indie Semiconductor Inc (INDI) 2024 Q2 法說會逐字稿

Good afternoon and welcome to indie Semiconductor's second quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I will now turn the call 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 年第二季財報電話會議。（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門的 Ashish Gupta。古普塔先生，請繼續…

Thank you, operator. Good afternoon, and welcome to indie's Semiconductor's second quarter 2024 earnings call. Joining me today are Donald McClymont, indie's Co-Founder and CEO; Raja Bal, indie's Acting CFO and Chief Accounting Officer; and Mark Tyndall, Head of Corporate Development and Investor Relations.

謝謝你，接線生。下午好，歡迎參加獨立半導體公司 2024 年第二季財報電話會議。今天和我一起的還有獨立遊戲公司聯合創始人兼執行長唐納德·麥克萊蒙特 (Donald McClymont)； Raja Bal，獨立公司代理財務長兼首席會計官；以及企業發展和投資者關係主管 Mark Tyndall。

As a reminder, our CFO, Tom Schiller, currently recuperating well on medical leave of absence. Don will provide opening remarks and discuss business highlights, followed by Raja's review of indie's Q2 results and Q3 outlook.

謹此提醒，我們的財務長湯姆席勒 (Tom Schiller) 目前因病休假而恢復良好。Don 將致開幕詞並討論業務亮點，隨後 Raja 對獨立遊戲第二季業績和第三季前景進行回顧。

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 of our views as of any subsequent date.

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。這些聲明僅反映我們今天的觀點，不應被視為代表我們在任何後續日期的觀點。

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, 2023, as well as other public reports filed with the SEC.

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。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。

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.

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 measure certain of the following items, depreciation and amortization, share-based compensation, acquisition-related expenses, gain or loss from change in fair values, non-cash interest expense and income tax benefits or expenses.

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、公允價值變動損益、非現金利息費用以及所得稅優惠或費用。

For a complete reconciliation to GAAP and definition of the above items, please see our Q2 earnings press release, which was issued in advance of this call and can be found on our website at www.indiesemi.com.

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二季度收益新聞稿，並且可以在我們的網站 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 want to start by welcoming Mark Tyndall, our new Head of Corporate Development and Investor Relations to indie. Mark is looking forward to meeting all of you over the next months.

謝謝阿什什，歡迎大家。首先，我想歡迎我們新任企業發展和投資者關係主管 Mark Tyndall 加入獨立公司。馬剋期待在接下來的幾個月與大家見面。

Let me first briefly cover our revenue performance in the context of the overall automotive market environment before focusing on the technical and business achievements. During the second quarter of 2024, indie achieved total revenue of $52.4 million coming in flat from Q1 at the lower end of our previous outlook.

首先讓我在整個汽車市場環境的背景下簡要介紹一下我們的收入表現，然後再重點介紹技術和業務成就。2024 年第二季度，獨立遊戲的總收入為 5,240 萬美元，與第一季持平，處於我們先前預期的下限。

Our results were generally in line with the automotive market, where unfavorable global macroeconomic conditions impacted vehicle production, with consensus forecasts currently projecting approximately 88 million units for 2024, in comparison to just over 90 million units in 2023.

我們的結果與汽車市場基本一致，不利的全球宏觀經濟狀況影響了汽車生產，目前一致預測 2024 年產量約為 8,800 萬輛，而 2023 年產量略高於 9,000 萬輛。

Additionally, given lower consumer pricing specials for vehicle purchases and reduced global electric vehicle stimulus programs, automotive OEMs have been prioritizing de-featured vehicles, which has led to reduced semiconductor content. These factors coupled with ongoing inventory consumption which persisted in the second quarter, negatively impacted our revenue against our prior outlook.

此外，鑑於消費者購買汽車的特價價格較低以及全球電動車刺激計劃的減少，汽車原始設備製造商一直優先考慮去功能化的汽車，這導致半導體含量減少。這些因素加上第二季持續存在的庫存消耗，對我們的收入（與我們先前的預期相比）產生了負面影響。

We now anticipate this trend will spill over into the second half of 2024, as reflected in most recent analyst estimates, which project essentially flat to low single digit negative growth for the automotive semiconductor industry in 2024.

我們現在預計這一趨勢將蔓延到 2024 年下半年，正如最近分析師的預測所反映的那樣，該預測預計 2024 年汽車半導體產業將基本持平至低個位數負成長。

Despite these headwinds, we believe that with our new product launches and current customer status, indie is poised to deliver modest growth in the third quarter, growing above the market to reach outsized growth levels as we move through the second half of 2024 and into 2025.

儘管存在這些不利因素，我們相信，憑藉我們的新產品發布和當前的客戶狀況，獨立遊戲預計將在第三季度實現適度增長，並在2024 年下半年和進入2025 年期間實現高於市場的超額增長水平。

Now, looking closely at our business progress in the second quarter in the ADAS sector, I want to point out that indie is unique and differentiates itself from its competitors as being the only chip vendor offering all four of the key ADAS sensors, radar, vision, LiDAR, and ultrasound, which gives us the unique ability to offer any combination of these sensors.

現在，仔細觀察我們第二季在ADAS 領域的業務進展，我想指出，indie 是獨一無二的，它與競爭對手區分開來，因為它是唯一提供所有四個關鍵ADAS 感測器、雷達、視覺的晶片供應商、光達和超音波，這使我們能夠提供這些感測器的任意組合。

This will enable the scalable ADAS processing architectures that carmakers are demanding for deployment across their portfolio. This gives us the ability to fuse multiple modalities into a single chipset solution. We are now in discussions with key OEMs to define the specifications for our next generation of AI centric sensor fusion products. I will continue to keep you updated in upcoming quarters as we progress.

這將實現汽車製造商在其產品組合中部署所需的可擴展 ADAS 處理架構。這使我們能夠將多種模式整合到單一晶片組解決方案中。我們現在正在與主要原始設備製造商討論，以確定我們下一代以人工智慧為中心的感測器融合產品的規格。隨著我們的進展，我將在接下來的幾季繼續向您通報最新情況。

Starting with our flagship 77 gigahertz radar program, since sampling our millimetre wave and DSP products to our lead customer, I am extremely happy to now share that we have achieved the important milestone of full functional verification in our labs, including the all-important range Doppler performance which surpasses current industry benchmarks.

從我們的旗艦77 GHz 雷達專案開始，自從向我們的主要客戶提供毫米波和DSP 產品樣品以來，我非常高興地告訴大家，我們已經在實驗室中實現了全面功能驗證的重要里程碑，包括所有重要的範圍多普勒性能超越目前行業基準。

This technical evaluation has also been completed by our lead customer, and the radar is currently being tested in live automotive application environments, which is the final stage of testing before rolling production. I want to stress here, these advancements keep indie firmly on track to bring this radar program to production within the 2025 timescales previously communicated.

這項技術評估也已由我們的主要客戶完成，雷達目前正在現場汽車應用環境中進行測試，這是滾動生產前測試的最後階段。我想在這裡強調，這些進步使獨立公司堅定地走上正軌，在先前溝通的 2025 年時間表內將該雷達專案投入生產。

Furthermore, samples of our 120 gigahertz radar front end IC developed for high resolution in-cabin vital signs monitoring and vehicle dynamics sensing have been received in our labs and I'm delighted that functionality for this challenging RF application has also been validated. This demonstrates indie's clear leadership in the market for next generation radar solutions, which is a cornerstone of indie's high growth trajectory for 2025 and beyond.

此外，我們的實驗室已收到為高解析度車內生命徵象監測和車輛動態感測而開發的120 GHz 雷達前端IC 的樣品，我很高興這項具有挑戰性的RF 應用的功能也得到了驗證。這表明 Indie 在下一代雷達解決方案市場中具有明顯的領導地位，這是 Indie 在 2025 年及以後實現高成長軌蹟的基石。

Moving on, vision-based sensing in particular has received key industry focus recently as a result of two major regulatory directives which will play nicely in indie's favor. First, in the US, the road safety regulator, the National Highways Traffic Safety Administration, or NHTSA, announced that Automatic Emergency Braking, or AEB, would become mandatory for all passenger cars and light trucks in 2029.

展望未來，由於兩項主要監管指令的出台，基於視覺的感測技術最近受到了業界的關注，這兩項指令將非常有利於獨立開發者。首先，在美國，道路安全監管機構國家公路交通安全管理局 (NHTSA) 宣布，到 2029 年，所有乘用車和輕型卡車將強製配備自動緊急煞車 (AEB)。

While many new vehicles today are already equipped with AEB, the progressive aspect of NHTSA's mandate is that it is the first global regulator to stipulate that pedestrian AEB requirements be extended to nighttime conditions. This is significant because none of today's commercial radar or camera sensors have the required performance to deliver such features.

雖然如今許多新車已經配備了 AEB 系統，但 NHTSA 指令的進步之處在於，它是第一個規定將行人 AEB 要求擴展到夜間條件的全球監管機構。這一點很重要，因為當今的商用雷達或攝影機感測器都不具備提供此類功能所需的性能。

Long and mid-range radar sensors operating at 77 gigahertz lack the required resolution and performance for reliable pedestrian detection and the image sensors and image signal processing deployed in today's camera systems exhibit insufficient low-light sensing capability.

以 77 GHz 運行的長程和中程雷達感測器缺乏可靠的行人偵測所需的解析度和性能，並且當今攝影機系統中部署的影像感測器和影像訊號處理表現出不足的低光感測能力。

These sensor shortcomings, particularly the vision sensors, accelerate an exciting and significant opportunity for our recently launched computer vision solution the iND880, which features our newest proprietary image signal processing and can perfectly address NHTSA's requirements.

這些感測器的缺點，特別是視覺感測器，為我們最近推出的電腦視覺解決方案iND880 提供了令人興奮且重要的機會，該解決方案具有我們最新的專有影像訊號處理功能，可完美滿足NHTSA 的要求。

Last quarter, we shared that we were preparing to sample the SoC to customers, and I'm excited to now confirm that the iND880 has not only been sampled to key customers with extremely positive feedback, it has also been selected for high volume production programs by a number of global OEMs scheduled to ramp in late 2025.

上個季度，我們透露我們正準備向客戶提供 SoC 樣品，現在我很高興確認 iND880 不僅已向主要客戶提供了樣品並獲得了非常積極的反饋，而且還被選用於大批量生產計劃許多全球原始設備製造商(OEM) 計劃於2025 年底擴大產能。

Some of these wins for the indie iND880 include applications as diverse as OMS, Occupancy Monitoring Systems, additionally, a demanding non-passenger vehicle application, which will use up to 36 cameras per vehicle, leveraging to the maximum the multi-channel ISP and high dynamic range capabilities of the iND880.

獨立 iND880 的一些勝利包括 OMS、佔用監控系統等多種應用，此外，還有要求苛刻的非乘用車應用，每輛車將使用多達 36 個攝像頭，最大限度地利用多通道 ISP 和高iND880的動態範圍功能。

And finally, the iND880s high performance but low power and tiny footprint is also proving the perfect solution for surround view and eMirror applications, with the first design win successes at two major European OEMs achieved also in the second quarter.

最後，iND880 的高效能、低功耗和小尺寸也被證明是環景和電子鏡應用的完美解決方案，第二季度也在歐洲兩大 OEM 廠商中獲得了首次設計成功。

These wins so quickly after the availability of the iND880 are a clear indication of the potential of this product as a major revenue contributor for indie going forward. The second impactful regulatory initiative is the European Union's Intelligent Speed Assist requirement, ISA, which is now mandatory in all new European cars as of July this year.

iND880 上市後如此迅速地取得了這些勝利，清楚地表明了該產品作為獨立遊戲未來主要收入貢獻者的潛力。第二個有影響力的監管措施是歐盟的智慧速度輔助要求 ISA，從今年 7 月起，所有新歐洲汽車都必須強制執行該要求。

Studies have indicated that ISA may reduce road fatalities by up to 20%. In combination with GPS for positioning, ISA leverages the vehicle's front-view camera for speed sign detection to warn a driver of exceeding local speed limits.

研究顯示 ISA 可以減少高達 20% 的道路死亡人數。與 GPS 定位相結合，ISA 利用車輛的前視攝影機進行速度標誌偵測，以警告駕駛超過當地的速度限制。

This European ISA mandate further underscores the need for superior low-light vision sensing capabilities, and we are seeing a strong pull through impetus for indie's latest generation computer vision systems, including the iND880.

這項歐洲 ISA 指令進一步強調了對卓越的微光視覺感測功能的需求，我們看到了獨立最新一代電腦視覺系統（包括 iND880）的強勁推動力。

Our design win momentum for our previous generation GW5 family of vision SoCs also continues unabated, particularly for driver monitoring applications. In the second quarter, we started volume shipments for two mass production programs at the Hyundai Kia Group. Additionally, in the second half of this year, we expect to begin volume production shipments to multiple Chinese OEMs including GV, BYD, Neo, Cherry and RD China.

我們的設計為上一代 GW5 系列視覺 SoC 贏得勝利的勢頭也有增無減，特別是對於駕駛員監控應用。第二季度，我們開始為現代起亞集團的兩個量產項目大量出貨。此外，我們預計今年下半年將開始向包括GV、比亞迪、Neo、Cherry和RD China在內的多家中國整車廠批量生產。

Turning to in-cabin user experience or UX, our discussions with OEMs globally reveal a consistent request for SoC solutions or custom ASIC solutions that can deliver more. More wired and wireless charging power delivery for personal devices, more bandwidth and improved signal integrity for reliable networking and multi-screen video delivery and lighting solutions that can deliver more light output and thermal stability under changing environmental conditions.

談到車內用戶體驗或 UX，我們與全球 OEM 的討論揭示了對可提供更多功能的 SoC 解決方案或自訂 ASIC 解決方案的一致要求。為個人設備提供更多的有線和無線充電功率，為可靠的網路和多螢幕視訊傳輸提供更多的頻寬和更高的訊號完整性，以及照明解決方案，可以在不斷變化的環境條件下提供更多的光輸出和熱穩定性。

These OEM requirements are incredibly difficult to deliver in cost, power, and bomb-efficient SoC implementations, and they're often underserved by our competitors with limited ASIC capability. In contrast, this is an area of mixed signal design where indie excels and continues to expand our customer design wind pipeline.

這些 OEM 要求在成本、功耗和高效 SoC 實現方面很難滿足，而且我們的 ASIC 能力有限的競爭對手往往無法滿足這些要求。相較之下，這是獨立技術擅長的混合訊號設計領域，並持續擴展我們的客戶設計風管。

For example in Q2, we secured major new lighting design wins with two of North America's largest OEMs for in-cabin lighting applications, such as overhead console, doors, and dashboards. These programs will commence volume production later this year and ramp quickly as these OEMs launch multiple models in quick succession.

例如，在第二季度，我們與北美兩家最大的 OEM 廠商就車內照明應用（例如頂置控制台、車門和儀表板）取得了重大的新照明設計勝利。這些項目將於今年稍後開始批量生產，並隨著這些原始設備製造商快速連續推出多款車型而迅速增加。

Additionally, we continue to solidify our lighting leadership position at practically all Chinese OEMs and we have also secured multiple new design wins with multiple Korean brands that will begin shipping early in 2025.

此外，我們繼續鞏固我們在幾乎所有中國 OEM 廠商中的照明領導地位，並且我們還贏得了多個韓國品牌的多項新設計，這些設計將於 2025 年初開始發貨。

For UX, we continue to see strong OEM demand to enable the latest standards for in-cabin wired and wireless charging to meet the insatiable consumer demand for higher power and faster charging of personal devices.

對於用戶體驗，我們繼續看到 OEM 的強勁需求，要求啟用最新的車內有線和無線充電標準，以滿足消費者對個人設備更高功率和更快充電的永不滿足的需求。

Here, I'm pleased to share that the wireless charging OEM win in India, we alluded to last quarter leveraging our systems capability was for Volkswagen and will be delivered through their local Tier 1 by 2025 production round. There have been multiple similar examples this year, where our systems design prowess has allowed indie to shorten the typical long design and cycle.

在這裡，我很高興與大家分享無線充電 OEM 在印度的勝利，我們提到上個季度利用我們的系統能力為大眾汽車提供服務，並將在 2025 年透過當地的 Tier 1 生產輪交付。今年有多個類似的例子，我們的系統設計能力使獨立開發者縮短了典型的漫長設計和週期。

I'm also pleased to announce that we recently achieved the significant milestone of shipping 400 million chips cumulatively to our broad and global customer base. This is an achievement that I am incredibly proud of, which clearly reflects the differentiation that our products bring to our customers, as well as the tireless innovation and dedication of the indie global team.

我還很高興地宣布，我們最近實現了向廣泛的全球客戶群累計交付 4 億顆晶片的重要里程碑。這是一項令我無比自豪的成就，它清楚地反映了我們的產品為客戶帶來的差異化，以及獨立全球團隊孜孜不倦的創新和奉獻。

In summary, despite the current muted automotive environment, the actual mid to long-term opportunity remains bright, with S&P Global projecting total automotive semiconductor value to exceed an incredible [$100 billion in 2026 and surpass $130 billion in 2029].

總而言之，儘管當前汽車環境低迷，但實際的中長期機會仍然光明，標準普爾全球預計汽車半導體總價值將超過令人難以置信的[2026 年達到 1000 億美元，2029 年超過 1300 億美元]。

indie remains extremely well positioned to capitalize on these trends with the strategy we are currently executing for the three automotive megatrends not only in product development, but also in securing key design wins and partnerships with the major global OEMs.

indie 仍然處於非常有利的地位，能夠利用我們目前針對三大汽車大趨勢執行的策略，不僅在產品開發方面，而且在確保關鍵設計勝利以及與全球主要原始設備製造商的合作夥伴關係方面。

This together with the progress we have made in our key 2025 radar and vision programs just outlined, makes me confident that we will deliver sequential quarterly growth in the second half of 2024, accelerating into 2025, when we anticipate a return to an industry-leading growth trajectory.

再加上我們在剛剛概述的 2025 年關鍵雷達和視覺計劃中取得的進展，讓我相信我們將在 2024 年下半年實現季度環比增長，並加速到 2025 年，屆時我們預計將恢復行業領先地位成長軌跡。

While indie has experienced some temporary short-term delays to the start of production of some programs, created as a knock-on effect of the overall macro conditions, I want to stress across the portfolio that we have not lost any designs. And in fact, our growth trajectory has simply shifted modestly.

儘管由於整體宏觀條件的連鎖反應，獨立製作的一些節目的製作開始出現了一些暫時的短期延遲，但我想在整個投資組合中強調，我們沒有失去任何設計。事實上，我們的成長軌跡只是發生了適度的轉變。

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

我現在將把電話轉給 Raja，討論我們第二季的業績和第三季的前景。

Thanks, Donald. Revenue for the second quarter of 2024 was roughly flat year over year at $52.4 million, coming in at the low end of our outlook, as Donald outlined. Non-GAAP gross profit was $26.3 million, translating into a 50.3% gross margin, which was slightly below plan, resulting primarily from an unfavorable product mix.

謝謝，唐納德。正如唐納德所概述的那樣，2024 年第二季的收入與去年同期基本持平，為 5,240 萬美元，處於我們預期的下限。非 GAAP 毛利為 2,630 萬美元，毛利率為 50.3%，略低於計劃，主要是由於不利的產品組合。

R&D was $32.8 million, while SG&A was $10.7 million, bringing total operating expenses to $43.5 million consistent with our forecast. As a result, our second quarter non-GAAP operating loss was $17.2 million. With net interest expense of $800,000, our net loss was $18 million and net loss per share was $0.09 on a base of 191.1 million shares.

研發費用為 3,280 萬美元，SG&A 為 1,070 萬美元，使總營運費用達到 4,350 萬美元，與我們的預測一致。因此，我們第二季的非 GAAP 營運虧損為 1,720 萬美元。淨利息支出為 80 萬美元，淨虧損為 1,800 萬美元，每股淨虧損為 0.09 美元（以 1.911 億股計算）。

Turning to the balance sheet, during the quarter, we incurred total cash usage of $19.7 million through operating activities and $3.7 million in CapEx expansion, exiting the quarter with $122.6 million of total cash.

轉向資產負債表，本季我們透過經營活動產生的現金使用總額為 1,970 萬美元，資本支出擴張為 370 萬美元，本季結束時現金總額為 1.226 億美元。

Moving to our outlook, for the third quarter of 2024, we expect to deliver modest quarter over quarter revenue growth within the range of 0% to 5% or 2.5% at the midpoint, outpacing the projected automotive industry.

展望 2024 年第三季度，我們預計季度環比收入增速將在 0% 至 5% 或中點 2.5% 範圍內，超過汽車行業的預期。

At the same time, we expect gross margins of approximately 50% and OpEx of $44 million. Below the line, we anticipate $1 million in net interest expense and no taxes. Assuming the midpoint of the revenue range and with 199.5 million shares outstanding, we expect $0.09 net loss per share for the third quarter.

同時，我們預計毛利率約為 50%，營運支出為 4,400 萬美元。在此線之下，我們預計淨利息支出為 100 萬美元，不含稅費。假設營收範圍的中點且已發行股票為 1.995 億股，我們預期第三季每股淨虧損為 0.09 美元。

Looking further ahead, based on the production ramp plans for our radar and vision programs, we anticipate a return to our industry leading growth trajectory in 2025 and beyond.

展望未來，根據我們雷達和視覺項目的產量提升計劃，我們預計將在 2025 年及以後恢復行業領先的成長軌跡。

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

這樣，我會將電話轉回給唐納德，以徵求結束意見。

Thanks, Raja. In closing, while industry headwinds for the automotive market have persisted, indie's strategic outlook continues to strengthen, driven by our design win momentum. Our focus on innovation, customer engagement and operational excellence is distinguishing us in the market.

謝謝，拉賈。最後，雖然汽車市場的產業逆風持續存在，但在我們設計獲勝動能的推動下，Indie 的策略前景仍持續加強。我們對創新、客戶參與和卓越營運的關注使我們在市場上脫穎而出。

With cutting edge solutions spanning ADAS, user experience, and electrification, indie remains at the forefront of the automotive industry's transformative mega trends. We're excited about our future and remain ideally positioned to capitalize on market opportunities as conditions improve, continuing our journey to build the next automotive powerhouse global semiconductor company.

憑藉涵蓋 ADAS、用戶體驗和電氣化的尖端解決方案，Indie 始終處於汽車行業變革大趨勢的前沿。我們對未來感到興奮，並保持著理想的位置，可以隨著情況的改善充分利用市場機會，繼續我們打造下一個汽車巨頭全球半導體公司的旅程。

That concludes our prepared remarks. Operator, please open the line for questions.

我們準備好的演講到此結束。接線員，請開通提問線。

(Operator Instructions)

（操作員說明）

Suji Desilva.

蘇吉·德西爾瓦。

Hi, Donald. Hi, Raja. So maybe I can start with the overall auto demand environment in the second half. Donald, can you characterize where we are in the auto inventory digestion cycle as we look at 3Q, and then 4Q qualitatively, and by early '25, any call for when it may be worked through, whether it already is any color there would be helpful? Thank you.

嗨，唐納德。嗨，拉賈。所以也許我可以從下半年整體汽車需求環境開始。唐納德，您能否描述一下我們在汽車庫存消化週期中所處的位置，我們定性地審視第三季度和第四季度，到25 年初，任何要求何時解決的問題，無論是否已經是任何顏色，都會有幫助嗎？謝謝。

So as we said in the prepared remarks, we are seeing the inventory situation significantly improving and that was certainly the case through Q2, it did persevere a little longer than we expected. But at this point, we're seeing general recovery from the inventory situation. And we do expect that that will allow us a little more flexibility going forward into the second half of the year.

因此，正如我們在準備好的發言中所說，我們看到庫存狀況顯著改善，第二季度的情況肯定如此，它的持續時間確實比我們預期的要長一些。但目前，我們看到庫存狀況普遍復甦。我們確實希望這將使我們在今年下半年擁有更多的靈活性。

Okay, thanks. And then, looking ahead of '25 and the lead radar program, along with other programs, I guess, do you have any sense of the timing in the '25 timeframe we would start to see that revenue contribution and if what factors can impact the commencement of that program if it's relatively fixed in place with model years or there's some variability there? Any color there would be helpful as well. Thanks.

好的，謝謝。然後，展望 25 年和領先雷達計劃以及其他計劃，我想，您對 25 年時間範圍內的時間安排有任何感覺嗎？車型年份相對固定，或存在一些變化？任何顏色都會有幫助。謝謝。

Well, this is a very large program, so it entails ramping through our key lead customer, multiple OEM's. So, it will be something that takes some, let's say, significant amount of time to get to full volume. But we are very confident now about the situation that we find ourselves in.

嗯，這是一個非常大的計劃，因此需要擴大我們的主要主要客戶、多個 OEM 的規模。因此，這將需要一些時間，比如說，大量的時間才能達到最大容量。但我們現在對自己所處的情況非常有信心。

I mean the parts are back as we mentioned in the prepared remarks also, they've been very successful in testing. We've made super-fast progress to get through that whole process. So we feel that a lot of the execution risk is really out of that.

我的意思是，正如我們在準備好的評論中提到的那樣，這些部件又回來了，它們在測試中非常成功。我們已經取得了超快的進展來完成整個過程。所以我們覺得很多執行風險確實是由此產生的。

We won't comment on exact timing because there's a certain amount of confidentiality that we have with our lead customer and who is getting what, when, but we feel, generally, really positive about the situation.

我們不會評論確切的時間，因為我們對我們的主要客戶以及誰在何時獲得什麼有一定的保密性，但總的來說，我們對這種情況感到非常積極。

I'd add also that the vision ramps that we're expecting to happen through the second-half of this year and into next year in the sense that, again, the engineering risk is out for those programs, the products are mature. And it really is a question of the deployment really within our end customer, which has been running reasonably well, I would say.

我還想補充一點，我們預計今年下半年到明年的願景會有所提升，因為這些專案的工程風險已經消除，產品也已經成熟。我想說，這確實是我們最終客戶內部部署的問題，而部署一直運行得相當好。

Ross Seymore.

羅斯·西莫爾.

Hey, Donald. Just a question on the certainty and it kind of follows up Suji's question to a certain extent. But 90 days ago, when you talked to us, everybody thought that market would get a bit better in the back half, and that hasn't happened as much as we hoped, I get that part.

嘿，唐納德。只是一個關於確定性的問題，這在某種程度上延續了蘇吉的問題。但是 90 天前，當您與我們交談時，每個人都認為下半年市場會好一點，但這並沒有像我們希望的那樣發生，我明白了。

But you also talked about a lot of the growth you were confident in being driven by company specific ramps. So I guess, what happened to those company-specific ramps? And more importantly than that, if they didn't happen to some degree, what gives you confidence or the willingness to commit to the radar side of things given the uncertainty that seems to be hitting today?

但您也談到了您對公司特定成長所推動的許多成長充滿信心。所以我想，那些公司特定的坡道發生了什麼事？更重要的是，如果它們在某種程度上沒有發生，考慮到今天似乎存在的不確定性，是什麼給了你信心或願意致力於雷達方面的事情？

I mean so nothing is missing from our backlog. There is no programs lost, we are very confident that everything that we talked about before will happen. We have seen some delays in programs, you've probably read a lot about some of the restructuring at the major automotive companies, where people are now missing from certain programs or not there anymore, and that's caused a certain amount of delay for us in the market, also coupled with the fact that they're also consuming a certain amount of inventory from older generation products which causes a little delay.

我的意思是，我們的積壓工作中沒有遺漏任何東西。沒有程序遺失，我們非常有信心我們之前談到的一切都會發生。我們已經看到了一些計劃的延遲，你可能已經讀過很多關於大型汽車公司的一些重組的內容，人們現在從某些計劃中失踪或不再存在，這給我們造成了一定程度的延遲市場，再加上他們還消耗了老一代產品的一定數量的庫存，這導致了一點延遲。

But generally speaking, they are on track they will ramp any of the delays are, let's say, more organic in nature rather than some conscious, large decision to delay a program or cancel anything, that's not been the case. So we feel good about that.

但總的來說，他們正在走上正軌，他們會加速任何延誤，可以說，本質上更有機，而不是一些有意識的、重大的決定來推遲計劃或取消任何事情，但事實並非如此。所以我們對此感覺良好。

And really, in this case, it's just a knock on effect of the macro that's caused this slight delay. So nothing lost, and we're feeling super excited about what's coming. We've also seen a lot of momentum in design wins through the course of this quarter which should drive our future even higher as we move forward.

事實上，在這種情況下，這只是宏的連鎖效應導致了這種輕微的延遲。所以沒有任何損失，我們對即將發生的事情感到非常興奮。在本季度中，我們也看到了設計勝利的巨大動力，這應該會推動我們的未來在我們前進的過程中走得更高。

Thanks for that color. And then, I guess as my follow-up, either probably for you and Raja, getting on to the profitability side and the gross margin specifically. We've heard from some of your other auto semi exposed peers about the Tier 1s and others burning inventory down to ridiculously.

謝謝那個顏色。然後，我想作為我的後續行動，可能是針對您和 Raja，具體討論盈利能力和毛利率。我們從其他一些汽車半暴露同行那裡聽說一級汽車和其他汽車將庫存燒得荒謬可笑。

Well, let me say significantly lower levels than people had expected, returning to past behavior despite the shortage issue that they all complained about in the middle of the pandemic. So one, are you seeing that. And two, is there any pricing follow on and that would kind of lead to the gross margin trajectory for next year?

好吧，我想說的是，水平明顯低於人們的預期，儘管人們在大流行期間都抱怨了短缺問題，但還是回到了過去的行為。那麼，你看到了嗎？第二，是否有任何後續定價，這會導致明年的毛利率軌跡？

Yeah, we do see that. I mean we're sure back to just-in-time, and in spite of what happened during the allocation situation, no material pricing impact for us as yet that we can see.

是的，我們確實看到了這一點。我的意思是，我們肯定會回到準時狀態，儘管在分配情況下發生了一些事情，但我們目前還沒有看到對我們的定價產生重大影響。

Anthony Stoss.

安東尼·斯托斯。

Thanks. I just want to start with offering Tom my best wishes. Hopefully he'll be back in short order. Donald, I wanted to follow up on Ross' question. I think you kind of dodged it to some degree. In the past, you've talked about half-a-dozen to dozen new programs launching between Q3, Q4 this calendar year.

謝謝。首先我想向湯姆致以最美好的祝福。希望他能盡快回來。唐納德，我想跟進羅斯的問題。我認為你在某種程度上迴避了它。過去，您談到了今年第三季和第四季之間推出的六到十幾個新計劃。

On the call, you said there's delays in some production ramps. Can you maybe equate to half the wins that you thought were going to go live aren't going to go live, they're going to shift a quarter, just any more detail on you're saying you haven't lost them, I'm just trying to figure out where the shift is?

您在電話會議上表示，一些生產進度出現了延遲。你能不能把你認為會上線的勝利的一半等同於不會上線的勝利，他們會轉移四分之一，只是你說你沒有失去他們的更多細節，我我只是想弄清楚轉變在哪裡？

Yeah, I mean it's just a knock-on effect of the macro situation. We have seen certain product verticals which are a little more impacted than others. Some have indeed ramps and that's been in some cases in the last quarter, at least offset by some additional inventory consumption.

是的，我的意思是這只是宏觀情勢的連鎖反應。我們發現某些垂直產品比其他垂直產品受到的影響更大一些。有些確實出現了成長，在某些情況下是在上個季度，至少被一些額外的庫存消耗所抵消。

So some of them have already happened. And that's nice because once you start then the -- you're opening the spigot and it will begin to ramp through. So from our perspective, again nothing's lost there's some slight delays in these programs. And we expect that the second half will begin to pick up and drive strongly through 2025.

所以其中一些已經發生了。這很好，因為一旦你開始，你就會打開龍頭，它就會開始緩慢通過。因此，從我們的角度來看，這些計劃有一些輕微的延遲，但並沒有造成任何損失。我們預計下半年將開始回升並強勁推動直至 2025 年。

Okay. Cool. And then, on top of the first excuse me -- major radar win, I think you've, in the past, talked about wins with Bosch and Ficosa. Are those still on track or just any update you can provide on those two would be helpful?

好的。涼爽的。然後，除了第一個對不起——主要雷達勝利之外，我想您過去還談到過博斯和 Ficosa 的勝利。這些是否仍然在正軌上，或者您可以提供的關於這兩個的任何更新都會有幫助嗎？

Yeah, those are very much so on track. They're slated to ramp next year. And we're really happy with the progress on those programs.

是的，這些都非常步入正軌。他們預計明年將增加產量。我們對這些計劃的進展感到非常滿意。

Craig Ellis.

克雷格·艾利斯.

Yeah, thanks for taking my question. Donald, I'll just start with a follow-up to Tony's question there on radar Bosch and Ficosa. Can you give us some sense for when you'd expect each of those programs to ramp during the year? Are they all kicking off in the first quarter or will it be more phased as we go one through 4Q?

是的，謝謝你回答我的問題。唐納德，我將首先在雷達博世和 Ficosa 上跟進托尼的問題。您能否告訴我們您預計這些計劃在一年內何時啟動？它們都是在第一季開始還是會在我們進入第四季時更加分階段進行？

No, they're phased. I mean we won't give specific ramp dates for our customer programs, but they are, indeed phased throughout the whole year.

不，他們是分階段的。我的意思是，我們不會給出客戶計劃的具體啟動日期，但它們確實是在全年中分階段進行的。

Got it. And then, Raja, I wanted to cycle back to gross margin guide for the third quarter. So, why would it be with revenues up that we're down a little bit quarter on quarter, can you just talk through some of the gives and takes in gross margin? Thank you.

知道了。然後，拉賈，我想回到第三季的毛利率指南。那麼，為什麼我們在收入成長的情況下卻逐季度下降了一點，您能談談毛利率的一些變化嗎？謝謝。

So, we're not expecting gross margin to erode next quarter. We had a slight downtick in Q3, and that was primarily the result of some unfavorable product mix that we saw in the quarter.

因此，我們預計下個季度毛利率不會下降。第三季我們的業績略有下降，這主要是我們在本季看到的一些不利產品組合的結果。

Jon Tanwanteng.

喬恩·譚萬騰.

Hi, I was wondering if you could go through the de-contenting trend, and when you think that might reverse, and how that's impacting, I guess, your forecasts or your backlog as how you think of it? Are the indicated volumes that your customers are telling you they want lower than they were before, and especially as they into '25?

你好，我想知道你是否可以經歷一下去滿足的趨勢，當你認為這種趨勢可能會逆轉時，我想這會如何影響你的預測或積壓，你是如何看待它的？您的客戶告訴您他們想要的指示數量是否比以前低，尤其是在他們進入 25 世紀後？

I mean there are some short-term puts and takes that we see. We don't really see a shift in 2025, because the forecast for those errors are, I would say, reasonably fixed at this point. I mean, obviously, that can change, but at this point, we don't see a big impact from that.

我的意思是我們看到了一些短期看跌期權和看跌期權。我們實際上並沒有看到 2025 年的轉變，因為我想說，對這些錯誤的預測此時已合理確定。我的意思是，顯然，這可能會改變，但目前我們還沒有看到這會產生很大的影響。

And next year, it's really more of a short-term issue that we've seen where just really due to consumer appetite to buy lower-priced cars, increasing versus higher-priced cars, and that is generally bad for the semiconductor content overall it's not specific to us, it's a general market trend.

明年，這實際上更像是一個短期問題，我們已經看到，由於消費者購買低價汽車的興趣，相對於高價汽車的購買量增加，這通常對半導體含量不利。是市場的總體趨勢。

Okay, got it. And then, as we look into Q3 and possibly Q4 flat to up revenue, I assume that incorporates some of the new launches that you're doing. Is it fair to imply that the existing products you had heading into Q3 are declining as a result?

好的，明白了。然後，當我們研究第三季度和可能的第四季度收入持平上升時，我認為這包含了您正在做的一些新產品的發布。暗示您進入第三季的現有產品正在下降，這是否公平？

Not declining, no, but there is still some inventory burn off in certain spot areas of our product portfolio, which is now largely alleviated compared to what we went through in the last couple of quarters, but still something that we need to manage. It has been offset by new program ramps, but yeah, I mean, we hope we're getting conservatively.

沒有下降，沒有，但我們產品組合的某些現貨領域仍然存在一些庫存消耗，與我們過去幾個季度經歷的情況相比，現在已經很大程度上緩解了，但仍然是我們需要管理的。它已被新計劃的增加所抵消，但是，是的，我的意思是，我們希望我們能夠保守一點。

Cody Acree.

科迪·阿克里。

Yeah, thanks for taking my questions and my best to Tom on his recovery.

是的，感謝您提出我的問題，並祝湯姆康復順利。

Thanks, Cody.

謝謝，科迪。

Absolutely. Could we maybe talk a bit about your mix between product revenue and contract revenue? We don't usually talk a lot about that mix with contracting typically pretty consistent, but with it being down 50% and your product revenue being up 8%, there seemed to be a dichotomy this quarter.

絕對地。我們能否談談您的產品收入和合約收入之間的組合？我們通常不會過多談論這種組合，合約通常非常一致，但隨著合約下降 50% 而您的產品收入增長 8%，本季度似乎存在二分法。

Yeah, so that's a good point. So our total NRE contract revenue as a percentage of total has come down this quarter, as well as it did last quarter, as you pointed out and we expect that trend to continue. In fact, over time, we're going to see more of a shift towards ASSPs as opposed to custom ASICs in our business. And so, that, over the long-term, we expect will come down over time.

是的，這是一個很好的觀點。因此，正如您所指出的，本季我們的 NRE 合約總收入佔總收入的百分比有所下降，就像上季一樣，我們預計這種趨勢將持續下去。事實上，隨著時間的推移，我們將看到我們的業務更多地轉向 ASSP，而不是自訂 ASIC。因此，從長遠來看，我們預計這一數字會隨著時間的推移而下降。

So your expectations for the September and December periods are for contract versus product.

因此，您對 9 月和 12 月期間的預期是合約與產品。

Fairly flat to where we are today.

與我們今天的水平相當持平。

Ladies and gentlemen, there are no more questions at this time. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

女士們、先生們，現在沒有其他問題了。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。