預計銷售、一般及行政開支 (SG&A OpEx) 將下降 400 萬至 500 萬美元。

Jim Ricchiuti, Needham Company.

Jim Ricchiuti，尼達姆公司。

I wasn't sure if you gave this in your script, did you say what ASR contributed in the quarter to revenue?

我不確定您是否在腳本中給出了這一點，您是否說過 ASR 在本季度對收入的貢獻是多少？

No, we did not. Thanks for the question, Jim. So we are a single-digit percent of revenue associated with ASR. We'll see that -- so as we build out the development program over the coming eight to 12 quarters, you'll see our revenue for ASR in back half of this year, early next year start ramping up as we start building prototypes.

不，我們沒有。謝謝你的提問，吉姆。因此，我們與 ASR 相關的收入只佔個位數百分比。我們會看到——隨著我們在未來 8 到 12 個季度內製定開發計劃，您將看到我們今年下半年、明年年初的 ASR 收入隨著我們開始建立原型而開始增加。

Got it. That's helpful. And I'm not -- are you able to tell us what the installation time looks like for your large customer mean you clearly are making progress there. But -- and I know some of these are different. But is there any -- in rough terms, can you tell us what the installation to acceptance time looks like right now?

知道了。這很有幫助。我不是—您能告訴我們您的大客戶的安裝時間是怎樣的嗎？這是否意味著您顯然正在取得進展。但是——我知道其中一些是不同的。但有沒有——粗略地說，您能告訴我們現在安裝到驗收的時間是怎樣的嗎？

So we quantify from start or signature of a project when we hit project acceptance of about 24 months. the install to acceptance, which is what we indicated where we have the most ability to impact is about half of that time. So what we saw this quarter is a couple of month improvement. So we think we were at 12 months from install to accept on the -- a couple of the projects that we had this quarter, we saw two months shaved off of that.

因此，我們量化了從專案開始或簽署到專案驗收約 24 個月的時間。從安裝到驗收，也就是我們指出的我們最有能力影響的階段，大約佔了其中一半的時間。因此，我們本季看到的是幾個月的改善。因此，我們認為從安裝到驗收一共需要 12 個月的時間——對於本季度的幾個項目，我們發現時間縮短了兩個月。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾、地方檢察官戴維森。

I was hoping maybe you could talk a little bit more about your technology and innovation road map, Rick. You've obviously touched on the development in perishable in the past. So maybe an update there and maybe some of the other projects you're able to talk about that you're working on, maybe some milestones you may be achieving along the way there with some of those things. And then I have a follow-up.

我希望你能多談談你的技術和創新路線圖，里克。您過去顯然已經談到過易腐爛食品的發展。因此，也許可以介紹一下那裡的更新情況，也許可以談談您正在進行的一些其他項目，也許可以談談您在這些事情進展過程中可能取得的一些里程碑。然後我有一個後續問題。

Yes. Thanks, Matt. So with the ASR projects, which we're developing, we will have bots that can do both perishables and frozen. So -- and that will -- eventually, we're now beginning to talk to people about actually building perishable warehouses for them. So -- that's on our road map and say exactly when that will happen, but it's a lot sooner than it was two months ago.

是的。謝謝，馬特。因此，透過我們正在開發的 ASR 項目，我們將擁有可以處理易腐爛物品和冷凍物品的機器人。所以——最終，我們現在開始與人們談論為他們實際建造易腐爛物品倉庫。所以——這在我們的路線圖上，並且確切說明了何時會發生，但比兩個月前要早得多。

So there's demand for it. and people are very interested in that. And we have to do it for the back of the store. And so that's moving right along. The other -- and we're doing a couple of other things to make the structure smaller, which is giving us opportunities to talk to customers that want smaller systems.

因此，人們對此有需求，並且對此非常感興趣。我們必須為商店的後部做這件事。一切進展順利。另外——我們正在做其他一些事情來使結構變得更小，這使我們有機會與想要更小系統的客戶交談。

And also, it actually will accelerate the installation of some of the bigger systems because we can actually put more in a smaller space and get it built faster. So technology is as moving right along, we're starting our second design of our BreakPack system. The first one is working well. The second one is -- will be better. So we're now really able to offer three products.

而且，它實際上將加速一些較大系統的安裝，因為我們實際上可以在更小的空間內放置更多的東西，並更快地建造它。隨著技術不斷進步，我們正在開始對 BreakPack 系統進行第二次設計。第一個運作良好。第二個是──會更好。所以我們現在實際上能夠提供三種產品。

One is the big system, and that can come in anywhere from very, very large to a couple of inbound and outbound calls on the smaller side. break pack system can be large or small. And now we're talking about a third module, which will be the really a 15,000-foot system in the back of a store or even -- we've had some people now come and say, "could you do a 30,000-foot system for us for special needs. So as our product offering is expanding -- we're generating a lot of interest. And so we'll be going -- the development will be continuing to speed up.

一種是大型系統，其規模可以從非常非常大到只有幾個入站和出站呼叫的小型系統。中斷包系統可大可小。現在我們正在討論第三個模組，這將是商店後面真正的 15,000 英尺系統，甚至 - 現在有些人來找我們說，「您能否為我們做一個 30,000 英尺的系統來滿足特殊需求。因此，隨著我們的產品範圍不斷擴大，我們引起了人們的極大興趣。因此我們將繼續前進——發展將會繼續加速。

And as a follow-up, Carol, I just want to be clear. The Walmart ASR revenue was a single-digit millions or single-digit percentage because if it's a single-digit percentage that could be anywhere from like $5 million to $50 million. So can you maybe help us triangulate on that a little bit. And then also, if you guys can give an update on when you think you'll be able to make some announcements regarding potential green box tenants.

作為後續問題，卡羅爾，我只是想說清楚。沃爾瑪的 ASR 收入是一位數百萬或一位數百分比，因為如果是一位數百分比，則可能在 500 萬美元到 5000 萬美元之間。那你能不能幫我們稍微分析一下這個問題呢？另外，你們能否透露一下何時可以宣布有關潛在綠盒子租戶的消息。

So yes, to clarify, ASR was single-digit percentage I'd say that's mid- to high single-digit percentage of revenue GreenBox question.

是的，需要澄清的是，ASR 是一個位數百分比，我認為這是收入的中高個位數百分比 GreenBox 問題。

Yes. The GreenBox -- and we now have a CEO, and so we're accelerating our sales efforts, looking at a number of strategic opportunities and now talking to early customers about involvement in green box. Our first customer will be the later up site, and that will be [C&S] will be the very first customer, plus we may be able to add some other customers onto that site compared to incorporating all the capacity that's available. second sites in Atlanta, the third site will be in California. So any more interest because we're on both coasts now.

是的。GreenBox－我們現在有一位首席執行官，因此我們正在加快銷售力度，尋找一些策略機會，現在正在與早期客戶討論參與綠盒子的事宜。我們的第一個客戶將是後面的站點，而 [C&S] 將是第一個客戶，此外，與整合所有可用容量相比，我們可能能夠在該站點上添加一些其他客戶。第二個站點在亞特蘭大，第三個站點將在加州。由於我們現在位於東西海岸，所以還有更多興趣。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

Just curious on the tariffs. Is there any like -- how hard is the language on this stuff with passengers? I know we had some in the past, like some of the stuff that was thought to be reimbursable was not. So like I'm guessing these contracts when they are written or then contemplating something like this necessarily like from a policy standpoint. So how much debate or like ambiguity is there around is this kind of except like is something from Eurozone?

只是對關稅感到好奇。有沒有類似的情況──與乘客溝通這些事情的難度有多高？我知道我們過去也遇到過一些問題，例如一些原本被認為可以報銷的東西實際上卻不能。因此，我猜測這些合約在製定時或隨後從政策角度考慮這樣的事情是必然的。那麼，除了歐元區以外，這種事情還有多少爭論或模糊之處？

Like how do we think about this? Is there -- how certain are you on that?

例如我們如何看待這個問題？有——你對此有多確定？

We are certain. So in general, these costs will be passed through for us. And we've gone through and announced of all of our contracts over the last quarter or so. And I'll take this opportunity, Joe, to highlight a bit on tariffs because I really just answered the portion related to guide. So if I think about the current environment we have now, our overall exposure is a single-digit percent of a typical system.

我們確信。所以一般來說，這些成本將會轉嫁給我們。在過去一個季度左右，我們已經審查並公佈了所有合約。喬，我將藉此機會強調關稅問題，因為我實際上剛剛回答了與指南相關的部分。因此，如果我考慮我們現在的環境，我們的整體風險敞口只是典型系統的個位數百分比。

We have coverage for USMCA for our box production in Mexico. So our primary exposure comes from Europe. And as I indicated, the costs are passed through. We recognize that this equates to higher system cost, though. And so we're in the process of identifying with our supply chain.

我們在墨西哥的箱子生產符合 USMCA 的規定。因此我們的主要關注點來自歐洲。正如我所指出的，成本已經轉嫁了。但我們認識到這意味著更高的系統成本。因此，我們正在識別我們的供應鏈。

What else can we go do to work offsets so that we're not passing all those costs on to our customers. But from a contractual perspective, we're protected.

我們還可以採取哪些其他措施來抵消成本，以免將所有這些成本轉嫁給我們的客戶。但從合約角度來看，我們受到保護。

Got it. That's clear. And then, Rick, I know it's early days with ASR, but like -- any updated thoughts on how you might be able to leverage kind of technology and best practices to take the best parts of each of the three types of modules you have to make like the three best things you can build?

知道了。這很清楚。然後，Rick，我知道 ASR 還處於早期階段，但是——關於如何利用技術和最佳實踐來獲取三種模組中最好的部分，例如你可以構建的三種最好的東西，你有什麼最新的想法嗎？

Well, it -- yes, sure. I think we're talking to some people about putting all three in the same building. And then we're also talking to some people about just putting them in the back of the store. Essentially, ASR is -- and this is a potential big plus for GreenBox. It is a modified e-commerce solution because we're actually -- the goal of the system is to pick in each, put it in the bag, in the back of a store customer picks it up or you deliver.

嗯，是的，當然。我認為我們正在與一些人討論將這三者放在同一棟大樓裡。然後我們也與一些人討論將它們放在商店後面。本質上，ASR 是——這對 GreenBox 來說是一個巨大的潛在優勢。這是一種經過修改的電子商務解決方案，因為我們實際上——系統的目標是挑選每件商品，將其放入袋子中，然後由顧客在商店後面取走或由您送貨。

But you can put it in a box and ship it to a customer. So -- and of course, e-commerce, the top 300,000, 400,000, 500,000 items that sell in e-commerce are the same top 400,000, 500,000 items that sell in the store. So where we've had a lot of incomings because micro fulfillment, which is what other people call it, was really only looking at doing 5,000 or 6,000 items in the back of a store. And we think we can do in 15,000 or 20,000 feet. We think we can do 50,000 or 60,000 items, so in 100,000 square feet, we might be able to do one million items.

但您可以將其放入盒子中並運送給客戶。所以 —— 當然，在電子商務中，銷售排名前 300,000、400,000、500,000 的商品與在商店中銷售排名前 400,000、500,000 的商品相同。因此，我們收到了很多訂單，因為微型履行（其他人這樣稱呼它）實際上只考慮在商店後面處理 5,000 或 6,000 件商品。我們認為我們可以在 15,000 或 20,000 英尺的高度完成。我們認為我們可以生產 50,000 或 60,000 件商品，因此在 100,000 平方英尺的空間內，我們可能能夠生產一百萬件商品。

And so the opportunity -- and it uses the same basic software platform. There's some changes we would make to the bot. But the reason that people are interested in because this is an existing technology that's modified -- the example I keep using this is just another app on the iPhone using the same iOS. And that's the way we position the technology, but it solves different problems for different customers. And there's shipping cases, they're shipping interpacks and they're shipping each is.

因此機會——它使用相同的基本軟體平台。我們會對機器人做一些改變。但人們感興趣的原因是因為這是一項經過修改的現有技術——我一直使用的例子只是使用相同 iOS 的 iPhone 上的另一個應用程式。這就是我們對技術的定位，但它為不同的客戶解決不同的問題。還有運輸箱，他們運輸中間包裝，每個包裝都進行運輸。

So we think we're the only ones that actually offer with the same software and the same supplier all three levels of integration. So people are interested in that.

因此，我們認為我們是唯一一家真正使用相同軟體和相同供應商提供所有三個層級整合的公司。所以人們對此很感興趣。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

(inaudible) is to better understand what you're seeing for the potential to bring in additional customers, not only with GreenBox, but with Symbotic. You talk a little bit around the momentum and having a GreenBox CEO, but maybe you could elaborate a bit more on potential incoming demand? And have you seen it change at all with the tariff landscape and some of the supply chain challenges that may be creating for some of potential new customers?

（聽不清楚）是為了更好地理解您所看到的吸引更多客戶的潛力，不僅是 GreenBox，還有 Symbotic。您稍微談論了一下發展勢頭以及 GreenBox 執行長的情況，但也許您可以更詳細地闡述潛在的需求？您是否看到關稅格局和一些可能為一些潛在新客戶帶來的供應鏈挑戰發生了變化？

We've seen two things. We've seen some people just -- the world is so unknown. We've had a lot of incoming. We've had people probably said we want to study this. We want to understand it.

我們看到了兩件事。我們看到一些人只是──這個世界是如此未知。我們收到了很多來信。可能有人說過我們想研究這個。我們想了解它。

Not sure we want to go forward to some -- and then the flip side is in places that have a lot of visas are foreign labor that was coming into the US. We've seen a significant uptick in places where large customers are doing well are very concerned about labor shortages. And so on balance, I would say we're seeing more incoming plus we've also increased our sales force. So we probably made twice as many sales calls in the second quarter as we did in the prior one. But in general, we're -- I think the amount of incoming is increasing.

不確定我們是否想繼續前進——另一方面，在擁有大量簽證的地方，外籍勞工正在湧入美國。我們發現，在大型客戶經營狀況良好且非常擔心勞動力短缺的地方，情況出現了顯著上升。總的來說，我想說我們看到了更多的新客戶，而且我們的銷售團隊也增加了。因此，我們第二季的銷售電話數量可能比上一季增加了一倍。但總的來說，我認為收入數量正在增加。

We're not -- the first thing we get is -- how effective are you by tariffs, what's the pricing. Most of our stuff comes from the U.S. We make a lot of stuff in a trade free zone in Mexico. So I think there's like, okay, and then I think people think inflation is coming. I think they think labor is going up.

我們不是——我們得到的第一件事是——關稅的效果如何，定價是多少。我們的大部分產品來自美國。我們在墨西哥的貿易自由區生產許多產品。所以我認為，好吧，然後我認為人們認為通貨膨脹即將到來。我認為他們認為勞動力正在增加。

And so a lot of incoming for that -- for those reasons. So on balance, I would say, we're not seeing -- we're seeing more incoming than we are seeing people holding off.

因此，出於這些原因，有很多人來訪。因此，總的來說，我想說，我們看到的入境人數並沒有比停留人數多。

This is very helpful on a follow-up on that. I mean, what's the likelihood in your opinion of material new customers being announced this year, either for GreenBox or core Symbiotic, you recognize you would want to be selective and take the right kinds of projects on, but do you expect to be able to announce (inaudible)

這對於後續行動非常有幫助。我的意思是，您認為今年宣布重大新客戶的可能性有多大，無論是 GreenBox 還是核心 Symbiotic，您承認您希望有選擇性地承擔合適的項目，但您是否希望能夠宣布（聽不清楚）

We do.

是的。

Okay. Helpful. We'll stay tuned. My other question was for you, Carol, on free cash flow, very strong in the quarter, I think $249 million against EBITDA of $35 million. So maybe elaborate a bit more on what drove the degree of free cash flow strength and how to think about free cash flow from here.

好的。很有幫助。我們將持續關注。卡羅爾，我的另一個問題是有關自由現金流的，本季非常強勁，我認為是 2.49 億美元，而 EBITDA 為 3500 萬美元。因此，也許可以更詳細地闡述一下推動自由現金流強度的因素以及如何從這裡考慮自由現金流。

Yes. 2Q, similar to where we were in 1Q, benefited by timing of receipts. And as we've talked about, when we have a quarter where we're high in terms of the number of signatures, so we had 10 new starts this quarter. Our contracts are pretty much set up as we get cash flow early on. And so that's what you're seeing levered.

是的。第二季與第一季的情況類似，受益於收款時間。正如我們所討論的，當我們在某個季度簽署數量較高時，本季我們就有 10 個新簽署。由於我們很早就獲得了現金流，我們的合約基本上已經建立好了。這就是你所看到的槓桿。

We also had the acquisitions take place this quarter. So both the incoming cash and the outgoing cash, which was a net benefit for Symbiotic. I would expect our free cash flow position between now and the end of the year to be stable as we head into the end of the year.

本季我們也進行了收購。因此，無論是流入的現金還是流出的現金，對於 Symbiotic 來說都是淨收益。我預計，從現在到年底，我們的自由現金流狀況將保持穩定。

Colin Rusch, Oppenheimer & Company.

奧本海默公司的科林‧拉什 (Colin Rusch)。

As some of the perception technology begins to evolve at a little bit faster rate. How quickly can you start to integrate some of that improvement into your systems? And how should we think about that impacting the productivity of the overall system.

隨著一些感知技術開始以更快的速度發展。您多快可以開始將其中一些改進融入您的系統中？我們應該如何看待這對整個系統生產力的影響。

Yes. I mean, great question. So we are -- because we're in 20, 30 warehouses now, but we can also each level of a warehouse. So let's say, there's 10 levels in the warehouse. There might be 300 or 400 levels where we'll have 100 bots on each level.

是的。我的意思是，這個問題問得好。所以我們——因為我們現在有 20 到 30 個倉庫，但我們也可以管理倉庫的每個層級。假設倉庫有 10 層。可能有 300 或 400 個級別，每個級別有 100 個機器人。

So we now have bots in warehouses with LiDAR. We have bots and warehouses with Vision. We have bots and warehouses that we can run remotely. So the level of technology and the incoming -- I mean it's very interesting and the incoming talent is accelerating. So we would expect that the level of innovation will increase, not decrease.

所以我們現在在倉庫裡配備了配備光達的機器人。我們擁有配備 Vision 的機器人和倉庫。我們有可以遠端運行的機器人和倉庫。因此，技術水平和人才流入——我的意思是這非常有趣，而且人才流入正在加速。因此我們預期創新水準將會提高，而不是降低。

I think we're just getting started with the learnings for what the bot can do. And so eventually, our fleet will be pretty much -- I don't know if it will be 100%, but pretty much a significant portion of our fleet will be -- will include LiDAR, we also have a new battery, which has 10x the energy. So I think what's going to happen and what we've been working on as we scale is much more reliable machines and therefore, fewer operators, therefore, lower operating costs and therefore, higher returns for our customers and for us and easier to sell the system. So I think when we started the technology, there was always a concern about where are you with Walmart, where are we the first systems. And the word of mouth that we're getting back is why I think our incoming is increasing.

我認為我們才剛開始了解機器人的功能。因此，最終，我們的車隊將幾乎——我不知道是否會達到 100%，但幾乎我們車隊的很大一部分將——包括 LiDAR，我們還有一個新電池，其能量是原來的 10 倍。所以我認為接下來會發生什麼，以及隨著我們規模擴大，我們一直在努力實現的是更加可靠的機器，從而減少操作員，降低營運成本，為我們的客戶和我們帶來更高的回報，並且更容易銷售系統。所以我認為，當我們開始這項技術時，我們總是擔心沃爾瑪在哪裡，我們的第一個系統在哪裡。我認為，正是由於我們收到的口碑，我們的收入才會不斷增加。

There's just nobody doing that nobody has LiDAR that we know on a bot that runs in a warehouse of this scale nor can (inaudible) nor do you have vision. So all of those things are things that we're accelerating.

只是沒有人這樣做，沒有人擁有我們所知道的在這種規模的倉庫中運行的機器人上的 LiDAR，也沒有人（聽不清楚），也沒有視覺。所以，所有這些事情都是我們正在加速前進的事情。

That's super helpful. And then just in terms of the scalability as you get into the back half of the decade, early next decade. I'm curious about your the work that you're doing with finance partners in terms of underwriting these things with that or underwriting these assets with that and helping kind of see some of the education at this point? I guess, how mature is that is that process? And is it anything that you really need to invest a fair amount of time on at this point?

這非常有幫助。然後就可擴展性而言，當你進入下一個十年的後半段，下一個十年的初期。我很好奇您與金融合作夥伴一起進行的工作，例如承銷這些東西或承銷這些資產，並幫助您了解目前的一些教育？我猜想，這個過程有多成熟？現在您真的需要投入大量時間嗎？

Yes. So we haven't encountered very many customers that have inquired about a financing arm. When you think about what Green box is designed to do, with Green box being warehouse as a system. That's one of the opportunities for customers who might have less CapEx capability, so they could come in and be able to utilize part of the warehouse. And so we've used GreenBox as that part of the leverage, but we have not seen a lot of incoming to date from our customers looking for financing.

是的。因此，我們並沒有遇到很多詢問融資部門的客戶。當您思考綠色盒子的設計用途時，您會發現綠色盒子就是一個倉庫系統。對於資本支出能力較低的客戶來說，這是一個機會，因此他們可以進來並利用部分倉庫。因此，我們將 GreenBox 用作槓桿的一部分，但到目前為止，我們還沒有看到很多尋求融資的客戶注入資金。

Guy Hardwick, Freedom Capital Markets.

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

Just wondering what the Q3 revenue guidance assumes in terms of systems and deployments. Because obviously, as pointed out earlier, it is a step down. So just wondering what you have in terms of deployments and progress as well as completions and starts in the quarter?

只是想知道第三季的收入指引在系統和部署方面有何假設。因為顯然，如前面指出的，這是一種退步。所以只是想知道您在本季度的部署和進展以及完成和開始方面的情況如何？

So thanks for the question. We typically don't guide with specific numbers of systems that are in deployment. But if you think about three were signed a year ago were signed the quarter after that, it was a lot -- [12] months in, those are not -- there's not a large number contributing to the heavy install at that point. We've got 10 that we signed this quarter and associated with our revenue ramp. Typically, we see revenue first quarter where we signed and then we're pretty stagnant on that 10 for the next couple of quarters.

感謝您的提問。我們通常不會提供正在部署的系統的具體數量。但如果你想想，一年前簽署的三份合約是在下個季度簽署的，那就很多了——[12] 個月後，這些合約並沒有——當時並沒有大量的合約對安裝量做出貢獻。本季我們已經簽署了 10 份協議，這些協議將與我們的收入成長相關。通常情況下，我們在簽約的第一個季度會看到收入，但接下來的幾個季度，收入將基本停滯在前 10 名。

But we typically don't guide in terms of total number of systems deployment.

但我們通常不會根據系統部署的總數提供指導。

Okay. And just a follow-up on GreenBox. Can you kind of update us on kind of the progress of building out the sales capability and what stage do you think the GreenBox as a company is a (inaudible) at this point?

好的。這只是對 GreenBox 的後續報導。您能否向我們介紹一下銷售能力建構的進度，以及您認為 GreenBox 公司目前處於什麼階段（聽不清楚）？

I think pretty much, it's an early stage. We have two sites beyond the initial site that we're building out the sales force for and we're prospecting. And we've hired people from the 3PL space, one from Hub Group, one from CEVA. So -- and we have some time because the buildings are still being built out for the Symbiotic's system. So we have about a year, 1.5 years before we're really concerned about filling them up, but the prospecting is going well, and we're continuing to make a lot of sales calls.

我認為現在還處於早期階段。除了最初的站點之外，我們還有兩個站點正在組建銷售隊伍，並且正在進行勘探。我們也聘請了來自 3PL 領域的人員，一位來自 Hub Group，一位來自 CEVA。所以——我們還有一些時間，因為 Symbiotic 系統的建築物仍在建造中。因此，我們大約需要一年到一年半的時間才能真正滿足客戶的需求，但勘探工作進展順利，我們也持續進行大量的銷售電話。

So it just takes time.

所以需要時間。

Derek Soderberg, Cantor Fitzgerald.

德里克索德伯格、康托費茲傑拉。

On the ASR business, can you provide some color as to what sort of revenue that is? I think you mentioned you're providing services Curious if you're paying based off of each unit that you're handling? And I might have missed it, but are we going to be seeing that ASR revenue in operation services? Or is there a systems component to that as well?

關於 ASR 業務，您能否詳細說明一下其收入類型？我想您提到您正在提供服務，好奇您是否根據您處理的每個單元付費？我可能錯過了，但我們會在營運服務中看到 ASR 收入嗎？或其中也有一個系統組件？

The development associated with ASR is running through our systems line. And so that's where we saw the revenue for this quarter primarily. And we talked about that being mid- to high single-digit percentage of what we posted for the quarter. And so that's the development activity and the design activity. And for the next three years as we work through develop and build of our three prototypes, that's where you're going to see the primary revenue.

與 ASR 相關的開發正在透過我們的系統線進行。這就是我們本季主要看到的收入。我們談到了這是我們本季發布的中高個位數百分比。這就是開發活動和設計活動。在接下來的三年裡，隨著我們致力於開發和建立我們的三個原型，您將會看到主要的收入來源。

We do have some revenue running through recurring because associated with the acquisition, we are responsible for maintaining the existing APD systems. So we have a small amount of software running through software, and then we have parts and services similar to how we operate our core business that you're going to see in the op services, but it's a very small amount of revenue.

我們確實有一些經常性收入，因為與收購相關，我們負責維護現有的 APD 系統。因此，我們有少量的軟體透過軟體運行，然後我們有類似於我們經營核心業務的方式的零件和服務，您將在營運服務中看到，但這是一個非常小的收入。

Got it. That's helpful. And then, Rick, you mentioned your scale and capabilities and just sort of being at multiple layers in the supply chain -- it seems like you can find some pretty valuable insights with that data. Curious if you're exploring new avenues to monetize some of that data has there be an environment where you've kind of found certain insights and plug that back into the ROI of the system and that longer term can improve kind of the wallet share with your customers any ways to sort of monetize that data at this point?

知道了。這很有幫助。然後，里克，你提到了你們的規模和能力，以及你們在供應鏈中的多個層面——似乎你可以利用這些數據找到一些非常有價值的見解。好奇的是，如果您正在探索將部分數據貨幣化的新途徑，是否存在這樣一種環境，您可以在其中找到某些見解並將其重新納入系統的投資回報率 (ROI)，並且從長遠來看可以提高與客戶的錢包份額，目前有什麼方法可以將這些數據貨幣化？

Yes. So we're -- so -- we are doing that. We're actually the selling of the customers' data, the customer owns the data, so that's very tricky for us. And so we should just -- I get asked this question a lot. And so we can't sell their data.

是的。所以我們——所以——我們正在這樣做。我們實際上是在銷售客戶的數據，客戶擁有數據，所以這對我們來說非常棘手。所以我們應該——我常被問到這個問題。所以我們不能出售他們的數據。

It's their data. So -- but what we've learned is Surprisingly, we probably know more about the shape and size of boxes than anybody in the world at this point. And so it's actually helped us redesign our system to be smaller, and that allows the customer to store more, and we're actually taking advantage of that in our pricing.

這是他們的數據。所以——但我們令人驚訝的是，我們可能比目前世界上任何人都更了解盒子的形狀和大小。因此，它實際上幫助我們重新設計了我們的系統，使其變得更小，並允許客戶儲存更多內容，我們實際上在定價中利用了這一點。

Ken Newman, KeyBanc Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBanc 資本市場。

Carol, maybe back on the tariff question. I know it sounds like the guide isn't reflecting any impact from pass-through pricing. But I am curious if you're already seeing some of your larger suppliers push price to you. And curious if you have a sense of just how much that pass-through could look given the early notifications you may or may not be getting from your suppliers?

卡羅爾，也許我們回到關稅問題上。我知道這聽起來好像該指南沒有反映出轉嫁定價的任何影響。但我很好奇，您是否已經看到一些較大的供應商向您壓價。而且您是否好奇，根據您可能從供應商收到或未收到的早期通知，您是否知道這種傳遞到底有多大？

Yes. So our primary impact is from Europe. Their tariffs went into effect in April. And so 3Q will be the first where we're actually seeing the impact of that. As I indicated, we're a full ticket digit percent of a typical system.

是的。所以我們主要的影響來自歐洲。他們的關稅在四月生效。因此，第三季將是我第一次真正看到其影響。正如我所指出的，我們是一個典型系統的完整票號百分比。

And so what we're in the process of doing right now is discussions with our supply chain because we also are interested in making sure we're focused on continuing to reduce the cost. So where we'll start seeing the impact is as the suppliers deliver equipment here in the third quarter. But we're in discussions to figure out other ways to offset.

因此，我們現在正在與我們的供應鏈進行討論，因為我們也希望確保我們專注於繼續降低成本。因此，當供應商在第三季交付設備時，我們就會開始看到影響。但我們正在討論尋找其他抵消方法。

Right. Okay. And then maybe as a follow-up there, just on that pass-through conversation, I get that pass-through protects gross profit dollars, but given all the talk that you had on improving the efficiencies and lowering the amount of time it takes to deploy a system. I would imagine you could also drive stronger SG&A leverage, even if -- on the higher revenue base, even if you keep price cost neutral on the gross profit line. I know there are a lot of moving pieces, but do you think it's possible to drive EBITDA margin expansion even if the gross margins are nominally weaker just from tariffs?

正確的。好的。然後也許作為後續，僅​​就那次傳遞對話而言，我知道傳遞可以保護毛利，但考慮到您關於提高效率和減少部署系統所需時間的所有討論。我想，即使在更高的收入基礎上，即使在毛利潤線上保持價格成本中性，你也可以提高銷售、一般和行政管理費用 (SG&A) 槓桿率。我知道有很多因素在起作用，但您是否認為，即使毛利率因關稅名義上有所下降，仍有可能推動 EBITDA 利潤率的擴大？

Yes. We continue to focus on our SG&A leverage. And I think the step-up you saw this quarter was primarily related to our acquisitions as we get the synergies between the two companies better understood and work through that integration, we hopefully will be able to identify additional synergy going forward. And then as you indicated, as we continue to scale, we're seeing the benefit of that scale on overall program management on our -- just the performance of what we did for in-sourcing on our EPC contract. So we're starting to see the benefit as we continue to ramp.

是的。我們持續關注銷售、一般及行政費用槓桿。我認為本季看到的成長主要與我們的收購有關，因為我們對兩家公司之間的協同效應有了更好的了解，並且透過整合，我們希望能夠在未來發現更多的協同效應。然後，正如您所說，隨著我們不斷擴大規模，我們看到了這種規模對整體專案管理的好處——這只是我們在 EPC 合約內部採購方面所做工作的表現。因此，隨著我們繼續擴大規模，我們開始看到效益。

(Operator Instructions) Greg Palm, Craig-Hallum Capital Group.

（操作員指示）Craig-Hallum Capital Group 的 Greg Palm。

Specifically on gross margin, I think, Carol, you mentioned or alluded to maybe a little bit of a benefit in the quarter from ASR. But can you just talk about whether there were any other sort of onetime benefits? It sounds like a lot of it was just due to more efficiencies. And obviously, you had much better gross margin in software and operation services. But just kind of curious how you view that going forward?

具體到毛利率，卡羅爾，我認為您提到或暗示了本季度 ASR 可能會帶來一點好處。但是您能談談是否有其他一次性福利嗎？聽起來這很大程度只是因為效率更高。顯然，軟體和營運服務的毛利率要高得多。但我只是有點好奇您對未來有何看法？

Yes. The other onetime benefit is mostly in the recurring. And so in a quarter where we had eight systems hit acceptance. There's a significant amount of high-margin training revenue that goes along with that accepted. So that's what you're seeing in the app services revenue.

是的。其他一次性福利大多是經常性的。因此，在一個季度內，我們有八個系統獲得認可。與之相伴的是大量高利潤的培訓收入。這就是您在應用程式服務收入中看到的。

We had a bounce back this quarter from last quarter. So that's the one timer. But in terms of the system gross margin the project mix shifting, that will continue going forward. Our overall improvements that we're seeing from shorter install duration, benefits from bringing the in-sourcing in of EPC. That will continue.

本季我們的業績較上一季反彈。這就是一個計時器。但就係統毛利率而言，專案組合的轉變將會持續下去。我們看到的整體改進是由於安裝時間縮短，這得益於引入 EPC 內部採購。這種情況將會持續下去。

And the ASR is a higher margin contribution. And so we saw the benefit of that in the quarter, we'll have less of that next quarter, but that will come back as revenue continues to grow.

ASR 是更高的利潤貢獻。因此，我們在本季度看到了這樣做的好處，下個季度這樣做的幾率會降低，但隨著收入的持續增長，這種情況會恢復。

Okay. Perfect. And you mentioned the three GreenBox locations already. I think there are another 10 that you have already specifically targeted in terms of cities. Can you just help us out with revenue contribution from green box?

好的。完美的。您已經提到了三個 GreenBox 位置。我認為您已經特別瞄準了另外 10 個城市。您能透過綠盒子的收入貢獻來幫助我們嗎？

I mean, is there a time line associated with the startup of these additional 10?

我的意思是，這另外 10 個項目的啟動有時間表嗎？

And so what we've talked about -- so we've launched three. And in prior quarters, we had talked about five locations where we would typically be thinking through a potential multi-tenant warehouse. So one was the Atlanta region, one was Southern California. We've looked at Dallas, we looked at Chicago and we've looked at somewhere on the East Coast.

我們已經討論了——所以我們推出了三個。在前幾個季度，我們曾討論過五個地點，我們通常會考慮在這些地點建立潛在的多租戶倉庫。一個是亞特蘭大地區，一個是南加州。我們考察了達拉斯、芝加哥，也考察了東岸的某個地方。

So we've identified five of those which we have now launched to. Our GreenBox is -- has been slower to ramp -- but now that we've got the CEO and they're in place identifying additional sales folks, I think we're going to see a lot more activity on GreenBox in the coming quarters.

因此，我們已確定了其中五個，並已將其推出。我們的 GreenBox 成長速度較慢，但現在我們已經有了首席執行官，他們正在確定額外的銷售人員，我認為我們將在未來幾個季度看到 GreenBox 的更多活動。

Robert Mason, Baird.

羅伯特·梅森，貝爾德。

Carol, you may have run through this, but could you bridge the backlog again from Q1 to Q2? I know ASR was booked, but was there anything else?

卡羅爾，你可能已經經歷過這個問題了，但你能再次解決從第一季到第二季的積壓問題嗎？我知道 ASR 已被預訂，但還有其他嗎？

Yes. Thanks for the question. Backlog, the addition to the backlog was for the development associated with the ASR business -- that was the only addition and then what you saw was reductions associated with the revenue posted for the quarter. So those offsets. And then every quarter, as we talk about, we find a final statement of work, there's puts and takes in terms of final configuration, and that's what the delta is.

是的。謝謝你的提問。積壓訂單，積壓訂單的增加是為了與 ASR 業務相關的開發 - 這是唯一的增加，然後您看到的是與本季度公佈的收入相關的減少。所以這些都抵消了。然後，每個季度，正如我們討論的那樣，我們都會找到一份最終的工作說明，在最終配置方面有投入和產出，這就是增量。

Okay. Maybe related to that, I think earlier on, you mentioned around your deployment schedules compressing some of that Phase 1 -- some Phase 1s are now 15% larger than some of the earlier stage deployments. I'm just curious what's driving that? Or is that just the nature of the particular sites? Or the customer wants more installed upfront.

好的。可能與此相關，我想之前您提到過，您的部署計劃壓縮了第一階段的一些內容——現在一些第一階段比一些早期階段的部署要大 15%。我只是好奇是什麼導致了這種情況？或者這只是特定站點的性質？或客戶希望預先安裝更多內容。

I'm just curious what's caused the expansion.

我只是好奇是什麼導致了擴張。

Yes. It is purely the nature of those particular sites. I would not infer from that, that all future Phase 1s are getting bigger. It really is dependent on every single location and size and capability of that particular warehouse as we go in. And as we talked about, our largest customers, we typically end up with three phases.

是的。這純粹是那些特定站點的性質。我不會由此推斷，所有未來的第一階段都會變得更大。它實際上取決於我們進入的特定倉庫的每個位置、大小和容量。正如我們所談到的，我們最大的客戶通常會經歷三個階段。

And so there is a little bit of a mix of what they want to do in Phase 1, two or 3. But I would not infer that all of our Phase 1s are getting 15% larger.

因此，他們在第一階段、第二階段或第三階段想要做的事情有些混合。但我不會推斷我們所有第一階段的規模都會擴大 15%。

I am showing no further questions at this time. I would now like to turn it back to Charlie Anderson for closing remarks.

我目前沒有其他問題。現在我想請查理安德森作最後發言。

Yes. Thanks, everybody, for joining our call tonight. We really appreciate your interest in Symbotic and look forward to seeing many of you during the quarter at the (inaudible) Investor Day. Thanks, and have a nice day.

是的。感謝大家今晚參加我們的電話會議。我們非常感謝您對 Symbotic 的關注，並期待在本季的（聽不清楚）投資者日上見到你們。謝謝，祝您有愉快的一天。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。