威力登 (VLDR) 2022 Q3 法說會逐字稿

Welcome to the Velodyne Lidar Third Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

歡迎參加 Velodyne Lidar 2022 年第三季度財務業績電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Mr. Jordan Darrow Investor Relations. Please go ahead.

我現在想將會議轉交給 Jordan Darrow 投資者關係先生。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me on the call today are Dr. Ted Tewksbury, Velodyne's Chief Executive Officer; and Mark Weinswig, Chief Financial Officer.

謝謝你，接線員。大家下午好，感謝您加入我們。今天與我通話的是 Velodyne 的首席執行官 Ted Tewksbury 博士。和首席財務官 Mark Weinswig。

On today's call, we will discuss Velodyne's third quarter financial results and provide an outlook for the fourth quarter. Shortly after the market closed today, Velodyne issued a press release announcing its third quarter financial results. Velodyne also publish an investor presentation reflecting our recent performance. You may access these documents in the Investor Relations section of velodynelidar.com.

在今天的電話會議上，我們將討論 Velodyne 第三季度的財務業績並提供第四季度的展望。今天市場收盤後不久，Velodyne 發布了一份新聞稿，宣布了其第三季度的財務業績。 Velodyne 還發布了一份反映我們近期表現的投資者報告。您可以在 velodynelidar.com 的投資者關係部分訪問這些文件。

Today's discussion includes forward-looking statements. Please refer to our press release and SEC filings, including our most recent 10-K and 10-Q, for a discussion of factors that could cause the company's actual results to differ materially from these forward-looking statements. All forward-looking statements in this discussion are based on information available to the company as of the date hereof. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

今天的討論包括前瞻性陳述。請參閱我們的新聞稿和 SEC 文件，包括我們最近的 10-K 和 10-Q，以討論可能導致公司實際結果與這些前瞻性陳述產生重大差異的因素。本次討論中的所有前瞻性陳述均基於本公司截至本協議發布之日可獲得的信息。公司不承擔更新或修改任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因，除非法律要求。

Please also note our results and projections discussed in this call may include non-GAAP metrics. Management provides non-GAAP metrics because it uses them for budget planning purposes and for making operational and financial decisions, and believes that providing these non-GAAP financial measures as a supplement to GAAP financial metrics will help investors evaluate Velodyne's core operating and financial performance and business trends, consistent with how management evaluates such performance and trends. In addition, management believes these measures facilitate comparisons with the core operating and financial results and business trends of competitors and other companies. A full description and reconciliation of these non-GAAP measures versus GAAP is included in the company's press release issued today.

另請注意，我們在本次電話會議中討論的結果和預測可能包括非 GAAP 指標。管理層提供非 GAAP 指標是因為它用於預算規劃目的以及製定運營和財務決策，並認為提供這些非 GAAP 財務指標作為 GAAP 財務指標的補充將有助於投資者評估 Velodyne 的核心運營和財務業績，以及業務趨勢，與管理層評估此類績效和趨勢的方式一致。此外，管理層認為這些措施有助於與競爭對手和其他公司的核心運營和財務業績以及業務趨勢進行比較。這些非公認會計原則措施與公認會計原則的完整描述和核對包含在公司今天發布的新聞稿中。

Now I'd like to turn the call over to Dr. Ted Tewksbury. Ted, please go ahead.

現在我想把電話轉給 Ted Tewksbury 博士。泰德，請繼續。

Thanks, Jordan, and thank you all for joining us. Yesterday, we announced our plan to merge with Ouster in an all-stock merger of equals transaction that is expected to drive significant value creation for Velodyne, our customers and our shareholders. Please refer to our joint conference call and press release for details.

謝謝，喬丹，謝謝大家加入我們。昨天，我們宣布了與 Ouster 合併的計劃，這是一項全股票對等交易，預計將為 Velodyne、我們的客戶和我們的股東創造重大價值。詳情請參閱我們的聯合電話會議和新聞稿。

Today's call will focus on Velodyne's Q3 financial results and Q4 outlook. The Q&A session today will be restricted to Velodyne's results and exclude discussion of the proposed merger.

今天的電話會議將重點關注 Velodyne 第三季度的財務業績和第四季度的展望。今天的問答環節將僅限於 Velodyne 的結果，不包括對擬議合併的討論。

In the third quarter, Velodyne delivered another solid quarter as we experienced continued strong demand and made significant progress on initiatives to improve our gross margin and lower our cost structure. In addition, we added new multiyear customer agreements and announced the acquisition of Bluecity, which further bolsters our software and AI capabilities.

在第三季度，Velodyne 實現了又一個穩健的季度，因為我們經歷了持續強勁的需求，並在提高毛利率和降低成本結構的舉措上取得了重大進展。此外，我們增加了新的多年客戶協議，並宣布收購 Bluecity，這進一步增強了我們的軟件和人工智能能力。

In the third quarter, billings of $12.5 million were above our guidance range of $10 million to $12 million. Revenue of $9.6 million was within the guidance range of $8 million to $11 million. As discussed in prior quarters, the difference between billings and revenue is due to noncash contra revenue related to the Amazon warrant accounting. As I noted earlier, demand for Velodyne's products remains strong and continues to exceed supply.

第三季度，1250 萬美元的賬單高於我們 1000 萬美元至 1200 萬美元的指導範圍。 960 萬美元的收入在 800 萬美元至 1100 萬美元的指導範圍內。正如前幾個季度所討論的，賬單和收入之間的差異是由於與亞馬遜認股權證會計相關的非現金對沖收入。正如我之前提到的，對 Velodyne 產品的需求依然強勁，並且繼續供過於求。

Looking at the supply side, our team has made significant progress towards overcoming component shortages over the past few quarters. In the fourth quarter, we will begin shipping our Puck and Ultra Puck sensors with an alternative field-programmable gate array, or FPGA, to address this bottleneck. An additional design improvement is planned for production in early 2023, which should put the biggest source of constrained supply behind us and reduce the costs of our sensors, thereby providing an opportunity to expand our product gross margins.

在供應方面，我們的團隊在過去幾個季度中在克服組件短缺方面取得了重大進展。在第四季度，我們將開始出貨我們的 Puck 和 Ultra Puck 傳感器，以及一個替代的現場可編程門陣列或 FPGA，以解決這個瓶頸。計劃在 2023 年初進行額外的設計改進，這將使我們擺脫供應受限的最大來源，並降低我們傳感器的成本，從而為擴大我們的產品毛利率提供機會。

I will now provide an update on Velodyne's recent business results, share the status of our company-wide transformation and discuss our outlook for Q4. Mark will then review the financial results in greater detail.

我現在將提供 Velodyne 近期業務成果的最新信息，分享我們全公司轉型的狀態，並討論我們對第四季度的展望。馬克隨後將更詳細地審查財務結果。

This month marks my 1-year anniversary at Velodyne. When I started, I discussed Velodyne's goal to transform into a leading supplier of AI-powered lidar solutions while accelerating the path to profitability. I outlined 4 strategic pillars to achieve this goal. We have made enormous progress in all 4 of these areas over the past year. I'd like to take a moment to look at each pillar and summarize the significant advancements made during the third quarter in particular.

這個月是我在 Velodyne 的一周年紀念日。開始時，我討論了 Velodyne 的目標，即轉型為人工智能驅動的激光雷達解決方案的領先供應商，同時加快盈利之路。我概述了實現這一目標的 4 個戰略支柱。在過去的一年裡，我們在所有這四個領域都取得了巨大的進步。我想花點時間來看看每個支柱，特別是總結第三季度取得的重大進展。

The first pillar is to drive sales of existing products into the early autonomous markets, including industrial, robotics and intelligent infrastructure. These markets comprised 85% of our Q3 sales, up from 53% last quarter.

第一個支柱是將現有產品銷售到早期的自主市場，包括工業、機器人和智能基礎設施。這些市場占我們第三季度銷售額的 85%，高於上一季度的 53%。

According to industry research firm, Yole, the available market for lidar in industrial and robotics is expected to grow from $1.8 billion in 2021 to $2.6 billion in 2027. Since our last call, we have announced several new multiyear agreements that illustrate our value proposition in these markets. We signed an agreement with Stanley Robotics in France to provide our Puck and Velarray M1600 lidar sensors for their automated valet parking solution. This innovative service uses autonomous mobile robots to help carparks increase the number of vehicles that can be stored while improving customer experience. Our sensors met the stringent performance specifications Stanley Robotics required, reflecting our ability to serve the unique and rigorous product requirements for their programs.

據行業研究公司 Yole 稱，激光雷達在工業和機器人領域的可用市場預計將從 2021 年的 18 億美元增長到 2027 年的 26 億美元。自上次電話會議以來，我們已經宣布了幾項新的多年期協議，這些協議說明了我們在以下領域的價值主張這些市場。我們與法國的 Stanley Robotics 簽署了一項協議，為他們的自動代客泊車解決方案提供我們的 Puck 和 Velarray M1600 激光雷達傳感器。這項創新服務使用自主移動機器人幫助停車場增加可存放的車輛數量，同時改善客戶體驗。我們的傳感器符合 Stanley Robotics 要求的嚴格性能規格，反映了我們為他們的項目提供獨特而嚴格的產品要求的能力。

Yamaha Motor selected Velodyne for eve autonomy, a joint venture in Japan between Yamaha Motor and Tier IV Incorporated. Eve auto, eve autonomy's autonomous goods transport service provides logistical support for factories to improve their efficiency and safety. We have already begun shipping Puck sensors to support the launch of eve auto service.

雅馬哈汽車選擇 Velodyne 用於 eve 自主，這是雅馬哈汽車和 Tier IV 公司在日本的合資企業。 Eve auto，eve自主的貨物運輸服務為工廠提供後勤支持，以提高他們的效率和安全性。我們已經開始運送 Puck 傳感器以支持 eve auto 服務的推出。

We also signed a new multiyear agreement with our longtime partner Visimind, a Stockholm-based provider of airborne mapping and portable solutions for major European energy distributors. The agreement further strengthens our long-term relationship with Visimind, including a 3-year supply agreement for both Puck and Ultra Puck sensors for which shipping has already begun.

我們還與我們的長期合作夥伴 Visimind 簽署了一項新的多年期協議，Visimind 是一家位於斯德哥爾摩的為歐洲主要能源分銷商提供機載測繪和便攜式解決方案的供應商。該協議進一步加強了我們與 Visimind 的長期合作關係，包括已開始發貨的 Puck 和 Ultra Puck 傳感器的 3 年供應協議。

These and other customer engagements show that Velodyne has established itself as a go-to supplier of lidar solutions worldwide that deliver the range, accuracy and resolution needed to navigate complex indoor and outdoor industrial and factory environments.

這些和其他客戶參與表明，Velodyne 已成為全球激光雷達解決方案的首選供應商，提供導航複雜的室內和室外工業和工廠環境所需的範圍、精度和分辨率。

Moving on to the smart infrastructure market. Yole estimates this market will be the third-largest total addressable lidar market by 2027, right behind ADAS and topography. Smart infrastructure is forecasted to grow from $108 million in 2021 to $1.1 billion in 2027, representing a 51% compound annual growth rate, the second largest for the lidar industry.

轉向智能基礎設施市場。 Yole 估計，到 2027 年，該市場將成為第三大可尋址激光雷達市場，僅次於 ADAS 和地形。智能基礎設施預計將從 2021 年的 1.08 億美元增長到 2027 年的 11 億美元，複合年增長率為 51%，在激光雷達行業中位居第二。

To accelerate our growth in smart infrastructure, in October, we acquired Canadian AI software company Bluecity in an all-stock deal. Velodyne and Bluecity have had a long-standing and successful partnership, and this acquisition was the natural next step. The addition of Bluecity expands our expertise in intelligent infrastructure, traffic systems and software.

為了加快我們在智能基礎設施領域的發展，我們在 10 月以全股票交易方式收購了加拿大人工智能軟件公司 Bluecity。 Velodyne 和 Bluecity 建立了長期而成功的合作夥伴關係，此次收購是順理成章的下一步。 Bluecity 的加入擴展了我們在智能基礎設施、交通系統和軟件方面的專業知識。

Our Intelligent Infrastructure Solution, or IIS, combines Bluecity's proprietary AI software with Velodyne's lidar sensors to monitor networks and generate real-time traffic data and analytics. This full stack solution integrating software and hardware is a major differentiator and key value proposition for our customers in the smart infrastructure space. IIS is now deployed in 82 pilot installations around the globe and continues to expand. We discussed some of these design wins in previous earnings calls, including those in Helsinki, Finland and Rüsselsheim, Germany.

我們的智能基礎設施解決方案或 IIS 將 Bluecity 的專有 AI 軟件與 Velodyne 的激光雷達傳感器相結合，以監控網絡並生成實時交通數據和分析。這種集成了軟件和硬件的全棧解決方案是我們客戶在智能基礎設施領域的主要差異化和關鍵價值主張。 IIS 現在已部署在全球 82 個試點安裝中，並且還在繼續擴展。我們在之前的財報電話會議中討論了其中一些設計勝利，包括在芬蘭赫爾辛基和德國呂塞爾斯海姆的勝利。

Our second pillar is the development of low-cost sensors to drive mass adoption of lidar in automotive and other price-sensitive applications. Our next-generation directional and rotational sensor platforms remain on track for customer sampling next year. Proprietary new architectures will enable these devices to achieve low price points while expanding gross margins. We look forward to providing more detail on these new products on future calls as they are introduced.

我們的第二個支柱是開發低成本傳感器，以推動激光雷達在汽車和其他價格敏感型應用中的大規模採用。我們的下一代定向和旋轉傳感器平台仍有望在明年為客戶提供樣品。專有的新架構將使這些設備能夠在擴大毛利率的同時實現低價位。我們期待在未來電話會議上提供有關這些新產品的更多詳細信息。

Our third pillar is to expand software to enable complete AI-powered division solutions that make it easy for our customers to deploy Velodyne lidar in any application. In Q3, we continued to develop and expand Vella, Velodyne's software product line, which will include Vella Go to make it easy for customers to manage sensor settings, generate point clouds and calibrate one or more lidar sensors in minutes right out of the box; Vella perception, to translate raw plant cloud data into actionable information, enabling autonomous systems to not only see, but understand their surroundings; and Vella Solutions, providing end-to-end hardware and software for a wide variety of vertical market applications. IIS for traffic systems is Velodyne's first application-specific solution.

我們的第三個支柱是擴展軟件以實現完整的人工智能驅動的部門解決方案，使我們的客戶能夠輕鬆地在任何應用程序中部署 Velodyne 激光雷達。在第三季度，我們繼續開發和擴展 Velodyne 的軟件產品線 Vella，其中將包括 Vella Go，使客戶能夠輕鬆管理傳感器設置、生成點雲並在幾分鐘內校準一個或多個激光雷達傳感器； Vella 感知，將原始植物雲數據轉化為可操作的信息，使自主系統不僅能夠看到，而且能夠了解周圍環境；和 Vella Solutions，為各種垂直市場應用提供端到端的硬件和軟件。用於交通系統的 IIS 是 Velodyne 的第一個特定於應用程序的解決方案。

The acquisition of Bluecity will accelerate the development of new Vella Solutions for other vertical markets by replicating the successful IIS model. We have several new Vella Solutions in development, which we expect to be announced in 2023. Customers will be able to access Vella software offerings through Vella portal, an online hub providing easy and secure account management, software downloads, cloud services for lidar-based perception tasks and more.

收購 Bluecity 將通過複製成功的 IIS 模式來加速為其他垂直市場開發新的 Vella 解決方案。我們有幾個新的 Vella 解決方案正在開發中，我們預計將在 2023 年宣布。客戶將能夠通過 Vella 門戶訪問 Vella 軟件產品，這是一個在線中心，提供簡單和安全的帳戶管理、軟件下載、基於激光雷達的雲服務感知任務等等。

Finally, our fourth pillar is to lead in high-volume, low-cost manufacturing, operational excellence and quality. Our gross margin improvement plan is well underway, and we expect to realize further progress. The 3 main levers in this plan are the manufacturing transition to Thailand, the design of low-cost sensors and the development of full stack solutions that include software. I'm pleased to announce that we are on schedule with our strategy to consolidate all production at our contract manufacturer in Thailand. The transfer is expected to deliver significant improvements across our operations, lower our overall cost structure and accelerate our gross margin improvement and time to profitability.

最後，我們的第四個支柱是在大批量、低成本製造、卓越運營和質量方面處於領先地位。我們的毛利率改善計劃正在順利進行，我們預計將取得進一步進展。該計劃中的 3 個主要槓桿是製造向泰國的過渡、低成本傳感器的設計以及包括軟件在內的全棧解決方案的開發。我很高興地宣布，我們的戰略正在按計劃進行，以整合我們在泰國的合同製造商的所有生產。此次轉讓預計將顯著改善我們的運營，降低我們的整體成本結構，加快我們的毛利率提高和盈利時間。

While we have made progress on our outsourcing plan and in alleviating our supply chain issues, in the third quarter, we recorded significant charges from excess and obsolete inventory, losses on purchase commitments and expenses from canceled supplier contracts. These charges totaled approximately $8 million. Mark will provide additional details later in the call on the charges.

雖然我們在外包計劃和緩解供應鏈問題方面取得了進展，但在第三季度，我們記錄了因庫存過剩和過時而產生的大量費用、採購承諾損失以及取消供應商合同產生的費用。這些費用總計約 800 萬美元。馬克稍後將在電話會議中提供有關費用的更多詳細信息。

We have also made changes to our operations team leadership, which we believe will allow us to further improve our operating performance and expedite our transition and cost reduction efforts.

我們還對我們的運營團隊領導層進行了調整，我們相信這將使我們能夠進一步提高我們的運營績效並加快我們的轉型和降低成本的努力。

In addition to these initiatives to improve gross margins, we made excellent progress on our cost reduction plans discussed last quarter. We have implemented measures to reduce expenses by streamlining our product portfolio and operations as well as improving our processes. Since March 31, we have reduced our operating expenses by $10 million per quarter or 28% by rationalizing headcount and cutting spending in other areas. We are making these reductions while continuing to invest in innovative new products to better serve our customers. Going forward, we are continuing to look for opportunities to enhance efficiencies and believe we can further improve our expense base over the next few quarters.

除了這些提高毛利率的舉措外，我們在上個季度討論的成本削減計劃方面也取得了顯著進展。我們已採取措施通過精簡產品組合和運營以及改進流程來減少開支。自 3 月 31 日以來，我們通過合理化員工人數和削減其他領域的支出，每季度減少了 1000 萬美元或 28% 的運營費用。我們正在減少這些費用，同時繼續投資於創新的新產品，以更好地為我們的客戶服務。展望未來，我們將繼續尋找提高效率的機會，並相信我們可以在未來幾個季度進一步改善我們的支出基礎。

While we have more to do, the foundation is firmly in place and we expect to see better financial results in the future, including the resumption of revenue growth, increased gross margins and improved bottom line performance.

雖然我們還有更多工作要做，但基礎已經穩固，我們預計未來會看到更好的財務業績，包括恢復收入增長、提高毛利率和改善底線業績。

Before handing the call to Mark, I want to offer some commentary around our guidance for the fourth quarter. We entered the fourth quarter with strong demand across the entire business, adding more long-term customer agreements on multiple continents that reflect the global acceptance of Velodyne solutions. Billings are expected to be between $13 million and $15 million and revenue to be between $12 million and $14 million. Our gross margin improvement initiatives will continue as we move more manufacturing to our partner in Thailand. In addition, there will be more actions taken around our cost containment measures that should deliver further progress in our operating expense structure.

在給馬克打電話之前，我想就我們第四季度的指導發表一些評論。我們進入第四季度時，整個業務的需求強勁，在多個大洲增加了更多長期客戶協議，這反映了 Velodyne 解決方案的全球接受度。預計賬單將在 1300 萬美元至 1500 萬美元之間，收入將在 1200 萬美元至 1400 萬美元之間。隨著我們將更多的製造轉移到我們在泰國的合作夥伴，我們的毛利率改善計劃將繼續進行。此外，將圍繞我們的成本控制措施採取更多行動，這些措施應該會進一步推動我們的運營費用結構。

Outside of these improvement initiatives, yesterday, we announced the planned merger with Ouster, which we believe is an exciting opportunity to accelerate the adoption of lidar in fast-growing global markets while strengthening our financial position. The all-stock merger of equals is expected to drive significant value creation for Velodyne, our customers, business partners and shareholders.

除了這些改進舉措之外，昨天，我們宣布了與 Ouster 的合併計劃，我們認為這是一個令人興奮的機會，可以加速激光雷達在快速增長的全球市場中的採用，同時加強我們的財務狀況。預計全股票平等合併將為 Velodyne、我們的客戶、業務合作夥伴和股東創造重大價值。

Ouster's CEO, Angus Pacala, will serve as CEO, and I will serve as Executive Chairman of the Board. As one combined company, we are setting the stage to become a leading lidar provider with global scale, a deep history of technological innovation, a strong balance sheet and a world-class commercial organization. Together, we can offer robust product offerings, including verticalized software to serve a broader set of customers and to address an ever-increasing number of use cases.

Ouster 的首席執行官 Angus Pacala 將擔任首席執行官，我將擔任董事會執行主席。作為一家合併後的公司，我們正在為成為具有全球規模、深厚的技術創新歷史、強大的資產負債表和世界級商業組織的領先激光雷達供應商奠定基礎。我們可以一起提供強大的產品，包括垂直化軟件，以服務於更廣泛的客戶群並解決越來越多的用例。

We expect the proposed merger to unlock significant synergies, creating a company with the scale and resources to deliver industry-leading solutions for customers and society while accelerating time to profitability and enhancing value for shareholders. With the merger transaction expected to close in the first half of 2023, we'll continue to execute on Velodyne's growth strategies and advance our pillars for success.

我們預計擬議的合併將釋放顯著的協同效應，創建一家具有規模和資源的公司，為客戶和社會提供行業領先的解決方案，同時加快盈利時間並為股東提高價值。合併交易預計將於 2023 年上半年完成，我們將繼續執行 Velodyne 的增長戰略，並推進我們的成功支柱。

With that, I would like to hand the call over to Mark for a review of our financial results. Mark, please go ahead.

有了這個，我想把電話交給馬克，以審查我們的財務業績。馬克，請繼續。

Thank you, Ted, and good afternoon, everyone. As a reminder, within my remarks, I will discuss non-GAAP metrics. A full description and reconciliation of these non-GAAP measures versus GAAP is included in the company's press release issued today on our website and our filings with the Securities and Exchange Commission.

謝謝你，泰德，大家下午好。提醒一下，在我的發言中，我將討論非 GAAP 指標。這些非公認會計原則措施與公認會計原則的完整描述和核對包含在公司今天在我們網站上發布的新聞稿以及我們向證券交易委員會提交的文件中。

Now moving on to the results. Total revenue was $9.6 million and included a $2.8 million impact from the Amazon warrant accounting. This compares with total revenue of $11.5 million in the prior quarter, which included a $0.9 million impact from the Amazon warrants. Total product revenue was $7.4 million, which included the $2.8 million Amazon warrant impact. This compares with product revenue of $9.7 million in the second quarter of 2022, which included a $1 million impact. License and services revenue was $2.2 million compared with $1.9 million in the prior quarter. Billings, which represents the dollar value of products and services provided during the current period or invoiced to the customer, was $12.5 million, flat with the second quarter and above our prior guidance.

現在繼續討論結果。總收入為 960 萬美元，其中包括來自亞馬遜權證會計的 280 萬美元影響。相比之下，上一季度的總收入為 1150 萬美元，其中包括來自亞馬遜認股權證的 90 萬美元影響。產品總收入為 740 萬美元，其中包括 280 萬美元的亞馬遜認股權證影響。相比之下，2022 年第二季度的產品收入為 970 萬美元，其中包括 100 萬美元的影響。許可和服務收入為 220 萬美元，而上一季度為 190 萬美元。代表當期提供或向客戶開具發票的產品和服務的美元價值的比林斯為 1250 萬美元，與第二季度持平並高於我們之前的指導。

GAAP gross loss was $10.9 million. This compares with a GAAP gross loss of $7.1 million in the second quarter of 2022. The third quarter gross loss was negatively impacted by $7 million in charges, including a $4.6 million charge related to a product transition, inventory reserves and commitment loss charges and $2.4 million from terminate contract costs. As Ted noted, we have taken actions to improve our future performance.

GAAP 總虧損為 1090 萬美元。相比之下，2022 年第二季度的 GAAP 毛虧損為 710 萬美元。第三季度毛虧損受到 700 萬美元費用的負面影響，其中包括與產品過渡、庫存儲備和承諾損失費用相關的 460 萬美元費用以及 2.4 美元萬元終止合同費用。正如 Ted 所說，我們已採取行動來改善我們未來的表現。

Non-GAAP gross loss was $3.3 million. This compares with a non-GAAP gross loss of $4.2 million in the second quarter of 2022. GAAP operating expenses were $31.4 million compared with $37.5 million in the second quarter of 2022. Non-GAAP operating expenses were $25.1 million compared with $31.8 million in the second quarter of 2022. The reduction reflects the implementation of the ongoing cost containment measures.

非公認會計原則的總虧損為 330 萬美元。相比之下，2022 年第二季度非 GAAP 總虧損為 420 萬美元。GAAP 運營費用為 3140 萬美元，而 2022 年第二季度為 3750 萬美元。非 GAAP 運營費用為 2510 萬美元，而 2022 年第二季度為 3180 萬美元。 2022 年第二季度。減少反映了正在進行的成本控制措施的實施。

GAAP net loss was $41.6 million or $0.19 per share, which compares with a GAAP net loss of $44.3 million or $0.22 per share in the second quarter. Non-GAAP net loss was $27.6 million or $0.13 per share. This compares with a non-GAAP net loss of $35.7 million or $0.18 per share in the second quarter. The improvement was primarily due to the lower level of operating expenses.

GAAP 淨虧損為 4160 萬美元或每股 0.19 美元，而第二季度的 GAAP 淨虧損為 4430 萬美元或每股 0.22 美元。非公認會計原則淨虧損為 2760 萬美元或每股 0.13 美元。相比之下，第二季度非 GAAP 淨虧損為 3570 萬美元或每股 0.18 美元。改善主要是由於較低的運營費用水平。

Moving on to the balance sheet. We ended the quarter with approximately $220 million in cash and investments. This compares with $229 million at the end of last quarter. As we noted in our last call, one of our priorities is reducing our total cash burn. We are making good progress on this priority and believe there are further opportunities to further lower cash usage. At the same time, we will continue to invest in our growth initiatives to maintain our strong position in the lidar market.

轉到資產負債表。我們在本季度結束時擁有大約 2.2 億美元的現金和投資。相比之下，上一季度末為 2.29 億美元。正如我們在上次電話會議中指出的那樣，我們的首要任務之一是減少我們的總現金消耗。我們在這一優先事項上取得了良好進展，並相信還有進一步降低現金使用的機會。同時，我們將繼續投資於我們的增長計劃，以保持我們在激光雷達市場的強勢地位。

Finally, regarding the proposed all-stock merger with Ouster, we look forward to providing more information about our combined company strategy following the merger's closing, which is currently expected to occur in the first half of 2023. For more information on the proposed merger, please review the filed 8-K and other SEC filings and the joint conference call, which you can access at velodynelidar.com.

最後，關於提議的與 Ouster 的全股票合併，我們期待在合併完成後提供更多關於我們合併公司戰略的信息，目前預計合併將在 2023 年上半年發生。有關擬議合併的更多信息，請查看提交的 8-K 和其他 SEC 文件以及聯合電話會議，您可以訪問 velodynelidar.com。

I'd now like to turn the call back over to Ted.

我現在想把電話轉回給 Ted。

Thank you, Mark. Q3 was another quarter of progress on our company-wide transformation. We improved the supply chain, inked new customer agreements, reduced costs and significantly improved our bottom line. These advancements position Velodyne to grow revenue, improve margins, reduce cash usage and accelerate our path to breakeven.

謝謝你，馬克。第三季度是我們全公司轉型的又一個季度。我們改善了供應鏈，簽署了新的客戶協議，降低了成本並顯著提高了我們的底線。這些進步使 Velodyne 能夠增加收入、提高利潤率、減少現金使用並加速我們實現盈虧平衡的道路。

Velodyne's mission is to use our smart lidar technologies to advance the efficiency, productivity, safety and sustainability of a world in motion. With over 75,000 Velodyne lidar sensors shipped to date, we are leading the way in making our communities safer, our supply chains more efficient and our planet greener.

Velodyne 的使命是利用我們的智能激光雷達技術來提高運動世界的效率、生產力、安全性和可持續性。迄今為止，Velodyne 激光雷達傳感器已發貨超過 75,000 個，我們在使我們的社區更安全、我們的供應鏈更高效和我們的地球更環保方面處於領先地位。

In closing, I want to thank our many stakeholders for their continued support, and most of all, a big thank you to the Velodyne team for all their hard work to achieve our goals. I am proud of our continued progress and excited about Velodyne's future.

最後，我要感謝我們許多利益相關者的持續支持，最重要的是，非常感謝 Velodyne 團隊為實現我們的目標所做的所有辛勤工作。我為我們的持續進步感到自豪，並對 Velodyne 的未來感到興奮。

Before we open the call to questions, I just want to remind everyone that we will only be addressing questions in connection with Velodyne on a stand-alone basis, exclusive of the proposed merger with Ouster, which remains subject to completion.

在我們開始提問之前，我只想提醒大家，我們只會在獨立的基礎上解決與 Velodyne 相關的問題，不包括與 Ouster 的擬議合併，該合併仍有待完成。

With that, operator, would you please open the Q&A polling process?

有了這個，接線員，請您打開問答投票流程嗎？

(Operator Instructions) Our first question comes from Colin Rusch with Oppenheimer.

（操作員說明）我們的第一個問題來自 Colin Rusch 和 Oppenheimer。

Could you just give us a sense of, inside the billings, how much of that potential revenue is coming from existing customers and how much is coming from your customers?

您能否讓我們了解一下，在賬單中，有多少潛在收入來自現有客戶，有多少來自您的客戶？

I would say, roughly 80% to 90% is from existing customers.

我想說，大約 80% 到 90% 來自現有客戶。

Okay. So you're continuing to go to the customer base as well. That's helpful.

好的。因此，您還將繼續訪問客戶群。這很有幫助。

Yes, absolutely. But as you saw new multiyear agreements, we continue to add new customers at a pretty fast pace.

是的，一點沒錯。但是，正如您看到新的多年期協議一樣，我們繼續以相當快的速度增加新客戶。

Excellent. And then in terms of the maturity of the supply chain, obviously, there's an awful lot going on especially as you go through some evolution of the platform. But I'm curious how prepared the supply chain is right now to really scale with you and if there's any particular components that are a sticking point right now.

出色的。然後就供應鏈的成熟度而言，顯然，發生了很多事情，尤其是當您經歷平台的一些演變時。但我很好奇供應鏈現在如何準備好與你一起真正擴展，以及是否有任何特定的組件現在是一個癥結所在。

Yes. Great question. We've just made enormous progress in improving our supply chain. And I'm pleased to say that we're nearing the end of this long dark tunnel we've been in, and we're close to coming out at the other end in early 2023. But as I mentioned in the prepared remarks, we're already shipping the first new improved version of our Pucks and Ultra Pucks using new FPGA. And that, as you recall, it was the first phase of 2-phase program. So that new Pucks will last us through Q4 and Q1. And then we will taper in the long-term solution, which will use a Xilinx FPGA. And once that's completed, we will finally -- hopefully, fingers crossed, be through this constrained supply situation.

是的。好問題。我們剛剛在改善供應鏈方面取得了巨大進展。我很高興地說，我們已經接近這條漫長的黑暗隧道的盡頭，我們即將在 2023 年初從另一端出來。但正如我在準備好的評論中提到的那樣，我們已經交付了第一個使用新 FPGA 的 Pucks 和 Ultra Pucks 的新改進版本。你還記得，那是兩階段計劃的第一階段。這樣新的 Puck 將持續到第四季度和第一季度。然後我們將逐漸減少使用賽靈思 FPGA 的長期解決方案。一旦完成，我們將最終 - 希望手指交叉，通過這種供應受限的情況。

Our next question comes from Nick Doyle with Needham.

我們的下一個問題來自 Nick Doyle 和 Needham。

This is Nick on for Raji. Asking about Ouster, but not a -- hopefully, you can give me some details on the competitive differentiation. So I know they use a little bit different technology. I'm just wondering how you guys are thinking about any kind of synergy or difference in the product lineup?

這是 Raji 的 Nick。問一下 Ouster，但不是 - 希望你能給我一些關於競爭差異化的細節。所以我知道他們使用了一些不同的技術。我只是想知道你們如何考慮產品陣容中的任何協同作用或差異？

Yes. Great question. So the technologies are different. We use a 905-nanometer laser time-of-flight technology. I think you're all familiar with our technology. We use our proprietary advantages, what we call, the MLA, the Micro Lidar Array. And we have a proprietary TROSA assembly, Transmit Receive Optical Subassembly technology. What Ouster has, and I'm not saying anything that isn't already out there in public, is a SPAD and VCSEL-based technology, which is monolithic, all integrated on a chip, which is great from a cost perspective. And the 2 technologies are very complementary in the kinds of applications that they can address. So together, I feel that we have a very compelling combined technology to pursue the kind of markets that we're jointly -- that we will jointly pursue.

是的。好問題。所以技術不同。我們使用 905 納米激光飛行時間技術。我想你們都熟悉我們的技術。我們利用我們的專有優勢，我們稱之為 MLA，微型激光雷達陣列。我們擁有專有的 TROSA 組件，發射接收光學子組件技術。 Ouster 所擁有的，我並不是說任何尚未公開的東西，是一種基於 SPAD 和 VCSEL 的技術，它是單片的，全部集成在一個芯片上，從成本的角度來看這是非常好的。這兩種技術在它們可以解決的應用類型上非常互補。所以在一起，我覺得我們有一個非常引人注目的組合技術來追求我們共同追求的那種市場——我們將共同追求。

Got it. And wondering if you can give us any more detail on all the press releases this quarter in terms of all the new customers or maybe the mind of the current customer. But like you quantified one of them is a 3-year deal. Maybe the other ones, are they in similar in size and scale? Any more detail would be great.

知道了。並且想知道您是否可以就所有新客戶或當前客戶的想法向我們提供有關本季度所有新聞稿的更多詳細信息。但就像你量化的那樣，其中一個是 3 年的交易。也許其他的，它們的大小和規模是否相似？任何更多細節都會很棒。

Yes, sure. So Visimind is a customer and distributor that we've worked with for many years. The application here is airborne mapping of power lines. So they want to be able to also determine whether there's vegetation encroaching on power lines. So this will improve the energy distribution network in Europe and other regions.

是的，當然。因此，Visimind 是我們合作多年的客戶和經銷商。這裡的應用是電力線的機載測繪。因此，他們還希望能夠確定是否有植被侵占了電力線。因此，這將改善歐洲和其他地區的能源分配網絡。

So what they liked about Velodyne technology, as most customers do, is a high performance, the ease of integration, very low power for long operation time and portability in those kinds of environments. So that's an exciting opportunity for us.

因此，與大多數客戶一樣，他們喜歡 Velodyne 技術的地方在於其高性能、易於集成、極低的功耗、可長時間運行以及在這些環境中的便攜性。所以這對我們來說是一個令人興奮的機會。

I talked about the eve auto Service in the prepared remarks. And basically, just to elaborate a little bit more on that, this is an automated conveyance service. So these are small electric vehicles that are being rolled out by this joint development between Yamaha Motor and Tier IV. And these will navigate factories autonomously, both indoor and outdoor. And lidar is essential in these kinds of applications to provide the safety in these kinds of warehouse environments and factories where you're going to have these automated electric vehicles, autonomous vehicles co-working with human workers. And so obviously, safety is a paramount importance there. And then the eve auto service also layers on top of that, fleet management services, mapping services and so forth. So we think that's going to be a very good growth opportunity for us.

我在準備好的評論中談到了前夕汽車服務。基本上，只是為了詳細說明這一點，這是一種自動運輸服務。這些是雅馬哈汽車和 Tier IV 聯合開發的小型電動汽車。這些將在室內和室外自主導航工廠。激光雷達在此類應用中必不可少，可在此類倉庫環境和工廠中提供安全保障，您將擁有這些自動電動汽車、自動駕駛汽車與人類工人合作。很明顯，安全在那裡是最重要的。然後 eve auto 服務也在其之上，車隊管理服務，地圖服務等等。所以我們認為這對我們來說將是一個非常好的增長機會。

We also talked about Stanley Robotics, which is automated autonomous vehicles for carparks to help move cars in and out of parking spaces safely and efficiently. So obviously, with the number of carparks worldwide, that could be a very exciting opportunity for us.

我們還談到了 Stanley Robotics，這是一種用於停車場的自動駕駛汽車，可幫助汽車安全高效地進出停車位。很明顯，憑藉全球停車場的數量，這對我們來說可能是一個非常令人興奮的機會。

And then I should probably also mentioned the Bluecity acquisition, which was a really exciting development during the quarter. We've worked very closely with Bluecity for many years. They, of course, have been our partner in developing AI software that we sell together with our lidar as a solution to municipalities to do traffic monitoring at intersection and develop analytics to improve road safety and efficiency, especially for vulnerable road users such as cyclists and pedestrians and so forth. This technology helps cities plan for smarter green air transportation systems.

然後我可能還應該提到對 Bluecity 的收購，這在本季度是一個非常令人興奮的發展。多年來，我們一直與 Bluecity 密切合作。當然，他們一直是我們開發人工智能軟件的合作夥伴，我們將這些軟件與我們的激光雷達一起出售，作為市政當局在十字路口進行交通監控並開發分析以提高道路安全和效率的解決方案，特別是對於騎自行車者和騎自行車者等弱勢道路使用者。行人等。該技術可幫助城市規劃更智能的綠色航空運輸系統。

They're also outside of intersections, many other applications where we can take that same technology and deploy it for parking applications, retail, casinos, stadiums, the sky is the limit on the applications of this technology. So it positions us as being really a leader in intelligent traffic systems. Again, not just the sensors, but also the full stack software and analytics, traffic actuation, sequencing, traffic lights in order to improve traffic flow, reduce congestion, reduce fuel usage and keep people safe.

它們也在十字路口之外，在許多其他應用中，我們可以採用相同的技術並將其部署到停車應用、零售、賭場、體育場，天空是這項技術應用的極限。因此，它將我們定位為真正的智能交通系統領導者。同樣，不僅僅是傳感器，還有全棧軟件和分析、交通驅動、排序、交通信號燈，以改善交通流量、減少擁堵、減少燃料使用並確保人員安全。

So that's the first part of the value proposition for Bluecity. But then the second part is being able to take that same successful model that we've used with IIS, our intelligent traffic system, and then redeploy that for some of these other applications, other vertical markets that I just talked about. So really a lot of opportunity and new applications across our markets occurred in Q3.

這就是 Bluecity 價值主張的第一部分。但第二部分是能夠採用與 IIS 相同的成功模型，即我們的智能交通系統，然後將其重新部署到我剛才談到的其他一些應用程序和其他垂直市場。因此，在我們的市場中，確實有很多機會和新應用出現在第三季度。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess on the first one on billings. You clearly had strong billings in the quarter. You're guiding to billings improving to the fourth quarter as well. I'm just wondering, when you're talking to your customers, what are you hearing in relation to sort of their response to the macro? And as you think about sort of the nature of the projects, do you have be it sort of auto -- some vehicles or automated vehicles or infrastructure projects? How are you thinking about sort of where you might see more sort of hesitation from customers and continue to invest in those projects as we sort of head into next year, which is clearly sort of concerning from a macro perspective? And then I have a quick follow-up.

我猜是關於比林斯的第一個。你顯然在本季度有強勁的收入。您正在指導第四季度的賬單也有所改善。我只是想知道，當您與您的客戶交談時，您聽到的關於他們對宏觀的反應的反應是什麼？當您考慮項目的性質時，您是否擁有某種汽車——一些車輛或自動駕駛汽車或基礎設施項目？您如何看待在我們即將進入明年時您可能會看到客戶更多猶豫並繼續投資這些項目的地方，從宏觀角度來看，這顯然有點令人擔憂？然後我有一個快速跟進。

Sure. Great question. And it really -- the answer depends on the market. So let's start with automotive. So automotive really breaks down into 2 subsegments. You've got Level 4 and Level 5 AVs, including robotaxis, autonomous shuttles and so forth. And then you've got ADAS. So we have a very strong position with AVs with our Pucks, our Ultra Pucks and particularly with our Alpha Prime, our 128 laser device, which is really a best-in-class category leader for AVs, and we've talked about that on past calls.

當然。好問題。真的——答案取決於市場。所以讓我們從汽車開始。所以汽車真的分為兩個細分市場。您擁有 4 級和 5 級自動駕駛汽車，包括自動駕駛出租車、自動穿梭巴士等。然後你就有了 ADAS。因此，我們的 Pucks、Ultra Pucks 尤其是我們的 Alpha Prime、我們的 128 激光設備在 AV 領域擁有非常強大的地位，這確實是 AV 同類產品中的佼佼者，我們已經討論過這一點過去的電話。

We continue to see strong demand for that product. However, we've continued to see the volume rollout of AVs, whether it's robotaxis or autonomous shuttles, continue to push out to the right. So most of the demand that we have there is for early deployments, pilot deployments and so forth. And so that -- those shipments on a quarterly basis tend to be very lumpy. We haven't really hit the production yet, and I think production is still going to be pretty far out in the future, probably towards the middle or back half of the decade.

我們繼續看到對該產品的強勁需求。然而，我們繼續看到自動駕駛汽車的大量推出，無論是自動駕駛出租車還是自動穿梭車，都繼續向右推進。因此，我們對早期部署、試點部署等的大部分需求。所以——那些每季度的出貨量往往非常不穩定。我們還沒有真正投入生產，而且我認為未來的生產仍然很遙遠，可能是在本世紀的中後期。

As far as ADAS is concerned, as we've talked about in prior calls, really the gating obstacle to volume deployments there is price, prices of lidar for L2+, L3. ADAS needs to come down to sub-$500 levels, $300 to $400 being kind of the sweet spot. And that's why we don't have those products today. In fact, nobody in the industry has those products today. And that's why our second pillar is focused very aggressively on developing those low-cost technologies. So that -- ADAS is really going to start to take off once we can introduce those next-generation products, which will be ready for when those ramps arise.

就 ADAS 而言，正如我們在之前的電話會議中談到的那樣，批量部署的真正主要障礙是價格，L2+、L3 的激光雷達價格。 ADAS 需要降至 500 美元以下，300 到 400 美元是最佳選擇。這就是我們今天沒有這些產品的原因。事實上，今天業內沒有人擁有這些產品。這就是為什麼我們的第二個支柱非常積極地專注於開發這些低成本技術。所以——一旦我們能夠推出那些下一代產品，ADAS 真的會開始起飛，這些產品將在這些坡道出現時做好準備。

It's for those reasons, for those -- the delays in the automotive market that we have really chosen to focus on what we call the early autonomous markets, which is industrial, robotics and intelligent infrastructure, including intelligent traffic systems. Those markets exist today, and we are shipping into them as we speak. And so in those markets, we continue to see very strong demand from our customers, and that accounted for the strong $12.5 million billings we saw in Q3 as well as the $13 million to $15 million of billings that we'll see in Q4, and we expect that to continue to grow.

正是出於這些原因，我們真正選擇專注於我們稱之為早期自主市場的汽車市場的延遲，即工業、機器人和智能基礎設施，包括智能交通系統。這些市場今天存在，我們正在向它們發貨。因此，在這些市場中，我們繼續看到客戶的強勁需求，這導致了我們在第三季度看到的強勁的 1250 萬美元的賬單以及我們將在第四季度看到的 1300 萬至 1500 萬美元的賬單，以及我們預計這一數字將繼續增長。

Okay. So just to confirm and clarify like within industrial robotics and infrastructure, you're not seeing any hesitation from customers just given the macro in terms of future activity or sort of billings engagement with your customers and billings as well.

好的。因此，只是為了確認和澄清，就像在工業機器人和基礎設施中一樣，您不會看到客戶在未來活動或與您的客戶和賬單方面的賬單互動方面有任何猶豫。

And then just for my follow-up, I'll ask it right now, which is, as we think about sort of -- I'm not asking a question about the merger itself, but as you start to prepare for it and we look at your portfolio, how are you sort of intending to talk to your customers about the product portfolio itself, particularly in relation to sort of being -- making customers comfortable about that the product that they are choosing today will be part of a combined portfolio in the future?

然後只是為了我的後續行動，我現在會問它，也就是說，就像我們考慮的那樣——我不是在問關於合併本身的問題，而是當你開始為它做準備時，我們看看你的產品組合，你打算如何與你的客戶談論產品組合本身，特別是關於某種存在——讓客戶對他們今天選擇的產品將成為組合產品組合的一部分感到滿意在將來？

Similar sort of question but in relation to the outsourced manufacturing of Thailand with Fabrinet, does it fit into the overall plans in the long run of the combined company?

類似的問題，但與 Fabrinet 在泰國的外包製造有關，從長遠來看，它是否符合合併後公司的總體計劃？

Okay. Let me start with the billings question. We're seeing very strong demand across the board. As I mentioned, we're going to have -- we're guiding to 12 -- $13 million to $15 million in Q4. And I should mention that we're seeing more demand -- we're still seeing more demand than we can supply. I indicated in the prepared remarks that we're making tremendous progress in overcoming some of the supply chain constraints, but we're still seeing much more demand than we can supply. So we went into Q4 with very strong backlog, and so I'm very optimistic about future billings growth.

好的。讓我從比林斯的問題開始。我們看到全面的需求非常強勁。正如我所提到的，我們將在第四季度擁有 - 我們指導 12 - 1300 萬至 1500 萬美元。我應該提一下，我們看到了更多的需求——我們仍然看到需求超過了我們的供應能力。我在準備好的評論中指出，我們在克服一些供應鏈限制方面取得了巨大進展，但我們仍然看到需求遠遠超過我們的供應能力。所以我們進入第四季度的積壓非常多，所以我對未來的賬單增長非常樂觀。

As far as the merger, I'd rather not get into details regarding the -- how we're going to combine the product road maps or supply chains and so forth. That whole discussion is going to have to await the closing of the deal, which will hopefully happen in the first quarter by March, may get prolonged into the second quarter. But we'll come back to you at that stage and provide more detail on your questions around customers and supply chain. Suffice it to say that there's a lot of complementarity between our customers and our markets, which should ease that process.

至於合併，我不想詳細說明我們將如何合併產品路線圖或供應鍊等。整個討論將不得不等待交易完成，該交易有望在 3 月份的第一季度完成，但可能會延長到第二季度。但我們會在那個階段回复您，並就您關於客戶和供應鏈的問題提供更多詳細信息。我只想說我們的客戶和我們的市場之間有很多互補性，這應該會簡化這個過程。

We have time for one more question, which comes from Mark Delaney with Goldman Sachs.

我們有時間再回答一個問題，該問題來自高盛的 Mark Delaney。

The first was on the gross margin outlook longer term. You mentioned a number of steps the company is taking to try and improve the gross margin, one in particular you mentioned was consolidating manufacturing with outsource partner in Thailand. When you think about the margin impact of these steps, how much margin improvement when fully complete do you think this will drive? And how long do you think it will take before that's hopefully done?

首先是毛利率的長期前景。您提到公司正在採取一些措施來嘗試提高毛利率，您特別提到的一個是與泰國的外包合作夥伴整合製造。當您考慮這些步驟對利潤率的影響時，您認為完全完成後利潤率會提高多少？你認為這需要多長時間才能完成？

Well, I'll give you the 30,000-foot answer, and then Mark can provide some details. There is a couple of things that we're doing right now that will have a near-term impact. One is, as the supply chain constraints start to alleviate, the price of components goes down, the scarce components goes down. So that will have an immediate impact just over the next following weeks or months. And then a little longer term, maybe over the next quarter or so, we'll start to see the impact of the transfer to Thailand, which will bring down product cost.

好吧，我會給你 30,000 英尺的答案，然後馬克可以提供一些細節。我們現在正在做的幾件事會產生近期影響。一是，隨著供應鏈約束開始緩解，零部件價格下降，稀缺零部件下降。因此，這將在接下來的幾週或幾個月內產生直接影響。然後從長遠來看，也許在下個季度左右，我們將開始看到轉移到泰國的影響，這將降低產品成本。

And then the other two, namely product design improvements to reduce the BOM cost, that one is going to be a longer term, 1 year to maybe 18 months before we start to see the impact. And then fourth, we've got solutions, which include software and that, of course, enables us to raise our ASPs. And that also tends to be more of a longer-term contributor more on the order of a year or 2 years.

然後是另外兩個，即產品設計改進以降低 BOM 成本，這將是一個長期的，1 年到 18 個月之後我們開始看到影響。第四，我們有解決方案，其中包括軟件，當然，這使我們能夠提高我們的 ASP。而且這也往往是一個更長期的貢獻者，大約一年或兩年。

Mark, I'll let you add.

馬克，我讓你補充。

Yes. And Mark, obviously, it's one of the things that we have focused on probably most prominently over the last few months, which is kind of our gross margin strategy. I mean for Velodyne, the key thing for us really has been the implementation of these plans, as Ted mentioned and as we discussed in our preliminary remarks. When we look directionally, our goal is to continue to make significant progress on the gross margin side. We're very excited about the fact that we've been able to increase our guidance for the fourth quarter in terms of our billings now for between $13 million and $15 million.

是的。馬克，顯然，這是我們過去幾個月最關注的事情之一，這是我們的毛利率策略。我的意思是對於 Velodyne 來說，對我們而言，真正的關鍵是執行這些計劃，正如 Ted 提到的以及我們在初步評論中所討論的那樣。當我們有方向地看時，我們的目標是繼續在毛利率方面取得重大進展。我們很高興我們能夠將第四季度的指引提高到現在的 1300 萬美元到 1500 萬美元之間。

In addition, with the activities that Ted mentioned, we do believe that we'll continue to make progress in improving our gross margins. Obviously, on a GAAP basis, we did see some significant headwinds this quarter, but a lot of that's behind us, and we're looking forward to continuing the process of putting together very, very detailed and specific plans on how to improve our gross margins, specifically in the fourth quarter and also going into 2023.

此外，通過 Ted 提到的活動，我們相信我們將繼續在提高毛利率方面取得進展。顯然，根據公認會計原則，本季度我們確實看到了一些重大不利因素，但其中很多已經過去，我們期待繼續制定非常、非常詳細和具體的計劃，以提高我們的總收入利潤率，特別是在第四季度以及到 2023 年。

This concludes the question-and-answer session. I would like to turn the conference back over to management for closing remarks.

問答環節到此結束。我想將會議交還給管理層以結束髮言。

All right. Thank you all for joining us today. We look forward to speaking to you in the weeks to come. Have a good afternoon.

好的。感謝大家今天加入我們。我們期待在接下來的幾週內與您交談。有一個美好的下午。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。