Cerence Inc (CRNC) 2024 Q2 法說會逐字稿

(Starts Abruptly) data set and deep relationships with our customers will continue to be true differentiators for Cerence.

（突然開始）資料集和與客戶的深厚關係將繼續成為 Cerence 真正的差異化因素。

As we progress through the second half of the fiscal year, we have prioritized several objectives in order to strengthen our position in our core automotive business. First, balance our cost structure in accordance with our current levels of business while still ensuring we can successfully deliver on our Gen AI road map and customer commitments; second, release several Gen AI solutions into production with high end user satisfaction; and third, convert the deals currently in the pipeline, including some win-back opportunities.

隨著本財年下半年的進展，我們優先考慮了幾個目標，以加強我們在核心汽車業務中的地位。首先，根據我們目前的業務水準平衡我們的成本結構，同時仍確保我們能夠成功實現我們的 Gen AI 路線圖和客戶承諾；其次，將多個Gen AI解決方案投入生產，並獲得較高的最終用戶滿意度；第三，轉變目前正在進行的交易，包括一些贏回的機會。

Before I turn the call over to Dan Tempesta, our new CFO, I would like to take a moment to introduce him. Dan joined us in mid-March and was previously CFO of Nuance. As such, he is very familiar and experienced with the auto business and our solutions. With Dans's track record of leadership and experience in the space, we are happy to have Dan on board at this important moment in Cerence's journey. I would also like to take the opportunity to thank Tom Beaudoin for his contributions and partnership during his tenure as Cerence's CFO and look forward to his continuing support as a Cerence Board member.

在我把電話轉給我們新任財務長 Dan Tempesta 之前，我想花點時間介紹他。Dan 於 3 月中旬加入我們，曾擔任 Nuance 的財務長。因此，他對汽車業務和我們的解決方案非常熟悉且經驗豐富。憑藉 Dans 在該領域的領導記錄和經驗，我們很高興 Dans 在 Cerence 旅程的這一重要時刻加入。我也想藉此機會感謝 Tom Beaudoin 在擔任 Cerence 財務長期間所做的貢獻和合作，並期待他作為 Cerence 董事會成員繼續提供支持。

With that, I would like to hand the call over to Dan to review our Q2 results in detail and share more about our guidance for Q3 and the full fiscal year. Dan?

因此，我想將電話轉交給 Dan，詳細審查我們第二季度的業績，並分享更多有關我們對第三季度和整個財年的指導。擔？

Thank you, Stefan.

謝謝你，斯特凡。

Before I begin, let me just say to our shareholders that while this is clearly a challenging quarter to come on board, I am optimistic about the road map and new products that Stefan discussed. Also, I look forward to meeting with many of you during the several investor conferences and NDRs we have in the coming weeks.

在開始之前，請允許我對我們的股東說，雖然這顯然是一個充滿挑戰的季度，但我對 Stefan 討論的路線圖和新產品感到樂觀。此外，我期待在未來幾週舉行的幾次投資者會議和 NDR 期間與你們中的許多人會面。

Turning to our results. Our Q2 revenue of $67.8 million was above the high end of the guidance, mainly due to an unplanned fixed license of approximately $5 million. This license was directly related to a settlement of an obligation created by a large customer's over-reporting of royalties discussed and reported on last quarter's conference call. In addition, our connected services revenue line also benefited from an unplanned OEM under-reporting true-up of approximately $2.6 million. Excluding these unplanned items, revenue would have landed within the lower end of our Q2 guidance range.

轉向我們的結果。我們第二季的收入為 6780 萬美元，高於指導上限，這主要是由於約 500 萬美元的計劃外固定許可。該許可與解決上季度電話會議上討論和報告的大客戶多報特許權使用費所產生的義務直接相關。此外，我們的連網服務收入線也受惠於約 260 萬美元的非計劃性 OEM 少報真實情況。排除這些計劃外項目，收入將落在我們第二季指導範圍的下限內。

Our adjusted EBITDA for the quarter was approximately breakeven and benefited from higher-than-expected revenue in the quarter. Our Q2 profitability was negatively impacted by approximately $6 million related to the write-off of a long-term unbilled contract asset associated with one of our nonautomotive customers that declared bankruptcy during the quarter. Our cash flow from operations was $1 million, and our balance sheet had total cash and marketable securities of approximately $115 million.

我們本季調整後的 EBITDA 大致達到盈虧平衡，並受益於本季高於預期的營收。我們第二季度的盈利能力受到約 600 萬美元的負面影響，該資產與我們在本季度宣布破產的一個非汽車客戶相關的長期未開票合約資產的沖銷有關。我們的營運現金流量為 100 萬美元，資產負債表上的現金和有價證券總額約為 1.15 億美元。

As Stefan mentioned a few minutes ago, our GAAP results were also negatively affected by a $252 million goodwill impairment. This is a noncash impairment charge that only affects our GAAP results.

正如 Stefan 幾分鐘前提到的，我們的 GAAP 表現也受到 2.52 億美元商譽減損的負面影響。這是一項非現金減損費用，僅影響我們的 GAAP 結果。

Turning to our detailed revenue breakdown. Variable license revenue was $25.1 million, down 4% from the same quarter last year and up 21% sequentially quarter-over-quarter. Fixed license revenue came in at $10.4 million for the quarter, $5 million higher than originally expected due to the unplanned fixed license previously mentioned. Looking forward, we expect $20 million of fixed licenses in the third quarter. This will bring our fiscal '24 fixed license total to approximately $30 million, including the unplanned $5 million settlement, which is above our initial expectations of $20 million.

轉向我們詳細的收入細分。可變授權收入為 2,510 萬美元，比去年同期下降 4%，比上一季成長 21%。由於前面提到的非計劃固定許可證，本季固定許可證收入為 1,040 萬美元，比最初預期高出 500 萬美元。展望未來，我們預計第三季的固定許可證價值將達到 2000 萬美元。這將使我們的 24 財年固定許可總額達到約 3,000 萬美元，其中包括計劃外的 500 萬美元和解金，高於我們最初預期的 2,000 萬美元。

Connected services revenue, excluding the legacy contract, was $13.6 million as discussed earlier, and as discussed earlier, benefited from the $2.6 million true-up from under-reporting by a customer, resulting in 30% growth for the same quarter last year and up 33% from the prior quarter. Excluding the true-up, connected services revenue was approximately $11 million, up 8% compared to the prior quarter. Excluding the impacts of legacy and the true-up, we expect only a modest ramp in connected services in the second half of 2024 compared to the first half.

如前所述，不包括遺留合約的互聯服務收入為 1,360 萬美元，並且如前所述，受益於客戶漏報導致的 260 萬美元調整，導致去年同季度及以上增長 30%較上一季度增長33%。不包括調整後的連線服務收入約為 1,100 萬美元，比上一季成長 8%。排除遺留和調整的影響，我們預計 2024 年下半年互聯服務與上半年相比只會小幅增長。

Our professional services revenue was flat year-over-year and down 10% quarter-over-quarter. As a reminder, while professional services is an enabler of both license and connected services revenue, we expect professional services revenue to remain generally flat.

我們的專業服務收入較去年同期持平，季減 10%。提醒一下，雖然專業服務是授權和連結服務收入的推動者，但我們預計專業服務收入將整體保持穩定。

Going a bit deeper into our variable license revenue, we have adjusted this schedule. First, we've added a row to highlight the periodic adjustments that can occur with OEM reporting. While there are always small adjustments that can occur in the ordinary course, our intention is to include, within this line, individual OEM-related adjustments that are greater than $2 million in any given quarter. This will allow us to highlight items that are impacting the variable license trends.

更深入地了解我們的可變授權收入，我們調整了這個時間表。首先，我們新增了一行來突出顯示 OEM 報告中可能發生的定期調整。雖然在正常過程中總是會發生一些小調整，但我們的目的是在此範圍內包括任何特定季度超過 200 萬美元的與 OEM 相關的單獨調整。這將使我們能夠突出顯示影響可變許可證趨勢的項目。

Second, we have updated the format to show, at the bottom of the page, the operational metrics that we have discussed and presented in the past. As previously mentioned, variable license this quarter was $25.1 million.

其次，我們更新了格式，以在頁面底部顯示我們過去討論和介紹的營運指標。如前所述，本季的可變許可金額為 2,510 萬美元。

Looking at our operational metrics, consumption of our previous fixed license contracts totaled $14.5 million this quarter, a reduction of 14% compared to the same quarter last year and in line with our expectations. As a reminder, because we have been managing down the annual value of fixed contracts, over time, this will result in a smaller consumption of royalties associated with past fixed contracts. As consumption levels decline, we expect that should correspondingly result in variable license growth in future periods as royalties will accrue directly into revenue as production occurs. We continue to expect to normalize our consumption run rate by the end of fiscal year 2026, at which time any new fixed contracts should roughly align to the level of consumption during the year.

從我們的營運指標來看，本季我們先前的固定許可合約消耗總額為 1,450 萬美元，與去年同期相比減少了 14%，符合我們的預期。提醒一下，由於我們一直在降低固定合約的年度價值，隨著時間的推移，這將導致與過去的固定合約相關的特許權使用費消耗減少。隨著消費水準下降，我們預計這將相應地導致未來時期許可的可變增長，因為特許權使用費將在生產時直接計入收入。我們仍然預計到 2026 財年末我們的消費運作率將正常化，屆時任何新的固定合約都應大致與年內的消費水準保持一致。

Our pro forma royalties were $39.6 million and show a recent declining trend. As we review our key performance indicators this quarter, our penetration of global auto production for the trailing 12 months remained steady at 54%. We shipped 11.7 million cars with Cerence technology in the quarter, down 6% year-over-year, while IHS production for the same period declined 1%. Cars produced that use our connected services increased 23% on a trailing 12-month basis compared to the same metric a year ago as some programs that were previously delayed went into production. Total adjusted billings increased 9% in the second quarter compared to the previous year.

我們的預估特許權使用費為 3,960 萬美元，近期呈下降趨勢。當我們回顧本季的關鍵績效指標時，我們在過去 12 個月的全球汽車生產滲透率保持穩定在 54%。本季我們採用 Cerence 技術的汽車出貨量為 1,170 萬輛，年減 6%，而 IHS 同期產量下降 1%。由於一些先前被推遲的項目投入生產，使用我們的互聯服務生產的汽車與一年前的相同指標相比，在過去 12 個月中增加了 23%。與去年同期相比，第二季調整後的總帳單增加了 9%。

Turning to our 5-year backlog metric. We are making an approximately $200 million reduction to our 5-year backlog, which brings that figure to approximately $1 billion. Incorporating the impacts just discussed, we are guiding our third quarter revenue to be between $66 million and $72 million, which includes the $20 million fixed license previously mentioned. For the full fiscal year, we expect revenue to be between $318 million and $332 million. Excluding the impact of any restructuring activities that may occur as we consider cost reductions, we expect fiscal year 2024 cash flow from operations to be in the range of $5 million to $15 million.

轉向我們的 5 年積壓指標。我們將 5 年積壓的訂單減少約 2 億美元，使這一數字達到約 10 億美元。考慮到剛才討論的影響，我們預計第三季的收入將在 6,600 萬美元至 7,200 萬美元之間，其中包括前面提到的 2,000 萬美元的固定許可證。我們預計整個財年的營收將在 3.18 億美元至 3.32 億美元之間。排除因考慮成本削減而可能發生的任何重組活動的影響，我們預計 2024 財年的營運現金流將在 500 萬至 1500 萬美元之間。

Before I provide our thoughts on fiscal '25, since the legacy Toyota contract is now behind us, I think it's important to discuss the 2024 revenues excluding the impacts of those services. We believe this view provides the new run rate revenue profile for the company. If you take the midpoint of our current fiscal year '24 revenue guidance I just discussed on the previous page of $325 million and exclude approximately $87 million of legacy-related revenue recognized in Q1, the adjusted revenue for the company for fiscal year '24 is approximately $238 million. We consider this new estimated run rate revenue relevant for both assessing our cost model as well as planning our business activities going forward.

在我提出對 25 財年的想法之前，由於傳統的豐田合約現已成為過去，我認為討論不包括這些服務的影響的 2024 年收入非常重要。我們相信這一觀點為公司提供了新的運作率收入概況。如果您採用我剛剛在上一頁討論的當前24 財年收入指引的中點3.25 億美元，並排除第一季度確認的約8700 萬美元的遺留相關收入，則該公司24 財年的調整後收入為約2.38億美元。我們認為這項新的估計運行率收入與評估我們的成本模型以及規劃我們未來的業務活動有關。

As we exit the first half of fiscal '24 with this new adjusted view of the run rate of our expected revenues, I do want to take a minute to look forward. While I am not prepared to provide '25 or midterm guidance at this time, I can provide a framework for how to begin to think about fiscal year '25 revenue.

當我們帶著對預期營收運行率的新調整觀點結束 24 財年上半年時，我確實想花一點時間展望未來。雖然我目前不准備提供 '25 財年或中期指導，但我可以提供一個框架，指導如何開始考慮 '25 財年的收入。

If you assume flat OEM production and flat pricing mix, similar to what is incorporated in our last '24 guidance, our latest '24 guidance, we would expect significantly less fixed license consumption in fiscal '25 compared to fiscal year '24 as our past commitments continue to wind down. In addition, if you assume $20 million in new fixed licenses in fiscal year '25 and very modest growth in our run rate connected services, it would be reasonable to anticipate mid single-digit growth off of the new estimated run rate of $238 million. For some additional color on the sensitivity of this view, those growth rates could be lower or higher, depending on global auto production changes, date shifts in the introduction of new platforms and pricing and mix shifts. Again, this does not represent guidance but is rather a framework for how to think about fiscal '25 revenue. Also, this framework is subject to change based on a number of industry and customer-related factors.

如果您假設原始設備製造商生產和定價組合持平，類似於我們上次的「24 年指南」和最新的「24 年指南」中所包含的內容，我們預計「25 財年」的固定許可證消耗量將顯著低於我們過去的「24 財年」承諾繼續減少。此外，如果您假設25 財年的新固定許可證價值為2000 萬美元，並且我們的運行率連接服務增長非常溫和，那麼可以合理地預計新估計運行率將達到2.38 億美元的中等個位數增長。對於這種觀點敏感性的一些額外說明，這些成長率可能會更低或更高，具體取決於全球汽車產量的變化、引入新平台的日期變化以及定價和組合變化。同樣，這並不代表指導，而是如何思考 25 財年收入的架構。此外，該框架可能會根據許多行業和客戶相關因素而變化。

With regards to our business in the adjacent markets, as previously mentioned by Stefan, they are developing slower than anticipated. Although we do believe there is an opportunity for revenue growth in these markets in the midterm, we are not expecting a meaningful uplift in revenue contribution in fiscal '25.

至於我們在鄰近市場的業務，正如Stefan先前提到的，他們的發展速度比預期慢。儘管我們確實相信這些市場在中期存在收入成長的機會，但我們預期 25 財年的營收貢獻不會出現有意義的提升。

Wrapping up my comments, I'd like to leave you with a few key thoughts. We believe that generative AI and LLM technologies are critical to our future product road maps, and we plan to ensure that our resources are focused to invest in these technologies and related product offerings. Additionally, we believe that our position in the industry, our long-standing relationships with our customers and our initial success with our recently announced Gen AI products provide us with a solid foundation to reinvigorate growth in the future. And finally, given the current financial headwinds, we plan to take cost actions in the near term that will position us to deliver stronger profit margins and stronger cash flows.

在結束我的評論時，我想給您留下一些關鍵想法。我們相信，生成式人工智慧和法學碩士技術對我們未來的產品路線圖至關重要，我們計劃確保我們的資源集中投資於這些技術和相關產品。此外，我們相信我們在行業中的地位、與客戶的長期關係以及我們最近發布的 Gen AI 產品的初步成功為我們在未來重振成長奠定了堅實的基礎。最後，考慮到當前的財務逆風，我們計劃在短期內採取成本行動，這將使我們能夠實現更高的利潤率和更強的現金流。

That concludes our prepared remarks, and we will now open the call up for questions.

我們準備好的發言到此結束，現在開始接受提問。

(Operator Instructions) And your first question comes from the line of Jeff Van Rhee with Craig-Hallum.

（操作員說明）您的第一個問題來自 Jeff Van Rhee 和 Craig-Hallum 的對話。

I missed the first monologue there, was -- I don't know, it wasn't live. So apologies if I'm repeating stuff here, Stefan. But if you look at the magnitude of the reduction at the midpoint on the revenue picture, I mean, obviously, a very material number. When you look at what's being taken out, how does that affect your thinking about share gains, share loss, competitive landscape? Just start to parse that a little deeper, if you would.

我錯過了那裡的第一個獨白，是——我不知道，那不是現場直播。如果我在這裡重複的話，我很抱歉，Stefan。但如果你看看收入圖片中點的減少幅度，我的意思是，顯然，這是一個非常重要的數字。當您查看被刪除的內容時，這對您對份額收益、份額損失和競爭格局的思考有何影響？如果你願意的話，就開始更深入地解析它。

Yes. Okay. Maybe, Jeff, let me give you also my view, and then I will also ask Dan for his thoughts here. Yes. So after receiving the Q1 royalty reports, we observed some downward trends here. And then we conducted in Q2 a deep dive account-by-account reviews, starting in February and we finished in April. And we observed a couple of factors resulting in a reduction in forecast. So first of all, our forecast projection based on the latest data and some of the historical trends and data we have, and then we compared this also with the input from customers, the input from IHS. We still have a high penetration of 54%. But for this fiscal year, IHS is flat, yes? We assumed also a growth of 3%. And we saw also a decline quarter-over-quarter of 12%.

是的。好的。也許，傑夫，讓我也告訴你我的觀點，然後我也會在這裡詢問丹的想法。是的。因此，在收到第一季的版稅報告後，我們觀察到了一些下降趨勢。然後我們在第二季度進行了深入的逐個帳戶審核，從二月開始，到四月結束。我們觀察到有幾個因素導致預測下降。首先，我們的預測是基於最新數據以及我們擁有的一些歷史趨勢和數據，然後我們也將其與客戶的輸入、IHS 的輸入進行比較。我們仍然有 54% 的高滲透率。但就本財年而言，IHS 持平，是嗎？我們也假設成長 3%。我們還發現季度環比下降了 12%。

Now bringing this together, as we mentioned also in earlier calls, right, we see also some impact of delays in programs, yes? So -- and also that means a delay in start of production and also a slower ramp of new programs here, right? And of course, this is hitting the revenue forecast and also the cost driven by a higher PPU. This goes actually into the line of the core business running royalties, but we see also another aspect here, a slower ramp in 2-wheelers than originally anticipated. That's the first part of my answer.

現在將這些放在一起，正如我們在之前的電話會議中提到的那樣，對吧，我們還看到了計劃延遲的一些影響，是嗎？那麼——這也意味著製作開始的延遲以及新節目的推出速度放慢，對嗎？當然，這不僅達到了營收預測，也達到了較高 PPU 所帶來的成本。這實際上涉及到核心業務的特許權使用費，但我們也看到了另一個方面，兩輪車的成長速度比最初預期的要慢。這是我回答的第一部分。

On the second part, obviously, yes, I would like to split your market share question -- losing the market share in actually 2 parts. One is related to a real-time adjustment. Yes, and as you know, in the past, we lost some deals here. But this was already baked into our original forecast. We are completely convinced that based on our success at CES, we have a lot of opportunities also for winning back, and we believe also that the large hyperscalers are not performing. And as I mentioned also earlier, since CES, so within the last couple of months, we won 6 OEM programs, right? And currently, we are working or we are in predevelopment programs of about 14, that shows actually that we are on the right track with our new Gen AI road map.

關於第二部分，顯然，是的，我想將您的市場份額問題分開——實際上將市場份額分成兩部分。一是與即時調整有關。是的，正如你所知，過去我們在這裡失去了一些交易。但這已經納入我們最初的預測。我們完全相信，基於我們在 CES 上的成功，我們還有很多贏回的機會，我們也相信大型超大規模企業的表現不佳。正如我之前提到的，自 CES 以來，在過去的幾個月內，我們贏得了 6 個 OEM 項目，對吧？目前，我們正在進行或正在進行大約 14 個預開發項目，這實際上表明我們的新 Gen AI 路線圖正走在正確的軌道上。

Along the lines of the second part there, if you look at the competitive win-backs, you said you've got a bunch of them kind of percolating here. Can you expand on that a little bit? In terms of the last couple of years, where have the competitive losses taken place and in terms of against who? And then secondly, those that you think are on path to win back, where do you see most of your win-backs coming?

沿著第二部分的思路，如果你看看有競爭力的贏回，你會說你已經有很多這樣的人滲透到這裡。能稍微擴充一下嗎？就過去幾年而言，競爭損失發生在哪裡以及針對誰？其次，那些你認為正在贏回來的人，你認為大部分贏回來的人來自哪裡？

So when looking back, that was actually prior to the spin at Nuance days. So we lost, for example, GM against Google, yes? There was another loss at Volvo and a few others. But I think now we have huge opportunities for winning back a lot of deals here. And also with our new product road map and also with our new AI computing platform, I think we are forward to a breakthrough here for the conversational AI in the automotive world. And that's the feedback from more or less all OEMs across the globe.

所以回想起來，那其實是在 Nuance 時代之前。例如，我們在通用汽車對陣谷歌的比賽中輸掉了比賽，是嗎？沃爾沃和其他一些公司也出現了虧損。但我認為現在我們有巨大的機會在這裡贏回很多交易。憑藉我們的新產品路線圖和新的人工智慧運算平台，我認為我們有望在汽車世界的對話式人工智慧方面取得突破。這或多或少是來自全球所有原始設備製造商的回饋。

Yes. I mean, obviously, a lot of the OEM programs and particularly around software have struggled mightily. So certainly, there have been some delays, although it seems your revenue is falling short of that. Is there any reduction now versus their expectations the OEMs a year ago, 18 months ago, in terms of the quantity of your product they're taking and expecting to put into each car, the ARPU per car?

是的。我的意思是，顯然，許多 OEM 項目，特別是軟體方面的項目都陷入了困境。當然，確實存在一些延誤，儘管您的收入似乎沒有達到這一水平。與原始設備製造商一年前、18 個月前的預期相比，現在在每輛汽車中使用和預期投入的產品數量、每輛汽車的 ARPU 方面是否有所減少？

I mean, when looking at the current automotive trends, I see obviously actually 3 major trends. One is related to EV and we are all aware that there is a slowdown in the EV field. Secondly, as I also mentioned, the software-defined cars, it's creating another dimension of complexity, right? And unfortunately, we're seeing also some delays in new programs where we can provide actually a higher PPU. For us, you're right, that's missing. And the third one is the emergence of Gen AI. And this is really appreciated by more or less all carmakers across the globe, even in China, in Europe and North America.

我的意思是，在審視當前的汽車趨勢時，我顯然看到了 3 個主要趨勢。一是與電動車有關，我們都知道電動車領域正在放緩。其次，正如我也提到的，軟體定義的汽車，它正在創造另一個維度的複雜性，對吧？不幸的是，我們也發現新項目出現了一些延遲，而我們實際上可以提供更高的 PPU。對我們來說，你是對的，就是缺少了。第三個是Gen AI的出現。全球所有汽車製造商，甚至中國、歐洲和北美的汽車製造商或多或少都對此表示讚賞。

Your next question comes from the line of Nick Doyle with Needham.

你的下一個問題來自尼克·道爾和李約瑟的對話。

The first one on the fixed contract consumption. I understand you're talking about lower consumption over time and the drivers around that. But near-term, should we expect that same $15 million level -- $14 million, $15 million level through the fiscal year '24? And can you give a little more detail on the fiscal '25 consumption? Is maybe less than half of the rate that we're seeing in '24 a good place to be, modeling-wise?

第一個關於固定合約消費。我知道您正在談論隨著時間的推移消費量降低以及相關驅動因素。但從短期來看，我們是否應該期望 24 財年保持同樣的 1,500 萬美元水準——1,400 萬美元、1,500 萬美元水準？您能否提供更多有關 25 財年消費的詳細資訊？從建模角度來看，也許不到我們在 24 年看到的速度的一半是一個好的地方嗎？

Nick, this is Dan. Thanks for the question. I do think, in general, the remainder of the year is -- the past trends are good indicators of sort of the remainder of the year. That's the first part of your question. But remember what I said about '26. By the end of '26, we are -- we should be starting to get to close to parity of the fixed licenses that we do in those years. And our goal, of course, has always been to get to $20 million. So that's our intention next year. And if we change that intention, we'll let you know, but just take that as our expectations at this time.

尼克，這是丹。謝謝你的提問。我確實認為，總的來說，今年剩餘時間是——過去的趨勢是今年剩餘時間的良好指標。這是你問題的第一部分。但請記住我關於'26'所說的話。到 26 年底，我們應該開始接近那些年我們所做的固定許可證的同等水平。當然，我們的目標始終是達到 2000 萬美元。這就是我們明年的意圖。如果我們改變這個意圖，我們會通知您，但請將此視為我們目前的期望。

So if we get to a $20 million level or approximately, and we're at that run rate, you could expect that to come down over the next 2 years. So that should give you some indicators of how that's going to come down next year and the year after to get to that landing point.

因此，如果我們達到或大約 2000 萬美元的水平，並且我們按照這個運行速度，您可以預期在未來 2 年內會下降。因此，這應該為您提供一些指標，表明明年和後年將如何下降以達到該著陸點。

Yes. That's helpful. And the base that we're running on the fixed contract base is around $60 million today?

是的。這很有幫助。今天我們在固定合約基礎上運行的基礎約為 6000 萬美元？

Yes, approximately. It was a little higher last year. That number can fluctuate up and down, but that's a reasonable estimation.

是的，大約。去年這個數字稍微高一點。這個數字可能會上下波動，但這是一個合理的估計。

And then my second question on the ASP, the average billings per car, I think we saw a nice increase off the bottom this quarter. But I mean, given all the moving pieces in your guidance, it seems like ASPs may be flat, possibly down, I mean fourth quarter could be up. I mean, just a little more detail on how the ASPs are trending through the year and -- because it seems like what we kind of come out with on '24 is a good way to model the go-forward.

然後是關於 ASP 的第二個問題，即每輛車的平均帳單，我認為本季度我們看到了較底部的良好增長。但我的意思是，考慮到您指導中的所有變化，平均售價似乎可能持平，甚至可能下降，我的意思是第四季度可能會上升。我的意思是，只需更詳細地了解一年中 ASP 的趨勢，因為看起來我們在 24 年推出的內容是對未來進行建模的好方法。

I'll comment quickly, and then I'll let Stefan -- I mean, given the sort of reset, I think it's fair to say we should not be thinking about significant growth in ASPs just yet. So that's the first item. We are -- we continue to be impacted. One of the ways that ASPs get better is when we don't have the startup delay -- startup production delays because oftentimes, we're going from old program lower ASP to the new program higher ASP. And so we don't -- those startup productions impact that. But for the time being, it's relatively flat for this fiscal year.

我會快速發表評論，然後讓 Stefan——我的意思是，考慮到這種重置，我認為公平地說我們不應該考慮 ASP 的顯著增長。這是第一項。我們繼續受到影響。ASP 變得更好的方法之一是我們沒有啟動延遲 - 啟動生產延遲，因為我們經常從舊程式的 ASP 較低到新的程式更高的 ASP。所以我們不會——那些新創公司的作品會影響這一點。但就目前而言，本財年的情況相對穩定。

It's relatively flat for this fiscal year, right? So overall, with the new products, we will see or I believe we will see a higher ASP because we are creating a complete solution for the new in-cabin experience with respect to conversational AI and going also beyond. So as we also said, so we will see the first launch in 4 weeks from now. That's good, yes? Secondly, also, I mean, in the era of AI or generative AI, there's also a new speed, to give you also some ideas here, we can easily integrate our new Cerence assistant based on large language models and generative AI within 1 to 2 weeks on an automotive platform, fully tested (inaudible) in a car, but then it's all about the customization, the branding and so on and so forth. So overall, that's the path we are going here. And as Dan mentioned also in his script here, we are going for a transitioning for cost cutting approach here. But nevertheless, for us, the most important thing is also to drive innovation in the field of generative AI and large language model. And the new platform, what we call it the new AI computing platform goes far beyond automotive.

本財年相對平穩，對吧？因此，總的來說，透過新產品，我們將看到或我相信我們將看到更高的平均售價，因為我們正在為對話式人工智慧以及其他方面的新機艙體驗創建完整的解決方案。正如我們也說過的，我們將在 4 週後看到首次發布。那很好，是嗎？其次，我的意思是，在人工智慧或生成式人工智慧時代，也有一個新的速度，在這裡也給大家一些想法，我們可以在1 到2 內輕鬆整合基於大語言模型和生成式人工智慧的新Cerence 助手在汽車平台上花了數週的時間，在汽車上進行了全面測試（聽不清楚），但接下來的一切都是關於客製化、品牌推廣等等。總的來說，這就是我們要走的路。正如丹在他的腳本中也提到的那樣，我們將在這裡進行成本削減方法的過渡。但儘管如此，對我們來說，最重要的還是推動生成式人工智慧和大語言模式領域的創新。這個新平台，我們稱之為新的人工智慧運算平台，遠遠超越了汽車領域。

There are no questions. I will now turn the conference back over to Rich Yerganian, Vice President of Investor Relations, for closing remarks.

沒有問題。現在我將把會議轉交投資者關係副總裁 Rich Yerganian 致閉幕詞。

Thank you very much, and we will be, again, at several conferences upcoming, and look forward to speaking with you. Thank you.

非常感謝您，我們將再次參加即將舉行的幾次會議，並期待與您交談。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。