Arm Holdings PLC (ARM) 2024 Q4 法說會逐字稿

Thank you very much. Good morning, good afternoon, everybody. My name is Ian Thornton, and I'm the Head of Investor Relations at Arm. I would like to welcome everyone to our earnings conference call for the fourth quarter of the fiscal year ending March 31, 2024.

非常感謝。大家早安，下午好。我叫 Ian Thornton，是 Arm 的投資人關係主管。歡迎大家參加我們截至 2024 年 3 月 31 日的財政年度第四季財報電話會議。

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

今天與我一起參加的是 Arm 執行長 Rene Haas；以及 Arm 財務長 Jason Child。

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

希望大家已經下載並閱讀了這封股東信。如果沒有，可以在 Arm 投資者關係網站 investors.arm.com 上找到。這封股東信詳細介紹了我們本季的策略進展。

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. 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.

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。雖然這些聲明代表了我們對截至今天的未來結果和表現的最佳當前判斷，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. Arm assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

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 日向美國證券交易委員會提交的 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 不承擔更新任何前瞻性陳述的義務，這些陳述僅代表其發布之日的觀點。

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

此外，我們將在討論中參考非公認會計準則財務指標。我們今天早些時候發布的股東信中可以找到某些非 GAAP 財務指標與其最直接可比的 GAAP 財務指標的對賬，以及對某些預計的非 GAAP 財務指標的討論（如果不付出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對賬）。

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.

股東信函和其他收益相關資料可在我們的網站 investors.arm.com 上查閱。說完這些，我將把電話轉給 Rene，她已經準備好了一些發言。

Thank you, Ian, and hello, everyone. So I'm just going to make a few comments to kick off the call and then I'll pass it over to Jason. But in summary, this quarter, Q4, obviously being the end of our fiscal year, was just outstanding. 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.

謝謝你，伊恩，大家好。因此，我只想發表一些評論來開始通話，然後我會將其交給傑森。但總而言之，本季度，即第四季度，顯然是我們財政年度的結束，表現非常出色。本季我們的營收創下了歷史新高，而且我們作為上市公司的第一個財年也創下了歷史新高，超過了預期範圍的上限。

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

具體來說，第四季的營收年增了47%。版稅年增 37%，這實際上是由於 v9 採用的加速推動的，我稍後會詳細談談這一點；並且許可量同比增長了 60%，這實際上是增加研發投資以抓住人工智能帶來的巨大機遇的結果。

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. As mentioned, we had significant royalty growth in the last quarter, up year on year 37%, really driven by v9 adoption. 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. And the significant driver for that in client has been around smartphones, but broadly, we also see that in our infrastructure business as well. And v9 adoption will only continue to increase.

現在回想起來，我們在路演和首次公開募股期間談到的擴張策略現在都在推動公司的成長。如上所述，上個季度我們的特許權使用費大幅成長，年增 37%，這主要得益於 v9 的採用。我們看到的是 v8 到 v9 的加速，這不僅推動了更好的版稅，而且我們還看到晶片內部有更多的 CPU，這實際上加劇了所有終端市場的版稅增長。在客戶端方面，智慧型手機是推動這一趨勢的重要因素，但從廣義上講，我們在基礎設施業務中也看到了這一點。而 v9 的採用率只會繼續增加。

In the last quarter, we've also seen proof points of our diversification strategy. Google, the latest hyperscaler announced their Axion processor based on Arm custom chip intended for the data center. 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.

上個季度，我們也看到了多元化策略的證明點。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。他們選擇我們主要是因為我們的運算效率，而且我們不僅擁有高效能晶片，還能設計出性能越來越強的刀片、機架和系統，從而實現極低的整體擁有成本。

We also announced our very first autonomous solutions based on v9. 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. And we also have introduced the lowest power transformer on the planet, the Ethos-U85 for IoT-based designs.

我們也宣布了基於 v9 的首個自主解決方案。這非常非常重要，因為我們現在將 v9 性能帶入汽車領域，並具備功能安全等汽車增強功能，我們預計該領域將實現巨大的成長。我們還推出了全球功率最低的變壓器——用於基於物聯網的設計的 Ethos-U85。

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

我們實施的策略之一是圍繞著我們所謂的計算子系統，就其成長而言，我們對此最為滿意，但就其發展軌跡而言，我們非常有信心。這些本質上是將 IP 區塊組合成一個完整的解決方案，經過驗證和確認，這為客戶節省了大量的產品上市時間，並為他們提供了高效能的解決方案。因此，我們本季發布了 V3 Neoverse CSS，它將為客戶帶來更高的效能和優勢。

The first automotive CSS is now in discussions with our key partners -- to customers in terms of time to market and efficiency. And our first customer in the Neoverse space doing a design, Microsoft, their Cobalt chip is now ramping.

我們目前正在與主要合作夥伴討論首個汽車 CSS，旨在為客戶提供上市時間和效率的支援。我們在 Neoverse 領域進行設計的第一個客戶是微軟，他們的 Cobalt 晶片目前正在加速開發。

But probably from a more exciting standpoint, we are oversubscribed on this compute subsystem strategy. We have far more demand for the product than anticipated, and we are anticipating growing that significantly over time. Every end market that we approach has a need for CSSs, and we're very excited about talking about them in the future.

但可能從更令人興奮的角度來看，我們對這個計算子系統策略的認購量過大。我們對該產品的需求遠遠超出了預期，我們預計隨著時間的推移，需求將大幅增長。我們接觸的每個終端市場都需要 CSS，我們非常高興將來能夠談論它們。

All of this is also being driven by AI. 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. So whether it's from cloud Edge, from GPT to Llama, all AI workloads rely and run on Arm. And we only see this increasing. Our licensing activity is probably the best proxy for that.

這一切也都由人工智慧推動。我們看到的是，由於 Arm 擁有全球最大的 CPU 安裝基數，並且全球超過 70% 的人口都在使用這些 CPU，因此，隨著這些 AI 工作負載從邊緣設備轉移到訓練資料中心，它們自然需要 Arm CPU 的支援。因此，無論是從雲端邊緣，從 GPT 到 Llama，所有 AI 工作負載都依賴 Arm 並在其上運行。而我們看到這種情況只會不斷增加。我們的許可活動可能是最好的證明。

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. So because of that, we have seen huge growth in our licensing activity. We talked about that last quarter, and it continued this quarter. So based upon this, we are very, very confident of our growth outlook for the upcoming year. 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. Our growth has been accelerating.

考慮授權收入在人工智慧中的應用方式是，由於軟體的發展速度比硬體快，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。正因為如此，我們的授權活動取得了巨大的成長。我們上個季度討論過這個問題，本季也繼續討論這個問題。因此，基於此，我們對來年的成長前景非常有信心。去年的收入成長超過 20%，我們預計今年和未來幾年的收入成長會更好。我們的成長一直在加速。

Lastly, it's taken Arm 20 years to get to $1 billion in revenue. It took us 10 years to get to $2 billion. 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. The future is very bright, and we'll run in Arm, and I could not be more excited about the future that we have.

最後，Arm 花了 20 年的時間才實現 10 億美元的收入。我們花了 10 年才達到 20 億美元。繼第一個 20 億美元年收入之後，今年我們僅用兩年就突破了 30 億美元，預計今年將接近 40 億美元。未來非常光明，我們將在 Arm 中運行，我對我們的未來感到無比興奮。

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

說完這些，我就把麥克風交給傑森。

Thank you, Rene.

謝謝你，雷內。

Q4 was a strong end to a tremendous year for Arm. 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%. 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. The royalty acceleration and record RPO provides a great setup for FYE '25.

對 Arm 來說，第四季是輝煌的一年圓滿的結束。本季度，我們的營收年增 47%，達到 9.28 億美元，其中授權收入成長 60%，特許權使用費收入創歷史新高，成長 37%，同時非 GAAP 營業利潤率達到 42%。此外，除了實現強勁的收入外，我們的剩餘履約義務（RPO）也年增了 45%，達到近 25 億美元。特許權使用費加速和創紀錄的 RPO 為 25 財年末提供了良好的基礎。

Turning to guidance. I will briefly touch on both the first quarter and fiscal year ending March 31, 2025. For Q1, we expect revenue of between $875 million and $925 million, representing a 30% to 37% year-over-year increase. 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. Resulting non-GAAP EPS is expected to be between $0.32 and $0.36.

轉向指導。我將簡要介紹截至 2025 年 3 月 31 日的第一季和財政年度。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%。非公認會計準則營運費用預計為 4.75 億美元，由於我們完成從現金獎勵到股權獎勵的過渡，薪資發生變化，以及第四季度的一次性費用，因此環比下降。預計非 GAAP EPS 將在 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%. This growth is driven by continued Armv9 adoption and recovery in smartphones, along with continued share gains in automotive and at hyperscalers. 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. For Q1 licensing and other revenues, we expect slight sequential growth driven by revenue from backlog.

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%。這一增長得益於 Armv9 在智慧型手機領域的持續採用和復甦，以及汽車和超大規模市場的份額持續成長。正如我們的許多半導體同行廣泛報道的那樣，這在一定程度上被更廣泛的工業市場庫存調整導致的物聯網疲軟所抵消。對於第一季的許可和其他收入，我們預計受積壓收入的推動，其將出現小幅環比增長。

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

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%。我們預計非公認會計準則營運費用為 20.5 億美元，年增 19%，因為我們將繼續投資研發以支持未來的成長計畫。我們預計全年非公認會計準則每股收益在 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. Our outlook for ACV remains strong. We expect low double-digit growth for the year, reflecting the durable demand in Arm's latest IP.

我們認為，透過衡量年度合約價值（ACV）可以最好地理解我們的授權業務。我們對 ACV 的前景仍然樂觀。我們預計今年的成長率將達到低兩位數，這反映了對 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. 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. We have high visibility through a combination of backlog renewals and new licenses.

然而，由於收入確認的時間，許可收入在不同時期將持續波動。根據我們目前的預測，我們預計上半年的許可收入將佔全年許可收入的約 40%，其中第二季度是全年許可收入最小的季度，而第四季度是許可收入最大的季度。透過積壓續訂和新許可證的組合，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.

對於專利費，我們仍然對基於 Arm 的晶片的需求非常有信心，並預計全年增長率將在 20% 左右，這得益於 v9 的持續採用、雲端運算和汽車市場份額的增長，以及基於我們的計算子系統的晶片在下半年開始增長。

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，基於新許可證、已簽署的協議以及正在開發或現已發貨的含專利費晶片的計劃，我們預計在截至 2026 年和 2027 年的每個財年，總收入將保持至少 20% 的同比增長。

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

我現在將電話轉回給伊恩。

Thank you, Jason. We will now move to the Q&A portion of the call. (Event Instructions) I hand back to you, operator.

謝謝你，傑森。我們現在進入電話會議的問答部分。（活動指示）我把麥克風交還給你，接線生。

(Operator Instructions)

（操作員指示）

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, guys. Thanks for answering my questions. Congrats on the strong results and guide.

嗨，大家好。感謝您回答我的問題。恭喜您取得的優異成績和指導。

Rene, I had a question on your infrastructure business and specifically the cloud side. You rattled off a number of the disparate design wins that are starting to ramp from a number of the hyperscaler customers. 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.

Rene，我對您的基礎設施業務，特別是雲端業務有一個疑問。您列舉了一些不同的設計勝利，這些勝利已開始從許多超大規模客戶那裡獲得。我真正想知道的是，在 IPO 過程中，您談到該市場的市場份額從 10% 上升到大約 27% 左右。

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

現在正在出現和推出的那些產品是否正在考慮最初的成長？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. I would say one of the dynamics that has changed a bit since we've chatted, and I think a positive for us, is the increased investment in the data center around all things AI. And that bodes well for Arm for a couple of reasons.

我想說我仍然對這些數字充滿信心，羅斯。我想說，自從我們聊天以來，動態發生了一些變化，我認為對我們來說是積極的，那就是圍繞所有人工智慧的資料中心的投資增加了。這對 Arm 來說是個好兆頭，原因如下。

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 的設計的實施會變得非常非常有趣，不僅涉及構建更節能的定制晶片，還涉及設計刀片並互連到存儲和整體機架，這將更加節能。

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，我認為我們在 IPO 過程中與 Grace Hopper 討論過這個問題，但我認為現在隨著 NVIDIA 的最新公告，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 等晶片所帶來的好處之一是，透過將 Arm CPU 與 NVIDIA GPU 集成，您可以在 CPU 和 GPU 之間建立互連，從而實現更高的記憶體訪問，這是限制訓練和推理應用的因素之一。

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

在傳統系統中，您可能需要從外部連接到 x86，但必須透過 PCIe 匯流排進行連接，而這會慢得多。因此，透過在 NVIDIA 範例中使用自訂匯流排（如 NVLink），您可以獲得更高的記憶體頻寬。所以我認為這意味著 Arm 在資料中心的採用率可能會比我們預測的數字成長得更快，但我們現在還沒有正式宣布任何消息。

Thank you.

謝謝。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thanks so much for the question. It's on the v9 conversion. 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. Rene, how do you expect this v9 conversion? It seems to have gotten off to -- faster off the gates, 20% or so conversion in a year. What's your assumption of what that conversion looks like in your fiscal '25? I think Jason said mid-20% growth or so in royalty. What does that imply for the level of conversion exiting the year?

非常感謝您的提問。它處於 v9 轉換中。如果我看一下您提供的圖表簡報的第 15 張投影片，它顯示 v8 需要大約七年左右的時間才能達到基數的一半。Rene，您對這次 v9 轉換有何期待？它似乎已經開始起步了——一年內轉換率就達到了 20% 左右。您對 25 財年的轉換狀況有何假設？我認為 Jason 所說的版稅成長率在 20% 左右。這對於今年的轉換水準意味著什麼？

Yeah. I'll let Jason touch on that conversion rate. 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. We do today, and that is all v9. 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.

是的。我會讓傑森談談這個轉換率。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，我們實際上根本沒有基礎設施業務可談。我們今天做的就是這些，這就是 v9。因此，這將成為我們在從 v8 到 v9 的轉換中看到的成長動力，而我們在從 v7 到 v8 的轉換中卻沒有看到這一點。

In the smartphone business, we are seeing a fairly rapid acceleration in the premium handset segment that is moving to 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. So those are two drivers for v9 that will look, I think, a bit different than v8 and why it should happen more quickly.

在智慧型手機業務中，我們看到高階手機市場正在朝著 v9 邁進，成長速度相當快。我認為，有充分的證據表明，高階手機業務的成長速度可能比其他一些業務要快，而且也正在加速。因此，我認為，這兩個 v9 驅動程式與 v8 略有不同，因此它應該更快發生。

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.

我會讓傑森評論一下我們認為的潛在退出率是多少，特別是它如何適用於我們的年收入成長預測。

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

是的。我想說的是，上個季度的成長率為 500 個基點，或佔總成長率的百分比從 10% 上升到 15%，而最近一個季度的成長率又從 15% 上升到 20%，我認為這是一個相當穩定的速度。可能是正數，也可能是負數，但每季股價成長約 500 個基點可能是合理的假設。因此，我們可能會在兩到三年的時間範圍內達到高端，大概在 60% 到 70% 左右，因為即使我們看到 v9 的採用率在增長，仍然會有一些 v8 和 v9 存在。

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

請記住，我認為當我們在 IPO 甚至上個季度談論這個問題時，您也會看到子系統的版稅幾乎是 v9 的兩倍。因此，我們將看到我們的子系統在今年年底、今年下半年上線，然後明年開始發揮作用。這可能也需要在三到四年的時間範圍內成為我們版稅的很大一部分。因此，我們對特許權使用費預測充滿信心，該預測在未來幾年內應該會非常強勁，接近或達到 20% 的範圍。

Thank you.

謝謝。

Matt Ramsay, TD Cowen.

馬特拉姆齊 (Matt Ramsay)，TD Cowen。

Thank you very much, everybody. Good afternoon. Rene, I wanted to follow up a little bit on the infrastructure business question that Ross sort of started off with. 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.

非常感謝大家。午安.雷內，我想稍微跟進一下羅斯一開始提出的基礎建設業務問題。我從大家那裡得到的一個問題是，我可以非常非常清楚地看到 Grace Hopper 和 Grace Blackwell 等產品將如何成為將 Arm 引入資料中心的加速器，並且您已經宣布與亞馬遜、谷歌和微軟合作的其他設計勝利也將做同樣的事情。

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. 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.

另一方面，在加速資料中心，如果您只看用於 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。因此，也許您可以稍微談談 Arm 的作用，不僅是在加速伺服器的頭節點，而且是在資本支出令人興奮的成長的加速器部分。

Yeah. Thanks, Matt, for the question. 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. 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.

是的。謝謝馬特提出這個問題。我認為，如果回顧我們與超大規模企業合作的最初設計勝利，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。當您談論這些需要管理 CPU 和 GPU 平衡的大型資本支出時，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. They built a chip called Nitro, which is based on Arm, for storage offload. 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.

坦白說，我認為這也將成為我們成長的順風，因為從晶片的角度來看，不僅可以獲得更好的每美元性能方面的 TCO，而且，再次以 AWS 為例。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。當您將 Nitro SoC 與 Graviton SoC 組合到 EC2 電腦架中，然後您現在可以對其進行配置以實現加速時，這將為您帶來相對於競爭對手的相當明顯的成本優勢。

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. It gets very, very interesting. And only Arm allows that flexibility. There's no way to do that with any alternative.

因此，坦白說，我認為，權衡利弊，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，因為不僅可以使用這些標準設備來配置一些相當有趣的東西，而且你可以開始想像，如果有人想做一個自定義實現，可以大大增強我談到的一些互連功能。這變得非常非常有趣。只有 Arm 能夠提供這種靈活性。任何其他方法都無法做到這一點。

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

而不僅無法使用當今的替代架構來做到這一點，更重要的是，Arm 已經與合作夥伴完成了與運行引導程式碼、系統、介面以及啟動作業系統相關的所有工作。因此，我們在該平台上擁有極佳的條件，能夠取得良好的業績。

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.

所以我認為簡短的總結就是，我認為您所描述的一切實際上對我們來說都是相當好的，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表達的要好。

Thank you very much.

非常感謝。

Mehdi Hosseini, Susquehanna International Group.

薩斯奎漢納國際集團的 Mehdi Hosseini。

Thanks for taking my question. Just want to go back to your fiscal year '25 color and specifically on the licensing. Should I assume that the licensing mix rebounded in the second half of fiscal year? Is that going to be driven by more of the smartphone customers renewing for Armv9? Or is that going to be more broad-based?

感謝您回答我的問題。只是想回到您的財政年度 25 顏色以及特別是許可方面。我是否應該假設許可證組合在財政年度下半年出現反彈？這是否會因為更多智慧型手機客戶更新 Armv9 而推動？或者說這會有更廣泛的基礎？

I would expect it to be more broad-based. As I mentioned, it's going to be mostly in Q4. I mean, that's going to be the biggest license quarter of the year. 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.

我希望它有更廣泛的基礎。正如我所提到的，它主要會在第四季度發生。我的意思是，這將是今年許可證發放量最大的一個季度。但毫無疑問，由於我們關注的是人工智慧，並且關注我們所服務的所有不同終端市場的人工智慧能力，所以你應該預期它將具有相當廣泛的基礎。

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

對於智慧型手機，特許權使用費將於 2025 年智慧型手機出貨時開始徵收。

Well, our first subsystems will start to launch in the -- basically in the last quarter of the year. So you should see it in our Q4, but I guess it would be in calendar Q1 of '25.

嗯，我們的第一個子系統將在今年最後一個季度開始推出。所以你應該在我們的第四季度看到它，但我猜它會出現在 25 年的第一季。

Yeah. 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.

是的。從我們授權技術到看到專利費，最好的情況下大概需要兩到三年的時間，這就是為什麼我們對專利費增長的信心水平相當高，因為這些合約已經完成，我們知道費率，我們知道市場份額，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. If you're trying to build an SoC to run Windows, there's only one choice, it's Arm. If you're trying to build an SoC to run Android or Gemini, there's only one choice, it's Arm. So the confidence we have in terms of licensing happening is extremely high.

對於新設計，對於 Matt 和 Ross 之前提出的問題，如果您嘗試開發適合伺服器的 SoC，並且它需要運行 Linux，需要運行 SUSE 或 Kubernetes 等等，那麼實際上只有一個選擇，那就是 Arm。如果您想建立一個 SoC 來運行 Windows，那麼只有一個選擇，那就是 Arm。如果您想建立一個 SoC 來運行 Android 或 Gemini，那麼只有一個選擇，那就是 Arm。因此，我們對許可證的頒發非常有信心。

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. 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. 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.

棘手的部分始終在於可見性，無論許可證是在 12 月 15 日還是 1 月 15 日簽署，都會跨越一個季度的邊界。但就其發生的信心而言，它的發生率極高，因為如果你想參與該市場，選擇相當有限。當你在 Windows 上添加諸如 Copilot 之類的因素以及 Android 的 Gemini 之類的東西時，這就是為什麼我們看到被許可方正在加速努力獲取下一代技術以利用這些新的 AI 功能。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Charles Shi, Needham & Company.

Charles Shi，Needham & Company。

Thank you very much. Good afternoon. I have a question, maybe a little bit backward-looking. This was a question I got quite frequently over the last quarter about your royalty revenue growth seen in December quarter. And obviously, you see another very strong sequential growth in March.

非常感謝。午安.我有一個問題，可能有點回顧過去。上個季度我常被問到這個問題，關於你們 12 月季度的特許權使用費收入成長。顯然，你會看到三月又出現了非常強勁的連續成長。

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

因此，在 12 月季度，由於您已經披露了來自關聯方的特許權使用費收入有多少，這是 Arm 中國的一個代理，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，至少在環比基礎上是如此。在中國以外，環比成長率可能僅 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? 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? Thank you.

所以我想知道你們是否可以利用這個機會澄清一下，是什麼推動了 12 月季度中國特許權使用費收入連續 50% 以上的增長？您能否提供我們三月季度的詳細數據，哪個國家（中國或非中國）推動了大部分的連續成長？謝謝。

Sure, this is Jason, I'll take that question. So first, I would say there has been a little bit of recovery in China in the handset market. It was up, what is it, 1.5%, 2% or so year on year going back to the December quarter. So a little bit was just the general market. But the bigger impact was, I would say, the mix shift of the Chinese consumer buying from, I would say, OEMs or partners.

當然，我是傑森，我來回答這個問題。首先，我想說，中國手機市場已經出現了一些復甦。與去年 12 月季度相比，它上漲了 1.5%、2% 左右。所以有一點點只是一般市場。但我認為，更大的影響是中國消費者從原始設備製造商 (OEM) 或合作夥伴購買的產品組合發生了變化。

Our revenues are based not on where the customer is but based on where the partner who effectively sold the products was. So basically, there was a transfer from Chinese customers buying from Chinese producers versus someone from outside of China. And so what that shows up as, from a royalty perspective, is a shift from rest of world to related parties. And by the way, related parties is mostly China. There are other parties in there as well.

我們的收入不是取決於客戶在哪裡，而是取決於有效銷售產品的合作夥伴在哪裡。因此，基本上，這是一個從中國客戶向中國生產商購買商品，轉向從中國境外購買商品的轉變。因此，從特許權使用費的角度來看，這表明特許權使用費的來源從世界其他地區轉向了相關方。順便說一句，相關方主要是中國。那裡還有其他政黨。

Now in terms of the March quarter end, you'll see similar trends. The rest of the world did accelerate. I mean, we saw a pretty significant royalty acceleration from, what was it, 11%, 12% back in Q3, and it was 37% in Q4. So there is broad-based increase across the world. But you are going to see more acceleration also in China for really the same factors that we saw back in Q3 as well.

現在就三月季度末而言，你會看到類似的趨勢。世界其他地區確實在加速發展。我的意思是，我們看到特許權使用費的成長相當顯著，第三季為 11%、12%，而第四季為 37%。因此，全球範圍內都出現了普遍的成長。但你會看到中國經濟也會進一步加速，原因與我們在第三季看到的因素相同。

Got it. May I ask a quick clarification, Jason? When you talk about acceleration of the percentages, you mean year on year or Q-on-Q? Thank you.

知道了。我可以快速澄清一下嗎，傑森？當您談到百分比的加速時，您是指同比還是環比？謝謝。

Year on year.

年復一年。

Okay, thank you.

好的，謝謝。

Toshiya Hari, Goldman Sachs.

高盛的 Toshiya Hari。

Hi, thank you so much for taking the question. I had a relatively short-term question on the June quarter outlook for your royalty business, maybe one for Jason. Based on your comments, I think for royalty, you're assuming something like a 7% sequential decline in revenue. Given the v8 to v9 transition, I would think your blended royalty rate continues to grow nicely. So units must be down maybe double digits, again, Q-over-Q.

您好，非常感謝您回答這個問題。我對您的特許權使用費業務 6 月份季度前景有一個相對短期的問題，也許可以問傑森一個。根據您的評論，我認為對於版稅，您假設的收入將連續下降 7%。考慮到 v8 到 v9 的過渡，我認為您的混合版稅率將繼續良好成長。因此，單位數量必定會下降，可能為兩位數，再次，Q 比 Q。

I think typical seasonality is up sequentially if I look at your business over the past couple of years. So I guess the question is, what's driving that sequential decline? 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. Thank you.

如果我回顧過去幾年的業務，我認為典型的季節性是連續上升的。所以我想問題是，是什麼導致了這種連續的下降？我知道您的基礎非常高，但我很好奇您的假設是什麼，是智慧型手機市場還是其他一些主要驅動因素。謝謝。

Sure. 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. 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.

當然。因此，連續 7% 下降的真正原因在於，我們看到了所有合作夥伴透過誠信估計或他們剛剛公開披露的內容做出的預測。我的意思是，你知道所有大公司，當我觀察所有不同的市場時，我基本上看到了相當明顯的下滑或疲軟，特別是在網路、工業和物聯網領域。

I think on the mobile side, things will be pretty consistent. And so our growth overall will still be very, very much positive, in the kind of 20%-ish range. 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. But we'll see. If our partners end up seeing different impacts, which, of course, flow through our royalties, there perhaps may be upside. 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.

我認為在移動方面，事情會相當一致。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。但由於我們剛走出一年多前的低谷，因此同比增幅看起來將比上一季略小。但我們會看到。如果我們的合作夥伴最終看到不同的影響（當然，這會透過我們的版稅體現），那麼也許會有好處。但這就是我們現在所看到的，我們顯然會在本季結束時告訴你我們看到了什麼。

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. Is that a fair statement?

傑森，我只是想澄清一下，是否可以公平地說，汽車和物聯網在 6 月的表現相對不佳，而客戶端和基礎設施應該相對具有彈性。這是一個公平的說法嗎？

Yes, I think it's generally right.

是的，我認為總體上是正確的。

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. Thank you for taking my question. 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. So just any thoughts on the potential would be great.

午安.感謝您回答我的問題。我想，也許 Rene，我很想聽聽你對未來幾年 PC 潛力的看法，以及考慮到你所做的所有工作以及與你打交道的生態系統中的各種人之間的一致性，似乎有很多非常有趣的互惠正在發生。因此，任何有關潛力的想法都是很好的。

Yeah, thanks for the question. We've been obviously working on the Windows ecosystem for a long time. The Apple ecosystem has completely converted over. So when we think about our growth, we're talking about Windows. I think over the next number of years, we are very positive about the growth potential.

是的，謝謝你的提問。顯然，我們已經在 Windows 生態系統上工作了很長時間。蘋果生態系統已經徹底轉變。因此，當我們考慮我們的成長時，我們談論的是 Windows。我認為，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. Everything I'm hearing says that there are going to be multiple suppliers to serve that market over the next 12 to 36 months.

我認為 PC 產業發展所需的條件之一，特別是 Windows on Arm 領域，就是實現供應商基礎的多樣化，為最終消費者提供多種產品、多種 SKU、多種價格點和多種體驗。我聽到的所有消息都表明，未來 12 到 36 個月內將會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. I think all those things are going to add up for significant growth. 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，我們認為，在未來兩三年內，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了豐富的經驗、出色的性能、超長的電池壽命，以及可以構建沒有風扇的高性能機器的事實。我認為所有這些因素都會帶來顯著的成長。因此，我認為一旦供應商基礎多樣化，我們將在未來 12 到 36 個月內看到成長開始。

Yeah, it's really great. Thanks a lot, really appreciate it.

是的，真的很棒。非常感謝，真的很感激。

You're welcome.

不客氣。

Gary Mobley, Wells Fargo Securities.

加里‧莫布利 (Gary Mobley)，富國證券。

Hi, guys. Thanks for taking my question. 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. And seemingly, you're predicting long-term 10% growth. So is that the new long-term target we should think about in terms of license revenue growth? And related to that, you highlight how you converted half of your top-30 customers into ATA licensees. How hard will it be to convert the other half?

嗨，大家好。感謝您回答我的問題。當 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 路演期間預測的水平。而且看起來，您預測長期成長率為 10%。那麼，就授權收入成長而言，這是我們應該考慮的新的長期目標嗎？與此相關，您強調如何將前 30 名客戶中的一半轉換為 ATA 許可證持有者。改變另一半會有多難？

So thanks for the question. The way I think about the licensing revenue -- and you're right, it's a nice upside that has been -- 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. The reason for that is, what I mentioned before, 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. And for that reason, we're very confident that we continue to maintain and sustain that level of momentum.

感謝您的提問。我對授權收入的看法是——您說得對，這是一個很好的上升趨勢——它將繼續保持非常非常強勁的成長勢頭，我們期待的跡像是，我們沒有看到任何因素可以阻止授權活動保持積極的勢頭。原因是，正如我之前提到的，如果你想進入這些市場中的任何一個，那麼，A，需要越來越多的人工智能； B、需要豐富的應用生態系統支撐；和 C、廣泛的操作系統支持，合作夥伴唯一合理的選擇就是 Arm。因此，我們非常有信心繼續保持並維持這種勢頭。

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. (technical difficulty)

我認為，就最終有多少比例的客戶轉向 ATA 而言，我估計在某個時間點，大概有 80% 的客戶群會轉向 ATA，這將使我們在許可證續簽方面具有更高的可預測性，不是是否會續簽，而是何時續簽，這正是我們對未來的希望。（技術難度）

So Jason, I may have to defer to you the second part of that question.

所以傑森，我可能不得不把這個問題的第二部分留給你來回答。

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

好吧，讓我們看看。因此，關於 ATA——我不確定您是否注意到了，我們的 ATA 合作夥伴確實從 27 個增加到了 31 個，所以我們又增加了 4 個。所以我想說，現在至少有一半以上的前 20 名都在那裡。但我想說，讓我們感到高興的是，當我們展望明年時，即使與我們在 IPO 時所想的相比，我們認為特許權使用費的同比增長率可能會接近 30%，而且我們都預計整個行業都會出現調整。

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

事實證明，工業物聯網和網路尚未完全實現。因此，儘管我們稍微降低了專利費，但我們能夠獲得比專利費減幅更大的許可，這主要是因為 Rene 剛剛具體談到了對與人工智慧密切相關的額外許可能力的需求。

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

現在就它是否是新常態而言，我會說不是，因為所有授權交易，或至少是大型 ATA，它們對版稅的轉換率都非常高。特別是那些規模較大、較成熟的公司，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。而且由於這些交易都採用 v9，因此它們的版稅率比舊版本更高。因此，我希望我們在 IPO 時討論過，在未來幾年內，我們的特許權使用費將達到總收入的 75％ 以上，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，我們才剛開始看到這一點，隨著我們深入 v9 滲透生命週期，同時我們也看到計算子系統在今年年底開始以更高的專利費率再次上線，這為我們在進入明年時獲得更高的專利費率組合做好了很好的準備。

Thank you.

謝謝。

Thank you.

謝謝。

Lee Simpson, Morgan Stanley.

摩根士丹利的李辛普森。

Great. Thanks for letting me on here. 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. Just trying to understand how much of that licensing would have been recognized in Q4's number, how much would have gone into 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. Thanks.

偉大的。謝謝你讓我來到這裡。只是想帶我們回到您為汽車而突出的 v9 配置文件、汽車增強配置文件，其中包括來自德克薩斯州、NXP、NVIDIA 等的許可。只是想了解其中有多少許可證會在第四季度的數字中得到確認，有多少會用於 RPO。也許與此相關，我不知道我是否聽錯了，但您提到多個客戶正在為 2025 年的 CSS 版本而努力。謝謝。

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

是的。因此，我將讓 Jason 從授權的角度詳細介紹汽車 v9 AI 技術的貢獻。

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

在 CSS 合作方面，我們有多個合作夥伴參與其中。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。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，不僅可以實現差異化，還可以實現標準化。

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

因此，就這一層面而言，我們與許多不同 OEM 進行了令人難以置信的合作。我們非常有信心，我們在其他業務中看到的 CSS 的需求在汽車領域也會存在。當你考慮到這些設備的複雜性、所涉及的成本以及供應鏈彈性的需要時，這完全是合理的。

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

因此，我將讓傑森回答有關授權收入以及所有這些如何連結在一起的問題。

Yeah. So the licensing revenue, in this case, for automotive is a little unique. Typically, we get around 50% of the booking. At the time of booking, it will be booked as revenue. 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. It will be released as soon as it's launched, and we'll announce when that happens.

是的。因此，在這種情況下，汽車的授權收入有點獨特。通常，我們能獲得大約 50% 的預訂量。在預訂時，它將被記為收入。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，這實際上是被延遲了，所以一切都進入了積壓狀態。一推出就會發布，屆時我們會公佈。

Great, thanks for clarifying.

太好了，謝謝你的澄清。

Thanks, Lee.

謝謝，李。

Timm Schulze-Melander, Redburn Atlantic.

梅蘭德 (Timm Schulze-Melander)，Redburn Atlantic。

Yeah, hi, thanks for taking my question. 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. 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. But I think you guided that royalties are going to grow somewhere in the sort of 25% range. Can you maybe just give us a little bit of color about how that breaks down between volume, price, and mix? Thank you.

是的，你好，謝謝你回答我的問題。因此，我只是想深入了解下個季度的特許權使用費前景，並嘗試稍微分解交易量和定價影響。我認為您談到了每季增加約 5 個百分點的比例，這在 25 年期間應該會給我們帶來相當不錯的順風。但我認為您指導的版稅將會成長 25% 左右。您能否稍微向我們解釋一下數量、價格和組合之間的差異？謝謝。

Okay. 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. And obviously, we grew at 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.

好的。因此，上個季度，如果我查看我們所有的合作夥伴，雖然我們沒有他們的所有詳細信息，但他們的平均成長率約為 2% 左右。顯然，我們的成長率達到了 37%。因此，差異很大程度上是更優質的晶片、更高的版稅以及與 v9 相關的更高版稅的混合。

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

所以我想說，進入下個季度，我們預計我們獲得版稅的整體同行群體可能在 5% 左右的範圍內。然後，正如我們所說，我們現在預計我們的版稅將在 20% 左右。顯然，我們對 v9 部分有相當的把握，但高端市場各個方面的組合很難提前知道。這些就是關鍵組成部分。

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. 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.

我想說，展望未來，我們確實希望看到有效的單位成長，因為，再次，我假設其中大部分的組合，我們沒有得到所有的細節，但我認為其中大部分將相當一致。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增長。

Got it. Very helpful. Thank you.

知道了。非常有幫助。謝謝。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Good afternoon. Thanks for taking my question. 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. 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.

午安.感謝您回答我的問題。積壓訂單年增 45%，第四季 ACV 強勁，因此今年的業績收尾非常強勁；顯然，這是一些大型續約的組合，但更重要的是客戶。似乎在所有終端市場中，他們都在著眼於未來的晶片設計計劃，採用更高附加價值的運算和運算子系統 IP。

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

當您查看續訂管道、與客戶的討論以及他們的規劃時間時，看起來您今年將再次推動強勁的授權成長。但這條管道是否意味著該團隊可以在本財年增加總積壓工作量？

Harlan, this is Jason. I'll start with that. I'll start with your question. 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. That total number was about $2.2 billion last year. And if you look at kind of what we're assuming for this year, we're definitely assuming less than that.

哈蘭，這是傑森。我先從那裡開始。我先從你的問題開始。我認為，從高層次來看，如果我回顧去年，你可以透過查看收入加上積壓訂單的變化來回顧預訂情況。去年這一總額約為 22 億美元。如果你看我們對今年的假設，你會發現我們的假設肯定低於這個數字。

Now last year, we started with a number that was quite a bit below $2.2 billion. And as we mentioned, we had a really strong booking year mostly because of incremental deals that came mostly due to AI. 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.

去年，我們的起始數字遠低於 22 億美元。正如我們所提到的，今年我們的預訂量非常強勁，這主要歸功於人工智慧帶來的增量交易。因此，我們對今年許可證的假設是，目前，我們的預訂量可能只有去年的 60%，至少這是我們實現計畫所需要的。

Now there certainly is opportunity. If you look last year, there was some overage that was probably somewhere in that similar range. We started out with a plan that was probably more like 60% or 70% of what we actually achieved. 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.

現在肯定有機會。如果你看去年，你會發現超額的情況可能也處於類似的範圍內。我們開始製定的計劃可能只完成了實際實現目標的 60% 或 70%。因此，我們確實對當前計劃有很好的了解，並且我們確實提供了相對較廣泛的範圍，主要是因為我們必須嘗試考慮這些交易何時達成​​以及是第三季度還是第四季度或其他時間。

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? I'd say we're at 80%-plus of the midpoint of our plan, of our guidance, is already either in backlog or under contract and royalties.

但如果你回過頭來說，那麼，當我看到今年的指導中點時，信心程度是多少？我想說，我們計劃的中點，也就是我們的指導點，已經達到了 80% 以上，要么是積壓訂單，要么是合約和特許權使用費。

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. I'm not really forecasting the stuff that's beyond that, beyond what's in the pipeline today. But if this year looks like last year, that's where some possible upside would come.

所以實際上，我們試圖做的是，我們試圖預測今年我們將簽署的增量訂單是多少，其中許多訂單已經在籌備中，然後可能會有更多訂單。我實際上並沒有預測超出這個範圍的事情，也沒有預測目前正在進行的事情以外的事情。但如果今年的情況與去年類似，那麼就有可能出現一些上漲。

Thank you, Jason.

謝謝你，傑森。

Thanks, Harlan.

謝謝，哈蘭。

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

謝謝。現在我想請執行長 Rene Haas 致最後總結。

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，也謝謝大家提出的所有問題，這是非常好的對話，希望我們能夠就為什麼我們對公司的未來如此有信心給予一些見解。

This is our third quarter as a public company so it's the third time we've done one of these calls. And it's the third time that we've reported record revenue to you. And it's the third time that we're going to be forecasting growth on the quarter going forward. So we've had three quarters of record revenue as a public company.

這是我們作為上市公司的第三季度，因此也是我們第三次進行此類電話會議。這是我們第三次向大家報告創紀錄的收入。這是我們第三次預測未來季度的成長。因此，作為一家上市公司，我們已經實現了三個季度創紀錄的收入。

We're also forecasting that next quarter. 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. In addition to that, the AI tailwind, which has driven unprecedented growth for our licensing business.

我們也對下​​個季度的情況進行了預測。我認為，大家所看到的是我們幾年前製定的策略得到了驗證，並且都取得了成果，我們的業務擴展到了多個市場，例如基礎設施、汽車、客戶端 PC，當然還有智慧型手機。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. It's a business unlike any other. And the growth and outlook for the company could not have been brighter. To come off of a year where we're talking about 20% growth, and then talking about the year following and the year following where we will do better than that, it's a great business to be in.

因此，Arm 是一家與眾不同的平台公司。這是一項與其他任何業務都不同的業務。該公司的成長和前景十分光明。今年我們談論的是 20% 的成長，接下來的一年我們還會做得更好，這是一門很棒的生意。

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

非常感謝大家抽出時間，現在我將請伊恩或其他人來結束演講。

That's all from us, and thank you very much indeed. We'll talk to some of you later and some -- in 90 days' time.

我們就講到這裡，非常感謝。我們稍後會與你們中的一些人交談，有些則會在 90 天後進行交談。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。