Ambarella, Inc. (AMBA) 2027 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Ambarella's First Quarter Fiscal Year 2027 Earnings Call. (Operator Instructions). Please be advised that today's conference is being recorded. Now it's my pleasure to hand the conference over to the Vice President of Corporate Development, Louis Gerhardy.

各位好，感謝您稍候。歡迎參加 Ambarella 2027 會計年度第一季財報電話會議。（接線員指示）。請注意，今天的會議將被錄音。現在我很榮幸將會議交給企業發展副總裁 Louis Gerhardy。

Please proceed.

請開始。

Thank you, Carmen, and good afternoon. Thank you for joining our first quarter fiscal year 2020 Financial Results Conference Call. On the call with me today is Dr. Fermi Wang, President and CEO; and John Young, CFO.

謝謝你，Carmen，大家午安。感謝各位參加我們 2020 會計年度第一季財務結果電話會議。今天與我一同出席的有總裁暨執行長 Fermi Wang 博士，以及財務長 John Young。

The primary purpose of today's call is to provide you with information regarding the results for our first quarter fiscal year 2027. The discussion today and the responses to your questions will contain forward-looking statements regarding our projected financial results, financial prospects, market growth and demand for our solutions, among other things.

今天電話會議的主要目的，是向各位提供我們 2027 會計年度第一季的業績資訊。今天的討論以及對各位提問的回應，將包含前瞻性陳述，內容涉及我們預期的財務結果、財務前景、市場成長以及對我們解決方案的需求等。

These statements are based on currently available information and subject to risks, uncertainties and assumptions. Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect, our actual results could differ materially from these forward-looking statements. We're under no obligation to update these statements, and 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.

這些陳述係基於目前可得資訊，並受風險、不確定性與假設影響。若任何風險或不確定性成真，或我們的假設被證明不正確，我們的實際結果可能與這些前瞻性陳述有重大差異。我們沒有義務更新這些陳述；而這些風險、不確定性與假設，以及其他可能影響我們財務結果的風險因素資訊，已在我們向 SEC 提交的文件中更完整地說明。

Access to our first quarter fiscal year 2027 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 our Ambarella's property and cannot be reproduced or transcribed without our prior written consent.

您可在我們網站的投資人關係頁面取得 2027 會計年度第一季新聞稿、逐字稿、歷史結果、SEC 申報文件以及今日電話會議的重播。今日電話會議內容以及張貼於我們網站的資料均為 Ambarella 的財產，未經我們事先書面同意，不得複製或轉錄。

Before starting the call, we hope to see you at some of the following investor events scheduled during our second fiscal quarter. June 2 will be at the Bank of America's TMT Conference in San Francisco, June 23 at Northland's Virtual Equity Capital Markets Growth Conference June 23 and 24, we'll be hosting investor meetings in Baltimore and Boston on August 18 at Rosenblatt AI event.

在開始會議前，我們希望能在第二會計季度期間安排的以下投資人活動中與各位見面：6 月 2 日在舊金山參加美國銀行（Bank of America）的 TMT 研討會；6 月 23 日參加 Northland 的線上股權資本市場成長研討會；6 月 23 日與 24 日，我們將在巴爾的摩與波士頓舉辦投資人會議；8 月 18 日參加 Rosenblatt 的 AI 活動。

For your calendar planning in our third fiscal quarter, please note, we are a sponsor at the AI Infrastructure Summit in Santa Clara on November 15 to 17, and we hope to see there where we will lead the physical AI track with a number of AI product demos in our exhibit area. Fermi will now provide a business update for the quarter John will review the financial results and outlook and then we'll be available for your questions. Fermi?

供各位規劃第三會計季度行程參考：11 月 15 日至 17 日，我們將在聖塔克拉拉的 AI Infrastructure Summit 擔任贊助商，並希望在現場與各位見面；我們將在展區以多項 AI 產品展示領導「實體 AI」主題軌。接下來 Fermi 將提供本季業務更新，John 將回顧財務結果與展望，之後我們將開放提問。Fermi？

Thank you, Luouis, and good afternoon. Thank you for joining our call today. During our first fiscal quarter, we delivered on our key financial guidance, revenue, gross margins and operating expenses. Most importantly, we continue to extend our HA platform leadership with technology and product innovation, addressing existing and emerging use cases.

謝謝你，Louis，大家午安。感謝各位今天加入我們的電話會議。在第一會計季度，我們達成了主要財務指引，包括營收、毛利率與營業費用。更重要的是，我們持續透過技術與產品創新，擴大我們在 HAI 平台的領導地位，並因應既有與新興的使用情境。

As a recognized HAI leader, we are entering a new and a significant phase for our market development with the execution of long-term customer agreements, which can drive a more predictable revenue stream while also offering lifetime revenue potential far in excess of what we have realized in the past. Let me provide a few comments about the current market environment. In Q1, we delivered revenue at the high end of the normal season range and slightly above the midpoint of our guidance.

作為公認的 HAI 領導者，我們正進入市場發展一個全新且重要的階段：透過執行長期客戶協議，推動更可預測的營收流，同時也提供遠高於過去所實現的「全生命週期」營收潛力。以下我先就目前市場環境做幾點說明。第一季，我們的營收落在正常季節性區間的高端，且略高於指引中點。

Demand signals and the long-term secular growth outlook for HAI remains very strong, and I'm very optimistic about our ability to serve it. In particular, as AI workloads become more complex. LT applications were about 3/4 of our total revenue and was seasonally down with our enterprise security camera market growing in the high single digits sequentially offset by a double-digit sequential decline in our consumer IoT business. Our automotive revenue established a new all-time revenue record with very strong double-digit growth, led by the rapid emergency of AI within the large and growing commercial vehicle telematic markets as well as automotive safety applications.

HAI 的需求訊號與長期結構性成長展望仍然非常強勁，我對我們服務該需求的能力非常樂觀。尤其是，隨著 AI 工作負載變得更複雜。LT 應用約占我們總營收的 3/4，並因季節性因素下滑；其中企業級安防攝影機市場營收季增高個位數，抵銷了消費性 IoT 業務季減兩位數的影響。我們的車用營收創下歷史新高，並呈現非常強勁的兩位數成長，主要受惠於 AI 在規模龐大且持續成長的商用車車聯網（telematics）市場快速興起，以及車用安全應用。

After a multiple year build-out of AI training capacity in data centers, the AI market is increasingly focused on AI influencing. And we think the inferencing market, the processing is becoming more distributed. In ours, processing is moving to the edge and the fiscal AI layers of the network hierarchy. As the age market evolves to Gen Ai and Agentic AI, in particular, our positioning become even stronger, and I would like to explain more about this.

在資料中心經過多年 AI 訓練算力的建置後，AI 市場正日益聚焦於 AI 推論（inferencing）。我們認為推論市場的處理正變得更分散；在我們的領域，處理正移向邊緣端以及網路階層中的實體 AI 層。隨著邊緣市場演進至 Gen AI 與 Agentic AI，尤其如此，我們的定位將更為強勢，我想進一步說明。

First, before talking about Ambarella's unique positioning, let me remind you of the Advantage HAI efforts relative to the data center. HAI processing reduced latency lower power consumption, minimize commission expense and improves privacy and security. So why is Ambarella's HI platform so well positioned. First, Ambarella's HAI platform is comprehensive and well established, yet expanding and under constant evolution to adapt to new AI trends.

首先，在談 Ambarella 的獨特定位之前，讓我先提醒各位邊緣 HAI 相對於資料中心的優勢：邊緣 HAI 處理可降低延遲、降低功耗、將通訊（commission）費用降到最低，並提升隱私與安全性。那麼，為什麼 Ambarella 的 HAI 平台具備如此良好的定位？第一，Ambarella 的 HAI 平台完整且成熟，同時仍在擴展，並持續演進以因應新的 AI 趨勢。

We believe a broad and highly programmable AI platform is required to address a wide number of use cases, enabling customers to be more efficient by using software and scaling their business. Our software platform is now open and easy to use and supports a wide variety of AI models with more than 200 different AI model architectures reaching production. We have cumulatively shipped more than 46 million AI SoCs, and we have 12 AI SoC already available with up to hundreds of top life performance.

我們相信，要涵蓋廣泛的使用情境，需要一個廣泛且高度可程式化的 AI 平台，讓客戶能透過軟體提升效率並擴大其業務規模。我們的軟體平台如今已開放且易於使用，並支援多種 AI 模型，已有超過 200 種不同的 AI 模型架構進入量產。我們累計出貨超過 4,600 萬顆 AI SoC，且目前已有 12 款 AI SoC 可供選用，效能最高可達數百 TOPS 等級。

Another reason in (inaudible) we are so well positioned for Gen AI and Agenetic AI of age is that our software tools and AOCs integrates all accelerated computing system functions into a single platform. In the data centers, the functions such as data aggregation, acceleration, CPUs and other system functions are usually a collection of discrete SoCs from different vendors. However, at age to be successful our AI SoC integrated all the functions. Fusion perception, AI acceleration, CPUs, including and other system function into one single chip.

另一個原因（聽不清楚）使我們在邊緣端的 Gen AI 與 Agentic AI 方面具備良好定位，是因為我們的軟體工具與 SoC 將所有加速運算系統功能整合到單一平台中。在資料中心，資料彙整、加速、CPU 與其他系統功能通常是由不同供應商的多顆離散 SoC 組合而成。然而，在邊緣端要成功，我們的 AI SoC 將所有功能整合在一起：融合感知、AI 加速、CPU（包含）以及其他系統功能，全部整合到單一晶片中。

And our differentiation is not just in proprietary processing elements and advanced via (inaudible) integration, but also in the proprietary algorithms, full Hasta software and AI agent frameworks by (inaudible) entire systems together as workloads become more complex, such as Gen AI multi-model reasoning and autonomous agent-based workflows, our deep expertise across the full accelerated computing stack optimized basically for a deployment become increasing rare and strategic value in the industry. In other words, as our customers need most performance in their AI applications, there are an extremely limited number of companies that can do this and even fewer like are proven and established.

而我們的差異化不僅在於專有的處理元件與先進的（聽不清楚）整合，也在於專有演算法、完整的 Hasta 軟體，以及 AI 代理（agent）框架，能將（聽不清楚）整個系統串接在一起。隨著工作負載變得更複雜，例如 Gen AI 的多模型推理與以自主代理為基礎的工作流程，我們在完整加速運算堆疊上的深厚專業，並針對部署進行最佳化，在產業中正變得愈來愈稀缺且具策略價值。換言之，當客戶在其 AI 應用中需要最高效能時，能做到這點的公司極其有限，而像我們這樣已被驗證且成熟的更是少之又少。

We are now becoming recognized as one of the very few companies that can tie this all together of AI workload game more complex. We are entering a new phase of HAI and the fiscal AI market development, where we are engaged in multiple discussions with customers who want to enter deeper relationships, including multigenerational commitments. This can take the form of long-term agreements or LTA that involves our standard products and/or our semicustom AI SoC optimized for customers' particular workload.

我們現在正被認可為少數能在 AI 工作負載愈加複雜時，將這一切整合起來的公司之一。我們正進入 HAI 與實體 AI 市場發展的新階段，目前正與多家客戶進行多項討論，這些客戶希望建立更深層的合作關係，包括跨世代的承諾。這可採取長期協議（LTA）的形式，涵蓋我們的標準產品，及／或針對客戶特定工作負載最佳化的半客製 AI SoC。

Relative to our current customer relationships, LTAs will enable long-term partnerships that may include a structured contract involving volume and pricing typically over five years or more. Over the long run, we expect the LTAs to be an important driver of revenue growth, improve visibility, resulting less volatility, and improve the predictability of our revenue.

相較於我們目前的客戶關係，LTA 將促成長期合作夥伴關係，可能包含具結構化的合約安排，通常涵蓋五年或更長期間的出貨量與定價。長期而言，我們預期 LTA 將成為營收成長的重要驅動因素，提升能見度、降低波動，並提高我們營收的可預測性。

Our first on TAA example involves our first 2-nanometer chip and the semi-custom HAI SoC, which we tape out in January. And this product is named CV, this AI SoC will serve both consumer and enterprise applications in the IoT endpoint market.

我們第一個 TAA 的例子，涉及我們第一顆 2 奈米晶片與半客製 HAI SoC，我們已於 1 月完成流片（tape out）。該產品命名為 CV；這顆 AI SoC 將同時服務消費性與企業級應用，面向 IoT 端點市場。

For this long-term agreement, we agreed to develop semi-custom ASIC for a customer who want to support of certain complex AI workloads. We will sell this AI associate as a standard product to a variety of other customers in other markets. And this afternoon, we announced another material this time with Hanhwa in South Korea for the enterprise CapEx side of IoT market.

針對這項長期協議，我們同意為一位客戶開發半客製 ASIC，以支援某些複雜的 AI 工作負載。我們也將把這顆 AI 晶片作為標準產品，銷售給其他市場的多家客戶。此外，今天下午我們也宣布了另一項重大（協議），這次是與韓國的 Hanwha 合作，面向 IoT 市場的企業端資本支出（CapEx）領域。

With Hanhwa this LTA is for the sourcing and co-development of Ambarella's AI technology across Hanhwa's product lines and the industry, including physical security operational automation, life sciences, robotics, and other industry market. The agreement has a potential revenue in excess of $800 million over a period exceeding 10 years and it represents one of the largest agreements in Ambarella history and one of the first agreements of its kind in the HAI semiconductor market.

與Hanhwa簽訂的這份LTA，旨在於Hanhwa的產品線及相關產業中，採購並共同開發Ambarella的AI技術，涵蓋實體安全營運自動化、生命科學、機器人，以及其他產業市場。該協議在超過10年的期間內，潛在營收可望超過8億美元，這不僅是Ambarella歷史上規模最大的協議之一，也是在HAI半導體市場中同類型協議的先例之一。

The multi-generation nature of this relationship is expected to enable both companies to plan jointly cross technology road maps, accelerated product development cycles, and bring new category AI-enabled products to market at scale. This relationship will involve standard AI SoCs we will sell in a variety of markets to our customers.

此合作關係具備多世代延續性，預期可使兩家公司共同規劃跨技術路線圖、加速產品開發週期，並以規模化方式將新的AI賦能產品類別推向市場。此合作也將涵蓋我們將銷售給客戶、並應用於多種市場的標準AI SoC。

Beyond these first two LTAs, we are engaged in discussions with other companies. Today, I will also provide an update on robotic edge infrastructure and automotive markets, which represents material market opportunity for us. I'm very pleased to share that we now have a 15-plus robotic design wins, including aerodrones, with lifetime revenue exceeding $100 million with more than 30 customers in our robotic pipeline.

除了前述兩份LTA之外，我們也正與其他公司進行討論。今天我也將更新機器人邊緣基礎設施與車用市場的進展，這些對我們而言代表重大的市場機會。我很高興分享，我們目前已取得15個以上的機器人設計導入（design wins），包含空中無人機（aerodrones），其全生命週期營收合計超過1億美元，且我們的機器人商機管線中已有超過30家客戶。

Our AI SoC combined high-performance AI influence advanced computer vision and ultra-efficient power consumption into a single age optimized architecture and represents the foundation platform for robotic system to run vision language action VRA models in drones.

我們的AI SoC將高效能AI推論、先進電腦視覺與超高能效的功耗表現整合於單一、針對邊緣最佳化的架構中，並構成機器人系統在無人機上運行視覺-語言-動作（VRA）模型的基礎平台。

CD5 enabling platforms such as the antigravity A1 enabling capability, including 8K imaging, real-time perception, accounts navigation, upscale on land, and on-device AI inferencing without relying on constant cloud connectivity for these functions.

CD5賦能平台（例如 antigravity A1 的賦能能力）包含8K成像、即時感知、帳戶導航、陸地升級，以及在不依賴持續雲端連線的情況下，於裝置端進行AI推論等功能。

Strong evolve from flying camera into autonomous areas of robots, Ambarella's CV flow AI crater architecture allow manufacturers to deliver lower latency decision-making. Improve latency, longer flight time, and more advanced economy at the edge.

隨著應用從飛行相機演進至自主型機器人領域，Ambarella的CVflow AI架構可讓製造商提供更低延遲的決策能力。在邊緣端實現更佳延遲表現、更長續航時間，以及更先進的邊緣端經濟性。

The robotic market is fragmented, and we are realizing design wins across a variety of other robotic applications including industrial automation, autonomous mobile robots or AMRs, delivery robots, our AI SoC involves from providing perception, sensor fusion and AI processing to also offer decision-making and the full autonomy needed for real-time robotic awareness and action. This convergence to high-quality imaging and AI acceleration and a autonomy rounding VRA models efficiently position us as a key enabler of the broader physical AI and embody AI ecosystem.

機器人市場相當分散，而我們已在多種機器人應用中取得設計導入，包括工業自動化、自主移動機器人（AMR）、配送機器人等；我們的AI SoC不僅提供感知、感測器融合與AI處理，也能提供決策能力與即時機器人感知與動作所需的完整自主性。高品質成像、AI加速與高效率運行VRA模型的自主能力之匯聚，使我們成為更廣泛的實體AI（physical AI）與具身AI（embodied AI）生態系的重要賦能者。

As I mentioned earlier, our automotive business established an all-time quarterly revenue record in Q1 and is on pace to establish a new fiscal year record. Third-party research firms indicate global automotive product is expected to decline 1% to 2% this year. But with semiconductor content per vehicle rising market research firms also anticipate the automotive semiconductor market to grow 10% to 15% this year.

如我先前提到，我們的車用業務在Q1創下歷史單季營收新高，並正朝著再創新的會計年度紀錄邁進。第三方研究機構指出，今年全球汽車產量預期將下滑1%至2%。但由於每輛車的半導體含量持續提升，市場研究機構亦預期今年車用半導體市場將成長10%至15%。

We expect our automotive revenue growth to outpace these figures due to our success in commercial-free (inaudible) and safety applications. The commercial fleet panomatics market offers continue and exciting growth prospects as there is an installed telematic base in excess of 100 million vehicles growing around 10% CAGR, but only about 10% of this installed base is so far I -- we are aligned with industry AI market leaders who are also increasingly demanding AI SoCs that can take now to take on not only more sensors, but more complex AI workloads. And our platform of 12 HAI SoCs is very well suited to help them scale in this market.

由於我們在商用車隊（inaudible）與安全應用方面的成功，我們預期車用營收成長將優於上述數據。商用車隊車載資通訊（telematics）市場仍提供持續且令人振奮的成長前景：目前已安裝的車載資通訊基礎超過1億輛車，並以約10%的年複合成長率成長，但迄今僅約10%的既有安裝基礎是如此——我們與產業AI市場領導者保持一致，而他們也日益要求AI SoC不僅能支援更多感測器，亦能承擔更複雜的AI工作負載。我們由12款HAI SoC所構成的平台非常適合協助他們在此市場中擴大規模。

I will also provide an update on the build-out of our indirect sales channel that we announced to augment our existing direct-to-customer business. The development of our indirect sales channel is important to not only help us address fragmented robotic market, but also to provide support for our emerging edge infrastructure business.

我也將更新我們所宣布的間接銷售通路建置進展，以補強我們既有的直銷客戶業務。發展間接銷售通路不僅有助於我們切入分散的機器人市場，也能為我們新興的邊緣基礎設施業務提供支援。

We have already onboarded half a dozen ISVs in vertical industry like retail, industrial automation, transportation, health care, and smart cities since our launch of our developer zone at the CES in January with more ISV expected to be onboard by the end of this fiscal year.

自我們於1月CES推出開發者專區（developer zone）以來，我們已在零售、工業自動化、運輸、醫療保健與智慧城市等垂直產業，導入約半打（half a dozen）的ISV；預期在本會計年度結束前，將有更多ISV完成導入。

In March, for the first time ever, we have pushed an embedded award in Nienburg, Germany, where we did live demonstration highlighting how Embraer AI SoC, software stack, and developed tools deliver a competitive advantage across a wide range of applications from AI agent automation and orchestration to physical AI system deployed in real-world environment.

3月，我們首次在德國尼恩堡（Nienburg）獲得嵌入式獎項（embedded award），並進行現場展示，強調Ambarella AI SoC、軟體堆疊與開發工具如何在廣泛應用中帶來競爭優勢，涵蓋從AI代理（agent）自動化與編排，到部署於真實世界環境的實體AI系統。

One of our existing design partner to demonstrate a real-time industrial quality inspection solution on CV72 and 1655. Multiple new ISV partners will present our booth including one who demonstrated retail AI solution for in-store and drive-thru optimization. Another ISV demonstrated continues trending for high-speed rail network and the third demonstrating warehouse robot solutions.

我們的一家既有設計合作夥伴展示了在CV72與1655上運行的即時工業品質檢測解決方案。多家新的ISV合作夥伴也將在我們的攤位發表展示，其中一家展示用於店內與得來速（drive-thru）最佳化的零售AI解決方案。另一家ISV展示高速鐵路網路的持續趨勢（continues trending），第三家則展示倉儲機器人解決方案。

In March, we also posted an invitation-only expiration at ISC West showcasing how HAI is powering the next generation of intelligent security and physical AI systems. At the center of our exhibitor was our newly launched CV 7 HAI vision SoC, delivering advanced imaging and on-device AI processing alongside the 1655 HAIC age infrastructure for low-power, high-performance enterprise security applications.

3月，我們也在ISC West舉辦僅限受邀的體驗活動（invitation-only expiration），展示HAI如何驅動下一代智慧安防與實體AI系統。我們展出的核心是新推出的CV7 HAI視覺SoC，提供先進成像與裝置端AI處理能力，並搭配1655 HAI邊緣基礎設施，用於低功耗、高效能的企業安防應用。

One of our ISP partners demonstrate a smart city security solution based on 75 and 165. I will now briefly summarize our representative customer engagement in Q1, and it is notable for the first time, all of the examples are based on our HAI OC, three from our CV2 family and eight from our new CV7Xpund.

我們的一家ISP合作夥伴展示了基於75與165的智慧城市安防解決方案。接下來我將簡要總結我們在Q1具代表性的客戶互動；值得注意的是，這是首次所有案例皆基於我們的HAI OC，其中三個來自CV2系列，八個來自我們新的CV7Xpund。

In the enterprise security while fiscal security remains a principal driver of this market while seeing our customers develop AI application software that enable their product to provide operational efficiency to our business.

在企業安防領域，雖然財務安全（fiscal security）仍是此市場的主要驅動因素，但我們也看到客戶正在開發AI應用軟體，使其產品能為我們的業務帶來營運效率。

Examples including predictive maintenance supply chain optimization and automated customer support, we expect operational efficiency in the long run become an important new growth of shoot of what we refer to as enterprise security today.

例如預測性維護、供應鏈最佳化與自動化客戶支援；我們預期長期而言，營運效率將成為我們今日所稱之「企業安防」的重要新成長動能。

In particular, as Gen AI and Agentic AI is deployed at age. We achieved an important milestone in March on apron Panasonic announced the first endpoint camera to range AI locally based on the transformer capability in our CV72-AISOC. We also have the number of other CV75 and CB72 wins in the quarter, including (inaudible) in South Korea, access in Sweden, (inaudible) in Germany.

特別是當生成式AI（Gen AI）與代理式AI（Agentic AI）部署於邊緣端（age）。我們在3月達成一項重要里程碑：Panasonic宣布首款端點攝影機可在本地端基於我們CV72-AISOC的Transformer能力運行AI。本季度我們也取得其他CV75與CB72的多項導入案，包括（inaudible）於南韓、access於瑞典、（inaudible）於德國。

And with major communication equipment company in Americas, notably, we had an additional CV2 with (inaudible) South Korea that also utilize our AI imaging signal processing software. We also won a CV22 platform with (inaudible) that had another CV win with the major communication equipment company in the Americas.

此外，與美洲地區一家主要通訊設備公司合作方面，值得注意的是，我們在南韓也新增一個CV2（inaudible）案，同樣採用我們的AI影像訊號處理軟體。我們也與（inaudible）贏得一個CV22平台案，而該案亦與美洲地區主要通訊設備公司取得另一個CV導入案。

In the industrial market, we earned another AI-based barcode reader project based on CV28, this time with (inaudible) we expanding its reach beyond the traditional physical security market. In the automotive market, our safety and panamotic customers' engagement activity remains strong. For example, we are pleased to announce Lite an industry leader in the commercial and public sector telematic market is designed in CB75 and CV72 into multiple platforms.

在工業市場方面，我們再度取得一個基於CV28的AI條碼讀取器專案，這次與（inaudible）合作，並將觸角擴展至傳統實體安防市場之外。在車用市場方面，我們的安全與panamotic客戶互動活動仍然強勁。例如，我們很高興宣布：Lite作為商用與公部門車載資通訊市場的產業領導者，已在多個平台中導入CB75與CV72。

For in-cabin pre-installed safety market, we have [2 B72] wing with South Korean-based Tier 1 Era and the CV22FS win for Western OEM in China. Our new product momentum remains very strong, both in terms of fiscal '27, revenue generation, as well as new products that have not started to generate revenues. While our 10-nanometer CV2 family of HCA processor for CN location continue to land design wins and grow our new 5-nanometer CV75 and B72 capable both of the (inaudible) and the transformer-based gene as well as Agenetic AI -- sorry, as well as Agentic AI (inaudible) a production ramp and are expected to drive material incremental revenue this year.

在車內（in-cabin）預裝安全市場方面，我們與南韓Tier 1廠商Era取得[2 B72]導入案，並在中國取得西方OEM的CV22FS導入案。我們的新產品動能依然非常強勁，無論是就2027會計年度的營收貢獻，或是尚未開始產生營收的新產品而言皆是如此。在我們10奈米CV2系列HCA處理器持續於CN地點取得設計導入並推動成長的同時，我們新的5奈米CV75與B72同時具備（inaudible）以及基於Transformer的Gen與Agenetic AI——抱歉，以及Agentic AI（inaudible）——正進入量產爬坡，並預期今年將帶來可觀的增量營收。

Then on top of this, we continue to expect our new CV 7 AI processor to enter production by the end of the year. And in the first half of fiscal 2028 or less than a year from now. We expect our 2-nanometer CVA AI SoC to commence production.

此外，在此基礎上，我們仍預期全新的 CV 7 AI 處理器將於今年年底前進入量產。並且在 2028 會計年度上半年，或距今不到一年。我們預期 2 奈米 CVA AI SoC 將開始量產。

All these new products I have described as well as all the new unannounced AIA SoCs, we have in development, target more sophisticated AI workload and command average ASP well above our currently 15 SoC ASP in Q1.

我所描述的所有這些新產品，以及我們正在開發、尚未公布的所有新 AIA SoC，皆以更複雜的 AI 工作負載為目標，並將帶動平均 ASP 明顯高於我們目前在第一季約 15 美元的 SoC ASP。

As you can tell, we have a lot of technology product, market, and customer development activity going. I would like to summarize this quarter's call with three observations.

如各位所見，我們在技術、產品、市場與客戶開發方面都有大量工作正在進行。我想用三點觀察來總結本季的電話會議。

First, the AGM market is just getting started and the momentum is building in multiple areas. Second, Ambarella is clearly an AI technology platform and a product leader, and we are already and we are already well established. I think our positioning is getting even stronger as AGM workloads get more complex, and there become fewer and few companies capable of integrating all the edge accelerated computing functions into a single chip. Third, customers are recognizing the first 2 points and now want to engage with us more broadly and more deeply. For example, LTA agreements can build stronger relationships and get us designed into new markets like robotic while the indirect channel sales ecosystem bring us more scale.

第一，AGM 市場才剛起步，且在多個領域動能正在累積。第二，Ambarella 顯然是一個 AI 技術平台與產品領導者，而且我們已經、我們也已經建立了穩固的地位。我認為，隨著 AGM 工作負載變得更複雜，我們的定位將更為強勢，因為能夠把所有邊緣加速運算功能整合到單一晶片中的公司將愈來愈少。第三，客戶正在認同前述兩點，並且現在希望以更廣、更深的方式與我們合作。例如，LTA 協議可建立更緊密的關係，讓我們被設計導入機器人等新市場；同時，間接通路的銷售生態系也能帶來更大的規模。

In conclusion, as all this comes together, we intend to drive shareholder value with strong revenue growth and a more diversified and predictable financial models that offer material operating leverage potential for our shareholders.

總結而言，隨著這一切逐步到位，我們計畫透過強勁的營收成長，以及更為多元且可預測的財務模型，為股東創造價值；該模型也能為股東帶來可觀的營運槓桿潛力。

With that, John will now discuss our Q1 results and Q2 outlook in more detail. John?

接下來，John 將更詳細說明我們第一季的結果與第二季展望。John？

Thank you, Fermi. I'll now review the financial highlights for the first quarter fiscal year 2027, ending April 30, 2026. I will also provide a financial outlook for our second quarter of fiscal year 2027, ending July 31, 2026. We 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. For non-GAAP reporting, we have eliminated stock-based compensation and acquisition-related expenses adjusted for the impact of taxes.

謝謝你，Fermi。我現在將回顧 2027 會計年度第一季（截至 2026 年 4 月 30 日）的財務重點。我也會提供 2027 會計年度第二季（截至 2026 年 7 月 31 日）的財務展望。我們將討論非 GAAP 結果，並請各位參考今日新聞稿，以取得 GAAP 與非 GAAP 結果之間的詳細調節表。在非 GAAP 報導中，我們已剔除以股票為基礎的薪酬與併購相關費用，並就稅務影響進行調整。

For fiscal Q1, revenue was $100.4 million, slightly above the midpoint of our prior guidance range of $97 million to $103 million, down 0.5% from the prior quarter and up 16.9% year over year. On a sequential basis, automotive revenue driven by commercial vehicles experienced a strong above seasonal double-digit percent increase, while IoT revenue was seasonally down.

2027 會計年度第一季營收為 1.004 億美元，略高於先前指引區間 9,700 萬至 1.03 億美元的中點；較前一季下滑 0.5%，較去年同期成長 16.9%。以季比來看，在商用車帶動下，車用營收出現強勁、且高於季節性的兩位數百分比成長，而 IoT 營收則因季節性因素下滑。

Non-GAAP gross margin for fiscal Q1 was 59.9% and slightly above the midpoint of our prior guidance range of 59% to 60.5%. Non-GAAP operating expense in Q1 was $56.4 million, slightly below the midpoint of our prior guidance range of $55 million to $58 million. Q1 net interest and other income was $2.1 million. Q1 non-GAAP tax provision was approximately $740,000. We reported a non-GAAP net profit of $5 million or $0.11 per diluted share in Q1.

2027 會計年度第一季非 GAAP 毛利率為 59.9%，略高於先前指引區間 59% 至 60.5% 的中點。第一季非 GAAP 營業費用為 5,640 萬美元，略低於先前指引區間 5,500 萬至 5,800 萬美元的中點。第一季淨利息及其他收益為 210 萬美元。第一季非 GAAP 所得稅費用約為 74 萬美元。第一季非 GAAP 淨利為 500 萬美元，或稀釋後每股盈餘 0.11 美元。

Now I'll turn to our balance sheet and cash flow. Fiscal Q1 cash and marketable securities were $277.8 million, decreasing $34.8 million from the prior quarter, but increasing $18.4 million from the same quarter a year ago. The sequential decrease in cash and marketable securities was primarily due to an increase in our inventory levels to better service our customers in the face of a number of new product cycles.

接著我將說明資產負債表與現金流。2027 會計年度第一季現金及有價證券為 2.778 億美元，較前一季減少 3,480 萬美元，但較去年同期增加 1,840 萬美元。現金及有價證券的季減主要是因應多個新產品週期，為了更好地服務客戶而提高庫存水位所致。

Receivables days sales outstanding of 35 in Q1 was flat with the prior quarter, while days of inventory increased from 99 to 145 days. Operating cash outflow was $25.6 million for the quarter. Capital expenditures for tangible and intangible assets were $4 million for the quarter. Free cash outflow was $29.6 million for the quarter.

第一季應收帳款週轉天數（DSO）為 35 天，與前一季持平；庫存天數則由 99 天增加至 145 天。本季營運現金流出為 2,560 萬美元。本季有形與無形資產的資本支出為 400 萬美元。本季自由現金流出為 2,960 萬美元。

During the first quarter of fiscal year 2027, we repurchased 47,798 shares of our stock for a total consideration of $2.4 million or an average price of $51.04 per share. During the second fiscal quarter, Ambarella's Board of Directors authorized a new $50 million repurchase program valid through June 30, 2027, replacing the program that expires on June 30, 2026. The repurchase program does not obligate the company to acquire any particular amount of ordinary shares and it may be suspended at any time at the company's discretion.

在 2027 會計年度第一季期間，我們回購了 47,798 股公司股票，總對價為 240 萬美元，平均每股價格為 51.04 美元。在第二會計季度，Ambarella 董事會核准一項新的 5,000 萬美元回購計畫，有效期至 2027 年 6 月 30 日，用以取代將於 2026 年 6 月 30 日到期的回購計畫。該回購計畫不要求公司必須買回任何特定數量的普通股，公司可自行決定於任何時間暫停。

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 6.7% of revenue for the quarter -- for the first quarter.

我們有一家物流公司貢獻了 10% 或以上的營收。WT Microelectronics（大聯大旗下的世平/文曄？此處為 WT Microelectronics），作為台灣的履約合作夥伴，向亞洲多家客戶出貨，本季（第一季）營收占比為 6.7%。

I'll now discuss the outlook for the second quarter of fiscal year 2027. We forecast a seasonally strong fiscal second quarter with revenue in the range of $105 million to $111 million or $108 million at the midpoint. Sequentially, both auto and IoT revenue are expected to increase with growth in both consumer and CapEx-driven market. We expect fiscal Q2 non-GAAP gross margin to be in the range of 59% to 60.5%. We expect non-GAAP OpEx in the second quarter to be in the range of $56 million to $59 million. We estimate net interest and other income to be approximately $1.9 million, our non-GAAP tax expense to be approximately $800,000, and our diluted share count to be approximately 44.3 million shares.

我現在將說明 2027 會計年度第二季的展望。我們預期第二會計季度將呈現季節性強勁表現，營收預估介於 1.05 億至 1.11 億美元之間，中點為 1.08 億美元。以季比來看，車用與 IoT 營收皆預期成長，消費性市場與資本支出（CapEx）驅動的市場均將帶來成長。我們預期第二季非 GAAP 毛利率介於 59% 至 60.5%。我們預期第二季非 GAAP 營業費用介於 5,600 萬至 5,900 萬美元。我們估計淨利息及其他收益約為 190 萬美元，非 GAAP 所得稅費用約為 80 萬美元，稀釋後加權平均股數約為 4,430 萬股。

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

感謝各位今天參與我們的電話會議。接下來我將把電話交給接線員進行提問。

(Operator Instructions)

（接線員指示）

Ross Seymore, Deutsche Bank.

Ross Seymore，德意志銀行。

You mentioned earlier about the auto side growing faster than the end market itself. I think you said that end market would be 10% to 15%. In the past, you've given year fiscal year revenue guidance, I think you said 10% to 15% on your last call. How are you thinking about that for this year now?

你先前提到車用端的成長速度快於終端市場本身。我記得你說終端市場會是 10% 到 15%。過去你們會提供全年會計年度的營收指引，我想你在上次電話會議也提到 10% 到 15%。那你們現在對今年的看法是什麼？

So yes, I think for the whole year, we're still thinking it's probably 10% to 15%. We're not changing that. And automotive is stronger -- grows faster than the other market.

是的，我想就全年而言，我們仍然認為大概是 10% 到 15%。我們不會改變這個看法。而且車用業務更強——成長速度快於其他市場。

Okay. And then on the LTA side of things and maybe the one that you announced tonight in the 8-K with the $800 million over time, but more conceptually, how are you thinking about those? Are they going to be guaranteed revenues? I think you said there were potential revenue. How do we build that into the estimates as we think forward for the company?

好的。那再談談 LTA 這一塊，或許也包括你們今晚在 8-K 中宣布的那份、長期累計 8 億美元的協議；但更概念性地說，你們如何看待這類協議？它們會是保證收入嗎？我想你說過那是潛在收入。當我們往前推估公司時，應該如何把它納入模型？

Right. First of all, we already have a run rate with Hanhwa for the last 15 years, and we know we only take a percentage of their current market share. So we expect with this LTA we're going to gain market share on their annual run rate as well as this is a multigenerational commitment on both sides so that this is -- so we're going to talk about and these two generations of silicon that will be codeveloped between these two companies.

對。首先，我們與 Hanwha 在過去 15 年已經有一個既有的營運規模（run rate），而且我們知道目前只取得他們現有市占的一部分。因此，我們預期透過這份 LTA，我們將在他們年度既有規模的基礎上提升市占；同時，這也是雙方的多世代承諾——也就是說，我們將討論並共同開發這兩家公司之間的兩代矽晶產品。

So I think from that point of view, we believe that it's long period time of commitment as well as gaining market shares from the Hanhwa. But on the same time, if you look at our current ASP, although our corporate ASP is $15 but our CV ASP is a lot higher than that. So if you calculate put all the things together, that's how we calculate this potential $800 million.

所以我認為從那個角度來看，我們相信這是一段長期承諾，同時也能從Hanhwa那裡取得市占率。但同時，如果你看我們目前的ASP，雖然我們公司的整體ASP是15美元，但我們的CV ASP要高得多。所以如果你把所有因素加總起來計算，這就是我們如何得出這個潛在的8億美元。

Ross, just a little background on Hanhwa it's a major multinational conglomerate with more than $60 billion in annual revenue. It's involved in aerospace, defense, robotics, physical security, life sciences, industrial, Ocean solutions, chemicals, a lot of different things, retail services.

Ross，補充一點關於Hanhwa的背景：它是一家主要的跨國企業集團，年營收超過600億美元。業務涵蓋航太、國防、機器人、實體安防、生命科學、工業、海洋解決方案、化學品、許多不同領域，以及零售服務。

And so an important part of this relationship in the intermediate to long term, is moving beyond what has just been the physical security relationship that Fermi described as our current run rate. So we can gain share on that business. But at the same time, the press release talks about, in addition to physical security, things like operational automation, life sciences, robotics, other industrial markets. That's another very important angle of this relationship.

因此，這段關係在中期到長期的一個重要部分，是要超越Fermi所描述、目前以實體安防為主的合作關係（也就是我們目前的run rate）。因此我們可以在那塊業務上提升市占。但同時，新聞稿也提到，除了實體安防之外，還包括營運自動化、生命科學、機器人，以及其他工業市場等。這是這段關係另一個非常重要的面向。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes. Maybe a question to follow up on the LTA and not the Hanhwa one specifically, but how should we think about these sort of folding in here over the next few years. Obviously, these could be quite large. I'm sure you can say yes to all of them. Is there also going to be potentially some OpEx sharing with some of these customers that you signed LTAs. Any more color you could offer us as far as how we should think about the magnitude and how it's going to be funded over the next three years?

是的。我想追問一下LTA（長期協議），不特別針對Hanhwa，但我們應該如何看待未來幾年這些協議在這裡的逐步納入？顯然，這些可能相當大。我相信你們可以對所有問題都回答「是」。另外，對於你們簽下LTA的部分客戶，是否也可能會有一些OpEx（營運費用）分攤？就規模大小以及未來三年將如何籌措資金，你們能否提供更多說明？

So first of all, I think I want to go a little high level and saying a lot of -- most of the LTA discussion is based on two things. One is really when you look at all the fast AI trend and our customers continue to look at the new AI model, the info the higher performance requirement lower power efficiency. So to meet this kind of AI demand, while for the most AGI plication power efficiency is probably the most important thing. So it's getting harder and harder to build a platform of silicon that can address all of these new applications.

首先，我想先從較高層次來說明：多數關於LTA的討論主要基於兩件事。第一是，當你看到AI快速發展的趨勢，我們的客戶持續關注新的AI模型，並且要求更高效能、更低功耗與更高效率。為了滿足這類AI需求，對大多數AI應用而言，功耗效率可能是最重要的因素。因此，要打造一個能夠涵蓋所有這些新應用的矽平台，變得越來越困難。

So I think that trend really helped our customers think about how to partner with somebody that can build a platform of silicon that can help not only on the security enterprise security, but also other associated market they are trying to address.

所以我認為這個趨勢確實促使我們的客戶思考，應該如何與能打造矽平台的夥伴合作；這個平台不僅能支援安防、企業安防，也能支援他們想要切入的其他相關市場。

I think that's probably how the LTA started. And in this kind of LTA, most of the discussion will involve and -- but also we'll develop a product mutually beneficial, right? So I think those are two things that we definitely want to make sure that we develop a software platform that can go across our current silicon platform that offer a complete road map to our customer. And in exchange, they were willing to help us to fund those platforms with, particularly not only on the silicon side but also on the software side.

我想這大概就是LTA如何開始的。在這類LTA中，多數討論會涉及——同時我們也會共同開發對雙方都有利的產品，對吧？所以我認為有兩件事我們一定要確保做到：我們要開發一個軟體平台，能跨越我們現有的矽平台，並為客戶提供完整的產品路線圖。作為交換，他們願意協助我們為這些平台提供資金，特別是不僅在矽端，也包括軟體端。

That's very helpful. And as my follow-up and maybe related to that platform approach for me. So just thinking about the competitive landscape, obviously, there's big processor companies. There's obviously analog companies and so on and so forth. But how flexible can your software platform really be? Because obviously, the use cases at the edge are going to be quite different from use case to use gas.

這很有幫助。我再追問一下，可能也與你提到的平台策略相關。就競爭格局來看，顯然有大型處理器公司。也有類比IC公司等等。但你們的軟體平台到底能有多大的彈性？因為很明顯，邊緣端的使用情境會因不同情境而差異很大。

Yes. So I think our unique architecture, you remember that we have been talking about (inaudible). So our -- that out how we accelerate like our image processing and our CVflow AX reader has been -- really passed many battles and have been proved to our customers is not only powerficient, but also program enough to adapt to many different applications, different AI models. For example, which I talk about our CVflow architecture can do 200 different AI -- sorry, model architecture, not 200 models. We're talking about 200 model architectures, and we took all of them into production. Just show you [flexible] our accelerators is.

是的。我想我們獨特的架構，你還記得我們一直在談的(聽不清楚)。所以我們——我們如何加速影像處理，以及我們的CVflow AX（聽不清楚）——已經歷過許多實戰考驗，並向客戶證明不僅具備高功耗效率，也有足夠的可程式化能力，能適應許多不同應用與不同AI模型。例如，我提到我們的CVflow架構可以支援200種不同的AI——抱歉，是200種模型架構，不是200個模型。我們談的是200種模型架構，而且我們已將它們全部導入量產。這只是為了讓你看到我們的加速器有多[彈性]。

But more importantly, with the latest agentic AI approach, you need to integrate everything together. So in that, including not only the ISV and the CV flow or impact income H2 for encoder. On top of that, you need to integrate the complete SoC for CPU and also IO and DRAM activity to provide very -- not only powerficient but also cost-efficient solution to our customers. So that's where we are basically having a reputation to deliver those kind of products consistently in the last 20 years.

但更重要的是，隨著最新的agentic AI方法，你需要把所有東西整合在一起。因此其中不僅包括ISV與CVflow，或（聽不清楚）H2編碼器。除此之外，你還需要整合完整的SoC，包括CPU、I/O以及DRAM活動，才能為客戶提供非常——不僅省電，也具成本效率的解決方案。這也是為什麼在過去20年裡，我們基本上建立了能持續交付這類產品的口碑。

And when we look at the competitive landscape, with the DLC quota, obviously, but I really don't see any other people coming out with one complete silicon platform that we have 12 HAIC can go from very low performance to few hundred top performance with power efficiency.

而當我們看競爭格局時，當然有DLC（聽不清楚）的配額，但我真的看不到還有其他人能推出像我們這樣完整的矽平台；我們有12個HAIC，可以從非常低效能一路延伸到數百TOPS的效能，同時保持功耗效率。

On top of that, all the silicon was covered by one unified software development SDK, that our customers, if they develop one product on one so can easily go to different SoC, providing a different price performance point on their product platform. And this kind of flexibility and the width of our product format, I don't think there are money many people can match.

此外，所有這些矽產品都由一套統一的軟體開發SDK所涵蓋；客戶如果在某一顆SoC上開發出一個產品，就能很容易移植到不同SoC，為其產品平台提供不同的性價比（price-performance）定位。這種彈性以及我們產品組合的廣度，我不認為有很多人能匹敵。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

I guess I wanted to follow up for me on the Hanwha LCA. In the press release, you talked about the internal SOC that Hanhwa continues to design. And so I wonder -- it sounds like you're co-designing multiple generations of ships. Is there an opportunity to get a bigger percentage of share away from that internal SoC or do you think that internal SoC continues to hold a portion upon was requirements? And then I've got a follow-up.

我想針對Hanwha的LCA再追問一下。在新聞稿中，你們提到Hanwha仍在持續設計其內部SoC。所以我想問——聽起來你們正在共同設計多個世代的晶片。是否有機會從那個內部SoC手上拿到更高比例的份額？還是你認為那個內部SoC仍會保留一部分以滿足Hanwha的需求？然後我還有一個追問。

I think it's a mutual intention that they're going to use more of this codeveloped platform into more product line. So we fully expect we're getting more market share from Hanhwa with this new development.

我認為雙方的共同意圖是，他們會在更多產品線中採用這個共同開發的平台。因此我們完全預期，透過這項新開發，我們將從Hanwha取得更多市占率。

Excellent. And then, Fermi, you guys have talked about the fleet telematics market for a number of years, and it feels like it may finally be starting to inflect on the script, you mentioned an installed base of over 100 million units or plus one of that being AI. But what do you think is driving the inflection? Is there anything you can point to in particular that's driving the pretty strong growth here in the first and second quarter?

很好。接著，Fermi，你們談車隊車聯網（fleet telematics）市場已經談了好幾年，感覺它可能終於開始出現拐點；在講稿中你提到裝機量超過1億台，或其中有一部分是AI。但你認為是什麼在推動這個拐點？有沒有什麼特別因素，能指出是什麼在推動第一季與第二季這裡相當強勁的成長？

Yes. Quinn, it's Louis. Just in terms of the market opportunity, telematics, there's about 100 million subscribers and third-party research firms like ABI or Gartner see it growing maybe 10% CAGR. Within that $100 million subscriber base, maybe only 15%, 20% of the market is using AI and AI video as an additional ARPU-generating feature in their platforms. And so what you have is the overall telematics market growing, you've got AI video growing into that.

是的。Quinn，我是Louis。就市場機會而言，車聯網大約有1億名訂閱戶，像ABI或Gartner這類第三方研究機構認為它可能以約10%的CAGR成長。在這1億訂閱戶基礎中，可能只有15%到20%的市場在其平台中使用AI與AI影像，作為能帶來額外ARPU的功能。因此你看到的是整體車聯網市場在成長，同時AI影像也在其中滲透成長。

And at the same time, there's demand for more sophisticated AI workloads and multiple sensors, which is causing our ASP, the demand for more sophisticated AI chips to go up. So those are the dynamics that we're facing. And we're doing a very good job with share. For example, this quarter, we announced (inaudible), as Fermi mentioned, multiple platforms with CV72/CB75, which is they're one of the leaders of this market. So any follow-ups on that?

同時，市場也對更複雜的 AI 工作負載與多感測器有需求，這正推動我們的 ASP（平均售價）上升，也推動對更先進 AI 晶片的需求增加。所以這些就是我們正在面對的動態。而我們在市占率方面做得非常好。例如，本季我們宣布了（聽不清楚），如同 Fermi 提到的，推出多個採用 CV72/CB75 的平台，而他們是這個市場的領導者之一。所以對這部分還有任何追問嗎？

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

Wonder if you could talk about are you guys impacted at all by shortages of DRAM or storage in any of the surveillance markets or consumer markets? Just are you seeing any impact from any of that?

想請教一下，你們在監控市場或消費性市場中，是否有受到 DRAM 或儲存（storage）短缺的影響？你們是否看到這些因素帶來任何影響？

Yes. So first of all, obviously, just like everybody else, we are impacted, but not directly, we are impacting directly. In the last quarter, when we talked about this, we definitely talk about our customer-facing much higher DRAM price and flash price as well as potential shortage in the second half. So that situation didn't change.

是的。首先，顯然就像其他所有人一樣，我們也受到影響，但不是直接地、也不是我們直接受到衝擊。上一季我們談到這件事時，確實提到我們面向客戶端的 DRAM 價格與快閃記憶體（flash）價格大幅上升，以及下半年可能出現短缺。所以那個情況沒有改變。

The biggest direct impact to us is most of our customers are handling this shortage by doing -- first of all, they are trying to source different DRAM supplier or to cut down the DRAM utilization per product, we basically try to optimize the DRAM utilization in a chip so that they can use smaller DRAM side.

對我們最大的直接影響是：多數客戶在因應這次短缺時會採取一些作法——首先，他們會嘗試尋找不同的 DRAM 供應商，或是降低每個產品的 DRAM 使用量；而我們基本上會嘗試在晶片端最佳化 DRAM 的使用效率，讓他們可以使用容量更小的 DRAM。

And all those activities require we put in our AP support to help our customer. We're happy to do that because that's definitely something we need to do to help our customer. But at the same time, I think that's probably the biggest direct impact to us on the engineering resource requirement.

而所有這些活動都需要我們投入 AP（應用支援）來協助客戶。我們很樂意這麼做，因為這確實是我們需要做的、用來幫助客戶的事情。但同時，我想這大概就是對我們而言最大的直接影響——也就是對工程資源需求的增加。

Okay. And then as a follow-up, the inventory, you sort of described it supporting product ramps, but it was a pretty big increase. I just -- can you give us any more color, make us feel comfortable with that amount of inventory build.

了解。接著追問一下，關於庫存，你們描述它是為了支援產品放量（ramps），但這次增加幅度相當大。我想——你們能否再多提供一些細節，讓我們對這樣的庫存累積規模更安心？

Joe, yes, I mean if you look back in the last couple of quarters, we were running kind of lean. And over the last few quarters, we have looked at kind of the opportunities that are coming to us with the strong growth that we had last year, and we wanted to position ourselves in the right product categories to be able to continue to serve our customers. And so going from a fairly low number of days of inventory at points in last year, we wanted to build a bit of inventory heading into this year to be able to do that.

Joe，是的，我的意思是，如果你回頭看過去幾季，我們的庫存水位其實偏精簡。而在過去幾季，我們看到去年強勁成長所帶來的機會，因此希望把自己定位在正確的產品類別上，以便能持續服務客戶。因此，從去年某些時點相對偏低的庫存天數出發，我們希望在今年開始前建立一些庫存，以便做到這一點。

And Joe, it's Fermi, just want to add another color on this. Sensor has officially informed us that their supply is getting tighter. Obviously, we have secured our supply, but we feel it's prudent for us to build up a little inventory just in case we run into a different supply issues. So from that point of view, I think I think you also heard that supply chain become a problem for everybody. We just try to be prudent to build up some inventory just in case.

Joe，我是 Fermi，我想再補充一點。感測器供應商已正式通知我們，他們的供應正在變得更緊。顯然我們已確保了供應，但我們認為審慎起見，應該稍微建立一些庫存，以防我們遇到其他供應問題。所以從這個角度來看，我想你也聽到供應鏈正成為所有人共同的問題。我們只是想審慎地建立一些庫存，以備不時之需。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Congratulations on all the great progress. And along those lines, you're building out the indirect sales channel. I think you mentioned six groups hired. Do these -- maybe if you could describe these a little better geographically? And then also, do they have application engineers. Yes, I'll just stop with those questions.

恭喜你們取得這麼多重大進展。順著這個方向，你們正在擴建間接銷售通路。我想你們提到已聘用了六個團隊。能否更清楚地描述一下這些團隊在地理分布上是怎樣的？另外，他們是否也配有應用工程師？好，我先問到這裡。

Right. So first of all, there are many in the United States right now, obviously, but we are definitely trying to go to Japan and Europe to expand our ISV. But today, all six of them are US based. In terms of size of the ISVs, it's really from large to small but more importantly is really what their current engagement with the end customer. We're looking at ISV can add value can easily pull their software onto our platform, and so they can go to their existing customer with our solutions. So those are ISV we're engaging.

好的。首先，目前很多都在美國，這很明顯；但我們也確實正嘗試前往日本與歐洲來擴展我們的 ISV（獨立軟體供應商）。不過今天這六家都以美國為基地。就 ISV 的規模而言，從大到小都有，但更重要的是他們目前與終端客戶的互動程度。我們在尋找能夠增加價值、並且能夠容易把他們的軟體移植到我們平台上的 ISV，這樣他們就能用我們的解決方案去服務其既有客戶。所以這些就是我們正在合作的 ISV。

And more importantly, we are really enabling applications that we have not touched in the past. So overall from that point of view, we are happy with the progress that we've made in a short period of time since we announced this at CES. But I think six of them is just the beginning. I think -- our goal is to double that in this year and hopefully, we can continue to build on momentum based on that.

更重要的是，我們正在啟用一些過去我們未曾觸及的應用。因此從整體來看，自從我們在 CES 宣布這件事以來，在短時間內取得的進展讓我們很滿意。但我認為六家只是開始。我想——我們的目標是在今年把這個數量翻倍，並希望能在此基礎上持續累積動能。

Yes, Kevin, it's Louis. In addition, for this indirect effort, in addition to the ISVs we just talked about, there's significant effort building out channel partners and even system integrators as part of this effort. And this is really important to help us serve markets like edge infrastructure that need a lot of technical support, a very fragmented markets like robotics. So a lot of efforts going into the ISV channel partners and even system integrators.

是的，Kevin，我是 Louis。此外，針對這項間接推動工作，除了我們剛談到的 ISV 之外，我們也投入大量心力在建立通路夥伴，甚至把系統整合商（system integrators）納入這項工作的一部分。這點非常重要，能幫助我們服務像邊緣基礎設施（edge infrastructure）這類需要大量技術支援的市場，以及像機器人這種高度碎片化的市場。因此，我們在 ISV、通路夥伴，甚至系統整合商上都投入了很多努力。

Okay. Great. Yes, that was going to be part of my follow-up question of how much of a -- I hate to use the term, but the cookie-cutter approach can it be? But someone can go in with a lot of the solution already and help out a customer. Is that the idea?

了解。很好。是的，那正是我追問的一部分：你們的方案在多大程度上可以——我不太想用這個詞——但能否採取「制式化（cookie-cutter）」的方法？也就是有人可以帶著相當多已經準備好的解決方案進場，協助客戶。這就是你們的想法嗎？

Yes, you might have multiple ISVs working on one project. So if I understood the question right, it's not just always something right off the shelf, cookie cutter, as you said, but you might have ISVs. You might have channel partners and you might have system integrators all involved on one project. So I think it's pretty far from being cookie cutter. It's very sophisticated software as these workloads get more complex. You need that whole indirect ecosystem to play a role in many of these designs we're pursuing.

是的，你可能會有多家 ISV 在同一個專案上合作。所以如果我理解你的問題，並不總是像你說的那樣，直接拿現成品、制式化地套用；你可能會有 ISV、通路夥伴，以及系統整合商同時參與同一個專案。因此我認為這離「制式化」其實很遠。隨著這些工作負載變得更複雜，所需的軟體也非常精密。你需要整個間接生態系在我們追求的許多設計案中扮演角色。所以它是非常複雜的。

And Kevin, just to add, part of the decision-making engaging with some of these ISVs is seeing the expertise that they have in different verticals. And some of the -- some of them are -- they have expertise across multiple verticals. And so it's really trying to take a holistic approach to that engagement and cover as many verticals as we can with folks who specialize.

Kevin，再補充一下：我們決定與其中一些 ISV 合作的考量之一，是看他們在不同垂直領域的專業能力。而其中一些——有些 ISV——在多個垂直領域都有專長。因此，我們會以更全面的方式來推動合作，並盡可能透過具備專業的人才覆蓋更多垂直領域。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

My question is, I think a few quarters ago, you talked about doing some infrastructure, putting your chips basically into servers. I think it was first security camera applications, but potentially other -- have you had any other further engagements there on the infrastructure side?

我的問題是，我記得幾季前你們談到在基礎設施方面的一些布局，把你們的晶片基本上放進伺服器裡。我想當時先是安防攝影機的應用，但也可能有其他——你們在基礎設施端是否有任何進一步的合作進展？

Yes, we do. Aged infrastructure continue to be a focus, and we have we have not only engaging with the customer, we also have design wins that we're working on. The first product will probably come out, I would say, second half of this year. And in the same time, we are building definitely building a road map to continue to address this opportunity.

是的，有。邊緣基礎設施仍然是我們的重點，我們不僅在與客戶接洽，也有正在推進的 design win（設計導入/設計中標）。第一個產品我認為大概會在今年下半年推出。同時，我們也正在建立一個產品路線圖，以持續掌握並回應這個機會。

So we haven't talked about our next-generation chip and also the potential updates on that. But I think next time we should give you more updates on the age infos. That's remain to be a very important direction for us.

所以我們還沒有談到我們的下一代晶片，以及相關可能的更新。但我想下次我們應該能就邊緣基礎設施（edge infrastructure）提供更多更新。那仍然會是我們非常重要的方向。

Yes. Just to put it in perspective, based on the products we have now it's a couple of hundred million dollar SAM for things like AI Vision Box, but as we come out with more products and build out this indirect ecosystem that, as we mentioned, will help the edge infrastructure business, you'll see us update the SAM appropriately when we have more products here. So definitely high focus area and it's part of that indirect channel we were just talking about.

是的。為了讓大家更有概念，以我們目前現有的產品來看，像 AI Vision Box 這類產品的 SAM 大約是數億美元；但隨著我們推出更多產品，並建立我們提到的間接生態系，這將有助於邊緣基礎設施業務，你會看到我們在這裡有更多產品時，會相應更新 SAM。所以這絕對是高度聚焦的領域，也是我們剛才談到的那個間接通路的一部分。

Great. And then for my second question, just the robotics opportunity. I think last quarter, you mentioned warehouse robotics any other engagements there? And then if you could talk about humanoid and engagements there, that would be interesting, too.

很好。那我的第二個問題是關於機器人機會。我記得上季你提到倉儲機器人，還有其他合作進展嗎？另外如果你也能談談人形機器人以及那邊的合作情況，也會很有意思。

Right. So we talk about different applications. This time, in fact, last time we talked about this, the warehouse design win and now we are definitely in an extensive engineering development cycle with them. But more importantly, on top of that, we have multiple design wins in this quarter in the span of many different applications I talked about in my script. But I think the most important thing is now we focus on that for any robot, there are multiple different solutions today.

好的。所以我們談到不同的應用。這次其實跟上次談到時一樣，倉儲的 design win 現在我們確實正與對方進行一個廣泛的工程開發週期。但更重要的是，除此之外，我們在本季在我講稿中提到的多種不同應用範疇裡，也拿下了多個 design win。不過我認為最重要的是，我們現在聚焦在：對任何機器人而言，今天都有多種不同的解決方案。

One is just purely video, the other one is perception. Three, the third one is using Fusion to put a different sensor together and fourth one is really because of the controller or decision maker for this whole robust system. Our design win is in the all these areas, but more focused on the perception side because of our expertise in on the video and also fusion side.

一種是純影像（video），另一種是感知（perception）。第三種是使用融合（Fusion）把不同感測器整合在一起；第四種則是整個機器人系統的控制器或決策者。我們的 design win 涵蓋這些領域，但更聚焦在感知端，因為我們在影像以及融合方面具備專長。

So I think it's across different applications and also focus on perception and also the decision-making part of the robotic solution. There are some of the humanoid type of applications in that design wins but we are not in the place to talk about just yet.

所以我認為這是跨不同應用，同時也聚焦在感知以及機器人解決方案的決策部分。在這些 design win 裡也有一些人形機器人的應用類型，但我們目前還不便多談。

Martin Yang, Oppenheimer.

Martin Yang，Oppenheimer。

First, a couple of questions on LTA. Are you able to say or quantify how many other potential partners you have in your LTA discussion?

首先，關於 LTA 有幾個問題。你能否說明或量化一下，在 LTA 討論中你們還有多少其他潛在合作夥伴？

We only announced two. We're talking about potential, but there's no other concrete information we can disclose at this point.

我們只公告了兩家。我們確實在談其他潛在對象，但目前沒有其他具體資訊可以對外揭露。

Got it. And then also on LTA. So for example, the one with Hanwha spending over multiple years, do you need to also secure wafer supply for your foundry partner regarding those LTA agreement?

了解。那再問一個也是關於 LTA。例如與 Hanwha 那個跨多年支出的合作，你們是否也需要針對這些 LTA 協議，向你們的晶圓代工夥伴確保晶圓供應？

First of all, I believe that our relationship with Samsung, although we only try to secure wafer commitment every year. But in the last 18 years, we never have any problem to secure the wafer we want for our customers.

首先，我相信我們與三星的關係，雖然我們只會每年嘗試確保晶圓承諾。但在過去 18 年裡，我們從未在為客戶取得所需晶圓方面遇到問題。

So I expect that our wafer supply for 5 or 2-nanometer from Samsung will not be an issue for us. Although there is a lot of discussion that Sensors also gaining momentum on those process node. And obviously, we don't have any long-term contracts with any suppliers, and that might be a question you're asking, but I don't think that's a contract we're going to sign with any supplier anytime soon.

所以我預期，我們向三星取得 5 奈米或 2 奈米的晶圓供應不會是問題。雖然目前有很多討論指出感測器（Sensors）在這些製程節點上也正在增溫。而且很明顯地，我們與任何供應商都沒有長期合約，這可能就是你在問的點；但我不認為我們短期內會與任何供應商簽署那樣的合約。

Got it. And last question, also on LTA, do you view your relationship with Samsung and your design capabilities as a key value prop when you try to secure long-term agreements with other customers?

了解。最後一個問題，也是關於 LTA：在你們嘗試與其他客戶爭取長期協議時，你是否把與三星的關係以及你們的設計能力視為關鍵價值主張？

Absolutely. Because one, loan discussion with any customer on LTA is how you secure your wafers particularly on the 4-nano 2-nanometer process node. In fact, some of the time, we have to really bring our supplier partners to -- into a conversation to make sure that our customers feel comfortable.

絕對是。因為第一，與任何客戶討論 LTA 時，核心之一就是你如何確保晶圓供應，特別是在 4 奈米、2 奈米這些製程節點。事實上，有時我們必須把供應商夥伴也帶進對話中，以確保客戶感到安心。

By the way, I can say that we -- today, sensor announced their Central has their official company-wide event, talking about the tuna process, and they made an announcement that VDI and Ambarella 2-nanometer customers that come in to their process node as official price release from Samsung.

順帶一提，我可以說，我們——今天，Sensor 宣布他們的 Central 舉辦了正式的全公司活動，談到 2 奈米製程，並宣布 VDI 與 Ambarella 是他們 2 奈米製程節點的客戶，這是三星正式的價格發布。

(Operator Instructions)

（接線員指示）

Suji Desilva, Roth Capital.

Suji Desilva，Roth Capital。

So a quick question on robot robotics as well. I'm curious, are those -- you have a breadth of wins there? Are those across the board on your product portfolio? Or does that category lean towards the leading-edge products, the leading-edge nodes? Just want to understand where robotics is intercepting your product portfolio?

我也快速問一個關於機器人。我很好奇，你們在那邊有相當多的 wins 嗎？這些是橫跨你們整個產品組合嗎？還是這個類別更偏向先進產品、先進製程節點？我想了解機器人這塊是如何切入你們的產品組合的？

All the products that we have design win is our CV product line. It's really -- and most of that is our 5-nanometer products. There are some 10-nanometer maturities of 5-nanometer products. In fact, they are also our 4-nanometer products in there, too.

我們拿到 design win 的產品全部都屬於我們的 CV 產品線。而且——其中大多數是我們的 5 奈米產品。也有一些是 5 奈米產品的 10 奈米成熟版本。事實上，裡面也包含我們的 4 奈米產品。

So it is really covering our CVflow architecture. That's the main reason people are using us, but more focused on the falter for the performance efficiency.

所以它確實涵蓋了我們的 CVflow 架構。這是大家採用我們的主要原因，但更聚焦在效能效率的因素。

Got it. Okay. And then a question perhaps for John. Should we expect typical seasonality this fiscal year, this calendar year? Or are there factors that might be swinging it differently than prior years?

了解。好。那再問一個可能給 John 的問題。今年會計年度、今年曆年，我們是否應該預期典型的季節性？還是有一些因素可能讓季節性與過去不同？

Suji, I think the expectation is to continue to see the seasonality that we've seen in the past at this point.

Suji，我認為目前的預期是會延續我們過去看到的季節性。

Ross Seymore, Deutsche Bank.

Ross Seymore，德意志銀行。

Just one follow-up for you. Given the change in the business more automotive this year relative to the IoT side and then longer term, some of the robotics and IoT and Edge AI, physical AI, everything you've talked about on the call, how do you see that impacting either benefiting or being a little bit of a headwind to your gross margin in both the near term and long term from those dynamics, please?

我這邊只有一個追問。考量今年業務組合相較 IoT 端更偏汽車，以及長期來看你們在電話會議中談到的機器人、IoT、Edge AI、Physical AI 等等，你怎麼看這些動態在短期與長期對你們毛利率的影響？是有利還是會形成一些逆風？

Right. So Ross, in fact, we since three quarters ago, we started really watching our gross margin carefully. I think that today, what I can say is based on all the things that we just discussed, we believe that we are going to stay with our current long-term gross margin model that's between 59% to 62%.

好的。所以 Ross，事實上從三個季度前開始，我們就開始非常仔細地觀察毛利率。我想今天我能說的是，基於我們剛才討論的所有事情，我們相信我們會維持目前的長期毛利率模型，也就是 59% 到 62% 之間。

And this concludes our Q&A session, and I will pass it back to Dr. Fermi Wang for closing comments.

以上為我們的問答環節，接下來我會把時間交回給 Fermi Wang 博士做結語。

Thank you for joining our call today, and I really hope I can see you at some of our events this quarter. Thank you. See you next time.

感謝各位今天參與我們的電話會議，我也真心希望本季能在我們的一些活動上見到各位。謝謝。下次見。

This concludes our conference. Thank you for participating, and you may now disconnect.

本次電話會議到此結束。感謝各位參與，現在可以掛線。