(MBLY) 2023 Q1 法說會逐字稿

Hello, and welcome to Mobileye's First Quarter 2023 Earnings Conference Call for the period ending April 1, 2023.

大家好，歡迎來到 Mobileye 截至 2023 年 4 月 1 日的 2023 年第一季度收益電話會議。

Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it. Such statements involve risks and uncertainties. Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially.

請注意，今天的討論包含基於我們目前所見商業環境的前瞻性陳述。此類陳述涉及風險和不確定性。請參閱隨附的新聞稿，其中包含有關可能導致實際結果出現重大差異的具體因素的更多信息。

Additionally, on this call, we will refer to both GAAP and non-GAAP figures. A reconciliation of GAAP to non-GAAP financial measures is provided in our posted earnings release.

此外，在這次電話會議上，我們將參考 GAAP 和非 GAAP 數據。我們發布的收益報告中提供了 GAAP 與非 GAAP 財務指標的對賬。

Joining us on the call today are Professor Amnon Shashua, Mobileye's CEO and President; and Anat Heller, Mobileye's CFO. Thanks, and now I'll turn the call over to Amnon.

今天與我們一起參加電話會議的有 Mobileye 的首席執行官兼總裁 Amnon Shashua 教授；和 Mobileye 的首席財務官 Anat Heller。謝謝，現在我會把電話轉給 Amnon。

Hello, everyone, and thank you for joining our earnings call. I'm going to focus my comments on 3 areas. I'll briefly discuss the quarter we just completed, expand on the business development progress on our advanced portfolio and then address and adjust to our full year guidance.

大家好，感謝您參加我們的財報電話會議。我將把我的評論集中在 3 個方面。我將簡要討論我們剛剛完成的季度，擴展我們高級產品組合的業務發展進展，然後解決並調整我們的全年指導。

In what is still a volatile macro environment, our business performed well in Q1. Revenue was about -- was up 16% year-over-year against an industry production backdrop of around 6% year-over-year growth. EyeQ-related revenue was up 11% year-over-year and the 25,000 SuperVision units we delivered more than doubled off a low base. Average system price continues to rise, up 6% year-over-year to $54.

在仍然動蕩的宏觀環境中，我們的業務在第一季度表現良好。在行業生產同比增長約 6% 的背景下，收入約為 - 同比增長 16%。 EyeQ 相關收入同比增長 11%，我們交付的 25,000 台 SuperVision 裝置在低基數的基礎上翻了一番多。平均係統價格繼續上漲，同比上漲 6% 至 54 美元。

Operating income of $124 million was a bit higher than we expected and cash flow continues to be very robust. We generated over $170 million of operating cash flow and capital expenditures were $26 million, Anat will provide more details on this quarter.

1.24 億美元的營業收入略高於我們的預期，現金流繼續非常強勁。我們產生了超過 1.7 億美元的運營現金流，資本支出為 2600 萬美元，Anat 將提供有關本季度的更多詳細信息。

On the new business side, the opportunities in front of us are very large across all product lines. At a high level, the pipeline of opportunities we're pursuing in 2023 is already higher than the $6.7 billion of projected future business we generated from design wins in 2022. And we are expecting more opportunities to present themselves as the year progresses.

在新業務方面，擺在我們面前的機會非常大，橫跨所有產品線。在較高的層面上，我們在 2023 年尋求的機會管道已經高於我們在 2022 年設計獲勝所產生的 67 億美元的預計未來業務。而且我們預計隨著時間的推移會有更多機會出現。

Significantly more than half of the revenue opportunity we are pursuing is for our advanced products like cloud enhanced driving assist, SuperVision and Chauffeur, which carry much higher content per vehicle than our base driving of this product. On cloud-enhanced ADAS, where we add the REM map features to a basic front-facing camera system, we have one customer in production today and a second that we launched this year. Volumes are still relatively low, but are expected to ramp up quickly as the technologies offer more and more cars as new vehicles launch.

我們尋求的收入機會中有一半以上來自我們的高級產品，如雲增強駕駛輔助、SuperVision 和 Chauffeur，這些產品每輛車的內容比我們對該產品的基本駕駛要高得多。在雲增強型 ADAS 上，我們將 REM 地圖功能添加到基本的前置攝像頭系統中，我們今天有一個客戶在生產，第二個是我們今年推出的。銷量仍然相對較低，但隨著新車的推出，隨著技術提供越來越多的汽車，預計銷量將迅速增加。

We see very positive signs in this business based on the following. First, each of the 2 customers so far have recently decided to offer cloud-enhanced ADAS on a bigger percentage of their vehicle portfolio, adding new platforms incremental to the original plan. Second, Euro NCAP has added cloud-based safety services to the criteria for 2026 safety ratings. This indicates regulatory support for the types of safety features that high-definition, rapidly refreshing maps can provide, and we believe we have a major competitive advantage in that area.

基於以下幾點，我們在該業務中看到了非常積極的跡象。首先，到目前為止，這兩個客戶中的每一個最近都決定在他們的車輛組合中提供更大比例的雲增強型 ADAS，在原始計劃的基礎上增加新的平台。其次，Euro NCAP 已將基於雲的安全服務添加到 2026 年安全評級的標準中。這表明對高清、快速刷新地圖可以提供的安全功能類型的監管支持，我們相信我們在該領域具有主要的競爭優勢。

Third, the economics of the business will drive higher average system prices. We generate higher upfront pricing on the system on chip and the recurring software revenue, which is very high margin is expected to generate at least double the upfront revenue and represent more than $1 billion of potential revenue from just these 2 OEMs through 2030.

第三，業務的經濟性將推高平均係統價格。我們在片上系統和經常性軟件收入上產生了更高的前期定價，這是非常高的利潤率，預計將產生至少兩倍的前期收入，並且到 2030 年僅這兩家 OEM 的潛在收入就超過 10 億美元。

Moving on to SuperVision. We have a large number of serious discussions ongoing as well as development activities. Regarding the premium European OEM we mentioned on our January call, funding from the OEM for serious production development work began earlier in Q1 and the formal nomination and contract signing is now down to formalities. Additional brands of this group are expected to adopt SuperVision as a carryover technology on shared platforms.

轉到 SuperVision。我們正在進行大量認真的討論以及開發活動。關於我們在 1 月份的電話會議上提到的優質歐洲 OEM，OEM 為認真的生產開發工作提供的資金在第一季度早些時候開始，正式的提名和合同簽署現在已經進入手續階段。預計該集團的其他品牌將採用 SuperVision 作為共享平台上的繼承技術。

We are also engaged in the concept development phase, including funding from the customer with a U.S.-based OEM that is expected to conclude with a design win in the second half of this year.

我們還參與了概念開發階段，包括來自一家美國 OEM 的客戶的資助，預計將在今年下半年贏得設計。

SuperVision's combination of high performance and reasonable cost is gaining traction across the globe, including emerging markets. We see promising opportunities for design wins with several OEMs based in China and India. There is a large pipeline of interest with OEMs beyond the ones I just mentioned. We believe that continued over-the-air software delivery of features to Zeekr, announcements of design wins and near-term expansion of supervision into Europe with Zeekr 001 and Polestar 4, will lead to continued momentum. On Chauffeur, we're in the midst of concept development and testing phases with 2 global OEMs for the Chauffeur product line. These should be concluded by late summer and early fourth quarter 2023, respectively, likely followed by announcement of design wins.

SuperVision 的高性能和合理成本的結合正在全球範圍內獲得吸引力，包括新興市場。我們看到了與位於中國和印度的幾家原始設備製造商一起贏得設計的大好機會。除了我剛才提到的那些之外，原始設備製造商還有很多興趣。我們相信，通過 Zeekr 繼續向 Zeekr 提供功能的無線軟件、設計中標的公告以及 Zeekr 001 和 Polestar 4 的近期監管擴展到歐洲，將帶來持續的勢頭。在 Chauffeur 上，我們正處於與 Chauffeur 產品線的 2 個全球 OEM 的概念開發和測試階段。這些應該分別在 2023 年夏末和第四季度初完成，隨後可能會宣佈設計獲勝。

Finally, on our Mobileye drive -- self-driving system platform, we continue to expect to generate first revenue in this business in 2023. More importantly, we are focused on putting the pieces together to scale this business starting in 2025. This requires purpose-built platforms that are pre-engineered to integrate our full stack self-driving system and can be validated and homologated for volume deployment.

最後，在我們的 Mobileye 驅動器——自動駕駛系統平台上，我們繼續期望在 2023 年在該業務中產生第一筆收入。更重要的是，我們專注於將各個部分組合在一起以從 2025 年開始擴展該業務。這需要目標- 構建平台，這些平台經過預先設計，可以集成我們的全棧自動駕駛系統，並且可以針對批量部署進行驗證和認證。

Previously announced activities with Holon and Schaeffler are continuing, and we have added a third platform builder from a leading European supplier of light commercial vehicles. We have already upfitted 30 of their vehicles with our system to be used for validation and testing activities in Europe and in Israel, and we'll have more details to share soon.

先前宣布的與 Holon 和 Schaeffler 的活動仍在繼續，我們還增加了來自一家領先的歐洲輕型商用車供應商的第三個平台製造商。我們已經為他們的 30 輛車輛安裝了我們的系統，用於在歐洲和以色列進行驗證和測試活動，我們將很快分享更多詳細信息。

Turning to the outlook by reducing our revenue and adjusted operating income guidance for the full year by 6.5% at the midpoint. This is purely related to lower SuperVision expectations in China. Most of our anticipated SuperVision volumes in 2023 come from a single model from our initial OEM customer for SuperVision. This naturally introduces volatility in our projections during the early stages of deployment for this particular product. In comparison to our broader business, which is diversified over about 50 OEMs and hundred of models across all geographies.

通過將我們的收入和調整後的全年營業收入指導值降低 6.5% 來展望前景。這純粹與中國對 SuperVision 的預期較低有關。我們預計 2023 年的大部分 SuperVision 銷量來自我們最初的 SuperVision OEM 客戶的單一模型。這自然會在該特定產品部署的早期階段引入我們預測的波動。與我們更廣泛的業務相比，我們在所有地區擁有約 50 家原始設備製造商和數百種車型。

We saw the upside of this in 2022, where volumes ended much higher than expectations and overall SuperVision revenue drove 11 points of total company revenue growth on less than 0.5% of the volume. We are seeing the downside of this customer concentration volatility now, but we are confident it has no impact on the potential for this business to be transformative as it scales over the next several years and bridges to even higher value systems like Chauffeur and [Drive].

我們在 2022 年看到了這種情況的好處，銷量結束時遠高於預期，SuperVision 的整體收入推動公司總收入增長 11 個點，而銷量不到 0.5%。我們現在看到了這種客戶集中度波動的不利影響，但我們相信它不會影響該業務的變革潛力，因為它會在未來幾年內擴大規模並連接到更高價值的系統，如 Chauffeur 和 [Drive] .

Even after the reduction, we still expect volume growth for SuperVision this year, and we are fully focused on our clear path to product and regional diversification, which will reduce volatility over time. As far as diversification, second vehicle, the Zeekr 009 launched during the first quarter and will ramp up over the course of the year. We have 3 more vehicles launching from other Geely-related brands in the second half of 2023 and early 2024. This includes the recently announced Polestar 4, which will launch in China in Q4 and globally in the first half of 2024.

即使在縮減之後，我們仍然預計今年 SuperVision 的銷量會增長，並且我們完全專注於產品和區域多元化的明確道路，這將隨著時間的推移減少波動。就多元化而言，第二款車型 Zeekr 009 在第一季度推出，並將在今年內增加。我們將在 2023 年下半年和 2024 年初推出 3 款其他吉利相關品牌的車型。這包括最近發布的 Polestar 4，它將於第四季度在中國推出，並於 2024 年上半年在全球推出。

Finally, Zeekr 001, the first SuperVision vehicle that launched in November 2021 will enter Europe later this year. Specifically to the Polestar win, this is more important than simply another car on the road with SuperVision. This is a customer that moves quickly. By the end of 2023, they plan to have launched 3 compelling electric vehicles in only a bit more than 2 years.

最後，2021 年 11 月推出的首款 SuperVision 車輛 Zeekr 001 將於今年晚些時候進入歐洲。特別是對於 Polestar 的勝利而言，這比另一輛配備 SuperVision 的汽車更重要。這是一個行動迅速的客戶。到 2023 年底，他們計劃在短短 2 年多一點的時間裡推出 3 款引人注目的電動汽車。

Polestar 4 will be the first to SuperVision-equipped vehicle to sell in all 3 major regions, which we expect will result in further traction with other OEMs. And finally, this is a really conquest win as their first 2 vehicles used an internal OEM develops Level 2 Plus system on a processor from one of our main competitors. Overall, we feel great about the business as we look to the balance of 2023 and beyond. I now turn it over to Anat to go through the results and outlook in more details.

Polestar 4 將是第一款在所有 3 個主要地區銷售的配備 SuperVision 的汽車，我們預計這將進一步吸引其他 OEM。最後，這是一次真正的征服勝利，因為他們的前 2 輛車使用內部 OEM 在我們主要競爭對手之一的處理器上開發了 Level 2 Plus 系統。總體而言，展望 2023 年及以後的平衡，我們對這項業務感覺良好。我現在將其轉交給 Anat，以更詳細地了解結果和前景。

Thank you, Amnon, and thanks for joining the call, everyone. Before I begin, please be aware that all my comments on profitability will refer to non-GAAP measurements. The primary exclusion in mobilized non-GAAP numbers is amortization of intangible assets, which is mainly related to Intel's acquisition of Mobileye in 2017. We also exclude stock-based compensation.

謝謝你，Amnon，也感謝大家加入電話會議。在開始之前，請注意我對盈利能力的所有評論都將參考非 GAAP 衡量標準。動員的非 GAAP 數字中主要排除的是無形資產攤銷，這主要與英特爾在 2017 年收購 Mobileye 有關。我們還排除了基於股票的薪酬。

Starting with Q1, revenue was up 16% year-over-year with both EyeQ and supervision volumes modestly better than expected. Gross margins were as expected. As we noted last quarter, the reduction in Q1 versus Q4 is related to the pricing pass-through of the cost increase on the EyeQ chip that took place at the beginning of 2023. The dynamic here is that we are passing this cost increase through to our Tier 1 customers without any margin. This keeps gross profit per unit the same, but dilutes the percentage margin.

從第一季度開始，收入同比增長 16%，EyeQ 和監督量均略好於預期。毛利率符合預期。正如我們在上個季度指出的那樣，第一季度相對於第四季度的減少與 2023 年初發生的 EyeQ 芯片成本增加的定價轉嫁有關。這裡的動態是我們正在將這種成本增加傳遞給我們的一級客戶沒有任何利潤。這使單位毛利保持不變，但稀釋了百分比利潤率。

Operating expenses were up 26% year-over-year, in line with our expectations for approximately 30% growth for the full year. In terms of cash flow, there was nothing unusual to report. We did build some inventory of EyeQ chips, which is consistent with our desire to rebuild the buffer that we had to draw down during the supply chain crisis. And capital expenditure in the quarter was consistent with our view that CapEx should be roughly similar this year versus 2022.

營業費用同比增長 26%，符合我們對全年增長約 30% 的預期。就現金流量而言，沒有任何異常報告。我們確實建立了一些 EyeQ 芯片庫存，這與我們重建供應鏈危機期間不得不動用的緩衝的願望是一致的。本季度的資本支出與我們的觀點一致，即今年的資本支出應與 2022 年大致相似。

Turning to 2023 guidance. In terms of EyeQ-related volume and revenue, our expectations at the midpoint are the same, but we have tightened the range a bit on the low and high end. As you're probably all aware, general auto volumes have been a bit better than expected in North America and Europe, but worse than expected in China. Our core IT business is very diverse and balanced by region. Therefore, the outlook is consistent with where we expect it to be for this year.

轉向 2023 年指導。就 EyeQ 相關的銷量和收入而言，我們對中點的預期是相同的，但我們在低端和高端上收緊了一些範圍。正如你們可能都知道的那樣，北美和歐洲的一般汽車銷量略好於預期，但低於中國的預期。我們的核心 IT 業務非常多樣化，並且按地區平衡。因此，前景與我們今年的預期一致。

We still believe our forecasts are supported by only about 1% global production growth and 4 to 5 points of ADAS adoption growth, very reasonable assumptions. In terms of the quarterly based cadence, based on the latest indications from Tier 1, we have seen some movements of volumes out of Q2 and into the second half of the year. We expect Q2 IQ volumes to be flat to up modestly versus Q1.

我們仍然相信我們的預測僅得到全球產量增長約 1% 和 ADAS 採用率增長 4 至 5 個百分點的支持，這是非常合理的假設。就季度節奏而言，根據一級供應商的最新指示，我們已經看到從第二季度到今年下半年的一些交易量變動。我們預計第二季度的 IQ 交易量將與第一季度持平或略有上升。

Regarding SuperVision. As Amnon noted, we are reducing annual volumes, which is the driver of the lower 2023 revenue and operating income guidance. Our original guidance was based on SuperVision volumes that were a conservative view of the purchase orders we had from our main customer. And that forecast was consistent with the Q4 run rate plus volume from the additional launches that Amnon mentioned earlier.

關於SuperVision。正如 Amnon 指出的那樣，我們正在減少年度銷量，這是 2023 年收入和營業收入指引較低的驅動因素。我們最初的指導是基於 SuperVision 的數量，這是對我們從主要客戶那裡獲得的採購訂單的保守看法。該預測與 Amnon 之前提到的額外發布的第四季度運行率加上數量一致。

But due to a number of headwinds in China that have led to significant reductions in market EV volumes compared to Q4 run rate, including Zeekr, we are reducing expectations to level consistent with current market dynamics.

但由於中國的一些不利因素導致市場電動汽車銷量與第四季度的運行率相比顯著下降，包括 Zeekr，我們將預期降低到與當前市場動態一致的水平。

In terms of cadence, sellout volumes in Q1, which were somewhat lower than shipments, have left some SuperVision inventory in the system. So we are assuming lower volume in Q2 versus Q1. Second half volume expectations for supervision is about 2/3 of the full year we've mobilized our customers in the supply chain all aligned behind this forecast.

就節奏而言，第一季度的售罄量略低於出貨量，導致系統中留下了一些 SuperVision 庫存。因此，我們假設第二季度的交易量低於第一季度。下半年的監管量預期約為全年的 2/3，我們動員了供應鏈中的客戶，所有這些都符合這一預測。

A couple of additional points on guidance. For Q2, we expect revenue to be down slightly from Q1 as the sequentially lower SuperVision volumes more than offset modest growth in EyeQ sequentially. We still see average system price up in 2023 versus 2022, but lower-than-expected supervision volume will make the increase more modest than originally expected.

關於指導的幾點補充。對於第二季度，我們預計收入將比第一季度略有下降，因為 SuperVision 銷量的連續下降足以抵消 EyeQ 連續的適度增長。我們仍然認為 2023 年系統平均價格較 2022 年有所上漲，但低於預期的監管量將使漲幅低於原先預期。

We are still assuming operating expenses are up about 30% year-over-year in 2023. We expect OpEx to grow sequentially over the course of the year, but for the uptick in Q2 to be fairly modest with larger increases for Q3 and Q4. R&D expenses growth is elevated this year with meaningful investments happening to prepare for productization and ramp-up of our many next-generation products. We are investing in many areas, SuperVision and Chauffeur launch and integration teams -- the sixth and seventh generation of EyeQ, preproduction samples of imaging radar and FMCW LiDAR component. And finally, several facilities around the world to support headcount growth.

我們仍然假設 2023 年運營支出同比增長約 30%。我們預計 OpEx 在這一年中將連續增長，但第二季度的增長將相當溫和，第三季度和第四季度的增幅更大。今年研發費用增長有所提高，進行了有意義的投資，為我們許多下一代產品的產品化和升級做準備。我們在許多領域進行投資，SuperVision 和 Chauffeur 發布和集成團隊——第六代和第七代 EyeQ，成像雷達和 FMCW LiDAR 組件的預生產樣品。最後，世界各地的一些設施可以支持員工人數的增長。

We continue to believe that OpEx growth will come down closer to historical levels of 20% growth in 2024. That should enable us to begin generating substantial operating leverage as the core business continues to grow and our advanced products become a more meaningful portion of revenue. Thank you, and we will now take your questions.

我們仍然相信，到 2024 年，運營支出增長將下降至接近 20% 的歷史增長水平。隨著核心業務的持續增長和我們的先進產品成為收入中更重要的一部分，這將使我們能夠開始產生可觀的經營槓桿。謝謝，我們現在將回答您的問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) And our first question comes from Chris McNally with Evercore ISI.

謝謝。我們現在將進行問答環節。 （操作員說明）我們的第一個問題來自 Evercore ISI 的 Chris McNally。

Thanks so much, team. So I just want to jump in and parse through the SuperVision on what happened and I know you're at the mercy of customer schedules. So -- just a quick review. From our calcs, I think you were talking about 175,000 to 200,000 SuperVision for the year. It looks like that number is down, I don't know, 80,000 to 100,000. And since we know that Zeekr is the majority of this year, what I really wanted to try to figure out, given that they had the second half production schedule because of the component shortages, maybe you can just add a little bit of light on whether it was one sales, meaning are they looking at the Q1 sales that have been weak thus far and reducing the full year schedule or two, and this wasn't brought up.

非常感謝，團隊。所以我只想進入並通過 SuperVision 分析發生的事情，我知道你受客戶日程安排的支配。所以 - 只是一個快速回顧。從我們的計算來看，我認為你說的是 175,000 到 200,000 SuperVision 這一年。看起來這個數字下降了，我不知道，80,000 到 100,000。既然我們知道 Zeekr 是今年的主要產品，我真正想弄清楚的是，考慮到由於組件短缺，他們有下半年的生產計劃，也許你可以稍微說明一下是否這是一次銷售，這意味著他們正在關注迄今為止疲軟的第一季度銷售並減少一兩年的全年計劃，而這並沒有被提及。

But is there also a potential for production issues, meaning the second half ramp that they were expecting, the ECU component charges, that that's a bigger problem, and that's also going to reduce the sales in the second half. So if you can just talk about whether it's purely sell-through or if there's also a ramp issue in second half?

但是是否也存在生產問題的可能性，這意味著他們預期的下半年斜坡，ECU 組件費用，這是一個更大的問題，這也將減少下半年的銷售額。所以，如果你能談談它是純粹的銷售還是下半年是否還有一個斜坡問題？

Chris. No, it's purely sales. Although we shipped in Q1, a higher number of SuperVision units than we expected, we expected 20,000 we shipped 24,000. But in terms of car rate production, they produced less. And what has happened is the reissue of the purchase order we received. So at the end of 2022, we received a purchase order, which was compliant with the Q4 run rate of 2022.

克里斯。不，這純粹是銷售。儘管我們在第一季度出貨了 SuperVision 單元的數量比我們預期的要多，但我們預計 20,000 台，實際出貨量為 24,000 台。但就汽車產量而言，他們生產的更少。發生的事情是重新發出我們收到的採購訂單。所以在 2022 年底，我們收到了一份符合 2022 年第四季度運行率的採購訂單。

So it looked very optimistic and they issued a purchase order. And then material change in the Chinese market caused them to reissue the purchase order and to lower it significantly and then, therefore, it is our obligation to reflect that in our guidance. I would say that if we look at the past few weeks, the run rate, there are indications that the run rate is coming back to the Q4 run rate, but it's too volatile to make any substantial change of guidance upwards. So we are sticking to the conservative guidance change and there is some upside to it, but we need to wait and see how the Chinese market reacts in the next few months.

所以看起來很樂觀，他們發出了採購訂單。然後中國市場的重大變化導致他們重新發出採購訂單並大幅降低採購訂單，因此，我們有義務在我們的指導中反映這一點。我想說的是，如果我們看看過去幾週的運行率，有跡象表明運行率正在回到第四季度的運行率，但它的波動太大，無法對指導進行任何實質性的向上調整。所以我們堅持保守的指導變化，它有一些上行空間，但我們需要拭目以待，看看未來幾個月中國市場的反應。

Chris, just to clarify one thing. Your view of the reduction was very close to the numbers, but the starting point was higher. If you remember, we said that we would more than double volumes this year from around 95,000 last year. So there was a little bit of a higher starting point. Just wanted to kind of clarify that.

克里斯，只是想澄清一件事。您對減少的看法與數字非常接近，但起點更高。如果您還記得的話，我們說過今年的銷量將從去年的 95,000 輛左右增加一倍以上。所以起點高了一點。只是想澄清一下。

Perfect. It makes a lot of sense. And then obviously, just because I think for the rest of the year, we're all obviously going to be somewhat focused on Zeekr volumes more so that we can think about the trajectory into 2024. Can you talk about the actual cadence because Zeekr, obviously, a new company, but has multiple products launching right now, it's mostly the 1, but the 9, the 3 the X are launching towards the end of the year.

完美的。這很有道理。然後很明顯，只是因為我認為在今年餘下的時間裡，我們顯然都會更加關注 Zeekr 的數量，以便我們可以考慮到 2024 年的軌跡。你能談談實際的節奏嗎，因為 Zeekr，顯然，這是一家新公司，但現在有多種產品推出，主要是 1，但 9、3 和 X 將在年底推出。

Do you still feel pretty good about that trajectory into the numbers that you were thinking about for '24 and '25 because obviously, I think the capacity side ramps pretty significantly from the end of the year onwards, the ECU shortage, et cetera.

您是否仍然對 24 年和 25 年所考慮的數字軌跡感到滿意，因為顯然，我認為從今年年底開始，容量方面的斜坡非常顯著，ECU 短缺等等。

Yes. So we're talking about Zeekr 009 or talking about Polestar 4. There's additional OEMs in the Geely group. It's all on track. So there's no reason to change guidance for 2024 on those new platforms. So as long as Zeekr comes -- Zeekr 001 comes back to the Q4 run rate, which as I said before, there are indications that they are coming back to that run rate, I still stick to the 2024 guidance.

是的。所以我們在談論 Zeekr 009 或 Polestar 4。吉利集團中還有其他 OEM。一切都在軌道上。因此，沒有理由在這些新平台上更改 2024 年的指南。因此，只要 Zeekr 來—— Zeekr 001 回到第四季度的運行率，正如我之前所說，有跡象表明他們正在回到那個運行率，我仍然堅持 2024 年的指導。

Okay. That's great. If I just sneak one on the upside to SuperVision. It was nice to see. You talked about potentially the seventh SuperVision win coming at some point and getting the full nomination this year. The premium German OEM that you talked about in the release, is that still -- you're working on SuperVision and Chauffeur, is that still thought that, that could actually have production volumes for SuperVision in '24? Or is it unclear whether that would be '24 or '25 launch?

好的。那太棒了。如果我只是在 SuperVision 的優勢上偷偷摸摸地做一個。很高興看到。你談到了 SuperVision 可能會在某個時候贏得第七次勝利，並在今年獲得完整提名。您在新聞稿中談到的優質德國 OEM 是否仍然 - 您正在研究 SuperVision 和 Chauffeur，是否仍然認為，它實際上可以在 24 年生產 SuperVision？或者不清楚那是 24 年還是 25 年發布？

We didn't say German, we said EU. And it's really imminent. We already received NREs purchase orders for serious development in the first quarter. And the formal nomination is really imminent. It's down to formalities. This would be SOP of 2025. So it's not going to affect 2024 volumes.

我們沒有說德語，我們說的是歐盟。這真的迫在眉睫。我們已經在第一季度收到了用於認真開發的 NREs 採購訂單。而正式提名真的是迫在眉睫。這取決於手續。這將是 2025 年的 SOP。因此它不會影響 2024 年的銷量。

Yes. And that's not a change from -- we've always said 2025 for that program. Thanks, Chris.

是的。這並沒有改變——我們一直說該計劃是 2025 年。謝謝，克里斯。

Our next question comes from Luke Junk with Baird.

我們的下一個問題來自 Luke Junk 和 Baird。

First question, I just want to understand the bottom line impacts of the change in SuperVision revenue and guidance, thinking mainly in terms of mix impact to gross margin, if there's any launch costs related considerations as it relates to R&D or similar?

第一個問題，我只想了解 SuperVision 收入和指導變化的底線影響，主要考慮對毛利率的混合影響，是否有任何與研發或類似相關的啟動成本相關考慮因素？

So regarding our margins. So we maintained the operating margin that we had in our previous guidance. This is because of 2 things. One is the fact that the SuperVision is lower in the mix. So the gross margin is a bit higher and also some savings around the OpEx but not material.

所以關於我們的利潤率。因此，我們保持了之前指導中的營業利潤率。這是因為兩件事。一個是 SuperVision 在組合中的地位較低。因此，毛利率略高一些，並且在運營支出方面也有一些節省，但並不重要。

Okay. Great. And then, second, can you discuss the scalability dynamics of cloud enhanced ADAS, in particular, the comment in the press release that the technology is being expanded, and you mentioned in your prepared remarks as well, to additional vehicle platforms with the first 2 customers beyond the original plan. How quickly can you do that? Should demand continue to track higher in terms of the engineering requirements and just the logistical considerations of ramping cloud enhanced ADAS.

好的。偉大的。然後，其次，您能否討論一下云增強型 ADAS 的可擴展性動態，特別是新聞稿中關於該技術正在擴展的評論，您在準備好的評論中也提到了前 2 個附加車輛平台超出原計劃的客戶。你能多快做到這一點？如果需求在工程要求和雲增強 ADAS 的後勤考慮方面繼續走高。

Scalability of REM or the cloud enhanced ADAS is almost immediate. It's basically software. It's all cloud-based. We have today about 4 customers that are in the launch phases, 2 of them are big and material. This is why we mentioned this is north of $1 billion of potential revenue from those 2 customers throughout this decade. This is the first time that we are mentioning revenue from REM, so this is material from our perspective. So scalability of REM is immediate. There's no issue of logistics.

REM 或云增強型 ADAS 的可擴展性幾乎是立竿見影的。它基本上是軟件。這一切都是基於雲的。我們今天有大約 4 個客戶處於啟動階段，其中 2 個是大客戶。這就是為什麼我們提到在這十年中這兩個客戶的潛在收入超過 10 億美元。這是我們第一次提到來自 REM 的收入，所以從我們的角度來看這是重要的。因此 REM 的可擴展性是立竿見影的。沒有物流問題。

I just follow up on one thing, Luke, is that the way our programs typically work is the system is targeted to a specific launch vehicle that is timed with the cadence that the OEM has, right? So a new vehicle coming out, it gets the new ADAS system, and then it spreads to another vehicle and another vehicle based on the product cadence.

我只是跟進一件事，盧克，我們程序通常的工作方式是系統針對特定的運載火箭，該運載火箭與 OEM 的節奏同步，對嗎？所以一款新車出來了，它得到了新的ADAS系統，然後根據產品節奏傳播到另一輛車和另一輛車上。

What's happening here is the customers have decided to expand cloud-enhanced ADAS to more vehicles. So maybe -- I'm just making up numbers here, maybe you would have 6 or 7 vehicles over a 2- or 3-year program or 2- or 3-year launch period that would get the technology. They've added other vehicles to the plan as well. So that's really what's happening here.

這裡發生的事情是客戶決定將雲增強型 ADAS 擴展到更多車輛。所以也許——我只是在這裡編造數字，也許你會在 2 年或 3 年的計劃或 2 年或 3 年的啟動期內擁有 6 或 7 輛車來獲得這項技術。他們還在計劃中增加了其他車輛。這就是這裡正在發生的事情。

Our next question comes from [Ben Levi] with Barclays.

我們的下一個問題來自巴克萊銀行的 [Ben Levi]。

First, I wanted to just start, as we think about the go-forward modeling of SuperVision, is it fair to say that at least for the foreseeable future, just given the limited model concentration that there might be some volatility in the results, I mean, said differently, what's the timing for this to be, I guess, maybe a bit more diversified in the different model sources and for there to be a little less quarterly volatility?

首先，我想開始，當我們考慮 SuperVision 的前瞻性建模時，是否可以公平地說，至少在可預見的未來，鑑於有限的模型集中度，結果可能會有一些波動，我意思是，換句話說，我猜，在什麼時候，不同的模型來源可能會更加多樣化，並且季度波動會減少一些？

It sounds like you have to wait for the European automaker win to come in '25. I know you talked about another Western OEM. So it might still be a couple more years. Is that a fair assessment?

聽起來您必須等待歐洲汽車製造商在 25 年獲勝。我知道您談到了另一家西方 OEM。所以可能還需要幾年時間。這是一個公平的評估嗎？

I think 2024 should be better in terms of the volatility. They will still be volatile, more volatile compared to our normal EyeQ business, which is over 50 different OEMs and hundreds of car models. So things balance out there. 2024, we'll have close to 6 different car brands compared to 1 car brand that we had so far. So this should ease up a bit of volatility. It will be not only China, but global -- Polestar 4 is global, not only the Chinese market.

我認為 2024 年在波動性方面應該會更好。它們仍然會波動，與我們正常的 EyeQ 業務相比波動更大，EyeQ 業務有 50 多家不同的原始設備製造商和數百種車型。所以事情在那里平衡。到 2024 年，我們將擁有近 6 個不同的汽車品牌，而我們目前只有 1 個汽車品牌。因此，這應該會緩解一些波動。不僅是中國，而是全球——Polestar 4是全球的，不僅僅是中國市場。

2025 should be even better because then we will have additional OEMs, Western OEMs launching. It's not only the EU car maker. We are in the final stages of additional OEMs global OEM. So I think 2025 will be even better from a volatility perspective, but still not at the volatility of our normal EyeQ business. I think things would taper out in 2026 in terms of volatility.

2025 年應該會更好，因為那時我們將有更多的原始設備製造商，西方原始設備製造商推出。不僅僅是歐盟汽車製造商。我們正處於其他 OEM 全球 OEM 的最後階段。所以我認為從波動性的角度來看，2025 年會更好，但仍不會達到我們正常 EyeQ 業務的波動性。我認為就波動性而言，事情會在 2026 年逐漸減少。

And just on this, can you remind us that the models that you have, are you standard fit on those models? Or is there a take rate assumption that needs to be made?

就此而言，您能否提醒我們您擁有的模型是否符合這些模型的標準？或者是否需要做出一個採用率假設？

So Zeekr 001 is the standard fit. Every car being produced comes with SuperVision. And I think old -- others are also standard fit. Polestar 4 is also a standard fit. I think Zeekr 009 is also standard fit. I think all the launches we are having so far, 2023, 2024, are all standard fit.

所以 Zeekr 001 是標準款。每輛生產的汽車都配備了 SuperVision。而且我認為舊的 - 其他人也很標準。 Polestar 4 也是標準配置。我認為 Zeekr 009 也是標準版型。我認為到目前為止，我們在 2023 年、2024 年推出的所有產品都是標準配置。

Yes, it may not stay that way forever, right, with every brand. But so far, that's the way it's been sold.

是的，它可能不會永遠保持這種狀態，對，每個品牌。但到目前為止，這就是它的銷售方式。

Okay. And then just as a follow-up, I know that part of the SuperVision value proposition is -- there is a software component and a bit more of a hardware component, and that's how you get these elevated ASPs. Maybe you can just provide us with an update on where discussions are with automakers on software-only solutions, which would maybe produce some of the ASP but have richer margins versus combined software hardware? Are you still seeing uptick to have the full domain controller included in your offerings?

好的。然後作為後續行動，我知道 SuperVision 價值主張的一部分是——有一個軟件組件和更多的硬件組件，這就是你如何獲得這些提升的 ASP。也許您可以向我們提供有關與汽車製造商就純軟件解決方案進行討論的最新情況，這些解決方案可能會產生一些 ASP，但與組合軟件硬件相比利潤率更高？您是否仍然看到在您的產品中包含完整域控制器的趨勢？

We are agnostic to it. That means that the margins on the hardware are very, very small. It's not something that is really material to us. All the examples we gave so far we are providing the ECU. There are a number of opportunities that we are pursuing which is what you call software only, just the EyeQ and the software because it comes with additional functions driven by the OEM. So we are really agnostic to it. So there will be opportunities with the software only, so higher margins, lower revenue, of course.

我們對此不可知。這意味著硬件的利潤非常非常小。這對我們來說不是真正重要的東西。到目前為止，我們提供的所有示例都提供了 ECU。我們正在尋求許多機會，也就是所謂的純軟件，即 EyeQ 和軟件，因為它帶有由 OEM 驅動的附加功能。所以我們真的對它不可知。因此，只有軟件才有機會，當然，利潤率更高，收入也更低。

Our next question comes from Emmanuel Rosner with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Emmanuel Rosner。

First, I was hoping if you could just put a finer point on this SuperVision outlook for this year and perhaps what's sort of like embedded or unchanged for next year, just so we can get a better assessment of the ongoing volatility risk and what's basically currently in the guidance? Are you able to just quantify what is sort of like the volume assumption or like at this point for 2023 and the unchanged one for 2024? And then in terms of what's happening on the ground, to what extent do you feel it is essentially sort of like a little bit of a softening in the EV market versus maybe some of that competitive pressure, like with essentially Tesla cutting prices and so on?

首先，我希望你能不能就今年的 SuperVision 前景提出一個更好的觀點，也許明年是嵌入的或不變的，這樣我們就可以更好地評估持續的波動風險以及目前基本上是什麼在指導？您是否能夠量化 2023 年此時的體積假設或類似情況以及 2024 年不變的假設？然後就實際發生的事情而言，你覺得它在多大程度上基本上有點像電動汽車市場的一點點疲軟，而不是一些競爭壓力，比如特斯拉降價等等？

I think we're not going to go through the kind of the cadence of forecast. We provided a forecast during CES and Amnon already addressed our views on 2024. So I think like we said, we're not changing any of those forecasts. Assuming that Zeekr 001 can get back to the Q4 run rate, things look good. But we -- it was prudent for us to reduce expectations this year to kind of where the volumes have been seen so far.

我認為我們不會經歷那種預測的節奏。我們在 CES 期間提供了預測，而 Amnon 已經表達了我們對 2024 年的看法。所以我認為就像我們說的那樣，我們不會改變任何這些預測。假設 Zeekr 001 可以恢復到 Q4 的運行速度，情況看起來不錯。但是我們 - 我們將今年的預期降低到迄今為止已經看到的數量是謹慎的。

What was your second question again?

你的第二個問題是什麼？

About the EV market in general in China.

關於中國的電動汽車市場。

Yes. I mean -- so the EV market in general in China, are you asking about what's been the environment so far this year?

是的。我的意思是 - 所以中國的電動汽車市場，你是在問今年到目前為止的環境如何？

Yes. I'm just curious to what extent you have color around some of the dynamics which are pressuring the schedule you're getting from your customers? Is it -- does it seem to you like sort of like broader EV demand dynamic versus like market share pressure?

是的。我只是很好奇，您對某些對您從客戶那裡獲得的日程安排施加壓力的動態有多大程度的了解？是嗎 - 在您看來，是否喜歡更廣泛的電動汽車需求動態與市場份額壓力？

Yes. Yes. Yes. So I understand. So definitely so. I mean wholesale -- so I think China is always hard to figure out because you're getting various levels of data. Usually what you see in the headlines, it's wholesale data, so shipments from factories to dealers or you can get production data and what ultimately really matters is how many cars were actually purchased by consumers, and that's the data that's most difficult to get.

是的。是的。是的。所以我明白了。所以絕對是這樣。我的意思是批發——所以我認為中國總是很難弄清楚，因為你得到了不同層次的數據。通常你在頭條看到的是批發數據，所以從工廠到經銷商的出貨量或者你可以獲得生產數據，最終真正重要的是消費者實際購買了多少輛汽車，這是最難獲得的數據。

So if you look at the overall market in China during Q1, it was down 8%. EVs were a little bit better, but not much. But if you look at the market sequentially, EV has lost share in Q1 versus Q4, and were down more than 30% sequentially. What you don't see from those headline numbers is that the gap between sell-in to dealers and sell-out to consumers widened to what looked to be record levels in Q1. I think it's well known that the major EV player dropped prices significantly early in Q1. We had some subsidies that were reduced and general economic weakness. That's what we really attributed to the very weak volumes in Q1.

所以如果你看看第一季度中國的整體市場，它下降了 8%。電動汽車稍微好一點，但也好不了多少。但如果按順序觀察市場，電動汽車在第一季度的份額相對於第四季度有所下降，並且連續下跌超過 30%。您從這些標題數字中看不到的是，在第一季度向經銷商銷售與向消費者銷售之間的差距擴大到創紀錄的水平。我認為主要的電動汽車廠商在第一季度初大幅降價是眾所周知的。我們有一些減少的補貼和普遍的經濟疲軟。這就是我們真正歸因於第一季度銷量非常疲軟的原因。

The good thing is that market conditions improved somewhat in March and look to be improving further in April. This is consistent with what we're being told by Zeekr that their retail order flow has improved a lot since mid-March. So things seem to be getting better and we're encouraged by that, but it was more effective for us to reduce the expectations to where we saw the sell-out during Q1.

好消息是 3 月份市場狀況有所改善，4 月份有望進一步改善。這與 Zeekr 告訴我們的一致，即他們的零售訂單流自 3 月中旬以來有了很大改善。因此，情況似乎正在好轉，我們對此感到鼓舞，但對我們來說，將預期降低到第一季度銷售一空的水平更為有效。

Great. I appreciate the color. And then second topic, can you just remind us of the pricing and unit economics for cloud-enhanced ADAS? And I guess just put a finer point around the, I guess, expected progression of revenues for you?

偉大的。我很欣賞這種顏色。然後是第二個話題，您能否提醒我們雲增強型 ADAS 的定價和單位經濟效益？而且我想只是圍繞您的預期收入增長提出一個更好的觀點？

The cloud-enhanced ADAS kind of doubled the ASP that we get for car on the EyeQ. So it's a few tens of dollars per car per year on the cloud-enhanced software. And we are up to, as we mentioned in the earnings script, with 2 customers north of $1 billion projected revenue until the end of this decade.

雲增強型 ADAS 使我們在 EyeQ 上獲得的汽車平均售價翻了一番。因此，雲增強軟件每年每輛車只需幾十美元。正如我們在收益腳本中提到的那樣，到本十年末，我們將有 2 個客戶超過 10 億美元的預計收入。

You have to make some assumptions on how long you get the licensing revenue. And in some cases, that's based on whether the customer pays for it, whether the end user pays for it for a long period of time. but we think that it at least doubles the revenue per unit on the vehicle. So the licensing revenue would result in twice as much as we get for the upfront cost for the EyeQ. $1 billion, that's just representing the licensing revenue.

您必須對獲得許可收入的時間做出一些假設。在某些情況下，這取決於客戶是否付費，最終用戶是否長期付費。但我們認為它至少使車輛的每單位收入增加一倍。因此，許可收入將是 EyeQ 前期成本的兩倍。 10 億美元，這只是許可收入。

Our next question comes from Itay Michaeli with Citi.

我們的下一個問題來自花旗的 Itay Michaeli。

Just 2 SuperVision questions for me. First, just to clarify on the outlook for the year. So are you effectively extrapolating the softer Q1 demand and the purchase orders for the rest of the year? Or are you getting some incremental visibility from your customer about what production schedules should look like for the rest of the year? Just trying to -- want to clarify exactly on the latest forecast.

我只需要 2 個 SuperVision 問題。首先，只是澄清一下今年的前景。那麼，您是否有效地推斷出今年剩餘時間疲軟的第一季度需求和採購訂單？或者您是否從客戶那裡獲得了關於今年剩餘時間的生產計劃應該是什麼樣子的一些增量可見性？只是想——想準確地澄清最新的預測。

I think the guidance change is not based on forecast. It's based on reissuing the purchase orders we got from Zeekr. So this is purely reissuing of purchase orders. When we look at the run rate in the past few weeks, there are indications that we're getting back to the run rate of Q4, which was a very good volume. So things look more optimistic than they looked 2, 3 weeks ago. But again, we need to be prudent. There was a reissue of purchase orders to a number slightly higher than what we are guiding. And we feel it's better now to be prudent and hope for the upside down the road.

我認為指導變化不是基於預測。它基於重新發布我們從 Zeekr 獲得的採購訂單。所以這純粹是重新發出採購訂單。當我們查看過去幾週的運行率時，有跡象表明我們正在回到第四季度的運行率，這是一個非常好的數量。因此，事情看起來比 2、3 週前看起來更樂觀。但同樣，我們需要謹慎。重新發出的採購訂單數量略高於我們的指導數量。我們覺得現在最好謹慎行事，並希望道路顛倒過來。

That's very helpful. And then just a follow-up on SuperVision. Can you update us on what the ODD looks like? I know there were some OTA updates that you were expecting to implement this year? Maybe just kind of where we stand on those.

這很有幫助。然後只是對 SuperVision 的跟進。你能告訴我們 ODD 是什麼樣子的嗎？我知道您希望今年實施一些 OTA 更新？也許只是我們在這些方面的立場。

So we have continuous OTAs with Zeekr. This week, there's going to be another major OTA in where they're out of the fleet of more than 100,000 vehicles, there are a few hundreds with full capability with the navigate-on-pilot, which they call in [NZP]. In June, there's going to be another OTA in which the entire fleet is going to be activated with NZP . In the meantime, the existing software suite has been tested by insurance agencies and has received the highest score. To receive the highest scores ever recorded in driving assist ranking by the Chinese Insurance Automotive Safety Index, that's equivalent to the American IHS.

所以我們與 Zeekr 有連續的 OTA。本週，將有另一個主要的 OTA，他們在超過 100,000 輛汽車的車隊中，有數百輛具有導航導航的全部功能，他們稱之為 [NZP]。 6 月，將有另一個 OTA，其中整個機隊都將使用 NZP 激活。同時，現有的軟件套件已經過保險機構的測試，並獲得了最高分。獲得中國保險汽車安全指數駕駛輔助排名有史以來的最高分，相當於美國IHS。

So things look good in terms of the quality of the driving assist that is being launched and being deployed. And really soon, full NOP would be activated for the entire fleet, including REM, including everything. Right now, it's a few hundreds of vehicles, lead customers.

因此，就正在推出和部署的駕駛輔助系統的質量而言，情況看起來不錯。很快，整個艦隊將激活完整的 NOP，包括 REM，包括一切。現在，它是幾百輛車，主要客戶。

Our next question comes from Joshua Buchalter with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Joshua Buchalter。

I'm sorry to keep drilling down on the SuperVision near-term issue, but I did want to clarify. So it sounds like the math that we were working with before was you're essentially cutting SuperVision volume outlook for this year by the equal amount that's shipped last year. I just want to be precise, is this essentially all sell into the Zeekr 001 due to low demand? It's just surprising given it was supposed to be supply constrained in the first half that there would be that material of a cut to volumes already this early in the year.

很抱歉繼續深入探討 SuperVision 的近期問題，但我確實想澄清一下。因此，聽起來我們之前使用的數學方法是，您實際上是在將 SuperVision 今年的出貨量預期削減為與去年出貨量相同的數量。我只是想準確地說，由於需求低，這基本上都賣給了 Zeekr 001 嗎？考慮到今年上半年本應受到供應限制，今年年初就已經出現了減產的情況，這真是令人驚訝。

Yes. So I mean, I think that -- I can try to take this one. So I think the purchase order that we received from the customer, the forecast that we have from the customer. Purchase order assumes that the Q4 run rate of volume, which was $150,000 kind of on a run rate basis would continue through this year, and then it contemplated more launches of additional vehicles coming in the second half. The rate in line or a bit worse than the rest of the market in China came down by about 50% in Q1.

是的。所以我的意思是，我認為 - 我可以嘗試接受這個。所以我認為我們從客戶那裡收到的採購訂單，我們從客戶那裡得到的預測。採購訂單假設第四季度的運行量（按運行率計算為 150,000 美元）將持續到今年，然後它計劃在下半年推出更多的車輛。與中國其他市場一致或略差的比率在第一季度下降了約 50%。

As Amnon said, there's been encouraging signs that it's moving back towards that Q4 run rate, which would be positive. But based on kind of the selling rate that we saw in Q1 the purchase order was reduced to the level that we're assuming right now. So it did contemplate new launch vehicles, which are still on track, but I think that the market conditions in China are worse than expected. So really, it didn't have anything to do with the supply constraint. It was just a matter of what was the rate that they were selling vehicles. And that's really the bottom line.

正如 Amnon 所說，有令人鼓舞的跡象表明它正在回到第四季度的運行率，這將是積極的。但根據我們在第一季度看到的某種銷售率，採購訂單減少到我們現在假設的水平。所以它確實考慮了新的運載火箭，這些運載火箭仍在軌道上，但我認為中國的市場狀況比預期的要差。所以真的，它與供應限制沒有任何關係。這只是他們銷售車輛的速度的問題。這才是真正的底線。

Okay. But the launches of the non-Zeekr 001 are still on track, I guess that was the question.

好的。但非 Zeekr 001 的發射仍在進行中，我想這就是問題所在。

That's correct.

這是正確的。

For my follow-up, you called out that the Polestar 4 essentially switched to Mobileye versus a prior generation with a competitor. Can you talk about I guess, differences in the vehicles and why this -- why they went with the SuperVision solution on the 4 versus the competitor on the 3.

在我的後續行動中，你指出 Polestar 4 基本上改用了 Mobileye，而不是上一代的競爭對手。我猜你能談談車輛的差異以及為什麼會這樣——為什麼他們在 4 上使用 SuperVision 解決方案而在 3 上使用競爭對手。

Well, I can speculate, but it's not my role to speculate why they shifted from one technology to another. I think SuperVision has been proving itself considerably. And this could be the reason why they switched.

好吧，我可以推測，但推測他們為什麼從一種技術轉向另一種技術不是我的職責。我認為 SuperVision 已經在很大程度上證明了自己。這可能就是他們轉換的原因。

I think also that they're connected with Zeekr, they're Geely related and the Zeekr launched in -- primarily in late '21 and early '22. And that kind of was the right cadence to see what it was doing and to kind of fit to this Polestar 4. I'd also point out that the Polestar 4 is a significantly lower priced vehicle than the 3. So it points to the affordability as well as the performance of SuperVision.

我還認為他們與 Zeekr 有聯繫，他們與吉利相關，並且 Zeekr 推出 - 主要是在 21 世紀末和 22 年初。這種節奏是正確的，可以看出它在做什麼，也很適合這款 Polestar 4。我還要指出，Polestar 4 的價格比 3 低得多。所以它表明了可負擔性以及 SuperVision 的性能。

Our next question comes from Antoine Chkaiban with New Street Research.

我們的下一個問題來自 New Street Research 的 Antoine Chkaiban。

I'd like to follow up on the comments regarding additional momentum that you're meeting in your cloud-enhanced business compared to the original plan. I had estimated around 700,000 units in 2022 based on the number of data points that you had provided on your REM installed base. And I was forecasting that about doubling in 2023. Does today's announcement mean that there could be upside to that number? Anything you can tell us on whether I'm in the right ballpark would be very useful.

與原始計劃相比，我想跟進有關您在雲增強業務中遇到的額外動力的評論。根據您在 REM 安裝基礎上提供的數據點數量，我估計 2022 年將有大約 700,000 台。我當時預測到 2023 年會翻一番。今天的公告是否意味著這個數字可能會有上升空間？你能告訴我們的任何關於我是否在正確的範圍內的信息都會非常有用。

We haven't really disclosed any sort of forecast for cloud-enhanced ADAS, Antoine, per year. So we can't really answer that question. All we can say is the customers are clearly seeing value there because they're choosing to add it to more platforms than the original plan accounted for.

我們還沒有真正披露每年對雲增強 ADAS Antoine 的任何預測。所以我們無法真正回答這個問題。我們只能說客戶清楚地看到了那裡的價值，因為他們選擇將其添加到比原始計劃所佔的更多平台。

Okay. And maybe as a follow-up, maybe on your comments around the recurring software licensing revenues that you expect will represent approximately double the upfront price of the EyeQ. What kind of take rate is baked into that assumption?

好的。也許作為後續行動，也許關於您對經常性軟件許可收入的評論，您預計這大約是 EyeQ 前期價格的兩倍。該假設包含什麼樣的採用率？

No. We're talking about doubling the price of the EyeQ per car that adopts cloud-enhanced ADAS. So what -- the figure that we gave of about north of $1 billion assumes the take rates that we received from our customers.

不，我們正在談論將每輛採用雲增強 ADAS 的汽車的 EyeQ 價格提高一倍。那麼，我們給出的大約 10 億美元的數字假設我們從客戶那裡收到的收費率。

From the customers. And also, we assume because some of this requires the end user to continue to pay on an annual basis after the first 3 years, let's say. And we're assuming an average of 4 years for anyone who has the technology. The current customers are -- it's covered for 3 years, and then the customer has to start paying. So we're assuming a 4-year kind of weighted average that we would continue to get the licensing. That's what goes into the $1 billion.

來自客戶。而且，我們假設因為其中一些要求最終用戶在頭 3 年後繼續按年付費，比方說。我們假設任何擁有該技術的人平均需要 4 年。目前的客戶是 - 它涵蓋了 3 年，然後客戶必須開始付款。所以我們假設我們將繼續獲得許可的 4 年加權平均值。這就是 10 億美元的收入。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

A couple of quick ones. Maybe if I can start with sort of the business dynamics, excluding China because it seems like most of the reduction in the guide or almost all of it is from the China market weakness. But maybe if you can talk through the dynamics of the business, excluding that?

幾個快速的。也許我可以從某種商業動態開始，不包括中國，因為指南的大部分減少或幾乎全部減少都是由於中國市場疲軟。但也許如果你能談談業務的動態，不包括那個？

Particularly, you mentioned North America production coming in better, which we've seen, but you also, I think, mentioned some movement of orders from 2Q into the back half, not sure which geography that was meant for. But if we take the China piece aside, China weakness aside, what are the underlying drivers? Would we have seen upside for the full year? Or sort of any color there? What are you seeing in terms of just the business dynamics? And I have a follow-up.

特別是，你提到北美的生產情況更好，我們已經看到了，但我認為你也提到了從第二季度到下半年的一些訂單移動，不確定這是針對哪個地區的。但如果我們撇開中國這塊，撇開中國的疲軟不談，潛在的驅動因素是什麼？我們會看到全年的上漲空間嗎？或者那裡有什麼顏色？您在業務動態方面看到了什麼？我有一個後續行動。

Yes. Rest of the world, we don't see any change. We are in continuous contact with our customers, the Tier 1s about trying to balance out from a quarter-to-quarter. But the yearly commitment is unchanged and according to the same guidance that we gave back in January.

是的。世界其他地方，我們看不到任何變化。我們一直在與我們的客戶保持聯繫，即試圖從一個季度到另一個季度進行平衡的一級供應商。但年度承諾沒有改變，並且根據我們在 1 月份給出的相同指導。

Okay. Okay. Got it. And then just on SuperVision, just digging into sort of the pace of wins here. I mean with some of the new wins that you have in the pipeline, are these still sort of being discussed as standard fit or where you would be sold as an option? Is the business model where the consumer pays for it after a period of time, is that at all a hurdle in sort of OEMs adopting SuperVision quickly? Like what would probably, in your mind, get SuperVision to be adopted faster, OEMs to transition faster to SuperVision as a solution?

好的。好的。知道了。然後只是在 SuperVision 上，只是在這裡挖掘勝利的步伐。我的意思是，對於您正在籌備中的一些新勝利，這些是否仍在作為標準配置進行討論，或者您將在哪裡作為一種選擇出售？消費者在一段時間後付費的商業模式是否是 OEM 快速採用 SuperVision 的障礙？在您看來，什麼可能會讓 SuperVision 更快地被採用，OEM 更快地過渡到 SuperVision 作為解決方案？

Right now, the growth that we see is in the number of OEMs in which we have serious engagement to adopt the SuperVision. And we're not kind of focusing on whether it's going to be optional or standard fit. But I would say, so far, all the opportunities that we are discussing are old standard fit but again, it's not mandatory. There could be opportunities where it's optional and not standard fit. It depends basically on the premium level of the vehicle, the higher the premium level of the vehicles, the more likely is SuperVision to be standard fit.

目前，我們看到的增長是我們認真參與採用 SuperVision 的 OEM 數量。我們並沒有關注它是可選的還是標準的。但我要說的是，到目前為止，我們正在討論的所有機會都是舊標準，但不是強制性的。可能有機會它是可選的而不是標準的。這基本上取決於車輛的高級級別，車輛的高級級別越高，SuperVision 就越有可能成為標準配置。

Our next question comes from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克德萊尼。

The press release comments on the potential nomination with a U.S.-based OEM for SuperVision in the second half of this year. What do you think would have to happen for that nomination to be completed? And if successful, when do you think series production may begin?

新聞稿評論了今年下半年與一家美國 OEM 進行 SuperVision 的潛在提名。您認為要完成提名必鬚髮生什麼？如果成功，您認為什麼時候可以開始批量生產？

No, we are in serious engagement of a concept phase with significant testing that are going very well. So we are hopeful and optimistic that it will conclude in a nomination towards the second half of the year.

不，我們正在認真參與概念階段，並進行了非常順利的重要測試。因此，我們充滿希望並樂觀地認為它將在今年下半年的提名中結束。

And the SOP is late '25.

SOP 是 25 年底。

And the SOP is '25, yes, late '25.

SOP 是 25 歲，是的，25 歲末。

Okay. That's helpful. And then, Anat, you commented, if I heard correctly about the timing for EyeQ shipments and some that may have been in 2Q pushing into the second half. Could you elaborate a little bit more on what might be happening there? Is that more due to global production schedules? Is that also some of the China issues you've been referring to? Any more context on that topic would be helpful.

好的。這很有幫助。然後，Anat，你評論說，如果我沒聽錯的話，EyeQ 的發貨時間以及一些可能在第二季度推到下半年的時間。您能否詳細說明那裡可能發生的事情？這更多是由於全球生產計劃嗎？這是否也是你提到的一些中國問題？關於該主題的任何更多上下文都會有所幫助。

Yes. So it's probably something to do about their inventory levels and considerations versus demand. And this is the information that we have. So they kind of shifted part of the volume. It's not very significant to the second half of the year.

是的。因此，這可能與他們的庫存水平和對需求的考慮有關。這就是我們擁有的信息。所以他們改變了部分音量。這對下半年來說意義不大。

But our -- the commitments we have from our Tier 1 is on a yearly basis, not a quarterly basis. But we are in very good discussions and trying to balance their commitment from quarter-to-quarter rather than lumping it into 1 or 2 quarters towards the end of the year. And we managed quite successfully to reach a point in which the change in second quarter is really minimum.

但是我們 - 我們從一級供應商那裡得到的承諾是按年計算的，而不是按季度計算的。但我們正在進行非常好的討論，並試圖在每個季度之間平衡他們的承諾，而不是在年底前將其集中到 1 個或 2 個季度。我們非常成功地達到了第二季度變化非常小的地步。

Our next question comes from Vijay Rakesh with Mizuho.

我們的下一個問題來自瑞穗的 Vijay Rakesh。

Just on the SuperVision side, I know you mentioned Zeekr and Polestar are standard fit. But can you talk to what your thoughts are on the competition? Like is there -- are you seeing any impact from like Horizon or any of those guys getting in on the autonomous side? Or are they more still on perception level, too? Any thoughts on that?

就 SuperVision 而言，我知道您提到 Zeekr 和 Polestar 是標準配置。但是你能談談你對比賽的看法嗎？就像那裡一樣 - 你是否看到像 Horizon 或任何那些進入自治方面的人的影響？還是它們也更停留在感知層面？對此有什麼想法嗎？

I think the Horizon Robotics and others are more on the Level 2. I haven't seen kind of the level of SuperVision there. But there is competition. Competition are having a hard time with the high-definition maps. They come to see the value of Crowdsourced not map making to the point that they're starting to talk about map-less solutions as an advantage rather than admitting that they hit a wall in terms of ability to build the high-definition maps.

我認為 Horizo n Robotics 和其他公司更多地處於 2 級。我在那裡還沒有看到 SuperVision 的那種水平。但是有競爭。競爭在高清地圖上遇到了困難。他們開始看到眾包而非地圖製作的價值，以至於他們開始將無地圖解決方案視為一種優勢，而不是承認他們在構建高清地圖的能力方面遇到了瓶頸。

So this only strengthens our position of a company that has been working for years in making efficient use of Crowdsourced data to create map data that allows us to create a high mean time between failures in our perception systems, right. I believe that looking at the response, I guess, from the OEMs and the opportunities we are pursuing now with OEMs that we are in a very good competitive position.

因此，這只會加強我們公司的地位，該公司多年來一直致力於有效利用眾包數據來創建地圖數據，使我們能夠在感知系統中創造較長的平均故障間隔時間，對吧。我相信，從原始設備製造商的反應來看，以及我們現在與原始設備製造商一起尋求的機會，我們處於非常有利的競爭地位。

Got it. And then as you look at 2024, I saw you maintain the guide. But when you look at SuperVision at 300,000 units, I think you mentioned 6 OEMs, do you expect the ramp to the additional 4 or 5 OEMs in 2024 to kind of start in the first half? Or how do you see that spread out, I guess?

知道了。然後當你看 2024 年時，我看到你在維護指南。但是，當您查看 SuperVision 的 300,000 台時，我想您提到了 6 家 OEM，您是否預計 2024 年上半年會開始增加 4 或 5 家 OEM？或者你如何看待它的傳播，我猜？

Our guidance for 2024 is intact. It's assuming that Zeekr 001 goes back to the of Q4 last year run rate. The guidance for 2024 seems intact. And as I said before, we see good signs that are coming back to their Q4 run rate. So at this point in time, we feel confident in the 2024 guidance for SuperVision. But we need to wait and see what happens in the Chinese market.

我們對 2024 年的指導是完整的。假設 Zeekr 001 回到去年第四季度的運行率。 2024 年的指導似乎完好無損。正如我之前所說，我們看到好跡象正在恢復到第四季度的運行率。因此，此時此刻，我們對 SuperVision 的 2024 年指南充滿信心。但我們需要拭目以待，看看中國市場會發生什麼。

The customer launches are set. So we have a second Geely brand launching a vehicle in the third quarter, then we have Polestar 4 in Q4 this year. then we have another Geely related brand launching a car in the first quarter of 2024. So that's really what's in place right now, and that's what supports the outlook.

客戶發布已設置。所以我們有第二個吉利品牌在第三季度推出一款汽車，然後我們在今年第四季度推出了 Polestar 4。然後我們有另一個吉利相關品牌在 2024 年第一季度推出汽車。所以這就是現在的情況，這就是支持前景的因素。

Our next question comes from Adam Jonas with Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞當喬納斯。

Just first question, can you confirm that SuperVision is not on any ICE platforms? I think our assumption for folks on this call would be that given it would be -- coincide with all new architectures and software architectures that SuperVision would be basically 100% BEV platform. I just want to confirm that.

第一個問題，您能否確認 SuperVision 不在任何 ICE 平台上？我認為我們在這次電話會議上對人們的假設是——與所有新架構和軟件架構一致，SuperVision 基本上是 100% BEV 平台。我只是想確認一下。

Yes, yes. So far, it's on EV platform. There is no reason why it cannot be on ICE platform but so far, all the opportunities that we have are EVs.

是的是的。到目前為止，它在EV平台上。沒有理由不能在 ICE 平台上，但到目前為止，我們擁有的所有機會都是電動汽車。

But we haven't discussed at all about the Western OEMs that we feel good about booking, yes.

但是我們完全沒有討論我們對預訂感到滿意的西方原始設備製造商，是的。

Understood. And just as a follow-up, sometimes, I think auto analysts on this call are used to seeing things that start in China and then could spread to other regions. And I'm referring specifically to Tesla's price cuts and kind of willingness to maybe run the business for a loss, maybe even a cash loss who knows for competitive reasons.

明白了。作為後續行動，有時，我認為本次電話會議的汽車分析師習慣於看到從中國開始然後可能蔓延到其他地區的事情。我特別指的是特斯拉的降價，以及出於競爭原因而可能虧損經營業務的意願，甚至可能是現金虧損。

I guess you've addressed this in different ways that you're not seeing any sign right now, but just thinking beyond what your OEM customers would tell you in a production schedule, which, of course, can change based on what the consumer wants ultimately is the arbiter of what goes into the car and the numbers. What gives you confidence that what's going on in China doesn't spread to Europe and the U.S. in the EV market?

我猜你已經以不同的方式解決了這個問題，你現在沒有看到任何跡象，但只是在考慮你的 OEM 客戶會在生產計劃中告訴你的內容，當然，生產計劃可以根據消費者的需求而改變最終是汽車和數字的仲裁者。是什麼讓您相信中國正在發生的事情不會在電動汽車市場蔓延到歐洲和美國？

I see a silver lining in the Tesla approach because the Tesla approach says that they want to make all their money from FSD, from autopilot. So this shows that the value proposition of SuperVision is only increasing. So if you can flip the argument, it's the fact that you'll not be able to make money from the car. You make money only from the sophistication of the SuperVision would push more car brands to adopt SuperVision. So I'm not sure that the Tesla strategy right now goes against our interest or goes against our revenue pipeline going forward.

我在特斯拉的方法中看到了一線希望，因為特斯拉的方法表明他們希望從 FSD 和自動駕駛儀中賺取所有的錢。所以這表明 SuperVision 的價值主張只增不減。所以如果你能反駁這個論點，那就是你無法從汽車上賺錢。你只從 SuperVision 的複雜性中賺錢，這將推動更多汽車品牌採用 SuperVision。所以我不確定特斯拉現在的戰略是否違背了我們的利益，或者是否違背了我們未來的收入渠道。

Our next question comes from Gautam Narayan with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Gautam Narayan。

I got one more on the SuperVision guidance. So I know you said the Polestar 4 is not going to be in the Chinese market in 2024. But the other ones that -- Dan, I think you just went through them in China. You mentioned Zeekr is tracking better in recent weeks. Could you comment on how those other ones have been faring in kind of recent weeks or how they have been relative to the softness that you're seeing?

我又得到了一份關於 SuperVision 的指南。所以我知道你說 Polestar 4 不會在 2024 年進入中國市場。但其他的 - 丹，我想你剛剛在中國經歷過它們。你提到最近幾週 Zeekr 的跟踪情況更好。您能否評論一下最近幾周其他人的表現如何，或者他們與您所看到的軟弱相對如何？

Yes, there's only one other vehicle that SuperVision is shipping on right now, which is the 009, which is really just in ramp mode. I think it launched in sometime in February. So we've seen kind of progressively better volumes there. But that's a higher-priced vehicle. That won't be as big of a seller as Zeekr 001.

是的，目前 SuperVision 只搭載了另外一種車輛，即 009，它實際上只是處於斜坡模式。我認為它是在 2 月的某個時候推出的。所以我們在那裡看到了越來越好的交易量。但那是一輛價格更高的車。這不會像 Zeekr 001 那樣暢銷。

So yes, I mean, I think what -- I dug into these numbers, you can imagine pretty deeply. And we saw pretty consistent significant sequential reductions in vehicle models, not ones that have SuperVision, but across the board in Q1, and then you've started to see an uptick in volumes over the last month into April. That's what it's looking like.

所以是的，我的意思是，我認為——我深入研究了這些數字，你可以想像得很深。而且我們看到車輛型號連續顯著減少，不是那些有 SuperVision 的，而是在第一季度全面減少，然後你開始看到上個月到 4 月份的銷量有所上升。這就是它的樣子。

So we will see what happens. We're not really assuming that continues, but encouraging signs.

所以我們將看看會發生什麼。我們並不是真的假設這種情況會繼續下去，而是令人鼓舞的跡象。

Okay. And if there is a further kind of market deterioration in China in 2024, would -- I mean, is a lever that you would play cutting SuperVision pricing? Or would that -- is that not something that would happen?

好的。如果 2024 年中國市場進一步惡化，我的意思是，你會使用一種槓桿來降低 SuperVision 的定價嗎？或者，那不是會發生的事情嗎？

I think the value of SuperVision as a cash generation for cars, I think, would only increase in this price war. So there's no reason to reduce pricing of something that is going to be the most important element in the value proposition of car.

我認為 SuperVision 作為汽車現金產生的價值，我認為，只會在這場價格戰中增加。因此，沒有理由降低將成為汽車價值主張中最重要元素的東西的價格。

Yes. We don't think that weakness has anything to do with the pricing of our technology. In fact, I think we would assume that as kind of the features expand through over their updates, like Amnon was talking about that the demand for -- that would be incremental that would lead to incremental demand for the cars that they're on. So that would be encouraging as well.

是的。我們認為弱點與我們技術的定價沒有任何關係。事實上，我認為我們會假設隨著功能的更新而擴展，就像 Amnon 談論的需求一樣 - 這將是增量的，這將導致對他們所使用的汽車的需求增加。所以這也是令人鼓舞的。

Okay. And then my last one is, we have the European OEM SOP for 2025, the U.S. OEM nomination. I think folks would benefit from understanding the scope of the conversations you're having on SuperVision with other OEMs. Just maybe to give a sense of -- I don't know if you could say like how many folks you're talking to, just the breadth of the scope of the kind of conversations that you're having?

好的。然後我的最後一個是，我們有 2025 年的歐洲 OEM SOP，美國 OEM 提名。我認為人們會從了解您與其他 OEM 就 SuperVision 進行的對話範圍中受益。也許只是為了讓大家了解——我不知道你是否可以說你正在與多少人交談，只是你正在進行的那種對話的範圍廣度？

We're in serious engagement in Japan. We are in serious engagement in India and more EU engagements. So I believe that throughout 2023, there will be more serious nominations.

我們在日本認真參與。我們正在認真參與印度事務和更多歐盟事務。所以我相信整個2023年，都會有更嚴肅的提名。

And Priscilla, this is going to be our last question, please.

Priscilla，這將是我們的最後一個問題。

Our last question comes from Shreyas Patil with Wolfe Research.

我們的最後一個問題來自 Wolfe Research 的 Shreyas Patil。

I thought maybe just I could pivot back to the base ADAS business. Specifically, as we're thinking about -- as we're looking at the exit from '23 to '24, it does look like you have a couple of important launches coming, including with Toyota. And then as you mentioned, some of the additional wins with your cloud enhanced customers. Just wondering if you can help us think about the incremental uplift that we could be looking at into next year from those wins?

我想也許我可以回到基礎 ADAS 業務。具體來說，正如我們正在考慮的那樣——當我們正在考慮從 23 年到 24 年的退出時，看起來你確實有幾項重要的發布即將到來，包括與豐田的合作。然後正如你提到的，一些額外的勝利與你的雲增強客戶有關。只是想知道您是否可以幫助我們考慮明年我們可以從這些勝利中看到的增量提升？

Yes, we haven't disclosed it. I think the question is around do we see -- I think 2023 is there -- the climate economically is challenging. I think every -- the Tier 1s are uncertain and want to really take a close look at volumes. We do see 2024 as an important year as cloud-enhanced ADAS continues to ramp as adoption rates of ADAS continue to climb.

是的，我們沒有透露。我認為問題在於我們是否看到 - 我認為 2023 年就在那裡 - 氣候在經濟上具有挑戰性。我認為每個 - 一級供應商都不確定，並且希望真正仔細研究數量。我們確實將 2024 年視為重要的一年，因為隨著 ADAS 的採用率繼續攀升，雲增強型 ADAS 繼續增加。

I think we mentioned in the press release that the safety protocols in the EU are starting to include some waiting for cloud-based safety services, which is right in the sweet spot of cloud-enhanced ADAS. So we're really encouraged about the future into 2024 and of course, more models, more diversification of the SuperVision business. These should all be benefits.

我想我們在新聞稿中提到，歐盟的安全協議開始包括一些等待基於雲的安全服務，這正是雲增強 ADAS 的最佳選擇。因此，我們對 2024 年的未來感到非常鼓舞，當然還有更多的模型，SuperVision 業務更加多樣化。這些應該都是好處。

Okay. Great. And then just quickly on -- I'm thinking with regards to SuperVision and your conversations with OEMs, maybe if you can help us mention the number of OEMs that you're having conversations with? And to what extent is the EyeQ Kit really helping you in terms of making inroads? Obviously, we know a number of automakers are looking to take a larger role in the software development of the ADAS system.

好的。偉大的。然後很快 - 我正在考慮關於 SuperVision 以及您與 OEM 的對話，也許您可以幫助我們提及您正在與之對話的 OEM 的數量？ EyeQ 套件在多大程度上真正幫助您取得進展？顯然，我們知道許多汽車製造商希望在 ADAS 系統的軟件開發中發揮更大的作用。

We are engaged now with about 5 different OEMs. Two of them, EyeQ Kit is an enabler for the discussion. With other 3, it's a black box close solution.

我們現在與大約 5 家不同的原始設備製造商合作。其中兩個，EyeQ Kit 是討論的推動者。與其他 3 個，它是一個黑盒關閉解決方案。

Okay. Thanks, everyone, for joining our earnings call. We will talk to you next quarter. Thanks very much.

好的。感謝大家參加我們的財報電話會議。我們將在下個季度與您交談。非常感謝。