Great. Let's kick it off. I have the pleasure of hosting Austin Russell and Tom Fennimore from Luminar here for the next session. I think what we'll do is maybe start off with the announcements that you had yesterday, in which you provided some updates on the business. As mentioned to Trey here, you said a lot without saying much, but today looks like you had strong momentum ending the year. Maybe talk about some of the parts of the announcement, including momentum ending the year. Yeah. Yeah. I mean, lot of different things going on and a lot going on here at CES. First and foremost, we got the North American debuts of both the new SAIC R7 vehicle. It's from the new all-electric brand, Rising Auto. You know, SAIC is the largest automaker in China, and it's already started, well, hit the SOP milestone. We hit the SOP milestone with them. It's now in consumers' hands, driving around across China. That's a great start to the year or I should say maybe a great finish to the end of last year. That was in Q4. In addition to that, we did announce that we did successfully complete our four key 2022 milestones and targets that we had set forth. Uh, I think a lot of people thought they were pretty ambitious, which, you know, they were, but, um, we actually were able to execute against that, um, obviously, with the start of production, with the SAIC vehicle. Uh, but also, um, you know, releasing the, uh, beta version of our Sentinel software stack, which you can actually see here live at CES. We can talk a little bit more of that and four different things that are going on there. Um, in addition to that, uh, in terms of, uh, major commercial program wins, you know, originally forecasted forty percent growth, uh, increased that to 60% growth. It's a target. Uh, I'm proud to say that we have, uh, exceeded that, you know, for, um, uh, for the past year. In addition to that, and getting embedded on more production vehicle models from automakers, we have also, when it comes down to the financial standpoint for the forward-looking order book, exceeded that 60% growth target that we had. That's not just 60% over a given year. That's actually 60% more than the entire cumulative order book, and same with the with the major commercial wins. There's really just a lot being added to the flywheel, so to say, continuously with this as we gain this huge momentum. When it comes down to it, in addition to that, you know, meeting those milestones, doing the SAIC launch out here, we're also launching, doing the North American debut of the Volvo EX90. That's something that you can actually already order today off of Volvo's website, and, you know, we'll start shipping to consumers before the end of the year. That's something that's pretty exciting to be able to get wrapped around. I think it's cool to see as a huge vote of confidence that, I mean, I'm sure as many are in the room are familiar. I don't think you'll ever see another example of where OEMs will actually do car launches for regions or anywhere in conjunction with a supplier, you know, to them. It's something that I think we've sort of broken out of that category as part of a new, you know, class of, you know, leading automotive technology companies that are able to drive the future of what's possible and change the driving experience, you know, as opposed to just an incremental feature. All of that's really coming together. The one other kind of major update that we have is as it relates to maps and mapping, that is something that we've been working on very heavily for the past year, very quietly. We did announce that yesterday that we acquired a company, which was one of two leading companies in this space for HD 3D mapping, actually was the only remaining company that was there after the other one was acquired. They've, like, got a great, incredible technology foundation to be able to build these live HD 3D maps that we were able to build up and productize over the course of the past year. Now, for the first time, well, for anyone in terms of what we've been able to show a live crowdsourced 3D map. We actually showed it as an example from two different vehicles that were driving around Las Vegas, you know, that morning. They're actually continuing to drive around. You can even see in our booth, if you take a meeting there too with some of the team members, we have it on the screens that of showing that 3D map being constructed. The overall vision of what we have for mapping is to be able to create the most up-to-date, comprehensive view and world view and map, that's, well, ever been created. We'll be a first of its kind, considering that, you know, you take a look at, like, the largest fleets of vehicles out there today of the way that people collect maps now is, you know, for between folks like a Google and Apple and other stuff. You know, Google has, like, 1,000 cars. Apple has 250 cars. HERE and TomTom, you know, in the order of 75 cars each. They pay drivers to go and hook up these huge rigs to the roof to constantly drive around collecting data to be able to create these 3D maps. The thing is that there's a huge amount of limitations to what you can do when it's not going to be very up-to-date or instantaneous by any means when you have to be constantly driving these around the world. You know, it's, you're talking usually on average is the cycle time's as long as years, you know, by the time it actually gets successfully updated. With this, proud to be able to say that in the Luminar case here in the coming years and, you know, by the second half of the decade, we're expected to have over 1 million Luminar-equipped vehicles out on the road. That's going to enable a completely different level of a comprehensive view of what's out there. Part of the whole reason of why something like this makes a lot of sense for us to really get into is because we control and build that LiDAR technology that enables all of this to be possible. It's very difficult for these companies to actually truly survive on their own, like in this kind of market environment and condition. You know, not independently. Absorbing that into Luminar just made a ton of sense. You know, something that, I mean, the, even the mapping, the TAM for HD mapping there, too, I think is, by some estimates, you know, on the order of, you know, $1.5 billion today and expanding up to $16 billion-$17 billion by the end of the decade, which is a subset of the overall mapping market, I think, by many estimates is a, is a multiple of that. It's growing significantly as a percentage of that mapping market, for obvious reasons. It's an essential part of the autonomous vehicle stack, and I think something that's very, and not just for autonomy, also for ADAS. Something that can be very overlooked in terms of the capabilities of what's out there. That's the last piece of the puzzle, that we really wanted to have from a software standpoint to be able to provide that comprehensive solution. That's really what you can start to see, out by the booth and out in the parking lot live at CES here. Okay. Yeah. Maybe just a couple of follow-ups there as I sort of hear your sort of vision on maps. Firstly, is this going to be tightly integrated to the hardware, or are you going to be open to selling it as a pure software in the future? Secondly, if I'm hearing you correctly, you're saying the update on sort of the map itself can be done by the point cloud that you collect through the LiDARs, or do you need integration with the other sensors on the car as well to populate and up-keep updating the map? No. We don't need any other sensors. We don't need anything else. That's just data. You can't use it. GPS can be helpful and, you know, certain things like that. When it comes down to it, you don't need Luminar. Well, one interesting point actually that you bring up, technically, you don't actually even need Luminar on your car to be able to utilize these 3D maps. In fact, you know, one thing that I actually don't think we've mentioned this there too before, but I can say today is that we're actually already selling mapping data, for example, to customers that. Non-automotive. Yeah. Yeah, or not even automotive using the LiDAR there too. There's actually huge applications for mapping that extend even beyond that. That makes a huge difference because it. This, but you do need the LiDAR to actually collect the data in the first place to get that 3D map. Of course, it's obviously very valuable. When you have a LiDAR on the car, generally speaking, it's a single forward-facing LiDAR there too. It's still very helpful to have a map of everything going on around you for further accuracy, redundancy, and get the 360 view. Yeah. You know. Yeah, the way that I would say it is you need our LiDAR in order to collect the data and build the map and maintain the map. You don't need our LiDAR to benefit from that HD map. As Austin mentioned, we've already started to monetize that. I think 1 of the reasons why we've been working on this for a year and only start talking about it now is two reasons. One is we wanted to show that this is commercially viable product, and we're already getting revenue from it. Two, we also wanted to get the product to a point where it was ready for prime time to show off to our customers and others, which is what we're doing here at CES. It's a great extension in terms of this ecosystem that we're creating. All the maps out there today are two-dimensional maps, even the HD maps, and there's a lot richer value you can get from these maps in the 3D world. What we're doing here is you need our LiDAR to collect that data. Because our LiDAR is going on a lot of vehicles here that are gonna be on the real world, we believe that we are very well-positioned to be at the epicenter of helping to create and maintain and ultimately monetize this 3D mapping data. Okay. Okay. The second part of that in some of the announcements that you had is obviously the strong 4Q that you had in terms of helping you meet your, both your order book targets, your commercial wins. I know one of your competitor has said that most of the wins on the LiDAR with major automakers are going to be decided within sort of by the end of 2023. How do you sort of compare that to where the investor sort of sentiment is today, where 2023 is perceived to be a tough year? There is sort of this underlying expectation that automakers will push out decisions given the tough macro. Help us think through that. Yeah. We're gonna talk more about these wins in the near term here. because we set out these four major milestones for 2022, and 2022 now over, we wanted to be in a position that we met them. What I would say is these wins that we have, these were non-RFQ processes. These were where we were in there working directly with the OEM. They didn't do a marketed process to other LiDAR companies. It doesn't surprise me that other companies were unaware of this. We can, you know, I think once we unveil who they are, then we can go in a lot more detail on why that is the case. I'd also say this is that, you know, when it comes down to it, like, I mean, the obvious answer is that Luminar's the clear and, I mean, the reason why they didn't run a process is frankly like, even if there were other solutions, I think for multiple other reasons, it wouldn't be viable in terms of being able to implement, you know, from both a practical standpoint, economic standpoint, economies of scale standpoint, data standpoint, et cetera. Not that there are. I, when it comes down to it, I think, there it's addressing the question around the expectation for 2023. I do think there is something to be said about a somewhat dramatic disconnect between, you know, this perception around, you know, what's going on in some broader economy, like actually having a material impact, you know, much less a huge, you know, material negative impact to the kinds of economics of what we would ultimately realize or like for a company like us or for a lot of other folks in the space. I think. You know, the reality is the vast majority of the value of what we have, you know, contracted value and everything is like in the second half of the decade. It's not even necessarily like- I mean, don't get me wrong, like, yeah, sure, we're able to get some business and get some revenue and get some other stuff like more than, you know, pretty much any other AV company, you know, so to say, for the near term. But like, you know, the value, these are, these are like 15-year type arrangements, you know, with automakers there too, that for how long you have to support, you know? It's not a, it's not a, you know, year-to-year thing. I think that, when it comes down to it, we still even with, even having, you know, more major wins than everyone else in the industry combined, you know, probably times a multiple, it's still only a tiny slice of the overall market and market opportunity that's there. Like, I mean, we're talking what, you know, probably on the order of 1%, you know, of the, of the market that's there in terms of, I mean, global auto sales and whatnot in terms of what you get to. I think the opportunity is still to try and actually be able to leverage and expand within that. Like, how much auto, how much car sales fluctuate on an annualized basis by, you know, ±5%, ±10%, or even ±20% is almost like irrelevant to the bigger picture scheme of things, you know, for how we actually realize and materialize the business over the long term. It's really all about, from a commercial standpoint, how many vehicle models are you getting embedded on? Is it trending more towards not just the super high-end selective models, but actually more mainstream vehicle models? That's how you get the huge volume. That's how you get those multiplier effects. I think that's the perspective I think is obviously one that we have, but when you actually, you know, zoom out a little bit there too, I think that's where you end up seeing what really matters most. Yeah. Just moving to sort of another part, which is you are one of the first companies to get to series production or probably the first company to get to series production amongst the newer sort of LiDAR companies here. What were the learnings in firstly getting to series production? What does that give you in terms of competitive advantage? One would assume that now you're on a series production vehicle, the engagements with automakers should sort of dramatically accelerate. Just help us through sort of what are the implications that you are seeing. Are you seeing sort of that on the ground or not? Yeah. The answer is we've learned a lot so far. We're learning a lot more every day. This is tough, right? Our team has worked around the clock to industrialize this product and now focusing on scaling this product. We had the former president of a major OEM down to visit us in Orlando. He's been advising us a few weeks ago, and he took us out to dinner and, you know, he goes, "Look, you know, here, let me walk you through. Here are the issues I'm seeing with you guys. You know, I've done over 100 automotive launches, and ask me how many of them went without any difficulties." He said they were none. He's like, "They're all hard, they're all difficult. You work through the issues. What you guys are encountering is nothing new in the industry. We have real vehicles on the road, we're learning a lot from that as well. What I would say is, when we do this the next time, we've learned a lot, we're gonna be more efficient, we're gonna be a lot better at this. Building these complicated optoelectronic devices is extremely difficult. We figured it out. There's a lot for us to learn, this is a way for us to continue to expand our competitive moat, right? We're the only LiDAR company of the newer ones that can actually show vehicles that are out on the road there with us. The cars at our booth are not ones that where we've kind of duct-taped our LiDAR to. These are real cars that our customers are making today or will make later this year that is gonna have our technology on them. No other LiDAR company can do that. I'll tell you, it's not easy to do this. No. Taking it from a PowerPoint slide to actually putting it on a car in the real world and meeting all those tough automotive standards and building in scale, it's tough. Even taking it from there's PowerPoint to product and then product to industrialized. Yeah. You know, series production, which is, that's the thing. I mean, even with, you know, the best experts on the planet from what we've been able to leverage and achieve, I mean, it's still on the order of, you know, $1 billion, you know, better part of a decade, you know, worth of time to be able to actually and hundreds of some of the most specialized engineers on the planet to actually see this through and make this happen, and I think, that process is key. To Tom's point on that too, I think what's interesting is that we've generated a ton of incredible, you know, we've converted those learnings into an incredible amount of IP and know-how, you know, when it comes to not just the technology itself, but even the process for how you build this technology that we've learned a ton about over the past few years. That has really been incorporated into, you know, this initial generation of product and future. I say initial generation as an initial series production generation. Yeah. Then future products as well. That's being highly leveraged as you continue to optimize at the margin. I think the key thing is that after you hit SOP, the momentum keeps building. I mean, you take a look at it took us what, seven years, eight years to get our first series production win, and then, you know, now we have what, a dozen major commercial wins that all happened in the following 18-24 months. You know, it kind of, again, it kind of snowballs in terms of that effect. It's just a ton of upfront work and investment. Anyone that's trying to do this today, I mean, basically you're talking about closer to a 20, 30 timeline by the time you can have some kind of industrialized product that's scalable, that's, you know, implements all of that. Like, I think that's one thing that is just very tough to appreciate with these kinds of new technologies. To really get it onto a vehicle, it's very hard, so. You know, we've also been able to attract a lot of new talent, particularly in this environment. You know, Luminar is an attractive place to work. As a lot of the traditional automotive companies are cutting back on their autonomous business and investment as other technology companies are either dying or cutting back as well, we're continuing to grow. We're gonna do it at a much more disciplined and moderate space. As we bring on the new talent, we're able to identify significant improvements. Our new head of manufacturing came in, and he's made up a lot of improvements. 18 months ago at our advanced manufacturing line in Orlando to, you know, produce one of our Iris units, you would probably need a manufacturing footprint about the size of this room with maybe not quite as many people, but a lot. He was able to develop an automated line that we're gonna be rolling out soon to our contract manufacturing partners that's about the size of this table, and only requires two people to operate. Over the last 18 months, we've required about the size of this room in our advanced manufacturing line and a lot of people to make an Iris. We now have it down to about the size of this table with two people, highly automated. We're learning a lot. Takes cost out of it. It improves the efficiency. It improves quality. Being in that real world environment, these are lessons that we're learning that nobody else in the industry is learning. Let's maybe talk about you have the series production now that you're obviously ramping on. In terms of where the industry is today is ADAS or largely sort of ADAS features being rolled out on vehicles. In getting from there to where you have highway autonomy, what are the sort of processes that you need to figure out? What are the sort of hurdles that you need to clear? How much of that is technology? How much of that is regulatory? How do you think about that? With the Volvo EX90, for example, you have sort of outlined plans to roll out highway autonomy at some point based on sort of how the testing, et cetera, goes in certain cities. How do you think about how much of it is a function of where the technology is or what you need to fine-tune in terms of hardware or software versus how much of it is regulatory? Totally. When it comes down to it, would say that there's no question there's gonna be a huge amount of value for, you know, autonomous upgrades, features, you know, on the vehicles. I think this is where you get to realize these benefits that the same hardware that you get to use for next generation ADAS is the same hardware that you can also use to enable highway autonomy, you know, advanced highway assist type functionality. That's generally the business model that most of the automakers are playing for, is that, you know, leverage a LiDAR with us to dramatically improve kind of the base ADAS, you know, safety case there and then expand beyond that. At the same time, though, too, I think it should not be underestimated or understated about just the dramatic improvement that you can make from an ADAS standpoint. That's part of what we're showing out here with Proactive Safety. You know, if you guys haven't seen it's out in the parking lot right in front of the West Hall. You can see how, you know, they actually have a setup where you can pick pretty much, you know, what some of the best-selling, you know, vehicles in the market there, too, to be able to show as a comparison to drive towards just a static pedestrian dummy that's right in front of the car. Virtually every time it doesn't come to a safe stop, it will just mow the pedestrian over. You know? Whereas with when you have that LiDAR-equipped vehicle and you know the exact distance of what's ahead of you, it can come to a safe stop. That's something that isn't even technically not a Level 3, 4, or 5 feature. That's actually, if you go by the strict definition, that's actually a Level zero feature. You know, it's just the problem is that everyone thought these things were a solved problem, and it's really not. You know, cars still get in accidents all the time, even with the most advanced technology on it today. That's where, you know, we see that huge step function advancement. Of course, you know, the autonomy stuff is absolutely fantastic, and that's gonna come more and more over time. Of course, the highway environment is what we've been focused on because, you know, believe that for urban autonomy, that's, I mean, orders of magnitude more difficult. That's actually what virtually every autonomous vehicle company has been focused on. But that's more of a decade-long plus problem, whereas focusing on highway scenarios is much more straightforward. With the LiDAR that can see at long distance to operate at high speed is very, very useful. I mean, that'll be continuing to roll out and continue to improve over the years with SAIC, with Volvo, with other automakers that we're working with. It's the same reason why, for example, Mercedes even made the switch over to us. It's like they actually have a system and they start out with a really basic first-generation LiDAR that can get it to work up to, you know, on the order of 30 mi an hour, and it's like now they're expanding it so, you know, you can operate at full highway speed and being able to enable that advanced functionality, not from a safety standpoint, from an autonomy standpoint. All that's really coming together and I think it'll be a key part of the holistic value proposition to be able to get additional software upgrade features that are had on the vehicle beyond the safety case. Let me check if there are any questions. Go ahead, Jim. [audio distortion] landscape that you see in the next five years evolving, I hear a lot of noise out of China. Yeah, absolutely, can talk a little bit more about that. I will say, a couple things that are interesting is that, I think, and I think it's a pretty solid viewpoint on the overall competitive landscape more holistically and, I wanna preface it by I think there's oftentimes an overemphasis actually on details of how much companies would, you know, sort of compete with each other or whatnot, particularly at such an early stage of the industry. The reality is that any opportunity for this kind of technology to get embedded on a vehicle is great and is fantastic because, like I said, it's still such a tiny slice of the industry. Like, to meet our, you know, to get- I mean, even for our long-term financial, target, like for the end of the decade, you know, if you want, for $5 billion revenue and $2.5 billion EBITDA and a $60 billion forward-looking order book, I think you estimated that was like 3%-4%, you know, of the overall vehicle market. It's very, very tiny. You know, I think seeing that growth is great. Now, listen, I'll say from a Luminar standpoint is that we really dominated when it comes to the technology of dialing that in, of having this chip level up developed system, not using off-the-shelf parts. That's enabled us to get to this extreme level of performance with the economics that can make sense, at the same time cover both of those use cases for both the safety case as well as sort of enabling these advanced autonomy features and even future-proofing it for what's beyond, so that you can continue to update software alongside it and with it. At the same time, you know, we're pretty uniquely positioned. We're the only company in the space that's actually done both the software and the hardware together as part of a holistic solution. That's been incredibly valuable on a number of fronts. I'd say why are we seeing this traction here? I think as you rightfully point out, I think it's very rare. In fact, I don't even think there's any other example of, you know, a company outside of China, much less a U.S. company, actually being able to make headway, you know, in such a major way and capacity into some of these major Chinese operations. I think that's largely just because of the technology and the breakthrough that we had in the first place. It was the same reason why, you know, I was kind of half joking, but somewhat serious about it, is that when people are asking like, "How on earth did OEMs actually start working with you in the first place? Like, how did they do it? I was saying that it's like, well, honestly, you know, we were the last company that they ever wanted to work with in the early days of this too, to like bet the future of their whole business on like a startup, you know, for what's there. You know, obviously, we had to do a lot to be able to successfully prove ourselves out, and now we're in a completely different position. Those initial wins make all the difference. I would say this is that we still have by far the strongest technology, you know, that's in the industry and are gonna continue to lead in that dimension. Having that combined value proposition and solution and continuing to expand into things like maps and other things is gonna, it only solidifies that moat more and more and more and more. I think the important part is as well from an economics and cost standpoint, it's very easy to be able to have a low-cost LiDAR. You can go down the street to Best Buy, you know, 10 minutes away and get a $50 LiDAR. It's a golf range finder, and it will see 200 m, but only one point. You know, the question is how do you make a high-performance system that can actually accommodate it? You know, this is like, you know, 1 million times the performance of that golf range finder. It's all about finding the right balance. The thing is that at the end of the day, this is a technology and capability where people's lives are at stake. Trying to be able to compromise, you know, by having a not auto-grade system that maybe kinda works some of the time and only has some incremental benefit with it, is not something that we really see, you know, automakers adopting ultimately. Let me, yeah. Let me give you some data on China. About half the market in China is foreign brands, so Volvo, Mercedes-Benz, GM, whatever, selling into China. What we're seeing now for the advanced technology decisions, those decisions are made by global purchasing and are typically global decisions. We're gonna get that part of the China business. You win Volvo, you win Mercedes, you win the global brands, you got that half that market locked up. The other half is the local brands. If you dissect that there, you know, some of them are gonna be low-priced vehicles. If you're selling a $10,000, $15,000, $20,000 China vehicle, you're more likely to use the 300 LiDAR than, you know, our LiDAR, which is more premium. However, the higher end of the local brand segment, which is where SAIC R7 is, you know, that's about a $45,000 price tag, vehicle. You know, that's the area where they wanna distinguish themselves from a technology perspective. We're open to that market. You're right. There's gonna be areas of the Chinese market, particularly the low end, that are more likely to go with the quote-unquote "cheaper" LiDAR. That really isn't our market and, but over time, as the Chinese consumer continues to develop and move up the price point, they're gonna naturally move to our technology. The other half of the market is the global brands, which, you know, we'll win as we kind of win the non-China part of the business. Yeah. Going to your Mobileye point, my understanding is after the Mobileye IPO, that the LiDAR that Mobileye quote-unquote, "was working on" is actually being retained by Intel. My understanding is like Intel's still developing that LiDAR for Mobileye. Right now Mobileye's using our LiDAR for their Mobility- as- a- Service system. You know, I think they said publicly that that LiDAR may be ready by 2025. Look, we're not sitting still. Our LiDAR's continuing to develop. As we said before, making LiDAR isn't easy. Yeah, let's be real. They're also building their systems around us. Every tech company, every tier one, every OEM throughout the years, they've all tried to build a LiDAR. Like, I mean, it's not like they just gave up on this without a fight, right? You know, everybody was fighting like no tomorrow to be able to try to win this out. It's just really, really, really challenging to try to do it. It's a completely different kind of thing that you have to develop than any other kind of chip or system. Like when, you know, when we're developing this, when we say making chips, you know, it's like custom indium gallium arsenide special III-V material chips that have these very specific parameters that only five people in the world know about, you know. Of course, we made sure they all work for Luminar. You know. My understanding is Mobileye was working on both their radar, their own radar and their own LiDAR. They took the radar with them after the IPO, but left the LiDAR with Intel. Read into that what you will. Yeah. Ultimately, I think I would still maintain that I do think that this is gonna, this industry is gonna have a natural tendency towards a winner-take-all type system and solution. I think we saw that successfully happen in the Mobileye case, you know, for the ADAS market or, you know, winner take most. I think that's happening all over again with the LiDAR with us. Well, we're out of time, but, thank you for coming to the conference, and thank you to the audience as well. Yeah. Thank you, guys. Thank you for having us.