Ambarella Inc (AMBA) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to Ambarella's fourth quarter and fiscal year 2024 earnings conference call.

歡迎參加 Ambarella 2024 財年第四季和收益電話會議。

(Operator Instructions) Please note that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

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

現在，我將會議移交給您的演講主持人、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.

今天與我一起通話的是總裁兼執行長 Fermi Wang 博士；以及財務長 John Young。

The 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 2024 財年第四季和全年業績的資訊。

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.

今天的討論和對您的問題的回答將包含有關我們預計的財務業績、財務前景、市場成長、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.

這些聲明是基於目前可用的信息，並受風險、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, our actual results could differ materially from these forward-looking statements.

如果任何這些風險或不確定因素成為現實，或者我們的假設被證明是錯誤的，我們的實際結果可能與這些前瞻性陳述有重大差異。

We are under no obligation to update these statements.

我們沒有義務更新這些聲明。

These risks, uncertainties, and assumptions as well as other information on potential risk factors that could affect our financial results are more fully described in the documents we filed with the SEC.

這些風險、不確定性和假設以及可能影響我們財務結果的潛在風險因素的其他資訊在我們向美國證券交易委員會提交的文件中進行了更詳細的描述。

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 2024 財年第四季和全年業績新聞稿、成績單、歷史業績、SEC 文件以及今天電話會議的重播。

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.

Fermi 現在將提供本季的業務更新。

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

約翰將回顧財務結果和前景，然後我們將回答您的所有問題。

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.

感謝您今天參加我們的電話會議。

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

在24財年第四季度，我們的營收季增約2％，略微超過了我們預期範圍的中點。

Thanks to the early actions we took to help our customers navigate their excess inventory, our business continued to stabilize, and it's beginning to recover.

由於我們早期採取行動幫助客戶處理過剩庫存，我們的業務持續穩定並開始復甦。

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.

由於客戶消化了整個產業半導體週期性衰退造成的庫存，24財年全年我們的營收年減了32.9%。

Looking ahead to fiscal year '25, we continue to expect both our automotive and IoT business to grow, as the cyclical challenges wane and the secular growth of [each] AI strategy emerges.

展望25財年，隨著週期性挑戰的消退和[每個]人工智慧策略的長期成長的出現，我們繼續預期我們的汽車和物聯網業務都將實現成長。

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 5-nanometer CV5.

我們的客戶目前已累積安裝了超過 2000 萬個 AI 推理 SoC，全部來自我們的 10 奈米 CV2 系列和 5 奈米 CV5。

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

這是基於約 280 種累計產量豐富的客戶產品。

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 25 財年營收成長的主要動力。

Our AI inference business, all in-edge applications, represented approximately 60% of our total fiscal 2024 revenue, and it was the key factor in the meetings percent year-over-year increase in our blended ASP.

我們的 AI 推理業務（所有邊緣應用）約占我們 2024 財年總營收的 60%，也是我們混合 ASP 年成長的關鍵因素。

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

預計人工智慧收入組合更加豐富和平均售價更高的趨勢將會持續下去。

In particular, the CV3 SoC family enters production.

特別是，CV3 SoC系列已投入生產。

At this time, virtually all of our customer's new design activity involves our AI inference processors.

目前，我們客戶的幾乎所有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 the CES where all of our SoCs demos, more than 30, were based on our AI inference products

事實上，今年是我們在 CES 上第一次展示所有 SoC 演示（超過 30 個），這些演示均基於我們的 AI 推理產品

Fiscal 2024 was certainly challenging for most of the industry.

2024 財年對大多數產業來說無疑充滿挑戰。

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

然而，我們相信，隨著市場復甦，產業的關鍵發展和公司的具體成就將使我們處於非常有利的成長位置。

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

對於產業而言，過去人工智慧流程機會主要體現在位於資料中心的伺服器中訓練 GPU，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 edge, has become better understood, and this is exactly where we have been focused on.

然而，在過去的一年裡，推理處理器（特別是在邊緣）的重要角色和機會得到了更好的理解，而這正是我們一直關注的重點。

Internally, we achieved four key milestones during the last year.

在內部，我們去年實現了四個重要的里程碑。

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，我們第一款 5 奈米 SoC CV5 的出貨量現已超過 50 萬台，我們預計 2025 財年的出貨量將增加約一倍。

Most of CV5 volume is currently in our IoT business, although we expect an automotive OEM to start production in the second half of the year.

儘管我們預計汽車 OEM 將在今年下半年開始生產，但目前 CV5 的大部分產量都集中在我們的物聯網業務中。

The fact that we have already achieved a high volume mass production at 5-nanometer helps pave the way for our other 5-nanometer SoC, such as the CV3 family.

我們已經實現了 5 奈米的大批量生產，這為我們的其他 5 奈米 SoC（例如 CV3 系列）鋪平了道路。

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

其次，汽車市場既類似於我們的5奈米CV3的高端生產版本，也類似於針對中國的5奈米版本。

At the high end, we sample CV3-AD685, targeting L3 and above autonomy, and this central domain controller is currently evaluated -- is in evaluation at multiple OEMs and Tier 1s globally.

在高端，我們對 CV3-AD685 進行了採樣，目標是 L3 及以上的自主性，並且該中央域控制器目前正在評估中 - 正在全球多個 OEM 和 Tier 1 中進行評估。

So far, we are finding success in L3 and above commercial vehicles.

目前，我們在 L3 及以上商用車領域取得了成功。

For the basic highway L2 plus opportunity in China, we introduced a CV72AQ, and we have numerous Tier 1 design wins and OEM discussions underway.

針對中國基本高速公路的 L2+ 機遇，我們推出了 CV72AQ，並且已經獲得了眾多一級供應商的設計訂單，並且正在進行 OEM 洽談。

Third, we introduced our generative AI, gen AI strategy for the edge of the network, and we are sampling our 5-nanometer N1 processor, targeting edge applications, ranging from IoT devices to edge servers.

第三，我們推出了針對網路邊緣的生成式人工智慧 (gen AI) 策略，並且正在對 5 奈米 N1 處理器進行採樣，瞄準從物聯網設備到邊緣伺服器的邊緣應用。

Fourth, we'll continue to build out the CV3 automotive platform to offer our Tier 1 and OEM customers turnkey options with our software stack and our centrally processed HD radar algorithms.

第四，我們將繼續建造 CV3 汽車平台，透過我們的軟體堆疊和集中處理的高清雷達演算法為我們的一級和 OEM 客戶提供交鑰匙選項。

We started the new year at the Consumer Electronics Show, CES, where we hosted over 200 customer meetings and made a number of significant announcements for automotive, gen AI, and our new Cooper development platform.

我們在消費性電子展 (CES) 上開啟了新的一年，在那裡我們舉辦了 200 多場客戶會議，並就汽車、人工智慧和我們的新 Cooper 開發平台發布了許多重要公告。

We were pleased to receive a CES Innovation Award for the second year in a row, this time for our centralized radar processing architecture.

我們很高興連續第二年獲得 CES 創新獎，這次獲獎是因為我們的集中式雷達處理架構。

In December, we unveiled our latest software stack for Level 2 plus in the higher autonomous driving applications.

12 月，我們推出了更高級自動駕駛應用的 Level 2+ 的最新軟體堆疊。

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

該軟體經過最佳化，可擴展至我們整個 CV3 處理器系列，使 OEM 能夠更快地進入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，包括感知層、融合層和規劃層，主要基於深度學習，這使得軟體開發更容易擴展，從而產生更準確的解決方案。

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

最後，最重要的是，我們依靠高解析度攝影機中的雷達感知資料來創建車輛內部的即時地圖。

And for this reason, we eliminate the use of stored HD maps that may contain stale data, which results in improved results and a reduced cost for OEM.

因此，我們不再使用可能包含過時資料的儲存高清地圖，從而改善結果並降低 OEM 成本。

If needed, the software stack is available in modules and can be combined with an OEM's own software intellectual property.

如有需要，軟體堆疊可以以模組形式提供，並可與 OEM 自己的軟體智慧財產權結合。

During the CES show, we demonstrated a stack running on a single CV3 automotive AI domain processor in our own autonomous vehicle, successfully completing over 150 autonomous rides.

在 CES 展會期間，我們示範了在我們自己的自動駕駛汽車上運行單一 CV3 汽車 AI 域處理器的堆疊，成功完成了 150 多次自動駕駛。

The demonstration integrated our Oculii radar algorithm for the first time.

此次演示首次整合了我們的Oculii雷達演算法。

We also announced the expansion of our CV3 processor family with the addition of our CV3-AD635 and the 655 SoCs.

我們也宣布擴展我們的 CV3 處理器系列，增加 CV3-AD635 和 655 SoC。

The new CV3-AD635 supports a sensing suite that includes multiple cameras and radars to enable mainstream Level 2 plus feature set, such as highway autopilot and automated parking, in addition to meeting the GSR2 and NCAP standards.

新款 CV3-AD635 支援包含多個攝影機和雷達的感測套件，除了滿足 GSR2 和 NCAP 標準外，還實現了主流的 Level 2+ 功能集，如高速公路自動駕駛和自動停車。

Additionally, the 655 enables advanced Level 2 plus with urban autopilot, as well as the support for additional cameras, radars, and other sensors.

此外，655 還支援先進的 2 級以上城市自動駕駛，以及對附加攝影機、雷達和其他感測器的支援。

With the previously announced flagship 685 SoC, along with the China-focused CV72AQ SoC, the CV3 family of four processors now covers the full range of AD and ADAS solutions, from mainstream to premium passenger vehicles.

加上先前發布的旗艦 685 SoC 以及專注於中國的 CV72AQ SoC，CV3 系列四款處理器現已涵蓋從主流到高階乘用車的全系列 AD 和 ADAS 解決方案。

The new CV3-AD SoCs were endorsed by our partner Continental.

全新 CV3-AD SoC 得到了我們合作夥伴大陸航空的認可。

Kodiak Robotics, a leading autonomous vehicle company focused on trucking and defense, announced that it had selected our CV3-AD685 AI domain controller for its next-generation autonomous vehicles.

Kodiak Robotics 是一家專注於卡車運輸和國防的領先自動駕駛汽車公司，該公司宣布已為其下一代自動駕駛汽車選擇了我們的 CV3-AD685 AI 域控制器。

In IoT markets, during CES, we announced we are bringing gen-AI capabilities to the edge through the introduction of our N1 processor for on-premises applications.

在物聯網市場，在 CES 期間，我們宣布透過推出用於本地應用的 N1 處理器，將通用人工智慧功能推向邊緣。

This SoC supports up to 34 billion parameters, multimodel large language models, LLMs, with low power consumption, enabling gen-AI for edge applications.

該 SoC 支援多達 340 億個參數、多模型大型語言模型、LLM，具有低功耗，可為邊緣應用提供 gen-AI。

We demonstrated multimodal LLMs running on the new N1 processor at a fraction of the power per inference of leading GPU solutions.

我們示範了在新 N1 處理器上運行的多模 LLM，其推理功耗僅為領先 GPU 解決方案的一小部分。

Ambarella aims to bring gen-AI to a wide range of edge applications, including video security, robotics, and industrial applications.

Ambarella 的目標是將 gen-AI 引入廣泛的邊緣應用，包括視訊安全、機器人和工業應用。

Quanta Computer announced it was partnering with Ambarella to develop products based on our CV3-AD685, CV72, and new N1 processor to address cutting-edge AI devices.

廣達電腦宣布正在與安霸合作開發基於我們的 CV3-AD685、CV72 和新 N1 處理器的產品，以滿足尖端 AI 設備的需求。

This offering addresses the growing market demand for a diverse range of neural networks and LLMs and will empower business across sectors, including autonomous vehicles, smart surveillance, robotics, and healthcare.

該產品滿足了市場對各種神經網路和法學碩士日益增長的需求，並將為自動駕駛汽車、智慧監控、機器人和醫療保健等各個領域的企業提供支援。

Quanta demonstrated PCIe add-in cards based on our N1, as well as showing automotive ECUs based on CV3-AD685.

廣達展示了基於我們的 N1 的 PCIe 附加卡，並展示了基於 CV3-AD685 的汽車 ECU。

We also introduced and demonstrated our new Cooper developer platform.

我們也介紹並示範了我們的新Cooper開發者平台。

Cooper offers seamless integration of software, hardware, state-of-the-art, fine-tuned AI models and services that provide universal support of Ambarella's entire portfolio of AI SoCs.

Cooper 提供軟體、硬體、最先進、微調的 AI 模型和服務的無縫集成，為 Ambarella 的整個 AI SoC 產品組合提供通用支援。

We have now successfully deployed Cooper to some of our IoT customers worldwide.

我們目前已成功將 Cooper 部署到全球的一些物聯網客戶。

I will now quickly highlight some of the customer products announced and made during the last quarter.

現在，我將快速重點介紹上個季度宣布和生產的一些客戶產品。

In the Chinese automotive market, we continue to expand our position in this important market.

在中國汽車市場，我們不斷擴大在這個重要市場的地位。

During the quarter, GAC Auto announced Aion S Max passenger car with combination driver monitoring and in-cabin sensing based on our CV25AQ automotive AI vision processor.

本季度，廣汽汽車發布了基於我們的 CV25AQ 汽車 AI 視覺處理器、配備駕駛員監控和車艙感應組合功能的 Aion S Max 乘用車。

GAC also introduced its Trumpchi M8 passenger car with driver monitoring and the multi-channel occupancy monitoring also based on our CV25AQ.

廣汽也推出了傳祺M8乘用車，該車配備了駕駛員監控和多通道乘客監控，也基於我們的CV25AQ。

And in January, XPENG unveiled its X9 minivan including an electronic mirror system based on our A12 automotive SoC.

今年 1 月，小鵬汽車推出了 X9 小型貨車，其中包括基於我們的 A12 汽車 SoC 的電子後視鏡系統。

And in the enterprise IoT market, Korean market leader Hanwha Vision introduced multiple models based on AI vision SoC, including 4K and the four-channel multi-directional cameras based on our CV2 SoCs and the AI thermal camera based on our CV22 SoCs, while Korean camera supplier IDIS introduced a 2-megapixel voice-over-IP video intercom based on our CV28 SoC.

在企業物聯網市場，韓國市場領導者韓華視覺推出了多款基於AI視覺SoC的型號，包括基於我們CV2 SoC的4K和四通道多向相機以及基於我們CV22 SoC的AI熱像儀，而韓國相機供應商IDIS則推出了基於我們CV28 SoC的200萬像素IP語音語音電子講機。

And Taiwan-based Vivotek also introduced this new 87-V3 family of IP camera based on our CV22 AI SoCs and featuring fixed dome and bullet models with advanced AI capabilities.

總部位於台灣的 Vivotek 也推出了這款新型 87-V3 系列 IP 攝影機，該攝影機基於我們的 CV22 AI SoC，具有固定半球和子彈頭型號，具備先進的 AI 功能。

And in the home monitoring market, Canadian service provider TELUS announced its home view doorbell camera based on our CV28M AI SoC and featuring advanced AI detection.

在家庭監控市場，加拿大服務供應商 TELUS 宣布推出基於我們的 CV28M AI SoC 並具有先進 AI 檢測功能的家用門鈴攝影機。

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 process opportunities at the edge.

總而言之，展望未來，我們的主要目標是恢復營收成長和獲利能力，同時繼續推動我們在邊緣 AI 推理過程機會的策略研發重點。

To achieve this goal, we're highly focused on commercialization of technology and products we have developed.

為了實現這一目標，我們高度重視我們開發的技術和產品的商業化。

And in particular, converting the multiple RFIs and RFQs we are currently working on for CV2 and CV3 into awarded business.

特別是將我們目前正在為 CV2 和 CV3 處理的多個 RFI 和 RFQ 轉化為授予的業務。

Furthermore, returning our IoT business to its positive secular growth trajectory is very important.

此外，讓我們的物聯網業務重回積極的長期成長軌跡非常重要。

And this includes our early business development for our new gen AI N1 processor.

其中包括我們新一代 AI N1 處理器的早期業務開發。

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

總而言之，我們並沒有因整個產業長期的周期性衰退而分散注意力。

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

我們看到，我們所關注的長期趨勢，即安全、保障和自動化，仍然保持強勁。

The increased market attention on inference processing, in particular at the edge, is aligned with where we have been investing.

市場對推理處理（尤其是邊緣處理）的關注度日益提高，這與我們一直以來的投資方向一致。

In the new year, we are very excited about the opportunities we are working on and look forward to move more business in the won column.

在新的一年裡，我們對所面臨的機會感到非常興奮，並期待在贏得更多業務方面取得進展。

And I'm excited about what we will achieve in the years ahead.

我對我們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，約翰將更詳細地討論 2024 財年第四季和全年業績和展望。

Thank you, Fermi.

謝謝你，費米。

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

首先，我想說我很榮幸能擔任財務長一職。

I've 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.

我已經與團隊合作了七年，我非常高興能夠幫助公司在目標市場成長。

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

我現在將回顧截至 2024 年 1 月 31 日的 2024 年第四季和全年的財務亮點。

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 結果，並請您參考今天的新聞稿，以了解 GAAP 與非 GAAP 結果的詳細對帳。

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，我們取消了股票薪酬費用以及根據稅務影響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，全年下降了約 14%。

From a product point of view, a large majority of our fiscal 2024 revenue decline was from our human-viewing video processor SoCs.

從產品角度來看，我們 2024 財年營收下降的大部分原因是人眼觀看視訊處理器 SoC。

For fiscal year 2024, non-GAAP gross margin was 63.3% versus 63.9% in fiscal 2023.

2024 財年非 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.

本年度非公認會計準則營業費用成長 3.9%，而去年同期為 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.

第四財季營收為 5,160 萬美元，略高於我們先前預期範圍的中點，較上季成長 2%，年減 38%。

Non-GAAP gross margin for fiscal Q4 was 62.5%, in line with our prior guidance range.

第四財季非公認會計準則毛利率為 62.5%，符合我們先前的預期範圍。

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.

非公認會計準則營業費用為 4,410 萬美元，與上一季基本持平，且低於我們先前預期的 4,500 萬至 4,800 萬美元範圍，這得益於持續的費用管理和季度間支出的時間安排。

We remain on track to our internal product development milestones.

我們仍在按計劃實現內部產品開發的里程碑。

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 GAAP

tax provision was approximately $119,000.

稅收準備金約為119,000美元。

In fiscal Q4, we recorded a one-time GAAP non-cash 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 unrealizable in the foreseeable future.

在財政第四季度，我們記錄了一筆 2,270 萬美元的一次性 GAAP 非現金稅費，為某些被認為在可預見的未來很可能無法實現的美國遞延稅項資產建立了估值準備金。

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

此估值準備金被排除在第四季度非公認會計準則稅務準備金之外，這與我們對稅務估值準備金變動的歷史慣例一致。

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

此調整是根據美國應稅收入比例依照GAAP要求徵收的非現金稅費。

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，或每股攤薄虧損 0.24 美元。

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

現在我來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, while days of inventory decreased from 145 to 131 days.

應收帳款銷售未償付天數從上一季的 42 天增加到 44 天，而庫存天數從 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.

本季經營現金流為 400 萬美元，全年經營現金流入為 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，佔第四季度我們收入的 10% 或以上。

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.

文曄微電子 (WT Microelectronics) 是台灣的一家物流合作夥伴，為亞洲多個客戶發貨，其第四季營收佔 55%，2024 財年全年營收佔 53%。

Chicony, an ODM who manufactures for multiple end customers, was 14% of revenue for both the quarter and the full fiscal year 2024.

群光是一家為多個終端客戶進行生產的 ODM，其 2024 財年本季和全年營收佔比均為 14%。

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

我現在將討論 2025 財年第一季的展望。

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.

我們在半導體產業週期性衰退期間採取的早期行動幫助我們的客戶解決了高庫存問題，這些行動現在使我們的業務趨於穩定並開始復甦。

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都會實現連續成長。

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長，主要是由於新產品開發成本和員工相關費用，而這些費用在前幾個季度我們已經推遲了。

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

我們估計淨利息收入約 150 萬美元，非 GAAP 稅費約 50 萬美元，稀釋股數約 4,080 萬股。

Ambarella will be participating in a fireside chat and hosting one-on-one and group meetings on February 29 in New York City at Susquehanna's Technology Conference.

安霸將於 2 月 29 日在紐約市 Susquehanna 技術大會上參加爐邊談話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 4.

我們也將於 3 月 4 日星期一參加摩根士丹利在舊金山舉行的 TMT 會議。

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

3月18日，我們將參加南加州的ROTH會議。

We hope to see you at one of these events.

我們希望能夠在其中的某一個活動中見到您。

Please contact us for more details.

請聯絡我們以了解更多詳細資訊。

Thank you for joining our call today.

感謝您今天參加我們的電話會議。

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

說完這些，我將把電話轉給接線生來回答問題。

(Operator Instructions) Quinn Bolton, Needham.

（操作員指令）奎因博爾頓，尼德姆。

Hey, this is Neil Young on for Quinn Bolton.

嘿，這是 Quinn Bolton 的 Neil Young。

Thank you for taking my questions.

感謝您回答我的問題。

So you said you were seeing project delays from Tier 1s and OEMs, as well as volume reductions in planned projects, which you called out more of an inventory issue.

所以您說您看到一級供應商和原始設備製造商的項目延遲，以及計劃項目的數量減少，您稱這更多的是庫存問題。

Is that inventory improvement progressing ahead of where you thought it would?

庫存改善的進度是否超出了您的預期？

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.

然後我進行了後續行動。

So you are referring to what we said a quarter before?

那您指的是我們一個季度前所說的內容嗎？

Yeah.

是的。

So I think in November, when we provide -- I think early December, when we provide our final guidance for this year, I think we talk about there's a project got pushed out from OEM Tier 1, also some decision for a new project also got delayed.

所以我認為在 11 月，當我們提供——我想在 12 月初，當我們提供今年的最終指導時，我想我們談論的是有一個項目被從 OEM Tier 1 中推出，而且一些新項目的決定也被推遲了。

And also there's some inventory.

並且還有一些庫存。

I think what we are saying is still consistent with what we have said in December last year.

我想我們現在說的話和去年12月說的話還是一致的。

I think there's no new updates.

我認為沒有新的更新。

I don't think -- we haven't seen new development in terms of a further project got delayed or pushed out.

我不認為——我們還沒有看到進一步的項目被推遲或推遲方面的新進展。

Okay.

好的。

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

那麼在汽車方面，關於庫存，您沒有看到任何改善嗎？

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

我們沒有看到任何改善，但我們並不是說情況變得更糟了。

Okay.

好的。

Thanks.

謝謝。

And then for my follow-up.

然後進行我的後續行動。

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

所以過去您談到第一筆 CV3 收入將來自中國。

I believe in your opening remarks, I heard you say you're engaged in discussion with multiple Tier 1s and already have multiple design wins on the way.

我相信您在開場白中說過您正在與多個一級供應商進行討論，並且已經獲得了多個設計勝利。

If that's the case, when do you think you'll see first revenue from those wins?

如果確實如此，您認為什麼時候能從這些勝利中獲得第一筆收入？

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

然後可能只是關於中國需求環境的更新。

Right.

正確的。

So for CV72AQ, we expect that the first revenue from those design wins would be in calendar year 2026.

因此對於 CV72AQ，我們預計這些設計勝利的第一筆收入將在 2026 年。

We have talked about this in a previous call.

我們在之前的通話中已經討論過這個問題。

And basically, that was a low end -- CV72AQ is basically the low end of CV3 family and addressing first level of Level 2 plus, for example, for the ADAS plus smart parking.

基本上，那是低階產品 - CV72AQ 基本上是 CV3 系列的低階產品，針對 2 級以上的第一級，例如 ADAS 加智慧停車。

So that's the new market in China we're working on.

這就是我們正在努力開拓的中國新市場。

We already have design with Tier 1 and working with OEM design wins right now.

我們已經與 Tier 1 進行了設計，並且目前正在與 OEM 設計機構合作。

But I think for the market development point of view, I think China continues to be one of the focus areas that we are in because I think everybody see the EV development in China, and we believe autonomous driving also will happen in China faster than other areas.

但從市場發展的角度來看，中國仍然是我們關注的重點地區之一，因為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也將比其他地區更快。

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

所以，我們相信，我們在中國可以比在任何其他地區更快地將我們的 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, maybe any more thoughts on how large this could be for you guys?

關於您的 N1 產品，您對此有何看法？

Have you considered or has anyone talked about combining multiple chips into a server or appliance?

您是否考慮過或有人談論過將多個晶片組合到一台伺服器或設備中？

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

最後，這是否也符合中國進口的計算限制？

Thanks.

謝謝。

Right.

正確的。

So first of all, in terms of N1, we definitely believe that -- first of all, we can -- technically we can put multiple chips together and to serve a high-end solution.

因此首先，就 N1 而言，我們絕對相信——首先，從技術上講，我們可以將多個晶片放在一起並提供高端解決方案。

But so far, we believe a single chip solution at the edge will meet demands for a lot of our current customers, maybe even new customers.

但到目前為止，我們相信邊緣的單晶片解決方案將滿足許多現有客戶甚至新客戶的需求。

But I do see your point.

但我確實明白你的意思。

If you want to go to the edge server side that, with multiple chips, we'll provide a better solution.

如果你想去邊緣伺服器端，有了多個晶片，我們會提供更好的解決方案。

Definitely that's the direction we are looking at.

這無疑是我們正在關注的方向。

And the current solution that, for example, we demo with our partners building PCIe card today is a single chip solution, but it can be multiple chips in the future.

例如，我們今天與合作夥伴一起演示的構建 PCIe 卡的當前解決方案是單晶片解決方案，但未來可以是多晶片解決方案。

In terms of the American regulation, I think N1, because our architecture, although we can provide high performance at very low power consumption, but our total [tops], top number as well as the bandwidth, is much lower than our competition.

就美國法規而言，我認為是N1，因為我們的架構雖然可以在非常低的功耗下提供高效能，但我們的總量、頂部數量以及頻寬都比我們的競爭對手低得多。

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

這就是我們的優勢、我們的架構，我們可以使用較小的頂部數字和較低的頻寬來實現相似或更高的效能。

Great.

偉大的。

Thank you for your comments.

感謝您的評論。

Chris, in terms of the market size, we've had many discussions at CES and afterwards with customers on our gen AI and LLM products, and we see really good feedback about what these products can do.

克里斯，就市場規模而言，我們在 CES 上以及之後與客戶就我們的新一代 AI 和 LLM 產品進行了多次討論，並且我們看到了關於這些產品功能的良好反饋。

And many customers, we found out, just were not aware that gen AI models like Lava could run so efficiently on a sub 50-watt SoC.

我們發現，許多客戶並沒有意識到像 Lava 這樣的新一代人工智慧模型可以在低於 50 瓦的 SoC 上如此有效率地運作。

And so this has triggered a lot of discussions with our customers on how they're going to use the product.

這引發了我們與客戶關於如何使用產品的大量討論。

And we're going to wait to put some market sizing figures out until we're a little bit farther down that process.

我們將等待這項進程進一步推進，然後再公佈一些市場規模數據。

But the feedback's really good, especially doing this on a sub 50-watt SoC.

但反饋非常好，特別是在低於 50 瓦的 SoC 上這樣做。

Do you have a follow up, Chris?

克里斯，你還有後續消息嗎？

Great.

偉大的。

Yeah.

是的。

Maybe around the kind of edge AI and camera opportunity.

也許是圍繞邊緣人工智慧和相機的機會。

Maybe if you could describe that.

也許你可以描述一下。

I mean, there's so much focus on auto.

我的意思是，人們太關注汽車了。

But next gen, like security cameras with all this AI functionality, what are growth rates for that market?

但是下一代，例如具有所有 AI 功能的安全攝影機，該市場的成長率是多少？

Do you have now visibility into a funnel to kind of refresh that and to revigorate that market?

現在您可以了解通路以刷新並振興該市場？

And what kind of growth could we be talking for kind of that edge market as well with your products?

那麼，對於你們的產品，我們可以談論這種邊緣市場將實現什麼樣的成長嗎？

Thanks.

謝謝。

Well, for our SAM, we haven't updated it for gen AI, kind of like the prior discussion, so we're still sizing that up.

嗯，對於我們的 SAM，我們還沒有針對 gen AI 進行更新，有點像之前的討論，所以我們仍在對其進行評估。

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

但是，如果您願意的話，我們所討論的先前的 SAM CAGR 處於低十幾個百分點的範圍內，考慮該市場的五年 SAM CAGR。

But that does not include the gen AI products.

但這不包括新一代人工智慧產品。

And we're going to take a little bit longer to put those numbers in.

我們還需要更長的時間來統計這些數字。

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

關於在這個市場中建立勢頭和任何類型的管道的洞察，我將把它傳遞給費米。

Yes.

是的。

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

事實上，雖然我們談論了很多關於汽車的話題，因為這是一個巨大的機遇，但我們從未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.

這確實佔了我們收入的很大一部分。

And we continue to believe that the edge AI application for security cameras is important for us.

我們始終相信，安全攝影機的邊緣 AI 應用對我們很重要。

And we continue to develop new platform.

我們將繼續開發新的平台。

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

例如，我們宣布了CV72，並且我們將在不久的將來宣布針對該市場的新晶片。

So I think we believe that the AI performance demand in security camera will continue to grow.

因此我認為我們相信安全攝影機的人工智慧效能需求將持續成長。

And we want to continue to be the player and the dominant player on the mainstream high-end product line.

而我們希望繼續成為主流高階產品線的參與者和主導者。

Matt Ramsey, TD Cowen.

馬特·拉姆齊（Matt Ramsey），TD Cowen。

Good afternoon, guys.

大家下午好。

Thank you.

謝謝。

I guess, Fermi, I wanted to follow up with you on some of the initial feedback on the N1 from an inference perspective.

我想，費米，我想從推理的角度跟進一下關於 N1 的一些初步回饋。

And I guess it's not a surprise to me, given that the engineering and architecture team is getting good feedback on low-power inference.

我想這對我來說並不意外，因為工程和架構團隊在低功耗推理方面獲得了良好的回饋。

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 a business around this and get something that could ramp at scale, given the software investments that you need, et cetera?

我的問題是，當您獲得良好的反饋並與可能隨著時間的推移提升該產品的客戶進行互動時，考慮到您目前的損益情況，考慮到您所需的軟體投資等，未來 12 到 18 個月的商業模式是什麼？ 開始真正圍繞這個產品建立業務並獲得可以大規模提升的產品？

Are customers willing, and are you willing, to do sort of NRE payment arrangements?

客戶是否願意，您是否願意，進行某種 NRE 付款安排？

Are people willing to invest alongside you on software?

人們願意和你一起投資軟體嗎？

I'm just trying to figure out.

我只是想弄清楚。

I can see big potential here, but there's also some limitations on capital, given where the business is.

我認為這裡面有很大的潛力，但考慮到業務現狀，資本方面也存在一些限制。

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 product.

如果這是一個大產品，那麼我試著去了解，要進行哪些討論才能讓你從 A 點到達 B 點。

Right.

正確的。

So I think you make a good point.

所以我認為你的觀點很正確。

I think for the N1 development, it's going to be significant for us.

我認為對於 N1 的發展來說，這對我們來說意義重大。

But that's why we are open for any kind of business model, including from partnership to NRE 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 NRE 數字。

I think with N1, we only can address some of the customers, particularly our existing customer demand.

我認為，透過 N1，我們只能滿足部分客戶的需求，特別是我們現有客戶的需求。

And also on the software, in fact, we can demo and show you that our investment on the software and tools and the silicon can be leveraged for our first-generation chip.

事實上，在軟體方面，我們可以示範並向您展示我們在軟體、工具和矽片上的投資可以為我們的第一代晶片帶來好處。

So from that point of view, I think the majority of our investment for N1 is done.

因此從這個角度來看，我認為我們對 N1 的大部分投資已經完成。

So the real question is what's our roadmap moving forward.

所以真正的問題是我們前進的路線圖是什麼。

And we -- for example, we look at the Cooper development, although we define Cooper for other purposes, but definitely directly apply to our N1 development.

例如，我們研究 Cooper 的發展，雖然我們將 Cooper 定義為其他目的，但絕對直接適用於我們的 N1 發展。

So let's talk about for our LLM or gen AI roadmap.

那麼讓我們來談談我們的 LLM 或 gen AI 路線圖。

I think that's where the difficulty is, right?

我認為困難就在於此，對嗎？

I think it's -- from the PR point of view, if we want to do this, we need to continue to invest in R&D for new chips and maybe even new software.

我認為，從公關的角度來看，如果我們想做到這一點，我們需要繼續投資新晶片甚至新軟體的研發。

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 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，包括合作關係和保密協議。

So for the -- so some of the NRE payment for us to pay for the current cost.

所以對於—所以我們需要用部分 NRE 付款來支付當前成本。

But I think based on the feedback, it's become very clear that LLM is not only for the data center.

但我認為，根據回饋，很明顯 LLM 不僅適用於資料中心。

LLM will penetrate to the edge device, and our current existing customer and future customer all want LLM as a part of the roadmap.

LLM 將滲透到邊緣設備，我們目前的現有客戶和未來的客戶都希望 LLM 成為路線圖的一部分。

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

因此我認為我們需要靈活地為客戶制定路線圖，並且我們必須在今年的某個時候解決這個問題。

Thank you for all the thoughts there, Fermi.

謝謝你所有的想法，費米。

I guess as my follow up question, where the revenue levels are right now, you guys have been consistent the last couple of quarters that you're working with the customer base to burn through inventory that they had built.

我想我的後續問題是，目前的收入水平如何，過去幾個季度，你們一直在與客戶群合作，消耗他們累積的庫存。

And you're clearly under shipping in sell through by a pretty significant margin to do that.

為了做到這一點，您的銷售運費顯然比運費低得多。

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, do you have a field now as to what the steady straight sell through revenue level of the business is currently just with the designs you've won, particularly in the security camera businesses?

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，但現在我們已經有了三個月的時間，您是否知道，僅憑您贏得的設計，特別是在安全攝像頭業務方面，目前業務的穩定直銷收入水平是多少？

What's sell through and what's the market size right now after we've gone way up and then way down on the inventory correction?

在庫存調整大幅上升然後又大幅下降之後，現在的銷售量和市場規模是多少？

What's kind of the steady-state sell-through that you're under shipping to burn through inventory?

您運送的貨物消耗庫存後，穩定狀態的銷售量是什麼樣的？

Do you have an estimate for that?

您對此有什麼估計嗎？

Thanks.

謝謝。

Yes, 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.

所以請讓我告訴你我的想法。

I think, when I look at the number that at peak we shipped probably $92 million a quarter, at the bottom we ship roughly $50 million.

我認為，當我看到這個數字時，我們每季的出貨量在高峰期大概是 9,200 萬美元，在最低谷時大約是 5,000 萬美元。

And when we look at all of the statistics and the numbers, the model we built, we feel the midpoint of that two number is probably the comfortable level for us.

當我們查看所有統計數據和數字以及我們建立的模型時，我們覺得這兩個數字的中點可能是我們感到舒適的水平。

And we are definitely working hard to go to that -- to reach that level.

我們肯定會努力去實現這個目標——達到這個水準。

So I think roughly in the $70 million range is probably the number we are shooting for when everything get equalized.

因此我認為，當一切都平衡時，我們所追求的數字大概在 7,000 萬美元左右。

Tore Svanberg, Stifel.

托爾·思文伯格（Tore Svanberg），Stifel 公司。

Yes, thank you.

是的，謝謝。

My first question for me, so you talked about fiscal 2025 you expect to see growth in both auto and IoT.

我的第一個問題是，您談到 2025 財年，您預期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 on how you think the year to progress.

我只是希望您能多告訴我們一些您認為今年將如何發展的想法和看法。

Obviously, there's still probably some lingering inventory, especially on the auto side.

顯然，可能仍有一些庫存，尤其是汽車方面。

But yes, any more color you can give us as far as the growth you're expecting in both segments this year?

但是，您能告訴我們更多關於今年這兩個部門的成長預期嗎？

You are talking about CV5 or

您說的是 CV5 或

--?

--？

No, I'm talking about your -- you mentioned you expect both segments to grow this year.

不，我是說你提到你預計今年這兩個部門都會成長。

So if you could just give us a little more sort of the dynamic.

所以如果你能給我們更多動態的話。

Right.

正確的。

So I think for the -- let's talk about IoT first.

所以我認為——我們先來談談物聯網。

I think for IoT, it's pretty clear that with the CV2 product line that we've been growing CV revenue from close to 60% last year.

我認為對於物聯網而言，很明顯，憑藉 CV2 產品線，我們的 CV 收入去年增長了近 60％。

And we believe that the momentum of CV2 family will continue, particularly after the inventory problem is behind us.

我們相信 CV2 家族的動力將會持續下去，特別是在庫存問題解決之後。

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

因此我認為，從那個時候起，CV2 系列將推動我們的成長。

But more importantly, I think in our script, we talk about CV5 will start ramping.

但更重要的是，我認為在我們的腳本中，我們討論的 CV5 將開始加速。

Last year, we did 0.5 million units, and this year, we're probably going to double it.

去年我們的銷量是50萬台，今年可能會翻倍。

And that will also, if you consider ASP, that could be meaningful growth for us so I think that's clear on the IoT side.

而且，如果考慮 ASP，這對我們來說也可能是有意義的成長，所以我認為這在物聯網方面很明顯。

On automotive side, I definitely think that, first of all, we’ll continue to announce the CV2 design win in ADAS, in the OMS, CMS, on the electronic mirror, and the recorders.

在汽車方面，我絕對認為，首先，我們將繼續宣布 CV2 在 ADAS、OMS、CMS、電子鏡和記錄器方面的設計勝利。

Those continue to be a big portion of our revenue, but also we are announcing some partnership with CV3 early customer that we have started delivering samples and also partnership with NREs.

這些仍然是我們收入的很大一部分，但我們也宣布與 CV3 早期客戶建立合作夥伴關係，我們已經開始提供樣品，並且還與 NRE 建立了合作夥伴關係。

That will definitely play a role in our automotive revenues in there.

這肯定會對我們在那裡的汽車收入產生影響。

So I think, overall, although that automotive market continues to be weak based on the feedback from the market, but I still believe that we are a small player in the automotive space and we are trying to be a big one throughout the process.

因此我認為，總體而言，儘管根據市場反饋，汽車市場仍然疲軟，但我仍然相信我們是汽車領域的小參與者，我們正努力在整個過程中成為大參與者。

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

我們正在著眼於更多的未來，透過當前設計的成功來實現我們的成長。

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

因此我認為，我們相信汽車業今年也將成長。

Yes, Tore, from a product point of view in fiscal '25, our AI inference products, it's almost all CV2, will be more than 100% of our growth.

是的，Tore，從 25 財年的產品角度來看，我們的 AI 推理產品幾乎都是 CV2，將占我們成長的 100％ 以上。

That means the video processor business will, which was down substantially, as John mentioned, in fiscal 2024, it dropped about $80 million.

這意味著視訊處理器業務將大幅下滑，正如約翰所提到的，在 2024 財年，其營收將下降約 8,000 萬美元。

That rate of decline in video processors will begin to really taper off in fiscal 2025.

視訊處理器的下降速度將在 2025 財年真正開始放緩。

Did you have a follow-up, Tore?

托爾，您還有後續消息嗎？

Yes, that was very helpful.

是的，這非常有幫助。

As my follow-up, I was pretty impressed with the new Cooper development platform when I saw your samples at CES.

作為我的後續報導，當我在 CES 上看到你們的樣品時，我對新的 Cooper 開發平台印象深刻。

And I was just wondering how that development platform is helping you secure more business activity because it does seem like it was an important piece of the pie that was missing, but obviously now that you have it readily available.

我只是想知道這個開發平台如何幫助您獲得更多的商業活動，因為它似乎是缺少的一塊重要蛋糕，但顯然現在您已經可以隨時使用它了。

In fact, all our existing customers are eager to get their hands on Cooper.

事實上，我們所有現有的客戶都渴望得到 Cooper。

Tells me a lot about how much they like this development because now it's become very easy for them to put software through to different Ambarella platforms, different silicon means.

這充分說明了他們有多喜歡這項發展，因為現在他們可以非常輕鬆地將軟體放到不同的 Ambarella 平台、不同的矽片上。

And also it's easy to transfer the software and the functional AI algorithm from chip to chip.

而且還可以輕鬆地將軟體和功能性 AI 演算法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.

因此，整個發展不僅對我們很重要，對我們的客戶也很重要。

And I think for the existing customer, that will make their development work even more comfortable and faster, so it will help us to keep those customers.

我認為對於現有客戶來說，這將使他們的開發工作更加舒適和快捷，因此這將有助於我們留住這些客戶。

But also for the new customer, even in the LLM part, I think that we can provide an environment for customers to quickly convert their software algorithm to run on our chip is important for our design wins.

但對於新客戶，即使在 LLM 部分，我認為我們可以為客戶提供一個環境，​​讓他們快速將他們的軟體演算法轉換為在我們的晶片上運行，這對於我們的設計成功非常重要。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

When I think about the ASPs that you mentioned, going from CV2 to CV5 or even backwards looking to the CV2 itself, can you just walk us through again kind of orders of magnitude or rough pricing ranges?

當我考慮您提到的 ASP 時，從 CV2 到 CV5，甚至回過頭來看 CV2 本身，您能否再向我們介紹一下數量級或粗略的定價範圍？

How much for ASP is a tailwind in calendar year 2024, and what do you expect them to be in calendar 2025?

2024 年曆年 ASP 的順風是多少？

Right.

正確的。

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

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

And that's -- the average ASP probably high teens.

這就是 — — 平均 ASP 可能高達十幾歲。

That's a CV2 family.

這是一個 CV2 家族。

And CV5, we're talking about anywhere from the low 30s to high 40s in that range.

對於 CV5，我們談論的是 30 多度到 40 多度之間的任何值。

And with our run rate, we think that we can maintain very healthy, not only ASP, but also gross margin in that product line.

而我們認為，憑藉我們的運行率，我們不僅可以保持非常健康的 ASP，而且還可以保持該產品線的毛利率。

Then CV5, in fact we have CV72 that we mentioned, the price range is similar to CV5, but for AIoT, it's a different product line.

然後是CV5，其實我們有提到的CV72，價格範圍和CV5差不多，但對於AIoT來說，它是一個不同的產品線。

So I think -- and then we talk about CV3, the ASP is anywhere from the $40 to $400 from CV72 to a CV3 685.

所以我認為 - 然後我們討論 CV3，從 CV72 到 CV3 685 的 ASP 介於 40 美元到 400 美元之間。

So that just gives you an idea of ASP changes.

這只是讓您了解 ASP 的變化。

Great.

偉大的。

Thanks for that detail, Fermi.

謝謝你的詳細說明，費米。

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

然後我想您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 the trajectory in a prior question on both your two sides of your business.

顯然，我們有第一季的指引，並在先前的問題中討論了你們兩個業務的發展軌跡。

But if we think about 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.

但如果我們將下半年與上半年進行比較，似乎需要在百分比基礎上進行一些相對可觀的連續成長才能達到這樣的數字。

Do you think you will be well within those average of roughly $70 million true sell-through numbers?

您認為您的實際銷售額能達到約 7,000 萬美元的平均值嗎？

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

如果是這樣，這是否是下半場的動態？

And I guess, is that more just about shipping to demand?

我想，這是否只是根據需求運送？

So the inventory headwinds abate, or is it about new products ramping?

那麼庫存阻力減弱了，還是新產品正在增加？

Right.

正確的。

First of all, we didn't guide any quarter to be $70 million in our guidance.

首先，我們並沒有預期任何一個季度的營收將達到 7,000 萬美元。

We talk about we believe that we're going to have growth this year and also believe that our Q1 guidance.

我們談到我們相信今年將會成長，並相信我們的第一季業績指引。

But overall, I think when I look at the number that the Street's predicting, I think it's reasonable.

但總體而言，我認為，當我看到華爾街預測的數字時，它是合理的。

And also that based on what we have seen with our customer demands and as well as our booking, I feel comfortable with the current Q1, Q2 guidance.

而且根據我們對客戶需求和預訂情況的了解，我對目前第一季和第二季的預期感到滿意。

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

當然，在第三季、第四季，我們還沒有看到足夠的預訂，但無論如何，勢頭是存在的。

So I think I'm comfortable that we're going to grow.

因此，我堅信我們將會成長。

But in terms of our quarter-to-quarter growth, we haven't provided any guidance on that yet.

但就我們的季度成長而言，我們尚未提供任何指引。

Yeah, and Ross, just to follow up on the ASP question, our ASP in fiscal 2024 grew about 15% year over year.

是的，羅斯，只是為了跟進 ASP 問題，我們 2024 財年的 ASP 年比增加了約 15％。

And looking into the next year, it really depends on the mix of video processor versus CV, but even within the CV2 family, the ratio of CV5s to some of the lower end CV2s, then of course we won't have CV3 revenue contributing in fiscal 2025.

展望明年，這實際上取決於視訊處理器與 CV 的組合，但即使在 CV2 系列中，CV5 與一些低端 CV2 的比例，那麼在 2025 財年我們當然不會有 CV3 收入貢獻。

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

所以應該會有所增加，但現在很難說有多少。

Lydia, we can move on to the next question.

莉迪亞，我們可以繼續討論下一個問題。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券的凱文卡西迪 (Kevin Cassidy)。

Yeah, thanks for taking my question and congratulations on the strong results.

是的，感謝您回答我的問題，並祝賀您取得的良好成績。

Just on your N1, as you're talking to customers about it, what is the competitive landscape?

就在您與客戶討論 N1 時，競爭格局是如何的？

What are some of the alternative designs that they're looking at?

他們正在考慮哪些替代設計？

And is the GPU still being considered even as an edge processor?

GPU 是否仍被視為邊緣處理器？

Well, some low-end GPU being considered, but as an edge processor, you really need an SoC with very low power consumption.

嗯，正在考慮一些低階 GPU，但作為邊緣處理器，你確實需要一個功耗非常低的 SoC。

And with that, GPU is much less considered.

因此，GPU 就不再受到重視了。

But however, I do believe that Qualcomm definitely have an ambition to come to this market.

但是，我相信高通絕對有進入這個市場的野心。

And when we compare to them, just like when we compare to them in the automotive space, I think we can deliver higher performance at low 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，我認為我們可以在低功耗下提供更高的性能。

That's consistent to be the case.

事實確實如此。

So I do believe we are looking at very similar competitors like our automotive market.

因此我確實相信，我們正在尋找與我們的汽車市場非常相似的競爭對手。

Great.

偉大的。

Thanks.

謝謝。

And it seems to me you're getting a lot of leverage out of the 5-nanometer process.

在我看來，你們從 5 奈米製程中獲得了許多優勢。

You've got lots of parts, price performance ranges with this 5-nanometer.

這款 5 奈米的零件數量眾多，價格性能範圍廣泛。

Is there anything in your roadmap looking to go below 5-nanometer now?

您的路線圖中是否有任何內容正在考慮低於 5 奈米的技術？

Yes, we have to.

是的，我們必須這麼做。

I think there's no chance we'll stay at 5-nanometer for long.

我認為我們不可能長期停留在 5 奈米技術上。

But however, I think it's really driven by two things.

但是，我認為這實際上是由兩件事推動的。

One is whether we can justify the cost and also whether -- the performance requirement.

一是我們是否能夠證明成本是合理的，二是是否符合性能要求。

But I definitely believe that you'll start hearing us talk about the next generation of process selections in the near future.

但我確信，在不久的將來，您將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）摩根士丹利的喬·摩爾。

Great.

偉大的。

Thank you.

謝謝。

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

Fermi，您曾提到 CV5 的一些 OEM 勝利將在今年下半年開始出現。

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

您能談談您在那裡解決的應用程式是什麼嗎？

It's an EV truck in western space.

這是西部空間的電動卡車。

And we definitely have been working on this case for several years.

我們確實已經處理這個案子好幾年了。

And the customer doesn't allow us to talk about it just yet.

但客戶還不允許我們談論此事。

But I think that since they are close to announce their product, and I feel that we should -- we feel comfortable to share with this news, but not to mention the customer names.

但我認為，既然他們即將發布他們的產品，我覺得我們應該——我們願意分享這個消息，但不要提及客戶的名字。

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，你們一直不願意在手機中做任何事情，因為你們不想成為晶片組的一個功能。

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

但顯然許多潛在的大型語言模型推理可能存在於手機等裝置中。

So can you just talk about, are there opportunities around that to do co-processors?

那你能不能談談，是否有機會開發協處理器？

Or where do you kind of draw the line at your participation?

或說您如何劃分參與的界線？

Great.

偉大的。

Since both Qualcomm and MediaTek are very eager to come in to introducing products in the phone space for LLM, I feel that our opportunity is limited.

由於高通和聯發科都非常渴望進入手機領域並為 LLM 推出產品，因此我覺得我們的機會有限。

Because my idea is that even LLM on the phone, because you have 5G connectivity, you might be able to use some LLM at edge but still leverage the 5G so you can connect it to the cloud to run most of the LLM functions on the server side.

因為我的想法是，即使是手機上的 LLM，由於您有 5G 連接，您可能能夠在邊緣使用一些 LLM，但仍然可以利用 5G，這樣您就可以將其連接到雲端以在伺服器端運行大多數 LLM 功能。

So with that, cell phone become a limited opportunity for us, not only because Qualcomm, MediaTek has a advantage in terms of a market share there, but also the usage model is really not purely edge, it's a combination of edge and the cloud.

因此，手機對我們來說成為一個有限的機會，不僅因為高通、聯發科在市場份額方面具有優勢，而且使用模式實際上並不是純粹的邊緣，而是邊緣和雲的結合。

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

所以我的感覺是，我們將專注於純邊緣設備，專注於電池敏感和延遲敏感的應用程序，就像我們以前所做的那樣。

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.

目前隊列中沒有其他問題。

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 Fermi Wang 博士，請他做最後一次演講。

And I want to thank all of you for joining us today.

我還要感謝大家今天的出席。

I'm looking forward to talk to you in a different conference or next time.

我期待在其他會議或下次會議上與您交談。

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。