indie Semiconductor Inc (INDI) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to indie Semiconductor's First Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

下午好，歡迎參加獨立半導體 2023 年第一季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

I will now turn the call over to Ashish Gupta, Investor Relations. Mr. Gupta, Please go ahead. Thank you, operator.

現在我將把電話轉給投資者關係部的 Ashish Gupta。古普塔先生，請繼續。謝謝您，接線生。

Good afternoon, and welcome to indie Semiconductor's first quarter 2023 earnings call. Joining me today are Donald McClymont, indie's Co-Founder and CEO; and Raja Ball, indie's Chief Accounting Officer; Tom Schiller, indie's CFO and EVP of Strategy is out of the office with the passing of his mother just days ago. Donald will provide opening remarks and discuss business highlights followed by Raja's review of indie's Q1 results and second quarter outlook.

下午好，歡迎參加獨立半導體 2023 年第一季財報電話會議。今天與我一起出席的還有 Indie 的聯合創始人兼首席執行官唐納德·麥克萊蒙特 (Donald McClymont)；以及獨立公司的首席會計官 Raja Ball； Indie 公司的財務長兼策略執行副總裁湯姆席勒 (Tom Schiller) 因其母親幾天前去世而缺席了辦公室。唐納德將致開幕詞並討論業務亮點，隨後拉賈將回顧獨立公司第一季的業績和第二季度的展望。

Please note that we are 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 of our views as 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 strategic backlog formulation methodology, please refer to our safe harbor statement on our Q3 2022 earnings press release. 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, 2022, as well as other public reports filed with the SEC. Finally, the results and guidance discussed today are based on certain non-GAAP financial measures. For a complete reconciliation to GAAP, please see our Q1 earnings press release, which was issued in advance of this call and should be found on our website at www.indiesemi.com.

請注意，我們根據當前預期和假設做出前瞻性陳述，這些預期和假設存在風險和不確定性。這些聲明僅反映我們截至今天的觀點，不應被視為代表我們隨後任何日期的觀點。這些聲明受各種風險和不確定因素的影響，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 2022 年第三季財報新聞稿中的安全港聲明。對於可能影響我們財務結果的重大風險和其他重要因素，請查看我們截至 2022 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。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 Q1 收益新聞稿，也可在我們的網站 www.indiesemi.com 上找到。

I'll now turn the call over to Donald.

我現在將電話轉給唐納德。

Thank you, Ashish, and welcome, everybody. I'm pleased to report that indie delivered yet another above-plan record performance in the first quarter, reflecting robust demand for our highly innovative Autotech solutions and our unwavering commitment to achieving operational excellence. Once again, we substantially outpaced our industry peers, driven by indie's diverse and differentiated product set, underpinned by over 400 global patents and applications. We're off to a strong start in 2023.

謝謝你，Ashish，歡迎大家。我很高興地報告，Indie 在第一季度再次取得了超出計劃的創紀錄業績，這反映了對我們高度創新的 Autotech 解決方案的強勁需求以及我們對實現卓越運營的堅定承諾。我們再次大幅超越了業界同行，這得益於獨立多元化、差異化的產品組合，並以超過 400 項全球專利和應用為基礎。 2023 年，我們將迎來一個好的開始。

Specifically, during the quarter, we grew revenue 84% year-over-year and 22% sequentially to $40.5 million and achieved a gross margin of just over 52%. Our deep R&D investments and targeted acquisitions are beginning to yield results, allowing indie to sharply outpace our peer group and insulate us from isolated geographic, customer and market weakness. As we'll review, we're gaining design win momentum across ADAS, user experience and electrification applications, setting the stage for sustained outsized growth for years to come as these wins translate into program ramps and ultimately, revenue and free cash flow generation.

具體來說，本季我們的營收年增 84%，季增 22%，達到 4,050 萬美元，毛利率略高於 52%。我們在研發方面的深入投資和有針對性的收購開始取得成果，使獨立公司遠遠超過同行，並使我們免受地理、客戶和市場孤立弱點的影響。正如我們將回顧的那樣，我們在 ADAS、用戶體驗和電氣化應用方面的設計勝利勢頭強勁，為未來幾年持續的超高速增長奠定了基礎，因為這些勝利轉化為項目的增長，並最終轉化為收入和自由現金流的產生。

First, within the ADAS product area, we're enabling automotive OEMs and Tier 1 suppliers to meet the growing demand for advanced safety systems in next-generation vehicles. Importantly, we continue to follow a technology-agnostic approach, supporting multiple sensor modalities such as radar, LiDAR, computer vision and ultrasonic solutions from which we will ultimately fuse the data created to provide a comprehensive and accurate perception of the vehicle surroundings. We believe that a sensor fusion product road map augmented and accelerated by our acquisition strategy has truly differentiated indie from the pack, including competitors who tend to cling to one modality, often with an extremely narrow customer base.

首先，在 ADAS 產品領域，我們正在幫助汽車 OEM 和一級供應商滿足下一代汽車對先進安全系統日益增長的需求。重要的是，我們繼續遵循與技術無關的方法，支援多種感測器模式，如雷達、雷射雷達、電腦視覺和超音波解決方案，最終將融合所產生的數據，提供對車輛周圍環境的全面而準確的感知。我們相信，透過我們的收購策略增強和加速的感測器融合產品路線圖，真正使獨立企業從眾多競爭對手中脫穎而出，包括那些傾向於堅持一種模式、通常客戶群極其狹窄的競爭對手。

Quite simply, we believe that no single sensing modality will dominate the application landscape, particularly given the diversity of ADAS use cases ranging from backup safety systems to lean assist to fully autonomous driving and everything in between. And to be clear, indie's business plan isn't dependent on full autonomy. Our solutions support the evolution of today's safety systems from Level 2 to what I like to call Level 2+++. In other words, we haven't even begun to address the opportunity presented by Levels 4 and 5, the definition of the complete driverless vehicle, but we certainly will when those markets begin to mature.

很簡單，我們相信沒有單一的感測模式能夠主導應用領域，特別是考慮到 ADAS 用例的多樣性，從備用安全系統到精益輔助，再到完全自動駕駛以及介於兩者之間的一切。需要明確的是，獨立的商業計劃並不依賴完全的自主權。我們的解決方案支援當今的安全系統從 2 級發展到我所說的 2+++ 級。換句話說，我們甚至還沒有開始應對 4 級和 5 級（完全無人駕駛汽車的定義）所帶來的機遇，但當這些市場開始成熟時，我們肯定會這麼做。

In the meantime, I'm delighted to announce that during the quarter, we captured our first design win at General Motors in partnership with Sharp of Japan. While we can't elaborate upon this particular program, suffice it to say it's a material development for indie and will initially encompass many of GM's forthcoming models, including its EV portfolio. We look forward to providing additional information upon the global rollout next year.

同時，我很高興地宣布，本季我們與日本夏普合作贏得了通用汽車的首個設計勝利。雖然我們無法詳細說明這項特定計劃，但可以說這是獨立汽車的實質開發，最初將涵蓋通用汽車即將推出的許多車型，包括其電動車產品組合。我們期待明年在全球推出時提供更多資訊。

During the quarter, we also strengthened our position as a technology leader in automotive radar with this acquisition of Silicon Radar, a company specializing in advanced highly integrated, high-frequency systems-on-chip. Silicon Radar had developed the industry's first volume production-ready, highly integrated 120 gigahertz radar front-end transceiver, including on-chip integrated antennas. Silicon Radar had previously been a design partner to our owned Munich, Germany-based radar group.

在本季度，我們也透過收購 Silicon Radar（一家專門從事先進的高度整合、高頻晶片系統的公司）鞏固了我們在汽車雷達領域技術領導者的地位。 Silicon Radar 開發了業界首款可量產、高度整合的 120 千兆赫雷達前端收發器，包括晶片整合天線。 Silicon Radar 之前曾是我們旗下位於德國慕尼黑的雷達集團的設計合作夥伴。

As vehicle safety standard initiatives, such as the European New Car Assessment Programme continue to expand globally, there is an increasing need for driver and occupant monitoring systems, making in-cabin sensing solutions as an essential component for ensuring overall safety. In fact, S&P Global Mobility predicts that the market for driver and occupant monitoring semiconductors will grow to over $0.5 billion by 2029 at a 34% compound annual growth rate. With Silicon Radar's world-class design team, we plan to lead the way.

隨著歐洲新車評估計畫等車輛安全標準措施在全球範圍內不斷擴大，對駕駛員和乘員監控系統的需求日益增加，使得車艙內感測解決方案成為確保整體安全的重要組成部分。事實上，標準普爾全球行動公司預測，到 2029 年，駕駛員和乘員監控半導體市場規模將以 34% 的複合年增長率增長到 5 億美元以上。透過 Silicon Radar 的世界一流設計團隊，我們計劃引領潮流。

On the LiDAR front, during the quarter, we continued to make progress with our Surya SoC program, demonstrating our solution at multiple European automotive Tier 1s. indie's Surya LiDAR SoC is a game-changing product, enabling customers to implement a highly integrated and high-performance software-defined data acquisition and signal processing system. It is the world's first merchant market coherent LiDAR solution that integrates multichannel, high-speed analog-to-digital converters, hardware and software-based signal digital signal processing, together with the system control interfaces needed for an efficient and cost-effective FMCW LiDAR system. Specifically, we are targeting a $200 BOM, 80% less than current architectures. As a result, we believe indie can uniquely drive this key 3-dimensional imaging technology, which is now beginning to gain traction as a mainstream sensor.

在 LiDAR 方面，本季度，我們繼續推進 Surya SoC 計劃，並向多個歐洲汽車一級供應商展示了我們的解決方案。 indie 的 Surya LiDAR SoC 是一款改變遊戲規則的產品，使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。它是世界上第一個商用市場相干雷射雷達解決方案，整合了多通道、高速類比數位轉換器、基於硬體和軟體的訊號數位訊號處理，以及高效、經濟的 FMCW 雷射雷達系統所需的系統控制介面。具體來說，我們的目標是 BOM 成本為 200 美元，比目前架構低 80％。因此，我們相信獨立公司可以以獨特的方式推動這項關鍵的三維成像技術，該技術現在開始作為主流感測器受到關注。

And finally, computer vision systems are a crucial component of both ADAS and autonomous driving, serving as the primary sensing function with next-generation vehicles requiring up to 20 cameras for sensing functionality. Computer vision systems are diverse, enabling a wide range of applications, including backup cameras, surround view systems, object and lane detection, night vision and driver and occupant monitoring. These functions collectively enable use cases such as lane change assist, highway pilot, traffic jam pilot, occupant safety and automated parking amongst others. During the quarter, we continued to expand our design win pipeline, securing initial Vision sockets at Panasonic in support of Honda.

最後，電腦視覺系統是 ADAS 和自動駕駛的關鍵組成部分，是下一代汽車的主要感測功能，需要多達 20 個攝影機來實現感測功能。電腦視覺系統種類繁多，可實現廣泛的應用，包括倒車攝影機、環視系統、物體和車道偵測、夜視以及駕駛員和乘員監控。這些功能共同支援了車道變換輔助、高速公路導航、交通堵塞導航、乘員安全和自動停車等用例。在本季度，我們繼續擴大我們的設計中標管道，確保了松下的初始 Vision 插座以支援本田。

Next, turning to user experience. By background, OEMs have been increasingly prioritizing a best-in-class in-cabin experience as a point of differentiation, prioritizing communication, entertainment and information sharing. With modern cars becoming more like temporary homes or workplaces, providing the ultimate user experience throughout the entire cabin is becoming the new standard. OEMs have increasingly highlighted the importance of interior lighting as it can drive an emotional connection with the driver and is a strong generator of brand recognition.

接下來，談談使用者體驗。從背景來看，原始設備製造商越來越重視一流的車內體驗作為差異化點，優先考慮溝通、娛樂和資訊共享。隨著現代汽車越來越像臨時的家或工作場所，在整個車廂內提供極致的使用者體驗正在成為新的標準。原始設備製造商越來越強調室內照明的重要性，因為它可以與駕駛建立情感聯繫，並能有效增強品牌認知度。

Indie is redefining the future of in-cabin lighting with multicolor technologies for an enhanced user experience. The interior and exterior lighting of today's vehicles is rapidly evolving. With advanced dynamic lighting, it is possible to improve visibility and make it easier for drivers to see and be seen, which can help reduce the risk of accidents. Innovative lighting can also improve the comfort of the driver and occupants, creating an atmosphere suited to the context of the journey, style preference of the vehicle owner and indeed the general mood.

Indie 正在利用多色技術重新定義車內照明的未來，以增強使用者體驗。當今車輛的內部和外部照明正在迅速發展。借助先進的動態照明，可以提高可見度，使駕駛員更容易看見前方車輛，也更容易被前方車輛看見，從而有助於降低發生事故的風險。創新的照明還可以提高駕駛和乘客的舒適度，營造出適合旅途環境、車主風格偏好以及整體情緒的氛圍。

Indie's solutions, such as the recently announced LED matrix controller are designed to address this growing demand for innovative and power-efficient LED lighting. Based on our power efficiency leadership, during the quarter, we captured additional advanced lighting wins at several leading EV OEMs, both North American and China-based, including BYD, Nio and Li Auto.

Indie 的解決方案（例如最近發布的 LED 矩陣控制器）旨在滿足對創新且節能的 LED 照明日益增長的需求。基於我們在電源效率方面的領先地位，本季度，我們獲得了多家北美和中國領先電動車原始設備製造商的額外先進照明訂單，其中包括比亞迪、蔚來和理想汽車。

Similarly, mobile device integration and wireless charging are also top priorities for global automakers. This technology allows drivers to seamlessly link their mobile device into the vehicle's infotainment system, safely making calls, sending and receiving messages and enjoying their favorite music without diverting their attention from the road. To date, Apple and Android have provided compelling consumer experiences and have gained significant market share. In that process, indie has played no small part in enabling this functionality.

同樣，行動裝置整合和無線充電也是全球汽車製造商的首要任務。該技術使駕駛員能夠將他們的行動裝置無縫連接到車輛的資訊娛樂系統，安全地撥打電話、發送和接收訊息以及欣賞他們喜愛的音樂，而不會分散他們對道路的注意力。迄今為止，Apple 和 Android 已經提供了引人注目的消費者體驗，並獲得了相當大的市場份額。在此過程中，獨立對於實現此功能發揮了不小的作用。

That said, our chipset is agnostic to whatever software layer has implemented, be it Apple CarPlay, Android Auto or even in-house solutions. While some OEMs have recently announced plans to transition to internally developed architectures, indie is in no way impacted by this development, particularly as we continue to sell data transport and power to connect the phone to the infotainment system within any configuration. At the same time, our strong relationships with Tier 1s, global carmakers and rapidly emerging EV OEMs have allowed us to expand our offerings into adjacent areas of user experience, such as wireless charging, USB PD controller and other in-cabin solutions.

也就是說，我們的晶片組與所實施的任何軟體層無關，無論是 Apple CarPlay、Android Auto 還是內部解決方案。儘管一些 OEM 廠商最近宣布了轉向內部開發架構的計劃，但獨立開發不會受到這一發展的影響，特別是我們繼續銷售數據傳輸和電源，以便在任何配置下將手機連接到資訊娛樂系統。同時，我們與一級供應商、全球汽車製造商和快速崛起的電動車原始設備製造商建立了牢固的關係，使我們能夠將產品擴展到用戶體驗的相鄰領域，例如無線充電、USB PD 控制器和其他車內解決方案。

And speaking of electric vehicles, we're seeing a marked acceleration as EV sales continue to gain momentum. According to Kelley Blue Book, EV sales were up 45% versus the prior year in the U.S. and the EV share of the total market increased to over 7%. Additionally, as EV technology continues to improve, charging infrastructure expands and battery cost decrease, the potential for growth in the EV market is phenomenal. We expect global EV OEMs will seek more efficient and integrated semiconductor solutions and believe indie is in a strong position to benefit from the growth, particularly given our strong relationships with an increasing number of leading EV OEMs around the globe.

說到電動車，隨著電動車銷售持續成長，我們看到了明顯的加速。根據《凱利藍皮書》的數據，美國電動車銷量較上年增長了 45%，電動車在整個市場中的份額上升至 7% 以上。此外，隨著電動車技術的不斷改進、充電基礎設施的擴大和電池成本的下降，電動車市場的成長潛力巨大。我們預計全球電動車原始設備製造商將尋求更有效率、更整合的半導體解決方案，並相信獨立公司有能力從這一增長中獲益，特別是考慮到我們與全球越來越多領先的電動車原始設備製造商建立了牢固的關係。

I'll now turn the call over to Raja for a discussion of our Q1 results and Q2 outlook. For those who haven't had the opportunity to meet Raja, he has been a valuable member of the indie team for over 3 years and currently serves as our Chief Accounting Officer. Raja, over to you.

現在我將把電話轉給拉賈，討論我們的第一季業績和第二季展望。對於那些還沒有機會見到 Raja 的人來說，他已經是獨立團隊的重要成員 3 年多了，目前擔任我們的首席會計官。拉賈，交給你了。

Thanks, Donald. indie delivered a strong first quarter, once again exceeding our top line guidance and expectations. In fact, this represents our eighth consecutive quarter of beating or at least meeting our revenue and gross margin targets post indie's IPO. Specifically, revenue for the period was up 84% year-over-year and up 22% sequentially to $40.5 million, including a stub portion of revenue from our acquisition of GEO Semiconductor in March. On a non-GAAP basis, gross profit was $21.1 million, translating into 52.2% gross margin, up 484 basis points year-over-year and slightly ahead of our 52% guidance.

謝謝，唐納德。 indie 第一季表現強勁，再次超越了我們的營收指引和預期。事實上，這是我們在獨立公司首次公開募股後連續第八個季度超過或至少達到我們的收入和毛利率目標。具體而言，本季營收年增 84%，季增 22%，達到 4,050 萬美元，其中包括 3 月收購 GEO Semiconductor 所產生的部分收入。以非公認會計準則計算，毛利為 2,110 萬美元，毛利率為 52.2%，較去年同期成長 484 個基點，略高於我們 52% 的預期。

Total operating expenses for the quarter were $37.9 million, including $29.3 million in R&D and $8.6 million in SG&A, reflecting our continued investment in accelerated product development and expansion of our sales and marketing reach. In turn, our Q1 operating loss was $16.8 million. Below the line, net interest income was $0.5 million. As a result, our net loss was $16.3 million and we posted a $0.10 loss per share on a base of 155.1 million shares, in line with guidance.

本季總營運費用為 3,790 萬美元，其中包括 2,930 萬美元的研發費用和 860 萬美元的銷售、一般及行政費用，這反映了我們對加速產品開發和擴大銷售和行銷範圍的持續投資。因此，我們第一季的營業虧損為 1,680 萬美元。低於該線的淨利息收入為 50 萬美元。結果，我們的淨虧損為 1,630 萬美元，在 1.551 億股的基礎上，每股虧損 0.10 美元，符合預期。

Turning to the balance sheet. We had significant one-time cash disbursements during the quarter, including $90 million related to the acquisition of GEO Semiconductor, $8.4 million related to the acquisition of Silicon Radar and a $10 million repayment of the Analog Devices' promissory note related to the acquisition of Symeo. We also invested $16.7 million in working capital, primarily to secure inventory in support of our back half growth plans, $3.2 million in capital expenditures for expanded internal testing capabilities and $3.9 million in other financing activities. Also, during the quarter, we raised $34.2 million from the ATM and issued 3.3 million shares. These sources and uses of cash, combined with our non-GAAP operating loss of $16.8 million, resulted in $207.4 million of cash on hand exiting the quarter.

轉向資產負債表。我們本季有大量一次性現金支出，包括與收購 GEO Semiconductor 相關的 9,000 萬美元、與收購 Silicon Radar 相關的 840 萬美元以及與收購 Symeo 相關的 ADI 公司本票的 1,000 萬美元償還。我們還投資了 1,670 萬美元的營運資金，主要用於確保庫存以支持我們下半年的成長計劃，投資 320 萬美元的資本支出用於擴大內部測試能力，以及投資 390 萬美元用於其他融資活動。此外，在本季度，我們從 ATM 籌集了 3,420 萬美元，並發行了 330 萬股。這些現金來源和用途，加上我們的非公認會計準則經營虧損 1,680 萬美元，導致本季末庫存現金為 2.074 億美元。

Looking forward, based on our order visibility and the depth of indie's new product pipeline, we plan to demonstrably outperform the Autotech market over the forecast horizon. For the second quarter, we plan to scale to a $205 million to $210 million annualized revenue run rate. Assuming the midpoint of this range of $51.9 million, we expect non-GAAP gross margin again in the 52% range, particularly as we work through lower-margin pre-synergized GEO inventory. We are also planning $33 million in R&D and $9 million in SG&A, which includes the full quarterly impacts of both our recent acquisitions versus just 1 month in Q1. As a result, we plan to narrow our operating loss to approximately $15 million.

展望未來，基於我們的訂單可見度和獨立新產品線的深度，我們計劃在預測期內明顯超越汽車技術市場。對於第二季度，我們計劃將年化收入運行率擴大到 2.05 億美元至 2.1 億美元。假設該範圍的中間值為 5,190 萬美元，我們預計非 GAAP 毛利率將再次達到 52% 左右，特別是當我們處理利潤率較低的協同前 GEO 庫存時。我們還計劃投入 3,300 萬美元用於研發，投入 900 萬美元用於銷售、一般及行政開支，其中包括我們最近兩次收購對整個季度的影響，而第一季的影響僅包括 1 個月的影響。因此，我們計劃將營業虧損縮小至約 1,500 萬美元。

Below the line, we anticipate $200,000 of net interest expense and no taxes. Assuming 164.3 million shares outstanding, we expect a $0.09 loss per share. Finally, and to reiterate, we believe the combination of indie's accelerating growth trajectory, gross margin expansion, post-acquisition synergies and planned operating expense leverage will enable us to reach profitability in the back half of this year.

在此線之下，我們預計淨利息支出為 200,000 美元，且無稅金。假設流通股為 1.643 億股，我們預期每股虧損 0.09 美元。最後，我們重申一下，我們相信，獨立的加速成長軌跡、毛利率擴大、收購後的協同效應和計劃中的營運費用槓桿將使我們在今年下半年實現盈利。

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

說完這些，我將把電話轉回給唐納德，請他發表最後評論。

Thanks, Raja. In summary, Q1 was another solid quarter operationally, but we also remain in the early innings of what's possible at indie, given the strength of our customer engagements, supplier partnerships, product portfolio, road maps and our world-class design team. In the short term, our performance and outlook represent yet more proof points that we're effectively executing to our plan. In fact, we are now on pace to more than double our top line again this year, our third year in a row of doing so. Since we're in the middle of the NBA playoff season, that's indie's version of a triple double, representing another step towards realizing our vision of capitalizing on the $42 billion automotive semiconductor market opportunity and in the process, creating an Autotech powerhouse.

謝謝，拉賈。總而言之，第一季在營運方面又是一個穩健的季度，但鑑於我們強大的客戶參與度、供應商合作夥伴關係、產品組合、路線圖和世界一流的設計團隊，我們在獨立方面的潛力還處於早期階段。短期內，我們的業績和前景進一步證明我們正在有效執行我們的計劃。事實上，今年我們的營業額預計將再次翻倍以上，這已經是連續第三年實現這一目標。由於我們正處於 NBA 季後賽期間，這是獨立版本的三雙，代表我們朝著實現利用 420 億美元汽車半導體市場機會的願景又邁出了一步，並在此過程中打造一個汽車技術巨頭。

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。

Thank you. We will now be conducting a Question-and-Answer Session. (Operator Instructions) Our first question comes from Suji Desilva with ROTH Capital.

謝謝。我們現在將進行問答環節。 （操作員指示）我們的第一個問題來自 ROTH Capital 的 Suji Desilva。

And congrats on the progress here. First question, indie's exposure, I just want to think about -- a framework think about this. I guess I think about traditional versus new auto car companies. And I'm wondering, is the exposure roughly half-half? Or is there any kind of one that's stronger than the other? And I guess, China EV, the question has been there around the demand, you had said remained strong. So, just curious your thoughts on the relative demand across traditional versus new auto companies.

並祝賀這裡所取得的進展。第一個問題，獨立的曝光，我只是想想──一個框架來思考這個問題。我想我考慮的是傳統汽車公司與新型汽車公司。我想知道，曝光率大約是一半一半嗎？或者有沒有一種比另一種更強的？我想，中國電動車的問題一直圍繞著需求，您說過需求依然強勁。所以，我只是好奇您對傳統汽車公司和新興汽車公司的相對需求的看法。

I mean from our subjective viewpoint, all of our products have extremely strong demand, as you can see from the results. So, as far as we're concerned, the market remains particularly strong. We are very diversified across our products, geographies, customers and technologies, including the difference between e-vehicle and internal combustion engine. So, we're not really beholden to any one of those factors. We're very diversified across all of those factors. There has been, of course, some noise in the market, I would say, with regard to weakness in China e-vehicles.

我的意思是，從我們的主觀觀點來看，我們所有產品的需求都非常強勁，正如您從結果中看到的那樣。因此，就我們而言，市場仍然特別強勁。我們的產品、地理、客戶和技術都非常多樣化，包括電動車和內燃機之間的差異。所以，我們其實並不受其中任何一個因素的影響。我們在所有這些因素上都非常多樣化。當然，我想說，市場上存在一些關於中國電動車疲軟的噪音。

We do have representation of course, as part of the broader portfolio. But from our perspective, they're scheduled to do 8 million e-vehicles in China this year and that's a pretty strong performance. It's a huge percentage of the world's market for e-vehicle and they've come from a very low base to basically a leadership position in a very short time. So, our view on that generally is we only see strength in that particular market at this point also.

當然，作為更廣泛投資組合的一部分，我們確實有代表。但從我們的角度來看，他們計劃今年在中國生產 800 萬輛電動車，這是一個相當強勁的表現。它佔據了全球電動車市場的很大一部分，並且在很短的時間內從很低的基礎發展到佔據領導地位。因此，我們對此的總體看法是，我們目前也只看到該特定市場的實力。

And in the prepared remarks, you guys mentioned the Apple CarPlay in China. Can you just elaborate on the content opportunity there and what's happening in that market if it's diversifying from Apple CarPlay and how the opportunities scales out for you?

在準備好的發言中，你們提到了中國的 Apple CarPlay。您能否詳細說明那裡的內容機會以及如果它從 Apple CarPlay 多樣化，該市場將會發生什麼情況以及機會將如何擴展？

Well, I mean, from our perspective, our hardware supports any software skin or user interface that's used on top of it, so, whether it be Apple CarPlay, Android Auto or some proprietary system, which belongs to an OEM. And it makes really no difference to us as regards to what they do. So, as far as our perspective goes, as long as there's continued growth and integration of the user's mobile device into the vehicle user experience, then there's potential for growth for us in those product areas. So, it's still one of the strong parts of our business and it continues to grow.

嗯，我的意思是，從我們的角度來看，我們的硬體支援在其上使用的任何軟體皮膚或用戶介面，無論是 Apple CarPlay、Android Auto 還是屬於 OEM 的一些專有系統。他們做什麼對我們來說其實沒有什麼差別。因此，就我們的觀點而言，只要使用者的行動裝置持續成長並將其融入車輛使用者體驗，那麼我們在這些產品領域就具有成長潛力。所以，它仍然是我們業務的強項之一，而且還在繼續成長。

If I can sneak in one last quick question. For the in-cabin opportunity, what do you think are the 2 or 3 biggest revenue opportunity? It seems like there's a lot of different content there across safety and infotainment and all that, maybe that you could point out 2 or 3 that are really high-growth opportunities in the next 1 to 2 years?

我可以偷偷問最後一個問題嗎？對於車內機會，您認為最大的 2 到 3 個收入機會是什麼？看起來安全和資訊娛樂等領域有很多不同的內容，也許您可以指出未來 1 到 2 年內真正具有高成長機會的 2 或 3 個內容？

I mean it's spread across our whole product portfolio, as we mentioned in the remarks. The ones that we called out in the remarks are really the ones that are the most immediate. But generally speaking, I mean, the cabin is becoming a place where people spend more time and there are many more creature comforts which are desired and can be offered by the car manufacturer to increase brand recognition and to increase their share. So, it's generally still a very, very strong growth area. I mean, much is talked about autonomous driving and e-vehicle and so on and so forth. But it's still going to be a great driver of semiconductor content as the future unfolds.

我的意思是它遍布我們的整個產品組合，正如我們在評論中提到的那樣。我們在評論中指出的問題實際上是最緊迫的問題。但一般來說，我的意思是，車艙正在成為人們花費更多時間的地方，人們需要更多的舒適設施，汽車製造商可以提供這些設施來提高品牌知名度並增加其市場份額。因此，總體而言，它仍然是一個非常非常強勁的成長領域。我的意思是，人們討論了很多關於自動駕駛和電動車等等的問題。但隨著未來的發展，它仍將成為半導體內容的巨大動力。

Our next question comes from Anthony Stoss with Craig-Hallam.

我們的下一個問題來自 Craig-Hallam 的 Anthony Stoss。

Don, I wanted to focus in on your GM ADAS win. I know you're not at liberty to probably divulge too much, but I'm just curious, did I hear you correctly that something may start next year? Or any sense on when the revenues would start for you? And then I have a couple of follow-ups.

唐，我想專注於你在 GM ADAS 方面的勝利。我知道您可能無權透露太多，但我只是好奇，我聽得對嗎？或者您知道什麼時候可以開始獲得收入嗎？然後我還有一些後續問題。

Yes. I mean, in that time frame, it's a very positive announcement for us and we are indeed very pleased about it. GM has been a sell-through customer of ours for many years, but this represents kind of a new product area for us that's launching.

是的。我的意思是，在那個時間範圍內，這對我們來說是一個非常積極的聲明，我們確實對此感到非常高興。多年來，通用汽車一直是我們的直銷客戶，但這對我們來說代表著一種即將推出的新產品領域。

Is there any share or any number of models that you think you'll get that you care to share?

您是否認為您可以獲得一些您願意分享的模型？

We're not at the point where we're at liberty to disclose exact numbers and volumes and car models, but it's going to be significant for us to say the least.

目前我們還不能隨意透露具體的數字、數量和車型，但這對我們來說至少意義重大。

And then following up on one of the earlier questions on China in your filings that you disclosed. What percent of revenue is China right now for you? And where do you see that in the next couple of years?

然後，我們來跟進一下您在文件中披露的有關中國的一個早期問題。目前中國收入佔貴公司總收入的百分之多少？您認為未來幾年會如何發展？

Sure. I'll take that, Donald. So, China has been roughly historically, roughly half of our revenues and that's pretty consistent with the current quarter and where we expect to be going forward.

當然。我接受，唐納德。因此，從歷史上看，中國大約占我們收入的一半，這與當前季度的情況以及我們預計的未來情況基本一致。

But to clarify that, China for us is kind of misleading in terms of the filings because many of the -- or much of the volume that credited as being manufactured over there is generated through European and U.S. design wins.

但需要澄清的是，就申請而言，中國對我們來說有點誤導，因為許多或大部分被認為是在中國製造的產品是透過歐洲和美國的設計勝利產生的。

Yes, that makes more sense. And then last question related to GEO. I'm curious if you're now having conversations post the close on other automakers that were maybe a little shy in using GEO because they're a private company and they're small. And when do you expect kind of new customer design wins now under the flag of indie?

是的，這更有意義。最後一個問題與 GEO 有關。我很好奇，在交易結束後，您是否正在與其他汽車製造商進行對話，這些汽車製造商可能對使用 GEO 有點害羞，因為他們是私人公司，而且規模較小。您預計獨立設計何時能贏得新的客戶青睞？

Yes. I mean it's -- I mean, we announced a couple of wins in there that went across the line, perhaps, I would say, because of the girth of the combined companies now already, I mean, which are really just on the 1-yard line. We give a final push over. But yes, I mean, we've been super happy with the way that the sales teams have integrated, we're working great together, even after a very short time frame and the amount of traction that we're seeing for their products through our sales channel and vice versa, indeed for our products through their sales channels is enormous. So, I do expect that over the course of the next while, we will make some announcements in that space.

是的。我的意思是 — — 我的意思是，我們宣布了幾個跨越界限的勝利，也許，我想說，是因為現在合併後的公司的規模已經很大了，我的意思是，它們實際上只是在 1 碼線上。我們做最後的努力。但是的，我的意思是，我們對銷售團隊的整合方式感到非常高興，即使在很短的時間內，我們也能很好地合作，而且我們看到透過我們的銷售管道，他們的產品獲得了巨大的吸引力，反之亦然，事實上，透過他們的銷售管道，我們的產品獲得了巨大的吸引力。因此，我確實希望在接下來的一段時間內，我們會在該領域發布一些公告。

Our next question comes from Ross Seymore with Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

A couple of questions. I guess the first one, Donald, outside of China, to a certain extent because you've already answered that one, but a lot of investor concern just about supply-demand dynamics in the automotive space. Any sort of changes in that from your perspective? Obviously, your numbers don't seem to show any big change one way or the other. But just wanted to get your thoughts.

幾個問題。我想第一個問題，唐納德，在中國以外，在某種程度上因為你已經回答了這個問題，但很多投資者關心的只是汽車領域的供需動態。從您的角度來看，這方面有什麼改變嗎？顯然，您的數字似乎並沒有顯​​示出任何重大變化。但只是想聽聽你的想法。

I mean the situation has greatly alleviated itself from the situation of, let's say, the last 18 months or so. Much of the supply chain is back to normal. There are some isolated pockets that you can see, which demand enhanced management to make sure that there's no slip twixt cup and lip. But other than that, it's becoming more alleviated. That being said, what we see is that there are -- I mean the car volume per year is still below where it was at its peak in 2018. Still many cars didn't get manufactured during the course of that period. And we still see some pent-up demand to get the cars volume back to really where it was before. But generally speaking, we would see that the demand situation has improved, but still some work to do.

我的意思是，與過去 18 個月左右的情況相比，目前的情況已經有了很大緩解。大部分供應鏈已恢復正常。您可以看到有一些孤立的囊袋，這些囊袋需要加強管理，以確保杯口和杯唇之間不會滑落。但除此之外，情況正在逐漸緩解。話雖如此，我們看到的是——我的意思是每年的汽車銷量仍然低於 2018 年的峰值水平。我們仍然看到一些被壓抑的需求，使汽車銷售真正恢復到以前的水平。但總體來說，我們看到需求情勢有所改善，但仍有一些工作要做。

And then a couple of GEO questions quickly. Was the ADAS design win at General Motors in partnership with Sharp Japan. I noticed that Japan in there. Was that something to do with the GEO side of things? Or was that from kind of core indie?

然後快速問幾個 GEO 問題。通用汽車與日本夏普合作贏得了 ADAS 設計勝利。我注意到那裡有日本。這與 GEO 方面的事情有關嗎？還是那是來自核心獨立嗎？

We're actually not detailing that at the moment, but we'll announce on that as time progresses, and we can talk a little bit more about the application.

實際上，我們目前還沒有詳細說明，但隨著時間的推移，我們會宣布這一消息，我們也可以更多地談論該應用程式。

And then the last question would just be, now that you've had GEO in the fold for a bit of time. I think you said a couple million dollars was the stub in the prior quarter when you guided and you expect a full quarter and then $40 million for the year, roughly, if I remember correctly. Any changes to those numbers? Or are those all still applicable?

最後一個問題是，現在你們已經加入 GEO 有一段時間了。我記得您說過，您在指導時上一季的餘額是幾百萬美元，而您預計整個季度的餘額會是 4,000 萬美元，如果我沒記錯的話，全年的餘額大約是 4,000 萬美元。這些數字有變化嗎？或者這些都仍然適用嗎？

No, we're still tracking to plan.

不，我們仍在按照計劃進行。

Our next question comes from Cody Acree with Benchmark.

我們的下一個問題來自 Benchmark 的 Cody Acree。

Please pass my sympathies along to Tom on passing of his mother. Yes. I'll do, Cody. Don, can you just talk about your revenue mix by application. Can you just give us some kind of color on how that breaks down for this quarter or this past quarter and in your guidance? And then I have another follow-up.

請向湯姆轉達我對他母親過世的哀悼。是的。我會的，科迪。唐，您能談談您按應用劃分的收入組成嗎？您能否向我們介紹本季或上個季度的具體情況以及您的指導意見？然後我還有另一個後續問題。

Well, I mean, we don't really segment our revenue by application or geography or anything at all really for that matter. Really, we're tracking to the plan that we put in place. I would say that by and large, everything even in the subsegments and the product areas that we pursue are individually tracking to plan as well. So, we're pretty happy with the outlook that we have for the next few quarters and the next few years.

嗯，我的意思是，我們實際上並沒有根據應用或地域或其他任何東西來劃分我們的收入。確實，我們正在按照我們制定的計劃進行。我想說，總的來說，我們所追求的細分市場和產品領域的一切也都在單獨按照計劃進行。因此，我們對未來幾季和未來幾年的前景非常滿意。

And I guess then, if you look at your revenue another way, what is -- can you talk about the sensitivity of your revenue to new wins versus what might be just volume sensitivity to the market? I guess what I'm saying is how much of your business is initial ramping of new products and new sockets and how much is dependent on the market's volume of vehicles.

那麼，我想，如果您從另一個角度看待您的收入，那麼您能談談您的收入對新勝利的敏感度以及對市場銷售的敏感度嗎？我想說的是，你們的業務有多少是新產品和新插座的初始量產，有多少是依賴市場的車輛數量。

Well, the primary factor that affects our revenue profile is our own share gain. As you've seen from the results that we've posted over the last 8 quarters, we've massively outgrown the market. And that's the primary factor that's going to influence us before anything else. Of course, that was generated by new business starts and new product deployments over the course of that period and we'll continue to do so. In terms of -- I wouldn't really characterize them as new wins any longer because these are wins that we made, I mean, largely in terms of the revenue profile that we've produced to date, the wins were made largely when we were a private company.

嗯，影響我們收入狀況的主要因素是我們自己的份額成長。正如您從我們過去 8 個季度發布的業績所看到的，我們的成長速度已經遠遠超過了市場。這是對我們影響最大的首要因素。當然，這是由那段時期內新業務的啟動和新產品的部署所推動的，我們將繼續這樣做。就——我不再將它們描述為新的勝利，因為這些都是我們取得的勝利，我的意思是，就我們迄今為止創造的收入狀況而言，這些勝利主要是在我們作為私人公司時取得的。

And the wins that we talk about when we do our earnings and make press releases and so forth when we announced new products and customer relationships are largely things that are going to build revenue sometime further out in the future, which is great because it gives us great visibility of where we've come from, where we are right now and where we're going for the long term, really through the end of this decade. So again, we don't really subsegment out by category or by nature of design win. But just the nature of our business, because of the long design cycles, we have a great deal of security and visibility into where the revenue is coming from on a quarterly and yearly and almost decade basis.

我們在發布收益報告、發布新聞稿等內容、宣布新產品和建立客戶關係時所談論的勝利，很大程度上都是將在未來某個時候創造收入的事情，這很好，因為它讓我們清楚地了解我們來自哪裡、我們現在在哪里以及我們的長期發展方向，真正到這個十年的末期。因此，我們實際上並沒有按照類別或設計獲勝的性質進行細分。但由於我們業務的性質，由於設計週期較長，我們對季度、年度甚至近十年的收入來源具有很強的安全性和可視性。

And then lastly, Don, if I may, could you just talk about your gross margin trends beyond the June quarter, just mix versus internal efficiencies, supply efficiencies?

最後，唐，如果可以的話，您能否談談 6 月季度之後的毛利率趨勢，以及產品組合與內部效率和供應效率的關係？

I mean it will be driven by a multitude of factors. Mix as higher technology products deploy, operating efficiencies as we increase in scale maybe in the short term, operating efficiencies as we fully integrate the acquisitions that we recently made, and we remain on track to hit our 60% gross margin model, which we've talked about at length over the course of the last quarter.

我的意思是它將受到多種因素的驅動。隨著高科技產品的部署，營運效率將隨著我們規模的擴大而提高，也許在短期內如此，隨著我們完全整合最近進行的收購而提高，我們仍有望實現 60% 的毛利率模式，我們在上個季度已經詳細討論過這一點。

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

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

Donald, I'll start with one that's more qualitative, but it relates to a point you made about the way you're scaling up the business, both organically and inorganically. With the business where it is today, it's significantly increased scale over the last few years, how is that changing the way customers come to indie to try and engage both types of customers, size of customers and maybe across different types of products that they may be interested in.

唐納德，我將從一個更定性的問題開始，但它與你提出的有關業務擴大方式的觀點有關，包括有機和無機擴大。就目前的業務而言，其規模在過去幾年中顯著擴大，這如何改變客戶選擇獨立品牌的方式，嘗試吸引不同類型的客戶、不同規模的客戶，以及他們可能感興趣的不同類型的產品。

I mean that's an interesting question. Our progress has been largely consistent and steady. And so with every, let's say, small milestone that we made, our credibility improves with our customers and they are willing to give us access to larger programs. I would say that there are days where you feel that there's somehow been a threshold cost when some very large customer approaches us and calls out to us and says, hey, we like what you're doing. We're really impressed. We are looking for a vendor in the space. Looks like your technology is very differentiated.

我覺得這是一個有趣的問題。我們的進展總體上是一致且穩定的。因此，隨著我們取得的每一個小里程碑，我們在客戶心目中的信譽都會提高，他們也願意讓我們參與更大的專案。我想說的是，當一些非常大的客戶找到我們並對我們說，嘿，我們喜歡你們所做的事情時，你會覺得不知何故存在門檻成本。我們確實印象深刻。我們正在尋找該領域的供應商。看起來你們的技術非常有差異化。

And that sort of pool from the market is something that is very gratifying to see as we've grown over the course of the last quarters and years and we've begun to get that sort of, let's say, quality of reliability in the market that we can deliver, we can deliver on time to the right quality and automotive is quite a conservative market in that sense. So, track record matters. I mean I would say, generally speaking, it's -- I mean it's been -- again, I'll repeat it, it's been a very gratifying experience to see our progress happening really linearly over the course of the last 14 years even.

看到市場上有這樣的客戶群體，我們感到非常欣慰，因為在過去幾個季度和幾年裡，我們一直在成長，並且開始在市場上獲得這種可靠性質量，我們可以按時交付正確的質量產品，而從這個意義上說，汽車市場是相當保守的市場。因此，過往記錄很重要。我的意思是，我想說，一般來說，這是——我的意思是這是——我再重複一遍，看到我們在過去 14 年裡真正線性地取得進步，這是一次非常令人欣慰的經歷。

And then I'll ask a specific product question. So, there's been a lot of inquiry around GEO, so I'll stay away from that one. But on radar, which is one of the bigger opportunities the company has. Can you just talk about how product development is going and customer engagement just going here and your confidence for that to flip to revenues and the benefit that you get with the recent acquisition in that area too.

然後我會問一個具體的產品問題。因此，圍繞 GEO 已經有很多詢問，所以我不會涉及這個。但在雷達上，這是該公司面臨的更大機會之一。您能否談談產品開發進度如何、客戶參與度如何，以及您對此轉化為收入的信心，以及您最近在該領域的收購所帶來的收益？

Yes. I mean it remains fully on track. I mean we don't talk about specific milestones in public. But yes, we're very happy with the way it's executing. The resonance from the market who is beginning to get an appreciation that is coming is becoming very strong because we do truly have a disruptive technology in that space that's going to make a difference. The addition of Silicon Radar also helps us in the in-cabin arena because of their 120 gigahertz technology. It's really the next step on the road map beyond what we have in development now. And they have a leadership position in that. They're really the only 120 gigahertz functioning front end available in the world today. So, that's really going to take us to the next level beyond what we're developing right now.

是的。我的意思是它仍然完全按計劃進行。我的意思是我們不會公開談論具體的里程碑。但確實，我們對它的執行方式非常滿意。市場開始對此產生強烈反響，並開始給予高度評價，因為我們在該領域確實擁有一項將會帶來改變的顛覆性技術。由於採用了 120 千兆赫技術，Silicon Radar 的加入也為我們在艙內領域提供了幫助。這實際上是我們目前開發內容之外的路線圖的下一步。他們在這方面具有領導地位。它們確實是當今世界上唯一可運行 120 千兆赫頻率的前端。所以，這確實會讓我們超越目前的發展水平，並邁向更高的水平。

And then the last one, and I'll ask it to you, but it may be one for Raja. Just on the amount raised in the quarter of $34 million, I think it was conveyed that, that was via ATM. Is there plans to raise similar this quarter either by type or by amount?

然後是最後一個問題，我會問你，但它可能是給拉賈的一個。就本季籌集的 3,400 萬美元而言，我認為這是透過 ATM 傳達的。本季度是否有按類型或金額籌集類似資金的計劃？

Yes, sure. Yes, we did raise the $34 million via the ATM during Q1, and there are no plans currently to raise additional share -- place additional shares, particularly at these share prices.

是的，當然。是的，我們確實在第一季透過 ATM 籌集了 3,400 萬美元，目前沒有計劃籌集更多股份——發行更多股份，尤其是在這些股價下。

Thank you. There are no further questions at this time. I would like to turn the floor back over to management for closing comments. Thanks, everybody, for attending and listening to our call. I hope to see you guys at the investor conferences in the coming weeks and see you next quarter. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。目前沒有其他問題。我想將發言權交還給管理階層，請他們發表最後評論。感謝大家參加並聆聽我們的電話會議。我希望能在接下來的幾週的投資者會議上見到你們，並在下個季度見到你們。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。