Arm Holdings PLC (ARM) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to the Arm Third Quarter Fiscal Year 2025 Webcast and Conference Call.

歡迎參加 Arm 2025 財年第三季網路廣播和電話會議。

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

（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your first speaker today, Jeff Kvaal, Head of Investor Relations.

現在，我想將會議交給今天的第一位發言者，投資者關係主管 Jeff Kvaal。

Please go ahead, sir.

先生，請繼續。

Thank you, and welcome to our earnings conference call for the third quarter of fiscal '25, which ended December 31, 2024.

謝謝您，歡迎參加我們截至 2024 年 12 月 31 日的 2025 財年第三季財報電話會議。

On the call today are Rene Haas, Arm's Chief Executive Officer; and Jason Child, Arm's Chief Financial Officer.

今天參加電話會議的有 Arm 執行長 Rene Haas；以及 Arm 財務長 Jason Child。

During the call, Arm will discuss forecasts, targets, and other forward-looking information regarding the company and its financial results.

在電話會議期間，Arm 將討論有關公司及其財務表現的預測、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.

雖然這些陳述代表了我們對截至目前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，可能導致實際結果有重大差異。

In addition to any risks that we highlight during the call, important risk factors that may affect our future results and performance are described in our registration statement on Form 20-F filed with the SEC.

除了我們在電話會議中強調的任何風險之外，我們向美國證券交易委員會提交的 20-F 表註冊聲明中還描述了可能影響我們未來結果和績效的重要風險因素。

Arm assumes no obligation to update any forward-looking statements.

Arm 不承擔更新任何前瞻性聲明的義務。

We will refer to non-GAAP financial measures during the discussion.

我們將在討論中參考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 as well as a discussion of certain projected non-GAAP financial measures that we are not able to reconcile without unreasonable efforts and supplemental financial information can be found in our shareholder letter.

在我們的股東信函中可以找到某些非 GAAP 財務指標與其最直接可比較的 GAAP 財務指標的調節表，以及對某些預期的非 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調節）。

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

股東信函和其他收益相關資料均可在我們的網站 investors.arm.com 上找到。說完這些，我將把電話轉給 Rene。

Rene?

雷內？

Thank you, Jeff, and good afternoon, everyone.

謝謝傑夫，大家下午好。

AI demand continues to drive strong momentum for the Arm ecosystem, which is built on the world's most pervasive compute platform.

人工智慧需求持續推動建立在世界上最普及的運算平台上的 Arm 生態系統的強勁發展勢頭。

We're pleased to report record total revenue and an all-time record royalty revenue for the third quarter of fiscal 2025.

我們很高興地報告，2025 財年第三季的總收入和特許權使用費收入均創下了歷史新高。

Total revenue grew 19% year-on-year to an all-time high that exceeded the high end of guidance.

總收入年增19%，達到歷史新高，超過了預期的高點。

Our royalty revenue grew 23% year-on-year to a new record.

我們的特許權使用費收入較去年同期成長23%，創下新高。

This was driven by adoption and deployment of v9 and strong demand for Arm's CSS.

這是由 v9 的採用和部署以及對 Arm 的 CSS 的強烈需求所推動的。

Licensing remains strong as our partners make long-term commitments to more of our advanced technology to take AI everywhere.

由於我們的合作夥伴對我們更多先進技術做出長期承諾，將人工智慧帶到無所不在，因此授權仍然保持強勁。

AI growth requires significantly more compute across all our end markets from smartphones with better chat features to autos with better driving and parking assist to IoT microprocessors with embedded NPUs.

人工智慧的成長需要我們所有終端市場中大量的運算能力，從具有更好聊天功能的智慧型手機，到具有更好駕駛和停車輔助的汽車，再到具有嵌入式 NPU 的物聯網微處理器。

This is driving continued adoption of our v9 and CSS technologies.

這推動了我們的 v9 和 CSS 技術的持續採用。

New flagship smartphones from Oppo and Vivo take advantage of MediaTek's new Dimensity 9400 system-on-chip.

Oppo 和 Vivo 的新旗艦智慧型手機採用了聯發科的全新 Dimensity 9400 系統單晶片。

This SoC is based on our CSS for Client, which includes the Arm Cortex-X925 CPU and the Immortalis-G925 GPU.

這個 SoC 是基於我們的客戶端 CSS，其中包括 Arm Cortex-X925 CPU 和 Immortalis-G925 GPU。

Increased chip complexity is driving the top hyperscalers to customize silicon on the latest Armv9 and CSS.

晶片複雜性的增加促使頂級超大規模製造商在最新的 Armv9 和 CSS 上客製化矽片。

We are gaining share in the data center with AWS Graviton, Microsoft Cobalt, Google Axion, and NVIDIA's Grace Arm-based chips.

我們正在藉助 AWS Graviton、Microsoft Cobalt、Google Axion 和 NVIDIA 的基於 Arm 的 Grace 晶片在資料中心獲得份額。

AWS recently announced more than 50% of new CPU capacity installed over the past 2 years was on Graviton.

AWS 最近宣布，過去兩年安裝的新 CPU 容量中有 50% 以上是在 Graviton 上。

Over 90% of AWS' top 1,000 EC2 customers use Graviton.

AWS 前 1,000 名 EC2 客戶中超過 90% 使用 Graviton。

We have more than 20 million developers, the world's largest developer community, and we continue to increase investment in our ecosystem.

我們擁有超過2000萬名開發者，是全球最大的開發者社區，並且我們持續增加對我們生態系統的投入。

NVIDIA also announced Project DIGITS, which combines the Arm-based Grace CPU and the Blackwell GPU into the new GB10 Superchip that powers the world's smallest AI supercomputer.

NVIDIA 也宣布了 DIGITS 項目，該項目將基於 Arm 的 Grace CPU 和 Blackwell GPU 結合到新的 GB10 超級晶片中，為世界上最小的 AI 超級電腦提供動力。

The Grace CPU is based upon Arm's CSS for Client and includes 20 power-efficient Arm cores, 10 Cortex-X925 and 10 Cortex-A725.

Grace CPU 基於 Arm 的客戶端 CSS，包含 20 個節能的 Arm 核心、10 個 Cortex-X925 和 10 個 Cortex-A725。

With Project DIGITS, developers, data scientists and AI researchers will be able to more easily able to build inference models before deploying them into the cloud.

透過 Project DIGITS，開發人員、資料科學家和人工智慧研究人員將能夠更輕鬆地建立推理模型，然後再部署到雲端。

I'd also like to call out 2 key projects that further cement Arm's position at the very center of the AI ecosystem.

我還想指出兩個關鍵項目，它們將進一步鞏固 Arm 在 AI 生態系統中的核心地位。

Along with SoftBank Group and OpenAI, Stargate for AI infrastructure deployment, and Advanced Enterprise AI called Cristal intelligence to develop AI agents for knowledge work.

與軟銀集團和 OpenAI 合作，Stargate 負責部署 AI 基礎設施，Advanced Enterprise AI 則與 Cristal intelligence 合作開發用於知識工作的 AI 代理。

We strongly believe that the advances in AI, both for training and inference, are going to increase the demand for compute in the AI cloud.

我們堅信，人工智慧在訓練和推理方面的進步將增加對人工智慧雲端運算的需求。

We expect Arm's solutions to address the needs from the cloud to the edge to power growth in the world's most popular compute ecosystem for decades to come.

我們期望 Arm 的解決方案能夠滿足從雲端到邊緣的需求，從而推動未來幾十年全球最受歡迎的運算生態系統的成長。

And with that, I will hand over to Jason.

現在我將把麥克風交給傑森。

Thank you, Rene.

謝謝你，雷內。

Q3 was another record quarter as we continued to deliver strong growth.

由於我們繼續實現強勁成長，第三季又是一個創紀錄的季度。

Total revenue was $983 million, which was above the top end of our guided range.

總收入為 9.83 億美元，高於我們預期的最高水準。

Royalty revenue was a record $580 million and grew 23% year-on-year and was above our expectations.

特許權使用費收入達到創紀錄的 5.8 億美元，年增 23%，超出我們的預期。

This growth was driven by continued Armv9 adoption and initial shipments of chips based on our compute subsystems, as well as the growth in revenues from custom silicon going into the data center.

這一增長得益於 Armv9 的持續採用和基於我們的計算子系統的晶片的初始出貨量，以及進入資料中心的客製化矽片的收入成長。

Royalty revenue from chips for smartphones, the data center, networking equipment, and automotive were all within expectations, while royalty revenue from IoT showed signs of recovery after multiple quarters of weakness.

智慧型手機、資料中心、網路設備和汽車晶片的專利使用費收入均在預期之內，而物聯網的專利使用費收入在經歷多個季度的疲軟後顯示出復甦的跡象。

Based on the most recent royalty reports, revenues from smartphones continue to grow much faster than the overall smartphone market.

根據最新的專利使用費報告，智慧型手機的收入成長速度持續遠高於整體智慧型手機市場的成長速度。

This was helped by chips based on both Armv9 and CSS such as MediaTek's Dimensity 9400, which is being deployed in flagship smartphones from both Oppo and Vivo.

這得歸功於基於 Armv9 和 CSS 的晶片，例如聯發科的 Dimensity 9400，該晶片已部署在 Oppo 和 Vivo 的旗艦智慧型手機中。

Licensing revenue increased 14% year-on-year to $403 million, which was better than we forecasted.

授權收入年增 14% 至 4.03 億美元，優於我們的預測。

License revenue varies quarter-to-quarter due to normal fluctuations in timing and size of multiple high-value license agreements and contributions from backlog.

由於多個高價值許可協議的時間和規模的正常波動以及積壓訂單的貢獻，許可收入每季都會有所不同。

As always, we recommend that you look at annualized contract value, or ACV, to best understand the underlying licensing growth rate.

與往常一樣，我們建議您查看年度合約價值（ACV），以便最好地了解底層授權成長率。

ACV in Q3 was up 9% year-on-year, which was a little lower than the recent run rate of low teens but is above our long-term plan.

第三季的 ACV 年成長 9％，略低於近期的低十幾個百分點的運行率，但高於我們的長期計劃。

Remaining performance obligations, or RPO, was down slightly sequentially as Arm delivered products that released revenue from backlog into the P&L.

由於 Arm 交付的產品將積壓訂單收入釋放到損益表中，剩餘履約義務（RPO）較上季略有下降。

As you know, Arm's revenues today come from technology developed years or even decades ago, and our costs today are investments for future revenue streams.

大家知道，Arm 今天的收入來自於數年甚至幾十年前開發的技術，我們今天的成本是對未來收入來源的投資。

To maximize our future revenue opportunity, we want to maximize our investment in R&D today.

為了最大限度地提高我們未來的收入機會，我們希望最大限度地提高我們今天對研發的投資。

And in the third quarter, heightened R&D spending led our non-GAAP operating costs to their highest level at $522 million, which was in line with our expectations.

第三季度，研發支出的增加使我們的非公認會計準則營運成本達到最高水平，為 5.22 億美元，這符合我們的預期。

At the same time, we also delivered near-record levels of non-GAAP operating profit at $442 million.

同時，我們的非公認會計準則營業利潤也接近歷史最高水平，達到 4.42 億美元。

Going forward, we will continue to balance increasing investments for the long-term growth of the business and near-term profitability.

展望未來，我們將繼續在增加投資以實現業務的長期成長和短期獲利之間取得平衡。

Turning now to guidance, I'll briefly touch on both fourth quarter and fiscal year ending March 31, 2025.

現在談到指引，我將簡要地談談截至 2025 年 3 月 31 日的第四季和財政年度。

This guidance reflects our current view of our end markets and our licensing pipeline.

該指引反映了我們對終端市場和授權管道的當前看法。

For Q4, we expect revenue of between $1.175 billion and $1.275 billion.

我們預計第四季的營收將在 11.75 億美元至 12.75 億美元之間。

At the midpoint, this represents revenue growth of 32% year-on-year.

按照中間值計算，這意味著收入年增32%。

We have left the revenue guidance range slightly wider than in prior quarters as we have some large license deals in play.

由於我們正在進行一些大型授權交易，因此我們將收入預期範圍定得比前幾季略寬一些。

Although we have high confidence of deal closure, the timing of deals could be hard to forecast and some may slip into the next fiscal year.

儘管我們對交易的完成充滿信心，但交易的時間可能難以預測，有些交易可能會拖延到下一個財政年度。

As previously mentioned, revenue growth today enables us to increase our investments in the R&D essential for our long-term success.

如前所述，今天的收入成長使我們能夠增加對長期成功至關重要的研發的投資。

We are accelerating the investments in our next generation of technologies.

我們正在加快對下一代技術的投資。

We now expect our Q4 non-GAAP operating expense to be approximately $590 million.

我們現在預計第四季非 GAAP 營業費用約為 5.9 億美元。

And for Q4, we expect non-GAAP EPS to be in the range of $0.48 to $0.56. For fiscal year '25, we are increasing the midpoint of full year guidance to around $4 billion.

對於第四季度，我們預計非 GAAP 每股收益在 0.48 美元至 0.56 美元之間。對於25財年，我們將全年預期中位數上調至40億美元左右。

This midpoint represents about a 24% year-on-year growth, which is ahead of our long-term target of 20%.

這個中點代表著年成長約 24%，高於我們 20% 的長期目標。

With this, we expect full year royalty revenue growth rate in the high teens year-on-year, which is consistent with our previous guidance.

因此，我們預計全年特許權使用費收入成長率將達到高位，這與我們先前的預期一致。

We expect our full year license revenue to grow around 30% year-on-year.

我們預計全年許可收入將年增30％左右。

We expect non-GAAP operating expenses to be about $2.1 billion, which represents a 21% year-on-year increase.

我們預計非公認會計準則營業費用約為 21 億美元，年增 21%。

We therefore expect our full year non-GAAP EPS to be between $1.56 and $1.64. With that, I will turn the call back to the operator for the Q&A portion of the call.

因此，我們預計全年非 GAAP 每股盈餘將在 1.56 美元至 1.64 美元之間。說完這些，我會將電話轉回給接線生，進行電話的問答部分。

(Operator Instructions) And your first question comes from the line of Lee Simpson from Morgan Stanley.

（操作員指示）您的第一個問題來自摩根士丹利的 Lee Simpson。

Maybe I could just kick off by asking about where we see the strength in licensing as we go into the subsequent year.

或許我可以先問一下，在接下來的一年裡，我們認為授權的優勢在哪裡。

And I guess I'm really asking this really as it relates to some of the recent news flow that we've seen in the broader AI landscape but also really touches on Arm's capability.

我真正想問的是這個問題，因為它與我們在更廣泛的人工智慧領域看到的一些最新新聞流有關，同時也確實涉及 Arm 的能力。

So if we look 2 weeks back, we had the announcement of Stargate in the US with budgets ranging over $100 billion.

如果我們回顧兩週前，我們在美國宣布了《星際之門》，預算超過 1000 億美元。

And in the last day or so, we've heard of your new joint development between SoftBank and OpenAI called Cristal intelligence.

在過去一天左右的時間裡，我們聽說了軟銀與 OpenAI 共同開發的新專案 Cristal intelligence。

And we're just trying to understand where it seems Arm sits here because interestingly, it looks like both an enabler and even having first-mover advantage as a kind of AI adopter in an era of agentic AI.

我們只是想了解 Arm 在此的地位，因為有趣的是，在代理 AI 時代，它看起來既是一個推動者，甚至作為一種 AI 採用者擁有先發優勢。

So maybe if I take a step back, maybe just trying to help us, can you outline just more clearly what the opportunity set is for Arm, including the sell-in of new products to these new and large projects, and what the long-term benefit is to Arm in the earnings perspective?

所以，如果我退一步來說，也許只是想幫助我們，您能否更清楚地概述一下 Arm 的機會集是什麼，包括向這些新的大型項目銷售新產品，以及從盈利角度來看 Arm 的長期利益是什麼？

Thank you for the question.

感謝您的提問。

There's a lot there so I'll try to simplify a bit.

這裡有很多內容，所以我會嘗試簡化一點。

So Stargate, a project that was announced a few weeks back, which is an extremely significant infrastructure project in the United States, where $100 billion will be invested immediately and $500 billion over time.

幾週前宣布的「星際之門」項目是美國一個極其重要的基礎設施項目，將立即投資 1,000 億美元，並分階段投資 5,000 億美元。

And this is a partnership with OpenAI and Oracle and SoftBank, technology partners being those companies in addition to ourselves, Microsoft and NVIDIA.

這是與 OpenAI、Oracle 和 SoftBank 的合作，技術合作夥伴除了我們自己之外，還有微軟和 NVIDIA。

For Arm, we are extremely excited to be the CPU of choice for such a platform.

對於 Arm 來說，我們非常高興能夠成為此類平台的首選 CPU。

Combined with the Blackwell CPU with Grace, Arm will be the CPU of choice for the initial configurations.

與 Grace 的 Blackwell CPU 結合，Arm 將成為初始配置的首選 CPU。

And going forward, there'll be huge potential for technology innovation around that space.

展望未來，該領域的技術創新潛力巨大。

So incredibly exciting project, which we think will be transformational for the industry.

這是一個令人難以置信的令人興奮的項目，我們認為它將會改變整個產業。

Cristal intelligence, which was discussed earlier this week, is really about agentic AI and agents moving across every node of the hardware ecosystem.

本週早些時候討論的水晶智慧 (Cristal intelligence) 實際上是關於代理 AI 和在硬體生態系統的每個節點上移動的代理。

So if you think about the smallest devices such as earbuds all the way to the data center, this is really about agents increasingly being the interface and/or the driver of everything that drives AI inside the device.

因此，如果你考慮從最小的設備（例如耳塞）到資料中心，這實際上是關於代理越來越成為設備內部驅動 AI 的所有設備的介面和/或驅動程式。

For Arm, it's a significant opportunity because AI workloads will run on every one of those endpoints that I mentioned.

對於 Arm 來說，這是一個重要的機會，因為 AI 工作負載將在我提到的每個端點上運行。

Additionally, given that Arm is the world's most pervasive compute platform, those AI workloads will run on Arm and through Arm.

此外，鑑於 Arm 是世界上最普及的運算平台，這些 AI 工作負載將在 Arm 上並透過 Arm 運行。

And through our KleidiAI Libraries, we will make it very easy for developers to target and optimize to the Arm platform running these agents.

透過我們的 KleidiAI 函式庫，我們將使開發人員能夠非常輕鬆地定位和優化運行這些代理程式的 Arm 平台。

So both of those announcements are very significant, both in terms of their impact to the industry and represent significant opportunity for our company.

因此，這兩項聲明都非常重要，不僅對行業產生了影響，而且對我們公司也帶來了重大機會。

And your other question on kind of the licensing upside component.

您還有一個問題是關於許可上行組件的。

So in the quarter, it was up about $27 million versus our kind of guidance are up 14% year-on-year.

因此，本季度，我們的預期營收年增了 14%，達到約 2,700 萬美元。

Certainly, the drivers have been the same components over the past few quarters, which is AI and the need to continue to access v9 technology to prepare for all of the needs that go into AI chips, and then, of course, also CSS.

當然，過去幾季的驅動因素一直是相同的組件，即 AI，以及需要繼續使用 v9 技術來為 AI 晶片的所有需求做好準備，當然還有 CSS。

As Rene mentioned, there's additional CSS contracts that we've sold and we continue to be working on.

正如 Rene 所提到的，我們已經售出了額外的 CSS 合同，並且我們正在繼續努力。

In terms of the guidance for this next quarter, we're actually guiding that license revenue can grow in the order -- kind of in the order of around 60% year-on-year.

就下個季度的預期而言，我們實際上預期授權收入可以按順序成長——大約年增 60% 左右。

And so we've said since early in the year, we have a number of big deals that we had planned on for Q4.

我們從今年年初就說過，我們計劃在第四季進行多項大交易。

Those look to be kind of mostly on track and as expected.

這些看起來基本上都進展順利，符合預期。

And those deals very much are in the same kind of bucket of very much being AI- and CSS-driven.

這些交易在很大程度上都屬於 AI 和 CSS 驅動的範疇。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

You mentioned that the partner demand for CSS is stronger than initially anticipated.

您提到合作夥伴對 CSS 的需求比最初預期的要強烈。

I guess, how should we think about the contribution to royalty revenue ramping as we enter fiscal '26 versus your prior expectations?

我想，當我們進入 26 財年時，我們應該如何看待特許權使用費收入貢獻的增加與您之前的預期相比？

Yes, so we're not ready to talk about '26 yet.

是的，所以我們還沒準備好談論'26。

But in terms of exit rate, we feel very good about the momentum that we've delivered.

但就退出率而言，我們對所取得的進展感到非常滿意。

For example, this last quarter at $500 million of royalty revenue, that's about 13% higher than our previous record of $514 million.

例如，上個季度的特許權使用費收入為 5 億美元，比我們之前的 5.14 億美元的記錄高出約 13%。

Certainly no surprise that, that also is in the first quarter that we actually have material CSS revenue this quarter led mostly by the Dimensity 9400 chip that we talked about.

當然，這並不奇怪，這也是我們在第一季實際獲得的 CSS 收入，主要歸功於我們之前談到的 Dimensity 9400 晶片。

Also, Cobalt CSS starting to see shipments and deployments and that's flowing into royalty revenue now.

此外，Cobalt CSS 開始看到出貨和部署，並且現在流入特許權使用費收入。

As we continue to see more CSS deployments over the next couple of quarters, we do expect there to be continued momentum.

隨著我們在接下來的幾個季度繼續看到更多的 CSS 部署，我們確實預計這一勢頭將持續下去。

In terms of quantifying the momentum, we're going to have to wait until next quarter.

就量化動能而言，我們必須等到下個季度。

Charles Shi, Needham & Company.

查爾斯·施（Charles Shi），Needham & Company。

Just want to since we just had a lot of news coverage on the trial last month with one of your large customers.

我只是想問一下，因為上個月我們剛剛對您的一位大客戶的審判進行了大量新聞報道。

There seems to be, based on the press reporting, there seems to be some difference between what you think the contract will expire versus what they're saying that they think it's expiring in '28.

根據新聞報道，您認為的合約到期時間與他們所說的合約將在 28 年到期之間似乎存在一些差異。

I do think it's expiring in '25.

我確實認為它將在 25 年到期。

And this is all calendar year commentary, but what's the current view there (inaudible) revenue maybe you're expecting to happen, haven't quantified maybe that won't happen in the next calendar year.

這些都是對日曆年的評論，但目前的觀點是什麼（聽不清楚）收入可能您預計會發生，但尚未量化，也許這不會在下一個日曆年發生。

I just want to get some thoughts there.

我只是想表達一些想法。

This is Jason.

這是傑森。

I think the question was about the impact of the Qualcomm lawsuit and on revenue.

我認為問題是關於高通訴訟對收入的影響。

Correct, correct.

正確，正確。

There's no impact.

沒有影響。

We had forecasted really all the way back at IPO and continue to forecast as though we were not going to prevail in that lawsuit.

我們在 IPO 時就已經做出預測，並且現在仍然預測我們不會在那場訴訟中獲勝。

The primary reason for the lawsuit very much was around defending our IP and that's important.

提起訴訟的主要原因是為了保護我們的智慧財產權，這很重要。

But from a financial perspective, we had assumed that we'll continue to be receiving royalties that basically the same rates that they've been paying for -- in the past and will continue to pay.

但從財務角度來看，我們假設我們將繼續收到與他們過去支付的以及將繼續支付的基本相同的版稅。

Got it.

知道了。

Maybe another question, just a little bit of clarification.

也許還有另一個問題，只是稍微澄清一下。

I don't see a contribution number from the shareholder letter.

我在股東信中沒有看到貢獻數字。

Maybe I missed it somewhere.

也許我錯過了什麼。

But if you have the number, can you tell us what the number is for the past quarter?

但是如果您有數字，您能告訴我們上個季度的數字是多少嗎？

Yes.

是的。

As a percentage of total royalties in the quarter, it was 25%, so consistent with the prior quarter.

佔本季特許權使用費總額的百分比為 25%，與上一季一致。

Okay, okay.

好的，好的。

The 25% looks like it's been a couple of quarters of 25%.

25% 看起來已經是幾季的 25% 了。

Do you expect it to go up again in coming quarters?

您預計未來幾季它會再次上漲嗎？

I know the answer is probably yes, but -- and also, can you also help us understand why it's a little bit stalled for a couple of quarters already at that point of

我知道答案可能是肯定的，但是——此外，你能幫助我們理解為什麼在那個時候，它已經停滯了幾個季度了？

Let me just maybe cover just some of the math piece, and then I'll let Rene kind of talk about the overall kind of larger view of how v9 adoption is occurring and how it will continue to occur.

讓我先介紹一下數學部分，然後我會讓 Rene 從整體上談談 v9 的採用情況以及將如何繼續發生。

So I would just say, first of all, the math is, it's a percentage of total, and so we saw 23% growth in the quarter so it's flat as a percentage of total.

因此我想說，首先，從數學上講，它是總數的一個百分比，因此我們看到本季度的成長率為 23%，因此它佔總數的百分比是持平的。

But if you actually look just at the v9 dollars, the rate went from about 15% a year ago to about 25% this quarter.

但如果你實際上只看 v9 美元，利率從一年前約 15% 上升至本季約 25%。

So the absolute dollars grew by, I would say, triple-digit rate.

因此，我想說絕對美元以三位數的速度成長。

And so the fact that it's relatively flat actually is a great indication of the fact that you have -- we have a longer runway for future growth.

因此，相對平穩的事實實際上充分錶明了我們擁有更長的未來成長跑道。

We still expect that you will see v9 grow to probably 67% to 70% of total royalties.

我們仍然預期 v9 的版稅總額將成長到 67% 到 70%。

And the fact that we're able to kind of meet or exceed our royalty growth rates while it's not been accelerating should provide more confidence about our ability, as that rate goes higher, our ability to drive further royalty growth in the next quarters and beyond.

事實上，儘管特許權使用費增長率沒有加速，但我們能夠達到或超過這一增長率，這應該會讓我們更加有信心，隨著特許權使用費增長率的提高，我們有能力在下一季及以後進一步推動特許權使用費的增長。

Yes.

是的。

And maybe just to give you a sense of how to think about those transitions, they're largely driven by the transitions of OEM products and when they get introduced.

也許只是為了讓您了解如何看待這些轉變，它們主要是由 OEM 產品的轉變及其推出的時間所驅動。

So take for example, the MediaTek 9400, which has been designed into Oppo and Vivo phones, those are now in their ramp for production.

以聯發科 9400 為例，它已被設計用於 Oppo 和 Vivo 手機，目前這些手機已進入量產階段。

So you'll see a spike up as a ramp and then you get to a steady state.

因此，您會看到峰值呈斜坡狀上升，然後達到穩定狀態。

But as the next versions are released, a couple of things happen.

但隨著下一個版本的發布，發生了一些事情。

Broader adoption across the high end of the segment, and then the high to mid-range to mid-range products start to move from v8 to v9.

在高階市場得到更廣泛的應用，然後高階到中階到中端產品開始從 v8 轉向 v9。

So the transition rate that we're seeing is completely expected and very, very consistent with how we expected the overall ramp to be.

因此，我們看到的轉變率是完全可以預料到的，並且與我們預期的整體成長速度非常一致。

So very happy about where we are.

我們對目前的狀況感到非常高興。

And as you said, room for expansion but it's largely driven by OEMs shifting their chip mix as opposed to licensing new companies.

正如您所說，雖然存在擴展空間，但這主要是由 OEM 轉變其晶片組合而不是向新公司授予許可所推動的。

(Operator Instructions) Timm Schulze-Melander, Redburn Atlantic.

（操作員指示）Timm Schulze-Melander，Redburn Atlantic。

Maybe just to key off the question on the royalty growth.

也許只是為了回答關於特許權使用費增長的問題。

Can you maybe just talk a little bit more specifically about FY '26 and kind of what momentum and what kind of mix evolution we should expect v9 to contribute to the full year?

您能否更具體地談談 26 財年以及我們應該預期 v9 將為全年帶來什麼樣的發展勢頭和組合演變？

Yes, this is Jason.

是的，這是傑森。

We're -- we'll provide guidance on '26 next quarter.

我們將在下個季度提供 26 項指引。

We typically -- just like last year, we do it when we announce Q4 results.

我們通常——就像去年一樣，我們在宣布第四季度業績時這樣做。

So we'll go into more detail then.

接下來我們將進行更詳細的討論。

I would say what we've said in the past is that we would expect royalties to grow probably somewhere in the mid-20% growth rate.

我想說的是，我們過去曾說過，我們預計特許權使用費的成長率可能在 20% 左右。

That's what we've said in the past.

這就是我們過去所說的。

We haven't -- I'm not providing an update to that today.

我們還沒有——我今天不會提供相關更新資訊。

The way that we're going to get there is through the combination of v9 adoption as well as CSS.

我們實現這一目標的方法是透過結合使用 v9 和 CSS。

And so what you saw in this most recent quarter is v8 actually had some really strong growth.

因此，您在最近一個季度看到的是 v8 實際上實現了非常強勁的成長。

That's great, but overall, you should expect to see v9, over time, continue to grow.

這很棒，但總的來說，隨著時間的推移，你應該會看到 v9 繼續增長。

But also remember that v9 is just 1 input into growth.

但也請記住，v9 只是成長的一個輸入。

CSS adoption is a, I would say, even a larger input to growth because the royalty rate on CSS is roughly double that of v9, and of course, v9 is roughly double the royalty rate of v8.

我想說，CSS 的採用對成長的投入更大，因為 CSS 的版稅率大約是 v9 的兩倍，當然，v9 的版稅率大約是 v8 的兩倍。

So overall, you have to look at all the components, but the momentum that we just showed in this last quarter and what we expect over the next quarter, we think, sets us up for a very good '26.

因此，總體而言，你必須考慮所有因素，但我們認為，我們在上個季度所展現出的勢頭以及我們對下一季的預期，為我們實現非常好的 26 年業績奠定了基礎。

Yes.

是的。

And maybe just to expand further on that and make sure Jason doesn't kill me, but the royalty rate on a CSS of '26 is not necessarily the same as the royalty rate for CSS in '25.

也許只是為了進一步擴展這一點並確保 Jason 不會殺了我，但 '26 CSS 的版稅率不一定與 '25 CSS 的版稅率相同。

Those CSS rates change year-on-year when the new solution is offered to the market.

當新的解決方案推向市場時，這些 CSS 費率會逐年變化。

So those are variable over time and they increase over time.

因此，這些會隨著時間而變化，並且會隨著時間的推移而增加。

That's great.

那太棒了。

Super helpful.

超有幫助。

And then maybe just 1 quick follow-up.

然後可能只需 1 次快速跟進。

The licensing revenue, clearly it's super hard to predict the exact week or day or month.

顯然，很難預測許可收入的具體週、日或月。

But is there anything that's sort of structurally changing in terms of the complexity of your client agreements?

但是，從客戶協議的複雜性來看，是否發生了一些結構性變化？

That means that these are just structurally going to take longer and longer to get over the line.

這意味著，從結構上來說，要花越來越長的時間才能實現這一目標。

Is that something we should expect to see in coming years?

這是我們在未來幾年內應該會看到的事情嗎？

This is Jason.

這是傑森。

I would say no.

我認為不是。

But you need to kind of look at the contracts primarily in 2 buckets.

但你需要主要從兩個方面來看待合約。

There's brand new contracts with someone we haven't done work with before.

我們與之前沒有合作過的人簽訂了全新的合約。

That probably takes a while.

這可能需要一段時間。

There's a lot longer approval process versus a renewal of maybe an existing ATA, and that's probably a shorter cycle.

與現有 ATA 的續約相比，審批流程要長得多，而且週期可能更短。

But nonetheless, the larger the deal is, the longer the time frame.

但儘管如此，交易越大，時間框架就越長。

Typically, when these get in the hundreds of millions of dollars, they probably involve Boards of Directors and all these different approvals that can just take many, many months.

通常，當這些資金達到數億美元時，它們可能涉及董事會和所有這些不同的批准，這可能需要花費數月的時間。

But in general to your question, is anything changing now or next year versus where it's been this last year?

但總的來說，對於您的問題，與去年相比，現在或明年有什麼變化嗎？

No, no.

不，不。

It's all the same factors.

都是同樣的因素。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Just a quick question on the -- it looks like on AWS, you're having very good success, almost 90% of the top 1,000 customers using Graviton and the Arm IP.

只是一個簡單的問題——看起來在 AWS 上，你們取得了非常好的成功，前 1,000 名客戶中幾乎 90% 都在使用 Graviton 和 Arm IP。

Can you talk to how the Cobalt 100 is progressing, how that's ramping?

能談談 Cobalt 100 的進展和發展嗎？

And I have a follow-up.

我還有一個後續問題。

Yes.

是的。

I'll defer to Microsoft making statements about the shipments of Cobalt.

我將聽從微軟關於鈷出貨量的聲明。

To be clear, we've taken the AWS comments directly from AWS.

需要明確的是，我們直接從 AWS 取得了 AWS 評論。

But in general, what we're seeing inside of Microsoft with Cobalt and more broadly with all of our partners is not only increased momentum for deployment of those products into the cloud.

但總的來說，我們在微軟內部以及在我們所有合作夥伴中看到的不僅僅是將這些產品部署到雲端的勢頭增強。

But because of the transition away from an x86 plus H100 to a Grace Blackwell GB200, that is also an accelerant for Arm in the data center because these AI data centers, the primary CPU being Grace, running everything relative from a host control standpoint is a good tailwind or kicker, if you will.

但由於從 x86 加 H100 過渡到 Grace Blackwell GB200，這對 Arm 在資料中心來說也是一個加速器，因為這些 AI 資料中心，主要的 CPU 是 Grace，從主機控制的角度運行一切相關內容，如果你願意的話，這是一個很好的順風或推動者。

So we're very happy with the momentum in general.

因此，我們對整體發展勢頭感到非常滿意。

I'd defer again to Microsoft on specific commentary on Cobalt, but the momentum has been terrific.

我再次聽取了微軟對 Cobalt 的具體評論，但其勢頭一直非常好。

Got it.

知道了。

And then on the related party side, it looks like a very nice traction sequentially, I saw it up 48%.

然後從關聯方方面來看，它看起來連續取得了很好的進展，我看到它增加了 48%。

Just wondering, long term, are you seeing any changes there?

只是想知道，從長遠來看，您是否看到那裡有任何變化？

Does that ramp?

那會是斜坡嗎？

As you look out longer term, how does that progress?

長遠來看，情況會如何發展？

I would expect it to be pretty consistent.

我希望它會相當一致。

I mean, related party, the largest component is Arm China, and so I would expect that will be kind of pretty consistent over time.

我的意思是，相關方中最大的組成部分是 Arm 中國，因此我預計隨著時間的推移，這種情況將保持相當一致。

Arm China, probably, we expect it to probably be a smaller percentage of revenue.

我們預期 Arm 中國所佔收入的比例可能會較小。

I think this quarter, it was in the 25-ish percent range.

我認為本季的比例在 25% 左右。

I've said in the past, we expect it probably to fall to mid-teens over time.

我過去曾說過，我們預計隨著時間的推移，它可能會下降到十五六成左右。

But over the next few quarters is probably not going to change a whole lot.

但在接下來的幾個季度可能不會發生太大的變化。

Andrew Gardiner, Citi.

花旗銀行的安德魯‧加德納 (Andrew Gardiner)。

I had 1 on M&A.

我有 1 個關於併購的項目。

There continues to be speculation in the press about M&A, whether it's Arm or perhaps related to SoftBank above you, and in particular, sort of the potential for you to move beyond a pure traditional IP model and get further into the silicon space.

媒體一直在猜測貴公司是否會收購 Arm 或可能與軟銀 (SoftBank) 有關，尤其是有可能超越純傳統 IP 模式並進一步進入矽片領域。

Can you -- without sort of saying anything specific on M&A, I know you won't be able to really do that, but just in terms of the discussions you're having internally and perhaps with your customers and what they're needing, why -- what is happening that is causing you to perhaps lean further in that direction as you look out sort of beyond the current year?

您能否——不必就併購問題發表任何具體意見，我知道您無法真正做到這一點，但就您內部的討論以及與您的客戶的討論而言，以及他們需要什麼，為什麼——是什麼事情導致您在展望今年以後時可能進一步傾向於這個方向？

Yes, thank you for the question.

是的，謝謝你的提問。

And as you surmised, there isn't very much we can say about speculation and/or rumors.

正如您所猜測的，對於猜測和/或謠言，我們能說的並不多。

We spend a lot of time, most of my time personally, thinking about growth and thinking about the future.

我們花了很多時間，我個人大部分的時間，思考成長和未來。

One thing I can say that we're seeing that I'm sure all of us in the market and in our space are trying to reflect upon is at the rate of which AI is evolving and the rate at which the software models change, it puts a tremendous pressure on our ecosystem to develop products faster, better, sooner, more efficient.

我可以說的一件事是，我們看到了，我相信我們市場上和我們所在領域的所有人都在試圖反思，那就是人工智慧發展的速度和軟體模型變化的速度，這給我們的生態系統帶來了巨大的壓力，迫使我們更快、更好、更早、更有效率地開發產品。

And as Arm is the heart of all of that, we look very hard in terms of how to solve customer problems.

由於 Arm 是所有這些的核心，因此我們非常重視如何解決客戶問題。

But unfortunately, I can't give you much more detail than that and certainly can't speculate on any rumors on M&A.

但不幸的是，我無法向您提供更多細節，當然也無法猜測任何有關併購的傳言。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Maybe as a follow-on to that question, Rene, I mean, the team has always led with a system-level strategy, which then pulls demand for your compute IP solutions, right?

也許作為對該問題的後續回答，Rene，我的意思是，團隊一直以系統級策略為主導，從而拉動對計算 IP 解決方案的需求，對嗎？

was a good example of that.

就是一個很好的例子。

Your move to CSS is another good example of that.

轉向 CSS 就是另一個很好的例子。

Now it seems like the team is like scaling the strategy to attack the complex SoC market that is rapidly moving towards this more sort of heterogeneous, sort of chiplet-based strategy.

現在看來，該團隊正在擴大戰略範圍，以進軍複雜的 SoC 市場，該市場正迅速轉向這種更異質的、基於小晶片的策略。

You guys are building an ecosystem around your CSA or this chiplet system architecture.

你們正在圍繞 CSA 或這種小晶片系統架構來建構一個生態系統。

Like what's the progress like so far?

目前進展如何？

Are you seeing an acceleration of activity around CSA?

您是否發現 CSA 週邊活動正在加速發展？

And more importantly, like how is the Arm team going to monetize this strategy?

更重要的是，Arm 團隊將如何將這項策略貨幣化？

Yes.

是的。

Thanks, Harlan.

謝謝，哈蘭。

A lot of good points there.

那裡有很多優點。

We've absolutely seen an acceleration of demand for CSS, as Jason mentioned.

正如 Jason 所提到的，我們確實看到了對 CSS 的需求加速成長。

Customers clearly see the benefit of it.

客戶清楚地看到了它的好處。

We're now involved with CSS in just about all the major markets that we engage.

目前，我們涉足的幾乎所有主要市場都與 CSS 有關。

There's just significant demand for that product.

該產品的需求量很大。

We've also kicked off something we call the Arm Total Design partners.

我們也啟動了所謂的「Arm Total Design 合作夥伴」計畫。

And this allows end partners, design houses to take our CSSs and potentially develop chiplets and very, very strong demand for that program as well.

這使得最終合作夥伴和設計公司可以採用我們的 CSS 並可能開發小晶片，並且對該計劃的需求也非常強烈。

To your point in terms of what's really driving all of this, I go back to the previous answer I gave.

對於你提到的真正推動這一切的因素，我回到之前的回答。

It is really the fact that these designs are incredibly complex to build, getting even more so.

事實上，這些設計的建造確實非常複雜，甚至更加複雜。

There's a very, very strong link between the hardware and the software.

硬體和軟體之間存在著非常非常緊密的聯繫。

And as Arm is the heart of everything that takes place in any one of these chips relative to the software ecosystem, there's just huge demand on asking us to do more sooner and help products get to market faster.

由於 Arm 是與軟體生態系統相關的任何一款晶片中發生的一切事情的核心，因此要求我們更快地做更多事情並幫助產品更快地進入市場的需求非常大。

Because we're in a phenomenal time in our industry where the compute demands are outpacing the silicon to serve it.

因為我們正處於產業發展的黃金時期，計算需求已經超過了矽片的需求。

We get lots of questions about the smartphone market and the AI capabilities to harness what's going on inside there.

我們收到了很多關於智慧型手機市場以及利用人工智慧來掌控其中發生的事情的能力的問題。

You have to remember that these smartphones were -- the chips for these smartphones were designed 2, 3 years ago, the memory subsystem, the power, everything was predefined.

你必須記住，這些智慧型手機的晶片是 2、3 年前設計的，記憶體子系統、電源，一切都是預先定義的。

So to be able to fit these small language models or anything that goes inside the phone is quite a challenge given the fact that you still have to run a display, you still have to run an operating system, you still have to run apps.

因此，考慮到你仍然需要運行顯示器、仍然需要運行作業系統、仍然需要運行應用程序，要能夠適應這些小型語言模型或手機內部的任何東西都是一個相當大的挑戰。

So what helps address that, getting products to market faster.

那麼如何才能解決這個問題呢？

And that is really what we're very focused on.

這確實是我們非常關注的。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾莉亞（Vivek Arya）。

I wanted to go back to this v9 adoption question, and I appreciate that in absolute numbers, right?

我想回到這個 v9 採用問題，我很欣賞絕對數字，對嗎？

Of course, it represents more dollars of -- as a percentage of your royalty.

當然，它代表著更多的美元——佔版稅的百分比。

But at the start of the fiscal year, I think you said that adoption would grow by -- or percentage contribution would grow by 5 points or 500 basis points every quarter, but it has stalled at 25%.

但在財政年度開始時，我認為您說過採用率將增長——或者百分比貢獻將每季度增長 5 個百分點或 500 個基點，但它卻停滯在 25%。

So I was hoping you could explain what's happening versus the assumption you had at the start of the year.

所以我希望你能解釋一下目前發生的事情，與你今年年初的假設相反。

And since we did not see it as much in this last fiscal year, does this create an acceleration or an upside driver for next year?

由於我們在上個財年沒有看到太多這樣的情況，這是否會為明年帶來加速或上行動力？

Or is that not the right way to look at it?

還是這不是正確的看待問題的方式？

Yes, this is Jason.

是的，這是傑森。

I'll take that 1.

我要那個 1。

So I would say -- I mean, ultimately, what you're trying to get to is, does this set us up for better growth next year?

所以我想說——我的意思是，最終你想知道的是，這是否為我們明年更好的成長奠定了基礎？

I would say it could.

我認為可以。

I just don't know if it's going to be next year and the year after or what exactly is the time frame.

我只是不知道是不是明年或後年，或是具體的時間框架是怎樣的。

If you go back to, as you said, our assumptions, we had seen 3 straight quarters when it went from 10% of total to 15% and then went to 20%, then it went to 25%.

如果回顧一下，正如您所說的，我們的假設，我們已經看到連續 3 個季度，它從總額的 10% 上升到 15%，然後上升到 20%，然後上升到 25%。

And now a few quarters where it's leveled out at 25%.

現在已經有幾個季度穩定在 25% 的水平。

The reason we provide the metric is to help people understand the adoption of v9.

我們提供此指標的原因是為了幫助人們了解 v9 的採用情況。

The fact that it's slowed as a percentage of total, again, as I said, is actually a good thing because that just gives us, as you said and already noted, it gives us, I think, a better view into the growth because we still believe it's going to reach the 60% to 70% as a percentage of total.

事實上，正如我所說，它在總量中的百分比已經放緩，這實際上是一件好事，因為正如您所說和已經指出的，這讓我們能夠更好地了解增長情況，因為我們仍然相信它在總量中的百分比將達到 60% 到 70%。

Why do we believe that?

我們為什麼相信這一點？

Well, we've already sold the contracts, and we already have insight into the products that are going to come to market on v9.

嗯，我們已經售出了合同，並且我們已經了解了將在 v9 上上市的產品。

So as a result, we have high confidence.

因此，我們非常有信心。

It's just a question of what's the timing.

這只是時間的問題。

The fact that it has not grown over the past few quarters is a little bit surprising to us.

過去幾個季度它沒有增長這一事實讓我們有點驚訝。

And the reason why is because you've actually seen stronger v8 growth than we'd previously expected.

原因在於您實際上看到 V8 的成長比我們之前預期的更強勁。

That's great.

那太棒了。

If all generations are going to be able to have strong growth, that's good.

如果所有世代都能夠實現強勁成長，那就好了。

But what's coming online, again, already under contract, and we know it's coming.

但是，即將上線的產品，已經簽訂了合同，我們知道它即將上市。

It's just a question of when do those shipments occur and what's the mix.

問題只是這些貨物何時運輸以及運輸成分是怎樣的。

So ultimately, those are the drivers.

所以從根本上來說，這些就是驅動因素。

Again, the reason we provided this number was more as an indicator to try to help understand the leading indicators of royalty growth.

再次強調，我們提供這個數字的原因更多的是為了幫助人們理解特許權使用費成長的領先指標。

And so the fact that we've been able to meet or exceed our royalty numbers while having a slightly slower growth of v9 mix again is a good thing.

因此，我們能夠達到或超過我們的版稅數字，同時 v9 混合物的增長再次略有放緩，這是一件好事。

But I think you should focus on the overall royalty growth.

但我認為你應該關注整體版稅的成長。

We gave those metrics back when royalties were going much slower than they are now.

當版稅收入成長速度比現在慢得多時，我們就恢復了這些指標。

And so that's why I think I would focus more on overall royalty growth than I would v9 adoption.

因此，我認為我應該更加關注整體版稅增長而不是 v9 的採用。

John DiFucci, Guggenheim Securities.

古根漢證券的約翰‧迪富奇 (John DiFucci)。

My question is for Rene.

我的問題是針對 Rene 的。

It's kind of a high-level question, I think.

我認為這是一個高層次的問題。

There's been a lot of investor discussion around training optimization and a lot of discussion around -- in regards to DeepSeek.

投資者對訓練優化和 DeepSeek 進行了大量討論。

Assuming this is all valid, how does that change your view on Arm's opportunity as it pertains to AI, if at all?

假設這一切都是有效的，如果有的話，這會如何改變您對 Arm 在 AI 領域的機會的看法？

And I guess, Rene, more broadly, I'd just like to hear your thoughts on this topic even beyond Arm.

我想，Rene，從更廣泛的角度來看，我只是想聽聽你對這個主題的看法，甚至超越 Arm 的看法。

Well, a few things.

嗯，有幾件事。

Broadly speaking, if you think about the achievements of DeepSeek, both V3 sort of their generic model, if you will, and R1, their reasoning model, there was obviously a lot of work that was done on top of existing work, AKA a frontier model that was created by someone else, and then DeepSeek doing some very creative work to build a model on top of that, that was very, very efficient in terms of inference.

廣義上講，如果您思考 DeepSeek 所取得的成就，您會發現，V3 是一種通用模型，而 R1 是他們的推理模型，顯然，它們在現有工作的基礎上做了很多工作，也就是別人創建的前沿模型，然後 DeepSeek 做了一些非常有創意的工作，在此基礎上構建了一個模型，在推理方面非常非常高效。

I think that's great, to be honest with you and I think it's great for a couple of reasons.

我認為這很棒，老實說，我認為這很棒，原因有幾個。

It's great for the industry because it drives efficiency.

這對行業來說非常有利，因為它可以提高效率。

It lowers the cost.

它降低了成本。

And by doing that, it expands the demand for overall compute.

透過這樣做，它擴大了對整體計算的需求。

So just from a general standpoint, it's a good thing.

因此從整體角度而言，這是一件好事。

When you think about the application to Arm, given the fact that AI workloads will need to run everywhere and lower cost inference, more efficient inference makes it easier to run these applications in areas where power is constrained, the amount of compute you can put down is constrained.

當你考慮 Arm 的應用程式時，考慮到 AI 工作負載需要在任何地方運行，並且推理成本更低，更高效的推理可以更輕鬆地在功率受限、可放下的計算量受限的區域運行這些應用程式。

It's terrific for Arm.

這對於 Arm 來說太棒了。

As wonderful a product as Grace Blackwell is, you'd never be able to put it in a cell phone, you'd never be able to put it into earbuds.

Grace Blackwell 是一款非常出色的產品，但您永遠無法將它放入手機中，也無法將它放入耳機中。

You can't even put it into a car.

你甚至不能把它放進車裡。

But Arm is in all those places.

但 Arm 卻遍佈所有這些地方。

And as a result, I think when you drive down the overall cost inference, it's great.

因此，我認為，當你降低總體成本推論時，這是很棒的。

I also think that we're also nowhere close to good enough because if you look at the expenditures being announced by the large players in this market, I think Google just announced a $60 billion spend in their call.

我還認為我們還遠遠不夠好，因為如果你看看這個市場大公司宣布的支出，我認為谷歌剛剛在他們的電話會議上宣布了 600 億美元的支出。

Satya has talked about $80 billion.

Satya 曾經談到 800 億美元。

Meta's talked about $40 billion to $50 billion.

Meta 談論的是 400 億到 500 億美元。

No one is pulling back.

沒有人退縮。

And the reason for that is we're nowhere near the capabilities that could be transformational in terms of what AI can do.

原因在於我們遠遠未達到人工智慧所能帶來的變革能力。

So I'm actually -- I think it's a great thing and a good thing, and I think it will actually increase overall compute demand.

所以我實際上——我認為這是一件偉大的事情，也是一件好事，而且我認為它實際上會增加整體的運算需求。

And for Arm, even better because it allows us play in areas where efficiency is key, and that's our sweet spot.

對於 Arm 來說，這甚至更好，因為它讓我們在效率至關重要的領域中發揮作用，而這正是我們的優勢所在。

Krish Sankar, TD Cowen.

克里什·桑卡爾（Krish Sankar），TD Cowen。

Jason, just wanted to follow up on the ACV.

傑森，我只是想跟進一下 ACV 的情況。

You mentioned the growth decel.

您提到了成長減速。

I know you will give full year guidance later on.

我知道您稍後會給予全年指導。

Just kind of curious how to think about the ACV on a go forward on a longer-term basis.

只是有點好奇從長遠來看如何看待 ACV 的發展。

Are there any big data center or mobile programs that are coming that could ramp it back to the teens or double-digit growth?

是否有任何大型資料中心或行動計畫即將出現，可以使其恢復到十幾歲或兩位數的成長率？

And how much of the ACV is coming from the Arm China business today?

目前 ACV 中有多少來自 Arm 中國業務？

Sure.

當然。

So let's see.

讓我們看看。

So in terms of the -- I guess, the forecast and where we think it should land, if you go back to way back when we went public, we basically provided ACV with the idea that it probably should be growing in the mid- to high single digits.

所以就——我想，就預測以及我們認為它應該落到什麼位置而言，如果你回顧我們上市的時候，我們基本上向 ACV 提供了這樣的想法，即它應該會以中高個位數的速度增長。

And the reason for that is if you treat all of our deals as ratable, knowing that the vast majority of our license revenue and ACV is actually coming from ATA deals.

原因在於，如果你將我們的所有交易視為可評估的，那麼你就會知道，我們的絕大部分授權收入和 ACV 實際上來自 ATA 交易。

And nearly all of our ATA deals typically have a 7% annual escalator.

我們幾乎所有的 ATA 交易通常都具有 7% 的年增長率。

So it should be -- and then all the non-ATA deals won't have that.

應該如此——並且所有非 ATA 交易都不會出現這種情況。

So it's probably plus or minus in the 7% range.

因此其變化範圍可能在正負 7% 之間。

So that's kind of what our forecast flow has been.

這就是我們的預測流程。

Then over the last I guess, now 6 quarters, we've seen -- because of AI, we've seen acceleration in licenses, mostly around adopting v9 as well as now CSS as well.

然後我想，在過去的 6 個季度裡，我們已經看到 - 由於人工智慧，我們看到許可證的加速，主要是圍繞著採用 v9 以及現在的 CSS。

So that's provided upside that took us from that kind of 7-ish percent, plus or minus, all the way up to 14% or 15% at a high.

因此，這提供了上行空間，使我們的成長率從大約 7% 左右，一直上升到 14% 或 15% 的高點。

Will we get back to the mid-teens range?

我們會回到十幾歲的水平嗎？

I don't know.

我不知道。

That's not what we never really forecasted.

這並不是我們真正預測的。

It certainly could happen.

這當然有可能發生。

When I provide guidance next quarter, I'll try to give you a little more insight on that.

當我下個季度提供指導時，我會嘗試為您提供更多這方面的見解。

But in terms of kind of the longer-term growth model, you should expect the vast majority of the growth really to come from royalties.

但就長期成長模式而言，你應該預期絕大多數成長實際上來自於特許權使用費。

And so certainly with v9, a much higher royalty rate.

因此，v9 的版稅率肯定要高得多。

And as Rene said earlier, both v9 and CSS, those are not onetime increases in royalty rate.

正如 Rene 之前所說，v9 和 CSS 都不是一次性增加的版稅率。

They're a step change, but each year, there's still, with new versions, typically going to be increases annually as well.

它們是一個逐步變化，但每年都會有新版本，通常每年也會增加。

So overall, you should expect the majority of the growth coming more from royalties in the future than from license.

因此總體而言，你應該預期未來大部分的成長將來自於版稅而不是授權。

Got you.

明白了。

And just how much of ACV is Arm China?

那麼 Arm 中國到底持有 ACV 多少股份呢？

Yes.

是的。

The Arm -- sorry, the Arm China portion, it's somewhere in kind of the 20-ish percent range, so pretty close to kind of the overall mix.

Arm — 抱歉，Arm 中國部分，大概佔 20% 左右，因此非常接近整體比例。

This last quarter, it was at 25% so it's kind of somewhere in that range.

上個季度，這一比例為 25%，因此大致處於此範圍內。

Mark Lipacis, Evercore.

馬克‧利帕西斯 (Mark Lipacis)，Evercore。

It's Mark Lipacis from Evercore.

我是 Evercore 的 Mark Lipacis。

A CSS question for Jason and Rene.

向 Jason 和 Rene 提出一個 CSS 問題。

Jason, the CSS license activity, is that mostly data center or is it balanced between data center and handsets?

Jason，CSS 許可活動主要是資料中心嗎，還是在資料中心和手機之間取得平衡？

And then Rene, when you -- I just want to make sure I understood your comments that you made earlier.

然後，Rene，當你——我只是想確保我理解了你之前所發表的評論。

As AI comes into smartphones, does that necessarily mean that those processors are going to be kind of chiplet architected?

隨著人工智慧進入智慧型手機，是否必然意味著這些處理器將採用晶片架構？

And so then longer term, there's likely a very high attach rate of CSS to the smartphones?

那麼從長遠來看，CSS 對智慧型手機的附加率可能會非常高嗎？

And then a similar question on the IoT side.

然後是關於物聯網方面的一個類似問題。

Does the earbud become a CSS device also?

耳機也變成 CSS 裝置了嗎？

Or is that like a monolithic die with just more processing power on the Arm chip?

或者它就像一個單晶片，只是 Arm 晶片具有更強大的處理能力？

Yes.

是的。

So maybe I'll take the first part of that and then Jason sort of can address the numbers.

因此，也許我會先討論第一部分，然後 Jason 可以討論數字。

I think every endpoint that you just described, earbuds maybe not just because they're so, so tiny.

我認為您剛才描述的每個端點，耳塞可能不僅僅是因為它們非常非常小。

But certainly, this chiplet approach is going to be pervasive across just about every SoC, if you will.

但可以肯定的是，如果你願意的話，這種小晶片方法將會普及到幾乎每一個 SoC。

In other words, inside the package, you'll have a number of small die everywhere.

換句話說，在封裝內部，到處都會有許多小晶片。

It exists at the high end today almost as a standard.

如今它幾乎已經成為高端的標準。

But I think you'll see that everywhere, which is a gigantic opportunity for us because not only can we provide the compute CSS from a CPU standpoint, but it allows us to have the right mix of whether it's an NPU or combined with a GPU and the right CPU combination to maximize performance.

但我認為你會在任何地方看到它，這對我們來說是一個巨大的機會，因為我們不僅可以從 CPU 的角度提供計算 CSS，而且它還允許我們正確組合 NPU 或與 GPU 的組合以及正確的 CPU 組合以最大限度地提高性能。

You sort of hit on a very, very key point in terms of demand driver, which is why we're seeing really strong CSS type of demand across all those end markets.

您在需求驅動方面觸及了一個非常關鍵的點，這就是為什麼我們看到所有這些終端市場都存在非常強勁的 CSS 類型需求。

I'll let Jason handle the last piece.

我會讓傑森處理最後一部分。

Yes.

是的。

On the CSS mix, we said in the past that auto, we've announced that it's coming, not here yet.

關於 CSS mix，我們過去曾說過，auto 已經宣布即將推出，但目前還沒有推出。

So in terms of the roughly dozen that we've sold, assume that it's basically about 50-50 between infrastructure and our client business.

因此，就我們銷售的大約十幾台設備而言，假設基礎設施和客戶業務的比例基本上是 50-50。

I will now hand the call back for closing remarks.

我現在將電話交回，以便大家作結束語。

Thank you, and thank you, everyone, for all your questions.

謝謝大家，也謝謝你們提出的所有問題。

As always, we very much appreciate the interest in what Arm is doing and very, very good questions.

像往常一樣，我們非常感謝大家對 Arm 所做工作的關注以及提出的非常非常好的問題。

As summarized at the beginning, the quarter was just phenomenal, a record quarter.

正如開頭所總結的那樣，這個季度是一個非凡的、創紀錄的季度。

We've never been close to $1 billion before in revenue, and we just about got there.

我們的收入以前從未接近過 10 億美元，而我們剛剛達到了這個數字。

Royalty's a record at $580 million, and we're now guiding to well north of $1 billion in the next quarter, which is something obviously the company has never done before.

特許權使用費達到了創紀錄的 5.8 億美元，而我們目前預計下個季度的特許權使用費將遠超 10 億美元，這顯然是該公司以前從未做到過的。

So being able to share with you record revenues for the quarter just ended and a projection to beat that by a healthy margin in the next quarter is just something we're so proud of at Arm.

因此，能夠與大家分享剛結束的這個季度的創紀錄收入，並且預計下一季的收入將大幅超過這一水平，這是我們 Arm 引以為豪的事情。

So we are very excited about the future, whether it's about the near-term execution of our strategies with v9 and CSS to all the opportunities that Stargate and Cristal intelligence bring us, fantastic time to be with Arm.

因此，我們對未來感到非常興奮，無論是近期執行我們的 v9 和 CSS 策略，還是星際之門和 Cristal Intelligence 為我們帶來的所有機遇，與 Arm 合作都是美好的時光。

So thank you all for your questions and interest, and we'll speak to you next quarter.

感謝大家的提問和關注，我們將在下個季度與大家交流。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。