Ambarella Inc (AMBA) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. Welcome to Ambarella's Q2 fiscal year 2025 conference call. (Operator Instructions) I would now like to turn the call over to Louis Gerhardy. You may begin.

您好，感謝您的支持。歡迎參加安霸 2025 財年第二季電話會議。 （接線員指示）我現在想將電話轉給 Louis Gerhardy。你可以開始了。

Thank you, Twanda. Good afternoon and thank you for joining our second quarter fiscal year 2025 financial results conference call. On the call with me today is Dr. Fermi Wang, President and CEO, and John Young, CFO.

謝謝你，特旺達。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。今天與我通話的是總裁兼執行長 Fermi Wang 博士和財務長 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. 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.

今天電話會議的主要目的是向您提供有關我們 2025 財年第二季度業績的信息。我們解決方案的需求等。

These statements are based on currently available information and subject to risks, uncertainties, and assumptions. Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect, our actual results could differ materially from these forward-looking statements. We're under no obligation to update these statements. These risks, uncertainties, and assumptions as well as other information on potential risk factors that could affect our financial results are more fully described in the documents we filed with the SEC.

這些陳述是基於目前可用的信息，並受到風險、不確定性和假設的影響。如果任何這些風險或不確定性成為現實，或者我們的假設被證明是不正確的，我們的實際結果可能與這些前瞻性聲明有重大差異。我們沒有義務更新這些聲明。我們向 SEC 提交的文件中更全面地描述了這些風險、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。

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. 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.

您可以在我們網站的投資者關係頁面上查看 2025 財年第二季業績新聞稿、文字記錄、歷史業績、SEC 文件和今天電話會議的重播。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。

Before we start the call, I want to note that we will be participating on August 29 in Deutsche Bank's Technology Conference. We'll be September 4 at Citi's 2024 Global TMT conference. September 17 in Bernstein's 6 Annual West Coast Semiconductor Bus Tour, and September 24 in Evercore ISI's ADAS, AV & AI Summit. We hope to see you at one of these events. Fermi will now provide a business update for the quarter. John will review the financial results and outlook and then we'll be available for your questions. Fermi?

在我們開始通話之前，我想指出，我們將參加 8 月 29 日舉行的德意志銀行技術會議。我們將於 9 月 4 日參加花旗 2024 年全球 TMT 會議。 9 月 17 日參加 Bernstein 第六屆西海岸半導體巴士年度巡演，9 月 24 日參加 Evercore ISI 的 ADAS、AV 和 AI 高峰會。我們希望在其中一場活動中見到您。費米現在將提供本季的業務更新。約翰將審查財務業績和前景，然後我們將回答您的問題。費米？

Thank you, Louis, and good afternoon. Thank you for all for joining our call today. Our second quarter revenue was near the high end of our guidance range, increasing 17% sequentially. Auto revenue grew slightly sequentially with stronger growth in IoT, which represented about 70% of total revenue. We achieved record edge AI inference revenue, which supported a higher blended average selling price in this quarter. 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.

謝謝你，路易斯，下午好。感謝大家今天加入我們的電話會議。我們第二季的營收接近指導範圍的上限，季增 17%。汽車收入較上季略有成長，其中物聯網成長強勁，約佔總收入的 70%。我們實現了創紀錄的邊緣人工智慧推理收入，這支撐了本季更高的混合平均售價。我們第三財季營收指引的中點意味著約 24% 的環比成長，預計物聯網和汽車領域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. 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. I will now provide some additional insight into the gives and takes of our current outlook.

在 5 月 30 日舉行的上一次財報電話會議中，我們對 2025 財年 2.5 億美元的營收預期達成共識表示有信心。目前，根據客戶訂單和預測，我們預計 2025 財年的營收將比去年成長百分之十幾。現在我將就我們當前的前景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，我們的分析師表示，我們的大多數客戶現在已完成安霸 SOC 庫存的重新平衡，我們 25 財年下半年的營收預計將反映實際的終端市場需求。

Second, the overall economic environment is currently a headwind for us. As you have heard, global auto production is forecasted to be down slightly this year. There is an electrical vehicle OEM shakeout underway and the enterprise and consumer IoT spending is mixed. So it should be clear there are company-specific factors offsetting the headwinds and driving our strong results and outlook. There is rising demand for AI-powered solutions, including AI inference and the edge where we have been investing.

其次，當前整體經濟環境對我們來說是不利的。如您所知，今年全球汽車產量預計將略有下降。電動車 OEM 正在經歷一場洗牌，企業和消費者的物聯網支出參差不齊。因此，應該清楚的是，有一些公司特定的因素抵消了不利因素，並推動了我們強勁的業績和前景。對人工智慧驅動的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。

Most importantly, we are seeing initial revenue ramps from certain IoT and automotive customers especially for our higher-priced new products. Our confidence is building in our new products, which we expect will lead to new waves of revenue growth in the years ahead.

最重要的是，我們看到某些物聯網和汽車客戶的初始收入出現成長，尤其是我們價格較高的新產品。我們對新產品充滿信心，預計新產品將在未來幾年帶來新一波的營收成長。

I would like to clearly define what I mean when I say new products. New products include the CV5, CV7 and the CV3-AD families, which are all 5-nanometer. Most integrate our third-generation AI inference accelerator and all command above-average ASPs.

當我說新產品時，我想清楚地定義我的意思。新產品包括 CV5、CV7 和 CV3-AD 系列，均採用 5 奈米製程。大多數整合了我們的第三代人工智慧推理加速器，並且所有命令都高於平均水平的 ASP。

In this new product group, the first wave of revenue is from the CV5 family, which is ongoing and continue to ramp. We expect to easily exceed 1 million units shipped this year across more than 1,000 design wins in IoT as well as automotive.

在這個新產品組中，第一波收入來自 CV5 系列，該收入正在進行中並繼續增加。我們預計今年的出貨量將輕鬆超過 100 萬台，涉及物聯網和汽車領域的 1,000 多項設計獲獎。

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. 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.

我們的第二波新產品收入預計來自 CV7 系列，我們預計該產品將於 25 財年末投入生產。 CV7 系列還服務於汽車和物聯網應用，最初的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絡，例如 CLIP 和視覺語言模型。

The CV3-AD family for L2+ and the higher level of autonomy is also in our new product grouping. We remain highly focused on converting multiple OEMs and Tier 1 RFIs and RFQs for CV3 into the one-carbon which will be incremental to the Leap motor and Commercial Vehicle wins, we have previously discussed.

用於 L2+ 和更高等級自主性的 CV3-AD 系列也包含在我們的新產品組中。我們仍然高度關注將多個 OEM 和 CV3 的一級 RFI 和 RFQ 轉換為單一碳，這將增加 Leap 汽車和商用車的勝利，我們之前已經討論過。

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. Other new products including our upcoming 2-nanometer offering [on one], 4D image radar for perception software and autonomous driving software stack IP. And as the business case for these new products develop, we will provide more information on the timing of their revenue contribution.

我們繼續預計 CV3 系列將在 2026 日曆年、2027 財年實現第一個全年生產，並從此開始成長。其他新產品包括我們即將推出的 2 奈米產品 [on one]、用於感知軟體的 4D 影像雷達和自動駕駛軟體堆疊 IP。隨著這些新產品的業務案例的發展，我們將提供有關其收入貢獻時間的更多資訊。

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. 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.

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，它們是我們報告的積極勢頭的主要來源。雖然迄今為止大部分新產品收入來自 CV5，但在未來幾年，我們預計將出現幾波重要的新產品成長浪潮。

I would now like to summarize representative customer activity in the quarter. During the quarter Rivian introduced the second generation R1S SUV and R1T pickup truck. These vehicles leverage Ambarella's 5-nanometer CV5 AISoC to provide surround view images while driving as well as the gear guard camera function when the vehicle is parked. Samsara, a leading provider of commercial fleet telematics solution, has introduced its CM33 Front-Facing and the CM34 Dual-Facing AI Dash cameras.

我現在想總結一下本季的代表性客戶活動。本季度，Rivian 推出了第二代 R1S SUV 和 R1T 皮卡車。這些車輛利用 Ambarella 的 5 奈米 CV5 AISoC 在行駛時提供環視圖像，並在車輛停車時提供齒輪防護攝影機功能。 Samsara 是商業車隊遠端資訊處理解決方案的領先供應商，推出了 CM33 前置和 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.

基於 Ambarella 的 CV22 SoC，兩款攝影機均提供先進的原始功能，包括車道偏離和前方碰撞警告，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. In August, BAIC joint venture company introduced the Stelato S9 passenger vehicle with an electronic mirror camera monitoring system based on our CV22 SoC. 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.

在中國汽車市場，原始設備製造商利用安霸的 SoC 不斷推出具有基於攝影機的先進功能的新車型。 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。奇瑞合資企業新汽車品牌 Luxeed 推出了 S7 乘用車，其中包括基於我們的 CV28 汽車 SoC 的駕駛員監控系統。

In Japan, we have started production of a smart rear camera of -- for Honda based on CV28. This is available in the navigation package option and it provides drive assistance and smart parking, including detecting vehicles and lanes behind the vehicle.

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。這在導航包選項中可用，它提供駕駛輔助和智慧停車，包括偵測車輛和車輛後面的車道。

I will now review some of the representative customer engagements in our IoT business. 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. The cameras feature a deep-learning processing unit based on our CV25 SoC for advanced analysis. Also during the quarter, Japanese market leader i-PRO introduced several new CV2-based products. 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.

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情況。在企業安全攝影機市場，UMP 市場領導者 AXIS 推出了其 P12 系列模組化攝影機，具有拇指大小的針孔迷你半球感測器單元變體。這些相機配備基於我們的 CV25 SoC 的深度學習處理單元，用於進階分析。同樣在本季度，日本市場領導者 i-PRO 推出了幾款基於 CV2 的新產品。 i-PRO 角相機基於 Ambarella CV22，這款 5 奈米相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. For example, Insta360 has introduced three CV5 [products year] and recently it also introduced the Go 3S wearable camera based on Ambarella's H22 SoC. The camera weighs just 1.4 ounces, and includes 4K video, 48-megapixel photo. And Moultrie, a brand of PRADCO, introduced its EDGE 2 post Cellular Trail Camera.

在我們的其他物聯網市場中，我們很高興看到手持相機製造商越來越需要更高的效能來支援多種人工智慧應用，同時還需要一台或多台相機的高解析度為4K 或8K。例如，Insta360推出了三款CV5【產品年份】，最近也推出了基於Ambarella H22 SoC的Go 3S穿戴式相機。該相機重量僅 1.4 盎司，可拍攝 4K 影片、4800 萬像素照片。 PRADCO旗下品牌Moultrie推出了EDGE 2後置蜂巢式軌跡攝影機。

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

從本公告以及過去的公告中，我們可以看到我們繼續擴大邊緣人工智慧推理的影響力。我們的 CV2 產品占我們當今人工智慧收入的絕大多數，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見解。

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

展望未來，毫無疑問，下一代人工智慧網路的資料中心的人工智慧訓練和推理能力將顯著增強。我們認為這是我們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. Relative to AI computer vision, this new AI networks will require a significantly higher level of computing performance and the efficiency we bring to the edge is critical.

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幫助他們使用新的先進人工智慧網絡，以及如何在該邊緣實施這些網路。相對於人工智慧電腦視覺，這種新的人工智慧網路將需要更高水準的運算效能，而我們為邊緣帶來的效率至關重要。

For Ambarella, our new products are expected to initially run for AI Computer Vision Applications. However, beginning with the CV7 family, we can also address applications using these more advanced AI networks. Long-term, we are optimistic about our significant investment in AI inference and how it positions us to scale to higher value-added products.

對於安霸來說，我們的新產品預計最初將用於人工智慧電腦視覺應用。然而，從 CV7 系列開始，我們還可以使用這些更先進的人工智慧網路來處理應用程式。從長遠來看，我們對人工智慧推理的重大投資以及它如何幫助我們擴展到更高附加價值的產品持樂觀態度。

Now in the near to intermediate term, Q1 and Q2 were steps in the right direction 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, we will continue to actively managing our expenses even though the cyclical downturn appear to be over for us. Our goal is to turn the corner and drive positive earning leverage in the next year with the anticipated revenue growth.

現在，從近期到中期來看，第一季和第二季是朝著正確方向邁出的一步，我們的主要目標之一是繼續推動營收成長並獲利。在維持對策略性研發優先事項的投資的同時，即使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。我們的目標是在明年扭轉局面，並透過預期的營收成長推動積極的獲利槓桿。

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

現在約翰將更詳細地談論第二季的業績和第三季的前景。

I'll now review the financial highlights for the second quarter of fiscal year 2025 ending July 31, 2024. I will also provide a financial outlook for our third quarter of fiscal year 2025 ending October 31, 2024. 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.

我現在將回顧截至 2024 年 7 月 31 日的 2025 財年第二季度的財務亮點。 ，並請您參閱今天的新聞稿，以了解GAAP 與非GAAP 績效的詳細調節情況。

For non-GAAP reporting, we have eliminated stock-based compensation expense along with acquisition-related costs adjusted for the impact of taxes. 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. Non-GAAP gross margin for fiscal Q2 was 63.3%, slightly above the midpoint of our prior guidance.

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根據稅務影響進行調整的收購相關成本。第二財季的營收為 6,370 萬美元，接近我們指引範圍的上限，比上一季成長 17%，年增 3%。第二財季非 GAAP 毛利率為 63.3%，略高於我們先前指引的中位數。

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. We remain on track to our internal product development milestones. Q2 net interest and other income was $2.1 million. Q2 non-GAAP tax provision was approximately $299,000. We reported a non-GAAP net loss of $5.5 million or a $0.13 loss per diluted share.

非 GAAP 營運費用為 4,770 萬美元，比我們先前指導範圍 4,750 萬美元至 4,950 萬美元的中點低 80 萬美元，這是由於持續的費用管理和季度之間的支出時間表所致。我們仍然朝著內部產品開發里程碑的方向前進。第二季淨利息和其他收入為 210 萬美元。第二季非 GAAP 稅收撥備約為 299,000 美元。我們報告的非 GAAP 淨虧損為 550 萬美元，或稀釋後每股虧損 0.13 美元。

Now I'll turn to our balance sheet and statement of cash flows. Fiscal Q2 cash and marketable securities increased $16.5 million from the prior quarter to $219.8 million. 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. Inventory dollars increased 8% sequentially and decreased 12% from a year ago.

現在我將轉向我們的資產負債表和現金流量表。第二財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。應收帳款週轉天數從上一季的 47 天減少到 33 天，庫存天數從 123 天減少到 108 天。庫存美元季增 8%，年減 12%。

We generated positive operating cash flow of $16.7 million for the quarter. Capital expenditures for tangible and intangible assets were $2.6 million. We had two logistics companies representing 10% or more of our revenue in Q2. 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.

本季我們產生了 1,670 萬美元的正營運現金流。有形和無形資產的資本支出為 260 萬美元。我們有兩家物流公司，占我們第二季收入的 10% 或更多。文曄微電子是台灣的履行合作夥伴，向亞洲多個客戶發貨，佔第二季度收入的 63%，而日本分銷商 Hakuto 佔本季收入的 10%。

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

我現在將討論2025 財年第三季的前景。對於第三財季，我們預計，隨著物聯網和汽車業務的連續成長，我們的總收入將在 7,700 萬美元至 8,100 萬美元之間。

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

我們預計第三財季非 GAAP 毛利率將在 62.5% 至 64% 之間。我們預計第三季的非 GAAP 營運支出將在 4,900 萬美元至 5,100 萬美元之間，與第二季相比，由於員工數量和專案相關工程費用的增加，營運支出有所增加。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 50 萬美元，我們的稀釋後股份數量約為 4,170 萬股完全稀釋後的股票。

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

感謝您今天加入我們的電話會議。然後我會將電話轉給接線員詢問問題。

(Operator Instructions)

（操作員說明）

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hey, guys. Thanks so much for the question here. I guess my first one is you referenced vision language models. Is this a new opportunity or an opportunity that you've been addressing for some time here? And how your architecture might be different from GPU or an ASIC here. And is this a CV3 opportunity. I think you've maybe talked about a $1,000 ASP something like that. Is that the kind of opportunity we're talking about here?

嘿，夥計們。非常感謝您在這裡提出問題。我想我的第一個是你引用的視覺語言模型。這是一個新的機會還是您已經在這裡討論了一段時間的機會？以及您的架構與 GPU 或 ASIC 有何不同。這是 CV3 的機會嗎？我想您可能已經談論過 1,000 美元的 ASP 之類的事情。這就是我們在這裡談論的機會嗎？

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

是的。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，其晶片名為 N1，它是 CV3 系列鏈的衍生產品。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. 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. 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.

由於我們提供了演示，我認為我們吸引了許多客戶的興趣。我們大多數人都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。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，甚至是汽車。

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

所以這是我們已經討論了四分之三的一個功能。但我認為最近我們相信我們甚至可以使用 CV72 運行更小的模型，以使在攝影機上運行的 VRM 提供即時回饋，我認為這是 Ambarella 可以提供的獨特產品。

Great. Thank you for that, Fermi. 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.

偉大的。謝謝你，費米。其次，當我查看你們對10 月份的指導時，該指導非常強勁，然後將其與你們給出的全年指導進行協調，這意味著第四季度可能比傳統季節性明顯疲軟，至少按照我們跟踪的方式建議。

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? Thank you.

我想也許你可以談談一月份的變化部分——你如何看待第四季度的傳統季節性和一月份的預期——隱含的預期？謝謝。

Yeah, thank you. So when we do the calculation, I believe, the current guidance between Q3 and the whole year reflects a very normal seasonality for Q4. When we look at normal seasonality in the last ten years is anywhere between 7% to 10% negative, right. So if you take that calculation, I will find that our midpoint is probably in a range of normal seasonality. So I think that we expect -- we go back to normal seasonality because the inventory correction is done with us. We're ramping our products. And so that we believe that the guidance is reasonable.

是的，謝謝。因此，當我們進行計算時，我相信，當前第三季度和全年之間的指導反映了第四季度非常正常的季節性。當我們觀察過去十年的正常季節性時，負值在 7% 到 10% 之間，對吧。因此，如果您進行計算，我會發現我們的中點可能處於正常季節性範圍內。所以我認為我們預計 - 我們會回到正常的季節性，因為庫存調整是我們完成的。我們正在擴大我們的產品。因此我們相信該指導是合理的。

Thank you, Fermi.

謝謝你，費米。

(Operator Instructions)

（操作員說明）

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great. Thank you. I wonder if you could talk about the outlook. For the quarter, you talked about being driven by new products. Is that kind of content increases because you're migrating people to CV5? Are there new end markets or applications? Just kind of want to understand what's driving the strength in the coming quarter.

偉大的。謝謝。我想知道您能否談談前景。在本季度，您談到了新產品的推動。此類內容是否會因為將人員遷移到 CV5 而增加？是否有新的終端市場或應用？只是想了解是什麼推動了下一季的成長。

Right. So in fact, let's talk about that new quarter. There are two. We can look at it from two different perspectives. One is market, right. And the driver -- we see both automotive IoT has new product being introduced by our customer.

正確的。事實上，我們來談談新季度。有兩個。我們可以從兩個不同的角度來看待它。一是市場，對吧。而驅動因素－我們看到汽車物聯網都有我們的客戶推出的新產品。

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. So that's definitely on IoT side. On the automotive side, both Samsara and the Rivian are ramping up with CV5 in this quarter. So I think that's to show you the -- on the market side.

在物聯網方面－在物聯網企業以及其他物聯網產品中，我們有客戶推出了比以前更高的平均售價的新產品。所以這肯定是在物聯網方面。在汽車方面，Samsara 和 Rivian 在本季都在大力推廣 CV5。所以我認為這是向您展示市場方面的情況。

But if you look at on the product side, really, is CV5 ramping up for them is the major reason for us to have the growth, but also CV22, go back to the normal growth rate after inventory correction helps growth too. So those two reasons are from the product side.

但如果你從產品方面來看，確實，CV5 的成長是我們成長的主要原因，而且 CV22，庫存調整後恢復到正常成長率也有助於成長。所以這兩個原因都是來自於產品方面。

Great. That's very helpful. Thank you. And then separately the announcement you had of Leapmotor's a quarter ago. Can you just talk to you know is that leading to additional conversations in the China EV market? 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?

偉大的。這非常有幫助。謝謝。另外還有一個季度前零跑車的公告。您能告訴我這是否會導致中國電動車市場的更多對話嗎？我知道您還沒有準備好在那裡發布任何公告，但您如何看待增加對中國其他原始設備製造商的吸引力的潛力？

Yeah, I think that definitely with any design wing that helps our momentum. And I think, like I said before, Chinese market is going to be continue to drive the innovation technology. So we continue to talk to multiple OEMs and Tier 1s in China for CV3. So I think that's important for us. So we're going to continue to drive that. But at the same time for getting some European US customer design wins is also (technical difficulty)

是的，我認為任何設計部門都有助於我們的發展動能。我認為，正如我之前所說，中國市場將繼續推動創新技術。因此，我們繼續與中國的多家原始設備製造商和一級供應商就 CV3 進行洽談。所以我認為這對我們很重要。所以我們將繼續推動這一趨勢。但同時獲得一些歐洲美國客戶的設計勝利也是（技術難度）

Tore Svanberg.

托雷·思文凱。

Yes. Thank you and congratulations on the strong results here. So Fermi, I just wanted to paint a little bit of a picture and maybe if you can help me out here. So I mean, obviously, CV2, CV22 has been doing well. You know, the Holy Grail is CV3 and CV1. CV5, obviously now really ramping. What about CV75 and CV72? Are those going to ramp quite meaningfully into production next year or are those also more 2026?

是的。謝謝並祝賀您在這裡取得了優異的成績。費米，我只是想畫一點圖，也許你能幫我一下。所以我的意思是，顯然 CV2、CV22 一直表現得很好。要知道，聖杯就是CV3和CV1。 CV5，顯然現在真的在加速。 CV75 和 CV72 怎麼樣？這些產品是否會在明年大幅投入生產，還是也會在 2026 年左右投入生產？

(Operator Instructions) Tore Svanberg.

（操作員說明）Tore Svanberg。

Yes, thank you, and congrats on the strong results, guys. 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 been doing well. You're now ramping CV5. Everyone's waiting for CV3 and CV1. But in the meantime, we got CV75 and 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?

是的，謝謝你們，恭喜你們取得了優異的成績，夥伴們。所以費米，我希望你能幫我解決一些產品週期問題，對吧，因為顯然 CV2、CV22 做得很好。您現在正在提升 CV5。大家都在等待 CV3 和 CV1。但同時，我們得到了 CV75 和 CV72。那麼明年我們是否會看到 CV75 和 CV72 的強勁成長，還是 2026 年也會出現更強勁的成長？

Yes. Thank you. First of all, sorry for the interruption. From the product point of view, I think, CV5 will continue to be strong next year. We believe that the CV5 ramping up this year will continue next year. 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.

是的。謝謝。首先，很抱歉打擾。從產品角度來看，我認為CV5明年會持續保持強勢。我們相信CV5今年的成長動能將在明年持續。 CV72，我們預計將在今年年底開始增加，您將開始看到 CV72 產品在企業中的出貨量，明年在物聯網企業中的出貨量將增加。

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 neural network. But we believe that in later stage, after they ship the CV72 camera, they can use a software upgrade to upgrade neural more advanced neural network model like CLIP or Vision Language Model to CV72.

事實上，這很有趣，因為我們的大多數客戶在設計 CV72 產品時，他們都計劃使用傳統的 CNN 類型的神經網路。但我們相信，在後期，當他們發貨 CV72 相機後，他們可以使用軟體升級將更先進的神經網路模型（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. And we expect the lifecycle of this product will be three years, four years, just like before. And also we have CV75 that will ramp up as a mid and low-end product for the CV7 family. So that is the ramping up situation.

所以我們預期CV72一開始確實是服務我們傳統的物聯網企業站點，但明年下半年它將啟用新的應用。我們預計這個產品的生命週期將是三年、四年，就像以前一樣。我們還有 CV75，它將作為 CV7 系列的中低階產品。這就是不斷上升的情況。

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

正確的。因此，從定價的角度來看，對吧，因為顯然你說現在的大部分成長是由更高平均售價的新產品所推動的。因此，當我們特別關注 CV72 時，它仍然是比 CV5 更高的 ASP 產品，對吧？

No, in fact, CV72, you should compare that to CV22, CV5 is a high-end CV2 family. So CV72 is really coming. 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. So CV72, I would say, is a significant ASP jump for CV22 family. And CV5 continue to be a high-end of the market.

不，其實CV72，你應該與CV22比較，CV5是高階CV2家族。所以CV72真的來了。你應該將其視為 CV22 系列的替代品，CV22 系列已經有五年的歷史了，我們需要刷新週期。因此，我想說，CV72 是 CV22 系列的 ASP 重大飛躍。而CV5仍是市場的高端。

Yeah. And Tore just to add some perspective. Our blended ASP today for SoCs is around 12 to 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.

是的。托雷只是為了補充一些觀點。我們今天的 SoC 混合 ASP 約為 12 到 13。

That's great. Great color. Thank you so much.

那太棒了。顏色很棒。太感謝了。

(Operator Instructions) Ross Seymore, Deutsche Bank.

（操作員指令）Ross Seymore，德意志銀行。

Hi, guys. Can you hear me, okay?

嗨，大家好。你聽得到我說話嗎？

Yes.

是的。

Great. So first, congratulations on the strong report and guide. 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. So are we getting to the point where you're not burning inventory? 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. I'm just trying to figure out the new product side versus your comments that there's no longer an inventory burn either

偉大的。首先，恭喜您的精彩報告和指南。我知道你談到了這是如何由新產品驅動的，我理解這種方法，但你也說庫存燃燒已經完成。那麼我們是否已經到了不燃燒庫存的地步了呢？因此，順序升級的一個重要部分是進入第三季度，然後從那裡開始，新產品和正常的季節性適用。我只是想弄清楚新產品方面與您的評論，即不再有庫存燃燒

Yes. So first of all, we believe our inventory burn is done in Q2, maybe a little bit in Q3, but not much, because when we talk to a customer, they -- most of the big customers already told us, they are done with inventory correction also.

是的。因此，首先，我們相信我們的庫存消耗是在第二季度完成的，也許在第三季度有一點，但不多，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，他們已經完成了庫存修正也。

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 PEO and booking. We believe they are booking in a regular speed and they are not building up new inventory. So from that point of view, I think, inventory correction is done for us.

因此，當我們研究如何從代工廠獲得非常穩定的交貨時間時，我們會觀察客戶如何向我們提供 PEO 和預訂。我們相信他們的預訂速度正常，並且沒有建立新的庫存。因此，從這個角度來看，我認為庫存調整是為我們完成的。

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

而且當我們看新款時，與之前相比，營收成長大部分是由CV5家族貢獻的，以及庫存調整後的CV22恢復正常成長。這兩件事是我們這次看到成長的主要原因。

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

謝謝，費米。我想，作為我的後續行動，希望你能給予全年的評論。我只是在想，你向 Tore 回答的一些新產品的問題以及它們上市的時間等等。如果我們只是從終端市場的角度來看，稍微簡化一下，您認為明年物聯網與汽車的成長率會如何？

Do you expect one to grow significantly faster than the other? 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? Just how should we think about the relative growth rates and kind of linearity of them?

您是否期望其中一個的成長速度明顯快於另一個？從這裡開始，物聯網是否會在很大程度上具有季節性，會出現一些新產品，而隨著新客戶的開始增加，汽車產業會出現非常大的階梯？我們應該如何考慮它們的相對成長率和線性關係？

Right. So maybe in a very short term in Q3, we think that automotive IoT will grow in a similar rate because I think both sides has a new product ramping up. 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. But I do hope that after that CV3 family will kick in and start helping our growth rate at automotive.

正確的。因此，也許在第三季的短期內，我們認為汽車物聯網將以類似的速度成長，因為我認為雙方都在推出新產品。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比汽車有更好的成長，因為CV72是一個物聯網設備，我們相信它會貢獻更多。但我確實希望 CV3 系列能夠啟動並開始幫助我們在汽車領域的成長。

Thank you.

謝謝。

(Operator Instructions) Kevin Cassidy, Rosenblatt.

（操作員說明）Kevin Cassidy，Rosenblatt。

Yes, thanks for taking my question. Clearly, you're in a very strong product cycle. You've had quite a few in the past. Can -- maybe Fermi give us a comparison? What's this product cycle like were different than past product cycles? Is there the customers maybe stickiness, the longer-term product cycle, software defending your product, just anything you can compare it to past cycles?

是的，感謝您提出我的問題。顯然，您正處於一個非常強勁的產品週期中。你過去已經有過不少這樣的經驗了。也許費米可以給我們一個比較嗎？這個產品週期與過去的產品週期有何不同？是否存在客戶黏性、長期產品週期、保護產品的軟體，以及任何可以與過去週期進行比較的內容？

I think, when I look at this product cycle, there are two things that our customer offering is, which is really important for us. One is AI performance. As you can see that CV5, one of the reasons using CV5 is that AI performance. 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.

我認為，當我審視這個產品週期時，我們的客戶提供的兩件事對我們來說非常重要。一是AI性能。正如你所看到的CV5，使用CV5的原因之一是AI性能。我們看到我們的客戶使用人工智慧來提高視訊質量，並使用人工智慧添加更多人工智慧功能，例如進行物件檢測，以幫助視訊編輯或安全攝影機使用先進的網路。

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

所以AI的性能正如我們預測的那樣，性能要求越來越高。我認為這對我們來說很棘手，因為當你提高人工智慧效能時，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. And that's going to continue be the -- our differentiation. 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.

因此，我們的獨特產品是在不增加太多功耗的情況下繼續提供更高的人工智慧效能。這將繼續成為我們的差異化優勢。所以就像我說的，如果我們相信人工智慧效能要求將繼續上升，如果是這樣的話，我認為這一次，這將有助於我們擁有黏性的客戶群。

Okay. Great. And just another, in your 10% customers, Chicony wasn't mentioned. Should we imply that that means consumer is getting to be less percentage of your overall revenue. And is that going to be the trend going forward?

好的。偉大的。另外，在您 10% 的客戶中，沒有提到 Chicony。我們是否應該暗示這意味著消費者在您的總收入中所佔的比例將會減少。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, our IoT home. We used to call it consumer IP cam, but it's really just the security camera using the home application. That majority of Chicony design was in that category. That's why they are not 10% this time and continues. Although we continue to have design wings 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.

是的，在過去的幾個季度，我們談論了市場規模的弱點之一，即我們的物聯網家園。我們過去稱其為消費級 IP 攝像頭，但它實際上只是使用家庭應用程式的安全攝影機。群光的大部分設計都屬於這一類。這就是為什麼他們這次不是 10%，而且還會繼續。儘管我們繼續在安全家居、家庭安全、抱歉、物聯網家居類別中擁有設計翅膀。但我認為那裡的毛利率比價格以及其他物聯網或汽車慢得多。

Okay. Congratulations again on the great results.

好的。再次恭喜取得的優異成績。

Thank you.

謝謝。

(Operator Instructions) Matt Ramsay, TD Cowen.

（操作員說明）Matt Ramsay，TD Cowen。

Hey, guys. It's actually Sean O'Loughlin on here for Matt. And I'll echo the congratulations of others on the really positive guidance here. I wanted to dig in actually on the more traditional video processor side of the business. I know that we saw a pretty significant decline in fiscal year 2024. I think at the time it was categorized as something like $80 million or so of that decline from the traditional legacy video processing.

嘿，夥計們。實際上是肖恩·奧洛林（Sean O'Loughlin）在這裡為馬特服務。我將回應其他人對這裡真正積極的指導的祝賀。我想深入研究業務中更傳統的視訊處理器方面。我知道我們在 2024 財年看到了相當顯著的下降。

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，或者該行業是否已經從該產品領域轉向更多的 CV22 以及您在電話中討論的更多產品系列？

Right. So first of all, I think the market definitely moved more towards AI. But also Ambarella made a very clear decision several years ago that we want to pour all our limited resources on the AI growth. So we haven't taped out any video processors in the last few years. So I think that's also important factor.

正確的。首先，我認為市場肯定會更多地轉向人工智慧。但安霸幾年前也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。因此，過去幾年我們沒有流片任何視訊處理器。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. But the decline rate was significantly slower than before. 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，我們認為視訊處理器的收入或銷售在未來不會增加。但下降速度明顯比之前慢了。因此，我認為，當視訊處理器以更慢的速度下降並且我們的人工智慧開始產生更多收入時，這種趨勢將幫助我們開始顯示公司的單位成長以及收入。

Yeah, that's crystal clear. And then, on those new products, we talked a little bit about higher ASPs, 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. Thanks, and congrats again.

是的，這很清楚。然後，在這些新產品上，我們討論了一些更高的平均售價，但我想知道，考慮到代工廠和工廠有更先進的幾何形狀和潛在的晶圓價格上漲，約翰也許可以談談這些新產品的利潤狀況。謝謝，並再次恭喜。

Great. Thank you. Yeah, Sean. 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.

偉大的。謝謝。是的，肖恩。因此，在較高層面上，當我們採用越來越小的製程節點時，我們預期裕度分佈不會與我們在最後幾個製程節點中看到的情況相比發生顯著變化。

As we've said previously, our long-term gross margin range is 59% to 62%. And we expect to get into that long-term range as automotive becomes a larger portion of it. But that's more just kind of markets and commercial terms than, I would say, any kind of foundry issue.

正如我們之前所說，我們的長期毛利率範圍為 59% 至 62%。隨著汽車產業佔據更大的份額，我們預計將進入這個長期範圍。但我想說，這只是一種市場和商業條款，而不是任何類型的代工問題。

Great. Thanks a lot and congrats again.

偉大的。非常感謝並再次恭喜。

Thank you.

謝謝。

(Operator Instructions) Suji Desilva, ROTH Capital.

（操作員指令）Suji Desilva，羅斯資本。

Hi, Fermi. Hi, John. Congrats on the progress here. I just wanted to clarify the growth you had in the fiscal second quarter. I think it was mostly IoT. Please correct that if it's wrong. 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?

嗨，費米。嗨，約翰。恭喜這裡的進展。我只是想澄清一下第二財季的成長情況。我認為主要是物聯網。如有錯誤請指正。如果是哪些應用程式回來了，或者物聯網領域的庫存消耗和訂單恢復是否有助於第二財季的發展？

Right. So for the second quarter, you are right, the IoT growth rate is a lot higher than automotive. And then the main area of growth is really IoT enterprise as well as other IoT category. 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. And also the other IoT side that few customers taking our CV5 into production that helps.

正確的。因此，就第二季而言，你是對的，物聯網的成長率遠高於汽車。主要成長領域實際上是物聯網企業以及其他物聯網類別。你可以看到，物聯網企業確實是為了快速穩定庫存，回到毛額模式，回到——他們清理庫存，回到常規訂購模式。物聯網的另一個方面是，很少有客戶將我們的 CV5 投入生產，這會有所幫助。

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

知道了。然後翻到汽車方面，您談到了 CV3 幫助提升，可能是在 25 年，也可能是 26 年的時間範圍內。您是否了解那裡的計劃斜坡以及這些斜坡開始變化的時間，以大致了解“25 年日曆”25 時間範圍內的情況？汽車產業是否會出現成長轉折點或計畫啟動？

Right. So we talked about calendar year '26 for CV3 ramp up. The first one we talk about was the Leapmotor. We have not talked about the models yet and hopefully that we can provide information in the near future.

正確的。所以我們討論了 26 年 CV3 的升級。我們第一個談論的是零跑車。我們還沒有討論這些模型，希望我們能在不久的將來提供資訊。

Okay. That's very helpful. All right, thanks.

好的。這非常有幫助。好的，謝謝。

(Operator Instructions) Shadi Mitwalli, Needham & Company.

（操作員說明）Shadi Mitwalli，Needham & Company。

Hey, this is Shadi Mitwalli on for Quinn Bolton. My first question is on Ambarella's passenger OEM win last quarter. Has that provided a halo effect for current passenger OEM engagements or more so has there been a shift in sentiment with current OEMs that Ambarella is engaged with?

嘿，我是奎因·博爾頓的沙迪·米特瓦利。我的第一個問題是關於安霸上季度贏得的客運 OEM 勝利。這是否為目前的乘客原始設備製造商合作帶來了光環效應，或者更多，安霸目前合作的原始設備製造商的情緒是否發生了轉變？

So first of all, I think any design win helps. So I think that every OEM design win they consider different. But however, in the past, the -- one of the issues we talk about winning design win is our scale and also our automotive experience. So that first design will definitely help. But every OEM design win going to be fighting to against our competitors on different categories, on the technology side, pricing side and also the customer support side. I think the first design win helps, but it cannot be deterministic to help us to win a future design.

首先，我認為任何設計上的勝利都會有所幫助。所以我認為他們認為每個 OEM 設計獲勝都是不同的。但是，在過去，我們談論贏得設計勝利的問題之一是我們的規模和我們的汽車經驗。所以第一個設計一定會有幫助。但每一次 OEM 設計的勝利都將在不同類別、技術方面、定價方面以及客戶支援方面與我們的競爭對手展開鬥爭。我認為第一個設計獲勝有幫助，但它不能確定地幫助我們贏得未來的設計。

Thanks for that. And my follow-up question is on the China auto market. There has been some recent news of aggressive pricing between Chinese OEMs. And I was wondering if Ambarella is seeing any negative impacts from this.

謝謝你。我的後續問題是關於中國汽車市場的。最近有一些中國整車廠之間積極定價的消息。我想知道安霸是否看到了這方面的任何負面影響。

Well, you are absolutely right. The pricing pressure in China market is very high and we continue to see our current design win, 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. So we do see the pricing pressures. But however, also, if you look at our total gross margin that John just talked about, I think, yes, there's always pressure there, 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.

嗯，你是絕對正確的。中國市場的定價壓力非常高，我們繼續看到我們目前的設計勝利，事實上，在過去的幾個季度中，我們已經宣布了針對ADAS、記錄器、電子後視鏡等不同類型產品的多個中國OEM 一級設計勝利和監視器。所以我們確實看到了定價壓力。但是，如果你看看約翰剛才談到的我們的總毛利率，我認為，是的，那裡總是存在壓力，但我認為總的來說，我們仍然認為我們的毛利率狀況不會太大變化在接下來的幾個季度。

Awesome. Thanks for that. Congrats on the solid quarter and guide.

驚人的。謝謝你。恭喜堅實的季度和指南。

(Operator Instructions) We have a follow-up question from the line of Ross Seymore, Deutsche Bank.

（操作員說明）我們有一個來自德意志銀行 Ross Seymore 的後續問題。

Hi, guys. Thanks for letting me speak two quick ones in here. Louis or I think it might be Fermi that gave what typical seasonality is in the fourth quarter. 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?

嗨，大家好。感謝您讓我在這裡快速講兩句話。路易斯或我認為可能是費米給出了第四季度的典型季節性。在某種程度上，季節性是一個在我們展望下一個財年時變得更加重要的框架，但是，您想定義它，您能否告訴我們您如何看待季節性？

Sure. Whether you look at five-year averages or 10-year, which is, we look at both, you've got Q4 down sequentially, you've got Q1 can be down sequentially and then our strongest quarters are Q3 and Q2. The numbers vary a bit if you do five-year or 10-year average, but that's the average.

當然。無論你看五年平均數還是十年平均數，也就是說，我們都會看兩者，你會看到第四季度連續下降，第一季可以連續下降，然後我們最強勁的季度是第三季度和第二季。如果你計算五年或十年的平均值，數字會略有不同，但這就是平均值。

Got it. Thank you, Louis. And then I guess one for John. 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?

知道了。謝謝你，路易斯。然後我猜約翰是一個。我認為明年看起來將是營收成長更為顯著的一年。公司如何看待相對於收入成長的營運支出？

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

我知道你已經投入了大量的工作，而且你一直在增長之前進行支出，但在某種程度上，槓桿將成為盈利能力的一個重要指標，正如費米提到的，我只是想看看如何你們想過這種關係嗎？

Yeah. 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. 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.

是的。我的意思是，顯然，明年的計劃涉及很多因素，但主要重點是推動非公認會計準則獲利能力。因此，從營運支出的角度來看，我們將盡可能降低增量支出，同時仍以路線圖交付。

Great. Thank you.

偉大的。謝謝。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Dr. Fermi Wang for closing remarks.

謝謝。女士們先生們，我不會在隊列中顯示任何其他問題。現在我想把電話轉回給費米·王博士做總結發言。

Tawanda, I just noticed we had one more pop-up. Martin, why don't we take that? Sorry to interrupt.

塔萬達，我剛剛注意到我們又多了一個彈出視窗。馬丁，我們為什麼不接受這個呢？抱歉打擾。

No problem. I see it now. One moment.

沒問題。我現在明白了。一會兒。

Martin Yang, Oppenheimer & Company.

馬丁楊，奧本海默公司。

Thank you. I have a quick question on guidance. Is there anything happening regarding the non-industrial IoT in your guidance that has helped with the strength?

謝謝。我有一個關於指導的簡單問題。在您的指導中，關於非工業物聯網方面是否發生了任何有助於增強實力的事情？

Sorry. We didn't get the question clear. Can you say it again?

對不起。我們沒有把問題說清楚。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，是否有任何因素有助於第三季的指導和指導力道？

So it's really about consumer IP cam or what we call the IoT home now. 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. However, with that, so the Q3 guidance, IoT home didn't help our Q3 guidance.

所以這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。首先，我們仍然認為這是我們疲軟的市場之一，因為市場正在轉向性能要求有限的低端型號。然而，因此，物聯網家庭的第三季指引對我們的第三季指引沒有幫助。

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

然而，市場不斷變化，我們開始看到一些家庭物聯網人員考慮在他們的服務中添加 VLM 或 CLIP 等語言模型。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回去銷售 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 neural network requirement will be happening in a consumer IP cam. If that happens, that would become a better fit for us. But for Q3 guidance, that market doesn't help.

因此，我認為我們正在等待觀察消費者 IP 攝影機是否會出現新功能和新的神經網路要求。如果發生這種情況，那將更適合我們。但對於第三季的指導，市場並沒有幫助。

Got it. Thank you, Fermi.

知道了。謝謝你，費米。

Thank you.

謝謝。

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

謝謝。現在我將把電話轉回給費米·王博士。

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

謝謝大家今天加入我們，並期待在其他會議或下次會議上與您交談。謝謝你們。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。