indie Semiconductor Inc (INDI) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to indie Semiconductor's Fourth Quarter and Year-end 2022 Earnings Call. (Operator Instructions). As a reminder, this conference call is being recorded. I will now turn the call over to Ashish Gupta, Investor Relations. Mr. Gupta, please go ahead.

下午好，歡迎參加獨立半導體 2022 年第四季和年終收益電話會議。 （操作員指令）。提醒一下，本次電話會議正在錄音。現在我將電話轉給投資者關係部的 Ashish Gupta。古普塔先生，請繼續。

Thank you, operator. Good afternoon, and welcome to indie Semiconductor's Fourth Quarter and Year-End 2022 Earnings Call. Joining me today are Don McClymont, indie's Co-Founder and CEO; and Tom Schiller, indie's CFO and EVP of Strategy.

謝謝您，接線生。下午好，歡迎參加獨立半導體 2022 年第四季和年終收益電話會議。今天與我一起出席的還有 Indie 的聯合創始人兼首席執行官 Don McClymont；以及獨立公司的首席財務官兼戰略執行副總裁湯姆·席勒 (Tom Schiller)。

Donald will provide opening remarks and discuss business highlights, followed by Tom's review of indie's Q4 and first quarter outlook. Please note that we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative about views of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a discussion of the strategic backlog formulation methodology, please refer to our safe harbor statement on our Q3 earnings press release.

唐納德將致開幕詞並討論業務亮點，隨後湯姆將回顧獨立公司第四季度和第一季的前景。請注意，我們將根據目前的預期和假設做出前瞻性陳述，這些陳述受風險和不確定性的影響。這些聲明僅反映我們截至今天的觀點，不應被視為代表任何後續日期的觀點。這些聲明受到各種風險和不確定性的影響，可能導致實際結果與預期有重大差異。有關戰略積壓制定方法的討論，請參閱我們第三季財報新聞稿中的安全港聲明。

For material risks and other important factors that could affect our financial results, please review our risk factors in our annual report on Form 10-K for the fiscal year ended December 31, 2021, as well as other public reports filed with the SEC.

對於可能影響我們財務表現的重大風險和其他重要因素，請查看我們截至 2021 年 12 月 31 日的財政年度的 10-K 表年度報告中的風險因素，以及向美國證券交易委員會提交的其他公開報告中的風險因素。

Finally, the results and guidance discussed today are based on certain non-GAAP financial measures. For a complete reconciliation to GAAP, please see our Q4 earnings press release, which was issued in advance of this call and can be found on our website at www.indiesemi.com. I'll now turn the call over to Donald.

最後，今天討論的結果和指導是基於某些非 GAAP 財務指標。如需與 GAAP 進行完整對賬，請參閱我們在本次電話會議之前發布的第四季度收益新聞稿，可在我們的網站 www.indiesemi.com 上找到。我現在將電話轉給唐納德。

Thanks, Ashish, and welcome, everybody. indie delivered another quarter of record revenue and gross margin performance in Q4, once again, ahead of expectations and capping off a second consecutive year in which we more than doubled our top line. Our sustained outperformance reflects the strength of our highly innovative Autotech products, backed by an extensive global patent portfolio developed by indie's team of over 600 dedicated employees around the world.

謝謝，Ashish，歡迎大家。獨立遊戲在第四季度再次創下了創紀錄的收入和毛利率，再次超出預期，並連續第二年實現營業收入翻倍。我們持續的優異表現反映了我們高度創新的 Autotech 產品的實力，並得到了來自全球 600 多名敬業員工組成的 indie 團隊開發的廣泛全球專利組合的支持。

Specifically, during the fourth quarter, we significantly outpaced our addressable markets and grew revenue 74% year-over-year and 10% sequentially to just over $33 million. We expanded gross margin to 52% and gained further design win momentum spanning ADAS, user experience and electrification applications. Of note, during the period, we ramped our user experience portfolio across leading North American automotive OEMs, exceeded $200 million unit cumulative shipments, closed a convertible debt offering of $160 million in support of our acquisition plans, launched a Board authorized $50 million share and warrant repurchase program. And more recently, we captured a motor control design for e-vehicle battery cooling systems, entered a key partnership with seeing machines targeting driver and vehicle occupant monitoring, demonstrated innovative power delivery, wireless charging, lighting and ADAS solutions at CES, including our Surya coherent LiDAR SoC, and announced our intent to acquire Geo Semiconductor.

具體來說，在第四季度，我們的成長速度顯著超越了目標市場，營收年增 74%，環比成長 10%，達到略高於 3,300 萬美元。我們將毛利率擴大至 52%，並在 ADAS、用戶體驗和電氣化應用領域中獲得了進一步的設計勝利。值得注意的是，在此期間，我們擴大了在北美主要汽車原始設備製造商中的用戶體驗產品組合，累計出貨量超過 2 億美元，完成了 1.6 億美元的可轉換債券發行以支持我們的收購計劃，並啟動了董事會授權的 5000 萬美元股票和認股權證回購計劃。最近，我們獲得了電動車電池冷卻系統的馬達控制設計，與專注於駕駛員和車輛乘員監控的視覺機器公司建立了重要的合作夥伴關係，在 CES 上展示了創新的電力傳輸、無線充電、照明和 ADAS 解決方案，包括我們的 Surya 相干 LiDAR SoC，並宣布了收購 Geo Semiconductor 的意向。

On a full year 2022 basis, we delivered $111 million in revenue and improved gross margin to nearly 50% while substantially increasing our strategic backlog to $4.3 billion as of November 2022, up from $2.6 billion in 2021 and $2 billion at the time of our launch in 2020, setting the stage for sustained outsized growth through the balance of this decade as design wins translate into program ramps and ultimately, revenue and free cash flow generation.

2022 年全年，我們的營收為 1.11 億美元，毛利率提高至近 50%，同時，截至 2022 年 11 月，我們的策略積壓訂單大幅增加至 43 億美元，高於 2021 年的 26 億美元和 2020 年推出時的 20億美元，為未來十年持續的超額成長奠定了基礎，因為設計的勝利轉化為專案的成長，並最終轉化為收入和自由現金流的產生。

Within ADAS, we are approaching a new era of sensor fusion, merging multiple disparate technologies to gather and process information, employing radars, LiDARs, ultrasound and computer vision. We believe that following our sensor-agnostic approach, indie is the best positioned Autotech semiconductor and software pure play to capitalize on this strategic megatrend.

在 ADAS 領域，我們正在進入感測器融合的新時代，融合多種不同的技術來收集和處理信息，採用雷達、光達、超音波和電腦視覺。我們相信，遵循我們的感測器不可知論方法，獨立公司是 Autotech 半導體和軟體純公司中最具優勢的一家，可以利用這一戰略大趨勢。

First of all, radar represents a fundamental ADAS building block technology. Today, radar is widely deployed for automatic emergency braking adaptive cruise control, lane change assist and blind spot detection applications. In the near future, it will also enable the high-volume cross-traffic detection application, making it an extremely critical sensor. Recall, we significantly scaled our radar initiative, through internal investments and the acquisitions of Analog Devices' Radar division and on Symeo's radar team. The successful integration of these assets was critical to accelerating our product development, leading to our largest design win to date for the top 4 automotive radar system supplier.

首先，雷達代表了 ADAS 的基本建構模組技術。如今，雷達廣泛應用於自動緊急煞車自適應巡航控制、車道變換輔助和盲點偵測應用。在不久的將來，它還將支援大容量交叉交通檢測應用，使其成為極其關鍵的感測器。回想一下，我們透過內部投資以及收購 ADI 公司雷達部門和 Symeo 雷達團隊，大大擴展了我們的雷達計畫。這些資產的成功整合對於加速我們的產品開發至關重要，並使我們贏得了迄今為止四大汽車雷達系統供應商中最大的設計訂單。

Secondly, given LiDAR's impressive resolution range and depth perception capabilities, we can deliver this rapidly emerging sensor technology to enhance safety systems within mass market vehicles far sooner than the anticipated rollout of fully autonomous driving use cases. To date, addressing the complex and compute-intensive demands of coherent LiDAR systems has been achieved by using very high-end field programmable gate array. FPGAs are ideal for prototyping and offer high levels of flexibility and versatility, especially beneficial for nascent applications, but FPGAs are also expensive, power hungry, they require complex PCBs and additional discrete components that add significant cost, size, they generate thermal problems and excessive power consumption. This makes any migration to mass market LiDAR impractical where automakers are seeking a sub-$500 price point with less than 30 watts of power dissipation for long-range LiDAR.

其次，鑑於 LiDAR 令人印象深刻的分辨率範圍和深度感知能力，我們可以提供這種快速崛起的傳感器技術，以比預期推出的完全自動駕駛用例更快地增強大眾市場車輛的安全系統。迄今為止，透過使用非常高階的現場可程式閘陣列，已經能夠滿足相干雷射雷達系統的複雜性和運算密集需求。 FPGA 非常適合原型設計，具有高度的靈活性和多功能性，尤其有利於新興應用，但 FPGA 價格昂貴、耗電，需要複雜的 PCB 和額外的分立元件，這會增加成本和尺寸，還會產生散熱問題和過多的功耗。這使得任何向大眾市場 LiDAR 的遷移都不切實際，因為汽車製造商正在尋求低於 500 美元的價格點，並且遠端 LiDAR 的功耗低於 30 瓦。

Enter indie's Surya LiDAR SoC, the world's first merchant market coherent LiDAR solution, allowing our customers to implement a highly integrated, high-performance software-defined data acquisition and signal processing system. Surya integrates all the necessary multichannel, high-speed analog-to-digital converters, hardware and software digital signal processing together with the system control interfaces needed for an efficient and cost-effective LiDAR system. When coupled with our differentiated TeraXion lasers, Surya can absolutely catalyze the LiDAR market.

進入獨立的 Surya LiDAR SoC，這是世界上第一個商用市場連貫的 LiDAR 解決方案，使我們的客戶能夠實現高度整合、高效能的軟體定義資料擷取和訊號處理系統。 Surya 整合了高效且經濟的 LiDAR 系統所需的所有必要的多通道、高速類比數位轉換器、硬體和軟體數位訊號處理以及系統控制介面。當與我們差異化的 TeraXion 雷射結合使用時，Surya 絕對可以催化 LiDAR 市場。

Third, Ultrasound is increasingly deployed to provide practical low spatial resolution and short-range sensing use cases up to a few meters such as park-assist systems. A key benefit of ultrasonic sensors is that they are particularly effective due to their resilience and most weather conditions and are relatively low cost. We are still in the early innings of our own ultrasound product ramp, supporting Hyundai's Smart Park feature set, amongst others.

第三，超音波越來越多地被應用於提供實用的低空間解析度和長達幾公尺的短距離感測用例，例如停車輔助系統。超音波感測器的一個主要優點是，由於其彈性和大多數天氣條件，它們特別有效，而且成本相對較低。我們自己的超音波產品仍處於早期階段，支援現代智慧停車功能集等。

And last and far from least, computer vision. Image Processing systems provide the main sensing function in both ADAS and autonomous applications requiring up to 20 cameras in next-generation vehicles. Many different functions are enabled by computer vision, ranging from simple backup cameras, e-mirrors, surround view systems through object and lane detection, night vision and driver and occupant monitoring. Collectively, these functions can realize use cases such as lane change assist, highway pilot, traffic jam pilot occupant safety, automated parking and other levels of driver automation.

最後也是最重要的一點是電腦視覺。影像處理系統在 ADAS 和自動駕駛應用中提供主要的感測功能，下一代汽車需要多達 20 個攝影機。電腦視覺可以實現許多不同的功能，從簡單的倒車攝影機、電子後視鏡、環視系統到物體和車道偵測、夜視以及駕駛員和乘客監控。總的來說，這些功能可以實現車道變換輔助、高速公路駕駛、交通堵塞駕駛乘員安全、自動停車和其他級別的駕駛自動化等用例。

In fact, given the increasing attach rate of cameras around the vehicle, IHS is forecasting 265 million camera ECUs will be needed to support the global automotive market in 2023, growing to 430 million units by 2028 and thus creating an $8.5 billion total addressable semiconductor market. To accelerate our market entry and capitalize on this opportunity, last week, we announced our intent to acquire GEO Semiconductor. It's rare that an acquisition target is a perfect fit, but this is indeed the case with GEO. Underpinned by 100 global patents, GEO's industry-leading camera-based sensing and viewing capabilities are shipping today to some of the world's largest automotive OEMs, including Honda, Hyundai, Kia, Nissan and Toyota, with design wins across more than 20 Tier 1s, GEO has programs with every major image sensor supplier in the world and is engaged in multiple key vehicle programs.

事實上，考慮到車輛周圍攝影機的組裝率不斷提高，IHS 預測 2023 年全球汽車市場將需要 2.65 億個攝影機 ECU，到 2028 年將成長到 4.3 億個，從而創造一個總價值 85 億美元的潛在半導體市場。為了加速我們的市場進入並利用這一機會，上週我們宣布了收購 GEO Semiconductor 的意圖。完美契合的收購目標很少見，但 GEO 確實如此。憑藉 100 項全球專利，GEO 業界領先的基於攝影機的感測和觀察功能如今已向全球一些最大的汽車原始設備製造商供貨，包括本田、現代、起亞、日產和豐田，設計已贏得 20 多個一級供應商的青睞，GEO 與全球所有主要圖像感測器供應商都有合作項目，並參與了多個關鍵車輛項目。

GEO's products comprised 3 generations of application-specific camera video processors, including those focused on viewing where video is projected on a display and viewed by the driver and sensing where video is processed using advanced computer vision and machine learning algorithms to assist the driver. The unique ability to support both of these key categories will allow indie to deliver short-term solutions for today's use cases, while providing a technology platform to provide fully autonomous features for the vehicles of tomorrow.

GEO 的產品包括三代專用於特定應用的攝影機視訊處理器，其中包括專注於觀看（將視訊投射到顯示器上供駕駛員觀看）的處理器，以及感知（使用先進的電腦視覺和機器學習演算法處理視訊以協助駕駛員）的處理器。支援這兩個關鍵類別的獨特能力將使獨立公司能夠為當今的使用案例提供短期解決方案，同時提供技術平台，為未來的車輛提供完全自主的功能。

GEO is complementary in terms of products, customers and global sales channels while at the same time, highly synergistic operationally with massive cross-selling opportunities. Upcoming regulations and OEMs need for differentiation will require a significant increase in camera resolution and the number of image processors per car. These requirements will demand both sensing and viewing features. GEO's camera processing technology will allow the tailored processing of image for display and machine vision applications, resulting in a high fidelity image delivery to the display and the contrast enhanced image going to the machine vision system -- for object detection, low latency and superior time to collision performance at Ultra Low power.

GEO 在產品、客戶和全球銷售管道方面具有互補性，同時在營運上具有高度協同性，擁有大量交叉銷售機會。即將出台的法規和 OEM 的差異化需求將要求大幅提高攝影機解析度和每輛車的影像處理器數量。這些要求將需要感知和觀察功能。 GEO 的相機處理技術將允許針對顯示器和機器視覺應用對影像進行客製化處理，從而向顯示器傳送高保真度影像，並將對比度增強的影像傳送到機器視覺系統—用於物體偵測、低延遲和超低功耗下的卓越碰撞時間效能。

In these differentiated sensing technologies, combined with GEO's camera processing know-how and IP will uniquely position us to accelerate the adaptation of camera-based sensing technology across the vehicle spectrum. More importantly, GEO is enabling indie to complete our sensor mosaic, spanning radar, LiDAR, ultrasound and computer vision with scale across each, now underpinned by a total of 370 patents and applications. Our next step will be to fuse all sensing methods into integrated platforms to provide our customers with the most optimized and highest performing systems, [Barnum].

在這些差異化的感測技術中，結合 GEO 的攝影機處理專業知識和 IP，我們將以獨特的方式加速基於攝影機的感測技術在整個車輛領域的應用。更重要的是，GEO 正在幫助獨立公司完成我們的感測器拼接，涵蓋雷達、光達、超音波和電腦視覺，目前共有 370 項專利和應用。我們的下一步將是將所有感測方法整合到整合平台中，為我們的客戶提供最優化、效能最高的系統，[Barnum]。

Switching gears, during the fourth quarter, we also continue to ramp our user experience portfolio across leading global automakers as OEMs prioritize a best-in-class cabin experience more than ever. This focus towards creating a unique cockpit environment where communication, entertainment and information sharing has become paramount and indeed is a much greater customer differentiation than traditional torque, horsepower and 0 to 60 metrics.

換個角度，在第四季度，我們也將繼續在全球領先的汽車製造商中擴大我們的用戶體驗組合，因為原始設備製造商比以往任何時候都更重視一流的駕駛室體驗。重點是創造一個獨特的駕駛艙環境，其中通訊、娛樂和資訊共享變得至關重要，並且確實比傳統的扭矩、馬力和 0 到 60 指標具有更大的客戶差異化。

Providing the ultimate user experience throughout the entire cabin is the new standard. In particular, seamless mobile device integration within the automotive environment is increasingly a way OEMs are differentiating their cars, which means implementing systems such as Apple CarPlay and Android Auto that enable drivers to safely make calls, send and receive messages and enjoy their favorite music without taking their eyes off the road. This key feature is set as everything for teen drivers and even more important for their nervous parents.

在整個機艙內提供極致的使用者體驗是新的標準。尤其是汽車環境中的無縫行動裝置整合越來越成為原始裝置製造商 (OEM) 實現汽車差異化的一種方式，這意味著實施 Apple CarPlay 和 Android Auto 等系統，使駕駛員能夠安全地撥打電話、發送和接收訊息以及欣賞自己喜歡的音樂，而無需將視線從道路上移開。這項關鍵功能對於青少年駕駛者來說至關重要，對於他們緊張的父母來說更為重要。

Similarly, vehicle lighting is gaining in importance as it is a strong generator of brand recognition. Illuminating a car's interior and exterior creates an emotional ambience that drives a unique connection. Car manufacturers understand the significance of this dynamic and are striving to perfect the integration of lighting conditions for a more harmonious driving experience.

同樣，車輛照明也變得越來越重要，因為它是品牌認知度的強大推動力。照亮汽車的內部和外部可以營造一種情感氛圍，從而建立獨特的連結。汽車製造商了解這種動態的重要性，並正在努力完善照明條件的整合，以獲得更和諧的駕駛體驗。

Finally, in the EV area, we're seeing the start of a long-term secular tailwind as OEMs led by consumer demand shift towards electrification. According to Cox Automotive, EV sales were up 66% versus the prior year in the U.S. and the EV share of the total market nearly doubled to around 6%. While penetration of EVs has increased considerably, there still lies an enormous blue sky opportunity ahead, and indie remains especially well positioned here given our strong relationships with an increasing number of leading OEMs around the world, who are seeking more highly integrated and power-efficient semiconductor to continually shorten charging times and extend vehicle range.

最後，在電動車領域，隨著受消費者需求驅動的原始設備製造商轉向電氣化，我們看到了長期順風的開始。據考克斯汽車公司稱，美國電動車銷量較上年增長了 66%，電動車在整個市場中的份額幾乎翻了一番，達到 6% 左右。雖然電動車的普及率已大幅提高，但未來仍然存在巨大的機遇，而獨立公司在這方面仍然佔據著特別有利的地位，因為我們與世界各地越來越多的領先原始設備製造商建立了牢固的關係，他們正在尋求更高集成度和更節能的半導體，以不斷縮短充電時間並延長車輛行駛里程。

I will now turn the call over to Tom for a discussion of our Q4 results and Q1 outlook.

現在我將把電話轉給湯姆，討論我們的第四季業績和第一季展望。

Thanks, Donald. indie delivered a solid fourth quarter, once again outpacing top line and gross margin expectations. In fact, Q4 represents our seventh consecutive quarter of beating or at least meeting our revenue and gross margin targets post indie's IPO.

謝謝，唐納德。獨立遊戲第四季表現穩健，營收和毛利率再次超乎預期。事實上，第四季代表我們在獨立 IPO 後連續第七個季度超過或至少達到我們的收入和毛利率目標。

Revenue for the period was up 74% year-over-year and up 10% sequentially to $33 million. Gross profit was $17.2 million, translating into a 52.2% gross margin, up 590 basis points year-over-year and 180 basis points sequentially, better than our 51% guidance. To put this performance in context, at the time of our IPO announcement in the fourth quarter of 2020, indie was a quarterly revenue of just $6.7 million with a gross margin of 35.4%. In the 2 years since and despite the challenging supply chain environment, we've effectively 5x-ed our revenue base while expanding gross margin by nearly 1,700 basis points.

該期間營收年增 74%，季增 10%，達到 3,300 萬美元。毛利為 1,720 萬美元，毛利率為 52.2%，年增 590 個基點，較上一季成長 180 個基點，高於我們 51% 的預期。為了說明這一表現，當我們於 2020 年第四季宣布 IPO 時，Indie 的季度收入僅為 670 萬美元，毛利率為 35.4%。在接下來的兩年裡，儘管供應鏈環境充滿挑戰，我們仍然有效地將收入基數增加了 5 倍，同時將毛利率提高了近 1,700 個基點。

Turning back to our Q4 results. R&D was $24.9 million in support of accelerated product development with SG&A of $7.4 million, reflecting continued investments to extend indie's sales reach plus the implementation of a highly scalable ERP system.

回顧我們的第四季業績。研發費用為 2,490 萬美元，用於支援加速產品開發，銷售、一般及行政費用為 740 萬美元，反映了持續投資以擴大獨立銷售範圍以及實施高度可擴展的 ERP 系統。

In turn, our Q4 operating loss was $15.1 million, slightly better than our guidance. Below the line, interest income was $0.7 million versus our guidance for $0.8 million, stemming from incremental convertible debt interest we hadn't contemplated in our original forecast 90 days ago. We also bought back 1.1 million shares last quarter, ending the period at 151.1 million shares against our guidance for 152 million shares. As a result, our net loss was $14.4 million, and we posted a $0.10 loss per share in the fourth quarter with the delta between our guidance and results tied to the slightly lower level of interest income and reduced share base.

相應地，我們第四季的營運虧損為 1,510 萬美元，略好於我們的預期。低於該水平的利息收入為 70 萬美元，而我們的預期為 80 萬美元，這源於我們在 90 天前的原始預測中未考慮到的增量可轉換債務利息。我們在上個季度也回購了 110 萬股，期末持股達到 1.511 億股，而我們的預期是 1.52 億股。結果，我們的淨虧損為 1,440 萬美元，第四季度每股虧損 0.10 美元，我們的預期與實際結果之間的差異與略低的利息收入水準和減少的股本基數有關。

Turning to the balance sheet. We exited the year with $321.9 million of cash, up $171.1 million from Q3, including $154.7 million of net proceeds from our convertible debt offering and $41.9 million from our Wuxi subsidiaries capital raise. These increases were partially offset by $14.9 million of net cash used in operating activities, $4.3 million in CapEx for expanded lab and IT equipment as well as $7.4 million in share repurchases.

轉向資產負債表。我們本財年結束時持有 3.219 億美元現金，較第三季增加 1.711 億美元，其中包括可轉換債券發行所得的 1.547 億美元淨收益和無錫子公司融資所得的 4,190 萬美元。這些成長部分被經營活動所用的 1,490 萬美元淨現金、擴建實驗室和 IT 設備的 430 萬美元資本支出以及 740 萬美元的股票回購所抵銷。

Looking forward, based on the depth of our new product pipeline, multiple program ramps, and the planned addition of GEO later this quarter, we plan to deliver accelerating top line growth throughout 2023. For the first quarter, we plan to scale to a $160 million annualized revenue run rate including the stub portion of GEO revenue, with non-GAAP gross margin in the 52% range. We are also planning $29 million in R&D and $8 million of SG&A on a consolidated basis for the quarter.

展望未來，基於我們新產品線的深度、多個項目的提升以及本季稍後計劃增加的 GEO，我們計劃在 2023 年全年實現加速的收入成長。第一季度，我們計劃將年化收入運行率擴大到 1.6 億美元（包括 GEO 收入的存根部分），非 GAAP 毛利率在 52% 左右。我們也計劃在本季合併基礎上投入 2,900 萬美元研發，投入 800 萬美元用於銷售、一般及行政費用。

Below the line, we anticipate $0.4 million of net interest income and no taxes. Assuming 156 million shares outstanding, including approximately 4 million shares for GEO on a weighted average basis, we expect a $0.10 net loss per share. Further, and perhaps most importantly, we believe the combination of indie's steeper growth trajectory, sustained gross margin expansion, particularly post-geo synergies and planned operating expense leverage will enable us to reach profitability in the back half of this year, representing another key milestone towards realizing our 60% gross and 30% operating margin target model.

低於該線，我們預計淨利息收入為 40 萬美元，且無稅。假設流通股數為 1.56 億股，其中 GEO 加權平均流通股數約為 400 萬股，我們預期每股淨虧損為 0.10 美元。此外，也許最重要的是，我們相信，獨立遊戲更強勁的成長軌跡、持續的毛利率擴張、特別是後地域協同效應以及計劃中的營運費用槓桿將使我們能夠在今年下半年實現盈利，這是實現 60% 毛利率和 30% 營運利潤率目標模式的另一個重要里程碑。

On that note, I'll turn the call back to Donald for his closing comments.

關於這一點，我將把電話轉回給唐納德，請他發表最後評論。

Thanks, Tom. In conclusion, we posted solid Q4 and 2022 results and are executing to our ambitious growth plans. And although we've made substantial progress since our IPO and extending our support of car brands like Audi, BMW, BYD, Daimler, Ford, General Motors, Hyundai, Nissan, Porsche, Stellantis and Volkswagen, indie is now just getting started. Our acquisition of GEO immediately rounds out our sensor offering by accelerating our computer vision product portfolio with field proven differentiated solutions, enabling us to capitalize on the rapid proliferation of automotive image processors around the vehicle.

謝謝，湯姆。總而言之，我們公佈了穩健的第四季度和 2022 年業績，並正在執行我們雄心勃勃的成長計劃。儘管我們自 IPO 以來取得了長足的進步，並擴大了對奧迪、寶馬、比亞迪、戴姆勒、福特、通用汽車、現代、日產、保時捷、Stellantis 和大眾等汽車品牌的支持，但獨立發展才剛剛起步。我們對 GEO 的收購立即完善了我們的感測器產品，透過經過現場驗證的差異化解決方案加速了我們的電腦視覺產品組合，使我們能夠利用汽車影像處理器在車輛周圍的快速普及。

This acquisition effectively fast forwards our ability to provide a highly differentiated and true sensor fusion platform to our customers. In this way, we will vastly simplify sensing architectures and thus democratize access to higher-level autonomous and ADAS features, bringing us a massive step towards realizing our strategic vision of enabling the uncrashable car, becoming an autotech powerhouse and in the process, creating extraordinary shareholder value.

此次收購有效地加快了我們向客戶提供高度差異化和真正的感測器融合平台的能力。透過這種方式，我們將大大簡化感測架構，從而使更高級別的自動駕駛和 ADAS 功能的使用更加民主化，使我們朝著實現「製造不會撞毀的汽車」的戰略願景邁出了一大步，成為汽車技術巨頭，並在此過程中創造非凡的股東價值。

That concludes our prepared remarks. Operator, let's open the call for questions.

我們的準備好的演講到此結束。接線員，讓我們開始提問吧。

(Operator Instructions) Our first question comes from the line of Suji Desilva with ROTH.

（操作員指示）我們的第一個問題來自 ROTH 的 Suji Desilva。

Congratulations on a strong finish to '22 and even really, it sounds like a better outlook for '23. Good job guys.

恭喜您在 22 年取得了圓滿成功，甚至 23 年的前景聽起來也會更好。幹得好，夥計們。

Thank you.

謝謝。

Yes. So maybe a financial question first. On the backlog growth, very strong growth there, very impressive, $4.3 billion. Can you give us some way of understanding how much of that might cover the next 12 or 24 months near term versus longer term? And what's the realistic expectation for how that backlog grows over the next few years because it's having really strong growth here. Is that kind of growth sustainable? Or just how to think about that?

是的。所以也許首先要問的是財務問題。就積壓訂單成長而言，成長非常強勁，令人印象深刻，達到 43 億美元。您能否告訴我們其中有多少可以涵蓋未來 12 或 24 個月的短期和長期？由於這裡的成長非常強勁，那麼對於未來幾年積壓訂單的成長情況，現實的預期是什麼？這種成長能持續下去嗎？還是只是該如何去思考這個問題？

Well, kind of going in reverse order. I mean, for sure, we're still accelerating into the market. We've only been a public company for a little over 18 months and still the positive effect that, that has with our customers hasn't really been fully harvested yet. So no, I do anticipate that we'll be able to pull in some very large projects, and those will be added to the strategic backlog in due course -- as you know, Suji, on an annual basis. So in terms of what our expectation is for the next 12 months, I mean we've been very clear, our absolute target, our absolute mandate -- my mandate to the entire team is that we hit profitability in the second half of this year. And you can kind of draw a line between that from where we are now and where we have to get to in revenue in order to realize that.

嗯，有點像反過來。我的意思是，我們肯定仍在加速進入市場。我們上市才 18 個多月，對客戶的正面影響尚未完全顯現。所以不，我確實預計我們將能夠引入一些非常大的項目，並且這些項目將在適當的時候添加到戰略積壓中 - 正如你所知，Suji，按年度計算。因此，就我們對未來 12 個月的預期而言，我們的絕對目標、絕對任務已經非常明確——我對整個團隊的任務是在今年下半年實現盈利。你可以從我們現在的狀況和實現這一目標所需的收入之間劃一條界線。

And I think over time, if you consider just making an easy math, a 10-year run for some of these projects, then you can approximately divide by 10 to get to the run rate at the midpoint of that area. So in terms of where we are, we're very much on track to meet the plan that we originally set out when we came to the market and IPO-ed. We're very confident about that. And we've delivered on it in the first 18 months or so, and we'll continue to do such.

我認為，隨著時間的推移，如果您考慮做一個簡單的數學計算，對其中一些項目進行 10 年的運行，那麼您可以大致除以 10 來獲得該區域中點的運行率。因此，就我們目前的狀況而言，我們正按計劃實現我們進入市場和首次公開募股時最初制定的計劃。我們對此非常有信心。我們在前 18 個月左右就實現了這一目標，並且我們將繼續這樣做。

That's great. It's very helpful color and perspective there, Donald. And then one question perhaps on the GEO Semi acquisition. Noticing clearly that there is strong success there geographically in the Japan, Korea -- Korea region. Wondering if that came through a particular partnership or just a focus there. And how would you take that and expand that success geographically through the combined GEO Vision Q effort? Is there something you need to do additional partnerships?

那太棒了。唐納德，那裡的色彩和視角非常有幫助。然後也許還有一個關於 GEO Semi 收購的問題。清楚地註意到，日本、韓國等地區在地理位置上取得了巨大的成功。想知道這是透過特定的合作關係實現的還是只是關注這一點。您將如何利用這一點，並透過 GEO Vision Q 的共同努力在地理上擴大這一成功？您是否需要建立額外的合作關係？

Well, as we've discussed before, we decided to enter, particularly the Japan market latest or last in our evolution, just simply because the market is quite conservative over there and takes a long time. And so one of the things that attracted us to GEO was, in fact, that they had a great presence in the Japanese market. Very strong representation there with all the name brands, OEMs with a bunch of the Tier 1s. They have a very good supply chain through into that market. So that was basically just a huge opportunity for us to enable cross-selling into a new market for our products.

嗯，正如我們之前討論過的，我們決定進入日本市場，尤其是在我們發展過程中最後進入日本市場，只是因為那裡的市場相當保守，需要很長時間。事實上，GEO 吸引我們的一個原因是他們在日本市場佔有重要地位。所有知名品牌、原始設備製造商 (OEM) 以及眾多一級供應商都在那裡具有很強的代表性。他們在該市場擁有非常好的供應鏈。所以這對我們來說基本上是一個巨大的機會，讓我們能夠將我們的產品交叉銷售到一個新的市場。

And conversely, also, where they are less strong in the other parts of the world where we've built up a great reputation and a great footprint. We have the ability, really, in the short term to deploy their products into our customers. And we really expect that there'll be a very good short-term cross-selling opportunity, which will reflect itself on the top line pretty quickly. How they did that? It was largely focus, some key relationships. But just more than anything a testament to their great IP, their great products, and their exceptionally hard work in executing that.

相反，在我們已經建立了良好聲譽和影響力的世界其他地區，他們的實力卻不那麼強大。我們確實有能力在短期內將他們的產品部署到我們的客戶手中。我們確實預計會有一個非常好的短期交叉銷售機會，這很快就會反映在營業收入上。他們是怎麼做到的？它主要關注的是一些關鍵關係。但最重要的是，這證明了他們的偉大智慧財產權、偉大的產品以及他們為實現這些目標所付出的異常艱苦的努力。

(Operator Instructions) Our next question comes from the line of Anthony Stoss with Craig-Hallum.

（操作員指示）我們的下一個問題來自 Craig-Hallum 的 Anthony Stoss。

My congrats as well on the GEO acquisition. And I also wanted to follow up on that a little bit, Donald. Help us understand maybe the design time frame, the length of it for what GEO does and under your company now the scale, the cash you have, how quickly can you accelerate that growth? Maybe give us a sense also what GEO's growth rate had been in the past. Then I had a follow-up.

我也對 GEO 的收購表示祝賀。唐納德，我也想稍微跟進一下。請幫助我們了解設計時間框架、GEO 業務的長度以及您公司目前的規模、您擁有的現金，您能多快加速這一成長？也許也能讓我們了解一下 GEO 過去的成長率是多少。然後我進行了後續跟進。

Sure. So I mean, effectively, as we said in the prepared remarks, they serve exactly the same market as we do. So it's prototypically identical as to how we go to market. Certain geographies are a little faster. Certain Asian geographies are little faster to market. Certain, a little slower, mostly Europe and perhaps Japan, actually, you could include. But of course, there are opportunities where given that the fact that the products are mature in many cases that we can deploy into certain areas where there are opportunities that we could see ahead of the acquisition. So effectively, part of our analysis was that we knew we could make hay with this. .

當然。所以我的意思是，實際上，正如我們在準備好的評論中所說的那樣，他們服務於與我們完全相同的市場。因此，這與我們的行銷方式在本質上是相同的。某些地區的速度會更快一些。某些亞洲地區的市場進入速度稍快一些。當然，速度稍微慢一點，實際上可以包括主要是歐洲，也許還有日本。但當然，鑑於產品在許多情況下已經成熟，我們可以將產品部署到某些領域，在收購之前我們就能看到這些機會。因此，實際上，我們的分析部分錶明，我們知道我們可以利用這一點。 。

And then in terms of their growth from the past, do you want to take, Tom?

那麼就他們過去的成長而言，你想採取什麼措施呢，湯姆？

Yes. Historically, they've been on a pretty good growth path. A couple of years ago, they were in the $20 million neighborhood, they effectively doubled last year. And so we're looking to, of course, take that business now to the next level. They've been hindered in the past by their own balance sheet. In some ways, the way indie was -- and so I think that's 1 of the huge synergies here to really explode out their business.

是的。從歷史上看，他們的成長道路一直相當良好。幾年前，他們的收入在 2000 萬美元左右，去年實際上翻了一番。因此，我們當然希望將這項業務提升到一個新的水平。他們過去曾因自身資產負債表而受到阻礙。從某種程度上來說，獨立的方式是——所以我認為這是這裡巨大的協同效應之一，可以真正實現他們的業務爆炸式增長。

Yes. I mean, exactly. I mean they're in a similar situation to what we were before we became public. And I think the fact that they're now part of us will release a lot of potential in their product deployment, and you should see a similar growth curve to the one that we were able to realize since we came out.

是的。我的意思是，確實如此。我的意思是，他們的情況與我們公開之前的情況類似。我認為，他們現在成為我們的一部分這一事實將釋放其產品部署的巨大潛力，您應該會看到與我們自推出以來所實現的成長曲線類似的成長曲線。

Perfect. And then as a follow-up, I wanted to circle back to your radar [went] from some time ago. I know it's your biggest in the company stream with the top 4. What's the feedback been from other potential customers? Are you shipping samples, trialing? Can you may just give us a sense of what the opportunities might still look like outside of your first big win?

完美的。然後作為後續，我想回到你前段時間關注的話題。我知道這是你們公司中規模最大的一個，名列前四。其他潛在客戶的回饋如何？你們正在運送樣品或試用嗎？您能否向我們簡單介紹一下，除了首次大獲全勝之外，還有哪些機會？

Well, I mean, we're not giving a lot of detail about that product development at the moment. And typically, we don't generally in any of our product developments, we're on track with it. It's in a good place to meet the time plan that we set out. Generally speaking, having really a one-stop shop sensor technologies in the market is going to generate all sorts of opportunities for us with all sorts of customers. And we'll report on those opportunities turning into reality as the time becomes appropriate.

嗯，我的意思是，我們目前還沒有透露太多關於該產品開發的細節。通常情況下，我們不會在任何產品開發中都按計劃進行。它處於一個很好的位置，可以滿足我們制定的時間計劃。一般來說，市場上真正擁有一站式感測器技術將為我們與各種客戶創造各種機會。時機成熟時，我們會報告這些機會變成現實的情況。

Our next question comes from the line of Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西摩。

Two on GEO, one on technology and then the follow-up will be on the financial side. So first, on the technology side, Donald, you talked a little bit about it in your preamble. But I just wanted to better understand how this business is complementary to or potentially some substitution for your pre-existing vision portfolio? How do we look at what they bring versus the Vision Q you guys had beforehand?

其中兩項涉及地球靜止軌道，一項涉及技術，後續將涉及財務方面。首先，唐納德，在技術方面，你在序言中談到了一點。但我只是想更了解這項業務如何補充或潛在地取代您現有的願景組合？與你們之前的 Vision Q 相比，我們如何看待他們所帶來的東西？

Well, I mean the fact that GEO is they had mature products in certain areas where there were certain pieces of IP that we might have had to reinvent in order to access the market. So really, the key in this was accelerating our time to market with the Vision Q activities that we have ongoing.

嗯，我的意思是，GEO 在某些領域擁有成熟的產品，而我們可能必須重新發明其中的某些 IP 才能進入市場。因此，真正的關鍵在於利用我們正在進行的 Vision Q 活動來加快我們的產品上市時間。

The way that our road maps work, there will be a lot of opportunity for us to take their IP and our IP and join them into something even better as a step beyond the parts that they have available today. Also in that respect, there are some synergies in the road map, which we'll take advantage of and we'll ripple through our P&L as we mature that.

根據我們的路線圖，我們將有很多機會利用他們的智慧財產權和我們的智慧財產權，並將它們結合起來，創造出比他們目前擁有的部分更優秀的產品。此外，在這方面，路線圖中存在一些協同效應，我們將加以利用，並在其成熟過程中對我們的損益表產生連鎖反應。

Ultimately, where we see the key benefit in what they bring relative to our whole portfolio is bringing sensor fusion together. It's the next topic that we're going to cut into. We see massive opportunities for that in the market, combining the different sensor modalities and the processing thereof into single platforms. And really, that's where we're going to see it, have the most traction in the portfolio as we bind them in.

最終，我們看到它們相對於我們整個產品組合帶來的主要好處是將感測器融合在一起。這是我們接下來要討論的話題。我們在市場上看到了巨大的機遇，將不同的感測器模式及其處理方式結合到單一平台中。事實上，這就是我們將要看到的，當我們將它們綁在一起時，它們在投資組合中具有最大的吸引力。

Got it. And I guess this one might be more for Tom. On the GEO side, you said there was a stub in your first quarter guide. Any sizing on that? And just kind of the linearity of how that $40 million you guys talked about in the deal announcement folds in?

知道了。我想這個可能更適合湯姆。在 GEO 方面，您說第一季指南中有一個存根。有尺寸嗎？你們在交易公告中談到的 4000 萬美元具體是如何實現的？

Yes, sure. So we're expecting to close this quarter. We're just modeling in a couple of million from GEO in terms of contribution. And then from there, it's similar to what we guided for indie overall. It's accelerating growth, sequential growth throughout the year.

是的，當然。因此我們預計本季將結束。我們只是從 GEO 的貢獻角度模擬了幾百萬的規模。從那時起，它就與我們為獨立遊戲整體所指導的內容類似了。它正在加速成長，全年持續成長。

And that's -- when you said accelerating you mean year-over-year accelerating or the sequentials quarter-over-quarter are accelerating or maybe both?

那就是 - 當您說加速時，您是指同比加速還是環比加速，或者兩者兼而有之？

Actually coincidentally, it's both.

事實上巧合的是，兩者皆有。

Our next question comes from the line of Craig Ellis with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Craig Ellis。

I will -- I joined the [lung hit] parade and ask a GEO related question to start. Donald, as you look at GEO and this really does look like 1 of those 100 deals from a revenue synergy standpoint. But if we're looking at a business that's $40 million now, as you look out 2 to 3 years and think about what's possible with cross-selling and with your vision of where centrifusion goes, how big do you think this business can be in the 2- to 3-year time frame?

我會—我加入了[肺部打擊]遊行並首先問一個與 GEO 相關的問題。唐納德，當你看 GEO 時，從收入協同效應的角度來看，這確實看起來像是那 100 筆交易中的 1 筆。但是，如果我們現在看的是價值 4,000 萬美元的業務，當您展望 2 到 3 年後，思考交叉銷售的可能性以及您對離心力發展方向的展望時，您認為這項業務在 2 到 3 年的時間內可以發展到多大？

Well, in the short term, as I said before, I expect to take the same profile as indie did when we came out to the market basically is kind of a little subset of us as now, if you can view it that way. In terms of, perhaps the longer term, we're seeing extremely high dollar opportunities and extremely high volume growing as a long-term result of that, which will result in design wins in the future of similar size to the radar design win that we've talked so much about over the last few quarters.

嗯，從短期來看，正如我之前所說的，我希望能夠像我們進入市場時那樣，基本上就像我們現在的一個小子集，如果你能這樣看待它的話。從長遠來看，我們看到了極高的價值機會和極高的銷售成長，這將導致未來設計勝利的規模與我們在過去幾個季度中多次討論的雷達設計勝利的規模相似。

Got it. And then, Tom, so it sounds like with a few million of GEO in the outlook, you're just counting on a couple of weeks at most. And then you would go to a full quarter, obviously, in 2Q. And this business do you think it sustains the pacing that it had last year as we go through 2023 and 2024?

知道了。然後，湯姆，聽起來，在前景中幾百萬的 GEO 的情況下，你最多只能指望幾週的時間。然後你顯然會進入整個第二季度。您認為這項業務在 2023 年和 2024 年會維持去年的步伐嗎？

We do. We see actually, in fact, more than anything else, we see an enormous top line synergy opportunity here. As Donald mentioned, the cross-selling opportunities are fairly enormous. So those conversations have already started, so we could see some benefit from that even in the back half of this year. That's not contemplated in the guidance we put forth last week in terms of expecting to see at least $40 million incrementally from GEO this year. And then, of course, that sets the stage thereafter for '24 and '25.

是的。事實上，我們比任何其他事物都更能看到，這裡存在著巨大的營收協同機會。正如唐納德所提到的，交叉銷售機會相當巨大。這些對話已經開始了，因此，即使在今年下半年，我們也能看到一些好處。我們上週提出的指導意見並未考慮到這一點，我們預計今年 GEO 的增量投資至少為 4000 萬美元。當然，這為 24 年和 25 年奠定了基礎。

Yes. Got it. And if I could sneak in 1 last one. Tom, just any color on what drove the gross margin upside in the fourth quarter?

是的。知道了。如果我能偷偷溜進去最後一個。湯姆，您能解釋一下是什麼推動了第四季毛利率的上升嗎？

It was a nice combination of things. Our mix just continues to improve. New program ramps layering in. Scale is, of course, a big dynamic here. And then in general, the supply chain is loosening up a little bit. And so that was also helpful. So all those dynamics are contributing to -- have certainly contributed of late to the gross margin expansion we've demonstrated, and we see that continuing. Those very dynamics continuing on our way to 60%.

這真是一個美妙的組合。我們的組合還在不斷改善。新程式逐漸增加層次。當然，規模在這裡是一個很大的動態。總體而言，供應鏈正在放鬆。這也很有幫助。因此，所有這些動態都有助於——最近肯定有助於我們所展示的毛利率擴張，而且我們認為這種情況將繼續下去。這些動力將持續推動我們實現 60% 的成長。

And our next question comes from the line of Cody Acree with Benchmark.

我們的下一個問題來自 Benchmark 的 Cody Acree。

Let me add my congratulations to the group. Did you talk, Tom, about your backlog, give a number I had to step off the call for just a second. But did you give an absolute backlog increase?

讓我向該小組表示祝賀。湯姆，你有沒有談到你的積壓工作，請給一個數字，我必須暫時掛斷電話。但是你給了絕對的積壓增加嗎？

Not this cycle. Stay tuned on that. We generally provide that in the November conference call. Well, along the way, of course, will provide program wins and updates and such, but we want to make that an annual event.

不是這個週期。請繼續關注。我們通常會在 11 月的電話會議中提供該資訊。嗯，當然，在此過程中，我們會提供專案勝利和更新等，但我們希望將其打造成一項年度活動。

Did that number increase sequentially?

這個數字是否連續增加？

We just haven't -- we've won some programs certainly since November, but we just haven't publicly sized them yet.

我們只是還沒有——自 11 月以來我們確實贏得了一些項目，但我們還沒有公開確定它們的規模。

Okay. Great. And then one for GEO. What is the contribution margin that you're expecting in the near term? And then how does that grow with the contribution?

好的。偉大的。然後是 GEO。您預計近期的貢獻利潤率是多少？那麼，隨著貢獻的增加，它會如何成長？

So you're saying the incremental contribution margins?

所以您說的是增量貢獻利潤率？

Yes. What is GEO's base gross margin increased, how is that additive or dilutive to what you've got today?

是的。 GEO 的基本毛利率增加了多少？這對您目前的毛利率有何影響？

Sure, sure. So initially, in the current quarter, it's slightly dilutive below our average, but we'll take some steps and fairly quickly here to get their margins at parity with our expansion. And then thereafter, in fact, I think when we move to '24 and '25, it's actually enhancing our gross margin.

當然，當然。因此，最初，在本季度，它的利潤率略低於我們的平均水平，但我們將採取一些措施，並很快使其利潤率與我們的擴張持平。然後，事實上，我認為當我們進入 24 年和 25 年時，它實際上會提高我們的毛利率。

And a lot of that, candidly, is they've just been subscale. And we've got some supply chain relationships we can work there to bring their margins more in line with us. This is the 1 quarter, in fact -- I was going to add, this is the one quarter given that between the announcement and closing, we're not going to have that much time to really implement the synergies, those really come into focus in the back half of this year.

坦白說，其中很多都是規模太小。我們與一些供應鏈建立了合作關係，可以使他們的利潤率與我們更加一致。事實上，這是第一季——我要補充的是，這是從宣佈到結束之間的一個季度，我們沒有那麼多時間真正實現協同效應，這些協同效應將在今年下半年真正成為焦點。

Okay. And then lastly, just the folding in of the machine visioning or the video processing from GEO into your total ADAS offering, when do you expect to be marketing those programs as a portfolio of offerings and solutions? And what do you expect that traction to look like?

好的。最後，將機器視覺或 GEO 視訊處理融入您的整體 ADAS 產品中，您預計何時將這些程序作為產品和解決方案組合進行行銷？您預計這種牽引力會是什麼樣的呢？

Well, from the get-go, we'll begin to incorporate their portfolio into ours. We -- I mean, of course, we did our homework before the acquisition, and we're very well aware about the market demand for the potential of the combination of the technologies that they have and that we have. So I mean, yes, I mean we do expect that the resonance for this is going to be pretty immediate.

好吧，從一開始，我們就會開始將他們的投資組合納入我們的投資組合中。我們——我的意思是，當然，我們在收購之​​前做了功課，我們非常清楚市場對他們擁有的技術與我們擁有的技術相結合的潛力的需求。所以我的意思是，是的，我們確實預期這件事的反應會非常迅速。

And we have reached the end of the question-and-answer session. I will now turn the call over to the management for closing remarks.

問答環節現已結束。現在我將把電話轉給管理階層，請他們作最後發言。

Well, thanks for joining us, everybody. I look forward to seeing you at the upcoming investor conferences and see you next quarter.

好吧，感謝大家加入我們。我期待在即將召開的投資者會議上見到您，並期待下個季度再見。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。