Valens Semiconductor Ltd (VLN) 2021 Q4 法說會逐字稿

Good morning. My name is Yoni Schottenstein, and I will be your conference operator today. At this time, I'd like to welcome everyone to Valens Semiconductor's Fourth Quarter and Full Year 2021 Earnings Conference Call and Webcast. (Operator Instructions)

早安.我叫 Yoni Schottenstein，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Valens Semiconductor 2021 年第四季和全年財報電話會議和網路廣播。 （操作員說明）

I will now turn the call over to Daphna Golden, Vice President of Investor Relations for Valens. Please go ahead.

我現在將把電話轉給 Valens 投資者關係副總裁 Daphna Golden。請繼續。

Thank you, and welcome everyone to Valens Semiconductor's Fourth Quarter and Full Year 2021 earnings call. With me today are Gideon Ben-Zvi, Chief Executive Officer; and Dror Heldenberg, Chief Financial Officer.

謝謝大家，歡迎大家參加 Valens Semiconductor 的 2021 年第四季和全年財報電話會議。今天與我在一起的有執行長 Gideon Ben-Zvi；和財務長 Dror Heldenberg。

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 Annual Report and Form 20-F filed today 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.

請參閱我們今天向 SEC 提交的年度報告和 20-F 表格，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 this 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.

我們將在本次電話會議上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表現相關，您可以在我們的收益報告中找到這些指標的調節表。

Dror and I will be on the West Coast and in New York City later this month for IR meeting. Those interested in looking a one-on-one slot, please feel free to e-mail me at investors@valens.com.

Dror 和我將於本月稍後前往西海岸和紐約參加 IR 會議。有興趣尋找一對一老虎機的人，請隨時給我發電子郵件：investors@valens.com。

With that, I will now turn the call over to Gideon.

現在，我將把電話轉給吉迪恩。

Thanks, Daphna, and thank you, everyone, for joining our call today. Q4 was a strong finish to 2021. We achieved solid results in both our Audio-Video and Automotive segments. Revenue and gross margins topped the high end of our guidance. We exited the year with a record backlog and a robust balance sheet that will support our continued growth.

謝謝達芙娜，也謝謝大家今天加入我們的電話會議。第四季為 2021 年畫上了圓滿的句號。我們在音訊視訊和汽車領域都取得了紮實的成果。收入和毛利率超過了我們指導的上限。我們以創紀錄的積壓和穩健的資產負債表結束了這一年，這將支持我們的持續成長。

In the fourth quarter, we reported record quarterly total revenues of $20.7 million, up 47% compared with Q4 2020. Audio-Video revenues increased 40% from Q4 last year. Our Automotive revenues increased by more than 140% from Q4 last year, crossing the $2 million quarterly revenue mark for the first time. For the full year 2021, we achieved record revenues of $70.7 million, an increase of 24% from 2020. Audio-Video revenues increased to $62.8 million, up 15% from 2020. Our Automotive revenues approached $8 million, almost 4x greater than 2020, reflecting the first full year of mass production of our VA6000 chipsets and the expansion of our product into additional car models.

第四季度，我們公佈了創紀錄的季度總收入 2,070 萬美元，較 2020 年第四季成長 47%。影音收入較去年第四季成長 40%。我們的汽車收入比去年第四季成長了 140% 以上，首次突破 200 萬美元的季度收入大關。 2021 年全年，我們的收入達到創紀錄的7070 萬美元，比2020 年增長24%。音頻視頻收入增至6280 萬美元，比2020 年增長15%。我們的汽車收入接近800 萬美元，幾乎是2020 年的4 倍，這反映了我們 VA6000 晶片組的首個全年量產以及我們的產品擴展到其他車型中的情況。

Throughout the year, we met all the demand from our customers in a severely supply constrained environment. We anticipate the strong demand for our products to continue in 2022 and have taken proactive measures to ensure we will again be able to timely fulfill our customers' needs.

全年，我們在供應嚴重緊張的情況下滿足了客戶的所有需求。我們預計 2022 年對我們產品的強勁需求將持續，並已採取積極措施確保我們再次能夠及時滿足客戶的需求。

As our customers in the audio-video markets already know, Valens is the industry leader for advanced high-speed connectivity solutions. We are well on our way to replicating this success in the much larger and faster-growing automotive markets. This leads me to one of our most recent achievements in Automotive -in December 2021, we shipped the first in the industry MIPI A-PHY compliant chipset, our VA7000 family to select customers and partners. This secures our first-mover advantage.

正如我們音訊視訊市場的客戶所知，Valens 是先進高速連接解決方案的行業領導者。我們正在努力在更大、成長更快的汽車市場複製這一成功。這讓我想到了我們在汽車領域的最新成就之一 - 2021 年 12 月，我們向精選客戶和合作夥伴交付了業界首款符合 MIPI A-PHY 標準的晶片組，即我們的 VA7000 系列。這確保了我們的先發優勢。

We shipped engineering samples of our next-generation VA7000 chipset family to more than 25 automotive customers and partners. These include 4 leading automotive OEMs and more than 10 Tier 1 potential customers who are in the process of evaluating these chipsets for integration into the platforms. The MIPI A-PHY standard, which is based on Valens Technology has the bandwidth and performance specifications the today and tomorrow's vehicles require and the current analog-based legacy technologies can no longer support. In addition, the automotive market is moving away from proprietary legacy solutions and deploying standard-based products such as MIPI A-PHY.

我們向超過 25 家汽車客戶和合作夥伴提供了下一代 VA7000 晶片組系列的工程樣品。其中包括 4 家領先的汽車原始設備製造商 (OEM) 和 10 多家一級潛在客戶，他們正在評估這些晶片組是否整合到平台中。基於 Valens 技術的 MIPI A-PHY 標準具有當今和未來車輛所需的頻寬和性能規格，而目前基於模擬的傳統技術已無法再支援。此外，汽車市場正在擺脫專有的傳統解決方案，並部署基於標準的產品，例如 MIPI A-PHY。

Last month, we demonstrated the unique capabilities of our MIPI A-PHY compliant chipset family to hundreds of representatives from leading automotive companies in the U.S., Europe and Asia Pacific. We showed how the VA7000 provides best-in-class bandwidth and distance over a simple low-cost wiring harness with end-to-end safety. It supports a wide variety of sensor types and provides robust electromagnetic compatibility performance known as EMC. It has a simple architecture design that provides OEMs and Tier 1 cost optimization. It is evident that enhancing passenger safety remains a top priority for OEMs and is driving an increasing number of advanced driver assistance systems, otherwise known as ADAS, in each vehicle.

上個月，我們向來自美國、歐洲和亞太地區領先汽車公司的數百名代表展示了符合 MIPI A-PHY 的晶片組系列的獨特功能。我們展示了 VA7000 如何透過簡單的低成本線束提供一流的頻寬和距離以及端到端的安全性。它支援多種感測器類型，並提供強大的電磁相容性能（稱為 EMC）。它具有簡單的架構設計，可提供 OEM 和一級成本最佳化。顯然，提高乘客安全仍然是原始設備製造商的首要任務，並且正在推動每輛車中越來越多的高級駕駛員輔助系統（也稱為 ADAS）。

Another top priority for automotive OEM is preventing recalls. We have seen a number of recalls recently due to harness related challenges. The growing number of data system is leading to more in-vehicle sensors. All these sensors require long-reach high-speed connectivity and more importantly, 0 latency to detect and act upon safety events within microseconds. They also require near 0 error rates to mitigate the growing electromagnetic influence, and this too is where our chipset excels.

汽車原始設備製造商的另一個首要任務是防止召回。最近，我們看到了許多由於利用相關挑戰而發生的召回事件。數據系統數量的不斷增加導致車載感測器的數量不斷增加。所有這些感測器都需要長距離高速連接，更重要的是，需要零延遲才能在微秒內偵測安全事件並採取行動。它們還需要接近 0 的錯誤率，以減輕日益增長的電磁影響，這也是我們的晶片組的優勢。

Our high-speed connectivity solutions are uniquely agnostic to the types of sensors, cameras, lidars or radars being deployed in cars and will provide automotive OEMs with better and faster connectivity for their ADAS systems. We see growing interest in the MIPI A-PHY standard from companies across the automotive supply chain as we prepare for the A-PHY revolution. We are already engaged with several sensor and SoC companies such as Mobileye, Sony and Sunny Optical that plan to embed A-PHY solution within their product offering. We are also working with leading industry players such as Aptiv, Denso, Jaspar, LG Innotek and Sumitomo Electric.

我們的高速連接解決方案與汽車中部署的感測器、攝影機、雷射雷達或雷達的類型無關，將為汽車 OEM 廠商的 ADAS 系統提供更好、更快的連接。在我們為 A-PHY 革命做準備時，我們看到整個汽車供應鏈中的公司對 MIPI A-PHY 標準越來越感興趣。我們已經與 Mobileye、Sony 和舜宇光學等多家感測器和 SoC 公司合作，計劃將 A-PHY 解決方案嵌入到他們的產品中。我們也與 Aptiv、Denso、Jaspar、LG Innotek 和 Sumitomo Electric 等業界領導企業合作。

In the case of Sumitomo Electric, for example, we are collaborating to match their wiring harnesses technology with MIPI A-PHY requirements. Sumitomo controls more than 30% market share in wire harness manufacturing and assembly. Having their off-the-shelf cables meet the A-PHY channel requirements will serve to further accelerate the deployment of MIPI A-PHY connectivity solutions in vehicles.

以住友電工為例，我們正在合作使其線束技術符合 MIPI A-PHY 要求。住友在線束製造和組裝領域控制著超過 30% 的市場份額。讓他們的現成電纜滿足 A-PHY 通道要求將有助於進一步加速 MIPI A-PHY 連接解決方案在車輛中的部署。

2021 was the first full year of mass production of our first-generation automotive chipset, the VA6000 in select Mercedes-Benz car models. We expect the VA6000 will be added to additional Mercedes-Benz car models in the very near term. The VA6000 is the only multi- gigabit connectivity solution available on the market that can work with unshielded wiring in today's cars and support multiple interfaces for infotainment and telematic systems now being required by customers.

2021 年是我們第一代汽車晶片組 VA6000 在部分梅賽德斯-奔馳車型中量產的第一個全年。我們預計 VA6000 將在不久的將來添加到其他梅賽德斯-奔馳車型中。 VA6000 是市場上唯一的多千兆位元連接解決方案，可與當今汽車中的非屏蔽佈線配合使用，並支援客戶目前所需的資訊娛樂和遠端資訊處理系統的多個介面。

Our VA6000 chipsets are also a good fit for trucking industry. In late 2020, we engaged with Stoneridge, a leading designer and manufacturer of highly engineered electrical and electronic vehicle systems for the trucking industry. In 2021, we continue to make progress in developing a connectivity solution related to vision systems to address critical safety issues of truck drivers. This solution will also reduce fleet operation costs. We expect initial revenue from the Stoneridge partnership towards the end of 2022 and to increase in 2023 and onwards.

我們的 VA6000 晶片組也非常適合貨運業。 2020 年底，我們與 Stoneridge 合作，這是一家為卡車運輸業提供高度工程化電氣和電子車輛系統的領先設計商和製造商。 2021年，我們在開發與視覺系統相關的連接解決方案方面繼續取得進展，以解決卡車司機的關鍵安全問題。該解決方案還將降低車隊營運成本。我們預計 Stoneridge 合作夥伴關係的初始收入將在 2022 年底實現，並在 2023 年及以後增加。

Towards the end of 2021, we taped out the VA6003, a derivative product of this VA6000. The VA6003 provides significant power reduction and very efficient cost performance. It is designed to fit both advanced infotainment use cases and the next-generation of telematics units, also known as smart antennas, which require low power and resilient connectivity. It also supports the vision of zonal architecture resilience connectivity between ECUs in ADAS. We estimate that initial revenues from this new product will start in the second half of 2024.

到了2021年底，我們流片了VA6003，這是VA6000的衍生產品。 VA6003 可顯著降低功耗並具有非常高效的性價比。它旨在適應先進的資訊娛樂用例和下一代遠端資訊處理單元（也稱為智慧天線），需要低功耗和彈性連接。它還支持 ADAS 中 ECU 之間區域架構彈性連接的願景。我們預計這款新產品的初始收入將於 2024 年下半年開始。

The VA6003, alongside the VA7000 is part of our strategy to become a one-stop shop for all in vehicles high-speed symmetric and asymmetric links. We expect continued revenue growth from our first generation of automotive chipset and its derivatives. Longer term, we are highly focused on achieving design wins for our next-generation chipset, the VA7000, which we believe will drive a significant increase in revenue.

VA6003 與 VA7000 一起是我們成為所有車輛高速對稱和非對稱鏈路一站式商店策略的一部分。我們預計第一代汽車晶片組及其衍生產品的收入將持續成長。從長遠來看，我們高度關注下一代晶片組 VA7000 的設計勝利，我們相信這將推動收入大幅成長。

As you may know, the selection process in today's automotive industry is very extensive and needs to answer growing regulatory demands and stricter standards. As a result, once our chipsets are designed in by automotive OEMs, they become sticky with a long production life cycle that generates a steady revenue stream for Valens.

如您所知，當今汽車行業的選擇過程非常廣泛，需要滿足不斷增長的監管要求和更嚴格的標準。因此，一旦我們的晶片組由汽車 OEM 廠商設計，它們就會具有較長的生產生命週期，為 Valens 帶來穩定的收入來源。

In addition to its automotive use cases, the VA7000 chipsets family is well suited for applications in markets served by our Audio-Video business unit, such as medical machine vision and other industrial applications.

除了汽車用例之外，VA7000 晶片組系列還非常適合我們的音訊視訊業務部門所服務的市場中的應用，例如醫療機器視覺和其他工業應用。

Turning to our Audio-Video business. We are the market leader in long-reach audio-video connectivity. Our products are used today by most of the leading manufacturers in the industry, such as Crestron, EPSON, Extron, Harman, LG Electronics, Logitech, NEC, Panasonic, Samsung, Siemens, Sony and many more. Our Audio-Video products power millions of video conferencing applications such as signage, home entertainment as well as command and control.

轉向我們的音訊視訊業務。我們是長距離音訊視訊連接領域的市場領導者。如今，大多數業內領先製造商都在使用我們的產品，例如 Crestron、EPSON、Extron、Harman、LG Electronics、Logitech、NEC、Panasonic、Samsung、Siemens、Sony 等。我們的音訊視訊產品為數百萬種視訊會議應用提供支持，例如標誌、家庭娛樂以及命令和控制。

In the beginning of 2021, we started seeing growing demand for our high-speed connectivity audio-video products in multiple regions, most notably in APAC and EMEA, that has been negatively impacted by COVID-19 in 2020. Towards the end of 2021, we also started seeing a positive recovery in North America. Furthermore, our distributors are telling us that they are currently holding lean inventory levels. All these themes which are reflected in our current backlog are driving our Audio-Video revenue growth in 2022.

2021 年初，我們開始看到多個地區（特別是亞太地區和歐洲、中東和非洲地區）對我們的高速連結音訊產品的需求不斷增長，這些地區在2020 年受到了COVID-19 的負面影響。到2021 年底，我們也開始看到北美的積極復甦。此外，我們的經銷商告訴我們，他們目前庫存水準較低。我們目前積壓的所有這些主題都在推動我們 2022 年的音訊視訊收入成長。

We are well-positioned to capitalize on some new opportunities in the Audio-Video markets following the pandemic. First, Valens Technology delivers the enhanced and seamless user experience which is key to a successful hybrid environment while also reducing total cost of ownership. There are many hybrid model use cases. In corporation, there are huddle rooms, which are small private meeting areas with audio and video conferencing equipment and other work from home applications, additional market segments adopting hybrid models, including medical and education.

我們處於有利地位，可以利用大流行後音訊視訊市場的一些新機會。首先，Valens Technology 提供了增強的無縫用戶體驗，這是成功混合環境的關鍵，同時也降低了總擁有成本。有許多混合模型用例。在公司中，有小型私人會議區，配有音訊和視訊會議設備以及其他家庭應用程序，採用混合模式的其他細分市場包括醫療和教育。

In education, for example, we see educational institutions planning to use government budgets to upgrade their classrooms. We believe classrooms will undergo a significant connectivity infrastructure upgrade to also enable remote learning, thereby requiring multiple high-quality displays, cameras and audio products. As the world continues to adapt to hybrid models, we expect the demand for audio-video solutions to continue to grow significantly.

例如，在教育領域，我們看到教育機構計劃利用政府預算來升級教室。我們相信，教室將進行重大的連接基礎設施升級，以實現遠距學習，從而需要多個高品質的顯示器、攝影機和音訊產品。隨著世界不斷適應混合模式，我們預計對音訊視訊解決方案的需求將繼續大幅增長。

Second, we continue to see solid demand in both the industrial and medical equipment markets from leading equipment vendors. For example, our extended video technology is deployed in large medical diagnostic equipment, such as MRIs and X-Ray machines. In Industrial, for example, our video extension technology is used in machinery and computer vision system for line inspection.

其次，我們持續看到領先設備供應商對工業和醫療設備市場的強勁需求。例如，我們的擴展視訊技術被部署在大型醫療診斷設備中，例如 MRI 和 X 光機。例如，在工業領域，我們的視訊擴展技術用於機械和電腦視覺系統中進行線路檢測。

Third, other audio-video growth areas, which accelerated recently include government due to the growing number of commanding control rooms as they are seeking new ways to convey public safety information. Signage; as institutes, municipalities, federal and state governments increased mandatory public announcements. Finally, while we continue to win new designs with our earlier generation of audio-video solutions, our focus today is on securing design wins and ramping production of our newest generation, the Stello VS3000.

第三，最近加速的其他影音成長領域包括政府，因為指揮控制室的數量不斷增加，因為他們正在尋求傳達公共安全訊息的新方法。標牌；隨著機構、市政府、聯邦和州政府增加強制公告。最後，雖然我們繼續透過上一代音訊視訊解決方案贏得新設計，但我們今天的重點是確保設計勝利並提高最新一代 Stello VS3000 的產量。

It is the first and only solution on the market that supports long-reach transmission of uncompressed 4K 60 as well as HDMI 2.0 and USB 2.0 over a single cable. The Stello is already embedded in design of more than 100 different products from leading manufacturers. Shipments started in 2021, and we expect to see revenue ramp in 2022.

它是市場上第一個也是唯一一個支援透過單一電纜遠距離傳輸未壓縮 4K 60 以及 HDMI 2.0 和 USB 2.0 的解決方案。 Stello 已嵌入領先製造商 100 多種不同產品的設計中。出貨量於 2021 年開始，我們預計營收將在 2022 年出現成長。

To summarize, Valens had a very strong year in 2021. We successfully became a public company on September 30, achieved a robust performance and record revenue. We ended the year on a strong note with record backlog, growing customer demand and a strong balance sheet to support our future growth.

總而言之，Valens 在 2021 年度過了非常強勁的一年。我們在 9 月 30 日成功成為上市公司，並實現了強勁的業績和創紀錄的收入。我們以創紀錄的積壓、不斷增長的客戶需求和強大的資產負債表來支持我們未來的成長，以強勁的業績結束了這一年。

The technologies we created have matured into industry standards in both markets we address. Our leadership enables us to leverage our first-mover advantage, expand our foothold and secure increasing demand. To cement our leadership position, we continue to invest in expanding our innovative product portfolio.

我們創建的技術已成熟成為我們所涉足的兩個市場的行業標準。我們的領導力使我們能夠利用先發優勢、擴大立足點並確保不斷增長的需求。為了鞏固我們的領導地位，我們繼續投資擴大我們的創新產品組合。

We're extremely proud to provide offerings that are essential informing a more advanced and safer future of connectivity as we build upon our leadership position in the audio-video market and are gaining share in the larger and faster growing automotive [space] (corrected by company after the call). Valens success and plans give me great confidence as I look forward to the rest of 2022 and beyond.

我們非常自豪能夠提供對於更先進、更安全的連接未來至關重要的產品，因為我們鞏固了在音視頻市場的領導地位，並在更大、增長更快的汽車[空間]中獲得了份額（透過修正）電話後的公司）。 Valens 的成功和計劃給了我很大的信心，我對 2022 年剩下的時間及以後充滿期待。

I'll now turn it over to Dror Heldenberg, our CFO, to review our fourth quarter and full year 2021 financial results and provide our financial outlook for 2022.

現在我將把它交給我們的財務長 Dror Heldenberg，回顧我們的 2021 年第四季和全年財務業績，並提供 2022 年的財務展望。

Thank you, Gideon. I'll start with our fourth quarter and full year results and then provide our outlook for the first quarter and full year 2022. All comparisons are year-over-year unless otherwise noted.

謝謝你，吉迪恩。我將從我們的第四季度和全年業績開始，然後提供我們對 2022 年第一季和全年的展望。除非另有說明，否則所有比較均為同比。

As Gideon stated, our Q4 and full year results demonstrated the substantial progress we are making in our Audio-Video and Automotive businesses, especially in the constrained supply environment.

正如吉迪恩所說，我們的第四季和全年業績證明了我們在音訊視訊和汽車業務方面取得的實質進展，特別是在供應緊張的環境下。

Beginning with our fourth quarter of 2021 results. We achieved record total revenues of $20.7 million, which represents an increase of 46.8% from the fourth quarter 2020. Breaking it into our 2 business segments. Audio-Video revenues increased 40.4% to $18.6 million, and the Automotive revenue reached $2.2 million, a remarkable 141.2% increase compared to the last quarter -- to the last year.

從我們 2021 年第四季的業績開始。我們的總收入達到創紀錄的 2,070 萬美元，較 2020 年第四季成長 46.8%。將其分為 2 個業務部門。音訊視訊收入成長 40.4%，達到 1,860 萬美元，汽車收入達到 220 萬美元，與上一季（與去年同期相比）顯著成長 141.2%。

Q4 2021 gross profit grew to $14.8 million from $10.3 million, an increase of 43.5%. Fourth quarter 2021 gross margin was 71.2% compared to last year's 72.8%. Non-GAAP gross margin was 71.5% compared to 73.4% in Q4 2020. The difference in gross margin was primarily due to a higher revenue contribution from our Automotive business.

2021 年第四季毛利從 1,030 萬美元增至 1,480 萬美元，成長 43.5%。 2021 年第四季毛利率為 71.2%，去年同期為 72.8%。非 GAAP 毛利率為 71.5%，而 2020 年第四季為 73.4%。毛利率差異主要是由於我們的汽車業務的收入貢獻較高。

Operating expenses in Q4 were $23.4 million, up $6.7 million from Q4 last year. The increase was mainly due to an increase of $4.1 million in research and development expenses as we invested in growing our headcount to accelerate the execution of projects to address business opportunities in both our Audio-Video and Automotive businesses, including the VA6003 taped out. The remainder was a mix of sales and marketing expenses related to promotion of our new Audio-Video and Automotive products as well as G&A expenses that increased primarily due to a listing as a public company.

第四季營運費用為 2,340 萬美元，比去年第四季增加 670 萬美元。這一增長主要是由於研發費用增加了 410 萬美元，因為我們投資增加了員工人數，以加快項目的執行，以抓住我們的音頻視頻和汽車業務的商機，包括流片的 VA6003。其餘部分是與推廣我們的新音訊視訊和汽車產品相關的銷售和行銷費用以及主要由於作為上市公司上市而增加的一般管理費用。

Fourth quarter adjusted EBITDA was a loss of $7 million compared to the $4.6 million in the fourth quarter of 2020. Loss per share for Q4 2021 was $0.08, 91% lower than Q4 2020, which was $0.90. Q4 2021 is calculated at the loss of $8 million defined by 97.1 million shares. Q4 2020 is calculated at a loss of $9.7 million divided by 10.7 million shares. The increase in the number of shares is derived from the conversion of our preferred shares into ordinary shares and the shares issued as part of the transactions related to our listing.

第四季調整後 EBITDA 虧損 700 萬美元，而 2020 年第四季為 460 萬美元。2021 年第四季每股虧損為 0.08 美元，比 2020 年第四季的 0.90 美元低 91%。 2021 年第四季以 9,710 萬股虧損 800 萬美元計算。 2020 年第四季的計算方法為虧損 970 萬美元除以 1,070 萬股。股份數量的增加源自於我們的優先股轉換為普通股以及作為與我們上市相關的交易的一部分而發行的股份。

Looking at the full year 2021. Total revenues increased to a record of $70.7 million, up 24.2% from 2020, exceeding the high end of our guidance. Audio-Video revenues reached $62.8 million, up 14.5% from 2020. In 2021, the growth in Audio-Video revenues was primarily driven by a rebound in multiple regions that has slowly exited the pandemic restrictions and by notably higher customer demand for hybrid applications that require the unique capabilities that our solutions provide.

展望 2021 年全年。總收入增至創紀錄的 7,070 萬美元，比 2020 年增長 24.2%，超過了我們指導的上限。影音營收達到6,280 萬美元，較2020 年成長 14.5%。2021 年，影音收入的成長主要是由於多個地區緩慢擺脫疫情限製而出現反彈，以及顧客對混合應用的需求顯著增加，從而推動了音視頻收入的成長。需要我們的解決方案提供的獨特功能。

Automotive revenues were $7.9 million, up 281% compared to 2020, driven by the first full year of mass production of our VA6000 chipsets and the expansion of our solution into additional car models. Due to the global semiconductor chip shortage during 2021, our supply chain vendors raise prices, leading us to increase our prices to our customers. We implemented those price increases towards the end of the year.

在我們的 VA6000 晶片組的第一個全年量產以及我們的解決方案擴展到更多車型的推動下，汽車收入為 790 萬美元，比 2020 年增長 281%。由於2021年全球半導體晶片短缺，我們的供應鏈供應商提高了價格，導致我們向客戶提高價格。我們在年底時實施了價格上漲。

Despite a very challenging supply environment and the capacity constraints we faced in 2021, we successfully supported our customers' needs and we're able to fulfill all the orders received in a timely manner for the full year. While the impact of the price increases to our customers on 2021 revenue was minor, we will see the full impact of the price increases on our revenues in 2022.

儘管我們在 2021 年面臨著非常具有挑戰性的供應環境和產能限制，但我們成功地滿足了客戶的需求，並且我們能夠及時履行全年收到的所有訂單。雖然價格上漲對我們客戶 2021 年收入的影響很小，但我們將在 2022 年看到價格上漲對我們收入的全面影響。

Gross profit in 2021 reached $50.6 million, up 16.3% from 2020. Our gross margin was 71.6% compared to 76.4% last year and 2021 non-GAAP gross margin was 71.8% compared to 76.9% last year. The difference in margins was mainly due to the much higher revenue contribution from our Automotive business.

2021 年毛利達到 5,060 萬美元，比 2020 年成長 16.3%。我們的毛利率為 71.6%，去年為 76.4%；2021 年非 GAAP 毛利率為 71.8%，去年為 76.9%。利潤率差異主要是由於我們的汽車業務的收入貢獻要高得多。

We achieved strong bookings in 2021, which translated into a book-to-bill ratio substantially greater than 1 and reported a robust year-end backlog of more than $78 million, supporting our growth projections for 2022. Operating expenses were $77.6 million compared to $66.3 million in 2020, primarily due to onetime New York Stock Exchange issuance costs of $5.6 million, of which $3.4 million are expenses related to stock options acceleration triggered by the listing as a public company.

我們在2021 年實現了強勁的預訂，這意味著訂單出貨比遠大於1，並且年底積壓訂單超過7,800 萬美元，支持了我們對2022 年的增長預測。運營費用為7,760 萬美元，而去年同期為66.3 美元2020 年將實現 100 萬美元，主要是由於紐約證券交易所一次性發行成本為 560 萬美元，其中 340 萬美元是與上市公司上市引發的股票期權加速相關的費用。

We also reported an increase of $2.2 million in research and development expenses as we invested in enhancing our product offering, given the business opportunities we see ahead. Most of our employees are based in Israel, and the payroll is paid in the Israeli currency, the shekel. The devaluation of the U.S. dollar compared to the shekel was 3.3% in 2021 and had an adverse impact on our operating expenses.

鑑於我們看到的未來​​商機，我們還報告稱，由於我們投資增強我們的產品供應，因此研發費用增加了 220 萬美元。我們的大多數員工都在以色列，薪水以以色列貨幣謝克爾支付。 2021 年，美元相對謝克爾貶值 3.3%，對我們的營運支出產生了不利影響。

With respect to adjusted EBITDA. We reported a loss of $16.1 million in 2021 compared with $16.4 million recorded in 2020. Loss per share for the year 2021 was $1.15, 65% lower than the $3.25 in 2020. The 2021 figure is calculated at the loss of $37.9 million, which is a total of a net loss of $26.5 million and the 2021 theoretical accrued dividend related to preferred shares in the total amount of $11.3 million divided by 33 million shares. The 2020 figure is calculated at the net loss of $34 million, which is the total of net loss of $19.6 million and the 2020 dividend related to preferred shares of $14.3 million divided by 10.4 million shares. Following the listing as a public company, all preferred shares were converted into ordinary shares. So going forward, we anticipate a simple calculation of our income or loss per share.

關於調整後的 EBITDA。我們報告 2021 年虧損 1,610 萬美元，而 2020 年虧損 1,640 萬美元。2021 年每股虧損為 1.15 美元，比 2020 年的 3.25 美元減少 65%。2021 年的數字是按虧損 3,70 萬美元計算的，即計算的，即 3,790 萬美元計算的淨虧損總計2,650 萬美元，與優先股相關的2021 年理論應計股利總額為1,130 萬美元除以3,300 萬股。 2020 年的數字是按淨虧損 3,400 萬美元計算的，即淨虧損 1,960 萬美元和 2020 年優先股相關股息 1,430 萬美元除以 1,040 萬股。作為公眾公司上市後，所有優先股均轉換為普通股。因此，展望未來，我們預計將簡單計算每股盈餘或虧損。

Turning to our balance sheet. We ended the year with a strong balance sheet with cash, cash equivalents and short-term deposits of $174.4 million and no debt. The net proceeds from the transaction related to our listing in September 2021 totaled approximately $132 million. We intend to use our strong balance sheet to fund the development and commercialization of Valens next-generation products.

轉向我們的資產負債表。年底，我們的資產負債表強勁，現金、現金等價物及短期存款達 1.744 億美元，無負債。 2021 年 9 月與我們上市相關的交易淨收益總計約 1.32 億美元。我們打算利用我們強大的資產負債表來資助 Valens 下一代產品的開發和商業化。

For new products, the time from design initiation and manufacturing until we generate revenue can be lengthy, typically within 3 years in the audio-video market and up to 5 years in the automotive space. However, we believe our strong balance sheet and projected revenue growth will fund our business through breakeven.

對於新產品，從設計啟動和製造到產生收入的時間可能很長，在影音市場通常需要 3 年，在汽車領域則長達 5 年。然而，我們相信，我們強勁的資產負債表和預計的收入成長將為我們的業務提供損益平衡。

During 2021, we placed longer term purchase orders for raw materials and manufacturing services, to ensure sufficient and timely supply to support our customers and our anticipated 2022 revenue growth. This grew our inventory by $6.2 million at the end of 2021 as compared to 2020. We believe this inventory will be consumed during 2022.

2021年，我們對原料和製造服務下了長期採購訂單，以確保充足和及時的供應來支持我們的客戶和我們預期的2022年收入成長。與 2020 年相比，2021 年底我們的庫存增加了 620 萬美元。我們相信這些庫存將在 2022 年消耗完畢。

Now, I would like to provide our guidance. For the first quarter of 2022, we expect revenues in the range of $20.6 million to $21 million. Gross margins to be in the range of 66.5% to 67%; adjusted EBITDA to be a loss in the range of $10.7 million to $9.7 million.

現在，我想提供我們的指導。我們預計 2022 年第一季的營收將在 2,060 萬美元至 2,100 萬美元之間。毛利率在66.5%至67%之間；調整後的 EBITDA 為虧損 1,070 萬美元至 970 萬美元。

For modeling purposes, please note that as of today, we have 97.1 million outstanding shares, excluding approximately 1 million shares that are subject to forfeiture. For the full year 2022, we expect revenues to be in the range between $83 million and $85 million. As we anticipate Automotive revenues in 2022 compared to 2021 at about 20% of our total annual revenues, we expect gross margin to be in the range of 65.5% to 67.2%.

出於建模目的，請注意，截至今天，我們擁有 9,710 萬股流通股，不包括約 100 萬股可能被沒收的股票。我們預計 2022 年全年收入將在 8,300 萬美元至 8,500 萬美元之間。由於我們預計 2022 年汽車收入占我們年總收入的 20% 左右，與 2021 年相比，我們預計毛利率將在 65.5% 至 67.2% 之間。

We will continue to invest in enhancing our current product offering and developing and commercializing Valens next-generation products. In parallel, the increasing demand in Audio-Video and the continued expansion of the Automotive revenue give us confidence in meeting our 2022 projections. Adjusted EBITDA is expected to be a loss in the range of $38.4 million to $37.8 million.

我們將繼續投資增強我們目前的產品供應以及 Valens 下一代產品的開發和商業化。同時，影音需求的不斷增長和汽車收入的持續增長使我們對實現 2022 年的預測充滿信心。調整後 EBITDA 預計虧損在 3,840 萬美元至 3,780 萬美元之間。

In summary, 2021 was another good year for Valens. Going forward, we remain focused on delivering value to all our stakeholders by increasing revenue year after year, optimizing margins and diligently managing our operations. Our ultimate goal is to achieve and then continue to amplify our profitability.

總而言之，2021 年對瓦倫斯來說又是豐收的一年。展望未來，我們將繼續專注於透過逐年增加收入、優化利潤率和勤奮管理營運來為所有利害關係人創造價值。我們的最終目標是實現並繼續擴大我們的獲利能力。

I'll now turn the call back to Gideon Ben-Zvi for his closing remarks before opening the call for Q&A.

現在，我將把電話轉回給吉迪恩·本茲維（Gideon Ben-Zvi），他將在結束語後開始問答電話。

Thank you, Dror. As we all have heard, we are off to a strong start in 2022, and we are well-positioned to create long-term shareholder value.

謝謝你，德羅爾。正如我們都聽說的那樣，我們在 2022 年有了一個良好的開端，並且我們已做好充分準備來創造長期股東價值。

We operate in 2 large and fast-growing markets, Audio-Video and Automotive. We have a clear go-to-market strategy. We set industry standards for high-speed connectivity and therefore, have a significant first-mover advantage. We have a compelling financial model, strong revenue visibility and a solid balance sheet that support our investment in our product offering that will further expand our business.

我們在音訊視訊和汽車這兩個大型且快速成長的市場中開展業務。我們有明確的市場進入策略。我們制定了高速連接的行業標準，因此擁有顯著的先發優勢。我們擁有引人注目的財務模型、強大的收入可見性和穩健的資產負債表，支持我們對產品的投資，從而進一步擴大我們的業務。

Finally, I would like to take this opportunity to thank our amazing team of 300 employees around the world who have contributed to the company's success. Their execution, talent, dedication and continued flexibility made 2021 another great year for Valens.

最後，我想藉此機會感謝我們由全球 300 名員工組成的出色團隊，他們為公司的成功做出了貢獻。他們的執行力、才華、奉獻精神和持續的靈活性使 2021 年對 Valens 來說又是偉大的一年。

Operator, I would now like to open the call for questions.

接線員，我現在想開始提問。

(Operator Instructions) The first question is from Suji Desilva of ROTH Capital.

（操作員說明）第一個問題來自羅斯資本的Suji Desilva。

Congratulations on the strong finish to '21 and the strong outlook as well. I had a question first on the supply chain. You talked about proactive measures to ensure you can beat your backlog in '20. Can you elaborate on what some of those measures might have been of any balance sheet, capital release there, et cetera?

恭喜 '21 圓滿成功，並取得良好的前景。我首先有一個關於供應鏈的問題。您談到了確保您能夠在 20 年解決積壓問題的積極措施。您能否詳細說明其中一些措施可能涉及資產負債表、資本釋放等？

Sure. And thank you, Suji, for the question. So I'd like to start by saying that I'm proud of the fact that we met all our customer commitments and deliveries despite the global supply chain issues during 2021. As we see strong demand for our products continuing this year -- as you said, we have taken proactive measures to ensure that we'll be able to timely fulfill our customer needs, which means for us that we increased the level of inventory. And you can see that the balance sheet, we reported an increase of $6.2 million in our inventory level compared to the same balance as of last year.

當然。謝謝蘇吉提出的問題。因此，我首先想說的是，儘管2021 年全球供應鏈出現問題，但我們還是實現了所有客戶承諾和交付，對此我感到很自豪。正如我們看到今年對我們產品的強勁需求持續- 正如您說，我們採取了積極主動的措施，以確保我們能夠及時滿足客戶的需求，這對我們來說意味著我們增加了庫存水準。您可以看到資產負債表中，與去年相同的餘額相比，我們的庫存水準增加了 620 萬美元。

At this point, I would like to mention a few things. One is that Valens is not exceptional -- basically, we acted like the rest of the industry, and we saw several issues related to the supply chain. The first one is that we saw extended lead times that -- as I mentioned, it requires Valens to increase its inventory, but also it forced us to increase the lead time to our customers.

在此，我想提幾點。一是瓦倫斯並不例外——基本上，我們的行為與行業其他公司一樣，我們看到了與供應鏈相關的幾個問題。第一個是我們看到交貨時間延長——正如我所提到的，這需要 Valens 增加庫存，但也迫使我們增加向客戶提供的交貨時間。

The second thing is that the supply chain vendor expect -- we're expecting to see and us to secure capacity by placing long-term binding orders. And again -- this again explains the increase in the level of inventory. And finally, it's the fact that -- and we mentioned it in the previous session that we saw some price increases from our supply chain vendors. Later on, I assume that you are going to also to ask about what we did with our customers. But this increase in the prices also contributed to the increase in our inventory levels.

第二件事是供應鏈供應商期望的——我們期望看到並透過下達長期約束訂單來確保產能。這再次解釋了庫存水準的增加。最後，事實是——我們在上一次會議中提到過，我們看到供應鏈供應商的價格上漲了。稍後，我想您還會問我們對客戶做了什麼。但價格上漲也導致了我們庫存水準的增加。

Right. Got it. I did hear that you guys passed along from the prices and the gross margin was strong.

正確的。知道了。我確實聽說你們通過了價格，毛利率很高。

Correct.

正確的。

I think that was the takeaway there. Okay. Great. And then I'm curious on the trucking market. Can you update the timing of the revenue contribution, obviously, the Mercedes is going well. How soon can that support the, I guess, Auto revenue segment?

我認為這就是那裡的要點。好的。偉大的。然後我對貨運市場很好奇。您能更新一下收入貢獻的時間嗎？顯然，梅賽德斯進展順利。我猜這要多久才能支持汽車收入領域？

So I would say that with respect to Automotive revenue in general, as of today, there are 2 main drivers for this revenue growth. The first one, obviously, is the project that we have with Mercedes-Benz and we just mentioned that 2021 was the first full year of mass production, and that explains the increase -- the significant increase that we have seen in the revenue -- the Automotive revenues in our P&L.

因此，我想說，就汽車產業的整體收入而言，截至目前，收入成長有兩個主要驅動因素。顯然，第一個是我們與梅賽德斯-奔馳的項目，我們剛剛提到2021 年是大規模生產的第一個全年，這解釋了收入的增長——我們看到收入的顯著增長——我們損益表中的汽車收入。

With respect to the Stoneridge projects, I can say that everything is progressing according to the plan. And we assume that it will get into mass production at the beginning -- in early 2023, which means for us that we will start to see some initial revenues towards the end of 2022. And I would say that in terms of the new product that we just introduced to the market, the VA7000, that's the MIPI A-PHY compliant chipset. So we continue to ship. We see some traction -- lots of traction in the market. We continue to ship evaluation samples -- engineering samples to our customers. But we believe that this will ramp up to mass production around '25, '26.

關於Stoneridge項目，我可以說一切都在按計劃進行。我們假設它將在 2023 年初開始大規模生產，這對我們來說意味著我們將在 2022 年底開始看到一些初步收入。我想說，就新產品而言，我們剛剛向市場推出了VA7000，這是符合MIPI A-PHY 標準的晶片組。所以我們繼續發貨。我們看到了一些吸引力——市場上有很多吸引力。我們持續向客戶提供評估樣品－工程樣品。但我們相信這將在 25 年、26 年左右實現大規模生產。

Okay. Great. And 2 quick follow-ups. On the trucking, are there multiple customers that you could clarify how many might be coming in from the Stoneridge partnerships that would be helpful.

好的。偉大的。以及 2 個快速跟進。在卡車運輸方面，是否有多個客戶，您可以澄清有多少客戶可能來自 Stoneridge 合作夥伴關係，這會有所幫助。

So at this point, we only work with Stoneridge that the only project that is in advanced stage. But I can tell you that in parallel, we have started some initial discussion with other trucking companies that are watching the progress of this development project.

因此，目前我們只與 Stoneridge 合作，這是唯一處於後期階段的項目。但我可以告訴您，與此同時，我們已經與其他正在關注該開發項目進度的貨運公司開始了一些初步討論。

Got it. And then one last question. On the VA7000, you're sampling with 25 customers. Did any of those customs, I'm curious, also sample the VA6000 and choose to wait for MIPI A-PHY standard? Or are they all new to the Valens Technology?

知道了。最後一個問題。在 VA7000 上，您對 25 位客戶進行抽樣。我很好奇，這些海關是否也對 VA6000 進行了採樣並選擇等待 MIPI A-PHY 標準？或者他們都是 Valens 技術的新手？

Well, this is Gideon. Thank you for the question, and I'm happy to hear you guys again. So the VA7000 is the revolutionary product of Valens. And definitely, this is the flagship of the next-generation. And people who are looking for the VA7000 look for a very particular answer for future need, which is the robustness, the electromagnetic, the being standard and so forth.

嗯，這是吉迪恩。謝謝你們的提問，我很高興再次聽到你們的提問。所以VA7000是Valens的革命性產品。毫無疑問，這是下一代的旗艦。尋找 VA7000 的人們正在尋找針對未來需求的非常具體的答案，即堅固性、電磁性、標準性等等。

While the VA6000 -- and this is the result -- it's in generation where we put HDBaseT first time in vehicles and the derivatives of this. They are very much complementary because if you look at the one-stop shop solution, which is actually what we want to provide, we will have older asymmetric which are the 7000 in the future generation and the symmetric could be the 6000 or 6003. So this is a comprehensive one-stop shop solution that is built by different generations of the company, but definitely with defer between the very futuristic -- sorry, very revolutionary, which is the 7000 and the 6000, which is actually a derivative of existing technology.

而 VA6000（這就是結果）是我們首次將 HDBaseT 應用於車輛及其衍生產品的一代。它們是非常互補的，因為如果你看看我們實際上想要提供的一站式解決方案，我們將擁有較舊的非對稱產品，即下一代的 7000，而對稱產品可能是 6000 或 6003。所以這是一個全面的一站式解決方案，由公司的不同世代構建，但絕對是非常未來主義的——抱歉，非常革命性的，即7000 和6000，這實際上是現有技術的衍生產品。

The next question is from Vivek Arya of Bank of America.

下一個問題來自美國銀行的 Vivek Arya。

This is Karen Pasricha here just standing in for Vivek. My first question is just in relation to your full year guidance, roughly $84 million at the midpoint, it kind of implies relatively flattish revenue cadence roughly of about $21 million per quarter, give or take. So I was wondering if you could talk a little bit about the extent to which supply chain issues are perhaps driving this relatively flat cadence and the extent to which there could be some upside to these numbers as we go forward throughout the year.

這是凱倫·帕斯里查（Karen Pasricha），代表維韋克（Vivek）。我的第一個問題與您的全年指導有關，中間值約為 8400 萬美元，這意味著相對平穩的收入節奏，大約每季約 2100 萬美元。因此，我想知道您是否可以談談供應鏈問題可能在多大程度上推動了這種相對平穩的節奏，以及隨著我們全年的發展，這些數字可能會在多大程度上出現一些上升趨勢。

So let's start with the Q1 2022 revenue guidance that we just mentioned. So First of all, with respect to Q1, it's typically impacted by the Chinese New Year. And this year, specifically, Q1 was also suffered a bit from the outbreak of the Omicron. In general, I would say that we expect Q1 year-over-year revenue growth to be more than 30%.

那麼讓我們從剛才提到的 2022 年第一季營收指引開始。首先，就第一季而言，它通常受到農曆新年的影響。特別是今年，第一季也因 Omicron 的爆發而受到了一些影響。總的來說，我們預計第一季營收年增將超過 30%。

In terms of the overall revenue for 2022, I would say that the current backlog that we have is definitely give us confidence that we are going to support or to meet the revenue guidance that we have provided. But -- and let's not forget, we are adjusted the first quarter of the year, and let's see how things develop.

就 2022 年的整體收入而言，我想說的是，我們目前的積壓工作絕對讓我們有信心，我們將支持或達到我們提供的收入指導。但是，我們不要忘記，我們在今年第一季進行了調整，讓我們看看事情如何發展。

Okay. Great. And then just for my follow-up, just a very general sort of industry question. So as we look across the industry, we're seeing record revenue growth from many sort of auto semi chip lenders. And at the same time, many of these vendors are struggling to rebuild inventories primarily in that channel. So if you could just take a very high-level view, where do you sort of see chip inventory levels currently in the automotive space? And when do you sort of expect the situation to normalize?

好的。偉大的。接下來，我將提出一個非常普遍的產業問題。因此，當我們縱觀整個產業時，我們看到許多汽車半導體晶片貸款機構的營收成長創紀錄。同時，許多供應商正在努力主要在該渠道重建庫存。因此，如果您能從一個非常高的層面來看，您認為目前汽車領域的晶片庫存水準在哪裡？您預計情況什麼時候會恢復正常？

Okay. So I'll split my answer to the Audio-Video and to Automotive, I know that you just asked about the Automotive. But in terms of the Audio-Video, I must admit that we don't hear from our customers that they have lots of inventory more than that. We hear from our distributors that we have lean level of inventories, and this is a very encouraging sign for us that they will continue to consume, and we are not going to see a reduction in revenue in this business line.

好的。所以我將把我的答案分為音頻視頻和汽車，我知道您剛剛問了汽車。但就音訊-視訊而言，我必須承認，我們沒有從客戶那裡聽到他們有更多的庫存。我們從經銷商得知，我們的庫存水準較低，這對我們來說是一個非常令人鼓舞的跡象，他們將繼續消費，而且我們不會看到該業務線的收入減少。

With respect to Automotive, we work not directly with vendors. We've noted the business is the OEM, but we work directly with the different Tier 1s that serve vendor. And according to what we -- from these guys, and they work -- they are very organized, and we hear from them, we get on a monthly basis their rolling forecast. So we get the indication that the level of inventory that they keep of our products are very minimal, and they don't stock. They don't have lots of inventory in their premises.

在汽車領域，我們不直接與供應商合作。我們注意到該業務是 OEM，但我們直接與為供應商提供服務的不同一級供應商合作。根據我們從這些人那裡得到的信息，他們的工作非常有組織性，我們從他們那裡聽到的，我們每月得到他們的滾動預測。因此，我們得到的指示是，他們保留的我們產品的庫存水準非常低，而且他們沒有庫存。他們的場所沒有大量庫存。

The next question is from Rick Schafer of Oppenheimer.

下一個問題來自奧本海默的 Rick Schafer。

This is Wei Mok on the call for Rick. Congrats on the quarterly results and positive outlook. So in regards to my first question, it looks like you guys are guiding 1Q revenues flat to slightly up, which is better than a down seasonal quarter. So I was wondering if you can comment on what are some of the factors that you're seeing that's driving this upside?

我是莫偉 (Wei Mok)，正在為瑞克 (Rick) 打電話。恭喜季度業績和積極的前景。因此，關於我的第一個問題，看來你們指導第一季營收持平或略有上升，比季節性下降的季度要好。所以我想知道您是否可以評論一下您所看到的推動這一上漲的因素是什麼？

So if we look on the revenue growth for 2022, I would say that basically, we're going to see the impact of 2 parameters. The first one we mentioned in the call that our supply chain vendors increase their prices, and we had to pass a portion of the price increases from our supply chain to our vendors. And that was the first reason that we see some increase in revenue, not that dramatic. The main trigger for the increase in revenue is mainly triggered by the increase in the unit volume that we see for 2022.

因此，如果我們看看 2022 年的收入成長，我想說，基本上，我們將看到 2 個參數的影響。第一個是我們在電話中提到的，我們的供應鏈供應商提高了價格，我們必須將部分漲價從我們的供應鏈轉嫁給我們的供應商。這是我們看到收入增加的第一個原因，但不是那麼顯著。營收成長的主要觸發因素主要是我們預期 2022 年單位銷售量的成長。

Great. My second question is on the recent truck partnership with Stoneridge. So I was wondering how should we think about like the average dollar content in a truck compared to a passenger vehicle.

偉大的。我的第二個問題是關於最近與 Stoneridge 的卡車合作夥伴關係。所以我想知道我們應該如何考慮卡車與客車的平均美元含量。

So in the case of Stoneridge, the revenue per truck is going to be richer compared to the revenue per car that we have today from the OEMs that we work with. I think that it's fair to say if we say today that with respect to Mercedes-Benz, where we deploy today in average between 3 to 4 chips in every car and the revenue -- the average revenue per car is north to $25. I would say that in the case of the truck, it will be fair to say that you can double this revenue, and this is a representative number for the tracking group.

因此，就 Stoneridge 而言，與我們今天從合作的 OEM 獲得的每輛汽車的收入相比，每輛卡車的收入將會更高。我認為，如果我們今天說梅賽德斯-奔馳，我們今天在每輛車上平均部署 3 到 4 個晶片，並且收入每輛車的平均收入高達 25 美元，那麼這樣說是公平的。我想說，就卡車而言，可以公平地說，您可以將這一收入翻倍，這是追蹤組的代表性數字。

May I add one thing here. In the truck industry, we don't -- thanks again for being with us and for the question. The trial industry has also scaled up because it is far there is a potential in the same truck. There is a significant aftermarket. And there are more future applications, which can be embedded in trucks. So it's -- the comparison is quite not apples-to-apples, but it's definitely a market which we look as a potential of growth.

我可以在這裡補充一件事嗎？在卡車行業，我們不這樣做——再次感謝您接受我們的採訪並提出這個問題。試驗產業也擴大了規模，因為同一輛卡車的潛力還很大。有一個重要的售後市場。而且未來還有更多的應用可以嵌入卡車。所以，這種比較並不是同類比較，但它絕對是一個我們認為具有成長潛力的市場。

Great. As for my last question, I wanted to ask about your first-generation VA6000 family, it looks like you expanded into the VA6003. So I was wondering what are some of the features in this product. And does this tap into a specific area or application in passenger vehicles? And what does this mean for your TAM?

偉大的。至於我的最後一個問題，我想問一下你們的第一代VA6000家族，看起來你們擴展到了VA6003。所以我想知道這個產品有哪些功能。這是否涉及乘用車的特定領域或應用？這對您的 TAM 意味著什麼？

The 6003 is a subset of the 6000. And in developments of chips, I guess because you know that better than me, once you have chip is successful and performing, default of different applications can be higher end subset or any other derivatives. The 6003 features significantly more power and size and give us a more robustness and more confidence in future user feed for many years. Of course, the 6003, it's benefits from the multi-gigabit and unshielded base capability, which is very important and feature in many -- in the industry. Also, it's really complementary for our revision of one-stop shop that will complement the 7000.

6003 是 6000 的子集。在晶片的開發中，我想是因為您比我更清楚，一旦您的晶片成功並運行，不同應用程式的預設值可以是更高端的子集或任何其他衍生產品。 6003 具有顯著更強的功能和尺寸，讓我們對未來的用戶回饋更加穩健和更有信心。當然，6003 受益於多千兆位元和非屏蔽基本功能，這在業界非常重要且具有特色。此外，它確實對我們對 7000 的一站式商店的修訂起到了補充作用。

If you look at some of the drawings and some of the faults of Tier 1s in regards to zonal architecture and many other thoughts, you see that there is a lot of correspondence between the symmetric and asymmetric links. And the 6003 plays a very important role to complete the whole picture. And this is the reason we thought it was good to have this chip as well.

如果您查看一些圖紙以及 Tier 1 在區域架構和許多其他想法方面的一些錯誤，您會發現對稱和非對稱連結之間存在許多對應關係。而6003在完成整個畫面中扮演著非常重要的角色。這就是我們認為擁有該晶片也很好的原因。

The next question is from Atif Malik of Citi.

下一個問題來自花旗銀行的阿蒂夫·馬利克。

First one for Gideon. You talked about 25 book in the face of auto customers. Can you give us some color of how many of them are the Chinese because China seems to be growing faster than some of the other areas if you can just provide some color on how many Chinese customers you're working with?

第一個是給吉迪恩的。您在汽車客戶面前談到了25本書。您能否告訴我們其中有多少是中國人，因為中國似乎比其他一些地區的成長速度更快，如果您能提供一些與您合作的中國客戶的資訊嗎？

Thank you for the question. Unfortunately, I cannot give information about the future customers and geographic diversification. We have a lot of the Tier 1s -- a lot of OEMs actually and a lot of other collaborations. At this moment, I can just say that the 4 OEMs and growing are in the list, but we cannot supply more information than that. I'm sure you can understand and have empathy to my answer. So I'm sorry, this is it, but that definitely thanks for the question.

感謝你的提問。不幸的是，我無法提供有關未來客戶和地理多元化的資訊。我們有很多一級供應商——實際上有很多原始設備製造商，還有很多其他合作夥伴。目前，我只能說 4 家 OEM 和不斷增長的廠商都在清單中，但我們無法提供更多資訊。相信我的回答你一定能理解並感同身受。抱歉，就是這樣，但是非常感謝您提出這個問題。

Fair enough. And then I have a follow-up for Dror. Just to be clear, Dror, on the gross margin outlook for this year, 66.5% to 67%. The decline from last year predominantly is driven by the increasing mix of autos and the price increases you're doing and the base cost that increase that you saw, that is a wash. Is that -- are those the puts and takes in your gross margin outlook?

很公平。然後我還有 Dror 的後續行動。 Dror 需要澄清的是，今年的毛利率前景為 66.5% 至 67%。與去年相比的下降主要是由於汽車組合的增加以及您正在做的價格上漲以及您所看到的基本成本的增加造成的，這是一種清潔。這是您毛利率前景中的賣權和賣出選擇權嗎？

So yes, absolutely, I think that your analysis is correct. The main reason -- or I would say the main reason for the small decline as we see in the gross margin in 2022 compared to 2021 is driven by the different mix of revenue and the fact that next year we expect to have a higher contribution from our Automotive to the level of about 20% of the total revenues of 2022 revenues for the company. And as you probably remember, the -- in the Audio-Video, we have higher margins than in Automotive. So the more we increase the important -- the contribution of Automotive, obviously, the weighted average gross margin declined a bit.

所以，是的，絕對，我認為你的分析是正確的。主要原因——或者我想說，與 2021 年相比，我們看到 2022 年毛利率小幅下降的主要原因是收入組合不同，以及明年我們預計將有更高的貢獻我們的汽車業務收入占公司2022年總收入的20% 左右。您可能還記得，在影音領域，我們的利潤率高於汽車領域。因此，我們越增加重要的汽車業務的貢獻，顯然，加權平均毛利率就會下降一些。

Okay. And the last one, on the 20% of revenues for Auto this year, any comments on the mix of VA6000 versus VA7000, is it mostly VA6000 for this year?

好的。最後一個，關於今年汽車收入的20%，請問大家對VA6000和VA7000的搭配有何評論，今年主要是VA6000嗎？

So as I explained before, at least in the next 2, 3 years, the main or the only product in Automotive that we generate revenue for the company in mass production will be the 6000. And later on, we are going to see some revenue contribution from the VA6003. But the 7000, we started to ship samples towards the end of December of 2021. We continue, by the way, to ship to additional customers, profit customers, evaluation kits and samples this year as well. But as you know, we're dealing with the automotive industry, which is very conservative. The decision-making processes can be quite lengthy. We believe that it will be somewhere between 1 and 1.5 year. And so we do not expect any significant revenue, at least not in mass production of the VA7000 in the next 2, 3 years. We expect -- said that, we do believe that by mid-2023, we will have 2 design wins of VA7000 with 2 leading vehicles.

因此，正如我之前解釋的那樣，至少在未來 2、3 年裡，我們在量產中為公司帶來收入的主要或唯一的汽車產品將是 6000。稍後，我們將看到一些收入VA6003 的貢獻。但 7000，我們在 2021 年 12 月底開始發貨樣品。順便說一句，今年我們還將繼續向更多客戶、利潤客戶、評估套件和樣品發貨。但如您所知，我們面對的是非常保守的汽車產業。決策過程可能相當漫長。我們認為這將在 1 到 1.5 年之間。因此，我們預計不會有任何重大收入，至少在未來 2、3 年內大規模生產 VA7000 時不會。我們預計，我們確實相信，到 2023 年中期，我們將贏得 2 項 VA7000 的設計，並擁有 2 款領先的車輛。

The next question is from Brian Dobson of Chardan Capital Markets.

下一個問題來自 Chardan Capital Markets 的 Brian Dobson。

So you held an event last month highlighting your VA7000 chip series. Have you received any feedback from your customers to the samples that you sent out or to that event day? And if so could you maybe share with us?

因此，您上個月舉辦了一場活動，重點介紹您的 VA7000 晶片系列。您是否收到客戶對您發出的樣品或活動當天的任何回饋？如果可以的話，您可以與我們分享嗎？

Well, thank you for the question, and nice to have you here on board. The 7000 was just shipped 1.5 months ago. The time it takes for customers to learn, to adopt and to -- actually, I would say, to play with the chip is quite long. We are in the auto and chip industry, industry that together, we call it, create geological speed. And it's not those things that you can download from the Internet and plays chips, and it takes the time to evaluate and understand.

好的，謝謝你的提問，很高興你能加入。 7000 1.5 個月前剛出貨。客戶學習、採用以及使用該晶片（實際上，我想說的是）所花費的時間相當長。我們身處汽車和晶片產業，我們稱之為共同創造地質速度的產業。而且也不是那些你可以從網路下載下來玩晶片的東西，需要時間來評估和理解。

However, I can share with you that we demonstrated on the web, real-time that we showed some of our customers by filming the 7000 performance and people will literally astonished by the performance by -- and especially by what we demonstrated in electromagnetic capability, which is one of, I think, the increasing concerns of the industry, how to deal with all this electromagnetic that influence the safety of the car. And so the answer is, we are in the process. It looks good. The answers are positive. And -- but we're thinking about -- the mass production is 2 years ahead, and we're in the stage of first evaluation, and this is the stage.

然而，我可以與您分享，我們在網路上即時演示，我們透過拍攝 7000 的性能向一些客戶展示，人們會對我們的性能感到驚訝，尤其是我們在電磁能力方面所展示的性能，我認為，如何處理影響汽車安全的所有電磁問題，是業界日益關注的問題之一。所以答案是，我們正在這個過程中。看起來不錯。答案是肯定的。而且 - 但我們正在考慮 - 量產是提前兩年，我們正處於首次評估階段，這就是這個階段。

Great. And in terms of the backlog that you referenced at year-end, can you give us a little bit more color on the composition of that backlog, perhaps a percentage between Audio-Video and Automotive chips?

偉大的。就您在年底提到的積壓訂單而言，您能否為我們提供有關積壓訂單構成的更多信息，也許是音頻視頻和汽車芯片之間的百分比？

Okay. Thanks for the question. We do not provide the composition of the backlog for the 2 segments that we run in the company. I can just say that the backlog supports the growth that we see in those segments, and we feel very confident that we will be able to meet the revenue -- the ambitious revenue target that we have in both business lines.

好的。謝謝你的提問。我們不提供公司營運的兩個部門的積壓訂單組成。我只能說，積壓訂單支持了我們在這些領域看到的成長，我們非常有信心能夠實現收入——我們在這兩個業務領域設定的雄心勃勃的收入目標。

Gideon, maybe I just give the last comment on this one is that only really small portion of the backlog is scheduled to be shipped after December 2022, most of it. The lion's share of this backlog is scheduled for shipment delivery in -- during 2022.

Gideon，也許我對此的最後評論是，只有一小部分積壓訂單計劃在 2022 年 12 月之後發貨，​​其中大部分是。大部分積壓訂單預計於 2022 年交付。

There are no further questions at this time. Mr. Ben-Zvi, would you like to make your concluding statement?

目前沒有其他問題。 Ben-Zvi 先生，您願意做一下總結發言嗎？

First, I want to thank everyone for joining, for asking questions, and we are very pleased to be with you and hope that actually it is going to be again and again all the year further year and the coming reports.

首先，我要感謝大家的加入、提出問題，我們很高興與你們在一起，並希望在接下來的一年和即將到來的報告中，這種情況會一再發生。

I'd like to thank you for joining today for our Q4 and full year 2021 call and for your continued support and interest in Valens and let's keep in touch. Thank you very much.

我要感謝您今天參加我們的第四季和 2021 年全年電話會議，感謝您對 Valens 的持續支持和興趣，並讓我們保持聯繫。非常感謝。

Thank you. This concludes the Valens Semiconductor Fourth Quarter 2021 and Full Year Results Conference Call. Thank you for your participation. You may go ahead and disconnect.

謝謝。 Valens Semiconductor 2021 年第四季和全年業績電話會議至此結束。感謝您的參與。您可以繼續並斷開連線。