Arteris Inc (AIP) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to the Arteris first quarter 2025 earnings call. Please note, this call is being recorded and simultaneously webcast. All material contained in the webcast is sole property and copyright of Arteris Incorporated with all rights reserved. For opening remarks and introductions, I will now turn the call over to Erica Mannion of Sapphire Investor Relations. Please go ahead.

大家下午好，歡迎參加 Arteris 2025 年第一季財報電話會議。請注意，本次通話將會被錄音並同時進行網路直播。網路廣播中包含的所有資料均為 Arteris Incorporated 的獨有財產和版權，保留所有權利。為了致開幕詞和介紹，我現在將電話轉給 Sapphire 投資者關係部的 Erica Mannion。請繼續。

Thank you and good afternoon. With me today from Arteris are Charlie Janac, Chief Executive Officer; and Nick Hawkins, Chief Financial Officer. Charlie will begin with a brief review of the business highlights for the first quarter ended March 31, 2025. Nick will review the financial results for the first quarter, followed by the company's outlook for the second quarter and the full year of 2025. We will then open the call for questions.

謝謝，下午好。今天與我一起的還有 Arteris 的執行長 Charlie Janac；以及財務長尼克霍金斯 (Nick Hawkins)。查理將首先簡要回顧截至 2025 年 3 月 31 日的第一季的業務亮點。尼克將回顧第一季的財務業績，隨後展望公司第二季和 2025 年全年的前景。然後我們將開始提問。

Before we begin, I'd like to remind you that management will make statements during this call that are forward looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated and you should not place undue reliance on forward-looking statements. Additional information regarding these risks, uncertainties and factors that could cause results to differ appear in the press release Arteris issued today and in the documents and reports filed by Arteris from time to time with the Securities and Exchange Commission. Please note, during this call, we will cite certain non-GAAP measures, including non-GAAP net loss, non-GAAP net loss per share and free cash flow, which are not measures prepared in accordance with US GAAP.

在我們開始之前，我想提醒您，管理層將在本次電話會議中發表符合聯邦證券法含義的前瞻性聲明。這些聲明涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異，而您不應過度依賴前瞻性聲明。有關這些風險、不確定性和可能導致結果不同的因素的更多信息，請參閱 Arteris 今天發布的新聞稿以及 Arteris 不時向美國證券交易委員會提交的文件和報告。請注意，在本次電話會議中，我們將引用某些非公認會計準則指標，包括非公認會計準則淨虧損、非公認會計準則每股淨虧損和自由現金流，這些指標並非依照美國公認會計準則編制。

The non-GAAP measures are presented as we believe that they provide investors with the means of evaluating and understanding how the company's management evaluates the company's operating performance. These non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with US GAAP. A reconciliation of these non-GAAP measures to the nearest GAAP measure can be found in the press release for the quarter ended March 31, 2025. In addition, for a definition of certain of the key performance indicators used in this presentation such as annual contract value, contract design starts and remaining performance obligations, please see the press release for the quarter ended March 31, 2025.

我們認為採用非公認會計準則衡量指標可以提供投資人評估和了解公司管理階層如何評估公司經營績效的手段。這些非公認會計準則指標不應被視為與依照美國公認會計準則編製的財務指標分離的、替代的或優於後者。這些非 GAAP 指標與最接近的 GAAP 指標的對帳可以在截至 2025 年 3 月 31 日的季度新聞稿中找到。此外，有關本簡報中使用的某些關鍵績效指標的定義，例如年度合約價值、合約設計開始時間和剩餘履約義務，請參閱截至 2025 年 3 月 31 日的季度新聞稿。

Listeners who do not have a copy of the press release for the quarter ended March 31, 2025, may obtain a copy by visiting the Investor Relations section of the company's website. In addition, management will be referring to the Q1 2025 earnings presentation, which can be found in the Investor Relations section of the company's website under the Events and Presentations tab.

尚未獲得截至 2025 年 3 月 31 日的季度新聞稿副本的聽眾可以訪問公司網站的投資者關係部分獲取副本。此外，管理層將參考 2025 年第一季財報，該報告可在公司網站的「活動和簡報」標籤下的「投資者關係」部分找到。

Now, I will turn the call over to Charlie.

現在，我將把電話轉給查理。

Thank you, Erica, and thanks to everyone for joining us on our call today. In the first quarter of 2025, we achieved another record annual contract value plus royalties of $66.8 million and generated $2.7 million in non-GAAP positive free cash flow as demand for commercial semiconductor system IP products continues to grow. Our success during the quarter saw steady adoption across enterprise computing, communications and automotive semiconductors, driven by growing chiplet and SoC design complexity as well as proliferation of AI applications. During the quarter, we had several key design wins. Four came from top 30 global technology companies expanding their deployment of Arteris products.

謝謝你，艾麗卡，也謝謝大家今天參加我們的電話會議。2025 年第一季度，隨著商業半導體系統 IP 產品需求的持續增長，我們實現了另一項創紀錄的年度合約價值加上特許權使用費 6,680 萬美元，並產生了 270 萬美元的非 GAAP 正自由現金流。本季度，我們取得了成功，在晶片和 SoC 設計複雜性不斷增加以及人工智慧應用激增的推動下，企業運算、通訊和汽車半導體領域得到了穩步應用。本季度，我們取得了幾項關鍵的設計勝利。其中有四家來自全球排名前 30 位的科技公司，它們正在擴大 Arteris 產品的部署。

The largest win included Magillem SoC integration automation software as well as interconnect IP for various applications, including memory controllers and consumer electronic projects. Another of the large wins came from an expanded reorder from a top 5 technology company with products and services, including hyperscale computing and consumer electronics. Also, a major automotive OEM expanded its use of Arteris product portfolio for its next generation of EV vehicles. Another key win and 1 of the 3 new Arteris customers in the quarter was with an industry-leading Japanese automotive OEM. This customer licensed our products to support their new in-house development of autonomous driving SoCs that include AI and functional safety capabilities.

最大的贏家包括 Magillem SoC 整合自動化軟體以及各種應用的互連 IP，包括記憶體控制器和消費性電子專案。另一項重大勝利來自一家排名前五的科技公司的擴大再訂單，其產品和服務包括超大規模運算和消費性電子產品。此外，一家大型汽車原始設備製造商擴大了對 Arteris 產品組合的使用，用於其下一代電動車。另一個關鍵勝利是本季 3 個新 Arteris 客戶中的 1 個，即業界領先的日本汽車 OEM。該客戶授權我們的產品來支援他們內部新開發的包含人工智慧和功能安全功能的自動駕駛 SoC。

They selected Arteris based on the combination of our products superior performance, lower power area efficiency and high resilience for their mission-critical applications. With this latest addition, we now have 10 automotive OEMs as direct Arteris customers. Adoption of our technology also continues to be strong with advanced semiconductor companies. For example, our physically aware FlexNoC IP with AI and functional safety support was chosen for the development of Nextchip's next-generation vision-based ADAS technology to realize the future of autonomous driving with sustainability. We are seeing increased movement from internal system IP solutions to commercial vendors such as Arteris, as customers desire resource efficiency, quality and faster solution delivery.

他們選擇 Arteris 是基於我們的產品具有卓越的性能、更低的功率面積效率以及針對其關鍵任務應用的高彈性。加上這位最新客戶，我們現在有 10 家汽車 OEM 成為 Arteris 的直接客戶。我們的技術也持續受到先進半導體公司的廣泛採用。例如，我們具有AI和功能安全支援的物理感知FlexNoC IP被選中用於Nextchip下一代基於視覺的ADAS技術的開發，以實現可持續的自動駕駛的未來。我們看到，隨著客戶對資源效率、品質和更快的解決方案交付的追求，內部系統 IP 解決方案正越來越多地轉向 Arteris 等商業供應商。

I am pleased to report that our penetration of the increasingly complex microcontroller, MCU system IP market continues with initial receipt of royalties from a top 5 MCU manufacturer. This penetration is driven by continued increases in MCU complexity as well as ever more stringent latency and cost requirements. In addition to our customer momentum, we continue to deliver new technology. In the last earnings call, we announced FlexGen, our AI-driven smart NoC IP technology, which has the potential to revolutionize semiconductor designs by delivering up to 10 times engineering productivity, lowering power consumption and improving overall performance. We now have over 20 customer SoC projects evaluating FlexGen, which is a promising start for this innovative product, which we expect will generate revenue and ACV in the second half of the year.

我很高興地報告，我們繼續滲透日益複雜的微控制器、MCU 系統 IP 市場，並初步從排名前五的 MCU 製造商處獲得了專利費。這種滲透是由 MCU 複雜性的持續增加以及更嚴格的延遲和成本要求所推動的。除了我們的客戶動力之外，我們還繼續提供新技術。在上次財報電話會議上，我們宣布了由人工智慧驅動的智慧 NoC IP 技術 FlexGen，該技術有可能透過提供高達 10 倍的工程生產力、降低功耗和提高整體性能來徹底改變半導體設計。目前，我們有超過 20 個客戶 SoC 專案正在評估 FlexGen，這對於這款創新產品來說是一個良好的開端，我們預計它將在今年下半年產生收入和 ACV。

In the first quarter, Arteris also released the latest generation of Magillem register management automation software used for semiconductor hardware and software integration. This latest technology provides a single source of data for development of SoCs and chiplets by chip architects, hardware designers, firmware engineers, verification teams and documentation teams, helping to mitigate the silicon failure risks associated with the unfortunate and quite common instances of out-of-date specifications, interpretation differences across various teams and user errors. The latest product improves performance and scalability to address the needs of any semiconductor design, ranging from simple IoT devices to state-of-the-art complex artificial intelligence SoCs, FPGAs and chiplets. I'm also proud to see that our focus on innovation being recognized in 3 prominent categories in the 23rd Annual American Business Awards out of 3,600 nominations. These included the Gold Award for the most innovative Tech Company of the Year, another Gold Award for Technical Innovation of the Year for our Ncore NoC IP with its support for Arm, RISC-V, x86 and MIC architectures and the Silver Award in the product innovation category for our FlexNoC and Ncore NoC Tiling technology in support of advanced AI computing in the data center and the edge.

第一季度，Arteris也發布了用於半導體軟體硬體整合的最新一代Magillem暫存器管理自動化軟體。這項最新技術為晶片架構師、硬體設計師、韌體工程師、驗證團隊和文件團隊開發 SoC 和晶片提供了單一資料來源，有助於減輕與過時規範、不同團隊之間的解釋差異和用戶錯誤等不幸且相當常見的情況相關的矽片故障風險。最新產品提高了效能和可擴展性，以滿足任何半導體設計的需求，從簡單的物聯網設備到最先進的複雜人工智慧 SoC、FPGA 和晶片。我還很自豪地看到，我們對創新的關注在第 23 屆美國商業獎的 3 個突出類別中從 3,600 個提名中脫穎而出，獲得認可。其中包括年度最具創新力科技公司金獎、年度技術創新金獎（我們的 Ncore NoC IP 支援 Arm、RISC-V、x86 和 MIC 架構）以及產品創新類銀獎（我們的 FlexNoC 和 Ncore NoC Tiling 技術支援資料中心和邊緣的高級 AI 運算）。

Beyond actively driving in-house innovation, Arteris continues to expand ecosystem collaboration to provide full solutions to our customers, including leveraging our products' physical awareness to support the faster development of advanced electronics with more predictable power performance and area or PPA for SoCs and chiplets. We recently announced that Arteris joined the Intel Foundry Accelerator Program, becoming members of the IP Alliance, enabling silicon designs using Intel's 18A advanced process node to collaborate on physically aware NoCs for future nodes. Additionally, Arteris also became a founding member of Intel Foundry's new Chiplet Alliance, which aims to create a robust network of ecosystem partners to ensure interoperability and to accelerate creation of a wide range of multi-die silicon applications. Similarly, Arteris also joined the IMEC-sponsored Automotive Chiplet Forum, whose goal is to share insights and ensure industry alignment and interoperability for automotive chiplet-based architectures, where our NoC products with ISO 26262 functional safety capabilities will play an increasingly important role moving forward. Lastly, we announced the opening of our new engineering and customer support center in Krakow, Poland.

除了積極推動內部創新之外，Arteris 還繼續擴大生態系統協作，為我們的客戶提供完整的解決方案，包括利用我們產品的物理感知來支援先進電子產品的更快開發，為 SoC 和小晶片提供更可預測的功率性能和麵積或 PPA。我們最近宣布 Arteris 加入了英特爾代工加速器計劃，成為 IP 聯盟的成員，從而支持使用英特爾 18A 先進製程節點的矽片設計，以便在未來節點的物理感知 NoC 上進行合作。此外，Arteris 還成為英特爾代工廠新成立的 Chiplet 聯盟的創始成員，該聯盟旨在創建一個強大的生態系統合作夥伴網絡，以確保互通性並加速創建各種多晶片矽片應用。同樣，Arteris 也加入了由 IMEC 贊助的汽車晶片論壇，該論壇的目標是分享見解並確保基於汽車晶片架構的行業一致性和互通性，其中我們具有 ISO 26262 功能安全能力的 NoC 產品將在未來發揮越來越重要的作用。最後，我們宣佈在波蘭克拉科夫開設新的工程和客戶支援中心。

This new location will support the development of network-on-chip IP and SoC integration automation software for the semiconductor industry. Arteris has hundreds of customers worldwide who are supported by workforce across 11 countries. The addition of a hub in Poland will expand the company's global footprint and provide Arteris with expanded access to top engineering talent for product development, validation and customer support. We believe the scale and scope of our long-term opportunity remain robust and are supported by our current products and strong product pipeline of new silicon system IP technologies as well as growing relationships with some of the largest and most advanced electronics companies in the world. Our customers continue to innovate in exciting high-growth areas such as generative AI, autonomous driving, 5G and 6G communications using Arteris products and global support.

這個新地點將支援半導體產業的片上網路 IP 和 SoC 整合自動化軟體的開發。Arteris 在全球擁有數百名客戶，並由遍布 11 個國家的員工提供支援。在波蘭增設中心將擴大公司的全球影響力，並為 Arteris 提供更多接觸頂尖工程人才的機會，以進行產品開發、驗證和客戶支援。我們相信，我們長期機會的規模和範圍仍然強勁，並得到我們現有產品和強大的新矽系統 IP 技術產品線以及與世界上一些最大和最先進的電子公司日益增長的關係的支持。我們的客戶利用 Arteris 產品和全球支持，不斷在產生 AI、自動駕駛、5G 和 6G 通訊等令人興奮的高成長領域進行創新。

We are diligently monitoring the current global economic uncertainty, although this did not lead to any deal cancellations or delays in the first quarter. Nevertheless, we do see greater potential for variability in financial outcomes for the year due to this economic uncertainty. The clearest impacts are potential short-term headwinds to royalties as a result of waning customer global confidence and automotive and other tariffs. Additionally, our overseas-based OpEx is likely to increase should the recent weakness of the US dollar persist or worsen.

我們正在密切關注當前全球經濟的不確定性，儘管這並沒有導致第一季任何交易取消或延遲。儘管如此，由於這種經濟不確定性，我們確實看到今年財務表現波動的可能性更大。最明顯的影響是，由於全球客戶信心下降以及汽車和其他關稅，特許權使用費可能會在短期內面臨阻力。此外，如果近期美元疲軟持續或惡化，我們的海外營運支出可能會增加。

As a potential offsetting factor, we are seeing opportunities for our customer base to accelerate outsourcing of their silicon system IP needs to Arteris to accelerate their products' time to market, reduce their own costs and increase their operating efficiencies. Nick will cover these impacts more when he discusses our guidance. With that, I'll turn it over to Nick to discuss our financial results in more detail.

作為一個潛在的抵銷因素，我們看到了客戶群有機會加速將其矽系統 IP 需求外包給 Arteris，以加快其產品的上市時間、降低自身成本並提高營運效率。當尼克討論我們的指導時，他將進一步介紹這些影響。接下來，我將把話題交給尼克，讓他更詳細地討論我們的財務表現。

Thank you, Charlie, and good afternoon, everyone. As I review our first quarter results today, please note I will be referring to GAAP as well as non-GAAP metrics. A reconciliation of GAAP to non-GAAP financials is included in today's earnings release, which is available on our website. Also, as a reminder, I will be referring to the 1Q 2025 earnings presentation, which can be found in the Investor Relations section of the company's website under the Events and Presentations tab. We had a strong first quarter, characterized by beating our guidance on all key financial measures.

謝謝你，查理，大家下午好。當我今天回顧我們的第一季業績時，請注意我將參考 GAAP 和非 GAAP 指標。今天的收益報告中包含了 GAAP 與非 GAAP 財務狀況的對賬，您可以在我們的網站上查閱。另外，提醒一下，我將參考 2025 年第一季的收益報告，該報告可在公司網站的「活動和演示」標籤下的「投資者關係」部分找到。我們第一季表現強勁，所有關鍵財務指標均超出預期。

Turning to slide 5 of the presentation. Total revenue for the first quarter was $16.5 million, up 28% year-over-year, benefiting from approximately $0.5 million onetime revenue and exceeding the top end of our guidance range. At the end of the first quarter, annual contract value or ACV plus royalties was $66.8 million, up 15% year over year, above the midpoint of our guidance range and a record high for the company. Remaining performance obligations, or RPO, at the end of the first quarter were $88.9 million, representing 19% year-over-year increase, once again, a new high for Arteris. Non-GAAP gross profit for the quarter was $15.3 million, representing a gross margin of 92%. GAAP gross profit for the quarter was $15.0 million, representing a gross margin of 91%.

翻到簡報的第 5 張投影片。第一季總收入為 1,650 萬美元，年增 28%，受益於約 50 萬美元的一次性收入，並超過了我們預期範圍的最高值。第一季末，年度合約價值或 ACV 加上特許權使用費為 6,680 萬美元，年增 15%，高於我們指導範圍的中點，創下公司歷史新高。第一季末的剩餘履約義務（RPO）為 8,890 萬美元，年增 19%，再次創下 Arteris 的新高。本季非公認會計準則毛利為 1,530 萬美元，毛利率為 92%。本季 GAAP 毛利為 1,500 萬美元，毛利率為 91%。

Now turning to slide 6. Non-GAAP operating expense in the quarter was $18.4 million, up 9% sequentially and 8% higher year-over-year, impacted by the timing of certain nonlinear expenses and in part driven by the weaker US dollar increasing the cost of our overseas operations. Additionally, we continue to grow the investment in our R&D and field application engineering teams that drive technology innovations and solution support.

現在翻到幻燈片 6。本季非公認會計準則營運費用為 1,840 萬美元，比上一季成長 9%，比去年同期成長 8%，這受到某些非線性費用時間的影響，部分原因是美元疲軟增加了我們海外營運的成本。此外，我們持續增加對研發和現場應用工程團隊的投資，以推動技術創新和解決方案支援。

Total GAAP operating expense for the first quarter was $22.7 million, representing a 10% year-over-year increase. As we look ahead, we plan to focus spending on strategically critical areas, in particular, in key people who can help drive product development, enhance customer support through field application engineering and expand the geographic and key account reach of our global sales team. We believe that these ongoing investments can accelerate our top line growth. At the same time, we are driving operating leverage by controlling G&A spending, which has now remained broadly flat on a non-GAAP basis for approximately three years. Non-GAAP operating loss for the first quarter was $3.2 million, close to the top end of our guidance range.

第一季的 GAAP 總營運費用為 2,270 萬美元，較去年同期成長 10%。展望未來，我們計劃將支出集中在具有戰略意義的關鍵領域，特別是那些能夠幫助推動產品開發、透過現場應用工程增強客戶支援以及擴大全球銷售團隊的地理和主要客戶覆蓋範圍的關鍵人才。我們相信這些持續的投資可以加速我們的營收成長。同時，我們透過控制一般及行政開支來提高營運槓桿率，以非公認會計準則計算，該開支已連續約三年保持基本穩定。第一季非公認會計準則營業虧損為 320 萬美元，接近我們預期範圍的最高值。

This represents a $2.1 million or 40% improvement compared to the loss of $5.3 million in the prior year period. GAAP operating loss for the first quarter was $7.7 million compared to a loss of $9.1 million in the prior year period. Non-GAAP net loss in the quarter was $3.6 million or diluted net loss per share of $0.09 based on approximately 40.9 million weighted average diluted shares outstanding. GAAP net loss in the quarter was $8.1 million or diluted net loss per share of $0.20. Moving to slide 7 and turning to the balance sheet and cash flow.

與去年同期 530 萬美元的虧損相比，這一數字增加了 210 萬美元，即 40%。第一季的 GAAP 營業虧損為 770 萬美元，而去年同期的虧損為 910 萬美元。本季非公認會計準則淨虧損為 360 萬美元，或每股攤薄淨虧損 0.09 美元，以約 4,090 萬股加權平均稀釋流通股數。本季 GAAP 淨虧損為 810 萬美元，或每股攤薄淨虧損 0.20 美元。移至投影片 7，前往資產負債表和現金流量表。

We ended the quarter with $55.1 million in cash, cash equivalents and investments, and we have no financial debt. Free cash flow, which includes capital expenditure, was positive $2.7 million for the quarter, above the top end of our guidance, benefiting from some early customer payments that were due early in the second quarter. I would now like to turn to our outlook for the second quarter and full year 2025 and refer now to slide 8. Looking forward, the current economic turbulence has created some market uncertainty for our business. And consequently, we have revisited our 2025 guidance.

本季末，我們的現金、現金等價物和投資為 5,510 萬美元，且沒有任何金融債務。本季自由現金流（包括資本支出）為正 270 萬美元，高於我們預期的最高值，這得益於第二季初到期的一些客戶提前付款。現在，我想談談我們對 2025 年第二季和全年的展望，請參閱投影片 8。展望未來，當前的經濟動盪為我們的業務帶來了一些市場不確定性。因此，我們重新審視了 2025 年的指導方針。

As a general contextual comment, our view is that the current economic turbulence presents 3 key financial considerations for 2025. First, the current trade challenges may result in short-term reduction for end demand for some of our customers' products and in our key market verticals, especially automotive and consumer. It is, however, not yet clear what, if any, impact there will be to our royalty revenue in 2025. The first quarter unit sales [out reports] from our customers have generally been better than expected. However, it is possible that this is in part resulting from pull forward demand for our customers' products in anticipation of increased tariff costs.

作為一般背景評論，我們認為當前的經濟動盪為 2025 年帶來了 3 個關鍵的財務考慮。首先，當前的貿易挑戰可能會導致我們部分客戶產品的最終需求以及我們的主要垂直市場（尤其是汽車和消費品）的短期減少。然而，目前尚不清楚這會對我們 2025 年的特許權使用費收入產生什麼影響（如果有的話）。我們客戶的第一季單位銷售額大致上優於預期。然而，這可能部分是由於我們預期關稅成本增加而導致客戶產品需求提前。

Consequently, we have not adjusted our overall FY25 revenue guidance at the midpoint since we believe that the overall net impact will not be materially different from our prior expectations. Second, since the start of the year, the US dollar has weakened against most major currency pairs. While the significant majority of our revenue is invoiced in US dollars, approximately 40% of our expenses are denominated in foreign currencies, predominantly the euro, which has appreciated by up to 10% against the US dollar this year. In the event that the US dollar exchange rates remain at current levels, we estimate that the annual impact on Arteris expenses would be approximately $1 million. However, due to unrelated offsetting expense factors, we are not adjusting our midpoint guidance for non-GAAP operating income and free cash flow for FY 2025. Third, while Arteris products are not subject to tariffs, there is a potential existential impact of the ongoing trade disputes and collateral economic impacts to our business environment, including factors such as consumer and industrial confidence.

因此，我們沒有在中期調整我們的 FY25 整體收入指引，因為我們相信整體淨影響不會與我們先前的預期有重大差異。其次，今年以來，美元兌多數主要貨幣都走弱。雖然我們的絕大部分收入都是以美元計價的，但約有 40% 的支出是以外幣計價的，主要是歐元，今年歐元兌美元升值了 10%。如果美元匯率保持在當前水平，我們估計對 Arteris 支出的年度影響將約為 100 萬美元。然而，由於不相關的抵銷費用因素，我們不會調整 2025 財年非 GAAP 營業收入和自由現金流的中點指引。第三，雖然 Arteris 產品不受關稅影響，但持續的貿易爭端可能會對我們的生存產生影響，並對我們的商業環境產生附帶經濟影響，包括消費者和產業信心等因素。

As a result, we have widened our top line guidance ranges. This economic turbulence is exogenous to Arteris business operations, and it is hard to forecast with certainty the longevity or collateral consequences of changing economic policies. That being said, while the industrial markets remain clouded with tariff and geopolitical uncertainty, we see our customers' long-term growth and therefore, our license and royalty revenue remaining robust. For the second quarter of 2025, we expect ACV plus royalties of $66 million to $70 million; revenue of $16.1 million to $16.5 million, with non-GAAP operating loss of $4 million to $3 million; and non-GAAP free cash flow of negative $5 million to 0, which reflects the reverse effect of early customer payments that benefited the first quarter, as I mentioned earlier. Therefore, we expect free cash flow for the first half overall to be positive at the midpoint.

因此，我們擴大了營收指引範圍。這種經濟動盪對於 Arteris 的業務運作來說是外生的，很難準確預測經濟政策變化的持續時間或附帶後果。話雖如此，儘管工業市場仍然受到關稅和地緣政治不確定性的籠罩，但我們看到了客戶的長期成長，因此我們的許可和特許權使用費收入仍然強勁。對於 2025 年第二季度，我們預計 ACV 加上特許權使用費為 6,600 萬美元至 7,000 萬美元；營收為 1,610 萬美元至 1,650 萬美元，非公認會計準則營業虧損為 400 萬美元至 300 萬美元；非會計準則的自由現金流量為公認 500 萬美元，正如我的早期付款因此，我們預期上半年整體自由現金流中位數為正。

For the full year 2025, our guidance is as follows: ACV plus royalties to exit 2025 at $71 million to $79 million; revenue of $65 million to $71 million; non-GAAP operating loss of between $14 million to $7 million; non-GAAP free cash flow of 0 to positive $8 million. In spite of the near-term challenges I outlined, we are very encouraged by the continued strong deal pipeline. And I would reiterate the point raised earlier by Charlie that we are seeing promising signs of an accelerated interest by some major customers to increase their outsourcing to the commercial market for the system IP products that Arteris specializes in. With that, I will turn the call over to the operator and open it up for questions. Operator?

對於 2025 年全年，我們的指導如下：到 2025 年，ACV 加上特許權使用費將達到 7,100 萬美元至 7,900 萬美元；收入 6,500 萬美元至 7,100 萬美元；非公認會計準則為非會計準則在 1,400 萬美元至 7,00 萬美元之間自由現金；非公認會計準則為非會計準則 00 萬美元自由現金；儘管我概述了近期的挑戰，但持續強勁的交易勢頭令我們感到非常鼓舞。我想重申查理之前提出的觀點，我們看到一些主要客戶對增加 Arteris 專門從事的系統 IP 產品的商業市場外包興趣的加速跡象。說完這些，我將把電話轉給接線員並開始回答問題。操作員？

(Operator Instructions) Josh Buchalter, TD Cowen.

（操作員指示）Josh Buchalter，TD Cowen。

Congrats on the steady results in an interesting backdrop. I guess, I want to hit on the tariff and the trade environment right now. You're being upfront with sort of your cautious view. I guess, I wanted to ask more directly, are you seeing any changes from your customers' behaviors yet? And in particular, on their willingness and desire to invest in their IP and SoC road maps going forward?

恭喜您在有趣的背景下取得穩定的成果。我想，現在我想談談關稅和貿易環境。您坦率地表達了謹慎的觀點。我想更直接地問一下，您是否看到客戶的行為發生了任何變化？特別是他們是否願意並希望在未來投資其 IP 和 SoC 路線圖？

Or is there no change yet and you're just being more cautious on the back half?

或是還沒有變化，只是對後半部更加謹慎？

So I mean, semiconductors, so IP and ADAS is not really subject to any tariffs directly, right? We are seeing some replanning of projects in China due to not only tariffs but also some of the increasing regulations coming from the US So -- but on the other hand, what we're also seeing is that as the larger companies want to -- they're looking at their efficiencies. And so there seems to be an increased willingness by those companies to outsource system IP to commercial vendors such as Arteris. And the Arteris type of companies actually tend to do fairly well in markets that are just under uncertainty because our customers tend to design their way out of recessions.

所以我的意思是，半導體、IP 和 ADAS 實際上並沒有直接受到任何關稅的影響，對嗎？我們看到中國正在重新規劃一些項目，這不僅是因為關稅，還因為美國推出了一些日益嚴格的監管措施。但另一方面，我們也看到，隨著大公司想要提高效率，他們也關注效率。因此，這些公司似乎越來越願意將系統 IP 外包給 Arteris 等商業供應商。而 Arteris 類型的公司實際上往往在充滿不確定性的市場中表現相當良好，因為我們的客戶往往會設計出擺脫經濟衰退的方法。

So while there may be some impact on royalties, which are a relatively small portion of our revenue at this point in time, the licensing activity is -- remains robust.

因此，雖然特許權使用費可能會受到一些影響（目前特許權使用費只占我們收入的一小部分），但許可活動仍然強勁。

And just to add to that, Josh, thanks for the question. This is Nick speaking. So yes, just to reiterate in case anybody missed it, while we're pointing out that there is some economic uncertainty around because things are changing day-to-day, as you know, we -- the business is still robust. We're not seeing a change in the pipeline, one way or the other. So we think we're well set for the year, which is why we haven't changed our full year midpoint guidance on any of the metrics.

另外，喬希，謝謝你的提問。我是尼克。是的，只是為了重申一下，以防有人錯過，雖然我們指出周圍存在一些經濟不確定性，因為事情每天都在變化，但正如你所知，我們的業務仍然強勁。無論如何，我們都沒有看到管道發生任何變化。因此，我們認為我們已經為今年做好了準備，這就是為什麼我們沒有改變任何指標的全年中點指引。

There is, as you rightly point out, a great deal of uncertainty still. And so we don't know what the knock-on impact and what the collateral impact might be, which is why in common with many other companies, we've just widened our guidance range because we have less certainty right now.

正如您正確指出的那樣，仍然存在很大的不確定性。因此，我們不知道會產生什麼樣的連鎖影響和附帶影響，這就是為什麼與許多其他公司一樣，我們擴大了指導範圍，因為我們現在不太確定。

Okay. Makes sense. And for my follow-up, I wanted to ask about FlexGen. It sounds like you're increasingly confident in the success of that platform. Could you maybe elaborate on what's driving the expectations for revenue and ACV in the second half of the year and where sort of you're seeing initial traction from an application standpoint for FlexGen?

好的。有道理。作為後續問題，我想詢問有關 FlexGen 的問題。聽起來您對該平台的成功越來越有信心。您能否詳細說明一下推動下半年收入和 ACV 預期的因素是什麼，以及從應用的角度來看 FlexGen 的初步發展勢頭如何？

So we've been working on FlexGen for 3 years. We've been delivering it to customers since second half of last year. We have right now at the moment, about 20 projects evaluating FlexGen. The feedback has been almost universally positive. And we have been able to get it to a production status -- full production status back in February of this year with the release of FlexGen 1.2, which is the third release of it.

我們已經在 FlexGen 上工作了 3 年。我們從去年下半年就開始向客戶交付它了。目前，我們有大約 20 個項目正在評估 FlexGen。回饋幾乎全部都是正面的。今年 2 月，隨著 FlexGen 1.2（它的第三個版本）的發布，我們已經能夠將其提升到生產狀態 - 全面生產狀態。

And we anticipate that it's going to generate substantial bookings and then revenue, which is ratable in the second half. So we're very pleased with the reception of FlexGen. And the applications are fairly broad, right? They range from automotive, data center, enterprise, consumer. So it's a pretty broad spectrum of companies that have -- that are using it for evaluations right now.

我們預計它將產生大量的預訂量和收入，這些收入將在下半年實現評估。因此，我們對 FlexGen 的接受度感到非常高興。而且應用範圍相當廣泛，對嗎？它們涉及汽車、資料中心、企業、消費者等領域。因此，目前有相當廣泛的公司正在使用它進行評估。

And just to add a little bit of color to that as well, Josh, as I'm sure you know from previous commentary, the -- any increase from FlexGen, which is likely to be through its ASP as much as major new customers is likely to be first -- will be mathematically felt first in RPO and ACV because they step up contract by contract immediately. The revenue because of its ratable nature of everything is running on a sort of 2.5- to 3.5-year contract design term because it's ratable, the impact on revenue from any second half deals signed or even second quarter deals signed will be much more muted. So you'll see the full effect in 2026. It also may benefit free cash flow, of course, to the extent that people pay -- customers pay upfront.

而且只是為了給這一點添加一點色彩，Josh，我相信你從之前的評論中已經知道了，FlexGen 的任何增長，很可能是透過其 ASP 實現的，因為主要新客戶很可能是第一個實現的，從數學上講，將首先在 RPO 和 ACV 中感受到，因為它們會立即逐個合約地增加。由於所有事物都具有可評估的性質，因此收入是按照 2.5 到 3.5 年的合約設計期限運行的，因為它是可評估的，因此簽署的任何下半年交易甚至第二季度交易對收入的影響都會小得多。因此，您將在 2026 年看到其全部效果。當然，如果人們付款——客戶預付款——它也可能有利於自由現金流。

(Operator Instructions) Kevin Garrigan, Rosenblatt Securities.

（操作員指示） Kevin Garrigan，Rosenblatt Securities。

Charlie, Nick, congrats on the solid results. You guys spoke about accelerated interest from companies that have in-sourced. Are you also seeing accelerating decision time lines by customers that are kind of going from having an initial conversation to signing the licensing agreement than you've previously seen?

查理、尼克，祝賀你們取得如此優異的成績。你們談到了來自內部採購的公司的興趣加速成長。您是否也發現客戶的決策時間比以前有所加快，從最初的談話到簽署許可協議？

Not really. I mean, people are generally trying to accelerate their design cycles. But the licensing activity is really pretty much steady, I would say, steady growth. And there is, of course, a number of large companies that are looking to -- basically, what we're seeing is that they're saying, okay, for whatever we're doing today, we're going to keep the existing system IP, but we're not going to invest in it for the next generation because it's becoming more complex and more difficult. And so the next generation tends to get outsourced, right?

並不真地。我的意思是，人們通常試圖加快他們的設計週期。但我想說，許可活動實際上相當穩定，穩定成長。當然，也有很多大公司正在考慮——基本上，我們看到的是，他們說，好吧，無論我們今天做什麼，我們都會保留現有的系統 IP，但我們不會為下一代進行投資，因為它變得越來越複雜，越來越困難。那麼下一代往往會被外包，對嗎？

So we're pretty pleased with that area of the business. And we think, ultimately, because of the complexity and new application, most of the system IP is going to ultimately get outsourced. And we're going to go from maybe 2/3 of the market being internal to maybe 1/3 of the market being internal and 2/3 being commercial. So I think this economic uncertainty is actually accelerating that, even though we're not seeing much impact on faster sort of decision-making on individual projects.

所以我們對業務領域非常滿意。我們認為，最終由於複雜性和新應用，大多數系統 IP 最終將被外包。我們的市場將從 2/3 屬於內部市場轉變為 1/3 屬於內部市場，2/3 屬於商業市場。因此，我認為這種經濟不確定性實際上正在加速這一進程，儘管我們沒有看到它對單一專案的更快決策產生太大影響。

And Kevin, thanks for the question. This is Nick. Just to add to Charlie's excellent commentary. There are 2 key things that are driving that. One is a pure economic one, which is driven out by the complexity, the increasing complexity of SoC designs.

凱文，謝謝你的提問。這是尼克。只是想補充查理的精彩評論。有兩個關鍵因素推動了這個進程。一個是純粹的經濟因素，這是由SoC設計的複雜性以及日益增加的複雜性所驅動的。

And it's becoming tougher and tougher to support internal teams, which are very expensive. And typically, we look at a sort of a 10x payback from taking an Arteris license versus doing the design internally. So pure economics in times like we have at the moment, that is something that our customers we're noticing are supremely focused on is improving their OpEx and improving the bottom line. And the second is actually just a scarcity issue, and we've touched on this before. There is a scarcity of qualified hardware engineers who are capable of designing networks on chip.

支援內部團隊變得越來越困難，而且成本非常高。通常，我們認為獲得 Arteris 許可比內部設計能帶來 10 倍的回報。因此，在當前這樣的時期，純粹的經濟學是我們注意到客戶最關注的事情，即改善他們的營運支出和提高底線。第二個其實只是一個稀缺性問題，我們之前已經討論過這個問題。能夠設計片上網路的合格硬體工程師非常稀缺。

And that is something that actually FlexGen plays into very well because it decreases the amount of sophistication required by a customer's design team to be able to design a NoC. So those 2 factors are quite interesting and almost inexorable drivers of the move to the commercial market.

而這正是 FlexGen 所發揮的非常好的作用，因為它降低了客戶設計團隊設計 NoC 所需的複雜程度。因此，這兩個因素非常有趣，幾乎是推動其進入商業市場的必然因素。

Okay. Great. I appreciate the color on that. And then as a follow-up on your joining the Intel Foundry Alliance program. I know it's only been 2 weeks or so since the announcement, but have you guys seen any increase in interest?

好的。偉大的。我很欣賞它的色彩。然後作為您加入英特爾代工聯盟計劃的後續行動。我知道公告發布才過去兩週左右，但你們有沒有發現人們的興趣增加？

And do you think this joining -- by joining the alliance, it could help you land a customer or 2 that you might have otherwise thought you wouldn't be able to capture?

您是否認為加入聯盟可以幫助您獲得一兩個您可能認為無法獲得的客戶？

Yes. I mean a lot of this is related to Lip-Bu Tan taking over as CEO of Intel, right? And what we're expecting is that Lip-Bu is going to be much more open towards commercial solutions, both EDA and on the IP side. And also that there is a commitment by Intel toward continued investment in the foundry technology and in customer relationships for the foundry. So we want to make sure that we participate in the 18A sort of process deployment and that we're basically the main system IP partner for that alliance.

是的。我的意思是，這很大程度上與陳立武接任英特爾執行長有關，對嗎？我們期望 Lip-Bu 對商業解決方案更加開放，包括 EDA 和 IP 方面。英特爾也承諾將繼續投資代工技術和代工客戶關係。因此，我們希望確保我們參與 18A 類流程部署，並且我們基本上是該聯盟的主要係統 IP 合作夥伴。

So yes, we expect that this will result in some additional business over the next 12 months.

是的，我們預計這將在未來 12 個月內帶來一些額外的業務。

Gus Richard, Northland.

葛斯‧理查德 (Gus Richard)，北國。

First of all, was book-to-bill approximately 1 in the quarter? That was kind of what I was coming up with.

首先，本季的訂單出貨比大約是 1 嗎？這就是我想到的東西。

Yes. So Gus, thanks. But we don't disclose bookings. And so I don't really want to comment on that.

是的。所以 Gus，謝謝你。但我們不會透露預訂情況。所以我真的不想對此發表評論。

Okay. Always got to ask.

好的。總是要問。

You've always got to ask

你總是要問

Second question, Charlie, you joined 2 chiplet alliances, IMEC and -- I'm sorry, IMEC and Intel. And just wondering a couple of questions around chiplets. How do you see that evolving? Has the industry coalesced around UCIe standard? Or is another interconnect standard competing with that?

第二個問題，查理，你加入了兩個晶片聯盟，IMEC 和——對不起，IMEC 和英特爾。我只是想知道有關 chiplet 的幾個問題。您認為這項發展將如何發展？業界是否已經圍繞 UCIe 標準達成共識？或有另一種互連標準與之競爭？

And sort of what is the -- how long is it going to take for things to settle out so people can mix and match chiplets is kind of where I'm trying to get at.

我想要了解的是，事情需要多長時間才能解決，以便人們可以混合搭配小晶片。

Yes. So chiplets are already in production, but these are homogeneous chiplet SoCs where essentially, it's one company, one process. And so you have multi-die chips like Intel Meteor Lake essentially shipping in very significant volumes. What is just now starting to be established is a heterogeneous chiplet environment where the chiplets are coming from different suppliers. They're coming from different processes.

是的。因此，小晶片已投入生產，但這些是同質小晶片 SoC，本質上是一家公司、一個流程。因此，像英特爾 Meteor Lake 這樣的多晶片晶片的出貨量基本上非常大。現在剛開始建立的是一個異質晶片環境，其中的晶片來自不同的供應商。它們來自不同的過程。

They have to be packaged in innovative ways. And so this is going to take a number of years even though people are already investing today, which is kind of why we're very interested in this particular aspect of the system IP world because basically, we make chips communicate on a single die, but now we have to make chips communicate across multiple dies or multiple chiplets in a more efficient manner. And that makes the system IP much more complex and much more valuable, right? So we're very excited about that. In order to make this work, the industry and the whole ecosystem has to standardize in terms of some standards.

它們必須以創新的方式進行包裝。因此，即使人們今天已經在投資，這也將需要數年時間，這也是我們對系統 IP 領域的這個特定方面非常感興趣的原因，因為基本上，我們讓晶片在單個晶片上進行通信，但現在我們必須讓晶片以更有效的方式跨多個晶片或多個晶片進行通信。這使得系統 IP 變得更加複雜和更有價值，對嗎？所以我們對此感到非常興奮。為了實現這一目標，產業和整個生態系統必須根據一些標準進行標準化。

So clearly, you mentioned UCIe, Gus, and that seems to be the communication mechanism for cache coherent communication between multiple dies, right? We're basically trying to make multiple dies that are -- that have multiple processors look like a single programming space to the software. So it's quite complex. And so you need standards like UCIe, you need standards like IP-XACT, SystemVerilog. And so we expect that over the next couple of years that the industry will coalesce based on a few standards in order to lower the cost of each individual projects because the only way that this is going to really work economically is if these things are repeatable based on certain standards, and we're committed to support whatever standards are emerging.

所以很明顯，你提到了 UCIe、Gus，這似乎是多個晶片之間快取一致性通訊的通訊機制，對嗎？我們基本上是試圖讓具有多個處理器的多個晶片對於軟體來說看起來像一個單一的編程空間。所以它相當複雜。因此，您需要像 UCIe 這樣的標準，您需要像 IP-XACT、SystemVerilog 這樣的標準。因此，我們預計，在未來幾年內，該行業將基於一些標準進行聯合，以降低每個項目的成本，因為只有在這些事情能夠基於某些標準重複的情況下，這才能真正實現經濟效益，而我們致力於支持正在出現的任何標準。

And so -- and the whole ecosystem has to coalesce around the standards in order to make these heterogeneous multi-die chiplets SoCs an economic reality.

因此，整個生態系統必須圍繞標準凝聚在一起，才能使這些異構多晶片 SoC 成為經濟現實。

Got it. And effectively, when -- as this happens, you need a [switch one] NoC for the chiplets.

知道了。實際上，當這種情況發生時，您需要一個用於晶片的 [switch one] NoC。

Exactly.

確切地。

And then you talked about the market being two-thirds internal today, one-third outsourced. Roughly, what's your estimate on how big the market is today for system IP?

然後您談到，如今的市場三分之二是內部市場，三分之一是外包市場。粗略地講，您估計目前系統 IP 的市場規模有多大？

Okay. So it's about somewhere between $1 billion and $1.2 billion. The NoC itself is about $600 million, $700 million, something like this. There is probably $300 million in the SIA integration software. This is the software that's used to package, connect and configure the various IP blocks.

好的。所以大約在 10 億到 12 億美元之間。NoC 本身的價值約為 6 億美元、7 億美元，諸如此類。SIA 整合軟體的價值大概為 3 億美元。這是用於打包、連接和配置各種 IP 區塊的軟體。

And then there's about another -- probably another $300 million or $250 million in system IP blocks that are -- they don't do any processing. They're used to essentially make the chip function better and communicate better, more efficiently and those kind of things like last level caches, memory controllers and so on and so forth, reorder buffers and things that just manipulate the traffic around. So it's about $1.2 billion -- $1.2 billion.

然後還有大約另外的——可能是另外價值 3 億美元或 2.5 億美元的系統 IP 區塊——它們不進行任何處理。它們本質上是用來使晶片功能更好、通訊更好、更有效率，以及諸如最後一級快取、記憶體控制器等，重新排序緩衝區和操縱周圍流量的東西。所以大約是 12 億美元——12 億美元。

Got it. Super helpful. And then the last one for me. You talked about your large customers considering outsourcing. And obviously, the next generation will be more expensive, more complex, limited resources, et cetera.

知道了。超有幫助。對我來說這是最後一個。您談到了您的大客戶正在考慮外包。顯然，下一代將會更加昂貴、更加複雜、資源更加有限等等。

But my question is, is there some underlying technological change that is making this happen now rather than 2 years from now or 2 years ago? What -- sort of what is prompting people to, okay, we got to do this.

但我的問題是，是否存在一些潛在的技術變革使得這種情況現在發生，而不是兩年後或兩年前發生？是什麼促使人們這麼做，好吧，我們必須這麼做。

Well, I mean, when Arteris started, which was more than 20 years ago, you had 1 processor and 2 channels of memory and a couple of IOs, right? So it was relatively easy to do this in-house. Then you started getting multiple -- multi-core processors. So you had to introduce cache coherency. The next revolution came with AI.

嗯，我的意思是，當 Arteris 剛開始的時候，也就是 20 多年前，你們有 1 個處理器、2 個記憶體通道和幾個 IO，對吧？因此，在內部完成這項工作相對容易。然後你開始獲得多個多核心處理器。所以你必須引入快取一致性。下一場革命伴隨著人工智慧而來。

So you have these big AI sections, which have their own internal and external data communication requirements and very -- require very high bandwidth and so on and so forth. And now you have the rise of chiplets. So with each of these, it's becoming more expensive and more difficult to do. So there isn't one single thing where the CFOs and the SVPs of engineering of these big companies wake up and says, oh my God, we're going to make a change. But with each of these developments, it becomes really, really complex.

所以你有這些大型的人工智慧部分，它們有自己的內部和外部數據通訊要求，並且需要非常高的頻寬等等。現在，小晶片正在興起。因此，每一項工作都變得越來越昂貴，也越來越困難。因此，這些大公司的財務長和工程高級副總裁不會突然意識到，『天哪，我們要做出改變』。但隨著每一個發展，它變得非常非常複雜。

And I know, Gus, you went to the Intel Foundry Day as well. And there was a Kevin O'Buckley slide, which talked about a chiplet system that was 12x the size of what's possible with reticles, right, which is about 600 square millimeters. So these were chiplet systems 12x the size. And so when you start to deal with these kinds of monsters, it gets very, very expensive and that what drives the adoption of commercial IP solutions, which can be amortized over many more projects than just one company can do.

我知道，葛斯，你也參加了英特爾代工日。還有一張 Kevin O'Buckley 的幻燈片，其中討論了晶片系統，其尺寸是光罩尺寸的 12 倍，大約為 600 平方毫米。因此這些是 12 倍大小的晶片系統。因此，當你開始處理這些龐然大物時，成本會變得非常非常高，而這正是推動人們採用商業 IP 解決方案的原因，這些解決方案可以透過比一家公司能夠完成的更多項目來攤銷。

Right. And then last question for me, and I'll step back. You're in a certain position, it would take you so much R&D to get to what's needed for 12x the reticle size. Sort of what would it take a large company that does huge SoCs to develop something for the chiplet economy?

正確的。這是我的最後一個問題，我將退一步。您處於某個位置，需要進行大量的研發才能達到 12 倍標線尺寸所需的水平。那麼，一家生產大型 SoC 的大公司需要做些什麼來為 chiplet 經濟開發一些東西呢？

I mean, these large companies, they have very large budgets, right? And so they can do -- they can decide to invest in their -- in sort of the chiplet infrastructure. But as Nick pointed out, the problem is getting the people, keeping them together for a number of years and be able to amortize that investment over relatively few projects. I mean, most of these companies are doing 2 to 3 chiplet projects right now, right? They're not doing 10 or 15 like they're doing single die projects, right?

我的意思是，這些大公司都有非常大的預算，對吧？因此他們可以決定投資某種晶片基礎設施。但正如尼克指出的那樣，問題在於招募人才，讓他們團結在一起多年，並能夠在相對較少的項目中攤銷投資。我的意思是，這些公司中的大多數目前正在進行 2 到 3 個小晶片項目，對嗎？他們不會像做單模專案那樣做 10 個或 15 個，對嗎？

So the cost just -- the CFO of those companies looks at it and says, why are we doing that, right? And so companies like Arteris have a faster learning than any internal team, and we can amortize that investment, which is starting to be quite large against many, many more projects. So faster learning and basically amortization of the R&D over many more projects is the advantage that we would have against any internal team. And it's steady progress in this outsourcing to commercial solutions. And it's not going to happen overnight, but the trend is and the direction and the vector is clear.

因此，這些公司的財務長看到成本後會說，我們為什麼要這樣做，對吧？因此，像 Arteris 這樣的公司比任何內部團隊都有更快的學習速度，我們可以攤提這筆投資，對於許多很多的專案來說，這筆投資開始變得相當大。因此，更快的學習和在更多專案中攤銷研發費用是我們相對於任何內部團隊的優勢。並且，商業解決方案外包正在穩步推進。這不會在一夜之間發生，但趨勢、方向和方向都是明確的。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Charlie, I just want to curious what you would point to in terms of your annual forecast, you're looking for continued growth on the licensing side. I was wondering if you could talk to it by an end market perspective, where you're most hopeful of for the remainder of the year?

查理，我只是好奇您在年度預測方面會指出什麼，您預計許可方面會繼續增長。我想知道您是否可以從終端市場的角度來談談，您對今年剩餘時間最有希望的是什麼？

So clearly, the highest growth at the moment is in AI. There's AI projects for data center training. There's AI projects for data center inference. There's projects for edge inference. And actually, AI is making it into the endpoints like phones and cars.

顯然，目前成長最快的是人工智慧。有用於資料中心訓練的人工智慧專案。有用於資料中心推理的人工智慧專案。有邊緣推理的題目。實際上，人工智慧正在進入手機和汽車等終端。

So that's the large number of projects. And we've -- I think we're probably where half of the design starts in the quarter were actually somehow AI related, right? We continue to be bullish about automotive. The automotive industry has some cycles, but people are designing now automotive chips for 6 or 7 years from now that that are going to -- so that is also pretty robust. And we're very excited about our microcontroller entry.

所以項目數量非常多。而且我們——我認為我們本季開始的設計中有一半實際上與人工智慧有關，對嗎？我們繼續看好汽車產業。汽車行業有一些週期，但人們現在正在設計 6 或 7 年後汽車晶片，因此這也是相當穩健的。我們對我們的微控制器的進入感到非常興奮。

The microcontrollers are now becoming much more complex. So they need network-on-chip and software that helps the microcontrollers come together more efficiently. And then there's the usual consumer and enterprise applications, which are also steady, right? So -- and what's really happening, Gus sort of asked about the market size, right? There's probably about 60 -- 600, 700 SoCs that are being designed a year.

微控制器現在變得更加複雜。因此，他們需要片上網路和軟體來幫助微控制器更有效地協同工作。然後還有常見的消費者和企業應用程序，它們也很穩定，對嗎？那麼──實際情況是怎麼樣的呢？ Gus 詢問的是市場規模，對嗎？每年大概有 60 到 600、700 個 SoC 被設計出來。

And we have only 15% of that, right? So there's plenty of growth. And each project uses more and more system IP. So -- and which becomes more and more valuable, right? And so we're very bullish about the opportunity that we have in front of us.

而我們只擁有其中的 15%，對嗎？因此，成長空間很大。且每個項目使用的系統IP越來越多。那麼——它會變得越來越有價值，對嗎？因此，我們對眼前的機會非常樂觀。

And our main challenge is to make sure that we remain the main independent neutral player in this particular piece of the world.

我們面臨的主要挑戰是確保我們仍然是這個地區的主要獨立中立參與者。

Got you. And then just for Nick, I wanted to ask you on the OpEx. You were, I think, last quarter talking about keeping SG&A flat. Obviously, it's at a higher level in the first half. Just kind of curious if flat is still the right way to think about it.

明白了。然後，就尼克而言，我想問你關於 OpEx 的問題。我認為，上個季度您談到了保持銷售、一般及行政費用 (SG&A) 持平。顯然，上半場的水平更高。只是有點好奇平面是否仍然是正確的思考方式。

So when we talked about full year guidance last time around, Blayne, we characterized or I characterized 2025 as an up year by about 10%. So roughly half the rate of top line growth. So we've got revenue growing this year guided at 18% and we're sort of maintaining our view on OpEx at about half of that, so 9% to 10% overall. And I think that's still reasonable where we're getting all that operating leverage, and this is maybe what you're recalling is in G&A, which has now been flat for 3 years -- 3 full years, including so '25, '24, '23 have been completely flat the way we're guiding it right now. So where we're putting the investment in is in R&D, sales and field application engineering because they're all driving short, medium and long-term top line growth.

因此，布萊恩，當我們上次談論全年指引時，我們將 2025 年描述為成長約 10% 的一年。因此，營業額成長率大約為一半。因此，我們預計今年的營收成長率為 18%，而我們對營運支出的預期則維持在該水準的一半左右，即總體為 9% 至 10%。我認為在我們獲得所有營運槓桿的情況下這仍然是合理的，這也許就是您所記得的 G&A 費用，它已經連續 3 年持平 - 整整 3 年，包括 25 年、24 年、23 年一直完全持平，就像我們現在指導的那樣。因此，我們將投資放在研發、銷售和現場應用工程上，因為它們都推動著短期、中期和長期的收入成長。

And we think there's huge opportunities left. Blayne, could I also just add on to Charlie's point, I was trying to cut in, but I realize I was on mute. But just to put some numbers around Charlie's commentary. AI-related deals now account for north of 55% of our total business. So that's growing really nicely.

我們認為還存在巨大的機會。布萊恩，我能否補充查理的觀點，我本來想插話，但我意識到我處於靜音狀態。但只是想對查理的評論給一些數字。目前，與人工智慧相關的交易占我們總業務的 55% 以上。所以說，這確實發展得很好。

But that, of course, is a horizontal not a vertical, as you know. The 2 highest growth rate verticals for us are, again, not surprisingly, automotive in terms of when I'm looking at ACV and royalties, automotive and enterprise. And enterprise is, of course, part of the AI story because that's obviously the backbone of the AI workload. So that's very exciting. And in fact, it's also starting -- it's our fastest-growing royalty segment as well is enterprise.

但如你所知，這當然是水平的，而不是垂直的。對我們來說，從 ACV 和特許權使用費來看，成長率最高的兩個垂直產業是汽車產業，這並不令人意外，汽車產業和企業產業都是如此。當然，企業是人工智慧故事的一部分，因為它顯然是人工智慧工作負載的支柱。這非常令人興奮。事實上，它也剛起步——它是我們企業中成長最快的特許權使用費部分。

There are no further questions at this time. I'd like to turn the call over to Mr. Charlie Janac for closing comments. Sir, please go ahead.

目前沒有其他問題。我想將電話轉給 Charlie Janac 先生，請他發表最後評論。先生，請繼續。

Yes. Well, thank you for your interest in Arteris. I hope that you're pleased with the results that we've delivered in Q1. And we look forward to meeting with you at the upcoming investor conferences that we're participating in during the next couple of months, and we look forward to updating you all on our business progress in the quarters to come. So thank you very much.

是的。好吧，感謝您對 Arteris 的關注。我希望您對我們在第一季的成果感到滿意。我們期待在接下來的幾個月裡參加即將舉行的投資者會議上與您會面，並期待在未來幾季向大家通報我們的業務進度。非常感謝。

This concludes today's conference call. Thank you very much for your participation. You may now disconnect.

今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。