Ambarella Inc (AMBA) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to Ambarella's Third Quarter Fiscal Year 2024 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加安霸 2024 財年第三季財報電話會議。 （操作員說明）

I would now like to hand the call over to DT. corporate development, Louis Gerhardy. Please go ahead.

我現在想把電話轉給 DT。企業發展，路易斯傑哈迪。請繼續。

Thank you, Latif. Good afternoon, everyone, and thank you for joining our third quarter fiscal year 2024 financial results conference call. On the call with me today is Dr. Fermi Wang, President and CEO, Brian White, CFO, and John Young, VP of Finance.

謝謝你，拉蒂夫。大家下午好，感謝您參加我們的 2024 財年第三季財務業績電話會議。今天與我通話的有總裁兼執行長 Fermi Wang 博士、財務長 Brian White 和財務副總裁 John Young。

The primary purpose of today's call is to provide you with information regarding the results for our third quarter fiscal year 2020 for 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.

今天電話會議的主要目的是向您提供有關我們今天討論的 2020 財年第三季度業績的信息，對您問題的答复將包含有關我們預計財務業績、財務前景、市場增長和需求的前瞻性陳述了解我們的解決方案。

Among other things these statements are based on currently available information and 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.

除此之外，這些陳述基於當前可獲得的信息，並受到風險、不確定性和假設的影響。如果任何這些風險或不確定性成為現實，或者我們的假設被證明是不正確的。我們的實際結果可能與這些前瞻性陳述有重大差異。

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 file with the SEC. Access to our third quarter fiscal 2024 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.

我們沒有義務更新這些聲明。我們向 SEC 提交的文件中更全面地描述了這些風險、不確定性和假設以及可能影響我們財務表現的潛在風險因素的其他資訊。您可以在我們網站的投資者關係頁面上查看我們的 2024 財年第三季業績新聞稿、文字記錄、歷史業績、SEC 文件和今天電話會議的重播。

The content of today's call, as well as the materials posted on our website or Ambarella's property and cannot be reproduced or transcribed without our prior written consent. 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.

未經我們事先書面同意，不得複製或轉錄今天電話會議的內容以及我們網站或安霸財產上發布的資料。費米現在將提供本季的業務更新。布萊恩將審查財務業績和前景，然後我們將回答您的問題。

Fermi?

費米？

Thank you, Louis, and good afternoon, everyone. On a challenging market, our fiscal Q3 revenue was slightly above the midpoint of our guidance. Our business appears to be in the process of stabilizing as our customers seem to be making progress with their inventory management efforts.

謝謝你，路易斯，大家下午好。在充滿挑戰的市場中，我們第三季的收入略高於我們指導的中點。我們的業務似乎正處於穩定過程中，因為我們的客戶似乎在庫存管理方面取得了進展。

We expect our customer to emerge from the cyclical downturn at different times throughout the next year. And considering all of the dynamics at this time, we continue to anticipate we will return to growth in fiscal year 2025.

我們預計我們的客戶將在明年的不同時間擺脫週期性衰退。考慮到目前的所有動態，我們繼續預期我們將在 2025 財年恢復成長。

We remain determined and focused on our strategic R&D priorities for the introduction of a portfolio of AI SOCs and silver targeting more sophisticated, I influence workloads. Our covenants in the secular growth opportunity for inference, AI processors and software remain high, and our long-term serviceable market opportunity, CAGR estimate has not changed.

我們仍然堅定並專注於我們的策略研發優先事項，以引入 AI SOC 和白銀產品組合，目標是更複雜、我影響工作負荷。我們對推理、人工智慧處理器和軟體的長期成長機會的承諾仍然很高，而且我們的長期可用市場機會、複合年增長率估計沒有改變。

Our CV2 family of SOCs is expected to lead us out of a cyclical downturn and represent a larger portion or proportion of our total revenue in fiscal year 2025. As a reminder, this product family established Ambarella in the AI inference market, and this SOCs are expected to approach 60% of our total revenue in fiscal '24 in a single chip.

我們的CV2 系列SOC 預計將帶領我們走出週期性低迷，並在2025 財年占我們總收入的較大部分或比例。需要提醒的是，該產品系列使Ambarella 在人工智慧推理市場上站穩了腳跟，而該SOC預計 24 財年單晶片收入將占我們總收入的 60%。

The CV2 products typically provide photo video processing and AI inference processing for one or more cameras. The average selling price of this product is close to $20 range at below $10 to about $50. In particular, I want to point out that CV5, the flagship, our CV2 family and Abril, our first final meter SOC is forecast to generate meaningful revenue next year with more than 10 customers in production.

CV2產品通常為一台或多台相機提供照片影片處理和AI推理處理。該產品的平均售價接近 20 美元，範圍在 10 美元以下至 50 美元左右。我特別想指出的是，我們的旗艦產品 CV5、我們的 CV2 系列和我們的首款最後一米 SOC Abril 預計明年將產生可觀的收入，已有 10 多家客戶投入生產。

Our CV3 platform is expected to generate production revenue from the automotive market in calendar year 2026 and beyond. The CV3 platform includes a family of SOC and software, and we began to sample the CV3 dash [ADASOC]. a year ago.

我們的 CV3 平台預計將在 2026 年及以後從汽車市場產生生產收入。 CV3 平台包括一系列 SOC 和軟體，我們開始對 CV3 dash [ADASOC] 進行取樣。一年前。

And today, I'm pleased to announce during Q3, we received the first silicon for CV3 dash 86 by six 85 SOC. The flagship our CV3 portfolio, and we are in the midst of a successful bring up of this extremely sophisticated 10 period plus transistor SOC.

今天，我很高興地宣布，在第三季度，我們收到了第一塊用於 CV3 dash 86 的晶片，由 6 個 85 SOC 組成。我們的旗艦產品 CV3 產品組合，我們正在成功開發這款極其複雜的 10 週期以上電晶體 SOC。

We expect to deliver engineering samples to customers in Q1 next year. And we are on track to the previously announced award from Continental to the first OE and start production in calendar year 2027. CV3 SOCs are based on our third-generation AI inference technology and serve significantly more challenging AI inference workloads such as a partial or complete autonomy in vehicles.

我們預計明年第一季向客戶交付工程樣品。我們預計將獲得大陸集團先前宣布的首個OE 獎項，並於2027 年開始生產。CV3 SOC 基於我們的第三代人工智慧推理技術，可服務於更具挑戰性的人工智慧推理工作負載，例如部分或完整的人工智慧推理工作負載。車輛的自主權。

In addition to providing a single SOC, the perception processing for multiple camera inputs. CV3 SOC for the first time enables centralized processing of a roll rate readout data as well as deep low-level fusion with data from other sensing modalities. CV. three family SOC ranging price from $50 to more than $400 per SOC.

除了提供單一 SOC 之外，還可以對多個攝影機輸入進行感知處理。 CV3 SOC 首次實現了滾動速率讀出資料的集中處理以及與其他感測方式的資料的深度低階融合。簡歷。三個系列 SOC，每個 SOC 的價格從 50 美元到 400 美元以上不等。

There are two additional elements of our is our CV. three platform, both both of which are software software. This includes oxalate, adaptive AI, radar perception software and our complete autonomous driving software stack both optimized to run the CV. three.

我們的履歷還有兩個額外的要素。三個平台，兩者都是軟體軟體。這包括草酸鹽、自適應人工智慧、雷達感知軟體和我們完整的自動駕駛軟體堆疊，均針對運行 CV 進行了最佳化。三。

Since November '23, we have been providing demo rides to OEMs and tier one space on CV. three SOCs and our autonomous driving stack with centralized radar processing, low-level Fusion and the ocular radar processing software, and we will continue to demo this at the CES in January.

自 23 年 11 月以來，我們一直在向 OEM 和 CV 一級空間提供示範乘車。三個 SOC 以及我們的自動駕駛堆疊，包括集中式雷達處理、低階 Fusion 和目視雷達處理軟體，我們將在一月份的 CES 上繼續示範這一點。

Now I would like to provide an update on our G. and A., I plan to the last quarter was the implementation of a new era of software building blocks on CV3 touch 80. We have now successfully demonstrated inference running Alabama to 13 p. model with the SOC using LPDDR5 memory instead of high-bandwidth memory and the operating at a fraction of the power consumption of incumbent solutions, some of our existing customers are evaluating how they will implement JNI and larger language models at the age of the network.

現在我想提供有關G. 和A. 的更新，我計劃在上個季度在CV3 touch 80 上實施新時代的軟體構建塊。我們現在已經成功演示了在阿拉巴馬州運行到下午13 點的推理。由於 SOC 使用 LPDDR5 內存而不是高頻寬內存，並且運行功耗僅為現有解決方案的一小部分，我們的一些現有客戶正在評估他們將如何在網絡時代實現 JNI 和更大的語言模型。

With our successful demos and additional analysis, we have concluded the powerful and highly efficient AI inference processor embedded in our CB. three SACC.s is well-suited for this age markets. We will have we will have more updates on our our OEM strategy, as I see, is 2024.

透過我們成功的演示和額外的分析，我們得出了 CB 中嵌入的強大且高效的 AI 推理處理器的結論。三個 SACC.s 非常適合這個年齡層的市場。據我所知，我們將在 2024 年對我們的 OEM 策略進行更多更新。

Once a year, we update our automotive panel, which is meant to be a reference for our automotive customer engagements over the next six years. We completed a formal update in November, and it increased 4% from $2.3 billion to $2.4 billion.

我們每年更新一次汽車面板，這旨在為我們未來六年的汽車客戶合作提供參考。我們在 11 月完成了正式更新，成長了 4%，從 23 億美元增加到 24 億美元。

The pharma is comprised of a one business of about $800 million and a pipeline of about $1.6 billion with our automotive business expected to generate about $80 million in revenue this year. The $2.4 billion six year funnel is an indication of the strong growth we anticipate from the automotive market.

該製藥公司由一項價值約 8 億美元的業務和價值約 16 億美元的管道組成，預計今年我們的汽車業務將產生約 8,000 萬美元的收入。 24 億美元的六年漏斗顯示我們預計汽車市場將強勁成長。

There was significant number of upward and downward revisions in the final calculation this year including forecast changes and the project delays from both Tier ones and OEMs projects won or lost in the pipeline and the addition of new projects. CV3 represents a large portion of the current funnel, even though CV3 revenue is not expected to commence until calendar year 2026.

今年的最終計算結果出現了大量的向上和向下修正，包括預測變化和項目延遲，包括一級和原始設備製造商項目在管道中贏得或失去的項目以及新項目的增加。儘管 CV3 預計要到 2026 年才會開始收入，但 CV3 佔目前通路的很大一部分。

I will now discuss we presented customer engagement in this quarter.

我現在將討論我們在本季提出的客戶參與度。

In automotive, we are continuing to win new designs in China, the world's largest automotive market, the open architecture of CV4 AI SOCs enable leading Chinese Tier ones and a software provider to develop highly differentiated, fully featured solutions.

在汽車領域，我們不斷在中國這個全球最大的汽車市場贏得新設計，CV4 AI SOC 的開放架構使中國領先的一級供應商和軟體供應商能夠開發高度差異化、功能齊全的解決方案。

During the quarter, JC. introduced four new passenger car models incorporating a broad CV22 AQ. automotive SOCs in intelligent eight assistance. This included JC from GEH. and ES9 and IO hyper FT and iron S-Max.

在本季度，JC.推出了四款配備寬幅 CV22 AQ 的新乘用車車型。智慧八輔助中的汽車SOC。其中包括來自 GEH 的 JC。以及 ES9 和 IO hyper FT 以及鐵 S-Max。

Also high, introduced its V oh nine, meaning there was a DAS system also based on our CV. 22 AQ. and the SACHAIC. introduce Mexico start to our seven main events, including a camera mines assistance, replacing less and rail minerals.

同樣高的是，推出了它的 V oh 9，這意味著還有一個基於我們 CV 的 DAS 系統。 22 空氣品質。和 SACHAIC。介紹墨西哥啟動我們的七個主要事件，包括相機地雷援助、更換更少和鐵路礦物。

And based on our CV. 22 FS. functional safety SOC in the automotive aftermarket, Asian market leaders think we introduced its QXDDVR. based on our CV. 25 AISOC., and that is 200 Pro to channel TV up is our A12 SOC.

並根據我們的簡歷。 22 FS。在汽車售後市場的功能安全SOC方面，亞洲市場領導者認為我們推出了它的QXDDVR。根據我們的簡歷。 25 AISOC.，即 200 Pro 頻道電視是我們的 A12 SOC。

And the European market leader in that space introduced its IQ smart dash cam product line using our CV22 at automotive SOC featuring 4K resolution and of a high base threat detection in enterprise security camera market, a number of leading manufacturers introduce new cameras based on our flagship five nanometer CV5 and CV52.

該領域的歐洲市場領導者推出了其IQ 智慧行車記錄器產品線，該產品線使用我們的CV22 汽車SOC，具有4K 解析度和企業安全攝影機市場的高基礎威脅偵測能力，許多領先製造商推出了基於我們旗艦產品的新攝影機五納米CV5和CV52。

Motorola introduces new H6A product line featuring a base of video analytics and up to a megapixel resolution based on our CV52 A. processors and Japanese market leader April announced this new X series featuring total my model spending box indoor indoor and outdoor models up to eight megapixel space, our CV trial 52 SOCs.

摩托羅拉推出新的H6A 產品線，以視訊分析為基礎，並基於我們的CV52 A 處理器實現高達100 萬像素的分辨率。4 月，日本市場領導者宣布推出這款新的X 系列，其特點是my model 消費盒室內和室外型號總計高達800 萬像素空間，我們的 CV 試驗 52 個 SOC。

And a Korean market leader handwash introduced is I see three four for oh four. Multidirectional AutoChem are based on our CV. five SOC. Also during the quarter of Ocado introduced CP. 52, Eapen till or dual camera based on our CV. 22 SOC offering camera operators, dynamic coverage of a wide areas and fishing farming, our pixel resolution and 28 x optical modules and the Germany.

韓國市場領導者推出的洗手液是「我看到三四對哦四」。多向 AutoChem 基於我們的簡歷。五 SOC。本季 Ocado 也推出了 CP。 52、Eapen till 或基於我們的 CV 的雙鏡頭。 22 SOC 為攝影機操作員提供大範圍的動態覆蓋和漁業養殖，我們的像素分辨率和 28 x 光學模組與德國。

Ids introduced its first Embraer based camera, the XT. Malibu for life imaging ANALYST space on our CV. 22 AISOC. in the smart home segment. This signifies the Philips Lighting spin-off known for its huge 19 products announced is a Philips Hue secret secure cameras based on our CVAISOC.s.

Ids 推出了第一款基於 Embraer 的相機 XT。我們的履歷上有馬里布生命成像分析師空間。 22 航空安全委員會。在智慧家庭領域。這意味著以 19 種龐大產品而聞名的飛利浦照明分拆公司宣布推出基於我們的 CVAISOC.s 的飛利浦 Hue 秘密安全相機。

That cameras scale work was a hue lights to control lighting and sound alarms to detect intruders Also during the quarter and will be a leading home automation companies announces a smarter VR camera based on our CV. 28 28 AISOC.s.

這款攝影機的規模運作是控制照明的色調燈和偵測入侵者的聲音警報。此外，在本季度，一家領先的家庭自動化公司將根據我們的履歷宣布推出一款更智慧的 VR 攝影機。 28 28 AISOC.s。

In November, Infra three 60 introduced its ACE Pro and ACE action camera based on our CV. five and ICV. 52 52 AISOC.s. The ACE Pro is the first eight K consumer action camera and both cameras include advanced AI features such as new in our base, no structure, 40 mega pixel, computational photography, voice and gesture control and automatic video editing.

11 月，Infra 3 60 推出了基於我們的 CV 的 ACE Pro 和 ACE 運動相機。五、智慧網聯汽車。 52 52 AISOC.s。 ACE Pro 是首款 8K 消費級運動相機，兩款相機均包含先進的 AI 功能，例如我們基礎上的新增功能、無結構、40 兆像素、計算攝影、語音和手勢控制以及自動視頻編輯。

Collectively, you can see overall design design win activity is healthy across 13 different representative customers for 17 different projects, nine auto and eight in IoT. Furthermore, 16 of the 17 representative engagements utilize our higher value AAEISOC.s. You can also see we are successfully implementing more sophisticated AI workload in our SOCs. I highlighted was the identification of a four different CV five customer engagements.

總的來說，您可以看到 17 個不同專案（9 個汽車專案和 8 個物聯網專案）的 13 個不同代表性客戶的整體設計贏得活動表現良好。此外，17 個代表項目中有 16 個利用了我們價值更高的 AAEISOC.s。您還可以看到我們正在 SOC 中成功實施更複雜的 AI 工作負載。我強調的是四個不同的履歷和五個客戶互動的識別。

Looking forward, we believe our newer products such as CD. five CV. 72 and the CV. three are well positioned to support increasingly sophisticated AI inference workloads and this new product ramp. And as we also capture more software value, we believe we can capture more value of parties out.

展望未來，我們相信我們的新產品，例如 CD。五個簡歷。 72 和簡歷。三者處於有利地位，可以支援日益複雜的人工智慧推理工作負載和這項新產品的提升。由於我們也獲得了更多的軟體價值，我們相信我們能夠獲得各方的更多價值。

Now I would like to give an update on changes to our management team. We previously announced in October 18, 2023. Brian, our CFO, will retire from his role as CFO at the conclusion of the current fiscal year ending January 31, 2024.

現在我想介紹一下我們管理團隊變動的最新情況。我們先前於 2023 年 10 月 18 日宣布。我們的財務長 Brian 將在截至 2024 年 1 月 31 日的本財年結束時辭去財務長一職。

I would like to thank his contributions to the company, including helping navigate the challenging inventory correction. The semiconductor industry is currently experiencing as well as continuing to strengthen our financial team and position us for success as we continue our transition into larger markets.

我要感謝他對公司的貢獻，包括幫助應對具有挑戰性的庫存調整。半導體產業目前正在經歷並將繼續加強我們的財務團隊，並為我們在繼續向更大市場轉型時取得成功做好準備。

I am also pleased to announce that John Young currently, our VP of Finance will assume the role of CFO on February 1, 2024. John has been with Ambarella for more than six years, serving a variety of finance and accounting roles, and we are confident he will continue to be a valuable contributor as we seek to drive our transformation forward and grow shareholder value.

我還很高興地宣布，目前我們的財務副總裁 John Young 將於 2024 年 2 月 1 日擔任首席財務官。John 已在 Ambarella 工作六年多，擔任過各種財務和會計職位，我們正在我們相信，在我們尋求推動轉型並增加股東價值的過程中，他將繼續成為有價值的貢獻者。

Now I will hand it over to Brian to discuss the Q3 results and outlook in more detail.

現在我將把它交給 Brian 更詳細地討論第三季的業績和前景。

Thanks, Fermi. Before I begin, I'd like to thank Fermi and the Board for the opportunity I've had to be part of the special team here at Ambarella. The timing of my upcoming transition is facilitated by the progress we've made in developing the people, processes and tools to support Ambarella at the next levels of growth and profitability. I have complete confidence in John's ability to take over as CFO, and the team he has to support him. I look forward to their ongoing success.

謝謝，費米。在開始之前，我要感謝費米和董事會給我機會成為安霸特別團隊的一員。我們在開發人員、流程和工具以支持安霸達到新的成長和獲利水準方面取得的進展促進了我即將進行的過渡。我對約翰接任財務長的能力以及他所支持的團隊充滿信心。我期待他們不斷取得成功。

I'll now review the financial highlights for our third fiscal quarter and provide a financial outlook for our fourth quarter ending January 31, 2024. 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.

我現在將回顧我們第三財季的財務亮點，並提供截至2024 年1 月31 日的第四季度的財務前景。我將討論非GAAP 業績，並請您參閱今天的新聞稿以了解詳細的對帳資訊非 GAAP 報告的 GAAP 與非 GAAP 結果。

We have eliminated stock-based compensation expense along with acquisition related and restructuring costs adjusted for the impact of taxes

我們消除了基於股票的補償費用以及根據稅收影響調整的收購相關和重組成本

For fiscal Q3 revenue was $50.6 million, slightly above the midpoint of our prior guidance range, down 19% to the prior quarter and down 39% year over year. As expected, the sequential decline in revenue was driven primarily by our IoT end markets.

第三財季營收為 5,060 萬美元，略高於我們先前指引範圍的中點，比上一季下降 19%，年減 39%。正如預期的那樣，收入的連續下降主要是由我們的物聯網終端市場所驅動的。

Non-GAAP gross margin for fiscal Q3 was 62.6%, in line with our prior guidance range. Non-GAAP operating expense was $44.1 million, down $1.9 million from the prior quarter and below our prior guidance range of $46 million to $49 million, driven by continued expense management and the timing of spending between quarters.

第三財季的非 GAAP 毛利率為 62.6%，與我們先前的指導範圍一致。非GAAP 營運費用為4,410 萬美元，比上一季減少190 萬美元，低於我們之前4,600 萬美元至4,900 萬美元的指導範圍，這主要是由於持續的費用管理和季度之間的支出時間安排所致。

We remain on track to our internal product development milestones. Q3 net interest and other income was one point and our non-GAAP tax provision was approximately $650,000. We reported a non-GAAP net loss of $11 million or $0.28 loss per diluted share.

我們仍然朝著內部產品開發里程碑的方向前進。第三季淨利息和其他收入為 1 個點，我們的非 GAAP 稅收撥備約為 650,000 美元。我們報告的非 GAAP 淨虧損為 1,100 萬美元，或攤薄後每股虧損 0.28 美元。

Non-GAAP EPS was $0.11 better than the implied midpoint of our prior guidance range, driven primarily by lower operating expenses.

非 GAAP 每股收益比我們先前指引範圍的隱含中點高 0.11 美元，主要是由於營運費用下降。

Now turn to our balance sheet and cash flow. Fiscal Q3 cash and marketable securities increased $5.8 million to $222.3 million. DSO improved from 45 days in the prior quarter to 42 days, while days of inventory improved from 147 to 145 days down $4 million from the prior quarter.

現在轉向我們的資產負債表和現金流。第三財季現金和有價證券增加 580 萬美元，達到 2.223 億美元。 DSO 從上一季的 45 天縮短到 42 天，庫存天數從 147 天縮短到 145 天，比上一季減少 400 萬美元。

Cash from operations was $7.9 million and capital expenditures for tangible and intangible assets was $2.4 million. Free cash flow defined as cash from operations less CapEx was 11% of revenue for the quarter and 6% on a trailing 12-month basis.

營運現金為 790 萬美元，有形和無形資產資本支出為 240 萬美元。自由現金流定義為營運現金減去資本支出，本季佔收入的 11%，過去 12 個月佔收入的 6%。

We had three logistics and ODM companies represent 10% or more of our revenue in Q three, WT Microelectronics, a fulfillment partner in Taiwan that ships to multiple customers in Asia came in at 54% of revenue. To Kony and ODM who manufactures for multiple IoT customers was 12% of revenue. And Accredo, a logistics partner who primarily supplies multiple automotive customers in Japan, it was also 12% of revenue.

我們有 3 家物流和 ODM 公司，占我們第三季收入的 10% 或更多，文曄微電子是台灣的履行合作夥伴，向亞洲多個客戶發貨，佔收入的 54%。對於為多個 IoT 客戶製造的 Kony 和 ODM 來說，這佔收入的 12%。主要為日本多家汽車客戶供貨的物流合作夥伴 Accredo 也佔營收的 12%。

Now discuss the outlook for the fourth quarter of fiscal year 2020. For the near term, revenue outlook appears to be stabilizing. While customers continue to manage inventory levels in some pockets of end demand, softness persist, ordering patterns and customer feedback suggests that our revenue is leveling out and likely to resume growth in our next fiscal year.

現在討論 2020 財年第四季的前景。短期內，營收前景似乎趨於穩定。雖然客戶繼續管理部分最終需求的庫存水平，但疲軟狀況仍然存在，訂購模式和客戶回饋表明我們的收入正在趨於平穩，並可能在下一財年恢復成長。

For fiscal Q4, we estimate that our total revenue will be in the range of $50 million to $53 million, with IoT up slightly and automotive about flat at this time, we anticipate the sequential revenue growth will continue in our fiscal Q1 in the low to mid single digit percentage range.

對於第四財季，我們估計我們的總收入將在5000 萬美元至5300 萬美元之間，其中物聯網略有增長，而汽車行業目前基本持平，我們預計第一財季的收入環比增長將繼續在低至5300 萬美元之間。中間個位數百分比範圍。

We expect fiscal Q4 non-GAAP gross margin to be in the range of 62% to 63%. We expect non-GAAP OpEx in the fourth quarter to be in the range of $45 million to $48 million, with the increase compared to Q3, driven by CES. marketing activities, R&D tied to new product development and less favorable foreign exchange impact.

我們預計第四財季非 GAAP 毛利率將在 62% 至 63% 之間。我們預計第四季非 GAAP 營運支出將在 4,500 萬美元至 4,800 萬美元之間，在 CES 的推動下，較第三季有所成長。行銷活動、與新產品開發相關的研發以及不利的外匯影響。

We estimate net interest income to be approximately $1.5 million and our non-GAAP tax expense to be approximately 600,000 and our diluted share count to be approximately 40.4 million shares. Ambarella will be participating in a fireside chat and hosting one-on-one group meetings on December 5 and 6 at NASDAQ and Morgan Stanley's wondering conference Triaz.

我們預計淨利息收入約為 150 萬美元，非 GAAP 稅務費用約為 60 萬股，稀釋後股票數量約為 4,040 萬股。 Ambarella 將於 12 月 5 日至 6 日在納斯達克和摩根士丹利的 Wonder Conference Triaz 參加爐邊聊天並主持一對一小組會議。

We also will be participating in Omeros CES. One-on-One Conference in Las Vegas on Monday, January 8, we expect to host more than 20 investor groups during our CES 2024 exhibition from January 8 to January 12. Please contact sell-side analysts to make reservations.

我們也將參加 Omeros CES。 1 月 8 日星期一在拉斯維加斯舉行一對一會議，預計 1 月 8 日至 12 日的 CES 2024 展會期間將接待 20 多個投資者團體。請聯繫賣方分析師進行預訂。

We will also present and host one-on-one and group meetings at the Needham Conference on January 17 in New York. Please contact us for more details. Thank youfor joining our call today. And with that, I'll turn the call over to the operator for questions.

我們也將在 1 月 17 日於紐約舉行的李約瑟會議上展示並主持一對一會議和小組會議。請與我們聯絡以了解更多詳情。感謝您今天加入我們的通話。然後，我會將電話轉給接線員詢問問題。

(Operator Instructions) Joe Moore of Morgan Stanley.

（操作員指令）摩根士丹利的喬·摩爾。

Great. Thank you.

偉大的。謝謝。

I wonder if you could talk about the adjustments, Fermi, that you discussed to the funnel. You had said that you saw some business kind of coming out because you had a number of businesses there that were probability weighted. What's happening to that when that happens? Is that because the programs are just moving more slowly? Is it competitive? Is it supply chain? Can you just kind of give us an indication of why those therapy does adjust?

費米，我想知道您是否可以談談您在漏斗中討論的調整。您曾說過，您看到了某種業務的出現，因為那裡有許多經過機率加權的業務。當這種情況發生時會發生什麼？這是因為程序進展緩慢嗎？有競爭力嗎？是供應鏈嗎？您能否告訴我們為什麼這些療法確實會發生調整？

Yes. Thank you, Joe. I think I mean, you addressed that question in credits in a Square will talk about four different factors. The first factor is that forecast changed your phone Tier one OES., for example, for some of the project that we have won and the forecast of those project would reduce particularly in the last several months, we start seeing that trend. So that's the first factor.

是的。謝謝你，喬。我想我的意思是，您在 Square 的製作人員名單中解決了這個問題，將討論四個不同的因素。第一個因素是預測改變了你的手機一級 OES。例如，對於我們贏得的一些項目，這些項目的預測會減少，特別是在過去幾個月中，我們開始看到這種趨勢。這是第一個因素。

The second factor is we start seeing project delays, for example, for some of the project that we have won the production date is pushing out and also for some projects that were in our secure face the decision of those of the final decision of the award is also kind of push out.

第二個因素是我們開始看到專案延遲，例如，我們贏得的一些專案的生產日期正在推遲，而我們安全的一些專案也面臨著最終獲獎者的決定也是一種推出。

So I think that's a second factor. But also there are sort of the third factor is really that we continue to have a new project or RFQ that we're bidding on. And we have different multiplier or like you said, different of a covenant level for different projects and that's new new party Elpida.

所以我認為這是第二個因素。但還有第三個因素實際上是我們繼續有一個新項目或我們正在投標的詢問。我們有不同的乘數，或者像你說的那樣，針對不同的項目有不同的契約水平，這就是新的新政黨 Elpida。

The last factor is really the project that we won and lost it yet. So if you ask me, I think the first and second factor really negatively impact our final number by the third and fourth, if the net effect in further force probably help us to continue to add numbers into the pipe the funnel. So that's the reason we have a minor increase on the final numbers.

最後一個因素實際上是我們贏得和失去的項目。因此，如果你問我，我認為第一個和第二個因素確實會對第三個和第四個因素的最終數字產生負面影響，如果進一步的淨效應可能有助於我們繼續將數字添加到漏斗中。這就是我們最終數字略有增加的原因。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

And have yourself an awful lot of growth over multiple years in five years. Is that how does that profile look versus a year ago. I know you've talked about a lot of success in China. Do you see more of a of a China skew to your numbers in the next as you start to ramp the advanced TV features, right.

讓自己在五年內獲得巨大的成長。與一年前相比，該個人資料是這樣的嗎？我知道你談到了在中國取得的許多成功。當你開始增加先進的電視功能時，你是否會在接下來的時間裡看到更多中國對你的數字的偏差，對嗎？

So I think that first of all on this funnel with First of all on the one portion is the first time we start seeing CV three contribution there in the pipeline. Definitely CVs three continue to getting higher and higher percentage of a formal number on one thing, I can say that in addition to the first CV. three design win we announced last week two times ago was County.

所以我認為，首先在這個漏斗上，首先在一個部分上，我們第一次開始看到 CV 三在管道中的貢獻。當然，除了第一份履歷之外，我可以說，第三份履歷在一件事情上的正式數字百分比繼續越來越高。我們上週兩次宣布的三項設計勝利是縣。

We add extra on a it non Chinese commercial vehicle design wins. We see v. three and in this pipeline. So we definitely continue to make progress on that. And the trigger for those design wins is after we demo the working six, 85 CV. three batch 66, 85 chip and also thermal this a software stack.

我們也額外增加了非中國商用車設計的勝利。我們在這個管道中看到第三節和。因此，我們肯定會繼續在這方面取得進展。這些設計勝利的觸發因素是在我們示範了可工作的 6 台 85 CV 之後。三批 66、85 晶片以及熱此軟體堆疊。

We talk about the our a software stack that can integrate all of pharma Fusion to the radar as well as all the past planning. So we are we successful demo dosing to OENTL. Was those two factors help us to secure? Are the design wins there? Just to just talk about.

我們談論我們的軟體堆疊，可以將所有 pharma Fusion 以及所有過去的規劃整合到雷達中。所以我們成功地向 OENTL 進行了劑量演示。這兩個因素有助於我們確保安全嗎？設計獲勝了嗎？只是隨便說說而已。

Thank you.

謝謝。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes, good afternoon. This is Jeremy calling for Tori. Wondering, I guess first, just wanted to follow up a little bit more on the on the adjustments made to the funnel. And can you talk about how maybe from a broad level, how maybe what did did the overall market in terms of maybe start impacted and how much that might have impacted there is the slight increase in the funnel? And then and then a follow-up after that.

是的，下午好。這是傑里米打電話給托里。我想首先想知道，只是想進一步跟進漏斗所做的調整。您能否談談從廣泛的層面來看，整個市場可能會受到什麼影響，以及漏斗的略有增加可能會產生多大的影響？然後再進行後續行動。

I think the global market definitely impacted two things. One is the forecast over the run rate of the party already one, but also I think you can see you can read about the article talking about for the seat for the Level two plus or Level three card, a lot of the new project, the decision to push out because people are having different thoughts about their software stack in of the what's the function features and particularly how to compete with China with their aggressive product pulling. So I think all of those contribute to the first and second factor I just mentioned.

我認為全球市場肯定影響了兩件事。一是對黨的運行率的預測已經是一，而且我想你可以看到你可以閱讀關於二級加或三級卡的席位的文章，很多新項目，決定推出是因為人們對他們的軟體堆棧有不同的想法，包括功能特性，特別是如何透過積極的產品拉動與中國競爭。所以我認為所有這些都有助於我剛才提到的第一個和第二個因素。

Great. And then moving to the AI inference accelerator business on that that you've successfully demonstrated on it, is that are we right to read into it that it sounds like this is something that you're moving on Ford with.

偉大的。然後轉向人工智慧推理加速器業務，你已經成功地證明了這一點，我們的解讀是正確的，聽起來這就是你正在向福特轉移的東西。

And can you talk about maybe your competitive positioning relative to whether it's the current incumbents and the number of private companies that are in the space and maybe other large competitors that might start to move in to, I guess, talk a little bit about.

您能否談談您的競爭定位，無論是當前的在位者還是該領域的私人公司數量，以及可能開始進入的其他大型競爭對手，我想，可以談談。

Yes, I think you are referring to the LOM. So I think, you know, first of all, this time a little bit of different than the last unless I can talk about global a lot of different application because we haven't spent enough time on the marketing side this time we kind of zoom in to say, while we understand our strengths is HRHH. devices, particularly because we were in that we are in the market and we know a lot of customers there.

是的，我認為你指的是 LOM。所以我認為，首先，這次與上次有點不同，除非我可以談論全球很多不同的應用程序，因為我們沒有在營銷方面花費足夠的時間，這次我們有點縮放也就是說，雖然我們了解我們的優勢是HRHH。設備，特別是因為我們在市場上，我們在那裡認識很多客戶。

And we've also done enough demos and also talking to customer to understand our strengths against our competitor, both for larger companies of ours, also start-up companies and ARM. And our strength is first of all, we have a working silicon that we can give them or at a very good performance, very low power consumption. I think that's it key.

我們還做了足夠的演示，並與客戶交談，以了解我們相對於競爭對手的優勢，無論是對於我們的大公司，還是新創公司和 ARM。我們的優勢首先是，我們有一個工作晶片，我們可以給他們非常好的性能，非常低的功耗。我認為這是關鍵。

The second thing is for us is not just a silicon. In fact, we also have bundled software. It will go into sure, given the environment that we are in, should we already introduced our customer our interest, but we'll probably introduce to the CSR. about how we are using a software environment bundle with our current solutions that enable our age device or eight servers quickly moving to a model to help age age of cases, so I think that's where we're focusing on right now.

第二件事對我們來說不只是一塊矽。事實上，我們還有捆綁軟體。考慮到我們所處的環境，我們是否應該向客戶介紹我們的興趣，這是肯定的，但我們可能會介紹企業社會責任。關於我們如何將軟體環境與我們目前的解決方案捆綁在一起，使我們的老化設備或八台伺服器快速遷移到一個模型，以幫助老化案件，所以我認為這是我們現在關注的重點。

And it's not that we don't book we don't want to focus on bigger cloud or hybrid cloud, a much bigger application is really that I think for with our current silicon and our current resources, we would like to focus on areas that we know that we were familiar with, and we want to know that we can win. So I think that's where we are sitting with the complex, of course, that we are not we definitely need to build a roadmap.

這並不是說我們不想專注於更大的雲或混合雲，我認為，憑藉我們當前的晶片和當前的資源，我們確實希望專注於更大的應用程式我們知道我們已經熟悉了，我們想知道我們能夠獲勝。所以我認為這就是我們所面臨的複雜情況，當然，我們不是我們絕對需要製定一個路線圖。

But however, like we said last time with our current commitment to our is using our current engineering resource equities enough for to do sampling system and developing the application developing software for each applications. Those are most application use incurring current resources. How do we decide to extend our roadmap or doing other applications? We publish need to talk about or define our engineering resource which haven't come into that yet.

但是，就像我們上次所說的那樣，我們目前的承諾是使用我們現有的工程資源股足以做採樣系統並為每個應用程式開發應用程式開發軟體。這些是佔用當前資源的大多數應用程式的使用。我們如何決定擴展我們的路線圖或進行其他應用程式？我們發布需要討論或定義我們尚未涉及的工程資源。

Thank you.

謝謝。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Because this is Nick Meyers on for Chris. So you guys talked to the first quarter potentially growing low to mid-single digits, maybe a little bit slower than we were thinking. So I was curious if it is this more in demand driven or inventory, how should we think about inventory dynamics into the April quarter by auto or IoT with an enterprise or consumer two within there? And then how are you thinking about the shape in the first quarter?

因為這是尼克·邁耶斯替克里斯做的。所以你們談到第一季可能會出現低至中個位數的成長，可能比我們想像的要慢一點。所以我很好奇，如果是需求驅動的還是庫存驅動的，我們應該如何考慮汽車或物聯網在四月份季度的庫存動態，其中有企業或消費者兩個？那麼您對第一季的形狀有何看法？

Well, I think the data points that we're looking at in support of the growth we talked about for fiscal Q1 is based on number one, looking at our bookings and backlog trends and which have absolutely improved. So our book-to-bill was much better in Q3 than what we've been experiencing for a number of quarters. And as we look at the backlog build into Q1, and it's tracking well above the prior quarter.

嗯，我認為我們正在尋找的支持我們談到的第一財季成長的數據點是基於第一條，看看我們的預訂和積壓趨勢，這些數據絕對有所改善。因此，我們第三季的訂單出貨量比我們幾季的情況要好得多。當我們觀察第一季的積壓情況時，它遠高於上一季。

Can it's supporting the growth range that we talked about. And so when we combine the data bookings and billings. And we we compare that to the feedback that we're getting from our customers as well as the on the requests that we're getting relative to push-outs versus pull and of shipments, which have become much more balanced than they have been in the past.

它能否支持我們談到的成長範圍？因此，當我們將資料預訂和帳單結合起來時。我們將其與我們從客戶那裡得到的反饋以及我們收到的有關推出與拉動和發貨的要求進行比較，這些要求比以前更加平衡過去。

That gives us the confidence to talk about the beginning of growth in fiscal Q1 and then growth for the full fiscal '25. But certainly we have a ways to go and so that that recovery is certainly helped by the turnaround of the inventory situation.

這讓我們有信心談論第一財季的成長，然後是整個 25 財年的成長。但我們肯定還有很長的路要走，因此庫存狀況的改善肯定有助於復甦。

On end markets also seem relatively healthy and in support of that growth. But I would say the primary driver at this point is getting to the bottom of that inventory cycle and getting through that excess material our customers.

終端市場似乎也相對健康並支持這種成長。但我想說，目前的主要驅動力是深入了解庫存週期，並清理我們客戶的多餘材料。

Yes. Thanks, Brian. And then I also wanted a question on video processors. Based off of you talking about CB2, about 60% of revenue, there's clearly a big drop-off in video processing revenue this year and of CV. two is going to continue increasing.

是的。謝謝，布萊恩。然後我還想問一個有關視訊處理器的問題。根據您談論的 CB2，約佔收入的 60%，今年視訊處理收入和 CV 收入顯然大幅下降。二是繼續增加。

What's your outlook here, particularly for video processing? Are you still investing a lot in this business or getting new wins here? And how should we just think about this particular then I hear you right.

您對此有何看法，特別是對於視訊處理？您還在這項業務上投入大量資金或在這裡獲得新的勝利嗎？那我們應該如何考慮這個具體問題，我沒聽錯。

So first of all, I want to point out, although we haven't read about other video processing only chips, but video processing technology continue to be a very important part of our offering in our AI chip. So on CV2 Overseas. Omniture has a big portion of the airport, as I'm sorry, the image processing or video processing technology in there. So I just want to clarify that.

首先，我想指出，雖然我們還沒有讀到其他僅視訊處理晶片的信息，但視訊處理技術仍然是我們人工智慧晶片產品中非常重要的一部分。 CV2海外也是如此。 Omniture 擁有機場的很大一部分，抱歉，那裡有影像處理或視訊處理技術。所以我只想澄清這一點。

So on the this year, our CV total revenue approaching 60%, obviously also, as I said, and also if you look at the design win momentum we have majority of that is CV so I think the present to continue go could go to favor of CV.

因此，今年，我們的 CV 總收入接近 60%，顯然，正如我所說，如果你看看設計獲勝的動力，我們大部分都是 CV，所以我認為目前繼續前進可能會受到青睞簡歷。

But however, I think the decline of a video processor will slow down because that on we have a big jump, big reduction in the last two years, but we still have a long tails of a video processor chip. They're selling to different market, including the enterprise enterprises, security cameras as well as automotive. So I think that you should expect much less reduction on the on video processor was a very long tail.

但是，我認為視訊處理器的衰退將會放緩，因為過去兩年我們有了很大的跳躍、大幅下降，但我們的視訊處理器晶片仍然有長尾。他們銷售給不同的市場，包括企業、安全攝影機以及汽車。因此，我認為您應該期望視訊處理器上的減少量要少得多，這是一個很長的尾巴。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Yes, thanks for taking my question. This quarter also, the Japanese autos distributor came up as a 12% customer. The first time in years or more. Is there anything to add anything there just because the overall revenue is down or is there some new winning designs happening in Japanese automakers?

是的，感謝您提出我的問題。本季度，這家日本汽車經銷商也佔了 12% 的客戶。多年來或更長時間以來的第一次。僅僅因為整體收入下降，或者日本汽車製造商是否出現了一些新的獲勝設計，是否有什麼可以補充的？

Well, I think that is really that if you compare to previous quarter out, other business dropped quickly and the Japan automotive, usually they just take at a fixed rate and is sold into change in the forecast. So is not particularly anything happened in Japan, but it's really that outside Japan, the drop is significant.

嗯，我認為這確實是，如果與上一季相比，其他業務迅速下降，而日本汽車通常只是以固定利率出售，並根據預測的變化進行出售。日本並沒有發生什麼特別的事情，但在日本以外的地區，下降幅度確實很大。

Okay. And that's just as you're going forward with the consumer. And even as we are in consumer surveillance cameras and with large language models being used, is there a time when the input for the consumer will be as just their voice. They can program the device. That's something you're working for.

好的。這正是你與消費者一起前進的時候。即使我們在消費者監視攝影機中使用大型語言模型，是否有一天消費者的輸入將只是他們的聲音。他們可以對設備進行編程。這就是你正在努力的事情。

I feel we are working now. We just have that language. We're walking a multi multi modality. I think fact we think that the era and for us for our customers' application, most important thing is processing packs that also speech as well as image all of them together that as the biggest advantage to our customer and also that that's probably one unique function at a weekend, we can really differentiate against other areas of suppliers.

我感覺我們現在正在工作。我們只有那種語言。我們正在走多種模式。我認為事實上，我們認為這個時代以及對於我們客戶的應用來說，最重要的是處理包，同時將所有這些包一起進行語音和圖像處理，這對我們的客戶來說是最大的優勢，而且這可能是一項獨特的功能在周末，我們可以真正與其他領域的供應商區分開來。

Thank you.

謝謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Hey Guys, this is actually Neil Young on for Quinn.

嘿夥計們，這實際上是尼爾楊為奎因配音的。

I've got one. Thanks for taking my question on the call. I wanted to ask so it's been about a year since you announced the partnership as far as Chano and Bosch, what do you believe we'll start to hear about design wins from these partnerships.

我有一個。感謝您在電話中回答我的問題。我想問一下，自從你們宣布查諾和博世的合作關係以來已經過去了大約一年，你們認為我們會開始聽到這些合作夥伴的設計勝利。

While we only announce a design win with County with equivalent. I mentioned the OE and then but I think we'll see that and you should expect that I will say that our relationship with accounting continue to improve and we are bidding on projects with OES. together on.

雖然我們只宣布與縣的同等設計獲勝。我提到了 OE，但我想我們會看到這一點，你應該預料到我會說我們與會計的關係繼續改善，我們正在與 OES 投標項目。一起上。

In fact, that arm we cannot announce OEM design win with our customers approval but one thing I can say is that activity with County is is heavy. And also, we continue to believe that the engagement between County and us are getting tighter and tighter both on the hardware design as well as the software.

事實上，我們無法在獲得客戶批准的情況下宣布該臂的 OEM 設計獲勝，但我可以說的一件事是，與 County 的活動非常活躍。而且，我們仍然相信，County 和我們在硬體設計和軟體方面的合作越來越緊密。

Okay, great. Thanks. And just another follow-up. So there's been some press reports suggesting that Continental is considering divesting its automotive assets including its autonomous mobility business. How would a divesture of this business affect your guys U.S. partnership?

好的，太好了。謝謝。還有另一個後續行動。因此，有一些媒體報告指出大陸集團正在考慮剝離其汽車資產，包括自動駕駛業務。剝離這項業務將如何影響你們在美國的合作關係？

But yes, we heard similar on a study reports. I think one thing I can say is based on our conversations currently, we continue to believe this a division that we're working with is continue to be a strategically important for both Embraer and also County.

但是，是的，我們在一份研究報告中聽到了類似的消息。我認為我可以說的一件事是，根據我們目前的對話，我們仍然相信我們正在合作的這個部門對於巴西航空工業公司和縣來說仍然具有重要的戰略意義。

And like I said, and with the close development that we continue to have, we didn't see any sign of slow slowdown on the county side. So we continue to believe this relationship is important and also the product and working on continue to be important for both Amber and Marella and the country.

正如我所說，隨著我們繼續密切發展，我們沒有看到縣方面有任何緩慢放緩的跡象。因此，我們仍然相信這種關係很重要，而且產品和工作對 Amber 和 Marella 以及整個國家來說仍然很重要。

(Operator Instructions)

（操作員說明）

Martin Yang, Oppenheimer.

馬丁楊，奧本海默。

And I thank you for taking my question on just one question. Can you maybe comment on the program progress, customer design engagements regarding your CV72 products in automotive whole quarter?

我感謝您就一個問題提出我的問題。您能否評論一下整個季度汽車領域 CV72 產品的專案進度和客戶設計參與？

Yes, CV72 is a automotive product is designed for Chinese market because it's not a so that only Chinese always only apply applicable to the Chinese market. And also last time we talk about we have multiple tier one design wins.

是的，CV72是一款專為中國市場設計的汽車產品，因為它並非只適用於中國市場的產品。上次我們談到我們有多個一級設計勝利。

And also at a time last time we talk about multiport, all of the Tier ones are working on building a demo system to show two o. years. In fact, one of our Tier one, just yesterday demo, a live broadcast live demo, driving a copies on CV72 ECU founder arm, Shanghai Airport to downtown Shanghai of autonomous driving.

上次我們談論多端口時，所有 Tier 都在致力於構建一個演示系統來展示兩個 o。年。其實我們Tier 1的一個，就在昨天的demo，一個現場直播的demo，駕駛著CV72 ECU方正手臂上的一份，從上海機場到上海市區的自動駕駛。

So I think that we continue to make huge progress and we are ready to if awarded start that them wanting to OES. and on and also, we, like I said before, I think CV72 position in a very favorable price performance for the on a middle end of Level two plus solution in China.

因此，我認為我們將繼續取得巨大進展，如果獲得許可，我們已經準備好開始他們想要的 OES。另外，正如我之前所說，我認為 CV72 對於中國二級以上解決方案的中端產品具有非常有利的性價比。

And we continue to believe that we have a competitive solution for that particular market, and we're working closely with Tier one to talk to OEMs, hopefully that we can announce some of these.

我們仍然相信，我們為該特定市場提供了具有競爭力的解決方案，並且我們正在與一級供應商密切合作，與原始設備製造商進行交談，希望我們能夠宣布其中的一些解決方案。

Well, thank you for your quick follow up on the signatories to activity. Can you maybe remind us on the expected timeframe of design wins and shipments.

好的，感謝您對活動簽名者的快速跟進。您能否提醒我們設計獲勝和出貨的預期時間範圍？

As the older project we're bidding on is production the end of 2025 and the revenue coming from 2026. So that design, we have to be maybe a first half of next year and spending 18-month development cycle to get it done.

由於我們競標的舊項目是在 2025 年底投產，收入從 2026 年開始。所以這個設計，我們可能必須在明年上半年，並花費 18 個月的開發週期才能完成。

Thank you.

謝謝。

Thank you. I would now like to turn the conference back to Dr. Fermi Wang for closing remark closing.

謝謝。現在我想請 Fermi Wang 博士致閉幕詞。

Thank you, and thank you, everybody, for joining us today, and I'm looking forward to talk to you soon.

謝謝大家，謝謝大家今天加入我們，我期待很快與你們交談。

And thank you, that this concludes today's conference call, and thank you for participating. You may now.

謝謝大家，今天的電話會議到此結束，並感謝您的參與。你現在可以了。