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，感謝您的支持，歡迎參加安霸 2023 財年第一季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

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

我現在想把今天的會議交給你的發言人，路易斯·格哈迪。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，圖安達。下午好，感謝您參加我們的 2023 財年第一季度財務業績電話會議。今天與我通話的是總裁兼首席執行官王費米博士；和首席財務官布萊恩·懷特。

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為您提供有關我們 2023 財年第一季度業績的信息。今天的討論和對您問題的答復將包含有關我們預計的財務業績、財務前景、市場增長和對我們的解決方案的需求等等。這些陳述受風險、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不正確的，我們的實際結果可能與這些前瞻性陳述存在重大差異。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業績的潛在風險因素的其他信息在我們向美國證券交易委員會提交的文件中得到了更全面的描述，包括我們在 4 月 1 日提交的 10-K 表格年度報告， 2022 年截至 2022 年 1 月 31 日的 2022 財年。訪問我們的 2023 財年第一季度業績新聞稿、成績單、歷史業績、美國證券交易委員會文件和今天電話會議的重播，請訪問我們網站的投資者關係部分。

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 現在將提供本季度的業務更新，Brian 將審查財務結果和前景，我們將隨時為您解答問題。

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。感謝您今天加入我們的電話會議。

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.

在我們的第一季度，我們宣布自 2018 年以來一直擔任我們的首席財務官的 Casey Eichler 逝世。Casey 的積極態度對我們中的許多人來說是一種鼓舞，我們很感激能體驗到他的領導。 3 月 28 日，我們宣布任命 Brian White 為 Ambarella 的首席財務官。兩個月後，我們對布賴恩帶來的領導力和經驗感到興奮，因為我們正在擴大公司規模以迎接未來的重大機遇。

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.

我們的第一季度收入基本符合預期，環比持平，同比增長 29%。 CV 收入環比和同比均顯著增長，約佔總收入的 40%，我們的視頻處理器業務環比下降約 20%。我們的混合平均售價繼續上漲。

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.

在第一季度，大流行在中國爆發，由此導致的封鎖擾亂了客戶的生產計劃和訂單，以及大亞洲供應鏈中的物流。我們客戶的大部分產品均在該地區生產，並受到與中國相關的供應鏈中斷的影響。我們在汽車和物聯網業務中看到了類似程度的影響，使我們之前討論過的預先存在的配套問題進一步複雜化。

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 納米視頻處理器 SoC 的供應限制。目前，我們繼續預計第二季度的影響將保持在 500 萬美元左右。我們現在有信心看到 40 納米視頻處理器 SoC 的供應量將在第三季度和第四季度有所改善。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.

我們很高興在 5 月下旬宣布，我們收到了第一個 CV3 芯片，這是我們的第一個中央域控制器處理器，我們已經成功地在這個超過 10 億晶體管的 SoC 上構建了關鍵功能塊。還有更多的啟動工作需要完成，但我們相信這是第一個 - 第一個代表將在夏季向主要客戶抽樣，它將展示顯著的性能和強大的領導力。提醒一下，CV3 將是一個 SoC 系列，我們預計其售價將是我們當前企業 ASP 的 5 倍至 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.

我們仍然專注於抓住擺在我們面前的重要收入機會。新的 5 納米產品如期進行 CV3 成本抽樣。而我們的首款5納米SoC CV5預計將在下半年開始量產。我們繼續預計我們今年的 CV 收入將佔收入的 45% 左右，而這種更豐富的組合預計將推動我們的混合平均售價更高。

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.

圍繞我們的產品和技術的興趣和活動仍然非常強烈。我現在將提供一些我們的市場開發活動的例子。在汽車市場，上一季度，安霸宣佈在傳感應用方面取得成功，這是該公司在 ADAS 和駕駛員監控等應用以及電子後視鏡等新觀察市場方面的全新市場。

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 Honda 上，他們的兩家合資公司推出了使用我們的 H32AQ SoC 用於多功能電子後視鏡和行車記錄儀的 EV 車型。東風本田e:NS1 EV和廣汽本田e:NP1 EV均採用該方案。同樣在本季度，日本 OEM 五十鈴通過一家合資公司推出了新款 MU-X SUV。基於我們的 CV22AQ SoC，這款 SUV 使用前置攝像頭實現智能駕駛輔助系統，支持車道偏離警告。

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.

我們仍然看好車內監控系統的機會。 6 月，我們預計吉利將發布一款使用我們的 CV28AQ 進行駕駛員監控的新型乘用車。全球最大的商用卡車OES【東風】推出全新【DF 760】卡車，採用單個CV22AQ SoC，支持多攝像頭以及圍繞車輛監控和盲點檢測的駕駛員監控的多種功能。

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，我們稱為 CV Wave 2 的智能家居業務，我們很高興地宣布 Vivint 是另一個主要的 CV 客戶。 5 月，Vivint 發布了 4 款新產品，包括戶外、室內和門鈴攝像頭以及聚光燈。所有相機都實現了我們的 CV SoC，以執行 Vivint 的智能 AI 算法，用於各種人員和包裹檢測以及跟踪功能。聚光燈使用室外攝像機的最佳檢測算法來照亮入侵者並在他們在物業周圍移動時跟踪他們。

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我們企業和公共安全攝像頭業務的新產品週期，這一趨勢仍在繼續，絕大多數客戶的設計活動都涉及我們的 CV SoC。在 3 月的 ISC West Security 展會期間，幾乎所有主要的安全攝像頭公司都在展示基於我們 CV SoC 的新產品。在 ISC West 也有許多公司使用基於我們的參考設計的系統進入門禁控制市場的公開演示。訪問控制市場是一個很好的例子，說明我們的 CV 產品組合如何使我們能夠進入我們以前沒有服務過的全新市場，而訪問控制是我們展示鼓勵早期客戶贏得的領域之一。

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.

在門禁控制方面，摩托羅拉系統公司發布了基於我們的 CV25 SoC 的新型 Openpath Pro 系列可視對講閱讀器。閱讀器結合了視頻、音頻和企業協同路由。摩托羅拉在過去幾年中進行了多次收購，以將其物聯網相機專業知識用於新的垂直領域，Openpath 就是一個例子。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 Ambarella 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.

同樣在基於我們的 CV22 的訪問控制中，RealNetworks 宣布了 SAFR SCAN，這是一種基於結構光和攝像頭融合的具有反欺騙功能的非接觸式生物識別系統，以確保最準確的讀數。在展會期間，韓華 Techwin 面向企業和公共市場發布了 2 款基於我們的 CV2 SoC 並具有基於深度學習的對象檢測和分類的新型 AI 驅動的多傳感器相機。

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 推出了新的多傳感器 S 系列相機，該相機基於我們的 CV2 SoC 產品、邊緣的深度學習智能以及預安裝的 AI 應用程序和添加第三方應用程序的能力。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，其外形和熱預算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全新的市場機會。在本季度，（聽不清）推出了 2 款基於我們 CV2 SoC 的產品，一款具有精確測量能力的立體 3D 工廠自動化攝像頭和具有深度學習能力的高分辨率核心閱讀器。在其他物聯網市場，Insta360 推出了 ONE RS 運動相機，這是基於我們 H22 SoC 的創新消費者權益，可以拍攝 4K 60 視頻，拍攝 48 兆像素照片，並包括人工智能驅動的編輯，使拼接 360 度鏡頭變得簡單。

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。在該產品中，我們最先進的視頻處理專業知識正在利用到新的應用程序中，在這些應用程序中，攝像頭不僅可以提供出色的人類觀看體驗，還可以感知、收集數據和做出決策。需要大量增量和專門的處理才能最有效地做到這一點，並且高帶寬 CV4 AI SoC 為越來越多樣化的物聯網傳感應用程序提供了這一點。

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.

我描述的這些產品中約有一半代表了現有市場的新產品週期，另一半代表了我們全新的市場，例如汽車傳感、工廠自動化和門禁控制。我們正處於設計活動向 CV SoC 的強烈轉變之中。長期來看，我們預計 CV 產品的平均售價將更高，而更高的平均售價和 [UD] 價值的結合預計將推動保費增長。

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，我們應對安保、安全和自動化大趨勢的戰略使我們的客戶能夠創新和轉變他們自己的業務。我們快速擴展的人工智能產品組合服務於模仿這些趨勢的各種長期增長機會。

Now Brian will review our financials.

現在布賴恩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，並提供截至 2022 年 7 月 31 日的 2023 財年第二季度的財務展望。我將討論非公認會計原則的結果，並請您參考今天的新聞稿獲取 GAAP 與非 GAAP 結果的詳細調節。

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.

對於非公認會計原則報告，我們已經消除了基於股票的補償費用和根據稅收影響調整的收購相關成本。第一財季的收入為 9030 萬美元，符合我們之前指導的中點，與上一季度持平，同比增長 29%。正如預期的那樣，物聯網收入的連續增長抵消了汽車業務的下滑。物聯網和汽車都同比強勁增長。

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.

第一季度非美國通用會計準則毛利率為 63.8%，略高於我們之前指導範圍的中點。第一財季的非公認會計原則運營費用為 3980 萬美元，比上一季度減少 50 萬美元。非 GAAP 運營費用為 220 萬美元，低於我們之前因新產品開發活動時間而導致的指導的中點。我們的非 GAAP 稅收撥備為 900,000 美元或稅前收入的 4.8%，我們報告的非 GAAP 淨收入為 1710 萬美元或每股攤薄收益 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.

現在我將轉向我們的資產負債表和現金流。在強勁的運營現金流 3400 萬美元的推動下，現金增加了 3000 萬美元至 2.01 億美元。庫存和應收賬款的減少有助於第一季度的現金流。庫存從 128 天減少到 117 天，減少了 400 萬美元，應收賬款從 45 天減少到了 28 天，減少了 1600 萬美元。應收賬款大幅減少是由於本季度前端收入狀況出現偏差。我們有 3 家物流和 ODM 公司占我們第一季度收入的 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.

WT Microelectronics 是台灣的履行合作夥伴，向亞洲的多個客戶發貨，佔收入的 57%。 Chicony 是一家為多個物聯網客戶製造的 ODM，佔 11%。而主要為日本多家汽車客戶提供服務的物流合作夥伴 Hakuto 約佔收入的 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.

我現在將討論 2023 財年第二季度的前景。正如費米所說，外部環境仍然複雜而充滿活力。已經因持續存在的配套問題而受到壓力的供應鏈現在也失敗了——面臨著中國不斷變化的流行病影響。據我們所知，我們的指導考慮了這些挑戰。

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.

我們估計我們的第二季度收入將在 7800 萬美元至 8200 萬美元之間，或在中點環比下降約 11%。我們估計第二季度非公認會計準則毛利率在 63% 至 64% 之間，與上一季度相對持平。我們預計第二季度非 GAAP 運營支出將在 4200 萬美元至 4500 萬美元之間。 OpEx 的連續增長是由先進的 5 納米汽車級 CV SoC 開發項目的啟動推動的。

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 的非 GAAP 稅率的第二財季預測為 4% 至 6%，我們估計我們的稀釋後股票數量約為 3870 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。請與我們聯繫了解更多詳情。

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

感謝您今天加入我們的電話會議。有了這個，我會把電話轉給接線員提問。

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

（操作員說明）我們的第一個問題來自摩根士丹利的 Joe Moore。

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在下一季度談論中國的問題。你能告訴它有多少——那裡有任何需求方面的問題嗎？都是供給側嗎？你提到它在多個客戶中很廣泛。是在中國和跨國公司製造的中國客戶嗎？您可以為我們提供更多關於那裡挑戰動態的顏色。

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。所以我們看到的是，在 3 月底和 4 月初，當我們開始看到中國在深圳和上海的封鎖時，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度需求。而且我們認為，我們得到的原因是，由於配套問題仍然存在，而且對於我們的全球客戶群，特別是對於那些在中國或大亞洲地區製造的客戶而言，封鎖使配套問題變得更加嚴重，而且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，在這一點上，尤其是在中國以外的地區，我想說我們的大多數客戶仍然告訴我們，他們幾乎可以賣掉他們能建造的所有東西。所以我認為至少在中國以外的需求是相當穩定的，在我看來。我們相信，我們將通過這種鎖定情況繼續監控這一進展。我們都聽說上海的封鎖可能會在 6 月 1 日到期。我們期待看到市場和客戶的任何更新。

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。然後就不完整的配套問題而言，這是一個人們不訂購 Ambarella 零件的問題，因為他們正在等待獲得其他東西嗎？或者這是他們有 Ambarella 零件庫存的問題，因為他們無法獲得其他東西。就像您能說出其中有多少將是所需的庫存消耗而不是被壓抑的需求？

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.

好吧，我認為其中一部分肯定是在城市中，在渠道中存在某種庫存。但我確實相信這種鎖定確實是當客戶發現他們真的無法分配足夠的其他部件時，特別是像 PMIC、Wi-Fi，尤其是汽車微控制器。我認為他們決定將第二季度的需求推遲到未來幾個季度。

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。但是這一次，我認為很多推出都是基於配套問題，特別是新的配套問題，這種封鎖情況被放大了。

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·西莫爾。

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?

布賴恩，歡迎來到安霸。我只是想問一下這個等式的持續時間。我知道封鎖以及 COVID 在中國將要做什麼超出了我的工資等級，也許你們對此並沒有很好的了解。但是，在 7 月季度之後，你的假設是什麼，無論是三星方面變得更好，正如我認為你提到的，費米，還是鎖定逆風的持續存在？

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.

好吧，我認為對上個季度的主要影響是鎖定逆風。直到今天，我們還無法看到這種複甦的速度有多快。但是你提到了三星的情況，三星 14 納米，我們仍然預計 7 月季度對我們產生 500 萬美元的影響。而且——但我們預計第三季度、第四季度和 14 納米供應將有所改善。所以我認為這一次，我們真的在談論中國的封鎖，這給我們的客戶帶來了很多配套問題。

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?

我想作為進入模型的後續問題。你們現在只有兩個部分，物聯網和汽車方面。你能告訴我們他們在本季度的規模佔銷售額的百分比，他們按順序做了什麼嗎？我知道你說的是上下，但有什麼數字嗎？那麼這兩個細分市場對 7 月季度的指導是否存在差異？

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，汽車占我們收入的 25% 左右，物聯網佔 75%。在我們研究第二季度時，我們預計這兩個細分市場的百分比都將大致相同。因此，兩者都按順序下降了兩位數。

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

我們的下一個問題來自於 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，布賴恩。我猜，Fermi 或 Brian，只是 - 看起來這是一個動態的環境，中國的滾動封鎖。而且我想我的問題是，由於這些配套問題，聽起來客戶在短期內一直在推遲這裡的訂單。根據您的客戶對話，你們是否有任何意義，您是否希望這會延長到 7 月季度之後？還是您認為隨著滾動封鎖有望結束，訂單開始回升？

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鎖定情況會以多快的速度改善。我們相信，如果封鎖和這個配套問題沒有比現在更糟，我們認為第三季度的收入應該會好於第二季度，甚至可能在第四季度有更好的恢復，但這是在很多假設下，這個配套問題和鎖定問題將繼續與否。

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，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。我知道你到目前為止還沒有宣布任何事情，但你覺得你正在取得進展嗎？你認為你是否越來越接近潛在的 2 級以上勝利，我相信，在過去，你曾說過你希望今年至少獲得一次，如果不是多次 2 級以上勝利嗎？

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，很多人一直在詢問我們的 CV3。我們相信，通過宣布啟動並運行的 CV3，我們已經在那裡提出了多個功能。我們對發貨充滿信心——我們將在夏天用軟件組裝 CV3。我認為這將真正讓我們的客戶了解這個項目的真實性，以及我們可以在真實矽片中證明的性能和功率數值，而不僅僅是在演示中出現。因此，我認為對於 CV3，我們非常樂觀地認為，我們將繼續與主要的 1 級 OEM 在這些設計勝利方面取得進展。

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

接下來來自馬特拉姆齊和考恩的線。

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，我想我想跟進你剛才所說的關於 CV3 的內容。也許你可以讓我們了解一下這裡的步驟。所以你——聽起來你有矽背，你有一些在實驗室裡完成。顯然，您需要做更多的軟件和 BIOS 以及其他工作，以使一切都完全達到您可以在夏天對客戶進行採樣的地方。我感興趣的只是接下來的步驟，你們可以開始使用 CV3 與客戶互動，在實驗室中展示東西，以及可能開始轉換其中一些的時間線是什麼樣的，我猜猜，汽車漏斗的一部分，你要進入一項業務。那麼，我們正在關注什麼樣的時間線，或者我們可以在哪裡看到 CV3 宣布的內容？到達那裡的步驟是什麼？

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。 CV3 矽片於 7 天前回到我們的實驗室。在短短的1週時間裡，我們基本把所有的基礎模塊都搞定了，確保芯片不僅是有生命的，我們可以停止做軟件集成。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，我們的信心水平越來越高，每天都越來越高。

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，在向我們的客戶提供樣品之後，我們的近期目標是啟動我們的 VisLab 軟件並實現在 CV3 上運行的軟件，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能力的演示，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，因為如果你與今天所有的 OEM 交談，他們最大的問題不僅是你的芯片是否可以執行，而且你是否有我可以匹配的軟件，你可以重新利用並交付最棒的表演。

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.

我們同時擁有 VisLab，這是一個完整的軟件堆棧，用於自動駕駛一直到 4 級，以及已實現的集中式雷達處理能力。我認為這是我們在不久的將來展示的下一個重要里程碑，並希望我們仍然與我們的客戶一起瞄準 '25,'26 [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。在我的第二個問題之前，只是對該問題的快速跟進。我想快速跟進的是，到今年夏天，你預計有多少客戶也會試用 CV3？我只是想更多地了解參與的廣度。

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.

然後我想我對布賴恩的後續問題。您有什麼方法可以嘗試評估中國所有物流問題對 7 月份指導的影響？或者我認為三星的影響只有 500 萬美元？然後，如果您 - 如果對你們認為的影響以美元計算有任何量化，那將是有幫助的。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 樣品而言，我相信它是兩位數的客戶。

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。就與中國供應鏈中斷相關的影響而言，我認為我們的指南在中點下降了約 11%，這實際上都歸因於該因素。

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

我們的下一個問題來自 David Kelley 和 Jefferies。

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?

我相信您注意到今年的簡歷組合仍有望佔銷售額的 45%。那麼，您能否談談特定於 CV 的鎖定和供應鏈中斷，如果您看到那裡的影響或多或少，並且可能在過去幾個月中看到需求趨勢？

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同樣影響物聯網和汽車，但也同樣適用於視頻處理器和計算機視覺芯片。而且我們沒有特別看到哪個產品線比其他產品線受到的影響更大。而且，我們相信現在的配套問題確實是——它可能發生在任何產品線上。因為它確實是，例如，視頻處理器和計算機視覺都需要 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，但你能否在第二季度指南中提供更多關於 OpEx 節奏驅動因素的顏色？

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 OpEx 將在第二季度增加，這實際上是由一個新的 CV 5 納米項目推動的，該項目正在開始，並且開始影響到 OpEx。

Our next question comes Tristan Gerra with Baird.

我們的下一個問題是 Tristan Gerra 和 Baird。

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 月季度指引的影響的問題，並且您重申了 CV 的組合佔收入的 45%，之前有所上升。我們認為今年的簡歷收入會翻一番。假設封鎖在 6 月 1 日解除，尤其是在上海，我猜你下半年對營收環比反彈的擔憂有多少會受到中國消費者需求疲軟的影響，而不是像 [MCU] 和無線上網。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，我認為這對我們的客戶至關重要，超出第二季度，到第三季度和第四季度，我認為答案實際上是關於不確定性。連他們都說6月1日放寬了封城，但生產線能以多快的速度恢復到正常階段呢？生產可以多快開始全速工作。我認為所有這些都需要回答。這不僅是組件方面，還有我們的客戶方面。

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.

所以第三季度和第四季度仍然存在不確定性。在中國需求方面。我真的認為，正如我們所看到的，中國經濟絕對是疲軟的，但我們大約有 15% 的銷售額，我們 15% 的產品在中國消費。所以我認為我們現在更專注於了解中國以外的需求情況。所以就像我在之前的回答中說的，我認為在中國以外，我認為我們的需求仍然很強勁。

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 的增長，我想你之前說過最初將進入消費者。這是否也受到當前封鎖的影響？或者這對於提升你的下半場和上半場而言是否重要？

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，因為大多數 CV5 產品仍處於設計階段，收入增長將在第四季度發生，所以我認為鎖定或開發週期尚未受到嚴重影響。我們正在關注它。我們仍然有信心，我們的幾個客戶，AIoT 客戶，會將 CV5 投入生產，特別是在安全攝像頭方面，我可以說是消費者。我們不給消費者——我們只將過去的消費產品放入 AIoT。因此，我認為多個 AIoT 客戶將在第四季度生產 CV5，並從那裡開始加速生產。

Our next question comes from of Andrew Buscaglia with Berenberg.

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

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.

我想談談你可能會在其中看到的動態。如果你有所有這些供應鏈限制，你的客戶正在看到，我想知道那些還沒有真正在他們的產品中實施人工智能的客戶是否會加快這一進程並轉向下一代人工智能的東西，而不是而不是繼續購買和開發或維護非人類查看應用程序。

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。所以我認為獨立於這種鎖定和配套問題，我們確實看到我們的大多數客戶的新產品都是基於簡歷的。當然，還有基於我們視頻處理器的新項目，新產品，我的意思是，在過去幾個月開始。但就百分比而言，我們看到在過去幾個月中基於 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——也許給布賴恩一個。你們在新聞稿中有一個關於您批准的股票回購和延期的小聲明。我想知道股票在哪里以及估值是否與所有 CV 發展相關，如果股票回購在未來更多地成為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。我認為圍繞回購的策略或思維過程並沒有真正發生變化。正如您所提到的，董事會確實將現有的 4900 萬美元授權再延長一年。我們擁有強勁的現金流，我們相信我們有足夠的流動性。所以去年年底我們確實花費了大約 3 億美元來購買 Oculii 和雷達技術。所以在這一點上，我們仍然認為回購期權是一種機會主義的選擇，而不是從戰略角度來看已經改變的東西。

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

我們的下一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。

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 是 10% 的客戶。上個季度，他們是 12% 的客戶。您是否希望他們繼續成為大客戶，或者他們提供什麼樣的服務？也許你可以給我們更多描述一下你和他們的關係。

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。所以我認為對於白鬥來說，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在通過他們的服務。他們的服務只提供兩件事。一是物流，基本上是確保芯片正確交付，我們為我們收取現金。最重要的是，他們為我們執行的另一個重要功能實際上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，因為他們想確保沒有供應問題，所以他們要求他們的分銷商，在這種情況下，Hakuto，為他們的生產保留 6 到 8 週的庫存。他們肯定（聽不清）在項目結束時實現這一點。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，雖然 - 因為日本汽車業務繼續為我們增長，我們相信 Hakuto 將繼續增長。但從季度到季度的角度來看，漲跌並不能真正管理它，因為 - 有些項目上升，有些項目下降。但如果你看直線，我希望 - 我相信我們的日本汽車業務將繼續增長。

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。還有關於 Oculii，您能否給我們更多描述一下您在上個季度取得的進展？

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.

所以我們沒有將 Oculii 披露分開，但它與我們在獲得它們時所說的非常一致。我們相信今年，我們將與 Oculii 開展大約 300 萬至 400 萬美元的業務。它們中的大多數仍處於模塊級別和（聽不清）級別。就汽車客戶而言，第一批主要生產將於明年進行。我們還沒有宣布該產品。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.

但是，與此同時，我認為所有的事情——我剛才所說的一切都是基於 Oculii 在被收購之前的業務。收購後，主要目標之一是將 Oculii 的軟件集成到我們的 CV 系列芯片中，特別是在 CV3 中，這樣我們就可以向我們的客戶提供——集成我們的音頻——抱歉，雷達和視頻解決方案。這必須是我們的主要關注點，這也將是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 Tore Svanberg 和 Stifel。

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，在召喚托雷。首先，快速澄清一下。我認為您提到了在中國消費的產品收入的百分比。那是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。我也那麼認為。其次，就庫存而言，美元和天數都在連續下降。這是故意的嗎？這是 500 萬美元限制影響的一部分嗎？或者這是你在長期基礎上管理得更多一點的東西？在這裡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得材料的能力推動的，而不是積極努力降低庫存水平。我的意思是從長遠來看，我們將考慮將庫存水平定位在可能較低的水平。但在當前環境下，我們正努力在手頭有足夠的庫存來滿足客戶在非常動態的環境中的需求。因此，這種減少不是故意驅動的，而是由我們獲得材料的能力驅動的。

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。我想這可能是一個長期的問題。看看你剛剛進入的一些新市場，無論是汽車、工廠自動化、門禁控制，你會 - 或者只是看看後兩個市場，因為汽車似乎是它自己的類別。你能衡量一下你看到哪一個更快嗎？哪一個可能有更大的 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.

好吧，就更大的 TAM 而言，我認為 [移動機器人] 顯然是最大的。但就發展速度而言，就收入而言，我認為訪問控制可能是候選者。但是，我認為我們試圖提出的觀點是，我們繼續看到我們可以通過我們的 CV SoC 解決的新垂直領域。當然，希望我們專注於所有這些。但我認為，由於收入潛力，我們對移動機器人寄予厚望。

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，很高興再次與你交談。祝新角色好運。布萊恩，關於運營支出，你談到了 5 納米項目的研發。我想知道，在 23 財年的時間框架內是否有任何類型的大規模流片，這可能不會再次發生？還是對同比趨勢的這種過於激進的假設？

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運營支出的預期時，我認為該年度的總體共識約為 1.71 億美元至 1.72 億美元。這可能在一個合理的範圍內考慮。

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。然後是費米的一個。關於CV3，您能幫我們了解一下那裡的設計週期嗎？據推測，考慮到客戶對雷達和其他東西的集成和努力程度，它的時間更長。當您在年中開始提供客戶樣品時，您能否了解與其他 CV 產品相比，該設計週期可能要長多長時間？

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。顧名思義，CV3 專為汽車市場而設計。它需要更長的時間，而且CV3特別複雜，因為不僅是因為巨大的die，而且軟件集成也非常複雜。所以我認為 - 我們認為 4 年的設計週期可能是正確的。前兩年可能只是軟件和集成。過去的3年是真正的資格和驗證。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銀行證券的 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?

首先讓我說凱西會被錯過，但歡迎你來電，布賴恩。我只有一個多部分的問題，這與您與三星的關係有關。你能給我們一些關於 14 納米約束的問題的顏色嗎？我問的原因只是試圖評估該問題未來再次發生的可能性。考慮到收入疲軟，這可能與您對三星的一些購買義務有關，這是否會成為您被迫攜帶比您希望的多一點庫存的情況？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。謝謝你。所以對於 14 納米，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從我們那裡拿走了庫存。所以我認為這就是原因。顯然，這是我需要與三星討論的問題，並且肯定會安排與首席執行官的會面，不僅要討論短期問題，還要討論長期合作。特別是，例如，如果我們需要與我們的代工合作夥伴顯然在其中發揮重要作用的客戶進行汽車業務談判。

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.

就庫存水平而言，我認為我們不需要比現在更多的庫存。我們不打算那樣做。所以我認為這不是我們在不久的將來需要擔心的問題。

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 David O'Connor。

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，一個給布賴恩。也許首先是與 Lumentum 的 Edge AI 合作。您能否談談您在這方面看到的牽引力以及 Edge AI 的發展戰略？您是否擁有所有內部構建模塊和軟件來支持所有這些不同的終端市場？或者我們是否會看到更多像 Lumentum 這樣的合作夥伴關係？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.

然後可能會在 ASP 上給 Brian 一個。我認為在電話會議開始時，您提到了 CV3 系列 SoC，其 ASP 範圍是企業平均水平的 5 到 20 倍。你能給我們舉一個 5x 與 20x 的功能類型的例子嗎？是那種冗餘還是 L3 與 L5？只是在概念上我們應該如何考慮這一點，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一下，ASP 問題。當我們談論 CV3 5x、20x ASP 時，我認為這實際上是指 CV3 系列芯片。事實上，CV3 是我們取出並獲得樣品的芯片。但我們正計劃進行採樣——或者構建一個從低端到高端的 CV3 系列。所以低端可以是 2+ 級市場，中端可以是 CV——低 3 級和高 4 級。所以你可以想像每個不同市場的 ASP 可以根據當前提供給客戶的報價而有所不同。與我們目前的企業 ASP 相比，我們看到了 5 到 20 倍的售價。它實際上是關於功能性能，而不是關於冗餘。

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 以及我們與其他傳感器公司的合作關係。當我們介紹 CV3 時，我們提到我們想成為域控制器，這意味著我們必須將多種傳感器模態集成到我們的芯片中以用於不同的應用。對於——我們與 Lumentum 的合作關係實際上是將結構線集成到我們的門禁市場解決方案中。我們在建立收入設計和贏得設計勝利方面做得很好，我們對與他們的合作非常滿意。他們幫助我們解決了很多設計和生產問題。

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——但從軟件的角度來看，我們只確定了我們需要提供這種收入設計的所有軟件合作夥伴。展望未來，我認為這種情況會越來越多。我們需要解決更多的模態來源。例如，我們需要集成熱傳感器、激光雷達傳感器和其他傳感器。我們繼續 - 我們相信而不是收購所有這些，但我認為我們的方法將與 Lumentum 等合作夥伴合作，並將我們的 CV3 芯片連接到他們的傳感器模塊，然後我們可以通過在 CV3 上提供軟件解決方案來增加價值。這就是我們的戰略，我們肯定會繼續尋找其他傳感器模式合作夥伴。

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

我們的下一個問題來自於帝國首都的 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。您在評論中提到了您在 Vivint 的安全方面獲得的牽引力。你能談談你在本季度在安全方面獲得的其他牽引力嗎？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芯片？

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，在我們將消費者安全攝像頭或家用安全攝像頭稱為家用安全攝像頭時，我們宣布 Ring 和 Vivint 是兩個主要客戶。我們期待更多的未來。在供應鏈問題方面，我們看到了對我們所有客戶的類似影響。例如，我認為雖然 Ring 是一家大公司，但他們確實有能力去做——購買組件。我們還看到它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會影響每個人，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 Martin Yang 和 Oppenheimer 的觀點。

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，關於樣本的 CV3 潛在客戶的問題。您能否談談地理細分以及與您當前的汽車客戶群相比如何？

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.

我認為這將非常相似。我們可能會到處取樣。美國、歐洲、日本、韓國、中國，我們都有一些確定的客戶，我們可能會向其取樣。

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

下一個問題來自 Richard Shannon 和 Craig Hallum 的台詞。

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所看到的競爭動態，並期望在 CV3 芯片方面看到一些新的傳感器模式，如雷達生成。然後還可以將其與過去芯片進入不太複雜的用例的競爭動態進行比較。我很想听聽你的觀點。

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。所以我想就像我說的那樣，CV3 確實在許多不同的垂直領域競爭，並且有各種不同的性能和價格。這就是我們相信 CV3 的原因——我們需要一個 CV3 芯片系列來處理所有單元。

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.

你提到了雷達方面，我認為有很多雷達公司在做（聽不清）圖像雷達，比如 LSP、英飛凌，還有一些新人提出了解決方案。我認為我們真正區分我們的方法的是，Oculii 採用這種算法優先的方法來真正嘗試最大限度地減少您需要的天線和射頻芯片的數量並實現類似的雷達性能。這樣一來，不僅可以構建高質量的高性價比解決方案，還可以在未來使集中式雷達解決方案成為可能，這也意味著我們可以真正實現視頻和雷達之間的傳感器融合。同一個芯片。這是我們認為我們可以提供的獨特產品——我們將與其他人區別開來。

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 域控制器競爭對手方面，我認為我們最大的競爭對手是英偉達和高通。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文稿中談到的性能和功率優勢，我們正在等待——我們非常渴望找到一種向我們的客戶演示的方法.

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。我很欣賞這種觀點，費米。也許在這裡給布賴恩一個。當我們考慮今年實現 CV 銷售額的 45% 的目標時，我認為認為物聯網細分市場相對於汽車行業更高是一個合理的假設。考慮一下物聯網細分市場已經或接近 50-50 CV 是否公平？

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

抱歉，你能這麼說嗎，你在說什麼部分？

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

是的。所以只是想知道物聯網細分市場是否已經或接近 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。所以事實上，對於物聯網部分，專業安全攝像頭可能接近 50%。但其他物聯網級別還沒有。想想 - 去年，我們只有 25%。所以今年我們需要增長到50%。因此，到今年年底，我會說專業安全部門可能會接近 50%，也許會更多，但其他領域將遠低於此。

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.

謝謝你。我沒有在隊列中顯示更多問題。我現在想將電話轉回給 Fermi Wang 博士，以致閉幕詞。

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 財年給我們帶來了一些意想不到的外部挑戰，但我真的很高興我們的 CV 勢頭仍然非常強勁。我對我們使用 CV3 取得的技術開發進展以及使用 CV5 的業務發展感到特別興奮。這款真正的 5 納米芯片將為 Ambarella 在我們所有市場提供重要機會。藉此，我要感謝我們所有的利益相關者，尤其是繼續支持我們的全球基地員工。謝謝你。下次我會和你談談。

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。您可以斷開連接。