Symbotic Inc (SYM) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Symbotic's fourth-quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Symbotic 公司 2025 年第四季財務業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your speaker for today, Charlie Anderson. Please go ahead.

現在我謹將會議交給今天的演講嘉賓查理·安德森。請繼續。

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

你好。歡迎參加Symbotic公司2025財年第四季及全年財務業績網路直播。我是查理·安德森，Symbotic公司的投資者關係副總裁。

Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions and 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陳述可能被認為是前瞻性的。此類聲明是基於當前的預期和假設，並受到許多風險和不確定性的影響。實際結果可能與此有重大差異。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. Reconciliation of GAAP to non-GAAP financial 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，我們將同時介紹 GAAP 和非 GAAP 財務指標。GAAP 與非 GAAP 財務指標的調整表已包含在今天的獲利新聞稿中，該新聞稿已透過我們的投資者關係網站 ir.symbotic.com 分發並向公眾開放。

On today's call, we're joined by Rick Cohen, Symbotic Founder, Chairman and Chief Executive Officer; and Izzy Martins, Symbotic Chief Financial Officer. These executives will discuss our fourth-quarter and fiscal-year 2021 results and our outlook, followed by Q&A.

今天的電話會議，我們邀請了 Symbotic 創辦人、董事長兼執行長 Rick Cohen，以及 Symbotic 財務長 Izzy Martins。這些高階主管將討論我們 2021 年第四季和全年業績及展望，隨後進行問答環節。

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

那麼，接下來就交給里克開始吧。瑞克？

Thank you, Charlie. Good afternoon, and thank you for joining us to review our most recent results. We made strong progress in fiscal year 2025 and finished the year with good momentum. For the full year, we increased revenue by 26% year over year, while delivering significant margin expansion and free cash flow generation. The cash on our balance sheet now exceeds $1.2 billion.

謝謝你，查理。下午好，感謝各位參加本次研討會，共同回顧我們最新的研究成果。我們在 2025 財年取得了顯著進展，並以良好的勢頭結束了這一年。全年來看，我們的營收年增了 26%，同時實現了利潤率的顯著提升和自由現金流的增加。我們資產負債表上的現金目前超過12億美元。

During the fiscal year, we also expanded and upgraded our product portfolio. We added micro fulfillment as a new category to address e-commerce and upgraded our storage structure to a proprietary next-generation design that offers leading density and rapid installation.

在本財年內，我們也擴展和升級了我們的產品組合。我們新增了微型配送這個類別，以滿足電子商務的需求，並將我們的儲存結構升級為專有的下一代設計，該設計具有領先的密度和快速安裝的優勢。

When we marry up our innovative bot technology that can handle goods of many sizes, this new highly dense storage structure and our proprietary software, we believe we can unlock more opportunities than ever before. This includes everything from smaller buildings to e-commerce facilities to perishable facilities where square footage is at a premium. We are seeing this play out with a growing sales pipeline as our solutions deliver space savings and installation efficiencies that result in higher value.

我們將能夠處理各種尺寸貨物的創新機器人技術、這種新型高密度儲存結構以及我們專有的軟體結合起來，我們相信能夠釋放出比以往任何時候都多的機會。這包括從小型建築到電子商務設施，再到對空間需求極高的易腐品設施等各種場所。隨著我們的解決方案能夠節省空間、提高安裝效率，從而帶來更高的價值，我們看到銷售管道不斷增長，這正印證了這一點。

Customers are already taking advantage of this breakthrough in installation efficiency. Notably, our largest customers opted to utilize our next-gen storage to combine what previously took two separate deployments or phases into one single phase for new sites. That means a Phase 1 system deployment when we enter a distribution center for the first time, we'll be able to do twice as much work versus when we began deployments for this customer previously. And the overall time to install and achieve acceptance for the same amount of case output in this example will be cut by more than half, generating significant savings, reducing disruption, and generating a larger and faster return on investment for customers.

客戶已經開始享受到安裝效率的這項突破。值得注意的是，我們最大的客戶選擇使用我們的下一代儲存技術，將以前需要兩個獨立部署或階段才能完成的新站點部署合併為一個階段。這意味著，當我們首次進入配送中心進行第一階段系統部署時，我們將能夠完成比先前為該客戶部署時多一倍的工作量。在這個例子中，相同數量的產品產量，安裝和驗收的總時間將縮短一半以上，從而節省大量成本，減少干擾，並為客戶帶來更大、更快的投資回報。

Customers are also taking advantage of the modular-build qualities of our next-gen storage with a handful of deployments that began in the fiscal fourth quarter connecting next-gen stores to prior gen storage at the same site. And GreenBox is moving forward with next-gen storage, signing up to utilize it at new sites near Dallas and Chicago, both of which were signed in the fiscal fourth quarter. Notably, with these sites, GreenBox coverage will extend from California to the Midwest to the Southeast.

客戶也開始利用我們下一代儲存的模組化建置特性，從第四財季開始，一些部署專案將下一代儲存與同一地點的上一代儲存連接起來。GreenBox 正在推動下一代儲存技術的發展，並已簽約在達拉斯和芝加哥附近的新站點使用該技術，這兩個項目都是在第四財季簽署的。值得注意的是，有了這些站點，GreenBox 的覆蓋範圍將從加州擴展到中西部和東南部。

We also finished the fiscal year by signing a new customer, Medline, the largest provider of medical surgical products and supply chain solutions serving all points of care. This marks our first customer in the health care vertical where we believe the case for automation is very strong given the importance of accuracy, speed, and cost. This is also one of the largest potential new verticals available to us.

在本財年結束之際，我們與新客戶 Medline 簽約，該公司是全球最大的醫療外科產品和供應鏈解決方案提供商，服務於所有醫療點。這是我們在醫療保健領域的第一位客戶，我們認為鑑於準確性、速度和成本的重要性，自動化在該領域具有非常強大的優勢。這也是我們可利用的最大潛在新垂直領域之一。

It is worth noting that there are over 500 health care distribution centers in the US alone with a combined 76 million square feet of warehouse space according to the Health Industry Distributors Association. With our scale rapidly improving project execution and growing set of capabilities across the supply chain, we are in a better place than ever to bring our new customers covering multiple verticals, geographies, and use cases. Our focus in this has never been greater.

值得注意的是，據健康產業分銷商協會稱，僅在美國就有超過 500 個醫療保健分銷中心，總倉儲面積達 7,600 萬平方英尺。隨著我們規模的迅速擴大，專案執行能力不斷提高，供應鏈各環節的能力也在不斷增強，我們比以往任何時候都更有能力為涵蓋多個垂直行業、地理和用例的新客戶提供服務。我們在這方面的重視程度從未如此之高。

In summary, we delivered on the commitment we made at the start of the year to achieve strong top-line growth and a significant rise in operational systems, thanks to improvements in our deployment process. This also enabled us to deliver strong margin expansion.

總而言之，我們實現了年初所做的承諾，即實現強勁的營收成長和營運系統的顯著提升，這得益於我們部署流程的改進。這也使我們能夠實現強勁的利潤率成長。

Looking ahead, our key objectives for fiscal year 2026 are: number one, harness our growing product portfolio and capabilities to broaden our opportunities with customers, particularly in e-commerce with our micro fulfillment solution; two, unlock higher margins by driving additional value for our customers, along with operational improvements; three, continue to invest in our innovation engine to expand our capabilities and support future growth.

展望未來，我們 2026 財年的主要目標是：第一，利用我們不斷增長的產品組合和能力，擴大我們與客戶的合作機會，尤其是在電子商務領域，透過我們的微型履行解決方案；第二，透過為客戶創造更多價值以及改進運營，釋放更高的利潤率；第三，繼續投資於我們的創新引擎，以擴展我們的能力並支持未來的成長。

I just want to end by thanking our team for their reference along with our customers and investors for their support.

最後，我要感謝我們的團隊提供的推薦，以及我們的客戶和投資者的支持。

I'll now turn it over to Izzy who will discuss our financial results and outlook. Izzy?

現在我將把發言權交給伊茲，她將討論我們的財務表現和展望。伊茲？

Thanks, Rick. Fiscal fourth-quarter revenue grew 10% year over year to $618 million, exceeding our expectations. Year-over-year revenue growth in the quarter was driven by the expansion of the number of systems in operations, fueling higher recurring revenue, along with continued progress on our paid development program.

謝謝你，里克。第四財季營收年增 10% 至 6.18 億美元，超出預期。本季同比營收成長主要得益於營運系統數量的增加，從而帶動了經常性收入的成長，以及付費開發計畫的持續進展。

Due to higher stock-based compensation, reflecting our commitment to attracting and retaining top talent and restructuring expenses primarily associated with acquisition integration activities, our net loss for the fiscal fourth quarter was $19 million versus net income of $16 million in the fourth quarter of fiscal year 2024. Adjusted EBITDA in the fiscal fourth quarter of $49 million was at the high end of our forecast due to revenue and gross margin upside and up from $42 million in the fourth quarter of fiscal year 2024.

由於股權激勵支出增加（反映了我們致力於吸引和留住頂尖人才的承諾）以及主要與收購整合活動相關的重組費用，我們本財年第四季度淨虧損1900萬美元，而2024財年第四季度淨利潤為1600萬美元。由於營收和毛利率的成長，本財年第四季調整後EBITDA為4,900萬美元，處於我們預測的高端，高於2024財年第四季的4,200萬美元。

Our backlog of $22.5 billion remained in a strong position. The increase from $22.4 billion last quarter was due to final pricing on projects started and the addition of backlog associated with Medline, offsetting revenue recognized in the quarter.

我們225億美元的積壓訂單依然保持強勁勢頭。上季營收為 224 億美元，而本季營收增加的原因是已啟動專案的最終定價以及與 Medline 相關的積壓訂單的增加，抵消了本季確認的收入。

In our fiscal fourth quarter, we began 10 new system deployments, as Rick highlighted, this included two deployments for GreenBox and one for Medline. We also had six systems go operational in the quarter, bringing our total to 48 operational systems or nearly double the level at the end of fiscal year 2024.

正如瑞克所強調的那樣，在我們的第四財季，我們開始了 10 個新系統的部署，其中包括兩個 GreenBox 系統部署和一個 Medline 系統部署。本季我們還有 6 個系統投入運營，使我們的營運系統總數達到 48 個，幾乎是 2024 財年末水準的兩倍。

Importantly, for the systems that went operational for our largest customer in the fiscal fourth quarter, we observed nearly three months of improvement in the time between start of installation and customer acceptance compared with our historical average with this same customer. This period of deployment is a portion that is most within our control, and it is also when we recognize the highest level of revenue and profit.

值得注意的是，對於我們在第四財季為我們最大客戶投入營運的系統，我們觀察到，與我們過去與該客戶的平均情況相比，從安裝開始到客戶驗收的時間縮短了近三個月。部署階段是我們最能掌控的階段，也是我們獲得最高收入和利潤的階段。

With the continued growth in operational systems, we saw our software revenue grew 57% year over year to $9.3 million in the fiscal fourth quarter, and operations services revenue grew 21% year over year to $26.9 million.

隨著營運系統的持續成長，我們的軟體營收在第四財季年增 57% 至 930 萬美元，營運服務營收年增 21% 至 2,690 萬美元。

Turning to margins in the fiscal fourth quarter. System gross margin continued its trend of significant year-over-year improvement, driven by disciplined cost management, solid project execution, and strong supply chain partnership as we roll out our next-gen structure and deliver increasing value to our customers. We expect to see additional expansion in systems gross margin. Software maintenance and support also saw substantial year-over-year gross margin gains, benefiting from continued scale and exceeding 70% for the full year.

接下來我們來看看第四財季的利潤率。在嚴格的成本管理、穩健的專案執行和強大的供應鏈合作夥伴關係的推動下，隨著我們推出下一代架構並為客戶創造越來越大的價值，系統毛利率繼續保持著逐年顯著改善的趨勢。我們預計系統毛利率將進一步成長。軟體維護和支援業務的毛利率也實現了同比大幅增長，受益於持續的規模擴張，全年毛利率超過 70%。

In operation services, we posted a loss as we increased investment in additional resources to support certain sites and ensure their long-term success. Operating expenses on a GAAP basis in the fiscal fourth quarter were $149 million, adjusted operating expenses in the quarter were $87 million, up sequentially, primarily due to strategic R&D investments in supporting our expanding product portfolio and cloud-based software tools.

在營運服務方面，由於我們增加了對額外資源的投資以支援某些站點並確保其長期成功，因此出現了虧損。第四財季以美國通用會計準則計算的營運費用為 1.49 億美元，經調整後的營運費用為 8,700 萬美元，環比成長，主要原因是為支援我們不斷擴大的產品組合和基於雲端的軟體工具而進行的策略研發投資。

These investments are in areas where we see the greatest potential to increase value and long-term impact. We finished the quarter with cash and cash equivalents of $1.2 billion, up from $778 million in the fiscal third quarter due to the timing of cash receipts tied to project milestones and the signing of new projects.

這些投資都集中在我們認為最有潛力提升價值和產生長期影響的領域。本季末，我們的現金及現金等價物為 12 億美元，高於第三財季的 7.78 億美元，主要得益於與專案里程碑和新專案簽約相關的現金收入時間。

Now turning to the forecast. As I've settled into the CFO role, I want to share some context for how I think about guidance. We will continue to guide one quarter ahead with a focus on transparency and consistency. My approach will be to set a guidance range, reflecting where we expect to land based on our best view of the deployment schedules and a balanced assessment of both risks and opportunities.

現在來看天氣預報。隨著我逐漸適應財務長的角色，我想分享我對財務指引的一些看法。我們將繼續以透明度和一致性為重點，並展望未來一個季度的發展方向。我的做法是設定一個指導範圍，反映出我們根據對部署計劃的最佳看法以及對風險和機會的平衡評估，預期最終達到的目標。

With that in mind, for the first quarter of fiscal 2026, we expect revenue between $610 million to $630 million, representing year-over-year growth between 25% and 29% and adjusted EBITDA between $49 million and $53 million. I want to reiterate what we highlighted during last quarter's earnings call. That is the introduction of our proprietary next-gen storage structure, has resulted in a realignment of deployment schedules. While this has no impact on our $22.5 billion of backlog, it does have an impact on how our revenue is phased throughout the fiscal year, with the quarters in the first half of fiscal 2026 showing less pronounced sequential growth.

考慮到這一點，我們預計 2026 財年第一季的營收將在 6.1 億美元至 6.3 億美元之間，年增 25% 至 29%，調整後的 EBITDA 將在 4,900 萬美元至 5,300 萬美元之間。我想重申一下我們在上個季度財報電話會議上重點強調的內容。正是由於我們自主研發的下一代儲存結構的推出，才導致了部署計畫的重新調整。雖然這不會對我們 225 億美元的積壓訂單產生影響，但確實會影響我們在整個財年的收入分配方式，2026 財年上半年各季度的環比增長將不那麼明顯。

We believe this new technology advancement, combined with the unique capability of our proprietary box and software is resonating with customers as they recognize our competitive differentiation and the significant value our solution creates. It also unlocks new opportunities across the supply chain as well as the opportunity for more efficient deployment, which we expect will contribute to higher margins over time for Symbotic.

我們相信，這項新技術的進步，加上我們專有設備和軟體的獨特功能，正在引起客戶的共鳴，因為他們認識到我們的競爭優勢和我們解決方案創造的巨大價值。它還為整個供應鏈帶來了新的機遇，以及更有效率的部署機會，我們預計這將隨著時間的推移為 Symbotic 帶來更高的利潤率。

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

接下來，歡迎大家提問。操作員，請開始問答環節。

[Operator Instructions]

[操作說明]

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Maybe just starting with Medline. Is it possible for you to provide a bit more color on the relationship that they've committed to? And then it seems like health care could be a pretty big opportunity with respect to new customers? Anything on how aggressively the sales force is pursuing that right now.

或許可以先從Medline開始。您能否再詳細描述他們所建立的這段關係？那麼，醫療保健領域似乎蘊藏著巨大的新客戶開發機會？任何關於銷售團隊目前在這方面採取的積極行動的資訊。

So you broke up a little bit, but the Medline relationship is something that we worked on for about a year, maybe a little bit longer. And it was a combination of understanding what they wanted to accomplish with the hospitals and critical care units that they deliver with. And then for them to understand how the ability of our system to handle lots and lots of items and also the incredible accuracy with which we ship product.

所以你們的關係一度破裂，但我們與 Medline 的合作關係持續了大約一年，或許更久。這源於對他們希望透過他們所服務的醫院和重症監護室實現的目標的理解。然後讓他們了解我們的系統處理大量物品的能力，以及我們發貨的驚人準確度。

And then thirdly, the ability we have to sequence products because oftentimes, to hospitals, you're delivering to a specific section to a specific floor. And so we work with them to give them a good understanding of the unique capabilities of our system. And so that's why we won the award, and we're -- they have lots of warehouses, great customer. So we're very excited about that.

第三，我們有能力對產品進行排序，因為通常情況下，對於醫院來說，你需要將產品送到特定的樓層的特定區域。因此，我們與他們合作，讓他們充分了解我們系統的獨特功能。所以這就是我們獲獎的原因，而且我們——他們有很多倉庫，是很棒的客戶。我們對此感到非常興奮。

In terms of future growth, we've added about five or six new salespeople in the past six months. And so we're much more in the aggressive marketing role than we were before. Probably a year ago, we were still wanting to make sure everything was working and testing out. And as I tell the organization, you can't scale chaos.

就未來發展而言，過去六個月我們新增了五、六名銷售人員。因此，我們現在的行銷策略比以前更積極主動。大概一年前，我們還想確保一切正常運作並進行測試。正如我告訴組織的那樣，混亂是無法規模化的。

But over the last year, as we began to hit all our time lines for builds and price points for execution. And the quality of the way we measure it in some of our internal measures has more than improved by almost 300%. So we're feeling very bullish about being able to handle a much broader base of customers and to deploy systems that will work on day one.

但在過去一年裡，我們開始逐步實現所有既定的建設時間表和價格目標。而我們內部一些衡量指標的品質也提高了近 300%。因此，我們對能夠服務更廣泛的客戶群以及部署從第一天起就能正常運作的系統感到非常樂觀。

That's really helpful. And you kind of alluded to this, is when you were talking about like the cadence of 2026. But is the expectation that you guys start to really ramp next-gen systems still kind of around the middle of the year. I think that's what we shared on the last earnings call. And does that mean we're going to have kind of a stable revenue through the first half and then the next step-up kind of comes in the second half of '26?

這真的很有幫助。你之前在談到 2026 年的節奏時，也暗示過這一點。但大家是否仍預期你們會在年中左右開始真正加大對下一代系統的投入？我想我們在上次財報電話會議上分享的內容就是這樣。那是不是意味著我們在上半年將擁有相對穩定的收入，然後下一個成長階段將在 2026 年下半年到來？

Nicole, that's exactly the way we're thinking of it. As you know, we unveiled it last quarter. So we had some signings then. And this quarter signings are all about the next-gen system. So what that does is exactly what you said.

妮可，我們正是這麼想的。如您所知，我們上個季度發布了這項技術。所以當時我們簽了一些球員。本季簽約的重點都是下一代系統。所以它的作用正如你所說。

You'll call it see a less pronounced increase in revenue in call it the fourth, the first, and the second and then you'll see more of an increase towards the tail end. So Nicole, I would say you got that right. Thank you.

你會發現，在第四、第一個和第二個季度，收入成長不太明顯，然後在接近尾聲時，收入成長會更加明顯。妮可，我覺得你說得對。謝謝。

Joe Giordano, TD Cowen.

喬喬丹諾，TD Cowen。

On Medline, can you talk about like what's contemplated there? Like how many sites are we talking about? Like what types of technology is this encompassing? Is there a break pack in this? Is there room for the micro fulfillment strategy in there as well? Like what was like effectively added to the backlog from them right now?

關於Medline，可以談談那裡都在討論什麼嗎？我們說的到底有多少個網站？這涵蓋了哪些類型的技術？這個裡面有拆箱包嗎？其中是否也存在微型履行策略的空間？例如，他們現在積壓的工作實際上增加了哪些內容？

Yes. So Joe, it's one site. It's a proof of concept is the way we look at it. Obviously, if we do a good job, they have a lot of warehouses. And initially, we contemplated a pretty straightforward moving case system.

是的。所以喬，只有一個網站。我們認為這是一個概念驗證。顯然，如果我們做得好，他們就會有很多倉庫。最初，我們設想的是一種非常簡單的搬運箱系統。

But we also -- as we think we can upsell or extend to sell to these customers, micro fulfillment, which could either be in a receiving room in a hospital for them or a very specific selection for them in a warehouse and then breakpack is also an opportunity for us to sell.

但是，我們認為可以向這些客戶追加銷售或擴展銷售，微型履行服務（可以是醫院收貨室為他們提供的服務，也可以是倉庫中為他們提供的非常具體的選擇，然後拆包）也是我們的銷售機會。

So basically, we could sell them three different products. But right now, we have -- we're starting out with the first original product.

所以基本上，我們可以向他們銷售三種不同的產品。但現在，我們——我們正從第一個原創產品開始。

And then do we need to like -- I just want to make sure I understand the comments about Walmart were like the two phases being incorporated into one now. Do we need to like change the way we describe these things? I guess I just want to make sure the -- we understand the definition.

然後我們需要——我只是想確認一下，關於沃爾瑪的評論是指現在兩個階段合併成一個階段。我們需要改變描述這些事物的方式嗎？我想確保我們理解這個定義。

So if you say like 10 new systems are started, can some of those new systems effectively be like two that you would have said last time? We have to talk in dollar terms instead of number of sites now?

所以，如果你說啟動了 10 個新系統，那麼其中一些新系統是否實際上就像你上次所說的兩個系統一樣？現在我們必須用美元金額而不是網站數量來討論了嗎？

I'll turn that over to Izzy because I'll get in trouble.

我得把那件事交給伊茲，不然我會惹上麻煩。

I think the way you said it, you have it right in the sense of not every system is created equal. But going forward, the size of the system is going to be slightly larger. So that's how I would think about it.

我認為你的說法是對的，因為並非所有系統都是平等的。但展望未來，該系統的規模將會略微擴大。我就是這麼想的。

They could be slightly larger or we also have the ability to do some smaller systems, in terms of smaller space and a warehouse. So it gives us a lot of flexibility. But what Izzy was saying is absolutely right, is that in the same amount of space, that we were going to install an operation in some of our bigger sites, they can actually take down more of the warehouse because we can do more work in the same space as we did before.

它們可以稍微大一些，或者我們也有能力做一些更小的系統，例如更小的空間和倉庫。所以它給了我們很大的彈性。但伊茲說的完全正確，在同樣的空間裡，在我們一些較大的站點安裝營運設備時，實際上可以拆除更多的倉庫，因為我們可以在與以前相同的空間內完成更多的工作。

Andrew Kaplowitz, Citigroup.

安德魯‧卡普洛維茨，花旗集團。

So Systems gross margin was, I think, a high watermark close to 22%, and that's despite all the changes you're making to your systems. And I think you had spoken more flattish gross margin for Q4. So is Q4 a function of ASR mix maybe being a little higher?

所以我認為，儘管你們對系統進行了各種更改，但係統毛利率仍然達到了接近 22% 的高點。而且我認為你之前說過第四季的毛利率會比較平穩。所以，Q4 是否與 ASR 混合比例略高有關？

Is it safe to say you're on a better glide path given improved operating leverage, better execution. Any more color on whether you think your system gross margin continues to sort of just kind of go up from here?

鑑於營運槓桿的提升和執行力的增強，可以說你們正走在一條更順暢的發展道路上嗎？您能否進一步說明一下，您認為貴公司的系統毛利率是否會持續穩定上升？

Yes. So let me tackle what you said in the beginning of your question is how I think about, call it, ASR in the quarter? It's really, call it, mid- to high digits in terms of a percentage of total revenue in the fourth quarter. And I kind of would expect that to be about the same as we progress.

是的。那麼，讓我來回答你問題開頭提到的，我是如何看待季度平均服務水準（ASR）的呢？就第四季總收入的百分比而言，這確實達到了中等偏高的數字。我預計隨著比賽的進行，情況也會大致相同。

I think the bigger part of your question is how you think about, okay, how do you unpack the margins. And I would say we feel really, really bullish about our system margins, not only where they are but where we're headed.

我認為你問題中更重要的部分在於你如何思考，好吧，你如何分解邊距。而且我認為，我們對我們系統的利潤率感到非常非常樂觀，不僅是對目前的利潤率，更是對未來的利潤率。

So I think if you see the last several quarters, we have kind of a little bit of a lumpiness, but I think it's about the exit trend where we landed in the fourth. And I would say even though we don't buy to margins, I would expect that to be a slight uptick in the first. But I think it's more about when you think about how we're recognizing revenue in, call it, that 12- to 18-month period, given when we roll out the next-generation storage system, that we expect those margins to really to be expanding in the coming quarters. That's really what's the key part.

所以我覺得，如果你看過去幾個季度，會發現我們有點波動，但我認為這與我們在第四季度達到的退出趨勢有關。即使我們不以利潤率為目標進行採購，我也預期第一季會出現小幅上漲。但我認為，更重要的是，考慮到我們將在未來 12 到 18 個月內推出下一代儲存系統，我們預計這些利潤率將在未來幾季真正擴大，因此我們在考慮如何確認收入時，應該會更加重視這一點。這才是關鍵所在。

And like I said, I would reiterate, if there's one thing I would walk away from today is the fact that we are very bullish about where our margins, not only where they are, but where they're going.

正如我剛才所說，我還要重申，如果今天我只能強調一點，那就是我們對我們的利潤率非常樂觀，不僅是對目前的利潤率，更是對未來的利潤率。

It's helpful. And then, Rick, backlog, as you know, has been somewhat flash for Symbotic, I know your burn rates are going up. But do you think you could grow Symbotic backlog in FY '26 and/or we know you're ramping on Green Box, ASR. Can you give us an update on whether FY26 is a big year for Symbotic new customers, GreenBox, can you start booking backlog for ASR, like any thoughts around all that?

這很有幫助。還有，瑞克，你也知道，Symbotic 的積壓訂單有點多，我知道你們的資金消耗速度正在加快。但您認為 Symbotic 在 2026 財年能否增加訂單積壓？而且我們知道您正在大力推進 Green Box 和 ASR 專案。可否告知我們2026財政年度Symbotic的新客戶數量是否眾多？ GreenBox方面，是否可以開始為ASR預留訂單？關於這些方面，您有什麼想法嗎？

Yes. So you're trying to trap me a little bit. So we don't guide to backlog, but here's how I would say, right, given the guide we gave for the first quarter, I would expect our backlog in the first quarter to really be no different to where we are. You do have in the 10-K, call it what our banding is, but what's coming through in the next 12 months. So I would say too soon to tell of where backlog will be.

是的。所以你是想給我設個陷阱嗎？所以我們不會對積壓訂單進行指導，但我會這樣說，根據我們第一季給出的指導，我預計我們第一季的積壓訂單量與現在的情況不會有太大差別。在 10-K 中，你可以稱之為我們的分組，但接下來 12 個月將會發生什麼。所以我覺得現在判斷積壓訂單會有多少還太早。

It's not something that we talk to in coming quarters. But I think you have to take two takeaways. As Rick said, we've built up our sales team because we obviously have more opportunities, and so we will continue to do that. I think it's also important to think about that backlog for us is strictly what you do from a GAAP perspective, not what we think could happen given that most customers will do one system at a time.

這不是我們未來幾季要討論的問題。但我認為你必須記住兩點。正如里克所說，我們已經擴充了銷售團隊，因為我們顯然有了更多的機會，所以我們將繼續這樣做。我認為同樣重要的是要考慮到，我們的積壓工作嚴格來說是按照 GAAP 原則進行的，而不是考慮到大多數客戶一次只會開發一個系統而認為可能會發生的事情。

And then last but not least, what I'll leave you with, maybe not in the next 12 months, but soon thereafter to some extent, is to think about that we still have more than $5 billion of backlog to unlock with the mini -- micro fulfillment systems. So I'm not troubled about backlog at all. I think that's more about our long-term strategy. But I would say that 2026 is a solid backlog.

最後，我想留給大家的是，也許不會在接下來的 12 個月內實現，但在此之後不久，在某種程度上，我們應該思考一下，我們還有超過 50 億美元的積壓訂單需要透過微型履行系統來釋放。所以我一點也不擔心積壓的工作。我認為這更關乎我們的長期策略。但我認為2026年是一個相當可觀的積壓訂單量。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

First one was on GreenBox. And now that you have a CEO of GreenBox, and also given the new store structure that you've had and some of the progress you spoke to around building out sites there, I was hoping you could speak a bit more on the progress at GreenBox in terms of finding new customers who use the GreenBox sites.

第一個是在GreenBox上。現在 GreenBox 有了首席執行官，而且鑑於您已經建立了新的商店結構，以及您談到的在網站建設方面取得的一些進展，我希望您能再多談談 GreenBox 在尋找使用 GreenBox 網站的新客戶方面取得的進展。

Yes. So our first site that will come live will be Atlanta. I mean some of these sites are still under construction. Some of it will be a year away, some maybe be a little longer. But Atlanta will come alive. We have a lot of interest in Atlanta, no customers to announce yet, but we expect hopefully, by -- in the next 90 days, next 180 days, we'll have some announcements as to who our first customers will be.

是的。因此，我們第一個上線的站點將是亞特蘭大。我的意思是，其中一些網站還在建設中。有些項目可能要一年後才能完成，有些項目可能需要更長。但亞特蘭大將會煥發生機。我們對亞特蘭大市場非常感興趣，目前還沒有客戶可以公佈，但我們預計，在接下來的90天到180天內，我們將公佈我們的第一批客戶是誰。

We continue to get interest. And now that we actually have facilities, we are in discussions with customers about how much space they want and when, but nothing to announce yet.

我們持續收到關注。現在我們已經擁有了設施，正在與客戶討論他們想要多少空間以及何時需要，但目前還沒有什麼可以宣布的。

Okay. Anything in particular, Rick, do you think new customers would want to see in order to get across the line?

好的。里克，你覺得新客戶為了最終決定購買，應該特別關注哪些方面？

No. I mean, I think what's happened is what we're seeing is, on the real estate space, there was a downturn after COVID and then some of the big guys have gobbled up a bunch of space. So there's a shortage of space right now. So we're very well positioned. And so we're talking to people about some would be different versions of GreenBox. Some might be just jet storage.

不。我的意思是，我認為目前的情況是，在房地產領域，新冠疫情後出現了下滑，然後一些大公司收購了大量房產。所以現在空間很緊缺。所以我們處於非常有利的地位。因此，我們正在與一些人討論 GreenBox 的一些不同版本。有些可能只是噴射機的存放處。

Some might be very proactive warehouse handling services. And then we're starting to talk to a few new customers about just being a whole active 3PL. So we're in a pretty good spot because we're ahead of the market. And so we're talking to different customers about different things right now.

有些可能是非常積極主動的倉儲物流服務商。然後我們開始與一些新客戶洽談，探討如何成為一個完整的、活躍的第三方物流公司。所以我們處境相當不錯，因為我們領先市場。所以，我們現在正在和不同的客戶談論不同的事情。

That's helpful. And just one more for me, if I could please, on GreenBox. Your partner at SoftBank has said they're looking to raise capital more generally in order to fund some of the investments they'd like to do. So as you think about what that may or may not mean for GreenBox, any implications you can share in terms of how GreenBox is looking to have the funding and what that might mean for the pace of deployment at GreenBox?

那很有幫助。如果可以的話，請再幫我提一個關於 GreenBox 的問題。您在軟銀的合作夥伴表示，他們正在尋求更廣泛的融資，以便為他們想要進行的一些投資提供資金。那麼，當您思考這可能對 GreenBox 意味著什麼時，您能否分享一下 GreenBox 如何獲得資金以及這可能對 GreenBox 的部署速度意味著什麼？

Yes. So I mean our agreement with SoftBank is IronClad, they're there to provide the funding. So we don't have any worries about providing the funding there and we have a lot of cash to do our part of it as well. So funding will not be a problem with GreenBox.

是的。所以我的意思是，我們與軟銀的協議是鐵一般的，他們會提供資金。因此，我們完全不用擔心資金問題，我們也有足夠的現金來承擔我們應盡的責任。因此，資金對GreenBox來說不成問題。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

As you get into these customer conversations in a bit more detail, can you talk a little bit about the potential for adjustments to bot design or even system design more broadly? And how we might think about the cadence of that evolution?

在與客戶進行更深入的交流時，您能否談談對機器人設計，甚至更廣泛的系統設計進行調整的可能性？那麼，我們該如何看待這種演變的節奏呢？

Yes. So that's a great question. What's happening is that the customers are coming in now, and I'll answer your question in two ways. So what's happening is that the market is appreciating the fact that we're not selling the same system that we were 10 years ago, and a lot of our competitors have not innovated, they're just scaling.

是的。這是一個很好的問題。現在顧客們正在陸續進店，我會用兩種方式回答你的問題。所以現在的情況是，市場開始意識到我們銷售的系統與 10 年前的系統不同，而我們的許多競爭對手並沒有進行創新，他們只是在擴大規模。

So our bots, for instance, we introduced to one of our customers, what we call a stretch bot. So we can now handle the 36-inch case. We might even be able to handle two, 18-inch cases. So the bots have more flexibility. We've introduced vision and LiDAR on some of our bots. So we have collision avoidance.

例如，我們向一位客戶推出了我們稱為「伸縮機器人」的機器人。所以我們現在可以處理 36 吋的案例了。我們甚至可能還能處理兩個 18 英吋的箱子。因此，機器人擁有更大的靈活性。我們在部分機器人上引入了視覺系統和光達。所以我們實現了碰撞避免。

So customers are coming in, and they've -- and even some of the ones that we talked to five years ago, who weren't ready to make a decision, they come in now and they say, my goodness, the pace of change, which you guys are doing things, so I think we're really differentiating us from the rest of the world.

所以顧客們來了，甚至有些五年前我們接觸過的顧客，當時他們還沒有準備好做決定，現在他們來了，他們會說，我的天哪，變化的速度，你們正在做的事情，所以我認為我們真的讓我們與世界其他地方區別開了。

One of the things that we have done a lot of is we've moved to cloud-based. We're investing in AI resources, the databases. So we can do sorting and slicing and pallet building and for instance, truck routing I think maybe better than anybody in the world at this point. So I should avoid superlatives, but our customers say, nobody can do what you guys are doing. So it's not just building very aisle friendly pallets that's building super friendly aisle pallets, but we can actually route the whole truck because of the reliability of our bots, which has made huge progress in the last two years.

我們做了很多事情，其中​​之一就是轉向雲端。我們正在投資人工智慧資源和資料庫。因此，我們可以進行分類、切片、托盤組裝，例如，我認為在卡車路線規劃方面，我們可能比世界上任何人都做得更好。所以我應該避免使用最高級形容詞，但是我們的客戶說，沒有人能做到你們所做的一切。所以，我們不僅製造出非常適合過道運輸的托盤，還能利用我們機器人的可靠性來規劃整輛卡車的路線，而機器人技術在過去兩年中取得了巨大的進步。

In terms of we pick very, very, very, very high percentage of what we say we're going to pick, and we never make a mistake picking. So for hospital supply, that's absolutely critical. But for other people like we're starting to go live with our Southern Glazer site pretty soon in -- and it's liquor. And so it's both buyers and restaurants. And so the ability to route trucks is really critical for them, and they're telling us other people can't do it.

就我們而言，我們挑選的品種準確率非常非常非常非常高，而且我們挑選的品種從來沒有出錯。所以對於醫院物資供應來說，這絕對至關重要。但對於其他一些人來說，例如我們即將上線 Southern Glazer 網站——而且它是關於酒精的。所以，買家和餐廳都是其中之一。因此，規劃貨車路線的能力對他們來說至關重要，他們告訴我們其他人做不到這一點。

So we continue to make improvements, both in software, our bots are getting much more technologically in both intelligent but also better vision tools, collision avoidance, better routing. And we're also innovating on our pallet building and depalletizing to get product into the system.

因此，我們不斷改進，無論是在軟體方面，我們的機器人在技術上變得更加智能，並且擁有更好的視覺工具、碰撞避免功能和更好的路徑規劃能力。我們也在托盤組裝和拆卸方面進行創新，以便將產品送入系統。

So it's been -- I mean the reason I do what I do is I love the innovation and I love the fact that we have a team that can do innovation very quickly. And that's creating a big, noticeable distinction between us and the rest of the market right now.

所以，我做這件事的原因是──我熱愛創新，我喜歡我們擁有一支能夠快速進行創新的團隊。這使得我們與目前市場上的其他公司之間形成了一個巨大的、明顯的差異。

That's incredibly helpful on our side. And then just from the human capital and the competition for talent, we're hearing about a variety of different dynamics on that. Can you talk a little bit about your ability to attract folks and retain them as this market really heats up in terms of both physical AI as well as some of the software that you're talking about?

這對我們這邊來說非常有幫助。然後，僅從人力資本和人才競爭的角度來看，我們就聽到了各種不同的動態。您能否談談您吸引和留住人才的能力，因為隨著實體人工智慧以及您所談到的一些軟體市場競爭日益激烈，您是如何做到的？

Yes. So the reason we went public is because we had to create a compensation system that would allow us to attract people that were used to being compensated in stock. And so we're not doing $1 billion packages out in Palo Alto, but we're doing pretty good in the Boston market in the East.

是的。我們之所以選擇上市，是因為我們必須建立一個薪酬體系，以便吸引那些習慣以股票作為薪酬的人。所以，我們在帕洛阿爾託做不到10億美元的項目，但我們在東部的波士頓市場做得相當不錯。

We also have opened an office on the West Coast. We also opened an office in Vietnam because one Omnilabs, which was one of the health care -- small health care start-ups that we bought has a lot of Vietnamese people that founded that company, and so we've opened an office in Vietnam where there's huge talent.

我們也在西海岸開設了辦事處。我們也因為收購的醫療保健新創公司之一 Omnilabs 的創始人中有很多越南人，所以我們在越南開設了辦事處，因為那裡人才濟濟。

So we're getting more than our fair share of talent and at a faster rate. And one of the things that's been interesting is as the EV space falls down some, we are getting people from the EV world that are just disillusioned with some of the things that are happening there. And basically our bot the way we're approaching it is an electronic vehicle with LiDAR and collision avoidance. It's not passenger carrying. But we do some very complicated things.

因此，我們獲得了遠超應得的人才，而且速度更快。有趣的是，隨著電動車領域的一些下滑，我們發現電動車領域的一些人對那裡發生的一些事情感到失望。基本上，我們設計的機器人是一款具有雷射雷達和防碰撞功能的電子車輛。它不載客。但我們確實做了一些非常複雜的事情。

And so we're able to attract people because they like the problems that we're solving. And our comp is as good as anybody needs to be. We're not going to compete with chat GPT, but there's plenty of people that aren't going to work for them either.

因此，我們能夠吸引人們，因為他們喜歡我們正在解決的問題。我們的競爭對手實力雄厚，完全滿足任何人的需求。我們不會與聊天 GPT 競爭，但也有很多人不會為他們工作。

Guy Hardwick, Barclays Capital.

蓋伊·哈德威克，巴克萊資本。

It looks like the -- based on the change in the RPO, that there was very strong bookings in the quarter, that $600 million, $700 million. Izzy could you just mix split that out between the Medline, new win, and pricing?

根據 RPO 的變化來看，本季的預訂量似乎非常強勁，達到了 6 億美元到 7 億美元。Izzy，你能把這些費用分拆成 Medline、新贏家和定價三部分嗎？

So we just make it clear. Medline was something we signed in the tail end of the quarter. So Medline is not going to influence really our results in the fourth quarter. Really, Medline is about no different than how we spoken to how we recognize our revenue over almost really a two-year period. So I wouldn't put a lot of, call it, credence numbers are how we achieved our fourth quarter numbers with the announcement of a new vertical.

所以我們只是把話說清楚而已。Medline是我們本季末簽下的公司。因此，Medline 不會對我們第四季的業績產生實際影響。實際上，Medline 的情況與我們過去兩年來確認收入的方式並沒有太大不同。所以，我不會過多地談論，或者說，信任數字，來解釋我們是如何透過宣布推出新的垂直業務來實現第四季度業績的。

I think the fourth quarter is about the momentum that we've created for over a month on end on the installations and moving, call it, six more sites to operational. That's really what drove it was the fact that, yes, we did sign 10 more than the repayments. But overall, the -- I would characterize the success of the fourth quarter based on the momentum that we've been working on for months on it.

我認為第四季度的重點在於我們在過去一個多月在安裝和推進方面所取得的進展，我們又使六個站點投入運作。真正促使我們這麼做的原因是，是的，我們簽的合約金額比還款額多了 10 份。但總的來說——我會根據我們幾個月來一直努力保持的勢頭來描述第四季度的成功。

So Medline was not in the RPO $22.5 billion RPO at the end of the quarter?

所以，截至本季末，Medline 並未參與價值 225 億美元的 RPO 計畫？

Yes, it is in the RPO, but it's not -- it has no significance to the revenue generated in the quarter.

是的，它包含在 RPO 中，但它對本季產生的收入沒有意義。

Okay. So just -- my question was more -- was it material to that increase in the RPO because given you would it implies that your bookings are at $700 million given the revenue burn in the quarter plus the change in the backlog, so that's a very significant increase compared to, say, previous quarters. So the question is really the mix of that, how much of it was Medline versus increase in pricing?

好的。所以，我的問題更多的是——這是否對 RPO 的增長有實質性影響，因為考慮到本季度的收入消耗加上積壓訂單的變化，這意味著您的預訂額達到了 7 億美元，所以與之前的幾個季度相比，這是一個非常顯著的增長。所以問題在於，這其中究竟有多少是 Medline 的漲價造成的，又有多少是價格上漲造成的？

Yes. I would say it's more about the increase in pricing or call it, how you can fit or what we did years ago and how inflation has moved. So that's really the main driver in the RPO change. But yes, Medline is in that.

是的。我認為更多的是關於價格上漲，或者說，是關於你如何適應，或者我們幾年前的做法以及通貨膨脹是如何變化的。所以這才是RPO變革的主要驅動因素。是的，Medline也在其中。

And just in the 10-K, which you referenced, is it looks like the 12% of the backlog will be delivered over the next 12 months. That's quite a big increase in the figure back 12 months ago in the 2024 10-K said 10%. It looks like you actually missed that 10%. You came in more like 9%, particularly if you include the ASR R&D revenue.

正如您所提到的 10-K 文件中所述，積壓訂單的 12% 將在未來 12 個月內交付。與 12 個月前在 2024 年 10-K 報告中提到的 10% 相比，這是一個相當大的增長。看來你確實漏掉了那10%。如果算上 ASR 研發收入，你的實際佔比更接近 9%。

So given what you said also about being a back-end loaded year, 12% of that backlog seems quite a big significant step up on the previous delivery, which you [indiscernible] kind of missed slightly. So what reason should we give us confidence that you can deliver 12% of the backlog in the next 12 months?

所以，考慮到你之前也說過今年是後期訂單集中的一年，12%的積壓訂單完成率似乎比上一年交付量有了相當大的提升，而你（聽不清楚）似乎稍微忽略了這一點。那麼，我們有什麼理由相信你們能在未來 12 個月內完成 12% 的積壓訂單呢？

I think it's all about what we said in our prepared remarks, given that we're seeing, call it, improvements from that start of installation to the end line. And that's what gives us the, call it, the momentum that we're talking about.

我認為關鍵在於我們事先準備好的發言稿，因為我們看到，從安裝開始到結束，情況都在改善。而這正是我們所說的動力所在。

Yes, we do have ASR that we built in during the year. So you're absolutely correct. But I think you really -- we're laser-focused on the exit trend and what the new structure delivers. As you know, it's -- not only is it more dense, but more importantly, from an installation perspective is that it has call it, somewhat -- the sub-assemblies that come in that have that process gets done at a much faster pace. So a quick call out on the 10 to 12 I'm really comfortable with the 12% that we have in the years of AMD.

是的，我們今年已經開發了ASR系統。所以你的說法完全正確。但我認為你真的——我們非常關注退出趨勢以及新結構帶來的成果。如你所知，它不僅密度更高，而且更重要的是，從安裝的角度來看，它在某種程度上——子組件的安裝速度要快得多。所以，關於10%到12%的差距，我簡單提一下，我對AMD這些年來取得的12%的差距感到非常滿意。

Derek Soderberg, Cantor Fitzgerald.

德里克·索德伯格，康托·菲茨杰拉德。

On the recurring software fees, I'm wondering if you can share what new customers are signing up for in terms of an annual software fee on a percentage basis. Can you share that at all?

關於經常性軟體費用，我想請您分享新客戶每年軟體費用的百分比是多少。能透露一下嗎？

Unfortunately, that's not an area that we give any more color. I think it's just in general, how you map call it, what we move to operational and when we start triggering that software fee. But I would think if you take the -- a little bit of the exit trend, that's really what we would be expecting in the near term.

遺憾的是，我們不會在這個領域投入更多筆墨。我認為這主要取決於我們如何稱呼它，我們何時將其轉入運營，以及何時開始觸發軟體費用。但我認為，如果你稍微考慮一下退出趨勢，那才是我們近期真正應該預期的情況。

Okay. Got it. And then, Rick, you mentioned there's about 76 million square feet of distribution centers in the health care vertical. I'm wondering if you've done the math internally? How many modules does this equate to? Or what's for the dollar opportunity? I'm just wondering if you could help us size that health care vertical in the US?

好的。知道了。里克，你提到醫療保健垂直領域大約有 7600 萬平方英尺的配送中心。我想知道你們內部是否已經計算過了？這相當於多少個模組？或者說，美元的機會在哪裡？我想請問您是否可以幫我們估算一下美國醫療保健產業的市場規模？

I haven't done that, but you can ask Izzy after this call is over.

我還沒這麼做，不過通話結束後你可以問伊茲。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

I think late in the quarter, there was an announcement regarding Symbotic working with a, I guess, a small battery technology company, I think in the UK, Nyobolt. I'm trying to understand the significance of this.

我認為在本季末，Symbotic 宣布與一家小型電池技術公司（我猜是英國的 Nyobolt）合作。我正在努力理解這件事的意義。

And if you could talk to how we might think of potential deployments? Is this going to be on new projects? Is there a plan to move forward with retrofits as the maintenance schedules dictate.

如果您能談談我們如何考慮潛在的部署方案，那就太好了？這會應用到新專案中嗎？根據維護計劃，是否有推進改造工作的計劃？

Yes. So all our new batteries starting, I think, from February on, we'll have Nyobolt batteries. So we, for the last 15 years, have used ultracapacitors. And an ultracapacitor can take 1 million charges, but the charge only lasts about eight minutes, The Nyobolt is actually a battery, but it charges the same way as an ultra cap and it can take a 40-minute charge. Now that may not seem that much to you at home, but the American grid, especially with all the stuff that's happening with AI, is pretty erratic, especially in hot weather places like Florida and Texas, which also had tornado.

是的。所以，我認為從二月開始，我們所有的新電池都將採用 Nyobolt 電池。因此，在過去的15年裡，我們一直使用超級電容器。超級電容器可以充電 100 萬次，但每次充電只能持續約 8 分鐘。 Nyobolt 實際上是一個電池，但它的充電方式與超級電容器相同，每次充電可持續 40 分鐘。現在這在你看來可能不算什麼，但美國的電網，尤其是在人工智慧發展到今天之後，變得相當不穩定，尤其是在佛羅裡達州和德克薩斯州等炎熱地區，這些地方還遭受了龍捲風的襲擊。

So the ability to go 40 minutes is like a lifetime for us in terms of reliability of the bots. So when there's a power flicker, we want our bots to get back to a home station, which is on a charge plate. And in the past, sometimes eight minutes wasn't enough. So this is just one more thing that, as we show new customers, what we're doing with battery technology, most people are operating their bots with a third rail. It's kind of an electronic wires in the system.

因此，對我們來說，機器人能夠持續運作 40 分鐘，就如同一個世紀那麼長，足以保證機器人的可靠性。所以當電源出現波動時，我們希望我們的機器人能夠回到位於充電板上的基地。過去，有時八分鐘是不夠的。所以，當我們向新客戶展示我們在電池技術方面所做的工作時，這只是其中一個例子，大多數人仍然使用第三軌來操作他們的機器人。它有點像是系統中的電子線路。

And so you have a -- when you have a flicker, the whole thing is down, but -- so the progress we've made on battery technology, and we've taken a stake in this company. It's very, very exciting, and we can actually use these batteries for other parts of our system and sometimes actually to help our customers keep uninterruptible pyro supplies in their warehouses.

所以，當螢幕出現閃爍時，整個系統就癱瘓了，但是——我們在電池技術方面取得了進步，而且我們已經入股了這家公司。這非常令人興奮，我們實際上可以將這些電池用於我們系統的其他部分，有時甚至可以幫助我們的客戶保持倉庫中不間斷的煙火供應。

So it's just one more thing of the [Marche] technology that we had a problem. The American grid is pretty bad, erratic. And so we're thinking, well, how do we solve this problem for these automation systems. So -- and so I think this is really going to help us in life sciences and a bunch of other areas. But just in general, our systems are way more reliable than they were even two years ago.

所以這只是我們在[Marche]技術上遇到的另一個問題。美國的電網很糟糕，很不穩定。所以我們就在想，我們該如何解決這些自動化系統的這個問題呢？所以——我認為這真的會對生命科學和許多其他領域有所幫助。但總的來說，我們的系統比兩年前可靠得多。

Follow-up question. Just as we think about your fiscal '26 goals, I'm wondering how does geographic expansion figure into that. Obviously, you've got a site in Mexico that you're working on. And I'm just wondering if there's an opportunity you think in fiscal '26 to perhaps get into Europe?

後續問題。正當我們思考你們 2026 財年的目標時，我想知道地域擴張在其中扮演著怎樣的角色。顯然，你正在墨西哥開發一個網站。我想知道您認為在 2026 財年是否有進軍歐洲市場的機會？

Yes. A matter of fact, half of our sales team is in Europe today. So we -- it's been interesting with Europe because so many of the great automation companies came from Europe because Europe had either smaller land spaces, more restrictive labor laws. But as we go to Europe, especially with our smaller, denser warehouses, people are really getting interested and we've been doing this long enough that the reliability issues are not a problem. So I'm very optimistic about Europe. We see lots of opportunities.

是的。事實上，我們銷售團隊有一半的人今天都在歐洲。所以，歐洲的發展很有意思，因為很多偉大的自動化公司都來自歐洲，因為歐洲不是土地面積較小，就是勞動法比較嚴格。但當我們進軍歐洲市場，特別是我們規模較小、密度較高的倉庫時，人們真的開始感興趣了，而且我們從事這項工作的時間也足夠長了，可靠性問題已經不是問題了。所以我對歐洲的前景非常樂觀。我們看到了很多機會。

Ken Newman, KeyBanc Capital Markets.

Ken Newman，KeyBanc Capital Markets。

Izzy, I wanted to go back to your comment about the change in the phasing of the revenue. I know you said you expect less pronounced sequential revenue growth in the first half versus the back half. Just looking historically, though, I think in the last three years, sales have typically been down sequentially, high single to low double digits, 4Q to 1Q and the midpoint of the guy is assuming something that's a little bit better than flat.

伊茲，我想再談談你之前關於收入發放階段變化的評論。我知道你說過，你預計上半年營收季增不會像下半年那麼明顯。但從歷史數據來看，我認為過去三年，銷售額通常逐季下降，降幅在個位數到兩位數之間，從第四季度到第一季度，而這個人假設的情況比持平略好一些。

So I just want to make sure we're understanding that growth comment for accelerating growth in the back half versus what already seems like a bit of a stronger start versus typical seasonality?

所以我想確認一下，我們理解的「成長」是指下半年加速成長，而不是指目前看起來比往年同期更強勁的成長，而非典型的季節性成長？

That's fair. If you take the high end of the range we just gave for the first quarter, we would sort of break the trend that we've been typically seeing at least from what I saw over the last two years. So clearly, that's our main focus. But if you take, call it, the bottom end of the range I gave you, and that's really just about 1% less than where we landed in the fourth quarter.

這很合理。如果採用我們剛才給出的第一季預期範圍的上限，我們將打破過去兩年我們所看到的趨勢。所以很明顯，這是我們的主要關注點。但如果你取我給出的範圍的下限，那實際上只比我們在第四季度達到的水平低大約 1%。

So it depends -- but if you take the midpoint, we're kind of flat to exactly what we achieved in the fourth quarter. But internally, as you can imagine, we're trying to get past this lumpiness and really be continuing on continual improvement.

所以這要看情況——但如果你取中間值，我們基本上與第四季度取得的成績持平。但正如你所想，我們內部正在努力克服這種不平衡，並真正繼續持續改進。

And so although I guided right in between, guided us slightly under where we are in the fourth, so the guide was $610 million to $630 million. But if you take that midpoint, that's really where I know about this less pronounced sequential improvement. But the overall goal, to be clear, is not to have that lumpiness in the first quarter going forward.

因此，儘管我給出的指導價正好介於兩者之間，略低於我們目前在第四季的預期，所以指導價為 6.1 億美元至 6.3 億美元。但如果你以中點為準，那才是我真正了解這種不太明顯的連續改進的地方。但需要明確的是，我們的總體目標是避免未來第一季出現這種波動。

Okay. No, that's very helpful color. I appreciate that. And then -- and secondly, for my follow-up, we are hearing some more comments from hardware-related manufacturers around higher DRAM pricing and memory shortages. Rick, can you maybe just remind us how memory-intensive are the Symbotic deployments?

好的。不，那是一個非常有用的顏色。我很感激。其次，作為後續報導，我們聽到了一些硬體相關製造商對DRAM價格上漲和記憶體短缺的評論。Rick，可以提醒我們Symbotic部署對記憶體的需求有多高嗎？

And just any comments on what you're seeing broadly from chip availability and pricing as it relates to your ability to kind of keep margins stable even though I'm sure you're able to pass through the pricing, is there a risk of just nominally margins kind of stepping down?

關於您目前觀察到的晶片供應和定價情況，以及這與您保持利潤率穩定的能力有何看法？即使我相信您能夠將價格成本轉嫁給消費者，是否存在利潤率名義上下降的風險？

No, not for us. I mean our bots are -- I mean, basically, what our bots are doing is transmitting data back to us, which we then process in the cloud and -- with different various algorithms, which are mostly proprietary. So yes, we're buying more cloud storage, but not significantly like the super big guys are. So -- and it's coming down in price.

不，對我們來說不是。我的意思是，我們的機器人基本上就是將資料傳回給我們，然後我們在雲端使用各種不同的演算法（其中大部分是專有的）來處理資料。所以，沒錯，我們確實在購買更多的雲端存儲，但遠不及那些超級大公司那麼多。所以——而且它的價格正在下降。

But we're not doing that directly on the bots. What we're doing is we will take the information that the bots transmit back that's a controllable expense, so it's going up. And then reprogram the bots for different various edge case behaviors. So like a bottle, see something and say, I don't know what to do. And so it will transmit back to us.

但我們並沒有直接在機器人身上做這種操作。我們正在做的是獲取機器人傳回的信息，這是一項可控成本，所以成本會上升。然後對機器人進行重新編程，以應對各種不同的極端情況行為。就像一個瓶子，看到什麼就說：“我不知道該怎麼辦。”所以它會把訊息傳回給我們。

But the bots are being trained, but the bots are not truly independent AI machines. We kind of take that information back do the processing, run the algorithms and then send it back out in a software release.

但是，這些機器人雖然經過訓練，但它們並不是真正獨立的人工智慧機器。我們會收集這些信息，進行處理，運行演算法，然後透過軟體版本將其發送出去。

So chips are not really a problem for us as we get bigger and better -- I mean I think this time next year, we'll have over 20,000 bots. So we're a major factor for some of the medium and smaller-sized companies. And even the video, there's a certain amount of -- the lower-priced chips are what we're using. We may upgrade some of those chips, but they're not the $25,000 chips that other people are buying. And we don't use that many of them.

所以隨著我們規模越來越大、技術越來越好，晶片對我們來說就不是什麼問題了——我的意思是，我認為明年這個時候，我們將擁有超過 20,000 台機器人。因此，我們對一些中小型企業來說是一個重要因素。即使是視訊方面，我們也使用了一定數量的——價格較低的晶片。我們可能會升級其中一些晶片，但它們不是其他人購買的那種價值 25,000 美元的晶片。而且我們用的也不多。

Mike Latimore, Northland Capital Markets.

Mike Latimore，北地資本市場。

I guess I'll just build off that last answer. I guess if you're expecting 20,000 or so bots in a year, can you give us kind of a baseline of where we are now?

我想我還是在上一個回答的基礎上繼續說下去。我想，如果你預計一年內會有大約 2 萬個機器人，你能為我們提供一個我們目前所處的基準情況嗎？

Yes. I mean we have about 15,000 bots right now. So we expect to keep growing and there'll be different kind of bots that we'll use. Those would be different versions. The back-of-store mini system will use a similar bot. So there'll be different versions of our bots as well.

是的。我的意思是，我們現在大約有 15,000 個機器人。所以我們預計會繼續發展壯大，並且會使用不同類型的機器人。那將是不同的版本。商店後台的迷你係統將使用類似的機器人。所以我們的機器人也會有不同的版本。

Yes, that makes sense. And then I guess just on the new system starts in the quarter, I think you said there was 10. Were there any break packs in there? And then I think last quarter, you guided to sort of mid-single to upper-single digits. And should we still think about that as kind of the run rate for a while?

是的，這很有道理。然後我猜，新系統會在本季開始運行，我想你說過會有 10 個。裡面有拆箱包嗎？然後我覺得上個季度，你們的預測是達到個位數中段到個位數高段。我們是否應該繼續把這視為一段時間內的運行率？

There's a mix of -- in the 10 deployments we had in the fourth quarter. Yes, there were a couple of breakpacks. Sorry. And your next question was -- can you repeat your latter part of your question?

第四季我們進行了 10 次部署，情況各不相同。是的，有幾個拆包的包裹。對不起。你的下一個問題是──你能重複一下你問題的後半部嗎？

Sure, sure, sorry. Yes, last quarter, I think you guided -- I think you had guided the system starts being in the kind of mid- to high-single-digit range and then you did 10% this quarter. So I guess, any new view on the system start number?

哦，哦，不好意思。是的，上個季度，我認為你曾預測——我認為你曾預測系統將達到個位數中高段位，而本季度你實現了 10% 的增長。所以我想問，對於系統啟動編號有什麼新的看法嗎？

It's something we don't typically guide to is what our, call it, system starts are going to be or which ones are going to be moving into operational. I think the best way to think of it is, although I said historically, I want to get away from the lumpiness in the revenue, I do think though sometimes we do have more of a tailwind of those deployments in the fourth quarter.

我們通常不會透露我們的系統啟動情況，或哪些系統將投入運作。我認為最好的理解方式是，雖然我說過從歷史角度來看，我希望擺脫收入的波動，但我確實認為，有時我們在第四季度確實會受益於這些部署帶來的利好。

Now we have a healthy amount that we're -- we have throughout all the quarters of next year, but I think it's less about trying to manage what they are and more about, okay, the size and how much is to be coming through in the revenue. So more importantly is the guide of the $610 million to $630 million in the top.

現在我們有相當可觀的資金——明年所有季度都有，但我認為重點不在於如何管理這些資金，而在於資金的規模以及最終能帶來多少收入。更重要的是，前列的指導價為 6.1 億美元至 6.3 億美元。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格-哈勒姆。

I want to go back to systems gross margin because that was certainly a highlight, and it sounds like you're pretty confident that, that can continue to improve. So any way to maybe, Izzy, if you can sort of break out or bucket out some of the positive impacts in the quarter and just sort of broadly what's happening from an improvement standpoint relative to maybe the last 12 or 18 months?

我想再談談系統毛利率，因為這無疑是一個亮點，而且聽起來你對它能夠繼續提高也很有信心。伊茲，你能不能把本季的一些正面影響單獨列出來，並大致介紹一下與過去 12 或 18 個月相比，有哪些改進？

Yes. I mean I think we keep going back to the same thing, but I think we've actually seen it over multiple quarters. And really, the way I would think about it is we saw a little bit of, call it, a decline in our operation services, but yet overall, we had a terrific gross margin on the bottom line. So if you just -- if you go through all the math in our earnings release, and I know it's not the easiest thing to track to, you'll come back to that the systems is really where the powerful improvement is.

是的。我的意思是，我覺得我們一直在重複同樣的事情，但實際上我們已經連續好幾個季度看到這種情況了。實際上，我的看法是，我們的營運服務出現了一些下滑，但總體而言，我們的淨利毛利率非常可觀。所以，如果你仔細研究我們財報中的所有數學計算，我知道這並不容易做到，但你會發現，系統才是真正帶來顯著改進的地方。

I think if you unpack the quarters, really what it comes down to, last year, at this time, we did have some cost creep. And I think what -- if you walk through the halls here in Wilmington, what everybody reminds me of is that we didn't have that really disciplined cost management for the entire year and with no cost creep in how the supply chain team and sold the systems. That's really what's driving the overall systems gross margin.

我認為，如果你仔細分析季度數據，你會發現，去年這個時候，我們的成本確實出現了一些上漲。我想，如果你走過威爾明頓的走廊，每個人都會提醒我，我們全年都沒有真正嚴格的成本管理，供應鏈團隊在銷售系統方面也沒有出現成本蔓延的情況。這才是真正推動系統整體毛利率成長的因素。

And not to mention what it will become as we deploy the more denser systems. So even before that, I think that's really what's the highlight, not only in the quarter and the highlight of what we feel bullish about what the systems margins will be going forward.

更不用說隨著我們部署更密集的系統，它將會變成什麼樣子了。所以即便在那之前，我認為這才是真正的亮點，不僅是本季的亮點，也是我們對系統利潤率未來走勢持樂觀態度的亮點。

Okay. Yes, makes sense. And I guess, Rick, I'm fairly certain that Medline was a pretty large user of another competitor in the warehouse automation space. So I'm curious, like, does this have potential to be a competitive displacement, something that could be expanded from this initial site?

好的。是的，有道理。瑞克，我猜想，我相當肯定 Medline 是倉庫自動化領域另一個競爭對手的大用戶。所以我很好奇，這是否有可能成為一個具有競爭力的替代者，並從這個初始站點擴展到其他地區？

Like I know they've already automated a big chunk of their [footprint] already. So I just want to hear what the actual opportunity with them could be over the years.

我知道他們已經實現了很大一部分業務的自動化。所以，我只是想了解一下，未來幾年與他們合作的實際機會是什麼。

The answer is yes. We -- our technology does things that other people's technology doesn't do. We also can augment some of the other technologies that we've seen in some of their facilities. But we would do bigger projects.

答案是肯定的。我們的技術能夠做到其他人的技術做不到的事。我們還可以對他們的一些設施中看到的其他一些技術進行補充。但我們會承接更大的專案。

And I think we -- if they like what we're doing, and I don't want to mislead anybody. We don't have a contract for any more than one. But if they like what we're doing, I think we have a huge opportunity with them.

我認為——如果他們喜歡我們正在做的事情，而且我不想誤導任何人。我們沒有簽訂超過一份的合約。但如果他們喜歡我們正在做的事情，我認為我們與他們合作將會有巨大的機會。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究公司。

Rick, I know it's kind of new news here, but the largest retailer in the US is scaling back some of their investments with, I guess, a smaller competitive of yours. I guess any thoughts on what was perhaps driving that? And any -- does that dampen any of the enthusiasm that you see from your customers about the use of this type of technology for the fulfillment centers going forward?

里克，我知道這裡算是新消息，但美國最大的零售商正在縮減一些投資，我猜是為了應對你們規模較小的競爭對手。大家覺得背後的原因是什麼？那麼，這是否會削弱您的客戶對未來在物流中心使用此類技術的熱情？

Yes. No. Actually, it's actually supercharged with the interest in our technology. So what's happening in the e-commerce space and in the supermarket space, in particular, is the congestion from all the people picking orders in the store, the DoorDash and that stuff, Instacart, was a great convenience, but it's really very confusing and messing up the stores. And so what we're talking to people about is, how can you put 20,000 or 30,000 items in 10,000 square feet and deliver in a marketplace or a city that could be actually used the fresh produce from the store?

是的。不。事實上，它確實受到了人們對我們技術濃厚興趣的極大推動。所以，電子商務領域，尤其是超市領域，目前的情況是，由於大量人員在店內揀貨，導致壅塞。像 DoorDash 和 Instacart 這樣的外送平台雖然非常方便，但實際上卻造成了混亂，擾亂了商店的正常運作。因此，我們正在與人們探討的是，如何在 10,000 平方英尺的空間內擺放 20,000 或 30,000 件商品，並將其配送到市場或城市，以便人們能夠真正使用商店裡的新鮮農產品？

So it's -- e-commerce is evolving in the way of -- the biggest guy in e-commerce delivers 1.2 packages or 1.2 items per delivery, but the retailers in the food space are delivering probably 15 or 20 package order. And so it actually allows them to do a lot of things that you can't do when you're just delivering 1.2 eaches.

所以，電子商務正在朝著這樣的方向發展——最大的電商企業每次配送1.2個包裹或1.2件商品，而食品零售商每次配送的訂單可能包含15或20個包裹。因此，這實際上讓他們能夠做很多當你每次只交付 1.2 個時無法做的事情。

The reason I can't speak fully. I mean, I have my own view, but I don't express it here, why that retailer made a change of mind with that technology. But I think what you're starting to see and where is that we can actually use the same box, but pick each and pick eaches or use -- bring a toe a bot can bring an item or a number of items to a pick station, very similar to what we do in our breakpack installs and actually do customer orders, which is -- initially, we -- this is what we've been trying to explain to people.

這就是我無法完整發言的原因。我的意思是，我有自己的看法，但我不會在這裡表達，那就是為什麼那家零售商改變了對這項技術的想法。但我認為你開始看到的是，我們實際上可以使用同一個盒子，但可以逐個揀選，或者使用——機器人可以將一件或多件物品送到揀貨站，這與我們拆包安裝中處理客戶訂單的方式非常相似，而這正是——最初，我們——我們一直試圖向人們解釋的。

Three years ago, we did a breakpack where a bot would bring a top to a person. The person would pick it and then we that basically batch pick it. The same more or less concept can be deployed in the back of a store, except you're picking a customer order. And so that -- the real problem that people are trying to solve with the e-commerce now is speed of delivery and much more local.

三年前，我們做過一個拆包活動，讓機器人把一件上衣送到顧客手中。這個人會挑選它，然後我們基本上是批量挑選。同樣的道理也適用於商店後廚，只不過這次你要揀選的是顧客的訂單。因此，人們現在試圖透過電子商務解決的真正問題是配送速度和在地化程度。

So I think our commitment and our largest customer asked us to develop this for them. We're really excited. This is a very, very big market.

所以我認為，正是出於我們對客戶的承諾，以及我們最大的客戶的要求，我們為他們開發了這個產品。我們非常興奮。這是一個非常非常大的市場。

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

今天的問答環節到此結束。現在我想把電話轉回管理階層，請他們做總結發言。請繼續。

Yes. Thank you, everybody, for joining our call tonight. We appreciate your interest in Symbotic and look forward to seeing some of you in the coming weeks at investor conferences that will attend. Goodbye.

是的。謝謝大家今晚參加我們的電話會議。我們感謝您對Symbotic的關注，並期待在接下來的幾周里，在即將出席的投資者會議上見到您。再見。

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

感謝各位參加今天的電話會議。你們可以斷開連結了。