Ambarella Inc (AMBA) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ambarella's Third Quarter Fiscal Year Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Ambarella 第三季度財年收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would like to turn the conference over to your speaker, Louis Gerhardy. Please go ahead, sir.

我想將會議轉交給您的發言人 Louis Gerhardy。請繼續，先生。

Thank you, Lisa. Good afternoon, and thank you for joining our third 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 third quarter of fiscal year 2023.

謝謝你，麗莎。下午好，感謝您參加我們的 2023 財年第三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 Fermi Wang 博士；首席財務官布賴恩·懷特 (Brian White)。今天電話會議的主要目的是向您提供有關我們 2023 財年第三季度業績的信息。

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. 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 in the Form 10-Q filed on September 8, 2022 for the second quarter of our 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結果、財務前景、市場增長和對我們解決方案的需求等的前瞻性陳述。這些陳述受風險、不確定性和假設的影響。如果這些風險或不確定性中的任何一個成為現實，或者如果我們的假設被證明是不正確的，我們的實際結果可能與這些前瞻性陳述存在重大差異。我們沒有義務更新這些聲明。這些風險、不確定性和假設以及可能影響我們財務業績的潛在風險因素的其他信息在我們向美國證券交易委員會提交的文件中有更全面的描述，包括我們於 4 月 1 日提交的 10-K 表格年度報告，截至 2022 年 1 月 31 日的 2022 財年為 2022，並在 2022 年 9 月 8 日提交的 2023 財年第二季度的 10-Q 表格中。

Access to our third 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 page of our website.

可以在我們網站的投資者關係頁面上找到我們 2023 財年第三季度業績新聞稿、成績單、歷史業績、SEC 文件和今天電話會議的重播。

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

Fermi 現在將提供本季度的業務更新。布賴恩將審查財務結果和前景，然後我們將回答您的問題。費米？

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

謝謝你，路易斯，下午好。感謝您今天加入我們的電話會議。

Q3 was mostly as expected. While there are material headwinds from an industry-wide semiconductor cyclical downturn, there is no change in our very favorable secular growth outlook for the opportunity enabled by our edge AI endpoint investments. During Q3, in 4 key ways, we demonstrated significant progress to develop these opportunities.

第三季度基本符合預期。儘管整個行業的半導體週期性低迷帶來了重大不利因素，但我們非常有利的長期增長前景並沒有改變，因為我們的邊緣 AI 端點投資所帶來的機會。在第三季度，我們在 4 個關鍵方面展示了在開發這些機會方面取得的重大進展。

First of all, our positive market development momentum continues, highlighted by the November 18 announcement from Continental AG. But after a multiyear evaluation, they became the first to integrate our CV3 SoCs into their ADAS product lineup. Second, our 6-year automotive revenue is $2.3 billion and increased about 28% from the $1.8 billion announced a year ago with approximately $800 million (inaudible) business. This funnel is predominantly driven by our computer vision and the domain controller SoCs. And it's important to note, our automotive SAM over the same period is still 10x the size of this new automotive funnel. So there is plenty of headroom for share gain.

首先，我們積極的市場發展勢頭仍在繼續，大陸集團 11 月 18 日的公告凸顯了這一點。但經過多年評估，他們率先將我們的 CV3 SoC 集成到他們的 ADAS 產品系列中。其次，我們 6 年的汽車收入為 23 億美元，比一年前宣布的 18 億美元增長了約 28%，業務收入約為 8 億美元（聽不清）。這個漏斗主要由我們的計算機視覺和域控制器 SoC 驅動。值得注意的是，我們同期的汽車 SAM 仍然是這個新汽車漏斗的 10 倍。因此，股票收益有很大的上升空間。

Third, our confidence in our customers' product continue to rise as we leverage our historical success with optimized processing for high-bandwidth sensing. This is demonstrated by a total blended SoC ASP, we estimate that will increase about 20% this year. Furthermore, we expect our new SoC like CV5 and the CV3 to commence significantly higher ASPs.

第三，隨著我們在優化高帶寬傳感處理方面取得的歷史成功，我們對客戶產品的信心不斷增強。總的混合 SoC ASP 證明了這一點，我們估計今年將增長約 20%。此外，我們預計 CV5 和 CV3 等新 SoC 的平均售價將顯著提高。

Fourth, we are on track to reach our goal for CV to be 45% of total revenue this year and with a strong Q4 CV run rate, CV revenue is expected to post strong growth in fiscal 2024 and become a large portion of mix.

第四，我們有望實現今年 CV 佔總收入 45% 的目標，並且憑藉強勁的第四季度 CV 運行率，CV 收入預計將在 2024 財年實現強勁增長，並成為組合的很大一部分。

Now I will provide some examples of our market development activity. On November 18, German automotive Tier 1 Continental announced that they will offer Advanced Driver Assistance Systems based on our CV3 AI domain controller SoC family. Our high-performance, power-efficient and scalable SoC portfolio built for ADAS and autonomous application complements Continental's solution for assisted driving and further advanced vehicle automation.

現在我將提供一些我們市場開發活動的例子。 11 月 18 日，德國汽車一級供應商大陸集團宣布他們將提供基於我們的 CV3 AI 域控制器 SoC 系列的高級駕駛員輔助系統。我們專為 ADAS 和自主應用構建的高性能、高能效和可擴展的 SoC 產品組合補充了大陸集團的輔助駕駛和更先進的車輛自動化解決方案。

The joint solution is centralized single-chip architecture, enables the next generation of vehicles to more quickly perceive environmental conditions by processing multiple sensor input simultaneously. Supporting sensing modalities include high-resolution cameras, radars and LiDARs as well as ultrasonic sensors.

聯合解決方案採用集中式單芯片架構，使下一代車輛能夠通過同時處理多個傳感器輸入來更快地感知環境狀況。支持的傳感方式包括高分辨率相機、雷達和激光雷達以及超聲波傳感器。

Our integrated SoC enables the early fusion of rear sensor inputs wherein the data from different sensor is combined for advanced vehicle automation. The high scalability of our CV3 SoC family allows vehicle manufacturers to choose the optimal performance level for their system requirements while using the same vehicle architecture. Additionally, these joint solutions low-power consumption reduced cooling requirements, making sustainable energy saving possible while also reducing system costs.

我們的集成 SoC 支持後傳感器輸入的早期融合，其中來自不同傳感器的數據被組合以實現高級車輛自動化。我們的 CV3 SoC 系列具有高可擴展性，允許汽車製造商在使用相同的汽車架構的同時，根據其係統要求選擇最佳性能級別。此外，這些聯合解決方案的低功耗降低了冷卻要求，使可持續節能成為可能，同時還降低了系統成本。

Continental's ADAS solution with integrated Ambarella SoC will be showcased for the first time at the CES 2023 in Las Vegas. Also during the quarter, we announced another win in Japan with Toyota, who began shipping its Yaris and Yaris Cross models, featuring a Gentex auto-dimming mirror with integrated digital video recorder. Based on Ambarella's automotive SoC, the new channel video recorder features both from and the rear-facing cameras, as well as an app that allows customers to pull the recorded video directly to their phones.

大陸集團集成 Ambarella SoC 的 ADAS 解決方案將在拉斯維加斯的 CES 2023 上首次亮相。同樣在本季度，我們宣布了與豐田在日本的又一次勝利，豐田開始發售其 Yaris 和 Yaris Cross 車型，配備帶有集成數字錄像機的 Gentex 自動調光鏡。基於 Ambarella 的汽車 SoC，新的頻道錄像機具有來自和後置攝像頭的功能，以及允許客戶將錄製的視頻直接拉到手機上的應用程序。

Mercedes Benz began shipment of vehicle in China and Korea with a car recorder from Korean Tier 1 supplier mobile appliance. Based on Ambarella's H22, the car recorder includes both an ultra-HD front camera and the QHD rear camera. In November, we announced that China-based INVO Tech is in mass production with a driver and an occupant monitoring system that is being delivered to GAC for including its Emkoo SUVs. This system uses a single CV25AQ AI SoC and integrates 1 2-megapixel driver monitoring camera and the 3 2-megapixel occupancy monitoring cameras.

梅賽德斯-奔馳開始在中國和韓國出貨配備韓國一級供應商移動設備的行車記錄儀的車輛。基於 Ambarella 的 H22，該行車記錄儀包括超高清前置攝像頭和 QHD 後置攝像頭。 11 月，我們宣布總部位於中國的 INVO Tech 正在量產駕駛員和乘員監控系統，該系統將交付給 GAC，用於其 Emkoo SUV。該系統採用單片CV25AQ AI SoC，集成1個200萬像素駕駛員監控攝像頭和3個200萬像素佔用監控攝像頭。

I'm also pleased to announce that our CV25 automotive AI SoC has been chosen for a driver monitoring application at a major Korean automotive OEM, with production expected to begin in 2023. The CV25 was chosen for its highly efficient neural network processing, combined with the very low power consumption.

我還很高興地宣布，我們的 CV25 汽車 AI SoC 已被韓國一家主要汽車 OEM 選中用於駕駛員監控應用，預計將於 2023 年開始生產。之所以選擇 CV25，是因為它具有高效的神經網絡處理能力，並結合非常低的功耗。

I will now talk about some of our customer development in the IoT space starting with the enterprise security camera market. During the quarter, Verkada announced its first multi-sensor camera, the CH52-E which use a full Ambarella CV25SAI vision SoC. The camera includes a full independent 5-megapixel sensors to offer customers to wide coverage benefits of a fisheye camera along with the high resolution, high-image clarity over the full camera.

我現在將從企業安全攝像頭市場開始，談談我們在物聯網領域的一些客戶開發。本季度，Verkada 發布了其首款多傳感器相機 CH52-E，它使用完整的 Ambarella CV25SAI 視覺 SoC。該攝像頭包括一個完全獨立的 5 兆像素傳感器，可為客戶提供魚眼攝像頭的廣泛覆蓋優勢以及全攝像頭的高分辨率、高圖像清晰度。

Motorola Solutions has made a number of acquisitions of video security companies over the last 2 years, with many using Ambarella SoCs. As of the GSX Security Show in September, Motorola announced its new Ava Flex camera based on Ambarella's CVflow AI SoCs. The Ava Flex includes WiFi connectivity and the cloud-based video management for ease of deployment, while supporting AI features such as occupancy accounting and anomaly detection.

Motorola Solutions 在過去 2 年中收購了許多視頻安全公司，其中許多都使用 Ambarella SoC。在 9 月的 GSX 安全展上，摩托羅拉發布了基於 Ambarella CVflow AI SoC 的新型 Ava Flex 攝像頭。 Ava Flex 包括 WiFi 連接和基於雲的視頻管理，便於部署，同時支持 AI 功能，例如佔用會計和異常檢測。

Also at the GSX show, Korean security leader, Hanwha Techwin, introduced multiple cameras based on Ambarella's CV2AI vision SoCs, including new P series dome cameras with 6-megapixel images and AI features and the new T series camera, including vandal proof and bi-spectrum AI thermal models. Other Korea-based customers introduced new models during the quarter included ADAS, introduced new camera for license play recognition based on our CV28 entry-level AI SoC and the Digital Watchdog introducing 5-megapixel and 4K2 models based on our CV22AI SoCs.

同樣在 GSX 展會上，韓國安全領導者 Hanwha Techwin 推出了多款基於 Ambarella 的 CV2AI 視覺 SoC 的攝像頭，包括具有 6 兆像素圖像和 AI 功能的新型 P 系列半球攝像頭以及包括防暴和雙功能的新型 T 系列攝像頭。頻譜 AI 熱模型。本季度其他韓國客戶推出了新型號，包括 ADAS，推出了基於我們的 CV28 入門級 AI SoC 的用於許可播放識別的新相機，以及推出基於我們 CV22AI SoC 的 5 百萬像素和 4K2 型號的數字看門狗。

And in September, Xiaomi introduced -- launched its latest battery-powered smart door lock block featuring 3D structuralized facial recognition. The smart lock unlocks using 3D biometric facial recognition in less than a second with Ambarella CV28M AI processor, performing both the face recognition and the 3D structuralized processing. The facial smart lock is also BCTC-certified, which meets over the security requirement of financial transactions in China.

9 月，小米推出了其最新的電池供電智能門鎖塊，具有 3D 結構化面部識別功能。智能鎖使用 3D 生物識別面部識別在不到一秒的時間內使用 Ambarella CV28M AI 處理器進行解鎖，同時執行面部識別和 3D 結構化處理。面部智能鎖還通過了BCTC認證，滿足了中國金融交易的安全要求。

In the consumer camera category, Insta360 introduced its X3 360-degree camera based on Ambarella's H22 SoC. The camera includes a 5.7K active HDR video, 72-megapixel photos and AI-based editing.

在消費類相機類別中，Insta360 推出了基於 Ambarella H22 SoC 的 X3 360 度相機。該相機包括 5.7K 主動 HDR 視頻、72 兆像素照片和基於 AI 的編輯。

We are also seeing opportunities in next-generation AI featured video conferencing applications, both for home and commercial use. In China, H3C introduced its MagicHub conferencing system that features an 8K camera and 8K large screen display. The cameras based on our CV52 AI SoC and supports ultrawide angle video capture and advanced AI features.

我們還看到了下一代 AI 特色視頻會議應用程序的機會，適用於家庭和商業用途。在中國，H3C 推出了其 MagicHub 會議系統，該系統具有 8K 攝像頭和 8K 大屏幕顯示器。這些攝像頭基於我們的 CV52 AI SoC，支持超廣角視頻拍攝和高級 AI 功能。

In the streaming camera market, Elgato, a unit -- CORSAIR, introduced its Facecam Pro based on our H2 video processor. The Facecam Pro features 4Kp60 video and events features such as pan, tilt, zoom making it ideal for gaming applications as well as solo and group leader conference.

在流媒體攝像頭市場，Elgato旗下的子公司——美商海盜船推出了基於我們H2視頻處理器的Facecam Pro。 Facecam Pro 具有 4Kp60 視頻和事件功能，如平移、傾斜、縮放，使其成為遊戲應用以及單獨和組長會議的理想選擇。

Ambarella is also in the process of strengthening its ecosystem of design and development partners to address new markets and expand our customer base. In November, we announced a comprehensive relationship with eInfochips and Arrow Electronic company to expand design and development services for the next generation of CV4-based AI cameras. This leverages eInfochips extensive engineering expertise and resources to support the rapid growth of AI IoT applications including those in robotics, asset control, video conferencing and the health care market.

Ambarella 還在加強其設計和開發合作夥伴生態系統，以應對新市場並擴大我們的客戶群。 11 月，我們宣布與 eInfochips 和 Arrow Electronic 公司建立全面合作關係，以擴展下一代基於 CV4 的 AI 相機的設計和開發服務。這利用了 eInfochips 廣泛的工程專業知識和資源來支持 AI 物聯網應用的快速增長，包括機器人技術、資產控制、視頻會議和醫療保健市場中的應用。

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. In Q4 alone, we expect to ship close to 2 million units of CV2 family SoCs and the outlook for the CV2 family remain very positive. Now with the CV3 and CV5, we are establishing new CV product cycles building upon our proven CV2 family and further expanding the functionality and the value or ASP we can earn.

這種代表性的參與，其中大部分是基於我們更高價值的 CV SoC，提供了對我們戰略的早期和持續成功的洞察力。僅在第四季度，我們預計 CV2 系列 SoC 的出貨量將接近 200 萬件，CV2 系列的前景仍然非常樂觀。現在有了 CV3 和 CV5，我們正在建立新的 CV 產品週期，建立在我們經過驗證的 CV2 系列的基礎上，並進一步擴展我們可以獲得的功能和價值或 ASP。

Continental was early and the first to validate this new CV trend from Ambarella. And in the next several quarters, we anticipate sharing more about our customer progress. CV3 in a single SoC synergistically ties all the functionality Ambarella has established over the years: cameras and radar perception, deep learning AI and surface tech IP. It began 18 years ago when we established our camera perception process and reputation, and we are now addressing higher-value edge AI opportunities serving megatrends such as security, safety and automation. This machine-sensing opportunity are incremental and much larger than the human viewing market.

Continental 很早就驗證了 Ambarella 的這一新 CV 趨勢。在接下來的幾個季度中，我們預計會分享更多有關客戶進展的信息。單個 SoC 中的 CV3 協同結合了 Ambarella 多年來建立的所有功能：攝像頭和雷達感知、深度學習 AI 和表面技術 IP。它始於 18 年前，當時我們建立了我們的相機感知流程和聲譽，現在我們正在尋找服務於安全、安全和自動化等大趨勢的更高價值的邊緣 AI 機會。這種機器感知機會是漸進的，並且比人類觀察市場大得多。

So we see a very favorable secular opportunity in place. We have the right strategy to address it, and we are continuing to demonstrate early signs of success. We intend to continue to invest the majority of our R&D to fully realize those market opportunities, leveraging our leadership position in the AI endpoint market.

因此，我們看到了一個非常有利的長期機會。我們有正確的策略來解決這個問題，並且我們正在繼續展示成功的早期跡象。我們打算繼續投資我們的大部分研發，以充分利用我們在 AI 端點市場的領導地位，充分利用這些市場機會。

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

有了這個，布賴恩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 third quarter and provide a financial outlook for our fourth quarter ending on January 31, and in 2023. I'll be discussing non-GAAP results and ask to 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。我將回顧我們第三財季的財務亮點，並提供截至 1 月 31 日和 2023 年第四季度的財務展望。我將討論非 GAAP 業績，並要求參考今天的新聞稿以獲取詳細信息GAAP 與非 GAAP 結果的對賬。對於非 GAAP 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 Q3 was $83.1 million, in line with the midpoint of our prior guidance range, up 3% from the prior quarter and down 10% year-over-year. Both IoT and auto product revenue increased sequentially. Kitting issue constraints improved. However, customer inventory reduction actions resulted in subseasonal revenue results as we had expected.

第三財季的收入為 8310 萬美元，與我們先前指導範圍的中點一致，比上一季度增長 3%，同比下降 10%。物聯網和汽車產品收入環比增長。配套問題限制得到改善。然而，客戶庫存減少行動導致了我們預期的淡季收入結果。

Non-GAAP gross margin for fiscal Q3 was 63.5%, in line with our prior guidance range of 63% to 64%. Non-GAAP operating expense for the third quarter was $43.5 million, a decrease of 1% from the prior quarter and below our prior guidance range of $44 million to $46 million. The lower than forecasted OpEx was aided by favorable FX impacts on our foreign spending.

第三財季的非美國通用會計準則毛利率為 63.5%，符合我們之前 63% 至 64% 的指導範圍。第三季度非 GAAP 運營費用為 4350 萬美元，比上一季度下降 1%，低於我們之前 4400 萬至 4600 萬美元的指導範圍。低於預期的運營支出得益於外匯對我們國外支出的有利影響。

Q3 net interest and other income was $1.4 million comprised of approximately $800,000 of interest income plus $600,000 of other income. Our non-GAAP tax provision was $1.2 million or 11.4% of pretax income. This was higher than our original forecast and typical range, primarily due to taxable FX gains in foreign jurisdictions. We reported non-GAAP net income of $9.5 million or $0.24 per diluted share.

第三季度淨利息和其他收入為 140 萬美元，包括大約 800,000 美元的利息收入和 600,000 美元的其他收入。我們的非 GAAP 稅收準備金為 120 萬美元，佔稅前收入的 11.4%。這高於我們最初的預測和典型範圍，主要是由於外國司法管轄區的應稅外匯收益。我們報告的非 GAAP 淨收入為 950 萬美元或每股攤薄收益 0.24 美元。

Now turning to our balance sheet and cash flow. Fiscal Q3 cash and marketable securities increased $1 million to $199 million. DSO increased from 43 to 54 days, driven by the timing of revenue shipments and days of inventory decreased from 125 to 124 days. Cash from operations was $6 million and capital expenditures for tangible and intangible assets were $5 million. Free cash flow, defined as cash from operations less CapEx, was $1 million, and free cash flow on a trailing 4-quarter basis was 12.5%.

現在轉向我們的資產負債表和現金流量。第三財季現金和有價證券增加了 100 萬美元，達到 1.99 億美元。 DSO 從 43 天增加到 54 天，這是受收入發貨時間和庫存天數從 125 天減少到 124 天的推動。運營現金為 600 萬美元，有形和無形資產的資本支出為 500 萬美元。自由現金流（定義為運營現金減去資本支出）為 100 萬美元，過去 4 個季度的自由現金流為 12.5%。

We had 2 logistics and ODM companies represent 10% or more of our revenue in Q3. WT Microelectronics, a fulfillment partner in Taiwan that ships to multiple customers in Asia, came in at 62% of revenue. Chicony and ODM who manufactures for multiple IoT customers with 11% of revenue.

我們有 2 家物流和 ODM 公司占我們第三季度收入的 10% 或更多。 WT Microelectronics 是台灣的一家履行合作夥伴，向亞洲的多個客戶發貨，佔收入的 62%。 Chicony 和 ODM，為多個 IoT 客戶製造產品，佔收入的 11%。

I'll now discuss the outlook for the fourth quarter of fiscal year 2023. Q4 is typically seasonally slow, down to the high single digits sequentially. But this year, the alleviation of some supply constraints is releasing pent-up demand, which we expect to enable our revenue to remain approximately flat sequentially in the range of $81 million to $85 million.

我現在將討論 2023 財年第四季度的前景。第四季度通常季節性緩慢，連續下降到高個位數。但今年，一些供應限制的緩解正在釋放被壓抑的需求，我們預計這將使我們的收入在 8100 萬美元至 8500 萬美元的範圍內保持大致持平。

Looking into next fiscal year, industry-wide component availability is anticipated to improve further. And as our lead times to customers continue to contract toward normal levels, we expect customers to continue reducing the amount of inventory they're willing to carry. Macroeconomic concerns are also rising at our customers. Considering the cyclical macro inputs, we anticipate our fiscal 2024 Q1 revenue to be down more than our normal seasonality would suggest.

展望下一財年，預計整個行業的組件可用性將進一步提高。隨著我們對客戶的交貨時間繼續縮短至正常水平，我們預計客戶將繼續減少他們願意攜帶的庫存量。我們的客戶對宏觀經濟的擔憂也在上升。考慮到週期性的宏觀投入，我們預計我們 2024 財年第一季度的收入下降幅度將超過正常季節性所暗示的幅度。

Back to our fiscal Q4 outlook. We expect non-GAAP gross margin to be between 63% and 64%, flat to the prior quarter. We expect non-GAAP OpEx in the fourth quarter to be in the range of $46 million to $49 million, with the increase compared to Q3 driven by the continued build-out of new advanced CV3 SoCs and CES marketing activities. We estimate net interest and other income to be approximately $700,000, our non-GAAP tax rate to be in the range of 5% to 10%, and our diluted share count to be approximately 39.5 million shares.

回到我們的第四季度財政展望。我們預計非 GAAP 毛利率將在 63% 至 64% 之間，與上一季度持平。我們預計第四季度的非 GAAP 運營支出將在 4600 萬美元至 4900 萬美元之間，與第三季度相比有所增加，這是由於新的高級 CV3 SoC 的持續擴建和 CES 營銷活動推動的。我們估計淨利息和其他收入約為 700,000 美元，我們的非 GAAP 稅率在 5% 至 10% 之間，稀釋後的股份數量約為 3950 萬股。

Ambarella will be participating in Arete's Future Series Technology Conference on December 5, NASDAQ's London Investor Conference on December 6, Imperial Capital Security Investor Conference on December 15 and Needham's Growth Conference on January 10. Sell-side analysts are also offering small group tours of our CES demos between January 4 and January 7 in Las Vegas. Please contact us for more details.

Ambarella 將參加 12 月 5 日的 Arete 未來系列技術會議、12 月 6 日的納斯達克倫敦投資者會議、12 月 15 日的 Imperial Capital Security 投資者會議和 1 月 10 日的 Needham 增長會議。賣方分析師還提供我們的小團體參觀CES 演示於 1 月 4 日至 1 月 7 日在拉斯維加斯舉行。請與我們聯繫了解更多詳情。

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

感謝您今天加入我們的電話會議。然後，我將把電話轉給接線員進行問答。

(Operator Instructions) The first question that we have today is from Matt Ramsay of Cowen.

（操作員說明）我們今天的第一個問題來自 Cowen 的 Matt Ramsay。

First of all, Fermi, for yourself and the whole team, congratulations on the Continental deal. I wanted to ask a few details about how that came together. It seems like even in your pre-silicon simulation results and all of those things that they had been evaluating the CV3 platform for a while, and no doubt that they were one of the early sampled customers of CV3. So just maybe if you could walk us through how you went from simulated performance and power and capability metrics for CV3 on to sampled products on to the press release that they had and sort of the scope of the wins that you might have with Continental?

首先，費米，為了你自己和整個團隊，祝賀大陸集團的交易。我想問一些關於它們是如何組合在一起的細節。甚至在您的矽前模擬結果和所有這些東西中，他們似乎已經對 CV3 平台進行了一段時間的評估，毫無疑問，他們是 CV3 的早期樣本客戶之一。那麼，也許您可以向我們介紹一下您是如何從 CV3 的模擬性能、功率和能力指標到樣品產品，再到他們擁有的新聞稿，以及您與大陸集團可能取得的勝利範圍？

And then I guess on the detail side, you updated your automotive funnel up 28% and from $600 million to $800 million on one business. Is the -- how is the Continental deal and potential customer wins from that relationship contemplated in the changes to your automotive funnel?

然後我想在細節方面，你更新了你的汽車漏斗增長了 28%，從 6 億美元增加到 8 億美元的一項業務。在您的汽車漏斗的變化中，大陸集團的交易和潛在客戶如何從這種關係中獲勝？

Right. Well, first of all, thank you. I think that's definitely helpful. I think the Conti -- we have been working with Conti for a long time, even before we are tape-out and also produce our first-generation CV2 (inaudible) to Conti. As you can see, this is a long process because really, our claim of our CV2 performance and the power efficiency it's hard to digest if you don't see a real silicon. And with CV2 we prove to them the efficiency of our architecture, and we can deliver what we promised.

正確的。嗯，首先，謝謝你。我認為這絕對有幫助。我認為 Conti——我們已經與 Conti 合作了很長時間，甚至在我們進行流片之前，還為 Conti 生產了我們的第一代 CV2（聽不清）。正如您所看到的，這是一個漫長的過程，因為如果您沒有看到真正的矽片，我們對 CV2 性能和功率效率的聲明真的很難理解。通過 CV2，我們向他們證明了我們架構的效率，我們可以實現我們的承諾。

And -- but as you know, CV2 is good for ADAS for the Level 2 car, but for the Level 2+, Level 3, obviously, they need a more powerful chip like CV3. And we start talking to them about CV3, I would say, 2 years ago with just a PowerPoint and our simulation. And of course, because with CV2 silicon, we can really justify how we achieve the performance and power efficiency with our CV3 silicon and plus our simulation.

而且——但正如你所知，CV2 對於 2 級汽車的 ADAS 很有用，但對於 2+ 級、3 級，顯然，他們需要像 CV3 這樣更強大的芯片。我們開始與他們談論 CV3，我會說，2 年前只有一個 PowerPoint 和我們的模擬。當然，因為使用 CV2 矽，我們可以真正證明我們如何通過 CV3 矽和我們的模擬實現性能和功率效率。

But the deal is really closed when we sampled our CV3 chip and the development platform to them and verified our claims on the performance and power efficiency. And I think that's the time that we really have a major breakthrough with Conti and they are totally convinced our claim and decide to move forward with this relationship. And I think -- that's one reason.

但當我們向他們採樣我們的 CV3 芯片和開發平台並驗證我們對性能和能效的要求時，這筆交易才真正結束。我認為那是我們與康蒂真正取得重大突破的時候，他們完全相信我們的主張並決定推進這種關係。我認為——這是原因之一。

The other reason is that I think we are one of the very few companies showing our -- from the -- we have a solution on the very low end of like the driver mirror assistance to the e-mirrors to a Level 2 front cameras to Level 2+, Level 3 level 4. We have a silicon road map to cover the whole space that our customers want with a single software base. I think that's another reason that really, I think our customers like Conti appreciate and that helped us to secure this deal.

另一個原因是我認為我們是極少數展示我們的公司之一 - 從 - 我們有一個非常低端的解決方案，例如駕駛員後視鏡輔助到電子後視鏡到 2 級前置攝像頭到Level 2+, Level 3 Level 4。我們有一個矽路線圖，可以用一個軟件基礎覆蓋我們客戶想要的整個空間。我認為這是另一個原因，我認為像 Conti 這樣的客戶真的很感激，這幫助我們獲得了這筆交易。

And also, like Louis said, we are expecting -- continue to do more business development, and we hope we can continue to give you updates in the next quarter in terms of our CV3 business development.

而且，正如路易斯所說，我們期待——繼續做更多的業務發展，我們希望我們能在下一季度繼續為您提供 CV3 業務發展方面的最新信息。

In terms of potential design wins, I think because the Conti press release can talk about, I will leave the -- them to answer this question, but I have to believe that with -- because Conti is such reputable and a large customer and they have credibility from the OEM customer that will definitely -- between Conti and us, we should be able to get design wins for our OEMs and will gradually show up in our sales funnel in the near future.

就潛在的設計勝利而言，我認為因為 Conti 新聞稿可以談論，我將讓 - 他們回答這個問題，但我必須相信 - 因為 Conti 是如此有信譽和大客戶，他們擁有來自 OEM 客戶的信譽，這肯定會 - 在 Conti 和我們之間，我們應該能夠為我們的 OEM 贏得設計，並將在不久的將來逐漸出現在我們的銷售渠道中。

I really appreciate it. Just I guess a final clarification on my first question and then sort of a follow-up for Brian. So just to clarify, you guys raised the automotive revenue 6-year funnel from $1.8 billion to $2.3 billion and the One business from $600 million to $800 million. Is the Conti relationship contemplated in both of those numbers, one of those numbers? I'm just trying to -- if you could be a bit precise on what you guys are assuming in the funnel from that relationship? And did it materially change when the deal was announced.

對此，我真的非常感激。我只是想對我的第一個問題進行最後的澄清，然後是對 Brian 的跟進。所以澄清一下，你們將 6 年漏斗的汽車收入從 18 億美元提高到 23 億美元，將 One 業務從 6 億美元提高到 8 億美元。在這兩個數字中是否都考慮了孔蒂關係，其中一個數字？我只是想——如果你們能更準確地說明你們在漏斗中從這種關係中假設了什麼？當交易宣佈時，它是否發生了重大變化。

And I guess my follow-up for Brian, you talked about maybe underperforming normal seasonality as you go into fiscal Q1. Do you -- maybe the last couple of years have been very strange seasonally for the whole semiconductor space, given shortages and all kinds of other things going on. If you could -- maybe give us a little bit of clarity about what you're assuming normal seasonality is for fiscal Q1.

我想我對 Brian 的後續行動，你談到在進入第一財季時可能表現不佳的正常季節性。你 - 也許過去幾年對於整個半導體領域來說是非常奇怪的季節性，因為短缺和其他各種事情正在發生。如果可以的話——也許可以讓我們更清楚地了解您假設第一財季的正常季節性是什麼。

I will take on the first question, and I will ask Brian to take on the second question. The first question is about our -- how Conti play into the 2 numbers. I think Conti's contribution with the current funnel is little, and there are some of them -- but however, I think that we expect that this number of Conti's impacts in our funnel will start showing up in the next funnel of next year. And also, we expect that we don't have any Conti contribution in One business yet.

我會回答第一個問題，我會請 Brian 回答第二個問題。第一個問題是關於我們的 - 孔蒂如何發揮 2 個數字。我認為 Conti 對當前漏斗的貢獻很小，而且有一些——但是，我認為我們預計 Conti 在我們漏斗中的影響數量將開始出現在明年的下一個漏斗中。而且，我們預計我們在 One 業務中還沒有任何 Conti 貢獻。

And related to your question on normal seasonality in Q1, of course, normal is difficult to define. But the way we looked at it is taking a 5-year average. And in that case, the 5-year average for Q1 would be a sequential decrease of 4%. And so as we sit here today, we think that the decrease going into Q1 will be greater than that number. We don't have perfect visibility at this point to what it will be, but we want to provide as much outlook as we can at this time.

與您關於第一季度正常季節性的問題相關，當然，正常很難定義。但我們看待它的方式是取 5 年平均值。在這種情況下，第一季度的 5 年平均值將連續下降 4%。因此，當我們今天坐在這裡時，我們認為進入第一季度的減少量將大於該數字。目前我們還不能完全了解它會是什麼，但我們希望在此時提供盡可能多的展望。

The next question will be coming up shortly, one moment please. And that question will be coming from David Kelley of Jeffries.

下一個問題很快就會出現，請稍等。這個問題將來自 Jeffries 的 David Kelley。

Maybe to follow up on the funnel discussion. You announced a couple of pretty meaningful driver monitoring wins, an e-mirror win as well. So how should we think about maybe framing it as the interior contribution to the auto funnel versus, say, the ADAS and autonomous contribution to that funnel growth.

也許跟進漏斗討論。你宣布了幾個非常有意義的駕駛員監控勝利，還有一個電子後視鏡勝利。那麼，我們應該如何考慮將其定義為對汽車漏斗的內部貢獻，而不是 ADAS 和自動駕駛對漏斗增長的貢獻。

So first of all, as you can see, for those kind of design wins, the design cycle is much shorter than ADAS because they are not really safety sensitive. So that for ADAS projects, we usually look at in China, more than 2 years development, outside China up to 4-year development. For this kind of internal design, usually, you can think about a 12- to 18-month cycle that you can get into production. So that's why you start seeing more of those design wins. And that's definitely an area that we want to be really having high market share, and that's what we are doing. But that doesn't mean we don't focus on ADAS. In fact, on the contrary, I believe that we are doing well with ADAS as well as Level 2+. And hopefully, we can give you more design win activity in the future.

所以首先，正如你所看到的，對於那些設計勝利，設計週期比 ADAS 短得多，因為它們並不是真正的安全敏感。所以對於ADAS項目，我們通常在中國看2年以上的開發，在中國以外最多4年的開發。對於這種內部設計，通常，你可以考慮一個 12 到 18 個月的周期，你可以投入生產。所以這就是為什麼你開始看到更多這樣的設計獲勝。這絕對是我們想要真正擁有高市場份額的領域，這就是我們正在做的事情。但這並不意味著我們不專注於 ADAS。事實上，恰恰相反，我相信我們在 ADAS 和 Level 2+ 方面做得很好。希望我們能在未來為您提供更多設計獲勝活動。

Okay. Got it. And maybe a quick follow-up to your point on kind of the time line of adoption. And specific to Conti, very early days as you demonstrate with them to customers. But any early thoughts on time line to eventual revenue contribution with this partnership? Are you seeing OEMs push to accelerate development to integration into production time line faster in ADAS and autonomous as well?

好的。知道了。也許可以快速跟進您關於採用時間線的觀點。具體到 Conti，在您與他們一起向客戶展示的早期階段。但是，對於通過這種合作夥伴關係最終貢獻收入的時間表，有什麼早期想法嗎？您是否看到原始設備製造商推動加速開發以更快地集成到 ADAS 和自動駕駛中的生產時間線？

Well, First of all, I will leave Conti to answer the potential revenue that they can generate with this relationship. But like we said before, any CV3 design win will take 3, 4 years to get to revenue. And I don't think the time line has changed.

好吧，首先，我將讓康蒂回答他們可以通過這種關係產生的潛在收入。但正如我們之前所說，任何 CV3 設計獲勝都需要 3、4 年才能實現收益。而且我認為時間線沒有改變。

Okay. Got it.

好的。知道了。

The next question that we have will be coming from Joe Moore of Morgan Stanley.

我們的下一個問題將來自摩根士丹利的喬摩爾。

I wonder if you could talk to the pace at which that funnel can start to turn to revenue. I think it's a 6-year kind of time line that you talked about how -- I assume that's pretty back-end loaded given that your number is so much bigger than what you're shipping now, but can you just give us a sense for how quickly that revenue can roll in? And then how much of that is still -- I don't want to -- I don't want to be too precise, but I know there's probability waiting on some of it. Can you talk to how much of that we should think is still as being a probability weighted event?

我想知道您是否可以談談該漏斗開始轉化為收入的速度。我認為這是一個 6 年的時間線，你談到瞭如何——我認為這是相當後端加載的，因為你的數字比你現在運送的要大得多，但你能給我們一個感覺嗎？收入的增長速度有多快？然後還有多少——我不想——我不想太精確，但我知道有可能等待其中的一些。你能談談我們應該認為有多少仍然是概率加權事件嗎？

Joe, yes. So the methodology behind the funnel and how we discount both One and pipeline didn't change from our prior practice. And with regards to the distribution of the revenue through the 6 years of the funnel, it's not linear, as you can imagine. It's exponential in shape where the sixth year is much higher than the first year. And the reason for that would be the time to revenue that Fermi was just describing in a prior question, but it's also very significantly driven by increased penetration rates of these new technologies.

喬，是的。因此，漏斗背後的方法以及我們如何對 One 和管道進行折扣並沒有改變我們之前的做法。關於漏斗 6 年的收入分配，正如您想像的那樣，它不是線性的。它呈指數形式，第六年比第一年高得多。其原因是費米剛剛在先前的問題中描述的收入時間，但它也受到這些新技術普及率提高的顯著推動。

And then most importantly, it's actually the higher ASP of the products that we'll be selling in each of these 6 years. For example, CV3 contributes revenue in years 5 and 6 like we expect, the ASP per chip is much higher than it would be for, say, a DMS, CMS win with a CV25 product. So those are the factors that caused it to be exponential in shape, not linear.

然後最重要的是，這實際上是我們在這 6 年中每年銷售的產品的更高 ASP。例如，CV3 像我們預期的那樣在第 5 年和第 6 年貢獻收入，每個芯片的 ASP 遠高於使用 CV25 產品贏得 DMS、CMS 的情況。所以這些是導致它呈指數形狀而非線性形狀的因素。

The next question that we have is coming from Kevin Wang of Stifel.

我們的下一個問題來自 Stifel 的 Kevin Wang。

This is Jeremy Kwan calling on behalf of Tore from Stifel. I guess maybe a question first on the ASPs. Can you give us any more color in terms of where they stand today? And I understand once the Q3 starts contributing that's going to go up even more significantly. But can you help us -- just give us more details on where they are today and where you see that? And when you said it's going to grow 20% this year. Is that for the fiscal year or...

我是 Jeremy Kwan，代表 Stifel 的 Tore 來電。我想也許首先是關於 ASP 的問題。你能給我們更多關於他們今天所處位置的顏色嗎？而且我知道一旦第三季度開始做出貢獻，那將會更加顯著。但是你能幫助我們嗎——只要給我們更多關於他們今天在哪里以及你在哪裡看到的細節？當你說今年將增長 20% 時。是財政年度還是...

Yes. I think the comments for this fiscal year, it was at high single digits and now I think it's beyond -- above $10 ASP right now. And the major contribution comes from the increased sales of our Conti relationship. And in fact, that's probably the biggest items, which help us to continue to get a higher ASP. Now with the CV5 really getting into a ramp-up in production and we start sampling CV3, I also expect that our ASP will continue to this up trend.

是的。我認為本財年的評論是高個位數，現在我認為它已經超過了 - 現在超過 10 美元的平均售價。主要貢獻來自我們 Conti 關係的銷售額增加。事實上，這可能是最大的項目，它幫助我們繼續獲得更高的平均售價。現在，隨著 CV5 真正進入量產階段，我們開始對 CV3 進行採樣，我也預計我們的 ASP 將繼續保持這種上升趨勢。

Great. And I guess, a quick question on the OpEx. I understand some of that is CES for next year -- or next -- sorry, in January. I guess, excluding CES, what kind of run rate should we think about as we look to fiscal '24?

偉大的。我想，這是一個關於 OpEx 的快速問題。我知道其中一些是明年的 CES——或明年——抱歉，一月份。我想，不包括 CES，我們在展望 24 財年時應該考慮什麼樣的運行率？

Sure. We're still bottoming out on our OpEx budget for next fiscal year. But I guess the way I would think about it at this point is consider the exit velocity of our guidance for fiscal Q4, which at the midpoint was about $47.5 million. Going into next fiscal year, we're going to have additional chips in development that would cause that number to increase.

當然。我們仍在為下一財年的運營支出預算觸底。但我想我現在考慮的方式是考慮我們對第四財季指導的退出速度，中點約為 4750 萬美元。進入下一個財政年度，我們將開發更多芯片，這將導致這個數字增加。

So you've got 2 things to consider. Number one, OpEx has been increasing throughout fiscal '23. And so even if OpEx remained flat at the Q4 forecast level, it would be up on a year-over-year basis. And then in addition to that, we'll have some additional spending requirements. That's about what I could give you at this point in next quarter's call. I think we can provide some more insights.

所以你有兩件事要考慮。第一，OpEx 在整個 23 財年一直在增加。因此，即使 OpEx 與第四季度的預測水平保持持平，它也會同比上升。除此之外，我們還有一些額外的支出要求。這就是我在下個季度的電話會議上現在可以給你的。我想我們可以提供更多的見解。

Next question I have is coming from Kevin Cassidy of Rosenblatt.

我的下一個問題來自 Rosenblatt 的 Kevin Cassidy。

Congratulations on the Continental win. And on the Continental win, are there expectations for them to use the scalability of CV3? Will they have a low-end solution and the high end or maybe 3 different solutions?

恭喜大陸隊獲勝。在大陸獲勝時，是否期望他們使用 CV3 的可擴展性？他們會有低端解決方案和高端解決方案還是 3 種不同的解決方案？

Yes. First of all, thank you. And also, I believe you read is right. In fact, in their press release, they talk about one of the reasons they choose CV3 family is because they can use same software structure to apply it from low end to high end product line.

是的。首先，謝謝你。而且，我相信你讀的是對的。事實上，在他們的新聞稿中，他們談到他們選擇 CV3 系列的原因之一是因為他們可以使用相同的軟件結構將其應用於從低端到高端的產品線。

I see. And is the Oculii or no, Ambarella radar solution included in the overall design? Or is it still to be determined?

我懂了。整體設計中是否包含 Oculii 或 Ambarella 雷達解決方案？還是還有待確定？

In the press release, we didn't talk about radar. So I'll keep that -- we will give you more update when we have the right to talk about the potential radar collaborations.

在新聞稿中，我們沒有談論雷達。所以我會保留這一點——當我們有權談論潛在的雷達合作時，我們會給你更多的更新。

Okay. Great. Well, congratulations again.

好的。偉大的。嗯，再次恭喜。

Next question I have is coming from Tore Svanberg of Stifel.

我的下一個問題來自 Stifel 的 Tore Svanberg。

I had a follow-up question on the Continental win and even, again, congratulations on that. If you could just expand a little bit on sort of the -- how the sales strategy works there? Because obviously, you're providing some functionalities, but obviously, maybe some other companies will provide others. So is this like a full reference platform that Continental is offering? If you could just add a little bit of context on how you go to market, specifically with all the parts that are part of that particular solution.

我有一個關於大陸隊獲勝的後續問題，甚至再次祝賀。如果你能稍微擴展一下——銷售策略在那裡是如何運作的？因為很明顯，您提供了一些功能，但很明顯，也許其他一些公司會提供其他功能。那麼這是否像大陸集團提供的完整參考平台？如果您可以添加一些關於如何進入市場的背景信息，特別是作為該特定解決方案一部分的所有部分。

Yes. First of all, CV3 will be the domain controller for the system that we are talking to Conti about. And the goal is that there is no other major processing chips on that system. And -- but the CV3 will take in multiple different sensor modality and perform not only just the perception, but also all the higher-level software functions that the software is provided by Conti.

是的。首先，CV3 將成為我們與 Conti 談論的系統的域控制器。目標是該系統上沒有其他主要處理芯片。而且——但 CV3 將採用多種不同的傳感器模式，不僅執行感知，還執行 Conti 軟件提供的所有高級軟件功能。

Great. And a follow-up question on CV3. It sounds like you're starting to at least thinking about leveraging that platform into non-auto applications. I was just wondering, both from a sort of capacity and also from a timing perspective, when CVC could start to venture into other non-auto applications. And I guess the reason I asked the question is because you obviously have a lot going on here in the auto space. So I'm just wondering if you have enough resources to go after non-auto applications for CV3.

偉大的。以及關於 CV3 的後續問題。聽起來您至少開始考慮將該平台用於非汽車應用程序。我只是想知道，無論是從某種能力還是從時間的角度來看，CVC 何時可以開始涉足其他非汽車應用程序。我想我問這個問題的原因是因為你顯然在汽車領域發生了很多事情。所以我只是想知道您是否有足夠的資源來處理 CV3 的非自動應用程序。

Right. So first of all, using CV3 in a robotic application is definitely a strategy that Ambarella is implementing. And like you said, we are a small company. We have limited resources. Therefore, we need to target and be focusing on strategic accounts. In auto, we have done a few, obviously Conti is the first one, there are a few more. But in the robotics space, definitely, our strategy is to have a target customer which has already some products in the market and as well as they really need performance like CV3 family chips, doesn't matter who is high and low end.

正確的。所以首先，在機器人應用中使用 CV3 絕對是 Ambarella 正在實施的策略。就像你說的，我們是一家小公司。我們的資源有限。因此，我們需要瞄準並專注於戰略客戶。在汽車方面，我們做了一些，顯然Conti是第一個，還有更多。但在機器人領域，我們的戰略肯定是擁有一個目標客戶，該客戶已經在市場上推出了一些產品，並且他們確實需要像 CV3 系列芯片這樣的性能，無論誰是高端和低端。

Because if you look at a lot of robots out there, they are -- there have multiple processing silicon in that robot today. And definitely, they can use some kind of domain controller like CV3 to integrate those functions together and provide not only the better cost, but also better system design as well as power efficiency. So I think that's definitely a market we will continue to work on.

因為如果你看看外面有很多機器人，它們是——今天的機器人中有多個處理芯片。當然，他們可以使用某種域控制器（如 CV3）將這些功能集成在一起，不僅可以提供更好的成本，還可以提供更好的系統設計和電源效率。所以我認為這絕對是我們將繼續努力的市場。

Yes, Tore, it's Louis. I'll just add. It's a good question because global robotics applications are not part of our automotive funnel, so that is something that's separate and not reflected in that funnel we've communicated.

是的，托爾，是路易斯。我補充一下。這是一個很好的問題，因為全球機器人應用不是我們汽車漏斗的一部分，所以這是一個獨立的東西，沒有反映在我們已經傳達的那個漏斗中。

The next question I have here is coming from Suji Desilva of ROTH.

我在這裡的下一個問題來自 ROTH 的 Suji Desilva。

Fermi, Brian, Louis, I'll add my congratulations on the Continental win. Quick question perhaps for Fermi. I think you hinted at this in the last -- in Tore's question there. But the software development that's involved to get CV3 into production, how much of that is the Continental on its customers versus Ambarella? It sounds like it's almost -- maybe almost all Continental. And if so, is there an incremental effort that needs to be happening for every customer that adopts CV3 thereafter? Or is there any leverage from the fist win?

Fermi、Brian、Louis，我要祝賀大陸隊獲勝。也許是費米的快速問題。我想你在最後 - 在 Tore 的問題中暗示了這一點。但是，將 CV3 投入生產所涉及的軟件開發，其中有多少是 Continental 與 Ambarella 對客戶的影響？聽起來幾乎——也許幾乎都是大陸航空。如果是這樣，是否需要為每個採用 CV3 的客戶做出增量努力？還是第一場胜利有任何影響力？

Right. So first of all, I think our role in this relationship is we are a strategic Tier 2 to Conti, and we are providing support to the -- one of the support we need to provide is porting their software onto our CV3, which we have been talking about this strategy for many years, and we believe we are the one that really focused on this business model versus our competitors. And I think this is it's really about setting up a group people, helping our customers porting software. And that had plugging -- we have factored that into our headcount planning as well as our engineering development. So I think that's not a concern for us. And in fact, we expect that we need to continue to do this kind of service for all of the potential customers.

正確的。所以首先，我認為我們在這種關係中的角色是我們是 Conti 的戰略 2 層，我們正在提供支持——我們需要提供的支持之一是將他們的軟件移植到我們的 CV3 上，我們有多年來一直在談論這一戰略，我們相信我們是真正專注於這種商業模式而不是我們的競爭對手的人。我認為這實際上是關於建立一個團隊，幫助我們的客戶移植軟件。並且有堵塞 - 我們已經將其納入我們的員工計劃和工程開發中。所以我認為這不是我們關心的問題。事實上，我們希望我們需要繼續為所有潛在客戶提供這種服務。

Okay. That helps, Fermi. And then a question for Brian perhaps. Brian, you guided the first quarter next year as well as this year. Are there lingering supply chain post-kitting constraint issues factored into your below seasonal guidance for 1Q? Or are those kind of behind us at that point? Is that purely a statement about softening demand?

好的。這有幫助，費米。然後也許是布賴恩的問題。布賴恩，你指導了明年和今年的第一季度。是否有揮之不去的供應鏈後配套限制問題納入您的第 1 季度季節性指導？還是那些在我們身後？這純粹是關於需求疲軟的聲明嗎？

So we think that those supply chain issues are, for the most part, behind us, and that's something that we don't anticipate to impact our Q1 revenue significantly. What we do see is continued shortening lead times and desire on the part of customers to reduce inventory levels. So that's really the impact that we're contemplating as we think about Q1 at this point.

所以我們認為這些供應鏈問題在很大程度上已經過去了，我們預計這不會對我們第一季度的收入產生重大影響。我們確實看到交貨時間在不斷縮短，並且客戶希望降低庫存水平。所以這真的是我們在考慮第一季度時正在考慮的影響。

The next question that I have here is coming from David O'Connor of BNP.

我在這裡的下一個問題來自 BNP 的 David O'Connor。

Great. One from my side on the CV penetration. Fermi, you mentioned or reiterated 45% for this year. Just wondering, can you give us any update on what the exit run rate of this year would be set to kind of baseline for next year? And then a follow-up.

偉大的。我身邊的一個關於簡歷滲透。費米，你提到或重申了今年的 45%。只是想知道，你能告訴我們今年的退出運行率將被設置為明年的某種基準的任何更新嗎？然後是跟進。

Yes, David, we haven't disclosed the run rate as well as the next year's forecast. But I can say that we expect the CV continue to become a bigger portion of our total revenue for many reasons. One is that they are enabling new markets. The other one is their new ASPs. Of course, that portion of our CV growth come from replacing our existing video processor business. But I think that I'm very excited about the new location that we talk about that our previous video processor chip can now address. And particularly CV3 and CV5 opportunity we're talking about today is really new opportunity we can address.

是的，大衛，我們還沒有透露運行率以及明年的預測。但我可以說，出於多種原因，我們預計 CV 將繼續在我們的總收入中佔據更大的比例。一是它們正在開拓新市場。另一個是他們的新 ASP。當然，我們 CV 增長的那一部分來自替換我們現有的視頻處理器業務。但我認為我對我們談論的新位置感到非常興奮，我們以前的視頻處理器芯片現在可以解決這個問題。特別是我們今天談論的 CV3 和 CV5 機會是我們可以解決的真正新機會。

Okay. Got it. And maybe as a follow-up, one for Brian on the sub season of Q1. Brian, you talked about inventory and being reduced to customers. Can we expect by -- or do you expect an exit in Q1 that, that inventory that you're seeing their customers should be cleared?

好的。知道了。也許作為後續行動，Brian 在 Q1 的子賽季。布賴恩，你談到了庫存和減少為客戶。我們是否可以預期 - 或者您是否希望在第一季度退出，您看到他們的客戶的庫存應該被清除？

That's a great question. I think it's one that we don't have great visibility to. So I'm not going to speculate on that. We certainly, in the near term, anticipate that there will be impacts within that time period, and that's why we want to provide some visibility. But in terms of when things bottom and so on and when those issues go away, I don't think we have a good feel for that at this point.

這是一個很好的問題。我認為這是一個我們沒有很好的知名度。所以我不打算對此進行推測。在短期內，我們當然預計會在這段時間內產生影響，這就是我們想要提供一些可見性的原因。但就事情何時觸底等等以及這些問題何時消失而言，我認為我們目前對此沒有很好的感覺。

And the next question I have here is coming from Richard Shannon of Craig.

我在這裡的下一個問題來自克雷格的理查德香農。

Maybe I'll ask a question on the IoT side of the business here. Maybe Fermi, if you can talk bigger picture here over the last year, how the penetration of CV has gone into maybe both sides of the security business? And where do you think that will go over the next year or 2 to be a great perspective over that time?

也許我會在這裡問一個關於業務物聯網方面的問題。也許 Fermi，如果你能談談過去一年的大局，CV 的滲透可能如何進入安全業務的雙方？你認為這將在未來一兩年內成為那個時候的一個很好的視角？

Right. So I think that's a great question. We continue to see strong IoT design wins in -- on all of the markets. We're talking about professional security and the consumer security and also others. The -- I think -- like I said before, it's driven -- some of that is driven by new applications that we talked about today. For example, those face -- the -- Xiaomi introduced a new lock, which is using 3D metrics to identify face. And also, we are talking about other applications like video conferencing, which is really new market-enabled by our CV product line.

正確的。所以我認為這是一個很好的問題。我們繼續看到強大的物聯網設計在所有市場上獲勝。我們正在談論專業安全和消費者安全以及其他方面。 - 我認為 - 就像我之前說過的那樣，它是驅動的 - 其中一些是由我們今天談到的新應用程序驅動的。比如那些人臉——小米推出了一款新鎖，就是用3D指標來識別人臉。而且，我們正在談論視頻會議等其他應用，這確實是我們的 CV 產品線推動的新市場。

So I think from IoT space, outside of China, we are doing quite well. But at the same time, I want to highlight again that with the new U.S. regulation, we have basically 0 play in China in the IoT -- particular security MR space. I think that's something I want to highlight about and we talk about Hikvision and Dahua will be 0 revenue for us next year.

所以我認為在中國以外的物聯網領域，我們做得很好。但與此同時，我想再次強調，根據美國的新法規，我們在中國的物聯網領域基本上為零——尤其是安全 MR 領域。我認為這是我想強調的事情，我們談論海康威視和大華明年將為我們帶來 0 收入。

Okay. Perfect. My second question is on Continental here. Looking at from one angle, and you mentioned both today and in past calls regarding having a solution that really addresses all vision-related opportunities both within and without the car here. As I look through the Continental press release from whatever a week or 2 ago, I didn't see any mention of kind of indoor use cases there, and maybe I've scanned too quickly. But is that being contemplated here? Is that something you can discuss and/or do you see other OEMs coming through the funnel here that you will have both interior and external use cases because you have that full offering others don't.

好的。完美的。我的第二個問題是關於大陸航空的。從一個角度來看，您在今天和過去的電話會議上都提到過要有一個解決方案，真正解決車內和車外所有與視覺相關的機會。當我瀏覽一周或兩週前大陸航空的新聞稿時，我沒有看到那裡提到任何類型的室內用例，也許我掃描得太快了。但這是在這裡考慮的嗎？這是您可以討論的事情嗎和/或您是否看到其他 OEM 通過此處的漏斗進入您將擁有內部和外部用例，因為您擁有其他人沒有的完整產品。

Right. So for the Conti price release, they basically focus on only one application, which is ADAS. And ADAS mainly is for external use. However, I do believe that they appreciate that we offer a complete road map that go from external to internal. And we just say -- I want to say that the press release is targeted only for one application, one possible opportunity between Conti and us.

正確的。所以對於Conti的價格發布，他們基本上只關註一個應用，就是ADAS。而ADAS主要是外用的。但是，我確實相信他們很欣賞我們提供了從外部到內部的完整路線圖。我們只是說——我想說的是，新聞稿僅針對一項申請，這是康蒂和我們之間可能的一次機會。

The next question I have is coming from Ross Seymore of Deutsche Bank.

我的下一個問題來自德意志銀行的 Ross Seymore。

This is DJ Sebastian on behalf of Ross Seymore. I was just hoping to get some color on sort of the revenue split between your IoT and auto segments, both for the reported quarter and the implied guide.

我是 DJ Sebastian，代表 Ross Seymore。我只是希望對報告的季度和隱含指南的物聯網和汽車細分市場之間的收入分配有所了解。

The approximate split would be about 75-25 IoT versus automotive.

物聯網與汽車的大致比例約為 75-25。

Cool. And just a quick follow-up. How should we sort of think about that going into next year? I mean, do you guys see that dynamic changing significantly? Or are we still going to write sort of the same split for the foreseeable future?

涼爽的。并快速跟進。我們應該如何考慮明年的情況？我的意思是，你們看到這種動態發生了顯著變化嗎？或者在可預見的未來，我們是否仍將編寫相同的拆分？

Well, like I said, we haven't given any guidance for next year. But like I said, we expect auto percentage will continue to increase because the funnel that we're building, and that should be the trend which we are expecting.

好吧，就像我說的，我們還沒有給出明年的任何指導。但正如我所說，我們預計汽車百分比將繼續增加，因為我們正在構建漏斗，這應該是我們預期的趨勢。

And that concludes today's Q&A session. I would like to turn the call over to Dr. Fermi Wang for closing remarks. Go ahead, sir.

今天的問答環節到此結束。我想將電話轉給 Fermi Wang 博士作結束語。來吧，先生。

Thank you, and thank you all for your time and consideration. We hope to see you at CES or one of the other coming events. Thank you, and goodbye.

謝謝，也感謝大家的時間和考慮。我們希望在 CES 或其他即將舉行的活動中見到您。謝謝，拜拜。

This concludes today's conference call. You all may hang up and everyone have a great rest of your day.

今天的電話會議到此結束。你們都可以掛斷電話，每個人都可以度過美好的一天。