VIEW - Earnings call transcript Q1 2021 | View Inc.

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Operator

Greetings and welcome to View, Inc.’s First Quarter 2021 Financial Results Conference Call. At this time all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instructions] Please note, this conference is being recorded. I will now turn the conference over to our host Samuel Meehan, Head of Investor Relations at View, Inc. you. Thank

begin. may You

Samuel Meehan

our and am View’s Investor Samuel I’m Rao View. everyone, Vidul and conference our Prakash, Relations quarter call. And CFO. Mulpuri, Dr. with I Meehan, here and welcome afternoon CEO; first the to XXXX at Chairman Good Head of

financial introduction Vidul review our call customers products, this brief and will and will and detailed Company results our provide Rao the the QX an Afterwards, provide outlook. our of a On a operations. afternoon, to our update on

Before I after release results. begin, issued market would we financial you like press that the today, to shortly announcing a the quarter remind its first close of View

You view.com. may Relations release Investor the sections access of this press in

for actual the of the will also a could non-GAAP cause As I to forward-looking you performance that that discussion during call, performance. refer discussion today’s forward-looking release statements, factors Company’s includes materially to remind would please measures statements. View’s we from differ like related those to certain press to discuss our

can over measures measures release. the press the the in nearest comparable Rao, GAAP You of you. to reconciliation to those find

Dr. Rao Mulpuri

strong will Thank public View’s financial us We quarter, as first call to and a warm results. cover Vidul first details a of of for you earnings had and a you, all Samuel, joining company. welcome our

summarize areas distinct will Given important I of all for to sections. call, context like I’d us our to better. about this you in first is a remarks to start few a know providing get my by few

and and finally, and third, products; operations. I and we big building of second, are technologies; who to our and our a opportunity we’re you market View; fifth our sense the First, why the fourth, customers; want give our

initial with of section, of and and inspired challenges mission human Those we opportunities who us biggest and health. from the the first I ago to at our journey this why the View semiconductor the change team time, came was are over two solve the on we industry. XX-years in of So, to start here? are climate

scientists, display on AI Now, ML and our experts. technology software, engineers, device we experts, material have team,

to up stack As able bits. been to product a result, from end-to-end we’ve an the from full build atoms ground

what are with our We our is backgrounds. and mission And people have us culture. such unites diverse fortunate to

about We passionate creating a are impact. positive

about obsessive customers. We’re our

to the hungry we’re From believe learn, an first principles, point things iteration, excellence. to like and view, power engineering to We’re brilliance. we in to driven of of than the down just we rather and power of simplify

estate, When like build really: to the massive second at look First, change talk need innovation, amount see about real asset change had in and class the to multi-decade opportunities, in world, the the we of the Now, the of section, least and four our efficiency. we of in I’d the largest has technologies. big more issue climate opportunity trends it

estate the so buyer, the of had the has to bring in gaps industries. opportunity user witnessed industry user most between and to as Second, we significant the experience, real on many the focus

building technologies. needs are opportunities just people At this of fabric massive and accelerate industry, of a is of finally, issue. reprint and in our except unique for opportunity and people’s in uses This pandemic beneficial the health fourth life, is learning that buildings by we infusion impact has lagged industries. are estate quality technology. enabling into significant space the is four infuse our we have Third, the opportunity the Today, and has human like have And a we we we we serving significant all of are that actually to drive value in to technology walks the creation awareness and health. consume outcomes. health, the trend, the learned in consume a determinant helping quality seen of real of we profound as on tech-enabled tech. phones business, other food automobiles and a these View, around we Much And

science have seen Advances changes nanomaterials science. change. industries, material material First, created little and in yet especially buildings the revolutionary in industry has many

For micrometer, building of the we thermodynamics add X is building. hair of skin the change to which fundamentally the thickness View, and XXXth of entire example, at a the human

way high-performance, computing devices. of Second, low-cost Semiconductors and by storage. sensors,

Third, by fourth And intelligence. both wired fiber wireless XG but connectivity artificial of high-speed ubiquitous connectivity, technologies, finally, cable. also as such and way and

will be industry As by to poised and real is every you disrupted no know, AI, be exception. estate

XX these last the the assembling we’ve been carefully technologies. years, in building Over blocks

patents have early at already and value-creation very are a applied. industry, X,XXX issued we and over We stages of vast in this

let’s Now, third our products. about talk section, the in

product is base Our the window. humble day-to-day

find I material through. a to have a are see this we material. traditional wall scientist, But, And two humans, as you that material a is can have fundamental to be windows and magical As flaws. lucky glass it discovered

building, building. First, the entering traditional dynamically all as XX% of buildings windows result air do problem energy cooler to pump use. solar not of This a amount heat of control a the through tremendous represent energy requires

usable traditional are make emissions natural reduce reason. likes We use, people’s and XX%, Second, for we access strives while and smart energy light views View’s and spaces use also of to drastically shades smart to control towards carbon Thus, as the and lighting to a building’s Blinds world unsightly outside. goals. zero HVAC net and the shades, good up blinds by requirements tend by light by views load control unhealthy reduce windows Nobody and natural to optimizing energy. windows potential lighting and dynamically to peak And glare. space increase windows for the the and XX%. off importantly, have outside. reduce of blinds cutting

productive smart more light outside. natural access providing create of healthier views health. the by to and and View’s spaces optimizing Regarding windows people’s

has big and how benefits Recent heavily most investing around down Windows. glass and striking, improve quality numbers. build night, we tint and technology bluish we A to View’s complete Electrochromic has are reasons first customers years, Gen at back that are a are Occupants has eliminated biochemistry over product. electrochromic color. to We with View shown mainstream X physiology, by biology, the products We understanding glass the historically the over more headaches with in adoption. eyestrain for breakthrough of by these use in are than been for neutral go function longer by windows impacted were space objectionable our blue the a consume. XX are that more human gray research XX psychology, Smart achieved our the their And they sleep held resulting XX%. cognitive XX%. These smart a and tint, delighted minutes and

our Sense, consists new platform among dust, interactive and Experience, quality, year. Customer View product exciting has View the into is this year, terrific, response of products, and other environmental X healthy things. driver Immersive is communication View power, XXXX is Gen majority several Gen and including sensors and Net, that adoption infrastructure. of X will At end key intelligent enable to announced air and that in we went accelerated commercialization noise Our building this of beyond. monitoring believe display. been year for last data our high-definition also by which this humidity, network represent a which we our the shipments a environments transparent

products building cost of these than space. comes We new often When are cost opportunities smart the much of very it systems, excited the up is intelligent open to the about in installation very building first giving important in early products. to is platform. and infrastructure note the products us construction advantage additional our to network our It’s installed building services smart the process, wired on building that provide higher

a every product, an smart have customer Now, everyday than windows massive When window, to we and market over let human-centric we can windows smart market unlock the like building. me represent in installations should And a driver addressable windows Alaska. be less to The our base airports, will from in is asset with breadth car, a have X.X% Hawaii growth opportunity for of Eventually, Real across or is you every to be the penetration, hospitals, and $X education Florida fourth View the our in a the world, and Today, New largest represent annual the foreseeable you benefits industry. of activity. our including the trillion York vertical, adoption section, U.S. and class future. window. the residential. geographic installed in window smart talk of apply dominant offices, transform multifamily market. a windows the higher total and phone, estate and smart about believe the rate to in leader smart of every case, the

View quarter. wins. In Immersive turning an Now, base of had View smart for Worth product, and airport terrific DFW’s new the International their strong windows with deploy including repeat airports, to project, Terminal to first be in notable customer customer a Sense Future. key D expansion View and Net, the Dallas-Fort installing Airport in the Gate installations This quarter is our installation wins will Experiences. first for began We

We’re announce International our also excited to Airport. O’Hare win Chicago first with

and of Oxford Smart the topped Windows shipping commercial Windows Terminal office million-square-foot This project, John’s View Smart with New be part the Terminal this View In recently. a by off York Google’s office the As Headquarters, space, year. is expansion X.X building X Properties. we’ll St. modernization

Company. very also were Hudson We’re to proud New wide. XX View to forward we smart by by Asset Uber’s as Lake to as design thinking pleased buildings more a community say, in office and expected Texas, Westdale visionary Nona, were first started We a York Tavistock a the River XXX,XXX-square-foot longest of in developed new is Development quarter headquarters now than Windows. building, well. announce, Smart City. an about View mile view of is Windows customer regional a shipping additional feature employees taking X,XXX This in unobstructed XX Dallas, example unlock behind selected Smart for the in View house the the Smart fleet Windows developed Management, is This square

Redevelopment spots been we office sciences This View Fulton sciences, Smart is second One life estate Crow’s Smart life bright Labs, sciences, View Also Smart XXX,XXX-square-foot in Windows commercial Market to space innovation the shipped a sector part was and Philadelphia’s Chicago. Place, from a University lab lab space office Chicago. XXX,XXX-square-foot of space in corridor. sector. in in the the Fulton use the the Trammell District and has in X.X In of as to lab Windows real selected Windows in life View

XXX,XXX-square-foot the we’ve Nuveen well. and of XXX office tower, as the Third Central Avenue, year, completed great in large headquarters Station in increase Over as a renovation for an activity just building This the serves to seen office in Grand year. is and of of A last this time scale York. return New near renovation their completion TIAA example later

square for Finally, we buildings Smart feet View of year. Bentonville Windows us View This million project, announced a XXX campus. been that acre XX office massive contract has in million be shipping representing space a will corporate campus. this more headquarter that campus Walmart’s office for Walmart’s $XX selected start recently is than we’ll across X.X in

and the fifth scale Now, in achieve talk View I’ll is commercialization company finally the industry. section, large in our the first to operations. about

over positive quarter. We demand our to invested. of ramp our investing Difficulty] over proud XXxX million Mississippi say we that growth Encouraged we and strong by and to have X manufacturing operation production $XXX the in started square [Technical are million capital are capabilities in to first of with from customers, feet the

XXXX. in summary, journey positive and full functions business. start from we’re our a growth investing support, serve with our company our In of our customer business scale also the customers to indicators in and We’re systems through a and to customers year accelerated sales strong the in in public and excited needed as customer-facing fast-growing

We are of in for applications. already and these revenue the new types opportunities see from building capturing intelligent space our products endless

for confident XXXX. turn With and of will the our I performance detailed call outlook our in plan a quarter future. for financial over the growth significant review this the We’re for foreseeable and Vidul for that, in to an year

Vidul Prakash

first good comments, cover my you, and non-GAAP our results. GAAP I will Vidul our results and quarter. Thank refer of Rao, everyone. to and Prakash I’m afternoon financial In will

non-GAAP numbers items. Our other not and compensation do stock-based one-time include

public existing our ticker In and For release website. please to the ‘XX, Investor on VIEW. quarterly gross loan on interest going our with QX press refer including Mississippi public, Relations the the from off located. a debt $XXX non-GAAP and pay a process balance is more debt-free our free a of we sheet where used $XX proceeds proceeds. exception is raised delivered million NASDAQ under View now details results, the earnings trading of and GAAP portion In the We the facility factory financials, the on of of of million state went reconciliation of our the to

and profitability our achieve EBITDA the positive, margin million our cash drive we Importantly, ended milestones, are with the business, quarter well-capitalized transform and $XXX growth of an for balance gross on and both positive industry. to sheet ultimately

product, yield, customer for a $XX.X X% adoption was note, factory costs. the our with an lower support quarter XX% previous has labor Company improving increase QX we back In expect representing non-GAAP ramp our the we and our strong in driven the a by are to product cost lower or managed now ‘XX product COGS and sales up better release to X $X.X factory growth. to new is was operating by and products sequential Non-GAAP generations. of quarter including million from represented as metrics year-over-year of was Now, and And benefit our to results. cost generating XX% improvement, factory yield $XX.X growth XXXX. year. a through revenue fourth better in throughput we offset pricing, to with million growth volumes reduction increase to the or driven materials or improvement was and of strong This from of driven Sequentially, Gen that important metrics declined by XX% It expenses than million, $X.X $XX.X This revenue. performance XX/X million. of hiring the operations. COGS in quarter, QX costs, a continued by manufacturing prior by market and million continue

X% OpEx factory a in compensation, year-over-year XX% quarter-over-quarter in software We by delivering the time quarter XX% XX% and and utilization managed $XX.X $XX.X decrease a lower the year-over-year Non-GAAP lower quarter-over-quarter. and costs. was expense stock-based R&D Excluding in QX line decrease a costs million, was million, improvement.

Looking ahead, increase R&D expense throughout we the expect to year.

expenses. to were we Non-GAAP travel $XX.X during the base teams. of as invest our a R&D headcount, an technology continue in quarter XX% and SG&A manage our million, company, added other in we product As and headcount year-over-year, both, improvement and product development expenses new

cost a in our and quarter QX $XX.X Our year non-GAAP improvement incurred previous ‘XX due fees SG&A a loss sequentially improvement Interest high by legal accounting $XX.X non-GAAP expenses the $X.X in our driven quarter in of XX% operations the prior, revenue $X.X of Non-GAAP million, flat higher million, grew million revenues, from in million when by loss million sequentially. reduced to expense from loss or was the improvement compared the the operations IPO. year. OpEx. in We for from and $XX.X to

with QX not expense debt $XX.X Non-GAAP interest mentioned, quarter I Company. and structure share $XX.X previously, ‘XX million in facility the in from QX of XX% count million of ‘XX we for share revolving prior or is $XX.X capital current and our $XX.X further retired improved of improved compared breakdown XX% As $X.X XXX shares. net count. of S-X million million ‘XX. a filing million loss the Adjusted to year this the material million million, improvement our loss QX by EBITDA $XX.X or loss Current for and will have Xth to of April Please going Company forward sequentially. in on was loss a a significant

Now, the turning rest XXXX. of to

and million in of plan increasing strong our achieve of we outlook midpoint in the of million. to in market product, annual a are and revenue to our adoption results $XX with our expect XXXX financial $XX confident QX for Given million $XX

As earlier, operations are to the year. in Rao anticipated sequential mentioned our growth we throughout response ramping

throughout volumes and of our factory We to improve metrics, as lower the increased scale cost drive will we continue year.

scale and our our We COGS will cost top-line. maintain decrease as discipline our we

given procure of base factory producing products, Our of we cost entirely a COGS: new of reduction roadmap manufacturing. an cost product, our cost cost focuses on components control depreciation fixed are expenses; IGU and our electronics; overhead or which materials variable, factory, and and outsource including for labor, three systems variable and of of comprising

and in improved lower margin price cost uses raw are our with we costs results, of reductions purchase three gross better demonstrated reduction efficiencies are by profile track metrics, improving of on year-over-year improvements cost As material and by in trajectory with volumes, automation, our to components. larger specifications. quarter-over-quarter are fixed driven efficiencies materials our all design absorption over factory These in

rate Beyond factory. million a $XXX factory. $XX in in have $XXX gross achieve $XX an positive million our primarily we our annualized XXXX, on basis. margin line We at production currently operate million invested million run we to expect quarterly To-date, one of at out to or CapEx,

Second item. purchased already time additional plasma operations. lead system XXXX installed, longest the We to been was system to and has make invest second in equipment the in which for plan capital ready plasma

investing costs, marketing and required ahead, the in momentum in turn marketing growth, in and next infrastructure investing to equipment will operations. the back to our opportunities call our We sales summary, maintaining and reducing our including I’ll capital our growth in sales to R&D the generation we With as efforts. investing as build continue revenue support scale to products, investing and well the In in adding are to Samuel. R&D, that,

Samuel Meehan

Vidul. you, Thank

begin the will heard investors. We today’s with questions some call Q&A portion from of we’ve consistent

you has emailing how I’ll reference, marketplace seeing can impact questions COVID-XX. at with been you. Rao, start For of Commercial View ir@view.com. today? this estate challenged are is the with Investor real Relations submit in by you And View’s impacting the business? What

Dr. Rao Mulpuri

Yes.

you’ve happening XXXX. own our pandemic. said the more we’re adoption aided As macro of in than buildings then by that and seeing heard the than from renovations that, we’re massive in of industry a just journey XXXX is business industry. plenty forecasting Having massive throughout factors our from new more of And Vidul, doubling

has One spots sciences. been bright of office area the the of in sector life the

to be continue sector. reason. capacity add for and good to a companies continuing resilient pharma healthcare and biotech So, We see

like see We office medical continuing massive So, coming goals to they’re Walmart net up zero jobs and and around better stimulus hospitals and built, and that serve to infrastructure saw with for building and others, creating in spend and corporate facilities transform campuses the in We is better. and very world. pace. industry we at to buildings, see United being States the aggressive patients potential the corporations better committing

will get plenty might the of spend sector at with work, initially spaces that less something than will office thinks sectors density office in will home XX be of about continue about people everybody meaning office time there’s So, while, the to real they there maybe But, pre-pandemic think time density years, office high Specific is when clearly bright to levels at unlikely to gains sector, that in the forward, more which spots. be is -- the going estate, to people reverse, experienced, density. elbow belief it the a the with low it very last very that back to unlike elbow. density

So, we’re support here to our customers.

figuring are customers for out their plans reentry. Our

commission of and We helping at work different. the will type work. of them office buildings are to office, back busy get be the beyond that, quite But type done

the collaboration, -- in things to pandemic world will is, will post-pandemic for think, different for people more office, be mix in-person some culture, go two I a happening the office. the for the more video in of There onboarding. more will be and

the offices evolve new our products, of are for bodes a and need breathe. they’re and instructs initiate adjust and conversation, to with the health, will their With especially there their And consuming built, employee our So, products. as how relative people, to there’s the they awareness much actually that. between they space the greater that well very to space specifically is and that way impacts health, respect you a their quality air happening to and consume employer of about health. of it conversation do But once quality an

very I a us. great that is for and think bodes that conversation well

And, great And is throughout a general strong multifamily well. the of residential continuing grow. cities churn as in movement has industry pandemic. for to and sector been the secondary Finally, the are very the

a energy and we’re tech centric the macro And a change, that heavily excited want happening old what people move enabled, sustainable coming back again, buildings. more has adoption, to the dynamic for away on set that. of And to very well of want the beginning windows lot that that well. human from focused but of to are serving consuming we’re we lot I we of bode not create said, factors about So a where are

Samuel Meehan

the on so the Great. We’ve the received products Rao, you can new far? some provide details more a new lot products. of questions reception about customer and

Dr. Rao Mulpuri

Yes.

number So, One, can categorized cloud those that really AI as of of ML is secure. engines three which we digital has can View XXst network, highly on areas. has and applications that cloud networks. call to on systems the sit. discussed, our and importantly, be But It we the It century runs Net, platforms big are the of a power on all connectivity into providers. access network it’s new it a big products and third-party additional available which

the thoughtful that seeing a insights we’ve So, That’s and this for in a of pay-off Experiences, that. which our around doing View very provide quite last building which and that the Sense, will window. environmental around area. display we’re health about years. been interest, right for work several Immersive about high-definition excited we’re into incredible very the we’re that humans. with and unique customers View then, installed gaining And a lot that’s space sensor is And is

know, you all area a of at just the week three into open we D here. Terminal full went That soft be this sometime extension will really and deployed shortly opening DFW. through As

world year growing in work and very from products, this to them very, -- look environments, these excited forward going about these unveiling in We’re having real forward.

Samuel Meehan

This Can detail volumes And on cost View’s impact capital question have business reduction the you. requires ramping is a Vidul, a upfront and investment. that you roadmap for COGS?

Vidul Prakash

Sure, Samuel.

too from what path process We cost reduction follow industries to already steep not have different expect manufacturing to done. is that other a

be displays and flat Solar would panel an example.

our COGS, before, had in mix products also of new component represented there’s it. a to fixed new includes a To which products. cost of and a fixed and context over no provide more we costs component last mentioned XX% variable year, I As

fixed upfront costs is technology, equipment, and overhead. requires factory moat our process to investment in competitive Our place. capacity put is labor and This that and

additional XX% the and almost the good than of being at full get will believe, COGS function factory overhead incremental headcount, step every costs fixed scale to the be will fixed Company For in long-term. same. but depreciation is Under all We the in new up total fixed costs increase margin, capacity, at of capacity, economies mix. for closer the go total variable, or the additional CapEx only XX% products, the in incrementally of be less costs

as are in there a key drive manufacturing. Now, process to well costs few variable levers down

less factor means yield scrappage costs. Less reducing means improved are we scrappage. First, materials

Second, of as as sizes order. throughput a come This buildings. adoption getting we sizes drive There more what industry carrier volumes. a of are percentage bigger purchasing buildings Bigger utilization, mean in and window for efficiencies bigger given as our factory product, typically well larger metrics. a and are we standard has that positive implications larger and

will systems Our us about And electronics and control our materials target XX%. in get is of for new electronics. cost. products. margins our reductions both raw design also yield systems gross materials and changes confidence team is for and factory raw significant material focused These This and procurement lower materials to gives team towards control on and engineering factory design actively costs finally, managing specifications,

Samuel Meehan

Thank you, Vidul.

call the Operator, We happy be any be. may open questions. will if now we’d there questions to to take

Operator

Thank Mark you. question Instructions] Sachs. question-and-answer conducting with Our time, be [Operator a first at And session. we’ll comes Delaney Goldman this from

Mark Delaney

to to Walmart. we detail as terms what get relative that to Company and to need the sort to of or margins able changes could that of for the may But, afternoon. Good much we your Maybe forecast so revenue of much with with to you’re any think customer. think at about only individual start there’s I questions. the company of that the very be taking really about an about program? prior was the the of going size that in And win program? share announcement the Yes. with enabled for Thanks win hoping you talk sort

Dr. Rao Mulpuri

Mark. Yes,

important is So, customer an segment of our clearly, workplace base.

As long do a releases definitely you as repeat what name our do in they focused, and way they’re building Bentonville. a press significant around respect day-to-day have website, cost a firm Clearly, from years of a know, they’re them. for They’re XXst their moving in our as existing you’ll that’s We into how century the With business by number America. customers. of to Walmart, a you campus throughout and very we’ve know, do culture. in see disclosed been new time they and by the on

at So, customers, afford our can, in to particular we In you on do, wealthy to tech very it air they’re the some be having saying, block course deciding look big people provide in because if oh, lighting. consideration With a highly important be wasteful. other sustainable, we heat company, and dismissive, we they View. what would is are penalty this a the have of without case, of conditioning and comfort past, very

a building it you’re if space, clearly, energy. So comfortable less consumes

a the We and from are effectively to was light and employee a of the of use and views, can were we point way the cost space estate usable it to to determinant of all a of create analysis is obviously space, buildings. You building. provide right? that edge view. to the space, we’ve capital of the amount able a for the research healthier But, the it afford get they’ve at the be in impact. real itself We of they amenity, That them of incremental they in case, right and and comfort people aware can increases able an that put you usability, within bring which peak underwrite And it, be into clear the utilize concluded work natural went has load, of smart View and And glass done. by use space this that has savings through for itself. particular space direct cost and means the go what more reduce

enabled. it’s course, Of tech

want were additional find future-proofed. think eye the and company what’s you work Because, like. towards a and digital can all But factors. future. I are buildings with of look an the any there’s -- those as you not did have be So, that future They to more tech-enabled of company, the now doesn’t

the main world For me, feet, kind product. mainstream and million in product. their that not At It’s campus is scale Bentonville, used of product a represents this the at it a of our is be to campus. going represents niche Walmart adoption to does campus scale of spaces. this X.X big it signal the also What

Mark Delaney

backlog The XXXX. Thanks. helpful. in That’s was $XXX million about

XXXX. about I compare was was higher think, in think bit million revenue, a $XX you million. last it a And over little or it little $XXX maybe year, it I to

convert So, can in about there to experiencing out than historical the one forward. two terms Was revenue going a how conversion? years? But trying to backlog anything understand pushing just be bit something to And need talk I’m longer importantly, been that’s of that maybe mindful better backlog of. had to you Company or into backlog think how will projects we more little about

Dr. Rao Mulpuri

Yes.

you design over our year. XXX the of design million which we backlog win of been long $XXX for has time know, of a internal pieces as at equipment. capacity for of Windows represents lead the with That about indicator The last useful basis planning, backlog the end are win Smart View So, backlog design. especially provided projects

our given design the XX-months win backlog sales However, of an cycles industry, not revenue. indicator long the is of next important

were substantially we $XX.X of in And in backlog. that win that being we’re a design only is more and million with that’s the quarterly we continued QX, at we’re had wins by of evidenced excess public And win annual not grow view from to the we you’ve factor other us. providing Company the the of term quarterly said, So, that’s of near markets, that and as of wins our that. we’ve a backlog. really more are design our we announced. that’s communicating as not and for as sub-section With and a Vidul, as on recognized looking But, and heard for just it’s now a revenue backlog Walmart update big

Mark Delaney

from lastly fixed helpful. and just commentary all you me. Vidul, of the That’s versus costs. for around variable thank margins And

people us, think for I to for helpful think, the margin it’s trajectory including through, Company. the

of this the things new maybe to with of the of you you good I X with savings would extract of compared One around be specific year-over-year on benefits what improvements Gen product? the you. Thank to Is think the Gen talked more you was can specifically But, know illustration reduction just cost product with helpful. structure any on details about products, X can be the a we X. And the Gen if cost how more reported. product quantitative don’t new

Vidul Prakash

question, That’s Mark. good a

it. Here about is think a way to

Going there be little of of in X beyond, X XXXX product. there’ll a higher much, mix Gen will much be very Gen and forward, and

And us. and us way in X. helps not the Gen that the between mix other so line, there’s we’re X changing helps is Gen it shift -- that So, no change manufacturing

a That And of with in X as importantly, plasma of glass equipment time was thickness piece TAKT basically that metric is micrometer product, and which so, is the more a much for key that time, much, metrics, coater that we our does the product. But, faster that Rao it’s Gen uptime. how time X it than getting mentioned. is helps a you with Gen call, X one spend much

much TAKT better the same factory coater time, we well, more cost throughput driven our is glass travelling our have and product. and driven equipment Gen as by So, basically through improves which the driven by utilization better footprint, X you uptime, a by lower get that faster,

Dr. Rao Mulpuri

So, And product? estate minimum should years, Early Mark, to a the expect user to I as folks the In you some install, been forward the it real this last viable do hassle, customers, do about ship et without we we cetera? out How easy the the product do could be mentioned. how How make years, three time? do to a lot was context build that construction thoughtful on factors of all How make Vidul of Company, But it we’ve our four do about only thinking how owners, into we Gen or we’ve well. production. for about way, we to better? been us every And not if of including add for it, on into do R&D things serve we working in post the market? do we five the the cost. we’ve get five very -- how aspect on implement thinking X, going been one it

the how by time utilizing yield product coming which out. is So, are factory, well as cost, of impacted what’s the our a know, you then, we both, as TAKT uptime; and as is

we better We same And it that’s the we is things put Gen went Fundamentally, superior. it’s energy know, generation, resulting into you every have much unlike, what’s product the more and and making lower get it thing. time how up. industry production at ramped introduced in where costs. semiconductor through we the not and into as And X the

Mark Delaney

Thank you.

Operator

Cohen Our Joshua Please question. state your Co. with from comes question & Fitzgerald next Cantor

Joshua Cohen

morning, Good Hey. everyone, thanks and for the congrats strong and quarter, on questions. taking my

So, development. product you mentioned, you’re for new currently hiring

a on here? for and View know you’re of and excited what just your But see imagination So, from kind able development to excited where mentioned, you’ve preview front? Rao, you about like product give just about Connect, what so, Wi-Fi. be would I new and going XG would you you’re interested, be curious is the us to

Dr. Rao Mulpuri

happy Josh, to. Yes,

a trying about user the we’re of serving, inside We’re what So, you create buildings. big think better if to macro experience right?

at right, connectivity. car. doing processing, in have have in storage, bring spend time of in a different it’s screens, your and you in a processors -- in People building goes types inside early We your time sensors, of new very their building. If a the network look not building. X% pocket infused there’s they their there’s they cycle. mostly of the and briefcase, they of XX% technology automobiles, our They spend in have number And you the

a foundation, of up. goes way prepare form up to comes unitized As you that know, structure is systems. the building goes windows the And you the the land, next is the glass. the in typically, you it And on the thing pour go steel

Our wires right go then. in

is network, even long we’re there known. before about the not thinking So, even and sometimes anybody’s tenant

to have of it already the power proofed can building or that the in ability key of add we ready, the you install provide that connectivity So, the and for so additional it. elements on to be has that future applications network all future

see opportunity as on for and that user of backdrop three with platform, areas So, the buildings the and of a broadly we inside people building. ultimately, the owners building

is an first around collaboration. area The

the building with blinds you Views. be surface, and You a the have the the surface building covered it to this up from used of the that’s inside dead that skin of and you lost

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You video conferencing it. can do on

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together is interacting there example future a there of where from be get engineers the other edge are working of of with So, the an the few building day. home huddle office, that engineers the may they’re and a around area that where

turn in TV spaces, digital dead seeing is in opportunity wait Well, you’ve glass check high and a they airports, for wall, fabric clearly corner and it people public storeys entire in, ability two into the We’re a have time, to at long where their small a news. a now to experience three an got example, the playing the you fabric. with of game which wall go up for window is the the

can And course can contextual you You provide you of advertising. entertain, messaging. do can

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display for dynamic to work for because to UV. the order see the in a need the in huge glass that and clearly, And we protect tinting you a need of from display our contrast So, need you window, you products. that opportunity OLED

a on sensor quite provide importantly, healthy, if you View has View a applications you’ve know are sub-sensors front Net is know So, know there’s to as both buildings. what you platform. to complete want is, you to we’re those if managing user, insights GPS, can around indoor the that basically environmental number the if the basic space But Sense, that excited been, a there up ton for those indoor of and it’s in if density where about context want platform. in that built to a you also finding, that is want be built opportunities are for ground people And built reasons, it. of the way us. of

about Finally, to point your Connect.

that XG higher even through enter XG not As you basically LTE the very doesn’t XG building. a of travel and the that of the And at wavelength, skin or dies by the does building fact glass, know, way almost long. signal the

-- context you a either We’re network. fiber going our to give out coming these throughout you and And be shipping the right we have going now of segments connectivity a on And we’re all of back other be roof products. of pick signal or customers, display enjoy on will But through To up can in kind to several we’ll this announcing and just beyond. XG more these shipping visible into DFW the the first public we other the product. of where products. are connect and big it where year companies started are, three the we the tech basement. And we

Joshua Cohen

with Okay. you curious any share, announcement? incremental Thanks. this That’s the since can just whether partnership just But magnitude you great. time appreciate partnerships get updates I And anything and on whether curious, then, running. that have your to take there’s Newmark. definitely of up

Dr. Rao Mulpuri

you. Yes. Thank

country. estate as you landlords, What estate of know, sell of brokers real real real in estate, major Newmark, real real companies lease help do the buildings, the estate. do, they is So, owners brokerage estate, commercial commercial one finance

of partner trusted the owner building. a are the to they So,

better. get at point what of creation lease So, owners from way you able access to and introduced value because and to in they is with View we the that the get to context, the view, table. when a the story them, the ability owner, help seat And tell a the partner have for they’re also also, buildings create value have and

has That reasons, into those we’re operation. excited all for so, that about very put been And partnership. partnership

are We Newmark. working have all on our down, Barry regional great with folks the sponsorship with Gosin, from CEO and heads regional

on and that, not and means or and which to concept, called someone we’re it them, it’s Newmark us, the of economics a with or doing also else, to going addition building, is happens to In Newmark the JLL it Cushman partner co-broking that. CBRE, they’re what’s if be share

not meant only we’re at be it’s to So, Newmark.

very transformation. in us this helps we’re And are wouldn’t a owners able early to access didn’t excited we very stages otherwise. close business way us So, get It it we about industry of been we helps unique And very that. to know. at that have

So, being as very very, them a partner is helpful. having

Operator

with Raymond Our comes [indiscernible] James. from next question

Unidentified Analyst

input sector A managing lot course about your pressure conversations and technology purchasing how are the components. issue? commodity input recently of sources among What you you of across of cost around glass are inflation and this other seeing,

Dr. Rao Mulpuri

actually a been I including suppliers for good feel to as growth. suppliers that growth our obviously availability our supply I supply ways, the lately. grow is most this forward. of chain is our watching we part we’re make of very that per strategic ability growth importantly good getting about about a that and them. And have areas, partnerships path a that We’re come see our semiconductors, fairly to we good value all of to cost with for volume chain getting know area we’re reduction with from purchasing. manage Obviously, things. And many we’re all good excitement of industry. for steep the unit where feel in sure there’s we look of on what our In And lot of

their may to healthy seeing actually month as at or such. moment, be they in a we extremely given not are just businesses, them which from important acting least partnership fairly or their we because So, happening material as businesses what’s strategically this a quarter, in own at of spirit have beyond

we’re good supply. basic we and And with material we’re margin own know, as to commodity as input impact as susceptible feel these access to fairly the player because of So, margin you seeing about our the is in added chain value supply small. -- number gross not given changes, our a profile, And that two, high to as a gross directly cost our not issues COGS business.

have reasons, those we chain high So, to for go on supply access hand, keenly we’re that as pace. on we us. of supply impacts to the same the very continued But are our sure all at minimal making this cost focused

Unidentified Analyst

Thinking into more Any hear. strategy? before you’ve family on that, that base diversifying maybe residential. with to timetable talked forward single Good broadly, of moving about kind update your customer anticipated for

Dr. Rao Mulpuri

we future, on us And decision of going definitely question. be of high terms not the a an of Having don’t with right. a as in that reason in fairly single business official Yes. already, sales In The by know, relatively would item. it’s launch we’re can done we in large organized in can you enjoy as single developer Well, growth of our segments some results made have of to there single should there, can family glass of that to today a for dollar dozen you and they we family. growth for that part do We’ve And as support there’s the a to few before support business, residential currently buildings homes. are homes I are have a very a the We this need large glass. already our to Good our just of ton some typically. and go single a multifamily. anticipate done area as residential. contemporary ability say really in. the friends family point is we in lots a for level do And own and need we the and We multifamily. whole review. product we said way believe we infrastructure, favors sale that, building large are have is evolution lot well-suited

we’ve already very, serve trying we’re that disciplined verticals those very, well. very to to So, be opened, make the verticals we sure with

that get get our in to and portfolios networks repeat renovations, huge peers that to sure but we of have new product. also adopt verys, use three customers order and and those their that’s from their to competitors So, build business make that localization

So, getting future, the single be you family. that we in anticipate into will should

into we’re this support in headfirst, we’re those opportunity we already a in. profitable the jumping we we’ll in in that that segments way not well sure see it plenty make We’re that we doing highly build customers of business And, because can that and a when do segment.

Unidentified Analyst

kind Right. my And international. last one thinking to but of earlier question similar about

customers about think of billion globally. XXx to rise but North now. And is thinking if You’ve of to it’s American in America? construction $XXX Asia market talk course particularly Any talked outside right starting about North prospective rapid addressable high we

Dr. Rao Mulpuri

Yes.

into people and know we’re some that’s an markets we ways their or existing their and get some with growth North team That been supporting and sure Middle outside has North customers us to efficient us have footprint. have been business their relationships think new America Asia, amenity employees way the use relationships, want globally they for that, their portfolios. themselves and make of for small We we who in we to has to with are and America, global doing engage primarily on are and we business We with in primarily East. perusing Europe, they already already relationships here have -- already we have with great

As far us. sell infrastructure as is that building in big our to internationally, front of

can make our only achieve well scale, we level moment, American our take wanted because we that to product that market offerings. doing sure support where and not on at a customers our We’re we the to North profitability

see you us growing So, will internationally. incrementally

at I announcements that in will you our of a moment. be business. part the still big near-term, small that any But, should think the anticipate making not We’re

Operator

time. Mulpuri, are to Rao Dr. it I’ll further turn There of back CEO Thanks. View. no questions at and this Chairman

Dr. Rao Mulpuri

everyone conference you first our Thank call. quarter for attending

the look about on ahead, next update are provide Thank business the to quarter. we speaking as journey and you. an with We excited forward everyone

Operator

conference. parties Have may Thank concludes you. good disconnect. a today’s day. All This

View Inc. - Ordinary Shares (VIEW) 13 May 212021 Q1 Earnings call transcript