CEVA Inc (CEVA) 2024 Q3 法說會逐字稿

Good day and welcome to this Even Incorporated third quarter, 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Richard Kingston, Vice President, Market Intelligence. Please go ahead.

美好的一天，歡迎參加 Even Incorporated 2024 年第三季財報電話會議。（操作員指示）我現在想將會議轉交給市場情報副總裁理查德·金斯頓（Richard Kingston）。請繼續。

Thank you, Jason and Good morning, everyone. Welcome to Siva's third 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.

謝謝傑森，大家早安。歡迎參加 Siva 2024 年第三季財報電話會議。今天參加電話會議的有 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 的結果與明示或暗示的結果存在重大差異此類前瞻性陳述和假設。

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 sales pipeline and backlog our financial goals and guidance regarding future performance and our expectations regarding utilization of our stock repurchase program 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、我們的銷售管道和積壓的財務目標以及有關未來業績的指導和我們對我們的技術所利用的預期的陳述。

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. 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.

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。我們也將討論某些非公認會計準則財務指標，我們認為這些指標可以為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。

A reconciliation of non-GAAP financial measures is included in the earnings release which we issued this morning and in the SEC filing section on our investor relations website with that said, I'd like to turn the call over to Amir who will review our business performance for the quarter and provide some insight into our ongoing business, Amir.

我們今天早上發布的收益報告以及投資者關係網站上的 SEC 備案部分包含了非公認會計準則財務指標的調節表，我想將電話轉給 Amir，他將審查我們的業務阿米爾，本季度的業績並提供我們正在進行的業務的一些見解。

Thank you, Richard and welcome, everyone and thank you for joining us today.

謝謝理查德，歡迎大家，謝謝你們今天加入我們。

Our third quarter delivered another impressive consecutive performance executing effectively against our strategic plan and exceeding market expectations.

我們的第三季再次取得了令人印象深刻的連續業績，有效地執行了我們的策略計劃並超越了市場預期。

Our results are past targets with both topline revenue growth and non-GAAP fully diluted EPS coming in above projections.

我們的業績是過去的目標，營收成長和非公認會計準則完全稀釋每股盈餘都高於預測。

Total revenue for the quarter came in at $27.2 million up 13 year over year benefiting from our innovative product offerings to the market and positive tailwinds in both our licensing and royalty businesses, our backlog and pipeline continue to improve, and we are in a healthy position as we head into the fourth quarter in 2025.

該季度的總收入為2720 萬美元，同比增長13 倍，這得益於我們向市場提供的創新產品以及我們的許可和特許權使用費業務的積極推動，我們的積壓訂單和管道不斷改善，我們處於健康的地位當我們進入 2025 年第四季。

As a result, we are raising our guidance for the full year 2024 which you and I will elaborate on later in the call. In licensing the third quarter produced several important milestones for Ceva that reinforce our strategy of delivering leading HIP that enables smart edge devices to connect, send and infer data.

因此，我們提高了 2024 年全年的指導方針，您和我將在稍後的電話會議中詳細說明。在第三季的授權過程中，Ceva 實現了幾個重要的里程碑，這些里程碑強化了我們提供領先 HIP 的策略，使智慧邊緣設備能夠連接、發送和推斷資料。

Highlights include the first licensing deal for our NeuPro-Nano embedded AI NPU multiple deals for our PentaG2 5G advanced wide access network and satellite communications platform and high-profile smartphone OEM customer for our wheels space, special audio software overall licensing revenue came in at $15.6 million. Up 12% year over year with 10 deals completed in the quarter across all geographies and with multiple OEM customers in royalties, the momentum in the consumer and industrial and markets continued driving 15% year over year royalty revenue growth to $11.6 million and year over year royalty revenue growth for the fourth successive quarter.

亮點包括我們的NeuPro-Nano 嵌入式AI NPU 的首個授權交易、我們的PentaG2 5G 先進的廣泛接入網絡和衛星通信平台的多項授權交易以及我們的輪子空間的知名智能手機OEM 客戶、特殊音頻軟體的整體授權收入為15.6 美元百萬。本季度在所有地區完成了10 筆交易，並且擁有多個OEM 客戶的特許權使用費，同比增長12%，消費、工業和市場的勢頭繼續推動特許權使用費收入同比增長15%，達到1,160 萬美元特許權使用費收入連續第四個季度成長。

Before I provide more color on our business, I want to reiterate that we are stead in our belief that our board IP portfolio is highly synergetic with the most pressing needs of semiconductor companies and OEM as they develop their smart edge products and rely on our unique IP to advance and advance their internal development.

在我對我們的業務進行更多介紹之前，我想重申，我們堅信我們的主機板 IP 產品組合與半導體公司和 OEM 最緊迫的需求高度協同，因為他們開發智慧邊緣產品並依賴我們獨特的技術智慧財產權能夠促進和推進其內部發展。

The level of glo global customers engagement we are experiencing today is the highest that I've seen during my time with Za and provide us with tremendous insights and opportunities to partner with some of the world's leading public companies and brands across their short- and long-term road maps.

我們今天所經歷的 glo 全球客戶參與度是我在 Za 工作期間見過的最高水平，這為我們提供了巨大的見解和機會，可以與一些世界領先的上市公司和品牌進行短期和長期合作長期路線圖。

Our technology leadership across multiple core disciplines and commitment to long term partnership is key to winning licensing deals that garner higher licensing fees, improved royalty rates and overall better economics.

我們在多個核心領域的技術領先地位以及對長期合作夥伴關係的承諾是贏得許可交易的關鍵，這些交易可以獲得更高的許可費、更高的特許權使用費率和更好的整體經濟效益。

The third quarter provided multiple proof points that our connect sent. An inferred strategy is operating in full flow with Dell signs across our IP portfolio and continued and continuous trends of customers licensing multiple technologies from our portfolio for their products.

第三季提供了我們的連線發送的多個證據點。戴爾在我們的 IP 產品組合中添加了標誌，並且客戶從我們的產品組合中為他們的產品授權多種技術，並且持續不斷的趨勢，由此推斷出的策略正在全面運作。

In connect, we expanded our market leadership and customer base in Bluetooth, Wi Fi and UWB with new deals across all platforms including our newest Bluetooth Six IP.

在連接方面，我們透過所有平台（包括最新的藍牙六 IP）的新交易擴大了我們在藍牙、Wi Fi 和 UWB 領域的市場領導地位和客戶群。

More significantly, we signed a strategic licensing agreement with an innovative OEM for its development of the 5G advanced modem based on our PentaG2 5G advanced wide access network and satellite communications platform.

更重要的是，我們與一家創新 OEM 簽署了戰略許可協議，為其基於我們的 PentaG2 5G 先進寬頻接取網路和衛星通訊平台開發 5G 先進調變解調器。

This OEM intends to build a transformative peer to peer satellite network constellation that will enable ubiquitous 5G communications globally and bring cost-effective cellular IOT services to the masses as the only IP provider with a comprehensive modem platform for 5G Advanced Communications.

該OEM 打算建立一個變革性的點對點衛星網路星座，以實現全球範圍內無處不在的5G 通信，並作為唯一一家擁有適用於5G 高級通信的綜合調製解調器平台的IP 提供商，為大眾帶來經濟高效的蜂窩物聯網服務。

We are the partner of choice for any systems company, Oom looking to develop advanced wireless communications AI would our leading AIP and deep wireless expertise significantly reduce the entry barriers for the development of these highly complex chip design.

我們是任何系統公司的首選合作夥伴，Oom 尋求開發先進的無線通訊人工智慧，我們領先的 AIP 和深厚的無線專業知識將顯著降低開發這些高度複雜的晶片設計的進入障礙。

The economics and scale of this deal reflect the trust they have placed with in Civa for this project. And we are incredibly proud to partner with this OEM to help make their vision a reality.

這筆交易的經濟效益和規模反映了他們對該項目對 Civa 的信任。我們非常自豪能夠與這家 OEM 合作，幫助他們實現願景。

In addition to this strategic view and illustrative of the B board market opportunities we are seeing for our 5G advanced IP, we signed two other agreements this quarter, one with a leader in 5G cellular IOT modem and another with an auto with automotive semiconductor for their next generation V two X vehicle to everything. Communication CHFI these deals combined with the two large deals signed last quarter and our robust pipeline for 5G advanced, it cements' position as the leader in this market.

除了這個策略觀點和說明我們看到的5G 先進IP 的B 板市場機會外，我們本季度還簽署了另外兩項協議，一項是與5G 蜂窩物聯網調製解調器領域的領導者簽訂的協議，另一項是與一家採用汽車半導體的汽車公司簽訂的協議。通訊 CHFI 這些交易加上上季簽署的兩筆大型交易以及我們強大的 5G 研發管線，鞏固了該市場領導者的地位。

Our market leadership translates into higher licensing fee per deal, higher royalties per unit and creates sticky long term relationships that are incredibly beneficial to save a business in sense.

我們的市場領導地位轉化為每筆交易更高的許可費、每單位更高的特許權使用費，並建立黏性的長期關係，這對於挽救業務非常有利。

We continue to expand the market penetration for our real space special audio software. We signed a new licensing deal with a high profile smartphone OEM to include real space in multiple skews of headphones and PWS earbuds with the first products expected to launch in the first half of 2025.

我們持續擴大真實空間特殊音訊軟體的市場滲透率。我們與一家知名智慧型手機 OEM 簽署了一項新的授權協議，在耳機和 PWS 耳塞的多個傾斜中包含真實空間，首批產品預計將於 2025 年上半年推出。

This OEM specializes in developing smartphone and accessories with incredible details for aesthetic design. While delivering a unique user experience.

這款 OE​​M 專門開發具有令人難以置信的美學設計細節的智慧型手機和配件。同時提供獨特的使用者體驗。

Overall, we are experiencing increasing interest in our real estate software in multiple categories of products. Due to the excellent user experience based on our superior special audio and head tracking technology.

總體而言，我們的多個產品類別的房地產軟體的興趣與日俱增。由於基於我們卓越的特殊音訊和頭部追蹤技術的卓越用戶體驗。

Our ability to deliver this software on embedded platforms across multiple architectures and on higher end smartphone and PC platforms is a key driver for this event.

我們在跨多種架構的嵌入式平台以及高階智慧型手機和 PC 平台上提供該軟體的能力是本次活動的關鍵驅動力。

In the case of this OEM our superior solution quality reflected in the tight integration of our special audio rendering and hedge wrecking technologies and coupled with our capabilities to efficiently support the full product integration and tuning, help us to secure this deal.

就該 OEM 而言，我們卓越的解決方案品質體現在我們的特殊音訊渲染和樹籬破壞技術的緊密整合，再加上我們有效支援完整產品整合和調整的能力，幫助我們確保了這筆交易。

As I've mentioned previously, the royalties for software license directly to OEM are at the higher end of our overall range and the customers get to market faster than typical semiconductor customers involved in a lengthy chip design columns.

正如我之前提到的，直接向 OEM 提供軟體授權的版稅處於我們整體範圍的高端，並且客戶進入市場的速度比涉及冗長晶片設計專欄的典型半導體客戶更快。

It influences while training neural networks in the cloud is the most practical way of developing new AI models. Inferencing is the path to monetizing these investments.

它影響著在雲端訓練神經網路是開發新人工智慧模型最實用的方式。推理是這些投資貨幣化的途徑。

The preferred way to influence is to process it {H1st }on the smart edge device itself due to the near zero marginal cost of performing each query. In addition to other benefits such as the lower latency in privacy from laptops, smartphones and self-driving cars, scaling all the way down to tiny neural networks on power constrained IOT devices. The industry is experiencing unprecedented demand for power and cost efficient solutions to run AI on device.

由於執行每個查詢的邊際成本接近零，因此首選的影響方式是在智慧邊緣設備本身上對其進行處理。除了筆記型電腦、智慧型手機和自動駕駛汽車的隱私延遲較低等其他好處之外，還可以在功率受限的物聯網設備上一直擴展到微型神經網路。該行業正在經歷對在設備上運行人工智慧的功耗和成本效益解決方案的前所未有的需求。

In line with this trend, we secured our first licensing deal this quarter for our NeuPro-Nano NPU, which was only introduced in June of this year. A significant milestone for our embedded A I product line.

根據這一趨勢，我們在本季獲得了 NeuPro-Nano NPU 的第一份授權協議，該協議於今年 6 月才推出。我們的嵌入式 AI 產品線的一個重要里程碑。

Embedded AI is a highly synergetic with our connectivity and sensing offerings from the high volume and markets we serve to the customers we work with and through the growing need for connectivity sensing and AI to be increasingly integrated into every smart edge device.

嵌入式人工智慧與我們的連接和感測產品高度協同，這些產品來自我們為合作客戶提供的大量服務和市場，並且隨著連接感測和人工智慧日益增長的需求越來越多地整合到每個智慧邊緣設備中。

This specific customer is an existing licensee of our Bluetooth dual mode IP which it chips in high volume today in their wireless audio chips.

該特定客戶是我們藍牙雙模 IP 的現有被授權人，該 IP 目前已在其無線音訊晶片中大量使用。

These customers require a highly efficient NPU to add to their products for audio and other embedded AI processing in order to increase performance and add new AI based features.

這些客戶需要高效的 NPU 添加到他們的產品中以進行音訊和其他嵌入式 AI 處理，以提高性能並添加新的基於 AI 的功能。

NeuPro-Nano was the outstanding choice for them due to a single core, highly efficient architecture that can execute CPU ESP and neural networks work workloads with high performance and low energy utilization or in a small area.

NeuPro-Nano 是他們的最佳選擇，因為它採用單核心、高效架構，可以高效能、低能耗或在小面積內執行 CPU ESP 和神經網路工作負載。

This deal is indicative of our belief that many of our existing connectivity customers will require an NPU for their product road maps and is reflected in multiple opportunities in our pipeline through our proven relationships based on market success. Together, we are very well positioned to capitalize on this and license our NeuPro-Nano IP which leads to higher royalties on each device.

這項交易表明我們相信，我們的許多現有連接客戶將需要 NPU 來支持他們的產品路線圖，並且透過我們基於市場成功的成熟關係，我們的管道中的多個機會也得到了體現。我們共同處於有利地位，可以利用這一點並授權我們的 NeuPro-Nano IP，從而為每個設備帶來更高的版稅。

In addition to signing the first licensee in the third quarter, we also achieved other important milestones for embedded AI. We delivered a second higher performance implementation of NeuPro-Nano which is available for customers. Now giving them another option for their NPU requirements.

除了在第三季簽署第一個被授權者之外，我們還實現了嵌入式人工智慧的其他重要里程碑。我們交付了第二個更高效能的 NeuPro-Nano 實作方案，可供客戶使用。現在為他們的 NPU 需求提供了另一種選擇。

And we also expanded access for AI developers to rapidly develop train and deploy advanced embedded machines learning applications for the new, for the new for NPU VA partnership with Impulse, whose platform is widely used in the AI developer community for if two devices, these developments are part of our strategy to leverage our significant investment in AI to create a strong growth engine for SA overall, I'm incredibly pleased with licensing performance in the quarter and through the key sign in each domain, we specialize in. There is a clear indication that our strategy is working and resonating with our customers worldwide.

我們還擴大了人工智慧開發人員的訪問範圍，以快速開發訓練和部署先進的嵌入式機器學習應用程序，以實現與Impulse 的NPU VA 合作夥伴關係，其平台廣泛應用於人工智慧開發人員社區，如果有兩種設備，這些開發是我們策略的一部分，即利用我們在人工智慧方面的重大投資，為SA 整體創造強大的成長引擎，我對本季度的許可表現以及透過我們專注的每個領域的關鍵標誌感到非常滿足。有明顯跡象表明，我們的策略正在與全球客戶產生共鳴。

Turning now to royalties, continued trends in consumer industrial and market help us to achieve 15% year over year royalty revenue growth and deliver the second highest quarterly unit shipment in SA history of 522 million units.

現在轉向特許權使用費，消費工業和市場的持續趨勢幫助我們實現了 15% 的同比特許權收入增長，並實現了南非歷史上第二高的季度出貨量，達到 5.22 億台。

The it units were at an all-time record high while Bluetooth and Wi Fi continue to be very robust overall combined shipments of Bluetooth Wi-fi and Federal IOT suppress 400 million units in a quarter for the first time. An impressive milestone for our IOT connectivity product line.

IT 設備數量創歷史新高，而藍牙和 Wi-Fi 繼續保持強勁勢頭，藍牙 Wi-Fi 和聯邦物聯網 (Federal IOT) 的整體總出貨量首次在一個季度內減少了 4 億台。我們的物聯網連接產品線的一個令人印象深刻的里程碑。

Also, we drove sequential and year over year growth of TV S and PC powered by our sense of use software smartphone shipments volume was down moderately on sequential and year over year basis. And with five GRM shipments reflected the software environment for 5G operator OpEx.

此外，我們推動了 TV S 和 PC 的環比和同比增長，這得益於我們的使用感軟體智慧型手機出貨量環比和同比略有下降。五個 GRM 出貨量反映了 5G 營運商 OpEx 的軟體環境。

This year of note, we saw several of our customers ship record volume of their silver powered products reflecting a combination of improved demand and continued market share gains particularly in the wireless connectivity space overall, I remain very confident in the resilience of our loyalty business with many different customers and end markets contributing to the fourth consequential quarter of year over year loyalty growth,

今年值得注意的是，我們看到一些客戶的銀供電產品出貨量創歷史新高，反映出需求的改善和市場份額的持續增長，特別是在整個無線連接領域，我對我們的忠誠度業務的彈性仍然非常有信心許多不同的客戶和終端市場為第四季度的忠誠度同比增長做出了貢獻，

our royalty pipeline continues to show strong momentum with a growing number of customers preparing to launch silver power products spanning wireless combo chips, new 5G and cellular IOT use cases, vision and sense of Fusion for a system and special audio software to name just a few.

我們的特許權使用費管道繼續表現出強勁的勢頭，越來越多的客戶準備推出銀級電源產品，涵蓋無線組合晶片、新的5G 和蜂窩物聯網用例、系統融合的視覺和感覺以及特殊音頻軟體等等。

Now I will turn the call over to your need for the financials.

現在我將把電話轉到您對財務的需求。

Thank you, Amir. I'll start by reviewing the results of our operations for the third quarter of 2024.

謝謝你，阿米爾。我首先回顧 2024 年第三季的營運結果。

The revenue for the third quarter was $27.2 million. Up 13% compared to $24.1 million for the same quarter. Last year.

第三季營收為2720萬美元。與同季度的 2,410 萬美元相比成長 13%。去年。

The revenue breakdown is as follows. Licensing and related revenue was $15.6 million, reflecting 57% of total revenue increased 12% year over year, wealthy revenues were $11.6 million reflecting 43% of our total revenue increased 15% year over year gross margin came below our guidance. 85% on GAAP and 87% on non-GAAP basis compared to 90% and 92% on GAAP and non-GAAP basis, respectively. A year ago.

收入明細如下。許可及相關收入為 1,560 萬美元，佔總收入的 57%，年增 12%；富裕收入為 1,160 萬美元，佔總收入的 43%，年增 15%；毛利率低於我們的指導。以 GAAP 計算為 85%，以非 GAAP 計算為 87%，而以 GAAP 和非 GAAP 計算分別為 90% 和 92%。一年前。

This is mainly due to a strategically beneficial customization work associated with key 5G advanced deals. We signed recently, our ability to provide the most advanced 5G platform. It together with customization expertise to the semiconductor and community is highly compelling and is enabling us to sign deals with higher licensing fees, higher roll rates and create sticky long-term relationships.

這主要是由於與關鍵 5G 高級交易相關的具有戰略意義的客製化工作。我們最近簽署了協議，證明我們有能力提供最先進的 5G 平台。它與半導體和社群的客製化專業知識相結合，非常引人注目，使我們能夠簽署更高許可費、更高滾動率的協議，並建立黏性的長期關係。

Total gross operating expenses for the third quarter were $25.9 million at the higher end of our guidance due to slightly higher equity-based compensation expenses.

由於股權薪酬費用略有增加，第三季總營運費用為 2,590 萬美元，處於我們指引的較高端。

Total non-GAAP operating expenses for the third quarter excluding equity-based compensation expenses, amortization of intangibles and related acquisition costs were $21.4 million just over the midrange of our guidance. And in the same expense level as the second quarter, non-GAAP operating margins and net income were 8% of revenue and $2.1 million. 14% and 30% higher than operating margins of 7% and operating an income of $1.6 million recorded in the third quarter of 2023, respectively.

第三季的非公認會計準則營運費用總額（不包括股權補償費用、無形資產攤銷和相關收購成本）為 2,140 萬美元，略高於我們指導的中位數。在與第二季相同的費用水準下，非 GAAP 營運利潤率和淨利潤分別佔收入的 8% 和 210 萬美元。分別比 2023 年第三季 7% 的營業利潤率和 160 萬美元的營業收入高出 14% 和 30%。

This plays well with our commitment to increase growth and profitability in line with new IP developments and disciplined expense. Schools.

這與我們根據新智慧財產權開發和嚴格支出來提高成長和獲利能力的承諾相得益彰。學校。

GAAP operating loss for the third quarter of 2024 was $2.6 million as compared to a GAAP operating loss of $2.7 million for the same period. In 2023 GAAP and non-GAAP taxes of $1 million lower than our guidance and affected by the geography of deals signed GAAP that lost for the third quarter of 2024 were $1.3 million and the limited loss per share was $0.6 as compared to a net loss of $2.8 million and the limited loss per share of $0.12 for the same period last year,

2024 年第三季 GAAP 營運虧損為 260 萬美元，而同期 GAAP 營運虧損為 270 萬美元。2023 年，GAAP 和非GAAP 稅費比我們的指引低100 萬美元，並受到已簽署GAAP 交易地理位置的影響，2024 年第三季虧損為130 萬美元，每股有限虧損為0.6 美元，而淨虧損280萬美元，去年同期每股有限虧損0.12美元，

non-GAAP net income in the little income per share for the third quarter of 24 increased significantly by 137% and 133% to $3.4 million and $0.14 respectively as compared to a net income of $1.4 million and diluted income per share of 6¢ reported for the same quarter last year with respect to other related data shipped units by Ceva licensees during the third quarter of 2024 were 522 million units.

24 年第三季的非公認會計原則每股收益中的小額淨利潤分別大幅增長137% 和133% 至340 萬美元和0.14 美元，而2019 年報告的淨利潤為140 萬美元，稀釋後每股收益為6 美分。

Up 4% from the third quarter of 2023 reported shipments and 13%. Higher sequentially. This is the second highest quality shipment in Ceva's history of the 522 million unit ship.

較 2023 年第三季報告的出貨量成長 4% 和 13%。依次較高。這是 Ceva 史上 5.22 億艘船中第二高品質的出貨量。

72 million units or about 14% were for mobile handset modems.

7,200 萬台（約 14%）用於手機數據機。

440 million units were consumer IOP markets up 4% from 398 million units in the third quarter of 2023.

消費級 IOP 市場銷量為 4.4 億台，較 2023 年第三季的 3.98 億台成長 4%。

Of note, we revenue for consumer IOT increased 21% year over year due to shipment growth for our higher A SB products.

值得注意的是，由於我們較高 A SB 產品的出貨量成長，我們的消費者物聯網營收年增 21%。

36 million units were for industrial IOT markets up 50% from 24 million units. In the third quarter of 2023 Bluetooth shipments were 306 million units in the quarter. Down slightly 2% year over year cellular IOT shipments were record all time high of 48 million units up 37% year over year. And Wi-Fi shipment also increased significantly to 47 million units up 100% year over year overall.

工業物聯網市場出貨量為 3,600 萬台，較 2,400 萬台成長 50%。2023年第三季藍牙出貨量為3.06億台。年比小幅下降 2% 蜂窩物聯網出貨量創歷史新高，達 4,800 萬台，較去年同期成長 37%。Wi-Fi出貨量也大幅成長，達到4,700萬台，較去年同期成長100%。

A strong mix of shipments across our key end markets delivered year over year role to revenue growth for the fourth successive core as of the balance sheet items. As of September 30 '24 Ceva's cash equivalent balances, marketable securities and bank deposits were approximately 100 and $58 million. In the third quarter, we purchased approximately 186,000 shares for approximately $4.2 million.

我們主要終端市場的強勁出貨量組合為資產負債表中連續第四個核心項目的收入成長帶來了逐年成長的作用。截至 2024 年 9 月 30 日，Ceva 的現金等價物餘額、有價證券和銀行存款約為 100 又 5,800 萬美元。第三季度，我們以約 420 萬美元的價格購買了約 186,000 股股票。

Earlier today, our board of directors authorized a new increase of 700,000 shares to our existing 10B-18 repurchase program.

今天早些時候，我們的董事會授權在現有的 10B-18 回購計畫中新增 70 萬股。

As of today, just over 1 million shares are available for repurchase under the repurchase program. After giving effect to this expansion, we believe in our future business prospects and intend to take advantage of the program to increase shareholders' value.

截至今天，根據回購計劃，可供回購的股票數量略多於 100 萬股。在此次擴張生效後，我們對未來的業務前景充滿信心，並打算利用該計劃來增加股東價值。

Our [DSO S] for the third quarter is 61 days better than the 69 days in the prior quarter. During the quarter, we generated $0.4 million of cash from operating activities. Our ongoing depreciation and amortization was $1 million and purchase a fixed asset was $0.4 million.

我們第三季的 [DSO S] 比上一季的 69 天長了 61 天。本季度，我們從經營活動中產生了 40 萬美元的現金。我們的持續折舊和攤提為 100 萬美元，購買固定資產為 40 萬美元。

And at the end of the third quarter, our head count is 431 people in whom 354 are engineers. Most of the guidance for the fourth quarter of 2024 and the full year, as evidenced in the last two quarters, our annual growth plan progressed. Well, also as Amir stated earlier, our backlog and pipeline improved both for the fourth quarter of 24 as well as for 2025.

截至第三季末，我們的員工人數為 431 人，其中工程師 354 人。大部分指導是針對 2024 年第四季和全年的，正如過去兩個季度所證明的那樣，我們的年度成長計畫取得了進展。嗯，正如阿米爾之前所說，我們的積壓訂單和管道在 24 年第四季以及 2025 年都有所改善。

Therefore, we expect overall revenues for the year to be higher than the last two guidance's we provided earlier and then a new higher range of 7% to 9% growth.

因此，我們預計今年的整體收入將高於我們之前提供的最後兩個指導，然後達到 7% 至 9% 的新的更高成長範圍。

We continue to manage our OpEx closely and implement cost control measures from time to time. This would enable us to double our non-GAAP operating margins and operating profit for 2024-2023 and also generate stronger earnings, power and double or non-GAAP fully diluted EPS.

我們繼續密切管理我們的營運支出，並不時實施成本控制措施。這將使我們能夠在 2024 年至 2023 年期間將非 GAAP 營業利潤率和營業利潤翻一番，並產生更強勁的收益、動力以及雙倍或非 GAAP 完全攤薄每股收益。

That's for the fourth quarter. Total revenue is expected to be in the range of $26.5 million to $28.5 million. Gross margin is expected to be approximately 88% on GAAP basis and 89% on non-GAAP basis excluding aggregate of $0.2 million of equity-based compensation expenses and $0.1 million associated with the required intangibles.

這是第四季的情況。總收入預計在 2,650 萬美元至 2,850 萬美元之間。毛利率預計以 GAAP 基準約為 88%，以非 GAAP 基準計算為 89%，不包括總計 20 萬美元的股權補償費用和與所需無形資產相關的 10 萬美元。

This is a bit lower than originally expected due to the higher allocation of engineering efforts to support key 5 G advanced customers get. OpEx is expected to be in the range of $25.2 million to $26.2 million at the average level of the last two quarters of anticipated Operating expenses for the fourth quarter. $3.7 million is expected to be attributed to equity based compensation expense and $0.2 million for the amortization of inquired intangibles and $0.3 million for the expense related to the business acquisitions.

這比最初的預期要低一些，因為為支援關鍵 5G 高級客戶而分配了更多的工程工作。以前兩季預期營運支出的平均水準計算，第四季營運支出預計將在 2,520 萬美元至 2,620 萬美元之間。預計 370 萬美元用於股權補償費用，20 萬美元用於無形資產攤銷，30 萬美元用於與業務收購相關的費用。

OpEx is expected to be similar to the last two quarters and in the range of $21 million to $22 million reflecting our continued expense control and enabling strongly stronger earnings power.

營運支出預計將與前兩個季度相似，在 2,100 萬美元至 2,200 萬美元之間，反映出我們持續的費用控制和強勁的盈利能力。

The interest income is expected to be approximately $1.2 million. Taxes are expected to be approximately $1.4 million deal geography closures, and the share count is expected to be 25.3 million shares. And Jason you could now open the Q&A session, please.

利息收入預計約120萬美元。交易地域關閉的稅金預計約為 140 萬美元，股票數量預計為 2,530 萬股。Jason 現在可以開始問答環節了。

Thank you. (Operator Instruction)

謝謝。（操作員說明）

Kevin Cassidy from Rosenblatt Securities.

羅森布拉特證券公司的凱文·卡西迪。

Yes. Thanks for taking my question and congratulations on the great results. Just to maybe clarification or maybe restate it on the gross margin, the drag on gross margin. This is, you know, engineering time you're spending making a custom 5G modem platform and this extends a little bit into next quarter. Is that, is there going to be extension further? And also yeah, I just want to understand is this platform then become a standard device that you license to other companies?

是的。感謝您提出我的問題並祝賀取得的優異成績。只是為了澄清或重述毛利率，即毛利率的拖累。您知道，這是您用於製作客製化 5G 數據機平台的工程時間，並且會延長到下個季度。那麼，還會進一步延長嗎？是的，我只是想了解這個平台是否會成為您授權給其他公司的標準設備？

Sure, good morning. Thanks for the question. So I in our cost of revenues and it business, you do bring up R&D resources when you do some customization works for your customers and this is a very strategic large deal. We have few already, two of them in the modem 5G space earlier in the year.

當然，早安。謝謝你的提問。因此，在我們的收入成本和 IT 業務中，當你為客戶做一些客製化工作時，你確實會帶來研發資源，這是一項非常具有戰略意義的大交易。我們已經有很少的產品了，其中有兩個是今年早些時候在調製解調器 5G 領域推出的。

And now this is the third one that we sign now in the third quarter, to two of these deals, we have some work that are associated with them and these are special requests to change specific things for, these specific customers. Of course, the knowledge and the know-how and the capabilities of doing things like this in the past in the future remains with Ceva and this could drag one quarter or so the two quarters the margin the loan.

現在這是我們在第三季簽署的第三筆交易，對於其中兩筆交易，我們有一些與之相關的工作，這些是為這些特定客戶更改特定內容的特殊要求。當然，過去和未來做類似事情的知識、技術和能力仍然屬於Ceva，這可能會拖累四分之一左右的貸款利潤，這兩個季度。

But down at the end of the day, allocation of R&D cost to cost of revenue, it's not an increase in the overall expenses. And when you look at an annual basis, this year, we are still looking at 89% 90% margins non-GAAP. So nothing has changed dramatically. Just a little bit more effort on the on the top line versus our.

但歸根究底，將研發成本分配到收入成本中，並不是整體費用的增加。當你看一下年度基礎時，今年我們仍然看到 89% 90% 的非 GAAP 利潤率。所以一切都沒有發生巨大的改變。與我們相比，只是在頂線上多付出一點努力。

And Kevin, I would add to that also more on the strategic view of how we are driving the company and the business. If you recall, when I talked previously, long term, what we would like to achieve is basically to be a truly partner of our customers and driving better economy and value to our customers of the technology that we provide. In this case with the 5G advanced platform.

凱文，我想補充更多關於我們如何推動公司和業務的策略觀點。如果你還記得，當我之前談到時，從長遠來看，我們希望實現的目標基本上是成為客戶的真正合作夥伴，並利用我們提供的技術為客戶帶來更好的經濟和價值。在這種情況下使用5G先進平台。

Basically, we bring up a complete platform that started with the so-called DSP and processing technology. But now a complete L1 modern technology hardware and software.

基本上，我們推出了一個以所謂的 DSP 和處理技術為基礎的完整平台。但現在有完整的L1現代技術硬體和軟體。

This is the IP that we are building and we will go and expand our IP across all our customer base. In this specific case, including the other days through the year. There's a also additional so called customization and support that we provide to our customers. But they drive the long term economics of better licensing and warranty moving forward. As we continue to build the connectivity IP portfolio that we have.

這是我們正在建立的 IP，我們將在所有客戶群中擴展我們的 IP。在這個特定情況下，包括一年中的其他日子。我們還為客戶提供額外的所謂客製化和支援。但它們推動了更好的許可和保固的長期經濟效益。隨著我們繼續建立我們擁有的連接 IP 產品組合。

Okay, great. Thanks for that clarification. And you know, maybe it's as you're designing with this platform, is there an opportunity for Wi-Fi in in the platform overall?

好的，太好了。感謝您的澄清。你知道，也許當你使用這個平台進行設計時，整個平台中是否有機會使用 Wi-Fi？

That's Kevin, that's a great question. So in this specific case, we are starting with the 5G advanced platform, but we have multiple customers that are looking to add to this platform Wi Fi and Bluetooth and other technologies. And so definitely on, on top of what I said, strategically, more value and economics per deal is really creating and adding more content of the different wireless connectivity.

那是凱文，這是一個很好的問題。因此，在這個具體案例中，我們從 5G 先進平台開始，但我們有多個客戶希望在該平台上添加 Wi-Fi 和藍牙以及其他技術。因此，除了我所說的之外，從戰略上講，每筆交易的更多價值和經濟效益確實是創造和添加更多不同無線連接的內容。

And on top of that, moving forward, also what we will see is adding AI on your network capabilities in terms of the processing that we provide in this type of connectivity platforms. And we have the NeuPro-Nano that we talked about today as well as the other MPS that we have in our portfolio.

最重要的是，展望未來，我們還將看到在我們在此類連接平台中提供的處理方面，在您的網路功能中添加人工智慧。我們有今天討論的 NeuPro-Nano 以及我們產品組合中的其他 MPS。

So definitely what we see is that and I'm very happy with how I see the strategy that we put in place that we, are executing that exactly to our plan and driving more and more value and with that economics of the deals to our customers with the multiple connectivity technologies. And then on top of that AI

因此，我們所看到的肯定是這一點，我對我們制定的戰略感到非常滿意，我們正在完全按照我們的計劃執行該戰略，並為我們的客戶帶來越來越多的價值和交易的經濟性與多種連接技術。然後在人工智慧之上

okay. Great. Thanks.

好的。偉大的。謝謝。

Tavy Rosner from Barclays.

巴克萊銀行的泰維·羅斯納。

Oh, hi. Thanks for taking my questions. I wanted to ask about the licensing deals. You announced 10. I think it was on the press release. It's a little lower than your run rate for previous quarters. I'm just wondering, is that significant or reflecting maybe some deal slippage into next quarter? Anything you can speak to that?

哦，嗨。感謝您回答我的問題。我想詢問有關許可交易的問題。你宣布了​​10。我認為這是在新聞稿中。它比前幾季的運行率略低。我只是想知道，這是否重要或反映了一些交易可能會推遲到下個季度？有什麼可以說的嗎？

Yes, definitely. Thanks for the question, please. First quarter by quarter, the numbers can change a little bit as we know with licensing the business. It can vary between quarters but overall and we are very satisfied with the number of deals that we have and the type of deals that we have, which is even more important and, and, and the mix can, can vary in each quarter.

是的，絕對是。謝謝你的提問。正如我們所知，隨著業務許可，第一季的數字可能會略有變化。每個季度之間可能會有所不同，但總體而言，我們對我們擁有的交易數量和交易類型非常滿意，這一點更為重要，並且每個季度的組合可能會有所不同。

And in this case, we have several deals with multiple OEM's which will drive better economics moving forward as well as our advanced wireless connectivity solutions. And so then the number of deals is, you know, we talked about it roughly on, on an annual basis, we typically about around 50 deals a year or so. So it can vary quarter of the quarter. But for us, it's more the quality of the deal than the quantity of the deal and overall how we is our technology basically adopted by our customers.

在這種情況下，我們與多家 OEM 達成了多項協議，這將推動更好的經濟效益以及我們先進的無線連接解決方案的發展。那麼交易數量是，你知道，我們每年大致討論過這一點，我們通常每年大約有 50 筆交易左右。因此，每季的情況可能會有所不同。但對我們來說，更重要的是交易的品質而不是交易的數量，以及我們的技術基本上被客戶採用的情況。

Got it. And just on the backlog and pipeline, you mentioned the improved momentum. So how would you describe it now versus at the beginning of the year?

知道了。就積壓訂單和管道而言，您提到了勢頭的改善。那麼，與年初相比，您如何形容現在的情況呢？

Yes, a few things on that one. First on the pipeline that I highlighted as well in the prepared remarks, the pipeline that I see today is the highest that I've seen since I joined the company at the beginning of 2023. And that goes back to, we really see that our strategy fitting very nicely with the market needs to call us all our technologies of connections and infer and through the key end market, which we are targeting is part of the smart edge and in terms of the backlog this quarter, for Q4, we are basically in a position right now that the backlog is strong.

是的，關於那件事的一些事情。首先，我在準備好的發言中也強調了管道，我今天看到的管道是我自 2023 年初加入公司以來所見過的最高管道。這可以追溯到，我們確實看到我們的策略非常適合市場，需要調用我們所有的連接和推斷技術，並透過關鍵終端市場，我們的目標是智慧邊緣的一部分，並且就以下方面而言：本季度的積壓，對於第四季度，我們現在基本上處於積壓強勁的狀態。

And with that, you know, overall, we raised the GUS for annually as well as to some degree for this quarter. And so we're in a good place and I'm very happy with how I see the execution coming together.

因此，總體而言，我們提高了每年的 GUS，並在一定程度上提高了本季的 GUS。所以我們處於一個很好的位置，我對執行的進展感到非常滿意。

Great, thanks for that. That's it for me.

太好了，謝謝你。對我來說就是這樣。

Thank you.

謝謝。

We have a question from Gus Richard from Northland. Please go ahead.

來自北國的格斯·理查德向我們提出了一個問題。請繼續。

Yes. Thanks for taking the question. Just real quick. There's been a little bit of a shift obviously from spending to gross margin as you customize for do some customer customers is, is that the way we should think about the models is gross margins and 25 coming into the high 80's and, and a little bit lighter on the R&D line.

是的。感謝您提出問題。真的很快。當你為一些客戶量身定制時，從支出到毛利率顯然有一點轉變，我們應該考慮模型的方式是毛利率，25 進入 80 年代的高位，還有一點研發線上更輕。

Hi, good morning. I'm not sure we're not talking about yet, the 2025 model for this year and the guidance for Q4 and if you plug that in, you will get the year around the 89% to 90%. So in line with the nine years that we've been around for a long time, we're not changing our model. You know, it's not becoming a service company.

嗨，早安。我不確定我們是否還沒有談論今年的 2025 年模型和第四季度的指導，如果你將其插入，你將獲得 89% 至 90% 左右的年份。因此，按照我們已經存在很長時間的九年，我們不會改變我們的模式。你知道，它並不是成為一家服務公司。

It's just specific, very specific deal in very specific areas that because of the offerings and because of the excitement of 5G Advanced, we won three consecutive deals in the last two quarters, so very strong execution on that and it happens to be that some of them need some more work so that the one of those deals that we signed now in Q3, we'll have a few more quarters of, of work and support for that specific customer.

這只是在非常具體領域的具體、非常具體的交易，由於產品和 5G Advanced 的興奮，我們在過去兩個季度連續贏得了三筆交易，因此在這方面的執行非常強大，而且恰好是一些他們需要更多的工作，以便我們在第三季簽署的其中一項交易中，我們將為該特定客戶提供更多幾季的工作和支援。

But we're not changing the model, we're not changing and we're still an it company. It should be the [nineish], you know, 1 2% up or down is not changing anything majority in the, in this, in the modelling aspects.

但我們不會改變模式，我們不會改變，我們仍然是一家 IT 公司。它應該是[9]，你知道，1 2% 的上升或下降不會改變任何大多數，在這方面，在建模方面。

Got.

得到。

It. And let me just try asking the question another way. Are you seeing increased demand for customization beyond 5G advanced? As more OEM's get into the business of building their own chips, They don't have the design expertise.

它。讓我嘗試用另一種方​​式問這個問題。您是否發現 5G 高級以外的客製化需求增加？隨著越來越多的 OEM 進入建立自己的晶片業務，他們不具備設計專業知識。

And I'm just wondering is you're not going to be design services company but OEM's need more help than a semiconductor company, let's say, and I'm just wondering if, if, if that's giving you an opportunity to do a little more customization work and you know, obviously drive higher licensing and loyalty down the road, you know, but paying up front and a little bit more, a little bit lower gross margin. That that's the nature of the question.

我只是想知道你不會成為設計服務公司，但 OEM 需要比半導體公司更多的幫助，我只是想知道這是否會給你一個機會做一點更多的定制工作，顯然會推動更高的許可和忠誠度，但要預付更多費用，毛利率也會降低一些。這就是問題的本質。

Yeah, our device that it's a good question and the way we look at basically frame it is that when we look at the different deal and what we offer to our customers for us, it's less about so called. The level of customization is the value that we offer them definitely with the multiple connectivity technologies and ability to put them together as a so called pretested, pre-integrated with the software stack.

是的，我們的設備，這是一個很好的問題，我們看待的方式基本上是這樣的，當我們考慮不同的交易以及我們為客戶提供的服務時，它與所謂的無關。客製化程度是我們透過多種連接技術以及將它們組合在一起作為所謂的預先測試、預先與軟體堆疊整合的能力為他們提供的價值。

On top of that, we are bringing more and more value to our customers and that resonates very, very well with OEM or large semiconductor companies that have those gaps that you alluded to or mentioned. And so definitely we see us as a better fit to drive higher value type of deals both on the licensing and the long-term royalty that that can bring.

最重要的是，我們正在為客戶帶來越來越多的價值，這與那些存在您提到或提及的差距的 OEM 或大型半導體公司產生了非常非常好的共鳴。因此，我們肯定認為我們更適合推動更高價值類型的交易，無論是許可還是由此帶來的長期特許權使用費。

And we are very happy that that strategy now getting executed and resonates very well with the customer base.

我們很高興該策略現在得到執行並與客戶群產生了很好的共鳴。

And with that for the most part, most of our customers, because we are doing the pre integration and software, the integration to the platform by ourselves in advance, it will be an IP that is offered off the shelf and will increase more and more in value and capabilities here and there.

在很大程度上，我們的大多數客戶，因為我們正在做預先整合和軟體，提前整合到平台上，這將是現成的IP，並且會增加越來越多到處都有價值和能力。

We have the opportunities to get and, build expansion of our IP and into new markets and with new customers and we will see here some customization on support and, but that's part of at the end of the day, our IP offering as we provided to OEM and semiconductors, which really have those goods.

我們有機會獲得並擴展我們的知識產權，進入新市場和新客戶，我們將在這裡看到一些支援定制，但歸根結底，這是我們提供的知識產權產品的一部分OEM 和半導體，確實有這些貨物。

I guess I'll add to that that if you try to quantify this, you know, we sign 40 to 50 deals a year. It's less than a handful, you know, deals per year that need to be we need some support and these types of customizations, the bulk of the business is off the shelf. I believe that we and then the license as in so it's really sporadic deals over, here and, and it's two or three falling in the same time we frame of one or two quarters.

我想我會補充一點，如果你試圖量化這一點，你知道，我們每年簽署 40 到 50 筆交易。你知道，每年需要的交易數量不到幾筆，我們需要一些支持和這些類型的定制，大部分業務都是現成的。我相信我們然後是許可證，所以它確實是零星的交易，這裡和，並且在我們框架的一兩個季度的同一時間內有兩到三個交易。

Then this is why we saw this 87% this quarter versus the [nine years] that we really see on a, on a normal quarter.

這就是為什麼我們在本季看到了 87%，而我們在正常季度實際看到的[九年]。

Got it. I, I understand. Thanks so much.

知道了。我，我明白了。非常感謝。

Sure. Thank you.

當然。謝謝。

Martin Yang from Oppenheimer.

奧本海默的馬丁楊。

Thank you for taking my question. My question is on Wi Fi a very strong shipment quarter. Is there any additional color you could provide on only markets or products that contributed to the Wi Fi? That's the first question. Second question is, do you think this level of shipment is sustainable versus roughly an average of $30 million in the pre preceding quarters?

謝謝你回答我的問題。我的問題是 Wi-Fi 季度的出貨量非常強勁。您是否可以僅在對 Wi-Fi 做出貢獻的市場或產品上提供任何其他顏色？這是第一個問題。第二個問題是，與前幾季平均約 3000 萬美元的水平相比，您認為這一水平的出貨量是否可持續？

Yeah, Martin good questions. And first, I would say that overall, not just Wi-fi cause the Bluetooth Wi-fi and combined. Definitely, this is a record quarter for us and illustrating the, the strategy and the decisions that we have been driven for a while to penetrate and create a leader and the connectivity, smart edge market. So we are very, very happy with where we are and how we see the royalty moving forward and so forth specifically on Wi-fi.

是的，馬丁問得好。首先，我想說的是，總的來說，不僅僅是 Wi-fi 導致了藍牙和 Wi-fi 的結合。毫無疑問，這對我們來說是一個創紀錄的季度，說明了我們一段時間以來一直在推動的策略和決策，以滲透並創建領導者和連結、智慧邊緣市場。因此，我們對我們的現狀以及我們如何看待版稅的發展等特別是在 Wi-Fi 方面感到非常非常滿意。

Actually, I would say we are early in the in the rent sector. And as we pointed already during the analyst day, last year, Wi-Fi shipment volume and in terms of the potential warranty ramp and overall volume shipment is still a significant growth area for us.

事實上，我想說我們在租賃領域處於早期階段。正如我們在分析師日期間指出的那樣，去年 Wi-Fi 出貨量以及潛在保固成長和總出貨量對我們來說仍然是一個重要的成長領域。

What drives it is we are penetrating more market share by our customers that license our technology really reaching the production. And once they reach production, they're also reaching more platform. And with that increased volume of shipment volume as time goes by.

推動這一趨勢的是，我們的客戶正在滲透更多的市場份額，這些客戶授權我們的技術真正進入生產。一旦他們投入生產，他們也會接觸到更多的平台。隨著時間的推移，出貨量也隨之增加。

And so definitely our expectation in the long run as we look at 2,567 as we shared during the day and as of last year, we expect the Wi Fi volume to increase significantly and with a good success as we have seen in our, with our group of technology and now it can vary quarter over quarter, depends on the market condition.

因此，從長遠來看，我們的期望絕對是，正如我們當天分享的2,567 個，截至去年，我們預計Wi-Fi 數量將顯著增加，並取得良好的成功，正如我們在我們的團隊中所看到的那樣技術的發展，現在每個季度都會有所不同，具體取決於市場狀況。

But overall, the baseline that drive the tailwind, which is the 30 more customers that already license our Wi-Fi six, we expect those customers to go more to production, more platform that they're shipping into and with that increased volume over time.

但總體而言，推動順風的基線是已有30 多個客戶已經獲得Wi-Fi 6 的許可，我們預計這些客戶將更多地投入生產，他們將進入更多平台，並且隨著時間的推移，數量會不斷增加。

Hi Martin, this is Richard here just to add on another couple of points to Amir's answer there. So one of our customers who showed quite a big jump in shipments in the quarter indicated that some of their customers are starting to a new inventory restocking process.

嗨，馬丁，我是理查德，我只是為了對阿米爾的回答補充幾點。因此，我們的一位客戶在本季的出貨量大幅成長，表示他們的一些客戶正在開始新的庫存補充流程。

And I think this was backed up as well by TSMC's earnings report recently where they talked about the strength of IOT. So there's definitely a move to a big volume of IOT chips with connectivity coming into the market right now.

我認為台積電最近的收益報告也證實了這一點，他們在報告中談到了物聯網的優勢。因此，目前市場上肯定會出現大量具有連接功能的物聯網晶片。

It's been seen at the, at the fabs and also in the supply chain as well. So that definitely bodes well. And with the our large customer base there that Amir alluded to, we can see that to continue to grow, obviously quarter quarterly, we don't have any control over, but the trend is, is definitely heading in the right direction.

在晶圓廠和供應鏈中都可以看到這種情況。所以這絕對是個好兆頭。憑藉阿米爾提到的我們龐大的客戶群，我們可以看到，要繼續成長，顯然是按季度增長，我們無法控制，但趨勢肯定是朝著正確的方向發展。

Got it. Thank you, Richard. Thank you, Amir. That's it for me.

知道了。謝謝你，理查。謝謝你，阿米爾。對我來說就是這樣。

Warren Derelict from D.A Davidson. Please go ahead.

D.A 戴維森的華倫遺棄者。請繼續。

Yes. Congrats on a great quarter. The question is for someone like me that's followed you guys for approaching 20 years. It feels like a new secular growth phase you're entering. My question is involving the cash hoard you have in the bank. Are there any complementary companies out there that might play into the new focus you have going forward that you all are considering or would consider? Are there candidates at present that you all, are you actively shopping or looking?

是的。恭喜您度過了一個出色的季度。這個問題是針對像我這樣關注你們近 20 年的人的。感覺就像你正在進入一個新的長期成長階段。我的問題是牽涉到你銀行裡的現金儲備。是否有任何互補的公司可能會成為你們正在考慮或將要考慮的未來新焦點？你們現在有候選人嗎，你們正在積極購物或尋找嗎？

So, yes, thanks for the question. So, first last year we acquired real space, our real space technology and now we are seeing that actually ramping up with the new customers like the OEM that we mentioned today on the call. And we also invested more in overall our IO people's photon connectivity portfolio with the expansions of more technology and the things that will come and we will be able to talk more in in the coming few calls.

所以，是的，謝謝你的提問。因此，去年我們首先獲得了真實空間，我們的真實空間技術，現在我們看到，像我們今天在電話中提到的 OEM 等新客戶實際上正在增​​加這種技術。我們也對 IO 人員的光子連接產品組合進行了更多投資，並擴展了更多技術和即將到來的事物，我們將能夠在接下來的幾次電話會議中進行更多討論。

And in addition to that, of course, as you pointed out, our balance sheet is very strong. And we are definitely looking how to deploy that into different type of M&A opportunities and we definitely there are opportunities out there and this is reasonable to expect that as we go into the next year and we will continue our acquisition to build more momentum acro across our wireless connectivity portfolio and overall the IP that we can offer.

除此之外，當然，正如您所指出的，我們的資產負債表非常強勁。我們肯定正在研究如何將其部署到不同類型的併購機會中，我們肯定有機會，這是合理的預期，當我們進入明年時，我們將繼續進行收購，以在我們的整個領域建立更多的動力無線連接產品組合以及我們可以提供的整體IP。

Morning, we add on top of that, we also increased the buyback offering today. So that's also something that we have done in the past and we'll continue to, to use our access cash for that as well.

早上，我們補充說，我們今天還增加了回購計劃。因此，這也是我們過去所做的事情，我們將繼續使用我們的現金來實現這一目標。

Fantastic. Thanks.

極好的。謝謝。

Guys.

夥計們。

Thank you.

謝謝。

There are no more questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to Amir Panush for any closing remarks.

隊列中沒有更多問題。我們的問答環節到此結束。我想將會議轉回給阿米爾·帕努什（Amir Panush）發表閉幕詞。

Thank you on behalf of Ceva team. Thank you for joining us today. We delivered another strong quarter on the back of continuing business momentum and increased demand for our it, the semiconductor industry has returned to good growth driven by AI and through our tailored customer base, we are already seeing this growth through our royalty business with four consecutive quarters of year, over year growth and with our leading edge portfolio of technologies that enable smart edge devices to connect sense and infer data.

我代表 Ceva 團隊感謝您。感謝您今天加入我們。在持續的業務勢頭和對IT 需求的增加的支持下，我們又實現了強勁的季度，半導體行業在人工智能和我們量身定制的客戶群的推動下恢復了良好的增長，我們已經通過我們的特許權使用費業務連續四個季度看到了這種增長每年幾個季度、同比增長以及我們領先的技術組合，使智慧邊緣設備能夠連接感知和推斷數據。

We are realizing many licensing opportunities with the world's leading semiconductor companies and OEM's that ensure we are well positioned to meet to meet our long-term growth objectives.

我們正在與世界領先的半導體公司和 OEM 獲得許多許可機會，確保我們能夠很好地實現我們的長期成長目標。

We look forward to meeting many of you during the fourth quarter on the road at investor conferences and non-deal Roadshows which are I will hand over to you to wrap it up.

我們期待在第四季度的投資者會議和非交易路演上與你們中的許多人見面，我將把這些交給你們來總結。

Thanks Amir. As a reminder, the prepared remarks for this conference call are filed as an exhibit to the current report on form 8-K and accessible through the investors section of our website.

謝謝阿米爾。謹此提醒，為本次電話會議準備的發言稿已作為 8-K 表當前報告的附件提交，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, the 13th annual Roth Conference technology Conference, November '20 in New York, the Barclays 22 annual Global technology Conference December 11th in San Francisco, the Northland Growth Conference 2024 2.0 on December '12 being held virtually, we will be at CES 2025 from January 7th to 10th in Las Vegas. And the following week, we will be at the 27th annual Needham Growth Conference. January 14 and 15 in New York.

關於即將舉行的活動，我們將參加以下會議：20 年11 月在紐約舉行的第13 屆年度羅斯會議技術會議、12 月11 日在舊金山舉行的巴克萊22 年度全球技術會議、2024 年2.0 版北國增長會議2012 年 12 月以虛擬方式舉行，我們將於 1 月 7 日至 10 日在拉斯維加斯參加 CES 2025。下週，我們將參加第 27 屆尼達姆成長會議。1 月 14 日至 15 日在紐約。

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

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。謝謝大家，再見。

The conference is 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。