CEVA Inc (CEVA) 2024 Q4 法說會逐字稿

Good day and welcome to the Shiva 4th quarter and year-end 2024 earnings conference call.

大家好，歡迎參加 Shiva 2024 年第四季和年終收益電話會議。

(Operator Instructions)

（操作員指令）

I would now like to attend a conference over Richard Kingston, Vice President, market intelligence and investor in public relations. Please go ahead, sir.

我現在想參加與市場情報副總裁兼公共關係投資者理查德金斯頓 (Richard Kingston) 舉行的會議。先生，請繼續。

Thank you, Rocco. Good morning, everyone, and welcome to Siva's fourth quarter and full year 2024 earnings conference call.

謝謝你，羅科。大家早安，歡迎參加 Siva 2024 年第四季和全年財報電話會議。

Joining me today on the call are Amir Panush, Chief Executive Officer, and Yaniv Arieli, Chief Financial Officer of CEVA.

今天與我一起參加電話會議的還有 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 discussions contain 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，如果這些假設成為現實或被證明不正確，可能會導致 CEVA 的結果與此類前瞻性陳述和假設表達或暗示的結果存在重大差異。

Forward-looking statements include statements regarding our strategy and growth opportunities, market positioning, trends and dynamics, including the impacts of the AI super cycle, recent advances related to LLM, large language model efficiency, and the and the shift from AI inference processing in the cloud to the edge.

前瞻性陳述包括有關我們的策略和成長機會、市場定位、趨勢和動態的陳述，包括人工智慧超級週期的影響、與 LLM 相關的最新進展、大型語言模型效率以及從雲端到邊緣的人工智慧推理處理的轉變。

Expectations regarding demand for and benefits of our technologies and revenues from long term strategic engagements with industry leaders. Our sales pipeline and backlog and our financial goals and guidance regarding future performance. Viva assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.

對我們的技術的需求和收益的預期，以及與產業領袖進行長期策略合作所帶來的收入。我們的銷售管道和積壓訂單以及我們的財務目標和有關未來業績的指導。Viva 不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊截至其各自日期為止均有效。

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-gap financial measures which we believe provide a more meaningful analysis of our core operating results and comparison of quarterly results.

此外，在剝離內在業務之後，內在業務的財務結果將從 2023 年第三季開始轉為停止運營，並且所有前期財務結果均已相應重塑。我們也將討論某些非差距財務指標，我們認為這些指標可以對我們的核心經營績效和季度績效比較提供更有意義的分析。

A reconciliation of non-gap financial measures is included in the earnings release we issued this morning and in the SEC filing section of our investor's relations website at investors. ceva-ip.com.

我們今天早上發布的收益報告和投資者關係網站的 SEC 備案部分中包含了非缺口財務指標的對帳表。 ceva-ip.com。

With that said, I'd like to turn the call over now to Amir, who will review our business and performance for the quarter and the year and provide some insights into our ongoing business and for 2025. Amir.

話雖如此，我現在想把電話轉給阿米爾，他將回顧我們本季和全年的業務和業績，並對我們正在進行的業務和 2025 年提供一些見解。阿米爾。

Thank you, Richard. Welcome, everyone, and thank you for joining us today. 2024 was a transformative year for Silva, marking the year of exceptional execution with double digit revenue growth, increased profitability, and expanded market leadership for the smart edge.

謝謝你，理查。歡迎大家，感謝大家今天的參加。 2024 年是 Silva 轉型的一年，標誌著這一年執行力卓越，營收實現兩位數成長、獲利能力增強，智慧邊緣市場領導地位擴大。

Our growth strategy, which we shared during our investor day at the end of 2023, positioned us to exceed our expectation for 2024 while keeping us strategically focused on our long-term goals to maximize shareholder value.

我們在 2023 年底的投資者日上分享的成長策略使我們能夠超越對 2024 年的預期，同時讓我們在策略上專注於實現股東價值最大化的長期目標。

Our core strategy of partnering closely with our customers to solve the most critical technology challenges through a comprehensive best in class portfolio of IP platforms continues to drive our growth. By enabling smart edge devices to connect, send, and insert data at the edge, we are delivering impactful solutions that drive success for both our partners and our business.

我們的核心策略是與客戶密切合作，透過全面一流的 IP 平台組合解決最關鍵的技術挑戰，這將繼續推動我們的成長。透過使智慧邊緣設備能夠在邊緣連接、發送和插入數據，我們正在提供有效的解決方案，為我們的合作夥伴和我們的企業帶來成功。

In 2024, we have strengthened our leadership and influence around our key technology pillars, reinforcing our dominant position in wireless connectivity, while expanding our sense and infra product offerings and global customer base.

2024年，我們加強了在關鍵技術支柱方面的領導地位和影響力，鞏固了我們在無線連接領域的主導地位，同時擴大了我們的感知和基礎設施產品供應和全球客戶群。

Our large, highly diversified customer base spans across multiple industries and markets, creating multiple licensing growth engines and strong royalty tines that are further enhanced by the expansions of AI across industries and everyday life.

我們龐大且高度多樣化的客戶群涵蓋多個產業和市場，創造了多個授權成長引擎和強大的專利費期限，而人工智慧在各個產業和日常生活中的擴展則進一步增強了這些優勢。

Before reviewing the year and our key achievements, I will first provide an overview of our fourth quarter performance.

在回顧這一年和我們的主要成就之前，我將首先概述我們第四季度的業績。

The fourth quarter, I'm pleased to report another stronger quarter with both licensing and royalties combining to deliver 21% year on year revenue growth and exceeding market expectations as we highlighted in recent earning costs, our business momentum is fueled by the AI super cycle, with significant investment shifting towards enabling AI insurance processing and the.

第四季度，我很高興地報告又一個更強勁的季度，許可和特許權使用費相結合實現了 21% 的同比增長，超出了市場預期，正如我們在最近的盈利成本中所強調的那樣，我們的業務勢頭受到人工智能超級週期的推動，大量投資於實現人工智能保險處理和。

This trend perfectly intersects with our industry leading portfolio of IPs which enable any edge device to connect wirelessly, sense its environments via vision, sound, or motion, and perform real-time on device instruments, enabling faster and more efficient decision making at the edge.

這一趨勢與我們業界領先的 IP 產品組合完美相交，這些 IP 產品組合使任何邊緣設備能夠無線連接，透過視覺、聲音或運動感知其環境，並在設備儀器上即時執行，從而實現更快、更有效率的邊緣決策。

We believe that recent advancements related to large language model efficiency with significantly lower training and inferent costs and reduced memory requirements will make AI more accessible, efficient, and affordable, particularly at the edge.

我們相信，最近與大型語言模型效率相關的進步，顯著降低訓練和推理成本以及減少記憶體要求，將使人工智慧更易於存取、更有效率、更實惠，尤其是在邊緣領域。

As LLMs become smaller and less resource intensive, the shift from centralized cloud processing to on device AI will accelerate, unlocking new opportunities for real-time edge-based intelligence. In the quarter, we signed several key strategic licensing deals.

隨著 LLM 變得越來越小且資源密集度越來越低，從集中式雲端處理到裝置 AI 的轉變將會加速，為即時邊緣智慧開啟新的機會。本季度，我們簽署了幾項重要的戰略許可協議。

The first deal to note is with a top tier global MCU company, which has signed a long-term architecture licensing agreement for our Wi-Fi platform. This partnership will enable our customers to offer end to end connectivity solutions across a wide range of IoT and industrial IoT applications.

值得注意的第一筆交易是與一家全球頂級 MCU 公司達成的，該公司為我們的 Wi-Fi 平台簽署了長期架構授權協議。透過此次合作，我們的客戶能夠為廣泛的物聯網和工業物聯網應用提供端到端的連接解決方案。

The market for Wi-Fi connectivity continues to grow, so does the complexity of the standards and the large number of products with different connectivity flavors that MCU companies need to integrate Wi-Fi into.

Wi-Fi 連線市場持續成長，標準的複雜性也不斷增加，MCU 公司需要將 Wi-Fi 整合到具有不同連線風格的產品中。

By standardizing on silver wave Wi-Fi platform architecture, this customer will streamline their Wi-Fi efforts and focus on their core key differentiators while benefiting from our IP to delivering plus connectivity solutions across their NPU portfolio, targeting multiple and markets.

透過在銀波 Wi-Fi 平台架構上進行標準化，該客戶將簡化他們的 Wi-Fi 工作並專注於他們的核心關鍵差異化因素，同時受益於我們的 IP，在他們的 NPU 產品組合中提供連接解決方案，瞄準多個市場。

The second major strategic deal relates to the mobile market, where we're concluding a long-term licensing agreement with the leading US OEM to use our technology in their in-house 5G model.

第二項重大策略交易涉及行動市場，我們正在與美國領先的 OEM 達成長期授權協議，在其內部 5G 模型中使用我們的技術。

We anticipate that this agreement will lead to significant market share expansion of our wireless communication IP. We expect this agreement to drive a meaningful long-term loyalty stream in the years to come.

我們預計該協議將大幅擴大我們的無線通訊IP的市場份額。我們期望該協議能夠在未來幾年推動有意義的長期忠誠度流。

These types of long-term strategic engagements with industry leaders serve as the cornerstone of our future growth. By aligning our IP portfolio and the product roadmap, we unlock more opportunities with our partners, create lasting relationships, and improve our long-term stability.

與產業領袖的此類長期策略合作是我們未來成長的基石。透過調整我們的智慧財產權組合和產品路線圖，我們與合作夥伴共同釋放更多機會，建立持久的關係，並提高我們的長期穩定性。

In addition to these two strategic connectivity deals, our AI products achieved key milestones this quarter, including signing important licensing agreements for our AI DSPs and NeuPro-Nano NPUs with a first-time customer to accelerate the AI for the program and add new. Sensing related features and capabilities.

除了這兩項策略連結協議之外，我們的 AI 產品本季還取得了關鍵里程碑，包括與首次客戶簽署了我們的 AI DSP 和 NeuPro-Nano NPU 的重要授權協議，以加速該計畫的 AI 並添加新功能。感知相關的特性和能力。

Market interest and demand for our Edge AI portfolio continue to accelerate, both from existing and new customers looking to solve the challenge of adding AI to their smart edge products.

市場對我們的邊緣 AI 產品組合的興趣和需求持續加速，現有客戶和新客戶都希望解決在其智慧邊緣產品中添加 AI 的挑戰。

Our unified NPU portfolio scales from the smallest, most power sensitive embedded use cases required in NPUs and consumer SoC up to the multi-engine NPUs for combined ADS, and other high performance use cases, providing customers with a solution that addresses their specific needs.

我們統一的 NPU 產品組合從 NPU 和消費級 SoC 所需的最小、最耗電的嵌入式用例擴展到組合 ADS 的多引擎 NPU 和其他高效能用例，為客戶提供滿足其特定需求的解決方案。

Feedback from our customers has been overwhelming positive, and we are very encouraged by the progress we are making on the Edge AI front. Other engagements in the quarter include a multi-year Bluetooth extension with an existing mobile customer and multiple deals for our Wi-Fi and Bluetooth six and seven platforms with customers in consumer and industrial and markets.

我們收到的客戶的回饋非常積極，我們對在邊緣 AI 方面取得的進展感到非常鼓舞。本季的其他業務包括與現有行動客戶達成的多年期藍牙擴展協議，以及與消費、工業和市場客戶就我們的 Wi-Fi 和藍牙六和七平台達成的多項交易。

We also signed the software licensing deal with an OEM for our motion engine sensor fusion software targeting mobile products and a wireless communication platform deal with the customer designing a cell or IoT chip. Overall, we completed 12 deals in the quarter, three of which were with first-time customers and two of which were with audience.

我們還與一家 OEM 簽署了針對行動產品的運動引擎感測器融合軟體的軟體授權協議，並與設計手機或物聯網晶片的客戶簽署了無線通訊平台協議。總體而言，本季我們完成了 12 筆交易，其中三筆是與首次客戶達成的，兩筆是與觀眾達成的。

Now turning to royalties for the quarter, we continue our excellent momentum, delivering our strongest royalty quarter of the year and our fifth consecutive quarter of year over year royalty revenue goal. We also achieved an all-time high in royalty shipment, powering $623 million units in the quarter. The first time ever, we have surpassed $600 million units in a single quarter.

現在談到本季的特許權使用費，我們繼續保持良好的勢頭，實現了今年最強勁的特許權使用費季度，並連續第五個季度實現同比特許權使用費收入目標。我們的特許權使用費出貨量也創下了歷史新高，本季的出貨量達到 6.23 億美元。這是我們有史以來第一次在一個季度內銷售超過 6 億美元。

These milestones achievements were driven by record high shipments of both our Wi-Fi and Bluetooth IP, with Wi-Fi shipments going 110% year over year and Bluetooth shipments up 41% year over year.

這些里程碑式的成就得益於我們 Wi-Fi 和藍牙 IP 出貨量創歷史新高，其中 Wi-Fi 出貨量年增 110%，藍牙出貨量年增 41%。

Smartphone shipments were up healthy 27% year over year on the back of strong and market demand for low end 4G and 5G smartphones. And we saw a notable sequential and year over year increase in 5 GN shipments from our main customers.

由於市場對低階 4G 和 5G 智慧型手機的需求強勁，智慧型手機出貨量年增 27%。我們看到來自主要客戶的 5 GN 出貨量較上月及年比均有顯著成長。

Our audio and AI related shipments grew 94% year over year as smartwatches, wearables, front bars, and speakers are adapting our AIDSPs for more powerful chips to deliver immersive experiences for consuming music, gaming, movies, and other multimedia. Likewise, in TVs and PCs, our sensor fusion customer shipments grew sequentially and year over year to finish the year strong.

由於智慧手錶、穿戴式裝置、前置欄和揚聲器正在將我們的 AIDSP 升級為更強大的晶片，為音樂、遊戲、電影和其他多媒體消費提供身臨其境的體驗，我們的音訊和人工智慧相關出貨量同比增長了 94%。同樣，在電視和個人電腦方面，我們的感測器融合客戶出貨量環比和同比均有所增長，從而強勁完成全年業績。

Overall, this was our 2nd highest quarter ever for royalty, excluding mobile, reflecting the new royalty work cycle that we have been highlighting in recent earning quotes. We are particularly pleased to have achieved this through strength across multiple and markets with multiple technologies and from a diverse array of customers.

總體而言，這是我們有史以來特許權使用費收入（不包括行動業務）第二高的一個季度，反映了我們在最近的收益報價中一直強調的新的特許權使用費工作週期。我們尤其高興能夠憑藉在多個市場、多種技術以及來自不同客戶的實力實現這一目標。

For the full year of 2024, we finished the year strong, delivering 10% top line growth exceeding our expectations, reaching $106.9 million. Licensing and related revenue was $60 million up 4% over 2023. We signed 43 licensing agreements in 2024 across our extensive IP portfolio. 11 of those deals were with OEMs who are integrating our IPs into their end products.

就 2024 年全年而言，我們以強勁的勢頭結束了這一年，實現了 10% 的營收成長，達到 1.069 億美元，超出了我們的預期。授權和相關收入為 6,000 萬美元，比 2023 年成長 4%。2024 年，我們針對廣泛的 IP 產品組合簽署了 43 項授權協議。其中 11 筆交易是與 OEM 達成的，他們將我們的 IP 整合到他們的最終產品中。

In terms of end markets, 21 of the deals target consumer markets and 19 for the industrial IoT, with the remainder targeting mobiles, including two of our Eco mobile customers that signed long-term agreements in the fourth quarter.

在終端市場方面，21 筆交易針對消費市場，19 筆交易針對工業物聯網，其餘交易針對行動設備，其中包括我們在第四季簽署長期協議的兩家生態行動客戶。

12 of the customers license multiple technology from our portfolio, a clear indication that our strategy to offer a broad portfolio of IPs around connect, sense and infa is energetic with addressing multiple needs of our customers.

其中 12 家客戶從我們的產品組合中獲得了多項技術的許可，這清楚地表明，我們圍繞 connect、sense 和 infa 提供廣泛 IP 組合的策略能夠有效滿足客戶的多種需求。

In terms of full year royalties, we deliver strong year over year 18% revenue growth and shipped a record $2 billion civil powered units, marking the first time in our history to reach this milestone number. Shipment trends was across the board, with numerous records achieved.

就全年特許權使用費而言，我們的收入同比強勁增長了 18%，並且民用動力裝置的出貨量達到了創紀錄的 20 億美元，這是我們歷史上首次達到這一里程碑數字。出貨量呈現全面成長態勢，創下了多項紀錄。

To highlight a few of these, we powered a record $1.1 billion Bluetooth devices, a record $179 million Wi-Fi devices, a record $170 million cellular devices, $340 million smartphones, and $170 million other smart edge devices powered by our DSPs, air accelerators, and sense of fusion so. In terms of end markets, consumer IoT was 53% of annual royalties, followed by mobile at 32% and industrial IT at 16%.

舉幾個例子，我們為價值 11 億美元的藍牙設備、價值 1.79 億美元的 Wi-Fi 設備、價值 1.7 億美元的蜂窩設備、價值 3.4 億美元的智慧型手機，以及價值 1.7 億美元的其他智能邊緣設備提供支持，這些設備均由我們的 DSP、空中加速器和融合感等提供支持。在終端市場方面，消費者物聯網佔年度專利使用費的53%，其次是行動領域（32%）和工業IT（16%）。

Looking ahead into 2025, we anticipate that our Wi-Fi royalties and shipments will continue to grow, with a number of high-volume Wi-Fi 6 customers getting into production and ramping up. Similarly, we expect continued growth for our Bluetooth and several IoT shipments, with additional customers coming to market and strengthening our dominant position in these markets.

展望 2025 年，隨著大量 Wi-Fi 6 大批量客戶投入生產並加大產能，我們預計我們的 Wi-Fi 使用費和出貨量將持續成長。同樣，隨著更多客戶進入市場並加強我們在這些市場的主導地位，我們預計藍牙和多種物聯網出貨量將繼續成長。

Also, on the back of signing a new long-term licensing deals with our two main mobile customers, we expect the royalty contribution from mobile to grow year over year. Now taking a step back and looking at Ceva in terms of business achievements and milestones, there are many issues, but I would like to highlight a few.

此外，在與我們的兩大主要行動客戶簽署新的長期授權協議後，我們預期行動業務的特許權使用費貢獻將逐年成長。現在讓我們回顧一下 Ceva 的業務成就和里程碑，它存在許多問題，但我想強調幾點。

In connectivity, we solidified our position as the outstanding leader in this domain in multiple areas. In 5G, we completed several repeat long term deals with our customers in mobile and wireless infrastructure, securing our IP and solidifying our position in the roadmap for next generations of products.

在連結性方面，我們在多個領域鞏固了作為該領域傑出領導者的地位。在 5G 領域，我們與行動和無線基礎設施領域的客戶完成了多項長期交易，確保了我們的智慧財產權並鞏固了我們在下一代產品路線圖中的地位。

We broaden our 5G customer base in the satellites and terminal markets while adding multiple new customers for 5G V2X, IT, and mobile broadband use cases. This enables us to service a diverse customer base across multiple 5G related and markets with our unified platform.

我們擴大了衛星和終端市場的 5G 客戶群，同時為 5G V2X、IT 和行動寬頻用例增加了多個新客戶。這使我們能夠透過統一的平台為多個 5G 相關市場的不同客戶群提供服務。

In the short-range connectivity, we signed significant deals for our recently introduced next generation Bluetooth 6 and 7 and Wi-Fi 7 platforms and established long-term strategic relationships with multiple development NCU leaders who are standardizing on our connectivity platforms for key areas of the polar orbit. We also launched Siva Wain, a new family of multi-party called wireless solutions.

在短距離連接方面，我們為最近推出的下一代藍牙 6 和 7 和 Wi-Fi 7 平台簽署了重要協議，並與多位開發 NCU 領導者建立了長期戰略關係，他們正在對我們的極地軌道關鍵區域的連接平台進行標準化。我們也推出了 Siva Wain，一種新型多方無線解決方案系列。

as we look to deliver more value to our customers who increasingly need Congo solutions for their designs. This combo solution allows us to secure better deal economics and import royalties.

我們希望為越來越需要剛果解決方案的客戶提供更多價值。這種組合解決方案使我們能夠確保更好的交易經濟和進口特許權使用費。

In sensing, we made significant progress with our special embedded application software, reaching production in headsets and earbuds with both and winning new business with the global smartphone OEM for multiple headsets and earbuds Ques to be launched in 2025.

在感測方面，我們在特殊嵌入式應用軟體方面取得了重大進展，實現了耳機和耳塞的生產，並與全球智慧型手機 OEM 贏得了新業務，將於 2025 年推出多款耳機和耳塞 Ques。

Our DSP also production in the automotives markets with one of the world's leading automotive semiconductor companies towards the end of the year, and our audio sound GSP experienced strong year over year growth in we, home audio, and wireless speakers, driven by increased demand for advanced a print and post processing.

截至今年年底，我們的 DSP 也與世界領先的汽車半導體公司之一合作，在汽車市場進行了量產，並且由於對先進印刷和後製的需求不斷增長，我們的音頻聲音 GSP 在音頻、家庭音響和無線揚聲器方面實現了同比強勁增長。

As special audio and other complex voice cases continue to evolve, our solutions are playing a critical role in enabling these next generation user experiences.

隨著特殊音訊和其他複雜語音案例的不斷發展，我們的解決方案在實現下一代使用者體驗方面發揮關鍵作用。

In infra, we introduced Nponano, our new embedded AINPU targeted at power constrained devices and already signed multiple deals with these customers looking to integrate it into their next generation SOCs.

在下文中，我們推出了 Nponano，這是我們針對功率受限設備推出的新型嵌入式 AINPU，並且已與這些客戶簽署了多項協議，希望將其整合到他們的下一代 SOC 中。

Overall, 2024 was a pivotal year for Edge AI with strong end market demand pushing companies to rapidly adapt AI capabilities in their end products, accelerating the refresh cycle.

整體而言，2024 年是邊緣 AI 的關鍵一年，強勁的終端市場需求推動企業在其終端產品中快速採用 AI 功能，加速更新週期。

AI is highly synergetic with our connectivity and sensing offerings which we believe will lead to significantly increased interest and demand for our Edge AI portfolio for new and existing customers. These synergies are another strategy to drive larger deals with better economics for both licensing and royalties, paving the way for revenue growth deal in the years ahead.

人工智慧與我們的連接和感測產品具有高度的協同作用，我們相信這將大大增加新舊客戶對我們的邊緣人工智慧產品組合的興趣和需求。這些協同效應是推動更大規模交易的另一種策略，可以為許可和特許權使用費帶來更好的經濟效益，為未來幾年的收入成長鋪平道路。

2024 was a landmark year for Caesar. Our commitment to professionalal excellence and disciplined execution delivered exceptional results across manyfold.

2024年對凱撒來說是一個具有里程碑意義的一年。我們致力於專業卓越和嚴謹的執行，並在許多方面取得了卓越的成果。

We hit major R&D milestones, launched multiple innovative products like the new nano AINPUs, all while doubling our non-gap EPS compared to 2022 and creating shareholder value. The progress we have made sets a strong foundation for an exciting 2025 and beyond.

我們實現了重大的研發里程碑，推出了新型奈米 AINPU 等多種創新產品，同時我們的非缺口每股收益與 2022 年相比翻了一番，並創造了股東價值。我們所取得的進步為令人興奮的2025年及以後奠定了堅實的基礎。

Our success is a testament to the dedication, passion, and incredible efforts of our employees worldwide, and I'm deeply grateful to each and every one of them for their contributions.

我們的成功證明了全球員工的奉獻、熱情和令人難以置信的努力，我非常感謝他們每個人的貢獻。

2025, the shift from AI infraence processing in the cloud to the edge continues to generate unprecedented demand for smart edge devices driven by the need for lower power consumption, reduced latency, and cost savings required to make AI ubiquitous in everyday life.

到 2025 年，人工智慧基礎處理從雲端向邊緣的轉變將繼續產生對智慧邊緣設備的前所未有的需求，而這種需求是由使人工智慧在日常生活中無處不在所需的更低功耗、更低的延遲和更節省的成本所驅動。

This shift is a pivotal growth driver for us. We are committing, committed to maintaining our leadership in connectivity, ensuring that all devices are seamlessly connected and capable of handling multiple protocols. This connectivity is complemented by our Samsung, ESPN software and Edge AI NPUs, all of which enabled the smart edge.

這種轉變對我們來說是一個關鍵的成長動力。我們承諾，致力於保持我們在連接方面的領導地位，確保所有設備無縫連接並能夠處理多種協議。這種連接由我們的三星、ESPN軟體和Edge AI NPUs補充，所有這些都實現了智慧邊緣。

Not only are we leading the way with IPs aimed at democrat design AI at the edge, but all of our IPs are inherently low power based on our strong heritage of processors and connectivity technologies designed for battery powered devices. We almost $20 billion super power devices shipped today, the majority of which are battery powered. Low power is in our DNA.

我們不僅在針對邊緣民主設計 AI 的 IP 方面處於領先地位，而且基於我們在為電池供電設備設計的處理器和連接技術方面的強大傳統，我們的所有 IP 本質上都是低功耗的。我們今天出貨了價值近 200 億美元的超級電力設備，其中大多數都是由電池供電的。低功率已融入我們的 DNA 中。

We continue our focus on improving the economics by delivering greater value to our customers through multi-connect protocols, air accelerators, and software enhancements. Our apologies to offer complete IP solutions rather than just individual components, ensuring that our customers receive integrated, high value offerings, the driver's success and ours.

我們將繼續致力於透過多連接協議、空中加速器和軟體增強功能為客戶提供更大的價值，從而提高經濟效益。我們很榮幸能夠提供完整的 IP 解決方案而不僅僅是單一的組件，以確保我們的客戶獲得整合的、高價值的產品，從而實現驅動者的成功和我們的成功。

By enabling the smart edge ecosystem, we are positioning we are positioning ourselves as the fourth one of this technological revolution in multiple domains. I personally am incredibly excited for what's ahead for Silver. Now, I will turn the call over to Yaniv Arieli for the financial.

透過啟用智慧邊緣生態系統，我們將自己定位為多個領域這場技術革命的第四個參與者。我個人對 Silver 的未來感到無比興奮。現在，我將把財務方面的電話轉給 Yaniv Arieli。

Thank you.

謝謝。

I'll now start by reviewing the results of our operations for the first quarter of 2024. Revenue for the first quarter increased 21% to $29.2 million as compared to $24.2 million for the same quarter last year. The revenue breakdown is as follows. Licensing and related revenue increased 33% to $15.7 million and affecting 54% of our total revenues as compared to 11.8 million for the fourth quarter of 2023.

我現在先回顧我們 2024 年第一季的營運表現。第一季營收為 2,420 萬美元，較去年同期的 2,920 萬美元成長 21%。收入明細如下。授權和相關收入成長 33% 至 1,570 萬美元，占我們總收入的 54%，而 2023 年第四季為 1,180 萬美元。

Loyalty revenue increased 9% to $13.5 million reflecting 46% of the total revenues, up from $12.3 million for the same quarter last year. This is the 5th sequential year after year growth in rates. Cosmasin came in as forecasted and guided, 88% of GAAP with 89% on non-gap basis. Our current GAAP operating expenses for the fourth quarter was at the mid-range of our guidance range of $25.8 million.

忠誠度收入從去年同期的 1,230 萬美元增長 9% 至 1,350 萬美元，佔總收入的 46%。這是利率連續第五年成長。Cosmasin 的表現符合預期和指導，符合 GAAP 的 88%，非差距率為 89%。我們目前第四季的 GAAP 營運費用處於我們預期範圍 2580 萬美元的中間水平。

Total no GAAP expenses for the fourth quarter, excluding equity-based compensation expenses and amortizations of intangibles and deal costs from $21.6 million also in the mid-range of our guidance. GAAP operating income for the fourth quarter was $0.1 million. The first GAAP positive quarter in 2024, up from the GAAP operating loss of $2.8 million in the same quarter a year ago.

第四季總計無 GAAP 費用（不包括股權激勵費用、無形資產攤銷和交易成本），為 2,160 萬美元，也處於我們預期的中間範圍。第四季 GAAP 營業收入為 10 萬美元。2024 年第一個 GAAP 正值季度，高於去年同期 GAAP 營業虧損 280 萬美元。

Non-gapity margins and net income of 15% of revenues and $4.5 million 88% and 130% higher than operating margin of 8% and operating income of $1.9 million recorded in the fourth quarter of 2023 respectively. Strong business execution and expense monitoring contributed to increased growth and profitability.

非缺口利潤率和淨收入分別為收入的 15% 和 450 萬美元，分別比 2023 年第四季的 8% 營業利潤率和 190 萬美元營業收入高出 88% 和 130%。強大的業務執行力和費用監控促進了成長和獲利能力的提高。

Financial income net was negative, $0.1 million compared to $1.8 million of income for the fourth quarter of 2023, significantly lower than our estimate of $1.2 million. This was due to a significant fall in the value of the EUR versus the US dollar in the fourth quarter of over 7%, impacting the value of our EUR dominated assets, especially French related tax receivables.

財務收入淨額為負 0.1 百萬美元，而 2023 年第四季的收入為 180 萬美元，遠低於我們估計的 120 萬美元。這是由於第四季歐元兌美元匯率大幅下跌超過 7%，影響了我們以歐元計價的資產的價值，尤其是法國相關的應收稅。

Get up and no GAAP in taxes were approximately $1.7 million slightly higher than our guidance and affected by geographics of revenue recognized from deal and royalty revenues. Net loss for the four quarter was $1.7 million and the new loss per share was $0.07 as compared to a net loss of $8.1 million and the newest loss per share of $0.34 for the fourth war of 2023.

起價和無 GAAP 稅收約為 170 萬美元，略高於我們的預期，並受到交易和特許權使用費收入確認的收入地理位置的影響。第四季淨虧損為 170 萬美元，最新每股虧損為 0.07 美元，而 2023 年第四季淨虧損為 810 萬美元，最新每股虧損為 0.34 美元。

Non-gap net income and delivered earnings per share for the fourth quarter of 2024 increased by 12% and 10% to $2.7 million.11 respectively, as compared to that income of $2.4 million and the living income per share of $0.10 reported from the same period last year.

2024 年第四季的非缺口淨收入和每股盈餘分別成長 12% 和 10%，至 270 萬美元。

With respect to other related data. Ship units by seat licensees during the fourth quarter of '24 or 623 million units, up 38% from the four order 23 reported shipments. Of the $623 million units reported, 129 million units or 21% were for mobile handset modems. 459 million units were for concealer IoT products, up from 325 million units in Q4 of last year.

關於其他相關數據。2024 年第四季度，按座位數授權的電視出貨量為 6.23 億台，較 2023 年第四季報告的出貨量成長 38%。在報告的 6.23 億台銷售額中，有 1.29 億台（即 21%）為行動手機數據機。其中遮瑕膏IoT產品出貨量為4.59億台，較去年第四季的3.25億台成長。

35 million units were for industrial IT products, up from 27 million units last year. Liter shipments for a record high of 343 million units in the quarter, up 41% year over year. The IOT shipments with 46 million units, up 37% year to year. And our Wi-Fi shipments were a record 66 million units, up 110% year over year.

其中工業IT產品出貨量為3,500萬台，較去年的2,700萬台有所成長。本季出貨量創下3.43億公升的歷史新高，比去年同期成長41%。物聯網出貨量4,600萬台，較去年成長37%。我們的Wi-Fi出貨量達到創紀錄的6,600萬台，較去年同期成長110%。

Wi-Fi royalties were up 175% year over year, driven by the higher royalty for Wi-Fi 6 products and ship and shipment volumes continue to ramp up. As for the year, our total unit shipments were 2 billion in 2024, up 22% year over year, which equivalent to more than 60 civil powered devices sold every second in 2024.

Wi-Fi 專利費年增 175%，這得益於 Wi-Fi 6 產品的專利費提高以及船舶和出貨量持續增加。至於年份，我們的總出貨量在2024年為20億，年增22％，相當於2024年每秒售出60多台民用供電設備。

Annual mobile modem shipments were up 19% yearuro every year to 340 billion units, reflecting the robust demand for low-end smartphones which offer similar feature sets to more expensive mid-range phones. Any consumer IOP related shipments were 1.5 billion units up 21% year to year.

年度行動數據機出貨量年增 19%，達到 3,400 億台，反映出對具有與更昂貴的中階手機類似功能的低階智慧型手機的強勁需求。任何消費級 IOP 相關的出貨量都達到了 15 億台，年增 21%。

And the industrial IT related shipments were 126 million units, up 50% year over year. Wi-Fi, IT, and audio AI shipments all showed strong year over year growth of 71%, 31%, and 36% respectively from 2023. In terms of wealthy contributor highlights, Bluetooths were up 54% year over year, reflecting ASP uplift for newer generations of Bluetooth shipping with better royalty economics.

其中工業IT相關出貨量1.26億台，較去年成長50%。自 2023 年起，Wi-Fi、IT 和音訊 AI 的出貨量均呈現強勁成長，分別較去年同期成長 71%、31% 和 36%。就富有貢獻者的亮點而言，藍牙年增 54%，反映出新一代藍牙出貨量的平均售價上漲以及更好的專利費經濟性。

On the annual financial metrics, revenue increased 10%, above a 4% to 8% initial guidance for the year. Our no GAAP gross profit remains strong at 89%. Non-gap operating margins and operating income more than doubled to 9% and $10 million. And net income and diluted earnings per share also doubled to $9 million and $0.36.

從年度財務指標來看，收入成長了 10%，高於今年 4% 至 8% 的初步預期。我們的非 GAAP 毛利仍保持強勁，達到 89%。非缺口營業利潤率和營業收入成長了一倍多，達到 9% 和 1,000 萬美元。淨收入和每股攤薄收益也翻了一番，達到 900 萬美元和 0.36 美元。

For last year, all demonstrating and contributing to increased shareholders value. That's for the balance sheet as of December 31, 2024, cash equivalent balances, marketing with securities, and bank deposits were approximately $164 million.

就去年而言，所有這些都證明並促進了股東價值的提高。截至 2024 年 12 月 31 日的資產負債表，現金等價餘額、證券行銷和銀行存款約為 1.64 億美元。

In the fourth quarter, we purchased approximately 32,000 shares for approximately a million dollars, and for the year, we repurchased approximately 375,000 shares for approximately $8.5 million.

第四季度，我們以約一百萬美元回購了約 32,000 股，今年，我們以約 850 萬美元回購了約 375,000 股。

And with today about 1 million shares that are available for repurchase under the repurchase program has expanded in November of last year. Our DSO for the 4th quarter of 2024 was around 50 days, similar to the prior waters.

如今，根據回購計畫可供回購的股份數量較去年 11 月已擴大至約 100 萬股。我們 2024 年第四季的 DSO 約為 50 天，與之前的情況相似。

During the quarter, we generated $8 million of cash from operating activities. Ongoing depreciation and amortization were $1.1 million and purchase of fixed asset was $1 million. At the end of the 4th quarter, our headcount was 428 people, of whom 349 were engines. Not for the guy.

本季度，我們從經營活動中產生了 800 萬美元的現金。持續折舊和攤提為 110 萬美元，固定資產購買為 100 萬美元。截至第四季末，我們的員工總數為428人，其中發動機349人。不適合這個男人。

Amir highlighted our 2024 achievements and our strong building blocks for longer term growth and profitability as we continue to execute on our strategy that we first presented in our December 23 analyst investor Day.

阿米爾強調了我們在 2024 年取得的成就以及我們為長期成長和獲利奠定的堅實基礎，我們將繼續執行我們在 12 月 23 日分析師投資者日首次提出的策略。

In 2024, we managed to execute better than our plan and achieve the important milestones. This process, this progress has enabled us to project 2025 with another year of growth from multiple financial and business aspects.

2024年，我們超額完成了計劃，實現了重要的里程碑。這個過程、這個進步使我們能夠預測 2025 年將在財務和業務等多個方面再實現一年的成長。

We have a healthy backlog and promising pipeline of prospects, as well as several positive trends and tailwinds with regards to continued market penetration for Bluetooth, Wi-Fi, cellularity, and smartphone technologies. On an annual basis.

我們擁有大量積壓訂單和良好的潛在客戶，並且在藍牙、Wi-Fi、蜂窩和智慧型手機技術持續市場滲透方面擁有多種積極趨勢和順風。每年一次。

Our total revenue is expected to grow 7% to 11% over 2024. We lower growth in the first half of the year and higher in the second half, similar to prior year and seasonal trends. On the expense side, we plan to increase our 2025 overall expense levels, including both cost of revenue and opE at a significantly lower growth rate than our top line growth and in the range of 2% to 6% or $99 million to $103 million for next year.

我們的總收入預計到 2024 年將成長 7% 至 11%。我們上半年的成長率較低，下半年的成長率較高，與去年同期和季節性趨勢相似。在支出方面，我們計劃提高 2025 年的整體支出水平，包括收入成本和營運成本，其成長率將明顯低於我們的營收成長率，明年的支出將在 2% 至 6% 或 9,900 萬美元至 1.03 億美元之間。

Overall, no GAAP, cause expense is expected to increase by approximately $2 million and our no GAAP is expected to increase by approximately $2 million. From the guidance and activities we've just discussed, we anticipate non-gap operating income and operating margins, as well as non-gap net income, and fully diluted EPS to grow significantly year after year by approximately 48 to 52%.

總體而言，沒有 GAAP，因為費用預計將增加約 200 萬美元，而我們的無 GAAP 預計將增加約 200 萬美元。根據我們剛剛討論的指導和活動，我們預計非差距營業收入和營業利潤率，以及非差距淨收入和完全稀釋每股收益將逐年大幅增長約 48% 至 52%。

Specifically for the first quarter of 20,025. With typical seasonality shipments of consumer IOT and mobile products post the holiday season, we expect overall revenues to be sequentially lower and in line with street estimates, still significantly higher than the first goal of 2024.

具體來說，是20025年第一季。由於假期過後消費級物聯網和行動產品的典型季節性出貨量，我們預計整體收入將環比下降並與街頭估計一致，但仍遠高於 2024 年的初始目標。

Revenue is forecasted to be $25.5million to $27.5 million. Gross margin is expected to be slightly lower than what we just reported for the 4th quarter due to lower seasonal royalty revenue and allocation of design activities for strategic customer. We forecast 87% on GAAP basis and 88% on non-gap basis.

預計收入為 2550 萬美元至 2750 萬美元。由於季節性特許權使用費收入較低以及為策略客戶分配設計活動，預計毛利率將略低於我們剛剛報告的第四季度毛利率。我們根據 GAAP 預測為 87%，根據非差距預測為 88%。

Excluding an gain of $0.1 million of equity-based compensation expenses and $0.1 million for amortization of the required intangibles. [Gaopics] for the first quarter is expected to be in the range of 2,125.1 to $26.1 million a bit lower than the level we just reported for the fourth quarter.

不包括 0.1 百萬美元的股權激勵費用收益和 0.1 百萬美元的所需無形資產攤銷收益。 [高博]第一季的營收預計在 21.251 億美元至 2,610 萬美元之間，略低於我們剛剛報告的第四季水準。

Of anticipated total operating expenses for the 14 $4 million is expected to be attributed to equity-based compensation expense, $0.2 million for anortization of acquired intangibles, and $0.1 million of costs associated with business acquisition.

在預計的 14 年總營運費用中，400 萬美元預計將歸因於股權薪酬費用、20 萬美元用於收購無形資產的攤銷，以及 10 萬美元與業務收購相關的成本。

Or no GAAP optics, it is expected to be in the range of $21 to $22 million also just below the 4th quarter 2024 levels. And the standard to be approximately 1.3 million. Taxes for the first quarter are expected to be approximately $1.2 million and share accounts for the first quarter is expected to be 25.4 million shares. Well, you can open the Q&A stations, please.

或者沒有 GAAP 光學，預計在 2,100 萬至 2,200 萬美元之間，也略低於 2024 年第四季的水平。標準是大約130萬。預計第一季的稅收約為120萬美元，預計第一季的股票帳戶為2540萬股。好的，您可以打開問答站了。

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。（操作員指令）

Today's first question comes from Kevin Cassidy and Rosenblat Security. Please go ahead.

今天的第一個問題來自 Kevin Cassidy 和 Rosenblat Security。請繼續。

Yeah, thanks for taking my question and congratulations on the, great year, good quarter and ending the year. Just my question on the MCUs, as we're talking about AI moving to the edge, more and more of the processors need to have integrated MCUs.

是的，感謝您回答我的問題，並祝賀您度過了美好的一年、取得了良好的季度業績並結束了這一年。我只是關於 MCU 的問題，隨著我們正在談論 AI 走向邊緣，越來越多的處理器需要整合 MCU。

So, with your license agreement with the MCU player or maybe just in general the MCU players in the market, is there an opportunity not only for your wireless but for the MPU to get integrated into the OEM MCs?

那麼，透過您與 MCU 播放器或可能只是與市場上的一般 MCU 播放器簽訂的授權協議，是否不僅有機會將您的無線技術而且有機會將 MPU 整合到 OEM MC 中？

Yeah, Kevin, thanks for the question. Yeah, definitely, in this case we highlighted our wireless technology as a license across the board to the MCU top tier customers, but in addition to that, definitely, as we mentioned, we license in of a new nano NTU that goes very nicely alongside our wireless connectivity and sens technology.

是的，凱文，謝謝你的提問。是的，在這種情況下，我們重點強調了我們的無線技術作為對 MCU 頂級客戶的全面許可，但除此之外，正如我們所提到的，我們還授權了一種新的奈米 NTU，它可以與我們的無線連接和感測器技術完美結合。

All those different what we see is the trend that all the MCU players now adding more and more AI capabilities with that and that level of investment, there is a different level of gaps in technology that we need to come and help them to deliver in the market and overall what we see as the player that can enable the MCU marketplace to integrate different types of technologies from connectivity to.

我們看到的所有這些不同之處在於，所有 MCU 參與者現在都增加了越來越多的 AI 功能，並且隨著投資水平的提高，技術方面存在不同程度的差距，我們需要來幫助他們實現市場交付，總的來說，我們認為參與者可以使 MCU 市場整合從連接到各種不同類型技術。

Okay, great. And. I wonder if you could provide any detail on your, US mobile OEM with their in-house 5G modem of when the royalty revenues start, maybe kind of what the run rate looks like and how it, increases over time.

好的，太好了。和。我想知道您是否可以提供有關美國移動 OEM 及其內部 5G 調製解調器的詳細信息，包括何時開始產生專利使用費收入，運行率是什麼樣的，以及隨著時間的推移，運行率如何增長。

We cannot expand beyond what we said in the morning. Other than the fact that you're. The timing and the ramp up volume, and when we get the royalty we'll have a better idea from all our customers including this one, and that's true for others as well. So it's an exciting opportunity and we're looking forward to it for the next couple of years.

我們無法擴展上午所討論的內容。除了你確實是這樣的之外。時間和產量的提升，以及當我們獲得特許權使用費時，我們會從包括這個客戶在內的所有客戶那裡得到更好的想法，對其他客戶來說也是如此。這是一個令人興奮的機會，我們期待未來幾年的發展。

Okay, great. Thanks, and congratulations.

好的，太好了。謝謝，恭喜。

Thank you. And the next question comes from Suji Desilva with Roth Capital. Please go ahead.

謝謝。下一個問題來自 Roth Capital 的 Suji Desilva。請繼續。

Hi, I'm here you need. Congratulations on the strong calendar 24 for my for me as well. So maybe you could talk a little bit about the AI news recently about the Deep Seek model in China and the lower potential footprint for LLMs, expanding the edge opportunity, maybe you could talk about, if that, if you see deep Seek is helping accelerate your opportunity, and if you've seen China, kind of infer activity picking up around this.

你好，我在這裡，你需要它。恭喜我度過強勁的 24 個日曆日，也祝賀我度過強勁的 24 個日曆日。因此，也許您可以談論最近的人工智慧新聞，關於中國的 Deep Seek 模型，以及法學碩士 (LLM) 的較低潛在足跡，擴大邊緣機會，也許您可以談談，如果您看到 Deep Seek 有助於加速您的機會，並且如果您已經看到中國，可以推斷出圍繞這方面的活動正在興起。

Yeah, this is two comments here. One, first from so-called the different regional innovation we see both the US markets and the Western world as well as China really innovating a lot in a lot in the AI domain, and this is really great opportunity for us across the globe. In terms of the new models that are coming out, this is exactly what we were looking for and anticipating that will come, which basically means.

是的，這是兩則評論。首先，從所謂的不同區域創新來看，我們看到美國市場、西方世界以及中國在人工智慧領域都進行了大量創新，這對我們全球來說都是一個非常好的機會。就即將推出的新車型而言，這正是我們所期待的和期待的，基本上意味著。

A much more optimized models that can run with a smaller footprint and can drive lower power type of devices enabling the lamps to run locally.

更優化的模型可以在更小的佔用空間內運行，並能驅動更低功耗的設備，使燈能夠在本地運行。

What we have talked about for a while, the smart edge, so we definitely see that as an accelerator. To enable the different devices around us to be able to run different types of LLMs and provide great type of accessibility and lower cost structure to drive higher volume and adaption across the edge devices. So far we were very happy to see the innovation and the progress globally as well as with this specific case.

我們已經討論了一段時間了，智能優勢，因此我們確實將其視為一種加速器。使我們周圍的不同設備能夠運行不同類型的 LLM，並提供出色的可訪問性和更低成本的結構，以推動邊緣設備的更高容量和適應性。到目前為止，我們非常高興看到全球以及這一具體案例的創新和進步。

And with that, I would say that if we look at our activities today overall, what we are seeing is even more velocity and further increase of demand and interest of our portfolio of NPUs and overall the ability to run AI models on the edge.

因此，我想說，如果我們從整體上看我們今天的活動，我們看到的是，我們的 NPU 產品組合的需求和興趣以及在邊緣運行 AI 模型的整體能力的速度和進一步增加。

Okay, thanks, Amir. And then on Wi-Fi, it seems like that's going to be a strong growth driver for '25. I'm wondering if we should expect the penetration to kind of hit an S curve where your penetration stays if it hits an S curve similar to Bluetooth or whether it be whether it be a steady kind of penetration increase. And if you could just touch on which and markets Wi-Fi will drive the Wi-Fi growth in '25, that'd be helpful. Thanks.

好的，謝謝，阿米爾。然後就 Wi-Fi 而言，它似乎將成為 2025 年強勁的成長動力。我想知道我們是否應該預期滲透率會達到某種 S 曲線，如果它達到類似於藍牙的 S 曲線，您的滲透率就會保持不變，或者它是否會以穩定的滲透率增長。如果您能簡單談談哪些市場和 Wi-Fi 將會推動 25 年 Wi-Fi 的成長，將會很有幫助。謝謝。

Yes, we are right now really in the midst of the transition from the Wi-Fi 45 to Wi-Fi 6. We licensed more than 40 different customers in the last few years. So, this is really where we start seeing the acceleration. Already 2024 was a very strong year for us in terms of Wi-Fi shipment volume, as well as higher ASP per unit as the transition to Wi-Fi 6.

是的，我們現在正處於從 Wi-Fi 45 到 Wi-Fi 6 的過渡期。在過去的幾年中，我們已為超過 40 個不同的客戶提供了授權。所以，這確實是我們開始看到加速的地方。就 Wi-Fi 出貨量而言，2024 年對我們來說已經是十分強勁的一年，而且隨著向 Wi-Fi 6 的過渡，每台設備的 ASP 也更高。

As we alluded already in the analyst Day on Daly, at the end of 2023, and with that 2025, we definitely expect to see even further acceleration of that growth, and. And as well as you ask about the use cases and the proliferation, the Wi-Fi 6 is the strongest technology in terms of penetration across all the different IoT markets and submarkets.

正如我們在分析師 Day on Daly 中提到的那樣，到 2023 年底以及 2025 年，我們肯定預計這種成長將進一步加速。正如您所問的用例和普及情況，就所有不同物聯網市場和子市場的滲透率而言，Wi-Fi 6 是最強大的技術。

This is the standard that really helps to not only increase the throughput in terms of data throughput but also increase capacity and better utilization of the spectrum on the edge of so-called devices. And so, this is really we are in the mid and really in the acceleration of the transition of our customers moving to IP6.

這個標準確實有助於不僅提高資料吞吐量，而且還能增加容量並更好地利用所謂設備邊緣的頻譜。所以，我們其實正處於客戶向 IP6 過渡的中期和加速階段。

I would have maybe a little bit more about the history. Remember when we started in 2020 to license 2 tools. It took a few years of licensing activity and then it took a few years to ramp up, and this year we've reached 1.1 billion devices. In 2023, 2 years ago, about 50% of the Bluetooth deals also included the Wi-Fi and Bluetooth for the combo chip, and this year we reached the almost the 180 million units for Wi-Fi.

我可能想多講一點歷史。記得我們在 2020 年開始許可 2 個工具。我們花了幾年的時間進行授權活動，然後又花了幾年的時間發展，今年我們已經達到了 11 億台設備。2023 年，也就是兩年前，約 50% 的藍牙交易還包括組合晶片的 Wi-Fi 和藍牙，而今年 Wi-Fi 的出貨量已達到近 1.8 億台。

So, the opportunity in the next couple of years for Wi-Fi and Bluetooth type combo chips. Highway speeds as we saw just starting to pick up in 2024 is really some of the very exciting growth opportunities in the next couple of years. Anywhere between that $180 million for Wi-Fi to the 1.1 billion Bluetooth devices is where we want to see ourselves in a few years.

因此，未來幾年 Wi-Fi 和藍牙組合晶片將迎來機會。我們看到，高速公路速度在 2024 年開始加快，這確實是未來幾年非常令人興奮的成長機會之一。我們希望在幾年後看到 Wi-Fi 的 1.8 億美元與藍牙設備的 11 億之間的任何數字。

Just to clarify, if you sell a combo, you count it as one Bluetooth and one Wi-Fi?

只是為了澄清一下，如果您銷售組合，您將其算作藍牙和一個 Wi-Fi 嗎？

Yeah, that's correct.

是的，正確。

Okay, great. Thanks, guys. Thanks, Aamir. Thanks.

好的，太好了。謝謝大家。謝謝，阿米爾。謝謝。

Thank you.

謝謝。

And our next question today comes from Gus Richard of Northland. Please go ahead.

今天的下一個問題來自 Northland 的 Gus Richard。請繼續。

Yes, thanks for taking my questions and congratulations on great results. Just in terms of modeling that you've done for the year and sort of your expectations, do you expect your, cell phone, modem revenue to grow faster than your Wi-Fi or, Wi-Fi outstrip that, just, relative growth rates would be helpful.

是的，感謝您回答我的問題，並祝賀您取得優異的成績。就今年所做的建模和預期而言，您是否預期手機數據機收入的成長速度會比 Wi-Fi 更快，或者 Wi-Fi 收入會超過它，相對成長率會有所幫助。

Yeah, I know, I wish we all would have known what to answer here, but half of our business in royalty is royalties, and those royalties, we understand the trends, we know the players in the industry, and each of the industries we play in, we have very good relationship with. Many of them, but what we don't have the crystal ball is really to the ramp up timing and to the volume of any player.

是的，我知道，我希望我們都知道該如何回答，但是我們在特許權使用費方面的業務有一半是特許權使用費，我們了解這些特許權使用費的趨勢，我們了解行業內的參與者，並且我們與所涉及的每個行業都保持著良好的關係。很多，但是我們沒有能夠預測任何球員的上升時間和音量的水晶球。

It could be a handset player. It could be a Wi-Fi or an AI or an automotive play which we have added late last year for the first time after many years. And that piece is missing from our money on a longer term basis and as soon as we see some of our new customers starting to shake, that gives us new information that we could build and build our moms from.

它可能是一個手機播放器。它可能是 Wi-Fi、人工智慧或汽車功能，這是我們在去年年底多年來首次添加的功能。從長遠來看，我們的資金中缺少這一部分，一旦我們看到我們的一些新客戶開始動搖，這就為我們提供了新的信息，我們可以從中構建和發展我們的媽媽們。

But some sometimes until the first that starts, we Don't have exactly that crystal ball. So a lot of good moving pieces looking into 2025. Hard to say exactly if it's a Q1 or Q2 or Q4. Usually you can see the reality of some of the consumer IOP less in the industrial IOP is the second half loaded. That's.

但有時直到第一個開始之前，我們都沒有準確的水晶球。展望 2025 年，將會有許多好的舉措。很難確切地說它是 Q1 還是 Q2 還是 Q4。通常你可以看到現實中一些消費級的IOP比較少，而工業級的IOP是後半部加載的。就是這樣。

Been the case, but that could change if any big enough customer or customers or markets pick up for whatever reason earlier in the year. So a lot of moving pieces, it all looks quite positive, but can't tell you what market today in February will end up the strongest for 2025.

情況確實如此，但如果今年稍早有足夠大的客戶或市場因任何原因而回暖，情況可能會改變。因此，許多變動因素看起來都非常積極，但無法告訴您 2 月的哪個市場將成為 2025 年最強勁的市場。

I would ask her in addition to watch it. Yeah, I would like to watch, I would like to watching it.

我會要求她另外觀看它。是啊，我想看，我想看。

Oh, go ahead, sorry.

哦，請繼續，抱歉。

Okay, thanks. I would add that in addition to what you said, overall, we are extremely encouraged with the royalty growth and the achievement that we have seen in 2024 literally across all our product lines and markets.

好的，謝謝。我想補充一點，除了您所說的之外，總的來說，我們對特許權使用費的增長以及我們在 2024 年在所有產品線和市場中取得的成就感到非常鼓舞。

With that, we expect significant growth also continuing in 2025 because our Wi-Fi, Bluetooth, mobile cell IT, and even potentially in 5G.

由此，我們預計 2025 年仍將持續顯著成長，因為我們的 Wi-Fi、藍牙、行動蜂窩 IT 甚至可能是 5G。

So overall, we see that it, it's really positive for us moving forward. With that in mind, generally speaking, we see the first half, so called slower than the second half and really strong acceleration in the second half.

所以總的來說，我們認為這對我們未來的發展非常有利。考慮到這一點，一般來說，我們認為上半場比下半場慢，下半場加速真正強勁。

Got it. And then just a quick question on AI, the models seem to be bifurcating between large language models and reasoning language models or train of thought, and it sounds like, and the reasoning models need more compute more memory, is the edge going to be dominated by LLMs

知道了。然後是關於人工智慧的一個快速問題，模型似乎在大型語言模型和推理語言模型或思路之間出現分歧，聽起來，推理模型需要更多的計算和更多的內存，那麼 LLM 是否會佔據主導地位

or is there an opportunity for the reasoning model, sort of, how do you think about the market as it evolves and, are you positioned to capture both or does one just not matter?

或者是否存在推理模型的機會，例如，您如何看待市場的發展，您是否有能力同時抓住這兩者，或者其中一個並不重要？

Yes, so first from the market, our expectation is we'll see the multiple tiers of technologies capabilities and the demands of the technologies. So we will see the very low tier simple models all the way to some more sophisticated LLM that still can be efficient and cost power and size wise to be able to be run on the edge.

是的，首先從市場來看，我們的期望是看到多層次的技術能力和技術需求。因此，我們將看到從非常低層的簡單模型一直到一些更複雜的 LLM，這些模型仍然可以高效並且在成本、功率和尺寸方面能夠在邊緣運行。

From our perspective, of course, our strategy is to be able to deliver the complete portfolio of AI accelerators or AI NPUs that can support all the way from the hundreds of so-called GOS operations that typically goes with the long mid-tier MCUs. All the way to the high end, hundreds of jobs of requirements on the edge for more sophisticated SoC that you can see in a mobile PC motivator systems and so on.

當然，從我們的角度來看，我們的策略是能夠提供完整的 AI 加速器或 AI NPU 產品組合，以支援通常與長中端 MCU 一起進行的數百種所謂的 GOS 操作。一直到高端，對更複雜的 SoC 的邊緣要求有數百個工作，你可以在行動 PC 激勵系統等等中看到。

So we definitely see that fabrication happening on the edge and with that our technology and portfolio will support it. And we're super excited about this.

因此，我們確實看到邊緣製造的發生，並且我們的技術和產品組合將為其提供支援。我們對此感到非常興奮。

Thank you. Thanks.

謝謝。謝謝。

Thank you. And as a reminder, if you'd like to ask a question, please press stars in one. Our next question comes from Chris Reimer from Barclays Capital. Please go ahead.

謝謝。提醒一下，如果您想提問，請按星號。我們的下一個問題來自巴克萊資本的克里斯·雷默 (Chris Reimer)。請繼續。

Yeah, hi, thanks for taking my questions and congratulations on the on the strong quarter. I wanted to ask about any of the new licensing deals and whether they might also include some of the customation that you spoke about, last quarter and this quarter that was kind of, just a pressuring the gross margin a little bit. I'm just wondering going forward.

是的，嗨，感謝您回答我的問題，並祝賀您本季表現強勁。我想問一下有關任何新的許可協議的情況，以及它們是否可能還包括您談到的上個季度和本季度的一些定制，這在一定程度上對毛利率造成了壓力。我只是想知道接下來會發生什麼事。

I know you mentioned that due to seasonality, the gross margin in the next quarter would be a little lower, but oh, are we going to see any more of that customization come in with the new licensing deals, or do you have any visibility on that?

我知道您提到由於季節性原因，下一季的毛利率會稍微低一些，但是，我們是否會看到更多的定制隨著新的許可協議而出現，或者您對此有任何了解嗎？

Yeah, great question. Thanks for that. So, the answer for this call is no, we don't have any customization. These are all off the shelf and technologies that we already have and we're happy to offer and deliver to our customers immediately. There is leftovers from last year's deal, the very large mobile.

是的，很好的問題。謝謝。因此，這次通話的答案是否定的，我們沒有任何客製化。這些都是現成的，是我們已有的技術，我們很樂意立即提供並交付給我們的客戶。這是去年交易剩下的東西，非常大的行動裝置。

Space modem type is going to continue a few quarters into 2025, so it's not a new deal from Q4, but it's still the deal from Q3 that we signed started to pick up a little bit now in Q4,

太空調調變器類型的需求將持續到 2025 年的幾個季度，所以這不是第四季度的新交易，但它仍然是我們在第三季度簽署的交易，現在在第四季度開始有所回升，

But the Most of the work will happen now in 2025 and where are the leftovers and just a notch to lower in the gross margins also for Q1 because the royalties are usually the lowest quarter of loyalty just because of the seasonality and that will change over the year.

但是大部分工作將在 2025 年完成，剩下的工作在哪裡，第一季的毛利率也會略有降低，因為特許權使用費通常是忠誠度最低的季度，這僅僅是由於季節性因素，並且會隨著時間而變化。

Got it, thanks. And just regarding the new pro solution, did you say earlier that there were two deals on the quarter?

明白了，謝謝。關於新的專業解決方案，您之前是否說過本季有兩筆交易？

In the quarter we have one deal of the new Poan and one bill of our DSP both for air application.

本季度，我們有一筆新的 Poan 交易和一筆 DSP 帳單，均用於空中應用。

Oh, okay, thank you, that's clear. Oh.

哦，好的，謝謝，清楚了。哦。

That's it for me.

對我來說就是這樣了。

Thank you. And the next question is a follow up from Kevin Cassidy and Rosenbla Securities. Please go ahead.

謝謝。下一個問題是 Kevin Cassidy 和 Rosenbla Securities 的後續問題。請繼續。

Oh. I'm sorry, I didn't mean to ask for a follow up, sorry.

哦。對不起，我並不是故意要求跟進，對不起。

No problem at all. And ladies and gentlemen, this concludes the question-and-answer session. I'd like to turn the conference back over to Amir produce for closing remarks.

完全沒問題。女士們、先生們，問答環節到此結束。我想將會議交還給阿米爾，請他作結束語。

Thank you. On behalf of CEVA Inc, thank you for joining us today. We are proud to have delivered strong year by year growth in our licensing and royalty businesses, capping off a successful year with a compelling roadmap of innovative IPs that enable edge devices to connect, sense, and infer data. We are confident in our ability to drive long term shareholder value in the smart edge era.

謝謝。我代表 CEVA Inc. 感謝您今天的參與。我們很自豪我們的許可和特許權使用費業務逐年實現強勁增長，並以引人注目的創新 IP 路線圖為成功的一年畫上圓滿句號，這些 IP 使邊緣設備能夠連接、感知和推斷數據。我們有信心在智慧邊緣時代推動長期股東價值。

As we continue into 2025, I wish you and your families a happy and prosperous year. I look forward to connecting with many of you at upcoming industry events and conferences throughout the rest of the year. Richard, I will hand over to you to wrap it up.

在即將邁入 2025 年之際，我祝福您和您的家人度過一個幸福美滿的一年。我期待在今年剩餘時間即將舉行的行業活動和會議上與你們建立聯繫。理查德，我將把事情交給你來完成。

Thank you, Amir.

謝謝你，阿米爾。

Thank you, everybody. As a reminder, the prepared remarks for this conference call are filed as an exhibit to the current report on Form 8K and accessible through the investor section of our website.

謝謝大家。提醒一下，本次電話會議的準備好的發言稿作為 8K 表當前報告的附件提交，可透過我們網站的投資者部分查閱。

With regards to upcoming events, we will be participating in the following conferences. Mobile World Congress 2025, from March third to sixth in Barcelona, Spain. Loop Capital's sixth annual Investor conference, March 11 in New York, and the March 37 annual Roth Conference, March 17 and March 18 in Dana Point, California.

關於即將舉行的活動，我們將參加以下會議。2025世界行動通訊大會將於3月第三至第六日在西班牙巴塞隆納舉行。Loop Capital 第六屆年度投資者會議於 3​​ 月 11 日在紐約舉行，而第 37 屆年度 Roth 會議則於 3 月 17 日和 3 月 18 日在加州達納角舉行。

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 and goodbye.

關於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。謝謝你，再見。

Thank you. This includes today's conference call. We thank you all for attending today's presentation. You may now connect your lines and have a wonderful day.

謝謝。其中包括今天的電話會議。我們感謝大家參加今天的演講。現在您就可以連接線路並享受美好的一天了。