Ambarella Inc (AMBA) 2022 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Ambarella's First Quarter Fiscal Year 2022 Earnings Conference Call.

美好的一天，感謝您的支持。 歡迎參加安霸 2022 財年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Louis Gerhardy, Corporate Development and Investor Relations. Please go ahead.

我現在想把會議交給今天的發言人路易斯·格哈迪（Louis Gerhardy），負責企業發展和投資者關係。請繼續。

Thank you, Joelle. Good afternoon, and thank you for joining our First Quarter Fiscal Year 2022 Financial Results Conference Call for the 3 months ending April 30, 2021. With me on the call today is Dr. Fermi Wang, President and CEO; and Casey Eichler, CFO.

謝謝你，喬爾。下午好，感謝您參加我們截至 2021 年 4 月 30 日止三個月的 2022 財年第一季財務業績電話會議。凱西‧艾希勒 (Casey Eichler)，財務長。

The primary purpose of today's call is to provide you with information regarding the results for the first quarter of our fiscal year 2022. The discussion today and the responses to your questions will contain forward-looking statements regarding our projected financial results, financial prospects, market growth and demand for our solutions, among other things. These statements are subject to risks, uncertainties and assumptions. Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect, our actual results could differ materially from these forward-looking statements. We're under no obligation to update these statements.

今天電話會議的主要目的是向您提供有關 2022 財年第一季業績的資訊。我們的解決方案的成長和需求。這些陳述受到風險、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聲明有重大差異。我們沒有義務更新這些聲明。

These risks, uncertainties and assumptions as well as other information on potential risk factors that could affect our financial results are more fully described in the documents we filed with the SEC in the annual report on Form 10-K filed on March 31, 2021, for fiscal year 2021 ending January 31, 2021.

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資訊在我們於2021 年3 月31 日提交的10-K 表格年度報告中向SEC 提交的文件中進行了更全面的描述， 2021 財政年度截至 2021 年 1 月 31 日。

Access to our first quarter fiscal 2022 results press release, historical results, SEC filings and a transcript of our prepared remarks and a replay of today's call can be found on the Investor Relations portion of our website. Today, we'll begin with a business update from Fermi. I'll review the financial results, and then we'll open it up, and you can direct questions to Fermi or Casey. With that, I will turn it over to Fermi.

您可以在我們網站的投資者關係部分找到我們的 2022 財年第一季業績新聞稿、歷史業績、美國證券交易委員會 (SEC) 文件以及我們準備好的發言稿和今天電話會議的重播。今天，我們將從費米的業務更新開始。我將審查財務結果，然後我們將其打開，您可以向費米或凱西提出問題。這樣，我就把它交給費米了。

Thank you, Louis. Good afternoon, and thank you for joining us today.

謝謝你，路易斯。下午好，感謝您今天加入我們。

The first quarter was another strong quarter with revenue growing nearly 13% sequentially and 28% on a year-over-year basis. We continued to deliver positive operating leverage with non-GAAP operating margins expanding to 12% from 8% in the prior quarter and 1% a year ago. Our results are clearly being driven by the beginning of our CV new product cycle and to a much lesser degree by industry-wide cyclical forces.

第一季又是一個強勁的季度，營收季增近 13%，年增 28%。我們繼續提供積極的營運槓桿，非 GAAP 營運利潤率從上一季的 8% 和一年前的 1% 擴大至 12%。我們的表現顯然是由我們的CV新產品週期的開始所推動的，並且在較小程度上是由全行業的周期性力量推動的。

In fact, currently, cyclical forces are actually constraining our results, not exaggerating them. Supply chain challenges remain significant, but our execution is strong, and our guidance assumes the worst of the supply chain challenge from the Texas freeze will be filled in Q2 and gradually improve as we progress through the second half.

事實上，目前，週期性力量實際上限制了我們的結果，而不是誇大了我們的結果。供應鏈挑戰仍然嚴峻，但我們的執行力很強，我們的指導假設德克薩斯州凍結帶來的最嚴重的供應鏈挑戰將在第二季度得到解決，並隨著下半年的進展而逐漸改善。

Capacity is tight and lead times for certain substrates remain extended. With solid support from key supply chain partners, including foundry partner, Samsung, we usually are not the bottleneck for our customers. With our higher revenue outlook, we remain confident CV will be at least 25% of total revenue this year. Professional security CV revenue for CV wave 1, became material last year, and momentum continues to build with new design wins and new customers entering production. We expect our home security CV business, or wave 2 to become material this year with several large programs entering mass production now.

產能緊張，某些基材的交貨時間仍延長。憑藉包括代工合作夥伴三星在內的主要供應鏈合作夥伴的大力支持，我們通常不會成為客戶的瓶頸。鑑於我們較高的收入前景，我們仍然有信心 CV 今年將至少佔總收入的 25%。 CV 浪潮 1 的專業安全 CV 收入在去年變得重要，並且隨著新設計的成功和新客戶進入生產，勢頭繼續增強。我們預計我們的家庭安全 CV 業務或第二波業務將在今年成為實質內容，多個大型專案現已進入大量生產。

Automotive or CV wave 3 has clearly commenced. In fact, as of yesterday, May 31, we have cumulatively shipped more than 450,000 CV SoCs into the automotive market. We expect our automotive business to roughly double this year, and we see tremendous remaining headroom for growth.

汽車或 CV 浪潮 3 顯然已經開始。 事實上，截至昨天（5 月 31 日），我們已累計向汽車市場出貨超過 45 萬個 CV SoC。我們預計今年我們的汽車業務將大約翻一番，我們看到剩餘的巨大成長空間。

Our share exiting this year is expected to be only a few percent of our serviceable market, we estimate to be about $2.2 billion in calendar year '21 and approaching $5 billion in calendar year '25.

我們今年退出的份額預計僅佔可用市場的百分之幾，我們估計 21 日曆年約為 22 億美元，25 日曆年接近 50 億美元。

I will now update you on our target market progress, beginning with automotive.

我現在將向您介紹我們目標市場的最新進展，從汽車產業開始。

The automotive market is being transformed by the introduction of electric vehicles that enable sustainable, high-performance transportation. The requirements for advanced active safety features in these vehicles represent a significant new opportunity for our AI vision SoCs due to the need for increasing level of performance in camera-based AI perception.

電動車的推出正在改變汽車市場，實現永續、高性能的交通。由於需要提高基於攝影機的人工智慧感知的性能水平，這些車輛對先進主動安全功能的要求為我們的人工智慧視覺 SoC 帶來了重大的新機會。

During the quarter, we were excited to see the successful IPO of U.K.-based electric vehicle maker, Arrival. Founded in 2015, Arrival's mission to provide affordable and sustainable urban transportation by producing electric vehicles at a competitive price and by pounding a new method of manufacturing by challenges traditional economies of scale.

本季度，我們很高興看到英國電動車製造商 Arrival 成功首次公開發行。 Arrival 成立於 2015 年，其使命是透過以具有競爭力的價格生產電動車，並透過挑戰傳統的規模經濟，突破新的製造方法，提供負擔得起且可持續的城市交通。

I'm pleased to announce that Arrival has selected Ambarella CVflow AI vision processor for the environmental perception module used to enable L2+ autonomy in Arrival passenger buses and delivery events.

我很高興地宣布，Arrival 選擇了 Ambarella CVflow AI 視覺處理器作為環境感知模組，用於在 Arrival 客運巴士和送貨活動中實現 L2+ 自主性。

The inclusion of Level 2+ autonomous driving capability provides the driver an array of safety and convenience related to driver assistance or ADAS capabilities.

2+ 級自動駕駛功能的加入為駕駛員提供了一系列與駕駛員輔助或 ADAS 功能相關的安全性和便利性。

Ambarella's AI vision products were chosen because of the neuro network processing performance, sterile vision support, excellent image quality and extremely low power. We look forward to sharing more information regarding our partnership with Arrival in the near future.

安霸的 AI 視覺產品因其神經網路處理性能、無菌視覺支援、出色的影像品質和極低的功耗而被選中。我們期待在不久的將來分享更多有關我們與 Arrival 合作的資訊。

In addition to the efficiency of our CV SoC offer, we have also highlighted the advantage about our open platform approach, which allow OEMs and Tier 1s to create differentiated combo products.

除了我們的 CV SoC 產品的效率之外，我們還強調了我們開放平台方法的優勢，它允許 OEM 和一級供應商創建差異化的組合產品。

Today, I'm pleased to discuss 4 examples of this form recent -- this from the recent Shanghai Auto Show, namely, Great Wall Motors, Momenta, Autocruis and HASCO.

今天，我很高興與大家討論最近的4個這種形式的例子——這來自最近的上海車展，即長城汽車、Momenta、Autocruis和HASCO。

In April, we announced that the leading domestic Chinese SUV automaker, Great Wall Motors has launched a 3 in 1 combo system based on our CV25AQ for drive recording, drive monitoring or DMS and occupancy monitoring or OMS. The system is integral to a new WEY Mocha flagship SUV, which was launched during Auto Shanghai 2021 as the first model from GWM's Coffee Intelligence driving platform. This CV25AQ-based assistant can support a variety of simultaneous multi-camera channel combinations for recording and/or DMS and OMS, with the entire system meeting Euro NCAP 2025 standards and playing a key role in GWM's intelligent to drive process.

4月份，我們宣布中國領先的SUV汽車製造商長城汽車推出了基於我們的CV25AQ的三合一組合系統，用於駕駛記錄、駕駛監控或DMS和占用監控或OMS。該系統是WEY Mocha全新旗艦SUV的組成部分，該SUV在2021年上海車展期間推出，是長城汽車咖啡智慧駕駛平台的首款車型。這款基於CV25AQ的助理可以支援多種同時多攝影機通道組合進行記錄和/或DMS和OMS，整個系統滿足Euro NCAP 2025標準，並在長城汽車的智慧駕駛過程中發揮關鍵作用。

Another combo product leveraging our open CV platform is Momenta's AutoRing A4 fleet management solution, combining from ADAS, DMS and the drive recording functions. Based on Ambarella CV22, the product includes front ADAS features such as forward collision warning, pedestrian collision warning, headway monitoring warning and lane departure warning, while DMS features include face ID, fatigue detection and distracted driver detection with a full HD video recording.

另一個利用我們開放式 CV 平台的組合產品是 Momenta 的 AutoRing A4 車隊管理解決方案，結合了 ADAS、DMS 和行車記錄功能。該產品基於Ambarella CV22，包括前向碰撞警告、行人碰撞警告、車距監控警告和車道偏離警告等前置ADAS功能，而DMS功能包括面部ID、疲勞檢測和分心駕駛員偵測以及全高清視訊記錄。

Another active safety combo system, this one from automotive Tier 1 Autocruis, is expected to enter mass production this year, targeting commercial fleet deployments. The solution combines front ADAS and DMS function on a single CV25 SoC.

另一種主動安全組合系統來自汽車 Tier 1 Autocruis，預計今年將進入批量生產，目標是商業車隊部署。此解決方案在單一 CV25 SoC 上結合了前端 ADAS 和 DMS 功能。

And lastly, HASCO, a spin-out of leading OEM ASIC demonstrated its adaptive driving beam or ADB solution based on Ambarella's CV22AQ SoC. The solution utilized both ADAS and DMS algorithms for intelligent headlight control.

最後，領先 OEM ASIC 的衍生公司 HASCO 展示了基於 Ambarella CV22AQ SoC 的自適應駕駛梁或 ADB 解決方案。此解決方案利用 ADAS 和 DMS 演算法進行智慧前燈控制。

As you can see, Ambarella's expression at the Shanghai Auto Show in April generated strong interest with more than 50 automotive OEMs and Tier 1s visiting our booth, Ambarella demonstrated a number of designs covering ADAS, electronic mirrors, DMS and OMS amplifications, while also demonstrating partnership with mainly our China's leading third-party automotive software company.

可以看到，安霸在4月的上海車展上的表現引起了50多家汽車主機廠和Tier 1的強烈興趣，參觀了我們的展位，安霸展示了涵蓋ADAS、電子後視鏡、DMS和OMS放大等多項設計，同時也展示了主要與我們中國領先的第三方汽車軟體公司合作。

One area of significant interest at the show was our Rebel front ADAS revenue design, our turnkey platform based on our CV2FS SoC and SenseTime's software stack. This solution includes strong ADAS features such as pedestrian detection, lane detection, drivable area detection, tracking light and traffic sign detection, while also supporting millimeter wave radar and visual perception, providing sensor fusion between the camera and the radar. Our Rebel revenue design provides Tier 1 suppliers and the software development partners on open platform for differentiated high-performance automotive systems.

展會上備受關注的一個領域是我們的 Rebel 前端 ADAS 收入設計、基於 CV2FS SoC 和商湯科技軟體堆疊的交鑰匙平台。該解決方案包括行人偵測、車道偵測、可行駛區域偵測、追蹤燈和交通標誌偵測等強大的 ADAS 功能，同時還支援毫米波雷達和視覺感知，提供攝影機和雷達之間的感測器融合。我們的 Rebel 收入設計為一級供應商和軟體開發合作夥伴提供開放平台，以實現差異化的高性能汽車系統。

I will now update you on our continuing progress in the IP security camera markets. During our Q2 fiscal year '21 earnings call on September 2, we stated that in addition to our SoC share gains in professional security camera outside of China, for the first time, we were also seeing additional opportunities in the professional security market within China.

現在，我將向您介紹我們在 IP 安防攝影機市場上不斷取得的進展。在9 月2 日舉行的21 財年第二季財報電話會議上，我們表示，除了我們在中國以外的專業安全攝影機領域的SoC 份額首次增長之外，我們還首次看到了中國專業安全市場的更多機會。

During the last quarter, Unisinsight launched along the first of its cameras based on Ambarella solutions, including 2 mega and 4 mega pixel models with full-color night vision and people counting capabilities.

在上個季度，Unisinsight 推出了首款基於 Ambarella 解決方案的攝影機，包括具有全彩夜視和人數統計功能的 2 兆和 400 萬像素型號。

This is the first camera design in mass production using our new low cost CV28M CVflow SoC, which was introduced at the end of last year.

這是第一款使用我們去年底推出的新型低成本 CV28M CVflow SoC 進行量產的相機設計。

Also during the quarter, KEDACOM introduced its first Ambarella-based design, the IPC695 and IPC445 cameras based on our CV2 and CV22 SoCs.

同樣在本季度，科達推出了首款基於 Ambarella 的設計，即基於我們的 CV2 和 CV22 SoC 的 IPC695 和 IPC445 相機。

The IPC695 features, including 9 mega pixel resolutions, HD snapshot and AI-based exposure optimization, while the IPC445 features 4 mega pixel dome design with advanced area intrusion detection and motion detection.

IPC695 具有 900 萬像素解析度、高清快照和基於人工智慧的曝光優化，而 IPC445 具有 400 萬像素圓頂設計，具有先進的區域入侵偵測和運動偵測功能。

Our CVflow SoC are raising the bar in multi-sensor camera designs based on their ability to process multiple high-resolution streams and currently with AI processing. In April, i-PRO, formerly Panasonic's security camera business, introduced 2 new models based on our CV2 SoC, the 8530 and 8570.

我們的 CVflow SoC 提高了多感測器相機設計的標準，因為它們具有處理多個高解析度串流的能力，目前還具有人工智慧處理能力。 4 月份，i-PRO（前松下安全攝影機業務）推出了 2 款基於我們的 CV2 SoC 的新型號：8530 和 8570。

These cameras are equipped with 4 sensors per camera capable of independent operation for 360-degree viewing with minimal blind spots and color imaging in just 0.05 lux, or extremely low-light conditions.

這些攝影機的每個攝影機配備 4 個感測器，能夠獨立操作，實現 360 度觀看，並在 0.05 勒克斯或極低光照條件下實現最小盲點和彩色成像。

In the body-worn security camera category, U.K.-based Reveal became the first to introduce new camera with Ambarella CVflow SOCs to provide the platform for advanced AI-based feature.

在穿戴式安全攝影機類別中，英國 Reveal 成為第一家推出採用 Ambarella CVflow SOC 的新型攝影機的公司，為基於人工智慧的高級功能提供平台。

Based on our CV25 SoC, the new K-Series camera include HD recording, movable lens and full color display. And in April, home monitoring market leader, Ring, a unit of Amazon, introduced 2 new models based on Ambarella's CVflow SoCs. The new Video Doorbell Pro 2 model raised the bar for video doorbell designs, with 3D motion detection, head-to-toe HD+ video and the integration of Alexa greeting. Additionally, Ring's new Floodlight Cam Wired Pro also includes 3D motion detection and adds bird's eye video of precise motion alerts.

新型 K 系列攝影機基於我們的 CV25 SoC，包括高清錄製、可移動鏡頭和全彩顯示器。 4 月份，家庭監控市場領導者 Amazon 旗下的 Ring 推出了 2 款基於 Ambarella CVflow SoC 的新型號。新款視訊門鈴 Pro 2 型號提高了視訊門鈴設計的標準，具有 3D 運動偵測、從頭到腳的 HD+ 視訊以及 Alexa 問候語的整合。此外，Ring 的新型 Floodlight Cam Wired Pro 還包括 3D 運動偵測，並添加了精確運動警報的鳥瞰影片。

And lastly, among new customer product introductions, InSta360 introduces a tiny GO 2 action cam based on Ambarella's H22 SoC, the waterproof camera that we call 4Kp30 video includes a 6x speed hyperlapse mode, image stabilization and is small enough to be worn on a shirt or headbands. From this customer engagement and others, you can see Ambarella's SoC enabling customers to design -- to add significant value to their products.

最後，在新客戶產品介紹中，InSta360 推出了一款基於Ambarella H22 SoC 的微型GO 2 運動相機，我們稱之為4Kp30 視訊的防水相機，包括6 倍速延時模式、影像穩定功能，並且足夠小，可以穿在襯衫上或頭帶。從這次客戶參與和其他活動中，您可以看到 Ambarella 的 SoC 使客戶能夠進行設計，從而為其產品增加顯著的價值。

For efficiency, benchmark like performance per watt and performance per dollar are important elements of customer design win decisions. Our open platform and its flexibility also uniquely enable our customer to create optimize and differentiate the products and to price them accordingly. Open platform means customer can develop their own software to run on our SoC, our flexibility means they can be creative and use the hardware and software resources on our SoC to develop proprietary configurations and the feature sets.

就效率而言，每瓦性能和每美元性能等基準是客戶設計獲勝決策的重要因素。我們的開放平台及其靈活性還使我們的客戶能夠創建優化和差異化的產品，並相應地定價。開放平台意味著客戶可以開發自己的軟體在我們的 SoC 上運行，我們的靈活性意味著他們可以發揮創意並使用我們 SoC 上的硬體和軟體資源來開發專有配置和功能集。

Such flexibility is usually not available for our competitors. For example, in automotive market, earlier I discussed projects Great Wall, Momenta, Autocruis and HASCO that take advantage of the flexibility of our SoCs to create unique combo systems. This powerful solution integrates what used to be 2 to 3 discrete camera products with limited functionality into unified features -- a unified feature reach solution, operating on one umbrella CV SoC.

我們的競爭對手通常無法獲得這種彈性。例如，在汽車市場，我之前討論了長城、Momenta、Autocruis 和 HASCO 項目，它們利用我們 SoC 的靈活性來創建獨特的組合系統。這個強大的解決方案將過去功能有限的 2 到 3 個分離式相機產品整合到統一的功能中——一個統一的功能範圍解決方案，在一個傘式 CV SoC 上運行。

And we are especially excited about our design wins with Arrival where performance or the performance flexibility and low power of our SoC is being harnessed for the next generation of electrical vehicles. In conclusion, Ambarella's product portfolio is the strongest in our history. After a very good Q1, despite the supply chain challenges, we are guiding Q2 revenue to be up 48% to 54% year-over-year. Our long-term outlook is fueled by our high level of investment into proprietary technology that is setting the pace of innovation in the visual AI market.

我們對 Arrival 的設計勝利感到特別興奮，我們的 SoC 的性能或性能靈活性和低功耗正在用於下一代電動車。總之，安霸的產品組合是我們歷史上最強大的。在經歷了非常好的第一季之後，儘管供應鏈面臨挑戰，我們仍預計第二季營收將年增 48% 至 54%。我們對專有技術的高額投資推動了我們的長期前景，這些技術正在引領視覺人工智慧市場的創新步伐。

Not only is our CV portfolio continuing to expand our reach in new markets, but we believe our video AI roadmap will enable us to capture more processing value per designer. With that, we are very thankful to have stakeholders, in particular our dedicated employees as well as a network of suppliers, customers and investors, who understand the AI vision opportunity and support us as we continue to execute amidst all of the challenges that market has thrown at us in recent years. So once again, thank you.

我們的履歷產品組合不僅繼續擴大我們在新市場的影響力，而且我們相信我們的視訊人工智慧路線圖將使我們能夠為每個設計師獲取更多的處理價值。因此，我們非常感謝利益相關者，特別是我們敬業的員工以及供應商、客戶和投資者網絡，他們了解人工智慧願景機會並在我們繼續應對市場面臨的所有挑戰時支持我們近年來向我們拋出的。再次感謝您。

Thank you, Fermi. I will now review the financial highlights for the first quarter of fiscal year '22, ending April 30 and provide a financial outlook for our second quarter of fiscal year '22, ending July 31. 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, adjusted for the impact of taxes. Robust demand was capped in the quarter by the supply chain challenges. Nevertheless, revenue of $70.1 million was slightly above the high end of our original guidance. This represents a sequential increase of about 13% from Q4 and a 28% increase from the year ago quarter.

謝謝你，費米。我現在將回顧截至 4 月 30 日的 22 財年第一季度的財務亮點，並提供截至 7 月 31 日的 22 財年第二季度的財務前景。新聞稿，了解GAAP 與非GAAP 績效的詳細調節表。對於非公認會計原則報告，我們消除了基於股票的補償費用，並根據稅收的影響進行了調整。本季的強勁需求因供應鏈挑戰而受到限制。儘管如此，7,010 萬美元的收入仍略高於我們最初指導的上限。這比第四季環比成長約 13%，比去年同期成長 28%。

Automotive revenue increased about 40% sequentially, security grew more than 20% sequentially, and other product revenue was down more than 25% sequentially. Non-GAAP gross margin for Q1 was 62.9%, compared to 61.4% in the preceding quarter. We incurred some higher costs to manage the supply chain challenges, but the relatively stable pricing environment and a more favorable customer mix combined to offset this. Non-GAAP operating expenses for the first quarter were $35.4 million compared to $33.4 million for the previous quarter.

汽車收入較上季成長約 40%，安全收入較上季成長超過 20%，其他產品收入較上季下降超過 25%。第一季非 GAAP 毛利率為 62.9%，上一季為 61.4%。我們因應對供應鏈挑戰而付出了一些較高的成本，但相對穩定的定價環境和更有利的客戶組合抵消了這一點。第一季非 GAAP 營運費用為 3,540 萬美元，上一季為 3,340 萬美元。

Operating expenses increased primarily due to a seasonal increase in payroll taxes and increased headcount. Other income was $593,000 reflecting a continuation of the low interest rate environment. Non-GAAP net income for Q1 was $8.9 million or $0.23 per share compared with non-GAAP net income of $5.1 million or $0.14 per share in the fourth quarter. In the first quarter, the non-GAAP earnings per share were based on 38.1 million diluted shares as compared to 37.6 million in the prior quarter.

營運費用的增加主要是由於工資稅的季節性增加和員工人數的增加。其他收入為 593,000 美元，反映出低利率環境的持續。第一季非 GAAP 淨利潤為 890 萬美元，即每股 0.23 美元，而第四季度非 GAAP 淨利潤為 510 萬美元，即每股 0.14 美元。第一季度，非公認會計準則每股收益基於 3,810 萬股稀釋後股票，而上一季為 3,760 萬股。

Total headcount at the end of the fourth quarter -- total headcount at the end of the first quarter was 803, with about 81% of employees dedicated to engineering. Approximately 68% of our total headcount is located in Asia.

第四季末總員工人數－第一季末總員工人數為 803 人，其中約 81% 的員工專門從事工程工作。我們總員工總數的約 68% 位於亞洲。

Total accounts receivable at the end of Q1 were $34.5 million, 44 days of sales outstanding versus $25 million or 37 days sales outstanding at the end of the prior quarter. The increase was primarily driven by supply constraints, which caused the quarter to be more back-end loaded. Net inventory at the end of the first quarter was $33.1 million compared to $26.1 million at the end of the previous quarter. Days of inventory increased to 102 days in Q1 from 93 in Q4 for the anticipated demand.

第一季末的應收帳款總額為 3,450 萬美元，未償還銷售天數為 44 天，而上一季末的應收帳款總額為 2,500 萬美元，未償還銷售天數為 37 天。這一增長主要是由於供應限制導致本季後端負載增加。第一季末的淨庫存為 3,310 萬美元，而上一季末的淨庫存為 2,610 萬美元。由於預期需求，庫存天數從第四季的 93 天增加到第一季的 102 天。

In Q1, our operating cash outflow was $4.5 million. Cash and marketable securities were $435.5 million, down from $440.7 million at the end of the fourth quarter. We had 10%-plus revenue customers in Q1. WT Microelectronics, a fulfillment partner in Taiwan who ships to multiple customers in Asia, was 63% of revenue. And Chicony, the Taiwanese ODM, manufacturing for multiple customers, came in at 16%. Dahua and Hikvision combined, declined sequentially and represented about 10% of our total revenue in Q1.

第一季度，我們的營運現金流出為 450 萬美元。現金和有價證券為 4.355 億美元，低於第四季末的 4.407 億美元。第一季我們的客戶收入超過 10%。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 63%。為多個客戶製造的台灣 ODM 企業群光 (Chicony) 的市佔率為 16%。大華和海康威視合計收入環比下降，約占我們第一季總收入的 10%。

I will now discuss the outlook for the second quarter of fiscal year '22. During Q2, we expect to continue to experience a variety of supply chain challenges, in particular from the Texas freeze, which disrupted video processor manufacturing at Samsung's Austin, Texas wafer fab. We expect wafer deliveries from Samsung's Austin fab to gradually recover in the second half of the year, while other industry-wide cyclical forces are likely to constrain supply through the end of the year.

我現在將討論 22 財年第二季的前景。在第二季度，我們預計將繼續遇到各種供應鏈挑戰，特別是來自德克薩斯州的凍結，這擾亂了三星德克薩斯州奧斯汀晶圓廠的視訊處理器製造。我們預計三星奧斯汀工廠的晶圓交付量將在今年下半年逐步恢復，而其他全行業週期性因素可能會在年底前限制供應。

Based on these factors and our best judgment at the current time, we expect total revenue for the second quarter ending July 31, 2021, to be in the range of $74 million to $77 million.

根據這些因素以及我們目前的最佳判斷，我們預計截至 2021 年 7 月 31 日的第二季總收入將在 7,400 萬美元至 7,700 萬美元之間。

We anticipate both auto and security to increase about 10% sequentially, with other revenue down about 20% sequentially. We estimate Q2 non-GAAP gross margins to be between 61% and 62% versus 62.9% in the first quarter. We expect to continue to incur higher costs to manage the supply chain challenges, but a stable pricing environment should continue to support gross margins at the mid- to high end of our long-term model of 59% to 62%.

我們預計汽車和安全收入將環比成長約 10%，其他收入則較上季下降約 20%。我們預計第二季非 GAAP 毛利率在 61% 至 62% 之間，而第一季為 62.9%。我們預計將繼續承擔更高的成本來應對供應鏈挑戰，但穩定的定價環境應會繼續支持我們長期模式的中高端毛利率為 59% 至 62%。

We expect non-GAAP operating expenses in the second quarter to be between $36 million and $37.5 million due primarily to accelerate hiring and increased chip development costs.

我們預計第二季非 GAAP 營運費用將在 3,600 萬美元至 3,750 萬美元之間，這主要是由於加速招聘和增加晶片開發成本。

Other income should be modeled around $200,000, reflecting lower interest rates on our cash and marketable securities. Q2 non-GAAP tax rate should be modeled in the 3% to 6% range. We estimate our diluted share count for Q2 to be approximately 38.3 million shares.

其他收入應該在 20 萬美元左右，這反映了我們現金和有價證券的較低利率。第二季非 GAAP 稅率應在 3% 至 6% 範圍內建模。我們估計第二季的稀釋後股票數量約為 3,830 萬股。

Ambarella will be participating in Cowen's TMT Conference and Craig Hallum's Institutional Investor Conference, both of them tomorrow, June 2, Rosenblatt's Age of AI Scaling Conference on June 3, Bank of America's Global Technology Conference on June 8 and Stifel's Cross Sector Insights Conference on June 9.

安霸將參加明天（6 月2 日）Cowen 的TMT 會議和Craig Hallum 的機構投資者會議、6 月3 日的Rosenblatt 人工智慧擴展時代會議、6 月8 日的美國銀行全球技術會議以及6 月的Stifel 跨部門洞察會議9.

In addition, in advance of the International Security Conference, also known as ISC West, we will be hosting virtual demos on June 23.

此外，在國際安全會議（也稱為 ISC West）之前，我們將於 6 月 23 日舉辦虛擬演示。

Please contact us for more information on those events. With that, I will turn it over to the operator, Joelle, for polling on Q&A.

請聯絡我們以獲取有關這些活動的更多資訊。這樣，我會將其交給接線員 Joelle，以進行問答投票。

Our first question comes from Joe Moore with Morgan Stanley.

我們的第一個問題來自摩根士丹利的喬摩爾。

Great. Congratulations on the numbers. I wonder if you could talk about the automotive split. It's interesting, it's going to more than double this year. What's the split going to be around kind of numbers between OEM and aftermarket? And how much of that do you think will be CV this year?

偉大的。恭喜你的數字。我想知道你能否談談汽車業務的分裂。有趣的是，今年這個數字將會增加一倍以上。 OEM 和售後市場之間的數字有何區別？您認為今年其中有多少是履歷？

Right. First of all, I think that the strong growth coming from 3 areas. First of all, it's from a very strong growth in the OE and drive recorders, which I think in Japan, China and Korea, we're doing very well. And also, we have a solid growth in the aftermarket, but mainly in the fleet management type of recorded business. That's -- so that's the first part is really our existing market. The second growth comes from our new markets. We talk about that we have design win with DMS and with ADAS, I think both revenue are ramping up last year and they start gradually grow this year, and that definitely inject with the more growth for us in this year. And also, we believe that even Level 2+ (inaudible) will help us grow the revenue in the very near future.

正確的。首先，我認為強勁的成長來自三個領域。首先，這是來自原配設備和行車記錄器的強勁成長，我認為在日本、中國和韓國，我們做得很好。此外，我們在售後市場也有穩健的成長，但主要是在車隊管理類型的記錄業務中。這就是第一部分，實際上是我們現有的市場。第二個成長來自我們的新市場。我們談到我們在 DMS 和 ADAS 方面取得了設計勝利，我認為去年這兩項收入都在成長，今年開始逐漸成長，這肯定會為我們今年帶來更多成長。 而且，我們相信，即使是 2+ 級（聽不清楚）也將幫助我們在不久的將來增加收​​入。

The third thing is really CV ASP, the -- we talked about the CV ASP is twice higher than the video. And this is definitely another factor that we see automotive revenue growth.

第三件事是真正的 CV ASP，我們談到的 CV ASP 比影片高兩倍。這絕對是我們看到汽車收入成長的另一個因素。

Although we give a split-out the percentage between CV and non-CV, but we do say that accumulatively, we ship more than 450,000 CV chips from beginning to now, and you can see that we continue to track shipping quite well in the CV into our automotive market. And hopefully, that answers your question.

雖然我們給出了CV 和非CV 之間的百分比，但我們確實說，從開始到現在，我們累計發貨了超過450,000 個CV 晶片，您可以看到我們在CV 中繼續很好地追蹤發貨情況進入我們的汽車市場。 希望這能回答您的問題。

All right. Great. That's helpful. And then just for a follow-up, in terms of the supply constraints that you guys are seeing in the July quarter, like obviously, we've heard some of that from your customers. How much unfulfilled demand do you think there will be? And are you negatively impacting your customer shipments in the month of May? Or when does that start to get cleared up?

好的。偉大的。這很有幫助。然後就後續行動而言，就你們在七月季度看到的供應限製而言，顯然，我們已經從你們的客戶那裡聽到了一些情況。您認為還有多少未被滿足的需求？您是否對 5 月份的客戶出貨量產生了負面影響？或什麼時候開始澄清？

Right. So the Tex freeze caused problem for the Samsung Tex foundry and therefore, impacted us. And like I said, the impact to our Q2 revenue is the worst, compared to other quarters. And we believe that the situation will gradually improve in the second half of this year. In terms of the revenue generation, definitely, we impacted our customer delivery, for sure with delinquency on the supplies, in fact. And also, we have to go into allocation mode for the video processors, which are produced in Texas -- central Texas foundry.

正確的。因此，Tex 凍結為三星 Tex 代工廠帶來了問題，從而影響了我們。正如我所說，與其他季度相比，我們第二季度收入受到的影響是最嚴重的。我們相信今年下半年情況會逐漸改善。就創造收入而言，我們肯定影響了我們的客戶交付，事實上，肯定是因為供應拖欠。而且，我們必須進入視訊處理器的分配模式，這些處理器是在德克薩斯州中部的代工廠生產的。

So the impact is there. Although we didn't quantify it, but I think we will communicate to all customers who are impacted. We continue to expect the impact will be there for Q3 and Q4, but will be a much lesser degree than Q2.

所以影響是有的。雖然我們沒有量化，但我認為我們會與所有受影響的客戶進行溝通。 我們仍然預計第三季和第四季會受到影響，但程度會比第二季小得多。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

First one, just on gross margin. So good upside in the April quarter, but I think the outlook suggests some reversal of that. So I was just hoping for some color around what drove the upside in April and what will drive a different trend in July?

第一個是毛利率。四月季度的上漲空間如此之大，但我認為前景表明這種情況會出現一些逆轉。所以我只是希望能對四月推動上漲的因素以及七月推動不同趨勢的因素有一些了解？

Sure. So a large portion of that, again, is our 2 major customers in China. So it's a mix overall. But certainly when their mix goes down, that helps our margin, and we did see some of that in the quarter. That would probably be, along with other margin mixes, that would be the thing that would probably have the highest impact.

當然。因此，其中很大一部分是我們在中國的兩個主要客戶。所以整體來說這是一個混合體。但當然，當他們的組合下降時，這有助於我們的利潤，我們在本季度確實看到了其中的一些情況。與其他利潤組合一起，這可能是影響最大的事情。

Right. And for my follow-up, Fermi, I think you mentioned this very nice number for over 450,000, I believe, CV shipments into automotive. I think that last quarter, you mentioned 300,000. So it went up, right, almost 150,000 units sequentially. Could you give us a sense of how much revenue does that represent? And was this exceeding 450,000, was it in line or different than the expectations that you had?

正確的。對於我的後續行動，Fermi，我認為您提到了這個非常好的數字，我相信，汽車領域的 CV 出貨量超過 450,000 輛。我想上個季度，你提到了30萬。所以它連續增加了近 15 萬台。您能否讓我們了解一下這代表了多少收入？這個數量是否超過了 45 萬，與您的預期相符還是不同？

Sorry, first of all, let me clarify the number. Last quarter, we talked about cumulatively 300,000. This time, we talked about cumulatively 450,000, I told you that we shipped 150,000 in -- as of today. So this is really -- so we are not saying we shipped 450,000 this quarter. We talked about 450,000 cumulatively. So that's just a clarification.

抱歉，首先讓我澄清一下這個數字。上個季度，我們累計談了30萬。這次，我們總共談到了 450,000 個，我告訴過你，我們今天發貨了 150,000 個。所以這確實是——所以我們並不是說本季我們的出貨量為 45 萬個。我們累計談了45萬。這只是一個澄清。

In terms of the revenue, I would say that, first of all, the ASP is higher because a lot of this is auto-grade chip and also the ADAS and ADAS ASP definitely is much higher than the recorders. And OEM, even OEM recorders' ASP is higher than the aftermarket.

就收入而言，我想說，首先，ASP 更高，因為很多都是汽車級晶片，而且 ADAS 和 ADAS ASP 肯定比記錄器高得多。而OEM，連OEM燒錄機的ASP也比售後市場高。

So I think, overall, that the ASP on automotive is pretty healthy for us. And moving forward, we continue to see the same trend. And -- but I think this is just showing the beginning of a CV ramp-up.

因此，我認為，總體而言，汽車領域的平均售價對我們來說非常健康。展望未來，我們繼續看到同樣的趨勢。而且——但我認為這只是履歷提升的開始。

We talked about our CV revenue wave, which is wave 3, will materialize in 2023. But we just had to give you indication that we start seeing this wave moving forward, and we're going to continue to update you about how fast we can ramp up this revenue.

我們談到了我們的 CV 收入浪潮，即第三波，將於 2023 年實現。這項收入。

Our next question comes from Gary Mobley with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券的加里·莫布里。

Let me start off by congratulating you to a strong start to the fiscal year. I appreciate the fact that you're able to deliver gross margin upside due to mix and other factors. But I was hoping that maybe you can quantify the supply chain impact, a higher substrate cost, higher back-end test and assembly? And could you speak to perhaps the ability of your group to pass along these price increases or renegotiate some of these price increases for your customers?

首先，我要祝賀您在本財年取得了良好的開局。我很欣賞你們能夠因為混合和其他因素而實現毛利率上升。但我希望你可以量化供應鏈的影響、更高的基板成本、更高的後端測試和組裝？您能否談談您的團隊是否有能力轉嫁這些價格上漲或為您的客戶重新協商其中一些價格上漲？

Right. So we did see a price increase on the substrates and to certain extent, on the past in packaging side. For those price increase, we have not reflected in our ASP yet. And we believe that at this point, that we will not change our ASP because of that, we might reconsider this position if our wafer price got changed.

正確的。因此，我們確實看到了基板價格的上漲，在某種程度上，過去包裝的價格也上漲了。對於這些價格上漲，我們尚未反映在我們的平均售價中。我們相信，在這一點上，我們不會因此而改變我們的平均售價，如果我們的晶圓價格發生變化，我們可能會重新考慮這一立場。

But until then, we feel that we're comfortable with the decision. Our only price change we did in the -- through the last few months was that because of the allocation, some of the customers are willing to pay for (inaudible) to get a bigger allocation.

但在那之前，我們對這個決定感到滿意。我們在過去幾個月中所做的唯一價格變化是，由於分配的原因，一些客戶願意支付（聽不清楚）以獲得更大的分配。

And we help them to get those (inaudible) by paying more money. And we ask our customers to share the increase on those (inaudible). That's the only thing that -- that's only ASP we grow in -- reflect to our customer.

我們透過支付更多的錢來幫助他們獲得這些（聽不清楚）。我們要求我們的客戶分享這些方面的成長（聽不清楚）。這是唯一反映給我們客戶的東西——這也是我們成長的唯一 ASP。

As my follow-up question I wanted to ask about your product roadmap direction. If I'm not mistaken, you -- I think envision maybe rolling in some sensor fusion domain controller technology, and I was hoping that you can give us an update on where this initiative stands.

作為我的後續問題，我想問您的產品路線圖方向。如果我沒記錯的話，我想您設想可能會採用一些感測器融合網域控制器技術，我希望您能為我們介紹這項舉措的最新情況。

As you can see, we have addressed almost -- if you look at the automotive CV market. In fact, we have a solution for all of them except domain controller. And it's our ambition, and we need to have a domain controller type of solution to not read just for (inaudible), but also to provide a higher performance at much lower power consumption that Ambarella can offer in the near future. And we are developing that and hopefully, we can give you update soon.

正如您所看到的，如果您看看汽車商用車市場，我們已經解決了幾乎所有問題。事實上，除了網域控制器之外，我們對所有這些問題都有解決方案。這是我們的雄心，我們需要一種網域控制器類型的解決方案，不僅要讀取（聽不清楚），還要以安霸在不久的將來可以提供的更低功耗提供更高的性能。我們正在開發該功能，希望能夠盡快為您提供更新。

Our next question comes from Kevin Cassidy with Rosenblatt.

我們的下一個問題來自凱文·卡西迪和羅森布拉特。

Congratulations on the strong quarter. You mentioned the wave 2 happening this year with some large programs and if that's home security cameras. Can you say that -- are some of those programs launched? And I guess, what percentage would you say you're into? Is it going to be a stronger October quarter compared to this July quarter?

恭喜季度表現強勁。您提到今年發生的第二波浪潮涉及一些大型項目，如果是家庭安全攝影機的話。 你能說——其中一些計劃已經啟動了嗎？我想，你認為你喜歡的百分比是多少？與七月季度相比，十月季度會更加強勁嗎？

Well, so I think we -- in my script just now, I mentioned that the Ring announced 2 products with Cvflow SoCs. And they are basically replacing our existing Ring products with video-only solutions.

嗯，所以我想我們——在剛才的腳本中，我提到了 Ring 宣布了 2 款採用 Cvflow SoC 的產品。他們基本上用純視訊解決方案取代我們現有的 Ring 產品。

So yes, I think that we continue to see strong momentum in Cvflow designs. And also, we expect to see other customers introducing CV -- sorry, other consumer IP security camera customer introduce a CVflow-based solution in the near future and go into production this year.

所以，是的，我認為我們繼續看到 Cvflow 設計的強勁勢頭。此外，我們預計會看到其他客戶引入 CV——抱歉，其他消費性 IP 安防攝影機客戶將在不久的將來推出基於 CVflow 的解決方案，並在今年投入生產。

Okay. Are there still any human vision designs? Or are all the new design CV designs?

好的。現在還有人類視覺設計嗎？還是都是新設計的CV設計？

We still see several human vision design wins. But I would say that it's more towards the lower end. All the middle and high-end solutions are targeting CV these days. We still see a mix of CV and non-CV product based on our customers, but we continue to focus more on the CV side because that's where our strength is and where we have differentiation.

我們仍然看到一些人類視覺設計的勝利。但我想說的是，它更接近低端。現在所有的中高階解決方案都以CV為目標。我們仍然看到基於客戶的 CV 和非 CV 產品的混合，但我們繼續更專注於 CV 方面，因為這是我們的優勢所在，也是我們的差異化所在。

Our next question comes from Tore Svanberg with Stifel.

我們的下一個問題來自 Tore Svanberg 和 Stifel。

Congratulations on the results. First question is back to auto and some of the subsegments, if I can maybe just split between recorder and non-recorder, is it safe to say that this year, the quarter would be about 90% with a lot of the new applications being the other 10%, roughly?

祝賀結果。第一個問題回到汽車和一些子細分市場，如果我可以在記錄器和非記錄器之間進行劃分，是否可以肯定地說，今年該季度將達到 90% 左右，其中許多新應用程式是其他10%，大概？

I think the 90% is too high for recorders. I don't have the number with me, but (inaudible) tells me that our other business will be more than 10%.

我認為 90% 對於錄音機來說太高了。我沒有攜帶電話號碼，但（聽不清楚）告訴我，我們的其他業務將超過 10%。

Great. And as my follow-up, I know in the past, you've talked about the amount of cameras going into car is about 1.5 in last year. Do you have any estimate this year based on conversations you're having with your customers, how that number could potentially trend up?

偉大的。作為我的後續行動，我知道您過去曾談到去年汽車中安裝的攝影機數量約為 1.5 個。根據您與客戶的對話，您對今年的數字可能會如何成長有任何估計嗎？

Yes. Tore, the 1.5 is like a -- I'm sorry, 1.3 is like a third-party market research firm estimate across all new vehicles produced in a year.

是的。 Tore，1.5 就像——對不起，1.3 就像第三方市場研究公司對一年內生產的所有新車的估計。

And so that number, the expectation is that it's going to continue to increase as more and more cameras are used in the car, not just human viewing cameras, but in particular more and more of the sensing cameras that require the Cvflow chips for things such as driver monitoring or front ADAS or surround view or all kinds of other applications. So we see that number -- third-party firms continue to see that number increasing over the next several years.

因此，預計隨著汽車中使用越來越多的攝像頭，這個數字將繼續增加，不僅僅是人類觀察攝像頭，特別是越來越多需要 Cvflow 晶片的感測攝像頭，例如作為駕駛員監控或前部ADAS 或環視或各種其他應用。所以我們看到這個數字——第三方公司在接下來的幾年裡繼續看到這個數字正在增加。

Our next question comes from Andrew Buscaglia with Berenberg.

我們的下一個問題來自安德魯·布斯卡利亞和貝倫貝格。

Can you -- did you guys give a number around what -- exactly what CV represented as a percentage of sales in the quarter. And then given strength in automotive, do you foresee -- you still foresee 25% of your sales being computer vision still this year? Or is that expectation increased?

你們能否給出一個數字，具體說明 CV 佔本季銷售額的百分比。鑑於汽車領域的實力，您是否預計今年電腦視覺銷售額仍將占到您銷售額的 25%？還是這種期望增加了？

Yes. First of all, we still expect that our CV revenue will be more than 25% of total revenue this year. And we think that we have a very good chance to deliver on that.

是的。首先，我們仍然預期今年我們的CV收入將佔總收入的25%以上。我們認為我們有很好的機會實現這一目標。

And with automotive continue to increase, definitely, that will help us to drive more CV growth. But as you can see that the majority of our CV revenue still come from security, particularly professional security camera. And I think that will be a continued driver for CV until next year when the consumer IP can jump up and also more and more automotive CV revenue coming. So I would say next year, we can see continued growth on our CV revenue.

隨著汽車產業的不斷成長，這無疑將有助於我們推動商用車的成長。但正如您所看到的，我們的大部分CV收入仍然來自安全，特別是專業的安全攝影機。我認為這將成為 CV 的持續驅動力，直到明年，消費者 IP 將會躍升，汽車 CV 收入也會越來越多。所以我想說，明年我們的履歷收入將持續成長。

Okay. And this is your fourth quarter in a row with at the upper band of that gross margin range, and you guided to kind of upper band at the midpoint. Yes. We really -- your guidance -- your long-term guidance would imply kind of a sizable step down in the back half. If you still want to fit in that 59%, call it, to 62% range. So what -- I guess what do you need to see or what would provide you some confidence to maybe move that -- the low end of that up at some point? It just seems like you keep outperforming your own. I don't know you have some mix issues, but if you talk about that.

好的。這是您連續第四個季度處於該毛利率範圍的上限，並且您引導至中點的上限。是的。我們確實——你們的指導——你們的長期指導將意味著後半段的大幅下降。如果您仍然想適應 59%，請將其稱為 62% 範圍。那又怎樣——我猜你需要看到什麼，或者什麼會給你一些信心來推動這一點——在某個時候將其降低到最低點？看起來你一直在超越自己。我不知道你有一些混合問題，但如果你談論這個。

Certainly a part of it is mix, and a part of it is the uncertainty that Fermi talked about for the second half of the year. Depending on how that plays out. There's pricing issues and other issues that could create that to move.

當然，一部分是混合因素，一部分是費米談到的下半年的不確定性。取決於結果如何。定價問題和其他問題可能會導致其變化。

Again, we've been at the high end of the range, as you commented, and we'll take that. But we felt that with everything that's going on right now, we needed to be balanced in the way we're looking out over the second half of the year or at least certainly in the quarter to make sure that we keep our -- keep our range to where it is today. And if we see something different longer term, then we'll start to think about that.

再說一遍，正如您所評論的那樣，我們一直處於該範圍的高端，我們將接受這一點。但我們認為，鑑於目前正在發生的一切，我們需要在下半年或至少在本季度的展望中保持平衡，以確保我們保持——保持我們的目標。如果我們看到長期的情況有所不同，那麼我們就會開始考慮這一點。

Our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自馬特·拉姆齊和考恩。

Fermi, I was particularly interested in the announcement that you made with Arrival, the CV2FS win. Maybe you could give us a -- it sounds like you might be -- kind of give us some color as you're able going forward. But if you could give a little bit more color on the background there? And what were the folks that you were competing against and the particular features that allowed you to take that big design win down?

費米，我對您在 Arrival 中宣布的 CV2FS 獲勝特別感興趣。也許你可以給我們——聽起來你可能會——在你能夠前進的過程中給我們一些色彩。但是你是否可以在背景上多加一點顏色呢？您的競爭對手是什麼，以及哪些特定功能使您能夠在設計上取得勝利？

I think we compete with everybody out there. And I think it's -- I truly believe that Arrival checked all of the people who has a similar solution out there.

我認為我們與所有人競爭。我認為——我真的相信 Arrival 檢查了所有擁有類似解決方案的人。

And I think CV2FS was chosen for several reasons. I think the biggest reason is our performance per watt. And also, it's an open platform that really enable them to do a lot of things on their own. And I think those 2 things combined help us to get design wins.

我認為選擇 CV2FS 有幾個原因。我認為最大的原因是我們的每瓦性能。而且，它是一個開放的平台，確實使他們能夠自己做很多事情。我認為這兩件事結合起來可以幫助我們贏得設計勝利。

Got it. I appreciate that. My follow-up question is for Casey. Obviously, the primary drivers of Ambarella going forward are going to be in auto and security. But I noticed that in the printed results, the other category was down, I don't know, on the order of 20%, I think you mentioned, and then it looks like it's down 20% again.

知道了。我很感激。我的後續問題是問凱西的。顯然，安霸未來的主要驅動力將來自汽車和安全領域。但我注意到，在列印的結果中，另一個類別下降了，我不知道，大約是 20%，我想你提到過，然後看起來又下降了 20%。

I'd be interested if there are things changing that you might call out in some of those other smaller markets from a supply/demand perspective? Or is this supply tightness at Samsung and you guys allocating wafers to your more strategic business? Or is it a combination of both?

我很感興趣，從供需角度來看，您是否可能在其他一些較小的市場中指出一些變化？還是三星供應緊張，而你們將晶圓分配給更具策略性的業務？還是兩者的結合？

Yes, it really is a combination of both. When we talked about other -- a couple of years ago, we expected that to start declining and continue to decline over 3 to 5 years.

是的，它確實是兩者的結合。幾年前，當我們談論其他問題時，我們預計這一數字將開始下降，並在 3 到 5 年內繼續下降。

We did have some upside in the past year that we took and we're happy about. But as we look forward because we're moving everything towards the CV product line in a lot of those markets, the CV really doesn't have the advantage as it does in some of the markets we've talked about, we'd anticipate that to continue to decline over time. A lot of that historically, in the past few quarters have been just a few customers that really have driven that, DJI, we've talked about in the past and a few others.

在過去的一年裡，我們確實取得了一些進步，我們對此感到很高興。但正如我們所期望的那樣，因為我們正在將許多市場中的一切轉向 CV 產品線，所以 CV 確實並不像我們所討論的一些市場那樣具有優勢，我們預計隨著時間的推移繼續下降。從歷史上看，在過去的幾個季度中，只有少數客戶真正推動了這一點，我們過去曾討論過大疆創新和其他一些客戶。

As we go forward, if we see some opportunities or markets that CV is well suited for, I think you might be able to see some opportunity there. But meanwhile, we've kind of thought about it as a declining market. And if we get upside, we've taken it, but we aren't really changing our viewpoint on that.

隨著我們前進，如果我們看到一些 CV 非常適合的機會或市場，我認為您可能會在那裡看到一些機會。但同時，我們也將其視為一個正在下滑的市場。如果我們上漲了，我們就接受了，但我們並沒有真正改變我們對此的看法。

Our next question comes from Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

Congrats on the strong results. Just had a question -- a couple of questions. But the first one is on the inventory and the supply side of things.

祝賀取得強勁的成果。只是有一個問題——幾個問題。但第一個是庫存和供應方面。

How did you guys have your inventory increase so significantly, not that the days are out of whack with anything historically, but I was a little surprised that you have those constraints on one hand that you talked about with revenue in the second quarter being the worst, but your inventory still went up, I think, about 25%, 30% sequentially. Is that just different parts where you're not supply-constrained outside of the Austin fab or specific end markets likely to be more impacted by the Austin freeze? Any color there would be helpful.

你們的庫存是如何顯著增加的，並不是說現在的日子與歷史上的任何事情都不相符，但我有點驚訝的是，你們一方面面臨著這些限制，正如你們所說，第二季度的收入是最糟糕的，但我認為你們的庫存仍然增加了大約 25%、30%。這是否只是奧斯汀晶圓廠之外的供應不受限制的不同部分，或者特定的終端市場可能會受到奧斯汀凍結的更大影響？任何顏色都會有幫助。

Well, first of all, I think that we have very good visibility for our customers, and the demand is strong. And we -- basically, the inventory number you see is based on, first of all, the strong demand. Second, I think it's become very clear that you need to give a bigger lead time because the lead time increased a lot, we decide to increase our inventory level so that we can protect ourselves and protect our customers.

嗯，首先，我認為我們對客戶的知名度非常好，需求也很強勁。基本上，您看到的庫存數量首先是基於強勁的需求。其次，我認為很明顯，您需要提供更長的交貨時間，因為交貨時間增加了很多，我們決定增加庫存水平，以便我們可以保護自己並保護我們的客戶。

The combination of these 2 really drive out inventory. But at the same time, I have to say, I think we are confident those inventory is not going to be debt inventory for us because we know the run rate of the customer, we have multiple customers in the different product lines and we are confident that we're building a inventory that we will be able to sell. And -- but the most important thing is consider the current environment, we really need to do to -- make sure that we have announced product for our customers, if the lead time of those products continue to be a problem for us.

這兩者的結合確實可以消除庫存。但同時，我不得不說，我認為我們有信心這些庫存不會成為我們的債務庫存，因為我們知道客戶的運行率，我們在不同的產品線中擁有多個客戶，我們有信心我們正在建立一個能夠銷售的庫存。而且 - 但最重要的是考慮當前的環境，我們確實需要做 - 確保我們已經為我們的客戶發布了產品，如果這些產品的交貨時間仍然對我們來說是一個問題。

Fermi, I guess my follow-up question, kind of a 2-part one here, and it's a little bit following on a prior question that was asked on your other business.

費米，我想我的後續問題是一個由兩部分組成的問題，它是您在其他業務中提出的先前問題的一個補充。

But I'm really getting at what seasonality can look like in the back half of the year, if you put together the supply loosening up on the positive side and all the design wins you have, but the potential negative side being the fact that the consumer side is just not as big as your business. So the 2 questions would be, how would you think about second half seasonality? And any sort of ballpark as a percentage of sales where that consumer business is in the first half of the year? It seems like it must be down to kind of, I don't know, right around a 10% number. Any kind of rightsizing there for our models would be helpful.

但我真的很了解今年下半年的季節性會是什麼樣子，如果你把供應放鬆的積極一面和你所擁有的所有設計勝利放在一起，但潛在的負面影響是，消費者方面並不像您的業務那麼大。所以兩個問題是，您如何看待下半年的季節性？上半年消費者業務佔銷售額的百分比有多少？我不知道，看來這個數字一定會降到 10% 左右。對我們的模型進行任何類型的調整都會有所幫助。

Yes. I think when we look at the second half of the year, as we've talked about, there's a lot of uncertainty in the second half of the year. And so when we look out, I think we feel opportunity to continue to supply to our customers, barring any change in some of the dynamics that we're seeing today, I think we don't guide beyond one quarter. But I think that we've seen the worst of it, as Fermi talked about earlier, in a lot of the areas, and we should be able to meet demand as it comes through in the second half of the year.

是的。我認為當我們看下半年時，正如我們所說，下半年有很多不確定性。因此，當我們展望未來時，我認為我們有機會繼續向客戶供貨，除非我們今天看到的一些動態發生任何變化，我認為我們的指導不會超過一個季度。但我認為我們已經看到了最糟糕的情況，正如費米早些時候談到的，在許多領域，我們應該能夠滿足下半年出現的需求。

We're also looking into some of the newer markets that we talked about, as we said, we've got 3 phases that we're -- by the end of this year into next year, we're going to have all phases kind of starting to really kick in, and that's what's really exciting to us.

我們也正在研究我們談到的一些較新的市場，正如我們所說，我們有 3 個階段——從今年年底到明年，我們將擁有所有階段有點開始真正發揮作用，這才是真正令我們興奮的事情。

Great. Any sort of rightsizing on how big that consumer is as percentage of sales? Was it kind of around 10%-ish in the first quarter and then you're -- implied in your guidance in the second?

偉大的。對於消費者佔銷售額的百分比有什麼形式的調整？第一季的成長率約為 10% 左右，然後您在第二季的指導中暗示了這一點嗎？

You mean the consumer business that was down?

你指的是下滑的消費者事業嗎？

Yes. Just trying to see, you gave percentage sequential changes for the quarter and the guide, we just want to make sure the absolutes are aligned as well.

是的。只是想看看，您給出了季度和指南的百分比連續變化，我們只是想確保絕對值也保持一致。

Yes. I think you're going to see the quarter go -- particularly, the numbers go down in that market as well. And so you're going to see the other 2 go up and you're going to see the consumer business go down as we talked about.

是的。我認為你會看到這個季度的進展——特別是該市場的數字也會下降。因此，正如我們所討論的，您將看到其他兩個業務成長，而消費者業務則下降。

Okay. And one final housekeeping one. Fermi, you had talked about Dahua and Hikvision being, I think, low to mid-teens, 2 quarters ago, you said it dropped to about 10% in the most recent quarter. Can you just talk a little bit about did the dollars drop as well as the percentages? And more importantly the update on Dahua rolling out the CV design wins that you have had? Is that a customer that you expect to be a tailwind going forward? Or is there some change in the narrative there?

好的。還有最後一項客房服務。費米，你曾談到大華和海康威視，我認為，兩個季度前，你說它在最近一個季度下降到 10% 左右。能簡單談談美元是否下跌以及百分比下跌嗎？更重要的是，大華推出的 CV 設計更新讓您贏得了勝利？您希望該客戶成為未來的推動者嗎？或者那裡的敘述有什麼改變嗎？

Great. So for Hikvision, Dahua, it's -- both of them using our video products, and we talk about the build-up inventory a few quarters ago. They just, I think, digest the inventory and start reordering for some of the parts.

偉大的。因此，對於海康威視、大華來說，他們都使用我們的視訊產品，我們在幾個季度前談論了庫存的增加。我認為他們只是消化庫存並開始重新訂購某些零件。

And they continue to be ordering but a much lower level. So I think our video product sales for those 2 companies will continue to shrink over time. And for the Dahua, we are going to -- we ramp up our CV revenue with them, but it's kind of limited by our suppliers who want a better substrate situation.

他們繼續訂購，但水平要低得多。因此，我認為隨著時間的推移，我們對這兩家公司的視訊產品銷售將繼續萎縮。 對於大華，我們將與他們一起增加我們的CV收入，但這受到我們想要更好的基板情況的供應商的限制。

But I think as soon as we transition out of those problems, we think that Dahua CV revenue will be a growth for us. Overall, I still think that combined, the dollar [sign] probably is similar to our last quarter.

但我認為，一旦我們擺脫這些問題，我們認為大華CV收入將成為我們的成長點。總的來說，我仍然認為綜合起來，美元[符號]可能與上個季度相似。

Our next question comes from Suji Desilva with ROTH.

我們的下一個問題來自羅斯的 Suji Desilva。

Fermi, Casey, Louis, congratulations on the progress here. Perhaps, first, for Casey, on the operating leverage here. You got the nice operating margin bump up to 12% here. Can you talk about the expectations for OpEx and what you think to be able to do as you continue to grow the revenue? Will you need to invest more here? Or can you keep that relatively stable?

費米、凱西、路易斯，祝賀你們的進展。對凱西來說，也許首先是這裡的營運槓桿。這裡的營業利益率大幅提升至 12%。您能否談談對營運支出的期望以及您認為在收入持續成長的情況下能夠做什麼？您需要在這裡投入更多嗎？或者你能保持相對穩定嗎？

I think we'll continue to invest, not only in people but also in opportunity. And so I think we'll see that. Having said that, we're kind of focused on getting to 20% right now. As you know, the business can -- in the past has done 20% to 25%, and we think that's still attainable as well. But right now from where we are, we're focused on getting to those type of margins. And as your point, we've kind of grown pretty well over the last few quarters, and we anticipate we should be able to do that into the next few as well.

我認為我們將繼續投資，不僅投資於人才，而且投資機會。所以我想我們會看到這一點。話雖如此，我們現在的重點是達到 20%。如您所知，該業務過去可以做到 20% 到 25%，我們認為這仍然是可以實現的。但從目前的情況來看，我們的重點是獲得此類利潤。正如您所說，我們在過去幾個季度中成長得相當不錯，我們預計我們也應該能夠在接下來的幾個季度中做到這一點。

Okay. Great. My question for Fermi, perhaps a lot of press on autonomous attempts here and a notion of camera plus radar, perhaps shifting to camera plus LiDAR. And just kind of what camera can and can't do, maybe you can talk about the implications for Ambarella's product designs and automotive footprint? And whether that is impactful to you, whether you're kind of orthogonal to all that?

好的。偉大的。我要問費米的問題，也許這裡有很多關於自主嘗試的媒體，以及相機加雷達的概念，也許會轉向相機加光達。關於攝影機能做什麼和不能做什麼，也許您可以談談對 Ambarella 的產品設計和汽車足跡的影響？這對你是否有影響，你是否與這一切正交？

Right. First of all, we continue to believe the camera is the most important sensor in any kind of autonomous driving market. And also in front of us, the requirement for the camera technology will continue to grow. We're going to get more camera per car. Every camera will have a high resolution, higher frame rate, you need a stereo processing, you need a much better CV performance to offer more and more different type of detections, and you need to have a sense of fusion.

正確的。首先，我們仍然相信攝影機是任何類型的自動駕駛市場中最重要的感測器。而同樣在我們面前，對攝影機技術的要求也將持續成長。我們將為每輛車配備更多攝影機。每台相機都會有高解析度、更高的幀率，你需要立體處理，你需要更好的CV性能來提供越來越多不同類型的偵測，你需要有一種融合感。

So with that, I really think that camera continue to have -- we're going to continue to have good roadmap for our camera products for account trading. Having said that, I still believe -- I also believe that redundancy is very important for those markets. And we believe that radar, particularly is a good partner for the any camera solutions. And also, I think -- the reason I think the answer is LiDAR is because still on the cost -- on the price side, LIDAR is expensive and radar is more accessible. And also, radar is not an optical sensor. And so that is really a good technology complement to our camera technologies.

因此，我真的認為相機將繼續擁有——我們將繼續為我們的相機產品提供良好的路線圖以進行帳戶交易。話雖如此，我仍然相信——我也相信裁員對這些市場非常重要。我們相信雷達尤其是任何相機解決方案的良好合作夥伴。而且，我認為——我認為答案是光達的原因仍然是成本——在價格方面，光達很昂貴，而雷達更容易獲得。而且，雷達不是光學感測器。因此，這確實是對我們相機技術的良好技術補充。

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

我們的下一個問題來自 Needham & Company 的 Quinn Bolton。

Congratulations. But I just wanted to come back to the Samsung Austin impact on the business. Did you say Fermi that, that was just for the video processor side of the business? Or are there any CV products manufactured out of that facility?

恭喜。但我只想回到三星奧斯汀對業務的影響。你是說費米那隻是針對視訊處理器方面的業務嗎？或該工廠是否生產任何 CV 產品？

Right. It's only a video processor. All our CV processors are built in Korea foundries.

正確的。它只是一個視訊處理器。我們所有的 CV 處理器均在韓國鑄造廠製造。

Got it. And I guess then with that mix shift, if you're shipping -- if you're constrained or most constrained on the video processor side, wouldn't that be a tailwind to margins over the next couple of quarters?

知道了。我想，隨著這種混合轉變，如果你正在出貨——如果你在視訊處理器方面受到限製或最受限制，這難道不會成為未來幾個季度利潤率的順風車嗎？

No. Margins basically are the same between CV and the vision-based products. While, obviously, we talked about the fact that it doubles the top line, it didn't really change the margin at all.

不會。顯然，我們談到了它使收入翻倍的事實，但它根本沒有真正改變利潤。

Got it. Okay. And then lastly, just with the video processors being constrained. Do you think any of that demand that you might not meet this quarter or next is perishable? Or would you expect that demand just to sort of roll into future quarters and you'll meet it when you can get the wafers or substrates?

知道了。好的。最後，視訊處理器受到限制。您認為本季或下季您可能無法滿足的需求是否會消失？或者您是否期望這種需求會持續到未來幾個季度，並且當您可以獲得晶圓或基板時就能滿足它？

I think it's perishable. If you look at those video products, some of them go to professional security cameras, some go to a consumer security camera, some go to other consumer market like DJI. For the true -- for the consumer security camera and the consumer camera, those demand is perishable. For professional security camera, it may be there, but still, there are some demands, requirements on different timing. For example, usually, the selling season -- not selling season, the people at the end of the year, try to digest their budget and usually better a lot in Q4. So if we miss those points, those demand might be also perishable.

我認為它很容易腐爛。如果你看一下這些視訊產品，其中一些進入專業安全攝影機，有些進入消費安全攝影機，有些進入其他消費市場，例如大疆創新。對於真正的消費者安全攝影機和消費者相機來說，這些需求是容易消失的。對於專業的監視器來說，可能是有的，但是仍然有一些要求，對不同時間的要求。例如，通常是銷售季節——而不是銷售季節，人們在年底會嘗試消化他們的預算，通常在第四季度會好很多。因此，如果我們錯過了這些要點，這些需求也可能會消失。

Our next question comes from Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird。

Just a quick follow-up on the gross margin outlook, and you've mentioned some of the catalysts that might have an impact on gross margin directionally for the second half of the year. As your supply improves, is it fair to assume that your surveillance camera customers in China are going to improve as a percent of total mix and that's going to be gross margin component to consider for the second half? And also, if you could give us an update on the impact of 5-nanometer development cost on gross margin for the next few quarters?

只是對毛利率前景的快速跟進，您提到了一些可能對下半年毛利率產生定向影響的催化劑。隨著您的供應量改善，可以公平地假設您在中國的監視器客戶佔總組合的百分比將會增加，並且這將成為下半年要考慮的毛利率組成部分嗎？另外，您能否向我們介紹 5 奈米開發成本對未來幾季毛利率影響的最新情況？

Yes. Well, like I said, we're not changing our guidance -- our standard guidance that we've had from the from the margin perspective. And we guide quarter-by-quarter. So we've given that indication. When we get out further, I think that you can see some different mix. As we talked about earlier again, Japan, in particular, has a mix issue that can impact us from quarter-to-quarter. And as we look out into the next couple of quarters, we're going to have to see how that comes out for us. But that's probably -- there's several different mix elements, but that's certainly the biggest one that we've seen historically over the last maybe 4 to 6 quarters.

是的。嗯，就像我說的，我們不會改變我們的指導——我們從利潤角度來看的標準指導。我們按季度進行指引。所以我們已經給了這個指示。當我們走得更遠時，我認為你可以看到一些不同的組合。正如我們之前再次談到的，日本尤其存在一個可能每季影響我們的混合問題。當我們展望接下來的幾個季度時，我們將不得不看看結果如何。但這可能是——有幾種不同的混合元素，但這肯定是我們在過去四到六個季度中歷史上看到的最大的一個。

Okay. And then just as a quick follow-up. Any changes that you see in terms of the competitive environment in China in surveillance, notably at the low end, I'm assuming that would not impact you, but do you expect any changes in the pricing, competitive environment medium term?

好的。然後作為快速跟進。您在中國監控領域的競爭環境（特別是低端市場）方面看到的任何變化，我認為這不會影響您，但您預計中期定價和競爭環境會發生任何變化嗎？

Right. So in terms of the competition in China, I think HiSilicon is remained to be things that we need to watch out, because they are -- first of all, they still have tons of inventory sitting either in a customer or within a HiSilicon. So we're still seeing -- shipping the products. But out of the HiSilicon, we haven't seen a competitor that in the mainstream or high-end product line. There are many, many, many growing Chinese and Taiwanese competitors, competing in the lower-end video and even some of the low-end CV side. So I think that price pressure is always there on the lower-end side, but on the middle and high-end side, I think we're comfortable with our current ASP guidance.

正確的。因此，就中國的競爭而言，我認為海思仍然是我們需要警惕的事情，因為它們——首先，他們仍然在客戶或海思內部擁有大量庫存。所以我們仍然看到——運送產品。但在海思之外，我們在主流或高階產品線上還沒有看到競爭對手。有很多很多成長中的中國和台灣競爭對手，在低端視頻甚至一些低端CV方面進行競爭。因此，我認為價格壓力始終存在於低端市場，但在中高端市場，我認為我們對當前的平均售價指引感到滿意。

Okay. And that begs just one last quick follow-up, which is when do you think HiSilicon inventories might normalize? And would that translate into an acceleration in demand for your product?

好的。這需要最後一個快速跟進，即您認為海思庫存何時可能恢復正常？這會轉化為對您產品的需求加速嗎？

Well, we don't know. But however, our customer give us an indication, they can easily survive without -- for another 12 months without any new products here. So I think they are sitting on tons of inventory right now.

好吧，我們不知道。但是，我們的客戶向我們表明，如果沒有任何新產品，他們可以輕鬆生存 12 個月。所以我認為他們現在擁有大量庫存。

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

我們的下一個問題來自理查德·香農和克雷格·哈勒姆。

Fermi, maybe kind of industry question here, professional security as it relates to CV here. How are you seeing the adoption curves here relative to what you saw in the past transitions from analog to digital? Is it faster, slower? What kind of indications you're seeing on market pricing here that would indicate either of those inflections?

費米，也許是行業問題，專業安全，因為它與簡歷相關。與過去從類比到數位的過渡相比，您如何看待這裡的採用曲線？是更快還是更慢？您在此處看到的市場定價有哪些跡象表明這些變化？

Right. So first of all, when we go -- we went through this analog to digital IP security model transition 10 years ago, I remember that first 2 years, we slowed, that suddenly transitioned. I will say that we are not in the hockey stick yet. We haven't seen that because majority of our professional security camera unit number shipments still in a video-only solution.

正確的。首先，當我們 10 年前經歷了從類比到數位 IP 安全模型的轉變時，我記得前兩年，我們放慢了速度，突然轉變了。我想說的是，我們還沒有進入曲棍球棒階段。我們還沒有看到這一點，因為我們大部分專業安全攝影機的出貨量仍然是純視訊解決方案。

So with that, I would say that we're still at an early stage of the transition from video to CV. I think the biggest reason that -- I think the trigger of that transition is the hockey stick needs to happen, I think that customer need to drive their price -- CV camera product price to maybe only a minimum premium over the current video product. That's what triggers the transition. And I don't think we're there yet.

因此，我想說我們仍處於從影片到履歷過渡的早期階段。我認為最大的原因是——我認為這種轉變的觸發因素是曲棍球棒需要發生，我認為客戶需要提高他們的價格——CV相機產品的價格可能只比當前視頻產品有最低溢價。這就是觸發轉變的原因。我認為我們還沒到那一步。

Okay. That's helpful perspective, Fermi. My last question here is on the automotive side, again, related to CV applications like DMS and ADAS, et cetera, not looking so much at the higher-end ones like L4 and L5, but more the immediate term ones. Any way you have a sense of, and can you characterize for us what kind of share and design wins do you think you have in that space right now, or have visibility into?

好的。這是很有幫助的觀點，費米。我的最後一個問題是在汽車方面，與 DMS 和 ADAS 等 CV 應用相關，不太關注 L4 和 L5 等高端應用，而是更專注於短期應用。您有什麼感覺嗎？

We don't have a number for you, but however, I can say that I think if you read through our design win activity in the last few quarters, every quarter, we published those design wins.

我們沒有給您一個數字，但是，但是，我可以說，如果您仔細閱讀我們過去幾個季度的設計獲勝活動，每個季度我們都會發布這些設計獲勝活動。

You can see that we have a consistent, maybe even increasing number of design wins on the DMS and OMS and the ADAS now. So obviously, our market share is increasing on those near-term market. But I just don't have a number because most of them are still pretty new. And I would still say that in the ADAS market, Mobileye is still dominant. We still -- we'll just start gaining some design wins in there. So I hope that momentum will continue to carry us moving forward. I would say ADAS were still very small. But from the OMS/DMS side because it's brand new market, I think we have a chance to get bigger market share there.

您可以看到，我們現在在 DMS、OMS 和 ADAS 上獲得的設計勝利數量一直在增加，甚至可能還在增加。顯然，我們的市佔率在近期市場上正在增加。 但我沒有具體數字，因為其中大多數還很新。我仍然想說，在 ADAS 市場，Mobileye 仍然佔據主導地位。我們仍然——我們將開始在那裡獲得一些設計勝利。因此，我希望這種勢頭將繼續推動我們前進。我想說 ADAS 仍然很小。但從 OMS/DMS 方面來看，因為這是一個全新的市場，我認為我們有機會在那裡獲得更大的市場份額。

Okay. And Fermi, anyway you'd want to characterize what your goals might be in OMS and DMS? I mean, obviously, it's difficult to competing historically against Mobileye, but could you get to 20%, 25% of that market over time?

好的。費米，無論如何，您想描述一下您在 OMS 和 DMS 中的目標是什麼？我的意思是，顯然，從歷史上看，與 Mobileye 競爭是很困難的，但隨著時間的推移，你能佔據該市場 20%、25% 的份額嗎？

In fact, our goal, and the thing we really want to push is not just capturing the market share DMS or OMS. We are trying to push the concept that our customer Tier 1 OEM, which have ADAS, have recorders, have DMS and OMS, they need one unified platform to do all of that. Because if you look at ADAS, it's really front-facing camera to do Mobileye ADAS and also front-facing camera to do a recorder today. There's no reason these 2 product cannot be the same.

事實上，我們的目標，以及我們真正想要推動的事情不僅僅是佔領DMS或OMS的市場份額。我們正在努力推動這樣一種理念：我們的客戶一級 OEM（擁有 ADAS、記錄器、DMS 和 OMS），他們需要一個統一的平台來完成所有這些工作。因為如果你看一下 ADAS，你會發現，Mobileye ADAS 確實是透過前置鏡頭實現的，而今天，也是透過前置鏡頭實現錄音機的。這兩種產品沒有理由不能相同。

At the same time, the DMS is really a cell location you have over the ADAS camera, you're facing inside and looking at the driver, and also we'd like to argue the driver and the ADAS need to be synced in the video so that when something happen, you know exactly what the driver is doing, so that has to be seen. So I really think the combo product makes sense, and we really think if that scenario becomes a market requirement, that will definitely help us to gain market share because I don't see any other competitor solution can do those kind of combo product today.

同時，DMS 實際上是 ADAS 攝影機上方的一個單元位置，您面向車內並看著駕駛員，而且我們還認為駕駛員和 ADAS 需要在視頻中同步這樣當事情發生時，你就能確切地知道司機在做什麼，所以必須看到這一點。所以我真的認為組合產品是有意義的，我們真的認為如果這種情況成為市場需求，那肯定會幫助我們獲得市場份額，因為我認為今天沒有任何其他競爭對手的解決方案可以做這種組合產品。

Our next question comes from Tore Svanberg with Stifel.

我們的下一個問題來自 Tore Svanberg 和 Stifel。

Yes. Just a quick follow-up and maybe related to the last topic there. Are you still on track to sampling CV5 this quarter? And is everything sort of on track with Samsung's 5-nanometer process there?

是的。只是一個快速跟進，可能與最後一個主題相關。您是否仍有望在本季對 CV5 進行採樣？三星的 5 奈米製程是否一切都步入正軌？

Yes. The answer is yes, and yes. And we are on track for both. And we're working on CV52 in our lab right now. We are -- we believe we'll get ready to sample it. And also, we are working on -- of course, the CV5 is our first 5-nanometer chip with Samsung, and we continue to work with Samsung on the CV5 process improvement and as well as the production plant. I continue to believe we will start generating CV5 revenue sometime next year.

是的。答案是肯定的，而且是的。我們正朝著這兩方面邁進。我們實驗室目前正在研究 CV52。我們相信我們會準備好進行採樣。而且，我們正在努力——當然，CV5 是我們與三星合作的首款 5 奈米晶片，我們將繼續與三星合作改進 CV5 製程以及生產工廠。我仍然相信我們將在明年某個時候開始產生 CV5 收入。

Our next question comes from Martin Yang with Oppenheimer.

我們的下一個問題來自馬丁楊和奧本海默。

Just one from me. I'm curious if current supply constraints may affect or change how HiSilicon think about adoption for CV? Is there anything that may change their view on maybe getting CV sooner. Do you have a view there?

只有我的一份。我很好奇目前的供應限制是否會影響或改變海思對 CV 採用的看法？有什麼事情可以改變他們對更快獲得履歷的看法嗎？你有那裡的風景嗎？

Well, yes, from the Hikvision. So I think we talk to Hikvision all the time. I think that Hikvision is really following the direction that try to -- now you got to use a U.S. component as much as they can.

嗯，是的，來自海康威視。所以我認為我們一直在與海康威視交談。我認為海康威視確實在遵循這個方向——現在你必須盡可能多地使用美國組件。

As this is probably one company, we see the following policy to very tightly and I think that -- so they are -- that's why they build up so much HiSilicon inventory. And I believe they are trying to find out whether they have options with other Chinese supplier.

由於這可能是一家公司，我們非常嚴格地看到以下政策，我認為 - 所以他們 - 這就是為什麼他們建立瞭如此多的海思庫存。我相信他們正在試圖了解是否有其他中國供應商的選擇。

So I think that's the current situation. Like I said before, we cannot force people to look at U.S. component. The only thing we can help our customer is to provide a solution that is very hard to find a replacement in China, and that's how we can continue to drive a market share intake.

所以我認為這就是目前的情況。正如我之前所說，我們不能強迫人們關注美國成分。我們唯一能幫助我們的客戶的就是提供一個在中國很難找到替代品的解決方案，這就是我們能夠繼續提高市場份額的方法。

Our next question comes from Derek Soderberg with Colliers Securities.

我們的下一個問題來自高力證券的德里克·索德伯格。

Just one question from me as well. Fermi, I'm wondering, in your view, which design wins you announced are the most meaningful for the company. If you could maybe just call out the top 2 or 3 wins and provide any additional detail on those wins. I think that would be helpful.

我也只有一個問題。費米，我想知道，在您看來，您宣布的哪些設計勝利對公司最有意義。如果可以的話，您可以只列出前 2 名或前 3 名獲勝者，並提供有關這些獲勝者的任何其他詳細資訊。我認為這會有幫助。

You're talking about design wins we just mentioned. I think Arrival is obviously the most important one for me, not only that's an automotive design win, but this is -- they are important for different reasons why this is Level 2+ and using our CVflow engine. More importantly, this is from the first CV2FS chip design win we announced. And that just shows you that our CV2FS, the functional safety chip is in very good shape and the customer is always adopting it and testing it.

你說的是我們剛才提到的設計勝利。我認為到達顯然對我來說是最重要的，這不僅是汽車設計的勝利，而且因為不同的原因它們很重要，為什麼這是 2+ 級並使用我們的 CVflow 引擎。更重要的是，這是我們宣布的第一個 CV2FS 晶片設計勝利。這只是向您表明，我們的 CV2FS（功能安全晶片）狀況非常良好，客戶一直在採用它並進行測試。

So everything that comes from that point of view, I'm excited, but not to mention that Arrival is a great European company and they attract a lot of tension from the different places. I think that's definitely important for us.

因此，從這個角度來看，我很興奮，但更不用說 Arrival 是一家很棒的歐洲公司，他們吸引了來自不同地方的許多壓力。我認為這對我們來說絕對重要。

But the other one that I'm equally excited about is this Great Wall announcement that we had just a month ago. And Great Wall is really a very well-known Chinese OEM. And they adopt our solution, it's -- which is a combo solution, by the way. It's really a driver recorder with DMS, with OMS all in one. And they are the first one to really push this concept and hopefully with this, and we show our capability and performance with GWM and other people will pick it up, say, this is the right way to go. And hopefully, that will give us more design wins in the future. So for this reason, so these 2 are probably the most -- the project I'm most excited.

但令我同樣興奮的另一件事是我們一個月前發布的長城公告。而長城確實是一家非常知名的中國整車廠。他們採用了我們的解決方案，順便說一句，這是一個組合解決方案。它實際上是一款配備 DMS、OMS 的行車記錄器。他們是第一個真正推動這個概念的人，希望透過這個，我們向長城汽車展示我們的能力和表現，其他人會接受它，說，這是正確的道路。希望這能讓我們在未來獲得更多的設計勝利。因此，出於這個原因，這兩個可能是我最興奮的項目。

I'm not showing any further questions at this time. I would now like to turn the call back over to Dr. Fermi Wang for closing remarks.

我目前不會提出任何進一步的問題。現在我想把電話轉回給費米·王博士做總結發言。

And first of all, thank you very much for joining us today. I'm looking forward to seeing you sometime next time. Thank you. Bye.

首先，非常感謝您今天加入我們。我期待下次再見。謝謝。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。