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)

您好，感謝您的支持。歡迎參加 Ambarella 2023 年第三季財報電話會議。 （操作員指示）

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

現在我想將會議交給今天的發言人。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，托萬達，下午好。感謝您參加我們 2023 財年第二季財務業績電話會議。今天與我一起通話的是總裁兼執行長 Fermi Wang 博士；以及財務長 Brian White。今天電話會議的主要目的是向您提供有關我們 2023 財年第二季業績的資訊。

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.

今天的討論和對您的問題的回答將包含有關我們預計的財務業績、財務前景、市場成長和對我們解決方案的需求等的前瞻性陳述。這些聲明受風險、不確定性和假設的影響。如果任何這些風險或不確定性成為現實，或者我們的假設被證明是錯誤的，我們的實際結果可能與這些前瞻性陳述有重大差異，並且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結果的潛在風險因素的其他資訊在我們向美國證券交易委員會提交的文件中進行了更詳細的描述，包括我們於 2022 年 4 月 1 日提交的截至 2022 年 1 月 31 日的 2022 財年的 10-K 表年度提交的年度報告10-Q 表。

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.

您可以在我們網站的投資者關係部分找到我們的 2023 財年第二季業績新聞稿、成績單、歷史業績、美國證券交易委員會 (SEC) 文件以及今天電話會議的重播。 Fermi 將提供本季的業務更新。布萊恩將審查財務結果，然後我們將回答您的問題。

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

說完這些，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。感謝您今天參加我們的電話會議。第二季業績基本上符合預期。營收季減 10%，比去年同期成長 2%。 CV 收入較去年同期大幅成長，推動我們的混合平均售價超過 10 美元。我們累計已出貨超過 1,000 萬個 CV SoC，其中超過 20% 銷往汽車市場。我們仍有望實現先前的預期，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，我們遭受了中國封鎖和 14 奈米短缺的最嚴重影響，不完整的套件仍然是許多客戶的瓶頸。總的來說，我們應該會在下半年看到這些因素帶來一些改善，但由於一些客戶現在正在降低庫存水平，特別是交貨期合同，我們的復甦前景受到抑制。 7 月份，我們開始向領先的汽車一級供應商和原始設備製造商進行全球路演，現場展示我們的 CV3 SoC。提醒一下，CV3 是我們第一個在單一單晶片中整合了 Ambarella 所有核心競爭力的中央網域控制器，包括攝影機、雷達、感測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體。

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.

在 SoC 出廠僅一個月後，我們就向全球許多汽車 OEM 和一級供應商展示了多個即時攝影機的全部功能。我們的 SoC 路線圖的卓越性能和效率以及可擴展性得到了認可和好評，引發了許多後續開發討論。現在，我們期望能夠在今年年底前分享更多有關這些客戶的參與情況。

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.

我們也很自豪地宣布，我們的首款 5 奈米 SoC CV5 已於第二季投入生產，比預期至少提前了一個季度。我們有 3 個物聯網客戶，每個客戶都在第二季度購買了生產量，我們正在與許多其他公司合作開發他們的首批 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.

現在我將提供一些我們市場開發活動的例子，這些活動已經或預計今年開始生產。豐田推出了第 16 代 2023 年豐田皇冠車型，配備基於安霸 CV25AX AI 處理器的雙通道數位視訊記錄儀，能夠從 ADAS 系統和電子後視鏡進行記錄，該車載記錄儀由日本一級供應商 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.

BMW開始發售兩款行車記錄器型號，Advanced Car Eye 3.0 和 3.0 Pro，提供前視和後視記錄。該行車記錄器基於安霸的 H22 視訊 SoC，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，中國一汽紅旗推出了最新一代B級轎車。 H5 轎車配備了基於我們的 CV22AQ 汽車 SoC 並由一級供應商東軟提供的 L2 ADAS 系統。

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.

同樣在Gen China上，東風汽車推出了豪吉SUV。這款 SUV 配備了基於我們的 CV28AQ 並由一級 BCS 提供的乘員監控系統。今年 8 月，總部位於以色列的 Cipia 公司宣布奇瑞的 SUV 將整合在 Ambarella 的 CV28 AI 處理器上運行的 Cipia Driver Sense DMS。 CV28 與駕駛員感知軟體的整合利用神經網路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.

我現在將談論一些新的物聯網產品公告。江森自控推出了第四代 Illustra Flex 攝影機系列，包括基於我們的 CV28S AI SoC 的迷你半球型、PTZ 型和子彈型。此外，在本季度，Ubiquiti 宣布推出基於我們的 CV25S AI SoC 的 AI Bullet 攝像頭，這款 400 萬像素攝像頭可智慧檢測人員和車輛。

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 攝影機製造商 IDIS 推出了基於我們的 CV28 和 CV22 SoC 的 4 視角 8 百萬像素和 6 兆像素 PTZ 攝影機。這款攝影機專為廣域監控操作而設計，能夠辨識物體並辨識距離最遠 300 公尺的人臉。

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 推出了一款新型 200 萬像素機器視覺相機，該相機面向製造現場，基於我們的 CV22 AI SoC。該相機可執行自動視覺檢查，並支援多達 100 種不同的物體類型，例如偵測電纜和連接器的存在、不同的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.

此外，JVC 在日本推出了新款 PZ2510 視訊會議攝影機，專注於音樂會和講座等現場直播和錄製應用。該攝影機基於安霸的 CV22 AI SoC，支援全 4KP60 視訊串流人臉偵測、自動追蹤和廣視角。

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 款基於我們的 H22 視訊 SoC 的新產品。 Insta360 的 Sphere 是無人機的配件，其工作原理是將 1 個攝影機放置在無人機上方，將 1 個攝影機放置在無人機下方，以創建無縫球形影像。

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.

在智慧家庭物聯網市場，Insta360 的 Link 是一款由人工智慧驅動的 4K 視訊會議設備，採用 3 軸萬向節設計和強大的人工智慧追蹤、自動縮放和取景功能，確保演示者始終處於中心位置。

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.

此次代表參與大部分基於我們更高價值的 CV SoC，為我們策略的早期和持續成功提供了洞察。我們已成功將人類視覺感知處理專業知識運用到更大的機器感測市場，以應對安全、保障和自動化等大趨勢。這種機器感測單元的機會是漸進的，比我們已經並將繼續服務的人類觀看市場要大得多。

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，我們可以從雷達和其他感測器感知、感測器融合和規劃、功能安全和應用軟體等增量處理功能中獲取感測應用中的更多價值。 CV3 將所有這些功能結合在一起。

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策略，並已顯示出成功的早期跡象。儘管當前市場動盪，我們仍將繼續推動有機研發投資，以充分實現這些市場機遇，並利用我們在人工智慧終端市場的領導地位。

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

現在，Brian 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，並對截至 2022 年 10 月 31 日的第三季提供財務展望。我將討論非 GAAP 結果，並請您參考今天的新聞稿，以了解 GAAP 與非 GAAP 結果的詳細對帳。對於非公認會計準則報告，我們已消除股票薪酬費用和根據稅務影響進行調整的收購相關成本。

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.

第二財季營收為 8,090 萬美元，略高於我們先前預期範圍的中點，較上季下降 10%，較去年同期成長 2%。正如預期的那樣，供應鏈相關的中斷是業績低於季節性的主要因素，物聯網和汽車收入均較上季下降。

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.

第二財季非公認會計準則毛利率為 64.5%，高於我們預期的 63% 至 64% 的高端水準。我們的毛利率優異表現得益於高於最初預期的 NRE 收入組合。

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.

第二季非公認會計準則營運費用為 4,420 萬美元，而第一季為 3,980 萬美元。這比我們先前 4,200 萬美元至 4,500 萬美元的指導範圍中點高出 70 萬美元，主要原因是新產品的工程材料。

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.

我們的非公認會計準則稅務準備金為 361,000 美元，佔稅前收入的 4.5%，我們報告的非公認會計準則淨收入為 760 萬美元，即每股攤薄收益 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.

現在我將討論我們的資產負債表和現金流。由於上一季異常營運資本利得逆轉且指標恢復正常，現金和有價證券減少了約 300 萬美元。您會記得，在上一季度，應收帳款受益於前端收入偏差並且庫存下降。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%.

我們有兩家物流和 ODM 公司，它們占我們第二季收入的 10% 或更多。文曄微電子 (WT Microelectronics) 是台灣的一家履行合作夥伴，為亞洲的多個客戶發貨，其收入佔比為 59%。為多個物聯網客戶製造產品的群光及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 財年第三季的前景。雖然我們預計下半年大規模供應鏈中斷的情況會有所改善，但我們已經開始看到一些客戶減少了他們願意在年底持有的庫存量，尤其是在零件交付週期縮短的情況下。據我們目前所知，我們的指導已經考慮到了這些挑戰。我們預計第三季的營收將在 8,100 萬美元至 8,500 萬美元之間，或環比持平至成長 5%。我們預計第三季非公認會計準則毛利率在 63% 至 64% 之間。我們預計第三季非 GAAP 營運支出將在 4,400 萬美元至 4,600 萬美元之間，與第二季相比有所成長，主要原因是本季員工人數增加以及銷售活動增加。

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 40 萬美元，我們的非 GAAP 稅率在 4% 至 6% 之間，我們的稀釋股數約為 3,900 萬股。 Ambarella 將參加 9 月 1 日舉行的德意志銀行技術大會、9 月 6 日舉行的 Credit Suites 虛擬亞洲技術大會、9 月 8 日舉行的花旗技術大會以及 10 月 3 日舉行的瑞銀虛擬未來行動大會。請聯絡我們以了解更多詳情。

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

感謝您今天參加我們的電話會議。說完這些，我將把電話轉給接線生來回答問題。

(Operator Instructions) Our first question comes from the line of Matt Ramsay with Cowen.

（操作員指示）我們的第一個問題來自 Cowen 的 Matt Ramsay。

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.

我祝賀您試用了 CV3。我想問一下，您是否可以向我們提供一些有關客戶樣品測試進度的最新消息和趣聞？也許有多少客戶已經正式採樣，這些參與情況如何，以及相對於你們所建模的部分早期性能反饋，以及 CV3 軟體入口網站如何與客戶樣品配合使用。

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。首先，我們向大約 20 多個客戶進行了演示，其中包括一級 OEM。我認為從這些演示中我們可以得到 3 個重要的啟示。首先，晶片從晶圓廠返回四周後，我們進行了一次非常詳盡的演示，所有客戶都對此印象深刻。我們給出的演示是一個即時板，CV3 位於中間，我們正在拍攝多個攝影機即時視訊。這些即時視訊進入 CV3，我們對所有攝影機進行標準影像處理，視訊處理進入我們的壓縮引擎和 CV 串流引擎。 CV 流引擎運行多個不同的神經網絡，這對於自動駕駛非常重要。我們——所有影片都經過神經網路處理。而最終的結果，既視訊又神經網路的過程結果都被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晶片的所有重要資料路徑。我們可以在晶片返回後的四周內做到這一點。這表明我們不僅擁有穩定的晶片，而且我們的基礎軟體也足夠好、足夠堅固，可以進行實際演示。我想我們所有的客戶都會感到驚訝，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.

第二件事也是最重要的，就像你說的，就是性能。事實上，在我們示範 CV3 之前，我們就告訴了所有客戶他們對性能的期望。事實上，我們完全符合預期，我們的真正晶片確實給人們帶來了驚喜。事實上，這對他們來說是一個很大的驚喜，因為他們習慣看到人們在數據上給予更高的預測——在人員演示和實際晶片出現時，性能會稍微低一些。但就我們的情況而言，我們確實按照 CV3 的宣傳實現了這一目標。這是第二個要點。

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.

第三個重點是電力消耗。我們還為客戶提供預測、潛在功率數字，並且我們達到了我們談論的功率數字。總而言之，基本上，我們向人們展示了我們擁有一款晶片，其 CV 性能比我們的競爭對手高出數倍，功耗卻只有很小一部分，而且 - 這就像演示，不再是 PowerPoint 簡報。所以我認為這確實打動了我們的客戶，讓他們對我們的 CV3 留下了非常好的印象。

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向我們的客戶提供硬體和 SDK（軟體 SDK），以便他們進行軟體開發並報告神經網路。所以我認為這是正在進行的事情，我們正在與客戶進行交流。因此希望我們能夠繼續報道更多消息。正如我在腳本中所說，我們相信我們將能夠在年底前為您提供有關我們的客戶參與度的更多更新資訊。

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。並祝賀你的進展。作為我的後續問題，布萊恩，我想詢問一些客戶配套問題，以及您對客戶可能希望在年底減少庫存的評論。有什麼方法可以量化這對財政年度下半年的影響嗎？如果您了解哪些地區、哪些特定終端市場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，我們向您提供了對第三財季收入的展望。目前我們不會冒險進入第四季。但就我們看到的這種回饋而言，它來自各個地區的客戶。因此它並不是專門針對單次曝光的。我認為我們現在的情況是，客戶已經經歷了相當長一段時間的供應中斷，對嗎？這些幹擾在某種程度上開始減弱。情況逐漸好轉。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，人們重新將注意力集中在庫存管理上，這種關注可能在一段時間內並不存在，特別是當我們接近年底的時候。因此，我們收到了來自不同客戶的一些推廣請求，我們在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。接下來是有關客戶庫存的最後一個問題。當您談到交貨時間縮短時，那是您的交貨時間嗎？還是這是其他組件的準備時間？然後我進行了後續跟進。

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這兩者，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。在新冠疫情之前，我們的正常交貨時間為 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顯示出交貨時間收縮。

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。然後就十月而言，我知道以消費者為中心的業務（包括監控和其他消費者業務）通常會出現季節性成長。你們剛剛經歷了一個季度，由於代工問題，你們的收入受到了影響。那麼，您是否仍然看到這種季節性影響，並且它被您談到的其他問題所抵消了？或者說，對您造成的影響更大—季節性產品？您能否簡單描述一下—如果出現正常的季節性成長，似乎會出現相當大的下降。我只是想確保我理解了。

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，我們一直在談論的這三個供應鏈問題，雖然有所減輕，但並沒有消失，甚至到下半年，我們相信它仍會持續存在，但程度會減輕。除此之外，我們剛剛也談到了客戶的庫存減少。我認為這兩件事可能是主要因素。而且，我認為這裡真的很獨特。考慮到我們正在監控的其他供應鏈情況和地緣政治局勢，我不得不說，我認為今年我們的正常季節性並不適用。

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，以及兩個簡單的問題。布萊恩，您提到一些 NRE 收入有助於提高毛利率。我希望您能能量化第二季的增量 NRE 數量？您對第三季的展望是什麼？

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，我們不會具體列出這一點，但只是為了給你一個概念，公司的 NRE 通常佔總範圍的 1% 到 2%。而在第二季度，NRE 總額（以百萬美元計）處於低至中等個位數水準。隨著我們不斷前進，道路將會崎嶇不平。但當我們展望短期，例如第三季度——財政第三季度，我們看到它正在正常化並恢復到典型的運行率。但我認為，隨著時間的推移，我們開展更多與 CV3 等相關的活動，這可能會開始成為整體收入結構中更大的一部分。我們尚未達到持續的水平。

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。關於客戶庫存減少，主要是汽車方面的嗎？這更多涉及物聯網方面嗎？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，至少在短期內是如此。顯然，我知道每家公司都提供不同種類的組件，因此可能並不完全相同。但我很好奇，您在哪裡看到了稍微疲軟的需求訊號？這更多的是汽車還是物聯網？

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。我們發現汽車客戶的庫存略有減少。事實上，它們佔總收入的25%。但在安全業務的平衡——物聯網方面，特別是安全攝影機方面，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，您的整體庫存有點引人注目，因為它已經連續第四個季度減少，這在大多數半導體供應商的庫存都增加的行業中是一種異常現象。查看資產負債表上較低水準的庫存的正確方法是什麼？這是未來 2 至 3 個季度需求前景的訊號嗎？這是什麼情況——正確的看待方式是什麼——您能夠以較低水平的絕對庫存美元進行管理嗎？

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，維韋克。以美元計算，過去幾季庫存有所下降。但如果你看第二季度，你會發現天數其實是增加了，因為該季度的銷貨成本下降了。因此，我認為我們第一季的庫存約為 170 天，而第二季的庫存約為 117 天。因此，就公司的庫存天數而言，這是一個相對較高的水平。但由於供應中斷，我們一直保持較高的相對庫存水平，試圖緩衝部分波動的影響。因此，如果從長遠角度考慮，如果我們能夠解決所有這些供應問題並實現更正常的狀態。我預計未來我們的庫存量將低於 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加里‧莫布利 (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.

我很欣賞您披露的混合平均售價目前如何超過 10 美元，但您是否可以為我們提供一些基準數據，讓我們按季度、按年進行思考，並將其與您的單位增長情況進行比較。

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，自從我們推出 CV 產品線以來，我們的平均銷售價格持續成長，我們預計這種成長可能會在全年持續下去。當我們將 CV3 或 CV3 系列產品投入生產時，ASP 會持續擴大。我認為從單位數量來看，這是一個獨立的問題。事實上，我們失去大部分單位數量的原因是高視力（聽不清楚）的平均售價非常低，這可能是過去幾年中最低的平均售價業務。我們基本上失去了那項業務。這也有助於改善我們的 ASP——全公司的 ASP。但我想說的是，總體而言，由於我們的 CV 流產品線，我們的 ASP 成長將持續。

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。我想確認一下，三星 14 奈米供應問題對 7 月季度的持續影響約為 500 萬美元，我想明確一點，從 10 月季度來看，這不再是一個阻力。是嗎？

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 萬美元是真的。而到十月份，我認為這個數字會少很多，但我們在給予指導時會考慮。

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。我剛剛對 CV5 有疑問。我看到它現在已經提前進入量產階段。但就此而言，您能否向我們介紹一下您如何看待未來 6 到 12 個月內 CV5 的採用情況，以便我們可以考慮明年的收入曲線？您是否看到了—預計採用率會大幅提升，並且這會成為業務的重要成長動力嗎？任何關於如何將其視為收入流熱門方面的詳細資訊都會有所幫助。

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。而目標應用是高階企業級安全攝影機、企業視訊會議系統以及一些家庭應用——高階家庭定位。因此——幾乎我們所有的安全攝影機，如果生產高階產品，他們都會關注 CV5。正如我所說，其中一些公司將在本季投入生產，還有多家公司將在今年下半年投入生產。因此我認為 CV5 收入將從今年下半年開始增加，並在明年增加。它確實有助於我們擴大平均銷售價格，並幫助我們維持毛利率。

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。然後我想這只是一個後續行動。就物聯網和汽車這兩個領域而言，我知道您提到了本季的環比下滑。您能否詳細說明如何計算它們在本季的銷售額百分比？然後我想補充一點，看看第三季的指引，我們是否可以預期 10 月季度也會出現類似的情況？

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，我想僅就這兩個領域而言，如果你看一下物聯網和汽車。我只是希望能夠更多地了解他們本季的規模，以及他們的銷售額佔比是多少？然後補充一點，對於第三季的指引，我們是否可以預期 10 月季度會出現類似的情況？

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。我是路易斯。因此，如果考慮所有包含在內的因素，包括 NRE，那麼汽車和物聯網大致相同。第三季的前景是這兩個領域都將連續成長。

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·西摩。

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，似乎其收入佔比約為 25%。現在給出前面問題的答案，似乎是連續 3 個季度。您預計什麼時候會真正加速？我知道 CV 方面需要更長的時間，其中大部分都對 IoT 方面產生了影響。但您如何看待這兩個細分市場的成長率？特別是在汽車領域，考慮到您在序言中強調的所有設計優勢，我們什麼時候應該期待轉向提升或更大的坡度？

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.

我確實認為，就汽車收入成長而言，我們的下一個重要里程碑是 1 家主要 OEM 將 ADAS Level 2+ 汽車投入生產，對嗎？所以這確實是我們實現長期成長的關鍵。我認為，儘管汽車收入將繼續增長，但我認為我正在尋找的階梯函數實際上是——就像我說的，主要的 OEM 將 ADAS 帶入市場。

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?

可以大致知道什麼時候會發生這種情況嗎？您是否認為您的設計獲得了成功？或者這會更依賴 CV3，因此考慮到設計週期，還需要幾年的時間？上面有任何粗糙的顏色嗎？

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 會為我們帶來一些推動，而且——但就像我們過去所說的那樣，CV3 因為 ASP 確實會為我們提供最大的飛躍。但我認為從現在到 CV3 投入生產，您應該會繼續看到我們的汽車收入成長。

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

我們的下一個問題來自 Stifel 的 Tore Svanberg。

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.

我知道您不會對第三季之後的事情發表評論。但是，僅考慮交貨時間和庫存調整，您是否認為 10 月季度的交貨時間會縮短至 25 分鐘左右？或者當您談到從 40 歲到 30 歲的過程時，這個過程開始得稍晚。

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，我認為現在是 30 歲。我們是否會像以前一樣增加到 20 或 24 個，這實際上取決於我們的供應鏈，對嗎？所以我認為這還需要一段時間，因為還有——我認為，在高階製程節點上，可能 30 會在一段時間內保持穩定。所以我不希望發生這種情況——立即回到 20、24。然而，我認為這種趨勢是存在的，而且我認為我們的客戶確實對這種趨勢做出了反應，期望交貨時間很快就會恢復正常。

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?

非常好。作為我的後續問題，您能否確認您將在下個季度向我們更新有關您的汽車收入管道 3.0 的最新情況？既然您現在顯然不會分享數據，您能否至少定性地談談該管道如何繼續改善？

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

我們一定會在 11 月向您提供 3.0 的更新。

Okay. Any comment qualitatively or jumping the gut here?

好的。對此您有什麼定性評論或直接評論嗎？

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

我認為我們現在談論這個話題還有點早——三個月。

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。非常好。既然你不打算回答這個問題，那我就再問最後一個問題。那麼能否詳細說明一下供應鏈動態呢？我知道您談到了 14 奈米，但我也知道 10 奈米可能存在一些潛在的產量問題。現在你們已開始生產 5 奈米工藝，您覺得目前供應商的產量提升情況如何？

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。因此有很多關於三星 5 納米的新聞文章。但我認為——根據我們的經驗，當我們開始與三星合作 5 奈米產量時，這是一個問題。但現在我們已經準備好投入生產了。事實上，我們在第二季就開始生產了。而且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，因為我們已經與我們的代工供應商合作多年了。對於任何先進節點，一開始都會有類似的經歷，即產量較低，我們會與代工合作夥伴共同努力改進它。我認為就目前而言，我不會——我認為這個 5 奈米的產量肯定處於正常範圍內，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?

您談到了 CV3 及其中的一些實現，也許還談到了一些 NRE。您能否談談設計情況－相對於先前的產品，設計週期有多長？我知道這聽起來更像是軟體密集的。而且一級供應商，我知道一級供應商是否會參與到整個產業的建立？

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 級以上設計的勝利，我認為在中國以外投入生產可能需要 3 到 4 年的時間。在中國，可能速度會更快一些。但我認為從設計獲勝的勢頭來看，我們正在與 OEM 和 Tier 1 進行談判。我們認為兩者同樣重要。 OEM 希望做出決定並嘗試控制軟體，但他們仍然需要 Tier 1 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來交付這些最終產品。所以我認為，這就是為什麼當我們出去展示 CV3 時，我們會聯繫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，當他們互相交談以決定是否採用設計時，他們會考慮 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，關於 Oculii 收購雷達，您能否向我們介紹一下對增量基本貢獻、收入貢獻的預期，或者在將其整合到未來幾季中我們應該如何考慮。

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。首先，我們沒有透露 Oculii 雷達每季的收入，但我們預計今年的收入將大約在 300 萬至 400 萬美元之間。我認為我們已經接近這個目標了。我們將繼續監控當前情況—我們與現有客戶所取得的進展。我們確實談到了我們正在努力實現的一些設計成果。希望我們能在明年看到成果並增加收入。

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，我認為你應該跟踪的是，我們何時可以演示 Oculii [到目前為止] 運行或 CV3 矽片，這可能是第一個可以同時使用視頻數據和雷達數據進行傳感器融合的矽片平台。正如我之前所說，這對我們來說非常重要，不僅是為了向我們的客戶提供更好的感知和感測器融合，而且還為我們的客戶節省大量成本。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 Rosenblatt 的 Kevin Cassidy。

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?

正如您所看到的 CV3 的機會一樣，消費性車輛與機器人計程車和接駁車之間有什麼區別嗎？是否有更短的上市時間或更適合 CV3 的人？

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.

嗯，我認為對於中國以外的消費汽車和商用汽車來說，設計週期可能相似，因為即使對於商用汽車，人們也希望擁有汽車級的矽硬體——矽和軟體。中國國內的情況有些不同，人們更願意引進產品並在市場上進行測試。所以我認為這與時間不同。當然，我們會嘗試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。這也有望繼續進行嗎？

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之後正在與他們接觸，是的，我們預計我們也將透過雷達看到新的收入機會。

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

我們的下一個問題來自貝倫貝格銀行的安德魯·布斯卡利亞 (Andrew Buscaglia)。

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，我認為人們對一些決策、一些汽車 OE 的推進抱持樂觀態度，因為我們看到了其他公告或一些相鄰技術，特別是大眾汽車。那麼——我理解庫存評論，但您與汽車領域未來決策的對話又如何呢？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，儘管我們看到了庫存方面的最新情況。

So you are talking about CV3 engagement?

所以您說的是 CV3 參與？

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

是的。是的，CV3，更重要的是您的最新技術，您的最新轉變——是的，具體來說，就是 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.

首先，就像我說的，CV3 的參與，我們在第一階段的演示中做得很好，我們需要在工程方面進行大量的跟進，以幫助客戶安裝軟體、安裝神經網路並演示系統。所以我認為這絕對是一個重要的觀點。同時，對於未來——我不應該這麼說——我們正在開發 CV2 系列的衍生晶片，以便我們可以滿足不同的應用。例如，我們正在研發另一種用於汽車級晶片的 5 奈米矽，這將使我們的客戶能夠在 2025 年、2024 年、2025 年投入生產。這絕對是我們正在研發的晶片，我們將繼續研發不同衍生的 CV 晶片。這對我們未來的發展無疑是一項重要的投資策略。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.

嗯，我想這更多的是在能夠宣布設計勝利方面，只是我們看到了一些動向，我們看到一些決策在一些相鄰技術上取得了進展。我猜 CV 適合放在哪裡？我認為，即使有這些庫存壓力，你也會開始看到一些動靜。

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，就像在我們的腳本中討論的那樣——我們相信我們可以在年初之前為您提供更多更新。有兩件事我們要給你提示。一是我們將在 11 月進行最後一次更新，這可能會向您表明我們在設計勝利方面與 OEM 的合作情況，以及我們將討論 CVG 參與情況，我們說過可能會在今年年底之前討論這個問題。所以希望這能繼續為您提供輸入。

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，也許當您談論特別是圍繞 CV3 採樣的客戶時，是否存在區域偏見，您是否看到某個地區對另一個地區更感興趣，無論是美國、歐洲還是亞洲，或者現在下結論還為時過早？

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 多家客戶中——我認為是全球性的，我們與幾乎所有地方都有交流，包括中國、日本、韓國、歐洲和美國。所以我認為我們可能在過去幾週內與我們想要交流的目標客戶進行了交流。

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，只是想讓你多了解這裡發生的事情。這是我們的第一個中央網域控制器——因此您需要經歷一個連續的過程，我們在過去幾年中向客戶介紹了產品理念。正如費米所描述的，我們已經完成了演示過程，全球幾乎有幾十個客戶已經看到了主機板並開始進行即時操作。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體移植到晶片上。隨著您逐步完成這一系列步驟，客戶將更放心地做出決定，我們仍然表示，我們希望在今年年底前提供有關我們目前情況的最新消息。

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

我們的下一個問題來自 Craig-Hallum 的 Richard Shannon。

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?

我認為這只是我一個問題，並在此跟進 CV3 的話題。嗯，我知道演示中的討論還處於早期階段。想知道您對未來與大型汽車客戶的討論和競爭採購動態有何看法。您是否希望他們在整個產品組合中選擇 1 個網域控制站？或者您預計他們可能會使用 2 個或更多？換句話說，這是一個全有或全無的情況嗎？或者隨著時間的推移，會出現某種分裂的情況？

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，因為我們交談過的許多公司總是從軟體開始——他們想選擇 1。但最終，我想他們都明白只選一項的風險。所以我認為——在這兩種可能性中，有些人可能會選擇 2，有些人可能會選擇 1。

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

我們的下一個問題來自貝爾德的特里斯坦·傑拉 (Tristan Gerra)。

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?

您曾提到 CV5 將在下半年和明年開始加速銷售。我們是否應該假設 CV5 將對您下半年的收入產生重要影響？這對您的第三季指引重要嗎？或者這只是最初的出貨量，然後明年會變得更有意義？

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.

我想說有意義的收入來自明年。今年第三季和第四季將是幾家客戶的成長期，但我認為有意義的收入可能要等到明年第一季和第二季。

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。汽車和物聯網領域的一些庫存正在被去槓桿化。我只是想知道您能提供哪些適合中國汽車市場的顏色？目前庫存水準有多高？您是否看到過交付或新專案方面的延遲或延誤？那邊的情況怎麼樣？您預計它在未來幾季將如何發展？

You're talking about China market, right?

您說的是中國市場，對嗎？

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。因此，我認為，如果你談論中國汽車，我會說你需要將消費汽車與商用汽車區分開來。我認為中國商用車在需求上面臨嚴重的問題，市場規模較小。就消費性汽車而言，我認為我們還沒有看到庫存——我們仍然——市場仍然面臨著供應緊張的問題。這就是為什麼我們沒有看到任何收入減少——抱歉，目前是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?

您預計什麼時候供應會恢復平衡？到那時，這是否會對您在中國汽車終端市場的現有收入基礎造成進一步的放緩？

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，因為我不知道我們目前客戶的庫存水準到底是多少。對於我們的晶片，我可以想像有些人可能會建立一點庫存，有些人會比較保守。因此這實際上將是一場針對每位客戶的討論。例如，即使對於物聯網，並非所有客戶都有庫存問題。有些人在建立庫存方面比較保守。因此對於他們來說庫存減少的幅度較小。但有些客戶在過去 24 個月中一直在積極增加我們的庫存。當然，他們需要很長時間來消化庫存。所以這其實是客戶與客戶之間的討論。可以說，要使其正常化非常困難。

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.

隊列中沒有其他問題。現在我想把電話轉回給王博士，請他做最後發言。

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.

我感謝大家今天的時間和考慮，並期待在接下來的活動中見到你們。謝謝你們。

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。您現在可以斷開連線。