Symbotic Inc (SYM) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Symbotic second-quarter 2026 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Symbotic 2026 年第二季財務業績電話會議。（接線員指示）請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的講者——Symbotic 投資人關係副總裁 Charlie Anderson。請開始。

Hello, and welcome to Symbotic Second Quarter of fiscal year 2026 financial results webcast. I'm Charlie Anderson, Symbotic's Vice President, Investor Relations. Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking.

各位好，歡迎收看 Symbotic 2026 會計年度第二季財務業績網路直播。我是 Charlie Anderson，Symbotic 投資人關係副總裁。我們今天就業務營運與財務表現所做的部分陳述，可能被視為前瞻性陳述。

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.

此類陳述係基於目前的預期與假設，並受多項風險與不確定性影響。實際結果可能有重大差異。請參閱我們的 Form 10-K（10-K 年報），包括其中的風險因素。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，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之間的調節表已包含於今日的財報新聞稿中，該新聞稿已發布並可透過我們的投資人關係網站 ir.symbotic.com 向大眾取得。

On today's call, we're joined by Rick Cohen, Symbotic's Founder, Chairman and Chief Executive Officer; and Izzy Martins, Symbotic's Chief Financial Officer. These executives will discuss our second quarter of fiscal year 2026 results and our outlook, followed by Q&A. With that, I'll turn it over to Rick to begin. Rick?

今天的電話會議，我們邀請到 Symbotic 創辦人、董事長兼執行長 Rick Cohen，以及 Symbotic 財務長 Izzy Martins。兩位主管將討論我們 2026 會計年度第二季的業績與展望，隨後進行問答。接下來我把時間交給 Rick 開場。Rick？

Thank you, Charlie. Good afternoon, and thank you for joining us to review our most recent results. In the second quarter, we continued to demonstrate strong execution against our objectives. We posted higher revenue growth and forecast with expanding margins, both on a sequential and year-over-year basis.

謝謝你，Charlie。各位午安，感謝大家加入我們，一同回顧最新業績。第二季我們持續展現對既定目標的強勁執行力。我們的營收成長與預測表現更佳，且利潤率擴張，無論與前一季相比或與去年同期相比皆是如此。

Once again, this led to continued GAAP profitability and a strengthening balance sheet as we exited the second quarter with over $2 billion in cash and cash equivalents and no debt. Our momentum with customers continues to build. During the second quarter, we began our first system deployment with Associated Wholesale Grocers, or AWG, the nation's largest cooperative food wholesaler to independently owned supermarkets.

這再次帶動我們持續維持 GAAP 獲利，並在第二季結束時強化資產負債表：現金及約當現金超過 20 億美元，且無負債。我們與客戶的動能持續增強。第二季期間，我們開始與 Associated Wholesale Grocers（AWG）進行首套系統部署；AWG 是全美最大的合作社型食品批發商，服務對象為獨立經營的超市。

We're excited about the potential at AWG, which operates over 9 million square feet of warehouse space and distributes to over 3,500 retail locations. To build upon this momentum, our teams met with many existing and prospective customers last month at the MODEX Trade Show in Atlanta.

我們對 AWG 的潛力感到振奮。AWG 營運超過 900 萬平方英尺的倉儲空間，並配送至超過 3,500 個零售據點。為延續這股動能，上個月我們的團隊在亞特蘭大舉辦的 MODEX 物流展與許多既有及潛在客戶會面。

A clear theme emerged with our existing customers and that they would like us to do more for them as our system performance and product portfolio have improved since we originally established these relationships. Our goal is to take our core system architecture and layer on capabilities that allow customers to automate their supply chain fully end-to-end.

從既有客戶的交流中浮現一個明確主題：隨著我們的系統效能與產品組合自最初建立合作關係以來持續提升，他們希望我們能為他們做得更多。我們的目標是以核心系統架構為基礎，疊加各項能力，讓客戶能將供應鏈從端到端全面自動化。

The analogy I often use that it's like an operating system and we add apps. Examples of this include our expansion into e-commerce and dock management. Having this total solution is also driving strong interest from prospective customers. These customers span new geographies and new verticals such as consumer packaged goods, food service and apparel in addition to our existing verticals such as grocery, general merchandise, beverage and healthcare.

我常用的比喻是：它就像一個作業系統，而我們在上面新增各種 App。例子包括我們擴展至電商以及碼頭（裝卸月台）管理。這樣的整體解決方案也正驅動潛在客戶的強烈興趣。這些客戶涵蓋新的地理區域與新的垂直領域，例如消費性包裝商品、餐飲服務與服飾，此外也包括我們既有的垂直領域，如雜貨、一般商品、飲料與醫療保健。

Within several of these verticals, a capability that is drawing strong interest is our systems' ability to sequence goods for route optimization. On the technology front, we continue to make progress on our SyMicro product for e-commerce order fulfillment and remained on track to install our first prototypes this calendar year.

在其中數個垂直領域，一項引發高度興趣的能力是：我們的系統可為路線最佳化進行貨物排序（sequencing）。在技術方面，我們持續推進用於電商訂單履約的 SyMicro 產品，並仍按計畫在本曆年安裝首批原型機。

We also continue to invest in technologies meant to generate greater performance from our system, notably next-generation battery technology with Nyobolt to enhance the operability and efficiency of our bot fleet. We are also now deploying a larger version of our SymBot to handle a larger variety of SKUs or retrieve multiple cases at once.

我們也持續投資於可讓系統發揮更高效能的技術，尤其是與 Nyobolt 合作的下一代電池技術，以提升我們機器人（bot）車隊的可運作性與效率。我們也正在部署更大型版本的 SymBot，以處理更多樣的 SKU，或一次取回多箱貨品。

We believe our continued investment in new bot technologies and enhancements will be a key enabler to handle a larger amount of goods across multiple new verticals and use cases. In summary, we are focused on execution and delivering brightly 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.

我們相信，持續投資新的機器人技術與強化功能，將成為關鍵推動力，使我們能在多個新的垂直領域與使用情境中處理更大量的貨物。總結而言，我們專注於執行力，並交付讓客戶真正滿意的成果、可持續的成長，以及更高的獲利能力。如同以往，我要感謝團隊的辛勤付出，也感謝客戶與投資人持續的支持。

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

接下來我把時間交給 Izzy，由他說明我們的財務結果與展望。Izzy？

Thanks, Rick. Fiscal second quarter revenue reached $676 million, which was above the high end of our forecasted range. We again achieved GAAP profitability with $9 million in net income. Our adjusted EBITDA of $78 million was also above the top end of our forecasted range due to higher revenue and strong gross margin performance. Our revenue growth was driven by the continued expansion in the number of systems in deployment and the growth of operational systems that generate recurring revenue.

謝謝你，Rick。2026 會計年度第二季營收達 6.76 億美元，高於我們預測區間的上緣。我們再次達成 GAAP 獲利，淨利為 900 萬美元。調整後 EBITDA 為 7,800 萬美元，也高於我們預測區間的上緣，主要受惠於更高的營收與強勁的毛利率表現。營收成長來自於部署中的系統數量持續增加，以及可產生經常性收入的營運中系統持續成長。

We started 14 new system deployments in the second quarter, bringing us to a total of 70 systems in deployment at the end of the quarter. This expansion in the number of deployments drove systems revenue growth of 24% year-over-year and 8% sequentially to $634 million. We had one system go operational during the quarter, which is the Atlanta area site for XSLT. Notably, this project's install start to acceptance was accomplished in under 10 months, ahead of our historical performance for installation time lines.

第二季我們啟動了 14 套新系統部署，使得季末部署中的系統總數達到 70 套。部署數量的擴張帶動系統營收年增 24%、季增 8%，達 6.34 億美元。本季有一套系統轉為正式營運，即 XSLT 位於亞特蘭大地區的站點。值得注意的是，該專案從開始安裝到驗收完成不到 10 個月，優於我們過往的安裝時程表現。

As our base of operational systems continues to expand, software revenue grew 93% year-over-year to $13 million in the fiscal second quarter, including approximately a $1 million from a non-recurring adjustment. Excluding this adjustment, software growth remained above 75% year-over-year. Operations services revenue of $29 million was slightly down year-over-year due to a tough comparable in training revenue, but up slightly sequentially due to the increase in operational systems.

隨著營運中系統基礎持續擴大，第二季軟體營收年增 93% 至 1,300 萬美元，其中包含約 100 萬美元的一次性調整。排除該調整後，軟體營收年增仍超過 75%。營運服務營收為 2,900 萬美元，因訓練收入的比較基期較高而較去年同期略降，但因營運中系統增加而較前一季小幅上升。

Turning to margins in the fiscal second quarter. Gross margin expanded both sequentially and year-over-year due to strong project execution, cost discipline and scale benefits. Operating expenses on a GAAP basis were $144 million in the fiscal second quarter and adjusted operating expenses totaled $88 million, both up sequentially in support of our growth initiatives. Net income for the fiscal second quarter was $9 million, an improvement from a net loss of $10 million in the second quarter of fiscal year 2025, thanks to expanding margins and operating leverage.

接著談 2026 會計年度第二季的利潤率。由於專案執行良好、成本控管嚴謹以及規模效益，毛利率無論較前一季或較去年同期皆有所擴張。GAAP 口徑下的營業費用為 1.44 億美元；調整後營業費用合計為 8,800 萬美元，兩者皆因支持成長計畫而較前一季增加。第二季淨利為 900 萬美元，較 2025 會計年度第二季的淨損 1,000 萬美元改善，主要受惠於利潤率擴張與營運槓桿提升。

Adjusted EBITDA of $78 million was more than double the $35 million in the second quarter of fiscal year 2025. Our backlog of $22.7 billion continues to remain strong. The increase from $22.3 billion last quarter primarily reflects final pricing adjustments on projects started in the quarter and the addition of one system for AWG, offset by revenue recognized in the quarter. We finished the quarter with cash and cash equivalents of $2 billion, up from $1.8 billion in the fiscal first quarter, driven by $218 million of free cash flow.

調整後 EBITDA 為 7,800 萬美元，較 2025 會計年度第二季的 3,500 萬美元增加逾一倍。我們 227 億美元的在手訂單（backlog）仍維持強勁。相較上季的 223 億美元，增加主要反映本季啟動專案的最終定價調整，以及為 AWG 新增一套系統，並由本季認列的營收部分抵銷。季末我們的現金及約當現金為 20 億美元，高於第一季的 18 億美元，主要由 2.18 億美元的自由現金流所帶動。

Now turning to the outlook for the third quarter of fiscal 2026. We expect revenue between $700 million and $720 million and adjusted EBITDA between $80 million and $85 million.

接著談 2026 會計年度第三季展望。我們預期營收介於 7.00 億至 7.20 億美元之間，調整後 EBITDA 介於 8,000 萬至 8,500 萬美元之間。

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

接下來我們歡迎各位提問。接線員，請開始問答。

(Operator Instructions)

（接線員指示）

Andy Kaplowitz, Citigroup.

花旗集團（Citigroup）的 Andy Kaplowitz。

Good evening, everyone. Obviously, is up a bit sequentially, and you did mention the first deployment with AWG. Would you say this new store structure that you have is starting to pay dividends with these kinds of new customers? Maybe what's the potential that you see with AWG?

各位晚安。顯然，（某項指標）較前一季略有上升，而你也提到與 AWG 的首次部署。你會說你們新的門市結構開始在這類新客戶上帶來成效嗎？另外，你們看到 AWG 的潛在機會大概有多大？

Andy, I heard that a little bit broken up. I think what your question was, first of all, thank you for your question, is what do we see coming forward from the AWG. I think like every customer at the start is always with one system, and so the potential there is really to build one system successfully will take us a couple of years for that and then do one system at a time.

Andy，我聽到的有點斷斷續續。我想你的問題是，首先，謝謝你的提問，是我們從 AWG 往前看會看到什麼。我認為就像每一位客戶一開始通常都先從一套系統開始，因此這裡的潛力其實在於先把一套系統成功建置起來，這大概需要我們幾年的時間，然後再一次做一套系統。

The importance there is unlike a larger customer that adds to our backlog, this backlog will come at one system at a time. Like we said, it's a monumental first step and also having another new customer earlier in our fiscal year, whereas the last new customer that we announced was at the tail end of fiscal year '25. Hopefully, that answered your question.

這裡的重要性在於，不同於會一次性把大量訂單加入我們積壓訂單（backlog）的大型客戶，這個積壓訂單會以「一次一套系統」的方式逐步進來。就像我們說的，這是非常重大的第一步，而且我們在本財年較早的時點就新增了另一位新客戶；而我們上一次宣布的新客戶是在 25 財年尾聲。希望有回答到你的問題。

Yes. No, it's good. Like maybe I just -- it's great to hear about the new XSLT site coming live. Of course, I have to ask, I know you've been talking about customers visiting the site. Now that it's live, would you expect to see sort of more movement there in terms of getting these customers on board?

是的。不，這很好。也許我只是——很高興聽到新的 XSLT 站點正式上線。當然我得問一下，我知道你們一直在談客戶到現場參觀。現在既然已經上線，你們是否預期在讓這些客戶加入方面會看到更多進展？

Yes. Andy, we do expect to get more movement. We've had a lot of interest at MODEX where basically everybody goes and XSLT was there. We're starting to give tours now in the Atlanta site. We would expect pretty quickly to announce our first customers there.

是的。Andy，我們確實預期會有更多進展。我們在 MODEX 上獲得了很多興趣，基本上大家都會去，而 XSLT 也在那裡。我們現在開始在亞特蘭大站點提供導覽。我們預期很快就會宣布那裡的第一批客戶。

Awesome. Thanks, guys.

太棒了。謝謝各位。

Joe Giordiano.

Joe Giordiano。

Hey, guys. Thanks for taking my questions. The remaining performance obligation in the Q, it suggests upside over the forward 12 months versus Street revenue assumptions. I know you don't like to guide or give color more than one quarter forward, but just curious how you -- is there any update to the thought process of the ramp in the rest of the fiscal year? I think the midpoint of your guidance is like 5% sequential 2Q to 3Q. I think consensus is something like 9% from 3Q to 4Q. Just curious if there's any changes into the cadence that you see as the year goes.

嗨，各位。謝謝讓我提問。本季的剩餘履約義務（RPO）顯示，未來 12 個月相較於華爾街對營收的假設可能有上行空間。我知道你們不喜歡提供指引或對超過一季以後給太多顏色，但我想了解一下——對於本財年剩餘期間的爬坡節奏，你們的思考是否有任何更新？我記得你們指引的中位數大概是 2Q 到 3Q 季增約 5%。我想市場共識大概是 3Q 到 4Q 季增約 9%。想請教你們對於今年接下來節奏是否有任何變化。

Joe, thanks for the question. I think, as you know, we guide 1 quarter at a time. You're spot on, on what we're guiding for the third quarter. I'm not going to get ahead and talk too much about the fourth, but here's what you can expect, right? I'll say that the fourth quarter should be on a sequential and a year-over-year show that growth.

Joe，謝謝你的問題。我想你也知道，我們一次只提供一季的指引。你對我們第三季指引的理解完全正確。我不會搶先談太多第四季，但你可以預期的是：第四季無論是季比（sequential）或年比（year-over-year）都應該會呈現成長。

The other thing that I would point out, as you mentioned, the RPO in our 10-Q, you will see that disclosure of what we expect over the next 12 months. You kind of can back into what that fourth quarter is. As I said in the past, there would be maybe a little bit less of a sequential growth quarter-over-quarter.

另外我想指出的是，如你提到的，我們在 10-Q 裡的 RPO，你會看到我們對未來 12 個月的預期揭露。你其實可以由此回推出第四季大概會是什麼樣子。正如我過去說過的，季對季的成長可能會稍微少一點。

We did over exceed just slightly in the second quarter. I would stick to the guidance in the third and then give us a little bit of time, but you can back into where the RPO is in the next 12 months. We expect a strong fourth quarter with both sequential growth a little bit higher and year-over-year growth as well.

我們第二季確實略微超出預期。我會維持第三季的指引，然後再給我們一點時間；不過你可以從未來 12 個月的 RPO 去推算。我們預期第四季會很強勁，季增會更高一些，年增也會成長。

Then just as a follow-up, I noticed there's a fairly big jump in CapEx in the capitalized software in the quarter. It's up like double versus last year. Just if you can talk to that and the outlook there. Rick, you've talked about memory a bunch and input costs in the past. I know it has not been like an issue, but I mean, they continue to like skyrocket. Just curious if there's any updates there.

接著追問一下，我注意到本季資本支出（CapEx）中資本化軟體的支出跳升幅度相當大，幾乎是去年同期的兩倍。想請你談談這部分以及後續展望。Rick，你過去談過很多關於記憶體和投入成本。我知道這一直不是問題，但它們似乎持續飆升。想了解這方面是否有任何更新。

Joe, I'll take the first half on the CapEx, and then I'll leave it for Rick to answer on the memory side of things. On the CapEx front, maybe what I should have made a little bit clearer in the last quarter where we only had a $2 million spend. What I mentioned the last quarter was that there was a little bit of a delay in payment, but really that we would catch up in the second quarter. The best way to think of it is that we are going to spend on average $20 million to $25 million a quarter. We just had that delay in the first.

Joe，我先回答 CapEx 的前半段，然後記憶體相關我留給 Rick 回答。就 CapEx 而言，也許我在上一季應該講得更清楚一些，當時我們只花了 200 萬美元。我上一季提到的是付款有一些延遲，但我們會在第二季補回來。最好的理解方式是：我們平均每季會花 2,000 萬到 2,500 萬美元。我們只是第一季有那個延遲。

I think also what's more important is what are we spending it on? When we announced the next-gen structure, we also mentioned and we started in the fourth quarter that we would be investing in our suppliers for them to increase their capacity. That's where the bulk of the CapEx spend is.

我想更重要的是，我們把錢花在哪裡？當我們宣布下一代架構時也提到，而且我們從第四季開始就會投資供應商，讓他們提升產能。CapEx 支出的主要部分就在這裡。

I think your next question was about potentially whether you're referring to sort of memory shortages or things of that nature. In short, I would say we don't have any impact on memory, any memory shortages. We don't consume a ton of memory on the bot. If we have any confirmation of memory, that would be more on the back-end IT infrastructure that stores the data, and that's really an immaterial amount. Not sure if that's what you were asking about.

我想你的下一個問題可能是在問記憶體短缺或類似情況。簡單說，我會說我們沒有受到記憶體的影響，也沒有記憶體短缺。我們的機器人（bot）不會消耗大量記憶體。若有任何與記憶體相關的需求，更多是在後端 IT 基礎設施用來儲存資料，而那其實是非常不具重大性的金額。不確定你問的是不是這個。

Yeah, that covers it. Thanks, Izzy.

對，這就涵蓋了。謝謝，Izzy。

All right. Thanks, Joe.

好的。謝謝，Joe。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Yeah, thanks. Good afternoon, and thank you for the question. Maybe just starting with system completions step down to one this quarter. I think it was three last quarter. Is the expectation that the number of system completions picks up as we move into the back half? I know this isn't a metric that you necessarily guide to, but just with the step down in completions that's happening this year relative to last, it would be good to get some color around that.

是的，謝謝。下午好，也謝謝讓我提問。先從系統完工數（system completions）談起，本季降到 1 套，我記得上一季是 3 套。你們是否預期隨著進入下半年，系統完工數會回升？我知道這不是你們一定會提供指引的指標，但鑑於今年相較去年完工數下滑，想請你們提供一些相關說明。

Nicole, thank you for the question. You're right. It's not a metric we guide to, but let me give you a little bit of insight. When you see this quarter or really this year, we're really experiencing the impact from the low number of system starts about two years ago, right? Really, when you go back to '24, kind of in line, maybe just a tad under, but I think what's important is that we continue to execute well on the items within our control, which is really the installation period.

Nicole，謝謝你的問題。你說得對，這不是我們會提供指引的指標，但我可以給你一些洞見。當你看到本季或其實今年的情況，我們主要是在反映大約兩年前系統啟動（system starts）數量偏低的影響，對吧？回到 24 年，其實大致相符，可能略低一點點；但我認為重要的是，我們持續把可控的部分執行好，也就是安裝期（installation period）。

I think really the way to think about it is that, yes, we expect completes or call it, system completes to grow sequentially from here with probably Q4 being the highest for the year, but I wouldn't expect them to be significantly higher. There just may be a little bit of movement between the second and third quarter. I can say today that there's always a little bit of timing in the quarter. We're still early on into the next quarter, and we've already achieved a couple of those system completes.

我認為比較好的理解方式是：是的，我們預期從現在開始完工數——或稱系統完工——會呈現逐季增加，且第四季可能會是全年最高，但我不會預期會顯著更高。第二季與第三季之間可能會有一些移動。我今天可以說的是，每一季總會有一些時點（timing）因素。我們才剛進入下一季不久，就已經完成了其中幾套系統。

I think you highlighted in the prepared remarks that you achieved less than 10 months of deployment time on the system, which is impressive. Was there anything special about that system that allowed you to do that? Could this potentially be like a new norm moving forward?

我想你在事先準備的講稿中提到，你們在該系統上達成不到 10 個月的部署時間，這很令人印象深刻。那套系統是否有什麼特別之處讓你們能做到？這是否可能成為未來的新常態？

I will let Rick answer if there's anything specific on the Atlanta installation time line. I don't believe so. I think that for the new norm. I think we've been talking about it quite a bit, what we're in control, which is post month 12 to, say, month 24. We continue to see improvements, which is really what's also driving some of the efficiencies that you already see.

我會讓 Rick 回答亞特蘭大安裝時程是否有任何特別之處。我認為沒有。我想就「新常態」而言，我們已經談了不少，我們可控的是第 12 個月之後到例如第 24 個月這段期間。我們持續看到改善，而這也正是推動你現在已經看到的一些效率提升的原因。

I think what we've also asked for is give us a little bit more time as the mix of the next-gen storage systems really becomes larger for us to truly have a good sense of what is driving that. Today, everything we're seeing, including the one in Atlanta that we continue to shrink what I'll call the installation time period, which is the second tranche of, call it, month 13 to 24.

我認為我們也提出的要求是，隨著下一代儲存系統的組合在我們這邊占比愈來愈大，請給我們多一點時間，讓我們能真正清楚掌握是什麼在驅動這些變化。就目前我們看到的一切，包括亞特蘭大那個案子，我們持續縮短我所稱的安裝時間區間，也就是第二個分段，所謂第 13 到 24 個月。

In this particular one, you're going only month 13 to 22. So we've set the new standard, and the key is to stay there, if not be it. Rick, anything further on the Atlanta site and installation?

在這個特定案子裡，你們只做到第 13 到 22 個月。所以我們已經訂下新的標準，關鍵是要維持在那個水準，甚至做得更好。Rick，關於亞特蘭大場址與安裝，還有要補充的嗎？

No. I mean the Atlanta site was an easier site because it was a greenfield. Some of the sites have been a little more complicated early on because we've been going into existing facilities. There's 2 things that I'll say is that was partly what was responsible with Atlanta, but we've also another -- we have 2 sites now where we're installing the new structure, and that will be faster.

沒有。我的意思是，亞特蘭大場址比較容易，因為那是綠地（greenfield）。有些場址在早期會比較複雜，因為我們是進到既有設施裡。我要說兩點：其中一部分是亞特蘭大能做到的原因；另外，我們現在有兩個場址正在安裝新的結構，而那會更快。

Thank you.

謝謝。

Matt Summerville, D.A. Davidson.

Matt Summerville，D.A. Davidson。

Thanks. I was wondering if you could give any sort of update on kind of where you're at with development on frozen/perishable as well as if there's an update on the APD and how you're feeling about hitting kind of the benchmarks you need to hit to trigger that additional backlog? Then I have a follow-up.

謝謝。我想請問你們能否更新一下冷凍/生鮮（frozen/perishable）的開發進度，以及 APD 是否有更新、你們對於達成需要達成的基準（benchmarks）以觸發額外在手訂單（backlog）的信心如何？我之後還有一個追問。

In the APD, we have -- we're working to get our first two prototypes up and running in the next six months. If you were to visit us in the ITC, you could see a pretty small prototype that is actually working now. We're very excited. The hardware is pretty much done. We've got some software updates we're doing, but we feel very good about the APDs, and there's a lot of interest -- we into MODEX, a lot of interest in that particular product.

關於 APD，我們正在努力在未來六個月內讓前兩個原型機（prototype）上線運作。如果你來 ITC 參觀，你可以看到一個其實已經在運作、相當小的原型機。我們非常興奮。硬體基本上已經完成了。我們正在做一些軟體更新，但我們對 APD 很有信心，而且市場興趣很高——我們去 MODEX 時，對這個產品的興趣非常大。

The second part of your question. We've now -- as part of the APD expansion, when we took over Walmart Robotics, there were 19 sites that we had to upgrade, and we've done that. We actually now have a bot working in a freezer. We have another test series of boards that we're testing that are also working in a freezer with no showstoppers. Perishables is actually simpler, not a lot of changes.

你問題的第二部分。我們現在——作為 APD 擴張的一部分，當我們接手 Walmart Robotics 時，有 19 個場址需要升級，而我們已經完成了。實際上，我們現在已經有一台機器人在冷凍庫裡運作。我們也有另一組測試用板卡（boards）正在測試，同樣能在冷凍庫裡運作，沒有出現任何致命問題（showstoppers）。生鮮其實更簡單，不需要太多改動。

We've made some substantial upgrades in wiring harnesses and stuff like that coming from some of the car guys that we brought in to handle moisture. I would say we would expect to begin thinking about a frozen and perishable prototype sometime certainly within the next year.

我們在配線束（wiring harnesses）等方面做了相當大的升級，這些改良部分來自我們找來的一些汽車產業背景的人才，用來處理濕氣問題。我會說，我們預期會在未來一年內，開始著手思考冷凍與生鮮的原型機。

Then as a follow-up, can you maybe update us on your progress with respect to international expansion, particularly with respect to Europe and what the new buffering structure, how that ultimately could accelerate some of that opportunity for you?

那作為追問，你能否更新一下你們在國際擴張方面的進展，特別是歐洲；以及新的緩衝（buffering）結構最終如何能加速你們在那邊的一些機會？

Yes. We have our first site in Mexico. We're installing Rack, and so that's our, I guess, our first international site with Walmart. We had an early on site with Giant Tiger in Canada, but we're also looking at other applications in Canada. I guess you call that international.

可以。我們在墨西哥有第一個場址。我們正在安裝 Rack，所以我想那是我們與 Walmart 的第一個國際場址。我們早期在加拿大有 Giant Tiger 的場址，但我們也在加拿大看其他應用。我想那也算國際。

We just came back from Europe, met with a bunch of retailers there just a couple of weeks ago. We're getting a lot more notoriety because Europe is very, very interested in brownfields. Most of the automation that's been built in Europe over the last five years is mostly greenfield. It's 70 to 90-foot to 100 -- actually 110-foot high buildings, very strict permitting processes.

我們幾週前剛從歐洲回來，和那邊一批零售商見面。因為歐洲對棕地（brownfields）非常、非常有興趣，我們的知名度正在提升。過去五年在歐洲建的自動化多半是綠地（greenfield），是 70 到 90 英尺、到 100——其實是 110 英尺高的建築，許可（permitting）流程非常嚴格。

Europe is still a ways off, a lot of interest, but a lot of turmoil in Europe right now with Ukraine and the Middle East, but very good reception, and we'll continue to work on developing our first sites in Europe.

歐洲距離落地還需要一些時間，雖然興趣很高，但目前歐洲因烏克蘭與中東局勢而動盪。不過反應非常好，我們會持續推進在歐洲開發第一批場址。

Ken Newman, KeyBanc Capital Markets.

Ken Newman，KeyBanc Capital Markets。

Hey, good evening, guys. I maybe for the first question, just wanted to go back on the initiations. I know you don't really guide to it, but I'm just trying to make sure that we think about -- I think last quarter, you had mentioned maybe one of your larger customers with the advent of the new store structure, maybe transferring some of those deployments into 2-in-1s. So is it just safe to assume that the number of initiations probably steps down a significant amount starting in the third quarter? Or just any help on how to think about that numerically relative to ASPs?

嗨，晚安，各位。我第一個問題想回到啟動數（initiations）。我知道你們通常不會對此提供指引（guide），但我想確認我們該怎麼看——我記得上季你們提到，隨著新的門店結構推出，你們某個較大的客戶可能會把部分部署轉成 2-in-1。那是否可以安全地假設，從第三季開始啟動數會明顯下降？或是能否協助我們從數字上、相對於 ASP（平均售價）來理解？

Okay. As you know, we had the 14 starts in the quarter coming off of 10 starts in the first quarter. Just as for the 14, it's a mix, right? It's a mix of those next phases. Yes, there are some larger systems, but there's still also BreakPack, plus the one system for AWG.

好的。如你所知，我們本季有 14 個啟動，上一季第一季是 10 個啟動。就這 14 個而言，它是混合組合，對吧？是那些下一階段的混合。是的，確實有一些較大型系統，但也還有 BreakPack，以及 AWG 的那一套系統。

I think how I would think about it is no different than what I mentioned in the last call. I think the middle will be pretty meaty as to the number of starts, and they will trail off in the fourth quarter. Being consistent to what we said last quarter.

我認為看法上不會不同於我在上次電話會議提到的。我認為中段的啟動數會相當可觀，而在第四季會逐步減少。這與我們上季所說的一致。

Got it. That's very helpful. Then maybe, Rick, can you tell us a little bit more about the investment you made in Nyobolt? As you think about the R&D pipeline for future product releases, where do you see the opportunities for maybe some incremental investments? Where do you think you can kind of build organically versus having to go out and maybe do some modest acquisitions?

了解。這很有幫助。那接著，Rick，你能否多談談你們對 Nyobolt 的投資？當你們思考未來產品發布的研發（R&D）管線時，你看到哪些可能需要額外投資的機會？哪些你認為可以靠內生成長（organically）打造，哪些可能需要對外做一些小型併購？

Yes. Nyobolt was -- we found Nyobolt very early on, and we invested in them very early on. I think, I don't know, maybe right after their seed round. Nyobolt has a unique chemistry where -- I don't know, we're one of the larger owners of the company right now. We believe that the battery technology is very applicable.

可以。Nyobolt——我們很早就發現 Nyobolt，也很早就投資了他們。我想我不確定，可能是在他們種子輪（seed round）之後不久。Nyobolt 有一種獨特的化學體系——我不知道，我們目前可能是該公司較大的股東之一。我們相信這項電池技術非常適用。

Our bots use ultracapacitors. Nyobolt is more of an ultracapacitor battery. The energy that we can get out of a single charge is 5x as long as what we get from a charge today on a regular bot. What does that mean? It means our bots are going to be able to do longer trips, much more reliable and not be affected by brownouts and other things that are affecting sites today.

我們的機器人使用超級電容（ultracapacitors）。Nyobolt 更像是一種超級電容電池。單次充電可輸出的能量，是我們目前一般機器人一次充電的 5 倍。這代表什麼？代表我們的機器人可以跑更長的路徑、更可靠，而且不會受到目前場址中電壓驟降（brownouts）等因素影響。

Nyobolt, we're very excited about that investment, and we're using that technology in all our new bots. As an example, for investments, we have our regular SymBot, but we also have a mini bot. We'll have an APD bot, and we'll have a stretch bot. One of the things that makes us I think, special is that we can use the same software in four or five different bots.

我們對 Nyobolt 這筆投資非常興奮，並且會在所有新機器人上採用這項技術。舉例來說，在投資與產品方面，我們有一般的 SymBot，也有迷你機器人（mini bot）。我們會有 APD 機器人，也會有伸展型機器人（stretch bot）。我認為讓我們很特別的一點是，我們可以在四到五種不同的機器人上使用同一套軟體。

We're going to continue to invest in new robots and the 9-volt battery allows us much more flexibility for either longer trips or bigger bots because it just provides more power in the same space. In terms of other acquisitions, so we just acquired Fox and Fox is going to be a very interesting acquisition.

我們會持續投資新機器人，而 9 伏特電池讓我們有更大的彈性：不論是更長的行程或更大的機器人，因為它能在相同空間提供更大的功率。至於其他併購，我們剛收購了 Fox，而 Fox 會是一筆非常有意思的收購。

They're using the same LiDAR that we're using on our bots, so we actually can buy these LiDAR considerably cheaper than they can. We have a lot more experience. Today, our bots are traveling 1 million miles a day. We may have the largest autonomous fleet traveling today in the world.

他們使用的 LiDAR 與我們機器人使用的是同一種，所以我們實際上能以比他們便宜得多的價格採購這些 LiDAR。我們也有更多經驗。今天，我們的機器人每天行駛 100 萬英里。我們可能擁有目前全球規模最大的自動駕駛（autonomous）車隊在運行。

I'm not sure. But we're traveling a lot of autonomous miles. The bots are all being retrofitted with LiDAR. They're all being retrofitted with a 9-volt battery. I think we're distancing ourselves between whatever the competition is and where the future goes. Then there's two other acquisitions that we're looking at as part of our trip to Europe.

我不太確定。但我們正在行駛大量的自動駕駛里程。這些機器人都在加裝 LiDAR。它們也都在加裝一顆 9 伏特電池。我認為我們正在拉開與不論競爭對手是什麼、以及未來走向之間的距離。接著，作為我們歐洲之行的一部分，我們還在評估另外兩項收購案。

I can't really announce those, but there's -- what's happening is in our space is that as we become a clear winner and a sustainable business, there's a lot of start-ups that are approaching us now about can you help us expand, maybe take an ownership stake or maybe just buy us. A lot of incomings, and we're very excited about that technology.

我目前還不能真正宣布那些，但——我們這個領域正在發生的事情是，隨著我們成為明確的贏家並且是一門可持續的生意，現在有很多新創公司主動找上門來，問我們能不能協助他們擴張、也許我們入股，或甚至直接收購他們。很多主動接洽，我們對那項技術非常興奮。

Very good, dear. Thanks.

非常好，親愛的。謝謝。

Mark Delaney, Goldman Sachs.

高盛的 Mark Delaney。

Yes, good afternoon. Thanks very much for taking the question. I was hoping the company could give an update on BreakPack. I think, Izzy, you said one of the system starts this quarter was BreakPack. Can you share more on how that product has been doing in the field and your outlook for additional deployments of BreakPack from here?

是的，下午好。非常感謝讓我提問。我想請公司更新一下 BreakPack。我記得 Izzy，你說本季其中一個系統啟動是 BreakPack。你能否多分享一些這個產品在現場的表現，以及從現在起 BreakPack 後續部署的展望？

Yes, I'll take that one. We did the original BreakPack system in Brooksville, some of you have seen it. There's now right next to that is the new upgraded BreakPack. These are newly designed bots. These bots have -- will have Nyobolt batteries. They will have LiDAR. They're much faster. They can do twice as much work in the same amount of time as the old bots. Walmart has given us orders for 40 of these in every site.

好的，這題我來回答。我們最初的 BreakPack 系統是在 Brooksville，你們有些人看過。現在在那旁邊就是新的升級版 BreakPack。這些是全新設計的機器人。這些機器人將配備 Nyobolt 電池，也會配備 LiDAR。它們速度快很多。在相同時間內，它們能完成的工作量是舊機器人的兩倍。Walmart 已經在每個站點都下單 40 台。

There's a lot of interest in terms of BreakPack is an application that allows us to do smaller versions of these systems. For instance, convenience stores, where they're doing itches. Also the BreakPack is an interim step between a big system and an e-commerce system. BreakPack is very exciting. We're on track.

大家對 BreakPack 很有興趣，因為 BreakPack 是一種應用，讓我們可以做這類系統的較小版本。比如說便利商店，他們在做單件（eaches）。此外，BreakPack 也是大型系統與電商系統之間的一個過渡步驟。BreakPack 非常令人振奮。我們進度如期。

It's going well, no showstoppers. Software is in place, allows us to actually sequence, which is interesting for route drivers, sequence itches and packages, and so for gig drivers who are doing multiple deliveries, BreakPack is a very interesting application.

進展很順利，沒有任何卡關。軟體已就位，讓我們實際上可以做排序（sequence），這對路線司機很有意思——可以把單件與包裹做排序；因此對於要做多點配送的零工（gig）司機而言，BreakPack 是一個非常有趣的應用。

That's helpful. Thanks, Rick. My other question was on XSLT and now that you've got Atlanta complete, I was hoping to better understand the ramp from here. Maybe you could help with how many of the 14 system starts in the quarter were associated with XSLT and the trajectory going forward?

這很有幫助。謝謝，Rick。我另一個問題是關於 XSLT。現在你們已經完成亞特蘭大，我希望更了解接下來的爬坡情況。也許你可以說明一下，本季 14 個系統啟動中有多少與 XSLT 相關，以及未來的發展軌跡？

I'll take the front half of that. I would say in the 14, there are any XSLT. As we said in the past, XSLT is in the, call it, the build mode still. We are very strategic in the five locations they picked throughout the country. Now we have the first one completed, and we're in the process of doing the other four. No different than the last time and the current amount added to deployments does not include an XSLT.

我先回答前半段。我會說，在這 14 個裡面，沒有任何一個是 XSLT。正如我們過去所說，XSLT 仍然處於——可以說——建置模式。我們在他們於全國選定的五個地點上非常有策略性。現在我們已完成第一個，並正在進行另外四個。與上次一樣，目前新增的部署數量不包含 XSLT。

Jim Ricchiuti, Needham & Company.

Needham & Company 的 Jim Ricchiuti。

Thank you. I apologize if this was asked already, but you had a nice step-up in gross margins. Izzy, I'm wondering, is there anything you'd say about looking out into the -- I know you don't guide past the quarter, but how might we be thinking about gross margins over the year?

謝謝。如果這題已經有人問過我先道歉，但你們的毛利率有一個不錯的躍升。Izzy，我想問的是：對於往後展望——我知道你們不會提供超過單一季度的指引——我們應該如何看待今年的毛利率走勢？

I mean I think here's where I'd start, right? Starting with the -- what we guided to in the second -- in the third quarter. That's really what I would say a stabilization where we saw some really, really nice growth. I mean, I think first, we should just stop to think about where we were a year ago and where we're at now, definitely no small feat.

我的意思是，我會從這裡開始，對吧？先從——我們在第二——第三季所給的指引開始。那基本上就是我會說的「穩定」水準，我們看到非常、非常不錯的成長。我想首先，我們應該停下來想想一年前我們在哪裡、現在又在哪裡，這絕對不是小成就。

I think as you think of it going further, as I've mentioned, it's really about stabilizing where we're at for at least the next quarter. Then it's really about not a couple of quarters later, about what we've always said is when we really have the mix of system installations being majority next-gen storage structure, that's where we really should be unlocking a path towards longer-term systems margin.

我認為再往後看，正如我提過的，重點是至少在下一季把目前的水準穩住。接著——不是一兩季之後——重點在於我們一直說的：當系統安裝的組合中，多數是次世代儲存結構時，我們就真的應該能打開通往長期系統毛利率的路徑。

As we said in the past, we expect those to be at 30-plus. Recap, great improvement from where we were a year ago. I would say in the next quarter, a bit of stabilization and give us a little bit of time to get through that journey of having a mix of more next-gen storage systems being installed.

如同我們過去所說，我們預期那些會在 30% 以上。總結一下：相較一年前有很大的改善。我會說下一季會稍微穩定一下，並給我們一點時間走完這段旅程，讓安裝的系統組合中有更多次世代儲存系統。

Rick, I think you alluded to stretch bots. I'm wondering what can you say about the deployment of these? How do you see that ramping? Maybe walk us through locations at different customers that you could envision for this?

Rick，我想你提到了加長型機器人（stretch bots）。我想問你能分享一下它們的部署情況嗎？你怎麼看它的爬坡？也許可以帶我們走一遍，你能想像在不同客戶的哪些據點會使用它？

Most of the products that we initially designed our systems for was a product that was about 8 cubic feet, 2 feet by 2 feet by 2 feet. As we got those machines running really, really well, and we understood how to do the software for the turns, we got requests for items that were about 50% bigger. That took us about 2 years to actually develop that. Now we have hundreds of those running around right in the same sites as the smaller bots.

我們最初設計系統時，大多數產品的尺寸大約是 8 立方英尺，也就是 2 英尺乘 2 英尺乘 2 英尺。當我們把那些機器運行得非常、非常好，並且理解如何為轉彎做軟體之後，我們收到對大約大 50% 的品項的需求。那花了我們大約 2 年才真正開發出來。現在我們有數百台在運行，就在同樣的站點裡，和較小的機器人一起跑。

The customers are really excited because we've now kind of cracked the code that we could design a bot to handle pretty much anything, but the difference between we designed our bots to handle about 94%, 95% of the products. The stretch bot handles another 2% or 3%, which becomes very important to the customer. This is just a journey that we're on, but we can handle products that we could not handle 2 years ago and we couldn't sell against two years ago.

客戶非常興奮，因為我們現在算是破解了密碼：我們可以設計一種機器人，幾乎能處理任何東西。不過差別在於，我們原本設計的機器人可處理大約 94%、95% 的產品；加長型機器人再多涵蓋另外 2% 或 3%，這對客戶就變得非常重要。這是一段我們正在走的旅程，但我們現在能處理兩年前無法處理的產品，也能在兩年前無法競爭的情況下去銷售。

There's some very technical details when you make a bot a little bit longer. It's the difference between driving a little mini and a suburban. Then the next thing, of course, is driving a pickup truck or a 53-footer, and so the handling on those is where the software imagine comes about and then mixing those together, and we've cracked that code. That's where we are right now.

當你把機器人做得稍微長一點，會有一些非常技術性的細節。這就像開一台小 Mini 和開一台 Suburban 的差別。接下來當然就是開皮卡或 53 呎拖車；而這些的操控差異，就是軟體想像力發揮的地方，然後再把它們混合在一起運行——我們已經破解了那個難題。這就是我們目前的狀態。

You've had success penetrating a few different sectors. Would you be willing to share with us your expectations of when you might be in some other areas? You highlighted apparel. I think we in the past about opportunities even in the broader manufacturing sector with automotive. I'm just curious how you're thinking about some of these other areas of opportunity.

你們在幾個不同的產業領域滲透都很成功。你們願意跟我們分享一下，你們預期什麼時候可能會進入其他一些領域嗎？你們提到了服飾。我記得過去也談過在更廣泛的製造業領域、例如汽車產業的機會。我很好奇你們如何看待這些其他機會領域。

Yes. We've done so much development in the last couple of years. Medline, for instance, is actually a version of kitting. What Medline liked about us is that they want these 10 products or these let's say, five eaches to go to the ophthalmology operating room or the surgical room or the oncology area. That's a combination between a big system and a BreakPack system, but then that could also be an each picking APD system.

是的。我們在過去幾年做了非常多的開發。以 Medline 為例，它其實是一種套件組裝（kitting）的版本。Medline 喜歡我們的地方在於，他們希望這 10 種產品，或比方說每種 5 個單件，送到眼科手術室、外科手術室或腫瘤科區域。那是一種介於大型系統與 BreakPack 系統之間的組合，但它也可以是一個單件拣選（each picking）的 APD 系統。

That is also applicable to auto parts. We talk to auto parts suppliers, some of the retailers. A couple of years ago, our systems were too big and too expensive, but now we're back talking to them again with a smaller, lower cost system that actually is very catered not to them, but it actually works very well for them because what we've done is develop system that's applicable across a lot of areas.

這也適用於汽車零件。我們和汽車零件供應商、以及一些零售商都有在談。幾年前，我們的系統太大、也太昂貴，但現在我們又回頭和他們談，提供更小、成本更低的系統；這套系統其實不是為他們量身打造，但對他們非常適用，因為我們所做的是開發出一套可跨許多領域適用的系統。

We've also had a number of discussions with actually auto manufacturers because they also have kitting and parts. We're just on the journey. We're pretty busy because we're growing pretty fast. We have a lot more salespeople out there talking to a lot more people about future projects. I think we're very comfortable that we can adapt to most anything that these folks will throw at us.

我們也確實與一些汽車製造商進行了多次討論，因為他們同樣有套件組裝（kitting）和零組件的需求。我們還在這段旅程上。我們相當忙，因為我們成長得很快。我們有更多業務人員在外面，與更多人洽談未來的專案。我認為我們非常有信心能夠適應這些客戶可能丟給我們的大多數事情。

Thank you.

謝謝。

Guy Hardwick, Barclays.

Guy Hardwick，巴克萊。

Hi, good evening. I just a question on the backlog. It looks like the change in the backlog in the quarter was quite considerable. It probably implies the pricing adjustment was quite a big step up? Or are you willing to kind of reveal how much of the change was the pricing adjustment versus the AWG win?

嗨，晚安。我有一個關於訂單積壓（backlog） 的問題。看起來本季訂單積壓的變動幅度相當大。這可能意味著價格調整的幅度很大？還是你願意透露一下，這個變動中有多少來自價格調整、又有多少來自 AWG 的得標？

It's Izzy. I think I understand. Basically, here's how we think about it, no different than you've seen it in the past, right? Quarter-over-quarter, the backlog does have an increase. As you mentioned, right, the first thing that happens to the backlog is it's taken down by the amount of revenue that we generated in the quarter.

我是 Izzy。我想我理解你的意思。基本上，我們的看法和你過去看到的沒有不同，對吧？就季對季而言，訂單積壓確實會增加。如你所提到的，對吧，訂單積壓首先會因為我們在本季所認列的營收而被扣減。

As you also mentioned, we also have to do the final pricing of the system signed -- the systems that we signed in the quarter plus the AWG. As we've said in the past, the backlog has been quite conservative. Actually, coincidentally, if you look at our backlog at the end of this quarter, it's equal to the same amount that we had last year at the same time.

如你也提到的，我們也必須對本季簽署的系統——也就是我們在本季簽下的系統，加上 AWG——做最終定價。正如我們過去所說，訂單積壓一直相當保守。其實巧合的是，如果你看本季末的訂單積壓，它與去年同一時間的金額相同。

It's a little bit of the fact that our systems are configurable, the fact that we do get to align pricing to the current market conditions. As we go through all that math, this quarter, we end up with really, call it, $1 billion of incremental backlog when you take out the amount of revenue that we've recorded in the actual quarter. I hope that helps.

這有一部分是因為我們的系統是可配置的，也因為我們確實能把定價與當前市場狀況對齊。把這些數學算完之後，本季在扣除我們本季實際認列的營收後，最終得到的增量訂單積壓大約是 10 億美元。我希望這能有所幫助。

Just as a follow-up, it looks like no matter how I look at it, whether it's one-year trailing basis or two-year trailing basis that system revenue per deployment is coming down sort of double-digit percent. I know you have a lot of new system starts and there's, I think, BreakPack would be in there as well, but should I just assume that going forward, the past averages of revenue per system don't really apply anymore that I kind of should step down my assumptions for revenue per system going forward?

再追問一下，不管我怎麼看，無論是一年滾動基礎或兩年滾動基礎，每次部署的系統營收似乎都在下降，大概是兩位數百分比。我知道你們有很多新的系統啟動，而且我想 BreakPack 也包含在內，但我是否應該假設，未來每套系統的過去平均營收不太適用了，也就是我應該把未來每套系統營收的假設下修？

Yes. I would say you're spot on, on the numbers. The number does tend to vary though by quarter. Depending on what you said, the mix of systems in the installation versus the design, etc., including the mix, be it a large system versus a small system, a break pack, it's going to vary every quarter.

是的。我會說你對數字的判讀非常準。不過這個數字確實會因季度而異。取決於你所說的，安裝中的系統與設計中的系統的組合等等；也包含組合差異，例如大型系統與小型系統、BreakPack，這些都會讓每一季有所波動。

Right now, what we see or where we find ourselves is that we have a very high percentage of recently signed systems, and those signed systems haven't entered the installation phase.

目前我們看到、或我們所處的狀況是：最近簽署的系統占比非常高，而這些已簽系統尚未進入安裝階段。

The installation phase is really where it's going to be driving more of that revenue. I do see that decline. What I'm saying is it's going to vary quarter-by-quarter. I think it's also as you see where our growth trajectory is that we don't see a concern in the fact that you see that averaging coming down.

安裝階段才是真正會帶動更多營收的地方。我確實看到那個下降。我想說的是，它會季對季波動。我也認為，從你看到我們的成長軌跡來看，我們並不擔心你看到的那個平均值下滑。

Colin Rusch, Oppenheimer & Co.

Colin Rusch，Oppenheimer & Co.。

Thanks so much, guys. I'm curious about the evolution of the capabilities that you guys are thinking about as well as some of the increased integration with the supply chain. We're starting to see autonomous trucks hit the road in a little bit higher volume. I'm curious about some of the scheduling capabilities that you're thinking about and partnerships there as well as the potential to move into heavier objects or even into delivery into hospitals with robots that are integrating into a built environment already.

非常感謝，各位。我想了解你們正在思考的能力演進，以及與供應鏈更深度整合的一些方向。我們開始看到自動駕駛卡車以稍高的量開始上路。我很好奇你們在排程能力方面的構想與相關合作夥伴關係，以及是否有可能延伸到更重的物件，甚至是把機器人導入醫院等已經整合進既有建築環境的配送場景。

Given the capabilities that you guys have and visibility and opportunities, just curious with the cash balance and the selective acquisitions you've made in the past, how you'd be approaching that or whether from an acquisition or partnership perspective?

以你們目前的能力、能見度與機會來看，我也想了解在現金部位以及你們過去做過的選擇性併購之下，你們會如何切入——或者從併購或合作的角度，你們會怎麼看？

Yes. Good question. We spend a lot of time talking about this internally and externally. We want to connect the whole supply chain. We want to be able to coming from a manufacturer going on a truck, communicate to our system and a warehouse know what's going to show up in the yard, be able to schedule that into a door, have our robots, a Fox robot, unload that truck, put it away and then likewise, schedule through our system, integrated with somebody else's system probably, could be a Walmart system, could be a Manhattan system, could be our system.

是的，問得很好。我們在內部與外部都花了很多時間討論這件事。我們想把整個供應鏈串起來。我們希望能從製造商出貨、上卡車開始，就能與我們的系統溝通，讓倉庫知道堆場（yard）會進來什麼貨，能把它排程到某個碼頭門（door），讓我們的機器人——Fox 機器人——卸下那台卡車、上架存放；同樣地，也能透過我們的系統來排程，並且很可能會與別人的系統整合，可能是 Walmart 的系統、可能是 Manhattan 的系統、也可能是我們的系統。

We're very focused on leveraging the end-to-end supply chain and having -- whether it's AI, some of this will be, but just knowing where everything is in the system and setting up our robots and our software to be able to handle it is really what we're focused on. We will be acquisitive. That's all I can tell you.

我們非常專注於端到端供應鏈的槓桿化，並且——不論是否是 AI，其中一部分會是——但真正的重點是知道系統裡每樣東西的位置，並把我們的機器人與軟體設定到能夠處理這些流程。我們會進行併購。我能告訴你的就這些。

I can't tell you who, when or where, but we're in a good space. There are a lot of people with a lot of names with a lot of high valuations that are talking about physical AI. We're the ones that are actually have the information and actually moving the products. We're going to go both upstream and downstream and may look at even more software acquisitions as part of how we connect our systems.

我不能告訴你是誰、何時或在哪裡，但我們所處的位置很好。有很多人、很多知名公司、很多高估值，都在談「實體 AI」。而我們才是實際掌握資訊、也實際在搬運商品的那一方。我們會同時往上游與下游延伸，並且可能會把更多軟體併購納入考量，作為我們串接系統的一部分。

Excellent. The second question is really around data management. We're seeing an escalation in kind of data transfer and management of management expenses. I'm just curious about how you guys are thinking about that if it's even registering at this point for you from a cost perspective and something you need to manage on a go-forward basis?

很好。第二個問題是關於資料管理。我們看到資料傳輸與管理相關費用正在上升。我想了解你們怎麼看這件事——從成本角度來說，這在你們目前是否已經有感？以及未來是否需要持續管理？

How we manage -- the question is how do we manage the data management?

我們怎麼管理——你的問題是我們如何管理資料管理？

We're just seeing data transfer becoming a more meaningful expense across the physical AI supply chain and thinking about localized decisions versus coming back to centralized compute to train things.

我們只是看到在實體 AI 供應鏈中，資料傳輸正變成更顯著的費用，並且在思考是做在地化決策，還是回到集中式運算來訓練模型。

Yes, absolutely. We've been -- I'm like maniacally focused on this for three years. You just have to be in our IT center here and hear me every day. We're very focused on the data that we need. The cloud per unit is going down, but in total, it's more expensive. It's not something that's going to become a major problem for us to disrupt it because we can control the data.

是的，完全同意。我們——我可以說我在這件事上過去三年幾乎是偏執地專注。你只要來我們這裡的 IT 中心，就會每天聽到我在講。我們非常專注於我們真正需要的資料。雲端的單位成本在下降，但總體而言更貴。不過這不會變成會嚴重干擾我們的重大問題，因為我們可以控制資料。

There's some question about how long you store the data, how you process the data, what we do with the data, but we've been processing massive amounts of data for at least the last five years. We do spend a lot of time. We're out looking at all of the software packages, how to connect it.

有一些問題在於你要把資料保存多久、如何處理資料、以及我們要用資料做什麼，但我們至少在過去五年一直在處理海量資料。我們確實花很多時間。我們也在外面看各種軟體套件，以及如何把它們串接起來。

I think we're well ahead of everybody else because we've been doing this for so long, and we've been managing so much data on the physical AI side about what -- how we teach the bots to handle data locally as opposed to sending it up to the cloud and what we need to send up to the cloud. The answer to your question is we're actually very focused on managing this variation.

我認為我們領先所有人，因為我們做這件事做了很久，而且在實體 AI 這一端，我們一直在管理大量資料：包括我們如何教機器人（bots）在本地端處理資料，而不是把資料都送到雲端，以及哪些資料需要送到雲端。對你的問題的回答是：我們其實非常專注在管理這些變動。

Thanks so much.

非常感謝。

Derek Soderberg, Cantor Fitzgerald.

Derek Soderberg，Cantor Fitzgerald。

Yeah, hey, everyone. Thanks for taking the questions. Quick one on the AWG project. I'm curious if the deployment represents a standardized retrofit of the existing platform? Or will it require significant custom engineering for that customer?

是的，嗨，各位。謝謝讓我提問。關於 AWG 專案有個簡短問題。我想了解這次部署是否代表對既有平台進行標準化的改裝（retrofit）？還是會需要為該客戶做大量客製化工程？

No, there's no custom engineering. I mean, from day 1, grocery is something that we -- is kind of our bread and butter. Nothing special about this.

不，沒有任何客製化工程。我的意思是，從第一天起，雜貨就是我們——算是我們的核心業務。這沒有什麼特別的。

Then as my follow-up, my understanding is that you have a few customers that just have a single pilot line, which they've had for a handful of years now. What's the update on those retailers? When might we see a larger agreement from that list of customers still sort of in that pilot stage?

那作為後續追問，我的理解是，你們有幾個客戶目前只有一條試點產線，而且已經維持了好幾年。那些零售商的最新進展如何？在那份仍處於試點階段的客戶名單中，我們何時可能看到更大規模的協議？

Yes. I would give you the example of, as you see in the amount of logos, some still are at one system. We expect at least one or two to be increasing that, but it's not really information that we disclosed as to where we are with it. As you said, there are customers who would say one system at a time, but I would continue to expect them to sign one system at a time.

是的。我可以舉例說，正如你從標誌（logos）的數量所看到的，有些仍然只部署了一套系統。我們預期至少有一到兩家會增加部署，但我們並沒有對外披露目前進展到哪一步。正如你所說，有些客戶會一次只簽一套系統，但我仍然預期他們會一次只簽一套系統。

I think that for purposes of backlog with those logos or those customers, that's how I would think about it, but yet the potential is greater. I think there's opportunities for systems two and three in a couple of those, but it's -- sometimes we want to be discrete about our customers' business as well.

我認為，就這些標誌或這些客戶的在手訂單（backlog）而言，我會這樣看待；但潛力確實更大。我認為其中幾家有機會做到第二套、第三套系統，但——有時我們也希望對客戶的業務保持一定的低調與保密。

Perfect. Really appreciate that.

太好了。非常感謝。

Greg Palm, Craig-Hallum.

Greg Palm，Craig-Hallum。

Yeah, thanks for squeezing me in. Izzy, I'm curious, the operating leverage has been really impressive. Like if I look at the incremental margins, they've stepped up quite a bit the last two quarters relative to what we've been accustomed to. Any reason why that shouldn't be an appropriate level going forward, especially as you see the sort of the further boost on the next-gen storage structures at least on the gross margin line?

是的，謝謝讓我插隊提問。Izzy，我很好奇，你們的營運槓桿表現非常亮眼。比如我看增量利潤率（incremental margins），過去兩個季度相較於我們以往習慣看到的水準提升了不少。未來有什麼理由不應該把這視為一個合適的水準嗎？尤其是你們看到新一代儲存結構（next-gen storage structures）至少在毛利率端還會帶來進一步的提升。

I don't want to get ahead of myself too much, but I am seeing what you're seeing, right? You see not only the sequential improvement in gross margins, but even a better improvement, call it, on the EBITDA margin. Where I said stable on gross margins, I see a little bit of an uptick on the EBITDA margins.

我不想太早下結論，但我確實也看到了你看到的情況，對吧？你不僅看到毛利率的環比改善，甚至EBITDA利潤率的改善幅度更大。我之前說毛利率會保持穩定，但我看到EBITDA利潤率有一點上行。

I think it's really how we continue to exercise that discipline around the OpEx with one caveat. You've heard about all the things that Rick was talking about. So we do want to maintain that ultimate flexibility on the R&D line.

我認為關鍵在於我們如何持續在營運費用（OpEx）上保持紀律，但有一個但書：你也聽到Rick提到的那些事情。所以我們確實希望在研發（R&D）這一項上保留最終的彈性。

If we see something that we should be investing in, given our cash balance and the ability to allocate cash, we would be doing it. Outside of that, it's I see what you see, whereas we continue to expand that bottom line and very proud to be profitable and plan on being profitable going forward.

如果我們看到有值得投資的方向，考量到我們的現金餘額以及資金配置能力，我們就會去做。除此之外，我也跟你一樣看到同樣的趨勢：我們持續擴大底線表現，對能夠獲利感到非常自豪，並且計畫未來也會持續保持獲利。

Is there an incremental margin that you're managing the business to either in the near to medium term or longer term or not necessarily?

你們是否有在管理某個增量利潤率目標——不論是短中期或長期——還是不一定？

I would say not necessarily, right? It's not as easy as you would suggest. I think what we manage to is the things that we talked about is really the efficiencies on the execution side and the cost discipline. That's what we're managing to, and you see those results come through in the P&L, but not per se. I think the bigger message is we do continue to drive for that longer-term margin being in the 30-plus.

我會說不一定，對吧？事情沒有你說的那麼容易。我認為我們管理的是我們談到的那些事情：主要是執行端的效率以及成本紀律。我們就是在管理這些，你也會看到這些成果反映在損益表（P&L）上，但不一定是以某個特定增量利潤率為目標。我想更重要的訊息是，我們確實會持續推動長期利潤率達到30%以上。

Okay, thanks.

好的，謝謝。

Robert Jameson, Vertical Research Partners.

Robert Jameson，Vertical Research Partners。

Hi there, thanks for taking my questions. Just actually one really. Rick, you've made some very interesting acquisitions. You mentioned Fox Robotics that was completed last quarter, quite a compelling acquisition when you think about how that helps further automate different processes, moving the pallets from the loading base, the info system and on the other end, loading the mixed case pallets for final delivery. Of course, the opportunity to sell those products to others as well.

你好，謝謝回答我的問題。其實就一個問題。Rick，你們做了一些非常有意思的併購。你提到上季完成的Fox Robotics，從它如何協助進一步自動化不同流程來看，這是一筆相當有吸引力的收購：把棧板從裝載區移動、資訊系統，以及在另一端把混箱（mixed case）棧板裝載以進行最終配送。當然，也有機會把這些產品賣給其他客戶。

When you look ahead, what are some of the other parts that you might look to invest in to further automate other parts of either the Symbotic system itself, BreakPack or the micro fulfillment system? Should we expect like ecosystem partnerships on the MSC side like adding cobot arms to -- or picking solutions that take another human out of the loop on the back end of those systems.

往前看，你們還可能投資哪些環節，以進一步自動化Symbotic系統本身、BreakPack或微型履約（micro fulfillment）系統的其他部分？我們是否應該期待在MSC端出現像生態系合作夥伴關係，例如加入協作機器人（cobot）手臂——或是揀選解決方案，讓系統後端再少一個人力環節。

I mean I'm just trying to understand what types of technologies are interesting to you at this point that would help you accelerate some of those efforts as you move kind of towards a so-called dark warehouse with the Symbotic solution.

我想了解的是，就目前而言，哪些類型的技術對你們有吸引力，能在你們朝所謂的「黑燈倉庫」（dark warehouse）方向、以Symbotic解決方案推進時，加速其中一些努力？

Yes. You mentioned a bunch of things. I mean obviously, robotic arms are interesting to us. There's a couple of companies out there that are doing it. It's not -- it's -- so we're looking at it. There are a number of companies that are doing truck unloading. I mean we know everybody because everybody is talking to us and everybody is interested in partnering with us.

是的。你提到了很多事情。我的意思是，顯然機器人手臂對我們很有吸引力。外面有幾家公司在做這個。這不是——這——所以我們正在評估。有不少公司在做卡車卸貨。我們基本上認識所有人，因為大家都在跟我們談，而且大家都對與我們合作很有興趣。

I think , we're very focused on micro fulfillment because we think that's a huge opportunity. That would lead us to eventually look at robotic arms. We're also very focused on the -- how to say it, connecting all of the supply chain. There are very large import DCs that are just basic storage DCs. That was not interesting to us before, but it becomes more interesting as our customers want us to connect all of these DCs.

我想，我們非常聚焦在微型履約，因為我們認為那是巨大的機會。這最終會引導我們去看機器人手臂。我們也非常聚焦在——怎麼說呢——把整個供應鏈串接起來。有一些非常大型的進口配送中心（import DCs）其實只是基本的儲存型配送中心（storage DCs）。以前這對我們不太有吸引力，但隨著客戶希望我們把這些DC全部連接起來，它就變得更有吸引力。

Fox is probably the most important one because we basically build pallets and somebody has to take them to the truck, and so they sit on the dock. Managing the dock management is very important to us. That actually allows us to get customers -- introductory customers at a very low introductory price and then upsell them to, well, you could do this with the rest of our system or this part. Everybody needs pallet jacks. Having the best automated pallet jacks is something we're focused on.

Fox可能是最重要的一個，因為我們基本上會把棧板堆好，而總得有人把它們送到卡車上，所以它們會先放在碼頭。管理碼頭（dock management）對我們非常重要。這其實讓我們能以非常低的入門價格獲得客戶——入門客戶——然後再向上銷售：嗯，你可以用我們系統的其他部分來做到這個，或是這一部分。每個人都需要棧板車（pallet jacks）。擁有最好的自動化棧板車是我們正在聚焦的方向。

We will continue to look at opportunities and opportunities continue to present themselves to us. I don't think we have a specific road map right now. We really want to get the dock management working well. We want to understand the perishable world. Those are the things that we're really focused on right now.

我們會持續尋找機會，而機會也會不斷出現在我們面前。我不認為我們現在有一個非常明確的路線圖。我們真的很想把碼頭管理做好。我們也想了解生鮮（perishable）領域。這些是我們目前真正聚焦的事情。

That's great. Thank you very much for taking my question.

太好了。非常感謝你回答我的問題。

This concludes the question-and-answer session. I would now like to turn it back to Charlie Anderson for closing remarks.

問答環節到此結束。現在我想把時間交回給Charlie Anderson做結語。

Yes. Thanks, everybody, for joining our call tonight. We really appreciate your interest in Symbotic and we look forward to seeing some of you in the coming weeks on the road. Goodbye.

是的。謝謝各位今晚參加我們的電話會議。我們非常感謝大家對Symbotic的關注，也期待在接下來幾週的行程中與部分各位見面。再見。

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

感謝各位參與今天的會議。至此本次議程結束。您現在可以斷線。