Advanced Energy Industries Inc (AEIS) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Advanced Energy Industries Fourth Quarter 2020 Earnings Conference Call. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎來到 Advanced Energy Industries 2020 年第四季度收益電話會議。 （操作員說明）

I would now like to hand today's conference over to your speaker, Edwin Mok, Vice President of Strategic Marketing and Investor Relations. Thank you. Please go ahead.

我現在想將今天的會議交給您的發言人，戰略營銷和投資者關係副總裁 Edwin Mok。謝謝。請繼續。

Thank you, operator. Good morning, everyone. Welcome to Advanced Energy's Fourth Quarter 2020 Earnings Call. With me today are Yuval Wasserman, our President and CEO; Paul Oldham, our Executive Vice President, CFO; and Brian Smith, our Director of Investor Relations.

謝謝你，運營商。大家，早安。歡迎來到 Advanced Energy 的 2020 年第四季度財報電話會議。今天和我在一起的是我們的總裁兼首席執行官 Yuval Wasserman； Paul Oldham，我們的執行副總裁兼首席財務官；和我們的投資者關係總監 Brian Smith。

If you have not seen our earnings press release, you can find it on our website at ir.advancedenergy.com. There, you'll also find a slide presentation to follow along our discussion today.

如果您還沒有看到我們的收益新聞稿，您可以在我們的網站 ir.advancedenergy.com 上找到它。在那裡，您還可以找到幻燈片演示，以跟進我們今天的討論。

Before I begin, I would like to mention that AE will be participating at several investor conferences in the coming months. As events occur, we will make the announcements.

在開始之前，我想提一下，AE 將在未來幾個月內參加多個投資者會議。當事件發生時，我們將發佈公告。

Let me remind you that today's call contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially and are not guarantees of future performance. Information concerning these risks and uncertainties is found in our filings with the SEC. All forward-looking statements are based on management's estimates, projections and assumptions as of today, February 10, 2021, and the company assumes no obligation to update them. Long-term targets presented today, including our aspirational goals and our long-term vision goals, should not be interpreted in any respect as guidance.

讓我提醒您，今天的電話會議包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果出現重大差異，並且不是對未來業績的保證。有關這些風險和不確定性的信息可在我們提交給美國證券交易委員會的文件中找到。所有前瞻性陳述均基於管理層截至 2021 年 2 月 10 日的估計、預測和假設，公司不承擔更新這些陳述的義務。今天提出的長期目標，包括我們的理想目標和我們的長期願景目標，不應在任何方面被解釋為指導。

On today's call, our financial results will be presented on a non-GAAP financial basis unless otherwise specified. Excluded from non-GAAP results are amortization, stock compensation, integration and transition costs, unrealized foreign exchange gains or losses and restructuring items. Detailed explanation of our non-GAAP financial measures as well as reconciliations between GAAP and non-GAAP measures can be found in our press release today.

在今天的電話會議上，除非另有說明，否則我們的財務業績將在非 GAAP 財務基礎上公佈。非 GAAP 結果不包括攤銷、股票補償、整合和過渡成本、未實現的外匯損益和重組項目。我們的非 GAAP 財務措施的詳細解釋以及 GAAP 和非 GAAP 措施之間的調節可以在我們今天的新聞稿中找到。

With that, let me pass the call to our President and CEO, Yuval Wasserman. Yuval?

有了這個，讓我把電話轉給我們的總裁兼首席執行官 Yuval Wasserman。尤瓦爾？

Thank you, Edwin. Good morning, everyone, and thank you for joining us on this call.

謝謝你，埃德溫。大家早上好，感謝您加入我們的電話會議。

Advanced Energy finished last year on a strong note, with Q4 2020 revenue of $371 million, up 10% year-over-year and solidly above our guidance midpoint. Non-GAAP EPS of $1.49 was at the top of our guidance range.

Advanced Energy 去年表現強勁，2020 年第四季度收入為 3.71 億美元，同比增長 10%，遠高於我們的指導中點。 1.49 美元的非 GAAP 每股收益處於我們指導範圍的頂部。

The fourth quarter results were driven by strong demand for our products across most of our markets and good execution in an increasingly dynamic operating environment. Service revenue again set a record.

第四季度的業績是由我們大部分市場對我們產品的強勁需求以及在日益動態的運營環境中的良好執行所推動的。服務收入再創歷史新高。

Our Q4 results built on a great year of financial performance despite a global coronavirus pandemic that presented all of us with extraordinary challenges. I'm extremely proud of our organization's response to the constant changes throughout the year, demonstrating AE's agility and operational excellence. Our diversified global operation footprint, nimble supply chain, hub inventory management system and maintaining a healthy and safe workforce enabled AE to effectively meet shifting customer requirements and to deliver a strong 2020 results that outperformed the market.

儘管全球冠狀病毒大流行給我們所有人帶來了非凡的挑戰，但我們第四季度的業績建立在出色的財務業績的基礎上。我為我們的組織對全年不斷變化的反應感到非常自豪，展示了 AE 的敏捷性和卓越運營。我們多元化的全球運營足跡、靈活的供應鏈、中心庫存管理系統以及保持健康和安全的員工隊伍使 AE 能夠有效地滿足不斷變化的客戶需求，並在 2020 年取得了優於市場的強勁業績。

2020 revenue grew 79% as reported and 18% on a pro forma basis to a record $1.4 billion, with our semiconductor business growing 50% and data center computing growing 46%. Our non-GAAP earnings more than doubled to $5.23 per diluted share. And we generated over $200 million in cash flow from continuing operations. Paul will go into more financial details in his remarks.

據報告，2020 年收入增長 79%，預估增長 18%，達到創紀錄的 14 億美元，其中我們的半導體業務增長 50%，數據中心計算增長 46%。我們的非 GAAP 收益翻了一番多，達到每股攤薄收益 5.23 美元。我們從持續經營中產生了超過 2 億美元的現金流。保羅將在他的講話中詳細介紹更多財務細節。

Advanced Energy is a clear leader in precision electric power conversion and control. Our power solutions are used in many of the enabling technologies behind the fourth industrial revolution in the data economy. Last year, AE not only capitalized on the accelerating megatrends of these markets but we also introduced 12 new products to help speed up our customers' innovation and expand our addressable market.

Advanced Energy 無疑是精密電力轉換和控制領域的領導者。我們的電源解決方案用於數據經濟第四次工業革命背後的許多支持技術。去年，AE 不僅利用了這些市場加速發展的大趨勢，而且還推出了 12 種新產品，以幫助加快客戶的創新並擴大我們的潛在市場。

Examples of major innovations we brought to the market include eVoS, our beyond RF Power solution that we believe will enable advanced plasma processes for multiple next-generation technology nodes. Additionally, our system-level, 48-volt power shelf will allow data centers to become more power efficient and cost effective. Our intelligent lighting and power control system will help indoor farms to substantially lower power consumption and costs while increasing crop yield.

我們為市場帶來的重大創新示例包括 eVoS，這是我們超越 RF 功率的解決方案，我們相信它將為多個下一代技術節點實現先進的等離子工藝。此外，我們的系統級 48 伏電源架將使數據中心變得更加節能和更具成本效益。我們的智能照明和電力控制系統將幫助室內農場大幅降低電力消耗和成本，同時提高作物產量。

We now enter 2021 with a richer portfolio of differentiated products that we expect will continue to enable breakthrough innovation by our customers and fuel our continuing growth.

現在，我們將帶著更豐富的差異化產品組合進入 2021 年，我們預計這些產品組合將繼續推動我們的客戶實現突破性創新，並推動我們的持續增長。

In line with our strategy to accelerate our growth and diversification through strategic acquisitions, at the end of 2020, we completed the acquisition of Versatile Power, expanding our reach in the medical market with its field-proven RF Power supplies. Versatile Power brings to AE well-established experience working in a highly regulated medical market and an 18-year customer relationship with one of the leading medical technology companies. In addition, we expect to integrate Versatile's technology into our enterprise technology road map and to cross-sell current Versatile solutions across our market verticals. This is another example of AE using smart acquisitions to grow our scope and leverage our scale.

根據我們通過戰略收購加速增長和多元化的戰略，我們在 2020 年底完成了對 Versatile Power 的收購，通過其經過現場驗證的射頻電源擴大了我們在醫療市場的影響力。 Versatile Power 為 AE 帶來了在高度監管的醫療市場工作的豐富經驗，以及與領先醫療技術公司之一的 18 年客戶關係。此外，我們希望將 Versatile 的技術整合到我們的企業技術路線圖中，並在我們的垂直市場交叉銷售當前的 Versatile 解決方案。這是 AE 使用智能收購來擴大我們的範圍並利用我們的規模的另一個例子。

Our 2020 results affirm the success of the acquisition of Artesyn Embedded Power as we integrated the business into AE-scalable platform. Despite the COVID-related challenges, we exceeded our integration milestones and delivered on our synergy goals. And we believe that we are on track to meet or exceed our long-term cost synergy target in roughly half the time of our original plan.

我們的 2020 年業績證實了收購 Artesyn Embedded Power 的成功，因為我們將業務整合到了 AE 可擴展平台中。儘管存在與 COVID 相關的挑戰，我們仍超越了整合里程碑並實現了協同目標。而且我們相信，我們有望在大約原計劃一半的時間內達到或超過我們的長期成本協同目標。

With a fully integrated functional organization structure, we have the scale and the scope to drive sustainable competitive advantages as a top-tier industrial technology growth company as we continue to pursue our long-term strategic and aspirational goals.

憑藉完全整合的職能組織結構，隨著我們繼續追求長期戰略和遠大目標，我們有規模和範圍來推動作為頂級工業技術成長型公司的可持續競爭優勢。

In Q4, we continued our investment in ESG initiatives, launching a new scholarship program to support increased diversity in STEM education. We have tremendous interest with applicants from multiple universities across various technical disciplines. We will continue to enhance our ESG initiatives as part of our commitment to deliver long-term value to all of our global stakeholders.]

在第四季度，我們繼續投資於 ESG 計劃，推出了一項新的獎學金計劃，以支持 STEM 教育的多樣性。我們對來自不同技術學科的多所大學的申請人非常感興趣。我們將繼續加強我們的 ESG 舉措，作為我們為所有全球利益相關者提供長期價值的承諾的一部分。]

Now let me comment on our fourth quarter performance across our markets. Our Q4 semiconductor revenue was at the high end of our previously stated second half growth rate of 15% to 20% after an exceptional Q3 driven by robust demand in foundry/logic and strengthening NAND. We expect this healthy market condition to further improve in Q1.

現在讓我評論一下我們在整個市場的第四季度業績。我們的第四季度半導體收入處於我們先前所說的下半年增長率 15% 至 20% 的高端，這是在代工/邏輯的強勁需求和增強的 NAND 推動的異常第三季度之後。我們預計這種健康的市場狀況將在第一季度進一步改善。

We are extending our leadership in semiconductors as we launch new products, including a new high-power RF generator, the Paramount HFi, and a new remote plasma source, the MAXstream. In addition, we shipped evaluation units of eVoS to a number of strategic customers during the quarter. And we won an RF design for a next-generation PECVD tool at one of the top equipment OEMs.

隨著我們推出新產品，包括新型高功率射頻發生器 Paramount HFi 和新型遠程等離子源 MAXstream，我們正在擴大我們在半導體領域的領先地位。此外，我們在本季度向許多戰略客戶運送了 eVoS 評估單元。我們還贏得了一家頂級設備 OEM 的下一代 PECVD 工具的 RF 設計。

In Korea, we secured new RF design wins for a leading CVD and ALD platform and for a next-generation etch for NAND application.

在韓國，我們為領先的 CVD 和 ALD 平台以及 NAND 應用的下一代蝕刻贏得了新的 RF 設計。

In the $300 million semiconductor embedded power market, we secured a new design win in back-end equipment by replacing multiple competitors' DC modules with our integrated solution.

在價值 3 億美元的半導體嵌入式電源市場中，我們通過使用我們的集成解決方案替換多個競爭對手的 DC 模塊，在後端設備中獲得了新的設計勝利。

Overall, our success across multiple fronts will allow our semiconductor business to continue to outgrow the market. Driven by increase in the semiconductor industry, we expect our demand to increase in Q1 and to further accelerate in Q2.

總的來說，我們在多個方面的成功將使我們的半導體業務繼續超越市場。在半導體行業增長的推動下，我們預計我們的需求將在第一季度增加，並在第二季度進一步加速。

Turning to our data center computing market. Demand declined in Q4 as expected, reflecting data center digestion among our hyperscale customers and a generally weak IT spending environment. We expect this market condition to extend into Q1 but we continue to anticipate growth to return later this year.

轉向我們的數據中心計算市場。正如預期的那樣，第四季度的需求下降，反映了我們超大規模客戶對數據中心的消化以及普遍疲軟的 IT 支出環境。我們預計這種市場狀況將延續到第一季度，但我們繼續預計今年晚些時候會恢復增長。

In hyperscale, we are transforming from being a fast follower to becoming a market leader as we grew our 2020 revenue by over 250%. Although this market could be lumpy, we believe we are still in the early innings of this journey and expect meaningful growth over time.

在超大規模領域，隨著我們 2020 年的收入增長超過 250%，我們正在從快速追隨者轉變為市場領導者。儘管這個市場可能起伏不定，但我們相信我們仍處於這一旅程的早期階段，並預計隨著時間的推移會出現有意義的增長。

We continue to make solid progress at new hyperscale customers and reiterate our target to deliver production shipments to additional Tier 1 hyperscale customers this year. We've also started to capture new opportunities created by the transition to 48-volt service. In Q4, an additional hyperscale customer selected our 48-volt power shelf. And we secured a design win for our board-mounted, 48-volt DC-to-DC converter at a Tier 1 customer.

我們繼續在新的超大規模客戶方面取得穩步進展，並重申我們的目標是今年向更多的一級超大規模客戶交付生產出貨量。我們還開始抓住向 48 伏服務過渡所創造的新機遇。在第四季度，另一位超大規模客戶選擇了我們的 48 伏電源架。我們的板載 48 伏 DC-DC 轉換器的設計贏得了一級客戶的青睞。

In enterprise computing, we secured another high-performance computing design win for a supercomputing platform at a leading customer as we continue to capitalize on our industry-leading efficiency and power density.

在企業計算方面，隨著我們繼續利用我們行業領先的效率和功率密度，我們為領先客戶的超級計算平台贏得了另一項高性能計算設計。

While the high-volume production of these wins may take time, they support our road map of adding over $100 million of annual incremental revenue by 2023.

雖然這些勝利的大批量生產可能需要時間，但它們支持我們到 2023 年增加超過 1 億美元的年度增量收入的路線圖。

Industrial and medical revenues grew 8% sequentially, surpassing our expectations. Macro conditions improved in Q4 across several markets as we saw good demand for solar cell manufacturing, flat panel display and hard coatings for consumer devices. We also benefited from growing demand for air filtration systems used in preventing the spread of COVID, which is a win we reported last quarter.

工業和醫療收入環比增長 8%，超出我們的預期。由於我們看到對太陽能電池製造、平板顯示器和消費設備硬塗層的良好需求，第四季度多個市場的宏觀狀況有所改善。我們還受益於對用於防止 COVID 傳播的空氣過濾系統的需求不斷增長，這是我們上個季度報告的勝利。

Revenue from medical applications declined sequentially on lower demand for some critical care equipment and elective care applications. During the quarter, we secured several design wins from medical diagnostic applications with our fanless power supplies.

由於對某些重症監護設備和選擇性護理應用的需求下降，來自醫療應用的收入環比下降。本季度，我們的無風扇電源贏得了多項醫療診斷應用的設計大獎。

Our strategy for industrial and medical is to enable smart applications through our portfolio of products with advanced digital capabilities. During the quarter, we introduced a multitude of new products across our application set, from pyrometry and industrial heating to indoor farming and medical. While we expect industrial to be seasonally down in Q1 and medical to see further pressure, based on our solid design win pipeline, we are well positioned to grow this vertical for the year as macro conditions improve.

我們的工業和醫療戰略是通過我們具有高級數字功能的產品組合來實現智能應用。在本季度，我們在我們的應用集中推出了大量新產品，從高溫測量和工業加熱到室內農業和醫療。雖然我們預計工業在第一季度將出現季節性下滑，醫療行業將面臨進一步壓力，但基於我們穩固的設計獲勝渠道，隨著宏觀環境的改善，我們有能力在今年實現這一垂直領域的增長。

Revenues from telecom and networking applications remained about flat from Q3 and were up 20% year-over-year, reflecting a slightly improved market condition and success of some of our programs. Overall, telecom investment remains constrained and networking is facing the general slowdown in IT infrastructure investment.

電信和網絡應用的收入與第三季度持平，同比增長 20%，反映出市場狀況略有改善以及我們的一些項目取得了成功。總體而言，電信投資仍然受限，網絡面臨 IT 基礎設施投資普遍放緩的局面。

With significant 5G investments still ahead, we are focused on winning the key 5G designs. In Q4, we secured an important 5G design win for a small cell radio primarily designed for the U.S. market. In networking, we won a design for a white box switch for a Tier 1 Asian hyperscale customer.

鑑於未來仍有大量 5G 投資，我們專注於贏得關鍵的 5G 設計。在第四季度，我們為主要為美國市場設計的小型蜂窩無線電贏得了一項重要的 5G 設計。在網絡方面，我們為亞洲一級超大規模客戶贏得了白盒交換機設計。

We continue to optimize our portfolio for higher earnings growth. While in aggregate, these actions will impact revenue over the short term, we believe the steps taken will focus our resources on higher value-added opportunities and continue to improve overall margins.

我們繼續優化我們的投資組合以實現更高的盈利增長。雖然總體而言，這些行動將在短期內影響收入，但我們相信所採取的措施將使我們的資源集中在更高附加值的機會上，並繼續提高整體利潤率。

To summarize, Q4 and 2020 results demonstrate our unique position in benefiting from the fourth industrial revolution, our successful growth strategies across our markets and the strength of our team and our culture. Our focus on being a pure-play power leader is enabling us to outperform the markets we serve, gain market share and expand into new and exciting opportunities. We have built a track record of growing earnings faster than our revenue and delivering top-tier return on invested capital.

總而言之，第四季度和 2020 年的業績證明了我們在第四次工業革命中受益的獨特地位、我們在各個市場的成功增長戰略以及我們團隊和文化的實力。我們專注於成為純粹的權力領導者，這使我們能夠超越我們所服務的市場，獲得市場份額並擴展到新的和令人興奮的機會。我們已經建立了收益增長快於收入增長並提供頂級投資資本回報的記錄。

At the end of 2020, we announced a regular quarterly dividend, demonstrating our ability to generate consistent cash flow and our commitment to regularly return capital to our shareholders while continuing to pursue inorganic growth.

2020 年底，我們宣布定期派發季度股息，表明我們有能力產生穩定的現金流，以及我們在繼續追求無機增長的同時定期向股東返還資本的承諾。

Looking forward, we will continue to invest aggressively in bringing new enabling products and solutions to our markets. Our growing pipeline of design wins reflects our success in converting those investments into tangible results. Despite near-term macro challenges due to the coronavirus, we expect our top and bottom line to continue to grow in 2021. Going forward, AE is well positioned to deliver long-term sustainable growth through our innovation, technologies, products and services.

展望未來，我們將繼續積極投資，為我們的市場帶來新的支持產品和解決方案。我們不斷增長的設計勝利管道反映了我們在將這些投資轉化為有形成果方面的成功。儘管冠狀病毒帶來了近期的宏觀挑戰，但我們預計我們的收入和利潤將在 2021 年繼續增長。展望未來，AE 有能力通過我們的創新、技術、產品和服務實現長期可持續增長。

Before I conclude my comments, this morning, we announced that I will be retiring as President and CEO of Advanced Energy effective March 1. Steve Kelley, who some of you know as the previous CEO of Amkor, will become the President and CEO of Advanced Energy. To ensure a seamless transition, I will remain as an executive adviser to Steve and the Board through March 2022.

在我結束我的評論之前，今天早上，我們宣布我將從 3 月 1 日起退休，擔任 Advanced Energy 總裁兼首席執行官。Steve Kelley，你們中的一些人知道他是 Amkor 的前任首席執行官，將成為 Advanced 的總裁兼首席執行官活力。為確保無縫過渡，我將在 2022 年 3 月之前繼續擔任史蒂夫和董事會的執行顧問。

I'd like to thank the Board, our shareholders, our customers and, most importantly, our employees for their support over the last few years. It has been an amazing journey as we have grown the company, introduced new products and technologies, delivered record financial results, created shareholder value and transformed AE into an industrial technology growth company. I am proud of our accomplishments and I'm grateful for the relationships I have developed over this time.

我要感謝董事會、我們的股東、我們的客戶，最重要的是，感謝我們的員工在過去幾年中給予的支持。這是一段了不起的旅程，因為我們發展了公司，推出了新產品和技術，創造了創紀錄的財務業績，創造了股東價值，並將 AE 轉變為一家工業技術成長型公司。我為我們的成就感到自豪，也為我在這段時間建立的關係而感激。

My retirement is a result of our standard succession planning process. I have worked closely with the Board of Directors to identify the right person as the next CEO for Advanced Energy. We looked for a proven leader who builds teams, fosters innovation, drives strategic vision and creates shareholder value and we found these attributes in Steve. Together with the leadership team, I'm confident that he will lead AE to the next level of success.

我的退休是我們標準繼任計劃流程的結果。我與董事會密切合作，確定合適的人選擔任 Advanced Energy 的下一任首席執行官。我們尋找一位久經考驗的領導者，他能夠建立團隊、促進創新、推動戰略願景並創造股東價值，而我們在史蒂夫身上發現了這些品質。與領導團隊一起，我相信他將帶領 AE 取得更高的成功。

With that, let me turn the call over to Paul.

有了這個，讓我把電話轉給保羅。

Thank you, Yuval, and good morning, everyone. Before I begin, please note that all financial measures presented today will be on a non-GAAP basis, unless otherwise stated.

謝謝 Yuval，大家早上好。在我開始之前，請注意，除非另有說明，否則今天提出的所有財務指標都將基於非公認會計原則。

This quarter, our non-GAAP results also exclude $5.2 million of restructuring costs primarily related to the previously announced closure of our Shenzhen facility and $3.8 million in noncash unrealized FX losses related to long-term lease and pension liabilities. A reconciliation from GAAP to non-GAAP measures can be found in our press release issued earlier today.

本季度，我們的非 GAAP 業績還不包括 520 萬美元的重組成本，主要與先前宣布關閉我們的深圳工廠有關，以及與長期租賃和養老金負債相關的 380 萬美元的非現金未實現外匯損失。在我們今天早些時候發布的新聞稿中可以找到從 GAAP 到非 GAAP 措施的調節。

We delivered outstanding financial results in the fourth quarter, with revenue above the midpoint of our guidance and non-GAAP earnings per share at the high end of our guidance range. Despite the challenging environment, our team again executed very well, delivering to strong customer demand primarily in our semiconductor and industrial markets. Combined with synergies and good cost control, we achieved our second-highest quarter ever in operating income and cash flow generation and an annualized return on invested capital of over 20%.

我們在第四季度取得了出色的財務業績，收入高於我們指導的中點，非 GAAP 每股收益處於我們指導範圍的高端。儘管環境充滿挑戰，但我們的團隊再次表現出色，滿足了主要在半導體和工業市場的強勁客戶需求。結合協同效應和良好的成本控制，我們實現了有史以來第二高的營業收入和現金流產生，以及超過 20% 的年化投資回報率。

Fourth quarter revenue was $371 million, reflecting nearly 10% growth year-over-year but down 5% sequentially from the record levels in Q3.

第四季度收入為 3.71 億美元，同比增長近 10%，但比第三季度的創紀錄水平下降了 5%。

Sales in the semiconductor were $166 million, up 32% from last year and almost flat to last quarter. Our full year and second half 2020 growth outperformed the market and industry again as we continue to extend our leadership in semi power.

半導體銷售額為 1.66 億美元，比去年增長 32%，與上一季度幾乎持平。隨著我們繼續擴大我們在半導體領域的領先地位，我們 2020 年全年和下半年的增長再次跑贏市場和行業。

Our R&D investments during the last downturn are yielding tangible results, with multiple new product introductions and a strong pipeline of design wins.

我們在上一次經濟低迷時期的研發投資取得了實實在在的成果，推出了多項新產品，並獲得了強大的設計勝利。

Looking forward, we expect semi demand to grow sequentially in the first quarter and further accelerate in Q2 on continued strength in foundry/logic and increased demand in 3D NAND applications.

展望未來，我們預計半導體需求將在第一季度連續增長，並在第二季度進一步加速，原因是代工/邏輯的持續強勁以及 3D NAND 應用的需求增加。

Data center computing revenue was $65 million, down sequentially as expected, as the market digestion that began in Q3 continued into the fourth quarter. Looking forward, we expect cloud digestion to continue to impact our data center computing revenue in the near term, with increased investment and the benefit of new design wins driving higher revenues later in the year.

數據中心計算收入為 6500 萬美元，如預期的那樣連續下降，因為從第三季度開始的市場消化一直持續到第四季度。展望未來，我們預計雲消化將在短期內繼續影響我們的數據中心計算收入，增加投資和新設計獲勝的好處將在今年晚些時候推動更高的收入。

Revenue from our industrial and medical markets grew 8% sequentially to $94 million. The better-than-expected performance was driven by growth across several applications, including motion control, photonics and thin-film coatings. Medical revenues declined as expected from a strong Q3 due to critical care demand beginning to normalize.

我們的工業和醫療市場收入環比增長 8%，達到 9400 萬美元。好於預期的業績是由多個應用的增長推動的，包括運動控制、光子學和薄膜塗層。由於重症監護需求開始正常化，醫療收入從第三季度的強勁表現如預期下降。

Looking forward, we expect industrial and medical revenues to decline seasonally in Q1 versus Q4 but be well above the revenue level from a year ago. Near term, the impact from COVID will continue to pressure this market. But improved macro conditions should benefit our industrial applications over time.

展望未來，我們預計第一季度工業和醫療收入將較第四季度出現季節性下降，但遠高於一年前的收入水平。短期內，COVID 的影響將繼續給該市場帶來壓力。但隨著時間的推移，宏觀條件的改善應該有利於我們的工業應用。

Telecom and networking revenue was $46 million in the quarter, down slightly from Q3 but up 20% year-over-year. Overall, global 5G investments outside of China are expected to remain relatively muted in the near term. In addition, we expect our portfolio optimization actions to begin impacting revenues in this vertical as we pivot towards higher-value applications.

本季度電信和網絡收入為 4600 萬美元，比第三季度略有下降，但同比增長 20%。總體而言，短期內中國以外的全球 5G 投資預計將保持相對低迷。此外，隨著我們轉向更高價值的應用程序，我們預計我們的投資組合優化行動將開始影響該垂直領域的收入。

Non-GAAP gross margin for the quarter was 39.5%, down slightly from 39.8% last quarter on lower volume. Year-over-year, gross margins increased to 360 basis points driven by material cost improvements, product mix and accelerated synergy actions, including portfolio optimization and productivity improvements across our factories.

由於銷量下降，本季度非美國通用會計準則毛利率為 39.5%，略低於上一季度的 39.8%。與去年同期相比，在材料成本改善、產品組合和加速協同行動的推動下，毛利率增加到 360 個基點，包括我們工廠的產品組合優化和生產力提高。

While we expect gross margin to decline modestly in Q1 due to lower volume and supply chain challenges, our planned synergy actions should further improve gross margins over the next several quarters, enabling us to sustainably achieve or exceed our initial gross margin target of over 40%.

雖然我們預計第一季度的毛利率會因銷量下降和供應鏈挑戰而溫和下降，但我們計劃的協同行動應該會在未來幾個季度進一步提高毛利率，使我們能夠持續實現或超過我們最初超過 40% 的毛利率目標.

Non-GAAP operating expenses were $76.9 million, down $2 million from last quarter on lower variable expenses and timing of R&D project costs. Our team did a good job of controlling expenses during the quarter. As a result, operating margins for the quarter were 18.7%.

非 GAAP 運營費用為 7690 萬美元，比上一季度減少 200 萬美元，原因是可變費用和研發項目成本的時間安排較低。我們的團隊在本季度的費用控制方面做得很好。因此，本季度的營業利潤率為 18.7%。

Non-GAAP other expense was $2.3 million, including $1.3 million of interest expense. We expect other expense to remain in the $1.5 million to $2 million range.

非 GAAP 其他費用為 230 萬美元，包括 130 萬美元的利息費用。我們預計其他費用將保持在 150 萬至 200 萬美元之間。

Our non-GAAP tax expense was $9.9 million or 14.7%. Looking forward, we expect the GAAP and non-GAAP tax rate to remain in the 15% range.

我們的非 GAAP 稅費為 990 萬美元或 14.7%。展望未來，我們預計 GAAP 和非 GAAP 稅率將保持在 15% 的範圍內。

Non-GAAP earnings for the quarter were $1.49 per share, down from $1.66 last quarter on lower revenue but up 71% from $0.87 a year ago.

本季度非 GAAP 每股收益為 1.49 美元，低於上一季度的 1.66 美元，原因是收入下降，但較一年前的 0.87 美元增長了 71%。

Turning to our full year 2020 financial results. Revenue increased by 79% on an as-reported basis to a record $1.42 billion. On a pro forma basis, revenues grew 18% driven by 50% growth in semi and 46% growth in data center computing, partially offset by declines in industrial and telecom markets primarily related to COVID and macro factors.

轉向我們 2020 年全年的財務業績。收入按報告基礎增長 79%，達到創紀錄的 14.2 億美元。在備考基礎上，收入增長了 18%，這主要受半導體業務增長 50% 和數據中心計算業務增長 46% 的推動，部分被主要與 COVID 和宏觀因素相關的工業和電信市場下滑所抵消。

Our full year 2020 gross margin was 39%, approaching our initial long-term model of 40% after just the first full year of Artesyn integration.

我們 2020 年全年的毛利率為 39%，在 Artesyn 整合的第一年之後接近我們最初的 40% 的長期模型。

Gross profit dollars increased almost 70% from 2019. Leverage on sales growth and synergies from the Artesyn acquisition resulted in operating income more than doubling to $244 million or 17.2% of sales. As a result, 2020 non-GAAP EPS was a record $5.23 per share, up more than 110% from $2.44 in 2019.

毛利潤比 2019 年增長了近 70%。銷售增長的槓桿作用和收購 Artesyn 的協同效應導致營業收入翻了一番多，達到 2.44 億美元，佔銷售額的 17.2%。因此，2020 年非美國通用會計準則每股收益達到創紀錄的 5.23 美元，較 2019 年的 2.44 美元增長超過 110%。

Turning now to the balance sheet. We ended the fourth quarter with cash and marketable securities of $483 million, up $51 million from Q3. Inventory declined by $35 million and turns increased to 4.1x due in part to timing and actions taken to structurally improve our inventory management. This improvement was largely offset by a reduction in accounts payable on lower purchases and associated DPO of 50 days. We expect both inventory and payables to increase in Q1 largely to manage supply chain constraints.

現在轉向資產負債表。第四季度結束時，我們的現金和有價證券為 4.83 億美元，比第三季度增加了 5100 萬美元。庫存下降了 3500 萬美元，周轉率增加到 4.1 倍，部分原因是為從結構上改善我們的庫存管理而採取的時機和行動。這一改善在很大程度上被採購量減少的應付賬款減少和相關的 50 天 DPO 所抵消。我們預計第一季度庫存和應付賬款都將增加，主要是為了管理供應鏈限制。

Receivables decreased on lower sales and DSO rose slightly to 57 days. Total days of net working capital were 95, up 2 days from last quarter.

應收賬款因銷售額下降而減少，DSO 小幅上升至 57 天。淨營運資金總天數為 95 天，比上一季度增加 2 天。

Operating cash flow from continuing operations was $67.1 million, just below the record level we generated last quarter. Full year operating cash flow was a record for the company at $202 million.

來自持續經營的經營現金流為 6710 萬美元，略低於我們上季度創下的創紀錄水平。全年經營現金流為 2.02 億美元，創下了公司的歷史記錄。

Free cash flow from continuing operations was $56 million in Q4 and $166 million for the full year.

第四季度來自持續經營的自由現金流為 5600 萬美元，全年為 1.66 億美元。

Capital expenditures for the quarter were $11.3 million and depreciation was $7.3 million. We continue to expect capital expenditures to be about 2% to 3% of sales.

本季度的資本支出為 1130 萬美元，折舊為 730 萬美元。我們繼續預計資本支出約佔銷售額的 2% 至 3%。

During the quarter, we also repaid $4.4 million of principal amortization on our debt, ending with total bank debt of $322 million and net cash of $161 million. Our trailing 12-month gross debt leverage decreased to 1.2x.

本季度，我們還償還了 440 萬美元的債務本金攤銷，最終銀行債務總額為 3.22 億美元，淨現金為 1.61 億美元。我們過去 12 個月的總債務槓桿率降至 1.2 倍。

During the quarter, we did not repurchase any stock.

本季度，我們沒有回購任何股票。

Finally, as announced last week, we declared a quarterly dividend of $0.10 per share, which will be paid to shareholders of record as of February 22.

最後，正如上周宣布的那樣，我們宣布派發每股 0.10 美元的季度股息，並將支付給截至 2 月 22 日在冊的股東。

Now let me turn to guidance. Overall, we expect Q1 demand to remain strong with sequential growth in semiconductor partially offsetting seasonal declines in industrial and medical and the impact of portfolio optimization in telecom and networking. Data center computing revenues are expected to be at similar levels as Q4.

現在讓我轉向指導。總體而言，我們預計第一季度需求將保持強勁，半導體的環比增長部分抵消了工業和醫療的季節性下滑以及電信和網絡投資組合優化的影響。數據中心計算收入預計與第四季度持平。

On a year-over-year basis, we expect solid growth across all our market verticals, except data center computing, due to the market digestion following a strong ramp last year.

與去年同期相比，由於去年強勁增長後的市場消化，我們預計除數據中心計算外，我們所有垂直市場都將實現穩健增長。

While we see strong demand for our products, the ongoing risks related to COVID-19, combined with global supply constraints in the electronics industry, could impact our ability to fully meet this demand in the near term. Factoring these risks into our forecast, we are guiding Q1 revenue to be $350 million, plus or minus $15 million.

雖然我們看到對我們產品的強勁需求，但與 COVID-19 相關的持續風險，加上電子行業的全球供應限制，可能會影響我們在短期內完全滿足這一需求的能力。將這些風險納入我們的預測，我們將第一季度收入指導為 3.5 億美元，上下浮動 1500 萬美元。

Based on lower volume and higher supply chain costs, we expect non-GAAP gross margins to be 38% to 39%. Operating expenses are expected to be up slightly on increased R&D investment.

基於較低的產量和較高的供應鏈成本，我們預計非 GAAP 毛利率為 38% 至 39%。由於研發投資的增加，預計運營費用將略有上升。

As a result, we expect non-GAAP earnings to be $1.25 per share, plus or minus $0.15.

因此，我們預計非 GAAP 收益為每股 1.25 美元，上下浮動 0.15 美元。

Before I open for questions, I would like to share some of my perspective on our business. As our 2020 revenue growth demonstrated, Advanced Energy is well positioned to benefit from the secular growth trends across our markets while also gaining market share and expanding into new market opportunities. The doubling of our earnings reflects solid execution by our team, our ability to deliver on our synergy plans and the operating leverage in our model.

在開始提問之前，我想分享一些我對我們業務的看法。正如我們 2020 年的收入增長所表明的那樣，Advanced Energy 處於有利地位，可以從我們整個市場的長期增長趨勢中受益，同時也可以獲得市場份額並拓展新的市場機會。我們收益的翻倍反映了我們團隊的可靠執行、我們實現協同計劃的能力以及我們模型中的運營槓桿。

Looking forward, we are as excited as ever about the demand prospects for our business as we should have tailwinds across our markets in 2021. Although the impacts of COVID and challenges in the global electronics supply chain may impact us over the next couple of quarters, we remain confident in both delivering growth in 2021 and in meeting our new 3-year aspirational goals of $1.65 billion in revenue and $7.50 in non-GAAP EPS and in achieving our long-term vision of $2.5 billion in revenue and $12 earnings per share over time.

展望未來，我們對業務的需求前景一如既往地感到興奮，因為 2021 年我們的市場應該會順風順水。儘管 COVID 的影響和全球電子供應鏈中的挑戰可能會在未來幾個季度影響我們，我們仍然有信心在 2021 年實現增長，實現 16.5 億美元收入和 7.50 美元非 GAAP 每股收益的新 3 年理想目標，並實現我們 25 億美元收入和 12 美元每股收益的長期願景時間。

Finally, I would like to extend my personal thanks to Yuval for his vision, leadership and commitment to Advanced Energy as he led the transformation and success of the company. I have personally enjoyed working with Yuval immensely over these last few years and wish him well on his new chapter of his life. I equally look forward to working with Steve Kelley and I'm confident in his ability to lead Advanced Energy to the next level of success.

最後，我要對 Yuval 表示個人感謝，感謝他在領導公司轉型和取得成功時對 Advanced Energy 的遠見卓識、領導才能和承諾。在過去的幾年裡，我個人非常享受與 Yuval 的合作，並祝愿他在人生的新篇章中一切順利。我同樣期待與 Steve Kelley 合作，我相信他有能力帶領 Advanced Energy 取得更大的成功。

With that, let's take your questions. Operator?

有了這個，讓我們回答你的問題。操作員？

(Operator Instructions) And your first question is from the line of Mehdi Hosseini.

（操作員說明）您的第一個問題來自 Mehdi Hosseini。

Yes. Best of luck to you, Yuval. I have one question for Yuval. And I want to better understand what instigated the change in the CEO role. I understand the succession plan but I'm kind of surprised given your aspirational goal. So if you could provide us with some color will be great.

是的。祝你好運，尤瓦爾。我有一個問題要問 Yuval。我想更好地了解是什麼促使 CEO 角色發生變化。我了解繼任計劃，但鑑於您的遠大目標，我感到有些驚訝。因此，如果您能為我們提供一些顏色，那就太好了。

And then in terms of your report, how should I think about your traction in Japan? You talked about continued share gain especially in semi cap. And I want to see how you're tracking with the share gains specifically in the Japan region.

然後就您的報告而言，我應該如何看待您在日本的吸引力？你談到了持續的份額增長，尤其是半市值。我想看看你是如何跟踪日本地區的份額增長的。

Thank you, Mehdi. Regarding my decision to retire, it is really part of our standard succession planning process. Full disclosure, I will be turning 67 years old this year. And my plan is to spend more time with my family, friends and pursue some of my personal interests. I've been working very closely with the Board to identify the person that will have the right profile and attributes to continue to lead the company and pursue the strategy that we put together.

謝謝你，邁赫迪。關於我退休的決定，這實際上是我們標準繼任計劃流程的一部分。完全公開，我今年將滿 67 歲。我的計劃是花更多時間與家人、朋友在一起，並追求一些個人興趣。我一直在與董事會密切合作，以確定具有合適背景和特質的人選，以繼續領導公司並實施我們制定的戰略。

And as I said earlier, we found these attributes with Steve Kelley. We're excited about Steve joining the company. We believe that he has all the capabilities, skills, experience and track record to do just that.

正如我之前所說，我們在 Steve Kelley 身上發現了這些特質。我們很高興史蒂夫加入公司。我們相信他擁有做到這一點的所有能力、技能、經驗和業績記錄。

Now regarding our market share gains, as you know, 2020 was an amazing year for us. We introduced tremendous amount of products, I think more than any other company in our space in 2020, while managing the company through COVID-19. Some of these products are enabling and, especially in the semi industry, some of these products will enable the next-generation technology nodes, especially eVoS, MAXstream, the RFPS. We continue to gain traction. We continue to gain share.

現在關於我們的市場份額增長，如您所知，2020 年對我們來說是了不起的一年。在通過 COVID-19 管理公司的同時，我們推出了大量產品，我認為這比 2020 年我們所在領域的任何其他公司都要多。其中一些產品正在啟用，尤其是在半導體行業，其中一些產品將啟用下一代技術節點，尤其是 eVoS、MAXstream、RFPS。我們繼續獲得牽引力。我們繼續獲得份額。

And one area that is a really unique strength of Advanced Energy is our RF matching networks. We are the world leader in RF matching, which is really critical for the ability to deliver effectively RF powering to the plasma. This is another area we'll continue to grow, get traction and gain share.

Advanced Energy 的真正獨特優勢之一是我們的 RF 匹配網絡。我們是 RF 匹配領域的世界領先者，這對於能夠有效地為等離子體提供 RF 供電的能力至關重要。這是我們將繼續發展、獲得牽引力和份額的另一個領域。

Specifically regarding Asia, we continue to have good design wins in Asia as I reported. Specifically to Japan, we are an increasing player in Japan with higher level of traction in very advanced applications. And beyond that, I cannot share any more information.

特別是關於亞洲，正如我所報導的那樣，我們在亞洲繼續取得良好的設計勝利。具體到日本，我們在日本的參與者越來越多，在非常先進的應用程序中具有更高的牽引力。除此之外，我無法分享更多信息。

Your next question is from the line of Scott Graham with Rosenblatt Securities.

你的下一個問題來自 Rosenblatt Securities 的 Scott Graham。

Yes. Yuval, congratulations. I know we've only known each other for a short while but obviously, the track record here has been terrific, and you've really transformed this company. So congratulations and best of luck.

是的。尤瓦爾，恭喜你。我知道我們只認識了很短一段時間，但顯然，這裡的業績記錄非常好，你真的改變了這家公司。恭喜你，祝你好運。

Thank you so much. Thank you very much.

太感謝了。非常感謝。

Sure. So I wanted to maybe talk about the 3-year goals as well and maybe kind of piggyback on to the prior question. So why would we be putting these out now in front of the change at the top particularly since, if I may, the EPS growth target, which I assume is for 2023, is a pretty healthy target? Could you talk through why we would be releasing this today rather than maybe waiting a quarter for Steve to have full input?

當然。所以我也想談談 3 年的目標，也許可以順便回答一下前面的問題。那麼，為什麼我們現在要把這些放在高層變動之前，特別是因為，如果可以的話，我認為 2023 年的 EPS 增長目標是一個非常健康的目標？你能談談為什麼我們今天要發布這個而不是等一個季度讓史蒂夫有完整的意見嗎？

So a really good question. So as I said earlier, the hiring of Steve was driven by a process that is a standard succession planning process. When we talked to the Street about updated aspirational goals 3 years out, we at that point did not conclude on a successor. So in terms of timing, our decision to onboard Steve to the company came after our announcement of the aspirational goals. So there's nothing shifty or tricky about it.

這是一個非常好的問題。因此，正如我之前所說，史蒂夫的聘用是由一個標準的繼任計劃流程推動的。當我們與華爾街討論 3 年後更新的理想目標時，我們當時還沒有確定繼任者。因此，就時間而言，我們決定讓史蒂夫加入公司是在我們宣布了遠大目標之後。所以這沒有什麼狡猾或棘手的。

The decision about my timing of retirement was driven by identifying the right successor, right? And if we didn't identify the right successor, I probably will stay here for a longer period of time. So the timing of my retirement was driven by identifying Steve. Does that answer your question?

關於我退休時間的決定是由確定合適的繼任者驅動的，對嗎？如果我們沒有找到合適的繼任者，我可能會留在這裡更長的時間。所以我退休的時間是由確定史蒂夫決定的。這是否回答你的問題？

Yes. Yes, it does. Yes, for the most part. If I could just sneak maybe one more in here. Again, you're hearing me not ask questions about the results, which I think are very straightforward. You had a nice quarter and all of that. The guidance is very clear.

是的。是的，它確實。是的，在大多數情況下。如果我能再偷偷溜進來一次就好了。再一次，你聽到我沒有問關於結果的問題，我認為這很簡單。你有一個不錯的季度和所有這些。指導非常明確。

Again, maybe one on the longer term. So you're way ahead of plan on the integration of Artesyn. And your balance sheet is kind of back to the -- on a net leverage basis, to really being liquid. Does this change from you to Steve slow down potentially the M&A process? As Steve kind of gets his head around everything, do you think there's a potential slowdown here? I guess I was thinking that 2021 would be a big year for M&A for you guys again. What is your thoughts there?

再一次，也許是一個長期的。因此，您在整合 Artesyn 方面遠遠領先於計劃。你的資產負債表有點回到——在淨槓桿的基礎上，真正具有流動性。從你到史蒂夫，這是否會減慢併購進程？由於史蒂夫對所有事情都有所了解，您認為這裡可能會放緩嗎？我想我在想 2021 年將再次成為你們併購的重要一年。你有什麼想法？

Yes. Good question. So let me give you a little bit of background, right? Board -- the Board has approved our strategic plan. The Board has approved our long-term goals. The Board has approved the transition of CEO. And me and the Board together decided on hiring Steve and bringing Steve to the company.

是的。好問題。那麼讓我給你一些背景，對吧？董事會——董事會已批准我們的戰略計劃。董事會已經批准了我們的長期目標。董事會已批准首席執行官的過渡。我和董事會一起決定聘用史蒂夫並將史蒂夫帶到公司。

Steve had a great opportunity to review the company's strategy, to review our strategic goals, to review our aspirational goals both for 3 years out and the 7 years out and after doing that, excitedly decided to accept our offer and join the company.

史蒂夫有一個很好的機會來回顧公司的戰略，回顧我們的戰略目標，回顧我們未來 3 年和 7 年的遠大目標，在這樣做之後，他興奮地決定接受我們的提議並加入公司。

I do not expect to see any major deviation from our strategy going forward. Our business model, our financial model, our operational model have proven themselves over the last 6 years to be extremely capable, yielding results normally ahead of plan. And yes, we are very acquisitive and we do have a very healthy balance sheet with a dry powder that will allow us to continue to pursue inorganic growth.

我預計未來不會出現任何重大偏離我們戰略的情況。我們的商業模式、我們的財務模式、我們的運營模式在過去 6 年中證明了自己非常有能力，通常比計劃提前產生結果。是的，我們非常善於收購，我們確實擁有非常健康的資產負債表和乾粉，這將使我們能夠繼續追求無機增長。

Steve has a great experience in his previous position at Amkor to go and pursue inorganic growth, acquiring companies, effectively integrating them, increasing value and delivering a really strong shareholder value. So from my vantage point and after talking to Steve during the process of hiring him, Steve is fully aligned with our long-term strategy and our long-term aspirational goals and, again, supported by the Board.

史蒂夫在他之前在 Amkor 的職位上擁有豐富的經驗，他追求無機增長，收購公司，有效整合它們，增加價值並提供真正強大的股東價值。因此，從我的角度來看，在聘用他的過程中與史蒂夫交談後，史蒂夫完全符合我們的長期戰略和我們的長期理想目標，並且再次得到董事會的支持。

Last comment. Steve and the management team compensation plan is linked directly to our long-term growth and objectives.

最後評論。史蒂夫和管理團隊的薪酬計劃與我們的長期發展和目標直接掛鉤。

That's very clear. Yuval, again, congratulations. Thank you for the answer and great job in transforming this company.

這很清楚。 Yuval，再次恭喜。感謝您的回答以及在改造這家公司方面所做的出色工作。

Thank you very much. I really appreciate that.

非常感謝。我真的很感激。

Your next question is from the line of Tom Diffely of D.A. Davidson.

你的下一個問題來自 D.A. 的 Tom Diffely。戴維森。

Yes. Congratulations from me as well, Yuval. Clearly...

是的。 Yuval，我也祝賀你。清楚地...

Thank you, Tom.

謝謝你，湯姆。

(inaudible) both a nice turnaround at the beginning of the story and then a really impressive growth in recent years. So job well done.

（聽不清）故事開頭的好轉機和近年來令人印象深刻的增長。所以工作做得很好。

Thank you for (inaudible).

謝謝你（聽不清）。

My pleasure. Looking at the end markets, it sounds like dropped off a bit in industrial and medical. Is that purely just seasonality? Or is there anything beyond that?

我的榮幸。看看終端市場，這聽起來像是在工業和醫療領域有所下降。這純粹只是季節性嗎？或者除此之外還有什麼嗎？

And then adding to that, on the telecom networking side, it sounds like you're trimming your portfolio a bit. Any more color on that would be helpful.

然後再加上，在電信網絡方面，聽起來你正在稍微削減你的投資組合。任何更多的顏色都會有所幫助。

Sure. So yes, indeed, the medical, industrial, definitely seasonality. And also, our medical business was really strongly affected by COVID-19. As you recall last year, we saw a burst of demand coming from critical care equipment that required our power supplies when the whole world was chasing ventilators and critical equipment. At the same time, we saw a decline in elective procedures. That was a little bit of a headwind.

當然。所以是的，確實，醫療、工業、絕對是季節性的。而且，我們的醫療業務確實受到了 COVID-19 的嚴重影響。您還記得去年，當全世界都在追逐呼吸機和關鍵設備時，我們看到來自重症監護設備的需求激增，需要我們的電源。與此同時，我們看到選擇性程序有所減少。這有點不利。

Just to remind everybody, 3 years ago, our medical business was 0, right? So we have entered the medical industry just a few years ago and started growing and expanding and it's is part of our strategy. Going forward, we expect to see continuing growth in the medical space driven by design wins and entrants into new applications, just like the one we announced about entering into more diagnostic -- very, very sophisticated diagnostic equipment.

提醒大家，3年前，我們的醫療業務是0吧？因此，我們幾年前才進入醫療行業並開始發展壯大，這是我們戰略的一部分。展望未來，我們希望看到設計勝利和進入新應用推動醫療領域的持續增長，就像我們宣布進入更多診斷 - 非常非常複雜的診斷設備一樣。

And also, I'm very excited about the acquisition of Versatile Power. As you recall, in our Analyst Day about 18 months ago, we talked about an area in medical that we are going to pursue, which is RF Power supplies for medical applications. Versatile Power brings to us deep knowledge, experience and capabilities in RF Power supplies that are used for highly invasive procedures.

而且，我對收購 Versatile Power 感到非常興奮。您還記得，在大約 18 個月前的分析師日，我們談到了我們將要追求的醫療領域，即用於醫療應用的 RF 電源。 Versatile Power 為我們帶來了用於高侵入性手術的射頻電源方面的深厚知識、經驗和能力。

The reason we acquired Versatile Power was to accelerate our time to market. They are a bona fide player, supplying RF power supplies for one of the leading companies in the world in these procedures. And now as a result of this acquisition, they brought us the scope and we bring them the scale to accelerate the growth and to leverage on the global infrastructure that AE has.

我們收購 Versatile Power 的原因是為了加快我們的上市時間。他們是真正的參與者，在這些程序中為世界領先的公司之一提供射頻電源。現在，由於此次收購，他們為我們帶來了範圍，我們為他們帶來了規模，以加速增長並利用 AE 擁有的全球基礎設施。

In general, industrial, you should expect to see our business operating and growing at GDP plus. As we said earlier, we are pursuing a portfolio optimization strategy that is a combination of, in some areas, terminating end-of-lifing products; in some other areas, increase prices; in some other areas, shifting the focus to higher value-add products so that the mix will result in shifting of the gross margin bell curve to the right. And we are making great progress.

總的來說，工業，你應該期望看到我們的業務以 GDP+ 的速度運營和增長。正如我們之前所說，我們正在追求一種組合優化策略，該策略是在某些領域終止報廢產品的組合；在其他一些地區，提高價格；在其他一些領域，將重點轉移到附加值更高的產品上，這樣組合將導致毛利率鐘形曲線向右移動。我們正在取得很大進展。

The area that we mentioned earlier today in telecom and networking is an area that is more of a focus area in 2021, although our strategy is to go across the board implementing a classical 80/20 process to weed out the -- as I call, the not very healthy products and continue to shift to higher-value solutions.

我們今天早些時候提到的電信和網絡領域是 2021 年更受關注的領域，儘管我們的戰略是全面實施經典的 80/20 流程以淘汰——正如我所說的，不太健康的產品，並繼續轉向更高價值的解決方案。

Did I miss anything, Tom?

湯姆，我錯過了什麼嗎？

No. That's helpful. And maybe just as a quick follow-up. Paul, can you give us a feeling for how much lingering costs there is from COVID, both in your OpEx and maybe even in your supply chain?

不，這很有幫助。也許只是快速跟進。保羅，您能否讓我們了解 COVID 在您的運營支出甚至供應鏈中有多少揮之不去的成本？

Yes. We've talked about that kind of running in the 50 basis points range. And it bounces around a little bit more, a little bit less. As I mentioned in our prepared remarks, we are seeing some headwinds on supply chain costs specifically related to some of the logistics and shortages, in part due to higher global demand and in part due to the fact that COVID still has many suppliers running below full capacity. So it is -- continues to be a bit of a headwind for us in that range.

是的。我們已經討論過在 50 個基點範圍內運行。它反彈的多一點，少一點。正如我在準備好的評論中提到的那樣，我們看到供應鏈成本方面存在一些不利因素，特別是與某些物流和短缺有關，部分原因是全球需求增加，部分原因是 COVID 仍有許多供應商的產能不足容量。所以它 - 在這個範圍內對我們來說仍然是一個逆風。

Your next question is from the line of Quinn Bolton of Needham & Company.

你的下一個問題來自 Needham & Company 的 Quinn Bolton。

Yuval, congratulations on your retirement and thanks for your leadership over the past several years.

Yuval，祝賀你退休，感謝你在過去幾年的領導。

Paul, I wanted to start with you on your comments about the costs in the supply chain, potentially some shortages. Wondering if those component shortages are limiting your ability to meet demand in the first quarter. Or is your operations team able to get all of the semiconductor components you need for the power supplies to meet customer demand? And then I've got a follow-up question.

保羅，我想先談談你對供應鏈成本的評論，可能存在一些短缺。想知道這些組件短缺是否限制了您在第一季度滿足需求的能力。或者您的運營團隊是否能夠獲得電源所需的所有半導體元件以滿足客戶需求？然後我有一個後續問題。

Yes. I think when we talked about the guidance, we tried to be pretty open that demand continues to be strong. But we do see risks in the operations around the supply chain just getting enough parts. Obviously, that's something you're always dealing with and we continue to deal with. It's a daily battle. But we tried to have our guidance reflect the environment we're operating in, which -- it's not us. It's the broad -- there's a broad problem across the microelectronics industry and electronics industry. And in the near term, we think that will impact our ability to ship product. And that's contemplated in the numbers we put out.

是的。我認為當我們談到指導意見時，我們試圖對需求繼續保持強勁持開放態度。但我們確實看到供應鏈周圍的運營存在風險，只是獲得足夠的零件。顯然，這是你一直要處理的事情，我們也會繼續處理。這是一場日常的戰鬥。但我們試圖讓我們的指導反映我們所處的環境，而不是我們。這是廣泛的 - 微電子行業和電子行業存在廣泛的問題。在短期內，我們認為這將影響我們運送產品的能力。我們公佈的數字中已經考慮到了這一點。

So the forecast and the guidance are risk adjusted to reflect that, Quinn. And we have the benefit of reporting later in the month. So we have, I think, a better visibility in what's happening in the market.

因此，Quinn，對預測和指導進行了風險調整以反映這一點。我們可以在本月晚些時候進行報告。所以我認為，我們對市場上發生的事情有了更好的了解。

And it's not across everything in the supply chain. It's really a few components, just a few components, IC components that affect us, the automotive industry and other industries. Obviously, you need all the [bond] to be able to build a product.

而且它並不涵蓋供應鏈中的所有方面。真的是幾個元器件，就幾個元器件，IC元器件影響了我們，影響了汽車行業和其他行業。顯然，您需要所有的 [債券] 才能構建產品。

So the good news, we have really strong demand. And as I said earlier, our semi demand is growing in Q1 and we expect it to accelerate in Q2. Short term, our guidance reflects the risk adjustment related to shortage in ICs.

好消息是，我們的需求非常強勁。正如我之前所說，我們的半成品需求在第一季度增長，我們預計它會在第二季度加速。短期內，我們的指引反映了與 IC 短缺相關的風險調整。

Great. Just a follow-up on that. Just wondering in your conversations with the supply chain, how long do you think that they will be capacity constrained? I think it takes probably 6 to 9 months sometimes to bring on additional wafer supply. So I'm wondering if you think it could be an issue you're facing for most of the year.

偉大的。只是對此的後續行動。只是想知道在您與供應鏈的對話中，您認為他們的產能會受到多長時間的限制？我認為有時可能需要 6 到 9 個月才能帶來額外的晶圓供應。所以我想知道你是否認為這可能是你一年中大部分時間都面臨的問題。

And then my second question was going to be just around, Yuval, the update on the 48-volt power shelf business. It sounds like you're securing some additional design wins. But just wondered if you could give some more color on the 48-volt power shelf opportunity and sort of design win status.

然後我的第二個問題是關於 48 伏電源架業務的更新，Yuval。聽起來您正在獲得一些額外的設計勝利。但只是想知道您是否可以在 48 伏電源架機會和某種設計獲胜狀態上提供更多顏色。

Yes. It's a good question, Quinn. Obviously, it's a difficult one to answer. But clearly, everybody, top to bottom, in the supply chain is working together to get in more parts. And of course, the demand continues to grow, as Yuval said. So we -- this isn't going to be solved in a week but we don't see it as a long-term issue either. So we'll be monitoring it closely.

是的。這是個好問題，奎因。顯然，這是一個很難回答的問題。但顯然，供應鏈中的每個人，從上到下，都在共同努力以獲取更多零件。當然，正如 Yuval 所說，需求還在繼續增長。所以我們——這不會在一周內解決，但我們也不認為這是一個長期問題。所以我們會密切關注它。

We saw something a little similar last year with COVID onset there. It took us a couple of quarters to catch up, if you will, in the factory to the demand. So we'll see how it goes but clearly, that's a big area of focus for us and I think the whole industry.

去年我們看到了一些類似的情況，那裡出現了 COVID。如果你願意的話，我們花了幾個季度才趕上工廠的需求。所以我們會看看它是如何發展的，但很明顯，這是我們關注的一個大領域，我認為整個行業。

Quinn, regarding the 48 volts, these are 2 separate wins. Number one is a new hyperscale customer for our 48-volt power shelf. And as you recall, the power shelf is really a power supply that goes in the rack and support multiple servers, right? The second design win is a board-mounted 48 volts that converts from 48 volts to 12 volts DC-to-DC converter. And this one is designed into the server itself, not in the shelf. So these are 2 -- in a way, you can look at that as 2 different application spaces.

奎因，關於 48 伏，這是 2 個獨立的勝利。第一名是我們 48 伏電源架的新超大規模客戶。正如您所記得的，電源架實際上是一個進入機架並支持多台服務器的電源，對吧？第二個設計勝利是板載 48 伏，可將 48 伏轉換為 12 伏 DC-DC 轉換器。而這個是設計到服務器本身，而不是在貨架上。所以這些是 2 - 在某種程度上，您可以將其視為 2 個不同的應用程序空間。

We have been designing 48 modules in the past in the telecom and networking space for many years. And for that reason, we have the expertise, the technologies and the experience that we can put that very quickly into data center application space.

多年來，我們一直在電信和網絡領域設計 48 個模塊。出於這個原因，我們擁有專業知識、技術和經驗，可以非常快速地將其應用於數據中心應用程序領域。

It takes time to go to mass production. But these wins really prove our technology and support our long-term targets of adding an annualized revenue of over $100 million incremental by 2023.

量產還需要時間。但這些勝利確實證明了我們的技術並支持我們的長期目標，即到 2023 年增加超過 1 億美元的年收入。

Excellent. Congratulations again, Yuval.

出色的。再次祝賀你，尤瓦爾。

Thank you, Quinn.

謝謝你，奎因。

Your next question is from the line of Krish Sankar of Cowen & Company.

你的下一個問題來自 Cowen & Company 的 Krish Sankar。

Yuval, congrats on a solid term at AE. I had 2 questions. First one is on semis. You spoke about sequential growth in Q1 and Q2. Is that mainly a function of NAND spending moving through the system? Or are you seeing like other aspects of WFE giving you that strength in Q1 and Q2?

Yuval，恭喜你在 AE 獲得了穩定的學期。我有兩個問題。第一個是半決賽。你談到了第一季度和第二季度的連續增長。這主要是通過系統移動的 NAND 支出的功能嗎？或者您是否看到 WFE 的其他方面在第一季度和第二季度為您提供了這種力量？

I think it's the same market drivers that you all see in terms of both NAND and foundry. But at the same time, we see a few -- we have a few unique drivers that drive our business in semi. As you know, we have grown our RF matching business faster than the market. We have new products that we launched to the market. We expect to see growth. And also, we continue to gain share in cross-selling the embedded power supplies into the $300 million SAM of the embedded power application space in the semi industry.

我認為這與你們在 NAND 和代工方面看到的市場驅動力相同。但與此同時，我們看到了一些——我們有一些獨特的驅動因素來推動我們的半業務。如您所知，我們的 RF 匹配業務發展速度快於市場。我們有新產品投放市場。我們期望看到增長。此外，我們繼續在嵌入式電源交叉銷售到半導體行業嵌入式電源應用領域價值 3 億美元的 SAM 中獲得份額。

So we have multiple drivers that will grow our business. But I can tell you that from our vantage point, right, and the information we gather, demand is going to be, I mean, strong in Q1 and accelerating in Q2. And obviously, as I mentioned earlier, everybody's challenge right now is going to be based on can we all get the IC components to deliver those products on time to market? But the demand is strong. I'm very excited.

因此，我們有多個驅動因素來發展我們的業務。但我可以告訴你，從我們的有利位置和我們收集的信息來看，需求將在第一季度強勁，並在第二季度加速。顯然，正如我之前提到的，現在每個人的挑戰都將基於我們能否獲得 IC 組件以按時將這些產品推向市場？但需求強勁。我很激動。

We expect 2021, as we said earlier, in general, to be a growth year for us. Obviously, what we see right now in the semi space is an accelerated growth in demand.

正如我們之前所說，總體而言，我們預計 2021 年對我們來說將是增長的一年。顯然，我們現在在半空間看到的是需求的加速增長。

Got it. Very helpful, Yuval. And then a quick follow-up. You gave some color on data center and the dilution that you're seeing there. I think you mentioned in your prepared comments it should pick up later this year.

知道了。非常有幫助，尤瓦爾。然後快速跟進。你對數據中心和你在那裡看到的稀釋給出了一些顏色。我想你在準備好的評論中提到它應該在今年晚些時候開始。

I'm kind of curious where -- what is the catalyst or leading indicator you're looking for? Is it more like IT enterprise budget improving? Or what are the key drivers for data center to recover in the second half?

我有點好奇——您要尋找的催化劑或領先指標是什麼？它更像是 IT 企業預算的改善嗎？或者下半年數據中心復甦的關鍵驅動因素是什麼？

Well, the industry is launching new microprocessors and adopting new microprocessors. So a lot of the buying demand in data centers is driven by the microprocessors or the GPUs that are being launched to the industry.

好吧，業界正在推出新的微處理器並採用新的微處理器。因此，數據中心的許多購買需求是由正在向行業推出的微處理器或 GPU 驅動的。

Now we are in a very unique position, Krish. We came from 0 just 2 years ago and have grown the business. As you saw, our growth rate in 2020 was 250%. As we came from nothing to becoming a viable bona fide leading player, displacing incumbents and gaining market share, we are -- as a laggard, we do not have the presence among all the hyperscalers, the Tier 1 and Tier 2 hyperscalers. And for that reason, we saw this surge in growth in 2020. But at the same time, as the industry goes through digestion, our presence is still small, right?

現在我們處於一個非常獨特的位置，Krish。 2 年前，我們從 0 開始發展業務。如您所見，我們在 2020 年的增長率為 250%。當我們從無到有成為真正的領先者、取代現有企業並獲得市場份額時，我們是——作為一個落後者，我們並沒有出現在所有超大規模企業、一級和二級超大規模企業中。出於這個原因，我們在 2020 年看到了增長的激增。但與此同時，隨著行業的消化，我們的存在仍然很小，對吧？

So we expect the industry to grow later this year. And we expect our growth rate to continue a few years out as we transition our design wins into mass production and to growth. And as we reported, we have additional design wins at top-tier hyperscalers that we expect to convert to revenue later this year.

因此，我們預計該行業將在今年晚些時候增長。隨著我們將設計勝利轉變為大規模生產和增長，我們預計我們的增長率將持續幾年。正如我們報導的那樣，我們在頂級超大規模企業中獲得了額外的設計勝利，我們希望在今年晚些時候將其轉化為收入。

Got it. Yuval, congrats again for everything you've done for AE.

知道了。 Yuval，再次祝賀你為 AE 所做的一切。

Thank you, Krish. Appreciate it.

謝謝你，克里什。欣賞它。

Your next question is from the line of Amanda Scarnati of Citi.

你的下一個問題來自花旗銀行的 Amanda Scarnati。

First off, Yuval, congratulations and enjoy your retirement.

首先，Yuval，恭喜你享受退休生活。

Thank you, Amanda.

謝謝你，阿曼達。

You're welcome. I just want to follow up on that DC digestion topic that you were just talking about. Should we think about this as sort of similar to semis, where we see a big step-up in inventory build in data centers followed by a large period of digestion? Or is this really just a matter of you're still early on in building out this market and it's going to be lumpy going forward? So which way should we look at this, cyclicality or just lumpiness in getting started?

不客氣。我只想跟進您剛才談到的那個 DC 消化話題。我們是否應該將其視為類似於半成品，在半成品中我們會看到數據中心的庫存大幅增加，然後是一段長時間的消化？或者這真的只是你在建立這個市場方面還處於早期階段並且未來會起伏不定的問題嗎？那麼，我們應該以何種方式看待這個問題，是周期性還是只是起步時的笨拙？

Yes. It's a good question, Amanda. I think it's both. There is definitely a digestion in the market. As you heard from Edwin, I think last time we talked publicly, the timing of Intel -- transition to Intel's new technology affected the whole market. The transition to new microprocessors affected buying decisions. And also, these are very large investments, capital investments. And they tend to have this very (inaudible) behavior of large investment digestion followed by large investment digestion.

是的。這是個好問題，阿曼達。我認為兩者都是。市場肯定有消化。正如你從埃德溫那裡聽到的那樣，我認為上次我們公開談論英特爾的時機——向英特爾新技術的過渡影響了整個市場。向新微處理器的過渡影響了購買決策。而且，這些都是非常大的投資，資本投資。他們往往有這種非常（聽不清）的行為，先消化大筆投資，然後再消化大筆投資。

Now if we were -- in our case, if we were present in all the players today, right, we will see less fluctuations because not all of them are lumpy at the same time. The fact that we have only 1/3 of the market and growing make us a little bit more susceptible to the expansion and contraction. As we continue to grow, as we continue to migrate our design wins into mass production, obviously, we will be more diversified and less susceptible to the lumpiness.

現在，如果我們 - 在我們的例子中，如果我們今天出現在所有球員中，對，我們會看到更少的波動，因為並非所有球員同時都是凹凸不平的。事實上，我們只有 1/3 的市場並且還在增長，這讓我們更容易受到擴張和收縮的影響。隨著我們的不斷發展，隨著我們繼續將我們的設計勝利轉化為大規模生產，顯然，我們將變得更加多樣化，並且不易受到塊狀的影響。

Great. And then switching over to the semi side. Can you talk about any sort of pull-ins that you might be seeing or unusual demand on the OEM side and how, if at all, you're handicapping SMIC and China generally in your guidance?

偉大的。然後切換到半邊。您能否談談您可能看到的任何類型的拉動或 OEM 方面的異常需求，以及您如何（如果有的話）在您的指導中普遍阻礙中芯國際和中國？

I don't think that we saw any abnormal behavior in the semi business. The way we operate with our key customers in semi is based on just in time. They pull our product from a hub when they need them. They give us demand signals and indicators going forward. And what we see right now, as I said earlier, is real demand growth, real demand growth that is right now, on a short term, affected by the availability of IC components that we all need, including the automotive industry. We all need to build products.

我不認為我們在半導體業務中看到任何異常行為。我們與 semi 的主要客戶合作的方式是基於準時制。他們在需要時從中心拉出我們的產品。它們為我們提供了未來的需求信號和指標。正如我之前所說，我們現在看到的是實際需求增長，短期內實際需求增長受到我們都需要的 IC 組件可用性的影響，包括汽車行業。我們都需要構建產品。

Regarding SMIC, honestly, right now, as we look at SMIC, we cannot comment on SMIC. And I think everybody, including our customer, is trying to get license to ship product at SMIC. So I don't think that at this stage we can comment on that.

關於中芯國際，老實說，現在我們看中芯國際，我們不能評論中芯國際。我認為每個人，包括我們的客戶，都在努力獲得在中芯國際出貨產品的許可。所以我不認為在這個階段我們可以對此發表評論。

Your next question is from the line of Pavel Molchanov of Raymond James.

你的下一個問題來自 Raymond James 的 Pavel Molchanov。

Yes. One of the things that's obviously happened since the last earnings call is the Biden inauguration and the prospect of trade normalization between the U.S. and China. To the extent that you have faced any regulatory or other pressure in the Chinese market as a U.S. company, I'm curious what kind of change would be meaningful from AE's perspective specifically?

是的。自上次財報電話會議以來明顯發生的事情之一是拜登就職典禮和美中貿易正常化的前景。就您作為一家美國公司在中國市場面臨的任何監管或其他壓力而言，我很好奇從 AE 的角度來看，什麼樣的變化具體有意義？

Thanks, Pavel. So I don't think that you're going to see any change in AE as a result of the change in administration. The one thing that we are really proud about is our decision 2.5, 3 years ago to diversify our operation around the world with a focus on business continuity strategy that led us to build our factory in Malaysia way before even everybody talked about elections. And the whole idea was to ensure that we have the agility and the nimbleness to address geopolitical changes, political changes, IP risks, et cetera.

謝謝，帕維爾。所以我認為你不會因為管理的變化而看到 AE 的任何變化。我們真正感到自豪的一件事是我們 2.5 的決定，即 3 年前將我們在全球的業務多元化，重點放在業務連續性戰略上，這導致我們甚至在每個人都談論選舉之前就在馬來西亞建立了我們的工廠。整個想法是確保我們具有應對地緣政治變化、政治變化、知識產權風險等的敏捷性和靈活性。

So the fact that we have our global footprint, the way we have it today, allows us to be extremely flexible and to make a decision together with our customers where to build our product and where to ship it. So you can imagine, we can ship -- we can make in China to ship to China. We can make outside of China to ship to outside of China. And it's all in full alignment with our customers and obviously with an alignment, full alignment with local regulatory requirements.

因此，我們擁有全球足跡這一事實，以及我們今天的足跡，使我們能夠非常靈活地與我們的客戶一起決定在何處製造我們的產品以及將其運送到何處。所以你可以想像，我們可以發貨——我們可以在中國製造，然後運往中國。我們可以在中國境外生產，運往中國境外。這一切都與我們的客戶完全一致，顯然與當地監管要求完全一致。

So one of the reasons that we have done so well last year through the challenges of COVID-19 was this ability to be nimble and flexible and agile. So right now, we're not freaking out about the change in administration. We also believe it's going to take time for any decision to take effect. And if it does, we have the agility to respond to it.

因此，去年我們在 COVID-19 的挑戰中取得如此出色的成績的原因之一是這種靈活、靈活和敏捷的能力。所以現在，我們並不擔心政府的變化。我們還認為，任何決定生效都需要時間。如果確實如此，我們可以靈活地做出回應。

Okay. That's helpful. Follow-up question on the dividend. At the time that you guys were setting the rate, $0.10 a quarter, obviously, the stock was quite a bit lower than it is today. So the yield now is barely 0.3%. Are you ready at this stage to commit to a progressive dividend policy? You don't need to say how big the increases will be. But just will there be a plan to raise the dividend with earnings or at some kind of annual road map over time?

好的。這很有幫助。關於股息的後續問題。在你們設定利率時，每季度 0.10 美元，顯然，股票比今天低很多。因此，現在的收益率僅為 0.3%。你準備好在這個階段承諾漸進式股息政策了嗎？你不需要說增加的幅度有多大。但是，隨著時間的推移，是否會有通過收益或某種年度路線圖提高股息的計劃？

Yes. It's a good question. Obviously, that's a decision that we would revisit over time and the Board will revisit. But when we introduced the program, we actually said that there's room for that to grow. So obviously, there's no specifics around that but there's certainly room for that to grow over time.

是的。這是個好問題。顯然，隨著時間的推移，我們會重新考慮這個決定，董事會也會重新考慮。但當我們推出該計劃時，我們實際上說過它有增長的空間。很明顯，這方面沒有具體細節，但隨著時間的推移，它肯定有增長的空間。

Your next question is from the line of Paretosh Misra of BCM.

您的下一個問題來自 BCM 的 Paretosh Misra。

So I just wanted to circle back on this news flow about chip shortage. And I was just wondering if there's any role Advanced Energy can play in terms of helping customers increase production. So anything basically that can be done from the power supply side that can boost their productivity.

所以我只想回顧一下有關芯片短缺的新聞流。我只是想知道 Advanced Energy 在幫助客戶提高產量方面是否可以發揮任何作用。因此，基本上可以從電源端完成的任何事情都可以提高他們的生產力。

Well, obviously, if customers decide -- if end-use customers decide to add capacity to manage the demand, the increase in demand for IC devices, we will be benefiting from that because we -- our power supplies enable the semiconductor processing tools and technologies. We cannot influence the market but we can respond to the market quickly.

好吧，顯然，如果客戶決定 - 如果最終用戶決定增加容量來管理需求，IC 設備需求的增加，我們將從中受益，因為我們 - 我們的電源支持半導體加工工具和技術。我們無法影響市場，但我們可以快速響應市場。

We were monitoring -- look, over the last 38 years that I've been in the semi industry, we've been there before when the market entered into a shortage of components. And in general, what you see is an increase in effort and sometimes in costs of getting components through various channels. And at the same time, increasing capacity growth, where with some companies that are able to respond quickly and increase capacity really gear up, get equipment and increase the capacity of the fab.

我們一直在監控 - 看，在過去的 38 年裡，我一直在半導體行業，當市場出現組件短缺時，我們就在那裡。總的來說，您看到的是通過各種渠道獲取組件的工作量增加，有時甚至成本增加。同時，增加產能增長，一些能夠快速響應並增加產能的公司真正加快了步伐，獲得設備並增加了晶圓廠的產能。

So it's a very dynamic environment. We've been there before. We have a very nimble and sophisticated supply chain management team and processes that will allow us to recover.

所以這是一個非常動態的環境。我們以前去過那裡。我們有一個非常靈活和成熟的供應鏈管理團隊和流程，這將使我們能夠恢復。

And I guess a follow-up for Paul. For modeling purposes, any changes to income statement items like depreciation, SG&A, attach rate relative to Q4 that you think is worth flagging as we think about Q1 and beyond?

我想保羅的後續行動。出於建模目的，在我們考慮第一季度及以後時，您認為相對於第四季度的折舊、SG&A、附加率等損益表項目的任何變化值得標記？

Yes. We tried to comment on that in the prepared remarks but I should -- I'll say, generally speaking, not a lot of change. We talked about OpEx up slightly. We talked about the tax rate staying in the 15% range. So no big changes in those various line items.

是的。我們試圖在準備好的評論中對此發表評論，但我應該——我會說，一般來說，變化不大。我們略微談到了 OpEx。我們談到了稅率保持在 15% 的範圍內。因此，這些不同的訂單項沒有大的變化。

Again, congrats, Yuval, for all that you achieved in your career and all the best for the next phase in your life.

再次祝賀 Yuval，祝賀你在職業生涯中取得的所有成就，並祝你人生的下一階段一切順利。

Thank you very much, Paretosh.

非常感謝，Paretosh。

Our next question comes from the line of Weston Twigg of KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Weston Twigg。

Real quickly. The semi cap demand sounds extraordinarily strong in the first half of the year. You said it's accelerating in Q2. And I'm just wondering -- I don't know what your visibility is. I know it's typically not more than a quarter or 2. But regarding the second half, do you think that acceleration continues? Or do you see any signs of moderation from your customers?

真的很快。今年上半年，半導體需求聽起來異常強勁。你說它在第二季度加速。我只是想知道——我不知道你的能見度是多少。我知道通常不會超過四分之一或兩分之一。但是關於下半場，您認為加速會繼續嗎？或者您是否從客戶那裡看到任何緩和的跡象？

Wes, I don't think we are -- we have that visibility and I cannot comment on the second half. In general, as you heard from our partners and end customers, the expectation in general, the consensus, is 2021 is going to be a growth year, an exciting year in semi. We agree with that. We support that.

韋斯，我不認為我們是——我們有這樣的知名度，我不能對下半場發表評論。總的來說，正如您從我們的合作夥伴和最終客戶那裡聽到的那樣，2021 年的普遍期望和共識是增長的一年，半令人興奮的一年。我們同意這一點。我們支持這一點。

The one thing that became clear to us, as we speak, is that this demand in Q1 will accelerate in Q2. And we have enough demand signals that allow us to state that. The demand is strong in Q1, growing in Q2. And as I said earlier, it's all about the ability to deliver on time on this demand. And it has to do with the shortage we talked about.

正如我們所說，我們清楚的一件事是，第一季度的這種需求將在第二季度加速。我們有足夠的需求信號讓我們能夠說明這一點。第一季度需求強勁，第二季度增長。正如我之前所說，這完全取決於按時交付這種需求的能力。這與我們談到的短缺有關。

I can't comment on the second half. I can tell you again, 2020 year -- 2021 will be a growth year for the industry and will be a growth year for Advanced Energy.

我不能評論下半場。我可以再告訴大家，2020年——2021年是行業的成長年，也是Advanced Energy的成長年。

Okay. That's helpful. And then just finally, Versatile Power. Can you tell us how much of a revenue contributor that is?

好的。這很有幫助。最後，多功能電源。你能告訴我們有多少收入貢獻者嗎？

It's -- Wes, it's very small. The acquisition was an example of a tuck-in acquisition of unique technology, unique product with unique capabilities that brings a very special relationship with one of the leading surgical equipment companies in the world. And from that point on, we expect to see growth due to our scale and footprint and market outreach.

它——韋斯，它非常小。此次收購是收購獨特技術、具有獨特功能的獨特產品的一個例子，與世界領先的手術設備公司之一建立了非常特殊的關係。從那時起，我們預計會因我們的規模、足跡和市場拓展而實現增長。

And that does conclude the Q&A portion of today's call. I will now turn the call back over to Yuval Wasserman for any closing remarks.

這確實結束了今天電話會議的問答部分。我現在將把電話轉回 Yuval Wasserman 以聽取任何結束語。

So I'd like to thank everybody for your support and engagement and partnership over the last 6 years or 6.5 years. It's been a pleasure to get to know you all and working with you.

因此，我要感謝大家在過去 6 年或 6.5 年中的支持、參與和合作。很高興認識你們所有人並與你們一起工作。

I'm excited about the future of the company. I'm excited about Steve Kelley joining us. He brings all the attributes to be a great successor, to take the company to the next level while I'm fading away and pursuing my personal interests. I will remain in the company until March 2022 to support the Board and Steve.

我對公司的未來感到興奮。我很高興 Steve Kelley 加入我們。他擁有成為偉大繼任者的所有特質，在我逐漸淡出並追求個人興趣的同時將公司提升到一個新的水平。我將留在公司直到 2022 年 3 月，以支持董事會和史蒂夫。

Thank you again, and have a nice day.

再次感謝你，祝你有美好的一天。

Thank you. This does conclude today's conference call. You may now disconnect.

謝謝。這確實結束了今天的電話會議。您現在可以斷開連接。