Quicklogic Corp (QUIK) 2023 Q2 法說會逐字稿

Ladies and gentlemen, good afternoon. At this time, I would like to welcome everyone to QuickLogic Corporation's Second Quarter Fiscal 2023 Earnings Results Conference Call.

女士們、先生們，下午好。現在，我歡迎大家參加 QuickLogic 公司 2023 財年第二季度盈利結果電話會議。

As a reminder, today's call is being recorded for replay purposes through August 22, 2023. I would now like to turn the conference over to Ms. Alison Ziegler of Darrow Associates. Ms. Ziegler, please go ahead.

謹此提醒，我們將對今天的電話會議進行錄音，以便在 2023 年 8 月 22 日之前重播。我現在想將會議轉交給 Darrow Associates 的 Alison Ziegler 女士。齊格勒女士，請繼續。

Thank you, and thanks to all of you for joining us. Our speakers today are Brian Faith, President and Chief Executive Officer; and Elias Nader, Senior Vice President and Chief Financial Officer.

謝謝你們，也感謝你們所有人加入我們。今天我們的演講者是總裁兼首席執行官 Brian Faith；以及高級副總裁兼首席財務官 Elias Nader。

As a reminder, some of the comments QuickLogic makes today are forward-looking statements that involve risks and uncertainties, including, but not limited to, stated expectations relating to revenue from new and mature products, statements pertaining to QuickLogic's future stock performance, design activity and its ability to convert new design opportunities into production shipments, timing and market acceptance of its customers' products, schedule changes and production start date that could impact the timing of shipments, the company's future evaluation systems, broadening the number of our ecosystem partners; and expected results and financial expectations for revenue, gross margin, operating expenses, profitability and cash.

提醒一下，QuickLogic 今天發表的一些評論屬於前瞻性陳述，涉及風險和不確定性，包括但不限於與新產品和成熟產品收入相關的預期、有關 QuickLogic 未來股票表現的陳述、設計活動以及將新的設計機會轉化為生產發貨的能力、客戶產品的時間安排和市場接受度、時間表變更和生產開始日期，這些可能會影響發貨時間、公司未來的評估系統、擴大我們生態系統合作夥伴的數量；收入、毛利率、運營費用、盈利能力和現金的預期業績和財務預期。

Actual results or trends may differ materially from those discussed today. For more detailed discussions of the risks, uncertainties and assumptions that could result in these differences, please refer to the risk factors discussed in QuickLogic's most recently filed periodic reports with the SEC. QuickLogic assumes no obligation to update any forward-looking statements or information, which speak as of the respective dates of any new information or future events.

實際結果或趨勢可能與今天討論的結果或趨勢存在重大差異。有關可能導致這些差異的風險、不確定性和假設的更詳細討論，請參閱 QuickLogic 最近向 SEC 提交的定期報告中討論的風險因素。 QuickLogic 不承擔更新任何前瞻性陳述或信息的義務，這些陳述或信息涉及任何新信息或未來事件的相應日期。

In today's call, we will be reporting non-GAAP financial measures. You may refer to the earnings release we issued today for a detailed reconciliation of our GAAP to non-GAAP results and other financial statements. We have also posted an updated financial table on our IR web page that provides current and historical non-GAAP data. Please note, QuickLogic uses its website, the company blog, corporate Twitter account, Facebook page and LinkedIn page as channels of distribution of information about its business.

在今天的電話會議中，我們將報告非公認會計準則財務指標。您可以參考我們今天發布的收益報告，了解我們的 GAAP 與非 GAAP 業績和其他財務報表的詳細調節表。我們還在 IR 網頁上發布了更新的財務表格，其中提供了當前和歷史的非 GAAP 數據。請注意，QuickLogic 使用其網站、公司博客、公司 Twitter 帳戶、Facebook 頁面和 LinkedIn 頁面作為其業務信息的分發渠道。

Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. A copy of the prepared remarks made on today's call will be posted on QuickLogic's IR web page shortly after the conclusion of today's earnings call.

此類信息可能被視為重要信息，QuickLogic 可以使用這些渠道來遵守 FD 法規規定的披露義務。今天的電話會議上準備好的講話副本將在今天的財報電話會議結束後不久發佈在 QuickLogic 的 IR 網頁上。

I would now like to turn the call over to Brian. Go ahead, Brian.

我現在想把電話轉給布萊恩。繼續吧，布萊恩。

Thank you, Alison. Good afternoon, everyone, and thank you all for joining our second quarter fiscal 2023 financial results conference Call. As noted in the press release issued after market close, our second quarter 2023 results were negatively impacted by the timing of the award for the next phase of a large eFPGA contract announced last year. The first phase of the contract, which was $6.9 million has been completed successfully. I am pleased to share that this next phase with a total value of $15 million is now in place and will begin generating revenue this quarter with revenue extending into 2024.

謝謝你，艾莉森。大家下午好，感謝大家參加我們的 2023 財年第二季度財務業績電話會議。正如收盤後發布的新聞稿所述，我們 2023 年第二季度的業績受到去年宣布的下一階段大型 eFPGA 合同授予時間的負面影響。第一階段價值690萬美元的合同已順利完成。我很高興地告訴大家，總價值 1500 萬美元的下一階段現已到位，並將於本季度開始產生收入，收入將延續到 2024 年。

This second phase is the same total value, revenue recognition timing and duration we had been expected to finalize during Q2. With the receipt of this new contract and new business and other end markets that we are rapidly converting from our sales funnel, we remain on track to grow total 2023 revenue by more than 30% over 2022. We also believe we will report non-GAAP profitability for Q3 and Q4 as well as non-GAAP earnings for the full year 2023.

第二階段的總價值、收入確認時間和持續時間與我們預計在第二季度最終確定的相同。隨著收到這份新合同和新業務以及我們正在從銷售渠道快速轉換的其他終端市場，我們仍有望實現 2023 年總收入比 2022 年增長 30% 以上。我們還相信我們將報告非 GAAP 財務報告第三季度和第四季度的盈利能力以及2023 年全年的非GAAP 收益。

With that opening, let's get into the details. On the continued strength of our numerous eFPGA IP based opportunities, including a portion of the strategic rad-hard FPGA program, our sales funnel grew to over $140 million, the largest in QuickLogic's history. Included in this number are deals for both eFPGA IP as well as being a storefront for semi-custom FPGA development that incorporates our eFPGA IP. These deals span numerous foundries, process technologies and end markets.

有了這個開頭，讓我們進入細節。憑藉我們眾多基於 eFPGA IP 的機會（包括戰略性抗輻射 FPGA 計劃的一部分）的持續優勢，我們的銷售渠道增長至超過 1.4 億美元，這是 QuickLogic 歷史上最大的銷售渠道。此數字中包括 eFPGA IP 的交易以及包含我們的 eFPGA IP 的半定制 FPGA 開髮店面。這些交易涉及眾多鑄造廠、工藝技術和終端市場。

One of our unique strengths continues to be that we offer a full spectrum of solutions ranging from eFPGA IP all the way to full chip designs, which incorporate that IP. As a reminder, we have multiple revenue sources within this product category. The primary ones being design services, IP licenses, royalties and finally, device sales via our store fund. Design services is how we monetize the R&D resources to develop our IP or bespoke devices for our customer, typically recognized as we do the engineering work. IP licenses are typically onetime events recognized with the delivery of our IP to a customer.

我們的獨特優勢之一仍然是我們提供全方位的解決方案，從 eFPGA IP 一直到包含該 IP 的完整芯片設計。提醒一下，我們在此產品類別中有多種收入來源。主要是設計服務、IP 許可、特許權使用費，最後是通過我們的商店基金進行設備銷售。設計服務是我們利用研發資源貨幣化的方式，為客戶開發 IP 或定制設備，通常在我們進行工程工作時得到認可。 IP 許可證通常是在將我們的 IP 交付給客戶時認可的一次性事件。

Royalties are typically a percentage of the final device ASP and the value contributed by our IP that is recognized as our customers ship devices that include our IP. And finally, storefront simply means that our customer is buying a finished device from us that is designed to their specifications.

特許權使用費通常是最終設備 ASP 的一定百分比，以及我們的 IP 貢獻的價值，當我們的客戶運送包含我們的 IP 的設備時，該價值就會被認可。最後，店面僅僅意味著我們的客戶正在從我們這裡購買根據他們的規格設計的成品設備。

In doing so, we enhance and expand our customers' capabilities by providing additional expertise and depth as well as access to the supply chain we have had in place for decades. More than ever before, the fact that we have been a trusted and reliable supplier of FPGA devices is one of the many reasons why we are winning opportunities to be more than just an IP provider.

在此過程中，我們通過提供額外的專業知識和深度以及進入我們已有數十年的供應鏈來增強和擴展客戶的能力。我們比以往任何時候都更成為值得信賴和可靠的 FPGA 器件供應商，這是我們贏得機會而不僅僅是 IP 提供商的眾多原因之一。

In November of 2022, I shared that we have taped out a new device for a customer that incorporates our eFPGA IP. Revenue from the shipment of these test chips to our end customer was recognized during Q2. Additional engineering work with this customer is ongoing, and we continue to recognize revenue each quarter associated with this design. Due to confidentiality requirements, I can't share any further details on the specific design win other than I believe it represents tens of millions of dollars in potential device revenue starting in a couple of years.

2022 年 11 月，我分享了我們已經為客戶流片了一款包含我們的 eFPGA IP 的新設備。將這些測試芯片運送給我們的最終客戶的收入在第二季度得到了確認。與該客戶的其他工程工作正在進行中，我們繼續每個季度確認與該設計相關的收入。由於保密要求，我無法分享有關具體設計勝利的任何進一步細節，除了我相信它代表著幾年後開始的數千萬美元的潛在設備收入。

As mentioned on our previous call, one of the contributors to our pipeline growth is a new government-focused eFPGA IP-based contract targeting a 12-nanometer process node. This is our first contract for the 12-nanometer process node. We recognized initial revenue from this contract in Q1 and expect to recognize additional revenue throughout 2023. Furthermore, during the previous call, I mentioned that we believe this contract was our first of several during this fiscal year. In fact, we now have multiple new opportunities for our 12-nanometer eFPGA IP totaling several million dollars.

正如我們在之前的電話會議中提到的，我們管道增長的貢獻者之一是一項新的政府重點關注的基於 eFPGA IP 的合同，目標是 12 納米工藝節點。這是我們第一份 12 納米工藝節點合同。我們在第一季度確認了這份合同的初始收入，並預計在2023 年全年確認額外收入。此外，在上次電話會議中，我提到我們相信這份合同是我們本財年的幾份合同中的第一份。事實上，我們的 12 納米 eFPGA IP 現在有多個新機會，總價值達數百萬美元。

Moving to SensiML. As we mentioned last quarter, the top-tier semiconductor company that is integrating a private label version of a SensiML-powered solution to address its customers' demand across its broad line of microcontrollers is nearing their product launch. This private labeling of the SensiML toolkit provides significant revenue potential as a result of the company's large installed customer base and sales force.

轉向 SensiML。正如我們上季度提到的，一家頂級半導體公司正在集成 SensiML 支持的解決方案的自有品牌版本，以滿足客戶對其廣泛的微控制器系列的需求，該公司即將推出產品。由於該公司擁有龐大的客戶群和銷售隊伍，SensiML 工具包的這種私人標籤提供了巨大的收入潛力。

While we remain conservative on what this could mean for QuickLogic, we believe it has the potential to move the needle. As I have noted in the past, this is not an exclusive relationship, which means our engagements with other microcontroller companies will continue.

雖然我們對於這對 QuickLogic 意味著什麼仍然持保守態度，但我們相信它有潛力改變現狀。正如我過去所指出的，這不是排他性關係，這意味著我們將繼續與其他微控制器公司合作。

Moving to chiplets. We continue to see customer interest in an eFPGA enabled chiplet. We plan to issue a press release in the coming weeks related to a specific collaboration on an eFPGA enabled chiplet with a partner company, targeting the edge IoT and AI markets. We expect to generate initial revenue this fiscal year from chiplet related design services and/or IP licensing.

轉向小芯片。我們繼續看到客戶對支持 eFPGA 的小芯片感興趣。我們計劃在未來幾週內發布新聞稿，涉及與合作夥伴公司針對邊緣物聯網和人工智能市場在支持 eFPGA 的小芯片上的具體合作。我們預計本財年將通過小芯片相關設計服務和/或 IP 許可產生初始收入。

Concerning our mobile phone business. Much like other semiconductor suppliers to the mobile market, we are still seeing softness in demand, likely through the end of this fiscal year. However, we anticipate a rebound once inventory is balanced as we have been informed that our EOS S3 will be used in new smartphone models that will ship well into 2024.

關於我們的手機業務。就像移動市場的其他半導體供應商一樣，我們仍然看到需求疲軟，可能到本財年末都是如此。然而，我們預計一旦庫存平衡，就會出現反彈，因為我們已獲悉我們的 EOS S3 將用於新的智能手機型號，並將在 2024 年出貨。

Finally, we are forecasting flat revenue in our display bridge and mature product segments for Q3 with slight improvements forecasted for fiscal Q4. Before turning the call to Elias, I want to reiterate our revenue outlook for Q3 and the remainder of fiscal 2023. Despite the pushout of revenue from the second phase of the eFPGA IP contract we mentioned earlier, we expect its revenue contribution and the accelerated conversion of our diverse and growing pipeline to fully offset the shortfall in Q2 revenue. This emboldens our confidence that we are still on track to report greater than 30% annual revenue growth that we discussed earlier in the year. We are also still on track to turn the corner to profitability starting in the third quarter of this year and based on our current forecast, we expect to report substantial full year earnings for fiscal 2023.

最後，我們預計第三季度顯示橋和成熟產品領域的收入將持平，第四季度預計將略有改善。在致電 Elias 之前，我想重申我們對第三季度和 2023 財年剩餘時間的收入展望。儘管我們之前提到的 eFPGA IP 合同第二階段的收入有所增加，但我們預計其收入貢獻和加速轉換我們多樣化且不斷增長的產品線將完全抵消第二季度收入的缺口。這增強了我們的信心，我們仍然有望實現今年早些時候討論的超過 30% 的年收入增長。我們仍有望從今年第三季度開始扭虧為盈，根據我們目前的預測，我們預計將報告 2023 財年的可觀全年收益。

Let me now turn the call over to Elias for a review of the financial results. Elias, please go ahead.

現在讓我將電話轉給埃利亞斯，以審查財務業績。埃利亞斯，請繼續。

Thank you, Brian, and good afternoon, everyone.

謝謝你，布萊恩，大家下午好。

Our performance in Q2 was below our expectations with revenues of $2.9 million and a non-GAAP net loss of $1.7 million due to the timing and the execution of the contract Brian mentioned. With this contract in place, and the accelerated conversion of opportunities in our sales funnel, we continue to believe we will grow our revenue by more than 30% in fiscal 2023 and report non-GAAP profitability for the last 2 quarters as well as full year 2023.

我們第二季度的業績低於我們的預期，收入為 290 萬美元，由於布萊恩提到的合同的時間安排和執行，非 GAAP 淨虧損為 170 萬美元。隨著這份合同的落實，以及我們銷售渠道中機會的加速轉換，我們仍然相信我們的收入將在 2023 財年增長 30% 以上，並報告過去 2 個季度以及全年的非 GAAP 盈利能力2023 年。

Let me now review the results for the second quarter. As I said, revenue in Q2 was $2.9 million, a decrease of 29.3% compared to the first quarter of 2023 and a decrease of 35.7% compared to the second quarter of 2022. Within our Q2 revenue, sales of new products were approximately $2.2 million. This compares with -- this compares to $3.1 million last quarter down 26.9% and $3.1 million in the second quarter of 2022, down 28.7%.

現在讓我回顧一下第二季度的結果。正如我所說，第二季度的收入為290 萬美元，比2023 年第一季度下降了29.3%，比2022 年第二季度下降了35.7%。在我們第二季度的收入中，新產品的銷售額約為220 萬美元。相比之下，上一季度的 310 萬美元下降了 26.9%，2022 年第二季度的 310 萬美元下降了 28.7%。

Mature product revenue was approximately $0.7 million compared to $1.1 million last quarter and $1.4 million in Q2 last year. Non-GAAP gross margin in Q2 was 44.2% compared with 59.7% in the first quarter of 2023 and 58.6% in the second quarter of 2022. The decline in gross margins for the first quarter resulted from the lower revenue base and a change in the mix of deliverables within eFPGA related revenue to a higher percentage of professional services.

成熟產品收入約為 70 萬美元，而上季度為 110 萬美元，去年第二季度為 140 萬美元。第二季度非 GAAP 毛利率為 44.2%，而 2023 年第一季度為 59.7%，2022 年第二季度為 58.6%。第一季度毛利率下降的原因是收入基礎較低以及eFPGA 相關收入中的可交付成果與更高比例的專業服務相結合。

Non-GAAP operating expenses in Q2 '23 were approximately $2.9 million. The OpEx for Q2 was in line with our prior guidance due to continued disciplined expense controls. This is approximately flat with operating expenses of $2.9 million last quarter and $2.8 million in the second quarter a year ago.

2023 年第二季度的非 GAAP 運營費用約為 290 萬美元。由於持續嚴格的費用控制，第二季度的運營支出符合我們之前的指導。這與上季度運營費用 290 萬美元和去年第二季度運營費用 280 萬美元大致持平。

Non-GAAP net loss was $1.7 million or a loss of $0.12 per share based on 13.7 million shares. This compares to a net loss of $0.5 million or $0.04 per share last quarter and a net loss of $47,000 or essentially $0.00 per share in the second quarter of 2022. Total cash at the end of Q2 was $20.6 million compared with $19.2 million at year-end. The continued investment to support the new design wins we have discussed was offset by the approximately $2.3 million raised in March at near-market rates from existing shareholders. Additionally, timing considerations related to cash received from customers contributed to net higher utilization of cash from operations. In Q2 2023, we had 3 customers that each accounted for 10% or more of our revenue.

非 GAAP 淨虧損為 170 萬美元，或以 1,370 萬股計算每股虧損 0.12 美元。相比之下，上一季度的淨虧損為50 萬美元，即每股0.04 美元，2022 年第二季度的淨虧損為47,000 美元，即每股淨虧損0.00 美元。第二季度末的現金總額為2,060 萬美元，而去年同期為1,920 萬美元。結尾。我們討論過的支持新設計成果的持續投資被 3 月份現有股東以接近市場利率籌集的約 230 萬美元所抵消。此外，與從客戶收到的現金相關的時間考慮因素導致運營現金淨利用率提高。 2023 年第二季度，我們有 3 個客戶，每個客戶占我們收入的 10% 或更多。

Now moving to our guidance for the third quarter of fiscal 2023, which will end on October 1, 2023. Revenue guidance for Q3 is approximately $6.5 million, plus or minus 10%. Due to the reasons Brian already outlined, revenue is expected to be comprised of approximately $6 million of new products and $0.5 million of mature products. Based on this revenue mix, non-GAAP gross margin for the quarter will be approximately 75% plus or minus 5 percentage points. We will continue to see margin variances each quarter due to product mix and volatility and cost of goods sold. Our non-GAAP operating expenses will be approximately $3 million plus or minus 10%.

現在轉向我們對 2023 財年第三季度的指導，該季度將於 2023 年 10 月 1 日結束。第三季度的收入指導約為 650 萬美元，上下浮動 10%。由於 Brian 已經概述的原因，預計收入將由約 600 萬美元的新產品和 50 萬美元的成熟產品組成。根據這一收入組合，本季度非 GAAP 毛利率約為 75%，上下浮動 5 個百分點。由於產品組合、波動性和銷售成本，我們將繼續看到每個季度的利潤率差異。我們的非 GAAP 運營費用約為 300 萬美元正負 10%。

On a quarterly basis, during 2023, we believe OpEx will remain below the $3 million range with occasional increases to support new programs. After interest expense, other income and taxes, we currently forecast that our non-GAAP net income for Q3 would be approximately $1.3 million to $2.2 million or net income of $0.09 to $0.16 per share based on roughly 13.9 million shares outstanding.

按季度計算，2023 年期間，我們認為運營支出將保持在 300 萬美元以下的範圍，並偶爾增加以支持新項目。扣除利息費用、其他收入和稅費後，我們目前預測第三季度的非GAAP 淨利潤約為130 萬至220 萬美元，或基於約1,390 萬股流通股計算，每股淨利潤為0.09 至0.16 美元。

The difference between our GAAP and non-GAAP results is related to noncash stock-based compensation expenses. In Q3, we expect this comparison -- in Q3, we expect this compensation will be approximately $0.8 million. As a reminder, there will be movement in our stock-based compensation during the year and it may vary each quarter based on the timing of grants to employees.

我們的公認會計原則和非公認會計原則結果之間的差異與非現金股票補償費用有關。在第三季度，我們預計會進行這種比較——在第三季度，我們預計這一補償將約為 80 萬美元。提醒一下，我們的股票薪酬在這一年中將會發生變化，並且每個季度可能會根據向員工發放獎金的時間而有所不同。

Moving to the balance sheet. Given the continued investment to support the new design wins that we have discussed at the timing of certain expenses and anticipated customer receipts, at the midpoint we expect cash usage to be below $1.4 million this quarter. As we stated earlier, with the new large design wins and overall momentum in our business, and a lean operating structure, we should see sequential improvement in revenues in the back half of the year leading to positive non-GAAP earnings.

轉向資產負債表。鑑於我們在某些費用和預期客戶收款的時間點討論了支持新設計勝利的持續投資，我們預計本季度現金使用量將低於 140 萬美元。正如我們之前所說，憑藉新的大型設計勝利和我們業務的整體動力，以及精益的運營結構，我們應該會看到今年下半年收入的連續改善，從而帶來積極的非公認會計原則收益。

Thank you very much for joining this call. With that, let me now turn the call back to Brian for his closing remarks.

非常感謝您參加本次通話。現在，讓我將電話轉回給布萊恩，讓他發表結束語。

Thank you, Elias. I am incredibly excited about our progress and the momentum that we are building. We believe this increasing momentum and growing pipeline will drive sustainable revenue growth and our highly scalable operating model will ensure that revenue falls efficiently to our bottom line.

謝謝你，埃利亞斯。我對我們的進步和我們正在建立的勢頭感到非常興奮。我們相信，這種不斷增長的勢頭和不斷增長的渠道將推動可持續的收入增長，而我們高度可擴展的運營模式將確保收入有效下降到我們的底線。

The $15 million contract we recently finalized is the largest contract by far in the history of QuickLogic. However, that is just a part of the story for the second half of 2023 as important to our sustainable growth is the acceleration of conversions of our sales funnel opportunities into new contracts.

我們最近敲定的價值 1500 萬美元的合同是 QuickLogic 歷史上迄今為止最大的合同。然而，這只是 2023 年下半年故事的一部分，對於我們的可持續增長來說，重要的是加速將我們的銷售漏斗機會轉化為新合同。

This will further drive revenue growth and end market diversification. I would like to again thank all our key stakeholders, including investors, customers, suppliers and most of all, the QuickLogic and SensiML teams for their continued support. That completes our prepared remarks. Operator, I would now like to open the call for questions.

這將進一步推動收入增長和終端市場多元化。我要再次感謝我們所有的主要利益相關者，包括投資者、客戶、供應商，最重要的是 QuickLogic 和 SensiML 團隊的持續支持。我們準備好的發言就到此結束了。接線員，我現在想開始提問。

(Operator Instructions) Our first question comes from the line of Martin Yang with Oppenheimer.

（操作員說明）我們的第一個問題來自馬丁·楊與奧本海默的對話。

First question for Brian is, is there any other contract push out or delay of revenue recognition in the second quarter aside from the second phase of one very large contract.

布萊恩的第一個問題是，除了一份非常大的合同的第二階段之外，第二季度是否還有其他合同推出或收入確認延遲。

No, this is the only one, Martin.

不，這是唯一的，馬丁。

Got it. Second question regarding this contract, particularly is do you expect pretty steady roll of revenues coming from this one in the next few quarters? Are they going to be recognized pretty equally or steadily in the next couple of quarters.

知道了。關於這份合同的第二個問題，特別是您預計未來幾個季度該合同的收入是否會相當穩定？在接下來的幾個季度裡，他們是否會得到同等或穩定的認可？

Yes. I think the visibility we have on the contracts is that it's -- I'll call it steady revenue. We're not going to say exactly the number of quarters that it's active for, because of the nature of the contract, we're not allowed to discuss that, but it will provide a steady flow of revenue that we can recognize across that period, which led into our confidence in going out and saying not only the Q3 revenue guidance, but also the outlook for the remainder of the year being solid.

是的。我認為我們對合同的可見性是——我稱之為穩定收入。我們不會確切地說它活躍的季度數，因為合同的性質，我們不允許討論這個問題，但它將提供我們可以在該期間確認的穩定收入流，這讓我們有信心走出去，不僅表示第三季度的收入指引，而且今年剩餘時間的前景也很穩固。

And the last question from me is your view on the Display Bridge and smartphone revenue exposure, has your visibility or expectations changed versus the last quarter?

我的最後一個問題是您對 Display Bridge 和智能手機收入敞口的看法，與上季度相比，您的可見度或預期是否發生了變化？

Yes. I think last quarter, when I talked about smartphone we thought maybe they would go through the inventory digestion completely, and we can start to see some recovery in Q4. I think now we'll see that their digestion is going to take the remainder of the year. They are still taking product from us because they don't have an inventory of all the SKUs for phones. So we are shipping some devices for revenue today, in fact. But we think that the recovery is just probably going to take until the end of the year. And like I said, we're designing the new models. So once they do digest everything that are needed for those new models, then we're going to start shipping for those as well. And so that visibility is there. That's on the smartphone side.

是的。我認為上個季度，當我談到智能手機時，我們認為他們可能會完全消化庫存，我們可以開始在第四季度看到一些復甦。我想現在我們會看到他們的消化將需要今年剩餘的時間。他們仍在從我們這裡購買產品，因為他們沒有所有手機 SKU 的庫存。事實上，我們今天正在運送一些設備以獲取收入。但我們認為複蘇可能要到今年年底。就像我說的，我們正在設計新模型。因此，一旦他們消化了這些新型號所需的所有內容，我們也將開始發貨。所以可見性就在那裡。那是在智能手機方面。

You also asked about Display Bridge which are largely different markets. So on the Display Bridge, it's essentially what I'll call, more like a cash cow opportunistic business. So as we get new design opportunities, we can fulfill them from inventory which tends to be a benefit for some of these customers. And so from last quarter, our outlook hasn't changed. In fact, we've recently had opportunities, new ones come into the funnel for the Display Bridge for more consumer-oriented products, and we're engaged in those opportunities because we do have that inventory position. But I think from a macro level, my outlook has not changed on the Display Bridge. And as we grow these other parts of the business, like the embedded FPGA, the Display Bridge is going to become a smaller and smaller percentage of the total, and that's a good thing.

您還詢問了 Display Bridge，它們是截然不同的市場。因此，在顯示橋上，這本質上就是我所說的，更像是搖錢樹機會主義業務。因此，當我們獲得新的設計機會時，我們可以從庫存中滿足這些機會，這對其中一些客戶來說往往是有利的。因此，從上季度開始，我們的前景沒有改變。事實上，我們最近有機會，新的機會進入顯示橋的漏斗，以提供更多面向消費者的產品，我們參與這些機會是因為我們確實擁有庫存狀況。但我認為從宏觀層面來看，我對 Display Bridge 的看法並沒有改變。隨著我們業務的其他部分（例如嵌入式 FPGA）的發展，顯示橋在總數中所佔的比例將越來越小，這是一件好事。

Our next question comes from the line of Rick Neaton with Rivershore Investment Research.

我們的下一個問題來自 Rivershore Investment Research 的 Rick Neaton。

In talking about this new phase of the contract, is that $15 million included in the $140 million funnel that you described in the press release and your remarks.

在談論新階段的合同時，您在新聞稿和言論中描述的 1.4 億美元漏斗中是否包含 1500 萬美元。

No, that's a good question, Rick. I didn't cover the puts and takes of that. So the $140 million is a net value of the funnel. And I think I've said publicly is what things are in there was not all of the larger eFPGA contract, some percentage of it was. And so as we close this $15 million, that comes out of what was the $125 million funnel, which means we had to add quite a bit more to get to net $140 million. And in fact, we have done that. So there's been quite a bit of addition in this last quarter to the funnel so that it is net $140 million taking into account this $15 million moved from funnel into booked business at this point.

不，這是個好問題，瑞克。我沒有介紹其中的執行和執行過程。所以 1.4 億美元是漏斗的淨值。我想我已經公開說過，其中的內容並不是所有較大的 eFPGA 合同，而是其中的一部分。因此，當我們關閉這 1500 萬美元時，它來自 1.25 億美元的漏斗，這意味著我們必須增加相當多的資金才能達到淨額 1.4 億美元。事實上，我們已經做到了。因此，上一季度漏斗中增加了相當多的資金，考慮到此時從漏斗轉移到預訂業務的 1500 萬美元，淨額為 1.4 億美元。

So there was approximately a $30 million addition to the funnel and then a $15 million approximately subtraction for this new contract. Okay?

因此，這份新合同的漏斗中增加了大約 3000 萬美元，然後又減少了大約 1500 萬美元。好的？

Exactly.

確切地。

Is this contract front-end loaded, so you can recoup in Q3 the revenue that you didn't get in Q2.

該合同前端是否已加載，以便您可以在第三季度收回第二季度未獲得的收入。

It's not front-end loaded. It's spread across the term of the contract. So don't think of it as a recoup in Q3. Think of it that this was the Q3 number we essentially had planned to be in place and the contract just shifted the time line. So the start of it shifted, and so the end of it also shifts, which means more revenue in the future as well. So that's the way to think about it like a sliding window as opposed to switching into Q3. This Q3 number is what we thought we were going to be doing before with the contract already in place prior.

它不是前端加載的。它分佈在整個合同期限內。因此，不要將其視為第三季度的補償。想想看，這是我們基本上計劃到位的第三季度數字，而合同只是改變了時間線。所以它的開始發生了變化，所以它的結束也發生了變化，這也意味著未來會有更多的收入。因此，這就是將其視為滑動窗口而不是切換到第三季度的方式。這個第三季度的數字是我們之前認為我們會在合同已經到位的情況下做的。

Okay. And so your Q4 number is going to be about the same to the way it looks now from this contract. Is that what you're saying?

好的。所以你的第四季度的數字將與現在這份合同中的數字大致相同。你是這麼說的嗎？

Yes. We have a very good idea of what Q4 is going to look like and also into 2024, what that will look like from this contract, which is all factored into, again, why we are affirming on this call expectations for full year profitability and greater than 30% revenue growth because now we have the visibility of that in an actual executed contract.

是的。我們非常清楚第四季度以及 2024 年的情況，以及這份合同的情況，這一切都被考慮在內，再次，為什麼我們在這次電話會議上確認了對全年盈利能力和更高水平的預期收入增長超過30%，因為現在我們可以在實際執行的合同中看到這一點。

So if I'm processing your numbers, that means you have another $2 million approximately of revenue that you expect to receive in the second half to replace the approximately $2 million of revenue you expected to receive in Q2. Is that what you're saying? And that this is coming from the accelerated sales funnel and not from the contract. Is that what you're saying?

因此，如果我正在處理您的數字，這意味著您預計下半年將獲得另外約 200 萬美元的收入，以取代您預計在第二季度獲得的約 200 萬美元的收入。你是這麼說的嗎？這來自加速銷售渠道，而不是來自合同。你是這麼說的嗎？

Yes. We have other things that are replacing that $2 million that shifted out of Q2. Our internal model actually was higher than what we had given as an outlook on the last call. So we had buffer in there to account for anything like this that would happen, which is why we didn't have to change the 30% or greater than 30% number.

是的。我們還有其他東西可以替代第二季度移出的 200 萬美元。我們的內部模型實際上高於我們在上次電話會議中給出的展望。因此，我們在那裡有緩衝區來考慮可能發生的任何類似情況，這就是為什麼我們不必更改 30% 或大於 30% 的數字。

So there are other things besides the large eFPGA contract, we just talked about the $15 million one that are also contributing to revenue growth in the second half of this year.

因此，除了大型 eFPGA 合同之外，還有其他事情，我們剛剛談到了 1500 萬美元的合同，這些合同也為今年下半年的收入增長做出了貢獻。

Now in terms of what you mean by substantial non-GAAP profitability, are you seeing something along the line of Q3 x2 offset by the non-GAAP net losses in the first half. Is that basically what you're saying? Can you give a little more color on what you mean by substantial?

現在，就您所說的可觀的非 GAAP 盈利能力而言，您是否看到第三季度 x2 的某些內容被上半年的非 GAAP 淨虧損所抵消。這基本上就是你所說的嗎？您能否對“實質性”一詞的含義進行更多說明？

Well, we don't want to dig deep into the (inaudible) Rick, but I'll tell you this, just look at it this way, we missed Q2 for sure, mainly because of that particular one contract we're counting on. What you look at is the second half will be profitable on a non-GAAP basis and the EPS would be substantially better than the first half. So I don't think you should be calculating [looking at this] 2x the third -- [2 times 3]. I think it's more like probably one of the key times that the company will stand out and say it has made GAAP profitability, I mean, non-GAAP profitability in Q3.

好吧，我們不想深入挖掘（聽不清）里克，但我會告訴你這一點，只要這樣看，我們肯定錯過了第二季度，主要是因為我們所指望的那份特定合同。你看到的是，下半年將在非公認會計原則的基礎上實現盈利，每股收益將大大好於上半年。所以我認為你不應該計算[看這個] 2x 第三個 - [2 乘以 3]。我認為這可能是該公司脫穎而出並表示其在第三季度實現了 GAAP 盈利（即非 GAAP 盈利）的關鍵時刻之一。

Right. But you said substantial non-GAAP profitability for the full year.

正確的。但您提到全年的非公認會計準則盈利能力相當可觀。

Well, when you look at that -- I'm saying when you compare the second half to the first half, of course (inaudible) because the first half is losses. So full non-GAAP profitability is a huge step for the company, especially a company our size.

好吧，當你看到這一點時——我是說，當你將下半場與上半場進行比較時，當然（聽不清），因為上半場是虧損的。因此，完全的非公認會計原則盈利能力對於公司來說是一個巨大的進步，尤其是對於我們這樣規模的公司來說。

Okay. you're saying, is it something -- go ahead.

好的。你是說，有什麼事嗎——繼續吧。

Let me just put it in my own words here. The EPS for the year, we're forecasting to be not just $0.01, not just the $0.05, something north of that for the year. Correct me if I'm wrong, Elias.

讓我在這裡用我自己的話來說一下。我們預測今年的每股收益將不僅僅是 0.01 美元，也不僅僅是 0.05 美元，比今年的每股收益還要高。如果我錯了，請糾正我，埃利亞斯。

Yes.

是的。

One last question about the balance sheet, Elias. There's a big increase in property and equipment of $1.7 million between first quarter and second quarter. Can you provide some detail on that.

關於資產負債表的最後一個問題，埃利亞斯。第一季度與第二季度相比，財產和設備大幅增加了 170 萬美元。你能提供一些細節嗎？

You mean on the statement of (inaudible) expectation.

你的意思是關於（聽不清）期望的聲明。

No, on the asset -- on your assets. You appear to have bought $1.7 million of some assets. Can you...

不，是在資產上——在你的資產上。您似乎購買了 170 萬美元的某些資產。你可以嗎...

Yes. Yes. Well, these assets -- well, let's put it this way, this is a classification change, okay? What it is, is that when you buy an asset, a tool, for example, or software, and you bring it to the company to be worked on. When that thing is fully functional, you as a company, under GAAP rule can basically classify that as an asset over a certain period. So if you remember, back when I joined 1.5 years ago, I've been saying this every quarter that many of our classifications are changing or could be up and down, mainly because of this sort of classification.

是的。是的。好吧，這些資產——好吧，讓我們這樣說吧，這是分類的改變，好嗎？它的意思是，當您購買資產、工具或軟件時，然後將其帶到公司進行處理。當該東西完全發揮作用時，根據公認會計原則（GAAP）規則，你作為一家公司基本上可以將其歸類為一段時間內的資產。所以，如果你還記得，當我 1.5 年前加入時，我每個季度都會說，我們的許多分類正在發生變化，或者可能會上下波動，主要是因為這種分類。

And now we believe that what we're doing is a correct thing, right? Based on the GAAP, again, you can classify these particular tools as an asset. That's why we see that big difference. We didn't go out and take $1.7 million and bought something that costed $1.7 million, but the total assets of these tools/working software are now classified as an asset.

現在我們相信我們正在做的事情是正確的，對嗎？同樣，根據 GAAP，您可以將這些特定工​​具分類為資產。這就是為什麼我們看到如此巨大的差異。我們沒有出去拿 170 萬美元買一些花費 170 萬美元的東西，但這些工具/工作軟件的總資產現在被歸類為資產。

Our next question comes from the line of Richard Shannon with Craig-Hallum.

我們的下一個問題來自理查德·香農和克雷格·哈勒姆的對話。

Let's see, a couple of questions maybe following up some prior ones here. I may have missed part of your responses and some questions earlier that I was trying to work through my model here. But to get 30% growth you're hitting the third quarter revenue number implies a decent growth here like in the range of $7.5 million for the fourth quarter. And, I guess, I thought I heard a question earlier suggesting it was flat. And I thought my math sounds right here. So am I doing the math right here that the fourth quarter revenues, you're seeing at least $7.5 million.

讓我們看看，有幾個問題可能是繼之前的一些問題之後提出的。我之前可能錯過了您的部分回復和一些問題，當時我試圖在這裡研究我的模型。但要獲得 30% 的增長，第三季度的收入數字意味著這裡會有不錯的增長，比如第四季度的 750 萬美元。而且，我想，我想我之前聽到一個問題表明它是平坦的。我覺得我的數學聽起來就對了。我在這裡算了一下，第四季度的收入至少為 750 萬美元。

Yes. I don't think we're trying to imply flat revenue in Q4. It's -- we're forecasting sequentially up for Q3 so that we can achieve a greater than 30% a year.

是的。我不認為我們試圖暗示第四季度的收入持平。我們預計第三季度將連續上調，以便我們能夠實現每年 30% 以上的增長。

Okay. That's what I was calculating too so just want to make sure on that one. That's your question on the pipeline. And Brian, I appreciate your response to one of the prior questions here about the [$15 million] contract taken out of the pipeline you're adding in that $30 million. So I wonder if you could characterize the additions to this -- I'm assuming most, if not all of it is related to embedded FPGA or maybe some chiplets in there. But also if you could characterize the degree to which it is IP licensing royalties versus any storefront additions.

好的。我也是這麼計算的，所以只是想確認一下。這是你關於管道的問題。 Brian，我很感謝您對先前問題之一的答复，該問題涉及從您在 3000 萬美元中添加的管道中刪除的 [1500 萬美元] 合同。所以我想知道您是否可以描述一下添加的內容——我假設大多數（如果不是全部）都與嵌入式 FPGA 或其中的一些小芯片相關。但如果你能描述一下 IP 許可使用費與任何店面增加的程度。

So firstly, we don't forecast any royalties in our sales pipeline. So 0 of the [$140 million] or anything prior is related to royalties. The new things that we were adding into the funnel since the last call, there's one specific design that would involve being a storefront for an FPGA type device for the industrial market. There is another one for the defense market. There is a handful of embedded FPGA IP opportunities. I would say the mix is probably half defense and half nondefense. And these also include several different process technologies. Most of the ones actually are covered by what we already have today from a supportive foundry process perspective or in design at this point. And then there is some new opportunity coming in from -- as part of that $140 million from the device side of the business.

因此，首先，我們預計銷售渠道中不會產生任何特許權使用費。因此，[1.4 億美元] 或之前的任何內容中的 0 部分與特許權使用費相關。自上次通話以來我們添加到漏斗中的新東西有一個特定的設計，涉及成為工業市場 FPGA 類型設備的店面。還有另一種是針對國防市場的。有一些嵌入式 FPGA IP 機會。我想說的混合可能是一半防禦和一半非防禦。而這些還包括幾種不同的工藝技術。從支持鑄造工藝的角度或目前的設計來看，我們今天已經擁有的內容實際上涵蓋了大多數內容。然後還有一些新的機會來自——作為設備方面業務 1.4 億美元的一部分。

Martin was asking about Display Bridge and so some of the opportunity coming on the consumer is falling into the Display Bridge for that. But again, not a very large percentage of that increase is from the Display Bridge, it's really highly driven by all these different eFPGA IP deals. There is interest in a chiplet and part of that growth, which is why we felt like it's the right time to put out press release with a company that we're intending to collaborate with in that front. That way we can talk with more customers about it without getting under NDA's.

Martin 詢問了 Display Bridge，因此消費者面臨的一些機會就落入了 Display Bridge。但同樣，這一增長中並不是很大一部分來自 Display Bridge，它實際上是由所有這些不同的 eFPGA IP 交易高度推動的。人們對小芯片和這種增長的一部分感興趣，這就是為什麼我們覺得現在是與我們打算在這方面合作的公司發布新聞稿的正確時機。這樣我們就可以與更多客戶討論此事，而無需遵守保密協議。

And then lastly, there is SensiML as part of the funnel growth, but again, since the magnitude of a SensiML contract is not the same scale as these 6- and 7- and now 8-digit eFPGA goes, the SensiML part of the funnel is not the big part of the growth, it's really the other aspects of the business.

最後，SensiML 作為漏斗增長的一部分，但同樣，由於 SensiML 合約的規模與這些 6 位、7 位以及現在的 8 位 eFPGA 的規模不同，因此漏斗的 SensiML 部分並不是增長的重要部分，而是業務的其他方面。

Okay. And just to clarify, I'm not sure if it was implicit in how you described some of these pieces here, but is there anything related to the 12-nanometer opportunities you're talking about?

好的。澄清一下，我不確定您在這裡描述其中一些內容是否隱含了這一點，但是有什麼與您正在談論的 12 納米機會相關嗎？

Yes. There is. There were: a, there was one port that we're doing now that we're intending to wrap up this quarter for 12-nanometer for an elite customer. And then since the last call, we've had multiple come in on 12-nanometer, new ones that we believe we can close and actually have contributed to revenue in this calendar year -- excuse me, this fiscal year as well. And I intentionally being vague on foundry when I'm answering these questions around 12-nanometer. But definitely, there's been some movement on 12-nanometer in the last quarter, positive movement.

是的。有。有：a，我們現在正在做一個移植，我們打算在本季度為精英客戶完成 12 納米的移植。自上次電話會議以來，我們已經收到了多個 12 納米新產品，我們相信我們可以完成這些產品，並且實際上為本日曆年的收入做出了貢獻 - 對不起，本財年也是如此。當我回答這些有關 12 納米的問題時，我故意對代工問題含糊其辭。但可以肯定的是，上個季度 12 納米技術出現了一些積極的變化。

I appreciate you're giving us some clues to what you're thinking about for the fourth quarter. So true to form here, I'll kind of push the envelope and have you maybe chat a little bit about next year. And I think what most people are interested in seeing you consistently profitable. It sounds like the funnel additions here look very nice. So -- but I'd love to hear your thoughts on the great confidence you have you're going to be sustainable growth and growing and be profitable next year or each quarter next year?

我很感謝您向我們提供一些關於您對第四季度的想法的線索。與這裡一樣，我會有點挑戰極限，讓你們談談明年的情況。我認為大多數人感興趣的是看到你持續盈利。聽起來這裡的漏斗添加看起來非常好。那麼，但我很想听聽您對明年或明年每個季度實現可持續增長和盈利的巨大信心的想法？

So I'm highly confident in that, Richard. And the reason is because now that we're closing these larger opportunities into contract stage, we can now start to see more of a layering effect so that we're doing multiple of these things in parallel so that you actually can see that revenue growing and growing every quarter. I want to emphasize that the $15 million defense contract is great. It goes into some point in 2024. We fully expect that's going to be continuing beyond that. But there's going to be other things that are layering on top of that like these 12 nanometer ones and some of the other ones I said in the funnel.

所以我對此非常有信心，理查德。原因是因為現在我們正在將這些更大的機會納入合同階段，我們現在可以開始看到更多的分層效應，這樣我們就可以並行地做多個這些事情，這樣你實際上就可以看到收入的增長並且每個季度都在增長。我想強調的是，1500萬美元的國防合同非常棒。它會在 2024 年的某個時間點出現。我們完全預計這種情況會持續到 2024 年之後。但在此之上還會有其他東西，比如這些 12 納米的東西以及我在漏斗中提到的其他一些東西。

And at some point next year, we'll start to see other things kick in to contribute to revenue like royalties from the designs that we had won previously. And so with all of those opportunities in the funnel and the rate at which we're hitting these, that's what's giving me the conviction that we will be sustainably profitable once we cross the threshold. As you know, I've been waiting a long time for this as I know investors have with this profitability moment and it's our intention and our plan and our forecast to stay there. Yes, I'll leave it at that.

明年的某個時候，我們將開始看到其他事情開始貢獻收入，例如我們之前贏得的設計的版稅。因此，憑藉漏斗中的所有這些機會以及我們實現這些機會的速度，這讓我堅信，一旦我們跨過門檻，我們將實現可持續盈利。如您所知，我已經等待很長時間了，因為我知道投資者已經看到了這個盈利時刻，我們的意圖、我們的計劃和我們的預測將保持這一時刻。是的，我就這樣吧。

And the last question, I'll jump on the line here. I think Elias and maybe there's a question for both of you, Elias. I think you talked about OpEx kind of in the $2 million number with potential, I don't know, bubbles for potential future projects here and obviously getting the profitability and a good growth outlook suggests you might open to [spicket] up a little bit at some point. Just can you just talk about the magnitude of what you may be thinking there and over what time period we might see that?

最後一個問題，我會在這裡插話。我想埃利亞斯，也許你們倆都有一個問題，埃利亞斯。我認為您談到了 200 萬美元的運營支出，我不知道，未來潛在項目的泡沫，顯然獲得盈利和良好的增長前景表明您可能會願意[spicket] 上漲一點在某一點。您能否談談您的想法的重要性以及我們在什麼時間段內可能會看到這一點？

I don't think we'll see it in 2023. I think we're going to keep it at $3 million or so in OpEx a quarter. I think next year, we will see it when we start growing with people in different location where we will hire engineers and investment on the business of software or tools that we need to buy, right? You basically use your cash to do smart buys. In this regard, I would say even if we get to $3.5 million OpEx, which would require us to hire a lot of people. We are still profitable, Richard. So I'm not worried or panic yet about the increase in OpEx. I see that coming sometime next year, maybe where it goes up to maybe [$3.3 million then $3.5 million] then stays around $3.5 million for a while and then that's about it. So no need to rush in for spending.

我認為我們不會在 2023 年看到這種情況。我認為我們會將每季度的運營支出保持在 300 萬美元左右。我認為明年，當我們開始與不同地點的人們一起成長時，我們將看到這一點，我們將聘請工程師並對我們需要購買的軟件或工具業務進行投資，對嗎？您基本上用現金進行明智的購買。在這方面，我想說即使我們的運營支出達到 350 萬美元，這也需要我們僱傭很多人。我們仍然盈利，理查德。因此，我對運營支出的增加並不擔心或恐慌。我預計明年某個時候會出現這種情況，也許會上升到 [330 萬美元，然後是 350 萬美元]，然後在一段時間內保持在 350 萬美元左右，然後就這樣了。所以沒必要急著去花錢。

I'm going to add a little bit of -- so the color I'd like to add on that is that just in terms of philosophy. As a philosophy, we always look to outsource certain things until a task or a role is needed on a full-time basis. And so we have been hiring, in fact, recently in the last 6 months or so for very specific roles, very -- sort of rifle-shot approaches to roles that we know will increase our capacity to do more or it will increase the sales funnel at a faster rate, okay, in terms of efficiency.

我要添加一點——所以我想添加的顏色是哲學方面的。作為一種理念，我們總是尋求外包某些事情，直到需要全職完成某項任務或某個角色。事實上，最近在過去 6 個月左右的時間裡，我們一直在招聘非常具體的職位，我們知道這些職位會提高我們做更多事情的能力，或者會增加銷售額漏斗的速度更快，好吧，就效率而言。

And so we have made those hires. There's a role that we're hiring for right now. If you look at our Careers page for sales manager for the United States for North America. And a lot of that is coming from the fact that we think we have the recipe now to engage and close these IP deals, especially and grow the funnel. And we're at the point now where we have so much coming in, we know that we need to hire more of the sort of frontline people like a sales manager to close and expand that even more. And so that's just the extra color I want to make since everybody is aware, yes, we're going to hire.

所以我們已經聘用了這些人。我們現在正在招聘一個職位。如果您查看我們的美國北美銷售經理職業頁面。其中很大一部分來自這樣一個事實：我們認為我們現在擁有參與並完成這些知識產權交易的秘訣，特別是擴大漏斗。我們現在正處於這樣一個階段，我們有很多人進來，我們知道我們需要雇用更多的一線人員，比如銷售經理，以進一步關閉和擴展這一點。所以這就是我想要做的額外的顏色，因為每個人都知道，是的，我們要雇用。

It's built into the OpEx model, and I think we're very careful about choosing the right people, location and everything to make sure that it is contributing towards the sustainably growing future.

它內置於運營支出模型中，我認為我們在選擇合適的人員、地點和一切方面都非常謹慎，以確保它為可持續增長的未來做出貢獻。

And then one other thing I'll just add to that is there's sort of this notion of operating leverage, which is around how much gross margin -- or how many gross margin dollars are you generating for every dollar you spend of OpEx. And I think if you look back on that there was -- in our investor deck, a couple of months ago, we were charting this, so people could actually see the high degree of leverage we are getting from our operating expenses.

然後我要補充的另一件事是，存在一種運營槓桿的概念，它與毛利率有關，或者說您在運營支出上花費的每一美元能產生多少毛利率。我認為，如果你回顧一下，幾個月前，在我們的投資者平台上，我們正在繪製這一圖表，這樣人們實際上可以看到我們從運營支出中獲得的高槓桿率。

And I think it will be really nice to see that chart continuing like what we are announcing now for Q3 and for the year and for next year to just continue to see that stay above the one, which is what you want to be where you are definitely generate more gross margin dollars than you are spending on the OpEx side.

我認為很高興看到該圖表繼續像我們現在宣布的第三季度、今年和明年那樣繼續保持在圖表之上，這就是您想要的位置肯定會產生比您在運營支出方面支出更多的毛利率。

Ladies and gentlemen, that is all the time we have for questions. I would like to turn the floor back over to CEO, Brian Faith, for closing comments.

女士們先生們，這就是我們提問的時間了。我想請首席執行官布萊恩·費思 (Brian Faith) 發表結束評論。

I want to thank you for participating in today's call and for your continued support. We look forward to speaking when we report our third quarter fiscal 2023 results in November. We will be attending the following conferences over the next few months, including presenting at the Trusted and Assured Microelectronics Awareness Day in McLean, Virginia later this week, Jefferies later this month, H.C. Wainwright on September 12 and Craig-Hallum on November 16. Have a great day. Thank you.

我要感謝您參加今天的電話會議並感謝您的持續支持。我們期待在 11 月報告 2023 財年第三季度業績時發表講話。我們將在接下來的幾個月內參加以下會議，包括本週晚些時候在弗吉尼亞州麥克萊恩舉行的可信和有保障的微電子意識日、本月晚些時候在杰弗里斯舉行的會議、 H.C. Wainwright（9 月 12 日）和 Craig-Hallum（11 月 16 日）。祝您有美好的一天。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。