We believe that Ouster’s multi-market strategy and digital lidar roadmap, combined with the tailwind from Velodyne product sales and growing opportunities for software coupled sales, all backed by our new operating model puts us on a clear path to profitability and positions us as a top global lidar company today and to remain one well into the future. And with that, I’d like to open it up for Q&A.
Operator: Thank you. [Operator Instructions] We’ll go first this afternoon to [Madison De Paola] at Rosenblatt.
Unidentified Analyst: Hi. This is Madison De Paola calling in for Kevin Cassidy. I was just wondering how much visibility does your order backlog give you? Or are your customers ordering beyond your lead times?
Angus Pacala: Thanks for the question. We actually have a really strong visibility into the future growth at Ouster. And it really starts with the bookings performance that we’ve had all year and including in Q3. We had a 1.7 book-to-bill ratio in Q3. We booked over $100 million worth of business in 2023 alone. And that gives us a lot of confidence now on kind of the multi-year view on where Ouster business is going. And I would say that we were very thoughtful also in our growth metrics in our long-term financial model, where we talk about a 30% to 50% growth trajectory as part of that. And so all of that – those numbers are based on the observations that we’ve had from our internal data in addition to the CAGRs that we see across the industries that are driving our business.
Unidentified Analyst: Thank you.
Operator: Thank you. We’ll go next now to Kevin Garrigan at Westpark Capital.
Kevin Garrigan: Yes. Hey. Good afternoon, Angus and Mark. And thanks for taking my questions and congrats on the progress. Your Gemini and Blue City software, you had a strong bookings quarter. Can you kind of give us a sense of what bookings were for these platforms over the last few quarters? And now with the unification and added features, do you expect software revenues to kind of be a little bit ahead of what you were previously expecting?
Angus Pacala: Well, yes, let me start by saying, I mean, I’m very happy with where we are with our software business. We’re in the third quarter since releasing Gemini at the beginning of the year. We brought Blue City into the mix with the merger and have now completed the integration of Blue City into the Gemini software platform. So we’ve been moving extremely quickly on this front. And by the end of Q3, at this point, we put out a press release that talks about the multi-million dollars worth of bookings that we’ve closed with software coupled sales to this point in the year. I mean that’s just – I couldn’t be happier with where we’re going with this business and the markets that we’re tapping into, really multi-billion dollar markets that we are tapping into that are ripe for expansion with our software coupled sales.
In terms of breaking out those sales by quarter or in more detail, not ready to do that yet. But my hope is that as we get our heads wrapped around exactly where this business is going, especially in the next year, then we’ll start to get some more visibility into the numbers that are driving that side of the business specifically.
Kevin Garrigan: Okay. Perfect. And then I apologize if I missed this, but on your DF sensor, any comments you can make about how many automotive OEMs you’re shipping to and what do customers kind of like about your sensor over the competition?
Angus Pacala: Yes. Thanks for the question. So in Q3, we met with a number of auto OEMs, Tier 1s and other partners across the world. I attended many of the meetings. I got to see direct feedback from those teams. And we got overwhelmingly positive feedback on the richness of the point cloud, the maturity of the architecture and the fact that we are building the end-state architecture for this industry. It’s really important that our strategy was validated through customer feedback, seeing the product, understanding the technology and then acknowledging to us that they see the industry going towards these solid state digital first architecture sensors, of which DF is really the preeminent example. So I couldn’t be happier with kind of the acknowledgment and of the benefits of DF from those kind of three key points: Compact, which means rugged, digital, and solid state, right?
