Q3 2021 Luminar Technologies Inc Earnings Call

November 11, 2021

To remind everyone that during the call we may refer to GAAP and non-GAAP measures in our remarks. Today's discussion also contains forward-looking statements based on the environment as we currently see it and as such does include risks and uncertainties. Please refer to our press release and business update presentation for more information on the specific risk factors that could cause actual results to differ materially. With that, I'd like to introduce limit, our founder and CEO Austin Russell.

<unk> to differ materially with that I'd like to introduce limit, our founder and CEO Austin Russell.

Alright, well, thanks, everyone. Great to be here with all you guys. I'm glad we could do this and kicked off this quarterly update. Certainly, no shortage of exciting things going on but there's certainly a quarter to remember. Good video. Hope you guys enjoy that as well too as we continue that series. So we're live from our HQ in Orlando.

Certainly no shortage of exciting things going on but there's certainly a quarter to remember so I'm. Good. Good video hope you guys enjoy that as well too as we continue that series. So our lives from our HQ in Orlando and with.

I hope you guys also enjoy kind of the video format that we have here in the interactive nature. So just jumping right in. I think this quarter has certainly been one to remember. Followings of relentless execution across the board and a host of new commercial wins and partnerships that are helping drive this industry forward. So it can be good to take a few minutes to talk through some of the recent events in a little bit more detail before I hand it off to Tom here for an update on our key business milestones and subsequent Q&A.

Here for an update on our key business milestones and subsequent Q&A.

So that it can be beneficial, I'll maybe share a couple of slides. These are also publicly available on our website for quarterly review.

This up.

Okay.

Yeah.

See that okay.

Yeah.

So.

So yeah. So first stop is with regards to NVIDIA, you know got a lot of good questions for that and we're really coming hot off the heels of the announcement with them. So that's been great and you know aperture a little bit more context about the significance of this and the selection of our lidar for their autonomous vehicle platform known as drive Hyperion. So Luminar's Iris will be the only lidar designed into the platform. We would just targeted at delivering safe highly assisted and autonomous capabilities. And Nvidia has really been leading the charge on the modern compute revolution and you know the way that we see it is that it's really going to be no different. When it comes to the auto industry as cars look more from machines to effectively being sensors and computers on wheels.

be the only lidar designed into the platform. We would just targeted at delivering safe highly assisted and autonomous capabilities. And Nvidia has really been leading the charge on the modern compute revolution and you know the way that we see it is that it's really going to be no different. When it comes to the auto industry as cars look more from machines to effectively being sensors and computers on wheels.

And of course, the emerging trend in comments read between our companies is more that, we're becoming the de facto solution and standard for major automakers power the next generation of vehicle platforms. We've already begun showing up alongside each other on a number of different OEM and Avi partnerships. So in the case of an video solution with us know specifically and the polls that they're building out. The planned production is starting in 2024 obviously a lot of work this isn't going on between that but without a doubt would be the launch.

And the polls that they're building out the planned production is starting in 2020 for obviously a lot of work this isn't going on between that but without a doubt would be the launch so.

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So with that. I hope it gives a little bit of context, and I think yeah, you could see on the slide there too in terms of the position for the Lidar. So what I'm just going straight to it what's next and what's next is. Oh, let's see. So it's from a passenger vehicle standpoint. So moving on to wins and momentum for passenger vehicles, I think it's important to highlight a couple of things. One is and I think for some of this may be overlooked but an important one is another major win was publicly disclosed or impulse stars announcement of their planned public market view.

It gives a little bit of context, and I think yeah, you could see on the on the on the slide there too in terms of the the position for the Lidar.

So what I.

Just going straight to it what's what's next and what's next is.

Oh, let's see so is it up from a passenger vehicle standpoint.

So.

Moving on to wins and momentum for passenger vehicles I think it's important to highlight a couple of things one is and and I think for some of this may be overlooked but an important one is another major win was publicly disclosed or impulse stars announcement of their planned public market view.

Which they named Luminar as a partner for long-range sensing to enable autonomous driving capabilities. Super excited for them and the opportunity ahead, so we'll be looking forward to that.

Super excited for them and the opportunity ahead, so we'll be I'll be looking forward to that.

The other side of it is [Mobileye] you know from an execution perspective, they successfully built and probably debuted the first fully integrated Luminar equipped vehicles this quarter at IIE. During our Intel CEO Pat Gelsinger's keynote address. So it's a big step forward and shows the progression of not only new wins, but rapid development on existing programs that we had.

Yeah.

And I think we actually even went out public with MobileyeI left less than a year ago. So it's pretty cool to see this all come to fruition. So next up from a commercial trucking perspective.

So next up from a commercial trucking perspective.

Things have only been accelerating you know hooper when it comes down to it and we've announced actually two partnerships this quarter are we to the leaders in the trucking space for their next generation platforms, which only reinforces our holistic foray into trucking. And our tech is going to help power and accelerates our embarks autonomous commercial trucking service that there'll be a launch in 2024, they've got a number of great partners along the way from a vehicle [fleet] and operation standpoint, that'll be fantastic to them and to see that happen to materialize as great. I know they also actually I think just today they closed their merger and are now a public company as well. So it's great to see. And then Kodiak, our enabling us to increase capabilities and maturity as well for the next generation of trucks. So it's good stuff.

Things have only been accelerating you know hooper when it when it comes down to it and to argue we've announced actually two partnerships. This quarter are we to the leaders in the trucking space for their next generation platforms, which only reinforces our holistic foray into trucking and our tech is going to help power and accelerates our embarks autonomous commercial trucking service that there'll be a launch.

2024, they've got a number of great partners, along the way from a ovens.

Evo and.

Operation standpoint, that'll be there.

fantastic to them and to see that happen to materialize as great. I know they also actually I think just today they

closed their merger and are now a public company as well. So it's great to see. And then Kodiak, our enabling us to increase capabilities and maturity as well for the next generation of trucks. So it's good stuff.

Next up you know and this is all in Q3, so it's got a lot going on. Vehicle integrated partnerships, roofline positioning is absolutely key to enabling a safe and successful program. And that's why getting having that almost halo effect on the top of the roof there is certainly important from getting that perspective across the board and enabling making the most of the sensing systems.

Integrated partnerships roofline positioning is absolutely key to enabling a safe and a successful program and that's why getting having that.

Most halo effect on the top of the roof. There is certainly.

important from getting that perspective across the board and enabling making the most of the sensing systems.

And so we've successfully announced two new partnerships in Q3 with top global automotive group companies were bastow and an alpha. So these companies directly manufactured roofs for many of the biggest global automotive OEMs and our customers. And now they are integrating Iris into their offerings such that OEMs can seamlessly adopt our optimized solution without having you launch extensive integration work themselves. And this is an important part towards the ultimate vision of how we can use technology being standardized throughout the broader industry.

<unk> extensive integration work themselves and this is an important part towards the ultimate vision of how we can use technology being standardized throughout the broader industry.

Okay.

So that's kind of the quicker you there, you know one of the things that you may have seen in trays backgrounds, either you had was actually the somebody new who called it India Economist challenge and you know we'll get to that down in a second.

you may have seen in trays backgrounds, either you had was actually the somebody new who called it India Economist challenge and you know we'll get

to that down in a second.

One important model that we have that's kind of informal in the company is it show not tell. And there'd be had that since our inception and one thing that was this quarter that we're very proud of is to be able to show off the true capabilities of our tax.

One of the examples this wasn't in the autonomous challenge, it's effectively evolving itself into what could be seen as the modern DARPA Grand challenge that kicked off this autonomous vehicle industry. The high-speed race around 8500 tracks and with new drivers, it's pretty wild seeing cars like that going 155 miles an hour without anyone behind the wheel and certainly the fastest our [tech] has ever gone.

He has ever gone.

But I hope it serves as an inspiration for what is possible. And I think what's really cool about it seemed that as the same tack and it seemed kind of something that the in these high powered any cars that actually what's making its way into consumer cards that you can buy. And that's what makes it I think really inspirational and again show, not tell capabilities.

I hope we serves as an inspiration for what is possible and I think what's really cool about it seemed that as the same tack and it seemed kind of something that the in these high powered any cars that actually what's making its way into consumer cards that you can buy and that's what what makes it I think really inspirational and again shown on calendar capabilities. So.

So I'm raising that awareness. Now that was our inaugural event, but hopefully, it becomes a recurring thing. So at the same time, we also did conduct and conclude our European Live Road show this past quarter. The team had over 60 different customer or third party engagements out there and had vehicles on in Europe to be able to do these live demonstrations. And what we heard loud and clear is that proactive safety and highway autonomy are going to have the opportunity to change the industry as we know it. Excited to be at forefront of it.

demonstrations. And what we heard loud and clear is that proactive safety and highway autonomy are going to have the opportunity to change the industry as we know it. Excited to be at forefront of it.

I had to be at forefront of it.

Alright, so all this is great and all. New major customer wins, expanding ecosystem, it's certainly expedient exceeded our expectations.

So all this is great and all.

New major customer wins, expanding ecosystem, it's certainly expedient exceeded our expectations.

But execution is everything you know when it comes down to the product and at the beginning of the year you know we outlined five key milestones for the business and how we measure success.

And that's from both a commercial perspective, and an execution perspective, and Tom will be getting into greater detail, but sneak preview on that is is that we've been meeting or beating all of the different five key milestones. And part of why we increased guidance on some of those milestones the tough quarter, but.

Sneak preview on that is is that we've been meeting or beating all of the different five key milestones and part of why we increased guidance on some of those milestones the tough quarter, but.

For one of those that we've already accomplished that increased guidance well, so Tom will be getting into greater detail on that.

You know I'd say for the past quarter, we've had a particular focus on supply chain and industrialization as we progress on the path for series production. And do have some significant updates as it relates to Iris. So both engineering and tooling are now predominantly complete and we've secured our supply chain for next year.

An environment where that's not always a given. And are now entering the phase of our product cycle for Iris. So a huge leap forward and in parallel our contract manufacturing partners Lashkar and [inaudible] are also continuing to execute alongside us because they help optimize process and build out capacity in preparation for series production.

No.

It's obviously important to note that all of this is a first for the industry you know this infrastructure largely doesn't exist, we're creating it. It's really hard stuff you know just like our technology, we're building out our supply chain from scratch, we're building out our tooling without process. All of this stuff. So it is a very intensive period and that had been heads down just trying to execute to a tee on, but we believe that all of that will pay off big time over the mid and long term.

all of that will pay off big time over the mid and long term.

And so that's kind of your update as it relates to Iris. From a software standpoint. And the big thing is that our last update with the development of the Sentinel Alpha. So that's a big step forward and we actually, were able to do with the view of our proactive safety with live demonstrations to customers at IAA in Munich.

And the Big thing is that our last update with the development of the Sentinel Alpha. So that's a that's a big step forward and we actually were able to do with the view of our proactive safety with live demonstrations to customers at IAA in Munich.

People were pretty blown away by what was possible and just appreciating how much we can improve safety today when it comes to active collision progression. So great to see that all materialize come together and it makes it happen. It is all sowing the seeds from what we've had you know earlier on in the year and the investments that we make it's all kind of materialising at this point and subsequent capacity so.

Realizing at this point and subsequent capacity so.

So before I hand over to Tom, I just want to acknowledge and thank the Luminar team for all the hard work and everything that goes into this. You know how intense things are which over the past year though the team is actually nearly doubled in size and it's only getting stronger by the day. So we're really able to punch above our weight class by attracting top talent across both the tech and the automotive industry. And great to see people that are big believers in the vision as we pioneer this industry.

Intense things are which over the past year, though the team is actually nearly doubled in size and it's only getting stronger by the day. So we're really able to punch above our weight class by attracting top talent across the both the tech and the automotive industry and a great to see people that are big believers in the vision as we pioneer this industry.

One last note as well I'm just for all those that are on the call is with regards to the upcoming CES you're familiar is the large tech are now as much Texas automotive actually show in

Vegas that obviously didn't happen the prior year, but as the world is kind of opening up it's great to be there. We're going to have a blowout CEES. A lot of stuff going on so would encourage everyone to, if you're able to make it.

If you're able to make it.

It will be fun. With that, I'll hand over to Tom to talk about the milestones and the financials.

With that Ah and over time to talking to the milestones and the financials. So on thanks.

Great. Thank you, Austin. So earlier this year, we outlined five 2021 milestones to measure our progress against Iris and Sentinel industrialization major commercial wins and cashback.

Thank you Austin. So earlier this year, we outlined five 2021 milestones to measure our progress against Iris and Sentinel industrialization major commercial wins and cashback.

We raised guidance on a couple of these milestones last quarter and I'm happy to say, we continue to remain on track to meet or exceed each of these five milestones and in fact, we have already achieved a couple of them.

Let me review now in more detail. Our first milestone is to enter the sea sample phase for Iris. We've now predominantly completed both our engineering and production tooling for Iris and secured our supply chain for the subsequent year.

Our first milestone is to enter the sea sample base for Iris. We've now predominantly completed both our engineering and production tooling for Iris and secured our supply chain for the subsequent year.

We are entering the C-phase as we speak and continue to work closely with both Celestica and Fabrinet to get ready for series production.

Manufacturing complicated optoelectronic devices in series production scale at automotive-grade quality is not an easy task and our team has done an amazing job working around the clock to make this possible.

Separately, our integration of operation is going very well. This secures a key element of our supply chain for series production for the foreseeable future. And that's very important, especially amidst this global chip shortage we're all experiencing.

Our second mile is delivering in alpha release of our Sentinel product. In our last update call we showed a video demonstrating proactive safety on the track.

We followed that up with the debut in a more challenging test scenario at IAA in September. This included automatic emergency braking functionality at speed scenarios that existing Adas systems just can't match. We have successfully developed our alpha version of Sentinel and wet enrolling at CES in early January.

This included automatic emergency braking functionality at speed scenarios that existing Adas systems. Just can't match, we have successfully developed our alpha version of Sentinel and wet enrolling at CES in early January.

The third milestone was to achieve six major commercial wins this year. A target we doubled during our last earnings call.

I'm proud to say we have already achieved this goal with the recent NVIDIA and Pollstar wins. These two major wins bring our publicly announced total to six for the year.

These two major wins bring our publicly announced total to six for the year.

Two other wins this quarter we are excited about are the autonomous trucking companies embark and Kodiak, combined with our Daimler truck partnership announced last year. These wins extend our leadership position in the autonomous trucking space.

Our fourth milestone is to grow our forward-looking order book this year by at least 60%, an increase from our original 40% target.

We're going to do a formal tally of where our forward-looking order book stands at the end of the year, but based upon our success so far this year I'm confident we're going to meet or exceed that target.

Our final milestone is to maintain strong liquidity with the target to end this year with a greater cash balance than we started. We remain on track to meet this and ended Q3 with $545 million in cash.

We remain on track to meet this and ended Q3 with $545 million in cash.

Before we move to Q&A, I'd like to share some quick highlights from our Q3 financials and outlook for the year. Revenue for the quarter was $8 million up almost 90% year over year in 26% from last quarter. The increase in revenue was driven once again by increased program revenue. As we start to launch and execute more series production rates.

As we start to launch and execute more series production rates.

Our non-GAAP gross loss for the quarter was $1 million. Our contribution margins for our Lidar sensors continue to remain very healthy. Of the $9 million non-GAAP comps we had in last quarter, approximately $8 million of that was nonrecurring engineering expenses and fixed manufacturing costs associated with our advanced manufacturing facility here in Orlando.

Our contribution margins for our Lidar sensors continue to remain very healthy of.

Of the $9 million non-GAAP comps, we had in last quarter approximately $8 million of that was nonrecurring engineering expenses and fixed manufacturing costs associated with our advanced manufacturing facility here in Orlando.

As we discussed previously, our gross margin private series production is not a good indicator of our future unit profitability. Instead, we are focused on optimizing our unit contribution margin for when we reach series production and scale.

We plan to discuss this in more detail as we get closer to serious production, including the progress to achieving our mid and long term bomb targets and will continue to be on track to achieving those.

Our cash spend during the quarter with a little over $37 million, incrementally higher than the first half of the year as we accelerate our investments to fund the successful launches of our multiple wins.

For the year, we still expect revenue to be in the $30 to $33 million range as program revenue from recent wins continue to come online. As a reminder, this guidance excludes the impact of any accounting contra revenue charges.

As a reminder, this guidance excludes the impact of any accounting contra revenue charges.

During Q4, we expect to incur approximately $1 million of contra revenue associated with warrants provided to a customer before we went public in exchange for helping provide resources for product development and validation.

In closing, I'd like to continue to think the Luminar team for another amazing job and strong quarter. With that Trey, let's move on to the Q&A.

Thanks, Tom. Thanks, Austin. With that, we'll start the Q&A and we'll try to get everybody on the call. So let's kind of keep it to one question one follow up. The first question is going to come from Tristan Gara at Bear. Tristan, go ahead.

With that we'll start the Q&A and we'll try to get everybody on the call. So let's kind of keep it to one question one follow up.

First question is going to come from Tristan Gara Bear Tristan go ahead.

Hi, guys good afternoon. You've mentioned a couple of trucking design wins, could you give us some color as to when you expect those wins to start ramping?

You've mentioned a couple of trucking design wins could you give us some color as to when you expect those wins to start ramping.

And also would it be for L3 or L4 capabilities right off the bat I mean, given that L4 is basically transferring the liability from the driver to the vehicles and trucks heavy share very heavy.

Transferring the liability from the driver to the vehicles and trucks heavy share very heavy.

You're saying that it's going to take some time and your line will also be more proactive safety into trucking.

Your line of us be more proactive safety into trucking.

Yeah, no. It's a good question and I think there'll be more to come. You know ultimately when it comes to holistic trucking strategy I see us but this is as good of a lead up is as we could hope for. And the focus I would say for these deployments is generally around driver out of the loop L4 capability for this so that what people have been going for.

That's what people have been going for and.

This is they're targeting a 2024 on timeline in the case of embark for the commercial deployments.

So exciting to see that that happened and obviously you know part of the missing puzzle piece has been the level of performance and capability of the safety of what can be enabled with the sensing aspect and from a perception perspective, that's incredibly valuable. They did a whole analysis on that and publish that as well. So that's been good.

Kodiak is at a little bit earlier stage, but they've been they just raised their next round and excited to see them at full speed ahead.

It's from a commercial standpoint, I continue to think that there's a massive opportunity when it comes to autonomous trucks.

You know in the wake as well as the global supply chain shortages and everything going on I think that that need and demand has only ever more clear. So that makes sense.

That makes sense.

Great and then my follow up question. As you reiterated the full-year revenue guidance your implied Q4 revenue. It's basically a 50% sequential increase.

As you reiterated the full year revenue guidance your implied Q4 revenue.

Its basically a 50% sequential increase.

And more than a doubling from your Q1 revenue. Could you give us a bit of color as to what's driving that inflection point? And also at this point you know how much [inaudible] are embedded in your revenue currency?

Could you give us a bit of color as to what's driving that inflection point.

And also at this point you know how much and how easy are embedded in your well having a crunchy.

So most of our revenue now is that the program revenue or as you said the NRA. As we win more production wins and we start doing the development work to get that ready for series production.

As we win more production wins, and we start doing the development work to get that ready for series production.

That revenue is going to grow. And so if you go back to Q1, we really had only, I would say, one win that was the predominant contributor to that.

And so.

You go back to Q1, we really had only I would say one win that was the predominant contributor to that.

As we get to Q3, and then also for Q4, there's actually going to be several. So the more wins we get into more work we do, the higher that revenue goes.

So the more wins, we get into more work, we do the higher that revenue goes.

Note that obviously, you know when it comes down to is that the revenue that you're talking about in this context is all leading up to serious production. It's a different kind of revenue altogether. So as much as anything it's I'd say, it's an indicator, it is not a precise indicator at all when it comes down to it, but the question is that what kind of revenue is it with this and at the end of the day, obviously, the most significant indicator is the actual wins themselves. You can see I mean, that's the factor that matters most. That leads to how you can build an order book. And how you can build a fundamental value for the business.

it's an indicator, it is not a precise indicator at all when it comes down to it, but the question is that what kind of revenue is it with this and at the end of the day.

Obviously, the most significant indicator is.

The actual wins themselves.

You can see I mean, that's the factor that matters most.

That leads to how you can build an order book. And how you can build a fundamental value for the business.

And how you can build a fundamental value.

For the business.

Great. Thank you very much. The next question will come from Emmanuel Rosner at Deutsche Bank.

The next question will come from Emmanuel Rosner at Deutsche Bank.

Hi, good. Good afternoon everybody. Can you hear me? Yes, we can hear you, yeah, we can hear you, man. Awesome.

Good afternoon everybody.

Can you hear me, yes, we can hear you yeah, we can hear you man awesome.

The first question is on the and video opportunity and we'd love to hear you speak about what you find exciting, but it's maybe if there is any thinking around timeline or sizing of the opportunity. Obviously, this is a partnership now. How many automakers or other type of players do you expect to source system directly like this as opposed to sort of a different parts of the system separately? Just any color around what you're thinking about this opportunity.

We'd love to hear you speak about.

what you find exciting, but it's maybe if there is any thinking around timeline or sizing of the opportunity. Obviously, this is a partnership now. How many automakers or other type of players do you expect to source system directly like this as opposed to sort of a different parts of the system separately? Just any color around what you're thinking about this

So fortunately.

So, I mean I think this is really interesting for sure, it's very different and I would say, it's you know in some ways even much more significant than any given. You know single OEM win because this is a platform play right you know and being designed in a way this is super meaningful. I mean I imagine. In the case for some of you guys. You know you may cover Nvidia as well or have some context with regards to how well they've done taking over the leading this modern compute revolution as he was describing it. I think in the auto industry, they've been doing incredibly well for themselves. So it's often to be working with our I mean, there's really kind of two key players that dominate the space. There's Mobileye and Nvidia and now we got both, so.

being designed in a way this is super meaningful. I mean I imagine.

In the case for some of you guys. You know you may cover Nvidia as well or have some context with regards to how well they've done taking over the leading this modern compute revolution as he was describing it. I think in the auto industry, they've been doing incredibly well for themselves. So it's often to be working with our I mean, there's really kind of two key players that dominate the space. There's Mobileye and Nvidia and now we got both, so.

now we got both, so.

Yeah, I think and would certainly look forward to a lot of success on their part. Obviously, some of it is in our control, but some of it's in their hands. At the end of the day, our goal with all of this is to create scenarios, where it's a heads we win tails we win type scenario, regardless of who ends up. Who the OEMs work with at the end of the day.

Obviously some of it is in our control, but some of it's in their hands at the end of the day our goal with all of this is to create scenarios, where it's a heads we win tails, we win type scenario, regardless of who ends up.

The Oems work with at the end of the day.

And then just in terms of sizing up the opportunity or the timeline any details you can give on this. Yeah. So they've stated publicly that the plan for production is in 2024.

The opportunity or the timeline any details you can give on this.

Yeah. So so they've either they've stated publicly that the plan.

Planned production is in 2024.

And then the second question. So obviously you've hit a lot of your goals already you know for this year. Especially in terms of commercial wins. Where do we go from here? What should we be looking forward to?

Second question, So obviously you've hit a lot of your.

Goals already you know for this year.

Especially in terms of commercial wins.

Where where do we go from here what should we be looking forward to.

It's a.

Very good question, Emmanuel. We've already hit our six. I don't think we're done winning yet this year. I don't know if that means there that won't necessarily get to a point, where the customers are going to be in a position to make public announcements. But the pipeline of the opportunities that we're engaged on, I would say is not only the biggest it's ever been, but it's the highest quality it's ever been to.

I don't think we're done winning yet this year.

Don't know if that means there that wont necessarily.

To get to a point, where the customers are going to be in a position to make public announcements but.

The pipeline of the opportunities that we're engaged on.

I would say is not only the biggest it's ever been but it's the highest quality its ever been too.

The next question comes from Gus Richard of Northland.

Yes.

Thanks Amanda.

The next question comes from Gus Richard of Northland.

Yeah.

Yes, thanks for taking the questions. And for the most part, you guys are vertically integrated the only exception is the compute engine and your software is written and video and I'm just wondering. If you could talk a little bit about the strategy of having everything vertical except for that piece of the solution.

And for the most part you guys are vertically integrated the only exception is the compute engine and your software is written and video and I'm just wondering.

If you could talk a little bit about the strategy of having everything vertical except for that piece of the solution.

Having everything vertical except for that piece of the solution.

Right, well. I think it may be tough to buy Nvidia, but at this stage, but maybe you know. Maybe next time I'm just kidding. So I'd say that a lot of the kinds of vertical integration that we're doing really comes down to extremely specialized work that we do when it comes to the fundamentals of Lidar, when it comes to certain aspects of the software on that. I would say that from a compute perspective, it is much a platform play as anything beyond it.

Maybe next time I'm just kidding.

So I'd say that.

A lot of the kinds of vertical integration that we're doing really comes down to extremely specialized work that we do when it comes to the fundamentals of Lidar when it comes to certain aspects of the software on that I would say that from a compute perspective. It is much a platform play as anything beyond it.

I don't actually think we need to own that. This is also where there are great solutions that exist today like mobile has a great solution Nvidia has a great solution with that I don't think we have to reinvent the wheel on those on the question and I I didn't I in the sense that I don't think that those are the fundamental bottlenecks to seeing this kind of technology and system and value standardize across the broader industry I think.

This is also where there are great solutions that exist today like mobile has a great solution Nvidia has a great solution with that I don't think we have to reinvent the wheel on those on the question and I I didn't I in the sense that I don't think that those are the fundamental bottlenecks to seeing this kind of technology and system and value standardize across the broader industry I think.

We're moving full speed ahead on that, so the question is then how do we continue to accelerate things from a value perspective as it relates to the Lidar, as it relates to the software, as it relates to all of the stuff? And we have been very smart and deliberate decisions when it comes to make by partner. For the broader ecosystem.

We haven't been very smart and deliberate decisions when it comes to make by partner.

For the broader ecosystem. Thanks.

In this case when it comes to compute this is one that we specifically chosen partner. So if that helps answer the question makes sense. I think it does and then a lot of the auto OEMs are developing their own silicon for autonomous driving. You know how difficult it is some of the OEMs develop their own Asics will a beta to port your software over to their Asics. How do you see that playing out over the next couple of years?

In this case when it comes to compute this is one that we specifically chosen partner. So if that helps answer the question makes sense I think it does and then.

a lot of the auto OEMs are developing their own silicon for autonomous driving. You know how difficult it is some of the OEMs develop their own Asics will a beta to port your software over to their Asics.

Silicon for autonomous driving.

You know how difficult it is.

All of the Oems develop their own Asics will a beta to port your software over to their asics.

How do you see that playing out over the next couple of years?

It's a good question and I think well, for the most part, I'd say for the vast majority of OEMs and folks. We see them sticking to you know Nvidia and Mobileye-based platforms as well. They get designed in.

It's a good question and I think well for the most part I'd say for the vast majority of Oems and folks we see them sticking to you know Nvidia and mobile based platforms as well.

Get designed in.

But that said, we are able to be compatible with other compute architectures as well. You know and we're actually looking into that in a couple of cases. But there is incremental, with each different compute architecture. There is incremental work that is required but we're obviously trying to build our software in a scalable way as possible when it comes down to it. So it depends totally on the type of compute architecture and just how exotic it necessarily is but for standard architectures, it's not exceedingly difficult, but internally doable.

We are able to be compatible with other compute architectures as well.

You know and we're actually looking into that in a couple of cases, but.

Uh huh.

There is incremental.

With each different compute architecture. There is incremental work that is required but we're obviously trying to build our software in a scalable way as possible when it when it comes down to it so it depends totally on the type of compute architecture and just how exotic it necessarily is but for standard architectures, it's not not exceedingly difficult, but internally doable.

Got it. Thank you so much. Thanks guys. The next question comes from Michael Philosophic Bahrenburg.

Alright, Thanks for taking my question guys. So the first one around the video in.

I mean, I guess I'm curious if the Nvidia platform sort of an open source platform. What you guys were selected as sort of the primary offering where the woman to the biggest stamp of approval because it seems like you go to their website and you know there's there's three other lidar suppliers on their in eight different sensors from other suppliers on that'd be a website that are being offered so I guess, how does that compare to what.

You guys have one here.

Yeah, Yeah, no. It's a I think it's actually not an unreasonable question, it's actually kind of confusing. So this is where does just for sake of clarification. The distinction here and this is a really important is that yes. So in video obviously does have a broader ecosystem of companies that use their chips.

Key distinction here is it.

I mean, you're using their chips is great and all.

We've been doing that for a few years and along with you.

Other companies as well.

And as part of their drive ecosystem and everything they have which would which is cool but.

The significant thing here and then really newsworthy thing is not that at all.

I would say probably half the companies in the industry and to their credit Nvidia has done a good job of proliferating their chips into college, but when it comes down to this this is for their autonomous driving solution. This is further post acquisition and we are the only lidar company for that.

Very important and critical distinction. This is what they are building their software stack on this this is what actually gets designed in.

You know that.

That's the that's the important part and that's again, that's not to say that.

No one else will ever work with Nvidia by default for autonomous vehicle companies like I said most.

Or lidar companies I mean, most doing some capacity, but this specifically for Hyperion business. This is their their plant.

I guess ultimately will the Oems, we're working with the Hyperion platform will they still individually source the centers or are they take sort of this one stop platform at you know with all the sensors on their web site that are listed including yours.

Well, I think it would be virtually impossible to try and you know hot-swap a different sensor for software that's not built on it. Even if you try necessarily but, obviously, the only reason why you do that in the first place is A, it had better performance or B, it was more cost-effective. And could actually do that. But that said, this is one of those things where it's obviously a very high barrier to entry, but equivalently very high barrier to exit with this.

Even if you try necessarily but.

Obviously, the only reason why you do that at the first places.

<unk> had better performance or be it was more cost effective.

And could actually do that but that said.

That's a this is one of those things where it's obviously.

Very high barrier to entry, but equivalently very high barrier to exit with this.

So that did it's part of the design of this. And again, not to say that someone couldn't work with other components or actually I mean like one configuration is you could also. I mean people work with Nvidia where they don't have a lidar at all you can do that it's just a question of if you want these autonomous driving capabilities and you want to be able to enable that, and you want to use Nvidia solution, then you would use this. And automaker can still you can say, they still develop their own stock and use an Nvidia chip.

Not to say that.

Got it.

<unk> worked with other components are actually I mean like one configuration is you could also I mean people work within video where they don't have a lidar at all you can do that it's just a question of if you want these autonomous driving capabilities and you want to be able to enable that and you want to use in video solution. Then you would use that and automaker can still you can say, it's still develop their own stock and using Nvidia chip.

But then not to beat the part of the whole purpose of what we're trying to be done is to see standardization of functionality, standardization of technology as part of this play.

Got it, and just one quick follow up around the vertical integration. The acquisition of operation. It seems like you're vertically integrating vary around a very specific design and I'm curious does that mean you're really confident in this design sort of in perpetuity I mean just specifically the [N gas photodiode right.]

The acquisition of operation It seems like you're vertically integrating vary around a very specific design and I'm curious does that mean, you're really confident in this design sort of in perpetuity I mean.

Typically the N gas photodiode right.

There any roadmap to change away from that because if you're vertically integrating around it I guess, what's the strategy in mind, we have absolute 100% extreme confidence that this is.

Not just the path for us, but actually I I don't I don't know who are aware of any other viable path to get to this level of spec and economics that are ultimately needed to be able to need to kind of these long term trajectory of building this kind of business in this value.

And to scale alumina Tenex 100, XOMA over the long term for what we want to do so yes. It does absolutely reflects that conviction now part of this though is that that doesn't mean that we're like done in terms of our tax developments forever abide by any means and there's two aspects of that one is obviously.

Going beyond the hardware and into the software side.

Really starting to see a lot of results on.

But the other aspect of it is from a lidar standpoint to part of the reason to bring these guys in house I mean.

Is to actually build out in automotive supply chain like most.

If you try and go into series production with a lidar as a sensitive like the supply chains don't exist to support a series production product for a lineup as it stands right now like they're they're not there they're not automotive qualified they're not ietf certified not none of the stuff you have to be able to actually establishes established process and have that ownership to make this happen otherwise.

See it even coming to fruition so.

We see all the supply chain challenges that people having tonight.

The risk is tax higher when you get to this level of specialization with all of this and this is already kind of in the case of this and that's why.

We've gone and some of these cases like I said part of the reason of.

Of the significance of how we were able to do this is it for these kinds of companies and the same thing for Black Forest Engineering. For example that we acquired previously we signed up these guys with exclusivity agreements years ago, such that you know it would enable us the opportunity to work closely with them collaborate on this and ultimately have the opportunity to potentially buy them.

And in that sense.

And basically the that puts it in our favor but.

Yeah, it's going to it's going to continue to be an important part, but again for next generation component development for this these are the right guy to do it.

During that same architecture, but there are improvements and we can move at an even much much faster pace and taken out of niche world and in automotive.

Alright understood. Thank you very much thanks, Michael.

The next question comes from Aileen Smith at Bank of America.

Hi, guys.

I wanted to follow up on Michael's question on how automakers can develop their own hardware stack and spec components accordingly, while still using the Nvidia chip. Is there any precedent with Nvidia or other players and not just for automotive but possibly other industries as well that you guys looked to assess how components and hardware on a reference platform ultimately make their way into being quoted on production platforms by the ultimate customers of Nvidia? I think we can assume that being on a reference platform makes for somewhat of a sticky position, but are there examples that you can point to where that clearly demonstrates that that that is the case?

Quoted on production platforms by the ultimate customers of Nvidia I think we can assume that being on a reference platform makes for somewhat of a sticky position, but are there. Examples that you can point to where that clearly demonstrates that the that that is the case.

Ah.

Yeah.

Yes, there are examples. I'm not sure, I don't I don't think we could probably speak on behalf of Nvidia for them since they are not all public, but I think when it when it comes down to it. The opportunity here for what it is and you have to separate it out into two different things. One is like you know the compute platform itself with a chip people using video chips. I mean, originally they actually, I think they got their name and gaming right. You know of all things and then kind of moved over to automotive and all the stuff that people use it across the board. The value here is the autonomous vehicle platform. It's the full stack into the software itself is the solution.

<unk>.

The opportunity here.

what it is and you have to separate it out into two different things. One is like you know the compute platform itself with a chip people using video chips. I mean, originally they actually, I think they got their name and gaming right. You know of all things and then kind of moved over to automotive and all the stuff that people use it across the board. The value here is the autonomous vehicle platform. It's the full stack into the software itself is the solution.

If you're using it in video solution as part of that then that that that's where we're getting embedded into that that's why I'm, saying, they're not going to say it is it possible to use an nvidia chip without to live in our lidar like off like you know people are doing this today.

On cars and they don't they don't have that but again like part of the whole point of the benefit of what Theyre doing is to enable that solution.

So for other automakers that have developed their own full stack solutions or are developing.

You May you may have seen some of our announcements already with them in terms of what it comes out where we partner directly regardless of whether Nvidia is in it or not.

With their with their full stack solution. One example for example, with this is that and he was like a hybrid.

You have a Volvo, which we've obviously been very vocal has been very public with us.

They are using an Nvidia chip.

They are using the full stack solution from <unk> and us.

And then also using a lot. So you know so that's.

That's like one example, there too of where is it's not that but it is still and video platform, but we still we still got the wind and that's where it kind of goes back to the comment of hedge they win tails we win.

That's the that's the kind of play and set up that we want to have.

Okay, Great. That's helpful and then I want to make sure I understand the <unk> commercial wins secured during the year and the two additional ones in the quarter, which I think you said it is kodiak and embark I would've considered the Nvidia wanted to be included in those commercial wins. So the question is it wasn't video already included in your side of the commercial ones I think you had one.

That was this undisclosed earlier this year is it not counted because it's technically close post quarter or is being selected for inclusion on a reference platform not considered a commercial win until it for production with an automaker.

Yes so.

I mean, we've kind of laid out in the past our definition of major commercial.

But just to clarify, I think there's some confusion on that Kodiak and Embark are not the major commercial, it's Nvidia and Pollstar. Yes, that's where I was going to go which is the six that we've had this year are public announced that kind of meet our threshold for major commercial wins were [SAIC] or Shanghai auto, Tony AI, Airbus, Volvo standardization win Pollstar. And then Nvidia. The criteria that we have for major commercial when is that there is a written agreement that kind of memorializes that the customer has deliberately selected our technology. It needs to be with a major industry player that is going to lead to a serious production program or an equivalent major commercial platform right. So when you think about Airbus that's not serial production, but they are a major industry player.

Site or Shanghai auto.

Tony AI.

Airbus.

The Volvo standardization win Pollstar.

And then in video.

<unk>.

Criteria that we have for major commercial when is that.

there is a written agreement that kind of memorializes that the customer has deliberately selected our technology. It needs to be with a major industry player.

That is going to lead to a serious production program or an equivalent major commercial platform right. So when you think about Airbus that's not serial production, but they are a major industry player.

Or <unk>.

Wavelength.

Major commercial.

Platform right. So when you think about Airbus that's not serial production, but they are a major industry player.

What we plan to do with them, we expect to be a significant commercial opportunity. That's the bar to get to a major commercial win. Kodiak and embark our great customer wins.

In commercial opportunity, that's the bar to get to a major commercially kodiak and embark our great customer wins.

We're optimistic that there that those partnerships are eventually going to above into major commercial wins, we're not counting them in that category today.

In the past, we kind of said we had one undisclosed. That was Pollstar. And so look. Yeah, there are some time a time lag between when we actually achieved the win and then when the customer is going to publicly disclose that. We work with our customers on very sensitive projects and we don't publicly disclose them until they are ready.

That was pollstar.

And so.

Look.

Yeah.

There are some time a time lag between when we actually achieved the wind.

And then.

When the customer is going to publicly disclose that we work with our customers on very sensitive projects and we don't publicly disclose them until they are ready.

The other thing that I would say is in our forward-looking order book, which once again is our estimate of the expected revenue over a lifetime of a program that we've won. We only have our major commercial wins in our order book. And when we updated at the end of the year, we're only going to include the major commercial wins we have on December 31st, 2021, in that calculation.

Of the <unk>.

Expected revenue over a lifetime of a program that we've won we only have our major commercial wins in our order book and when we updated at the end of the year. We're only going to include the major commercial wins, we have on December 31, 2021 in that calculation.

We're going to include those major commercial wins, whether they are publicly disclosed or not, but they will be in that calculation.

We're going to include those major commercial wins, whether they are publicly disclosed or not but they will be in that calculation.

Got it, perfect that that clears up some questions I had around the commentary on slide 12, but that makes sense. Thanks for taking the questions. Thanks.

Thanks.

The next question comes from Itay Michaeli. Awesome, great. Thanks, everyone. Tom, you mentioned earlier on the pipeline and the funnel is really strong and of high quality was hoping you'd give us a little bit more high level of detail about what you're seeing there, maybe by geography premium versus maybe even mass-market automaker interests. A well as the idea of sort of option versus standard equipment as we've seen with the other customer recently. So just curious if you can maybe go a little bit more into your earlier comments about the funnel and pipeline.

Kelly.

Thanks.

Awesome, great. Thanks, everyone.

Tom You mentioned earlier.

On the pipeline and the funnel is really strong and of high quality was hoping you'd give us a little bit more high level of detail about what youre seeing there maybe by geography premium versus maybe even mass market automaker interests as well as the idea of sort of option versus standard equipment as we've seen with the other customer.

So just curious if you can maybe go a little bit more into your earlier comments about the funnel and pipeline.

All of the above. I always think of the automotive industry as having three major regions, China, North America and Europe. And you also kind of have the luxury brands and in the mass-market brands.

I always think of the automotive industry as having three major regions, China, North America and Europe.

And you also kind of have the luxury brands and in the mass market brands.

And then right now I would say. Because we have finite resources, we're really prioritizing where we're going to devote serious resources for the potential programs that we're engaged in.

Right now I would say.

Because we have finite resources, we're really prioritizing.

Where we're going to devote serious resources.

For the potential programs that we're engaged in.

And so from this perspective, I would say the pipeline is across the three major regions. The prost premium versus mass market. It includes standardization opportunities. It includes both hardware as well as hardware plus, either Sentinel software aspects of it.

Prost premium versus mass market.

It includes standardization opportunities.

It includes both hardware as well as hardware plus, either Sentinel software aspects of it.

Either Sentinel software aspects of it.

And I would say, it's almost exclusively companies that are in that passenger vehicle or commercial trucking landscape.

Perfect. That's very helpful. And then just as a quick follow up on the commercial truck partnership wins. Is there any potential software contemplated in those planned or is there still a bit too early for us to know and finalize that?

Is there any potential software contemplated in those planned or is there still a bit too early.

Peter.

And finalize that.

So for the most part you know for some of these providers they are developing their own software SaaS, you know when it comes down to it. But there are different things that we contribute certain components of Sentinel to interest levels in varying degrees depending on the OEM or in this case Avi player. I would say there's, a general tendency for greater opportunity with the OEMs themselves, which is our focus as opposed to providing software for independents like tech companies when it comes down to it. And that's where we think the value is. Say like the Daimler trucks of this world for example, which it's not something that we had the prior year. That was a good example, like a major win.

Their own software SaaS, you know when it when it comes down to it but.

There are different things that we contribute certain components of Sentinel to interest levels in varying degrees depending on the on the.

OEM or in this case.

Avi player I would say Theres, a general tendency for greater opportunity with the Oems themselves, which is our focus as opposed to providing software for independents like tech companies when it comes down to it and because that's where we think the value is saying.

Say like the Daimler trucks of this world for example, which.

It's not something that we had the prior year and that was a good example, like a major win so yep.

Hopefully that makes that makes sense, yeah, maybe that could come up with. Ultimate would you get data back from these partners as well that you can leverage internally or is that to be determined as well, even if youre not selling the software is there any leveraging of their data that you can lever it yourself.

Ultimate would you get data back from these partners as well that you can leverage internally or is that to be determined as well, even if youre not selling the software is there any leveraging of their data that you can lever it yourself.

Yeah I agree there is absolutely significant data benefits you know when it when it comes to these kinds of things and particularly when there are software components to all of this like.

Like in the case of some of the other relationship to the goals of this world or whatever it may be.

Yes.

I would say that is.

The intent ultimately is to be able to have.

You actually don't want all the data you want you want useful bits of information of as these cars driving around to harm that global presence have those miles and everything and.

I mean, just just as an example, any single OEM deployment and data from that is orders of magnitude more than every robo taxi company, an autonomous vehicle company on the planet combined like times of 100, So you know that.

That's the value that you are talking about here.

And we don't have to pay a $1 billion a year to maintain our fleet.

We actually get paid to do it so of course.

What that means is that you also were able to have product improvement safety improvement other step along the way.

So so it makes it.

It makes it easier it makes it it's not it's not just like a.

It's not a one sided thing it's a win win for everyone.

Awesome, that's very helpful. Thank you. Thanks.

Thanks C J.

The next question comes from Jaime President Laughing.

Okay.

Hi, everybody.

Alright, great quarter.

So I'm looking at slide seven.

Platforming.

Thank you.

Yes.

Or are we done.

So we basically.

<unk>.

Right off the bat providing.

Or is that correct.

How does that give me a little bit more detail does that error correction.

I think that that's sort of the semantic of Hollywood described it I mean, effectively all centers have to be redundant.

You have to have some kind of redundant mechanism for example.

If you had a functionally critical system that was dependent only on just.

A single Luminaire Lidar like nobody nobody has deployed now that there's a reason why people still have the camera on their vehicles or other stuff or what why are implementing radar obviously.

The core of the data that you actually get to understand where the position of the objects are and everything that's going around and seeing comes from a lidar.

But it is.

It is we've done it in the respect of.

The architecture of other vehicles such that.

If any single thing were to fail the car would be able to come to us they stop on the side of the road and autonomous operation.

Or be it will still have some basic capability.

My follow up any of this non automotive.

Aerospace <unk> mammography.

Yeah, I mean look.

Look I think we announced Airbus earlier this year.

But I would say, where we're spending predominantly most of our time is on the automotive as.

As well as commercial trucking landscape.

But thats an area, where our long range Lidar can make the biggest impact and quite frankly, when we look at our Tam It is by far and away the biggest part.

One of the opportunities we see out there.

That's all the questions I have thank you. Thanks, Tom I appreciate it.

Next question comes from Dan Levy of Credit Suisse.

Hey.

Yeah.

Hey, good evening, Thank you for taking my questions.

Tom I wanted to follow up on one of the prior responses you gave and this is just on <unk>.

Some color on the order book.

These discussions that you're having on the automotive side or are these all for series production programs and maybe you could give us a sense of how much your.

Your agreement with fall, though on <unk> 90 from earlier in the year has led to other dialogues or discussions with other automakers for series production programs.

Sure.

Yes.

Dan.

We're focused only on.

Engagements.

That are going to lead to serious production.

Or.

For the area are equivalent for areas outside of our passenger vehicle programs.

We're not I think we're past the point, where we're going to be engaging with customers and selling them a lidar. So that they can test it on the bench. This is how do you take our technology and how do you deploy it in the series production vehicles.

The announcement, we made over the summer with Volvo.

Our original deal with them with an option leading the standardization.

A lot of customers took notice.

For two reasons one is.

It demonstrates.

<unk> confidence in our continued execution that they're willing to give us more and more business they've said publicly that.

Their goal is to ultimately put our technology on every vehicle that they made they said in their IPO perspective that they plan to put a lidar on all of their next generation electric cars not just.

The successor program to the <unk>, 90%.

And so that's a big vote of confidence in us, but more importantly, also for those competitors to Volvo.

They see their competitor deploying this technology very soon.

And they want to make sure that they're not going to be in a position, where they're going to fall behind from a technological perspective.

Great. So.

It sounds like a lot of the other programs that you are looking at are probably similar in terms of the type of functionality.

<unk> and capability that that it's enabling sort of highway autopilot.

Level, two plus plus level three type functionality.

So here's the way that I would say it which is.

You kind of see with Bogo, which is the highway autonomy as the sizzle that everybody wants to talk about and get in the door and when you look at some of the pricing that folks like Tesla here, but to get four.

That type of functionality for them, even better system. It's a great profit generator for these for these Oems.

So that that is the sizzle that I would say that drives a lot of the attraction what drives standardization is that proactive safety element of it.

You can substantially improve.

Safety capabilities of existing Adas systems, right and so when you look at some of these proactive safety videos that we have been putting up there and what these systems are able to detect.

It's just no other Adas system on the road today can can really approach some of the capabilities and some of the speeds that we've been demonstrating.

It's important to point out that the kind of proactive safety functionality that didnt like that that's something that really doesn't even sit on the traditional level scale as as Youre talking about this is it's an entirely different dimension of capability that that also has definitely gotten people excited.

But yeah I agree with everything Tom said and yes, no just gotta gotta keep digging into the next level.

And then my follow up.

I wanted to go back to the Nvidia agreement, maybe you can give us a sense of what the process was to get sourced.

Was this a deep RF Q processing, which they were looking at a number of different lidar provider is that after this process. They chose you.

And how much is there exclusivity versus potential for maybe a tad other lidar providers to the platform.

Yep Yep.

So.

Two different things I need to answer the first part of it one is.

The whole point of it when you build a stock out you have to be able to have an architecture that you're building.

And.

In theory, someone could build different stacks that are try and build off different types of sensing systems, but this. This isn't like a hot-swappable commodity with the same the same kind of architecture by any means is that they are actually generally dramatically different. And when you do that you really have to be able to build your stock on a given architecture. And that's why it's been such an important focus of ours to make sure that we can get successfully get designed in on to these key defining platforms. Because the decisions are being made today they can have effects for 10 years, maybe 20 years in some cases on platform cycle perspective. So that's a really critical part when it comes down to it. I would say. And what was actually the first part of the question there?

Try and build off different types of sensing systems, but this.

This isn't like a hot swappable commodity with the same the same kind of architecture by by any means is that they are actually generally dramatically difference beyond when you do that you really have to be able to build your stock on a given architecture and that's why it's been such an important focus of ours to make sure that we can get successfully get designed in on to these key defining platform. Arms, because the decisions are being made today they can have effects for. 10 years, maybe 20 years in some cases on on. Our platform cycle perspective so. So that's a really really really critical part and. When it's a. When it comes down to it so. I would say. And what was the what was actually the first part of the question there too.

Arms, because the decisions are being made today they can have effects for.

10 years, maybe 20 years in some cases on on.

Our platform cycle perspective so.

So that's a really really really critical part and.

When it's a.

When it comes down to it so.

I would say.

And what was the what was actually the first part of the question there too.

What was the Crosby process. That's up against other providers. Yeah, I'd say like this stuff is intensive. And not in the sense that there's a lot of work that goes into this, you know, I don't want to speak too much on behalf of Nvidia or any OEM or anything you know that when it comes into play but these are multi-year processes that extensive amounts of diligence is done in a lot of work that goes into this slips, let's say it doesn't exactly happen overnight.

What was the Crosby process.

That's up against other other provider yeah I'd say.

Men like this stuff is intensive.

And not in the sense that.

There's a lot of work that goes into this you know I don't want to I don't want to speak too much on behalf of <unk>.

Nvidia or any OEM or anything you know that when it comes into play but these are multi year processes that extensive amounts of diligence is done in a lot of work that goes into this slips, let's say it doesn't exactly happened overnight.

Great. Thank you. Thanks, Dan. And with that, that's going to end our Q&A session. I want to thank everybody for joining our Q3 earnings call. We look forward to talking to you for our Q4 earnings call and potentially at CES if you can make it there. Thank you, everyone. Alright, Kevin, you can close.

Thanks, Dan and with that that's going to end, our Q&A session I want to thank everybody for joining our Q3 earnings call. We look forward to talking to you for our Q4 earnings call and potentially at CES. If you can.

You can make it there thank you everyone.

Your line that could go up thanks, everyone Alright, Kevin you can close.

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