Symbotic Inc (SYM) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Gail, and I will be your operator for today. At this time, I would like to welcome each and every one of you to the Symbotic third-quarter 2025 financial results. (Operator Instructions)

感謝您的支持。我叫蓋爾，今天我將擔任您的接線生。此時，我謹歡迎各位參加 Symbotic 2025 年第三季財務業績發表會。（操作員指示）

It is now my pleasure to turn today's call over to Mr. Charlie Anderson, Vice President of Investor Relations. Please go ahead.

現在我很高興將今天的電話會議轉給投資者關係副總裁查理·安德森先生。請繼續。

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

謝謝。你好。歡迎收聽 Symbotic 2025 財年第三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.

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。

Please refer to our Form 10-K, including the risk factors. We undertake no obligation to update any forward-looking statement. In addition, during this call, we will present both GAAP and non-GAAP financial measures. The 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.

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聲明的義務。此外，在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 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're joined by Rick Cohen, Symbotic's Founder, Chairman and Chief Executive Officer; and Carol Hibbard, Symbotic's Chief Financial Officer; as well as Izzy Martins, our CFO's successor designate, who will become CFO effective August 9. These executives will discuss our third-quarter fiscal year 2025 results and our outlook, followed by Q&A.

在今天的電話會議上，我們邀請了 Symbotic 的創始人、董事長兼首席執行官 Rick Cohen，Symbotic 的首席財務官 Carol Hibbard，以及我們首席財務官的繼任者 Izzy Martins，他將於 8 月 9 日起擔任首席財務官。這些高階主管將討論我們 2025 財年第三季的業績和展望，然後進行問答。

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

下面，我將把發言權交給 Rick。

Thank you, Charlie. Good afternoon and thank you for joining us to review our most recent results. In the third quarter, we once again delivered strong financial results while driving key operational progress. Revenue increased by 26% year over year and importantly, we maintained improved margins thanks to discipline, cost control, and solid project execution. I want to commend our team for their continued focus and high-quality delivery.

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。第三季度，我們再次取得了強勁的財務業績，同時推動了關鍵營運進展。營收年增 26%，重要的是，由於紀律、成本控制和穩健的專案執行，我們維持了利潤率的提高。我要讚揚我們團隊的持續專注和高品質交付。

Our automation systems are also showing tangible results for our customers. Adoption continues to scale, and we recently set a record processing over 6.5 million cases in a single day through our operational systems. This level of throughput highlights the real value we're delivering to our customers.

我們的自動化系統也為客戶帶來了實質的成果。採用規模不斷擴大，我們最近創下了透過我們的營運系統在一天內處理超過 650 萬個案例的記錄。這種吞吐量水準凸顯了我們為客戶提供的真正價值。

On the development side, we also made solid progress on our integration of advanced systems and robotics, or ASR business. Notably, we've now identified sites for the development of the first prototypes of the next-generation solution. Installation is expected to begin early next calendar year, keeping us on track with our roadmap.

在開發方面，我們在先進系統和機器人技術（ASR）整合方面也取得了紮實的進展。值得注意的是，我們現在已經確定了開發下一代解決方案首批原型的地點。安裝預計將於明年年初開始，以確保我們能夠按照計劃順利完成。

From a technology standpoint, we're driving innovation across the stack. A key example of this is our [tele] operations capability, which enables remote operators to use our bots to reposition misaligned cases that have shifted out of place during inbound processing. Before this capability, these tasks sometimes required manual intervention during scheduled downtime.

從技術角度來看，我們正在推動整個堆疊的創新。一個關鍵的例子是我們的[遠端]操作能力，它使遠端操作員能夠使用我們的機器人重新定位在入站處理過程中移位的未對準的箱子。在實現此功能之前，這些任務有時需要在計劃停機期間進行人工幹預。

Recently, we reached an important milestone, our first operational day at a large site with zero manual repositioning. Using machine learning, we are training our bots to automatically replicate these tasks, minimizing both downtime and labor needs. Our goal remains clear: smarter bots equipped with cameras, lidar, and advanced GPUs enabling even greater efficiency and value.

最近，我們達到了一個重要的里程碑，這是我們在大型場地首次進行零人工重新定位的營運。利用機器學習，我們正在訓練我們的機器人自動複製這些任務，以最大限度地減少停機時間和勞動力需求。我們的目標很明確：配備攝影機、光達和先進 GPU 的更智慧的機器人，實現更高的效率和價值。

Finally, on the innovation front, yesterday we announced a major product milestone, the debut of our next-generation storage structure. This marks what I believe is one of the most significant product upgrades in our company's history. This new structure substantially increases our already exceptional storage density, allowing customers to store considerably more products in the same space and/or reduce their overall storage footprint. A more compact structure also speeds case handling as bots travel shorter distances.

最後，在創新方面，昨天我們宣布了一個重要的產品里程碑，即我們下一代儲存結構的首次亮相。我認為這是我們公司歷史上最重要的產品升級之一。這種新結構大大提高了我們本來就非常出色的儲存密度，使客戶能夠在相同的空間內儲存更多的產品和/或減少其整體儲存佔用空間。由於機器人行進的距離更短，更緊湊的結構也能加快案件處理速度。

Equally important, the new structure introduces pre-assembled, precision manufactured subcomponents producing on-site assembly parts by over 90%. It also features a unique leveling system that minimizes floor preparation. Together, we believe these improvements will accelerate deployment and enhance scalability, thus making the next-generation structure a game changer for our business.

同樣重要的是，新結構引入了預組裝、精密製造的子部件，使現場組裝零件的產量提高了 90% 以上。它還具有獨特的調平系統，可最大限度地減少地板準備。總之，我們相信這些改進將加速部署並增強可擴展性，使下一代結構成為我們業務的遊戲規則改變者。

Additionally, we plan to apply this structure across all aspects of the supply chain from distribution centers to perishable goods environments to e-commerce and micro fulfillment hubs. Customer response to next-generation storage has been very positive. In fact, we began signing projects that include the new storage structure in our fiscal third quarter.

此外，我們計劃將此結構應用於供應鏈的各個環節，從配送中心到易腐商品環境，再到電子商務和微型履行中心。客戶對下一代儲存的反應非常積極。事實上，我們在第三財季就開始簽署包括新儲存結構在內的項目。

We believe this next-gen storage structure supports our path to unlocking even higher margins and long-term value creation.

我們相信，這種下一代儲存結構將支持我們實現更高的利潤率和長期價值創造。

In summary, Symbotic remains well positioned. Our strong and growing product portfolio spans multiple levels of the supply chain supported by a $22.4 billion backlog and a healthy balance sheet. Thank you to our team for their outstanding work this quarter and to our customers and shareholders for their continued support.

總而言之，Symbotic 仍然處於有利地位。我們強大且不斷成長的產品組合涵蓋了供應鏈的多個層面，並由 224 億美元的積壓訂單和健康的資產負債表提供支援。感謝我們團隊本季的出色工作，也感謝我們的客戶和股東的持續支持。

I will now turn it over to Carol, who will discuss the quarterly financials before I come back to introduce Izzy Martins, who's taken over as CFO next week and will provide the forecast. Carol?

現在我將把時間交給卡羅爾 (Carol)，她將討論季度財務狀況，然後我回來介紹伊茲·馬丁斯 (Izzy Martins)，她將於下週接任首席財務官並提供預測。頌歌？

Thanks, Rick. Before I begin, I want to thank the entire team at Symbotic. It has been a pleasure to serve as CFO with you. Symbotic is in a strong position, and I look forward to supporting the team during the transition period.

謝謝，里克。在開始之前，我想感謝 Symbotic 的整個團隊。我很榮幸能擔任您的財務長。Symbotic 處於強勢地位，我期待在過渡期間支持球隊。

Now to the results. Third-quarter revenue grew 26% year over year to $592 million with revenue growth driven by solid progress across our 46 systems in deployment, expansion of the number of systems in operation, and continued progress on our ASR development. Our net loss for the third quarter was $32 million versus the loss of $27 million in the third quarter of fiscal year 2024.

現在來看看結果。第三季營收年增 26% 至 5.92 億美元，營收成長得益於我們 46 個系統部署的穩步進展、運行系統數量的擴大以及 ASR 開發的持續進展。我們第三季的淨虧損為 3,200 萬美元，而 2024 財年第三季的淨虧損為 2,700 萬美元。

Adjusted EBITDA in the third quarter of $45 million was well above our forecast and up significantly year over year from $3 million in the third quarter fiscal year 2024.

第三季調整後的 EBITDA 為 4,500 萬美元，遠高於我們的預測，且較 2024 財年第三季的 300 萬美元較去年同期大幅成長。

In terms of the backlog, our backlog of $22.4 billion remained in a strong position. The sequential decrease from $22.7 billion last quarter was due to revenue recognized in the quarter partially offset by final pricing on projects started.

就積壓訂單而言，我們的 224 億美元積壓訂單仍保持強勁。與上一季的 227 億美元相比，環比下降是由於本季度確認的收入被已開工項目的最終定價部分抵消。

In our third quarter, we began 5 new system deployments. We also had 5 systems go operational on the order, bringing our total to 42 operational systems. As we mentioned last quarter, we view the most critical portion of deployment as the time between the start of installation and when the system goes operational at acceptance. This is the time in which we see the most revenue and profit contribution.

在第三季度，我們開始部署5個新系統。我們還按照訂單啟動了 5 個系統，使我們的運行系統總數達到 42 個。正如我們在上個季度提到的，我們認為部署中最關鍵的部分是從安裝開始到系統驗收運作之間的時間。這是我們收入和利潤貢獻最多的時期。

In the third quarter, we again saw improvements against this metric. During the third quarter, we had a Phase 1 completion for our largest customer that was nearly 2 times the size of our historical average for Phase 1 deployments for this customer. Despite that added size, the time between start of installation and going operational was only slightly higher than our historical average and significantly less if we normalize for size.

在第三季度，我們再次看到這項指標的改善。在第三季度，我們為最大的客戶完成了第一階段的部署，其規模幾乎是我們為該客戶進行第一階段部署的歷史平均規模的兩倍。儘管規模有所增加，但從開始安裝到投入運行的時間僅略高於我們的歷史平均水平，如果按規模進行標準化，則時間會顯著縮短。

We also completed two Phase 2 deployments for our largest customer that both took over 20% less time between start of installation and acceptance than the historical average of their predecessors. With the continued growth in operational systems, we saw our software revenue more than double year over year to $8.1 million and operation services revenue grew 54% year over year to $24.9 million.

我們也為最大的客戶完成了兩個第二階段的部署，從安裝開始到驗收所花的時間比前幾階段的歷史平均時間減少了 20% 以上。隨著營運系統的持續成長，我們的軟體收入年增一倍多，達到 810 萬美元，營運服務收入年增 54%，達到 2,490 萬美元。

Turning to margins, system gross margin continued last quarter's trend of significant year-over-year improvement thanks to strong cost control and project execution. Gross margin on software maintenance and support exceeded 75% as it continued its trend towards software industry margins as we gained scale. And in operation services, we came in with a slight profit.

談到利潤率，得益於強有力的成本控制和專案執行，系統毛利率延續了上季同比大幅改善的趨勢。隨著規模的擴大，軟體維護和支援的毛利率繼續保持向軟體產業利潤率靠攏的趨勢，超過了 75%。在營運服務方面，我們獲得了微薄的利潤。

Operating expenses on a GAAP basis were subsequentially primarily due to a $16 million restructuring charge from the workforce reduction associated with our acquisition of the Walmart ASR business. On a non-GAAP basis, operating expenses were down sequentially, coincident with activity from the development phase of ASR.

隨後，以 GAAP 計算的營運費用主要源自於我們收購沃爾瑪 ASR 業務而導致的裁員產生的 1,600 萬美元重組費用。以非公認會計準則計算，營運費用較上月下降，與 ASR 開發階段的活動一致。

We finished the quarter with cash and equivalents of $778 million, which decreased from $955 million in the second quarter, primarily due to the timing of cash receipts.

本季末，我們的現金和等價物為 7.78 億美元，低於第二季的 9.55 億美元，主要原因是現金收入的時間。

In summary, we have a strong financial quarter matched with continued operational progress. I'm now going to hand it back to Rick, who will introduce Izzy. Rick?

總而言之，我們本季的財務表現強勁，營運持續取得進展。我現在要把時間交還給 Rick，他將介紹 Izzy。瑞克？

Thank you, Carol. On behalf of everyone at Symbotic, I want to thank you for your contributions, namely your leadership in driving improved project execution while controlling costs, which we are reaping the benefits of today.

謝謝你，卡羅爾。我謹代表 Symbotic 的全體員工感謝您的貢獻，特別是您在控製成本的同時推動改進專案執行方面的領導作用，我們今天正在享受這些貢獻的好處。

We are fortunate to have a good amount of overlap between Carol and Izzy, who joins us from Avis Budget Group, where she served as CFO and previously served as Executive Vice President of Americas, where she oversaw a market segment with over $9 billion of revenue. Izzy brings to us a strong track record of financial leadership and operational expertise, which is critical for the next phase of the company. We're thrilled to have her here.

我們很幸運，卡羅爾和伊茲之間有很多共同點，伊茲在加入安飛士預算集團 (Avis Budget Group) 之前，曾在該集團擔任首席財務官，並曾擔任美洲區執行副總裁，負責管理一個收入超過 90 億美元的細分市場。Izzy 為我們帶來了出色的財務領導能力和營運專業知識，這對於公司的下一階段發展至關重要。我們很高興她能來這裡。

With that, I'll turn it over to Izzy, who will introduce herself and provide the forecast. Izzy?

說完這些，我將把話題交給 Izzy，她將進行自我介紹並提供預測。伊茲？

Thank you, Rick. I'm honored to join Symbotic, a recognized leader in supply chain transformation through robotics and innovation. It's exciting to be a part of an organization that consistently pushes the boundaries of operational excellence.

謝謝你，里克。我很榮幸加入 Symbotic，該公司是透過機器人技術和創新實現供應鏈轉型的公認領導者。能夠成為一個不斷突破卓越營運界限的組織的一部分是令人興奮的。

I also want to extend my sincere thanks to Carol for the warm onboarding experience and for generously sharing her deep institutional knowledge over the past month. Her guidance has been invaluable, and I am grateful for her continued support during this transition. I look forward to partnering with our exceptionally talented leadership team as we enter our next phase of growth with a strong focus on delivering sustained value for our customers and our shareholders.

我還要向卡羅爾表達誠摯的感謝，感謝她在過去一個月裡提供的熱情入職體驗以及慷慨分享她深厚的機構知識。她的指導非常寶貴，我感謝她在過渡期間給予的持續支持。我期待與我們才華橫溢的領導團隊合作，共同進入下一個成長階段，專注於為我們的客戶和股東提供持續的價值。

Finally, I am eager to engage with many of you in the investment community in the coming months. I welcome the opportunity to share our vision for the future.

最後，我渴望在接下來的幾個月與投資界的各位朋友交流。我很高興有機會分享我們對未來的願景。

Now turning to the forecast, as Rick highlighted earlier, we are in the process of bringing to market a next-generation storage structure that we fully expect will set the new standard for our customers. Over the long term, we anticipate this innovation will unlock meaningful opportunities, enabling more efficient deployments and supporting a higher margin profile for Symbotic.

現在談到預測，正如 Rick 之前所強調的那樣，我們正在向市場推出下一代儲存結構，我們完全相信它將為我們的客戶樹立新的標準。從長遠來看，我們預計這項創新將帶來有意義的機會，實現更有效率的部署並為 Symbotic 帶來更高的利潤率。

In the near term, we anticipate an adjustment in the timing of several previously planned deployments as efforts are realigned to support the transition to the next-generation storage structure. As a result, the quarter-over-quarter sequential growth we've seen in recent periods will be less pronounced in the fourth quarter.

在短期內，我們預計幾個先前計劃的部署時間將會調整，因為我們正在重新調整努力以支援向下一代儲存結構的過渡。因此，我們最近幾季看到的環比成長在第四季度將不那麼明顯。

Looking ahead to the first half of 2026, we believe we could see similar impact as we adjust deployment schedules to accommodate a transition to the new structure. It is important to note that this does not affect our overall backlog. In fact, we believe the new structures, rapid assembly characteristics will allow us to scale faster over time.

展望 2026 年上半年，我們相信，隨著我們調整部署計劃以適應向新結構的過渡，我們可能會看到類似的影響。值得注意的是，這不會影響我們的整體積壓。事實上，我們相信新的結構、快速組裝特性將使我們隨著時間的推移更快地擴大規模。

With that in mind, for the fourth quarter of fiscal 2025, we expect revenue between $590 million to $610 million and adjusted EBITDA between $45 million and $49 million.

考慮到這一點，我們預計 2025 財年第四季的營收將在 5.9 億美元至 6.1 億美元之間，調整後的 EBITDA 將在 4,500 萬美元至 4,900 萬美元之間。

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。

Good afternoon, everyone. Carol, thanks for your help. Welcome, Izzy.

大家下午好。卡羅爾，謝謝你的幫忙。歡迎光臨，伊茲。

Good afternoon.

午安.

So maybe you can help us quantify this next-generation storage technology in terms of how, first, how much faster can it make installation times and how do you think about the retrofit opportunities set for Symbotic of this technology? Would you expect, for instance, Walmart to do a bunch of retrofitting or systems that you've already completed? And then will they actually pay you for that?

那麼，也許您可以幫助我們量化這項新一代儲存技術，首先，它可以使安裝時間加快多少，以及您如何看待這項技術為 Symbotic 帶來的改造機會？例如，您是否希望沃爾瑪進行大量您已經完成的改造或系統？那他們真的會付錢給你嗎？

Yeah, so I'll take that. So no, we don't expect Walmart to do retrofits. The beauty of this system is that it can run side by side with the old structure. But it takes less room, so in truth, some of the projects we're working on with Walmart will actually be smaller because of the new structure but actually allow them to sell us more product in the same building for additional capabilities.

是的，我接受。所以，我們不希望沃爾瑪進行改造。該系統的優點在於它可以與舊結構並行運行。但它佔用的空間更小，所以事實上，由於新的結構，我們與沃爾瑪合作的一些項目實際上會更小，但實際上允許他們在同一棟建築內向我們銷售更多產品，以增強功能。

For instance, we could put in the same building that was going to just do replenishment of stores, we could put a brake pack system in and we could actually put an ASR system in that might actually begin to start to look a little bit like an e-commerce solution. So the capabilities hugely expand our business, and that was one of the things that we wanted to talk about that smaller -- the history of all innovation has always comes down to whether it's transistors or many other things.

例如，我們可以在同一個建築物中安裝一個專門為商店補貨的系統，我們可以安裝一個煞車包系統，我們實際上可以安裝一個 ASR 系統，它實際上可能開始看起來有點像電子商務解決方案。因此，這些能力極大地擴展了我們的業務，這是我們想要談論的事情之一——所有創新的歷史總是歸結為晶體管或許多其他東西。

Miniaturization is for the most part always a huge positive and that's really what we're doing likewise. So they will continue to use the old structures and the buildings that they have, but like some of the Phase 3 buildings that we're doing actually have a new structure right alongside the old structure, and that took some real development work on our part, but we didn't want the customers to have to go backwards, so they're very excited about the [process].

小型化在大多數情況下總是一個巨大的正面因素，而這正是我們正在做的事情。因此，他們將繼續使用舊結構和現有的建築，但就像我們正在建造的一些第三階段的建築一樣，實際上在舊結構旁邊有一個新結構，這需要我們進行一些真正的開發工作，但我們不希望客戶不得不走回頭路，所以他們對[過程]。

And Andy, I'll follow up on your question related to deployment timelines. So as you know, we follow a key metric which is installed to actual deployment timeline, historical that's been about 12 months and we've seen step downs in that on our existing core. Given the reduction in parts and the streamlined assembly that we plan in terms of that build, you would likely see that timeline begin to reduce, and we'll share that progress as we roll out the design and begin deployment.

安迪，我會跟進你關於部署時間表的問題。因此，如您所知，我們遵循一個關鍵指標，該指標安裝在實際部署時間表中，歷史數據已經大約為 12 個月，我們已經看到現有核心的進度有所下降。考慮到我們計劃在建造過程中減少零件數量並簡化組裝，您可能會看到時間表開始縮短，我們將在推出設計和開始部署時分享進度。

Rick, I just want to follow up. Like, so the way you think about the growth like line, it's less steep for the next few quarters, and then it can be even steeper than it was past that? That's the way to think about it, in a positive direction, correct?

里克，我只是想跟進一下。那麼，您認為成長線在未來幾季中會不那麼陡峭，然後可能會比過去更加陡峭？這是從正面的方向思考這個問題的方式，對嗎？

Yeah, that's exactly the way we thought about it and when we started looking at the development of this, we thought about that, but for instance, we've now had a number of inquiries about perishables because the cost of construction of the facility itself is so expensive today to be able to retrofit a perishable facility. This this may turn out to be the best retrofittable perishable facility that exists. It's a brand new product for us.

是的，這正是我們的想法，當我們開始研究這個問題的發展時，我們就想到了這一點，但是例如，我們現在已經收到了很多關於易腐物品的詢問，因為如今設施本身的建設成本非常昂貴，無法改造易腐物品設施。這可能是現存最好的可改造易腐設施。對我們來說這是一個全新的產品。

And then Rick, I just want to ask you about -- you've increased the sales force. You talked about that last quarter, backlogs still in this sort of $22 billion to $23 billion range, and I think you talked about still expecting to get some new customers or a new customer this year. Is that still the case and is it more likely to come at Symbotic or GreenBox?

然後里克，我只想問你——你已經增加了銷售隊伍。您談到上個季度，積壓訂單仍然在 220 億美元至 230 億美元的範圍內，我想您談到仍然希望今年獲得一些新客戶或一位新客戶。情況仍然如此嗎？它更有可能出現在 Symbotic 或 GreenBox 上嗎？

I think it's going to come at both. We really -- we announced the new structure yesterday, but we've been marketing the new structure probably for the last three to six months with customers telling them it might be coming, and then we started doing some designs. The first installation will actually be in (inaudible) in Mexico for a big Walmart project. And then they're going to start to come after that, but we've just really started marketing that in the last three to six months and so our inbound discussions with new customers is accelerating as a result of it.

我認為兩者都會發生。我們確實——我們昨天宣布了新的結構，但在過去的三到六個月裡，我們一直在行銷新的結構，客戶告訴他們它可能即將到來，然後我們開始做一些設計。第一個安裝其實是在墨西哥（聽不清楚）為沃爾瑪的一個大型計畫進行的。然後他們就會開始陸續到來，但我們在過去三到六個月才真正開始行銷，因此我們與新客戶的入站討論正在加速。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

Hey, guys, maybe I'll start just on that structure, I'm sure we all watched the videos. I get it's clear why this would be faster to put together.

嘿，夥計們，也許我會從那個結構開始，我相信我們都看過影片。我很清楚為什麼這樣組合起來會更快。

I'm just curious, maybe you could talk me through like the main reasons why it's more dense? I think that's a little bit harder to just tell from the video like why it's necessarily smaller. And can you help us like, what does this mean for like the price of these things?

我只是好奇，也許你可以告訴我它更密集的主要原因是什麼？我認為僅從視頻中判斷它為什麼必然更小有點困難。您能否幫助我們，這對這些東西的價格意味著什麼？

So the reason that it's smaller is that it's a cantilever structure and believe it or not, the posts that supported the original structure took up 10% of the -- we think of it as linear storage space. And then the other thing you'll see in the video is because we have fingers or tines, we can actually put 3.2 shells per level versus 2.2 wells level, which is a 30% increase, and that's why the 40% is a pretty good number for storage density.

所以它之所以更小，是因為它是一種懸臂結構，不管你信不信，支撐原始結構的柱子佔據了 10%——我們認為它是線性儲存空間。然後，您會在影片中看到的另一件事是，由於我們有手指或叉子，我們實際上可以在每層放置 3.2 個貝殼，而每孔層則為 2.2 個，增加了 30%，這就是為什麼 40% 對於儲存密度來說是一個相當不錯的數字。

So what we basically did is took all the air out of the structure and increase the cubic density and the linear density of the space which outside of me, is probably the most boring thing in the world for most people to talk about, but it has huge impacts to the customer, and we've actually patented. It's probably the first new structure -- everybody else is using traditional warehouse rack more or less to do their automation and so this is a brand-new structure which you have lots of patents on.

因此，我們基本上所做的就是將結構中的所有空氣都抽出，並增加空間的立方體密度和線密度，對我而言，這可能是世界上最無聊的事情，也是大多數人談論的話題，但它對客戶有巨大的影響，而且我們實際上已經獲得了專利。這可能是第一個新結構——其他人或多或少都在使用傳統的倉庫貨架來實現自動化，所以這是一個全新的結構，你們擁有很多專利。

And it goes up very quickly, so we have a bunch of new design structural engineer people that have helped us with this. So that's the first answer to your question and then we designed it so it could go up in modular pieces. There's no -- the other system had shells and we run about a million rivets for a structure and there's no rivets in the structure. So it's a big change, much faster so.

而且它上升得非常快，所以我們有一群新的設計結構工程師來幫助我們實現這一點。這是對你的問題的第一個回答，然後我們對其進行設計，以便它可以以模組化的方式組裝起來。沒有——其他系統有外殼，我們為一個結構使用了大約一百萬個鉚釘，但結構中沒有鉚釘。所以這是一個巨大的變化，而且速度更快。

And the implications on cost for something like that?

這樣的事對成本有何影響？

So the implication on cost is we value pricing is. So for the customer, we think we can save them more money because they don't need as much space and for us, we expect to make higher margins.

因此，成本的意義就是我們重視定價。因此對於客戶來說，我們認為我們可以為他們節省更多資金，因為他們不需要那麼多空間，而對於我們來說，我們希望獲得更高的利潤。

Higher margins and maybe lower dollars but maybe protect the dollar, the gross profit dollars, is that the right way to think about it?

利潤率更高，美元可能會更低，但也許可以保護美元，即毛利，這是正確的想法嗎？

Maybe not lower dollars.

美元也許不會貶值。

And I think another way to think about it, Joe, is it's going to vary by customer because we're building this in less space. The customer will have a decision to make. They might want to maximize that additional density and utilize that because we've created them capacity. So I think it will vary as they look at how they want to go into it.

喬，我認為另一種思考方式是，它會因客戶而異，因為我們在更小的空間內建造它。客戶將需要做出決定。他們可能希望最大化額外的密度並加以利用，因為我們已經為他們創造了容量。所以我認為，隨著他們考慮如何進入該領域，情況會有所不同。

And then just mechanically in the model here like how should we think about stock-based comp going forward because it's, I think it was initially expected to trend lower. It's been pretty high the last couple quarters and it's like a huge add back to adjusted margins. So where do you see the glide path on that?

然後，在模型中機械地，我們應該如何看待未來的股票型薪酬，因為我認為它最初預計會呈下降趨勢。過去幾個季度，這一數字一直很高，這對調整後的利潤率來說是一個很大的增加。那麼您認為它的下滑路徑在哪裡呢？

Yeah, I'd say the glide path of what you saw last quarter and where we are this quarter, we will continue that trend at least for the next few quarters going forward. Really, the increase has been a focus on, obviously some of the talent you've seen us bring in and then our headcount has gone up. That also is some of the increase was related to just our overall acquisition associated with ASR in there as well.

是的，我想說，上個季度的下滑路徑以及我們本季的狀況，我們將至少在接下來的幾季繼續保持這種趨勢。實際上，成長的重點顯然是我們引進了一些人才，因此我們的員工人數也增加了。這也部分是由於我們與 ASR 相關的整體收購而產生的。

Nicole Deblase, Deutsche Bank.

妮可‧德布萊斯，德意志銀行。

Yeah, thanks. Good afternoon, guys. Maybe just starting with the big step-up that you saw in software growth margins, pretty impressive this quarter to be north of 70%. Any comments on the drivers of that and should we now view that above 70% level as sustainable moving forward?

是的，謝謝。大家下午好。也許只是從軟體成長利潤率的大幅提升開始，本季的成長率就達到了令人印象深刻的 70% 以上。您對此有何評論？我們現在是否應該將 70% 以上的水準視為永續的發展？

Yeah, thanks for the question, Nicole. I'd say given that this is the second or third quarter in a row where we've seen the step-up, I would assume that 70% level continues going forward. So this quarter we added seven new acceptances into the quarter, and so we're really seeing the benefit of scale. Last quarter we added eight systems that hit complete, and this quarter we saw five and so we're really seeing the benefit of being able to scale across the software team.

是的，謝謝你的提問，妮可。我想說，考慮到這是我們連續第二或第三季看到這種成長，我預計 70% 的水平將繼續保持下去。因此，本季我們增加了 7 個新接受，因此我們確實看到了規模效益。上個季度我們增加了 8 個完成的系統，本季我們增加了 5 個，因此我們真正看到了能夠在整個軟體團隊中擴展的好處。

Got it. That's great. Thanks, Carol. And then secondly on free cash flow, I think it was a use of cash this quarter, which surprised me a little bit. Can you just provide some more color on that? Maybe it has something to do with the new structure, et cetera? And any thoughts on free cash in 4Q?

知道了。那太棒了。謝謝，卡羅爾。其次，關於自由現金流，我認為這是本季的現金使用情況，這讓我有點驚訝。您能否對此提供更多細節？也許這與新結構等有關？對第四季的免費現金有什麼看法？

Yeah, the free cash flow was not associated with the new structure. It was entirely timing of receipts, so we signed projects later in the quarter and we'll see that step back up in the fourth quarter. One thing to note on free cash flow going forward, which is tied to the new structure, so you've seen our CapEx relatively flat, around $12 million to $15 million a quarter. You're going to see a step-up over the next couple of quarters as we make the investments to support the build of the new design.

是的，自由現金流與新結構無關。這完全取決於收據的時間，因此我們在本季度晚些時候簽署了項目，我們將在第四季度看到這一進展。關於未來自由現金流需要注意的一點是，它與新結構息息相關，因此您會看到我們的資本支出相對平穩，每季約為 1200 萬美元至 1500 萬美元。隨著我們進行投資以支持新設計的構建，您將在接下來的幾個季度看到進步。

So all of the tines that Rick talked about, we're investing in the equipment to produce those. So you'll see a step-up in CapEx over the next couple of quarters.

因此，我們正在投資生產 Rick 提到的所有產品所需的設備。因此，您將看到未來幾季資本支出會增加。

Okay, and any way to quantify the step-up in that CapEx approximately?

好的，有什麼方法可以大致量化資本支出的增加嗎？

Yeah, I'd say you'll see CapEx about 2x what you saw this quarter.

是的，我想你會看到資本支出是本季的兩倍左右。

Okay, perfect. Thank you. I'll pass it on.

好的，完美。謝謝。我會傳達的。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good afternoon. Thank you very much for taking my questions. First, on the new storage structure, thanks for all the details you shared already on that topic. I'm hoping you could be a little clearer. When do you expect to start providing this to customers? You mentioned Mexico being the first location with Walmart, but I wasn't quite sure when you expect that to begin.

是的，下午好。非常感謝您回答我的問題。首先，關於新的儲存結構，感謝您分享的有關該主題的所有詳細資訊。我希望你能說得更清楚一點。您預計何時開始向客戶提供此服務？您提到墨西哥是沃爾瑪的第一家門市，但我不太確定您預計何時開始營業。

And if you could also help us understand of the backlog -- is your expectation that most of the systems you haven't started yet are going to be with this new structure, or do you need to go out and negotiate that?

如果您能幫助我們了解積壓情況—您是否期望大多數尚未啟動的系統都會採用這種新結構，或者您是否需要出去協商？

So I'll go ahead and start. So yeah, as Rick indicated, we already have customers who have signed. In fact, all five of our starts for this quarter, we signed those assuming the next-gen structure configuration. And so our expectation is our customers going forward will all be associated with the next-gen structure. We expect the first one to begin installation mid next fiscal year, so our mid fiscal year 2026.

那我繼續開始吧。是的，正如 Rick 所說，我們已經有簽約的客戶了。事實上，我們本季啟動的五項措施均是採用下一代結構配置而簽署的。因此，我們的期望是，我們未來的客戶都將與下一代結構相關聯。我們預計第一套系統將於下個財政年度中期開始安裝，也就是我們的財政年度中期，即 2026 年。

Okay, and then the sort of that sequential moderation you spoke about, you're still starting some -- are there still going to be some system starts just with the old structure until the new one's ready? Or a new start's going to be effectively near zero until middle of next year?

好的，然後您談到的那種連續調節，您仍然在開始一些 - 是否仍然會有一些系統從舊結構開始，直到新結構準備好？或者直到明年年中，新的起點實際上將接近零？

Yeah, no, new starts won't go to zero, so that's a good clarification point. So in fact we had five new starts this quarter. All five of them are going to proceed with the new structure. And so with the design activity we've spent over the last several quarters, we'll go ahead and incorporate the CapEx and be able to begin installation of those sites in mid-2026.

是的，不，新開工數不會降為零，所以這是一個很好的澄清點。事實上，本季我們有五個新項目啟動。所有五個公司都將按照新結構繼續發展。因此，透過過去幾季我們進行的設計活動，我們將繼續整合資本支出，並能夠在 2026 年中期開始安裝這些站點。

You are not going to see a stop of new [South] signatures as we go forward based on the new design. We saw a slowing of them this quarter as we had customers waiting for some of the deployments that they would have started, and that's what you're seeing impactful in our guide for the fourth quarter and what we referenced for the first half of '26.

隨著我們按照新的設計繼續前進，你不會看到新的[南方]簽名停止。本季我們發現它們的速度有所放緩，因為客戶正在等待他們本應開始的一些部署，這就是您在我們第四季度的指南以及我們在 26 年上半年所參考的內容中看到的影響。

Okay, just one other from me if I could on GreenBox. When Symbotic announced the GreenBox deal two years ago, the plan, I believe, was to start installation of all of those systems within six years. I think it's been a relatively limited number of systems that Symbotic has started for GreenBox thus far, so I'm hoping to better understand what your expectation is at this point? And you still expect to begin installation of all of those GreenBox systems within the prior six-year target?

好的，如果可以在 GreenBox 上再說一個的話。兩年前，當 Symbotic 宣布 GreenBox 交易時，我相信他們的計劃是在六年內開始安裝所有這些系統。我認為到目前為止 Symbotic 為 GreenBox 啟動的系統數量相對有限，所以我希望更好地了解您目前的期望是什麼？您仍然期望在先前的六年目標內開始安裝所有這些 GreenBox 系統嗎？

Thank you.

謝謝。

And so as you indicated, we've got three systems currently in deployment and you actually saw within the quarter we're seeing installation ramp up and so you're seeing revenue from GreenBox start increasing on those systems. So we have indicated over the last couple of quarters we saw slower than planned starts of GreenBox systems. We expect to see now that we've got the CEO in place and the sales team in place, we expect to start seeing that move forward in the coming quarters.

正如您所說，我們目前正在部署三個系統，您實際上看到本季我們的安裝量正在增加，因此您會看到 GreenBox 在這些系統上的收入開始增加。因此，我們指出，在過去的幾個季度中，GreenBox 系統的啟動速度比計劃的要慢。我們預計現在我們已經有了執行長和銷售團隊，我們預計未來幾季將會開始看到進展。

Colin Rusch, Oppenheimer.

奧本海默的科林·拉什。

There's been an awful lot of innovation in and around the energy storage space. I'm just curious about how much leverage and how much opportunity there is to optimize bot performance of time, some of the design as you start to see some of those chemistries mature to a level that you get comfortable with?

能源儲存領域及其周邊出現了大量創新。我只是好奇有多少槓桿和多少機會可以優化機器人的時間性能，當您開始看到其中一些化學反應成熟到您滿意的水平時，一些設計如何？

Yeah, so the new structure being denser will mean that the bot trips will be shorter. And so we are expecting to see somewhere, a pretty substantial increase in bot transactions per minute per hour. So if we have less travel time, we'll need less bots, and that will reduce the cost of the system.

是的，所以新結構更密集意味著機器人的行程會更短。因此，我們預期會看到每分鐘每小時的機器人交易量出現相當大幅度的成長。因此，如果我們的旅行時間減少，我們需要的機器人就會減少，這將降低系統成本。

The second thing is that we're also -- we're talking about bots putting lidar and upgrading the vision chips, and the ability for the bots to compute what they're looking at. So all of those things are -- there's a big push on innovation, which will happen, I think in the -- certainly within the next year where bots are going to be able to do substantially more work than they do right now.

第二件事是，我們還在討論機器人安裝光達和升級視覺晶片，以及機器人計算它們所看到的東西的能力。所以所有這些事情都是對創新的巨大推動，我認為這肯定會在明年發生，屆時機器人將能夠完成比現在多得多的工作。

Okay, I'll follow up afterwards on the battery impact. And then I guess from a dexterity and kind of material handling perspective, obviously, you guys are the clear leader in terms of the number of materials and the types of materials that you guys can handle. I guess are there areas that you guys are trying to innovate on right now that might open up incremental opportunities? And can you give us a sense of timing in terms of just some of the materials that are difficult to manage that you guys might be able to unlock here over the over the near term?

好的，我稍後會跟進電池的影響。然後我想從靈活性和材料處理的角度來看，顯然，你們在材料數量和可以處理的材料類型方面處於領先地位。我想你們現在正在嘗試創新的領域是否可能帶來增量機會？您能否為我們介紹一下你們可能在短期內解鎖的一些難以管理的材料的時間安排？

When you say materials, I'm not sure exactly what you mean, one of the clear targets that we're going after is perishables. Because a lot of the -- because it's $500 a square foot for some of these buildings, smaller buildings are usually valuable to the customer, and they get the savings on the building and we get to be able to sell them a very valuable system. So that's one thing.

當您說材料時，我不確定您的確切含義，我們追求的明確目標之一是易腐爛物品。因為很多——因為這些建築的成本是每平方英尺 500 美元，所以較小的建築通常對客戶來說更有價值，他們可以節省建築成本，而我們能夠向他們出售非常有價值的系統。這是一回事。

Same thing on the freezer. Freezers are not that hard for us to do, but the storage density has made people look at some of the prior providers and say, oh, maybe I can expand my existing freezer without having to add as much space as I thought. So where we're really going after a value creation is ambient was all about the ability for us to handle so many more items than traditional systems.

冰箱裡也有一樣的東西。對我們來說，安裝冰櫃並不難，但儲存密度讓人們看了之前的一些供應商後說，哦，也許我可以擴大現有的冰櫃，而不必像我想像的那樣增加那麼多空間。因此，我們真正追求的價值創造在於我們能夠處理比傳統系統更多的專案。

But on the perishable side, there's also the value that's created just because the facility itself is so expensive even before they put our system in. So that's one area that we're definitely going after. We don't think the temperature has a significant effect on our bonds.

但在易腐爛物品方面，也存在著創造價值，因為即使在安裝我們的系統之前，設施本身也非常昂貴。所以這是我們肯定會努力的一個領域。我們認為溫度對我們的債券沒有顯著的影響。

That's actually super helpful. Thanks so much you guys.

這確實非常有幫助。非常感謝你們。

Derek Soderberg, Cantor Fitzgerald.

德里克索德伯格、康托費茲傑拉。

Rick, just a question on the competitive environment. I think you know we've all seen videos online. There's humanoid robots out there. I think one of your competitors has kind of robotic unloading technology from a semi truck. Any sort of change in the competitive environment. I know there was a question earlier on some of the technology, but it seems like the pace of innovation has really stepped up. Any new concerns or any new technologies out there?

瑞克，我只是想問關於競爭環境的問題。我想你知道我們都在網路上看過影片。那裡有人形機器人。我認為你們的競爭對手之一擁有一種半掛卡車機器人卸貨技術。競爭環境的任何變化。我知道之前有人對某些技術提出了疑問，但看起來創新的步伐確實加快了。有什麼新的擔憂或新技術嗎？

Well, I mean, we're always concerned, but the response that we're getting -- so the truck unloading is really a very specific thing and we're in touch with a lot of those folks. It might be an add-on to our system. That would actually make our system more valuable. The humanoid robots are very good at manufacturing, but our robots are going 25 miles an hour, so the humanoid robots are going to be very good stationary or slow-moving machines.

嗯，我的意思是，我們總是很擔心，但是我們得到的回應是——卡車卸貨確實是一個非常具體的事情，我們與很多人保持聯繫。它可能是我們系統的一個附加元件。這實際上會使我們的系統更有價值。人形機器人非常擅長製造，但我們的機器人每小時的速度為 25 英里，因此人形機器人將成為非常出色的固定或慢速移動機器。

And basically, what they incorporate is dexterity and fingers and good vision. We do that with our bots, but because we're picking up cases, we're less concerned with the humanoid robots, so I think that's a different aspect of automation that we're going after.

基本上，它們所包含的是靈巧、手指和良好的視力。我們用機器人來做到這一點，但因為我們正在接手案件，所以我們不太關心人形機器人，所以我認為這是我們正在追求的自動化的另一個方面。

We're seeing more and more requests for us to look at things that people had previously used our competitors for. So I would say we feel good about where we are and we think our team and our market share is going to grow, but until it does, I can't prove it out, but that's what I think.

我們看到越來越多的人要求我們查看以前使用過我們競爭對手的產品。所以我想說，我們對目前的狀況感到滿意，我們認為我們的團隊和市場份額將會成長，但在這之前，我無法證明這一點，但這就是我的想法。

Got it. That's helpful. And then just with the new storage system, I think there are a number of questions on the cost, how it's going to impact backlog, but just when you combine that with a lot of the changes you guys have made on the EPC front, bringing that in-house, it's been a while since we've gotten kind of an update on maybe the structural gross margins of the hardware piece, the systems piece.

知道了。這很有幫助。然後就新的儲存系統而言，我認為在成本方面存在許多問題，它將如何影響積壓訂單，但是當你把它與你們在 EPC 方面所做的許多改變結合起來，將其帶入內部時，我們已經有一段時間沒有得到關於硬體部分、系統部分的結構性毛利率的更新了。

Where are we sort of headed with all these changes that you guys have made? What are sort of the structural gross margins and systems? How much more room do we have to kind of continue to see margin expansion from here in systems? Thanks.

你們所做的這些改變將為我們帶來什麼結果？結構性毛利率和系統是什麼樣的？從現在起，我們還有多少空間可以繼續看到系統的利潤率擴大？謝謝。

Yeah, the next-gen structure, Derek, is actually one of the key enablers on our path to 30% system gross margin. So systems wise, we're still on that path, and we've talked about overall improvements around schedule being a driver, bringing back the EPC was certainly one of the significant drivers to get us where we posted the last couple of quarters.

是的，德里克，下一代結構實際上是我們實現 30% 系統毛利率的關鍵推動因素之一。因此，從系統角度來看，我們仍在這條道路上，我們已經討論了圍繞進度安排的整體改進，將其作為驅動因素，恢復 EPC 無疑是讓我們在過去幾個季度取得進展的重要驅動因素之一。

But the next-gen structure, the pure fact that it's streamlining assembly, reducing the million rivets that Rick mentioned, that's going to help us on our trajectory towards higher gross margins. And then as we think about the value creation piece of this as we go out and attract new customers, we're certainly driving to utilize that to grow the gross margin profile.

但下一代結構，即簡化裝配，減少里克提到的百萬個鉚釘這一事實，將幫助我們實現更高的毛利率。然後，當我們考慮在吸引新客戶時創造的價值時，我們肯定會利用這一點來提高毛利率。

Great, really appreciate it.

太好了，非常感謝。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆、克雷格·哈勒姆。

Yeah, thanks for taking the questions. I maybe just want to go back to the quarter because what really, I guess, stood out to us was the operating leverage, the incremental margins were extremely high in the quarter. So I'm just curious if there's anything, sort of one time any benefit in the quarter that you saw and just as we kind of think about fiscal '26, how should we kind of think about that going forward?

是的，感謝您回答這些問題。我可能只是想回到本季度，因為我想，真正讓我們印象深刻的是經營槓桿，本季的增量利潤率非常高。所以我只是好奇，您是否在本季度看到了任何好處，就像我們思考 26 財年一樣，我們應該如何考慮未來的發展？

Yeah, from a gross margin perspective, the step-up in software was certainly a good contributor. And when I think about mix, so we've had a higher contribution this quarter from our advanced systems and robotics portion of the business, higher margin content and some of our historical contracts had been. So you're seeing that.

是的，從毛利率的角度來看，軟體的提升無疑是一個很好的貢獻者。當我考慮組合時，我們發現本季我們的先進系統和機器人業務部分貢獻更大，利潤率更高，而且我們的一些歷史合約也更高。所以你看到了這一點。

And then the other lever which continued to be beneficial this quarter is that timeline to deployment that we indicated from the start of install to final acceptance. We're seeing continued improvements on how long it's taking us to build these, so you're seeing that reflected in our gross margin.

本季繼續發揮作用的另一個槓桿是我們從安裝開始到最終驗收所指示的部署時間表。我們看到建造這些產品所花費的時間不斷縮短，因此您可以看到這反映在我們的毛利率上。

Okay, that's helpful. And then I guess just maybe one clarification in terms of the new storage system, I'm curious, has this been a part of the product roadmap for a number of years? Was this something that was maybe more directed by one of your customers? I'm just kind of curious to sort of know that the timeline or the history and maybe some of the background.

好的，這很有幫助。然後我想也許需要就新儲存系統進行一點澄清，我很好奇，這是否已經成為產品路線圖的一部分很多年了？這是否更多是由您的某位客戶決定的？我只是有點好奇想了解時間軸或歷史以及一些背景。

Yeah, so I've been working on this for a couple of years. And I dated my first drawing of it, but the way I describe it is I feel like Frank Gehry. I actually had a design and I needed some engineers that could actually build it.

是的，我已經研究這個問題好幾年了。我已經為它的第一幅畫標註了日期，但我描述它的方式感覺就像弗蘭克蓋瑞 (Frank Gehry)。我實際上有一個設計，我需要一些能夠真正建造它的工程師。

And so this has been in the works for two years. We've teased customers with it, tested them, asked them if they wanted it. They got very excited. And so really it's been the last year that we, I mean, if you come visit us, we have the test systems right down the street now and there's, it's a magnificent new product.

這件事已經籌備了兩年了。我們用它來吸引顧客，對他們進行測試，詢問他們是否想要它。他們非常興奮。所以實際上這是我們去年，我的意思是，如果你來拜訪我們，我們現在就在街上設有測試系統，這是一款出色的新產品。

Yeah, okay. Carol, best of luck going forward and Izzy, looking forward to working with you.

嗯，好的。卡羅爾，祝你未來好運，伊茲，期待與你合作。

All right. Thanks, Greg.

好的。謝謝，格雷格。

Ken Newman, KeyBanc Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBanc 資本市場。

Carol, maybe a little bit of help and piggybacking off the margin question just now, maybe can you help us think about systems gross margin sequentially from the third or the fourth quarters given all the shift in the production schedules. Can that still stay flat or would you expect that to still be up sequentially 3Q to 4Q?

卡羅爾，也許你能提供一點幫助，順便回答剛才的利潤率問題，考慮到生產計劃的所有變化，也許你能幫助我們從第三季度或第四季度開始按順序考慮系統毛利率。這個數字還能維持平穩嗎？或者您預計第三季至第四季這個數字還會繼續上升嗎？

Yeah, our expectation is we'll see systems gross margin about where they were in the third quarter. We'll see that continued trajectory and as we mentioned on software earlier, we believe the 70% level on software gross margin is where we're going to head.

是的，我們預計系統毛利率將與第三季持平。我們將看到這種持續的軌跡，正如我們之前在軟體上提到的那樣，我們相信軟體毛利率將達到 70％ 的水平。

Got it. Okay. And then maybe one more on the cash flow. I appreciate the help on the CapEx and some of the moving pieces on timing of receipts. You do have a pretty high portion of your revenue going towards R&D. I'm just curious if there's anything you're going to parse out on what's potentially able to be capitalized going forward with this new tax bill and how to think about structural free cash flow through the cycle with the new policy?

知道了。好的。然後也許再談一下現金流。我非常感謝您對資本支出以及收款時間的一些幫助。您確實將相當大一部分收入用於研發。我只是好奇，您是否可以分析一下這項新稅法未來可能帶來的資本化潛力，以及如何看待新政策週期內的結構性自由現金流？

Yeah, I'd say, for R&D, the levels that you're seeing today will continue. We actually got the benefit over the last couple of the quarters of a substantial portion of R&D is now actually moving to our contracted associated with the advanced systems and robotics. So you're seeing that as a lever too in our R&D as what you saw in this quarter. So R&D from 3Q to 4Q from 2Q to 3Q, you saw a slight reduction there, and that's because we're able to charge that off to our contracted R&D value.

是的，我想說，對於研發而言，您今天看到的水平將會持續下去。我們實際上在過去幾個季度中獲得了收益，很大一部分研發現在實際上已經轉向與先進系統和機器人相關的合約。因此，正如您在本季看到的那樣，這也是我們研發的一個槓桿。因此，從第三季度到第四季度，從第二季度到第三季度，研發費用略有減少，這是因為我們能夠將其計入我們的合約研發價值中。

Got it. Okay, thanks.

知道了。好的，謝謝。

(Operator Instructions) Mike Latimore, Northland Capital Markets.

（操作員指示）Mike Latimore，Northland Capital Markets。

In terms of these new starts, should they be kind of in this mid-single-digit range for a while until you get rolling with the next-gen storage system or how should we think about just kind of new start trajectory?

就這些新的啟動而言，它們是否應該在這種中位數個位數範圍內保持一段時間，直到你開始使用下一代儲存系統，或者我們應該如何考慮新的啟動軌跡？

I'd say this is the quarter where we saw a fewer number of starts as we were waiting to make sure we got the design finalized and so you'll see new starts step up. We've talked about the average of mid- to high-single-digit new starts. Obviously, last quarter we hit a record high of 10 new starts. This quarter dropped down to 5. But you should see that step up again going forward now that we have the design commercially available, and that's what a couple of our customers were waiting on in terms of moving forward with deployments.

我想說，這是本季我們看到的開工數量較少，因為我們正在等待確保設計最終確定，所以你會看到新的開工數量增加。我們已經討論了中等至高個位數新開工率的平均值。顯然，上個季度我們創下了 10 個新開工紀錄。本季下降至5。但是，既然我們的設計已經可以商業化，那麼你應該會看到我們再次邁出這一步，而這正是我們的一些客戶在部署方面所期待的。

Great. And then just clarification on the guidance, you talked about the first half of '26. Is the implication that it should be a similar quarterly revenue level to what you're seeing in the -- or guiding to in the September quarter?

偉大的。然後只是澄清一下指導意見，您談到了 26 年上半年的情況。這是否意味著本季的收入水準應該與您所看到的或預測的 9 月份季度收入水準相似？

Yeah, as you know, we don't guide beyond the next quarter, but if you look at what we put in our [Q] for the next 12 months associated with RPO consumption, similar level to what we're guiding for 4Q would be where that would put us for the first half.

是的，如您所知，我們不會為下一季之後的情況做出指引，但如果您看一下我們在 [Q] 中為未來 12 個月的 RPO 消耗所做的規劃，就會發現我們對第四季度的指引水平與上半年的指引水平相似。

Okay, great. Thanks very much.

好的，太好了。非常感謝。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾、地方檢察官戴維森。

Just a couple of things real quick. Does this new storage system, does that help accelerate new customer acquisition for you guys? Will you look to maybe change that cadence or that targeting of one to two years to something greater than that? And can you just give a little bit more of a detailed update on GreenBox? Is there anything you're able to disclose on tenants? And then I have a follow-up.

只是一些非常簡短的事情。這個新的儲存系統是否有助於加速你們的新客戶獲取？您是否會考慮改變這一節奏或將一至兩年的目標改為更長的時間？您能否更詳細地介紹一下 GreenBox 的最新情況？您能透露一些關於租戶的資訊嗎？然後我有一個後續問題。

Yeah, I mean, on new customers, we expect that to grow faster than it is right now. The customers we're in dialogue with is at the highest level it's ever been. It gives us the ability -- the structure gives us the ability to sell smaller systems and bigger systems both at the same time and it gives us a lot more flexibility. So we would expect that to accelerate.

是的，我的意思是，對於新客戶而言，我們預計其成長速度會比現在更快。我們正在與客戶進行對話，目前對話水準已達到有史以來的最高水準。它賦予我們能力——這種結構使我們能夠同時銷售小型系統和大型系統，並賦予我們更大的靈活性。因此我們預計這一進程將會加速。

On GreenBox, we're continuing to roll out sites and adding on to the organization there to rapidly grow the sales force. We're in discussions with a lot of folks. Some folks are looking at Symbotic systems and some folks are actually looking at GreenBox as possibilities. So that actually gives us more variability or more capabilities to lean customers, but as we start to roll out the GreenBox covering the country, we're getting significantly more interest as opposed to where you can just do one location versus rolling out a number of locations.

在 GreenBox，我們將繼續推出網站並擴大組織規模，以快速壯大銷售團隊。我們正在與很多人進行討論。有些人正在研究 Symbotic 系統，而有些人實際上正在將 GreenBox 視為一種可能性。因此，這實際上為我們提供了更多的變化或更多的能力來滿足精益客戶的需求，但隨著我們開始在全國範圍內推出 GreenBox，我們得到的關注度顯著提高，而不是只在一個地點開展業務，而是在多個地點開展業務。

And then the first location in Lathrop is scheduled to go live pretty soon, so that'll be income producing as well.

位於拉斯羅普的第一個門市預計很快就會投入運營，因此也將產生收入。

With respect to this new innovation that's been the topic of the discussion tonight, will you be ramping up any new manufacturing partners for that portion of the system, or is that not part of this -- or any new installers relative? I guess I'm trying to understand what may change from a manufacturing or installer standpoint, if you will.

關於今晚討論的這個新創新，您會為該系統的這一部分增加任何新的製造合作夥伴嗎？或者這不是其中的一部分 - 或任何新的安裝人員相關？我想我正在嘗試了解從製造或安裝的角度來看什麼可能會發生變化，如果你願意的話。

So we're working with a couple of new manufacturers to have -- people that will make basically the times, the steel is basically -- most of that steel is coming from the US. It's not really affected by tariffs. It's a different design of the steel and the installation will be the same installation teams. So we've actually been using those teams here in Wilmington at the ITC practicing installing structures.

因此，我們正在與一些新的製造商合作，這些製造商基本上會製造時代所需的鋼材，而大部分鋼材都來自美國。它實際上並未受到關稅的影響。這是不同的鋼材設計，安裝將由相同的安裝團隊進行。因此，我們實際上一直在威爾明頓的 ITC 使用那些團隊來練習安裝結構。

Anybody can come and visit, but the installation is much simpler. We actually -- the learnings from floor, the learnings from what we've been doing for the last couple of years in installation have really gone into once we figured out the new structure, then we actually brought in a bunch of structural engineers and a bunch of construction folks to actually design it to make it much easier to install.

任何人都可以來參觀，但安裝要簡單得多。事實上，一旦我們弄清楚了新結構，我們就會真正地從地板、過去幾年在安裝過程中所學到的知識中汲取經驗，然後我們實際上會引進一批結構工程師和一批建築人員來實際設計它，使其更容易安裝。

So I would say the way I describe it, what we're doing here is we went from custom furniture to [IKEA]. And then I can't install an IKEA project without my wife's help, so we still need to train the installers, but we're pretty -- but it's pretty simple.

所以我想說，我們在這裡做的是從訂製家具到[IKEA]。如果沒有妻子的幫助，我就無法安裝宜家項目，所以我們仍然需要培訓安裝人員，但這很簡單。

Got it. Thank you.

知道了。謝謝。

Rob Mason, Baird.

羅布梅森，貝爾德。

Yes, good evening. I had a question on the ASR portion of your business. Carol, I think I inferred from your commentary that the development revenues were up sequentially there. I was curious if you could confirm it, maybe give us a feel for what those contributed?

是的，晚上好。我對您業務的 ASR 部分有疑問。卡羅爾，我想我從你的評論中推斷出開發收入是連續上升的。我很好奇您是否可以證實這一點，也許可以讓我們了解這些貢獻是什麼？

And as a follow-on to that, is that a revenue at some steady state as we go forward, which you'll recognize per quarter?

接下來的問題是，隨著我們繼續前進，這是否是穩定狀態的收入，您會按季度確認嗎？

Yes, so we were up sequentially from the second quarter to the third quarter, so we talked about last quarter being at mid single digit. We're in high single digit in terms of the contribution to the revenue this quarter, and you'll see that carry on at least in the next quarter or two as we indicated in our prepared remarks, we've identified two of the prototype facilities, so we've actually begun ordering equipment. And so as the design progresses, we're now getting ready to start building out our prototypes and so you're going to see that level maintained for the next couple of quarters.

是的，因此從第二季到第三季我們的銷售額連續上升，所以我們說上個季度的銷售額處於個位數的中間水平。就本季的收入貢獻而言，我們處於高個位數，你會看到這種情況至少會在接下來的一兩個季度繼續下去，正如我們在準備好的評論中所指出的那樣，我們已經確定了兩個原型設施，所以我們實際上已經開始訂購設備。隨著設計的進展，我們現在正準備開始建造我們的原型，因此您將看到該水平在接下來的幾個季度內保持下去。

And when the prototype builds start, how does that influence -- the development of revenue goes down and it still gets classified in systems though, right?

當原型建構開始時，這會如何影響——收入的發展會下降，但它仍然會在系統中被分類，對嗎？

That's right, it's all classified in systems.

沒錯，都是系統機密。

Okay, very good. Thank you.

好的，非常好。謝謝。

Thank you, everyone, and that concludes our question-and-answer session for today. I will now turn the call back over to Mr. Charlie Anderson for the closing remarks. Please go ahead.

謝謝大家，今天的問答環節到此結束。現在我將把電話轉回給查理·安德森先生，請他作結束語。請繼續。

Yeah, 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 various investor conferences we'll be attending.

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，並期待在本季我們將參加的各種投資者會議上見到您。

Thank you and good night.

謝謝，晚安。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Have a nice day ahead, everyone.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。祝大家有個愉快的一天。