Arm Holdings PLC (ARM) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Arm fourth quarter and fiscal year ended 2025 webcast and conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Arm 2025 年第四季和財政年度網路廣播和電話會議。（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, Ian Thornton, Vice President, Investor Relations. Please go ahead, sir.

現在，我想將會議交給今天的第一位發言者，投資者關係副總裁伊恩桑頓 (Ian Thornton)。先生，請繼續。

Thank you very much indeed, operator. Thank you and welcome, everybody. I'll be standing in for Jeff Kvaal today. Welcome to our earnings conference call for the fourth quarter of fiscal year ended March 31, 2025.

非常感謝您，接線生。謝謝大家，歡迎大家。今天我將代替 Jeff Kvaal。歡迎參加我們截至 2025 年 3 月 31 日的財年第四季財報電話會議。

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. While these statements represent our best current judgement about future results and performance, our actual results are subject to many risks and uncertainties that could cause actual results to differ materially.

在電話會議中，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。雖然這些陳述代表了我們對未來結果和表現的當前最佳判斷，但我們的實際結果受到許多風險和不確定性的影響，可能導致實際結果有重大差異。

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 statements on Form 20-F filed with the SEC. Arm assumes no obligation to update any forward-looking statements.

除了我們在本次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 表格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 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. Reconciliations of certain of these non-GAAP financial measures to their most directly comparable GAAP financial measures as well as the 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 on our shareholder letter. The shareholder letter and other earnings-related materials are available on our website at investors.arm.com.

我們將在討論中參考非公認會計準則財務指標。在我們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）。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。

And with that, I'll turn the call over to Rene.

說完這些，我將把電話轉給 Rene。

Thank you, Ian, and welcome everyone. Q4 marked a record-breaking close to a strong year for Arm, driven by strong demand for power-efficient AI compute from cloud to edge. We crossed a major milestone in Q4 revenue, exceeding $1 billion for the first time ever in our history.

謝謝你，伊恩，歡迎大家。第四季標誌著 Arm 創紀錄地結束了強勁的一年，這得益於從雲端到邊緣對節能 AI 運算的強勁需求。我們的第四季營收突破了一個重要里程碑，歷史上首次超過 10 億美元。

For the full year, revenue topped $4 billion and royalty revenue surpassed $2 billion, also a first. We delivered record royalty of $607 million this quarter, reflecting the growing value of every chip shipped with ARM inside. And licensing revenue hit an all-time high of $634 million, driven by new deals, including a multi-year AI partnership with the Malaysian government.

全年收入突破 40 億美元，特許權使用費收入突破 20 億美元，也是首次。本季度，我們交付了創紀錄的 6.07 億美元專利費，這反映出每塊搭載 ARM 晶片的晶片價值都在不斷增長。在包括與馬來西亞政府達成的多年期人工智慧合作在內的新交易的推動下，授權收入創下了 6.34 億美元的歷史新高。

Our royalty growth is broad-based, comes from all major markets, data center, automotive, smartphones, and IoT, showing the strength of our diversification strategy. Arm is now increasingly the first choice for AI cloud deployments. We expect up to 50% of new server chips and hyperscalers to be a Arm-based this year.

我們的特許權使用費成長基礎廣泛，來自所有主要市場、資料中心、汽車、智慧型手機和物聯網，顯示了我們多元化策略的實力。Arm現在越來越成為AI雲部署的首選。我們預計今年將有多達 50% 的新伺服器晶片和超大規模處理器基於 Arm。

NVIDIA' Grace Blackwell, ArmV9, is now in full production. Google's action ArmV9 now deployed in 10 regions used by 40 of their top 100 customers offering up to 65% better price performance than current generation x86. And Microsoft Cobalt 100 supports major workloads for Databricks, Siemens, Snowflake and internal services like Teams and CoPilot. And over 50% of new AWS CPU capacity in the past two years is powered by ARM-based Graviton.

NVIDIA 的 Grace Blackwell ArmV9 現已全面投入生產。谷歌的 ArmV9 現已部署在 10 個地區，其前 100 名客戶中的 40 名客戶正在使用這些產品，其性價比比當前一代 x86 提高了 65%。Microsoft Cobalt 100 支援 Databricks、Siemens、Snowflake 以及 Teams 和 CoPilot 等內部服務的主要工作負載。在過去兩年內，超過 50% 的新 AWS CPU 容量均由基於 ARM 的 Graviton 提供支援。

We're also seeing strong momentum in custom silicon, with companies turning to arm for CPU, GPU, and NPU solutions. This is driving both license and royalty growth. NVIDIA's AI desktop, DGX Spark, powered by the Grace Blackwell super chip with Armv9 CPUs, is gaining traction, reinforcing strong demand for Arm-based AI infrastructure. Royalty revenue growth was driven by broader adoption of Armv9 CPUs and compute subsystems and smartphones.

我們也看到客製化矽片的強勁發展勢頭，各公司紛紛轉向採用 CPU、GPU 和 NPU 解決方案。這推動了許可證和版稅的成長。NVIDIA 的 AI 桌面 DGX Spark 搭載了配備 Armv9 CPU 的 Grace Blackwell 超級晶片，正在獲得越來越大的關注，增強了對基於 Arm 的 AI 基礎設施的強勁需求。特許權使用費收入的成長得益於 Armv9 CPU 和計算子系統以及智慧型手機的廣泛採用。

Our smartphone royalties jumped 30% year on year, far outpacing the modest 2% growth in shipments, proof of our rising value per device. We launched the first Armv9 Edge AI platform, combining Cortex A320 and Ethos-U85MPU to run billion parameter models, adopted by leaders like Infineon, NXP, Renesas, Qualcomm, and STMicroelectronics.

我們的智慧型手機專利費年增 30%，遠超過出貨量 2% 的溫和增幅，證明了我們每台設備的價值不斷上升。我們推出了首個 Armv9 Edge AI 平台，結合 Cortex A320 和 Ethos-U85MPU 來運行十億參數模型，並被英飛凌、恩智浦、瑞薩、高通和意法半導體等領先企業採用。

GM and NVIDIA announced a collaboration on Arm-based Drive AGX platform for next-generation vehicles. Our compute subsystems are now shipping volume, boosting both mobile and cloud royalty revenue. We also signed our first automotive CSS license with a global EV leader, enabling custom silicon for next-gen vehicles.

通用汽車與 NVIDIA 宣布合作開發基於 Arm 的下一代汽車 Drive AGX 平台。我們的運算子系統目前正在批量出貨，從而提高了行動和雲端運算的使用費收入。我們還與全球電動車領導者簽署了首個汽車 CSS 許可證，為下一代汽車提供客製化矽片。

Our common CPU architecture from card to cloud enables OEMs to deliver cloud features to vehicles. On the software front, we now support over 22 million developers, the largest such community in the world. Cloud AI, our core AI software layer, has now surpassed 8 billion cumulative installs across Arm-based devices. The AI revolution is accelerating and Arm is at its heart.

我們從卡到雲端的通用 CPU 架構使 OEM 能夠為車輛提供雲端功能。在軟體方面，我們現在支援超過 2,200 萬名開發人員，是世界上最大的此類社群。我們的核心 AI 軟體層 Cloud AI 目前在基於 Arm 的設備上累計安裝量已超過 80 億。人工智慧革命正在加速，而 Arm 則是其核心。

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. We closed a very strong fiscal year with another record quarter. Total revenue was $1.24 billion, which was in the upper end of our guided range. Royalty revenue grew 18% year on year to a record $607 million and was above our expectations. This upside was driven primarily by several flagship smartphone launches across mobile vendors based on Armv9 and CSS.

謝謝你，雷內。我們以另一個創紀錄的季度結束了非常強勁的財政年度。總收入為 12.4 億美元，處於我們指導範圍的上限。特許權使用費收入年增 18%，達到創紀錄的 6.07 億美元，超出了我們的預期。這項上漲主要得益於各行動供應商推出的多款基於 Armv9 和 CSS 的旗艦智慧型手機。

Based on the most recent royalty reports, revenues from smartphones continued around 30% year on year, which is well above analysts' estimates of sub-2% industry unit growth. Year-on-year royalty revenue grew strongly across all of our end markets. Licensing revenue increased more than 50% year on year to a record $634 million. Much of the licensing strength is tied to demand for Armv9, our most advanced CPU technology or AI more broadly.

根據最新的專利使用費報告，智慧型手機的營收年增約 30%，遠高於分析師估計的 2% 以下的產業單位成長率。我們所有終端市場的特許權使用費收入較去年同期均強勁成長。授權收入年增超過 50%，達到創紀錄的 6.34 億美元。大部分授權實力與對 Armv9（我們最先進的 CPU 技術）或更廣泛的 AI 的需求有關。

In addition, we continue to diversify our customer base with a large multi-year agreement with the Malaysian government to accelerate the development of an Arm-based AI ecosystem in the country. License revenue varies quarter to quarter due to normal fluctuations in timing and size of multiple high-value license agreements and contributions for backlog. As always, we recommend that you look at annualized contract value, or ACV, to best understand the underlying licensing growth rate.

此外，我們與馬來西亞政府達成了一項多年期大型協議，以加速該國基於 Arm 的人工智慧生態系統的發展，從而繼續實現客戶群多元化。由於多個高價值許可協議的時間和規模以及積壓訂單的貢獻正常波動，許可收入每季都會有所不同。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 Q4 was up 15% year on year, which was at the high end of our recent run rate of low-teens and is above our long-term expectation of mid- to high single-digit growth. Remaining performance obligations, or RPO, was down sequentially as Arm recognized revenue associated with licenses signed in prior quarters.

第四季的 ACV 年成長 15%，處於我們近期低十位數運作率的高端，高於我們長期預期的中高個位數成長。由於 Arm 確認了與前幾季簽署的許可證相關的收入，剩餘履約義務（RPO）則是環比下降。

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. In the fourth quarter, R&D spending led our non-GAAP operating expenses to $566 million. Operating expenses were slightly lower than expected as the timing of some expenses will fall into Q1 of fiscal '26. This translated to a record $655 million of non-GAAP operating profit and non-GAAP EPS of $0.55, which was at the high end of our guidance range of $0.48 to $0.56.

眾所周知，Arm 今天的收入來自於數年甚至數十年前開發的技術，而我們今天的成本是對未來收入流的投資。第四季度，研發支出導致我們的非公認會計準則營運費用達到 5.66 億美元。營運費用略低於預期，因為部分費用的發生時間將落在 26 財年第一季。這意味著非公認會計準則營業利潤達到創紀錄的 6.55 億美元，非公認會計準則每股收益為 0.55 美元，處於我們 0.48 美元至 0.56 美元的指導範圍的高端。

Let me spend a moment on tariffs and the macro uncertainty. Based on our current visibility, we expect a limited direct impact on our royalty and licensing revenues. We have less visibility into the indirect impact on end demand. In our royalty business, we estimate that 10% to 20% of our revenues stems from shipments into the US. In licensing, we have found in the past slowdowns such as COVID that impact is minimal as our customers invest through near-term slowdowns given lengthy chip development timelines.

請容許我花一點時間討論一下關稅和宏觀不確定性。根據我們目前的知名度，我們預計對我們的特許權使用費和授權收入的直接影響有限。我們對最終需求的間接影響了解較少。在我們的特許權使用費業務中，我們估計 10% 到 20% 的收入來自於運往美國的貨物。在許可方面，我們發現，在過去，諸如 COVID 之類的經濟放緩對其影響很小，因為考慮到晶片開發時間較長，我們的客戶在短期經濟放緩的情況下進行投資。

Finally, based on commentary from our partners, we believe the impact of pull-in demand on our royalty business has been limited.

最後，根據我們合作夥伴的評論，我們認為拉動需求對我們的特許權業務的影響是有限的。

Turning now to guidance. Our guidance reflects our current view of our end markets and our licensing pipeline. For Q1, we expect revenue between $1.0 billion and $1.1 billion. At the midpoint, this represents revenue growth of 12% year on year.

現在轉向指導。我們的指導反映了我們對終端市場和授權管道的當前看法。對於第一季度，我們預計營收在 10 億美元至 11 億美元之間。按中間值計算，這意味著收入同比增長 12%。

We expect to start the year with strong 25% to 30% royalty growth. As a reminder, Q1 '25 benefited from a very strong licensing quarter, which presents a difficult comp for Q1 '26. Even at the low end, Q1 guidance equates to our second highest quarter in revenue ever. As previously mentioned, revenue growth today enables us to increase investment in R&D essential for our long-term success, and we are accelerating investment in our next generation of technologies.

我們預計今年年初特許權使用費將強勁成長 25% 至 30%。提醒一下，2025 年第一季受益於非常強勁的許可季度，這對 2026 年第一季來說是一個艱難的比較。即使以最低標準計算，第一季的業績指引也相當於我們有史以來第二高的一個季度的收入。如前所述，今天的收入成長使我們能夠增加對我們的長期成功至關重要的研發投資，並且我們正在加快對下一代技術的投資。

We expect our Q1 non-GAAP operating expense to be approximately $625 million. This includes the impact of some Q4 expenses that will now fall into fiscal '26. We expect non-GAAP EPS to be in the range of $0.30 to $0.38.

我們預計第一季非公認會計準則營運費用約為 6.25 億美元。這包括一些第四季度支出的影響，這些支出現在將計入 26 財年。我們預計非公認會計準則每股收益將在 0.30 美元至 0.38 美元之間。

Given the uncertainty in the global trade and economic picture, we have lower visibility than a traditional to start the year. As a result, we do not consider it prudent to issue full-year guidance. Nevertheless, we reiterate our confidence in healthy growth in the coming year and years to come.

鑑於全球貿易和經濟情勢的不確定性，我們今年年初的能見度低於傳統水準。因此，我們認為發布全年指引並不明智。儘管如此，我們重申對未來一年及未來幾年健康成長的信心。

Our confidence stems from our visibility into customer design pipelines, contracted royalty rates, rising demand for custom silicon, and AI from the edge to the cloud. Given this view, we expect to continue to invest in R&D aggressively to support our customers and partners. This is a moment to press our advantages to ensure AI is everywhere and runs on Arm.

我們的信心源於我們對客戶設計流程、合約特許權使用費率、客製化矽片不斷增長的需求以及從邊緣到雲端的人工智慧的了解。基於此觀點，我們期望繼續積極投資研發以支持我們的客戶和合作夥伴。現在是發揮我們的優勢以確保 AI 無處不在並在 Arm 上運行的時刻。

With that, I will turn the call back to the operator for the Q&A portion of the call.

這樣，我會將電話轉回給接線員，進行電話的問答部分。

(Operator Instructions) Mark Lipacis, Evercore ISI.

（操作員指示）Mark Lipacis，Evercore ISI。

Jason, I just wanted to start with you. On the tariff side, I just want to make sure we understand very clearly. So I'm assuming that there's no real impact on the cost side and any impact on the revenue side. would be indirect.

傑森，我只是想從你開始。關於關稅方面，我只是想確保我們理解得非常清楚。所以我假設這對成本方面沒有實際影響，對收入方面也沒有任何影響。是間接的。

And you talked about licensing issues not being kind of a big deal on your side. It would be just based on the COVID example. But on the royalty side, it would just be -- is it an impact that potentially hits you if the cost of the end devices go higher? Is that all we're talking about here? If you just share that framework, spell that out. I appreciate it. Thank you.

您說過許可問題對您來說不是什麼大問題。這只是基於 COVID 的例子。但從專利費方面來看，如果終端設備的成本上升，這是否會對您產生潛在影響？這就是我們在這裡談論的全部內容嗎？如果您只是共享該框架，請將其說明出來。我很感激。謝謝。

Sure, Mark. Thanks for the question. So yeah, you largely got it right. And that is we don't have direct impact on tariffs. And tariffs today are really applied to end products and are not applied to services, which is what we're providing. That said, we haven't seen any impact on tariffs -- from tariffs in Q4. Haven't seen any impact and don't expect any impact in Q1.

當然，馬克。謝謝你的提問。是的，你基本上說對了。那就是我們對關稅沒有直接影響。今天的關稅實際上適用於最終產品，而不是我們所提供的服務。也就是說，我們還沒有看到第四季關稅對關稅產生任何影響。尚未看到任何影響，並且預計第一季也不會產生任何影響。

For the remainder of the year, as you said, it's really going to be on the indirect side. Is there going to be some sort of impact as supply chains may be affected as they react to whatever tariff impacts eventually work out to be. So as a result, we don't have as much visibility from our partners as we may have had in the past.

正如您所說，對於今年剩餘的時間來說，這實際上將處於間接層面。這是否會產生某種影響？因為供應鏈可能會受到影響，因為它們會對最終產生的關稅影響做出反應。因此，我們對合作夥伴的了解不如過去那麼多。

But I think overall, the key thing to remember is, if you look at royalties right now, we grew 18% year on year in Q4. We're actually taking up our guidance in Q1 to 25% to 30%. So from our perspective, all the business fundamentals still look very strong even with this kind of uncertainty around whatever tariffs will be applied and exactly how they're going to be executed.

但我認為總的來說，要記住的關鍵是，如果你看看現在的版稅，我們第四季同比成長了 18%。我們實際上將第一季的預期增幅提高到了 25% 至 30%。因此，從我們的角度來看，即使圍繞著將實施何種關稅以及具體如何執行存在這種不確定性，所有商業基本面仍然看起來非常強勁。

So it's a negative -- just to be clear, it's a negative demand elasticity. If the cost of the end unit goes higher, that would be the indirect impact?

所以它是負的——需要明確的是，它是負的需求彈性。如果最終單位的成本上升，那會產生間接影響嗎？

That would be the likely indirect impact on kind of percent of our royalties that are in the US. So if it's a 10% or 20% impact on demand, then it could be a couple percent impact on royalties probably at most. But again, until we know exactly how this is going to apply, it's hard to know exactly.

這可能會對我們在美國的版稅百分比產生間接影響。因此，如果它對需求產生 10% 或 20% 的影響，那麼它對特許權使用費的影響可能最多只有幾個百分點。但同樣，在我們確切知道這將如何應用之前，很難確切地知道。

Andrew Gardiner, Citi.

花旗銀行的安德魯‧加德納 (Andrew Gardiner)。

Just a quick clarification. You guys haven't quoted the V9 percentage in your release or in your prepared comments. It looks like from the presentation, it did indeed step up. I think it's been steady for a few quarters at around 25%.

只需簡單澄清一下。你們在發布或準備好的評論中沒有引用 V9 百分比。從演示來看，它確實有所進步。我認為這個比例幾個季度以來一直穩定在 25% 左右。

Looks like from the slide, it stepped up a bit to 30%. Is that correct? And can you give us a bit of detail as to where you're seeing it? Is it indeed the smartphones or perhaps data centers contributing to that as well? Just a bit more detail there would be helpful. Thank you.

從幻燈片上看，它上升了一點，達到了 30%。對嗎？您能否向我們詳細講述您所看到的情況？智慧型手機或資料中心確實也對此有所貢獻嗎？再詳細一點就會有幫助。謝謝。

Yeah. So you're right. It did step up to north of 30%. So increase from the '25 had been in for the previous few quarters.

是的。所以你是對的。它確實上升到了 30% 以上。因此，自 25 年以來，前幾季一直處於成長狀態。

So where the band is coming from? Yeah, I would say, first of all, CSS, which is now starting to become a more meaningful part of our royalties. All the CSSs that we sell are all in V9. So this last quarter, I think two quarters ago, we saw the very first instance of CSS, and now those are becoming more material. Those CSSs are, we have one in client and then we have one in infrastructure. We expect royalties for more CSSs to come later this year.

那麼這支樂團來自哪裡？是的，我想說，首先是 CSS，它現在開始成為我們版稅中更有意義的一部分。我們銷售的所有 CSS 均採用 V9 版本。所以在上個季度，我想是兩個季度前，我們看到了 CSS 的第一個實例，現在它們變得越來越具體。這些 CSS 是，我們在客戶端有一個，然後在基礎架構中有一個。我們預計今年稍後將會有更多 CSS 的版稅。

And so overall, I would expect that that will become a material driver of our growth. And in fact, one of the things we mentioned was we're not going to give the V9 adoption rate every quarter going forward. And that's because, as you've noticed over the past couple of quarters, it's gotten a bit noisy. The whole reason we wanted to give that metric was to try to make sure that you could have some correlation to what future royalty growth could be.

總的來說，我預計這將成為我們成長的物質驅動力。事實上，我們提到的一件事是，我們不會在未來每季都公佈 V9 的採用率。這是因為，正如您在過去幾個季度所注意到的，它變得有點嘈雜。我們想要給出這個指標的全部原因是為了嘗試確保它與未來的版稅成長有一定的關聯性。

We're now seeing, I think, CSS adoption, which is still very, very early days. As CSS adoption and royalties start to flow through, you'll see growth probably be more tied to that. But overall, the fundamentals look to be very much in the early days on CSS, but have confidence that we'll continue to see increasing penetration of CSS as a percentage of royalties along with V9 throughout this year.

我認為，我們現在看到的 CSS 的採用仍處於非常早期的階段。隨著 CSS 的採用和版稅開始流入，您會看到成長可能與此更加緊密相關。但總體而言，CSS 的基本面看起來還處於早期階段，但我們相信，今年我們將繼續看到 CSS 和 V9 的滲透率在版稅中所佔的百分比不斷增加。

Thank you, Jason. And just quickly related to that. In terms of the newer deals you're signing with CSS, the pricing still holding sort of roughly a double in terms of the rate relative to more standard implementation of V9.

謝謝你，傑森。並且與此快速相關。就您與 CSS 簽署的新協議而言，相對於 V9 的更標準實施，定價仍然約為其兩倍。

Yeah, that's correct. And I would kind of add on to what Rene said last quarter, which is first generation is a step change versus V9. Second generation of CSS will be at an increase from the first version of CSS. So there's really a kind of a step change when you first implement a CSS. And then there's going to be continual increases as you get updated technologies and updated kind of optimized CSSs, which are typically can be rolled out, depends on the category of it, at least annually or semiannually -- or I'm sorry, at least annually or at least every couple of years depending on the category.

是的，沒錯。我想補充一下 Rene 上個季度所說的內容，第一代與 V9 相比有了很大的變化。第二代 CSS 將在第一版 CSS 的基礎上有所增強。因此，當您第一次實現 CSS 時，確實存在一種階躍變化。然後，隨著您獲得更新的技術和更新的優化 CSS，它將不斷增加，這些通常可以推出，取決於它的類別，至少每年或每半年一次 - 或者對不起，至少每年一次或至少每隔幾年一次，具體取決於類別。

(Operator Instructions) Ross Seymore, Deutsche Bank.

（操作員指令）Ross Seymore，德意志銀行。

This one is for Rene and a longer-term question. It seems like your strategic progression has been from charging IP per chip. And then as you go from V8 to V9, et cetera, like Jason just talked about, the royalty rate goes up.

這是給 Rene 的長期問題。看起來您的策略進展是從按晶片收取 IP 費用開始的。然後，當你從 V8 升級到 V9 等等時，就像 Jason 剛才提到的那樣，版稅率就會上升。

Now you're moving into the CSS side of things doing more subsystems. You also in your investor letter talked about moving to signing deals directly with some of your customers. I think in this instance, you talked about an auto EV maker.

現在您正在進入 CSS 方面，執行更多的子系統。您也在致投資者的信中談到了直接與部分客戶簽訂協議。我認為在這種情況下，您談論的是一家電動車製造商。

I guess the question is, is the logical strategic conclusion of the direction you're heading that you're going to have those OEMs as your true end customers whether they be hyperscalers, auto companies, et cetera. And if that's true, what does that mean about how your existing customer base, the fabless semiconductor companies would feel about that? On the negative side. On the positive side, what would it mean for the TAM increase that you could possibly address as a company?

我想問題是，你所前進方向的合理策略結論是，你將讓那些 OEM 作為你真正的最終客戶，無論他們是超大規模企業、汽車公司等等。如果這是真的，那對你現有的客戶群，無晶圓廠半導體公司來說又意味著什麼？消極的一面。從積極的一面來看，這對 TAM 成長意味著什麼？作為一家公司，您能否解決這個問題？

Yeah. Thanks for the question. What we are seeing increasingly across the Board, whether it's in the automotive sector, particularly in hyperscalers, but even broadly across other markets is customization of silicon is a significant way for companies to not only differentiate from a performance standpoint, but unlock some very unique features, whether it's at a blade or a rack or a system level, for example, in hyperscaler and/or in an automotive application

是的。謝謝你的提問。我們越來越普遍地看到，無論是在汽車領域，特別是在超大規模領域，甚至在其他市場，定制矽片都是企業不僅從性能角度實現差異化，而且解鎖一些非常獨特的功能的重要方式，無論是在刀片、機架還是系統級別，例如在超大規模和/或汽車應用中

Majority of these platforms are moving to Arm, specifically regarding the software base and everything around the software ecosystem. So when you combine the fact that the majority of the software on the platform they're developing is Arm and the customization benefit that the end OEM is looking for. Increasingly, that is driving our relationship with these partners in a much more accelerated fashion.

大多數平台正在轉向 Arm，特別是軟體基礎和軟體生態系統周圍的一切。因此，當你將他們開發的平台上的大多數軟體都是 Arm 的事實與最終 OEM 所尋求的客製化優勢結合起來時。這正日益加速我們與這些合作夥伴的關係發展。

I expect that trend to continue. I think particularly when you add AI workloads on top of the existing compute workloads that already need to run on these devices, you still need to run an operating system. You still need to run a hypervisor. You still need to run an IVI instrumentation panel.

我預計這種趨勢將會持續下去。我認為特別是當你在這些設備上運行的現有計算工作負載之上添加 AI 工作負載時，你仍然需要運行作業系統。您仍然需要執行虛擬機器管理程式。您仍然需要執行 IVI 儀表板。

Then when you add on top of it an AI workload, that increasingly will make the chip not only more complicated to develop but more time to develop. And as a result, having a direct relationship with us to develop the product with them is the trend. So I expect that to continue.

然後，當你在其上添加 AI 工作負載時，這不僅會使晶片的開發變得更加複雜，而且需要更長的開發時間。因此，與我們建立直接關係並共同開發產品是趨勢。因此我預計這種情況將會持續下去。

To your question regarding traditional fabless semiconductor companies, I think that market will still exist. But I think you're seeing a much more of a demand for customization, particularly at the OEMs, largely because, as I said, the chips are really complex to build, the software is really intense, and most of that software runs on Arm.

對於您關於傳統無晶圓廠半導體公司的問題，我認為該市場仍然存在。但我認為，你會看到對客製化的需求越來越大，尤其是在 OEM 方面，主要是因為，正如我所說，晶片的構建非常複雜，軟體非常密集，而且大多數軟體都在 Arm 上運行。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

I guess I just wanted to go back to just trying to understand not giving a fiscal '26 guide and just trying to understand the puts and takes because it seems like -- obviously, there's a lot start of fluidity in the market in terms of outlook for what could happen to indirect demand implications. But I guess, how does that differ to some extent in terms of your visibility into normally giving a fiscal year guide at this time of the year?

我想我只是想回過頭來嘗試理解不提供財政 26 指南，而只是嘗試理解投入和產出，因為看起來——顯然，就間接需求影響可能發生的情況的前景而言，市場開始出現很大的流動性。但我想，就您在每年這個時候通常提供的財政年度指南而言，這在某種程度上有何不同？

I'll take that. This is Jason. So I would say the difference is, typically, when we're putting the full year guide now, there's always going to be some questions, and that's why we'll have a range. In this case, if you look at all of our partners and customers and then see kind of what they're predicting and what they're projecting, almost none of them are providing full-year guidance.

我會接受的。這是傑森。所以我想說，不同之處在於，通常，當我們現在發布全年指南時，總是會有一些問題，這就是為什麼我們會有一個範圍。在這種情況下，如果你看看我們所有的合作夥伴和客戶，然後看看他們的預測和預計，幾乎沒有人提供全年指導。

And so what's happening then is the amount of signal I'm getting from partners, whether it's the guidance or from other reporting is just less than I've had in the past. And that's really all on the royalty side.

那麼現在發生的情況是，我從合作夥伴那裡得到的信號量，無論是指導還是其他報告，都比過去少。而這實際上都是皇室方面的事情。

And so overall, we do have high confidence in growth. The problem is, if I provide a range, I'd have to give you an even wider range than I had last year because not only do I have a big deal kind of timing differences that I have to try to account for, which is what our primary -- that's what our range was primarily prior years. I now have to have that plus a range on what may happen because of whatever macro impacts may occur due to just all the impacts from the tariff actions.

因此整體而言，我們對成長確實充滿信心。問題是，如果我提供一個範圍，我必須給你一個比去年更廣泛的範圍，因為我不僅要嘗試解釋大量的時間差異，這也是我們的主要 - 這是我們前幾年的主要範圍。我現在必須對此有一個大致的了解，並考慮到由於關稅行動可能造成的各種宏觀影響。

So as a result, we chose to not give a full-year guide with a really large range that probably -- I don't know if it would be that helpful. So that was the route we chose to go.

因此，我們選擇不提供範圍非常廣泛的全年指南，這可能——我不知道這是否有幫助。所以這就是我們選擇的路線。

Srini Pajjuri, Raymond James.

Srini Pajjuri，雷蒙德‧詹姆斯。

I have a question on the short term and also on the year. In the June guidance, can you speak to the royalty growth by end market, where you're seeing strength and where you're seeing any sort of weakness? And then, I guess, the cloud and networking, that's the market that's where I think you seem to be making a lot of progress. I know you said it's about 10% of your fiscal '24 sales. Where is it now? And where do you see that going by the end of this year? Thank you.

我對短期和年度都有疑問。在六月的指引中，您能否談談終端市場的特許權使用費增長情況，您看到了哪些方面的優勢以及哪些方面存在弱點？然後，我想，雲端和網路就是我認為你們似乎正在取得很大進展的市場。我知道您說過這大約佔您 24 財年銷售額的 10%。現在它在哪裡？您認為今年年底會出現什麼狀況？謝謝。

Sure. On the kind of the line of business, royalty color, I'll handle that. In terms of the things that have been going strong in the last quarter, we expect to see more of the same this quarter and really, for the most part, likely for the year. So if I look at this last quarter, Renee mentioned, I think, in the shareholder letter or we mentioned in the prepared remarks that we saw smartphones grow about 30%. And that's certainly much, much faster than kind of what the market is growing.

當然。至於業務範圍、皇室色彩，我會處理的。就上個季度表現強勁的情況而言，我們預計本季將出現更多類似的情況，實際上，在很大程度上，今年全年很可能也會出現類似的情況。因此，如果我看一下上個季度，我認為 Renee 在致股東的信中提到，或者我們在準備好的發言中提到，我們看到智慧型手機成長了約 30%。這肯定比市場成長速度快得多。

If you look across the entire client business, which also includes PCs and any kind of device with screens, works also seeing strong growth at kind of in the ZIP code of that similar to that smartphone growth in the 30% range. When you look at infrastructure, that has been accelerating as we have seen some of the custom kind of silicon specifically with start to get deployed. So that's been helping drive increasing growth. We've seen increasing growth now for the last few quarters and expect that to continue to increase throughout the year, kind of well into the high double digits.

如果你縱觀整個客戶端業務，其中也包括個人電腦和任何有螢幕的設備，那麼在郵遞區號範圍內也可以看到強勁的成長，類似於智慧型手機的 30% 左右的成長。當您查看基礎設施時，這一進程一直在加速，因為我們已經看到一些專門定制的矽片開始部署。這有助於推動經濟成長。我們已經看到過去幾季的成長，並預計全年將繼續成長，達到兩位數的高點。

The other factor in infrastructure that's helping us is last year we had really slowed networking business, and that was actually down year-on-year Well, that's kind of bottomed out and now we're starting to see some recovery there. So when you get the combination of that plus the hyperscaler and cloud compute growth, as well as things like full deployment of Race Blackwell of which all the Grace portion of the Grace Blackwell is an Arm.

基礎設施方面對我們有幫助的另一個因素是，去年我們的網路業務確實放緩了，實際上同比有所下降，現在情況已經觸底，我們開始看到一些復甦。因此，當您將這些與超大規模和雲端運算成長相結合，以及全面部署 Race Blackwell 等內容時，其中 Grace Blackwell 的所有 Grace 部分都是 Arm。

We have really, really strong demand there and expect that to continue this year. moving into automotive. I think unlike some of the other folks in the automotive space, we've seen strong double-digit growth and have for a while. We continue to gain share in IVI and ADAS; don't see that changing.

我們在那裡的需求確實非常強勁，預計今年這種需求將持續下去。進軍汽車業。我認為與汽車領域的其他一些人不同，我們已經看到了強勁的兩位數成長，而且這種成長已經持續了一段時間。我們在 IVI 和 ADAS 領域的份額持續增長；我覺得這不會改變。

And then lastly, in IoT, we certainly have had some, I'd say, some slowness last year in IoT and embedded. That is looks to be like it's bottomed out. I don't know when we're going to see recovery there. We're still in solid positive growth territory, but it's certainly growing, I would say, not as fast as the other three lines of businesses.

最後，在物聯網方面，我想說，去年我們在物聯網和嵌入式領域確實遇到了一些進展緩慢的問題。看起來好像已經觸底了。我不知道我們什麼時候才能看到那裡的復甦。我們仍然處於穩固的正成長區間，但我想說，成長速度肯定不如其他三條業務線快。

One thing I might like to add to as far as the growth of Arm's market share in the data center, as Jason mentioned, now that NVIDIA has transitioned away from the hopper architecture to the black low architecture, which uses Arm CPUs Grace. That actually has an accelerant to our overall growth in the data center to general purpose compute.

關於 Arm 在資料中心的市場佔有率的成長，我想補充一點，正如 Jason 所提到的，現在 NVIDIA 已經從 hopper 架構過渡到使用 Arm CPU Grace 的 black low 架構。這實際上促進了我們從資料中心到通用計算的整體成長。

As the data center, AI data centers move to Arm-based silicon for the host node, the leverage from a software standpoint to general purpose compute is quite significant. So we're already seeing very rapid adoption of ARM in the data center, which we've talked about for multiple quarters.

隨著資料中心、AI 資料中心轉向基於 Arm 的晶片作為主機節點，從軟體角度對通用運算的槓桿作用非常顯著。因此，我們已經看到 ARM 在資料中心的快速應用，我們已經討論了多個季度。

But as I mentioned in the opening, the 50% of new server chip designs and hyperscalers to be Arm-based is really driven by, A, great Blackwell acceleration; and B, the leverage that it brings us in terms of general-purpose compute, it just makes more sense for a hyperscaler to standardize across Arm. So that's what's contributing to the growth there.

但正如我在開頭提到的，50% 的新伺服器晶片設計和超大規模處理器採用 Arm 實際上是受到了強大的 Blackwell 加速度的推動； B，它在通用計算方面給我們帶來的優勢，對於超大規模計算機來說，在 Arm 上進行標準化更有意義。這就是促進那裡成長的因素。

Sebastien Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

It was interesting to see the licensing deals signed with the Malaysian government this quarter. I don't traditionally think of sovereign governments as a target licensing customer for Arm. So could you help us maybe understand the structure of this deal and whether this was more of a one-off or whether we should expect more of these licensing wins at the sovereign level going forward, particularly as things like sovereign AI really start to take off.

本季與馬來西亞政府簽署的授權協議很有趣。我傳統上並不認為主權政府是 Arm 的目標授權客戶。那麼，您能否幫助我們了解這筆交易的結構，以及這是否只是一次性事件，或者我們是否應該期待未來在主權層面獲得更多這樣的許可勝利，特別是在主權人工智慧等領域真正開始起飛的情況下。

Yes. Thank you. The licensing deal we did with the Malaysian government last month that we signed or I think it was March -- excuse me, was quite a milestone event. I would commend the for being very progressive in their vision. Malaysia for the last 50 years, has a long history in semiconductor is primarily around assembly and back-end test Increasingly, the Malaysian government is looking to diversify their country's technology footprint and investing in startups, particularly around AI and cloud.

是的。謝謝。我們上個月與馬來西亞政府簽署的授權協議，或者我想應該是三月——對不起，這是一個里程碑事件。我要讚揚他們的遠見卓識。馬來西亞在過去的 50 年裡，在半導體領域有著悠久的歷史，主要集中在組裝和後端測試方面。馬來西亞政府越來越希望實現國家技術足跡的多元化，並投資新創企業，特別是在人工智慧和雲端運算領域。

So the arrangement between the government and Arm allows start-up companies to get access to Arm technology at the CSS level to rapidly design chips. And a very progressive agreement, as I mentioned, targeted at startups, broadly targeted to accelerate chip development in the sovereign country.

因此，政府與 Arm 之間的協議允許新創公司在 CSS 層級使用 Arm 技術來快速設計晶片。正如我所提到的，這是一項非常進步的協議，針對新創企業，主要目的是加速主權國家的晶片發展。

While I'm not going to forecast any new deals, I do think there's going to be a very nice potential knock-on effect of other governments looking at this and seeing potential benefits for them. But we're super excited and pleased to have done this agreement with Malaysian government. And as I said, they showed great progressive vision, and it's a fantastic outcome for everyone.

雖然我不會預測任何新的交易，但我確實認為，如果其他政府看到這個消息並看到他們可能獲得的好處，這將產生非常好的潛在連鎖反應。但我們非常高興能夠與馬來西亞政府達成這項協議。正如我所說，他們表現出了偉大的進步眼光，這對每個人來說都是一個美好的結果。

Timm Schulze-Melander, Redburn Atlantic.

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

Just maybe a bit more color on the royalty progression through calendar '25, if you could, please. You've talked about hyperscalers. Just wanted to ask, as we move from Grace to Vera, what would that or what might that change for Arm?

如果可以的話，請您再多介紹一下 25 年曆上的皇室發展。您談到了超大規模。只是想問一下，當我們從 Grace 轉向 Vera 時，這對 Arm 來說會發生什麼或可能發生什麼變化？

And then just as I think about the sequential trends rather than the year-on-year trends, would the June quarter be something where we should expect it to be sort of seasonally the weakest quarter of the year? I know you're not providing full-year guidance, but maybe just sort of some sequential direction color would be really helpful.

然後，當我考慮連續趨勢而不是同比趨勢時，我們是否應該預期 6 月季度是一年中季節性最弱的季度？我知道您沒有提供全年指導，但也許一些連續的方向顏色會非常有幫助。

Yes. This is Jason. I'll start on this question. So first, in terms of the shaping of royalty Yes, again, obviously not ready to give full-year guidance, but in terms of how I would expect it to sequentially grow pretty strong growth, obviously, as indicated by the year on year that we're forecasting in Q1. But sequentially, from Q1, to the remaining quarters.

是的。這是傑森。我先來回答這個問題。因此，首先，就特許權使用費的形成而言，是的，顯然還沒有準備好給出全年指導，但就如何實現增長而言，我預計它會連續實現相當強勁的增長，顯然，正如我們在第一季度預測的同比數據所表明的那樣。但按順序，從第一季到剩餘的季度。

I expect it to be somewhere in the kind of flattish into Q2. And yes, I think that is probably seasonally, it is one of our kind of seasonally lower quarters. And then I expect to see somewhere in the 10% to 15% kind of sequential growth in each of the last two quarters in the back half of the year. somewhere in that range. Obviously, we'll provide more specific guidance as we get later into the year.

我預計第二季的業績將保持穩定。是的，我認為這可能是季節性的，這是我們季節性較低的季度之一。然後我預計今年下半年最後兩個季度的環比成長率將在 10% 到 15% 之間。在這個範圍內的某個地方。顯然，隨著今年晚些時候的到來，我們將提供更具體的指導。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

I actually had a few kind of related questions on the licensing side. Last year, it was one of the upside drivers. But when we look at Q4, it was modestly below expectation, I'm curious what caused that. Is there a macro impact on licensing. And you did report a fairly strong mid-teens ACV.

我實際上對許可方面有一些相關問題。去年，這是上漲的驅動因素之一。但當我們看第四季時，它略低於預期，我很好奇是什麼原因造成的。這會對許可產生宏觀影響嗎？而且您確實報告了相當強勁的十幾歲的 ACV。

I think you mentioned it's better than the mid-single digit to 10% you had thought before. So is that kind of ACV growth sort of representative of what you might see in licensing for this year? And if you would allow me, anything related to China licensing activity that could change given all this tariff confusion.

我認為您提到它比您之前認為的中等個位數到 10% 要好。那麼，這種 ACV 增長是否代表了您今年在許可方面可能看到的情況？如果您允許的話，鑑於所有這些關稅混亂，與中國許可活動有關的任何情況都可能發生變化。

Yes. Thanks for the question. I'll just take part of that as a macro statement, and let Jason get into the details. For the year, licensing revenue, as I mentioned, was an all-time high of over $600 million, and that was driven by a number of different factors, but chiefly the fact that, number one, CSS demand continues to be extremely strong.

是的。謝謝你的提問。我僅將其中的一部分作為宏觀陳述，並讓 Jason 深入了解細節。正如我所提到的，今年的授權收入創下了 6 億美元的歷史新高，這是由許多不同因素推動的，但最主要的是，第一，CSS 需求持續強勁。

Number two, arms growth across all platforms that drive huge software leverage, but probably also around AI because one of the things we've seen specifically around AI is that the demand for more and more compute has only risen. That's causing customers to accelerate their product cycles to do more sooner.

第二，所有平台的武器裝備成長都推動了龐大的軟體槓桿作用，但也可能推動了人工智慧的發展，因為我們在人工智慧領域看到的一個現像是，對越來越多運算的需求只增不減。這使得客戶加快產品週期，以便更快完成更多工作。

Probably the best anecdote I can give to that, again, is the kind of work that NVIDIA is doing in the data center with Grace Blackwell, seeing a refresh of products into the data center at a rate that typically was multiple years, not on an annual basis. And that's really being driven by the fact that these AI workloads require more and more compute and more and more compute means more and more demand for new products and more and more demand from new products means increased licensing growth, which is why, broadly, we had a record licensing year in the last year.

我能給的最好的故事可能是 NVIDIA 與 Grace Blackwell 在資料中心所做的工作，他們看到資料中心的產品更新速度通常是幾年一次，而不是每年一次。而這實際上是由這些人工智慧工作負載需要越來越多的計算這一事實所驅動的，越來越多的計算意味著對新產品的需求越來越多，而對新產品的需求越來越多意味著許可增長的增加，這就是為什麼我們去年的許可年創下了紀錄。

On the specific detail, I'll let Jason go through that.

至於具體細節，我會讓 Jason 來解釋一下。

Yes. In terms of the Q4 performance, the 53% year-on-year license growth, that was very much kind of where we had expected to come in. So I'm not sure. I thought consensus was actually slightly below that number. But whatever, I think in general, we are very happy with the progress.

是的。就第四季的業績而言，許可證數量年增 53%，這完全符合我們的預期。所以我不確定。我認為共識實際上略低於這個數字。但無論如何，我認為總的來說，我們對進展感到非常滿意。

And I think if you look at full year, license grew 29%. And now that's pretty big and certainly well ahead of what we had expected and kind of guided to maybe at the beginning of the year. Now I would say for this next year, we've said in the past that we expect.

我認為，如果從全年來看，許可證增加了 29%。現在這個數字相當大，遠遠超出了我們年初的預期和指導。現在我想說的是，對於明年，我們過去曾說過我們期望。

And I think I said in the prepared remarks, we expect ACV to be kind of a better way to forecast what what maybe annual growth should look like it kind of takes out some of the lumpiness. We've said in the past that we're typically looking to mid- to high single-digit growth as being the right target.

我想我在準備好的發言中說過，我們預計 ACV 是一種更好的方式來預測年度成長率應該是什麼樣子，它可以消除一些不穩定性。我們過去曾說過，我們通常將中高個位數成長視為正確的目標。

I think that's still the right target. ACV right now is running 15% because we've been overachieving very much due in part to AI. We'll see how this year progresses. We may be able to exceed that and stay in that double-digit range that we've been in. But for now, I would still use that kind of mid- to high-single-digit range as the right growth rate.

我認為這仍然是正確的目標。目前 ACV 的運作率為 15%，因為我們的業績非常出色，部分原因在於 AI。我們將看看今年的進展如何。我們也許能夠超越這一水平，並保持在我們一直以來的兩位數範圍內。但就目前而言，我仍然會使用中高個位數範圍作為正確的成長率。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Just a quick question on the CSS side. On the 13 customers, what's the split of data center versus mobile? As far you had the first auto CSS in there as well.

這只是關於 CSS 方面的一個簡單問題。對於這 13 位客戶來說，資料中心和行動端的劃分是怎麼樣的？到目前為止，您也擁有第一個自動 CSS。

Yes, the breakout we've said is it's roughly -- this last quarter, we had the first CSS. So we have 13 now. We had 12 as of last quarter. I think we said last quarter that it's roughly half client, which is mostly mobile. There is some PC in there, but then also -- then the remainder is all infrastructure. So think of it as six clients, six infrastructure, one auto basically is where we're at right now.

是的，我們所說的突破大致上是——上個季度，我們有了第一個 CSS。所以我們現在有 13 個。截至上個季度，我們已經有 12 個了。我想我們上個季度說過，大約有一半是客戶端，其中大部分是移動的。其中有一些個人電腦，但其餘的都是基礎設施。所以，可以將其想像為六個客戶端、六個基礎設施、一輛汽車，基本上就是我們現在所處的狀況。

Got it. And then just longer term, when you look at the Stargate and Crystal intelligence, where you guys work with open AI and NVIDIA and others. Can you talk to what the opportunity is on the license side or the royalty side? How is that roadmap looking? Are you guys doing a chip and an ASIC? Can you kind of color that a little bit?

知道了。從長遠來看，當你看到星際之門和水晶智慧時，你們與開放人工智慧、NVIDIA 和其他公司合作。您能談談許可方面或版稅方面的機會是什麼嗎？該路線圖看起來怎麼樣？你們正在做晶片和 ASIC 嗎？你能給它加點顏色嗎？

Yes. The Stargate project, which was announced in January is going incredibly well. I think just given all the advances you've seen open AI technology with ChatGPT and the reasoning models, the need for more and more compute is quite evident. We were announced that day as a technology partner, which is primarily around Grace Blackwell, which will be the initial chips involved. So right now, that's all we're saying publicly, Vijay, around our technology deployment there.

是的。一月宣布的星際之門計畫進展非常順利。我認為，鑑於 ChatGPT 和推理模型等開放式人工智慧技術所取得的所有進步，對越來越多運算的需求是顯而易見的。當天，我們被宣佈為技術合作夥伴，主要圍繞 Grace Blackwell，這將是最初涉及的晶片。所以現在，維傑，這就是我們公開談論的有關我們在那裡的技術部署的全部內容。

But we're very, very excited about the opportunity because it's obvious from just what you see with the benefits of these algorithms it's very, very early days. And to get more and more benefit, you need more and more compute of which we're happy to provide.

但我們對這個機會感到非常興奮，因為從這些演算法帶來的好處來看，很明顯現在還處於非常早期的階段。為了獲得更多的利益，您需要越來越多的計算，我們很樂意為您提供。

And lastly, I would say, even though Stargate is a lot of power, and it's a lot of compute energy efficiency really, really matters, which is why Arm is the only CPU provider inside of Stargate.

最後，我想說，儘管星際之門的功率很大，而且運算能力也很強，但能源效率確實非常重要，這就是為什麼 Arm 是星際之門內部唯一的 CPU 供應商。

We will now take our final question for today.

我們現在來回答今天的最後一個問題。

Lee Simpson, Morgan Stanley.

摩根士丹利的李辛普森。

I just want to ask, Rene, maybe a more broad question on the chiplet space. It does seem according to reports that ARM has been associated with making acquisitions in the chiplet space as has some of the key licensees of the Arm architecture.

我只是想問，Rene，也許這是一個關於 chiplet 領域的更廣泛的問題。據報道，ARM 似乎一直在小晶片領域進行收購，Arm 架構的一些主要授權商也參與了收購。

I think when you look at the chiplet system architecture, the AMBA fabric that you have, it does look as though this is an increasingly important space for you. So I'm trying to understand why is that? Is it a way point perhaps to the eventual own chip-making Arm? Or is there something else that we're missing here as a big value play?

我認為，當您查看晶片系統架構、您擁有的 AMBA 結構時，您會發現這對您來說是一個越來越重要的領域。所以我想了解這是為什麼？這是否是 Arm 最終打造自己的晶片製造公司的一個途徑？或者我們是否還遺漏了其他具有重大價值的東西？

Yeah. So regarding unannounced products, I'm not going to announce anything here. But what I can say regarding these very, very large SoCs that use multiple chips, AKA chiplets having a common bus or interfaces on and off the die is table stakes. AMBA is the de facto standard for interfacing into the Arm CPU at the chip level. So it's only natural that you're going to see those standards provide themselves as default as you get into the chiplet space.

是的。因此，關於未發布的產品，我不會在這裡發布任何消息。但是我可以說，對於這些使用多個晶片的非常大的 SoC，也就是晶片上有公共總線或晶片外介面的晶片，這是基本要求。AMBA 是晶片級 Arm CPU 介面的事實標準。因此，當你進入 chiplet 領域時，你自然會看到這些標準成為預設標準。

Chiplets are also, frankly, one of the large value propositions around doing CSS. If you can imagine some of the chiplets that are being built that use CSS, the vast majority of the silicon area and transistors that are on the chiplet are actually using Arm IP, which is why the earlier question regarding custom chips that were being done by OEMs, what's really driving that. The chiplet approach is a component of it and the CSS is a big component of it. So it's your point about having and the bus and connectivity, it all hangs together.

坦白說，Chiplet 也是圍繞 CSS 的一大價值主張。如果你能想像一些正在使用 CSS 構建的晶片，那麼晶片上的絕大多數矽區域和晶體管實際上都在使用 Arm IP，這就是為什麼之前關於由 OEM 製造的定制晶片的問題，真正的驅動因素是什麼。chiplet 方法是其中的一個組成部分，而 CSS 是其中一個重要的組成部分。所以你的觀點是，擁有總線和連接，它們都是緊密相連的。

That concludes the Q&A for today. I will hand back to the room for closing remarks.

今天的問答到此結束。我將回到會議室發表結束語。

Thank you, and thank you for all the questions, they were very, very spot on. Just in summary, we are so thrilled to have completed our fiscal year with records of $1 billion-plus quarter, $4 billion-plus in revenue, and record license in record royalty. I think what you're seeing is continued manifestation of the strategy we've talked about for the last number of quarters and years. That is Arm is everywhere. Increasing demand for the Arm architecture is requiring us to deliver more.

謝謝，也謝謝您提出的所有問題，這些問題都非常正確。總而言之，我們非常高興地完成了我們的財政年度，創造了 10 多億美元的季度收入、40 多億美元的收入以及創紀錄的特許權使用費記錄。我認為您所看到的是我們在過去幾個季度和幾年中討論的策略的持續體現。那就是 Arm 無所不在。對 Arm 架構的需求不斷增長，要求我們提供更多產品。

We're seeing that with our compute subsystems. And with the advent of AI workloads running in the data center, running on a PC, running on a smartphone, running in automobile or even running in ear buds, the demand for Arm technology has never been greater. So we are incredibly excited about the future. AI is changing everything, and you can't run AI without Arm. Thank you.

我們在計算子系統中看到了這一點。隨著在資料中心、PC、智慧型手機、汽車甚至耳塞中運行的 AI 工作負載的出現，對 Arm 技術的需求從未如此之大。因此，我們對未來感到無比興奮。人工智慧正在改變一切，沒有 Arm 就無法運作人工智慧。謝謝。

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

謝謝。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。