Ambarella Inc (AMBA) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to Ambarella's Q3 fiscal year 2025 earnings conference call.

歡迎參加安霸 2025 財年第三季財報電話會議。

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

（操作員指示）請注意，今天的會議正在錄製中。

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

現在我想將會議交給今天的發言人，企業發展副總裁 Louis Gerhardy。

Please go ahead.

請繼續。

Thank you, Daniel, and good afternoon.

謝謝你，丹尼爾，下午好。

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

感謝您參加我們的 2025 財年第三季財務業績電話會議。

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

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

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

今天電話會議的主要目的是向您提供有關 2025 財年第三季業績的資訊。

The discussion today, 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，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、市場成長和對我們的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.

這些陳述是基於目前可獲得的信息，並受到風險、不確定性和假設的影響。

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

如果任何這些風險或不確定性成為現實，或者我們的假設被證明是不正確的，我們的實際結果可能與這些前瞻性聲明有重大差異。

We're under no obligation to update these statements.

我們沒有義務更新這些聲明。

These risks, uncertainties and assumptions as well as other information on potential risk factors that could affect our financial results are more fully described in the documents we filed with the SEC.

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 third 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 財年第三季業績新聞稿、文字記錄、歷史業績、SEC 文件和今天電話會議的重播。

The content of today's call as well as the materials posted on our website, our 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是我們 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, we want to inform you of our plans to participate in the following investor events during the fourth quarter.

在我們開始電話會議之前，我們想通知您我們計劃在第四季度參加以下投資者活動。

On December 3, we will be at the UBS Global Technology and AI Conference; December 4, at the Wells Fargo TMT Summit; on December 5, we'll be hosting BNP's bus tour; NASDAQ's London Conference on December 10 and 11.

12月3日，我們將出席瑞銀全球科技與人工智慧大會； 12月4日，富國銀行TMT高峰會； 12月5日，我們將舉辦BNP巴士之旅； 12 月 10 日至 11 日納斯達克倫敦會議。

Nomura's CES Conference on January 6; and Needham Growth Conference on January 14.

1 月 6 日野村 CES 大會；以及 1 月 14 日的李約瑟成長會議。

And of course, we hope to see you during the multiple sell-side analysts hosted tours at our CES exhibition January 7, to January 10, in Las Vegas.

當然，我們希望在 1 月 7 日至 10 日拉斯維加斯 CES 展會上由多位賣方分析師主持的參觀活動中見到您。

Fermi will now provide an update for the quarter.

費米現在將提供本季的最新情況。

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

約翰將審查財務業績和前景，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 all for joining our call today.

感謝大家今天加入我們的電話會議。

Our third quarter revenue was above the high end of our guidance range increasing about 30% sequentially in both our auto and IoT business.

我們的第三季汽車和物聯網業務收入較上季成長約 30%，高於指導範圍的上限。

Company-specific factors more than offset the overall weakness in the market, with our strength originating from our customers' new product ramps, especially those incorporating our new higher-priced AI influence processors such as CV5.

公司特定因素足以抵消市場的整體疲軟，我們的優勢源自於客戶的新產品升級，特別是那些採用我們新的價格更高的人工智慧影響處理器（例如 CV5）的產品。

We again achieved a record level of AI revenue, which in turn contributed to a higher blended average selling price.

我們再次實現了人工智慧收入的創紀錄水平，這反過來又推動了更高的混合平均售價。

We are now forecasting fiscal 2025 revenue to increase by 22% to 24% year-over-year versus our prior estimate for revenue growth in the mid- to high teens.

我們現在預測 2025 財年的營收將年增 22% 至 24%，而我們先前的營收成長預測為中十幾歲。

Last quarter, we described our new product momentum as a series of waves and the next year in fiscal 2026, we expect the first wave from CV5 to continue and be augmented with the commitment of the second wave CV7.

上個季度，我們將我們的新產品勢頭描述為一系列浪潮，明年即 2026 財年，我們預計 CV5 的第一波浪潮將繼續，並隨著第二波 CV7 的承諾而增強。

We expect the first and second new product waves to enable us to grow revenue again in fiscal 2026 with both auto and IoT expected to grow despite the weakness in the overall market.

我們預計第一波和第二波新產品將使我們能夠在 2026 財年再次實現收入成長，儘管整體市場疲軟，但汽車和物聯網預計仍將成長。

Our CV3 AD family of SoCs for Level 2-plus and high level of autonomy represents the third wave with revenue expected to commence in calendar year 2026 or our fiscal 2027.

我們用於 2 級以上和高水平自治的 CV3 AD SoC 系列代表了第三波浪潮，預計將於 2026 日曆年或 2027 財年開始收入。

During the third quarter, we received the first silicon of our CV3-AD655 AI SoC, which targets advanced Level 2-plus applications, including mass-market passenger vehicles, and we are now delivering engineering samples to customers.

第三季度，我們收到了 CV3-AD655 AI SoC 的第一塊晶片，該晶片針對高級 2+ 級應用，包括大眾市場乘用車，我們現在正在向客戶提供工程樣品。

As you know, the global automotive industry is under significant pressure.

眾所周知，全球汽車產業面臨巨大壓力。

So we are proud to forecast our automotive business is expected to grow this year and the next.

因此，我們很自豪地預測我們的汽車業務預計將在今年和明年實現成長。

I would like to remind you our automotive business is comprised of two different businesses.

我想提醒您，我們的汽車業務由兩個不同的業務組成。

Our existing ADAS business and our central domain controller business, also known as the CV3 platform.

我們現有的ADAS業務和我們的中央網域控制器業務，也稱為CV3平台。

Our existing automotive business, mostly ADAS with majority of now AI SoCs will represent about $80 million this year with an estimated five year compounded annual revenue growth rate in the mid-teens.

我們現有的汽車業務（主要是 ADAS，現在大部分是 AI SoC）今年將帶來約 8,000 萬美元的收入，預計五年複合年收入成長率為 15%左右。

Our CV3 platform targets a much larger but still emerging revenue opportunity.

我們的 CV3 平台的目標是更大但仍在不斷出現的收入機會。

Level 2-plus and high level of autonomy.

2 級以上，高度自治。

This new opportunity has the potential to significantly accelerate our five year automotive revenue CAGR beyond the mid-teens CAGR, I mentioned for our existing auto business.

我提到我們現有的汽車業務，這個新機會有可能顯著加快我們五年汽車收入複合年增長率，使其超過十幾歲的複合年增長率。

We remain highly focused on incremental CV3 design wins in an increasingly challenged automotive market.

我們仍然高度關注在日益充滿挑戰的汽車市場中取得增量 CV3 設計勝利。

As you know, global vehicle production growth is slow, Level 2-plus market penetration remains in the low single digits and OEM projects and the software development are delayed.

如您所知，全球汽車產量成長緩慢，二級以上市場滲透率仍處於較低個位數，OEM專案和軟體開發被推遲。

In this environment, we have updated our automotive revenue funnel.

在這種環境下，我們更新了汽車收入管道。

As a reminder, our automotive funnel represents a probability weighted estimate of automotive revenue we could generate over the next six years, from fiscal year 2026 to fiscal year 2031.

提醒一下，我們的汽車漏斗代表了我們在未來六年（從 2026 財年到 2031 財年）可以產生的汽車收入的機率加權估計。

At this time, our six year funnel is approximately $2.2 billion versus $2.4 billion a year ago.

目前，我們的六年漏斗規模約為 22 億美元，而一年前為 24 億美元。

With one business representing more than $800 million and a pipeline of more than $1.3 billion.

其中一項業務價值超過 8 億美元，管道價值超過 13 億美元。

Due to the challenging automotive industry dynamic described earlier, there has been significant volatility in the last years within the funnel as the customer's annual forecast was revised.

由於前面描述的充滿挑戰的汽車產業動態，過去幾年隨著客戶年度預測的修改，漏斗內出現了顯著的波動。

Projects will delayed or canceled, new projects were added and the projects were either won or lost.

項目將被推遲或取消，新項目將被添加，項目要么獲勝要么失敗。

Notably, we estimate there is about $2 billion not included in the funnel beyond year six, the terminal year of our methodology.

值得注意的是，我們估計在第六年（我們方法的最後一年）之後，還有大約 20 億美元未包含在漏斗中。

We remain optimistic about our long-term secular trend for the Level 2-plus and high levels of autonomy and the role that our CV3 platform can serve in this market.

我們對 2 級以上和高水準自主權的長期趨勢以及我們的 CV3 平台在這個市場中可以發揮的作用保持樂觀。

We are optimistic because our CV3 platform brings solution to some of the key challenges automotive OEMs are facing today, including power efficiency, scalability and open platform with the availability of optimized software IP modules and the centralized radar.

我們感到樂觀，因為我們的 CV3 平台為汽車 OEM 當今面臨的一些關鍵挑戰提供了解決方案，包括功效、可擴展性和開放平台以及優化的軟體 IP 模組和集中式雷達的可用性。

We remain diligent in our efforts to get more CV3 business into the one column.

我們將繼續努力，爭取更多的 CV3 業務進入一欄。

I will now discuss representative customer activity in the quarter.

我現在將討論本季的代表性客戶活動。

In the automotive market, we highlight new model of new models featuring a variety of advanced safety and automation features. smart automotive -- Automobile, a joint venture between Mercedes-Benz and Geely, introduced its smart number five model in October.

在汽車市場，我們專注於推出具有各種先進安全和自動化功能的新車型。智慧汽車－賓士和吉利汽車的合資企業於十月推出了智慧五號車型。

This electric SUV features L2 ADA system based on our CV2 with functional safety and is supplied by Tier 1 Aptiv.

這款電動 SUV 配備基於我們的 CV2 的 L2 ADA 系統，具有功能安全性，由 Tier 1 Aptiv 提供。

Xiaopeng also on us Xpeng, an electric vehicle pioneer in China, announced the P7+, a mid to full-size electric sedan that utilize our 12 video processors for the rearview electronic mirror.

小鵬汽車還介紹了中國電動車先驅小鵬汽車推出了 P7+，這是一款中型至全尺寸電動轎車，其後視電子鏡採用了我們的 12 個視訊處理器。

This e-mirror is pre-installed 100% of the P7+ vehicles and start of production commenced in October.

100% 的 P7+ 車輛預先安裝了該電子後視鏡，並於 10 月開始生產。

Also in the middle market, the joint venture between Honda and Dongfeng launched its Lingxi L electric passenger vehicle, which includes a camera monitored system.

同樣在中端市場，本田和東風的合資企業推出了靈犀L電動乘用車，其中包括攝影機監控系統。

These features include interior displays that replace the life and the right side exterior mirrors.

這些功能包括取代生活的內部顯示器和右側外後視鏡。

This system is based on our CV28.

系統基於我們的 CV28。

Horizon auto, a Geely brand focused on development and the sales of commercial vehicles, launched its Xingzhi H8R light truck featuring from ADAS plus driver monitor system based on our CV22AQ.

吉利旗下專注於商用車研發和銷售的品牌地平線車推出了基於我們的CV22AQ的ADAS+駕駛監控系統的行知H8R輕卡。

Turning to our IoT businesses. we are announcing the first customer for our CV server family, which represents the beginning of the second wave of new product revenue I described earlier.

轉向我們的物聯網業務。我們宣布了 CV 伺服器系列的第一個客戶，這代表了我之前描述的第二波新產品收入的開始。

In the enterprise market, Verkada introduced its next generation of camera, including new 4K dorm, Fisheye and PTZ cameras based on Ambarella's latest CV72, the new camera feature advanced analytics, including AI-powered search.

在企業市場，Verkada推出了新一代相機，包括基於Ambarella最新CV72的新型4K宿舍、魚眼和PTZ相機，新相機具有先進的分析功能，包括人工智慧驅動的搜尋。

Verkada also introduced a new suite of video intercom and an indoor split mini camera all based on Ambarella CV25.

Verkada 還推出了一套新的視訊對講套件和室內分離式迷你攝影機，全部基於 Ambarella CV25。

Bosch announced its new FLEXIDOME 8100i, dome camera family based on CV22.

博世宣布推出基於 CV22 的新型 FLEXIDOME 8100i 半球攝影機系列。

They feature deep learning-based detection of persons and vehicles even in crowded or congested things.

它們的特點是基於深度學習的人員和車輛檢測，即使在擁擠或擁擠的地方也是如此。

Alarm.com introduced 5 mega and 8 mega pixel cloud IP bullet and done camera based on our CV22.

Alarm.com 推出了 5 兆和 800 萬像素雲端 IP 子彈並基於我們的 CV22 完成了攝影機。

The camera includes onboard recording and advanced analytics.

該攝影機包括機載記錄和進階分析功能。

In Japan, i-PRO, formally Panasonic Security announced the addition of 19 new models to its AeroPTZ camera list based on our CV22.

在日本，i-PRO 正式宣布 Panasonic Security 在其基於 CV22 的 AeroPTZ 攝影機清單中添加 19 款新型號。

We are encouraged to see better the expected adoption of our AI SoC in other IoT markets.

我們很高興看到我們的 AI SoC 在其他物聯網市場的預期採用情況。

While our products frequently target automotive and enterprise applications our AI SoCs are designed with enough programmability to drive adoption in other IoT markets.

雖然我們的產品經常針對汽車和企業應用，但我們的 AI SoC 設計具有足夠的可程式性，可推動其他物聯網市場的採用。

For example, in Insta360 recently introduced its Ace Pro 2 portable video camera featuring 8K video and the 50 mega pixel photos.

例如，Insta360最近推出了Ace Pro 2便攜式攝影機，具有8K影片和5000 萬像素照片的功能。

Based on our 5 nanometer CV5, the camera includes gesture and voice control and AI-based highlight assistance.

這款相機基於我們的 5 奈米 CV5，包括手勢和語音控制以及基於 AI 的高光輔助。

Insta360 also introduced its link and Link 2C AI 4K webcast based on our H22 video processors.

Insta360也推出了基於我們的H22視訊處理器的Link和Link 2C AI 4K網路廣播。

Garmin announced its GC 245 and the 255 HD met marine cameras based on our CV28 and featuring on screen distance markers and the guidance line to add with boat dockings.

Garmin 宣布推出基於 CV28 的 GC 245 和 255 高清氣像海洋攝影機，並在螢幕上顯示距離標記和引導線以添加船隻停靠。

Grad a leading technology company based in Singapore, known for its super app, providing diversified services introduced it's KartaCams 2 to collect review images for mapmaking our CV5 supports 440-mega pixel image sensors to full 360-degree viewing and provides edge AI processing.

Grad是一家總部位於新加坡的領先科技公司，以其超級應用程式而聞名，提供多元化服務，推出了KartaCams 2來收集評論圖像以用於地圖製作。全360度查看並提供邊緣AI處理。

From this partial list of customer engagement this quarter, you can see we continue to build upon our well-established position for AI computer vision at the age in both IoT as well as our traditional automotive ADAS market.

從本季的部分客戶參與清單中，您可以看到我們在物聯網和傳統汽車 ADAS 市場中繼續鞏固在人工智慧電腦視覺領域的既定地位。

In fact, on a cumulative basis, we have now shipped more than 25 million edge AI SoCs, and this helps set the table for the introduction of our new higher-value SoC supporting more advanced edge AI network such as VRM, Clip and the Gen AI.

In fact, on a cumulative basis, we have now shipped more than 25 million edge AI SoCs, and this helps set the table for the introduction of our new higher-value SoC supporting more advanced edge AI network such as VRM, Clip and the Gen人工智慧.

We believe the significant and continued build-out of AI training and inference capacity in data centers for more and more advanced AI network is a leading indicator for the secular growth opportunity we see for AI influence processing at the edge.

我們認為，為越來越先進的人工智慧網路而在資料中心顯著且持續地建立人工智慧訓練和推理能力，是我們看到的邊緣人工智慧影響處理長期成長機會的領先指標。

Our strategic plan is well aligned with this and the first wave of new AI product revenue is underway.

我們的策略計劃與此非常吻合，第一波新的人工智慧產品收入正在進行中。

We expect the second wave to commence alongside the first wave next year with a subsequent wave starting calendar 2026 or our fiscal 2027 including the CV3 and our 2-nanometer platforms.

我們預計第二波浪潮將於明年與第一波浪潮同時開始，後續浪潮將於 2026 年或 2027 財年開始，包括 CV3 和我們的 2 奈米平台。

New product success is a key factor in determining our incremental revenue growth next year.

新產品的成功是決定我們明年營收增量成長的關鍵因素。

We are pleased to return to non-GAAP profitability in Q3.

我們很高興在第三季恢復非公認會計準則獲利能力。

We are highly focused on driving revenue growth and positive operating leverage on the path to our target long-term non-GAAP operating margin of 30%.

我們高度重視推動營收成長和積極的營運槓桿，以實現 30% 的長期非 GAAP 營運利潤率目標。

We have delivered 15 consecutive years of positive free cash flow through the year of fiscal -- through the end of fiscal 2024, and we are optimistic our new products can enable us to build upon this positive record.

到 2024 財年結束，我們已連續 15 年實現正自由現金流，我們對新產品能夠使我們在這一積極記錄的基礎上再接再厲感到樂觀。

John will now discuss the Q3 results and the Q4 outlook in more detail.

約翰現在將更詳細地討論第三季的業績和第四季的前景。

John?

約翰？

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

我現在將回顧截至 2024 年 10 月 31 日的 2025 財年第三季的財務亮點。

I will also provide a financial outlook for our fourth quarter of fiscal year 2025 and ending January 31, 2025.

我還將提供 2025 財年第四季至 2025 年 1 月 31 日結束的財務展望。

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

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

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

對於非公認會計準則報告，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和重組費用。

For fiscal Q3, revenue was $82.7 million, above the high end of our guidance range, up 30% from the prior quarter and up 63% year-over-year.

第三財季的營收為 8,270 萬美元，高於我們指引範圍的上限，比上一季成長 30%，年增 63%。

Non-GAAP gross margin for fiscal Q3 was 62.6% at the low end of our prior guidance range due to product mix as we opportunistically drove some revenue upside from certain legacy processors at lower-than-planned margin.

由於產品組合的原因，第三財季的非公認會計準則毛利率為62.6%，處於我們先前指導範圍的低端，因為我們機會主義地以低於計劃的利潤率從某些傳統處理器中推動了一些收入增長。

Non-GAAP operating expense was $49.1 million, about $900,000 lower than the midpoint of our prior guidance range, driven by continued expense management and the timing of spending between quarters.

非 GAAP 營運費用為 4,910 萬美元，比我們先前指導範圍的中位數低約 90 萬美元，這主要是由於持續的費用管理和季度之間的支出時間表所致。

We remain on track to our internal product development milestones.

我們仍然朝著內部產品開發里程碑的方向前進。

Q3 net interest and other income was $2.1 million.

第三季淨利息和其他收入為 210 萬美元。

Q3 non-GAAP tax provision was approximately $200,000.

第三季非 GAAP 稅收撥備約為 20 萬美元。

We reported a non-GAAP net profit of $4.5 million or $0.11 of earnings per diluted share.

我們報告的非 GAAP 淨利潤為 450 萬美元，即稀釋後每股收益 0.11 美元。

Now I will turn to our balance sheet and cash flow.

現在我將談談我們的資產負債表和現金流。

Fiscal Q3 cash and marketable securities increased $6.7 million from the prior quarter to $226.5 million.

第三財季現金和有價證券較上一季增加 670 萬美元，達到 2.265 億美元。

Receivables days sales outstanding increased from 33 days in the prior quarter to 38 days and days of inventory decreased from 108 days to 94 days.

應收帳款銷售天數從上一季的 33 天增加到 38 天，庫存天數從 108 天減少到 94 天。

Capital expenditures for tangible and intangible assets were $2.5 million in the quarter and $6.2 million for the nine months ended October 31, 2024.

本季有形和無形資產的資本支出為 250 萬美元，截至 2024 年 10 月 31 日的九個月為 620 萬美元。

We generated positive operating cash flow of $6.6 million in the quarter and $8.4 million through the first three quarters of fiscal 2025.

我們在本季產生了 660 萬美元的正營運現金流，在 2025 財年前三個季度產生了 840 萬美元的正營運現金流。

Free cash flow in the quarter was $4.1 million, with year-to-date free cash flow of $2.2 million.

本季自由現金流為 410 萬美元，年初至今自由現金流為 220 萬美元。

We had two logistics companies representing 10% or more of our revenue in Q3.

我們有兩家物流公司，占我們第三季收入的 10% 或更多。

WT Microelectronics, a fulfillment partner in Taiwan that ships to multiple customers in Asia, came in at 66% of revenue for the third quarter.

文曄微電子是台灣的履行合作夥伴，向亞洲多個客戶發貨，佔第三季營收的 66%。

Chicony, an ODM, who manufactures for multiple end customers was 11% of revenue for the quarter.

Chicony 是一家 ODM 公司，為多個最終客戶生產產品，佔本季營收的 11%。

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

我現在將討論 2025 財年第四季的前景。

The continued strength of our customers' new product ramps, especially those enabled by our new product wave 1 from our 5-nanometer CV5 caused us to increase our Q4 estimate.

客戶新產品的持續成長，尤其是 5 奈米 CV5 的第一波新產品帶來的成長，促使我們提高了第四季的預期。

We are expecting normal seasonal decline in Q4 following the stronger-than-expected Q3.

我們預計，繼第三季強於預期之後，第四季將出現正常的季節性下降。

Fiscal Q4 revenue is expected to be in the range of $76 million to $80 million, with IoT and auto, both flat to slightly down sequentially.

第四財季營收預計在 7,600 萬美元至 8,000 萬美元之間，其中物聯網和汽車業務收入均較上季持平或略有下降。

We expect fiscal Q4 non-GAAP gross margin to be in the range of 61.5% to 63%.

我們預計第四財季非 GAAP 毛利率將在 61.5% 至 63% 之間。

We expect non-GAAP OpEx in the fourth quarter to be in the range of $49 million to $52 million with the increase compared to Q3 driven by CES marketing activities, increased head count and project-related engineering expenses.

我們預計第四季度的非GAAP 營運支出將在4,900 萬美元至5,200 萬美元之間，與第三季相比，由於CES 行銷活動、員工人數增加和專案相關工程費用的推動，營運支出有所增加。

We estimate net interest income to be approximately $1.8 million, our non-GAAP tax expense to be approximately $600,000 and our diluted share count to be approximately 41.8 million fully diluted shares.

我們估計淨利息收入約為 180 萬美元，我們的非 GAAP 稅務費用約為 60 萬美元，我們的稀釋後股票數量約為 4,180 萬股完全稀釋股票。

Thank you for joining our call today.

感謝您今天加入我們的電話會議。

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

然後，我會將電話轉給接線員詢問問題。

(Operator Instructions)

（操作員說明）

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hi guys.

嗨，大家好。

Congratulations on the strong results and guide.

恭喜您取得了出色的成果和指導。

I guess my first question for me is really what changed?

我想我的第一個問題是到底發生了什麼變化？

I know you talked about the different waves and when they're coming, but the inflection point, growing maybe 5% above the midpoint of your range, but an impressive 30% sequentially.

我知道你談到了不同的波浪以及它們何時到來，但拐點可能比你的範圍中點高出 5％，但連續增長了令人印象深刻的 30％。

And I know you called January seasonal, but it seems like it's even better than seasonal.

我知道你稱一月為季節性，但它似乎比季節性更好。

So what's the activity at your customers that's changing?

那麼您的客戶活動發生了哪些變化呢？

And I guess what I'm really getting at is I understand it's the new product adoption, but is there also just kind of shipping closer to end demand.

我想我真正想要的是我理解這是新產品的採用，但也有一種更接近最終需求的運輸方式。

So is this beginning of secular growth?

那麼這是長期成長的開始嗎？

Or is it also bolstered by a cyclical rebound?

還是也受到週期性反彈的支撐？

Thanks, Ross.

謝謝，羅斯。

I think, first of all, Q3 result, definitely, there is -- this first quarter, we rebound from the inventory correction.

我認為，首先，第三季度的結果肯定是——第一季度，我們從庫存調整中反彈。

So when we give -- talk about last quarter, we did talk about the inventory correction will be done in the middle of Q3.

因此，當我們談論上個季度時，我們確實談到了庫存調整將在第三季中期完成。

And with that -- after that, it will be our growth of new products.

在那之後，這將是我們新產品的成長。

And the Q4 is all about new products growth right now.

第四季的重點是新產品的成長。

And in fact, that if you look at our run rate of CV5.

事實上，如果你看看我們 CV5 的運行率。

If we can look at two different angle, one is from the market angle that for both auto and IoT growing and for IoT is really growing and the IoT enterprise and as well as IoT other, these two categories, they both grow in a similar rate and driven -- the major driver is that new product cycle for CV5.

如果我們可以從兩個不同的角度來看，一個是從市場角度來看，汽車和物聯網都在成長，物聯網確實在成長，物聯網企業和物聯網其他這兩個類別，它們都以相似的速度成長和驅動力－主要驅動力是 CV5 的新產品週期。

In the automotive market that you see that we talk about new customers like Sensera with CV2 and Rivian with CV5, I think those are definitely helping us to have a growth on the automotive side.

在汽車市場，我們談論新客戶，例如 Sensera 的 CV2 和 Rivian 的 CV5，我認為這些肯定會幫助我們在汽車方面實現成長。

So I have to say that maybe Q3, we rebound from the inventory correction and assessing growth on new product line in Q4 is all secular about our growth.

所以我必須說，也許第三季度，我們從庫存調整中反彈，並評估第四季度新產品線的成長，這些都是關於我們成長的長期因素。

But I also want to point out our Q3 is at [$82-point something million] revenue and the Q4 guidance in the mid-point $78 million.

但我還想指出，我們第三季的營收為 [82 億美元]，第四季的指導值為 7,800 萬美元。

So we're still seeing some kind of seasonality for Q4.

因此，我們仍然看到第四季度存在某種季節性。

Whatever you're doing, it seems to be working.

無論你在做什麼，它似乎都在起作用。

So congrats on that.

所以恭喜你。

I guess for my follow-up, switching over to the automotive funnel.

我想我的後續行動將轉向汽車漏斗。

It seems a little bit odd that the number would go down year-over-year considering you're adding a year where the growth rate at the tail end should be larger.

考慮到您添加了尾部增長率應該更大的一年，這個數字會逐年下降，這似乎有點奇怪。

So I guess the big picture question is, to the extent over the last couple of years, we've kind of thought as your auto business was going to be the incremental driver of significant growth going forward.

所以我想大局問題是，在過去幾年裡，我們認為汽車業務將成為未來顯著成長的增量驅動力。

Now it seems like the IoT, edge AI, whatever you want to call it, seems to be the bigger driver.

現在看來，物聯網、邊緣人工智慧，無論你怎麼稱呼它，似乎都是更大的驅動力。

Can you just talk about has the growth profile of the company really switched more to the IoT side?

您能否談談公司的成長狀況是否真的更多地轉向物聯網方面？

And are you as optimistic as ever on automotive?

您對汽車產業一如既往地樂觀嗎？

Or is something different the appropriate interpretation we should have?

或者我們應該有不同的適當解釋？

I think we're still very optimistic about CV3 domain controller opportunity in the market.

我認為我們對 CV3 網域控制器在市場上的機會仍然非常樂觀。

And I would say that if you look at the number, our 1 count continue to grow, but our pipeline is reduced.

我想說，如果你看一下這個數字，我們的 1 數量繼續增長，但我們的管道減少了。

The reason for that is really that we -- first of all, the overall market is weak, clinically automotive market.

原因實際上是——首先，整體市場疲軟，臨床汽車市場。

And I think that you can give a similar feedback from everybody.

我認為每個人都可以給予類似的回饋。

But I think the most important thing for me is the Level 2-plus adoption rate is slower than we expected, right?

但我認為對我來說最重要的是 2 級以上的採用率比我們預期的要慢，對吧？

We start seeing -- we expect to see a lot of engagement.

我們開始看到——我們期望看到大量的參與。

We continue to see a lot of engagement.

我們繼續看到大量的參與。

But a lot of the projects are pushed out into the schedule for different reasons and some projects even got canceled.

但很多項目因為不同原因被推遲，有些項目甚至被取消。

So I really think that Level 2-plus adoption is not as fast as we thought.

所以我真的認為 2+ 級的採用並沒有我們想像的那麼快。

That's probably the reason we start seeing that our funnel is not increasing.

這可能是我們開始看到我們的漏斗沒有增加的原因。

However, I still believe that Level 2-plus will become an important automotive market for everybody and that will replace the current Level 1 and Level 2 solution in the market today.

然而，我仍然相信 Level 2+ 將成為每個人的重要汽車市場，並將取代目前市場上目前的 Level 1 和 Level 2 解決方案。

Thank you.

謝謝。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes, thank you.

是的，謝謝。

And let me echo and congratulations on the strong results.

讓我對取得的強勁成果表示贊同和祝賀。

For me, could you just give us a little bit better sense for the mix here between CV2, CV5.

對我來說，您能否讓我們對 CV2 和 CV5 之間的混合有更好的了解。

I mean I assume not a whole lot of CV7 revenue yet.

我的意思是，我認為 CV7 的收入還不是很多。

I think on the last call, I think you talked about CV5 potentially reaching 1 million units this year.

我想在上次電話會議上，您談到了 CV5 今年可能達到 100 萬台。

So any more color you can share with us on the mix of CV would be helpful?

那麼您可以與我們分享更多有關 CV 組合的顏色嗎？

Right.

正確的。

So maybe let me put some data together so to give you some point how to think about this.

因此，也許讓我整理一些數據，以便讓您了解如何思考這個問題。

First of all, we talk about our AI revenue is roughly 70% in this quarter.

首先我們來講一下我們這個季度的AI收入大概是70%。

And also, we talk about our CV5 easily going to ship more than 1 million units who are probably north of that by a margin.

而且，我們也談到我們的 CV5 的出貨量很容易超過 100 萬台，而且可能遠遠超出這個數字。

So that CV5 doing well.

所以CV5表現不錯。

So -- and our CV5 ASP is anywhere between $25 to $50.

因此，我們的 CV5 ASP 介於 25 美元到 50 美元之間。

That gives you an idea of our CV2 and CV5 contribution.

這讓您了解我們 CV2 和 CV5 的貢獻。

And also I want to point out, in Q3, this is the first quarter in the last three years that our video processor grow.

我還想指出，在第三季度，這是過去三年來我們的視訊處理器成長的第一個季度。

And that's -- I think that's really because that inventory rebound -- inventory correction finished the customer rebound from there help the video processor has a growth in Q3, but we expect that you will go back to decreasing -- gradually decreasing in the coming quarters.

那是 - 我認為這實際上是因為庫存反彈 - 庫存調整完成了客戶的反彈，幫助視頻處理器在第三季度實現增長，但我們預計你將回到減少 - 在未來幾個季度逐漸減少。

Great.

偉大的。

And that was actually going to be my follow-up question.

這其實是我的後續問題。

So as we think about fiscal '26 and we think about the cyclical recovery and so on and perhaps even impact the gross margin.

因此，當我們考慮 26 財年時，我們會考慮週期性復甦等等，甚至可能會影響毛利率。

So video processing bouncing back, it's probably more of a temporary phenomenon, and you're not really expecting that to continue to drive a higher mix to fiscal 2026?

因此，視訊處理的反彈，可能只是暫時現象，您是否真的期望這會繼續推動 2026 財年的更高組合？

That's correct.

這是正確的。

We haven't given any guidance on the fiscal year '26, but we do believe that in fiscal 2026, our both IoT and auto well growth, and we'll provide more details about the gross margin and the OpEx in the next conference call.

我們尚未對26 財年給予任何指導，但我們確實相信，到2026 財年，我們的物聯網和汽車業務都會良好增長，我們將在下一次電話會議中提供有關毛利率和運營支出的更多詳細資訊.

Sounds good.

聽起來不錯。

Congrats again, Fermi.

再次恭喜，費米。

Thank you.

謝謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Hey, you guys, let me offer my congratulations again.

嘿，各位，請允許我再次表示祝賀。

I wanted to ask for me, just kind of coming back to the auto pipeline, maybe sort of a follow-up to Ross' question.

我想問我，只是回到汽車管道，也許是羅斯問題的後續。

You talked about some pushouts and maybe even cancellations in Level 2-plus.

您談到了 2 級以上的一些推出，甚至可能取消。

Can you give us a sense what percent of that pipeline is now sort of driven by the Level 2-plus opportunities and how that might have changed from the last year's pipeline?

您能否讓我們了解現在有多少百分比的管道是由 2 級以上機會驅動的，以及與去年的管道相比，這可能發生了怎樣的變化？

Right.

正確的。

So maybe I'll give you a high-level description.

所以也許我會給你一個高級的描述。

I think in the pipeline, we have one color and also -- sorry, for has one color and the pipeline color.

我認為在管道中，我們有一種顏色，而且 - 抱歉，有一種顏色和管道顏色。

And in one color, I would say CV3 is [a percentage] is below 50%.

對於一種顏色，我想說 CV3 [百分比] 低於 50%。

But in the pipeline color, CV3 domain controller is well above 50% in that pipeline.

但在管道顏色方面，CV3 網域控制站遠高於該管道的 50%。

So in terms of Level 2-plus maybe I'll add a little more color on that.

因此，就 2 級以上而言，也許我會在此基礎上添加更多色彩。

We believe that when we look at the current price delta between Level 2-plus and Level 2 and Level 1, we think the price delta is still high, and that really keep OEM worried about introducing a brand-new product in that price point.

我們認為，當我們查看 2+ 級以及 2 級和 1 級之間的當前價格差值時，我們認為價格差值仍然很高，這確實讓 OEM 擔心在該價位推出全新產品。

So I think a lot of OEMs are thinking about how to optimize the price and for introducing a better Level 2-plus function features.

所以我認為很多OEM廠商都在考慮如何優化價格並引入更好的Level 2+功能特性。

That's something where we think we can help because we keep telling people that, first of all, I think our bond saving for our OEM is significant compared to our competitors.

這是我們認為我們可以提供幫助的地方，因為我們不斷告訴人們，首先，我認為與我們的競爭對手相比，我們為 OEM 節省的債券是顯著的。

More importantly, our software can be easily adapt from a high-end Level 2-plus to lower Level 2-plus products by really with a simple modification.

更重要的是，我們的軟體只需進行簡單的修改就可以輕鬆地從高階 Level 2+ 產品適應較低的 Level 2+ 產品。

And that software compatibility from the low end to high end Level 2-plus will save a tremendous amount of R&D cost to our customers.

從低階到高階 2+ 等級的軟體相容性將為我們的客戶節省大量的研發成本。

So I think we are trying to address the pain point our customers when they're trying to -- the reason of today's Level 2-plus cause activate, one is the cost, the other one is really the software development.

因此，我認為我們正在努力解決客戶的痛點——當今 2 級以上原因啟動的原因，一個是成本，另一個是軟體開發。

That's why we think we have a solution that we can address the pain points of our customers.

這就是為什麼我們認為我們有一個解決方案可以解決客戶的痛點。

Perfect.

完美的。

And then the second question is just kind of regarding the automotive pipeline.

第二個問題與汽車管道有關。

Geographically, how diversified is that pipeline?

從地理上看，該管道的多元化程度如何？

Is it pretty concentrated in China or another geography?

它相當集中在中國還是其他地區？

Or do you see pretty good geographic distribution of that pipeline?

或者您認為該管道的地理分佈相當好？

Thank you.

謝謝。

I think the distribution is pretty fair.

我認為分配還是比較公平的。

In fact, a lot of people think we have a high concentration in China who is wrong.

事實上，很多人認為我們中國的集中度很高，這是錯的。

I would say that 15% of our pipeline is from China.

我想說，我們 15% 的管道來自中國。

And from that, you can see we had probably a little higher percentage in Europe.

由此可見，我們在歐洲的比例可能略高一些。

And that's probably the -- and everything else is probably well distributed.

這可能就是——其他一切可能都分佈得很好。

And Quinn, I might add on top of that, our pipeline methodology is really it was started and designed to focus on L2+ opportunities.

Quinn，我可能會補充一點，我們的管道方法實際上是為了專注於 L2+ 機會而開始和設計的。

But the pace of adoption in China and the design cycles, are very quick relative to the rest of the market.

但相對於其他市場而言，中國的採用速度和設計週期都非常快。

We kind of pegged our six year cycle to try and be a good proxy for a Western design cycle for models and for programs.

我們將六年的周期固定下來，試圖成為西方模型和程式設計週期的良好代表。

And so our six year funnel I think may not show all of the opportunity in China because those programs in China are quicker.

因此，我認為我們的六年漏斗可能無法顯示中國的所有機會，因為中國的這些項目速度更快。

So when Fermi says that the funnel has approximately 15%, that's another factor to consider.

因此，當費米說漏斗大約有 15% 時，這是另一個需要考慮的因素。

Got it.

知道了。

Thank you.

謝謝。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hey Thanks for the question.

嘿，謝謝你的提問。

Yeah, similar to the last one, can you talk about your current geographic mix and why this might have led to outperformance versus some of your peers, those with, I guess, EU exposure in particular?

是的，與上一個類似，您能否談談您當前的地理組合，以及為什麼這可能會導致您的表現優於您的一些同行，我猜尤其是那些在歐盟有業務的同行？

And then just tying into this as well, there's a worry that there might be Chinese EV ship ahead in front of tariffs, both the EU and US.

與此相關的是，人們擔心中國的電動車可能會在歐盟和美國的關稅面前領先。

Do you think that, that's going to come back to hunt us all in the auto segment at all?

您認為這會再次襲擊我們汽車領域的所有人嗎？

Or do you think you're pretty clean from that perspective?

或者從這個角度來看你認為自己很乾淨嗎？

Right.

正確的。

So first of all, that exposure I talked about while answer Quinn's question is about the distribution of our pipeline.

首先，我在回答奎因的問題時談到的曝光是關於我們管道的分佈。

It's not about distribution of current revenue.

這與當前收入的分配無關。

That distribution of current revenue is quite different than the pipeline.

目前收入的分配與管道收入的分配有很大不同。

So that if I understand your question, you're asking whether we have any -- a lot of exposure on different geographic locations particular focus on our current revenue.

所以，如果我理解你的問題，你是在問我們是否有任何——在不同地理位置的大量曝光，特別是我們目前的收入。

I would say majority of our revenue coming in the US, although it's manufacturing in Asia, but the end market, a big portion is the US.

我想說，我們的大部分收入來自美國，儘管它是在亞洲製造的，但最終市場很大一部分是美國。

And then there's some European market then Japan, Korea are all very big.

還有一些歐洲市場，然後是日本、韓國，都非常大。

And in China, okay, also 15% of total revenue exposure in China.

在中國，好吧，也有 15% 的收入來自中國。

So that's how our current revenue distribute based on the geographical locations.

這就是我們目前的收入根據地理位置進行分配的方式。

And then you asked about the geopolitical situation.

然後你問到地緣政治局勢。

My gut feeling is if that situation change Ambarella is not going to be the only one.

我的直覺是，如果這種情況發生變化，Ambarella 不會是唯一的一個。

Maybe we'll probably have some impact but not the biggest impact.

也許我們可能會產生一些影響，但不是最大的影響。

But however, this is going to change if the geopolitical situation continue to get worse, which I think well, it really depends on how much more tighten the rule going to be.

但是，如果地緣政治局勢繼續惡化，這種情況將會改變，我認為這實際上取決於規則的收緊程度。

And the worst situation, of course, that the whole supply chain gets separated that US component cannot go to China and vice versa.

當然，最糟糕的情況是整個供應鏈被分割，美國的零件無法進入中國，反之亦然。

Then then we're facing a total different environment and then we probably need to write off our 15% total Chinese revenue.

然後我們面臨著一個完全不同的環境，然後我們可能需要沖銷我們 15% 的中國總收入。

But I will say that's not just impact to Ambarella.

但我要說的是，這不僅僅是對安霸的影響。

It's impact to the whole industry.

對整個產業都有影響。

For us, I don't think there's anything particularly only target for Ambarella in terms of geopolitical risk.

對我們來說，我不認為安霸在地緣政治風險方面有什麼特別唯一的目標。

In the past, we had a lot of risk with Hikvision and Dahua that was four years ago, they're way past us, and our current revenue exposure is 15%, half automotive, half IoT.

過去，四年前我們與海康威視和大華有很大的風險，他們已經超越了我們，我們目前的收入佔比是 15%，一半是汽車，一半是物聯網。

So I would say that we don't have a very significant geopolitical risk target on Ambarella only.

所以我想說，我們不僅對安霸設定了非常重要的地緣政治風險目標。

Thank you for that.

謝謝你。

And then you mentioned something about in the prepared remarks about a legacy processor, I think that continued to sustain and maybe that weighed on margins.

然後您在準備好的評論中提到了有關遺留處理器的一些內容，我認為這種情況繼續持續下去，也許這會影響利潤率。

I wasn't quite sure there.

我不太確定那裡。

But maybe talk about that and then when we could get a margin lift in particular in next fiscal year and what the moving parts there would be for that gross margin lift.

但也許可以談談這個問題，然後我們什麼時候可以提高利潤率，特別是在下一個財年，以及毛利率提升的活動因素是什麼。

Thanks.

謝謝。

Yeah.

是的。

Let me point you to the direction that, for example, we did mention our video processor revenue grew in Q3, that was the first time for the last 10 years.

讓我向您指出一個方向，例如，我們確實提到我們的視訊處理器收入在第三季度增長，這是過去 10 年來的第一次。

Although when we talk about gross margin, we talk about our what we use the...

儘管當我們談論毛利率時，我們談論的是我們使用的...

Legacy.

遺產。

Legacy product.

遺留產品。

So video processor is part of that, and there are other processors in there.

所以視訊處理器是其中的一部分，而且還有其他處理器。

But however, you can see that definitely, that's one reason we start feeling a little pressure on the gross margin side.

但是，您可以肯定地看到，這就是我們開始感受到毛利率方面有點壓力的原因之一。

But I will say that the gross margin is really about mix.

但我要說的是，毛利率實際上與混合有關。

Every time when our mix change, usually, you will see our gross margin move up and down a little bit.

每當我們的組合發生變化時，通常，您都會看到我們的毛利率略有上升和下降。

But that like what we have been saying for quarters, we continue to believe that our gross margin will move gradually into our long-term gross margin model, which is 59% to 62%, and it will over time to get there.

但就像我們幾個季度以來所說的那樣，我們仍然相信我們的毛利率將逐漸進入我們的長期毛利率模型，即 59% 至 62%，並且隨著時間的推移會達到這一目標。

Excellent.

出色的。

Thanks, Fermi.

謝謝，費米。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Yes, thanks for taking my question.

是的，感謝您提出我的問題。

Maybe a slightly different subject.

也許是一個稍微不同的主題。

But can you talk more about your 2-nanometer development when you expect tape out and the target end markets for those products?

但是，當您預計流片時，您能否多談談您的 2 奈米開發以及這些產品的目標終端市場？

Yeah.

是的。

Thank you.

謝謝。

First of all, we only kick off 2-nanometer projects and on our engineer road map, and we have engineers working on it.

首先，我們只啟動 2 奈米專案和我們的工程師路線圖，我們有工程師在研究它。

We expect the first 2-nanometer chip will tape out, let me say, Q4 next year in that period of time.

我們預計首款 2 奈米晶片將在明年第四季問世。

And of course, the first ship target is for IoT and our enterprise IoT as well as IoT other section will benefit from this.

當然，第一個目標是物聯網，我們的企業物聯網以及物聯網其他部分都將從中受益。

But of course, that our 2-nanometer is also very important.

當然，我們的2奈米也非常重要。

You should consider 2-nanometer as a family chip just what we did with 5 nano and 10 nano.

您應該將 2 奈米視為家庭晶片，就像我們對 5 奈米和 10 奈米所做的那樣。

And for 2-nanometer chip, it's important for us to consider build up our new technology for -- to address the need of new AI platforms and new AI workload like Gen AI and other type of transformer network, and we definitely will upgrade our architecture based on our 2-nanometer process node.

對於 2 奈米晶片，我們必須考慮建立新技術，以滿足新的人工智慧平台和新的人工智慧工作負載（如 Gen AI 和其他類型的變壓器網路）的需求，我們肯定會升級我們的架構基於我們的2 奈米製程節點。

Okay.

好的。

Great.

偉大的。

It sounds exciting.

聽起來很令人興奮。

Maybe just from John's point of view, as the OpEx is all the spending for 2-nanometer as you go through the fiscal year.

也許只是從約翰的角度來看，因為營運支出是整個財年中 2 奈米技術的所有支出。

Yeah.

是的。

I mean, we haven't given guidance for '26 for OpEx yet.

我的意思是，我們還沒有為 '26 的營運支出提供指導。

But as Fermi said, we're already amortizing the costs for the 2 nano project.

但正如費米所說，我們已經在攤銷 2 奈米專案的成本。

So I think OpEx -- I would expect OpEx to increase as just absolute number next year, but the 2 nano project is already baked into the run rate.

所以我認為 OpEx - 我預計明年 OpEx 的絕對數字會增加，但 2 Nano 專案已經納入運行率中。

Okay, great.

好的，太好了。

Thanks.

謝謝。

Congratulations.

恭喜。

Thank you.

謝謝。

David O'Connor, BNP Paribas.

大衛‧奧康納，法國巴黎銀行。

Yeah, great.

是的，太棒了。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe two from my side, if I may.

如果可以的話，也許我這邊有兩個。

Just first, you guys on the auto funnel, again, going from that $2.4 billion down to $2.2 billion.

首先，你們再次進入汽車漏斗，從 24 億美元降至 22 億美元。

Can you kind of break that out?

你能解決這個問題嗎？

How much was kind of canceled and then how much was added back in just to give a sense of kind of the relative size of those cancellation.

取消了多少，然後又增加了多少，只是為了了解這些取消的相對規模。

And also kind of on those cancellations, anything you can share geographically of where you saw most of those cancellations.

還有關於這些取消的信息，您可以分享您看到大多數取消的地理位置的任何資訊。

And I have a follow-up.

我有一個後續行動。

Right.

正確的。

So I think the right word to describe that chart, if you look at all of the decrease and increase is volatile, right?

所以我認為描述該圖表的正確詞是，如果你看看所有的減少和增加都是不穩定的，對嗎？

And in fact, is volatile for reasons that, first of all, a lot of our customers pushing out the project and some of that reduced the forecast.

事實上，它是不穩定的，原因是，首先，我們的許多客戶推出了該項目，其中一些客戶降低了預測。

But definitely multiple projects get canceled.

但肯定有多個項目被取消。

The most of the consolidation happens in Europe in US.

大部分整合發生在歐洲和美國。

And obviously, there is definitely project that can because software reason of other transactions that impacted the road map of the company.

顯然，肯定有一個項目可以因為其他交易的軟體原因影響公司的路線圖。

So I think that definitely is clearly a big portion of the movement of our pipeline.

所以我認為這顯然是我們管道移動的很大一部分。

But I would say that we add a project in there also based on the engagement of Level 2-plus.

但我想說的是，我們在那裡添加了一個項目，也是基於 2 級以上的參與度。

So that's a plus and minus.

所以這是一個優點和缺點。

But one color I want to make it clear that, of course, we have new design wins in there that we already announced their design wins we haven't announced.

但我想澄清的一種顏色是，當然，我們有新的設計勝利，我們已經宣布了我們尚未宣布的設計勝利。

But they also -- there's -- the downside is also mainly for a lot of our project that we won last year and the forecast continue being reduced.

但他們也 - 那裡 - 也主要是我們去年贏得的許多項目以及預測繼續降低。

Some is reduced by 10%, some reduced by even larger margin.

有的減少了10%，有的減少幅度更大。

So that's a combination that we're dealing with in our pipeline.

這就是我們正在處理的管道中的組合。

That's very helpful.

這非常有幫助。

And just one follow-on.

並且只有一個後續。

Just on China again, you mentioned -- I think John mentioned it 16% of sales today.

再次談到中國，您提到——我想約翰提到了它佔今天銷售額的 16%。

And also you said that kind of in the pipeline, it's 15% as well China -- but then China is innovating a lot faster.

你也說過，這種情況正在醞釀中，中國也是 15%，但中國的創新速度要快得多。

So can you just go back and explain why China isn't higher in the mix?

那麼您能回過頭來解釋為什麼中國的排名不高嗎？

Or where should China land in kind of a steady state in terms of the mix really?

或者說，就混合而言，中國應該在哪裡真正達到穩定狀態？

Well, first of all, I think John just tried to explain that even we won a design win from China because the design cycle usually two to three years instead of five to six years.

嗯，首先，我認為約翰只是試圖解釋，即使我們贏得了中國的設計勝利，因為設計週期通常是兩到三年，而不是五到六年。

So the impact -- every Chinese design win doesn't matter it's one in pipeline, you only occupy three out of six years of that funnel.

因此，影響——每一項中國設計的勝利並不重要，它是否正在醞釀中，你只佔據了這個漏斗六年中的三年。

So that's why just from that point of view, China represents smaller than the reality because all the other projects like US or Europe or even Japan, Korea, usually, any design win is five to six years of pipeline.

這就是為什麼從這個角度來看，中國的表現比現實要小，因為所有其他項目，如美國或歐洲，甚至日本、韓國，通常，任何設計勝利都需要五到六年的準備時間。

So I think that's one reason John tried to say is because of that two to three year design cycle, you make China number smaller than it should be.

所以我認為這就是約翰試圖說的原因之一，因為兩到三年的設計週期，你讓中國的數字比應有的要小。

Suji Desilva, ROTH Capital.

蘇吉·德西爾瓦，羅仕資本。

Hi Fermi, hi John.

嗨費米，嗨約翰。

So, on the L2+ us win do you have, can you talk about the competitive landscape and your design win share across those?

那麼，在 L2+ 美國方面，您能談談競爭格局以及您的設計在這些方面的勝利份額嗎？

And I'm curious how impactful the Conti and Bosch partnerships are in helping you secure those wins?

我很好奇康迪和博世的合作關係在幫助您獲得這些勝利方面有多大影響力？

Yeah.

是的。

So in fact, the competitive landscape didn't change.

所以事實上，競爭格局並沒有改變。

Outside China, in fact, the worldwide is NVIDIA, Qualcomm and Mobileye and us, right, the four company.

在中國以外，其實全世界就是NVIDIA、高通、Mobileye和我們對，這四家公司。

And in China, you have to add the Horizon Robotics in there.

在中國，你必須在那裡添加地平線機器人。

So I think those are probably the company we're competing against.

所以我認為這些可能是我們正在競爭的公司。

And I think Conti and Bosch continue to play a major role because right now, with all the OEM design wins outside China, OEMs still want to work with a Tier 1.

我認為康迪和博世將繼續發揮重要作用，因為目前，儘管所有 OEM 設計都在中國以外贏得了勝利，但 OEM 仍然希望與一級供應商合作。

Our role to OEM is really providing silicon and sometimes providing software, but they always need a Tier 1 sitting in between.

我們對 OEM 的作用實際上是提供晶片，有時還提供軟體，但他們總是需要介於兩者之間的第 1 層。

So that Conti and Bosch always play a major role because they are bidding on the design win.

因此，康蒂和博世始終發揮著重要作用，因為他們正在競標設計勝利。

We are helping them to work, to bid on those design win.

我們正在幫助他們工作，競標那些贏得設計的項目。

So working closely with the Tier 1 continue to be important for us.

因此，與一級機構的密切合作對我們來說仍然很重要。

Okay, thanks Fermi.

好的，謝謝費米。

And then my other question is on the customers and helping kind of adoption.

然後我的另一個問題是關於客戶和幫助採用。

You said customer software readiness is one of the factors in the timing of adoption.

您曾說過客戶軟體準備情況是採用時機的因素之一。

Is there anything you can do from your end to help that equation, help them speed that cycle along with software rates?

您能做些什麼來幫助這個等式，幫助他們加快這個週期以及軟體速度嗎？

Or is that something you just have to have the customer do then the ready to adopt you?

或者您只需要讓客戶做好準備就可以採用您？

Absolutely.

絕對地。

That's one thing we really focus on to do.

這是我們真正專注做的一件事。

First of all, for example, we already introduced our software stack to many people.

首先，例如，我們已經向很多人介紹了我們的軟體堆疊。

And more importantly, we already show some of our important customers that using our software stack is design for Level 4, we can easily in less than two months adopted to the Level 2-plus type of sensor configuration.

更重要的是，我們已經向一些重要客戶表明，使用我們的軟體堆疊是針對 Level 4 設計的，我們可以在不到兩個月的時間內輕鬆採用 Level 2+ 類型的感測器配置。

So that a quick [updation] from Level 4 to Level 2-plus really help customers to understand using our software, they can easily -- and our software, of course, it can easily move from Level 2-plus, Level 3 and Level 4.

因此，從 4 級到 2+ 級的快速[更新]確實可以幫助客戶了解如何使用我們的軟體，他們可以輕鬆地——當然，我們的軟體可以輕鬆地從 2 級+、3 級和 3 級升級4.

And that is important because that really significantly reduce their software investment.

這很重要，因為這確實顯著減少了他們的軟體投資。

That's one.

這是一個。

Two, we also have a business model to enable our customer by licensing whatever software module they think that we -- that they can leverage.

第二，我們還有一個商業模式，透過授權他們認為我們可以利用的任何軟體模組來支援我們的客戶。

For example, we knew that we are doing well quite well on the perception side, and we definitely believe that we are one of the few really demoing using HD mapp to do a perception and driving.

例如，我們知道我們在感知方面做得很好，我們絕對相信我們是少數真正使用高清地圖進行感知和駕駛演示的人之一。

And those kind of function features are very welcome.

這些功能特性非常受歡迎。

So any -- we are helping -- if any customer wants to use those function features, we are open to license and helping them to integrate to their other software stack.

因此，如果任何客戶想要使用這些功能特性，我們都會提供協助，我們將開放授權並幫助他們整合到其他軟體堆疊中。

So I think the combination that we have our own software that is scalable from the Level 2 to Level 4 and also we are willing to license IP that can help our customers.

因此，我認為我們擁有自己的軟體，可以從 2 級擴展到 4 級，而且我們願意授權 IP 來幫助我們的客戶。

I think those are two areas we can definitely help our customers to speed up the software development.

我認為這兩個領域我們絕對可以幫助我們的客戶加快軟體開發。

Okay.

好的。

Thanks Fermi.

謝謝費米。

Martin Yang, OppCo.

馬丁楊，OppCo.

Thank you for taking the question.

感謝您提出問題。

Only one question regarding the automotive pipeline change.

關於汽車管道變化只有一個問題。

Given where you're seeing with European customers and US customers, does it change your outlook for potential margin contribution from those automotive design wins?

考慮到您對歐洲客戶和美國客戶的看法，這是否會改變您對這些汽車設計勝利的潛在利潤貢獻的看法？

Yeah, in fact, we talk about how we go into production with CV3, our gross margin definitely is going to be in the low end of our long-term gross margin model.

是的，事實上，我們談論的是如何使用 CV3 進行生產，我們的毛利率肯定會處於長期毛利率模型的低端。

So I think that's because we are competing with the largest possible semiconductor company out there and we're expecting a steep competition.

所以我認為這是因為我們正在與最大的半導體公司競爭，我們預計會出現激烈的競爭。

So that definitely will change.

所以這肯定會改變。

But however, in the short term, I continue to believe that we will maintain our current gross margin model, which is 59% to 62%.

但短期內，我仍然相信我們將維持目前的毛利率模式，即 59% 至 62%。

And although we are running above it for many quarters now, but we think we're gradually moving down back to that range..

儘管我們現在很多季度都在高於這個範圍，但我們認為我們正在逐漸回落到這個範圍。

Got it.

知道了。

A quick follow-up.

快速跟進。

So again, on broad picture company-wide margin.

再說一次，從整個公司的利潤率來看。

Do you think -- where do you think -- what factors would drive the margins?

你認為──你認為──哪些因素會推動利潤率？

Do you think it's mixed or any other factors you would point out that have a bigger influence on the long-term margin outlook?

您認為這是好壞參半的，還是您認為對長期利潤率前景有更大影響的其他因素？

Yeah.

是的。

So if you look at only short-term quarter-to-quarter, mix is only reason.

因此，如果你只專注於短期的季度業績，那麼混合就是唯一的原因。

Every quarter when our product mix that we sell differently that change our gross margin.

每個季度我們銷售的產品組合都會有所不同，這會改變我們的毛利率。

That you see that in Q3 gross margin go to low end because of mix.

您可以看到，由於混合原因，第三季毛利率降至低階。

But if you look at long term, I really think that before we hit CV3, we continue to move to -- our strategy is to always try to sell value to our customers.

但如果你著眼長遠，我真的認為在我們達到 CV3 之前，我們將繼續轉向——我們的策略是始終嘗試向客戶銷售價值。

.

。

And when we move to 5-nanometer, people ask what you can really continue to maintain your gross margin model with higher cost of 5-nano, and we prove that we can.

當我們轉向 5 奈米時，人們會問，如何才能真正以更高的 5 奈米成本繼續維持毛利率模型，我們證明我們可以。

So I think for our current business particularly current IoT and automotive business, we are quite comfortable about our guidance on the gross margin profile.

因此，我認為對於我們目前的業務，特別是當前的物聯網和汽車業務，我們對毛利率狀況的指導感到非常滿意。

But I think CV3, you since have time to work on it to work on it, to work with our supply chain and so on.

但我認為 CV3，你有時間去研究它，與我們的供應鏈合作等等。

So I will say that I think although we guided lower than our current gross margin -- to the low end of our gross margin model, but I still think we have time to work on it.

所以我想說，我認為雖然我們的毛利率指引低於目前的毛利率——毛利率模型的低端，但我仍然認為我們有時間努力解決這個問題。

Got it.

知道了。

Thank you, Fermi.

謝謝你，費米。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Well, thanks for taking my questions as well.

嗯，也感謝您提出我的問題。

There haven't been a lot of discussion on GenAI in this call.

這次電話會議中沒有太多關於 GenAI 的討論。

So maybe, Fermi, if you can talk about the progress here since you announced this initiative, I mean, just over a year ago.

所以，費米，如果你能談談自從你宣布這項倡議以來所取得的進展，我的意思是，就在一年多前。

How that's building out here.

這裡是如何建設的。

Maybe if you want to use it in the framework, you're talking about your funnel in the automotive space, talk about it to GenAI.

也許如果您想在框架中使用它，您正在談論汽車領域的漏斗，請與 GenAI 討論。

I guess I'd love to hear about that.

我想我很想聽聽這個。

In the last four quarters, I think it's become very clear to me and to the company, GenAI is going to impact not only just outside our current market.

在過去的四個季度中，我認為我和公司都非常清楚，GenAI 不僅會影響我們當前的市場之外。

In fact, overall current market will be impacted by GenAI in a different way.

事實上，當前整體市場將受到GenAI不同方式的影響。

In fact, all our customers are looking type of GenAI model going to impact their business.

事實上，我們所有的客戶都在尋找能夠影響他們業務的 GenAI 模式。

So it's important for us to understand what our customer wants and engage with them as early as possible.

因此，對我們來說，了解客戶的需求並儘早與他們互動非常重要。

So we engage with them start on, I would say, six quarters ago, and we show them what we can do with start with N1, I would say, five, six quarters ago, and we show them what we can do with N1 type of performance, and we're still working with several customers on the POC and potentially products.

所以我們從六個季度前開始與他們接觸，我們向他們展示我們可以從 N1 開始做什麼，我想說，五六個季度前，我們向他們展示我們可以用 N1 類型做什麼我們仍在與一些客戶就POC 和潛在產品進行合作。

And at the same time, when we realize that our customers -- in fact, our customer -- current customer told us they need to start looking at GenAI and looking at the clip type of function or other type of large language model to help their business, we start looking at CV72 or CV75 type of product, how does that support our current customer.

同時，當我們意識到我們的客戶——事實上，我們的客戶——當前的客戶告訴我們，他們需要開始研究 GenAI 並研究剪輯類型的函數或其他類型的大型語言模型來幫助他們業務方面，我們開始關注CV72 或CV75 類型的產品，它如何支援我們目前的客戶。

And frankly, we are very pleased to find out that the chip, CV72 and CV75 we define for the enterprise security business can be used to run a large language model, although it's not large, but it's a 3 billion parameter clip type of new network and any derivative of that.

而且坦白說，我們非常高興地發現我們為企業安全業務定義的晶片CV72和CV75可以用來運行大型語言模型，雖然不大，但它是一個30億參數的剪輯式新網路及其任何衍生品。

So it definitely helps our customers to start looking at how the clip can run on this kind of edge device in the camera.

因此，它肯定可以幫助我們的客戶開始了解剪輯如何在相機的這種邊緣設備上運行。

We're talking about 5-watt chip running a 3 billion parameter, which is very difficult to find in the market today.

我們談論的是運行 30 億個參數的 5 瓦晶片，這在當今市場上很難找到。

And more on top of that, in fact, a lot of our -- the traditional security camera service provider, for example, those consumer or IoT home supplier like Ring, like Nest, they just announced that they're going to use GenAI type of service.

最重要的是，事實上，我們的許多人——傳統的安全攝影機服務供應商，例如，像Ring、Nest這樣的消費者或物聯網家庭供應商，他們剛剛宣布他們將使用GenAI類型的服務。

In fact, they all announced running clip type of neural network on the server, and they charge a customer $10 a month.

事實上，他們都宣佈在伺服器上運行剪輯類型的神經網絡，並且每月向客戶收取 10 美元的費用。

And we think that we can enable similar service at edge and significantly reduce the cost of enabling that service.

我們認為我們可以在邊緣啟用類似的服務，並大幅降低啟用該服務的成本。

So I think we start seeing a new trend that GenAI is not just for large language model for open AI type of company.

所以我認為我們開始看到一個新趨勢，即 GenAI 不僅適用於開放 AI 類型公司的大型語言模型。

In fact, it will come down to apply to all the major -- our current customer and maybe even other customers we can serve with.

事實上，它將適用於所有主要客戶——我們目前的客戶，甚至可能是我們可以服務的其他客戶。

So our talk about GenAI strategy.

所以我們談 GenAI 戰略。

First of all, we continue to use N1 and CV7 family to engage customers.

首先，我們繼續使用N1和CV7系列來吸引客戶。

We believe we're going to see some of our customers putting a clip type of network onto our CV70 family camera sometime next year, and that will be our first revenue from CV7.

我們相信明年某個時候我們會看到一些客戶將剪輯類型的網路安裝到我們的 CV70 家庭相機上，這將是我們從 CV7 獲得的第一筆收入。

And we believe 2026, we're going to see some revenue as we expected.

我們相信，到 2026 年，我們將看到一些預期的收入。

But more importantly, I think to address this GenAI platform, I think our 2-nanometer process is going to play a major role because we believe to solve the GenAI in an appropriate architecture, we need to go to the most advanced node.

但更重要的是，我認為為了解決這個 GenAI 平台，我認為我們的 2 奈米製程將發揮重要作用，因為我們相信要在適當的架構中解決 GenAI，我們需要進入最先進的節點。

Of course, we need to solve not only just the processing performance, but also DRAM bandwidth.

當然，我們不僅需要解決處理效能，還需要解決DRAM頻寬。

But I think we do have a plan to address both.

但我認為我們確實有一個解決這兩個問題的計劃。

Okay.

好的。

A lot of detail there for me.

對我來說有很多細節。

I'll follow up with that one a little bit later, but my follow-on question here is -- so obviously, as you just detailed, I don't know a prior question here about the competitive dynamics here, competitive environment, where you're the smallest company out there and probably later to market.

我稍後會跟進這個問題，但我的後續問題是——很明顯，正如你們剛才所詳述的，我不知道這裡的競爭動態、競爭環境、你們是最小的公司，而且可能較晚進入市場。

What kind of with all the pushouts that we've seen in the automotive space as exemplified in your funnel change year-on-year here, do you think this is going to end up being a net positive for you, allowing you to catch up in any manner?

我們在汽車領域看到的所有推出（如您的漏斗逐年變化所示）是什麼樣的，您認為這最終會對您產生淨積極影響，讓您迎頭趕上以任何方式？

Maybe just kind of discuss how these -- the changes in the environment are going to be beneficial for you?

也許只是討論一下環境的變化將如何對您有利？

Well, first of all, I think the pushback, I said the pushout is because, one, the price need to be right, right?

嗯，首先，我認為抵制，我說推出是因為，第一，價格需要合適，對吧？

Two, the software need to be ready.

二、軟體要準備好。

And both of them -- we are -- I think the market or the current -- the OEMs are definitely looking for both of that and Ambarella definitely have a solution for both.

我認為無論是市場還是當前，原始設備製造商肯定都在尋求這兩者，而 Ambarella 肯定有針對這兩者的解決方案。

Our bond costs, our lower power consumption, so we can have a much lower cost on the battery and power dissipation solution.

我們的債券成本，我們較低的功耗，因此我們可以在電池和功耗解決方案上獲得更低的成本。

That definitely helps.

這絕對有幫助。

The other one is software solution that we think we have a scalable software solution that can easily scale from the Level 2 to Level 4.

另一個是軟體解決方案，我們認為我們擁有一個可擴展的軟體解決方案，可以輕鬆從 2 級擴展到 4 級。

I haven't seen -- we definitely believe that also is helpful.

我還沒看到——我們絕對相信這也是有幫助的。

So I won't say that the delay is going to help us, but I definitely think that we can -- we have a solution for the reason of the delays.

所以我不會說延遲會對我們有幫助，但我絕對認為我們可以——我們針對延遲的原因有一個解決方案。

Thank you.

謝謝。

Thank you.

謝謝。

Gus Richard, Northland Capital Markets.

格斯理查德，北國資本市場。

Yeah, thanks for taking my question and congratulations on the strong results.

是的，感謝您提出我的問題並祝賀我們取得了優異的成績。

Just going back to the AI consumer cameras, how much of an ASP uplift would that provide you guys as that capability rolls out?

回到人工智慧消費者相機，隨著該功能的推出，它會為你們帶來多少 ASP 提升？

Right.

正確的。

So first of all, today, our average ASP, the company-wide average ASP, I would say, is around $12, $13 and it continue going up and going up because our CV2 -- for example, our CV2 family ASP is around $18, $19.

首先，今天我們的平均 ASP，全公司的平均 ASP，我想說，大約是 12 美元、13 美元，而且它還在繼續上升，因為我們的 CV2——例如，我們的 CV2 系列 ASP 約為 18 美元，19 美元。

Our CV5, like I said, is anywhere between $25 to $50.

正如我所說，我們的 CV5 價格在 25 美元到 50 美元之間。

And the CV7 is probably somewhere between -- CV7 family, let me make clear, CV75, CV72 is anywhere between low -- high teens to probably $30, $40.

CV7 可能介於 CV7 系列之間，讓我明確一下，CV75、CV72 的價格介於低十幾歲到 30 美元、40 美元之間。

So you can see that the trend is definitely we are building more capability into our chip for AI performance and therefore, driving up the ASP.

所以你可以看到，趨勢肯定是我們正在為我們的晶片建立更多的人工智慧效能功能，從而推高平均售價。

So we continue to expect our ASP growth will be there.

因此，我們繼續預計平均售價將會成長。

Got it.

知道了。

And then just given the change in administration, securing the border, deporting a bunch of people.

然後考慮到政府的變化，確保邊境安全，驅逐了一群人。

I would imagine that the demand for security cameras is going to increase.

我認為安全攝影機的需求將會增加。

And I'm just wondering at this point, are you seeing any uptick from your enterprise customers or potentially government entities?

我現在只是想知道，您是否看到企業客戶或潛在政府實體的業務有所成長？

We definitely see that the IoT enterprise continue to grow.

我們確實看到物聯網企業持續成長。

In fact, we always said that we believe this year, next year, IoT enterprise continue to grow in a healthy way for us.

事實上，我們一直說，我們相信今年、明年，物聯網企業將繼續健康發展。

I think that might reflect what you said.

我想這可能反映了你所說的。

But I definitely think that the current overall environment will continue to drive security camera growth.

但我絕對認為當前的整體環境將繼續推動安全攝影機的成長。

Got it.

知道了。

Thanks so much.

非常感謝。

Thank you.

謝謝。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I would now like to turn it back to Fermi Wang, President and CEO, for closing remarks.

現在我想請總裁兼執行長費米·王 (Fermi Wang) 致閉幕詞。

And I would like to thank everyone to participate today and looking forward to see you on the different roadshow and our ce s. Thank you very much.

我要感謝大家今天參加，並期待在不同的路演和我們的 CE 上見到你們。非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。