CEVA Inc (CEVA) 2024 Q1 法說會逐字稿

Good day and welcome to the CEVA, Inc first quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 CEVA, Inc. 2024 年第一季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Richard Kingston, Vice President Market Intelligence, Investor and Public Relations. Please go ahead.

現在我想將會議交給市場情報、投資者和公共關係副總裁理查德·金斯頓 (Richard Kingston)。請繼續。

Thank you, Jason, and good morning, everyone, and welcome to Teva's First Quarter 2024 earnings conference call. Joining me today on the call are Amir Panush, Chief Executive Officer, and Yaniv Arieli, Chief Financial Officer of CEVA.

謝謝 Jason，大家早安，歡迎參加 Teva 2024 年第一季財報電話會議。今天與我一起參加電話會議的有 CEVA 執行長 Amir Panush 和財務長 Yaniv Arieli。

Before handing over to Amir, I would like to remind everyone that today's discussion contains forward-looking statements that involve risks and uncertainties as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions.

在交給阿米爾之前，我想提醒大家，今天的討論包含前瞻性陳述，涉及風險和不確定性以及假設，如果這些陳述成為現實或被證明不正確，可能會導致CEVA 的結果與所表達或表達的結果存在重大差異。

Forward-looking statements include statements about our market positioning, strategy and growth opportunities, market trends and dynamics, Seagate's ability to execute on backlogs deals in the second quarter and to reach total revenue target for the year, expectations regarding demand for and benefits of our technologies and our expectations on financial goals and guidance regarding future performance.

前瞻性陳述包括有關我們的市場定位、策略和成長機會、市場趨勢和動態、希捷在第二季度執行積壓交易和實現年度總收入目標的能力、對我們的需求和收益的預期的陳述。我們對財務目標的期望以及有關未來績效的指導。

CEVA assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.

CEVA 不承擔更新截至其各自日期的任何前瞻性聲明或資訊的義務。

In addition, following the divestment of the intrinsics business, financial results from intrinsics were transitioned to a discontinued operation beginning in the third quarter of 2023 and all prior period financial results have been recast accordingly.

此外，在剝離內在函數業務後，從 2023 年第三季開始，內在函數的財務表現已轉變為終止經營業務，所有前期財務表現均已相應重新調整。

We will also be discussing certain non-GAAP financial measures, which we believe provide a more meaningful analysis of our core operating results and comparison of quarterly results. A reconciliation of non-GAAP financial measures is included in the earnings release we issued this morning. And in the SEC filings section of our Investor Relations website at investors.ceva-ip.com.

我們也將討論某些非公認會計準則財務指標，我們相信這些指標可以對我們的核心營運績效和季度績效比較提供更有意義的分析。我們今天早上發布的收益報告中包含了非公認會計準則財務指標的調節表。以及我們投資者關係網站 Investors.ceva-ip.com 的 SEC 備案部分。

With that said, I'd like to turn the call over to Amir, who will review our business performance for the quarter, review the year and provide some insight into our ongoing business. Amir?

話雖如此，我想將電話轉給阿米爾，他將回顧我們本季的業務表現，回顧這一年，並對我們正在進行的業務提供一些見解。阿米爾？

Thank you, Richard, and good morning, everyone, and thank you for joining us today. CEVA delivered first quarter results that reflected solid royalty trends. We have good year-over-year growth by licensing was lower than we anticipated. Some deals we expected to close in the first quarter were delayed.

謝謝理查德，大家早安，謝謝您今天加入我們。CEVA 發布的第一季業績反映了穩固的特許權使用費趨勢。我們的許可證同比增長良好，但低於我們的預期。我們預計在第一季完成的一些交易被推遲。

I continue to be very encouraged by our diversified licensing pipeline and stronger backlog. We closed a significant multi-hundred million dollar deal with a strategic customer in the beginning of the second quarter. And there is strong demand for our next-generation IP that are currently in development and are being licensed by early adopters who are looking to gain an advantage in the market. I will elaborate more on our expectations for our licensing business for the rest of the year shortly.

我繼續對我們多元化的許可管道和更強勁的積壓感到非常鼓舞。我們在第二季初與一位策略客戶達成了一項價值數億美元的重大交易。我們目前正在開發下一代 IP，並且正在獲得希望在市場上獲得優勢的早期採用者的許可，因此需求強勁。我將很快詳細闡述我們對今年剩餘時間的授權業務的期望。

First, looking at the licensing business, we concluded in the quarter in more detail, we continued to expand our leadership in Smart Edge IP, completing 11 licensing deals across all of our key target markets, namely consumer automotive, industrial and infrastructure. These deals range from Bluetooth connectivity for wearables and IoT, 5G for RedCap and cellular V2X, WiFi for access points, UWB for consumer devices and how do you have for smartphone.

首先，看看授權業務，我們在本季度更詳細地得出結論，我們繼續擴大在智慧邊緣IP 領域的領導地位，在我們所有主要目標市場（即消費汽車、工業和基礎設施）完成了11 項授權交易。這些優惠包括用於穿戴式裝置和物聯網的藍牙連接、用於 RedCap 和蜂窩 V2X 的 5G、用於接入點的 WiFi、用於消費設備的 UWB 以及用於智慧型手機的 How do you have。

Most significantly in the quarter. I'm very pleased to report that we signed deals for our next-generation Bluetooth six and WiFi 7 IP design activity around our WiFi 7 AP. is experiencing strong traction with both new and established wireless players and represents a positive catalyst of our licensing activities in 2024 and beyond.

本季最為顯著。我很高興地報告，我們圍繞 WiFi 7 AP 簽署了下一代藍牙 6 和 WiFi 7 IP 設計活動協議。受到新舊無線營運商的強烈關注，這對我們 2024 年及以後的授權活動起到了積極的推動作用。

In the quarter, we concluding a WiFi deal with a strategic customer who is already in mass production with a combo chip based on our WiFi 6 and Bluetooth five IP. These customers have managed to successfully compete with the largest incumbents in the wireless combo chip space, our consumer enterprise and automotive, and is now beginning to design their next-generation WiFi 7 chips to gain further market traction for the broad consumer devices that will require WiFi 7 connectivity, including smartphones, tablets, laptops, wearables and smart home devices.

本季度，我們與策略客戶達成了 WiFi 協議，該客戶已經大量生產基於我們的 WiFi 6 和藍牙 5 IP 的組合晶片。這些客戶已經成功地與無線組合晶片領域、我們的消費企業和汽車領域最大的現有企業競爭，並且現在開始設計他們的下一代WiFi 7 晶片，以便為需要的廣泛消費設備獲得進一步的市場吸引力。

In terms of market size, ABI Research forecasts that WiFi 7 chipset chip shipments will exceed 1.7 billion units annually by 2028. As we have stated previously, due to its technical complexity, our WiFi 7 IP commands a higher license fee and royalty rate than previous generations of WiFi, which in turn drives ASP growth and enable us to drive more value for our customers.

從市場規模來看，ABI Research預測，到2028年，WiFi 7晶片組晶片出貨量每年將超過17億顆。正如我們之前所說，由於其技術複雜性，我們的WiFi 7 IP 比前幾代WiFi 需要更高的授權費和版稅率，這反過來又推動了ASP 的成長，使我們能夠為客戶帶來更多價值。

Moreover, the large market size introduces new entrants to the WiFi market, while the complexity of the technology processes challenges to many of the existing wireless players to develop this technology internally as the only IP company in the market today, offering licensable WiFi 7 technology and the ability to license it together with our Bluetooth and UWB technologies. We are in an excellent position to repeat our success in the WiFi 6 market for WiFi 7.

此外，龐大的市場規模為WiFi 市場引入了新的進入者，而技術流程的複雜性對許多現有無線參與者提出了挑戰，要求他們作為當今市場上唯一的IP 公司在內部開發這項技術，提供可授權的WiFi 7 技術和能夠與我們的藍牙和 UWB 技術一起獲得許可。我們處於有利位置，可以在 WiFi 7 的 WiFi 6 市場上重複我們的成功。

In Bluetooth, we have added a new Bluetooth six customers in the quarter who is a first time customer for Veeva and award leader in wireless audio. This customer decided to take advantage of our IP to accelerate their product development for the next generation of Bluetooth audio. All of the Bluetooth 6.0 standard is not yet ratified, we are among a small number of leaders and the full IP licensing company that has the expertise and skills to develop next-generation wireless technologies add of the market and ahead of the standard itself.

在藍牙方面，我們在本季增加了一位新的藍牙 6 客戶，他們是 Veeva 的首次客戶，也是無線音訊領域的領導者。該客戶決定利用我們的 IP 來加速其下一代藍牙音訊的產品開發。所有藍牙 6.0 標準尚未獲得批准，我們是少數領先者和完整 IP 授權公司之一，擁有開發下一代無線技術的專業知識和技能，可增加市場並領先於標準本身。

We have successfully achieved this for a number of generations of both Bluetooth and WiFi standards and have built an unrivaled position as the industry leader and trusted partner for wireless IP over many years, we have more than 100 customers and 1 billion of devices shipped.

我們已經在多代藍牙和WiFi 標準中成功實現了這一目標，並多年來建立了作為無線IP 行業領導者和值得信賴的合作夥伴的無與倫比的地位，我們擁有100 多家客戶和10 億台設備發貨。

Finally, on licensing in relationship to the licensing pipeline for the remainder of the year and our ability to extract more revenue per deal. I would like to share a few thoughts and data points.

最後，關於與今年剩餘時間的許可管道相關的許可以及我們從每筆交易中獲取更多收入的能力。我想分享一些想法和數據點。

CEVA is one of the few select companies that have the technical capabilities, talent and unique know-how to develop wireless sensing and edge AI IP to the level required by most demanding customers. I firmly believe that we can command higher licensing fee and royalties for our leading edge products. And many of our ongoing customer discussions reinforce this belief.

CEVA 是少數幾家擁有技術能力、人才和獨特專業知識的公司之一，可以開發無線感測和邊緣 AI IP，以滿足最苛刻的客戶所需的水平。我堅信我們可以為我們的領先產品索取更高的授權費和特許權使用費。我們正在進行的許多客戶討論強​​化了這一信念。

While a few deals that we had anticipated closing in the first quarter were delayed to later quarters. Those deals remain in our sales pipeline and some have already been signed since the first quarter close.

雖然我們預計在第一季完成的一些交易被推遲到了後面幾季。這些交易仍在我們的銷售管道中，有些交易自第一季結束以來就已經簽署。

Our value proposition around the three major smart edge use cases. For that sense, an insurer is clear and well understood by our customers and partners. In addition, we have or we have already closed a meaningful multimillion dollar deal in the second quarter with a strategic customer for next-generation IT that we are currently developing.

我們圍繞著三個主要智慧邊緣用例的價值主張。從這個意義上說，保險公司是清晰的，並且被我們的客戶和合作夥伴充分理解。此外，我們已經或已經在第二季與我們目前正在開發的下一代 IT 策略客戶達成了一項有意義的數百萬美元交易。

I will update you more on this deal in the next earnings call, but wanted to share that this deal reinforces our strategy to extract higher value for our technology due to our unrivaled technical leadership and our gains that can be achieved when partnering with us.

我將在下一次財報電話會議上向您介紹有關這筆交易的更多信息，但我想分享的是，由於我們無與倫比的技術領先地位以及與我們合作時可以獲得的收益，這筆交易強化了我們為我們的技術獲取更高價值的策略。

We believe this in turn will serve to increase shareholder value through higher revenues, margins and profits over time. We are laser focused on this value add strategy, leveraging our strong broad portfolio of Smart Edge IP offerings.

我們相信，隨著時間的推移，這將有助於透過更高的收入、利潤和利潤來增加股東價值。我們利用我們強大、廣泛的智慧邊緣 IP 產品組合，高度專注於這項增值策略。

Turning now to royalties. We are pleased with our start to the year with a robust quarter showing an impressive 33% revenue growth year over year and just a 14% seasonal sequential decline compared to a 28% sequential decline a year ago, we saw shipments volume up 25% year-over-year, an increase in every end market we serve as restocking continued across the board Iot markets.

現在轉向版稅。我們對今年的開局感到滿意，季度業績強勁，收入同比增長 33%，季節性環比下降 14%，而去年同期環比下降 28%，出貨量同比增長 25% -與去年同期相比，我們服務的每個終端市場的補貨量都在持續增加，物聯網市場也持續增加。

Smartphone units, while up year over year were down quite sharply from the fourth quarter, a similar trend to what we saw last year. Also, the infrastructure markets remain soft, reflecting low CapEx for 5G networks globally. From conversation with our customers, we expect smartphones to improve in the second quarter and throughout the year.

智慧型手機銷量雖然年增，但較第四季大幅下降，與我們去年看到的趨勢類似。此外，基礎設施市場依然疲軟，反映出全球 5G 網路資本支出較低。根據與客戶的對話，我們預計智慧型手機將在第二季和全年有所改善。

Overall, the first quarter shipments increase our confidence that we are well positioned to grow our royalty business in 2024, augmented during the year by new customer ramps, deploying our portfolio of wireless IPs for consumer and industrial devices and our embedded application software for special audio in the headphones and sensor fusion software for intelligence robots.

總體而言，第一季的出貨量增強了我們的信心，使我們相信我們有能力在2024 年發展我們的版稅業務，這一年中新客戶的增加、為消費者和工業設備部署我們的無線IP 組合以及為特殊音訊部署我們的嵌入式應用軟體用於智慧機器人的耳機和感測器融合軟體。

Now some commentary regarding developments in the quarter. In the first quarter, we also invested further in cementing our market leadership, expanding our product offering and strengthening our ecosystem. We announced a new UWB wireless IP for consumer devices, one that builds on our success in UWB solution for automotive and which we already license successfully to a customer this quarter.

現在對本季的發展進行一些評論。在第一季度，我們也進一步投資鞏固我們的市場領導地位，擴大我們的產品供應並加強我們的生態系統。我們宣布推出一款適用於消費性設備的新 UWB 無線 IP，該 IP 建立在我們在汽車 UWB 解決方案方面的成功之上，並且我們已於本季度成功向客戶授權。

UWB is prime for takeoff in the consumer market as the majority of smartphone OEMs are now integrating this technology into their latest devices, which is a precursor to mass market deployment in endpoint devices. ABI Research forecasts that the global market of UWB enabled device shipments will grow at a compound annual growth rate of 14% over the next five years from 435 million units in 2023 to nearly 1.3 billion units by 2028. We are ideally positioned to leverage this market opportunity as it develops already having a mature IP available for licensing and the ability to license it integrated with our Bluetooth Low Energy IP.

UWB 是消費市場起飛的首要條件，因為大多數智慧型手機 OEM 廠商現在都將該技術整合到其最新設備中，這是端點設備大規模市場部署的先兆。ABI Research 預測，未來五年，全球 UWB 設備出貨量將以 14% 的複合年增長率成長，從 2023 年的 4.35 億台成長到 2028 年的近 13 億台。我們處於充分利用這一市場機會的有利位置，因為它的發展已經擁有可用於授權的成熟 IP，並且能夠將其與我們的藍牙低功耗 IP 整合進行授權。

In terms of our ecosystem, we announced a new partnership with Arm targeting 5G advanced infrastructure and non terrestrial networks, NTN, aimed at lowering the barriers to entry for developing products targeting these two large markets, NTN or satellite communication is a hotbed of innovation these days. And together, we have a home, we can deliver the processing power required by satellite companies and new entrants to bring 5G advanced networks to orbit, enabling departments of global broadband connectivity and a host of new use cases on earth that can leverage truly ubiquitous connectivity.

在我們的生態系統方面，我們宣布與Arm建立新的合作夥伴關係，目標是5G先進基礎設施和非地面網路NTN，旨在降低開發針對這兩個大市場的產品的進入壁壘，NTN或衛星通信是這些創新的溫床。我們共同擁有一個家，我們可以提供衛星公司和新進入者所需的處理能力，將 5G 先進網路帶入軌道，使全球寬頻連接部門和地球上的許多新用例能夠利用真正無處不在的連接。

We continue to gain market share in wireless connectivity. We have an unrivaled portfolio of wireless IP spending, the most common start-up like Bluetooth, WiFi and 5G to emerging standards like UWB and matter foreign activities, no longer consider feature for electronic pay for electronic devices.

我們繼續獲得無線連接領域的市場份額。我們擁有無與倫比的無線IP支出組合，從最常見的新創公司（如藍牙、WiFi和5G）到新興標準（如UWB）和國外活動，不再考慮電子設備的電子支付功能。

Moreover, at its very foundation of innovation that allows a to be deployed and accessed by edge devices without connectivity, there is no way we're incredibly proud of our central role in the industry, enabling the connectivity in more than 1 billion devices annually that allows them to interact with AI and improve our daily life on sensing and insurance. We continue to experience strong demand for our software and hardware products. Targeting these use cases.

此外，在其創新的基礎上，允許在沒有連接的情況下由邊緣設備部署和訪問，我們不可能為自己在行業中的核心作用感到無比自豪，每年為超過 10 億台設備提供連接，使他們能夠與人工智慧互動並改善我們在感測和保險方面的日常生活。我們的軟體和硬體產品的需求持續強勁。針對這些用例。

Our regenerative AI, NPU, scalable IP portfolio with market-leading performance is undergoing intense evaluation with a number of customers that we have identified as strategic design partners for this technology. And we will update you as these deals come to fruition.

我們的再生人工智慧、NPU、可擴展的 IP 產品組合具有市場領先的效能，正在接受許多客戶的嚴格評估，我們已將這些客戶確定為該技術的策略設計合作夥伴。當這些交易取得成果時，我們會向您通報最新情況。

Our embedded application software, in particular, we had one special audio is also experiencing significant traction, and we reached an important milestone in this quarter. We have the first headset integrating our Windows-based special audio and head tracking software going on sale to the public, the nirvana Ethiopia headphone from India's number one, wearable and hearable OEM boAt also features our Bluetooth and Audio AI DSP, making this product, a perfect illustration of our Connect sensing first strategy where we can provide multiple APs to a single product and what directly with the OEM to bring the product to market.

我們的嵌入式應用軟體，特別是我們的一個特殊音訊也受到了巨大的關注，我們在本季度達到了一個重要的里程碑。我們向大眾銷售了第一款整合了基於Windows 的特殊音訊和頭部追蹤軟體的耳機，印度排名第一的可穿戴式和可聽式OEM boAt 的Nirvana 埃塞俄比亞耳機也採用了我們的藍牙和音訊AI DSP，使得該產品，這完美地體現了我們的 Connect 感測優先策略，我們可以為單一產品提供多個接入點，並直接與 OEM 合作將產品推向市場。

Overall, we are very excited about our product lineup targeting Smart Edge devices. Our dialogue with customers is very open, and we understand the recurring pain points that our customers share with us when discussing their Smart Edge products.

總的來說，我們對針對智慧邊緣設備的產品系列感到非常興奮。我們與客戶的對話非常開放，我們了解客戶在討論其智慧邊緣產品時與我們分享的反覆出現的痛點。

We have a I said, to transform every industry and technology semiconductors and OEM's needs to define the strategy, not just to deal with the inference workloads, but also how to connect their devices and enable them with the ability to use sensors for voice, sound vision and motion.

我說，要改變每個行業和技術，半導體和 OEM 需要定義策略，不僅要處理推理工作負載，還要解決如何連接他們的設備並使他們能夠使用感測器進行語音、聲音視覺和運動。

Without the three use cases being addressing every smart edge device from smart MCUs, all the way to autonomous vehicle and 60 virtual rental equipment companies will not be able to compete in the Smart Edge era we are ideally positioned to fill the knowledge and R&D get companies that like the ability to excel in all of these areas.

如果這三個用例無法解決從智慧 MCU 到自動駕駛汽車和 60 家虛擬租賃設備的所有智慧邊緣設備，我們將無法在智慧邊緣時代競爭，我們處於理想的位置，可以填補公司的知識和研發空白喜歡在所有這些領域表現出色的能力。

Our portfolio of IP for Connect, strengthening for use cases is highly synergetic with a broad range of semi and OEM customers across multiple industries, including the high volume MCU players where we already have significant traction for our connectivity IPs, and the TWS and wireless headphone market. We estimate our Bluetooth customers to have between 45% and 50% market share today, excluding Apple products.

我們的用於連接、強化用例的IP 產品組合與多個行業的廣泛半成品和OEM 客戶高度協同，包括大批量MCU 廠商，我們的連接IP 已經對這些廠商產生了巨大的吸引力，以及TWS 和無線耳機市場。我們估計我們的藍牙客戶目前擁有 45% 到 50% 的市場份額（不包括 Apple 產品）。

We intend to fully exploit our leadership in wireless connectivity to offer additional IP for sensing fair as the use cases for Smart Edge devices growth, driving larger licensing deals and higher royalty fees per unit.

我們打算充分利用我們在無線連接方面的領先地位，為公平感測提供額外的 IP，作為智慧邊緣設備成長的用例，推動更大的授權交易和更高的單位特許權使用費。

In summary, we have begun 2024 with royalty-bearing shipments up across all the end markets we serve, and we have a solid pipeline of new customer set to reach production as the year progresses in licensing, the first quarter was challenged with, if you like (technical difficulty)

總而言之，我們已從2024 年開始，在我們服務的所有終端市場上支付特許權使用費的出貨量，並且我們擁有堅實的新客戶管道，隨著今年許可的進展，第一季將面臨挑戰，如果您喜歡（技術難度）

Pardon me, ladies and gentlemen, it appears we have lost the connection to our speaker and by while we reconnect, we thank you for your patience. Pardon me, ladies and gentlemen, we have reconnected with the speakers. You may proceed.

請原諒，女士們、先生們，我們似乎失去了與揚聲器的連接，在我們重新連接時，我們感謝您的耐心等待。女士們、先生們，請原諒，我們已與發言者重新取得聯繫。您可以繼續。

Did Amir finishes the prepared remarks before we got disconnected?

在我們斷線之前，阿米爾說完準備好的演講了嗎？

No, I think the best thing to do, just to repeat the summary paragraph.

不，我認為最好的方法就是重複總結段落。

Okay, I'll tell our (inaudible)

好的，我會告訴我們的（聽不清楚）

In summary, we have begun 2024 with have royalty-bearing shipments up across all the end markets we serve, and we have a solid pipeline of new customers set to reach production as the year progresses.

總而言之，2024 年開始，我們所服務的所有終端市場的含特許權使用費出貨量均有所增加，並且我們擁有穩定的新客戶管道，隨著時間的推移，我們將實現投產。

In licensing, the first quarter was challenged with a few licensing agreements delayed until later in the year. But overall, the quality of licensing deals signed and the overall demand for our next-generation APUs is very encouraging. You have the portfolio of technologies that meet some of the critical pain points of semiconductors and OEMs for their Smart Edge roadmap. And I'm confident that we can meet our total revenue target for the year, and we have built and healthy backlog, which reinforces my belief on this.

在許可方面，第一季面臨一些挑戰，一些許可協議被推遲到今年稍後。但總體而言，所簽署的授權協議的品質以及對我們下一代 APU 的整體需求非常令人鼓舞。您擁有的技術組合可以滿足半導體和 OEM 智慧邊緣路線圖的一些關鍵痛點。我相信我們能夠實現今年的總收入目標，並且我們已經建立了健康的積壓訂單，這增強了我對此的信念。

Overall, I remain very positive that 2024 will be a growth year for silver, and we've set up us to reach our longer-term revenue margin and profitability targets. I look forward to meeting with many of you at conferences and roadshows during the quarter. Now I will turn the call over to Yaniv for the financials.

總體而言，我仍然非常樂觀地認為 2024 年將是白銀的成長年，我們已經做好了實現長期收入利潤率和獲利目標的準備。我期待在本季度的會議和路演中與你們中的許多人見面。現在我將把電話轉給 Yaniv，詢問財務狀況。

Thank you, Amir and sorry about this, this blip. I will now start with a review of the results of operations for the first quarter of 2024. Revenue for the first quarter was $22.1 million as compared to $26.3 million for the same quarter last year. The revenue breakdown was as follows. Licensing and related revenue was $11.4 million, reflecting 52% of our total revenue as compared to $18.2 million for the same quarter last year. Royalty revenue was $10.7 million, reflecting 48% of our total revenue as compared to $8 million for the same quarter last year.

謝謝你，阿米爾，對這個小插曲感到抱歉。我現在先回顧一下2024年第一季的經營業績。第一季營收為 2,210 萬美元，去年同期營收為 2,630 萬美元。收入明細如下。授權及相關收入為 1,140 萬美元，占我們總收入的 52%，而去年同期為 1,820 萬美元。版稅收入為 1,070 萬美元，占我們總收入的 48%，而去年同期為 800 萬美元。

This represents an impressive 33% revenue growth year over year in just a 14% seasonal decline compared to a 28% seasonal decline a year ago. Gross margin was 89% on GAAP and 90% on non-GAAP basis compared to 87% and 88% on a GAAP and non-GAAP basis, respectively, a year ago. Total GAAP operating expenses for the first quarter were $24.5 million at the lower end of our range. Total non-GAAP operating expenses for the first quarter excluding equity-based compensation expenses, amortization of intangibles and deal costs were $20.7 million below the mid-range of our guidance.

這意味著營收年增 33%，令人印象深刻，但季節性下降僅 14%，而一年前季節性下降 28%。以 GAAP 計算的毛利率為 89%，以非 GAAP 計算的毛利率為 90%，而一年前以 GAAP 計算的毛利率為 87%，以非 GAAP 計算的毛利率為 88%。第一季 GAAP 營運支出總額為 2,450 萬美元，處於我們範圍的下限。第一季的非 GAAP 營運費用總額（不包括基於股權的薪酬費用、無形資產攤銷和交易成本）比我們指導的中位數低 2,070 萬美元。

Due to specific cost monitoring and cost and controls as we've talked about in prior earnings call. GAAP operating loss for the first quarter of 2024 was $5 million compared to GAAP operating loss of $2.6 million for the same period in 2023. GAAP and non-GAAP taxes were $1.7 million above our estimates due to the geographies of deal size.

正如我們在先前的財報電話會議中所討論的那樣，由於特定的成本監控以及成本和控制。2024 年第一季的 GAAP 營運虧損為 500 萬美元，而 2023 年同期的 GAAP 營運虧損為 260 萬美元。由於交易規模的地理差異，GAAP 和非 GAAP 稅費比我們的預期高出 170 萬美元。

GAAP net loss for the first quarter of 2024 was $5.4 million and diluted loss per share was $0.23 as compared to net loss of $2.7 million and diluted loss per share of $0.12 for the same quarter last year. Non-GAAP net loss and diluted loss per share for the first quarter of '24 were $1.3 million and $0.05 respectively, as compared to net income of $1.2 million and diluted income per share of $0.05 reported for the same quarter last year.

2024 年第一季 GAAP 淨虧損為 540 萬美元，稀釋每股虧損為 0.23 美元，去年同期淨虧損為 270 萬美元，攤薄每股虧損為 0.12 美元。2024 年第一季非 GAAP 淨虧損和稀釋每股虧損分別為 130 萬美元和 0.05 美元，而去年同期的淨利潤為 120 萬美元，攤薄每股收益為 0.05 美元。

With respect to other related data. [50] units by CEVA licensees during the first quarter of '24 were 371 million units, up 25% from the first quarter '23 reported shipped. The 371 million units shipped, 61 million units or 16% were for mobile handset modems. 283 million units were for consumer IoT products, up from 250 million units for the first quarter of last year. 27 million units were for IIoT products, up from 18 million for the first year of 23. New shipments were $202 million for the quarter, up 6% year over year.

關於其他相關數據。 [50] CEVA 授權商在 2024 年第一季的出貨量為 3.71 億台，比 23 年第一季報告的出貨量增加了 25%。在 3.71 億台出貨量中，6,100 萬台（即 16%）是手機數據機。消費性物聯網產品出貨量為 2.83 億台，高於去年第一季的 2.5 億台。 IIoT 產品銷售量為 2,700 萬台，高於 23 年第一年的 1,800 萬台。該季度新出貨量為 2.02 億美元，年增 6%。

Cellular IoT shipments were 36 million units, up 24% during the year. Wi-Fi shipments were 31 million units, up 50% year over year. As Amir mentioned earlier, shipments were up year over year across all our end markets. In total, the royalty revenues, excluding mobile handset modems, was the highest quarter since third quarter of 2022 suppressing $8 million.

蜂窩物聯網出貨量為 3,600 萬台，年內成長 24%。Wi-Fi出貨量為3,100萬台，較去年同期成長50%。正如阿米爾先前所提到的，我們所有終端市場的出貨量均逐年成長。總體而言，不包括手機數據機的特許權使用費收入為 2022 年第三季度以來最高的季度，減少了 800 萬美元。

As for the balance sheet items, as of March 31, 2024, Ceva’s cash, cash equivalent balances, marketable securities, and bank deposits were approximately $159 million. In the first quarter of '24, we repurchased approximately 57,000 shares for approximately $1.3 million. As of today, around 643,000 shares are available for repurchase under the repurchase program and it has expanded back in November of last year.

至於資產負債表項目，截至2024年3月31日，Ceva的現金、現金等價物餘額、有價證券和銀行存款約為1.59億美元。2024 年第一季度，我們以約 130 萬美元的價格回購了約 57,000 股股票。截至目前，回購計畫下可供回購的股票數量約為 643,000 股，這一規模早在去年 11 月就已擴大。

Our DSOs for the first quarter for the 58 days back to its normal level and higher than the prior quarter quarter's 32 days. During the quarter, we used $7.3 million cash from operation activities. Ongoing depreciation and amortization was $1 million and the purchase of fixed assets was $0.9 million. At the end of the first quarter, our headcount was 433 people of whom 356 are engineers.

我們第一季的 DSO 有 58 天恢復到正常水平，高於上一季的 32 天。本季度，我們使用了 730 萬美元的營運活動現金。持續折舊和攤銷為 100 萬美元，購買固定資產為 90 萬美元。截至第一季末，我們的員工人數為433人，其中工程師356人。

Now for the guidance of the second quarter of 2024. As Amir stated earlier, we signed a number of deals at the start of the second quarter. We also have good visibility into the second quarter potential deal flow for a wide range of technologies and markets. On royalties, we expect year over year growth in the second quarter and are monitoring the timing of new product introduction from our customers. All in all, we forecast sequential growth in overall revenues for the second quarter of 6% to 16%, primarily from license.

現在提供 2024 年第二季的指導。正如阿米爾早些時候所說，我們在第二季初簽署了多項協議。我們也對第二季各種技術和市場的潛在交易流有很好的了解。在特許權使用費方面，我們預計第二季將年成長，並正在監控客戶推出新產品的時間。總而言之，我們預測第二季總營收將較上季成長 6% 至 16%，主要來自授權。

Gross margin is expected to be similar to the first quarter, approximately 88% on GAAP basis and 90% on non-GAAP basis, excluding an aggregate of $0.2 million of equity-based compensation expenses and $0.1 million of amortization of acquired intangibles. GAAP OpEx for the second quarter is expected to be in the range of $24.5 million to $25.5 million, slightly higher than the first quarter and in line with our annual plans. Of our anticipated total operating expense for the second quarter $3.8 million is expected to be attributed to equity-based compensation expenses and $0.5 million for the amortization of the acquired intangibles.

毛利率預計與第一季相似，以 GAAP 計算約為 88%，以非 GAAP 計算約為 90%，不包括總計 20 萬美元的股權補償費用和 10 萬美元的收購無形資產攤銷。第二季度的 GAAP 營運支出預計在 2,450 萬美元至 2,550 萬美元之間，略高於第一季度，並與我們的年度計劃保持一致。在我們預計的第二季總營運費用中，預計 380 萬美元將用於股權補償費用，50 萬美元用於所收購無形資產的攤銷。

Our non-GAAP OpEx is expected to be at the same level as the first quarter, in the range of $20.2 million to $21.2 million. We'll continue to monitor expenses closely and look for ways to further improve our operating efficiency. Net interest income is expected to be approximately $1.3 million. Taxes for the quarter are expected to be approximately $1.7 million and the share count for the second quarter is expected to be around 25 million shares.

我們的非 GAAP 營運支出預計將與第一季持平，介於 2,020 萬美元至 2,120 萬美元之間。我們將繼續密切監控支出，並尋找進一步提高營運效率的方法。淨利息收入預計約 130 萬美元。該季度的稅費預計約為 170 萬美元，第二季的股票數量預計約為 2500 萬股。

Jason, you could open the Q&A session, please.

傑森，請您開始問答環節。

(Operator Instructions) Matt Ramsay, TD Cowen.

（操作員說明）Matt Ramsay，TD Cowen。

Thank you very much, everybody. Good afternoon. Good morning. I have a few questions. I guess the first one on licensing. Guys, it's totally normal for deals to sort of flip around across quarterly boundaries. And I know you mentioned in the script, there are some deals that might have -- you might have expected to sign that got pushed a little bit.

非常感謝大家。午安.早安.我有幾個問題。我想第一個是關於許可的。夥計們，交易跨越季度界限是完全正常的。我知道你在劇本中提到，有一些交易可能會——你可能預計會簽署，但會被推遲一點。

But it didn't sound super clear to me whether all of those things that flipped out of Q1 were just kind of across the quarterly boundary and going to get done in Q2 or if they might have been flipped a little bit longer than that. And if it's the latter, maybe you could just kind of talk about what's going on in the environment that might be delaying a few of the deals longer than would be typical? Thanks.

但我聽起來不太清楚，第一季發生的所有事情是否只是跨越季度邊界並在第二季度完成，或者它們可能會發生比這更長的時間。如果是後者，也許你可以談談環境中正在發生的事情，這些情況可能會導致一些交易的延遲時間比通常情況要長？謝謝。

Yeah, thank you, Matt. First, I want to say, some of the deals, as we also mentioned in the prepared remarks, is that we already signed in Q2 and then we expect also some of that is just still saying Q2 and which is -- but also there are some deals that got delayed more towards them the next quarter after that. As part of the overall evaluation that takes longer in some cases, especially for the more complicated system that our customers need to evaluate sometimes all the way into the hardware capabilities of their own system.

是的，謝謝你，馬特。首先，我想說，正如我們在準備好的發言中也提到的那樣，我們已經在第二季度簽署了一些交易，然後我們預計其中一些交易仍然是在第二季度，但也有此後的下一個季度，一些交易被推遲了更多。作為整體評估的一部分，在某些情況下需要更長的時間，特別是對於更複雜的系統，我們的客戶有時需要評估自己系統的硬體功能。

Got it. So it sounds like nothing atypical or different in the environment. Just kind of normal course of business type stuff. Is that fair?

知道了。所以聽起來環境中沒有什麼不尋常或不同的地方。只是一種正常的商業過程。這樣公平嗎？

That's fair. I would say the one thing that we highlight more specifically for this quarter was the strategic deal with a customer that the -- customer that we already have, a multimillion dollar deal that we expected to close in this quarter in Q1. The evaluation of the technology, the agreements on both the technology and the commercial agreements was offset within the quarter. But the process signature of the customer took longer than anticipated and this deal was already closed. Because the timing and the magnitude of the deal, we mentioned it specifically.

這還算公平。我想說，我們本季更具體強調的一件事是與我們已經擁有的客戶的策略交易，我們預計將在第一季的本季完成一項數百萬美元的交易。技術評估、技術協議和商業協議在本季內被抵銷。但客戶的流程簽名花費的時間比預期要長，這筆交易已經完成。因為交易的時機和規模，我們特別提到。

Got it. No, thanks for all that. I guess for me -- onto some more important technology questions. I wanted to ask about two emerging technologies that you guys seem to be investing in a lot and are well-positioned for. The first one is WiFi 7 and the second one is UWB. So on WiFi 7, maybe you could give us a little bit more on expected pace of adoption of the technology and what the -- both the licensing and royalty economics look like for your company relative to WiFi 6?

知道了。不，謝謝你所做的一切。我想對我來說——解決一些更重要的技術問題。我想問你們似乎在兩項新興技術上投入了大量資金並且處於有利位置的問題。第一個是WiFi 7，第二個是UWB。那麼，關於 WiFi 7，也許您可以向我們提供更多有關該技術採用的預期速度的信息，以及貴公司相對於 WiFi 6 的許可和版稅經濟情況如何？

And UWB, I'd be sort of interested in hearing about what's the breadth of different relationships and I guess the what the pipeline looks like for UWB deals, both breadth and timing? Because these are both sort of exciting new technologies. I'm kind of interested to hear where you guys are in the progression on each one. Thank you.

至於 UWB，我有點有興趣了解不同關係的廣度，我猜 UWB 交易的管道是什麼樣的，包括廣度和時機？因為這些都是令人興奮的新技術。我很想聽聽你們在每個專案上的進展。謝謝。

Yeah, definitely. Actually, I'll start with the WiFi, and I think you've [understood] that before WiFi 7, even with WiFi 6 in terms of warranty overall we are still early [so-called] in the cycle of our customers transitioning from WiFi 4 to WiFi 6 in the high volume. So we expect it to be a very good tailwinds as we go through the rest of the year on the warranty side. In terms of licensing, definitely we are extremely encouraged to see some of our existing customers as well as new customers [out] licensing WiFi 7.

是的，絕對是。實際上，我將從 WiFi 開始，我認為您已經[理解]在 WiFi 7 之前，即使在保固方面有了 WiFi 6，我們仍處於客戶從WiFi 4 到 WiFi 6 的音量很高。因此，我們預計這將成為我們在保固方面度過今年剩餘時間的非常好的順風車。在許可方面，我們非常高興看到一些現有客戶以及新客戶獲得 WiFi 7 許可。

This is specifically, as you mentioned, as we signed this quarter was about a customer that was already licensed in the past WiFi 6 and Bluetooth from us. Extremely encouraging to see that the trough that we have in the marketplace and the (technical difficulty) our customer that they repeat and come back to us.

具體來說，正如您所提到的，我們本季度簽署的協議涉及一位客戶，該客戶已經獲得了我們過去的 WiFi 6 和藍牙許可。看到我們在市場上遇到的低潮以及他們重複並回到我們身邊的（技術困難）我們的客戶非常令人鼓舞。

Penetration of WiFi 7, in terms of licensing and development of those technologies, really right now ramping up quite nicely to the -- through 2024. It had started off as an access point. Now we see more also on the client side. It is a high performance, high throughput type of technology. So the propagation starts more from the high end and then over time will propagate lower in terms of the different tiers of the market.

就這些技術的許可和開發而言，WiFi 7 的滲透率現在確實在穩步上升，直到 2024 年。它最初是作為一個接入點。現在我們在客戶端也看到了更多。它是一種高性能、高吞吐量類型的技術。因此，傳播更多地從高端開始，然後隨著時間的推移，將在不同層次的市場中向下傳播。

But also for us, the transition from WiFi 4 to WiFi 6 and WiFi 7, it's a great tailwind in terms of the average deal size as well as the average royalty that we get per device. Because we really provide more value, more sophistication, and time to market advantage to our customers. Although this is a very strong trend, and we're encouraged to see also the WiFi volume increase very nicely year over year this quarter.

但對我們來說，從 WiFi 4 到 WiFi 6 和 WiFi 7 的過渡，對於平均交易規模以及我們從每個裝置獲得的平均版稅而言，都是一個巨大的推動力。因為我們確實為客戶提供了更多的價值、更先進的技術和上市時間優勢。儘管這是一個非常強勁的趨勢，但我們很高興看到本季 WiFi 流量比去年同期也有很好的成長。

Going to the UWB questions, definitely Qualcomm announcements and coming to market with the UWB combo data technology for their mobile devices, this is a very important precursor for the UWB to penetrate beyond automotive into the consumer. Most of the previous deal that we talked about, we are in the automotive.

談到 UWB 問題，肯定是高通公司的公告，並為其行動裝置推出了 UWB 組合數據技術，這是 UWB 滲透到汽車以外的消費者領域的一個非常重要的先驅。我們之前討論的大部分交易都涉及汽車領域。

Now this quarter, we have a very nice deal in the consumer space, and we definitely see the Qualcomm announcement, the penetration into mobile phones and overall, the understanding of more of the use cases of UWB and [02.0.2] certification [body]. Also really ratifying their solution, putting a very good tailwind for the demand in the marketplace.

現在這個季度，我們在消費領域達成了非常好的協議，我們肯定會看到高通的公告、對手機的滲透以及整體上對 UWB 和 [02.0.2] 認證的更多用例的理解[身體].他們的解決方案也得到了真正的認可，為市場需求提供了良好的推動力。

Having said that, overall, I would say UWB technology penetration rate is going to be on average, smaller or lower than what you typically see with the more incumbent for WiFi technology. Data fees, of course, were for UWB, a lot of demand for UWB with Bluetooth technology and in the more high-end devices, even with WiFi combo. So again, we are well-positioned to take advantage of that trend.

話雖如此，總體而言，我認為 UWB 技術的平均滲透率將小於或低於您通常看到的 WiFi 技術的滲透率。當然，數據費用是針對 UWB 的，對帶有藍牙技術的 UWB 以及更高端的設備（甚至帶有 WiFi 組合）的需求很大。因此，我們已經做好了充分利用這一趨勢的準備。

Thank you for all the details, Amir. I'll jump back in the queue. Thanks, guys.

謝謝你提供的所有細節，阿米爾。我會跳回到隊列中。多謝你們。

Thank you.

謝謝。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Yes, thanks for taking my question. As you're writing more licenses, I guess coming up with agreements with licenses that include more technology, as we mentioned in the strategies to sell, sensing connectivity and processing, is that considered one license now? Or is there going to be a change -- the value of the license goes up and there will be fewer numbers when you report each quarter? Or are they still going to be considered separate licenses, but just in one design?

是的，感謝您提出我的問題。當您編寫更多許可證時，我想會提出包含更多技術的許可證協議，正如我們在銷售、感測連接和處理策略中提到的那樣，現在這是否被視為一種許可證？或者是否會發生變化——許可證的價值會上升，而您每個季度報告時的數字會減少？或者它們仍將被視為單獨的許可證，但僅採用一種設計？

A good question, Kevin, we count them as separately but use different technologies in order to keep pace of the WiFi or Bluetooth softwares and UWB. We will cut them a multiple a deal, if they are indeed plan to be a -- combine single product. On the product itself, that the agreement is one agreement that includes all -- whatever type of technologies the customer would like to license and partner with us for.

這是一個很好的問題，Kevin，我們將它們分開計算，但使用不同的技術，以便跟上 WiFi 或藍牙軟體和 UWB 的步伐。如果他們確實計劃成為一個組合單一產品，我們將與他們達成多筆交易。就產品本身而言，該協議是一項包含所有內容的協議——客戶希望授權我們並與我們合作的任何類型的技術。

Of course, it's integrated in a single chip. The royalty will be applied on the entire chip price, either as a percentage of the chip or cents per chip. And we'll take into account that the use with those chips are higher price -- base fees would be higher. Our take of that, whether it's cents or percentage would be higher because of the knowledge and the expertise and the advantage we bring to the table by combining multiple technologies.

當然，它集成在單一晶片中。特許權使用費將適用於整個晶片價格，可以是晶片的百分比，也可以是每個晶片的美分。我們會考慮到使用這些晶片的價格更高——基本費用會更高。我們對此的看法，無論是美分還是百分比都會更高，因為我們透過結合多種技術帶來了知識和專業知識以及優勢。

And to add (technical difficulty) is basically Kevin, what we announced as Ceva wavelength, where we provide added value of those combined technologies, if our customers need that support, we would like to license it. Overall, I would say, as we look historically into our deals and connectivities, as we propagate into the more advance releases of the technology from Bluetooth 4.0 to all the way now in the future, 6.0, adding WiFi and going for WiFi 6 and 7 and the combination, we really see on average that the deal sizes growing as well as the potential royalty that comes with them.

補充一點（技術難度）基本上是 Kevin，我們宣布的 Ceva 波長，我們提供這些組合技術的附加價值，如果我們的客戶需要這種支持，我們願意獲得許可。總的來說，我想說，當我們回顧我們的交易和連接的歷史時，當我們傳播到更先進的技術版本時，從藍牙 4.0 一直到未來的 6.0，添加 WiFi 並轉向 WiFi 6 和 7結合起來，我們確實平均看到交易規模以及隨之而來的潛在特許權使用費不斷增長。

Okay. Thanks for those details. And just in general, China has been a big market for you and have the US sanctions -- is it getting worse for you? Or are there fewer new designs starting in China? Maybe just give us the landscape of what's happening in China?

好的。謝謝你提供這些細節。總的來說，中國對你們來說一直是一個大市場，並且受到美國的製裁——對你們來說情況是否變得更糟？或者說在中國推出的新設計較少？也許只是向我們介紹中國正在發生的事情？

First of all regulation, actually, we haven't seen any material change or any meaningful change this quarter or more broadly quite recently. So no impact at all in terms of any change. I would say still China is important market for us in terms of lots of innovation in the semiconductor industry and overall for all the different type of technologies.

首先，實際上，本季或更廣泛的最近我們沒有看到任何實質變化或任何有意義的變化。因此，任何變化都不會產生任何影響。我想說，就半導體產業的大量創新以及所有不同類型的技術而言，中國對我們來說仍然是重要的市場。

We're actually encouraged to see that this quarter, I would say, overall, the market condition in China I think, has stabilized and there is a very good innovation and demand for technology. I think from the royalty reports that we provided on average, our customer base are doing quite well in the market. So this is also a very positive indication for us as we will continue through the year.

事實上，我們很高興看到本季度，我認為，總體而言，中國的市場狀況已經穩定，並且有非常好的創新和技術需求。我認為從我們提供的平均版稅報告來看，我們的客戶群在市場上表現得很好。因此，這對我們來說也是一個非常積極的跡象，因為我們將在今年繼續這樣做。

Kevin, I'll add to that. This is the first time in many years that we have seen sequential flattish revenue for many of our Chinese customers in the IoT space reporting from Q4 to Q1, not a down quarter like it usually was, but really flat or are even stronger quarter to -- in some cases. So it was very encouraging.

凱文，我補充一下。這是多年來我們第一次看到物聯網領域的許多中國客戶從第四季度到第一季度的收入連續持平，不是像往常那樣出現季度下滑，而是真正持平甚至更強勁。情況下。所以這是非常令人鼓舞的。

Okay, great. Thank you.

好的，太好了。謝謝。

(Operator Instructions) Chris Reimer, Barclays.

（操作員說明）Chris Reimer，巴克萊銀行。

Hi. Thanks for taking my questions. Can you talk just a little bit about the past to achieving the year-end guide? I believe you were projecting a 48% top-line growth back in 4Q. If you could just remind us how sequentially that should take place. And then on the partnership side, if you could talk about the kind of exposure you have with your partnerships, especially with the boAt and what kind of products on are working with you there?

你好。感謝您回答我的問題。能簡單談談實現年終指南的過去嗎？我相信您預計第四季度的營收將成長 48%。如果你能提醒我們應該如何順序進行就好了。然後在合作夥伴方面，您是否可以談談您與合作夥伴的接觸情況，尤其是與 boAt 的接觸，以及與您合作的產品類型？

Hi Chris, I'll start with the first part and Amir will take over for the second. We did guide in the beginning of the year, a 48%. The top line growth. We did talk about the flattish non-GAAP OpEx and gave a range of $93 million to $96 million for the year. We're not changing those two numbers today. We also said at the beginning of the year that the second half will be stronger than the first year. So with all that said, nothing has really changed our plan.

嗨，克里斯，我將從第一部分開始，阿米爾將接手第二部分。我們在年初做了指導，48%。營收成長。我們確實討論了持平的非 GAAP 營運支出，並給出了今年 9,300 萬美元至 9,600 萬美元的範圍。我們今天不會改變這兩個數字。我們年初也說過，下半年會比第一年更強。話雖如此，我們的計劃並沒有真正改變。

Yes, we talked about the deal being delayed -- a few deals being delayed. We also mentioned that some of those deals were signed in Q2. So maybe it's just some shift between those two quarters. But the way we're seeing it with the pretty strong Q1, much stronger than historical seasonality [frame] and growth in all the different product volume on a year-over-year basis, which is also something quite remarkable. We haven't seen that for a long time. We're feeling well with the rest of the year.

是的，我們談到了交易被推遲的問題——一些交易被推遲了。我們也提到其中一些交易是在第二季簽署的。所以也許這只是這兩個季度之間的一些轉變。但我們看到第一季相當強勁，遠強於歷史季節性[框架]，並且所有不同產品數量同比增長，這也是相當了不起的。我們已經很久沒有看到這樣的情況了。今年剩下的時間我們感覺很好。

The licensing royalty each one of them have different trends and deals can from time to time get delayed, but our plans are not changing from that from the expense point of view of trying to manage this carefully. The guidance for second quarter is exactly the same. 90% gross margins and non-GAAP and the same range of expenses on OpEx and with more revenue flowing in, we should have the leverage to reach our targets. That's the way we see it today. Obviously, things could change, but this is what we are focused on achieving for 2024.

他們每個人的許可使用費都有不同的趨勢，交易有時會被推遲，但從嘗試仔細管理這筆費用的角度來看，我們的計劃並沒有改變。第二季的指引完全相同。 90% 的毛利率和非公認會計原則以及相同範圍的營運支出費用以及更多的收入流入，我們應該有能力實現我們的目標。這就是我們今天所看到的方式。顯然，情況可能會發生變化，但這就是我們 2024 年的重點目標。

As for the partnership with boAt. So boAt about is that the number one (inaudible) hearable wearable OEM in the marketplace and we believe they are number two [to up] the worldwide. We have a very, very good partnership with them, working with them directly as an OEM. We offer them basically a combination of the silicon that they're using that we have in there.

至於與boAt的合作。因此，市場上排名第一（聽不清楚）的可聽穿戴 OEM 廠商，我們相信他們是全球排名第二的。我們與他們有著非常非常好的合作關係，作為 OEM 直接與他們合作。我們為他們提供的基本上是他們所使用的矽的組合，而我們在那裡有。

There is the IP, our connectivity IPs, as well as the DSPA IIP and on top of that, we provide them a software IP to one [3D] special RVO for hearable wearable devices. They've just launched the first product using this type of -- all these three technologies combined in their device that I shared in my remarks, and we aren't going to see that keep penetrating a cost of product line.

其中包括 IP、我們的連接 IP 以及 DSPA IIP，最重要的是，我們為可聽式穿戴裝置的一個 [3D] 特殊 RVO 提供軟體 IP。他們剛剛推出了第一個使用這種類型的產品——我在評論中分享了所有這三種技術結合在他們的設備中，我們不會看到這種技術繼續滲透產品線的成本。

Got it. Okay. Thanks for that. That's it for me.

知道了。好的。感謝那。對我來說就是這樣。

Thank you, Chris.

謝謝你，克里斯。

Thanks, Chris.

謝謝，克里斯。

There are no more questions in the queue. This concludes our question and answer session.

隊列中沒有更多問題。我們的問答環節到此結束。

Sorry, Jason. I think Kevin, or David is there?

對不起，傑森。我想凱文或大衛在嗎？

Sorry about that. David O'Connor, BNP Paribas.

對於那個很抱歉。大衛‧奧康納，法國巴黎銀行。

Awesome. Good morning. Thanks for squeezing me in guys. Maybe just one or two follow-ups on my side. And so firstly, just the flattish revenues in China customers Q4 to Q1. Can you give us a bit more color? Was that due to kind of units or was it just more content? You're sensing that was inventory replenishment in those end markets or just new products come into the market at those higher ASP that you talked about? And I have follow-up.

驚人的。早安.謝謝你們把我擠進夥計們。也許我這邊只有一兩個後續行動。首先，第四季到第一季中國客戶的營收持平。你能給我們多一點顏色嗎？這是由於單位的種類還是只是更多的內容？您是否感覺到這些終端市場的庫存補充或只是新產品以您談到的更高的平均售價進入市場？我有後續行動。

Yeah, usually the seasonality in IoT devices mobile has been the case for many, many years. That Q1 is lower in volume and new phone introduction than the fourth quarter and the Christmas holiday season. What we saw this quarter with 25% unit growth year over year and sequentially some of our customers, which may be Chinese customers, but they're shipping on a worldwide basis.

是的，行動物聯網設備的季節性通常已經存在很多很多年了。第一季的銷售量和新手機推出量低於第四季和聖誕假期。我們看到本季的單位數量年增了 25%，我們的一些客戶（可能是中國客戶）連續在全球範圍內發貨。

And Amir mentioned earlier on, the headsets, earbuds, we are probably 45% to 50% worldwide market share or technologies embedded in excluding Apple. So in some of these devices and overall IoT devices that we ship, we saw flattish units. We didn't see a decline, and that's probably from inventory build out and filling the channels with a pretty strong start for the year. Does that answer your question?

阿米爾先前提到，在耳機、耳塞方面，我們可能擁有 45% 到 50% 的全球市場份額或嵌入的技術（不包括蘋果）。因此，在我們發貨的其中一些設備和整個物聯網設備中，我們看到了平坦的單元。我們沒有看到下降，這可能是由於庫存增加以及今年開局相當強勁而填充了渠道。這是否回答你的問題？

Yeah, that's very helpful. And then maybe just one on the higher value deals that you're signing and licensing and royalty rate. Can you give us any kind of framework how to think about those higher warranty rates versus your classic rates? And also the licensing deal, can you help as well give us just a sense of kind of what -- how big they are versus your classic licensing deals? I know every deal is different, but just kind of how to think about that from a kind of numbers perspective, that'd be helpful. Thanks, guys.

是的，這非常有幫助。然後也許只是您正在簽署的更高價值交易、許可和特許權使用費率中的一項。您能否為我們提供任何類型的框架，如何考慮那些更高的保固率與您的經典保固率？還有授權協議，您能否幫助我們了解一下—與您的經典授權協議相比，它們的規模有多大？我知道每筆交易都是不同的，但只是如何從數字的角度來思考這一點，這會很有幫助。多謝你們。

Yeah, not sure we could help that much. I mean when we talk about multimillion dollar deals, these are bigger deals and larger deals in volume than we have in the past. So it could be a few million dollars for a specific deal. Depends on the technology and the market segments. May be historically in the past, those were a few hundred thousand for single use up to a million. And today depends on that technology and how many technologies we integrate into an agreement, it could be much higher numbers than that. Maybe that's a little bit of the flavor.

是的，不確定我們能提供這麼多幫助。我的意思是，當我們談論數百萬美元的交易時，這些交易規模比過去更大。因此，具體交易可能需要數百萬美元。取決於技術和細分市場。可能在歷史上，一次性使用的數量是幾十萬到一百萬。今天取決於該技術以及我們將多少技術整合到協議中，它的數字可能比這個要高得多。也許這就是一點點的味道。

And same goes with ASPI. The percentages, if it's say multiple technologies or higher than just the standalone Bluetooth deal that we license the five years ago. I think that's what we're referring to, that the more content we add to these agreements multiple technologies, newer technologies that come into play.

ASPI 也是如此。如果是多種技術或高於我們五年前許可的獨立藍牙交易的百分比。我認為這就是我們所指的，我們為這些協議添加的內容越多，多種技術、新技術就會發揮作用。

That's true across the newer WiFi, Bluetooth, UWB, as well as AI and then software packages that we have, the offering that we have today. We are able to charge higher percentages of the chip price at the end of the day or higher chips -- higher cents per chip.

對於較新的 WiFi、藍牙、UWB 以及人工智慧以及我們今天提供的軟體包來說都是如此。我們能夠在一天結束時收取更高百分比的晶片價格或更高的晶片價格——每個晶片更高的美分。

(multiple speakers) just to complement on Yaniv's comments regarding the royalty and China. Generally speaking for this quarter, we are really encouraged actually with our customers worldwide and as well as in China in terms of the volume shipments. And part of that is the tailwinds that we discussed last year where we see basically WiFi penetrating more and more.

（多名發言者）只是為了補充 Yaniv 關於皇室和中國的評論。總的來說，就本季而言，我們對全球和中國客戶的出貨量感到非常鼓舞。其中一部分是我們去年討論過的有利因素，我們基本上看到 WiFi 的滲透率越來越高。

We see the combination of the different technologies, the higher ASP, which does -- different product mix that goes to market as well as more and more new customers that are ramping either Bluetooth or WiFi and in the future, our UWB technology, as well as their narrowband IoT or 5G for RedCap. So all in all for this quarter, which typically is in consumer market seasonally lower than Q4. We have seen really great year-over-year growth as well as on a quarter-over-quarter basis, a very strong demand for our customer base.

我們看到了不同技術的結合，更高的平均售價，這確實是不同的產品組合進入市場，以及越來越多的新客戶正在增加藍牙或WiFi，並且在未來，我們的UWB 技術也會增加。總而言之，本季的消費市場季節性通常低於第四季。我們看到了同比和環比的巨大成長，對客戶群的需求非常強勁。

Awesome. Thanks, guys.

驚人的。多謝你們。

Thank you.

謝謝。

This concludes our question and answer session. I would like to turn the conference back over to Richard Kingston for any closing remark.

我們的問答環節到此結束。我想將會議轉回理查德·金斯頓發表閉幕詞。

Great. Thank you all for joining us today and for your continued interest in CEVA. As a reminder, the prepared remarks for this conference call are filed as an exhibit to the current Form 8-K and accessible through the Investors section of our website.

偉大的。感謝大家今天加入我們以及對 CEVA 的持續關注。謹此提醒，為本次電話會議準備的發言稿已作為當前表格 8-K 的附件歸檔，並可透過我們網站的投資者部分存取。

With regards to upcoming events, we will be participating in the following conferences Oppenheimer's 25th Annual Israeli Conference, May 26 in Tel Aviv; Cowen 52nd Annual TMT Conference, May 29 in New York; the Mesirow Technology Conference, June 12 in New York; and Rosenblatt Fourth Annual Virtual Tech Summit 2024, June 13. That will be held virtually. For the information on these events and all events we will be participating in can be found on the Investors section of our website.

關於即將舉行的活動，我們將參加以下會議：奧本海默第 25 屆以色列年度會議，5 月 26 日在特拉維夫舉行； Cowen 第 52 屆年度 TMT 大會，5 月 29 日在紐約舉行； Mesirow 技術會議，6 月 12 日在紐約舉行；和 Rosenblatt 2024 年第四屆年度虛擬技術高峰會，6 月 13 日。會議將以虛擬方式舉行。有關這些活動以及我們將參加的所有活動的資訊可以在我們網站的投資者部分找到。

Thank you and goodbye.

謝謝，再見。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。