Ambarella Inc (AMBA) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Ambarella's first quarter fiscal year 2025 earnings call.

感謝您的耐心等待，歡迎參加 Ambarella 2025 財年第一季財報電話會議。

(Operator Instructions) As a reminder, today's program is being recorded.

（操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Mr. Louis Gerhardy, Vice President, Corporate Development and Investor Relations.

現在我想介紹一下今天節目的主持人，企業發展和投資者關係副總裁 Louis Gerhardy 先生。

Please go ahead, sir.

請繼續，先生。

Thank you, Jonathan, and good afternoon.

謝謝你，喬納森，下午好。

Thank you for joining our first quarter fiscal year 2025 financial results conference call.

感謝您參加我們的 2025 財年第一季財務業績電話會議。

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

今天與我通話的是總裁兼執行長 Fermi Wang 博士；和財務長約翰·楊。

The primary purpose of today's call is to provide you with information regarding the results for our first quarter fiscal year 2025.

今天電話會議的主要目的是向您提供有關 2025 財年第一季業績的資訊。

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

今天的討論和您問題的答覆將包含有關我們預計財務業績、財務前景、市場成長和對我們解決方案的需求的前瞻性陳述。

Among other things.

除其他事項外。

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

這些陳述是基於目前可獲得的信息，並受到風險、不確定性和假設的影響。

Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect, our actual results could differ materially from these forward-looking statements.

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聲明有重大差異。

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 we file with the SEC.

這些風險不確定性和假設以及可能影響我們財務表現的潛在風險因素的其他資訊在我們向 SEC 提交的文件中進行了更全面的描述。

Access to our first quarter fiscal 2025 results press release, transcripts, historical results, SEC filings and a replay of today's call can be found on the Investor Relations page of our website.

您可以在我們網站的投資者關係頁面上查看我們的 2025 財年第一季業績新聞稿、文字記錄、歷史業績、SEC 文件和今天電話會議的重播。

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

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

Fermi will now provide a business update for the quarter.

費米現在將提供本季的業務更新。

And John will review the financial results and outlook and we'll be available for your questions after that.

約翰將審查財務業績和前景，之後我們將回答您的問題。

Fermi?

費米？

Thank you, Louis, and good afternoon.

謝謝你，路易斯，下午好。

Thank you for.

謝謝你。

Thank you all for joining our call today.

感謝大家今天加入我們的電話會議。

Our Q1 results were 1% above the midpoint of our guidance range, with revenue increasing 6% sequentially.

我們第一季的業績比指導範圍的中點高出 1%，營收季增 6%。

As expected, both auto and IoT revenue increased sequentially and AI products were about two thirds of our total revenue.

如預期，汽車和物聯網收入環比成長，人工智慧產品約佔總收入的三分之二。

As previously discussed, our customers are in the midst of a recovering follow a cyclical inventory correction and the favorable impact from this is expected to carry into the second quarter.

如前所述，我們的客戶正處於週期性庫存調整後的復甦過程中，預計由此帶來的有利影響將持續到第二季​​。

We continue to expect our fiscal '25 revenue to grow year over year, driven by both the cyclical tailwinds and the secular growth in our AI portfolio.

我們繼續預計，在週期性順風和人工智慧投資組合長期成長的推動下，我們 25 財年的營收將年增。

The combination of the cyclical and secular forces is expected to enable our AI inference revenue to grow more than 30% in fiscal 2025.

週期性和長期力量的結合預計將使我們的人工智慧推理收入在 2025 財年增長超過 30%。

Zooming out for a minute, the significant capacity being added to the AI training network infrastructure globally bodes well for the ultimate deployment of AI inference at an age where we participate in the market.

縮小一分鐘，全球人工智慧訓練網路基礎設施的顯著容量增加預示著在我們參與市場的時代人工智慧推理的最終部署。

The deployment of AI inference at edge enables end-user to more particularly take advantage of so many different AI breakthroughs as focus on AI and the age of networks increase.

隨著對人工智慧的關注和網路時代的增加，在邊緣部署人工智慧推理使最終用戶能夠更具體地利用許多不同的人工智慧突破。

We see AI inferencing proliferating in multiple areas, and we believe we are well positioned to take advantage of this.

我們看到人工智慧推理在多個領域激增，我們相信我們已經做好充分利用這一點的準備。

In fact, we are already in an early stage of demonstrating how it may play a play out for us in Q1, for example, our customer engagement in include our first passenger vehicle wins for our 5-nanometer CV3-AD family of AI central domain controllers.

事實上，我們已經處於展示它如何在第一季度為我們發揮作用的早期階段，例如，我們的客戶參與包括我們的 5 奈米 CV3-AD 系列 AI 中心領域的第一輛乘用車獲勝控制器。

We added another CV3-AD win in the commercial vehicle market, secure that multiple enterprise class AI inferencing wins and even in other IoT cameras, we are reporting additional wins for our 5nm CV5 AI process.

我們在商用車市場上贏得了 CV3-AD 的勝利，確保了多個企業級 AI 推理的勝利，甚至在其他物聯網攝影機中，我們還報告了我們的 5nm CV5 AI 工藝的額外勝利。

In the midst of this great change, our opportunity and the challenge is to develop a technology and products that not only are extremely efficient for each deployment, but also flexible enough to execute a wide very wide range of AI workload across all this disparate applications.

在這場巨大的變革中，我們的機會和挑戰是開發一種技術和產品，不僅對每次部署都非常高效，而且足夠靈活，能夠在所有這些不同的應用程式中執行廣泛的人工智慧工作負載。

We are already in mass production with our AI Products for video into intensive CNN networks, such as detection, classification, fusion, planning, stitching, mapping, tracking, framing auto-editing, and neural network image signal processing.

我們的人工智慧產品已經投入量產，用於視訊到密集型 CNN 網絡，如檢測、分類、融合、規劃、拼接、建圖、追蹤、分幀自動編輯和神經網路影像訊號處理。

Now our third generation of AI technology integrated into our CV3-AD and the CV7 series or SoC can support transformer networks for a variety of generated generative AI applications.

現在，我們的第三代人工智慧技術整合到我們的 CV3-AD 和 CV7 系列或 SoC 中，可以支援用於各種生成的生成式人工智慧應用的變壓器網路。

I would now like to describe customer engagements that can offer some indication how it can play out for us as we have made a significant investment into our CV3-AD family of automotive air domain controllers, and we expect the CV3-AD family to be a major revenue driver.

我現在想描述一下客戶參與情況，這些參與可以為我們提供一些指示，因為我們已經對汽車空氣域控制器 CV3-AD 系列進行了大量投資，並且我們預計 CV3-AD 系列將成為主要收入驅動力。

So we are pleased to announce our first CV3-AD family within the passenger vehicle market.

因此，我們很高興地宣布我們在乘用車市場上的第一個 CV3-AD 系列。

Which complements our ongoing wins with the CV3-AD family in the commercial vehicle market.

這補充了我們在商用車市場上透過 CV3-AD 系列不斷取得的勝利。

In April, during the Beijing Auto Show, we reached a strategic collaboration agreement with a battery electric vehicle company in China.

4月，北京車展期間，我們與中國一家純電動汽車公司達成策略合作協議。

This company will use our CV3-AD AI domain controllers in new passenger vehicle models.

該公司將在新的乘用車車型中使用我們的 CV3-AD AI 網域控制器。

This is an important event for us in several regards.

從幾個方面來說，這對我們來說都是一件重要的事。

First major by the number of EBITDA during calendar 2023, this OME is considered one of the top five new EV companies in China.

這家 OME 是 2023 年 EBITDA 數量第一大的公司，被認為是中國前五名新電動車公司之一。

While most of the OEM deliveries were in China, last year, the company has an impressive plan for globalization of its business.

儘管大部分 OEM 交付都在中國，但去年該公司製定了一項令人印象深刻的業務全球化計劃。

Second, Chinese automotive OEMs are quite aggressively and successfully adopting next-generation technology into their vehicles, which aligns with our strategy to intersect the safety and autonomy domain with next-generation technology, in particular, Level 2-plus.

其次，中國汽車原始設備製造商非常積極且成功地在其車輛中採用下一代技術，這符合我們將安全和自動駕駛領域與下一代技術（特別是 2+ 級技術）相結合的策略。

For example, to improve accuracy, accurate accuracy, many OEMs in China have aggressively adopted the BEV former AI framework for 3D perception tasks in its autonomous driving software stack.

例如，為了提高準確度、精確度，中國許多 OEM 廠商在其自動駕駛軟體堆疊中積極採用 BEV 前人工智慧框架來執行 3D 感知任務。

And this high performance framework can leverage to high degree the unique capability in our CV3-AD AI inference processors, including the ability to process transformers at a low power.

這種高效能框架可以高度利用我們的 CV3-AD AI 推理處理器的獨特功能，包括低功耗處理變壓器的能力。

Third, the efficiency and scalability our CV-AD family portfolio is also a major factor in the collaboration with Ambarella for the OEM can reuse the software on low mid and high end vehicles.

第三，我們的 CV-AD 系列產品組合的效率和可擴展性也是與 Ambarella 合作的一個主要因素，因為 OEM 可以在中低端和高端車輛上重複使用該軟體。

In April, we added another CV3-AD family wins in the commercial vehicle market with the announcement of our strategic collaboration with SANY Corporation.

4 月份，我們宣布與三一重工達成策略合作，CV3-AD 系列在商用車市場再獲佳績。

SANY is one of the world's largest engineering machinery manufacturers, providing heavy duty commercial vehicles for the global market.

三一重工是全球最大的工程機械製造商之一，為全球市場提供重型商用車。

SANY intend to leverage Ambarella's CV3-AD family of automotive AI domain controllers are the best automated driving solution on its next-generation commercial and special purpose vehicles.

三一重工打算利用 Ambarella 的 CV3-AD 系列汽車人工智慧域控制器作為其下一代商用和專用車輛的最佳自動駕駛解決方案。

The company will the companies will collaborate on the joint development and promotion of a high-performance, highly integrated automated driving solutions with SANY goal of achieving a start of production for at least one model by calendar year 2025.

雙方將合作共同開發和推廣高性能、高度整合的自動駕駛解決方案，三一重工的目標是到 2025 年實現至少一款車型的投產。

At the Beijing Auto Show in April, Tier1 Neusoft Reach announced a strategic partnership with Ambarella.

在4月的北京車展上，Tier1東軟睿馳宣布與安霸達成戰略合作關係。

The company's plan to expand on their existing relationship to jointly promote and explore AI-base product technology and market development in our areas, including autonomous driving and driver monitoring.

該公司計劃擴大雙方現有的合作關係，共同推動和探索基於人工智慧的產品技術和市場開發，包括自動駕駛和駕駛員監控等領域。

Neusoft, third-generation four phase intelligent camera X-Cube 3.0 is powered by Ambarella's CV22 AI Vision SoC to target level two plus autonomy levels and has already been mass produced and deployed by automotive OEMs.

東軟第三代四相智慧相機X-Cube 3.0由Ambarella的CV22 AI Vision SoC提供支持，目標是二級以上自主級別，並已被汽車OEM廠商批量生產和部署。

We are pleased to announce that same machine, the leading provider of driver monitoring system software selected our CV25 for its own aftermarket system for commercial vehicles.

我們很高興地宣布，領先的駕駛員監控系統軟體供應商選擇了我們的 CV25 作為自己的商用車售後系統。

The Guardian Generation three meets the European Commission's general safety regulation for top drowsiness detection.

Guardian Generation 3 符合歐盟委員會關於頂級睡意偵測的一般安全法規。

It was requirement for all the new cars, vans, trucks and buses across Europe.

這是歐洲所有新車、貨車、卡車和巴士的要求。

And in April, at the ISC West security expression.

並於四月在 ISC West 安全表達。

We successfully demonstrated our latest generation of AI technologies running regional language model, VLM, on our N1 and CV72 SoCs.

我們成功展示了在 N1 和 CV72 SoC 上運行區域語言模型 VLM 的最新一代人工智慧技術。

Our demonstration includes using the multi models VLM's to search video recording to detect objects defined by packs and provide near instantaneous results without the need for training specifically for that object.

我們的演示包括使用多模型 VLM 來搜尋視訊記錄，以檢測套件定義的物件並提供近乎即時的結果，而無需專門針對該物件進行訓練。

This capability opens up a whole new range of AI based search capability for enterprise cameras and the premise-based AI systems.

此功能為企業攝影機和本地人工智慧系統開啟了全新的基於人工智慧的搜尋功能。

Our third-generation AI inference technology includes specific support needed to efficiently run these new classes of network.

我們的第三代人工智慧推理技術包括高效運行這些新型網路所需的特定支援。

During the ISC West, we also announced and demonstrated our new five nanometer CV75 AI SoC, which provides the performance required to run the latest VLMs, as well as AI-based IQ enhancement.

在 ISC West 期間，我們也宣布並展示了全新的 5 奈米 CV75 AI SoC，它提供運行最新 VLM 所需的性能以及基於 AI 的 IQ 增強功能。

This capability to very efficiently run this cutting edge AI technologies is highly sought after the call as sold after full cost and the power constraint, AI cameras used in enterprise, Smart City retail stores, robotics, access control and AI-based of consumer devices.

這種非常有效地運行尖端人工智慧技術的能力在扣除全部成本和功率限制後出售時受到高度追捧，人工智慧相機用於企業、智慧城市零售商店、機器人、存取控制和基於人工智慧的消費設備。

At the Enterprise Connect conference in March, Poly, a leading global provider of Workspace workplace collaboration solutions and the wholly owned units HP, launch is a studio E360.

在 3 月的 Enterprise Connect 大會上，全球領先的 Workspace 工作場所協作解決方案供應商和全資子公司 HP 推出了工作室 E360。

This center of tables and utilize a single final meter CV5 for four for eight megapixel cameras with AI inference processing choosing the optimal a framing angle for Asian participants.

桌子的中心使用一個最終米 CV5 來連接四個 800 萬像素相機，並透過人工智慧推理處理為亞洲參與者選擇最佳的取景角度。

And also in Korea, the Korea activity for our AI SoC's remain high, with leading security camera maker, Hanwha, introduced new AI model based on our CV22 and CV2 AI SoCs and ideas introduced CV25-based models and the Cipro introduced fuses or a camera based on CV22.

同樣在韓國，我們的AI SoC 的韓國活動仍然很高，領先的安全攝影機製造商Hanwha 推出了基於我們的CV22 和CV2 AI SoC 的新AI 車型，並推出了基於CV25 的車型，Cipro 推出了保險絲或攝影機基於CV22。

In the other IoT market, we are pleased to see our five nanometer CV5 AI inference processor being utilized in another consumer cameras to significantly improve both image quality and to automate a certain user into interface functions.

在其他物聯網市場，我們很高興看到我們的 5 奈米 CV5 AI 推理處理器被用於另一款消費性相機中，以顯著提高影像品質並自動執行特定用戶的介面功能。

Insta360 introduced its X4 action camera in April was dual sensor for 360-degree 8k capture.

Insta360 在四月推出了 X4 運動相機，它是雙感光元件，可進行 360 度 8k 拍攝。

In conclusion, I mentioned last quarter our goals are to restore revenue growth and profitability while continue to drive our strategic R&D priorities.

總之，我上季度提到我們的目標是恢復收入成長和獲利能力，同時繼續推動我們的策略研發重點。

Q1, we presented a step in the right direction, most economically highlighted by our first passenger car passenger vehicle win for the CV3-AD family by the expanding breadth of our CV Customer Engagement stands out.

第一季度，我們朝著正確的方向邁出了一步，最經濟的亮點是我們的 CV3-AD 系列乘用車首次贏得勝利，我們的 CV 客戶參與範圍不斷擴大，脫穎而出。

And we expect this to build a broad foundation upon which multiple AI applications can drive revenue growth and resulting positive earnings leverage for shareholders.

我們預計這將奠定一個廣泛的基礎，在此基礎上多種人工智慧應用程式可以推動收入成長，並為股東帶來積極的獲利槓桿。

The further commercialization and monetization of our technology and the product is of upmost importance to us, and I'm excited about the opportunity before us and what we will achieve in the years ahead.

我們的技術和產品的進一步商業化和貨幣化對我們來說至關重要，我對我們面前的機會以及我們在未來幾年將取得的成就感到興奮。

With that, John will now discuss the Q1 results and outlook in more detail.

接下來，約翰現在將更詳細地討論第一季的業績和前景。

Thank you Fermi.

謝謝費米。

I will now review the financial highlights for the first quarter of fiscal year 2025 ending April 30, 2024.

我現在將回顧截至 2024 年 4 月 30 日的 2025 財年第一季的財務要點。

I will also provide a financial outlook for our second quarter of fiscal year 2025 ending July 31, 2024.

我還將提供截至 2024 年 7 月 31 日的 2025 財年第二季的財務展望。

I'll be discussing non-GAAP results and ask that you refer to today's press release for a detailed reconciliation of GAAP to non-GAAP results.

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

For non-GAAP reporting we have eliminated stock-based compensation expense along with acquisition related costs.

對於非公認會計原則報告，我們消除了基於股票的補償費用以及收購相關成本。

Adjusted for the impact of taxes for fiscal Q1 revenue was $54.5 million, 1% above the midpoint of our prior guidance range, up 6% from the prior quarter and down 12% year over year.

經過稅收影響調整後，第一財季營收為 5,450 萬美元，比我們先前指導範圍的中點高 1%，比上一季成長 6%，年減 12%。

non-GAAP gross margin for fiscal Q1 was 63.4% above the high end of our prior guidance range by 0.4%.

第一財季的非 GAAP 毛利率為 63.4%，比我們先前指導範圍的上限高出 0.4%。

On non-GAAP operating expense was $46.7 million, approximately $2.6 million higher than the prior quarter and $800 million or excuse me, $800,000 lower than the midpoint of our prior guidance range of $46 million to $49 million, driven by continued expense management and the timing of spending between quarters, we remain on track to our internal product development milestones.

非GAAP 營運費用為4,670 萬美元，比上一季高出約260 萬美元，比我們先前指導範圍4,600 萬美元至4,900 萬美元的中點低8 億美元，或者說，低80 萬美元，這是由於持續的費用管理和時間安排推動的季度之間的支出，我們仍然在實現內部產品開發里程碑的軌道上。

Q1 net interest and other income was $2.3 million. Q1 non-GAAP

第一季淨利息和其他收入為 230 萬美元。第一季非公認會計準則

tax provision was approximately $607,000.

稅收撥款約為 607,000 美元。

We reported a non-GAAP net loss of $10.5 million or a $0.26 loss per diluted share.

我們報告的非 GAAP 淨虧損為 1,050 萬美元，或稀釋後每股虧損 0.26 美元。

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

現在我將談談我們的資產負債表和現金流。

Fiscal Q1 cash and marketable securities decreased $16.6 million from the prior quarter to $203.3 million.

第一財季現金和有價證券較上一季減少 1,660 萬美元，至 2.033 億美元。

Receivables days of sales outstanding increased from 44 days in the prior quarter to 47 days.

銷售應收帳款天數從上一季的 44 天增加到 47 天。

While days of inventory decreased from 100 from 131 days to 123 days.

庫存天數則從100天減少到131天至123天。

Inventory declined 2% sequentially and declined 31% from a year ago.

庫存季減 2%，年減 31%。

Operating cash outflow was $15 million for the quarter.

該季度營運現金流為 1500 萬美元。

Capital expenditures for tangible and intangible assets for $1.1 million.

有形和無形資產的資本支出為 110 萬美元。

We had two logistics and ODM companies representing 10% or more of our revenue in Q1.

我們有兩家物流和 ODM 公司，占我們第一季收入的 10% 或更多。

WT Microelectronics, a fulfillment partner in Taiwan that ships to multiple customers in Asia came in at 62% of revenue for the first quarter.

文曄微電子是台灣的履行合作夥伴，向亞洲多個客戶發貨，佔第一季營收的 62%。

Chicony, an ODM who manufactures for multiple end customers was 13% of revenue for the quarter.

Chicony 是一家為多個最終客戶生產產品的 ODM，佔該季度營收的 13%。

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

我現在將討論 2025 財年第二季的前景。

We remain confident our business is continuing to recover from the cyclical correction led by our AI inference product.

我們仍然相信，我們的業務將繼續從人工智慧推理產品主導的周期性調整中恢復過來。

For fiscal Q2, we estimate our total revenue will be in the range of $60 million to $64 million.

對於第二財季，我們預計總收入將在 6,000 萬美元至 6,400 萬美元之間。

We expect sequential growth in both IoT and auto.

我們預計物聯網和汽車領域將持續成長。

We expect fiscal Q2 non-GAAP gross margin to be in the range of 62.5% to 64%.

我們預計第二財季非 GAAP 毛利率將在 62.5% 至 64% 之間。

We expect non-GAAP OpEx in the second quarter to be in the range of $47.5 million to $49.5 million with the increase compared to Q1, driven by increased headcount and engineering related expense, including our first two nanometer SoC project.

我們預計第二季的非GAAP 營運支出將在4,750 萬美元至4,950 萬美元之間，與第一季相比有所增加，這是由於員工數量和工程相關費用（包括我們的第一個兩奈米SoC 專案）的增加所推動的。

We estimate net interest income to be approximately $1.8 million, our non-GAAP tax expense to be approximately $600,000 and our diluted share count to be approximately 41.1 shares.

我們估計淨利息收入約為 180 萬美元，我們的非 GAAP 稅務費用約為 60 萬美元，我們的稀釋後股份數量約為 41.1 股。

Ambarella will be participating in Bank of America's Global Technology Conference on Wednesday, June 5, in San Francisco, Missoula hose Technology Conference on June 12, in New York City and Rosslyn blots virtual age of AI Conference on June 13.

Ambarella 將於 6 月 5 日星期三在舊金山參加美國銀行全球技術會議，6 月 12 日在紐約參加米蘇拉軟管技術會議，Rosslyn blots 將於 6 月 13 日參加人工智慧虛擬時代會議。

We hope to see you at one of these events.

我們希望在其中一場活動中見到您。

Please contact us for more details.

請與我們聯絡以了解更多詳情。

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，我將把電話轉給接線員詢問問題。

(Operator Instructions) Christopher Rolland, Susquehanna.

（操作員說明）克里斯多福羅蘭，薩斯奎哈納。

Hey, guys.

大家好。

Can you hear me?

你聽得到我嗎？

Great.

偉大的。

Thanks for the question.

謝謝你的提問。

You brought up VLMs on the call.

您在電話中提到了 VLM。

Just wanted to know a little bit more about that application.

只是想更多地了解該應用程式。

Does that increase your TAM overall?

這會增加您的整體 TAM 嗎？

Is this additive to what you're doing in, for example, LLMs?

這對你在法學碩士等領域所做的事情有補充嗎？

How should we think about that?

我們該如何思考這個問題？

Thanks.

謝謝。

Right.

正確的。

So, we start talking about and start them.

所以，我們開始討論並啟動它們。

We see as this year and then we continue to watch the potential application that we can use with our solution for our customers.

我們預計今年將繼續關注我們可以為客戶提供的解決方案中使用的潛在應用。

And we identify vision language model, which is really, of a larger language model that can respond to tax for search, Diva objects or using that to describe or define a video thing.

我們確定了視覺語言模型，這實際上是一個更大的語言模型，可以回應搜尋稅、Diva 物件或使用它來描述或定義影片事物。

And though we have a live demo.

儘管我們有現場演示。

In fact, we welcome to you to give us two core lowest setup lifetime of you how the vision I would MDU model used in our with our current enterprise customer of other potential customer in our space.

事實上，我們歡迎您向我們提供兩個核心最低設定生命週期，您如何將 MDU 模型應用於我們目前的企業客戶或我們領域的其他潛在客戶。

So this definitely is a brand-new application that we identified by the market and the customer and what engaging was of our current customer, particularly on the inside of enterprises, a security camera market and they show extremely interest on this product because you can imagine that this is really a model that can replace of the people who used to monitor the different cameras in a control center and you can use a much larger than remodel, not give you early warning, but also have a using packs to a surge of different objects without really training for those objects.

因此，這絕對是我們透過市場和客戶確定的全新應用程序，以及我們當前客戶的吸引力，特別是在企業內部、安全攝影機市場，他們對此產品表現出極大的興趣，因為你可以想像這確實是一個模型，可以取代人們過去在控制中心監控不同的攝影機，你可以使用比改造大得多的模型，不給你預警，但也有一個使用包來激增不同的對象，而無需對這些對象進行真正的訓練。

And I think that's a really a breakthrough for enterprise side.

我認為這對企業來說確實是一個突破。

And we expect that some of our customer will kick off modules with us.

我們預計我們的一些客戶將與我們一起啟動模組。

We saw a VRMs in the near future, and we can use both N1 as well, CV72 of our products.

我們在不久的將來看到了VRM，我們的產品N1、CV72都可以使用。

Great.

偉大的。

Thanks, Fermi.

謝謝，費米。

And then on the auto opportunity making some progress here.

然後在汽車機會方面取得了一些進展。

Sounds like on the Chinese EV side of things and perhaps you can talk about the pipeline, kind of how you see an expanding engagement of late here that you're seeing come and whether you think there's going to be more to come and whether any of these could actually be implementing your software as well?

聽起來像是中國電動車方面的事情，也許你可以談談管道，你如何看待最近在這裡不斷擴大的參與，以及你是否認為還會有更多的事情發生，以及是否有任何這些實際上也可以實現您的軟體嗎？

Right. so first of all, I definitely believe there will be more to come and I also believe that the first design win is reshape of that.

正確的。所以首先，我絕對相信還會有更多的東西出現，我也相信第一個設計勝利是重塑它。

Our we have been talking about our strengths, which is we can run the transformer of most advanced network very efficiently in low-power and also have a scalable architecture that can really address using a sense offer to address from low end to the high end vehicles and also that the pulp, the pulp consumption that were much lower than our competitors give significant advantages in design win.

我們一直在談論我們的優勢，那就是我們可以在低功耗下非常有效地運行最先進網路的變壓器，並且還擁有一個可擴展的架構，可以真正使用感知產品來解決從低端到高端車輛的問題而且紙漿、紙漿消耗量遠低於我們的競爭對手，在設計獲勝方面具有顯著優勢。

So that really is the reason we won.

這確實是我們獲勝的原因。

But also, I think it's important to point that out that just like an EV market Chinese EV of automakers are really aggressive.

但我認為重要的是要指出，就像電動車市場一樣，中國汽車製造商的電動車確實非常激進。

So by pushing the technology envelope and that for one of them adopting our Level two plus solution is on or help us four other potential OEM design wins that we're bidding on.

因此，透過推動技術極限，其中之一採用我們的二級加解決方案，或幫助我們贏得我們正在投標的其他四個潛在的 OEM 設計。

Thanks.

謝謝。

Thank you.

謝謝。

Ethan Patashnik, TD.

伊森·帕塔什尼克，TD。

Yes, hey, everybody.

是的，嘿，大家。

This is Ethan Patashnik on for Matt Ramsey.

我是伊桑·帕塔什尼克 (Ethan Patashnik) 替馬特·拉姆齊 (Matt Ramsey) 發言。

Congrats on the great results I wanted to ask is the passenger vehicle wing you guys discussed tonight are likely to get CV3 to the tipping point with regards to wins at other OEMs, are there and are there other OEMs waiting to see maybe another one kind of go first maybe if you guys could discuss the dynamic?

恭喜你們取得了巨大的成果，我想問的是，你們今晚討論的乘用車機翼很可能會讓CV3 在其他OEM 廠商的勝利方面達到臨界點，是否還有其他OEM 廠商在等著看也許是另一種類型的產品？

Right.

正確的。

So first of all, I think the of the of the lifetime value of this design win is meaningful and also material for us and also that they are very aggressive, a target, a MPD data at the end of '25, early '26 and that will help us to really take our CV3-AD powerful into production, therefore provided mature solution to other companies who is considering our current solution.

首先，我認為這個設計勝利的終身價值對我們來說是有意義的，也是重要的，而且它們非常積極，是一個目標，25 年底、26 年初的 MPD 數據這將幫助我們真正將強大的CV3- AD 投入生產，從而為正在考慮我們目前解決方案的其他公司提供成熟的解決方案。

So I definitely believe that not only this design win is a help to our pipeline, but also going to be a major help for us to secure our design wins in the near future.

因此，我堅信，這次設計勝利不僅對我們的管道有幫助，而且還將對我們在不久的將來確保設計勝利提供重大幫助。

Okay, understood.

好的，明白了。

And as my follow-up, you guys gave a lot of good information around the AI inference opportunity with revenue expected to kind of grow 30%.

作為我的後續行動，你們提供了很多有關人工智慧推理機會的好信息，收入預計將增長 30%。

I think you guys said in fiscal '25 and you called out some progress I think was enterprise applications on.

我想你們在 25 財年說過，你們指出了一些進展，我認為是企業應用程式的進展。

I was wondering, how these how the early stage of this opportunity is playing out?

我想知道，這個機會的早期階段是如何發揮的？

What sort of impact on some of the announcements you guys made at CES I think it was the N1 SoC and the Cooper development platform.

我認為 N1 SoC 和 Cooper 開發平台對你們在 CES 上發布的一些公告有何影響。

I mean, or what's kind of driving that?

我的意思是，或者是什麼推動了這一點？

And how is the roadmap progressing?

路線圖進度如何？

Any early feedback?

有早期回饋嗎？

And any additional insight would be helpful.

任何額外的見解都會有所幫助。

So just maybe refresh our GenAI strategy, we intend to leverage our current existing third-generation AI inference engine into GenAI and the LLM.

因此，也許刷新我們的 GenAI 策略，我們打算將我們現有的第三代人工智慧推理引擎利用到 GenAI 和法學碩士中。

And we the, like you said, CES N1 with Lava demo.

正如您所說，我們在 CES N1 上進行了 Lava 演示。

And then I had a I see when we demo with a VLM running on both and N1 and CV7.

然後我看到當我們在 N1 和 CV7 上運行 VLM 進行演示時。

So our strategy for current generation has become very clear.

所以我們這一代的戰略已經非常明確了。

First of all, we're going to focus on Asia application, both where age cameras were edge servers to focus on the workload that we can take advantage of current silicon.

首先，我們將重點放在亞洲應用，這兩個地區的相機都是邊緣伺服器，以重點關注我們可以利用當前晶片的工作負載。

And so that's really enterprise.

所以這確實是企業。

So the market as well as some adjacent markets that can use those.

所以市場以及一些可以使用這些的鄰近市場。

I love a model as well as a VAR models.

我喜歡模型，也喜歡 VAR 模型。

And we think we continue to believe that our opportunity for GenAI revenues in 2026, we are now we definitely were samplings and N1 and the CV72 to our key customers were interested in GenAI applications.

我們認為我們仍然相信我們在 2026 年 GenAI 收入的機會，我們現在肯定是對 GenAI 應用感興趣的關鍵客戶的 N1 和 CV72 樣品。

So that's our first generation and also, as you can see, I think John mentioned that we are investing on two nanometer process node.

這是我們的第一代產品，正如您所看到的，我認為約翰提到我們正在投資兩個奈米製程節點。

You can think of that's a preparation of our next-generation GenAI solution, although we didn't talk about our plan for that yet, we are trying to work on that.

你可以認為這是我們下一代 GenAI 解決方案的準備，雖然我們還沒有談論我們的計劃，但我們正在努力解決這個問題。

But we believe that with our second channels of two nanometer technology development we are seeking to significantly help us on the technology side for our roadmap.

但我們相信，透過我們的第二個奈米技術開發管道，我們正在尋求在技術方面為我們的路線圖提供重大幫助。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great, thank you.

太好了謝謝。

In terms of the passenger car win in China, can you talk about I think you mentioned it as a as an L2 plus, if I heard you right type of opportunity, could you kind of describe how many cameras per car and what capabilities you could offer there?

就乘用車在中國的勝利而言，您能談談嗎？以及您可以提供哪些功能那裡報價？

Yes.

是的。

So first of all, it is an L2 plus car.

所以首先它是一輛L2+的車。

And because they have different models is anywhere from seven to 10, 7 to 10 cameras plus five radars configuration and on it's designed to do it from a high level to CD. levels of autonomous driving.

因為他們有不同的型號，從 7 到 10 個，7 到 10 個攝影機加上 5 個雷達配置，其設計目的是從高水準到 CD。自動駕駛的水平。

Great.

偉大的。

Thank you for that.

謝謝你。

And then was this a customer.

然後這是一位顧客。

I know you have a probability weighted funnel, was this customer somebody that you had anticipated had some probability at within that funnel?

我知道您有一個機率加權漏斗，該客戶是您預期在該漏斗內有一定機率的人嗎？

Yes.

是的。

And now I think with the next panel discussion, they should be in a one category instead of probability category.

現在我認為在下一次小組討論中，它們應該屬於一個類別而不是機率類別。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Yes, thanks.

對了謝謝。

And congratulations on the great results and the design win momentum.

恭喜您取得的巨大成果和設計贏得的動力。

And maybe Fermi, maybe you hinted I was going to ask more questions about the two-nanometer process technology.

也許費米，也許你暗示我要問更多關於兩奈米製程技術的問題。

Do you have a time line for when you would have first silicon, and are you staying with Samsung or will this be with TSMC?

您是否有第一塊晶片的時間表？

Right so this two nanometer will be central to nanometer, and we plan to tape out second half next year and get ready to go into production with 2026.

是的，這兩個奈米將成為納米的核心，我們計劃明年下半年流片，並準備在 2026 年投入生產。

Okay, great.

好的，太好了。

And maybe just to follow up on Joe's question.

也許只是為了跟進喬的問題。

You mentioned that it's seven to 10 cameras plus radar.

你提到它有七到十個攝影機加上雷達。

Is that your radar in the design?

這是你設計的雷達嗎？

We haven't talked about yet.

我們還沒談過。

Okay.

好的。

All right, maybe I'll go to an easier question was just on your backlog visibility.

好吧，也許我會問一個更簡單的問題，就是關於您的積壓工作可見度。

You you're saying you're going to see growth in '20 fiscal year 2025.

您說您將在 2025 年 20 財年看到成長。

So can you talk about your backlog visibility?

那麼您能談談您的積壓工作可見度嗎？

Yes, our backlog visibility getting much better than before.

是的，我們的積壓工作可見度比以前好多了。

In fact, that's the reason we feel comfortable that with the Street consensus of $250 million of revenue forecast this year and are we with, our lead times are really in a 24 weeks, and the guys tell us that we should have a clear visibility to middle of Q4, reminding you that our Q4 to January.

事實上，這就是我們感到放心的原因，因為華爾街一致認為今年的收入預測為 2.5 億美元，我們的交付時間確實在 24 週內，人們告訴我們，我們應該清楚地了解第四季度中期，提醒您我們的第四季到一月份。

So we see clear bookings for Q3 and Q4.

因此，我們看到第三季和第四季的預訂量明顯。

That's why we continue to feel comfortable with our guidance.

這就是為什麼我們繼續對我們的指導感到滿意。

Okay, great.

好的，太好了。

Thank you

謝謝

Let me add one more sentence.

讓我再補充一句。

I think that we call we are comfortable with the $250 million consensus level.

我認為我們對 2.5 億美元的共識水準感到滿意。

We believe there is a seasonality in Q4, so I think that something we should consider our cloud, the quality of the visibility.

我們認為第四季度有季節性，所以我認為我們應該考慮我們的雲，可見性的品質。

We definitely believe that we can continue to trend Q2 to Q3 growth from Q3 to Q4, just like the normal seasonality before the COVID, we will have a seasonality in there.

我們絕對相信，從第三季到第四季度，我們可以繼續推動第二季到第三季的成長趨勢，就像新冠疫情之前的正常季節性一樣，我們也會有季節性。

Okay, understood.

好的，明白了。

Thank you.

謝謝。

Quinn Bolton from Needham & Company.

來自尼達姆公司的奎因·博爾頓。

And this is Nick Doyle on for Quinn.

這是奎因的尼克·多伊爾。

Thanks for taking our questions.

感謝您回答我們的問題。

Maybe just zooming out a little bit.

也許只是縮小一點。

Could you give us a pulse on the Chinese auto market overall?

您能為我們介紹一下中國汽車市場的整體脈動嗎？

How do you see current EV demand and supply?

您如何看待當前電動車的需求和供應？

And then you mentioned two CV3 wins in the passenger and commercial markets.

然後您提到了 CV3 在客運和商用市場上的兩場勝利。

Can you size those opportunities at all?

您能評估這些機會嗎？

Thanks.

謝謝。

Right.

正確的。

So first of all, because we don't play on the EV market will play on the eight autonomous driving market, but they are very, very much correlated.

首先，因為我們不涉足電動車市場，我們也會涉足八個自動駕駛市場，但它們是非常非常相關的。

I think what happened the EV is that Chinese automaker continue to aggressively push the technology envelope on the on the EV side.

我認為電動車所發生的事情是中國汽車製造商繼續積極推動電動車的技術極限。

We see the same trend in on the at-home driving technology side.

我們在家庭駕駛技術方面也看到了同樣的趨勢。

I think, for example, that though almost all the RFQ that we're bidding in China, all of them require, most of this that we'll collect the former very L2 plus C-level autonomous.

例如，我認為，雖然我們在中國招標的幾乎所有詢價，都需要，但其中大部分我們將收集前者的 L2 加 C 級自主。

All of that is really showing me that they are very aggressive Chinese automaker, very aggressive to push the technology envelope, and we believe that play to our strengths, and we believe that we can take advantage of that.

所有這些確實向我展示了他們是非常積極進取的中國汽車製造商，非常積極地推動技術極限，我們相信這可以發揮我們的優勢，我們相信我們可以利用這一點。

And so although that EV market shows some slowness.

因此，儘管電動車市場表現出一些緩慢。

So in terms of total market size, but I think that from the EV market point of view, we still believe that the growth has continued to be there.

因此，就市場總規模而言，但我認為從電動車市場的角度來看，我們仍然相信成長仍在繼續。

And we expect that majority of the EV cars will have a level two Level two plus system in the coming years near term.

我們預計大多數電動車將在未來幾年內配備二級二級加系統。

Okay.

好的。

On the margins the gross margins were a bit of a bright spot in the quarter and guide.

在利潤率方面，毛利率是本季和指引中的亮點。

Could you expand on what's driving that mix?

您能詳細說明一下推動這種組合的因素嗎？

Yes.

是的。

So essentially, it's mix.

所以本質上，它是混合的。

We had a little bit higher contribution than we had forecast for customer NRE projects that came through in the quarter as the main driver.

作為主要推動力，我們對本季完成的客戶 NRE 專案的貢獻略高於我們的預測。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes, this is Jeremy Kwan for Tory.

是的，這是保守黨的關傑裡 (Jeremy Kwan)。

And let me add my congrats on the on the growing CV3 design wins.

讓我對不斷增長的 CV3 設計勝利表示祝賀。

Maybe a quick follow-up on the gross margin in the NREs.

或許可以快速跟進 NRE 的毛利率。

Is the NRE something that is kind of like an ongoing project that are sustainable in terms of no contribution over the longer term, just wanted to see the impact that gets to gross margins over the next 12 to 18 months.

NRE 是否有點像一個正在進行的項目，從長期來看沒有貢獻，是可持續的，只是想看看對未來 12 到 18 個月毛利率的影響。

But yes, that's not my first question.

但是，是的，這不是我的第一個問題。

Okay.

好的。

So yes, we did we it is a project that will be ongoing in the near future on our long-term model, though, is 59 to 62 for gross margins.

所以，是的，我們確實做了一個項目，該項目將在不久的將來在我們的長期模型上進行，儘管毛利率為 59 比 62。

I think there may be a temporary, a temporary blip up for this quarter next quarter potentially as we've guided some.

我認為，正如我們所指導的那樣，下個季度本季可能會出現暫時的、暫時的波動。

But I think if you're thinking about long-term modeling, I wouldn’t see this as a new norm necessarily.

但我認為，如果您正在考慮長期建模，我不一定會將其視為新規範。

Got it.

知道了。

And I guess some in terms of passenger vehicle design wins, and can you give us a little bit more detail in terms of like how many car models are impacted, if there's a way to kind of weighted in terms of how many of the new vehicles are likely to see that's incorporated.

我想在乘用車設計方面會取得一些勝利，您能否給我們更多細節，例如有多少車型受到影響，是否有一種方法可以對新車的數量進行加權很可能會看到它被合併。

And also I understand the APU, even an L2 plus can have a pretty wide range and, maybe 40 at the low end to end at the higher end.

而且我也了解 APU，即使是 L2 plus 也可以有相當寬的範圍，從低端到高端可能有 40 個。

Can you give us a ballpark where that fits in in terms of the design win and the ASP size?

您能給我們一個在設計獲勝和 ASP 尺寸方面適合的大概範圍嗎？

Thank you.

謝謝。

So first of all, on this deal currently, this currents this year has only or a portion of the model has a Level two plus in there.

首先，就目前的交易而言，今年的當前模型僅或部分模型具有二級+。

But I do believe just like any other Chinese OE and we talk to they want to move to a Level two plus two older models because they view that as a huge differentiation.

但我確實相信，就像任何其他中國原始設備製造商一樣，我們採訪過他們希望轉向二級加兩個舊型號，因為他們認為這是一個巨大的差異化。

So I think we expect or we go into production with this customer on all of the car they ship it will have a level of some kind of Level two plus solution there, which I'll talk about in the past in our low end to high end chip can go anywhere from $50 to $400 and the midpoint is $100-plus, $200.

所以我認為我們期望或我們與這個客戶一起生產他們運送的所有汽車，它將有某種級別的二級解決方案，我將在過去從低端到高端討論這一點終端晶片的價格從50 美元到400 美元不等，中間價格為100 美元以上，200 美元。

That's the range we're looking at for ASP point of view and we'll start rising off more of a we have a we can disclose more with our customer in terms of the size of this opportunity I really think that ARM is, we hope was a significant I think, is north $100 million easily for once the first design win but we think that we can achieve more if we can continue to work with our customer, getting more models and more other components into their car.

這就是我們從 ASP 角度來看的範圍，我們將開始從更多的角度出發，我們可以向客戶透露更多關於這個機會的大小，我真的認為 ARM 是，我們希望我認為這是一個重要的事情，第一次設計獲勝很容易就花費了1 億美元，但我們認為，如果我們能夠繼續與客戶合作，將更多模型和更多其他組件安裝到他們的汽車中，我們可以取得更多成就。

Thank you, Permi.

謝謝你，佩爾米。

I'm sorry, I didn't quite catch how much how many millions was for the first design wins.

抱歉，我不太明白第一個設計獲勝的金額是多少百萬。

I said, north of $100 million.

我說，超過一億美元。

North of $100 million.

超過 1 億美元。

North got it.

諾斯明白了。

Thank you.

謝謝。

David O'Connor, BNP Paribas.

大衛‧奧康納，法國巴黎銀行。

Great.

偉大的。

Thanks for taking my question, guys.

謝謝你們提出我的問題，夥伴們。

Maybe just going back to the seasonality in Q4, just looking back there pre-COVID, as we talk to both seem to be down like 15%, 20% in Q-on-Q.

也許只是回到第四季的季節性，回顧一下新冠疫情之前的情況，正如我們所說，環比似乎下降了 15%、20%。

Is that kind of the type of ballpark or ZIP code we should be thinking of for that Q4 seasonality?

我們應該為第四季度的季節性考慮這種大致類型或郵遞區號嗎？

Or is that a bit more muted than that given the secular trends that you're seeing?

或者考慮到您所看到的長期趨勢，這種情況是否會更加溫和？

That's my first question.

這是我的第一個問題。

Yes, so I think it's relatively difficult for us to give Chris visibility out into Q4.

是的，所以我認為我們讓克里斯了解第四季相對困難。

But I think if you're thinking about the full year guidance or I should say the consensus of $250 million.

但我認為，如果你考慮的是全年指導，或者我應該說 2.5 億美元的共識。

I think that's definitely reasonable at this point.

我認為在這一點上這絕對是合理的。

We don't have any issue with that.

我們對此沒有任何問題。

I think though the number the percentages you're talking about are within reason.

我認為你所說的百分比數字是合理的。

Well have seen this kind of a seasonality before COVID time.

我們在新冠疫情之前就已經看過這種季節性。

And I think we ran out after the COVID after the all the inventory correction is done, where I think we're back to the normal seasonality and on but also critical with a downturn.

我認為，在完成所有庫存修正之後，我們在新冠疫情之後就用完了，我認為我們已經回到了正常的季節性，但對於經濟低迷也至關重要。

We haven't provided guidance for Q4.

我們尚未提供第四季度的指導。

But I think if you look at our past history, it will be probably if you look at the pattern will be similar to the seasonality we've seen before.

但我認為，如果你看看我們過去的歷史，你會發現這種模式可能與我們之前看到的季節性相似。

Majority of that is in the IoT side, but a little bit on the auto side.

其中大部分是在物聯網方面，但也有一點是在汽車方面。

Okay.

好的。

Got it.

知道了。

That's helpful.

這很有幫助。

Thanks, guys.

多謝你們。

And then maybe just a follow on the on the CV3 way with the EV passenger vehicle.

然後也許只是 CV3 道路上電動乘用車的後續。

And just to clarify, I mean, this is separate to the Conti Bosch agreement.

澄清一下，我的意思是，這與康迪·博世協議是分開的。

Does it have anything to do with us and can you update us as well just on the status of those agreements?

這與我們有什麼關係嗎？

Where would they stand at the moment?

他們此刻會站在哪裡？

Yes.

是的。

First of all, this design has nothing to do with Continental Bosch, this Chinese guys of the using our Chinese supply chain.

首先，這個設計與大陸博世無關，這個中國人使用我們中國的供應鏈。

And in terms of accounting, I will say, though, we continue to have very strong collaboration in both on the SoC and the software side.

不過，在會計方面，我要說的是，我們在 SoC 和軟體方面繼續保持著非常強大的合作。

And also, we continue to make good progress moving toward our first SoC project that we talk about probably a year ago.

此外，我們在大約一年前談論的第一個 SoC 專案方面繼續取得良好進展。

And that target MP time is currently year '27.

目前的 MP 目標時間是 '27 年。

We continue to make great progress on that.

我們繼續在這方面取得巨大進展。

And also, we are actively building a bidding on a RFI RFQs with Conti on this.

此外，我們正在積極與 Conti 就 RFI RFQ 進行投標。

So with a post side also, have a software development collaboration, but we do have working with them on the RFI RFQs bidding on some of the European design wins.

因此，我們也與後期方進行軟體開發合作，但我們確實與他們就一些歐洲設計獲勝的 RFI RFQ 投標進行了合作。

Great.

偉大的。

That's helpful.

這很有幫助。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

Richard Shannon, Craig-Hallum Capital.

理查德·香農，克雷格·哈勒姆資本。

Well, hi, guys.

好吧，嗨，夥計們。

Thanks for taking my questions.

感謝您回答我的問題。

On maybe touching on your comments about AI inference growing 30% or more this year, maybe give us a sense here of how much this is weighted towards IoT versus automotive?

關於您對今年人工智慧推理成長 30% 或更多的評論，也許可以讓我們了解一下，與汽車相比，這對物聯網的影響有多大？

And then any kind of general sense of how much unit versus ASP driven.

然後是關於多少單位與 ASP 驅動的一般意義。

And then it seems like you do the basic math using this fiscal [25%], it seems like a I would probably get a little over 70% of sales of shares, decent math on that.

然後，你似乎使用這個財政 [25%] 進行基本數學計算，似乎我可能會獲得略高於 70% 的股票銷售，對此進行了不錯的數學計算。

I think your math is correct, and let me give you more color.

我認為你的數學是正確的，讓我給你更多的色彩。

I think first of all, our we have a lot of design wins on the CV5 and CV72 and particularly CV5, we talk about that production getting to production this year.

我認為首先，我們在 CV5 和 CV72，特別是 CV5 上贏得了許多設計勝利，我們談論今年的生產。

And we're hopeful that we're going to ship 1 million units of CV5 this year and consider the ASP. is around $35-plus minus.

我們希望今年 CV5 的出貨量達到 100 萬台，並考慮 ASP。大約是 35 美元以上減去。

And that really helped us to get an ASP chump as well as was revenue growth.

這確實幫助我們獲得了平均售價以及收入成長。

So that's one side of us of a CV growth.

這就是我們履歷成長的一方面。

The other such ACV growth is that we believe CV72, we’re getting to production was enterprise IoT and thus another one and but also by Harbor.

ACV 的另一個成長是，我們相信 CV72（我們正在投入生產）是企業物聯網，因此也是另一個，也是由 Harbor 開發的。

I also want to point out that even in automotive, we continue to ship, for example, we just announced a design win with a lot of within in new soft on the ADASLCV. 22 and as well as a few other design wins.

我還想指出，即使在汽車領域，我們也在繼續交付，例如，我們剛剛宣布贏得了 ADASLCV 新軟體的設計，其中包含很多內容。 22 以及其他一些設計獲勝。

We had with automotive.

我們有汽車。

So I think both IoT and auto will continue to have a CV growth in there, but I think IoT is probably more.

因此，我認為物聯網和汽車領域的履歷將繼續成長，但我認為物聯網可能會成長更多。

Okay.

好的。

Perfect.

完美的。

That's helpful, Fermi.

這很有幫助，費米。

Follow-up question here on a different topic in light of the kind of China US geopolitics here.

鑑於中美地緣政治的類型，這裡有一個關於不同主題的後續問題。

Obviously in the context of a couple of nice wins here with your CV3-AD domain controller going into China.

顯然，您的 CV3-AD 網域控制器進入中國取得了一些不錯的勝利。

I was just wondering if there's any change in the kind of the undercurrents on geopolitics that might make it a little bit more of a headwind to continue to do well there.

我只是想知道地緣政治暗流是否會發生任何變化，這可能會讓繼續在那裡表現出色的阻力更大。

Just want to get a general sense here if there's been any real change there.

只是想了解這裡是否有任何真正的變化。

No, I don't think there's any meaningful change in the last three months.

不，我認為過去三個月沒有任何有意義的變化。

I think the geopolitical situation continue to be an issue that we need to watch them and deal with.

我認為地緣政治局勢仍然是我們需要關注和處理的問題。

I think that we talk about that a Chinese market or Chinese customers will really want to make sure they use on local components.

我認為我們談論的是中國市場或中國客戶確實希望確保他們使用本地組件。

But however, I think we sort of ended, we have they especially for customers who are focusing on the export business, they also need to use a silicon from outside China.

但是，我認為我們已經結束了，我們專門為專注於出口業務的客戶提供它們，他們也需要使用來自中國以外的矽。

So I think that's kind of a balanced view we have right now and that that haven't changed.

所以我認為這是我們目前的一種平衡觀點，而這觀點並沒有改變。

We haven't seen any new regulation for any or a regulation to change this AI limitation.

我們還沒有看到任何新的法規或法規來改變這個人工智慧限制。

Okay.

好的。

Perfect.

完美的。

Great.

偉大的。

Thank you very much.

非常感謝。

(Operator Instructions) Kevin Garrigan, WestPark Capital.

（操作員說明）Kevin Garrigan，WestPark Capital。

Yes, great.

對，很好。

Thanks for taking my questions.

感謝您回答我的問題。

And let me echo my congrats on the strong results on Fermi on automotive side, I know you noted that you're more focused on autonomous driving and the market is pushing more towards EVs, but are you seeing combustion engine opportunities or and or any kind of automotive OEMs backtracking from originally thinking about developing EVs, maybe giving you opportunities in combustion engine or hybrid vehicles as well?

讓我對費米在汽車方面取得的強勁成果表示祝賀，我知道您注意到您更關注自動駕駛，並且市場正在更多地推動電動汽車，但是您是否看到了內燃機機會或和或任何類型的汽車原始設備製造商放棄了最初考慮開發電動車的想法，也許會給您帶來內燃機或混合動力汽車的機會？

Absolutely.

絕對地。

I don't think the AD is exclusively for EV at all.

我認為 AD 根本不是專門針對 EV 的。

I think we'll continue to see RFQs for on a combustion engine car and also hybrid cars.

我認為我們將繼續看到針對內燃機汽車和混合動力汽車的詢價。

So I won't say that's exclusive, but just my first design wins, it just happened to be a pure EV company and that also shows you that all the EV company trying to find it possible differentiations other than just the battery life, but also adding AD capabilities is one way they can differentiate.

所以我不會說這是獨家的，但只是我的第一個設計獲勝，它恰好是一家純電動汽車公司，這也向您表明所有電動汽車公司都試圖找到除了電池壽命之外的可能差異化，而且添加 AD 功能是他們脫穎而出的一種方式。

So I think that there's AD application we'll go to all kinds of car, including both EV as well as combustion engines.

因此，我認為自動駕駛應用將應用於各種汽車，包括電動車和內燃機。

Okay, perfect. sorry, that makes a ton of sense.

好的，完美。抱歉，這很有道理。

And then going off of Richard's previous question, you noted in your prepared remarks a high inference proliferating in multiple areas and your AI revenue would grow at 30%.

然後，在理查德之前的問題上，您在準備好的發言中指出，多個領域的高推理激增，您的人工智慧收入將以 30% 的速度增長。

This year, you have a bunch of design wins in the pipeline.

今年，您將獲得一系列設計勝利。

Is the AI inference market kind of taking off as quickly or not as quickly as you originally were kind of thinking?

人工智慧推理市場的起飛速度是否像您最初想像的那麼快？

And is it developing into as large of an opportunity, as you would imagine?

它是否會像您想像的那樣發展成為一個巨大的機會？

Well, for the IoT side, I think we do think that the enterprise IoT is going on as fast as we expected because I'm surprised on the other IoT space.

嗯，對於物聯網方面，我認為我們確實認為企業物聯網的發展速度與我們預期的一樣快，因為我​​對其他物聯網領域感到驚訝。

But I think the one thing that we that didn't grow as much as we expected automotive, we have been investing heavily on CV3-AD market and we have the first design win.

但我認為我們在汽車領域的成長沒有達到預期，我們一直在 CV3-AD 市場上進行了大量投資，並且我們贏得了第一個設計勝利。

I think there's a lot of room for us to work on to make sure that we can continue to take advantage of our investment in our AI inference engine in automotive markets.

我認為我們還有很大的工作空間，以確保我們能夠繼續利用我們對汽車市場人工智慧推理引擎的投資。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Hey, yes, this is Jeremy again.

嘿，是的，這又是傑里米。

On the housekeeping question.

關於家政問題。

Did you provide the split between auto and IoT and educate that precious funds and what those splits were on the last couple of quarters?

您是否提供了汽車和物聯網之間的分配情況，並說明了寶貴的資金以及過去幾季的分配？

You're talking about revenue split between auto and IoT is our question?

您所說的汽車和物聯網之間的收入分配是我們的問題嗎？

Yes, that's right.

恩，那就對了。

So if you look at last year, I think our IoT was roughly two thirds of total revenue and autos, one-third.

因此，如果你看看去年，我認為我們的物聯網大約佔總收入的三分之二，而汽車則佔三分之一。

If you look at inside IoT, enterprise securities to continue to be the largest portion.

如果你看看物聯網內部，企業證券仍然是最大的部分。

And last year consumer, a consumer IoT and the IoT are roughly the same size.

去年消費者物聯網和消費者物聯網的規模大致相同。

But if you look at the growth this year, I think that on the entire IoT enterprise and the other side, IoT is growing faster and auto also, we expect a growth this year.

但如果你看看今年的成長，我認為在整個物聯網企業和另一方面，物聯網和汽車的成長速度更快，我們預計今年也會成長。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

This does conclude the question-and-answer session of today's program I'd like to hand the program back to Dr. Fermi Wang for any further remarks.

今天節目的問答環節到此結束，我想將節目交還給 Fermi Wang 博士以供進一步的評論。

Thank you, everybody, for joining us today.

謝謝大家今天加入我們。

And I'm looking forward to seeing you talk to you in a conference call next time.

我期待下次在電話會議上見到您。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。

Good day.

再會。