- Earnings call transcript Q4 2022

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Operator

Good day and thank you for standing by. Welcome to Symbotic's Fourth Quarter and Fiscal Year 2022 Results Webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator instructions] Please be advised that today's conference is being recorded. turn over to today, your like Evanson. Jeff now the to conference speaker I'd ahead. go Please

Jeff Evanson

President Victor. you, and webcast. Evanson, Corporate XXXX quarter welcome fiscal results Relations Vice Development. Jeff am Thank I everyone, year Hello to Investor and of Symbotic's fourth

release actual include in statements Our which cautionary in materially those their financial results assumptions this to and based uncertainties and the today described and to statements Including a risk filings Symbotic's result factors qualified entirety. projected subject of during in differ statements are release with factors the risks discussion in made as forward-looking that are on call will press forward-looking the any that could statements. regulatory cause and from SEC. By forward-looking

These provide financial We during SEC may measures these measures and not allocating non-GAAP website Accounting most used certain which measure able adjusted required available Relations this that are of provide adjusted for with or Generally reconciliations guidance included certain other revenue Rick performance, by these And fiscal financial measures. our under outside GAAP the assist measures SEC not financial today's for Symbotic's, compensation. resources. Principles, including EBITDA. to the our I'll the by in which forecasting measures addition, Tom including turn joined non-GAAP we Reconciliations We're that, comparable non-GAAP Chief Rick. year control because over discussed believe call, GAAP Executive Officer be recognized GAAP our of fourth of release, as guidance executives and, in to discuss the their will has such be and and be for items US and evaluating Q&A. and financial Rick? We're issuers. call Accepted measures planning, business non-GAAP stock and our quarter quarter to providing followed in are Cohen our reported as the provision cannot These Financial been most for Symbotic's management reconciliations our to to by with based to section measures, will today reasonably to net SEC. measures such refers the loss in the Ernst of In Officer. EBITDA. are On which Investor results furnished Today, not comparable financial comparable press Founder predicted are is is EBITDA not to filings it we first XXXX adjusted Chief may and

Richard Cohen

Thank to customer backlog went you, and been contracts June incredible we’ve in added over a new We to as multi-site with a well. $XX increase an contract past Jeff. and has over XXXX billion year the we year. signed new public our

reached record has responded results, year-ago effort compared Symbotic. Our here. passion, employee EBITDA, with partners levels. quarterly full-time revenue doubled team and our and August The and shares both in to adjusted and We're profit is in in incredible proof than gross every a we more fourth-quarter gave all

Our roadmap is clear.

orders and the huge is for executing We a Big demand Traditional facing the our The supply-chain benefiting innovation from undergoing leader variety are trends. speed. is of very growing Tech existing is off laying we are and we are hyper-growth is are our are challenges transformational and market systems and The battling customer we customers and change with quality global on of hiring. new well that deliverables of repeat capacity. and focused while for from as

and of we our and life, people increasing partnerships critical the are clothing increasing, supply-chain and goods. with problems Our like away, supplier providing going network for and is demand like solve because household improving are shortages is necessities as systems and we like orders food, just

we the increased on to grow secured Tier faster, manufacturing During also X system our while and we output, internal deployments even partner capacity we focused quarter, external remain innovations. significantly internal accelerated and

like As Chief Officer. growth, our phase single on us about is this scale I'd to a release, to we contributions, start Loparco advancing and opportunity growth. reflecting take of to future for our the determined that and Executive is our returning network critical the Michael off way next announced XXXX to many we're our excited role including thank When future. of to to earnings for in his a best great lead point partner Symbotic. helping leadership of I'm

outlook. our discuss Tom? will financial and Tom performance Now, our

Tom Ernst

Rick. you, Thank

quarter over quarter fourth fourth million year period, revenue. of $XXX XXX% despite revenue million grew milestone including approximately $XX year's prior the Our of last proof-of-concept

an increase an represents revenue On, that and automation two We last UNFI closed, one-time the XX an record fourth quarter the in systems just also revenue, an one initiated deployments Symbotic's has last Under customers, year. from in we to system tripled quarter five stage. XX, new for during system than new as which agreement, systems quarter the with implement fourth systems with our option have agreement active systems planned more won additional and from distribution five UNFI. five of now warehouse centers. quarter September after days the customer a advanced into quarter fully production multiple increase We total year-over-year. Excluding functional XX system deployments

deployments revenue underway deployment our standardizing our driven on both systems and five faster already deployments progress during growth by extraordinary Our by processes. We quarter. streamlining the deployment was accelerated and started

our strong our scaling Next, we outsourcing from through speed partners. contributions efforts, gained including

Finally, while overall still supply-chain challenges, seeing the improved. environment has

recurring significant business of the license revenue services. systems and maintenance, a the when value lifetime billion deployments of system model elements represents the financial the with and portion begins $XX as along customer and the our over backlog. This revenue of software One complete attractive stream monthly is our our our very which stream, is operation that recurs of and with services associated system we uses of

to system. functional fully triggers our In recurring revenue system near first the rapidly relative completed should backlog. much become to streams the business. margin it our powerful greater to and completions grow revenue systems provide against our expect systems recurring operating revenue, a to gross but we total term, and have we as that grow quarter, to leverage portion our revenue revenue fourth This be should of system growing revenue small deployment for higher large waterfall the During recurring than

with pass-through Our basis-points margin several margin system systems burden elevated in represent continues associated cost gross of costs the together quarter. reflect fourth quarter to XXX significant gross operations of scaling that and the our steel rapidly

outsourcing related to the fourth addition, significant adding In as to our option one-time expenses including model. costs an quarter include business

margin outsourcing the In our have operating fourth initiatives X% costs marginally driven and improved quarter in moderated gross profit sequentially ongoing improved as ago, to ramping would Operating in a (ph) innovation redundant year expense and a growth. the break with rate Excluding and partners our operating these [Symbot] one-time we investments quarter-over-quarter. increased and associated record to quarter, achieved costs, XX.X% growth like EBITDA gross system fourth pack. slower X.X% leverage adjusted compared by loss expense despite

to and look we cash have we achieving hand, we As $XXX well leverage to very plans. ahead are on positive our with growth execute capitalized flow, strong of million cash operating

our to outlook. Turning

EBITDA of our quarter adjusted at For an million improvement In year-over-year $XX our about revolutionize $XX XXXX, $XXX XX a This million loss in percentage and loss represents the growth we're XXX% progress and the point we of $XXX revenue in supply-chain. first EBITDA adjusted million. million expect between of excited rate revenue midpoint. fiscal and to helping closing, the

our, deliver and a against our innovate to this more than journey, backlog. revenue rapidly we part business scale As, of to will $XX billion continue

you, and the to customers, will are build shareholders We We we work company your open please excited together. in with suppliers great welcome our questions. Victor, partnership this now Q&A. as our you

Operator

Our of question Piyush Awasthi line the comes [Operator first from from Thanks. Sure. Instructions] Citi.

open. Your is line

Piyush Awasthi

guys. evening, Good

Richard Cohen

Hello.

Piyush Awasthi

on Maybe to starting highlighted or you initiatives next Maybe back priorities, with, in now that on up months? talk can let's XX you your future with XX Michael that in Michael you implemented? the skilled the seat, And elaborate key say, strategic Rick, CEO for about growth. worked

Richard Cohen

really outsourced steel year who outreach those started these plans so a to could the Sure. of the a a manufacturing already to partners plans in to manufacturers, make help We of had We over and plans lot and us just ago really were lot help partners last work process. strategic in has we're on down, in year slowed finding partners to before develop fully pricing, us. we're the finding the and as the were to that anxious aggressive more what's to happened booked tech now continue are are -- partners are

with realize part the going separate in big actually development and partners And a are combining lot industry -- scaling of an very, people them tech into I what a you expecting now So do what's is which warehouse can't I’m and all bear starting to that, from this we and focused from go and what some we're of because on continue that the and is were meet been role these to fruit. of finding one, the partners electronic have a is, that while started full is because is them the in or vehicles very really a other partnership my out bore to the part how industry. convince is, big why automation now product the to be and develop that's ago interesting plan we're to offices

and build the to So than capabilities more building now and hopefully good need, a that'll leading that suppliers team effort up good but I'm with and be of a we're thing. actually a backlog work we suppliers

Piyush Awasthi

extent helpful. customers Got still discussions any slowing, the your to of having pricing? contract, do changes the quantify about the macro-environment think you're talk you with agreement? the And if you seeing UNFI The can about talked to you is terms maybe that so you're you maybe it. hold-on Very can, or in pricing

Richard Cohen

can want speak and think that high. seeing slows the reception are Piyush, leaning exceptionally to capacity actually the expect the getting time in about down, in add I pretty if do market expand, pricing. to as grow. successful most just we're to the the customers they that, capacity will our actually you is and about environment overall pipeline to they're What customers, our can’t specific for to And they our as I well in very but is sure environment that The have we customers talk make is favor. working demand color, secure and we're our marketplace. we to in really can't the I our of tell macro customers

think much very past we so specific customer. high for to us in have opportunity speaking stronger any that without And we realize pricing to than the is the

Piyush Awasthi

Thank you. Very Thank you A it. Ernst helpful. - Got Tom guys.

Operator

One moment for our next question.

Our comes the from of line Jim from question Needham. Ricchiuti next

open. is line Your

Richard Cohen

Hi, Jim.

James Ricchiuti

hear can okay? you me Hi,

Richard Cohen

can. We

James Ricchiuti

around of was question either about revenues, of the revenues think obviously course And move that, are I'm the be expected. Question I we cadence which of have give thank the I mindful 'XX -- us just the but we to of in to the we of I'm deployment you. have wondering progress are to QX of all over might how going relates 'XX? can aware and I quarter-to-quarter, terms than of how over need stronger revenues The guidance, fiscal anything wondering, the you think systems course fiscal if

Richard Cohen

Yeah, thanks Jim. question, for the

So grow growth. multiple just thinking the the pushing business on to We're about fronts.

so, if with the look fast overall across results our those the we starts at supply improving we partners, just uptake had chain. just an are quarter And and clearly about the new install posted, by quickly, our ability results strong board strength you to and and driven supply-chain very systems some

things the think went it where So pushing business fronts, multiple as on favor. quarter about clearly was in our we a

growing on focused we're look-forward, we fast. really As

I take as we're we're that think in those quarter-on-quarter general to number but about wave these variability you Now fully see we just that of pushing live fast the through number systems significant can overall trying the as think can. to deploying some systems, systems trend systems grow due it functional first our we growth, to of of these that should and and as deploying we're

James Ricchiuti

a quarter? were it. just follow-up significant in in you we the year these what on sounds current think still is as looks expense in and the do levels now you're it more OpEx, SG&A. question step-up perhaps the And And the at Got given items that a whole, be investment business there? like see prospects mode, talent heavy R&D out the How from of available about and as pretty clearly to scaling

Richard Cohen

moderate and year in OpEx be as XXX% look-forward growth we X% despite OpEx. Yeah, We our more think quarter-on-quarter growth revenue. did implicit about in guidance moderated what's see and grow year-on -- growth in I would another to that's

kind looking about for looking we strong As the results and at we then full leverage. see think our the growth of operating thinking year some overall very forward, about

grow a fast, operating invested to our with portion, expanding our significant this business. that growing OpEx despite in about growth innovation And thinking capacity so OpEx leverage, the very new the majority is along of

investments make products. still the leverage, and these we're faster business to big So strong grow new out making while showing with come actually

be great to So it's a position in.

James Ricchiuti

back Helpful. Thanks queue. a lot. in I'll jump the

Richard Cohen

Thanks Jim.

Operator

for next the from The moment question. Chris next line Snyder One UBS. from question our of

Your line is open.

Chris Snyder

Thank some of out, several headwinds quarter? or on follow you of gross some the margin costs guys basis-points you. heard kind I then outsourcing, steel kind you those challenge from expect the up one-time around forward? and right, trend can Can if to I just recap quarter? should margin you just in called think going the maybe gross the And in what how also were GM, our then of XXX we

Richard Cohen

Yeah. Thanks Chris. for the question,

just where other are was, we structural fourth fast quarter, with those to we course so operations with of some give some with impact continued the of see consistent 'XX, the material to costs in that fiscal So seen warehouse costs longer-term. what Examples basis-points the have steel some throughout I'll couple along costs associated in to processes. pass-through We quarter. that's mid your see gross been of those line COGS question, And we the enhanced which of in we handling did one-time are a represent growing costs had associated all we a additional consolidated including gross does several ’XX, margin some margin, fiscal and bearing XXX to outsourcing costs our two. you fold, more fourth

that one-time make shift to that in-period absorbed really we to things wanted are -- is accelerate to of partners. costs as with work some these and key this those to costs ability we so our do some And outsourcing

some major in-part in made initiatives of projects we headwind Another just that we and quarter in the innovation as flow in come R&D into those COGS those innovation costs some significant example some costs. have in underway, some is did of fourth not will in-period

about see see quarter thinking some we think you our with and as leverage that strong looking low do as think forward, gross 'XX we we forward watermark fiscal overall, our I So a operations. the very as fourth about margin gross look margin

Chris Snyder

over just costs prices sounds that significantly stock long lag? Thank how ability sounds see here in in we and off price, grow the should of not, that of there's relative maybe that pretty does guys it kind like aren't XX so look what high appreciate kind to I some that favorable even price business pretty you about if in earlier the the to that we down months, stock next realizing you. Obviously, the it a think like company like the credit steel flow if through commodities up relief market? confident you outlook the is and hold, pretty How real time. to take cost

Tom Ernst

the Yeah, for Thanks question.

in been total we So would these quarter-on-quarter. our saw too, thinking effects fourth these about all have in quarter, margin gross effects ex up one-time the times

in fourth significant were effects quarter. the one-time actually these So

well, You terms we Go month items advance six watching in us. from up some steel of of you to six-month in XX maybe are should as lag average for in pointing steel capacity installation, about so you're weighted lag anywhere it's for of think in out terms to steel Chris. ahead, on a industries, of lock well as

Chris Snyder

I'm one. engine you and outsource either Thank the possible sure going that margin that's gross in the not business? If you. the Or is why going just that kind to my ramp squeeze one, away? are with to on Tom. I I so innovation, more those headwinds you, transitory is will continue of last would Thank imagine outsourcing, the guys on stay one innovation can last of if are to and like slowing those

Richard Cohen

more are margin the towards the Yeah. one-time. bit At line, gross they little weighted

long-term -- we support redundant associated these providing We see are on and have and to outsourcing ramping continue are near-term. invest revenue. to in partners mid that some significant been those the we with will very We costs

company profitable, operating us with structural higher, think long see to think more are about providing be a a us being of revenue, margins first we that In both much term here because the we business. company. path gross because in fact, overall level as a bigger a path outsourcing, in margin And bigger to as the gives strategy being much path not to the that it provides but think we and it just at the we

Chris Snyder

Thank you.

Operator

Thank you question. one moment for next our

next question of is open. D.A. Our from Davidson, comes Matt the line line Summerville your from

Matt Summerville

questions. of thanks. Hey Couple

today cash will your things positivity? talking far wondering as has that the the if free of about achieve headwinds I'm to you Symbotic First, EBITDA related you're as and changed -- growth-related some et believe expectation when expenses, whether adjusted cetera,

Tom Ernst

Thanks Matt. for the question,

think initiatives in supply term our as path term we've to fourth first given the one to obviously, as greater and us in mid profit we're partners, with really is chain the we These growth, and just So little there. more guidance. provides about investing a quarter, quarter near obviously we in long implicit get quarter forward bit think accelerate our immediate as

bit a So gives hopefully that little you context. of

Matt Summerville

if And then curious more transpired to was bit since the what point of it I'm not management change as felt guess a leadership? have And exiting, Michael maybe I wanted in I maybe you with a Rick follow-up, single-point little to better you. for Symbotic? obviously a talk about path one you that is true that's the that decide feel to near-term you decision? Thank this that led to went is a do way methodology, down you over of indeed that more the Or And you the impacts long-term? will, single-point go

Richard Cohen

Yeah.

I and is better. would is, messaging CEO didn't XX both going I didn't six the customers really was and a that everything years. for been say happen I've suppliers to here -- months from anticipate single-point and I last So over the

ability very to pretty the And could the it manufacturing. product be at and straightforward this And was separate thought reality the development from my we desire the and top, out to point customers, -- they're separate the at two so, my desire decision. intertwined. for a just I with It scaling that is,

at do this don't and I will right this wasn't the thing point to not to at was to think do it I and some time but So happen point wasn't just it right the think fair it that. Michael

was we it change agreeable did. what and an So that's

Matt Summerville

That's Appreciate the it color. from Rick. me. Thanks,

Richard Cohen

Yeah.

Operator

One moment question. for next

line question from of from Goldman the comes next Mark Our Sachs. Delaney

is open. line Your

Mark Delaney

taking the very good for Yes, afternoon. you Thank question. much

that increased shipments a terms manufacturing in of First is terms more how have that capacity Symbotic can help a the on the can now Maybe bit or added you year? in little can do go taking of intermediate of you you of elaborate the number has a that partners. over in you're with much you longer-term? to think -- And capacity quarter where

Tom Ernst

So I'll afternoon, Mark. Good take first.

initiatives for what over have of get over fiscal done to the our the us quarter partners So, growth with during and is us next years. few the visibility course outsourcing plans enabled 'XX for

to So and with to redundant with class providers. done world this want we this we've deepen multiple working network suppliers continue and partner

that to growth drive flexibility have about into rapid the us to having us really it's that years to. our to multiple So enables visibility backlog $XX billion our of growth that allows

Mark Delaney

supply manufacturing can the more mean on and overall ability remarks? about add And as add But -- more you have the to redundant in your sources additional one of to additional of you ability does operational to customer, in Thanks. what partners? making think you prepared potentially when today terms it or you supply, your customers I more think did you're bring perhaps your outsourced spoke mean, you changes

Richard Cohen

to we're your to go we can systems quickly. going delivering Rick. grow -- able question think answer systems, disappoint systems going This control. our we things XX We're I on grow focused XX I then going but XX When we're is we very to faster, time. keep not from will that customers. on Yeah. very be to We're under to to

time real So I We're not suppliers they'll to and building to up. our when supply, what all be we base step them on in what think then suppliers going we're the willing and when a to how spending scale and road big increase with this lot is on capabilities doing is call is single a need of part suppliers of anything. will actually business we convincing We're thread up. multiple I'm of

time, a business that on even once fulfill is just I growth while to going -- it with our then an and So we'll already get be we're fulfilling huge sense trajectory but can mean before the and customers grow the be this we existing grow will we backlog more, existing incredible full faster.

Tom Ernst

that, revenue. our to of you Mark. we it's Yeah. a these system big deploy well, a I'll business just individual is system, -- each very lot mean, add I know

per of us. we that's only announced really customer, multi-site an business with a or by takes when us it front to customers visibility to business, have So lot ones two the of the incredible win a for new in so amount year of

Mark Delaney

Thank you.

Operator

next you. One question your for . Thank moment

next question of comes Mike line from from the Capital. Latimore Northland Our

Your line is open.

Mike Latimore

color congrats or the any there. Great. of eight execution plans far you the strong Thanks kind partners. capture outsourcing two here? aiming one the in results on seven are very into as very provide progress made you a and how on Can or terms of or much you It sort of or of getting to ton like sounds outsourcing

Richard Cohen

has the have the I making we way to and we who but far very year lot That's have last and of happened guess coming question is, what a didn't line best now decision the say capacity down in your baseball, in is lots capacity. good the one partners I are inning. of answer happen the can focused, we're would a -- ninth back very

got opening I ahead think well. we're our pretty hitting good, in and the think we're and five by we won So feeling picture but pretty we haven't are runs, good, I we're in we're we feeling yet. maybe sixth still But inning pretty

encouraged we're encouraged the to are to is, we're partnerships that we're answer we're able very supply-chain get, guess that the by the it way best declining, I So encouraged the by shortages chips.

for also a pretty in for so think a growth, the decisions And startup, far I kind we made so are think were we're along. looking new good we've partners and of I because avenue very

Mike Latimore

of Makes is of assume the there? for the -- terms assume periods are sort year in you're unscheduled scheduled sense. we current some Great. in, you're there fully I I year or

Richard Cohen

We're fully scheduled.

Mike Latimore

Yeah. last we should Is seasonality just in the there holidays any not just of quarter think or And given like one. inherent December that?

Richard Cohen

good talking to is, just was we're in -- construction part. existing we're I we're the somebody thing the everything doing building the and already today Yeah. warehouses space for in most

And the so just is really related is doing. that weather-related with what our summer, no in What in make space starting there is no people probably and to seasonality projects we're happens available we're building and space. then

So the facility to within give our they've holidays. the us before space already decisions made well

not all. So at it's very seasonal

Mike Latimore

Thanks much. Great. very Okay.

Operator

One moment for next question.

Your comes from next Raymond line question the Gesuale from Brian James.

open. is line Your

Brian Gesuale

Thanks my Yeah. questions here. Good taking evening. for

ask couple, in deployed, get a you. wanted if deploy and to systems might wondering see innovations start versus we also when break incurred system? some there systems R&D maybe for regular of some maybe, to that of costs maybe of Just these Thank I length to we step-up and about the pack, on about front time the are can just how think those

Richard Cohen

So talked see about, game in break about pack at we is our Day we talked changer that as we a the a industry. Analyst system

know, and level, each changer including handle something [indiscernible] you at customers. is game this really in get it's As us the for to individual that mixed a the enables Brian,

customer. a proof-of-concept with We are a the of live deployment system in

in and as does we it up R&D about fiscal last a and make over is 'XX to to, it Yes, talked forward haven't into pack about. we make over on something still case level but as investments year, excited to again, we when turn something was We we're the to so think that R&D we product make look that's something well. generally intend to that that's that continued to investment customers ship expect about significant available and of break

Brian Gesuale

eases Fantastic. year kind see we're about That's of talk this think think -- just Can the about under might your kind year? months? I so color. for an these of so of belt, can of you that the systems on of guess a as many XX-month maybe five these year, sense systems like a got the And get you're in in of talk kind maybe of milestones? completed I QX we to Thank you of last you've we cycle. about little be great then, had I how XX us seeing delivery terms supply-chain give deployment you. And what just their over some bit

Richard Cohen

Brian. Yeah,

in to systems and I quarter, that of there think to quarter some on is new you our and of complete each will systems every out to and on year-on-year as business the think our goal quarter ramp that should goal for so on, looking you year, basis continue deployments grow deployments full but growth. to about annual start expect be variability this continue is basis, a

Brian Gesuale

I it. guys. jump the I'll Great. back queue in appreciate

Richard Cohen

Thank you.

Operator

your for moment next One question.

of from Our next Cantor. question Derek comes from the line Soderberg

is line Your open.

Derek Soderberg

on I'm months curious then I've takes sort about live -- And to upside what terms then questions for today I shrinking deployment initiatives or guys. deployment and to an production? deployment the on days, of Hey my a strong can timeline you a it new my taking extent have win there shrinking impact follow-up. did Thanks congrats timeline. the the maybe have talked reach share of in results quarter? in any as long that well. know And this progress around how guys you for

Richard Cohen

Yeah. Thanks, Derek.

we it benefit So than the as on systems longer from supply-chain just naturally first going. some you'd seeing is should ability we which did of took acceleration of more part they getting some us part and just we're expect getting from bats of in at challenges to is get wave that our deploy, relief

through overall in systemic long go product we capabilities focused saw can that continuing So near we're us improve yes, but as really trend on systemically run. that and think we approach to we third of term with a that And drive -- putting that's a was continuation acceleration, something along our saw over the quarter. the partners that help innovation in with in the

and we're seeking it's that can of to And and lower is set still as our -- first average rolling in our when to lower Our around but be here drive business half-ish wave for an we're process. in range look current appropriate, deployment this average targets of that set faster still timeframe out. that we -- year type

Derek Soderberg

helpful. Just Then if initiating any with revenue this to from it. long That's takes a guys those deployment detail how you there quarter? deployments wondering the Got five revenue it new you as follow-up, projects? on systems was maybe my the from new give first associated seeing Thanks. us some could

Richard Cohen

the as initiated deployment, work starts. the When we revenue starts

build it's phase. in has the progressed and commission and typically phase our installation test is generated majority comes the of validation but system the -- revenue of that of revenue Strong validation that though. start the the of as from test small, of So yeah, across early product work deployments bulk the through end

Derek Soderberg

Thanks. Great.

Richard Cohen

Derek. you, Thank

Operator

Thank from you. line of question comes from last Baird. the Mason And our Rob

Your line open. is

Rob Mason

around Yes, was My customer announcement. good the question new evening. actually

mentioned as multiple deploy had in you but center, you recall signed to be deployed centers, five with sometimes is that well? distribution distribution You going currently it, systems I new that to UNFI the case in the

Richard Cohen

a to centers but we how in that common with will a customer many that, take customer our it's -- Rob, don't deployment theirs us often So we will you're we of announcement didn't distribution multi-phased that was with do distribution disclose more. an do option five phases center, right, does, for the UNFI

Rob Mason

a the looks system you provide converting manual yours? can DCs this current you -- to in in converting warehouse a that they distribution the is Tom, operation where center? mentioned existing their automation currently they automation mentioned press -- are You these? deploying automation of in on just -- What or like they just of the you how release, color, Any number have

Tom Ernst

manual Their some with limited automation. warehouses

Richard Cohen

typical is There common mechanization. conveyance-based some

Rob Mason

I see.

Okay. Very Thank good. you.

Richard Cohen

Thank you, Rob.

Operator

you. Thank

to like Jeff any now turn remarks. to Now I'd for closing back conference the

Jeff Evanson

interest on Thank appreciate or tours Victor. in or joining for look you, our We quarter. tonight. virtually the And forward seeing to next your you our Symbotic. conferences over at facility everyone call Goodbye. we Thank you

Operator

And this call. you concludes Thank today’s conference participating. for

may great You have day. Everyone now disconnect. a

Symbotic (SYM) 22 Nov 222022 Q4 Earnings call transcript