Arteris Inc (AIP) 2025 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the Arteris second-quarter 2025 earnings call. Please note that this call is being recorded and simultaneously webcast. All material contained in the webcast is sole property and copyright of Arteris, Inc., with all rights reserved.

各位下午好，歡迎參加 Arteris 2025 年第二季財報電話會議。請注意，本次通話將會被錄音並同時進行網路直播。網路直播中包含的所有資料均為 Arteris, Inc. 的專屬財產和版權，保留所有權利。

For opening remarks and introductions, I will now turn the call over to Erica Mannion of Sapphire Investor Relations. Please go ahead.

接下來，我會把電話交給 Sapphire Investor Relations 的 Erica Mannion，由她來致開幕詞和介紹。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 results for the second quarter ended June 30, 2025. Nick will review the financial results for the second quarter, followed by the company's outlook for the third quarter and the full year of 2025. We will then open the call for questions.

謝謝，下午好。今天與我一起來自 Arteris 的有執行長 Charlie Janac 和財務長 Nick Hawkins。查理將首先簡要回顧截至 2025 年 6 月 30 日的第二季業務成果。尼克將回顧第二季的財務業績，然後展望公司對第三季和 2025 年全年的業績展望。接下來我們將開放提問環節。

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 are based on management's current expectations and assumptions and involve material risks and uncertainties that could cause actual results or events to differ materially 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 actual 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.

在開始之前，我想提醒各位，管理層將在本次電話會議中發表一些符合聯邦證券法定義的前瞻性聲明。這些聲明是基於管理階層目前的預期和假設，並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結果或事件有重大差異，因此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實際結果出現差異的因素的更多信息，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。

Please note, during this call we will cite certain non-GAAP measures, including, among others, non-GAAP net loss, non-GAAP net loss per share, and free cash flow, which are not measures prepared in accordance with US GAAP. These 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 June 30, 2025.

請注意，在本次電話會議中，我們將引用一些非GAAP指標，其中包括非GAAP淨虧損、非GAAP每股淨虧損和自由現金流，這些指標並非依照美國GAAP編制。我們認為，這些非GAAP指標能夠提供投資者評估和了解公司管理階層如何評估公司經營績效的手段，因此我們列出了這些指標。這些非GAAP指標不應與依照美國GAAP編製的財務指標割裂看待，也不應被視為替代或優於後者。截至 2025 年 6 月 30 日的季度新聞稿中提供了這些非 GAAP 指標與最接近的 GAAP 指標的調整表。

In addition, for a definition of certain of the key performance indicators used in this presentation, such as annual contract value, confirmed design starts, and remaining performance obligations, please see the press release for the quarter ended June 30, 2025. These key performance indicators are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may differ from similarly titled metrics or measures used by other companies, securities analysts, or investors. Listeners who do not have a copy of the press release for the quarter ended June 30, 2025, may obtain a copy by visiting the Investor Relations section of the company's website.

此外，有關本次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、已確認的設計開工量和剩餘履約義務，請參閱截至 2025 年 6 月 30 日的季度新聞稿。這些關鍵績效指標僅供補充資訊之用，不應被視為按照公認會計原則編制的財務資訊的替代品，並且可能與其他公司、證券分析師或投資者使用的類似名稱的指標或衡量標準有所不同。尚未收到截至 2025 年 6 月 30 日季度新聞稿的聽眾，可造訪本公司網站的投資者關係部分以取得副本。

In addition, management will be referring to Q2 2025 earnings presentation, which can be found in the Investor Relations section of the company's website under the Events and Presentations tab.

此外，管理層還將提及 2025 年第二季收益演示文稿，該演示文稿可在公司網站的「投資者關係」部分的「活動和演示」標籤下找到。

Now, I will turn the call over to Charlie.

現在，我將把電話交給查理。

Thank you, Erica, and thanks to everyone for joining us on our call today. In the second quarter of 2025, we achieved record annual contract value plus royalties of $69.1 million. We exited the quarter with $99.3 million in remaining performance obligations or RPO, highlighting the growing demand for our system IP technology.

謝謝艾麗卡，也感謝今天所有參加我們電話會議的朋友。2025 年第二季度，我們實現了創紀錄的年度合約價值加上特許權使用費，達到 6,910 萬美元。本季末，我們剩餘的履約義務或 RPO 為 9,930 萬美元，這凸顯了市場對我們系統 IP 技術日益增長的需求。

During the second quarter, we saw increased adoption, particularly in enterprise computing and automotive applications, driven largely by proliferation of AI computing, where the speed and reliability of data movement enabled by Arteris is paramount. One of these strategic wins was AMD, a global leader in high-performance and adaptive computing and a top 10 semiconductor company by revenue, which signed an agreement to utilize Arteris FlexGen, smart network-on-chip IP, the technology we announced earlier this year.

第二季度，我們看到採用率有所提高，尤其是在企業運算和汽車應用領域，這主要得益於人工智慧運算的普及，在這些領域，Arteris 實現的資料傳輸速度和可靠性至關重要。其中一個策略性勝利是與 AMD 達成的，AMD 是高效能和自適應運算領域的全球領導者，也是收入排名前 10 的半導體公司。 AMD 簽署了一項協議，將採用 Arteris FlexGen 智慧片上網路 IP，這項技術是我們今年稍早發布的。

FlexGen will aim to provide high-performance data transport in AMD chiplets, powering AI across AMD's broad portfolio, which spans from data centers to edge and end devices. It will also be used in combination with AMD Infinity Fabric interconnect, underscoring the increasing complexity of modern SoCs and chiplet-based architectures, which now require multiple highly specialized interconnects or NoCs.

FlexGen 旨在為 AMD 晶片組提供高效能資料傳輸，為 AMD 從資料中心到邊緣和終端設備的廣泛產品組合中的 AI 提供支援。它還將與 AMD Infinity Fabric 互連技術結合使用，凸顯了現代 SoC 和基於晶片的架構日益增長的複雜性，這些架構現在需要多個高度專業化的互連或 NoC。

In addition to the AMD relationship, we now have over two dozen FlexGen installations at multiple customers and anticipate that this product will contribute to our revenue over time. We believe FlexGen is a breakthrough technology in terms of productivity and optimization of SoC data movement.

除了與 AMD 的合作關係外，我們現在在多家客戶處安裝了二十多套 FlexGen 產品，並預計該產品將隨著時間的推移為我們帶來收入。我們相信 FlexGen 在提高 SoC 資料傳輸效率和最佳化方面是一項突破性技術。

I'm proud that Arteris was recently recognized in the 8th Annual AI Breakthrough Awards, with FlexGen winning the AI Engineering Innovation Award from among the over 5,000 global nominations. FlexGen was recognized for its ability to successfully automate critical aspects of NoC IP creation, ensuring rapid, correct-by-design interconnect fabrics that optimize performance and efficiency of AI-driven SoCs.

我為 Arteris 最近在第八屆年度 AI 突破獎中獲得認可而感到自豪，FlexGen 從全球 5000 多個提名中脫穎而出，榮獲 AI 工程創新獎。FlexGen 因其能夠成功自動化 NoC IP 創建的關鍵方面而獲得認可，確保快速、設計正確的互連結構，從而優化 AI 驅動的 SoC 的性能和效率。

Another recent AI-related customer win was Whalechip, a fabless semiconductor provider that specializes in developing data center ASICs and processors for high-bandwidth applications, including cloud servers, interconnect computing and blockchain computing, among others.

最近贏得的另一家與人力智慧相關的客戶是 Whalechip，這是一個無晶圓半導體供應商，專門開發用於高頻寬應用的資料中心專用積體電路 (ASIC) 和處理器，包括雲端伺服器、互連運算和區塊鏈運算等。

As the semiconductor industry accelerates efforts to increase performance and efficiency, especially driven by AI workloads, we are seeing a growing shift from traditional monolithic chips toward multi-die or chiplet architectures in the AI era.

隨著半導體產業加快提升效能和效率的步伐，尤其是在人工智慧工作負載的推動下，我們看到人工智慧時代正逐漸從傳統的單晶片架構轉向多晶片或晶片組架構。

Consequently, during the second quarter, we announced an expansion of our multi-die solution, which we believe delivers further foundational technology for rapid chiplet-based innovation. This includes broader standard support for the Universal Chiplet Interconnect Express, or UCIe, collaboration and extended support for Arm AMBA protocols, chiplet interface collaborations with Synopsys and Cadence, and RISC-V ecosystem support with partners such as Andes, SiFive and Tenstorrent.

因此，在第二季度，我們宣布擴展我們的多晶片解決方案，我們相信這將為基於晶片組的快速創新提供進一步的基礎技術。這包括對通用晶片互連高速協定 (UCIe) 合作的更廣泛標準支持，對 Arm AMBA 協議的擴展支持，與 Synopsys 和 Cadence 的晶片介面合作，以及與 Andes、SiFive 和 Tenstorrent 等合作夥伴的 RISC-V 生態系統支援。

Moreover, the Arteris expanded multi-die solution has been developed in close partnership with key customers who are increasingly designing chiplets such as Renesas. For example, Arteris technologies is used to provide underlying data transport and connectivity in the fifth generation of the R-Car automotive silicon developed by the high-performance computing SoC business unit. Arteris multi-die solutions help Renesas deliver on the integration and scalability offered by multi-die SoCs as AI applications push the limit of performance and power efficiency.

此外，Arteris 擴展的多晶片解決方案是與瑞薩電子等主要客戶緊密合作開發的，這些客戶越來越多地設計晶片組。例如，Arteris 技術被用於高效能運算 SoC 業務部門開發的第五代 R-Car 汽車晶片中，提供底層資料傳輸和連接。Arteris 多晶片解決方案幫助瑞薩電子實現多晶片 SoC 所提供的整合性和可擴展性，因為 AI 應用正在不斷突破性能和能效的極限。

Lastly, as the number of chiplets in multi-die SoCs increases, so does the underlying number of individual IP blocks. As such, it becomes increasingly important to properly and reliably package and prepare hundreds or even thousands of these IP components for effective integration and reuse across SoCs, chiplets, and complex IP subsystems.

最後，隨著多晶片 SoC 中晶片數量的增加，底層各個 IP 模組的數量也會增加。因此，對數百甚至數千個此類 IP 組件進行正確可靠的封裝和準備，以便在 SoC、晶片和複雜的 IP 子系統中有效整合和重複使用，變得越來越重要。

To capitalize on this trend in the second quarter, we announced Magillem Packaging, a new software product designed to automate IP packaging to simplify and speed up the process of assembling silicon chiplets and chips. Utilizing the latest version of the IEEE 1685 IP-XACT standard, Magillem Packaging is designed to work seamlessly with industry tools and silicon IP with the goal of helping companies meet increasing design demands while reducing costly errors and delays associated with integrating an ever-growing number of IP blocks and the associated rising system complexity. We believe the scale and scope of our opportunity remain robust, supported by our current products and strong product pipeline of new silicon system IP technologies, as well as growing relationships with the largest and most advanced electronics companies in the world.

為了利用第二季的這一趨勢，我們推出了 Magillem Packaging，這是一款旨在實現 IP 封裝自動化的全新軟體產品，旨在簡化和加快矽晶片和晶片的組裝過程。Magillem Packaging 採用最新版本的 IEEE 1685 IP-XACT 標準，旨在與行業工具和矽 IP 無縫協作，幫助企業滿足不斷增長的設計需求，同時減少因集成日益增多的 IP 模組以及相關的系統複雜性增加而導致的代價高昂的錯誤和延誤。我們相信，在現有產品和強大的新型矽系統 IP 技術產品線的支持下，以及與全球最大、最先進的電子公司不斷增長的合作關係的支持下，我們的機會規模和範圍仍然強勁。

Our customers continue to innovate in exciting high-growth areas, including across multiple applications of AI from data centers to the edge, autonomous driving, advanced communications, consumer, and industrial use cases. While we continue to diligently monitor the current global economic uncertainty, this did not lead to any deal cancellations or delays in the second quarter.

我們的客戶在令人興奮的高成長領域不斷創新，包括人工智慧的多個應用領域，從資料中心到邊緣運算、自動駕駛、進階通訊、消費品和工業應用案例。儘管我們持續密切關注當前全球經濟的不確定性，但這並未導致第二季任何交易取消或延遲。

In addition, we are seeing opportunities for customers to accelerate outsourcing of their system IP needs to Arteris, in order 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.

此外，我們看到客戶有機會加快將其係統 IP 需求外包給 Arteris，從而加快其產品上市速度，降低自身成本並提高營運效率。Nick 將在討論我們的指導意見時更詳細地介紹這些影響。

With that, I'd like to turn it over to Nick to discuss our financial results in more detail.

接下來，我想把發言權交給尼克，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 second-quarter results today, please note that I'll 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 2Q 2025 earnings presentation, which can be found on the Investor Relations section of our company's website under the Events and Presentations tab.

謝謝你，查理，大家下午好。今天在回顧我們第二季業績時，請注意，我將同時參考 GAAP 和非 GAAP 指標。今天發布的獲利報告中包含了GAAP財務報表與非GAAP財務報表的調節表，該報告可在我們的網站上查閱。另外，提醒一下，我將提及 2025 年第二季度收益演示文稿，該演示文稿可在我們公司網站的“投資者關係”部分的“活動和演示”選項卡下找到。

We had a strong second quarter characterized by meeting or beating our guidance on all key financial metrics.

第二季業績表現強勁，所有關鍵財務指標均達到或超過預期。

Turning to slide 5 of the presentation. Total revenue for the second quarter was $16.5 million, up 13% year over year, and at the top end of our guidance range.

翻到簡報的第5張投影片。第二季總營收為 1,650 萬美元，年增 13%，達到我們預期範圍的上限。

At the end of the second quarter, annual contract value, or ACV, plus royalties was $69.1 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 second quarter were $99.3 million, representing a 28% year-over-year increase, once again, a new high. Non-GAAP gross profit for the quarter was $15 million, representing a gross margin of 91%. GAAP gross profit in the quarter was $14.8 million, representing a gross margin of 89%.

第二季末，年度合約價值（ACV）加上特許權使用費為 6,910 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。截至第二季末，剩餘履約義務（RPO）為 9,930 萬美元，年增 28%，再次創下新高。本季非GAAP毛利為1500萬美元，毛利率為91%。本季 GAAP 毛利為 1,480 萬美元，毛利率為 89%。

Now, turning to slide 6. Non-GAAP operating expense in the quarter was $18.6 million, roughly flat sequentially and 10% higher year over year. We continue to scale investments in our R&D and field application engineering teams that drive technology innovations and solution support. Total GAAP operating expense for the second quarter was $23 million, representing a 12% year-over-year increase.

現在，請看第6張投影片。本季非GAAP營運費用為1860萬美元，與上一季基本持平，年增10%。我們將繼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。第二季 GAAP 總營運費用為 2,300 萬美元，較去年同期成長 12%。

As we look ahead, we plan to focus spending on strategically critical areas, in particular, to help drive new product development, enhance customer support and expand the geographic and key account reach of our global sales team. We believe that these ongoing investments can help accelerate our top line growth in the coming years. At the same time, we are delivering operating leverage by controlling our G&A spending, which has remained broadly flat on a non-GAAP basis for approximately three years.

展望未來，我們計劃將支出重點放在具有戰略意義的關鍵領域，特別是幫助推動新產品開發、加強客戶支援以及擴大我們全球銷售團隊的地域覆蓋範圍和重點客戶覆蓋範圍。我們相信，這些持續的投資能夠幫助我們在未來幾年加速營收成長。同時，我們透過控制一般及行政費用來實現營運槓桿效應，該費用在非GAAP準則下已基本保持平穩約三年。

Non-GAAP operating loss in the quarter was $3.5 million, in line with our guidance and flat year over year. GAAP operating loss for the second quarter was $8.2 million compared to a loss of $7.4 million in the prior-year period. Non-GAAP net loss for the quarter was $4.4 million or diluted net loss per share of $0.11 based on approximately 41.8 million weighted average diluted shares outstanding. GAAP net loss for the quarter was $9.1 million or diluted net loss per share of $0.22.

本季非GAAP營業虧損為350萬美元，與我們的預期一致，與去年同期持平。第二季GAAP營業虧損為820萬美元，而去年同期虧損為740萬美元。本季非GAAP淨虧損為440萬美元，或以約4,180萬股加權平均稀釋後流通股計算，稀釋後每股淨虧損為0.11美元。本季GAAP淨虧損為910萬美元，或稀釋後每股淨虧損0.22美元。

Moving to slide 7 and turning to the balance sheet and cash flow. We ended the quarter with $53.9 million in cash, cash equivalents, and investments and have no financial debt. Free cash flow, which includes capital expenditure was negative $2.8 million for the second quarter, approximately at the midpoint of our guidance range.

接下來請看第 7 張投影片，了解資產負債表和現金流量表。本季末，我們擁有現金、現金等價物和投資共 5,390 萬美元，且沒有任何金融債務。第二季自由現金流（包括資本支出）為負 280 萬美元，大致處於我們預期範圍的中點。

I would now like to turn to the outlook for our third quarter and the full year 2025, and refer now to slide 8. For the third quarter of 2025, we expect ACV plus royalties of $69.5 million to $72.5 million, revenue of $16.8 million to $17.2 million, with non-GAAP operating loss of $3 million to $4 million, and non-GAAP free cash flow of $0.5 million to $3.5 million. For the full year 2025, our guidance is as follows. ACV plus royalties to exit 2025 at $72 million to $78 million, revenue of $66 million to $70 million, non-GAAP operating loss of between $10.5 million to $15.5 million, and non-GAAP free cash flow of $1 million to $7 million.

現在我想談談我們對第三季和 2025 年全年的展望，請參考第 8 頁投影片。預計 2025 年第三季 ACV 加特許權使用費為 6,950 萬美元至 7,250 萬美元，營收為 1,680 萬美元至 1,720 萬美元，非 GAAP 營業虧損為 300 萬美元至 400 萬美元，非 GAAP 自由現金流為 50 萬美元。對於 2025 年全年，我們的指導如下。預計到 2025 年底，ACV 加上特許權使用費將達到 7,200 萬美元至 7,800 萬美元，收入為 6,600 萬美元至 7,000 萬美元，非 GAAP 營業虧損為 1,050 萬美元至 1,550 萬美元，非 GAAP 自由現金流為 100 萬美元。

Our OpEx is currently running higher than previously expected, predominantly as a result of the weakening US dollar, especially against the euro. Although the US dollar has strengthened somewhat in recent days, in assessing our non-GAAP operating loss guidance, we have assumed that the recent prevailing foreign exchange rates remain at these levels for the remainder of 2025.

由於美元走弱，尤其是對歐元走弱，我們目前的營運支出高於預期。儘管美元近幾日有所走強，但在評估我們的非GAAP營業虧損預期時，我們假設近期盛行的外匯匯率在2025年剩餘時間內將維持在這些水準。

Despite the near-term impact of foreign exchange fluctuations, we remain encouraged by our strong deal execution, witnessed by the 28% year-over-year growth in RPO at the end of the second quarter. Reiterating the point raised earlier by Charlie, we are seeing promising signs of accelerated interest by some major customers to increase their outsourcing of system IP products to Arteris.

儘管外匯波動可能帶來短期影響，但我們強勁的交易執行力仍然令人鼓舞，第二季末 RPO 年增 28% 便是最好的證明。正如查理先前提出的觀點，我們看到一些主要客戶對將系統 IP 產品外包給 Arteris 的興趣顯著增強，這令人鼓舞。

With that, I will turn the call back to the operator for the Q&A portion of our call. Operator?

接下來，我將把電話轉回給接線生，進行問答環節。操作員？

(Operator Instructions) Joshua Buchalter, TD Cowen.

（操作說明）Joshua Buchalter，TD Cowen。

Hey, guys. Thank you for taking my questions, and congrats on the results on the AMD announcement yesterday. I wanted to ask about that. Any details you can share on the scope? The press release names pretty much all of their products. I believe AMD had been an existing partner of yours. So maybe you could talk through how they're using your IP and they've been providing chiplets for a while. So what are you guys bringing to the table? And what led them to need to use you guys more expansively going forward? Thank you.

嘿，夥計們。謝謝您回答我的問題，也恭喜AMD昨天發表會的成功。我想問這件事。關於專案範圍，您能透露一些細節嗎？新聞稿幾乎列出了他們所有的產品。我相信AMD一直是你們的合作夥伴。所以或許你可以和他們談談他們是如何使用你的IP位址的，而且他們已經提供晶片一段時間了。那麼，你們能帶來什麼呢？是什麼原因導致他們今後需要更廣泛地與你們合作？謝謝。

I don't know whether we have lost Charlie. Charlie, you're on mute.

我不知道我們是否失去了查理。查理，你已靜音。

Apologies. Sorry about that. So yeah. So in February, we announced the FlexGen product, which basically allows higher levels of productivity and also some advantages in PPA in terms of wire length. Basically, AMD extensively evaluated this product, including some benchmarks against competitive alternatives. And they basically chose that as the best product for them going forward. So what we bring to the table is the new, innovative FlexGen technology and AMD basically decided to apply it to a variety of products, including AI data center chiplets.

抱歉。抱歉。是的。因此，在二月份，我們發布了 FlexGen 產品，該產品基本上可以提高生產效率，在電線長度方面，PPA 也具有一些優勢。基本上，AMD 對這款產品進行了廣泛的評估，包括與競爭產品進行了一些基準測試。他們基本上選擇了這款產品作為未來發展的最佳選擇。因此，我們帶來的是全新的、創新的 FlexGen 技術，AMD 決定將其應用於各種產品，包括 AI 資料中心晶片。

Okay. And then for my follow-up, how should we think about this layering into the model from a time line and magnitude perspective? I believe FlexGen has an ASP that's up 30% gen-to-gen. So how meaningful can this be to the model? Thank you and congrats again.

好的。那麼，我的後續問題是，從時間軸和規模的角度來看，我們應該如何看待模型中的這種分層結構？我認為 FlexGen 的平均售價比上一代上漲了 30%。那麼，這對模型來說有多大意義呢？謝謝，再次恭喜你。

Charlie, should I speak to that one?

查理，我該跟他談談嗎？

Yeah, please do.

好的，請務必這樣做。

Yeah. Josh, thanks for joining. Great to speak to you again. We do secure a fairly decent number of what we refer to as whale deals, major deals in a year. This is one of those. When we formed -- when we put our guidance out at the end of the first quarter, this was -- this deal was already in the works.

是的。Josh，謝謝你的參與。很高興再次與您交談。我們每年都能達成相當數量的“鯨魚交易”，也就是重大交易。這是其中之一。當我們成立公司時——也就是我們在第一季末發布業績指引的時候——這筆交易就已經在籌備中了。

It has been in the works for many months. And so it was already baked in the guidance at that point. I wouldn't want you to think this is the only big deal we have. We have one or two every quarter of major deals. So this is -- this was already contemplated when we guided previously. It's very helpful though.

這項工作已經籌備好幾個月了。所以，當時的指導方針中已經包含了這一點。我不想讓你覺得這是我們遇到的唯一大事。我們每季都會有一兩筆重大交易。所以，這——這在我們之前的指導工作中就已經考慮過了。這確實很有幫助。

Okay, I will leave it there, and thank you and congratulations again.

好的，我就說到這裡，再次感謝並祝賀你。

Thanks.

謝謝。

Kevin Garrigan, Rosenblatt Securities.

Kevin Garrigan，Rosenblatt Securities。

Yeah. Hey, Charle, Nick. Congrats on the solid results. I was kind of wondering, can you comment on whether the decision by AMD was because they're looking to expand their NoC internal team or if this was more surrounding, just kind of not being able to hit performance metrics, so they're looking for another solution?

是的。嘿，查理，尼克。恭喜取得如此優異的成績。我想問一下，AMD做出這個決定是因為他們想擴大其NoC內部團隊，還是因為無法達到效能指標，所以他們正在尋找其他解決方案？

Not at all. So, as we mentioned, FlexGen is going to work with the AMD's Infinity Fabric, which is their cash coherent solutions, which is made internally. So, basically, the decision that AMD came to is that they are going to continue to use their very capable cash coherent fabric, and that they are going to augment that with the Arteris technology for their non-coherent applications. So it's a mix-and-match approach.

一點也不。正如我們所提到的，FlexGen 將與 AMD 的 Infinity Fabric 搭配使用，Infinity Fabric 是 AMD 內部開發的現金一致性解決方案。所以，AMD 最終的決定是，他們將繼續使用他們非常強大的現金相干架構，並以 Arteris 技術來增強他們的非相干應用。所以這是一種混合搭配的方法。

Got it. Okay. That makes sense. And then as a follow-up, you guys previously noted about 20 customers who are experimenting with FlexGen and you talked about how large customers are looking to accelerate adoption of Arteris product. I mean is there anything else that you guys can do to get these customers over the finish line, or are you pretty much kind of waiting in the wings for them to make a decision?

知道了。好的。這很有道理。然後，作為後續，你們之前提到大約有 20 位客戶正在試用 FlexGen，並且你們談到了大型客戶如何尋求加速採用 Arteris 產品。我的意思是，你們還能做些什麼來幫助這些客戶完成最終決定呢？還是你們只能在一旁等待他們做決定？

Yeah. I mean, FlexGen involves in certain senses, changes in methodologies. And so, some of these evaluations are faster than others. But there's a fair number of FlexGen in the wild, as we said, more than two dozen. And we anticipate that they're going to result in sales starting in the second half in addition to the AMD deal.

是的。我的意思是，FlexGen 從某種意義上說涉及方法論的改變。因此，有些評估速度比其他評估快。但正如我們所說，市面上已經有相當數量的 FlexGen，超過二十幾台。我們預計，除了與 AMD 的交易之外，這些舉措還將在下半年帶來銷售額的成長。

Okay.

好的。

I just want to add something really quick, Kevin. This is Nick again. Thank you for joining. The validation by such a great company as AMD on this technology will certainly be helpful to our cause.

凱文，我只想補充一點。我是尼克。感謝您的參與。AMD這樣偉大的公司對這項技術的認可，無疑將對我們的事業大有裨益。

Yeah. No, I completely agree. I mean, the pioneer of the chiplet era is huge.

是的。不，我完全同意。我的意思是，晶片時代的先驅者非常了不起。

(Operator Instructions) Gus Richard, Northland.

（操作說明）Gus Richard，北地。

Yeah. Thanks for taking the question. Just in terms -- I'm sorry, keep on asking about AMD. Is this primarily for chiplet implementations or heterogeneous implementations?

是的。感謝您回答這個問題。就事論事——抱歉，請繼續詢問有關 AMD 的問題。這主要是針對晶片組實作還是異質實作？

I think it's going to be used in a variety of products. But one of the ones that is certainly going to be used is on AI -- data center AI-oriented chiplets, chiplet SoCs. But it's a multi-license deal, and so it's going to be used on a variety of products. But chiplets are certainly one of them.

我認為它將被用於各種產品。但其中一項肯定會被應用到人工智慧領域——資料中心人工智慧晶片組、晶片組SoC。但這是一項多方授權協議，因此它將用於各種產品。但晶片肯定是其中之一。

Got it. And then just, can you give us a little bit of an update on sort of how many heterogeneous chiplet projects you see out there now?

知道了。那麼，您能否簡單介紹一下目前市場上有多少異質晶片項目？

So there is -- so what we see and what other people see is a little bit different. There's about 600 to 700 SoCs out there. And at this time, we're seeing probably 30 projects right now. So there's probably more than that, but what we see is about 30%. So it's about 5% of the total. But we are anticipating that over the next couple of years, chiplet projects are going to be probably 30% of the overall SoC design starts. But today, we see maybe 5% of that number.

所以，我們看到的和別人看到的有點不一樣。目前市面上大約有 600 到 700 年 SoC。目前，我們大概有 30 個項目正在進行中。所以實際比例可能不只這些，但我們看到的大約是 30%。所以大約佔總數的5%。但我們預計，在未來幾年內，晶片組專案可能會占到整個 SoC 設計啟動專案的 30%。但如今，我們或許只能看到這個數字的 5%。

Okay. And that's chiplets in general, not heterogeneous chiplets?

好的。這裡指的是一般的晶片組，而不是異構晶片組？

So that's -- now, you're asking a tough question because -- some of these chiplets have been in production for a while, right? This would be more in the heterogeneous chiplet category.

所以，你現在問了一個棘手的問題，因為其中一些晶片已經生產了一段時間了，對吧？這更屬於異質晶片類別。

Got it. And then one for you, Nick, just and I'll go. Just looking at RPO and a couple of other things, it looks like book-to-bill was probably north of 1.5 in the quarter. Is that a fair guess?

知道了。然後給你一杯，尼克，我就走了。單從 RPO 和其他一些指標來看，本季訂單出貨比可能超過 1.5。這個猜測合理嗎？

Yeah. I don't really monitor book-to-bill specifically. And so I certainly wouldn't comment on that one, Gus. But it is a very positive indicator to have your -- the leading indicator of growth, which is the way we characterize RPO, essentially as our backlog of future revenue. To grow to nearly $100 million and 28% year over year is a great outcome.

是的。我並沒有專門監控訂單與帳單之間的差異。所以，我當然不會對此事發表評論，格斯。但擁有領先成長指標（我們稱 RPO 為未來收入儲備）是一個非常積極的指標，它本質上就是我們未來的收入儲備。成長至近 1 億美元，年成長 28%，這是一個非常好的結果。

Got it. Thanks so much.

知道了。非常感謝。

There are no further questions at this time. Please continue, Mr. Charlie Janac.

目前沒有其他問題了。請繼續，查理·賈納克先生。

Yes. So we'd love to thank you for your interest in Arteris. We look forward to meeting with you in the upcoming investor conferences that we're participating in through 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 for your support.

是的。我們非常感謝您對 Arteris 的關注。我們期待在接下來的幾個月參加的投資者會議上與您見面。我們期待在接下來的幾季向大家報告我們的業務進度。非常感謝您的支持。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。