Ambarella Inc (AMBA) 2016 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Ambarella fourth quarter and FY16 earnings conference call.

女士們、先生們，美好的一天，歡迎參加安霸第四季和 2016 財年財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to introduce your host for today's conference, Ms. Deborah Stapleton of Investor Relations.

現在我想介紹一下今天會議的主持人，投資者關係部門的 Deborah Stapleton 女士。

Ms. Stapleton, you may begin.

斯泰普爾頓女士，您可以開始了。

Good afternoon, everyone, and welcome to Ambarella's fourth-quarter FY16 financial results conference call.

大家下午好，歡迎參加安霸 2016 財年第四季財務業績電話會議。

Thank you for joining us.

感謝您加入我們。

Our speaker today will be Dr. Fermi Wang, President and CEO; and George Laplante, CFO.

今天我們的演講者是總裁兼執行長 Fermi Wang 博士；和財務長喬治·拉普蘭特。

The primary purpose of today's call is to provide you with information regarding our fiscal fourth quarter and year-end 2016 results.

今天電話會議的主要目的是向您提供有關我們第四財季和 2016 年底業績的資訊。

The discussion today and the responses to your questions will contain forward-looking statements regarding our financial prospects, market growth and demand for our solutions among other things.

今天的討論和您問題的答覆將包含有關我們的財務前景、市場成長和對我們解決方案的需求等的前瞻性陳述。

These statements are subject to risks, uncertainties and assumptions.

這些陳述受到風險、不確定性和假設的影響。

Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect, our actual results could differ materially from these forward-looking statements.

如果任何這些風險或不確定性成為現實，或者我們的假設被證明是不正確的，我們的實際結果可能與這些前瞻性聲明有重大差異。

We are under no obligation to update these statements.

我們沒有義務更新這些聲明。

These risks, uncertainties and assumptions, as well as other information on potential risk factors that could affect our financial results, are more fully described in the documents that we file with the SEC, including the annual report on Form 10-K that we filed on March 30, 2015 for the FY15 and the Form 10-Q filed on December 9, 2015, for the third fiscal quarter of 2016.

這些風險、不確定性和假設，以及可能影響我們財務業績的潛在風險因素的其他信息，在我們向 SEC 提交的文件中進行了更全面的描述，包括我們提交的 10-K 表格年度報告2015 財年的資料於2015 年3 月30 日提交，2016 年第三財季的10-Q 表格於2015 年12 月9 日提交。

Access to our fourth-quarter results press release, historical results, SEC filings and a replay of today's call can all be found on the Investor Relations portion of our website.

您可以在我們網站的投資者關係部分找到我們第四季度業績新聞稿、歷史業績、美國證券交易委員會備案文件以及今天電話會議的重播。

I'll now turn the call over to Dr. Fermi Wang.

我現在將電話轉給 Fermi Wang 博士。

Thank you, Deb, and good afternoon, everyone.

謝謝你，黛布，大家下午好。

Our Q4 2016 revenue was $68 million, representing an increase of 5% over the $64.7 million of revenue in the same period in the prior year.

我們 2016 年第四季的營收為 6,800 萬美元，比去年同期的 6,470 萬美元成長了 5%。

For the full FY16, our revenue was $316.4 million, representing a 44.9% increase over the $218.3 million in the prior fiscal year.

2016 財年全年，我們的營收為 3.164 億美元，比上一財年的 2.183 億美元成長 44.9%。

Through the quarter we continue to see strong sales from professional IP security cameras and automotive aftermarket dash cameras as well as for our new markets including flying cameras and the home monitoring cameras.

在本季度，我們繼續看到專業 IP 安防攝影機和汽車售後行車記錄器以及飛行攝影機和家庭監視器等新市場的強勁銷售。

This revenue growth was largely offset, however, by a continued decline in wearable sports camera market.

然而，這一收入成長在很大程度上被穿戴式運動相機市場的持續下滑所抵消。

Ambarella is continuing to successfully diversify its [ant] camera market during the 2016 consumer electronics show in January, Amarella showcased its full range of camera solutions, spanning automotive, home monitoring, wearable, virtual-reality, and the flying camera markets.

Ambarella 繼續成功實現其[螞蟻]相機市場的多元化，在1 月的2016 年消費電子展上，Amarella 展示了其全系列相機解決方案，涵蓋汽車、家庭監控、可穿戴、虛擬實境和飛行相機市場。

Beginning with the automotive OEM markets, Ambarella demonstrated its new MotorVu electronic mirror reference design at the show.

從汽車OEM市場入手，Ambarella在展會上展示了其全新MotorVu電子後視鏡參考設計。

Electronic mirrors utilize cameras and LCD displays to augment optical rear view and the side view mirrors to provide a wider unobstructed field of view.

電子後視鏡利用攝影機和液晶顯示器來增強光學後視鏡，並利用側視鏡提供更廣闊的無障礙視野。

Ambarella's A9SA based design feature advanced video processing for excellent visibility, even in low light and the high contrast driving conditions.

Ambarella 基於 A9SA 的設計具有先進的視訊處理功能，即使在低光照和高對比度的駕駛條件下也能提供出色的可視性。

We are also reducing LED halide flickering.

我們也減少了 LED 鹵化物的閃爍。

The demonstration was done in collaboration with Gentex, the world's leading automotive mirror supplier who provided an advanced LCD mirror display.

該演示是與全球領先的汽車後視鏡供應商 Gentex 合作完成的，該供應商提供了先進的 LCD 後視鏡顯示器。

Also during the show Ambarella introduced its MotorVu 3-D 360 degrees surround-view reference design.

展會期間，Ambarella 也推出了 MotorVu 3-D 360 度環景參考設計。

The reference design bring high-quality HD video to multi-camera parking assistance applications and the features a dedicated video engine to combine multiple HD video streams for 3D scene rendering.

該參考設計為多攝像頭停車輔助應用帶來了高品質高清視頻，並具有專用視頻引擎來組合多個高清視頻流以進行 3D 場景渲染。

The ability to both record and stream video for multiple cameras enables new use cases such as 360-degree video security for cars.

為多個攝影機錄製和串流影片的能力可實現新的用例，例如汽車 360 度視訊安全。

Another major theme of CES this year was drones, or as we call them flying cameras.

今年 CES 的另一個主題是無人機，或者我們稱之為飛行相機。

During the show, Ambarella displays many of the major brands now using Ambarella camera SoCs, ranging from lowest cost consumer models professional level models with 4K video.

展會期間，Ambarella 展示了許多目前使用 Ambarella 相機 SoC 的主要品牌，從成本最低的消費型號到支援 4K 視訊的專業級型號。

We are increasingly seeing interest for flying camera makers to run the flight control software on our chips in lower-cost design.

我們越來越多地看到飛行相機製造商對以低成本設計在我們的晶片上運行飛行控制軟體的興趣。

While higher end models continue to split the flight control and the camera software across separate microcontroller and the camera SoCs.

而高階機型則繼續將飛行控制和相機軟體分割為單獨的微控制器和相機 SoC。

At the show, Ambarella introduce its new H2 and H12 camera SoCs for the next generation of sports, virtual-reality, and flying cameras.

在展會上，Ambarella 推出了適用於下一代運動、虛擬實境和飛行相機的新型 H2 和 H12 相機 SoC。

H2 targets high-end camera models with a 4K Ultra HD HEVC video at a 60 frames per second and the 4K AVC video at 120 frames per second.

H2 針對高階相機型號，提供每秒 60 幀的 4K 超高清 HEVC 影片和每秒 120 幀的 4K AVC 影片。

This high frame rates deliver smooth video during fast action shots and a slow-motion playback.

這種高幀速率可在快速動作拍攝和慢動作播放期間提供流暢的影片。

H2 also includes 10-bit high-dynamic range video processing to handle high contrast scenes and supports DSLR quality photography.

H2 還包括 10 位元高動態範圍視訊處理功能，可處理高對比場景並支援 DSLR 品質攝影。

H2 is Ambarella's first 14 nanometer SoC.

H2 是 Ambarella 的首款 14 奈米 SoC。

The H12 SoC targets mainstream cameras at lower cost points and offers 4K ultra HD HEVC video at 30 frames per second.

H12 SoC 面向成本較低的主流相機，並提供每秒 30 幀的 4K 超高清 HEVC 影片。

Both SoCs have extremely low power consumption, allowing for the design of a small form factor cameras and the feature of advanced 3-D electronic image stabilization potentially eliminating the need for mechanical gimbals in flying cameras.

這兩款 SoC 都具有極低的功耗，允許設計小型相機，並具有先進的 3D 電子影像穩定功能，從而可能消除飛行相機中對機械萬向節的需求。

In January, drone market leader, DGI, announced its Phantom 34K, a 4K Wi-Fi edition of the popular, easy to fly Phantom 3 series was pricing of only $799.

一月份，無人機市場領導者 DGI 宣布推出 Phantom 34K，這是廣受歡迎、易於飛行的 Phantom 3 系列的 4K Wi-Fi 版本，售價僅為 799 美元。

The newest model in DGI's Phantom 3 flagship series features an integrated three access Gimbale stabilize camera, based on Ambarella's A9 camera SoC, with a 4K video and a 12 megapixel stills.

DGI Phantom 3 旗艦系列的最新型號配備整合三路萬向穩定相機，基於 Ambarella 的 A9 相機 SoC，具有 4K 視訊和 1200 萬像素靜態影像。

Also during the quarter, Chinese drone maker Ehang launched the Ghost 2.0, a consumer drone that comes with virtual-reality goggles allowing its user to experience flight through the drone's A9-based 4K camera.

同樣在本季度，中國無人機製造商億航推出了 Ghost 2.0，這是一款配備虛擬實境護目鏡的消費級無人機，允許用戶透過無人機基於 A9 的 4K 攝影機體驗飛行。

The VR goggles come with head tracking which allows the user to simply move their head to tilt the camera.

VR 護目鏡具有頭部追蹤功能，使用者只需移動頭部即可傾斜攝影機。

In the home monitoring market, Ambarella continue to expand its customer base both from retail brands as well as from service providers offering cloud-based security solutions.

在家庭監控市場，Ambarella 不斷擴大其客戶群，包括零售品牌以及提供基於雲端的安全解決方案的服務提供者。

During the quarter, security service provider ADT introduced a new HD home monitoring model, the Pulse, 8325 camera.

本季度，安全服務供應商 ADT 推出了新的高清家庭監控型號 Pulse 8325 攝影機。

The camera is based on Ambarella's A5s SoC and the features HD video, Wi-Fi connectivity, wide-angle viewing, IR illumination and motion detection.

該相機基於 Ambarella 的 A5s SoC，具有高清視訊、Wi-Fi 連接、廣角觀看、紅外線照明和運動偵測功能。

Also during the quarter, HIKVision the world's largest security equipment manufacturer introduced its new EZ-VIZ C1S camera for home monitoring.

同樣在本季度，全球最大的安防設備製造商海康威視推出了用於家庭監控的新型 EZ-VIZ C1S 攝影機。

The new 4HD camera supports smart zoom wide view angle and integrates both temperature and moisture sensors.

全新4HD攝影機支援智慧變焦廣視角，並整合溫度和濕度感測器。

It is based on Ambarella's S2LM camera SoC.

它基於 Ambarella 的 S2LM 相機 SoC。

And during the CES show, Ambarella introduced its video doorbell solution featuring full HD video with 180 degree viewing and dynamic zoom.

在 CES 展會期間，Ambarella 推出了其視訊門鈴解決方案，具有 180 度觀看和動態變焦的全高清影片。

This solution allows the user to dynamically zoom between a visitor's face and any package left at the door.

該解決方案允許用戶在訪客的臉部和留在門口的任何包裹之間動態縮放。

Additionally, we partnered with Acer Corporation to provide a personal recognition solution that integrates with the cloud to enable the video doorbell to automatically recognize a person at the door.

此外，我們與宏碁公司合作，提供與雲端整合的個人識別解決方案，使視訊門鈴能夠自動識別門口的人。

In Automotive aftermarket, Ambarella provides camera SoC solutions for video camera recorders or dash cams.

在汽車售後市場，Ambarella 為攝影機或行車記錄器提供攝影機 SoC 解決方案。

We are continuing to see strong demand in China with customer increasingly looking for more sophisticated device with wireless connectivity in the driver assistance features.

我們繼續看到中國的強勁需求，客戶越來越多地尋求具有駕駛輔助功能的無線連接的更複雜的設備。

During the quarter Tencent Holdings Limited, a major Chinese Company whose service include QQ Messenger and Webchat Mobile Messaging introduced its "Shenyan" connected dash camera.

本季度，騰訊控股有限公司（一家提供QQ Messenger和微信行動訊息服務的中國大型公司）推出了「神眼」連網行車記錄器。

Based on Ambarella's A12A camera SoC, the new full HD model features lane departure and forward collision warning algorithms as well as an additional driver-facing camera to detect and warn when a driver is fatigued or distracted.

新全高清車型基於 Ambarella 的 A12A 攝影機 SoC，具有車道偏離和前方碰撞警告演算法，以及額外的面向駕駛員的攝像頭，可在駕駛員疲勞或分心時進行檢測和警告。

The camera allows quick and convenient upload over built-in 3G connection triggered by a dedicated Bluetooth remote button that can be placed anywhere in the car.

此攝影機可透過內建 3G 連線進行快速、便利的上傳，並由可放置在車內任何位置的專用藍牙遙控按鈕觸發。

Users can also remotely monitor the parked vehicle through live streaming of a video over 3G.

用戶還可以透過3G視訊直播遠端監控停放的車輛。

In addition to new product introductions in our existing markets, our customers are creating a number of innovative new camera categories based on our HD and ultra HD SoC's.

除了在現有市場推出新產品外，我們的客戶還在我們的高清和超高清 SoC 的基礎上創建了許多創新的新相機類別。

During CES, US-based Jaunt demonstrated its professional grade virtual-reality camera in Ambarella's suite.

在 CES 期間，美國 Jaunt 在 Ambarella 的套房中展示了其專業級虛擬實境相機。

The camera integrates 24 camera modules with custom optics to provide a full 360-degree viewing with 3-D stereoscopic video capture.

該相機整合了 24 個相機模組和客製化光學元件，可提供完整的 360 度觀看和 3D 立體視訊捕捉。

Jaunt's suite of hardware and software tools supports the professional production of high-quality immersive content.

Jaunt 的硬體和軟體工具套件支援高品質沉浸式內容的專業製作。

Also during the show, US based Livestream introduced its new Movi camera to make easier than ever to broadcast live events in HD.

此外，在展會期間，美國 Livestream 推出了新的 Movi 攝影機，使高清直播活動比以往任何時候都更加容易。

Movi is a pocket-sized live event video camera that lets you edit on your iPhone while you film.

Movi 是一款口袋大小的現場活動攝影機，可讓您在拍攝時在 iPhone 上進行編輯。

Its iOS app controls up to nine virtual HD cameras with live editing that includes ability to pan, zoom and to cut between multiple live shots.

其 iOS 應用程式可控制多達 9 個虛擬高清攝影機，並具有即時編輯功能，包括平移、縮放以及在多個即時鏡頭之間進行剪切的功能。

The movie camera is based on Ambarella's A9SE camera SoC.

該電影攝影機基於 Ambarella 的 A9SE 相機 SoC。

In terms of technology developments, we are continuing to invest in the technologies necessary to win an expanding number of camera markets.

在技​​術開發方面，我們將繼續投資於贏得不斷擴大的相機市場所需的技術。

Such as advanced computer vision, which is applicable to multiple markets including automotive, security, and flying cameras.

例如先進的電腦視覺，適用於汽車、安防、飛行相機等多個市場。

Additionally, we are designing at the most advances process nodes as demonstrated by the successful execution of our first 14 nanometer SoC H2 and the future designs at both 14 nanometers and 10 nanometers.

此外，我們正在最先進的製程節點進行設計，我們的第一個 14 奈米 SoC H2 的成功執行以及未來 14 奈米和 10 奈米的設計就證明了這一點。

When combined with Ambarella's traditional advantages in image and video quality together with lowest power, we believe our solution will remain highly differentiated from competitors' products.

當與安霸在影像和視訊品質以及最低功耗方面的傳統優勢相結合時，我們相信我們的解決方案將與競爭對手的產品保持高度差異化。

In conclusion, we are pleased with our results for the full FY16, but not satisfied by our near-term financial outlook which is being impacted by wearable sports camera sales.

總之，我們對 2016 財年全年業績感到滿意，但對受穿戴運動相機銷售影響的近期財務前景不滿意。

As we look ahead, we are confident that our progress in diversifying our end markets, combined with successful execution of new camera SoCs will continue to provide opportunities for innovation and growth.

展望未來，我們相信，我們在終端市場多元化方面取得的進展，加上新相機 SoC 的成功執行，將繼續為創新和成長提供機會。

Now I will turn the call over to George for details of financial results.

現在我將把電話轉給喬治，以了解財務表現的詳細資訊。

Thank you, Fermi, and good afternoon, everyone.

謝謝費米，大家下午好。

Today I will start with a review of the financial highlights for the fourth quarter of FY16, ending on January 31, 2016, then move on to the financial outlook for Q1 of FY17 that ends on April 30, 2016.

今天，我將首先回顧截至 2016 年 1 月 31 日的 2016 財年第四季的財務亮點，然後展望截至 2016 年 4 月 30 日的 2017 財年第一季的財務展望。

During the call I'll discuss non-GAAP results and ask that you refer to today's press release for a detailed reconciliation of GAAP to non-GAAP results.

在電話會議期間，我將討論非 GAAP 業績，並請您參考今天的新聞稿，以了解 GAAP 與非 GAAP 業績的詳細調節情況。

For non-GAAP reporting for Q4, we have eliminated stock-based compensation expense as well as the increase in the tax provision resulting from a one-time write-down of a deferred tax asset that may not be usable in the future.

對於第四季度的非公認會計準則報告，我們消除了基於股票的補償費用以及因一次性減記未來可能無法使用的遞延稅資產而導致的稅收撥備增加。

Our Q4 2016 revenue of $68 million represents an increase of 5% over the $64.7 million of revenue in the same period in the prior year.

我們 2016 年第四季的營收為 6,800 萬美元，比去年同期的 6,470 萬美元成長了 5%。

In the fourth quarter we had solid year-over-year growth in IP security, flying camera, and automotive aftermarket revenues.

第四季度，我們在 IP 安全、飛行攝影機和汽車售後市場收入方面實現了年比穩健成長。

Sequentially revenues in the consumer portion of these markets did decline due to normal seasonality.

由於正常的季節性因素，這些市場的消費者部分的收入確實有所下降。

As anticipated on our Q3 earnings call in December, fourth-quarter revenues from the wearable market were down substantially from the previous year.

正如我們在 12 月第三季財報電話會議上所預期的那樣，第四季可穿戴市場的收入較上一年大幅下降。

The decline was primarily the result of a drop in demand from GoPro due to their high inventory levels combined with excess chip inventory at their ODM partners purchased for GoPro consumption.

下降的主要原因是 GoPro 的需求下降，原因是 GoPro 的庫存水準較高，加上 ODM 合作夥伴為 GoPro 消費而購買的晶片庫存過多。

In the IP security market, total revenues from all geographic regions were in line with our expectations.

在IP安全市場，所有地理區域的總收入符合我們的預期。

In China, IP security did demonstrate solid year-over-year revenue growth, but was flat sequentially.

在中國，IP安全確實呈現出穩健的年收入成長，但環比持平。

We continue to monitor the China IP security market due to the economic uncertainties, especially as we enter the normally seasonally slow Q1.

由於經濟的不確定性，特別是進入通常季節性緩慢的第一季度，我們繼續監控中國智慧財產權安全市場。

Flying camera revenues sustained a strong year-over-year revenue growth experienced in the previous two quarters, but declined sequentially reflecting the normal seasonal trend for consumer products.

飛行相機收入在前兩個季度保持了強勁的同比收入成長，但環比下降，反映了消費產品的正常季節性趨勢。

The Q4 automotive aftermarket revenues continued their positive trend with good year-over-year growth.

第四季汽車售後市場收入延續良好態勢，較去年同期成長良好。

Non-GAAP gross margin for Q4 of FY16 was 64.1% compared to 65.9% in the immediately preceding quarter and 64.3% in the fourth quarter of the prior year.

2016 財年第四季的非 GAAP 毛利率為 64.1%，上一季為 65.9%，去年第四季為 64.3%。

Gross margin in the quarter declined as the lower margin China and home IP security markets became a bigger percentage of revenues in the quarter, partially offset by the year-over-year growth in flying camera revenues.

由於利潤率較低的中國和家庭 IP 安全市場在本季度收入中所佔的比例更大，該季度的毛利率有所下降，部分被飛行相機收入的同比增長所抵消。

Non-GAAP operating expenses for the fourth quarter were $22.9 million compared to $23.1 million for Q3 2016 and $18.9 million for Q4 in the prior year.

第四季非 GAAP 營運費用為 2,290 萬美元，而 2016 年第三季為 2,310 萬美元，上年第四季為 1,890 萬美元。

This year's Q4 OpEx decreased from the previous quarter due primarily to lower chip development costs incurred.

今年第四季的營運支出較上一季下降，主要是因為晶片開發成本降低。

As we expensed the development costs, including tape out fees over the development period, fluctuations occur based on the timing of engineering efforts and the number of chips we are working on.

由於我們支出了開發成本，包括開發期間的流片費用，因此會根據工程工作的時間表和我們正在開發的晶片數量而出現波動。

Non-GAAP net income for Q4 2016 was $21.6 million, or $0.64 per diluted ordinary share compared with non-GAAP net income of $22.6 million or $0.68 per diluted ordinary share for the same period in the previous year.

2016 年第四季非 GAAP 淨利潤為 2,160 萬美元，即每股稀釋普通股 0.64 美元，而去年同期非 GAAP 淨利潤為 2,260 萬美元，即每股稀釋普通股 0.68 美元。

The non-GAAP effective tax rate in Q4 2016 was a negative 3.6%, reflecting a lower annual non-GAAP tax rate of 5%.

2016 年第四季的非 GAAP 有效稅率為負 3.6%，反映出 5% 的較低年度非 GAAP 稅率。

For non-GAAP reporting, we eliminated stock-based compensation expense and the impact of the top one-time write-down of the deferred tax asset discussed above.

對於非公認會計準則報告，我們消除了基於股票的補償費用以及上述遞延稅資產最高一次性減記的影響。

In the fourth quarter, the non-GAAP earnings per diluted ordinary share are based on 33.8 million diluted shares as compared to 33.1 million diluted shares for Q4 of FY15.

第四季度，非公認會計準則每股攤薄普通股收益基於 3,380 萬股攤薄股，而 2015 財年第四季的攤薄股為 3,310 萬股。

Looking at the full FY16, our revenues of $316.4 million represented a 44.9% increase over the $218.43 million in the prior fiscal year.

綜觀 2016 財年全年，我們的營收為 3.164 億美元，比上一財年的 2.1843 億美元成長了 44.9%。

Non-GAAP net income increased to $111.6 million from $64.4 million in the prior-year, representing an increase of 73.3%.

非 GAAP 淨利潤從上一年的 6,440 萬美元增至 1.116 億美元，成長 73.3%。

Total headcount at the end of Q4 2016 was 640 compared to 620 at the end of the previous quarter, with about 83% of employees dedicated to engineering.

2016 年第四季末的員工總數為 640 人，而上一季末的員工總數為 620 人，其中約 83% 的員工專門從事工程工作。

Approximately 73% of our total headcount is located in Asia, primarily in Taiwan and China.

我們約 73% 的員工分佈在亞洲，主要是台灣和中國大陸。

We ended Q4 with cash and marketable securities of $307.9 million, adding $30.3 million of cash from operations in the quarter.

在第四季結束時，我們的現金和有價證券為 3.079 億美元，本季營運現金增加了 3,030 萬美元。

For the full year, we added $123.6 million of cash from operations.

全年我們增加了 1.236 億美元的營運現金。

Total accounts receivable at the end of Q4 2016 was $39.4 million or about 52 days sales outstanding.

2016 年第四季末的應收帳款總額為 3,940 萬美元，相當於約 52 天的應收帳款餘額。

This compares to accounts receivable of $46.3 million or 45 days sales outstanding in the prior quarter.

相比之下，上一季的應收帳款為 4,630 萬美元，即 45 天未清銷售額。

Net inventory at the end of Q4 was $18.2 million or about 76 days compared to $22.8 million or 69 days at the end of Q3.

第四季末的淨庫存為 1,820 萬美元，約 76 天，而第三季末的淨庫存為 2,280 萬美元，約 69 天。

Accounts receivable and inventory remain in line with Company targets.

應收帳款和庫存與公司目標一致。

WT Microelectronics, our Asian logistics supplier, represented 63% of our revenue in the quarter compared to 51% for the same period in the previous year.

我們的亞洲物流供應商文曄微電子占我們本季營收的 63%，去年同期為 51%。

Chicony Electronics Company, a manufacturer of camera products for multiple OEM customers as well as for their own distribution, represented 18% of revenue for Q4 of FY16 compared to 37% from the same period in the prior year.

群光電子公司是一家為多個 OEM 客戶及其自身分銷生產相機產品的製造商，佔 2016 財年第四季營收的 18%，而去年同期為 37%。

WT and Chicony were the Company's only 10% customers.

文曄和群光是公司僅有的10%客戶。

I would now like to discuss the outlook for Q1 of FY17 We expect revenues for the first quarter of FY17 ending on April 30, 2016, to be between $55 million and $57 million, representing a decrease of between 24% and 20% respectively from Q1 of last year.

我現在想討論一下2017 財年第一季的展望我們預計截至2016 年4 月30 日的2017 財年第一季度收入將在5500 萬至5700 萬美元之間，較第一季分別下降24% 和20%去年的。

In our December earnings call, we said that we expected a moderate decline in Q1 year-over-year revenues due to inventory adjustments at GoPro.

在我們 12 月的財報電話會議中，我們表示，由於 GoPro 的庫存調整，我們預計第一季營收將比去年同期略有下降。

Since that time, the actual demand from GoPro is expected to decline to the low single digits as a percent of revenue in Q1, with the likelihood that this weakness will continue at similar levels until the launch of any new products with our chip.

從那時起，GoPro 的實際需求佔第一季營收的百分比預計將下降至較低的個位數，而這種疲軟狀態可能會持續類似的水平，直到推出任何採用我們晶片的新產品。

At this time we remain cautious until we have a better picture of end-user demand in this market.

目前，我們保持謹慎態度，直到我們更了解該市場的最終用戶需求。

But as a result of expansion of our other wearable camera business, our Q1 wearable revenue should remain in the midteens as a percent of total Q1 revenues.

但由於我們其他穿戴式相機業務的擴張，我們第一季穿戴式裝置收入佔第一季總收入的百分比應保持在百分之十幾。

We expect flying camera and automotive aftermarket revenues to continue in line with our growth expectations.

我們預計飛行相機和汽車售後市場收入將繼續符合我們的成長預期。

In IP security we are anticipating a small year-over-year decrease in Q1 revenues due to softness in professional security demand from North America end customers combined with flat revenues in China.

在IP安全方面，由於北美最終客戶的專業安全需求疲軟，加上中國收入持平，我們預計第一季營收將同比小幅下降。

We estimate Q1 non-GAAP gross margins to be between 60.5% and 62%, compared to 64.1% in Q4 and 64.8% in Q1 of the prior year.

我們預計第一季非 GAAP 毛利率在 60.5% 至 62% 之間，而去年第四季為 64.1%，去年第一季為 64.8%。

Margins from camera products are expected to decline from Q4 primarily due to an increase in lower margin revenues from the China IP security and North American home security markets as a percent of overall revenue.

相機產品的利潤預計將從第四季開始下降，主要是由於中國 IP 安全和北美家庭安全市場的利潤率較低，收入佔總收入的比例增加。

We expect non-GAAP net income for the first quarter to be between $8 million and $10 million.

我們預計第一季非 GAAP 淨利潤將在 800 萬美元至 1000 萬美元之間。

We are using an estimated non-GAAP annualized effective tax rate of 7.5% for the net income amounts.

我們對淨收入金額使用估計的非 GAAP 年化有效稅率 7.5%。

We estimate our diluted share count from Q1 to be approximately 34 million shares.

我們估計第一季的稀釋後股票數量約為 3,400 萬股。

I would like to thank everyone for joining our call today.

我要感謝大家今天加入我們的電話會議。

And now I will turn it back to the operator to manage the Q&A session.

現在我將把它交還給操作員來管理問答環節。

(Operator Instructions)

（操作員說明）

Kevin Cassidy, Stifel.

凱文·卡西迪，斯蒂菲爾。

Thanks for taking my question.

感謝您提出我的問題。

George, last quarter you gave rough guidance for FY17.

喬治，上個季度您為 2017 財年提供了粗略的指導。

Do you want to update that guidance?

您想更新該指南嗎？

I'm not going to update it on this call.

我不會在這次通話中更新它。

I think as everybody recognizes, the headwinds we have in the sports camera market, it is going to be a challenge this year, but I think at this point, I'd like to see the timing and really the -- when this revenue stream will start coming back.

我認為，正如每個人都認識到的那樣，我們在運動相機市場上面臨的阻力，今年將是一個挑戰，但我認為在這一點上，我希望看到時機，以及真正的——何時這種收入流將開始回來。

So I think once I understand that better, I will update the annual numbers

所以我想一旦我更好地理解了這一點，我就會更新年度數字

Okay; understand.

好的;理解。

And it seems what you doing in automotive, and especially with Gentex, was exciting, what you showed at CES.

您在汽車領域所做的事情，尤其是與 Gentex 的合作，似乎令人興奮，您在 CES 上展示的內容。

Can you give us a little clearer view on what the revenue stream might look like, when that would -- when you'd start recording revenue in the automotive market maybe on an OEM basis?

您能否讓我們更清楚地了解收入流可能會是什麼樣子，什麼時候——什麼時候您可能會在 OEM 的基礎上開始記錄汽車市場的收入？

I think we haven't really changed our position.

我認為我們的立場並沒有真正改變。

It would be towards the end of next calendar year we would expect to be able to announce customer wins.

我們預計將在下一個日曆年年底宣布客戶獲勝。

Okay, thank you.

好的謝謝。

I'll get back in the queue.

我會回到隊列中。

Matt Ramsay, Canaccord Genuity.

馬特拉姆齊 (Matt Ramsay)，Canaccord Genuity。

Thank you very much.

非常感謝。

Good afternoon, gentlemen.

下午好，先生們。

Obviously a lot of moving parts here.

顯然這裡有很多活動部件。

There's been quite a bit, I guess, written about and discussed about the competitive landscape in the IP security camera market, particularly in China with two of the big vendors there.

我想，已經有很多關於 IP 安防攝影機市場競爭格局的文章和討論了，特別是在中國，那裡有兩家大型供應商。

Fermi, maybe you could walk us through or discuss a bit the competitive landscape as you see it, particularly in that market with Huawei and potentially other competitors and how that competitive landscape may change as your 14 nanometer products are introduced?

Fermi，也許您可以向我們介紹一下或討論一下您所看到的競爭格局，特別是在華為和潛在其他競爭對手的市場中，以及隨著您的14 奈米產品的推出，競爭格局可能會如何變化？

How relevant are the new technologies in your 14 nanometer products in that IP security camera market overall?

您的 14 奈米產品中的新技術在整個 IP 安防攝影機市場中的相關性如何？

Thanks.

謝謝。

Thank you.

謝謝。

First of all, I'd like to say we don't see the competitive landscape change at all in the last three months.

首先，我想說，過去三個月我們沒有看到競爭格局有任何變化。

And HiSilicon is continue to be our major competitor [in IPC] security camera and they have been really focused on the HEVC solutions.

海思仍然是我們 [IPC] 安防攝影機的主要競爭對手，他們一直專注於 HEVC 解決方案。

And we continue to work on our advanced technology.

我們將繼續致力於我們的先進技術。

In fact, we announce our 4KH3 SoC in last year and also our new [SS3R] SoC in October last year and you notice that we just announced our [14] nanometer chip which can do a [full KP 60].

事實上，我們在去年發布了4KH3 SoC，並在去年10 月發布了新的[SS3R] SoC，您會注意到我們剛剛發布了我們的[14] 奈米晶片，它可以實現[完整的KP 60] 。

And I believe that chip can be used in a security camera and will be used in a security camera.

我相信該晶片可以用於安全攝像頭，並將用於安全攝影機。

So overall I believe that we have a complete road map in the [September broad advantages] in terms of video quality, compression efficiency and power in CPU performance.

所以總的來說，我相信我們在[九月廣泛的優勢]中在視訊品質、壓縮效率和CPU性能方面有一個完整的路線圖。

And I also want to add that inside channel we see a (inaudible) a major competitor.

我還想補充一點，我們看到一個（聽不清楚）主要競爭對手的內部管道。

Outside China, we don't see that as much.

在中國以外，我們並沒有看到那麼多。

And on top of that, and we are still very comfortable with our 59% to 62% gross margin target [cujority] included all of the competitive landscape I just mentioned.

最重要的是，我們仍然對 59% 至 62% 的毛利率目標感到非常滿意，其中包括我剛才提到的所有競爭格局。

All right, thank you; that's helpful.

好吧。謝謝;這很有幫助。

George, maybe as a follow-up for you, obviously the sales at GoPro and all the things that have happened there over the last few months has affected your outlook and your visibility.

喬治，也許作為您的後續行動，顯然 GoPro 的銷售以及過去幾個月發生的所有事情都影響了您的前景和知名度。

I guess a couple of things for the business outside of the wearable space.

我認為對於穿戴式領域以外的業務來說還有一些事情。

One, overall in that business in your guidance, how are the growth trends on a year-over-year basis for the ex GoPro business overall?

一，在您的指導下，該業務的整體成長趨勢如何？前 GoPro 業務的整體年成長趨勢如何？

And, secondly, one of the other things that you'd mentioned that affected the outlook was inventory of chips at your distribution and logistics partners.

其次，您提到的其他影響前景的事情之一是您的分銷和物流合作夥伴的晶片庫存。

How healthy is the channel as you see it right now across the different end markets of the business?

您目前在不同的業務終端市場中看到的通路健康程度如何？

Thanks.

謝謝。

Yes, I think, first of all, I think you noticed in there we did point out our other wearable customers are growing.

是的，我認為，首先，我想你注意到我們確實指出我們的其他可穿戴客戶正在成長。

We still expect wearables to be in the midteens of our revenue in Q1.

我們仍然預計第一季穿戴裝置的收入將占到我們收入的百分之十左右。

You have police cameras, you have other sports cameras, so those markets are growing.

你有警用攝影機，你有其他運動攝影機，所以這些市場正在成長。

They are off a small base, but we feel comfortable that this year that they will meet our expectations.

他們的基數很小，但我們感到放心，今年他們將達到我們的期望。

So we think in in light of the decline in GoPro, some of that will be offset by other customers.

因此，我們認為，鑑於 GoPro 的下滑，部分下滑將被其他客戶所抵消。

Now the other question was on end markets and inventory?

現在另一個問題是關於終端市場和庫存？

Other than the GoPro channel, inventory levels are at normal levels.

除GoPro渠道外，庫存水準處於正常水準。

We do see a little excess inventory in North America security on the professional side, but on the consumer side those are fine throughout.

我們確實看到北美安全領域的專業庫存有一點過剩，但在消費者方面，這些都很好。

Drones are fine.

無人機很好。

We're pretty comfortable with the rest of the inventory levels out there at customers

我們對客戶的其餘庫存水準感到非常滿意

Right.

正確的。

Thanks, I'll get back in the queue.

謝謝，我會回到隊列中。

Jagadish Iyer with Redstone Technology.

採用紅石技術的 Jagadish Iyer。

Yes, thanks for taking my question.

是的，感謝您提出我的問題。

Two questions, George.

有兩個問題，喬治。

First if we look at the various buckets that you have in your segments, between sports cameras, [surveillance] IP security and so on, how should we think about it in terms of FY17 in terms of the kind of broad strokes in terms of the growth?

首先，如果我們看看您所在細分市場中的各種類別，例如運動攝影機、[監控] IP 安全等，那麼我們應該如何從 2017 財年的大體角度來考慮它生長？

In FY16, you grew 44% despite a headwind in your sports camera market.

2016 財年，儘管運動相機市場面臨逆風，但您仍實現了 44% 的成長。

How should we be thinking about that as we just broadly look at FY17?

當我們廣泛審視 2017 財年時，我們該如何思考這一點？

And then I have a follow-up.

然後我有一個後續行動。

Well, first of all, last year we had substantial growth in our sports camera market in FY16.

嗯，首先，去年 2016 財年我們的運動相機市場出現了大幅成長。

As we said on the last call, we're expecting a significant year-over-year decline in the sports camera market for FY17, primarily due to the first half headwinds.

正如我們在上次電話會議中所說，我們預計 2017 財年運動相機市場將同比大幅下滑，這主要是由於上半年的不利因素。

Other than that, I think we're comfortable with growth rates that we've talked about in the other markets, year-over-year growth rates in security and drones, as well as the automobile aftermarket.

除此之外，我認為我們對我們在其他市場談論的成長率、安全和無人機以及汽車售後市場的同比增長率感到滿意。

Obviously, the mix will change just because of the decline in sports and we would expect security to become a more significant percent of our overall revenue in FY17.

顯然，這種組合將會因為運動的衰退而發生變化，我們預計安全將在 2017 財年的總收入中佔據更重要的比例。

That's good.

那挺好的。

And for me, you talked about an opportunity with regard to this doorbell, if I heard it right.

對我來說，如果我沒聽錯的話，你談到了關於這個門鈴的機會。

So can you talk more about that opportunity?

那麼您能多談談這個機會嗎？

Which geography?

哪個地理？

What kind of dollar content should we be thinking about it and so that we can, at least, estimate in this kind of a new opportunity?

我們應該考慮什麼樣的美元內容，以便我們至少可以估計這種新機會？

Right.

正確的。

First of all, the doorbell is a new application and the function is very simple.

首先，門鈴是一個新的應用程序，功能非常簡單。

When some people go to your home, ring a doorbell, instead of it have a ring, in fact you will trigger a camera, the camera will capture video and, using Wi-Fi technology, streaming the video to your cell phone directly regardless whether you are at home or somewhere else, so you can see [where] at a door and you can decide -- you can talk to the guy through audio and also decide what to do.

當有人到你家按門鈴時，不是門鈴響了，而是你觸發了一個攝像頭，攝像頭會捕捉視頻，並利用Wi-Fi技術，將視頻直接傳輸到你的手機上，無論是否你在家里或其他地方，所以你可以看到門口的[哪裡]，然後你就可以決定——你可以透過音訊與那個人交談，並決定要做什麼。

So that's basic on the technology we put into our customer and we are -- we see a lot of these activities, in fact, internationally.

這是我們為客戶提供的技術的基礎，事實上，我們在國際上看到了許多這樣的活動。

We have a lot of design wins in Europe as well as design wins in Asia, and are also starting, Europe starting, this similar design.

我們在歐洲獲得了許多設計勝利，在亞洲也獲得了許多設計勝利，也正在從歐洲開始，這種類似的設計。

I think this is really the early phase of this market.

我認為這確實是這個市場的早期階段。

It's hard for me to size up this market yet, but considering the value add to the customers and also the response from our customer, I am very optimistic about opportunity.

我還很難評估這個市場，但考慮到為客戶帶來的價值以及我們客戶的反應，我對機會非常樂觀。

And also we have the technology -- as you can imagine that -- they are two challenging this time technology.

而且我們也有技術——正如你可以想像的——他們是兩個具有挑戰性的技術。

One is really power consumption, because the [toll bear] has to be operate at very, very low power and that's our strength.

一是真正的功耗，因為[收費站]必須以非常非常低的功率運行，而這正是我們的優勢。

The other one, the streaming video through very, very narrow bandwidth.

另一種是透過非常非常窄的頻寬傳輸視訊。

That's another our strengths, so from both of point of view, we have technology advantage for this kind of applications.

這是我們的另一個優勢，所以從兩個角度來看，我們在這類應用方面都有技術優勢。

Is there any dollar content you can put to that particular opportunity, at least per device or something like that for me?

您是否可以為這個特定的機會投入任何金錢內容，至少對我來說是每台設備或類似的東西？

Well, I would say it's going to be -- starting with our low end to mid end of IP security camera, title of ASP, I would say leads to high single digits ASP is what we are looking at right now.

嗯，我想說的是——從我們的低端到中端 IP 安全攝影機開始，ASP 的標題，我想說導致高個位數的 ASP 是我們現在正在關注的。

Daniel Amir with Ladenburg.

丹尼爾·阿米爾和拉登堡。

Yes, thanks a lot.

是的，非常感謝。

Couple questions here.

這裡有幾個問題。

First of all, on your new SSE that you're coming out here, the development, I guess, at least in the 14 nanometer and potentially 10, what type of -- I guess, what is the timing of some of these products or the road map?

首先，在你即將推出的新 SSE 上，我猜，至少是 14 奈米，甚至可能是 10 奈米，什麼類型——我猜，其中一些產品的發佈時間是什麼，或者路線圖？

And second, what is the cost benefits that you expect to see with regards to these SoCs?

其次，您期望看到這些 SoC 的成本優勢是什麼？

And then I have one follow-up.

然後我有一個後續行動。

Thanks.

謝謝。

Our first 14 nanometer chip H2 is available for sample right now and we expect to see our customer ramping our product, let's say, very early next year and I think I'm comfortable with that.

我們的第一個 14 奈米晶片 H2 現已提供樣品，我們預計明年年初就會看到我們的客戶增加我們的產品，我認為我對此感到滿意。

And so at the same time, we are ramping up multiple designs at the 14 nanometers, also we are start working on the 10 nanometer design which I think our first 10 nanometer tapeout will be next year.

因此，同時，我們正在加強 14 奈米的多種設計，我們也開始研究 10 奈米設計，我認為我們的第一個 10 奈米流片將在明年進行。

In terms of a cost reduction, I have to say that based on a 14 nano and 10 nano cost structure, I don't believe we get any cost reduction from a per millimeter [buy] point of view.

在降低成本方面，我必須說，基於14奈米和10奈米的成本結構，我認為從每毫米[購買]的角度來看，我們不會獲得任何成本降低。

But the biggest benefit of the 14 and 10 nanometer is providing a lot of a power consumption savings.

但 14 和 10 奈米的最大好處是可以節省大量功耗。

So for low-power application, that's where we're going to focus this technology on.

因此，對於低功耗應用，這就是我們將重點關注這項技術的地方。

For people who really don't care about power consumption, I think they are better off using our 20 nanometer process which we have quite a few chips available already.

對於那些真正不關心功耗的人來說，我認為他們最好使用我們的 20 奈米工藝，我們已經有相當多的晶片可用。

Okay.

好的。

And just in housekeeping, how should we look at OpEx and stock-based comp here in the next couple quarters in terms of visibility?

就內務管理而言，我們應該如何看待未來幾季的營運支出和以股票為基礎的比較？

OpEx will come up a little bit as we go forward, as we talked about before, reflecting a few more headcount, primarily in our computer vision area, as well as additional 14 nanometer tapeout fees.

正如我們之前所討論的，隨著我們的前進，營運支出將會增加，這反映了更多的員工數量，主要是在我們的電腦視覺領域，以及額外的 14 奈米流片費用。

So we would expect -- we still expect investment in FY17, primarily on the R&D side.

因此，我們預計 - 我們仍然預計 2017 財年的投資，主要是在研發方面。

Stock-based comp will come up a little bit.

基於股票的比較將會有所上升。

Probably flatten out in the first half over what we saw in Q4.

上半年的情況可能會比第四季的情況持平。

Okay, thanks.

好的謝謝。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Thanks for taking my question.

感謝您提出我的問題。

This is [Sydney Oh] calling in for Ross.

我是 [Sydney Oh] 打電話給羅斯。

With regards to the gross margin, do you still expect the back half of this year to decline from the Q1 level?

關於毛利率，您預計今年下半年毛利率還會比第一季下降嗎？

And what are the puts and takes that you factored into that forecast?

您在預測中考慮了哪些看跌期權和看跌期權？

Also, understanding there is a wide range of margins by end product or end market, curious do you see any much margin compression within each segment, especially in drones and autos where you have higher margins or is product mix the primary swing factor?

此外，了解最終產品或最終市場的利潤率存在很大差異，您很好奇您是否看到每個細分市場內的利潤率有很大的壓縮，特別是在利潤率較高的無人機和汽車領域，或者產品組合是主要的搖擺因素？

I think we're still very comfortable with staying within our target gross margin range of 59% to 62%.

我認為我們仍然非常願意保持在 59% 至 62% 的目標毛利率範圍內。

It has come down a little bit quicker than we originally anticipated but the mix going forward should not be that far off of Q1.

它的下降速度比我們最初預期的要快一些，但未來的混合情況應該與第一季相差不遠。

The primary driver is mix.

主要驅動力是混合。

The increase in security revenues, particularly China and home security, as a percent of the overall revenues is the primary driver to lower those and the upside driver on that is drones.

安全收入（尤其是中國和家庭安全）佔總收入的百分比的增加是降低這些收入的主要驅動力，而無人機的上行驅動力是。

We always have the opportunity to have drones outgrows what we're forecasting, the potential for upside is there.

我們總是有機會讓無人機的發展超越我們的預測，而上升的潛力是存在的。

Right now we feel the current 59% to 62% is pretty solid for the year.

目前我們認為今年 59% 至 62% 的成長率相當穩定。

Okay; thanks.

好的;謝謝。

My follow-up question is, we've been hearing reports about more competition, especially in China.

我的後續問題是，我們一直聽到有關競爭加劇的報道，尤其是在中國。

I guess it is kind of across different segments.

我想這是跨越不同細分市場的。

What changes have you seen in the competitive dynamics there?

您看到那裡的競爭動態發生了哪些變化？

This is Fermi.

這是費米。

As we said, our major competitor in China is HiSilicon and starting two quarters ago, Qualcomm comes in, try to compete with us on the drone side.

正如我們所說，我們在中國的主要競爭對手是海思，從兩個季度前開始，高通介入，試圖在無人機方面與我們競爭。

And since the IPO I have been talking about, there are many, many Chinese and Taiwanese semiconductor house try to compete with us on the low end on the price side.

自從我一直在談論的首次公開募股以來，有很多很多中國和台灣半導體公司試圖在價格方面的低端與我們競爭。

And that structure hasn't change in the last three months.

而這種結構在過去三個月裡沒有改變。

And while we continue to move forward with the higher and better SoCs, our competitor move up too.

當我們繼續推出更高更好的 SoC 時，我們的競爭對手也在進步。

So, in fact, we still come in in the high end, very competitive in a mainstream and competing on a price on low-end, that, it doesn't change.

所以，事實上，我們仍然處於高端市場，在主流市場上非常有競爭力，在低端市場上以價格競爭，這一點沒有改變。

In fact, from the last three months, we don't see much of HiSilicon, the competitive [strength] was a HiSilicon, Qualcomm, and on the low-end side there are many people try to come in, but from the low-end product side, I think that those guys probably competing more with the HiSilicon and Qualcomm than us.

其實從最近三個月來看，我們並沒有看到太多的海思，競爭的【實力】是海思、高通，而在低端這邊也有很多人嘗試進來，但是從低端——最終產品方面，我認為那些人可能比我們更常與海思和高通競爭。

Okay, great; thank you.

好的，太好了;謝謝。

Quinn Bolton, Needham.

奎因·博爾頓，李約瑟。

Hi, Fermi and George.

嗨，費米和喬治。

Wanted to ask, first off, on the gross margins, George, sounds like if the mix is going to stay fairly flat over the next couple of quarters, the gross margin outlook doesn't change much from where you're guiding in the April quarter.

Wanted to ask, first off, on the gross margins, George, sounds like if the mix is going to stay fairly flat over the next couple of quarters, the gross margin outlook doesn't change much from where you're guiding in the April四分之一.

I guess my question is to the extent that you do see a recovery in the sports camera business second half of the calendar year, is that a positive for gross margin or does that potentially represent pressure for gross margin?

我想我的問題是，如果您確實看到運動相機業務在日曆年下半年有所復甦，這對毛利率來說是積極的還是可能對毛利率構成壓力？

I would expect the mix just to remain at the high-end in that market which then would be in line with our gross margin.

我預計該組合將保持在該市場的高端，然後與我們的毛利率保持一致。

So it would be neutral if it comes back?

那如果回來的話會是中性的嗎？

Yes.

是的。

It depends also what region and the volumes and price breaks we have to give to some of those -- the lower the, let's say, the recovery, the higher the pricing would be.

這也取決於我們必須給予其中一些地區以及數量和價格優惠——比如說復甦越低，定價就越高。

Got it, okay.

明白了，好吧。

And second question, back around at time of CES, you had mentioned you were seeing some promotional activity in the China security market that you thought might create a pause in demand in the April quarter.

第二個問題，在 CES 期間，您曾提到您在中國安全市場看到了一些促銷活動，您認為這可能會導致四月份季度的需求暫停。

If I heard you right, it sounds like you're guiding professional security to be approximately flat in April.

如果我沒聽錯的話，聽起來您正在指導四月份的專業安全性大致持平。

Just wondering if you could give us an update on what that promotional activity was and whether you think it has any sort of hangover in the April quarter?

只是想知道您能否向我們介紹促銷活動的最新情況以及您認為它是否會對四月份的季度產生任何影響？

Yes.

是的。

In fact, you are right.

事實上，你是對的。

I think that promotion [is done].

我認為促銷[已經完成]。

I think that also you see the results that we -- our Q4 number has a growth on professional IP security camera.

我認為您也看到了我們第四季度的專業 IP 安全攝影機數量有所增長的結果。

And on the China side, after Chinese New Year, the updates, we're still conservative on that.

在中國方面，農曆新年後的更新，我們對此仍持保守態度。

Our customer still being conservative on that, but the intel is that we can set that up, a lot of inventory to sit on.

我們的客戶對此仍然持保守態度，但我們可以設定這一點，並擁有大量庫存。

So I think while we continue to guide the China is flat and shows that we're neutral on this market and continue to watch what's going to happen in the next several months.

因此，我認為，雖然我們繼續指導中國市場持平，但這表明我們對這個市場持中立態度，並繼續關注未來幾個月會發生什麼。

Okay.

好的。

And the last question for you, Fermi, I know you mentioned that HiSilicon is really pushing HEVC.

最後一個問題，Fermi，我知道您提到海思確實在推動 HEVC。

It sounds like there's still patent issues around HEVC and the adoption of HEVC.

聽起來 HEVC 和 HEVC 的採用仍然有專利問題。

So from your perspective, are you seeing the security market willing to adopt HEV solutions or are there IPR issues that kind of keep that [H9264] market in the near-term?

因此，從您的角度來看，您是否認為安全市場願意採用 HEV 解決方案，或者是否存在智慧財產權問題導致 [H9264] 市場在短期內保持不變？

Yes, you are right.

是的你是對的。

And I think the HEVC patent issue is still lingering there, and we haven't seen much progress recently.

而且我認為 HEVC 專利問題仍然揮之不去，最近我們還沒有看到太多進展。

However, I think a lot of our Chinese customers are assuming that the royalty issue is a much or less issue in China for them.

然而，我認為我們的許多中國客戶都認為版稅問題對他們來說在中國或多或少是一個問題。

So they are more willing to take our HEVC adoption than people outside China.

所以他們比中國以外的人更願意接受我們的 HEVC 採用。

So I think that's why HEVC will see more momentum in China than anywhere else.

所以我認為這就是為什麼 HEVC 在中國會比其他地方看到更多的發展勢頭。

Got it.

知道了。

And that's why HiSilicon can push it as aggressively as they are.

這就是為什麼海思可以像他們一樣積極地推動它。

And also we are pushing very aggressively in China also, because after we announced [ASTRAL L and ASTRAL LN] and also [our latest] H2 and we are very competitive and very complete road map for HEVC also.

我們也在中國積極推進，因為在我們宣布 [ASTRAL L 和 ASTRAL LN] 以及 [我們最新的] H2 之後，我們的 HEVC 路線圖也非常有競爭力且非常完整。

Great; thank you.

偉大的;謝謝。

Thank you.

謝謝。

Charlie Anderson, Dougherty and Company.

查理安德森，多爾蒂公司。

Good afternoon.

午安.

Thanks for taking my questions.

感謝您回答我的問題。

I wanted to ask about IP security.

我想問一下關於IP安全的問題。

I think in the past you've mentioned what percent of security maybe home security was.

我想您過去曾提到過家庭安全的安全百分比是多少。

I wondered if there was any update there?

我想知道那裡有更新嗎？

It sounds like that may grow a little bit if IP security professionally is more flattish to maybe a little down?

聽起來如果 IP 安全專業領域更加平坦甚至下降一點，那麼這個數字可能會成長一點？

And then also on that line you mentioned North America down.

然後你也在這句話中提到了北美。

Is that just a function of market share in terms of the China competition?

就中國競爭而言，這只是市場佔有率的函數嗎？

Any color there would be helpful.

任何顏色都會有幫助。

Yes.

是的。

I think on North America first, I think that is shifting and it's shifting demand.

我認為首先是北美，我認為這種情況正在發生變化，而且需求正在改變。

I think actually Europe is doing a very good job in North America as well as the Chinese competition.

我認為實際上歐洲在北美以及中國的競爭中都做得很好。

So those two geographic regions have picked up market share.

因此，這兩個地理區域的市場份額增加。

On the consumer IP cam side, I think, you know, we have been talking about we have two different market, one is retail channel, one is a service provider channel.

在消費者網路攝影機方面，我認為，我們一直在談論我們有兩個不同的市場，一個是零售通路，一個是服務供應商管道。

And we continue to see strong demand come from both and we continue -- we believe there will be a high growth rate for us in the consumer IP cam in the coming year.

我們繼續看到來自兩者的強勁需求，我們繼續相信，來年我們的消費級 IP 攝影機將實現高成長率。

I was going to say we expect that to become a bigger percent of our overall IP security revenues in FY17.

我想說的是，我們預計這將在 2017 財年占我們整體 IP 安全收入的更大比例。

Great; thank you for that.

偉大的;謝謝你。

And then the follow-up for me was, Fermi, you talked about computer vision and you're certainly investing there.

然後我的後續行動是，費米，你談到了電腦視覺，你肯定會在那裡投資。

I wonder as we look at your end markets that are most set up for that, drones and if you think about auto, I wonder what the battle looks like in terms of do the Tier Ones want to do that themselves versus take something from you?

我想知道，當我們審視你們最適合的終端市場時，無人機，如果你考慮汽車，我想知道在一級供應商是否想要自己做這件事還是從你那裡拿走一些東西方面，這場戰鬥是什麼樣的？

Is this more of a Tier Two to Three market for you or is there an opportunity at Tier One for computer vision?

對您來說，這更像是二到三級市場，還是電腦視覺在一級市場有機會？

Any color on that would be helpful.

任何顏色都會有幫助。

Yes, I think all the Tier One want to do themself, but that doesn't mean they want to do a chip themself.

是的，我認為所有一級供應商都想自己做，但這並不意味著他們想自己做晶片。

In fact, they all have their computer vision (inaudible).

事實上，他們都有自己的電腦視覺（聽不清楚）。

So our strategy is to provide a chip which is really target computer vision application by optimized (inaudible), optimized for the computer vision algorithm, then write our own algorithm on top of that as a reference design and giving the reference design to Tier One, Tier Two customers that they can [port] to their (inaudible) on top of that so they can have a differentiate technology.

所以我們的策略是透過優化（聽不清楚）提供一款真正針對電腦視覺應用的晶片，針對電腦視覺演算法進行最佳化，然後在此基礎上編寫我們自己的演算法作為參考設計，並將參考設計提供給一級，他們可以[移植]到他們的第二級客戶（聽不清楚），這樣他們就可以擁有差異化的技術。

That's our strategy.

這就是我們的策略。

So you are right.

所以你是對的。

Tier One all want their own algorithm, but that doesn't mean they want to build their own chip.

一級公司都想要自己的演算法，但這並不意味著他們想要建立自己的晶片。

Got it; thank you so much for that.

知道了;對此感激不盡。

Marc Estigarribia, Chardan Capital Markets.

Marc Estigarribia，查丹資本市場。

Thank you for taking my call.

感謝您接聽我的電話。

George, Fermi, maybe can give us a little bit of an outlook for the drone market, the TAM, and what you expect this year in terms of that addressable market?

George、Fermi，也許可以為我們介紹一下無人機市場、TAM 的一些前景，以及您今年對該潛在市場的期望是什麼？

But also I guess more importantly to Ambarella, what is your marketing strategy, your positioning strategy to capture those design wins on a mass-market scale?

但我想對 Ambarella 來說更重要的是，您的行銷策略和定位策略是什麼，以在大眾市場規模上贏得這些設計勝利？

Okay.

好的。

First of all, I think last year was the first big year for drone.

首先，我認為去年是無人機的第一個大年。

And in fact, the majority of the drone shipment with camera in there are using our solutions.

事實上，大多數帶有攝影機的無人機都在使用我們的解決方案。

And we continue to see the momentum of this market and although, because we cannot find any of reliable market research on this, we cannot provide a number for you.

我們繼續看到這個市場的勢頭，但由於我們找不到任何可靠的市場研究，因此我們無法為您提供數字。

How much it will grow or how big a market it is, but I do believe that all our customer expect this year the market going to continue grow in a fast pace.

它會成長多少或市場有多大，但我確實相信我們所有的客戶都期望今年市場將繼續快速成長。

And also we have seen more and more people coming to this market, we've seen many people want to [field] drones or trying to go to commercial application.

我們也看到越來越多的人進入這個市場，我們看到很多人想要[部署]無人機或試圖進入商業應用。

So I think this is a very hot area.

所以我認為這是一個非常熱門的領域。

In fact, I have to say is overheated.

其實我不得不說是過熱了。

You can even say overhyped market.

你甚至可以說市場過度炒作。

But from a growth rate point of view, I think is very healthy.

但從成長速度的角度來看，我認為是非常健康的。

In terms of Ambarella strategy to continue to compete in the space, we have two forward strategy.

就安霸繼續在該領域競爭的策略而言，我們有兩個前進策略。

One is we need to continue to dominate in the high-end.

一是我們需要繼續在高端領域佔據主導地位。

High-end is the majority of the market right now.

目前市場以高端為主。

When I say high-ends, more like DJIs or Phantom 3 or Phantom 4 type of product.

當我說高端時，更像是 DJI 或 Phantom 3 或 Phantom 4 類型的產品。

And in there they need a best video quality, best compression efficiency, low power consumption.

他們需要最佳的視訊品質、最佳的壓縮效率、低功耗。

In fact, very good video performance, that plays to our strength and also will require our best chip, for example, I fully expect our H2 chip will play in that market on the high-end side, so can provide even full 4K 120 solution that [drone] will like to have.

事實上，非常好的視訊性能，這發揮了我們的優勢，也需要我們最好的晶片，例如，我完全期望我們的H2晶片能夠在高端市場發揮作用，因此可以提供甚至完整的4K 120解決方案[無人機]會喜歡的。

And at same time, for low-end market we see a huge amount of momentum there trying to build any price range of from $199 to $499.

同時，對於低端市場，我們看到了巨大的動力，試圖建立 199 美元至 499 美元的價格範圍。

That's called low-end drones, and we introduce our A12 and H12 product as a very competitive solution.

這就是所謂的低階無人機，我們推出 A12 和 H12 產品作為非常有競爭力的解決方案。

In fact, our customer -- I fully expect our customer will use our chip, a single-chip solution, in there and providing a solution that give them a [panky] P60, some that is a lower 4K solution.

事實上，我們的客戶——我完全希望我們的客戶會使用我們的晶片，一種單晶片解決方案，並提供一個為他們提供[panky] P60的解決方案，其中一些是較低的4K解決方案。

But more importantly, we will be able to enable them to do a electronic images realization if they're using a mechanical gimble, that will save a lot of cost [for them].

但更重要的是，如果他們使用機械萬向節，我們將能夠使他們實現電子圖像，這將為他們節省大量成本。

So from our strategy point of view, we are focusing on continue differentiate on the video quality compression efficiency power consumption in the stabilization for both high end and low-end, but we have different chips to support those two customers, two different markets.

因此，從我們的策略角度來看，我們的重點是繼續區分高端和低端穩定中的視訊品質、壓縮效率、功耗，但我們有不同的晶片來支援這兩個客戶、兩個不同的市場。

Thank you for that.

謝謝你。

And if you can just comment a little bit about the competition growing, specifically on the low-end.

如果您能簡單評論一下競爭的加劇，特別是在低端市場。

How big is the risk, do you think, in terms of possibly losing design wins to Qualcomm on the GoPro sockets?

您認為 GoPro 插槽設計可能輸給高通的風險有多大？

So, in fact, we know that Qualcomm are talking to our customer, but we don't see them making much progress with camera solutions.

因此，事實上，我們知道高通正在與我們的客戶交談，但我們沒有看到他們在相機解決方案方面取得太大進展。

In fact, we still believe their current [ad] processor base solution is quite behind on video quality, compression efficiency, power consumption, video features and performance.

事實上，我們仍然相信他們目前的[廣告]處理器基礎解決方案在視訊品質、壓縮效率、功耗、視訊功能和效能方面相當落後。

For your information, a GoPro drone, I cannot make comment on that, but I say it's a high-end drone, like a DJI Phantom 3. If you look at the DJI Phantom 3, they are two major components in there.

供您參考，GoPro 無人機，我無法對此發表評論，但我說它是高端無人機，就像 DJI Phantom 3 一樣。如果你看一下 DJI Phantom 3，它們是其中的兩個主要組件。

One is a camera SoC; the other one is a microcontroller for flight control.

一是相機SoC；另一種是用於飛行控制的微控制器。

And in that particular design we play only on the camera SoC side.

在該特定設計中，我們僅在相機 SoC 端進行操作。

And we notice that Qualcomm is trying to replace the $5 microcontroller with [app] processor for flight control functions.

我們注意到高通正在嘗試用具有飛行控制功能的 [app] 處理器取代 5 美元的微控制器。

That might be the angle they're working on right now.

這可能就是他們現在正在研究的角度。

So that's high-end drone.

這就是高端無人機。

Low-end drone side, really (inaudible) meet everything, not only low-cost but also image stabilization, power consumption, video compression, everything, I think we are very well-positioned.

低端無人機這邊，真的（聽不清楚）什麼都滿足，不僅是低成本，還有防手震、功耗、視訊壓縮，什麼都有，我覺得我們定位非常好。

We have multiple solution out there.

我們有多種解決方案。

I believe Qualcomm will try to compete, but I think we're ready.

我相信高通會嘗試競爭，但我認為我們已經準備好了。

Great.

偉大的。

And just one last follow-up, please.

請最後跟進一次。

I thank you for that.

我為此感謝你。

In terms of the next catalyst for the mass-market device or mass-market socket product to deliver, do you think we're neck in neck in terms of auto OEM versus drones?

就大眾市場設備或大眾市場插座產品交付的下一個催化劑而言，您認為我們在汽車 OEM 與無人機方面是否處於並駕齊驅？

Any color you can give in terms of which we should expect first or what's going on there?

您可以給出我們首先應該期待的任何顏色或那裡發生了什麼嗎？

I think drone is definitely the near-term growth opportunity for us.

我認為無人機絕對是我們近期的成長機會。

However, if you look at the potential market size, I have to say auto OEM is a lot bigger than drones at the peak.

然而，如果你看看潛在的市場規模，我不得不說汽車原始設備製造商比巔峰時期的無人機大得多。

So while we continue trying to compete with a drone with our latest technology and we continue to invest on different technologies so that we hope we can play in the automotive all year later -- we are talking about two, three, four, five years later.

因此，當我們繼續嘗試用最新技術與無人機競爭並繼續投資不同的技術時，我們希望我們能夠在一年後進入汽車領域——我們談論的是兩年、三年、四年、五年後。

So I think that drone will continue give us a short-term growth.

所以我認為無人機將繼續為我們帶來短期成長。

Hopefully we have long-term growth on the auto OEMs.

希望我們在汽車原始設備製造商方面能夠實現長期成長。

Great; thank you for the color.

偉大的;謝謝你的顏色。

Appreciate it.

欣賞它。

Brad Erickson, Pacific Crest Securities.

艾瑞克森 (Brad Erickson)，太平冠證券 (Pacific Crest Securities)。

Hi, guys, thanks for taking my questions.

嗨，夥計們，感謝您回答我的問題。

First on the drones, you've talked historically or, I guess, in FY16 that it was going to be about or maybe even a bit above 10% of revenue.

首先是關於無人機，您在歷史上曾說過，或者我猜，在 2016 財年，它將佔收入的 10% 左右，甚至可能略高於 10%。

What are your expectations for drones as a percentage of revenue within your FY17 plan?

您對無人機在 2017 財年計畫中佔收入的比例有何期望？

We would expect it to increase.

我們預計它會增加。

Most likely could get as high as the high teens as a percent of revenue during the year.

佔全年收入的百分比很可能高達十幾歲。

And with the decline in the wearable sports camera, obviously the other markets would be a larger percentage.

隨著穿戴式運動相機的下降，顯然其他市場的比例將會更大。

Got it.

知道了。

That's helpful.

這很有幫助。

Sorry, I dropped off the call, but I think you said that you were not making any adjustment to the full-year outlook in terms of the revenue outlook, but did comment on some less clear visibility in the near-term.

抱歉，我掛斷了電話，但我認為您說過您不會對全年前景的收入前景進行任何調整，但確實對近期一些不太明確的可見性發表了評論。

Is that just strictly around sort of the demand environment for GoPro or is there something else going on there in terms of like timing around new products?

這是否只是嚴格圍繞 GoPro 的需求環境，或者在新產品的發佈時間方面是否存在其他情況？

It's both.

兩者都是。

I mean, we have the historically old products which we probably won't be delivering any more chips to, so depending on the launch cycle at GoPro, would really determine when we would start ramping the GoPro business.

我的意思是，我們擁有歷史悠久的產品，我們可能不會再為其提供更多晶片，因此，根據 GoPro 的發布週期，將真正決定我們何時開始擴大 GoPro 業務。

In addition to that, we did mention that we're still watching China professional security closely to see how that progresses over the year.

除此之外，我們確實提到，我們仍在密切關注中國的專業安全，以了解這一年的進展。

Got it.

知道了。

And then finally can you just update us on -- you talked about no update to the revenue outlook, can you talk about the operating margin outlook and just whether the previous comments you'd made last quarter in terms of the implied OpEx for the year, if those are still generally consistent?

最後，您能否向我們介紹一下最新情況——您談到了收入前景沒有更新，您能否談談營業利潤率前景，以及您之前在上季度就本年度隱含運營支出發表的評論是否一致，這些是否仍大致一致？

Thank you.

謝謝。

Yes.

是的。

I didn't update the 15% to 20% growth rate on this call.

我沒有在這次電話會議上更新 15% 到 20% 的成長率。

We'd like to see how, over the next few months, how the -- let's say the wearable sports camera market, the timing of the recovery there and the extent of the recovery.

我們想看看在接下來的幾個月裡，穿戴式運動相機市場的情況如何，復甦的時間和程度。

Once we understand that a little better, I will probably, say, update probably on the next call where we think the year will be.

一旦我們更好地理解了這一點，我可能會在下一次電話會議上更新我們認為今年的情況。

Obviously it's a bigger challenge now, because we do feel that the GoPro situation will extend into Q2, so we will be watching that and the China security business quite closely.

顯然，現在這是一個更大的挑戰，因為我們確實認為 GoPro 的情況將延續到第二季​​度，因此我們將密切關注這一情況以及中國的安全業務。

Richard Shannon Craig-Hallum

理查德·香農·克雷格·哈勒姆

Hi, guys.

嗨，大家好。

Thank you for taking my questions.

感謝您回答我的問題。

I guess just a couple of questions from me.

我想我只問了幾個問題。

Fermi, I'd like to follow up on one of your replies to the question a few minutes ago regarding seeing more competition from lower-end solutions coming from vendors out of China and Taiwan, et cetera.

費米，我想跟進您幾分鐘前對這個問題的回復之一，關於看到來自中國和台灣等供應商的低端解決方案的更多競爭。

As you think about the entire market, you obviously have a number of segments you're dealing with where trends could be different, but to what extent do you see a continued or even more aggressive push for [Tyron] solutions where you typically do well versus kind of more mainstream ones where the competition is a little bit more fierce?

當您考慮整個市場時，您顯然有許多正在處理的細分市場，這些細分市場的趨勢可能會有所不同，但您在多大程度上看到了對通常表現良好的[Tyron] 解決方案的持續甚至更積極的推動與競爭更激烈的更主流的相比？

And are there markets specifically where you're seeing any meaningful changes or still since maybe two quarters ago or something like that?

您是否在某些市場上看到了任何有意義的變化，或者自兩個季度前以來仍然存在任何有意義的變化或類似的變化？

Right.

正確的。

First of all, to clarify that, what I say about Taiwan, China, low-end competition, they have been there for long time.

首先要澄清的是，我所說的關於台灣、中國的低階競爭，他們已經存在很久了。

It's not just happening recently.

這並不是最近才發生的。

They have been consistently trying to compete with us on the low-end side.

他們一直試圖在低端領域與我們競爭。

And if you partition the business into the high-end, the mainstream and low-end, they only play on low-end side.

如果把業務劃分為高端、主流、低端，他們只在低端發揮作用。

Our mainstream business is really competing on a IP security camera is competing with HiSilicon.

我們的主流業務實際上是在IP安全攝影機上與海思競爭。

And on the sports and drone side, they are much less competition there.

在體育和無人機方面，它們的競爭要少得多。

So I think, from a competition point of view, we don't see that there's any chance in that three months -- and if you asked me who I worry the most, I still think HiSilicon is the one that we watch the most, that we make sure that we can continue compete with them.

所以我認為，從競爭的角度來看，我們認為這三個月內沒有任何機會——如果你問我最擔心誰，我仍然認為海思是我們關注最多的一個，我們確保我們能夠繼續與他們競爭。

On especially though, in this phone call, we will continue to mention we are very comfortable with the 59% to 62% gross margin that already consider all of the competitors situation, including HiSilicon, Qualcomm, and all the low-end guys you mentioned.

特別是，在這次電話會議中，我們將繼續提到，我們對59% 至62% 的毛利率感到非常滿意，這已經考慮了所有競爭對手的情況，包括海思、高通和你提到的所有低階廠商。

Fair enough.

很公平。

Just one more question from me regarding the H2 product you introduced here a couple months ago.

我還有一個關於您幾個月前在這裡推出的 H2 產品的問題。

I missed the answer about when you're expecting to see first revenues for that product?

我錯過了關於您預計何時看到該產品的第一筆收入的答案？

And has that timeframe changed at all since you introduced the product?

自從您推出該產品以來，這個時間框架是否發生了變化？

And if so, is that due to customer schedules or more internal to Ambarella?

如果是這樣，這是由於客戶日程安排還是安霸內部原因？

The schedule didn't change.

日程沒有改變。

Very early next year you should start seeing -- we always our customers -- when we ask -- answer that question for any other product in the past, we always said our customer take a 9 to 12 months after we give them sample to go to production.

明年年初，您應該開始看到 - 我們始終是我們的客戶 - 當我們詢問 - 回答過去任何其他產品的問題時，我們總是說我們的客戶在我們給他們樣品後需要 9 到 12 個月的時間到生產。

Consider H2 is our newest high-end chip, we expect our customer taking a little more time.

考慮到 H2 是我們最新的高階晶片，我們希望客戶多花一點時間。

So 12 months is probably right time for us.

所以 12 個月對我們來說可能是合適的時間。

So from that point of view, since only give a sample to the customer, we will release SDK to a customer, I fully expect that we're working closely with a customer, hopefully we can tell them to go to NP as quickly as possible.

所以從這個角度來看，既然只給客戶一個樣品，我們就會向客戶發布SDK，我完全希望我們與客戶密切合作，希望我們能告訴他們盡快去NP 。

Great.

偉大的。

Appreciate that clarification.

感謝您的澄清。

That's all the questions from me.

這就是我提出的所有問題。

Thank you

謝謝

Kevin Cassidy, Stifel.

凱文·卡西迪，斯蒂菲爾。

Thanks for letting me have a follow-up.

感謝您讓我進行跟進。

The Phantom 4 was announced yesterday and had collision avoidance from DJI.

Phantom 4 於昨天發布，並具有 DJI 的防撞功能。

Is there any hooks or anything in your SoC that helps that?

您的 SoC 中是否有任何鉤子或任何東西可以幫助實現這一點？

Is that part of the computer vision product strategy?

這是電腦視覺產品策略的一部分嗎？

Well, first of all, since the DJI did not say anything about how they implement that computer vision things, I will like to refer to them answer most of that.

好吧，首先，由於 DJI 沒有透露他們如何實現電腦視覺的任何內容，我想參考他們的大部分答案。

But one thing I can say that a computer -- their computer vision algorithm is not running on our chip yet on Phantom 4.

但我可以說的是，電腦——他們的電腦視覺演算法還沒有在我們的 Phantom 4 晶片上運行。

Okay, great.

好的，太好了。

And also as a follow-up, there's, I believe GoPro has made some acquisitions around video editing.

作為後續行動，我相信 GoPro 已經圍繞著影片編輯進行了一些收購。

Would there be features in your new chips that would augment that or help the video editing?

你們的新晶片中是否有一些功能可以增強或幫助影片編輯？

Again, it's a new product for GoPro, so I would ask GoPro to answer that question.

再說一遍，這是 GoPro 的新產品，所以我想請 GoPro 回答這個問題。

Okay; thank you.

好的;謝謝。

Thank you.

謝謝。

This concludes our Q&A session for today.

我們今天的問答環節到此結束。

I'd now like to turn the call back over to Dr. Fermi Wang for closing remarks.

現在我想將電話轉回給費米·王博士做總結發言。

Everybody, thanks for joining today.

各位，感謝您今天的加入。

And also I want to send a very special thanks to all of our employees for their dedication and support.

我還要特別感謝我們所有員工的奉獻和支持。

And thank you, everybody.

謝謝大家。

Goodbye.

再見。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude the program and you may now disconnect.

這確實結束了程序，您現在可以斷開連接。

Everyone have a great day.

每個人都度過了美好的一天。