CEVA Inc (CEVA) 2024 Q2 法說會逐字稿

Good day and welcome to the CEVA Inc. Second Quarter 2024 Earnings Call. All participants will be in listen only mode. (Operator Instructions) After today's remarks, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 CEVA Inc. 2024 年第二季財報電話會議。所有參與者將處於僅聽模式。（操作員說明）今天的演講結束後，將有機會提問。（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 of 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. Welcome to Ceva’s second quarter 2024 earnings conference call. Joining me today on the call are Amir Panush, Ceva, Chief Executive Officer and Yaniv Arieli, Chief Financial Officer of Ceva.

謝謝傑森，大家早安。歡迎參加 Ceva 2024 年第二季財報電話會議。今天與我一起參加電話會議的還有 Ceva 執行長 Amir Panush 和 Ceva 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，這些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有重大差異。

Forward-looking statements include statements regarding our market positioning, strategy and growth opportunities, market trends and dynamics, expectations regarding demand for and benefits of our technologies, our expectations on financial goals and guidance regarding future performance and our plans and expectations regarding our recently filed registration statement on Form S3 and any potential future offering or capital raises and the use of proceeds there from. Ceva assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.

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、對我們技術的需求和效益的預期、我們對財務目標的預期和對未來業績的指導以及我們對最近提交的計劃和預期的陳述。Ceva 不承擔更新截至各自日期的任何前瞻性陳述或資訊的義務。

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 Intrinsics 業務後，Intrinsics 的財務業績從 2023 年第三季開始轉變為非持續經營業務，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, which we issued this morning, and in the SEC filing 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以及投資者關係網站 Investors.Ceva-ip.com 的 SEC 備案部分均包含非 GAAP 財務指標的調節表。

With that said, I'd like to turn the call over to Amir now 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，我現在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. We are pleased to report an excellent second quarter that exceeded our estimates with strong licensing execution from our team worldwide, coupled with royalty growth driven by board market strengths in IoT and robust smartphone shipments. We also surpassed the milestones of 18 billion Ceva-powered Smart Edge devices shipped to date as our shipment volumes continue to accelerate rapidly in our IoT end markets.

謝謝理查德，大家早安，謝謝你們今天加入我們。我們很高興地報告第二季度表現出色，超出了我們的預期，這得益於我們全球團隊強大的許可執行力，加上物聯網主板市場優勢和強勁的智慧型手機出貨量推動的特許權使用費增長。隨著我們在物聯網終端市場的出貨量持續快速成長，迄今為止，我們也突破了由 Ceva 驅動的智慧邊緣設備出貨量達到 180 億台的里程碑。

Our strategy to be focused on developing and licensing leading IPs that enable small edge devices to connect, sense and infer data is effective and highly synergistic with the growing adoption of AI across every industry. We are seeing more and more licensing deals that are driven by customer needs to incorporate more processing power, more sensing capabilities, more wireless connectivity options, and highly efficient NPUs to run AI workloads on device.

我們的策略是專注於開發和授權領先的 IP，使小型邊緣設備能夠連接、感知和推斷數據，該戰略是有效的，並且與各行業日益普及的人工智慧具有高度協同性。我們看到越來越多的授權交易是由客戶需求推動的，以整合更多的處理能力、更多的感測功能、更多的無線連接選項和高效的NPU，以便在設備上運行人工智慧工作負載。

No other IP company has the technology portfolio capable of addressing these three pillars required by every edge AI-enabled device, and we are fully focused on maximizing our leadership position and extracting better economics per deal as a result.

沒有其他IP 公司擁有能夠滿足每個邊緣人工智慧設備所需的這三個支柱的技術組合，我們完全專注於最大限度地發揮我們的領導地位，並從而為每筆交易帶來更好的經濟效益。

Licensing revenue was up 28% year over year and our backlog heading into the third quarter is healthy, on the back of signing some very significant deals in the quarter. In particular, we signed new strategic agreements with two infrastructure OEM customers for their developments of custom silicon that will enable the infrastructure that is essential for the successful deployment of hybrid AI.

授權收入年增 28%，由於本季簽署了一些非常重要的交易，我們進入第三季的積壓訂單狀況良好。特別是，我們與兩家基礎設施 OEM 客戶簽署了新的戰略協議，幫助他們開發客製化晶片，從而實現對混合人工智慧的成功部署至關重要的基礎設施。

The future path of AI inference needs to be hybrid with AI processing distributed between the cloud and edge devices with more and more influencing being performed on the end device for cost, security, privacy, and user experience reasons.

人工智慧推理的未來路徑需要與分佈在雲端和邊緣設備之間的人工智慧處理混合，出於成本、安全、隱私和用戶體驗的原因，越來越多的影響在終端設備上執行。

Generative AI has accelerated these requirements, where GenAI developers and providers utilize multiple GenAI models using a mix of computing the cloud, data centers and on device, depending on latency, connectivity, availability, security and privacy requirements.

生成式 AI 加速了這些要求，GenAI 開發人員和供應商根據延遲、連接性、可用性、安全性和隱私要求，利用雲端運算、資料中心和裝置上的混合運算的多個 GenAI 模型。

The communications infrastructure that enables hybrid AI is constantly evolving to improve performance and ensure the experience is seamless. Our customers have repeatedly chosen us for the long-term roadmap due to our DSP leadership in compute efficiency and the value we created together in past platforms.

支援混合人工智慧的通訊基礎設施不斷發展，以提高效能並確保無縫體驗。由於我們在運算效率方面的 DSP 領先地位以及我們在過去的平台中共同創造的價值，我們的客戶多次選擇我們作為長期路線圖。

The step up in performance we have delivered to these customers with our latest processor architecture has enabled us to extract more value per deal and will drive higher royalties per chip from the next generation product.

我們透過最新的處理器架構為這些客戶提供了效能的提升，使我們能夠從每筆交易中獲取更多價值，並將推動下一代產品的每晶片特許權使用費更高。

Another notable licensing achievements in the quarter, we signed a strategic Bluetooth portfolio licensing deal with a top three US semiconductor analog company that is expanding from sensing to connectivity and AI.

本季另一項值得注意的授權成就是，我們與美國三大半導體模擬公司簽署了策略性藍牙產品組合授權協議，該公司正在從感測擴展到連接和人工智慧。

This customer is adding connectivity capabilities across its product offering and consolidating their Bluetooth product roadmap around Ceva's IP going forward. We believe these customers have the potential to become a very high-volume shipper of our IP in future years. We have a significant royalty opportunity.

該客戶正在其產品中添加連接功能，並圍繞 Ceva IP 鞏固其藍牙產品路線圖。我們相信這些客戶有潛力在未來幾年成為我們知識產權的大批量發貨商。我們有重要的特許權使用機會。

This deal follows on from a deal with another US leading MCO player late last year, where we license our Wi-Fi 6 IP for their MCUs. We continue to uncover new opportunities within the US semiconductor industry across our entire portfolio of IPs. As we have stated previously, the US market forms an important power of our growth strategy and this deals our clear indicators that our strategy for growth in the US is achieving success.

這筆交易是繼去年年底與另一家美國領先的 MCO 廠商達成的協議之後，我們為他們的 MCU 授權了我們的 Wi-Fi 6 IP。我們繼續在整個 IP 組合中發現美國半導體產業的新機會。正如我們之前所說，美國市場是我們成長策略的重要力量，這清楚地表明我們在美國的成長策略正在取得成功。

Overall, we signed 11 deals in the quarter addressing AI solutions for industrial and consumer edge AI devices, next generation wireless infrastructure to enable ubiquitous AI, 5G satellite, 5G RedCap and Bluetooth connectivity for wearables and hearables. Five of the deals were with OEMs and one deal was with a first-time customer.

總體而言，我們在本季度簽署了11 項協議，涉及工業和消費邊緣AI 設備的AI 解決方案、支援無處不在的AI 的下一代無線基礎設施、5G 衛星、5G RedCap 以及可穿戴設備和耳戴裝置的藍牙連接。其中五筆交易是與原始設備製造商 (OEM) 達成的，一筆交易是與首次客戶達成的。

Now turning to royalties, both market strengths across our Smart Edge customer base, including strong global smartphone shipments, resulted in royalty revenue growing 5% sequentially and 19% year over year. Shipment volumes grew 24% year over year, driven predominantly by our customers taking more market share in Bluetooth, Wi-Fi, and cellular IoT in the growing industrial healthcare and consumer IoT end markets.

現在轉向特許權使用費，我們的 Smart Edge 客戶群的兩個市場優勢（包括強勁的全球智慧型手機出貨量）導致特許權使用費收入環比增長 5%，同比增長 19%。出貨量年增 24%，主要是由於我們的客戶在不斷增長的工業醫療保健和消費物聯網終端市場中在藍牙、Wi-Fi 和蜂窩物聯網領域佔據了更多市場份額。

Smartphone recovered well from Q1 and our large customer addressing the low- to mid-range market segment is expanding its customer base with new design wins at Vivo and Xiaomi amongst others. Also of note, we received the first royalties from our special audio collaboration with boat, India's number one hearables and wearables OEM.

智慧型手機從第一季開始恢復良好，我們面向中低階市場的大客戶正在透過 Vivo 和小米等公司的新設計擴大其客戶群。另外值得注意的是，我們從與印度排名第一的耳戴式設備和可穿戴設備 OEM 廠商 Boat 的特殊音訊合作中獲得了第一筆特許權使用費。

And one of our largest Bluetooth customers reported the first shipments of their new Wi-Fi 6 and Bluetooth 5 combo chip aimed at high volume Smart Edge devices, including TWS earphones, smart watches, smart glasses and smart hearing aids.

我們最大的藍牙客戶之一報告了其新型 Wi-Fi 6 和藍牙 5 組合晶片的首批發貨，該晶片針對大批量智慧邊緣設備，包括 TWS 耳機、智慧手錶、智慧眼鏡和智慧助聽器。

Overall, the royalty momentum we are experiencing is underpinned by our strong licensing activities in the past three years. These customers are now starting to come to market with the latest chips powered by our IP, expanding our customer base across end markets.

總體而言，我們正在經歷的特許權使用費勢頭是由我們過去三年強勁的許可活動支撐的。這些客戶現在開始將由我們的 IP 提供支援的最新晶片推向市場，從而擴大我們在終端市場的客戶群。

This will continue to be a strong tailwind for our royalty business for years to come, and we continue to partner closely with our customers to ensure they successfully reach the market with their increasingly intelligent and connected product.

這將在未來幾年繼續成為我們的版稅業務的強大推動力，我們將繼續與客戶密切合作，以確保他們憑藉日益智慧和互聯的產品成功進入市場。

Now taking a step back, it has becoming abundantly clear that AI is a key factor in driving our business both directly and indirectly. As we have stated previously, there is no AI without sensing or connectivity. Every Smart Edge device requires sensing to take data from its surroundings to which AI is then applied in order to inform decisions and each of these devices needs to be connected to transfer this data to other devices, to the cloud or to the network. These three use cases are inextricably linked and provide incredible opportunities for Ceva to grow and flourish.

現在退一步來看，人工智慧是直接和間接推動我們業務的關鍵因素，這一點已經變得非常清楚。正如我們之前所說，沒有感測或連結就沒有人工智慧。每個智慧邊緣設備都需要透過感測從周圍環境獲取數據，然後應用人工智慧來為決策提供信息，並且每個設備都需要連接起來才能將這些數據傳輸到其他設備、雲端或網路。這三個用例密不可分，為 Ceva 的成長和繁榮提供了難以置信的機會。

During the second quarter, we launched two new IP products, that continue our AI and connectivity momentum. The first of this relates to AI for IoT devices. AI is increasingly finding its way into every device, no matter how small or power constrained. TinyML is the field of machine learning that will bring AI inferencing to billions of devices in the coming years and represents a huge opportunity in AI beyond the cloud, which most of us are familiar with today.

第二季度，我們推出了兩款新的 IP 產品，延續了我們的人工智慧和連接勢頭。第一個與物聯網設備的人工智慧有關。人工智慧正越來越多地進入各種設備，無論設備有多小或功率有限。TinyML 是機器學習領域，它將在未來幾年將人工智慧推理帶入數十億台設備，並代表著我們今天大多數人都熟悉的雲端之外的人工智慧的巨大機會。

In fact, ABI Research forecast the TinyML shipments in IoT devices are set to grow at a CAGR of 48% throughout the rest of the decade to reach almost 3.65 billion by 2030, all running on the device. In order for this market to reach its potential. Specialized Neural Processor units or NPUs are required to run the TinyML networks in many of these devices in a power and cost-efficient manner.

事實上，ABI Research 預測，物聯網設備中的 TinyML 出貨量在未來十年內將以 48% 的複合年增長率增長，到 2030 年將達到近 36.5 億個，所有這些都在設備上運行。為了讓這個市場發揮潛力。需要專門的神經處理器單元或 NPU 以高效且經濟高效的方式在許多此類設備中運行 TinyML 網路。

Leveraging our vast experience in AI, low power processing, and the ability to handle sensing workloads. In parallel, we introduce a new NPU called NeuPro-Nano during the quarter. This NPU, which is the first fully programmable NPU to efficiently execute any complete end to end application with an optimal balance of power, performance, and area, thanks to innovative features like Ceva NetSqueeze, which significantly reduces the memory footprint required for AI in this IoT devices.

利用我們在人工智慧、低功耗處理和處理感測工作負載的能力方面的豐富經驗。同時，我們在本季推出了一款名為 NeuPro-Nano 的新 NPU。這款NPU 是首款完全可編程的NPU，能夠高效執行任何完整的端到端應用，並在功耗、性能和麵積之間實現最佳平衡，這要歸功於Ceva NetSqueeze 等創新功能，可顯著減少人工智慧在該領域所需的記憶體佔用。

This ensures NeuPro-Nano fits the market requirements for TinyML based AI workloads. From factory maintenance to consumer audio enhancements and appeals to our board customer base as they begin to plan to incorporate AI in their next generation products. NeuPro-Nano is currently in evaluation with customers and we expect the first licensing deal to close this year and first products in the market as soon as 2026.

這確保 NeuPro-Nano 符合基於 TinyML 的 AI 工作負載的市場要求。從工廠維護到消費者音訊增強，以及吸引我們的主機板客戶群，因為他們開始計劃將人工智慧融入下一代產品中。NeuPro-Nano 目前正在與客戶進行評估，我們預計首筆授權交易將於今年完成，首批產品最早將於 2026 年上市。

This is a significant opportunity for us to cross-sell this NPU into our existence customer base, where we already commend leadership and our trusted partner to more than 100 customers today. We believe that this area of AI is an untapped market and that we have the right solution to fully exploit this opportunity.

對我們來說，這是一個向現有客戶群交叉銷售 NPU 的重要機會，目前我們已經向 100 多家客戶推薦了我們的領導力和值得信賴的合作夥伴。我們相信人工智慧這一領域是一個尚未開發的市場，我們擁有正確的解決方案來充分利用這個機會。

The second significant product launch in the quarter is Ceva-Waves Links, a new multi-protocol solution for wireless connectivity. The Ceva-Waves Link 110, which is the first of link series, is already in and integration with a lead OEM customer. Increasingly, devices require more than one wireless connectivity standard to get the best performance and enable all the features required.

本季推出的第二個重要產品是 Ceva-Waves Links，這是一種用於無線連接的新型多協定解決方案。Ceva-Waves Link 110 是連結系列中的第一個產品，已與一家領先的 OEM 客戶整合。設備越來越需要不只一種無線連接標準才能獲得最佳效能並啟用所需的所有功能。

Our broad customer base of Bluetooth, Wi-Fi and UWB customers increasingly are looking to license additional IPs from us and integrate them together in a single chip. Be it Bluetooth and Wi-Fi combo for smart home connectivity or Bluetooth and UWB for digital car keys, in our opinion, there is no other IP company capable of delivering this multi standard wireless solutions. Waves make this even easier for our customers and allows us to provide more IP per deal, leading to higher value per deal through license fees and royalties.

我們廣泛的藍牙、Wi-Fi 和 UWB 客戶群越來越希望從我們這裡獲得額外的 IP 許可，並將它們整合在單一晶片中。無論是用於智慧家庭連線的藍牙和 Wi-Fi 組合，還是數位汽車鑰匙的藍牙和 UWB，我們認為，沒有其他 IP 公司能夠提供這種多標準無線解決方案。Waves 讓我們的客戶變得更加容易，並使我們能夠為每筆交易提供更多的 IP，從而透過授權費和特許權使用費為每筆交易帶來更高的價值。

In closing, I would like to take this opportunity to thank our teams for strong execution this quarter, and to our customers and partners for putting their trust with us. Together, we are bringing more and more Ceva-power devices to market.

最後，我想藉此機會感謝我們的團隊本季的強勁執行力，並感謝我們的客戶和合作夥伴對我們的信任。我們共同將越來越多的 Ceva 電源設備推向市場。

My belief in our people and technology grows every day and the potential of our company is unlimited in the AI era. We have the right strategy to capitalize on our unique capabilities, and we are laser focused on our execution.

我對我們的員工和科技的信心與日俱增，我們公司在人工智慧時代的潛力是無限的。我們擁有正確的策略來利用我們獨特的能力，並且我們高度專注於我們的執行。

We fully expect to deliver on our stated financial and business target for the year and are committed to ensuring everyone sees and understands the value that Ceva brings as an AI focused company through our Smart Edge connect, sense and infer value proposition. All of this in turn will unlock and create more shareholder value.

我們完全期望能夠實現今年既定的財務和業務目標，並致力於確保每個人都能看到並理解Ceva 作為一家專注於人工智慧的公司透過我們的智慧邊緣連接、感知和推斷價值主張所帶來的價值。所有這一切反過來將釋放並創造更多股東價值。

Now, I will turn the call over to Yaniv for the financial.

現在，我將把電話轉給 Yaniv 處理財務事宜。

Thank you, Amir. I'll start by reviewing the results of our operation for the second quarter of 2024. Revenue for the second quarter was $28.4 million, up 24% compared to $22.9 million for the same quarter last year. The revenue breakdown is as follows.

謝謝你，阿米爾。我首先回顧 2024 年第二季的營運結果。第二季營收為 2,840 萬美元，比去年同期的 2,290 萬美元成長 24%。收入明細如下。

Licensing and related revenue was $17.3 million, reflecting 61% of our total revenue significantly increased 28% year over year and 51% sequential. Royalty revenue was $11.2 million, reflecting 39% of our total revenue increased 19% year over year and 5% sequentially. Gross margins came better than our guidance 90% of GAAP and 91% of non-GAAP basis compared to 85% and 86% on GAAP and non-GAAP basis respectively a year ago.

授權及相關收入為 1,730 萬美元，佔總收入的 61%，較去年同期大幅成長 28%，較上季成長 51%。特許權使用費收入為 1,120 萬美元，佔總收入的 39%，較去年同期成長 19%，比上一季成長 5%。毛利率優於我們的指引（以 GAAP 計算）90% 和 91%（以非 GAAP 計算），而一年前以 GAAP 計算和非 GAAP 計算的毛利率分別為 85% 和 86%。

Total GAAP operating expenses for the second quarter were $25.5 million and the higher end of our guidance due mainly to higher sales commission and employee related benefits. Total non-GAAP operating expenses for the second quarter, excluding equity-based compensation expenses, amortization of intangibles and related acquisition costs were $21.4 million just above the higher end of our guidance for the same reasons I just mentioned.

第二季 GAAP 營運支出總額為 2,550 萬美元，處於我們指引值的較高端，這主要是由於銷售佣金和員工相關福利的增加。第二季度的非公認會計準則營運費用總額（不包括基於股權的薪酬費用、無形資產攤銷和相關收購成本）為2,140 萬美元，略高於我們指導的上限，原因與我剛才提到的相同。

Non-GAAP operating margins and net income were 15% of revenue and $4.4 million higher than the negative operating margin of 4% and operating loss of $0.8 million recorded for the first quarter of 2024 and a negative operating margin of 5% and operating loss of $1.1 million recorded in the second quarter of 2023 respectively.

非GAAP 營業利潤率和淨利潤分別佔收入的15% 和440 萬美元，高於2024 年第一季記錄的4% 負營業利潤率和80 萬美元營業虧損，以及5% 負營業利潤率和80萬美元營業虧損2023 年第二季分別錄得 110 萬美元。

GAAP operating loss for the second quarter of '24 was $35,000 as compared to a GAAP operating loss of $5.3 million for the same period in 2023. GAAP and non-GAAP taxes were $1.6 million in line with our guidance and affected by geography of deals signed. GAAP net loss for the second quarter was $0.3 million and diluted loss per share was $0.01 as compared to a net loss of $4.9 million and diluted loss per share of $0.21 for the same period last year.

2024 年第二季的 GAAP 營運虧損為 35,000 美元，而 2023 年同期的 GAAP 營運虧損為 530 萬美元。根據我們的指引，GAAP 和非 GAAP 稅費為 160 萬美元，並受到簽署交易地域的影響。第二季 GAAP 淨虧損為 30 萬美元，攤薄每股虧損為 0.01 美元，去年同期淨虧損為 490 萬美元，攤薄每股虧損為 0.21 美元。

Non-GAAP net income and diluted EPS for the second quarter of 2024 increased significantly to $4.2 million and $0.17 respectively as compared to a net loss of $0.5 million and diluted loss per share of $0.02 reported for the same period last year.

2024 年第二季的非 GAAP 淨利和稀釋後每股收益分別大幅成長至 420 萬美元和 0.17 美元，而去年同期的淨虧損為 50 萬美元，稀釋後每股虧損為 0.02 美元。

With respect to other related data, shipped units by Ceva licensees during the second quarter of 2024 were 461 million units, up 24% from the second quarter 2023 reported shipments. Of the 461 million units reported, 79 million or 17% were for mobile handset motives. 353 million units were for consumer IoT device markets up 28% from 276 million units in the second quarter of 2023. 28 million units were for industrial IoT markets doubled from 14 million in the second quarter of 2023.

其他相關數據顯示，2024 年第二季 Ceva 授權商的出貨量為 4.61 億台，較 2023 年第二季報告的出貨量成長 24%。在報告的 4.61 億部中，有 7,900 萬部（即 17%）用於行動手機。消費性物聯網設備市場的銷售量為3.53 億台，比2023 年第二季的2.76 億台成長了28%。一番。

Bluetooth shipments were 266 million units this quarter up 26% year over year. Cellular IoT shipments were 40 million units, up 92% year over year, and our Wi-Fi shipments were 35 million units up 21% year over year overall and strong quarter across all our end markets, and the third consecutive quarter of year over year royalty revenue growth.

本季藍牙出貨量為 2.66 億台，較去年同期成長 26%。蜂窩物聯網出貨量為 4,000 萬台，年成長 92%，Wi-Fi 整體出貨量為 3,500 萬台，較去年同期成長 21%，所有終端市場均表現強勁，連續第三季同比成長特許權使用費收入增長。

As for the balance sheet items. As of December 30, 2024, Ceva’s cash, cash marketable balances, and the cash securities and bank deposit were approximately $158 million. In the second quarter of 2024, we purchased approximately 100,000 shares for approximately $2 million, and as of today, around 553,000 shares are available for repurchase under the repurchase program as expanded in November of last year.

至於資產負債表項目。截至 2024 年 12 月 30 日，Ceva 的現金、現金可流通餘額以及現金證券和銀行存款約為 1.58 億美元。2024 年第二季度，我們以約 200 萬美元的價格購買了約 10 萬股股票，截至目前，根據去年 11 月擴大的回購計劃，約有 553,000 股可供回購。

Our DSOs for the second quarter is 59 days, same as the first quarter. During the second quarter, we generated $2.4 million of cash from operating activities. Ongoing in depreciation was $1 million and purchase of fixed assets was 0.6 million. At the end of the second quarter, our head count was 434 people of which 359 are engineers.

我們第二季的 DSO 為 59 天，與第一季相同。第二季度，我們從經營活動產生了 240 萬美元的現金。持續折舊為 100 萬美元，購買固定資產為 60 萬美元。截至第二季末，我們的員工人數為 434 人，其中工程師 359 人。

Also, this morning, we filed a universal shelf registration statement on Form S3 with the SEC, which, if and when declared effective will permit Ceva to offer and sell from time to time in one or more offerings up to $150 million of common stock, preferred stock, debt securities, warrants, or any combination of these securities.

此外，今天早上，我們向 SEC 提交了一份 S3 表格的通用擱置註冊聲明，該聲明一旦宣布生效，將允許 Ceva 不時發行和出售一項或多項普通股，金額不超過 1.5 億美元，優先股、債務證券、認股權證或這些證券的任意組合。

We believe that having an S-3 on file is good corporate housekeeping and will provide us with a tool to further enhance our financial flexibility and opportunistically access additional capital to fund acquisition or other businesses opportunities or strategic initiatives should they arise.

我們相信，歸檔S-3 是良好的企業管理，將為我們提供一個工具，以進一步增強我們的財務靈活性，並有機會獲得額外的資本來資助收購或其他商業機會或戰略舉措（如果出現） 。

At present, we do not have any impending transactions that would require us to draw down the shelf. If we decide to raise capital in the future offering using the shelf registration statement, Ceva will describe the specific details of that future offering in a perspective supplement that is filed with the SEC.

目前，我們沒有任何即將發生的交易需要我們下架。如果我們決定使用擱置註冊聲明在未來的發行中籌集資金，Ceva 將在向 SEC 提交的前瞻性補充中描述未來發行的具體細節。

Now, for the guidance for the third quarter and 2024 overall. Our annual growth plans progress well, and we are working hard to achieve even better results than originally forecasted. As Amir stated earlier, we have a healthy pipeline of potential deal flow for a wide range of technologies and markets, and as such, we expect overall revenues for the year to be at the mid to high end of our 4% to 8% guidance.

現在，我們來了解第三季和 2024 年的整體指引。我們的年度成長計畫進展順利，我們正在努力取得比最初預測更好的結果。正如阿米爾早些時候所說，我們擁有針對廣泛技術和市場的健康潛在交易流管道，因此，我們預計今年的整體收入將處於我們 4% 至 8% 指導的中高端。

Coupled with our cost control measures and focus and we are within reach to more than doubling our non-GAAP operating margins and profits for 2024 over 2023, and close to doubling are non-GAAP fully diluted EPS, which is higher than originally forecasted.

加上我們的成本控制措施和重點，我們預計將 2024 年的非 GAAP 營業利潤和利潤比 2023 年翻一番以上，並且非 GAAP 完全攤薄每股收益也接近翻倍，這高於最初的預測。

Specifically for the third quarter, total revenue is expected to be in the range of $26 million to $28 million. Gross margin is expected to be similar to the second quarter, approximately 90% on GAAP basis, and 91% on non-GAAP basis, excluding an aggregate $0.2 million of equity-based compensation expenses and $0.1 million amortization of acquired intangibles. Our GAAP OpEx is expected to be in the range of $24.8 million to $25.8 million in line with our annual plans.

具體來說，第三季的總收入預計將在 2,600 萬美元至 2,800 萬美元之間。毛利率預計與第二季相似，以 GAAP 計算約為 90%，以非 GAAP 計算約為 91%，不包括總計 20 萬美元的基於股權的補償費用和 10 萬美元的收購無形資產攤銷。根據我們的年度計劃，我們的 GAAP 營運支出預計在 2,480 萬美元至 2,580 萬美元之間。

Of the anticipated total operating expenses for the third quarter, $3.9 million is expected to be attributed to equity-based compensation expenses and $0.3 million for the amortization of acquired intangibles and $0.2 million expenses associated with the business acquisition.

在第三季的預期總營運費用中，預計 390 萬美元將用於股權補償費用，30 萬美元用於收購無形資產攤銷，以及 20 萬美元與業務收購相關的費用。

Our non-GAAP OpEx is expectedly similar to the second quarter and in the range of $20.7 million to $21.7 million. Net interest income is expected to be approximately $1.2 million. Taxes are expected to be approximately $1.9 million, and our share count is expected to be approximately $25.3 million shares.

我們的非 GAAP 營運支出預計與第二季相似，介於 2,070 萬美元至 2,170 萬美元之間。淨利息收入預計約 120 萬美元。稅費預計約為 190 萬美元，我們的股票數量預計約為 2530 萬美元。

Jason, we could open the Q&A session.

傑森，我們可以開始問答環節了。

Thank you. We will now begin the question-and-answer session (Operator Instructions)

謝謝。我們現在開始問答環節（操作員說明）

Matt Ramsay, TD Cowen.

馬特·拉姆齊，TD·考恩。

Thank you very much. Guys, I wanted to, maybe Amir, you could spend a little bit of time, you did more in the script today about some new technologies that your company is rolling out and it seems like just starting to license broadly.

非常感謝。夥計們，我想，也許阿米爾，你可以花一點時間，你在今天的劇本中做了更多關於你的公司正在推出的一些新技術的內容，而且似乎剛剛開始廣泛許可。

And I wanted to ask a little bit about wavelength, and maybe you could spend a little bit more time talking about it. It seems like this is Bluetooth, Wi-Fi and UWB multimodal stuff. What -- was this a customer or broad base customer ask for you to do multimodality?

我想問一些關於波長的問題，也許你可以多花一點時間來討論它。看起來這是藍牙、Wi-Fi 和 UWB 多模態的東西。這是什麼客戶或廣泛的客戶要求您進行多式聯運？

Does it include any potential to do sort of mesh technologies on top of things that might communicate one-to-one? I know there's some markets in IoT where there's demand for either Bluetooth or Wi-Fi to hook into commercial devices, and then there's mesh networks to connect nodes together. UWB is one technology, but I wondered if you had anything that was more of a mesh networking technology that would be in that roadmap longer term?

它是否包含在可能進行一對一通訊的事物之上進行某種網格技術的潛力？我知道物聯網中有一些市場需要藍牙或 Wi-Fi 連接到商業設備，然後需要網狀網路將節點連接在一起。UWB 是一項技術，但我想知道你們是否有任何更類似於網狀網路技術的技術，可以長期納入該路線圖？

Yes, thanks a lot Matt. So I would start with definitely, we already entrenched very, very heavily with Wi-Fi, Bluetooth and more recently in the last year or more with UWB. So definitely we already have a leadership position with each of the technologies.

是的，非常感謝馬特。因此，我首先肯定會說，我們已經在 Wi-Fi、藍牙方面非常非常深入地鞏固了地位，最近在去年或更長時間裡還採用了 UWB。因此，我們肯定已經在每項技術上都處於領先地位。

As we engage deeper and deeper with our customer base, what we definitely see is the need for a multi-protocol IPs. And early on, some of those customers basically licensees just want technology then they added other technologies from us.

隨著我們與客戶群的接觸越來越深入，我們明確地看到了對多協定 IP 的需求。在早期，其中一些客戶基本上被授權者只想要技術，然後他們從我們這裡添加了其他技術。

But still, lots of the integration, the combination of that IP where for the customers to go and handle and manage and the link solution actually brings that combination already so-called prequalified and preoptimized as such that the customer has much easier integration and faster deployment of combined technologies in IP.

但是，大量的整合、客戶可以處理和管理的 IP 的組合以及連結解決方案實際上已經使該組合已經經過所謂的資格預審和預優化，從而使客戶可以更輕鬆地整合和更快地部署IP 中的組合技術。

Also, as we do that, we provide them enhanced performance because software we control each technology and the combination of them using similar spectrum or the same spectrum. And so overall at the end of day, it brings them both a time to market advantage as well as performance advantage.

此外，當我們這樣做時，我們為它們提供了增強的性能，因為我們使用相似的頻譜或相同的頻譜來控制每種技術及其組合的軟體。因此，總的來說，最終，這為他們帶來了上市時間優勢和性能優勢。

Now, on top of that, we -- historically, what we have done very successfully, in addition to the silicon IP, we provide the complete software stack for like Bluetooth, Wi-Fi and so on, and more recently for UWB. So definitely that comes into play as well as the overall links proposal as that expand.

現在，除此之外，我們——從歷史上看，我們已經做得非常成功，除了矽 IP 之外，我們還為藍牙、Wi-Fi 等以及最近的 UWB 提供完整的軟體堆疊。因此，隨著整體連結提案的擴展，這肯定會發揮作用。

And for your specific question on the mesh networking, we definitely have assets and capabilities, and this is another path for us to increase at end day the value of what we offer and the economics of the deals as we work with the leaders out in the marketplace.

對於您關於網狀網路的具體問題，我們絕對擁有資產和能力，這是我們在與行業領導者合作時增加我們所提供產品的價值和交易經濟性的另一條途徑。

The link specifically is actually that combination, the first one, the 110 links is already available and we have already a customer that license and actually go through the complete integration. So we are very advanced in terms of the availability of these combined technologies.

具體來說，該連結實際上是該組合，第一個，110 個連結已經可用，我們已經有一個客戶獲得許可並實際上完成了完整的整合。因此，我們在這些組合技術的可用性方面非常先進。

That's really helpful. I guess my follow-up question any of you guys -- sounds pretty encouraging for trends going forward. And obviously with the results you printed and the guidance here a pretty big upside in the printed quarter.

這真的很有幫助。我想我的後續問題對你們中的任何一個人來說——聽起來對未來的趨勢都非常鼓舞人心。顯然，根據您打印的結果和這裡的指導，打印季度有相當大的上升空間。

But I was surprised that you didn't bump up the annual by more than that. Are there things being you feel like licensing deals that might've been pulled forward out of Q4? I was just surprised given the momentum that the annual didn't go up a bit more. So just trying to understand the shape of the year.

但令我驚訝的是，你的年度增幅並沒有超過這個數字。您是否覺得某些授權交易可能會從第四季延後？考慮到年度收益沒有增加一點的勢頭，我只是感到驚訝。所以只是想了解年份的形狀。

Well, you know, we had a plan the beginning of the year, which was a growth year, both top line and specifically doubling or the operating margins and then quite significant EPS growth plans. We are tweaking it the higher, both on the upper on the top line with the mid to high range guidance.

嗯，你知道，我們年初制定了一個計劃，這是成長的一年，營收和營業利潤率都翻了一番，然後是相當重要的每股盈餘成長計劃。我們正在將其調整得更高，無論是在頂線的上部，還是中高範圍的指導。

We think that the operating leverage and margins could be probably better than twice 2023. And obviously that will implement and we said almost double and $0.18 CPS that we talked about or we recorded last year. We're not there yet, but that's the plan.

我們認為營運槓桿和利潤率可能會比 2023 年的兩倍好。顯然，這將會實現，我們說幾乎是我們去年談論或記錄的兩倍，即 0.18 美元 CPS。我們還沒有做到這一點，但這就是計劃。

So in our line of business, the operating level is a much, much faster way to look at the Company and to understand the IP opportunities and the profitability opportunities for an IP company. And I think that's what we are highlighting today. That was the original plan for the year, but it is and does seem better today after posting a very strong second quarter.

因此，在我們的業務領域，營運層面是了解公司、了解 IP 機會和 IP 公司獲利機會的更快的方式。我認為這就是我們今天要強調的。這是今年的最初計劃，但在發布了非常強勁的第二季後，今天的計劃似乎確實更好了。

And if you look at the different momentums, if you look at the royalties the first half compared to prior year, we're up across all the industry and all the markets that we operate in, probably volume 25% or so in the first half of the year. So and you said the economics are there for extra posting and then a good year, but of course we want to take it one step at a time and see how the second half plays out. So Amir, if you want to.

如果你看看不同的勢頭，如果你看看上半年的特許權使用費與去年相比，我們在所有行業和我們經營的所有市場上都有所上升，上半年的銷量可能達到 25% 左右今年的。所以，你說經濟因素是為了額外的發布，然後是一個美好的一年，但當然我們想一步一步地採取行動，看看下半年的表現如何。那麼阿米爾，如果你願意的話。

I would say overall, as we look at Q1 and Q2 combined as the first half, so first half came stronger, that’s not we expected, and we are very encouraged with the delivery of both the licensing as well as the royalty. If we compare the royalty first half of '24 versus '23, definitely we see a stronger market condition as well as really great execution of our customers, our customer base and the ramp of our new technologies.

我想說，總的來說，當我們將第一季和第二季合併為上半年時，上半年表現更強，這不是我們預期的，而且我們對許可和特許權使用費的交付感到非常鼓舞。如果我們比較 24 年和 23 年上半年的特許權使用費，我們肯定會看到更強勁的市場狀況以及我們的客戶、我們的客戶群和新技術的進步。

As we look into the second half overall, with that projection, we are looking second half that is stronger than the first half we have that we, so looking at the mid to high targets of our revenue range, much more so, or more portability than previously focused at the bottom line for the second half of the complete year.

當我們整體展望下半年時，根據這項預測，我們認為下半年會比上半年更強，因此，看看我們收入範圍的中高目標，更是如此，或者更具可移植性比之前關注的全年下半年的利潤更高。

So altogether, we believe we're in a good condition. We're very encouraged with the results of Q2. We're encouraged with the backlog and the deals that we see for Q3 coming. We're executing to our plan. That's really what it is.

總的來說，我們相信我們的狀況良好。我們對第二季的結果感到非常鼓舞。我們對第三季即將到來的積壓訂單和交易感到鼓舞。我們正在執行我們的計劃。確實是這樣。

Well, congratulations on the progress, and thanks guys. Appreciate it.

好吧，恭喜你取得了進展，謝謝大家。欣賞它。

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, and yes, congratulations on the progress. I'm just wondering on the Wi-Fi shipments that you're having right now is, how's that split up by generation? You know, I guess I'm looking for is, do we still have the higher priced Wi-Fi 6 and Wi-Fi 7 to come in the royalty line?

是的，感謝您提出我的問題，是的，祝賀取得的進展。我只是想知道你們現在的 Wi-Fi 出貨量是如何按代劃分的？你知道，我想我正在尋找的是，我們的特許權使用費中是否還有價格更高的 Wi-Fi 6 和 Wi-Fi 7？

Yes, we don't provide a specific breakdown, but still the majority of that volume or significant portion of that volume is Wi-Fi 4. So definitely we have a significant upside coming in the coming year and two and beyond that in terms of royalties for Wi-Fi and in terms of Wi-Fi 6, and then after that Wi-Fi 7, also previously in the previous earning calls we mentioned that today, it's so-called client or station Wi-Fi. And we'll also have the uplift coming with access points coming to market, so called Wi-Fi access points that will lift also the overall royalty and average royalty per unit.

是的，我們沒有提供具體的細分，但該數量的大部分或很大一部分仍然是 Wi-Fi 4。因此，在Wi-Fi 和Wi-Fi 6 的特許權使用費方面，我們在未來一年、兩年及之後肯定會有顯著的上漲，然後是Wi-Fi 7，之前也在之前的財報電話會議中提到我們今天提到的，就是所謂的客戶端或工作站Wi-Fi。隨著存取點（即所謂的 Wi-Fi 存取點）上市，我們也將獲得提升，這也將提高整體使用費和每單位平均使用費。

I would also say, that enhances -- we're also seeing an interesting trend of more 5G phones that our customers are powering compared to past years. And that also, as usual has a higher ASP. So that's also a nice contributor on royalties going forward.

我還想說，這增強了——我們還看到了一個有趣的趨勢，與過去幾年相比，我們的客戶正在使用更多的 5G 手機。而且，像往常一樣，它的平均售價也更高。因此，這也是未來版稅的一個很好的貢獻者。

Great. And I go back a ways like also to that and will that all being WiFi 6 and WiFi 7, maybe that's an obvious question, but I just well to make sure that that this is all going to be leading edge or Does anybody need given back or maybe lower price or smaller die size.

偉大的。我也以同樣的方式回顧過去，這一切都是 WiFi 6 和 WiFi 7，也許這是一個顯而易見的問題，但我只是想確保這一切都將是領先的，或者是否有人需要回饋或可能是更低的價格或更小的晶片尺寸。

Yes, this is a very encouraging side that we've seen this quarter with our lead customers launching one and more the phones in the market using 5G technology, empowered also with our technology.

是的，這是我們本季看到的非常令人鼓舞的一面，我們的主要客戶在市場上推出了一款或多款使用 5G 技術的手機，這些手機也得到了我們技術的支持。

Okay, great. And yes, going back, wavelength also, is that will that all be Wi-Fi 6 and Wi-Fi 7, MAYBE that's an obvious question, but I just want to make sure that, that this is all going to be leading edge or does anybody need to go back for maybe lower price or smaller die size?

好的，太好了。是的，回過頭來，波長也是如此，這將是 Wi-Fi 6 和 Wi-Fi 7，也許這是一個明顯的問題，但我只是想確保，這一切都將是前沿或有人需要以更低的價格或更小的晶片尺寸回去嗎？

It's really Wi-Fi 6 and beyond, Kevin. Yes.

這確實是 Wi-Fi 6 及更高版本，Kevin。是的。

Okay. Great, thank you.

好的。太好了，謝謝。

Thank you.

謝謝。

Chris Reimer, Barclays.

克里斯·雷默，巴克萊銀行。

Thanks for taking my questions and congratulations on the strong results. I was wondering, if you could return to your comments around the profitability. What kind of items are driving that aside from the higher revenues? And how sustainable is that?

感謝您回答我的問題並祝賀我們取得了優異的成績。我想知道您是否可以回到您對盈利能力的評論。除了更高的收入之外，還有哪些因素推動了這項成長？這有多可持續？

Excellent question, Chris. When Amir joined a year ago, when we build our plans and presented them in Analyst Day last December, one of the key factor is in any IP company, but especially for Ceva was to handle the expenses differently than we have in the past. And we refocus some of the R&D efforts and product lines that were not necessarily that profitable that did not have the right ROI.

很好的問題，克里斯。當Amir 一年前加入時，當我們制定計劃並在去年12 月的分析師日上提出這些計劃時，關鍵因素之一是任何IP 公司，但對Ceva 來說尤其如此，就是以與過去不同的方式處理費用。我們重新關註一些研發工作和產品線，這些工作和產品線不一定能獲利，也沒有正確的投資報酬率。

And by managing the expenses and the R&D investments to some and to some degree we are talking about pretty flattish overall expenses of the company for 2024 over 2023, and then as you said, with higher revenue in top line and fixed amount of expenses. But those investments did come out and present new technologies like we talked about in the prepared remarks of AI and the connectivity technologies.

透過在一定程度上管理費用和研發投資，我們談論的是公司 2024 年的總體費用與 2023 年相比相當持平，然後正如您所說，營收更高，費用固定。但這些投資確實出現了，並帶來了新技術，就像我們在準備好的人工智慧和連接技術評論中談到的那樣。

So we're still innovating and we're still coming up with new solutions, but the combination of higher revenues with the less expense increases or flat expenses are causing the overall improvements in both the operating level and the bottom line.

因此，我們仍在創新，仍在提出新的解決方案，但更高的收入與更少的費用增加或固定費用的結合正在導致營運水準和利潤的整體改善。

And Chris, that's expectation as we go to the second half as well. Overall, we have the right talent capabilities and the right investment in the places that we want to invest and basically supporting the product line today and the roadmap. So I'm confident that we can control the expenses and keep it to the track of what we put together.

克里斯，這也是我們進入下半場時的期望。總體而言，我們在想要投資的地方擁有合適的人才能力和正確的投資，並且基本上支持今天的產品線和路線圖。因此，我相信我們能夠控制開支並使其符合我們的整體支出。

Great, thanks. And maybe just one on competition. You called out some areas where Ceva is the only -- has the only ability in the connectivity. How would you say Ceva is placed from a competitive position right now in terms of versus like a year ago or two years ago?

太好了，謝謝。也許只是關於競爭的一個。你指出了一些領域，Ceva 是唯一擁有連結能力的領域。與一年前或兩年前相比，您認為 Ceva 現在的競爭地位如何？

I think overall the strength of our wireless connectivity portfolio and access in the markets, coupled with the sense and the infer capabilities, we are uniquely positioned from a competitive landscape. That doesn't mean that we don't have competitors for each of the specific IPs, but overall, from portfolio and specifically in wireless connectivity, a complete offering across the different technologies with the scale, and we have position very well.

我認為，總體而言，我們的無線連接產品組合和市場准入的實力，再加上感知和推斷能力，我們在競爭格局中處於獨特的地位。這並不意味著我們在每個特定 IP 上都沒有競爭對手，但總體而言，從產品組合，特別是無線連接方面，跨不同技術和規模的完整產品，我們的地位非常好。

Great. Thanks. That's it for me.

偉大的。謝謝。對我來說就是這樣。

Suji Desilva, Roth Capital.

蘇吉·德西爾瓦，羅斯資本。

Amir, Yaniv, congratulations on the progress here. So the hybrid AI edge compute platform, can you give us a sense of what's driving your customers to develop in-house IP custom silicon versus the merchant solutions that are available in the marketplace?

阿米爾、亞尼夫，祝賀你們的進展。那麼，對於混合 AI 邊緣運算平台，您能否讓我們了解是什麼促使您的客戶開發內部 IP 客製化晶片，而不是市場上可用的商業解決方案？

When you look at what is out there, many of our customers, what they see is that they need a better or different type of trade-off between the performance, the KPIs, and feature sets as well as the cost structure to fit the specific IP that they need into their device.

當您查看現有產品時，我們的許多客戶會發現，他們需要在性能、KPI、功能集以及成本結構之間進行更好或不同類型的權衡，以適應特定的需求他們需要進入其設備的IP 。

So yes, they can go and buy so-called off-the-shelf solutions, but to the most part that doesn't really, so-called fit the build of what they need to go and build, and that's where they approach us and we have an IP that as we discussed about new plan a few quarters back.

所以，是的，他們可以去購買所謂的現成解決方案，但在大多數情況下，這些解決方案並不真正適合他們需要去構建的東西，這就是他們聯繫我們的地方我們有一個知識產權，正如我們幾個季度前討論的新計劃一樣。

And now we've nano, we are building that to be a very scalable in terms of capability so our customers can work with us and so called, not necessarily customize that, but really set the capabilities of our technology and the different building blocks such that it will fit at the exact builds of what they want to go and build. And that flexibility and the right fit to what they want to go and get out as their product differentiation is not something that they can do off-the-shelf.

現在我們有了Nano，我們正在將其構建為在功能方面非常可擴展的，以便我們的客戶可以與我們合作，所謂的，不一定要定制它，而是真正設置我們的技術和不同構建塊的功能，例如它將適合他們想要構建的確切構建。由於產品差異化，這種靈活性和適合他們想要推出和推出的產品並不是現成的。

The other thing is in terms of lower cost of getting access to the technology when they go and build it on their own and use their own so-called volume capabilities, and access to different suppliers that can give us also different flexibility and lowering the cost of ownership.

另一件事是，當他們自己建立技術並使用自己所謂的批量能力時，獲得技術的成本較低，並且可以接觸不同的供應商，這也可以為我們提供不同的靈活性並降低成本的所有權。

Okay. All right. Thanks Amir. And then my other questions on the link product, the connectivity product, is that traction today with smartphone OEMs or are you seeing opportunity in non- smartphone OEMs? Curious where the opportunity today in the pipeline is for that product.

好的。好的。謝謝阿米爾。然後我關於連結產品、連接產品的其他問題是，當今智慧型手機 OEM 廠商的吸引力還是您在非智慧型手機 OEM 廠商中看到了機會？很好奇該產品目前的機會在哪裡。

It's significantly across, so-called the border IOT and all the different devices that we talked about where we have our Bluetooth technology, our Wi-Fi technology and that's where we see lots of interest and already licensing deals as well as future potential.

它明顯跨越了所謂的邊界物聯網和我們談論的所有不同設備，我們擁有藍牙技術、Wi-Fi 技術，這就是我們看到許多興趣、已經達成許可協議以及未來潛力的領域。

So if you talk about all the different kinds of hearable wearable devices, industrial IOT, all the smart-connected devices around us, outside handsets and tablets, more and more of those devices, they need multi-protocol support even for audio and those type of use cases. But it needs to be extremely power and cost efficient when you provide it, combine IP together, it can become much more cost and power efficient as well as again, time to market for our customers.

因此，如果您談論所有不同類型的耳戴式可穿戴設備、工業物聯網、我們周圍的所有智慧連接設備、外部手機和平板電腦以及越來越多的這些設備，它們甚至需要多協議支持，即使是音訊和這些類型用例。但當您提供它時，它需要具有極高的功耗和成本效率，將 IP 結合在一起，它可以變得更加成本和功耗效率更高，並且再次為我們的客戶縮短上市時間。

Okay. Very helpful there. Thanks.

好的。那裡非常有幫助。謝謝。

Thanks, Sujeeva.

謝謝，蘇吉娃。

Martin Yang, Oppenheimer.

馬丁楊，奧本海默。

Hi. Can hear you. Thanks for taking the question, I want to maybe highlight the one of the licensing wins you referenced on the call, you leading the semi company. Historically, your licensing as well as royalty always weighed heavily towards APAC. Are you taking incrementally seeing incrementally stronger activity from US-based customers for both licensing and royalty? And in, how do you think about resource allocation, if you are seeing the US customers getting more active?

你好。能聽到你的聲音。感謝您提出問題，我想強調您在電話會議中提到的一項許可勝利，您領導著這家半成品公司。從歷史上看，您的授權和版稅總是對亞太地區產生重大影響。您是否逐漸看到美國客戶在許可和特許權使用費方面的活動越來越強？如果您看到美國客戶變得更加活躍，您如何看待資源分配？

Yes, that's a very good question. And actually, this tied very well to the other question that I got specifically on the links product line, on the AI product line as well as I would add one communication related to satellites.

是的，這是一個非常好的問題。事實上，這與我在連結產品線、人工智慧產品線上特別提出的另一個問題密切相關，而且我會添加一個與衛星相關的通訊。

This technology and the way that we enhance our products offering and roadmap actually resonates more and more and fits very well to the, so-called the large US semiconductor companies where they need either more than one so-called wireless protocol and that combination is really what they're looking for.

這項技術以及我們增強產品供應和路線圖的方式實際上越來越引起共鳴，並且非常適合所謂的美國大型半導體公司，他們需要多個所謂的無線協議，而這種組合確實是他們在尋找什麼。

And then, we see more potential for our business in the US And with that also, we see the actual momentum there as well as the wireless communication for satellites and those types of markets that are expanding in the different regions and very, very specifically in the US.

然後，我們看到了我們在美國的業務的更大潛力。

And last but not least, with that transition from algo-based to running AI, the edge, running the neural networks for all the different use cases from TinyML to the more sophisticated ADAS and other large language models running on the edge or the hybrid AI.

最後但並非最不重要的一點是，隨著從基於演算法到運行人工智慧、邊緣的轉變，為所有不同的用例運行神經網絡，從TinyML 到更複雜的ADAS 以及在邊緣或混合人工智慧上運行的其他大型語言模式。

And this is exactly where the semiconductor industry in the US is heading, and we are coming with a very good fit of our IT. So I think we are serving better those types of customers from execution and access as well as the product offering that we have. And that we will see a continuous strength of further strength of our business in the US.

這正是美國半導體產業的發展方向，我們的 IT 非常適合。因此，我認為我們透過執行和訪問以及我們所提供的產品來更好地為這些類型的客戶提供服務。我們將看到我們在美國的業務不斷增強。

From resource allocation and support, of course, as we see that the business growing. We will address it to make sure that we are continuing our momentum, positive momentum. But overall, with the larger umbrella of expenses, as I mentioned. And we definitely expect to control our expenses to the plan that we have and we are tracking that and executing to that plan very nicely.

當然，從資源配置和支援來看，我們看到業務不斷成長。我們將解決這個問題，以確保我們繼續保持我們的勢頭，積極的勢頭。但總體而言，正如我所提到的，支出規模更大。我們肯定希望將我們的開支控制在我們現有的計劃內，我們正在追蹤並很好地執行該計劃。

Thank you for the answer. Another question on smartphones. Can you give us your updated view of your outlook for smartphone for the year? Are you getting maybe a little incrementally more optimistic? Or what's your general view on the market and your exposure?

謝謝你的回答。關於智慧型手機的另一個問題。您能否告訴我們您對今年智慧型手機前景的最新看法？您是否變得更樂觀一點？或者您對市場和您的風險敞口有何整體看法？

Yes, I would say overall first smartphone, if you compare 2024 versus 2023 is in a healthier condition after significant inventory correction. So-called, got cleared, not all the way but to a high degree. And so, we expect 2024 to perform better than 2023 in terms of smartphone demand and specifically our customers in the low mid-range, is healthy and doing quite well. And we are supporting them and happy with that success.

是的，我想說，如果你比較 2024 年和 2023 年，在大幅庫存調整後，第一款智慧型手機總體上處於更健康的狀態。所謂的，不是完全清除，而是高度清除。因此，我們預計 2024 年智慧型手機需求將比 2023 年表現更好，特別是我們的中低階客戶，他們的需求健康且表現良好。我們支持他們並對他們的成功感到高興。

And on top of that, as we mentioned the transition that the customer is moving to 5G with more success, their success in the marketplace, launching funds based on 5G technology will probably drive additional tailwind for us as we go further into '25 and beyond.

最重要的是，正如我們所提到的，客戶正在以更大的成功轉向5G，他們在市場上的成功，推出基於5G 技術的基金可能會在我們進一步進入25 年及以後時為我們帶來額外的推動力。

And so overall, it's healthier condition for smartphone. We expect overall that our smartphone business in '24 will do better than 2023. But it's also not to the hype of what or the volume that we saw at the peak of the COVID time, but it's much better than 2023.

總的來說，智慧型手機的狀況更加健康。總體而言，我們預計 24 年我們的智慧型手機業務將比 2023 年表現更好。但這也不像我們在新冠疫情高峰期看到的那樣大肆宣傳，但它比 2023 年好得多。

Got it. Thank you. That's it for me.

知道了。謝謝。對我來說就是這樣。

Thanks.

謝謝。

David O'Connor, BNP Paribas.

大衛‧奧康納，法國巴黎銀行。

Great. Good morning and thanks for taking my questions. Just one quick one on my side. Amir, just going back to the NeuPro-Nano, what does the competitive landscape look like for NeuPro-Nano? And are you guys a lot more bullish on the Nano version now than the kind of previous new pro IPs you offered? And if you can just give us an update on where we stand on those existing new pro IP that you licensed. Thank you.

偉大的。早安，感謝您提出我的問題。我這邊只有一個快速的。Amir，回到 NeuPro-Nano，NeuPro-Nano 的競爭格局是什麼樣的？你們現在是否比你們之前提供的新專業 IP 更看好 Nano 版本？如果您能為我們提供有關您許可的現有新專業 IP 的最新情況。謝謝。

First, specifically for Nano, we are uniquely positioned in terms of the offering that we have with Nano where basically we are taking our strong capabilities understanding of DSP and how to run, so-called pre-post processing of the different algorithms that are needed coupled with the need to run efficiency neural networks or AI at the edge. We combine those two capabilities and basically into one single IP, and that's where we have unique proposal and opportunities in the marketplace.

首先，特別是對於 Nano，我們在 Nano 所提供的產品方面具有獨特的定位，基本上我們利用對 DSP 的強大理解以及如何運行所需的不同演算法的所謂前後處理再加上需要在邊緣運行高效神經網路或人工智慧。我們將這兩種功能結合起來，基本上形成一個單一的智慧財產權，這就是我們在市場上擁有獨特建議和機會的地方。

In terms of the competitive landscape, I would say you have the traditional, so-called DSP offering there, you have the traditional or the more recent, very targeted and tweaked so-called accelerators. We are taking a different approach of combining the two and providing very high capability as well as different type of functionalities. So we see very good demand and interest in this technology as we just launched it about a few weeks ago.

就競爭格局而言，我想說的是，那裡有傳統的所謂 DSP 產品，有傳統的或更新的、非常有針對性和經過調整的所謂加速器。我們正在採取不同的方法將兩者結合起來並提供非常高的能力以及不同類型的功能。因此，當我們幾週前剛推出這項技術時，我們看到了對這項技術的非常好的需求和興趣。

In terms of this versus the higher end of our portfolio NeuPro, and I wouldn't say it is one that is better than the other. It's really the having a comprehensive portfolio where we can offer to the same customers with the same software stocks and the basically the underlying, so-called silicon IP across all the product line.

就這一點而言，與我們產品組合的高端 NeuPro 相比，我不會說它比另一個更好。這實際上是擁有一個全面的產品組合，我們可以向相同的客戶提供相同的軟體庫存和基本的底層，即跨所有產品線的所謂矽 IP。

If we look at the different, so-called MCU companies out there and companies that provide a comprehensive AI processing capabilities they needed across their complete segments, product segments and tiers. And that's where we're really looking to fit that in. From nano to TinyML all the way to the high-end LLMs that are needed.

如果我們看看不同的所謂 MCU 公司，以及在整個細分市場、產品細分市場和層級提供所需的全面人工智慧處理能力的公司。這就是我們真正想要融入的地方。從 nano 到 TinyML 一直到所需的高端法學碩士。

Maybe would add one thing that the nano is the new market that we're targeting. So for us, it's not just a different technology that we came up with and increasing our offering, but it is completely new market opportunities for much smaller devices and use cases.

也許要補充一件事，奈米是我們瞄準的新市場。因此，對我們來說，這不僅僅是我們提出的不同技術並增加了我們的產品，而且對於更小的設備和用例來說，這是一個全新的市場機會。

So for us, it's an add-on and a lot of our connectivity customers that have to be Bluetooth, Wi-Fi, maybe cellular in the future can use and take advantage of this new product line, with the nano for their specific needs and the new products. So that's also an interesting angle to understand that we're now faculty, not just the mainstream, but also a much bigger opportunity for smaller devices.

因此，對我們來說，它是一個附加元件，我們的許多連接客戶必須使用藍牙、Wi-Fi，也許未來的蜂窩網路可以使用和利用這個新產品線，其中 Nano 可以滿足他們的特定需求，新產品。因此，這也是一個有趣的角度來理解我們現在不僅是主流，而且還為小型設備提供了更大的機會。

Very helpful. Thanks, guys.

非常有幫助。謝謝，夥計們。

Gus Richard, Northland.

格斯·理查德，北國。

Yes, thanks for taking the questions. Congratulations on the strong results. On the NeuPro-Nano, where does the software stack stand? And, is it -- are you developing, your customers developing it? If you're supplying it, are you going to be able to monetize it if you just -- and is it a limiter to getting designs into the market?

是的，感謝您提出問題。祝賀取得了優異的成績。在 NeuPro-Nano 上，軟體堆疊位於何處？而且，是不是──你在開發，你的客戶也在開發嗎？如果你提供它，你是否能夠將其貨幣化，如果你只是——這是否會限制設計進入市場？

Yes, we definitely provide a software stack to be able to run the different, so-called neural network or the models that are needed as part of the TinyML ecosystem. And having said that, we have customers that, of course, they want to tune it, customize that, have their own capabilities, and we have a business model where we are flexible and support the customers based on their need.

是的，我們確實提供了一個軟體堆疊，能夠運行 TinyML 生態系統所需的不同的所謂神經網路或模型。話雖如此，我們的客戶當然希望對其進行調整、定制，並擁有自己的功能，而且我們擁有靈活的業務模式，可以根據客戶的需求提供支援。

And we see it's actually very successful in the marketplace in terms of the access that our customer can get. They have a starting point that is to the most part complete and they can go launch their products, but if they want to add marketability on top of the customize that we support it as well.

我們看到，就我們的客戶可以獲得的存取權而言，它實際上在市場上非常成功。他們的起點已基本完成，他們可以推出自己的產品，但如果他們想在客製化之上增加適銷性，我們也支持。

Got it. That's helpful. And then on the wavelength, you know, the difficulty in wireless is sometimes the transceiver and you're doing multi-protocols, you know, can you talk about how that's supported for your customers? Is that an external chip? Are you -- do you have transceiver partners? And just a little bit of color around that part of the solution for your customers?

知道了。這很有幫助。然後在波長方面，你知道，無線的困難有時是收發器，而你正在做多協議，你知道，你能談談如何為你的客戶提供支援嗎？是外接晶片嗎？有收發器合作夥伴嗎？在為您的客戶提供的解決方案的這一部分中添加一點顏色？

So the way that we work with customers, as I mentioned also with the software stack, we provide them the flexibility. We have partners that they can offer the, so-called transceiver or the radio technology, and then combine as a pretested solution. We offer that to our customers as well as they can get a more comprehensive access from us to work with them based on their needs.

因此，正如我在軟體堆疊方面提到的那樣，我們與客戶合作的方式為他們提供了靈活性。我們有合作夥伴，他們可以提供所謂的收發器或無線電技術，然後組合成經過預先測試的解決方案。我們為客戶提供這項服務，他們也可以從我們這裡獲得更全面的存取權限，以便根據他們的需求與他們合作。

Okay. And again, is there some customization depending on what transceiver is being used or is a standard IP block that can work with any customers transceiver?

好的。再說一次，是否有一些定制取決於所使用的收發器，或者是可以與任何客戶收發器一起使用的標準 IP 塊？

As you go more to the so-called the radio or the [indiscernible] definitely there is a someone more adjustment that needs to be made for the specific process node or geometry or technology that the customer is using.

當您更多地使用所謂的無線電或[音訊不清晰]時，肯定需要針對客戶正在使用的特定工藝節點或幾何形狀或技術進行更多調整。

But to the most part, as we look into this technology and the combination for the different market segments, there is a mainstream type of a process node that would make sense to our customers and can be both power and cost efficient to be competitive in the marketplace.

但在大多數情況下，當我們研究這項技術以及不同細分市場的組合時，有一種主流類型的工藝節點對我們的客戶有意義，並且可以同時具有功耗和成本效益，從而在市場上具有競爭力。

And as we come with those, that capabilities and offering as an IP company, we're always looking for basically towards the future and offering the technology that can be very competitive for our customer base.

當我們作為一家 IP 公司擁有這些能力和產品時，我們總是在尋找面向未來的技術，並提供對我們的客戶群來說非常有競爭力的技術。

So with that, we have so-called a predefined access, and then if the customer needs more than that, we can support.

因此，我們擁有所謂的預先定義存取權限，如果客戶需要更多權限，我們可以提供支援。

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 remarks.

我們的問答環節到此結束。我想將會議轉回給理查德·金斯頓發表閉幕詞。

Thank you, Jason. And thank you everyone 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 report on 8-K and accessible through the Investors section of our website.

謝謝你，傑森。感謝大家今天加入我們並感謝大家對 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 8-K 當前報告的附件歸檔，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 27th Annual Technology, Internet & Communications Conference, August 12th to 14th virtually, the 5th Annual Needham Semiconductor and SemiCap Virtual Conference, August 21st, 22nd, Jefferies Semiconductor IT Hardware & Communications Technology Summit, August 28th in Chicago, and Jefferies, Israel Tech Trek 2024 Conference, September 10th to 12th in Tel Aviv, Israel.

關於即將舉行的活動，我們將參加以下會議：奧本海默第27 屆年度技術、互聯網與通信會議，8 月12 日至14 日以虛擬方式舉行，第5 屆尼德姆半導體和SemiCap 年度虛擬會議，8 月21 日至22 日，Jefferies Semiconductor IT 硬體與通訊技術高峰會，8 月 28 日在芝加哥舉行，Jefferies，以色列 Tech Trek 2024 會議，9 月 10 日至 12 日在以色列特拉維夫舉行。

Further information on these events and all events we will be participating in can be found on the investor section of our website. Thank you.

有關這些活動以及我們將參加的所有活動的更多資訊可以在我們網站的投資者部分找到。謝謝。

That concludes the call. Thank you and goodbye.

通話結束。謝謝你，再見。

The 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。