indie Semiconductor Inc (INDI) 2021 Q4 法說會逐字稿

Good afternoon, and welcome to indie Semiconductor's Fourth Quarter and Year-end 2021 Earnings Call. This call is being recorded.

下午好，歡迎參加獨立半導體 2021 年第四季和年終收益電話會議。此通話正在錄音。

At this time, I will turn the call over to Pilar Barrigas, Head of Global Corporate Communications for indie. Ms. Barrigas, please go ahead.

現在，我將把電話轉給獨立公司全球企業傳播主管 Pilar Barrigas。巴里加斯女士，請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to indie Semiconductor's Fourth Quarter and 2021 Year-end Earnings Call. Joining me today are Donald McClymont, indie's Co-Founder and CEO; and Tom Schiller, indie's CFO and EVP of Strategy. Donald will provide opening remarks and discuss business highlights, followed by Tom's review of indie's fourth quarter and 2021 full year results as well as our first quarter 2022 outlook.

謝謝您，接線生。大家下午好，歡迎參加獨立半導體第四季和2021年年終收益電話會議。今天與我一起出席的還有 indie 的聯合創始人兼首席執行官唐納德·麥克萊蒙特 (Donald McClymont)；以及獨立公司的首席財務官兼戰略執行副總裁湯姆·席勒 (Tom Schiller)。唐納德將致開幕詞並討論業務亮點，隨後湯姆將回顧獨立電影公司第四季度和 2021 年全年業績以及我們對 2022 年第一季的展望。

Please note that we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative about views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our risk factors in our recent registration statement on Form S-1 and our other public reports filed with the SEC.

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，不應被視為代表任何後續日期的觀點。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。有關可能影響我們財務表現的重大風險和其他重要因素的進一步討論，請參閱我們最近的 S-1 表格註冊聲明和向美國證券交易委員會提交的其他公開報告中的風險因素。

Additionally, the results and guidance discussed today are based on certain non-GAAP financial measures. For a complete reconciliation to GAAP, please see our Q4 earnings press release, which was issued in advance of this call and can be found on our website at indiesemi.com.

此外，今天討論的結果和指導是基於某些非 GAAP 財務指標。如需與 GAAP 進行完整對賬，請參閱我們在本次電話會議之前發布的第四季度收益新聞稿，可在我們的網站 indiesemi.com 上找到。

Finally, as an emerging growth company, our final 2021 results are not due to be filed with the SEC until March 31. In the meantime, we are providing this preliminary business update and outlook in the interest of keeping our investors abreast of indie's performance.

最後，作為一家新興成長型公司，我們 2021 年的最終業績要到 3 月 31 日才需要向美國證券交易委員會 (SEC) 提交。同時，我們提供此初步業務更新和展望，以便讓我們的投資者隨時了解獨立公司的表現。

With that, I'll turn the call over to Donald.

說完這些，我將把電話轉給唐納德。

Thanks, Pilar, and welcome, everybody.

謝謝，皮拉爾，歡迎大家。

I'm pleased to report that indie delivered another record quarter in Q4 and in turn, an outstanding year. Despite global capacity constraints, we are successfully navigating a still challenging supply chain environment and executing operationally to meet increasing customer demand for our highly innovative Autotech solutions. Our outperformance is a true testament to the strength of the indie team, our differentiated product portfolio and underlying IP as well as the powerful automotive megatrends fueling the need for the next-generation ADAS, user experience and electrification solutions.

我很高興地報告，獨立音樂在第四季度再次創下了紀錄，從而度過了出色的一年。儘管存在全球產能限制，我們仍成功應對了仍充滿挑戰的供應鏈環境，並在營運中滿足了客戶對我們高度創新的 Autotech 解決方案日益增長的需求。我們的優異表現真正證明了獨立團隊的實力、我們差異化的產品組合和底層 IP，以及強大的汽車大趨勢推動了對下一代 ADAS、用戶體驗和電氣化解決方案的需求。

Specifically, during the fourth quarter, we substantially outpaced our addressable markets, and grew revenue to a record $19 million. We expanded gross margin by more than 1,000 basis points year-over-year and over 300 basis points sequentially. We gained design win traction across a number of new products and customers and significantly augmented our LiDAR and radar portfolios via organic development and key acquisitions.

具體來說，在第四季度，我們的成長速度大幅超越了目標市場，營收成長至創紀錄的 1,900 萬美元。我們的毛利率較上年同期增加了 1,000 多個基點，較上一季增加了 300 多個基點。我們在許多新產品和客戶中獲得了設計勝利，並透過有機發展和關鍵收購顯著增強了我們的光達和雷達產品組合。

From a full year 2021 perspective, we delivered a record $48 million in revenue, more than doubling of 2020's top line. We improved gross margin by over 100 basis points to above 43%, significantly increased our R&D investments in strategic product areas, implemented critical public company infrastructure pre- and post- our June IPO. And perhaps most importantly, given our strong balance sheet and expanding sensor modality capabilities, we captured several major design wins with leading customers.

從 2021 年全年來看，我們實現了創紀錄的 4,800 萬美元收入，是 2020 年收入的兩倍多。我們的毛利率提高了 100 多個基點，達到 43% 以上，大幅增加了對戰略產品領域的研發投入，並在 6 月 IPO 前後實施了關鍵的上市公司基礎設施。或許最重要的是，鑑於我們強大的資產負債表和不斷擴展的感測器模式能力，我們贏得了領先客戶的幾項重大設計勝利。

The impact of these efforts are not to be understated and are positioning indie to become the premier supplier of embedded mixed signal solutions for user experience and full system offerings spanning LiDAR, radar, ultrasounds and vision precisely as the automotive industry increases its demands for these complex solutions. indie's advanced Autotech solutions directly answer the performance and integration challenges faced by automotive Tier 1s and car OEMs to date, and we'll continue to exceed next-generation vehicle requirements as complexity increases.

這些努力的影響不可低估，隨著汽車產業對這些複雜解決方案的需求不斷增加，Indie 將成為用戶體驗嵌入式混合訊號解決方案和涵蓋光達、雷達、超音波和視覺的全系統產品的首要供應商。 indie 先進的 Autotech 解決方案直接解決了汽車一級供應商和汽車原始設備製造商迄今為止面臨的性能和整合挑戰，隨著複雜性的增加，我們將繼續超越下一代汽車的要求。

Simply put, as the degree of self-driving increases, the number of sensors will grow exponentially. More high-end, embedded processors will be required to enhance safety as well as the driver and passenger experience. And given our advanced digital architectures, high-speed mixed signal, DSP, power management and connectivity technologies, these strategic dynamics bode well for indie and will translate into greater content per vehicle for us.

簡單來說，隨著自動駕駛程度的提高，感測器的數量將呈指數級增長。需要更多高階嵌入式處理器來增強安全性以及駕駛和乘客的體驗。鑑於我們先進的數位架構、高速混合訊號、DSP、電源管理和連接技術，這些策略動態對獨立公司來說是一個好兆頭，並將轉化為我們每輛車的更多內容。

In fact, at the core of today's vehicles are hundreds of semiconductors, sensing surroundings, making real-time decisions and controlling the vehicle system operation. Accordingly, the average semiconductor content per car is expected to grow from roughly $500 per day to over $4,000 over the coming decade.

事實上，當今汽車的核心是數百個半導體，它們感知周圍環境、做出即時決策並控制車輛系統運作。因此，預計未來十年每輛汽車的平均半導體含量將從每天約 500 美元增長到 4,000 美元以上。

To that end, during the quarter, we expanded production of advanced interior lighting solutions to support multiple new OEM customers; captured onboard telematics design wins at IOSiX, a fleet information services provider; commenced shipments of exterior lighting products with a leading German OEM; were awarded a vehicle security system program with a European Tier 1 supplier; unveiled Surya, a highly integrated LiDAR SoC augmented by TeraXion's world-class laser and sensing solutions.

為此，本季度我們擴大了先進室內照明解決方案的生產，以支援多個新的 OEM 客戶；贏得了車隊資訊服務供應商 IOSiX 的車載遠端資訊處理設計訂單；開始向德國領先的 OEM 廠商出貨外部照明產品；獲得歐洲一級供應商的車輛安全系統專案；推出了 Surya，這是一款高度整合的新雷射傳感。

Until now, LiDAR systems have not met the cost targets given the higher price points for discrete implementations. We believe Surya represents a breakthrough in achieving the cost requirements while providing outstanding performance. At the same time, our acquisition of Analog Devices' Symeo radar division last month is accelerating indie's entry into the large and growing automotive radar market, which is expected to reach a TAM of $7.6 billion by 2026.

到目前為止，由於分立實現的價格較高，LiDAR 系統尚未達到成本目標。我們相信 Surya 在提供出色性能的同時，也實現了成本要求方面的突破。同時，我們上個月收購了 ADI 公司的 Symeo 雷達部門，這加速了獨立公司進入龐大且不斷成長的汽車雷達市場，預計到 2026 年該市場的總規模將達到 76 億美元。

Symeo's industry-leading software and system technologies, underpinned by 120 radar-related global patents and applications, enables real-time position detection and velocity measurement for high-precision radar solutions. Further, our acquisition of ON Semi's highly skilled radar design engineers in Israel brings a strong domain experience in millimeter wave technologies, along with 65 radar patents and applications. Merging the ADI and ON Semi teams with incredibly strong and complementary expertise under the indie umbrella has significantly expanded our capabilities in the radar field.

Symeo 業界領先的軟體和系統技術，以 120 項雷達相關的全球專利和應用為基礎，可實現高精度雷達解決方案的即時位置偵測和速度測量。此外，我們收購了安森美半導體在以色列的高技能雷達設計工程師，帶來了毫米波技術領域的豐富經驗，以及 65 項雷達專利和應用。將擁有極其強大且互補專業知識的 ADI 和 ON Semi 團隊合併到獨立公司旗下，大大擴展了我們在雷達領域的能力。

As a direct result of these twin acquisitions, I'm pleased to report that we've recently entered into a strategic development agreement with 1 of the top 4 global automotive radar suppliers in the world. This program has the potential to be one of the single largest design wins in indie's history and validates our organic radar investments and recent acquisitions. We fully expect similar milestone wins in the near future as we leverage technologies coming across LiDAR, radar, vision and ultrasound applications.

作為這兩項收購的直接成果，我很高興地報告，我們最近與全球四大汽車雷達供應商之一簽訂了策略發展協議。該項目有可能成為獨立歷史上最大的單一設計勝利之一，並驗證了我們的有機雷達投資和最近的收購。隨著我們利用光達、雷達、視覺和超音波應用領域的技術，我們完全期待在不久的將來取得類似的里程碑式勝利。

In summary, indie is now even better positioned to capitalize on the Autotech opportunity as automakers make large-scale investments in next-generation vehicles that will usher in increased safety features and enhance the user experience towards ubiquitous electrification and autonomy.

總而言之，隨著汽車製造商對下一代汽車進行大規模投資，獨立汽車現在更有能力利用汽車技術的機會，這些汽車將帶來更高的安全性能，並增強用戶體驗，實現無處不在的電氣化和自動駕駛。

I will now turn the call over to Tom for a discussion of our Q4 and 2021 results and Q1 outlook.

現在我將把電話轉給湯姆，討論我們的第四季和 2021 年業績以及第一季度展望。

Thanks, Donald.

謝謝，唐納德。

indie delivered strong fourth quarter results, once again exceeding our guidance and analyst expectations. Revenue was up 185% year-over-year and 56% sequentially to a record $19 million, ahead of our guidance for 50% sequential growth, driven by ADAS, user experience and electrification demand as well as the addition of a stub period of TeraXion. Gross profit was $8.8 million, translating into a 46.3% gross margin, up 1,090 basis points year-over-year and 330 basis points sequentially, while 130 basis points better than our guidance.

indie 第四季業績表現強勁，再次超越了我們的指導和分析師的預期。營收年增 185%，季增 56%，達到創紀錄的 1,900 萬美元，高於我們預期的 50% 的環比增長，這得益於 ADAS、用戶體驗和電氣化需求以及 TeraXion 存根期的增加。毛利為 880 萬美元，毛利率為 46.3%，年成長 1,090 個基點，比上一季成長 330 個基點，比我們的預期高出 130 個基點。

Operating expenses were on forecast at $21.4 million, up from $16.8 million in the prior quarter as we increased our R&D investments to $15.6 million to accelerate product development. Likewise, we increased our SG&A spending to $5.8 million to expand our marketing capabilities and implement additional public company infrastructure. As a result, our operating loss was $12.7 million and ahead of analyst consensus estimates. Interest, other expenses and taxes were $50,000, yielding a net loss of $12.7 million and loss per share of $0.09 on a base of 146.8 million shares.

由於我們增加研發投資至 1,560 萬美元以加速產品開發，預計營運費用為 2,140 萬美元，高於上一季的 1,680 萬美元。同樣，我們將銷售、一般及行政費用 (SG&A) 支出增加至 580 萬美元，以擴大我們的行銷能力並實施額外的上市公司基礎設施。因此，我們的營業虧損為 1,270 萬美元，高於分析師的普遍預期。利息、其他費用和稅金為 50,000 美元，淨虧損為 1,270 萬美元，每股虧損 0.09 美元（以 1.468 億股計算）。

Turning to the balance sheet. Post our operating loss, working capital investments and acquisition expenditures, we exited Q4 with $219 million in cash with limited debt. For the full year, revenue more than doubled to a record $48.4 million with 2021 gross margin expanding to 43.7%, a 140 basis point improvement over the prior year. Achieving this level of performance was all the more remarkable in light of a challenging global supply chain environment.

轉向資產負債表。扣除營運虧損、營運資本投資和收購支出後，我們在第四季結束時擁有 2.19 億美元現金，且債務有限。全年營收成長一倍以上，達到創紀錄的 4,840 萬美元，2021 年毛利率擴大至 43.7%，比上年提高 140 個基點。在充滿挑戰的全球供應鏈環境下，要實現這一業績水準就顯得更加了不起。

Entering 2022, given new program ramps this quarter and throughout the year, we intend to demonstrably and sustainably outperform our addressable markets and drive further gross margin expansion. Specifically, for the first quarter of 2022, we anticipate revenue to be up 160% to 170% year-over-year and in the range of $21 million to $22 million, putting indie on pace for another record quarter and a stellar 2022. In fact, with this guidance, indie is already on a roughly $86 million annualized revenue run rate and is tracking to deliver well over $100 million in total revenue in 2022.

進入 2022 年，鑑於本季度及全年新項目的推進，我們打算明顯且持續地超越我們的目標市場，並進一步推動毛利率的擴大。具體來說，我們預計 2022 年第一季的營收將年增 160% 至 170%，達到 2,100 萬美元至 2,200 萬美元，這將使獨立遊戲有望再創季度紀錄，並在 2022 年取得輝煌的成績。事實上，在這項指引下，獨立遊戲的年化收入運行率已達到約 8,600 萬美元，並預計在 2022 年實現超過 1 億美元的總收入。

For Q1, at the midpoint of our revenue guidance range, we plan to further expand gross margin to 47% with $27 million in operating expenses comprised of $21 million in R&D and $6 million in SG&A as we increase our product development investments in response to the pent-up customer demand, particularly in radar, and extend our sales and marketing reach globally. Accordingly, assuming no other net expense or taxes below the line and approximately 148 million shares outstanding, we expect a net loss of $0.11 per share.

對於第一季度，在我們收入指導範圍的中點，我們計劃將毛利率進一步擴大至 47%，營運費用為 2,700 萬美元，其中包括 2,100 萬美元的研發費用和 600 萬美元的銷售、一般及行政費用，因為我們將增加產品開發投資範圍內被壓抑的客戶需求，特別是以滿足雷達方面，並擴大我們在全球的營銷範圍內的營銷範圍內。因此，假設沒有其他淨支出或稅金低於該線且流通股數約為 1.48 億股，我們預期每股淨虧損為 0.11 美元。

Further, and most important, indie is poised to capitalize on the strategic Autotech market and translate our design win momentum into long-term shareholder value. With strengthening order visibility, demonstrated scalability and planned operating leverage, we are well on our way to reaching profitability in the back half of next year and realizing our long-term targets of 60% gross and 30% operating margins by 2025.

此外，最重要的是，獨立公司準備好利用策略性汽車技術市場，將我們的設計勝利動能轉化為長期股東價值。透過加強訂單可見度、展示可擴展性和計劃營運槓桿，我們預計在明年下半年實現盈利，並實現到 2025 年毛利潤率達到 60% 和營業利潤率達到 30% 的長期目標。

On that note, I'll turn it back to Donald for his closing comments.

關於這一點，我將把話題轉回給唐納德，請他發表最後評論。

Thanks, Tom.

謝謝，湯姆。

To summarize, the rapid emergence of user experience, semi-autonomous and ultimately fully self-driving vehicles in addition to electrification are creating enormous opportunities for the Autotech landscape and indie in particular as these applications require highly integrated semiconductor and embedded software technologies. Keep in mind, indie is riding a powerful multiyear tailwind as the global automotive semiconductor TAM is expected to grow from $36 billion last year to $62 billion by 2026.

總而言之，除了電氣化之外，使用者體驗、半自動駕駛和最終全自動駕駛汽車的迅速出現為汽車技術領域和獨立汽車創造了巨大的機遇，因為這些應用需要高度整合的半導體和嵌入式軟體技術。請記住，獨立公司正乘著強勁的多年順風，因為全球汽車半導體 TAM 預計將從去年的 360 億美元增長到 2026 年的 620 億美元。

The transport experience is changing for both drivers and passengers as enhanced safety and better in-cabin features are deployed. And as OEMs announce worldwide e-vehicle investments over the next 5 years that will exceed $250 billion, in some cases, committing to shift their entire car portfolio to electric within the next 15 years. indie's disruptive technologies are helping to empower this Autotech revolution and are enabling us to outpace the growth of the market. I couldn't be more thrilled about how indie's differentiated semiconductor, sensor and software technologies are driving the next wave of the automotive industry innovation.

隨著安全性的提高和車內功能的改善，駕駛和乘客的交通體驗正在改變。而且，汽車製造商宣布未來 5 年全球電動車投資將超過 2,500 億美元，有些甚至承諾在未來 15 年內將整個汽車組合轉向電動車。 indie 的顛覆性技術正在幫助這場汽車技術革命，並使我們能夠超越市場的成長。我對獨立差異化的半導體、感測器和軟體技術如何推動汽車產業創新的下一波浪潮感到無比興奮。

That concludes our prepared remarks. Operator, let's open the call for Q&A.

我們的準備好的演講到此結束。接線員，讓我們開始問答環節。

(Operator Instructions) And your first question comes from the line of Anthony Stoss with Craig-Hallum.

（操作員指示）您的第一個問題來自 Craig-Hallum 的 Anthony Stoss。

Nice results. I think in the past, you've given strategic backlog number, kind of a cumulative. Can you update us on that? And then also, Donald, I'd love to hear any other -- more detail, I guess, on design win activity. Then I had a follow-up for Tom.

效果不錯。我認為在過去，您給出了戰略積壓數量，這是一種累積數字。能向我們通報一下最新情況嗎？另外，唐納德，我很想聽到任何其他 - 我想，關於設計獲勝活動的更多細節。然後我對湯姆進行了後續。

So as we've mentioned before, we don't intend to regularly update strategic backlog, at least not every quarter. In the light of the design wins that we have announced as part of the comments here, which you heard, we have made some extremely significant progress. Particularly, I would single out the radar design win, which is a very significant material addition to the company. But we're not actually going to quantify the change to the strategic backlog today.

因此，正如我們之前提到的，我們不打算定期更新策略性積壓，至少不是每季更新。根據您在評論中聽到的我們宣布的設計勝利，我們已經取得了一些極其重大的進展。特別地，我要特別指出雷達設計的勝利，這對公司來說是一個非常重要的物質補充。但我們今天其實不會量化戰略積壓的變化。

Okay. Got it. And I guess a two-part follow-up then. What -- when will this new strategic relationship commence revenue-wise for indie and, I guess, kind of the trajectory of getting that going? And then the supply chain impact, Tom, if you wouldn't mind, if you had a guess how much it impacted December revenues and the March guide.

好的。知道了。我想後續會分成兩個部分。這種新的戰略關係何時會為獨立遊戲帶來收入？我想，這種關係的發展軌跡是怎麼樣的呢？然後是供應鏈的影響，湯姆，如果你不介意的話，你可以猜測它對 12 月的收入和 3 月的指南有多大影響。

Well, in terms of the new design wins, of course, it's automotive, so what we win in this year won't hit volume revenue until 2025 or so. In terms of the supply chain, we managed it pretty well, I would say. We kept our customers supplied, and we managed to make sure that we weren't the long pole in anybody's tent. Probably we could have shipped a little bit more as these guys would love to have some inventory in their channel, which they still currently don't. But I probably wouldn't actually put a number on exactly what the difference was between what we could have and what we did.

嗯，就新設計的勝利而言，當然是汽車領域的，所以我們今年贏得的勝利要到 2025 年左右才會達到批量收入。就供應鏈而言，我想說我們管理得相當好。我們保證向客戶提供貨源，並設法確保我們不會成為任何人帳篷裡的長桿。也許我們可以多運送一些，因為這些人希望在他們的頻道中有一些庫存，但目前他們還沒有。但我可能不會真正地用數字來表示我們本來可以得到的和我們得到的之間的差異到底有多大。

Our next question comes from the line of Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西摩。

Congrats. I wanted to see if, Donald, you'd go in a little more detail about the strategic radar engagement that you have. Obviously, you're not going to name specific companies and customers, et cetera, or numbers, but what led to that? What was the appeal that you had? I know you did some things organically and inorganically, but just a little bit of color about how that came about and what's the special sauce you're bringing to that customer.

恭喜。唐納德，我想看看你是否願意更詳細地介紹一下你們的戰略雷達交戰情況。顯然，您不會透露特定的公司和客戶等名稱或數字，但是是什麼導致了這一點？你的吸引力是什麼？我知道您做了一些有機和無機的事情，但我只是想稍微解釋一下這些事情是如何發生的，以及您為客戶帶來了什麼特別之處。

Well, first, let me talk about the significance of it. I mean I can't underline it enough, it's a huge milestone for us as a company. It's a very binding contract on both sides. The thing that brought us together really was the technology that we were able to bring, which was very differentiated in terms of cost, performance, power consumption versus the incumbents.

那麼首先我來談談這件事的意義。我的意思是，我再怎麼強調也不為過，這對我們公司來說是一個巨大的里程碑。這對雙方來說都是一份非常具有約束力的合約。讓我們走到一起的真正原因是我們能夠帶來的技術，與現有企業相比，我們的技術在成本、效能、功耗方面有很大差異。

The customers themselves, they are one of the significant market shareholders out there at the moment. Our expectation is that we will take a very significant, large portion of their addressable market, and it's a large dollar content per car for us. So it's going to be pretty significant.

客戶本身就是目前重要的市場股東之一。我們的預期是，我們將佔據他們可尋址市場的很大一部分，而且對我們來說，每輛車的價值都很大。所以這將具有相當重要的意義。

Thank you for that color and I realize it's sensitive to talk about all the details. One for Tom. The gross margin surprised sequentially versus your guide. It looks like it's going up again in the March quarter on your guide. What's driving that?

謝謝你的顏色，我意識到談論所有細節都是很敏感的。一個給湯姆。毛利率與您的預期相比有所意外。按照您的指南，三月季度它似乎又會上漲。是什麼原因導致的呢？

Sure. So a few factors. One, just the quality mix. And then also, as we've talked about in the past, the move from first to second to third generation product and then operational scale. All those factors are contributing to gross margin expansion, and one of the key reasons we have such confidence in the outer year 60% target.

當然。有幾個因素。第一，只是質量組合。而且，正如我們過去所討論過的，從第一代產品到第二代、第三代產品的轉變，然後是營運規模。所有這些因素都促進了毛利率的擴大，這也是我們對明年 60% 的目標充滿信心的關鍵原因之一。

Our next question comes from the line of Suji Desilva with ROTH Capital.

我們的下一個問題來自 ROTH Capital 的 Suji Desilva。

Congratulations on the progress here. I'm curious when you mentioned things like advanced lighting systems or perhaps even more vehicle security systems, those sound more like system-level wins versus product wins, like vision, ultrasound, radar. Donald, can you just clarify if that's -- the difference is meaningful or not? And help me understand what the implications are for your level of interaction with the customers.

祝賀您的進展。我很好奇，當您提到先進的照明系統或更多的車輛安全系統之類的東西時，這些聽起來更像是系統級的勝利，而不是產品級的勝利，例如視覺、超音波、雷達。唐納德，你能否澄清一下──這種差異是否有意義？並幫助我了解這對您與客戶互動程度有何影響。

No, no. There's no difference. We'll still provide -- we're still providing semiconductor components with embedded software. So the business model is the same.

不，不。沒有別的。我們仍將提供—我們仍將提供具有嵌入式軟體的半導體元件。所以商業模式是一樣的。

Okay. Fair enough. And then I was curious, the fleet market, you mentioned a win there or a win with a -- I guess, a content -- a technology provider into the fleet market. Is that market meaningfully different from the passenger car market [for you? Will it] come sooner perhaps? Any color there would be helpful.

好的。很公平。然後我很好奇，您提到了車隊市場在那裡取得了勝利，或者說是內容——技術提供者進入車隊市場取得了勝利。對您來說，該市場與乘用車市場有何顯著差異？它會不會來得更快一些？任何顏色都會有幫助。

Yes, that's true. It does actually have a shorter time to market than traditionally designing into some new model year, which will happen a few years in the future. Typically, the electronics are supplied by our customer, our aftermarket. So it's still in the car business, but the time to market is a little faster.

是的，確實如此。與傳統設計某些新車型年份相比，它的上市時間確實更短，而新車型年份將在未來幾年內推出。通常，電子產品由我們的客戶（我們的售後市場）提供。因此它仍然從事汽車業務，但上市時間要快一些。

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

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

I just wanted to follow up to start with a clarification for Tom. Tom, can you quantify the revenue contribution from TeraXion in the quarter and what you're assuming in the outlook?

我只是想跟進一下，先向湯姆澄清一下。湯姆，您能量化 TeraXion 本季的營收貢獻嗎？以及您對前景的假設是什麼？

Yes. On that, Craig, we're actually not segmenting the business. But suffice to say, at least last quarter, both the classic indie business and TeraXion for that matter were ahead of plan, and that helped deliver upside. Beyond that, we just don't plan to subsegment the business and our guidance going forward.

是的。關於這一點，克雷格，我們實際上並沒有對業務進行細分。但可以說，至少在上個季度，經典獨立業務和 TeraXion 都超出了計劃，這有助於實現上行。除此之外，我們只是不打算細分業務和未來的指導。

Yes, I didn't expect it long term. I was hoping to get some of the color you provided. And then Donald, I'll follow up on some of the other questions around the new strategic development agreement. So first, congratulations, given the significance of that accomplishment. The questions are these. One, can -- and admittedly, you can't give customer names. Can -- but can you provide any color on the potential for further end customer diversification? And I was hoping you could also provide some further color on the comments that there's pent-up demand out there in radar and your ability to address that pent-up demand as you engage with this new partner or other partners.

是的，我並沒有期待它能持續很久。我希望能得到您提供的一些顏色。然後唐納德，我將跟進有關新戰略發展協議的一些其他問題。首先，我們要祝賀你，因為這項成就意義重大。問題是這些。首先，可以－不可否認，你不能提供客戶的名字。可以—但是您能否提供有關進一步實現最終客戶多樣化的潛力的任何資訊？我希望您能進一步闡明雷達領域存在被壓抑的需求，以及您在與這個新合作夥伴或其他合作夥伴合作時解決這些被壓抑的需求的能力。

Well, in terms of does it give us access to new market, of course, because it's really our first entry into the radar market itself. So it's incremental versus our running business.

嗯，就它是否能讓我們進入新市場而言，當然，因為這實際上是我們第一次進入雷達市場。因此，相對於我們的營運業務而言，它是增量的。

In terms of the sell-through into OEMs, then yes, there will be some as a result of this relationship, who we haven't accessed in the past. So it does give us, let's say, an incremental increase in our TAM.

就原始設備製造商 (OEM) 的銷售而言，是的，透過這種關係，我們會接觸到一些過去從未接觸過的客戶。因此，它確實為我們帶來了 TAM 的增量成長。

In terms of the significance of the business itself, again, if you consider the amount of sensors that are being deployed per car, if you just sort of pick a number of 80 million cars in a normal year, manufacturer, they have up to 4 radar sensors. There were a limited number of vendors who were able to provide the technologies, which were required in that market. It is an aggressive investment in order to deploy that. But we felt and our customer felt and the market felt in general that there was a -- it was a requirement to have one new vendor introduced to a very limited subset of vendors and we won that prize.

就業務本身的意義而言，如果你考慮每輛汽車部署的傳感器數量，如果你在正常年份選擇 8000 萬輛汽車，製造商就會有多達 4 個雷達傳感器。能夠提供該市場所需技術的供應商數量有限。為了實現這一目標，這是一項積極的投資。但我們、我們的客戶以及整個市場都認為，有必要將一個新的供應商介紹給非常有限的供應商子集，而我們贏得了這個獎項。

Really, it represents -- in terms of the kind of size and order of magnitude of business that we can address, it really represents the first time I would say that indie, as a company, has actually been able to win one of the premium design wins in the automotive market at all.

實際上，就我們能夠處理的業務規模和數量級而言，它代表了我認為獨立公司第一次能夠在汽車市場上贏得優質設計勝利。

Our final question comes from the line of David Williams with Benchmark Company.

我們的最後一個問題來自 Benchmark Company 的 David Williams。

Congrats on the progress.

恭喜你取得進展。

Thanks.

謝謝。

Yes. Just wanted to see if you could talk maybe a little bit about the vehicle security system program that you won with the European Tier 1. And maybe just what that ramp looks like? Any color around that opportunity, maybe anything around the specifics of the solution there?

是的。只是想看看您是否可以稍微談談您在歐洲一級市場贏得的車輛安全系統計劃。也許可以問一下那個坡道是什麼樣子的？關於這個機會有什麼特別之處嗎？或者關於那裡的解決方案的具體細節有什麼特別之處嗎？

Well, basically, it's a classic intruder detection, so stop the car getting stolen or broken into. It's a reasonably complex system. It's an area where we've been active for a long period of time in the company's history. But this actually really gives us access to a new market, a new set of customers in the end results. So it should be fairly reasonable incremental revenue stream for us going forward.

嗯，基本上，這是一種典型的入侵者檢測方法，可以防止汽車被盜或被闖入。這是一個相當複雜的系統。在公司歷史上，我們長期活躍於這個領域。但最終這確實讓我們進入了一個新市場，並獲得了一群新客戶。因此，對於我們未來來說，這應該是相當合理的增量收入來源。

Probably we would decline to quantify it exactly at this point. But also, it's kind of congruent with the regular time frame of the car market. What we've won today will likely go to production in '25 or so.

或許我們現在不願意對此進行精確量化。但它也與汽車市場的常規時間框架一致。我們今天贏得的產品很可能在 25 年左右投入生產。

Okay. Fantastic. And then maybe just as you think about your pipeline, you have a robust, it seems like, a number of design wins across the different areas. How do you think about each segment over time in terms of the revenue contribution? And where do you see the greatest design win activity? And then maybe talk about your ability to scale up in terms of capacity to meet that demand that's forthcoming.

好的。極好的。然後也許正如您所考慮的，您似乎在不同領域獲得了許多設計勝利。您如何看待各部門在一段時間內對收入的貢獻？您認為最成功的設計活動在哪裡？然後也許可以談談您在產能方面擴大規模以滿足即將到來的需求的能力。

So -- I mean growth is coming from all of our product areas at the moment. Historically, the user experience has been where the greater majority of our businesses come from. Where we see the largest medium-term demand is in the sensing space, so -- which we sometimes misname as ADAS, so -- and LiDAR, radar, vision and ultrasound. That's where we would expect to see, within our business, the growth outpace the rest of the business, I would say.

所以——我的意思是目前我們所有的產品領域都在成長。從歷史上看，用戶體驗是我們大部分業務的來源。我們認為中期需求最大的領域是感測領域，有時我們會誤稱為 ADAS，以及 LiDAR、雷達、視覺和超音波。我想說，我們預計我們的業務成長速度將超過其他業務。

Electrification is kind of early doors for us, but we have a significant design win in that space, which we talked about, I guess, 2 quarters ago or maybe 1 quarter ago in the earnings.

電氣化對我們來說還處於起步階段，但我們在該領域取得了重大的設計勝利，我想我們在兩個季度前或一個季度前的收益報告中談到了這一點。

Last quarter.

上個季度。

Last quarter. Which is, I would say, kind of a vanguard of our drive into that market. But all of the segments will contribute pretty nicely to the overall company's top line.

上個季度。我想說，這是我們進軍該市場的先鋒舉措。但所有部門都會對整個公司的營收做出相當大的貢獻。

Thank you. That concludes our Q&A session. I will now turn the call over to Mr. McClymont for closing remarks.

謝謝。我們的問答環節到此結束。現在我將把發言時間交給麥克萊蒙特先生，請他作最後發言。

Well, thanks for joining us today, everybody. Looking forward to seeing you at the upcoming investor conferences and venues, and see you next quarter.

好吧，感謝大家今天加入我們。期待在即將舉行的投資者會議和會場上見到您，並期待下個季度再見。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與，祝您有美好的一天。