Valens Semiconductor Ltd (VLN) 2021 Q3 法說會逐字稿

Hello all, and a warm welcome to Valens Third Quarter 2021 Earnings Call. My name is Lydia, and I'm your operator today. (Operator Instructions) If you'd like to ask a question at the end It's my pleasure to now hand you over to our host, Daphna Golden, Vice President of Investor Relations. Please go ahead when you're ready.

大家好，熱烈歡迎參加 Valens 2021 年第三季財報電話會議。我叫莉迪亞，今天是你們的接線生。 （操作員說明）如果您最後想問問題，我很高興現在將您交給我們的主持人，投資者關係副總裁 Daphna Golden。準備好後請繼續。

Thank you, and welcome, everyone, to Valens Third Quarter 2021 Earnings Call. With me today are Gideon Ben-Zvi, Chief Executive Officer; and Dror Heldenberg, Chief Financial Officer. On a personal note, I'm excited to have joined Valens earlier this week, and I'm looking forward to working with the team and communicating with the investment community, investors and analysts.

謝謝大家，歡迎大家參加 Valens 2021 年第三季財報電話會議。今天與我在一起的有執行長 Gideon Ben-Zvi；和財務長 Dror Heldenberg。就我個人而言，我很高興本週早些時候加入 Valens，我期待與該團隊合作並與投資界、投資者和分析師進行溝通。

Earlier today, we issued a press release that is available on the Investor Relations section of our website under investors.valens.com. As a reminder, today's earnings call may include forward-looking statements and projections, which do not guarantee future events or performance. These statements are subject to the safe harbor language in today's press release.

今天早些時候，我們發布了一份新聞稿，您可以在我們網站的投資者關係部分獲取，網址為investors.valens.com。提醒一下，今天的財報電話會議可能包括前瞻性陳述和預測，這些陳述和預測並不保證未來的事件或表現。這些聲明須遵守今天新聞稿中的安全港語言。

Please refer to our registration statement on Form F-1 filed on October 20 with the SEC for a discussion of the factors that could cause actual results to differ materially from those expressed or implied. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy.

請參閱我們於 10 月 20 日向 SEC 提交的 F-1 表格註冊聲明，以了解可能導致實際結果與明示或暗示的結果存在重大差異的因素的討論。我們不承擔任何修改或更新此類聲明以反映新資訊、後續事件或策略變更的責任。

We will be discussing certain non-GAAP measures on call, which we believe are relevant in assessing the financial performance of the business, and you can find reconciliations of these metrics within our earnings release. With that, I will now turn the call over to Gideon.

我們將隨時討論某些非公認會計準則指標，我們認為這些指標與評估企業的財務績效相關，您可以在我們的收益報告中找到這些指標的調節表。現在，我將把電話轉給吉迪恩。

Thanks, Daphna, and welcome to Valens. You definitely came to the right place. Thank you, everyone, for joining our third conference call as a public company. I would like to welcome our new shareholders and research analysts. Becoming a public company following the completion of our business combination with PTK Acquisition Corporation, and the PIPE investment and listing on the New York Stock Exchange on September 30 is an exciting milestone in our corporate journey that will help us continue to push the boundaries of connectivity.

謝謝，達芙娜，歡迎來到瓦倫斯。您絕對來對地方了。感謝大家參加我們作為上市公司的第三次電話會議。我謹歡迎我們的新股東和研究分析師。我們與PTK Acquisition Corporation 完成業務合併，並於9 月30 日完成PIPE 投資並在紐約證券交易所上市，成為一家上市公司，這是我們企業歷程中令人興奮的里程碑，將幫助我們繼續突破連接的界限。

Our team remains focused on execution to address the unfolding near and long-term opportunities in the large and growing automotive and audio-video markets that we serve. To that end, we delivered strong results in the third quarter which demonstrate solid execution and the continued momentum we are seeing across our business.

我們的團隊仍然專注於執行力，以應對我們所服務的龐大且不斷增長的汽車和影音市場中不斷出現的近期和長期機會。為此，我們在第三季度取得了強勁的業績，這證明了我們在整個業務中看到的堅實的執行力和持續的勢頭。

We reported record revenues of more than $19 million, record bookings and ended the quarter with record backlog and with supported balance sheet that will support our continued growth. For those who will be new to Valens, I would like to take a few minutes to provide a brief overview of our company and the main reason while we believe we are well positioned to create value for our shareholders.

我們的收入超過 1,900 萬美元，創歷史新高，預訂量創歷史新高，本季結束時，訂單積壓創歷史新高，資產負債表也支持我們的持續成長。對於那些剛加入 Valens 的人，我想花幾分鐘時間簡要介紹我們公司以及主要原因，同時我們相信我們有能力為股東創造價值。

First, and to put it as simply as possible. Valens is a company that excess industry standard for hybrid connectivity. Within in the audio-video market, and we are doing it again in the automotive market. Second, we operate in large and fast-growing addressable markets and set our business model offers a compelling financial model.

首先，盡可能簡單地說。 Valens 是一家超越混合連接行業標準的公司。在音視頻市場，我們在汽車市場再次這樣做。其次，我們在龐大且快速成長的潛在市場中運營，並設定我們的商業模式提供了引人注目的財務模式。

I'll let to address these in greater detail, starting with our company's ability to set standoff. In our audio-video business, we invented HDBaseT technology, which quickly became behaving industry standard for nonwage high-speed digital connectivity. We are the leader in this market today and enjoying a profitable business with significant growth opportunities across a variety of vertical.

我將更詳細地討論這些問題，首先從我們公司製造僵局的能力開始。在我們的音訊視訊業務中，我們發明了 HDBaseT 技術，該技術很快就成為免費高速數位連接的行業標準。我們是當今這個市場的領導者，在各個垂直領域享有可獲利的業務和巨大的成長機會。

Our chipsets are deployed in products manufactured by technology leaders, Crestron, Exxon, Extron, Logitech, AG, Samsung, Panasonic and many other restatement brands. Our audio-video chipsets are embedded in a variety of end products from video contract to home entertainment outdoor TVs, projectors and cameras. We benefit from the video conferencing trends and started well before COVID-19 and significantly accelerated during the pandemic.

我們的晶片組被部署在技術領導者 Crestron、Exxon、Extron、Logitech、AG、Samsung、Panasonic 和許多其他重述品牌製造的產品中。我們的影音晶片組嵌入各種終端產品中，從視訊合約到家庭娛樂戶外電視、投影機和相機。我們受益於視訊會議趨勢，早在 COVID-19 爆發之前就已開始，並在大流行期間顯著加速。

Videoconferencing and the peripheral audio-video equipment is now expanding way beyond traditional business application and is moving rapidly into the education, medical and the payment industry. I'm sure you would all agree that video conferencing is now touching many more aspects of our daily lives. Valens ability to extend high-quality audio-video and USB with zero latency makes us a key measure of what we call the new hybrid normal.

視訊會議及週邊影音設備正超越傳統的商業應用，快速進入教育、醫療、支付產業。我相信你們都會同意，視訊會議現在正在觸及我們日常生活的更多方面。 Valens 能夠以零延遲擴展高品質音訊視訊和 USB，這使我們成為衡量新混合常態的關鍵指標。

A trend which we believe is here to stay. In our automotive business, we have developed superior solutions for in-vehicle high-speed connectivity. Valens Technology address critical needs for the advanced cars of tomorrow that will demand sales connectivity for a growing number of consoles, cameras and displays. We are proud that our chipsets are already on the road in Daimler (inaudible) base car, providing best-in-class connectivity for infotainment applications.

我們相信這一趨勢將持續下去。在我們的汽車業務中，我們為車內高速連接開發了卓越的解決方案。 Valens Technology 滿足了未來先進汽車的關鍵需求，這些需求將需要為越來越多的控制台、攝影機和顯示器提供銷售連接。我們感到自豪的是，我們的晶片組已經在戴姆勒（聽不清楚）基礎汽車中上路，為資訊娛樂應用提供一流的連接。

In what we consider to be one of our automotive business most significant achievements to date, the Valens Technology was selected by the well-known start-up organization MIPI Alliance as the base for its new high-speed in-car video connectivity standard A-PHY. This standout was released by MIPI in September 2020 and shortly after was fully adopted by the prestigious IEEE organization as one of their automotive standouts.

我們認為，Valens 技術是我們汽車業務迄今為止最重要的成就之一，知名新創組織 MIPI 聯盟選擇 Valens 技術作為其新的高速車載視訊連接標準 A- 的基礎。物理層。該傑出產品由 MIPI 於 2020 年 9 月發布，不久後就被著名的 IEEE 組織完全採用，作為其汽車傑出產品之一。

Obviously, Valens enjoys a [sell move] advantage with MIPI A-PHY. We will begin shipping engineering status of our standard compliant VA7000 chipsets to select prospect customers and partners next month. And we are working closely with leading OEMs, Tier 1 and Tier 2 on deploying our technology into the next-generation car models in the coming years. To address our expected value proposition, I'd like to turn to our large and growing market opportunity. We estimate that our serviceable averment market will grow to more than $9 billion in 2026 across our automotive and audio-video markets. This provides us the potential to drive our revenue growth over the coming years as our next-generation connectivity solutions are widely adopted.

顯然，Valens 憑藉 MIPI A-PHY 享有[銷售措施]優勢。我們將於下個月開始向選定的潛在客戶和合作夥伴提供符合標準的 VA7000 晶片組的工程狀態。我們正在與領先的 OEM、一級和二級廠商密切合作，在未來幾年將我們的技術部署到下一代車型。為了解決我們的預期價值主張，我想談談我們龐大且不斷成長的市場機會。我們估計，到 2026 年，我們的汽車和影音市場的可用平均市場將成長到 90 億美元以上。隨著我們的下一代連接解決方案得到廣泛採用，這為我們提供了在未來幾年推動收入成長的潛力。

Valens established a track record of market leadership with exceptionally set industry standards in both of our businesses and then successfully truncated our innovation into remarkable customer wins. Our digital signal processing based connectivity technology is unmatched in speed, performance, distance and resilience.

Valens 在我們的兩個業務中都制定了出色的行業標準，建立了市場領導地位，然後成功地將我們的創新轉化為卓越的客戶勝利。我們基於數位訊號處理的連接技術在速度、性能、距離和彈性方面無與倫比。

This uniquely positions us to capture a substantial share of the rapidly growing automotive market as well as to increase our foothold in our audio-video business. First, we have a compelling financial model. In automotive, considering the nature of the business, [time] will ensure additional long-term contracts and secured revenues . In audio-video, customers tend to use our solutions for a long period. They like our products because we offer an unmatched combination of best of breed of feature set and cost performance. Our business model is supported by high gross margins, near-term and longer-term revenue visibility.

這使我們能夠在快速成長的汽車市場中佔據相當大的份額，並增強我們在影音業務中的立足點。首先，我們有一個引人注目的財務模型。在汽車領域，考慮到業務的性質，[時間]將確保額外的長期合約和穩定的收入。在影音領域，客戶往往會長期使用我們的解決方案。他們喜歡我們的產品，因為我們提供了最佳功能集和性價比的無與倫比的組合。我們的業務模式得到高毛利率、近期和長期收入可見度的支持。

With that, I'll now turn the call over to Dror Heldenberg, our CFO, to review our key business milestones, third quarter financial results and outlook.

現在，我將把電話轉給我們的財務長 Dror Heldenberg，回顧我們的關鍵業務里程碑、第三季財務業績和前景。

Thanks, Gideon. I'll begin with a summary of our key business developments for the third quarter. Then I'll discuss our results and our outlook for the fourth quarter. We are continuing to see the automotive ecosystem unite around the MIPI A-PHY standard ahead of our scheduled shipments of this market's first A-PHY compliant chipset that is expected next month, with a normals of more than 15 prospect customers and partners, including OEM and Tier 1, eagerly waiting for our VA7000 chip for evaluation and integration into their platform.

謝謝，吉迪恩。我將首先總結第三季的主要業務發展。然後我將討論我們的業績和第四季的前景。我們將繼續看到汽車生態系統圍繞 MIPI A-PHY 標準聯合起來，預計下個月將發貨該市場首款符合 A-PHY 標準的晶片組，通常有超過 15 個潛在客戶和合作夥伴，包括 OEM Tier 1 熱切地等待我們的VA7000 晶片進行評估並整合到他們的平台中。

I'd like to talk about the most recent indication of the growing interest in the MIPI A-PHY standard and the anticipation for our compliant chipsets in the industry. In September, we announced the partnership with Sunny Optical, a leading manufacturer of automotive camera module. Sunny Optical is integrating our VA7000 transmitter chipset into their camera modules that enable advanced driver efficient system known an ADAS and surround view application.

我想談談對 MIPI A-PHY 標準日益濃厚的興趣的最新跡像以及業界對我們相容晶片組的期望。 9月，我們宣布與汽車攝影機模組領先製造商舜宇光學建立合作夥伴關係。舜宇光學正在將我們的 VA7000 發射器晶片組整合到他們的攝影機模組中，以實現先進的驅動高效系統，即 ADAS 和環景應用。

The partnership also provides us a strong foothold in the vast Asian market. Another example of the growing market interest in A-PHY comes from our new partnership announced 2 days ago with LG Innotek for the supply of system in package modules for MIPI A-PHY compliant chipsets. Clearly, the addition of LG Innotek reflects the continued expansion of the MIPI A-PHY ecosystem as another vendor has declared its intention to provide A-PHY based products.

此次合作也為我們在廣大的亞洲市場奠定了堅實的立足點。市場對 A-PHY 興趣日益增長的另一個例子來自我們兩天前宣布與 LG Innotek 建立的新合作夥伴關係，為 MIPI A-PHY 相容晶片組提供系統級封裝模組。顯然，LG Innotek 的加入反映了 MIPI A-PHY 生態系統的持續擴張，因為另一家供應商已宣布有意提供基於 A-PHY 的產品。

In the audio-video business, our latest edition, the Valens [slate] of product family was released to the market earlier this year and has already been embedded by leading industry players. We now have more than 30 customers in stages of product development and integration, and we expect to see multiple products per customer on the market by year-end. Now I'll share some highlights from our third quarter financial results.

在影音業務中，我們的最新版本 Valens [slate] 產品系列已於今年稍早推向市場，並已被領先的行業參與者嵌入。我們現在有 30 多個客戶處於產品開發和整合階段，我們預計到年底每位客戶將有多種產品推出市場。現在我將分享我們第三季財務業績的一些亮點。

Our Q3 results demonstrated once again the significant progress we are making to sustain our audio-video and automatic businesses. All comparisons are year-over-year unless otherwise noted. We are very pleased to report record revenue of $19.1 million this quarter, which represents an increase of 48.8% from the third quarter of 2020.

我們第三季的業績再次證明了我們在維持影音和自動化業務方面所取得的重大進展。除非另有說明，所有比較均為逐年比較。我們非常高興地報告本季營收達到創紀錄的 1,910 萬美元，較 2020 年第三季成長 48.8%。

Broken down by business, our audio-video revenue increased 38.5% to $17.1 million. Our automotive business contributed $2 million in the third quarter, an increase of over 300% from the year ago quarter and representing more than 10% of our total revenue in the third quarter.

按業務細分，我們的影音收入成長了 38.5%，達到 1,710 萬美元。我們的汽車業務在第三季貢獻了200萬美元，比去年同期成長了300%以上，占我們第三季總營收的10%以上。

While the automotive revenue numbers are still slow, we are starting to see impressive growth in this part of the business as our products are on the road, in mass production and are expected to be deployed in additional car modules in the short term. Our gross profit increased from $9.5 million in the third quarter of 2020 to $13.8 million and the gross margin was 72.4% compared to 74.4% last year, primarily due to the increase in automotive revenues, which have lower gross margin than our audio-video products.

雖然汽車收入數字仍然緩慢，但我們開始看到這部分業務的令人印象深刻的成長，因為我們的產品已上路、批量生產，並預計將在短期內部署在其他汽車模組中。我們的毛利從2020 年第三季的950 萬美元增加到1,380 萬美元，毛利率為72.4%，而去年為74.4%，主要是由於汽車收入的增加，而汽車收入的成長低於我們的音視訊產品。

We achieved record bookings of $36 million during the third quarter, and our strong bookings translated into a book-to-bill ratio of $1.88 for the quarter, supporting our growth projection. We reported robust backlog, which reached a record of $73.4 million as of the end of September 2021.

第三季我們的預訂量達到了創紀錄的 3,600 萬美元，強勁的預訂量轉化為本季 1.88 美元的預訂出貨比，支持了我們的成長預測。我們報告稱，積壓訂單數量強勁，截至 2021 年 9 月底，積壓金額達到創紀錄的 7,340 萬美元。

Operating expenses were $22 million, 18% higher than last year, mainly due to onetime issuance costs related to the business combination with PTK totaling $5.5 million. Our third quarter adjusted EBITDA totaled a loss of $2.7 million improving from the loss of $7.2 million in the third quarter of 2020. We target adjusted EBITDA, which is a non-GAAP ratio as the net profit order before the following items: Financial income or expenses; income taxes; equity in earnings of net; depreciation and amortization and finally; excluding share-based compensation.

營運費用為 2,200 萬美元，比去年增加 18%，主要是由於與 PTK 業務合併相關的一次性發行成本總計 550 萬美元。我們第三季調整後EBITDA 總計虧損270 萬美元，較2020 年第三季虧損720 萬美元有所改善。我們的目標是調整後EBITDA，這是非GAAP 比率，作為以下項目之前的淨利潤順序：財務收入或花費;所得稅;淨收益中的權益；折舊和攤銷，最後；不包括股權激勵。

Our net loss in the third quarter of 2021 was $8.5 million compared to a loss of $8.8 million last year. And the loss per share was $0.94 better than the loss share of $1.17 in the third quarter of 2020. The loss share in the third quarter of 2021 was affected by several onetime factors. While they will not repeat in the subsequent quarter, that will still impact the calculation of the loss per share for the full year 2021.

我們 2021 年第三季的淨虧損為 850 萬美元，而去年為虧損 880 萬美元。每股虧損比 2020 年第三季 1.17 美元的虧損份額好 0.94 美元。2021 年第三季的虧損份額受到多個一次性因素的影響。雖然他們不會在隨後的季度重複出現，但這仍將影響 2021 年全年每股虧損的計算。

The non-GAAP loss per share for the third quarter was $0.19. It is calculated at the $8.5 million, excluding the onetime issuance cost of $6 million, resulting in a non-GAAP loss of $2.5 million for -- obviously for the quarter then declined by $13.164 million, which is the weighted average number of shares used in computing the net loss per ordinary share. We ended the third quarter with an extremely strong balance sheet with cash, cash equivalents and short-term deposits of over $205 million and obviously, no debt.

第三季非 GAAP 每股虧損為 0.19 美元。它是以 850 萬美元計算的，不包括 600 萬美元的一次性發行成本，導致非 GAAP 損失 250 萬美元——顯然該季度下降了 1,316.4 萬美元，這是用於的股票加權平均數。計算每股普通股淨虧損。截至第三季末，我們的資產負債表非常強勁，現金、現金等價物和短期存款超過 2.05 億美元，而且顯然沒有債務。

This reflects $155 million of gross proceeds before payment of deal expenses from our (inaudible) transaction and positions us well to accelerate our growth and advance our already leading market position in the older video and automotive markets. We plan to use the profit from the transaction to further amend the development and commercialization of Valens next-generation products, and we expect them to fully fund our business through breakeven.

這反映了我們（聽不清楚）交易支付交易費用之前的 1.55 億美元總收益，使我們能夠加速成長並提升我們在舊影片和汽車市場中已經領先的市場地位。我們計劃利用此交易的利潤進一步改進 Valens 下一代產品的開發和商業化，我們希望他們能夠透過損益平衡為我們的業務提供充足的資金。

Now I would like to move on to our guidance. For the fourth quarter of '21, we expect revenue in the range of $19.4 million to $20.6 million. This guidance reflects an expected increase of our previous full year 2021 revenue guidance from $69 million to a range of $69.4 million to $70.6 million, which at midpoint represents a 23% year-over-year revenue increase.

現在我想繼續我們的指導。對於 21 年第四季度，我們預計營收在 1,940 萬美元至 2,060 萬美元之間。該指引反映了我們先前對 2021 年全年營收指引的預期成長，從 6,900 萬美元增至 6,940 萬美元至 7,060 萬美元，中間值意味著營收年增 23%。

Gross margin for the fourth quarter are expected to be approximately 70% to 72%. Please note that for modeling purposes, you should have set around 98 million shares for the fourth quarter. To wrap up, our achievements in the third quarter of 2021 coupled with the bit of momentum we see as we enter the fourth quarter support our confidence in Valens continued success. I'm now turning the call back to Gideon Ben-Zvi for his closing remarks before opening the call for Q&A.

第四季毛利率預計約為70%至72%。請注意，出於建模目的，您應該為第四季度設置約 9800 萬股。總而言之，我們在 2021 年第三季的成就，加上我們進入第四季時看到的一些勢頭，支持了我們對 Valens 持續成功的信心。現在，我將電話轉回給吉迪恩·本茲維 (Gideon Ben-Zvi)，讓他在開始問答環節之前發表結束語。

Thank you, Dror. To start up, Valens will operate 2 growing businesses with considerable opportunities to scale up in the future. The new market verticals we serve, the backlog at the end of the third quarter and the momentum reflected in the pace of bookings, all provided strong visibility with respect to our business. We look forward to continue executing on our strategy and business model to create value for all our stakeholders. I would also like to take this opportunity to thank our incredible team of more than 270 employees around the world for ratification and execution. Operator.

謝謝你，德羅爾。剛開始時，Valens 將經營兩家不斷成長的企業，未來將有大量擴大規模的機會。我們服務的新垂直市場、第三季末的積壓訂單以及預訂速度所反映的勢頭，都為我們的業務提供了強大的可見性。我們期待繼續執行我們的策略和業務模式，為所有利害關係人創造價值。我還想藉此機會感謝我們由全球 270 多名員工組成的令人難以置信的團隊的批准和執行。操作員。

(Operator Instructions) And when preparing to speak, please ensure first question today comes from Suji Desilva of ROTH Capital Partners.

（操作員說明）準備發言時，請確保今天的第一個問題來自 ROTH Capital Partners 的 Suji Desilva。

Congratulations on the first quarter and the record results here. So I wanted to ask you about the visibility you have, the backlog. It seems very strong. We don't have -- maybe on historical numbers compared to, but can you talk about the supply constraints in the industry and how those might be impacting that visibility now versus maybe a typical environment?

恭喜第一季取得創紀錄的業績。所以我想問一下你們的可見度和積壓情況。看起來很強。我們沒有——也許是與歷史數據相比，但您能談談行業中的供應限制以及這些限制可能如何影響現在的可見性（與典型環境相比）嗎？

Sure, Suji. So first, I want to mention that we are very proud with the fact that during the third quarter, we were able to meet all our customers' commitments and deliveries despite the global supply chain shortage. Now in terms of the impact of the supply shortage of Valens, I would say that being part of the semiconductor industry, Valens is affected like all other companies.

當然，蘇吉。首先，我想提到的是，儘管全球供應​​鏈短缺，但在第三季度，我們仍然能夠滿足所有客戶的承諾和交付，對此我們感到非常自豪。現在就Valens供應短缺的影響而言，我想說的是，作為半導體行業的一部分，Valens和所有其他公司一樣受到影響。

And I would say that the influence is mainly in the foreign area. One, we see extended lead times that require the Valens to increase the lead time to customers. The second impact is that the supply chain vendors expect us to secure capacity by placing long-term binding purchase orders. And then third, another factor is the fact is that everyone is seeing price increase in our industry. And therefore, we queue to update our prices to customers. I would just end by saying that with respect to the fourth quarter, we are very confident with our ability to fulfill all the demand that we see from our customers. So supply should not be an issue for the fourth quarter.

我想說，影響主要是在國外。第一，我們看到交貨時間延長，需要瓦倫斯延長向顧客交貨的時間。第二個影響是供應鏈廠商希望我們透過下長期約束性採購訂單來確保產能。第三，另一個因素是每個人都看到我們這個行業的價格上漲。因此，我們排隊向客戶更新我們的價格。最後我想說，對於第四季度，我們對滿足客戶的所有需求的能力非常有信心。因此，第四季度的供應不應成為問題。

Okay. That's very helpful there. And then the standard adoption A-PHY, MIPI and then IEEE adopting it. Can you talk about maybe getting the competitive landscape for standards here, maybe Ethernet and others? And it sounds like you guys have a fairly dominant position, but I wanted to just get some clarity from you on that.

好的。這非常有幫助。然後標準採用A-PHY、MIPI，然後IEEE採用它。您能否談談也許在這裡獲得標準的競爭格局，也許是乙太網路和其他標準？聽起來你們佔據了相當主導的地位，但我想從你們那裡得到一些澄清。

So I guess, actually, you're asking about the MIPI A-PHY and the trend revenue for A-PHY. And actually, I would like to highlight several factors about this and the potential momentum it creates for us. First, I am happy to say that more than 15 leading OEMs, Tier 1s, Tier 2s are in different stages and easier to start testing of our solution.

所以我想，實際上，您是在詢問 MIPI A-PHY 以及 A-PHY 的收入趨勢。實際上，我想強調與此相關的幾個因素以及它為我們創造的潛在動力。首先，我很高興地說，超過 15 家領先的 OEM、一級、二級廠商處於不同階段，更容易開始測試我們的解決方案。

The second, that the recently announced partnership with both the Sunny Optical, I guess, most of you know, it's a leading vendor of automotive camera from the Far East and very strong in the Asian market. As to already existing partnership that all of you are aware, SONY and Mobileye. And the third, we explained it was 2 or 3 days ago when we announced that the LG Innotek developed a system in package what's called SIP that will the number of A-PHY sources in the market. So actually, you see the trend is expanding. -- people accepting it as a solution.

第二，最近宣布與舜宇光學合作，我想，你們大多數人都知道，它是遠東汽車攝影機的領先供應商，在亞洲市場非常強大。至於大家都知道的現有合作關係，Sony和 Mobileye。第三，我們解釋說，兩三天前，我們宣布 LG Innotek 開發了一種稱為 SIP 的系統封裝，它將增加市場上 A-PHY 來源的數量。所以實際上，你會看到這種趨勢正在擴大。 ——人們接受它作為解決方案。

And if you look, like intellectually on technology, you see it's really a superiority and may I say, a very easy demonstratable advantage.

如果你從智力上看技術，你會發現這確實是一種優勢，我可以說，這是一個非常容易證明的優勢。

Okay. Now it seems like a very strong position there. And then maybe lastly on automotive as it starts to grow in the mix here, can you give us some sense of what it might look at as a part of the mix in '22, '23, how Daimler ramps and when is it 7000 start contributing to revenue?

好的。現在看來，那裡的地位非常強大。最後，也許最後是關於汽車，因為它開始在這裡混合增長，你能給我們一些關於它在22 年、23 年可能會被視為混合的一部分的一些感覺嗎？戴姆勒如何提升以及7000 何時開始貢獻所得？

So first, thanks for the question. I would say that at least in the next -- in the next 2 years, the one share of the revenues will still come from our projects with Daimler, okay? As we mentioned in the past, we are in very good shape with the project that we have with the truck company. And we anticipate mass production already in 2023, which means for us that we will start to see initial revenues already at the end.

首先，謝謝你的提問。我想說，至少在接下來的兩年裡，一部分收入仍然來自我們與戴姆勒的項目，好嗎？正如我們過去提到的，我們與卡車公司的專案進展順利。我們預計將於 2023 年實現量產，這對我們來說意味著我們將在年底開始看到初步收入。

With respect to the 7000. So as we already mentioned, we intend to ship next month. We intend to ship our samples to select customers and partners. And by the way, just to remind you that this VA7000 would be the first product in the market that is compliant with the MIPI A-PHY standards. So we anticipate that they will start to evaluate this product as part of their integration process in their platforms. And if everything goes well, we believe to start seeing this product in mass production somewhere around the beginning of 2025.

至於 7000。正如我們已經提到的，我們打算下個月發貨。我們打算將樣品運送給選定的客戶和合作夥伴。順便提醒您一下，這款 VA7000 將是市場上第一款符合 MIPI A-PHY 標準的產品。因此，我們預計他們將開始評估該產品，作為其平台整合過程的一部分。如果一切順利，我們相信該產品將在 2025 年初左右開始大規模生產。

Okay. And then one last quick question, Dror. Perhaps the OpEx, what trend do you expect for fourth quarter into next year from the the OpEx you reported in the third quarter.

好的。最後一個簡單的問題，德羅爾。也許是營運支出，根據您在第三季報告的營運支出，您預計第四季到明年的趨勢是什麼。

So obviously, we're going to see that the fourth quarter will not have the onetime issuance cost that, as you remember, in the third quarter, we included $6 million. But obviously, running as a public company means that we're going to see some increase in the operating expenses, we estimate it to be about $2 million a quarter.

顯然，我們將看到第四季度不會有一次性發行成本，正如您所記得的，在第三季度我們包括了 600 萬美元。但顯然，作為一家上市公司運作意味著我們將看到營運費用增加，我們估計每季約為 200 萬美元。

And on top of that, there are always these expenses that you measure on an annual basis that are always observed in the fourth quarter. But I would say that we don't see a significant increase compared to the third quarter.

最重要的是，您每年測量的這些費用總是在第四季度觀察到的。但我想說的是，與第三季相比，我們沒有看到顯著的成長。

Okay. Congratulations again.

好的。再次恭喜。

Thank you.

謝謝。

Thank you. (Operator Instructions). Our next question today comes from Rick Schafer of Oppenheimer.

謝謝。 （操作員說明）。今天我們的下一個問題來自奧本海默的里克·謝弗。

Congrats on solid results because they're off to a good start. If I could, maybe a question on auto. Would you guys be able to kind of provide a level set where your average dollar content is today in a vehicle or with Daimler and what that looks like compared to when A-PHY is adopted and starts to ramp.

祝賀取得了良好的成績，因為他們有了一個良好的開端。如果可以的話，也許可以問一個關於汽車的問題。你們能否提供一個水平集，其中你們今天在車輛或戴姆勒的平均美元內容以及與採用 A-PHY 並開始增加時相比的情況。

Sure, Rick, and thanks for the question. So as of today, I would say that in average, you can find between 3 to 4 chips in every Daimler car that leave the manufacturing line, which means for us, revenue per car, that is a bit close to $20, okay? And we believe that this trend will continue in the coming years. With respect to the deployment of the second generation of our products, what we call the VA7000. This is the ADAS product. So once we get in the number of chips that will be deployed in average in a car are really depends on the number of sensors that will be deployed in the car. But if we take as an average, something like 8 to 10 different links, high-speed video links in the car, I would say that our content or revenue per car can reach to $70 to $80.

當然，瑞克，謝謝你的提問。因此，截至今天，我想說的是，平均而言，每輛戴姆勒出廠的汽車中都可以找到3 到4 個晶片，這對我們來說意味著每輛車的收入接近20 美元，好嗎？我們相信這種趨勢將在未來幾年持續下去。關於我們第二代產品的部署，我們稱之為VA7000。這是ADAS產品。因此，一旦我們知道汽車中平均部署的晶片數量實際上取決於汽車中部署的感測器數量。但如果我們以車內 8 到 10 個不同的連結、高速視訊連結作為平均數，我想說我們每輛車的內容或收入可以達到 70 到 80 美元。

So in cars where you will find our solution for entertainment combined with our distributions for ADAS, the budget per car, the revenue per car can easily reach to $90 to $100 per car.

因此，在汽車中，您會發現我們的娛樂解決方案與 ADAS 分銷相結合，每輛車的預算、每輛車的收入可以輕鬆達到每輛車 90 至 100 美元。

That's great color. So maybe as a follow-up on -- since we're talking about A-PHY, I'm just curious since it's based on HDBaseT, have you guys ever given a sense of sort of what that means in terms of time to market advantage versus anybody else that's going to try to develop A-PHY and compete with you.

那顏色真棒。因此，也許作為後續——現在我們正在談論 A-PHY，我只是很好奇，因為它基於 HDBaseT，你們是否曾經了解過這對上市時間意味著什麼與其他試圖開發A-PHY 並與您競爭的人相比，您具有優勢。

I mean I understand today, you compete with Ethernet and SERDES, but sort of a legacy connectivity. But in terms of just time-to-market advantage versus anybody else that's going to do A-PHY, what do you estimate that is for you guys?

我的意思是，我今天了解到，您與乙太網路和 SERDES 競爭，但屬於傳統連接。但就上市時間優勢而言，相對於其他將要採用 A-PHY 的公司而言，你認為這對你們來說意味著什麼？

So first of all, let's distinguish between the HDBaseT and the A-PHY, okay? With respect to the HDBaseT, which is we -- it's mainly serves in the audio-video market. I'm not sure that we're going to see a lot of competition in the coming years in this area. But let's focus in a second on the A-PHY. The A-PHY is a technology that is now backed by a standard, the BPA standard. And one of our missions is to increase the ecosystem of this -- of the players in this area, which means that we are more than welcome other semiconductor companies to join to this A-PHY camp and to introduce the other solution.

首先，讓我們來區分一下 HDBaseT 和 A-PHY，好嗎？至於HDBaseT，就是我們——它主要服務於影音市場。我不確定未來幾年我們會在這個領域看到很多競爭。但讓我們先關註一下 A-PHY。 A-PHY 是一項現在由 BPA 標準支援的技術。我們的使命之一是擴大該領域參與者的生態系統，這意味著我們非常歡迎其他半導體公司加入這個 A-PHY 陣營並推出其他解決方案。

And the fact that we are starting to see the initial partners. And given -- and we mentioned in the earlier calls, we mentioned Sunny Optical. We mentioned SONY. We mentioned LG Innotek, the just -- the deal that we just announced 2 days ago. The fact that we are starting to see more players joining into this A-PHY camp, It's a good news for all the OEMs and the Tier 1s. But you know with the fact that we are stand behind these standards, we believe that we are well positioned to lead this camp and to capture a significant premium that we will see in this market.

事實上，我們開始看到最初的合作夥伴。鑑於我們在之前的電話會議中提到過，我們提到了舜宇光學。我們提到了索尼。我們提到了 LG Innotek，這是我們兩天前剛宣布的交易。事實上，我們開始看到更多的參與者加入這個 A-PHY 陣營，這對所有 OEM 和一級供應商來說都是一個好消息。但您知道，我們支持這些標準，我們相信我們有能力領導這個陣營，並獲得我們將在這個市場上看到的顯著溢價。

If I could sneak one more in. back on backlog for a second. I mean I think it's basically $75 million now. I think that's up around $20 million or so from just last quarter. So correct me if I'm wrong, but it seems like there's some pretty good momentum there.

如果我能再偷偷溜進去一次的話。再回到積壓的工作。我的意思是，我認為現在基本上是 7500 萬美元。我認為這比上個季度增加了約 2000 萬美元左右。如果我錯了，請糾正我，但似乎有一些相當好的勢頭。

I didn't know if you could comment or give us any color on how much of that is shippable over sort of the next year. I'm just trying to -- and then maybe even within that, if we could give sort of a sense of how much of that backlog is AV versus automotive?

我不知道您是否可以評論或給我們任何關於明年可以發貨的數量的信息。我只是想——甚至在這個範圍內，我們是否可以了解一下積壓的訂單中有多少是自動駕駛汽車與汽車？

So thanks, Rick. With your permission, I will not refer to the second part of the question. But with respect to your first question about the allocation between the fourth quarter and next year backlog, I would say that we are very, very confident with our ability to meet our revenue target for the fourth quarter and I assume that you understand between the lines that we are well positioned here.

所以謝謝，瑞克。如果您允許，我不會提及問題的第二部分。但關於您關於第四季度和明年積壓訂單之間分配的第一個問題，我想說，我們對實現第四季度收入目標的能力非常非常有信心，我想您已經理解字裡行間的意思我們在這裡處於有利位置。

And the remaining balance of the backlog supposed to support us to meet our revenue projections for next year. And that's the reason why we are so confident with our ability to meet these targets.

積壓的剩餘餘額應該可以支持我們實現明年的收入預測。這就是為什麼我們對實現這些目標的能力充滿信心的原因。

Thanks guys, congrats.

謝謝各位，恭喜。

Thank you.

謝謝。

(Operator Instructions) As we have no further questions in the queue. So I will turn the call back to Gideon Ben-Zvi for closing remarks.

（操作員說明）因為佇列中沒有其他問題了。因此，我將把電話轉回給吉迪恩·本茲維 (Gideon Ben-Zvi)，讓其致閉幕詞。

Thank you very much for attending and for listening to us, and I would like to thank for joining the first and our Q3 2021 call and -- for your continued support and interest in Valens and see you next time

非常感謝您參加並聆聽我們的講話，感謝您參加我們的第一次電話會議和 2021 年第三季電話會議，感謝您對 Valens 的持續支持和興趣，我們下次再見