Ambarella Inc (AMBA) 2026 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to Ambarella's third-quarter fiscal year 2026 earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded.

您好，感謝您的耐心等待。歡迎參加安霸公司2026財年第三季財報電話會議。（操作員指示）請注意，今天的通話將會被錄音。

I will now attend the call over to your speaker, Louis Gerhardy, Vice President, Corporate Development. Please go ahead.

現在我將把電話轉交給你們的發言人，企業發展副總裁路易斯‧格哈迪。請繼續。

Thank you, Victor. Good afternoon and thank you for joining our third-quarter fiscal year 2026 financial results conference call. On the call with me today is Dr. Fermi Wang, President and CEO; and John Young, CFO. The primary purpose of today's call is to provide you with information regarding the results for our third-quarter fiscal year 2026. The discussions 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.

謝謝你，維克多。下午好，感謝各位參加我們2026財年第三季財務業績電話會議。今天和我一起通話的是總裁兼執行長費米·王博士和財務長約翰·楊。今天電話會議的主要目的是向您提供有關我們 2026 財年第三季業績的資訊。今天的討論以及對您問題的回答將包含有關我們預計的財務業績、財務前景、市場成長以及對我們解決方案的需求等方面的預測性陳述。

These statements are based on currently available information that's subject to risk, 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 file with the SEC.

這些聲明是基於目前可獲得的信息，但存在風險、不確定性和假設。如果這些風險或不確定性中的任何一個成為現實，或者如果我們的假設被證明是錯誤的，那麼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。這些風險、不確定性和假設，以及可能影響我們財務業績的潛在風險因素的其他信息，在我們向美國證券交易委員會提交的文件中均有更詳細的描述。

Before starting the call, we hope to see you at one of the following investor events that we have scheduled during the fourth quarter. December 2 and 3, we will be at the UBS Global Technology and AI Conference in Scottsdale; December 9 and 10 at Nasdaq's London Conference. January 6 from 4:00 PM to 5:30 PM at our CES location, we'll be hosting a technology and product briefing. January 6 to 10, we'll be hosting more than a dozen cell site analyst tours of our CES demonstrations, again at our CES location in Las Vegas, and January 17 at the Needham Conference in New York.

在電話會議開始之前，我們希望能在第四季度安排的以下投資者活動中見到您。12月2日和3日，我們將參加在斯科茨代爾舉行的瑞銀全球科技與人工智慧大會；1​​2月9日和10日，我們將參加納斯達克在倫敦舉行的會議。1月6日下午4點至5點30分，我們將在CES展間舉辦技術與產品簡報會。1 月 6 日至 10 日，我們將再次在拉斯維加斯的 CES 展位接待十幾位基地台分析師參觀我們的 CES 演示，1 月 17 日將在紐約的 Needham 會議上接待他們參觀。

Access to our third-quarter fiscal year 2026 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找到我們 2026 財年第三季業績、新聞稿、文字記錄、歷史業績、美國證券交易委員會文件以及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為安霸瑞拉公司的財產，未經我們事先書面同意，不得複製或轉錄。

Fermi will now provide a business update for the quarter, John will review the financial results, and then we will be available for your questions. Fermi?

Fermi 將介紹本季的業務進展情況，John 將回顧財務業績，之後我們將回答您的問題。費米？

Thank you, Louis. Good afternoon, and thank you for joining our call today. Before we proceed, I want to let you know that last call, our Co-Founder and CEO will be stepping down from the Board of Directors to become our Chief Technology Advisor. He will continue to oversee our technology direction and development but without management responsibilities and with reduced time commitment.

謝謝你，路易斯。下午好，感謝各位今天參加我們的電話會議。在我們繼續之前，我想告訴大家，在最後一次電話會議上，我們的共同創辦人兼執行長將卸任董事會職務，轉任首席技術顧問。他將繼續監督我們的技術方向和發展，但不再承擔管理職責，投入的時間也會減少。

Les and I have worked closely since 1994 across four companies. I'm grateful that Les will continue as my close partner for over 31 years and beyond, and he's truly the best I could wish for. I'm happy he will have more time to pursue his passions, but I will definitely miss our daily conversations on various topics.

自 1994 年以來，我和 Les 在四家公司密切合作。我很感激萊斯將繼續作為我的親密夥伴陪伴我超過 31 年，甚至更久，他真的是我夢寐以求的伴侶。我很高興他能有更多的時間去追求自己的愛好，但我肯定會想念我們每天關於各種話題的談話。

Turning to our fiscal third quarter, we are reporting another strong quarter with both revenue and non-GAAP EPS exceeding expectations. We achieved record quarterly revenue of $108.5 million, slightly above the high end of our guidance range. Edge AI revenue, which we defined as a product that integrates one of our proprietary deep-learning AI accelerators, was about 80% of our total revenue, representing our sixth consecutive quarter of record Edge AI revenue.

展望我們第三財季，我們再次取得了強勁的業績，營收和非GAAP每股盈餘都超出預期。我們實現了創紀錄的季度營收，達到 1.085 億美元，略高於我們預期範圍的上限。我們將邊緣人工智慧收入定義為整合我們專有的深度學習人工智慧加速器的產品，該收入約占我們總收入的 80%，這是我們連續第六個季度創下邊緣人工智慧收入紀錄。

We have increased our fiscal '26 revenue guidance, which projects an all-time fiscal year total revenue record for Ambarella. The strength in our average selling price and with breadth of demand, we are raising our fiscal 2026 value growth guidance for a range of 36% to 38%, or approximately $390 million at midpoint. This compares with our prior estimate provided on August 28 for 31% to 35% year-over-year growth, or approximately $379 million at midpoint. These results are very encouraging, but I'm even more excited about the edge AI opportunity ahead of us.

我們提高了 2026 財年的營收預期，預計 Ambarella 將創下該財年總營收的歷史新高。鑑於平均售價的強勁表現和廣泛的市場需求，我們將 2026 財年價值成長預期上調至 36% 至 38%，或中位數約為 3.9 億美元。這與我們 8 月 28 日給出的先前估計相比，同比增長 31% 至 35%，或按中間值計算約為 3.79 億美元。這些結果非常令人鼓舞，但我更興奮的是我們面前的邊緣人工智慧機會。

There are three key factors behind our enthusiasm and our strong commitment to edge AI. First, the breadth of application demanding edge AI technology and our product is expanding. Second, the AI performance requirement for our product roadmap is expected to continue to rise, driving robust new product cycles. Third, our ASP has been increasing; and in the long run, we continue to see an excellent opportunity to capture more value per design.

我們對邊緣人工智慧的熱情和堅定承諾背後有三個關鍵因素。首先，對邊緣人工智慧技術和我們產品的應用範圍正在不斷擴大。其次，我們產品路線圖對人工智慧效能的要求預計將持續提高，從而推動強勁的新產品週期。第三，我們的平均售價一直在成長；從長遠來看，我們仍然看到透過每個設計獲得更多價值的絕佳機會。

I'll elaborate on those points. First, AI at edge is becoming more prevalent, driving an increasing breadth of applications in both enterprise and consumer-driven market. Our edge AI business started in enterprise security, followed by automotive safety, smart home, telematics, and more recently, the portable video market, which include action camera, panorama cameras, and the body-worn cameras. Looking ahead, high-value instruments into the aerial drone market are expected to commence this quarter, representing just the beginning of our realization of the large robotic market opportunity.

我將詳細闡述這些要點。首先，邊緣人工智慧正變得越來越普遍，推動著企業和消費者市場中應用範圍的不斷擴大。我們的邊緣人工智慧業務始於企業安全領域，隨後擴展到汽車安全、智慧家庭、遠端資訊處理，以及最近的便攜式視訊市場，其中包括運動相機、全景相機和穿戴式相機。展望未來，高價值儀器預計將於本季開始進入無人機市場，這僅標誌著我們開始意識到巨大的機器人市場機會。

There is also strong interest from existing and new customers in our edge infrastructure products and the roadmaps. And we are committed to develop this incremental opportunity. In addition, ADAS and the vehicle economy remain large markets that can leverage our technology to a very high degree.

現有客戶和新客戶對我們的邊緣基礎設施產品和發展路線圖也表現出濃厚的興趣。我們致力於把握這漸進式機會。此外，ADAS 和汽車經濟性仍然是能夠高度利用我們技術的龐大市場。

Second, we see a large opportunity to execute at an edge the increasingly complex AI technologies currently implemented at the core of the network or in the data center. The challenge and our opportunity is that the solutions used as a core of network are often not suitable for the edge, where the edge performance requirement is rising.

其次，我們看到了一個巨大的機會，可以在網路邊緣執行目前在網路核心或資料中心實施的日益複雜的 AI 技術。挑戰和機會在於，用作網路核心的解決方案通常不適用於邊緣，而邊緣效能需求卻在不斷提高。

In the edge market, low power consumption, real-time processing, privacy, security, small phone factors, thermal, network bandwidth efficiency, and low price points are critical. At Ambarella, we continue to invest heavily in our proprietary edge AI SoC technology and products to support this unique and increasingly complex edge AI requirements. For example, our 10-nanometer CV2 family supports CNN networks. And our 5-nanometer embedding our third-generation AI processors is scaling our customer into more complex CNN and generative AI applications simultaneously.

在邊緣運算市場中，低功耗、即時處理、隱私、安全、小巧的手機尺寸、散熱、網路頻寬效率和低價格點至關重要。在安霸，我們將繼續大力投資於我們專有的邊緣人工智慧SoC技術和產品，以支援這種獨特且日益複雜的邊緣人工智慧需求。例如，我們的 10 奈米 CV2 系列支援 CNN 網路。我們採用 5 奈米製程嵌入第三代 AI 處理器，可同時協助客戶擴展到更複雜的 CNN 和生成式 AI 應用。

Third, we'll see an excellent opportunity to continue to increase our ASP. The shift from CPU workload to higher level of accelerated computing, or AI, is well underway. The adoption of increasingly complex data center technology for the edge is another driver.

第三，我們將迎來繼續提高平均售價的絕佳機會。從 CPU 工作負載轉向更高層次的加速運算（即人工智慧）的轉變正在順利進行中。採用日益複雜的邊緣資料中心技術是另一個驅動因素。

Finally, the extension of roadmap beyond edge endpoints and into the edge infrastructure and auto autonomy is also expected in particular to boost our ASP. For example, our SoC-blended ASP in Q3 was up about 20% year over year and as our third-generation AI SoCs and the other new product become a more material portion of our revenue. We anticipate further increase in the value we earn per design wins.

最後，將路線圖擴展到邊緣端點之外，擴展到邊緣基礎設施和自動駕駛領域，預計也將特別提升我們的平均售價。例如，我們第三季的 SoC 混合平均售價年增約 20%，而且我們的第三代 AI SoC 和其他新產品在我們收入中所佔的比例越來越大。我們預計每個設計方案的成交價值將進一步提高。

I will now describe some of the representative customer engagements that reflect the factors I just described. In the enterprise security market, we are very pleased to share a significant milestone with our customer, Sparsh, who became India's first security camera manufacturer to receive STQC certification for its complete range of cameras. At the heart of the collaboration is our CV28. This gives us a tremendous start to accelerate our adoption in a rapidly growing Made in India market.

接下來，我將描述一些能夠反映我剛才所述因素的典型客戶互動案例。在企業安全市場，我們非常高興地與我們的客戶 Sparsh 共同分享一個重要的里程碑，Sparsh 成為印度第一家獲得 STQC 全系列攝影機認證的安全攝影機製造商。此次合作的核心是我們的 CV28。這為我們加速進軍快速成長的印度製造市場奠定了良好的基礎。

Keenfinity, spun out of Bosch, announced their Autodome 7100I moving PTZ camera with built-in AI analytics, ultra-HD image based on CV72. They have also announced their Dinon thermal security camera that is based on CV22. It runs their CNN models to detect and classify objects accuracy up to 2,000 feet.

從博世分拆出來的 Keenfinity 公司發布了其 Autodome 7100I 行動 PTZ 攝影機，該攝影機內建 AI 分析功能，並基於 CV72 技術提供超高清影像。他們還發布了基於 CV22 的 Dinon 熱成像安防攝影機。它運行其 CNN 模型來檢測和分類物體，精度可達 2000 英尺。

Verkada announced their upcoming CV75-based AF64 Access Station Pro, which enables secure physical access with AI facial recognition-powered face unlock alongside traditional badge and the mobile access method. The company also launched a new CR63-E remote security camera that leverage the power efficiency of our CV75. They also expanded CV72-based multi-sensor security camera product line, including CH53-E, CH63-E, and CY63-E 2.

Verkada 宣布即將推出基於 CV75 的 AF64 Access Station Pro，該產品除了傳統的門禁卡和行動存取方式外，還支援 AI 臉部辨識技術實現人臉解鎖，從而實現安全的實體存取。該公司還推出了新的 CR63-E 遠端安全攝像頭，利用了我們 CV75 的節能特性。他們還擴展了基於 CV72 的多感測器安全攝影機產品線，包括 CH53-E、CH63-E 和 CY63-E 2。

Motorola has developed their Avigilon Halo 4 Smart Sensor on our CV25, which is an all-in-one environmental monitoring, and security device that is designed for areas where cameras are restricted to detect events like smoke, fire, and audio anomalies. In the robotic smart home market, one of our customers, Whisker, announced the Litter-Robot 5 Pro, their first model with facial recognition that supports true night vision-equipped AI-powered camera based on our CV28.

摩托羅拉在我們的 CV25 上開發了 Avigilon Halo 4 智慧型感測器，CV25 是一款一體化環境監測和安全設備，專為攝影機受限的區域設計，用於偵測煙霧、火災和音訊異常等事件。在智慧家庭機器人市場，我們的客戶之一 Whisker 發布了 Litter-Robot 5 Pro，這是他們的首款具備人臉辨識功能的機型，支援基於我們 CV28 的真正夜視 AI 攝影機。

We are seeing great momentum in our portable video market with Arash, who released two models this quarter. The X4 Air at just 165 grams, is the new lightest compact 8K 360 action camera. It is based on CV5 and is first in the range to support 8K 30 frames-per-second active HDR. Arash also launched the latest version of their body-worn camera, GO Ultra. Based on CV52, it captures 4K 60 frames-per-second video and 50-megapixel photos with improved performance even in low-light environments.

我們看到便攜式視訊市場發展勢頭強勁，Arash 在本季發布了兩款機型。X4 Air 重量僅 165 克，是目前最輕巧的 8K 360 度運動相機。它基於 CV5，是該系列中首款支援 8K 30 幀/秒主動式 HDR 的產品。Arash 也推出了最新版本的隨身攝影機 GO Ultra。它基於 CV52，即使在低光照環境下，也能拍攝 4K 60 幀/秒的影片和 5,000 萬像素的照片，性能更佳。

In our automotive safety, ADAS and telematics business, I would like to share some key customer wins during the quarter. Zeekr, a unit of Geely, has developed their in-cabin DVR system on CV28 for the 9X full-sized luxury model. As Xpeng expands their global market presence, they have built all their driver management system for all their exported models on CV28.

在我們的汽車安全、ADAS 和遠端資訊處理業務方面，我想分享本季取得的一些重要客戶成果。吉利旗下的Zeekr公司為CV28 9X全尺寸豪華車款開發了車內DVR系統。隨著小鵬汽車不斷擴大其全球市場份額，他們已在其所有出口車型上建造了基於CV28的駕駛員管理系統。

Solera, a global leader in vehicle lifecycle management, announced their new SR5 AI-Powered smart camera in October based on our CV22. In a first for Solera, the SR5 camera is powered by AI + HI, human intelligence, a revolutionary approach in fleet telematics that combines AI-based analysis with human oversight to improve safety, efficiency and operations.

全球領先的車輛生命週期管理公司 Solera 於 10 月發布了基於我們 CV22 的全新 SR5 AI 智慧攝影機。Solera 首次推出的 SR5 攝影機採用 AI + HI（人工智慧 + 人類智慧）技術，這是一種革命性的車隊遠端資訊處理方法，它將基於 AI 的分析與人工監督相結合，以提高安全性、效率和營運。

From this representative customer engagements I just described, the strength of our current product portfolio is clearly represented with seven examples from the 10-nanometer CV2 family and seven examples from our 5-nanometer generation. These products, all available today, offers customers a wide variety of options, ranging from CNN to transformer network processing, one-to-many sensor inputs, support for multiple sensing modalities, all at a wide range of price points. Our new product roadmap will expand this portfolio further.

從我剛才描述的這些具有代表性的客戶互動中，我們可以清楚地看到我們當前產品組合的實力，其中有 7 個來自 10 奈米 CV2 系列，7 個來自我們的 5 奈米世代。這些產品目前都有販售，為客戶提供了多種選擇，從 CNN 到 Transformer 網路處理，一對多感測器輸入，支援多種感測模式，而且價格範圍很廣。我們的新產品路線圖將進一步擴展此產品組合。

In addition to our comprehensive and expanding AI SoC portfolio, another important distinguishing characteristic of our portfolio is the advanced VLSI technology we offer to customers at the edge. For example, 5-nanometer-based products represented more than 45% of our total Q3 revenue, with products based on more advanced nodes in development.

除了我們全面且不斷擴展的 AI SoC 產品組合外，我們產品組合的另一個重要特點是我們為邊緣客戶提供的先進 VLSI 技術。例如，基於 5 奈米製程的產品占我們第三季總收入的 45% 以上，而基於更先進製程節點的產品正在開發中。

In summary, the first three quarters of fiscal '26 are steps in the right direction with strong revenue growth, new product execution, profitability, and with our cumulative year-to-date free cash flow almost 14.8%. We continue to forecast a large edge AI-serviceable available market of $12.9 billion by fiscal year 2031.

總而言之，2026 財年的前三個季度朝著正確的方向邁出了步伐，實現了強勁的收入增長、新產品的執行、盈利能力，並且我們年初至今的累計自由現金流接近 14.8%。我們持續預測，到 2031 財年，邊緣人工智慧可服務市場規模將達到 129 億美元。

We recognize the edge AI market is still in its early innings of development. And to successfully address this large SAM, we remain highly committed to our R&D investment that enables us to build upon our existing leadership position. I hope to see you January 6 at our CES 2026 product and technology briefing, which will give you a chance to learn about our new technologies and products and meet a broad set of our management team.

我們認識到邊緣人工智慧市場仍處於發展初期。為了成功應對這龐大的SAM（軟體應用市場），我們將持續大力投入研發，鞏固我們現有的領先地位。我希望能在 1 月 6 日的 CES 2026 產品和技術簡報會上見到您，屆時您將有機會了解我們的新技術和產品，並與我們管理團隊的眾多成員見面。

With that, John will now discuss the Q3 results and the Q4 outlook.

接下來，約翰將討論第三季業績和第四季展望。

Thanks, Fermi. I'll now review the financial highlights for the third quarter of fiscal year 2026, ending October 31, 2025. I will also provide a financial outlook for our fourth quarter of fiscal year 2026, ending January 31, 2026. 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.

謝謝你，費米。接下來，我將回顧截至 2025 年 10 月 31 日的 2026 財年第三季的財務亮點。我也會提供截至 2026 年 1 月 31 日的 2026 財年第四季的財務展望。我將討論非GAAP業績，請參考今天的新聞稿，以了解GAAP業績與非GAAP業績的詳細調節表。

For non-GAAP reporting, we have eliminated stock-based compensation and acquisition-related expenses adjusted for the impact of taxes. For fiscal Q3, revenue was $108.5 million above the high end of our price range, so $100 million to $108 million, up 13.5% from the prior quarter and up 31.2% year over year.

對於非GAAP報告，我們已剔除股票選擇權費用和收購相關費用，並已根據稅務影響進行了調整。第三財季，營收比我們預期價格區間的上限高出 1.085 億美元，或 1 億美元至 1.08 億美元，比上一季成長 13.5%，年成長 31.2%。

Sequentially, automotive revenue increased in the low single digits and IoT increased in the mid-teens, with IoT growth led by the adoption of edge AI in enterprise security and portable video applications. Non-GAAP gross margin for fiscal Q3 was 60.9%, slightly above the midpoint of our prior guidance range of 60% to 61.5% due to product mix.

從環比來看，汽車業務收入成長了低個位數，物聯網業務收入成長了十幾個百分點，其中物聯網業務的成長主要得益於企業安全和便攜式視訊應用中邊緣人工智慧的採用。由於產品組合的原因，第三財季的非GAAP毛利率為60.9%，略高於我們先前60%至61.5%的指導範圍的中點。

Non-GAAP operating expense in Q3 was $55.3 million, slightly below the midpoint of our prior guidance range of $54 million to $57 million. Q3 net interest and other income was $2.1 million. Q3 non-GAAP tax provision was approximately $900,000. We reported a non-GAAP net profit of $11.9 million or $0.27 per diluted share in Q3.

第三季非GAAP營運費用為5,530萬美元，略低於我們先前預測的5,400萬美元至5,700萬美元區間的中點。第三季淨利息等收入為210萬美元。第三季非GAAP稅務準備金約90萬美元。第三季度，我們公佈的非GAAP淨利為1,190萬美元，即每股攤薄收益0.27美元。

Now I will turn to our balance sheet and cash flow. Fiscal Q3 cash and marketable securities reached $295.3 million, increasing $34.1 million from the prior quarter and $68.8 million from the same quarter a year ago. Increased cash and marketable securities benefited primarily from operating cash flow associated with increased revenue. Receivables day sales outstanding decreased from 41 days in the prior quarter to 36 days, and days of inventory decreased from 85 to 76 days.

現在我將介紹我們的資產負債表和現金流量表。財年第三季現金及有價證券達 2.953 億美元，較上一季增加 3,410 萬美元，比去年同期增加 6,880 萬美元。現金和有價證券的增加主要得益於收入增加所帶來的經營現金流。應收帳款週轉天數從上一季的 41 天減少到 36 天，存貨週轉天數從 85 天減少到 76 天。

Operating cash inflow was $34.3 million for the quarter. Capital expenditures for tangible and intangible assets were $2.9 million for the quarter. Free cash flow was $31.4 million. We had one logistics company representing 10% or more of our revenue. WT Microelectronics, a fulfillment partner in Taiwan that ships to multiple customers in Asia, came in at 70.2% of revenue for the third quarter.

本季經營活動產生的現金流入為3,430萬美元。本季有形和無形資產的資本支出為 290 萬美元。自由現金流為3140萬美元。我們有一家物流公司，其收入佔比達到10%或以上。台灣的物流合作夥伴 WT Microelectronics 為亞洲多家客戶出貨，第三季營收佔比高達 70.2%。

I will now discuss the outlook for the fourth quarter of fiscal year 2026. The breadth of our edge AI business is expanding, together with strong unit volume and average selling prices. As a result, in Q4, we forecast revenue in the range of $97 million to $103 million, or $100 million at the midpoint, with a higher percentage of revenue coming from our high-volume customers.

接下來我將討論2026財年第四季的展望。我們的邊緣人工智慧業務範圍正在擴大，同時銷售和平均售價也表現強勁。因此，我們預測第四季營收將在 9,700 萬美元至 1.03 億美元之間，中間值為 1 億美元，其中來自大客戶的營收比例會更高。

Sequentially, due to seasonality, we expect a mid- to high-single-digit decline in both our automotive and IoT businesses. We expect fiscal Q4 non-GAAP gross margin to be in the range of 59% to 60.5%. We expect non-GAAP OpEx in the fourth quarter to be in the range of $55 million to $58 million, with the increase compared to Q3 driven primarily by employee-related and CES expenses. We estimate net interest and other income to be approximately $2 million, our non-GAAP tax expense to be approximately $600,000, and our diluted share count to be approximately 44.5 million shares.

受季節性因素影響，我們預期汽車業務和物聯網業務的環比成長率將出現中高個位數的下降。我們預計第四財季非GAAP毛利率將介於59%至60.5%之間。我們預計第四季非GAAP營運支出將在5,500萬美元至5,800萬美元之間，與第三季相比的成長主要由員工相關支出和CES支出推動。我們預計淨利息及其他收入約為 200 萬美元，非 GAAP 稅項支出約為 60 萬美元，稀釋後股份數量約為 4,450 萬股。

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

感謝您今天參加我們的電話會議。那麼，接下來我會把電話轉給接線生，回答大家的問題。

Thank you. (Operator Instructions) Tore Svanberg, Stifel.

謝謝。（操作員說明）Tore Svanberg，Stifel。

Yes, thank you, and congrats on the record quarter. As my first question, when we think about that, let's call it 36% to 38% growth for fiscal '26, how much of that is unit versus ASP? Because obviously, CV now is becoming a pretty high percentage. But even within CV, obviously, you have ASP increases. Yes, just trying to understand how much of the growth has been driven by ASP versus units.

是的，謝謝，恭喜你們創下季度業績新高。我的第一個問題是，當我們考慮這個問題時，假設 2026 財年的成長率為 36% 至 38%，那麼其中有多少是銷售成長，又有多少是平均售價成長？很明顯，新冠病毒感染率現在已經相當高了。但即使在 CV 內部，顯然也存在平均售價上漲的情況。是的，我只是想了解平均售價（ASP）和銷量分別推動了多少成長。

Right, so I think both of them contribute to our growth. I would say -- I don't have exact number. If I have to guess, it's probably half and a half. I think our unit growth definitely continue to contribute from the CV side, but ASP growth is also significant like we talked about in the script. So I think that both of them contribute to our end results.

對，所以我認為他們倆都對我們的發展做出了貢獻。我只能說——我沒有確切的數字。如果讓我猜的話，大概一半一半吧。我認為，銷售成長肯定會繼續從商用車方面有所貢獻，但正如我們在腳本中提到的，平均售價成長也相當顯著。所以我認為它們都對最終結果有所貢獻。

Yes, thank you, Fermi. That's very helpful. And that's my follow up, you talked about the portable video market. Could you just add some more color there? I mean, it sounds like you have some new design wins. These are obviously AI-based drones, but just -- I know you've been in that market for a while, and obviously, that market sort of faded. And now it seems to be coming back. So how should we just think about that market-driving growth for Ambarella going forward? Thank you.

是的，謝謝你，費米。那很有幫助。這就是我的後續問題，您剛才談到了便攜式視訊市場。能不能在那裡再加點顏色？我的意思是，聽起來你好像贏得了一些新的設計專案。這些顯然是基於人工智慧的無人機，但是——我知道你們在這個市場已經耕耘了一段時間，但很顯然，這個市場已經逐漸萎縮了。現在看來它又要回來了。那麼，我們該如何看待安霸瑞拉未來這種市場驅動型成長呢？謝謝。

Right, so about portable, there are multiple different product line in there. I want to be a little bit more specific on that. In fact, we talk about action sports camera that you said we have been there for many years. And the new category is a panoroma camera that Arash is famous for. And also, we talk about drones that is also part of the portable video.

對了，關於便攜式設備，裡面有很多不同的產品線。我想就此更具體地說明一下。事實上，我們談論的是你說的極限運動相機，我們已經在這個領域耕耘多年了。而新推出的類別是 Arash 聞名遐邇的全景相機。此外，我們還會談到無人機，它也是便攜式影片的一部分。

But in addition to that, our wearable camera, web camera, video conferencing product, all of them are part of the portable device because that's where our customer focusing on. So overall, that's an area that's providing a big portion of our growth this year. And we believe that this market is going to continue to grow. And in fact, I have to say that I'm surprised -- a little surprised by the size of the market that's growing over the year. But definitely, momentum is there. Our job is trying to not only secure our market share, but hopefully, that we can grow some market share in the future.

但除此之外，我們的穿戴式相機、網路相機、視訊會議產品，所有這些都是可攜式裝置的一部分，因為那是我們的客戶關注的重點。所以總的來說，這是今年我們成長的主要來源領域。我們相信這個市場將會繼續成長。事實上，我必須說，我對這個市場在過去一年中不斷增長的規模感到有些驚訝。但可以肯定的是，勢頭已經形成。我們的工作不僅是努力鞏固市場份額，而且希望未來能擴大市場份額。

Tore, it's Louis. Technically, we call it portable video and other, so there's a lot of things in there, as Fermi said.

托雷，是路易斯。從技術上講，我們稱之為便攜式視頻等等，所以裡麵包含了很多東西，正如費米所說。

Yes, thank you for that. Congrats again.

是的，謝謝你。再次恭喜。

Thank you.

謝謝。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

Hi, guys. Thanks for letting me ask a couple questions, and congrats to Les. I guess, first, you talk about the breadth of your business, especially in the edge IoT side of things, or edge AI, IoT, whatever you guys are calling it now. Can you just talk about a little bit about the consumer versus kind of the enterprise side? Now I guess where I'm going is the portable side is great, but we've seen volatility around any sort of consumer applications in years past and cycles past, and I just wondered how you're managing that in this instance.

嗨，大家好。謝謝允許我問幾個問題，也祝賀萊斯。我想，首先，你們要談談你們業務的廣度，尤其是在邊緣物聯網方面，或是邊緣人工智慧、物聯網，不管你們現在叫它什麼。能簡單談談消費者端和企業端的差別嗎？現在我想說的是，便攜式版固然很好，但過去幾年和過去的周期中，我們已經看到任何類型的消費類應用都存在波動，我只是想知道在這種情況下你們是如何應對的。

Hey, Ross. It's Louis. The split is roughly 50-50, 50% kind of enterprise CapEx-driven and 50% consumer. And then within that 50% that's consumer, you've got some kind of consumer durable, things like, say, smart home cameras that get replaced every five or six years. But then you also have consumer discretionary, which I think is some of the more volatile things you were referring to. It's pretty evenly split at the highest level between the CapEx-driven markets and the consumer, but different types of consumer spending.

嘿，羅斯。是路易斯。兩者的比例大致為 50-50，50% 為企業資本支出驅動型，50% 為消費者驅動型。然後，在這 50% 的消費品中，還有一些耐用消費品，例如智慧家居攝像頭，它們每五到六年就要更換一次。但還有非必需消費品，我認為這就是你提到的那些波動性較大的商品之一。在最高層面上，資本支出驅動型市場和消費者之間的份額相當均衡，但消費者的支出類型有所不同。

I guess one for John. How are we thinking about gross margin as we look into next year, just conceptually what the pluses and minuses would be? I know you have the long-term target of the 59% to 62%. You're a little closer to the lower end of that in your fourth-quarter guide. but just running through any of the puts and takes would be helpful.

我想這一個是給約翰的。展望明年，我們該如何看待毛利率？從概念上講，它的優點和缺點分別是什麼？我知道你們的長期目標是達到 59% 到 62%。你的第四季投資目標稍微接近下限。不過，仔細分析買賣點位會很有幫助。

Yes, Ross, thanks. So as you said, our long-term model is 59% to 62%. And as we said in our Q4 guide, the composition of gross margin really depends on the contribution of our high-volume customers. Whatever the gross margin is from quarter to quarter, at least in the near term, that's the primary driver.

是的，羅斯，謝謝。正如你所說，我們的長期模型是 59% 到 62%。正如我們在第四季度業績指南中所說，毛利率的組成實際上取決於我們大批量客戶的貢獻。無論季度間的毛利率是多少，至少在短期內，這都是主要驅動因素。

Great. Thank you.

偉大的。謝謝。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Yes, great. Thank you. I also wanted to ask about that gross margin target, and I guess just as you've kind of refocused to business around a lot of exciting opportunities, is there any chance that to really fully participate in some of the consumer markets that you might accept lower gross margin in exchange for growth? And then I guess you've talked a lot on this call about average selling price. What's driving that focus as ASP versus kind of gross profit dollar per device, things like that?

是的，太好了。謝謝。我還想問一下毛利率目標，我想，既然你們已經將業務重心重新放在了許多令人興奮的機遇上，那麼為了真正全面參與一些消費市場，你們是否有可能接受較低的毛利率以換取增長呢？然後，我想你們在這次電話會議中談了很多關於平均售價的話題。是什麼因素促使人們將關注點放在平均售價（ASP）而不是每台設備的毛利等指標上？

Yes, thanks. So as far as the ASP goes, that is primarily a function of the technology and features that come with these more advanced technology tape-outs that we're doing and products that we're developing on our roadmap. As far as the gross margin goes, like I said, 59% to 62%. I think as far as consumer, on a case-by-case basis, depending on the volume that we see, the opportunities that we see, we're not opposed to gross margins that are maybe not strictly within the 59% to 62% range. But the goal at the corporate level is to, over the long term, stay in that range.

好的，謝謝。因此，就平均售價 (ASP) 而言，這主要取決於我們正在進行的更先進的技術流片以及我們路線圖上正在開發的產品的技術和功能。至於毛利率，正如我所說，在 59% 到 62% 之間。我認為就消費者而言，具體情況具體分析，取決於我們看到的銷售和機會，我們並不反對毛利率可能不嚴格在 59% 到 62% 的範圍內。但從公司層級來看，長期目標是維持在這個範圍內。

Great. Thank you for that. And then I guess there's a lot of enthusiasm for drones, which is a market that you've kind of been in in the past. Can you talk about what are the new elements of that market that probably might drive you to a higher content over time? Is it sort of you think about delivery drones and industrial drones and things like that? Is that a pretty big category for you down the road?

偉大的。謝謝。而且，我猜大家對無人機也充滿熱情，而你們過去也涉足過這個市場。您能否談談該市場中哪些新因素可能會隨著時間的推移促使您提高內容品質？你是不是在考慮送貨無人機、工業無人機之類的東西？長遠來看，這會是一個很重要的類別嗎？

Right. So first of all, we were big in the past, as you said. But we were -- we stopped in that market because of geopolitical situation, not because of our technology solutions. And this time, we came back because we continue to believe a few things. First of all, there was a dominant player, but I think that in the US, the market is wide open at this point for everybody to fight in that capacity.

正確的。首先，正如你所說，我們過去規模很大。但是，我們之所以止步於那個市場，是因為地緣政治情勢，而不是因為我們的技術解決方案。這一次，我們回來了，因為我們仍然相信一些事情。首先，曾經有一家佔據主導地位的公司，但我認為，在美國，目前市場完全開放，每個人都可以參與競爭。

So with our video technology, particularly our panorama camera that we help our customers to build is well suited for this space. So first of all, the driver for us is continue to provide the best video solution in the drone market. But more importantly, I think moving forward, is all the drone going to be autonomous in the future.

因此，我們的視訊技術，特別是我們幫助客戶建立的全景攝影機，非常適合這個領域。所以首先，我們的動力是繼續在無人機市場提供最好的視訊解決方案。但更重要的是，我認為展望未來，所有無人機都將自主運作。

We're kind of looking at today's drones is Level 2 and Level 3, Level 4 drones coming and probably going to drive faster than autonomous driving car. And we believe that in order to have a Level 3 drone that it will require a really powerful chip in addition to the video processing. And that's really played to our strength also that our investment in autonomous driving directly apply to here.

我們現在看到的無人機大致是 L2 級和 L3 級，L4 級無人機即將到來，而且它們的飛行速度可能會比自動駕駛汽車更快。我們認為，要製造出3級無人機，除了視訊處理之外，還需要一個功能非常強大的晶片。這也真正發揮了我們的優勢，因為我們在自動駕駛領域的投資可以直接應用於此。

So it's -- from a technology point of view, the video processing plus AI is the key driver. But as you said, today, the biggest market opportunity for us is consumer for video capture. But moving forward, we start seeing opportunities on the commercial side, which are going to continue to drive the growth. So we are excited that, first of all, we have really technology that we think is differentiated in this market. But more importantly, the market -- the serviceable market for us is growing fast. So that's the two reasons that we feel excited about this market.

所以從技術角度來看，視訊處理加上人工智慧是關鍵驅動因素。但正如您所說，目前我們最大的市場機會在於影片拍攝領域的消費者市場。但展望未來，我們開始看到商業方面的機遇，這些機會將持續推動成長。所以，我們首先感到興奮的是，我們擁有我們認為在這個市場上具有差異化的真正技術。但更重要的是，我們的服務市場正在快速成長。這就是我們對這個市場感到興奮的兩個原因。

Okay, thank you.

好的，謝謝。

Christopher Rolland, Susquehanna

克里斯多福羅蘭，薩斯奎哈納

Hey, guys. Thanks for the question and congrats on the results. I guess my first question is around an update perhaps for the infrastructure opportunity and the N1 655.

嘿，夥計們。感謝你的提問，也恭喜你取得好成績。我想問的第一個問題是關於基礎設施機會和 N1 655 的最新進展。

Yes, so first of all, we announced our first design wins last quarter. And after that, we continue to see very strong design win activity and interest from different type of customers. In fact, in the last few months, we see customers who want using video-centric product. and also customers want to use N1 655 for non-video-centric products. So we are seeing a wide range of opportunities. And we also continue to see our chance to not only building up but also win new design in the near future. So we are totally committed to this market with N1 655 and the new roadmap that we will talk about in the future.

是的，首先，我們在上個季度宣布了我們的首批設計中標項目。此後，我們持續看到來自不同類型客戶的強勁設計成交勢頭和濃厚興趣。事實上，在過去的幾個月裡，我們看到一些客戶希望使用以視訊為中心的產品，同時也有一些客戶希望將 N1 655 用於非視訊產品。因此，我們看到了各種各樣的機會。我們也看到了在不久的將來不僅能夠發展壯大，而且還能贏得新的設計專案的機會。因此，我們完全致力於這個市場，推出了 N1 655 以及我們將在未來討論的新路線圖。

Thank you, Fermi. And perhaps if there are any updates on two other opportunities, I guess the first would be the home security market with AI feature integration. And then the second would be, any kind of design activity? I know it's further out, but around humanoid robots, I think that would be interesting as well.

謝謝你，費米。如果還有另外兩個機會的最新消息，我想第一個應該是將人工智慧功能整合到家庭安全市場中。其次，任何類型的設計活動？我知道這有點超前，但關於人形機器人，我覺得那也會很有趣。

Right. So first of all, for the home security, I think we do have design wins with our CV75 that we haven't announced yet, but definitely it's in design. However, I think this is a market that's price sensitive, so I think the progress or the movement toward this gen AI type of the home security camera based on the camera solution, not the cloud solution, we really focus on just edge AI for this market. So with that, I think that market is not developing as fast as we expected, but we do have design wins we hope we can talk about sometime next year.

正確的。首先，就家庭安全而言，我認為我們的 CV75 在設計方面取得了一些尚未公佈的勝利，但它肯定是在設計方面。然而，我認為這是一個對價格敏感的市場，所以我認為，這一代人工智慧類型的家庭安全攝影機的發展或趨勢是基於攝影機解決方案，而不是雲端解決方案，我們真正關注的是邊緣人工智慧在這個市場的應用。因此，我認為這個市場的發展速度沒有我們預期的那麼快，但我們確實有一些設計專案獲得了成功，希望明年某個時候可以和大家分享。

From the humanoid, I think this is a long-term market that we definitely want to participate. However, I think it will take time to get to a humanoid. I think there's multiple steps for robotic from today's situation to the humanoid. And I think, like I said, even drone, if you treat a drone like a robotic application, there's a Level 2 to Level 5. I think humanoid is like Level 5 of the drones for your different application. But there's intermediate steps that we go through, and we definitely have design wins and also design activities in those steps that will lead us into the humanoid.

從人形機器人的角度來看，我認為這是一個我們絕對想要參與的長期市場。但是，我認為要實現人形化還需要時間。我認為從目前的機器人狀態到人形機器人，機器人技術的發展還有多個階段。而且我認為，就像我說的，即使是無人機，如果你把無人機看作機器人應用，也有 2 級到 5 級之分。我認為，就你不同的應用場景而言，人形無人機相當於無人機的第五級。但是，我們需要經歷一些中間步驟，在這些步驟中，我們肯定會取得一些設計上的成功，也會進行一些設計活動，這些都會引導我們走向人形機器人。

I just want to be more specific. We're offering two types of solutions to the robotics today. One is for people only interested with the video technology. So they want to have a really powerful eye that not only can see the object, but also can do a quick object detection based on CNN network. We have that kind of solution based on our CV2 family or CV72 solution. So that's one product line we're providing.

我只是想說得更具體一點。我們目前為機器人技術提供兩種解決方案。其中一本是為那些只對視訊技術感興趣的人準備的。所以他們想要一個非常強大的“眼睛”，它不僅能夠看到物體，還能基於 CNN 網路進行快速的物體檢測。我們基於 CV2 系列或 CV72 解決方案，擁有此解決方案。這是我們提供的其中一條產品線。

The other product line we're providing to the robots is really a brand, right? So our N1 655 type of solution can be a central processor for any type of a robotic out there. So I think we're offering this solution. For a humanoid droid solution, it will take time to develop a really central domain control like autonomous-driving car. That kind of solution will be required to do a humanoid solution in the future.

我們為機器人提供的另一條產品線實際上是一個品牌，對吧？因此，我們的 N1 655 型解決方案可以作為任何類型機器人的中央處理器。所以我認為我們提供的解決方案就是這樣。對於人形機器人解決方案而言，開發出像自動駕駛汽車那樣真正意義上的中央域控制系統需要時間。未來要實現人形機器人解決方案，就需要採用這類解決方案。

Excellent. Thanks so much.

出色的。非常感謝。

Suji Desilva, Roth Capital.

Suji Desilva，Roth Capital。

John and Les, best of luck with the next step of your transition here. So maybe in the edge AI market, looking ahead to calendar '26 perhaps, which of the two or three segments would you describe as the highest kind of growth opportunity for you as drones or other areas? Any color there would be helpful. Thanks.

約翰和萊斯，祝福你們接下來的過渡階段一切順利。那麼，展望 2026 年，在邊緣人工智慧市場中，您認為無人機或其他領域中，哪一兩個或三個細分市場具有最高的成長機會？任何顏色都會有所幫助。謝謝。

I think drones, as we call that, is going to be a growth area for us. And I also believe that even for the edge endpoint, we continue to see multiple opportunity coming up with different type of products. For example, wearable camera, we talk about this for many years. But right now, we are excited because wearable camera is not only for policemen anymore. We start seeing that goes to totally different commercial devices. So that's just another example that the technology become ready in low power and also AI on the camera.

我認為無人機（我們通常這樣稱呼它）將成為我們的成長領域。而且我也相信，即使是邊緣終端，我們也會不斷看到各種不同類型的產品湧現許多機會。例如，可穿戴相機，我們已經討論這個主題很多年了。但現在我們感到興奮的是，穿戴式攝影機不再只是警察的專屬設備了。我們開始發現，這種情況適用於完全不同的商業設備。所以這又是一個例子，說明這項技術在低功耗和人工智慧方面都已成熟應用於相機。

All of that enable a new application for wearable camera. That's another really high growth area that we're seeing, and it's not only we're seeing that. If you follow our customers, you will see that our customers are seeing similar things. So those edge endpoints definitely is a growth area for us but also want to bring your attention to the edge infrastructure we talked about last quarter. I think although that not immediately you're going to see high revenue growth, but I think long-term that will be a very important market for us. And we'll definitely cover our thoughts on edge infrastructure at CES and give you more inside our plan.

所有這些都為穿戴式相機開闢了新的應用領域。這是我們看到的另一個高速成長領域，而且我們看到的不僅僅是這個領域。如果你有在關注我們的客戶，你會發現他們遇到的情況都很相似。因此，邊緣終端無疑是我們的成長領域，但我們也想提請大家關注我們上個季度討論過的邊緣基礎設施。我認為雖然短期內不會看到高收入成長，但從長遠來看，這將是我們非常重要的市場。我們一定會在 CES 上闡述我們對邊緣基礎設施的看法，並向您詳細介紹我們的計劃。

Okay, great. Then Fermi, one specific question on drones. Do you have any visibility in your pipeline beyond consumer commercial, perhaps into any government programs, or is that going to be a separate part of the market handling that versus you guys?

好的，太好了。然後費米問了一個關於無人機的具體問題。除了消費者商業領域之外，你們的通路是否涵蓋政府項目？或者說，這部分業務將由獨立的市場部門負責，而不是由你們負責？

In fact, all the customers -- in fact, it's not really us, it's all our customers. I think all the customers have the desire to serve multiple different segments, but most of the customers are focusing on consumer commercial, and I don't think that government usage is a real focus for most of our customers yet.

事實上，所有的顧客——實際上，不是我們，而是我們所有的顧客。我認為所有客戶都希望服務多個不同的細分市場，但大多數客戶都專注於消費者商業領域，我認為政府用途目前還不是我們大多數客戶的真正關注點。

Okay, great. Thanks, Fermi.

好的，太好了。謝謝你，費米。

Thank you.

謝謝。

Martin Yang, OpCo.

Martin Yang，OpCo.

Hi. Thank you for taking my question. First question on IoT, especially with growing customers like Arash. Could you maybe comment on this customer's growth and its relative contribution to your overall ASP and margins?

你好。感謝您回答我的問題。關於物聯網，尤其是像 Arash 這樣不斷成長的客戶群，我首先要問一個問題。您能否就該客戶的成長情況及其對貴公司整體平均售價和利潤率的相對貢獻發表一下看法？

Right. So first of all, Arash is, I think, our largest customer in our top ten list, and their revenue roughly doubled from last year to this year. But they are using multiple chips and selling to multiple OEMs. It's hard for us to track exactly their revenue contribution, but we have no doubt they are the largest customer right now.

正確的。首先，我認為 Arash 是我們十大客戶中最大的客戶，他們的收入從去年到今年大約翻了一番。但他們使用的是多種晶片，並且向多個原始設備製造商 (OEM) 銷售晶片。我們很難準確追蹤他們的收入貢獻，但我們毫不懷疑他們目前是我們最大的客戶。

Thank you. Another question on drones. So when you're referring to next year's product, are those drones using your image-processing capabilities, or do you expect them to deploy AI functions that relates to autonomous flying capabilities?

謝謝。關於無人機的另一個問題。那麼，您提到的明年產品，是指無人機使用您的影像處理能力，還是指無人機部署與自主飛行能力相關的AI功能？

Both. I think that, like I said, there are two types of solutions we're offering. just video plus AI to apply CNN-type networks network for simpler AI functions. But they will be definitely customer using our AI for flying to avoid objects, to avoid -- to determine the flying path, so both of them.

兩個都。我認為，就像我剛才說的，我們提供的解決方案有兩種類型。一種是影片加上人工智慧，應用卷積神經網路（CNN）之類的網路來實現更簡單的人工智慧功能。但他們肯定會成為使用我們人工智慧進行飛行以避開障礙物、避開障礙物的客戶，從而確定飛行路徑，所以他們倆都會受益。

Got it. Thank you, Fermi. That's it for me.

知道了。謝謝你，費米。就這些了。

Quinn Bolton, Needham and Company.

奎因·博爾頓，尼德姆公司。

Hey, guys, I know the folks in the business have sort of shifted to edge AI and the future edge infrastructure, but in the past, you gave us sort of an automotive funnel. You haven't provided that, so just wondering how should we be thinking about how are you guys approaching the automotive market? Do you still see opportunities in Level 2 plus, or are you kind of de-emphasizing some of the automotive applications?

嘿，夥計們，我知道業內人士已經轉向邊緣人工智慧和未來的邊緣基礎設施，但過去，你們給我們提供了一個汽車行業的管道。您沒有提供相關信息，所以我想知道我們應該如何看待你們進軍汽車市場的方式？您仍然認為二級及以上級別存在機會，還是您正在逐漸降低對某些汽車應用領域的重視程度？

Thank you for that question because we did not decommit on that market. In fact, we continue to focus on market. We are engaging multiple OEM Tier 1s at this point for autonomous driving Level 2 or Level 2 plus, some even Level 3. So from the engineering activity and business activity point of view, we are all in on this market as we report.

感謝您的提問，因為我們並未放棄在該市場的投資。事實上，我們將繼續專注於市場。目前我們正在與多家一級OEM廠商合作，開發L2級或L2+級自動駕駛技術，有些甚至開發L3級自動駕駛技術。因此，從工程活動和商業活動的角度來看，正如我們所報導的，我們都積極參與了這個市場。

Definitely, from the funnel discussion point of view, like I said last quarter, we will provide a funnel discussion in the next quarter release. But the one modification that we'll do, we will stop using a probability-weighted matrix. We are trying to give you just direct opportunity we're looking at. So that will be the one change we're going to offer, but we will definitely provide more guidance on this -- how we look at this market.

當然，從銷售漏斗討論的角度來看，就像我上個季度所說的那樣，我們將在下一個季度的報告中提供銷售漏斗討論。但我們將做出的唯一修改是，我們將停止使用機率加權矩陣。我們只是想給你我們正在關注的直接機會。所以這將是我們唯一要做出的改變，但我們肯定會就此提供更多指引——我們如何看待這個市場。

Got it. Thanks for that, Fermi. And then I guess for John, you mentioned that it sounds like the mix towards high-volume customers pushing the gross margin down to the lower half of your long-term range. Can you give us, just beyond the January quarter, do you think that mix continues to be pretty heavy with higher volume customers? Or do you see this as sort of a temporary shift just for the January quarter and it normalizes beyond that?

知道了。謝謝你，費米。然後我想，對於約翰來說，你提到過，這聽起來像是高銷量客戶的組合將毛利率推低到了長期範圍的下半部分。您能否告知我們，在1月份季度之後，您認為這種結構是否會繼續以高銷售客戶為主？還是您認為這只是1月的暫時性變化，之後就會恢復正常？

Thanks, Quinn. Yes, at this point, we don't want to give a guide with regard beyond Q4. But I think that commentary with regard to Q4 is one to be relevant going forward, the ratio of high-volume customers to the total revenue for the quarter.

謝謝你，奎因。是的，目前我們不打算對第四季以後的情況給予指引。但我認為，關於第四季度的評論，即高銷售客戶佔該季度總收入的比例，對於未來具有重要意義。

Sorry, John, you cut out there a little bit. Did you say that the mix would stay pretty similar beyond January?

抱歉，約翰，你剛才有點掉線了。你說過一月之後，產品組合會維持大致相同嗎？

No. What I tried to say was that we don't want to make any guide beyond Q4 but that the commentary about Q4 with the ratio of high-volume customers to the total revenue, that dynamic will continue to be a factor going forward. So to the extent that the high-volume folks are a higher percentage of the revenue, that will have its impact.

不。我想表達的是，我們不想對第四季度之後的情況做出任何預測，但是關於第四季度高銷售客戶佔總收入的比例的評論，這種動態將在未來繼續成為一個因素。因此，如果高銷售量用戶在收入中所佔比例較高，就會產生影響。

Got it. Okay. Thank you.

知道了。好的。謝謝。

(Operator Instructions) Tore Svanberg, Stifel.

（操作員說明）Tore Svanberg，Stifel。

Yes, thank you. John, just a follow up for you. So this year, you guys demonstrated some pretty good operating leverage. I'm just thinking, as we look at fiscal '27 and OpEx growth, obviously, you're not giving a growth target per se, but we should assume that OpEx would grow at a slower pace than revenue growth for fiscal '27?

是的，謝謝。約翰，我還有件事要跟進。所以今年，你們展現了相當不錯的經營槓桿作用。我只是在想，當我們展望 2027 財年和營運支出成長時，顯然，您並沒有給出具體的成長目標，但我們應該假設 2027 財年的營運支出成長速度會低於營收成長速度？

Thanks, Tore. Yes, we're not giving a guide at this point, but I think what we have said in the past, kind of as you articulated, is that long-term we expect to create operating leverage by having revenue and obviously gross profit outpace the increase in OpEx on a non-GAAP basis.

謝謝你，托雷。是的，我們目前不會給出具體指導，但我認為我們過去說過的話，就像你剛才闡述的那樣，就是從長遠來看，我們希望透過讓收入和毛利的成長超過非GAAP準則下的營運支出成長，來創造營運槓桿。

Great. Thank you.

偉大的。謝謝。

Kevin Cassidy, Rosenblatt.

凱文·卡西迪，羅森布拉特。

Yes, thanks for taking my question. Congratulations to Les for a legendary career. Again, I'm interested in that, but I want to know how much of your software and development that you've been able to work on with the automobiles for L2 to L4. Can you apply -- is it a relatively easy market for you to transition into, or are there other software or other issues that would happen in robotics that isn't in automotive?

是的，謝謝您回答我的問題。恭喜萊斯擁有傳奇般的職業生涯。我對此很感興趣，但我想知道你們在 L2 到 L4 級別的汽車軟體和開發方面投入了多少精力。可以申請嗎？ ——對您來說，轉型進入機器人產業是否相對容易？或者，機器人產業是否存在汽車產業不會遇到的其他軟體或其他問題？

I think, Kevin, you point out really a great, great direction because like I continue to say, autonomous driving is just a special kind of robot, so is a drone. And in fact, if you look at the details of functions inside a driving car, Level 3 drone, and also robots, at the end, it's really a bunch of sensor fusion. And you make a decision on your environment, and you decide on money, on either a car, drone, or some mobile robots moving around performance wise.

凱文，我認為你指出了一個非常棒的方向，因為就像我一直說的，自動駕駛只是一種特殊的機器人，無人機也是如此。事實上，如果你仔細觀察駕駛汽車、L3級無人機以及機器人的內部功能，你會發現，歸根結底，它們都是感測器融合的結果。然後，你根據你的環境做出決定，並決定用錢購買汽車、無人機或一些性能優異的移動機器人。

From my point of view, a lot of hardware have a commonality. And in fact, a lot of software development, particularly on the sensor fusion side with the perception, there's a huge use on all the robotic applications. So in fact, we definitely believe that a lot of our investment, both on hardware and software side for autonomous driving, will directly apply to all the future phone and other robotic applications that we're talking about.

在我看來，很多硬體都有共通之處。事實上，許多軟體開發，特別是感知方面的感測器融合，在所有機器人應用中都有著巨大的應用。因此，我們堅信，我們在自動駕駛的硬體和軟體方面的大量投資，將直接應用於我們正在討論的所有未來的手機和其他機器人應用。

Okay, great. Thanks.

好的，太好了。謝謝。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

Hi, guys. Thanks for letting me ask a couple of follow ups. On the consumer percentage being about half of your IoT business, what was that mix last fiscal year and a year ago?

嗨，大家好。謝謝允許我問幾個後續問題。鑑於消費者在您的物聯網業務中所佔比例約為一半，上個財政年度和前一年的比例分別是多少？

I don't have that figure for you, but I would say the dominant part of our mix was enterprise, CapEx-driven markets.

我沒有具體數據可以提供給你，但我認為我們業務組合的主要部分是企業級、資本支出驅動市場。

Got it. Thanks, Louis. And I guess the follow- up to that, if the consumer business does sound like it has increased, does that change seasonality of your company? I know kind of the first and the fourth quarters tend to be, relatively speaking, the weakest sequentials, and then the mid-two quarters are the largest. Does that change at all, either directionally or kind of magnitude, just because consumer is a bigger portion than it used to be?

知道了。謝謝你，路易斯。那麼，如果消費者業務聽起來確實有所成長，這是否會改變貴公司的季節性？我知道，相對而言，第一季和第四季往往是業績最弱的季度，而中間兩季則是業績最好的季度。消費者所佔比例比以前更大，這是否會在方向或程度上發生任何變化？

Yes, that's a very good point, and the answer is yes. I would look at next question is what's normal. And really, the last three, four, five years hasn't been very normal. So I'd look at the last 10 years because those first five years and the 10 years did have more consumer like you're asking about. So I'd look at the averages over that 10-year period rather than just the last two or three years, which really weren't normal.

是的，這是一個很好的問題，答案是肯定的。接下來我想問的是，什麼是正常狀況。事實上，過去三、四、五年都不太正常。所以我建議看看過去 10 年，因為前 5 年和這 10 年確實出現了更多像你所說的這類消費者。因此，我會查看這 10 年期間的平均值，而不是僅僅查看最近兩三年的數據，因為最近兩三年的數據確實不正常。

And then maybe one last follow up. How do we think about taxes, either dollars or percentages, next year and the year after? I know it kind of goes between the dollars and percentages and the former might be more applicable, but just an idea of how we should think about that.

然後或許還有最後一個後續問題。明年和後年，我們應該如何看待稅務問題，無論是以美元或百分比的形式？我知道這涉及美元和百分比，前者可能更適用，但這只是我們應該如何思考這個問題的一個想法。

Yes, thanks, Ross. So we tend to think about it from a dollar perspective as opposed to a rate based on the way the company is structured and where the profits are located in various jurisdictions internationally. So I would expect -- well, the dollars will increase, but it won't be -- they'll increase with revenue, but it won't be a significant change to the story. I think on a full-year basis, if you look at the rate on a non-GAAP basis, that will give you some indication to be able to model going forward, I would say.

是的，謝謝你，羅斯。因此，我們傾向於從美元的角度來考慮這個問題，而不是從公司結構和利潤在國際各司法管轄區的所在地來考慮匯率。所以我預計——美元數量會增加，但不會——它們會隨著收入增加而增加，但這不會對故事產生重大影響。我認為，從全年來看，如果你按照非GAAP準則來看待利率，這將給你一些指示，以便對未來進行建模。

Thank you.

謝謝。

Thank you. That's all the time we have for question-and-answer session. I would like to turn it back over to Dr. Fermi Wang for any closing remarks.

謝謝。問答環節時間到此結束。我謹將發言權交還給費米·王博士，請他作總結發言。

Thank you, and thank you all for joining our call today. And I hope to see some of you during our January event at CES. Thank you.

謝謝大家，也謝謝各位今天參加我們的電話會議。我希望能在1月份的CES展會上見到你們中的一些人。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。