indie Semiconductor Inc (INDI) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to indie Semiconductor's Third Quarter of 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 年第三季財報電話會議。 （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 of Investor Relations. Mr. Gupta, please go ahead.

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。

Thank you, operator. Good afternoon, and welcome to indie Semiconductor's Third 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 Q3 results and Q4 outlook.

謝謝您，接線生。下午好，歡迎參加獨立半導體 2023 年第三季財報電話會議。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三季度的業績和第四季度的展望。

Please note, 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 the representative of our 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.

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，不應被視為我們任何後續日期的觀點的代表。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。

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.

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 such as non-GAAP gross margin, non-GAAP operating income loss, non-GAAP net income loss, and non-GAAP EBITDA. These metrics may exclude from its corresponding GAAP measures certain of the following items: Depreciation and amortization, share-based compensation, acquisition-related expenses, inventory cost realignments, gain or loss from change in fair values, noncash interest expense, and income tax benefits or expenses.

最後，今天討論的結果和指導是基於非 GAAP 財務指標，例如非 GAAP 毛利率、非 GAAP 營業收入損失、非 GAAP 淨收入損失和非 GAAP EBITDA。這些指標可能會從其相應的 GAAP 指標中排除以下某些項目：折舊和攤銷、股權激勵、收購相關費用、庫存成本調整、公允價值變動損益、非現金利息費用以及所得稅收益或費用。

For a complete reconciliation to GAAP and the definition for the above items, please see our Q3 earnings press release, which was issued in advance of this call and can be found on our website at www.indiesemi.com.

有關與 GAAP 的完整對帳以及上述項目的定義，請參閱我們在本次電話會議之前發布的第三季度收益新聞稿，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。

Thanks, Ashish, and welcome, everybody. I am pleased to report that indie posted solid third quarter results against a challenging macroeconomic backdrop with growth well above our addressable market, driven by increasing demand for our highly differentiated Autotech Solutions. Specifically, during the quarter, we achieved all-time highs in revenue and gross margin with our top line up 101% year-over-year and up 16% sequentially to $60.5 million with gross margin expansion to 52.7%.

謝謝，Ashish，歡迎大家。我很高興地報告，在充滿挑戰的宏觀經濟背景下，獨立公司第三季度取得了穩健的業績，其增長遠高於我們的潛在市場，這得益於對我們高度差異化的汽車技術解決方案的需求不斷增長。具體來說，在本季度，我們的營收和毛利率均創歷史新高，營業收入年增 101%，季增 16%，達到 6,050 萬美元，毛利率擴大至 52.7%。

Our outperformance of the automotive industry reflects indie's world-class design team, extensive product portfolio, leadership customer base, including virtually every single automotive OEM and Tier 1, as well as our highly scalable supply chain, all augmented by our successful acquisition integrations. In fact, our commercial success has made indie the fastest-growing semiconductor company in the world among 224 peers over the last 2 years based on our recent assessment by Morgan Stanley.

我們在汽車行業的優異表現反映了 Indie 的世界級設計團隊、廣泛的產品組合、領導客戶群（包括幾乎所有汽車 OEM 和一級供應商）以及我們高度可擴展的供應鏈，所有這些都因我們成功的收購整合而得到增強。事實上，根據摩根士丹利最近的評估，我們的商業成功使 Indie 在過去兩年中成為 224 家同行中全球成長最快的半導體公司。

At the same time and perhaps more importantly, indie is the only semiconductor company from the 2021 IPO class that is expected to reach non-GAAP EBITDA breakeven in the current quarter. Further, I'm delighted to report that our strategic backlog has increased to $6.3 billion, up from $4.3 billion last year and $2.6 billion in 2021. The $2 billion of incremental growth was led by Computer Vision, supported by our acquisition of GEO Semiconductor earlier this year, together with post-integration wins, including Bosch, which enabled a leading North American OEM as well as Toyota.

同時，或許更重要的是，Indie 是 2021 年 IPO 類別中唯一一家預計在本季實現非 GAAP EBITDA 損益平衡的半導體公司。此外，我很高興地報告，我們的策略積壓訂單已增至 63 億美元，高於去年的 43 億美元和 2021 年的 26 億美元。 20 億美元的增量成長由電腦視覺引領，這得益於我們今年稍早收購 GEO Semiconductor 以及整合後的勝利，包括與博世的合作，博世為北美一家領先的 OEM 廠商以及豐田提供了支持。

Combined with our Radar wins, which should extend well beyond the capped 10-year lifetime, the ADAS contribution alone is roughly $4.6 billion in total, with the balance heavily in user experience, followed by emerging electrification products. Importantly, all of these wins set the stage for indie to exceed $1 billion in annual revenue by 2028. Our deepest investments have been and increasingly are within ADAS as safety features have taken central stage within the automotive industry.

加上我們在雷達方面的勝利（其使用壽命應該遠遠超過 10 年的上限），僅 ADAS 一項的貢獻就高達約 46 億美元，其中很大一部分貢獻集中在用戶體驗上，其次是新興的電氣化產品。重要的是，所有這些勝利都為獨立公司在 2028 年實現年收入超過 10 億美元奠定了基礎。我們最深入的投資一直並且越來越多地投資於 ADAS，因為安全功能已成為汽車產業的核心。

As context, the AAA Foundation for Traffic Safety released a recent study that expects current ADAS technologies to prevent around 37 million crashes, 14 million injuries and 250,000 deaths through 2050, translating to a 16% decline in both crashes and injuries and a 22% decline in fatalities. At indie, we don't believe these statistics are anywhere near aggressive enough. Our mission is to empower automotive OEMs and Tier 1 suppliers with increasingly more sophisticated yet cost-effective safety semiconductors and software for the vehicles of tomorrow, towards a truly uncrashable car, and the day when we can ensure driver, passenger, and pedestrian safety.

作為背景，美國汽車協會交通安全基金會發布了一項最新研究，預計到 2050 年，目前的 ADAS 技術將防止約 3700 萬起車禍、1400 萬人受傷和 25 萬人死亡，這意味著車禍和受傷人數將下降 16%，死亡人數將下降 22%。在獨立工作室中，我們認為這些統計數據遠遠不夠激進。我們的使命是為汽車原始設備製造商和一級供應商提供日益先進且經濟高效的安全半導體和軟體，以打造未來的汽車，實現真正不會發生碰撞的汽車，並確保駕駛員、乘客和行人的安全。

To that end, we are embarking on a unique sensor fusion strategy, where we employ multiple modalities, including radar, computer vision, LiDAR, and ultrasonic solutions to capture data in different environments and ranges and to enable a comprehensive and accurate perception of the car surroundings. This multimodal approach creates redundancy and compensates for the limitations of individual sensors, enhancing system robustness and reliability, which is ideal for challenging driving scenarios for precision and timely response are critical for safety.

為此，我們正在著手製定獨特的感測器融合策略，採用多種模式，包括雷達、電腦視覺、雷射雷達和超音波解決方案，以捕獲不同環境和範圍內的數據，並實現對汽車周圍環境的全面和準確的感知。這種多模式方法創造了冗餘並補償了單一感測器的局限性，增強了系統的穩健性和可靠性，這對於具有挑戰性的駕駛場景來說是理想的，因為精確和及時的響應對於安全至關重要。

For example, radar provides good sensing ability of objects crossing or coming into a vehicle's path across a range of weather conditions, but has limited depth precision and object recognition capability. Meanwhile, cameras are extremely capable for object recognition in the same way vision sensing is for humans, but have poor performance in adverse weather or lighting conditions. And where LiDAR excels in range and depth precision and is unaffected by poor lighting, it may be impeded by heavy rain or fog.

例如，雷達在各種天氣條件下都能很好地感知穿過或進入車輛路徑的物體，但深度精度和物體辨識能​​力有限。同時，相機具有與人類視覺感應相同的極強的物體辨識能​​力，但在惡劣天氣或光照條件下的表現不佳。儘管 LiDAR 在範圍和深度精度方面表現出色，並且不受弱光影響，但它可能會受到大雨或大霧的阻礙。

We believe our sensor fusion approach as opposed to today's discrete implementations will yield significant advantages as no single technology will dominate the market due to the complexity and diversity of the ever-changing driving environment. In addition, sensor fusion can yield far greater power efficiency and cost savings by optimizing sensor configurations to achieve the requisite performance levels, enabling these technologies to rapidly scale down to entry-level vehicles.

我們相信，與當今的離散實現相比，我們的感測器融合方法將產生顯著的優勢，因為由於不斷變化的駕駛環境的複雜性和多樣性，沒有任何一種技術能夠主導市場。此外，透過優化感測器配置以達到所需的性能水平，感測器融合可以實現更高的功率效率和成本節約，從而使這些技術能夠快速擴展到入門級車輛。

In short, we believe the potential for our sensor fusion product road map is enormous. When widely implemented, Level 3 autonomous driving will require over 40 sensors and cameras. But in the meantime, and this is important because our business plan isn't dependent on autonomy, we expect rapid sensor and camera global proliferation in support of Level 2 and Level 2++ premium vehicles and cascading down to entry-level vehicles for teenage drivers.

簡而言之，我們相信我們的感測器融合產品路線圖的潛力是巨大的。當廣泛實施時，3 級自動駕駛將需要超過 40 個感測器和攝影機。但同時，這一點很重要，因為我們的商業計劃並不依賴自主性，我們預計感測器和攝影機將在全球範圍內迅速普及，以支援 2 級和 2++ 級高端車輛，並逐漸擴展到青少年駕駛員的入門級車輛。

To this end, I'm proud to announce that during the quarter, we secured a key initial Computer Vision win via a directed buy from a leading North American automotive OEM. This program is set to ramp in 2025 and is a meaningful contributor to the increase in our strategic backlog. In addition, we expanded our automotive camera video processor portfolio with the commercial release of a highly integrated system on chip that enables both viewing and sensing capability simultaneously.

為此，我很自豪地宣布，在本季度，我們透過來自北美領先的汽車 OEM 的定向購買獲得了關鍵的初始電腦視覺勝利。該計劃預計將於 2025 年啟動，並將對我們戰略積壓訂單的增加做出重大貢獻。此外，我們還透過商業發布高度整合的系統單晶片擴展了我們的汽車攝影機視訊處理器產品組合，該系統可同時實現觀看和感應功能。

As government regulators, new car safety assessors, and consumers demand higher performance safety features, automakers are increasingly seeking camera-based ADAS solutions that enable volume scalability across their vehicle classes. This demands a distributed intelligent architectural approach to sensing and high levels of integration, coupled with low power consumption to meet the demands of mass market deployments.

隨著政府監管機構、新車安全評估人員和消費者對更高性能安全功能的需求，汽車製造商越來越多地尋求基於攝影機的 ADAS 解決方案，以實現其所有車型的批量可擴展性。這需要採用分散式智慧架構方法進行感測和高水平集成，並結合低功耗以滿足大眾市場部署的需求。

Our next-generation camera solution was developed to address these challenging design requirements. According to S&P Global, shipments of automotive ECUs incorporating vision-based processing are expected to grow from 232 million units in 2022 to nearly 400 million units by 2027, and we plan to capture a disproportionate share of this volume.

我們開發的下一代相機解決方案旨在滿足這些具有挑戰性的設計要求。根據標普全球的數據，採用基於視覺處理的汽車 ECU 的出貨量預計將從 2022 年的 2.32 億台增長到 2027 年的近 4 億台，而我們計劃佔據這一數量的很大份額。

Shifting gears to Radar. During the quarter, I'm pleased to report that we sampled our first product to our lead customer and leveraging our acquisition of Silicon Radar earlier this year, we launched the world's first commercially fully integrated 240 gigahertz radar front-end silicon transceiver, expanding our portfolio of short range, high precision and millimeter wave radar solutions.

轉向雷達。在本季度，我很高興地報告，我們向我們的主要客戶提供了第一款產品樣品，並利用今年早些時候對 Silicon Radar 的收購，推出了世界上第一款商用全集成 240 千兆赫雷達前端矽收發器，擴展了我們的短程、高精度和毫米波雷達解決方案組合。

As a complement to the well deployed use of 76 to 81 gigahertz radar for long-range automotive sensing, recent safety initiatives such as the European New Car Assessment Program or NCAP, are driving the use of higher frequency radar for new and emerging vehicle dynamics and monitoring applications, including assessment and control of air spring-based suspension settings, real-time road surface quality, and hazard assessment to dynamically adapt ride quality and even fine grade monitoring of gas tank levels.

作為對廣泛部署的76至81千兆赫雷達用於遠端汽車感測的補充，最近的安全措施（例如歐洲新車評估計劃或NCAP）正在推動使用更高頻率雷達進行新興車輛動力學和監控應用，包括評估和控制基於空氣彈簧的懸吊設定、即時路面品質和危險評估，以動態調整乘坐質量，甚至對油箱液位進行精細監控。

On the LiDAR front, we continue to make progress with our Surya SoC with direct OEM engagements, including system demos, onsite technology workshops and joint performance evaluation and exploration with a leading Japanese carmaker amongst others. We also entered a development contract with a leading aerial mobility OEM. Being conservative, we have yet to record any LiDAR wins within our strategic backlog, but based on the degree of inbound design interest in Surya, we fully expect material contributions by this time next year to drive to a leadership position as a merchant LiDAR semiconductor supplier and scale dramatically throughout the back half of this decade.

在 LiDAR 方面，我們透過與 OEM 的直接合作繼續推進 Surya SoC 的發展，包括系統演示、現場技術研討會以及與日本領先汽車製造商等進行聯合性能評估和探索。我們還與一家領先的空中機動原始設備製造商簽訂了開發合約。保守地說，我們尚未在策略性積壓訂單中記錄任何 LiDAR 勝利，但基於對 Surya 的入站設計興趣程度，我們完全預計到明年這個時候的重大貢獻將推動我們作為商業 LiDAR 半導體供應商的領導地位，並在本世紀下半葉大幅擴大規模。

To accelerate this timeline, during the quarter, we acquired EXALOS, a Swiss photonics company specializing in the design of high-performance optical semiconductors. EXALOS superluminescent LEDs for fiber optic gyroscope and viewing applications such as head-up display, backed by 59 global patents, complement our laser and silicon photonics products. In addition, EXALOS' semiconductor optical amplifier capability meaningfully augments our FMCW LiDAR product line. We look forward to updating you on our progress with this highly innovative design team, particularly as we leverage their skill sets across our global customer base, spanning ADAS and user experience applications.

為了加快這一時間表，我們在本季度收購了 EXALOS，這是一家專門從事高性能光學半導體設計的瑞士光子學公司。 EXALOS 超輻射發光二極體 (LED) 用於光纖陀螺儀和平視顯示器等觀察應用，擁有 59 項全球專利，是我們的雷射和矽光子產品的補充。此外，EXALOS 的半導體光放大器功能大大增強了我們的 FMCW LiDAR 產品線。我們期待向您通報我們與這個高度創新的設計團隊合作的進展，特別是當我們在全球客戶群中利用他們的技能，涵蓋 ADAS 和用戶體驗應用時。

Speaking of user experience, during the quarter, we further ramped our entire portfolio led by highly integrated lighting, motor control and charging solutions at leading global automakers as OEMs prioritize an immersive in-cabin experience.

說到用戶體驗，在本季度，我們進一步擴大了我們的整個產品組合，以高度整合的照明、馬達控制和充電解決方案為主導，面向全球領先的汽車製造商，因為原始設備製造商優先考慮沉浸式車內體驗。

As vehicles transform into extensions of your personal living spaces, the emphasis on creating a seamless, intuitive, and comfortable passenger environment has never been greater, reflecting a paradigm shift in consumer preferences towards a holistic user experience. Such advancements underscore the importance of integrating technology with comfort, eliminating cumbersome cables, and promoting a clutter-free environment.

隨著車輛成為您個人生活空間的延伸，創造無縫、直覺和舒適的乘客環境的重要性從未如此強烈，這反映了消費者偏好向整體用戶體驗的範式轉變。這些進步強調了將技術與舒適性相結合、消除繁瑣的電纜以及促進整潔環境的重要性。

I'm also pleased to report that we continue to ramp our advanced lighting solutions with OEMs around the world and captured an additional wireless charging solution win at a leading North American carmaker. Our Qi2.0 solution boasts the highest level of integration available merging MCU and flash with additional features like a boost DC-DC converter, wireless charging inverter and associated power FETs. Specifically, via our integration, we are enabling a more than 50% reduction in overall wireless charging system BOM and a roughly 50% smaller PCB area compared to previous solutions, and we are enhancing the charging efficiency and reliability as demanded by automotive requirements at the same time.

我還很高興地報告，我們繼續與世界各地的原始設備製造商合作，共同推進我們先進的照明解決方案，並在北美領先的汽車製造商中贏得了額外的無線充電解決方案。我們的 Qi2.0 解決方案擁有最高水準的整合度，融合了 MCU 和快閃記憶體以及升壓 DC-DC 轉換器、無線充電逆變器和相關功率 FET 等附加功能。具體來說，透過我們的集成，與先前的解決方案相比，我們可以將整體無線充電系統 BOM 減少 50% 以上，將 PCB 面積縮小約 50%，同時我們還根據汽車要求提高了充電效率和可靠性。

Finally, in the electric vehicle area, despite headlines to the contrary, long-term secular tailwinds remain intact as EV sales increased for the 13th consecutive quarter. Electric vehicle sales volumes set another record in Q3 as total sales of battery powered vehicles jumped past 300,000 for the first time in the U.S. market. Year-to-date EV sales through September reached just over 873,000, putting the market firmly on track to surpass the 1 million mark for the first time ever, likely later this month.

最後，在電動車領域，儘管頭條新聞與此相反，但長期的順風依然完好，因為電動車銷量連續第 13 個季度增長。第三季度，美國電動車銷量再創紀錄，電池驅動車總銷量首度突破 30 萬輛。截至 9 月份，電動車銷量已超過 873,000 輛，市場預計將首次突破 100 萬輛大關，預計本月晚些時候即可實現。

In fact, in the third quarter, EV sales were up 50% versus the prior year in the U.S. with EV penetration rates nearly 8% of new vehicle sales. And per the Wall Street Journal, the share of U.S. consumers who say they are thinking about buying an EV is now above 50% versus just 38% in 2021. These impressive figures highlight the growing consumer preference for sustainable transportation supported by a wide range of available EV models and competitive pricing strategies.

事實上，第三季美國電動車銷量比上年增長了 50%，電動車普及率接近新車銷量的 8%。根據《華爾街日報》報道，目前表示正在考慮購買電動車的美國消費者比例已超過 50%，而 2021 年這一比例僅為 38%。這些令人印象深刻的數據凸顯了消費者對永續交通的偏好日益增長，這得益於種類繁多的電動車車型和具有競爭力的定價策略。

The potential for the EV sector is still massive. Based on continuous advancements in technology, a rapidly expanding charging infrastructure and the market elasticity generated as battery costs decline. Given indie's customer engagements spanning market leaders, including NIO, Ford, Rivian, General Motors, BMW, Mercedes, XPENG, BYD, Hyundai, Nissan, Li Auto and Volkswagen, we are especially well positioned to capitalize on this secular shift.

電動汽車產業的潛力仍然巨大。基於技術的不斷進步、快速擴張的充電基礎設施以及電池成本下降產生的市場彈性。鑑於 indie 的客戶涵蓋了蔚來、福特、Rivian、通用汽車、寶馬、梅賽德斯、小鵬汽車、比亞迪、現代、日產、理想汽車和大眾等市場領導者，我們尤其有能力利用這一長期轉變。

I'll now turn the call over to Tom for a discussion of our Q3 results and Q4 outlook.

現在我將把電話轉給湯姆，討論我們的第三季業績和第四季展望。

Thanks, Donald. indie delivered a solid third quarter, once again exceeding our top line guidance. In fact, this represents our 10th consecutive quarter of beating or at least meeting such targets post indie's IPO. Specifically, revenue for the period was up 101% year-over-year and up 16% sequentially to $60.5 million. Gross profit was $31.8 million, translating into a 52.7% gross margin, up 226 basis points year-over-year and up 50 basis points sequentially.

謝謝，唐納德。 indie 第三季表現穩健，再次超出了我們的預期。事實上，這代表我們在獨立 IPO 後連續第 10 個季度超過或至少達到此類目標。具體而言，本期營收年增 101%，季增 16%，達到 6,050 萬美元。毛利為 3,180 萬美元，毛利率為 52.7%，較去年同期成長 226 個基點，較上一季成長 50 個基點。

R&D was $34.7 million and up sequentially given multiple product tape-outs, while SG&A was $10.2 million, reflecting extended international sales and marketing activity, bringing total operating expenses to $44.9 million. In turn, our operating loss was $13 million, a further narrowing versus $15.8 million during the same period last year and $16.3 million in the second quarter of 2023, driven by higher revenue, improving gross margin and operating expense leverage.

由於多個產品的流片，研發費用為 3,470 萬美元，環比增長，而銷售、一般及行政費用為 1,020 萬美元，反映了國際銷售和行銷活動的擴大，使總營運費用達到 4,490 萬美元。反過來，我們的營業虧損為 1,300 萬美元，較去年同期的 1,580 萬美元和 2023 年第二季的 1,630 萬美元進一步收窄，這得益於收入增加、毛利率提高和營業費用槓桿率提高。

With net interest expense of $200,000, our net loss was $13.2 million, and we posted an $0.08 loss per share on a base of 168.6 million shares, in line with our guidance.

由於淨利息支出為 200,000 美元，我們的淨虧損為 1,320 萬美元，並且我們在 1.686 億股基礎上每股虧損 0.08 美元，符合我們的預期。

Turning to the balance sheet. During the quarter, we maintained our level of working capital and invested an additional $2 million in capital expenditures, primarily to expand our quality lab capabilities at our Dresden Center of Excellence, enabling us to exit the quarter with $160.6 million of cash and equivalents. Looking forward, given the strength of our order visibility and new product pipeline that Donald outlined, we plan to continue to far outpace our addressable markets over the long run.

轉向資產負債表。在本季度，我們保持了營運資本水平，並額外投資了 200 萬美元的資本支出，主要用於擴大我們德累斯頓卓越中心的品質實驗室能力，使我們在本季度結束時擁有 1.606 億美元的現金和等價物。展望未來，鑑於唐納德概述的訂單可見性和新產品線的強大性，我們計劃在長期內繼續遠遠超過我們的潛在市場。

More specifically, for the fourth quarter of 2023, we anticipate accelerating top line growth on the order of 112% to 127% year-over-year to $70 million to $75 million. To put our growth trajectory in better perspective, when we announced our plans to become a public company just a few years ago, we were on track to deliver $6.7 million in Q4 2020 revenue versus in excess of $70 million today, a greater than 10x top line growth in a relatively short amount of time.

更具體地說，對於 2023 年第四季度，我們預計營收將年增 112% 至 127%，達到 7,000 萬美元至 7,500 萬美元。為了更好地了解我們的成長軌跡，當我們幾年前宣布成為一家上市公司的計劃時，我們預計在 2020 年第四季度實現 670 萬美元的收入，而今天的收入超過 7000 萬美元，在相對較短的時間內實現了超過 10 倍的收入增長。

But back to Q4, at the midpoint of our revenue range with 20% sequential sales growth to $72.5 million, we anticipate gross margin to expand 50 basis points on a year-over-year basis to 52.7%. In terms of operating expenses, we are planning for $30 million in R&D, reflecting a more normalized spending level post a number of product tape-outs in Q2 and Q3, with SG&A similarly down and back to Q2's $9.5 million level.

但回到第四季度，在我們的收入範圍中點，銷售額環比增長 20% 至 7,250 萬美元，我們預計毛利率將同比增長 50 個基點至 52.7%。在營運費用方面，我們計劃在研發方面投入 3000 萬美元，這反映了第二季度和第三季度一些產品下線後支出水平更加正常化，而銷售、一般及行政費用 (SG&A) 同樣下降並回到第二季度 950 萬美元的水平。

And with the add-back of $1.3 million of depreciation and no material non-GAAP amortization, we plan to reach EBITDA breakeven for the first time in indie's history. Below the line, we anticipate $800,000 of net interest expense and no taxes. With 181 million shares outstanding, we expect a $0.01 net loss per share in the current quarter. Longer term, we are committed to delivering outsized top line growth and driving to our 60% gross and 30% operating margin target model.

加上 130 萬美元的折舊和沒有重大的非 GAAP 攤銷，我們計劃在獨立歷史上首次實現 EBITDA 收支平衡。在此線以下，我們預計淨利息支出為 800,000 美元，且無稅金。由於流通股數為 1.81 億股，我們預期本季每股淨虧損為 0.01 美元。從長遠來看，我們致力於實現超額的營收成長，並實現 60% 的毛利利率和 30% 的營業利潤率目標模式。

In fact, given our bullishness, we are pleased to announce the recent completion of our warrant exchange tender offer, which effectively retired potentially 27.4 million shares, which is 7.7 million shares. In this way, we substantially reduced potential future dilution, removed the shareholder overhang, and simplified our capital structure.

事實上，鑑於我們的樂觀情緒，我們很高興地宣布，我們最近完成了認股權證交換要約收購，這實際上可能收回 2740 萬股，即 770 萬股。透過這種方式，我們大大減少了未來潛在的股權稀釋，消除了股東負擔，並簡化了我們的資本結構。

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 summary, Q3 marked another quarter of record results for indie within a challenging macro environment. The surge in our strategic backlog is $6.3 billion, and the overall momentum is a testament to our diverse product and IP portfolio, deepening customer relationships, our scalable supply chain, synergistic acquisitions, highly innovative road maps and last but not least, our world-class team.

謝謝，湯姆。總而言之，在充滿挑戰的宏觀環境下，第三季標誌著獨立遊戲又取得了創紀錄的表現。我們的策略性積壓訂單激增 63 億美元，整體勢頭證明了我們多樣化的產品和知識產權組合、深化的客戶關係、可擴展的供應鏈、協同收購、高度創新的路線圖，以及最後但並非最不重要的一點，我們世界一流的團隊。

The stage is now set for indie to turn the corner and enter into a new growth and profitability phase, particularly as we translate our strategic backlog into new program ramps, recurring revenue streams and free cash flow. At a higher level, we are creating an Autotech powerhouse and have never been better positioned to capitalize on the $48 billion market opportunity and most importantly, to create extraordinary shareholder value.

現在，獨立遊戲已經做好準備，迎來轉機，進入新的成長和獲利階段，特別是當我們將策略積壓轉化為新的專案機會、經常性收入流和自由現金流時。從更高的層面來說，我們正在打造一個汽車科技巨頭，並且比以往任何時候都更有能力利用 480 億美元的市場機遇，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 comes 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。

Hello, Donald, hello, Tom, congrats on the progress here and the breakeven you're achieving. It's a good accomplishment. So Tom, last quarter, you talked in the guidance about 2 OEM programs that we're pushing out. I'd love to get an update on those, if those are still kind of on hold? Or was it come back? And maybe kind of dovetail that into whether you're seeing more pushouts in this environment or if you're seeing resilient demand?

你好，唐納德，你好，湯姆，恭喜你所取得的進步和實現的收支平衡。這是一個很好的成就。湯姆，上個季度，您在指導中談到了我們正在推出的 2 個 OEM 計劃。如果這些仍處於擱置狀態，我很想了解最新情況？還是它又回來了？或許這與您是否看到這種環境下出現更多延遲或是否看到需求強勁有關？

So no, no update on those per se. We're still planning them in -- late in the first half of next year. There have been no further pushouts that we can see. Our market demand is reasonably resilient in spite of everything and really no other news to report on that front.

所以，這些本身沒有更新。我們仍在規劃明年上半年末。我們沒有看到進一步的延遲。無論如何，我們的市場需求仍然相當有彈性，在這方面確實沒有其他消息可報告。

And then on the backlog, you talked about the growth to $6.3 billion, very significant. Is there some notion of how much of that is next 12 months to get some sense of coverage of a revenue forecast? Or is that -- yes, I mean, it's one of the ways to think about, I guess, the time frame of the backlog?

然後關於積壓訂單，您談到成長到 63 億美元，非常顯著。是否有關於未來 12 個月的收入預測覆蓋範圍的概念？還是——是的，我的意思是，我想這是思考積壓時間框架的方法之一？

Yes. I mean, for the next 12 months, we're pretty much fully booked. I mean, that's pretty much the case of the automotive industry. In terms of giving you a kind of a rule of thumb, if you look back to when we came out at the end of 2020, and we announced our strategic backlog at $2.2 billion. If you assume that you divide that by $10 million, it gives you a look-ahead view to where the revenue should be 3 years plus from that. So now we have the benefit of hindsight to prove that, that was true.

是的。我的意思是，在接下來的 12 個月裡，我們的預訂基本上已經滿了。我的意思是，汽車產業的情況基本上是如此。就給你一個經驗法則而言，如果你回顧一下我們在 2020 年底推出的時候，我們宣布我們的策略積壓訂單為 22 億美元。如果您假設將其除以 1000 萬美元，它會讓您預見到 3 年以後的收入應該是多少。所以現在我們可以事後證明，這是真的。

So when we announced $2.2 billion divided by 10 is $220 million, and that's approximately the revenue run rate that we'll have in 2023. So by the same rule of thumb, if you take the $6.3 billion divided by 10, that's approximately going to be the annual run rate in 2026.

因此，當我們宣布 22 億美元除以 10 等於 2.2 億美元時，這大約是我們 2023 年的收入運行率。因此，按照同樣的經驗法則，如果將 63 億美元除以 10，這大約是 2026 年的年運行率。

Our next question comes from Ross Seymore of Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Congrats on the strong results. Donald, just -- you mentioned the challenging environment. I think we all kind of in general know what you're pointing to there, but when you mentioned no pushouts and fully booked for next year, et cetera, what does the challenging environment mean to indie?

恭喜您取得如此優異的成績。唐納德，你剛才提到了充滿挑戰的環境。我想我們大體上都知道你指的是什麼，但是當你提到沒有延期並且明年的預訂已經滿了等等時，充滿挑戰的環境對獨立遊戲意味著什麼？

Well, I mean, our comments in that space are really just an acknowledgment of the general macro environment. The primary factor that drives our revenue profile is our own market share add and the growth of semiconductor content per vehicle. Since we've came out in 2020, we haven't really enjoyed an up year in terms of vehicle volume really since 2018. 2019 and the last 4 years have been down. And the only thing that's changed has been the reason that's caused the downside.

嗯，我的意思是，我們在那個領域的評論實際上只是對一般宏觀環境的承認。推動我們收入狀況的主要因素是我們自身的市場份額增加以及每輛車的半導體內容的成長。自 2020 年問世以來，我們的汽車銷量自 2018 年以來就沒有真正上升過。 2019 年和過去 4 年一直在下降。唯一改變的是導致下滑的原因。

So going from COVID to allocation situation, golden screw, UAW strike twice, macroeconomic interest rates rising. And really, we see that as kind of flat. I mean -- but from our perspective, our trajectory hasn't been helped by that, but it's been relatively speaking, unimpeded. We predicted -- we called our revenue in 2023 and 2020 and here we are. And we're going to continue to execute to the plan that we laid out.

因此，從 COVID 到分配情況、黃金螺絲、UAW 兩次罷工、宏觀經濟利率上升。事實上，我們認為這是平緩的。我的意思是——但從我們的角度來看，我們的軌跡並沒有因此得到幫助，但相對而言，還沒有受到阻礙。我們預測了 2023 年和 2020 年的收入，現在我們實現了這個目標。我們將繼續執行我們所製定的計劃。

So what does it mean to us? For us, it's just about executing and running our own race. The macro aspects of it aren't necessarily helpful, but they're not stopping us either.

那麼這對我們意味著什麼？對我們來說，這只是執行和運行我們自己的比賽。它的宏觀方面不一定有幫助，但也不能阻止我們。

And I guess one for Tom on the margin side of things. It's great to see the year-over-year increases, and you're pretty much in line with what you've guided. But you've kind of been at roughly the same level for a year despite the revenues doubling 4Q and 4Q, I guess you're up 50 basis points. So the move from here to 60, you'll obviously take a bit more than that. So I guess, one, the flatness year-over-year, what's the general cause of that? And then much more importantly, what are the key drivers that would get you from kind of the roughly 53% up to 60%?

我想湯姆在邊緣方面會有一個。很高興看到同比增長，並且與您的指導目標基本一致。但是，儘管第四季和第四季的收入翻了一番，但你們的營收一年來大致保持在同一水平，我猜你們的營收成長了 50 個基點。因此，從現在到 60，你顯然需要付出更多努力。所以我想，首先，與同比持平的一般原因是什麼？更重要的是，哪些關鍵驅動因素能讓您從大約 53% 上升到 60%？

Well, I mean, let me interject on first and take the last part of that question first. I mean, really, what's going to drive us 60% is the deployments of the ADAS products, which are coming later into our revenue profile as opposed to the products that took us over the line from private to public. So we're at that point where the mix of these products is going to make the biggest difference. And there are significantly higher ASP, which is typically proportional to the amount of gross margin that we can demand because the value of the product is simply higher.

好吧，我的意思是，讓我先插話並先回答這個問題的最後一部分。我的意思是，真正推動我們實現 60% 成長的是 ADAS 產品的部署，與那些讓我們從私人公司走向公共公司的產品相比，這些產品在我們的收入組成中佔據了更晚的位置。因此，我們正處於這些產品的組合將產生最大影響的階段。而且平均售價明顯更高，這通常與我們可以要求的毛利率成正比，因為產品的價值更高。

The only other thing I would add is the gross margin progression has actually been pretty impressive. I mentioned the $6.7 million of revenue we did in 2020. That was at a 35% gross margin. And as you know, we've steadily expanded from there, up now into the close to 53% pushout range. So as Donald was mentioning, as the mix continues to improve from here and it increasingly moves to ADAS, which inherently is higher gross margin, that gets us to the 60% target.

我唯一想補充的是，毛利率的成長其實相當令人印象深刻。我提到了我們在 2020 年實現的收入為 670 萬美元。毛利率為 35%。如您所知，我們從那時起就穩步擴張，現在已經接近 53% 的推出範圍。因此，正如唐納德所提到的，隨著產品組合從現在開始不斷改善，並越來越多地轉向 ADAS，這本身就具有更高的毛利率，這使我們達到了 60% 的目標。

Our next question comes from Anthony Stoss of Craig-Hallum.

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

Kind of a follow-up to Ross' question, Tom, where do you expect to exit 2024 in terms of gross margins? And then I have a couple of follow-ups for Donald.

湯姆，這有點像是羅斯問題的後續問題，您預計 2024 年的毛利率會達到多少？然後我還有一些關於唐納德的後續問題。

Sure. We haven't really guided that specifically. But just given the momentum we're seeing in the mix moving more towards the ADAS side, 55% is a reasonable expectation.

當然。我們還沒有真正具體地指導這一點。但考慮到我們看到的組合向 ADAS 方面發展的勢頭，55% 是一個合理的預期。

Donald, thank you for breaking out in your prepared remarks, the ADAS 4.6 out of the 6.3. And I think lean you guys did a pretty good job of laying out $1 billion plus win beginning late 2024. Of that 4.6, can you paint a picture how many of those customers will be live, say, by the end of 2025 or however you want to break it out?

唐納德，感謝您在準備好的發言中提出，ADAS 得分為 4.6（滿分 6.3）。而且我認為你們在 2024 年底開始投入 10 億美元以上的資金，做得相當不錯。對於這 46 億美元，您能否描繪一下，到 2025 年底，或者無論您想如何細分，其中有多少客戶會繼續活躍？

Yes, almost all of them will be at least beginning to ramp by that stage. We have a few wins which are '26 and beyond, but most of that backlog will begin to ramp in '25.

是的，到那個階段，幾乎所有企業都會至少開始加速發展。我們在 26 年及以後取得了一些勝利，但大部分積壓訂單將在 25 年開始增加。

Let me squeeze one more in. Just the North American ADAS win. What's the expected value of that one, the newest one?

讓我再擠一個。只是北美 ADAS 的勝利。最新的那個的預期價值是多少？

We're not breaking it out specifically, but it's a pretty meaningful design win. It's with an existing customer where we have some significant volume in a similar space. I mean, you can assume, as we're calling out really as our headline win that it's a pretty significant part of the backlog increase.

我們不會具體地闡述這一點，但這是一個非常有意義的設計勝利。我們與現有客戶在類似領域擁有相當大的業務量。我的意思是，你可以假設，正如我們所呼籲的，這是我們的頭條勝利，這是積壓增加的一個相當重要的一部分。

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

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

Congratulations on the 2 company milestones, so the $6.3 billion backlog and the adjusted EBITDA profitability. So yes, you're welcome. I wanted to follow-up on the latter given that there's been some good attention on backlog. On profitability, is that something that you think the company can sustain as we go through 2024, would there be anything we need to look out for with respect to a resurgence in asset cost or anything else?

恭喜公司取得兩項里程碑，即 63 億美元的積壓訂單和調整後的 EBITDA 獲利能力。是的，不用客氣。鑑於積壓問題已經引起了一些關注，我想跟進後者。關於獲利能力，您認為公司在 2024 年能夠維持獲利能力嗎？在資產成本復甦或其他方面我們需要注意什麼嗎？

I mean, for 2024, we're committed to a full-year of profitability given the momentum that we see. I mean, there'll be some fluctuations up and down in OpEx and so forth. But really, we're -- given the sort of your numbers, basically, that's the bottom line for us. We're committed to a full-year of profitability.

我的意思是，鑑於我們看到的勢頭，我們致力於在 2024 年實現全年盈利。我的意思是，營運支出等方面會出現一些波動。但實際上，考慮到你們的數據，基本上這就是我們的底線。我們致力於實現全年盈利。

And to add to that, it's really a function of, as we've talked about in the past, OpEx from here will go up nominally in absolute dollars, but will continue to come down dramatically on a percent of sales basis. That drives the operating leverage and the enhanced profitability.

除此之外，正如我們過去所討論過的，這實際上是一個函數，從現在開始，營運支出在絕對美元數額上名義上會上升，但在銷售額的百分比基礎上將繼續大幅下降。這推動了經營槓桿和獲利能力的提升。

Good to hear. And then going back to some of the things that are happening in the ADAS portfolio, Donald, can you talk a little bit more about some of the developments in Radar over the last 3 months? And then I have one more after that, if you'll take it.

很高興聽到這個消息。然後回到 ADAS 產品組合中發生的一些事情，唐納德，您能否再談談過去 3 個月雷達的一些發展？如果你願意接受的話，之後我還會再說一次。

Well, as you might recall, we announced our Radar win, I guess, 18 months, almost 2 years ago now. And so we've been on a very intense development phase through that, which as we mentioned in the prepared remarks, now we're coming to the end of, which is a big milestone for us. In addition to that, the visibility that we have of OEMs beginning to commit more programs to that is only increasing as a factor of our increased confidence in our execution, which is now largely behind us and what we can see happening in the market.

嗯，您可能還記得，我們​​宣布贏得雷達獎，我想，已經是 18 個月前了，差不多是 2 年前了。因此，我們一直處於非常緊張的開發階段，正如我們在準備好的發言中提到的那樣，現在我們即將結束這一階段，這對我們來說是一個重要的里程碑。除此之外，我們對原始設備製造商 (OEM) 開始為此投入更多項目的了解度正在不斷提高，這只是我們對執行力增強信心的一個因素，現在這基本上已經過去了，而且我們可以看到市場上正在發生的事情。

It's -- in terms of the potential for that market additionally, all we see is more radars being deployed for more diverse functions. Again, as we mentioned in the prepared remarks, there's perhaps somewhat unexpected applications, which we're seeing now for things like road quality, monitoring of air-based suspension systems where the radars are really being deployed as multifunction sensors not only for ADAS. And we expect fully that we'll participate in those markets. So our future is so bright in that one, we need to wear shades.

就該市場的潛力而言，我們看到的是更多的雷達被部署用於更多樣化的功能。再次，正如我們在準備好的評論中提到的那樣，可能存在一些意想不到的應用，我們現在看到的應用包括道路品質、空氣懸吊系統監控等方面，其中雷達實際上被部署為多功能感測器，而不僅僅是用於 ADAS。我們非常期待能夠參與這些市場。因此，我們的未來是如此光明，我們需要戴上墨鏡。

Well, very hip reference there. And is it possible to quantify the customer breadth that you have in the backlog in the ADAS area? And if you can, then it'd be helpful to get that in the user experience here as well?

嗯，這是非常時髦的參考。是否可以量化您在 ADAS 領域積壓的客戶廣度？如果可以的話，這對使用者體驗也會有幫助嗎？

Yes. I mean, I would say, over the last 12 months, we kind of filled out any remaining gaps in customer portfolio we had. I mean, we called out in the prepared remarks also. I mean, we're really everywhere now. We really have some content at all OEMs and all Tier 1s some more significant than others. But it is very diverse. And what we're beginning to see over the last 12 months and perhaps really for the first time is the cross-selling within a single customer for our different product lines is gathering momentum, and that has kind of a multiplicative effect on how we expect our revenue profile to grow in the future.

是的。我的意思是，我想說，在過去的 12 個月裡，我們填補了客戶組合中剩餘的所有空白。我的意思是，我們也在準備好的發言中呼籲。我的意思是，我們現在確實無所不在。我們確實在所有 OEM 和所有 Tier 1 中都有一些內容，其中一些比其他內容更重要。但它是非常多樣化的。在過去的 12 個月中，我們開始看到，或許是第一次看到，單一客戶對我們不同產品線的交叉銷售正在積聚勢頭，這對我們預期未來收入成長的方式具有乘數效應。

So I mean, I couldn't be happier with where we are on that, actually.

所以我的意思是，實際上我對我們現在的狀況感到非常高興。

In fact, to kind of quantify that. We've got 12 unique product areas, 20 Tier 1s are within the backlog. And then as we've mentioned, we're selling now to virtually every car OEM in the world.

事實上，可以將其量化。我們有 12 個獨特的產品領域，其中 20 個一級產品處於積壓狀態。正如我們所提到的，我們現在幾乎向世界上所有的汽車原始設備製造商銷售產品。

Our next question comes from Cody Acree of The Benchmark Company.

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

Congrats on the progress. But you -- maybe, Donald, could you just speak a little bit to what makes up your $1 billion of visibility for '28? I guess if you can give us any kind of direction as to what constitutes that backlog?

恭喜你取得進展。但你——也許，唐納德，你能否稍微談談是什麼讓你在 28 年實現了 10 億美元的知名度？我想您能否給我們一些關於積壓情況的指導？

Well, I mean, the way our backlog is constructed, it's measured over a period of time. And of course, one of the nice things about automotive, although it takes a long time to get revenue going, it tends to last for a long time after you start. So the run rate that I called out as a benchmark around 2026, you could assume as being in the bag 2 years after that. And then the remaining part of our bridge to between there and the $1 billion in 2028 is based on a pipeline that we have in place, which is a number of multiples of larger than the strategic backlog that we declare.

嗯，我的意思是，我們的積壓工作是按照一段時間來衡量的。當然，汽車產業的一個優點是，雖然需要很長時間才能獲得收入，但一旦開始，這種收入往往會持續很長時間。因此，我所說的 2026 年左右的基準運行率，你可以假設在 2 年後就會實現。然後，我們在 2028 年實現 10 億美元目標的剩餘部分將基於我們現有的管道，該管道比我們宣布的戰略積壓量要大很多倍。

So -- and when we say we have visibility, that means that we've been working with somebody for a long time. I mean, some of the sales cycles are extremely long multiple years of jumping hoops and jumping over hurdles and displaying technical capability to get these guys on board and bought into our technology, regardless of how good it may appear, they don't take much for granted in this industry.

所以——當我們說我們有知名度時，這意味著我們已經與某人合作了很長時間。我的意思是，一些銷售週期非常長，需要多年的努力和克服重重障礙，展示技術能力，才能讓這些人加入並接受我們的技術，無論它看起來有多好，在這個行業中，他們都不會想當然地認為一切都是理所當然的。

And so as a result of that, we got a lot of visibility in our pipeline of what's likely to convert over the next couple of years, which will get us into the position that we feel that we're going to be in 2028 around the $1 billion of revenue. So we feel pretty bullish about that. And hopefully, who knows we can maybe even beat that a little bit.

因此，我們對未來幾年可能發生的轉變有了很大的了解，這將使我們達到我們認為在 2028 年我們的收入將在 10 億美元左右的水平。因此我們對此非常樂觀。希望如此，誰知道呢，我們甚至可能稍微戰勝它。

Maybe if we can look at the UAW strike and any impact that you're seeing in your bookings or visibility?

也許我們可以看看 UAW 罷工以及它對您的預訂量或知名度造成的影響？

Yes, I mean, a little. I mean, we have exposure to the big 3 have been customers of ours for many years. But we are very geographically diversified now. We have a bigger customer base in China, Europe, nonunionized companies in the United States also for that matter or even plants that belong to the big 3 who are not in the United States.

是的，我是說有一點。我的意思是，我們已經接觸過三巨頭，他們多年來一直是我們的客戶。但現在我們的地理分佈非常多元。我們在中國、歐洲、美國的非工會公司，甚至三大汽車公司旗下不在美國境內的工廠都有更大的客戶群。

So I mean, it had an impact, but it was for us, relatively manageable within the noise of what we manage on a regular quarterly basis. And any impact of that is now baked into the numbers that we just saw. We're very glad that they came to resolution. And I hope there's no longer lasting effect of that. I don't think so. But at this point, we're not really planning anything extraordinary to mitigate.

所以我的意思是，它確實產生了影響，但對我們來說，在我們每季定期管理的噪音範圍內，這相對來說是可控的。其影響已反映在我們剛剛看到的數字中。我們很高興他們達成了解決方案。我希望這不會再產生持久的影響。我不這麼認為。但目前，我們還沒有真正計劃採取任何特別措施來緩解這種情況。

Ladies and gentlemen, we have reached the end of the question-and-answer session. I will now hand over to Donald McClymont for closing remarks.

女士們、先生們，問答環節已經結束。現在我將把演講時間交給唐納德·麥克萊蒙特 (Donald McClymont) 作結束語。

Thanks, everybody. See you in the investor meetings and conferences over the next few weeks and see you again next quarter.

謝謝大家。我們將在接下來的幾週的投資者會議和會議上與您見面，並在下個季度再次與您見面。

Thank you. Ladies and gentlemen, this concludes the indie Semiconductor conference call. Thank you for joining us, and you may now disconnect your lines.

謝謝。女士們、先生們，獨立半導體電話會議到此結束。感謝您的加入，現在您可以斷開您的線路了。