Ambarella Inc (AMBA) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Ambarella's Fourth Quarter Fiscal Year 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎來到 Ambarella 2021 財年第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

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

現在，我想將會議交給今天的主持人 Louis Gerhardy，企業發展部。請繼續。

Thank you, Sarah, and good afternoon, everyone. Thank you for joining our fourth quarter and our fiscal Year 2021 financial results conference call. On the call today is Dr. Fermi Wang, President and CEO; and Casey Eichler, CFO.

謝謝莎拉，大家下午好。感謝您參加我們的第四季度和 2021 財年財務業績電話會議。今天接聽電話的是總裁兼首席執行官 Fermi Wang 博士；和首席財務官 Casey Eichler。

We're dialing in today from different locations. Consequently, I'll be covering Casey's prepared remarks. And then Casey will be online for Q&A. The primary purpose of today's call is to provide you with information regarding our fourth quarter and our fiscal 2021 results.

我們今天從不同的地點撥入。因此，我將介紹 Casey 準備好的發言。然後Casey將在線進行問答。今天電話會議的主要目的是向您提供有關我們第四季度和 2021 財年業績的信息。

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

今天的討論和對您問題的回答將包含有關我們預計的財務結果、財務前景、市場增長和對我們解決方案的需求等的前瞻性陳述。這些陳述受風險、不確定性和假設的影響。如果這些風險或不確定性中的任何一個成為現實，或者如果我們的假設被證明是不正確的，我們的實際結果可能與這些前瞻性陳述存在重大差異。我們沒有義務更新這些聲明。

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, including the annual report on Form 10-K that we filed on March 27, 2020, for fiscal year '20 ending January 31, 2020, and the Form 10-Q filed on December 9, 2020, for the third quarter of fiscal year '21. Access to our fourth quarter and fiscal '21 results press release, historical results, SEC filings and a replay as well as the prepared transcripts of today's call can be found on the Investor Relations portion of our website.

這些風險、不確定性和假設以及可能影響我們財務業績的潛在風險因素的其他信息在我們向美國證券交易委員會提交的文件中有更全面的描述，包括我們於 3 月 27 日提交的 10-K 表格年度報告， 2020 年，截至 2020 年 1 月 31 日的 20 財年，以及 2020 年 12 月 9 日提交的 21 財年第三季度的 10-Q 表格。可以在我們網站的投資者關係部分找到我們第四季度和 21 財年業績新聞稿、歷史業績、SEC 文件和重播以及今天電話會議的準備文本。

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

有了這個，我會把它交給 Fermi Wang 博士。

Thank you, Louis, and good afternoon, everyone, and thank you for joining us today. Our multiyear visual AI investment is the major factor in the accelerated business momentum we are reporting.

謝謝路易斯，大家下午好，感謝您今天加入我們。我們多年的視覺人工智能投資是我們報告的加速業務發展勢頭的主要因素。

Fiscal year '21 revenue of $223 million was down 3% from the prior year, with CV growing significantly, exceeding 10% of total revenue for the year, with the video processor business down around 10%.

21 財年收入為 2.23 億美元，比上年下降 3%，CV 增長顯著，超過全年總收入的 10%，視頻處理器業務下降約 10%。

Fiscal year '21 came with many challenges, the pandemic, geopolitics and an increasingly tight supply chain. And these factors remain to varying degrees today. I'm pleased with how we have managed this environment. And as I look into fiscal year '22, my goal is to maintain a high level of execution and leverage our leadership position with our differentiated and proprietary visual AI silicon.

21 財年面臨許多挑戰，大流行病、地緣政治和日益緊張的供應鏈。而這些因素在不同程度上今天仍然存在。我對我們管理這種環境的方式感到滿意。當我展望 22 財年時，我的目標是保持高水平的執行力，並利用我們差異化和專有的視覺 AI 芯片來發揮我們的領導地位。

Q4 finished the year on a strong note, with revenue 4% above the high end of our guidance range, driven by CV, with the number of production CV projects doubling sequentially.

第四季度以強勁的勢頭結束了這一年，在 CV 的推動下，收入比我們指導範圍的高端高出 4%，生產 CV 項目的數量連續翻了一番。

Ambarella's highly focused video and image processing R&D investment crossed over a cumulative $1 billion in Q4, with almost half of this amount directed to our proprietary AI technology development. In fiscal year '21, validation of this investment was strong, as more than 175 unique CV customers purchased engineering parts and/or development systems, including more than 40 reaching production volumes in the year.

Ambarella 高度專注的視頻和圖像處理研發投資在第四季度累計超過 10 億美元，其中近一半用於我們專有的 AI 技術開發。在 21 財年，這項投資得到了強有力的驗證，超過 175 家獨特的 CV 客戶購買了工程零件和/或開發系統，其中超過 40 家在當年達到了產量。

By the end of the current quarter, we expect to have shipped more than 2 million CV SoCs on a cumulatively basis, with more than 300,000 CV SoCs shipped into the automotive market. I am extremely proud of our new product execution, as demonstrated by the introduction of our flagship CV5, the first in the family of 5-nanometer AI vision processors.

到本季度末，我們預計CV SoC累計出貨量超過200萬顆，其中超過30萬顆CV SoC進入汽車市場。我對我們的新產品執行感到非常自豪，正如我們旗艦 CV5 的推出所證明的那樣，這是 5 納米 AI 視覺處理器系列中的第一款。

As we look into fiscal year '22, our guidance contemplates supply chain -- or supply side challenges, growth in the organization and expanding product portfolio and the development of a number of increasingly diverse markets. We remain confident the video AI market is still in its early stages, and we continue to expect CV to be at least 25% of total revenue for the year, with the video processor business posting moderate growth.

在我們展望 22 財年時，我們的指南考慮了供應鏈——或供應方挑戰、組織的增長和不斷擴大的產品組合以及許多日益多樣化的市場的發展。我們仍然相信視頻 AI 市場仍處於早期階段，我們繼續預計 CV 將至少佔全年總收入的 25%，視頻處理器業務將適度增長。

I will now update -- I will now provide an update on our customers and markets. At the beginning of the year, we introduced our CV5 and artificial intelligence AI vision processor capable of recording 8K video or 4 4K video streams. The new SoC will enable the development of intelligent automotive camera systems, consumer cameras and the robotic cameras. It combines Ambarella's powerful CVflow AI engines with dual Arm A76 CPUs to provide the performance necessary for a wide range of AI-based algorithms.

我現在將更新 - 我現在將提供有關我們客戶和市場的最新信息。今年年初，我們推出了能夠錄製 8K 視頻或 4 個 4K 視頻流的 CV5 和人工智能 AI 視覺處理器。新的 SoC 將支持智能汽車攝像頭系統、消費類攝像頭和機器人攝像頭的開發。它將 Ambarella 強大的 CVflow AI 引擎與雙 Arm A76 CPU 相結合，為各種基於 AI 的算法提供所需的性能。

Fabricated in the most advanced 5-nanometer process technology, we believe CV5 sets a new industry benchmark for power consumption, consuming approximately 2 watts of power while including 8K video at 30 frames per second or 5 watts at 60 frames per second.

我們相信 CV5 採用最先進的 5 納米工藝技術製造，為功耗設定了新的行業基準，消耗大約 2 瓦的功率，同時包括每秒 30 幀的 8K 視頻或每秒 60 幀的 5 瓦。

In January, Ambarella held its annual customer technology event during what would have been the live Consumer Electronics Show. Our virtual event was held over a 2-week period and included the individual live hosting of over 200 worldwide customers, spanning automotive, consumer, robotic and IoT markets; featuring over 30 technology demonstrations, with an emphasis on advanced AI applications. The event was a great success, allowing us to keep engaged not just with existing customers, but to meet many new ones that might not otherwise have been able to travel to Las Vegas for a live show.

1 月，Ambarella 在本應是現場直播的消費電子展期間舉辦了年度客戶技術活動。我們的虛擬活動持續了 2 週，包括對 200 多個全球客戶的個人現場主持，涵蓋汽車、消費者、機器人和物聯網市場；以 30 多項技術演示為特色，重點是先進的 AI 應用。該活動取得了巨大成功，使我們不僅可以與現有客戶保持聯繫，還可以結識許多新客戶，否則他們可能無法前往拉斯維加斯參加現場表演。

During the quarter, at the Amazon re:Invent show, AWS announced their new Panorama SDK with support for Ambarella's CVflow SoCs. The Panorama SDK allows device manufacturers to easily build edge computer-ready devices for a wide array of use cases across industrial IoT and other segments. Ambarella was chosen as well with only 2 initial semiconductor partners to build an ecosystem of hardware-accelerated edge AI devices with our solution targeting intelligent camera designs.

本季度，在亞馬遜 re:Invent 展會上，AWS 宣布了其新的 Panorama SDK，支持 Ambarella 的 CVflow SoC。 Panorama SDK 允許設備製造商輕鬆構建邊緣計算機就緒設備，用於工業物聯網和其他領域的廣泛用例。 Ambarella 也被選中，只有 2 個初始半導體合作夥伴使用我們針對智能相機設計的解決方案來構建硬件加速邊緣 AI 設備的生態系統。

I would now like to take the opportunity to describe some of our customer-related highlights from the quarter, starting with the automotive market. Today, we announced that Motional, a global leader in driveless technology, has selected Ambarella's CVflow family of AI processors. The processors work with Motional's network of LiDAR, camera and radar sensors to enable the vehicles' safe operation in diverse and challenging road conditions.

我現在想藉此機會介紹本季度與客戶相關的一些亮點，首先是汽車市場。今天，我們宣布無人駕駛技術的全球領導者 Motional 已選擇 Ambarella 的 CVflow 人工智能處理器系列。這些處理器與 Motional 的 LiDAR、攝像頭和雷達傳感器網絡配合使用，使車輛能夠在多樣化和具有挑戰性的道路條件下安全運行。

Motional is leading the industry in making driverless vehicle a reality. The company recently began among the first in the world to put driverless vehicle on public roads and announced a landmark agreement with Lyft for the largest deployment of robotaxi on a major rideshare network. The company's driving record, including navigating more than 1.5 million miles in diverse environments and providing more than 100,000 public rides with 0-at-fault incidents. It has also led the establishment of industry-leading safety standards, having co-published the Safety First for Automated white paper.

Motional 在使無人駕駛汽車成為現實方面處於行業領先地位。該公司最近開始在世界上率先將無人駕駛汽車投放到公共道路上，並宣布與 Lyft 達成一項具有里程碑意義的協議，以在主要的拼車網絡上部署最大規模的機器人出租車。該公司的駕駛記錄，包括在不同環境中行駛超過 150 萬英里，以及提供超過 100,000 次零故障事故的公共乘車服務。它還牽頭制定了行業領先的安全標準，共同發布了《自動化安全第一》白皮書。

Ambarella's CVflow SoC will be part of the central processing module in Motional's driverless vehicle, providing image and computer vision processing for cameras in the sensing suite, including the front-facing cameras. The CVflow AI engine will enable Motional AI algorithms to perform complex computer vision tasks such as object detection, classification and image segmentation with industry-leading power efficiency. Ambarella's advanced image processing will allow the vehicles to operate in challenging lighting conditions, including low-light and high-contrast situations, while the SoCs H.264 encoding will enable logging of video data from all cameras in the vehicle.

Ambarella 的 CVflow SoC 將成為 Motional 無人駕駛汽車中央處理模塊的一部分，為傳感套件中的攝像頭（包括前置攝像頭）提供圖像和計算機視覺處理。 CVflow AI 引擎將使 Motional AI 算法能夠以行業領先的能效執行複雜的計算機視覺任務，例如對象檢測、分類和圖像分割。 Ambarella 的高級圖像處理將使車輛能夠在具有挑戰性的照明條件下運行，包括低光和高對比度情況，而 SoC 的 H.264 編碼將能夠記錄來自車輛中所有攝像頭的視頻數據。

In the Chinese automated (sic) [automotive] market, the world's largest, we have won a number of driver monitoring and the combination with driver monitoring plus in-cabin monitoring designs in passenger vehicles. These designs are with leading automotive OEMs and are expected to enter into mass production this year. The designs leverage Ambarella's CVflow AI processing to enable driver safety functions such as them being distracted or drowsy drivers as well as our SoC ability to process RGB-IR images. The designs are based on our CV25 SoCs as well as our new CV28 SoC, which we announced in the fourth quarter of last year.

在全球最大的中國自動化（原文如此）[汽車]市場，我們贏得了多項駕駛員監控以及乘用車駕駛員監控與車內監控相結合的設計。這些設計與領先的汽車原始設備製造商合作，預計將於今年投入量產。這些設計利用 Ambarella 的 CVflow AI 處理來實現駕駛員安全功能，例如他們分心或昏昏欲睡的駕駛員以及我們的 SoC 處理 RGB-IR 圖像的能力。這些設計基於我們的 CV25 SoC 以及我們在去年第四季度發布的新 CV28 SoC。

Also during the quarter, Ford introduced a dealer-fit dash camera for its European model based on Ambarella's [A12AX] automotive SoC. Designed by Falcon Electronics, the small form factor, wide-angle HD cameras fits into the rear-view mirror zone of the wide windscreen without obstructing the driver's view and integrates with Sports SYNC 3 screen and the voice control.

同樣在本季度，福特基於 Ambarella 的 [A12AX] 汽車 SoC 為其歐洲車型推出了適合經銷商的行車記錄儀。由 Falcon Electronics 設計，外形小巧的廣角高清攝像頭可安裝在寬擋風玻璃的後視鏡區域，不會阻擋駕駛員的視線，並與 Sports SYNC 3 屏幕和語音控制集成。

And in China, joint venture, FAW-Volkswagen introduced its new CC passenger car with a dealer-fit HD DVR based on Ambarella's A12A SoC. Also during the quarter, a major home monitoring camera maker entered into mass production of a new class of intelligent camera based on our CVflow SoCs. Ambarella is beginning to see significant CV growth in home security cameras.

在中國，合資企業一汽-大眾推出了其新款 CC 乘用車，配備基於安霸 A12A SoC 的適合經銷商的高清 DVR。同樣在本季度，一家主要的家庭監控攝像頭製造商開始批量生產基於我們的 CVflow SoC 的新型智能攝像頭。 Ambarella 開始看到家庭安全攝像頭的 CV 顯著增長。

Customers' requirement for cameras with higher quality alerts realized with advanced hardware designs and more sophisticated algorithm for object detection, motion detection and perimeter protection are driving the adoption of Ambarella CVflow SoCs.

客戶對通過先進的硬件設計和更複雜的物體檢測、運動檢測和周界保護算法實現的更高質量警報的攝像頭的需求正在推動 Ambarella CVflow SoC 的採用。

In January, alarm.com released its touchless video doorbell, eliminating the need to physically press the doorbell button. The doorbell recognized when a person stands on your doormat and sends a mobile alert, allowing you to see and then talk to our visitor from wherever you are. Based on Ambarella's H5L, it includes 150-degree vertical view of -- vertical field of view to allow viewing of packages, full HD resolution, IR, nightvision and HDR processing.

1 月，alarm.com 發布了非接觸式視頻門鈴，無需實際按下門鈴按鈕。當有人站在您的門墊上時，門鈴會識別並發送移動警報，讓您無論身在何處都能看到我們的訪客並與之交談。基於 Ambarella 的 H5L，它包括 150 度垂直視圖——允許查看包裹的垂直視野、全高清分辨率、紅外、夜視和 HDR 處理。

Also during the quarter, Logitech launched its Circle View wired doorbell. The first consumer doorbell includes Apple HomeKit security. The doorbell leverages users' existing iCloud storage for video recording without paying a separate subscription and provides a seamless viewing experience with the Home app on iPhones, Apple Watch or other Apple devices. The doorbell is based on Ambarella's [H5LN] SoC.

同樣在本季度，羅技推出了 Circle View 有線門鈴。第一個消費者門鈴包括 Apple HomeKit 安全功能。該門鈴利用用戶現有的 iCloud 存儲空間進行視頻錄製，無需單獨支付訂閱費用，並通過 iPhone、Apple Watch 或其他 Apple 設備上的 Home 應用程序提供無縫觀看體驗。門鈴基於 Ambarella 的 [H5LN] SoC。

In the professional IP security camera market, Ambarella has continued to benefit from customers migrating from HiSilicon trial solutions and from widespread adoption of SoCs based on our CVflow AI architecture. During the quarter, Dahua, the world's second largest security camera maker, continued its migration to Ambarella with multiple product launches. For Intelligent Transport Systems product, our CV2 SoC is being used for 3-, 5- and 9-megapixel ITS cameras. In IP security cameras, our CV22 and the CV2 SoCs are now shipping for 4- and 8-megapixel designs with advanced analytics.

在專業 IP 安全攝像頭市場，Ambarella 繼續受益於從 HiSilicon 試用解決方案遷移的客戶以及基於我們 CVflow AI 架構的 SoC 的廣泛採用。本季度，全球第二大安防攝像頭製造商大華繼續向 Ambarella 遷移，推出了多款產品。對於智能交通系統產品，我們的 CV2 SoC 用於 3、5 和 9 兆像素的 ITS 相機。在 IP 安全攝像頭中，我們的 CV22 和 CV2 SoC 現已出貨，適用於具有高級分析功能的 4 兆像素和 8 兆像素設計。

And also Korean market leader, Hanwha Techwin, further extended its portfolio of Ambarella-based IP security cameras, including a new 3-channel multi-directional camera based on our CV22 CVflow SoC, a new full channel panoramic camera based on our flagship CVflow CV2 SoC and a new 5-megapixel corner mount model based on our [H3L63] SoC.

韓國市場領導者 Hanwha Techwin 進一步擴展了其基於 Ambarella 的 IP 安全攝像頭產品組合，包括基於我們的 CV22 CVflow SoC 的新型 3 通道多向攝像頭，基於我們旗艦產品 CVflow CV2 的新型全通道全景攝像頭SoC 和基於我們 [H3L63] SoC 的新型 5 兆像素牆角安裝型號。

Also during the quarter, IDIS, Korea's second largest camera supplier, introduced 3 new camera families based on our CVflow CV22, H5L and H3L SoCs. The new cameras include fisheye 5-megapixel and 8-megapixel models and leverage Intelligent Codec capability to reduce network bandwidth and storage requirements.

同樣在本季度，韓國第二大相機供應商 IDIS 推出了 3 個基於我們的 CVflow CV22、H5L 和 H3L SoC 的新相機系列。新相機包括魚眼 5-megapixel 和 8-megapixel 型號，並利用智能編解碼器功能來降低網絡帶寬和存儲需求。

In Europe, German IP camera specialist, Dallmeier, introduced its new Panomera S camera based on CV22 by combining several lenses and the sensors with different focal lens that Panomera S is able to capture remote and the middle areas with the same high resolution of the things in the foreground.

在歐洲，德國IP攝像機專家Dallmeier推出了基於CV22的新型Panomera S攝像機，通過組合多個鏡頭和具有不同焦距鏡頭的傳感器，Panomera S能夠以相同的高分辨率捕捉偏遠和中間區域的事物在前台。

We are continuing to see opportunities in new class of sensing cameras, spanning multiple vertical applications such as asset control, occupancy monitoring and retail analytics. During the quarter, GeniusPros, a leading provider of 3D time-of-flight sensor systems, introduced a people counting camera targeting transport and the building monitoring applications. Based on our CV25 CVflow SoC, it includes both a visible CMOS sensor and a ToF sensor, with CV25 performing sensor fusion and AI processing to provide high-accuracy people counting.

我們將繼續看到新型傳感相機的機會，涵蓋資產控制、佔用監控和零售分析等多個垂直應用。在本季度，領先的 3D 飛行時間傳感器系統供應商 GeniusPros 推出了一款針對交通和建築監控應用的人數統計相機。基於我們的 CV25 CVflow SoC，它包括一個可見 CMOS 傳感器和一個 ToF 傳感器，CV25 執行傳感器融合和 AI 處理以提供高精度的人數統計。

In summary, we are leveraging our successful video processor heritage into the development of a highly optimized video AI family of SoCs. In essence, our addressable market expanding beyond human viewing applications to include the installed base of machines that can now use our CV SoCs to visually perceive their environment and make decisions, leading to higher level of autonomy and eventually automation.

總之，我們正在利用我們成功的視頻處理器傳統來開發高度優化的視頻 AI SoC 系列。從本質上講，我們的目標市場已擴展到人類觀察應用之外，包括機器的安裝基礎，這些機器現在可以使用我們的 CV SoC 來視覺感知其環境並做出決策，從而實現更高水平的自治並最終實現自動化。

The adoption of our expanding family of video AI silicon into increasing diverse markets, including pure machine sensing, was demonstrated by the Motional announcement today. It's in the early stage, but it's taking shape. And as this adoption drives revenue growth, we expect to continue to deliver positive earning leverage to shareholders.

今天的 Motional 公告展示了我們不斷擴大的視頻 AI 芯片系列在日益多樣化的市場中的採用，包括純機器傳感。它處於早期階段，但正在形成。隨著這種採用推動收入增長，我們預計將繼續為股東帶來積極的盈利槓桿。

In our earnings call on June 4, 2019, we provided guidance on the anticipated shape of the first 3 waves of CV revenue. We stated wave 1, professional security, will become material in calendar year '20. Wave 2, home security, will become material in calendar year '21. And wave 3, automotive, will become material in the calendar year '22, '23 time frame. We achieved our wave 1 goal in the last year, and I am confident we are on track to achieve wave 2 and 3 in their prospective time frames.

在 2019 年 6 月 4 日的財報電話會議上，我們就前 3 波 CV 收入的預期形態提供了指導。我們聲明第 1 波，專業安全，將在 20 年成為現實。第 2 波，家庭安全，將在 21 年成為重要內容。第 3 波，汽車，將在日曆年 '22、'23 時間框架內成為材料。我們在去年實現了第 1 波目標，我相信我們有望在預期的時間框架內實現第 2 波和第 3 波目標。

The last CV wave, automotive, is sprinting on track, as we have indicated with our communication last quarter on our automotive revenue funnel. And in fiscal year '22, driven by CV, we anticipate our auto business will grow at a rate that is significantly higher than the other business. This is important as our automotive SAM is estimated to be about 2/3 of total SAM in fiscal year '22 for more than $3 billion, growing to almost $7 billion in fiscal year '26.

正如我們在上個季度關於汽車收入漏斗的溝通中所表明的那樣，最後一個 CV 浪潮，汽車，正在衝刺。在 22 財年，在 CV 的推動下，我們預計我們的汽車業務將以明顯高於其他業務的速度增長。這很重要，因為我們的汽車 SAM 在 22 財年估計佔 SAM 總額的 2/3，超過 30 億美元，在 26 財年增長到近 70 億美元。

The mega trends for security, safety and automation are very favorable. And to address these secular growth forces, we continue to build our team globally to support the rising interest in our CV SoC from existing and new markets.

安全、安全和自動化的大趨勢非常有利。為了應對這些長期增長的力量，我們繼續在全球範圍內建立我們的團隊，以支持現有市場和新市場對我們的 CV SoC 日益增長的興趣。

I would like to thank all of our employees for their contribution to our leadership position in the market and for their execution in this turbulent environment. And thanks to all our other stakeholders for your continued support.

我要感謝我們所有的員工為我們在市場上的領導地位所做的貢獻，以及他們在這個動蕩的環境中的執行力。並感謝我們所有其他利益相關者的持續支持。

I will now turn the call over to Louis, who will give you more details about what we are seeing and expect for the business. Thank you.

我現在將電話轉給 Louis，他將向您提供有關我們所看到的和對業務的期望的更多詳細信息。謝謝。

Thank you, Fermi. I will review the financial highlights for the fourth quarter and the full fiscal year '21 ending on January 31, 2021, and provide an outlook for our first quarter of fiscal year '22 that ends on April 30, 2021.

謝謝你，費米。我將回顧第四季度和截至 2021 年 1 月 31 日的整個 21 財年的財務亮點，並提供我們截至 2021 年 4 月 30 日的 22 財年第一季度的展望。

We will 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've eliminated stock-based compensation expense adjusted for the impact of taxes.

我們將討論非 GAAP 結果，並請您參考今天的新聞稿，了解 GAAP 與非 GAAP 結果的詳細對賬。對於非 GAAP 報告，我們已經消除了根據稅收影響調整的基於股票的補償費用。

Despite the pandemic, geopolitical and supply chain challenges, revenue in fiscal '21 decreased 3% to $223 million, as strong CV product ramp offset much of the headwinds. For the year, security camera revenue represented about 60% of revenue, with the balance roughly split between auto and other. For fiscal year '21, non-GAAP gross margin was 61.4%, up from 58.5% in fiscal year '20, driven primarily by the richer product mix, as 2 of our professional security camera customers in China had an anticipated reduction in their safety stock.

儘管存在大流行病、地緣政治和供應鏈挑戰，但 21 財年的收入下降了 3% 至 2.23 億美元，因為 CV 產品的強勁增長抵消了大部分不利因素。今年，安防攝像頭收入約佔收入的 60%，其餘部分大致分為汽車和其他。對於 21 財年，非 GAAP 毛利率為 61.4%，高於 20 財年的 58.5%，這主要是由更豐富的產品組合推動的，因為我們在中國的 2 家專業安全攝像頭客戶的安全性預計會下降庫存。

Non-GAAP operating expenses increased 10%, primarily due to a $10 million increase in R&D. Our cash flow from operations was $30.8 million for the year, and with no debt, net cash and marketable securities totaled $440 million.

非 GAAP 運營費用增長 10%，主要是由於研發增加了 1000 萬美元。我們當年的運營現金流為 3080 萬美元，沒有債務、淨現金和有價證券總計 4.4 億美元。

Driven by CV products, Q4 revenue of $62.1 million was 4% above the high end of our guidance range of $56 million to $60 million. These results represent an increase of 11% from Q3 and an increase of 9% when compared to the same quarter a year ago.

在 CV 產品的推動下，第四季度收入為 6,210 萬美元，比我們 5,600 萬至 6,000 萬美元的指導範圍上限高出 4%。這些結果比第三季度增長了 11%，與去年同期相比增長了 9%。

Auto revenue increased more than 20% sequentially and year-over-year. Security camera sequential growth was about 20% and began to grow again on a year-over-year basis after the anticipated trough in Q3. Other revenue experienced a seasonal decline.

汽車收入環比和同比增長超過 20%。安全攝像頭的環比增長約為 20%，並在第三季度達到預期的低谷後再次開始同比增長。其他收入出現季節性下降。

Non-GAAP gross margin for Q4 was 61.4%, slightly above the high end of our guidance range of 59% to 61%. As anticipated, gross margin declined 129 basis points from the prior quarter due to the product and customer mix in the quarter. Non-GAAP operating expense for the fourth quarter was $33.4 million compared to $32.4 million in Q3. This was slightly above the high end of our guidance range of $31 million to $33 million.

第四季度的非美國通用會計準則毛利率為 61.4%，略高於我們 59% 至 61% 的指導範圍的上限。正如預期的那樣，由於本季度的產品和客戶組合，毛利率比上一季度下降了 129 個基點。第四季度的非美國通用會計準則運營費用為 3340 萬美元，而第三季度為 3240 萬美元。這略高於我們 3100 萬至 3300 萬美元指導範圍的上限。

Other income was about $600,000, primarily representing interest income on our cash and marketable securities. Non-GAAP net income for Q4 was $5.1 million, or $0.14 per share compared to $3.3 million or $0.09 per share in the third quarter. The non-GAAP effective tax rate in Q4 was 4%, as the distribution of profits shifted towards lower rate jurisdictions.

其他收入約為 600,000 美元，主要是現金和有價證券的利息收入。第四季度的非美國通用會計準則淨收入為 510 萬美元或每股 0.14 美元，而第三季度為 330 萬美元或每股 0.09 美元。第四季度的非公認會計原則有效稅率為 4%，因為利潤分配轉向了較低稅率的司法管轄區。

In the fourth quarter, non-GAAP earnings per share were based on 37.6 million shares. Total headcount at the end of the fourth quarter was 785, with about 81% of employees dedicated to engineering, most of whom are focused on software. Approximately 69% of our headcount is located in Asia.

第四季度，非美國通用會計準則每股收益為 3760 萬股。第四季度末總員工人數為 785 人，其中約 81% 的員工致力於工程，其中大部分專注於軟件。我們大約 69% 的員工位於亞洲。

In Q4, we generated positive operating cash flow of $12.5 million. Total accounts receivable at the end of Q4 were $25 million or 37 days of sales outstanding. This compares to accounts receivable of $24.1 million or 39 days outstanding at the end of the prior quarter. Net inventory at the end of the fourth quarter was $26.1 million compared to $23.7 million at the end of the previous quarter. Days of inventory decreased to 93 days in Q4 from 102 days in Q3.

在第四季度，我們產生了 1250 萬美元的正經營現金流。第四季度末的應收賬款總額為 2500 萬美元或 37 天的未償銷售。相比之下，上一季度末的應收賬款為 2410 萬美元或 39 天未清償。第四季度末的淨庫存為 2610 萬美元，而上一季度末為 2370 萬美元。庫存天數從第三季度的 102 天減少到第四季度的 93 天。

We had 2 10%-plus customers in Q4. WT Micro, a fulfillment partner in Taiwan, who ships to multiple customers in Asia, came in at 68.4% of revenue. And Chicony, a Taiwanese ODM, who manufactures for multiple customers, primarily U.S.-based, came in at 13.8%.

我們在第四季度有 2 個 10% 以上的客戶。 WT Micro 是台灣的履行合作夥伴，向亞洲的多個客戶發貨，佔收入的 68.4%。為多個客戶（主要是美國客戶）製造產品的台灣 ODM 群光的市場份額為 13.8%。

I will now discuss the outlook for the first quarter of fiscal year '22. We continue to have strong design activity in all of our markets. As you've heard, the semiconductor industry supply chain has become increasingly tight, and it's now very difficult to support customers who place orders inside of our lead times, which have been increasing. In addition, the Texas freeze impacted one of our vendors' operations. And while they are in the process of recovering, we do not yet know the final impact. To the best of our ability at the current time, our guidance contemplates these supply side dynamics.

我現在將討論 22 財年第一季度的前景。我們繼續在所有市場開展強大的設計活動。正如您所聽說的，半導體行業的供應鏈變得越來越緊張，現在很難為在我們的交貨時間內下訂單的客戶提供支持，而交貨時間一直在增加。此外，得克薩斯州的凍結影響了我們供應商之一的運營。雖然他們正在恢復過程中，但我們還不知道最終的影響。在我們目前的最大能力範圍內，我們的指南考慮了這些供應方動態。

Despite these challenges, with multiple CV programs ramping production, we expect to perform better than the typical downward seasonal trend in Q1 with revenue anticipated in the $67 million to $70 million range or up 8% to 13% sequentially. Auto revenue is anticipated to increase more than 20% sequentially, with security up in the low to mid-teens sequentially and other down about 20% sequentially.

儘管存在這些挑戰，但隨著多個 CV 項目的生產增加，我們預計第一季度的表現將好於典型的季節性下降趨勢，收入預計在 6700 萬至 7000 萬美元之間，或環比增長 8% 至 13%。預計汽車收入將環比增長 20% 以上，其中安全性環比增長 20% 左右，其他環比下降約 20%。

We continue to monitor the outstanding geopolitical challenges, including the risk of dual supply chain and what that means for our ability to continue to supply our customers in China. In our prior earnings calls, we estimated 2 professional security camera customers in China had pulled in roughly $10 million of video processor revenue from fiscal year '21 into fiscal year '20. We believe this video processor inventory correction is largely complete, with these 2 customers combined representing a low-teens percent of our total revenue in Q4.

我們繼續關注突出的地緣政治挑戰，包括雙重供應鏈的風險以及這對我們繼續為中國客戶供貨的能力意味著什麼。在我們之前的財報電話會議上，我們估計中國的 2 家專業安全攝像頭客戶從 21 財年到 20 財年的視頻處理器收入約為 1000 萬美元。我們相信視頻處理器庫存調整已基本完成，這兩個客戶加起來占我們第四季度總收入的百分之十幾。

As discussed in our November 23 earnings call and as Fermi described today, Dahua commenced mass production of multiple products in Q4 with several of our CV SoCs utilized. We estimate Q1 non-GAAP gross margin to be between 59.5% and 61.5% compared to 61.4% in the fourth quarter. Our guidance considers some higher costs and expenses that we're incurring to expedite orders and secure more capacity.

正如我們在 11 月 23 日的財報電話會議上所討論的以及 Fermi 今天所描述的那樣，大華在第四季度開始了多款產品的量產，其中使用了我們的多款 CV SoC。我們估計第一季度非美國通用會計準則毛利率在 59.5% 至 61.5% 之間，而第四季度為 61.4%。我們的指南考慮了我們為加快訂單速度和確保更多產能而產生的一些更高的成本和費用。

We expect non-GAAP OpEx in the first quarter to be between $34 million and $36 million, with the increase from Q4 primarily coming from an increased engineering headcount, payroll tax accruals and other engineering expenses. The Q1 non-GAAP tax rate should be modeled at 10% versus 4% in Q4. We estimated our diluted share count for Q1 to be approximately 37.8 million shares.

我們預計第一季度的非 GAAP 運營支出將在 3400 萬美元至 3600 萬美元之間，與第四季度相比的增長主要來自工程人員人數的增加、應計工資稅和其他工程費用。第一季度的非公認會計原則稅率應建模為 10%，而第四季度為 4%。我們估計第一季度的稀釋後股份數量約為 3780 萬股。

Ambarella will be participating in the Morgan Stanley TMT Conference tomorrow, March 3; Berenberg's American Innovation Seminar on March 4, Baird's Vehicle Technology and Mobility Conference on March 10 and the ROTH Conference on March 15 and Bank of America's Auto Summit on March 30. Please contact us for more details.

Ambarella 將於明天（3 月 3 日）參加摩根士丹利 TMT 會議； 3月4日貝倫貝格美國創新研討會、3月10日貝爾德汽車技術與移動會議、3月15日羅斯會議和3月30日美國銀行汽車峰會，詳情請聯繫我們。

Thank you for joining our call today. And with that, I'll turn the call over to Sarah for Q&A polling with Fermi and Casey available.

感謝您今天加入我們的電話會議。有了這個，我會把電話轉給莎拉，讓費米和凱西進行問答投票。

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

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

Yes. I thought it was interesting, a couple of points on your prepared script, for me that you had talked about. Number one, the very large number of engagements, I think you mentioned, what, 175 now folks that have taken engineering samples for CV-based products. And then you also sort of talked about this movement from sort of Phase 1 of CV adoption into what you guys talk about of wave 2 that might extend into home security. So maybe you could help us break down the number of the engagements, I think that 175 number, by whether we're in wave 1 or 2 or 3 and what the customer concentration and mix looks like of those engagements, that would be really helpful.

是的。我覺得這很有趣，你準備好的劇本中有幾點對我來說是你談到的。第一，大量的參與，我想你提到過，現在有 175 人已經為基於 CV 的產品獲取了工程樣本。然後你還談到了從 CV 採用的第 1 階段到你們談論的可能擴展到家庭安全的第 2 波浪潮的轉變。所以也許你可以幫助我們分解參與的數量，我認為 175 個數字，根據我們是在第 1 波還是第 2 波或第 3 波以及這些參與的客戶集中度和混合情況，這真的很有幫助.

Yes, thank you, Matt. In terms of the customer engagement, I would say that it's a little -- from the security camera, both for professional consumer, the total number of those customers are probably a little more than the automotive, but it's quite balanced. And so that, in fact, you can see that we talk about 40 customer in production. I will say majority of that is in professional security camera, and we are also seeing some of the consumer security camera going to production.

是的，謝謝你，馬特。就客戶參與度而言，我會說它有點——從安全攝像頭來看，對於專業消費者來說，這些客戶的總數可能比汽車多一點，但它是相當平衡的。因此，事實上，您可以看到我們在生產中談論 40 個客戶。我會說其中大部分是專業安全攝像頭，我們也看到一些消費類安全攝像頭投入生產。

I also mentioned there are a few automotive camera customers in production and driving our CV revenues. So I think that's probably -- from a design win point of view, I would say, you can use probably half of professional, half auto. And -- from the production point of view, I think majority is the professional security camera at this point.

我還提到有一些汽車攝像頭客戶正在生產並推動我們的 CV 收入。所以我認為這可能是 - 從設計勝利的角度來看，我會說，你可以使用一半的專業，一半的汽車。而且——從生產的角度來看，我認為此時大多數是專業安全攝像頭。

Got it. I guess in Casey's script, as delivered by Louis, you guys talked about the guidance for the current quarter being above what would typically be down seasonally and were kind enough to give the split of what's driving the quarter's revenue.

知道了。我想在 Casey 的劇本中，正如 Louis 所說，你們談到了當前季度的指導高於通常季節性下降的指導，並且非常友好地給出了推動該季度收入的因素。

Casey, if you have any thoughts about seasonality for the remainder of the year, would you -- as you see it now, is it typical, is it affected by supply constraints? I'm just trying to understand off of what was the guide that was considerably higher than I think a lot of us had modeled. How should we think about seasonality and your visibility through the remainder of this fiscal year just kicking off?

凱西，如果你對今年剩餘時間的季節性有任何想法，你會 - 正如你現在看到的那樣，它是典型的，它是否受到供應限制的影響？我只是想了解指南是什麼，它比我認為我們很多人所模仿的要高得多。在剛剛開始的本財政年度的剩餘時間裡，我們應該如何考慮季節性因素和您的知名度？

Yes. Over the last couple of years, there's been a lot of dynamics that haven't been typical as in the past. We had -- wave 1 is now kind of in full force. And wave 2 is coming in at the end of last year and coming into this year. And that I think will drive the change in dynamic that we talked a little bit about around our business in China is also an impact. But on the other side of that, we're trying to look at the first half and the second half of the year and see what the dynamics are there. So we're going to try to continue to keep you guys updated as we move forward.

是的。在過去的幾年裡，出現了很多不像過去那樣典型的動態。我們有 - 第一波現在有點全力以赴。第二波將於去年年底進入今年。我認為這將推動我們圍繞我們在中國的業務所討論的動態變化，這也是一種影響。但另一方面，我們正試圖觀察今年上半年和下半年的動態，看看那裡有什麼動態。因此，隨著我們的前進，我們將繼續努力讓你們了解最新情況。

I don't know that we're going to have the same type of seasonality. We had a little stronger year, quite frankly, in the consumer side last year than we were expecting. We wouldn't expect to see that this year, but we'll have to see. As you know, we've said over the next 5 years or so, that's going to be declining or continue to decline, but it happened to perform a little better than we thought last year.

我不知道我們是否會有相同類型的季節性。坦率地說，去年我們在消費者方面的表現比我們預期的要強一些。我們預計今年不會看到這種情況，但我們必須拭目以待。如您所知，我們已經說過在未來 5 年左右的時間裡，這一數字將會下降或繼續下降，但它的表現恰好比我們去年想像的要好一些。

So I don't know that I would think about the traditional cycle going forward this year. But I think I would look at the dynamics that not only we're reporting, but others are reporting and try to factor that in. We also now have, as Fermi talked about, a pretty broad pipeline of activity in automotive that's starting to emerge, and that's new to us as well. So we're pretty excited about all of those dynamics, but I don't know that I would call it typical to our historical balance, if you will, over the quarters.

所以我不知道我會考慮今年的傳統週期。但我想我會看看不僅我們報告的動態，還有其他人報告的動態，並嘗試將其考慮在內。正如費米所說，我們現在也有一個相當廣泛的汽車活動渠道，這些活動開始出現，這對我們來說也是新的。所以我們對所有這些動態感到非常興奮，但我不知道我會把它稱為我們歷史平衡的典型，如果你願意的話，在幾個季度。

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

我們的下一個問題來自 Tore Svanberg 與 Stifel 的合作。

Congratulations on the strong results. A question for Fermi. On the Motional design win, could you elaborate a little bit on that? Are you the exclusive for front-facing camera here? And should we assume that this is a multiyear design win, meaning you're sort of locked in for several years?

祝賀你取得了優異的成績。費米的問題。關於 Motional 設計獲勝，您能否詳細說明一下？你是這裡前置攝像頭的專屬嗎？我們是否應該假設這是一個多年的設計勝利，這意味著你被鎖定了好幾年？

First of all, I think that our chip is responsible for all of the video function perceptions and including the video processing as well as neural network functions and also serve both for the front camera as well as all the other cameras surrounding the car. So I do -- and in fact, we have -- with this current design, we have to use multiple chips in car.

首先，我認為我們的芯片負責所有視頻功能感知，包括視頻處理和神經網絡功能，同時也為前置攝像頭和汽車周圍的所有其他攝像頭服務。所以我確實——事實上，我們有——在當前的設計中，我們必須在汽車中使用多個芯片。

And in terms of the length of the design cycle, I think for the whole lifetime of the shipment, we believe it's multiple year. And because I think that for any vehicle, you should expect, I would say, anywhere between 4 to 6 of shipment. We haven't heard from the Motional give the guidance how long this product will last. But I have to -- I believe that any vehicle should have that kind of period of service time.

就設計週期的長度而言，我認為在運輸的整個生命週期內，我們相信它是多年。因為我認為對於任何車輛，你應該期望，我會說，出貨量在 4 到 6 之間的任何地方。我們還沒有從 Motional 那裡聽到有關該產品可以使用多長時間的指導。但我必須——我相信任何車輛都應該有這樣的服務時間。

Very good. Congrats on that win. And a follow-up for Casey. Louis talked about some pressure on gross margin because of higher input costs. Is this sort of it for now? Or could there be some further pressure as we move throughout the year on the COGS?

非常好。祝賀那場胜利。以及凱西的後續行動。路易斯談到由於更高的投入成本，毛利率面臨一些壓力。目前是這樣嗎？或者隨著我們全年在 COGS 上的移動，是否會有進一步的壓力？

Yes. We're going to have to look at what happens as well as for supply and what we've talked about, what Fermi talked about in the call. I do think that as we do more and more development in 5-nanometer, that does increase the development cost, increase the CAD tool costs and some of the other costs around being on the cutting edge. And so I think right now, I'd stay generally in the range of where we are today, but we're going to continue to make sure that we have the right products at the right time. And that means we have to accelerate, as we talked about, not only hiring, but our development in some of these markets.

是的。我們將不得不看看會發生什麼以及供應以及我們所討論的內容，費米在電話中談到的內容。我確實認為，隨著我們在 5 納米方面進行越來越多的開發，這確實會增加開發成本、CAD 工具成本以及一些與尖端相關的其他成本。所以我想現在，我一般會留在我們今天所處的範圍內，但我們將繼續確保我們在正確的時間擁有正確的產品。這意味著，正如我們所說，我們不僅要加快招聘速度，還要加快在其中一些市場的發展。

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

我們的下一個問題來自 Andrew Buscaglia 與 Berenberg 的對話。

I wanted to -- this Motional announcement this morning is interesting. It kind of dovetails with what Amazon announced with their Zoox platform and robotaxis. I was hoping you could talk a little bit more about that specific market and what you think -- this is kind of starting to become a trend. And with automotive, I guess, where do you see growth coming from? Or what's the growth trajectory like for robotaxis, both, I guess, over the next couple of years? I know maybe it's not something we're kind of on this year, but can you talk more about that? It seems like you guys are becoming kind of a bit of a pattern?

我想——今天早上的 Motional 公告很有趣。這有點與亞馬遜宣布的 Zoox 平台和機器人出租車相吻合。我希望你能多談談那個特定的市場和你的想法——這有點開始成為一種趨勢。對於汽車，我想，您認為增長來自哪裡？或者，在接下來的幾年裡，robotaxis 的增長軌跡是怎樣的？我知道這可能不是我們今年要做的事情，但你能多談談嗎？看起來你們正在成為一種模式？

Yes. So our feeling is that I think the Level 5 -- Level 4 car -- consumer cars continue to be challenging on the technology side as well as on the regulation side. But we do see that people continue to develop technology toward that direction. And we believe with this Motional announcement, it really is the first step at a truck, not a commercial vehicle -- or is commercial vehicle going to that direction, I think that's definitely probably easier way to get this technology into production.

是的。所以我們的感覺是，我認為 5 級 - 4 級汽車 - 消費汽車在技術方面和監管方面繼續面臨挑戰。但我們確實看到人們繼續朝著那個方向發展技術。我們相信通過這個 Motional 公告，它確實是卡車的第一步，而不是商用車 - 或者商用車正朝著這個方向發展，我認為這絕對是將這項技術投入生產的更簡單方法。

And I do believe that this is going to become an important sector, and I think that eventually, that's the most important market for us in the longer term. So we continue to invest heavily into this market and continue to invest heavily into our technology to enable our customers to do this kind of development.

我確實相信這將成為一個重要的部門，我認為從長遠來看，這最終將成為我們最重要的市場。所以我們繼續大力投資這個市場，繼續大力投資我們的技術，讓我們的客戶能夠做這種開發。

And I think this is critically important, particularly on the perception portion, that from a visual perception, I think that it doesn't matter where the CV -- Level 2+, Level 3 and Level 5. I think the visual perceptions continue to become more and more important and people continue demanding higher performance for all of those applications. So that definitely is good news for Ambarella.

我認為這是非常重要的，特別是在感知部分，從視覺感知來看，我認為 CV 在哪裡並不重要——2+ 級、3 級和 5 級。我認為視覺感知繼續變得越來越重要，人們不斷要求所有這些應用程序具有更高的性能。所以這對 Ambarella 來說絕對是個好消息。

But also importantly, we believe that although the ADAS market Level 2+ -- Level 2 and Level 2+ is a near-term opportunity for us, but we believe that later down the road, this type of Level 4, Level 5 cars will become probably the mainstream business when the technology and the regulation are set for this market.

但同樣重要的是，我們相信雖然 ADAS 市場 Level 2+——Level 2 和 Level 2+ 對我們來說是一個近期機會，但我們相信在未來，這種類型的 Level 4、Level 5 汽車將當為這個市場設定技術和規則時，它可能成為主流業務。

Interesting. And the commentary on Dahua getting some projects, was that surprising to you in Q4? And what does that mean, I guess, going forward for Dahua and your other big player in security Hikvision? Do you see something changing here where these guys are coming back in a more meaningful way to you?

有趣的。關於大華獲得一些項目的評論，在第四季度讓你感到驚訝嗎？我想這對大華和您在安全領域的另一位大玩家海康威視來說意味著什麼？您是否看到這裡發生了一些變化，這些人以對您更有意義的方式回歸？

Well, I think I won't say it's a surprise to us, but -- in Q4, but it's definitely -- it's a change from the trend we have been seeing for the last 2 years, right? We talk about that this new supply chain, China, non-China new supply chain happening, and we do see that the trend continues. However, the Huawei or HiSilicon situation help us to change that dynamic a little bit.

好吧，我想我不會說這對我們來說是一個驚喜，但是 - 在第四季度，但它肯定 - 這是我們過去兩年看到的趨勢的變化，對吧？我們談論這個新的供應鏈，中國，非中國的新供應鏈正在發生，我們確實看到這種趨勢還在繼續。然而，華為或海思的情況幫助我們稍微改變了這種動態。

And I do believe on this high-end CV market, we are -- when people -- when this HiSilicon is not there, even in China, we have a very good position to provide solution to our customers. And that's -- Dahua is a great example. So -- and while I continue to worry about the new supply chain development in China, but I do see that because our differentiated technology, we've got a chance to get into our Chinese customer, including Dahua and several others, by using our CV chip for their AI cameras.

而且我確實相信在這個高端 CV 市場上，我們 - 當人們 - 當這個 HiSilicon 不存在時，即使在中國，我們也有一個很好的位置來為我們的客戶提供解決方案。那就是——大華就是一個很好的例子。所以——雖然我繼續擔心中國新供應鏈的發展，但我確實看到，由於我們的差異化技術，我們有機會通過使用我們的技術進入我們的中國客戶，包括大華和其他幾家他們的 AI 相機的 CV 芯片。

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

我們的下一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。

Congratulations on a great quarter. You had changed your outlook on the human vision or the video products growth for this year from flat to growing. Can you say what's changed there? Is it that these products have a longer tail than expected or demand is up? Or are you just getting more designs?

祝賀一個偉大的季度。您已將今年的人類視覺或視頻產品增長前景從持平改為增長。你能說說那裡有什麼變化嗎？是這些產品的尾巴比預期的要長還是需求上升了？或者你只是得到更多的設計？

Well, I think there's multiple phases. But one of the thing is that we did talk about that Hikvision, Dahua gradually digested their inventory level and came back to other more video solutions. But really, it's a positive surprise to us. And also that in this year, we do see there's a lot of customer that, for example, we take over some of the market share from our competitors that we talk about also helped that direction. And I think these 2 things definitely is the major reason that we changed our guidance a little bit.

好吧，我認為有多個階段。但其中一件事是我們確實談到了海康威視、大華逐漸消化了他們的庫存水平，並回到了其他更多的視頻解決方案上。但實際上，這對我們來說是一個積極的驚喜。而且在今年，我們確實看到有很多客戶，例如，我們從我們談論的競爭對手那裡接管了一些市場份額，這也有助於這個方向。我認為這兩件事絕對是我們稍微改變指南的主要原因。

Okay. Great. And also you mentioned on the virtual CES, you said 200 customers. Can you tell us what would be the normal number of customers you'd have in Las Vegas at your booth?

好的。偉大的。你還在虛擬 CES 上提到，你說有 200 個客戶。您能告訴我們您在拉斯維加斯的展位正常接待的顧客數量是多少嗎？

Well, last year, we had around 170. This year is around 200 plus. So that's probably in that range.

嗯，去年，我們有大約 170 個。今年大約有 200 個。所以這可能在那個範圍內。

Okay. So constant increase in interest and your pipeline is filling up for new designs?

好的。如此不斷增加的興趣和你的管道正在填補新設計？

Yes.

是的。

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

我們的下一個問題來自摩根士丹利的 Joe Moore。

Fermi, you talked about the wins in China driver monitoring. And maybe if you could just -- it seems like in the European market that there's a much quicker path to revenue on driver monitoring than there is on ADAS. Is that also true in China? Like is that -- could that revenue materialize kind of sooner than you might see in some of these other opportunities?

Fermi，你談到了中國司機監控的勝利。也許如果你能——在歐洲市場上，駕駛員監控的收入途徑似乎比 ADAS 快得多。在中國也是這樣嗎？就像那樣 - 這種收入能否比您在其他一些機會中看到的更快實現？

Well, there are 2 things I would like to mention here. First of all, we mentioned that our CVflow SoC, we have shipped more than 300,000 units to automotive market. And majority, if you look at the market, one is really the fleet market, yes, fleet management market. The other one is the OEMs. And if you look at application, majority of that 300,000 chips is going to the ADAS market. But however, I do see that in China and in Europe, we see many DMS and the in-cabin monitoring solution, our design wins are popping up.

嗯，這裡有兩件事我想提一下。首先，我們提到我們的 CVflow SoC，我們已經向汽車市場出貨超過 300,000 件。大多數，如果你看一下市場，一個真的是車隊市場，是的，車隊管理市場。另一個是原始設備製造商。如果你看一下應用，那 300,000 個芯片中的大部分都將進入 ADAS 市場。但是，我確實看到在中國和歐洲，我們看到許多 DMS 和機艙內監控解決方案，我們的設計成果不斷湧現。

And we do -- we have won several of them. And also, we mentioned that some of them will be in production in China this year. And that's why you see we're talking about at this point. So I think what I'm trying to say is DMS, in-cabin monitoring, ADAS will continue to be on short-term revenue opportunity for our automotive market, while we continue to prepare solution for Level 2+ and above.

我們做到了——我們贏得了其中的幾個。而且，我們提到其中一些將在今年在中國生產。這就是為什麼你看到我們現在正在談論的原因。所以我想我想說的是 DMS，車內監控，ADAS 將繼續為我們的汽車市場提供短期收入機會，同時我們繼續為 2+ 級及更高級別準備解決方案。

Okay. That's helpful. And then separately, on Motional win, how does that relate to the funnel? And I guess both, is that in the funnel at all? And then as you guys talk about the funnel and the revenue profile of the wins that you're getting, how are you thinking about Level 4, 5 types of wins when it's so long until the revenue would actually start to kick in?

好的。這很有幫助。然後分別在 Motional win 上，這與漏斗有何關係？我想兩者都是，那是在漏斗中嗎？然後當你們談論漏斗和你們所獲得的勝利的收入概況時，你們如何看待第 4 級、5 種類型的勝利，因為在收入真正開始出現之前這麼長時間？

Right. So it definitely is in the funnel. And we are talking to a customer, including Motional, about their guidance and obviously their expectation into production. So we definitely have a good idea of their thinking on their production date and in terms of volume, so it's in our funnel.

正確的。所以它肯定在漏斗中。我們正在與包括 Motional 在內的客戶討論他們的指導以及他們對生產的期望。所以我們肯定很清楚他們對生產日期和數量的想法，所以它在我們的漏斗中。

But like you said, this is a longer-term project that we have been working on for more than 4 years on this particular project. And we expect that although the revenue is not going to be immediately high in this year, but we do see that this ramp up will give us a reason -- very good returns in terms of investment. But at the same time, when we talked about our revenue funnel last year, we include everything we have visibility, right, which -- so you can imagine that Motional was part of that funnel what we discussed last quarter.

但正如您所說，這是一個長期項目，我們在這個特定項目上已經投入了 4 年多的時間。我們預計雖然今年的收入不會立即很高，但我們確實看到這種增長會給我們一個理由——在投資方面非常好的回報。但與此同時，當我們去年談論我們的收入渠道時，我們包括了我們所擁有的一切可見性，對，所以你可以想像 Motional 是我們上個季度討論的那個渠道的一部分。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

A question. Fermi, I'm curious, what is the CV attach rate per car? I think you mentioned about 300,000 shipments cumulative. I'm curious how many cars does that correspond to? And were these shipments replacing what you were selling to the same customer before? Or are these new applications or new customers? I was just hoping for some more color on that.

一個問題。費米，我很好奇，每輛車的 CV 附加率是多少？我想你提到了累計約 300,000 次發貨。我很好奇這對應多少輛車？這些貨物是否取代了您之前向同一客戶銷售的產品？還是這些新應用或新客戶？我只是希望能有更多的顏色。

Right. So like I said, for the ADAS or in-cabin or DMS type application, it's 1 car -- 1 chip per car. So the 300,000 chip means 300,000 cars. In terms of whether this is replacement, I think it's not, because in the past, when we sell a video processor, is really for the DVR. And for the 300,000 automotive CV chip, we sold that into the ADAS market as well as DMS market. And I think that's a brand new market for us. So it's not a replacement for our video processor chip.

正確的。所以就像我說的，對於 ADAS 或車內或 DMS 類型的應用程序，它是 1 輛車——每輛車 1 個芯片。所以30萬籌碼就是30萬輛汽車。至於這個是不是換機，我覺得不是，因為以前我們賣視頻處理器的時候，真的是給DVR用的。對於 300,000 個汽車 CV 芯片，我們將其銷售到 ADAS 市場和 DMS 市場。我認為這對我們來說是一個全新的市場。所以它不能替代我們的視頻處理器芯片。

Got it. The next question, I think you gave the contribution from Dahua. I forgot whether you gave it for both Dahua and Hikvision for Q4. If you could just repeat what the contribution was in Q4, what you're expecting for Q1? And in general, how should we think about them in terms of contribution for this fiscal year?

知道了。下一個問題，我想你給了大華的貢獻。 Q4忘記給大華和海康都給了。如果您可以重複第四季度的貢獻，您對第一季度的期望是什麼？總的來說，我們應該如何考慮他們對本財政年度的貢獻？

Right. So we talk about Dahua and Hikvision combined is like low middle teens -- low teens total revenues for us this year -- sorry in Q4. And moving forward, I think Dahua will continue to be a strong customer for us, because we talk about they not only clean up their inventory, but also their CV revenue is ramping up. Hikvision on the other hand, I think it's going to be a smaller customer moving forward, because while they continue to purchase the video processors, we haven't get design win from Hikvision on the CV side. Moving forward, I continue to see that the China security camera market is important for us, and Dahua will be leading our customer in there.

正確的。所以我們談論大華和海康威視的合併就像中低端青少年 - 今年我們的總收入低青少年 - 抱歉在第四季度。展望未來，我認為大華將繼續成為我們的重要客戶，因為我們談論他們不僅清理庫存，而且他們的 CV 收入也在增加。另一方面，海康威視，我認為這將是一個較小的客戶向前發展，因為雖然他們繼續購買視頻處理器，但我們還沒有從海康威視獲得 CV 方面的設計勝利。展望未來，我繼續看到中國監控攝像頭市場對我們很重要，大華將帶領我們的客戶進入該市場。

Our next question comes from the line of Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

Congrats on the strong results and guidance. I wanted to dive into the automotive side. For me, you've got a couple of really good quarters in a row. Just wanted to blend what you're doing this year, where you said it's going to be the fastest growing area with the first, second and third wave sides of things. So how would you describe what's driving the growth now and the transition that's still driving strong growth in fiscal year '22 before you get to the true wave 3, which would be next year. So how do you see your business transition over that period of time and yet still deliver this strong growth?

祝賀你取得了豐碩的成果和指導。我想深入汽車方面。對我來說，你已經連續幾個非常好的季度了。只是想融合你今年所做的事情，你說它將成為第一、第二和第三波方面增長最快的領域。那麼，在進入真正的第三波浪潮（即明年）之前，您如何描述現在推動增長的因素以及仍在推動 22 財年強勁增長的轉型。那麼，您如何看待您的業務在這段時間內的轉型，同時仍能實現如此強勁的增長？

Right. So I think the strong growth coming from the multiple area -- first of all, the first wave of CV helped tremendously. You can see that our CV revenue growth, last year, we said $25 million. This year, we said it's going to be more than 25% of total revenue. And if you think that today, the analysts putting our whole year revenue around $280 million, so 25% of that was roughly $70 million. So we -- just CV alone grow from $25 million to $70 million. And the growth mainly is in professional security camera and also ramping up our second wave of our CV revenue, which is consumer IP cam.

正確的。所以我認為來自多個領域的強勁增長——首先，第一波 CV 幫助很大。你可以看到我們的 CV 收入增長，去年我們說 2500 萬美元。今年，我們說這將佔總收入的 25% 以上。如果你認為今天，分析師將我們全年的收入估計在 2.8 億美元左右，那麼其中的 25% 大約是 7000 萬美元。所以我們 - 僅 CV 就從 2500 萬美元增長到 7000 萬美元。增長主要來自專業安全攝像頭，同時也增加了我們的第二波 CV 收入，即消費者 IP 攝像頭。

During the meantime, we continue to ramp up our more CV design wins on consumer IP cam as well as different vertical markets with our asset control. We talk about people counting market. So there are different markets that we're going after with our traditional security camera design. So that continues to give us growth. At the same time, we talked about our automotive market continues to have stronger growth. I think that's a combination of current video-only solution. For example, the DVR market continues to grow fast in Japan, Korea and China. And also we just reported we are designing at the Ford and the Volkswagen.

與此同時，我們繼續通過我們的資產控制在消費者 IP 攝像機以及不同的垂直市場上贏得更多的 CV 設計。我們談論的是人數統計市場。因此，我們的傳統安全攝像頭設計正在追求不同的市場。所以這繼續給我們帶來增長。與此同時，我們談到了我們的汽車市場繼續有更強勁的增長。我認為這是當前純視頻解決方案的組合。例如，DVR 市場在日本、韓國和中國繼續快速增長。而且我們剛剛報告說我們正在福特和大眾汽車進行設計。

So you can see that even in U.S. and Europe start adopting the DVR solutions, which is really our -- I believe that we are the market leaders in that particular market. And so that continues to give us automotive growth. At the same time, we just reported that we have cumulatively shipped more than 300,000 CV chips into automotive. That also is indication that we're doing well, and we are on track to deliver our wave 3 in calendar year '22 and '23.

所以你可以看到，即使在美國和歐洲也開始採用 DVR 解決方案，這真的是我們的 - 我相信我們是該特定市場的市場領導者。因此，這繼續為我們提供汽車增長。同時，我們剛剛報導說，我們已經累計向汽車領域出貨了超過 300,000 顆 CV 芯片。這也表明我們做得很好，我們有望在 22 年和 23 年交付第 3 波。

I guess, one for Casey. I know you said seasonality doesn't come in on the revenue side so much and there's lots of puts and takes there. But if we shifted down to kind of your general feeling on OpEx for the year, how are you thinking about that? Are there any big puts and takes to think about? How do we think about it relative to revenue growth, et cetera?

我想，一個給凱西。我知道你說過季節性在收入方面的影響並不大，而且有很多投入和投入。但是，如果我們轉向您對今年 OpEx 的總體感覺，您對此有何看法？有什麼大的投入和需要考慮嗎？相對於收入增長等，我們如何看待它？

Yes. So I'd say SG&A is all fairly consistent with the exception, as we've talked about in the past, we are investing in the sales and marketing area in Europe, obviously, building out our capabilities there. And so that has been some additional expense or will be some additional expense for the year. Really our continued driver is going to be on the engineering side. Like I talked about with the 5-nanometer and the other costs related to doing these advanced technologies, there aren't many people bringing chips out at a pace that we are.

是的。所以我想說 SG&A 與例外情況完全一致，正如我們過去談到的那樣，我們正在投資歐洲的銷售和營銷領域，顯然，在那裡建立我們的能力。因此，這是一些額外的費用，或者將是今年的一些額外費用。實際上，我們繼續的驅動程序將在工程方面。就像我談到的 5 納米和與這些先進技術相關的其他成本一樣，沒有多少人以我們這樣的速度推出芯片。

Chan and his team are doing successfully last year and continuing into this year, and that doesn't come without cost. And that cost is we have to continue to build our engineering team not only in the U.S., but in Europe and in Asia. As well as we need to continue to invest in making sure that we can take out leading-edge chips to take advantage of the success that we're having right now.

Chan 和他的團隊去年取得了成功，並一直持續到今年，這並非沒有代價。這個成本是我們不僅要在美國，還要在歐洲和亞洲繼續建立我們的工程團隊。此外，我們需要繼續投資以確保我們能夠拿出領先的芯片來利用我們目前取得的成功。

So those are really going to be the drivers. And in the engineering side, that's pretty consistent, except for it's just getting more and more expensive on the sales and marketing side. That's a little bit new. It's not a huge investment, but we are making sure that we have the opportunity to take advantage of all markets globally.

所以這些才是真正的驅動因素。在工程方面，這非常一致，只是在銷售和營銷方面變得越來越昂貴。這有點新。這不是一筆巨大的投資，但我們正在確保我們有機會利用全球所有市場。

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

我們的下一個問題來自 Quinn Bolton 與 Needham & Company 的合作。

Fermi, Congratulations on the nice results. I wanted to ask sort of a longer-term question in the security surveillance market. Lots of puts and takes there. You're gaining share at Dahua and some of the Tier 2s. You seem perhaps a little less optimistic about winning CV at Hikvision. I guess -- and then HiSilicon is obviously -- can't secure new semiconductor supply. So I guess when you put all that together and you look out over the next couple of years, do you think you're positioned to gain share in security? Do you hold it flat? Just kind of what are your thoughts over the next couple of years about whether you can grow your share of that security camera market?

費米，恭喜你取得了不錯的成績。我想問一個關於安全監控市場的長期問題。很多放在那裡。您在大華和一些二級企業中的份額正在增加。您似乎對在海康威視贏得簡歷不太樂觀。我猜——然後 HiSilicon 顯然是——無法確保新的半導體供應。所以我想當你把所有這些放在一起並展望未來幾年時，你認為你有能力在安全領域獲得份額嗎？你持平嗎？您對未來幾年是否可以擴大您在安全攝像頭市場的份額有何看法？

Right. I think that in the next few years, the biggest transition for the security camera market is going to be the transition from a video solution to the CV solution. And we believe that we are in a very good position from a technology point of view to provide the best solution to the market, both China and non-China customers. Outside China, I'm confident that we'll be #1 provider by far. And in China, because of the few supply chain, we see -- we continue to see a competitor coming on the low end side to compete on the CV solution. But on the middle- and high-end side, we are probably the best solution even inside of China at this point.

正確的。我認為在接下來的幾年裡，安全攝像頭市場最大的轉變將是從視頻解決方案到 CV 解決方案的轉變。我們相信，從技術的角度來看，我們處於非常有利的位置，可以為中國和非中國客戶的市場提供最佳解決方案。在中國以外，我相信我們將成為迄今為止排名第一的供應商。在中國，由於供應鏈很少，我們看到 - 我們繼續看到低端競爭對手在 CV 解決方案上展開競爭。但在中高端方面，我們可能是目前在中國國內最好的解決方案。

So I'm hopeful that we will continue to gain market share in security camera market when the transition continues. And it's hard for me to predict how fast the CV revenue is going to ramp up. But just look at -- we talk about 2 million units of CV chip shipments at the end of Q1 and the majority of that in professional security camera. And I expect that the growth rate will continue to increase in a big percentage. So I'm hopeful that we're going to see a similar transition. Just like 10 years ago when the security camera transitioned from analog to digital, we are going to see a very similar transition from video to AI in the next couple of years.

因此，我希望在轉型繼續時，我們將繼續在安全攝像頭市場獲得市場份額。我很難預測 CV 收入的增長速度。但只要看看——我們談論的是第一季度末 200 萬片 CV 芯片的出貨量，其中大部分用於專業安全攝像頭。我預計增長率將繼續大幅增長。所以我希望我們能看到類似的轉變。就像 10 年前安全攝像頭從模擬過渡到數字一樣，我們將在未來幾年看到非常相似的從視頻到人工智能的過渡。

And then one for Casey. Just as things get tight, investors always worry about double ordering. I'm wondering if you could give us any thoughts and if you're seeing any change in customer order behavior whether as lead times are stretching out, are these customers more comfortable placing orders with longer lead times with cancellation penalty, meaning that these are pretty sticky orders? Just any comments you can make about your confidence in the orders that are coming in would be greatly appreciated.

然後一個給凱西。就像事情變得緊張一樣，投資者總是擔心重複訂購。我想知道您是否可以給我們任何想法，如果您看到客戶訂單行為有任何變化，是否隨著交貨時間的延長，這些客戶是否更願意以更長的交貨時間下訂單並取消罰款，這意味著這些是相當粘訂單？如果您對收到的訂單有信心，可以發表任何評論，我們將不勝感激。

Sure. Well, as you've heard me say in the past and in environments like this, CFOs think like a baby. Go to sleep and you wake up every 2 hours crying. It's just really dynamic. And we go out, we have to dial up our activity with our customers. We have to continue those discussions. We have to be talking to our suppliers. And we have to try to map that together as best we can. As you've heard from everybody this quarter, that has come into play in the last quarter. And I anticipate that we're going to continue to deal with that for the first half of the year.

當然。好吧，正如你在過去聽過我說的那樣，在這樣的環境中，CFO 的思維像嬰兒一樣。去睡覺，你每 2 小時哭醒一次。它真的很動態。我們出去，我們必須與我們的客戶聯繫我們的活動。我們必須繼續這些討論。我們必須與我們的供應商交談。我們必須盡力將其映射在一起。正如你在本季度從每個人那裡聽到的那樣，這在上個季度開始發揮作用。我預計我們將在今年上半年繼續處理這個問題。

But to your question really is how much of that is going to carry out into the second half of the year to where people aren't ordering for capacity in the first half, but just making sure that they have enough to make it through the end of the year. And we're going to get better visibility like everybody over the next quarter. But right now, certainly, we're all dealing with those issues. Our partners have been very good and have been very supportive, but it's also a very difficult environment, as you heard.

但你的問題實際上是，有多少將在今年下半年執行到人們在上半年沒有訂購容量的地方，只是確保他們有足夠的能力來完成它的一年。我們將在下個季度像每個人一樣獲得更好的知名度。但現在，當然，我們都在處理這些問題。我們的合作夥伴一直非常好並且非常支持，但正如您所聽到的那樣，這也是一個非常困難的環境。

And so we're going to continue to make sure that we're communicating with our customers, trying to make sure they understand lead times and how we can best support them in what's going to be probably a challenging quarter or 2. And then to your point, on the back end, you see how much of that was capacity and how much of that was inventory.

因此，我們將繼續確保我們與客戶溝通，努力確保他們了解交貨時間以及我們如何在可能充滿挑戰的一兩個季度為他們提供最好的支持。然後你的意思是，在後端，你會看到其中有多少是容量，有多少是庫存。

And Quinn, this is Fermi. I just want to add one more answer on that. Personally, we've all gone through this kind of environment in the past. I have no doubt that our customers try to build up inventory to protect their sales, which everybody should do in this environment. So it's our job to talk to our customers regularly to understand their true demand and try to work together to prevent a different kind of problem down the road.

奎因，這是費米。我只想再添加一個答案。就個人而言，我們過去都經歷過這種環境。我毫不懷疑我們的客戶試圖建立庫存以保護他們的銷售，在這種環境下每個人都應該這樣做。因此，我們的工作是定期與客戶交談以了解他們的真實需求，並努力共同努力防止未來出現不同類型的問題。

Our next question comes from the line of David O'Connor with Exane BNP Paribas.

我們的下一個問題來自 David O'Connor 與 Exane BNP Paribas 的對話。

Great. Maybe 1 or 2 follow-ups from my side. Firstly, Fermi, on the -- you talked about wins at Dahua, less so at Hikvision. You say that's taking longer or not as confident about that. Is there any particular reason why wins at Hikvision is taking longer? That's my first question. And then maybe a question on the -- for Casey on the supply chain. You mentioned it twice. What's the -- have you secured enough capacity to continue to grow quarterly through calendar '21?

偉大的。我這邊可能會有 1 或 2 次跟進。首先，費米，你談到了在大華的勝利，而不是在海康威視。您說這需要更長的時間或對此不那麼自信。為什麼在海康威視的勝利需要更長時間？有什麼特別的原因嗎？這是我的第一個問題。然後可能是關於供應鏈上的凱西的問題。你提到了兩次。什麼是 - 您是否獲得了足夠的容量以在日曆 '21 期間繼續按季度增長？

Right. Let me answer the question about Hikvision first. I think that the supply chain situation is definitely a concern for Hikvision. And I can -- when I talk to them, I can sense that it's very sensitive to them that they want to secure a non-U.S. component as a higher priority. I think that's probably the biggest problem we are dealing with at this point. Casey, you want to answer the second half?

正確的。先回答海康威視的問題。我認為供應鏈情況絕對是海康威視關注的問題。而且我可以 - 當我與他們交談時，我可以感覺到他們想要將非美國組件作為更高優先級的安全對他們來說非常敏感。我認為這可能是我們目前正在處理的最大問題。凱西，你想回答下半場嗎？

Sure. Obviously, in an environment like this, you're always trying to secure an appropriate amount of capacity, but it's also very fluid. And so where -- we're trying to make sure we have the capacity that we need not only for the first half, but the second half of the year. Things change and environments change. For example, what happened in Texas in the last few weeks is certainly something, a dynamic that no one expected impacts across the semiconductor environment. And so I think that we're doing the right things to secure the capacity we need for our customers. But it is fluid and things like that can happen.

當然。顯然，在這樣的環境中，您總是試圖確保適當數量的容量，但它也非常不穩定。那麼在哪裡 - 我們正在努力確保我們不僅擁有上半年而且下半年都需要的能力。事物在變，環境也在變。例如，過去幾週在得克薩斯州發生的事情肯定是一件大事，這是一種沒有人預料到會影響整個半導體環境的動態。因此，我認為我們正在做正確的事情來確保我們為客戶提供所需的容量。但它是流動的，這樣的事情可能會發生。

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

我們的下一個問題來自 Baird 的 Tristan Gerra。

Just following up a little bit on the supply shortage. Are you constrained in your current quarter guidance, which sounds like it's supply-based relative to the demand and what you otherwise would be able to ship if there was no constraint? And is there a way to quantify this and maybe also for the full year, since -- I'm assuming you probably have wafer contract for the rest of the year? How much you think you have security in supply growth versus what the demand is?

只是跟進一下供應短缺的情況。您是否受到當前季度指導的限制，這聽起來像是相對於需求的供應，如果沒有限制，您將能夠發貨什麼？有沒有辦法量化這一點，也許也可以量化全年，因為 - 我假設你可能在今年餘下的時間裡有晶圓合同？與需求相比，您認為供應增長有多大保障？

Right. So in Q1, I don't think we are supply constrained and -- because, first of all, I think -- we buy wafer from Samsung, and I think they are a very good partner and continue to supply to us. And also, in fact, the biggest shortage out there is packaging and substrate. Our partner there is ASE in Taiwan. And also, we have a strong relationship. So in Q1, our guidance is not constrained by the supply. However, there's a curved ball that's been thrown at us is that all of you have probably heard that Samsung Texas foundry was shut down because of the extreme weather.

正確的。所以在第一季度，我不認為我們的供應受到限制——因為，首先，我認為——我們從三星購買晶圓，我認為他們是一個非常好的合作夥伴，並繼續向我們供應。而且，事實上，最大的短缺是包裝和基板。我們的合作夥伴是台灣的 ASE。而且，我們有很強的關係。所以在第一季度，我們的指導不受供應的限制。然而，有一個向我們拋出的弧形球是你們所有人可能都聽說過三星德克薩斯代工廠因極端天氣而關閉。

We just get -- I believe that the factory has gone back to operational, and they got the water and electricity. And we are working closely with Samsung to size up the impact to the delivery. And if there's any, that will be probably a Q2 time frame, but we haven't really got a visibility on that yet. We will continue to work with our customers and also suppliers to make sure that we don't become the bottleneck for our customers.

我們只是——我相信工廠已經恢復運營，他們得到了水和電。我們正在與三星密切合作，以評估對交付的影響。如果有的話，那可能是第二季度的時間框架，但我們還沒有真正看到這一點。我們將繼續與我們的客戶和供應商合作，以確保我們不會成為客戶的瓶頸。

Okay. That's great color. And given the environment of the PCB substrate price increases, are you able to pass on some ASP increases to your customers as well? Or could that also be a factor we should be looking at in terms of your gross margin outlook for this year?

好的。那是很棒的顏色。考慮到 PCB 基板價格上漲的環境，您能否將一些 ASP 上漲也轉嫁給您的客戶？還是這也可能是我們應該考慮的因素，就您今年的毛利率前景而言？

Well, I think we -- our cost on the substrate definitely increased, but we have not passed it on to our customer yet. I don't think that's -- well, it's not a high priority tax for us yet. Also, all the guidance we gave you in Q1 include all of the costs we just mentioned.

好吧，我認為我們——我們在基板上的成本肯定增加了，但我們還沒有將其轉嫁給我們的客戶。我不認為那是——好吧，這對我們來說還不是一個高優先級的稅收。此外，我們在第一季度為您提供的所有指導都包括我們剛才提到的所有費用。

Our next question comes from the line of Suji Desilva with ROTH Capital.

我們的下一個問題來自 Suji Desilva 與 ROTH Capital 的對話。

So on the -- I appreciate the computer vision revenue amounts and the guidance. But can you help us in the mix there of wave 2 consumer versus wave 1 professional? With the ratio there, when it ramps up, is similar to the video, which was 1/3 consumer, 2/3 professional, if I recall, just to get a sense of the relative size of those 2?

所以在 - 我很欣賞計算機視覺收入金額和指導。但是您能幫助我們了解第 2 波消費者與第 1 波專業人士的混合情況嗎？有了那裡的比率，當它上升時，類似於視頻，它是 1/3 消費者，2/3 專業，如果我記得，只是為了了解這兩個的相對大小？

Yes. When it's going to fully ramp up, I think the ratio will continue to be similar in that range. And also today, just because wave 1 just completed and wave 2 just started, I think the revenues still heavily favor professional security at this point.

是的。當它要完全上升時，我認為該比率將繼續在該範圍內保持相似。而且在今天，僅僅因為第 1 波剛剛結束，第 2 波剛剛開始，我認為此時的收入仍然非常有利於專業安全。

Okay. Great. And my other question is, you gave pipeline data in the past few quarters. Do you have any update to those numbers at this point? Or are you going to do that intermittently?

好的。偉大的。我的另一個問題是，你提供了過去幾個季度的管道數據。您現在對這些數字有任何更新嗎？或者你會間歇性地這樣做嗎？

No. For the revenue funnel, we talked about that, we're probably going to give you annual update.

不。對於收入漏斗，我們談到了這一點，我們可能會向您提供年度更新。

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

我們的最後一個問題來自 Richard Shannon 和 Craig-Hallum 的對話。

A follow-up on the professional security. Fermi, you mentioned kind of early guidance thinking about $280 million top line in the quarter, that's about $75 million being from CV and most of it being professional security. That suggests it's going to be a good portion of professional security for the year, like maybe 1/4 or so, roughly speaking. Do you have visibility on whether CV becomes more than half of professional security this year or soon thereafter? And then just kind of following on that, as we think longer out, do you think the cycle of video to CV, is that a similar time frame as you have seen from analog to digital in the past?

專業安全的跟進。費米，你提到了一種早期指導，考慮了本季度 2.8 億美元的收入，其中約 7500 萬美元來自 CV，其中大部分是專業安全。這表明它將成為今年專業安全的很大一部分，大概是 1/4 左右，粗略地說。您是否了解今年或之後不久 CV 是否會超過專業安全的一半？然後只是繼續下去，正如我們認為的更長，你認為視頻到 CV 的周期，是否與你過去看到的從模擬到數字的時間框架相似？

Right. So we haven't given guidance about the CV percentage or total professional security camera. We'll consider that. But if you do the math, I think we are getting a higher percentage, and it's definitely become very meaningful for professional security camera with our CV revenue today. And that definitely is growth, because our video processors -- like I said, last year, our video processor business has pulled down only by 10%, but our CV revenue growth this year is going to be a lot more than that. So I do believe that we will continue to maintain video processor revenue while we're growing our CV revenue. In terms of -- sorry, I forgot the second part of the question.

正確的。所以我們沒有給出關於 CV 百分比或專業安全攝像頭總數的指導。我們會考慮的。但如果你算一下，我認為我們得到了更高的百分比，而且對於我們今天的 CV 收入來說，這對於專業安全攝像頭來說肯定變得非常有意義。這絕對是增長，因為我們的視頻處理器——就像我說的，去年，我們的視頻處理器業務只下降了 10%，但今年我們的 CV 收入增長將遠不止於此。所以我確實相信，在我們增加 CV 收入的同時，我們將繼續保持視頻處理器收入。就- 抱歉，我忘記了問題的第二部分。

The trend from video to CV, do you see that happening in similar kind of cadence as analog to digital you've seen in the past?

從視頻到 CV 的趨勢，您是否看到它以與您過去看到的模擬到數字類似的節奏發生？

I agree, I think that's the case. In fact, I just mentioned that. I think the transition from the video to CV, particularly in professional security camera, we're only seeing it. I think that transition will be fast, will be continue to accelerated in the next couple of years. And in fact, one indication is majority of the new projects that our customers kick off with us, they are all CV-based.

我同意，我認為是這樣的。事實上，我剛剛提到了這一點。我認為從視頻到 CV 的轉變，特別是在專業安全攝像頭中，我們只是看到了。我認為這種轉變會很快，未來幾年會繼續加速。事實上，一個跡像是我們的客戶與我們一起啟動的大多數新項目，它們都是基於 CV 的。

So I have no doubt that you're going to continue to see this trend in the next couple of years. Maybe when we transitioned from video -- from -- sorry, from the analog camera to video camera, there was 3 years of ramping up, like, very fast. I'm not sure we are in that phase yet, but I won't be surprised we'll see starting that phase very quickly.

所以我毫不懷疑你會在未來幾年繼續看到這種趨勢。也許當我們從視頻 - 從 - 抱歉，從模擬攝像機過渡到攝像機時，有 3 年的快速增長。我不確定我們是否處於那個階段，但我不會感到驚訝，我們很快就會看到這個階段開始。

There are no further questions. I will now turn the call back to Dr. Fermi Wang for closing remarks.

沒有其他問題了。我現在將電話轉回給 Fermi Wang 博士作結束語。

Yes. I would like to thank all of you for joining us today, and I'm looking forward to see you next time. Thank you.

是的。我要感謝大家今天加入我們，期待下次再見。謝謝。

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

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。