Ambarella Inc (AMBA) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Ambarella's Fourth Quarter and Full Year 2022 Earnings Call. (Operator Instructions) Please be advised, today's conference may be recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加安霸 2022 年第四季度和全年財報電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。 （操作員說明）

I'd now like to hand the conference over to Louis Gerhardy, Corporate Development. Please go ahead.

我現在想把會議交給企業發展部的 Louis Gerhardy。請繼續。

Thank you, Liz. Good afternoon, and thank you for joining our fourth quarter and fiscal year 2022 financial results conference call. On the call with me today is Dr. Fermi Wang, President and CEO; and John Young, VP of Finance.

謝謝你，麗茲。下午好，感謝您參加我們的第四季度和 2022 財年財務業績電話會議。今天與我通話的是總裁兼首席執行官王費米博士；和財務副總裁 John Young。

The primary purpose of today's call is to provide you with information regarding our fourth quarter and fiscal year 2022 results. The discussion today and the responses to your questions will contain forward-looking statements regarding our projected financial results, financial prospects, market growth and demand for our solutions, among other things. These statements are subject to risks, uncertainties and assumptions. Should any of these risks or uncertainties materialize, or should our assumptions prove to be incorrect, our actual results could differ materially from these forward-looking statements. We're under no obligation to update these statements. 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 31, 2021, for the fiscal year 2021 ending January 31, 2021, and the Form 10-Q filed on December 10, 2021, for the third quarter of fiscal year 2022 ending October 31, 2021. Access to our fourth quarter and fiscal year 2022 results press release, historical results, SEC filings and a replay and prepared transcripts of today's call can be found on the Investor Relations portion of our website.

今天電話會議的主要目的是為您提供有關我們第四季度和 2022 財年業績的信息。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業績、財務前景、市場增長和對我們解決方案的需求等方面的前瞻性陳述。這些陳述受風險、不確定性和假設的影響。如果任何這些風險或不確定性成為現實，或者我們的假設被證明是不正確的，我們的實際結果可能與這些前瞻性陳述存在重大差異。我們沒有義務更新這些聲明。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得到更全面的描述，包括我們在 3 月 31 日提交的 10-K 表格年度報告，2021 年，截至 2021 年 1 月 31 日的 2021 財年，以及 2021 年 12 月 10 日提交的 10-Q 表格，截至 2021 年 10 月 31 日的 2022 財年第三季度。訪問我們的第四季度和 2022 財年結果新聞稿、歷史結果、SEC 文件以及今天電話會議的重播和準備好的成績單可以在我們網站的投資者關係部分找到。

Fermi will first provide a business update for the quarter and the full year. John will review the financial results, and then Fermi, John and I will be available for your questions.

Fermi 將首先提供本季度和全年的業務更新。 John 將審查財務結果，然後 Fermi、John 和我將回答您的問題。

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

有了這個，我會把它交給費米。

Thank you, Louis, and good afternoon, everyone. Thank you for joining our call today. Fiscal year 2022 represented an inflection year for Ambarella with numerous milestones achieved. Record revenue of $332 million was up 49% year-over-year, with CV revenue more than tripling to exceed 25% of total revenue and driving blended ASPs higher. It was the first year where CV delivered a material contribution to our operating results, enabling non-GAAP operating margin to reach 19% versus 4% the prior year. CV revenue wave 2, smart home, became material during the year as expected, and we are pleased to announce CV revenue from wave 3, automotive, also became material during the year. This occurred more than a year ahead of the guidance originally provided in June 2019.

謝謝你，路易斯，大家下午好。感謝您今天加入我們的電話會議。 2022 財年是安霸的轉折年，實現了許多里程碑。創紀錄的 3.32 億美元收入同比增長 49%，其中 CV 收入增長了兩倍多，超過總收入的 25%，並推動混合 ASP 更高。這是 CV 為我們的經營業績做出重大貢獻的第一年，非 GAAP 經營利潤率從去年的 4% 達到 19%。 CV 收入第 2 波（智能家居）在年內如預期般變得重要，我們很高興地宣布來自第 3 波（汽車）的 CV 收入也在年內變得重要。這比最初於 2019 年 6 月提供的指導提前了一年多。

Turning to products. We expect CV5, our first 5-nanometer SoC, to begin mass production in the second half of fiscal year 2023. While CV3, our second 5-nanometer SoC, a 10 billion transistor automotive domain controller, taped out and is expected to sample this year.

轉向產品。我們預計我們的第一個 5 納米 SoC CV5 將在 2023 財年下半年開始量產。而我們的第二個 5 納米 SoC（一個 100 億晶體管的汽車域控制器）CV3 已經流片並有望提供樣品年。

There is a strong and broad-based demand for our CV products. At the end of the year, we have cumulatively shipped more than 6 million CV SoCs to more than 275 unique CV customers across many verticals.

對我們的 CV 產品有強烈而廣泛的需求。截至今年年底，我們已累計向多個垂直領域的 275 多個獨特的 CV 客戶交付了超過 600 萬個 CV SoC。

Looking to fiscal year 2023, geopolitical and public health headwinds persist and the market forecasters predict real global GDP and the semiconductor industry growth rates will decelerate. There is a continuation of supply chain challenges. And in February, we were informed our 14-nanometer supply from Samsung will be constrained. At this time, we anticipate an adverse impact to our video processing revenue of approximately $5 million in Q2.

展望 2023 財年，地緣政治和公共衛生逆風持續存在，市場預測者預測全球實際 GDP 和半導體行業增長率將放緩。供應鏈挑戰持續存在。 2 月份，我們獲悉三星的 14 納米供應將受到限制。目前，我們預計第二季度視頻處理收入將受到約 500 萬美元的不利影響。

Despite these headwinds, we see the secular forces from the digital transformation remaining very strong, in particular, demand for our deep learning AI processes for IoT end points. A majority of our customers' design activity is now on CV, and we expect CV revenue to reach 45% of our total revenue in fiscal year 2023, driving a further increase in our blended average selling price as fewer of the lower ASP video processors are shipped.

儘管存在這些不利因素，但我們看到來自數字化轉型的長期力量仍然非常強大，特別是對物聯網端點的深度學習 AI 流程的需求。我們大部分客戶的設計活動現在都在 CV 上，我們預計 CV 收入將在 2023 財年達到我們總收入的 45%，推動我們的混合平均售價進一步上漲，因為較低 ASP 視頻處理器的數量減少發貨。

Now I will provide some representative market development activity during the quarter. We hit the road running in the first week of January, hosting our annual technology showcase held during CES in Las Vegas and announcing our new CV3 AI domain controller. We held over 35 live technology demonstrations, including our latest EVA autonomous vehicles, Oculii radar technology running both automotive and security applications, and numerous IoT, robotics and the partner demonstrations. The automotive partner demonstration included ADAS implementation from software partners, Autobrains and Helm.ai; as well as driver monitoring demos from Seeing Machines and Cipia, all running on our CV4 SoC.

現在我將提供本季度一些具有代表性的市場開發活動。我們在 1 月的第一周上路，在拉斯維加斯舉行的 CES 期間舉辦了我們的年度技術展示會，並宣布了我們新的 CV3 AI 域控制器。我們舉辦了超過 35 場現場技術演示，包括我們最新的 EVA 自動駕駛汽車、同時運行汽車和安全應用的 Oculii 雷達技術，以及眾多物聯網、機器人技術和合作夥伴演示。汽車合作夥伴演示包括軟件合作夥伴 Autobrains 和 Helm.ai 的 ADAS 實施；以及來自 Seeing Machines 和 Cipia 的驅動程序監控演示，均在我們的 CV4 SoC 上運行。

On January 4, we launched CV3, our AI domain controller SoC family for single-chip multi-sensor perception, fusion and path planning in ADAS to Level 4 autonomous vehicles. This scalable, power-efficient CVflow family of SoCs provides the automotive industry's highest AI processing performance at up to 500 eTOPS, representing a 42x increase over Ambarella's CV2 and 160x CV22. The first CV3 family member is fabricated in 5-nanometer process technology and enables centralized, single-chip processing for multi-sensor perception, including high-resolution vision, radar, including Oculii software, and other sensor modalities. The family's unique hardware scalability allows automakers to unify their software stacks across their entire product portfolios while reducing the cost and the complexity of software development. We have received significant interest in CV3 from leading automotive OEMs and the Tier 1s following announcement.

1 月 4 日，我們推出了 CV3，這是我們的 AI 域控制器 SoC 系列，用於 ADAS 到 4 級自動駕駛汽車中的單芯片多傳感器感知、融合和路徑規劃。這種可擴展、高能效的 CVflow 系列 SoC 提供汽車行業最高的 AI 處理性能，最高可達 500 eTOPS，比 Ambarella 的 CV2 和 160 倍 CV22 提高了 42 倍。第一個 CV3 系列成員採用 5 納米工藝技術製造，可實現多傳感器感知的集中式單芯片處理，包括高分辨率視覺、雷達（包括 Oculii 軟件）和其他傳感器模式。該系列獨特的硬件可擴展性使汽車製造商能夠在其整個產品組合中統一其軟件堆棧，同時降低軟件開發的成本和復雜性。發布後，我們收到了領先汽車 OEM 和 Tier 1 對 CV3 的濃厚興趣。

In addition to automotive applications, we will be developing CV3 SoC derivatives targeting other markets, including security camera and robotic applications. This new CV3 family SoCs will leverage the increased performance of the CV3 third-generation CVflow architecture, which provides over 3x the power efficiency of the previous CV2 generation.

除了汽車應用，我們還將開發針對其他市場的 CV3 SoC 衍生產品，包括安全攝像頭和機器人應用。這種新的 CV3 系列 SoC 將利用 CV3 第三代 CVflow 架構的更高性能，該架構的能效是上一代 CV2 的 3 倍以上。

In January, we announced our new Artificial Intelligence Image Signal Processor. This new ISV (sic) [ISP] architecture use neural networks to augment the image processing done by the hardware ISP integrated into our CV SoCs. We demonstrated it live during the show, showing full frame rate, HD video captured in under 0.03 lux lighting conditions or almost complete darkness. We believe this technology will be game-changing in all of our markets as the higher-quality video data not only improves visibilities in human viewing applications but also improves the accuracy of AI processing algorithms under challenging lighting conditions.

1 月，我們發布了新的人工智能圖像信號處理器。這種新的 ISV (sic) [ISP] 架構使用神經網絡來增強由集成到我們的 CV SoC 中的硬件 ISP 完成的圖像處理。我們在展會期間對其進行了現場演示，展示了在 0.03 勒克斯照明條件下或幾乎完全黑暗的情況下拍攝的全幀率高清視頻。我們相信這項技術將在我們所有的市場中改變遊戲規則，因為更高質量的視頻數據不僅可以提高人類觀看應用程序的可見性，還可以提高人工智能處理算法在具有挑戰性的照明條件下的準確性。

During the quarter, we made a number of automotive partnership announcements. We announced our collaboration with Autobrains, a developer of self-learning AI for assisted and autonomous driving to deliver a scalable range of AI solutions ranging from ADAS to higher-level autonomy for automotive mass market. At the show, we demonstrated Autobrains' ADAS software running on single CV2 automotive SoC. The collaboration will deliver high-resolution front ADAS solution targeting compliance with 5-star NCAP standards.

在本季度，我們發布了多項汽車合作夥伴公告。我們宣布與 Autobrains 合作，Autobrains 是一家用於輔助和自動駕駛的自學習 AI 開發商，旨在為汽車大眾市場提供從 ADAS 到更高級別自主性的一系列可擴展的 AI 解決方案。在展會上，我們展示了在單個 CV2 汽車 SoC 上運行的 Autobrains 的 ADAS 軟件。此次合作將提供符合 5 星級 NCAP 標準的高分辨率前端 ADAS 解決方案。

We also announced our partnership with Seeing Machines, the industry's leading computer vision technology company for driver monitoring applications. And we demonstrated Seeing Machines' software running on our CVflow AI platform. The partnership will enable the delivery of a complete, integrated DMS and ADAS solution.

我們還宣布與 Seeing Machines 建立合作夥伴關係，Seeing Machines 是業界領先的用於駕駛員監控應用的計算機視覺技術公司。我們還展示了在我們的 CVflow AI 平台上運行的 Seeing Machines 軟件。該合作夥伴關係將能夠交付完整的集成 DMS 和 ADAS 解決方案。

We're also seeing new opportunities in automotive applications employing cameras for security, access control and customization of personal settings. During the quarter, Hyundai introduced its Genesis GV60 SUV with a face connect feature that recognizes driver's face, opens and closes vehicle doors and provides customized setting for the driver using near-infrared cameras and deep learning technology. The face recognition module is based on Ambarella's CV25AQ automotive SoC.

我們還在汽車應用中看到了使用攝像頭進行安全、訪問控制和個人設置定制的新機會。在本季度，現代推出了具有面部連接功能的 Genesis GV60 SUV，該功能可識別駕駛員的面部、打開和關閉車門，並使用近紅外攝像頭和深度學習技術為駕駛員提供定制設置。人臉識別模塊基於安霸的 CV25AQ 汽車 SoC。

Also during the quarter, Rivian began shipments of its first consumer SUV, the R1S; and its first commercial vehicle, the new EDV 700 delivery van, designed in close collaboration with Amazon. As announced by Rivian, the R1 family, comprised of the R1S and the R1T, has 71,000 vehicles preordered, while Amazon has placed an initial order for 100,000 of the vans. Both R1S and EDV 700 have a camera platforms based on Ambarella's solutions, with multiple Ambarella CV2 SoCs being utilized for Rivian's autopilot called Driver+, gear guard and surround view systems. The EDV 700 delivery van also includes stereo forward-facing cameras enabled by CV2's built-in stereo processing capability. The rapid design and deployment of these vehicles, in addition to our other automotive production wins, reflects the maturity of our CVflow SoC and development tools.

同樣在本季度，Rivian 開始出貨其首款消費級 SUV R1S。及其第一款商用車，即與亞馬遜密切合作設計的新型 EDV 700 送貨車。正如 Rivian 宣布的那樣，由 R1S 和 R1T 組成的 R1 系列已預購了 71,000 輛汽車，而亞馬遜已初步訂購了 100,000 輛貨車。 R1S 和 EDV 700 都有一個基於 Ambarella 解決方案的攝像頭平台，多個 Ambarella CV2 SoC 用於 Rivian 的稱為 Driver+ 的自動駕駛儀、齒輪防護裝置和環視系統。 EDV 700 送貨車還包括由 CV2 內置立體處理能力支持的立體前置攝像頭。這些車輛的快速設計和部署，以及我們的其他汽車生產勝利，反映了我們 CVflow SoC 和開發工具的成熟度。

In February, the U.S. Department of Transportation's National Highway Traffic Safety Administration issued a final rule allowing automakers to install adaptive driving beam, or ADB, headlights on new vehicles. Adaptive driving beam headlight systems are useful for distance illumination of pedestrians, animals and objects without reducing the visibility of drivers in oncoming vehicles. The use of cameras with AI-based perception to intelligently control the headlight beams represents a new opportunity for Ambarella's CVflow SoC.

2 月，美國交通部的國家公路交通安全管理局發布了一項最終規則，允許汽車製造商在新車上安裝自適應遠光燈或 ADB 前照燈。自適應遠光燈系統可用於行人、動物和物體的遠距離照明，而不會降低迎面而來的車輛駕駛員的能見度。使用基於 AI 感知的攝像頭來智能控制前照燈光束，為 Ambarella 的 CVflow SoC 帶來了新機遇。

In December, we announced our early win in this area with Chinese automotive retail technology company, HASCO Vision; and IM Motors, a new automotive technology company jointly created by SAIC Group, Zhangjiang Hi-Tech and Alibaba Group. At the 2021 Shanghai Auto Show, IM Motors announced its new L7 electric vehicle, which began sales in February. It includes an intelligent DLP lighting system based on our CV22AQ automotive SoC that can perceive the driving environment and provide visual warnings to pedestrians as well as automatically adjust the width of the headlight beams under narrowing road conditions.

12月，我們宣布與中國汽車零售科技公司HASCO Vision在該領域的早期勝利；上汽集團、張江高科、阿里巴巴集團共同打造的新型汽車科技公司IM Motors。在2021年上海車展上，IM汽車發布了全新的L7電動車，該車於2月開始銷售。它包括一個基於我們的 CV22AQ 汽車 SoC 的智能 DLP 照明系統，可以感知駕駛環境並向行人提供視覺警告，並在狹窄的路況下自動調整前照燈光束的寬度。

Also in China, during the quarter, Hycan, an EV vehicle joint venture between GAC Group and the electric car maker, NIO, introduced its Z03 SUV. The Z03 includes Hycan Pilot 2.0, an intelligent driving assistance systems based on our CV2AQ SoC and supplied by Tier 1 MAXIEYE.

同樣在中國，本季度，廣汽集團與電動汽車製造商蔚來汽車的電動汽車合資企業海康推出了其 Z03 SUV。 Z03 包括 Hycan Pilot 2.0，這是一種基於我們的 CV2AQ SoC 並由 Tier 1 MAXIEYE 提供的智能駕駛輔助系統。

Now I will talk about some of our IoT customers' product introduction during the last quarter. In the enterprise camera market, Motorola Solutions announced the expansion of its license play recombination portfolio with the introduction of the L6Q camera based on our CV25 SoC. The L6Q can accurately scan vehicle moving at up to 75 miles per hour and up to 70 feet away. It can be powered by battery, solar panel, or AC/DC power and can operate in complete darkness.

現在我將談談上個季度我們的一些物聯網客戶的產品介紹。在企業相機市場，摩托羅拉解決方案宣布擴大其許可播放重組產品組合，推出基於我們 CV25 SoC 的 L6Q 相機。 L6Q 可以準確地掃描時速高達 75 英里、最遠距離為 70 英尺的車輛。它可以由電池、太陽能電池板或 AC/DC 電源供電，並且可以在完全黑暗的環境中運行。

Also, in the enterprise and public market, Verkada introduced its CD42 and the CD52 dome cameras based on our CV25 SoC. And Panasonic iPro sensing solutions introduced its iPro mini, a versatile network camera based on our CV22 SoC.

此外，在企業和公共市場，Verkada 推出了基於我們 CV25 SoC 的 CD42 和 CD52 球型攝像機。 Panasonic iPro 傳感解決方案推出了基於我們 CV22 SoC 的多功能網絡攝像機 iPro mini。

In the smart home market, Comcast introduced its first video doorbell, Xfinity Video Doorbell. Based on our SoC, it supports 1080p HD video, crystal clear night vision and a wider 4:3 aspect ratio that allows you to see more of your doorstep. In the same market, Ubiquiti introduced its G4 Doorbell Pro, a WiFi-enabled video doorbell with primary 5 megapixel camera and a second 8 megapixel package camera. Ubiquiti also began shipping its AI 360 PTZ camera, which provides panoramic, overhead surveillance and is based on our CV25 SoC.

在智能家居市場，康卡斯特推出了首款可視門鈴——Xfinity Video Doorbell。基於我們的 SoC，它支持 1080p 高清視頻、水晶般清晰的夜視和更寬的 4:3 縱橫比，讓您可以看到更多的家門口。在同一市場，Ubiquiti 推出了 G4 Doorbell Pro，這是一款支持 WiFi 的視頻門鈴，配備 5 兆像素主攝像頭和第二個 8 兆像素封裝攝像頭。 Ubiquiti 還開始出貨其 AI 360 PTZ 攝像頭，該攝像頭提供全景、頭頂監控，並基於我們的 CV25 SoC。

We are also seeing opportunities in new AI camera IoT applications, including robotics and video conferencing. During CES, HMS, an AI factory automation company based in Japan, announced and demonstrated its new SiNGRAY AI 3D camera designed for robotic and industry 4.0 applications. In this application, Ambarella's CV25 SoC does the camera perception and fusion, combining the RGB camera and the ToF dual sensors. The product is being supplied to Japanese robotic leader, Yaskawa, for robotic arm application.

我們還看到了新的人工智能相機物聯網應用的機會，包括機器人技術和視頻會議。在 CES 期間，總部位於日本的 AI 工廠自動化公司 HMS 宣布並展示了其專為機器人和工業 4.0 應用設計的新型 SiNGRAY AI 3D 相機。在這個應用中，安霸的 CV25 SoC 做了攝像頭感知和融合，結合了 RGB 攝像頭和 ToF 雙傳感器。該產品正在供應給日本機器人領導者安川，用於機械臂應用。

In the video conferencing applications, an example of one of our first wins is from Minrray, a China-based leader in communications and video conferencing. Their new UV430A Series, an Ultra HD PTZ video conferencing camera, based on our CV22 SoC, offers 4Kp60 video, 25x optical zoom and a pan tilt zoom operation.

在視頻會議應用方面，我們的第一個成功案例來自中國通信和視頻會議領域的領導者 Minrray。他們的新型 UV430A 系列是一款超高清 PTZ 視頻會議攝像機，基於我們的 CV22 SoC，可提供 4Kp60 視頻、25 倍光學變焦和雲台變焦操作。

In summary, these engagements indicate we are successfully leveraging our state-of-the-art human viewing video processor expertise into markets for high-bandwidth AI processors in machine sensing IoT edge end points. Much of the early CV growth we have experienced has been driven by new product cycles in existing markets like security cameras, but we are extremely excited about the penetration we are achieving in multiple new market verticals, like the robotic arm, automotive headlamp or automotive access control mentioned earlier. The megatrends for security, safety, automation and eventually complete autonomy, or robotics, are key drivers in our market, and it is a key driver for our SAM expansion, increasing from about $4 billion this year to approach $10 billion in calendar year 2027.

總之，這些合作表明我們正在成功地將我們最先進的人類觀看視頻處理器專業知識用於機器傳感物聯網邊緣端點的高帶寬 AI 處理器市場。我們經歷的大部分早期 CV 增長都是由現有市場（如安全攝像頭）的新產品週期推動的，但我們對我們在多個新市場垂直領域（如機械臂、汽車前照燈或汽車准入）實現的滲透感到非常興奮前面提到的控制。安保、安全、自動化和最終完全自主或機器人技術的大趨勢是我們市場的關鍵驅動力，也是我們 SAM 擴張的關鍵驅動力，從今年的約 40 億美元增加到 2027 日曆年的接近 100 億美元。

With the breadth of our SAM expanding, the market opportunities are now much larger. We are engaged in discussions at multiple customers where the lifetime revenue of any one program could be more than 20x higher than what we have experienced in the past.

隨著我們 SAM 的廣度不斷擴大，市場機會現在要大得多。我們正在與多個客戶進行討論，其中任何一個項目的終生收入都可能比我們過去經歷的高 20 倍以上。

With the evidence mounting, we are more convinced in the positive secular trends of our AI products. In order to sustain and grow our leadership position, we have and will continue to make a premium investment in our differentiated semiconductor and software R&D. Our organic R&D investment leads the way and has been augmented with our synergistic acquisition of HD radar leader, Oculii. Our R&D investment includes new perception technology development, deep fusion for cameras and radars, automotive functional safety, next-generation processors on 3- or 4-nanometer technology, and software modules higher up the stack.

隨著證據的增加，我們更加相信我們的人工智能產品的積極長期趨勢。為了保持和發展我們的領導地位，我們已經並將繼續對我們的差異化半導體和軟件研發進行高額投資。我們的有機研發投資處於領先地位，並隨著我們對高清雷達領導者 Oculii 的協同收購而得到增強。我們的研發投資包括新的感知技術開發、攝像頭和雷達的深度融合、汽車功能安全、基於 3 或 4 納米技術的下一代處理器，以及更高層次的軟件模塊。

And also, I would like to provide an update on Oculii about 4 months after we announced the acquisition. We are very pleased with customer interest and activity with our proprietary HD radar products and many cross-selling opportunities were discussed with customers during CES this year. Since the acquisition, we have seen a significant pickup in the number of radar module customers. In fact, during Q4, we shipped a record number of 77 gigahertz radar modules. We understand many of these customers are evaluating the technology for their production programs, and we plan to continue to aggressively hire to support the strong interest and outlook for our HD radar technology.

此外，我想在我們宣布收購約 4 個月後提供有關 Oculii 的最新信息。我們對客戶對我們專有的高清雷達產品的興趣和活動感到非常滿意，並且在今年的 CES 期間與客戶討論了許多交叉銷售機會。自收購以來，我們看到雷達模塊客戶數量顯著增加。事實上，在第四季度，我們出貨了創紀錄的 77 GHz 雷達模塊。我們了解其中許多客戶正在評估他們的生產計劃的技術，我們計劃繼續積極招聘，以支持我們對高清雷達技術的強烈興趣和前景。

In conclusion, after 5-plus years of edge AI investment, fiscal year 2022 represented a firm inflection for Ambarella, and while decisively established, we're still in the very early innings of the AIoT market development. We are very pleased with our progress, evidence continues to build and we remain convinced the market opportunity is very significant. We are committed to sustaining our strong investment to capitalize on our leadership position. And along the way, we are committed to deliver positive operating leverage at the $500 million and $1 billion annual revenue milestones, as indicated during our Capital Markets Day in January.

總而言之，經過 5 年多的邊緣 AI 投資，2022 財年代表了安霸的堅定轉折點，雖然我們已果斷成立，但我們仍處於 AIoT 市場發展的早期階段。我們對我們的進展感到非常滿意，證據不斷增加，我們仍然相信市場機會非常重要。我們致力於維持我們的強勁投資，以利用我們的領導地位。在此過程中，我們致力於在 5 億美元和 10 億美元的年收入里程碑上實現積極的經營槓桿，正如 1 月份資本市場日所表明的那樣。

With that, John will now provide our prepared financial comments.

有了這個，約翰現在將提供我們準備好的財務評論。

I will review the financial highlights for the fourth quarter and the full fiscal year 2022, ending on January 31, 2022, and provide a financial outlook for our first quarter of fiscal year 2023, ending on April 30, 2022. 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. For non-GAAP reporting, we have eliminated stock-based compensation expense and acquisition-related costs adjusted for the impact of taxes.

我將回顧截至 2022 年 1 月 31 日的 2022 年第四季度和整個財年的財務亮點，並提供截至 2022 年 4 月 30 日的 2023 財年第一季度的財務展望。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。對於非公認會計原則報告，我們已經消除了基於股票的補償費用和根據稅收影響調整的收購相關成本。

Fiscal year 2022 revenue increased 49% year-over-year to $331.9 million. Security camera revenue was close to 65% of total revenue, up more than 50% year-over-year. Auto revenue more than doubled year-over-year and represented almost 25% of total revenue. Our Other business declined roughly 20% year-over-year to represent slightly more than 10% of revenue.

2022財年收入同比增長49%至3.319億美元。安全攝像頭收入接近總收入的 65%，同比增長超過 50%。汽車收入同比增長一倍以上，佔總收入的近 25%。我們的其他業務同比下降約 20%，僅佔收入的 10% 以上。

For fiscal year 2022, non-GAAP gross margin was 63.4%, up from 61.4% in fiscal year '21. Despite some higher costs and expenses, our customer mix and product mix improved and the pricing environment was relatively stable. Non-GAAP operating expenses increased 15% for the year, with the majority of this increase in our organic R&D investment. For the 14th consecutive year, we reported positive annual operating cash flow, which was $38.8 million in fiscal 2022. With no debt, net cash on hand totaled $171 million at the end of the year.

2022 財年，非公認會計準則毛利率為 63.4%，高於 21 財年的 61.4%。儘管成本和費用有所增加，但我們的客戶組合和產品組合有所改善，定價環境相對穩定。非美國通用會計準則運營費用在這一年增長了 15%，其中大部分增長來自我們的有機研發投資。連續第 14 年，我們報告了正的年度經營現金流，在 2022 財年為 3880 萬美元。在沒有債務的情況下，截至年底的手頭淨現金總額為 1.71 億美元。

Q4 revenue of $90.2 million was slightly above the midpoint of our guidance range, with CV ending the year on a strong note. Q4 revenue declined 2% sequentially, well above the 5-year average of down about 10% sequentially. With several new video processor and computer vision programs commencing production, auto revenue increased more than 30% sequentially. Security camera and Other revenue declined about 10% sequentially.

第四季度的收入為 9020 萬美元，略高於我們指導範圍的中點，CV 以強勁的勢頭結束了今年。第四季度收入環比下降 2%，遠高於 5 年平均環比下降約 10%。隨著幾個新的視頻處理器和計算機視覺程序開始生產，汽車收入環比增長超過 30%。安全攝像頭和其他收入環比下降約 10%。

Non-GAAP gross margin for Q4 was 64.8%, above the high end of our guidance range of 63% to 64%. Despite some increased costs, the more diversified nature of our business, a relatively stable pricing environment and a richer customer and product mix all contributed to the strong gross margin performance.

第四季度的非美國通用會計準則毛利率為 64.8%，高於我們 63% 至 64% 的指導範圍的高端。儘管成本有所增加，但我們業務更多元化的性質、相對穩定的定價環境以及更豐富的客戶和產品組合都促成了強勁的毛利率表現。

Non-GAAP operating expense for the fourth quarter was $40.3 million compared to $35.6 million in Q3. This was slightly above the midpoint of our guidance range of $39 million to $41 million.

第四季度的非公認會計原則運營費用為 4030 萬美元，而第三季度為 3560 萬美元。這略高於我們指導範圍 3900 萬至 4100 萬美元的中點。

Non-GAAP net income for Q4 was $17.9 million or $0.45 per diluted share compared to $22.2 million or $0.57 per diluted share in the third quarter. In the fourth quarter, the non-GAAP earnings per share were based on 39.7 million shares.

第四季度非公認會計原則淨收入為 1790 萬美元或稀釋後每股收益 0.45 美元，而第三季度為 2220 萬美元或稀釋後每股收益 0.57 美元。第四季度，非美國通用會計準則每股收益為 3970 萬股。

Total head count at the end of the fourth quarter was 899 with about 82% of employees dedicated to engineering, most of whom are focused on software. Approximately 65% of our total head count is located in Asia.

第四季度末總人數為 899 人，其中約 82% 的員工致力於工程，其中大部分專注於軟件。我們總人數中約有 65% 位於亞洲。

In Q4, we generated positive operating cash flow of $20.6 million. Total accounts receivable at the end of Q4 were $44.5 million or 45 days sales outstanding, in line with the 45 days outstanding at the end of the prior quarter.

在第四季度，我們產生了 2060 萬美元的正運營現金流。第四季度末應收賬款總額為 4450 萬美元，即 45 天未償銷售額，與上一季度末 45 天未償銷售額一致。

Net inventory at the end of the fourth quarter was $45.2 million or down about 4% in dollars from the $47 million at the end of the previous quarter. On a days basis, inventory increased to 128 days in Q4 from 118 days in Q3.

第四季度末的淨庫存為 4520 萬美元，比上一季度末的 4700 萬美元下降約 4%。按天計算，庫存從第三季度的 118 天增加到第四季度的 128 天。

We had 2 customers represent 10% or more of our revenue in Q4. WT Microelectronics, a fulfillment partner in Taiwan, who ships to multiple customers in Asia, came in at 59% of revenue; and Hakuto, a distributor for automotive customers in Japan, came in at 12% of revenue. Revenue from Dahua and Hikvision declined more than 60% sequentially and more than 75% on a year-over-year basis and represented about 2% of total revenue in Q4 and 6% for the year.

我們有 2 個客戶占我們第四季度收入的 10% 或更多。 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 59%；日本汽車客戶分銷商 Hakuto 的收入佔收入的 12%。大華和海康威視的收入環比下降超過 60%，同比下降超過 75%，佔第四季度總收入和全年總收入的約 2% 和 6%。

I will now discuss the outlook for the first quarter of fiscal year 2023. Underlying demand remains solid, but supply-side conditions are highly dynamic. First, as Fermi indicated, our lead times remain extended and we are now facing new challenges and uncertainty with regard to our suppliers' timing of deliveries for our 14-nanometer video processors. Second, some of our customers have experienced significant delinquencies from other component suppliers. As a result, some customers may choose to defer our shipments. Other customers may build inventory of our SoCs as they await a complete kit. We are also prepared for a potential public health lockdown in Hong Kong, where our main warehouse is located, by arranging alternate delivery routes to our customers.

我現在將討論 2023 財年第一季度的前景。基本需求仍然穩固，但供應方面的狀況非常活躍。首先，正如 Fermi 所指出的，我們的交貨時間仍在延長，我們現在面臨著供應商交付 14 納米視頻處理器的時間方面的新挑戰和不確定性。其次，我們的一些客戶經歷了來自其他組件供應商的嚴重拖欠。因此，一些客戶可能會選擇推遲我們的發貨。其他客戶在等待完整套件時可能會建立我們的 SoC 庫存。我們還為我們的主要倉庫所在的香港可能發生的公共衛生封鎖做好準備，為我們的客戶安排替代交付路線。

To the best of our knowledge at the current time, our guidance contemplates these new and existing supply chain challenges. Considering all these factors, we expect our Q1 results to be better than the 9% average sequential decline experienced in the last 5 years. We estimate our revenue to be in the $88.5 million to $91.5 million range or approximately flat sequentially at the midpoint. After a surge in demand for several new programs in Q4, auto revenue is anticipated to decline sequentially, with IoT revenue increasing sequentially. As indicated at our January 4 Capital Markets Day, given our strategy and the related changes to our business, going forward, we will be reporting in 2 revenue categories: automotive and IoT.

據我們目前所知，我們的指導考慮了這些新的和現有的供應鏈挑戰。考慮到所有這些因素，我們預計我們的第一季度業績將好於過去 5 年平均連續下降 9% 的情況。我們估計我們的收入將在 8850 萬美元至 9150 萬美元之間，或在中點環比持平。在第四季度對幾個新項目的需求激增之後，預計汽車收入將環比下降，而物聯網收入將環比增長。正如 1 月 4 日資本市場日所述，鑑於我們的戰略和業務的相關變化，未來我們將報告 2 個收入類別：汽車和物聯網。

We estimate Q1 non-GAAP gross margin to be between 63% and 64%. We expect non-GAAP OpEx in the first quarter to be between $41 million and $43 million, with the increase from Q4 primarily coming from increased engineering head count, payroll tax accruals and other engineering expenses. The Q1 non-GAAP tax rate should be modeled in the 3% to 6% range. We estimate our diluted share count for Q1 to be approximately flat sequentially.

我們估計第一季度非公認會計準則毛利率在 63% 至 64% 之間。我們預計第一季度非 GAAP 運營支出將在 4100 萬美元至 4300 萬美元之間，與第四季度相比的增長主要來自工程人員人數的增加、應計工資稅和其他工程費用。第一季度非公認會計原則稅率應在 3% 至 6% 範圍內建模。我們估計第一季度的稀釋後股票數量將大致持平。

Ambarella will be participating in the Morgan Stanley TMT Conference on March 9 and 10, the 33rd Annual ROTH Conference on March 14 and Bank of America's 12th Annual Global Automotive Summit in April. During Q2, we will also be hosting virtual demos from our recent CES acquisition. Please contact us for more details.

Ambarella 將參加 3 月 9 日至 10 日的摩根士丹利 TMT 會議、3 月 14 日的第 33 屆 ROTH 年會和 4 月的美國銀行第 12 屆年度全球汽車峰會。在第二季度，我們還將託管我們最近收購的 CES 的虛擬演示。請與我們聯繫了解更多詳情。

Thank you for joining our call today. And with that, I will turn the call over to the operator for questions.

感謝您今天加入我們的電話會議。有了這個，我會把電話轉給接線員提問。

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

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

Guys, my first question is, obviously, there's some sensitivities and changes with the supply situation from Samsung on 14-nanometer, so a couple of questions around that. I guess the first one is, in the prepared script, it sounded like there was -- you guys found out pretty recently, there's going to be sort of a $5 million impact, I think, you said to Q2. Maybe you could clarify that, how long you feel like that type of or magnitude of impact might continue to be a headwind into the back half of the fiscal year. And I guess the other part of the question is, does that mean that you're not yet seeing any of that impact in the guidance for April?

伙計們，我的第一個問題顯然是，三星 14 納米的供應情況存在一些敏感性和變化，因此有幾個問題。我想第一個是，在準備好的劇本中，聽起來好像有——你們最近才發現，我想，你對第二季度說，這將產生 500 萬美元的影響。也許您可以澄清一下，您認為這種類型或影響程度可能會繼續成為本財年後半段的逆風需要多長時間。我想問題的另一部分是，這是否意味著您尚未在 4 月的指導中看到任何影響？

Well, I think the guidance we just provided for Q1 has considered all of the potential impact. We noticed this problem after Chinese New Year. We have communicated with Samsung many, many times throughout the last few weeks to identify potential impact. And our conclusion is our Q2 revenue will be impacted by approximately $5 million, and we're still working hard on Samsung to secure our second half supply. And we believe that Q2 might be the worst case for the whole year, but we still need to confirm the supply situation with Samsung for Q3 and Q4.

好吧，我認為我們剛剛為第一季度提供的指導已經考慮了所有潛在的影響。我們在農曆新年後注意到了這個問題。在過去的幾周里，我們已經與三星進行了多次溝通，以確定潛在的影響。我們的結論是我們第二季度的收入將受到大約 500 萬美元的影響，我們仍在努力與三星合作以確保我們下半年的供應。並且我們認為Q2可能是全年最差的情況，但我們仍然需要與三星確認Q3和Q4的供應情況。

Got it. Supply is more around the longer term. I mean you guys have worked with Samsung really since the birth of the company Ambarella. Is there any change that happened on their side that caused the supply disruption? Or do you get the feel that you're getting the priority with your supply partner that you would like? Are there any changes to that dynamic? And are you considering, going forward, any other sources of foundry capacity?

知道了。長期供應更多。我的意思是，自從 Ambarella 公司誕生以來，你們就一直在與三星合作。他們是否發生了導致供應中斷的任何變化？或者您是否覺得您希望與您的供應合作夥伴一起獲得優先權？這種動態有什麼變化嗎？您是否正在考慮未來的任何其他代工產能來源？

Well, I think our relationship with Samsung is still very strong. I think you probably noticed that the 14-nanometer supply that we talked about is the same product line that we had a problem last year when Samsung Texas Foundry had a problem. So I think one of the reasons that has popped us is if there's any supply change, we really have no inventory to cover the -- to bridge the problem. So I think that we still get a high priority from Samsung. But I think this shortage of 14-nanometer in Samsung is severe, and we'll just continue to see the result of that.

好吧，我認為我們與三星的關係仍然非常牢固。我想你可能注意到了，我們談到的 14 納米供應與去年三星德州代工廠出現問題時出現問題的產品線相同。所以我認為讓我們突然出現的原因之一是，如果有任何供應變化，我們真的沒有庫存來彌補 - 來解決問題。所以我認為我們仍然得到三星的高度重視。但我認為三星 14 納米的短缺很嚴重，我們將繼續看到其結果。

In terms of considering a second source, we are still working on 5-nanometer right now. And any tape-out, regardless of other engineering costs, any tape-out is $50 million. It's going to be a very costly proposal if we want to consider a second source. So at this point, I think we would like to understand what happened in Samsung and try to work out the catch-up plan so that we don't face a more severe situation in the future. But at the same time, I feel that Samsung is working hard to work with us to reduce the impact.

在考慮第二個來源方面，我們目前仍在研究 5 納米。任何流片，無論其他工程成本如何，任何流片都是 5000 萬美元。如果我們想考慮第二個來源，這將是一個非常昂貴的提案。所以在這一點上，我想我們想了解三星發生了什麼，並嘗試制定追趕計劃，以便我們未來不會面臨更嚴重的情況。但同時，我覺得三星正在努力與我們合作以減少影響。

Got it. Just for my last question, you mentioned that as you look into the April quarter, after some stronger results in the last couple, that the automotive revenue might be down sequentially slightly. Maybe you could talk about the drivers of that sequential revenue decline and how do you think the automotive business is going to trend for growth for the full fiscal year.

知道了。就我的最後一個問題而言，您提到，當您回顧 4 月季度時，在過去幾季取得了一些強勁的業績之後，汽車收入可能會環比略有下降。也許你可以談談收入連續下降的驅動因素，以及你認為汽車業務在整個財年將如何增長。

Well, first of all, I think our automotive business continues to be strong. This quarterly reduction's more like seasonal but also reflects last year, we had multiple products ramping up at the end of the year. I think that the ramping up really triggered a big surge on the demand, and now we start seeing the regular run rate. So I think the combination of seasonality and this is the reason. But I still believe that our automotive business continue to perform strong.

嗯，首先，我認為我們的汽車業務繼續強勁。這種季度減少更像是季節性的，但也反映了去年，我們有多種產品在年底增加。我認為增長確實引發了需求的大幅增長，現在我們開始看到正常的運行率。所以我認為季節性和這就是原因的結合。但我仍然相信我們的汽車業務繼續表現強勁。

Our next question comes from Gary Mobley with Wells Fargo.

我們的下一個問題來自富國銀行的 Gary Mobley。

I wanted to focus a minute on the demand side of the picture. Fermi, you seem to be hedging a little bit in your prepared remarks talking about decelerating industry trends. And so what I'm curious to know is, to what extent is sort of the flattest revenue trends you're expecting to see for 3 consecutive quarters, albeit better than seasonal, impacted by supply and to what extent is impacted by demand? In other words, I guess the most direct way I can ask the question is, did backlog grow during the quarter?

我想花一分鐘的時間關注圖片的需求方面。費米，你在準備好的言論中似乎有點對沖，談論減速的行業趨勢。所以我很想知道，你預計連續三個季度最平坦的收入趨勢在多大程度上受到供應的影響，儘管好於季節性，以及在多大程度上受到需求的影響？換句話說，我想我可以問這個問題的最直接的方式是，本季度積壓訂單是否增加了？

We still see a very strong demand. Particularly on the CV side, we feel strongly that we have a great momentum on CV, and we continue to believe that our CV revenue will be more than 45% of this year's total revenue. And from that point of view, I think we feel confident that we invest heavily on that direction, and we believe we're going to get paid off from that investment.

我們仍然看到非常強勁的需求。特別是在 CV 方面，我們強烈感覺到我們在 CV 上的發展勢頭很好，我們仍然相信我們的 CV 收入將超過今年總收入的 45%。從這個角度來看，我認為我們有信心在這個方向上進行大量投資，並且我們相信我們將從該投資中獲得回報。

From the supply point of view, 14-nanometer has been a problem for us, between Samsung and us, for more than 18 months now. So I hope that when the overall industrial short supply become better, this problem will go away with us. For any other process nodes or any other product lines, we have not seen any supply issues from Samsung.

從供應的角度來看，14 納米對我們來說一直是三星和我們之間的問題，已經超過 18 個月了。所以我希望當整體產業供不應求的情況好轉時，這個問題會和我們一起消失。對於任何其他工藝節點或任何其他產品線，我們沒有看到三星的任何供應問題。

Okay. On the thread of supply chain issues, I wanted to ask about what you're getting produced at Samsung Korea? I presume almost everything CV is in Samsung Korea. Are you seeing any constraints on that particular fab?

好的。關於供應鏈問題，我想問一下你們在三星韓國生產的是什麼？我想幾乎所有的簡歷都在三星韓國。您是否看到對該特定晶圓廠的任何限制？

Just like any other fab, the older fabs around the globe are very tight, and we believe that the Samsung Korean fab is tight, too, but we are convinced that, at this point, we will not have any shortage on our CV product supply chain.

就像任何其他晶圓廠一樣，全球的老晶圓廠都很緊張，我們相信三星韓國晶圓廠也很緊張，但我們相信，在這一點上，我們的 CV 產品供應不會出現任何短缺鏈。

Our next question comes from Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

It's nice that you sized that $5 million impact. It's not fun to have to deal with that. But any sort of sizing about the supply side impact, if any, on either your fourth quarter that you just reported or the first quarter you're guiding to?

很高興您確定了 500 萬美元的影響。不得不處理它並不好玩。但是，對您剛剛報告的第四季度或您正在指導的第一季度的供應方影響（如果有的話）的任何規模？

I don't think there's any impact on Q4 and Q1. We just realized this problem just a few weeks ago. So we are dealing with it immediately by disclosing to our investors. We give the potential impact, the size of impact as well as the timing of impact, so our investors can understand the situation.

我認為對第四季度和第一季度沒有任何影響。幾週前我們才意識到這個問題。因此，我們通過向投資者披露信息來立即處理它。我們給出了潛在的影響、影響的大小以及影響的時間，以便我們的投資者能夠了解情況。

Great. And I guess as my one follow-up, the non-CV revenue, looks like it grew about 25% last year, which is really impressive. Can you just talk about what the drivers of that growth would be? And do you see them continuing this year ex the supply limitation? I just want to figure out what sort of growth rate we should think about for the part of the business that's not included in the 45% CV.

偉大的。我想作為我的後續行動，非簡歷收入去年看起來增長了約 25%，這確實令人印象深刻。你能談談這種增長的驅動力是什麼嗎？你認為他們今年會繼續供應限制嗎？我只是想弄清楚對於 45% CV 中未包含的業務部分，我們應該考慮什麼樣的增長率。

Right. So last year, the non-CV revenue growth mainly come from the security camera and automotive, particularly a lot of automotive growth came from the non-CV product line. However, last year, I also want to make a note, we continue to lose business from Hikvision and Dahua. We have been documenting the unit number drop. In fact, on John's script, he talked about that we're going to see from 6% last year total revenue from Hikvision and Dahua go down to an even lower level. So I think from that point of view, the non-CV revenue will continue to have pressure because of Hikvision and Dahua. But also, I think that our CV product line also replaced some of the video product line. So I don't expect that the video product line growing another 25% this year. But the shortage from 14-nanometer is all video processor, which is non-CV, and they'll continue to put pressure on our non-CV revenues.

正確的。所以去年非CV收入增長主要來自安防攝像頭和汽車，尤其是很多汽車增長來自非CV產品線。然而，去年，我還想說明，我們繼續失去海康威視和大華的業務。我們一直在記錄單元號下降。事實上，在約翰的劇本中，他談到我們將看到海康威視和大華的總收入從去年的 6% 下降到更低的水平。所以我認為從這個角度來看，非CV收入將繼續受到海康威視和大華的壓力。而且，我認為我們的CV產品線也取代了一些視頻產品線。所以我預計視頻產品線今年不會再增長 25%。但是 14 納米的短缺是所有視頻處理器，這是非 CV，他們將繼續對我們的非 CV 收入施加壓力。

Do you expect the non-CV revenues to grow this year?

您預計今年非簡歷收入會增長嗎？

I don't think so.

我不這麼認為。

(Operator Instructions) Our next question comes from Andrew Buscaglia with Berenberg.

（操作員說明）我們的下一個問題來自 Andrew Buscaglia 和 Berenberg。

Maybe you could talk a little bit about, on the margin side, you had a great gross margin quarter but operating margins were a bit lighter than I was expecting only because it looks like some of your operating expenses were a little bit higher. How much was that more so sort of self-inflicted versus anything supply chain related?

也許你可以談談，在利潤率方面，你有一個很好的季度毛利率，但營業利潤率比我預期的要低一點，只是因為看起來你的一些運營費用有點高。與供應鏈相關的任何事情相比，這種自我造成的後果有多少？

Well, there are some supply chain-related issues because I think the cost has continued to go up not only just on wafer side, packaging, testing, even delivery, all the cost is going up. But however, I think the main driver of our operating expense growth is always on the R&D side. In fact, when we tape out our CV3 chip, that R&D expenses on the IT side as well as the contractor side is definitely higher because that's such a huge chip, and we work very hard to put a resource arm to solve that problem. So definitely, our operating expense will be driven by our continued investment on the premium R&D, including the 5-nanometer, maybe even 4-nanometer tape-out and also tools, and also continue to hire further engineers in the future.

嗯，有一些與供應鏈相關的問題，因為我認為成本在持續上升，不僅在晶圓方面，封裝、測試，甚至交付，所有的成本都在上升。但是，我認為我們運營費用增長的主要驅動力始終在研發方面。事實上，當我們流片我們的 CV3 芯片時，IT 方面和承包商方面的研發費用肯定會更高，因為那是一個巨大的芯片，我們非常努力地投入資源來解決這個問題。因此，可以肯定的是，我們的運營費用將受到我們對高端研發的持續投資的推動，包括 5 納米，甚至可能是 4 納米的流片和工具，並且未來還將繼續僱用更多的工程師。

Okay. And then maybe one more on automotive, just with the guidance for Q1. You made some comments about customers maybe choosing to defer shipments. Was that specific to automotive? And then just kind of what's your confidence in that, the demand versus a few weeks ago, being there this year than it was prior to some of the stuff that's come to light?

好的。然後也許還有一個關於汽車的，只是在第一季度的指導下。您對客戶可能選擇推遲發貨發表了一些評論。那是汽車特有的嗎？然後你對此有什麼信心，需求與幾週前相比，今年的需求比一些事情曝光之前的需求？

I don't think the demand changed in the last several months or several weeks. The biggest change is -- I think everybody is seeing that the automotive industry continued to have a supply problem, not only our supply problem but also the other materials, right? In fact, we continue to see our customers cannot build a product because of the lack of other components, microcontroller for one. So I think that's probably the biggest variable we are dealing with. I don't see a demand change. I still continue to see the uncertainty of supply is the biggest problem.

我認為過去幾個月或幾週內需求沒有變化。最大的變化是——我想每個人都看到汽車行業繼續存在供應問題，不僅是我們的供應問題，還有其他材料，對吧？事實上，我們繼續看到我們的客戶因為缺少其他組件而無法製造產品，例如微控制器。所以我認為這可能是我們正在處理的最大變量。我沒有看到需求變化。我仍然繼續看到供應的不確定性是最大的問題。

Our next question comes from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

To the extent that you guys talked about these incomplete kit type issues where they may have excess inventory of your product, what markets do you see that as being more likely than others? Does it span all the markets? And is there anything you could do to help us kind of quantify what that impact might be?

就你們談論這些不完整的套件類型問題而言，他們可能會在您的產品庫存過多的情況下，您認為哪些市場比其他市場更有可能？它跨越所有市場嗎？你能做些什麼來幫助我們量化這種影響可能是什麼？

Well, we start seeing it, we see pockets of the inventory, and some of it is automotive, some is security. It really depends on the customers' purchasing criteria, right? Some customers continue to buy our chip until they realize that they cannot get other components. Some people stop earlier, so they don't build inventory of our chips. So we see small pockets here and there across all the markets.

好吧，我們開始看到它，我們看到了一些庫存，其中一些是汽車，一些是安全性。這真的取決於客戶的購買標準，對吧？一些客戶繼續購買我們的芯片，直到他們意識到他們無法獲得其他組件。有些人更早停下來，所以他們不建立我們的芯片庫存。因此，我們在所有市場中到處都看到了小口袋。

Okay. And any sense for the magnitude of it? Like is this extreme by historic circumstances, do you think?

好的。對它的重要性有什麼意義嗎？你認為這是歷史環境的極端情況嗎？

I don't think it's a huge amount yet. Otherwise, we should make it visible to our investors. But we want to talk about what we're seeing in this, and because we start seeing people pushing out the demand because of that. But I don't think that's a severe problem just yet.

我不認為這是一個巨大的數額。否則，我們應該讓我們的投資者看到它。但我們想談談我們在這方面看到的情況，因為我們開始看到人們因此而推出需求。但我認為這還不是一個嚴重的問題。

Our next question comes from Kevin Cassidy with Rosenblatt Securities.

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

Maybe just another way to ask Joe's question, in the security camera business that was down 10% quarter over-quarter, was that mostly professional? Or was it the home security camera?

也許只是另一種方式來問喬的問題，在環比下降 10% 的安全攝像頭業務中，這主要是專業的嗎？還是家庭安全攝像頭？

I think it's both. I think both went down. But also, you have to remember, seasonality played a major role in there. If you look at our last 5-year trend, both professional and the consumer market went down. So it's not a surprise to us.

我認為兩者兼而有之。我認為兩者都下降了。而且，你必須記住，季節性在那裡發揮了重要作用。如果你看看我們過去 5 年的趨勢，專業市場和消費市場都下跌了。所以這對我們來說並不意外。

Okay. And maybe with the shortage of supply, are you getting any manufacturing cost increases?

好的。也許由於供應短缺，您是否會增加製造成本？

In the last 18 months, we continue to get increase, yes, and we continue to see that.

在過去的 18 個月裡，我們繼續增長，是的，我們繼續看到這一點。

Okay. And can you pass along that cost increase to your customers?

好的。您能否將增加的成本轉嫁給您的客戶？

To a certain extent, yes. In the past, we did pass some of the cost increase to some of the people when they try to expedite the delivery. But this time, with the 14-nanometer problem, we did, because of the cost raised to a point that we have to reflect it to our customers.

在某種程度上，是的。過去，當他們試圖加快交貨時，我們確實將一些成本增加轉嫁給了一些人。但這一次，在 14 納米的問題上，我們做到了，因為成本提高到了我們必須向客戶反映的程度。

Our next question comes from Tore Svanberg with Stifel.

我們的下一個問題來自 Tore Svanberg 和 Stifel。

Just a clarification question on the foundry situation, so is it purely just capacity? Or are there some other technical yield issues? Because it sounds like you've had some issues for the last 12 months. Is it just purely capacity?

只是一個關於代工情況的澄清問題，那麼它純粹只是產能嗎？還是有其他一些技術產量問題？因為聽起來您在過去 12 個月裡遇到了一些問題。只是單純的容量嗎？

I think right now, what we're seeing is that we don't get enough allocation. But what's the real reason behind it, I don't want to speculate because Samsung didn't tell us. But I think it's become clear in very early January that they either got overbooked or they have other issues that we are not familiar with that they had to reduce the allocation to us in Q2.

我認為現在，我們看到的是我們沒有得到足夠的分配。但它背後的真正原因是什麼，我不想推測，因為三星沒有告訴我們。但我認為在 1 月初很明顯，他們要么被超額預訂，要么存在我們不熟悉的其他問題，他們不得不在第二季度減少對我們的分配。

That's very helpful. And can you just elaborate a little bit more on the timing for CV5 and CV3? So I think you mentioned revenue contribution to CV5 late this year. Are you expecting CV3 revenue maybe second half of next year still?

這很有幫助。您能否詳細說明一下 CV5 和 CV3 的時間安排？所以我認為你在今年晚些時候提到了對 CV5 的收入貢獻。您是否還在期待明年下半年的 CV3 收入？

First of all, yes, you are right, CV5, we're expecting second half revenue from customers and, in fact, both from the security camera as well as some of the traditional consumer product. For the CV3, we are sampling to our customer, I would say, in second quarter this year and the revenue will come much later than that, right? This is really an automotive customer we're talking about.

首先，是的，你是對的，CV5，我們預計下半年的收入來自客戶，事實上，來自安全攝像頭以及一些傳統的消費產品。對於 CV3，我們會在今年第二季度向我們的客戶提供樣品，而收入將比這晚得多，對吧？這確實是我們正在談論的汽車客戶。

Our next question comes from Quinn Bolton with Needham.

我們的下一個問題來自 Quinn Bolton 和 Needham。

I wanted just to ask on the video processor side. Do you think that, that demand is perishable, meaning that if you don't get the allocation from Samsung in the second fiscal quarter that, that demand goes elsewhere? Or do you think that it simply pushes into fiscal Q3 or fiscal Q4?

我只想問視頻處理器方面。您是否認為這種需求是易腐爛的，這意味著如果您在第二財季沒有從三星那裡獲得分配，那麼這種需求就會轉移到其他地方？還是您認為它只是推進到第三財季或第四財季？

Quinn, my gut feeling is this, if this is a 1-quarter problem, I think our customers probably can wait and their customers can wait. But if this drags along further, I think some of the revenue will become perishable. So it really depends on how fast that we can work with Samsung to control this problem and provide much better visibility to our customers for Q3 and Q4.

Quinn，我的直覺是，如果這是一個季度的問題，我認為我們的客戶可能可以等待，他們的客戶也可以等待。但如果這種情況進一步拖延，我認為部分收入將變得易腐爛。因此，這實際上取決於我們與三星合作以多快的速度來控制這個問題，並在第三季度和第四季度為我們的客戶提供更好的可見性。

Got it. And then Hik and Dahua are down to 2% of sales. Do you think that they recover over the next couple of quarters? Or do you think that they just continue to represent a very low single-digit percentage of revenue going forward and effectively become immaterial at this point?

知道了。然后海康和大華的銷售額下降到 2%。您認為他們會在接下來的幾個季度中恢復嗎？還是您認為它們在未來僅佔收入的一個非常低的個位數百分比，並且在這一點上實際上變得無關緊要？

Yes, I think they will stay at that level. But last year, if you look at the whole year, they are still probably 6% of total revenue. And this year, they will be a low single-digit and probably stay there until it becomes nonmaterial.

是的，我認為他們會保持在那個水平。但去年，如果你看全年，它們仍然可能佔總收入的 6%。而今年，它們將是一個低個位數，並且可能會一直保持在那裡，直到它變得無關緊要。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

The first one I actually have is on your balance sheet. When I look at the cash level, it's strong, but it's kind of at the lowest level since fiscal '15. And I'm curious, Fermi, will you need to raise more, whether it's to execute on the R&D road map? Or more importantly, will you need to provide long-term supply agreements with your foundry suppliers? Because we are seeing many of the computing payers kind of prepay for capacity. Is that something that you will also need to consider, so you are assured of supply going forward?

我實際上擁有的第一個是在您的資產負債表上。當我查看現金水平時，它很強勁，但它處於自 15 財年以來的最低水平。我很好奇，費米，你是否需要籌集更多資金，是否是為了執行研發路線圖？或者更重要的是，您是否需要與您的代工供應商提供長期供應協議？因為我們看到許多計算支付者為容量預付費用。您是否還需要考慮這一點，以便您可以確保未來的供應？

Right. So they are 2 separate questions. So first question is, because of acquisition of Oculii, our cash flow dropped to $150 million. But I think you also noticed that in this quarter, we generated $20 million cash flow. So from this point of view, if we don't need the extra cash in the near future, we don't need to really raise any funding. But you made a great point that there are many companies out there trying to commit cash to secure their foundry. That's something we are considering to do. But however, that if we want to do it, really, we can get a line. We talked about this last time that we can easily get a line to help us to bridge that demand. So I think worst case is we're going to get a line, but we are not considering any secondary at this point.

正確的。所以它們是兩個獨立的問題。所以第一個問題是，由於收購了 Oculii，我們的現金流下降到 1.5 億美元。但我想你也注意到了，在本季度，我們產生了 2000 萬美元的現金流。所以從這個角度來看，如果我們在不久的將來不需要額外的現金，我們就不需要真正籌集任何資金。但是你提出了一個很好的觀點，有很多公司試圖投入現金來保護他們的代工廠。這是我們正在考慮做的事情。但是，如果我們想這樣做，真的，我們可以得到一條線。上次我們談到了這一點，我們可以很容易地得到一條線路來幫助我們彌合這種需求。所以我認為最壞的情況是我們會得到一條線，但我們目前不考慮任何次要的。

Got it. Very helpful. And for my follow-up, just a quick one on Q2, the $5 million impact. Does it kind of mean conceptually, Q2 sales closer to $85-ish million? Or are there kind of positive offsets from the CV side? And are there any gross margin implications because you had very strong margins in Q4, but you're kind of getting back to a trend line in Q1. What happens when you have this additional supply issue? How should we think about just the puts and takes around the sales and the gross margin, the best insight you have today would be very helpful?

知道了。非常有幫助。對於我的後續行動，只是在第二季度快速跟進，即 500 萬美元的影響。從概念上講，這是否意味著第二季度的銷售額接近 85 萬美元？還是從 CV 方面存在某種正偏移？是否存在任何毛利率影響，因為您在第四季度的利潤率非常高，但您在第一季度又回到了趨勢線。當您遇到這種額外的供應問題時會發生什麼？我們應該如何考慮圍繞銷售和毛利率的看跌期權，您今天擁有的最佳見解會非常有幫助？

Right. I think when we said $5 million, it really directly impacts our top line. So it's really just revenue. We believe we lost $5 million revenue in Q2. So that's probably answer to your first question. From a gross margin point of view, there is a combination of cost increase as well as we talked about we have to raise the price to certain 14-nanometer customers. And that combination, we are factoring in our guidance. So that's why you see it on our guidance on the gross margin line. So I think we continue to believe that long term, our gross margin is 59% to 62%, but in the next quarter it is based on the 63% to 64% guidance right now.

正確的。我認為當我們說 500 萬美元時，它確實直接影響了我們的收入。所以這真的只是收入。我們相信我們在第二季度損失了 500 萬美元的收入。所以這可能是你第一個問題的答案。從毛利率的角度來看，成本增加以及我們談到我們必須提高對某些 14 納米客戶的價格的組合。而這種組合，我們正在考慮我們的指導。這就是為什麼你會在我們的毛利率指引中看到它。所以我認為我們繼續相信，從長遠來看，我們的毛利率是 59% 到 62%，但在下一季度，它是基於目前 63% 到 64% 的指導。

Our next question comes from David Kelley with Jefferies.

我們的下一個問題來自 Jefferies 的 David Kelley。

Maybe just a question on customer and product mix, clearly, it's been a tailwind. How are you thinking about the sustainability of that benefit into '23?

也許只是關於客戶和產品組合的問題，顯然，這是順風。您如何看待這種利益在 23 年的可持續性？

Well, I think that from a computer vision point of view, I think all the indications that we have really makes us to believe that we have very strong support on not only customer base but also revenue growth. We talked about from 25% total revenue last year to 45% total revenue this year. And also, we talked about the customers that we engage and a number of customers that we take into production. So we continue to believe that story is very strong, right? So now I think this 14-nanometer product line shortage definitely will impact on the video processor product line and also put impact on the revenue but also some design win activities. People probably want to look at in Q3 and Q4, if we cannot deliver, how they can satisfy their revenue. So I think that's definitely an impact that we need to evaluate quickly and work with Samsung to solve the problem.

好吧，我認為從計算機視覺的角度來看，我認為我們所擁有的所有跡象確實讓我們相信我們不僅對客戶群而且對收入增長都有非常強大的支持。我們談到了從去年總收入的 25% 到今年總收入的 45%。此外，我們還談到了我們參與的客戶以及我們投入生產的一些客戶。所以我們繼續相信這個故事很強大，對吧？所以現在我認為這個 14 納米產品線的短缺肯定會影響視頻處理器產品線，也會影響收入，但也會影響一些設計獲勝活動。人們可能想在第三季度和第四季度看看，如果我們不能交付，他們如何滿足他們的收入。所以我認為這絕對是我們需要快速評估並與三星合作解決問題的影響。

Okay. That's helpful. And then maybe one more, following up on the earlier automotive deferral conversation. I was hoping if you could talk a bit more about the timing of what you're seeing there. Did your customers start to pull back in January as some of the production disruptions were picking up again? Or is this something that you were seeing earlier in Q4 as well?

好的。這很有幫助。然後也許還有一個，跟進早期的汽車延期對話。我希望你能多談談你在那裡看到的時間。隨著一些生產中斷再次加劇，您的客戶是否在 1 月份開始撤退？還是您在第四季度早些時候也看到過這種情況？

Yes. Just to be clear -- David, this is Louis -- we didn't talk about an automotive deferral. In fact, our automotive revenue increased 30% sequentially in Q4. As we had a number of new programs kick in, in multiple geographies for both video processors as well as computer vision. And so in Q1, we do see our automotive business down a little bit sequentially, but we do expect auto to be a key driver of growth in the next year.

是的。需要明確的是——大衛，這是路易斯——我們沒有談論汽車延期。事實上，我們的汽車收入在第四季度環比增長了 30%。由於我們在多個地區推出了許多新程序，用於視頻處理器和計算機視覺。因此，在第一季度，我們確實看到我們的汽車業務環比略有下降，但我們確實預計汽車將成為明年增長的關鍵驅動力。

Okay. One more, if I may, just to follow up on that. The Q1, is that more of a seasonal pullback? Or is there anything from a customer standpoint where they're pushing out order books with some of the OEM production disruptions?

好的。如果可以的話，再來一個，只是為了跟進。第一季度，這更像是季節性回調嗎？或者從客戶的角度來看，他們是否會在一些 OEM 生產中斷的情況下推出訂單？

Yes. No, I think it really comes down to some several new programs that kicked in, again, for both video processors and computer vision. But now that they've established their initial inventory, now their order rate comes back to a normalized run rate. So those are the dynamics we think caused it.

是的。不，我認為這真的歸結為一些新程序再次啟動，用於視頻處理器和計算機視覺。但是現在他們已經建立了初始庫存，現在他們的訂單率又回到了正常運行率。所以這些是我們認為造成它的動力。

Our next question comes from Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird。

Any way you could help us quantify the revenue contribution from the CV5 ramp in the second half? And then embedded in that question, given the commentary that inventories are not a huge problem yet and suggesting it gets worse, any attempt to gauge when the inflection point quarterly is going to be this year?

您有什麼辦法可以幫助我們量化下半年 CV5 斜坡的收入貢獻？然後嵌入這個問題，鑑於庫存還不是一個大問題並暗示它會變得更糟的評論，是否有任何嘗試衡量今年季度拐點何時會出現？

So for CV5, we're comfortable with the ramp occurring in the second half of the year. There's multiple customers, multiple product areas where that's going to occur. So there's no change there and no change with CV3 that we expected to sample in the first half of the year. I didn't understand your question about inventory. Could you just rephrase that or repeat it?

因此，對於 CV5，我們對下半年的增長感到滿意。有多個客戶，多個產品領域會發生這種情況。所以那裡沒有變化，我們預計在今年上半年採樣的 CV3 也沒有變化。我不明白你關於庫存的問題。你能改寫一下還是重複一遍？

Yes. Fermi, during the Q&A, mentioned that inventories were not a huge problem yet, as part of an answer to question. So it suggests that it might get worse in terms of inventory corrections. I'm just trying to look at the timing of where we should expect an inflection point.

是的。費米在問答環節中提到，作為問題答案的一部分，庫存還不是一個大問題。因此，這表明在庫存修正方面可能會變得更糟。我只是想看看我們應該期待拐點的時間。

Well, that's a question that we are trying to find an answer for because right now, there are all kinds of supply chain issues that are out of our control. A lot of our customers are pushing out their demand of our silicon because they cannot find other silicon like a microcontroller, WiFi chip or PMIC. So until they get better visibility, we will not get a better visibility from that. So I think that it's really reflected in this industrial problem that until the shortage of other components are getting better, we are going to have a very limited visibility on how much our inventory is sitting on the supply chain.

嗯，這是一個我們正在努力尋找答案的問題，因為現在有各種各樣的供應鏈問題超出了我們的控制範圍。我們的許多客戶都在推出他們對我們芯片的需求，因為他們找不到其他芯片，如微控制器、WiFi 芯片或 PMIC。因此，在他們獲得更好的知名度之前，我們不會從中獲得更好的知名度。因此，我認為這個工業問題確實反映了這一點，在其他組件的短缺情況有所好轉之前，我們對供應鏈上的庫存量的了解將非常有限。

Our next question comes from David O'Connor with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 David O'Connor。

Great. Maybe one or 2 on my side. Maybe firstly, a question for John on how we should think about the OpEx growth for this fiscal year ahead, should we kind of take what the trend was last year? That's my first question. And then secondly, just a clarification on the seasonality for Q2, typically up, but given the Samsung issue and also the deferred shipments, can you give us any more on kind of the puts and takes there of how we should kind of model that for looking out towards Q2?

偉大的。我身邊可能有一兩個。也許首先，約翰的一個問題是，我們應該如何看待未來本財年的運營支出增長，我們是否應該接受去年的趨勢？這是我的第一個問題。其次，只是澄清第二季度的季節性，通常是向上的，但考慮到三星問題以及延遲發貨，您能否再給我們提供關於看跌期權的更多信息，並了解我們應該如何建模展望第二季度？

Yes. So as far as Q2 goes, I think, really, the only guidance that we're giving at this point is just the $5 million issue. And so beyond that point on revenue in Q2, we don't really want to make any additional comments at this time just because we're looking to get more visibility as we get closer to that.

是的。所以就第二季度而言，我認為，實際上，我們目前提供的唯一指導只是 500 萬美元的問題。因此，除了第二季度的收入這一點之外，我們現在真的不想發表任何額外的評論，只是因為我們希望隨著我們越來越接近這一點而獲得更多的知名度。

I think with regard to OpEx, as I think we said in the prepared remarks that our expectation, our plan, is to continue to invest in premium R&D that we've been developing in-house year after year. And so that's going to take on several different initiatives: developing modules for the complete automotive stack, higher up the stack, that's one of the initiatives that we have; developing chips that fully take advantage of the Oculii radar that we recently acquired their technology; continuing to hire. And so I think while we are at an inflection point for the CV revenue and we expect that to be very favorable for us on a long-term basis, I think in the near term, we are expecting to continue to invest. And I think the level of investment that we've seen in fiscal '22 is indicative of what we might expect going forward.

我認為關於運營支出，正如我認為我們在準備好的評論中所說的那樣，我們的期望和計劃是繼續投資於我們年復一年地在內部開發的優質研發。所以這將採取幾個不同的舉措：為完整的汽車堆棧開發模塊，更高的堆棧，這是我們的舉措之一；開發充分利用我們最近獲得的 Oculii 雷達技術的芯片；繼續招聘。因此，我認為，雖然我們正處於 CV 收入的拐點，並且我們預計這在長期基礎上對我們非常有利，但我認為在短期內，我們預計會繼續投資。我認為我們在 22 財年看到的投資水平表明了我們對未來的預期。

Our next question comes from Martin Yang with Oppenheimer.

我們的下一個問題來自 Martin Yang 和 Oppenheimer。

My one question is on your business development activities in China. It seems that there are a lot more nonautomotive, non-IT security camera projects going on. Has anything changed as the result of lower revenue exposure to your IT customers in China or that's basically reflective of the normal design activities among the Chinese customers?

我的一個問題是關於您在中國的業務發展活動。似乎還有更多非汽車、非 IT 安全攝像頭項目正在進行中。由於中國 IT 客戶的收入減少或這基本上反映了中國客戶的正常設計活動，是否有任何變化？

Well, in our script this time, we didn't talk about any Chinese security camera customer. We did mention several Chinese automotive customers. There is a video conferencing customer. And one of the interesting automotive application is this automatic beam control for the lighting. So I don't think there's any major change on the Chinese security camera market per se. I think that market today is Hikvision dominated. And we talked about our supply situation to them. And I don't think that we talked about any major changes on the Chinese security cameras.

好吧，這次在我們的腳本中，我們沒有談論任何中國安全攝像頭客戶。我們確實提到了幾家中國汽車客戶。有一個視頻會議客戶。一個有趣的汽車應用是這種用於照明的自動光束控制。所以我認為中國安全攝像頭市場本身不會有任何重大變化。我認為今天的市場是海康威視主導的。我們向他們談論了我們的供應情況。而且我認為我們沒有談到中國安全攝像頭的任何重大變化。

Maybe if I may clarify my question a little bit, I was asking if your overall business development [if, in fact, the structure on] resources have changed. So I think are you putting more resources into non-security customers or applications?

也許我可以稍微澄清一下我的問題，我是在問您的整體業務發展[如果，事實上，資源的結構已經改變]。所以我認為您是否將更多資源投入到非安全客戶或應用程序中？

Yes, that's obvious. Because we realize that security camera in China is a very sensitive industry, and most of our Chinese customers are looking for non-U.S. suppliers. However, in other business, which is not as sensitive as security camera like automotive, like other industry we talk about, we continue to put effort in China because that's still a big market that we can continue to gain market share from. So that's why you are absolutely right, we continue to have a strong team in Shanghai and Shenzhen, helping us through this development in China. In fact, we also see Oculii radar that China can be a very, very good market for them, too.

是的，這很明顯。因為我們意識到中國的安全攝像頭是一個非常敏感的行業，我們的大多數中國客戶都在尋找非美國供應商。然而，在其他行業，它不像汽車這樣的安全攝像頭那麼敏感，就像我們談論的其他行業一樣，我們繼續在中國發力，因為這仍然是一個我們可以繼續獲得市場份額的大市場。所以這就是為什麼你是絕對正確的，我們繼續在上海和深圳擁有一支強大的團隊，幫助我們完成在中國的發展。事實上，我們也看到 Oculii 雷達認為中國對他們來說也是一個非常非常好的市場。

Our next question comes from Brian Ruttenbur with Imperial Capital.

我們的下一個問題來自 Imperial Capital 的 Brian Ruttenbur。

If I dig down a tiny bit on the security business, can you tell me what percentage of your revenue was security in the fourth quarter?

如果我稍微深入了解一下安全業務，你能告訴我第四季度你的收入中有多少百分比是安全的嗎？

Brian, this is Louis. Yes, security in the fourth quarter, let me just check, around 60%. And for the year, security overall grew a little more than 50%. It was around 65%.

布賴恩，這是路易斯。是的，第四季度的安全，讓我檢查一下，大約 60%。今年，安全性總體增長了 50% 以上。大約是 65%。

Okay. So 65% on this fiscal year that just ended. Can you talk then about where you see it at least in the first quarter or for fiscal '23 would be great. But at least the first quarter, where do you see that percentage going? I assume down, from 60% to 55%. How much of a stair step are we talking about in terms of the security revenue as a total?

好的。因此，剛剛結束的這個財政年度為 65%。那麼您能否談談您至少在第一季度或 23 財年看到它的地方會很棒。但至少在第一季度，你認為這個百分比會去哪裡？我假設從 60% 下降到 55%。就安全收入而言，我們談論的階梯有多少？

Yes. So we see that IoT category, where security is the largest part of it, growing sequentially in Q1. But as you know, with automotive growing to be 65%, 70% of our SAM over the next 5 to 6 years, over time, our revenue mix should shift in that direction.

是的。因此，我們看到物聯網類別，其中安全性是其中最大的一部分，在第一季度連續增長。但如您所知，隨著未來 5 到 6 年汽車業務增長到我們 SAM 的 65%、70%，隨著時間的推移，我們的收入組合應該會朝這個方向轉變。

Okay. Do you have a percentage that you're targeting for first quarter that's going to be IoT/security?

好的。您是否有第一季度的目標百分比是物聯網/安全？

No, we don't have a figure for that other than it will grow sequentially. That's our expectation. And auto, we expect to have a slight decline in Q1 given the factors we've talked about earlier.

不，除了它會按順序增長之外，我們沒有其他數字。這是我們的期望。而汽車，鑑於我們之前談到的因素，我們預計第一季度將略有下降。

Okay. And then just finally, on that same point, is this more a demand issue or a supply issue on the slowing on the security side?

好的。最後，在同一點上，這更多是安全方面放緩的需求問題還是供應問題？

I think it's seasonality, right? If you look at the seasonality in the last 5 years for professional and consumer security camera, it's always that seasonality always play a role from Q4 to Q1.

我認為這是季節性的，對吧？如果您查看過去 5 年專業和消費者安全攝像頭的季節性，從第四季度到第一季度，季節性總是起作用。

Yes. I mean there's also been the factor in the last 2 to 3 years where Hik and Dahua were more than 25% of our revenue, and you heard now they're in the very low single-digit range combined. So that's been a factor over this period of time.

是的。我的意思是，在過去的 2 到 3 年中，海康和大華的收入占我們收入的 25% 以上，你現在聽說它們的總和處於非常低的個位數範圍內。所以這是這段時間的一個因素。

That concludes today's question-and-answer session. I'd like to turn the call back to Dr. Wang for closing remarks.

今天的問答環節到此結束。我想把電話轉回給王博士做結束語。

Thank you, and thanks to all of you for joining the meeting today. I'm looking forward to seeing you at some other opportunities in the near future. Thank you. Goodbye.

謝謝大家，也感謝大家參加今天的會議。我期待在不久的將來在其他一些機會見到你。謝謝你。再見。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。