Ceva, Inc. (CEVA) 2026 Q2 法說會逐字稿

Good day and welcome to the CEVA Inc. second Quarter, 2026, earnings conference call. (Operator Instructions) Please note, today's event is being recorded.

各位好，歡迎參加 CEVA Inc. 2026 年第二季財報電話會議。(操作員指示) 請注意，今天的活動將被錄音。

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

現在我想把會議交給市場情報、投資人與公共關係副總裁 Richard Kingston。先生，請開始。

Thank you, Rocco. Good morning, everyone, and welcome to CEVA's second quarter 2026 earnings conference call. Joining me today are Amir Panush, Chief Executive Officer, and Yaniv Arieli, Chief Financial Officer.

謝謝你，Rocco。各位早安，歡迎參加 CEVA 2026 年第二季財報電話會議。今天與我一同出席的有執行長 Amir Panush，以及財務長 Yaniv Arieli。

Before handing the call over to Amir, I'd 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 our results to differ materially from those expressed or implied by such statements.

在把電話交給 Amir 之前，我想提醒各位，今天的討論包含前瞻性陳述，涉及風險與不確定性，以及若相關假設成真或被證明不正確，可能導致我們的實際結果與這些陳述所明示或暗示者出現重大差異。

We will also discuss certain non-GAAP financial measures, which we believe provide investors with additional insight into our core operating performance. Reconciliations between our GAAP and non-GAAP results are included in the earnings release issued this morning and available on the Investors Relations section of our website.

我們也將討論若干非 GAAP 財務衡量指標，我們相信這些指標能為投資人提供對我們核心營運表現的額外洞見。GAAP 與非 GAAP 結果之間的調節表已包含於今早發布的財報新聞稿中，並可於我們網站的投資人關係專區取得。

With that, I'll turn the call over to Amir.

接下來，我把電話交給 Amir。

Thank you, Richard, and good morning, everyone. We delivered another strong quarter with revenue increasing 13% year over year to $29 million, fueled by licensing and related revenue growing 21% to its highest level in three years. The quarter also benefited from a sequential recovery in royalty revenue, driven by continuing momentum across wireless connectivity, ramping automotive AI programs, and market share gains in smartphones.

謝謝你，Richard，各位早安。我們再度交出強勁的一季，營收年增 13% 至 2,900 萬美元，主要由授權及相關營收年增 21% 推動，達到三年來最高水準。本季亦受惠於權利金營收的季對季回升，動能來自無線連線持續成長、車用 AI 專案加速放量，以及智慧型手機市占提升。

During the quarter, we signed 10 licensing agreements, including two with first-time customers and 2 directly with OEMs. More important than the number of agreements is the quality of those agreements. Increasingly, customers are adopting broader platforms and deeper collaborations that transcends both our near-term licensing business and our long-term royalty opportunity.

本季我們簽署了 10 份授權協議，其中包括 2 家首次合作客戶，以及 2 份直接與 OEM 簽訂的協議。比起協議數量，更重要的是協議品質。客戶正愈來愈多採用更廣泛的平台與更深度的合作，這種合作跨越我們短期的授權業務與長期的權利金機會。

I would like to focus today on two themes that we believe highlight an important shift in the semiconductor industry and explain why CEVA and our technologies are increasingly well positioned for long-term growth. The first is the continuing migration of intelligence from the cloud to the smart edge.

今天我想聚焦兩個主題，我們認為這些主題凸顯半導體產業的重要轉變，並說明為何 CEVA 及其技術在長期成長方面愈來愈具備良好定位。第一個主題是智慧正持續從雲端遷移到智慧邊緣（smart edge）。

This is a trend we have discussed for several years and one that is increasingly driving demands for our higher performance, connectivity, sensing, and AI technologies. During the quarter, we announced what we believe is one of the most strategically significant AI licensing agreements in a leading global AI and computing platform company, selected our NeuPro-M NPU IP for its next-generation custom AI silicon.

這是我們討論了數年的趨勢，也正日益推動市場對我們更高效能的連線、感測與 AI 技術的需求。本季我們宣布一項我們認為在策略上極具重要性的 AI 授權協議：一家全球領先的 AI 與運算平台公司選擇了我們的 NeuPro-M NPU IP，用於其下一代客製化 AI 晶片。

This agreement is significant for several reasons. First, it represents a new category of AI customers for CEVA. Historically, our AI licensing activity has primarily been with semiconductor companies and device OEMs. This customer develops both the hardware platform and the operating system, allowing us to collaborate at a much deeper level by optimizing not only the NPU hardware, but also the AI software stack for its models, applications, and workloads.

這項協議之所以重要，原因有幾點。第一，它代表 CEVA 新的一類 AI 客戶。過去我們的 AI 授權活動主要面向半導體公司與裝置 OEM。該客戶同時開發硬體平台與作業系統，使我們能在更深層次合作，不僅優化 NPU 硬體，也能針對其模型、應用與工作負載，優化 AI 軟體堆疊。

The expertise we gain through these engagements extends well beyond a single customer program. So optimizing AI hardware and software at the platform level will strengthen both our hardware and software roadmaps and further enhance our AI offering for future customers.

我們透過這些合作所獲得的專業能力，遠不止於單一客戶專案。因此，在平台層級優化 AI 硬體與軟體，將強化我們的硬體與軟體產品藍圖，並進一步提升我們面向未來客戶的 AI 產品方案。

More broadly, we believe these agreements reflect an important industry trend where companies with some of the world's large engineering organizations are increasingly choosing to leverage proven AI IP rather than developing every component internally.

更廣泛而言，我們認為這些協議反映了一項重要的產業趨勢：擁有全球大型工程團隊的公司，正愈來愈傾向採用經驗證的 AI IP，而非每個元件都自行內部開發。

For these companies, the question is no longer whether they have the engineering capability to build an NPU, but whether doing so represents the best use of their engineering resources. By licensing production-proven IP, they can focus their investments on the hardware, software, and AI experiences that differentiate their platforms while reducing development risk and accelerating time to market.

對這些公司而言，問題不再是他們是否具備打造 NPU 的工程能力，而是這麼做是否是其工程資源的最佳運用。透過授權已在量產中驗證的 IP，他們可以把投資聚焦在能讓其平台差異化的硬體、軟體與 AI 體驗，同時降低開發風險並加速上市時程。

The second trend we are seeing is customers increasingly adopting broader platform solutions rather than individual IP blocks. Two agreements from the quarter illustrate this well. A high-volume US semiconductor company chose to adopt one complete chip built on our Wi-Fi 6 and Bluetooth Low Energy IP, originally developed in partnership with another CEVA customer, rather than licensing the underlying IP blocks individually.

我們看到的第二個趨勢是，客戶正愈來愈多採用更廣泛的平台解決方案，而非單一 IP 模組。本季有兩項協議很好地說明了這點。一家高出貨量的美國半導體公司選擇採用一顆完整晶片，該晶片建立在我們的 Wi‑Fi 6 與 Bluetooth Low Energy IP 之上，且最初是與另一家 CEVA 客戶合作開發；他們並非逐一授權底層 IP 模組。

The decision reflects the same preference for production-proven, complete solutions over developing internally or licensing component IP. Separately, another US customer expanded a relationship that began with a single baseband component by adopting our complete baseband processing subsystem.

這項決策反映出同樣的偏好：相較於自行開發或授權零組件 IP，客戶更偏好已在量產中驗證的完整解決方案。另外，另一家美國客戶也擴大了原本從單一基頻元件開始的合作關係，進一步採用我們完整的基頻處理子系統。

As semiconductor development becomes increasingly complex, customers are recognizing that leveraging proven subsystem IP can significantly reduce engineering effort and execution risk, all while accelerating time to market, enabling them to concentrate their internal resources that most differentiate their products.

隨著半導體開發日益複雜，客戶正意識到，採用經驗證的子系統 IP 能大幅降低工程投入與執行風險，同時加速上市時程，讓他們能把內部資源集中在最能使產品差異化的部分。

These are different customers and different technologies, but they demonstrate the same underlying trend. Companies are increasingly choosing production-proven hardware, software, and system expertise that delivered as a complete platform rather than assembling individual IP blocks themselves. For CEVA, this expands both the scope and value of our engagement.

這些是不同的客戶與不同的技術，但它們展現了相同的底層趨勢。企業正愈來愈多選擇以完整平台形式交付、且已在量產中驗證的硬體、軟體與系統專業能力，而不是自行組裝個別 IP 模組。對 CEVA 而言，這擴大了我們合作的範疇與價值。

Broader platform adoption increases our content per design, deepens our integration into customer products, creates larger, longer-term customer relationships, and increases the royalty opportunity associated with each customer platform as those products enter production. These successful outcomes also validate the strategy we have been executing over the past several years.

更廣泛的平台採用可提升我們每個設計案的內容價值（content per design）、加深我們在客戶產品中的整合程度、建立更大且更長期的客戶關係，並在這些產品進入量產時，提高與每個客戶平台相關的權利金機會。這些成功成果也驗證了我們過去幾年所執行的策略。

We have invested in expanding our diverse portfolio beyond individual IP blocks to more complex hardware and software platforms across connectivity, sensing, and AI. As customers look to accelerate development while reducing execution risk, we believe this positions CEVA to capture a greater share of silicon content in future design.

我們已投資擴展多元產品組合，從單一 IP 模組延伸到更複雜的硬體與軟體平台，涵蓋連線、感測與 AI。當客戶希望在降低執行風險的同時加速開發，我們相信這使 CEVA 能在未來設計中取得更高比例的晶片內容份額。

Beyond this strategic engagement, activity remains broad-based across our business. In addition to the AI and platform wins I just discussed, we signed multiple follow-on agreements with existing customers, alongside our new customer engagement, demonstrating our ability to both expand long-term relationships and consistently win new business. Across connectivity, we secured customer engagement spanning the United States, Europe, China, and the broader Asia-Pacific region, reinforcing the global demand for our technology.

除了上述策略性合作之外，我們的業務活動仍呈現廣泛動能。除我剛提到的 AI 與平台方面的勝出之外，我們也與既有客戶簽署多項後續協議，並同時推進新客戶合作，展現我們既能擴大長期關係、也能持續贏得新業務的能力。在連線領域，我們取得橫跨美國、歐洲、中國及更廣泛亞太地區的客戶合作，強化了市場對我們技術的全球性需求。

We also expanded our sensing portfolio with the launch of our Microsoft-certified RealSpace Elevate embedded application software, extending our spatial audio technology into the PC gaming market for the first time. Taken together, these achievements reinforce the strength of our Connect, Sense, and Infer offering to enable physical AI use cases.

我們也透過推出通過 Microsoft 認證的 RealSpace Elevate 嵌入式應用軟體，擴展了感測產品組合，首次將我們的空間音訊技術延伸至 PC 遊戲市場。綜合而言，這些成果強化了我們 Connect、Sense 與 Infer 產品組合的實力，以支援實體 AI（physical AI）的應用情境。

While AI is creating exciting new opportunities for CEVA, connectivity remains the foundation of physical AI and continues to be the entry point for many of our customers' relationships. Increasingly, this relationship expands over time as customers adopt additional technologies across our portfolio.

儘管 AI 正為 CEVA 帶來令人振奮的新機會，連線仍是實體 AI 的基礎，並持續是許多客戶與我們建立合作關係的切入點。而且，隨著客戶採用我們產品組合中的更多技術，這種關係也愈來愈常隨時間而擴展。

Now, turning to royalties. We are beginning to see the benefits of the broader customer engagement we have been building over the past several years translate into an increasingly diversified royalty business. Royalty revenues increase both sequentially and year over year, supported by continued trends across our wireless connectivity portfolio.

現在，轉向權利金。我們開始看到，過去數年所建立的更廣泛客戶互動所帶來的效益，正轉化為日益多元化的權利金業務。在我們無線連接產品組合持續趨勢的支撐下，權利金收入無論按季或按年均有所成長。

Drawing contribution from automotive AI deployment, and share gains in smartphones. Wireless connectivity remains particularly strong with healthy year-over-year growth in both Wi-Fi and Bluetooth shipments, while Cellular IoT shipments reach another quarterly record.

汽車 AI 部署帶來貢獻，以及智慧型手機市占提升。無線連接仍然特別強勁，Wi‑Fi 與藍牙出貨量皆呈現健康的年增成長，同時蜂巢式 IoT 出貨量再創單季新高。

In automotive, customer programs continue to ramp, reflecting increasing AI content in next-generation vehicles. Overall, the quarter demonstrates the continued evolution of CEVA's business and the continued market leadership of our IP, expanding the breadth of our licensing engagement, increasing the value of every customer relationship through broader platform adoption, and building a more diversified royalty engine. Together, these trends reinforce our confidence in both our near-term outlook and long-term growth opportunity.

在汽車領域，客戶專案持續放量，反映下一代車款中 AI 內容占比提升。整體而言，本季展現 CEVA 業務的持續演進，以及我們 IP 的持續市場領導地位：擴大授權合作的廣度、透過更廣泛的平台採用提升每一段客戶關係的價值，並打造更為多元化的權利金引擎。這些趨勢共同強化我們對短期展望與長期成長機會的信心。

With that, I'll turn the call over to Yaniv to review our financial results.

接下來，我把電話會議交給 Yaniv，請他回顧我們的財務結果。

Thank you, Amir. Good morning, everyone. I'll now review our financial results for the second quarter. Revenue for the second quarter increased 13% year over year and 7% sequentially to $29 million, reflecting another exceptionally strong licensing quarter and continued improvement in our royalty business. Trailing 12-month licensing and related revenue increased 13% to around $70 million.

謝謝你，Amir。各位早安。我現在回顧我們第二季的財務結果。第二季營收年增 13%、季增 7%，達 2,900 萬美元，反映又一個異常強勁的授權季度，以及權利金業務持續改善。過去 12 個月的授權及相關收入年增 13%，約為 7,000 萬美元。

The revenue breakdown is as follows. Licensing and related revenue increased 21% year over year to $18.2 million, reflecting 63% of our total revenues and our strongest licensing quarters in three years. Importantly, the strength of the quarter reflects the broader platform engagements Amir described earlier, not only increase licensing and related revenues today, but also expand the future royalty opportunity associated with those customer programs.

營收拆分如下。授權及相關收入年增 21% 至 1,820 萬美元，占總營收 63%，為三年來最強的授權季度。重要的是，本季的強勁表現反映 Amir 先前所描述的更廣泛平台合作；這不僅提升當前的授權及相關收入，也擴大與這些客戶專案相關的未來權利金機會。

Royalty revenue was $10.8 million, reflecting 37% of our total revenues, compared with $10.7 million for the prior year, and up 17% sequentially reflecting continued strength across wireless connectivity and automotive AI and share gains in smartphones. Gross margin was 87% on GAAP basis and 88% on non-GAAP basis in line with our guidance.

權利金收入為 1,080 萬美元，占總營收 37%，相較去年同期的 1,070 萬美元，並季增 17%，反映無線連接與汽車 AI 的持續強勁，以及智慧型手機市占提升。毛利率在 GAAP 基礎下為 87%，在非 GAAP 基礎下為 88%，符合我們的指引。

GAAP operating expenses were $27.5 million below the low end of our guidance range. Non-GAAP operating expenses excluding equity-based compensation expenses, amortization of acquired intangibles, and acquisition-related costs were $22.5 million, $3 million at the low end of our guidance. GAAP operating loss improves to $2.1 million compared to $4.5 million in the second quarter of last year. Non-GAAP operating income increased to $3.1 million compared with $0.8 million in the prior year, while non-GAAP operating margins expanded to 11% up from 3% a year ago.

GAAP 營業費用為 2,750 萬美元，低於我們指引區間的下緣。非 GAAP 營業費用（排除股權基礎薪酬費用、併購取得無形資產攤銷，以及併購相關成本）為 2,250 萬美元，較我們指引下緣低 300 萬美元。GAAP 營業虧損改善至 210 萬美元，相較去年第二季的 450 萬美元。非 GAAP 營業利益提升至 310 萬美元，相較去年同期的 80 萬美元；非 GAAP 營業利益率擴大至 11%，高於一年前的 3%。

Both measures also improved significantly on a sequential basis, demonstrating continued operating leverage. Net financial income was $1 million compared to $2.1 million in the second quarter of 2025 and below our guidance of $1.7 million, primarily due to foreign exchange effects related to our Israeli shekel-denominated lease obligations.

兩項指標亦在季比基礎上顯著改善，展現持續的營運槓桿。淨金融收益為 100 萬美元，低於 2025 年第二季的 210 萬美元，也低於我們 170 萬美元的指引，主要因與以以色列謝克爾計價的租賃義務相關之外匯影響。

Income tax expenses approximately $1.8 million, slightly above the guidance, reflecting the geographic mix of licensing and royalty revenues recognized during the quarter. GAAP net loss was $2.9 million or $0.10 per diluted share compared with GAAP net loss of $3.7 million or $0.15 per share in the second quarter of 2025.

所得稅費用約 180 萬美元，略高於指引，反映本季認列之授權與權利金收入的地理組合。GAAP 淨損為 290 萬美元，或稀釋後每股 0.10 美元；相較 2025 年第二季 GAAP 淨損 370 萬美元，或每股 0.15 美元。

Non-GAAP net income increased 28% year over year to $2.3 million, while non-GAAP diluted earnings per share increased to $0.08 compared to $0.07 in the prior year period. On a sequential basis, both non-GAAP and net income and diluted earnings per share doubled.

非 GAAP 淨利年增 28% 至 230 萬美元；非 GAAP 稀釋後每股盈餘提升至 0.08 美元，去年同期為 0.07 美元。按季來看，非 GAAP 淨利與稀釋後每股盈餘皆翻倍。

With respect to other related data, during the quarter, customers shipped 567 million CEVA-powered devices, an increase of 16% compared to the second quarter of 2025. Of those shipments, 61 million units, or 11% of the total, were mobile handset modem shipments, compared with 55 million units in the prior year period, reflecting improving smartphone royalties driven by stronger market share in entry-level smartphones together with continued expansion in the premier tier.

就其他相關數據而言，本季客戶出貨 5.67 億台採用 CEVA 技術的裝置，較 2025 年第二季增加 16%。其中 6,100 萬台（占總量 11%）為行動手機數據機出貨量，相較去年同期的 5,500 萬台，反映智慧型手機權利金改善，主要由入門級智慧型手機市占提升，以及高階層級持續擴張所帶動。

Consumer IoT increased to 487 million units compared to 409 million units a year ago. Industrial IoT shipments were 19 million units compared to 24 million units in the prior year. Despite the lower unit volume, industrial royalty revenues increased 7% year over year, reflecting a richer mix of higher value products, including automotive AI and wireless infrastructure.

消費型 IoT 出貨量增至 4.87 億台，相較一年前的 4.09 億台。工業型 IoT 出貨量為 1,900 萬台，相較去年同期的 2,400 萬台。儘管出貨量較低，工業權利金收入仍年增 7%，反映更高價值產品的組合占比提升，包括汽車 AI 與無線基礎設施。

Looking at our connectivity technologies, these shipment metrics continue to demonstrate the breadth and diversification of our royalty base across multiple end markets. Bluetooth shipments decreased 16% year over year to 295 million units. Cellular IoT shipment reached another record of 68 million units, up 3% year over year. Wi-Fi shipments increased 28% year over year to 80 million units.

從我們的連接技術來看，這些出貨指標持續展現我們權利金基礎在多個終端市場的廣度與多元化。藍牙出貨量年減 16% 至 2.95 億台。蜂巢式 IoT 出貨量再創新高，達 6,800 萬台，年增 3%。Wi‑Fi 出貨量年增 28% 至 8,000 萬台。

As for the balance sheet items, we ended the quarter with approximately $221 million in cash, cash equivalents, marketable securities, and cash deposits, providing significantly financial flexibility to support continued investments in our technology roadmap while maintaining a disciplined approach to capital allocation including selective strategic M&A opportunities.

就資產負債表項目而言，我們在季末持有約 2.21 億美元的現金、約當現金、有價證券與現金存款，提供顯著的財務彈性，以在維持嚴謹資本配置（包括選擇性策略性併購機會）的同時，支持我們在技術路線圖上的持續投資。

Days sales outstanding were 70 days. During the quarter we generated $5.8 million of cash from operating activities. Depreciation and amortization expenses were $0.8 million, where capital expenditure totaled $0.6 million. At the end of the quarter we employed 406 people including 327 engineers reflecting our continued investment in innovation while maintaining disciplined expense management.

應收帳款週轉天數為 70 天。本季我們由營運活動產生 580 萬美元現金。折舊與攤銷費用為 80 萬美元，資本支出合計 60 萬美元。季末我們共有 406 名員工，其中 327 名為工程師，反映我們在維持嚴謹費用管理的同時，持續投資創新。

Turning to the outlook. We delivered a strong first half of 2026, supported by strong licensing execution, improving royalty trends, and meaningful expansion in non-GAAP profitability. Just as importantly, the quality of the customer engagement we secured during the first half provides a strong foundation for future growth across both licensing and royalties. Reflecting our first half performance and current visibility, we are raising our full year revenue outlook.

接著談展望。在強勁的授權執行、權利金趨勢改善，以及非 GAAP 獲利能力顯著擴張的支撐下，我們在 2026 年上半年交出強勁表現。同樣重要的是，我們在上半年取得的客戶合作品質，為未來在授權與權利金兩方面的成長奠定了堅實基礎。反映上半年表現與目前能見度，我們上調全年營收展望。

We now expect 2026 revenue to increase between 13% and 15% over 2025, compared with our previous expectation of 12% growth that we shared at the end of the first quarter. We continue to expect the second half to be stronger than the first, consistent with our normal seasonal profile while recognizing that memory pricing dynamics and broader supply constraints remain important industry variables.

我們目前預期 2026 年營收將較 2025 年成長 13% 至 15%，高於我們在第一季末所分享的先前 12% 成長預期。我們仍預期下半年將強於上半年，符合我們正常的季節性型態，同時也認知記憶體定價動態與更廣泛的供應限制仍是重要的產業變數。

On the expenses, we maintain our previous guidance. Total non-operating cost of revenues and operating expenses are still expected to increase by approximately 8% on an annual basis over 2025. As we continue to invest in our roadmap while carefully managing costs, mitigation, and foreign exchange headwinds.

在費用方面，我們維持先前的指引。非營運成本（計入營收成本）與營業費用合計，仍預期在 2025 年相較前一年約增加 8%。在我們持續投資產品藍圖的同時，也會審慎管理成本、緩解措施以及外匯逆風。

As a result, the stronger revenue growth together with disciplined expense management, we now expect non-GAAP operating income to increase approximately 70% year over year, while non-GAAP net income is expected to increase approximately 50%, five-zero, both above our previous expectations.

因此，在更強勁的營收成長與嚴謹的費用管理之下，我們目前預期非 GAAP 營業利益將年增約 70%，同時非 GAAP 淨利預期將年增約 50%（五零），兩者皆高於我們先前的預期。

Third quarter guidance. Revenue is expected to be in the range of $30.5 million to $34.5 million. Gross margin is expected to be approximately 87% on GAAP bases and 88% on non-GAAP bases, including approximately $0.2 million equity-based compensation expenses, and $0.1 million of amortization of acquired intangibles.

第三季指引。營收預期介於 3,050 萬美元至 3,450 萬美元。毛利率預期在 GAAP 基礎約為 87%，在非 GAAP 基礎約為 88%，其中包含約 20 萬美元的股權基礎薪酬費用，以及 10 萬美元的併購取得無形資產攤銷。

GAAP operating expenses are expected to be between $28.2 million and $29.2 million, including approximately $5.4 million of equity-based compensation expense and $0.1 million for amortization of acquired intangibles and $0.1 million for acquisition-related costs. Non-GAAP operating expenses are expected to be similar to the second quarter level between $22.5 million to $23.5 million.

GAAP 營業費用預期介於 2,820 萬美元至 2,920 萬美元，其中包含約 540 萬美元的股權基礎薪酬費用、10 萬美元的併購取得無形資產攤銷，以及 10 萬美元的併購相關成本。非 GAAP 營業費用預期與第二季水準相近，介於 2,250 萬美元至 2,350 萬美元。

Net financial income is expected to be approximately $2 million. Income tax expense is expected to be approximately $1.9 million. And weighted average diluted share count is expected to be approximately 28.2 million shares on GAAP basis and 30 million shares on non-GAAP basis.

淨金融收益預期約為 200 萬美元。所得稅費用預期約為 190 萬美元。加權平均稀釋後股數預期在 GAAP 基礎約為 2,820 萬股，在非 GAAP 基礎約為 3,000 萬股。

Rocco, we are ready to take the questions now.

Rocco，我們現在準備開始回答問題。

(Operator Instructions)

（接線員指示）

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Congratulations on the strong results. You had mentioned about a large company bringing their wireless design in-house rather than buying someone else. Is that a trend you're seeing longer term? And maybe you could talk about the trend you're seeing for more integration of technologies vertically within your customers.

恭喜你們交出強勁的成果。你提到有一家大型公司把無線設計改為內部自製，而不是向外採購。這是你們長期看到的趨勢嗎？也許你可以談談，你們看到客戶在技術上更垂直整合的趨勢。

Yes, definitely Kevin. Good morning and thanks. Yes, definitely we see this as a trend. As part of our strategy, as I mentioned also on the previous calls, was to really come with a complete offering of IP, including the radio IP.

是的，Kevin，絕對是。早安，謝謝。是的，我們確實把這視為一個趨勢。作為我們策略的一部分，正如我在先前的電話會議也提到的，我們的目標是提供完整的 IP 方案，包括射頻（radio）IP。

And what we see is some of the customers are basically looking for a complete offering that they can so-called integrate into their complete portfolio and taking that very quickly in terms of time to market and proven technology and solution. Definitely, we see some of those OEM and semiconductors companies looking to get the full solution from us.

我們看到有些客戶基本上在尋找一套完整的方案，他們可以所謂地整合進其完整產品組合，並在上市時間（time to market）上非常快速，同時採用已驗證的技術與解決方案。我們確實看到部分 OEM 與半導體公司希望向我們取得完整解決方案。

Okay. What does that mean for CEVA? I mean, a little more stickiness to your IP if you're selling more to one customer or I guess just less OpEx involved. I guess what, is that a, this is a positive trend for CEVA?

了解。那這對 CEVA 代表什麼？我的意思是，如果你們對單一客戶賣得更多，是否會讓你們的 IP 更具黏著度，或是我想也可能代表投入的營運費用更少。總之，這對 CEVA 來說是正向趨勢嗎？

Yes, Kevin, thanks for the question. Yes, that's definitely a very positive trend. It actually brings three additional values for us. One, on the agreement itself, the licensing agreement, what we see both the licensing as well as the future royalty is meaningfully higher than just setting the component IP.

是的，Kevin，謝謝你的問題。是的，這絕對是非常正向的趨勢。它實際上為我們帶來三個額外價值。第一，在合約本身，也就是授權合約上，我們看到無論是授權費或未來權利金，都明顯高於僅授權單一元件 IP。

That helps the customers to reduce their own engineering effort and relying more on CEVA capabilities, which they drive stronger stickiness moving forward. As well as really it helps significantly in the discussion of the make versus buy. It's harder for large companies to rely on CEVA technology if we provide only partial solution or just part of the component IP.

這能幫助客戶降低自身工程投入，更依賴 CEVA 的能力，進而在未來帶來更強的黏著度。同時也能在「自製或外購」（make versus buy）的討論上提供很大助益。如果我們只提供部分解決方案或僅提供元件 IP，大型公司就更難依賴 CEVA 的技術。

The more we offering the complete solution, it's easier for them and drive more the decision towards buying IP from CEVA rather than doing that internally. So overall, this is a very, very positive trend, and fits very well to our strategy of how we drive our engineering activities and overall innovation in IP.

我們提供的解決方案越完整，對他們就越容易，也越能推動決策朝向向 CEVA 購買 IP，而不是在內部自行開發。因此整體而言，這是一個非常、非常正向的趨勢，也非常符合我們在工程活動與整體 IP 創新上的策略方向。

Kevin, I maybe would add one more thing that in the wireless markets, there are new trends that come every couple of years, every year to two years, and depends on the technology itself, new standards, the new features, so by being able to provide those, we also have revenues of new licensing deals for every one of these enhancements going forward.

Kevin，我可能再補充一點：在無線市場中，每隔幾年、甚至每一到兩年就會出現新的趨勢，取決於技術本身，會有新標準、新功能。

So it's a very strong stickiness mechanism also because of the nature of those wireless connectivity that get constantly upgraded and updated all the time.

所以這也是一個非常強的黏著機制，因為這些無線連線技術的特性就是會持續升級、持續更新。

And we're able, obviously, to do that. Okay, great. Congratulations again.

而我們顯然有能力做到這點。好的，很棒。再次恭喜。

Suji Desilva, Roth Capital.

Suji Desilva，Roth Capital。

Hi, Amir. Hi, Yaniv. Congratulations on the progress here. Amir, you talked at length about how you're engaging deeper with the customers, maybe a hardware-software integration, perhaps more sort of product development effort.

嗨，Amir。嗨，Yaniv。恭喜你們在這裡取得的進展。Amir，你詳細談到你們如何與客戶進行更深度的合作，可能是硬體與軟體整合，也可能更偏向產品開發投入。

Is this going to result in more custom IP blocks or more standard products and will it affect kind of how we should think about royalty rate for you guys? Is that the right framework to think about these kind of engagements?

這會導致更多客製化 IP 模組，還是更多標準化產品？並且會不會影響我們應該如何看待你們的權利金率？用這樣的框架來理解這類合作方式是否正確？

Yes, so definitely overall we've been our, thanks for the question Suji, overall we've been our mix of licensing agreements. We do see more, I would call it, custom solutions offering and demands from the market. And that's again, that goes along very nicely with the trends of how we're investing in our resources and what we should do is a potential in the market.

是的，謝謝你的問題，Suji。整體而言，我們在授權合約的組合上——我們確實看到更多我所稱的客製化解決方案供給與市場需求。而這同樣與我們在資源投入的趨勢，以及我們應該做什麼、以及市場潛力所在，非常契合。

Going back to your point on royalty, it's actually where we see significant potential increase of those royalty as the royalty per unit that we can extract by providing the custom offering and the complete offering is meaningfully higher than a component IP. For example, we talked about a very strategic new AI deal that we've just signed with one of the top large OEMs out there that have both operating system capabilities and hardware and software. That level of integration and customization drives significantly much higher royalty per unit that we will get versus our typical NPU offering.

回到你關於權利金的問題，這正是我們看到權利金有顯著上升潛力的地方：透過提供客製化方案與完整方案，我們能取得的單位權利金（royalty per unit）明顯高於元件 IP。例如，我們談到剛與一家頂尖大型 OEM 簽下的一筆非常具策略性的全新 AI 交易，該客戶同時具備作業系統能力以及硬體與軟體能力。這種整合與客製化程度，將使我們取得的單位權利金顯著高於我們典型的 NPU 方案。

Okay Amir, that's great, thanks. And then my other question is on the edge AI market and the trend toward edge AI in the cloud. There's a lot of kind of chip and IP sort of opportunity there from various parts. I'm wondering if there are any particular end applications that are initially good opportunities for you as you see traction in the edge AI market or where we should think about your best near-term efforts opportunities are.

好的，Amir，很棒，謝謝。我另一個問題是關於邊緣 AI 市場，以及雲端走向邊緣 AI 的趨勢。那裡在晶片與 IP 的不同環節都有很多機會。我想了解，當你們看到邊緣 AI 市場開始有進展時，是否有任何特定終端應用是你們初期的良好機會，或我們應該如何看待你們近期最好的投入與機會所在。

So we definitely see that in the high-end compute edge markets, wherever it's, you know, the PC, the mobile, those type of application. We also see it right now entrenched very, very deeply in the automotive for either system. And what we will see more is into robotics humanized. This is right now coming also into play.

所以我們確實看到，在高階運算的邊緣市場，不論是 PC、行動裝置這類應用，都有這樣的趨勢。我們也看到它目前已非常、非常深度地扎根在汽車領域，適用於任一系統。而我們接下來會看到更多的是走向人形化的機器人。這件事現在也開始發揮作用。

Natalia Winkler, UBS.

Natalia Winkler，瑞銀。

So one is on the smartphone. You mentioned improving share of the entry smartphone, as well as premium. Could you please speak a bit more? What are you seeing there, and maybe what's helpful from standpoint you'll share share gains on the entry-level smartphones for you guys.

第一個是關於智慧型手機。你提到入門機以及高階機的市占率在提升。可以請你再多談一點嗎？你們在那裡看到了什麼？以及從你們的角度來看，入門級智慧型手機市占提升的驅動因素是什麼？

Thanks for the question. So related to the entry point customer or the lower tier customers in the health and mobile market, definitely we've seen very meaningful recovery and the royalty between Q2 and Q1. So this quarter we've seen very nice recovery. And we're also seeing that they are basically gaining market share against their competition.

謝謝你的問題。就入門客戶或健康與行動市場中較低階的客戶而言，我們確實看到從 Q1 到 Q2 的權利金有非常顯著的復甦。所以本季我們看到非常不錯的回升。而且我們也看到他們基本上正在相對於競爭對手取得市占。

We see there is a very positive momentum as we go into the second half of the year. And definitely the other large US OEM, the expectation is that we go more with their internal modem that should provide for us also a market gain share as we move into the second half.

我們看到在進入下半年時有非常正向的動能。另外，另一家大型美國 OEM 的預期是，他們會更多採用自家的數據機（modem），這也應該會在下半年為我們帶來市占提升。

I'll add some more color. UNISOC, our Chinese customer and the low-cost smartphone, first is moving gradually more and more to 5G from being the leader volume-wise in 4G and the prior generation. That means also higher ASPs for us. And if you Google a look around you'll see that they have won a few dozens of different design wins recently in the last quarter with good brands the local and Chinese brands including Vivo, Xiaomi which in the past got used their MediaTek to more extensively.

我再補充一些細節。UNISOC 是我們的中國客戶，主打低成本智慧型手機；他們正逐步、越來越多地從 4G（先前世代在出貨量上是領導者）轉向 5G。這也代表我們的 ASP（平均售價）會更高。如果你上網查一下就會看到，他們在上一季最近贏得了數十個不同的設計導入（design wins），合作品牌包含本地與中國品牌，例如 Vivo、小米；而過去這些品牌更常大量採用聯發科。

So these are nice design wins. As long as this continues, both market share gains for them and volume expansion with the higher 5G share in that market going to UNISOC, that will also benefit the CEVA. And this is an important high volume market for us as well.

所以這些都是不錯的設計導入。只要這個趨勢持續——他們的市占提升、出貨量擴張，以及該市場中更高的 5G 佔比轉向 UNISOC——也都會讓 CEVA 受益。而這同樣也是我們一個很重要的高出貨量市場。

Thank you. That's very helpful. And then the second question I had was, you know, now that [AHRQ] has been acquired by [global funders], are you guys seeing sort of any additional momentum in your licensing business, maybe the NPU licensing business with that transition?

謝謝。這非常有幫助。第二個問題是，你知道，現在 [AHRQ] 已被 [global funders] 收購之後，你們在授權業務上是否看到任何額外的動能，例如在 NPU 授權業務方面，隨著這個轉變而帶來的影響？

Yes, definitely we see it as a tailwind for our business moving forward, especially for NPU and NeuPro product line, where the competition will be more favorable for us. Because we really focus on that IP as a complete platform, while over there it will be done differently.

是的，毫無疑問，我們認為這會是未來推動我們業務的順風，特別是在 NPU 與 NeuPro 產品線上，競爭態勢會對我們更有利。因為我們把這套 IP 當作完整平台來聚焦，而他們那邊會以不同方式來做。

So that's a good point, Natalia. We will definitely see there is a tailwind and helping us to compete better in the US and the Western world with our NPUs, which assigns one of those very strategic deals this quarter as part of that momentum.

所以這是個好問題，Natalia。我們確實會看到這是一股順風，並幫助我們以 NPU 在美國與西方市場更好地競爭；本季我們也在這股動能之下簽下了一筆非常具策略性的交易。

Thank you. Rocco, next question. Hello. Hey, Rocco, are we taking more questions? Sorry, everybody, just hold on one minute. We're trying to get re-established here with the call center.

謝謝。Rocco，下一個問題。你好。嘿，Rocco，我們還有在接問題嗎？不好意思，各位，請稍等一分鐘。我們正在嘗試與電話會議中心重新建立連線。

Thank you. Sorry, everyone. We are still trying to work this out.

謝謝。抱歉，各位。我們還在嘗試把這件事處理好。

Sort of lost the operator. Hi, just in the interest of time here, I'm going to see if any of the other analysts in the queue want to email me their questions and I'll read them out and we can answer that way if that makes sense. So if any of the analysts in the queue want to email me directly now I'll ask the question on the line. Thanks.

好像把接線員弄丟了。嗨，為了節省時間，我想看看排隊中的其他分析師是否願意把問題用 email 寄給我，我會把問題念出來，然後我們用這種方式回答，如果這樣可行的話。所以如果排隊中的分析師現在想直接寄 email 給我，我會在線上代為提問。謝謝。

Okay, I have a couple of questions that have just come in over email. First one is from Joseph Cardoso at JPMorgan. He wants to follow up on the entry-level smartphone momentum and maybe tie that back to the risks we're hearing at the low-end portion of the market given the component cost inflation. How are you thinking about the risks there? And are you starting to see any signs of risk there or generally across the portfolio on that front?

好的，我收到幾個透過 email 寄來的問題。第一個來自摩根大通的 Joseph Cardoso。他想追問入門級智慧型手機的動能，並把它與我們聽到的低端市場因零組件成本通膨而產生的風險連結起來。你們如何看待那裡的風險？你們是否已開始看到任何風險跡象，或是在整體產品組合上就這方面而言的情況？

I think we've talked about this in the past, that the low-end smartphones in a sense need much less memory and more high-end devices, which are higher priced these days than the supply to high demand. So we haven't seen, at least in the last couple of quarters, significant issues around that. There's still part of the constraint in the market, but to a less degree than the higher end, the $1,000 phones type.

我想我們過去談過，低端智慧型手機在某種程度上需要的記憶體更少；而高階裝置如今價格更高，在供給相對需求偏緊的情況下更受影響。所以至少在過去幾個季度，我們沒有看到在這方面有顯著的問題。市場仍然有部分供應限制，但程度低於高端機型，例如 1,000 美元那種手機。

So it's still a play in the industry. No doubt it hurts margins in the supply, but for the time being, if we look sequentially from Q1 to Q2, we've seen a tremendous increase in volume. Part of it is seasonal, and that means that our customer was able to address that supply the demand that they plan to at least.

所以這仍然是產業中的一個因素。毫無疑問，它會壓縮供應端的毛利，但就目前而言，如果我們看 Q1 到 Q2 的序列變化，我們看到出貨量大幅增加。其中一部分是季節性因素，這也表示我們的客戶至少能夠在他們規劃的範圍內，去滿足供給與需求。

We saw significant increase both in volume and dollars. Yes, maybe I'll add to that. Yes, overall with the trends that we've seen from Q1 to Q2 with the typical seasonality and our customers actually gaining a new socket, we expect good seasonality expansion in the second half as well.

我們看到不論是出貨量還是金額都有顯著增加。是的，也許我再補充一下。是的，整體而言，從 Q1 到 Q2 我們看到典型的季節性趨勢，加上我們的客戶實際上拿到了一個新的插槽（socket），因此我們也預期下半年會有不錯的季節性擴張。

Having said that, definitely the memory shortage has an impact on the wireless handset industry, and it's hard to quantify exactly how that will make an impact in the second half, but overall we expect a continued expansion seasonality of our customers as we go through the second half.

話雖如此，記憶體短缺確實會影響無線手機產業，而且很難精確量化它在下半年會造成多大影響；但整體而言，隨著我們進入下半年，我們仍預期客戶會延續季節性的擴張。

Great, thanks. Another question here from Josh [Bookhalter] at TD Cowen. And Josh asks, can you provide more context on how NeuPro is being used by new custom silicon engagement? Any details on the functionality, that chip, and timeline to materiality?

很好，謝謝。這裡還有一個問題，來自 TD Cowen 的 Josh [Bookhalter]。Josh 問：能否提供更多背景，說明 NeuPro 在新的客製化晶片合作案中是如何被使用的？在功能、該晶片，以及何時會對營收產生實質貢獻的時間點方面，有沒有任何細節？

Yes, great question. First, let me a little bit explain more really about the engagement and the utilization of our NPU IP. For instance, we go, for example, in this case, into more custom silicon offering. And what we are doing with the customers, they have a very good deep access to our core architecture of our IP. And then together we basically go and define what additional special features capabilities with that specific neural networks will be run on our silicon and hardware IP in a very very efficient way.

是的，很好的問題。首先，讓我更進一步說明這個合作案，以及我們 NPU IP 的使用方式。例如，在這個案例中，我們會進入更客製化的晶片（custom silicon）方案。我們與客戶合作時，他們可以非常深入地存取我們 IP 的核心架構。接著我們會一起定義需要加入哪些額外的特殊功能與能力，讓特定的神經網路能在我們的矽與硬體 IP 上以非常、非常高的效率來運行。

So the whole only great here is one to be able to run special networks with special features and capabilities but not but even less importantly to be able to run them in a very high efficient performance, so-called tokens per watt, tokens per second in terms of latency, all those very important metrics for edge devices.

因此，這裡唯一真正重要的一點，是能夠以具備特殊功能與能力的方式來運行特定網路；但同樣、甚至更重要的是，能以非常高效率的效能來運行，也就是所謂的每瓦特 token 數（tokens per watt）、在延遲表現下的每秒 token 數（tokens per second），以及所有這些對邊緣裝置而言非常重要的衡量指標。

What these customers with their ability of accessing the complete software stack, including the operating system, because all their product lines helps for both of us together to optimize it even further. So that's a big, big plus both from how you can use our IP, which is very, very deeply configurable, as well as how we can work together on the complete hardware software operating system integration.

這些客戶能夠存取完整的軟體堆疊（包括作業系統），再加上他們所有產品線的配合，讓我們雙方能一起把它進一步最佳化。因此，這在兩個層面都是非常、非常大的加分：一方面是你如何使用我們高度、深度可配置的 IP；另一方面是我們如何在完整的硬體、軟體與作業系統整合上共同合作。

Now, in terms of timing, this is engagement that started typically within a few quarters. Our customers go to tape-out and then from there, a few quarters between, close to about one and a half years to two years, they go to production.

就時程而言，這類合作通常在幾個季度內啟動。我們的客戶會進入 tape-out，之後再經過幾個季度，約莫一年半到兩年左右，就會進入量產。

Even though this is a custom offering, we expect it to go in terms of the timeline the same as with any other kind of IP and product that we are offering in the domain. So we don't expect it to be any time longer because we are very quickly we can configure the solutions and optimize it with this customer. That's the very unique approach that we have with our IP and capabilities. And what helps us actually to win that socket with that large customers against so-called doing on their own.

儘管這是一項客製化方案，我們預期在時程上會與我們在該領域提供的其他任何 IP 與產品相同。因此我們不預期會花更久，因為我們能非常快速地為該客戶配置解決方案並加以最佳化。這就是我們在 IP 與能力上的非常獨特作法。而這也確實幫助我們在面對那些所謂「自己做」的大型客戶時，贏得那個 socket。

Thanks, Amir. We have another question here from Gary Mobley at Benchmark, a StoneX company. Gary asks, when we talk to the US customer in the quarter adding a baseband subsystem in addition to the DSP, are we referring to RF in this case or is it something else?

謝謝你，Amir。我們這裡還有一個問題，來自 Benchmark（StoneX 旗下公司）的 Gary Mobley。Gary 問到：當我們談到本季那位美國客戶在 DSP 之外又新增了一個基頻子系統時，我們指的是 RF 嗎？還是其他東西？

Sure, sorry, the US customer that we said upgraded to the complete baseband subsystem in the quarter, was that, were we relating to RF in this scenario or is it some other sort of a function in the subsystem that they upgraded from just DSP?

好的，抱歉，我再確認一下：我們提到本季那位美國客戶升級到完整的基頻子系統，這在這個情境下是指 RF 嗎？還是他們在子系統中從僅有 DSP 升級到其他某種功能？

Thanks. Yes, this is related to a WLAN or wireless access subsystem with complete cellular configuration. This is a complete so-called modem technology, but excluding the RF. The whole modem baseband technology, hardware and software, complete offering, complete subsystem. While we are hardening that to the specific process, not to the customer needs.

謝謝。是的，這與 WLAN 或無線接入子系統、並具備完整蜂巢式配置有關。這是一套完整、所謂的數據機（modem）技術，但不包含 RF。也就是完整的數據機基頻技術，包含硬體與軟體的完整方案、完整子系統。我們會將其硬化（hardening）到特定製程，而不是依客戶需求來做。

Okay. We have a question here from Charles Shi at Needham. He asks about the full year guidance. Full year guidance is now raised 13% to 15%. Can you provide more details on the growth of licensing and royalty relative to the company average growth?

了解。我們這裡有一個問題，來自 Needham 的 Charles Shi。他問的是全年財測指引。全年指引現在上調到年增 13% 到 15%。你能否提供更多細節，說明授權與權利金的成長相對於公司平均成長的情況？

Yes, sure. If you look at the first two quarters of last year, the licensing and related revenue run rate was $15-ish, $16 million. When you look at the first half of this year, the first two quarters were $17.8 million and now $18.2 million, so the $18-ish million, so there's no doubt from all what we explained today, the solution aspect of providing not just standalone IP, but a full solution to our customers, whether it includes multiple technology, wireless or other, whether it includes RF, and now it's part of their wireless offering or AI and technologies this enabled us at least in the first part of the half of the year to increase significantly the licensing and related revenue level and we believe that these levels they can continue. This is the at least our plan is part of our internal a forecast.

好的，當然。如果你看去年前兩季，授權及相關營收的 run rate 大約是 1,500 多萬到 1,600 萬美元。再看今年上半年，前兩季分別是 1,780 萬美元與 1,820 萬美元，也就是大約 1,800 萬美元左右；因此，從我們今天所解釋的一切來看毫無疑問：我們提供的不只是單一 IP，而是完整解決方案給客戶——不論其中包含多項技術（無線或其他）、是否包含 RF、以及現在它成為他們無線產品的一部分，或是 AI 與相關技術——這些至少在今年上半年使我們的授權及相關營收水準顯著提升，而且我們相信這些水準可以延續。這至少是我們內部預測的一部分、也是我們的計畫。

We don't break down licensing and royalties, but guys on a full revenue basis, but do have a strong pipeline for these types of deals and do believe that we are and have achieved the step function with adding AI, which is a significant part of our revenue these days, about 20%. We've seen that last year. We've seen that in the first part of this year. This continues. It doesn't replace anything. We could see that it is an increase to our overall licensing and related revenue. So that's on one hand.

我們不會把授權與權利金拆開揭露（我們是以整體營收基礎來看），但我們在這類交易上有很強的 pipeline，也確實相信、並且已經達成因導入 AI 而帶來的「階躍式」提升；AI 近來是我們營收中相當重要的一部分，約 20%。我們去年看到了。我們今年上半年也看到了。這個趨勢仍在持續。它不會取代任何既有項目。我們看到它是對整體授權及相關營收的增量提升。這是一方面。

On the royalty front, the annual guidance, the higher annual guidance is also part of the normal seasonal shift with the stronger second half. If you look at the last 3 years every second half of those last 3 years volume-wise we increased the north of 30% year over year for the full second half so we do believe that that seasonality will play in our favor with other aspects of new royalty payers like automotive that started only this year at the beginning of the year. On top of that, the market share gains in smartphones that we mentioned and the combo Bluetooth, Wi-Fi type of solution that are a better solution to our customers and higher ASPs to us.

在權利金方面，較高的全年指引也部分反映了正常的季節性變化——下半年通常較強。如果你看過去 3 年，每一年的下半年在出貨量（volume）上都年增超過 30%，因此我們相信這種季節性會對我們有利；再加上其他因素，例如汽車等新的權利金支付者（royalty payers）是在今年年初才開始。此外，還有我們提到的智慧型手機市占提升，以及藍牙與 Wi‑Fi 的 combo 解決方案，對客戶而言是更好的方案，對我們而言也帶來更高的 ASP。

So all this in place puts us in a stronger position. As Richard mentioned, 13% to 15% year-over-year growth and significant improvement in operating margins as we are keeping expenses tight and managing all these R&D investments with growth in the top line. We're looking at about 70% growth in non-GAAP operating margins year over year and about 50% growth in net income year over year and that's part of our guidance.

因此，綜合以上因素讓我們處於更有利的位置。如 Richard 所提，年增 13% 到 15%，同時在我們嚴控費用、並在營收成長下管理所有這些研發投資的情況下，營業利益率也將顯著改善。我們預期非 GAAP 營業利益率年增約 70%，淨利年增約 50%，這些都包含在我們的指引之中。

Thanks, Yaniv. I have another question here. This is from Martin Yang at Oppenheimer. It's a two part. First part is, do you see more platform companies in your pipeline? How big of an opportunity is that in the broader context of your business?

謝謝你，Yaniv。我這裡還有一個問題。這題來自 Oppenheimer 的 Martin Yang。這是一個兩部分的問題。第一部分是：你們在 pipeline 中是否看到更多平台型公司？在你們整體業務的更廣泛脈絡下，這會是多大的機會？

I'll answer that first and I'll do the second one afterwards. Yes, overall as I mentioned previously, we definitely see this as a growing trend, both in terms of the market needs, our customer needs, as well as what we can offer with our complete portfolio of IP.

我先回答第一部分，第二部分我之後再回答。是的，整體而言，如我先前提到的，我們確實看到這是一個成長中的趨勢，無論是市場需求、客戶需求，或是我們能以完整 IP 產品組合所提供的內容。

I cannot break down specifically what portion of the solution was more component IP, but the important thing is that this really helps us to drive a continuous increase in our licensing and we've seen it through the first half of the year that has been stronger than what we originally expected as well as the actual results.

我無法具體拆解解決方案中有多少比例屬於較偏元件式的 IP，但重點是，這確實幫助我們推動授權收入的持續增加；我們在上半年已看到其表現強於我們原先的預期，也反映在實際結果上。

And that helps us to drive also or to guide the second half to be stronger than what we discussed just last quarter. So overall this is a very positive trend. This will help us to drive more licensing but the exact portion of each can fluctuate between quarter to quarter and not something that specifically I can support point to.

而這也幫助我們推動、或說引導下半年表現將比我們就在上一季所討論的還要更強。整體而言，這是一個非常正面的趨勢。它將幫助我們帶動更多授權，但各項目確切的占比可能會在每一季之間波動，並不是我能夠明確指出或支持到某個特定比例的。

Okay, and the second part from Martin relates to Bluetooth HDT. It asks, does a HDT class design win carry a materially higher royalty per unit than your current Bluetooth designs? And when does the HDT royalties start contributing?

好的，Martin 的第二個部分與 Bluetooth HDT 有關。他問，HDT 類別設計勝出（design win）每單位所帶來的權利金是否會顯著高於你們目前的藍牙設計？以及 HDT 的權利金何時開始貢獻？

Yes, so first, yes, the HDT, it's much improved technology, both from throughput that it supports as well as the new use cases that can support. So definitely that helps us to drive higher royalty per unit versus the legacy Bluetooth. Even more so, with this technology, we are also now offering it complete solution with our RF IP supporting HDT.

是的，首先，是的，HDT 是大幅改良的技術，無論是其支援的吞吐量，或是可支援的新使用情境。因此，這確實有助於我們相較於傳統藍牙，推動更高的每單位權利金。更進一步地，透過這項技術，我們現在也提供完整解決方案，並由我們的 RF IP 支援 HDT。

And the combination of the two increase even further the royalty per unit that we can get for those sockets. So overall we received as a positive trend. Volume ramp will start towards the end of this year and the significant ramp of course we go through 2027, 2028. And the customer action that we have announced is they are basically right now ramping that product in the marketplace. So very soon we'll start seeing worth use of that platform as well.

兩者的結合，會進一步提高我們在這些插槽（sockets）上可取得的每單位權利金。所以整體而言，我們看到的是正向趨勢。出貨量爬坡將在今年底開始，而顯著的爬坡當然會延續到 2027、2028 年。我們已公告的客戶動態是，他們基本上目前正在市場上推升該產品。因此很快我們也會開始看到該平台的使用量提升。

Thank you. And I've got a question just we can briefly address it. It's multiple analysts have asked about this, but I'll relate this one to Charles Shi at Needham. Asking about for the second half of the year, are we assuming normal seasonality for mobile handsets in the second half of the year? And at the same time, are we assuming a significant market share gain at a premium tier mobile vendor in the second half of the year. So those two kind of tied in together.

謝謝。我還有一個問題，我們可以簡短回覆。有多位分析師問過這個問題，我把這題對應到 Needham 的 Charles Shi。他問，針對今年下半年，我們是否假設行動手機在下半年呈現正常季節性？同時，我們是否假設在下半年於某家高階級距（premium tier）的手機供應商會有顯著的市占率提升？這兩個問題算是綁在一起。

Yes, overall we're assuming the seasonality as we've typically seen for our current so-called mobile customers. With the caveat that of course we need to take into account the memory allocation challenges that the mobile market is going through.

是的，整體而言，我們的假設是符合我們對目前所謂行動客戶一貫看到的季節性。但要注意的是，當然我們需要把行動市場正面臨的記憶體配置（allocation）挑戰納入考量。

And on top of that, definitely we are expecting the gain share with our US customers as they continue to use more of their internal modem.

此外，我們確實預期會在我們的美國客戶那邊取得市占提升，因為他們持續更多採用其內部數據機（modem）。

Great, thanks. And then just one last question here. I'll come back to Joseph Cardoso at JPMorgan. He asked about Wi-Fi units. They declined sequentially in the quarter following a few quarters in a row of sequential expansion. Just curious if you could dive into the drivers of the volatility in the quarter and how you're thinking about trajectory for Wi-Fi going.

很好，謝謝。接著最後一個問題。我回到 JPMorgan 的 Joseph Cardoso。他問到 Wi-Fi 出貨單位數。在連續幾季逐季成長之後，本季 Wi-Fi 單位數出現逐季下滑。想請你們談談本季波動的驅動因素，以及你們如何看待 Wi-Fi 後續的走勢。

Yes, actually I wouldn't look at one specific quarter so-called on a sequential level, although year over year we continue to see very significant growth of any of our technology, including Wi-Fi and wireless connectivity. It's more related to our customer mix and when they ramp their own specific product. So some of those high volume can actually start in Q3 and Q4. I would expect our Wi-Fi shipments to continue to go very nicely year over year through the rest of the year.

是的，其實我不會只看某一個特定季度的逐季變化；不過從年對年來看，我們仍持續看到我們各項技術（包含 Wi-Fi 與無線連線）非常顯著的成長。這更多與我們的客戶組合，以及他們何時拉升各自特定產品的量有關。因此，其中一些高出貨量可能會在第三季與第四季才開始。我預期我們的 Wi-Fi 出貨在今年剩餘期間，年對年仍會持續相當不錯地成長。

Okay, great. Thanks. Yes, I think that's all we'll take for now. Amir, do you want to go to the CEO closing remarks?

好的，很好。謝謝。是的，我想我們目前就先到這裡。Amir，你要進入 CEO 的結語嗎？

Yes, thanks, Richard. In closing, this quarter reinforces our confidence in the direction of the business and the strength of our IP. We are seeing increasing demand for our technologies across AI, connectivity, and sensing, strong adoption of broader hardware and software platforms, and continued diversification of our royalty base.

是的，謝謝你，Richard。總結來說，本季進一步強化了我們對業務方向以及我們 IP 實力的信心。我們看到市場對我們技術在 AI、連線與感測等領域的需求持續增加，更廣泛的硬體與軟體平台採用度強勁，以及我們權利金來源持續多元化。

At the same time, our licensing momentum is translating into improving profitability and gives us confidence in raising our outlook for the year. The opportunity ahead of us continues to expand as intelligence moves to the edge, and more companies develop custom silicon to differentiate their products.

同時，我們的授權動能正轉化為獲利能力的改善，並讓我們有信心上調今年的展望。隨著智慧運算走向邊緣端，且更多公司開發客製化矽晶片以差異化其產品，我們面前的機會仍在持續擴大。

With our Connect, Sense, and Infer portfolio, we believe CEVA is uniquely positioned to enable that transition. Just as importantly, we are seeing customers engage with us at the broader platform level, increasing both the strategic value of our relationship and our long-term royalty opportunity. The momentum we built in the first half of the year gave us confidence heading into the second half.

憑藉我們的 Connect、Sense 與 Infer 產品組合，我們相信 CEVA 具備獨特優勢，能促成這項轉變。同樣重要的是，我們看到客戶在更廣泛的平台層級與我們合作，提升了雙方關係的策略價值，也增加了我們長期的權利金機會。我們在上半年建立的動能，讓我們對進入下半年更具信心。

Thanks, Amir, and thanks, everybody, for keeping your patience with us there. As a reminder, the prepared remarks for this conference call are accessible through the Investors section of our website. And with regards to upcoming investor events we will be attending, here are some of the conferences. The Rosenblatt 6th Annual Technology Summit Part 2, August 17 and 18 being held virtually.

謝謝你，Amir，也謝謝各位的耐心等候。提醒一下，本次電話會議的事先準備講稿可透過我們網站的投資人（Investors）專區取得。至於我們接下來將參與的投資人活動，以下是部分會議。Rosenblatt 第 6 屆年度科技高峰會（Technology Summit）第二部分，8 月 17 日與 18 日，將以線上方式舉行。

The 7th Annual Needham Virtual Semiconductor and Semicap Conference, August 19 and 20 being held virtually. Piper Sandler Tech Executive Summit, August 24th and 25th in Deer Valley, Utah. Jefferies Semiconductor, IT Hardware & Communications Infrastructure Conference, August 25th and 26th in Chicago, and Benchmark, a StoneX Company, TMT Conference, September the 10th in New York, New York.

第 7 屆 Needham 線上半導體與半導體資本設備（Semicap）研討會，8 月 19 日與 20 日，將以線上方式舉行。Piper Sandler 科技高階主管高峰會（Tech Executive Summit），8 月 24 日與 25 日，地點在猶他州 Deer Valley。Jefferies 半導體、IT 硬體與通訊基礎設施研討會，8 月 25 日與 26 日，地點在芝加哥；以及 Benchmark（StoneX 旗下公司）TMT 研討會，9 月 10 日，地點在紐約州紐約市。

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

關於這些活動以及我們將參與的所有活動之更多資訊，可在我們網站的投資人專區查詢。謝謝，再見。