Arm Holdings PLC (ARM) 2024 Q4 法說會逐字稿

Thank you very much.

非常感謝。

Good morning and good afternoon, everybody.

大家早安，下午好。

My name is Ian Thornton, and I'm the Head of Investor Relations at Arm.

我叫 Ian Thornton，是 Arm 投資人關係主管。

I would like to welcome everyone to our earnings conference call for the fourth quarter of the fiscal year ending March 31, 2024.

我謹歡迎大家參加我們截至 2024 年 3 月 31 日的財年第四季的收益電話會議。

I'm joined today by Rene Haas, the Chief Executive Officer of Arm, and Jason Child, Arm's Chief Financial Officer.

今天與我一起出席的還有 Arm 執行長 Rene Haas 和 Arm 財務長 Jason Child。

Hopefully, you will all have downloaded and read the shareholder letter.

希望你們都已經下載並閱讀了股東信。

If not, it is available on the Arm Investor Relations website at investors.arm.com. The shareholder letter provides a rich update on our strategic progress in the quarter.

如果沒有，可以在 Arm 投資者關係網站 Investors.arm.com 上找到。股東信函提供了有關我們本季策略進展的豐富最新資訊。

Before we begin, I'd like to remind everyone that during the course of this conference call, Arm will discuss forecasts, targets, and other forward-looking information regarding the company and its financial results.

在我們開始之前，我想提醒大家，在本次電話會議期間，Arm 將討論有關公司及其財務業績的預測、目標和其他前瞻性資訊。

While these statements represent our best current judgment about future results and performance as of today, our actual results are subject to many risks and uncertainties that could cause actual results to differ materially from what we expect.

雖然這些陳述代表了我們目前對未來績效和績效的最佳判斷，但我們的實際結果受到許多風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

In addition to any risks that we highlight during this call, important risk factors that may affect our future results and performance are described in our registration statement on Form S-1 filed with the SEC on September 14, 2023.

除了我們在本次電話會議中強調的任何風險之外，我們於 2023 年 9 月 14 日向 SEC 提交的 S-1 表格註冊聲明中還描述了可能影響我們未來業績和業績的重要風險因素。

Arm assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Arm 不承擔更新任何前瞻性聲明的義務，這些聲明僅代表發布當日的情況。

In addition, we will refer to non-GAAP financial measures during the discussion.

此外，我們將在討論中提及非公認會計準則財務指標。

Reconciliations of certain of these non-GAAP financial measures to their most directly comparable GAAP financial measures and a discussion of certain projected non-GAAP financial measures that we are not able to reconcile without unreasonable efforts and supplementary financial information can be found in the shareholder letter that we released earlier today.

某些非公認會計原則財務指標與其最直接可比較的公認會計原則財務指標的調節，以及對某些預計的非公認會計原則財務指標的討論，如果沒有不合理的努力和補充財務信息，我們就無法對這些指標進行調節，可以在股東信中找到我們今天早些時候發布的。

The shareholder letter and other earnings-related materials are available on our website at investors.arm.com. And with that, I'll turn the call over to Rene, who has some prepared remarks.

股東信函和其他與收益相關的資料可在我們的網站 Investors.arm.com 上取得。接下來，我會將電話轉給雷內，他有一些準備好的發言。

Thank you, Ian, and hello, everyone.

謝謝你，伊恩，大家好。

So I'm just going to make a few comments to kick off the call and then I'll pass it over to Jason.

因此，我只想發表一些評論來開始通話，然後將其轉交給傑森。

But in summary, this quarter, Q4, obviously being the end of our fiscal year, was just outstanding.

但總而言之，本季（第四季）顯然是我們財年的結尾，表現非常出色。

We have record revenues for this quarter and for our first fiscal year as a public company being completed, also record revenue, exceeding the high end of the guidance range.

我們本季和作為上市公司完成的第一個財年的收入均創歷史新高，收入也創歷史新高，超出了指導範圍的上限。

More specifically for Q4, revenue was up 47% year-on-year.

更具體地說，第四季營收年增 47%。

Royalty is up 37% year-on-year, and this is really driven by acceleration of v9 adoption, which I'll speak about a little bit more; and also licensing up 60% year-on-year, which is really a function of increased R&D investment to capture the huge opportunity that is all things AI.

版稅年增了 37%，這實際上是由於 v9 的採用加速推動的，對此我會多談一點；授權量年增 60%，這實際上是為了抓住人工智慧帶來的巨大機會而增加研發投資的結果。

Now in looking back, the expansion strategies that we talked about during our roadshow and then IPO are now all driving growth for the company.

現在回想起來，我們在路演和IPO時談到的擴張策略現在都在推動公司的成長。

As mentioned, we had significant royalty growth in the last quarter, up year-on-year 37%, really driven by v9 adoption.

如前所述，上一季我們的版稅成長顯著，年成長 37%，這實際上是由 v9 採用所推動的。

And what we're seeing is the acceleration of v8 to v9, which drives not only better royalties but we're also seeing more CPUs inside the chip, which compounds that royalty growth really across all end markets.

我們看到的是 v8 到 v9 的加速，這不僅帶來了更好的版稅，而且我們還看到晶片內有更多的 CPU，這實際上加劇了所有終端市場的版稅增長。

And the significant driver for that in client has been around smartphones, but broadly, we also see that in our infrastructure business as well.

客戶端的重要驅動力一直圍繞著智慧型手機，但從廣義上講，我們在基礎設施業務中也看到了這一點。

And v9 adoption will only continue to increase.

v9 的採用只會繼續增加。

In the last quarter, we've also seen proof points of our diversification strategy.

在上個季度，我們也看到了我們多元化策略的證據。

Google, the latest hyperscaler announced their Axion processor based on Arm custom chip intended for the data center.

最新的超大規模企業Google宣布推出基於 Arm 客製化晶片的 Axion 處理器，專門用於資料中心。

They chose us largely because of our compute efficiency but also the ability to not only have a high-performing chip but to design an increasingly performant blade, rack and system for a fantastic TCO.

他們選擇我們主要是因為我們的運算效率，而且不僅能夠擁有高效能晶片，而且能夠設計性能日益提高的刀片、機架和系統，以實現出色的 TCO。

We also announced our very first autonomous solutions based on v9.

我們也宣布了第一個基於 v9 的自主解決方案。

This is very, very significant as we're now bringing v9 performance to the automotive sector with automotive enhanced features such as functional safety, and we expect huge growth around this area.

這是非常非常重要的，因為我們現在正在透過功能安全等汽車增強功能將 v9 性能引入汽車領域，並且我們預計該領域將出現巨大增長。

And we also have introduced the lowest power transformer on the planet, the Ethos-U85 for IoT-based designs.

我們還推出了全球功耗最低的變壓器 Ethos-U85，用於基於物聯網的設計。

One of the strategies we put in place that we are most comfortable with in terms of its growth but very confident in terms of its trajectory is around our, what we call, compute subsystems.

我們所製定的策略之一是圍繞著我們所謂的計算子系統，我們對它的成長感到最滿意，但對其發展軌跡非常有信心。

And these are essentially taking blocks of IP, putting them together into a full solution, verified and validated, that saves customers huge time to market and also gives them a highly performant solution.

這些本質上是採用 IP 區塊，將它們組合成一個完整的解決方案，並進行驗證和驗證，這可以為客戶節省大量的上市時間，並為他們提供高效能的解決方案。

So we announced our V3 Neoverse CSS this quarter, which will give increased performance and benefits to customers.

因此，我們在本季發布了 V3 Neoverse CSS，這將為客戶帶來更高的效能和收益。

The first automotive CSS is now in discussions with our key partners -- to customers in terms of time to market and efficiency.

第一輛汽車 CSS 正在與我們的主要合作夥伴就上市時間和效率方面的客戶進行討論。

And our first customer in the Neoverse space doing a design, Microsoft, their Cobalt chip is now ramping.

我們在 Neoverse 領域進行設計的第一個客戶是微軟，他們的 Cobalt 晶片現在正在量產。

But probably from a more exciting standpoint, we are oversubscribed on this compute subsystem strategy.

但也許從更令人興奮的角度來看，我們對這種計算子系統策略的認可度很高。

We have far more demand for the product than anticipated, and we are anticipating growing that significantly over time.

我們對該產品的需求遠遠超過預期，並且預計隨著時間的推移，需求量將顯著增長。

Every end market that we approach has a need for CSSs, and we're very excited about talking about them in the future.

我們接觸的每個終端市場都需要 CSS，我們很高興將來談論它們。

All of this is also being driven by AI.

所有這一切也是由人工智慧驅動的。

What we are seeing is, because Arm has the largest installed base of CPUs on the planet and has over 70% of the world's population using those CPUs, it's natural that, as these AI workloads are now being moved anywhere from the edge devices to the training data center, that they need support from an Arm CPU standpoint.

我們所看到的是，由於 Arm 擁有全球最大的 CPU 安裝基數，並且世界上超過 70% 的人口使用這些 CPU，因此很自然地，隨著這些 AI 工作負載現在從邊緣設備轉移到任何地方，培訓資料中心，他們需要Arm CPU 的支援。

So whether it's from cloud Edge, from GPT to Llama, all AI workloads rely and run on Arm.

因此，無論是從雲端邊緣，從GPT到Llama，所有AI工作負載都依賴並在Arm上運行。

And we only see this increasing.

我們只看到這種情況不斷增加。

Our licensing activity is probably the best proxy for that.

我們的許可活動可能是最好的體現。

The way to think about licensing revenue as it applies to AI is, as software is moving faster than hardware, the hardware designs need to be upgraded quickly to make sure they can capture the needs of these new AI workloads.

考慮適用於人工智慧的授權收入的方式是，由於軟體的發展速度比硬體更快，因此硬體設計需要快速升級，以確保它們能夠滿足這些新人工智慧工作負載的需求。

So because of that, we have seen huge growth in our licensing activity.

因此，我們的許可活動出現了巨大的成長。

We talked about that last quarter and it continued this quarter.

我們上個季度討論過這個問題，本季繼續討論。

So based upon this, we are very, very confident of our growth outlook for the upcoming year.

因此，基於此，我們對來年的成長前景非常非常有信心。

This past year was over 20% revenue growth, and we expect that to be even better than that in this year and the upcoming years.

過去一年的收入成長超過 20%，我們預計今年和未來幾年的收入成長會更好。

Our growth has been accelerating.

我們的成長一直在加速。

Lastly, it's taken Arm 20 years to get to $1 billion in revenue.

最後，Arm 花了 20 年的時間才達到 10 億美元的收入。

It took us 10 years to get to $2 billion.

我們花了 10 年才達到 20 億美元。

This year, we passed $3 billion in only 2 years after our first $2 billion year, and we expect to be near $4 billion this year.

今年，我們在第一個 20 億美元的年之後，僅用了兩年就突破了 30 億美元，預計今年將接近 40 億美元。

The future is very bright, and we'll run in Arm, and I could not be more excited about the future that we have.

未來是非常光明的，我們將在 Arm 中運行，我對我們擁有的未來感到非常興奮。

And with that, I'll turn it over to Jason.

有了這個，我會把它交給傑森。

Thank you, Rene.

謝謝你，雷內。

Q4 was a strong end to a tremendous year for Arm.

第四季為 Arm 輝煌的一年畫上了圓滿的句號。

For the quarter, we grew revenue 47% year-over-year to $928 million, with licensing revenue up 60% and record royalty revenue up 37% while also delivering non-GAAP operating margin of 42%.

本季度，我們的營收年增 47%，達到 9.28 億美元，授權收入成長 60%，特許權使用費收入成長 37%，創紀錄，同時非 GAAP 營運利潤率達到 42%。

Also -- as well as delivering strong revenues, we also have grown our remaining performance obligations, or RPO, by 45% year-over-year to nearly $2.5 billion.

此外，除了實現強勁的收入外，我們還將剩餘履約義務 (RPO) 年增 45%，達到近 25 億美元。

The royalty acceleration and record RPO provides a great setup for FYE '25.

版稅加速和創紀錄的 RPO 為 25 財年提供了良好的設置。

Turning to guidance.

轉向指導。

I will briefly touch on both the first quarter and fiscal year ending March 31, 2025.

我將簡要介紹截至 2025 年 3 月 31 日的第一季和財年。

For Q1, we expect revenue of between $875 million and $925 million, representing a 30% to 37% year-over-year increase.

對於第一季度，我們預計營收在 8.75 億美元至 9.25 億美元之間，年增 30% 至 37%。

Non-GAAP operating expense is expected to be $475 million, a sequential decline due to a change in remuneration as we complete our transition away from cash awards to equity awards, and a onetime Q4 expense.

非 GAAP 營運費用預計為 4.75 億美元，由於我們完成從現金獎勵到股權獎勵的過渡以及一次性第四季度費用，薪酬發生變化，因此環比下降。

Resulting non-GAAP EPS is expected to be between $0.32 and $0.36.

最終的非 GAAP 每股收益預計在 0.32 美元至 0.36 美元之間。

Unpacking Q1 revenue dynamics a little further, we expect royalty revenue to remain strong with year-over-year growth of approximately 20%.

進一步分析第一季的營收動態，我們預期特許權使用費收入將保持強勁，年增約 20%。

This growth is driven by continued Armv9 adoption and recovery in smartphones, along with continued share gains in automotive and at hyperscalers.

這一增長是由智慧型手機中 Armv9 的持續採用和復甦以及汽車和超大規模企業的份額持續增長所推動的。

This is partially offset by weakness in IoT driven by inventory correction in the broader industrial market, as has been widely reported by many of our semiconductor peers.

正如我們的許多半導體同行所廣泛報導的那樣，這一點被更廣泛的工業市場庫存調整所驅動的物聯網疲軟所部分抵消。

For Q1 licensing and other revenues, we expect slight sequential growth driven by revenue from backlog.

對於第一季的許可和其他收入，我們預計在積壓收入的推動下略有環比增長。

Looking out to fiscal '25, we expect revenues of between $3.8 billion and $4.1 billion, representing a 17% to 27% year-over-year increase.

展望 25 財年，我們預計營收將在 38 億美元至 41 億美元之間，年增 17% 至 27%。

We expect non-GAAP operating expenses of $2.05 billion, representing a 19% year-over-year increase as we continue to invest in R&D to support future growth initiatives.

我們預計非 GAAP 營運費用為 20.5 億美元，年增 19%，因為我們繼續投資研發以支持未來的成長計畫。

Our full year non-GAAP EPS is expected to be between $1.45 and $1.65.

我們全年非 GAAP 每股盈餘預計在 1.45 美元至 1.65 美元之間。

We believe our license business is best understood by the measure annualized contract value, or ACV.

我們相信，我們的授權業務最好透過衡量年化合約價值（ACV）來理解。

Our outlook for ACV remains strong.

我們對 ACV 的前景依然強勁。

We expect low double-digit growth for the year, reflecting the durable demand in Arm's latest IP.

我們預計今年將實現兩位數的低成長，這反映出對 Arm 最新 IP 的持久需求。

Licensing revenue, however, will continue to be lumpy from period to period due to the timing of revenue recognition.

然而，由於收入確認的時間安排，許可收入將在不同時期繼續波動。

Based on our current forecast, we expect the first half to represent approximately 40% of our license revenue for the year, with Q2 being the smallest and Q4 being the largest quarter of the year.

根據我們目前的預測，我們預計上半年將占我們全年授權收入的 40% 左右，其中第二季佔比最小，在第四季度佔比最大。

We have high visibility through a combination of backlog renewals and new licenses.

透過積壓續約和新許可證的結合，我們獲得了很高的知名度。

For royalties, we remain very confident in the demand for Arm-based chips and expect full year growth in the mid-20% range driven by continued v9 adoption, market share gains in cloud and automotive as well as chips based on our compute subsystems starting to ramp in the second half of the year.

就特許權使用費而言，我們對基於Arm 的晶片的需求仍然非常有信心，並預計全年增長將在20% 的範圍內增長，這得益於v9 的持續採用、雲和汽車市場份額的成長以及基於我們的計算子系統的晶片下半年將加速。

Looking out further beyond this year, based on the pipeline for new licenses, agreements already signed, and royalty-bearing chips in development or now shipping, we expect to maintain total revenue growth of at least 20% year-over-year for each of the fiscal years ending in 2026 and '27.

展望今年以後，根據新許可、已簽署的協議以及正在開發或現已發貨的含版稅晶片的管道，我們預計每個項目的總收入將保持至少 20% 的同比增長2026 年和27 年結束的財政年度。

I'll now turn the call back over to Ian.

我現在將把電話轉回給伊恩。

Thank you, Jason.

謝謝你，傑森。

We will now move to the Q&A portion of the call.

我們現在將進入電話會議的問答部分。

(Event Instructions) I hand back to you, operator.

（活動說明）我把話還給你，接線生。

(Operator Instructions)

（操作員說明）

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hi, guys.

嗨，大家好。

Thanks for answering my questions.

謝謝回答我的問題。

Congrats on the strong results and guide.

恭喜您取得了出色的成果和指導。

Rene, I had a question on your infrastructure business and specifically the cloud side.

Rene，我有一個關於您的基礎設施業務，特別是雲端方面的問題。

You rattled off a number of the disparate design wins that are starting to ramp from a number of the hyperscaler customers.

您列舉了許多不同的設計成果，這些設計成果開始從許多超大規模客戶那裡獲得。

What I was really wondering is, during the IPO process, you talked about 10% market share in that market rising to roughly, I think you said, 27% or so.

我真正想知道的是，在 IPO 過程中，您談到該市場的 10% 市場份額上升到大約，我想您說過，27% 左右。

Are those products that are occurring now and being launched, are they contemplating that original ramp?

那些現在正在出現並正在推出的產品，他們是否正在考慮最初的升級？

Or are you seeing an acceleration above and beyond the growth rate that you have laid out for all of us during the IPO process?

或者您看到了超出您在 IPO 過程中為我們所有人設定的增長率的加速？

I would say I'm still confident in those numbers, Ross.

我想說我對這些數字仍然充滿信心，羅斯。

I would say one of the dynamics that has changed a bit since we've said it, and I think a positive for us, is the increased investment in the data center around all things AI.

我想說的是，自從我們這麼說以來，發生了一些變化，我認為對我們來說積極的一點是圍繞人工智慧的資料中心增加了投資。

And that bodes well for Arm for a couple of reasons.

這對 Arm 來說是個好兆頭，原因有幾個。

First off, when you think about power efficiency and what's required for the data center, the implementation of an Arm-based design gets very, very interesting relative to not only building a custom chip that will be more power efficient but by designing a blade and interconnecting to storage and an overall rack that will be much more power efficient.

首先，當您考慮電源效率和資料中心的要求時，基於 Arm 的設計的實現變得非常非常有趣，不僅涉及構建更節能的定制晶片，而且還通過設計刀片和與存儲和整體機架互連，將更加節能。

Secondly, and I think we chatted about this during the IPO process with Grace Hopper, but I think now with NVIDIA's most recent announcement, Grace Blackwell, you are going to see an acceleration on the data center in these AI applications.

其次，我想我們在 IPO 過程中與 Grace Hopper 討論過這個問題，但我認為現在隨著 NVIDIA 最新的公告 Grace Blackwell，您將看到這些 AI 應用程式中資料中心的加速發展。

One of the benefits that you get in terms of designing a chip such as Grace Blackwell is, by integrating the Arm CPU with the NVIDIA GPU, you are able to get an interconnect between the CPU and the GPU that allows for a much higher access to memory, which is one of the limiting factors is for training and inference applications.

設計 Grace Blackwell 等晶片的好處之一是，透過將 Arm CPU 與 NVIDIA GPU 集成，您能夠在 CPU 和 GPU 之間實現互連，從而實現更高的存取權記憶體是訓練和推理應用的限制因素之一。

In a conventional system where you might connect to an x86 externally, you have to do that over a PCIe bus, which is much slower.

在可能從外部連接到 x86 的傳統系統中，您必須透過 PCIe 總線來完成此操作，這要慢得多。

So by using a custom bus in the NVIDIA example, like NVLink, you get much higher memory bandwidth.

因此，透過在 NVIDIA 範例中使用自訂匯流排（例如 NVLink），您可以獲得更高的記憶體頻寬。

So I think what that is going to mean is that Arm adoption in the data center will increase probably faster than the numbers that we had indicated, but we're not saying anything official right now.

因此，我認為這意味著資料中心採用 Arm 的速度可能會比我們表示的數字增長得更快，但我們現在沒有透露任何官方消息。

Thank you.

謝謝。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

Thanks so much for the question.

非常感謝您的提問。

It's on the v9 conversion.

這是 v9 的轉換。

If I look at Slide 15 of the chart presentation that you have, it shows that it took about seven years or so for v8 to become about half of the base.

如果我看一下圖表簡報的幻燈片 15，就會發現 v8 花了大約七年左右的時間才達到基礎的一半左右。

Rene, how do you expect this v9 conversion?

Rene，您對 v9 轉換有何期待？

It seems to have gotten off faster off the gates, 20% or so conversion in a year.

它似乎起步更快，一年內轉換率達到 20% 左右。

What's your assumption of what that conversion looks like in your fiscal '25?

您對 25 財年的這種轉變有何假設？

I think Jason said mid-20% growth or so in royalty.

我認為 Jason 說的是版稅成長 20% 左右。

What does that imply for the level of conversion exiting the year?

這對今年的轉換水準意味著什麼？

Yeah.

是的。

I'll let Jason touch on that conversion rate.

我會讓傑森談談轉換率。

But what I can say from a high level, what is different between v8 and v9 is, back in the conversion from v7 to v8, we really didn't have an infrastructure business at all to speak about.

但我可以從高層次說，v8 和 v9 之間的不同之處在於，在從 v7 到 v8 的轉換中，我們確實根本沒有基礎設施業務可談。

We do today, and that is all v9.

我們今天就這麼做了，這就是 v9 的全部。

So that is going to be a growth driver that we saw in terms of conversion for v9 from v8 that we just didn't see from v7 to v8.

因此，這將成為我們在 v9 從 v8 的轉換中看到的成長動力，而從 v7 到 v8 的轉換我們沒有看到。

In the smartphone business, we are seeing a fairly rapid acceleration in the premium handset segment that is moving to v9.

在智慧型手機業務中，我們看到高階手機市場正在快速加速轉向 v9。

And I think it's been pretty well documented that it's the premium handset business that has enjoyed probably better growth than some of the other segments, which has accelerated as well.

我認為，有充分的證據表明，高階手機業務的成長可能比其他一些細分市場更好，而且成長速度也有所加快。

So those are two drivers for v9 that will look, I think, a bit different than v8 and why it should happen more quickly.

因此，我認為這兩個 v9 驅動程式看起來與 v8 有點不同，以及為什麼它應該更快發生。

I'll let Jason comment on what we think the potential exit rate might be and particularly how it applies to our year-on-year revenue growth projection.

我會讓傑森評論我們認為潛在的退出率可能是多少，特別是它如何適用於我們的年收入成長預測。

Yeah.

是的。

I would say the 500 basis points of growth or as a percentage of total going from 10% to 15% last quarter and then this most recent quarter from 15% to 20%, I think that's a pretty steady clip.

我想說的是，上個季度增長了 500 個基點，或者佔總數的百分比從 10% 增加到 15%，然後最近一個季度從 15% 增加到 20%，我認為這是一個相當穩定的增長。

It could be plus or minus but that somewhere around 500 basis points of share growth per quarter is probably a reasonable assumption.

它可能是正數，也可能是負數，但每季股價成長約 500 個基點可能是一個合理的假設。

So that puts you probably out somewhere in the two- to three-year time frame that we probably get to the high end, which is probably somewhere maybe around 60% to 70% because there is still going to be some v8 and v9 out there even as we see growth in the v9 adoption.

因此，這可能會讓你在兩到三年的時間框架內，我們可能達到高端，這可能是 60% 到 70% 左右，因為仍然會有一些 v8 和 v9即使我們看到 v9 採用率的增長。

Keep in mind, I think when we talked about this back at IPO and even last quarter, you do also see an increased royalty that's almost double from v9 when you go to subsystems.

請記住，我認為當我們在 IPO 甚至上個季度討論這個問題時，您確實還會看到當您進入子系統時，特許權使用費幾乎是 v9 的兩倍。

And so we start to see our subsystems come online at the end of this year, in the back half of this year, and then that will start to take hold next year.

因此，我們開始看到我們的子系統在今年年底、今年下半年上線，然後明年開始生效。

That also probably has somewhere in the kind of three- to four-year time frame of becoming a large share of our royalties.

這也可能在三到四年的時間範圍內成為我們特許權使用費的很大一部分。

So that's the reason why we have high confidence in a royalty forecast that should be pretty strong and kind of approaching or in that 20% range for years to come.

這就是為什麼我們對特許權使用費預測充滿信心的原因，該預測在未來幾年應該相當強勁並且接近或在 20% 的範圍內。

Thank you.

謝謝。

Matt Ramsay, TD Cowen.

馬特·拉姆齊，TD·考恩。

Thank you so much everybody.

非常感謝大家。

Good afternoon.

午安.

Rene, I wanted to follow up a little bit on the infrastructure business question that Ross sort of started off with.

雷內，我想對羅斯一開始提出的基礎設施業務問題進行一些跟進。

And one of the questions I've been getting from folks is I can see very, very clearly how things like Grace Hopper and Grace Blackwell will be accelerants of pulling Arm into the data center, and you've announced with Amazon and Google and Microsoft other design wins that will do the same thing.

我從人們那裡得到的問題之一是，我可以非常非常清楚地看到像 Grace Hopper 和 Grace Blackwell 這樣的公司將如何推動 Arm 進入資料中心，你們已經與亞馬遜、谷歌和微軟宣布了這一消息其他設計獲勝也會做同樣的事情。

On the flip side, in the accelerated data center, if you just look at a percentage of CapEx that goes to CPUs versus accelerators, that accelerator portion is going to be a vast majority, it seems like, and that trend is accelerating pretty rapidly.

另一方面，在加速資料中心，如果你只看 CPU 與加速器的資本支出百分比，那麼加速器部分似乎將佔絕大多數，而且這種趨勢正在迅速加速。

So maybe you could speak a little bit to Arm's role not just in the head node of accelerated servers but across the accelerator portion of that sort of exciting growth in CapEx.

因此，也許您可以談談 Arm 的角色，不僅在加速伺服器的頭節點中，而且在資本支出令人興奮的成長的加速器部分中。

Yeah.

是的。

Thanks, Matt, for the question.

謝謝馬特提出的問題。

I think if you go back to the original design win we had with the hyperscalers, and that was with AWS and Graviton, one of the benefits they talked about specifically in terms of using Arm was performance per dollar.

我認為，如果你回到我們在超大規模伺服器方面取得的最初設計勝利，即 AWS 和 Graviton，他們在使用 Arm 方面特別談到的好處之一就是性價比。

And the performance per dollar metric becomes increasingly important as you talk about these large CapEx spends having to manage both the CPU and GPU balance.

當您談論必須管理 CPU 和 GPU 平衡的大量資本支出時，每美元效能指標變得越來越重要。

I think that is candidly also going to be a tailwind for growth with us because not only do you get a better TCO from a chip standpoint in terms of performance per dollar but, again, just launching into the AWS example for a moment.

坦白說，我認為這也將成為我們成長的推動力，因為從晶片的角度來看，從每美元性能的角度來看，你不僅可以獲得更好的 TCO，而且，再次以 AWS 為例。

They built a chip called Nitro, which is based on Arm, for storage offload.

他們建造了一款名為 Nitro 的晶片，該晶片基於 Arm，用於儲存卸載。

And when you combine a Nitro SoC with a Graviton SoC into an EC2 compute rack and then you potentially now configure that for acceleration, that's going to give you a pretty compelling cost advantage versus the competition.

當您將 Nitro SoC 與 Graviton SoC 組合到 EC2 電腦架中，然後您現在可能將其配置為加速時，這將為您帶來相對於競爭對手相當引人注目的成本優勢。

So I think candidly, the trade-off, and this is why the question in terms of what's going on with AI and how we think about market share, I think that's going to be a tailwind for Arm because not only with these standard devices can you configure something that's fairly interesting but you can start to imagine, if anyone wants to do a custom implementation, to greatly enhance some of those interconnect features I talked about.

所以我坦率地認為，權衡，這就是為什麼關於人工智慧正在發生什麼以及我們如何看待市場份額的問題，我認為這將成為 Arm 的順風車，因為不僅這些標準設備可以您配置了一些相當有趣的東西，但您可以開始想像，如果有人想要進行自訂實現，以極大地增強我談到的一些互連功能。

It gets very, very interesting.

它變得非常非常有趣。

And only Arm allows that flexibility.

只有 Arm 才能實現這種靈活性。

There's no way to do that with any alternative.

沒有任何其他選擇可以做到這一點。

And not only is there no way to do that with the alternative architecture that is the incumbent today but, more importantly, Arm has done all the work with the partners relative to running the boot code, the system, interface, everything to booting the operating system.

不僅目前現有的替代架構無法做到這一點，更重要的是，Arm 已經與合作夥伴一起完成了與運行啟動程式碼、系統、介面以及啟動作業系統相關的所有工作。

So we are extremely well positioned to do well in that platform.

因此，我們處於非常有利的位置，可以在該平台上取得好成績。

So I think the short summary is I think everything you described is actually going to be quite good for us, which is why I think the growth numbers for our market share in the data center were probably better than we had originally articulated.

因此，我認為簡短的總結是，我認為您所描述的一切實際上對我們來說都非常有利，這就是為什麼我認為我們在資料中心的市場份額的成長數字可能比我們最初闡述的要好。

Thank you very much.

非常感謝。

Mehdi Hosseini, Susquehanna International Group.

邁赫迪‧侯賽尼 (Mehdi Hosseini)，薩斯奎哈納國際集團。

Thanks for taking my question.

感謝您提出我的問題。

Just want to go back to your fiscal year '25 color and specifically on the licensing.

只是想回到 25 財年的顏色，特別是許可方面。

Should I assume that the licensing mix rebounded in the second half of fiscal year?

我是否應該假設許可組合在本財年下半年反彈？

Is that going to be driven by more of the smartphone customers renewing for Armv9?

越來越多的智慧型手機客戶續訂 Armv9 會推動這一趨勢嗎？

Or is that going to be more broad-based?

或者說，這會變得更加廣泛嗎？

I would expect it to be more broad-based.

我希望它的基礎更加廣泛。

As I mentioned, it's going to be mostly in Q4.

正如我所提到的，這將主要發生在第四季度。

I mean, that's going to be the biggest license quarter of the year.

我的意思是，這將是今年許可證數量最多的季度。

But definitely with the focus on AI and the focus on AI capability in really all the different end markets that we serve, you should expect it to be quite broad-based.

但毫無疑問，隨著我們所服務的所有不同終端市場對人工智慧和人工智慧能力的關注，你應該期望它的基礎相當廣泛。

And on the smartphone, the royalty will kick in with the smartphone shipment in calendar year '25.

對於智慧型手機，專利費將隨著 25 日曆年智慧型手機的出貨量而開始計算。

Well, our first subsystems will start to launch in the -- basically in the last quarter of the year.

嗯，我們的第一個子系統將在——基本上是在今年的最後一個季度開始啟動。

So you should see it in our Q4, but I guess it would be in calendar Q1 of '25.

所以你應該在我們的第四季度看到它，但我想它會在 25 年日曆第一季。

Yeah.

是的。

From the time we license the technology to the time we see a royalty, it's probably two or three years, best case, which is why the confidence level that we have in terms of royalty growth is quite high because those contracts are done, we know the rates, we know the market share, et cetera.

從我們獲得技術許可到我們看到特許權使用費，最好的情況可能是兩到三年，這就是為什麼我們對特許權使用費增長的信心水平相當高，因為我們知道這些合約已經完成費率，我們知道市場佔有率等等。

For the new designs, to Matt's question earlier and Ross', if you're trying to develop an SoC that's going to fit in the server and it needs to run Linux and it needs to run SUSE or Kubernetes, et cetera, et cetera, there's really only one choice, Arm.

對於新設計，對於 Matt 之前的問題和 Ross 的問題，如果您正在嘗試開發適合伺服器的 SoC，並且它需要運行 Linux，並且需要運行 SUSE 或 Kubernetes 等，等等，實際上只有一個選擇，Arm 。

If you're trying to build an SoC to run Windows, there's only one choice, it's Arm.

如果您嘗試建立 SoC 來運行 Windows，那麼只有一個選擇，那就是 Arm。

If you're trying to build an SoC to run Android or Gemini, there's only one choice, it's Arm.

如果您嘗試建造一款運行 Android 或 Gemini 的 SoC，那麼只有一個選擇，那就是 Arm。

So the confidence we have in terms of licensing happening is extremely high.

因此，我們對許可的發生充滿信心。

The tricky part is always in terms of the visibility, whether that license is signed on December 15 or January 15, which moves across a quarter boundary.

棘手的部分始終在於可見性，無論該許可證是在 12 月 15 日還是 1 月 15 日簽署（跨越季度邊界）。

But in terms of the confidence that it's going to happen, it's extremely high because the choices are rather limited if you want to participate in that market.

但就其發生的信心而言，這是非常高的，因為如果你想參與這個市場，選擇相當有限。

And when you add in factors on the Windows such as Copilot and things such as Gemini for Android, that's why we're seeing an accelerating effort of the licensees to be able to get access to next-generation technology to take advantage of these new AI features.

當你在 Windows 上新增 Copilot 等因素和 Android 版 Gemini 等因素時，這就是為什麼我們看到被授權人正在加速努力獲得下一代技術以利用這些新的人工智慧特徵。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Charles Shi, Needham & Company.

查爾斯‧史（Charles Shi），李約瑟公司。

Thank you very much.

非常感謝。

Good afternoon.

午安.

I have a question, maybe a little bit backward-looking.

我有一個問題，也許有點向後看。

This was a question I got quite frequently over the last quarter about your royalty revenue growth seen in December quarter.

這是我在上個季度經常收到的一個關於 12 月季度的特許權使用費收入成長的問題。

And obviously, you see another very strong sequential growth in March.

顯然，您會在三月看到另一個非常強勁的環比增長。

So in December quarter, since you already disclosed how much of the royalty revenue coming from related parties, which is a proxy of Arm China, we did notice that Arm China actually was the driver for the royalty revenue growth in December, at least on a sequential basis.

因此，在12 月季度，由於您已經披露了有多少特許權使用費收入來自關聯方（Arm 中國的代理），我們確實注意到，Arm 中國實際上是12 月特許權使用費收入增長的驅動力，至少在順序基礎。

Outside of China, it's probably only like a 4%-ish of the sequential growth.

在中國以外的地區，環比成長率可能只有 4% 左右。

So wonder if you guys can use this opportunity to clarify, what was driving that over 50% sequential China royalty revenue growth in December quarter?

那麼，想知道你們能否利用這個機會澄清一下，是什麼推動了 12 月所在季度中國特許權使用費收入環比增長超過 50%？

And can you kind of give us a breakdown for the March quarter, which one, either China or the non-China, is driving most of the sequential growth?

您能給我們詳細介紹一下三月季度的情況嗎？

Sure, this is Jason, I'll take that question.

當然，這是傑森，我會回答這個問題。

So first, I would say there has been a little bit of recovery in China in the handset market.

首先，我想說中國的手機市場已經出現了一些復甦。

It was up, what is it, 1.5%, 2% or so year-on-year going back to the December quarter.

回溯到 12 月的季度，年增了 1.5%、2% 左右。

So a little bit was just the general market.

所以一點點只是一般市場。

But the bigger impact was, I would say, the mix shift of the Chinese consumer buying from, I would say, OEMs or partners.

但我想說，更大的影響是中國消費者從原始設備製造商或合作夥伴購買的產品組合的轉變。

Our revenues are based not on where the customer is but based on where the partner who effectively sold the products was.

我們的收入不是基於客戶所在的位置，而是基於有效銷售產品的合作夥伴所在的位置。

So basically, there was a transfer from Chinese customers buying from Chinese producers versus someone from outside of China.

所以基本上，從中國生產商購買的中國客戶與從中國以外的地方購買的人之間存在轉移。

And so what that shows up as, from a royalty perspective, is a shift from rest of world to related parties.

因此，從特許權使用費的角度來看，這表現為從世界其他地區到關聯方的轉變。

And by the way, related parties is mostly China.

順便說一句，關聯方主要是中國。

There are other parties in there as well.

那裡還有其他政黨。

Now in terms of the March quarter end, you'll see similar trends.

現在，就三月季度末而言，您將看到類似的趨勢。

The rest of the world did accelerate.

世界其他地區確實加速了。

I mean, we saw a pretty significant royalty acceleration from, what was it, 11%, 12% back in Q3, and it was 37% in Q4.

我的意思是，我們看到特許權使用費大幅成長，從第三季的 11%、12% 到第四季的 37%。

So there is broad-based increase across the world.

因此，全球範圍內都有廣泛的成長。

But you are going to see more acceleration also in China for really the same factors that we saw back in Q3 as well.

但由於與我們在第三季看到的相同因素，您也會在中國看到更多的加速。

Got it.

知道了。

May I ask a quick clarification, Jason?

我可以快速澄清一下嗎，傑森？

When you talk about acceleration of the percentages, you mean year-on-year or Q-on-Q?

當您談論百分比加速時，您指的是同比還是環比？

Thank you.

謝謝。

Year-on-year.

去年同期。

Okay, thank you.

好的謝謝。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Hi, thank you so much for taking my question.

你好，非常感謝你回答我的問題。

I had a relatively short-term question on the June quarter outlook for your royalty business, maybe one for Jason.

我對你們的版稅業務六月季度的前景有一個相對短期的問題，也許是傑森的問題。

Based on your comments, I think for royalty, you're assuming something like a 7% sequential decline in revenue.

根據您的評論，我認為對於特許權使用費，您假設收入環比下降 7%。

Given the v8 to v9 transition, I would think your blended royalty rate continues to grow nicely.

鑑於 v8 到 v9 的過渡，我認為您的混合版稅率將繼續良好成長。

So units must be down maybe double digits, again, Q-over-Q.

因此單位必須再次下降，可能是兩位數，Q-over-Q。

I think typical seasonality is up sequentially if I look at your business over the past couple of years.

如果我看看你們過去幾年的業務，我認為典型的季節性是連續上升的。

So I guess the question is, what's driving that sequential decline?

所以我想問題是，是什麼推動了連續下降？

I know you're coming off a really high base, but curious what you're assuming, whether it be the smartphone market or some of the other big drivers.

我知道您的基礎非常高，但很好奇您的假設是什麼，無論是智慧型手機市場還是其他一些主要驅動因素。

Sure.

當然。

So the driver of the 7% sequential decline is really us looking at the combination of what are we seeing all of our partners forecast either through good faith estimates or what they've actually just disclosed publicly.

因此，連續下降 7% 的驅動因素實際上是我們綜合考慮所有合作夥伴透過善意估計或他們剛剛公開披露的實際預測。

I mean, you know all the big players, when I look across all those different markets, I'm basically seeing pretty significant declines or weakness, specifically in, I would say, networking and industrial and IoT.

我的意思是，你知道所有的大玩家，當我縱觀所有這些不同的市場時，我基本上看到了相當顯著的下降或疲軟，特別是在網路、工業和物聯網方面。

I think on the mobile side, things will be pretty consistent.

我認為在行動端，事情會非常一致。

And so our growth overall will still be very, very much positive, in the kind of 20-ish percent range.

因此，我們的整體成長仍將非常非常積極，在 20% 左右的範圍內。

But because we're coming off of the kind of the bottom out from over a year ago, the year-on-year will look a little less significant than it did last quarter.

但由於我們正走出一年多前的谷底，因此同比看起來將不如上季那麼重要。

But we'll see.

但我們會看到。

If our partners end up seeing different impacts, which, of course, flow through our royalties, there perhaps may be upside.

如果我們的合作夥伴最終看到不同的影響（當然，這些影響會流經我們的特許權使用費），那麼也許會有好處。

But that's what we're seeing right now, and we'll obviously let you know what we see at the end of the quarter.

但這就是我們現在所看到的情況，我們顯然會在本季結束時讓您知道我們所看到的情況。

And Jason, just to clarify, is it fair to say that automotive and IoT are relative underperformers into June and client and infrastructure should be relatively resilient.

Jason 需要澄清的是，可以公平地說，汽車和物聯網在 6 月的表現相對較差，而客戶端和基礎設施應該相對具有彈性。

Is that a fair statement?

這是一個公平的說法嗎？

Yes, I think it's generally right.

是的，我認為這基本上是正確的。

Okay, thank you.

好的謝謝。

Thank you.

謝謝。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Good afternoon.

午安.

Thank you for taking my question.

感謝您回答我的問題。

I guess, maybe Rene, I'd love to get your thoughts on PC potential over the next few years and your coherence in clients given all the work, various folks in the ecosystem that you've been dealing, there seems to be a lot of really interesting reciprocity going on.

我想，也許雷內，我很想聽聽您對未來幾年PC 潛力的看法，以及您在客戶方面的一致性，考慮到您所做的所有工作，以及您一直在處理的生態系統中的各種人員，似乎有很多真正有趣的互惠正在發生。

So just any thoughts on the potential would be great.

因此，任何關於潛力的想法都會很棒。

Yeah, thanks for the question.

是的，謝謝你的提問。

We've been obviously working on the Windows ecosystem for a long time.

顯然，我們長期以來一直致力於 Windows 生態系統。

The Apple ecosystem has completely converted over.

蘋果的生態系統已經完全轉變了。

So when we think about our growth, we're talking about Windows.

因此，當我們考慮我們的成長時，我們談論的是 Windows。

I think over the next number of years, we are very positive about the growth potential.

我認為在未來幾年，我們對成長潛力非常樂觀。

I think one of the things that's needed for the PC industry to grow, particularly the Windows on Arm segment is going to be a diversification of the supplier base to provide multiple units, multiple SKUs, multiple price points, and multiple experiences for end consumers.

我認為PC 產業（尤其是Windows on Arm 細分市場）發展所需的事情之一將是供應商基礎的多元化，為最終消費者提供多種設備、多種SKU、多種價格點和多種體驗。

Everything I'm hearing says that there are going to be multiple suppliers to serve that market over the next 12 to 36 months.

我聽到的一切都表明，未來 12 到 36 個月內將有多家供應商為該市場提供服務。

And with that, we think now will be the time, over the next two, three years, where the Arm ecosystem will take a significant level of market share, primarily because of the level of experience that we've seen in the other ecosystem, the fantastic performance, the great battery life, the fact that you can build a high-performance machine minus a fan.

因此，我們認為，在接下來的兩三年內，Arm 生態系統將佔據相當大的市場份額，這主要是因為我們在其他生態系統中看到的經驗水平，出色的性能、超長的電池壽命，您可以建造一台無需風扇的高性能機器。

I think all those things are going to add up for significant growth.

我認為所有這些因素加起來都會帶來顯著的成長。

So I think once the vendor base diversifies, I think we're going to see that growth start to kick in over the next 12 to 36 months.

因此，我認為一旦供應商基礎實現多元化，我們將在未來 12 至 36 個月內看到成長開始顯現。

Yeah, it's really great.

是的，這真的很棒。

Thanks a lot, really appreciate it.

非常感謝，真的很感激。

You're welcome.

不客氣。

Gary Mobley, Wells Fargo Securities.

加里‧莫布里，富國銀行證券公司。

When fiscal year '25 is done, you will have grown your licensing revenue 20%, a 20% rate for the prior two years, and that's well above what you were predicting during the IPO roadshow.

當第 25 財年結束時，您的授權收入將成長 20%，前兩年的成長率為 20%，這遠高於您在 IPO 路演期間的預測。

And seemingly, you're predicting long-term 10% growth.

看起來，您預測長期成長率為 10%。

So is that the new long-term target we should think about in terms of license revenue growth?

那麼，這是我們在授權收入成長方面應該考慮的新的長期目標嗎？

And related to that, you highlight how you converted half of your top-30 customers into ATA licensees.

與此相關，您重點介紹如何將一半的前 30 位客戶轉變為 ATA 被授權人。

How hard will it be to convert the other half?

改變另一半有多難？

So thanks for the question.

謝謝你的提問。

The way I think about the licensing revenue -- and you're right, it's a nice upside that continue to be very, very strong, the indications that we get looking forward is that we don't see anything that would stop the licensing activity being a positive momentum.

我對許可收入的看法 - 你是對的，這是一個很好的上升趨勢，而且仍然非常非常強勁，我們期待的跡像是，我們沒有看到任何會阻止許可活動的事情是一種積極的勢頭。

The reason for that is what I mentioned before.

原因就是我之前提到的。

If you're trying to enter any of these markets, that are, a, requiring more and more AI; b, require the rich application ecosystem support; and c, broad OS support, the only logical choice that partners have is Arm.

如果你想進入這些市場中的任何一個，那就是，a，需要越來越多的人工智慧； b、需要豐富的應用生態系支援； c、廣泛的作業系統支持，合作夥伴唯一合理的選擇是Arm。

And for that reason, we're very confident that we continue to maintain and sustain that level of momentum.

出於這個原因，我們非常有信心繼續保持這種勢頭。

I think in terms of what percentage of customers ultimately move over to an ATA, my estimation is that probably 80% of the customer base at some point in time can be on that, which will give us a lot of increased predictability in terms of license renewals, not so much the if they'll renew but the when, which is what we hope for going forward.

我認為，就最終轉向 ATA 的客戶百分比而言，我的估計是，在某個時間點，可能有 80% 的客戶群會採用 ATA，這將使我們在許可方面的可預測性大大提高續訂，與其說是是否會續訂，不如說是何時續訂，這是我們未來所希望的。

(technical difficulty)

（技術難度）

So Jason, I'll refer to you the second part of that question.

傑森，我將向您介紹該問題的第二部分。

Well, let's see, on ATA -- I'm not sure if you caught in the notes, we did increase our ATA partners from 27 to 31, so we added 4 more.

好吧，讓我們看看，關於 ATA——我不確定您是否注意到了註釋，我們確實將 ATA 合作夥伴從 27 個增加到了 31 個，所以我們又增加了 4 個。

So a little over roughly half of our, I'd say, at least of the top-20 are there now.

所以我想說，至少前 20 名中的大約一半以上現在都在那裡。

But I would say what we're happy about is, when we look into next year even versus what we thought at IPO, we thought that we would probably have closer to 30% year-on-year growth in royalties, and we were all expecting kind of full industry kind of correction.

但我想說的是，我們高興的是，當我們展望明年時，即使與我們在 IPO 時的想法相比，我們認為我們的特許權使用費可能會同比增長接近 30%，而且我們都期待全行業的調整。

It turns out that industrial IoT and networking aren't quite there.

事實證明，工業物聯網和網路還不完全存在。

And so even though we are taking down royalty a little bit, we're able to take up license by even more than that royalty reduction mostly because of what Rene just talked about specifically, this demand for additional licensing capabilities very much related to AI.

因此，即使我們稍微降低了版稅，我們也能夠獲得比版稅減少更多的許可，這主要是因為 Rene 剛才具體談到的，這種對額外許可功能的需求與人工智慧非常相關。

Now in terms of it being a new normal, I would say no because all license deals, or at least certainly the large ATAs, they have a very high conversion into royalties.

現在就它成為一種新常態而言，我會說不，因為所有許可交易，或至少肯定是大型 ATA，它們都有非常高的特許權使用費轉換率。

Especially with the larger, more kind of mature companies, they typically are pretty good about turning those into design wins and then turning those into royalties.

尤其是對於規模更大、更成熟的公司來說，他們通常非常擅長將這些轉化為設計勝利，然後將其轉化為版稅。

And because these deals are all in v9, they're higher royalty rates than the older counterparts.

而且由於這些交易都是在 v9 中進行的，因此它們的特許權使用費比舊版本的要高。

So I would expect what we talked about back at IPO, when we would get in the next couple of years, get to royalties at 75%-plus of our total revenue, that's very much still the expectation.

因此，我預計我們在 IPO 時所討論的內容，即未來幾年我們將獲得佔總收入 75% 以上的特許權使用費，這仍然是我們的預期。

I would say we're just starting to see that, as we get deeper into the v9 penetration life cycle and then also as we see the Compute Subsystems start to come online again at even higher royalty rates at the end of this year, that gives us a great setup for, I would say, a much higher mix of royalties as we go into next year.

我想說的是，隨著我們深入了解 v9 滲透生命週期，然後當我們看到計算子系統開始在今年年底以更高的版稅率再次上線時，我們才剛開始看到這一點，這使得我想說，我們為明年的特許權使用費組合提供了一個很好的設置。

Thank you.

謝謝。

Thank you.

謝謝。

Lee Simpson, Morgan Stanley.

李‧辛普森，摩根士丹利。

Great.

偉大的。

Thanks for letting me on here.

謝謝你讓我來到這裡。

Just want to take us back to the v9 profiles that you stood out for automotive, the automotive enhanced profiles, and that includes licensing from Texas, NXP, NVIDIA, et cetera.

只是想讓我們回到您在汽車領域脫穎而出的 v9 配置文件，汽車增強型配置文件，其中包括來自德克薩斯州、NXP、NVIDIA 等的許可。

Just trying to understand how much of that licensing would have been recognized in Q4's number, how much would have gone into RPO.

只是想了解有多少許可證會在第四季度的數字中得到認可，有多少會進入 RPO。

And maybe just related to that, I don't know if I heard correctly but you mentioned multiple customers are working on the CSS release for this in 2025.

也許與此相關，我不知道我聽得是否正確，但您提到多個客戶正在為此開發 2025 年的 CSS 版本。

Thanks.

謝謝。

Yes.

是的。

So I'll let Jason go into detail relative to the contribution of the automotive v9 AI technology from a licensing standpoint.

因此，我將讓 Jason 從授權的角度詳細介紹汽車 v9 人工智慧技術的貢獻。

On the CSS engagement, we have multiple partners who are engaged in that.

在 CSS 參與方面，我們有多個合作夥伴參與其中。

The way to think about the automotive industry is that it is an extremely complex market that needs some degree of customization but also want some level of standardization.

思考汽車產業的方式是，它是一個極其複雜的市場，需要一定程度的定制，但也需要一定程度的標準化。

And each of the automotive OEMs would love to have a solution that supports a full software stack that would have a number of different contributions relative to differentiation but also something that could be standardized.

每個汽車原始設備製造商都希望擁有一個支援完整軟體堆疊的解決方案，該解決方案將具有與差異化相關的許多不同貢獻，但也可以標準化。

So to that level, we've had incredible engagement with lots of different OEMs across this level.

因此，在這個層面上，我們已經與這個層面上的許多不同的原始設備製造商進行了令人難以置信的合作。

And we're very, very confident that the kind of demand that we've seen for CSSs in our other businesses will be there in automotive.

我們非常非常有信心，我們在其他業務中看到的對 CSS 的需求也將在汽車領域出現。

It just makes all kinds of sense when you think about the complexity of these devices, the cost involved but yet the need for supply chain resiliency.

當您考慮這些設備的複雜性、所涉及的成本以及對供應鏈彈性的需求時，這就很有意義了。

So I'll let Jason address the question relative to the licensing revenue and how that all ties together.

因此，我將讓 Jason 解決與授權收入相關的問題以及這一切如何連結在一起。

Yeah.

是的。

So the licensing revenue, in this case, for automotive is a little unique.

因此，在這種情況下，汽車領域的授權收入有點獨特。

Typically, we get around 50% of the booking.

通常情況下，我們會獲得大約 50% 的預訂。

At the time of booking, it will be booked as revenue.

預訂時，將記入收入。

In this case, since v9, it's not quite delivered for auto, it's coming very, very soon, that is actually delayed, so it all is going into backlog.

在這種情況下，自 v9 以來，它還沒有完全交付給汽車，它很快就會到來，實際上已經延遲了，所以一切都進入了積壓狀態。

It will be released as soon as it's launched, and we'll announce when that happens.

它一推出就會發布，我們會在發佈時宣布。

Great, thanks for clarifying.

太好了，謝謝你的澄清。

Thanks, Lee.

謝謝，李。

Timm Schulze-Melander, Redburn Atlantic.

提姆舒茲-梅蘭德，《雷德本大西洋月刊》。

Yeah, hi, thanks for taking my question.

是的，嗨，謝謝你提出我的問題。

So I just wanted to dig back into the royalty outlook for next quarter and just trying to maybe disaggregate a little bit the volume and the pricing impact.

因此，我只是想深入研究下個季度的特許權使用費前景，並嘗試稍微分解數量和定價影響。

I think you talked about the mix increasing by about 5 percentage points a quarter which, over the course of '25 should give us a pretty decent tailwind.

我認為您談到了該組合每季度增加約 5 個百分點，這在 25 年期間應該會給我們帶來相當不錯的推動力。

But I think you guided that royalties are going to grow somewhere in the sort of 25% range.

但我認為您指導特許權使用費將增加 25% 左右。

Can you maybe just give us a little bit of color about how that breaks down between volume, price, and mix?

您能否給我們一些關於數量、價格和組合之間如何分解的資訊？

Okay.

好的。

So last quarter, if I look at all of our partners, and we don't have all their details on mix, but their growth on average was around 2-ish percent.

所以上個季度，如果我查看我們所有的合作夥伴，我們沒有他們的所有組合詳細信息，但他們的平均成長率約為 2% 左右。

And obviously, we grew at 37%.

顯然，我們的成長率為 37%。

So that differential is very much the mix of either more premium chips, higher royalties as well as the higher royalties related to v9.

因此，這種差異很大程度上是由更優質的晶片、更高的版稅以及與 v9 相關的更高的版稅組成的。

So I would say, going into the next quarter, we're expecting that our overall peer group that we get paid royalties on is probably in that 5-ish percent range.

所以我想說，進入下個季度，我們預計我們獲得特許權使用費的整體同行群體可能會在 5% 左右的範圍內。

And then we're now expecting that our royalties, as we said, will be somewhere in the 20% range.

然後，正如我們所說，我們現在預計我們的特許權使用費將在 20% 的範圍內。

Obviously, the v9 portion we have a decent handle on, but the mix across the different aspects of the market of premium is just very hard to know ahead of time.

顯然，我們對 v9 部分有不錯的把握，但高端市場不同方面的組合很難提前知道。

So those are the key components.

這些是關鍵組件。

I would say, going forward, we do expect to see effectively unit growth because, again, I'm assuming that the mix across most of these, we don't get all the detail, but I'm assuming that most of it is going to be pretty consistent.

我想說，展望未來，我們確實期望看到有效的單位成長，因為我再次假設其中大部分的組合，我們沒有得到所有細節，但我假設其中大部分是將會非常一致。

I would assume that we're going to continue to have our royalty growth mostly because of the v9 and mix impacts continue to run pretty significantly ahead of the overall market unit growth.

我認為我們的特許權使用費將繼續增長，主要是因為 v9 和混合影響繼續顯著領先於整體市場單位的成長。

Thank you.

謝謝。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

Backlog was up 45% year-over-year, strong Q4 ACV, so very, very strong end to the year; obviously, a combination of some large renewals but, more importantly, customers.

積壓訂單年增 45%，第四季 ACV 強勁，因此今年底非常非常強勁；顯然，這是一些大規模更新的組合，但更重要的是客戶。

It seems like across all of your end markets, right, adopting the higher value-added compute and Compute Subsystems IP as they sort of look towards their future chip design programs.

似乎在所有終端市場中，都在採用更高附加價值的計算和計算子系統 IP，因為他們著眼於未來的晶片設計計劃。

As you look at your renewal pipeline, discussion with customers and their program timing, looks like you are going to drive strong licensing growth again this year.

當您查看您的續訂管道、與客戶的討論及其計劃時間表時，看起來您今年將再次推動許可的強勁增長。

But does the pipeline suggest that the team can grow total backlog this fiscal year?

但管道是否顯示該團隊本財年的積壓總量可以增加？

Harlan, this is Jason.

哈倫，這是傑森。

I'll start with that.

我將從那開始。

I'll start with your question.

我將從你的問題開始。

I think at a high level, if I look at last year, you can kind of back into bookings by looking at revenue plus change of backlog.

我認為，從高水準來看，如果我看看去年，你可以透過查看收入加上積壓訂單的變化來恢復預訂。

That total number was about $2.2 billion last year.

去年這一數字約為 22 億美元。

And if you look at kind of what we're assuming for this year, we're definitely assuming less than that.

如果你看看我們今年的假設，你會發現我們的假設肯定比這個少。

Now last year, we started with a number that was quite a bit below $2.2 billion.

去年，我們一開始的數字遠低於 22 億美元。

And as we mentioned, we had a really strong booking year mostly because of incremental deals that came mostly due to AI.

正如我們所提到的，我們的預訂量非常強勁，主要是因為人工智慧帶來的增量交易。

So our assumptions for this year on license is that right now, we'll probably have maybe 60% of the bookings that we had last year, at least that's what it would take to get to kind of our plan.

因此，我們對今年許可的假設是，現在我們的預訂量可能是去年的 60%，至少這是實現我們計劃所需的。

Now there certainly is opportunity.

現在肯定有機會。

If you look last year, there was some overage that was probably somewhere in that similar range.

如果你看看去年，你會發現一些超額的情況可能在類似的範圍內。

We started out with a plan that was probably more like 60% or 70% of what we actually achieved.

我們一開始製定的計劃可能只是我們實際實現的 60% 或 70%。

So we do have good line of sight to the current plan, and we did provide a relatively wide range, mostly because we have to try to factor in the timing of when these deals are going to hit and whether it's Q3 or Q4 or whatever.

因此，我們確實對當前計劃有良好的了解，並且我們確實提供了相對廣泛的範圍，主要是因為我們必須嘗試考慮這些交易何時發生以及是第三季度還是第四季度還是其他什麼時間。

But if you kind of back up and say, well, when I see kind of the midpoint of guidance for this year, what's the confidence level?

但如果你退一步說，好吧，當我看到今年指導的中點時，信心水平是多少？

I'd say we're at 80%-plus of the midpoint of our plan.

我想說我們已經完成了計劃中位數的 80% 以上。

Our guidance is already either in backlog or under contract in royalties.

我們的指導意見要么已積壓，要么已簽訂特許權使用費合約。

So really, what we're trying to do is we're trying to forecast what is the incremental bookings that we're going to sign for the year, which a bunch of that's already in the pipeline, and then what possibly could there be beyond that.

所以實際上，我們正​​在嘗試做的是預測今年我們將簽署的增量預訂量是多少，其中許多已經在醞釀中，然後可能會有什麼除此之外。

I'm not really forecasting the stuff that's beyond that, beyond what's in the pipeline today.

我並沒有真正預測超出這個範圍、超越今天正在醞釀的內容。

But if this year looks like last year, that's where some possible upside would come.

但如果今年看起來和去年一樣，那就可能會出現一些上行空間。

Thank you, Jason.

謝謝你，傑森。

Thanks, Harlan.

謝謝，哈倫。

I would now like to turn the call back to Rene Haas, CEO, for closing remarks.

現在我想將電話轉回給執行長雷內·哈斯 (Rene Haas)，讓其致閉幕詞。

Thank you, everyone, and thank you for all the questions, very good set of dialogue and hopefully, we have given some insight in terms of why we are so confident about the future of our company.

謝謝大家，謝謝你們提出的所有問題，非常好的對話，希望我們能夠就為什麼我們對公司的未來如此充滿信心給出一些見解。

This is our third quarter as a public company so it's the third time we've done one of these calls.

這是我們作為上市公司的第三季度，因此這是我們第三次進行此類電話會議。

And it's the third time that we've reported record revenue to you.

這是我們第三次向您報告創紀錄的收入。

And it's the third time that we're going to be forecasting growth on the quarter going forward.

這是我們第三次預測本季的成長。

So we've had three quarters of record revenue as a public company.

作為一家上市公司，我們四分之三的收入創下了紀錄。

We're also forecasting that next quarter.

我們也預測下個季度。

And I think, again, what you're seeing is the validation of the strategies that we put in place some years ago all coming to fruition, the expansion of our business into multiple markets such as infrastructure, automotive, client PCs, and of course, smartphones.

我認為，您所看到的是我們幾年前實施的策略的驗證，所有這些策略都已取得成果，我們的業務擴展到多個市場，例如基礎設施、汽車、客戶端 PC，當然還有，智慧型手機。

In addition to that, the AI tailwind, which has driven unprecedented growth for our licensing business.

除此之外，人工智慧的順風推動了我們的授權業務前所未有的成長。

So Arm is a platform company unlike any other.

因此，Arm 是一家與眾不同的平台公司。

It's a business unlike any other.

這是一項與眾不同的事業。

And the growth and outlook for the company could not have been brighter.

公司的成長和前景再好不過了。

To come off of a year where we're talking about 20% growth, and then talking about the year following and the year following when we will do better than that, it's a great business to be in.

結束了我們談論 20% 成長的一年，然後談論下一年和下一年我們會做得更好，這是一項很棒的業務。

So thank you for all your time, and I'll leave it now to Ian or who else to close the call.

感謝您抽出寶貴的時間，現在我將由 Ian 或其他人來結束通話。

That's all from us, and thank you very much indeed.

這就是我們的全部內容，非常感謝你們。

We'll talk to some of you later and some in 90 days' time.

我們稍後會與你們中的一些人交談，有些則在 90 天後與你們交談。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。