(AMBA) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to Ambarella's fourth quarter and fiscal year 2024 earnings conference call.

美好的一天，感謝您的耐心等待，歡迎參加安霸第四季和 2024 財年的收益電話會議。

At this time, all participants on a listen-only mode

此時，所有參與者都處於只聽模式

(Operator Instructions)

（操作員說明）

Please note that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I will now hand the conference over to your speaker host, Mr. Louis Gerhardy, VP of Corporate Development and Investor Relations.

我現在將會議交給演講主持人、企業發展和投資者關係副總裁 Louis Gerhardy 先生。

Please go ahead..

請繼續..

Thank you, Lydia.

謝謝你，莉迪亞。

And good afternoon and thank you for joining our fourth quarter and full year fiscal 2024 financial results conference call.

下午好，感謝您參加我們的 2024 財年第四季和全年財務業績電話會議。

On the call with me today is Dr. Fermi Wang, President and CEO, and John Young, CFO.

今天與我通話的是總裁兼執行長 Fermi Wang 博士和財務長 John Young。

Primary purpose of today's call is to provide you with information regarding the results for our fourth quarter and full year fiscal 2024.

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 2024 財年全年業績的資訊。

The discussion today and the responses to your questions will contain forward-looking statements regarding our projected financial results, financial prospects, market growth and demand for our solutions among other things.

今天的討論和對您問題的答覆將包含有關我們預計的財務業績、財務前景、市場成長和對我們的解決方案的需求等的前瞻性陳述。

These statements are based on currently available information and subject to risks, uncertainties and assumptions.

這些陳述是基於目前可獲得的信息，並受到風險、不確定性和假設的影響。

Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect.

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。

Our actual results could differ materially from these forward looking statements under no obligation to update these statements.

我們的實際結果可能與這些前瞻性陳述有重大差異，但我們沒有義務更新這些陳述。

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.

我們向 SEC 提交的文件中更全面地描述了這些風險、不確定性和假設以及可能影響我們財務表現的潛在風險因素的其他資訊。

Access to our fourth quarter and full year fiscal 2024 results press release, transcripts, historical results, SEC filings and a replay of today's call can be found on the Investor Relations page of our website.

您可以在我們網站的投資者關係頁面上查看我們的第四季度和 2024 財年全年業績新聞稿、文字記錄、歷史業績、SEC 文件和今天電話會議的重播。

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

今天電話會議的內容以及我們網站上發布的資料均屬於 Ambarella 的財產，未經我們事先書面同意，不得複製或轉錄。

Fermi will now provide a business update for the quarter.

費米現在將提供本季的業務更新。

John will review the financial results and outlook, and then we'll be all available for your questions.

約翰將審查財務業績和前景，然後我們將隨時回答您的問題。

Fermi.

費米。

Thank you, Louis, and good afternoon.

謝謝你，路易斯，下午好。

Thank you for joining our call today.

感謝您今天加入我們的電話會議。

In the fourth quarter of fiscal '24, revenue increased about 2% sequentially, and we slightly exceeded the midpoint of our guidance range.

在 2024 財年第四季度，營收季增約 2%，略高於指導範圍的中點。

Thanks to the early actions we took to help our customers navigate their excess inventory.

感謝我們為幫助客戶解決過剩庫存而採取的早期行動。

Our business continues to stabilize and is beginning to recover.

我們的業務繼續穩定並開始復甦。

For the full fiscal year '24, our revenue declined 32.9% year over year as our customers digested inventory resulting from the industry-wide semiconductor cyclical downturn.

在 24 年整個財年，我們的營收年減 32.9%，因為我們的客戶消化了全行業半導體週期性低迷造成的庫存。

Looking ahead to fiscal year '25, we continue to expect both our automotive and IoT business to grow the cyclical challenges winds and the secular growth AI strategy emerges.

展望 25 財年，我們繼續預期我們的汽車和物聯網業務將在週期性挑戰和長期成長人工智慧策略的出現中成長。

Our customers currently have a cumulative installed base of more than 20 million AI inference SoCs, all from our 10 nanometer CV2 family and the final meter CV5.

我們的客戶目前累計安裝了超過 2000 萬個 AI 推理 SoC，全部來自我們的 10 奈米 CV2 系列和最終米 CV5。

This is based on approximately 280 customer products that have reached production on a cumulative basis.

這是基於累計已投產的約 280 種客戶產品。

The CV2 family is expected to continue to be the key driver of our revenue growth in fiscal year 25.

CV2 系列預計將繼續成為我們第 25 財年收入成長的主要驅動力。

Our ARPU for business, all in eight applications represented approximately 60% of total fiscal '24 revenue and was the key factor in the mid-teens percentage year-over-year increase in our blended ASP.

我們的商業 ARPU（全部在 8 個應用程式中）約佔 24 財年總收入的 60%，並且是我們的混合 ASP 年成長中位數百分比的關鍵因素。

The trend to a richer mix of AI revenue and higher averaging selling price is expected to continue.

人工智慧收入更豐富、平均售價更高的趨勢預計將持續下去。

In particular, the CV3, SoC family enters production at this time, virtually all of our customers new design activity involves our AI inference processors.

特別是CV3 SoC系列此時進入生產，幾乎我們所有客戶的新設計活動都涉及我們的AI推理處理器。

In fact, this was the first year at CES where all of our SOC demos more than 30 well based on our AI inference products.

事實上，今年是 CES 上第一年，我們所有的 SOC 演示都有 30 多個基於我們的 AI 推理產品。

Fiscal 2024 was certainly challenging for most of the industry.

對大多數產業來說，2024 財年無疑是充滿挑戰的。

However, there were key industry developments and the company specific achievements that we believe leave us very well positioned for growth as the market recovery plays out.

然而，我們相信，關鍵的行業發展和公司的具體成就使我們能夠在市場復甦後實現成長。

For the industry in the past, the AI processor opportunity had primarily been represented by training GPUs in server, located in data centers, and this is a market that we do not serve.

對於過去的行業來說，AI 處理器的機會主要是透過位於資料中心的伺服器中訓練 GPU 來體現，而這是我們不服務的市場。

However, in the last year, the important role and opportunity for inference processors, in particular at age has become better understood, and this is exactly where we have been focused on.

然而，在去年，人們對推理處理器的重要角色和機會（尤其是在年齡階段）的重要角色和機會有了更好的理解，而這正是我們一直關注的領域。

Internally we achieved four key milestones during the last year.

去年，我們在內部實現了四個關鍵里程碑。

First, we have now shipped more than 500,000 units of our first 5-nanometer SoC CV5, and we expect our shipments in fiscal year 2025 to approximately double.

首先，我們首款 5 奈米 SoC CV5 的出貨量現已超過 50 萬件，預計 2025 財年的出貨量將增加一倍左右。

Most of CV5 volume is currently in our IoT business, although we expect an automotive OE to start production in the second half of the year, the fact that we have already achieved the high volume mass production of the final meter helps pave the way for our other finally, 5-nanometer SoC such as the CV3 family.

目前CV5的大部分產量都在我們的物聯網業務中，儘管我們預計汽車OE將在今年下半年開始生產，但事實上我們已經實現了最終儀表的大批量量產，這有助於為我們的物聯網業務鋪平道路。最後是 5 奈米 SoC，例如 CV3 系列。

Second, the automotive market with simple both the high end production version of our 5-nanometer CV3 as well as a final meter version for China.

其次，汽車市場包括我們的 5 奈米 CV3 的高端生產版本以及針對中國的最終米級版本。

At the high end, we simple CV3-AD685 targeting L3 and above autonomy.

在高端，我們簡單地針對 L3 及以上自主權的 CV3-AD685。

And this central domain controller is currently evaluated, is in evaluation at multiple OEMs and tier ones globally.

這個中央網域控制器目前正在接受評估，全球多個 OEM 和一級供應商都在進行評估。

So far, we are finding success in L3 and above commercial vehicles for the basic highway L2 plus actually in China, we introduced a CV72AQ and we have numerous tier one design wins and OEM discussions underway.

到目前為止，我們在中國的 L2+ 基本高速公路的 L3 及以上商用車方面取得了成功，我們推出了 CV72AQ，並且我們已經贏得了許多一級設計，並且正在進行 OEM 討論。

Third, we introduced our generative AI.

第三，我們介紹了我們的生成式人工智慧。

Gen AI strategy for the age of the network, and we are sampling our 5-nanometer and one processor targeting H applications, reservoir IoT devices to edge servers.

針對網路時代的新一代人工智慧策略，我們正在對針對 H 應用程式、水庫物聯網設備到邊緣伺服器的 5 奈米和一個處理器進行採樣。

Fourth, we'll continue to build out the CV3 automotive platform to offer our tier one and OEM customers turnkey options with our software stack and our are essentially process HT radar algorithms.

第四，我們將繼續建立 CV3 汽車平台，透過我們的軟體堆疊和本質上處理的 HT 雷達演算法為我們的一級和 OEM 客戶提供統包選項。

We started New Year at the Consumer Electronics shows CES, where we hosted over 200 customer meetings and made a number of significant announcement for automotive Gen AI and our new Cooper development platform.

我們在消費性電子展 CES 上開啟了新年，在會上我們舉辦了 200 多次客戶會議，並就汽車 Gen AI 和新的 Cooper 開發平台發布了多項重要公告。

We were pleased to receive our CES Innovation Award for the 2nd year in a row.

我們很高興連續第二年榮獲 CES 創新獎。

This time for our centralized radar processing architecture.

這次是我們的集中式雷達處理架構。

In December, we unveiled our first our latest software stack for Level two plus and higher autonomous driving applications.

12 月，我們推出了首個適用於二級以上及更高級別自動駕駛應用的最新軟體堆疊。

This software is optimized and can scale cross our entire CV3 processor family, enabling all year to get to market faster and reduce development costs.

該軟體經過最佳化，可擴展到我們整個 CV3 處理器系列，從而能夠更快地推向市場並降低開發成本。

The new software stack, including the perception, fusion and planning layers, is primarily deep learning-based, which allows software development to scale more easily, resulting in a more accurate solution.

新的軟體堆疊，包括感知、融合和規劃層，主要基於深度學習，這使得軟體開發能夠更輕鬆地擴展，從而產生更準確的解決方案。

Finally, and most important, we will now we rely on high-resolution camera and the radar perception data to create a real-time map inside the vehicle.

最後，也是最重要的，我們現在將依靠高解析度攝影機和雷達感知數據來創建車內的即時地圖。

And for this reason, we made the use of stored HD maps that may contest stale data could result in improved results and reduce costs for OEM if needed.

出於這個原因，我們使用了儲存的高清地圖，這些地圖可能會與過時的資料競爭，從而改善結果，並在需要時降低 OEM 的成本。

The software stack is available in modules and can be combined with ROES also for intellectual property during the CES show we demonstrated stack running on a single CV3 automotive AI to main processor in our own autonomous vehicles, successfully completing over 150 a ton of drug right the demonstration integrate our oxalate radar L was for the first time.

該軟體堆疊以模組形式提供，並且可以與ROES 結合，在CES 展會期間也可用於知識產權，我們展示了在我們自己的自動駕駛汽車的主處理器上運行的單個CV3 汽車AI 堆疊，成功完成了超過150 噸的藥物處理。首次整合我們的草酸鹽雷達 L 進行演示。

We also announced the expansion of CV3 processor family with the addition of our CV3 86 refi and the six five, our SOCs, the new CV3 dash AD. 65 supports us sending suite that includes multiple cameras and radars to Enable Midstream Level two plus feature set such as highway autopilot and automated parking in addition to meeting the GSR two and uncap centers.

我們也宣布擴展 CV3 處理器系列，增加了 CV3 86 refi 和 6 5、我們的 SOC、新的 CV3 dash AD。 65 支援我們發送包含多個攝影機和雷達的套件，以啟用中游二級附加功能集，例如高速公路自動駕駛儀和自動停車，以及滿足 GSR 二級和解鎖中心的要求。

Additionally, the 655 enables advanced Level two plus with urban autopilot as well as the support for additional cameras, radars and other sensors with the previously announced flagship 685 SOC, along with a channel-focused CV, 72 AQSOC, the CV3 family of four processors now covers the full range of AD and ADA solutions from mainstream to premium passenger vehicles, the new CV3 Dash eight USOC.s. We dosed by our partner, Continental Codere, Kodiak robotics are leading autonomous vehicle company focused on tracking and a defense auto announced that it had selected our CV3 dash 86 85 AI domain controller for its next-generation autonomous vehicles.

此外，655 透過城市自動駕駛儀實現了高級二級功能，並透過先前發布的旗艦 685 SOC 以及以通道為中心的 CV、72 AQSOC、CV3 系列四處理器支援額外的攝影機、雷達和其他感測器現在涵蓋從主流到高階乘用車的全系列AD 與ADA 解決方案，全新CV3 Dash 8 USOC.s。在我們的合作夥伴Continental Codere 的幫助下，Kodiak 機器人公司是一家專注於追蹤的領先自動駕駛汽車公司，一家國防汽車公司宣佈為其下一代自動駕駛汽車選擇了我們的CV3 dash 86 85 AI 域控制器。

In IoT markets during CES, we announced where we are bringing churn AI capabilities to the age through the introduction of our own one processor for on-premises applications.

在 CES 期間的物聯網市場中，我們宣布透過推出我們自己的用於本地應用程式的處理器，將客戶流失人工智慧功能帶入時代。

This SOC support up to 34 billion parameters, multimodal larger language models, Talgo aims with low power consumption, enabling gen A for age applications.

該 SOC 支援多達 340 億個參數、多模態更大的語言模型，Talgo 的目標是低功耗，為 A 代應用提供支援。

We demonstrated a multimodal Aero is running on the new one processor at a fraction of the power per inference of leading GPU solutions.

我們演示了多模式 Aero 在新處理器上運行，每次推理的功耗僅為領先 GPU 解決方案的一小部分。

And brought an end to bring G&A to a wide range of applications, including video security, robotics and industrial applications.

並結束了將 G&A 引入廣泛的應用，包括視訊安全、機器人和工業應用。

Contact computer announced it was permanently with Embraer to develop products based on our CV3 dash 86 85 CV72, a new one processor to address cutting edge AI devices.

Contact Computer 宣布永久與巴西航空工業公司合作開發基於 CV3 dash 86 85 CV72 的產品，這是一種解決尖端人工智慧設備問題的新型處理器。

This offerings address the growing market demand for diverse range of neural network and AI apps, and that will empower business across sectors, including autonomous vehicle, smart surveillance, robotics and healthcare.

這些產品滿足了市場對各種神經網路和人工智慧應用程式不斷增長的需求，並將為自動駕駛汽車、智慧監控、機器人和醫療保健等跨行業的業務提供支援。

Compound demonstrated PCA add-in cards based on our one was showing automotive ECUs based on CV3 AD86.

compound 展示的 PCA 附加卡是基於我們展示的基於 CV3 AD86 的汽車 ECU。

We also introduced and demonstrated our new Cooper evolve this platform.

我們也介紹並展示了我們新推出的Cooper evolve這個平台。

Cooper offers seamless integration of software, how extended are fine-tuned air models and the services that provide the universal support for ever us entire portfolio.

Cooper 提供軟體的無縫整合、微調空氣模型的擴展程度以及為我們整個產品組合提供普遍支援的服務。

With EISOC.s, we have now successfully deployed copper to some of our IoT customers worldwide.

透過 EISOC.s，我們現在已成功地為全球一些物聯網客戶部署了銅纜。

I will now quickly highlight some of the customer progress announcement made during the last quarter.

我現在將快速重點介紹上季發布的一些客戶進度公告。

Your Chinese automotive market will continue to expand our position in this important market.

您的中國汽車市場將繼續擴大我們在這個重要市場的地位。

During the quarter, GAC auto announced I am S-MAX passenger car was combination driver monitoring and in-cabin sensing based on our CV25 AQ automotive air of the composites.

本季度，廣汽汽車宣布 I am S-MAX 乘用車是基於我們的 CV25 AQ 汽車空氣複合材料的駕駛員監控和車內感測組合。

GAC also introduce Trump from GM eight passenger car with driver monitoring and the multichannel actual occupant monitoring.

廣汽也從通用汽車引進了川普八號乘用車，配備駕駛員監控和多通道實際乘員監控。

Also based on our CV.

也是基於我們的履歷。

25 AQ.

25 空氣品質。

And in January, sharp home unveiled its x nine, maybe even including an electronic mirror system based on our A12 automotive pieces and even enterprise IoT market career market, either Harvey just introduced multiple models based on AIBGSOC., including 4K and the full channel multidirectional cameras based on our CV2 SOCs and Ai thermal camera based on our CV22 SOC, our Korean camera supplier IDs introduced a two mega pixel Voice over IP video Intercom based on our CV28 vessels.

而在1月份，銳家推出了它的x 9，甚至可能包括基於我們的A12汽車件的電子鏡系統甚至企業物聯網市場職業市場，要么Harvey剛剛推出了基於AIBGSOC的多個型號，包括4K和全通道多向基於我們的 CV2 SOC 的攝影機和基於我們的 CV22 SOC 的 Ai 熱成像攝影機，我們的韓國攝影機供應商 ID 推出了基於我們的 CV28 容器的 2 兆像素 IP 語音視訊對講機。

Taiwan-based Fuel Tech also introduces a new 87 dash V3 family of IP camera based on our CV22 AISOCs and featuring fixed odds and Bully models.

台灣的 Fuel Tech 也推出了基於我們的 CV22 AISOC 的新型 87 dash V3 系列 IP 攝影機，並具有固定賠率和 Bully 型號。

With this, a couple of the pack capabilities and the home monitoring market.

有了這個，一些包裝功能和家庭監控市場。

Canadian service provider, Telus announced his home video doorbell camera based on our CV.

加拿大服務供應商 Telus 根據我們的履歷推出了他的家用視訊門鈴攝影機。

28 MAISOCIV and featuring advanced AI ARCTIC detection.

28 MAISOCIV 並具有先進的 AI ARCTIC 檢測功能。

In summary, looking forward, our key objectives to restore revenue growth and profitability while continuing to drive our strategic R&D priorities for AI inference processor opportunities at the edge.

總之，展望未來，我們的主要目標是恢復收入成長和獲利能力，同時繼續推動我們的策略研發重點，以獲取邊緣人工智慧推理處理器的機會。

To achieve this goal, we are highly focused on commercialization of technology and products we have developed in particular converting the multiple RFIs and RFQs we are currently working on for CV2 and CV3 into awarded business.

為了實現這一目標，我們高度關注我們開發的技術和產品的商業化，特別是將我們目前正在為 CV2 和 CV3 處理的多個 RFI 和 RFQ 轉化為獲獎業務。

Furthermore, returning our IoT business to his positive secular growth trajectory is a very important and this group of 30 business development for AI one.

此外，讓我們的物聯網業務回到積極的長期成長軌跡是非常重要的，這對人工智慧業務的 30 組業務發展至關重要。

In conclusion, we have not seen this -- we have not been distracted by the prolonged industry-wide cyclical downturn.

總而言之，我們沒有看到這一點——我們沒有因全行業的長期週期性低迷而分心。

And then we see the secular trends we address safety, security and automation remaining very strong.

然後我們看到我們解決安全、安保和自動化的長期趨勢仍然非常強勁。

The increased market patient on inference processing, in particular at age is aligned with where we have been investing.

市場對推理處理的耐心不斷增加，尤其是在年齡方面，這與我們一直在投資的領域是一致的。

In the new year we're very excited about the opportunities we're working on and look forward to book more business into one color, and I'm excited about what we have, what we will achieve in the years ahead.

在新的一年裡，我們對我們正在努力的機會感到非常興奮，並期待著用一種顏色預訂更多業務，我對我們所擁有的以及我們在未來幾年將取得的成就感到興奮。

With that, John will now discuss the Q4 and the full year fiscal year 2024 results and outlook in more details.

接下來，約翰現在將更詳細地討論第四季和 2024 財年全年業績和前景。

Thank you for Fermi.

謝謝你的費米。

Before I begin, I would like to say that I'm honored to assume the CFO role.

在開始之前，我想說我很榮幸能擔任財務長一職。

I have been working with the team for seven years and I'm very excited to help the company as it pursues growth in its target markets.

我已經與該團隊合作了七年，我很高興能夠幫助該公司在目標市場追求成長。

I'll now review the financial highlights for the fourth quarter and full fiscal year 2020 24 ending January 31, 2024.

我現在將回顧第四季和截至 2024 年 1 月 31 日的 2020 年 24 財年的財務要點。

I will also provide a financial outlook for our first quarter of fiscal year 2025 ending April 30, 2024.

我還將提供截至 2024 年 4 月 30 日的 2025 財年第一季的財務展望。

I 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.

我將討論非 GAAP 業績，並請您參考今天的新聞稿，以了解 GAAP 與非 GAAP 業績的詳細調整。

For non-GAAP reporting, we have eliminated stock-based compensation expense, along with acquisition-related and restructuring costs adjusted for the impact of taxes.

對於非公認會計準則報告，我們消除了基於股票的補償費用，以及根據稅務影響進行調整的收購相關和重組成本。

Fiscal year 2024 revenue decreased 32.9% to $226.5 million.

2024 財年營收下降 32.9% 至 2.265 億美元。

Iot revenue was about two thirds of the total revenue and declined about 40% for the year.

物聯網收入約佔總收入的三分之二，全年下降約 40%。

Auto revenue represented the balance of revenue and declined about 14% for the year.

汽車收入佔總收入的比重，全年下降約 14%。

From a product point of view, a large majority of our fiscal 2024 revenue decline was from our human viewing video processor SoC's for fiscal year 2024.

從產品的角度來看，我們 2024 財年收入下降的大部分來自我們 2024 財年的人類觀看視訊處理器 SoC。

Non-GAAP gross margin was 63.3% versus 63.9% in fiscal 2023.

非 GAAP 毛利率為 63.3%，而 2023 財年為 63.9%。

Non- GAAP operating expense increased 3.9% for the year versus 17.6% in the prior year.

本年度非 GAAP 營運費用成長 3.9%，而上年度為 17.6%。

Ending cash and marketable securities totaled $219.9 million, up from $206.9 million at the end of the prior year.

期末現金和有價證券總額為 2.199 億美元，高於上年末的 2.069 億美元。

For fiscal Q4, revenue was $51.6 million, slightly above the midpoint of our prior guidance range, up 2% from the prior quarter and down 38% year over year. non-GAAP gross margin for fiscal Q4 was 62.5%, in line with our prior guidance range.

第四財季的營收為 5,160 萬美元，略高於我們先前指引範圍的中點，比上一季成長 2%，年減 38%。第四財季的非 GAAP 毛利率為 62.5%，符合我們先前的指導範圍。

Non-GAAP operating expense was $44.1 million, approximately flat with the prior quarter and below our prior guidance range of $45 million to $48 million, driven by continued expense management and the timing of spending between quarters.

非 GAAP 營運費用為 4,410 萬美元，與上一季大致持平，低於我們之前 4,500 萬美元至 4,800 萬美元的指導範圍，這主要是由於持續的費用管理和季度之間的支出時間安排所致。

We remain on track to our internal product development milestones.

我們仍然朝著內部產品開發里程碑的方向前進。

Q4 net interest and other income was $2.1 million. Q4 non-GAAP

第四季淨利息和其他收入為 210 萬美元。第四季非公認會計準則

tax provision was approximately $119,000.

稅收撥款約為 119,000 美元。

In fiscal Q4, we recorded a onetime GAAP noncash tax charge of $22.7 million, establishing a valuation allowance on certain US deferred tax assets that were deemed more likely than not to be unrealized will in the foreseeable future.

在第四財季，我們記錄了2,270 萬美元的一次性GAAP 非現金稅費，為某些美國遞延稅資產建立了估值備抵，這些資產被認為在可預見的未來很有可能無法實現。

This valuation allowance was excluded from fiscal Q4 and non-GAAP tax provision consistent with our historical practice for changes to tax valuation allowances.

此估價津貼被排除在第四財季和非公認會計準則稅務撥備之外，這與我們對稅務估價津貼變更的歷史做法一致。

This adjustment is a non-cash tax charge required by GAAP based on the proportion of taxable income in the United States.

這項調整是根據美國公認會計原則（GAAP）要求，根據美國應稅收入的比例收取的非現金稅費。

We reported a non-GAAP net loss of $9.8 million or a $0.24 loss per diluted share.

我們報告的非 GAAP 淨虧損為 980 萬美元，或稀釋後每股虧損 0.24 美元。

Now I'll turn to our balance sheet and cash flow.

現在我將談談我們的資產負債表和現金流。

Fiscal Q4 cash and marketable securities decreased $2.4 million from the prior quarter to 219.9 million.

第四財季現金和有價證券較上一季減少 240 萬美元，至 2.199 億美元。

Receivables days of sales outstanding increased from 42 days in the prior quarter to 44 days.

銷售應收帳款天數從上一季的 42 天增加到 44 天。

Well, days of inventory decreased from 145 to 131 days.

嗯，庫存天數從 145 天減少到 131 天。

Inventory dollars declined 6% sequentially and declined 28% from a year ago.

庫存美元季減 6%，年減 28%。

Operating cash outflow was $4 million for the quarter and for the full year, we generated operating cash inflow of $19 million.

本季營運現金流為 400 萬美元，全年營運現金流入為 1,900 萬美元。

Capital expenditures for tangible and intangible assets were $1.9 million for the quarter and $12 million for the year.

本季有形和無形資產的資本支出為 190 萬美元，全年為 1,200 萬美元。

We had two logistics and ODM companies representing 10% or more of our revenue in Q4.

我們有兩家物流和 ODM 公司，占我們第四季營收的 10% 或更多。

WT Microelectronics, a fulfillment partner in Taiwan that ships to multiple customers in Asia came in at 55% of revenue for the fourth quarter and 53% for the full fiscal year 2024 accounting and ODM, who manufactures for multiple end customers was 14% of revenue for both the quarter and the full fiscal year 2024.

文曄微電子是台灣的履行合作夥伴，向亞洲多個客戶發貨，佔第四季度收入的55%，2024 年整個財年的會計和ODM 佔收入的53%，為多個最終客戶製造的產品佔營收的14% 2024 年季度及整個財年。

I'll now discuss the outlook for the first quarter of fiscal year 2025.

我現在將討論 2025 財年第一季的前景。

Our early actions during the cyclical downturn in the semiconductor industry have helped our customers navigate their high inventory balances, and these actions are now enabling our business to stabilize and begin to recover.

我們在半導體行業週期性低迷期間採取的早期行動幫助我們的客戶應對高庫存餘額，這些行動現在使我們的業務穩定並開始復甦。

For fiscal Q1, we estimate our total revenue will be in the range of $52 million to $56 million.

對於第一財季，我們預計總收入將在 5,200 萬美元至 5,600 萬美元之間。

We expect sequential growth in both IoT and auto.

我們預計物聯網和汽車領域將持續成長。

We expect fiscal Q1 non-GAAP gross margin to be in the range of 61.5% to 63%.

我們預計第一財季非 GAAP 毛利率將在 61.5% 至 63% 之間。

We expect non-GAAP OpEx in the first quarter to be in the range of $46 million to $49 million with the increase compared to Q4, driven by new product development costs and employee related expenses, which we were able to delay in previous quarters.

我們預計第一季的非GAAP 營運支出將在4,600 萬美元至4,900 萬美元之間，與第四季度相比有所增加，這是由新產品開發成本和員工相關費用推動的，而我們在前幾個季度可以推遲這些費用。

We estimate net interest income to be approximately $1.5 million and our non-GAAP tax expense to be approximately $500,000 and our diluted share count to be approximately $40.8 million shares.

我們預計淨利息收入約為 150 萬美元，非 GAAP 稅務費用約為 50 萬美元，稀釋後股票數量約為 4,080 萬美元。

Ambarella will be participating in a fireside chat and hosting one-on-one and group meetings on February 29 in New York City at Cisco harness technology conference.

Ambarella 將於 2 月 29 日在紐約市的思科線束技術大會上參加爐邊聊天並主持一對一和小組會議。

We will also be participating in Morgan Stanley's TMT Conference in San Francisco on Monday, March f4.

我們也將參加 3 月 4 日星期一在舊金山舉行的摩根士丹利 TMT 會議。

On March 18, we will participate in the ROTH Conference in Southern California.

3月18日，我們將參加在南加州舉行的羅斯會議。

We hope to see you at one of these events, please contact us for more details.

我們希望在其中一場活動中見到您，請聯絡我們以了解更多詳情。

Thank you for joining our call today.

感謝您今天加入我們的電話會議。

And with that, I will turn the call over to the operator for questions.

然後，我會將電話轉給接線員詢問問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

[Quin Bong], Needham.

[昆邦]，李約瑟。

Hey, this is Neil Young on for Quinn Bong.

嘿，我是奎因邦 (Quinn Bong) 的尼爾楊 (Neil Young)。

Thank you for taking my questions.

感謝您回答我的問題。

So you said you're seeing project delays from Tier ones and OEMs as well as volume reductions and planned projects, which you called out more of an inventory issue.

所以你說你看到了來自一級和原始設備製造商的項目延遲以及數量減少和計劃項目，你認為這更多是庫存問題。

How that inventory improvement for our I should say is that inventory improvement progressing ahead of where you thought it would?

我應該說，我們的庫存改善進度如何超出了您的預期？

And if so, are you starting to get the sense that these projects will resume soon?

如果是這樣，您是否開始感覺到這些物品將很快恢復？

And then I had a follow-up.

然後我進行了跟進。

So you are referring to how we sell it, but a quarter before.

所以你指的是我們如何銷售它，但在一個季度之前。

Yes.

是的。

So I think in November, when we provide, -- I think early December, when we provide our final guidance for this year.

所以我想在 11 月份，當我們提供時，我想在 12 月初，當我們提供今年的最終指導時。

I think we talk about the there's a project push-out and OEOE and tier ones, also some decisions for new party also cultivate.

我認為我們談論的是專案推出、OEOE 和層級項目，以及新方的一些決定。

And also there some inventory, I think we are seeing is still consistent with what we have said in November and December last year.

還有一些庫存，我認為我們看到的仍然與我們去年 11 月和 12 月所說的一致。

I think there's no new updates, and I don't think we haven't seen slow development in terms of a further project got delayed or pushed out.

我認為沒有新的更新，而且我認為我們沒有看到進一步的項目被推遲或推遲的緩慢發展。

Okay.

好的。

So on the auto side, regarding inventory, you aren't seeing any improvements.

因此，在汽車方面，就庫存而言，您沒有看到任何改進。

We haven't seen any improvement, but we are not seeing there is it's getting worse.

我們沒有看到任何改善，但我們也沒有看到情況變得更糟。

Okay, thanks.

好的謝謝。

And then my follow-up.

然後是我的後續行動。

So in the past, you talked about how the first CV3 revenue would come from China.

所以過去您談到CV3的第一筆收入將如何來自中國。

I believe in your opening remarks, I heard you say you're engaged in discussion with multiple Tier ones and already have multiple design wins on the way.

我相信您的開場白，我聽說您正在與多個 Tier 進行討論，並且已經獲得了許多設計勝利。

And if that's the case.

如果是這樣的話。

When do you think you'll see first revenue from those wins?

您認為您什麼時候會從這些勝利中看到第一筆收入？

And then maybe just an update on the demand environment in China.

然後可能只是中國需求環境的最新情況。

Right.

正確的。

So for CV 72 AQ we expected that the first revenue from those design wins will be in a fiscal calendar year 2026 that we have been.

因此，對於 CV 72 AQ，我們預計這些設計獲勝的第一筆收入將出現在 2026 財年。

We have talked about this in a previous call.

我們在之前的電話會議中已經討論過這一點。

And of the basically that was a low CV 72 ECU is a basically the low end of CV3 family and addressing a first level of level two plus, for example, for the eight as plus a smart parking.

基本上，低 CV 72 ECU 基本上是 CV3 系列的低端產品，可滿足第一級和第二級的要求，例如，用於 8 輛汽車以及智慧停車。

So that's a no market in China.

所以說這在中國是沒有市場的。

And we're working on a we already have design with Tier one and working with OEM design wins right now.

我們正在研究我們已經與一級供應商進行的設計，並且現在正在與 OEM 設計合作。

So , but I think for the market, the volume point of view, I think China continue to be one of the focus area that we are in are because I think that on from the I think everybody see the EV development in China and we believe autonomous driving also will happen in China faster than any other area.

所以，但我認為，從市場數量的角度來看，我認為中國仍然是我們所處的重點領域之一，因為我認為從我認為每個人都看到了中國電動車的發展，我們相信自動駕駛在中國的發展速度也將快於其他任何地區。

So that's definitely we believe we can monetize our CV3 technology in China faster than any other area.

因此，我們絕對相信我們可以比其他地區更快地在中國將 CV3 技術貨幣化。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hi, thanks for the question.

你好，謝謝你的提問。

Just about your N1 product.

關於您的 N1 產品。

Maybe even any more thoughts on how large this could be and for you guys, have you considered or has anyone talked about combining multiple chips into a server or appliance?

也許還有更多關於這可能有多大的想法，對於你們來說，你們是否考慮過或有人談論過將多個晶片組合到伺服器或設備中？

And then lastly, does, does this meet the Chinese compute restrictions for import as well?

最後，這是否也符合中國的電腦進口限制？

Thanks.

謝謝。

Right.

正確的。

So first of all, in terms of oh one, we definitely believe that we could.

首先，就哦一個而言，我們絕對相信我們可以。

First of all, we can't technically we can put a multiple chip together and to serve a high end solution.

首先，從技術上講，我們無法將多個晶片組合在一起並提供高端解決方案。

But so far, we believe a single chip solution at age well meet our documents for a lot of our current customer, maybe even new customers by to see your point, if we want to go to the Ag Service side that with the multiple of chip will provide a better solution, definitely, that's the direction we are looking at.

但到目前為止，我們相信，如果我們想要使用多個晶片進入農業服務方面，單晶片解決方案足以滿足我們許多當前客戶的文檔要求，甚至可能是新客戶，看看您的觀點肯定會提供更好的解決方案，這就是我們正在尋找的方向。

And the current solution that, for example, with them or with our partners building PCIE card today is a single chip solution by can be multiple chips in the future.

目前的解決方案，例如，今天與他們或我們的合作夥伴一起建立 PCIE 卡是單晶片解決方案，將來可以是多晶片解決方案。

Our potential over the American, the regulation, I think it won't because our architecture, although we can provide high performance at very low power consumption per hour, total pops number as well as a bandwidth, much lower than our competition.

我們的潛力超過了美國的監管，我認為不會因為我們的架構，儘管我們可以以每小時非常低的功耗、總彈出次數以及頻寬提供高效能，但遠低於我們的競爭對手。

And that's our strength of our architecture that we can use a smaller top number and lower bandwidth to achieve a similar or higher performance.

這就是我們架構的優勢，我們可以使用更小的頂部數量和更低的頻寬來實現類似或更高的效能。

Great.

偉大的。

Thank you for

謝謝你

--

--

Chris, in terms of the market size from, we've had many discussions, you know, at CES and afterwards with customers on our Gen AI and LOM products.

Chris，就市場規模而言，我們在 CES 上以及之後與客戶就我們的 Gen AI 和 LOM 產品進行了多次討論。

And we see really good feedback about what these products can do and many customers we found out just we're not aware of that Gen AI models like love a good run so efficiently on a sub 50 watt SOC.

我們看到關於這些產品功能的非常好的反饋，我們發現許多客戶只是沒有意識到 Gen AI 模型喜歡在低於 50 瓦的 SOC 上如此高效地運行。

And so this has triggered a lot of discussions with our customers and how they're going to use the product and we're going to wait to put some market sizing figures out until we're a little bit farther down that process.

因此，這引發了與我們的客戶以及他們將如何使用該產品的大量討論，我們將等待發布一些市場規模數據，直到我們進一步推進流程。

But the feedback's really good, especially doing this on that sub 50 watt SOC.

但反饋確實很好，尤其是在低於 50 瓦的 SOC 上這樣做。

Great.

偉大的。

DO you have a follow up Chris?

你有後續克里斯嗎？

Yes.

是的。

Maybe around the kind of edge AI and camera opportunity, maybe if you could describe that.

也許是圍繞邊緣人工智慧和攝影機的機會，也許你可以描述一下。

I mean, there's so much focus on auto, but next-gen like security cameras with all this AI functionality, like what are growth rates for that market.

我的意思是，人們非常關注汽車，但下一代安全攝影機具有所有這些人工智慧功能，例如該市場的成長率是多少。

You have now visibility into a funnel to kind of refresh that and look to reinvigorate and reinvigorate that market and what kind of growth could we be talking for kind of that edge market as well with your products?

您現在已經了解了一個漏斗，可以刷新該市場，並希望重振該市場，我們可以談論該邊緣市場以及您的產品會帶來什麼樣的成長？

Thanks.

謝謝。

Okay.

好的。

Well for our SAM We haven't updated it for Gen AI kind of like the prior discussion.

對於我們的 SAM 來說，我們還沒有像之前討論的那樣針對 Gen AI 進行更新。

So we're still sizing that up.

所以我們仍在評估這一點。

But the prior SAM CAGR if you will, that we talked about it was in the low 10s range thinking of a five year, SAM kegger for that market.

但如果你願意的話，我們之前討論過的 SAM CAGR 處於 10 左右的範圍內，考慮到該市場的 5 年 SAM kegger。

But that does not include the January ad products and we're going to take a little bit longer to put those numbers.

但這不包括一月份的廣告產品，我們將需要更長的時間來計算這些數字。

And in terms of kind of the insight into of building momentum in this market and any sort of funnel, I'll pass it off to Fermi.

關於在這個市場和任何類型的漏斗中建立動力的洞察力，我會將其傳遞給費米。

Yes.

是的。

In fact, you know, although we talk a lot about auto because that's a huge opportunity, but we never underestimate the importance of a security camera market for us.

事實上，你知道，雖然我們經常談論汽車，因為這是一個巨大的機會，但我們永遠不會低估安全攝影機市場對我們的重要性。

This is really a big portion of our revenue and we continue to believe, but the HGAI application for security cameras important for us, and we continue to develop new platform.

這確實是我們收入的很大一部分，我們仍然相信，但用於安全攝影機的 HGAI 應用對我們來說很重要，我們將繼續開發新平台。

For example, we announced the CV72, and we'll announce new chips for this market are in the near future.

例如，我們發布了 CV72，並且我們將在不久的將來發布針對該市場的新晶片。

So I think we believe that a AI or a high performance team at demand in security camera continue to grow, and we want to be a continue to be the player and the dominant player on the main administering high bottom line.

因此，我認為我們相信安全攝影機對人工智慧或高效能團隊的需求將繼續增長，我們希望繼續成為主要管理高底線的參與者和主導參與者。

Matt Ramsey, TD Cowen.

馬特·拉姆齊，TD·考恩。

Good afternoon, guys, and thank you I guess, Fermi , I wanted to follow up with you on that some of the initial feedback on the N1 from an inference perspective, it's I guess it's not a surprise to me given and that the engineering and architecture teams are getting good feedback on low power in France.

下午好，夥計們，謝謝你，費米，我想從推理的角度跟進你對 N1 的一些初步反饋，我想這對我來說並不奇怪，而且工程和架構團隊在法國獲得了關於低耗電量的良好反饋。

I guess my question is, as you get that good feedback and you're interacting with customers that can potentially ramp this product over time given kind of where the P&L is for you guys right now during the correction, what's the business model over the next 12 to 18 months to start to really build the business around this and get something that could ramp at scale given the software investments that you need, et cetera.

我想我的問題是，當你得到良好的回饋並且你正在與客戶互動時，考慮到目前在修正過程中損益表的情況，你可能會隨著時間的推移而提升該產品，那麼接下來的商業模式是什麼需要 12 到 18 個月的時間來開始真正圍繞此建立業務，並根據您所需的軟體投資等獲得可以大規模增長的東西。

Are you are customers willing?

您是顧客願意嗎？

And are you willing to do sort of in our e-payment arrangements?

您願意參與我們的電子支付安排嗎？

Are people willing to invest alongside you on software?

人們願意與您一起投資軟體嗎？

I'm just trying to figure out I can see big potential here, but there's also some limitations on capital given where the business is and I'm trying to understand what the discussions are to get you from point A to point B if this is going to be a big problem, right?

我只是想弄清楚我可以在這裡看到巨大的潛力，但考慮到業務所在，資本也有一些限制，我試圖了解討論的內容是什麼，以便讓您從 A 點到 B 點（如果是這樣的話）將會是一個大問題，對嗎？

So I think you can make a good point.

所以我認為你可以提出一個很好的觀點。

I think for the oh one, a development is going to be significant for us.

我認為，對我們來說，一項發展將具有重大意義。

But that's why we are open for any kind of business model, including from partnership to our numbers.

但這就是為什麼我們對任何類型的商業模式都持開放態度，包括從合作夥伴關係到我們的數字。

I think with oh one, we really cannot address of some of the customers, particularly our existing customer demand and also on the sulfur.

我認為哦，我們確實無法滿足某些客戶的需求，特別是我們現有的客戶需求以及硫磺的需求。

In fact, you know, we can dan will show you that our investment on the software and tools and the silicon can be leveraged for our first generation chip.

事實上，您知道，我們可以向您展示我們在軟體和工具以及晶片上的投資可以用於我們的第一代晶片。

So from that point of view, I think our in our maturity, our investment for oh one's done.

所以從這個角度來看，我認為我們已經成熟了，我們的投資已經完成了。

So the real question is what's our roadmap moving forward and that we, for example, if we look at corporate development, all of which is defined cooper for other purpose, but definitely directly apply to our own development.

因此，真正的問題是我們前進的路線圖是什麼，例如，如果我們看看企業發展，所有這些都是為其他目的而定義的，但絕對直接適用於我們自己的發展。

So let's talk for further our area.

那麼讓我們進一步討論我們的領域。

And fortunately, I our roadmap.

幸運的是，我有我們的路線圖。

I think that's worth of convenience, right?

我認為這很方便，對嗎？

I think it's from a PR point of view we want to do this.

我認為我們是從公關的角度來看這樣做的。

We need to continue to invest in R&D for new chips and maybe even new silver.

我們需要繼續投資新晶片甚至新銀的研發。

So from that point of view, I agree with you that we have to look at all the possible scenarios, including a partnership as well as an NDA.

因此，從這個角度來看，我同意你的觀點，我們必須考慮所有可能的情況，包括合作夥伴關係和保密協議。

So for the So some of our e-payment is for us to pay for the current cost.

所以對於我們的一些電子支付來說，就是讓我們支付目前的費用。

But I think, you know, based on the feedbacks become very clear, that is not and is not only for the data center and we'll penetrate to the H device and our current existing customer future customer all want our OEM partner roadmap.

但我認為，你知道，根據回饋變得非常清楚，這不是也不僅是針對資料中心，我們將滲透到 H 設備，我們目前現有的客戶未來的客戶都希望我們的 OEM 合作夥伴路線圖。

So I think that we need to be flexible to develop a roadmap of our of our customer and we have to figure out our English in sometime this year.

因此，我認為我們需要靈活地為我們的客戶制定路線圖，並且我們必須在今年的某個時候弄清楚我們的英語。

Yeah, Thank you for all the thoughts.

是的，謝謝你的所有想法。

They're firming up.

他們正在堅定。

I guess as my follow-up question, where but the revenue levels are right now.

我想作為我的後續問題，目前的收入水準在哪裡。

You guys have been consistent the last couple of quarters that you're working with the customer base who burn through inventory that they had built and you're clearly under-shipping and sell through by a pretty significant margin to do that.

在過去的幾個季度裡，你們一直一致認為，你們正在與消耗掉他們建立的庫存的客戶群合作，而你們顯然在出貨量和銷售量上有相當大的利潤來做到這一點。

So I mean, I asked this last quarter and maybe it was too early to ask, but now that we've had three more months.

所以我的意思是，我在上個季度問過這個問題，也許現在問還為時過早，但現在我們還有三個月的時間。

You have a feel now as to what the steady steady-state sell through revenue level of the business is currently just the designs you won, particularly in the security camera business is what it what sell through and what's the market size right now after we've gone way up and way down on the inventory correction, what's kind of the steady-state sell-through that you're under shipping to burn through inventory?

現在您可以感覺到，該業務的穩定狀態銷售收入水平目前只是您贏得的設計，特別是在安全攝影機業務中，它的銷售量以及目前的市場規模是多少？在庫存調整中，您的庫存調整幅度大幅上升和下降，您正在運送以消耗庫存的穩態銷售量是多少？

Do you have an estimate for that?

你對此有一個估計嗎？

Yeah, so we are trying very hard to understand numbers.

是的，所以我們正在努力理解數字。

So let me give you my thoughts.

那麼讓我告訴你我的想法。

I think if I look at the number that at peak, we shipped probably $92 million a quarter at the bottom, we ship roughly $50 million and the whole we do carry all of statistics and the numbers that the model we built, we feel that midpoint of that two number is probably the a comfortable level for us and we are definitely working hard to go to the traditional level.

我認為，如果我看一下這個數字，在高峰時期，我們每季度的出貨量可能為9200 萬美元，在底部，我們的出貨量約為5000 萬美元，而且我們確實包含了所有統計數據和我們建立的模型的數據，我們認為中點這兩個數字可能對我們來說是一個舒適的水平，我們肯定正在努力達到傳統水平。

So I think roughly in the $70 million range is probably either the number we are shooting for Quadna, everything could equal equalized.

所以我認為大約在 7000 萬美元的範圍內可能是我們為 Quadna 拍攝的數字，一切都可以平等。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes, thank you.

是的，謝謝。

My first question for me.

我的第一個問題。

So you talked about fiscal '25, you expect to see growth in both auto and IoT.

您談到了 25 財年，您預計汽車和物聯網都會成長。

I was just hoping you could give us a little bit more sort of the puts and takes and how you think the year to progress, obviously, there's still probably some lingering inventory, especially on the auto side.

我只是希望你能給我們更多的看跌期權和看跌期權，以及你對今年進展的看法，顯然，可能仍然有一些揮之不去的庫存，特別是在汽車方面。

Any more color you can give us as far as the growth you're expecting in both segments this year?

關於今年這兩個領域的成長預期，您還能提供我們更多資訊嗎？

You are talking about CV5 or overall.

你說的是 CV5 或整體。

Now talking about it, you mentioned you expect both segments to grow this year.

現在談論它，您提到您預計這兩個細分市場今年都會成長。

So if you could just give us a little more sort of the dynamics there?

那麼您能否給我們更多一些動態？

Right.

正確的。

So I think for the mobile IoT for first, I think for IoT, it's pretty clear that you know, with the CV2 product line that we have been growing a CV revenue from close to 60% last year.

因此，我認為首先對於行動物聯網，我認為對於物聯網，很明顯，您知道，透過 CV2 產品線，我們的 CV 收入比去年增長了近 60%。

And we want we believe that the momentum seems to family will continue, particularly after the inventory problem is behind us.

我們希望我們相信家庭的勢頭似乎會持續下去，特別是在庫存問題已經過去之後。

So I think at that point, I think CV2 family will drive the growth for us.

所以我認為，到那時，我認為 CV2 系列將推動我們的成長。

But more importantly, I think in our in my script, we talk about CV. five was our ramping last year, we did 0.5 million units.

但更重要的是，我認為在我的劇本中，我們談論簡歷。五是我們去年的產量成長，我們生產了 50 萬台。

And this year, we probably could have doubled, and that will also consume a ASP could be meaningful growth for us.

今年，我們可能會增加一倍，這也將消耗平均售價，這對我們來說可能是有意義的成長。

So I think that square on IoT side.

所以我認為物聯網方面。

On automotive side, I definitely think that the ARM first of all, that we continue to announce of the CV2 design win in a DAS in OMSCMS on the electronic mirror and recorders most us continue to be a big portion of our revenue.

在汽車方面，我絕對認為 ARM 首先，我們繼續宣布 CV2 設計在 OMSCMS 的 DAS 中獲勝，我們大多數人仍然是我們收入的很大一部分。

But also we are announced announcing some partnership with a with a CV3 , a 30 customer that we have started delivering samples and also partnership on our East.

但我們也宣布與 CV3 建立合作關係，CV3 是我們已開始交付樣本的 30 個客戶，並且還在我們的東部建立了合作夥伴關係。

That will definitely play a role in our RCV3 revenue are in our automotive revenues in.

這肯定會在我們的 RCV3 收入和汽車收入中發揮作用。

So I think overall, although that on automotive market continued to be weak based on the feedback on it, but the size of the market.

所以我認為總體而言，雖然根據回饋，汽車市場繼續疲軟，但市場規模很大。

But I still believe that we are a small player in automotive space and we are trying to be big ones.

但我仍然相信，我們在汽車領域只是一個小參與者，我們正在努力成為大參與者。

The process we're looking at more along the line, our growth with the current design wins.

我們正在關注更多的流程，我們隨著當前設計的成長而獲勝。

So I think that's how we feel comfortable that the automotive will also have growth this year.

因此，我認為這就是我們對汽車產業今年也將實現成長感到放心的原因。

Yes, Tore from a product point of view in fiscal '25 in our AI inference products, both Thomas Doll CV. two will be more than 100% of our growth.

是的，從產品的角度來看，我們在 25 財年的人工智慧推理產品（皆為 Thomas Doll CV）中有所體現。二是我們的成長將超過100%。

That means the video processor business will, which was down substantially, as John mentioned, in fiscal '24, that dropped about $80 million, that rate of decline in video processors will begin to really taper off in fiscal '25.

這意味著視訊處理器業務將大幅下降，正如約翰所提到的那樣，在 24 財年下降了約 8,000 萬美元，視訊處理器的下降速度將在 25 財年開始真正放緩。

Did you have a follow up Tore?

你有後續托雷嗎？

it's very helpful as my follow-up.

作為我的後續行動，這非常有幫助。

It's very helpful as my follow-up.

作為我的後續行動，這非常有幫助。

I was I was pretty impressed with the new Cooper developer platform when I saw your samples at CES.

當我在 CES 上看到你們的樣品時，我對新的 Cooper 開發者平台印象非常深刻。

And I was just wondering how that's developing that platform is helping you secure, as you know, more business activity because it does seem like it was an important piece of the pie that was missing.

我只是想知道開發該平台如何幫助您確保更多的業務活動，因為它看起來確實是缺少的重要一塊。

But obviously now that you have it readily available.

但顯然現在你已經可以輕鬆獲得它了。

In fact, they're all existing customers are eager to get a handle on the Cooper tells me a lot about how much they like this development because now it's become very easy for them to port our software, a shoe to defend a Ambarella platform of different Siliconix and also is easy to transfer the sulfur and the function or AIL was from chip to chip.

事實上，他們都是現有客戶，他們都渴望掌握 Cooper 的操作，告訴我他們有多喜歡這個開發，因為現在他們可以輕鬆地移植我們的軟體，一款保護 Ambarella 平台的鞋。不同的Siliconix也很容易將硫和功能或AIL從一個晶片轉移到另一個晶片。

So this whole development is important, not only for us, but also for our customers and us.

因此，整個發展不僅對我們很重要，對我們的客戶和我們也很重要。

And I think and for the existing customer, they'll make their devices more even more comfortable and faster.

我認為對於現有客戶來說，他們將使他們的設備更加舒適和更快。

So it will help us to keep existing customers, but also for the new customer, even in an era in part I think that we hope we can provide our environmental customer quickly can convert their software algorithm to run on our chip is important for our designers.

所以這會幫助我們留住現有的客戶，也能幫助我們留住新的客戶，即使在一個時代，我認為我們希望我們能夠提供我們的環境，客戶能夠快速地將他們的軟體演算法轉換為在我們的晶片上運行，這對我們的設計人員來說很重要。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

I think from a question when I think about the ASP that you mentioned for going from CV2 to CV5 or even backwards.

當我想到你提到的從 CV2 到 CV5 甚至倒退的 ASP 時，我想到了一個問題。

Looking to the CV2 itself.

看看 CV2 本身。

Can you just walk us through again kind of orders of magnitude or rack pricing ranges.

您能否再次向我們介紹一下數量級或機架定價範圍。

How much were ASPs a tailwind in calendar year '24?

24 日曆年 ASP 的推動作用有多大？

And what do you expect them to be in calendar '25?

您對 25 年曆有何期望？

Our rights offering are first of all right.

我們的供股首先是正確的。

So for CV2 family, I think we talk about the price can be anywhere from the high single digit to the probably $30 range.

因此，對於 CV2 系列，我認為我們談論的價格可以從高個位數到大約 30 美元的範圍。

And that's an average is probably high 10s.

這個平均值可能高達 10 多。

That's a CV2 families.

那是CV2家。

And the CV5 we're talking about anywhere from a, you know, a low 30s to high 40s in a rich and that's a and with our run rate, we think that we can maintain a very healthy amount of ASP., both our gross margin outlook for polymers and then on the CV5 but the fact we have CV72 that we mentioned a price range is similar to semi five, but for IoT is a different paradigm.

我們談論的 CV5 從低 30 多歲到高 40 多歲，在富人中，這就是我們的運行率，我們認為我們可以保持非常健康的 ASP 數量。聚合物的利潤前景，然後是CV5，但事實上我們有CV72，我們提到價格範圍類似半五，但對物聯網來說是不同的典範。

So I think and then we stop our CV3 of our CV72 to a two or CV3, 685.

所以我想，然後我們將 CV72 的 CV3 停止為 2 或 CV3，685。

So that just gives you an idea of ASP change.

這只是讓您了解 ASP 的變化。

Great.

偉大的。

Thanks for that detail for me.

謝謝你為我提供的細節。

And then I guess you talked about the year and growing in both sides of the business.

然後我猜你談到了這一年以及業務雙方的成長。

Obviously, we have the first quarter guidance and talked about a little bit of trajectory in the prior question on both your two sides of your business.

顯然，我們有第一季的指導，並在上一個問題中討論了你們雙方業務的一些發展軌跡。

But if we think about the end of the second half versus the first half, it seems like you need some relatively sizable sequential increases on a percentage basis to get to that sort of number, do you think you will be well within those kind of those average of roughly 70 million true sell-through numbers?

但如果我們考慮下半場結束時與上半場的情況，似乎你需要一些相對較大的百分比連續增長才能達到這樣的數字，你認為你會很好地處於這些範圍內嗎？平均大約7000 萬個真實銷售量？

And if so, is that kind of a second half dynamic?

如果是這樣，下半場是否充滿活力？

And then I guess is that more just about shipping to demand, so the inventory headwinds abate or is it about new products?

然後我想這更多的是為了滿足需求，因此庫存阻力減輕還是與新產品有關？

But first of all, we didn't guide any quarter to be 70 million in our guidance we talk about, we believe that we can have growth this year and also believe that our Q1 guidance, but overall, I think if I look at, you know, the number of stories predicting I think is a reasonable and also that based on how we have seen with a and our customer demands and as well as our booking, I feel comfortable with the current the Q1 Q2 guidance.

但首先，我們沒有在我們談論的指導中指導任何季度達到 7000 萬，我們相信今年我們可以實現增長，也相信我們的第一季指導，但總的來說，我認為如果我看看，你知道，我認為預測的故事數量是合理的，而且根據我們對客戶需求的觀察以及我們的預訂，我對當前第一季第二季的指導感到滿意。

Of course, Q3, Q4, we haven't seen enough bookings, but however, the momentum is there.

當然，第三季、第四季，我們還沒有看到足夠的預訂，但勢頭就在那裡。

So I think, you know, I am comfortable that we're going to grow and intensify our quarter two high quarter-to-quarter growth.

因此，我認為，我很高興我們將實現成長並加強第二季的高季度環比成長。

We haven't provided any guidance on that yet.

我們尚未就此提供任何指導。

Yes, and Ross, just to follow up on the ASP question, RESP in fiscal '24 grew about 15% year over year and looking into the next year, it really depends on the mix of video processor versus CV.

是的，羅斯，只是為了跟進 ASP 問題，24 財年的 RESP 同比增長了約 15%，展望明年，這實際上取決於視頻處理器與 CV 的組合。

But even within the CV.2 family, the ratio of CV5 to some of the lower end CV2 then, of course, we won't have CV3 revenue contributing in fiscal '25.

但即使在 CV.2 系列中，CV5 與一些低端 CV2 的比率，當然，我們也不會有 CV3 在 25 財年的收入貢獻。

So there should be some increase, but it's just hard to say how much now.

所以應該會增加，但現在很難說增加多少。

Libya we can move onto the next question.

利比亞 我們可以進入下一個問題。

Kevin Cassidy, Rosenblatt.

凱文·卡西迪，羅森布拉特。

Thanks for taking my question and congratulations on the strong results.

感謝您提出我的問題並祝賀我們取得了優異的成績。

If I try and run as your talking to customers about what is the competitive landscape, what are some of the alternative designs that they're looking at?

如果我嘗試與客戶談論競爭格局，他們正在考慮哪些替代設計？

Is the GPU still being considered even as a edge processor?

GPU 是否仍被視為邊緣處理器？

While some low end GPU being considered by the AG processor, you really need a SOC with very low power consumption.

雖然 AG 處理器正在考慮一些低階 GPU，但您確實需要功耗非常低的 SOC。

And with that GPU is merchandise considered.

GPU 也被視為商品。

However, I do believe that the core com definitely have an ambition to come to this market.

不過，我確實相信Core com肯定有進軍這個市場的野心。

And when we compare to them, just like when we compare to them in the automotive space, I think we can deliver higher performance and lower power consumption.

當我們與它們進行比較時，就像我們在汽車領域與它們進行比較一樣，我認為我們可以提供更高的性能和更低的功耗。

That's consistent to be the case.

情況是一致的。

So I do believe we'll see growth looking at very similar competitors like ours, our automotive market.

因此，我確實相信，我們會看到像我們的汽車市場這樣非常相似的競爭對手的成長。

Great.

偉大的。

Thanks.

謝謝。

And I think you're getting a lot of leverage out of the five nanometer process.

我認為您從五奈米製程中獲得了很大的優勢。

You've got lots of I'd say our price performance ranges from that 5-nanometer, is there anything in your roadmap looking to go below five nanometer now?

我想說我們的性價比範圍從 5 奈米開始，您的路線圖中是否有任何東西希望現在低於 5 奈米？

Yes, we have to I think this week there's no chance will stay outside of either push will go for.

是的，我們必須這樣做，我認為本週沒有機會排除任何推動力。

However, I think it is really driven by two things.

然而，我認為這實際上是由兩件事驅動的。

One is total can justify the cost and also whether that's a performance requirement, but I definitely believe that you'll start hearing us talk about the next generation of process selections in the near future.

一個是完全可以證明成本的合理性以及這是否是性能要求，但我絕對相信您將在不久的將來開始聽到我們談論下一代工藝選擇。

(Operator Instructions) Joe Moore, Morgan Stanley.

（操作員指示）喬·摩爾，摩根士丹利。

Thank you, Fermi you had alluded to some OEM wins for CV5 that start to ramp in the second half of the year.

謝謝費米，您提到了 CV5 的一些 OEM 勝利，這些勝利將在今年下半年開始增加。

Can you talk about what applications you're addressing there?

您能談談您正在處理哪些應用程式嗎？

It is an EV truck in a in a in Western space.

這是一輛位於西部地區的電動卡車。

And we've actually we have been working on this case for several years, and the customer doesn't allow us to talk about it just yet, but I think we are close to a to a announce their products, and I feel that we should not we feel comfortable to share.

事實上，我們已經在這個案例上工作了好幾年了，客戶還不允許我們談論它，但我認為我們已經接近宣布他們的產品了，我覺得我們不應該樂於分享嗎？

This gives us, but not to mention the customer name.

這給了我們客戶名稱，但沒有提及。

Great.

偉大的。

Thank you for that.

謝謝你。

And then I guess as far as the N1 product goes, you guys have kind of always shied away from doing anything in a phone, because you don't want to become a feature in a chipset.

然後我想就 N1 產品而言，你們總是迴避在手機中做任何事情，因為你們不想成為晶片組中的一個功能。

But obviously, a lot of the potential large language model inference could be devices like phones.

但顯然，許多潛在的大型語言模型推理可能是手機等設備。

So can you just talk about what are their opportunities around that to do co-processors or where do you kind of draw the line for your participation?

那麼您能否談談他們做協處理器的機會是什麼，或者您的參與界限在哪裡？

Right, since both the telecom and media authority coker and the MediaTek operating groups are coming to introducing products used for space for now and I feel that our optimism is limited because of scale in all my idea is that even our phone, the phone because you have 5G connectivity, you might be able to use some at age, pursue leverage the 5G so we can connect to the cloud to run, but most of our functions at on a on the server side.

是的，由於電信和媒體權威焦化和聯發科營運團隊現在都在推出用於太空的產品，我覺得我們的樂觀情緒是有限的，因為規模在我所有的想法中是，即使是我們的手機，手機因為你有5G連接，你可能可以在年齡上使用一些，追求利用5G，這樣我們就可以連接到雲端來運行，但我們的大部分功能都在伺服器端。

So with that, cellphone become of a limit opportunity for us, not only because of Qualcomm, MediaTek as a advantage in terms of market share there.

因此，手機對我們來說成為一個有限的機會，不僅是因為高通、聯發科在市場佔有率方面具有優勢。

But also the usage model is really not purely ages of combination Asia and in the cloud.

但使用模式並不純粹是亞洲和雲端時代的結合。

So my feeling is we are going to look at pure H devices that focusing on a battery sensitive and also the latency sensitive applications, just like what we had before.

所以我的感覺是，我們將關注純 H 設備，專注於電池敏感以及延遲敏感的應用程序，就像我們之前的那樣。

Great, Thank you very much.

太好了，非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

And I'm showing no further questions in the queue at this time.

目前我在隊列中沒有顯示任何其他問題。

I will now turn the call back over to Dr. Fermi Wang for any closing remarks.

現在，我將把電話轉回給費米·王博士，讓其發表結束語。

Yeah, and I want to thank all of you for joining us today and looking forward to talk to you in a different conference or next time.

是的，我要感謝大家今天加入我們，並期待在其他會議或下次會議上與你們交談。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude our conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。