CEVA Inc (CEVA) 2025 Q1 法說會逐字稿

Good day and welcome to the CEVA Inc First Quarter 2025 Earnings Conference Call.

大家好，歡迎參加 CEVA Inc 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to send a conference over to Richard Kingston, Vice President of Market Intelligence and Investor relations. Please go ahead.

現在，我想將會議轉交給市場情報和投資者關係副總裁理查德金斯頓 (Richard Kingston)。請繼續。

Thank you. Good morning, everyone, and welcome to CEVA's First Quarter 2025 Earnings Conference Call. Joining me today are Amir Panush, Chief Executive Officer; and Yaniv Arieli, Chief Financial Officer of CEVA.

謝謝。大家早安，歡迎參加 CEVA 2025 年第一季財報電話會議。今天與我一起出席的還有執行長 Amir Panush；和 CEVA 財務長 Yaniv Arieli。

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

在交給阿米爾之前，我想提醒大家，今天的討論包含前瞻性陳述，其中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所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 with respect to significantly expanding market share in wireless communication IP and to momentum in diversifying our royalty customer base.

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，包括有關大幅擴大無線通訊知識產權的市場份額以及多元化我們的特許客戶群的勢頭。

Expectations regarding demand for and benefits of our technologies and revenues, expectations regarding technology innovations, including timelines to revenue generation, our sales pipeline and backlog, and our financial goals and guidance regarding future performance. CEVA assumes no obligation to update any forward-looking statements or information which speaks as of their respective dates.

對我們的技術和收入的需求和收益的預期，對技術創新的預期，包括創收時間表、我們的銷售管道和積壓訂單，以及我們的財務目標和對未來業績的指導。CEVA 不承擔更新任何前瞻性聲明或截至其各自日期的資訊的義務。

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

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。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 GAAP 財務指標的對帳表。

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.

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

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

謝謝你，理查。歡迎大家，感謝你們今天的到來。

In the quarter, we delivered solid progress in our licensing business, reinforcing our long-term growth strategy and expanding our customer engagement across all of our targeted use cases. Connect, send and infer, enabling HAI. Royalty revenue fell short of expectations due to the combination of soft, low-cost smartphone shipments and an industrial customer who had a slower product ramp up than in the prior year.

本季度，我們的授權業務取得了穩步進展，強化了我們的長期成長策略，並擴大了我們在所有目標用例中的客戶參與度。連接、發送和推斷，實現 HAI。由於低成本智慧型手機出貨量疲軟以及工業客戶產品成長速度比上年慢，特許權使用費收入低於預期。

However, by implementing cost control measures, we mitigated some of the revenue impact and achieved profitability close to non-GAAP EPS consensus.

然而，透過實施成本控制措施，我們減輕了部分收入影響，實現了接近非公認會計準則每股收益共識的獲利能力。

Importantly, our design wins this quarter not only strengthen our long-standing partnerships with key connectivity customers, but also expanded our footprint with new customers, embracing our sensing and AIIPs, laying a strong foundation for future growth.

重要的是，我們本季的設計勝利不僅加強了我們與主要連接客戶的長期合作夥伴關係，而且擴大了我們與新客戶的業務範圍，擁抱我們的感測和 AIIP，為未來的成長奠定了堅實的基礎。

Total revenue for the quarter came in at $24.2 million up 10% year over year. Licensing revenue was $150 million with 11 bills concluded in the quarter including a number of notable strategic games, which I will elaborate on now in the context of the three use cases that underpin our business.

本季總營收為 2,420 萬美元，年增 10%。本季授權收入為 1.5 億美元，共達成 11 項協議，其中包括一些值得注意的戰略遊戲，我現在將根據支撐我們業務的三個用例來詳細說明這些協議。

Connectivity serves as the foundational pillar of AI enabling seamless communication between devices and data centers. For this use case, we have solidified our market leadership position by securing several strategic agreements with multiple key Bluetooth and Wi Fi customers, reinforcing our position in the long term.

連接性是人工智慧的基礎支柱，可實現設備和資料中心之間的無縫通訊。對於這種用例，我們透過與多個關鍵藍牙和 Wi-Fi 客戶達成多項策略協議鞏固了我們的市場領導地位，從而鞏固了我們的長期地位。

One of our current highest volume customers who has a well-established global customer base and who is already shipping in volume single and multi-protocol combos' chips based on Bluetooth and Wi Fi 6 IP has selected our Wi Fi 7 IP for its next generation products, demonstrating the trust and long-term partnership with us.

我們目前銷量最高的客戶之一，擁有穩固的全球客戶群，並且已經批量出貨基於藍牙和 Wi-Fi 6 IP 的單協議和多協議組合晶片，該公司已選擇我們的 Wi-Fi 7 IP 作為其下一代產品的晶片，這表明了對我們的信任和長期合作夥伴關係。

In addition to this customer, we also signed a new long-term Wi Fi 6 deal with another high-volume customer, the Bluetooth 6 Wi Fi 6 combo deal with a TOP10 MCU vendor.

除了這位客戶之外，我們還與另一位大批量客戶簽署了新的長期Wi-Fi 6協議，與一家TOP10 MCU供應商簽署了藍牙6 Wi-Fi 6組合協議。

And next generation Bluetooth deals with two of our leading audio customers as they continue to expand their connectivity offerings based on CEVA's market leading technology.

下一代藍牙與我們的兩個主要音訊客戶合作，他們將繼續基於 CEVA 的市場領先技術擴展其連接產品。

The second pillar enabling HAI is the sensing use case, which includes inputs and outputs that have devices better understand their surroundings and deliver enhance user experiences, such as improved audio performance. For this use case, we secured multiple deals most notably an agreement for our real space special audio software which will be integrated into professional headsets and other devices from a leading PCOM.

實現 HAI 的第二個支柱是感知用例，它包括輸入和輸出，使設備更好地了解周圍環境並提供增強的用戶體驗，例如改善音訊效能。對於這種用例，我們達成了多項交易，其中最值得一提的是針對我們的真實空間特殊音訊軟體的協議，該軟體將整合到領先的 PCOM 的專業耳機和其他設備中。

This marks a significant milestone as it validates the quality and robustness of our special audio software solution. After sensing data about the environment, influencing such data enabled devices to better interpret their environment and proactively suggests appropriate courses of action.

這是一個重要的里程碑，因為它驗證了我們的特殊音訊軟體解決方案的品質和穩健性。在感知到有關環境的數據後，影響這些數據使設備能夠更好地解釋其環境並主動提出適當的行動方案。

For this use case, we signed an important deal for our high performance new plan AJI NPU with Nexthi, a Korean automotive semiconductor for the next generation a solutions.

針對此用例，我們與韓國下一代汽車半導體解決方案供應商 Nexthi 簽署了一項重要協議，用於我們的高性能新計劃 AJI NPU。

Let me explain a bit more about this use case and why we were selected.

讓我進一步解釋一下這個用例以及我們被選中的原因。

The overall performance and safety of aid assists continue to rapidly advance thanks to cutting edge advancements in AI, such as vision transformers. Vision transformers are a way for AI to analyse an image holistically as opposed to traditional convolution neural networks that analyse images pixel by pixel.

由於視覺轉換器等人工智慧領域的尖端進步，輔助設備的整體性能和安全性繼續快速提升。視覺轉換器是人工智慧對影像進行整體分析的一種方式，與逐像素分析影像的傳統卷積神經網路不同。

This brings significant benefits and superior performance for ADAS's vision systems, including object recognition, segmentation, and free space detection in complex scenes.

這為ADAS的視覺系統帶來了顯著的優勢和卓越的性能，包括複雜場景中的物件辨識、分割和自由空間偵測。

The NeuPro and support for vision transformers coupled with its ability to possess multiple video streams and AI models, all in parallel, make it ideal for next generation ADAS systems.

NeuPro 和對視覺轉換器的支持，加上其並行擁有多個視訊串流和 AI 模型的能力，使其成為下一代 ADAS 系統的理想選擇。

We are currently engaged in multiple discussions related to AI influencing using our NeuPro and family including several automotive players for the next generation platforms that require professors, upgrades to support these latest advancements and techniques. In warranties, while overall revenue declined for the reasons previously mentioned, shipment volume remains strong, and we remain very positive about the long-term potential of our royalty business. Also, we have several notable achievements that highlight other royalty drivers for the business.

我們目前正在進行多項有關使用 NeuPro 和系列產品進行 AI 影響的討論，其中包括幾家汽車廠商針對需要教授和升級以支援這些最新進步和技術的下一代平台。在保固方面，雖然整體收入由於前面提到的原因而下降，但出貨量仍然強勁，我們對特許權使用費業務的長期潛力仍然非常樂觀。此外，我們也取得了一些顯著的成就，凸顯了業務的其他特許權驅動因素。

In this regard, I'm pleased to share that we received the first Royalty report from a leading US OEM using our technology in their inhouse 5G model. As I discussed on our last earning calls, we anticipate this customer will significantly expand our market share in wireless communication IP and generate a meaningful long term Royalty stream in the years to come.

在這方面，我很高興地告訴大家，我們收到了第一份來自美國領先 OEM 的版稅報告，該 OEM 在其內部 5G 模型中使用了我們的技術。正如我在上次財報電話會議上所討論的那樣，我們預計該客戶將顯著擴大我們在無線通訊 IP 領域的市場份額，並在未來幾年產生有意義的長期特許權使用費流。

Additionally, our Wi Fi royalties grew 183% year over year from a 12% increase in unit shipments. This growth was driven by a favourable polemic shift towards Wi Fi 6, which commands a higher Royalty ISP compared to previous generations.

此外，我們的 Wi-Fi 使用費年增 183%，單位出貨量成長了 12%。這一增長是由對 Wi-Fi 6 的有利爭論轉變所推動的，與前幾代產品相比，Wi-Fi 6 需要更高的特許權使用費 ISP。

This is a strong indicator that our Wi Fi 6 customers are continuing to gain traction, particularly in the consumer and industrial IOT markets.

這有力地表明，我們的 Wi-Fi 6 客戶正在繼續獲得發展動力，尤其是在消費和工業物聯網市場。

All in all, our first quarter licensing performance and continuing momentum in diversifying our royalty customer base. Reinforce the success of our transformation into a highly diversified IP powerhouse. We serve a broad range of end markets with a portfolio of high value products and solutions that enable any smart edge device to connect, send, and infer data.

總而言之，我們的第一季許可表現和特許權客戶群多元化的持續勢頭。鞏固我們向高度多元化智慧財產權強國轉型的成功。我們透過一系列高價值產品和解決方案服務於廣泛的終端市場，使任何智慧邊緣設備都能夠連接、發送和推斷數據。

As a reminder, success in the IP licensing business is measured over a horizon of several years. The innovations and technologies our engineers are designing today will reach commercial products and begin to generate Royalties within 3 to 5 years. This long cycle view underpins how we think and manage our business and shape our strategy focus on accumulated and sustained value creation over time.

需要提醒的是，智慧財產權授權業務的成功需要幾年的時間才能衡量。我們的工程師今天設計的創新和技術將在 3 到 5 年內實現商業產品並開始產生專利費。這種長週期觀點支撐了我們如何思考和管理業務，並塑造了我們的策略重點，即隨著時間的推移累積和持續創造價值。

Our priorities remain clear. Continue innovating for our customers, deepen our technology leadership, and building a strong future loyalty stream while managing expenses with discipline.

我們的優先事項依然明確。繼續為我們的客戶進行創新，深化我們的技術領導地位，並在嚴格管理費用的同時建立強大的未來忠誠度流。

I'm confident in our ability to navigate the short-term volatility while focusing on our mission to be the IP partner of choice for companies building smart edge devices that connect and infer data.

我相信我們有能力應對短期波動，同時專注於我們的使命，成為建立連接和推斷數據的智慧邊緣設備的公司的首選 IP 合作夥伴。

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

現在我將把話題轉到財務需求上。

Thank you. Good morning. I'll now start by reviewing the results of our operations for the First Quarter of 2025.

謝謝。早安.現在，我將先回顧我們 2025 年第一季的營運表現。

Revenue for the first quarter increased 10% to $24.2 million as compared to $22.2 million from the same quarter last year.

第一季營收為 2,420 萬美元，較去年同期的 2,220 萬美元成長 10%。

A breakdown in its and related revenues increased 32% to $15 million reflecting 62% of our total revenues and compared to $11.4 million for the first quarter of 2024. Royalty revenue decreased 14% to $9.2 million reflecting 38% of our total revenue down from $10.7 million for the same core last year.

其及相關營收細分成長 32%，達到 1,500 萬美元，占我們總營收的 62%，而 2024 年第一季為 1,140 萬美元。特許權使用費收入下降 14% 至 920 萬美元，占我們總收入的 38%，而去年同一核心收入為 1,070 萬美元。

Quarterly gross margins came in 1% lower than forecasted and guided 86% on GAAP and 87% on non-GAAP. If you recall, we discussed the allocation of design activities for the strategic customer in the satellite modem space. So, some R&D costs for these efforts are presented in the cost of revenue and not in the R&D expense line.

季度毛利率比預期低 1%，GAAP 指引值為 86%，非 GAAP 指引值為 87%。如果您還記得的話，我們討論過衛星調變解調器領域戰略客戶的設計活動分配。因此，這些努力的部分研發成本體現在收入成本中，而不是研發費用。

Total gross operating expenses for the first quarter was at the low end of our guidance range at $25.1 million. Total non-GAAP operating expenses for the first quarter, excluding equity-based compensation expense, amortization of intangible and deal costs of $20.7 million below the low end of our guidance and similar to last year's level.

第一季的總營運費用處於我們指引範圍的低端，為 2,510 萬美元。第一季非公認會計準則營運費用總額（不包括股權激勵費用、無形資產攤銷和交易成本）為 2,070 萬美元，低於我們預期的低端，與去年同期水準相似。

GAAP operating loss for the first quarter was $4.4 million down from GAAP operating loss of $5 million in the same quarter a year ago.

第一季的 GAAP 營業虧損為 440 萬美元，低於去年同期的 GAAP 營業虧損 500 萬美元。

Non-GAAP operating margins and were 1% of revenue and $0.3 million compared to operating loss margin of 4% and operating loss of $0.8 million recorded for the first quarter of 2024 respectively. Expense monitoring contributes to partially offset lower than expected total revenues.

非公認會計準則營業利潤率和營業虧損分別為收入的 1% 和 30 萬美元，而 2024 年第一季的營業虧損利潤率和營業虧損分別為 4% 和 80 萬美元。費用監控有助於部分抵銷低於預期的總收入。

Financial income was $2.1 million compared to $1.3 million income for the first quarter of 2024 significantly higher than our estimates and year. This is due to a significant increase in value of the EUR versus the US dollar for the first quarter of over 7%, impacting the value of our EUR dominated assets, especially French tax receivables.

財務收入為 210 萬美元，而 2024 年第一季的收入為 130 萬美元，大大高於我們的預期和年度水準。這是由於第一季歐元兌美元匯率大幅上漲超過 7%，影響了我們以歐元計價的資產的價值，尤其是法國稅收應收款。

GAAP and down GAAP taxes were approximately $1 million slightly lower than our guidance and affected by the geography of the revenue recognized for deals and the Royalty revenues.

GAAP 和 GAAP 稅約為 100 萬美元，略低於我們的預期，並受到交易確認的收入和特許權使用費收入的地理位置的影響。

GAAP net loss for the first quarter was $3.3 million and diluted loss per share was $0.14 as compared to a net loss of $5.4 million and diluted loss per share of $0.23 for the first quarter of 2024.

第一季 GAAP 淨虧損為 330 萬美元，每股攤薄虧損為 0.14 美元，而 2024 年第一季淨虧損為 540 萬美元，每股攤薄虧損為 0.23 美元。

Non-GAAP net income and diluted earnings per share for the first quarter of 2025 was $1.4 million or $0.6 respectively as compared to a net loss of $1.3 million and a little loss per share of $0.05 reported for the same quarter last year.

2025 年第一季非公認會計準則淨收入和每股攤薄收益分別為 140 萬美元和 0.6 美元，而去年同期淨虧損為 130 萬美元，每股虧損 0.05 美元。

With respect to other related data.

關於其他相關數據。

Shipped units by licensees during the first quarter of 2025 were 420 million units. Up 13% from the first quarter of 2024 reported shipment. Of the 420 million units reported, 49% a million or 12% were for mobile handset modems.

2025 年第一季授權商出貨量為 4.2 億台。較 2024 年第一季報告的出貨量成長 13%。在報告的 4.2 億台中，有 49%（即 12%）為行動手機數據機。

337 million units were for consumer IOT markets, up 19% from 284 million units in the first quarter of 2024. 34 million units of industrial IOT markets, up 26% from 27 million units in the first quarter of 2024. Shipments were 233 million units in the quarter, up 15% from 202 million units in the first quarter of 2024. Seller on the shipments for 48 million units, up 31% was spent year over year.

消費物聯網市場出貨量為3.37億台，較2024年第一季的2.84億台成長19%。工業物聯網市場出貨量為3,400萬台，較2024年第一季的2,700萬台成長26%。本季出貨量為 2.33 億台，較 2024 年第一季的 2.02 億台成長 15%。賣家的出貨量為4,800萬台，比去年同期成長31%。

Wi Fi shipments were 35 million units, up 12% from 31 million units a year ago.

Wi-Fi出貨量為3,500萬台，較去年同期的3,100萬台成長12%。

Wi Fi royalty revenue, however, were up 183% year over year due to a strong contribution from Wi Fi 6 shipments which carry a higher SP than the older Wi Fi 4 and Wi Fi 5 standards.

然而，由於 Wi-Fi 6 出貨量的強勁貢獻，Wi-Fi 使用費收入年增了 183%，其 SP 高於舊的 Wi-Fi 4 和 Wi-Fi 5 標準。

Overall, royalties will below our expectations, primarily due to slower smartphone ship units for the low-cost smartphone market and an industrial customer who had a slower product ramp up than a year ago. That's for the balance sheet items at the end of March, cash equivalent balances marketable securities and bank deposits of approximately $158 million. The results for the first quarter were 54 days similar to prior quarters.

整體而言，專利費將低於我們的預期，主要是因為低成本智慧型手機市場的出貨量下降，以及工業客戶的產品成長速度比一年前有所放緩。這是 3 月底資產負債表項目，現金等價物餘額有價證券和銀行存款約 1.58 億美元。第一季的結果與前幾季相似，為 54 天。

During the first quarter, we used $7 million cash from operating activities. Our ongoing depreciation and amortization of $0.9 million and purchase a fixed asset was $0.3 million. At the end of the first quarter, our headcount was 435 people in whom 354 were engineers.

第一季度，我們使用了 700 萬美元的營運活動現金。我們正在進行的折舊和攤提為 90 萬美元，購買的固定資產為 30 萬美元。截至第一季末，我們的員工總數為 435 人，其中工程師 354 人。

Now for the guidance.

現在給出指導。

As we discussed the prepared remarks, our licensing business continues to perform well with robust interest in our edge AI portfolio and continued expansion of our wireless leadership. In Royalties, we highlight a US smartphone OEM that reported its first 5G modem royalties to us in the quarter and the ASP uplift in Wi Fi 6 as our customers volume shipments increase.

正如我們討論準備好的評論時所說，我們的授權業務繼續表現良好，人們對我們的邊緣人工智慧產品組合有著濃厚的興趣，並且我們的無線領導地位也在不斷擴大。在版稅方面，我們重點介紹了一家美國智慧型手機 OEM，該公司在本季度向我們報告了其首筆 5G 調製解調器版稅，並且隨著我們客戶出貨量的增加，Wi Fi 6 的平均售價也隨之上漲。

As to the global macro environment and tariffs, while we don't see any direct impacts on tariffs, the indirect impact on consumer demand, among other factors, has increased the uncertainty about the year given these evolving dynamics and lower than anticipated revenues for the first quarter, we're adopting a more cautious outlook for the rest of the year, lowering 2025 revenue guidance from high single digit range to a low single digit range for growth over 2024 annual revenues.

至於全球宏觀環境和關稅，雖然我們沒有看到對關稅的任何直接影響，但對消費者需求等因素的間接影響增加了今年的不確定性，鑑於這些不斷變化的動態和第一季低於預期的收入，我們對今年剩餘時間的前景採取了更為謹慎的展望，將 2025 年收入預期從高個位數收入範圍下調至低個位數的成長範圍下調至 2024 年。

On the expense side, we are lowering our overall expense level, cost of revenue, and OpEx together from a range of 2% to 6% over 2024 to in line with 2024 or $96 million to $100 million with non-GAAP optics slightly lower than 2024.

在費用方面，我們將整體費用水準、收入成本和營運支出從 2024 年的 2% 到 6% 降低到與 2024 年持平或 9,600 萬美元到 1 億美元，非 GAAP 光學值略低於 2024 年。

Based on these changes, we anticipate a double-digit percentage increase in non-GAAP operating income, non-GAAP operating margins, non-GAAP net income, and fully diluted non-GAAP EPS relative to 2024, but at a lower percentage than our earlier guys.

基於這些變化，我們預計非 GAAP 營業收入、非 GAAP 營業利潤率、非 GAAP 淨收入和完全稀釋非 GAAP 每股收益相對於 2024 年將實現兩位數百分比增長，但百分比低於我們先前的預測。

Specifically for the second quarter of 2025.

具體來說是2025年第二季。

On Royalties, we expect sequential growth due to the seasonality and expansion of the CEVA powered 5G smartphone modem in the second quarter and beyond.

對於專利費，我們預計由於季節性因素以及第二季度及以後 CEVA 驅動的 5G 智慧型手機數據機的擴張，專利費將持續成長。

Total revenue is forecasted to be $23.7 million to $27.7 million.

預計總收入為 2,370 萬美元至 2,770 萬美元。

Ceva's margin is expected to be similar to the first quarter we just reported. We forecast approximately 86% on non-gap basis and 87% on non-gap basis, excluding an aggregate of $0.1 million for equity-based compensation expenses of $0.1 million the amortization of acquired in.

Ceva 的利潤率預計將與我們剛剛報告的第一季相似。我們預測非差距基礎上約為 86%，非差距基礎上約為 87%，不包括總計 0.1 百萬美元的股權薪酬費用和 0.1 百萬美元的收購攤銷。

[Gapoppics] for the second quarter of 2025 is expected to be in the range of $25.1 million to $26.1 million.

[Gapoppics] 預計 2025 年第二季的營收將在 2,510 萬美元至 2,610 萬美元之間。

And the anticipated total operating expenses for the first quarter, $4.5 million is expected to be attributed to equity-based compensation expense, $0.2 million for amortization is acquired intangibles, and $0.1 million for costs associated with business acquisitions.

而第一季預計的總營運費用中，450 萬美元預計將歸因於股權激勵費用，20 萬美元為收購無形資產的攤銷，10 萬美元為與業務收購相關的成本。

Non-GAAP optics is expected to be similar to the first score level and in the range of $20.3 million to $21.3 million also lower than the second quarter in 2024 OpEx level.

非 GAAP 光學元件預計將與第一個評分水準相似，在 2,030 萬美元至 2,130 萬美元之間，也低於 2024 年第二季的營運支出水準。

Net interest income is expected to be approximately $1.3 million. Taxes for the second quarter expected to be approximately $1.2 million and the share count for the second quarter is expected to be 25.6 million shares.

預計淨利息收入約 130 萬美元。預計第二季的稅收約為 120 萬美元，預計第二季的股票數量為 2,560 萬股。

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

丹妮爾，請您開始問答環節。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

The first question comes from Kevin Cassidy from Rosenblatt Securities. Please go ahead.

第一個問題來自羅森布拉特證券公司的凱文·卡西迪。請繼續。

Yes, thanks for taking my question.

是的，感謝您回答我的問題。

Congratulations on the AI NPU ADAS win, but can you say whether was this just a win with the tier one supplier or does the tier one supplier have a program at an automotive OEM that's, secured?

恭喜 AI NPU ADAS 獲勝，但您能否說這是否僅僅是與一級供應商的勝利，還是一級供應商在汽車 OEM 上有一個有保障的計劃？

Kevin, thanks for the question. First, this is a very important design for us with the new poem. This is really validating the technology and the maturity to go all the way into ADAS Automotive market segment, and we believe that also will propel significant additional design as we go into in the rest of the year, specifically to your question. This is with the ones they already have secure so-called OEM customers, but it's not going to go into only one specific OEM, but that it will be part of the next generation platform that will go into.

凱文，謝謝你的提問。首先，這首新詩對我們來說是一個非常重要的構思。這確實驗證了進入 ADAS 汽車市場領域的技術和成熟度，我們相信，這也將推動我們在今年剩餘時間內進行重要的額外設計，特別是回答您的問題。這是因為他們已經擁有所謂的 OEM 客戶，但它不會只進入一個特定的 OEM，而是將成為下一代平台的一部分。

Okay, great, congratulations and you know you showed great increase with the transition to Wi Fi 6 with Wi Fi 7 designs being one now, is there a similar, I guess, increase in ASPs with Wi Fi 7 or is it even greater than the transition from 5 to 6?

好的，太好了，恭喜你，你知道隨著向 Wi-Fi 6 的過渡，Wi-Fi 7 設計有了很大的增長，我猜 Wi-Fi 7 的 ASP 是否有類似的增長，或者甚至比從 5 到 6 的過渡還要大？

Yeah, thanks for the question, Kevin.

是的，謝謝你的提問，凱文。

So, a few things here to unpack and talk about the whole licensing quarter and the impact for us moving forward in the long term. So, first we are really happy to see multiple of our customers that have licensed the previous generation now adding either Bluetooth Wi Fi or the combination, and we have two new deals of the Bluetooth Wi Fi 6 combination this quarter.

因此，這裡有一些事情需要解開，並討論整個許可季度以及對我們長期發展的影響。因此，首先，我們很高興看到我們的多個已獲得上一代產品許可的客戶現在添加了藍牙 Wi Fi 或其組合，並且我們本季度有兩項新的藍牙 Wi Fi 6 組合交易。

But also we are very happy to see one of our high volume customers of Wi Fi 4 that is already migrating to Wi Fi 6 now licensing Wi Fi 7 for us. Again, great testimony to see how our customers trust our technology and although we keep expanding our leadership position in the marketplace specifically for illustrated from the numbers this quarter.

但我們也很高興看到我們的一個 Wi-Fi 4 大客戶已經遷移到 Wi-Fi 6，現在正在為我們授權 Wi-Fi 7。再次，這充分證明了我們的客戶如何信任我們的技術，儘管我們不斷擴大我們在市場上的領導地位，特別是本季的數據就說明了這一點。

While the volume shipments grew by about 12% year over year, the revenue grew by more than 180%, and this is really contributed to the transition from Wi Fi 4 to Wi Fi 6. So, with that migration, we will see a major uplift in the average ASP. On top of that we expect to see another uplift. But of course, this is that those design and production and volume will come later in the future years.

雖然出貨量年增了約 12%，但收入卻增加了 180% 以上，這確實促進了從 Wi-Fi 4 到 Wi-Fi 6 的過渡。因此，隨著這種遷移，我們將看到平均 ASP 的大幅提升。除此之外，我們預計還會看到另一次提升。但當然，這些設計、生產和產量將在未來幾年內實現。

And so already through '25 and as we talked also '26 and beyond, we will see tremendous increase in volume as well as average for Wi Fi, the transition to Wi Fi 6, and on top of that Wi Fi 7 will generate another.

因此，到 2025 年，以及我們談到的 2026 年及以後，我們將看到 Wi-Fi 的數量和平均值大幅增加，向 Wi-Fi 6 的過渡，在此基礎上，Wi-Fi 7 將產生另一個增長。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Thank you, Kevin.

謝謝你，凱文。

(Operator Instructions)

（操作員指示）

The next question comes from David O'Connor from BNP Paribas. Please go ahead.

下一個問題來自法國巴黎銀行的戴維‧奧康納。請繼續。

Yeah, great. Good morning, thanks for taking my questions. Maybe just to carry on, from Kevin's question there just on the new for the ADAS win, Amir, can you kind of give us a sense of the competitive environments that kind of around that when kind of what other types. The solutions of the customer looking at was a kind of internal or the other off the shelf solutions and kind of just the key metrics really, that allowed you to kind of get that design went over the line and I have another follow up, thanks.

是的，很棒。早上好，感謝您回答我的問題。也許只是為了繼續，從凱文（Kevin）關於 ADAS 勝利的新問題開始，阿米爾（Amir），您能否讓我們了解一下當時的競爭環境以及其他類型的競爭環境。客戶所關注的解決方案是一種內部解決方案或其他現成的解決方案，實際上只是關鍵指標，可以讓您的設計超越界限，我還有另一個後續問題，謝謝。

Yeah, definitely. So, if we look overall at the market right now for AI NPU high end solutions for the edge, what is happening is really the migrating to the more advanced models using transformers in that specific case vision transformers.

是的，確實。因此，如果我們整體看一下目前針對邊緣的 AI NPU 高端解決方案市場，就會發現實際上正在發生的是使用變換器遷移到更先進的模型，在特定情況下是視覺變換器。

But for the edge, it really requires a combination of extremely power efficient solutions.

但對於邊緣而言，它確實需要結合極其節能的解決方案。

As well as smaller in size or cost structure and very importantly for automotive, extremely low latency. The reaction and so called the ability to interrupt the data needs to be and very quickly in nanoseconds or milliseconds, so our technology really excels in those metrics as we put them together coming from our ability and history and DNA in edge devices and low power devices.

尺寸或成本結構更小，而且對於汽車來說非常重要的是，延遲極低。反應和所謂的中斷數據的能力需要在納秒或毫秒內非常快，因此，當我們將它們從我們在邊緣設備和低功耗設備的能力、歷史和 DNA 中整合在一起時，我們的技術在這些指標上確實表現出色。

And but on top of that is really the combination of the hardware and the software integrated and scalable to go into the different tiers of performance that those customers need. As I mentioned, for the last several quarters, we have really built a scalable architecture for NPU that can go from several tops all the way to hundreds of tops, and we got all the software supported. And I think this gives us really great advantage in the market, and I strongly believe that we will see more and more designs of a NeuPro or IN NPU in the marketplace this year and through the quarters.

但最重要的是硬體和軟體的結合，整合和可擴展，以滿足客戶所需的不同效能層次。正如我所提到的，在過去的幾個季度裡，我們確實為 NPU 建立了一個可擴展的架構，可以從幾個頂部一直到數百個頂部，並且我們獲得了所有軟體的支援。我認為這給了我們在市場上巨大的優勢，我堅信今年以及未來幾季我們將在市場上看到越來越多的 NeuPro 或 IN NPU 設計。

That's very helpful. Great color there thank you.

這非常有幫助。顏色很棒，謝謝。

One last comment just to remind everyone we talked about two other customers that are already going ramping right now in 2025 on our AI technology and so not only we are winning but also, we see a.

最後一則評論只是為了提醒大家，我們談到了另外兩個客戶，他們現在已經在 2025 年大力發展我們的人工智慧技術，因此我們不僅取得了勝利，而且我們還看到了。

Awesome, thank you for that. Maybe just another question, just on the softness you saw on the kind of low end of the smartphone market, was that kind of anything tariff related in your view? Was it kind of customer product transition, is that just kind of expectation there, just the one quarter, impact you'd expect that to recover any color around that kind of, lower end of the market there that kind of stands out to you guys and I have one last follow up.

太棒了，謝謝你。也許還有另一個問題，就您所看到的低階智慧型手機市場的疲軟而言，您認為這是否與關稅有關？這是否是一種客戶產品轉型，這只是一種預期，僅僅是一個季度的影響，你預計它會恢復那種低端市場的任何色彩，這對你們來說很突出，我還有最後一個跟進問題。

Thank you.

謝謝。

Yeah, great question. And let me unpack really what happens in Q1 related to our smartphone customers and just overall how we see the market.

是的，很好的問題。讓我來詳細分析一下第一季與我們的智慧型手機客戶相關的情況，以及我們對整個市場的看法。

And so overall in Q1 we have seen a slower start than what we expected.

因此，總體而言，第一季的開局比我們預期的要慢。

The seasonality of the customer from Q4 to Q1 dropped more than we anticipated and some of the supply chain activities that people needed to address in Q1.

從第四季度到第一季度，客戶的季節性下降幅度超出了我們的預期，而且人們需要在第一季解決一些供應鏈活動。

But after my discussion with the customers and overall my understanding of the market is that overall these customers will be able to rent on a quarterly sequential volume rent doing very well and according to basically what we've seen in 2024. So overall we anticipate the customers to contribute nicely the same as we saw in 2024.

但經過我與客戶的討論以及我對市場的整體理解，總體而言，這些客戶將能夠按季度連續的租金量進行租賃，並且基本上按照我們在 2024 年看到的情況進行租賃。因此，總體而言，我們預期客戶的貢獻將與 2024 年一樣好。

And I will mention about it is these ships the majority of the volume worldwide outside the US, so we don't expect so direct impacts of tariffs on this customer and that we expect in next year

我要說的是，這些船佔了美國以外全球運輸量的絕大部分，所以我們預計關稅不會對這個客戶產生直接影響，我們預計明年

Very helpful.

非常有幫助。

Thank you.

謝謝。

Thank you for that and maybe just one for just on the licensing pipeline. How would you kind of describe that? I know you've given the guide for the year, but just kind of, over through one, or you think kind of an acceleration in that in terms of design activity, any kind of change in customer kind of behavior, pushing out design decisions maybe anything kind of along those lines, just kind of with the, an eye on kind of tariffs and macro concern in the background, any color around that kind of activity and momentum. Be much appreciated.

謝謝你，也許我只想就許可管道提出一個問題。您會怎麼描述這一點？我知道您已經給出了今年的指南，但只是某種程度上，透過一個，或者您認為在設計活動方面有所加速，客戶行為的任何變化，推出設計決策，或者任何類似的事情，只是關注關稅和宏觀關注的背景，任何圍繞這種活動和勢頭的顏色。非常感謝。

Thank you.

謝謝。

Sure, so it's a good question. I think this is a concern around many companies in the technology space.

當然，這是一個好問題。我認為這是許多科技領域公司所關心的問題。

We haven't seen such in the first quarter or postponing deals or decisions because of the macro. Obviously this is a concern that is out there and this is why we're taking we decided to take a more cautious approach for the rest of the year. In theory, things like that can happen when we guide and we have guarded the last couple of quarters, we don't break out the licensing and the Royalties and we don't have the crystal ball ahead of the beginning of the quarter, but the level that we just reported, and if you look at the Q3, Q4 last year and the average of the first and second quarter of last year. This is a decent more or less this is that we have to obviously look better.

我們在第一季沒有看到這種情況，也沒有看到由於宏觀因素而推遲交易或決策的情況。顯然，這是一個存在的擔憂，這也是我們決定在今年剩餘時間內採取更謹慎態度的原因。理論上，當我們指引並守護過去幾個季度時，這樣的事情可能會發生，我們沒有公佈許可和版稅，在季度開始之前我們也沒有水晶球，但是我們剛剛報告的水平，如果你看看去年第三季度、第四季度以及去年第一季度和第二季度的平均值。這或多或少是不錯的，這是我們顯然要看起來更好的。

Concessions because of that happening this time.

這次因為發生了這樣的事情所以做出了讓步。

The other thing I will add on that I think also what we see actually is an IT supplier is also the opportunities so potentially picking up thanks to the localization and the need to have the technology so within those specific regions. So yeah, on a mix there's risk.

我要補充的另一件事是，我認為我們實際上看到的是 IT 供應商也有機會，因此由於本地化和在特定區域內需要擁有技術，因此可能會成功。是的，混合確實存在風險。

Headwinds coming with just the softness of the market potentially because of tariffs and consumer demand. On the other hand, the tailwinds of our customers looking to have their own access and capability to drive their own technology and what next.

由於關稅和消費者需求，市場疲軟可能帶來不利因素。另一方面，我們的客戶希望擁有自己的途徑和能力來推動自己的技術發展，並實現下一步目標。

Very helpful caller.

非常有幫助的來電者。

Thank you, guys.

謝謝你們。

Thanks.

謝謝。

The next question comes from Chris Reimer from Barclays. Please go ahead.

下一個問題來自巴克萊銀行的克里斯·雷默 (Chris Reimer)。請繼續。

Yeah, hi, thanks for.

是的，嗨，謝謝你。

Taking my question.

回答我的問題。

I'm sorry if this was asked already. I was cut off earlier and didn't hear the first part of the question.

如果這個問題已經有人問過了，我很抱歉。我剛才被打斷了，沒有聽清楚問題的第一部分。

I'm just wondering about the gross margin and this one design customer that you mentioned. Can you give us an idea of maybe what.

我只是想知道毛利率和您提到的這位設計客戶。您能否告訴我們大概是什麼？

Hello?

你好？

Yeah, we're here. I hear you? Yeah.

是的，我們到了。我聽見了嗎？是的。

Can you give us a an idea of what percent that actually is of the overall and how long, how much longer do you expect to continue with the extra allocation there?

您能否告訴我們這實際上佔總數的百分比是多少，以及您預計還會繼續在那裡進行多長時間的額外分配？

Sure, so last year we talked about a few designs with 5G advanced solutions, very high end, very sophisticated to many new use cases. Some of them are satellites, some are base stations, and not necessarily those new customers and those new spaces know how to deal with the modem and how to build the right use case that they need and one of the advantages that we could offer is some customization and some help in the design activity of changing or adopting from an off the shelf type of modem to something that fits their use case in a more efficient way. So, we have a group of engineers that are dedicated to that project. It's usually a couple of quarters anywhere between one to a year type of project.

當然，去年我們討論了一些採用 5G 先進解決方案的設計，這些設計非常高端，非常複雜，適用於許多新的用例。其中一些是衛星，一些是基站，不一定是那些新客戶和新空間知道如何處理調製解調器以及如何構建他們需要的正確用例，我們可以提供的優勢之一是一些定制和一些幫助在設計活動中改變或採用現成的調製解調器以更有效地適應他們的用例。因此，我們有一組致力於該專案的工程師。這通常是持續一到一年的幾個季度的項目。

And if you look at an example in the first quarter of last year when we recorded 90% gross margin, about $2.2 million the following quarter was $2.6 million, that's probably. Clean quarters and probably a million dollars or more above that. This is some of the allocation just from R&D. It doesn't change the overall cost of the company. It's just records some of these efforts for a specific customer. This is one of the advantages for us in a very advanced technologies like 5G to win new business because if not they would not have taken that risk of such a new and complicated design and you know for quarters you could see 1% or 2% lower margins, but this is still an IT business model with a 9 year's plus of margins. Every once in a while, if you have these activities, you will have a $1.5 million, and when that is done and the services are done, then we bring them back to the R&D line and focus those costs and new technologies and future.

如果你看一個例子，去年第一季我們的毛利率為 90%，約 220 萬美元，下一季的毛利率為 260 萬美元，這可能是這樣的。乾淨的宿舍，可能還要多一百萬。這只是來自研發的部分分配。它不會改變公司的整體成本。它只是記錄了針對特定客戶所做的一些努力。這是我們在 5G 等非常先進的技術中贏得新業務的優勢之一，因為如果不是這樣，他們就不會冒著如此新穎和複雜的設計的風險，而且你知道，幾個季度的利潤率可能會下降 1% 或 2%，但這仍然是一種擁有 9 年以上利潤率的 IT 商業模式。每隔一段時間，如果你有這些活動，你就會得到 150 萬美元，當這些活動完成並且服務完成後，我們就會將它們帶回研發線，並將這些成本集中在新技術和未來上。

The other thing I will add on top of that is that all this customization and enhanced features that we are building, it's all our IP and we intend and can leverage that to other customers as well. So, while there is so called a short-term potential one or like a percentage of the gross margin at the end is to secure those sockets, very high-end sockets and driving long term warranties as well as advanced technology.

除此之外，我還要補充的是，我們正在建立的所有這些客製化和增強功能都是我們的智慧財產權，我們打算並將其提供給其他客戶。因此，雖然存在所謂的短期潛力或最終的毛利率百分比，但為了確保這些插座、非常高端的插座以及推動長期保固和先進技術。

Great, thanks. That's really great color. And just touching on shipments, you mentioned the slowness in the start phone and that the customer would begin ramping up.

太好了，謝謝。這顏色真是太棒了。談到出貨量，您提到了啟動電話的速度緩慢，而客戶會開始增加出貨量。

So given your reduced outlook, is there any other area you're concerned about or is it just an overall proactive conservatism?

那麼，鑑於您降低的預期，還有其他方面讓您擔心嗎？或者這只是一種整體的主動保守主義？

There are two aspects to that question. One, as Emir explained, the low cost smartphone. One a bit slower for the beginning of the year. We believe it's just a timing issue. And we believe to see a ramp up in the second quarter and therefore Q3 and we have seen that trend for many years. The extent of how the year starts and we said that the fall off from Q4 to Q1 varies from year to year, but the Q1 is usually the lowest for many for a long period of time, and then it kicks in with a numbers and volumes and royalties for us by the fourth quarter. The other new design designer that's going into production and we all know, didn't have a full quarter, so we'll see much more of that being reported to us and sold on a 3-month full quarter basis in the second quarter, and that's here. For the foreseeable future, so we're looking we're very excited about this opportunity for sure is going to have higher numbers and this is why we sequential growth from Q1 to Q2, and that should continue throughout the rest of the year with new coming out later in the year. So, I think this is the way to look at it from the handset perspective.

這個問題有兩個面向。一是，正如艾米爾所解釋的，低成本智慧型手機。對年初來說，這個速度有點慢。我們認為這只是一個時間問題。我們相信第二季和第三季會成長，而且我們已經看到這種趨勢很多年了。我們說過，從年初到第一季的下降幅度每年都不同，但第一季通常是許多人長期以來的最低水平，然後到第四季度，我們的數位、銷售和版稅就會開始下降。我們都知道，另一位即將投入生產的新設計設計師沒有一個完整的季度，因此我們將在第二季度看到更多這樣的報告，並以 3 個月的完整季度為基礎進行銷售，這就是這裡。在可預見的未來，我們對這個機會感到非常興奮，肯定會有更高的數字，這就是為什麼我們從第一季度到第二季度連續增長，並且這種增長應該會持續到今年剩餘時間，新的增長將在今年晚些時候推出。所以，我認為這是從手機角度看待這個問題的方式。

From all the other market segments that we talked about, the consumer IT Wi Fi, Bluetooth, cellar IP, a very nice start for the year on the volume perspective and also the Wi Fi ASP.

從我們討論的所有其他細分市場來看，消費者 IT Wi Fi、藍牙、蜂窩 IP，從數量角度以及 Wi Fi ASP 來看，今年的開局非常好。

And so, if we didn't have that timing issue and we could have posted a very nice start to the year, but the rest of the consciousness is just due to the market conditions.

因此，如果我們沒有那個時機問題，我們本來可以取得非常好的開局，但其餘的意識只是因為市場狀況。

Yeah, I'll unpack it a little bit further and more colors.

是的，我會進一步解讀它，並添加更多顏色。

So, as we look at Q1, we are very happy to see a very solid licensing execution, and with that we're really solidifying our leadership in wireless communication as well as penetrating more and winning in the AI space.

因此，當我們回顧第一季時，我們很高興看到許可執行情況非常穩健，並且藉此我們真正鞏固了在無線通訊領域的領導地位，並在人工智慧領域取得了進一步的滲透和勝利。

And so we are extremely encouraged by the license.

因此我們對該許可證感到非常鼓舞。

On the royalty that came below expectation due to the two customers that we mentioned in the prepared remarks, but with that on the mobile handset one with that customers we expect the revenue to pick up nicely through the years and to basically what we have seen in 2024. As well as of course on top of the new customers overall gaining market share, so that's in. So, this is a very strong for us this year. The other one is on Wi Fi 6 that we have talked about for a while, both volume ramp as well as increase and for those two payments and overall, the portfolio that we have in IP to licensing perspective for the year.

由於我們在準備好的評論中提到的兩個客戶，特許權使用費低於預期，但對於擁有這兩位客戶的行動手機業務，我們預計收入將在未來幾年穩步增長，基本上達到我們在 2024 年看到的水平。當然，除了新客戶之外，整體市佔率也在增加。所以，這對我們來說是今年非常強勁的。另一個是關於 Wi-Fi 6，我們已經討論了一段時間，包括銷量成長和增加，以及這兩項支出以及總體而言，我們今年在 IP 到許可方面的投資組合。

With that said, considering you one came show to our expectation on the top line as well as just the macroeconomics that have changed quite a bit since our last call 3 months ago, we believe it's prudent to take a more cautious approach for the rest of the year, and with that we basically guided down still a growth here, but we guided down the expectation for the revenue growth.

話雖如此，考慮到您對我們對營收的預期以及自三個月前上次電話會議以來宏觀經濟發生了很大變化，我們認為在今年剩餘時間內採取更謹慎的態度是明智之舉，因此我們基本上引導了增長，但我們降低了收入增長的預期。

So all in all, in terms of our technologies and our ability to growth and success in 2025 and in the long run, we are very confident about that, but we cannot ignore overall the market sentiment out there and that we have a Q1 that was lower than our expectation on top with that we reduce the guidance for the growth but a single digit.

總而言之，就我們的技術以及我們在 2025 年和長期的成長和成功能力而言，我們對此非常有信心，但我們不能忽視整體市場情緒，而且我們的第一季業績低於我們的預期，此外，我們將成長預期下調了一位數。

Got it. Thanks a lot for the call. That's it for me.

知道了。非常感謝您的來電。對我來說就是這樣。

Thank you, Chris.

謝謝你，克里斯。

There's a follow up question from Kevin Cassidy from Rosenblatt. Please go ahead.

羅森布拉特 (Rosenblatt) 的凱文卡西迪 (Kevin Cassidy) 提出了後續問題。請繼續。

Oh yeah, thanks for taking my follow up and you know just as far as.

哦，是的，感謝您接受我的跟進，您知道就這些了。

Customer behavior goes, investors got into a bit of a panic, we'll say about DeepSeek and this other low cost and say smaller LLMs that are coming into the market. Can you say how that's changing your demand for your NPU IP?

客戶行為發生變化，投資者陷入了一點恐慌，我們會談論 DeepSeek 和其他低成本、小型 LLM 進入市場的情況。您能說說這如何改變您對 NPU IP 的需求嗎？

Yeah, actually this is the transition is great for us for AI we've seen the success and the growth mostly on the cloud for now for several years, and that of course will keep growing very nicely in the coming few years, but the transition from running the models on the cloud in case of infants really running the model on time, the transition from the cloud to the edge.

是的，實際上，對於人工智慧來說，這是一個非常好的轉變，我們已經看到了它的成功和成長，主要是在雲端，而且這幾年來，它當然會繼續保持良好的增長，但是，如果嬰兒真的按時運行模型，那麼從雲端到邊緣的轉變就是從運行模型到過渡。

Hasn't really a big numbers started yet. Now it's really happening. It's the beginning of 2024 and now moving into the next few years. Models like and actually what we see right now also from the other Western large companies that are building those models, they are all coming with more optimized.

大數字還沒真正開始嗎？現在它真的發生了。2024 年已經到來，我們即將進入未來幾年。我們現在看到的其他西方大公司也在生產類似的模型，這些模型都經過了更優化。

Models that can be runway more efficiently on edge devices. So, we believe that we will see a major transition where smartphones, PCs, tablets, automotives, other smart edge devices will integrate more and more AI or NPU capabilities and we'll be able to run much more efficiently those models because they will be smaller and more optimized, and with that lower latency and lower power. So, actually DeepSeek coming with this technology and what's coming now in the Western world as well, extremely encouraging to enable our future growth in the marketplace.

可以在邊緣設備上更有效率地運行的模型。因此，我們相信我們將看到一個重大轉變，智慧型手機、個人電腦、平板電腦、汽車和其他智慧邊緣設備將整合越來越多的 AI 或 NPU 功能，並且我們將能夠更有效率地運行這些模型，因為它們將更小、更優化，並且具有更低的延遲和更低的功耗。因此，實際上 DeepSeek 所採用的技術以及目前西方世界正在出現的技術，對我們未來在市場上的成長非常有啟發。

Okay, great. Thanks for coming and with that we are looking to support those models, of course.

好的，太好了。感謝您的到來，當然我們希望支持這些模型。

Right, yeah.

是的，是的。

The next question comes from Suji Desilva from Roth Capital. Please go ahead.

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

Hi, Amir. How are you. Can you talk about maybe with the given all the macro and tariff uncertainty, if you're seeing any impact in the licensing environment, if you're seeing any, programs that were underway being pushed or if the activity remains unimpacted so far.

你好，阿米爾。你好嗎。您能否談談，考慮到所有宏觀和關稅的不確定性，您是否看到許可環境受到任何影響，是否看到正在進行的項目受到推動，或者活動是否迄今為止沒有受到影響。

Thank for the question. So, just to clarify, we don't see direct impact of in terms of paying taxes on our technology, the indirect demand in Q1, we've seen very strong demand, and we have been able to close both a good number of deals as well as very strategic deal for us.

謝謝你的提問。因此，需要澄清的是，我們沒有看到對我們的技術納稅的直接影響，第一季的間接需求，我們看到了非常強勁的需求，並且我們已經能夠完成大量交易以及對我們來說非常具有戰略意義的交易。

We have very good pipeline for Q2 and the rest of the year. We haven't seen the pipeline decrease.

我們為第二季以及今年剩餘時間做好了很好的準備。我們還沒有看到管道減少。

But overall, when we talk with customers, we would say on average people are a little bit more cautious out there and just say more than anything most customers say we don't know what we don't know, and we need to see how things will shape up and I think that's overall, what we hear out there. So, with that, of course, one and what we said, the more prudent with the cautious outlook, guided lower for the year, but.

但總體而言，當我們與客戶交談時，我們會說，一般來說人們會更加謹慎，大多數客戶說的最多的就是我們不知道我們不知道什麼，我們需要看看事情會如何發展，我認為這就是我們聽到的總體情況。因此，當然，正如我們所說的，更加謹慎的展望，引導今年的經濟成長走低，但是。

When we go and specifically talk with customers and work on programs that are in the making, we haven't seen any impact.

當我們專門與客戶交談並研究正在製定的計劃時，我們並沒有看到任何影響。

I appreciate the candid response there. And then looking at your Royalty units and Wi Fi, are those wins ramping and tracking to follow the success, the share success you've had with Bluetooth? Is there any impact there as well, or are those programs coming to market?

我很欣賞你們坦率的回應。然後看看您的 Royalty 單位和 Wi-Fi，這些勝利是否正在不斷增加並追蹤成功，以及您在藍牙方面取得的份額成功？那裡也會有影響嗎？或者這些項目會進入市場？

I think actually on that we are extremely encouraged, and we have licensed to tens of customers our Wi Fi 6 technology and many of them are renting and volume production and on average we are really encouraged by our customers to integrated technology, take it to PayPal and volume production. So, we are actually on track to what we want to achieve in terms of the Wi Fi ramp in the coming few years and now of course with that there will be the transition to Wi Fi as well, although I would say the competitive landscape is such that We are really becoming not only the de facto IP supplier for Bluetooth but as well as for Wi Fi, and we get Wi Fi 6 and then transition to Wi Fi.

我認為實際上我們對此感到非常鼓舞，我們已經向數十家客戶授權了我們的 Wi-Fi 6 技術，其中許多客戶正在租用和批量生產，平均而言，我們的客戶確實鼓勵我們集成技術，將其帶到 PayPal 並進行批量生產。因此，我們實際上正朝著我們希望在未來幾年內在 Wi-Fi 領域實現的目標前進，當然，現在也將向 Wi-Fi 過渡，儘管我想說競爭格局是這樣的，我們不僅真正成為藍牙事實上的 IP 供應商，而且成為 Wi-Fi 的事實上的 IP 供應商，我們將獲得 Wi-Fi 6，然後過渡到 Wi-Fi。

Okay, very good. Thanks, Amir. Thanks everybody.

好的，非常好。謝謝，阿米爾。謝謝大家。

Thank you.

謝謝。

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

我們的問答環節到此結束。我想將會議交還給理查德金斯頓 (Richard Kingston) 作閉幕發言。

Thank you, Danielle, thank you, everybody.

謝謝你，丹妮爾，謝謝大家。

As a reminder, the prepared remarks of this Conference Call are filed as an exhibit to the current report on Form 8K and accessible through the investor section of our website.

提醒一下，本次電話會議的準備好的評論將作為 8K 表格當前報告的附件提交，可透過我們網站的投資者部分訪問。

With regards to upcoming events, we will be participating in the following conferences, the JPMorgan 53rd Annual Global Technology Media and Communications Conference, May 13 and 14 in Boston, Oppenheimer 26th annual Israeli Conference, May 18 in Tel Aviv, the Stiefel Boston Cross Sector one on one conference June 3rd and 4th in Boston. The Rosenblatt fifth annual Technology summit, The Age of AI on June 10th, being held virtually.

關於即將舉行的活動，我們將參加以下會議：摩根大通第 53 屆年度全球技術媒體和通信會議，5 月 13 日至 14 日在波士頓舉行；奧本海默第 26 屆年度以色列會議，5 月 18 日在特拉維夫舉行；Stiefel 波士頓跨行業一對會議，6 月 3 日一對會議至 4 日在特拉維夫舉行。羅森布拉特第五屆年度技術高峰會「人工智慧時代」將於 6 月 10 日以線上方式舉行。

15th annual Roth London conference June 24th and 25th in London and the Northland Growth Conference 2025 on June 25th also being held virtually.

第 15 屆年度羅斯倫敦會議將於 6 月 24 日至 25 日在倫敦舉行，2025 年北地增長會議也將於 6 月 25 日以虛擬方式舉行。

For information on these events and all events we will be participating in can be found on the investors Tsection of our website.

有關這些活動以及我們將參加的所有活動的資訊可以在我們網站的投資者部分找到。

Thank you and goodbye.

謝謝，再見。

The conference is now concluded.

會議現已結束。

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

感謝您參加今天的演講。您現在可以斷開連線。