Cerence Inc (CRNC) 2023 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Cerence Q1 2023 Earnings Call. (Operator Instructions). I would now like to hand the conference over to your speaker today, Rich Yerganian, Senior Vice President of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Cerence 2023 年第一季財報電話會議。 （操作員說明）。現在我想將會議交給今天的發言人，投資者關係高級副總裁 Rich Yerganian。請繼續。

Thank you. Welcome to Cerence's first quarter fiscal year 2023 conference call. Before we begin, I would like to remind you that this call may involve certain forward-looking statements. Cerence makes no representations to update those statements after today. These statements are subject to risks and uncertainties as described in our SEC filings including the Form 8-K with the press release preceding today's call, our Form 10-Q, which we filed today, and then our Form 10-K we filed on November 29, 2022. In addition, the company may refer to certain non-GAAP measures, key performance indicators and pro forma financial information during this call. Please refer to today's press release for further details of the definitions, limitations, and uses of those measures and reconciliations of non-GAAP measures to the closest GAAP equivalent. The press release is available in the IR section of our website.

謝謝。歡迎參加 Cerence 2023 財年第一季電話會議。在我們開始之前，我想提醒您，本次電話會議可能涉及某些前瞻性陳述。塞倫斯今天之後沒有發表任何更新這些聲明的聲明。這些聲明受到我們 SEC 文件中所述的風險和不確定性的影響，包括今天電話會議之前新聞稿中的 8-K 表、今天提交的 10-Q 表以及 11 月提交的 10-K 表2022 年2 月29 日。請參閱今天的新聞稿，以了解有關這些衡量標準的定義、限制和用途以及非公認會計準則衡量標準與最接近的公認會計準則同等衡量標準的調節的更多詳細資訊。新聞稿可在我們網站的投資者關係部分取得。

Joining me on today's call is Stefan Ortmanns, CEO of Cerence; and Tom Beaudoin, CFO of Cerence. As a reminder, the only authorized spokespeople for the company are Stefan, Tom and myself. Before handing the call over to Stefan, I would like to announce that we will be presenting at the Virtual Baird's 2023 Vehicle Technology & Mobility Conference on February 15 and in early March at the Morgan Stanley Technology Conference. Now onto the call. Stefan?

參加今天電話會議的是 Cerence 執行長 Stefan Ortmanns；以及 Cerence 財務長 Tom Beaudoin。謹此提醒，公司唯一授權發言人是 Stefan、Tom 和我自己。在將電話轉交給 Stefan 之前，我想宣布，我們將於 2 月 15 日在 Virtual Baird 的 2023 年車輛技術與移動會議上以及 3 月初在摩根士丹利技術會議上進行演示。現在開始通話。斯特凡？

Thank you, Rich. Welcome everyone and thank you for joining us to discuss our first quarter earnings. I'm pleased to report we had a strong start to the fiscal year driven by our core auto business. Each of the key financial metrics provided in our guidance came in above the high end of the range. Tom will share the details with you shortly. At our Investor day November, we laid out our strategy for long-term sustainable growth for Cerence, what we are calling Destination Next. We described the evolution of our technology and the role it plays in the car of the future, an immersive companion that goes beyond conversational AI, extending to all aspects of the user experience inside the cabin for both driver and passengers and even outside the car. We also provided our long-term target models, which reflect not only the increasing level of adoption of current – of our current technology with programs already awarded, but also the future adoption of a greater suite of technology that Cerence will bring to the market.

謝謝你，里奇。歡迎大家，感謝您加入我們討論我們第一季的收益。我很高興地向大家報告，在核心汽車業務的推動下，我們本財年取得了良好的開局。我們的指南中提供的每項關鍵財務指標都高於範圍的高端。湯姆很快就會與您分享詳細資訊。在 11 月的投資者日，我們制定了 Cerence 的長期永續成長策略，我們稱之為「下一個目的地」。我們描述了我們的技術的演變及其在未來汽車中所扮演的角色，這是一種超越對話式人工智慧的沉浸式伴侶，延伸到駕駛員和乘客在車內甚至車外的用戶體驗的各個方面。我們還提供了我們的長期目標模型，該模型不僅反映了我們當前技術與已授予項目的採用水平不斷提高，而且還反映了未來對 Cerence 將帶來的更廣泛技術套件的採用。

This was an important event that allows us to share with all of you the excitement we have for the future of Cerence. In the near-term, the first quarter showed continued success across customers and product innovation. Working with our customers, we delivered 47 SOPs start of production in the quarter, including 18 initial program launches.

這是一個重要的活動，讓我們能夠與大家分享我們對 Cerence 未來的興奮之情。短期內，第一季在客戶和產品創新方面持續取得成功。我們與客戶合作，在本季度交付了 47 個 SOP 開始生產，其中包括 18 個初始專案啟動。

We signed two competitive win-back contracts in the outer space, one in Europe, one in China. These are significant because both represent takeaways from consumer tech and validate our continued competitive edge. Our experience in large language models combined with our deep mobility experience and generative AI expertise is vital to drive innovation and expand our position as a category leader. In addition to various competitive design wins, we added two new logo wins, one in Europe for auto and one in China for two wheelers. The two wheeler win now brings the total of two-wheeler customers to seven, and we expect that number will be even higher by the end of the fiscal year.

我們在外太空簽署了兩份有競爭力的贏回合同，一份在歐洲，一份在中國。這些都很重要，因為兩者都代表了消費科技的要點，並驗證了我們持續的競爭優勢。我們在大型語言模型方面的經驗與深厚的行動經驗和生成式人工智慧專業知識相結合，對於推動創新和擴大我們作為類別領導者的地位至關重要。除了各種競爭性設計勝利之外，我們還增加了兩場新標誌勝利，一項在歐洲針對汽車，一項在中國針對兩輪車。兩輪車的勝利現在使兩輪車客戶總數達到七個，我們預計到本財年結束時這個數字將會更高。

Two-wheeled vehicles continue to be an important adjacency providing a growth area for Cerence and our Destination Next strategy. While we are seeing slow improvements, the macro environment remains a challenge. Semiconductor shortages are still impacting our production. All through there has been some improvements of the supply. We are hopeful that the slow but improving trend for access to semiconductors continuous. These shortages have led to append up demand for autos, where in many areas inventories remain low. There is a concern about a potential global recession in 2023, but that does not appear to have had any impact on auto production at this point. The latest forecast from IHS aligned to our fiscal year is for 2.5% growth year-over-year. After our strong first quarter, we are slightly raising the lower end of our full year guidance. We remain confident that we can achieve the goals we set for the fiscal year and continue to deliver predictable and medium and long-term sustainable growth.

兩輪車輛仍然是一個重要的周邊地區，為 Cerence 和我們的「下一個目的地」策略提供了成長領域。儘管我們看到進展緩慢，但宏觀環境仍然是一個挑戰。半導體短缺仍然影響我們的生產。自始至終，供應都有一些改善。我們希望半導體市場緩慢但不斷改善的趨勢能夠持續下去。這些短缺導致汽車需求增加，許多地區的庫存仍然很低。人們擔心 2023 年全球經濟可能出現衰退，但目前似乎並未對汽車生產產生任何影響。 IHS 與我們財年一致的最新預測是年增 2.5%。在第一季表現強勁之後，我們小幅提高了全年指引的下限。我們仍有信心實現本財年設定的目標，並繼續實現可預測的中長期永續成長。

In addition to the business highlights for the quarter, I would like to also share with you some key innovation highlights across our products. With our razor sharp focus on innovation, we have a distinguished competitive advantage. It is evident that our customers rely on us to jointly create unique mobility experiences for their customers. As the automotive industry transitions to electric vehicles, this experience will become an increasingly important aspect of differentiation for our customers. Continued innovation is key to our customers' visions and to our future growths and to strong momentum for our current products and technologies provides a solid foundation as we extend our AI expertise to other areas.

除了本季的業務亮點之外，我還想與您分享我們產品的一些關鍵創新亮點。憑藉對創新的高度關注，我們擁有顯著的競爭優勢。顯然，我們的客戶依賴我們共同為其客戶創造獨特的行動體驗。隨著汽車產業向電動車轉型，這種體驗將成為我們客戶差異化的一個日益重要的面向。持續創新是實現客戶願景和未來發展的關鍵，也是我們目前產品和技術的強勁動力，為我們將人工智慧專業知識擴展到其他領域奠定了堅實的基礎。

As the core of our current product portfolio is Cerence Assistant 2.0, the foundation of our co-pilot offering. This product is perfect example of what we referred to as scalable AI, where we can take a product developed for the auto industry and with minimal engineering apply it to an adjacent transportation market such as two-wheelers. As you may recall, Cerence Co-Pilot runs directly on a vehicle's head unit with advanced AI deeply integrated with car sensors and data to understand complex situations both inside the vehicle and around it. While securely integrating edge technology with cloud services to make driving more intuitive, connected and enjoyable. It's clear that mobility OEMs see the advantages Cerence Co-Pilot brings to their vehicles as Q1 so far automotive design wins from customers in Europe and China.

我們目前產品組合的核心是 Cerence Assistant 2.0，它是我們副駕駛產品的基礎。該產品是我們所說的可擴展人工智慧的完美範例，我們可以採用為汽車行業開發的產品，並透過最少的工程將其應用於相鄰的運輸市場，例如兩輪車。您可能還記得，Cerence Co-Pilot 直接在車輛主機上運行，先進的人工智慧與汽車感測器和數據深度集成，以了解車輛內部和周圍的複雜情況。同時將邊緣技術與雲端服務安全性整合，使駕駛更加直覺、互聯、愉快。顯然，行動 OEM 看到了 Cerence Co-Pilot 為其車輛帶來的優勢，截至第一季度，汽車設計贏得了歐洲和中國客戶的青睞。

With Cerence Assistant 2.0 as its foundation Cerence Ride our offering specific to the two-wheeler market was awarded three design wins in the quarter, including a key win for a major Japanese manufacturer where we had to compete against both consumer tech and niche competitors. Cerence Ride offers unique features like providing the rider with distraction-free navigation, route planning and riding records, enabling a safer, more enjoyable experience. By using their voice, riders can now navigate, listen to music and other media, adjust settings and even control their smart home devices, all without taking the hands off the handlebars or the eyes off the road.

以Cerence Assistant 2.0 作為基礎Cerence Ride，我們針對兩輪車市場的產品在本季度獲得了三項設計勝利，其中包括為一家日本主要製造商贏得的關鍵勝利，我們必須與消費者技術和利基競爭對手競爭。 Cerence Ride 提供獨特的功能，例如為騎士提供無幹擾的導航、路線規劃和騎乘記錄，從而實現更安全、更愉快的體驗。透過使用語音，騎士現在可以導航、聽音樂和其他媒體、調整設置，甚至控制他們的智慧家庭設備，所有這些都無需將手離開車把或眼睛離開路面。

Further expanding the reach of our technology, Cerence Link is a comprehensive solution that bridges the technology gap between connected and not connected cars by providing the availability to capture vehicle diagnostic sensors and telemetry data as well as car geolocation and other useful information that is delivered to the end user through a mobile app with a rich user interface. With Cerence Connected Vehicle Digital Twin at its foundation, Cerence Link is able to apply cloud-based intelligence on this data to enhance driver safety, security, comfort, and convenience. When we first introduced this product last September, we had already secured an important customer win in India, which is already contributing to revenue for the company. In Q1, we won our second customer also in India demonstrating continued adoption for this new solution.

Cerence Link 是一款全面的解決方案，進一步擴大了我們技術的覆蓋範圍，透過提供捕獲車輛診斷感測器和遙測數據以及汽車地理位置和其他有用資訊的能力，彌合了連網汽車和非連網汽車之間的技術差距。以 Cerence 互聯車輛數位孿生為基礎，Cerence Link 能夠對這些數據應用基於雲端的智能，以提高駕駛員的安全性、舒適性和便利性。當我們去年九月首次推出該產品時，我們已經在印度贏得了重要的客戶，這已經為公司的收入做出了貢獻。在第一季度，我們在印度贏得了第二個客戶，證明了這個新解決方案的持續採用。

These key wins for Cerence Link and Cerence Ride indicate continued adoption in adjacent and expansion markets, proving that we are focused on the right areas that can support continuous long-term growth. And lastly, during the quarter, we had a customer launch a significant expansion of capabilities leveraging our car knowledge product. The innovation is an upgrade to the OEMs' existing solution and makes accessing digital owners' manual information and remote vehicle controls as easy as possible, delivering additional value for the drivers. Customers can chat with the assistant both in the car and via Facebook Messenger from anywhere, asking vehicle-specific questions or remote starting, locking or unlocking their vehicle, the system leverages generative AI to (inaudible) voice commands and provide more engaging responses.

Cerence Link 和 Cerence Ride 的這些關鍵勝利表明鄰近市場和擴張市場的持續採用，證明我們專注於能夠支持持續長期成長的正確領域。最後，在本季度，我們的客戶利用我們的汽車知識產品大幅擴展了功能。這項創新是對原始設備製造商現有解決方案的升級，使存取數位車主手冊資訊和遠端車輛控制變得盡可能容易，為駕駛員提供附加價值。客戶可以在車內或透過Facebook Messenger 在任何地方與助手聊天，詢問車輛特定問題或遠端啟動、鎖定或解鎖車輛，該系統利用生成式人工智慧（聽不清楚）語音命令並提供更具吸引力的響應。

I'm very excited about our current find up of products and our growth in important adjacent markets, but even more so for the products yet to come under the leadership of Chief Technology Officer, Prateek Kathpal; and Chief Product Officer, Nils Schanz.

我對我們目前的產品發現以及我們在重要鄰近市場的成長感到非常興奮，但對於尚未在首席技術長 Prateek Kathpal 領導下的產品更是如此；首席產品長 Nils Schanz。

This slide may look familiar to you from our Investor Day, but we feel it's important to revisit, to continue to ground ourselves in all what we have accomplished in the past 12 months and where our focus is moving forward. We have the customers, the innovative product and technology and the strong competitive position to deliver long-term sustainable growth. Now, it is all about execution. As you heard from me in November and as remains true today, our goal is to deliver on what we have promised to our customers and investors. We have had a strong start with the fiscal year and we are focused on keeping the momentum going.

您在投資者日上看到的這張幻燈片可能看起來很熟悉，但我們認為有必要重新審視一下，以繼續鞏固我們在過去12 個月中所取得的成就以及我們的重點向前發展的方向。我們擁有客戶、創新產品和技術以及強大的競爭地位，可以實現長期永續成長。現在，一切都與執行有關。正如您在 11 月從我那裡聽到的以及今天仍然如此，我們的目標是兌現我們對客戶和投資者的承諾。我們在本財年有了一個良好的開端，我們致力於保持這一勢頭。

Before I hand the call over to Tom to review our Q1 results and Q2 guidance in detail, I want to reinforce the key points of our "Destination Next" strategy. "Destination Next" applies to all aspects of our business. It shapes our product strategy as we innovate to deliver a truly immersive companion experience in the car. It positions us as a key partner to our customers as they seek to create unique branded experiences. It doubles our served addressable market over the next seven years, providing excellent opportunities for growth once we get past the FY2023 transition year, and it puts the company on a path to deliver strong growth, profitability, and cash generation over the long term. The entire company is behind our "Destination Next" strategy. And I'm excited to keep you informed as we continue to make progress towards our long-term goals. I will now turn it over to Tom.

在我將電話交給 Tom 詳細審查我們第一季的業績和第二季的指導之前，我想強調一下我們的「下一個目的地」策略的要點。 「Destination Next」適用於我們業務的各個方面。它塑造了我們的產品策略，我們不斷創新，在車內提供真正身臨其境的伴侶體驗。它使我們成為客戶尋求創造獨特品牌體驗的重要合作夥伴。它將在未來七年內使我們服務的目標市場翻一番，一旦我們度過了2023 財年過渡年，就將提供絕佳的增長機會，並讓公司走上長期實現強勁增長、盈利能力和現金生成的道路。整個公司都支持我們的「Destination Next」策略。在我們繼續朝著長期目標邁進的過程中，我很高興能夠隨時向您通報情況。我現在將把它交給湯姆。

Thank you, Stefan. I'll come back to guidance in a moment. But first I want to share more on our Q1 results.

謝謝你，斯特凡。我稍後會回來提供指導。但首先我想分享更多有關我們第一季業績的資訊。

One of our goals has been to develop a track record of doing what we say. With our strong Q1 results, we are providing another positive data point in accomplishing this goal. We are committed to continuing to build upon this trend to establish a proven track record of predictable performance.

我們的目標之一是建立說到做到的記錄。憑藉第一季的強勁業績，我們為實現這一目標提供了另一個積極的數據點。我們致力於繼續順應這一趨勢，建立可預測績效的良好記錄。

Q1 revenue came in at $83.7 million, well above the high end of our guidance. This is due to a combination of better than expected strength in our core business with higher than anticipated contributions from connected services, professional services and fixed contracts. Consumption of existing fixed contracts in the quarter was lower than originally expected due to a longer, projected consumption time for the Q1 prepaid deal than our model. The higher amount of fixed contracts in the quarter remain within the framework of 40 million fixed contracts for the full year. Because of the higher revenue, we exceeded all of our key profitability metrics we guided for the quarter.

第一季營收為 8,370 萬美元，遠高於我們指引的上限。這是由於我們的核心業務實力優於預期，而互聯服務、專業服務和固定合約的貢獻高於預期。由於第一季預付費交易的預期消耗時間比我們的模型更長，本季現有固定合約的消耗量低於最初預期。本季較高的固定合約數量仍保持在全年 4000 萬份固定合約的框架內。由於收入增加，我們超出了本季度指導的所有關鍵盈利指標。

Non-GAAP gross margin was 70.4%. Non-GAAP operating margin was 20.5%. Adjusted EBITDA was $19.7 million or 23.5% margin. And non-GAAP earnings per share was $0.36. All these metrics came in above the high end of our guidance.

非 GAAP 毛利率為 70.4%。非 GAAP 營業利益率為 20.5%。調整後 EBITDA 為 1,970 萬美元，利潤率為 23.5%。非 GAAP 每股收益為 0.36 美元。所有這些指標都高於我們指導的上限。

During the quarter, cash flow from operations was approximately negative $2.1 million. While CFFO was negative in the quarter, we expect positive CFFO for the full fiscal year.

本季度，營運現金流約為負 210 萬美元。雖然本季 CFFO 為負值，但我們預期整個財年 CFFO 為正值。

Our balance sheet remains strong with total cash and marketable securities of approximately $120 million.

我們的資產負債表依然強勁，現金和有價證券總額約為 1.2 億美元。

Here is our breakdown of revenue of the quarter. Variable license revenue was up 22% from the same quarter last year and 38% quarter-over-quarter. The increases were due to reduced consumption of fixed licenses, slowly improving auto production and increasing penetration.

這是我們本季的收入細節。可變授權收入比去年同期成長 22%，比上一季成長 38%。成長的原因是固定牌照消耗減少、汽車產量緩慢提高以及滲透率提高。

New connected services revenue was down 12% from the same quarter last year and up 3% from last quarter. The year-over-year decline was the result of several disclosed factors such as lower production of connected cars over the last two fiscal years due to semiconductor shortages and expiring contracts for older technology, separate from the legacy contract.

新互聯服務營收較去年同期下降 12%，較上季成長 3%。年比下降是由於幾個已披露因素造成的，例如過去兩個財年由於半導體短缺而導致聯網汽車產量下降以及舊技術合約到期（與傳統合約不同）。

Finally, our professional services revenue was up 3% year-over-year and down 5% quarter-over-quarter. Professional services are a key indicator of future license and connected services revenue as the pro services team includes the individuals who directly interface with customers to customize and implement Cerence's technology on next generation OEM platforms. We don't see professional services as a revenue growth driver for the company, but instead acts as an enabler for future license and connected revenue.

最後，我們的專業服務收入年增 3%，季減 5%。專業服務是未來授權和連結服務收入的關鍵指標，因為專業服務團隊包括直接與客戶互動以在下一代 OEM 平台上客製化和實施 Cerence 技術的個人。我們並不認為專業服務是公司收入成長的動力，而是未來授權和關聯收入的推動者。

Moving on to the details in our license business. Overall, the license business remains strong and is indicating slow improvement from the issues that have plagued auto production over the last few years. We signed fixed contracts in the quarter worth $19 million, $18 million as prepaid contracts and approximately $1 million as a minimum commitment deal. This was slightly above our estimate going into the quarter of $18 million. We continue to manage fixed contracts to an approximate $40 million level for the full year. While there was a small, minimum commitment deal in the quarter, we do not expect minimum commitment deals moving forward.

繼續討論我們的授權業務的細節。總體而言，許可證業務仍然強勁，並且表明過去幾年困擾汽車生產的問題正在緩慢改善。我們在本季簽署了價值 1900 萬美元的固定合約、1800 萬美元的預付合約和約 100 萬美元的最低承諾協議。這略高於我們對本季 1800 萬美元的預期。我們繼續管理全年約 4000 萬美元的固定合約。雖然本季達成了一項小型的最低承諾交易，但我們預計最低承諾交易不會繼續推進。

Pro forma royalties were up 5% year-over-year and 7% quarter-over-quarter due to increased auto production.

由於汽車產量增加，預估特許權使用費年增 5%，季增 7%。

Consumption of fixed licenses declined 14% during the same period. While difficult to accurately predict, we do believe the consumption of fixed contract licenses should peak in fiscal 2023.

同期固定許可證的消費量下降了 14%。雖然很難準確預測，但我們確實相信固定合約許可證的消費量應在 2023 財年達到高峰。

The majority of our KPIs continue to indicate strength in the business. Our penetration of global auto production for the trailing 12 months increased to 52% from 51%. This means over half of global auto production includes some level of Cerence's technology. Of the total 11.5 million cars with Cerence's technologies those that used our connected services increased 4% quarter-over-quarter. We also saw a big increase in monthly active users, 19% year-over-year, indicating increasing popularity among consumers of our technology.

我們的大多數 KPI 繼續表明業務實力。過去 12 個月，我們在全球汽車生產中的滲透率從 51% 增加到 52%。這意味著全球一半以上的汽車生產都採用了一定程度的 Cerence 技術。在採用 Cerence 技術的 1,150 萬輛汽車中，使用我們互聯服務的汽車數量環比增長了 4%。我們也看到每月活躍用戶大幅成長，年增 19%，這表明我們的技術在消費者中越來越受歡迎。

Now turning to revenue guidance for Q2 and the fiscal year, one factor that we have an impact on our quarterly revenue is the value of fixed contracts in a quarter. Fixed contracts were $19 million in Q1. We expect fixed contracts of approximately $4 million to $5 million in Q2; approximately $15 million in Q3 and none in Q4. Taking that into consideration, we are guiding to $64 million to $68 million for Q2 with Q1 behind us in greater visibility into our fiscal year. We are also raising the lower end of our full fiscal year guidance from $270 million to $275 million. You can see on this slide the revenue guidance and effect of the associated financial metrics.

現在轉向第二季和本財年的收入指導，影響季度收入的一個因素是季度固定合約的價值。第一季固定合約金額為 1900 萬美元。我們預計第二季的固定合約約為 400 萬至 500 萬美元；第三季約 1500 萬美元，第四季沒有。考慮到這一點，我們預計第二季的預算為 6,400 萬至 6,800 萬美元，第一季的預算已經過去，以便更好地了解我們的財年。我們也將整個財年指導的下限從 2.7 億美元提高到 2.75 億美元。您可以在此投影片上看到收入指引和相關財務指標的影響。

Overall, the business continues to perform as we outlined at our Investor Day, and remained focused on innovation and execution to achieve our long-term goals. This concludes our prepared remarks, and now we will open the call for questions.

總體而言，該業務繼續按照我們在投資者日概述的那樣表現，並繼續專注於創新和執行以實現我們的長期目標。我們準備好的演講到此結束，現在我們將開始提問。

(Operator Instructions) Our first question comes from Luke Junk with Baird.

（操作員說明）我們的第一個問題來自 Luke Junk 和 Baird。

Want to start with a mechanical question this morning and Tom, can you just help us understand the lower-than-expected consumption of fixed contracts this quarter? I know you mentioned it had something to do with prepay is that timing related, mix related? And is it right to think that this doesn't flow through to full-year guidance or not?

今天早上想從一個機械問題開始，湯姆，你能幫我們了解一下本季固定合約消耗低於預期的情況嗎？我知道你提到這跟預付費有關，是與時間相關、與混合有關嗎？認為這不會影響全年指導是否正確？

So, as we've talked about previously, we typically a prepaid gets consumed on average over six quarters. The particular prepaid that we did in Q1, the projected consumption on that particular deal is estimated at about eight quarters. So from our modeling and from the way we had set our plans and guidance that that has a positive effect in the short-term.

因此，正如我們之前討論的那樣，我們通常會在六個季度內平均消耗預付。我們在第一季進行的預付費，該特定交易的預計消耗量估計約為八個季度。因此，從我們的建模以及我們制定計劃和指導的方式來看，這在短期內產生了積極的影響。

Understood. Thank you. And then follow-up. I just want to ask a bigger picture question, Stefan. So wondering if there's any additional color you can provide on the Co-Pilot win-backs in particular, maybe if we could discuss key system capabilities you think that help to drive those win-backs versus the competing consumer tech. And I don't know if you could comment also on your previous positioning with these customers, if that would make sense?

明白了。謝謝。然後再跟進。我只是想問一個更大的問題，斯特凡。因此，想知道您是否可以為副駕駛贏回提供任何額外的色彩，也許我們可以討論您認為有助於推動這些贏回與競爭消費者技術的關鍵系統功能。我不知道您是否可以評論一下您之前對這些客戶的定位，這是否有意義？

Yes, so our Cerence Assistant 2.0, so-called Co-Pilot Ride is actually well received here at the OEM sites. We had various design wins last quarter in Q1. One was against a big tech giant and another one was also again in China also was also tech giant, yes. And then we had also some very competitive design wins against the big tech players here. Yes. And what we see here and the feedback from the market is actually outstanding, right, in all my discussions with OEMs, right, is say, okay, wow, there's really a cool solution, right? It's extremely fast in the response time behavior. It has a broad coverage, but it goes also into a deep learning.

是的，所以我們的 Cerence Assistant 2.0（所謂的 Co-Pilot Ride）實際上在 OEM 工廠很受歡迎。上個季度第一季我們取得了多項設計成果。一場是針對一家大型科技巨頭，另一場也是在中國，也是科技巨頭，是的。然後我們也與這裡的大型科技公司取得了一些非常有競爭力的設計勝利。是的。我們在這裡看到的以及市場的反饋實際上非常出色，對吧，在我與 OEM 的所有討論中，對吧，就是說，好吧，哇，確實有一個很酷的解決方案，對嗎？它的反應時間行為非常快。它的覆蓋範圍很廣，但也涉及深度學習。

And what we said also generative AI search capabilities here, right? Combined with proactive AI, for example, leveraging sensor data and also leveraging the information around the surrounding of a car, for example, road information and also this kind of weather forecasting here, right? And that was actually well received. Yes. We have a great prototyping solution here and OEMs want to work tight with us together, right? Also seeing Co-Pilot as a foundation, but in most of the cases, they want to have also a kind of their own branding and experience.

我們這裡所說的也是生成式人工智慧搜尋功能，對吧？結合主動AI，例如利用感測器數據，也利用汽車周圍的信息，例如道路訊息，還有這裡的這種天氣預報，對吧？這實際上很受歡迎。是的。我們這裡有一個很棒的原型設計解決方案，原始設備製造商希望與我們緊密合作，對吧？也將副駕駛視為基礎，但在大多數情況下，他們也希望擁有自己的品牌和體驗。

(Operator Instructions) Our next question comes from Colin Langan with Wells Fargo.

（操作員說明）我們的下一個問題來自富國銀行的 Colin Langan。

Just first question, guidance is just to confirm, is it based on IHS, and IHS has actually come down for September year end? So is that incorporated and what is offsetting sort of that weakness and production?

第一個問題，指導只是為了確認，它是否基於 IHS，而 IHS 實際上已經下調了 9 月的年終數據？那麼，這是否被納入以及什麼可以抵消這種弱點和生產？

Yes, so maybe let me start first, and then I will ask also, Tom, for putting his color to it. Right. So in general, right so, IHS been down roughly 3% from 6% year-over-year. Now it's in the range of 2.5% to 3%. And that goes actually hand in hand with our projection from the beginning of our fiscal year.

是的，所以也許讓我先開始，然後我也會請湯姆加入他的顏色。正確的。因此，總的來說，IHS 的同比增長率從 6% 下降了約 3%。現在它在2.5%到3%的範圍內。這實際上與我們從財政年度開始的預測是一致的。

Yes, we had baked in when we had done our original planning. We had taken a relatively conservative approach. Interestingly enough, IHS has come down more to the numbers that we were projecting. We don't use solely IHS in our forecasting, because we get reporting from all of our customers every quarter on their royalties. So, we use a combination of overall market trends and that what we are seeing from our individual customer royalty reports. And that's how we base our guidance.

是的，當我們完成最初的計劃時，我們就已經開始了。我們採取了相對保守的做法。有趣的是，IHS 更歸結為我們預測的數字。我們在預測中不僅僅使用 IHS，因為我們每季都會收到所有客戶的版稅報告。因此，我們結合了整體市場趨勢和我們從個人客戶版稅報告中看到的情況。這就是我們指導的基礎。

Got it. Okay. That makes sense. And if I look at Slide 9, you look at like new connected services. Yes, I think you highlighted something like a 19% increase in monthly users, but that line hasn't really moved very much. It's not really showing growth. So what is sort of keeping the growth back in that new connected segment, and when should that start to inflect back upward?

知道了。好的。這是有道理的。如果我看投影片 9，您會看到新的互聯服務。是的，我認為您強調了每月用戶增加 19% 之類的內容，但這條線並沒有真正發生太大變化。它並沒有真正顯示出增長。那麼，怎樣才能維持新的互聯細分市場的成長，以及何時開始回升呢？

It's a combination. I mean, as we've talked about previously, there are some older platforms that are not up for renewal that are kind of winding down. We've also lost kind of two years of revenue, because cars were much low – we took down $20 million a year of production. And that represents connected opportunities that we would've had in the amortization of those revenues coming in the current periods. As we talked about at Investor Day there's a number of wins that will start to go into production at the second half of this year and into FY 2024. A lot of those wins include some of our connected services, which will start to help us to drive growth and get us more towards the growth projections that we had in 2024, 2025 and going forward.

這是一個組合。我的意思是，正如我們之前討論過的，有一些不適合更新的舊平台正在逐漸關閉。我們也損失了近兩年的收入，因為汽車產量低得多——我們每年的產量減少了 2000 萬美元。這代表了我們在攤銷當期收入時所擁有的相關機會。正如我們在投資者日談到的那樣，有許多成果將在今年下半年和 2024 財年開始投入生產。年、2025 年及未來的成長預測。

The usage I think is important. It doesn't directly correlate to revenue because it's the revenue of the connected services that are shipping on the cars, but it – but what it does do is to show that our technology is being used more, is being accepted that, that some of our new enhancements are being recognized by the drivers and the passengers.

我認為用法很重要。它與收入沒有直接關係，因為它是汽車上運輸的互聯服務的收入，但它的作用是表明我們的技術正在被更多地使用，正在被接受，我們的一些新改進得到了駕駛員和乘客的認可。

Maybe let me also add a bit color to it here. Right? So, I think what I just mentioned at the beginning, right? Co-Pilot, Cerence Link, Cerence Ride? They have all the connected component, right? And they will go live over the next 12 months to 18 months with the specific OEMs. We see also really an uptick here in active subscribers, right? So one OEM reports also a big jump in the adoption of our so-called connected services offering. We are working also with leading premium OEM on so-called additional expansion of the current cloud with new cloud domains, with new proactive AI for older capabilities, right? So that we can bring those services, cloud services to SOP cars being on their own. So we have plenty of opportunities. And as Tom mentioned correctly, right, I think we are still in the transitional year. We are suffering still a bit from the outer production over the last two to three years. But we are seeing more and more opportunities for connected services.

也許讓我在這裡也添加一點顏色。正確的？那麼，我想我剛才剛開始提到的，對嗎？副駕駛、Cerence Link、Cerence Ride？他們擁有所有連接的組件，對吧？它們將在未來 12 個月到 18 個月內與特定 OEM 一起上線。我們也看到活躍訂閱者確實有所增加，對吧？因此，一家 OEM 報告稱，我們所謂的互聯服務產品的採用率也出現了大幅躍升。我們還與領先的優質 OEM 合作，透過新的雲端域對當前的雲端進行所謂的額外擴展，並為舊功能提供新的主動式 AI，對吧？這樣我們就可以將這些服務、雲端服務引入 SOP 汽車。所以我們有很多機會。正如湯姆正確提到的那樣，我認為我們仍處於過渡年。過去兩三年我們仍然受到外部生產的影響。但我們看到互聯服務的機會越來越多。

(Operator Instructions) Our next question comes from Rajvindra Gill with Needham.

（操作員說明）我們的下一個問題來自 Rajvindra Gill 和 Needham。

Yes. And congrats on good results and a good transition with this turnaround story. Question on the visibility if I can, I know at the Analyst Day you talked about kind of 95% visibility into fiscal year 2023, and then you talked about, I believe, 75% visibility into fiscal year 2024. If I look at the slides, on Slide 12, you're kind of increasing your visibility for this year by about a couple points to 97% for the full fiscal year. I'm wondering how you're thinking about the visibility into the growth year, fiscal year 2024. Has that changed given some of the design wins you're talking about given some of the more stabilization in the fixed contracts, and is that also applied to some of the longer term targets and fiscal year 2025, 2026?

是的。祝賀這個扭虧為盈的故事取得了良好的成果和良好的過渡。關於可見性的問題，我知道在分析師日您談到了 2023 財年的可見性為 95%，然後我相信您談到了 2024 財年的可見性為 75%。片12 上，您將今年的可見度提高了大約幾個百分點，達到整個財年的97%。我想知道您如何看待 2024 財年增長年的可見性。 、2026 財年？

We are happy about Q1 and continuing this story. Yes, I mean, clearly we have stronger visibility to FY 2023. As we report bookings semi-annually, so we'll be updating our bookings in Q2 and clearly we had we had good bookings in Q1 that will help with that visibility for FY 2024. But so I hope to have more to say around more specifics around how we're tracking to that FY 2024 growth initiatives that we laid out in Investor Day. But everything that we accomplished in Q1 helps us towards that journey in delivering those results.

我們對第一季感到高興並繼續這個故事。是的，我的意思是，顯然我們對2023 財年有更強的可見性。很好的預訂，這將有助於提高2023 財年的可見性2024 年。權。但我們在第一季所取得的一切成就都有助於我們實現這些成果。

Great. And if you could maybe update us on the field of use agreement I believe it's ending in two years. If you could just clarify that and once that field of use agreement is over, what other markets can you start to license your IP?

偉大的。如果您可以向我們介紹使用協議領域的最新情況，我相信協議將在兩年內結束。如果您能澄清這一點，那麼一旦該領域的使用協議結束，您還可以開始在哪些其他市場上授權您的智慧財產權？

So also I think that also a key focus area. Actually, we have three vectors here, right? One is the execution on our core roadmap; what we just explained with automotive, adjacency transportation segments, right, the other important aspect is driving innovation. And the third one is also paving the way for post-FOU opportunities. And we have hired a very strong business development team also with separate with the R&D team underneath, right? And they're working already on some opportunities for this fiscal year. And we hope that we can also report first revenue driven by this team by the second half and the second half of this fiscal year. And we are evaluating also other opportunities for let's say October 2024. So I think that's one of our key focus areas also, and also part of our destination next strategy.

我也認為這也是一個重點關注領域。實際上，我們這裡有三個向量，對嗎？一是核心路線圖的執行；我們剛才解釋了汽車、鄰近交通領域，對的，另一個重要面向是推動創新。第三個也是為 FOU 後的機會鋪路。我們聘請了一支非常強大的業務開發團隊，也與下面的研發團隊分開，對嗎？他們已經在為本財年尋找一些機會。我們希望我們也能在本財年下半年和下半年報告該團隊推動的第一份收入。我們也正在評估 2024 年 10 月的其他機會。

Yes. Just to make sure everybody understands, as we laid out in an Investor Day we have the transportation adjacency markets that are starting to take traction that, that Stefan talked about today. And then we have what we call the non-transportation, and as Stefan said we've already seeded a team and just for clarity, there are a couple of technology areas that are not subject to the FOU. And so we're able to seed that group and they're able to drive some solutions and even some revenue prior to the FOU. The opportunity expands and that's why we're trying to get this group seeded and working well so that when the FOU expires in now less than two years, we have a well-developed team and capabilities to then look at expansion of all of that post the expiration.

是的。為了確保每個人都理解，正如我們在投資者日所闡述的那樣，我們的交通鄰接市場開始受到斯特凡今天談到的牽引力的影響。然後我們有所謂的非交通領域，正如 Stefan 所說，我們已經組建了一個團隊，為了清楚起見，有幾個技術領域不受 FOU 的約束。因此，我們能夠為該團隊提供種子，他們能夠在 FOU 之前推動一些解決方案甚至一些收入。機會不斷擴大，這就是為什麼我們要努力讓這個團隊種子化並運作良好，以便當 FOU 在不到兩年的時間內到期時，我們擁有一支完善的團隊和能力，然後考慮擴大所有該職位到期日。

And the other important aspect is also at the Analyst Day we presented three pillars here, right, scalability AI, then the multi-standard experience platform plus tools, and then the companion – immersive companion solution, right? Scalable AI is also key to success and we can easily apply those technology to other markets beyond transportation, more or less at no cost.

另外一個重要的方面也是在分析師日我們在這裡展示了三個支柱，對吧，可擴展性人工智能，然後是多標準體驗平台加工具，然後是配套的——沉浸式配套解決方案，對吧？可擴展的人工智慧也是成功的關鍵，我們可以輕鬆地將這些技術應用到交通以外的其他市場，或多或少是免費的。

(Operator Instructions) Our next question comes from Jeff Van Rhee with Craig-Hallum.

（操作員說明）我們的下一個問題來自 Jeff Van Rhee 和 Craig-Hallum。

Thank you for the increased transparency. I appreciate all the incremental data points over time we're getting here. It's very helpful. A couple – several questions if I could jump through these fairly quickly. I think Tom, you referenced bookings. Just to be clear, did bookings meet the plan for the quarter and net-net I know you don't publish an outlook in terms of what you're thinking internally for the year, but has the annual outlook on bookings changed say versus 90 days ago? And then along the same lines just to just want to make sure I'm clear, the consumption number I think you talked about at the Investor Day was roughly $75 million of consumption expected in 2023. Is that still the number?

感謝您提高透明度。我很感謝隨著時間的推移我們得到的所有增量數據點。這非常有幫助。有幾個問題，如果我能很快地跳過這些問題的話。我想湯姆，你提到了預訂。需要澄清的是，預訂量是否符合本季度的計劃，我知道你們沒有發布今年內部想法的展望，但預訂量的年度展望是否發生了變化，比如與 90 相比幾天前？同樣，我想確保我說得清楚，我認為您在投資者日談到的消費數字是 2023 年預計的消費量約為 7500 萬美元。

So just on bookings, I mean, we'll update bookings in Q2. And the reason we do it semi-annual is it can be a bit lumpy. We did have some nice wins in Q1, I think Stefan alluded to that. And then on consumption, consumption will be a little bit lower because of this one particular prepaid where we had modeled spend six quarters and it's probably going to be eight quarters, but that can vary too Jeff, because it's all based on actual shipments from that particular Tier 1. So it could be – it could be even sooner.

所以就預訂而言，我的意思是，我們將在第二季更新預訂。我們每半年進行一次的原因是它可能有點不穩定。我們在第一季確實取得了一些不錯的勝利，我認為斯特凡提到了這一點。然後在消費方面，消費會稍微低一點，因為這是一個特定的預付費，我們模擬了六個季度的支出，可能會是八個季度，但這也可能會有所不同，傑夫，因為這一切都基於實際發貨量特別是第一層。

Okay. That's helpful. And then Stefan as it relates to generative AI and in particular the GPT, large language model is looking very disruptive. I know Bardon [ph] and some others are coming, but the GPT and some of the things it's been able to demonstrate seem to take a pretty significant leap forward in terms of what these large language models can do. Giving you play in those worlds, but within a specific vertical, do you see that as competition, co-opetition, how do you view that? And then as you were just referencing a minute ago, you've got the expiration of the FOU. Does that suggest the future FOU opportunities also end up being a bit more competitive given what these guys are demonstrating? Just love to hear your thoughts there?

好的。這很有幫助。然後，Stefan 因為它涉及產生人工智慧，特別是 GPT，大型語言模型看起來非常顛覆。我知道 Bardon [ph] 和其他一些人即將到來，但 GPT 和它已經能夠演示的一些東西似乎在這些大型語言模型的功能方面取得了相當大的飛躍。讓你在這些世界中發揮作用，但在特定的垂直領域內，你是否將其視為競爭、合作競爭，你如何看待這一點？然後，正如您剛才提到的，FOU 已到期。鑑於這些人所展示的內容，這是否表明未來的 FOU 機會最終也會更具競爭力？只是想聽聽您的想法嗎？

I think I don't see them as a direct competitor, right? So we have already created a prototype with ChatGPT, but also enhanced with our deep knowledge about the car knowledge, right? About mobility AI experience here. You know that we have also for example applications such as PROSS [ph] what we've just also announced the Cerence car knowledge which went live is a North American market OEM right? And you're bringing those information all together, we have the general knowledge, yes, but also the automotive transportation specific knowledge, right? And this is actually our goal, and we're already in discussion with some of the OEMs, what we can do together here.

我想我不認為他們是直接競爭對手，對嗎？所以我們已經用 ChatGPT 創建了一個原型，而且還用我們對汽車知識的深入了解進行了增強，對嗎？關於行動AI體驗請看這裡。您知道我們還有 PROSS [ph] 等應用程序，我們剛剛也宣布上線的 Cerence 汽車知識是北美市場 OEM，對嗎？你將這些資訊整合在一起，我們有一般知識，是的，但也有汽車運輸的具體知識，對吧？這實際上是我們的目標，我們已經在與一些原始設備製造商討論我們可以在這裡一起做什麼。

(Operator Instructions) Our next question comes from David Kelley with Jefferies.

（操作員說明）我們的下一個問題來自 Jefferies 的 David Kelley。

Hi team, this is Gavin Kennedy on for David Kelley. Can you provide us with more details on your progress and transportation adjacencies? It looks Cerence Ride specifically won three more design awards with two wheelers, and your two wheeler customers are now up to seven. So how should we think about this in the context of your prior transportation adjacencies sales target of 1 million in fiscal year 2023, and I believe 6 million in fiscal year 2024?

大家好，我是大衛凱利的加文肯尼迪。您能否向我們提供有關您的進展和交通鄰近情況的更多詳細資訊？看起來 Cerence Ride 憑藉兩輪車又贏得了三項設計大獎，您的兩輪車客戶現在已達七名。那麼，在您之前的交通週邊銷售目標是 2023 財年 100 萬輛、我相信 2024 財年 600 萬輛的背景下，我們該如何考慮這一點？

I mean, that the two wheeler market is a very important market to us here, right? Compare it with automotive they're producing roughly 50 million to 60 million two wheelers on a yearly basis, yes. I'm really proud about this big design wins for one of the big brands in Japan where we won an evaluation done in North America against the big tech players and some niche players, right? And the feedback was amazing with respect to our Audio AI stuff, our solutions, right? We won in terms of technology and also with respect to application. So we are doing exactly what a rider is looking for. That's one important aspect. So two-wheelers on the other hand, you mentioned also last quarter, where that we had also some significant design wins in the truck space. Also we can easily adapt our Cerence Co-Pilot to the needs of trucks here. So overall we are doing pretty well. And the other important launch, which I mentioned today was also related to Cerence Link, where we are also connecting now non-connected cars via smartphones via OBD to solutions to give a better driver experience, right? We can also monitor the behavior of the driver geolocation and so on so forth.

我的意思是，兩輪車市場對我們來說是一個非常重要的市場，對嗎？與汽車相比，他們每年生產約 5,000 萬至 6,000 萬輛兩輪車，是的。我對日本大品牌之一的這一重大設計勝利感到非常自豪，我們贏得了在北美針對大型科技公司和一些利基公司進行的評估，對嗎？關於我們的音訊人工智慧產品、我們的解決方案的回饋非常驚人，對嗎？我們贏在技術方面，也贏在應用方面。所以我們所做的正是騎手所尋求的。這是一個重要的面向。另一方面，您在上個季度也提到了兩輪車，我們在卡車領域也取得了一些重大的設計勝利。此外，我們還可以輕鬆調整 Cerence Co-Pilot 以滿足卡車的需求。所以總的來說我們做得很好。我今天提到的另一個重要發布也與 Cerence Link 有關，我們還透過 OBD 將智慧型手機上的非連網汽車連接到解決方案，以提供更好的駕駛員體驗，對嗎？我們還可以監控駕駛者的地理位置行為等等。

So, I think we are doing quite a lot also going beyond the typical natural language processing here, right. And combining all pieces together, right. I think that's actually, what we want to do, right, driving this immersive experience for the transportation markets.

所以，我認為我們所做的很多事情也超越了典型的自然語言處理，對吧。並將所有部分組合在一起，對吧。我認為這實際上就是我們想做的，對的，為交通市場推動這種沉浸式體驗。

Yes. And just in these markets as Stefan alluded to there is a – so most of these are connected elements to the, and therefore, the revenue growth will build over time as you have to take that portion of the revenue and amortize it over the service life of the particular solution.

是的。正如斯特凡所提到的那樣，在這些市場中，大多數都是相關的元素，因此，收入增長將隨著時間的推移而增加，因為你必須將這部分收入攤銷到特定解決方案的使用壽命。

Got it. That makes sense. And then as a follow-up, just switching gears, I believe at the Investor Day, you mentioned a cost management strategy to improve Cerence, and I believe these Cerence – these savings, excuse me, were included in your playing discussions. Can you provide any more details here on the cost actions you've been taking? Or, and is there any low hanging fruit that you've addressed in the near-term?

知道了。這是有道理的。然後作為後續行動，只是切換齒輪，我相信在投資者日，您提到了改進 Cerence 的成本管理策略，我相信這些 Cerence - 這些節省，對不起，已包含在您的遊戲討論中。您能否在此提供有關您所採取的成本行動的更多詳細資訊？或者，您在短期內是否已經解決了任何容易實現的目標？

So, I think you're absolutely right. Yes. And we're working here with a well-known consulting company together. So, and also that we have our refocus on innovation R&D and customer deliveries. Therefore, we have noticed two organization, CTO office, and CPO product office [ph] run by new trends from Mercedes, he joined us a couple of months ago. And we're trying to optimize here the organization for driving more efficiency, productivity. And we are also on a good track. And yes, you're right. That's part of our plan for this fiscal year. Tom?

所以，我認為你是完全正確的。是的。我們在這裡與一家知名顧問公司合作。因此，我們也重新關注創新研發和客戶交付。因此，我們注意到梅賽德斯新趨勢運營的兩個組織，CTO辦公室和CPO產品辦公室[ph]，他幾個月前加入了我們。我們正在努力優化組織，以提高效率和生產力。我們也走在良好的軌道上。是的，你是對的。這是我們本財年計畫的一部分。湯姆？

A lot of our cost initiatives were designed to drive efficiency, and then as Stefan just talked about, to drive alignment as we implemented the new leadership team across the company, we've done very well on that, and that program is well in place and being implemented, but I do want to say we're also investing, right? It's important that we continue with our innovation strategy. And so we've baked all of that into our guidance going forward, the cost savings that we've achieved through the efficiency and productivity initiatives combined with some continuing investment to, and all of our investments are really in the R&D and technology areas to support our innovation agenda.

我們的許多成本計劃都是為了提高效率，然後正如斯特凡剛才談到的，當我們在整個公司實施新的領導團隊時，為了推動一致性，我們在這方面做得很好，而且該計劃已經到位並正在實施，但我確實想說我們也在投資，對吧？延續我們的創新策略非常重要。因此，我們將所有這些納入我們未來的指導中，我們透過效率和生產力計劃以及一些持續投資所實現的成本節約，我們所有的投資實際上都在研發和技術領域支持我們的創新議程。

(Operator Instructions) Our next question comes from Chris McNally with Evercore.

（操作員說明）我們的下一個問題來自 Evercore 的 Chris McNally。

Stefan and Thomas, if I could ask, one of the things that you've provided, which is really helpful, is the pro forma royalty to sort of, to sift through on the licensing sort of the underlying trend. And this quarter you showed 5% year-over-year growth. But we've roughly seen sort of a flat lining in this number when we look at, on a two-year basis. And so one of other questions that I think investors are trying to look forward is, when will that underlying metrics sort of move up, so that we incorporate some of the large orders that we've seen that you've talked about some of the launches in connected, but I think seeing that essentially what is paid usage of your licensing move forward will given sort of some confidence of the, higher secular growth versus sort of the low single-digit outgrowth that you're doing today.

史特凡和湯瑪斯，如果我可以問的話，你們提供的其中一件事非常有幫助，那就是形式上的版稅，以篩選潛在趨勢的授權類型。本季您的年成長為 5%。但當我們以兩年為基礎來看時，我們大致發現這個數字基本上持平。因此，我認為投資者試圖期待的其他問題之一是，基本指標何時會有所上升，以便我們納入一些我們已經看到的大訂單，您已經談到了一些推出互聯，但我認為，從本質上看，您的許可進展的付費使用將會給您帶來一定的信心，即更高的長期增長，而不是您今天所做的低個位數增長。

So, Chris as we talk about in the Investor Day, there's a number of programs that are coming to SOP. We've got shipping cars that have deeper sets of our solution, which drives a higher price per unit also gets some additional volumes from those deals. So, I think, you'll start to see that line hopefully start to tick up over the next few quarters going into where we show some strong growth in FY 2024.

所以，克里斯，正如我們在投資者日談論的那樣，有許多項目即將進入 SOP。我們的運輸車有更深入的解決方案，這推動了更高的單位價格，也從這些交易中獲得了一些額外的銷售量。因此，我認為，您將開始看到這條線預計在接下來的幾個季度開始上升，並在 2024 財年顯示出強勁的成長。

That's great. And just maybe as a follow-up, not for this call, but I think maybe, a metric that would be helpful on going forward with sort of a, percentage of units, refreshed or, a launch percentage in 2024 or 2025 versus 2023 or 2022, something that we could start to kind of make our own estimates for. And again, there's a lot of moving variables, but order of magnitude, does that start to become, 5% to 10% above production growth? Does it become 10% plus above production growth? There's something in that order of magnitude to give us sort of the end goal of 2024 and 2025, because there's, we see the orders, but I think we're trying to connect the pieces, just to get into 2024, 2025 would be super helpful.

那太棒了。也許只是作為後續行動，不是為了這次電話會議，但我認為也許，一個指標有助於推進更新的單位百分比，或者 2024 年或 2025 年與 2023 年或2022 年，我們可以開始做出自己的估計。再說一遍，有很多變化的變量，但從數量級來看，這是否會開始比產量增長高出 5% 到 10%？產量成長是否會超過 10% 以上？這個數量級的東西可以為我們提供 2024 年和 2025 年的最終目標，因為我們看到了訂單，但我認為我們正在嘗試將各個部分連接起來，只是為了進入 2024 年，2025 年將是超級好的有幫助。

(Operator Instructions) Our next question comes from Mark Delaney with Goldman Sachs.

（操作員指示）我們的下一個問題來自高盛的馬克·德萊尼（Mark Delaney）。

First, when you think about some of the new wins and some of the take backs, that you referred to, are those consistent with the trend higher and pricing over time that was something that was articulated at the Analyst Day?

首先，當您考慮您提到的一些新的勝利和一些回報時，這些是否與分析師日所闡明的隨著時間的推移而走高的趨勢和定價一致？

So yes, I think overall we have various new win-back opportunities right across the globe, not just in Europe, but also North America primarily and also in China some great opportunities, I think overall in a very competitive environment. But what I said at the beginning, I think we are better than even before in terms of competition, right? With our new products, right? With all the flexibility we are offering to OEMs and we bring also more and more features on the embedded side, but also on the cloud side, right? And that was actually what we also mentioned at the Analyst Day that we see a nice increase in the PPU that's already to embedded. And I think we will also show something over the next couple of quarters on the connected side where we see also a nice upside. But overall I think we are doing pretty well here.

所以，是的，我認為總的來說，我們在全球範圍內都有各種新的贏回機會，不僅在歐洲，而且主要在北美，在中國也有一些很好的機會，我認為總體來說是在一個競爭非常激烈的環境。但我一開始就說過，我認為我們在競爭方面比以前更好，對吧？有了我們的新產品，對嗎？憑藉我們為 OEM 提供的所有靈活性，我們還在嵌入式端以及雲端帶來了越來越多的功能，對嗎？這實際上也是我們在分析師日提到的，我們看到已經嵌入的 PPU 有了很大的成長。我認為我們還將在接下來的幾個季度在互聯方面展示一些東西，我們也看到了不錯的優勢。但總的來說，我認為我們在這裡做得很好。

Okay. That's helpful. And then the second was on the connected business. I believe in the past the company has talked about some component of revenue that's tied to usage of the products and whether or not, when your technology is on vehicles, are drivers actually engaging with it and using it? Maybe talk a little bit more on what you're seeing in terms of underlying usage rates broadly and was there any impact from usage rates on revenue in the quarter?

好的。這很有幫助。第二個是關於互聯業務。我相信過去該公司已經討論過與產品使用相關的收入組成部分，以及當您的技術應用在車輛上時，駕駛員是否真正參與並使用它？也許多談談您在廣泛的基礎使用率方面所看到的情況，以及使用率對本季收入是否有任何影響？

Today most of our contracts are on the connected side. Not tied to usage. We do have a small amount and we actually saw a slight benefit this quarter from one of those contracts. And then I think going forward as more and more of the OEMs move to over the year updates, that will also help us to implement more of our solutions on cars that are on the road may also help us with additional opportunities to have more usage or activation type revenue. So that was, it was small, but it was a positive thing this quarter on one of our deals.

如今，我們的合約大多是關聯方的。與使用情況無關。我們確實有少量合同，而且本季度我們實際上從其中一份合約中看到了輕微的好處。然後我認為，隨著越來越多的原始設備製造商轉向年度更新，這也將幫助我們在道路上的汽車上實施更多解決方案，也可能幫助我們有更多機會獲得更多使用或激活型收入。也就是說，雖然規模很小，但對於我們本季的一項交易來說，這是一件正面的事情。

At this time, I am showing no further questions. I would now like to turn the conference back to Rich for closing remarks.

目前，我沒有再提出任何問題。現在我想請 Rich 發表閉幕詞。

Thank you for everyone, to everyone for joining us on our conference call this morning. And we look forward to engaging with you in the future. Have a great day.

感謝大家，感謝大家今天早上參加我們的電話會議。我們期待將來與您合作。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。