Cerence Inc (CRNC) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Cerence's third quarter 2025 earnings call.

您好，感謝您的支持。歡迎參加 Cerence 2025 年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I'd now like to hand the conference over to Kate Hickman, Vice President of Corporate Communications and Investor Relations. Please go ahead.

現在，我想將會議交給企業傳播和投資者關係副總裁凱特希克曼 (Kate Hickman)。請繼續。

Hello, everyone, and welcome to Cerence's third quarter 2025 conference call. I'm Kate Hickman, VP of Corporate Communications and Investor Relations. Before we begin, I would like to remind you that this call may involve certain forward-looking statements.

大家好，歡迎參加 Cerence 2025 年第三季電話會議。我是企業傳播和投資者關係副總裁凱特希克曼 (Kate Hickman)。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。

Any statements that are not statements of historical fact, including statements related to our expectations, anticipations, intentions, estimates, assumptions, beliefs, outlook, strategies, goals, objectives, targets and plans are forward-looking statements. Cerence makes no representations to update those statements after today.

任何非歷史事實的陳述，包括與我們的期望、預期、意圖、估計、假設、信念、展望、策略、目標、宗旨、指標和計劃有關的陳述均為前瞻性陳述。Cerence 不保證今天之後會更新這些聲明。

These statements are subject to risks and uncertainties, which may cause actual results to differ materially from such statements and expectations as described in our SEC filings, including the Form 8-K with the press release preceding today's call, our most recent Form 10-Q and our Form 10-K filed on November 25, 2024.

這些聲明受風險和不確定性的影響，可能導致實際結果與我們提交給美國證券交易委員會 (SEC) 的文件中所述的聲明和預期存在重大差異，包括今天電話會議之前的新聞稿中的 8-K 表格、我們最近的 10-Q 表格和我們於 2024 年 11 月 25 日提交的 10-K 表格。

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 Investors section of our website. Joining me on today's call are Brian Krzanich, CEO; and Tony Rodriquez, CFO.

此外，本公司可能會在本次電話會議中參考某些非公認會計準則指標、關鍵績效指標和備考財務資訊。請參閱今天的新聞稿，以了解這些指標的定義、限制和用途的更多詳細信息，以及非 GAAP 指標與最接近的 GAAP 指標的對帳。新聞稿可在我們網站的「投資者」部分查閱。參加今天電話會議的還有執行長 Brian Krzanich 和財務長 Tony Rodriquez。

Please note that slides with further context are available in the Investors section of our website. Before handing the call over to Brian, I would like to mention that we will be participating in the Raymond James Industrial and Energy Showcase on August 13 and 14 and the Needham Virtual Semiconductor and SemiCap Conference on August 20 and 21.

請注意，我們網站的「投資者」部分提供了包含更多背景的幻燈片。在將電話交給 Brian 之前，我想提一下，我們將參加 8 月 13 日和 14 日的 Raymond James 工業和能源展覽會以及 8 月 20 日和 21 日的 Needham 虛擬半導體和 SemiCap 會議。

Now on to the call. Brian?

現在開始通話。布賴恩？

Thank you, Kate. Good afternoon, everyone, and welcome to the Q3 2025 Cerence earnings call. I'm excited to speak with you today. We are very pleased with our strong results this quarter, exceeding the high end of our guidance with revenue of $62.2 million and adjusted EBITDA of $9 million. Importantly, we generated strong free cash flow of $16.1 million, marking our fifth consecutive quarter of positive free cash flow.

謝謝你，凱特。大家下午好，歡迎參加 2025 年第三季 Cerence 收益電話會議。我很高興今天能和你交談。我們對本季的強勁業績感到非常滿意，營收達到 6,220 萬美元，調整後 EBITDA 達到 900 萬美元，超出了我們預期的最高水準。重要的是，我們產生了 1,610 萬美元的強勁自由現金流，這標誌著我們連續第五個季度實現正自由現金流。

And for the full fiscal year, we are raising and narrowing revenue guidance to $244 million to $249 million. This brings the low end of our guidance range above the previous midpoint, and Tony will provide further details on our results later in the call.

對於整個財政年度，我們將提高並縮小收入預期至 2.44 億美元至 2.49 億美元。這使得我們的指導範圍的低端高於先前的中點，Tony 將在稍後的電話會議中提供有關我們結果的更多詳細資訊。

We continue to make progress on our three key deliverables for 2025, advancing our AI road map, growing our business with new and existing customers and continuing our transformation and cost management. First, we continue to advance the development of Cerence xUI, our next-generation hybrid agentic AI assistant platform.

我們將繼續在 2025 年的三個關鍵交付成果上取得進展，推進我們的人工智慧路線圖，與新舊客戶共同發展業務，並繼續我們的轉型和成本管理。首先，我們持續推動下一代混合代理 AI 助理平台 Cerence xUI 的開發。

While we previously differentiated between xUI Gen 1 and Gen 2, it's important to understand that xUI is not a static product, but rather a dynamic platform that is continuously evolving with new capabilities and features like multimodality and emotion detection rolling out over a strategic multiyear road map.

雖然我們之前區分了 xUI Gen 1 和 Gen 2，但重要的是要理解 xUI 不是一個靜態產品，而是一個動態平台，它會不斷發展，並在多年的戰略路線圖中推出新的功能和特性，如多模態和情緒檢測。

In addition, xUI is designed to scale alongside our OEM customers' development cycles, ensuring alignment with their evolving go-to-market strategies and technical road maps. We are firmly on schedule with the major milestones on this road map, highlighting our disciplined execution and commitment to delivering long-term scalable value through AI innovation.

此外，xUI 旨在與我們的 OEM 客戶的開發週期一起擴展，確保與他們不斷發展的市場進入策略和技術路線圖保持一致。我們正穩步推進該路線圖上的主要里程碑，凸顯了我們嚴謹的執行力和透過人工智慧創新提供長期可擴展價值的承諾。

And with that, we reached several important milestones for xUI within the quarter, including increasing language availability and advancing the platform's contextual reasoning capabilities. In addition, we continue to expand our partnerships with chip providers like Arm, enabling us to flexibly distribute and share computational loads between CPUs and GPUs to deliver improved speed and performance on the edge. And we believe this approach makes xUI one of the most powerful and flexible agentic AI platforms in the automotive space.

由此，我們在本季度內實現了 xUI 的幾個重要里程碑，包括增加語言可用性和提昇平台的上下文推理能力。此外，我們繼續擴大與 Arm 等晶片供應商的合作夥伴關係，使我們能夠在 CPU 和 GPU 之間靈活地分配和共享運算負載，從而提高邊緣的速度和效能。我們相信這種方法將使 xUI 成為汽車領域最強大、最靈活的代理 AI 平台之一。

And we're gearing up for another exciting milestone in September when we will showcase xUI at the International Auto Show in Munich. In Q3, we also continued to define and advance our AI agentic strategy within xUI.

我們正準備在 9 月迎來另一個令人興奮的里程碑，屆時我們將在慕尼黑國際汽車展上展示 xUI。在第三季度，我們也繼續在 xUI 中定義和推進我們的 AI 代理策略。

We're focused on developing our own stand-alone agents, namely a real-time knowledge agent and an integrated navigation and EV charging agent as well as empowering OEMs to integrate their own agents. Our calm family of proprietary language models is critical to this effort, enabling streamlined interoperability by serving as the orchestrator that helps ensure a consistent behavior and seamless integration across agents to deliver a seamless user experience.

我們專注於開發我們自己的獨立代理，即即時知識代理和整合導航和電動車充電代理，以及授權 OEM 整合他們自己的代理。我們的專有語言模型系列對於這項工作至關重要，它作為協調器，幫助確保跨代理的一致行為和無縫集成，從而實現簡化的互通性，提供無縫的用戶體驗。

And we believe that the flexibility and openness of our architecture alongside our unmatched automotive expertise continue to be differentiators for Cerence, especially as OEMs navigate the complexity and ambiguity of the current market while still looking for ways to improve the user experience in their vehicles.

我們相信，我們架構的靈活性和開放性以及我們無與倫比的汽車專業知識將繼續成為 Cerence 的差異化因素，特別是當 OEM 廠商在應對當前市場的複雜性和模糊性的同時仍在尋找改善車輛用戶體驗的方法時。

And we believe OEMs continue to choose Cerence and are excited by xUI for three main reasons. One, our deep automotive expertise, which allows us to quickly and efficiently integrate into the OEM's hardware to access vehicle data and manage vehicle functions. There are up to thousands of automotive-specific operations and command along with complex hardware and software that require intelligent integration to function.

我們相信 OEM 會繼續選擇 Cerence 並對 xUI 感到興奮，主要有三個原因。一是我們擁有深厚的汽車專業知識，這使我們能夠快速且有效率地整合到 OEM 的硬體中，以存取車輛資料並管理車輛功能。汽車專用操作和命令多達數千種，複雜的硬體和軟體也需要智慧整合才能運作。

Two, our open agnostic architecture and business model. Technology is evolving rapidly, making it difficult for OEMs to predict the future. At the same time, their customers are expecting LLM-based solutions in their vehicles today.

二、我們的開放不可知架構與商業模式。科技正在快速發展，使得 OEM 很難預測未來。同時，他們的客戶期望在他們的車輛中採用基於 LLM 的解決方案。

This puts automakers in a difficult position to having to make decisions today without knowing what the future will hold. This is a tailwind for Cerence as we offer the architectural and operational flexibility and domain expertise that can help them bridge this gap, enabling OEMs to bring LLM-powered capabilities to customers today and in the future while also maintaining ownership over their brand experience and data.

這使得汽車製造商陷入困境，他們必須在不知道未來會怎樣的情況下做出決策。這對 Cerence 來說是一個順風，因為我們提供的架構和營運靈活性以及領域專業知識可以幫助他們彌合這一差距，使 OEM 能夠為現在和未來的客戶提供 LLM 支援的功能，同時還能保持對其品牌體驗和數據的所有權。

And third, our team. We believe we are the best in the industry working at Cerence AI and the majority of our team have long relationships with our automaker customers. This makes us easy to work with as we know the ins and outs of how our customers work.

第三，我們的團隊。我們相信，在 Cerence AI 工作是業內最好的，我們團隊的大多數成員都與我們的汽車製造商客戶建立了長期的合作關係。這讓我們很容易合作，因為我們了解客戶工作的來龍去脈。

And as a result, we continue to see strong customer interest in xUI. In fiscal Q3, we signed a deal within the Volkswagen Group for one of its brands to have xUI as the basis of its next-gen system. We also expanded our work with JLR, bringing additional generative AI capabilities to their current platform as we work in parallel to build their future in car experience based on xUI.

因此，我們繼續看到客戶對 xUI 的濃厚興趣。在第三財季，我們與大眾汽車集團簽署了一項協議，將 xUI 作為其下一代系統的基礎。我們也擴大了與 JLR 的合作，為他們目前的平台帶來了額外的生成 AI 功能，同時我們同時致力於基於 xUI 建立他們未來的車載體驗。

And importantly, we're continuing to see an increased PPU with these deals, and we continue to have a robust pipeline of ongoing customer interest with a steady stream of proof of concept programs across North America, German, Japanese and Chinese OEMs. Continuing on our deliverables for 2025, the second is to further grow our business with new and existing customers.

重要的是，我們繼續看到這些交易的 PPU 不斷增加，並且我們繼續擁有強大的持續客戶興趣管道，並在北美、德國、日本和中國的 OEM 中提供源源不斷的概念驗證計劃。繼續實現我們 2025 年的目標，第二個目標是進一步發展我們與新舊客戶的業務。

We have a strong global momentum with our customers, including new design wins with Daihatsu and Hyundai as well as program extensions and renewals with Great Wall Motors and GM. Six major customer programs started production this quarter, including a BYD program for outside of China that spans 14 languages, illustrating that Chinese OEMs continue to look at Cerence to support their global expansion.

我們與客戶在全球範圍內保持著強勁的發展勢頭，包括與大發和現代簽訂的新設計協議以及與長城汽車和通用汽車的項目擴展和續簽。本季度，六個主要客戶項目開始投產，其中包括比亞迪針對中國境外的涵蓋 14 種語言的項目，這表明中國原始設備製造商繼續依靠 Cerence 來支持其全球擴張。

The previously announced generative AI program with smart as well as programs with Audi, Geely, Mahindra, Nissan and PSA also went live within the fiscal Q3. Our commitment to partnering and supporting our customers is also being recognized. We received formal letters in appreciation of our collaboration from two major customers in China, and we signed a new professional services agreement with Mercedes-Benz.

先前宣布的與 smart 合作的生成式人工智慧專案以及與奧迪、吉利、馬恆達、日產和 PSA 合作的專案也在第三財季上線。我們與客戶合作並提供支援的承諾也得到了認可。我們收到了來自中國兩家主要客戶的正式感謝信，並與梅賽德斯-奔馳簽署了新的專業服務協議。

Our work with Mercedes-Benz signals our ability to deliver core foundational technology in coexistence with big tech and OEMs, evolving agentic AI strategies as evidenced by our work on the latest generation of MBUX that first rolled out in the new electric CLA.

我們與梅賽德斯·奔馳的合作表明我們有能力與大型科技公司和原始設備製造商共存，提供核心基礎技術，並不斷發展代理 AI 策略，正如我們在新款電動 CLA 中首次推出的最新一代 MBUX 上所做的工作所證明的那樣。

We continue our efforts outside of automotive as well with deep focus on identifying new verticals where we think we have a solid value proposition and can win. We're being careful to understand these markets and the existing players within them, and we're working with vertical partners to help us with go-to-market technology.

我們也在汽車產業之外繼續努力，專注於尋找我們認為具有堅實價值主張並能夠取得成功的新垂直領域。我們正在認真了解這些市場及其現有的參與者，我們正在與垂直合作夥伴合作，以幫助我們獲得上市技術。

This process, along with executing proof of concept programs ensures we don't overinvest before we know we have a good product and a market. For example, we have developed a call center agent and are working to identify a go-to-market partner for this offering.

這個過程，加上概念驗證程序的執行，確保我們在知道我們擁有好的產品和市場之前不會過度投資。例如，我們已經開發了一個呼叫中心代理，並正在努力為該產品尋找市場合作夥伴。

At this time, the agent is focused on service-related customer interactions in the car, where we can use our vast car knowledge and already ingested vehicle data to support incoming calls and requests. But we could see this solution being applied across a myriad of industries.

此時，代理商專注於車內與服務相關的客戶互動，我們可以利用我們豐富的汽車知識和已經獲得的車輛數據來支援來電和請求。但我們可以看到該解決方案被應用於眾多產業。

We also formally announced our partnership with LG, which is leveraging our cloud, neural and edge text to speech to power voice interaction across its global television line-up, spanning 65 voices and languages across tens of millions of households.

我們也正式宣布與 LG 建立合作關係，LG 將利用我們的雲端、神經和邊緣文字轉語音技術為其全球電視產品線提供語音交互，覆蓋數千萬家庭的 65 種聲音和語言。

Cerence TTS enables LG TVs to quickly respond to user inquiries via natural spoken words, creating a more natural human-like user experience and simplifying users' interactions as they search for content and programming. So for example, the user could say, find me movies with Tom Cruise.

Cerence TTS 讓 LG 電視能夠透過自然口語快速回應使用者查詢，創造更自然的類似人類的使用者體驗，並簡化使用者在搜尋內容和節目時的互動。例如，用戶可以說「幫我找一下湯姆克魯斯主演的電影」。

And the TV can respond out loud while displaying options on the screen saying something like, you must like Tom Cruise. I looked up some of his movies. Do any of them interest you? Beyond the clear user experience benefits, Cerence TTS also enables LG to meet increasing accessibility requirements worldwide by ensuring that its television can be easily operated by people of all abilities.

電視可以大聲回應，同時在螢幕上顯示選項，例如說「你一定喜歡湯姆克魯斯」。我查閱了他的一些電影。其中任何一個有讓你感興趣嗎？除了明顯的使用者體驗優勢之外，Cerence TTS 還確保 LG 電視能夠被各種能力水平的人輕鬆操作，從而滿足全球日益增長的無障礙需求。

As a reminder, we believe the impact of our work to expand beyond automotive will be seen in our revenue and profitability in late fiscal 2026 and beyond. The third key deliverable for 2025 is to continue our transformation and cost management.

提醒一下，我們相信，我們在汽車領域以外拓展業務的努力所產生的影響將在 2026 財年末及以後的收入和盈利能力中得到體現。2025 年的第三個關鍵成果是延續我們的轉型和成本管理。

As you can see from our continued strong cash performance, we are seeing the real benefits from this work, and it is being delivered to the bottom line for our shareholders. We continue to identify opportunities for further cost savings.

從我們持續強勁的現金表現可以看出，我們從這項工作中看到了真正的好處，並且它正在為我們的股東帶來利潤。我們將繼續尋找進一步節省成本的機會。

Importantly, as we stated in our last earnings call, we did not see meaningful impact from tariffs on this quarter's results. For fiscal Q4 and therefore, for fiscal 2025, we believe the impacts will remain limited.

重要的是，正如我們在上次財報電話會議中所述，我們沒有看到關稅對本季業績產生重大影響。對於第四財季以及 2025 財年，我們認為影響仍然有限。

However, it's important to note that the situation remains fluid and may evolve over the remainder of the year. We are seeing third-party projections of vehicle volumes down approximately 2.5% for Q4, and we're seeing some programs continue to push out and be delayed.

然而，值得注意的是，情況仍然不穩定，並可能在今年剩餘時間內發生變化。我們看到第三方預測第四季度汽車銷量將下降約 2.5%，而且我們看到一些項目繼續推遲。

With this in mind we're working cooperatively with our customers to find ways to optimize our partnership to best support them while also maintaining favorable conditions for Cerence. Lastly, we have a long history of investing in our technology, and we have and will continue to defend our strong IP. We want those who infringe in our intellectual property to know that we're serious about this effort.

考慮到這一點，我們正在與客戶合作，尋找優化合作夥伴關係的方法，以便為他們提供最佳支持，同時也為 Cerence 保持有利條件。最後，我們長期以來一直致力於技術投資，並且我們已經並將繼續捍衛我們強大的智慧財產權。我們希望那些侵犯我們智慧財產權的人知道，我們對這項努力是認真的。

We have recently filed actions against Sony and TCL for their television's infringement of our voice technology patents. In conclusion, we're proud of what our team has accomplished this quarter and are encouraged by our results and our ongoing opportunities.

我們最近對索尼和TCL提起訴訟，指控他們的電視侵犯了我們的語音技術專利。總之，我們為團隊本季的成就感到自豪，並對我們的業績和持續的機會感到鼓舞。

We believe that we remain well positioned to support our customers and differentiate by our combination of technology and innovation, our diverse and expansive customer base and our deep automotive expertise. Our forecast for fiscal Q4 and 2025 demonstrates the strength of our products and the great work we've done to drive financial returns for our shareholders.

我們相信，憑藉技術與創新的結合、多元化和廣泛的客戶群以及深厚的汽車專業知識，我們仍然能夠為客戶提供良好的支持，並實現差異化。我們對第四財季和 2025 年的預測證明了我們產品的實力以及我們為股東帶來財務回報所做的出色工作。

With that, I'll turn it over to Tony.

說完這些，我就把麥克風交給東尼。

Thank you, Brian. Good afternoon, everyone, and thank you for joining our Q3 FY25 earnings call. We appreciate your time and interest in our company. Today, I'll be reviewing our Q3 results for fiscal 2025 and providing some guidance for our fourth quarter and resulting full fiscal year. Let's get into the Q3 operating statement.

謝謝你，布萊恩。大家下午好，感謝您參加我們的 2025 財年第三季財報電話會議。我們感謝您對我們公司所花的時間和關注。今天，我將回顧我們 2025 財年第三季的業績，並為我們的第四季及全年財報提供一些指導。讓我們來看看第三季的經營報表。

For Q3 FY25, we reported total revenue of $62.2 million, which was above the high end of our guidance range of $52 million to $56 million. We saw strong contributions across all of our revenue lines. Variable license revenue was $34.2 million, up 48% year over year, reflecting solid utilization across our customer base and reflecting more in-period revenue from license shipments as compared to the prior year quarter, given the lower level of recent fixed contracts than in historical periods.

2025 財年第三季度，我們報告的總收入為 6,220 萬美元，高於我們預期範圍的高端 5,200 萬美元至 5,600 萬美元。我們看到了所有營收線的強勁貢獻。可變許可收入為 3,420 萬美元，比去年同期增長 48%，這反映了我們整個客戶群的穩健利用率，並且由於近期固定合約水準低於歷史時期，因此與去年同期相比，許可證出貨量的期內收入有所增加。

We saw higher than expected volumes, possibly due to manufacturers producing ahead of potential tariff impacts and received benefit from favorable exchange rates on the euro. As expected, we recognized no fixed license revenue this quarter compared to $20 million in Q3 of last year, reflecting our continued strategic shift away from large upfront license deal.

我們看到的銷售量高於預期，可能是因為製造商在潛在關稅影響之前就進行了生產，並受益於歐元的有利匯率。正如預期的那樣，本季我們沒有確認固定授權收入，而去年第三季為 2,000 萬美元，這反映了我們繼續從大額前期授權交易的策略轉變。

To reiterate, fixed license arrangement involves customers paying early on a nonrefundable basis in exchange for discounted rates. While these deals provide short-term cash benefits and meet certain customer needs, we've made a deliberate decision over the past two years to strengthen our pricing strategy and better align revenue recognition with product delivery.

重申一下，固定許可安排涉及客戶提前付款且不可退款，以換取折扣價。雖然這些交易提供了短期現金利益並滿足了某些客戶的需求，但過去兩年我們已做出深思熟慮的決定，以加強我們的定價策略並更好地將收入確認與產品交付結合起來。

Historically, fixed license revenue reached as high as $70 million annually. Last year, it totaled $30 million. For this fiscal year, we planned approximately $20 million in fiscal Q2, primarily tied to budgeting cycles of our Asian-based customers.

從歷史上看，固定許可證收入每年最高可達 7,000 萬美元。去年，總額達 3,000 萬美元。對於本財政年度，我們計劃在第二財政年度投入約 2,000 萬美元，主要與我們亞洲客戶的預算週期相關。

Going forward, we are comfortable in this $20 million range annually. As a result, while total license revenue declined 20.6% year over year this quarter, the underlying mix continues to shift toward more recurring and scalable usage-based models versus upfront fixed license arrangements.

展望未來，我們對每年 2000 萬美元的規模感到滿意。因此，儘管本季總授權收入年減 20.6%，但基礎架構仍持續朝向更經常性和可擴展的基於使用情況的模式轉變，而非前期固定授權安排。

Connected services revenue was $12.8 million, up 17% year over year, driven by steady growth in our connected installed base. Professional services came in at $15.2 million, down 8% from prior year, reflecting a lower mix of custom work and greater implementation efficiency. Gross profit for the quarter was $45.9 million, yielding a gross margin of 74% compared to 72% in Q3 of fiscal 2024.

連網服務收入為 1,280 萬美元，年增 17%，這得益於連網安裝基數的穩定成長。專業服務收入為 1,520 萬美元，較前一年下降 8%，反映出客製化工作比例降低和實施效率提高。本季毛利為 4,590 萬美元，毛利率為 74%，而 2024 財年第三季為 72%。

The increase was largely due to a higher mix of technology revenue, offset by the absence of high-margin fixed license revenue. Non-GAAP operating expenses came in at $39.6 million, a 3% or $1.1 million reduction year over year.

成長的主要原因是技術收入的組成增加，但高利潤固定許可收入的缺失抵消了這一增長。非公認會計準則營運費用為 3,960 萬美元，年減 3% 或 110 萬美元。

Q3 of last year benefited from a $2.4 million bad debt recovery. Otherwise, the year over year reduction would have been 11%. This reflects focused expense management while maintaining strategic investment in R&D.

去年第三季受惠於 240 萬美元的壞帳回收。否則，年減幅將達到 11%。這體現了在保持研發策略投資的同時，並專注於費用管理。

As a result, our adjusted EBITDA for the quarter was $9 million, which is well above our guidance range of $1 million to $4 million. Our GAAP net loss for Q3 was $3 million compared to a net loss of $314 million for the same quarter last year.

因此，本季的調整後 EBITDA 為 900 萬美元，遠高於我們的預期範圍 100 萬至 400 萬美元。我們第三季的 GAAP 淨虧損為 300 萬美元，而去年同期的淨虧損為 3.14 億美元。

In Q3 of last fiscal year, the company recorded a goodwill impairment charge of $357 million. This was a noncash charge that only affected our GAAP results. From a metric standpoint, we shipped 12.4 million units this quarter, an increase from 12.1 million in prior year.

上一財年第三季度，該公司提列了 3.57 億美元的商譽減損費用。這是一項非現金費用，僅影響我們的 GAAP 結果。從指標角度來看，本季我們的出貨量為 1,240 萬台，比去年同期的 1,210 萬台有所成長。

We also grew our number of connected cars shipped by 12%, underscoring the continued momentum in vehicle connectivity. We captured 52% of worldwide auto production remaining in line with our historical penetration. Adjusted total billings were $226 million, an increase of 3.5% year over year and consistent with plan.

我們的連網汽車出貨量也成長了 12%，凸顯了汽車連網持續發展的動能。我們佔了全球汽車產量的52%，與我們的歷史滲透率保持一致。調整後的總營業額為 2.26 億美元，年增 3.5%，與計畫一致。

As a reminder, when we look at total licenses shipped, pro forma royalties is an operating measure we use representing the total value of variable licenses shipped in a quarter, including the shipments from fixed licenses where the revenue was previously recognized upon contract signing. We refer to the shipments where revenue was recognized in a prior period as fixed license consumption.

提醒一下，當我們查看已運送的許可證總數時，形式版稅是我們用來表示一個季度內發運的可變許可證的總價值的運營指標，其中包括固定許可證的發運量，這些許可證的收入先前在簽訂合約時確認。我們將前期確認收入的出貨量稱為固定許可證消耗。

Our pro forma royalties were $43.2 million, which were higher by [$3.5 million] as compared to $39.7 million in Q3 of last year. However, the consumption of our previous fixed license contracts totaled $9.1 million this quarter, lower than the same quarter last year by about 7% and in line with expectations. This drops more of the pro forma royalties into revenue in the current period as compared to a year ago.

我們的預計特許權使用費為 4,320 萬美元，比去年第三季的 3,970 萬美元高出 350 萬美元。不過，本季我們先前的固定許可合約的消費總額為 910 萬美元，比去年同期低約 7%，符合預期。與去年同期相比，這導致本期計入收入的預期特許權使用費下降。

As discussed in previous calls, we anticipate a lower level of consumption given our lower level of fixed contracts than in historical periods. Our PPU metric increased to $4.91 for the trailing 12 month period, up from $4.47 for the same period last year, reflecting continued implementation of our improved pricing strategy and an increase in the adoption of connected solutions.

正如在先前的電話會議中所討論的那樣，由於我們的固定合約水準低於歷史時期，我們預計消費水準將會降低。過去 12 個月，我們的 PPU 指標從去年同期的 4.47 美元增加到 4.91 美元，這反映出我們持續實施改進的定價策略，並增加了對互聯解決方案的採用。

When evaluating our liquidity position this fiscal year, we have been successful in reducing our total debt by $87.5 million using cash on hand. In Q1, we repurchased $27.4 million in principal value of our 2025 convertible notes and fully repaid the remaining $60.1 million in June.

在評估本財年的流動性狀況時，我們已成功利用現金將總債務減少了 8,750 萬美元。在第一季度，我們回購了價值 2,740 萬美元的 2025 年可轉換票據本金，並於 6 月全額償還了剩餘的 6,010 萬美元。

Combined with our $16.1 million of positive free cash flow during the quarter, our fifth consecutive quarter of generating positive free cash flow, we ended the quarter with $79.1 million in cash and marketable securities. We're comfortable in operating the business at these levels, supported by the expectation of continued positive cash flow.

加上本季我們 1,610 萬美元的正自由現金流（這是我們連續第五個季度產生正自由現金流），本季末我們擁有 7,910 萬美元的現金和有價證券。在持續正現金流預期的支持下，我們樂意以這樣的水平經營業務。

Now turning to our guidance. For Q4, we currently expect revenue to be in the range of $53 million to $58 million. As mentioned, we believe some portion of the Q3 upside was due to higher than expected production within the quarter, possibly due to OEMs producing ahead of tariff impacts in Q4.

現在轉向我們的指導。對於第四季度，我們目前預計營收將在 5,300 萬美元至 5,800 萬美元之間。如上所述，我們認為第三季度的成長部分是由於本季度產量高於預期，這可能是由於原始設備製造商在第四季度關稅影響之前就進行了生產。

In addition, we expect no material fixed license revenue to be signed in Q4, and we expect to see normal seasonality where volumes in Q4 tend to be lower than Q3. With no fixed license revenue forecast in Q4, we expect gross margins to be in the range of 68% to 69%, GAAP net loss to be in the range of $18 million to $22 million and adjusted EBITDA to be in the range of $2 million to $6 million.

此外，我們預計第四季度不會簽署任何實質的固定許可收入，我們預計第四季度的交易量將低於第三季度，這是正常的季節性現象。由於第四季沒有固定的授權收入預測，我們預計毛利率將在 68% 至 69% 之間，GAAP 淨虧損將在 1,800 萬美元至 2,200 萬美元之間，調整後的 EBITDA 將在 200 萬美元至 600 萬美元之間。

With that, given our strong performance in Q3 and our Q4 guidance, ranges for full fiscal year expectations for revenue, adjusted EBITDA and free cash flow have improved and narrowed.

鑑於我們在第三季度的強勁表現和第四季度的指引，整個財年的收入、調整後 EBITDA 和自由現金流預期範圍已經改善並縮小。

Revenue guidance is moving from a range between $236 million and $247 million to a range between $244 million and $249 million. This brings the low end of our guidance range above the previous midpoint. In addition, we are raising our adjusted EBITDA guidance range to $42 million to $46 million, and our expected free cash flow range has increased to $38 million to $42 million.

營收預期從 2.36 億美元至 2.47 億美元調整至 2.44 億美元至 2.49 億美元。這使得我們的指導範圍的低端高於先前的中點。此外，我們將調整後的 EBITDA 指引範圍上調至 4,200 萬美元至 4,600 萬美元，預期自由現金流範圍增至 3,800 萬美元至 4,200 萬美元。

To summarize, we believe our Q3 performance demonstrates meaningful progress across variable revenue, recurring connected services and expense discipline. We remain confident in our long-term strategy, and we are actively managing our expenses while continuing to invest in innovation and customer value.

總而言之，我們相信我們的第三季業績在可變收入、經常性連結服務和費用控制方面取得了有意義的進展。我們對我們的長期策略充滿信心，我們正在積極管理我們的開支，同時繼續投資於創新和客戶價值。

Thank you again for your continued support. With that, I will turn it back to Brian to close our remarks.

再次感謝您一直以來的支持。好了，現在請布萊恩來結束我們的演講。

Thanks, Tony. In closing, we're pleased with our results this quarter and proud of what our team has accomplished. Through the remainder of the fiscal 2025, we remain focused on our key deliverables, advancing our AI road map, growing our business with new and existing customers and continuing our transformation and cost management. And we look forward to sharing more on our view for fiscal 2026 in the next quarter's call. We'll now open it up for questions.

謝謝，托尼。最後，我們對本季的業績感到滿意，並為我們團隊所取得的成就感到自豪。在 2025 財年的剩餘時間裡，我們將繼續專注於我們的關鍵交付成果，推進我們的人工智慧路線圖，與新舊客戶發展業務，並繼續我們的轉型和成本管理。我們期待在下一季的電話會議上分享更多關於 2026 財年的看法。我們現在開始回答問題。

(Operator Instructions)

（操作員指示）

Nick Doyle, Needham.

尼克·道爾，尼德姆。

Hey guys, thanks for taking my questions and congrats on the PPU progress. Can you expand on what drove the increases this quarter? Was that across both license and connected services? And you talked about six programs, these Gen AI programs going into production. But it's right to think that's too early for that to really impact the PPU line this quarter. So any more detail there would be great. Thank you.

嘿，大家好，感謝你們回答我的問題，並祝賀 PPU 取得進展。您能否詳細說明本季成長的推動因素？這是否涉及許可證和連接服務？您談到了六個項目，這些 Gen AI 項目正在投入生產。但現在認為這還為時過早，不足以真正影響本季的 PPU 系列。因此，如果能提供更多細節就更好了。謝謝。

Sure. And you're right, it's too early for those to impact PPU. As we know, it's a trailing 12 months number, and those will come in as we really deliver against that. But yeah, on the delivery for Q3, it was across all three lines. So if you think about the embedded side, we saw more volume from the embedded license this quarter.

當然。你說得對，這些對於 PPU 產生影響還為時過早。我們知道，這是過去 12 個月的數字，只有當我們真正實現這一目標時，這些數據才會出來。但是的，在第三季的交付中，它涉及了所有三條線路。因此，如果您考慮嵌入式方面，我們會發現本季度嵌入式授權的數量有所增加。

So -- and if you remember from previous discussions on revenue recognition for the embedded licenses that are shipped, those will get recognized in quarter. So we saw a higher volume there. And because of that higher volume, the way the fair value works for fair value accounting is some of it when we originally booked these contracts, some of that value goes to professional services.

所以——如果您還記得之前關於已發貨嵌入式許可證的收入確認的討論，這些收入將在季度內得到確認。所以我們在那裡看到了更高的交易量。而且由於交易量較大，公允價值會計的公允價值計算方式是，當我們最初簽訂這些合約時，其中一部分價值用於專業服務。

And so when we saw higher value on the embedded side, we also had an increase in the usage side of professional services. So you saw embedded up, you saw professional services up as well.

因此，當我們看到嵌入式方面的更高價值時，專業服務的使用方面也會增加。因此，您看到嵌入式服務上升，您也看到專業服務上升。

And then from a connected side, we saw an increase as we noted, but that was really kind of in line with expectations. We've talked about this before. Remember that our customers self-report their royalty volumes. And so we have to accrue a certain amount until we get those royalty reports. And in some periods, we have catch-up kind of true-ups to what we've accrued to what this actually came in.

然後從相關方面來看，我們看到了成長，但這確實符合預期。我們之前已經討論過這個問題。請記住，我們的客戶會自行申報他們的版稅金額。因此，我們必須累積一定金額，直到我們收到那些版稅申報。在某些時期，我們會對已累積的金額與實際收到的金額進行追趕。

So we also had some additional true-ups, which impacted the embedded line and the professional services line as well. And those are normal for the business, but they -- I think they were a little bit higher than normal this quarter. And then lastly, we saw an increase in the euro exchange, the dollar that benefited all of the line items as well.

因此，我們也進行了一些額外的調整，這也影響了嵌入式產品線和專業服務產品線。對於業務而言，這些是正常的，但我認為本季的銷售額比正常水平略高一些。最後，我們看到歐元兌美元匯率上漲，這也使所有項目受益。

Yeah. Nick, I think part of the rest of your question was six new programs, are they affecting PPU this quarter? You're right. No, they'll go into implementation over the next quarter or two, depending on the program. We are seeing, as Tony said, more connected devices or vehicles.

是的。尼克，我認為你問題的其餘部分是六個新項目，它們會影響本季的 PPU 嗎？你說得對。不，他們將在接下來的一兩個季度內開始實施，具體取決於計劃。正如托尼所說，我們看到了更多連網設備或車輛。

We're seeing some upgrades as OEMs choose to push out some of the newer programs, but then we can offer them upgrades through the cloud, things like that, that are driving that PPU. So more connected, more features. The cloud gives us the option to really have that flexibility to offer them things that we can download overnight literally.

隨著 OEM 選擇推出一些較新的程序，我們看到了一些升級，但我們可以透過雲端為他們提供升級，諸如此類的事情正在推動 PPU 的發展。因此連接性更強，功能更多。雲端運算讓我們能夠真正靈活地為他們提供可以在一夜之間下載的內容。

Thanks. And then a clarification. I mean, sometimes you call out what that true-up number was. Was it not material enough to call it out this quarter?

謝謝。然後進行澄清。我的意思是，有時你會說出那個真實的數字是多少。本季的討論是否還不夠重要？

Yeah. And I think what we've said in the past that we have a material number with any single customer, and I think there was nothing material within a single customer. But we had true-ups across the board that were probably a little higher than in previous quarters.

是的。我認為我們過去曾說過，我們對任何單一客戶都有一個重要編號，但我認為單一客戶中沒有任何重要的東西。但我們的全面修正值可能比前幾季略高一些。

And again, those -- as we do those, it's a normal course of how we record revenue, right, as we get actuals versus what we've accrued for in the past. So nothing material for any single, but a fair amount compared to previous quarters overall.

再說一次，當我們這樣做時，這是我們記錄收入的正常過程，對吧，因為我們得到的是實際收入，而不是過去累積的收入。因此，對於任何單一而言，這都不算什麼實質內容，但與前幾季相比，總體而言，這是一個相當可觀的數字。

Understood. And a bit of a macro question here. Just what are your customers seeing in terms of auto production in the next six months? I mean you mentioned this in your script, Tony. I think investors are concerned about weakening second half and some of that's contemplated in the guide. But are you thinking this will impact the December quarter as well? Like I guess, how much do you think was pulled in company-wide, industry-wide, just from your point of view? Thank you.

明白了。這裡有一個宏觀問題。您的客戶對未來六個月的汽車生產有何看法？我的意思是你在你的劇本中提到了這一點，東尼。我認為投資者擔心下半年經濟會走弱，指南中已經考慮到了這一點。但您是否認為這也會影響 12 月季度？我想，從您的角度來看，您認為整個公司、整個產業都受到了多大的衝擊？謝謝。

Let me start and then Tony can go into more detail. But -- so each quarter, we've kind of told you we don't see much of an impact in the next quarter in tariffs and things like that. And so far, that's held. We do think there was a certain amount of build ahead in Q3 that occurred. It's a little bit hard for us to pin it down exactly how much, Nick, was, but that's a little bit why Q3 was so high and Q4 is kind of more of a standard quarter where that's just some of the build ahead we're seeing.

讓我先開始，然後 Tony 可以講得更詳細一些。但是—每個季度，我們都會告訴您，我們認為下一季關稅等不會產生太大影響。到目前為止，這項計劃仍在進行中。我們確實認為第三季出現了一定程度的建設。尼克，我們很難確切地確定具體數字，但這就是為什麼第三季度如此之高，而第四季度更像是一個標準季度，這只是我們看到的一些未來發展的一部分。

And then -- but in the overall year, we're actually up and we've raised our guidance and raised the bottom of our guidance above the midpoint prior. That all shows that we believe the year will end out strong, right? As we go on to next year, I'm just going to be honest with you, we're not going to try and forecast next year yet. We have some initial IHS data that suggests there's some decrease in volume. What we don't know is there's a bunch of -- we talked about the number of POCs and new programs.

然後 — — 但就全年而言，我們實際上是上漲的，我們提高了我們的指導，並將我們的指導底部提高到了之前的中點之上。這一切都表明我們相信今年將會以強勁的勢頭結束，對嗎？展望明年，我要坦誠地告訴你們，我們暫時不會嘗試預測明年的情況。我們有一些初步的 IHS 數據表明數量有所下降。我們不知道的是，我們討論了 POC 和新項目的數量。

We talked about the six that we won this quarter, those all have to be factored into that. So we have offsetting. We believe the connected vehicles will grow. So all of those things will balance each other, and we'll sit down and figure out how 2026 and Q1 of 2026 fiscal looks as we go through this quarter, and we'll give you those numbers at the end of the quarter.

我們討論了本季度贏得的六場比賽，所有這些都必須計入其中。所以我們有抵消。我們相信連網汽車將會成長。因此，所有這些因素都會相互平衡，我們將坐下來，在本季度期間弄清楚 2026 年和 2026 年第一季的財政狀況，並在本季度末向您提供這些數字。

But right now, we believe Q4 will hold to our numbers. It means a strong year, raising guidance, raising midpoint, raising above the midpoint of the prior forecast. So closing out the year strong.

但目前，我們相信第四季的數據將保持不變。這意味著強勁的一年，提高了指導，提高了中點，並提高了先前預測的中點。因此，以強勁的勢頭結束這一年。

Yeah, I think that's well said. And I think, if you think of our second half, when you combine Q3 and our Q4 guidance, we're ahead of kind of where our second half was. So yeah, maybe a little bit of pull forward. We factored that into a little bit of volume decrease in Q4. But the other side of it is, as I mentioned, we had some true-ups this kind of across the board this quarter.

是的，我認為說得很好。我認為，如果您考慮我們的下半年，當您將第三季和第四季的指導結合時，我們會領先於下半年的水平。是的，也許稍微向前拉一點。我們已將此因素考慮在內，導致第四季度銷量略有下降。但另一方面，正如我所提到的，本季我們全面實現了一些這樣的調整。

Well, that part of it is a little bit of catch-up, but the other side is kind of new run rates for some of these programs that we have to bake into -- and since they're a little bit higher, bake those into our overall volume run rate.

嗯，這部分是有點追趕，但另一方面是我們必須將這些程式中的一些新的運行率納入其中 - 而且由於它們有點高，所以將它們納入我們的總體運行率中。

So a lot of puts and calls, but that's reflected in our full year guidance, which now is higher than as we said from last quarter. So we've pulled that guidance upward. And we'll take a look at how that impacts '26 as we finish out the year.

因此有許多看跌期權和看漲期權，但這反映在我們的全年指引中，現在這個指引高於我們上個季度的指引。因此我們上調了這項指導。在年底時，我們將看看這將對 26 年產生什麼影響。

Really helpful. Thanks, guys.

真的很有幫助。謝謝大家。

Thank you.

謝謝。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Oh great, thanks for taking my questions. I guess just following up on some of the recent comments. The guide does imply, I think, about a 10% decline at the midpoint quarter over quarter in sales. I think you mentioned about a 2.5% production decline. I think it might be a little worse. But why the big move down? Is that related to some of the true-ups in the quarter? Or is there other factors we should consider?

哦，太好了，感謝您回答我的問題。我想只是跟進一些最近的評論。我認為，該指南確實暗示銷售額中點環比下降約 10%。我認為您提到了產量下降 2.5%。我認為情況可能會更糟一些。但為何會大幅下跌？這與本季的一些實際成長有關嗎？或者我們還應該考慮其他因素？

No. I mean you got to stop and -- I mean that's what we've been attempting to communicate is some of that was pull-ins from Q4 into Q3. So if you look at Q3, we really exceeded even the top end of our guidance for Q3.

不。我的意思是你必須停下來——我的意思是這就是我們一直試圖傳達的，其中一些是從第四季到第三季的拉動。因此，如果你看一下第三季度，你會發現我們確實超出了我們對第三季度的最高預期。

And we believe some of that was pull in from Q4 as people were trying to -- as OEMs were trying to get ahead of the tariffs that were supposed to kick in, in August. So some of that was simply a pull-in from Q4, let's call it, into Q3 to get ahead of that curve.

我們認為，部分原因是人們試圖從第四季度開始——因為原始設備製造商試圖趕在 8 月開始生效的關稅之前。因此，其中一些只是從第四季度開始的拉動，我們可以稱之為進入第三季度，以領先於這一曲線。

But when you look at the full year and you take a look at Q4 and Q3 combined, because remember, quarter to quarter, we're going to bounce around as production varies a bit. And with tariffs coming in, going out, adjusting every month, week, sometimes, that's going to cause some of this fluctuation.

但是，當你縱觀全年，並結合第四季度和第三季度的數據時，請記住，由於產量略有不同，每個季度的情況都會有所波動。有時，關稅每個月、每週都會調整，這會導致一些波動。

You got to take a look at that long-term. That's why we are very confident in we're raising the year -- we're raising the bottom end of the year even above the midpoint of the prior guidance. That shows you the strong combined back half of the year. So it's really just pull ahead.

你必須從長遠角度來考慮這個問題。這就是為什麼我們非常有信心提高今年的業績——我們將把今年的底價提高到先前預測的中點以上。這顯示了上半年的強勁綜合表現。所以這其實只是領先而已。

Yeah, it's that. And then the volume number, we do look at overall IHS projections, which is that's the 2% to 2.5% that we discussed. But we also have to think about our specific customers within that population. And I believe that they were -- as you can see, our volume was up a little bit higher than even IHS. If you look at our volumes for Q3, you can see that we were higher than year over year and quarter over quarter than the IHS numbers.

是的，就是這個。然後對於數量，我們確實會考慮 IHS 的整體預測，也就是我們討論過的 2% 到 2.5%。但我們也必須考慮該群體中的特定客戶。我相信他們——正如你所見，我們的交易量甚至比 IHS 還要高一點。如果您查看我們第三季的銷量，您會發現我們的銷量年比和季比成長均高於 IHS 的數據。

So correspondingly, I think we would pull that down in similar fashion, so a little bit higher than the 2% in anticipation of how much was pulled forward. Couple that with, I'm not sure, a lot of our revenue gets recorded in the tail end of the quarter as we get royalty reports and so forth.

因此，我認為我們會以類似的方式將其拉低，因此比預期提前的 2% 略高一些。除此之外，我不確定，我們的許多收入都是在季度末記錄的，因為我們收到了版稅報告等等。

So I don't know what the euro will look like in the last month of our fourth quarter. So we've got some pullback there. And then some of the true-ups that we've seen, similarly, we don't want to anticipate that we'd have the same amount of kind of true-up volume as well.

所以我不知道第四季的最後一個月歐元會是什麼樣子。所以我們在那裡有所撤退。然後，對於我們看到的一些真實情況，同樣，我們也不想預期我們會有相同數量的真實量。

So we factored all three of those things in, and that's why you see the revenue kind of coming down a little bit in Q4. But still, if you look at -- it's a solid Q4, if you think about it apples to apples to where we were, would have been a year ago, without any fixed in either of the quarters.

因此，我們將這三個因素都考慮在內，這就是為什麼你會看到第四季度的收入略有下降。但是，如果你看一下——這是一個穩健的第四季度，如果你把它與一年前的情況進行比較，你會發現兩個季度都沒有任何變化。

Got it. And you flagged that you paid down the debt in the quarter with cash. How should we think about your cash balance now? Where do you think minimum cash needs are? And are you considering sort of adding some debt to boost the cash cushion in the future? Or are you fine where you are now?

知道了。並且您已標記您已在本季度用現金償還債務。我們現在應該如何看待您的現金餘額？您認為最低現金需求是多少？您是否考慮在未來增加一些債務來增強現金緩衝？或者你現在的處境還好嗎？

Well, I'll answer that last piece. Absolutely not. I think about adding debt, no. Now would there -- could there be a scenario of potentially looking at the 2028 converts and refinancing those? Well, they're trading below par.

好吧，我來回答最後一點。絕對不是。我想增加債務，不行。現在，是否會出現這樣一種情況：考慮 2028 年的轉換並對其進行再融資？嗯，他們的交易價格低於票面價值。

So there could be some math there that you could refinance those. But if you think about our cash balance, we ended the quarter with $79 million-plus in cash and marketable securities. The way we look at it is we can absolutely run the business with that level of cash on hand as a cushion and considering that we still project that we will be cash flow positive in the future.

因此，可以透過一些數學計算來對這些進行再融資。但如果你考慮我們的現金餘額，我們在本季結束時擁有超過 7,900 萬美元的現金和有價證券。我們的看法是，我們完全可以利用手頭上的現金水準作為緩衝來經營業務，而且我們仍然預計未來現金流將為正值。

So our goal would be, of course, just like we did in this year, where we paid off all of our requirements, the $87 million from cash on hand that as we build that war chest going into 2028 that we could conceivably do the same and not have to either certainly not add to the debt number, but even not refinance and be in a position where we don't impact liquidity.

因此，我們的目標當然是像今年一樣，償還所有債務，用手頭上的 8700 萬美元現金建立起資金，以便在 2028 年之前我們可以做同樣的事情，而不必增加債務數額，甚至不必再融資，並處於不會影響流動性的位置。

So I think we're at a very solid base right now. Now we will always look at the capital markets and see if there's a more optimal recipe in that mix. But right now, it's very solid, and we don't have any anticipation of adding to the debt.

所以我認為我們現在的基礎非常穩固。現在我們將始終關注資本市場，看看其中是否有更優化的方案。但目前，債務狀況非常穩固，我們並不打算增加債務。

Got it. All right. Thanks for my questions.

知道了。好的。謝謝你的提問。

Thank you.

謝謝。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Great, thanks for taking the question and congrats on the free cash flow. It looks great. A couple of questions. First on -- obviously, with the connected products, you've got some visibility into the features that people want.

太好了，感謝您回答這個問題，並祝賀您獲得自由現金流。看起來很棒。有幾個問題。首先—顯然，透過連網產品，您可以了解人們想要的功能。

I'm curious if there's any discernible trends in there that are surprising you in terms of what's being used or not used. And along that same line, you talked a bit about AI. You talked about some of the capabilities. But as you move more into AI-centric offerings, what's the main opportunity to differentiate from tech bellwethers?

我很好奇，其中是否存在任何明顯的趨勢令您感到驚訝，這些趨勢包括正在使用或未使用的內容。同樣，您也談到了人工智慧。您談到了一些能力。但是，隨著您越來越多地轉向以人工智慧為中心的產品，與技術領頭羊區分開來的主要機會是什麼？

Sure. So there's a lot that I can answer with this. But let's start actually with the second part of your question about how do we differentiate because that also talks to you a bit about what are people using and what this connected really get you.

當然。所以我可以用這個來回答很多問題。但讓我們從你問題的第二部分開始，關於我們如何區分，因為這也告訴你人們在使用什麼，以及這個連結真正為你帶來了什麼。

The way we differentiate, there are -- and I tried to talk about it in the call was, one, we believe our technology is leading edge, right? We're moving into a world where we're multimodal, we can use sensors and cameras in the vehicle and really add a lot of feature capability to the vehicle.

我們區分的方式是——我在電話中試圖談論這一點，第一，我們相信我們的技術是領先的，對嗎？我們正在進入一個多模式的世界，我們可以在車輛中使用感測器和攝影機，並真正為車輛增加許多功能。

Second is we're agnostic. So when you talk about big tech, they tend to lock you in. They're going to lock you in to -- you've got to use a certain navigation tool. You've got to use certain LLMs. And every time somebody does a call out to an LLM, what's the newest Mexican restaurant, who won the football game last night, tell me about the weather.

第二，我們是不可知論者。因此，當你談論大型科技公司時，他們往往會將你鎖定。他們會把你鎖定在——你必須使用某種導航工具。您必須使用某些法學碩士學位。每次有人打電話給法學碩士，詢問最新的墨西哥餐廳是什麼，誰贏得了昨晚的足球比賽，告訴我天氣狀況。

That costs money. And as those prices change, as more competitive market comes, OEMs want to be able to move across the LLM marketplace to optimize the features and the costs. And our option of agnostic and able to work with any of them really allows them to do that. And that's a big deal for these guys. It also futureproofs them, right?

那需要花錢。隨著價格的變化，隨著市場競爭的加劇，OEM 希望能夠在 LLM 市場中優化功能和成本。而我們的選擇是不可知的，並且能夠與任何一個人合作，這確實讓他們能夠做到這一點。對這些人來說，這是一件大事。這也保證了它們的未來，對嗎？

We see a lot of development going in LLMs right now. And you don't know who's going to be necessarily the leading player in that space two years from now. If you lock yourself into a Google-only answer or an Amazon-only answer, then you're locked in. And whereas you choose Cerence and we can go anywhere, whether it be Claude or you want to use Google LLMs or you want to -- whoever it is, we're able to do that. What are people using?

我們現在看到法學碩士學位正在取得很大發展。而且你不知道兩年後誰會成為該領域的領導者。如果你將自己鎖定在僅限 Google 的答案或僅限 Amazon 的答案中，那麼你就被鎖定了。而您選擇 Cerence，我們可以去任何地方，無論是 Claude 還是您想使用 Google LLM 或您想 - 無論是誰，我們都能做到這一點。人們在使用什麼？

They're starting to use this as they see the value in this. And really, what we're going to show at the International Auto Show in Munich next month is really the true agentic nature, where your car becomes a partner, and you can literally just talk to it. And we're seeing people more and more enjoy that feature. Hey, my feet are cold. The system knows then to turn on the floor heat.

他們開始使用它，因為他們看到了它的價值。實際上，下個月我們將在慕尼黑國際車展上展示的是真正的代理特性，你的汽車將成為你的合作夥伴，你可以直接與它交談。我們看到人們越來越喜歡這個功能。哎呀，我的腳好冷。然後系統就知道打開地板加熱。

Hey, I want to look at the -- what's the moon like tonight? Well, let me open this skylight and let you look out, right? Being able to have that natural discussion is where people are enjoying these features. This is where the real agentic value comes.

嘿，我想看看──今晚的月亮怎麼樣？好吧，我打開這個天窗讓你往外看，可以嗎？能夠進行自然的討論是人們享受這些功能的原因。這才是真正的代理價值。

And just like what we explained with the TV with LG, where you can just say, hey, what are all the Tom Cruise movies that are available right now. It allows you to just ask questions in a natural way and get answers back that are meaningful and helpful. That's what people are using.

就像我們解釋 LG 電視時那樣，您可以說，嘿，現在有哪些湯姆克魯斯的電影可以觀看。它允許您以自然的方式提出問題並獲得有意義且有用的答案。這就是人們正在使用的。

Got it. Helpful. And on the sales front, can you talk about just new bookings in terms of do you feel you're taking share, holding share, losing share? Curious what you're seeing there. And then just last for me, modeling related. For '26, I realize you're not giving a guide, but can you give even early thoughts on maybe the consumption you think is a reasonable gross consumption of prepaid for the year that you think is a reasonable range?

知道了。很有幫助。在銷售方面，您能否談談新訂單的情況，您覺得您的市場份額是增加了，保持了原有的份額，還是減少了？好奇你在那裡看到了什麼。對我來說，最後一個是與建模相關的。對於 26 年，我知道您沒有給出指南，但您能否就您認為合理的年度預付費總消費量給出初步想法，您認為這是一個合理的範圍？

So prepaid is easy. We've said that we are very comfortable in that same $20 million.

所以預付費很容易。我們說過，我們對這 2000 萬美元感到非常滿意。

I was asking consumption, not actual prepaid, just the consumption of licenses.

我問的是消費量，不是實際預付，只是許可證的消費量。

Yeah. So you think of consumption, you saw really the first and second quarter, our consumption was higher, and you've now seen a kind of a run rate of consumption for the last two quarters in like $9 million range, right?

是的。所以你想想消費，你確實看到第一季和第二季度，我們的消費量更高，現在你看到過去兩個季度的消費運行率在 900 萬美元左右，對嗎？

And so which again meant that in the second half, and this is why our variable license was up so much. It was one of the components of why it was up 48%, right, is that more of it fell to the bottom line. So when sometimes people hear, well, it's easy.

這又意味著在下半場，這就是為什麼我們的可變許可證增加這麼多。這是它上漲 48% 的原因之一，對吧，因為更多的是跌到了底線。所以當人們有時聽到時，嗯，這很容易。

You didn't have prepaid this quarter. Is that a bad thing? Well, no, we've consciously reduced that number annually to this $20 million -- roughly $20 million number. What that means is as we do that, that more of that variable shipments that go out falls to in-period revenue. So we're about $9 million of consumption right now.

您本季尚未預付款。這是一件壞事嗎？嗯，不，我們有意識地將這個數字每年減少到 2000 萬美元——大約 2000 萬美元。這意味著，當我們這樣做時，將有更多可變的出貨量將歸入期內收入。所以我們現在的消費金額大約是 900 萬美元。

We haven't put guidance out for this, but our consumption certainly year over year will not be up. It will be down just by the level that you've seen historically of fixed. The consumption has to go down for the entire year.

我們還沒有為此提出指導，但我們的消費量肯定不會逐年增加。它將下降到歷史上所見過的固定水平。全年的消費量必須下降。

Okay, you got it . No go ahead. I was just going to repeat the question but on the share game question.

好的，你明白了。不，繼續吧。我只是想重複一下關於共享遊戲的問題。

Yeah, I'd say right now, our share is kind of holding where it's been. We're not losing anything that we're currently in. There's a few RFQs out right now that we'll see over the next quarter or two that are out for bid. And it's -- we're very competitive. We've typically made it past round one, and we're in the final round of selection. So right now, we're holding. I'd say it's -- share-wise, we're flat.

是的，我想說，現在我們的份額基本上保持原樣。我們不會失去目前所處的任何東西。目前已有一些 RFQ 發出，我們將在接下來的一兩個季度內看到它們進行招標。而且──我們的競爭力非常強。我們通常會通過第一輪，並且進入最後一輪選拔。所以現在，我們正在堅持。我想說的是——從份額來看，我們的表現持平。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Hi, thank you for taking the questions. You have Aman Gupta on for Mark Delaney. Maybe just on this nonautomotive expansion that you guys are doing, and congrats on the LG news. Can you maybe help size kind of what that looks like in terms of revenue as it ramps in fiscal '26 and onwards? And how we should think about maybe something like a PPU in a large application for nonauto market relative to auto and how that pipeline of just general nonauto deals is continuing to evolve?

您好，感謝您回答這些問題。阿曼·古普塔 (Aman Gupta) 代替馬克·德萊尼 (Mark Delaney)。也許只是你們正在進行的非汽車領域的擴張，並祝賀 LG 的消息。您能否幫忙估算一下，在 26 財年及以後，其營收會如何成長？我們應該如何看待 PPU 之類的東西在相對於汽車的非汽車市場的大型應用中，以及一般非汽車交易的管道如何繼續發展？

Sure. So I can't give forecast for '26, but I can give you a general -- how we view those kinds of markets. And TVs is a good one to just let's focus on. Typically, the price per unit is going to be less, partly because the complexity of the application is not quite there.

當然。所以我無法對 26 年做出預測，但我可以給你一個整體的——我們如何看待這類市場。電視是一個很好的選擇，值得我們關注。通常，每單位的價格會較低，部分原因是應用程式的複雜性還不夠。

You're not having all the car knowledge and having to do navigation along with real-time knowledge like who won the football game and things like that, you're typically just doing searches within a data set that's tied to your provider and things like that.

您不需要掌握所有的汽車知識，也不需要進行導航以及即時知識，例如誰贏得了足球比賽等等，您通常只是在與您的提供者相關的數據集內進行搜尋等等。

So the PPU tends to be a lot less, but the units are quite a bit more, right? If you just take a look at the number of vehicles sold versus the number of TVs sold worldwide, you can far and away outpace the number of vehicles. If you add a couple of the major TV providers, you can get to a fairly large number.

因此，PPU 往往會少很多，但單位卻多很多，對嗎？如果您只看一下全球銷售的汽車數量與銷售的電視數量，您會發現汽車的數量遠遠超過電視的數量。如果增加幾個主要的電視供應商，則可以獲得一個相當大的數字。

So we look at it from that perspective in that it's going to be a lower PPU, but it's lower technology and a bit simpler of an implementation. It's mostly cloud-based and all. And we're not going to do forecasts for '26 though yet. Sorry.

因此，我們從這個角度來看，它將是一個較低的 PPU，但它的技術較低，並且實現起來更簡單一些。它主要基於雲端。不過，我們暫時還不會對 26 年做出預測。對不起。

Yeah. And thinking about that, as you know, the PPU number that we've started last quarter, given and continue this quarter is an automotive PPU that's part of, obviously, our primary market. So when we think about outside of automotive, I'm not concerned about a decrease in overall PPU because effectively, as Brian mentioned, it will be a lower PPU, higher volume, but more importantly, it will be additive revenue once those markets start to progress. So that's the way you should probably think about it.

是的。考慮到這一點，如您所知，我們上個季度開始給出的 PPU 數字，以及本季繼續給出的數字是汽車 PPU，這顯然是我們主要市場的一部分。因此，當我們考慮汽車以外的領域時，我並不擔心整體 PPU 的下降，因為實際上，正如 Brian 提到的那樣，PPU 會更低，銷量會更高，但更重要的是，一旦這些市場開始發展，它就會增加收入。所以你應該這樣思考。

Thank you for that color. That's very helpful. And then maybe for the second one, going back to the auto market. I think last quarter, Brian, you spoke about some potential pricing pressure from customers. And given some of the tariff changes, how has that evolved?

謝謝你的那個顏色。這非常有幫助。然後也許第二個話題是回到汽車市場。布萊恩，我想上個季度你談到了來自客戶的一些潛在的定價壓力。考慮到一些關稅變化，情況如何發展？

Are you still seeing that pricing pressure? And then similarly related, are you seeing any continued delays with new awards or design activity? I know you mentioned some program pushouts in your prepared remarks as well.

您仍感受到定價壓力？同樣地，您是否看到新獎項或設計活動持續延遲？我知道您在準備好的發言中也提到了一些計劃的延遲。

Yeah. We -- I'd say there's still pricing discussions. We haven't done any pricing reductions per se. What we've done is come back and we've talked about this in the past is how do we make this a win-win for both sides. And what we've tried to do is say, look, we can lower your overall costs by giving us more of the business, maybe more of the features.

是的。我們——我想說仍有定價討論。我們本身沒有進行任何降價。我們所做的就是回來，我們過去也討論過這個問題，我們如何讓雙方達到雙贏。我們試圖說，看，我們可以透過給我們更多的業務，也許更多的功能來降低您的整體成本。

And we'll give you a lower cost for that bigger picture. That way, it's more revenue for us and a lower price point for them. So we have several of those offers out. And Tony talked about the PPU going up this quarter just in general. So that shows you that we didn't have to do any dramatic price reductions from that standpoint.

我們將以更低的成本為您提供更廣闊的視野。這樣，我們就能獲得更多收入，而他們則可以享受更低的價格。因此，我們提出了幾個這樣的提議。托尼談到了本季度 PPU 總體上漲的情況。因此從這個角度來看，我們沒有必要進行大幅降價。

And then there was a second part of your question, pushouts. The -- we are still seeing a few programs push out. There's several that are -- as I said, the RFQs are out. We're in the final stages. They should several of them close this quarter, we'll see or do those push out.

然後是你問題的第二部分，推出。我們仍然看到一些項目正在推出。有好幾個 — — 正如我所說，RFQ 已經發出了。我們已進入最後階段。他們應該會在本季度關閉其中的幾個，我們將會看到或進行這些推廣。

We haven't -- as I mentioned in one of the earlier questions, we haven't had any major losses where we were competitive, and we were trying to do win backs, or we had the business before, and we've lost it. There haven't been any of those.

我們沒有——正如我在之前的一個問題中提到的那樣，我們在具有競爭力的領域沒有遭受任何重大損失，我們試圖贏回利潤，或者我們之前有過業務，但卻失去了它。這些都沒有發生過。

But there are still several that have pushed, and we have several that are coming due, and we're hoping those will close and of course, hoping that will close in our favor, but we'll have to wait through the quarter.

但仍然有幾項已經推遲，還有幾項即將到期，我們希望這些能夠結束，當然，希望這將對我們有利，但我們必須等到整個季度。

Thank you very much for taking the question. Appreciate it.

非常感謝您回答這個問題。非常感謝。

(Operator Instructions)

（操作員指示）

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great. Thank you. Good afternoon. I wanted to dig in into some of the xUI wins that you talked about before. Could you share some more detail around your number of models that you would launch with a particular OEM, just the penetration levels there and the kind of mix between more premium luxury models versus mass market. I think you mentioned VW as one of the wins, maybe as an example.

偉大的。謝謝。午安.我想深入了解您之前談到的一些 xUI 優勢。您能否分享一些有關您將與特定 OEM 合作推出的車型數量、那裡的滲透水平以及更高端的豪華車型與大眾市場之間的組合類型的更多細節？我認為您提到大眾汽車是勝利之一，也許可以作為一個例子。

Sure. So I can't give you like other than what we gave in the prepared remarks, I can say it's with somebody within the VW Group. But I'm not able to tell you exactly which group and which models, which brand within that group. We did mention JLR as an example. In general, what we're seeing with those programs is that we are seeing an increase in PPU.

當然。因此，除了我們在準備好的發言中提供的內容之外，我無法給你其他信息，我可以說這是大眾集團內部某個人提供的。但我無法確切地告訴你哪個組、哪些型號、哪個品牌。我們確實提到了 JLR 作為例子。總體而言，透過這些項目我們看到 PPU 有所增加。

They are typically going across the brand. So it's not just the luxury end. It's at least down through the mid -- I'll call it, the mid-level, mid-section of the brand. There's some very low-end brands that maybe they go into other geos and things like that, that can be offering lower levels of the subscription.

他們通常會跨品牌購物。所以這不僅僅是奢侈的結局。它至少處於中端——我稱之為品牌的中端、中部。有一些非常低端的品牌可能會進入其他地區等，從而提供較低級別的訂閱服務。

But in general, it's pretty broad across the brand as far as a model standpoint. But I'm just not at liberty to tell you there's marketing plans and announcements between the two companies that I just -- VW Group and all is like about as far as I can go with that as an example.

但整體而言，從模型的角度來看，整個品牌的範圍相當廣泛。但我不能隨意告訴你這兩家公司之間的行銷計畫和公告——大眾汽車集團和所有這一切，我只能以此為例。

Yeah. No, I totally understood that. That was actually helpful. Thank you. Just as a follow-up, as we think about nonauto ramping in late fiscal '26 and beyond, should we think about any incremental OpEx to support that growth as well? Or do you think you can achieve that growth kind of with your current OpEx base?

是的。不，我完全理解這一點。這確實很有幫助。謝謝。作為後續問題，當我們考慮 26 財年末及以後的非汽車產量成長時，我們是否應該考慮任何增量營運支出來支持這種成長？或者您認為您可以利用當前的營運支出基礎來實現這種成長嗎？

No, I do not expect OpEx growth. I mean, for example, Tony and I did a review today on how we're becoming more efficient by using artificial intelligence internally to help us write our code to do some of our Q&A work, to build more tools that allow us to do analytics against our software at a much faster rate.

不，我並不期望營運支出成長。我的意思是，例如，托尼和我今天做了一個回顧，關於我們如何透過在內部使用人工智慧來幫助我們編寫程式碼來完成一些問答工作，如何建立更多的工具讓我們能夠以更快的速度對我們的軟體進行分析，從而提高效率。

So we think there's just in there, we can get 15% to 20% productivity improvement within our engineering team just by doing that work over the next year and expanding that to a broader. I'll tell you right now, we're kind of early in those stages, but we believe we can continue to grow that capability. And so our goal is to push that across the company and to fund our growth through that efficiency.

因此，我們認為，只要在明年進行這項工作並將其擴展到更廣泛的領域，我們的工程團隊的生產力就能提高 15% 到 20%。我現在就告訴你，我們還處於這些階段的早期階段，但我們相信我們可以繼續增強這種能力。因此，我們的目標是在整個公司範圍內推動這一進程，並透過這種效率來資助我們的成長。

And so we are going through that. We have regular like forums that we're reviewing at my level, the group's progress in this space. And we're talking about how to really make it measurable for next year so we can really see the productivity improvement.

我們正在經歷這一切。我們有定期的論壇，以我的層級審查團隊在這個領域的進展。我們正在討論如何真正實現明年的可衡量性，以便我們可以真正看到生產力的提高。

And the team is really excited about that because they look at this as a way to get to go and do new work and new things. It's actually fun for them to use these tools and they don't see it as a risk to their job or anything.

團隊對此感到非常興奮，因為他們將此視為開展新工作、新事物的一種方式。他們覺得使用這些工具實際上很有趣，並且他們不認為這會對他們的工作或其他任何事情構成風險。

They see it as an enhancement in a way that they can be more productive and get more done and do things that they actually didn't have time to get done in the past but make the product and the job much better. So no, I'm not going to fund it with increased OpEx. I'm going to continue to make improvements in OpEx next year and instead fund this through productivity.

他們認為這是一種進步，可以提高他們的工作效率，完成更多的事情，做過去沒有時間完成的事情，同時使產品和工作變得更好。所以，我不會透過增加營運支出來為其提供資金。我明年將繼續改善營運支出，並透過生產力來資助這項支出。

Perfect. That's very helpful. Thank you.

完美的。這非常有幫助。謝謝。

That concludes today's question-and-answer session. I'd like to turn the call back to Brian Krzanich for closing remarks.

今天的問答環節到此結束。我想將電話轉回給 Brian Krzanich 來做最後演講。

So I just wanted to close with, thank you, everybody, for taking the time out of your busy days to listen to our earnings call. We're really excited about the results we had in Q3. We're closing out the year, as we've talked about, strong by raising our guidance for the full year from a revenue and from an EBITDA and free cash flow.

最後，我只想說，謝謝大家在百忙之中抽空參加我們的財報電話會議。我們對第三季所取得的成果感到非常興奮。正如我們之前談到的，我們透過提高全年收入、EBITDA 和自由現金流的預期，以強勁的勢頭結束今年的業績。

And we look forward to talking to you at the end of our fiscal Q4 and giving you the results for Q4, but also our forecast for 2026, which I know based on your questions, is what you guys are all looking forward to and need in order to continue to help us look at this company. So thank you very much for your time.

我們期待在第四財季末與您交談，並向您提供第四季度的業績以及我們對 2026 年的預測，根據您的問題，我知道這是你們所期待的和需要的，以便繼續幫助我們關注這家公司。非常感謝您抽出時間。

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。