indie Semiconductor Inc (INDI) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to indie Semiconductor's first quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I will now turn the call over to Ashish Gupta, Investor Relations, Mr. Gupta, please go ahead.

下午好，歡迎參加獨立半導體 2024 年第一季財報電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音。現在我將把電話轉給投資者關係部的 Ashish Gupta，Gupta 先生，請繼續。

Thank you, operator. Good afternoon, and welcome to indie Semiconductor's first quarter 2024 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 Q1 results and Q2 outlook.

謝謝你，接線生。下午好，歡迎參加獨立半導體 2024 年第一季財報電話會議。今天加入我的是 Don McClymont indie 的共同創辦人兼執行長；以及獨立公司財務長兼策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一季的業績和第二季度的前景。

Please note that we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative about views 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.

請注意，我們將根據目前的預期和假設做出前瞻性陳述，這些陳述存在風險和不確定性。這些陳述僅反映我們今天的觀點，不應被視為任何後續日期的觀點的代表。這些陳述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, 2023, as well as other public reports filed with the SEC. Finally, the results and guidance discussed today are based on consolidated non-GAAP financial measures such as non-GAAP gross margin, non-GAAP operating income loss, non-GAAP net income loss and non-GAAP EBITDA.

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 2023 年 12 月 31 日的財年 10-K 表格年度報告以及向 SEC 提交的其他公開報告中的風險因素。最後，今天討論的結果和指導是基於綜合非 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。

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. For a complete reconciliation to GAAP and the definition for the above items, please see our Q1 earnings press release, which was issued in advance of this call. It can be found on our website at www.indiesemi.com. I'll now turn the call over to Donald.

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、公允價值變動帶來的損益、非現金利息費用和所得稅優惠或花費。有關 GAAP 的完整調整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一季財報新聞稿。您可以在我們的網站 www.indiesemi.com 上找到它。我現在將電話轉給唐納德。

Thanks, Ashish, and welcome, everybody. indie continues to significantly outpace our industry peer group and is capitalizing on technology deployment momentum in the Autotech market. Despite the contracting vehicle end market, we produced 29% year-over-year top line growth to a record first quarter level, albeit slightly below our guidance.

謝謝阿什什，歡迎大家。獨立繼續顯著超過我們的行業同行，並利用汽車技術市場的技術部署勢頭。儘管汽車終端市場萎縮，但我們第一季的營收年增了 29%，達到創紀錄的水平，儘管略低於我們的指引。

Our innovative product portfolio continues to gain design win traction across ADAS, user experience and electrification applications, positioning indie to benefit from outsized growth through new program ramps in the second half of this year and over the longer-term planning horizon.

我們的創新產品組合繼續在 ADAS、用戶體驗和電氣化應用領域贏得設計青睞，使獨立企業能夠透過今年下半年和更長期的規劃範圍內的新項目，從超額成長中受益。

In the meantime, global automotive markets are facing transitory headwinds following strong growth in 2022 and 2023. According to S&P Global, in 2022, light vehicle production was up 7% year-over-year and up 9% in 2023. While for 2024, production is expected to be flat to down year-over-year at under 90 million vehicles. This forecast reflects weaker demand stemming from persistently higher interest rates and inflationary pressures and in turn has led to consumers opting for more economical de-featured car models, which typically carry lower semiconductor content. In particular, the EV market has been exhibiting precipitous decline in consumer demand of late.

同時，全球汽車市場在 2022 年和 2023 年的強勁成長後正面臨暫時的阻力。S&P Global 的數據顯示，2022 年輕型汽車產量年增 7%，2023 年將成長 9%。而到 2024 年，產量預計將持平或年減，低於 9,000 萬輛。這項預測反映出持續走高的利率和通膨壓力導致需求疲軟，進而導致消費者選擇更經濟的無功能車型，這些車型通常半導體含量較低。特別是，電動車市場近來消費者需求急劇下降。

The International Energy Agency and their 2024 global EV outlook highlighted higher EV costs as one of the top consumer concerns impacting adoption in the current environment. This, coupled with reduced EV subsidies in some markets, range anxiety due to a slower-than-anticipated rollout of charging infrastructure and some regulatory relaxation in the phaseout of combustion engines has led to OEMs prioritizing a more affordable ICE and hybrid model in the near term, which tend to contain legacy silicon versus newer feature-rich vehicles.

國際能源總署及其 2024 年全球電動車展望強調，電動車成本上升是影響當前環境下電動車普及的消費者最關心的問題之一。再加上一些市場電動車補貼減少、充電基礎設施建設速度慢於預期導致的里程焦慮以及逐步淘汰內燃機的監管放鬆，導致原始設備製造商在近期優先考慮更實惠的內燃機和混合動力車型術語，其中往往包含傳統晶片與功能豐富的新型車輛。

This slowdown in global vehicle sales and the shift in mix towards lower silicon content vehicles, coupled with the ongoing inventory correction at our Tier 1 customers is pressuring the addressable market in real time. Specifically, S&P Mobility recently trimmed their 2024 growth forecast for the automotive semiconductor dollar TAM to the low single digits, a notable deceleration from the 23% posted in 2023.

全球汽車銷售的放緩和向低矽含量汽車的轉變，再加上我們的一級客戶正在進行的庫存調整，正在給潛在市場帶來即時壓力。具體來說，標準普爾移動最近將 2024 年汽車半導體美元 TAM 的成長預測下調至低個位數，較 2023 年發布的 23% 顯著下降。

Nevertheless, we believe much of this short-term negativity has been overblown given the regulatory imperatives for Level 2+ active safety which features heavy indie content and the recurring fundamental that new functionality has always transitioned from high-end models to lower tiers since the beginning of the automotive industry.

儘管如此，我們認為，考慮到2+ 級主動安全的監管要求，其特點是大量的獨立內容，以及新功能從一開始就總是從高端車型過渡到較低級別的基本原理，我們認為這種短期負面情緒在很大程度上被誇大了。

Further, our strategic growth trajectory is completely independent of the adoption of electric, hybrid or internal combustion powertrains. Harking back to Henry Ford. He once said that if you ask customers what they really wanted, they would have asked them for a faster horse. In any event, the India team remains intensely focused and continues to drive relentless innovation and win exciting designs across our differentiated product portfolio.

此外，我們的策略成長軌跡完全獨立於電動、混合動力或內燃動力系統的採用。回到亨利福特。他曾經說過，如果你問顧客真正想要什麼，他們會要求他們有一匹更快的馬。無論如何，印度團隊仍然高度專注，並繼續推動不懈的創新，並在我們的差異化產品組合中贏得令人興奮的設計。

The long-term automotive megatrends including driver safety and automation, best-in-class in-cabin user experiences and drivetrain electrification will ultimately foster demand and substantially boost addressable silicon content. In fact, a recent McKinsey report highlighted that automotive semiconductors are expected to have the fastest 10-year growth rate across all semiconductor sectors. And given our broad array of products, underlying patent portfolio and demonstrated scalability, indie is uniquely positioned to capitalize on this opportunity.

包括駕駛員安全和自動化、一流的車內用戶體驗和傳動系統電氣化在內的長期汽車大趨勢將最終促進需求並大幅增加可尋址矽含量。事實上，麥肯錫最近的一份報告強調，汽車半導體預計將在所有半導體產業中擁有最快的 10 年成長率。鑑於我們廣泛的產品、基礎專利組合和展示的可擴展性，獨立開發者在利用此機會方面處於獨特的地位。

To that end, we are executing to a highly differentiated sensor fusion strategy to address the growing needs for ADAS solutions, leveraging key sensing technologies such as computer vision, radar, LIDAR and ultrasound. 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 and changing environments where precision and timely response are safety critical.

為此，我們正在執行高度差異化的感測器融合策略，利用電腦視覺、雷達、光達和超音波等關鍵感測技術，滿足對 ADAS 解決方案不斷增長的需求。這種多模式方法創建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，非常適合具有挑戰性的駕駛場景和不斷變化的環境，其中精確和及時的響應對安全至關重要。

We believe this holistic sensor strategy at scale ensures the highest level of driver and passenger protection and effectively meets the diverse and increasingly complex needs of ADAS implementations across the entire spectrum of use cases from basic driver assistance features to higher levels of vehicle automation.

我們相信，這種大規模的整體感測器策略可確保最高水準的駕駛員和乘客保護，並有效滿足從基本駕駛員輔助功能到更高水平的車輛自動化的整個用例範圍內ADAS 實施的多樣化且日益複雜的需求。

As automakers and consumers alike demand ever higher levels of safety and functionality, sensor fusion positions indie to be the partner of choice in delivering these increasingly sophisticated yet cost-effective solutions. Specifically, in terms of our RADAR initiative, I'm pleased to report that we have successfully sampled our highly integrated RADAR mimic and baseband solutions and are on track to commence our program ramp next year.

隨著汽車製造商和消費者對安全性和功能性的要求越來越高，感測器融合使 Indie 成為提供這些日益複雜且具成本效益的解決方案的首選合作夥伴。具體來說，就我們的雷達計劃而言，我很高興地報告說，我們已經成功對高度整合的雷達模擬和基頻解決方案進行了採樣，並有望在明年開始我們的專案升級。

On the computer vision front, during the quarter, we secured a major program win that will deploy our technology at Honda for blind spot detection, using both side and rear camera feeds for unprecedented visibility and safety. This will be a multi-model deployment at Honda with first vehicles on the road with our technology as soon as next year.

在電腦視覺方面，本季度我們贏得了一項重大專案勝利，該專案將在本田部署我們的技術進行盲點檢測，使用側面和後置攝影機提供前所未有的可視性和安全性。這將是本田的多車型部署，首批採用我們技術的車輛最快將於明年上路。

Additionally, we recently captured a key camera design win in Valeo further expanding our vision-based tensing footprint across leading Tier 1 suppliers. And leveraging our image signal processor algorithms, we enabled augmented reality navigational systems within Cadillac's 2025 escalate models and anticipate this breakthrough technology will cascade down throughout the GM vehicle lineup over time.

此外，我們最近在法雷奧贏得了一項關鍵的相機設計勝利，進一步擴大了我們在領先的一級供應商中基於視覺的張緊足跡。利用我們的影像訊號處理器演算法，我們在凱迪拉克 2025 年升級車型中啟用了擴增實境導航系統，並預計隨著時間的推移，這項突破性技術將遍及整個通用汽車產品線。

Again, speaking of GM, we are thrilled to share that our next-generation vision processor has been selected for their occupant monitoring system with deployments starting in 2026. This, combined with the North American OEM OMS win that we alluded to last quarter, which I can never share is with Ford and other leading OEMs, including BMW, position indie to seize a first-mover advantage in this rapidly emerging application. This development validates in these best-in-class technology and demonstrates our relentless focus on innovation and product road map execution.

說到通用汽車，我們很高興地告訴大家，我們的下一代視覺處理器已被選用於其乘員監控系統，並於 2026 年開始部署。再加上我們上季度提到的北美 OEM OMS 的勝利（我永遠無法與福特和包括寶馬在內的其他領先 OEM 廠商分享），使獨立廠商能夠在這個快速新興的應用中抓住先發優勢。這項開發驗證了這些一流的技術，並展示了我們對創新和產品路線圖執行的不懈關注。

Further, we are preparing to sample our next-generation flagship SoCs, the indie [AD] family for automotive camera applications that will usher in unprecedented features to the automotive industry. This chip can process several cameras simultaneously at ultra-low power, reducing the system bone while addressing the unmet needs of ADAS applications.

此外，我們正準備提供下一代旗艦 SoC 的樣品，即用於汽車攝影機應用的獨立 [AD] 系列，這將為汽車行業帶來前所未有的功能。該晶片能夠以超低功耗同時處理多個攝影機，減少系統骨架，同時解決 ADAS 應用未滿足的需求。

At a higher level, in our discussions with leading global OEMs and Tier 1s, it's becoming increasingly clear that the previous one size fits all central compute architecture is fast losing mind share. The industry needs a more distributed intelligence, zonal processing-enabled approach that can efficiently scale across vehicle segments. By doing more processing of the edge and zones and intelligently fusing and partitioning sensor data, we can dramatically reduce system cost, complexity and power consumption.

在更高的層面上，在我們與全球領先的 OEM 和一級供應商的討論中，越來越明顯的是，之前適合所有中央運算架構的尺寸正在快速失去市場份額。該行業需要一種更分散的智慧、支援區域處理的方法，可以有效地跨車輛細分市場進行擴展。透過對邊緣和區域進行更多處理以及智慧地融合和分區感測器數據，我們可以顯著降低系統成本、複雜性和功耗。

S&P mobility sees this distributed ADAS zonal processing as a $2 billion stand-alone silicon opportunity by 2029, and we intend to lead it. indie is developing a new generation of distributed processing solutions that will incorporate sensor fusion to meet underserved market needs for cost effective and power efficient ADAS functionality up to the Level 2+ segment. In support of this, we recently announced a minority investment in AI processing leader Expedera, we intend to integrate custom neural networking processing IP from this exciting collaboration into our future sensor fusion solutions, allowing high-performance ADAS AI processing to be driven into mass market vehicles.

S&Pmobility 認為，到 2029 年，這種分散式 ADAS 區域處理將是一個價值 20 億美元的獨立晶片機遇，我們打算引領這一機會。 indie 正在開發新一代分散式處理解決方案，該解決方案將整合感測器融合，以滿足服務不足的市場對高達 2 級以上細分市場的成本效益和節能 ADAS 功能的需求。為了支持這一點，我們最近宣布對人工智慧處理領導者Expedera 進行少數股權投資，我們打算將這次令人興奮的合作中的客製化神經網路處理IP 整合到我們未來的感測器融合解決方案中，從而將高性能ADAS 人工智慧處理推向大眾市場汽車。

Scaling ADAS from feature-rich down to entry-level vehicles is an industry fundamental and one that indie is firmly committed to realizing. According to the United Nations, 1.19 million people die in car crashes every year around the world. That's 3,260 people per day. It's a staggering human toll, not just for the victims, but for their surviving family members. indie is uniquely positioned to help mitigate and ultimately prevent these tragedies via our cost-effective innovative ADAS technologies.

將 ADAS 從功能豐富的車輛擴展到入門級車輛是該行業的基礎，也是獨立開發者堅定致力於實現的目標。根據聯合國統計，全球每年有 119 萬人死於車禍。也就是說每天有 3,260 人。這是一個令人震驚的傷亡，不僅對受害者而言，對他們倖存的家人也是如此。 indie 擁有獨特的優勢，可以透過我們經濟高效的創新 ADAS 技術幫助減輕並最終預防這些悲劇。

Turning to user experience. We continue to launch new products that enable our customers to redefine the in-cabin experience. Leading automators such as Audi, are leveraging interior and exterior lighting as a core pillar of their brand identity. While consumers are demanding seamless integration and charging of their personal devices, indie is leading the way in enabling these experiences with highly integrated solutions that set the standard for performance and efficiency.

轉向用戶體驗。我們不斷推出新產品，使我們的客戶能夠重新定義客艙體驗。奧迪等領先的自動化製造商正在利用內部和外部照明作為其品牌形象的核心支柱。雖然消費者要求個人設備的無縫整合和充電，但獨立公司正在透過高度整合的解決方案來引領這些體驗，這些解決方案設定了性能和效率的標準。

This quarter, we introduced a new family of smart connectivity solutions that enable high-speed networking of displays and controllers throughout the vehicle with best-in-class signal integrity. In fact, a leading North American e-vehicle OEM is planning to ramp this technology into their mainstream platforms in 2025. At the same time, we've achieved production readiness for our highly integrated mixed-signal solution that enables advanced ultrasonic intrusion detection, leveraging pro-electric transducers at Volkswagen.

本季度，我們推出了一系列新的智慧連接解決方案，可實現整個車輛的顯示器和控制器的高速聯網，並具有一流的訊號完整性。事實上，一家領先的北美電動車 OEM 計劃在 2025 年將該技術引入其主流平台。同時，我們的高度整合混合訊號解決方案已做好生產準備，該解決方案利用大眾汽車的親電感測器實現先進的超音波入侵檢測。

In addition, we continue to capture key design wins for our wireless charging technology. During the quarter, a major Tier 1 selected us for use across multiple vehicle models with another leading OEM targeting the booming Indian market with production slated to ramp in 2025. And more recently, I'm delighted to report that we've been awarded wireless charging design wins in support of a leading North American OEM.

此外，我們繼續贏得無線充電技術的關鍵設計勝利。本季度，一家主要的一級供應商選擇將我們用於多種車型，另一家領先的 OEM 則瞄準蓬勃發展的印度市場，預計在 2025 年提高產量。最近，我很高興地向大家報告，我們獲得了無線充電設計獎，以支援一家領先的北美 OEM。

Our innovative solutions have been winning across multiple applications within the cabin, including with the newest flagship SU7 from Xiaomi, which includes more than 10 indie chips, serving as yet another testament to our (inaudible) innovation. In short, we continue to demonstrate tremendous design win momentum, setting the stage for outsized growth. I'll now turn the call over to Tom for a discussion of our Q1 results and Q2 outlook.

我們的創新解決方案在機艙內的多個應用中贏得了勝利，包括小米最新旗艦 SU7，其中包含 10 多個獨立晶片，這再次證明了我們（聽不清楚）的創新。簡而言之，我們繼續展現出巨大的設計獲勝勢頭，為超額成長奠定了基礎。我現在將把電話轉給湯姆，討論我們第一季的業績和第二季的前景。

Thanks, Donald. Revenue for the first quarter of 2024 was up 29% year-over-year to $52.4 million, though short of our guidance, as Donald outlined. Gross profit was $26.4 million, translating into a 50.3% gross margin, also below plan as a result of an unfavorable product mix.

謝謝，唐納德。正如唐納德所概述的，2024 年第一季的營收年增 29% 至 5,240 萬美元，但低於我們的指引。毛利為 2,640 萬美元，毛利率為 50.3%，由於產品組合不利，也低於計劃。

R&D was $32.6 million, while SG&A was $11 million, bringing total operating expenses to $43.6 million, slightly better than our forecast. In turn, our Q1 operating loss was $17.2 million. With net interest expense of $500,000 and excluding tax benefits, our net loss was $17.7 million, and we posted a $0.10 loss per share on a base of 186 million shares.

研發費用為 3,260 萬美元，SG&A 為 1,100 萬美元，使總營運費用達到 4,360 萬美元，略優於我們的預測。反過來，我們第一季的營運虧損為 1720 萬美元。淨利息支出為 50 萬美元，不包括稅收優惠，我們的淨虧損為 1,770 萬美元，以 1.86 億股為基礎，每股虧損 0.10 美元。

Turning to the balance sheet. During the quarter, we generated a $4.2 million working capital benefit partially offset by $2.3 million in capital expenditures, primarily for expanded RF lab capability and radar production test tooling. Additionally, we've initiated an asset-backed revolver adding $10 million at a relatively low cost of capital with 0 dilution and enabling us to exit the quarter with $148.2 million in total cash.

轉向資產負債表。本季度，我們產生了 420 萬美元的營運資本收益，部分被 230 萬美元的資本支出所抵消，主要用於擴大射頻實驗室能力和雷達生產測試工具。此外，我們還啟動了一項資產支持的左輪手槍，以相對較低的資本成本和 0 稀釋度增加 1000 萬美元，使我們能夠以 1.482 億美元的總現金退出本季度。

For the second quarter of 2024, we expect indie's revenue to be flat to up 5% sequentially, more than offsetting the current market softness stemming from the still ongoing industry-wide inventory rebalancing. At the same time, we are planning on gross margin expansion back to the 51% to 52% range from a richer product mix, sequentially flat expenses and as a result, a narrower operating loss. Below the line, we anticipate $800,000 of net interest expense, no taxes. Assuming the midpoint of these ranges and with 191 million shares outstanding, we expect a $0.09 net loss per share in the current quarter.

對於 2024 年第二季度，我們預計獨立遊戲的收入將持平，環比增長 5%，足以抵消目前仍在進行的全行業庫存再平衡造成的市場疲軟。同時，我們計劃將毛利率擴大至 51% 至 52%，產品組合更加豐富，費用環比持平，從而縮小經營虧損。在此線之下，我們預計淨利息支出為 800,000 美元（不含稅）。假設這些範圍的中點，且流通股數量為 1.91 億股，我們預期本季每股淨虧損為 0.09 美元。

Looking ahead, based on the strength of our new product pipeline and a general market recovery as channel inventory levels normalize, we plan to return to high growth mode in the back half of this year, reaching EBITDA profitability by Q4 and to resume our industry-leading growth trajectory into 2025 and beyond. With that, I'll turn the call back to Donald for his closing comments.

展望未來，基於我們新產品管線的實力以及通路庫存水準正常化的市場總體復甦，我們計劃在今年下半年恢復高成長模式，在第四季度實現EBITDA盈利，並恢復我們的行業-引領成長軌跡直至2025 年及以後。至此，我將把電話轉回給唐納德，聽取他的結束語。

Thanks, Tom. In conclusion, while we are navigating some near-term industry headwinds, indie's strategic outlook continues to improve, driven by our continued design win momentum. Our intense focus on innovation, customer service and operational excellence is truly distinguishing us from our worthy competitors and positions us to sustainably outperform the Autotech market.

謝謝，湯姆。總之，雖然我們正在應對一些近期的行業逆風，但在我們持續的設計獲勝勢頭的推動下，獨立的戰略前景繼續改善。我們對創新、客戶服務和卓越營運的高度關注使我們真正區別於我們有價值的競爭對手，並使我們能夠持續超越汽車技術市場。

With correct cutting-edge solutions spanning ADAS, user experience and electrification, indie is at the forefront of the fastest-growing strategic mega trends reshaping the automotive industry and we're well on our way to building the next great global semiconductor company. That concludes our prepared remarks.

憑藉涵蓋 ADAS、用戶體驗和電氣化的正確尖端解決方案，獨立公司處於重塑汽車行業增長最快的戰略大趨勢的最前沿，我們正在努力打造下一個偉大的全球半導體公司。我們準備好的演講到此結束。

Thanks, Donald. Before I move to Q&A, I want to be clear that we cannot comment on recent speculative press reports. With that, operator, let's open the call for questions.

謝謝，唐納德。在開始問答之前，我想澄清一下，我們不能對最近的推測性媒體報導發表評論。那麼，接線員，讓我們開始提問。

(Operator Instructions) Suji Desilva, Roth MKM.

（操作員指令）Suji Desilva，Roth MKM。

I appreciate that you guided 2Q and gave a sense that the second half is going to be a recovery. Can you talk about, Tom, how you frame visibility here, perhaps pipeline or some level of backlog measure. And you talked about the large programs that we're aware of the camera and the RADAR program, particularly ramping in '25. What is the ramp in the second half '24 that can be a tailwind for you to help?

我很欣賞你對第二季的指導，並給人一種下半年將復甦的感覺。湯姆，你能談談你如何在這裡建立可見性，也許是管道或某種程度的積壓措施。您談到了我們所知道的相機和雷達項目的大型項目，特別是 25 年的進展。24 年下半年的哪些坡道可以成為您提供協助的順風車？

Sure. The way we thought about it, it's a number of singles and doubles. It's the products that we outlined that Donald walked through a number of new product introductions. In other words, it's not dependent upon a general market recovery. That would be a tailwind for a change. But we're certainly excited about those new ramps.

當然。我們的想法是，有很多單打和雙打比賽。這是我們概述的產品，唐納德介紹了許多新產品。換句話說，它並不依賴整體市場復甦。這將成為改變的推動力。但我們當然對這些新坡道感到興奮。

Okay. And then as you look at the camera systems in particular diving in there, the market has embedded offerings from leaders like Mobileye and so forth and umbrella others. I'm wondering what the differentiation for indie is in that market as you seem to be gaining traction there. And if maybe you can talk Donald about edge versus central processing in that conversation?

好的。然後，當您仔細觀察相機系統時，您會發現市場已經嵌入了 Mobileye 等領導者的產品以及其他產品。我想知道獨立遊戲在這個市場上的差異化是什麼，因為你似乎在那裡獲得了關注。您是否可以在談話中與唐納德談論邊緣處理與中央處理？

Certainly, that's a longer conversation that we can have, Suji. But yes, I mean, our differentiation has been heavily driven by the fact that our image signal processing technology is simply the best in class. And our products are very much rightsized for the exact applications that we're winning at. So we are really getting an unfair share of our wins here just because of the technology deployment that we have.

當然，我們可以進行更長的對話，Suji。但是，是的，我的意思是，我們的差異化在很大程度上是由我們的影像訊號處理技術是同類中最好的事實所推動的。我們的產品非常適合我們所贏得的特定應用。因此，僅僅因為我們擁有的技術部署，我們確實獲得了不公平的勝利。

In terms of central versus distributed or central versus zone controlling, what we are seeing in the market is really that there's a softening of the expectation that everything goes central because it has become simply unmanageable in many cases. And whereas maybe a couple of years ago, we might have got thrown out for suggesting something like that.

就集中控制與分散式控製或集中控制與區域控製而言，我們在市場上看到的情況確實是，一切都集中化的預期有所減弱，因為在許多情況下它變得根本無法管理。也許在幾年前，我們可能會因為提出類似的建議而被淘汰。

Now to use a phrase I often use, we're running into open doors. And we're walking in there with our concept and OEMs and Tier 1s like are saying, yes, that's what we want. And we feel really, really super good about that, and that will encompass also the fusion of not only our vision products, but also our RADAR products and LiDAR and ultrasound as time progresses also.

現在用我常用的一句話來說，我們正在遇到敞開的大門。我們帶著我們的概念走進那裡，原始設備製造商和一級供應商都在說，是的，這就是我們想要的。我們對此感覺非常非常好，隨著時間的推移，這不僅包括我們的視覺產品，還包括我們的雷達產品、雷射雷達和超音波的融合。

So I mean in terms of the long term, our story is entirely intact. We're driving a lot of wins. And you can see from just a number of them that came out in our prepared remarks, we really have a lot of momentum and a lot of traction. So in spite of the current bumps that we're going through, let's call it an air pocket, we're feeling good about where we are.

所以我的意思是，從長遠來看，我們的故事是完整的。我們正在取得很多勝利。從我們準備好的發言中的一些內容中你可以看出，我們確實擁有很大的動力和牽引力。因此，儘管我們目前正在經歷一些坎坷，我們稱之為“氣穴”，但我們對自己所處的位置感覺良好。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Donald, you just talked about -- or Tom, you talked about the back half ramp being company-specific, not really banking on a rebound. If we talk about the first half -- in the last couple of quarters, you talked about some pushouts that sounded a little more company specific, not your fault, but nonetheless, a design win that just wasn't going to ramp. Is the weakness you're seeing now something that's market wide? Or is there something a little more indie specific in 1Q and 2Q?

唐納德，你剛剛談到——或者湯姆，你談到後半段斜坡是公司特定的，而不是真正指望反彈。如果我們談論上半年 - 在過去的幾個季度中，您談到了一些聽起來更具公司特色的推出，這不是您的錯，但儘管如此，設計上的勝利只是不會增加。現在您看到的弱點是整個市場的弱點嗎？或者第一季和第二季是否有一些更具體的獨立內容？

No. The weakness is market wide. And typically, I mean, if you look at our ramp last year, we incrementally grew $10 million in revenue every quarter-on-quarter. And that's approximately what we expect in the back half. The new ramps that we have trickle out in Q1, gain a little momentum in Q2 and gain more momentum in Q3 and Q4.

不。弱點是整個市場。我的意思是，通常情況下，如果你看看我們去年的成長情況，我們每季的收入都會增加 1000 萬美元。這大約就是我們對後半部的預期。我們在第一季推出的新斜坡，在第二季度獲得了一點動力，並在第三季和第四季獲得了更多動力。

And so the early part of the year is typically we're most susceptible to macro because we don't have offsetting ramps, which are really kicking into high gear in order to offset. So first half, very much macro second half, very much positively company-specific in this case.

因此，今年年初通常是我們最容易受到宏觀經濟影響的時期，因為我們沒有抵消坡道，而這些坡道實際上是在高速運轉以進行抵消。因此，上半年，下半年非常宏觀，在這種情況下，非常積極地針對公司具體情況。

Got it. And I guess for my follow-up, thinking a little bit longer term, if we think about next year, you rattled off a ton of design wins that will ramp in the back half of this year and then a bunch more next year, especially with the big radar one.

知道了。我想，對於我的後續行動，從長遠來看，如果我們考慮明年，你會滔滔不絕地說出大量的設計勝利，這些勝利將在今年下半年增加，然後明年還會增加更多，特別是與大雷達一起。

Just if we put those together, how should we think about an otherwise flat are the dollars you could grow? And I know you're not going to measure each one of them individually, but the outgrowth, the super-size growth that you're referring to? Give us an idea of what that means?

如果我們把這些放在一起，我們應該如何考慮否則你可以成長的美元？我知道你不會單獨衡量它們中的每一個，而是衡量你所指的超大規模成長？讓我們了解一下這意味著什麼？

Well, I mean people have gotten used to us doubling year-on-year, and that was really driven by wins that we had made as a private company, which turned into annual revenue run rate through '23. '24 for us is a slow growth year and also a little bit dampened by the macro, but we'll still grow around 20% year-on-year this year. Next year should really return to supersize growth because we're beginning to actually see the design wins that were made in the early stages of us being a public company, roll into the annual revenue streams.

嗯，我的意思是，人們已經習慣了我們同比翻番，這實際上是由我們作為一家私人公司所取得的勝利所推動的，這些勝利轉化為截至 23 年的年收入運行率。 24年對我們來說是成長緩慢的一年，也受到宏觀因素的一些抑制，但今年我們仍然會年增20%左右。明年應該會真正恢復超大規模成長，因為我們開始真正看到我們作為上市公司早期階段所取得的設計成果，融入了年度收入流。

And they are significantly larger in size than the traditional wins that we had originally made when we're private, which we rode the wave of through the first three years as a public company. I mean, we're super excited about that because just the size is that much bigger, and we've got to sit at the adult table to in order to win those designs. And as a result of that, we do expect to turn back to the growth levels in percentage terms that we had in our first three years.

它們的規模比我們最初在私有化時取得的傳統勝利要大得多，作為上市公司，我們在前三年乘風破浪。我的意思是，我們對此感到非常興奮，因為尺寸要大得多，我們必須坐在成人桌上才能贏得這些設計。因此，我們確實預計將恢復到前三年的百分比成長水準。

Your next question comes from Anthony Stoss from Craig-Hallum. Your line is now open.

您的下一個問題來自 Craig-Hallum 的 Anthony Stoss。您的線路現已開通。

Donald, I just want to follow up on your comment on 2024 revenue growth of 20%. So I would put you around $265 million, largely Q3, Q4 unchanged. I just wanted to confirm that that's what you're expecting.

唐納德，我只想跟進您對 2024 年收入增長 20% 的評論。因此，我預計 2.65 億美元左右，第三季、第四季基本上保持不變。我只是想確認這就是你所期望的。

Yes, that's right.

恩，那就對了。

Okay. And then I'd love to hear more about your partnership on the AI front. How many interested parties there are within the auto industry right now? When do you think you can start launching some of these products jointly and start booking revenue?

好的。然後我很想了解更多關於你們在人工智慧領域的合作夥伴關係的資訊。目前汽車業有多少感興趣的團體？您認為什麼時候可以開始聯合推出其中一些產品並開始預訂收入？

Well, we have products which are running artificial intelligence-based algorithms today, and we're now adding hardware accelerators to make those guys even better. We do expect that there will be some initial revenue from that towards the end of '25 and ramping in '26. And then the next wave of what we're doing here beyond the radar and vision wins that we've talked about, which we are excited about, will take us even the next level beyond that. We'll be beyond that in time.

好吧，我們今天擁有運行基於人工智慧的演算法的產品，並且我們現在正在添加硬體加速器以使這些產品變得更好。我們確實預計到 25 年底將會產生一些初始收入，並在 26 年逐漸增加。然後，我們在這裡所做的下一波工作超越了我們已經討論過的雷達和視覺勝利，我們對此感到興奮，這將使我們更上一層樓。我們遲早會超越這個目標的。

But these are dollar content opportunities which are ranging in the $100 range. And it's something that we are very excited about for the long-term future. There will be a huge amount of differentiation that goes not only with the hardware, but with the algorithms that we run on top of it.

但這些都是價值 100 美元左右的機會。從長遠來看，這是我們非常興奮的事情。將會有巨大的差異化，不僅與硬體有關，而且與我們在硬體上運行的演算法有關。

So it is something that we are pursuing very actively, and the market is very ripe for it. The level of interest in it is super high, likely we'll have the privilege of being able to choose who we work with on this because the interest level is high and simply, we won't have the (inaudible) to support the whole market in one go. So we'll take our partners.

因此，這是我們非常積極追求的目標，而且市場已經非常成熟。人們對它的興趣非常高，我們可能有幸能夠選擇與誰合作，因為興趣水平很高，而且簡單地說，我們沒有（聽不清楚）來支持整個項目市場一氣呵成。所以我們會帶上我們的夥伴。

Cody Acree, Benchmark.

科迪·阿克里，基準。

I guess if you can just talk about what's happened over the last 90 days. I think we've all seen from your peers, but I'd like to hear from you what's happened with your visibility over the last 90 days. You came into the quarter pretty confident that June was going to be a return to growth with March being the bottom. Can you just talk about the deterioration in that visibility?

我想您是否可以談談過去 90 天發生的事情。我想我們都從您的同行那裡看到過，但我想聽聽您在過去 90 天內的可見度發生了什麼變化。進入本季時，您非常有信心六月將恢復成長，而三月將觸底。能談談能見度的惡化嗎？

Well, look, I mean, we've all seen the data points from largely vehicle manufacturers, China traditional Detroit, Stellantis and of course, of course, our peers in the industry. It's tough out there on the Main Street. And our demand did deteriorate through the quarter as we had expected. But it's purely macro.

好吧，我的意思是，我們都看到了主要來自汽車製造商、中國傳統底特律、Stellantis，當然還有我們業內同行的數據點。大街上的情況很艱難。正如我們預期的那樣，整個季度我們的需求確實惡化了。但這純粹是宏觀的。

There's nothing fundamental or company specific. We haven't lost share; we haven't lost customers. It's just been a particularly tough rese, and we under called it a little bit.

沒有任何基本或公司特定的內容。我們並沒有失去市場佔有率；我們沒有失去客戶。這是一場特別艱難的比賽，我們有點低估了它。

Certainly, we have to hold our hands up at that point. But I think we feel confident about what we're seeing going forward now. We've tried to be as measured as we possibly can and conservative as we possibly can in our guide going forward. And really, I think I've always said we can't really control the weather. And sometimes we get struck by lightning, but that's where we are.

當然，此時我們必須舉起雙手。但我認為我們對現在所看到的充滿信心。我們在未來的指南中盡可能保持謹慎和保守。真的，我想我一直說我們無法真正控制天氣。有時我們會被閃電擊中，但這就是我們所處的情況。

I guess, what has happened to your bookings or your backlog over the last 90 days, how has your firm backlog looked?

我想，過去 90 天內您的預訂或積壓訂單發生了什麼變化，您公司的積壓訂單狀況如何？

Yes. I mean integrated over the next few quarters, it's certainly looking like it's on plan. We had some relatively small movements in and out of Q1, which is at the end of the day, these are all things being equal, relatively small, absolute numbers of dollars that need to move in order for us to have a slight problem. So we're seeing it picking up in the second half. We know it's picking up in the second half because of the NPIs that we're staged for in the second half. So from our perspective, we're largely on plan.

是的。我的意思是在接下來的幾個季度進行整合，看起來肯定是在計劃之中。我們在第一季的進出方面有一些相對較小的變動，也就是在一天結束時，這些都是平等的、相對較小的、絕對數量的美元需要變動，以便我們遇到一些小問題。所以我們看到它在下半年有所回升。我們知道下半年會回升，因為我們在下半年舉辦了 NPI。所以從我們的角度來看，我們基本上是按照計劃進行的。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

I was going to ask about the scale of the design wins you landed in the quarter if they're comparable to some of the bigger ones you've seen in the past. Or are they more moderate size?

我想問的是，您在本季度獲得的設計勝利的規模是否可以與您過去看到的一些更大的勝利相媲美。或者它們的尺寸更適中？

They are very significant. They aren't in danger of taking the record for the number-one spot in terms of our historical design win size, but they are significant. They are going to drive significant annual revenue. So you can assume there are somewhere in between our world record and significantly higher than maybe our traditional singles and doubles, which have driven the revenue to date.

它們非常重要。就我們歷史設計獲勝規模而言，他們並沒有成為第一名的危險，但他們的意義重大。他們將帶來可觀的年收入。因此，你可以假設我們的世界紀錄和顯著高於傳統單打和雙打之間的差距，這推動了迄今為止的收入。

And John, we'll outline that in some more detail at the fall quarter when we reveal our strategic backlog update.

約翰，我們將在秋季季度公佈戰略積壓更新時更詳細地概述這一點。

Okay. Great. Could you also give us an idea of how much more conservatism or confidence you have in your guidance these days, just given the last few quarters is a little bit harder to predict? Are you adding more cushion? Or do you feel better about where you're going to be in the next couple of quarters and years?

好的。偉大的。您能否告訴我們，鑑於過去幾季的情況有點難以預測，您現在對自己的指導意見有多少保守性或信心？你要加更多的緩衝墊嗎？或者您對未來幾季和幾年的發展狀況感覺更好嗎？

Yes, I think we do feel more confident. We certainly did add more cushion to it. Our plan is to make sure that we provide the market with extreme predictability. We've had a good record to this date since we came public. We are going through a period of extreme turbulence in our particular vertical. But I think we feel pretty good about where we are going forward.

是的，我認為我們確實更有信心了。我們確實給它添加了更多的緩衝墊。我們的計劃是確保為市場提供極高的可預測性。自從我們上市以來，迄今為止我們一直擁有良好的記錄。在我們特定的垂直領域，我們正在經歷一段極度動盪的時期。但我認為我們對前進的方向感覺很好。

There are no further questions at this time. Donald, please proceed with your closing remarks.

目前沒有其他問題。唐納德，請繼續您的結束語。

Well, thanks, everybody, for joining us today, and thanks for your insightful questions, and we look forward to seeing you at the upcoming investor conferences.

好的，謝謝大家今天加入我們，也謝謝你們提出富有洞察力的問題，我們期待在即將舉行的投資者會議上見到你們。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。