indie Semiconductor Inc (INDI) 2024 Q3 法說會逐字稿

Good afternoon and welcome to indie Semiconductors third quarter, 2024 earnings call.

下午好，歡迎參加獨立半導體 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder this conference call is being recorded.

（操作員說明）謹此提醒，本次電話會議正在錄音。

I will now turn the call over to Ashish Gupta, Investor relations, Mr. Gupta. Please go ahead.

現在我將把電話轉給投資者關係部門的 Ashish Gupta 先生，Gupta 先生。請繼續。

Thank you, operator. Good afternoon and welcome to indie Semiconductors third quarter, 2024 earnings call. Joining me today are Donald McClymont, indie's co-founder and CEO; Raja Bal, indie's CFO; 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 2024 年第三季財報電話會議。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，獨立公司財務長；以及企業發展和投資者關係主管 Mark Tyndall。

Donald will provide opening remarks and discuss business highlights followed by [Roger's] review of indie's Q3 results and Q4 outlook. Please note that we will be making forward-looking statements based on current expectations and assumptions which are subject to risks and uncertainties.

唐納德將發表開場白並討論業務亮點，然後 [羅傑] 回顧獨立公司第三季度的業績和第四季度的前景。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。

These statements reflect our views only as of today and should not be relied upon as representative about 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 for material risks and other important factors that could affect our financial results. Please review our risk factors and 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對重大風險和其他可能影響我們財務表現的重要因素的預期有重大差異。請查看我們的風險因素和截至 2023 年 12 月 31 日的財政年度的 10-K 表格年度報告，以及向 SEC 提交的其他公開報告。

Finally, the results and guidance discussed today are based on consolidated, non-GAAP financial measures such as non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share.

最後，今天討論的結果和指引是基於合併的非 GAAP 財務指標，例如非 GAAP 毛利率、非 GAAP 營業虧損、非 GAAP 淨虧損和非 GAAP 每股淨虧損。

For a complete reconciliation to GAAP and the definition of the non-GAAP reconciling 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 and I will turn the call over to Donald.

與 GAAP 進行完整調整以及非 GAAP 調整項目的定義。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，該新聞稿可以在我們的網站 www.indiesemi.com 上找到，我會將電話轉給唐納德。

Thanks Ashish and welcome everybody.

謝謝阿什什並歡迎大家。

Let me first briefly cover our financial performance within the context of the overall automotive market environment before focusing on indie's business achievements. During the third quarter of 2024 indie's achieved total revenue of $54 million coming in above the midpoint of our guidance, given the persisting unfavourable global macroeconomic environment and the well reported short term challenges impacting the automotive industry.

在關注獨立公司的業務成就之前，讓我先在整個汽車市場環境的背景下簡要介紹一下我們的財務表現。鑑於持續不利的全球宏觀經濟環境以及廣泛報道的影響汽車行業的短期挑戰，2024 年第三季獨立公司實現了 5,400 萬美元的總收入，高於我們指導的中點。

These results are a testament to indie's resilience as we look forward, the growth reflected in our fourth quarter outlook and strategic backlog update highlights our ability to take share and outperform. Last quarter we highlighted some of the factors negatively impacting the automotive industry including the high cost of credit, influencing consumer purchasing decisions and the ongoing elevated levels of vehicle and semiconductor inventory.

這些結果證明了獨立遊戲的韌性，我們展望未來，第四季度展望和戰略積壓更新中反映的增長凸顯了我們搶佔市場份額和跑贏大盤的能力。上季我們強調了對汽車產業產生負面影響的一些因素，包括信貸成本高、影響消費者購買決策以及汽車和半導體庫存水準持續升高。

We also noted that these challenges were widely anticipated to persist through the second half of 2024. Fast forward 90 days this is indeed what the industry has experienced, but to [paraphrase Mark Twain], the reports of the automotive industry's demise were greatly exaggerated.

我們也注意到，人們普遍預計這些挑戰將持續到 2024 年下半年。快進 90 天，這確實是該行業所經歷的，但用[馬克吐溫]的話來說，有關汽車行業消亡的報道被嚴重誇大了。

While we still see some uncertainty for the automotive market. The long-term market drivers of in-cabin experience, safety and electrification remain strong with safety and electrification being further accelerated by stringent new global regulations and increasingly demanding vehicle assessment programs from NHTSA and [EUR NCAP].

雖然我們仍然看到汽車市場存在一些不確定性。車內體驗、安全性和電氣化的長期市場驅動力仍然強勁，嚴格的新全球法規以及 NHTSA 和 NHTSA 日益嚴格的車輛評估計劃進一步加速了安全性和電氣化的發展。[歐洲 NCAP]。

Indie remains incredibly well positioned to deliver growth across the three megatrends, leveraging our innovative and growing product portfolio to secure design wins which will translate into significant volume shipments in global production vehicles.

Indie 仍然處於令人難以置信的有利位置，能夠在三大趨勢中實現成長，利用我們創新且不斷增長的產品組合來確保設計勝利，這將轉化為全球生產車輛的大量出貨量。

Additionally, the Chinese automotive industry in particular are showing relative strength and to that end demand for indie's in China remains strong through the quarter.

此外，中國汽車產業尤其展現相對實力，因此整個季度中國對獨立汽車的需求仍然強勁。

Let's turn to our business progress in the third quarter across our focus sectors.

讓我們來看看第三季我們重點產業的業務進展。

The news for the quarter across our target markets was unequivocally positive. We continue to gain commercial customer traction with our class leading products for (technical difficulty) starting with vision.

本季我們目標市場的消息無疑是正面的。我們繼續透過我們一流的領先產品（技術難度）從願景開始贏得商業客戶的關注。

Our recently launched iND880 vision processor family is driving new design wins by hitting the customer sweet spot of performance power and cost requirements. In exhaustive customer testing our solution is demonstrably exceeding the performance requirements of the upcoming and very rigorous US and European safety regulation for vulnerable road users that I discussed last quarter.

我們最近推出的 iND880 視覺處理器系列透過滿足客戶在效能功耗和成本要求方面的最佳點，正在推動新的設計勝利。在詳盡的客戶測試中，我們的解決方案顯然超出了我上季度討論的即將出台的、針對弱勢道路使用者的非常嚴格的美國和歐洲安全法規的性能要求。

Additionally, the numerous European and Asia based OEM designing activities across occupant and driver monitoring applications that we also highlighted last time for the iND880 its predecessor products continue apace.

此外，我們上次針對 iND880 及其前身產品強調的針對乘員和駕駛員監控應用的眾多歐洲和亞洲 OEM 設計活動仍在快速進行。

And in China, the popular avatar E vehicle is now on the road with our vision processor supplying E mirror solutions. We are also delighted that the iND880 processor family was recognized with the award of sensor innovation of the year by the auto tech breakthrough awards last month.

在中國，流行的阿凡達電動車現已上路，我們的視覺處理器提供電子後視鏡解決方案。我們也很高興 iND880 處理器系列上個月榮獲汽車技術突破獎頒發的年度感測器創新獎。

Auto tech breakthrough is a leading independent organization that recognizes the top companies, technologies and products in the automotive and transportation technology markets.

汽車技術突破是一個領先的獨立組織，旨在表彰汽車和交通技術市場中的頂尖公司、技術和產品。

Winning this prestigious award in a strong field of peers is an incredible validation of the class leading image signal processing innovation embodied in indie's latest generation vision products. Our key 77 gigahertz radar program continues to progress well, our lead customer is advancing through their internal productization stages, and we remain steadfastly on track to support our customer to bring our highly competitive radar (technical difficulty) to production with multiple OEMs within the 2025 timeline as previously communicated.

在眾多同行中贏得這項享有盛譽的獎項是對獨立最新一代視覺產品所體現的一流影像訊號處理創新的令人難以置信的驗證。我們的關鍵77 GHz 雷達專案持續進展順利，我們的主要客戶正在推進其內部產品化階段，我們將堅定不移地支持我們的客戶，在2025 年將我們極具競爭力的雷達（技術難度）與多家OEM 一起投入生產時間表如先前傳達的那樣。

For LiDAR our photonics team has secured a customer funded program for a complete LiDAR optical engine plus a separate design win for a high-performance optical module.

對於 LiDAR，我們的光子學團隊已獲得客戶資助的完整 LiDAR 光學引擎專案以及高性能光學模組的單獨設計。

Both programs will leverage our world class inhouse optical component and system integration abilities. Moving to in-cabin user experience, I describe in detail last quarter, our various lighting power delivery and wireless charging products and latest program wins, and all these are progressing well and on schedule for volume deployments commencing now and ramping in 2025.

這兩個項目都將利用我們世界一流的內部光學元件和系統整合能力。談到車內用戶體驗，我在上個季度詳細描述了我們的各種照明供電和無線充電產品以及最新的項目勝利，所有這些都進展順利，按計劃進行批量部署，從現在開始，並在2025年加速。

Our commercial momentum is strong with numerous design wins across Western OEMs including Porsche, General Motors, Volkswagen and multiple Ford models.

我們的商業勢頭強勁，贏得了包括保時捷、通用汽車、大眾汽車和多種福特車型在內的西方原始設備製造商的眾多設計勝利。

And in China, we are pleased to report Xiaomi, Avatar, BYD, li Auto and many more OEMs are using indie's ambient lighting.

在中國，我們很高興地報告小米、阿凡達、比亞迪、理想汽車和更多原始設備製造商正在使用獨立的環境照明。

This quarter, I want to highlight an unsung hero and more recent addition to our user experience portfolio with smart connectivity, the transportation and effective reproduction of high bandwidth data across the vehicle is essential for the growing multitude of in-cabin applications supporting audio video entertainment and [a] sensor data visualization.

本季度，我想重點介紹一位無名英雄，以及我們用戶體驗組合中的最新成員，包括智慧連接、車輛內高頻寬數據的傳輸和有效再現，對於支援音訊視訊娛樂的車內應用程式數量不斷增加至關重要[a] 感測器數據視覺化。

In the smart connectivity lineup of high-performance interface converters and retimers now has multiple active design and engagements with global OEMs including a large North American E vehicle manufacturer. Finally let me briefly touch upon our electrification portfolio.

在高性能介面轉換器和重定時器的智慧連接陣容中，目前已與包括一家大型北美電動車製造商在內的全球 OEM 進行了多項積極設計和合作。最後讓我簡單介紹一下我們的電氣化產品組合。

We have not elaborated on our capabilities in this segment as our solutions today are primarily custom ASICs commissioned by specific customers.

我們沒有詳細說明我們在這一領域的能力，因為我們今天的解決方案主要是由特定客戶委託定制的 ASIC。

However, it is worth highlighting that indie's unique engineering capabilities of analog power management, digital and system design are highly valued by tier 1 system integrators who are dissatisfied with off the shelf solutions for their electrification applications, compelling them to commission [Indie to] deliver what they truly need.

然而，值得強調的是，Indie 獨特的類比電源管理、數位和系統設計工程能力受到一級系統整合商的高度重視，他們對其電氣化應用的現成解決方案不滿意，迫使他們委託 [Indie] 交付他們真正需要什麼。

Although the past several quarters have been challenging. The long term automotive outlook continues to remain strong.

儘管過去幾季充滿挑戰。汽車產業的長期前景持續保持強勁。

While analysts forecast modest growth in the [new] vehicle production for 2025 indie's growth is not dependent on this in the continues to remain incredibly well positioned to deliver growth above market and many of our peer groups projections, leveraging our uniquely differentiated and expanding product portfolio.

雖然分析師預測2025 年[新]汽車產量將適度增長，但獨立汽車的增長並不依賴這一點，而是利用我們獨特的差異化和不斷擴大的產品組合，繼續保持令人難以置信的良好地位，實現高於市場和許多同儕團體預測的成長。

The best indicator of our design win momentum and success in the field is the size of our strategic backlog which we update annually in November. As a reminder for a full definition of our strategic backlog. Please see our Q3 earnings press release.

我們的設計在該領域贏得動力和成功的最佳指標是我們每年 11 月更新的策略積壓的規模。作為對我們策略積壓的完整定義的提醒。請參閱我們的第三季收益新聞稿。

We have recently completed this review process, and I am pleased to share that our strategic backlog has increased to $7.1 billion up over 12% from $6.3 billion last year and $4.3 billion in 2022.

我們最近完成了這項審查流程，我很高興地告訴大家，我們的策略積壓已從去年的 63 億美元和 2022 年的 43 億美元增至 71 億美元，增幅超過 12%。

Based on our strategic backlog today, we would expect to achieve annual revenue of greater than $700 million in 2028.

根據我們今天的策略積壓，我們預計到 2028 年年收入將超過 7 億美元。

ADAS wins comprise over 72% of our updated strategic backlog with in-cabin user experience and electrification accounting for the balance.

ADAS 成果占我們最新策略積壓訂單的 72% 以上，其餘為車內使用者體驗和電氣化。

The notable additions to our strategic backlog this year include some of the major [dmss, OEMs] wins for our iND880 vision processor family that we shared previously plus a combination of our next generation wireless charging and smart connectivity solutions.

今年我們策略性積壓的顯著新增內容包括我們先前分享的 iND880 視覺處理器系列的一些主要 [dmss、OEM] 勝利，以及我們的下一代無線充電和智慧連接解決方案的組合。

Lastly, I would like to congratulate Raja on his appointment as our fulltime Chief Financial Officer, as you know, Raja has served as Chief Accounting Officer from the time of our launch and more recently as our acting CFO since June when Tom took medical leave.

最後，我要祝賀 Raja 被任命為我們的全職首席財務官，如您所知，Raja 從我們成立之時起就擔任首席會計官，最近自 6 月 Tom 病假以來擔任我們的代理首席財務官。

I want to personally thank Raja for his dedication and support over the last months. This promotion is extremely well deserved. Tom who has been recuperating will return soon in an advisory capacity to assist with strategic projects.

我想親自感謝 Raja 在過去幾個月的奉獻和支持。這次促銷是當之無愧的。一直在康復中的湯姆很快就會以顧問身份回歸，協助戰略項目。

Given Raja's tenure with indie and Tom's continued engagement with us we expect a seamless transition. I will now turn the call over to Raja for a discussion of our Q3 results and our Q4 outlook.

鑑於拉賈在獨立領域的任職以及湯姆與我們的持續接觸，我們預計將實現無縫過渡。我現在將把電話轉給 Raja，討論我們第三季的業績和第四季的前景。

Thanks, Donald, for the third quarter of 2024 revenue came in at $54 million slightly above the midpoint of our outlook up 3.1% sequentially. non-GAAP gross profit was $27.2 million or 50.4% gross margin which was above our outlook and up sequentially resulting primarily from improved product mix.

謝謝唐納德，2024 年第三季的營收為 5,400 萬美元，略高於我們預期的中位數，季增 3.1%。非 GAAP 毛利為 2,720 萬美元，毛利率為 50.4%，高於我們的預期，並且比上一季有所上升，這主要是由於產品組合的改善。

R&D was $33.7 million while SG&A was $10.3 million bringing total operating expenses to $44 million. Consistent with our forecast. As a result, our third quarter non-GAAP operating loss was $16.8 million with net interest expense of [$900,000] our net loss was $17.7 million and loss per share was $0.9 on a base of [199.9 million] shares.

研發費用為 3,370 萬美元，SG&A 為 1,030 萬美元，使總營運費用達到 4,400 萬美元。與我們的預測一致。因此，我們第三季的非 GAAP 營運虧損為 1,680 萬美元，淨利息支出為 [900,000 美元]，我們的淨虧損為 1,770 萬美元，每股虧損為 0.9 美元（基於 [1.999 億] 股）。

Turning to the balance sheet. We exited the third quarter with total cash including restricted cash of $107.2 million versus $122.6 million in Q2, reflecting a net usage of $15.4 million of cash during the quarter.

轉向資產負債表。第三季末，我們的現金總額（包括限制性現金）為 1.072 億美元，而第二季為 1.226 億美元，反映出該季度現金淨使用量為 1,540 萬美元。

This was primarily comprised of $31.2 million of cash used in operations, partially offset by $10.9 million raised from the ATM facility and $5.7 million increase in our short-term credit facility. The higher than anticipated cash usage in operations during the quarter was primarily driven by an accelerated inventory build in anticipation of future revenue growth.

這主要包括營運中使用的 3,120 萬美元現金，部分被 ATM 融資籌集的 1,090 萬美元和短期信貸融資增加的 570 萬美元所抵消。本季營運現金使用量高於預期，主要是由於對未來收入成長的預期而加速庫存建設。

Moving to our outlook for the fourth quarter of 2024 we expect to deliver strong quarter over quarter revenue growth within the range of $56million to $60 million or $58 million at the midpoint. This translates to over 7% sequential growth outpacing projections for the automotive industry.

展望 2024 年第四季度，我們預計營收將實現強勁的季度環比增長，範圍在 5,600 萬美元至 6,000 萬美元之間，中間為 5,800 萬美元。這意味著汽車行業的環比增長超過 7%，超出了預期。

Moving down the income statement, we expect Q4 gross margins to be roughly flat sequentially. We also expect a marginal reduction of OpEx to $43.5 million with approximately $33.5 million of R&D expense and $10 million of SG&A expense in the fourth quarter.

從損益表來看，我們預期第四季毛利率將與上一季大致持平。我們也預計第四季營運支出將小幅減少至 4,350 萬美元，其中研發費用約為 3,350 萬美元，SG&A 費用為 1,000 萬美元。

Below the line, we anticipate approximately $1.1 million of net interest expense and no taxes assuming the midpoint of the revenue range and with [$206 million] shares outstanding, we expect a $0.7 net loss per share for the fourth quarter.

在此線之下，假設收入範圍的中點，我們預計淨利息支出約為110 萬美元，不含稅，並且在流通股[2.06 億美元] 的情況下，我們預計第四季度每股淨虧損為0.7 美元。

I want to take a moment to address our intensifying focus on operational efficiency and expense management.

我想花點時間談談我們對營運效率和費用管理的日益關注。

In my new role, we are conducting a comprehensive review of our cost structure to identify and capitalize on cost improvement opportunities and working capital efficiency across the organization including manufacturing, engineering and all administrative functions.

在我的新職位上，我們正​​在對我們的成本結構進行全面審查，以確定並利用整個組織（包括製造、工程和所有行政職能）的成本改善機會和營運資金效率。

The intended result of these initiatives is to pull forward profitability. This is one of the highest priorities for the executive team and particularly important as we navigate the current market environment, we look forward to providing updates as we progress on this front. With that, I will turn the call back to Donald for his closing comments.

這些措施的預期結果是提高獲利能力。這是執行團隊的最高優先事項之一，在我們應對當前的市場環境時尤其重要，我們期待在這方面取得進展時提供最新資訊。至此，我將把電話轉回給唐納德，聽取他的結束語。

Thanks Raja.

謝謝拉賈。

In closing while it is clear that the industry is experiencing persisting headwinds the core market drivers for in these differentiated products are strong, we are comfortable with current analyst consensus for 2025 and in the long-term strategic outlook remains extremely positive as evidenced by our growing strategic backlog and continuing design win momentum supported by our innovative product portfolio and [an erring] focus on operational excellence.

最後，雖然該行業顯然正在經歷持續的逆風，但這些差異化產品的核心市場驅動力強勁，但我們對當前分析師對2025 年的共識感到滿意，並且長期戰略前景仍然非常積極，這一點可以從我們不斷增長的業績中得到證明。

Our silicon innovation, transforming the megatrends of ADAS user experience and electrification will ensure that indies continue to be an automotive leader and partner of choice for global Automator's and system integrators, that concludes our prepared remarks.

我們的晶片創新改變了 ADAS 用戶體驗和電氣化的大趨勢，將確保獨立廠商繼續成為汽車行業的領導者以及全球汽車製造商和系統整合商的首選合作夥伴，這是我們準備好的發言的總結。

Operator, please open the line for questions.

接線員，請開通提問線。

Thank you.

謝謝。

Ladies and gentlemen, we will now be conducting a question-and-answer session.

女士們、先生們，我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Suji Desilva, Roth Capital Partners.

蘇吉‧德席爾瓦 (Suji Desilva)，羅斯資本合夥人。

Hi, Donald, Raja congratulations and best of luck in the new role and great to hear that to come back soon.

嗨，唐納德，拉賈，恭喜你，祝你在新職位上好運，很高興聽到你很快回來。

Yeah, sure. So, the [25-revenue] growth, thanks for the colour there on the consensus estimates. Just can you give a sense of what the large radar programs that you announced several quarters ago, are doing in terms of initial looks into OEM programs and uptake. And then you mentioned the term customer homologation. I was not really familiar with those terms of if that has any impact on the ramp opportunity growth, which would be helpful to know.

是的，當然。因此，[25 收入] 的成長，感謝共識估計中的顏色。您能否介紹一下您幾個季度前宣布的大型雷達專案在 OEM 專案和採用的初步調查方面正在做什麼。然後您提到了“客戶認可”一詞。我不太熟悉這些條款是否會對斜坡機會成長產生任何影響，了解這一點會很有幫助。

So, the radar program as we talk a lot about it remains on track. We have made maybe a little bit better than planned progress through this quarter. We have a small amount of significant revenue in 2025 which is part of the sort of the thin end of the wedge of the ramp of that program. But we feel very good about where that is. And then homologation just is a fancy word for qualification and approval (technical difficulty).

因此，正如我們經常談論的那樣，雷達計劃仍在按計劃進行。本季我們的進展可能比計劃的要好一些。到 2025 年，我們將獲得少量可觀的收入，這是該計劃斜坡楔子薄端的一部分。但我們對此感覺非常好。然後，認證只是一個表示資格和批准的花哨詞（技術難度）。

External. I'll try to keep up there. And then a separate question on you talked about the regulations on and [NCAP], you talk about the specific benefits for indie in terms of product sets and maybe what the timing of those regulations kicking in would imply for shipment. You would imagine you try to ship ahead of those requirements but just any colour that will be helpful.

外部的。我會努力維持下去。然後，關於您的另一個問題談到了 [NCAP] 的法規，您談到了獨立廠商在產品組方面的具體好處，以及這些法規生效的時間可能對發貨意味著什麼。您可能會想像您嘗試在這些要求之前發貨，但只是任何有幫助的顏色。

Basically, cars are getting are getting designed into now, are being governed by regulations for several areas, particularly automatic emergency braking and driver monitoring systems. They are becoming regulated in the time frame that we are sort of dealing with now as far as our designing's go. So, that is basically what is driving it becomes, it's a [tier 1] for us in terms of where our product base is and that is kind of what that is it about.

基本上，汽車現在正在設計中，並受到多個領域的法規管轄，特別是自動緊急煞車和駕駛員監控系統。就我們的設計而言，它們正在我們現在處理的時間範圍內受到監管。所以，這基本上就是推動它成為的因素，就我們的產品基礎而言，它是我們的[第一層]，這就是它的意義所在。

Okay. Last question on the cost improvements. Is there any product that Raja talked about, any product areas impacted specifically there? And what kind of revenue run rate would be break even applied by the cost efforts? Thanks.

好的。關於成本改進的最後一個問題。Raja 是否談到了任何產品，或者有哪些產品領域受到了特別影響？透過成本努力，什麼樣的收入運轉率會達到損益兩平？謝謝。

Yeah, so no product areas are going to be impacted. That would not be the intent of my comment really. We are just taking a fresh look in my new role across the board at cost efficiencies. We are looking at manufacturing OpEx all of our support functions, working capital, metrics, etc. So, I definitely see opportunity there and we look forward to keeping you updated, but we are not changing our view on the break-even point at this point. I think the consensus models have has us at roughly $80 million of top line getting to break even and we are comfortable with that for now.

是的，所以任何產品領域都不會受到影響。這並不是我評論的真正目的。我們只是以成本效益的角度重新審視我的新角色。我們正在考慮製造營運支出，我們所有的支援功能、營運資金、指標等。 所以，我確實看到了那裡的機會，我們期待著向您通報最新情況，但我們目前不會改變對盈虧平衡點的看法。觀點。我認為共識模型使我們的營收達到了大約 8000 萬美元，達到了收支平衡，目前我們對此感到滿意。

Great. Thanks guys.

偉大的。謝謝你們。

Thank you.

謝謝。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hey guys, thanks for asking, questioning the solid results. I guess I have a near term question and a long-term question.

嘿夥計們，感謝您的提問，對可靠的結果提出質疑。我想我有一個近期問題和一個長期問題。

Donald, a lot of the peers talked about kind of another leg down in the business and visibility getting worse, etc, China was strong, but the rest of the world, not so much. What are you seeing from customers? Whether you want to talk kind of geographically or just in general? [Inventory, burn] those sorts of things. And why is indie able to buck the trend now.

唐納德，許多同行都談到了業務的另一條腿和知名度越來越差，等等，中國很強大，但世界其他地方則不然。您從客戶身上看到了什麼？您是想談論地理方面的問題還是只是一般性的？[庫存、燒毀]諸如此類的事情。為什麼現在獨立遊戲能夠逆勢而行？

So, for sure, the market is still choppy. We believe that the macro issues that had affected us in the last three or four quarters are largely behind us. And those are the ones that were particularly specific to us.

因此，可以肯定的是，市場仍然動盪。我們認為，過去三、四個季度影響我們的宏觀問題基本上已經過去了。這些對我們來說是特別特殊的。

And quite simply the reason that we are able to buck the trend is that we have gone through the period where we had delays in program ramps, and we are now beginning to see much more solidity in that. And it really takes us back to our or our original business as usual where our profile and revenue is at a first order governed by our own share gain rather than by the macro.

很簡單，我們能夠逆勢而上的原因是我們已經經歷了專案進度延遲的時期，而我們現在開始看到這方面更加穩固。這確實讓我們回到了原來的業務，我們的形象和收入首先由我們自己的份額收益而不是宏觀因素決定。

Got It makes sense. And is there a geographic Centricity to that? Or is it just where your designs are, where it is, it's not exactly that demand is stronger or weaker in any sort of macro sense from your perspective?

明白了，這是有道理的。這有地理中心性嗎？或者只是你的設計在哪裡，在哪裡，從你的角度來看，並不完全是在任何宏觀意義上需求更強或更弱？

No, it's more the latter than the former. We did see a little bit of a [tail wind] towards the end of last quarter and through this quarter in China as others have seen also due to a bit of a recovery of their (technical difficulty) vehicle industry.

不，後者多於前者。我們確實在上個季度末和本季在中國看到了一點[順風]，正如其他人所看到的那樣，由於他們的（技術難度）汽車行業有所復甦。

But rather it's more the [former than the latter than the former than]. Yeah, whatever you said more where our designs actually are centred.

但更確切地說，它更多的是【前者比後者比前者比】。是的，無論你說什麼，我們的設計實際上都是以中心為中心的。

Got it. And then I guess my last question is refreshing to hear you say you are comfortable with where the street is for next year. Can you remind us just kind of conceptually one is there any sort of seasonality we need to think about, first half, second half, anything like that, but probably more importantly, what is the bridge that you have to get from this year's revenue to next year's revenue? What are the key products that are launching, vision, radar, any sort of buckets like that to make us, just give us a little more colour.

知道了。然後我想我的最後一個問題讓你耳目一新，聽到你說你對明年街道的位置感到滿意。您能否從概念上提醒我們，我們是否需要考慮某種季節性，上半年、下半年，類似的情況，但可能更重要的是，您必須從今年的收入到明年的收入？正在推出的關鍵產品是什麼，視覺，雷達，任何類似的產品，只是給我們更多的色彩。

Well, we are exiting the year at a run rate of approximately $60 million and we have a bridge to get there, which is largely evenly split in two main drivers between user experience and vision-based products which are ramping through the year. And then there is as I said, a small amount for radar in the second half which we talked about last quarter also. And then some dogs and cats, but [that is the gut of it].

好吧，我們今年的運行速度約為6000 萬美元，並且我們有一個橋樑可以實現這一目標，這在很大程度上均勻地分為用戶體驗和基於視覺的產品之間的兩個主要驅動因素，這些產品在這一年中不斷增長。正如我所說，下半年會有少量雷達，我們上個季度也談過。然後還有一些狗和貓，但是[這就是它的本質]。

Got it perfect. Thank you very much.

完美了。非常感謝。

(Operator Instructions)

（操作員說明）

Cody Acree, The Benchmark Company LLC

Cody Acree，基準公司股份有限公司

Yeah. Thanks for taking my question and congrats on the progress and Raja congrats on the promotion. Maybe if you could talk about the backlog growth, the 12%. I would have thought maybe during this year with the machine vision wins and the radar wins that that number could have been higher. Were there, any puts and takes in that backlog number that came out?

是的。感謝您提出我的問題，祝賀我取得的進展，祝賀 Raja 升職。也許您可以談談積壓訂單的成長，即 12%。我以為今年隨著機器視覺和雷達的勝利，這個數字可能會更高。在積壓的訂單數量中是否有任何賣出和賣出的情況？

Yeah, there were, I mean, we won way more business than the incremental number between the adjacent years. But we did have some fairly well publicized push outs and that had a had an impact on next year, which is reflected in that.

是的，我的意思是，我們贏得的業務比相鄰年份之間增量的業務要多得多。但我們確實有一些相當公開的推出，這對明年產生了影響，這反映在這一點上。

But I mean, we are very happy where the number landed. It's a great number and it's going to translate into annual run right business in the near future.

但我的意思是，我們對這個數字的落地感到非常高興。這是一個很大的數字，並將在不久的將來轉化為年度營運權業務。

And maybe can you just provide any further detail on the program ramps that you are expecting for either machine vision or for radar next year?

也許您可以提供有關明年機器視覺或雷達的計劃進度的更多詳細資訊嗎？

Well machine vision is already heavily ramping through this year. We have a lot of programs in that space spread across a lot of OEMs and we expect that individual OEMs add more models to the same programs as they deploy and new model launches.

機器視覺今年已經在大力發展。我們在該領域有很多計劃，分佈在許多原始設備製造商中，我們預計各個原始設備製造商在部署和新型號發佈時會向相同的計劃中添加更多型號。

The classic example is BMW starting with seven series going to five series, going to three series. So that is really how we expect that to roll out through the next year through 2026 radar will be a big portion of that. Also, we do expect to ramp multiple OEMs in that year and then, and then more computer vision on top of that.

典型的例子就是寶馬，從七系開始，到五系，再到三系。因此，我們確實希望從明年到 2026 年推出的雷達將成為其中的重要組成部分。此外，我們確實希望在那一年和之後增加多家 OEM，然後在此基礎上增加更多的電腦視覺。

All right, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Anthony Stoss, Craig Hallam.

安東尼·斯托斯，克雷格·哈勒姆。

Hi, good afternoon, guys. Congrats on the nice execution and congrats, Raja. I wanted to also drill in a little bit on the backlog Donald and if you can give us a sense of by geography, if it's evenly split, just a sense of where it's coming in. And then also, are you seeing a reduction in content as maybe more vehicles shipped to lower price vehicles?

嗨，大家下午好。恭喜你的出色執行力，恭喜拉賈。我還想深入了解唐納德的積壓工作，如果你能讓我們了解地理狀況，是否均勻分佈，以及它來自哪裡。另外，您是否看到內容減少，因為可能有更多車輛被運送到價格較低的車輛？

In terms of the geographic split in the backlog, we have won a lot of business which is US and European based. Also, some in Japan and Korea. The China business we also have, have wins in there but the larger programs which span multiple product lines within OEMs and [tier 1] is more centric outside of China. So, it's probably 80% of it is outside.

就積壓訂單的地理分佈而言，我們贏得了許多美國和歐洲的業務。另外，還有一些在日本和韓國。我們在中國的業務也取得了成功，但跨越原始設備製造商內多個產品線的大型專案和[第一層]更集中在中國以外的地區。所以，可能 80% 都在戶外。

And then what was the second half of the question? Sorry Antony.

那麼問題的後半部是什麼？對不起安東尼。

It’s not a shift to cheaper vehicles if you are seeing a reduction in, in content with your customers.

如果您發現客戶滿意度下降，那麼這並不是轉向更便宜的車輛。

Not at present. That's a sort of narrative that we brought into the story last quarter, which is really just an explanation for the overall macro malaise that we could for us. We typically deploy into to mid to higher tier customers, but also at the lower end of [Midtier] and particularly in some of the applications in computer vision where they are safety related and mandated by law, then they are also going to be deployed in low end vehicles.

目前還沒有。這是我們上個季度在故事中引入的敘述，這實際上只是我們可以為我們解釋的整體宏觀問題。我們通常部署到中高端客戶，但也部署在[中端]的低端，特別是在電腦視覺中的一些應用程式中，這些應用程式與安全性相關並受到法律強制，那麼它們也將部署在低端車輛。

So, we, I don't think we will feel too much of a split between model ranges, especially with the interest rates coming down right now. I think that may be something which decays as a narrative over the course of time.

因此，我認為我們不會感覺到型號範圍之間有太大的分歧，特別是在目前利率下降的情況下。我認為這可能是隨著時間的推移而逐漸消失的敘事。

Thanks, best of luck to Tom.

謝謝，祝湯姆好運。

Thank you.

謝謝。

Craig Ellis, B Riley Securities.

克雷格·埃利斯 (Craig Ellis)，B 萊利證券。

Thanks for taking the question and Raja congratulations on the appointment. Donald, I wanted to go back to backlog and just inquire about a longer term dynamic relative to some of your prepared comments. So, in the past and again, today that the company talked about the backlog providing some level of visibility.

感謝您提出問題，拉賈祝賀您的任命。唐納德，我想回到積壓工作，只是詢問與您準備好的一些評論相關的長期動態。因此，今天該公司一次又一次地談論積壓工作，提供了一定程度的可見度。

If we look three years out, you mentioned the $710 million in revenues I think it was calendar '28. The question is, as we think beyond '2025 what are the bigger blocks that take us from where we'll be next year at that consensus level that you talked about towards that [710]?

如果我們展望三年，你提到了 7.1 億美元的收入，我認為那是 28 日曆年。問題是，當我們思考 2025 年之後，有哪些更大的障礙可以使我們明年達到您談到的共識水平[710]？

Well, I think we mentioned in the prepared remarks also that a large percentage of our entire backlog is now driven by ADAS products which really is driven by vision and radar and those are the key drivers for the company into the future.

嗯，我想我們在準備好的發言中也提到，我們整個積壓訂單的很大一部分現在是由ADAS 產品驅動的，這些產品實際上是由視覺和雷達驅動的，這些是公司未來的關鍵驅動力。

We do have some good backup from our user experience business. It still is a large portion of our running business today and will continue to be. So, the design wins in those cases tend to be less chunky, more linear in terms of the growth that we add to it, and we do expect it will continue to grow, but the larger drivers will be the vision and radar.

我們的用戶體驗業務確實有一些良好的支援。如今，它仍然是我們經營業務的很大一部分，並將繼續如此。因此，在這些情況下，設計的勝利往往不那麼厚重，就我們添加的增長而言，更加線性，我們確實預計它將繼續增長，但更大的驅動力將是視覺和雷達。

Got it and then the follow up question going back to some of the design wins that you talked about in China. I think there were four in the ambient lighting area and then one vision processing. Can you just talk about the design win momentum in that geography and how you think about the intermediate term revenue opportunity with some of those domestic customers? Thank you.

明白了，然後跟進問題回到你在中國談到的一些設計勝利。我認為環境照明區域有四個，然後是視覺處理區域。您能否談談該地區的設計獲勝勢頭以及您如何看待與一些國內客戶的中期收入機會？謝謝。

Its good. we have had a presence at pretty much all the China OEMs from the more traditional ones which have been around for a longer period to the newer entries including such as Avatar and Leo and [new] etc. BYD is a large customer of ours also.

很好。我們幾乎在所有中國 OEM 廠商中都有業務，從存在時間較長的傳統 OEM 廠商到較新的產品，包括 Avatar、Leo 和 [new] 等。

So, we have a great, we have a great sales representation, we have a great sales channel into all of those guys. And it's a very dynamic market. It's very exciting that the term coined is moving at China speed and we can move things much more quickly in that geography than in others. It is more volatile for that reason, their behaviour of the OEMs is similar to, let's say a new entrance into the market in the vehicle space.

所以，我們有一個很棒的銷售代表，我們有一個很棒的銷售管道來接觸所有這些人。這是一個非常活躍的市場。令人非常興奮的是，這個詞正在以中國速度發展，我們在這個地區的發展速度比其他地區快得多。由於這個原因，它的波動性更大，原始設備製造商的行為類似於汽車領域新進入的市場。

But we are excited about the market. It's a market we cannot afford to ignore. It's 30% of the entire automotive market. So, we intend to be well represented there.

但我們對市場感到興奮。這是一個我們不能忽視的市場。佔整個汽車市場的30%。因此，我們打算在那裡有很好的代表。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Jonathan Tanwanteng, CJS Securities

喬納森·譚萬騰，CJS 證券

Hi, good afternoon for taking my questions and congrats on the role. I was wondering if you could talk about the risk of potential for further pushouts or delays or anything like that. You mentioned, visibility across the industry is low and we have obviously seen that in the past. What, what kind of (technical difficulty) have you put in into next year just to account for, maybe they are not all completely done yet, or do you think that most of those are pretty safe at this point? What you have in the pipeline?

你好，下午好，謝謝你回答我的問題，恭喜你獲得這個職位。我想知道您是否可以談談進一步推遲或延遲或類似情況的潛在風險。您提到，整個行業的知名度很低，我們過去顯然已經看到了這一點。你在明年投入了什麼樣的（技術難度）來考慮，也許它們還沒有完全完成，或者你認為其中大多數在這一點上是相當安全的？您正在籌備什麼？

We felt after, we did a large review during last quarter that we built in enough conservatism and 90 days further on that remains to be the case. In fact, we are more secure in our, belief of that 90 days down the road than we were 90 days ago we believed it then, but we, believe it even more strongly now.

我們在上個季度進行了一次大規模審查後感到，我們建立了足夠的保守主義，並且在 90 天後仍然如此。事實上，我們對未來 90 天的信念比 90 天前更加堅定，但我們現在更加堅定地相信這一點。

The specific issues that, hurt us we do strongly believe that they are behind us in terms of overall influence on (technical difficulty) or macro. We believe that we built a very conservative view of the overall units shipped into the automotive industry for [25 and 26] and beyond. And anything that moves in the upward direction versus our model should be a [tailwind] in addition to what we put down on paper.

對於那些傷害我們的具體問題，我們堅信，就（技術難度）或宏觀的整體影響而言，它們落後於我們。我們相信，我們對 [25 和 26] 及以後進入汽車行業的總體單位數量建立了非常保守的看法。除了我們在紙上寫下的內容之外，任何與我們的模型相比向上移動的東西都應該是[順風]。

Got it that is helpful and it's good to see the momentum coming back. Second, I guess Raja, could you any thoughts on if you might need to use the ATM again as this growth accelerates or is that kind of the final one you expect to use before you get to cash flow?

明白了，這很有幫助，很高興看到勢頭回來了。其次，我想拉賈，您是否可以考慮一下，隨著這種增長的加速，您可能需要再次使用自動櫃員機，或者這是您在獲得現金流之前期望使用的最後一種自動櫃員機？

No, we do not anticipate any further use. Perfect, Thank you.

不，我們預計不會有任何進一步的使用。完美，謝謝。

Thank you.

謝謝。

As there are no further questions, I would now like to hand the conference over to Donald McClymont for closing comments.

由於沒有其他問題，我現在想將會議交給唐納德·麥克萊蒙特進行總結評論。

Well, thanks everybody for attending and look forward to seeing you at the investor conferences over the course of the next few weeks.

好的，感謝大家參加，並期待在接下來幾週的投資者會議上見到您。

Thank you.

謝謝。

This concludes today's tele conference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。