Ambarella Inc (AMBA) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Ambarella's Q1 Fiscal Year 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 Ambarella 2023 財年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。 （操作員指示）

I would now like to turn the conference over to your speaker for today, Louis Gerhardy. You may begin.

現在我想將會議交給今天的發言人 Louis Gerhardy。你可以開始了。

Thank you, Tuanda. Good afternoon, and thank you for joining our first quarter fiscal year 2023 financial results conference call. On the call with me today is Dr. Fermi Wang, President and CEO; and Brian White, CFO.

謝謝你，Tuanda。下午好，感謝您參加我們 2023 財年第一季財務業績電話會議。今天與我一起通話的是總裁兼執行長 Fermi Wang 博士；以及財務長 Brian White。

The purpose of today's call is to provide you with information regarding the results for our first quarter of fiscal year 2023. The discussion today and the responses to your questions will contain forward-looking statements regarding our projected financial results, financial prospects, market growth and demand for our solutions, among other things. These statements are subject to risks, uncertainties and assumptions. 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. We're under no obligation to update these statements.

今天電話會議的目的是向您提供有關我們 2023 財年第一季業績的資訊。今天的討論和對您的問題的答覆將包含有關我們預計的財務業績、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。這些聲明受風險、不確定性和假設的影響。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錯誤的，我們的實際結果可能與這些前瞻性陳述有重大差異。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 we filed with the SEC, including the annual report on Form 10-K that we filed on April 1, 2022 for fiscal year 2022 ending January 31, 2022. Access to our first quarter fiscal 2023 results press release, transcripts, historical results, SEC filings and a replay of today's call is on the Investor Relations portion of our website.

這些風險、不確定性和假設以及可能影響我們財務結果的潛在風險因素的其他資訊在我們向美國證券交易委員會 (SEC) 提交的文件中進行了更全面的描述，包括我們於 2022 年 4 月 1 日提交的 2022 財年（截至 2022 年 1 月 31 日）的 10-K 表年度報告。您可以在我們網站的「投資者關係」部分存取我們的 2023 財年第一季業績新聞稿、成績單、歷史業績、SEC 文件以及今天電話會議的重播。

Fermi will now provide a business update for the quarter and Brian will review the financial results and outlook, and we'll be available for your questions.

Fermi 現在將提供本季的業務更新，Brian 將審查財務結果和前景，我們將回答您的問題。

Okay. Thank you, Louis, and good afternoon. Thank you for joining our call today.

好的。謝謝你，路易斯，下午好。感謝您今天參加我們的電話會議。

During our first quarter, we announced the passing of Casey Eichler, who has been our CFO since 2018. Casey's positive demeanor was an inspiration to many of us, and we are thankful to have experienced his leadership. On March 28, we announced the appointment of Brian White as Ambarella's CFO. After 2 months, we are excited about the leadership and experience Brian brings as we scale the company for the significant opportunities ahead.

在第一季度，我們宣布了自 2018 年起擔任我們財務長的凱西·艾希勒 (Casey Eichler) 去世的消息。凱西的積極態度激勵了我們許多人，我們很感激能夠感受到他的領導。 3 月 28 日，我們宣布任命 Brian White 為 Ambarella 的財務長。兩個月後，我們對 Brian 帶來的領導和經驗感到非常興奮，因為我們正在擴大公司規模以迎接未來的重大機會。

Our Q1 revenue was essentially as expected, flat sequentially and up 29% year-over-year. CV revenue grew significantly, both sequentially and year-over-year, representing about 40% of total revenue, and our video processor business declined about 20% sequentially. Our blended average selling price continued to rise.

我們第一季的營收基本上符合預期，環比持平，年增 29%。 CV 收入環比和同比均大幅增長，約佔總收入的 40%，而我們的視訊處理器業務環比下降約 20%。我們的混合平均售價持續上漲。

During Q1, the pandemic play out in China and the resulting lockdown disrupted customer production schedules and orders placed on us as well as logistics in a greater Asia supply chain. A majority of our customers' products are manufactured in this region and subject to impacts from China-related supply chain disruptions. We are seeing a similar degree of impact across both our automotive and IoT businesses, further complicating the preexisting kitting issues we have discussed before.

第一季度，中國的疫​​情和隨之而來的封鎖擾亂了客戶的生產計劃和我們的訂單，以及整個亞洲供應鏈的物流。我們大多數客戶的產品都是在該地區生產的，因此受到與中國相關的供應鏈中斷的影響。我們的汽車和物聯網業務都受到了類似程度的影響，這進一步使我們之前討論過的現有配套問題複雜化。

Last quarter, we reported a supply constraint for our 40-nanometer video processor SoCs. At this time, we continue to expect the Q2 impact to remain at about $5 million. We are now confident we will see a Q3 and Q4 improvement in supply of 40-nanometer video processor SoCs. As previously noted, the supply of our computer vision SoCs has not been impacted.

上個季度，我們報告了 40 奈米視訊處理器 SoC 的供應限制。目前，我們仍然預計第二季的影響將保持在 500 萬美元左右。我們現在有信心看到第三季和第四季 40 奈米視訊處理器 SoC 的供應有所改善。如前所述，我們的計算機視覺 SoC 的供應並未受到影響。

We are very excited to announce in late May we received first silicon for CV3, our first central domain controller processor, and we have successfully brought up the key functional blocks on this 10-plus billion transistor SoC. There's more bring-up work to be completed, but we are confident that this first -- this first rep will be sampled over the summer to key customers and it will demonstrate significant performance and the power leadership. As a reminder, CV3 will be a family of SoCs that we expect to command a selling price between 5x to 20x our current corporate ASP.

我們非常高興地宣布，我們在 5 月底收到了第一款中央網域控制器處理器 CV3 的首批矽片，並且我們已經成功地在這個超過 100 億個電晶體的 SoC 上構建了關鍵功能塊。還有更多的啟動工作需要完成，但我們相信，這第一批產品將在夏季向主要客戶進行樣品測試，它將展示出顯著的性能和強大的領導力。提醒一下，CV3 將成為 SoC 系列，我們預計其售價將是目前公司 ASP 的 5 倍到 20 倍。

We remain focused on capturing the significant revenue opportunities in front of us. New 5-nanometer products are on schedule with the CV3 cost sampling. And the CV5, our first 5-nanometer SoC, is expected to commence mass production in the second half of the year. We continue to expect our CV revenue to be about 45% of revenue this year, and this richer mix is expected to drive our blended average selling price higher.

我們將繼續專注於抓住眼前的重大收入機會。新的 5 奈米產品正按計劃進行 CV3 成本取樣。我們的首款 5 納米 SoC CV5 預計將於今年下半年開始量產。我們繼續預計今年我們的 CV 收入將佔總收入的 45% 左右，而這種更豐富的產品組合預計將推高我們的混合平均售價。

Interest and activity around our products and technology remains very strong. I will now provide some examples of our market development activity. In the automotive market, during the last quarter, Ambarella announced its success in sensing applications, an entirely new market for the company in applications such as ADAS and driver monitoring as well as new viewing markets like electronic mirrors.

對我們的產品和技術的興趣和活動仍然非常強烈。現在我將提供一些我們市場開發活動的例子。在汽車市場，上個季度，安霸宣布其在感測應用方面取得成功，這對該公司來說是一個全新的市場，包括 ADAS 和駕駛員監控等應用以及電子鏡等新的觀看市場。

At the Japanese OE Honda, two of their joint venture companies introduced EV models using our H32AQ SoC for multifunction electronic mirrors plus drive recorders. Dongfeng Honda e:NS1 EV and GAC Honda's e:NP1 EV both use the solution. Also during the quarter, Isuzu, a Japanese OEM, introduced through a joint venture company, its new MU-X SUV. Based on our CV22AQ SoC, the SUV enables an intelligent driving assistance system utilizing a front-facing camera, supporting lane departure warning.

在日本 OE 本田，他們的兩家合資公司推出了使用我們的 H32AQ SoC 實現多功能電子後視鏡和行車記錄器的電動車車型。東風本田e:NS1 EV和廣汽本田e:NP1 EV均採用此方案。此外，在本季度，日本汽車製造商五十鈴透過合資公司推出了新款 MU-X SUV。這款 SUV 基於我們的 CV22AQ SoC，利用前置攝影機實現智慧駕駛輔助系統，支援車道偏離警告。

We remain optimistic about the vehicle in-cabin monitor system opportunity for us. In June, we expect Geely to announce a new passenger vehicle utilizing our CV28AQ for driver monitoring. [Dongfeng], the largest commercial truck OES in the world, shipped its new [DF 760] truck, utilizing a single CV22AQ SoC to support the multiple cameras and the multiple functions for driver monitoring around vehicle monitoring and blind-spot detection.

我們仍然對車輛艙內監控系統的機會持樂觀態度。我們預計吉利將於 6 月發布一款採用我們的 CV28AQ 進行駕駛員監控的新型乘用車。全球最大的商用卡車原始設備製造商東風公司已交付其新款 [DF 760] 卡車，該卡車採用單個 CV22AQ SoC 支援多個攝影機以及圍繞車輛監控和盲點檢測的多種駕駛員監控功能。

In IoT market, our smart home business, which we have referred to as CV Wave 2, we are pleased to announce Vivint was another major CV customer. In May, Vivint announced 4 new products, including outdoor, indoor and doorbell cameras and the spotlight. All of the cameras implement our CV SoC to execute Vivint's intelligent AI algorithms for a variety of people and package detection and the tracking functions. The spotlight uses the best detection algorithm of the outdoor camera to illuminate intruders and follow them as they move around the property.

在物聯網市場，我們的智慧家庭業務（我們稱之為 CV Wave 2）中，我們很高興地宣布 Vivint 是另一個主要的 CV 客戶。 5月，Vivint發表了4款新產品，包括戶外、室內、門鈴攝影機和聚光燈。所有攝影機均採用我們的 CV SoC 來執行 Vivint 的智慧型 AI 演算法，以實現各種人員和包裹檢測以及追蹤功能。聚光燈使用戶外攝影機的最佳偵測演算法來照亮入侵者並追蹤他們在房屋內移動。

In the IoT market, the largest portion of CV revenue has so far been realized from new product cycles in our enterprise and the public security camera business, where the trend continues with the vast majority of our customers' design activities involving our CV SoCs. During the ISC West Security Exhibition in March, almost every major security camera company was demonstrating new products based on our CV SoCs. There were also many public demonstration at the ISC West of the companies entering the access control market with system based on our reference designs. The access control market is a great example of how our CV portfolio allows us to reach entirely new markets we did not serve before, and access control is one of the areas where we are showing encouraging early customer wins.

在物聯網市場，迄今為止，CV 收入的最大部分來自於我們企業和公共安全攝影機業務的新產品週期，這一趨勢仍在繼續，我們絕大多數客戶的設計活動都涉及我們的 CV SoC。在三月的 ISC West 安全展覽會上，幾乎每家主要的安全攝影機公司都在展示基於我們的 CV SoC 的新產品。在 ISC West 上，還有許多公司公開展示了採用基於我們的參考設計的系統進入門禁市場。門禁市場是一個很好的例子，它展示了我們的 CV 產品組合如何讓我們進入以前從未服務過的全新市場，而存取控制也是我們在早期贏得客戶方面令人鼓舞的領域之一。

In access control, Motorola Solutions announced the new Openpath Pro series video intercom readers based on our CV25 SoC. The reader combines video, audio and enterprise co-routing. Motorola has made a number of acquisitions in the last few years to leverage its IoT camera expertise into new verticals and Openpath is one example. We are proud to report that most of the camera companies acquired by Motorola are using Ambarella SoCs, and we are eager to help them grow their business.

在存取控制方面，摩托羅拉系統公司宣布推出基於我們的 CV25 SoC 的新型 Openpath Pro 系列視訊對講讀取器。該閱讀器結合了視訊、音訊和企業協同路由。摩托羅拉在過去幾年中進行了多次收購，以利用其在物聯網攝影機領域的專業知識進入新的垂直領域，Openpath 就是其中一個例子。我們很自豪地報告，摩托羅拉收購的大多數相機公司都在使用安霸 SoC，我們渴望幫助他們發展業務。

Also in access control based on our CV22, RealNetworks announced SAFR SCAN, a touchless biometric system with anti-spoofing based on the fusion of a structure light and the cameras to ensure the most accurate readout. During the show, targeting the enterprise and public markets, Hanwha Techwin announced 2 new AI-powered multi-sensor camera based on our CV2 SoCs and featuring deep learning-based object detection and the classification.

此外，在基於我們的 CV22 的存取控制方面，RealNetworks 宣布推出 SAFR SCAN，這是一種基於結構光和攝影機融合的防欺騙非接觸式生物識別系統，可確保最準確的讀取。展會期間，韓華Techwin瞄準企業和公共市場，發布了兩款基於CV2 SoC的新型AI多感測器攝影機，具有基於深度學習的物件偵測和分類功能。

Also in the enterprise and public IoT market, I-PRO, part of Panasonic, introduced its new multi-sensor S-series camera, which is based on our CV2 SoC offering, deep learning intelligence at the edge with pre-installed AI applications and the ability to add third-party applications. In the public safety fleet market, i-PRO also launched a 4K panoramic front camera based on CV22 with the form factors and thermal budget to be mounted behind the rearview mirrors on the windshield.

同樣在企業和公共物聯網市場，松下旗下的 I-PRO 推出了其新型多感測器 S 系列攝影機，該攝影機基於我們的 CV2 SoC 產品，具有邊緣深度學習智慧、預裝的 AI 應用程式以及添加第三方應用程式的能力。在公共安全車隊市場，i-PRO 還推出了基於 CV22 的 4K 全景前置攝像頭，其外形尺寸和熱預算可安裝在擋風玻璃上的後視鏡後面。

Factory automation is another greenfield market opportunity. And during the quarter, (inaudible) introduced 2 products based on our CV2 SoC, a stereo 3D factory automation camera with precise measurement capability and the core reader with high resolution with deep learning abilities. In other IoT market, Insta360 introduced the ONE RS action camera, the innovative consumer care rights based on our H22 SoC and can shoot 4K 60 video, take 48 megapixel photos and includes AI-driven editing to make stitching 360-degree footage simple.

工廠自動化是另一個綠地市場機會。在本季度，（聽不清楚）推出了兩款基於我們的 CV2 SoC 的產品，一款是具有精確測量能力的立體 3D 工廠自動化相機，另一款是具有深度學習能力的高解析度核心閱讀器。在其他物聯網市場，Insta360 推出了 ONE RS 運動相機，它基於我們的 H22 SoC 提供創新的消費者權益保護，可以拍攝 4K 60 影片、拍攝 4800 萬像素照片，並包含 AI 驅動的編輯功能，使 360 度鏡頭的拼接變得簡單。

Recapping this announcement, a majority of the projects I just described are CV-based. In this product, our state-of-the-art video processing expertise is leveraging into new applications where the camera, instead of just enabling great human viewing experience, is sensing, collecting data and making decisions. A lot of incremental and specialized processing is needed to do this most efficiently and are highly bandwidth CV4 AI SoC provides this for an increasingly diverse set of IoT sensing applications.

回顧這個公告，我剛才描述的大多數項目都是基於 CV 的。在這個產品中，我們最先進的視訊處理專業知識被運用到新的應用中，其中攝影機不僅能夠提供出色的人類觀看體驗，還能感知、收集數據並做出決策。要最有效地完成此任務，需要進行大量增量和專門的處理，而高頻寬 CV4 AI SoC 為日益多樣化的物聯網感測應用提供了此功能。

About half of these products I described represent new product cycles in existing markets and the other half represent entirely new markets for us such as automotive sensing, factory automation and access control. We are in the midst of a very strong shift in design activity to our CV SoCs. Long term, we expect to earn a higher ASP with CV products and the combination of higher ASP and [UD] value is expected to drive premium growth.

我所描述的這些產品中大約有一半代表了現有市場的新產品週期，另一半則代表了我們全新的市場，例如汽車感測、工廠自動化和門禁控制。我們正處於向 CV SoC 設計活動大力轉變的過程中。從長遠來看，我們預計 CV 產品將獲得更高的 ASP，而更高的 ASP 和 [UD] 值的結合預計將推動保費成長。

We are confident that our strategy to address the megatrends for security, safety and automation enabling our customers to innovate and transform their own business. Our rapidly expanding AI product portfolio serves the diverse secular growth opportunities emulating from these trends.

我們相信，我們的策略能夠順應安全、保障和自動化的大趨勢，使我們的客戶能夠創新和轉變自己的業務。我們快速擴展的人工智慧產品組合服務於模仿這些趨勢的多樣化長期成長機會。

Now Brian will review our financials.

現在 Brian 將審查我們的財務狀況。

Thanks, Fermi. I'll review the financial highlights for our fiscal Q1 and provide a financial outlook for our second quarter of fiscal year 2023, ending on July 31, 2022. I'll be discussing non-GAAP results and ask that you refer to today's press release for a detailed reconciliation of GAAP to non-GAAP results.

謝謝，費米。我將回顧我們第一財季的財務亮點，並對截至 2022 年 7 月 31 日的 2023 財年第二季提供財務展望。我將討論非 GAAP 結果，並請您參考今天的新聞稿，以了解 GAAP 與非 GAAP 結果的詳細對帳。

For non-GAAP reporting, we have eliminated stock-based compensation expense and acquisition-related costs adjusted for the impact of taxes. Revenue for fiscal Q1 was $90.3 million, in line with the midpoint of our prior guidance, flat to the prior quarter and up 29% year-over-year. As expected, a sequential increase in IoT revenue offset a decline in automotive. Both IoT and automotive were up strongly on a year-over-year basis.

對於非公認會計準則報告，我們已消除股票薪酬費用和根據稅務影響進行調整的收購相關成本。第一財季的營收為 9,030 萬美元，與我們先前預期的中位數一致，與上一季持平，年增 29%。正如預期的那樣，物聯網收入的連續成長抵消了汽車收入的下滑。物聯網和汽車均較去年同期強勁成長。

Non-GAAP gross margin for Q1 was 63.8%, slightly ahead of the midpoint of our prior guidance range. Non-GAAP operating expense for fiscal Q1 was $39.8 million, down $500,000 from the prior quarter. Non-GAAP operating expense was $2.2 million, below the midpoint of our prior guidance driven by the timing of new product development activities. Our non-GAAP tax provision was $900,000 or 4.8% of pretax income, and we reported non-GAAP net income of $17.1 million or $0.44 per diluted share.

第一季非公認會計準則毛利率為 63.8%，略高於我們先前預測範圍的中點。第一財季非公認會計準則營業費用為 3,980 萬美元，較上一季減少 50 萬美元。非公認會計準則營運費用為 220 萬美元，低於我們先前指導的中點，這是由於新產品開發活動的時間安排所致。我們的非公認會計準則稅收準備金為 90 萬美元，佔稅前收入的 4.8%，我們報告的非公認會計準則淨收入為 1,710 萬美元，即每股攤薄收益 0.44 美元。

Now I'll turn to our balance sheet and cash flow. Cash increased $30 million to $201 million driven by strong operating cash flow of $34 million. Fiscal Q1 cash flow was aided by decreases in both inventory and accounts receivable. Inventory decreased $4 million from 128 to 117 days, and accounts receivable decreased $16 million from 45 to 28 days. The substantial decrease in accounts receivable was attributable to a front-end skewed revenue profile in the quarter. We had 3 logistics and ODM companies represent 10% or more of our revenue in Q1.

現在我將討論我們的資產負債表和現金流。受 3,400 萬美元強勁營運現金流的推動，現金增加了 3,000 萬美元，達到 2.01 億美元。庫存和應收帳款的減少促進了第一季財政現金流的增加。庫存減少了 400 萬美元，從 128 天減少到 117 天，應收帳款減少了 1,600 萬美元，從 45 天減少到 28 天。應收帳款大幅減少是由於本季前端收入狀況偏向。我們有 3 家物流和 ODM 公司在第一季占我們收入的 10% 或更多。

WT Microelectronics, a fulfillment partner in Taiwan that ships to multiple customers in Asia, came in at 57% of revenue. Chicony, an ODM who manufactures for multiple IoT customers, was 11%. And Hakuto, a logistics partner who primarily supplies multiple automotive customers in Japan, was about 10% of revenue.

文曄微電子 (WT Microelectronics) 是台灣的一家履行合作夥伴，為亞洲的多個客戶發貨，其收入佔比為 57%。為多家物聯網客戶生產產品的 ODM 廠商群光電子 (Chicony) 的市佔率為 11%。主要為日本多家汽車客戶供貨的物流合作夥伴 Hakuto 約佔其收入的 10%。

I'll now discuss the outlook for the second quarter of fiscal year 2023. As Fermi described, the external environment remains complex and dynamic. The supply chain already stressed with persistent kitting issues is now also failing -- facing the rolling pandemic impacts in China. Our guidance, to the best of our knowledge, contemplates these challenges.

現在我來討論一下2023財年第二季的展望。正如費米所描述的，外部環境仍然複雜且動態。供應鏈已經因持續的配套問題而面臨壓力，現在也面臨崩潰——面臨中國疫情的持續影響。據我們所知，我們的指導考慮到了這些挑戰。

We estimate our Q2 revenue to be in the $78 million to $82 million range or down approximately 11% sequentially at the midpoint. We estimate Q2 non-GAAP gross margin to be between 63% and 64%, relatively flat to the prior quarter. We expect non-GAAP OpEx in the second quarter to be in the range of $42 million to $45 million. The sequential increase in OpEx is driven by the beginning of an advanced 5-nanometer automotive-grade CV SoC development project.

我們預計第二季的營收將在 7,800 萬美元至 8,200 萬美元之間，以中間值計算，季減約 11%。我們預計第二季非公認會計準則毛利率在 63% 至 64% 之間，與上一季基本持平。我們預計第二季非 GAAP 營運支出將在 4,200 萬美元至 4,500 萬美元之間。營運支出的連續成長是由先進的 5 奈米汽車級 CV SoC 開發項目的啟動所推動的。

Our fiscal Q2 forecast for Ambarella's non-GAAP tax rate is 4% to 6%, and we estimate our diluted share count to be approximately 38.7 million shares. Ambarella will be participating on June 1 in Craig Hallum's Virtual Investor conference, June 2 at Cowen's TMT conference, June 8 at Bank of America's TMT conference, and on June 9 at Rosenblatt's virtual AI Scaling conference. Please contact us for more details.

我們對 Ambarella 財年第二季非 GAAP 稅率的預測為 4% 至 6%，我們估計稀釋後股數約為 3,870 萬股。 Ambarella 將於 6 月 1 日參加 Craig Hallum 的虛擬投資者會議、6 月 2 日參加 Cowen 的 TMT 會議、6 月 8 日參加美國銀行的 TMT 會議以及 6 月 9 日參加 Rosenblatt 的虛擬 AI Scaling 會議。請聯絡我們以了解更多詳情。

Thank you for joining our call today. And with that, I'll turn the call over to the operator for questions.

感謝您今天參加我們的電話會議。說完這些，我將把電話轉給接線生來回答問題。

(Operator Instructions) Our first question comes from the line of Joe Moore with Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的喬·摩爾。

I wonder if you guys could talk about the issues in China in the coming quarter. Can you tell how much of it is -- is there any demand side issues in there? Is it all supply side? And you mentioned it's broad across multiple customers. Is it sort of Chinese customers manufacturing in China and multinationals? Just any kind of more color you could give us on what the dynamics are of the challenges there.

我想知道你們是否可以談談下一季中國的問題。你能說出其中有多少嗎──其中是否有需求上的問題？都是供給面的問題嗎？您提到它廣泛適用於多個客戶。這是中國客戶在中國製造還是跨國公司製造？您能否向我們詳細介紹那裡面臨的挑戰的動態。

Joe, this is Fermi. So what we saw was that at the end of March and early April, when we start seeing the China lockdown in Shenzhen and Shanghai, and almost at the same time, we start seeing our global customer base start pushing on their Q2 demand. And we believe that the reason that we're given was that with the kitting issue persists and also that lockdown make the kitting issue a lot worse for our global customer base, particularly for those who manufacture in China or in greater Asia locations, and they were impacted the most. And that's the scale that we are seeing.

喬，這是費米。因此，我們看到的是，在 3 月底和 4 月初，當我們開始看到中國深圳和上海封鎖時，幾乎同時，我們開始看到我們的全球客戶群開始推動他們的第二季需求。我們認為，我們給出的原因是配套問題仍然存在，而且封鎖使我們的全球客戶群的配套問題變得更加嚴重，特別是對於那些在中國或大亞洲地區製造的客戶，他們受到的影響最大。這就是我們所看到的規模。

In terms of demand, at this point, particularly outside China, I would say that most of our customers are still telling us they can sell almost everything they can build. So I think the demand at least, outside China, is pretty solid, in my opinion. We believe we will continue to monitor this progress through this lockdown situation. And we all heard that Shanghai lockdown will probably expire on June 1. We are looking forward to see any updates on the market and from our customer point of view.

就需求而言，目前，特別是在中國以外，我想說我們的大多數客戶仍然告訴我們，他們生產的幾乎所有產品都可以賣出去。因此，我認為至少在中國以外，需求是相當強勁的。我們相信，我們將在這次封鎖期間繼續監測這項進展。我們都聽說上海的封鎖措施可能會在 6 月 1 日結束。我們期待看到市場和客戶的最新動態。

Okay. That's helpful. And then in terms of the incomplete kitting issue, is that an issue that people aren't ordering Ambarella parts because they're waiting to get other things? Or is that an issue that they have inventory of Ambarella parts because they can't get those other things. Like can you tell how much of this is going to be an inventory burn off that's required versus just a pent-up demand?

好的。這很有幫助。那麼，就不完整的配套問題而言，是不是因為人們在等待其他東西而沒有訂購 Ambarella 零件？或者他們有 Ambarella 零件庫存，因為他們無法獲得其他東西。例如，您能否判斷其中有多少是必需的庫存消耗，有多少只是被壓抑的需求？

Well, I think a portion of that is definitely there is some kind of inventory in the city, in the channel. But I do believe this lockdown is really when the customer find out that they really cannot allocate enough other parts, particularly like PMIC, the Wi-Fi, particularly microcontroller for automotive. I think that they decided to push out their Q2 demand to future quarters.

嗯，我認為其中一部分肯定是城市、通路中存在某種庫存。但我確實相信，當客戶發現他們確實無法分配足夠的其他零件時，就會出現這種封鎖，特別是像PMIC、Wi-Fi，特別是汽車微控制器。我認為他們決定將第二季的需求推遲到未來幾季。

So I think that inventory situation is like what we discussed before. But this time, I think that a lot of pushout is based on the kitting issue, particularly the new kitting issue, which is amplified by this lockdown situation.

所以我認為庫存情況就像我們之前討論的那樣。但這次，我認為很多延遲都是基於配套問題，特別是新的配套問題，而這一問題因這次封鎖情況而加劇。

Our next question come from the line of Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西摩。

Brian, welcome to Ambarella. I just want to ask about the duration side of this equation. I know lockdowns and what COVID going to do in China is going to do is kind of beyond my pay grade and maybe you guys don't have great visibility into that. But what's your assumption beyond the July quarter, whether it be the Samsung side getting better, as I think you alluded to, Fermi, or the persistence of the lockdown headwinds?

布萊恩，歡迎來到 Ambarella。我只是想問一下這個等式的持續時間方面。我知道封鎖以及新冠疫情在中國將造成的影響超出了我的職權範圍，也許你們對此沒有很好的了解。但是，您對 7 月季度之後的情況有何假設，是三星的情況會好轉（我想您已經提到過，費米），還是封鎖逆風會持續存在？

Well, I think the major impact on the last quarter is a lockdown headwinds. And until even today, we don't have a visibility how fast this recovery will look like. But you mentioned the Samsung situation, Samsung 14-nanometer, we still expect a $5 million impact to us in July quarter. And -- but we expect that Q3, Q4, the 14-nanometer supply will improve. So I think this time, we are really talking about this China lockdown causing a lot of kitting issues for our customers.

嗯，我認為上個季度的主要影響是封鎖逆風。直到今天，我們仍然無法預見這種復甦的速度。但您提到了三星的情況，三星 14 奈米，我們仍然預計 7 月季度會給我們帶來 500 萬美元的影響。而且—但我們預計第三季、第四季，14 奈米的供應將會改善。所以我認為這次我們真正在談論的是中國封鎖給我們的客戶帶來的許多配套問題。

And I guess as a follow-up question to get into the model. You guys are now just having the 2 segments, the IoT and the automotive side of things. Can you give us any color about the size they were in the quarter either as percentage of sales, what they did sequentially? I know you said up and down, but any numbers around that? And then is there a difference in the guidance for the July quarter between the 2 segments?

我想作為後續問題進入模型。你們現在只有兩個部分，就是物聯網和汽車方面。您能否告訴我們他們本季的規模，無論是銷售額的百分比，還是連續的表現？我知道您說的是上下波動，但是有大概的數字嗎？那麼，兩個部門對七月季度的預期有何不同？

Yes. So in Q1, automotive represented about 25% of our revenue with IoT at 75%. As we look into Q2, we expect both of those segments to be down approximately equally in percentage terms. So both down in the double digits sequentially.

是的。因此，在第一季度，汽車業務約占我們收入的 25%，而物聯網業務則佔 75%。當我們展望第二季時，我們預計這兩個部分的百分比下降幅度將大致相同。因此，兩者的降幅均連續達到兩位數。

Our next question comes from the line of Quinn Bolton with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Quinn Bolton。

Welcome, Brian. I guess, Fermi or Brian, just -- it seems like it's a dynamic environment out there with the rolling lockdowns in China. And I guess my question is, sounds like customers have been delaying orders here in the near term because of these kitting issues. Do you guys have any sense based on your customer conversations, whether you expect that to extend beyond the July quarter? Or do you think that as the rolling lockdowns hopefully come to an end that orders start to pick back up?

歡迎，布萊恩。我想，費米或布萊恩只是──隨著中國陸續實施封鎖，外面的環境似乎充滿活力。我的問題是，聽起來客戶似乎因為這些配套問題而在短期內推遲了訂單。根據與客戶的對話，你們是否認為這種情況會延續到七月季度之後？或者您認為隨著滾動封鎖的結束，訂單將開始回升？

I think when we talk to our customer, we got a lot of uncertainty from them because they still don't know how fast this lockdown situation will improve. We believe that if the lockdown and this kitting issue not getting any worse than right now, we believe Q3 revenue should be better than Q2 and maybe even have better recovery in Q4, but that's under a lot of assumption, that how this kitting issue and the lockdown issue will continue or not.

我認為，當我們與客戶交談時，我們從他們那裡得到了很多不確定性，因為他們仍然不知道這種封鎖情況將以多快的速度改善。我們相信，如果封鎖和配套問題沒有比現在變得更糟，我們相信第三季度的收入應該會比第二季度更好，甚至可能在第四季度有更好的複蘇，但這是建立在許多假設之上的，即配套問題和封鎖問題是否會持續下去。

Got it. That's helpful. And then I guess maybe, Fermi, a longer-term question. I know you guys have been talking about the opportunity around Level 2+ design wins. I know you haven't announced anything to date, but do you feel like you're making progress? Do you think you're getting closer to potentially a large Level 2+ win that, I believe, in the past, you've said you expect to hopefully secure at least one, if not multiple Level 2+ wins this year?

知道了。這很有幫助。然後我想也許，費米，這是一個長期的問題。我知道你們一直在談論 2 級以上設計獲勝的機會。我知道您到目前為止還沒有宣布任何消息，但您覺得自己正在取得進展嗎？您是否認為您距離潛在的 2+ 級大型勝利越來越近了？我相信，您過去曾說過，您希望今年至少獲得一次（如果不是多次）2+ 級勝利？

Right. So I think that throughout all the discussion, a lot of people keep asking about our CV3. And we believe that by announcing a CV3 that is up and running, and we have brought up multiple functions there. We have high confidence that we will ship -- we'll assemble the CV3 with software over the summer. I think this will really give our customers a sense how real this project is and what kind of performance and the power number that we can prove in a real silicon than just show up in a presentation. So I think that with the CV3, we are very optimistic about that we continue to make progress with the key Tier 1 OEMs on these design wins.

正確的。所以我認為在整個討論過程中，很多人一直在問我們的 CV3。我們相信，透過宣布 CV3 的啟動和運行，我們已經在那裡帶來了多種功能。我們非常有信心能夠發貨——我們將在夏天組裝帶有軟體的 CV3。我認為這將真正讓我們的客戶感受到這個項目的真實性，以及我們可以在真實的矽片上證明什麼樣的性能和功率數字，而不僅僅是在演示中展示。因此我認為，憑藉 CV3，我們非常樂觀地認為，我們將繼續與主要的一級原始設備製造商在這些設計上取得進展。

And next comes from the line of Matt Ramsay with Cowen.

接下來是來自 Cowen 的 Matt Ramsay。

Fermi, I guess I wanted to follow up on what you were just talking about there with CV3. And maybe you could give us a sense of what the steps are from here. So you -- it sounds like you have for silicon back, you have some bring out being done in the lab. There's obviously more software and BIOS and other work that you'll need to do to get everything fully up to where you can sample the customers in the summer. And what I'm interested in is just the next steps beyond that, where you guys could start to engage with customers with CV3, demonstrate stuff live in labs and what the time line could look like to potentially start to convert some of these, I guess, the part of the automotive funnel that you're going after into one business. So like what kind of time lines are we looking at or where we could see something announced with CV3? And what are the steps that are kind of in front of you to get there?

費米，我想跟進一下你剛才談論的 CV3 問題。也許您可以讓我們了解接下來的步驟是什麼。所以你——聽起來你已經回到了矽片時代，你在實驗室裡做了一些工作。顯然，您需要做更多的軟體、BIOS 和其他工作，才能讓一切完全準備好，以便在夏天為客戶提供樣品。我感興趣的是接下來的步驟，你們可以開始透過 CV3 與客戶互動，在實驗室中現場示範產品，以及時間表可能會如何開始將其​​中的一些內容轉化為一項業務，我想，這就是你們所追求的汽車漏斗的一部分。那麼我們正在關注什麼樣的時間表或我們在哪裡可以看到 CV3 的公告？為了實現這一目標，您需要採取哪些步驟呢？

Right. So I think maybe just talk about how much we have done in -- with CV3. CV3 silicon came back to our lab 7 days ago. In a short period of 1 week time, we basically brought up all the fundamental blocks and making sure that the chip is not only alive, we can stop doing software integration. And we start verifying all the performance number and power number reported to our customer in the past, and we are getting our confidence level, getting higher and higher every day.

正確的。所以我想也許只是談談我們在 CV3 方面做了多少工作。 CV3 矽 7 天前回到了我們的實驗室。在短短一周的時間內，我們基本上提出了所有基本模組，並確保晶片不僅可以存活，而且我們可以停止進行軟體整合。我們開始驗證過去向客戶報告的所有性能數字和功率數字，我們的信心水平每天都在提高。

So in the near -- after the sampling to our customer, the near-term goal for us is to bring up our VisLab software as well as actualize software running on CV3 so we can do a system level demo. It's not only just demo to show the competency as well as the ability of the silicon TV, but the overall system is delivered to our customers. I think that's a major milestone pickup because if you talk to all the OEMs that today, the biggest question for them is not only just whether your silicon can perform, but also whether you have software I can match that you can releverage and to deliver the best performance.

因此，在向客戶提供樣品後，我們的近期目標是推出 VisLab 軟體以及實現在 CV3 上運行的軟體，以便我們可以進行系統級演示。這不僅僅是展示矽電視的能力和性能的演示，而是將整個系統交付給我們的客戶。我認為這是一個重要的里程碑，因為如果你今天與所有 OEM 交談，他們最大的問題不僅是你的矽片是否能夠發揮作用，而且還在於你是否擁有可以匹配的軟體，你可以重新利用並提供最佳性能。

And that we have both VisLab, a complete software stack for autonomous driving all the way to Level 4 as well as actualized -- centralized radar processing capability. I think that's our next important milestone in the near future to demonstrate and hopefully, that we're still targeting year '25, '26 [SOP] with our customers.

我們擁有 VisLab，這是一套完整的自動駕駛軟體堆棧，可達到 4 級水平，並且已實現集中式雷達處理能力。我認為這是我們在不久的將來實現的下一個重要里程碑，希望我們仍然能夠與客戶一起瞄準 25、26 年 [SOP]。

Got it. That's helpful. Just a real quick sort of follow-up to that one, before my second question. I guess the quick follow-up is, through this summer, any sense of how many customers you anticipate sampling CV3, too? I'm just trying to understand a little bit more about the breadth of the engagement.

知道了。這很有幫助。在我提出第二個問題之前，我只是想快速跟進這個問題。我想快速的後續問題是，到今年夏天，您預計會有多少客戶試用 CV3 嗎？我只是想進一步了解這次參與的廣度。

And then I guess my follow-up question for Brian. Any way that you can try to size the impact of all the logistics issues in China on the guidance for July? Or I assume it's just $5 million for the Samsung impact? And then if you -- if there's any quantification of what you guys think that impact is in dollar terms, that would be helpful. I know that's a hard one to do.

然後我想我的後續問題是問布萊恩的。您能否嘗試衡量中國所有物流問題對 7 月指引的影響？或者我認為三星的影響力僅為 500 萬美元？然後，如果你們——如果你們認為這種影響可以用美元來量化，那將會很有幫助。我知道這很難做到。

Yes. In terms of CV3 sample, I will believe it's double-digit customers.

是的。就 CV3 樣本而言，我相信是兩位數的客戶。

Yes. And in terms of the impact associated with the supply chain disruptions in China, I think our guide is down about 11% at the midpoint, and that would -- that's really all attributable to that factor.

是的。就中國供應鏈中斷帶來的影響而言，我認為我們的預期中位數下降了約 11%，這實際上都是由於這個因素造成的。

Our next question comes from the line of David Kelley with Jefferies.

我們的下一個問題來自 Jefferies 的 David Kelley。

I believe you noted CV mix for the year is still on track for 45% of sales. So can you talk about the lockdown and supply chain disruptions specific to CV, if you're seeing any less or more impact there and maybe demand trends throughout the last couple of months?

我相信您已經注意到，今年的 CV 組合仍有望佔據銷售額的 45%。那麼，您能否談談針對 CV 的封鎖和供應鏈中斷問題，您是否發現那裡的影響有所減輕或加劇，以及過去幾個月的需求趨勢？

Yes. I think that this lockdown and kitting issue impact both IoT and automotive equally, but also applied to a video processor and computer vision chip equally. And we don't see particularly which product line got impact more than the others. But also, we believe that the kitting issue right now is really -- it can happen to any product line. Because it's really, for example, both video processor and as well as computer vision need a PMIC or Wi-Fi or microcontroller to complete a product.

是的。我認為這種鎖定和配套問題對物聯網和汽車的影響是相同的，但也同樣適用於視訊處理器和電腦視覺晶片。我們並沒有特別看出哪條產品線受到的影響比其他產品線更大。但同時，我們認為目前的配套問題確實可能發生在任何產品線上。因為實際上，例如視訊處理器和電腦視覺都需要 PMIC 或 Wi-Fi 或微控制器來完成產品。

Okay. Got it. That's helpful. And I might have missed this, apologies in advance, but can you provide a bit more color on kind of the drivers of the OpEx cadence here into the second quarter guide?

好的。知道了。這很有幫助。我可能錯過了這一點，提前道歉，但您能否在第二季度指南中提供更多關於營運支出節奏驅動因素的詳細資訊？

Yes. We said that OpEx would increase coming in the second quarter, which is really driven by a new CV 5-nanometer project that's beginning, and that's starting to kick in to the OpEx.

是的。我們說過，營運支出將在第二季度增加，這實際上是由正在啟動的新的 CV 5 奈米專案推動的，而該專案開始對營運支出產生影響。

Our next question comes Tristan Gerra with Baird.

我們的下一個問題來自貝爾德的特里斯坦·傑拉。

I know there's been some questions, obviously, already on the impact of the July quarter guidance, and you reiterated the mix of CV at 45% of revenue, up previously. We thought that CV revenue will double this year. Assuming that the lockdowns go away on June 1, notably in Shanghai, how much of your second half concern about the top line rebounding sequentially will be, I guess, impacted by weak consumer demand in China as opposed to component shortages like [MCU] and Wi-Fi. What do you think is the biggest bottleneck or uncertainty after the lockdown impact that goes away?

我知道顯然已經存在一些關於 7 月季度指引影響的疑問，並且您重申了 CV 佔收入的 45％，高於之前的比例。我們認為今年 CV 收入將翻倍。假設 6 月 1 日封鎖解除，尤其是在上海，我猜您對下半年營收環比反彈的擔憂，在多大程度上會受到中國消費需求疲軟的影響，而不是像 [MCU] 和 Wi-Fi 這樣的零件短缺的影響。您認為封鎖影響消失後最大的瓶頸或不確定性是什麼？

Well, I think that vital to our customer beyond Q2, going to Q3 and Q4, I think the answer is really about uncertainty. Even they say they relax the lockdown on June 1, but how fast the production line can go back to normal stage? How quickly the production can start working to full speed. I think all of that needs to be answered. And that's not only just the component side, but also our customer side.

嗯，我認為對於我們的客戶來說，從第二季度到第三季度和第四季度，至關重要的是，我認為答案實際上是不確定性。雖然他們說6月1日會放鬆封鎖，但生產線多久才能恢復正常階段？生產能多快開始全速運轉。我認為所有這些都需要得到解答。這不僅是組件方面，也是我們的客戶方面。

So there is still uncertainty in Q3 and Q4. In terms of China demand. I really think that the China economy that, as we see, is definitely weak, but we have roughly 15% of our sell-through, our -- 15% of our products are consumed in China. So I think we are right now more focused on to understand the demand situation outside China. So like I said in the previous answer, I think that outside China, I think our demand is still strong.

因此第三季和第四季仍存在不確定性。就中國需求而言。我確實認為，正如我們所見，中國經濟肯定疲軟，但我們大約有 15% 的銷售額，即 15% 的產品是在中國消費的。所以我認為我們現在更注重了解中國以外的需求情況。所以就像我在之前的回答中所說的那樣，我認為在中國以外，我們的需求仍然強勁。

Okay. Great. And then as my follow-up question, how should we quantify the ramp of CV5 in the second half, which I think you've said previously initially is going to go into consumer. Is that as well impacted by the current lockdowns? Or is this going to be material in terms of lifting your second half versus first half?

好的。偉大的。然後作為我的後續問題，我們應該如何量化下半年 CV5 的成長，我想您之前已經說過，它最初將進入消費者市場。這是否也受到目前封鎖的影響？或者這對於提升你的下半場表現相對於上半場來說是否具有實質意義？

Right now, because also most of the CV5 products are still in design phase and the revenue ramp-up will be happening in Q4, so I think that the lockdown or the development cycle are not severely impacted yet. We are watching it. We're still confident that several of our customers, AIoT customer, will take CV5 into production, particularly on the security camera side and as well as I can say consumer. We don't give a consumer -- we put only in past consumer product into the AIoT. So I think multiple AIoT customer will take CV5 production in Q4 and start ramping up from there.

目前，由於大多數 CV5 產品仍處於設計階段，且收入成長將在第四季度發生，因此我認為封鎖或開發週期尚未受到嚴重影響。我們正在觀看。我們仍然相信，我們的幾個客戶，AIoT 客戶，將會把 CV5 投入生產，特別是在安全攝影機方面，以及我可以說的消費者方面。我們不給消費者——我們只把過去的消費產品放入 AIoT 中。因此我認為多個 AIoT 客戶將在第四季度開始生產 CV5，並從那裡開始增加生產。

Our next question comes from of Andrew Buscaglia with Berenberg.

我們的下一個問題來自 Berenberg 的 Andrew Buscaglia。

I wanted to talk through maybe a dynamic you might be seeing in that. If you have all these supply chain constraints, your customers are seeing, I wonder if customers that have yet some really move forward with implementing AI in their products, sort of speed that process up and move kind of to the next-gen AI stuff rather than kind of continuing to purchase and develop or maintain non -- like more so human-viewing applications.

我想談談您可能在其中看到的動態。如果您面臨所有這些供應鏈限制，您的客戶就會看到，我想知道那些真正在其產品中實施人工智慧的客戶是否會加快這一進程並轉向下一代人工智慧產品，而不是繼續購買和開發或維護非人類觀看的應用程式。

Yes. So I think independent of this lockdown and also the kitting issue, we did see that most of our customers' new products are CV based. Of course, there are still new projects based on our video processor, new product, I mean, that kicked off in the last several months. But in terms of percentage, we see higher and higher still CV-based product kickoff in the last or so months.

是的。因此，我認為，除了這次封鎖和配套問題之外，我們確實看到大多數客戶的新產品都是基於 CV 的。當然，我們還有一些基於視訊處理器的新項目，我的意思是新產品，這些項目是在過去幾個月內啟動的。但就百分比而言，我們看到過去幾個月基於 CV 的產品啟動率越來越高。

Yes. Okay. Interesting. Can you -- and maybe one for Brian. You guys have in your press release a little statement about stock repurchase that you approved and an extension. I wonder if where the stock is and where valuation is relative to all the CV development, if share repurchase becomes more of an area of capital allocation going forward.

是的。好的。有趣的。你能嗎——也許給布萊恩也來一個。你們在新聞稿中發表了關於批准股票回購和延期的簡短聲明。我想知道股票的現狀和估值與所有 CV 開發的關係，以及股票回購是否會成為未來資本配置的一個領域。

Yes. I don't think that there's really a change to the strategy or thought process around repurchases. As you mentioned, the Board did extend the existing $49 million authorization for another year. We have had strong cash flow, and we believe we have sufficient liquidity. So we did consume around $300 million for the purchase of Oculii and the radar technology late last year. So at this point, we still view the repurchase option as being an opportunistic alternative rather than something that has changed from a strategic perspective at this time.

是的。我認為回購的策略或思考過程並沒有真正的改變。正如您所提到的，董事會確實將現有的 4900 萬美元授權延長了一年。我們的現金流強勁，我們相信我們有足夠的流動性。因此，去年年底我們確實花了大約 3 億美元購買 Oculii 和雷達技術。因此，目前我們仍然將回購選擇視為一種機會主義的選擇，而不是從策略角度來看已經改變的事情。

Our next question comes the line of Kevin Cassidy with Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的凱文·卡西迪。

This quarter, you had Hakuto, the Japanese automotive distributor, was a 10% customer. Last quarter, they were a 12% customer. Do you expect them to stay as a large customer and maybe what kind of service do they provide? And maybe if you could just give us a little more description of your relationship with them.

本季度，日本汽車經銷商 Hakuto 佔了 10% 的客戶。上個季度，他們佔客戶總數的 12%。您是否希望他們繼續當大客戶？他們會提供什麼樣的服務？也許您可以向我們更詳細地描述您與他們的關係。

Yes. So I think that for Hakuto, they are basically -- is our Japanese automotive distributor. And basically, almost -- I think almost all of our Japanese automotive business is -- are going through their service. Their service is just providing 2 things. One is logistics, basically making sure that chip is delivered properly and we collect cash for us. On top of that, another important function they perform for us is really providing inventory for their automotive customer.

是的。所以我認為對於 Hakuto 來說，他們基本上是我們的日本汽車經銷商。基本上，我認為幾乎我們所有的日本汽車業務都是透過他們的服務進行的。他們的服務只提供兩樣東西。一是物流，主要確保晶片正確交付，並為我們收取現金。除此之外，他們為我們履行的另一項重要職責就是為他們的汽車客戶提供庫存。

Because I think all of our Japanese customers, because they want to make sure there's no supply issues, so they require their distributor, in this case, Hakuto, to keep anywhere between 6 to 8 weeks of inventory for their production. And they are definitely (inaudible) to bring through this at the end of a project. So and that's the main function.

因為我認為我們所有的日本客戶都希望確保沒有供應問題，所以他們要求他們的經銷商（在本例中是 Hakuto）為他們的生產保留 6 到 8 週的庫存。他們肯定會（聽不清楚）在專案結束時實現這一點。這就是主要功能。

So while the -- because the Japanese auto business continue to grow for us, we believe Hakuto will continue to grow. But from a quarter-to-quarter point of view, the up and down cannot be really manage it because the -- some projects ramp up, some projects ramp down. But if you look at straight line, I hope -- I believe our Japanese automotive business will continue to grow.

因此，由於日本汽車業務持續成長，我們相信 Hakuto 將繼續成長。但從季度角度來看，這種上下波動是無法真正控制的，因為有些項目增加，有些項目減少。但如果從直線來看，我希望——我相信我們的日本汽車業務將繼續成長。

Okay. Great. And also on Oculii, could you give us a little more description of what progress you made in the past quarter?

好的。偉大的。另外，關於 Oculii，您能否向我們詳細介紹一下您在過去一個季度取得的進展？

So we didn't separate out the Oculii disclosure, but it's very consistent with what we said when we acquired them. We believe this year, we're going to do roughly $3 million to $4 million of business with Oculii. Most of them are still at the module level and (inaudible) level. The first major production will happen next year in terms of automotive customer. We haven't announced that product yet. So that's what we are doing.

因此，我們沒有單獨列出 Oculii 的披露，但這與我們收購它們時所說的非常一致。我們相信，今年我們與 Oculii 的業務額將達到約 300 萬至 400 萬美元。其中大多數仍處於模組級別和（聽不清楚）級別。就汽車客戶而言，首批大規模生產將於明年進行。我們尚未發布該產品。這就是我們正在做的事情。

But however, at the same time, I think all the things -- everything I just said is based on Oculii's business before they got acquired. After acquisition, one of the major goal is to integrate Oculii's software into our CV family chip, particularly in CV3, so that we can provide -- integrate our audio -- sorry, the radar and the video solution to our customer. That has to be a main focus for us, and that will also be a long-term revenue source for us.

但同時，我認為所有的事情——我剛才說的一切都是基於 Oculii 在被收購之前的業務。收購後，主要目標之一是將 Oculii 的軟體整合到我們的 CV 系列晶片中，特別是 CV3，以便我們可以為客戶提供整合我們的音訊——雷達和視訊解決方案。這必須是我們關注的重點，這也將成為我們的長期收入來源。

Our next question comes from the line of Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Yes. This is Jeremy, calling for Tore. First, just a quick clarification. I think you mentioned a percentage of products of your revenue that is consumed in China. Was that 50% or 15%?

是的。我是傑里米，正在呼叫托爾。首先，簡單澄清一下。我想您提到了在中國消費的產品佔您收入的百分比。是 50% 還是 15%？

1-5.

1-5。

1-5. Okay. That's what I thought. And then secondly, in terms of the inventories, it was down sequentially, both dollars and days. Is this something that was intentional? Was this part of the impact of the $5 million constraint? Or is this something that you're kind of managing a little bit more on the long-term basis? Just help us understand your inventory strategy here.

1-5。好的。我就是這麼想的。其次，就庫存而言，美元和天數均持續下降。這是故意的嗎？這是 500 萬美元限制的影響的一部分嗎？還是這是您需要長期管理的事情？只需幫助我們了解您的庫存策略。

Sure. It was really driven by our ability to get materials during the quarter as opposed to active effort to reduce inventory levels. I mean longer term, we'll look at targeting inventory levels at potentially lower levels. But in the current environment, we're trying to have sufficient inventory on hand to satisfy customers in a very dynamic environment. So that decrease was not driven intentionally, it was driven by our ability to get materials.

當然。這實際上是由我們在本季度獲取材料的能力決定的，而不是由積極努力降低庫存水準決定的。我的意思是，從長遠來看，我們會考慮將庫存水準控制在可能較低的水平。但在當前環境下，我們正努力儲備足夠的庫存，以滿足瞬息萬變環境中的客戶需求。因此，這種減少並不是故意造成的，而是由於我們獲取材料的能力。

Great. And I guess maybe a little bit of a longer-term question. Looking at some of the new markets that you're just entering, whether it's automotive, factory automation, access control, would you -- or maybe just looking at the latter two since automotive seems to be its own category. Can you maybe weight which one you see ramping sooner? And which one might have the larger TAM?

偉大的。我想這可能是個比較長期的問題。看看您剛進入的一些新市場，無論是汽車、工廠自動化、門禁控制，或者可能只看看後兩者，因為汽車似乎是自己的類別。您能否衡量一下哪一個會更快崛起？哪一個可能擁有更大的TAM？

Well, in terms of larger TAM, I think the [mobile robotics], obviously, is the largest one, in my opinion. But in terms is happening faster, in terms of revenue, I think access control is probably the candidate. But however, I think the point we tried to make is that we continue to see new verticals that we can address with our CV SoCs. And hopefully, of course, we are focusing on all of them. But I think that we have a high hope on the mobile robotics because of the revenue potentials.

嗯，就更大的TAM而言，我認為[移動機器人]顯然是最大的。但就發生速度和收入而言，我認為存取控制可能是最佳選擇。但是，我認為我們試圖表達的觀點是，我們繼續看到可以用我們的 CV SoC 解決的新垂直領域。當然，我們希望能夠關注所有這些問題。但我認為，我們對移動機器人寄予厚望，因為它具有巨大的獲利潛力。

Our next question comes from the line of Suji Desilva with ROTH Capital.

我們的下一個問題來自 ROTH Capital 的 Suji Desilva。

Brian, nice to be talking to you again. Best of luck in the new role. Brian, on the OpEx, the R&D you talked about the 5-nanometer project. I'm wondering, is there any kind of sizable tape-out involved in the fiscal '23 time frame, which may not recur? Or is that kind of too aggressive assumption about a year-over-year trend?

布萊恩，很高興再次與您交談。祝你在新職位上一切順利。布萊恩，關於營運支出，您談到了 5 奈米專案的研發。我想知道，在 23 財年的時間範圍內，是否存在某種規模較大的流片，而這種流片可能不會再發生？或者說，這種關於同比趨勢的假設是否過於激進？

Yes. When I look at Street expectations for OpEx for the fiscal year, I think the consensus is somewhere around $171 million to $172 million in total for the year. And that's probably in a reasonable range to think about.

是的。當我查看華爾街對本財年營運支出的預期時，我認為普遍認為全年營運支出總額約為 1.71 億美元至 1.72 億美元。這可能處於合理的範圍內。

Okay. And then one for Fermi. On the CV3, can you help us understand the design cycle there? And presumably, it's longer given the level of integration and effort on the part of the customer with radar and other things. Can you give a sense of how much longer that design cycle might be versus the other CV products as you start having customer sampling in the middle of the year?

好的。然後是費米。關於 CV3，您能幫助我們了解那裡的設計週期嗎？並且，考慮到客戶對雷達和其他設備的整合程度和努力程度，這個時間可能還會更長。由於你們在年中開始向客戶供應樣品，您能否說明一下與其他 CV 產品相比，該設計週期可能會長多少？

Right. CV3 is designed for automotive market, just by definition. It takes longer and CV3 particularly complicated because not only because of huge die, but also very complicated software integration. So I think -- we think that the 4 years design cycle is probably right. The first 2 years is probably just on the software and also integration. The last 3 years is really qualification and verification. So I think that design cycle is probably standard for automotive market. I think that will be CV3's design cycle.

正確的。從定義上來說，CV3 是專為汽車市場設計的。它需要更長的時間，而且 CV3 特別複雜，不僅因為晶片龐大，而且軟體整合也非常複雜。所以我認為——我們認為 4 年的設計週期可能是正確的。前兩年可能只是專注於軟體和整合。最後的三年確實是資格認證和驗證。所以我認為設計週期可能是汽車市場的標準。我認為這將是 CV3 的設計週期。

Our next question comes from the line of Gary Mobley with Wells Fargo Securities.

我們的下一個問題來自富國證券的加里‧莫布利 (Gary Mobley)。

Let me start off by saying Casey will be missed, but welcome to the call, Brian. I have just one multi-part question, and that relates to your Samsung relationship. Can you give us some color on what was the issue with respect to 14-nanometer constraints? And the reason I'm asking is just to try to assess the probability of future reoccurrence of the issue. And as it relates to perhaps some of your purchase obligations with Samsung, given the weakness in revenue, is this going to be a situation where you're going to be forced to maybe carry a little bit extra inventory than you hoped for? Or is that even an issue?

首先我想說的是，我們會想念凱西，但歡迎布萊恩來電。我只有一個多部分的問題，這與你們與三星的關係有關。您能否向我們詳細解釋一下 14 奈米限制方面的問題是什麼？我問這個問題只是為了嘗試評估這個問題未來再次發生的可能性。這可能與您向三星履行的部分採購義務有關，考慮到收入疲軟，您是否會被迫持有比預期多一點的庫存？或者這甚至是一個問題？

Yes. Thank you. So for the 14 nanometers, although we didn't get a clear answer about exactly what happened, my gut feeling is that somebody took that inventory away from us by paying a lot of money. So I think that's the reason. And obviously, that's a problem I need to talk to Samsung about and definitely setting our meeting with the CEO, trying to talk about not only the short-term problem, but also the long-term collaboration. Particularly, for example, if we need to go into this automotive business negotiations with customers that our foundry partner obviously play a major role in there.

是的。謝謝。因此，對於 14 奈米，雖然我們沒有得到關於到底發生了什麼的明確答案，但我的直覺是，有人花了很多錢把這些庫存從我們手中拿走了。所以我認為這就是原因。顯然，我需要與三星討論這個問題，並且一定要安排與執行長的會面，不僅要討論短期問題，還要討論長期合作。具體來說，例如，如果我們需要與客戶進行汽車業務談判，我們的代工合作夥伴顯然在其中發揮重要作用。

In terms of inventory level, I don't believe that we need to take on a lot more inventory than we have today. We don't plan that. So I don't think that's an issue that we need to worry about in the near future.

就庫存水準而言，我認為我們不需要承擔比現在更多的庫存。我們沒有這個計劃。所以我認為這不是我們近期需要擔心的問題。

Our next question comes from the line of David O'Connor, BNP Paribas.

我們的下一個問題來自法國巴黎銀行的戴維·奧康納。

Great. Maybe one for Fermi and one for Brian. Maybe firstly, on the Edge AI partnership with Lumentum. Can you talk from your -- around the traction you're seeing on that and the strategy kind of going forward on the Edge AI? Do you have all the building blocks and software internally to kind of support all those different end markets? Or are we going to see more partnerships like this Lumentum partnership from you going forward? That's my first question.

偉大的。也許一個給費米，一個給布萊恩。也許首先是關於與 Lumentum 的 Edge AI 合作。您能否談談您所看到的趨勢以及 Edge AI 未來的發展策略？您是否擁有內部建置模組和軟體來支援所有不同的終端市場？或者我們會看到更多像您與 Lumentum 這樣的合作夥伴建立合作關係？這是我的第一個問題。

And then maybe one for Brian on the ASP. I think at the start of the call, you mentioned the CV3 family of SoCs with an ASP range of 5 to 20x the corporate average. Can you give us just an example of the functionality type for that 5x versus the 20x. Is that kind of redundancy or is it an L3 versus L5? Just conceptually how we should think about that, the range of ASPs.

然後也許還有一個關於 ASP 的 Brian。我記得在通話開始時，您提到了 CV3 系列 SoC，其 ASP 範圍是公司平均值的 5 到 20 倍。您能否給我們一個 5x 與 20x 的功能類型的例子？這是那種冗餘嗎？還是 L3 與 L5 的對比？從概念上來說，我們該如何思考 ASP 的範圍。

Right. So I think let me answer that, the ASP problem. When we talk about CV3 5x, 20x ASP, I think that is really referring to CV3 family of chips. In fact, CV3 is a chip that we take out and we get samples. But we are planning to sample -- or to build a family of CV3 from the low end to high end. So low end can be Level 2+ market, middle end can be CV -- low Level 3 and high Level 4. So you can imagine that ASP for each different market can be different based on the current price quote giving to a customer. We're seeing 5x to 20x of a selling price versus our current corporate ASP. And it's really about function performance, not about the redundancy yet.

正確的。所以我想讓我來回答 ASP 問題。當我們談論 CV3 5x、20x ASP 時，我認為這實際上是指 CV3 系列晶片。事實上，CV3 是我們取出並取得樣本的晶片。但我們計劃進行採樣——或者建立一個從低端到高端的 CV3 系列。因此，低端可以是 2 級以上市場，中端可以是 CV——低 3 級和高 4 級。因此，您可以想像，根據給客戶的當前報價，每個不同市場的平均銷售價格 (ASP) 可能會有所不同。與我們目前的企業平均售價相比，我們的銷售價格是 5 倍到 20 倍。這實際上與功能性能有關，而不是與冗餘有關。

The other problem is you asked about Lumentum and our partnership with the other sensor company. When we introduced CV3, we mentioned that we want to be the domain controller, which means we have to integrate multiple sensor modality into our chip for different applications. For the -- our partnership with this Lumentum is really about integrated structure line into our solution for access control market. And we've done very well in terms of building a revenue design and winning design win with them, and we are very happy with the partnership with them. They have been very helpful to help us to solve a lot of design and production issues.

另一個問題是您詢問了 Lumentum 以及我們與其他感測器公司的合作關係。當我們推出 CV3 時，我們提到我們想要成為網域控制器，這意味著我們必須將多種感測器模式整合到我們的晶片中以用於不同的應用。對於——我們與 Lumentum 的合作實際上是為了將結構線整合到我們的存取控制市場解決方案中。我們在建立收入設計和贏得設計勝利方面做得非常好，我們對與他們的合作感到非常高興。他們非常樂於幫助我們解決許多設計和生產問題。

And -- but from a software point of view, we only identify all the software partner we need to have to provide this revenue design. Moving forward, I think there will be more and more these kind of cases. We need to address many more sources of modality. We need to integrate, for example, thermal sensors, LiDAR sensors, other sensors. We continue -- we believe instead of acquiring all of them, but I think our approach will be working with partners like Lumentum and to interface our CV3 chip to their sensor modules, and then we can add in values by providing software solution on CV3. So that's our strategy, and we definitely continue to look for other sensor modality partners.

而且——但從軟體的角度來看，我們只確定提供這種收入設計所需的所有軟體合作夥伴。展望未來，我認為此類案件將會越來越多。我們需要解決更多的模態來源。例如，我們需要整合熱感測器、光達感測器和其他感測器。我們繼續——我們相信不是收購所有這些，但我認為我們的方法是與 Lumentum 等合作夥伴合作，將我們的 CV3 晶片連接到他們的感測器模組，然後我們可以透過在 CV3 上提供軟體解決方案來增加價值。這就是我們的策略，我們肯定會繼續尋找其他感測器模式合作夥伴。

Our next question comes from the line of Brian Ruttenbur with Imperial Capital.

我們的下一個問題來自 Imperial Capital 的 Brian Ruttenbur。

Yes. You mentioned in your commentary about the traction you're getting on the security side with Vivint specifically. Can you talk about other traction you're getting on the security side in the quarter? And are you able to more easily procure chips for the residential security industry versus other verticals?

是的。您在評論中提到了 Vivint 在安全方面取得的進展。您能談談本季在安全方面的其他進展嗎？與其他垂直行業相比，您是否能夠更輕鬆地為住宅安全行業採購晶片？

Yes. So in -- we call the consumer security camera or security camera for home, we announced Ring and Vivint as the 2 major customers. We expect more in the future. In terms of supply chain issues, we see a similar impact from -- for all our customers. For example, I think although Ring is a huge company, they really have a power to do -- to buy components. We also see them have some limitation on the supply side. So I think the kitting issue and the supply chain issue impacting everybody, just with different scale. Is there a second part?

是的。因此，我們稱之為消費者安全攝影機或家用安全攝影機，我們宣布 Ring 和 Vivint 是兩大主要客戶。我們期待未來會有更多。就供應鏈問題而言，我們看到所有客戶都受到了類似的影響。例如，我認為儘管 Ring 是一家龐大的公司，但他們確實有能力購買零件。我們也看到他們在供應方面存在一些限制。所以我認為配套問題和供應鏈問題影響著每個人，只是規模不同。有第二部嗎？

Our next question comes from the line of Martin Yang with Oppenheimer.

我們的下一個問題來自奧本海默的馬丁楊。

So a question on CV3 potential customers that were sample. Can you talk about the geographic breakdown and how that compares to your current automotive customer base?

因此，關於 CV3 潛在客戶的問題只是樣本。您能談談地理分佈情況以及與您目前的汽車客戶群相比如何嗎？

I think it's going to be very similar. We're going to sample probably everywhere. U.S., Europe, Japan, Korea, China, we all have some identified customers that we probably will sample to.

我認為它會非常相似。我們可能會到處去採樣。美國、歐洲、日本、韓國、中國，我們都有一些確定的客戶，我們可能會提供樣品給他們。

Next question comes from the line of Richard Shannon with Craig Hallum.

下一個問題來自克雷格·哈勒姆的理查德·香農 (Richard Shannon)。

Fermi, first one for you. Maybe you could talk about the competitive dynamics that you're seeing so far and expect to see with the CV3 chip both in terms of some of the new sensor modalities like radar generating. And then also maybe compare that with the competitive dynamics with past chips going into less complex use cases. I'd love to hear your perspective there.

費米，第一個給你。也許您可以談談您目前看到的競爭動態，以及對 CV3 晶片在一些新感測器模式（如雷達生成）方面的預期。然後也許還可以將其與過去晶片進入不太複雜的用例的競爭動態進行比較。我很想聽聽你的看法。

Right. So I think like I said, CV3 is really competing in many different verticals and have all kinds of different performance and price. That's why we believe CV3 -- we need to have a family of CV3 chip to address all the units.

正確的。所以我認為就像我說的，CV3 確實在許多不同的垂直領域中競爭，並且具有各種不同的性能和價格。這就是我們相信 CV3 的原因——我們需要一系列 CV3 晶片來解決所有問題。

You mentioned about radar side, I think there are a lot of radar company out there doing (inaudible) image radar like LSP, Infineon and also there are some newcomers coming up with the solutions. I think what we really differentiate our approach, Oculii has this algorithm-first approach to really try to minimize the number of antenna and RF chip you need and to achieve similar radar performance. With that, that really allows not only building a high-quality cost-effective solution, but also make the centralized radar solution possible in the future, which means that also allows that we can really have a sensor fusion between video and the radar have on the same chip. This is a unique offering that we think we can -- we will differentiate against everybody else.

您提到了雷達方面，我認為有很多雷達公司在做（聽不清楚）圖像雷達，例如 LSP、英飛凌，也有一些新公司正在提出解決方案。我認為我們真正區分我們的方法的是，Oculii 採用這種演算法優先的方法來真正嘗試最小化所需的天線和射頻晶片的數量，並實現類似的雷達性能。這樣，不僅可以建構高品質、高性價比的解決方案，而且可以在未來實現集中式雷達解決方案，這意味著我們還可以在同一晶片上實現視訊和雷達之間的感測器融合。我們認為，這是一個獨特的產品，我們可以將它與其他產品區分開來。

In terms on the CV3 domain controller competitors, I think that our biggest competitor is NVIDIA and Qualcomm. We believe that when we can demo CV3, we will be able to show the performance and power advantage that we talk about in our presentation, and we're waiting to -- we are very eager to find a way to demo that to our customers.

在CV3網域控制器競爭對手方面，我認為我們最大的競爭對手是NVIDIA和高通。我們相信，當我們能夠演示 CV3 時，我們將能夠展示我們在演示中談到的性能和功率優勢，我們正在等待——我們非常渴望找到向客戶演示的方法。

Okay. Perfect. I appreciate that perspective, Fermi. Maybe one for Brian here. As we think about the goal of hitting CV 45% of sales this year, and I think it's a fair assumption to think that the IoT segment is higher relative to automotive. Would it be fair to think about that IoT segments already being or close to 50-50 CV already?

好的。完美的。我很欣賞這個觀點，費米。也許這裡有一個適合 Brian 的。當我們考慮今年實現 CV 佔銷售額 45% 的目標時，我認為可以合理地假設物聯網部分相對於汽車而言更高。是否可以公平地認為物聯網領域的 CV 已經達到或接近 50-50？

Sorry, can you say that, what segment you're talking about?

抱歉，請問您說的是哪個部分？

Yes. So just wondering if the IoT segment already is or close to 50% of sales coming from CV already?

是的。所以我只是想知道物聯網領域是否已經或接近 50% 的銷售額來自 CV？

Right. So in fact, that for the IoT portion, professional security camera probably is close to 50%. But other IoT level is not yet. Think about -- last year, we're only 25%. So we need to grow to 50% this year. So by the end of the year, I will say probably the professional security segment will probably be close to 50%, maybe a little more, but other areas will be way below that.

正確的。因此事實上，對於物聯網部分，專業安全攝影機可能接近 50%。但其他物聯網層面尚未實現。想想看——去年，我們只有 25%。所以我們今年需要成長到50%。因此，到今年年底，我可以說專業安全領域的佔比可能接近 50%，甚至可能更高，但其他領域的比例將遠低於這一水平。

Thank you. I'm showing no further questions in the queue. I would now like to turn the call back over to Dr. Fermi Wang for closing remarks.

謝謝。隊列中沒有其他問題。現在我想將發言權交還給 Fermi Wang 博士，請他做最後發言。

First of all, thank you for joining us this afternoon. Although the fiscal year 2023 is bringing some unexpected external challenge to us, but I'm really glad our CV momentum remains very strong. I'm particularly excited about the technology development progress we made with CV3 and the business development with CV5. This true 5-nanometer chip will provide significant opportunity for Ambarella for all of our markets. And with that, I want to thank to all our stakeholders and especially our global base employees who continue to support us. Thank you. I'll talk to you next time.

首先，感謝您今天下午加入我們。儘管2023財年為我們帶來了一些意想不到的外部挑戰，但我很高興我們的CV勢頭依然強勁。我對我們在 CV3 上取得的技術開發進展和 CV5 上的業務發展感到特別興奮。這款真正的 5 奈米晶片將為 Ambarella 在所有市場提供重大機會。在此，我要感謝我們所有的利害關係人，特別是我們全球基地的員工，他們一直支持我們。謝謝。我下次再和你聊。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您可以斷開連線。