indie Semiconductor Inc (INDI) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to indie Semiconductor's first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I will now turn the call over to Ashish Gupta, Investor Relations. Mr. Gupta, please go ahead, sir.

下午好，歡迎參加獨立半導體 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我將電話轉給投資者關係部的 Ashish Gupta。古普塔先生，請繼續。

Thank you, operator. Good afternoon, and welcome to indie Semiconductor's first-quarter 2025 earnings call. Joining me today are Donald McClymont, indie's CEO and Acting CFO; and Mark Tyndall, Head of Corporate Development and Investor Relations. Donald will provide opening remarks and discuss business highlights. Mark will then provide a review of indie's Q1 results and Q2 outlook.

謝謝您，接線生。下午好，歡迎參加獨立半導體 2025 年第一季財報電話會議。今天與我一起出席的還有 Indie 的首席執行官兼代理首席財務官唐納德·麥克萊蒙特 (Donald McClymont) 和企業發展與投資者關係主管馬克·廷德爾 (Mark Tyndall)。唐納德將致開幕詞並討論業務亮點。隨後，馬克將對獨立公司第一季的業績和第二季的展望進行回顧。

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

請注意，我們將根據目前的預期和假設做出前瞻性陳述，這些陳述受風險和不確定性的影響。這些聲明僅反映我們截至今天的觀點，不應被視為代表我們此後任何日期的觀點。

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, 2024, as well as other public reports filed with the SEC.

這些聲明受到各種風險和不確定性的影響，可能導致實際結果與預期有重大差異。對於可能影響我們財務表現的重大風險和其他重要因素，請查看我們截至 2024 年 12 月 31 日的財政年度的 10-K 表年度報告中的風險因素，以及向美國證券交易委員會提交的其他公開報告。

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. For a complete reconciliation to GAAP and the definition of non-GAAP reconciling items, please see our earnings press release, which was issued in advance of this call and can be found on our website at www.indie.inc.

最後，今天討論的結果和指導是基於合併非公認會計準則財務指標，例如非公認會計準則毛利率、非公認會計準則營業虧損、非公認會計準則淨虧損和非公認會計準則每股淨虧損。有關與 GAAP 的完整對帳以及非 GAAP 對帳項目的定義，請參閱我們在本次電話會議之前發布的收益新聞稿，可在我們的網站 www.indie.inc 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. Let me first review our financial performance within the context of the overall automotive market before focusing on indie's business achievements. During the first quarter, indie achieved total revenue of $54.1 million, representing a relatively robust performance given the current automotive market sentiment.

謝謝，Ashish。歡迎大家。在關注獨立的商業成就之前，讓我先回顧一下我們在整個汽車市場的財務表現。第一季度，Indie 的總收入達到 5,410 萬美元，考慮到當前汽車市場的情緒，這一表現相對強勁。

During the quarter, we saw weaker-than-expected demand at certain OEMs, coupled with a slower start to the year in China. Since our previous earnings call back in February, the global macroeconomic environment has changed dramatically. It's important to note upfront that the new US trade policies and resulting tariffs on imported automobiles and vehicle parts, which were announced in early April, have had minimal direct impact on indie's operations to date.

在本季度，我們發現某些原始設備製造商的需求弱於預期，同時中國今年的開局也較為緩慢。自從我們二月發布上一次財報電話會議以來，全球宏觀經濟環境發生了巨大變化。需要提前註意的是，4 月初宣布的美國新貿易政策以及由此對進口汽車和汽車零件徵收的關稅迄今為止對 Indie 的運營產生的直接影響微乎其微。

Our Asian manufacturing partners ship very little directly to the US, and we maintain a globally diversified supply chain that provides significant resilience against such policy shifts, the only exception being some photonics components from our Canadian facility, which were marginally affected. While our direct exposure is limited, tariffs are impacting overall market sentiment and creating uncertainty across the automotive industry.

我們的亞洲製造合作夥伴很少直接向美國發貨，我們維持著全球多元化的供應鏈，這為應對此類政策變化提供了強大的彈性，唯一的例外是我們加拿大工廠的一些光子學元件受到了輕微影響。雖然我們的直接風險敞口有限，但關稅正在影響整體市場情緒，並為整個汽車產業帶來不確定性。

Multiple OEMs have recently announced a reduction in vehicle production, temporary layoffs, or paused shipments to the US. We expect other OEMs to follow. Consequently, we anticipate vehicle prices for US consumers may increase by several thousand dollars, which could ultimately lead to a drop in end vehicle demand. While we are not fully immune, our diverse product portfolio and new product ramps should mitigate any broader market challenges.

多家原始設備製造商最近宣布減少汽車產量、暫時裁員或暫停向美國出貨。我們預計其他 OEM 也會跟進。因此，我們預計美國消費者的汽車價格可能會上漲數千美元，最終導致終端汽車需求下降。雖然我們並非完全免疫，但我們多樣化的產品組合和新產品的推出應該能夠減輕任何更廣泛的市場挑戰。

Automotive market analysts, including S&P Global Mobility, are now forecasting a reduction in global vehicle sales of 1.3 million in 2025. In the specific case of the US, imports of vehicles, engines, and parts represent $458 billion in global trade, and the planned tariffs will impact over half of the vehicles sold in the US with analysts forecasting that average US vehicle prices will increase by over 9% in 2025.

包括標準普爾全球行動公司在內的汽車市場分析師目前預測，2025 年全球汽車銷售將減少 130 萬輛。以美國為例，其汽車、引擎和零件的進口額佔全球貿易總額的 4,580 億美元，計劃徵收的關稅將影響美國銷售的一半以上的汽車，分析師預測，2025 年美國汽車平均價格將上漲 9% 以上。

I spoke last quarter about how 2025 will be an important year for indie as we introduce new products and our customers ramp our solutions across our multiple ADAS-sensing and user experience applications. Despite the challenging market backdrop, we continue to secure new design wins across a global customer base, leveraging our highly differentiated and innovative technologies. Notably, vision and radar design wins are on track to ramp production in the second half of 2025 and continue through 2026.

上個季度我曾談到，2025 年對獨立公司來說將是重要的一年，因為我們將推出新產品，我們的客戶也將在我們的多個 ADAS 感測和用戶體驗應用程式中推廣我們的解決方案。儘管市場環境充滿挑戰，我們仍憑藉著高度差異化的創新技術，不斷在全球客戶群中獲得新的設計勝利。值得注意的是，視覺和雷達設計預計在 2025 年下半年實現量產，並持續到 2026 年。

Now let me turn to our notable business progress and key achievements during the first quarter. ADAS is the major long-term focus for indie and a core driver of our future growth. Our engineering expertise and innovation across analog and mixed-signal design and world-leading in-house algorithmic expertise sets us apart from our peer group, enabling an unrivaled product portfolio across all ADAS sensing modalities, including radar and vision.

現在，我來談談我們第一季顯著的業務進展和主要成就。ADAS 是獨立公司的長期主要關注點，也是我們未來成長的核心驅動力。我們在模擬和混合訊號設計方面的工程專業知識和創新以及世界領先的內部演算法專業知識使我們在同行中脫穎而出，從而能夠在所有 ADAS 感測模式（包括雷達和視覺）中提供無與倫比的產品組合。

First, our flagship 77-gigahertz radar solution is progressing well with excellent feedback from our lead Tier 1 customer with on-road testing results demonstrating compliance to all key performance specifications. North American, Chinese, and European OEM feedback to our lead customer indicates the product has been extremely well received. Initial production orders and shipments by our customer with these OEMs remains firmly on track for late 2025.

首先，我們的旗艦 77 千兆赫雷達解決方案進展順利，並獲得了我們的主要一級客戶的良好回饋，道路測試結果表明符合所有關鍵性能規格。北美、中國和歐洲的 OEM 向我們的主要客戶反饋表明該產品受到了極大的歡迎。我們的客戶與這些 OEM 的初始生產訂單和出貨將在 2025 年底穩步推進。

Equally important, during the first quarter, momentum remains strong for our vision portfolio, featuring our class-leading proprietary image signal processing. Firstly, we secured a new design win for our flagship iND880 processor with Valeo, a leading European Tier 1, for in-cabin monitoring, including thermal sensing capability for a North American OEM targeting production deployment in 2028.

同樣重要的是，在第一季度，我們的視覺產品組合仍然保持強勁勢頭，其中包括我們領先的專有影像訊號處理。首先，我們與歐洲領先的一級供應商法雷奧 (Valeo) 合作，為我們的旗艦 iND880 處理器贏得了新的設計合同，該處理器用於車內監控，包括北美 OEM 的熱感應功能，目標是在 2028 年實現生產部署。

In addition, we were awarded an eMirror design win for iND880 with a Korean OEM targeting trucks and buses with first on-the-road deployments commencing at the end of this year. Last quarter, I mentioned our growing success in China for vision applications such as eMirror and in-cabin monitoring. I'm pleased to report our traction continued with further wins for our GW5 vision processor, including at Mercedes China with YF Tech, the largest eMirror supplier in China, and an in-cabin monitoring win for BYD targeting production starting in the fourth quarter of this year.

此外，我們還獲得了韓國一家 OEM 的 iND880 eMirror 設計合同，該設計針對卡車和公共汽車，並將於今年年底開始在道路上首次部署。上個季度，我提到了我們在中國電子鏡和車內監控等視覺應用方面取得的日益成功。我很高興地報告，我們的 GW5 視覺處理器繼續取得進一步的成功，包括與梅賽德斯中國合作的中國最大電子後視鏡供應商 YF Tech，以及比亞迪的車內監控系統，計劃於今年第四季開始生產。

And finally, our global partnership with Bosch continues. We were recently selected for an additional high-volume in-cabin monitoring deployment with Toyota. To emphasize the importance of the product lines, we anticipate that each of the radar and vision portfolios will generate well in excess of $100 million incremental annual revenue.

最後，我們與博世的全球合作關係仍在繼續。我們最近被豐田選中，進行額外的大容量車內監控部署。為了強調產品線的重要性，我們預計每個雷達和視覺產品組合每年將產生超過 1 億美元的增量收入。

Finally, we highlighted last quarter that we see growing applications for our existing products in automotive adjacent segments, particularly in industrial, that we plan to exploit. I'm pleased to share that our photonics group have already secured notable design wins for our existing high-performance laser products for industrial and quantum communications applications, which offer tremendous potential for the future.

最後，我們在上個季度強調，我們看到現有產品在汽車相關領域的應用日益廣泛，特別是工業領域，我們計劃加以利用。我很高興地告訴大家，我們的光子學團隊已經為工業和量子通訊應用的現有高性能雷射產品贏得了顯著的設計勝利，這為未來提供了巨大的潛力。

Challenging and dynamic market conditions, which we cannot control, have become part of doing business within the automotive market in recent times. What is key is that indie has maintained a laser focus on developing market-leading solutions and deep commercial partnerships to address the long-term and substantial automotive semiconductor opportunity.

近年來，充滿挑戰和動態的市場條件已成為我們無法控制的汽車市場業務的一部分。關鍵在於，獨立公司一直專注於開發市場領先的解決方案和深度商業合作夥伴關係，以應對長期和龐大的汽車半導體機會。

And in this regard, I am pleased to share that indie has now shipped greater than 500 million chips cumulatively since our inception. This is a fantastic testament to the incredible value our solutions bring to Tier 1s and OEMs alike and to our global operations and customer support expertise.

在這方面，我很高興地告訴大家，自成立以來，Indie 的晶片累計出貨量已超過 5 億顆。這充分證明了我們的解決方案為一級供應商和原始設備製造商以及我們的全球營運和客戶支援專業知識帶來的巨大價值。

While we expect sentiment to remain volatile, we continue to expect vehicle semiconductor content will grow strongly beyond today's average $1,000 per vehicle propelled by global safety and emissions regulations and unrelenting consumer demand for the best in-cabin user experiences. Indie's positioning as a supplier of compelling differentiated solutions to address the transformative automotive megatrends remains robust.

雖然我們預計市場情緒仍將波動，但我們仍然預計，受全球安全和排放法規以及消費者對最佳車內用戶體驗的持續需求推動，汽車半導體內容將強勁增長，超過目前每輛車 1,000 美元的平均水平。Indie 作為一家提供引人注目的差異化解決方案以應對變革性汽車大趨勢的供應商，其定位仍然穩固。

I will now turn the call over to Mark for a review of our Q1 results and Q2 outlook.

現在我將把電話轉給馬克，讓他回顧我們的第一季業績和第二季展望。

Thank you, Donald. And good afternoon, everyone. indie's first-quarter revenue of $54.1 million increased 3.3% from a year ago but was marginally below the midpoint of our revenue outlook, while non-GAAP gross margin of 49.5% was within expectations. R&D expense was $30.8 million with SG&A of $11.1 million, bringing total operating expenses to $41.9 million, consistent with our outlook. As a result, our first-quarter non-GAAP operating loss was $15.1 million. With net interest expense of $1.6 million, our net loss was $16.7 million and loss per share was $0.08 on a base of 211.5 million shares.

謝謝你，唐納德。大家下午好。 Indie 第一季的營收為 5,410 萬美元，比去年同期成長 3.3%，但略低於我們營收預期的中點，而非 GAAP 毛利率為 49.5%，符合預期。研發費用為 3,080 萬美元，銷售、一般及行政費用為 1,110 萬美元，使總營運費用達到 4,190 萬美元，與我們的預期一致。因此，我們第一季的非公認會計準則營業虧損為 1,510 萬美元。淨利息支出為 160 萬美元，我們的淨虧損為 1,670 萬美元，每股虧損為 0.08 美元（以 2.115 億股計算）。

Turning to the balance sheet, we exited the first quarter with total cash, including restricted cash of $246.9 million, down from $284.5 million in the fourth quarter, reflecting a net reduction of $37.6 million during the quarter. Cash usage in the quarter was higher than normal, primarily driven by payment and collection timing-related factors, specifically $10 million related to accounts payable and $11 million for accounts receivable, which we expect will normalize.

談到資產負債表，我們第一季的現金總額（包括受限現金）為 2.469 億美元，低於第四季的 2.845 億美元，反映出本季淨減少 3,760 萬美元。本季的現金使用量高於正常水平，主要受付款和收款時間相關因素的影響，具體與應付帳款相關的現金使用量為 1000 萬美元，與應收帳款相關的現金使用量為 1100 萬美元，我們預計這些現金使用量將會正常化。

Moving to our outlook, with current market uncertainties impacting the overall automotive environment, for the second quarter of 2025, we expect to deliver revenue within the range of $50 million to $53 million or $51.5 million at the midpoint. Based on the anticipated product mix, we expect second-quarter gross margins to be in the range of 48% to 50%. We expect OpEx of $39.8 million with approximately $29 million of R&D expense and $10.8 million of SG&A expense.

展望未來，由於當前市場不確定性影響整體汽車環境，我們預計 2025 年第二季的營收將在 5,000 萬美元至 5,300 萬美元之間，中間值為 5,150 萬美元。根據預期的產品組合，我們預計第二季毛利率將在 48% 至 50% 之間。我們預計營運支出為 3,980 萬美元，其中研發費用約為 2,900 萬美元，銷售、一般及行政費用為 1,080 萬美元。

Below the line, we expect net interest expense of approximately $1.8 million with no cash tax expense. Assuming the midpoint of the revenue ranges and with a base of 215.2 million shares, we expect an $0.08 net loss per share. While our outlook for the second quarter is flat year on year and modestly down sequentially, we remain confident in and committed to our innovation and growth objectives.

在此線之下，我們預計淨利息支出約為 180 萬美元，且無現金稅支出。假設營收範圍的中點和 2.152 億股基數，我們預期每股淨虧損 0.08 美元。雖然我們對第二季度的預期與去年同期持平，且環比略有下降，但我們仍然對我們的創新和成長目標充滿信心並致力於實現這一目標。

As Donald described earlier, the fundamental automotive semiconductor market trends are strong and persist despite the macro situation. We will continue to focus on ramping our customers with innovative value-add solutions, in particular for ADAS, that allow them to bring differentiated technology to market while we maintain strong operational discipline. As always, we will remain nimble while navigating the current headwinds and emerge stronger, better positioned to maximize on the market's tremendous inherent opportunity.

正如唐納德之前所描述的，儘管宏觀情況如此，但汽車半導體市場的基本趨勢仍然強勁且持續。我們將繼續致力於為客戶提供創新的增值解決方案，特別是針對 ADAS 的解決方案，使他們能夠將差異化技術推向市場，同時我們保持強大的營運紀律。像往常一樣，我們將在應對當前逆風的同時保持靈活，變得更加強大，更好地利用市場巨大的內在機會。

We mentioned on our last earnings call that we were in a review of our operating expenditure with the objective to reduce and accelerate our path to profitability. Given the current uncertain automotive market environment, this mandate has increased in strategic importance. We have now completed this review and just initiated the execution of a plan for a series of restructuring measures, where we will exit some of our lower-margin and less attractive product lines in addition to other cost reductions across the company.

我們在上次收益電話會議上提到，我們正在審查我們的營運支出，目的是減少並加快我們的獲利進程。鑑於當前不確定的汽車市場環境，這項任務的戰略重要性日益增加。我們現在已經完成了這項審查，並剛開始執行一系列重組措施的計劃，除了在公司範圍內削減其他成本外，我們還將退出一些利潤率較低、吸引力較小的產品線。

We expect to see initial benefits from lower OpEx in the second quarter, meaningful benefits in the third quarter with full reductions hitting the P&L in the fourth quarter, where we expect to achieve a quarterly reduction of approximately $8 million to $10 million per quarter or approximately $32 million to $40 million on an annualized basis.

我們預計，第二季營運支出降低將帶來初步效益，第三季將帶來顯著效益，第四季的損益將全面減少，我們預計第四季的損益將減少約 800 萬至 1,000 萬美元，或以年率計算減少約 3,200 萬至 4,000 萬美元。

This reduced level of OpEx will allow us to reach breakeven of a revenue base of approximately $65 million per quarter. However, I do want to stress, none of our strategic ADAS programs will be impacted by these restructuring actions. We will continue to invest across hardware design, software, and marketing resources, ensuring both our key radar and vision programs will ramp on schedule at our global OEM customers through 2025 and 2026.

降低營運支出將使我們每季的收入基礎達到約 6500 萬美元的收支平衡。不過，我想強調的是，我們的任何策略 ADAS 計畫都不會受到這些重組行動的影響。我們將繼續在硬體設計、軟體和行銷資源方面進行投資，確保我們的關鍵雷達和視覺專案能夠在 2025 年和 2026 年之前按計劃在全球 OEM 客戶處實現量產。

We believe prudent expense management, a healthy cash position, and ramping programs position indie incredibly well to navigate current conditions and execute on the vast majority of our pipeline. This balanced approach will support our return to a strong growth profile as design wins ramp through 2025 and beyond.

我們相信，審慎的費用管理、健康的現金狀況以及不斷增加的項目將使獨立公司能夠很好地應對當前情況並執行我們絕大多數的專案計劃。隨著設計勝利在 2025 年及以後的不斷增加，這種平衡的方法將支持我們恢復強勁的成長勢頭。

With that, I'll turn the call back to Don for his closing comments.

說完這些，我會把電話轉回給唐，請他發表最後評論。

The global trade dynamics have become unpredictable, and we have seen this manifest as a wait-and-see conservatism across our broad customer base. However, despite current challenges, the fundamental trend of increasing semiconductor content in vehicles continues unabated. indie's technology leadership and innovative and expanding product portfolio ensures that we are well positioned to emerge stronger from the current global trade and economic turbulence.

全球貿易動態變得難以預測，我們看到廣大客戶表現出觀望的保守態度。然而，儘管面臨當前挑戰，但汽車中半導體含量增加的基本趨勢仍有增無減。 indie 的技術領先地位以及創新和不斷擴展的產品組合確保我們能夠更好地從當前的全球貿易和經濟動盪中脫穎而出。

No other semiconductor company has a product portfolio as broad as indie's to meet the diverse needs of the automotive megatrends, and this empowers indie to capitalize on the enduring market opportunity. That concludes our prepared remarks. Operator, please open the line for questions.

沒有其他半導體公司擁有像 Indie 一樣廣泛的產品組合來滿足汽車大趨勢的多樣化需求，這使 Indie 能夠利用持久的市場機會。我們的準備好的演講到此結束。接線員，請打開熱線以回答問題。

(Operator Instructions) Craig Ellis, B. Riley Securities.

（操作員指示） Craig Ellis，B. Riley Securities。

Yes, thanks for taking the question and all the color on the call, guys. Donald, I wanted to follow up with the comment you made in your prepared remarks regarding vision and radar being on track to ramp in the second half of the year. One, I was hoping you could provide a little bit more qualitative color on the breadth of the ramp and the types of programs that you might be involved in, but also some quantitative color. Give us a sense for how significant that ramp in the back half of the year would be. Thank you.

是的，謝謝大家回答這個問題以及電話中提供的所有詳細資訊。唐納德，我想跟進一下你在準備好的發言中提到的關於視覺和雷達將在今年下半年順利發展的評論。首先，我希望您能提供一些關於您可能參與的專案範圍和類型的定性信息，同時也提供一些定量資訊。請讓我們了解一下今年下半年的成長幅度有多大。謝謝。

Thanks, Craig. So, I mean we have many ones as we've spoken about over several quarters with many applications ranging from in-cabin applications, provider monitoring, multi-band monitoring, e-meters, and the vision space. And now with our radar products, we're able to address both forward-facing and corner radars in that application.

謝謝，克雷格。所以，我的意思是我們有很多，正如我們在幾個季度中談到的那樣，有許多應用，包括艙內應用、提供者監控、多頻段監控、電子儀表和視覺空間。現在，透過我們的雷達產品，我們能夠解決該應用中的前向雷達和角向雷達的問題。

Each of these product lines I mentioned compared to Mars have the strong potential to be significantly greater than $100 million per year for us in each case. We've talked a lot about our strategic relationships with several OEMs. We've called out Valeo and Bosch in the prepared remarks today.

與瑪氏相比，我提到的每條產品線都有很大潛力為我們帶來每年超過 1 億美元的收益。我們已經多次討論過我們與多家 OEM 的策略關係。我們在今天的準備好的演講中點名了法雷奧和博世。

And we are a little cautious as we look out into the second half of the year because there has been turbulence in the market, particularly the US and European vendors have struggled with market share with the increased competition coming from their Chinese peers. But that being said, we remain confident in the peak of the ramp. Timing and steepness of the ramp is always a little hard to gauge. But other than that, we feel really good about where we are with all of these programs.

展望下半年，我們有些謹慎，因為市場出現了動盪，尤其是美國和歐洲供應商在市場份額方面面臨來自中國同行日益激烈的競爭。但話雖如此，我們仍然對坡度的頂峰充滿信心。斜坡的時間和陡度總是有點難以判斷。但除此之外，我們對所有這些項目的進展感到非常滿意。

Got it, thank you. And then I'll ask the follow up to Mark. Mark, I didn't catch in your commentary what you expected the fourth-quarter OpEx level to be after the operating expenses are fully implemented. So can you please recap that? And then as we think about what that means for calendar '26 operating expense, not looking for guidance, but just qualitatively, how do we look at that base level of OpEx versus what would go forward from 4Q? Thank you.

知道了，謝謝。然後我會向馬克詢問後續情況。馬克，我沒有從你的評論中看出你預計在營運費用完全實施後第四季的營運支出水準會是多少。那你能重述一下嗎？然後，當我們思考這對日曆 26 年營運費用意味著什麼時，不尋求指導，而只是定性地，我們如何看待營運支出的基本水平與從第四季度開始的營運支出水平？謝謝。

For Q4, it's approximately [$33 million], and then flat through the second half -- 2026 second half.

第四季約 3,300 萬美元，下半年持平——2026 年下半年。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, guys. Just wanted to see the -- I know the crystal ball is difficult into the second half of the year and the technology is good according to what you said for both radar and vision. Is the biggest wildcard, the slope of the curve, the volumes at the launch? And what are you seeing with your customers on that? Is it more the timing of the launch? Is it the volume of the launch? Is it both of them? I'm just trying to kind of gauge the aggregate uncertainties.

嗨，大家好。只是想看看——我知道預測下半年的情況會比較困難，但根據你所說的，雷達和視覺技術都很好。最大的未知數是曲線的斜率還是發佈時的交易量？您的客戶對此有何看法？這是否與發布的時機有關？是發射的音量嗎？是他兩個嗎？我只是想衡量一下整體的不確定性。

Yes, I mean, I think it's exactly as you said, it's a little steepness on the [great end] of the ramp that is harder to judge given the market uncertainties right now. We're seeing the start points staying relatively fixed and the models that are currently targeted staying in place. But really, the wildcard is how quickly it's going to ramp and how many deployments are going to subsequently happen after the first point -- the first ramps occur. Again, we feel confident about the peak of the ramp, and really at this point, managing the variance as we go forward.

是的，我的意思是，我認為正如你所說的那樣，在斜坡的[大端]有點陡峭，考慮到目前市場的不確定性，這更難判斷。我們看到起點保持相對固定，目前的目標模型也保持不變。但實際上，不確定因素在於其成長速度有多快，以及在第一個點（第一次成長發生）之後將發生多少次部署。再次，我們對坡度的峰值充滿信心，並且實際上在這一點上，我們在前進的過程中管理著差異。

And then maybe for Mark or you, Donald as well. On the restructuring side of things, I know it's a difficult decision to do any sort of cuts. And you didn't want to cut in a muscle, as you said. But if we put it in terms of your pipeline, your backlog where you talked about, that's roughly $7 billion a few quarters ago. What sort of impact are these actions going to have on that number?

也許對馬克或者你，唐納德來說也是如此。在重組方面，我知道做出任何削減都是一個艱難的決定。正如您所說，您並不想切斷肌肉。但如果我們以你們的管道、你們談到的積壓訂單來計算，幾季前大約是 70 億美元。這些行動會對這個數字產生什麼樣的影響？

Very minimal. These are programs which -- basically, we have been spending roadmap dollars on developing further, and the volumes have been somewhat disappointing, mostly based on obviously, not the ADAS space, but in the other spaces that we address in user experience. So in the short term, there'll be some NREs, which disappear, which are small, probably less than $1 million. And then some smaller impact to the short-term revenue, again, somewhere in the region of $2 million to $3 million in the second half. But for the long term, we still expect to be able to execute on the vast, vast majority of our strategic backlog.

非常小。這些項目基本上是我們一直在花費路線圖資金進行進一步開發，但數量卻有些令人失望，這顯然主要不是基於 ADAS 領域，而是我們在用戶體驗中涉及的其他領域。因此，短期內會有一些 NRE 消失，這些 NRE 規模較小，可能不到 100 萬美元。然後對短期收入產生一些較小的影響，同樣，下半年的影響在 200 萬至 300 萬美元左右。但從長遠來看，我們仍然希望能夠執行絕大多數策略積壓任務。

Got it. Thank you.

知道了。謝謝。

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯、克雷格·哈勒姆。

Hey, Donald. I just wanted to clarify one thing in the past. You were saying your goal is to be EBITDA breakeven in Q4. Now with, I guess, your breakeven being dropped to $65 million in revs, do you still expect to be EBITDA breakeven in Q4? And I have a follow up.

嘿，唐納德。我只是想澄清過去的一件事。您說您的目標是在第四季度實現 EBITDA 收支平衡。現在，我猜，您的損益平衡點已降至 6,500 萬美元，您是否仍預計第四季度的 EBITDA 會實現盈虧平衡？我還有一個後續行動。

Okay. And then your $7 billion of strategic backlog, I know you don't update that until November, but I'm just curious if there's been anything that's been taken out or if you can maybe just kind of quantitatively suggest that that backlog is still growing.

好的。然後是您的 70 億美元戰略積壓訂單，我知道您要到 11 月才會更新，但我只是好奇是否有任何訂單被取消，或者您是否可以從數量上表明積壓訂單仍在增長。

I mean there's been some -- a few puts and takes in terms of timing. And we have also called out some new wins in the prepared remarks. So I mean, we'll update in the fourth quarter. But directionally, we're still going in the right direction and adding to it as we progress.

我的意思是，在時間安排方面，存在一些問題。我們也在準備好的發言中提到了一些新的勝利。所以我的意思是，我們將在第四季度進行更新。但從方向上看，我們仍然朝著正確的方向前進，並在進步的同時不斷拓展。

Okay. And then lastly, I heard you talked about the radar being on track. Is Ficosa still on track for kind of Q4 timeframe?

好的。最後，我聽到您談到雷達正在追蹤。Ficosa 是否仍能按照第四季的計畫完成任務？

The radar is still largely on track. Ficosa have some challenges with our end customers, so there's likely to be some delay in that program, but it's still in.

雷達基本上仍在跟踪中。Ficosa 在與我們的最終客戶合作時遇到了一些挑戰，因此該計劃可能會有所延遲，但它仍在進行中。

All right, thank you.

好的，謝謝。

Cody Acree, The Benchmark Company.

科迪·阿克里（Cody Acree），基準公司。

Thanks for taking my question. And maybe, Don, if we can start in China, you mentioned some increased competition there. Can you just talk specifically about what you're seeing in China directionally around the tariff increase environment, and then maybe more specifically expand on your comments on competition?

感謝您回答我的問題。唐，如果我們可以從中國開始，也許你提到那裡的競爭會加劇。您能否具體談談您對中國關稅上調環境的看法，然後更具體地闡述您對競爭的評論？

The comments on competition were directed at the OEM level, given that there's been a huge emergence of strong Chinese OEMs, which have been taking share from US and European manufacturers, particularly locally in China. And the export market has increased. From our perspective, we still see our products as being strongly differentiated. So we haven't seen enhanced competition from local Chinese or others that we've seen.

關於競爭的評論主要針對的是原始設備製造商 (OEM) 層面，因為中國出現了大量實力雄厚的原始設備製造商，它們正在搶占美國和歐洲製造商的市場份額，尤其是在中國本土。出口市場也不斷擴大。從我們的角度來看，我們仍然認為我們的產品具有很強的差異化。因此，我們並沒有看到來自中國本土或其他國家的激烈競爭。

Any comments specifically around the direction of business happening in China though?

但是，您對中國業務的發展方向有何具體評論？

Sorry, I didn't quite catch that.

抱歉，我沒聽清楚。

Just the velocity of business in China, what's been happening recently around the tariff situation?

就中國的商業速度而言，最近關稅狀況如何？

I mean we haven't -- and China has really seen direct impact. I mean, our supply chain is China for China. We deploy directly into that market. And with the exception of some ups and downs over the period of Chinese New Year, I mean, their trajectory is still pretty strong. I think BYD as a power company is growing like weeds right now and one of ours, which is nice. So in that respect, in spite of the challenges that the general Chinese economy has, the power market is strong because of their ability to gain share locally.

我的意思是我們沒有——中國確實受到了直接影響。我的意思是，我們的供應鏈是中國為中國服務的。我們直接部署到該市場。除了農曆新年期間的一些起伏之外，他們的走勢仍然相當強勁。我認為比亞迪作為一家電力公司目前正在迅速發展，也是我們的公司之一，這很好。因此，從這個方面來看，儘管中國整體經濟面臨挑戰，但由於其在當地獲得市場份額的能力，其電力市場仍然強勁。

All right. Can you just talk about your channel inventory situation, both domestically and internationally, how you're seeing any changes impact your level of visibility?

好的。您能否談談您的國內和國際通路庫存情況，以及您認為這些變化如何影響您的知名度？

There haven't been material changes in the last quarter or so that differ from the comments that we made in the past with regards [to it all].

上季沒有發生與我們過去就[對這一切]。

All right, thank you guys.

好的，謝謝大家。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Hi, thank you for taking my question. I was wondering if you could update us on your M&A plans. You have some cash on the balance sheet. Has that opportunity set changed with the current uncertainty and volatility that's out there, or are you still planning to do acquisitions?

你好，謝謝你回答我的問題。我想知道您是否可以向我們介紹您的併購計劃。您的資產負債表上有一些現金。這種機會是否隨著當前的不確定性和波動性而發生了變化，或者您是否仍計劃進行收購？

I mean, at this point, we want to be very conservative with our balance sheet. So any initial opportunities that we've been looking at are pretty much firmly on the exporting.

我的意思是，目前，我們希望對我們的資產負債表採取非常保守的態度。因此，我們所尋找的任何初步機會基本上都與出口有關。

Understood, thank you. And then just with the CFO situation, I was wondering if you could tell us what the plans and timeline there are before you fill that.

明白了，謝謝。然後就財務長的情況而言，我想知道您是否可以告訴我們在任命之前有哪些計劃和時間表。

Yes, so I mean, so we're in the throes of search right now. We're very engaged in that. We have a few candidates that we're talking to and that we're excited about. And no firm updates on timeline right now, but watch this space.

是的，我的意思是，我們現在正處於搜尋的痛苦之中。我們對此非常投入。我們正在與幾位候選人進行洽談，我們對他們感到非常興奮。目前還沒有關於時間表的確切更新，但請關注此事。

Okay, great. And one last one for me. I think you mentioned well over $100 million in incremental annualized revenue, I think, from the design wins you announced in the quarter. Is that what you said? And was there a timeframe to that?

好的，太好了。對我來說還有最後一個。我認為您提到過，本季宣布的設計勝利將帶來超過 1 億美元的增量年化收入。你是這麼說的嗎？有沒有一個時間表？

So what I talked about was the individual product lines and the sort of annualized run rate minimum that we expect from those. We didn't specifically update this [one].

所以我談論的是各個產品線以及我們期望的最低年化運行率。我們沒有專門更新這個[一]。

Okay, thank you.

好的，謝謝。

Thank you. At this time, I would like to turn a call back to management for closing comments.

謝謝。現在，我想再次呼籲管理層發表最後評論。

Thanks, everybody, for your time, and see you at the industrial conferences over the course of the [year].

謝謝大家抽出時間，期待在接下來的工業會議上再見。[年]。

Thank you. This does conclude today's teleconference. You may disconnect your lines this time. Thank you for your participation and have a great [day].

謝謝。今天的電話會議到此結束。這次你可以斷開你的線路。感謝您的參與，祝您有個愉快的一天。