Ambarella Inc (AMBA) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Ambarella's Third Quarter 2023 Earnings Conference Call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加安霸 2023 年第三季度收益電話會議。 （操作員說明）

I would now like to hand 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演講者。路易斯·格哈迪，你可以開始了。

Thank you, Towanda, and good afternoon. Thank you for joining our second 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. The primary purpose of today's call is to provide you with information regarding the results for our second quarter of fiscal year 2023.

謝謝你，托旺達，下午好。感謝您參加我們的 2023 財年第二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。今天電話會議的主要目的是為您提供有關我們 2023 財年第二季度結果的信息。

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, and we're under no obligation to update these statements. 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, and the Form 10-Q filed on June 8, 2022, for the first quarter of fiscal year 2023.

今天的討論和對您問題的回答將包含有關我們預計的財務業績、財務前景、市場增長和對我們解決方案的需求等方面的前瞻性陳述。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大不相同，我們沒有義務更新這些陳述。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提交給 SEC 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，以及 2022 年 6 月 8 日提交的 10-Q 表格，用於 2023 財年第一季度。

Access to our second quarter fiscal 2023 results press release, transcripts, historical results, SEC filings and a replay of today's call can be found on the Investor Relations portion of our website. Fermi will provide a business update for the quarter. Brian will review the financial results, then we'll all be available for your questions.

訪問我們的 2023 財年第二季度業績新聞稿、成績單、歷史結果、SEC 文件和今天電話會議的重播可以在我們網站的投資者關係部分找到。 Fermi 將提供本季度的業務更新。 Brian 將審查財務結果，然後我們將隨時為您解答問題。

With that, I'll turn it over to Fermi.

有了這個，我會把它交給費米。

Thank you, Louis, and good afternoon. Thank you for joining our call today. Q2 results were mostly as expected. Revenue was down 10% sequentially, and up 2% versus the year ago quarter. CV revenue increased significantly on a year-over-year basis, driving our blended average selling price above $10. We have cumulatively shipped more than 10 million CV SoCs, including more than 20% into the automotive market. And we remain on track to achieve our prior estimate that CV will represent about 45% of our total revenue for the year.

謝謝你，路易斯，下午好。感謝您今天加入我們的電話會議。第二季度業績大體符合預期。收入環比下降 10%，與去年同期相比增長 2%。 CV 收入同比顯著增長，推動我們的混合平均售價超過 10 美元。我們已累計出貨超過 1000 萬個 CV SoC，其中超過 20% 進入汽車市場。我們仍有望實現我們先前的估計，即 CV 將占我們今年總收入的 45% 左右。

In Q2, we absorbed the worst from both the China lockdown and the 14-nanometer shortage, and the incomplete kits remain a bottleneck for many of our customers. Collectively, we should see some improvements from these factors in the second half, but our recovery outlook is tempered as some customers are now reducing their inventory levels, in particular, a lead time contract. In July, we commenced a global roadshow to leading automotive Tier 1s and OEMs with a live demonstration of our CV3 SoC. As a reminder, CV3 is our first central domain controller integrating in a single monolithic die all of Ambarella's core competencies, including perception processing from cameras, radars, sensor fusion and path planning as well as our functional safety and application software.

在第二季度，我們吸收了中國封鎖和 14 納米短缺造成的最糟糕的情況，不完整的套件仍然是我們許多客戶的瓶頸。總的來說，我們應該會在下半年看到這些因素的一些改善，但我們的複蘇前景受到緩和，因為一些客戶現在正在降低庫存水平，特別是交貨時間合同。 7 月，我們開始向領先的汽車一級供應商和 OEM 進行全球路演，現場演示了我們的 CV3 SoC。提醒一下，CV3 是我們的第一個中央域控制器，將 Ambarella 的所有核心能力集成在一個單片芯片中，包括來自攝像頭、雷達、傳感器融合和路徑規劃的感知處理，以及我們的功能安全和應用軟件。

Just 1 month after the SoC came out of the fab, we demonstrated full functionality across multiple live cameras to many global automotive OEMs and Tier 1s. The superior performance and efficiency as well as the scalability of our SoC roadmap were clearly recognized and well received, leading to many follow-on development discussions. Now we expect to be able to share more about some of these customers' engagements by the end of the year.

SoC 出廠僅 1 個月後，我們就向許多全球汽車 OEM 和一級供應商展示了多個實時攝像頭的全部功能。我們的 SoC 路線圖的卓越性能和效率以及可擴展性得到了明確的認可和好評，引發了許多後續開發討論。現在，我們希望能夠在今年年底之前分享更多關於其中一些客戶參與的信息。

We are also proud to announce that CV5, our first 5-nanometer SoC, entered production in Q2, at least a quarter ahead of expectations. We have 3 IoT customers that each purchased production volume in Q2, and we are engaging with many other companies developing their first CV5 products.

我們還自豪地宣布，我們的首款 5 納米 SoC CV5 已於第二季度投入生產，比預期至少提前四分之一。我們有 3 個物聯網客戶，每個客戶都在第二季度購買了量產，我們正在與許多其他公司合作開發他們的第一個 CV5 產品。

I will now provide some examples of our market development activity where production has already or is expected to commence this year. Toyota introduced its 16th generation 2023 Toyota Crown model, featuring a 2-channel digital video recorder based on Ambarella's CV25AX AI processor, capable of recording from both the ADAS system and the electronic mirrors, the car recorder is supplied by Japanese Tier 1 Denso-Ten.

我現在將提供一些我們的市場開發活動的例子，這些活動已經或預計將於今年開始生產。豐田推出其第 16 代 2023 Toyota Crown 車型，配備基於 Ambarella 的 CV25AX AI 處理器的 2 通道數字視頻錄像機，能夠從 ADAS 系統和電子後視鏡進行記錄，該行車記錄儀由日本 Tier 1 Denso-Ten 提供.

BMW began shipping 2 dash cameras models, the Advanced Car Eye 3.0 and 3.0 Pro, providing both front and rearview recording. Based on Ambarella's H22 video SoCs, the dash cams will be sold in over 80 markets with the Chinese version also including electronic toll charging features.

寶馬開始發售 2 款行車記錄儀型號，即 Advanced Car Eye 3.0 和 3.0 Pro，提供前視和後視記錄。基於安霸的 H22 視頻 SoC，行車記錄儀將在 80 多個市場銷售，中國版還包括電子收費功能。

In June, China-based FAW Hongqi introduced its latest generation of B-class cars. The H5 sedan includes an L2 ADAS system based on our CV22AQ automotive SoC and supplied by tier 1 neusoft.

6 月，總部位於中國的一汽紅旗推出了其最新一代 B 級轎車。 H5轎車包括一個基於我們CV22AQ汽車SoC的L2 ADAS系統，由1級東軟提供。

Also in Gen China-based Dongfeng introduced its Haoji SUV. The SUV includes an Occupant Monitoring System based on our CV28AQ and supplied by tier 1 BCS. And in August, Israel-based Cipia announced Chery's SUV will integrate Cipia's Driver Sense DMS running on Ambarella's CV28 AI processor. The integration of CV28 and driver sense software utilized neural networks to offer robust driver monitoring capabilities.

總部位於中國的東風也推出了豪吉 SUV。 SUV 包括基於我們的 CV28AQ 並由 1 級 BCS 提供的乘員監控系統。 8 月，總部位於以色列的 Cipia 宣布奇瑞的 SUV 將集成 Cipia 的 Driver Sense DMS，該 DMS 運行在 Ambarella 的 CV28 AI 處理器上。 CV28 和駕駛員感知軟件的集成利用神經網絡提供強大的駕駛員監控功能。

I will now talk about some of the new IoT product announcements. Johnson Controls introduced its 4th generation Illustra Flex camera series, including mini-dome, PTZ and bullet models based on our CV28S AI SoCs. Also during the quarter, Ubiquiti announced its AI Bullet camera, based on our CV25S AI SoC, the 4 megapixel camera includes smart detection of people and vehicles.

我現在將討論一些新的物聯網產品公告。江森自控推出了其第四代 Illustra Flex 攝像機系列，包括基於我們 CV28S AI SoC 的迷你半球、PTZ 和子彈模型。同樣在本季度，Ubiquiti 發布了基於我們的 CV25S AI SoC 的 AI Bullet 攝像頭，這款 4 兆像素攝像頭包括對人和車輛的智能檢測。

Korean IP-camera maker, IDIS, launched 4-view 8 mega pixel and 6 mega pixel PTZ cameras based on our CV28 and the CV22 SoCs. The cameras are designed for wide area surveillance operations with the capability to identify objects and recognize face at distance of up to 300 meters.

韓國 IP 攝像機製造商 IDIS 推出了基於我們的 CV28 和 CV22 SoC 的 4 視角 8 兆像素和 6 兆像素 PTZ 攝像機。這些攝像機專為廣域監視操作而設計，能夠在最遠 300 米的距離內識別物體並識別面部。

Japan-based iPro introduced a new 2-megapixel machine vision camera aimed at manufacturing sites and based on our CV22 AI SoC. The camera performs automatic visual inspections and supports up to 100 different object types, for example, detecting the presence of cables and the connectors, different colors or the presence or polarity of electrical components.

總部位於日本的 iPro 推出了一款新的 2 兆像素機器視覺相機，針對製造現場並基於我們的 CV22 AI SoC。該相機執行自動視覺檢查並支持多達 100 種不同的物體類型，例如，檢測電纜和連接器的存在、不同顏色或電氣元件的存在或極性。

Also in Japan, JVC introduced its new PZ2510 videoconferencing camera focusing on live broadcast and recording applications such as concerts and lectures. Based on Ambarella's CV22 AI SoC, the camera supports full 4KP60 video streaming face detection, automatic tracking and wide viewing angle.

同樣在日本，JVC 推出了其新的 PZ2510 視頻會議攝像機，專注於音樂會和講座等現場直播和錄製應用。該攝像頭基於安霸CV22 AI SoC，支持全4KP60視頻流人臉檢測、自動跟踪和廣視角。

In other IoT markets, Insta360 introduced 2 new products based on our H22 video SoCs. The Insta360's Sphere is an accessory for drone and works by placing 1 camera above the drone and 1 below to create a seamless spherical image.

在其他物聯網市場，Insta360 推出了 2 款基於我們 H22 視頻 SoC 的新產品。 Insta360 的 Sphere 是無人機的配件，通過在無人機上方放置 1 個攝像頭和在下方放置 1 個攝像頭來創建無縫的球形圖像。

In the smart home IoT market, Insta360's Link is an AI-powered 4K video conference device using a 3-axis gimbal design and powerful AI tracking, automatic zooming and framing to ensure that the presenter is always center stage.

在智能家居物聯網市場，Insta360的Link是一款AI驅動的4K視頻會議設備，採用三軸雲台設計，強大的AI跟踪、自動縮放和取景，確保演示者始終處於舞台中央。

This representative engagement, a majority of which are based on our higher-value CV SoCs, provide insight into the early and the continued success of our strategy. We have successfully leveraged our human-viewing perception processing expertise into the larger machine sensing market, addressing megatrends such as security, safety and automation. This machine-sensing unit opportunities are incremental and much larger than the human viewing market we have and will continue to serve.

這種具有代表性的參與，其中大部分基於我們更高價值的 CV SoC，讓我們深入了解我們戰略的早期和持續成功。我們已經成功地將我們的人類視覺感知處理專業知識運用到更大的機器傳感市場中，以應對安全、安全和自動化等大趨勢。這種機器傳感單元的機會是增量的，比我們擁有並將繼續服務的人類觀看市場大得多。

Furthermore, we are demonstrating we can capture more value in the sensing applications from incremental processing functions such as radar and other sensor perception, sensor fusion and planning, functional safety and application software. CV3 ties all this functionality together.

此外，我們正在證明我們可以從增量處理功能（如雷達和其他傳感器感知、傳感器融合和規劃、功能安全和應用軟件）中獲取更多傳感應用價值。 CV3 將所有這些功能聯繫在一起。

So we are confident that we are implementing the right strategy and demonstrating early signs of success. Despite the current market turmoil, we will continue to drive our organic R&D investments to fully realize these market opportunities, leveraging our leadership position in the AI endpoint market.

因此，我們相信我們正在實施正確的戰略並顯示出成功的早期跡象。儘管當前市場動盪，我們將繼續推動我們的有機研發投資，以充分利用這些市場機會，利用我們在人工智能端點市場的領導地位。

With that, Brian will now provide our prepared financial comments.

有了這個，Brian 現在將提供我們準備好的財務評論。

Thanks, Fermi. I'll review the financial highlights for our fiscal second quarter and provide a financial outlook for our third quarter ending on October 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. For non-GAAP reporting, we have eliminated stock-based compensation expense and acquisition-related costs adjusted for the impact of taxes.

謝謝，費米。我將回顧我們第二財季的財務亮點，並提供截至 2022 年 10 月 31 日的第三季度的財務展望。我將討論非公認會計原則的結果，並請您參閱今天的新聞稿以獲取詳細的對賬從 GAAP 到非 GAAP 結果。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。

Revenue for fiscal Q2 was $80.9 million, slightly above the midpoint of our prior guidance range, down 10% sequentially and up 2% year-over-year. As expected, supply chain-related disruptions were the primary factor in the sub-seasonal performance, and both IoT and auto revenue declined sequentially.

第二財季收入為 8090 萬美元，略高於我們之前指導範圍的中點，環比下降 10%，同比增長 2%。正如預期的那樣，供應鏈相關的中斷是次季表現的主要因素，物聯網和汽車收入均出現環比下降。

Non-GAAP gross margin for fiscal Q2 was 64.5%, above the high end of our guidance range of 63% to 64%. Our gross margin outperformance was driven by a higher mix of NRE revenue than originally expected.

第二財季非美國通用會計準則毛利率為 64.5%，高於我們 63% 至 64% 的指導範圍的高端。我們的毛利率表現優於預期是由於 NRE 收入的組合高於最初預期。

Non-GAAP operating expense for the second quarter was $44.2 million compared to $39.8 million in Q1. This was $700,000 above the midpoint of our prior guidance range of $42 million to $45 million driven primarily by engineering materials for new products.

第二季度的非公認會計原則運營費用為 4420 萬美元，而第一季度為 3980 萬美元。這比我們先前指導範圍 4200 萬至 4500 萬美元的中點高出 700,000 美元，主要由新產品的工程材料推動。

Our non-GAAP tax provision was $361,000 or 4.5% of pretax income, and we reported non-GAAP net income of $7.6 million or $0.20 per diluted share.

我們的非 GAAP 稅收撥備為 361,000 美元或稅前收入的 4.5%，我們報告的非 GAAP 淨收入為 760 萬美元或每股攤薄收益 0.20 美元。

Now I'll turn to our balance sheet and cash flow. Cash and marketable securities decreased by approximately $3 million as unusual working capital benefits in the prior quarter reversed and metrics normalized. You'll remember that in the prior quarter, accounts receivable benefited from a front-end revenue skew and inventory declined. For fiscal Q2, DSO increased to 43 days from 28 days, and days of inventory increased from 117 to 125.

現在我將轉向我們的資產負債表和現金流。現金和有價證券減少了大約 300 萬美元，因為上一季度的不尋常營運資金收益發生逆轉並且指標正常化。您會記得，在上一季度，應收賬款受益於前端收入傾斜和庫存下降。對於第二財季，DSO 從 28 天增加到 43 天，庫存天數從 117 天增加到 125 天。

We had 2 logistics and ODM companies represent 10% or more of our revenue in Q2. WT Microelectronics, a fulfillment partner in Taiwan that ships to multiple customers in Asia, came in at 59% of revenue. Chicony and ODM who manufactures for multiple IoT customers was 13%.

我們有 2 家物流和 ODM 公司占我們第二季度收入的 10% 或更多。 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 59%。為多個物聯網客戶製造產品的群光和 ODM 佔 13%。

I'll now discuss the outlook for the third quarter of fiscal year 2023. While we expect some improvement in the second half from the broad supply chain disruptions, we have started to see some customers reduce the amount of inventory they're willing to carry into year-end, in particular, as component lead times contract. Our guidance to the best of our knowledge at the current time contemplates these challenges. We estimate our Q3 revenue to be in the range of $81 million to $85 million, or approximately flat to up 5% sequentially. We estimate Q3 non-GAAP gross margin to be between 63% and 64%. We expect non-GAAP OpEx in the third quarter to be in the range of $44 million to $46 million, with the increase compared to Q2 coming primarily from increased head count and sales activities taking place during the quarter.

我現在將討論 2023 財年第三季度的前景。雖然我們預計下半年會因廣泛的供應鏈中斷而有所改善，但我們已經開始看到一些客戶減少了他們願意攜帶的庫存量到年底，特別是作為組件交貨時間合同。我們目前盡我們所知的指導考慮了這些挑戰。我們估計我們第三季度的收入將在 8100 萬美元至 8500 萬美元之間，或環比持平至 5%。我們估計第三季度非公認會計準則毛利率在 63% 至 64% 之間。我們預計第三季度非 GAAP 運營支出將在 4400 萬美元至 4600 萬美元之間，與第二季度相比的增長主要來自本季度員工人數的增加和銷售活動。

We estimate net interest income to be approximately $400,000, our non-GAAP tax rate to be in the range of 4% to 6% and our diluted share count to be approximately 39 million. Ambarella will be participating in Deutsche Bank's Technology Conference on September 1, Credit Suites' Virtual Asia Technology Conference on September 6, Citi's Technology Conference on September 8, and UBS' virtual Future of Mobility Conference, October 3. Please contact us for more details.

我們估計淨利息收入約為 400,000 美元，我們的非公認會計原則稅率在 4% 至 6% 之間，我們的攤薄股份數約為 3900 萬股。 Ambarella 將參加 9 月 1 日的德意志銀行技術會議、9 月 6 日的 Credit Suites 虛擬亞洲技術會議、9 月 8 日的花旗技術會議和 10 月 3 日的 UBS 虛擬未來移動會議。請聯繫我們了解更多詳情。

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 Matt Ramsay with Cowen.

（操作員說明）我們的第一個問題來自 Matt Ramsay 和 Cowen 的台詞。

Congratulations from me on sampling CV3. I wanted to ask if you could give us a few updates and anecdotes as to how the sampling is going with customers? Maybe how many customers have formally sampled, what those engagements have been like and sort of the early performance feedback on the part relative to what you guys had modeled and just how the software portals to CV3 are going with the customer samples.

我祝賀您對 CV3 進行採樣。我想問您是否可以向我們提供一些關於樣品如何與客戶一起進行的更新和軼事？也許有多少客戶已經正式採樣，這些參與是什麼樣的，以及相對於你們建模的部分的早期性能反饋，以及 CV3 的軟件門戶如何與客戶樣本一起使用。

Right. So first of all, we demoed to maybe roughly 2 dozens of customers, including Tier 1s OEMs. I think there are 3 important takeaways from the demos. First of all, all of the customers are very impressed that we give a very thorough demo 4 weeks after the chip come back from the fab. The demo we gave was a live board with CV3 sitting in middle, and we're taking multiple camera live video. And those live video goes into CV3, and we do our standard image processing for all of the cameras and the process of video went to both our compression engine as well as the CV flow engine. And the CV flow engine running multiple different neural networks that's important for the autonomous driving. And we -- all the video went through that neural network processing. And the end result, both in the process of video plus the neural network results are displayed on a TV monitor.

正確的。所以首先，我們向大約 20 家客戶進行了演示，包括一級 OEM。我認為演示中有 3 個重要內容。首先，所有的客戶都對我們在芯片從工廠回來 4 週後進行了非常全面的演示印象深刻。我們提供的演示是一個 CV3 位於中間的直播板，我們正在拍攝多個攝像頭的實時視頻。這些實時視頻進入 CV3，我們對所有攝像機進行標準圖像處理，視頻處理進入我們的壓縮引擎和 CV 流引擎。 CV 流引擎運行多個不同的神經網絡，這對自動駕駛很重要。而我們——所有的視頻都經過了神經網絡處理。而最終的結果，無論是在視頻過程中加上神經網絡的結果都顯示在電視監視器上。

So you can imagine that this is a very thorough demo, which pretty much touch over all of the important data path of this big die. And we can do that in 4 weeks after the chip came back. It shows you that not only we have a stable chip, but also our fundamental software side is good enough and solid enough to give life demo. And I think all our customers are surprised, and I'm glad to see that.

所以你可以想像這是一個非常徹底的演示，它幾乎觸及了這個大芯片的所有重要數據路徑。我們可以在芯片回來後的 4 週內做到這一點。它告訴你，我們不僅有一個穩定的芯片，而且我們的基礎軟件方面已經足夠好，足夠堅實，可以進行生活演示。我認為我們所有的客戶都很驚訝，我很高興看到這一點。

The second thing is the most important is the performance like you said. In fact, before we had demoed CV3, we told all our customers the performance expectation they have. And in fact, we hit those expecting right on, and we did surprise with our real chip. And in fact, that's a big surprise to them because they are used to see people given the higher projection on the data -- on the people presentation and on the real chip show up, the performance a little lower. But in our case, we definitely deliver as we advertised for CV3. That's a second takeaway.

第二件事最重要的是你說的表現。事實上，在我們演示 CV3 之前，我們告訴所有客戶他們對性能的期望。事實上，我們擊中了那些期待的人，而且我們確實用我們的真正芯片感到驚訝。事實上，這對他們來說是一個很大的驚喜，因為他們習慣於看到人們對數據的更高預測——在人們展示和真正的芯片展示上，性能略低。但在我們的案例中，我們肯定會按照我們為 CV3 宣傳的那樣交付。這是第二個外賣。

The third takeaway is power consumption. We also give our customer projections, the potential power number and we hit the power number we talk about. So in summary, basically, we show people that we have a chip that can run multiple times CV performance than our competitors, had a small portion of power consumption and -- which is like demo, which is not a PowerPoint presentation anymore. So I think that's really hit our customers, giving them a very good impression about our CV3.

第三個要點是功耗。我們還向客戶提供預測、潛在功率數，並達到我們談論的功率數。總而言之，基本上，我們向人們展示了我們的芯片可以比我們的競爭對手運行多倍的 CV 性能，只有一小部分功耗，並且 - 這就像演示，不再是 PowerPoint 演示文稿。所以我認為這真的打動了我們的客戶，讓他們對我們的 CV3 印象非常好。

And the next important milestone is to provide our hardware and SDK -- software SDK for our customer to do software development and also -- and reporting the neural network. So I think that's something in progress, and we are engaging customers as we're speaking. So hopefully, that we'll continue to be able to report more. And as I said in my script, we believe that we will be able to give you more updates on our customer engagement by the end of the year.

下一個重要的里程碑是提供我們的硬件和 SDK——軟件 SDK 供我們的客戶進行軟件開發和報告神經網絡。所以我認為這是正在進行的事情，我們正在與客戶互動。因此，希望我們能夠繼續報告更多。正如我在腳本中所說，我們相信我們將能夠在今年年底之前為您提供有關我們客戶參與度的更多更新。

That's really helpful. And congratulations on the progress. As my follow-up, Brian, I wanted to ask about some of the customer kitting issues and your commentary about the potential for customers to want to hold less inventory into year-end. Any way to quantify what that impact is to maybe the second half of the fiscal year? And if you have any color on which geographies, which specific end markets you're seeing that inventory coming down or folks being willing to take less inventory. Any anecdotes there would be really helpful.

這真的很有幫助。並祝賀取得的進展。作為我的後續行動，Brian，我想詢問一些客戶配套問題以及您對客戶希望在年底前減少庫存的可能性的評論。有什麼方法可以量化這種影響對本財年下半年的影響？如果您對哪些地區、哪些特定終端市場有任何顏色，您會看到庫存下降或人們願意減少庫存。那裡的任何軼事都會很有幫助。

Sure. Well, we gave you our outlook for revenue for fiscal Q3. We're not going to venture out into Q4 at this point. But in terms of where we're seeing this type of feedback, it's with customers in various areas. So it's not specifically targeted to a single exposure. I think we're in a situation where customers have been experiencing supply disruptions for quite some time, right? And those disruptions are beginning to abate to some extent. Things are getting a little bit better. But they're also looking ahead to some of the economic risks that could be on the horizon, and the uncertainties associated with that.

當然。好吧，我們為您提供了第三財季的收入展望。在這一點上，我們不打算冒險進入第四季度。但就我們在哪裡看到這種反饋而言，它來自各個領域的客戶。所以它不是專門針對單次曝光的。我認為我們的情況是，客戶已經經歷了很長一段時間的供應中斷，對吧？這些干擾開始在一定程度上減弱。情況正在好轉一些。但他們也在展望可能出現的一些經濟風險，以及與之相關的不確定性。

And so there's, I think, a return to a focus on inventory management that maybe didn't exist for a period of time, particularly as we head into the end of the calendar year. So we are getting some requests for pushouts from various customers, and we're reflecting that in the guidance we provided.

因此，我認為，重新關注可能在一段時間內不存在的庫存管理，尤其是在我們進入日曆年末的時候。因此，我們收到了來自不同客戶的一些推送請求，我們在我們提供的指導中反映了這一點。

Our next question comes from the line of Joseph Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約瑟夫摩爾。

Great. Following up on that last question, on the customer inventory stuff. When you talk about lead time contraction, is that your lead time? Or is that lead time for other components? And then I had a follow-up.

偉大的。跟進最後一個問題，關於客戶庫存的東西。當您談到縮短交貨時間時，這就是您的交貨時間嗎？還是其他組件的交貨時間？然後我進行了跟進。

I think we're talking about both, but I can talk about our only lead time changes. At a peak, our lead time was at roughly 40 weeks. Now we are talking about roughly at 30 weeks. And before COVID, our normal lead time was 24 weeks. So I think we are gradually going back to normal, and that's basically talking about our lead time, but I think we also noticed some of the components -- all our components of our partners also are showing a lead time contractions.

我認為我們正在談論兩者，但我可以談論我們唯一的交貨時間變化。在高峰期，我們的交貨時間約為 40 週。現在我們談論的是大約 30 週。在 COVID 之前，我們的正常交貨時間是 24 週。所以我認為我們正在逐漸恢復正常，這基本上是在談論我們的交貨時間，但我認為我們也注意到了一些組件——我們合作夥伴的所有組件也都出現了交貨時間的收縮。

Okay. That's helpful. And then in terms of thinking about October, I know you normally get kind of a seasonal ramp in the consumer-centric businesses, both in surveillance and other consumer. And you're coming off of a quarter where your revenues were depressed by the foundry issue. So are you still seeing that kind of seasonal impact, and it's being offset by these other issues that you're talking about? Or is the impact that's hitting you kind of more on the -- more seasonal products? Can you just kind of describe -- it seems like there's a pretty big fall-off in something if you're getting that normal seasonal ramp. I just want to make sure I understand.

好的。這很有幫助。然後就 10 月份的思考而言，我知道您通常會在以消費者為中心的業務中出現季節性增長，無論是在監控方面還是在其他消費者方面。而且您正在擺脫因代工問題而導致收入低迷的季度。那麼您是否仍然看到這種季節性影響，並且它被您正在談論的這些其他問題所抵消？還是對您的影響更大——更具季節性的產品？你能不能描述一下——如果你得到正常的季節性斜坡，某些東西似乎會有很大的下降。我只是想確保我理解。

Right. So Joe, I think, first of all, those 3 supply chain issue we have been talking about, although it's kind of a reduced, but didn't go away, even for second half we believe will persist, but in a lesser degree. On top of that, we just talked about the inventory reduction at the customers. I think those 2 things are probably the major factors. And also, I think this is a really unique here. With other supply chain situation that we're monitoring, geopolitical situation, I have to say, I don't think that our normal seasonality applied this year.

正確的。所以喬，我認為，首先，我們一直在談論的那三個供應鏈問題，雖然有點減少，但並沒有消失，即使在下半年，我們相信會持續存在，但程度較小。最重要的是，我們剛剛談到了客戶的庫存減少。我認為這2件事可能是主要因素。而且，我認為這是一個非常獨特的地方。對於我們正在監測的其他供應鏈情況，地緣政治局勢，我不得不說，我不認為我們今年的正常季節性適用。

Our next question comes from the line of Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Actually, I have a clarification, and 2 quick questions. Brian, you mentioned there were some NRE revenues that helped to improve gross margins. I was hoping you could quantify how much in incremental NRE, in Q2? And what's embedded in your Q3 outlook?

實際上，我有一個澄清和 2 個快速問題。布萊恩，你提到有一些 NRE 收入有助於提高毛利率。我希望你能量化第二季度的增量 NRE 多少？您的第三季度展望中包含什麼？

Yes. Vivek, so we don't break that out specifically, but just to give you an idea, NRE for the company typically runs in the 1% to 2% of total range. And in the second quarter, total NRE was kind of low to mid-single digits in terms of millions of dollars of revenue. And it's going to be lumpy as we go forward. But as we look at the near term, Q3 -- fiscal Q3, for example, we see that normalizing and returning back to kind of a typical run rate. But I think as we go out further in time and we have more activities associated with CV3 and so on, it's possible that, that starts to become a slightly larger portion of the overall revenue mix. We're not quite there on a sustained level yet.

是的。 Vivek，所以我們沒有具體說明，只是為了給你一個想法，該公司的 NRE 通常在總範圍的 1% 到 2% 之間運行。在第二季度，就數百萬美元的收入而言，總 NRE 處於低到中個位數。隨著我們前進，它會變得崎嶇不平。但是，當我們看近期的第三季度——例如第三季度財政時，我們看到這種情況正在正常化並恢復到一種典型的運行速度。但我認為，隨著時間的推移，我們有更多與 CV3 相關的活動等等，這有可能開始成為整體收入組合的一個稍大的部分。我們還沒有達到一個持續的水平。

Got it. And on the inventory reduction by your customers, is that more on the automotive side? Is that more on the IoT side? Because on the automotive side, when I look at the results and outlook for most of the other automotive-exposed semiconductor suppliers, they seem to have been pretty strong, at least in the near term. Obviously, I understand that every company is supplying different kinds of component, so it might not be exactly apples-to-apples. But I'm curious, where are you seeing the somewhat softer demand signals? Is that more automotive or more IoT?

知道了。在您的客戶減少庫存方面，汽車方面是否更多？物聯網方面更多嗎？因為在汽車方面，當我查看大多數其他與汽車相關的半導體供應商的業績和前景時，它們似乎相當強勁，至少在短期內是這樣。顯然，我知道每家公司都在提供不同種類的組件，所以可能並不完全是蘋果對蘋果。但我很好奇，你在哪裡看到了較弱的需求信號？是更多的汽車還是更多的物聯網？

No, I think you are right. We see a little inventory reduction on the automotive customer. In fact, they are 25% of total revenue. But the balance of the business on the security -- IoT side, particularly security camera side, we do see our customers trying to reduce the inventory.

不，我認為你是對的。我們看到汽車客戶的庫存略有減少。事實上，它們佔總收入的 25%。但是安全業務的平衡——物聯網方面，特別是安全攝像頭方面，我們確實看到我們的客戶試圖減少庫存。

Got it. And then finally, your overall inventory kind of stands out, right, because it has now reduced for the fourth straight quarter, which is kind of an anomaly in the sector where inventories are up for most of the semiconductor suppliers. What is the right way to view the lower level of inventory on your balance sheet? Is it a signal of your demand outlook for the next 2 to 3 quarters? Is it something -- what is the right way to look at -- you're being able to manage with lower levels of absolute dollars of inventory?

知道了。最後，你的整體庫存很突出，對，因為它現在已經連續第四個季度減少了，這在大多數半導體供應商庫存上升的行業中是一種反常現象。在資產負債表上查看較低庫存水平的正確方法是什麼？這是您對未來 2 到 3 個季度的需求前景的信號嗎？它是什麼——什麼是正確的看待方式——你能夠用較低的絕對美元庫存來管理？

Yes, Vivek. Inventory has declined in the last couple of quarters in dollar terms. But if you look at the second quarter, it actually was up in terms of days because COGS was down in the quarter. So we went from -- I think we're about 170 days of -- 117 days of inventory in Q1, and we were about 125 in Q2. So that's a relatively elevated level in terms of days of inventory for the company. But we've been running at a higher relative inventory level because of all the supply disruptions to try to buffer ourselves from some of those gyrations. So if you think about it longer term, if we can get all these supply issues behind us and get to something of more of a normalized state. I would expect we should be running under 100 days of inventory in the future.

是的，維維克。以美元計算，過去幾個季度的庫存下降。但是，如果您查看第二季度，它實際上在天數方面有所增加，因為該季度 COGS 下降了。所以我們從 - 我認為我們在第一季度大約有 170 天 - 117 天的庫存，我們在第二季度大約有 125 天。因此，就公司的庫存天數而言，這是一個相對較高的水平。但是，由於所有供應中斷，我們一直在以較高的相對庫存水平運行，以試圖緩衝其中一些波動。因此，如果您從長遠來看，如果我們能夠解決所有這些供應問題並達到更加正常化的狀態。我預計未來我們的庫存應該少於 100 天。

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

我們的下一個問題來自富國銀行的 Gary Mobley。

I appreciate the disclosure about how your blended ASP is now trended above $10, but maybe if you can give us some baseline in terms of thinking about it on a quarter-over-quarter basis, year-over-year basis and how that compares to your unit growth.

我很欣賞關於您的混合 ASP 現在如何趨向於 10 美元以上的披露，但也許您可以給我們一些基線，讓我們在考慮季度環比、同比基礎以及與你的單位增長。

So I think what we can say is that since we introduced our CV product line, our ASP continue to grow, and we expect the growth will probably continue at the whole year. When we get CV3 -- or CV3 family of products into production, the ASP continue to expand. I think the unit number-wise, I think this is a 2 separate issue. In fact, where we lose the majority of our unit number is with high vision (inaudible) the ASP is very low, which is probably the lowest ASP business in the last several years. And we basically lost that business. And so that also helps to improve our ASP -- company-wide ASP. But I will say that overall, our ASP growth will continue based because of our CV flow product line.

所以我認為我們可以說的是，自從我們推出了我們的 CV 產品線，我們的 ASP 繼續增長，我們預計全年可能會繼續增長。當我們將 CV3 或 CV3 系列產品投入生產時，ASP 會繼續擴大。我認為單位數量，我認為這是一個 2 個獨立的問題。事實上，我們失去大部分單位數量的地方是高視力（聽不清），平均售價非常低，這可能是過去幾年最低的平均售價業務。我們基本上失去了這項業務。因此，這也有助於提高我們的 ASP - 公司範圍的 ASP。但我會說，總體而言，由於我們的 CV 流程產品線，我們的 ASP 增長將繼續。

Okay. And I wanted to confirm that the Samsung 14-nanometer supply issue, the lingering impact in the July quarter was as you approximated $5 million, and I wanted to be clear that, that's no longer a headwind looking into the October quarter. Is that right?

好的。我想確認三星 14 納米供應問題，7 月季度的揮之不去的影響大約是 500 萬美元，我想明確一點，這不再是 10 月季度的逆風。那正確嗎？

Well, I think first of all, the $5 million in July quarter is true. And in October, I think it's much less, but we will consider when we give that guidance.

嗯，我認為首先，7 月季度的 500 萬美元是真實的。在 10 月份，我認為會少得多，但我們會在提供指導時考慮。

Our next question comes from the line of [Blair Bossa] with [Araxa].

我們的下一個問題來自 [Blair Bossa] 和 [Araxa]。

Yes. Great. I just had a question on CV5. I can see it's now entered into mass production ahead of schedule. But just on this, could you talk us through how you see the adoption of CV5 over the next 6 to 12 months just so we could think about so the revenue curve over the next year? Do you see -- expect a sharp adoption, and could it be an important growth driver for the business? Any color on how to think about it as the hot side the revenue stream would be helpful.

是的。偉大的。我剛剛有一個關於CV5的問題。我可以看到它現在已經提前進入了量產階段。但是就這一點，您能否告訴我們您如何看待未來 6 到 12 個月內 CV5 的採用，以便我們可以考慮明年的收入曲線？您是否看到 - 期待大幅採用，它會成為業務的重要增長動力嗎？關於如何將其視為收入流的熱門方面的任何顏色都會有所幫助。

Right. I think you should consider CV5 as our next-generation high-end CV4 engine. And the target application is a high-end enterprise class security cameras, the enterprise videoconferencing system as well as some home application -- high-end home location. So -- and almost all of our security cameras, if they do high-end products, they are looking at CV5. And some of them, like I said, while they will take that into production this quarter and multiple will taking that into production in the second half of this year. So I think CV5 revenue will start second half of this year and ramp up next year. It definitely helps us on the ASP expansion as well as helping us to maintain our gross margin.

正確的。我認為您應該將CV5視為我們的下一代高端CV4引擎。而目標應用是高端企業級安防攝像機、企業視頻會議系統以及一些家庭應用——高端家庭定位。所以——幾乎我們所有的安全攝像頭，如果他們做高端產品，他們都會關注CV5。其中一些，就像我說的那樣，雖然他們將在本季度將其投入生產，而multiple將在今年下半年將其投入生產。所以我認為 CV5 的收入將在今年下半年開始，並在明年增加。它肯定有助於我們擴大 ASP 並幫助我們保持毛利率。

Okay. Great. That's helpful. And then I guess just as a follow-up. In terms of the 2 segments, IoT and automotive, I know you mentioned the decline sequentially in the quarter. Could you give us any color about how to size them in the quarter as they did as a percentage of sales? And then I suppose just to add to that, looking at the Q3 guidance, could we expect something similar for the October quarter?

好的。偉大的。這很有幫助。然後我想只是作為後續行動。就物聯網和汽車這兩個細分市場而言，我知道您提到了本季度的連續下降。您能否告訴我們如何在本季度確定它們的大小，就像它們佔銷售額的百分比一樣？然後我想補充一點，看看第三季度的指導，我們可以期待 10 月季度的類似情況嗎？

Can you repeat the question?

你能重複一下這個問題嗎？

Yes. So I guess just in terms of the 2 segments, if you look at IoT and automotive. I was just hoping for any more color about the size of them in the quarter, what they did as a percentage of sales? And then just to add to that, for the Q3 guidance, could we expect something similar in the October quarter?

是的。因此，如果您查看物聯網和汽車，我想僅就這兩個細分市場而言。我只是希望在本季度對它們的尺寸有更多的顏色，它們佔銷售額的百分比是多少？然後只是補充一點，對於第三季度的指導，我們是否可以期待在 10 月季度出現類似的情況？

Yes. This is Louis speaking. So auto and IoT, roughly the same when you consider everything included, including the NRE. And the outlook for Q3 is to have both of these areas growing sequentially.

是的。這是路易斯說話。因此，考慮到包括 NRE 在內的所有內容，汽車和物聯網大致相同。第三季度的前景是這兩個領域都將連續增長。

Our next question comes 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（Ross Seymore）。

On the automotive side, it seems like it's been at about that 25% of revenue range. Now given the answer to the prior question, it seems like for 3 quarters in a row. When do you expect that to really accelerate? I know it takes longer in the CV stuff, the majority of that's been impacting to the benefit of the IoT side. But how do you think about the growth rates of the 2 segments? And specifically automotive, when should we expect either a steer step-up or a bigger ramp given all the design wins that you've highlighted in the preamble, for me?

在汽車方面，它似乎一直處於收入範圍的 25% 左右。現在給出上一個問題的答案，似乎連續 3 個季度。你預計什麼時候會真正加速？我知道 CV 的內容需要更長的時間，其中大部分都影響了物聯網方面的利益。但是您如何看待這兩個細分市場的增長率？尤其是汽車，考慮到你在序言中強調的所有設計勝利，對我來說，我們什麼時候應該期待轉向提升或更大的斜坡？

I really think that the next important milestone for us in terms of automotive revenue growth is that 1 major OEM take ADAS Level 2+ car into production, right? So that's really the key for us to provide long-term growth. I think although automotive revenue will continue to grow, but I think the step function I'm looking for is really the -- like I said, major OEM take ADAS into the market.

我真的認為，就汽車收入增長而言，我們的下一個重要里程碑是 1 家主要 OEM 將 ADAS 2+ 級汽車投入生產，對嗎？因此，這確實是我們提供長期增長的關鍵。我認為雖然汽車收入將繼續增長，但我認為我正在尋找的步進功能確實是——就像我說的，主要 OEM 將 ADAS 推向市場。

Any sort of rough color of when that may occur? Is that something that you think you have the design wins? Or is that going to be more CV3 dependent, so it's a couple of years out, given the design cycles? Any sort of rough color on that?

什麼時候可能會出現任何粗略的顏色？那是你認為你的設計獲勝的東西嗎？或者這將更加依賴於 CV3，所以考慮到設計週期，這需要幾年時間？有什麼粗糙的顏色嗎？

I think CV2 will give us some boost, and -- but like we said in the past, right, and the CV3 because of the ASP will really provide the biggest jump for us. But I think between now and the CV3 in production, you should continue to see our automotive revenue growth.

我認為 CV2 會給我們一些推動力，而且——但就像我們過去所說的那樣，對，因為 ASP 的 CV3 確實會為我們提供最大的飛躍。但我認為從現在到生產中的 CV3，您應該會繼續看到我們的汽車收入增長。

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。

I know you're not going to comment beyond Q3. But just thinking about the lead times and the sort of inventory adjustment, do you think that you'll be down to sort of the mid-20s lead times during the October quarter? Or when you talked about sort of going from 40 to 30, that process started a little bit later.

我知道你不會在第三季度之後發表評論。但只要考慮交貨時間和庫存調整，你認為在 10 月季度你會降到 20 年代中期的交貨時間嗎？或者當你談到從 40 到 30 時，這個過程開始得晚一點。

Well, I think 30 is now. And whether we'll move to 20, 24, like before, it would really depend on our supply chain, right? So I think it will take a while because there's still -- I think, on the high-end process node, probably 30 will be stable for a while. So I wouldn't expect that to happen -- go back to 20, 24 immediately. However, I think the trend is there, and I think our customer is really reacting to the trend, expecting that the lead time will go back to normal soon.

嗯，我想現在是 30 歲。我們是否會像以前一樣移動到 20、24，這真的取決於我們的供應鏈，對吧？所以我認為這需要一段時間，因為仍然——我認為，在高端工藝節點上，可能 30 會穩定一段時間。所以我不希望這種情況發生——立即回到20、24。但是，我認為趨勢是存在的，我認為我們的客戶確實對趨勢做出了反應，預計交貨時間會很快恢復正常。

Very good. And as my follow-up, can you confirm that you're going to be updating us on your sort of vehicle revenue funnel 3.0 next quarter? And since you're obviously not going to share data now right now, could you at least talk qualitatively about how that funnel continues to improve?

很好。作為我的後續行動，您能否確認您將在下個季度向我們更新您的車輛收入漏斗 3.0 類型？而且由於您現在顯然不打算共享數據，您至少可以定性地談論該渠道如何繼續改進嗎？

We definitely will give you update on the 3.0 in November.

我們一定會在 11 月為您提供 3.0 的更新。

Okay. Any comment qualitatively or jumping the gut here?

好的。有什麼定性的評論或在這裡跳出直覺嗎？

I think we are a little -- 3 months too early to talk about.

我認為我們現在談論有點早了 3 個月。

All right. Very good. So since you're not going to answer that question, I'll have one last one. So could you just elaborate a little bit on the supply chain dynamics? I know you talked about the 14-nanometer but I also know there's been maybe some potential yield issues at 10-nanometer. Now that you are in production in 5-nanometer, how do you feel the yield improvements are going on with your current supplier?

好的。很好。所以，既然你不打算回答這個問題，那我就最後一個。那麼您能否詳細說明一下供應鏈動態？我知道您談到了 14 納米，但我也知道 10 納米可能存在一些潛在的良率問題。既然您正在生產 5 納米，您覺得當前供應商的良率提高如何？

Right. So there are a lot of news article of Samsung's 5-nanometer. But I think it's -- based on our experience, when we start working with Samsung 5-nanometer yield, it was a problem. But now we are ready to production. And in fact, we are in production for -- in Q2. And I can say that the yield is not a problem. It can be -- continue to be improved. But I don't think that's a problem for us anymore because we have been working with our foundry supplier for many years. And for any advanced node, it's a similar experience at beginning that the yield is low, and we work together with our foundry partner to improve it. And I think at this point, I won't -- I think this 5-nanometer yield is definitely in a normal range and can be further improved in the near future.

正確的。所以有很多關於三星5納米的新聞。但我認為這是 - 根據我們的經驗，當我們開始使用三星 5 納米產量時，這是一個問題。但是現在我們已經準備好生產了。事實上，我們正在為第二季度生產。我可以說產量不是問題。它可以——繼續改進。但我認為這對我們來說不再是問題，因為我們已經與代工供應商合作多年。而對於任何先進的節點，一開始的良率低也是類似的體驗，我們與代工合作夥伴一起改進它。而且我認為在這一點上，我不會 - 我認為這個 5 納米的產量肯定在正常範圍內，並且可以在不久的將來進一步提高。

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。

You talked about the CV3 and some of the implementations there, you talked about some NRE perhaps. Can you just talk about how the design -- how long design cycle there as relative to prior products? I know it sounds more software intensive. And whether tier 1s, I know tier 1s would be part of getting that established through the industry?

你談到了 CV3 和那裡的一些實現，你可能談到了一些 NRE。你能談談設計 - 相對於以前的產品，設計週期有多長？我知道這聽起來更需要軟件。第一層，我知道第一層是否會成為通過行業建立的一部分？

I think, first of all, the desire -- for any level 2+ design win, I think it's going to take probably 3 to 4 years into production in -- outside China. Inside China, maybe a little faster than that. But I think the from a design win momentum, I think we're talking to both OEM and Tier 1s. We think that both are very equally important. OEM want to make a decision and try to control software, but still they need a Tier 1 to deliver the final product. We need to work closely with our Tier 1 partner to deliver those final products. So I think we -- that's why when we went out to demo CV3, we went out to both -- all the major Tier 1s as well as the major OEM to make sure they see the capability and the potential of CV3. And so when they talk each other to make a decision on the design wins that they will consider CV3.

我認為，首先，對於任何 2 級以上設計獲勝的願望，我認為在中國以外的地區投入生產可能需要 3 到 4 年。在中國國內，可能比這快一點。但我認為，從設計獲勝的勢頭來看，我認為我們正在與 OEM 和一級供應商交談。我們認為兩者都非常重要。 OEM 想要做出決定並嘗試控制軟件，但他們仍然需要第 1 層來交付最終產品。我們需要與我們的一級合作夥伴密切合作以交付這些最終產品。所以我認為我們——這就是為什麼當我們出去演示 CV3 時，我們同時接觸了所有主要的一級供應商以及主要的 OEM，以確保他們看到 CV3 的能力和潛力。因此，當他們相互交談以決定設計獲勝時，他們將考慮 CV3。

Okay. And then on the Oculii acquisition radar, can you just update us on what expectations are for incremental fundamental contribution, revenue contribution or how we should think about that over the next few quarters as you integrate that in.

好的。然後在 Oculii 收購雷達上，您能否更新我們對增量基本貢獻、收入貢獻的預期，或者在您將其整合到未來幾個季度時我們應該如何考慮這一點。

Right. So first of all, we didn't break up with Oculii radar revenue per quarter, but we gave a guidance of probably $3 million to $4 million this year. I think we are close to that. And we're going to continue to monitor the current -- the progress that we made with our current customer. And we did talk about there are a few design wins that we're working on. Hopefully, we'll see results in the next year, and for the ramp up revenue.

正確的。因此，首先，我們沒有打破 Oculii 雷達每季度的收入，但我們給出了今年可能 300 萬至 400 萬美元的指導。我認為我們已經接近這一點。我們將繼續監控當前 - 我們與當前客戶取得的進展。我們確實談到了我們正在努力的一些設計勝利。希望我們能在明年看到結果，並增加收入。

I think there's another very important milestone, I think you should track is when we can demo Oculii [so far] running or CV3 silicon, which will probably -- the first silicon platform that can do sensor fusion with video data and the radar data at the same time. And like I said before, that's really important for us to provide not only just better perception and sensor fusion to our customer, but it provides huge savings to our customers, too. So I think that also is an important milestone that we're trying to hit.

我認為還有另一個非常重要的里程碑，我認為您應該跟踪的是我們何時可以演示 Oculii [到目前為止] 運行或 CV3 芯片，這可能是第一個可以與視頻數據和雷達數據進行傳感器融合的芯片平台同時。就像我之前說的，這對我們來說非常重要，不僅要為我們的客戶提供更好的感知和傳感器融合，還要為我們的客戶節省大量資金。所以我認為這也是我們正在努力實現的一個重要里程碑。

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

我們的下一個問題來自羅森布拉特的凱文卡西迪。

Just as you're looking at the opportunities for CV3, is there a difference between consumer vehicles and, say, robo-taxis and shuttles? Is there a shorter time to market or anyone that might be better suited for the CV3?

正如您正在尋找 CV3 的機會一樣，消費車輛與機器人出租車和班車之間是否有區別？是否有更短的上市時間或可能更適合 CV3 的任何人？

Well, I think for both consumer and the commercial vehicle outside China, design cycle is probably similar because even for commercial vehicle, people also want to have a auto-grade silicon hardware -- silicon and software. Inside China is a little different, and people are more willing to introduce product and test on in the market. So I think that's a different to different timing. And definitely, we will try to take advantage of the shorter design cycle in China, I see where we can quickly introduce some product there.

好吧，我認為對於中國以外的消費者和商用車來說，設計週期可能是相似的，因為即使對於商用車，人們也希望擁有汽車級的矽硬件——矽和軟件。在中國國內稍有不同，人們更願意在市場上介紹產品和測試。所以我認為這與不同的時間不同。當然，我們會盡量利用中國較短的設計週期，我知道我們可以在那裡快速推出一些產品。

Okay. And going back to the NRE question, is Oculii part of that NRE revenue?

好的。回到 NRE 問題，Oculii 是 NRE 收入的一部分嗎？

Yes, it is.

是的。

Okay. That's expected to go forward, also?

好的。這也有望向前發展？

I think now we are engaging with a new customer after we acquired them, yes, we expect that we're going to see new revenue opportunities with radar, also.

我認為現在我們在獲得新客戶後正在與他們接觸，是的，我們預計我們也會看到雷達帶來的新收入機會。

Our next question comes from the line of Andrew Buscaglia with Berenberg.

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

Into the quarter, I think there was some optimism growing around some decision-making, moving forward with some automotive OE, just given -- we saw other announcements or some adjacent technologies, specifically VW. So what -- I understand the inventory commentary, but what about your conversations with just generally in the automotive space around decision-making moving forward. Because as you said, these cycles, you would think we should start to see some movement near term despite what we're seeing around the latest on the inventory side.

進入本季度，我認為圍繞一些決策制定了一些樂觀情緒，推進了一些汽車 OE，剛剛給出 - 我們看到了其他公告或一些相鄰技術，特別是大眾。那又怎樣——我理解庫存評論，但是你在汽車領域與決策制定的一般對話呢？因為正如你所說，這些週期，你會認為我們應該在短期內開始看到一些變動，儘管我們在庫存方面看到了最新的情況。

So you are talking about CV3 engagement?

所以你說的是 CV3 參與度？

Yes. Yes, CV3, more so your latest technology, your latest shift that you're -- yes, specifically, CV3.

是的。是的，CV3，更重要的是你的最新技術，你的最新轉變——是的，特別是 CV3。

So first of all, the CV3 engagement, like I said, we have done well with the first phase of demos, and we need to follow up with a lot of engagement on the engineering side to help customers to put software, to put neural network and demo the system. So I think that's definitely an important one. At the same time, for future -- I should not say -- we are developing derivative chips in the CV2 family so that we can address different applications. So for example, we are working on another silicon -- 5-nanometer silicon for auto grade chip, which is going to be enabling our customer to go into production in 2025 -- '24, '25. And that's definitely the chip that we are working on, and we're going to continue to work on different derivative of CV chips. And that is definitely an important investment strategy for us moving forward. I hope that answers your question.

所以首先是 CV3 參與，就像我說的，我們在第一階段的演示中做得很好，我們需要在工程方面跟進很多參與，以幫助客戶放置軟件，放置神經網絡並演示系統。所以我認為這絕對是一個重要的。同時，對於未來——我不應該說——我們正在開發 CV2 系列的衍生芯片，以便我們可以解決不同的應用。例如，我們正在開發另一種矽片——用於汽車級芯片的 5 納米矽片，這將使我們的客戶能夠在 2025 年投入生產——'24,'25。這絕對是我們正在研究的芯片，我們將繼續研究 CV 芯片的不同衍生產品。這絕對是我們前進的重要投資策略。我希望這能回答你的問題。

Well, I guess that was more so in terms of being able to announce the design wins, just that we're seeing some movement and we are seeing some decision-making move forward with some adjacent technologies. I guess where does CV fit in there? I would think that you would start to see some movement even despite these inventory pressures.

好吧，我想在能夠宣佈設計獲勝方面更是如此，只是我們看到了一些進展，我們看到一些相鄰技術的決策向前發展。我猜簡歷在哪裡適合？我認為即使存在這些庫存壓力，您也會開始看到一些變化。

So I think like in our script, we talk about -- we believe we can give you more update in -- before year of the year. There are 2 things we're going to give you indication. One is we're going in November, we want to give a final update, which will probably give you indication how we're doing with the OEM in terms design wins as well as we're going to talk about CVG engagement, we said probably by the end of the end of the year, we will talk about that. So hopefully, that will continue to provide you input.

所以我認為就像在我們的劇本中一樣，我們會談論 - 我們相信我們可以在一年之前為您提供更多更新。我們將為您提供兩件事。一個是我們將在 11 月進行，我們希望提供最終更新，這可能會讓您了解我們在設計勝利方面與 OEM 的合作情況，以及我們將討論 CVG 參與，我們說過可能在年底之前，我們將討論這個問題。因此，希望這將繼續為您提供輸入。

Okay. Okay. And then maybe when you're talking about customers around specifically the sampling CV3, is there regionally any sort of bias you're seeing more interest in 1 region versus the other, whether it be U.S., Europe or Asia, or too early to tell?

好的。好的。然後，當您談論特別是採樣 CV3 的客戶時，是否存在任何類型的偏見，您會看到一個地區比另一個地區更感興趣，無論是美國、歐洲還是亞洲，或者說還為時過早?

In fact, we -- among the 2,000 customers, over -- I think it's global, and we talk to almost every place, including China, Japan, Korea, Europe and the U.S. So I think we probably talk to the target customer that we want to talk to in the last few weeks.

事實上，我們——在 2,000 多個客戶中——我認為它是全球性的，我們與幾乎所有地方都有聯繫，包括中國、日本、韓國、歐洲和美國。所以我認為我們可能會與我們的目標客戶交談想在過去幾週內交談。

Yes. Andrew, just to give you some more perspective on what's at play here. This is our first central domain controller -- and so you go through a sequential process where we had introduced the product idea to customers in the last couple of years. And as Fermi described, we've gone through the demonstration process, almost several dozen customers on a global basis of now seeing the Board and operating live. And then the next step that we described is providing the SDKs and EVKs where they can begin to port their own software onto the chip. And as you move through this progression of steps, a series of steps, customers will feel more comfortable to make that decision, and we're still saying we expect to provide an update on where we're at by the end of this year.

是的。安德魯，只是為了讓你對這裡發生的事情有更多的看法。這是我們的第一個中央域控制器——因此您經歷了一個連續的過程，我們在過去幾年向客戶介紹了產品理念。正如 Fermi 所描述的，我們已經完成了演示過程，在全球範圍內有近幾十個客戶現在看到了董事會並進行了現場操作。然後我們描述的下一步是提供 SDK 和 EVK，他們可以開始將自己的軟件移植到芯片上。隨著您逐步完成一系列步驟，客戶會更放心地做出決定，我們仍然說我們希望在今年年底之前提供有關我們所處位置的最新信息。

Our next question comes from the line of Richard Shannon with Craig-Hallum.

我們的下一個問題來自 Richard Shannon 與 Craig-Hallum 的對話。

I think just one question for me and following up on the topic of CV3 here. Well, I know the discussions in demos are very early stage here. For wondering what you see in terms of future discussions and competitive sourcing dynamics with large automotive customers. Do you expect them to be choosing 1 domain controller across the entire portfolio? Or do you expect them to possibly use 2 or more? In other words, is this an all or none situation? Or is there kind of a split situation over time?

我想對我來說只有一個問題，並在此處跟進 CV3 的主題。好吧，我知道演示中的討論還處於早期階段。想知道您在與大型汽車客戶的未來討論和競爭性採購動態方面看到了什麼。您是否希望他們在整個產品組合中選擇 1 個域控制器？還是您希望他們可能使用 2 個或更多？換句話說，這是全有還是全無？還是隨著時間的推移會出現分裂的情況？

It's interesting because a lot of the companies that we talk to always start with -- they want to choose 1 because of software. But at the end, I think they all understand the risk of taking only one. So I think it's -- there's a chance that some people will take 2 and also the chance that someone will take 1 between these 2 possibilities.

這很有趣，因為我們與之交談的許多公司總是從軟件開始——他們想選擇 1 是因為軟件。但最後，我想他們都明白只吃一個的風險。所以我認為是——有些人有可能會選擇 2，也有可能有人會在這兩種可能性之間選擇 1。

Our next question comes from the line of Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird。

You've mentioned that the CV5 will start ramping the second half and into next year. Should we assume that CV5 is going to be material to your revenue the second half? And is it material to your Q3 guidance? Or is it just initial shipments and then it becomes more meaningful next year?

您已經提到 CV5 將在下半年開始加速到明年。我們是否應該假設 CV5 將對您下半年的收入產生重大影響？它對您的第三季度指導重要嗎？還是只是最初的出貨量，然後在明年變得更有意義？

I will say that the meaningful revenue come from next year. This Q3 and Q4 will be a ramp-up time for several customers, but I think meaningful revenue probably will probably move toward to Q1, Q2 next year.

我會說有意義的收入來自明年。對於一些客戶來說，第三季度和第四季度將是一個增長期，但我認為有意義的收入可能會轉移到明年的第一季度和第二季度。

Okay. And then you've mentioned as my second question. The -- some inventory deleveraging across customers, both on the automotive and the IoT side. And I just wanted to get any color that you could provide specific to the China automotive market? How high are inventory levels right now? And have you seen pushouts or delays either in terms of deliveries or new projects? How is the situation there? And how do you expect it to evolve over the next several quarters?

好的。然後你提到了我的第二個問題。 - 在汽車和物聯網方面，一些客戶的庫存去槓桿化。我只是想獲得你們可以針對中國汽車市場提供的任何顏色？現在的庫存水平有多高？您是否看到交付或新項目方面的推銷或延遲？那裡的情況如何？您預計它在接下來的幾個季度將如何發展？

You're talking about China market, right?

你說的是中國市場吧？

Yes. Automotive.

是的。汽車。

Yes, China automotive. So I think if you talk about China Automotive, I will say that you need a separate consumer versus commercial vehicles. I think China commercial vehicles are facing severe problems in terms of demand, which is a smaller market. On the consumer vehicle, I think inventory, we haven't seen -- we're still -- that market is still facing show supplies. And so that's why we haven't seen any revenue reduction -- sorry, the inventory reduction in the Chinese consumer automotive at this point.

是的，中國汽車。所以我想如果你談論中國汽車，我會說你需要一個單獨的消費者和商用車。我認為中國商用車在需求方面面臨著嚴峻的問題，這是一個較小的市場。在消費車輛上，我認為庫存，我們還沒有 - 我們仍然 - 市場仍然面臨展示供應。這就是為什麼我們沒有看到任何收入減少的原因——抱歉，目前中國消費汽車的庫存減少。

And when would you expect then this supply to get back in balance? And will that create more of a slowdown on your existing revenue base to the automotive end market in China by then?

你預計什麼時候供應會恢復平衡？到那時，這是否會導致您現有的中國汽車終端市場收入基礎進一步放緩？

I'm not sure because I don't know exactly what the inventory level of our current customers. For our chip, right, I can imagine that some that probably build a little bit of inventory some people will be conservative. So it's really going to be customer-by-customer discussion. For example, even for IoT, not all of our customer has inventory problems. Some people are more conservative in terms of building up inventory. So the inventory reduction is more minor for them. But there are some customers that have been aggressive building our inventories throughout the last 24 months. And definitely, there is a long time for them to digest inventory. So it's really customer-to-customer discussion. We can say, it's very hard to normalize it.

我不確定，因為我不確切知道我們當前客戶的庫存水平。對於我們的芯片，對，我可以想像一些可能會建立一點庫存的人會保守一些。因此，這實際上將是逐個客戶的討論。例如，即使是物聯網，也不是我們所有的客戶都有庫存問題。有些人在建立庫存方面更為保守。因此，庫存減少對他們來說更小。但在過去的 24 個月裡，有些客戶一直在積極建立我們的庫存。毫無疑問，他們消化庫存的時間很長。所以這真的是客戶對客戶的討論。我們可以說，它很難正常化。

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

我沒有在隊列中顯示更多問題。我現在想把電話轉回給王博士做結束語。

And I would like to thank you all for your time and your consideration today, and I'm looking forward to see you in the coming -- upcoming events. Thank you, guys.

我要感謝大家今天的時間和考慮，我期待在即將到來的活動中見到你們。感謝你們。

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

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。