Mobileye Global Inc (MBLY) 2022 Q4 法說會逐字稿

Hello, everyone, and welcome to Mobileye's fourth quarter and full-year earnings conference call for the period ending December 31, 2022. As a matter of formality, 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 risk factors that could cause actual results to differ materially. 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.

大家好，歡迎參加 Mobileye 截至 2022 年 12 月 31 日的第四季度和全年收益電話會議。作為正式問題，請注意，今天的討論包含基於我們當前業務環境的前瞻性陳述。看見。此類陳述涉及風險和不確定性。請參閱隨附的新聞稿，其中包括有關可能導致實際結果出現重大差異的特定風險因素的更多信息。此外，在這次電話會議上，我們將參考公認會計原則和非公認會計原則數據。我們發布的收益報告中提供了 GAAP 與非 GAAP 財務指標的調節表。

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.

今天加入我們電話會議的還有 Mobileye 首席執行官兼總裁 Amnon Shashua 教授；和 Anat Heller Mobileye 首席財務官。謝謝，現在我將把電話轉給 Amnon。

Thank you, Dan. Hello, everyone, and thank you for joining our earnings call. 2022 was a really important year for Mobileye. We executed a successful IPO at a time when this was only possible for very unique companies. I see many benefits to being public again. But most important is we have already seen a big increase in visibility of Mobileye from our customers and partners, driven by more focus and attention by the broader media and analysts. This drives incremental business opportunities by amplifying attention on our advanced solutions, and we think this plays into the incremental momentum we are experiencing.

謝謝你，丹。大家好，感謝您參加我們的財報電話會議。 2022 年對於 Mobileye 來說是非常重要的一年。我們成功地進行了首次公開募股，而當時只有非常獨特的公司才有可能實現首次公開募股。我看到再次公開有很多好處。但最重要的是，在更廣泛的媒體和分析師的更多關注和關注的推動下，我們的客戶和合作夥伴對 Mobileye 的知名度大幅提高。這通過增強對我們先進解決方案的關注來推動增量業務機會，我們認為這會發揮我們正在經歷的增量動力。

Financial results in 2022 were clearly very good. Revenue grew up by 35%. Adjusted operating profit grew by 25%, and we generated almost $550 million of operating cash flow. More important than those headlines is that the source of our growth started to shift from pure volume to a combination of volume and higher content per vehicle. Our advanced products carry much higher price per vehicle than our historical product. And we saw a clear evidence of that in 2022, where one-third of our revenue growth came from higher ASPs. In terms of future business generation, 2022 was a record year. Just in that year alone, we generated new business representing $6.7 billion of estimated future revenue at about $105 per unit on a content per car blended basis. This is about 3.5 times our actual revenue in 2022 and double our current ASP.

2022 年的財務業績顯然非常好。收入增長了35%。調整後營業利潤增長了 25%，我們產生了近 5.5 億美元的營業現金流。比這些頭條新聞更重要的是，我們的增長源開始從純粹的銷量轉向每輛車的銷量和更高內容的結合。我們的先進產品每輛車的價格比我們的歷史產品高得多。我們在 2022 年看到了明顯的證據，我們三分之一的收入增長來自更高的平均售價。就未來業務生成而言，2022 年是創紀錄的一年。僅在那一年，我們就創造了新業務，預計未來收入將達到 67 億美元，按每輛車混合內容計算，每單位約為 105 美元。這大約是我們 2022 年實際收入的 3.5 倍，也是我們當前平均售價的兩倍。

Overall, we estimate that our current book of business represent over $17 billion of total future revenue through 2030. As long as our new business wins continue to outpace our actual shipments in a particular year, this number will continue to grow. Also, to be clear, this number excludes our consumer AV and mobility as a service backlog.

總體而言，我們估計到 2030 年，我們當前的業務收入將佔未來總收入超過 170 億美元。只要我們的新業務增長繼續超過特定年份的實際出貨量，這個數字就會繼續增長。另外，需要明確的是，這個數字不包括我們的消費者視聽和移動即服務積壓訂單。

Beyond the high-level numbers, we saw positive business trends across the whole business. The front-facing camera, single chip ADAS business continues to run like a machine. We grew revenue with every one of our top-10 customers in 2022 and continue to win significant new business in this segment.

除了高層數字之外，我們還看到整個行業的積極業務趨勢。前置攝像頭、單芯片 ADAS 業務繼續像機器一樣運行。 2022 年，我們與每一位排名前 10 位的客戶的收入都實現了增長，並繼續在這一領域贏得重要的新業務。

A key development in 2022 is that many large volume ADAS platforms now have a variant that includes cloud-enhanced ADAS through our REM map. This volume will drive higher ASP and recurring revenue from the maintenance of the map. We also saw a very significant uptick in interest and secured volume in our SuperVision product in all regions from both traditional and start-up OEMs really across the board. There are many reasons for the increased traction. There is a big difference between a development product and a launched product.

2022 年的一個關鍵發展是，許多大容量 ADAS 平台現在都有一個變體，其中包括通過我們的 REM 地圖進行雲增強的 ADAS。這一銷量將推動更高的平均售價和地圖維護帶來的經常性收入。我們還看到，傳統和初創 OEM 廠商對我們的 SuperVision 產品的興趣顯著上升，並且在所有地區的銷量都得到了保障。牽引力增加的原因有很多。開發產品和已發布產品之間存在很大差異。

Launching SuperVision with Zeekr in China was a major catalyst in driving interest from other OEMs. A program like SuperVision is a major commitment from an OEM in time and capital. Offering a solution that is already in production means that the investment will result in a valuable product with high profitability. This is very important in the current environment. Number two, we now have the ability to demonstrate the full feature set of SuperVision anywhere, not just in Israel.

與 Zeekr 在中國推出 SuperVision 是激發其他 OEM 廠商興趣的主要催化劑。像 SuperVision 這樣的計劃是 OEM 在時間和資金方面的重大承諾。提供已投入生產的解決方案意味著投資將產生具有高盈利能力的有價值的產品。這在當前環境下非常重要。第二，我們現在有能力在任何地方展示 SuperVision 的完整功能集，而不僅僅是在以色列。

Our REM map now cover nearly all roads in the US and Europe. As a result, we have been able to execute long distance expeditions with carmakers customers covering thousands of miles in both US and Europe with little human intervention. This ability to show that the technology truly works everywhere has been critical in moving discussions to the decision phase. Mobileye's IQ kit software development tool is another important development. The ability for an OEM to take Mobileye's truly differentiated assets like surround computer vision, REM mapping, and our decision-making software as is, but then customized the consumer-facing part of the system with their own software is something we couldn't offer until recently.

我們的 REM 地圖現在幾乎覆蓋了美國和歐洲的所有道路。因此，我們能夠與汽車製造商客戶一起執行長途探險，覆蓋美國和歐洲數千英里，幾乎不需要人工干預。這種證明該技術真正適用於任何地方的能力對於將討論轉移到決策階段至關重要。 Mobileye 的 IQ kit 軟件開發工具是另一項重要的開發。 OEM 能夠按原樣採用 Mobileye 的真正差異化資產（例如環繞計算機視覺、REM 映射和我們的決策軟件），然後使用他們自己的軟件定制系統中面​​向消費者的部分，這是我們無法提供的直到最近。

It has served as a catalyst for strategic partnership discussions for SuperVision and beyond with many of our OEM customers, particularly ones that began their own software development at earliest. In the meantime, the competitive environment among OEMs has ramped up with Chinese automakers and Tesla benefiting from surround camera-based systems, both in profit and technology prestige. This is creating an overall sense of urgency among other OEMs to invest in wide operational design domain eyes-on, hands-off systems that have high probability of success in terms of performance and validation.

它成為 SuperVision 及其他許多 OEM 客戶（尤其是最早開始自己軟件開發的客戶）進行戰略合作夥伴討論的催化劑。與此同時，原始設備製造商之間的競爭環境加劇，中國汽車製造商和特斯拉在利潤和技術聲望上受益於基於環繞攝像頭的系統。這讓其他原始設備製造商產生了一種整體的緊迫感，要求他們投資於廣泛的操作設計領域，專注於不干涉的系統，這些系統在性能和驗證方面成功的可能性很高。

We expect SuperVision to be a very large growth driver in 2023 and beyond, and shared our expected volume forecast in our CES presentation, which is available at our IR website. But this product also serves as a launch point for our eyes-off consumer AV product Chauffeur. Because SuperVision operates across a very broad operational design domain, it makes the transition to a series of eyes-off ODDs, an incremental and modular step instead of a series of moonshot. In other words, all the heavy lifting of describing the environment in great detail, the driving policy required to maneuver the car in any traffic scenario and the requirement for high-definition maps covering all types of roads are all done in the SuperVision. From here, adding redundancies to the perception system to take eyes-on to eyes-off becomes incremental.

我們預計 SuperVision 將成為 2023 年及以後的巨大增長動力，並在 CES 演示中分享了我們的預期銷量預測，該演示可在我們的 IR 網站上獲取。但該產品也可以作為我們的消費者 AV 產品 Chauffeur 的發佈點。由於 SuperVision 的運作範圍非常廣泛，因此它可以過渡到一系列不經意的 ODD，這是一個增量和模塊化的步驟，而不是一系列登月計劃。換句話說，所有詳細描述環境的繁重工作、在任何交通場景下操縱汽車所需的駕駛策略以及覆蓋所有類型道路的高清地圖的要求都在 SuperVision 中完成。從這裡開始，向感知系統添加冗餘以將目光從注視變為移開變得漸進。

The successful productization of SuperVision with Zeekr and this concept of modularity to eyes-off has created a lot more interest from our customers to develop consumer AV products. Essentially, every SuperVision discussion we're having now is also including scope for follow on Chauffeur eyes-off their program. We saw recent evidence of this with a premium European OEM, which kicked off a SuperVision program in Q4. During discussions, the scope of the program expanded to include the Chauffeur program that will launch in 2026 timeframe. So Chauffeur of this program alone represent an expected $1.5 billion opportunity through 2030.

SuperVision 與 Zeekr 的成功產品化以及這種令人目不暇接的模塊化概念引起了我們的客戶對開發消費類 AV 產品的更大興趣。本質上，我們現在進行的每一次 SuperVision 討論也都包括了 Chauffeur 關注他們的計劃的後續範圍。我們最近在一家優質歐洲 OEM 上看到了這方面的證據，該 OEM 在第四季度啟動了 SuperVision 計劃。在討論過程中，該計劃的範圍擴大到包括將於 2026 年啟動的 Chauffeur 計劃。因此，到 2030 年，僅 Chauffeur 項目就帶來了預計 15 億美元的機會。

Finally, on mobility as a service, our plan continues to develop relationships on the supply and demand side, and then use our self-driving system to enable supply and demand to come together into a scalable business. We have many relationships on the demand side with transportation network companies and public transit operators. We also have engagements with three vehicle builders, which are developing purpose-built vehicle platforms that integrate our Mobileye Drive self-driving system. We expect to generate our first revenue in this business in 2023. And our supply-side relationships have orders for self-driving systems that total an estimated $3.5 billion of future revenue through 2028.

最後，在出行即服務方面，我們的計劃繼續發展供需雙方的關係，然後利用我們的自動駕駛系統使供需雙方能夠結合起來形成可擴展的業務。我們在需求方與交通網絡公司和公共交通運營商有很多關係。我們還與三個汽車製造商合作，他們正在開發集成我們的 Mobileye Drive 自動駕駛系統的專用車輛平台。我們預計將於 2023 年在該業務中產生第一筆收入。我們的供應方關係擁有自動駕駛系統訂單，預計到 2028 年未來收入總額將達到 35 億美元。

So overall, 2022 was the year where traction for SuperVision really accelerated. And this led to an increased interest from OEMs for eyes-off systems as well. Continuing the productization process of these solutions and supporting testing and launch, of course, requires resources. This is why our operating expenses growth in 2022 was unusually high, and it will be again in 2023.

因此總體而言，2022 年是 SuperVision 真正加速發展的一年。這也導致原始設備製造商對無人值守系統的興趣日益濃厚。當然，繼續這些解決方案的產品化過程並支持測試和發布需要資源。這就是為什麼我們 2022 年的運營費用增長異常高，2023 年也會如此。

This growth is supporting areas like growth in terms of -- in teams to support SuperVision launches with OEMs, radar and LiDAR productization, and expansion of mobility as a service validation and testing sites, and development work of our next-generation of EyeQ chip. I would note that approximately 70% of our R&D expenses is related to products that are either just beginning to generate revenue like SuperVision or are still pre-revenue like Chauffeur, Drive and the active sensor array products.

這種增長支持了以下領域的增長：支持 OEM 推出 SuperVision 的團隊、雷達和 LiDAR 產品化、移動即服務驗證和測試站點的擴展以及我們下一代 EyeQ 芯片的開發工作。我要指出的是，我們大約 70% 的研發費用與剛剛開始產生收入的產品（如 SuperVision）或仍處於收入前的產品（如 Chauffeur、Drive 和有源傳感器陣列產品）相關。

Thank you, and I now turn it over to Anat to go through the results.

謝謝，我現在將其交給 Anat 查看結果。

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 Mobileye's 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 and IPO-related expenses.

謝謝阿姆農，也感謝大家加入我們的電話會議。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。 Mobileye 的非 GAAP 數據中主要排除無形資產攤銷，這主要與英特爾 2017 年收購 Mobileye 有關。我們還排除了股票薪酬和 IPO 相關費用。

Starting with a few words about the full year. Revenue growth of 35% year-over-year in 2022 continues our consistent track record of top line growth. Compared to 2018, our revenue is up 170% and global production is down 13%. As Amnon mentioned, our advanced portfolio made a meaningful impact on average system price, which rose to $53 in 2022, up from $47 in 2021, that alone drove about 13 points of revenue growth in 2022. The increase in average system price was mainly driven by SuperVision as well as to a lesser extent, the rising chip cost which we passed along to our customers.

首先簡單介紹一下全年情況。 2022 年收入同比增長 35%，延續了我們一貫的營收增長記錄。與 2018 年相比，我們的收入增長了 170%，全球產量下降了 13%。正如Amnon 提到的，我們的先進產品組合對平均係統價格產生了有意義的影響，平均係統價格從2021 年的47 美元升至2022 年的53 美元，僅這一點就帶動了2022 年約13 個百分點的收入增長。平均係統價格的上漲主要是由SuperVision 的影響，以及在較小程度上，我們將不斷上漲的芯片成本轉嫁給客戶。

The addition of SuperVision to our product mix led to a certain decrease in gross margin as we deploy a full system solution, which contains higher hardware content. But more importantly, SuperVision generate much higher gross profit per unit than our core EyeQ product. As a result, EyeQ and SuperVision combined gross profit per unit grew by 9% in 2022.

由於我們部署了包含更高硬件內容的完整系統解決方案，SuperVision 添加到我們的產品組合中導致毛利率出現一定下降。但更重要的是，SuperVision 產生的單位毛利潤比我們的核心 EyeQ 產品高得多。因此，EyeQ 和 SuperVision 的單位總毛利潤在 2022 年增長了 9%。

Turning to Q4, revenue grew 59% year-over-year. Our EyeQ related revenue was up 48% with the SuperVision product driving most of the remainder of the growth, despite being less than 1% of overall volumes. Q4 operating margin was 38%, up from 34% in prior year. This was above our guidance expectation due to a better-than-expected revenue growth, but also due to about $14 million of R&D expenses that we expected in Q4 that shifted to 2023.

第四季度，收入同比增長59%。我們的 EyeQ 相關收入增長了 48%，其中 SuperVision 產品推動了其餘增長的大部分，儘管該產品僅佔總銷量的不到 1%。第四季度營業利潤率為 38%，高於去年同期的 34%。由於收入增長好於預期，而且我們預計第四季度的研發費用將轉移到 2023 年，研發費用約為 1,400 萬美元，這超出了我們的指導預期。

Turning to 2023 guidance. We are pleased that the midpoint of our guidance remain in line with internal expectations at the time of our October IPO, despite of our macro assumptions for 2023 coming down since then. On the revenue side, I'll give you a sense of our assumption. Focusing on the high end, we are assuming EyeQ volume that is somewhat below the commitments that we have received from our customers for 2023. We want to remain conservative and acknowledge that the macro uncertainty remains elevated. That volume level corresponds to about 1% global production growth, four to five points of ADAS adoption growth, which is somewhat lower than the prior few years and consistent market share.

轉向 2023 年指導。我們很高興我們的指導中點仍然與 10 月份 IPO 時的內部預期一致，儘管我們對 2023 年的宏觀假設此後有所下降。在收入方面，我將讓您了解我們的假設。專注於高端市場，我們假設 EyeQ 銷量略低於我們從客戶那裡收到的 2023 年承諾。我們希望保持保守，並承認宏觀不確定性仍然較高。這一銷量水平相當於全球產量增長約 1%，ADAS 採用率增長四到五個百分點，略低於前幾年和穩定的市場份額。

On the SuperVision side, we are assuming a bit more than 100% growth versus 2022, which was about 96,000 units. Demand is higher than this, but we are still experiencing some supply chain constraints in one particular component of the ECU. On the positive side, we have commitment forms from our suppliers at the level we are focusing, including a second half run rate that supports our 2024 forecast as well.

在 SuperVision 方面，我們假設與 2022 年相比增長超過 100%，約為 96,000 台。需求高於此，但我們在 ECU 的某一特定組件中仍然遇到一些供應鏈限制。從積極的一面來看，我們有供應商在我們關注的層面上提供的承諾表格，包括下半年的運行率也支持我們的 2024 年預測。

In terms of a core quarterly cadence, historically, our revenue has ramped up over the course of the year. This year is expected to be even more pronounced with around 41% of revenue expected in the first half of the year. On both the EyeQ and SuperVision businesses, volume and revenue are expected to be lower in Q1 2023 versus Q4 2022. This appears to be general conservatism on the part of our customers as well as some impact from elevated purchases ahead of the EyeQ price increase that went into effect on January 1. On SuperVision, the low volume in Q1 and Q2 versus Q4 2022 is related to the key ECU component mentioned earlier.

就核心季度節奏而言，從歷史上看，我們的收入在這一年中一直在增長。今年預計這一情況將更加明顯，上半年預計收入將佔 41% 左右。對於 EyeQ 和 SuperVision 業務，預計 2023 年第一季度的銷量和收入將低於 2022 年第四季度。這似乎是我們客戶的普遍保守態度，也是 EyeQ 價格上漲之前購買量增加的一些影響於1 月1日生效。在SuperVision 上，2022 年第一季度和第二季度與第四季度相比銷量較低與前面提到的關鍵ECU 組件有關。

On the average system price side, we expect Q1 and Q2 to be a bit lower than Q4 due to the SuperVision constraints, but we expect to exit 2023 in the low $60, which is an excellent trajectory. On the operating income side, there's a few things to point out. Gross profit per unit will increase again year-over-year, but the percentage of gross margin is expected to be down due to the higher mix of SuperVision revenue mentioned above.

在平均係統價格方面，由於SuperVision 的限制，我們預計第一季度和第二季度的價格將略低於第四季度，但我們預計2023 年將以60 美元的低價格退出，這是一個非常好的軌跡。在營業收入方面，有幾點需要指出。每單位毛利潤將再次同比增長，但由於上述 SuperVision 收入組合較高，預計毛利率百分比將下降。

On the OpEx side, as Amnon mentioned, we will continue to invest heavily in our high ROI advanced portfolio, which is only beginning to impact our results. We estimate operating expenses to grow in the low 30% range in 2023 versus 35% growth in 2022. Opex growth rates are expected to moderate in 2024, which combined with operating leverage is expected to lead to higher operating margin during that year, also consistent with our internal expectation at the time of the IPO.

在運營支出方面，正如 Amnon 提到的，我們將繼續大力投資於我們的高投資回報率高級投資組合，這才剛剛開始影響我們的業績。我們預計 2023 年運營支出將增長 30%，而 2022 年將增長 35%。運營支出增長率預計將在 2024 年放緩，再加上運營槓桿，預計將導致當年運營利潤率更高，這也與符合我們IPO 時的內部預期。

Before taking your questions, I just wanted to thank my team and many other at Mobileye for supporting what is a pretty accelerated earnings time line for a newly public company.

在回答大家的問題之前，我想感謝我的團隊和 Mobileye 的許多其他人員，感謝他們對新上市公司相當快的盈利時間表的支持。

Thank you, and we will now take your questions.

謝謝您，我們現在將回答您的問題。

(Operator Instructions)

（操作員說明）

Itay Michaeli, Citi.

伊泰·米凱利，花旗銀行。

Great, thanks. Hello, everybody. I just have two questions, one, financial; and one on SuperVision. On the financial, maybe for Anat, I'm hoping you can maybe talk about what you're expecting for gross margins just in the kind of core ADAS and enhanced ADAS business in 2023. Then, on SuperVision, hoping you can talk about what portion of customer engagements there, perhaps looking at a camera-only solution for SuperVision, as well as what you're seeing for the SuperVision light offering versus the full ODD SuperVision offering. Thank you.

萬分感謝。大家好。我只有兩個問題，一是財務問題，二是財務問題。還有一個關於 SuperVision 的。在財務方面，也許對於 Anat，我希望您能談談您對 2023 年核心 ADAS 和增強型 ADAS 業務的毛利率的預期。然後，在 SuperVision 上，希望您能談談什麼那裡的客戶參與的一部分，也許會關注SuperVision 的純相機解決方案，以及您所看到的SuperVision 燈光產品與完整的ODD SuperVision 產品。謝謝。

Great. So on the EyeQ side, we are seeing consistent gross margins through 2023. On the SuperVision side, we're seeing approximately 35% for this year.

偉大的。因此，在 EyeQ 方面，我們預計到 2023 年毛利率將保持穩定。在 SuperVision 方面，我們預計今年毛利率約為 35%。

Okay. I'll add a bit more that with the SuperVision, there are two were the two drivers to increase our gross margin there. One is efficiency of production we are creating a new version, and Evo version with a lower cost to increase our margin. Second is the customer bundles. The launch of SuperVision in China at the moment, it's highways. The urban and arterial roads will be unlocked during 2023, and that will also increase our revenue for content per car, and of course, naturally, will increase the gross margin.

好的。我還要補充一點，對於 SuperVision，有兩個因素可以提高我們的毛利率。一是生產效率，我們正在創建一個新版本，Evo 版本以較低的成本來增加我們的利潤。其次是客戶捆綁。 SuperVision目前在中國推出的是高速公路。城市和主幹道將在 2023 年解鎖，這也將增加我們每輛車的內容收入，當然，自然也會增加毛利率。

We are targeting reaching between 50% to 60% gross margin of SuperVision in the long run. In terms of your second part of the question about camera-only, SuperVision is the camera-only plus a front-facing radar. For example, on the Zeekr vehicle, there's a front-facing radar, as well. Although we can satisfy all the functionality without the radar, but having front-facing radar adds another element of redundancy, which can improve the MTBF of the system.

從長遠來看，我們的目標是使 SuperVision 的毛利率達到 50% 至 60%。關於僅攝像頭問題的第二部分，SuperVision 是僅攝像頭加上前置雷達。例如，Zeekr 車輛上也有一個前置雷達。雖然沒有雷達我們也能滿足所有功能，但是擁有前置雷達又增加了另一個冗餘元素，可以提高系統的 MTBF。

In terms of SuperVision light, this is a product offering which has been done very recently, so we don't yet have traction for it. All the traction that we have, and is growing, is for the full SuperVision, with EyeQ 6 and the full camera suite.

就 SuperVision light 而言，這是最近才推出的產品，因此我們還沒有對其產生吸引力。我們所有的吸引力以及不斷增長的吸引力都是針對完整的 SuperVision，包括 EyeQ 6 和完整的相機套件。

Perfect. That's all very helpful. Thank you.

完美的。這一切都非常有幫助。謝謝。

Thanks, Italy.

謝謝，意大利。

Mark Delaney, Goldman Sachs

馬克·德萊尼，高盛

Yes, thank you very much for taking the question. With respect to the opportunity for Mobileye with some of your more advanced solutions, like SuperVision, can you elaborate a bit more on the breadth and depth of the discussions you're having with OEMs to use those products relative to, say, 90 or 180 days ago, and if you're seeing that traction improve with just a few programs and OEMs or if perhaps it's broader based?

是的，非常感謝您提出這個問題。關於 Mobileye 與您的一些更先進的解決方案（例如 SuperVision）的機會，您能否詳細說明一下您與 OEM 進行的討論的廣度和深度，以使用相對於 90 或 180 的這些產品幾天前，您是否發現僅通過一些計劃和OEM 就可以提高吸引力，或者是否有更廣泛的基礎？

As we said, we have now SuperVision design went into six carmakers, nine brands. The scope is expanding towards Chauffeur the eyes-off system, and additional SuperVision traction we expect to come out in the second half of the year.

正如我們所說，我們現在已將 SuperVision 設計應用於六家汽車製造商、九個品牌。範圍正在擴展到 Chauffeur、視線關閉系統以及我們預計將在今年下半年推出的額外 SuperVision 牽引力。

We have customers that we haven't named yet. But I think the additional traction in the second half would be ones outside of those six OEMs.

我們還有尚未透露姓名的客戶。但我認為下半年的額外牽引力將來自這六家原始設備製造商之外的公司。

That's very helpful, thanks. And one more for me, please, if I could. The company has had its supply chain limits, including for SuperVision, and you called out an ECU component. Can you elaborate a bit more on the steps that Mobileye and your supply chain partners are taking to alleviate that, and your visibility in potentially having that supply chain constraint alleviated in the intermediate to longer term? Thank you.

這非常有幫助，謝謝。如果可以的話，請再給我一份。該公司有其供應鏈限制，包括 SuperVision，並且您調用了 ECU 組件。您能否詳細說明一下 Mobileye 和您的供應鏈合作夥伴為緩解這一問題而採取的措施，以及您在中長期內緩解供應鏈限制的可能性？謝謝。

So we have an issue with one component in the SuperVision motherboard. This is why we have -- out of the full volume of SuperVision, it's really tilted towards the second half of the year rather than the first half of the year. It's one component from a particular supplier. We are confident that in the second half of the year that constraint will be alleviated, and we can deliver the rest of the volume.

因此，我們的 SuperVision 主板中的一個組件存在問題。這就是為什麼我們——在 SuperVision 的全部內容中，它確實傾向於下半年而不是上半年。它是來自特定供應商的一個組件。我們有信心，今年下半年這一限制將得到緩解，我們可以交付剩餘的數量。

Yeah, maybe if I could just add a couple more words on this. So in 2022, we delivered every ECU we could possibly produce. And in the fourth quarter, it was a little bit more than we had expected to be able to access. We have so much additional demand in 2023 that -- in order to satisfy that, the supplier really needed to take down the production for a period of time in order to install more capacity, so we could get to much higher levels. And just to reiterate what Anat said, in the second half, we have commitments to be at a run rate that would satisfy not only the 2023 demand, but also get us to a capacity where we could satisfy 2024 as well.

是的，也許我可以就此補充幾句話。因此，在 2022 年，我們交付了我們可能生產的所有 ECU。第四季度的訪問量比我們預期的要多一些。到 2023 年，我們有如此多的額外需求，為了滿足這一需求，供應商確實需要在一段時間內停止生產，以安裝更多產能，這樣我們才能達到更高的水平。重申一下 Anat 所說的，在下半年，我們承諾運行速度不僅能滿足 2023 年的需求，而且還能滿足 2024 年的需求。

Thank you, Mark. Our next question, please.

謝謝你，馬克。請我們下一個問題。

Joshua Buchalter, Cowen & Company.

約書亞·布查爾特 (Joshua Buchalter)，考恩公司 (Cowen & Company)。

Hey, guys, thanks for taking my questions, and congrats on the results. I guess I wanted to ask first about the premium European automaker that you announced for SuperVision. Any way you can give us sort of a -- I don't know, scope versus what you're currently doing with Zeekr and Geely, and in particular, how much does moving to -- it sounds like, hands-off/eyes-off with that program, how much that can be a material needle-mover, the potential for that program? Thank you.

嘿，伙計們，感謝您提出我的問題，並祝賀結果。我想我想首先詢問一下您為 SuperVision 宣布的歐洲優質汽車製造商。無論如何，你可以給我們一個——我不知道，範圍與你目前在 Zeekr 和吉利所做的事情，特別是，移動到什麼程度——聽起來像是，放手/眼睛- 完成該計劃後，該計劃的潛力有多大？謝謝。

With respect to eyes-off, we announced with Zeekr, we streamlined the hardware. At the time when we announced it, It was with six EyeQ 5 chips. We are now streamlining it to one piece of hardware called CH63, so three EyeQ 6, that will be in the 2025 timeframe. We have an additional OEM with an eyes-off, and an additional one, this European which is not yet named for a 2026 timeframe. And there's a potential additional one, which I believe could be announced in the second half of the year, for an eyes-off system based on the three EyeQ6.

關於“視線轉移”，我們與 Zeekr 宣布，我們簡化了硬件。當我們宣布它時，它配備了六個 EyeQ 5 芯片。我們現在正在將其簡化為一個名為 CH63 的硬件，即三個 EyeQ 6，這將在 2025 年的時間範圍內實現。我們還有另一家 OEM 廠商正在關注，還有一家歐洲廠商，但尚未確定 2026 年的時間表。還有一個潛在的附加產品，我相信可能會在今年下半年發布，用於基於三個 EyeQ6 的閉眼系統。

Thanks, Appreciate the color. And then I wanted to ask about your R&D and OpEx spending. You called out It was helpful color giving the 70% number on forthcoming products, but you have a lot of irons on fire. And I was wondering if you could rank order where are your spending priorities, which ones are the ones that you're particularly focused on and excited about between, let's say, AMaaS, Consumer AV, but even bringing your own internal LIDAR and radar to market, as well as just broader software adoption, like mapping? Thank you.

謝謝，欣賞顏色。然後我想問一下你們的研發和運營支出支出。你大聲疾呼，在即將推出的產品中給出 70% 的數字很有幫助，但你有很多熨斗著火。我想知道您是否可以對您的支出優先順序進行排序，哪些是您特別關注和興奮的，比如說 AMaaS、消費者 AV，甚至將您自己的內部激光雷達和雷達帶到市場，以及更廣泛的軟件採用，比如地圖？謝謝。

Our expenses, it's very diverse, and you mentioned a number of them. We have expense on active sensors, the radar and LIDAR. There, we are working on productization in the middle of 2024 timeframe, both of the radars and the LIDARS, so this is ongoing. We have expense on mapping, on the REM mapping. This is mostly compute. The headcount is not much increasing, it's really the compute that is increasing, based on more and more programs that require mapping.

我們的開支非常多樣化，你提到了其中的一些。我們在有源傳感器、雷達和激光雷達上有支出。我們正在努力在 2024 年中期實現雷達和激光雷達的產品化，因此這一工作正在進行中。我們在映射、快速眼動映射上有費用。這主要是計算。人員數量並沒有增加太多，實際上是計算量在增加，基於越來越多的需要映射的程序。

We have expense in R&D as we go forward from SuperVision to Chauffeur to Drive, which is the mobility-as-a-service, that's another source of expense. We have expense on SuperVision to support those six carmakers. This is very diverse. It's hardware, just like as a tier one. It is software, not algorithmic software, but more infrastructure software.

當我們從 SuperVision 發展到 Chauffeur 再到 Drive（移動即服務）時，我們在研發方面有支出，這是另一個支出來源。我們在 SuperVision 上有費用來支持這六家汽車製造商。這是非常多樣化的。它是硬件，就像一級硬件一樣。它是軟件，不是算法軟件，更多的是基礎設施軟件。

There's a lot going on there to support six carmakers with SuperVision, all coming around the same timeframe, starting from 2024 till 2026, so this creates also a need for investments. So our investments are very diverse. We think that -- last year, 2022, we made a jump on investments, this year another jump, and it will taper off from 2024 forward.

從 2024 年到 2026 年，為支持六家汽車製造商的 SuperVision 開展了很多工作，所有這些都在同一時間範圍內進行，因此這也產生了投資需求。所以我們的投資非常多樣化。我們認為，去年，即 2022 年，我們在投資方面取得了飛躍，今年又是一次飛躍，並且將從 2024 年開始逐漸減少。

I'd just say, you know, the last thing I'd say on that is it's all supporting the portfolio that we've talked about for the last few months with so much value and additional content per vehicle.

我只想說，你知道，我要說的最後一件事是，這一切都支持我們過去幾個月討論的產品組合，每輛車都有如此多的價值和附加內容。

Got it. Thank you.

知道了。謝謝。

Thanks, Josh.

謝謝，喬什。

Chris McNally, Evercore ISI.

克里斯·麥克納利，Evercore ISI。

Thanks so much, team. A quick one on just the numbers and one on orders. Just on the timing for gross profit progression in 2023, it looks like you're going to be down something like 400 basis points, and I think you've explained that that's the STM increase on the chip side. Could you just help us to -- does that passthrough happen as early as Q1, Q2? Obviously, it doesn't matter for gross profit dollars, but just for the gross profit margin walk, could you just help us on the timing?

非常感謝，團隊。快速介紹一下數字，然後介紹一下訂單。就 2023 年毛利潤進展的時間安排而言，看起來您將下降 400 個基點左右，我認為您已經解釋過這是芯片方面的 STM 增長。您能否幫助我們——這種直通最早會在第一季度、第二季度發生嗎？顯然，對於毛利潤來說並不重要，但對於毛利率來說，你能幫助我們確定時間嗎？

So the timing is that from January 1, we are testing -- already said -- discussed, it was increased at the beginning of the year, we're passing it over to our customers without additional margin, and this is the reason for a slight decrease in our margin for EyeQ.

所以時間是從 1 月 1 日開始，我們正在測試——已經說過——討論過，它在年初增加了，我們將其轉交給我們的客戶，沒有額外的保證金，這就是EyeQ 的利潤略有下降。

Yes, and the second thing that we mentioned in the prepared remarks was SuperVision becoming a bigger mix of our revenue, has kind of a mathematical effect on the percentage margin. Gross profit per unit is much higher, but gross margin is lower. But that'll be a bigger effect in the second half, because the volume of SuperVision is significantly higher in the second half.

是的，我們在準備好的發言中提到的第二件事是 SuperVision 成為我們收入的更大組合，對百分比利潤率產生了某種數學影響。每單位毛利潤較高，但毛利率較低。但這將在下半場產生更大的影響，因為 SuperVision 的音量在下半場明顯更高。

Great. And then on the Chauffeur win, obviously, congrats, if it's the scale of OEM that a lot of us think that's a huge deal, but can you talk a little bit about just the timing of some of these SuperVision walks into Chauffeur? I mean, if you're talking about launches in SuperVision in '25, what's a typical conversation around that transitioning to Chauffeur, is it '27, is it '28, and then any idea of -- are we starting with Level 3 and then working up to Level 4, because it's obviously such an important part of the latter half of the decade? Just curious when these programs may launch

偉大的。然後，關於 Chauffeur 的勝利，顯然，恭喜你，如果我們很多人認為這是 OEM 的規模，那是一件大事，但你能談談其中一些 SuperVision 進入 Chauffeur 的時機嗎？我的意思是，如果你談論的是 25 年 SuperVision 的推出，那麼圍繞過渡到 Chauffeur 的典型對話是什麼，是 27 年還是 28 年，然後有什麼想法 - 我們是從 3 級開始嗎？然後升到4 級，因為這顯然是這十年後半段的重要組成部分？只是好奇這些程序何時啟動

In our taxanomy, there's no difference between Level 3 and Level 4. It's an eyes-off or eyes-on system, but this is what I spoke about at CES. So an eyes-off system with OEMs, except Zeekr that starts in 2025, the rest of the OEMs are starting in 2026. So we have quite a nice traction, as I said. Three OEMs, and the fourth one should be closed the second half of this year for eyes-off systems for 2026.

在我們的分類學中，3 級和 4 級之間沒有區別。這是一個閉眼或閉眼的系統，但這就是我在 CES 上談到的內容。因此，與 OEM 的密切關注系統，除了 Zeekr 將於 2025 年啟動，其餘 OEM 將於 2026 年啟動。所以正如我所說，我們有相當好的吸引力。三個 OEM 廠商和第四個 OEM 廠商應該在今年下半年關閉，以便為 2026 年的系統提供關注。

Yeah, because SuperVision really serves as the baseline, the timing gap between a SuperVision launch and a Chauffeur launch doesn't have to a be a significant number of years.

是的，因為 SuperVision 確實可以作為基準，所以 SuperVision 發布和 Chauffeur 發布之間的時間間隔不必是很長的時間。

That's great. And just to confirm in the prepared remarks, you said that most of your SuperVision conversation you're having discussion of this walk to Chauffeur.

那太棒了。為了確認在準備好的發言中，你說你的 SuperVision 談話的大部分內容都在討論這次步行到 Chauffeur 的事情。

Yes. it's not most all, every customer that bought into with SuperVision, we have a meaningful and deep discussion about expanding to chauffeur.

是的。這還不是全部，每一位購買 SuperVision 的客戶，我們都對擴展到司機方面進行了有意義且深入的討論。

Thanks so much.

非常感謝。

Thanks, Chris.

謝謝，克里斯。

Antoine Chkaiban, New Street Research.

Antoine Chkaiban，新街研究。

Hi. Thank you for taking my questions. Maybe a quick one first. I was wondering where you stand on growing the key mapping-based features via the OTA updates to the current users in China. And what features that will --exactly what additional features we should expect in the upcoming updates, as well?

你好。感謝您回答我的問題。也許先快點。我想知道你們對於通過 OTA 更新向中國當前用戶提供基於地圖的關鍵功能的立場如何。以及我們在即將到來的更新中應該期待哪些附加功能？

In China, with ZEEKR, about three months ago, we OTA-ed highway assist (technical difficulty) Recently, we OTA-ed to leading customers the full SuperVision limited to highways. This is including the REM maps as part of it. And we believe that in the next month or two months, we'll be able to do the OTA for the entire fleet with full REM capability of SuperVision for highways. Then, throughout 2023, together with ZEEKR, as our map coverage, we will increase, we'll start unlocking additional road types, like arterial and urban.

在中國，我們和ZEEKR一起，大約三個月前，我們OTA了高速公路輔助（技術難度）。最近，我們OTA給領導客戶提供了僅限於高速公路的完整SuperVision。這包括 REM 地圖作為其中的一部分。我們相信，在接下來的一兩個月內，我們將能夠為整個車隊進行OTA，並具有SuperVision高速公路的完整REM能力。然後，在整個 2023 年，我們將與 ZEEKR 一起增加地圖覆蓋範圍，並開始解鎖其他道路類型，例如主幹道和城市道路。

Okay, thank you. And maybe as a follow-up, a broader follow-up, I think one important differentiating factor that Mobileye has is that you offer an end-to-end solution, while your main competitor today offers, really like a reference platform. Can you help us better understand how in practice the integration work differs when you kick off a development product versus when your main competitor does?

好的謝謝。也許作為後續行動，更廣泛的後續行動，我認為 Mobileye 的一個重要差異化因素是您提供端到端解決方案，而您今天的主要競爭對手提供的，實際上就像一個參考平台。您能否幫助我們更好地了解您啟動開發產品時與主要競爭對手啟動開發產品時的集成工作在實踐中有何不同？

I am assuming that in the case of the other offerings out there, there is still some significant development work that needs to get done by the OEMs themselves. but anything you can tell us on how things typically happen in practice, would be very helpful.

我假設就其他產品而言，仍然有一些重要的開發工作需要由原始設備製造商自己完成。但如果你能告訴我們在實踐中事​​情通常是如何發生的，那將會非常有幫助。

Mobileye, in SuperVision, is offering an end-to-end system. So the Zeekr is an end-to-end system. All the other SuperVision launches that I talked about, the six OEMs and nine brands are still an end-to-end system. Vertical handle of an end-to-end system, I think is crucial, because you are talking about perception, you are talking about integrating with a map.

Mobileye 在 SuperVision 中提供端到端系統。所以 Zeekr 是一個端到端的系統。我談到的所有其他 SuperVision 發布，六家 OEM 廠商和九個品牌仍然是一個端到端系統。我認為端到端系統的垂直處理至關重要，因為你正在談論感知，你正在談論與地圖的集成。

The map is built together with the teams that are building the perception. If you try to separate the map from perception to two different suppliers, you get into a sea of issues. Either it will be over-engineered, or it will be under-engineered. Cost-wise, it could be crazy. The fact that the same team is integrating both the sensing, both the perception and the way the map is being built and served, it's crucial. Then, you have driving policy.

該地圖是與構建感知的團隊一起構建的。如果你試圖將地圖與兩個不同供應商的感知分開，你就會陷入大量問題。要么設計過度，要么設計不足。從成本角度來看，這可能是瘋狂的。事實上，同一個團隊正在整合傳感、感知以及地圖的構建和服務方式，這一點至關重要。然後，你就有駕駛政策。

The driving policy is also integrated with the perception, that again, if you tried to separate that into a supplier doing the driving policy and other supply during the perception, you end up with an overengineered system and some places, it will be under engineered. It'd be too conservative, too slow. So I think in such a complex system, an end to end where everything is done by one supplier has a lot of advantages and has also not only performance advantages, but also cost advantages. Everything under one house, under one chip, it offers incredible a cost advantages. But we are not shy from cooperating in other ways.

駕駛政策也與感知相結合，同樣，如果你試圖將其分離為在感知期間執行駕駛政策和其他供應的供應商，你最終會得到一個過度設計的系統，而在某些地方，它將是設計不足的。這太保守、太慢了。所以我認為在這樣一個複雜的系統中，一切都由一個供應商完成的端到端有很多優勢，不僅有性能優勢，還有成本優勢。一切都在一個房子、一個芯片下，它提供了令人難以置信的成本優勢。但我們並不羞於以其他方式進行合作。

For example, there are OEMs that would like to take control of the driving policy where Mobileye provides only the perception, and we're open to that. This is why we offer the EyeQ kit, which is enables the OEM or a supplier to write codes onto our chip on top of our software, whether it is fusion with other sensors, whether it's a driving the policy, we don't resist that. But having an end-to-end system can be much more efficient than breaking it down to different suppliers.

例如，有些 OEM 想要控制駕駛策略，而 Mobileye 僅提供感知，我們對此持開放態度。這就是我們提供 EyeQ 套件的原因，它使 OEM 或供應商能夠在我們的軟件之上將代碼寫入我們的芯片上，無論是與其他傳感器融合，無論是推動政策，我們都不抗拒。但擁有一個端到端系統比將其分解給不同的供應商要高效得多。

Very helpful.

很有幫助。

Thank you, Antoine.

謝謝你，安托萬。

Thanks a lot.

多謝。

Next question, please.

請下一個問題。

Vijay Rakesh, Mizuho.

維杰·拉克什，瑞穗。

Yeah. Hi, guys. Great quarter. Just a quick question on SuperVision, just to go back to that. In terms of the six OEMs, outside Geely and ZEEKR, can you give us some idea of -- as they wrap in the second half, and you talked about significantly higher SuperVision volume there, what kind of volumes are you looking at the OEMs, outside of the two, Geely and Zeekr for the other OEMS?

是的。嗨，大家好。很棒的季度。關於 SuperVision 的一個簡單問題，我們先回到那個話題。就吉利和 ZEEKR 之外的六家 OEM 而言，您能否給我們一些想法 - 當它們在下半年結束時，您談到那裡的 SuperVision 銷量顯著提高，您正在關注 OEM 的銷量是多少？除了這兩家之外，吉利和Zeekr 是其他OEM 廠商嗎？

It's only (inaudible)

這只是（聽不清）

Yes, but did we say the number of the volume. No, we did not reveal the actual volume, but I think -- what did we reveal there?

是的，但是我們有說卷數嗎？不，我們沒有透露實際的體積，但我想——我們在那裡透露了什麼？

(multiple speakers)

（多個發言者）

We said that we will more than double the volume for 2023 (multiple speakers) for the overall year.

我們說過，我們將在 2023 年將全年的音量增加一倍以上（多名發言者）。

The first half will be much weaker than the second half --

上半場會比下半場弱很多——

We're not revealing any specifics quarterly -- but we talked about revenue being about 40%, 41% in the first half versus the second half, that's a combination of EyeQ and SuperVision. But yeah, the second half ramp-up of SuperVision is significant because of the new capacity that's coming online.

我們沒有透露任何季度的具體細節，但我們談到上半年的收入與下半年的收入分別約為 40%、41%，這是 EyeQ 和 SuperVision 的組合。但是，是的，SuperVision 下半年的增長意義重大，因為新容量即將上線。

And also, in 2020 -- SuperVision will be more than double of 2022. So more than 100% year-on-year growth.

而且，到 2020 年，SuperVision 的規模將是 2022 年的兩倍以上。因此，同比增長超過 100%。

Got it. And then as you have these OEMs accelerate into '24, we should probably expect -- and you talked about kind of building capacity for that, we should expect that site to grow pretty nicely into '24 as well, right?

知道了。然後，當這些原始設備製造商加速進入“24”時，我們可能應該預期 - 您談到了為此進行的能力建設，我們應該期望該站點在“24”中也能很好地發展，對吧？

Yeah. So 2024, there will be additional OEMs, it's not only ZEEKR. ZEEKR, it's not -- currently, Zeekr 001, that is one brand. There is another brand of Zeekr coming to launch throughout end of 2023 beginning of 2024. And then there are additional Geely OEMs that are kicking in in 2024. And then 2025, we're talking about OEMs outside of the Geely, outside of the Geely group.

是的。所以到2024年，將會有更多的OEM廠商，不僅僅是ZEEKR。 ZEEKR，目前，Zeekr 001不是一個品牌。另一個品牌 Zeekr 將於 2023 年底到 2024 年初推出。然後還有更多吉利 OEM 廠商將在 2024 年加入。然後到 2025 年，我們談論的是吉利之外的 OEM 廠商，吉利之外的 OEM 廠商。團體。

Got it. And just quickly, on the -- I know in '23, you have -- on the core EyeQ side, you have Toyota ramping. Can you talk to what drove the win? How you are able to kind of displace incumbent? What really drove that win? Maybe that help all of us, thanks.

知道了。很快，我知道在 23 年，在 EyeQ 的核心方面，豐田正在加速發展。您能談談是什麼推動了勝利嗎？你如何能夠取代現任者？到底是什麼推動了這場胜利？也許這對我們所有人都有幫助，謝謝。

Win with which --

以此取勝——

Toyota.

豐田。

With Toyota, that was a design win two years ago. I don't think we displaced anyone. It was a bid, and we won the bid. And the program is ongoing, hasn't launched yet.

對於豐田來說，這是兩年前的一次設計勝利。我不認為我們取代了任何人。這是一次投標，我們中標了。該計劃正在進行中，尚未啟動。

Got it. Thank you.

知道了。謝謝。

Thank you, Vijay.

謝謝你，維杰。

Adam Jonas, Morgan Stanley.

亞當·喬納斯，摩根士丹利。

Hey, everybofy. So I was wondering if you could give a little bit of guide on CapEx, where is it going even directionally in '23? I'm curious if operating cash flow can keep pace with a growth in operating profit, or does that kind of lag as well, given some of the expenses?

嘿，大家。所以我想知道您是否可以就資本支出提供一些指導，23 年它的發展方向是什麼？我很好奇運營現金流是否能夠跟上運營利潤的增長步伐，或者考慮到一些費用，運營現金流是否也會滯後？

So we expect CapEx to be similar to the investment in 2022. Our new campus is planned to be completed during the second quarter. And the additional investment required to completion is about $60 million. The remaining CapEx investments relate to storage data centers, and computer equipment, and such.

因此，我們預計資本支出將與 2022 年的投資類似。我們的新園區計劃於第二季度竣工。完成所需的額外投資約為6000萬美元。剩餘的資本支出投資涉及存儲數據中心和計算機設備等。

Thanks, Anat. And then just a follow up, could you help quantify shifted engineering expenses that shifted from 4Q into '23, either in margin or dollar term dollar terms? And the same, I guess, if you could -- if it's possible to quantify that pull-forward of volume ahead of the price increase, but mainly the engineering expense is something I would hope you could, just help quantify for bridging purposes. Thanks, Anat.

謝謝，阿納特。接下來，您能否幫助量化從第四季度轉移到 23 年的工程費用，無論是利潤還是美元？同樣，我想，如果你可以的話——如果有可能在價格上漲之前量化銷量的拉動，但主要是工程費用是我希望你能做到的，只是幫助量化以達到過渡目的。謝謝，阿納特。

Yeah, so it's about $14 million that shifted from --

是的，大約有 1400 萬美元來自——

One-four? 14, to be clear.

一四？ 14、要說清楚。

14, to be clear -- from this year into next year. It's mostly about the NRE expenses, but it's not a very significant number out of the total OpEx mix in 2023.

14、需要明確的是——從今年到明年。這主要與 NRE 支出有關，但在 2023 年的運營支出總額中這並不是一個非常重要的數字。

Thank you.

謝謝。

Thank you, Adam.

謝謝你，亞當。

Samik Chatterjee, JPMorgan.

薩米克·查特吉，摩根大通。

Hi, thanks for taking my questions. For the first one, I was just wondering if you can talk about what are you seeing on the enhanced data solutions, particularly in terms of being able to upsell customers when it comes to basic ADAS and REM. On that, how much of -- you talked about the ASP increase you're expecting for 2023, but how much of that is going to be driven by being able to sell enhanced data solutions for the basic ADAS? How are you seeing OEMs adopt it at this point, is it really more of a high-end adoption or are they looking a bit more down-market? And I have a quick follow-up, thank you.

您好，感謝您回答我的問題。對於第一個問題，我只是想知道您是否可以談談您對增強數據解決方案的看法，特別是在基本 ADAS 和 REM 方面能夠向客戶追加銷售方面。就此而言，您談到了預計 2023 年 ASP 的增長，但其中有多少是通過銷售基本 ADAS 的增強數據解決方案來推動的？您如何看待 OEM 目前採用它的情況，它實際上更多的是高端採用還是他們看起來更面向低端市場？我有一個快速跟進，謝謝。

Beyond Volkswagen, that launched a year ago with the travel assist 2.5, we have now two additional OEMs with big programs with cloud enhanced ADAS, and it's ramping up. I believe, at the end of the day, every carmaker with a front-facing camera would include also as an option, a higher trim option, an enhanced ADAS, because it doesn't add any hardware to the mix. It's just a software update, and it makes a lot of sense by significantly increasing the ADAS capability, by having the data from the cloud about where the lane marks, the driver will pass, the location of traffic lights, association with traffic lights the driver will pass. All of this creates new opportunities for enhancing driving assist at quite a reasonable cost of few tens of dollars per car per year, or something like that.

除了一年前推出旅行輔助 2.5 的大眾汽車之外，我們現在還有另外兩家 OEM 廠商推出了雲增強型 ADAS 大型項目，而且該項目正在加速發展。我相信，歸根結底，每個配備前置攝像頭的汽車製造商都會提供更高的裝飾選項、增強的 ADAS 作為選項，因為它不會在組合中添加任何硬件。這只是一個軟件更新，通過從雲端獲取有關車道標記位置、駕駛員將要經過的位置、交通信號燈的位置、與駕駛員與交通信號燈的關聯的數據，顯著增強 ADAS 功能，意義重大。將傳遞。所有這些都為增強駕駛輔助創造了新的機會，而成本相當合理，每年每輛車只需幾十美元或類似的費用。

Okay, got it, and for the follow-up. We get a lot of questions about how to think about performance in the recession and kind of if the macro was to get worse. I know you talked about hair-cutting some of the OEM demand that you're seeing and some volumes, but how are you thinking about the likelihood of push-outs, particularly if programs are planned towards the end of the year, pushing out timelines in terms of launches or of adoption of certain programs, and also how would you flex your OpEx in the scenario that the macro does end up being a bit worse? Thank you.

好的，明白了，後續跟進。我們收到了很多關於如何考慮經濟衰退中的表現以及宏觀經濟是否會變得更糟的問題。我知道您談到了削減您所看到的一些 OEM 需求和一些數量，但您如何考慮推出的可能性，特別是如果計劃計劃在今年年底進行，從而推遲時間表在某些計劃的啟動或採用方面，以及在宏觀情況最終變得更糟的情況下，您將如何調整您的運營支出？謝謝。

So this is Dan. Obviously, we're susceptible to swings in global production a bit. But as you've seen in the past years, we're growing so much faster than overall production, that it is not as big of an impact to us as is probably to others. We acknowledge the risks around production, and that's why we set our forecast to basically flat to 1% global production growth, even though -- and set our volume forecast below the orders and commitments we've gotten from our customers.

這就是丹。顯然，我們很容易受到全球產量波動的影響。但正如您在過去幾年中看到的那樣，我們的增長速度遠遠快於總體生產速度，因此它對我們的影響並不像對其他人那樣大。我們承認生產方面存在風險，這就是為什麼我們將全球產量增長預測基本持平於 1%，儘管如此，並將我們的產量預測設定為低於我們從客戶那裡獲得的訂單和承諾。

So we're definitely not hearing about any like pushout of programs or anything like that. And also, we have the driver of adoption growth that that wouldn't impact us too much as well, but not hearing -- just to be clear, not hearing anything about that. So overall, we've done well in all kinds of environments over the last 10 years.

因此，我們絕對沒有聽到任何類似的計劃推出或類似的事情。而且，我們有採用增長的驅動力，這不會對我們產生太大影響，但我們沒有聽到——只是澄清一下，沒有聽到任何有關這方面的信息。總的來說，過去 10 年我們在各種環境下都表現出色。

And yeah that's -- so that's -- in terms of flexing operating expenses, I don't think we would. I think that our business is built for the long term to drive content per vehicle growth, to drive new solutions for the next 10 years plus. So I don't think we would pull back on operating expenses.

是的，就彈性運營費用而言，我認為我們不會這樣做。我認為我們的業務是長期發展的，旨在推動每輛車內容的增長，推動未來 10 年以上的新解決方案。所以我認為我們不會削減運營費用。

Got it. Thank you very much.

知道了。非常感謝。

Thanks, Samik.

謝謝，薩米克。

Luke Junk, Baird.

盧克·垃圾，貝爾德。

Good morning. Thanks for taking the questions. First, I wanted to ask -- so we've talked about SuperVision quite a bit, cloud-enhanced ADAS as well. I'm wondering about EyeQ Kit, if we could discuss the evolution of those conversations with customers? How that's developed over the past six-plus months, let's say? And could it, or has it been, intersecting with SuperVision at all, these customers?

早上好。感謝您提出問題。首先，我想問——我們已經談論了很多 SuperVision，以及雲增強型 ADAS。我想知道 EyeQ Kit，我們是否可以與客戶討論這些對話的演變？比方說，在過去的六個多月裡，情況是如何發展的？這些客戶是否可能或已經與 SuperVision 有交叉？

Yes, indeed. All the advanced systems, Chauffeur, and SuperVision, EyeQ Kit comes as a critical component, especially when you talk about Chauffeur. Some of the SuperVision programs include also EyeQ Kit, some do not. But EyeQ Kit is becoming a major component in our discussions of advanced systems. Advanced system is something beyond SuperVision and beyond.

確實是的。所有先進系統、Chauffeur 和 SuperVision、EyeQ 套件都是關鍵組件，尤其是當您談論 Chauffeur 時。有些 SuperVision 程序還包含 EyeQ Kit，有些則不包含。但 EyeQ Kit 正在成為我們討論先進系統的主要組成部分。先進的系統超越了 SuperVision。

Thank you for that, and for a follow-up, I just want to ask a question on nearer term expectations. In light of the component issue that you said with SuperVision, which sounds like it's just timing, and the timing of expenses, are there any additional guardrails we should be keeping in mind when it comes to near term, especially first quarter, expectations? Thank you.

謝謝您的支持，對於後續行動，我只想問一個有關近期預期的問題。鑑於您對 SuperVision 所說的組件問題，這聽起來像是只是時間安排和費用時間安排，在談到近期（尤其是第一季度）的預期時，我們是否應該牢記任何額外的防護措施？謝謝。

Can you repeat the question, Luke, sorry about that?

盧克，你能重複一下這個問題嗎？對此感到抱歉？

Yes. Sorry about that. So the question is, in terms of the first quarter on the financial side of things, clearly, we want to be looking at timing around SuperVision and component availability, expense timing as well around R&D. I'm just wondering if there's any additional guardrails or things that would be specific to the first quarter we should be keeping in mind, beyond just the revenue weighting first half versus second half, let's say? Thank you.

是的。對於那個很抱歉。所以問題是，就第一季度的財務方面而言，顯然，我們希望關注 SuperVision 和組件可用性、費用時間以及研發方面的時間安排。我只是想知道除了上半年與下半年的收入加權之外，我們是否應該牢記第一季度特有的任何額外的護欄或事情？謝謝。

Yes, I mean, I think we covered that -- we think Q1 revenue will be below Q4. We're not going to get more specific than that and kind of talked about the reasons. Every year, we have more revenue in the back half versus the first half. We do think it's going to be a little bit more pronounced this year because of the constraints on SuperVision supply in the first half as well as -- we do think that there was a need of some additional buying of EyeQs before the price increase, which I think is natural. We don't think it was major, but that's our read of why Q1 is a little bit below Q4, but hopefully that gives you enough information.

是的，我的意思是，我認為我們已經涵蓋了這一點 - 我們認為第一季度的收入將低於第四季度。我們不會比這更具體，並會討論原因。每年，我們下半年的收入都比上半年多。我們確實認為今年的情況會更加明顯，因為上半年 SuperVision 供應受到限制，而且我們確實認為在價格上漲之前需要額外購買一些 EyeQ，這我認為是自然的。我們認為這不是主要問題，但這就是我們對第一季度略低於第四季度的原因的理解，但希望這能為您提供足夠的信息。

Got it.

知道了。

Thanks, Luke.

謝謝，盧克。

Raji Gill, Needham & Company.

拉吉·吉爾，李約瑟公司。

Yeah, thank you, and congratulations on great results. A question on the ASPs. You mentioned that third of your revenue growth last year came from higher ASP growth, and this appears to be a very strong kind of investment thesis as your ASPs kind of move higher. How do we think about the balance between kind of unit growth versus ASP growth as you kind of ramp up more of the SuperVision products?

是的，謝謝你，祝賀你取得了很好的成績。關於 ASP 的問題。您提到去年您的收入增長的三分之一來自較高的平均售價增長，這似乎是一個非常有力的投資論點，因為您的平均售價有所上升。當您增加更多 SuperVision 產品時，我們如何考慮單位增長與 ASP 增長之間的平衡？

I mean, I think -- you want to take it?

我的意思是，我想——你想接受嗎？

There's a big difference between ASP of EyeQ and SuperVision. Therefore, when you're growing with the volume of SuperVision, you don't need to grow a lot in order to produce these -- or generate this higher revenue. So there's a big difference there. And we think that as we go further with higher SuperVision in the mix, you'll see this ASP continue to grow.

EyeQ的ASP和SuperVision的ASP有很大的區別。因此，當您隨著 SuperVision 數量的增長而增長時，您不需要為了生產這些產品而增長太多，或者產生更高的收入。所以這裡面有很大的區別。我們認為，隨著我們在混合中進一步採用更高的 SuperVision，您將看到該 ASP 繼續增長。

Exactly. I think we have a lot of visibility on content per vehicle growth. The design wins that we achieved in 2022 came in at $105 per unit on a blended basis, right, that's a mix of base EyeQ, cloud-enhanced ADAS, SuperVision. SuperVision was definitely the biggest contributor to the year-over-year growth in ASP that we saw in Q4, even though it was like 0.5% of the volume.

確切地。我認為我們對每輛車的內容增長有很多了解。我們在 2022 年取得的設計勝利，混合基礎上的價格為每台 105 美元，沒錯，這是基礎 EyeQ、雲增強 ADAS 和 SuperVision 的組合。 SuperVision 無疑是我們在第四季度看到的 ASP 同比增長的最大貢獻者，儘管它只佔銷量的 0.5%。

And like we said in the prepared remarks, we see a trajectory to the low 60s in the back half of 2023, still with really one customer, plus an additional Geely brand in the back half. So it's a very powerful driver, and the fact that Chauffeur is becoming a bigger part of the discussions with OEMs. It brings even more potential upside in the future. It takes time to play out, like everything in this business, but we're feeling really good about the content per vehicle trajectory.

正如我們在準備好的發言中所說，我們看到 2023 年下半年的軌跡將降至 60 多歲，仍然只有一名客戶，另外下半年還有一個吉利品牌。所以它是一個非常強大的驅動程序，事實上 Chauffeur 正在成為與原始設備製造商討論的重要部分。它在未來帶來更多潛在的上漲空間。就像這個行業的所有事情一樣，這需要時間才能發揮出來，但我們對每個車輛軌蹟的內容感覺非常好。

Appreciate that. And for my follow-up, a lot of the questions we receive from investors is trying to analyze the evolving competitive landscape with very large semiconductor suppliers, as well as some niche competitors that are developing certain types of computer vision applications.

感謝。對於我的後續行動，我們從投資者那裡收到的很多問題都試圖分析與非常大的半導體供應商以及一些正在開發某些類型的計算機視覺應用程序的利基競爭對手不斷變化的競爭格局。

So I'm wondering, as you are increasing the content per vehicle, as you're adding, and upgrading and upselling your customers to higher levels of autonomy, how do you currently see the competition and how do you foresee it evolving as OEMs kind of adopt higher levels of autonomy? Thank you.

所以我想知道，當你增加每輛車的內容時，當你添加、升級和向客戶推銷更高級別的自主權時，你目前如何看待競爭以及你如何預見它會如何隨著原始設備製造商的發展而發展採用更高級別的自主權？謝謝。

I think when you go to those high levels of complexity of systems, the semiconductor is really a small part of the mix. You have so much on top of the semiconductor. You have the perception software, the driving policy software, the control of the car software, the mapping, the integration of all of them together. It is way, way beyond the semiconductor business.

我認為當你考慮那些高度複雜的系統時，半導體實際上只是其中的一小部分。半導體方面有很多東西。你有感知軟件、駕駛策略軟件、汽車控制軟件、地圖繪製，以及所有這些的集成。這遠遠超出了半導體業務的範疇。

Even when you talk about the basic ADAS, which is a front-facing camera with a chip behind it, the optimization and the economy of scales over the last decade of this particular product makes it very, very unlikely to a newcomer to gain market share. It's highly optimized. The validation, it's very, very expensive, requires hundreds of petabytes of data to properly validate. And if you don't have any disrupting new idea there, being able to take market share in that particularly highly optimized business is very, very unlikely, unless the incumbent, for some reason, stops to deliver, and I don't see us stopping to deliver.

即使當你談論基本的 ADAS（即背後有芯片的前置攝像頭）時，這種特定產品在過去十年中的優化和規模經濟也使得新來者很難獲得市場份額。它是高度優化的。驗證非常非常昂貴，需要數百 PB 的數據才能正確驗證。如果你沒有任何顛覆性的新想法，那麼能夠在高度優化的業務中佔據市場份額是非常非常不可能的，除非現任者出於某種原因停止交付，而我看不到我們停下來送貨。

So really, the gain in terms of market share is on the complex systems, SuperVision and beyond. And I think there Mobileye is clearly at the very, very leading position. A SuperVision type of product, I don't see anything outside of the Tesla FSD that even comes close to it. We are having a very strong traction for it, more and more carmakers, more brands. Chauffeur is another step up. So this is where the competitive gain is going to be, not on the low-end ADAS, and there, it's way beyond a semiconductor business.

事實上，市場份額的增長來自於復雜的系統、SuperVision 及其他系統。我認為 Mobileye 顯然處於非常非常領先的位置。作為 SuperVision 類型的產品，除了 Tesla FSD 之外，我看不到任何能與之相媲美的產品。我們對它有非常強大的吸引力，越來越多的汽車製造商、越來越多的品牌。司機又進步了一步。因此，這就是競爭優勢所在，而不是低端 ADAS，而且，它遠遠超出了半導體業務的範疇。

Thank you, Raji.

謝謝你，拉吉。

Appreciate that. Thank you.

感謝。謝謝。

John Murphy, Bank of America.

約翰·墨菲，美國銀行。

Hi, guys. Just two quick ones. First, if you could discuss exactly what went on with the January price hike, so we can understand why folks may have prebought in front of that, just to understand how big that is. Then, the second one, I am -- as you're making this progress with SuperVision, as far as booked business and discussions, are the customers just kind of throwing up their hands and saying, listen, we just can't do this ourselves or with these other partners, so we're just kind of handing the keys and becoming exclusive with you, or are they sort of parallel processing other systems, and what -- how is that developing?

嗨，大家好。就兩個快的。首先，如果你能準確討論一月份的價格上漲到底發生了什麼，那麼我們就能理解為什麼人們可能會在此之前進行預購，只是為了了解價格上漲的幅度有多大。然後，第二個，當你在 SuperVision 方面取得進展時，就預訂業務和討論而言，客戶是否只是舉手說，聽著，我們就是不能這樣做我們自己或與其他合作夥伴一起，所以我們只是把鑰匙交給你並成為你的專屬，或者他們是並行處理其他系統，那是如何發展的？

I don't think the story is so dramatic as trying to get the keys, right? OEMs do what makes the most sense. They want to deliver products, they want to deliver competitive products. They need to compete with other OEMs. They need to provide value to the customers. And they see what Mobileye is doing. I think the launch of the Zeekr SuperVision created kind of a significant moment.

我不認為這個故事像試圖拿到鑰匙那麼戲劇化，對吧？ OEM 做最有意義的事情。他們想要提供產品，他們想要提供有競爭力的產品。他們需要與其他原始設備製造商競爭。他們需要為客戶提供價值。他們看到了 Mobileye 正在做的事情。我認為 Zeekr SuperVision 的推出創造了一個重​​要時刻。

Because it's one thing to show a development system, another thing is to show a production system doing something very impressive. It's not that OEMs decided to throw in the towel. It's simply a natural evolution of a competitive landscape. You need to be able to deliver brands with the best technology and use the suppliers for it.

因為展示開發系統是一回事，展示生產系統做一些令人印象深刻的事情是另一回事。這並不是說原始設備製造商決定認輸。這只是競爭格局的自然演變。您需要能夠為品牌提供最好的技術，並為此利用供應商。

The EyeQ Kit allows the carmaker -- I think the EyeQ Kit was a very important moment here. It allows the carmakers not to completely tweak our system as a black box, but to add to it their own software and to create further differentiation. But trying to simply replicate what Mobileye has been doing, personally, I don't think it makes sense, really, because I know the amount of investment that's being done, and this kind of investment cannot be done just through money. There's a time factor, a significant time factor for it. So I think the Zeekr launch created kind of a reality check in many of our OEM partners.

EyeQ 套件讓汽車製造商——我認為 EyeQ 套件是一個非常重要的時刻。它使汽車製造商不必將我們的系統完全調整為黑匣子，而是添加他們自己的軟件並創造進一步的差異化。但試圖簡單地複制 Mobileye 一直在做的事情，我個人認為這沒有意義，真的，因為我知道正在進行的投資金額，而這種投資不能僅僅通過金錢來完成。有一個時間因素，一個重要的時間因素。因此，我認為 Zeekr 的推出為我們的許多 OEM 合作夥伴帶來了某種現實檢驗。

And about the EyeQ cost --

關於 EyeQ 的成本——

In terms of the EyeQ cost, we're talking about a --

就 EyeQ 成本而言，我們談論的是——

$1 to $2 of an increase --

增加 1 至 2 美元——

$1 to $2 --

1 美元到 2 美元——

And it's not a significant impact in terms of the buying ahead now before this price increase.

對於此次提價之前的提前購買而言，這並不是一個重大影響。

Thank you very much.

非常感謝。

Thanks, John. This has to be our -- this is going to be our last question.

謝謝，約翰。這必須是我們的——這將是我們的最後一個問題。

Steven Fox, Fox Advisors.

史蒂文·福克斯，福克斯顧問公司。

Hi, good morning, and thanks for squeezing me in. Two questions, if I could. First of all, at CES, the conversation around your radar innovations were pretty interesting. I was wondering, beyond just the technology roadmap, what else is going to drive your ability to start disrupting in that product space. I guess you're talking about going to market in 2024 to try to win new business. Then, secondly, as you sort of right-size for the volumes needed on SuperVision by the end of this year with your manufacturing partner, is that when we should start thinking about gross margins in SuperVision improving, or do we need more volumes beyond like end of calendar '23 to start seeing that improvement? Thank you.

你好，早上好，謝謝你的邀請。如果可以的話，有兩個問題。首先，在 CES 上，圍繞雷達創新的討論非常有趣。我想知道，除了技術路線圖之外，還有什麼可以推動您開始顛覆該產品領域的能力。我猜您是在談論 2024 年進入市場以嘗試贏得新業務。其次，當您與製造合作夥伴在今年年底前對 SuperVision 所需的銷量進行適當調整時，我們何時應該開始考慮 SuperVision 毛利率的提高，或者我們是否需要更多的銷量23 日曆年底開始看到這種改進嗎？謝謝。

Yeah, I'll start with the second half of your question. The gross margin in terms of the cost of production is not volume dependent. We simply did another spin of the hardware with better optimized components, so that would reduce our cost. Another part of increasing our gross margin of SuperVision is its higher bundles. Once software bundles will include beyond highway, that will increase our gross margin.

是的，我將從你問題的後半部分開始。以生產成本計算的毛利率與產量無關。我們只是用更好的優化組件對硬件進行了另一次旋轉，這樣就可以降低我們的成本。提高 SuperVision 毛利率的另一個原因是其更高的捆綁銷售。一旦捆綁軟件將包括高速公路之外的內容，這將增加我們的毛利率。

Radar --

雷達——

Radar. It's important to mention that our motivation for building those radars is not just to enter into a new marketplace, it was to create a very streamlined system where you don't need a 360-degree awareness from LIDARS, because that is expensive. We want to limit the LIDAR only for front-facing, and the remaining 360 to be handled by imaging radars. And those imaging radars that we are developing are really cutting edge in terms of 48 by 48 channels, 100 DB of sensitivity, and they can create an end-to-end autonomous driving experience as another layer of redundancy, and that would considerably reduce the cost of an eyes-off system. I'm talking about an eyes-off with full capability, full ODD.

雷達。值得一提的是，我們構建這些雷達的動機不僅僅是為了進入一個新市場，而是為了創建一個非常精簡的系統，您不需要 LIDARS 的 360 度感知，因為那很昂貴。我們希望限制激光雷達僅用於前置，其餘 360 個由成像雷達處理。我們正在開發的那些成像雷達在 48 x 48 通道、100 DB 靈敏度方面確實非常先進，它們可以作為另一層冗餘創建端到端自動駕駛體驗，這將大大降低閉眼系統的成本。我說的是完全能力、完全ODD的目光轉移。

Great. That's very helpful, thank you so much.

偉大的。這非常有幫助，非常感謝。

Thank you.

謝謝。

Thanks, Steven.

謝謝，史蒂文。

Thanks, everyone for joining our first earnings call as a public company, and we will see you next quarter. Thank you.

感謝大家參加我們作為上市公司的第一次財報電話會議，我們下季度再見。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。