Ambarella Inc (AMBA) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Ambarella's Fourth Quarter and Full Year 2020 Earnings Conference Call.

女士們，先生們，感謝你們的支持，歡迎來到 Ambarella 的第四季度和全年 2020 年收益電話會議。

(Operator Instructions) Please be advised that today's conference call is being recorded.

（操作員說明）請注意，今天的電話會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Louis Gerhardy, Corporate Development.

我現在想把會議交給今天的演講者，企業發展部門的 Louis Gerhardy。

Thank you, and please go ahead, sir.

謝謝，請繼續，先生。

Thank you, Chris.

謝謝你，克里斯。

Good afternoon, and thank you for joining our fourth quarter and fiscal year 2020 financial results conference call.

下午好，感謝您參加我們的第四季度和 2020 財年財務業績電話會議。

Our speakers will be Dr. Fermi Wang, President and CEO; and Casey Eichler, CFO.

我們的發言人將是總裁兼首席執行官 Fermi Wang 博士；和首席財務官 Casey Eichler。

The primary purpose of today's call is to provide you with information regarding our fourth quarter and fiscal 2020 results.

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 2020 財年業績的信息。

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

今天的討論和對您問題的回答將包含有關我們預計的財務結果、財務前景、市場增長和對我們解決方案的需求等的前瞻性陳述。

These statements are subject to risks, uncertainties and assumptions.

這些陳述受風險、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.

如果這些風險或不確定性中的任何一個成為現實，或者如果我們的假設被證明是不正確的，我們的實際結果可能與這些前瞻性陳述存在重大差異。

We're 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 that we file with the SEC, including the annual report on Form 10-K that we filed on March 29, 2019, for the fiscal year 2019 ending January 31, 2019, and the Form 10-Q filed on December 6, 2019, for the third quarter of fiscal year ending January 31, 2020.

這些風險、不確定性和假設以及可能影響我們財務業績的潛在風險因素的其他信息在我們向美國證券交易委員會提交的文件中有更全面的描述，包括我們於 3 月 29 日提交的 10-K 表格年度報告，2019年，截至2019年1月31日的2019財年，以及2019年12月6日提交的10-Q表格，截至2020年1月31日的第三季度。

Access to our fourth quarter and fiscal 2020 results press release, historical results, SEC filings and a replay of today's call can be found on the Investor Relations portion of our website.

可以在我們網站的投資者關係部分找到我們第四季度和 2020 財年業績新聞稿、歷史業績、美國證券交易委員會備案文件和今天電話會議的重播。

I'll now turn the call over to Dr. Fermi Wang.

我現在將電話轉給 Fermi Wang 博士。

Thank you, Louis, and good afternoon, everyone.

謝謝你，路易斯，大家下午好。

Before reviewing our results, I will first provide an update on the extraordinary factors, geopolitical and now, also public health, that may continue to impact our business.

在審查我們的結果之前，我將首先提供有關可能繼續影響我們業務的非同尋常的地緣政治因素和現在的公共衛生因素的最新情況。

First, on COVID-19, we are and will continue to take the necessary precautions to ensure the safety of our employees.

首先，針對 COVID-19，我們正在並將繼續採取必要的預防措施以確保我們員工的安全。

We express our deepest sympathies to those affected worldwide, and we offer our best wishes to them for a complete recovery.

我們向全世界受影響的人們表示最深切的同情，並向他們表示最良好的祝愿，希望他們能夠完全康復。

We are starting to see a financial impact from the virus, and we expect to continue to face an elevated level of demand and supply uncertainty.

我們開始看到該病毒對財務的影響，我們預計將繼續面臨更高水平的需求和供應不確定性。

We are taking precautions to mitigate the risks to our own operation.

我們正在採取預防措施來降低我們自身運營的風險。

Based on what we know at the time of this call, and to the best of our ability, we have factored these risks into our Q1 guidance.

根據我們在本次電話會議時所了解的情況，並儘我們最大的能力，我們已將這些風險納入我們的第一季度指南中。

Geopolitical risks are dynamic and remain high.

地緣政治風險是動態的並且仍然很高。

The Phase 1 trade deal eased tension somewhat.

第一階段貿易協議在一定程度上緩解了緊張局勢。

And our October 15 8K update draw some clarity to the October 9th entity list, but there are a wide variety of geopolitical risk at play, including foreign policy, trade and IP matters.

我們 10 月 15 日的 8K 更新使 10 月 9 日的實體清單變得更加清晰，但有各種各樣的地緣政治風險在起作用，包括外交政策、貿易和知識產權問題。

Factors potentially disruptive to our business include new export controls on advanced technologies, the risk customer in China take actions to reduce their dependence on the supply of U.S. components potentially subject to the various geopolitical factors, changes to the entity list and/or tariffs, market share shifts between our customers and the supply chain issues.

可能對我們的業務造成破壞的因素包括對先進技術的新出口管制、中國客戶採取行動減少對美國零部件供應的依賴的風險可能受到各種地緣政治因素、實體清單和/或關稅的變化、市場我們的客戶和供應鏈問題之間的份額轉移。

On the other hand, our largest competitor in the security camera SoC market, HiSilicon, a unit of Huawei, is facing challenges that are helping us gain share outside of China.

另一方面，我們在安全攝像頭 SoC 市場的最大競爭對手，華為旗下的海思半導體，正面臨著幫助我們在中國以外獲得份額的挑戰。

As you can see, multiple factors are contributing to a wide range of potential outcomes for us.

如您所見，多種因素正在促成我們產生廣泛的潛在結果。

Fiscal year '20 revenue of $228.7 million increased slightly from the prior year, with no major shift in market exposure.

20 財年的收入為 2.287 億美元，較上年略有增長，市場敞口沒有發生重大變化。

In fiscal year '20, just a year after taping out CV2, CV22 and CV25, these products generated production revenue from a dozen customers.

在 20 財年，即 CV2、CV22 和 CV25 流片僅一年後，這些產品就從十幾個客戶那裡獲得了生產收入。

It is still very early with the CV revenue only a few percent of our total revenue, but with more than 100 different CV customers purchasing engineering parts, evaluation kits, and/or development boards in fiscal year '20.

CV 收入僅占我們總收入的百分之幾，但在 20 財年有 100 多個不同的 CV 客戶購買工程零件、評估套件和/或開發板，這還為時過早。

This foundation of activity give us confidence our CV investment will take another major step forward.

這一活動基礎使我們有信心我們的 CV 投資將向前邁出又一大步。

Looking into fiscal year '21, momentum in our strategic focus area of CV is strong, and we expect CV to reach 10% of total revenue for the year.

展望 21 財年，我們在 CV 戰略重點領域的勢頭強勁，我們預計 CV 將達到今年總收入的 10%。

Our goal is to grow our total revenue in fiscal year '21, despite the headwinds and uncertainties.

儘管存在逆風和不確定性，但我們的目標是在 21 財年增加總收入。

At the recent Consumer Electronics Show in January, we experienced a strong turnout with more than 250 customer and partner meetings.

在最近的 1 月消費電子展上，我們參加了 250 多場客戶和合作夥伴會議，人數眾多。

With more than 20 indoor and auto demos, we exhibited our latest solution for automotive and home monitoring applications as well as for new applications such as access control, robotics, retail and logistics.

通過 20 多個室內和汽車演示，我們展示了我們針對汽車和家庭監控應用以及門禁控制、機器人、零售和物流等新應用的最新解決方案。

During CES, we announced our first SoCs with Automotive Safety Integrity Level B (also known as ASIL B) for safety critical automotive applications.

在 CES 期間，我們發布了首款具有汽車安全完整性等級 B（也稱為 ASIL B）的 SoC，用於安全關鍵型汽車應用。

CV22FS and CV2FS target forward-facing monocular and the stereovision ADAS cameras, as well as the computer vision ECUs for L2+ and higher level of autonomy.

CV22FS 和 CV2FS 針對前向單目和立體視覺 ADAS 攝像頭，以及用於 L2+ 和更高級別自治的計算機視覺 ECU。

Featuring extremely low power consumption, these 2 SoCs make it possible for Tier-1s and OEMs to surpass New Car Assessment Program or NCAP, performance requirements within the power consumption constraints of a single-box, windshield-mounted forward ADAS cameras.

這 2 款 SoC 具有極低的功耗，使一級供應商和原始設備製造商有可能超越新車評估計劃或 NCAP，在單盒、擋風玻璃上安裝的前置 ADAS 攝像頭的功耗限制內的性能要求。

"ZF", a German-based Tier 1 that is one of the largest global supplier to the passenger and the commercial vehicle market, announced it was working with Ambarella on the next generation of intelligent viewing platforms, including surround view visualization, driver monitoring, stand-alone vision processing and e-mirror solution during CES.

“ZF”是總部位於德國的一級供應商，是全球最大的乘用車和商用車市場供應商之一，宣布與 Ambarella 合作開發下一代智能觀察平台，包括環視可視化、駕駛員監控、 CES 期間的獨立視覺處理和電子鏡解決方案。

ZF chose CVflow SoCs for their combination of high-quality imaging and advanced AI processing enabling ZF to offer a wide range of viewing and interior sensing applications.

ZF 選擇 CVflow SoC 是因為它們結合了高質量成像和先進的 AI 處理，使 ZF 能夠提供廣泛的視覺和內部傳感應用。

German ADAS software supplier Hella-Aglaia, demonstrated its latest deep learning based ADAS software suite running on our CV22 SoC.

德國 ADAS 軟件供應商 Hella-Aglaia 展示了其在我們的 CV22 SoC 上運行的最新的基於深度學習的 ADAS 軟件套件。

The AI algorithms included multi-class object detection, detection of the driving area of limitations, depth estimation,, and the classification of traffic lights and the traffic signs.

人工智能算法包括多類目標檢測、駕駛區域限制檢測、深度估計以及交通燈和交通標誌的分類。

Hella chose Ambarella's CVflow SoC due to their ability to deliver extremely high computer vision processing performance with very low power consumption.

Hella 選擇了 Ambarella 的 CVflow SoC，因為它們能夠以極低的功耗提供極高的計算機視覺處理性能。

At our CES location OEM Mercedes-Benz provided live demonstrations, in one of their Sprinter van of COROS or Cargo Recognition and Organization System.

在我們的 CES 地點，原始設備製造商梅賽德斯-奔馳在其 COROS 或貨物識別和組織系統的 Sprinter 貨車之一中提供了現場演示。

The system is designed to make the parcel delivery process more efficient, and it leverages both the AI and the stereo processing capability of CV2, with multiple CV2 SoC per van.

該系統旨在提高包裹遞送過程的效率，並利用 CV2 的人工智能和立體處理能力，每輛貨車配備多個 CV2 SoC。

A rapidly expanding list of third-party software developers had chosen to invest resource to develop deep learning AI software on our CVflow platform, with a number of these companies demonstrating at CES.

越來越多的第三方軟件開發商選擇投資資源在我們的 CVflow 平台上開發深度學習 AI 軟件，其中許多公司在 CES 上進行了展示。

For example, StradVision demonstrated both forward facing ADAS and the driver monitoring running simultaneously on a single CV22.

例如，StradVision 展示了在單個 CV22 上同時運行的前向 ADAS 和駕駛員監控。

Brodmann17's forward facing ADAS and a recording solution runs on CV25 and targets fleets and the passenger vehicles.

Brodmann17 的前向 ADAS 和記錄解決方案在 CV25 上運行，目標是車隊和乘用車。

EyeSight's driver and the interior cabin camera system ran 3 cameras on one CV22.

EyeSight 的司機和內部機艙攝像頭系統在一個 CV22 上運行 3 個攝像頭。

Anyvision's retail analytics platform was based on 4 live CV22-based cameras.

Anyvision 的零售分析平台基於 4 個基於 CV22 的實時攝像頭。

[And Sensetime's forward facing ADAS and the driver monitoring system ran on our CV22.

[商湯的前向 ADAS 和駕駛員監控系統在我們的 CV22 上運行。

At the CES, Ambarella's Level 4 autonomous vehicle demonstration platform, EVA, or Embedded Vehicle Autonomy, successfully completed over 140 autonomous rides on Las Vegas streets.

在 CES 上，Ambarella 的 4 級自動駕駛汽車演示平台 EVA，即嵌入式車輛自主性，在拉斯維加斯街道上成功完成了 140 多次自動駕駛。

The rides were conducted both during the day, and for the first time, at night.

遊樂設施既在白天進行，也是第一次在夜間進行。

The EVA cars leverage Ambarella's CV2-based stereos SuperCam cameras and Ambarella's L4 demonstration software stack, together with radar, but without LiDAR.

EVA 汽車利用 Ambarella 基於 CV2 的立體聲 SuperCam 相機和 Ambarella 的 L4 演示軟件堆棧，以及雷達，但沒有 LiDAR。

The demonstration included generic obstacle detection, pedestrian, vehicle, bike, motorcycle and the traffic sign detection and the classification, traffic light detection and management, path planning and autonomous parking.

演示包括通用障礙物檢測、行人、車輛、自行車、摩托車和交通標誌檢測和分類、紅綠燈檢測和管理、路徑規劃和自主泊車。

Ambarella also demonstrated at CES an AI-based 3 camera and a 3 mirror solution running on a single CV22 SoC.

Ambarella 還在 CES 上展示了基於 AI 的三攝像頭和在單個 CV22 SoC 上運行的三鏡解決方案。

This e-mirror system's left and the right side mirror not only provide an improved field-of-view in difficult lighting conditions, but by leveraging our Cvflow processing in the same chip, we could provide a blind spot detection warning from bikes, car or pedestrian present.

這種電子後視鏡系統的左右側鏡不僅在困難的照明條件下提供了更好的視野，而且通過在同一芯片中利用我們的 Cvflow 處理，我們可以提供來自自行車、汽車或其他車輛的盲點檢測警告。行人在場。

During CES, Ambarella announced and demonstrated for two new AI market applications: 3D access control and robotics.

在 CES 期間，Ambarella 宣布並展示了兩個新的 AI 市場應用：3D 訪問控制和機器人技術。

Ambarella's 3D sensing platform addresses access control, security panels, smart video locks, video doorbells and the face recognition payment systems.

Ambarella 的 3D 傳感平台可解決訪問控制、安全面板、智能視頻鎖、可視門鈴和人臉識別支付系統等問題。

The platform is based on Ambarella's CV25 CVflow AI vision system on chip(SoC), ON Semiconductor's RGB-IR image sensor, and the structured-light powered by Lumentum's "VCSELs".

該平台基於 Ambarella 的 CV25 CVflow AI 視覺片上系統 (SoC)、安森美半導體的 RGB-IR 圖像傳感器，以及由 Lumentum 的“VCSEL”驅動的結構光。

The system use a single sensor for both visible and infrared images for depth sensing.

該系統使用單個傳感器對可見光和紅外圖像進行深度感應。

The Ambarella CV25 SoC powers depth processing, anti-spoofing algorithms, 3D facial recognition algorithms and the video encoding on a single chip, significantly reducing system complexity.

Ambarella CV25 SoC 在單芯片上支持深度處理、反欺騙算法、3D 面部識別算法和視頻編碼，顯著降低了系統複雜性。

And Ambarella's new robotic platform facilitates the development of robotic applications based on Ambarella's CVflow SoCs.

Ambarella 的新機器人平台促進了基於 Ambarella CVflow SoC 的機器人應用程序的開發。

It targets automated guided vehicle, or AGV, consumer robots and industrial robots.

它的目標是自動導引車或 AGV、消費機器人和工業機器人。

The robotic platform provides the unified software infrastructure for the most common robotics functions, including new network processing and open source computer vision library or open CV functions.

機器人平台為最常見的機器人功能提供統一的軟件基礎設施，包括新的網絡處理和開源計算機視覺庫或開放 CV 功能。

Our demonstration included a single CV2 chip performing stereo processing, object detection, keep on tracking, occupancy grid and the visual odometry.

我們的演示包括單個 CV2 芯片執行立體處理、對象檢測、持續跟踪、佔用網格和視覺里程計。

I will now talk a little about some additional customer product information from the last quarter, starting with professional security.

我現在將從專業安全開始，談談上一季度的一些額外客戶產品信息。

Motorola Solutions announced in February the launch of the newest addition of video security portfolio, the Avigilon H5M camera.

摩托羅拉解決方案公司在 2 月宣布推出最新的視頻安全產品組合 Avigilon H5M 攝像頭。

Based on Ambarella's video processing SoCs, the new H5M camera line is a cost-effective solution for budget-conscious video security projects that require a small footprint camera for outdoor use.

基於 Ambarella 的視頻處理 SoC，新的 H5M 攝像頭系列是一種經濟高效的解決方案，適用於預算有限的視頻安全項目，這些項目需要小型攝像頭用於戶外使用。

Pelco, a recent spin out of the global industrial giant Schneider Electric, intends to announce in March the Sarix Enhanced Series 3 camera targeting critical infrastructure customers such as airports, cities, gaming and other enterprises and the smart city customers.

Pelco 最近從全球工業巨頭施耐德電氣分拆出來，打算在 3 月份發布 Sarix Enhanced Series 3 攝像機，目標客戶包括機場、城市、遊戲和其他企業以及智慧城市客戶等關鍵基礎設施客戶。

Based on Ambarella's CV SoCs and built with the industry-leading image quality, performance, ruggedness and the deep learning analytics, these cameras are expected to be shipping later this month.

這些相機基於 Ambarella 的 CV SoC 並具有行業領先的圖像質量、性能、耐用性和深度學習分析，預計將於本月晚些時候發貨。

At the ISC West, a security exhibition to be held later in March, Vivotek, a major professional security camera OEM and ODM in Taiwan, will demonstrate to their new Cvflow based camera.

在將於 3 月下旬舉行的安全展覽會 ISC West 上，台灣主要的專業安全攝像頭 OEM 和 ODM Vivotek 將展示其基於 Cvflow 的新型攝像頭。

This outdoor fisheye camera will feature 6 megapixel, H.265, encoding IP66 and IK10 ratings, smart IR, WDR Pro, local de-warping and embedded Smart360 VCA analytics, including intrusion detection, crowd detection and loitering detection.

這款室外魚眼攝像機具有 6 兆像素、H.265、編碼 IP66 和 IK10 等級、智能紅外、WDR Pro、本地去扭曲和嵌入式 Smart360 VCA 分析功能，包括入侵檢測、人群檢測和遊蕩檢測。

In the consumer security camera market, Home security and automation firm, ADT, unveiled its first do-it-yourself home security platform, Blue by ADTAmbarella's S5L or S2L are designed into indoor/outdoor and doorbell cameras in this platform, all capable of recording 1080p videos.

在消費者安全攝像頭市場，家庭安全和自動化公司 ADT 推出了其首款自助式家庭安全平台，ADTAmbarella 的 Blue S5L 或 S2L 設計用於該平台的室內/室外和門鈴攝像頭，都能夠記錄1080p 視頻。

Chinese home-monitoring camera maker, SIMToo introduces a Simcam 1S camera, the first consumer model to feature Ambarella's CVflow SoC.

中國家庭監控攝像頭製造商 SIMToo 推出了 Simcam 1S 攝像頭，這是第一款採用 Ambarella CVflow SoC 的消費型號。

Based on our CV25 SoC, the camera included, facial recognition, pet and vehicle recognition, auto-tracking and support for Amazon Alexa.

基於我們的 CV25 SoC，攝像頭包括面部識別、寵物和車輛識別、自動跟踪以及對 Amazon Alexa 的支持。

I will now talk a little about the customer product introductions from automotive markets.

我現在將談談汽車市場的客戶產品介紹。

Gentex Corporation and Aston Martin announced they've jointly developed of camera-based rear vision system that dramatically improves the driver's ability to monitor traffic to the rear and the sides of the vehicle.

Gentex Corporation 和 Aston Martin 宣布他們共同開發了基於攝像頭的後視系統，該系統可顯著提高駕駛員監控車輛後方和側面交通的能力。

The Ambarella-based prototype was demonstrated at Gentex CS booth in Aston Martin DBS Superleggera.

基於 Ambarella 的原型在阿斯頓馬丁 DBS Superleggera 的 Gentex CS 展位上進行了展示。

The largest bus and passenger coach OEM in China, Yutong, will use a forward-facing ADAS camera based on CV22AQ in their commercial fleet.

中國最大的客車和客車原始設備製造商宇通將在其商用車隊中使用基於 CV22AQ 的前向 ADAS 攝像頭。

Based on Tier 1 Maxieye's IFVS 500, the system provides autonomous emergency braking for vehicles and the pedestrians and Lane keep functions.

該系統基於 Tier 1 Maxieye 的 IFVS 500，為車輛和行人提供自動緊急制動和車道保持功能。

During the quarter, Garmin introduced its Tandem dash camera featuring two lenses, each with a 180-degree field of view to record in front and inside the car, to provide complete coverage around the driver.

在本季度，Garmin 推出了配備兩個鏡頭的 Tandem 行車記錄儀，每個鏡頭都具有 180 度的視野，可以記錄車前和車內的情況，從而全面覆蓋駕駛員周圍。

Featuring 1440 resolution video and night vision, the Tandem camera is based on Ambarella's A12A automotive SoC.

Tandem 攝像頭具有 1440 分辨率視頻和夜視功能，基於 Ambarella 的 A12A 汽車 SoC。

Nextbase, the U.K. and the Europe's leading dash camera supplier, introduced its 622GW model.

英國和歐洲領先的行車記錄儀供應商 Nextbase 推出了其 622GW 型號。

Based on Ambarella's H22 automotive SoC, the camera records a 4K video at 30 frames per second and includes image stabilization, super slow motion, night vision and Amazon Alexa integration.

該攝像頭基於 Ambarella 的 H22 汽車 SoC，以每秒 30 幀的速度錄製 4K 視頻，包括圖像穩定、超級慢動作、夜視和亞馬遜 Alexa 集成。

In the China OEM automotive market, LiXiang introduced its LiXiang One electric vehicle featuring a car recorder as a the standard feature.

在中國OEM汽車市場，力想推出了標配行車記錄儀的力想One電動車。

Supplied by tier one INVO and based on Ambarella's S2LM SoC, the car recorder offers full [HD] (added by company after the call) video recording.

由一級 INVO 提供並基於 Ambarella 的 S2LM SoC，車載記錄器提供完整的 [HD]（公司在通話後添加）視頻錄製。

And the Korean dash cam leader Thinkware introduced new models based on Ambarella's H22 automotive SoC.

韓國行車記錄儀領導者 Thinkware 推出了基於 Ambarella 的 H22 汽車 SoC 的新型號。

The QXD-3000 and QXD- min, are 2 channel full HD design with small form factor and a super night vision features, while the Quantum model is a 4K+ quad HD design.

QXD-3000 和 QXD-min 是 2 通道全高清設計，具有小尺寸和超級夜視功能，而 Quantum 型號是 4K+ 四路高清設計。

In the consumer market segment, Chinese sports and VR camera maker, Insta360, introduced its new OneR sports camera based on our H22V75 SoC.

在消費市場領域，中國運動和 VR 相機製造商 Insta360 推出了基於我們的 H22V75 SoC 的新款 OneR 運動相機。

The camera includes a one inch sensor, AI-driven editing software and a unique twin mode, which enables camera to offer 5.7k resolution, 360-degree capture of 4Kp60 wide angle video.

該攝像機包括一個 1 英寸傳感器、AI 驅動的編輯軟件和獨特的雙模式，使攝像機能夠提供 5.7k 分辨率、360 度捕捉 4Kp60 廣角視頻。

In summary, fiscal year '20, represented a major step forward as we begin to establish the commercial foundation for our nearly $400 million investment into AI and the computer vision.

總而言之，20 財年代表著我們向前邁出的重要一步，因為我們開始為我們近 4 億美元的人工智能和計算機視覺投資建立商業基礎。

The three waves of CV revenue we have previously articulated are all taking shape, led by wave 1, in the professional security camera market, where we have 7 customers in production.

我們之前闡述的三波 CV 收入都在專業安全攝像機市場中以第一波為首，我們有 7 個客戶在生產中。

And this wave is in a very strong position to become material on calendar year '20.

而這波浪潮在 20 年日曆年成為材料時處於非常有利的地位。

In wave 2, the home monitoring market, we have 2 customers in production, and we expect the design activity to remain high this year with revenue becoming maturing calendar year '21.

在第 2 波家庭監控市場中，我們有 2 個客戶在生產，我們預計今年的設計活動將保持高位，收入將在 21 年成熟。

In the automotive market, we are generating production CV revenue from 3 fleet or aftermarket customers and design activity is high across many different applications.

在汽車市場，我們正在從 3 個車隊或售後市場客戶那裡獲得生產 CV 收入，並且設計活動在許多不同的應用中都很活躍。

We continue to expect auto CV revenue to become material in the calendar year '22 and the calendar year '23 time frame.

我們繼續預計汽車 CV 收入將在 22 年和 23 年的時間框架內變得重要。

AI and the CV are bringing new product cycle to our existing markets, like security cameras, but most importantly, as you saw at the CES, this new product are enabling a multibillion expansion of our serviceable market into vehicle, smart cities, smart homes, industrial 4.0, logistics and other robotic applications.

AI 和 CV 正在為我們現有的市場帶來新的產品週期，例如安全攝像頭，但最重要的是，正如您在 CES 上看到的那樣，這種新產品使我們的服務市場能夠擴展數十億美元，進入汽車、智能城市、智能家居、工業 4.0、物流和其他機器人應用。

Despite the global uncertainty surrounding us, I want to thank Ambarella's 761 strong team for their presence and the successful execution during this critical phase of development for our company.

儘管我們周圍存在全球不確定性，但我要感謝 Ambarella 的 761 強大團隊在我們公司發展的這個關鍵階段的存在和成功執行。

And we are thankful to all of our other stakeholders, including customers, vendors and shareholders for your support.

我們感謝所有其他利益相關者，包括客戶、供應商和股東的支持。

Now I'll turn the call over to Casey for the fourth quarter financial details and guidance for our first quarter of fiscal year '21.

現在，我將把電話轉給 Casey，了解我們 21 財年第一季度的第四季度財務細節和指導。

Thank you, Fermi, and good afternoon, everyone.

謝謝費米，大家下午好。

Today, I will review the financial highlights for the fourth quarter and FY '20 ending January 31st and provide a financial outlook for the first quarter of fiscal year '21.

今天，我將回顧截至 1 月 31 日的第四季度和 20 財年的財務亮點，並提供 21 財年第一季度的財務展望。

During the call, I'll discuss non-GAAP results and I ask that you refer to today's press release for a detailed reconciliation of GAAP to non-GAAP results.

在電話會議期間，我將討論非 GAAP 結果，並請您參考今天的新聞稿，了解 GAAP 與非 GAAP 結果的詳細對賬。

For non GAAP reporting, we have eliminated stock-based compensation expense adjusted for the impact of taxes.

對於非 GAAP 報告，我們已經消除了根據稅收影響調整的基於股票的補償費用。

Revenue in FY '20, increased slightly to $228.7 million, with revenue by market similar to the prior year, with security camera in the 60% to 65% range, and the balance split between automotive and "other".

20 財年的收入小幅增長至 2.287 億美元，按市場劃分的收入與上年相似，其中安全攝像頭在 60% 至 65% 的範圍內，餘額在汽車和“其他”之間分配。

For FY '20, non-GAAP gross margin was 58.5% down from 61.2%, due to lower margins in the professional security camera and "other" markets, partially offset by higher auto margins.

對於 20 財年，非 GAAP 毛利率從 61.2% 下降到 58.5%，這是由於專業安全攝像頭和“其他”市場的利潤率較低，部分被較高的汽車利潤率所抵消。

Non-GAAP operating expenses decreased 2%, primarily due to foreign credits included in R&D.

非 GAAP 運營費用下降 2%，主要是由於研發中包含的外國信貸。

Even with non-GAAP R&D expense at 38% of revenue, our operating cash flow was a positive $39.4 million for the year.

即使非 GAAP 研發費用佔收入的 38%，我們全年的經營現金流仍為正 3,940 萬美元。

With no debt, net cash and marketable securities totaling $404.7 million.

沒有債務、淨現金和有價證券總計 4.047 億美元。

Our Q4 revenue of $57.2 million was slightly above the midpoint of our guidance, $55 million to $59 million, and in line with consensus.

我們第 4 季度的收入為 5720 萬美元，略高於我們指引的中點，即 5500 萬至 5900 萬美元，符合共識。

These results represent a decrease of 16% from Q3 and an increase of 12% when compared to the same quarter of the prior year.

這些結果比第三季度減少了 16%，與去年同期相比增加了 12%。

As expected, auto and security were down, while other revenue increased sequentially.

正如預期的那樣，汽車和安全收入下降，而其他收入環比增長。

Non-GAAP gross margin for Q4 was 58.7%, up about 60 basis points from the prior quarter and slightly higher than our guidance of 56.5% to 58.5%, primarily due to mix.

第四季度的非美國通用會計準則毛利率為 58.7%，比上一季度上升約 60 個基點，略高於我們 56.5% 至 58.5% 的指引，這主要是由於混合。

Non-GAAP operating expense for the fourth quarter was $30.5 million compared to $29.3 million in Q3.

第四季度的非美國通用會計準則運營費用為 3050 萬美元，而第三季度為 2930 萬美元。

This was close to the midpoint of our guidance of $29.5 million to $31.5 million.

這接近我們 2950 萬美元至 3150 萬美元指導的中點。

Other income was $1.7 million and primarily represented interest income on cash and marketable securities.

其他收入為 170 萬美元，主要是現金和有價證券的利息收入。

Non-GAAP net income for the fourth quarter was $4.9 million or $0.14 per share compared to $11.3 million or $0.32 per share in the third quarter.

第四季度非美國通用會計準則淨收入為 490 萬美元或每股 0.14 美元，而第三季度為 1130 萬美元或每股 0.32 美元。

The non-GAAP effective tax rate in Q4 was a benefit of 1.66%, better than our guidance of 10% at the end of Q3 due to tax law change in Taiwan, foreign tax credits and lower taxable income in foreign jurisdictions.

由於台灣稅法變化、外國稅收抵免和外國司法管轄區的應稅收入較低，第四季度的非美國通用會計準則有效稅率為 1.66%，好於我們第三季度末 10% 的指導。

In the fourth quarter, the non-GAAP earnings per share were based on 35.1 million shares as compared to 34.8 million shares in the prior quarter.

第四季度，非美國通用會計準則每股收益為 3510 萬股，而上一季度為 3480 萬股。

Total headcount at the end of the fourth quarter was 761, with about 81% of our employees dedicated to engineering, most of them focused on software.

第四季度末總員工人數為 761 人，其中約 81% 的員工致力於工程，其中大部分專注於軟件。

Approximately 69% of our total headcount is located in Asia.

我們約有 69% 的員工位於亞洲。

In Q4, we generated positive operating cash flow of $4.1 million.

在第四季度，我們產生了 410 萬美元的正經營現金流。

Total accounts receivable at the end of Q4 were $18.5 million or 30 days sales outstanding.

第四季度末的應收賬款總額為 1850 萬美元或 30 天未償銷售。

This compares to accounts receivable of $21.6 million or 29 days sales outstanding at the end of the prior quarter.

相比之下，上一季度末的應收賬款為 2160 萬美元或 29 天的未清銷售額。

Net inventory at the end of the fourth quarter was $23 million compared to $19.8 million at the end of the previous quarter.

第四季度末的淨庫存為 2300 萬美元，而上一季度末為 1980 萬美元。

Days of inventory increased to 82 days in Q4 from 59 days in Q3.

庫存天數從第三季度的 59 天增加到第四季度的 82 天。

We had two 10%-plus revenue customers in Q4.

我們在第四季度有兩個 10% 以上的收入客戶。

WT Microelectronics, a fulfillment partner in Taiwan, who ships to multiple customers in Asia, came in at 63% of revenue and Chicony, a Taiwanese ODM, who manufactures for multiple customers, primarily U.S.-based, came in at 18.7%.

WT Microelectronics 是台灣的履行合作夥伴，向亞洲的多個客戶發貨，佔收入的 63%，台灣 ODM 群光是一家為多個客戶（主要是美國客戶）製造產品的公司，佔 18.7%。

I'll now discuss the outlook for the first quarter of fiscal '21.

我現在將討論 21 財年第一季度的前景。

We expect total revenue for the first quarter to be in the $52 million to $57 million range or down 1% to 9% sequentially, which is less than our typical seasonal decline in Q1.

我們預計第一季度的總收入將在 5200 萬美元至 5700 萬美元之間，或環比下降 1% 至 9%，這低於我們在第一季度的典型季節性下降。

In Q1, we anticipate all markets to decline seasonally, with the exception of the home security camera market, where we are seeing strong and broad-based demand.

在第一季度，我們預計所有市場都將出現季節性下滑，但家庭安全攝像頭市場除外，我們在該市場看到了強勁而廣泛的需求。

As Fermi discussed, the geopolitical and now public health factors are bringing significant uncertainty to our forecasting demand and supply, and we are taking measures to protect our employees and operations.

正如 Fermi 所討論的那樣，地緣政治和現在的公共衛生因素給我們的需求和供應預測帶來了很大的不確定性，我們正在採取措施保護我們的員工和運營。

In November, we estimated 2 professional security camera customers in China had pulled in roughly $10 million of revenue from fiscal year '21 to fiscal year '20, and while we're starting to see weaker ordering patterns from one of these customers in Q1, we still believe a vast majority of the safety stock inventory has not been depleted.

11 月，我們估計中國的 2 家專業安全攝像頭客戶從 21 財年到 20 財年的收入約為 1000 萬美元，雖然我們開始看到其中一家客戶在第一季度的訂單模式有所減弱，我們仍然相信絕大多數安全庫存尚未耗盡。

Going forward, we remain concerned about the dual China and non-China supply chain that is being created and what that means as it relates to our ability to continue to supply to our customers in China.

展望未來，我們仍然擔心正在形成的中國和非中國雙重供應鏈，以及這對我們繼續向中國客戶供貨的能力意味著什麼。

In addition, due to COVID-19, we have started to see some order pushouts and cancellations, and our Q1 guidance assumes these recent trends continue in the quarter.

此外，由於 COVID-19，我們已經開始看到一些訂單推遲和取消，我們的第一季度指南假設這些近期趨勢在本季度繼續存在。

Needless to say, forecasting is extremely difficult.

不用說，預測是極其困難的。

We estimate Q1 non-GAAP gross margin to be between 57.5% and 59.5% compared to 58.7% in the fourth quarter.

我們估計第一季度非美國通用會計準則毛利率在 57.5% 至 59.5% 之間，而第四季度為 58.7%。

We expect non-GAAP OPEX in the first quarter to be between $33 million and $35 million, with the increase from Q4 primarily coming from engineering headcount, payroll tax accruals and other engineering expenses.

我們預計第一季度的非 GAAP OPEX 將在 3300 萬美元至 3500 萬美元之間，與第四季度相比的增長主要來自工程人員、應計工資稅和其他工程費用。

In Q1, non-GAAP tax rate should be modeled in the 10% to 13% range versus the benefit of 1.7% in Q4.

在第一季度，非 GAAP 稅率應在 10% 至 13% 的範圍內建模，而第四季度的收益為 1.7%。

We estimate our diluted share count in Q1 to be approximately 35.4 million shares.

我們估計第一季度的稀釋後股份數量約為 3540 萬股。

We are closely monitoring the public health crisis and will re-evaluate external events on a case-by-case basis.

我們正在密切關注公共衛生危機，並將根據具體情況重新評估外部事件。

We intend to limit the number of executives at each event.

我們打算限制每次活動的高管人數。

Currently, we intend to participate in the Morgan Stanley TMT conference and the KeyBanc Emerging Technology Summit on March 4. Although at KeyBanc's request, we have converted our fireside chat to a one-on-one presentation.

目前，我們打算參加 3 月 4 日舉行的摩根士丹利 TMT 會議和 KeyBanc 新興技術峰會。儘管應 KeyBanc 的要求，我們已將爐邊談話轉換為一對一的演示。

We also expect to participate in the Roth conference on March 17, in the Bank of America Auto Summit on April 7. Please contact Louis for more details.

我們還預計參加 3 月 17 日的 Roth 會議，4 月 7 日的美國銀行汽車峰會。請聯繫 Louis 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'll turn it back over to the operator for questions.

有了這個，我會把它轉回給接線員提問。

(Operator Instructions)

（操作員說明）

And our first question comes from the line of Adam Gonzalez with Bank of America Securities.

我們的第一個問題來自美國銀行證券公司的 Adam Gonzalez。

I wanted to start with a more long-term question.

我想從一個更長期的問題開始。

Fermi, you guys first started talking about this access control opportunity at CES, and you spoke a little bit about it tonight.

Fermi，你們首先在 CES 上開始談論這個訪問控制機會，今晚你們談到了一點。

Can you just give us a sense of what the longer-term opportunity there is?

您能否讓我們了解一下長期的機會是什麼？

Yes.

是的。

In fact, this technology can be used in many different applications.

事實上，這項技術可以用於許多不同的應用。

We kind of touched on the -- our traditional market like doorbell, like the -- just, for example, enterprises access control.

我們有點觸及 - 我們的傳統市場，如門鈴，就像 - 例如，企業訪問控制。

But it can be applied to many other applications, for example, the payment system in China, like the use of face recognition as the way to do identification.

但是它可以應用到很多其他的應用中，比如在中國的支付系統，像用人臉識別作為身份識別的方式。

So as you know, the biggest challenge of current face detection algorithm is that you can be easily fooled by some -- using a picture or other materials, so that using a strict, sometimes 3D lighting, structure to enhance the algorithm is -- become necessary for those applications.

所以正如你所知，當前人臉檢測算法的最大挑戰是你很容易被一些人愚弄——使用圖片或其他材料，因此使用嚴格的，有時是 3D 照明，結構來增強算法——成為這些應用程序所必需的。

And I think we quickly estimate the total market size of a unit number, we're talking about probably tens of millions, close to 20 million to 30 million units and growing fast in the future.

而且我認為我們快速估計一個單位數量的總市場規模，我們談論的可能是數千萬，接近 2000 萬到 3000 萬單位，並且在未來快速增長。

So -- and we also believe because for the security reason, the technology required for this kind of system will continue to grow so that we need to continue to do better in terms of AI technology for different sensing technology as well as providing more fusion of different kind sensor to provide higher confidence on those face detection access control.

所以——我們也相信，因為出於安全原因，這種系統所需的技術將繼續增長，因此我們需要繼續在針對不同傳感技術的人工智能技術方面做得更好，並提供更多的融合不同種類的傳感器為那些人臉檢測訪問控制提供更高的信心。

So what I'm trying to say is we think this is a new market, and we saw a lot of -- addressing a lot of needs on the traditional as well as new applications.

所以我想說的是，我們認為這是一個新市場，我們看到了很多 - 解決了傳統和新應用程序的很多需求。

And most of the things really interests us is, we believe the technology requirement for this market will continue to grow, which play to our strength.

我們真正感興趣的大部分事情是，我們相信這個市場的技術需求將繼續增長，這將發揮我們的優勢。

Great.

偉大的。

And then, Casey, I have 1 follow-up.

然後，凱西，我有 1 個跟進。

In the press release, you talked about growing revenue overall this year, and I appreciate there are a lot of uncertainties with the geopolitical environment and virus concerns.

在新聞稿中，你談到了今年整體收入的增長，我理解地緣政治環境和病毒問題存在很多不確定性。

You also outlined in the prepared remarks that your end market exposure is relatively the same as last year, which I think implies that consumer and your legacy nonstrategic areas still 10%, 15% of overall revenues, at least.

您還在準備好的評論中概述了您的終端市場風險與去年相對相同，我認為這意味著消費者和您的遺留非戰略領域仍然至少佔總收入的 10%、15%。

Could you just help us understand, first, on the consumer legacy side, how is that business going to wind down?

您能否幫助我們了解，首先，在消費者遺留方面，該業務將如何結束？

What do you expect that business to grow?

您期望該業務增長到什麼程度？

And then what are the puts and takes in terms of growing this year overall?

那麼今年整體增長方面的看跌期權和收益是多少？

Well, to kind of clean up the first part of that, yes, we've said in the past that revenue was about 60% security, 20% auto and 20% other, and what I'm indicating is it roughly came in at that level.

好吧，為了清理一下第一部分，是的，我們過去說過收入大約是 60% 的安全，20% 的汽車和 20% 的其他，我的意思是它大致是在那個水平。

Obviously, we had some pull-ins in the professional security side, but we think the mix data is about the same.

顯然，我們在專業安全方面有一些投入，但我們認為混合數據大致相同。

From the other section, and in particular, in a couple of our consumer areas, we had some new product introductions that actually did better than we were forecasting, so we saw stronger revenue there last year, and I think we'll continue to see that into this year.

在其他部分，特別是在我們的幾個消費領域，我們推出了一些新產品，實際上比我們預測的要好，所以我們去年在那裡看到了更強勁的收入，我認為我們會繼續看到到今年。

But it hasn't changed our perspective that over the next 3 to 5 years we think that is going to continue to decline, but there happens to be a couple of current products right now that seem to be helping us there and that's constructive.

但這並沒有改變我們的觀點，即在未來 3 到 5 年內，我們認為這將繼續下降，但目前恰好有一些當前產品似乎正在幫助我們，這是建設性的。

As far as the puts and takes, it kind of goes back to Fermi's comments.

就 puts 和 takes 而言，這可以追溯到費米的評論。

Between the China and the virus uncertainty, automotive industry continues to be -- it was soft last year, continues to be soft.

在中國和病毒的不確定性之間，汽車行業繼續——去年疲軟，繼續疲軟。

And the visibility issue of how much disruption we've seen, are we're going to see, it's really hard to say exactly how that's going to shake out.

以及我們已經看到多少破壞的可見性問題，我們將要看到，真的很難確切地說出它將如何擺脫困境。

We're going to continue to give you good guidance on it.

我們將繼續為您提供良好的指導。

We continue to be excited about our penetration in the markets and probably most excited about the CV adoption, which isn't necessary, just a this-year story, but it really sets up the future of the company that Fermi's been talking about.

我們繼續對我們在市場上的滲透感到興奮，並且可能對 CV 的採用感到最興奮，這不是必需的，只是今年的故事，但它確實建立了 Fermi 一直在談論的公司的未來。

And our next question comes from the line of Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen 的對話。

Fermi, I wanted to talk about the CV adoption.

費米，我想談談簡歷的採用。

And I think in the prepared remarks, you talked about EV being on the order of 10% of revenue in the upcoming fiscal year that might -- I don't know if that's above your expectations about what you guys expected.

我認為在準備好的發言中，你談到電動汽車在即將到來的財政年度佔收入的 10% 左右，我不知道這是否超出了你們對你們的預期。

I assume most of the business you're picking up from Huawei's challenges internationally is still non-CV.

我假設您從華為的國際挑戰中獲得的大部分業務仍然是非 CV。

So maybe you could just give us some puts and takes there?

所以也許你可以給我們一些看跌期權？

And what end markets and maybe what China exposure are you guys thinking about of that 10% of revenue that might be CV-based this year?

對於今年可能基於 CV 的那 10% 的收入，你們在考慮哪些終端市場，也許還有哪些中國風險敞口？

First of all, I think that you are right, the CV revenue increase that we see this year, majority come from the non-Chinese customers, and especially, we announced -- we mentioned 5 customers already in like Avigilon, which is Motorola, Hanwha Techwin, Panasonic, Vivotek, Pelco.

首先，我認為你是對的，我們今年看到的 CV 收入增長，大部分來自非中國客戶，特別是，我們宣布 - 我們提到了 5 個客戶，比如摩托羅拉的 Avigilon，韓華Techwin、松下、Vivotek、Pelco。

You can see that trend from the professional.

您可以從專業人士那裡看到這種趨勢。

This professional IP security camera guide generating majority of the CV revenue this year.

這個專業的 IP 安全攝像機指南產生了今年大部分的 CV 收入。

So you can see that is really about the new product line introduced by our non-Chinese customer at this point, and we continue to feel confident about this 10% guidance for CV revenue.

所以你可以看到，這實際上是關於我們的非中國客戶此時推出的新產品線，我們繼續對 CV 收入的 10% 指導充滿信心。

And I think that we talked about, we have -- in addition to the 10 million -- sorry, 10% of revenue growth, we also talk about -- we have more than 100 customer buying the design kits, engineering parts and development boards in fiscal year '20, which will really build a huge base for us to grow in the future.

我認為我們談到過，除了 1000 萬——抱歉，10% 的收入增長，我們還談到——我們有 100 多個客戶購買了設計套件、工程部件和開發板在 20 財年，這將真正為我們未來的發展奠定巨大的基礎。

So I really think this is an important portion of discussion.

所以我真的認為這是討論的重要部分。

And also that you talk about China, I think our China exposure, you need to look in 2 different ways.

還有你談到中國，我認為我們的中國曝光，你需要從兩種不同的角度來看待。

First of all, there are a lot of products being manufactured in China.

首先，有很多產品在中國製造。

We talked about, we estimate probably 40% roughly being manufactured in China.

我們談到，我們估計大概有 40% 是在中國製造的。

But we also talk about Hikvision and Dahua use our chip manufacture in China, but are export to the -- outside China.

但我們也談到海康威視和大華使用我們在中國製造的芯片，但出口到中國以外的地方。

So we think our [overall end customer exposure total revenue that is consumed by customers] (corrected by company after the call) in China is roughly 20% of total revenue.

因此，我們認為我們在中國的[客戶消耗的總體終端客戶總收入]（由公司在電話會議後更正）大約佔總收入的 20%。

I hope that helps you to clarify that question.

我希望這能幫助你澄清這個問題。

That does help.

這確實有幫助。

As my follow-up, Casey, I noticed that -- I mean, we've talked about here on the call, the different uncertainties around geopolitical [trend] and with the virus.

作為我的後續行動，凱西，我注意到——我的意思是，我們在電話會議上談到了圍繞地緣政治 [趨勢] 和病毒的不同不確定性。

But it looks like you've guided OpEx up on the order of 10% sequentially.

但看起來您已經將 OpEx 依次提高了 10% 左右。

Maybe you could walk us through the new areas of spending and which pieces are ramping?

也許您可以帶我們了解新的支出領域以及哪些領域正在增加？

And then also, if things do get tough from some of these variables, how much flexibility you have to limit that spending growth?

然後，如果其中一些變量確實使事情變得艱難，那麼您有多大的靈活性來限制支出增長？

Yes.

是的。

So a majority of that increase is coming in engineering, and that's in 2 places.

因此，大部分增長來自工程領域，這是在兩個地方。

One is we continue to hire in that area and continue to push the CV platform and the new product introduction there, and so that's a portion of it.

一是我們繼續在該地區招聘，並繼續在那裡推動 CV 平台和新產品的推出，這就是其中的一部分。

It also is our largest number of employees.

這也是我們最大的員工人數。

And when the first of the year comes around, the employee taxes kick in, and all the other things that you see in the beginning of the year, typically.

當年初一到來時，員工稅開始生效，以及您在年初看到的所有其他事情，通常。

And so that adds to the engineering line in particular, but across the board, to everywhere.

因此，這尤其增加了工程線，但全面地，無處不在。

The other thing that runs through the engineering is, as we start to go to lower geometries and CAD tools continue to get more expensive, mass costs continue to get more expensive, so the amortization of that through the P&L also builds as we start to build these higher -- or lower geometry, higher development projects.

貫穿工程的另一件事是，隨著我們開始採用更小的幾何形狀並且 CAD 工具繼續變得更加昂貴，質量成本繼續變得更加昂貴，因此通過 P&L 進行的攤銷也會隨著我們開始構建而增加這些更高或更低的幾何學，更高的發展項目。

And Matt, this is Fermi.

馬特，這是費米。

I would like to add, you should expect that we have our first 5-nanometer tape-out this year, which basically explained to you that the NRE we have to put into our budget as well as the CAD tools that we have to buy to get a 5-nanometer tape-out is extremely higher than the whole pay for in the past.

我想補充一點，你應該期待我們今年有我們的第一個 5 納米流片，這基本上向你解釋了我們必須投入預算的 NRE 以及我們必須購買的 CAD 工具獲得5納米的流片遠高於過去的整體付出。

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

我們的下一個問題來自德意志銀行的 Ross Seymore。

Congrats on the solid guide.

恭喜你的指南。

I guess, either Casey or Fermi, I guess, that's why I want to start with my first question is, if we went 30 days ago, you talked about kind of down, I think, low double digits was normal seasonality and then you have the concern about the inventory digestion from the 2 big Chinese security camera customers.

我想，無論是 Casey 還是 Fermi，我想，這就是為什麼我想從我的第一個問題開始，如果我們在 30 天前去，你談到了某種程度的下降，我認為，低兩位數是正常的季節性，然後你有中國兩大安防攝像頭客戶對庫存消化的擔憂。

I guess, what's changed since then that leads you to kind of guiding down roughly 5%?

我想，從那以後發生了什麼變化導致你的指導下降了大約 5%？

Because it seems like the world has gotten more uncertain and yet your numbers are better despite highlighting accurately all those uncertainties.

因為世界似乎變得更加不確定，儘管準確地突出了所有這些不確定性，但您的數字卻更好。

So something seems to have gotten significantly better.

所以有些事情似乎變得更好了。

And so any color you could provide on that would be helpful.

因此，您可以提供的任何顏色都會有所幫助。

Right.

正確的。

So first of all, the previous guidance we provided was 90 days ago, in the previous conference call.

因此，首先，我們之前提供的指導是在 90 天前的上一次電話會議中。

I don't think we provide any guidance between that earnings call and now.

我不認為我們在財報電話會議和現在之間提供任何指導。

But however, you are right, that there are things changed.

但是，你是對的，事情發生了變化。

I think that Q1 seasonally is a weak quarter for us, and we continue to see the weakness cross the market, except in consumer security -- IP security camera market, and we see a broad based as well as higher demand than we expected than before and led by one large customer, that is Ring.

我認為第一季度對我們來說是一個疲軟的季度，我們繼續看到整個市場的疲軟，除了消費者安全——IP 安全攝像頭市場，我們看到基礎廣泛且需求高於我們之前的預期並由一個大客戶領導，即 Ring。

So in general, we do see -- we're doing well in the market and our customers doing well in the market.

所以總的來說，我們確實看到——我們在市場上做得很好，我們的客戶在市場上也做得很好。

That's basically the main reason showing some strength on our guidance this time.

這基本上是這次我們的指導顯示出一定實力的主要原因。

Specifically, if it wasn't for that customer, that's kind of the primary delta?

具體來說，如果不是針對那個客戶，那是一種主要的增量？

No.

不。

In fact, I say it's not less than 1 customer but this is really a market we're talking about broad-based customer base.

事實上，我說它不少於 1 個客戶，但這確實是一個我們正在談論的廣泛客戶群的市場。

In fact, we are many consumer IP camera customers and most of them show strength in Q4 and on the forecast on the Q1.

事實上，我們有很多消費者 IP 攝像機客戶，其中大多數在第四季度和第一季度的預測中表現出實力。

So -- but which, of course, Ring is our largest customer in this space, and they are leading our -- in terms of total revenue forecast.

所以 - 但當然，Ring 是我們在這個領域最大的客戶，他們領先我們 - 就總收入預測而言。

Got it.

知道了。

Okay.

好的。

And I guess, a slightly longer-term question, but still the same sort of financial bend to it.

我想，這是一個稍微長期的問題，但仍然是同樣的財務問題。

The line that you have at the end of your press release, stating that your goal is to grow revenue for the year, what are you trying to capture in that?

你在新聞稿末尾的那句話表明你的目標是增加當年的收入，你想從中獲得什麼？

Because you're starting the year up the better part of 15, mid-teens, at least year-over-year.

因為你在 15 歲左右的大部分時間開始新的一年，至少比去年同期。

Is there a seasonality difference that you guys expect this year with that $10 million?

你們預計今年的 1000 萬美元會有季節性差異嗎？

Or is it just an abundance of caution, given -- or abundance of uncertainty given what's going on in the world with virus and geopolitical, et cetera.

還是只是出於謹慎考慮——或者考慮到世界上正在發生的病毒和地緣政治等方面的不確定性。

Well, first of all, I think we established a goal this year that we definitely think we want to have a growth year this year.

好吧，首先，我認為我們今年制定了一個目標，我們絕對認為我們希望今年有增長。

And before this COVID-19 situation, we do see, like I said, strong forecast in certain market segments.

在出現這種 COVID-19 情況之前，正如我所說，我們確實看到某些細分市場的預測很強勁。

And although we cannot predict or forecast what's going to happen in the next 3 quarters, but we want to maintain a goal that we want to have a growth year, particularly with our strength on the CV and -- which is our basis of growth, and hopefully, that if we can have a stabilized market in the next 3 quarters, we want to achieve the goals that we set up early this year.

雖然我們無法預測或預測未來 3 個季度會發生什麼，但我們希望保持一個目標，即我們希望有一個增長年，特別是我們在 CV 上的優勢 - 這是我們增長的基礎，希望如果我們能夠在接下來的 3 個季度擁有一個穩定的市場，我們希望實現我們今年年初設定的目標。

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

我們的下一個問題來自摩根士丹利的 Joe Moore。

Great.

偉大的。

Just following up on the last question.

只是跟進最後一個問題。

As you guys have looked at these risk factors that you talked about around COVID, can you give us a sense of how much you might -- that might have changed your forecast?

當你們研究了您圍繞 COVID 談論的這些風險因素時，您能否告訴我們您可能會改變多少 - 這可能會改變您的預測？

Because we hadn't seen that situation, is it possible to quantify how much of an impact that was?

因為我們沒有看到這種情況，是否有可能量化這種影響有多大？

Well, Joe, I think it's hard for us to provide the whole year guidance at this point.

好吧，喬，我認為我們現在很難提供全年的指導。

And COVID-19, obviously, there's an impact to our forecast.

顯然，COVID-19 對我們的預測有影響。

And we try to factor that in our Q1 forecast already.

我們已經嘗試在我們的第一季度預測中考慮到這一點。

And...

和...

And just more for the quarter, not for the full year, just for the quarter.

而且只是本季度的更多，而不是全年的，只是本季度的。

So this quarter, we -- I definitely think that with 1 month of shipment already in the bag, and we look at the forecast we're going to do in the next 2 months, we think we feel relatively good about our current guidance.

所以這個季度，我們 - 我絕對認為已經裝運了 1 個月的貨物，並且我們看看我們將在未來 2 個月內做的預測，我們認為我們對當前的指導感覺相對良好。

Yes, Joe, it's difficult to say how much impact it's really having.

是的，喬，很難說它真正產生了多大的影響。

What we did is we looked out what we're seeing early in the quarter and what we might expect as or anticipate is further cancellations or pushouts and try to work that into our guidance, but we're kind of caught here because of the 1-month off from December in a place where all this happening really pretty quick in the last week or so.

我們所做的是查看我們在本季度初看到的情況以及我們可能預期或預期的是進一步取消或推出並嘗試將其納入我們的指導，但我們有點被困在這裡，因為 1 - 從 12 月開始，在過去一周左右的時間裡，所有這一切都發生得非常快。

And so what we tried to communicate is that we tried to factor into our guidance, not only what we've seen, but what we think we're going to see the quarter.

因此，我們試圖傳達的是，我們試圖將我們的指導納入考慮因素，不僅是我們所看到的，而且我們認為我們將在本季度看到什麼。

Great.

偉大的。

That's helpful.

這很有幫助。

And then as you talk about 10% CV for the year, I assume that's still primarily in professional surveillance, and it seems like that means you're exiting the year at -- with a pretty reasonably good percentage of your professional surveillance business having transitioned.

然後當你談到今年 10% 的 CV 時，我認為這仍然主要是在專業監控領域，這似乎意味著你將在這一年結束時——你的專業監控業務中有相當一部分已經轉型.

Is that -- any context I'm missing there?

那是——我在那裡缺少任何上下文嗎？

And just anything you can do to kind of help us with what that progression looks like?

你能做些什麼來幫助我們實現這種進展？

I think we end fiscal year '20, with some initial ramp-up of professional IP cam.

我認為我們在 20 財年結束時會初步增加專業 IP 攝像頭。

And we made some assumptions on how fast they ramp up, what happened this year and also with the -- considering the factors of the geopolitical situation and COVID-19.

我們對它們的增長速度、今年發生的事情以及考慮到地緣政治局勢和 COVID-19 的因素做出了一些假設。

But also, we're also putting some of the forecasts that early ramp-up consumer IP cam also.

而且，我們也做出了一些預測，即早期增加消費者 IP 攝像頭。

So between the professional IP cam for the whole year revenue and some late Q4 consumer IP revenues, that should be the big portion of our new CV revenue for year '21.

因此，在全年收入的專業 IP 攝像機和第四季度末的一些消費者 IP 收入之間，這應該是我們 21 年新 CV 收入的很大一部分。

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

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

Congratulations on the nice guidance.

祝賀您的指導。

I guess just following up on Joe's question.

我想只是跟進 Joe 的問題。

It sounds like you've got a pretty good backlog on hand over the next couple of months, and you've judged that down for COVID-19.

聽起來您在接下來的幾個月里手頭有很多積壓工作，並且您已經判斷為 COVID-19。

So are we right to assume that if you shipped everything in backlog, revenue would have been higher than what you guided?

那麼我們是否可以正確地假設，如果您將積壓的所有物品都發貨，收入會高於您的指導？

So you're actually expecting some pushouts or cancellations from what's in backlog today?

因此，您實際上是在期待今天積壓的訂單會被推出或取消嗎？

As we said, we've seen some already.

正如我們所說，我們已經看到了一些。

And we have kind of not -- we don't think that's over.

我們有點不——我們認為這還沒有結束。

We're going to see some.

我們要去看一些。

So by definition, yes, some of that.

所以根據定義，是的，其中一些。

Now you're always hoping, of course, it's pushed, not canceled.

現在你總是希望，當然，它被推動了，而不是被取消了。

And so initially, it tends to be pushed, and we're hoping that, that's the case.

所以最初，它傾向於被推動，我們希望情況就是這樣。

But we generally see an increase in business in Q2 and then another increase in business in Q3.

但我們通常會看到第二季度業務有所增長，然後第三季度業務又有所增長。

And so all bets are kind of off as far as ordering patterns and how things are flowing today, but we will see some of that, or we hope to see some of that in Q2 because the starts, like I say, is pushouts.

因此，就訂購模式和今天的情況而言，所有的賭注都有點偏離，但我們會看到其中的一些，或者我們希望在第二季度看到其中的一些，因為就像我說的那樣，開始是推出。

And what you hope is some of -- at some time will get canceled possibly, but you hope you have more pushouts than cancellations.

你希望的是——在某個時候可能會被取消，但你希望你有更多的推出而不是取消。

Great.

偉大的。

And then a second question, I think, subsequent to your -- the last quarterly earnings conference call, it seems like the commerce department has increased chatter about potentially changing the de-minimis rule.

然後是第二個問題，我想，在你的上次季度收益電話會議之後，商務部似乎增加了關於可能改變最低限度規則的討論。

It still sounds like from your comments today that the $10 million pull into fiscal '20 and out of fiscal '21 is the right amount of inventory that you haven't seen for inventory build as a result of potential de minimis rule changes?

從你今天的評論來看，20 財年和 21 財年之外的 1000 萬美元是正確的庫存量，你沒有看到由於潛在的最低限度規則變化而導致的庫存構建？

Well, first of all, de minimis rule still hasn't changed.

好吧，首先，最低限度規則仍然沒有改變。

Of course, there are a lot of discussion, but we haven't seen the rule changed.

當然，有很多討論，但我們還沒有看到規則發生變化。

In terms of the inventory buildup from our Chinese customers, I think in Q4, they did exactly what we expected them to do.

就我們中國客戶的庫存增加而言，我認為在第四季度，他們完全按照我們的預期做了。

And for Q1, that Casey just reported that 1 of the customer, showing some weak ordering patterns, so we believe they are trying to deplete their inventory starting this quarter.

對於第一季度，Casey 剛剛報告了一位客戶，顯示出一些疲軟的訂購模式，因此我們認為他們正試圖從本季度開始耗盡庫存。

So we -- based on that, we believe that the $10 million inventory is still there, and it will take time for them to use all of that.

所以我們——基於此，我們相信 1000 萬美元的庫存仍然存在，他們需要時間來使用所有這些。

Great.

偉大的。

And then just last thing for me.

然後對我來說是最後一件事。

You talked about a 10% of revenue from CV applications, mostly professional security this year.

你談到 10% 的收入來自 CV 應用程序，今年主要是專業安全。

But I think in the script, you talked about 3 sort of aftermarket automotive CV-based wins.

但我認為在腳本中，您談到了 3 種基於售後汽車 CV 的勝利。

I'm just wondering if you could give us a time frame?

我只是想知道你是否可以給我們一個時間框架？

Do you think that those aftermarket designs could start to ramp in some meaningful way in calendar '21 or is -- even though is aftermarket more in this calendar '22, '23 time frame.

您是否認為這些售後市場設計可能會在 21 年日曆中以某種有意義的方式開始增加，或者是 - 即使在 22 年日曆、23 年日曆中更多的是售後市場。

No, I think for those 3 products we mentioned, I think the ramp-up will be this year.

不，我認為對於我們提到的那 3 種產品，我認為今年會增加。

But however, the size, because of the aftermarket as well as the fleet management in terms of the volume, is not going to be as meaningful as professional security camera that we're seeing right now.

但是，由於售後市場以及數量方面的車隊管理，尺寸不會像我們現在看到的專業安全攝像頭那樣有意義。

So I do believe that those -- although the 3 production products we talk about in the automotive side will contribute, but it's going to be less than professional IP handheld cameras.

所以我相信那些 - 雖然我們在汽車方面談論的 3 種生產產品會有所貢獻，但它會比專業 IP 手持攝像機少。

A little bit of the temper on the auto is, obviously, as we talked about, auto was, as an industry, softer last year.

顯然，正如我們所說，汽車作為一個行業，去年表現疲軟。

And we see that somewhat carrying forward into this year.

我們看到這種情況在某種程度上延續到了今年。

So that makes you kind of temper your comment as well.

所以這也讓你有點緩和你的評論。

And our next question comes from the line of Suji Desilva with Roth Capital Markets.

我們的下一個問題來自 Roth Capital Markets 的 Suji Desilva。

Just a quick financial question first, Casey.

凱西，首先只是一個快速的財務問題。

The fiscal '21 growth revenue guidance, what is that -- what's the assumption of [parts] in there about the consumer legacy?

21 財年增長收入指導，那是什麼——其中關於消費者遺產的[部分]假設是什麼？

Is that part stable?

那部分穩定嗎？

Is that part declining?

那部分在下降嗎？

Just any color there would be helpful.

任何顏色都會有幫助。

Again, right now, we're seeing it pretty stable.

同樣，現在，我們看到它非常穩定。

As we saw last year, we thought we were going to start to see a bigger decline than we really saw.

正如我們去年看到的那樣，我們認為我們將開始看到比實際看到的更大的下降。

So for the year, we really haven't guided on anything.

所以這一年，我們真的沒有指導任何事情。

But right now, it feels pretty stable.

但是現在，感覺很穩定。

This, obviously, from a consumer standpoint, this quarter is typically weaker because it's after the Q4 time frame.

顯然，從消費者的角度來看，本季度通常較弱，因為它是在第四季度的時間框架之後。

So even if it was stronger than usual, it doesn't necessarily mean that it would be up.

所以即使比平時強，也不代表一定會漲。

It just would be down less than you might expect.

它只是比你預期的要少。

Okay, that's helpful, Casey.

好的，這很有幫助，凱西。

And then a question on the OpEx growth in terms of what's driving it.

然後是關於 OpEx 增長的驅動因素的問題。

The -- you've reached 100 engagements on CVs, so congratulations on that.

你的簡歷已經達到 100 次參與，所以恭喜你。

Are you seeing partners and channel folks helping you kind of source new engagements?

您是否看到合作夥伴和渠道人員幫助您尋找新的參與機會？

Or are you still having to deploy people to acquire and then support these additional customers?

或者您是否仍然需要部署人員來獲取並支持這些額外的客戶？

Or is the engineering really for the product road map and support there?

或者工程真的是為了產品路線圖和支持嗎？

Any color on the -- where the resources are going to would be helpful.

資源所在位置的任何顏色都會有所幫助。

Yes, the go-to-market strategy is still the same.

是的，進入市場的策略仍然是一樣的。

We are leveraging our partners -- business contact, for example, we mentioned the 5, 6 software partners, they're all demo-ing our system, they're helping us to acquire customer that based on their market approach.

我們正在利用我們的合作夥伴——業務聯繫，例如，我們提到了 5、6 個軟件合作夥伴，他們都在演示我們的系統，他們正在幫助我們根據他們的市場方法獲得客戶。

At the same time, we still have -- using our own marketing and sales to try to capture customers.

與此同時，我們仍然有 - 使用我們自己的營銷和銷售來嘗試吸引客戶。

So we're using both.

所以我們兩者都用。

In fact, that trying to get a lot more software partners to port our CV silicon.

事實上，它試圖讓更多的軟件合作夥伴移植我們的 CV 芯片。

The main reason is trying to -- with their help, we can gain access to more customer quicker than by doing everything ourself.

主要原因是在他們的幫助下，我們可以比自己做所有事情更快地接觸到更多的客戶。

And our next question comes from the line of Charlie Anderson with the Dougherty & Company.

我們的下一個問題來自 Dougherty & Company 的 Charlie Anderson。

Congrats on all the CV progress.

祝賀所有的簡歷進步。

I wanted to start with some of the commentary around CV more material in OEM for automotive in the '22, '23 time frame.

我想從 22 年、23 年時間框架內汽車 OEM 中關於 CV 更多材料的一些評論開始。

I wonder to what degree you guys have visibility today on any wins there?

我想知道你們今天對那裡的任何勝利有多大程度的了解？

And then as you kind of consider how this year plays out, what would be some of the goals in terms of achieving those wins?

然後當你考慮今年的表現時，實現這些勝利的一些目標是什麼？

In what areas and specifically, do you think you'll see the early success that result in that 2022, 2023 ramp?

在哪些領域，具體而言，您認為您會在 2022 年、2023 年看到早期的成功？

And I've got a follow up.

我有跟進。

Right.

正確的。

So for the auto OEMs, I think there's a multiple direction that we are following up, right?

所以對於汽車原始設備製造商，我認為我們正在跟進多個方向，對嗎？

So 1 thing is, for example, we talk about electronic mirrors and we finally start seeing momentum there, and we do believe that will help us to address that wave 3 revenue for the calendar year '22, '23, as well as the driver monitor as well as the cabin monitor system, that definitely is happening.

所以一件事是，例如，我們談論電子後視鏡，我們終於開始看到那裡的勢頭，我們相信這將幫助我們解決日曆年 '22、'23 的第三波收入，以及驅動程序監控器以及機艙監控系統，這肯定正在發生。

And we are, but more importantly, the most important thing for us is to continue to talk to the Tier 1s and OEM for the ADAS and the L2+.

我們是，但更重要的是，對我們來說最重要的事情是繼續與 ADAS 和 L2+ 的一級供應商和原始設備製造商進行對話。

I think that's the biggest area that we spend most of our engineering marketing resource to secure design wins as well as helping our customers.

我認為這是我們花費大部分工程營銷資源來確保設計勝利以及幫助我們的客戶的最大領域。

So all the 3 areas are the key focus for us right now.

所以這三個領域都是我們現在的重點。

Great.

偉大的。

And then for my follow-up, Casey, just a couple of housekeeping.

然後對於我的後續行動，凱西，只是一些家務。

On gross margin, it was obviously strong.

在毛利率方面，它顯然很強勁。

Sort of curious what you view as the trajectory there?

有點好奇你認為那裡的軌跡是什麼？

And then inventory, you've been sort of bringing it down, but you did build a little bit this quarter.

然後是庫存，您一直在降低庫存，但本季度確實有所增加。

So I'm just kind of curious your thoughts there as well?

所以我也很好奇你的想法？

Yes.

是的。

From an inventory basis, I feel that we're still pretty lean.

從庫存的角度來看，我覺得我們仍然很精簡。

Obviously, when we came into the beginning of the quarter, we had a little bit more inventory, and that's because we saw a little bit more opportunity or a little bit more activity in month 1, and so we had built inventory a little bit, but there really isn't much to read into that.

顯然，當我們進入本季度初時，我們的庫存多了一點，那是因為我們在第一個月看到了多一點的機會或多一點的活動，所以我們建立了一點庫存，但確實沒有太多可讀的內容。

As far as from a margin perspective, we don't give longer-term guidance other than our model or our target.

就利潤率而言，除了我們的模型或目標之外，我們不提供長期指導。

We're kind of hovering around the bottom of that target right now.

我們現在有點徘徊在該目標的底部。

As I think Fermi mentioned or we both mentioned in the past, although you aren't going to see significantly higher margins on the CV products, you are going to see twice the ASPs, which gives you the operating leverage that we're really looking for.

正如我認為 Fermi 提到的或我們過去都提到的那樣，儘管您不會看到 CV 產品的利潤率顯著提高，但您會看到 ASP 的兩倍，這將為您提供我們真正期待的運營槓桿為了。

So depending on the mix and what we see happening in the professional business, in particular, in China, that will really guide kind of where we are in our range, but we're going to maintain the range at 59% to 62% and work to get back, not only in it but higher up into it than where we are.

因此，根據組合和我們在專業業務中看到的情況，特別是在中國，這將真正指導我們在我們的範圍內的位置，但我們將把範圍保持在 59% 到 62% 並且努力回來，不僅在其中，而且比我們所在的位置更高。

And our last question comes from the line of Tore Svanberg with Stifel.

我們的最後一個問題來自 Tore Svanberg 與 Stifel 的合作。

My first question is on the R&D efficiency.

我的第一個問題是關於研發效率。

So you announced the [CV22FS] (corrected by company after the call) and CV2FS products in January.

所以你在 1 月份宣布了 [CV22FS]（公司在電話會議後更正）和 CV2FS 產品。

Are these sort of very simple derivative products from a cost perspective?

從成本的角度來看，這些是不是非常簡單的衍生產品？

Or is there still a lot of heavy R&D that goes into those products?

或者這些產品是否仍然需要大量的研發？

I'm just trying to understand because it does seem like those are very specific for auto.

我只是想了解一下，因為這些似乎確實是針對汽車的。

Yes.

是的。

So from a purely video processing and AI technology point of view, CV2 and CV2FS, for example, are similar.

所以從純粹的視頻處理和AI技術的角度來看，CV2和CV2FS，例如，是相似的。

But however, the biggest challenge for CV2FS is to build ASIL B, which is auto-grade silicon.

但是，CV2FS 面臨的最大挑戰是構建 ASIL B，即汽車級矽。

The amount of engineering effort, not in developing new technology products, follow the process, follow the standard, so that we can say we can pass ASIL B qualification.

工程量，不在開發新技術產品上，遵循流程，遵循標準，這樣我們就可以說我們可以通過ASIL B資格。

That's a significant investment and has been viewed as a big barrier to get into the automotive business.

這是一項重大投資，並被視為進入汽車業務的一大障礙。

Now we reached that, and we are confident that we're going to pass the ASIL B qualification.

現在我們做到了，我們有信心通過 ASIL B 認證。

I think that investment is behind us.

我認為投資已經落後了。

But however, that's really it.

然而，事實就是如此。

I think that's basically -- if you view that as a barrier that we have to cross over to get in auto.

我認為這基本上是 - 如果你認為這是我們必須跨越才能進入汽車的障礙。

But from an engineering development point of view, from a technology point of view, it's [CV2FS] (corrected by company after the call) just similar to the CV2.

但是從工程開發的角度，從技術的角度來看，它是[CV2FS]（電話後公司更正）只是類似於CV2。

That's very helpful.

這很有幫助。

And Fermi, you mentioned 5-nanometer.

費米，你提到了 5 納米。

When should we expect products to be in production on 5?

我們應該期望產品在 5 日投入生產嗎？

Well, what I say is, we are planning to take our first 5-nanometer chip, but we haven't talked about the product plan, how we're going to -- what kind of product we are going to be used based on 5-nanometer.

好吧，我要說的是，我們計劃採用我們的第一個 5 納米芯片，但我們還沒有談到產品計劃，我們將如何——我們將基於什麼樣的產品來使用5納米。

But based on history, you should expect that we're going to build 5-nanometer product across the board for auto, for security camera, for smart city, smart home, and it will be a family of chips.

但根據歷史，你應該預料到我們將全面構建用於汽車、安全攝像頭、智能城市、智能家居的 5 納米產品，這將是一個芯片家族。

I think that we kind of basically say we are going to skip 7-nanometer, go to 5-nano directly as our engineering investment.

我認為我們基本上說我們將跳過 7 納米，直接進入 5 納米作為我們的工程投資。

But you should see that in the next few -- after -- when we think about 5-nano, we're going to provide much more detailed description about our plan for products with the 5-nanometer projects.

但是你應該看到，在接下來的幾個——之後——當我們考慮 5 納米時，我們將提供更多關於我們的 5 納米項目產品計劃的詳細描述。

Sounds good.

聽起來不錯。

And 1 last question for Casey.

凱西的最後一個問題。

Casey, the R&D is obviously something quite a bit [here] in the April quarter.

凱西，研發顯然在四月份的季度[這裡]相當多。

Will it kind of flatten out, do you think a little bit for the remaining quarters?

它會變平嗎，你認為剩下的幾個季度會有一點嗎？

Or will we continue to see these types of step-ups?

或者我們會繼續看到這些類型的升級嗎？

Yes.

是的。

So again, we don't typically guide beyond 1 quarter.

同樣，我們通常不會指導超過 1 個季度。

But what I'd say is you're not going to see a step function like that throughout the year.

但我要說的是，你不會全年都看到這樣的階躍函數。

Like I said, there's some unusual things that come in like the payroll taxes and some of those that tend to feather out as you get further in the year.

就像我說的，有一些不尋常的事情會發生，比如工資稅，還有一些隨著你在這一年的時間越來越長而逐漸消失。

So I think you're going to see us continue to invest in the R&D, and our OpEx will stay fairly constant where we are today.

所以我認為你會看到我們繼續投資於研發，我們的運營支出將保持在今天的水平。

But you're not going to see us back off R&D or really accelerate it much more.

但你不會看到我們放棄研發或真正加速研發。

Thank you.

謝謝。

And this does conclude today's question-and-answer session.

這確實結束了今天的問答環節。

I would now like to turn the call back to Dr. Wang for closing remarks.

我現在想把電話轉回給王博士作結束語。

And thank you for joining us today.

感謝您今天加入我們。

I will talk to you the next time.

下次我會和你談談。

Thank you.

謝謝。

Bye.

再見。

Thanks.

謝謝。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。