Mobileye Global Inc (MBLY) 2024 Q1 法說會逐字稿

Hello, everyone, and welcome to Mobileye’s first quarter 2024 earnings conference call for the period ending March 30, 2024.

大家好，歡迎參加 Mobileye 的 2024 年第一季財報電話會議（截至 2024 年 3 月 30 日）。

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. 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.

請注意，今天的討論包含基於我們目前所看到的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資​​訊。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資料。我們發布的收益報告中提供了 GAAP 與非 GAAP 財務指標的調整表。

Joining us on the call today, as always, are Professor Amnon Shashua, Mobileye’s CEO and President, and Moran Shemesh, Mobileye’s CFO. Also joining today for the Q&A session is Nimrod Nehushtan, Mobileye’s Executive Vice President of Business Development and Strategy.

像往常一樣，今天加入我們電話會議的還有 Mobileye 執行長兼總裁 Amnon Shashua 教授以及 Mobileye 財務長 Moran Shemesh。 Mobileye 業務開發和策略執行副總裁 Nimrod Nehushtan 也參加了今天的問答環節。

Thanks and now I'll turn the call over to Amnon.

謝謝，現在我會把電話轉給阿姆農。

Hello, everyone, and thanks for joining our earnings call. From a revenue and income perspective, Q1 was fully aligned with the outlook we provided in January, and I'm pleased that the inventory consumption is tracking as we expected.

大家好，感謝您參加我們的財報電話會議。從收入和收入的角度來看，第一季與我們一月份提供的前景完全一致，我很高興庫存消耗符合我們的預期。

Based on information from our Tier 1 customers and our own analysis, we believe that 70% to 75% of excess inventory was consumed in Q1 this year. Adjusting for that, as well as some level of inventory growth in Q1 of last year, our volume growth, the core ADAS, would have been mid-single digits, which is very solid performance in the current environment.

根據我們一級客戶的資訊和我們自己的分析，我們認為今年第一季消耗了 70% 至 75% 的過剩庫存。對此進行調整，以及去年第一季一定程度的庫存成長，我們的核心 ADAS 銷售成長將達到中個位數，這在當前環境下是非常穩健的表現。

In terms of business development and executing on our strategy, we continue to make meaningful progress across our portfolio. This starts with our eyes-on, hands-on ADAS business and extends throughout our advanced product portfolio, including SuperVision, Chauffeur, and Drive.

在業務發展和策略執行方面，我們的投資組合繼續取得有意義的進展。這從我們親眼所見、親身實踐的 ADAS 業務開始，並延伸到我們的先進產品組合，包括 SuperVision、Chauffeur 和 Drive。

Starting with eyes-on, hands-on systems or what we generally refer to as base and cloud-enhanced ADAS, our sustained success of this business has always been about providing incremental safety features to meet the constantly expanding regulatory and rating requirements, while leveraging scale and purpose-built hardware to maintain a consistent overall cost to the automaker.

從目視、動手系統或我們通常所說的基礎和雲端增強 ADAS 開始，我們這項業務的持續成功始終是提供增量安全功能，以滿足不斷擴大的監管和評級要求，同時利用規模和專用硬件，以保持汽車製造商一致的總體成本。

In Q1, we had our best-ever design win quarter for base on cloud-enhanced ADAS, generating 26 million units of future projected volume across many OEMs and all key geographic regions. Design win activity, so you shouldn't annualize this number, but we believe this should address any open questions on whether the excess inventory indicated some weakening of our position and opportunities for continued growth. It did not.

第一季度，我們在基於雲端增強型 ADAS 的設計中取得了有史以來最好的季度業績，在許多 OEM 和所有關鍵地理區域產生了 2600 萬台的未來預計銷量。設計獲勝活動，因此您不應該對這個數字進行年度化，但我們認為這應該解決任何懸而未決的問題，即庫存過剩是否表明我們的地位和持續增長的機會有所削弱。它沒。

We believe the key driver of this elevated design win volume was the start of production of our next-generation, high-volume ADAS chip, the EyeQ6 Low. This system on chip tax 4.4x the processing power of its predecessor, the EyeQ4, into half the packaging side and supports many incremental safety and convenience features that are aligned with the global regulatory and NCAP safety rating roadmap for the next many years to come. And this was accomplished without any material price increase to our customer or cost increase to Mobileye.

我們相信，設計數量增加的關鍵驅動力是我們下一代大批量 ADAS 晶片 EyeQ6 Low 的開始生產。該系統單晶片將其前身 EyeQ4 的處理能力提高了 4.4 倍，封裝面積減少了一半，並支援許多增量安全和便利功能，這些功能與未來許多年的全球監管和 NCAP 安全評級路線圖保持一致。這是在我們的客戶沒有增加任何材料價格或 Mobileye 成本增加的情況下完成的。

Turning to Mobileye's advanced product portfolio, we see three waves of future growth. Initially, eyes-on, hands-free navigation, on-pilot through SuperVision. This system is in production now with more than 200,000 systems on the road and has customer wins that imply significant scaling over the next few years. Progressing towards eyes-off, we have Chauffeur for consumer-owned vehicles and Drive for network-deployed driverless vehicles. Each are still development but have serious production wins that will begin to scale in 2026.

談到 Mobileye 的先進產品組合，我們看到未來成長的三波浪潮。最初，透過 SuperVision 進行目視、免持導航和駕駛。該系統現已投入生產，已有超過 20 萬個系統投入使用，並贏得了客戶，這意味著未來幾年將大幅擴展。朝著無視的方向發展，我們有針對消費者擁有的車輛的 Chauffeur 和針對網路部署的無人駕駛車輛的 Drive。每一個都仍處於開發階段，但已取得重大生產成果，並將於 2026 年開始規模化。

From a revenue per unit perspective, we believe these products can accelerate our growth in a meaningful manner. For example, our future projected revenue from design wins in 2023 was $7.4 billion. Approximately 40% of this future projected revenue was accounted for by SuperVision and 20% by Chauffeur. Yet those products combined accounted for only 4% of the future volume.

從單位收入的角度來看，我們相信這些產品可以以有意義的方式加速我們的成長。例如，我們預計 2023 年設計獲勝帶來的收入為 74 億美元。 SuperVision 佔未來預計收入的約 40%，Chauffeur 佔 20%。然而，這些產品加起來僅佔未來銷售量的 4%。

Over the last 12 months, we have observed an increasing consensus among automakers that eyes-on, hands-free across a broad operational domain is a must-have feature to be competitive over the rest of the decade and beyond. What's new since the start of the year is that we have seen a diffusion of this interest from primarily premium brands to more mainstream brands. We have also seen additional prospects reach out to Mobileye due to challenges with their current direction, whether that was fully in-house development or collaboration with our competitors.

在過去的12 個月裡，我們觀察到汽車製造商之間越來越多的共識，即在廣泛的操作領域中「注視」、「免持」是在未來十年及更長時間內保持競爭力的必備功能。自今年年初以來的新情況是，我們看到這種興趣從主要是高端品牌擴散到更主流的品牌。我們也看到更多潛在客戶因當前方向面臨挑戰而接觸 Mobileye，無論是完全內部開發還是與競爭對手合作。

We now have design wins or in advanced discussions with 14 OEMs representing 46% of the industry production as compared to 11 OEMs representing 37% of industry production at the end of 2023. We continue to make steady progress with more mature prospects. We have been working with since mid to late 2023 and see the likelihood of converting a number of these during the second half of 2024. In the aggregate, Mobileye is now bidding on RFQs representing a multiple of the approximately $4.5 billion of pipeline revenue generated in 2023 from SuperVision and Chauffeur design wins.

我們現在已贏得設計或與 14 家 OEM 進行深入討論，佔行業產量的 46%，而到 2023 年底，只有 11 家 OEM 佔行業產量的 37%。我們自2023 年中後期以來一直在與我們合作，並預計在2024 年下半年轉換其中一些產品的可能性。的數倍。

There are several reasons for this significant expansion in interest and I will elaborate on five driving factors. Number one, the public announcement by Volkswagen Group for their alignment with our SuperVision, Chauffeur, and Drive products was very important, both in terms of a large global OEM moving forward on these product categories with conviction and an endorsement of our capability and ability to execute. As expected, the announcement led to incremental traction with other OEMs.

這種興趣的顯著增長有幾個原因，我將詳細闡述五個驅動因素。第一，大眾汽車集團公開宣布與我們的 SuperVision、Chauffeur 和 Drive 產品保持一致非常重要，這對於一家大型全球 OEM 堅定地推進這些產品類別而言是非常重要的，也是對我們能力和能力的認可。執行。正如預期的那樣，該公告引起了其他原始設備製造商的越來越多的關注。

Number two, we believe that Mobileye has significant and somewhat unique advantages in delivering an optimal balance of performance and cost. Our SOC cost is a fraction of competing high-end SOCs and very importantly, our SOC comes with the full software stack validated for production readiness with a proven record of quality. Moreover, REM enables geographic scalability at very low cost. Overall, our eyes-on, hands-off performance is best in class, despite running on low-cost silicon and requiring many fewer sensors than competition.

第二，我們相信 Mobileye 在提供性能和成本的最佳平衡方面具有顯著且有些獨特的優勢。我們的 SOC 成本只是高端 SOC 競爭產品的一小部分，而且非常重要的是，我們的 SOC 配備了經過驗證的完整軟體堆疊，可用於生產準備，並具有經過驗證的品質記錄。此外，REM 以非常低的成本實現地理可擴展性。總體而言，儘管我們在低成本晶片上運行並且需要的感測器比競爭對手少得多，但我們的注視、放手性能是同類產品中最好的。

Number three, as EyeQ6 High approaches production in mid-2025, we are now able to utilize late-stage SOC and ECU samples in testing. The software stack built to run on these next-generation ECUs includes state-of-the-art, novel artificial intelligence systems, including end-to-end perception and end-to-end actuation, running in parallel for purpose of redundancy to the networks powering our current generation of SuperVision.

第三，隨著 EyeQ6 High 將於 2025 年中期投入生產，我們現在能夠在測試中利用後期 SOC 和 ECU 樣本。為在這些下一代 ECU 上運行而構建的軟體堆疊包括最先進的新型人工智慧系統，包括端到端感知和端到端驅動，並行運行以實現冗餘。

Our target for the camera-based subsystem for perception is 1,000 hours of driving on highway roads without intervention and our testing show that we are on the right path of achieving those targets. I would mention that those meantime between intervention targets are expected to be industry-leading at quite a large gap.

我們對基於攝影機的感知子系統的目標是在沒有乾預的情況下在高速公路上行駛 1,000 小時，我們的測試表明我們正走在實現這些目標的正確道路上。我想說的是，幹預目標之間的時間預計將在行業內處於領先地位，差距相當大。

We believe that -- number four, we believe that SuperVision provides a validated bridge to a true eyes-off system across a wide domain, which is seen by many OEMs as a true value driver long-term. But the performance requirements for eyes-off are really underappreciated by the public and also by certain OEMs who are throwing everything they have at an eyes-on system with seemingly no clear plan on how to boost meantime between failure from one safety intervention every few hours to one every hundreds of thousands of hours.

我們相信，第四，我們相信 SuperVision 為跨廣泛領域的真正的無人值守系統提供了一座經過驗證的橋樑，許多 OEM 廠商將其視為真正的長期價值驅動因素。但公眾和某些原始設備製造商確實低估了「目視」的性能要求，他們將所有的一切都投入到「目視」系統上，似乎沒有明確的計劃來提高每隔幾個小時進行一次安全介入的故障間隔時間。

Mobileye on the other hand has a unique methodology and offering, including crowdsourced mapping that boost perception of performance -- boost perception performance, redundant perception layers, a market-leading imaging radar to support our true redundancy concept, RSS, and purpose-built efficient-compute. These areas of vertical integration experience in our view are considerable assets.

另一方面，Mobileye 擁有獨特的方法和產品，包括提高性能感知的眾包地圖——提高感知性能、冗餘感知層、市場領先的成像雷達以支持我們真正的冗餘概念、RSS 和專用高效-計算。我們認為，這些垂直整合領域的經驗是相當可觀的資產。

Number five, we have already seen an initial positive impact from Tesla's decision to double down FSD and Robotaxi, which adds to the desire for other OEMs to have competitive offerings, but also is seen as an area where our legacy customers can utilize Mobileye’s strength to introduce far-reaching intelligence-driving systems. Overall, I'm very pleased with the progress of our technology and business building with OEMs.

第五，我們已經看到 Tesla 決定加倍推出 FSD 和 Robotaxi 的初步正面影響，這增加了其他 OEM 廠商擁有有競爭力的產品的願望，但也被視為我們的傳統客戶可以利用 Mobileye 的一個領域。推出影響深遠的智慧駕駛系統的優勢。總的來說，我對我們與原始設備製造商的技術和業務建設的進展感到非常滿意。

I look forward to more updates through the year and now turn the call over to Moran.

我期待今年有更多更新，現在將電話轉給莫蘭。

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.

謝謝阿姆農，也謝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 資料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。

Starting with Q1 results, they were closely aligned with the Q1 outlook we provided back in January. I'll provide a brief summary and then get into a bit more detail. The severe year-on-year decline in the key metrics will almost exclusively isolated to EyeQ volumes, which were impacted by the inventory correction.

從第一季的業績開始，它們與我們在一月份提供的第一季的前景密切相關。我將提供一個簡短的摘要，然後進行更詳細的介紹。關鍵指標較去年同期嚴重下降幾乎完全與受到庫存調整影響的 EyeQ 銷售有關。

During the quarter, we delivered 3.5 million EyeQs. In addition to these new shipments, our customers use a significant amount of EyeQ inventory to satisfy the demand for our products during the quarter. The approximately 4.6 million units year-over-year decline, which converted at our high gross margin, especially accounting for substantially all the reduction in gross profit.

本季度，我們交付了 350 萬個 EyeQ。除了這些新出貨之外，我們的客戶還使用大量的 EyeQ 庫存來滿足本季對我們產品的需求。年比下降約 460 萬台，這轉化為我們的高毛利率，尤其是毛利下降的大部分原因。

Our cost is nearly all variable. The fixed component is very minimal. The balance of the year-over-year decline in operating income was driven by some growth in operating expenses, but this was relatively minor. And our operating expenses do not flex with revenue, as R&D spending is correlated with the execution of our advanced product strategy and is not impacted by short-term fluctuations in revenue.

我們的成本幾乎都是變動的。固定部件非常少。營業收入較去年同期下降的其餘部分是由營業費用的一些增長推動的，但這種增長相對較小。我們的營運費用不會隨著收入而變化，因為研發支出與我們先進產品策略的執行有關，並且不受收入短期波動的影響。

Behind the volume decline, we also saw some modest decline in EyeQ ASP and gross margin related to mix. SuperVision was pretty strong in the quarter. We delivered 39,000 units compared to 25,000 units in the year ago period. This was above expectation that this was due to timing. We continue to see the first half deliveries totaling around 70,000 units, in line with our initial expectations, but with Q1 slightly higher than expected, Q2 is slightly lower. So far with gross margin, improved somehow in Q1, both sequentially and year-over-year. The more meaningful increase into the low 40 range is expected in Q2 as close to 1% of our volume will be with the new low-cost domain control.

在銷量下降的背後，我們也看到 EyeQ 的平均售價和與組合相關的毛利率略有下降。 SuperVision 在本季表現相當強勁。我們交付了 39,000 台，而去年同期為 25,000 台。這超出了預期，這是由於時機所致。我們繼續預計上半年交付總量約為 70,000 輛，符合我們最初的預期，但第一季略高於預期，第二季略有下降。到目前為止，第一季的毛利率無論是環比還是同比都有所改善。預計第二季將更有意義地增加到低 40 範圍，因為新的低成本域控制將占我們數量的近 1%。

On the overall blended gross margin basis, the lower than normal percentage was related to the fact that SuperVision was around 20% of revenue in Q1 compared to an average of 6% in 2023 calendar year. While SuperVision volumes grew year-over-year, the mix of SuperVision was exaggerated by the temporary reduction in EyeQ volume in the quarter, which will return to more normalized level in Q2 and even more so in the back half.

就整體混合毛利率而言，百分比低於正常水準是因為 SuperVision 在第一季佔營收的 20% 左右，而 2023 年的平均值為 6%。雖然 SuperVision 銷量年增，但本季 EyeQ 銷量暫時減少，SuperVision 的組合被誇大了，而第二季將恢復到更正常的水平，下半年更是如此。

Despite the operating loss, operating cash flow was modestly positive in the quarter. One item to note here is that our balance sheet inventory rose sequentially. This has nothing to do with inventory at the Tier 1 customers. Our balance sheet inventory rose modestly due to lower shipments in the quarter and the need to maintain somehow steady purchasing of EyeQ chips over the course of the year. By the end of 2024, we would expect our balance sheet inventory to be consistent with the 2023 year-end figure.

儘管出現營運虧損，本季的營運現金流仍呈現適度正值。這裡需要注意的一點是我們的資產負債表庫存連續上升。這與一級客戶的庫存無關。由於本季出貨量下降以及全年需要保持穩定的 EyeQ 晶片採購，我們的資產負債表庫存小幅上升。到 2024 年底，我們預計資產負債表庫存將與 2023 年底數字保持一致。

Looking ahead, we believe that the inventory consumption process is on track. At this point, the vast majority of Q2 volume is based on binding purchase orders from our customers. There is quite some level of uncertainty regarding timing of late quarter shipments, but we are comfortable in projecting approximately 7.4 million units, up more than 100% as compared to Q1.

展望未來，我們認為庫存消耗進程正步入正軌。目前，第二季的絕大多數銷售量都是基於顧客的綁定採購訂單。雖然季度末的出貨量存在一定程度的不確定性，但我們預計出貨量約為 740 萬台，較第一季成長超過 100%。

Based on our own analysis and information from our customers, we expect that the inventory at our Tier 1 customers will be back around normal orders by end of Q2. Please note that we may not continue to give as much specification on quarterly unit volume outlooks, but given the unusual cadence of this year, we feel is worthwhile.

根據我們自己的分析和客戶提供的信息，我們預計一級客戶的庫存將在第二季末恢復到正常訂單左右。請注意，我們可能不會繼續對季度銷售前景給出盡可能多的說明，但考慮到今年不尋常的節奏，我們認為這是值得的。

We expect gross margin to move higher to around 67% and for operating expenses to continue to grow steadily on a sequential basis. Overall, our revenue and adjusted operating income expectation for Q2 are well aligned with the current analyst consensus.

我們預計毛利率將升至 67% 左右，營運費用將繼續環比穩定成長。整體而言，我們對第二季的營收和調整後營業收入預期與目前分析師的共識非常一致。

In terms of the full year guidance, it is unchanged from the outlook we provided on January 25. From a volume perspective, we are assuming 31 million to 33 million EyeQ shipments and 175,000 to 195,000 SuperVision shipments in 2024.

就全年指引而言，與我們 1 月 25 日提供的展望相同。

On the EyeQ side, the midpoint of our guidance implies around 21 million units in the back half. This is supported by regularly updated indication from our customers, which have been quite stable over the last couple of months. And it also appears to be reflective of the true level of demand in the back half of 2024 based on our own analysis of OEM production forecast.

在 EyeQ 方面，我們指導的中點意味著後半部的銷量約為 2,100 萬台。我們的客戶定期更新的指示支持了這一點，這些指示在過去幾個月中相當穩定。根據我們對 OEM 產量預測的分析，這似乎也反映了 2024 年下半年的真實需求水準。

If we isolate average system price for the single-chip EyeQ business, we expect it to be down slightly in 2024 on a year-over-year basis, consistent with our view in January. The modest weakening in vehicle mix that impacts us somehow in 2023 is expected to continue in 2024. This is compared to a very rich mix we saw in 2021 and 2022 due to overall automotive industry production constraints.

如果我們單獨考慮單晶片 EyeQ 業務的平均係統價格，我們預計 2024 年該價格將同比小幅下降，這與我們 1 月份的觀點一致。 2023 年對我們產生一定影響的車輛結構小幅減弱預計將在 2024 年持續下去。

Higher-priced chips for cloud enhanced ADAS and other advanced programs are providing an offer, but we do not view this tailwind as very materially in 2024 as cloud-enhanced ADAS volumes are still not a meaningful portion of the total and the base of vehicles paying us annual REM-related license payments continue to build.

用於雲端增強型ADAS 和其他高級程式的價格較高的晶片正在提供報價，但我們認為2024 年這種推動力不會非常重大，因為雲端增強型ADAS 銷量在總量和付費車輛基礎中仍然不具有重要意義。

On the SuperVision side, these volumes can be more difficult to precisely predict given that we are currently on five models that are all in the EV space, which has been in a period of volatility. Increase in volumes in the second half of 2024 versus the first half of 2024, is supported by several factors, including number one, the recent mid-cycle refresh of ZEEKR 001, which caused a significant uptick in demand; number two, incremental scaling of ZEEKR 001volumes in Europe; number three, an additional version of the ZEEKR 009 with enhanced features; number four, we start our four deliveries in Europe and US in the second half; and number five, continued ramping of smart number one and Volvo EM90 volumes.

在 SuperVision 方面，鑑於我們目前擁有的五款車型都屬於電動車領域，而電動車領域一直處於波動時期，因此這些銷量可能更難準確預測。與 2024 年上半年相比，2024 年下半年銷售的增加受到多個因素的支持，其中第一個因素是最近 ZEEKR 001 的中期更新，這導致需求大幅上升；第二，ZEEKR 001 卷在歐洲的增量擴展；第三，ZEEKR 009 的附加版本，具有增強功能；第四，下半年我們在歐洲和美國開始了四次交付；第五，智慧第一和沃爾沃 EM90 銷售持續增加。

On a total company basis, we expect average system price to rise to approximately $55 in 2024 from $53 in 2023 based on SuperVision growth. We expect gross margin in the range of 67% to 68% range for the remainder of the year based on current expectations for the mix of SuperVision and EyeQ revenue.

就整個公司而言，根據 SuperVision 的成長，我們預計平均係統價格將從 2023 年的 53 美元升至 2024 年的約 55 美元。根據目前對 SuperVision 和 EyeQ 收入組合的預期，我們預計今年剩餘時間的毛利率將在 67% 至 68% 之間。

We continue to expect adjusted operating expenses to grow approximately 25% on a year-over-year basis as we execute on our advanced product portfolio in preparation for substantial numbers of SuperVision, Chauffeur, and Drive product launches in upcoming years. And we continue to believe that our operating expenses in the near or long-term should be structurally lower than we expected as of a year ago, and that OpEx percentage growth in 2025 and beyond should be significantly lower than in 2024.

我們繼續預計調整後的營運費用將年增約 25%，因為我們正在執行先進的產品組合，為未來幾年推出大量 SuperVision、Chauffeur 和 Drive 產品做好準備。我們仍然認為，我們近期或長期的營運支出在結構上應低於我們一年前的預期，並且 2025 年及以後的營運支出百分比增長應顯著低於 2024 年。

Lastly, in terms of tax rate, we continue to assume a non-GAAP effective tax rate of 15% and 17% for 2024 in comparison to 11% in 2023.

最後，就稅率而言，我們繼續假設 2024 年非 GAAP 有效稅率為 15% 和 17%，而 2023 年為 11%。

Thank you, and we will now take your questions.

謝謝您，我們現在將回答您的問題。

Thank you. At this time, we will be conducting a question-and-answer session. (Operator Instructions)

謝謝。此時，我們將進行問答環節。 （操作員說明）

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Good morning, everybody, or good evening, good afternoon. Just on the gross margin guide. Was it declared that it's 67% to 68% as the range through the remainder of the year? Or was that a full year number for gross margins?

大家早安，或晚上好，下午好。只是毛利率指南。是否宣布今年剩餘時間的範圍為 67% 至 68%？還是這是全年的毛利率數字？

Yeah. This is for the remainder of the year. I believe I also mentioned the full year that approximately 67%. But this quarter, of course, was lowered to mix of SuperVision. As I mentioned, SuperVision was 20%. So it's not a representative of gross margin.

是的。這是今年剩餘時間的情況。我相信我也提到全年大約是 67%。但當然，本季降級為 SuperVision 的混合。正如我所提到的，SuperVision 是 20%。所以它不代表毛利率。

Right. My follow-on question, can you just confirm the -- and apologies if I missed it, the SuperVision shipment number in the first quarter? And then can you just walk through for OpEx, what drives the somewhat material step up through the remainder of the year on the OpEx side to get to the 25% year-over-year OpEx growth? Thanks.

正確的。我的後續問題是，您能否確認一下 SuperVision 第一季的出貨量？ 如果我錯過了，請見諒。那麼您能否簡單介紹一下營運支出，是什麼推動營運支出在今年剩餘時間內取得實質進展，實現營運支出年增 25%？謝謝。

Yeah. So in the first quarter, we delivered 39,000 units. And I also said, we are expected to deliver 70,000 for the first half for SuperVision units, and the rest of the year, again, on track with our guidance. As for the OpEx, the main bucket for increase is headcount. So headcount to support our activities, our design wins and new advanced programs, that's approximately $100 million of headcount growth and some compensational inflation.

是的。所以在第一季度，我們交付了 39,000 台。我還說過，我們預計上半年將交付 70,000 台 SuperVision 設備，而今年剩餘時間，將再次按照我們的指導方針進行。至於營運支出，增加的主要目標是員工人數。因此，用於支持我們的活動、我們的設計成果和新的先進項目的員工人數，大約是 1 億美元的員工成長和一些補償性通貨膨脹。

The other element is R&D related to headcount. Again, to support the advanced programs from EyeQ 6, EyeQ 7, Lidar. Lidar is also the software related to design new programs, building the hardware. So, all these R&Ds around maybe $80 million or $90 million, but offset with some higher NRE reimbursement mainly related to our new programs, and also related to Drive, offset some of this amount.

另一個要素是與員工人數相關的研發。再次，支援EyeQ 6、EyeQ 7、Lidar的高階程式。光達也是與設計新程式、建構硬體相關的軟體。因此，所有這些研發費用可能在 8000 萬美元或 9000 萬美元左右，但抵消了一些較高的 NRE 報銷，主要與我們的新項目有關，也與 Drive 相關，抵消了部分金額。

We also have approximately $20 million or $30 million as a result of occupancy, the new campus and other sites, including depreciation. So, these are the main drivers for cost increase in -- OpEx increase in 2024.

我們還有大約 2000 萬或 3000 萬美元的資金用於佔用、新園區和其他場地，包括折舊。因此，這些是 2024 年營運支出增加成本增加的主要驅動因素。

Joshua Buchalter, TD Cowen & Company.

約書亞·布查爾特 (Joshua Buchalter)，TD Cowen & Company。

Hey, guys. Thank you for taking my question. For my first one, any more details you can provide on the 14 advanced engagements and in particular, the incremental three that you added in the quarter, whether by geographic mix, drivetrain, and most -- perhaps, most importantly, any updates on timelines to conversion for the advanced engagements? Thank you.

大家好。感謝您回答我的問題。對於我的第一個，您可以提供有關14 項高級業務的更多詳細信息，特別是您在本季度添加的增量3 項業務，無論是地理組合、動力傳動系統，還是最重要的（也許是最重要的）時間表上的任何更新轉換為高級參與？謝謝。

I'll take this. So, in general, we have been making steady progress with our activities, as mentioned, and the increase comes from a mix of geographies, European, American, and also in Asia. The progress we're making is in three fronts, on commercial front, technical fronts, and also in the legal firms in order to make sure that all aspects related to these agreements are addressed, and we continue to expect to make -- to get the convergence within the second half of the year.

我要這個。因此，總的來說，正如前面提到的，我們的活動一直在穩步取得進展，並且成長來自歐洲、美洲以及亞洲等多個地區。我們正在三個方面取得進展，即商業方面、技術方面以及律師事務所方面，以確保與這些協議相關的所有方面都得到解決，我們繼續期望能夠取得進展下半年內趨同。

And I just want to maybe to refer to the Volkswagen partnership, which took us between a year and year and a half to conclude, we do see shorter time frames in the existing engagements, but so, I still think that second half of the year will be a good point in time to start to see more conversions there.

我只是想提及大眾汽車的合作夥伴關係，我們花了一年到一年半的時間才得出結論，我們確實看到現有合作的時間框架較短，但我仍然認為下半年將是開始看到更多轉化的好時機。

Thank you for that. And for my follow-up, I just wanted to ask about EyeQ6L. Obviously, some good initial design win metrics there. Can you maybe spend a minute or two talking about what are the features that customers can use on the 6L and also, how are you able to, I guess, extract incremental ASP from the part? Because I assume you mentioned the ASP doesn't change all that much. I guess I was a bit surprised given you're moving from 28-nanometer to 7-nanometer on that chip. So that should allow for a good amount of performance uplift. So, I'd just be curious to hear about some more details on the engagements there in core ADAS as EyeQ6L begins a more meaningful part of the mix over time. Thank you.

謝謝你。對於我的後續行動，我只是想問一下 EyeQ6L。顯然，一些良好的初始設計贏得了指標。您能否花一兩分鐘的時間討論一下客戶可以在 6L 上使用哪些功能，以及我想您如何能夠從該部件中提取增量 ASP？因為我假設您提到 ASP 不會有太大變化。考慮到您在該晶片上從 28 奈米轉向 7 奈米，我想我有點驚訝。因此，這應該可以帶來很大的性能提升。因此，我很想知道有關核心 ADAS 中的參與的更多細節，因為隨著時間的推移，EyeQ6L 開始成為混合中更有意義的部分。謝謝。

Okay. The ASP is driven by the functional bundle and not the process node of the chip. The bundles are increasing due to regulatory expansion and also incorporating expansion. Many of these programs also -- programs that we win also include cloud enhanced. So right now, the programs that we won in Q1 have a similar ASP to the existing generation, but we do see a drive towards higher bundles, which would increase the ASP. But the big ASP jump comes from the advanced product portfolio, the SuperVision, Chauffeur, and Drive. Any ASP increase in base ADAS is really incremental.

好的。 ASP 由功能包驅動，而不是晶片的製程節點。由於監管擴張和合併擴張，捆綁包正在增加。我們贏得的許多計劃還包括雲端增強。因此，目前，我們在第一季贏得的項目的平均售價與現有世代類似，但我們確實看到了更高捆綁銷售的趨勢，這將提高平均售價。但平均售價的大幅上漲來自於先進的產品組合，SuperVision、Chauffeur 和 Drive。基礎 ADAS 中的任何 ASP 增加都是真正增量的。

Our next question (multiple speakers) -- go ahead.

我們的下一個問題（多位發言者）—請繼續。

Sorry, just make one follow-up to that, just to reinforce, is kind of historically, each generation, the goal is really to provide incremental features that allow the OEMs to meet regulatory and cap requirements without changing the price. So this has really been kind of our strategy over time. Obviously, the higher performance gives you the potential for increased bundles, which can drive higher ASP. But in general, what we're trying to do is kind of keep pricing and keep cost the same for each successive generation or provide incremental features.

抱歉，只是為了加強這一點，從歷史上看，每一代的目標實際上是提供增量功能，使 OEM 能夠在不改變價格的情況下滿足監管和上限要求。所以隨著時間的推移，這確實是我們的策略。顯然，更高的效能使您有可能增加捆綁包，從而推動更高的 ASP。但總的來說，我們試圖做的是保持每一代產品的定價和成本相同，或提供增量功能。

Shreyas Patil, Wolfe Research.

施裡亞斯·帕蒂爾，沃爾夫研究中心。

Hey. Thanks so much for taking the question. Maybe just firstly, as we think about SuperVision profitability, I think you're indicating a low 40% gross margin by the second quarter, I believe, and the long-term target is closer to 50%. So how should we think about the progression towards that long-term target over the next few quarters or even beyond?

嘿。非常感謝您提出問題。也許首先，當我們考慮 SuperVision 的獲利能力時，我認為您表示第二季的毛利率較低，為 40%，我相信，長期目標接近 50%。那麼，我們應該如何考慮未來幾季甚至更長時間內實現這一長期目標的進展？

No, we are on track of increasing the gross margin. We have a second-generation domain controller, which is now in production and on the road. And in few months will completely replace the Generation 1 of domain controller, and that increases gross margin considerably. And the future products with EyeQ6 are also designed with the gross margin approaching our target of 50%. So we are converging.

不，我們正在提高毛利率。我們有第二代網域控制器，現在已投入生產並在路上。幾個月後將完全取代第一代網域控制器，這將大大提高毛利率。而EyeQ6未來的產品也被設計成毛利率接近我們50%的目標。所以我們正在趨同。

Okay. And then maybe this is a bit of a longer-term question. But I'm curious how you think about some of the trends that we see in markets like China, for example, with some of the automakers seemingly willing to invest and deploy quite expensive systems but to kind of own the data or trying to develop the software in-house.

好的。也許這是一個比較長期的問題。但我很好奇你如何看待我們在中國等市場看到的一些趨勢，例如，一些汽車製造商似乎願意投資和部署相當昂貴的系統，但想要擁有數據或試圖開發內部軟體。

I know you've talked before about the challenges those automakers will have in terms of scaling outside of China. Do you see -- I'm curious if you see that as a risk inside China if more automakers are willing to pursue those approaches, albeit at a more expensive cost to what SuperVision can deliver. And do you see potentially automakers in other regions working on internal systems as well in a similar way? Thanks.

我知道您之前曾談到這些汽車製造商在向中國以外的地區擴張時將面臨的挑戰。你看到了嗎——我很好奇，如果更多的汽車製造商願意採取這些方法，你是否認為這在中國國內是一種風險，儘管與 SuperVision 所能提供的服務相比，成本更高。您是否認為其他地區的潛在汽車製造商也以類似的方式致力於內部系統？謝謝。

Our view, also historically, is that competition is good because it creates more demand for those high-end solutions. In-house development in China exists. We work hand-in-hand with those OEMs. So they have some car models are in-house development, some car models are Mobileye equipped. But automotive you see out there are eyes-on systems. Now with eyes-on systems, what wins at the end of the day is cost versus performance. No one will pay higher cost for the same performance.

從歷史上看，我們的觀點是，競爭是好事，因為它創造了對高端解決方案的更多需求。中國存在內部開發。我們與這些原始設備製造商攜手合作。所以他們有一些車型是內部開發的，有一些車型是配備Mobileye的。但在汽車領域，你會看到有眼睛注視的系統。現在，對於關注系統，最終獲勝的是成本與性能。沒有人會為了同樣的性能付出更高的成本。

Mobileye's SuperVision system is about 50% of the cost of competing systems. Some of those systems have three Lidar, we have a SuperVision without any Lidar. It's not necessarily to have a Lidar in our SuperVision system. So when you look at sympotically, it is for an eyes-on system, it is cost needs to move performance and not first performance and then cost. And we have a great advantage there.

Mobileye 的 SuperVision 系統的成本約為競爭系統的 50%。其中一些系統有三個光達，我們有一個沒有任何光達的 SuperVision。我們的 SuperVision 系統中不一定有光達。因此，當你從共性的角度來看時，對於一個關注的系統來說，是成本需要改變效能，而不是先是效能，然後是成本。我們在那裡有很大的優勢。

Another advantage we have in China is our rapid expansion of REM. This allows to enable hands-free driving also in urban settings. We are going to launch in, I think, next month or in the next six weeks, the first urban drive in Shanghai, which is going to be deployed on all the 200,000 vehicles that are currently on the road. And this is going to be a really industry-leading experience, and then we can expand throughout China quite quickly. And this is something that if you don't have this outsourced technology to do that, it's very, very difficult to scale high definition maps over across urban areas.

我們在中國的另一個優勢是我們快速擴張的REM。這使得在城市環境中也能實現免持駕駛。我想，我們將在下個月或未來六週內在上海推出第一個城市駕駛系統，該系統將部署在目前道路上的所有 20 萬輛車輛上。這將是一次真正領先業界的體驗，然後我們很快就可以在中國擴張。如果你沒有這種外包技術來做到這一點，那麼在整個城市地區縮放高清地圖是非常非常困難的。

And then come the next generation, which is eyes-off and none of our competitors have a concrete plan on how to get to an eyes-off system, Mobileye is the only company, only supplier that has eyes-off the production programs and not only one multiple production programs, especially with a leading company like Audi, which also generates volume, not only credibility.

然後是下一代，這是不關注的，我們的競爭對手都沒有關於如何實現不關注系統的具體計劃，Mobileye 是唯一一家不關註生產計劃而不是不關註生產計劃的供應商。計劃，特別是像奧迪這樣的領先公司，它不僅能產生信譽，還能產生產量。

So I think putting everything together, the kind of competition we see in China is not a risk. We see this as an advantage because it puts pressure on other OEMs also outside of China to deploy these kind of advanced systems. The in-house development outside of China, we see that declining considerably. Many OEMs that made the announcement of in-house developments have taken a step back. And we are starting to have a serious (technical difficulty) adopting a SuperVision and Chauffeur.

所以我認為把所有因素放在一起，我們在中國看到的那種競爭並不是一個風險。我們認為這是一個優勢，因為它給中國以外的其他原始設備製造商帶來了部署此類先進系統的壓力。我們看到中國以外的內部開發大幅下降。許多宣佈內部開發的原始設備製造商都後退了一步。我們在採用 SuperVision 和 Chauffeur 方面開始遇到嚴重的（技術困難）。

If I may follow up, I think, but what's important for us in this dynamics in China is that it's an evidence that when OEMs seek for differentiation. Autonomy is kind of the most important aspect for them to invest in to ensure that they have a competitive product. While some OEMs are leaned towards in-house development with expensive systems and investing significant capital on it still says that they believe that Autonomy will be the key differentiator in the future for them. And this was recently supported also by statements that Tesla made in their earnings call earlier this week that this is going to be kind of stuff of the next big thing for OEMs who would seek to kind of escape from the price challenges that today our kind of rebuilding the world in China. So we see this as a very important development because it solidifies our long-term perspective and most OEMs, we expect will lean towards competitive products with short time to market with competitive cost and with the best-in-class performance. And as noted, the need to compete within the next couple of years, and we believe we have the product that best suits their needs at this point in time. So this is what this will stand behind the increasing the now some engagements we've had interest a quarter.

我想，如果我可以跟進的話，但在中國的這種動態中，對我們來說重要的是，這是原始設備製造商尋求差異化的證據。自主權是他們投資的最重要方面，以確保他們擁有有競爭力的產品。儘管一些原始設備製造商傾向於使用昂貴的系統進行內部開發並投入大量資金，但他們仍然表示，他們相信自主性將成為他們未來的關鍵差異化因素。最近，特斯拉在本週稍早的財報電話會議上發表的聲明也支持了這一點，即對於原始設備製造商來說，這將是下一件大事，他們將尋求擺脫今天我們所面臨的價格挑戰。因此，我們認為這是一個非常重要的發展，因為它鞏固了我們的長期前景，我們預計大多數原始設備製造商將傾向於推出具有競爭力的產品，上市時間短，具有競爭力的成本和一流的性能。如上所述，需要在未來幾年內進行競爭，我們相信我們目前擁有最適合他們需求的產品。這就是我們四分之一的興趣增加的背後的原因。

Our next question comes from Tom Narayan with RBC. Please proceed with your question.

我們的下一個問題來自 RBC 的 Tom Narayan。請繼續你的問題。

Yes, answering the question, some The first one is kind of high level. You mentioned the Tesla announcement this week or in recent weeks seems to be a pivot towards more on the robo-taxi front. Certainly FSD. is a big driver of that, their version 12. But I guess the question is, it seems like from talking to them, there's a reluctance to engage in this Level two plus, but for some reason how there's this movement towards potentially Level four as a proof of concept when it when a consumer sees a Level four, they believe in it more, um, see robotaxis on the road, maybe then it's a halo effect on autonomy in general. I guess the question is, do you think do you agree with them that maybe that the robotaxi the Level four side of things, even some far distant thing. Maybe this is pulled forward a little bit, and it's a proof of concept that could potentially be a catalyst for a Level two plus or do you view these two things is completely separate animals?

是的，回答這個問題，有些第一個是有點高水準。您提到特斯拉本週或最近幾週的公告似乎是在機器人出租車方面邁出更多步伐的一個支點。當然是FSD。是一個很大的驅動力，他們的版本12。的運動這是一個概念證明，當消費者看到四級車時，他們會更加相信它，嗯，看到路上的機器人出租車，也許這就是對自動駕駛的光環效應。我想問題是，你認為你同意他們的觀點嗎，也許機器人計程車是第四級的事物，甚至是一些遙遠的事物。也許這被提前了一點，這是一個概念證明，可能會成為二級+的催化劑，或者你認為這兩個東西是完全不同的動物嗎？

Was it up just as SSDs Level two plus they call it and now it is the supervised that this is a Level two plus where all of you know, Tesla accelerating the robo-taxi implants, France, we have also robo-taxi in production with the with Volkswagen of the ID buzz coming out in 2026. So any any any uplift in the demand for robo-taxis is also an uplift for us now whether they could introduce robo-taxi using only cameras?

是不是就像他們所說的SSD二級+一樣，現在這是監督的二級+，你們都知道，特斯拉加速了機器人出租車植入，法國，我們也有機器人出租車在生產大眾汽車將於2026 年推出ID 風潮。

We are kind of skeptical, but now we don't know what they're going to introduce next into this a robo-taxi with additional active sensors, not on the not only can we believe that either of systems rather than calling this robo-taxi, let's call it type of systems because either of means that you can drive autonomously on selected type of growth, not a lot, but not necessarily on every type of road is still a great value as all system, which is our short-form product line, has a great value proposition. And we also certainly believe that in time, it will even overtake the Level two plus in terms of volume, but we see that something for the next decade.

我們有點懷疑，但現在我們不知道他們下一步將推出什麼帶有額外主動感測器的機器人出租車，不僅我們可以相信任何一個系統，而不是稱這個機器人為出租車，我們稱之為系統類型，因為任何一種都意味著您可以在選定的增長類型上自動駕駛，不是很多，但不一定在每種類型的道路上仍然具有很大的價值，因為所有系統，這是我們的簡短形式產品線，具有巨大的價值主張。我們當然也相信，隨著時間的推移，它甚至會在數量上超過二級+，但我們認為這將在未來十年發生。

In terms of the volume ramp supervision, is this decade and idea of would be in terms of scaling and overtaking Level two plus. We see that as something for the next decade, but we'll be very happy to be proven wrong and I have to say accelerated.

就數量增長監管而言，這十年的想法將是擴大規模並超越二級以上。我們認為這是未來十年的事情，但我們很高興被證明是錯誤的，我不得不說加速了。

Okay.

好的。

And then my quick follow-up on the 14 OEMs. You're talking to obviously five of them you've already won, there's three new ones. There's obviously their supervision, the regular supervision where you've won and there's obviously the kind of more light version of supervision. Just curious if all of those 14 OEMs you're talking to and outside of the ones you've already won the majority of those, the regular kind of supervision or are those different kind of varieties, some kind of supervision, light product? How do you think about that on the on that distribution?

然後我對 14 家 OEM 進行了快速跟進。顯然，您正在與其中五個您已經贏得的人交談，還有三個新的。顯然有他們的監督，你贏了的常規監督，顯然還有那種更輕鬆的監督。只是好奇，除了您已經贏得其中大多數的14 家原始設備製造商之外，您正在與之交談的所有14 家原始設備製造商是否是常規監督，或者是不同類型的品種、某種監督、輕型產品？您對該發行版有何看法？

Well, first of all, the answer is it's a mix between supervision, chauffeur and and supervision light come on. And it's kind of a very balanced mix. I would say what we see is that OEMs are trying to filter on vehicle lines such that some of the vehicle lines will have a full supervision also for both. And then maybe the bulk of the volumes will have instead of just the front camera will have a supervision light type of system, which which has five camera five radars were six cameras and five radars, but still offers very advanced functions compared to the base data we have today, which will improve their competitiveness into low cost cars. We'll offer a new value propositions to consumers, but it controllable costs and this kind of live lives on like in parallel to the supervision issue for it, which will be for other car lines. And this is what we see in our engagements with OEMs. And this is for us really kind of changes that we're looking into based aid us in the future because we actually think it will potentially diverse to two streams. One will continue to be low load and front camera only just to meet some of the lowest cost possible with regulation and in addition to that, we see a growing demand for supervision light as the next generation for the base data segment, let's say. So it's kind of an extension in the and this is called this nexus of provision. That's what I was looking for.

嗯，首先，答案是它是監督、司機和監督燈亮起的混合體。這是一個非常平衡的組合。我想說的是，我們看到的是，原始設備製造商正在嘗試對車輛生產線進行過濾，以便某些車輛生產線也對這兩種產品進行全面的監督。然後，也許大部分卷將不僅有前置攝像頭，還將有一個監督燈類型的系統，該系統有五個攝像頭、五個雷達，是六個攝像頭和五個雷達，但與基礎數據相比，仍然提供非常先進的功能我們有今天，這將提高他們進入低成本汽車的競爭力。我們將為消費者提供新的價值主張，但它的可控成本和這種生活與它的監管問題並行，這將適用於其他汽車系列。這就是我們在與原始設備製造商的合作中看到的。這對我們來說確實是一種改變，我們正在研究的未來對我們有幫助，因為我們實際上認為它可能會分成兩個流。一個將繼續是低負載和前置攝像頭，只是為了滿足監管中可能的最低成本，除此之外，我們看到作為下一代基礎數據領域的監控燈的需求不斷增長。所以這是一種延伸，這被稱為規定的聯繫。這就是我一直在尋找的。

Yes, just to clarify on most of the engagements, the vast majority of engagements are including discussions around multiple of these products, right, just like the Volkswagen Group design wins.

是的，只是為了澄清大多數的參與，絕大多數的參與都包括圍繞這些產品的多種討論，對吧，就像大眾汽車集團設計獲勝一樣。

Got it.

知道了。

Our next question comes from Dan Levy with Barclays. Please proceed with your question.

我們的下一個問題來自巴克萊銀行的丹·利維。請繼續你的問題。

Hi, good morning. Thank you for taking the questions. Wanted to start with a question on Volkswagen now that that's more publicly known. And so maybe you could just give us a little more on the parameters of the program, what the software versus hardware component, how much of this is actually using your domain controller? What's the extent of the functionality that's going to be enabled on the regional split? And then in the in the room, the release, I think there were some commentary that at some point, VW would eventually use in-house solutions. Maybe you could just comment on, I guess, the stickiness of your agreement with them or is this a, you know, maybe a bridge solution?

早安.感謝您提出問題。我想先問一個關於大眾汽車的問題，因為這個問題已經更廣為人知了。因此，也許您可以向我們提供有關程式參數的更多信息，軟體元件與硬體元件的區別，其中有多少實際上使用了您的網域控制器？將在區域劃分上啟用的功能範圍有多大？然後在房間裡發佈時，我認為有一些評論說，在某個時候，大眾最終將使用內部解決方案。也許你可以評論一下，我想，你與他們達成的協議的粘性，或者這是一個，你知道的，也許是一個過渡解決方案？

Yes.

是的。

So in terms of the parameters of the deal with the Volkswagen Group and what Mobileye is, it is in a position of a Tier one supplier. So we're responsible end to end for the hardware and we have other Tier two suppliers working with us, for example, for the parking systems of so we are a full Tier one supplier. I don't expect us to be a full Tier one suppliers and many additional programs. But for this program, we are a full Tier one suppliers. So we are responsible for the entire system end to end, and that includes the perception in terms of software that perception and driving policy the control there. There's a DXP, a component to a fine tune and customize the driving experience to go to each to each brand and in terms of the comment about them at some point moving to an in-house development, I think that was the that was on the table for many, many years. They have a software division called Korea, it and that software division is still in operation in full force and at some may be there will there be able to deliver the kind of system that we deliver, but we believe so the stickiness of our systems are very, very were very, very strong. The validation required to reach the very high levels of performance of supervision are enormous. The validation required for eyes off. First is beyond anything that the industry has the has experienced so far. So I believe the stickiness is very is very strong. You have said?

因此，就與大眾集團的交易參數以及 Mobileye 的含義而言，它處於一級供應商的地位。因此，我們對硬體負責端到端，我們還有其他二級供應商與我們合作，例如，對於停車系統，因此我們是完整的一級供應商。我不期望我們成為完整的一級供應商和許多附加計劃。但對於這個計劃，我們是完整的一級供應商。因此，我們對整個系統端到端負責，其中包括軟體方面的感知、感知和驅動策略的控制。有一個 DXP，一個用於微調和定制每個品牌的駕駛體驗的組件，就在某個時候轉向內部開發時對它們的評論而言，我認為這就是表很多很多年了。他們有一個叫做韓國的軟體部門，它和那個軟體部門仍在全力運作，在某些地方可能能夠提供我們提供的那種系統，但我們相信我們系統的黏性是非常非常非常非常強。達到非常高的監管績效水準所需的驗證是巨大的。眼睛關閉所需的驗證。首先是該行業迄今為止所經歷過的任何事情。所以我相信黏性是非常非常強的。你有說過嗎？

Yes, I think I may add a little bit more color on. First of all, the partnership we announced includes supervision, chauffeur drive, as I mentioned, and it's going to be deployed overall 17 to farm models. And it includes most of the brands in the Volkswagen Group, the premium brands, Audi, Porsche, Bentley, Lamborghini and so on. But just to maybe sharpen the stickiness aspect. And this partnership addresses the existing architecture with the next-generation architecture. This multiyear plan to launch in 2026 onwards. And there is a kind of a plan to deploy a specific car models that are all allocated today with this product for many years to come after the start of production there, in-house activity that still exist today is for a future architecture that maybe at some point in time, we'll mature. It includes many other things that they're working on, but it's not it's not that it will replace our product in case it will mature, it will live in a different architecture and different cars, some parts in the future in case it fully did materialize. And so in terms of the stickiness once it reaches production. There are many, many cars that are will be deployed with this for many years to come after this year's production.

是的，我想我可以添加更多的顏色。首先，正如我所提到的，我們宣布的合作關係包括監督、司機駕駛，並且將總共部署 17 個農場模型。其中包括大眾集團旗下的大部分品牌，高端品牌，奧迪、保時捷、賓利、蘭博基尼等。但只是為了提高黏性。這種合作關係將現有架構與下一代架構結合。這項多年計畫將於 2026 年起動。有一種計劃是部署特定的汽車模型，這些模型今天全部分配給該產品，並在開始生產後的許多年內使用，今天仍然存在的內部活動是為了未來的架構，也許在總有一天，我們會成熟。它包括他們正在研究的許多其他東西，但這並不是說它不會取代我們的產品，以防它成熟，它會生活在不同的架構和不同的汽車中，未來的某些部分如果它完全成熟的話實現。因此，就其投入生產後的黏性而言。今年生產後的許多年裡，有很多很多汽車都將配備這種技術。

Okay, great. Thank you. And then as a follow-up, I wanted to go to some of your China commentary. And I think just some time ago you noted that and Zilker was offering a free 12-month trial of highway SUPERVISION. I don't know if you could provide and any any feedback, but is there any way to get a sense of what the take rate is going to be in the future of this functionality is something where you have confidence it can be fairly high take rate or even maybe a standard tender fit throughout the vehicle lineup. Nick was there.

好的，太好了。謝謝。接下來，我想聽聽您對中國的一些評論。我想不久前您已經注意到了這一點，Zilker 正在提供 12 個月的高速公路監控免費試用。我不知道您是否可以提供任何反饋，但是有什麼方法可以了解此功能未來的採用率是多少，您有信心它的採用率會相當高率甚至可能是整個車輛系列中的標準溫柔配合。尼克就在那裡。

One, we are in discussions with Xencor to make it really a standard fit rather than Mega, whether the net take rate, the type of functionality because of the rising competition in China. I believe the convergence would be that it will be standard fit.

第一，我們正在與 Xencor 討論，使其真正成為標準配置，而不是 Mega，無論是淨採用率還是功能類型，因為中國競爭日益激烈。我相信融合將是標準配合。

Yes.

是的。

Thank you.

謝謝。

Our next question comes from Samik Chatterjee with JPMorgan. Please proceed with your question.

我們的下一個問題來自摩根大通的 Samik Chatterjee。請繼續你的問題。

And thanks for the question. This is Joe Cardoso on for Samik. Maybe a follow-up on the OE engagements, OEM engagements myself, you guys have shown good progress moving from three to 14 OEMs now production now covering 46% versus 9% a year ago. Just curious when you think of the headroom that you have left to go after, like how would you characterize it and has your views relative to let's call it a ceiling change relative to six, nine months ago or even a year ago, given the developments in the ecosystem and now that you're approaching 50% of production, at least in kind of the engagements that you have already under your of your peripherals?

謝謝你的提問。我是喬·卡多佐 (Joe Cardoso) 替補薩米克 (Samik)。也許是 OE 業務、OEM 業務的後續行動，你們已經顯示出良好的進展，從 3 個 OEM 增加到 14 個 OEM，現在的產量覆蓋 46%，而一年前為 9%。只是好奇當你想到你還需要追求的淨空時，例如你會如何描述它，以及你對相對於六、九個月前甚至一年前的上限變化的看法，考慮到事態的發展在生態系統中，現在您已接近50% 的生產，至少在您的周邊設備下已經有的參與方面？

Thank you.

謝謝。

Yes, I think that there is a on a flywheel effect that we're seeing in which the more we have engagements with OEMs in the world. We um, we announced partnerships with OEMs and more of it builds our credibility on these test product line. And we are also more prepared today, let's say, in terms of our our business development activities and supporting 14 engagements in parallel and we have the capacity to support this with the capacity to support even more than this, what's what happened the last year? Our multiple effect does emanate out at the beginning number one competition in China and also outside of China is moving towards this hands-off as the next different differentiators for cars. And number two, we build our credibility and more announcements kind of helps us to reinforce our position as leaders in this in this front. And I think we know more today about what needs to be done in order to secure these engagements after a year-long negotiation with one of the biggest car companies in the world. And so I think this is what stand behind this increase. And also this is kind of the adoption curve where today what's interesting is then, as Dan mentioned, is that we are working with kind of the early majority and the middle of the pack that we have not just the innovators of the market today on these engagements, which kind of shows us that the 26, 27 time frame of these has our products will become very available in terms of the amount of OEMs that wants to do.

是的，我認為我們看到了一種飛輪效應，即我們與世界各地的原始設備製造商的合作越多。我們嗯，我們宣布與原始設備製造商建立合作夥伴關係，這更多地建立了我們在這些測試產品線上的信譽。今天我們也做好了更多準備，比如說，就我們的業務發展活動和並行支持 14 個項目而言，我們有能力支持這一點，甚至有能力支持更多，去年發生了什麼？我們的多重效應確實在中國的第一名競爭中就顯現出來了，而且在中國以外的地區也正在朝著這種不干涉的方向發展，成為汽車的下一個不同的差異化因素。第二，我們建立了信譽，更多的公告可以幫助我們鞏固我們在這方面的領導者地位。我認為，在與世界上最大的汽車公司之一進行了長達一年的談判之後，我們今天更加了解需要採取哪些措施來確保這些合作。所以我認為這就是這種增長背後的原因。這也是一種採用曲線，正如 Dan 所提到的，今天有趣的是，我們正在與早期大多數和中間群體合作，我們不僅僅是當今市場上這些領域的創新者。 27 日的時間範圍內，我們的產品將變得非常適合OEM 廠商的數量。

And maybe just a quick follow-up on just one or my second question rather. I just wanted to touch on the destocking situation.

也許只是對一個問題或我的第二個問題進行快速跟進。我只是想談談去庫存的情況。

It sounds like you've made great progress on. Can you just talk to maybe some of the changes or processes that you have put into place to improve your visibility around inventory at your customers and how they're tracking or working to date?

聽起來你已經有很大的進步了。您能否談談您為提高客戶庫存的可見性以及他們迄今為止的追蹤或工作方式而實施的一些更改或流程？

Thanks for the question.

謝謝你的提問。

Yes.

是的。

So I think we actually have evidence in the last call that you know, this is a situation that we haven't experienced before. So we did put some money some processes in place for this year. I can say for Q1, we actually on based on on global production, actual production and native fitment rates of production, payroll, EM, we've actually analyzed the gap between what we actually shipped in Q1 and what we would expect. So if I if we didn't have the inventory issue and that gives us kind of the comfort and also look to for the year year over year growth to proceed that it makes sense. We did the same exercise for the full year. So for the full year, thinking again expected the role, the volume, which from which looks pretty good. So it's increasing for our top customers from looking at Q. three Q. four, and they are out on that we get compared to our customers order indication for the three Q. four, we get to approximately some similar numbers, which is encouraging in that aspect. So it's a top-down analysis versus the new orders or indications from in terms of some in terms of receiving some data or some visibility for our customers. We get some verification from them, but only indication not something we don't have full visibility to that. But with the process we have in place with the top down on, we can again verify the data that we receive and have actually a comparison between the two to make sure we are aligned with it.

所以我認為我們在上次通話中實際上有證據表明，這是我們以前從未經歷過的情況。因此，我們今年確實投入了一些資金，並制定了一些流程。我可以說，對於第一季度，我們實際上根據全球產量、實際產量和本地生產組裝率、工資、EM，我們實際上分析了第一季實際發貨量與我們預期之間的差距。因此，如果我們沒有庫存問題，這會給我們帶來一定的安慰，並且期待逐年增長，這是有道理的。我們全年都進行了同樣的練習。因此，對於全年而言，再次思考預期的角色和數量，從這些來看看起來相當不錯。因此，從第三季度到第四季度，我們的頂級客戶的數量正在增加，他們發現我們與第三季度第四季度的客戶訂單指示進行比較，我們得到了大約一些類似的數字，這令人鼓舞那個方面。因此，這是對新訂單或指示的自上而下的分析，在接收一些數據或為我們的客戶提供一些可見性方面。我們從他們那裡得到了一些驗證，但只是表明我們沒有完全了解這一點。但是，透過我們自上而下的流程，我們可以再次驗證我們收到的數據，並對兩者進行實際比較，以確保我們與其保持一致。

Sedation Our next question comes from Ananda Baruah with Loop Capital Markets. Please proceed with your question.

鎮靜 我們的下一個問題來自 Loop Capital Markets 的 Ananda Baruah。請繼續你的問題。

Hey, guys, thanks for taking the question. Two quick clarifications for me. If I could ask the first one, you guys commented on expecting mix to normalize into the second half of the year and that, I guess a clarification, is it back to mid-single digit supervision?

嘿，夥計們，謝謝你提出問題。我需要快速澄清兩點。如果我可以問第一個問題，你們評論說預計混合會在今年下半年正常化，我想澄清一下，是否會回到中個位數的監管？

Our look something different sort of given the supervision ramp? And I have a quick quick clarification follow-up as well.

考慮到監管坡道，我們的外觀有所不同？我也有一個快速的澄清跟進。

And I think the issue that we had was inventories not related to supervision. The asset to the IQ's supervision is on track. This quarter. It was the volume we shipped 39,000 was above expectation, but we believe that the number for the first half of the year would follow our guidance, which is about 70,000 and the full guidance of the year. We have remaining second half is according to the guidance we gave at the beginning of the year.

我認為我們遇到的問題是與監管無關的庫存。 IQ 的監督資產正步入正軌。本季。我們的出貨量為 39,000 台，高於預期，但我們相信今年上半年的數量將遵循我們的指導，約 70,000 台，也是全年的全部指導。我們剩下的下半年是根據我們年初給的指導。

And then for the second clarification is around ASP. and I heard and this may just be just me, I'll miss the sharing what we said or not hearing completely, but I heard I heard on the one hand, ASP. for 2024 being $55, it was 2023 and then I thought I also heard another comment about 2020 for ASP. being down year over year.

第二個澄清是圍繞 ASP 的。我聽說這可能只是我個人的看法，我會懷念我們所說的分享或沒有完全聽到，但我聽說我一方面聽說了，ASP。 2024 年是 55 美元，現在是 2023 年，然後我想我還聽到了關於 ASP 2020 年的另一個評論。逐年下降。

So did you know that?

那你知道嗎？

Yes, so the 55 versus 53 that takes into account the mix of supervision and IQ. So supervision, of course, with a higher ASP as we are all on the vendor for the hardware. And so the ASP is significantly higher. And again, overall ASP of 53 or 55 in 2024 is mainly driven by the mix of supervision revenue as a percentage of the total revenue. And again, it's much higher in the segment as for IQOS being. And that was my comment on the IDUA speed and accuracy was was lower in Q1 as specifically, we don't believe this is a this ASP represents, you know, the normal ASP for this year. And for Q1, we shipped only 3.5 billion chips. So the mix is obviously has changed, for example. So for example, if some of the low cost programs on China became a higher percentage of all of these 3.5 million chips, then the ASP is lower. So it's very volatile in such a quarter when we deliver on the 3.5 million chip. So we do expect an increase in Q2 and Q3 of the ASB. four IQ for about 40 or $0.5 on the total year?

是的，所以 55 比 53 考慮了監督和智商的混合。因此，當然需要更高的 ASP 進行監督，因為我們都是硬體供應商。因此平均售價明顯較高。同樣，2024 年整體平均售價為 53 或 55，主要是由監管收入佔總收入的百分比所推動的。再次強調，IQOS 在該領域的地位要高得多。這是我對第一季 IDUA 速度和準確性較低的評論，具體來說，我們不相信這是這個 ASP 代表的，你知道，今年的正常 ASP。第一季度，我們的晶片出貨量僅 35 億顆。例如，混合顯然已經改變了。例如，如果中國的一些低成本程式在所有這 350 萬塊晶片中所佔的比例較高，那麼 ASP 就會較低。因此，當我們交付 350 萬顆晶片時，這個季度的波動非常大。因此，我們確實預計 ASB 第二季和第三季會有所成長。四個智商全年約 40 或 0.5 美元？

Yes, we expect some ICU ASP to go down as it did in 2023 and approximately $0.5, $0.75 a year on year, continuing the continuing normalization of the mix as compared to a very rich level that we had in 2021 and 2022. So this had a modest impact in 2023, and we expect a similar impact in 2024 for the full year.

是的，我們預計一些 ICU 平均售價將像 2023 年一樣下降，每年同比下降約 0.5 美元、0.75 美元，與 2021 年和 2022 年的非常豐富的水平相比，繼續保持這種組合的正常化。 2023 年影響不大，我們預期2024 年全年也會產生類似影響。

That's very helpful. Thank you. Appreciate that.

這非常有幫助。謝謝。感謝。

Our next question comes from Adam Jonas with Morgan Stanley. Please proceed with your question.

我們的下一個問題來自摩根士丹利的亞當喬納斯。請繼續你的問題。

Well, first, I just want to share my thoughts on to the Mobileye team and the community and people of Israel during the ongoing situation and have been there a hackathon Amnon seven months ago, you posted on a linked and Tesla's decision to adopt an end to end generative AI approach to Full Self-Driving to trend neural networks was I'm quoting neither necessary nor sufficient for Full Self-Driving driving programs. Do you still feel the same way today?

好吧，首先，我只想向 Mobileye 團隊以及以色列社區和人民分享我對目前局勢的看法，並且七個月前參加了一場黑客馬拉松 Amnon，您在鏈接上發布了特斯拉決定採用結束結束完全自動駕駛的生成人工智慧方法到趨勢神經網路是我引用的完全自動駕駛駕駛程式既不是必要的也不是充分的。今天你還有同樣的感覺嗎？

Yes. Yes, indeed, now in my prepared remarks, I mentioned that of the IQ six, we're going to have end to end both perception and actuation. And that does not contradict the point that we made that Tesla end to end is sold. It's the sole technology from our end to end is just one engine on top of multiple engines in order to create the composite system that is explainable. That is a modifiable that you can explain what it does to regulatory body that you can customize the driving experience for progress in OEM. And as you know of if you look at the some of our competitors like Waymo, they have the same way. They have the same view that there is a very, very strong reliance on neural networks on data driven networks, language models. But at the end of the day, it needs to be a system that is designed to be explainable and modifiable. So weapons against end to end where against end to end being the sole engine for the for the system.

是的。是的，確實如此，現在在我準備好的發言中，我提到了智商六，我們將擁有端到端的感知和驅動。這與我們所說的特斯拉端到端被出售的觀點並不矛盾。這是我們端到端的唯一技術，只是在多個引擎之上使用一個引擎，以創建可解釋的複合系統。這是一個可修改的內容，您可以向監管機構解釋它的作用，您可以自訂駕駛體驗以促進 OEM 的進步。如你所知，如果你看看我們的一些競爭對手，例如 Waymo，他們也有同樣的方式。他們有相同的觀點，認為神經網路非常非常依賴數據驅動的網路、語言模型。但歸根結底，它需要是一個可解釋和可修改的系統。因此，針對端到端的武器是系統的唯一引擎。

So I'm back at the CES a few months ago in January, you presented Mobilisa end-to-end protection engine. It's what I call the Multi-Gig by the power of five, how to build data end to end the perception perception engine and this is running on the IQ six. And we have also another engine which also includes actuation. So this is going from videos to actuation as an end to end, but it's a component and subsystem of a more complex, the more complex system.

所以我在幾個月前的 1 月回到了 CES，你們展示了 Mobilisa 端到端保護引擎。這就是我所說的 Multi-Gig by the power 5，如何建立端到端的資料感知感知引擎，而這正在 IQ 6 上運行。我們還有另一台也包括驅動裝置的引擎。因此，這是從視訊到驅動的端到端過程，但它是一個越來越複雜的系統的組件和子系統。

Thanks, Amnon, for clarifying. And just as a follow-up, I know you said that some of your design wins are also for a for supervision are include internal combustion architectures. And there's some somebody on this call might be a little skeptical as to whether your OEM customers would would have software defined internal combustion vehicles. So I guess my question is when would you actually while theoretically and practically possible, when would you expect based on your visibility you have today to see at supervision fitment on a per in-production internal combustion architecture vehicle of the 12 targeted group when it was 17 models, nine of them are combustion engine models, right?

謝謝阿姆農的澄清。作為後續行動，我知道您說過您的一些設計勝利也用於監督，包括內燃架構。這次電話會議上有人可能對您的 OEM 客戶是否會擁有軟體定義的內燃機車輛持懷疑態度。所以我想我的問題是，在理論上和實踐上可能的情況下，您什麼時候會根據您今天的可見性期望在12 個目標群體的每輛正在生產的內燃架構車輛上看到監督裝備，當時它是17 款車型，其中 9 款是內燃機車型，對嗎？

So 50% of the models is going to be combustion engine. It doesn't have to be software-defined vehicles in our system, just like a that is the system right now, but it's really encapsulated in our ECU. So doesn't have to be a software defined the gold and the all the for the air update, it's done through our ACO. So everything myself say it's all contained.

因此 50% 的車型將是內燃機。它不一定是我們系統中的軟體定義車輛，就像現在的系統一樣，但它確實封裝在我們的 ECU 中。因此，不必是軟體定義的黃金和所有空中更新，它是透過我們的 ACO 完成的。所以我自己所說的一切都包含在內。

If I may follow up on this, I think that maybe two years ago and some OEMs have said that they their future plans in terms of future architecture, software defined goals will be based on EVs under the assumption that EVs will become the leading powertrain for the cars in the towards the back half of the decade.

如果我可以跟進這一點，我認為也許兩年前，一些原始設備製造商已經表示，他們在未來架構、軟體定義目標方面的未來計劃將基於電動車，假設電動車將成為領先的動力總成近十年後半段的汽車。

What has changed for some other things in the last years that the plans are today, maybe a little bit more moderate in terms of the EV percentage, just combustion engine or high or a hybrid Adesto means that they are kind of unlocking their architectures to the powertrain in a more balanced way as opposed to going all in on EVs for future technologies.

過去幾年中其他一些事情發生了變化，今天的計劃可能在電動車百分比方面稍微溫和一點，只是內燃機或高或混合動力 Adesto 意味著他們正在將其架構解鎖到以更平衡的方式提供動力系統，而不是全力以赴開發電動車以實現未來技術。

Thank you.

謝謝。

Thank you, Adam. We can take one more question, Maria.

謝謝你，亞當。我們可以再問一個問題，瑪麗亞。

Okay.

好的。

Our last question comes from Chris McNally with Evercore ISI.

我們的最後一個問題來自 Evercore ISI 的 Chris McNally。

Please, Steve and thanks so much team and last but hopefully, not least metrics. If maybe we can dive into some of the supervision details on the potential wins for the second half would love to know it. If we look at the wind by by by type of the RFPs? Is it sort of the old model by model or the approach where we've seen legacy OEMs kind of bid this out in the past or maybe the XP. or the sort of the wider Audi Porsche deployment has led to a broader fleet deployment for the potential RFPs, i.e. Could we have hundreds of thousands of vehicles now and the real per OEM in the 27 plus timeframe?

拜託，史蒂夫，非常感謝團隊，最後但希望是，並非最不重要的指標。如果我們可以深入了解下半場潛在勝利的一些監督細節，我們很想知道。如果我們按 RFP 的類型來觀察風向？這是逐一模型的舊模型，還是我們看到傳統 OEM 過去競標的方法，或者可能是 XP。或者更廣泛的奧迪保時捷部署導致了針對潛在 RFP 的更廣泛的車隊部署，即我們現在是否可以擁有數十萬輛汽車，而在 27 年以上的時間範圍內每個 OEM 的實際數量是否可以？

Yes.

是的。

So on the average for normally, what we do is to see kind of the plans for OEMs in launching specific vehicle models. But this is more a platform question as opposed to specific vehicle model. So And normally, if a platform will include new vehicle models that will be launched according to their plans. And then we're not kind of going one by one in kind of a rigorous process with each OEM. It's a bundle of cars and car models that can be volumes can vary according to do you have, of course. But and when we have when we have a deal, it can include multiple car models that we had with Volkswagen Group, which was quite announcement, we covered 17 car models with multiple brands and with all geographies.

因此，一般而言，我們所做的就是了解原始設備製造商推出特定車型的計劃。但這更多的是平台問題，而不是具體的車款問題。所以通常情況下，如果一個平台將包括將根據他們的計劃推出的新車型。然後，我們不會與每個 OEM 進行嚴格的流程一一進行。當然，這是一組汽車和車型，數量可能會根據您擁有的情況而有所不同。但是，當我們達成交易時，它可以包括我們與大眾集團合作的多種車型，這是一個相當大的公告，我們涵蓋了多個品牌和所有地區的 17 種車型。

So okay, I really appreciate that.

好吧，我真的很感激。

And maybe as a follow-up if we could follow on to Adam question and you're sticking to this topic, at least for now supervised eyes on performance, autonomous evolution to the side and on and in the past with the Mobileye, discuss something like you are hoping for 10 times better miles per disengagement from supervision when we compare it to something like a full self-driving, I think a lot of those comments, we're pre version 12. Any thought on how you think supervision as again as a supervised eyes on system know the competitive statistics stacks up at today, but no, we are targeting the current generation with the IQ five is improving all the time.

也許作為後續行動，如果我們可以繼續討論 Adam 的問題，並且您堅持這個主題，至少現在監督性能、自主進化到側面以及過去與 Mobileye 的情況，請討論一些事情就像你希望每次脫離監管時行駛里程提高10 倍一樣，當我們將其與完全自動駕駛之類的東西進行比較時，我想很多這樣的評論，我們是第12 版之前的版本。者知道當今的競爭統計數據不斷增加，但事實並非如此，我們的目標是智商五一直在提高的當代世代。

But we have over the air updates every every two months or so. We are close to achieving a 100 hour meantime between intervention on highways and less so in they are open, but it's more than one or two hours of meantime, between intervention on the IQ six system, as I mentioned in my prepared remarks, suggest for the camera subsystem, it's about 1,000 hours of meantime, between intervention on the highways. So I don't know what is the mean time to intervention on test, let's say versus say, 12, I don't know any one measure of that, but these are the kinds of things that we that we measure in terms of KPI.s on how we progress.

但我們大約每兩個月就會進行一次無線更新。我們接近實現對高速公路的干預之間有100 小時的間隔，而在高速公路開放時則更少，但對IQ 6 系統的干預之間的間隔超過一兩個小時，正如我在準備好的發言中提到的，建議攝影機子系統，在高速公路上進行幹預之間大約有 1,000 小時的時間。所以我不知道幹預測試的平均時間是多少，比方說，12，我不知道任何一種衡量標準，但這些是我們根據 KPI 衡量的東西.s關於我們如何進步。

There are no further questions at this time. I would now like to turn the floor back over to Dan Galves for closing comments.

目前沒有其他問題。我現在想把發言權交還給丹·加爾維斯（Dan Galves）以徵求結束意見。

Thanks, everyone, for your time, and we will talk to you next quarter. And thanks for the Mobileye team for the session. Thank you.

謝謝大家抽出寶貴的時間，我們將在下個季度與您交談。感謝 Mobileye 團隊舉辦的會議。謝謝。