indie Semiconductor Inc (INDI) 2023 Q2 法說會逐字稿

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

下午好，歡迎參加獨立半導體 2023 年第二季財報電話會議。 （操作員指示）提醒一下，本次電話會議正在錄音。

I will now turn the call over to [Ashish Gupta], Investor Relations. Mr. [Gupta], please go ahead.

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 Second Quarter 2023 Earnings Call. Joining me today are Don McClymont, indie's Co-Founder and CEO; and Tom Schiller, indie's CFO and EVP of Strategy. Don will provide opening remarks and discuss business highlights followed by Tom's review of indie's Q2 results and Q3 outlook.

謝謝您，接線生。下午好，歡迎參加獨立半導體 2023 年第二季財報電話會議。今天與我一起出席的還有 Indie 的聯合創始人兼首席執行官 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)。唐將致開幕詞並討論業務亮點，隨後湯姆將回顧獨立公司第二季度的業績和第三季度的展望。

Please note that we'll 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 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 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.

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，不應被視為代表我們此後任何日期的觀點。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。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 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的風險因素。

Finally, the results and guidance discussed today are based on non-GAAP financial measures. For a complete reconciliation to GAAP, please see our Q2 earnings press release which was issued in advance of this call and can be found on our website at www.indisemi.com.

最後，今天討論的結果和指導是基於非公認會計準則財務指標。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二季度收益新聞稿，該新聞稿可在我們的網站 www.indisemi.com 上找到。

I'll now turn the call over to Donald.

我現在將電話轉給唐納德。

Thanks, Ashish, and welcome, everybody. I am delighted to report that indie once again exceeded our top line and gross margin guidance and delivered another quarter of record performance, a testament to both the increasing demand for our innovative Autotech solutions and our unwavering commitment to achieving operational excellence.

謝謝，Ashish，歡迎大家。我很高興地報告，Indie 再次超出了我們的營業額和毛利率預期，並創造了另一個季度的創紀錄業績，這證明了市場對我們創新型 Autotech 解決方案的需求不斷增長，以及我們對實現卓越運營的堅定承諾。

Our demonstrable outperformance against automotive industry peers continues to be fueled by indie's deep product portfolio and design win pipeline, backed by over 400 patents and applications worldwide, with engagements across virtually all leading global vehicle OEMs and Tier 1s.

我們相對於汽車行業同行的明顯優勢繼續得益於獨立深厚的產品組合和設計成功管道，並得到全球 400 多項專利和應用的支持，幾乎與全球所有領先的汽車 OEM 和一級供應商都有合作。

Specifically, during the second quarter of 2023, we grew the revenue 102% year-over-year and 29% sequentially to $52.1 million and achieved a gross margin of 52.2%. As we'll outline, we're gaining design win traction across ADAS, user experience and electrification applications.

具體而言，在 2023 年第二季度，我們的營收年增 102%，季增 29%，達到 5,210 萬美元，毛利率達到 52.2%。正如我們所概述的，我們在 ADAS、使用者體驗和電氣化應用方面獲得了設計上的成功。

Of special note, during the quarter, we captured our first-ever program win at Bosch, one of the world's leading suppliers to the automotive industry. This particular win rounds out our Tier 1 customer base and dramatically extends our OEM reach initially at Toyota, including Lexus. At a higher level, wins like this, in the hundreds of millions of dollars in potential lifetime revenue, set the stage for sustained above-market growth and the generation of annuity-like free cash flow.

特別值得注意的是，在本季度，我們首次贏得了全球領先的汽車行業供應商之一的博世項目。這場勝利進一步完善了我們的一級客戶群，並大大擴展了我們的 OEM 覆蓋範圍，最初是豐田，包括雷克薩斯。從更高的層面來看，像這樣的勝利，在數億美元的潛在終身收入中，為持續高於市場的成長和產生年金式的自由現金流奠定了基礎。

To that end, we're making our biggest engineering investments and design win strides within ADAS. In fact, the entire automotive industry is now squarely focused on advanced vehicle safety features, above all else. For instance, the National Highway Traffic Safety Administration, NHTSA, has recently proposed a regulation that would mandate all new passenger vehicles be equipped with automatic braking capabilities, capable of preventing rear-end crashes with other vehicles and collisions with pedestrians. We applaud this proposal and similar safety initiatives that leverage the next generation of Autotech technologies to prevent countless injuries and save lives.

為此，我們在 ADAS 領域進行了最大的工程投資並取得了設計勝利。事實上，整個汽車產業現在都專注於先進的車輛安全功能。例如，美國國家公路交通安全管理局 (NHTSA) 最近提出了一項法規，要求所有新乘用車都配備自動煞車功能，以防止與其他車輛發生追撞碰撞以及與行人發生碰撞。我們讚賞這項提議和類似的安全措施，它們利用下一代 Autotech 技術來防止無數傷害並挽救生命。

Despite the incremental industry regulations and the addition of new centers and processes within the vehicle, the incalculable benefit of safer cars and roadways, certainly far outweigh the associated costs. And at indie, we've made this our company mission: empowering vehicle OEMs and Tier 1 suppliers with increasingly more sophisticated, yet cost-effective, safety semiconductors and software for the vehicles of tomorrow and, ultimately, leading towards the uncrashable car.

儘管行業法規不斷增加，車輛內部也增加了新的中心和流程，但更安全的汽車和道路所帶來的不可估量的好處肯定遠遠超過相關成本。在 indie，我們已將此作為公司的使命：為汽車原始設備製造商 (OEM) 和一級供應商提供日益複雜且經濟高效的安全半導體和軟體，以滿足未來汽車的需求，並最終實現汽車永不碰撞。

Specifically, we are following a highly differentiated sensor fusion strategy versus a discrete approach, enabling either the integration or flexible partitioning of multiple modalities, including radar, computer vision, LiDAR and ultrasonic solutions. We apply these modalities to capture data in different environments and ranges and to enable a comprehensive and accurate perception of the vehicle surroundings. The potential for a sensor fusion product road map, amplified and expedited by our targeted acquisitions, has set indie distinctly apart from our competition, many of whom are just trying to develop a single modality, often in the hopes of landing an exclusive customer.

具體來說，我們採用高度差異化的感測器融合策略而非離散方法，從而實現多種模式的整合或靈活劃分，包括雷達、電腦視覺、雷射雷達和超音波解決方案。我們應用這些模式來捕捉不同環境和範圍內的數據，並實現對車輛周圍環境的全面和準確的感知。透過我們有針對性的收購，感測器融合產品路線圖的潛力得到了擴大和加速，使獨立公司在與競爭對手的競爭中脫穎而出，許多競爭對手只是試圖開發單一模式，往往是希望獲得獨家客戶。

Contrast this with indie, we believe that no single technology will monopolize the playing field due to the complexity and diversity of the driving environment. The combination of sensor technologies in a harmonious fusion forms the cornerstone over a robust and efficient solution for advanced safety applications. We believe this holistic sensor strategy, at scale, ensures the highest levels of safety and effectively meets the diverse and immediate needs of ADAS implementations and one day, further out, the autonomous vehicle market.

與獨立技術相比，我們認為，由於駕駛環境的複雜性和多樣性，沒有任何一種技術可以壟斷整個競爭環境。感測器技術的和諧融合為先進安全應用的穩健高效解決方案奠定了基石。我們相信，這種規模化的整體感測器策略能夠確保最高水準的安全性，並有效滿足 ADAS 實施的多樣化和迫切需求，以及未來自動駕駛汽車市場的需求。

Within the Vision product area, we're proud to highlight the aforementioned milestone achieved in the past quarter, our first program win with Bosch, which was enabled by our acquisition of GEO earlier this year. This pivotal collaboration not only underscores the effectiveness and adaptability of our solutions but also broadens our footprint in the area of driver and occupant monitoring systems.

在 Vision 產品領域，我們很自豪地強調上個季度取得的上述里程碑，這是我們與博世合作的第一個項目勝利，這得益於我們今年早些時候收購了 GEO。這項關鍵合作不僅強調了我們解決方案的有效性和適應性，而且拓寬了我們在駕駛員和乘員監控系統領域的影響力。

Our Vision products combine the industry's leading real-time signal processing, functional safety-enabled microcontrollers and perhaps, most importantly, artificial intelligence, AI accelerators, which enable perception algorithms to instruct the vehicle to take corrective actions.

我們的 Vision 產品結合了業界領先的即時訊號處理、功能安全微控制器，以及最重要的人工智慧、AI 加速器，使感知演算法能夠指示車輛採取糾正措施。

As global safety initiatives continue to evolve, the demand for these monitoring systems is intensifying, positioning in-cabin sensing solutions as critical elements to enable enhanced autonomous features. S&P Global Mobility's recent forecast reinforces this view, with the market for these OMS/DMS semiconductors projected to cross the $0.5 billion threshold by 2029. With our unique combination of Vision and RADAR capabilities, indie is well positioned to ascend to the leadership within this rapidly emerging market as we ramp at BMW and soon at Toyota.

隨著全球安全措施的不斷發展，對這些監控系統的需求日益加劇，將車內感測解決方案定位為實現增強自主功能的關鍵要素。標準普爾全球移動性最近的預測強化了這一觀點，預計到 2029 年，這些 OMS/DMS 半導體的市場規模將突破 5 億美元大關。憑藉我們獨特的視覺和雷達功能組合，隨著我們在寶馬和豐田的擴張，indie 完全有能力在這個快速崛起的市場中佔據領導地位。

Speaking of radar, we've similarly made significant strides in an extremely short period of time in automotive terms, aided by deep R&D investments and augmented by synergistic acquisitions, including the radar division of Analog Devices, ON Semi's radar development team and, most recently, Silicon Radar, with each bringing unique and highly complementary design teams and product IP. These acquisitions have also led to concrete achievements, including our largest design win to date, and a strategic supply agreement with a top-tier supplier.

說到雷達，我們在汽車領域同樣在極短的時間內取得了重大進展，這得益於深入的研發投資以及協同收購，包括 ADI 公司的雷達部門、安森美半導體的雷達開發團隊以及最近的 Silicon Radar，每個公司都帶來了獨特且高度互補的設計團隊和產品 IP。這些收購也帶來了具體的成就，包括我們迄今為止最大的設計勝利，以及與頂級供應商達成的策略供應協議。

On the LiDAR front, we continue to make great progress with our Surya SoC, demonstrating our frequency modulated continuous wave, or FMCW, LiDAR chipset and an increasing number of leading OEMs in the U.S., Europe and Japan. And more recently, we announced a strategic partnership with SiLC Technologies to deliver a world-class FMCW LiDAR solution. This partnership offers a fully integrated laser scanning system, deploying coherent detection and sets the high-water mark for rapidly emerging LiDAR applications.

在 LiDAR 方面，我們的 Surya SoC 繼續取得巨大進展，展示了我們的調頻連續波 (FMCW) LiDAR 晶片組以及越來越多的美國、歐洲和日本領先 OEM。最近，我們宣布與 SiLC Technologies 建立策略合作夥伴關係，以提供世界一流的 FMCW LiDAR 解決方案。此次合作提供了一個完全整合的雷射掃描系統，部署了相干檢測，並為快速崛起的 LiDAR 應用設定了最高水準。

By background, FMCW-based LiDAR delivers multiple real-world benefits compared to direct detection-based time-of-flight solutions, including long range with high precision, interference immunity, per-point instantaneous velocity and distance measurement. This partnership combines award-winning products from SiLC and indie into reference platforms that enable an order of magnitude improvement in sensing performance, manufacturability, power consumption, form factor and cost relative to competing architectures.

從背景來看，與基於直接檢測的飛行時間解決方案相比，基於 FMCW 的 LiDAR 具有多種實際優勢，包括遠距離高精度、抗干擾、每點瞬時速度和距離測量。此次合作將 SiLC 和獨立公司的獲獎產品整合到參考平台中，與競爭架構相比，其感測性能、可製造性、功耗、外形尺寸和成本均實現了數量級的提升。

Turning to user experience. During the quarter, we further ramped our highly integrated power-efficient portfolio across leading global automakers as OEMs prioritize a best-in-class cabin experience more than ever. With modern cars becoming rolling entertainment centers, network hubs and doubling its workplace environments, providing the ultimate user experience throughout the entire cabin is becoming the new car buyer paradigm.

轉向用戶體驗。在本季度，我們進一步在全球領先的汽車製造商中擴大了高度整合的節能產品組合，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。隨著現代汽車成為行動娛樂中心、網路樞紐和雙倍工作環境，在整個車廂內提供極致的使用者體驗正在成為新的購車範例。

For example, OEMs are increasingly focused on unique and differentiated interior lighting as it can drive an emotional connection with the driver while creating a strong linkage to brand recognition. Likewise, wireless charging and USB PD are now at the OEM design forefront. These features not only provide convenience and seamless integration of personal devices into the vehicle ecosystem but also serve as key factors in creating a tech-forward impression, thus bolstering brand affinity. And similar to interior lighting, wireless charging and USB PD are components that form an integral part of the user's interaction with the vehicle, contributing to the overall in-cabin experience and, again, reinforcing the brand's commitment to technology and innovation.

例如，原始設備製造商 (OEM) 越來越關注獨特且差異化的室內照明，因為它可以與駕駛員建立情感聯繫，同時與品牌認知建立強大的聯繫。同樣，無線充電和 USB PD 現在處於 OEM 設計的最前沿。這些功能不僅提供了便利性並將個人設備無縫整合到車輛生態系統中，也是創造技術前沿印象的關鍵因素，從而增強品牌親和力。與室內照明類似，無線充電和 USB PD 是用戶與車輛互動不可或缺的組成部分，有助於提升整體車內體驗，並再次強化品牌對技術和創新的承諾。

During the quarter, we also launched a highly integrated automotive wireless power charging system on chip. This product simplifies and accelerates the development of cost-effective WPC, also known as Qi-based in-cabin mobile device charging systems. By background, in-cabin charging has become a necessity for drivers and passengers who use their smartphone to provide real-time navigation, music, voice connections and many other services. The emerging Qi 2.0 standard, featuring the magnetic power profile, is particularly relevant to automotive designs, offering faster, more reliable charging by automatically aligning smartphones with an inductive charging coil, maintaining the device in position irrespective of vehicle motion.

本季度，我們也推出了高度整合的汽車無線充電系統單晶片。該產品簡化並加速了具有成本效益的 WPC（也稱為基於 Qi 的車內行動裝置充電系統）的開發。背景是，車內充電已成為駕駛員和乘客使用智慧型手機提供即時導航、音樂、語音連接和許多其他服務的必需品。新興的 Qi 2.0 標準以磁功率分佈為特色，與汽車設計特別相關，透過自動將智慧型手機與感應充電線圈對齊，提供更快、更可靠的充電，無論車輛如何運動都能保持設備的位置。

At the same time, we embarked on a key USB PD module design collaboration with a leading Tier 1, facilitating the integration of power delivery functionality to a high-speed USB hub application for a rapidly emerging OEM. As these designs ramp into high-volume production, we'll certainly have more details to share.

同時，我們與領先的一級供應商開展了一項重要的 USB PD 模組設計合作，幫助快速崛起的 OEM 將電力傳輸功能整合到高速 USB 集線器應用中。隨著這些設計進入大批量生產階段，我們肯定會分享更多細節。

Finally, in the electric vehicle area, we continue to see long-term secular tailwinds as EV sales gain momentum. According to Cox Automotive, Americans bought nearly 300,000 full battery electric vehicles in the second quarter of 2023, implying more than 1 million EVs annually for the first time in U.S. history. In fact, in the second quarter, EV sales were up 48% versus the prior year in the U.S., yet the EV share of the total market is still in the single digits. In other words, EV penetration remains relatively low, with massive sales headroom.

最後，在電動車領域，隨著電動車銷售勢頭增強，我們將繼續看到長期的順風。據考克斯汽車公司（Cox Automotive）稱，2023 年第二季度，美國人購買了近 30 萬輛純電動車，這意味著美國歷史上每年電動車銷量首次超過 100 萬輛。事實上，第二季度美國電動車銷量年增 48%，但電動車在整個市場中的份額仍為個位數。換句話說，電動車的普及率仍然相對較低，仍有龐大的銷售空間。

Further to that end, NHTSA has introduced a proposed plan for fuel economy improvements through 2032, with a target fleet average of 58 miles per gallon, clearly encouraging EVs to reach this ambitious goal. With advancements in EV technology, rapid proliferation of charging infrastructure and declining battery costs, the expansion potential of the EV market is truly extraordinary. Given indie's customer engagements spanning market leaders, including Nio, Ford, Rivian, GM, BMW, Mercedes, Xiaopeng, BYD, Hyundai, Nissan, Li Auto and Volkswagen, we are especially well positioned to outpace this third mega trend.

為此，美國國家公路交通安全管理局 (NHTSA) 提出了到 2032 年改善燃油經濟性的計劃，目標車輛平均油耗為每加侖 58 英里，這顯然鼓勵電動車實現這一雄心勃勃的目標。隨著電動車技術的進步、充電基礎設施的快速普及以及電池成本的下降，電動車市場的擴張潛力確實非凡。鑑於 indie 的客戶參與度涵蓋蔚來、福特、Rivian、通用、寶馬、梅賽德斯、小鵬、比亞迪、現代、日產、理想汽車和大眾等市場領導者，我們尤其有能力超越這第三次大趨勢。

I'll now turn the call over to Tom for a discussion of our Q2 results and our Q3 outlook.

現在我將把電話轉給湯姆，討論我們的第二季業績和第三季展望。

Thanks, Donald. indie delivered a solid second quarter, once again exceeding our top line and gross margin guidance. In fact, this represents our ninth consecutive quarter of beating, or at least meeting, such targets post indie's IPO. Specifically, revenue for the period was on the higher end of our guidance range and up 102% year-over-year and up 29% sequentially to $52.1 million. Gross profit was $27.2 million, translating into a 52.2% gross margin, up 363 basis points year-over-year and ahead of our 52.0% guidance.

謝謝，唐納德。 indie 在第二季表現穩健，再次超出了我們的營收和毛利率預期。事實上，這代表著我們在獨立 IPO 後連續第九個季度超越或至少達到此類目標。具體而言，本期營收處於我們預期範圍的較高水平，年增 102%，季增 29%，達到 5,210 萬美元。毛利為 2,720 萬美元，毛利率為 52.2%，年成長 363 個基點，高於我們的 52.0% 預期。

R&D was $34 million and slightly above plan given multiple tape-outs and accelerated product development costs, which converged in Q2 but, importantly, also has the benefit of pulling in our time to revenue. Similarly, SG&A was $9.5 million, reflecting further extension of our sales and marketing reach, particularly in Asia, with near-immediate results.

研發費用為 3,400 萬美元，由於多次流片和加速產品開發成本，略高於計劃，這些費用在第二季度匯聚，但重要的是，這也有利於縮短我們的收入時間。同樣，銷售、一般及行政費用為 950 萬美元，反映了我們的銷售和行銷範圍的進一步擴大，特別是在亞洲，並且幾乎立即產生了效果。

In turn, our Q2 operating loss was $16.3 million, a 3-percentage-point operating margin improvement year-over-year and a further narrowing on a sequential basis. With negligible other net interest expense below the line, our net loss was $16.4 million, and we posted a $0.10 loss per share on a base of 164.1 million shares.

反過來，我們的第二季營業虧損為 1,630 萬美元，營業利潤率年增 3 個百分點，環比進一步縮小。由於其他淨利息支出微不足道，我們的淨虧損為 1,640 萬美元，在 1.641 億股的基礎上，每股虧損 0.10 美元。

Turning to the balance sheet. Given our aggressive growth plans during the quarter, we invested $22 million in working capital, entered a multiyear supply agreement with a strategic foundry partner for $4 million and expanded our internal test capacity and quality lab capabilities via $3 million in capital expenditures.

轉向資產負債表。鑑於我們本季積極的成長計劃，我們投資了 2,200 萬美元的營運資金，與策略代工合作夥伴簽訂了價值 400 萬美元的多年期供應協議，並透過 300 萬美元的資本支出擴大了我們的內部測試能力和品質實驗室能力。

To partially offset these cash outlays, we issued 1.9 million shares under our ATM program, including 1.1 million shares via block trade, for total proceeds of $18 million, enabling us to exit the quarter with $181 million in cash and equivalents.

為了部分抵消這些現金支出，我們根據 ATM 計劃發行了 190 萬股股票，其中包括透過大宗交易發行的 110 萬股，總收益為 1800 萬美元，使我們能夠在本季度結束時擁有 1.81 億美元的現金和等價物。

Looking forward, for the third quarter, we intend to scale into a $240 million annualized revenue run rate, up 100% year-over-year and 15% sequentially, and up more than tenfold versus our 2020 revenue base, with all of this growth despite 2 OEM program pushouts and the choppy macro backdrop.

展望未來，在第三季度，我們計劃將年化收入運行率擴大到 2.4 億美元，同比增長 100%，環比增長 15%，與 2020 年的收入基數相比增長 10 倍以上，儘管有 2 個 OEM 項目推遲和宏觀背景波動，我們仍能實現這一增長。

At $60 million in sales, we expect gross margin expansion to the 53% range, particularly as we begin to realize operational synergies from our GEO acquisition. We are also planning $35.5 million in R&D, elevated once again from additional mass costs and expect SG&A to remain flat sequentially. As a result, we intend to further narrow our operating loss to approximately $13 million.

在 6,000 萬美元的銷售額下，我們預計毛利率將擴大至 53% 左右，特別是當我們開始從 GEO 收購中實現營運綜效時。我們還計劃投入 3550 萬美元用於研發，這筆資金再次來自額外的大規模成本，預計銷售、一般及行政費用將保持環比持平。因此，我們打算將營業虧損進一步縮小至約 1,300 萬美元。

Below the line, we anticipate $0.5 million of net interest expense and no taxes. Assuming 167 million shares outstanding from scheduled vestings and no further ATM activity, we expect an $0.08 net loss per share. Further, we remain on track to more than double our annual revenues for a third consecutive year and reached profitability in the fourth quarter of this year, driven by sustained sales growth, gross margin expansion and operating expense leverage.

在此線之下，我們預計淨利息支出為 50 萬美元，且無稅金。假設預定歸屬的流通股數為 1.67 億股，且沒有進一步的 ATM 活動，我們預期每股淨虧損為 0.08 美元。此外，在持續的銷售成長、毛利率擴大和營運費用槓桿的推動下，我們預計將連續第三年實現年收入翻一番以上，並在今年第四季實現盈利。

Longer term, based on the depth of indie's new product pipeline, as Donald outlined, we plan to continue to deliver outsized top line growth over the forecast horizon towards our 60% gross and 30% operating margin target model. With that, I'll turn the call back to Donald for his closing comments.

從長遠來看，正如唐納德所概述的，基於獨立新產品線的深度，我們計劃在預測期內繼續實現超額的收入增長，朝著 60% 的毛利潤率和 30% 的營業利潤率目標模式邁進。說完這些，我將把電話轉回給唐納德，請他發表最後評論。

Thanks, Tom. As our design win traction, operational agility and scalability demonstrate, indie is effectively executing to our strategy. In fact, as a net result, we now see a clear path to over $1 billion in annual revenue by 2028. And yet, we're just getting started. Our diverse product and IP portfolio, deepening customer engagements, collaborative supplier partnerships and innovative road maps and last, but not least, of course, our stellar team, are positioning us to capitalize on the $48 billion ADAS user experience and EV triple mega trend and, in the process, build an Autotech powerhouse and, most importantly, create extraordinary shareholder value.

謝謝，湯姆。正如我們的設計贏得牽引力、營運敏捷性和可擴展性所證明的那樣，獨立正在有效地執行我們的策略。事實上，從最終結果來看，我們現在看到了一條到 2028 年年收入超過 10 億美元的明確道路。然而，我們才剛開始。我們多樣化的產品和智慧財產權組合、不斷深化的客戶參與、合作夥伴關係和創新路線圖，當然還有我們優秀的團隊，這些都使我們能夠利用 480 億美元的 ADAS 用戶體驗和 EV 三重趨勢，並在此過程中打造汽車技術強國，最重要的是，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 is from Suji Desilva of ROTH MKM.

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

Congrats on the progress here. I mean, obviously, it's choppy. But I'm looking ahead at 3Q, the guide here is a little bit behind consensus in my number. I'm just curious, you talked about 2 pushouts here. I want to understand, maybe some color on those. And then were those indie-specific pushouts reasons, customer-specific reasons or just end market reasons? Any color there would be helpful.

恭喜你在這裡的進展。我的意思是，顯然，它是不穩定的。但我對第三季的展望是，這裡的指引比我的共識稍微落後一些。我只是好奇，你在這裡談到了 2 次推出。我想了解一下，也許能了解一些相關內容。那麼，這些推出獨立遊戲的原因、特定客戶的原因，還是只是終端市場的原因呢？任何顏色都會有幫助。

Sure. Yes, so there were 2 significant pushouts, which were really to do with the customers' programs per se, nothing that was within our control, their own engineering execution. And I would say it's important to note that no business has been lost here. It's just been pushed out by a few quarters in order to allow these guys to complete whatever they need to do on the engineering side.

當然。是的，因此有兩次重大的延期，這實際上與客戶的程序本身有關，不在我們的控制範圍內，而是他們自己的工程執行。我想說，值得注意的是，這裡沒有造成任何業務損失。只是為了讓這些人完成他們在工程方面需要做的事情，它被推遲了幾個季度。

Okay. That's very helpful. And then on the Bosch win for OMS, it'd be helpful to understand the magnitude of that lifetime, I think it's hundreds of millions of opportunity, and the timing of that. Perhaps contrast it with the large radar win you had, just to kind of give us a sense of maybe how the 2 layer on together as you start to build up a book of these.

好的。這非常有幫助。然後，關於博世為 OMS 贏得勝利，這將有助於了解這一生命週期的重要性，我認為這是數億個機會，以及時機。也許可以將其與您獲得的大型雷達勝利進行對比，只是為了讓我們了解當您開始編寫這些內容的書時，這兩者是如何結合在一起的。

Yes. I mean, we're super excited about this. I mean Bosch is one of the top 2 or 3 players in the industry. And they've been, I would say, largely missing from our portfolio to date. It's hard to size exactly. But given that this is one of their key platforms, which they will likely attach to multiple OEMs, then we feel it will be up there with the largest design wins that we've made in the history of the company. So we're super excited about it.

是的。我的意思是，我們對此感到非常興奮。我的意思是博世是該行業排名前兩三名的公司之一。我想說，到目前為止，它們基本上還沒有出現在我們的投資組合中。很難準確地確定尺寸。但考慮到這是他們的關鍵平台之一，他們可能會將其附加到多個 OEM，因此我們認為這將成為該公司歷史上最大的設計勝利。所以我們對此感到非常興奮。

The next question is from Cody Acree of The Benchmark Company.

下一個問題來自 The Benchmark Company 的 Cody Acree。

Yes. Don, maybe just to go back to Suji's question, the total outlook, like you said, is a little light. But how much of that is macro? We're seeing countervailing data points out of some end markets, and there's been a lot of speculation that autos are going to finally hit a bit of a softer patch. Now if you look at this, is this more of the estimates getting ahead of themselves? Or is it more to do with the changes in the end market?

是的。唐，也許只是回到蘇吉的問題，就像你說的，整體前景有點黯淡。但其中有多少是宏觀的呢？我們看到一些終端市場出現了相反的數據點，並且有許多猜測認為汽車最終將進入疲軟階段。現在如果你看一下這個，這是否更多的是超出預期的估計？或者說這更多的與終端市場的變化有關？

Well, good question, Cody. I mean from our side, obviously, we see the chop in the macro market. We're not blind to that. And of course, nobody is immune to it. But from our perspective, it's a secondary issue versus the growth rate that we've achieved as a company. In Q2, we grew 100% year-on-year. In Q3, we're guiding to 100% growth year-on-year. And likely, Q4 will be that way or better. So from our perspective, it's kind of hard for us to see the macro effects translate directly into our own business. So I mean, from our perspective, it's there. But I mean, really, the larger effect on us is a couple of program pushouts, which is just a minor air pocket for us and doesn't really change anything about our long-term outlook.

嗯，科迪，這個問題問得好。我的意思是，從我們的角度來看，我們顯然看到了宏觀市場的波動。我們對此並非視而不見。當然，沒有人能夠倖免。但從我們的角度來看，與我們公司所實現的成長率相比，這只是次要問題。第二季度，我們年增了100%。在第三季度，我們預計將年增 100%。並且很可能第四季的情況會是這樣，甚至更好。因此從我們的角度來看，我們很難看到宏觀效應直接轉化為我們自己的業務。所以我的意思是，從我們的角度來看，它就在那裡。但我的意思是，實際上，對我們影響更大的是幾個項目的推遲，這對我們來說只是一個小小的空洞，並沒有真正改變我們的長期前景。

Okay. So if you look at the revenue that you're getting in from longer-term prior agreements, that's making up the bulk of your $52 million here, versus those that are new programs, can you talk about breaking up the $52 million as to what's contributed on established platforms that are shipping in volume to customers and, therefore, you've got to take a look at total SAAR vagaries? And then how much of that $52 million is getting into new programs that may or may not be on your timing schedule?

好的。因此，如果您看一下從長期先前協議中獲得的收入，這些收入佔了 5200 萬美元的大部分，相對於新項目的收入，您能否談談將這 5200 萬美元分成哪些部分，哪些部分來自向客戶批量發貨的成熟平台，因此，您必須看看 SAAR 總體變化？那麼，這 5,200 萬美元中有多少會投入到可能在或不在你們的時間表上的新項目中呢？

I mean it's a mix. Once we ramp our product and we've done our bit of engineering, if you like, then there's typically still a ramp at the OEMs, which contributes to our overall revenue profile. And of course, by virtue of the fact that we're a growth company, new products that are planned to ramp, we typically can mitigate those. We have a lot of ramps ongoing. And I would say there's always going to be a mix of new product starts as well as ongoing growth from existing programs. It's just the nature of the beast. We're a growing company, so there are new programs that are going to ramp, in addition to running revenue.

我的意思是，這是一種混合。一旦我們的產品量產並且完成了工程設計，那麼通常 OEM 廠商的產量仍會上升，這將有助於我們的整體收入狀況。當然，由於我們是一家成長型公司，計劃推出新產品，因此我們通常可以緩解這些影響。我們有很多正在建造的坡道。我想說的是，新產品的推出和現有項目的持續成長總是會混合在一起的。這就是野獸的本性。我們是一家成長中的公司，因此除了增加收入外，還有一些新項目即將推出。

The next question is from Craig Ellis of B. Riley Securities.

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

Yes, I'll start with a longer-term question for Donald. Donald, I was very intrigued by the comment that you feel like you have increased visibility to becoming a $1 billion sales company by 2028. I was just wondering if you could flesh that out a little bit more and talk about what you see in that time frame from the user experience business broadly, the ADAS business broadly, and what role or what qualification will play in getting to that $1 billion?

是的，我首先要問唐納德一個長期問題。唐納德，你覺得到 2028 年，你們有望成為一家銷售額達 10 億美元的公司，這讓我非常感興趣。我只是想知道，你是否可以更詳細地闡述一下，談談你對這個時間框架的看法，從用戶體驗業務和 ADAS 業務的角度，以及在實現 10 億美元目標的過程中，哪些因素或資格條件將發揮什麼作用？

Yes. Well, I mean, we've been building our, let's say, customer portfolio and design win portfolio over the course of the last period. And as you know, of course, our heaviest R&D investment is in the ADAS space, and that's going to be one of the large drivers for that growth into that time frame. The user experience will continue to grow. But ADAS, as you can say, would be the main engine behind that and e-vehicle, directly pertaining to the propulsion system, maybe a little behind that.

是的。嗯，我的意思是，在過去的一段時間裡，我們一直在建立我們的客戶組合和設計獲勝組合。當然，如您所知，我們在研發方面最大的投入是在 ADAS 領域，這將成為該時間範圍內成長的主要驅動力之一。使用者體驗將持續提升。但正如您所說，ADAS 是其背後的主要引擎，而電動車直接與推進系統相關，可能稍遜一籌。

Got it. And then, Tom, I wanted to flip it over to you and ask much more of a near-term question. So really liked the renewed or reiterated target to get to operating profitability this year. Can you just help us kind of bridge the gap between where we were this quarter, next quarter, which I think would be a $13 million operating loss all the way to profitability, that seems to imply either very significant sequential fourth quarter revenue growth, a pretty dramatic gross margin or operating expense reductions. Just a little help there.

知道了。然後，湯姆，我想把這個問題交給你，並問你一個更近期的問題。因此，我們真的很喜歡今年重新或重申營業盈利的目標。您能否幫助我們縮小本季度和下個季度之間的差距，我認為下個季度的營業虧損將達到 1300 萬美元，從而實現盈利，這似乎意味著第四季度的收入將實現非常顯著的連續增長，毛利率將大幅提高，或者營業費用將減少。只是提供一點幫助。

Sure. Yes. In fact, it's all of the above. So it's accelerating growth into Q4, continued gross margin expansion. And then operating leverage, we actually expect Q4 OpEx to tick down because for Q2 and Q3, we're seeing higher tape-out costs, mass costs coming through. But that will reduce in Q4. So all of those factors get us to profitability next quarter.

當然。是的。事實上，以上皆是。因此，第四季其成長加速，毛利率持續擴大。然後是營運槓桿，我們實際上預計第四季度的營運支出會下降，因為對於第二季和第三季度，我們看到更高的流片成本和大量成本的出現。但第四季這一數字將會減少。所有這些因素都會使我們在下個季度實現盈利。

The next question is from Ross Seymore of Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Just want to follow up to Craig's question on the fourth quarter side of things, and not to sound too cynical, but considering the pushout side of things, in the third quarter, what gives you the confidence in that acceleration on the revenue side in the fourth quarter?

我只是想跟進 Craig 關於第四季度情況的問題，並且不要聽起來太憤世嫉俗，但考慮到第三季度的情況，是什麼讓您對第四季度收入方面的加速有信心？

Just the situation of our backlog where we are, where we can see things going, we feel extremely confident about it. Otherwise, we wouldn't have called it in that sense given that it's a short-term turn. As Tom also mentioned, we do have a little help from the OpEx dropping. We have evermore, let's say, labor and R&D cost intensive programs, which we're deploying right now. And so the middle of the year is where we spent heavily to get to tape-outs, which are going to drive the revenue in the '24, '25, '26 time frame and beyond.

就我們目前的積壓情況以及我們所能看到的進展而言，我們對此非常有信心。否則，我們不會這樣稱呼它，因為這是一個短期轉變。正如湯姆也提到的那樣，營運支出的下降確實為我們帶來了一些幫助。我們擁有越來越多的勞動力和研發成本密集項目，我們現在正在部署這些項目。因此，我們在年中投入了大量資金來實現流片，這將推動 2024、2025、2026 年及以後的收入。

Got it. And then, I guess, if I think a little bit longer term, maybe in Wall Street terms longer term, not so much in automotive, and to 2024 as a whole, Donald, what would you think would be the tailwinds and potential headwinds that you would look to as far as kind of growth ramping out of your backlog, new product ramps, different types within user experience, sensing, ADAS, those sorts of things, what are the pluses and minuses that you see looking into next year?

知道了。然後，我想，如果我認為時間更長一些，也許從華爾街的角度來看，從更長遠的角度來看，不是汽車行業，而是整個 2024 年，唐納德，您認為在積壓訂單的增長、新產品的推出、用戶體驗、感測、ADAS 等領域的不同類型方面，您會面臨哪些缺點和潛在的逆風，展望明年，您認為有哪些缺點？

Well, in '24, you'll begin to see the thin end of the ramp of the designs that we began to win as we became a public company, which were significantly larger than the ones that we could command as a private company. And so generally speaking, that's really the beginning of that sort of second phase of the company's growth, which we expect to take us into the back half of this decade. Again, we spent a great deal of time in the ADAS space. The ASPs are significantly higher, the gross margins are higher in terms of mix. And that's really going to be one of the heaviest drivers in '24 and '25 and beyond.

好吧，在 1924 年，你會開始看到，當我們成為一家上市公司時，我們開始贏得的設計數量已經遠遠大於我們作為一家私人公司所能獲得的設計數量。所以總的來說，這實際上是公司成長第二階段的開始，我們預計這將帶領我們進入本世紀後半期。再次，我們在 ADAS 領域花費了大量時間。從產品組合來看，平均售價明顯較高，毛利率也較高。這確實將成為 2024 年、2025 年及以後最強大的驅動因素之一。

The next question is from Anthony Stoss of Craig-Hallum Capital Group.

下一個問題來自 Craig-Hallum Capital Group 的 Anthony Stoss。

A couple of questions. Tom, maybe you can share how much GEO was in Q2 and what you expect GEO to be in terms of your guide for Q3? And then, Donald, maybe if you can share, the 2 OEM pushouts, what revenue would that have equated to?

有幾個問題。湯姆，也許您可以分享第二季的 GEO 是多少，以及根據您對第三季的指導，您預計 GEO 會是多少？然後，唐納德，也許您可以分享一下，這兩個 OEM 推出的產品相當於多少收入？

Sure. The first one, Tony, we just started sub-segmenting, as you may know. But at a higher level, I would convey that we're delighted with GEO as an acquisition. It's certainly bearing fruit already in terms of the large-scale programs. We had mentioned Bosch, Toyota. We'll have some other names soon to be able to share on that particular front. So the long-term opportunity around GEO just continues to look better and better. And Don, on the second part?

當然。第一個，東尼，你可能知道，我們剛開始細分。但從更高的層面來說，我想表達的是，我們對 GEO 的收購感到非常高興。就大型專案而言，它確實已經取得了成果。我們曾提到博世、豐田。我們很快就會有一些其他的名字可以跟大家分享。因此，圍繞 GEO 的長期機會將會越來越好。唐，您對於第二部有什麼看法？

Yes, on the second part of that, I mean these programs are significant. And when they fully ramp, which, of course, takes a little bit of time, they are about $50 million combined annually.

是的，關於第二部分，我的意思是這些項目非常重要。當它們全面投入生產時（當然，這需要一點時間），它們每年的總收入約為 5000 萬美元。

Okay. And then shifting back to Tom, knowing what you're expecting from OpEx in Q4, when you run the math, you would be over $70 million in revenues to breakeven on a 55% gross margin for Q4. Is that kind of what you're thinking about for Q4?

好的。然後回到湯姆，知道你對第四季度營運支出的預期，當你進行計算時，你將獲得超過 7000 萬美元的收入，以 55% 的毛利率實現第四季度的收支平衡。這就是您對第四季的想法嗎？

Yes. That's the right idea. Yes, $75 million roughly in revenue, gross margin in the, yes, 54% range. I think that gets you there.

是的。這是正確的想法。是的，收入約為 7500 萬美元，毛利率在 54% 左右。我想這能讓你達到目的。

Ladies and gentlemen, we have been reached the end of the question-and-answer session. And I would like to turn the call back to Don McClymont for some closing remarks.

女士們、先生們，問答環節已經結束。我想請唐·麥克萊蒙特 (Don McClymont) 做最後發言。

Thanks, everybody, for listening and see you at the investor conferences over the next few weeks.

感謝大家的收聽，我們在接下來的幾週的投資者會議上再見。

Thank you very much, sir. Ladies and gentlemen, that concludes today's conference. You may disconnect your lines at this time, and thank you for your participation.

非常感謝您，先生。女士們、先生們，今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。