Ambarella Inc (AMBA) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by.

您好，感謝您的支持。

Welcome to Ambarella's Q2 fiscal year 2025 conference call.

歡迎參加 Ambarella 2025 財年第二季電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the call over to Louis Gerhardy.

現在我想將電話轉給 Louis Gerhardy。

You may begin.

你可以開始了。

Thank you, Twanda.

謝謝你，Twanda。

Good afternoon and thank you for joining our second-quarter fiscal year 2025 financial results conference call.

下午好，感謝您參加我們的2025財年第二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.

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

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

今天電話會議的主要目的是向您提供有關我們 2025 財年第二季業績的資訊。

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 among other things.

今天的討論和對您的問題的回答將包含有關我們預計的財務業績、財務前景、市場成長以及對我們解決方案的需求等的前瞻性陳述。

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

這些聲明是基於目前可用的信息，並受風險、不確定性和假設的影響。

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

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

We'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 filed with the SEC.

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

Access to our second-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 財年第二季業績新聞稿、成績單、歷史業績、SEC 文件以及今天電話會議的重播。

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

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

Before we start the call, I want to note that we will be participating on August 29 in Deutsche Bank's Technology Conference.

在我們開始電話會議之前，我想指出的是，我們將於 8 月 29 日參加德意志銀行的技術會議。

We'll be September 4 at Citi's 2024 Global TMT Conference, September 17 in Bernstein's 6th Annual West Coast Semiconductor Bus Tour, and September 24 in Evercore ISI's ADAS, AV & AI Summit.

我們將於 9 月 4 日參加花旗銀行 2024 年全球 TMT 大會、9 月 17 日參加伯恩斯坦第六屆年度西海岸半導體巴士之旅以及 9 月 24 日參加 Evercore ISI 的 ADAS、AV 和 AI 高峰會。

We hope to see you at one of these events.

我們希望能夠在其中的某一個活動中見到您。

Fermi will now provide a business update for the quarter.

Fermi 現在將提供本季的業務更新。

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

約翰將審查財務結果和前景，然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 all for joining our call today.

感謝大家今天參加我們的電話會議。

Our second-quarter revenue was near the high end of our guidance range, increasing 17% sequentially.

我們第二季的營收接近預期範圍的高端，季增 17%。

Auto revenue grew slightly sequentially with stronger growth in IoT, which represented about 70% of total revenue.

由於物聯網成長更強勁，汽車收入環比小幅成長，約佔總收入的 70%。

We achieved record edge AI inference revenue, which supported a higher blended average selling price in this quarter.

我們實現了創紀錄的邊緣人工智慧推理收入，這支持了本季更高的混合平均銷售價格。

The midpoint of our fiscal third-quarter revenue guidance implies about 24% sequential growth with double-digit sequential growth anticipated for both IoT and auto.

我們對第三財季營收預期的中點意味著約 24% 的環比成長，預計物聯網和汽車業務都將實現兩位數的環比成長。

In our last earnings call on May 30, we expressed confidence in the consensus fiscal year 2025 revenue estimate of $250 million.

在 5 月 30 日舉行的上一次財報電話會議上，我們對 2025 財年 2.5 億美元的一致收入預期表示有信心。

At this time, based on customer orders and the forecast, we expect our fiscal year 2025 revenue growth in the mid- to high-teens percent versus last year.

目前，根據客戶訂單和預測，我們預計 2025 財年的營收成長率將達到百分之中到百分之十幾。

I will now provide some additional insight into the gives and the takes of our current outlook.

現在，我將對我們當前觀點的利弊提供一些額外的見解。

First, our analysts indicate most of our customers have now completed the rebalancing of their inventory of Ambarella SOCs and our revenue in the second half of the fiscal '25 is expected to reflect actual end market demand.

首先，我們的分析師指出，我們的大多數客戶現在已經完成了 Ambarella SOC 庫存的重新平衡，預計我們 25 財年下半年的營收將反映實際的終端市場需求。

Second, the overall economic environment is currently a headwind for us.

第二，目前整體經濟環境對我們來說不利。

As you have heard, global auto production is forecasted to be down slightly this year.

正如您所聽到的，預計今年全球汽車產量將略有下降。

There is an electrical vehicle OEM shakeout underway and the enterprise and consumer IoT spending is mixed.

電動車 OEM 廠商正在經歷洗牌，企業和消費者對物聯網的支出好壞參半。

So it should be clear there are company-specific factors offsetting the headwinds and driving our strong results and outlook.

因此應該清楚的是，公司特有的因素可以抵消不利因素並推動我們強勁的業績和前景。

There is rising demand for AI-powered solutions, including AI inference and the edge where we have been investing.

人們對人工智慧解決方案的需求不斷增長，包括人工智慧推理和我們一直在投資的邊緣領域。

Most importantly, we are seeing initial revenue ramps from certain IoT and automotive customers especially for our higher-priced new products.

最重要的是，我們看到來自某些物聯網和汽車客戶的收入初步成長，特別是我們價格較高的新產品。

Our confidence is building in our new products, which we expect will lead to new waves of revenue growth in the years ahead.

我們對我們的新產品越來越有信心，我們預計這將在未來幾年帶來新一輪的收入成長。

I would like to clearly define what I mean when I say new products.

我想清楚定義我所說的新產品是什麼意思。

New products include the CV5, CV7 and the CV3-AD families, which are all 5-nanometer.

新產品包括 CV5、CV7 和 CV3-AD 系列，均為 5 奈米。

Most integrate our third-generation AI inference accelerator and all command above-average ASPs.

大多數都整合了我們的第三代 AI 推理加速器，並且都具有高於平均水平的 ASP。

In this new product group, the first wave of revenue is from the CV5 family, which is ongoing and continue to ramp.

在這個新的產品組中，第一波收入來自CV5系列，該系列產品正在持續生產並不斷增加。

We expect to easily exceed one million units shipped this year across more than 1,000 design wins in IoT as well as automotive.

我們預計，今年在物聯網和汽車領域超過 1,000 個設計中，出貨量將輕鬆超過 100 萬台。

Our second new product revenue wave is expected from the CV7 family, which we expect to enter production at the end of fiscal year '25.

我們的第二波新產品收入預計來自 CV7 系列，我們預計該系列將於 25 財年末投入生產。

The CV7 family also serves both auto and IoT applications with initial revenue from computer vision applications expected to be followed by revenue for more advanced AI network such as CLIP and vision language model.

CV7 系列還服務於汽車和物聯網應用，其初始收入來自電腦視覺應用，預計隨後將來自更先進的人工智慧網路（如 CLIP 和視覺語言模型）的收入。

The CV3-AD family for L2+ and the higher level of autonomy is also in our new product grouping.

適用於 L2+ 和更高自主等級的 CV3-AD 系列也屬於我們的新產品組。

We remain highly focused on converting multiple OEMs and Tier 1 RFIs and RFQs for CV3 into the won column, which will be incremental to the Leapmotor and commercial vehicle wins we have previously discussed.

我們仍然高度專注於將 CV3 的多家 OEM 和 Tier 1 RFI 和 RFQ 轉化為贏單，這將對我們之前討論過的零跑車和商用車的贏單產生增量。

We continue to expect the first full year of production for CV3 family in calendar year 2026, our fiscal year 2027, and growing from there.

我們繼續預期 CV3 系列的第一個完整生產年份是 2026 日曆年，也就是我們的 2027 財年，並從此開始成長。

Other new products including our upcoming 2-nanometer offering, N1, 4D image radar for perception software and autonomous driving software stack IP.

其他新產品包括我們即將推出的 2 奈米產品、N1、用於感知軟體的 4D 影像雷達和自動駕駛軟體堆疊 IP。

And as the business case for these new products develop, we will provide more information on the timing of their revenue contribution.

隨著這些新產品的商業案例的發展，我們將提供更多有關其收入貢獻時間的資訊。

Collectively, these new products are expected to represent a majority of our incremental revenue growth and they are the primary source of the positive momentum we are reporting.

總的來說，這些新產品預計將占我們增量收入成長的大部分，也是我們報告的正面動能的主要來源。

While most of the new product revenue originates from CV5 to date, in the years ahead, we are anticipating several important waves of new product growth.

雖然到目前為止大部分新產品收入都來自 CV5，但在未來幾年，我們預計新產品將出現幾波重要的成長浪潮。

I would now like to summarize representative customer activity in the quarter.

現在，我想總結一下本季具有代表性的客戶活動。

During the quarter, Rivian introduced the second generation R1S SUV and R1T pickup truck.

本季度，Rivian推出了第二代 R1S SUV 和 R1T 皮卡。

These vehicles leverage Ambarella's 5-nanometer CV5 AI SoC to provide surround view images while driving as well as the gear guard camera function when the vehicle is parked.

這些車輛利用 Ambarella 的 5 奈米 CV5 AI SoC 在行駛時提供環視圖像以及在車輛停放時提供齒輪保護攝​​影機功能。

Samsara, a leading provider of commercial fleet telematics solution, has introduced its CM33 front-facing and the CM34 dual-facing AI dash cameras.

領先的商業車隊遠端資訊處理解決方案提供商 Samsara 推出了 CM33 前置 AI 行車記錄器和 CM34 雙面 AI 行車記錄器。

Based on Ambarella's CV22 SoC, both cameras offer advanced raw features including lane departure and the forward collision warning, and the CM34 also offers driver behavior analysis including mobile distraction and drowsiness detection.

兩款攝影機均基於 Ambarella 的 CV22 SoC，提供車道偏離和前方碰撞警告等高級原始功能，CM34 還提供駕駛員行為分析，包括移動分心和困倦檢測。

In the China automotive market, OEMs continue to introduce new models with advanced camera-based features leveraging Ambarella's SoCs.

在中國汽車市場，OEM 繼續利用 Ambarella 的 SoC 推出具有先進攝影機功能的新車型。

In August, BAIC joint venture company introduced the Stelato S9 passenger vehicle with an electronic mirror camera monitoring system based on our CV22 SoC.

8月，北汽合資公司推出了搭載基於我司CV22 SoC的電子後視鏡攝影機監控系統的Stelato S9乘用車。

And the new car brand Luxeed, a Chery joint venture, introduced its S7 passenger vehicle including a driver monitor system based on our CV28 automotive SoC.

而奇瑞的合資新車品牌Luxeed則推出了一款S7乘用車，該車配備了基於我們的CV28汽車SoC的駕駛監控系統。

In Japan, we have started production of a smart rear camera of -- for Honda based on CV28.

在日本，我們已經開始為本田生產基於 CV28 的智慧後置攝影機。

This is available in the navigation package option and it provides drive assistance and the smart parking, including detecting vehicles and lanes behind the vehicle.

該功能在導航包選項中可用，它提供駕駛輔助和智慧停車，包括檢測車輛和車輛後方的車道。

I will now review some of the representative customer engagements in our IoT business.

現在我將回顧我們物聯網業務中的一些具有代表性的客戶參與。

In the enterprise security camera market, UMP market leader Axis introduced its P12 range of a modular camera with thumb-sized pinhole mini-dome sensor unit variants.

在企業安全攝影機市場，UMP 市場領導者 Axis 推出了 P12 系列模組化攝影機，該系列攝影機帶有拇指大小的針孔迷你圓頂感測器單元變體。

The cameras feature a deep-learning processing unit based on our CV25 SoC for advanced analysis.

相機配備基於我們的 CV25 SoC 的深度學習處理單元，可進行進階分析。

Also, during the quarter, Japanese market leader i-PRO introduced several new CV2-based products.

此外，本季度，日本市場領導者 i-PRO 推出了幾款基於 CV2 的新產品。

The i-PRO corner camera is based on Ambarella CV22 and this 5-nanometer camera includes a privacy guard feature for automatic blurring of faces.

i-PRO 角落攝影機基於 Ambarella CV22，這款 5 奈米攝影機包含隱私保護功能，可自動模糊臉部。

In our other IoT market, we are pleased to see handheld camera manufacturers increasingly require more performance to support multiple AI applications while also requiring high resolution each by 4K or 8K from one or more cameras.

在我們的其他物聯網市場中，我們很高興看到手持攝影機製造商越來越需要更高的性能來支援多種人工智慧應用，同時也要求一個或多個攝影機具有 4K 或 8K 的高解析度。

For example, Insta360 has introduced three CV5 products (technical difficulty) year, and recently, it also introduced the Go 3S wearable camera.

例如Insta360今年已經推出三款CV5產品（技術難度較大），最近又推出了Go 3S穿戴式相機。

Based on Ambarella's H22 SoC, the camera weighs just 1.4 ounces and includes 4K video, 48-megapixel photo.

該相機基於 Ambarella 的 H22 SoC，重量僅 1.4 盎司，支援 4K 影片和 4800 萬像素照片。

And Moultrie, a brand of PRADCO, introduced its EDGE 2 Pro Cellular Trail Camera.

PRADCO 旗下品牌 Moultrie 推出了 EDGE 2 Pro 蜂巢追蹤相機。

(technical difficulty)

（技術難度）

From this announcement and the ones in the past, one can see we continue to expand our presence for AI inference at the edge.

從本公告以及過去的公告中我們可以看到，我們將繼續擴大在邊緣人工智慧推理領域的影響力。

Our CV2 products represent a vast majority of our AI revenue today, typically addressing computer vision applications for object detection and classification, providing real-time insights for a wide variety of applications.

我們的 CV2 產品占我們目前 AI 收入的絕大部分，通常解決用於物件偵測和分類的電腦視覺應用，為各種應用提供即時洞察。

Looking ahead, there is no doubt, there is a significant build-out of AI training and inference capacity in data centers for the next-generation AI networks.

展望未來，毫無疑問，下一代人工智慧網路的資料中心將顯著增強人工智慧訓練和推理能力。

We view this as a positive long-term leading indicator for our edge inference business.

我們認為這是我們的邊緣推理業務的一個積極的長期領先指標。

In fact, our auto and IoT customers are increasingly asking us how we can help them with the new advanced AI networks, how they can be implemented at that edge.

事實上，我們的汽車和物聯網客戶越來越多地詢問我們如何利用新的先進人工智慧網路來幫助他們，如何在邊緣實現這些網路。

Relative to AI computer vision, these new AI networks will require a significantly higher level of computing performance and the efficiency we bring to the edge is critical.

相對於人工智慧電腦視覺，這些新的人工智慧網路將需要更高水準的運算效能，而我們帶到邊緣的效率至關重要。

For Ambarella, our new products are expected to initially run for AI computer vision applications.

對於安霸而言，我們的新產品預計最初將用於 AI 電腦視覺應用。

However, beginning with the CV7 family, we can also address applications using these more advanced AI networks.

然而，從 CV7 系列開始，我們也可以使用這些更先進的 AI 網路來解決應用程式問題。

Long term, we are optimistic about our significant investment in AI inference and how it positions us to scale to higher value-added products.

從長遠來看，我們對在人工智慧推理方面的大量投資以及它如何幫助我們擴展到更高附加價值的產品感到樂觀。

Now in the near to intermediate term, Q1 and Q2 were steps in the right direction.

現在，從近期到中期來看，Q1 和 Q2 是朝著正確方向邁出的步伐。

And one of our key objectives is to continue to drive revenue growth and achieve profitability while sustaining the investment in our strategic R&D priorities.

我們的主要目標之一是繼續推動營收成長並實現獲利，同時維持對策略研發重點的投資。

We will continue to actively managing our expenses even though the cyclical downturn appear to be over for us.

儘管週期性衰退似乎已經結束，我們仍將繼續積極管理我們的開支。

Our goal is to turn the corner and drive positive earning leverage in the next year with the anticipated revenue growth.

我們的目標是扭轉局面，並在明年透過預期的收入成長實現積極的獲利槓桿。

Now John will talk about the Q2 results and Q3 outlook in more detail.

現在，約翰將更詳細地討論第二季業績和第三季展望。

I'll now review the financial highlights for the second quarter of fiscal year 2025 ending July 31, 2024.

我現在將回顧截至 2024 年 7 月 31 日的 2025 財年第二季的財務亮點。

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

我還將提供截至 2024 年 10 月 31 日的 2025 財年第三季的財務展望。

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

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

對於非公認會計準則報告，我們已經取消了股票薪酬費用以及根據稅務影響進行調整的收購相關成本。

For fiscal Q2, revenue was $63.7 million, close to the high end of our guidance range, up 17% from the prior quarter and up 3% year over year.

第二財季營收為 6,370 萬美元，接近我們預期範圍的高位，較上一季成長 17%，較去年同期成長 3%。

Non-GAAP gross margin for fiscal Q2 was 63.3%, slightly above the midpoint of our prior guidance.

第二財季非公認會計準則毛利率為 63.3%，略高於我們先前預期的中位數。

Non-GAAP operating expense was $47.7 million, $0.8 million lower than the midpoint of our prior guidance range of $47.5 million to $49.5 million, driven by continued expense management and the timing of spending between quarters.

非公認會計準則營業費用為 4,770 萬美元，比我們先前預測範圍中位數 4,750 萬美元至 4,950 萬美元低 80 萬美元，這得益於持續的費用管理和季度間支出的時間安排。

We remain on track to our internal product development milestones.

我們仍在按計劃實現內部產品開發的里程碑。

Q2 net interest and other income was $2.1 million. Q2 non-GAAP

第二季淨利息和其他收入為 210 萬美元。第二季度非 GAAP

tax provision was approximately $299,000.

稅收準備金約為299,000美元。

We reported a non-GAAP net loss of $5.5 million or a $0.13 loss per diluted share.

我們報告的非公認會計準則淨虧損為 550 萬美元，即每股虧損 0.13 美元。

Now I'll turn to our balance sheet and statement of cash flows.

現在我將討論我們的資產負債表和現金流量表。

Fiscal Q2 cash and marketable securities increased $16.5 million from the prior quarter to $219.8 million.

財政第二季現金和有價證券較上一季增加 1,650 萬美元，達到 2.198 億美元。

Receivables day sales outstanding decreased from 47 days in the prior quarter to 33 days, and days of inventory decreased from 123 days to 108 days.

應收帳款銷售回款天數從上一季的47天減少到33天，庫存天數從123天減少到108天。

Inventory dollars increased 8% sequentially and decreased 12% from a year ago.

庫存美元較上季增加 8%，較去年同期減少 12%。

We generated positive operating cash flow of $16.7 million for the quarter.

本季我們產生了 1,670 萬美元的正營運現金流。

Capital expenditures for tangible and intangible assets were $2.6 million.

有形和無形資產的資本支出為 260 萬美元。

We had two logistics companies representing 10% or more of our revenue in Q2.

我們擁有兩家物流公司，占我們第二季收入的 10％ 或以上。

WT Microelectronics, a fulfillment partner in Taiwan that ships to multiple customers in Asia, came in at 63% of revenue for the second quarter, while Hakuto, a distributor in Japan, was 10% of revenue for the quarter.

文曄微電子 (WT Microelectronics) 是台灣的訂單履行合作夥伴，為亞洲多個客戶發貨，其第二季度收入佔比為 63%，而日本分銷商 Hakuto 則佔該季度收入的 10%。

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

我現在將討論 2025 財年第三季的展望。

As Fermi described, company-specific factors, in particular, our new product ramps, are providing us with improved visibility into the second half of fiscal 2025.

正如費米所描述的，公司特定因素，特別是我們新產品的推出，為我們提供了 2025 財年下半年的更好的可視性。

For fiscal Q3, we estimate our total revenue will be in the range of $77 million to $81 million with sequential growth in both IoT and auto.

對於第三財季，我們預計總營收將在 7,700 萬美元至 8,100 萬美元之間，物聯網和汽車業務都將持續成長。

We expect fiscal Q3 non-GAAP gross margin to be in the range of 62.5% to 64%.

我們預計第三財季非 GAAP 毛利率在 62.5% 至 64% 之間。

We expect non-GAAP OpEx in the third quarter to be in the range of $49 million to $51 million with the increase compared to Q2 driven by increased headcount and project-related engineering expenses.

我們預計第三季非 GAAP 營運支出將在 4,900 萬美元至 5,100 萬美元之間，較第二季度有所增加，主要是由於員工人數增加和專案相關工程費用增加。

We estimate net interest income to be approximately $1.8 million, our non-GAAP tax expense to be approximately $500,000, and our diluted share count to be approximately 41.7 million fully diluted shares.

我們估計淨利息收入約為 180 萬美元，非公認會計準則稅費約為 50 萬美元，稀釋股份數量約為 4,170 萬股（完全稀釋）。

Thank you for joining our call today.

感謝您今天參加我們的電話會議。

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

說完這些，我將把電話轉給接線生來回答問題。

(Operator Instructions) Christopher Rolland, Susquehanna.

（操作員指令）克里斯多福羅蘭，薩斯奎哈納。

Hey, guys.

嘿，大家好。

Thanks so much for the question here.

非常感謝您在這裡提問。

I guess my first one is you referenced vision language models.

我想我的第一個問題是你引用的視覺語言模型。

Is this a new opportunity or an opportunity that you've been addressing for some time here?

這是一個新的機會還是您一段時間以來一直在探討的機會？

And how your architecture might be different from GPU or an ASIC here.

以及您的架構與 GPU 或 ASIC 有何不同。

And is this a CV3 opportunity?

這是 CV3 機會嗎？

I think you've maybe talked about a $1,000 ASP, something like that.

我想您可能談過 1,000 美元的 ASP 或類似的價格。

Is that the kind of opportunity we're talking about here?

這就是我們在這裡談論的機會嗎？

Yeah.

是的。

For vision language model, we demo our first LLaVA model at the CES this year with a chip called N1, which is a derivative of a CV3 family chip.

對於視覺語言模型，我們在今年的 CES 上展示了我們的第一個 LLaVA 模型，使用的晶片名為 N1，它是 CV3 系列晶片的衍生產品。

So it's our third-generation inference engine and we run the LLaVA model, which is a vision language model on N1 at CES.

所以這是我們的第三代推理引擎，我們運行LLaVA模型，這是CES上N1上的視覺語言模型。

And since we give a demo, I think we attract a lot of customer interest.

而且由於我們進行了演示，我認為我們吸引了許多客戶的興趣。

Most of us are interested in using a vision language model to hook up with multiple camera and describe what the camera sees real time.

我們大多數人對使用視覺語言模型連接多個攝影機並描述攝影機即時看到的內容感興趣。

So you can imagine that this is a very important for our existing customers, both for enterprise IoT as well as maybe even for automotive.

所以你可以想像這對我們現有的客戶來說非常重要，無論是對企業物聯網還是對汽車而言。

So this is a feature that we've been talking about for three quarters.

這是我們已經討論了四分之三的時間的一個功能。

But I think recently we believe we can, even using CV72, to run a smaller model to enable the VRM running on camera to provide real-time feedback, which I think is a unique offering that Ambarella can do.

但我認為最近我們相信即使使用 CV72，我們也可以運行一個更小的模型，以使在相機上運行的 VRM 提供即時回饋，我認為這是 Ambarella 可以做到的獨特產品。

Great.

偉大的。

Thank you for that, Fermi.

謝謝你，費米。

And then secondly, as I kind of look at your guidance for October, which was very strong, and then reconcile it with the full-year guidance that you gave, it implies maybe a significantly weaker Q4 than traditional seasonality, at least the way we track it would suggest.

其次，當我查看您對 10 月份的指引時（該指引非常強勁），然後將其與您給出的全年指引進行協調，它意味著第四季度的業績可能明顯弱於傳統的季節性因素，至少我們的追踪方式表明如此。

I guess maybe you could just talk about maybe the moving parts here into January what -- how you view traditional seasonality for the fourth quarter and the expectation for January -- the implied expectation.

我想您可以談談一月份的變化情況——您如何看待第四季度的傳統季節性以及對一月份的預期——隱含的預期。

Thank you.

謝謝。

Yeah, thank you.

是的，謝謝。

So when we do the calculation, I believe the current guidance between Q3 and the whole year reflects a very normal seasonality for Q4.

因此，當我們進行計算時，我相信第三季和全年之間的當前指引反映了第四季非常正常的季節性。

When we look at normal seasonality in the last 10 years, it is anywhere between 7% to 10% negative, right?

當我們觀察過去 10 年的正常季節性時，它大概在負 7% 到 10% 之間，對嗎？

So if you take that calculation, I will find that our midpoint is probably in a range of normal seasonality.

因此，如果你進行這樣的計算，我會發現我們的中點可能處於正常季節性的範圍內。

So I think that we expect -- we go back to normal seasonality because the inventory correction is done with us.

因此我認為我們預計 - 我們將回到正常的季節性，因為庫存調整已經完成。

We're ramping our products.

我們正在加大產品力道。

And so that we believe that the guidance is reasonable.

因此我們相信該指導是合理的。

Thank you, Fermi.

謝謝你，費米。

(Operator Instructions) Joe Moore, Morgan Stanley.

（操作員指示）摩根士丹利的喬·摩爾。

Great.

偉大的。

Thank you.

謝謝。

I wonder if you could talk about the outlook.

我想知道您是否可以談談前景。

For the quarter, you talked about being driven by new products.

對於本季度，您談到了新產品的推動作用。

Is that kind of content increases because you're migrating people to CV5?

由於您將人員遷移到 CV5，此類內容是否會增加？

Are there new end markets or applications?

是否有新的終端市場或應用？

Just kind of want to understand what's driving the strength in the coming quarter.

只是想了解未來一個季度的強勁發展動力。

Right.

正確的。

So in fact, let's talk about that new quarter.

那麼實際上，讓我們來談談那個新季度。

There are two -- we can look at it from two different perspectives.

有兩個——我們可以從兩個不同的角度來看這個問題。

One is market, right?

一個是市場，對吧？

And the driver -- we see both automotive IoT has new product being introduced by our customer.

我們看到，客戶正在推出汽車物聯網的新產品。

On the IoT side -- in the IoT enterprise as well as the other IoT products, we have customers introduced new products with much higher ASP than before.

在物聯網方面－在物聯網企業以及其他物聯網產品中，我們的客戶推出了比以前平均售價高得多的新產品。

So that's definitely on IoT side.

所以這肯定是在物聯網方面。

On the automotive side, both Samsara and the Rivian are ramping up with CV5 in this quarter.

在車款方面，Samsara 和 Rivian 本季均推出 CV5。

So I think that's to show you the -- on the market side.

所以我認為這是為了向你展示——從市場方面來說。

But if you look at on the product side, really, it is a CV5 ramping up for them is the major reason for us to have the growth.

但如果從產品方面來看，CV5 的不斷提升才是我們成長的主要原因。

But also CV22 go back to the normal growth rate after inventory correction helps growth too.

但庫存調整後CV22恢復正常成長率也有助於成長。

So those two reasons are from the product side.

所以這兩個原因是從產品方面來的。

Great.

偉大的。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

And then separately, the announcement you had of Leapmotor's a quarter ago, can you just talk to is that leading to additional conversations in the China EV market?

另外，您一個季度前發布的關於零跑車的公告，能否談談這是否會引發對中國電動車市場的更多討論？

And just I know you're not ready to make any announcements there, but just how are you seeing the potential to increase traction with other OEMs in China?

我知道您還沒有準備好發布任何公告，但是您認為如何提高與中國其他 OEM 的合作潛力？

Yeah, I think that definitely, with any design win, that helps our momentum.

是的，我認為，任何設計的勝利必定會促進我們的發展。

And I think, like I said before, Chinese market is going to be -- continue to drive the innovation technology.

我認為，正如我之前所說，中國市場將繼續推動創新技術。

So we continue to talk to multiple OEMs and Tier 1s in China for CV3.

因此，我們繼續與中國多家 OEM 和 Tier 1 就 CV3 進行洽談。

So I think that's important for us.

所以我認為這對我們很重要。

So we're going to continue to drive that.

因此我們將繼續推動這一點。

But at the same time, getting some European US customer design wins is also

但同時，獲得一些歐洲美國客戶的設計勝利也是

(technical difficulty)

（技術難度）

Tore Svanberg.

托爾·思文伯格。

Yes.

是的。

Thank you and congratulations on the strong results here.

謝謝您並祝賀您取得的優異成績。

So Fermi, I just wanted to paint a little bit of a picture and maybe if you can help me out here.

所以費米，我只是想畫一點圖畫，也許你能幫我一下。

So I mean, obviously, CV2, CV22 has been doing well.

所以我的意思是，顯然 CV2、CV22 一直表現得很好。

The holy grail is CV3 and CV1.

聖杯是 CV3 和 CV1。

CV5, obviously now really ramping.

CV5，顯然現在真的發展勢頭強勁。

What about CV75 and CV72?

CV75 和 CV72 怎麼樣？

Are those going to ramp quite meaningfully into production next year or are those also more 2026?

這些產品明年是否會大幅投入生產，還是要等到 2026 年？

(Operator Instructions) Tore Svanberg.

(操作員指令) Tore Svanberg。

Yes, thank you, and congrats on the strong results, guys.

是的，謝謝你們，恭喜你們取得的優異成績。

So Fermi, I was hoping you could just help me out a little bit with some of the product cycles here, right, because obviously, CV2, CV22 have been doing well.

所以 Fermi，我希望你能幫我解決這裡的一些產品週期問題，因為很明顯 CV2、CV22 一直表現得很好。

You're now ramping CV5.

您現在正在提升 CV5。

Everyone's waiting for CV3 and CV1.

大家都在等待 CV3 和 CV1。

But in the meantime, we got CV75 and CV72.

但同時，我們得到了 CV75 和 CV72。

So are we going to see pretty strong ramps from CV75 and CV72 next year or are those also going to be more 2026?

那麼，明年我們是否會看到 CV75 和 CV72 相當強勁的勢頭，或者它們是否也會在 2026 年出現？

Yes.

是的。

Thank you.

謝謝。

First of all, sorry for the interruption.

首先，很抱歉打擾您。

From the product point of view, I think CV5 will continue to be strong next year.

從產品角度來說，我認為CV5明年會持續表現強勁。

We believe that the CV5 ramping up this year will continue next year.

我們相信，今年 CV5 的成長動能明年也將持續。

And CV72, we expect to start ramping up at the end of this year and you will start seeing CV72 product shipping in the enterprise, in the IoT enterprise next year ramping up.

我們預計 CV72 將在今年年底開始加速發展，明年您將開始看到 CV72 產品在企業和物聯網企業中的出貨量加速成長。

And it will start, in fact, that's interesting, because most of our customers, when they design CV72 product, they plan for the traditional CNN type of newer network.

事實上它將會啟動，這很有趣，因為我們的大多數客戶在設計 CV72 產品時，都計劃採用傳統的 CNN 類型的較新網路。

But we believe that in later stage, after they ship the CV72 camera, they can use a software upgrade to upgrade newer -- more advanced newer network model like CLIP or vision language model to CV72.

但我們相信，在後期，當他們推出 CV72 相機後，他們可以使用軟體升級將更新、更先進的新網路模型（如 CLIP 或視覺語言模型）升級到 CV72。

So we expect that the CV72 at the beginning is really serving our traditional IoT enterprise site, but it will enable new applications in the second half next year.

因此我們預計一開始的CV72確實服務於我們傳統的物聯網企業站點，但它將在明年下半年啟用新的應用程式。

And we expect the lifecycle of this product will be three, four years, just like before.

我們預計該產品的生命週期將與以前一樣為三至四年。

And also, we have CV75 that will ramp up as a mid and the low-end product for the CV7 family.

此外，我們還有 CV75，它將作為 CV7 系列的中端和低階產品。

So that is the ramping up situation.

這就是正在不斷升級的情況。

Right.

正確的。

And so just to put that into perspective -- from a pricing perspective, right, because obviously you said that a lot of the growth right now is being driven by new products for higher ASPs.

所以，從定價的角度來看，因為很明顯您說過，目前的許多成長是由更高平均售價的新產品所推動的。

So when we especially look at CV72, that would still be a higher ASP product than CV5, right?

因此，當我們特別關注 CV72 時，它仍然是比 CV5 更高的 ASP 產品，對嗎？

No, in fact, CV72, you should compare that to CV22.

不，事實上，CV72，你應該將其與 CV22 進行比較。

CV5 is a high-end CV2 family.

CV5 是 CV2 家族的高階產品。

So CV72 is really coming.

所以 CV72 真的要來了。

You should treat that as a replacement of CV22 family, which CV22 family has been five-year-old and we need to refresh the cycle.

您應該將其視為 CV22 系列的替代品，CV22 系列已有五年歷史，我們需要刷新週期。

So CV72, I would say, is a significant ASP jump for CV22 family.

因此，我想說，CV72 對於 CV22 系列來說，是一個重大的平均售價飛躍。

And CV5 continue to be a high-end of the market.

CV5持續佔據市場高端地位。

Yeah.

是的。

And Tore, just to add some perspective.

還有托爾，只是想增加一些觀點。

Our blended ASP today for SoCs is around 12 to 13.

我們目前 SoC 的混合 ASP 約為 12 到 13。

And all of these new products that Fermi was talking about -- CV5, CV7 family, and then, of course, CV3 -- they would all bring our blended ASP higher as they ramp.

Fermi 談論的所有這些新產品 - CV5、CV7 系列，當然還有 CV3 - 隨著它們的產量增加，它們都會提高我們的混合 ASP。

That's great.

那太棒了。

Great color.

顏色很棒。

Thank you so much.

太感謝了。

(Operator Instructions) Ross Seymore, Deutsche Bank.

（操作員指令）德意志銀行羅斯·西摩。

Hi, guys.

嗨，大家好。

Can you hear me, okay?

你聽得到我說話嗎？

Yes.

是的。

Great.

偉大的。

So first, congratulations on the strong report and guide.

首先，恭喜您出色的報告和指南。

I know you talked about how this is new product-driven and I understand that methodology, but you also said that the inventory burn is done.

我知道您談到了這是如何由新產品驅動的，我也理解這種方法，但您也說過庫存消耗已經完成。

So are we getting to the point where you're not burning inventory?

那麼，我們是否已經到了不再消耗庫存的地步了？

And so a big part of the step-up sequentially is that into the third quarter, and then from there, new products and normal seasonality applies.

因此，連續成長的很大一部分是在第三季度，然後從那時起，新產品和正常的季節性就開始適用。

I'm just trying to figure out the new product side versus your comments that there's no longer an inventory burn either.

我只是想弄清楚新產品方面的情況與您所說的不再有庫存消耗相比如何。

Yes.

是的。

So first of all, we believe our inventory burn is done in Q2, maybe a little bit in Q3, but not much.

首先，我們認為我們的庫存消耗在第二季已經完成，第三季可能會有一點，但不會太多。

Because when we talk to a customer, they -- most of the big customers already told us they are done with inventory correction also.

因為當我們與客戶交談時，他們 - 大多數大客戶已經告訴我們他們也完成了庫存調整。

So we are -- and also, when we look at how the -- with a very stable lead time from the foundry and we watch how our customer give us PO and booking, we believe they are booking in a regular speed and they are not building up new inventory.

因此，而且，當我們觀察代工廠的交貨時間非常穩定，並觀察客戶如何給我們採購訂單和預訂時，我們相信他們正在以正常速度預訂，並且沒有建立新的庫存。

So from that point of view, I think inventory correction is downward for us.

因此從這個角度來看，我認為庫存調整對我們來說是向下的。

And also, when we look at the new -- the revenue growth compared to before, and most of them is contributed by the CV5 family as well as the CV22 coming back from the inventory correction go back to normal growth.

而且，當我們看新的收入與以前相比有所增長時，其中大部分是由 CV5 系列以及 CV22 貢獻的，這些產品從庫存調整中恢復到正常增長。

And those two things are the main reason we're seeing the growth this time.

這兩件事是我們這次看到成長的主要原因。

Thanks, Fermi.

謝謝，費米。

I guess as my follow-up, hopefully, you gave the full-year commentary.

我想作為我的後續行動，希望您能給出全年評論。

I was just thinking some of the stuff you answered with Tore with the new products and the timing of when they're coming in, et cetera, if we just put that to an end market perspective, to simplify it a little bit, how would you think the puts and takes on the growth rate of IoT versus automotive would be for next year?

我只是在想你和 Tore 回答的一些關於新產品以及它們上市的時間等等的問題，如果我們只是從終端市場的角度來考慮，稍微簡化一下，你認為明年物聯網與汽車的增長率會如何？

Do you expect one to grow significantly faster than the other?

您是否預期其中一個的成長速度會比另一個快得多？

Is IoT going to be largely seasonal from here with some new product kickers and automotive is the one that has very large stair steps as new customer ramps begin?

從現在起，物聯網是否將在很大程度上具有季節性，隨著一些新產品的推出，而隨著新客戶的增加，汽車產業將迎來巨大的發展機會？

Just how should we think about the relative growth rates and kind of linearity of them?

我們究竟該如何看待相對成長率及其線性呢？

Right.

正確的。

So maybe in a very short term in Q3, we think that automotive IoT will grow in a similar rate because I think that both sides has a new product ramping up.

因此，也許在第三季的短期內，我們認為汽車物聯網將以相似的速度成長，因為我認為雙方都有新產品推向市場。

For next year, although we haven't given any official guidance, I personally believe that the IoT has a better growth than automotive just because CV72 is an IoT device and we believe that it will contribute more.

對於明年，雖然我們還沒有給出任何官方指導，但我個人認為物聯網的成長會比汽車更好，因為 CV72 是物聯網設備，我們相信它會貢獻更多。

But I do hope that after that, CV3 family will kick in and start helping our growth rate at automotive.

但我確實希望在此之後，CV3 系列能夠發揮作用並開始幫助我們提高汽車產業的成長率。

Thank you.

謝謝。

(Operator Instructions) Kevin Cassidy, Rosenblatt.

（操作員指示）凱文·卡西迪，羅森布拉特。

Yes, thanks for taking my question.

是的，感謝您回答我的問題。

And clearly, you're in a very strong product cycle.

顯然，你們正處於一個非常強勁的產品週期。

You've had quite a few in the past.

您過去已經經歷過不少了。

Can maybe Fermi give us a comparison?

費米能給我們做個比較嗎？

What's this product cycle like were different than past product cycles?

本次產品週期與過去的產品週期有何不同？

Is there the customers -- maybe stickiness, the longer-term product cycle, software defending your product, just anything you can compare it to past cycles?

是否存在客戶——可能是黏性、較長期的產品週期、保護產品的軟體，或任何可以與過去的週期進行比較的東西？

I think when I look at this product cycle, there are two things that our customer offering is, which is really important for us.

我認為，當我審視這個產品週期時，我們提供給客戶的兩樣東西對我們來說非常重要。

One is AI performance.

一是AI性能。

As you can see that CV5, one of the reasons using CV5 is that AI performance.

大家可以看到CV5，使用CV5的原因之一就是AI效能。

And we're seeing our customer using AI to improve video quality and also using AI to add more AI functions, for example, to do object detection, to help the video editing or security camera guys using advanced networks.

我們看到我們的客戶使用人工智慧來提高視訊質量，同時也使用人工智慧來添加更多的人工智慧功能，例如進行物體檢測，幫助影片編輯或使用先進網路的安全攝影機人員。

So AI performance, just like what we predict, the performance requirement getting higher and higher.

所以AI的性能，正如我們預測的那樣，性能要求越來越高。

I think it's sticky for us because when you increase your AI performance, therefore, all the cameras that power consumption continue to be important.

我認為這對我們來說是一個難題，因為當你提高 AI 性能時，所有相機的功耗仍然很重要。

So we are the -- our unique offering is continue to offer higher AI performance without increase too much of the power consumption.

因此，我們的獨特產品是繼續提供更高的 AI 性能，而不會增加太多的功耗。

And that's going to continue be the -- our differentiation.

這將繼續成為我們的差異化。

So like I said, if we believe that AI performance requirement will continue to go up, if that's the case, I think this time, it will help us to have a sticky customer base.

所以就像我說的，如果我們相信人工智慧效能要求會持續上升，如果是這樣的話，我認為這一次，它將幫助我們擁有一個黏性的客戶群。

Okay.

好的。

Great.

偉大的。

And just another, in your 10% customers, Chicony wasn't mentioned.

另外，在您的 10% 客戶中，沒有提到群光 (Chicony)。

Should we imply that that means consumer is getting to be less percentage of your overall revenue?

我們是否應該暗示這意味著消費者佔總收入的比例正在減少？

And is that going to be the trend going forward?

這會成為未來的趨勢嗎？

Right, in the last few quarters, we talk about one of the weaknesses in the market size is our IoT home.

是的，在過去的幾個季度中，我們談到的市場規模的弱點之一就是我們的物聯網家居。

We used to call it consumer IP cam, but it's really just the security camera using the home application.

我們過去稱之為消費者 IP 攝影機，但它實際上只是使用家庭應用程式的安全攝影機。

Majority of Chicony design was in that category.

群光的大部分設計都屬於這個類別。

That's why they are not 10% this time and continues -- although we continue to have design wins in the security home, home security -- sorry, IoT home category, but I think that the gross rate there is much slower than the price as well as other IoT or automotive.

這就是為什麼他們這次沒有達到 10% 並且繼續——儘管我們在安全家居、家庭安全——抱歉，物聯網家居類別中繼續取得設計勝利，但我認為那裡的毛利率比價格以及其他物聯網或汽車要慢得多。

Okay.

好的。

Congratulations again on the great results.

再次恭喜您取得的優異成績。

Thank you.

謝謝。

(Operator Instructions) Matt Ramsay, TD Cowen.

（操作員指示）Matt Ramsay，TD Cowen。

Hey, guys.

嘿，大家好。

It's actually Sean O'Loughlin on here for Matt.

實際上，肖恩·奧洛林 (Sean O’Loughlin) 是馬特 (Matt) 的扮演者。

And I'll echo the congratulations of others on the really positive guidance here.

我和其他人一樣，對這裡真正積極的指導表示祝賀。

I wanted to dig in actually on the more traditional video processor side of the business.

我實際上想深入了解更傳統的視訊處理器業務方面。

And I know that we saw a pretty significant decline in fiscal year 2024.

我知道我們在 2024 財年看到了相當顯著的下滑。

I think at the time, it was categorized as something like $80 million or so of that decline from the traditional legacy video processing.

我認為當時傳統視訊處理的損失大約是 8000 萬美元左右。

Should we sort of think about that as a potential -- another potential lever going forward or is the industry sort of moved on from that product segment into much more of the CV22 and beyond family that you've spent a lot of the call talking about?

我們是否應該將其視為一種潛力——另一個潛在的未來槓桿，或者行業是否已經從該產品領域轉向了您在電話會議中討論的 CV22 及其他產品系列？

Right.

正確的。

So first of all, I think the market definitely moved more towards AI.

所以首先，我認為市場肯定會更傾向人工智慧。

But also, Ambarella made a very clear decision several years ago that we want to pour all our limited resource on the AI growth.

但同時，安霸幾年前就做出了一個非常明確的決定，我們希望將所有有限的資源投入到人工智慧的發展上。

So we haven't taped out any video processors in the last few years.

所以過去幾年我們沒有推出任何視訊處理器。

So I think that's also important factor.

所以我認為這也是一個重要因素。

So we don't believe the revenue or unit number sales of a video processor will increase in the future.

因此，我們認為未來視訊處理器的收入或銷售不會增加。

But the decline rate was significantly slower than before.

但下降速度較之前明顯放緩。

So I think that when the video processor decline in a much slower rate and our AI starts generating more revenue, and that trend will help us to start showing up even the unit growth for the company as well as for the revenue.

因此，我認為，當視訊處理器的下降速度慢得多，我們的人工智慧開始產生更多的收入時，這種趨勢將幫助我們開始顯示公司的單位成長和收入。

Yeah, that's crystal clear.

是的，非常清楚。

And then on those new products, we talked a little bit about higher ASPs.

然後，關於這些新產品，我們討論了一下更高的 ASP。

But I was wondering -- maybe John could speak to the margin profile of those new products considering that there are more advanced geometries and potential wafer pricing increases at the foundry and stuff like that.

但我想知道——考慮到有更先進的幾何形狀和代工廠潛在的晶圓價格上漲等因素，也許約翰可以談談這些新產品的利潤狀況。

Thanks and congrats again.

再次感謝並恭喜。

Great.

偉大的。

Thank you.

謝謝。

Yeah, Sean.

是的，肖恩。

So at a high level, we don't anticipate the margin profiles as we go to smaller and smaller process nodes that the margin profiles will change significantly from what we've seen over this last several process nodes.

因此，從較高層次來看，我們無法預測裕度分佈情況，隨著製程節點越來越小，裕度分佈情況與我們在過去幾個製程節點中看到的相比會發生顯著變化。

As we've said previously, our long-term gross margin range is 59% to 62%.

正如我們之前所說，我們的長期毛利率範圍是 59％至 62％。

And we expect to get into that long-term range as automotive becomes a larger portion of it.

隨著汽車產業佔據越來越大的比重，我們預計可以進入這個長期範圍。

But that's more just kind of markets and commercial terms than, I would say, any kind of foundry issue.

但我想說，這更多的只是一種市場和商業條款，而不是任何類型的代工問題。

Great.

偉大的。

Thanks a lot and congrats again.

非常感謝並再次恭喜。

Thank you.

謝謝。

(Operator Instructions) Suji Desilva, ROTH Capital.

(操作員指示) Suji Desilva，ROTH Capital。

Hi, Fermi.

你好，費米。

Hi, John.

你好，約翰。

Congrats on the progress here.

祝賀這裡的進展。

I just wanted to clarify the growth you had in the fiscal second quarter.

我只是想澄清一下你們第二財季的成長情況。

I think it was mostly IoT.

我認為主要是物聯網。

Please correct that if it's wrong.

如果有錯誤，請糾正。

And if it is, which applications kind of came back or did inventory burn and ordering resume in the IoT segment to help with the fiscal second quarter?

如果是的話，哪些應用程式已經恢復，或者物聯網領域的庫存消耗和訂單是否恢復，以幫助第二財季？

Right.

正確的。

So for the second quarter, you are right.

所以對於第二季來說，你是對的。

The IoT growth rate is a lot higher than automotive.

物聯網的成長速度遠高於汽車。

And then the main area of growth is really IoT enterprise as well as the other IoT category.

那麼主要的成長領域實際上是物聯網企業以及其他物聯網類別。

And you can see that the IoT enterprise is really to stabilize the inventory quickly and go back to gross mode, go back to the -- they clean up the inventory and go back to regular ordering pattern.

您可以看到，物聯網企業確實可以快速穩定庫存並恢復到總模式，恢復到 - 他們清理庫存並恢復到常規訂購模式。

And also, the other IoT side that a few customers taking our CV5 into production, that helps.

此外，在物聯網的另一個方面，有些客戶將我們的 CV5 投入生產，這很有幫助。

Got it.

知道了。

And then flipping over to the auto side, you talked about in the CV3 helping ramp, maybe in the '25 or maybe potentially calendar '26 timeframe.

然後轉到汽車方面，您談到了 CV3 輔助坡道，可能是在 '25 年或可能是潛在的 '26 年日曆時間範圍內。

Do you have visibility into program ramps there and the timing of when those start to inflect, to give a sense, roughly kind of where in the '25 time, calendar '25 timeframe?

您是否了解那裡的程序坡道以及它們開始變化的時間，大致可以了解 '25 時間、日曆 '25 時間範圍內的情況？

Autos would kind of have a growth inflection upward or program ramp starts?

汽車產業是否會出現成長曲線向上或專案啟動加速的現象？

Right.

正確的。

So we talked about calendar year '26 for CV3 ramp up.

因此，我們討論了 26 年 CV3 的提升。

The first one we talk about was the Leapmotor.

我們談論的第一個是零跑車（Leapmotor）。

We have not talked about the models yet and hopefully that we can provide information in the near future.

我們還沒有討論模型，希望我們能在不久的將來提供資訊。

Okay.

好的。

That's very helpful for me.

這對我非常有幫助。

All right, thanks.

好的，謝謝。

(Operator Instructions) Shadi Mitwalli, Needham & Company.

（操作員指示）Shadi Mitwalli，Needham & Company。

Hey, this is Shadi Mitwalli on for Quinn Bolton.

嘿，這是 Quinn Bolton 的 Shadi Mitwalli。

My first question is on Ambarella's passenger OEM win last quarter.

我的第一個問題是關於 Ambarella 上個季度的乘用車 OEM 勝利。

Has that provided a halo effect for current passenger OEM engagements?

這是否為目前的乘客 OEM 合作提供了光環效應？

Or more so, has there been a shift in sentiment with current OEMs that Ambarella is engaged with?

或者更確切地說，安霸目前合作的 OEM 的情緒是否發生了轉變？

So first of all, I think any design win helps.

所以首先，我認為任何設計的勝利都有幫助。

So I think that every OEM design win, they consider different.

所以我認為每個OEM設計獲勝時，他們的考慮都不同。

But however, in the past, the -- one of the issues we talk about winning design win is our scale and also our automotive experience.

但是，在過去，我們談論的贏得設計勝利的問題之一是我們的規模以及我們的汽車經驗。

So that first design will definitely help.

因此第一個設計肯定會有幫助。

But every OEM design [win is] going to be fighting to -- against our competitors on different categories -- on the technology side, pricing side, and also the customer support side.

但每個 OEM 設計[勝利]都將在不同類別上與我們的競爭對手競爭——在技術方面、定價方面以及客戶支援方面。

I think the first design win helps, but it cannot be deterministic to help us to win a future design.

我認為第一次設計的勝利是有幫助的，但它不能確定地幫助我們贏得未來的設計。

Thanks for that.

謝謝。

And my follow-up question is on the China auto market.

我的後續問題是關於中國汽車市場。

There has been some recent news of aggressive pricing between Chinese OEMs.

最近有消息稱，中國 OEM 廠商之間的定價非常激進。

And I was wondering if Ambarella is seeing any negative impacts from this.

我想知道 Ambarella 是否因此受到任何負面影響。

Well, you are absolutely right.

嗯，你完全正確。

The pricing pressure in China market is very high and we continue to see our current design win.

中國市場的定價壓力非常大，我們目前的設計持續獲得成功。

In fact, in the last quarters, we have announced multiple Chinese OEM Tier 1 design wins for different type of products like ADAS, recorders, e-mirrors and monitors.

事實上，在過去幾個季度中，我們已經宣布贏得多個中國 OEM Tier 1 不同類型的產品設計訂單，例如 ADAS、記錄器、電子後視鏡和監視器。

So we do see the pricing pressures.

因此我們確實看到了定價壓力。

But however, also, if you look at our total gross margin that John just talked about, I think, yes, there's always pressure there.

但是，如果你看看約翰剛才談到的我們的總毛利率，我想，是的，那裡總是有壓力的。

But I think in the balance, we still think that our gross margin profile is not going to change a lot in the next few quarters.

但我認為，總體而言，我們仍然認為我們的毛利率狀況在未來幾季不會發生太大變化。

Awesome.

驚人的。

Thanks for that.

謝謝。

Congrats on the solid quarter and guide.

恭喜本季業績和指南取得穩健進展。

(Operator Instructions) Ross Seymore, Deutsche Bank.

（操作員指令）德意志銀行羅斯·西摩。

Hi, guys.

嗨，大家好。

Thanks for letting me speak two quick ones in here.

感謝您讓我在這裡簡單講兩點。

Louis -- or I think it might be Fermi that gave what typical seasonality is in the fourth quarter.

路易斯——或者我認為可能是費米給出了第四季度的典型季節性。

To the extent seasonality is a framework that's going to matter more as we look into next fiscal year, however you want to define it, can you just give us an idea of how you view seasonality?

當我們展望下一個財政年度時，季節性是一個更重要的框架，無論您想如何定義它，您能否告訴我們您對季節性的看法？

Sure.

當然。

Whether you look at 5-year averages or 10-year, which is we look at both, you've got Q4 down sequentially.

無論您看 5 年平均值還是 10 年平均值，也就是我們同時看兩者，您都會發現第四季度的業績是環比下降的。

You've got Q1 can be down sequentially, and then our strongest quarters are Q3 and Q2.

第一季可能會連續下滑，而表現最強勁的季度是第三季和第二季。

The numbers vary a bit if you do 5-year or 10-year average, but that's the average.

如果以 5 年或 10 年平均值計算，數字會有些不同，但這就是平均值。

Got it.

知道了。

Thank you, Louis.

謝謝你，路易斯。

And then I guess one for John.

然後我猜一個是給約翰的。

As I think about next year looking like it's going to be a much more significant revenue growth year, how do I -- how does the company think about OpEx relative to revenue growth?

我認為明年看起來將是收入成長更為顯著的一年，我該如何看待營運支出與收入成長之間的關係？

I know you've put a ton of that work in already and you've been spending ahead of the growth.

我知道您已投入了大量精力，並且一直在為增長而花錢。

But to the extent, leverage is going to be an important metric in profitability, as Fermi mentioned, I just want to see how you guys think about that relationship.

但就某種程度而言，槓桿率將成為獲利能力的重要指標，正如費米所提到的，我只是想看看你們如何看待這種關係。

Yeah.

是的。

I mean, obviously, there's a lot of factors that go into the plan for next year, but the primary focus is to drive toward non-GAAP profitability.

我的意思是，顯然，明年的計劃需要考慮很多因素，但主要的重點是推動非公認會計準則獲利。

And so from an OpEx perspective, we're going to hold incremental spend as low as we possibly can while still delivering on the road map.

因此，從營運支出的角度來看，我們將盡可能地降低增量支出，同時仍按照路線圖進行交付。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, I'm showing no further questions in the queue.

女士們、先生們，我表示隊列中沒有其他問題。

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

現在我想將演講時間轉回給 Fermi Wang 博士，請他作最後發言。

Twanda, I just noticed we had one more pop up.

Twanda，我剛剛注意到我們又彈出了一個視窗。

Martin, why don't we take that?

馬丁，我們為什麼不接受這個呢？

Sorry to interrupt.

抱歉打擾了。

No problem.

沒問題。

I see it now.

我現在明白了。

One moment.

請稍等。

Martin Yang, Oppenheimer & Company.

馬丁楊 (Martin Yang)，奧本海默公司。

Thank you.

謝謝。

I have a quick question on guidance.

我有一個關於指導的快速問題。

Is there anything happening regarding the non-industrial IoT in your guidance that has helped with the strength?

在您的指導下，非工業物聯網方面是否發生了一些有助於增強實力的事情？

Sorry.

對不起。

We didn't get the question clear.

我們沒有弄清楚這個問題。

Can you say it again?

你能再說一次嗎？

So is there anything regarding consumer IoT segment that helped with the guidance and the strength of the guidance in 3Q?

那麼，關於消費者物聯網領域，有什麼事情對第三季的指導和指導有幫助嗎？

So it's really about consumer IP cam or what we call the IoT home now.

所以它實際上是關於消費者 IP 攝影機或我們現在所說的物聯網家庭。

And first of all, we still believe that's one of the markets that's weak for us because the market going to a low-end model with a limited performance requirement.

首先，我們仍然認為這是我們的薄弱市場之一，因為該市場轉向性能要求有限的低端機型。

However, with that, so the Q3 guidance, IoT home didn't help our Q3 guidance.

但是，由於這個原因，所以第三季的指導方針，物聯網家庭並沒有幫助我們的第三季指導方針。

However, the market continue to change and we start seeing some of the home IoT people thinking about adding language model like a VLM or CLIP onto their service.

然而，市場繼續發生變化，我們開始看到一些家庭物聯網人員正在考慮在他們的服務中添加 VLM 或 CLIP 等語言模型。

If that happens, when that happens, I think that will definitely give us the opportunity to go back to sell our CV75 type of product because if you want to run CLIP at the edge in a camera, I think very few chips can do that.

如果發生這種情況，當這種情況發生時，我認為這肯定會給我們機會重新銷售我們的 CV75 類型的產品，因為如果你想在相機的邊緣運行 CLIP，我認為很少有晶片可以做到這一點。

So I think we are waiting to see whether that new function and a new -- newer network requirement will be happening in a consumer IP cam.

所以我認為我們正在等待看看這個新功能和新的網路要求是否會出現在消費級 IP 攝影機中。

If that happens, that would become a better fit for us.

如果發生這種情況，那將更適合我們。

But for Q3 guidance, that market doesn't help.

但對於第三季的指引，市場並沒有幫助。

Got it.

知道了。

Thank you, Fermi.

謝謝你，費米。

Thank you.

謝謝。

Thank you.

謝謝。

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

現在我將把電話轉回給 Fermi Wang 博士。

Thank you, everybody for joining us today and looking forward to talk to you in a different conference or next time.

感謝大家今天的參加，我們期待在其他會議或下次與你們交流。

Thank you, guys.

謝謝你們。

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

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。