Symbotic Inc (SYM) 2026 Q1 法說會逐字稿

Thank you for standing by. Welcome to the Symbotic's first-quarter 2026 financial results conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待。歡迎參加 Symbotic 公司 2026 年第一季財務業績電話會議。（操作說明）提醒各位，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Charlie Anderson, Vice President, Investor Relations. Please go ahead, sir.

現在，我謹向大家介紹今天節目的主持人，投資者關係副總裁查理安德森。請繼續，先生。

Yeah, hello. Welcome to Symbotic's first quarter of fiscal year 2026 financial results webcast. I'm Charlie Anderson, Symbotic's Vice President of Investor Relations.

是的，你好。歡迎參加Symbotic公司2026財年第一季財務業績網路直播。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 that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Form 10-K, including the risk factors. We undertake no obligation to update any forward-looking statements.

我們今天就業務運營和財務業績所做的一些陳述可能被認為是前瞻性的。此類聲明基於當前的預期和假設，但存在許多風險和不確定性。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. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at ir.symbotic.com.

此外，在本次電話會議中，我們將同時介紹 GAAP 和非 GAAP 財務指標。今天的獲利新聞稿中包含了 GAAP 與非 GAAP 指標的調整表，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's Chief Financial Officer. These executives will discuss our first quarter fiscal year 2026 results and our outlook followed by Q&A.

在今天的電話會議上，我們邀請了 Symbotic 的創辦人、董事長兼執行長 Rick Cohen，以及 Symbotic 的財務長 Izzy Martins。這些高階主管將討論我們 2026 財年第一季的業績和展望，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're off to a great start this year as our operational execution, product innovation, and financial discipline are translating into improved results. Notably, in the first quarter, we grew revenue by 29% and significantly expanded margins year over year, paving the way for our transition to GAAP profitability.

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。今年開局良好，我們的營運執行、產品創新和財務紀律都轉化為業績的提升。值得注意的是，第一季我們的營收成長了 29%，利潤率年增率顯著，為我們向 GAAP 獲利模式轉型鋪平了道路。

On our last call, I highlighted that one of our key objectives this fiscal year was to unlock higher margins by providing additional value for our customers. As you can see from our results, we are on a solid trajectory. We also have increased line of sight that our product innovation, notably with our next-generation storage solution, will yield tangible economic benefits for our customers while benefiting our margins on an ongoing basis.

在上次電話會議上，我強調了本財年我們的一個關鍵目標，即透過為客戶提供更多價值來釋放更高的利潤率。從我們的結果可以看出，我們正走在一條穩健的道路上。我們也越來越清楚地看到，我們的產品創新，特別是我們的下一代儲存解決方案，將為我們的客戶帶來實際的經濟效益，同時不斷提高我們的利潤率。

Another objective is to broaden our opportunities with customers, particularly in e-commerce. On this front, we are seeing strong execution on the program launched a year ago with Walmart for their accelerated online pickup and delivery centers at stores.

另一個目標是擴大我們與客戶的合作機會，尤其是在電子商務領域。在這方面，我們看到一年前與沃爾瑪合作推出的加速線上提貨和門市配送中心計畫得到了強而有力的執行。

First, we made a technical and operational improvements to the first-generation automation systems we inherited at 19 Walmart stores. This helped drive record holiday volumes and improved performance metrics from those systems. This is important because we can take those improvements and incorporate them into our enhanced second-generation design which we're being paid to develop.

首先，我們對從 19 家沃爾瑪門市繼承的第一代自動化系統進行了技術和操作方面的改進。這有助於推動假期期間的業務量創下歷史新高，並提高這些系統的績效指標。這很重要，因為我們可以將這些改進融入我們正在開發的第二代增強型設計中，而我們正在為此獲得報酬。

Second, we delivered record financial results from that paid development program during the quarter as we advanced toward installation of the initial prototypes. We see our offerings as the future of e-commerce as retailers are increasingly seeking to take advantage of their store footprints and localized presence to offer customers unparalleled availability and order fulfillment speed through automation.

其次，隨著我們推進初始原型機的安裝，本季我們從這個付費開發案中獲得了創紀錄的財務表現。我們認為我們的產品和服務代表了電子商務的未來，因為零售商越來越希望利用其門市規模和在地化優勢，透過自動化為客戶提供無與倫比的供貨能力和訂單履行速度。

We are also meeting our key objective to invest in our innovation engine to expand our capabilities. On that note, we recently closed the acquisition of Fox Robotics, a leader in autonomous forklift solutions. This acquisition further enhances our strategy of utilizing our software to orchestrate robots to move goods through the supply chain from the dock door at the warehouse to the individual customer order from the store.

我們也實現了投資創新引擎、拓展自身能力的關鍵目標。在此基礎上，我們最近完成了對 Fox Robotics 的收購，該公司是自主堆高機解決方案的領導者。此次收購進一步加強了我們利用軟體協調機器人將貨物從倉庫的裝卸貨口運送到商店的顧客訂單中的策略。

We are also investing in internal R&D efforts intended to drive higher levels of performance across our operational systems. Here, we are also making great progress. Specifically, for our SymBots that move goods in customer distribution centers, we have seen an over 25% increase in both the number of miles driven and the number of transactions per bot daily versus one year ago. We have also seen meaningful per site volume increases from our floor loaded inbound cells that ingest unpalletized cases compared to a year ago.

我們也在加大內部研發投入，旨在提升我們營運系統的整體效能。在這方面，我們也取得了很大的進展。具體來說，對於我們在客戶配送中心搬運貨物的 SymBots，與一年前相比，我們發現每天每台機器人的行駛里程和交易次數都增加了 25% 以上。與一年前相比，我們還看到，我們地面裝載的入庫單元（接收未裝托盤的箱子）的單站點吞吐量有顯著增加。

The fact that our platform improves over time speaks to our leadership in the emerging category of what some call physical AI. We are doing this on a massive scale. To put it in perspective, Symbotic operational systems processed over 2 billion cases for customers in calendar year 2025 inbound and outbound. And our SymBots logged nearly 200 million miles alone in calendar year 2025. As best we can tell, this may be the most travel, fully autonomous vehicle fleet in the world.

我們的平台不斷改進，這體現了我們在新興的實體人工智慧領域的領先地位。我們正在大規模地進行這項工作。為了讓大家更直觀地了解狀況，Symbotic 的營運系統在 2025 年曆年處理了超過 20 億個客戶的入站和出站案例。光是 2025 年，我們的 SymBot 就累積了近 2 億英里。據我們所知，這可能是世界上行駛里程最長、完全自動駕駛的車隊。

In summary, we're meeting our objectives, which, in turn, are delivering ragingly happy customers, sustainable growth, and expanded profitability. As always, I want to thank our team for all their hard work, along with our customers and our investors, for their continued support.

總而言之，我們正在實現我們的目標，而這些目標反過來又帶來了客戶的高度滿意、永續成長和利潤成長。一如既往，我要感謝我們團隊的辛勤付出，同時也要感謝我們的客戶和投資者的持續支持。

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 first-quarter revenue reached $630 million, meeting the top end of our forecasted range. We achieved GAAP profitability with $13 million in net income, while our adjusted EBITDA of $67 million was well above the top end of our forecasted range due to stronger margins and continued cost discipline. As a result, we delivered a double-digit EBITDA margin for the first time.

謝謝你，里克。財年第一季營收達到 6.3 億美元，達到我們預測範圍的上限。我們實現了 GAAP 盈利，淨收入達 1300 萬美元；由於利潤率提高和持續的成本控制，我們調整後的 EBITDA 為 6700 萬美元，遠高於我們預測範圍的上限。因此，我們首次實現了兩位數的 EBITDA 利潤率。

Importantly, first-quarter revenue surpassed fourth-quarter levels, driven by the continued expansion of systems and deployment, the transition of systems from deployment to operational status and ongoing progress in our paid development of a micro fulfillment solution for e-commerce.

重要的是，第一季收入超過了第四季度水平，這得益於系統和部署的持續擴展、系統從部署狀態過渡到營運狀態，以及我們付費開發電子商務微型履行解決方案的持續進展。

We also delivered another strong quarter for new deployments with 10 systems added. This included several phase one deployments for our largest customer that will do twice the work of our historical phase one deployment and possibility unlocked by the density of our next-gen storage solution.

本季我們在新部署方面也取得了強勁的成績，新增了 10 套系統。這包括為我們最大的客戶進行的幾項第一階段部署，其工作量將是我們以往第一階段部署的兩倍，並且能夠發揮我們下一代儲存解決方案的密度優勢，釋放其無限潛力。

The quarter also included a new deployment in the Northeast for GreenBox, which, as a reminder, is now branded as EXL. Strong start activity, discipline, project execution, and continued progress with our paid development program drove systems revenue growth of 27%, year over year to $590 million.

本季還包括在東北地區對 GreenBox 進行的新部署，提醒一下，它現在的品牌是 EXL。強勁的開局、嚴明的紀律、高效的專案執行以及付費開發計劃的持續進展，推動系統收入年增 27%，達到 5.9 億美元。

We now have 57 systems in deployment as three deployments transition to operational status during the quarter. Installation timelines have continued to improve relative to historical averages, reflecting ongoing process improvements across our supply chain and implementation teams. As our base of operational systems continues to expand, software revenue grew 97% year over year to $10.9 million in the fiscal first quarter. And operation services revenues grew 68% year over year to $28.8 million.

目前我們有 57 個系統正在部署中，本季將有 3 個部署專案過渡到運作狀態。與歷史平均值相比，安裝時間持續改善，這反映了我們供應鏈和實施團隊不斷改進的流程。隨著我們的營運系統基礎不斷擴大，第一財季軟體營收年增 97%，達到 1,090 萬美元。營運服務收入年增 68%，達到 2,880 萬美元。

Now turning to margins in the fiscal first quarter. Gross margin expanded both sequentially and year over year, underscoring the accelerating strength of our operating model and the leverage we are beginning to realize at scale.

現在來看第一財季的利潤率。毛利率環比和同比均有所增長，凸顯了我們營運模式的加速發展勢頭以及我們開始在規模上實現的槓桿效應。

Systems gross margin continued its trend of significant year-over-year improvement driven by structural operational enhancements, disciplined cost management, and the addition of our paid development program. Software maintenance and support delivered further year-over-year gross margin expansion benefiting from scale. We expect this trend to strengthen as our installed base of operational systems grow.

系統毛利率繼續保持同比顯著增長的趨勢，這得益於結構性運營改進、嚴格的成本管理以及付費開發計劃的增加。軟體維護和支援業務實現了毛利率的逐年增長，受益於規模效應。我們預計隨著營運系統裝機量的成長，這一趨勢將會加強。

In operation services, we generated an improved gross profit with continued process optimization. Operating expenses on a GAAP basis were $127 million in the fiscal first quarter. Adjusted operating expenses totaled $80 million, down sequentially as we maintained strong cost discipline and increasingly aligned our R&D investment with revenue-generating activity.

在營運服務方面，我們透過持續的流程優化，提高了毛利。根據美國通用會計準則 (GAAP) 計算，第一財季的營運費用為 1.27 億美元。調整後的營運費用總計 8,000 萬美元，較上季下降，因為我們維持了嚴格的成本控制，並持續將研發投資與創收活動結合。

Notably, a portion of R&D headcount shifted to supporting paid development, where that work is reflected in revenue, with the associated costs recorded in cost of revenue. This evolution underscores how our core R&D capabilities are increasingly being monetized as the business scales.

值得注意的是，部分研發人員轉移到支援付費開發，這項工作反映在收入中，相關成本則記錄在營業成本中。這一演變凸顯了隨著業務規模的擴大，我們的核心研發能力正日益實現貨幣化。

Before I discuss profitability, I want to highlight that our results this quarter reflect an accounting change in how we recognize stock-based compensation expenses. We have moved from a graded vesting approach to a straightline pro rata method, under which expenses recognized evenly over the service period, consistent with how the awards vest. This change follows the completion of the accelerated vesting associated with our becoming a publicly traded company, which required higher expense recognition in earlier periods.

在討論獲利能力之前，我想強調一下，本季的業績反映了我們在確認股票選擇權費用方面的會計變更。我們已從分級歸屬方法轉變為直線按比例方法，根據該方法，費用在服務期間內平均確認，與獎勵歸屬方式一致。這項變更是由於我們成為上市公司後加速歸屬計畫的完成，這需要在早期期間確認更高的費用。

With the final grants from the transition to a public company now fully vested, the more common straightline method more accurately matches the ongoing timing and financial impact of our stock-based awards. As a result, we recast retrospective periods in fiscal year 2024 and 2025. And those updates are reflected in the earnings tables in the press release.

隨著過渡到上市公司的最後授予的股份現已完全歸屬，更常見的直線法能夠更準確地反映我們股票獎勵的持續時間和財務影響。因此，我們重新調整了 2024 財年和 2025 財年的追溯期。這些更新都反映在新聞稿中的損益表中。

We have also posted a supplemental presentation on our Investor Relations website with the recast quarterly results to assist with model updates. As you will see from the recast results, GAAP results improved modestly due to lower stock-based compensation expense, but there is no change to any prior-period adjusted EBITDA results.

我們還在其投資者關係網站上發布了補充演示文稿，其中包含重述的季度業績，以幫助進行模型更新。從重述結果可以看出，由於股權激勵費用降低，GAAP 結果略有改善，但前期調整後的 EBITDA 結果沒有任何變化。

Our net income for the first quarter was $13 million, a significant improvement from a net loss of $17 million in the first quarter of fiscal year 2025, reflecting the continued strengthening of our financial performance. Adjusted EBITDA of $67 million was above the high end of our forecast and increased significantly from $18 million in the first quarter of fiscal year 2025. These results demonstrate the operating leverage available to us and reinforce our confidence in our ability to continue expanding our EBITDA margins and delivering sustained GAAP profitability.

我們第一季的淨收入為 1,300 萬美元，與 2025 財年第一季淨虧損 1,700 萬美元相比，有了顯著改善，這反映出我們財務表現的持續增強。調整後的 EBITDA 為 6,700 萬美元，高於我們預測的上限，並且比 2025 財年第一季的 1,800 萬美元大幅成長。這些結果證明了我們可利用的經營槓桿，並增強了我們對繼續擴大 EBITDA 利潤率和實現持續 GAAP 獲利能力的信心。

Our backlog of $22.3 billion continue to remain strong. The modest change from $22.5 billion last quarter primarily reflects revenue recognized during the quarter, largely offset by final pricing adjustments on projects started in the quarter.

我們積壓的訂單金額仍高達 223 億美元，維持強勁勢頭。與上季的 225 億美元相比，本季略有變化，主要反映了本季確認的收入，但很大程度上被本季啟動專案的最終價格調整所抵消。

We finished the quarter with cash and cash equivalents of $1.8 billion, up from $1.2 billion in the fiscal fourth quarter, driven by the timing of cash receipts tied to project milestones, the signing of new projects, and $424 million in net proceeds generated from our successful follow-on offering completed in December.

本季末，我們的現金及現金等價物為 18 億美元，高於上一財年第四季的 12 億美元，這主要得益於與專案里程碑相關的現金收入的到帳時間、新專案的簽署，以及我們在 12 月份成功完成的後續發行所產生的 4.24 億美元淨收益。

Now turning to the outlook. For the second quarter of fiscal 2026, we expect revenue between $650 million and $670 million and adjusted EBITDA between $70 million and $75 million, reflecting continued strong top-line growth and margin expansion.

現在來展望一下前景。我們預計 2026 財年第二季營收將在 6.5 億美元至 6.7 億美元之間，調整後 EBITDA 將在 7,000 萬美元至 7,500 萬美元之間，反映出營收持續強勁成長和利潤率擴張。

Looking ahead, we expect our third quarter sequential growth to be similar to what we anticipate in the second quarter with more pronounced growth in the fourth quarter.

展望未來，我們預計第三季環比成長將與第二季的預期相似，而第四季的成長將更加明顯。

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) Nicole DeBlase, Deutsche Bank.

（操作員指示）妮可·德布萊斯，德意志銀行。

Could we just start -- I think, a few times, Izzy in the script and Rick kind of commented on this too. You talked about how the paid development impact to revenue and maybe EBITDA was a bit stronger than you expected and a factor in the 1Q beat. Can you just maybe elaborate on the impact a bit and how that kind of moves throughout the rest of the year if the impact grows?

我們能不能直接開始——我想，劇本里伊茲和里克都曾經幾次提到過這一點。您提到付費開發對營收和 EBITDA 的影響可能比您預期的要強一些，這也是第一季業績超出預期的因素。您能否詳細說明一下這種影響，以及如果這種影響持續擴大，將在今年剩餘的時間裡如何發展？

Here's how I would explain it. If you recall in the last quarter, we talked about that representing about high single digits of our total revenue. It's not all that significant of a change, but we've now reached, call it, double digits.

我的解釋是這樣的。如果你還記得上個季度的情況，我們當時說過，這大約占我們總收入的個位數百分比。雖然變化不算太大，但我們現在已經達到了兩位數。

The way we would think about it going forward, we want to maintain our flexibility in how we deploy our resources. So albeit, yes, reached double digits in the first quarter. It's probably not going to be at that level in the second based on what we're already seeing and how we were deploying. So it will be lumpy, but I did want to call out that it was higher than the fourth quarter.

展望未來，我們希望在資源部署方面保持靈活性。所以，雖然第一季確實達到了兩位數。根據我們目前所看到的以及我們的部署方式來看，第二階段可能不會達到那個水準。所以數據會有波動，但我確實想指出，它高於第四季。

And then you also mentioned in your prepared remarks that you guys have continued to improve deployment time. Can we just get an update on what that timeline looks like today? Thank you.

然後，您在事先準備好的發言稿中也提到，你們一直在不斷改進部署時間。可否告知一下目前的具體時間表？謝謝。

Sure. I would say, as you take, call it, from -- when we announced the deployment to the end, we're still staying within that two-year period. I think what's important to note is we're focusing on how we shrink the time from installation to, call it, acceptance, to moving it to operational. We have seen improvements in that, most recently in our averages. We're now probably on that side of it going to 10 months. And that's what we want to continually improve.

當然。我想說，正如你所說，從我們宣布部署到結束，我們仍然堅持兩年的期限。我認為需要注意的是，我們正在專注於如何縮短從安裝到驗收，再到投入營運的時間。我們已經看到這方面有所改善，最近我們的平均值有所提高。現在我們可能已經接近10個月了。而這正是我們希望不斷改進的地方。

But overall, I would still say two years from the day we announced a deployment is a good proxy as we continue to improve on that end.

但總的來說，我仍然認為從我們宣布部署之日起兩年是一個不錯的參考指標，因為我們將繼續在這方面改進。

Joe Giordano, TD Cowen.

喬喬丹諾，TD Cowen。

On the R&D spend, I hear that some of it was moved into COGS, like based on where these people or what they're working on. But is the level here? Like is this like the run rate that we should be thinking of? And how much should we think of like implications on systems gross margins as that cost is flowing in there?

關於研發支出，我聽說其中一部分已經轉移到銷售成本中，這取決於這些人在哪裡工作或他們正在做什麼。但這裡的水準如何？這是否就是我們應該考慮的運行率？我們該如何看待這些成本對系統毛利率的影響？

Here's how I would think about it. You did see, call it, a decline in the first quarter in total R&D compared to the fourth quarter. And as I mentioned, because we had a little bit more going into that paid development.

我是這樣考慮的。與第四季相比，第一季研發總投入確實出現了下降。正如我之前提到的，因為我們在付費開發方面投入了更多資金。

To answer your question, it's no different than how I just answered the paid development. It's not going to be a straight line. It will be a bit lumpy. So the expectation would be how we're allocating our resources in the second quarter, if there'll be less on the top, we're keeping the same resources that will be focusing on other priorities.

回答你的問題，這和我剛剛回答付費開發的問題沒什麼兩樣。這不會是一條直線。表面會有點凹凸不平。因此，我們預計第二季將如何分配資源，如果預算減少，我們將保留現有資源，並將這些資源用於其他優先事項。

So what I can tell you is in the second quarter, I would expect a higher number in R&D in our OpEx expense versus what you're seeing. So I wouldn't take the first quarter exit trend and model that completely out and more look at it as our annual spend in R&D should stay about relatively the same.

因此，我可以告訴你們的是，在第二季度，我預計我們的研發支出在營運支出中的佔比會比你們目前看到的要高。因此，我不會完全忽略第一季的退出趨勢，也不會將其完全納入模型，而是應該將其視為我們年度研發支出應該保持相對不變。

The same as what it was prior, like the same assumptions that you had prior?

和之前一樣嗎？就像你之前做出的假設一樣？

Exactly.

確切地。

And then on the 10 starts in the quarter, how should we think of the makeup of those like traditional systems like you would have for your large customer versus BreakPacks versus micro fulfillment stuff. So how should we think about the -- as we think of like almost the size per start?

那麼，對於本季的 10 個啟動項，我們應該如何考慮它們的組成，例如像您為大客戶提供的傳統系統，與 BreakPacks 和微型履行方式。那麼我們應該如何看待——就像我們認為幾乎每次啟動的大小一樣？

Okay. So I'll start backwards. There are no micro fulfillment in the 10 deployments that we mentioned. We don't give specifics as to what that represents. As I said, one is for EXL. And the remainder, it's a mix between different types. You can't treat every deployment the same. So it's a bit of a mix.

好的。那我就從倒敘開始吧。在我們提到的 10 個部署中，沒有微型交付。我們不具體說明這代表什麼。正如我所說，其中一個是給 EXL 的。其餘部分則是不同類型的混合體。不能以同樣的方式對待每一次部署。所以情況有點複雜。

But I think the highlight, though, is as we transition to the next-gen structure, you'll know that the -- now you could fit more because of the density of that next-gen structure. So the call it, the size, you kind of get a two for one. And there's a little bit of that in the 10 deployments that we have in the quarter, similar to what we had last quarter, but I'm not going to give specifics between the types of deployments.

但我認為最精彩的部分是，隨著我們過渡到下一代結構，你會發現——由於下一代結構的密度，現在你可以容納更多東西。所以，從尺寸上來說，你相當於買一送一。本季我們進行了 10 次部署，其中也包含一些這種情況，與上個季度類似，但我不會具體說明不同類型的部署之間的差異。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Congratulations on the good results. I was hoping to start with the shipment trajectory. On the last earnings call, Izzy, you talked about a more muted first half based on your expectation for the deployment timing with the new storage structure and then an acceleration in 2H. You actually started in systems in the first quarter, which was more than I was expecting.

恭喜取得好成績。我原本希望從貨物運輸軌跡入手。伊茲，在上次財報電話會議上，你提到由於你對新儲存結構的部署時間有所預期，上半年業績將較為平淡，下半年則會加速成長。實際上，你在第一季就開始負責系統方面的工作，這比我預期的要好得多。

And you talked about 3Q being similar growth to that pick up in 4Q. So it seems like maybe there's been some movements in how you're seeing the year shape up. I was hoping you could help us better understand what's driving that.

你之前說過第三季的成長與第四季的成長類似。所以看來你對今年的發展趨勢的看法可能會有所改變。我希望你能幫助我們更好地理解造成這種情況的原因。

Hi, Mark. I remember when we talked about this, so this is really what's going on. It's really not any different. So when we talked about being a less pronounced, call it, sequential improvement in the first half of fiscal year 2026, that was on the heels of a big improvement, call it, sequential improvement quarter over quarter last year.

嗨，馬克。我記得我們之前討論過這件事，所以這就是事情的真相。其實沒什麼差別。所以，當我們談到 2026 財年上半年業績環比改善幅度較小時，這是在去年季度環比業績大幅改善之後取得的。

So if you look at where we're standing right now, we ended up at a little bit over $618 million in revenue in the fourth quarter, and we're at $630 million. So not that same sequential improvement that you saw in the tail end last year. So that's coming to fruition.

所以，如果你看看我們目前的狀況，我們第四季的營收略高於 6.18 億美元，現在已經達到 6.3 億美元。所以，並沒有出現像去年年底那樣持續好轉的情況。所以，這件事正在逐步實現。

And if you take into account what we guided to or what our outlook is in the second quarter, we end up pretty much in the same place, maybe a little bit better. And now what I would say is the second and third quarter are a little bit more aligned than what we originally saw, but it still falls within what we were talking about a couple of quarters ago and last quarter.

如果考慮到我們第二季的預期或展望，我們最終的結果與之前基本相同，甚至可能略好一些。現在我想說的是，第二季和第三季的情況比我們最初看到的要更加一致一些，但仍然符合我們幾個季度前和上個季度所討論的情況。

And my other question was on the announcement of the Fox acquisition. Maybe if you could please help us understand what the implications are from that acquisition for revenue margins in the near term and then what it might mean for your business in the longer term as you can bring that capability to your customer set?

我的另一個問題是關於福斯收購案的公告。或許您能幫我們了解一下，這次收購對近期營收利潤率的影響是什麼？以及從長遠來看，當您能將這種能力帶給您的客戶群時，這對您的業務意味著什麼？

Yeah. Can't really say what the revenue implications are right now. I think we'll develop that over time. What we liked about Fox is that a number -- they have '25 different customers. A number of those customers are not Symbotic customers today. So it gives us an opportunity to enter a new customer base.

是的。目前還無法確定對收入有何影響。我認為我們會隨著時間的推移逐步發展壯大。我們喜歡 Fox 的一點是，他們有 25 個不同的客戶。這些客戶中有很多現在已不再是Symbotic的客戶。這為我們提供了一個進入新客戶群的機會。

And what we liked about Fox is that they're essentially using a fork truck on the dock to do the same thing we do with our transfer deck in our structure. As a matter of fact, what we do in the transfer deck and the structure is we might have 100 bots in a 400 by 24 foot wide, so a 10,000 square foot area. And the dock may only have like 20 or 34 trucks. They're bigger, they're heavier, but the software that we're using and the evolution of what we're doing where they have vision and they have LiDAR and they can avoid collision.

我們喜歡 Fox 的一點是，他們基本上是用叉車在碼頭上完成我們用轉運平台完成的工作。事實上，我們在轉運平台和結構中所做的，是在一個 400 英尺 x 24 英尺寬的區域內放置 100 個機器人，即 10,000 平方英尺的區域。碼頭上可能只有二、三十輛卡車。它們體積更大，重量更重，但我們使用的軟體以及我們正在進行的技術發展，使它們擁有視覺和雷射雷達，可以避免碰撞。

We think this is a market where we could sell people dock automation separate from even warehouse automation. So we think this is a very big market. A lot of people are looking at this market. We have some very big customers who have been experimenting with Fox. So can't say exactly how it's going to go. It's very early stage. But we like the customer base, and we like the potential.

我們認為這是一個可以向人們單獨銷售裝卸貨自動化產品（甚至獨立於倉庫自動化產品）的市場。所以我們認為這是一個非常大的市場。很多人都在關注這個市場。我們有一些非常重要的客戶一直在嘗試使用 Fox。所以現在還不能確切地說事情會如何發展。現在還處於非常早期的階段。但我們看好這個客戶群，也看好它的潛力。

Piyush Avasthy, Citi.

Piyush Avasthy，花旗銀行。

One on fulfillment system, like I think you guys have mentioned the $5 billion opportunity with Walmart, but the total addressable market is more like $300-plus billion.

就履行系統而言，我想你們已經提到了沃爾瑪的 50 億美元機會，但總的潛在市場規模更像是 3000 億美元以上。

Rick, you kind of mentioned working on the second generation. Maybe talk about the timeline on when you can market this offering to incremental customers outside Walmart. And if you could refresh us on the timeline for the $5 billion opportunity with Walmart, that would be appreciated.

瑞克，你剛才好像有提到要研發第二代產品。或許可以談談何時能將這款產品推向沃爾瑪以外的更多客戶。如果您能告知我們與沃爾瑪合作的50億美元專案的進度安排，我們將不勝感激。

Yes. So we have a couple of prototypes that will be the next generation. This is what we've learned from the initial 19 installs that we bought. And Walmart asked us to improve that install. So we have two installs that will happen in the next year. Not exactly sure how -- exactly what month, but it will be within the next 12 months, maybe sooner.

是的。所以我們有幾個原型機，它們將是下一代產品。這是我們從最初購買的 19 套安裝產品中學到的經驗。沃爾瑪要求我們改進安裝。因此，我們明年將進行兩項安裝工程。還不確定具體時間——具體是哪個月，但會在未來12個月內，也許會更快。

And then that addressable market, it's a little hard for us to figure out because there's -- everybody that we've talked to with a traditional system has asked us about, we call it SymMicro is the way we call these systems. But it's not just -- these systems are not just food systems; they're not just back of store. They could actually be e-commerce for, let's say, somebody like a Medline, which is doing very specific small deliveries to, let's say, a surgical room. So I think this is -- I don't know, easier to financial people put a number to it. It's a very, very big market, and it's a worldwide market.

至於潛在市場，我們很難確定，因為——我們接觸過的所有使用傳統系統的人都問過我們，我們稱之為SymMicro，這是我們對這些系統的稱呼。但這不僅僅是——這些系統不僅僅是食品系統；它們不僅僅是商店後廚系統。它們實際上可能是電子商務平台，例如像 Medline 這樣的公司，專門向手術室等特定地點進行小批量配送。所以我覺得──我不知道，對金融人士來說，用數字來衡量它比較容易。這是一個非常非常大的市場，而且是一個全球性市場。

And these systems are smaller, so people are more interested -- and they're cheaper. So people are more interested in saying, yes, I could experiment with one of those versus going into a warehouse and saying, I'm 100% committed on a $50 million or $70 million system. So not sure I'm exactly answering your question, but this is -- we are -- every customer we talk to about a warehouse now talks to us about SymMicro.

而且這些系統體積更小，所以人們更感興趣——而且它們也更便宜。所以人們更願意說，是的，我可以嘗試其中之一，而不是走進倉庫說，我 100% 投入 5000 萬美元或 7000 萬美元購買一套系統。我不確定我是否完全回答了您的問題，但這就是——我們——現在我們遇到的每一個關於倉庫的客戶都會向我們推薦 SymMicro。

Very helpful. Go ahead.

很有幫助。前進。

I was going to say on the backlog, the way to think about it is exactly how Rick mentioned that within this calendar year, maybe sooner, we'll get past those prototypes, then that backlog would be triggered after that. And also, just as a reminder, that backlog only represents 400 stores. So as we continue to do more, obviously. As you can tell, as you asked your question, the backlog is really small compared to the addressable market.

我本來想說的是，關於待辦事項，可以像 Rick 提到的那樣想，在今年內，甚至可能更早，我們會完成那些原型，然後待辦事項就會在那之後被觸發。另外，提醒一下，積壓訂單僅代表 400 家門市。所以，隨著我們繼續加大投入，這顯然是必然的。正如你所問的問題所示，與潛在市場相比，積壓訂單確實很少。

And can you also update us on the interest trends for green box? I think you guys have a site coming live. So if you can update on any timeline for this site and other sites. And how close are you to convert potential customers? Like any incremental color would be helpful.

您能否也向我們介紹綠色盒子的相關關注趨勢？我覺得你們的網站快要上線了。所以，如果您能提供本網站及其他網站的任何時間線更新信息，那就太好了。你距離轉換潛在客戶還有多遠？任何增量顏色都會有所幫助。

Yes. I mean, my answer is we're close. We have a couple of customers that were actually beginning to talk contracts with. But the site is still not ready to go live. So it will be in the next 9 months -- 9 to 10 months before we're really ready to start shipping customers. Maybe sooner, but that's what we would expect.

是的。我的意思是，我的答案是我們已經很接近了。我們有幾位客戶已經開始和我們洽談合約了。但該網站仍未準備好上線。所以，還需要 9 個月到 10 個月的時間，我們才能真正準備好開始向客戶出貨。或許會更快，但這也在意料之中。

It's going to take time to get contracts done, customers signed. But a lot of interest now because people can now go visit the sites. We're starting to give tours. And so it's real to people now versus just a concept.

簽訂合約、與客戶簽約都需要時間。但現在人們對此很感興趣，因為現在可以去參觀這些景點了。我們開始提供參觀導覽服務了。所以現在對人們來說，它不再只是一個概念，而是真實存在的。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

As you move into multiple form factors here with the bots and start working through different generations of these bonds, can you talk a little bit about the potential for designing modular components and things that are common across these form factors to help optimize some of the cost structure?

隨著機器人產品發展到多種外形尺寸，並開始研發不同世代的產品，您能否談談設計模組化組件以及這些外形尺寸通用的組件的潛力，以幫助優化成本結構？

Yeah. So that's exactly what we're planning on doing. So today, we have the original SymBot. But we also have a new bot, which we haven't really talked about, we call it a stretch bot. So the SymBot can handle a 24-inch box, a stretch bot (inaudible) a 36-inch box. And that's that -- so it's kind of like a minivan and then a suburban. So bigger capacities and different customer bases.

是的。所以，這正是我們計劃要做的事。所以今天，我們有了最初的SymBot。但我們還有一個新的機器人，我們還沒有真正談論過它，我們稱之為伸縮機器人。所以 SymBot 可以搬運 24 吋的箱子，伸縮機器人（聽不清楚）可以搬運 36 吋的箱子。就是這樣——它有點像小型貨車，又有點像郊區車。因此，產能更大，客戶群也不同。

And then we also have our break pack system, which we have a second-generation prototype in Brooksville, that site. And then we're starting to roll those out to many more sites. That is a second generation, what we call a mini bot.

此外，我們還有我們的拆包系統，我們在布魯克斯維爾的那個地方有一個第二代原型。然後，我們將開始把這些功能推廣到更多網站。這是第二代產品，我們稱之為迷你機器人。

And then we have a third generation which will become the dock handling -- I mean, a fork truck for us is just another bot. And so what we're using is it's really years and years of developing figuring out the technology, but these bots now have -- we'll continue to upgrade the chips, so we have more processing power. But the bots now have eight cameras, and the bots will also have LiDAR on them, which is the newest thing we're installing.

然後我們還有第三代產品，它將成為碼頭裝卸設備——我的意思是，對我們來說，堆高機只不過是另一種機器人。因此，我們實際上是經過多年研發才掌握了這項技術，但現在這些機器人擁有——我們將繼續升級晶片，以便擁有更強大的處理能力。但現在這些機器人配備了八個攝像頭，而且這些機器人還將配備光達，這是我們最新安裝的設備。

And so that allows us to use bots for our structure, but we'll be able to use bots for any part of the warehouse. So we're expanding the warehouse capability. And that same software can control lots of different machines. So it's what we've always said, we want to create a software platform. And then we want to have -- for me, they're just different apps. The bots are just different pieces of technology.

這樣一來，我們就可以在倉庫結構中使用機器人，而且我們也可以在倉庫的任何部分使用機器人。所以我們正在擴大倉庫容量。而且同一款軟體還可以控制許多不同的機器。所以，正如我們一直以來所說，我們想要創建一個軟體平台。然後我們希望——對我來說，它們只是不同的應用程式。這些機器人只不過是不同的技術部件而已。

And then thinking about the opportunity set for you guys downstream in the logistics space. Given your entrance and kind of engagement in outside the warehouse or the distribution center in some of the shipping lines, could you talk about how quickly you might be able to potentially serve customers just on that space, if that's of interest? Or does everyone want to work with you from the warehouse all the way through the final delivery?

然後思考一下你們在下游物流領域所面臨的機會。鑑於您已進入倉庫或配送中心以外的某些航運公司，並且參與其中，如果您對此感興趣，能否談談您有可能以多快的速度僅憑這一空間就為客戶提供服務？或者，是否每個人都希望從倉庫到最終交付都與您合作？

Yeah. So we're pretty busy right now with the customers we have, but we're developing technology to both to be able to unload containers and some people are now asking us, can we load containers in different ways. And one of the things that we're doing is that we're finding that -- there's a series of customers that order a full trailer to a store.

是的。我們現在非常忙，因為我們正在為現有的客戶提供服務，但我們正在開發能夠卸載貨櫃的技術，現在有些人問我們，我們能否以不同的方式裝載貨櫃。我們正在做的一件事是，我們發現——有一系列客戶會訂購一整車貨物到商店。

There's another series of customers, example, the wine and spirit guys, which actually have route, which have very small deliveries, but they're routing. They're very important for the routing of the trailers. And for instance, foodservice might be interested in the same thing where their orders are smaller. So the ability that we have to sequence and sort and stack products, we don't think anybody else has the capability to do that in the whole world that we can do.

還有另一類客戶，例如葡萄酒和烈酒供應商，他們實際上有自己的配送路線，雖然每次配送量很小，但他們有自己的配送路線。它們對拖車的路線規劃非常重要。例如，餐飲服務業可能也對同樣的事情感興趣，只是他們的訂單量較小。因此，我們擁有對產品進行排序、分類和堆疊的能力，我們認為世界上沒有其他公司具備我們這樣的能力。

And so what we're spending a lot of time with customers is looking at different verticals. For instance, a lot of people think we're doing food. But actually, we're doing food. We're doing general merchandise. We'll be doing route drivers. We'll be doing hospitals.

因此，我們花了很多時間與客戶一起研究不同的垂直領域。例如，很多人認為我們做的是食品。但實際上，我們是在做食物。我們經營的是一般商品。我們將招聘路線司機。我們將建設醫院。

So the technology will be -- we will continue to invent machines. We will continue to look for acquisitions, and we will continue to refine the software to be able to solve the customer problems. So we look at ourselves really as a solution provider. And many of the automation people look at themselves as hardware suppliers.

所以科技的發展方向是──我們將繼續發明機器。我們將繼續尋找收購機會，並將繼續改進軟體，以解決客戶的問題。所以，我們把自己真正視為解決方案提供者。許多自動化從業者將自己視為硬體供應商。

So we sell the software. We integrate the software. We make the machine. And then we're working with customers now where we actually have to invent new machines. But we've gotten very good at that lately, and we'll continue to look at acquisitions. And we'll continue to refine the software and that brings the whole process together.

所以我們銷售軟體。我們整合了該軟體。我們製造機器。現在，我們正在與一些客戶合作，他們實際上需要我們發明新的機器。但我們最近在這方面做得越來越好，我們將繼續尋找收購機會。我們將繼續改進軟體，從而將整個流程整合在一起。

Ken Newman, KeyBanc Capital Markets.

Ken Newman，KeyBanc Capital Markets。

First, is, thanks for the color that you gave on the sequential revenue growth expectations for third quarter and fourth quarter. I think if I heard you right, you mentioned a more pronounced sequential growth in 4Q from 3Q.

首先，感謝您對第三季和第四季季比營收成長預期所做的分析。如果我沒理解錯的話，你提到第四季比第三季實現了更明顯的環比成長。

First, I'm just curious, is that truly just the timing of the deployments that were from new initiations from a year ago? Is there anything else to that that we should kind of be aware of in terms of that stronger sequential growth?

首先，我只是好奇，這真的只是指一年前新啟動的專案的部署時間嗎？關於這種更強勁的連續成長，還有其他需要我們注意的地方嗎？

It really relates to, if you recall, in the third quarter of last year, we unveiled the next gen structure, right? So if you think about how our percentage of completion revenue comes in, that really -- and as we said then, people were kind of wait -- the customers were waiting for that. So given that that started as part of the deployments in the fourth quarter, that's why what I see right now is that I would expect more revenue in the fourth quarter of this year. So that's the reason for my comments and the driver of it.

如果你還記得的話，這其實和去年第三季我們發布的下一代架構有關，對吧？所以，如果你想想我們的完成收入百分比是如何計算出來的，那真的——正如我們當時所說，人們都在等待——顧客們都在等待。鑑於這是第四季度部署的一部分，所以我現在預計今年第四季的收入將會增加。這就是我發表評論的原因和動機。

And then for the follow-up, Rick, I think we talked a little last quarter about chip availability. And I think the takeaway there was that you don't really have that much exposure to the higher inflation memory impact. But when I listen to all these new exciting developments that you've got on the new generation of bots that you're developing, it sounds like those are going to be requiring updated chipset.

接下來，里克，我想我們上個季度已經稍微討論過晶片的供應情況了。我認為，關鍵在於你不會真正受到高通膨記憶效應的影響。但是，當我聽到你們正在開發的新一代機器人的所有這些令人興奮的新進展時，聽起來這些機器人似乎需要更新的晶片組。

So maybe just talk a little bit about your ability to source those updated chips. And if you think there's a way to price for those chips in a price/cost positive way.

所以，或許可以稍微談談你們購買這些升級版晶片的能力。如果你認為有一種方法可以以成本/價格比為正的方式為這些晶片定價。

Yeah. So we'll probably upgrade to, at some point, to the next generation of NVIDIA chip or something like that. But these are not the big $25,000 chips. These chips are plenty available. I mean, we're still at -- our bots are still at a fairly -- let's say, the medium end of technology. These are not super expensive chips. We think they're readily available. We're not fighting for -- with Google and Chat GPT for those chips. So we don't expect that kind of problem and we're just -- and we'll be able to upgrade when we're ready to upgrade.

是的。所以，我們可能在某個時候會升級到下一代NVIDIA晶片或其他類似的產品。但這些並不是價值 25,000 美元的大籌碼。這些薯片隨處可見。我的意思是，我們的機器人目前仍處於——可以說，中等程度的技術階段。這些晶片價格並不算特別昂貴。我們認為它們很容易買到。我們並非在與Google和 Chat GPT 爭奪這些晶片。所以我們預計不會有這類問題，我們只是——我們會在準備升級的時候進行升級。

Right now, we can handle what we're doing with the chips that we have, but we actually think the new chips will be the new chips that we're looking at will be more powerful and either the same price or less expensive. So with what you're looking at in the battle going on with the big guys in AI, that's not the space that we're playing in. What we can do is much more moderate control on the bots. And then eventually, the bots will get smarter, but it's not -- we're not building huge data centers here.

目前，我們現有的晶片可以滿足我們的需求，但我們認為，我們正在研究的新晶片功能更強大，價格要么相同，要么更便宜。所以，就你目前看到的人工智慧領域巨頭之間的競爭而言，這並不是我們所處的領域。我們可以對機器人進行更溫和的控制。最終，機器人會變得更智能，但這不是——我們在這裡不會建造大型資料中心。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

I apologize, you may have talked about this. I joined a few minutes late. I was wondering if there's any update and given on how the Mexico site is progressing and how you might characterize the pipeline for securing additional locations there.

抱歉，您可能已經談過這件事了。我遲到了幾分鐘。我想知道墨西哥站點的進展是否有任何更新，以及您如何看待在墨西哥獲取更多站點的計劃。

Yeah. So Mexico is progressing well. The timeline I think is within the next year, next 12 months, maybe sooner. The building is built. We're getting ready to install. I spent a week down there a month ago. I think there's a lot of opportunities. It's a big country.

是的。所以墨西哥發展勢頭良好。我認為時間應該在未來一年內，未來12個月內，甚至可能更早。大樓已經建成。我們正準備安裝。一個月前我在那裡待了一週。我認為有很多機會。這是一個幅員遼闊的國家。

We're also looking at other places in Central and South America. So our customer in Mexico is very happy with us. They like what we're doing. They can justify it based on more efficient deliveries to some of the big stores, but also some of the small stores and inventory. So we think we have a -- without getting very specific, we'll do a number of sites in Mexico, far more than we thought initially.

我們還在考察中美洲和南美洲的其他地方。我們在墨西哥的客戶對我們非常滿意。他們喜歡我們正在做的事情。他們可以以此為由，證明向一些大型商店以及一些小型商店和庫存的配送效率更高。所以我們認為——雖然不能說得非常具體——我們會在墨西哥建造很多網站，遠遠超過我們最初預想的數量。

A follow-up question. Just with respect to Fox Robotics, if I heard you correctly, I think you said they had 25 customers, and I thought you said a number of not Symbotic customers. So does that mean that they're selling to a couple of your customers? And is one of them your large customer? And I assume these are pilots. Is that a fair way to think about this?

後續問題。關於 Fox Robotics，如果我沒聽錯的話，您說他們有 25 個客戶，而且您也說了一些不是 Symbotic 的客戶。那是不是代表他們正在向你們的幾個客戶銷售產品？其中一位是您的大客戶嗎？我猜這些人是飛行員。這種思考方式合理嗎？

Yeah. Mostly what they're doing is pilots. They are selling to our large customer. Every time I go into warehouse, I look at their robots and I look at how we could help them do better.

是的。他們主要從事的是飛行員的工作。他們正在向我們的大客戶銷售產品。每次我去倉庫，我都會看看他們的機器人，想想我們如何幫助他們做得更好。

But they also have -- I mean, the interesting thing with Fox is our large customer has thousands of fork trucks. But there are lots of other customers -- the CPG manufacturers, their facilities where they actually don't do as much manual selection but they still move pallets from the warehouse to the trucks, they unload goods to their warehouses.

但他們也有——我的意思是，福克斯有趣的地方在於，我們的大客戶擁有數千輛堆高機。但還有很多其他客戶——消費品製造商，他們的工廠實際上並沒有進行那麼多人工揀選，但他們仍然需要將托盤從倉庫搬到卡車上，然後將貨物卸到他們的倉庫中。

And so what I'm excited about is that we're looking for more opportunities to interact with customers. And acquisitions is a nice way to do it to introduce them as we talk to their supply chain people. And we make these robots more successful. They build credibility and trust in Symbotic as a solution provider. So yeah, some of their biggest customers are not Symbotic customers now. We hope they will be in the future.

因此，令我感到興奮的是，我們正在尋找更多與客戶互動的機會。收購是一種很好的方式，可以在與他們的供應鏈人員交談時介紹他們。我們讓這些機器人更加成功。他們為Symbotic作為解決方案提供者建立了信譽和信任。所以，他們的一些最大客戶現在不再是Symbotic的客戶了。我們希望他們將來能夠做到。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

I'm just wondering, Rick, if you look at the core offering of Symbotic how progress is being made in offerings of killed or frozen offering, which some of your competitors can do? And then I had a follow-up question.

Rick，我只是想問，如果你看看Symbotic的核心產品，在提供已宰殺或冷凍祭品方面取得了哪些進展，而你的一些競爭對手卻能做到這一點？然後我還有一個後續問題。

Yeah. We are working with several customers right now on designs for perishables. I can't tell you we have a contract yet, but the new structure has allowed us to offer to -- if a customer was building a greenfield, and it was 500,000 square feet at $500 a foot, and we're going to spend $250 million for a building. And we can do that in 60% space. So instead of 500,000 square feet, it's 300,000 square feet, and they can save $100 million on construction before they even put the system in, that that's what we're talking to people about.

是的。我們目前正在與幾位客戶合作，共同設計易腐品包裝方案。我不能告訴你我們已經簽訂了合同，但是新的結構使我們能夠提供這樣的服務——如果客戶要建造一座全新的建築，面積為 50 萬平方英尺，每平方英尺 500 美元，而我們將花費 2.5 億美元建造一座建築物。而且我們可以在 60% 的空間內做到這一點。所以，原本需要 50 萬平方英尺的面積，現在只需要 30 萬平方英尺，而且在安裝系統之前，他們就可以節省 1 億美元的建設成本，這就是我們正在和人們談論的。

And so there's -- obviously, people are concerned and tentative because of how sensitive these structures are, but our arguments are much more compelling, and we will be spending a bunch of money on R&D to build prototypes internally. And so we would expect fairly soon. I can't tell you whether it's a year or could be longer, but we would expect fairly soon to announce some perishable sites.

因此，很顯然，由於這些結構的敏感性，人們感到擔憂和猶豫，但我們的論點更有說服力，我們將投入大量資金進行研發，以在內部建立原型。因此，我們預計很快就會有結果。我無法告訴你具體是一年還是更久，但我們預計很快就會公佈一些易腐品銷售點。

But this has gone from theoretical to the new structure and the density, especially in perishables because the construction costs are so expensive, has been a real opportunity for us.

但這已經從理論發展到新的結構和密度，尤其是在易腐品方面，因為建築成本非常昂貴，這對我們來說是一個真正的機會。

And just a follow-up for Izza. I'm just wondering how much of the development revenue is still available to be recognized over the next few quarters or next year?

還有一點要跟進，給伊扎。我只是想知道，在未來幾季或明年，還有多少開發收入可以確認？

There's still quite a bit left. I'm not going to give you specific numbers, but I think the way to think about it is focus on what Rick's answer was, which was within this calendar year. we expect to have the prototype. So obviously, after the prototypes, we wouldn't have any more development going on and we'd be installing.

還剩下不少。我不會給出具體數字，但我認為應該專注於里克給出的答案，那就是我們預計在今年內就能拿到原型。很顯然，原型製作完成後，我們就不會再進行任何開發工作，而是直接進行安裝。

Yeah. One of the things I should have added is that the SymMicro systems, they will have perishables. They will have a perishable isle and they will have a frozen isle. So we're already comfortable that the bots can handle it. There's other technology we need to develop, but this is not a what if anymore. This is like this is happening.

是的。我應該補充一點，SymMicro 系統中會有易腐品。他們將會有一個生鮮食品區和一個冷凍食品區。所以我們已經確信機器人能夠處理這件事。還有其他技術需要開發，但這已經不再是假設性的問題了。事情就像這樣發生的。

Mike Latimore, Northland Capital Markets.

Mike Latimore，北地資本市場。

On the operational services gross margin, it's pretty healthy relative to the fourth quarter. Should we think about the gross margin here is remaining positive going forward?

與第四季相比，營運服務毛利率相當健康。我們是否應該考慮未來毛利率能夠維持為正？

Yes. So as we discussed it last time, we said it was a bit of an anomaly of what we saw in the fourth quarter. And given, call it, what we should be expecting is that it should be continuing to improve. I think that improvement occurred a little bit more, call it, sooner than what we expected. But I think where we're at right now is a good exit trend for what you should see in the coming quarters.

是的。正如我們上次討論的那樣，我們說過，這是我們在第四季度看到的一些反常現象。而且，我們應該期待它繼續改進。我認為這種改善發生得比我們預期的要快一些。但我認為，我們目前所處的位置是一個良好的退出趨勢，預示著未來幾季將會出現更好的發展趨勢。

And then on the kind of sequential growth forecast for the year, does that kind of imply that new starts should improve every quarter as well?

那麼，根據全年的環比成長預測，這是否意味著每季的新開工量也應該有所改善？

We don't guide to the amount of new starts. I think as you think about, we had 10 in the fourth. We have 10 in the first. I think we see that in the coming quarters as it being healthy, but there's a potential for it to drop off at the tail end of the year.

我們不關注新開工的數量。我想，你想想，我們在第四節得了10分。第一名有10名。我認為在接下來的幾個季度裡，這種情況會比較健康，但有可能在年底出現下滑。

So I would say I wouldn't take that as a trend. But at least something that we could count on in the, call it, this quarter and next quarter.

所以我覺得這不應該算是一種趨勢。但至少在，我們能指望在本季和下個季度有所收穫。

Derek Soderberg, Cantor Fitzgerald.

德里克·索德伯格，康托·菲茨杰拉德。

Rick, in the prepared remarks, you mentioned broadening within e-commerce. You're now working on in-store automation for buy online, pick up in store. Do any of your customers want to leverage your technology for the direct-to-consumer distribution centers? And is that even an area that you guys would want to play in?

里克，你在準備好的發言稿中提到了擴大電子商務領域。您現在正在開發線上購​​買、線下取貨的店內自動化流程。您的客戶中是否有人希望利用您的技術來建立直接面向消費者的配送中心？那真的是你們想涉足的領域嗎？

Yeah. The answer is yes.

是的。答案是肯定的。

And then as my follow-up, Rick, with the forklift automation seems like the case handling aspect of your distribution centers are pretty much fully automated. On the BreakPack side, what's sort of left to automate there? What's potentially possible to automate over the next coming quarters? And maybe if you could just talk about how that technology has sort of evolved to the point where you're now rolling out that pilot to multiple facilities. Thanks.

然後，瑞克，我的後續問題是，關於堆高機自動化，你們配送中心的貨物處理環節似乎已經完全自動化了。在 BreakPack 這邊，還有哪些部分可以自動化呢？未來幾季有哪些環節有可能自動化？或許您可以談談這項技術是如何發展到現在，並開始在多個機構進行試點推廣的階段。謝謝。

Yeah. So we started out with a prototype mini bot we call it. And now it's our fully designed our own SymBot. The new bots have LIDAR on them. They can handle more units per trip. They're faster. They're safer.

是的。所以我們最初製作了一個我們稱之為「迷你機器人」的原型。現在，它已經是我們完全自主設計的SymBot了。新型機器人配備了光達。它們每次運輸可以處理更多貨物。它們速度更快。它們更安全。

So that allows us to do BreakPack, which is basically cutting open up a case and putting something on a mini bot and then we put it into a tote. That process has applications. So the logical thing where you might see that is in Walmart Supercenter. Every supercenter has a huge drugstore in it. So those kind of smaller applications within a stall, within a store basically, they carry 30,000 items, let's say, in a drugstore, but they only have one facing, not a whole case.

這樣一來，我們就可以進行 BreakPack 了，它基本上就是把箱子切開，把東西放在迷你機器人上，然後把它放進手提袋裡。這種方法有其應用前景。所以，最有可能看到這種情況的地方就是沃爾瑪超市。每個大型超市都有一家大型藥局。所以，這類規模較小的應用，例如在商店裡的攤位上，他們銷售 30,000 種商品，例如在藥局裡，但他們只擺放一個貨架，而不是整個櫃檯。

So those applications actually -- there's a lot of applications. There's convenience stores have applications. There's the auto part stores have applications where they have a lot of items, but they only want one or two of each one of those. So that would be direct to store, but we can also see that kind of application where people want to use our technology to sort.

所以這些應用實際上有很多。便利商店也有應用程式。汽車配件商店的申請表上有很多商品，但他們每種商品只需要一到兩個。所以這可以直接銷往商店，但我們也可以看到人們希望使用我們的技術進行分類的應用場景。

And so somebody like a Medline is really interested in could we deliver 20 different items, not cases, 20 different items in a tote to a surgical delivery room. And nobody else in the world can do that. Nobody else can say, well, if you want a case, we'll deliver a case. If you want an each, we'll deliver in each in a systematic way. There are other people that deal with eaches, but nobody can do it with the level of sophistication or the speed with which we can do it.

因此，像 Medline 這樣的公司非常感興趣的是，我們能否將 20 種不同的物品（不是箱子，而是 20 種不同的物品）裝在一個手提袋裡送到手術室。世界上沒有人能做到這一點。其他人不能說，好吧，如果你想要一個箱子，我們就給你一個箱子。如果您需要每件商品，我們將以系統化的方式每件交付。雖然也有其他人處理這類事情，但沒有人能像我們一樣做得如此精細、如此迅速。

So those are, what I would call, again, software apps combined with hardware. So that's a particular problem that we're solving. Just happens to be a lot of customers have that problem.

所以，這些，我再次稱之為，軟體應用與硬體的結合。所以，這是我們正在解決的一個具體問題。碰巧很多顧客都遇到了這個問題。

And then the third thing, as we -- and so what happens in our system, for those of you who have been to a site is you know that the bots mostly run on rails and then on the transfer deck, they're kind of free floating. In the BreakPack, they're much more free floating. And so that takes a lot of software to stop them from crashing into each other at high speed with LiDAR. That same technology is what got us excited about using fork trucks on a dock, which is the most congested and dangerous part of a warehouse and being able to do that.

第三點，正如我們——對於去過我們網站的人來說，你們知道，我們的系統中的機器人大多在軌道上運行，而在轉運平台上，它們則處於自由漂浮狀態。在 BreakPack 中，它們的自由度要高得多。因此，需要大量的軟體來利用光達防止它們高速相撞。正是這項技術讓我們對在碼頭上使用堆高機感到興奮，碼頭是倉庫中最擁擠、最危險的地方，而我們卻能做到這一點。

And so what it allows us to do is when we finish when we finish an order for a customer, and an order could be a pallet, 20 pallets going on a truck, or it could be one. We can now take a fork truck and sequence that onto the truck. And that is typically done by humans. And this is a very good way because we now control the whole system. We know exactly when the pallet is going to be done. We know exactly where it goes on the truck. And so that actually makes a whole new part of the warehouse open to our automation. And that's what we're going to continue to march down that journey.

因此，它允許我們這樣做：當我們完成客戶的訂單時，一個訂單可能是一個托盤，20 個托盤要裝上一輛卡車，也可能只有一個托盤。現在我們可以用堆高機把這些東西依序裝到卡車上。而這通常是由人完成的。這是一個非常好的方法，因為我們現在可以控制整個系統。我們確切地知道托盤什麼時候會裝好。我們非常清楚它在卡車上的放置位置。因此，這實際上為我們的自動化開放了倉庫的全新部分。這就是我們將繼續沿著這條道路前進的方向。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格-哈勒姆。

I wanted to just go back to the systems gross margin for a second and just make sure I understand it right. So there was sort of a real allocation of costs from R&D to cost of goods sold that impacted the systems gross margin. Can you quantify exactly how much that was? And I guess, kind of where I'm going with this or what I'm getting at was systems gross margin step down sequentially. So without this sort of reallocation, if you want to call it that, would systems gross margin been up sequentially from Q4.

我想再回顧一下系統毛利率，確保我理解正確。因此，研發成本與銷售成本之間存在著實際的分配關係，影響了系統的毛利率。能具體量化一下那是多少嗎？我想表達的意思，或者說我想說的是，系統毛利率逐級下降。因此，如果沒有這種重新分配（如果可以這麼稱呼的話），系統毛利率是否會比第四季較上季成長？

Yeah. Great question, Greg. Thank you. Here's how I would think about it is, like I said, the relative proportion of how much was paid development didn't grow significantly. Like I said last time, it was high single digits. Now it hit double digits.

是的。問得好，格雷格。謝謝。我的想法是這樣的，就像我之前說的，付費開發所佔的相對比例並沒有顯著成長。就像我上次說的那樣，當時的降幅只有個位數。現在已經達到兩位數了。

I think how to think about it is and how we measure success by the team, as you may know, we have pass-through expenses, and those pass-throughs come in on the top line and the bottom line. They were just a little tad bit higher than what they were in the fourth quarter. And so how I measure or how we measure, call it, systems gross margin quarter over quarter, we actually did have a slight sequential improvement. But overall, what I would focus on is, at times, those things will be lumpy, and I would focus on the bottom-line gross margin where you see that significant improvement from the fourth quarter.

我認為我們應該這樣思考，以及我們如何衡量團隊的成功。正如您可能知道的，我們有轉嫁費用，這些轉嫁費用會影響到收入和利潤。比第四節的數值略高一些。因此，就我或我們衡量的方式而言，我們稱之為系統毛利率環比增長，實際上我們確實略有環比改善。但總的來說，我會關注的是，有時這些事情會比較波動，我會關注最終的毛利率，你會看到它從第四季度開始有了顯著改善。

And then I just wanted to follow up on the Fox acquisition. I thought that was pretty interesting as well.

然後，我只是想跟進一下福斯收購案的情況。我也覺得很有意思。

And Rick, you talked a little bit about sort of different kind of applications or use cases. But how do you think about the portfolio expanding longer term? I mean, I'm not trying to give up any sort of secret information. But in terms of other types of technologies and applications, you talked about trailer unload, but what else might be an attractive fit or a bolt-on for Symbotic?

里克，你剛才也談到了一些不同類型的應用程式或用例。但您如何看待投資組合的長期擴張？我的意思是，我並不是想洩漏任何秘密訊息。但就其他類型的技術和應用而言，您談到了拖車卸載，那麼對於 Symbotic 來說，還有哪些技術或應用可能具有吸引力或可附加功能呢？

YeAH. So we're actually -- I mean, we've got this big war chest, and we did it very purposely. We're looking at a common -- and we're actually doing a lot of work with some people that specialize in this field. It's like how should we think about M&A? Some M&A could be a way of acquiring customers and getting much more interaction with the customers.

是的。所以實際上——我的意思是，我們擁有龐大的戰爭資金，而且這是我們特意要做的。我們正在研究一個共同點——實際上，我們正​​在與一些專門從事這一領域的人員進行大量工作。這就像我們應該如何看待併購一樣？一些併購活動可以是獲取客戶和與客戶進行更多互動的一種方式。

In the Fox acquisition, we can sell guided fork trucks to a lot more people than we can sell a Symbotic system to. I mean, we could sell two guided for trucks to Joe's Pizza warehouse. But there's people like DHL and other people that are very interested in the space that they're running tests on a lot of the big CPG companies. So what we're trying to -- so we're looking at those kind of acquisitions, and we look at Fox and say, this is a very, very large potential customer base. Smaller sales per transaction but beginning to show customers how they can think about reorienting their warehouse.

透過收購 Fox，我們可以向比向 Symbotic 系統銷售更多的人銷售導向堆高機。我的意思是，我們可以賣兩輛有導軌的卡車到喬氏披薩的倉庫。但像 DHL 和其他一些公司對這個領域非常感興趣，他們正在對許多大型消費品公司進行測試。所以我們正在努力——所以我們正在考慮這類收購，我們看著福克斯，然後說，這是一個非常非常大的潛在客戶群。雖然每筆交易的銷售額較小，但開始向客戶展示他們可以如何考慮重新調整倉庫佈局。

So we don't do a lot with pallet storage. We're kind of an unpalleted storage company. But there are still pallet storage companies. There are automated guided fork trucks. Fox is pretty much dock fork trucks, but there are other types of fork trucks. So I think we'll look at that.

所以我們很少使用托盤存放。我們是一家類似無托盤倉儲的公司。但托盤倉儲公司仍然存在。有自動導引堆高機。Fox 主要生產碼頭堆高機，但也有其他類型的堆高機。所以我想我們會考慮這個問題。

We'll look at import DCs and look at what they need there. We'll look at different types of technology.

我們將查看進口資料中心，並了解它們需要哪些東西。我們將探討不同類型的技術。

So one of the things that -- we're probably spending more money on R&D than any other automation company I'm pretty sure by a lot last year, and we'll spend even more this year. And so we're looking at beginning the process of how we can invent stuff to think about different parts of the warehouse.

所以，其中一件事是——我非常肯定，去年我們在研發上的投入比其他任何自動化公司都多得多，而且今年我們還會投入更多。因此，我們正在研究如何發明一些東西來思考倉庫的不同部分。

So we don't do a lot with clothing right now. We're interested in clothing. We're interested in fashion. We're interested in automation, auto parts. And so with that, the way I look at the business is we understand -- if we can understand the customer's problem, I don't want to go to the customer and say, here's what I got, that's what I got. You need to make your problem fit into my solution.

所以我們現在在服裝方面做得不多。我們對服裝有興趣。我們對時尚很有興趣。我們對自動化和汽車零件感興趣。因此，我對這項業務的看法是，如果我們能夠理解客戶的問題，我就不想去跟客戶說，這是我得到的，這是我得到的。你需要讓你的問題符合我的解決方案。

We may only have 75% of the customers' problem solved. And then we would say, either we can invent it or we can buy it. So we're very much interested in lots of different start-ups. A lot of those guys are struggling right now. The VC guys are cutting back on some of the start-ups, so good opportunity for us.

我們可能只解決了客戶75%的問題。然後我們會說，要嘛我們自己發明，要嘛我們買。所以我們對各種不同的新創公司都非常感興趣。他們當中很多人現在都處境艱難。創投公司正在減少對一些新創企業的投資，這對我們來說是個好機會。

But we also could look at a fairly sizable acquisition. And so the money is not burning a hole in our pocket, but we're certainly on the prowl looking for various acquisitions.

但我們也可以考慮進行一次規模相當大的收購。因此，我們並沒有把錢花得花光，但我們確實在積極尋找各種收購機會。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究公司。

So Rick, on the past year, you guys have expanded your sales force. You guys added [Ben] last quarter. Can you perhaps give us an update on some of the, I guess, efforts that you have in terms of focusing on places outside of the US and perhaps success you guys are having and confidence in your ability to add customers to your backlog?

里克，過去一年裡，你們擴大了銷售團隊。你們上個季度引進了[Ben]。您能否向我們介紹一下您在拓展美國以外市場所做的努力，以及您取得的成功和您增加客戶訂單的能力方面的信心？

Yeah. So we're spending a lot of time in Europe now. We've got three or four people in Europe. They have very interesting problems because real estate is so scarce and so expensive there. And so, it's very expensive for them to either put up a greenfield.

是的。所以我們現在大部分時間都待在歐洲。我們在歐洲有三、四個人。他們面臨著非常有趣的問題，因為那裡的房地產非常稀缺且非常昂貴。因此，對他們來說，從零開始建造一片新場地成本非常高。

So we're looking at Europe. We're talking to all the usual suspects in Europe. We're new there. But we're now able to -- and we're able to sell in Europe because we have European suppliers.

所以我們現在關注的是歐洲。我們正在與歐洲所有常見的相關人士進行洽談。我們是新來的。但現在我們能夠做到這一點——而且我們能夠在歐洲銷售產品，因為我們有歐洲供應商。

We have some German suppliers. We have some Italian suppliers. We have some English suppliers. So Europe is something that we're very much focused on and probably spend, I don't know, 100 times more hours there in the last six months than we did in the prior five years. So that's of interest.

我們有一些德國供應商。我們有一些義大利供應商。我們有一些英國供應商。所以，歐洲是我們非常關注的地區，過去六個月我們花在那裡的時間可能比過去五年加起來還要多100倍。這很有意思。

I go to Europe three or four times a year now, maybe more, one, to see suppliers; and two, to actually meet with customers, potential customers. So we're still new in Europe and the Europeans. There's a lot of German companies that make stuff, but I think people are now beginning to understand how different our technology is.

我現在每年去歐洲三、四次，甚至更多，一次是為了拜訪供應商；另一次是為了與客戶、潛在客戶見面。所以，我們和歐洲人一樣，對歐洲市場來說還是新面孔。有很多德國公司生產產品，但我認為人們現在開始意識到我們的技術有多麼不同。

There's packaging issues in Europe that are different in the US. So we're working on experimenting with those. But I think Europe and Canada, Central and South America, Mexico, those are all markets for us now.

歐洲的包裝問題與美國不同。所以我們正在嘗試用這些方法來做實驗。但我認為歐洲、加拿大、中南美洲、墨西哥，這些現在都是我們的市場。

Robert Mason, Baird.

羅伯特·梅森，貝爾德。

Would you be able to provide a little color on free cash flow, how that may play out this year, particularly if you -- as you cross the line into GAAP profitability and maybe grow from here? What kind of implications that has on cash flow from a tax standpoint?

您能否簡要介紹一下自由現金流的情況，以及今年的情況可能會如何，特別是如果您——在實現 GAAP 盈利並可能在此基礎上繼續增長的話？從稅務角度來看，這會對現金流產生哪些影響？

I think if you -- the way I would think about free cash flow, if you see the amount we reported in this quarter, that is how you would think we should be landing. If you take where we landed in the fourth quarter and the third quarter of last year and you average those out, those just had some timing differences. So I think where we landed in the first quarter, that's a good starting point.

我認為，如果你——按照我對自由現金流的理解，如果你看到我們本季報告的金額，你會認為我們應該達到那個水平。如果把我們去年第四季和第三季的業績取平均值，就會發現它們只是在時間上有一些差異。所以我覺得我們第一季取得的成績是一個不錯的起點。

And obviously, as EBITDA improves, I think my guidance wasn't significantly higher than where we are this month or this quarter. That's how I would think about it rolling out. And as quarters progress, I'll give you more insights as we move along.

顯然，隨著 EBITDA 的改善，我認為我的預期並沒有比本月或本季的預期高出太多。這就是我對推廣實施的看法。隨著季度的推進，我會陸續為大家提供更多見解。

Okay. Just as a follow-up, Rick, I think in your monologue, you made note of, again, improvements in floor loading, maybe for one of your customers. Just could you elaborate on that and whether that is automation technology that you've developed? I didn't recall necessarily having seen that in your facilities, but if that's new or if that's something you're partnering on or -- what is the implication for?

好的。瑞克，我想補充一點，在你的獨白中，你再次提到了地板承重方面的改進，也許是為了你的某個客戶。您能否詳細說明一下，以及這是否是您開發的自動化技術？我並不記得在你們的設施中見過這種情況，但如果這是新的，或者這是你們正在合作的項目，或者——這會帶來什麼影響？

So we're having a number of discussions with people that like if you're a liquor distributor, you have -- you might deliver to Costco and you might deliver full pallets, but if you're going to restaurants and bars, you basically have to sequence those orders to help the driver speed up.

所以我們正在與一些人進行討論，例如如果你是酒類經銷商，你可能會向 Costco 送貨，也可能整托盤送貨，但如果你要去餐廳和酒吧，你基本上必須對這些訂單進行排序，以幫助司機加快送貨速度。

That technology is something that we're working to develop and we can pre-sequence not just -- we can pre-sequence a whole trailer. And so today, if a trailer has 2,600 cases, we might -- and there was 125 cases on a pallet, we might put 22 pallets on a truck. But we could actually sequence every one of those 2,600 cases.

我們正在努力開發這項技術，我們不僅可以預先排序，還可以預先排序整個預告片。所以今天，如果一輛拖車有 2600 箱貨物，我們可能會——如果一個托盤上有 125 箱貨物，我們可能會把 22 個托盤裝到一輛卡車上。但我們實際上可以對這 2600 個病例中的每一個進行測序。

That to a lot of people who are delivering small orders is really interesting. And that kind of sequencing is essentially what we will do for -- and we're working with people explaining how that type of sequencing is something you can actually do for e-commerce if you're going to do customer delivery or customer pickup. It may be 20 eaches, but it's sequencing totes instead of cases, but if you're a restaurant supplier or a liquor supplier or any other kind of supplier that's doing routes, including beverage suppliers, the ability to sequence that stuff is something that doesn't really exist today.

對於許多配送小訂單的人來說，這真的很有趣。而這種排序方式本質上就是我們將要做的事情——我們正在與相關人士合作，解釋如果你要進行客戶配送或客戶自提，這種排序方式實際上可以應用於電子商務。雖然每個可能只有 20 個，但它是按週轉箱而不是按箱排序的，但如果你是一家餐廳供應商、一家酒類供應商或任何其他類型的供應商（包括飲料供應商），那麼目前還沒有真正具備對這些東西進行排序的能力。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Charlie Anderson for any further remarks.

今天的問答環節到此結束。我想把發言權交還給查理·安德森，讓他再補充一些內容。

Yeah. Thanks, everybody, for joining our call tonight. We really appreciate your interest in Symbotic, and look forward to seeing some of you on the road in the coming weeks at the investor conference that we will attend. Thanks, and good night.

是的。感謝各位今晚參加我們的電話會議。我們非常感謝您對Symbotic的關注，並期待在接下來的幾周里，在我們即將參加的投資者大會上見到您中的一些人。謝謝，晚安。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。