Allegro Microsystems Inc (ALGM) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Allegro MicroSystems' Fourth Quarter and Fiscal 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker for today, Jalene Hoover, Vice President of Investor Relations and Corporate Communications. Please go ahead.

早安，歡迎參加 Allegro MicroSystems 2024 財年第四季及業績電話會議。 （接線員指示）請注意，今天的會議正在錄製中。現在，我將把會議交給今天的第一位發言人，投資者關係和企業傳播副總裁 Jalene Hoover。請發言。

Thank you, Crystal. Good morning, and thank you for joining us today to discuss Allegro's Fiscal Fourth Quarter and Full Year 2024 Results. I'm joined today by Allegro's President and Chief Executive Officer, Vineet Nargolwala, who will provide highlights of our business, review our quarterly financial performance and share our first quarter 2025 outlook. Allegro's Chief Financial Officer, Derek D'Antilio, is not in attendance today due to a personal matter. We will follow our prepared remarks with the Q&A session.

謝謝，Crystal。早安，感謝您今天加入我們，共同討論 Allegro 2024 財年第四季及全年業績。今天，Allegro 總裁兼執行長 Vineet Nargolwala 將與我一同分享公司業務亮點、季度財務業績回顧以及 2025 年第一季展望。 Allegro 財務長 Derek D'Antilio 因個人原因無法出席今天的會議。我們將在準備好的演講稿之後進行問答環節。

Our earnings release and prepared remarks include certain non-GAAP financial measures. The non-GAAP financial measures that are discussed today are not intended to replace or be a substitute for our GAAP financial results. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in our earnings release, which is also available in the Investor Relations page of our website at www.allegromicro.com. This call is also being webcast, and a replay will be available in the Events and Presentations section of our IR page shortly.

我們的收益報告和準備好的評論包含某些非公認會計準則 (non-GAAP) 財務指標。今天討論的非公認會計準則 (non-GAAP) 財務指標並非旨在取代或取代我們的公認會計準則 (GAAP) 財務表現。這些非公認會計準則 (non-GAAP) 財務指標與最直接可比較的公認會計準則 (GAAP) 財務指標的對帳表已包含在我們的收益報告中，您也可以在我們網站 www.allegromicro.com 的投資者關係頁面上取得。本次電話會議也將進行網路直播，重播將很快在我們投資者關係 (IR) 頁面的「活動和演示」部分提供。

During the course of this conference call, we will make projections and other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution that such statements are based on current projections and assumptions as of today's date, and as a result, are subject to risks and uncertainties that could cause actual results or events to differ materially from projections. Important factors that can affect our business, including factors that could cause actual results to differ from our forward-looking statements are described in detail in our earnings release for the fourth quarter and fiscal year 2024 and in our most recent periodic filings with the SEC, Securities and Exchange Commission. Our estimates or other forward-looking statements may change, and the company assumes no obligation to update forward-looking statements to reflect actual results, changes to assumptions or other events that may occur except as required by law.

在本次電話會議期間，我們將對公司未來事件或未來財務表現做出預測和其他前瞻性陳述。需要提醒的是，此類陳述是基於截至今日的預測和假設，因此存在風險和不確定性，可能導致實際結果或事件與預測有重大差異。可能影響我們業務的重要因素，包括可能導致實際結果與前瞻性陳述不同的因素，已在我們2024財年第四季度和全年業績報告以及我們最近向美國證券交易委員會（SEC）提交的定期文件中進行了詳細描述。我們的估計或其他前瞻性陳述可能會發生變化，除非法律另有規定，否則公司不承擔更新前瞻性陳述以反映實際結果、假設變更或其他可能發生的事件的義務。

I will now turn the call over to Allegro's President and CEO, Vineet Nargolwala. Vineet?

現在我將電話轉給 Allegro 總裁兼執行長 Vineet Nargolwala。 Vineet？

Thank you, Jalene, and good morning all, and thank you for joining our fourth quarter and full year fiscal year 2024 Conference Call. We are pleased to have delivered fourth quarter revenue and EPS above the high end of our guidance range despite a challenging macro environment. This is a testament to the hard work and dedication of our Allegro team that always puts customers first and innovates with purpose. For full year fiscal 2024, we delivered 8% revenue growth with e-Mobility growing 38% and 5% EPS growth. I'm proud of the above-market performance the company has delivered and the progress we have made in serving our customers and positioning the company for sustained long-term growth.

謝謝您，Jalene，大家早安，感謝您參加我們2024財年第四季及全年電話會議。儘管宏觀環境充滿挑戰，我們仍然非常高興地看到第四季的營收和每股盈餘高於我們預期區間的上限。這證明了我們Allegro團隊的辛勤工作和奉獻精神，他們始終將客戶放在首位，並有目的地進行創新。 2024財年全年，我們的營收成長了8%，其中電動出行業務成長了38%，每股收益成長了5%。我為公司超越市場的業績以及我們在服務客戶和為公司實現長期持續成長方面取得的進展感到自豪。

We delivered record annual sales of more than $1 billion, a company first, as well as a record level design wins of more than $1 billion. E-Mobility, which includes the increasing electrification of vehicles and the higher adoption of ADAS features continues to drive Allegro's above-market growth and accounted for more than half of our design wins in fiscal year 2024.

我們實現了創紀錄的年銷售額，超過10億美元，創下公司歷史新高，同時，我們設計訂單也超過10億美元，創下歷史新高。電動出行，包括日益普及的汽車電氣化和ADAS功能的廣泛應用，繼續推動Allegro實現高於市場的成長，並占我們2024財年設計訂單的一半以上。

From a new product standpoint, we kicked off a record number of products and introduced over 30 new products to the market, emphasizing our ongoing commitment to innovation. We extended our leadership in magnetic sensing with the acquisition of Crocus. We're seeing great excitement from our customers for a highly differentiated XtremeSense TMR technology that presents the greatest accuracy, lowest power and highest sensitivity for the world's most demanding applications. Not only are we fanning TMR across our Automotive and Industrial products, but we are also excited about expanding into medical applications, such as continuous glucose monitoring with the leading biomedical OEMs.

從新產品的角度來看，我們推出了創紀錄數量的產品，並向市場推出了30多種新產品，彰顯了我們對創新的持續承諾。透過收購Crocus，我們鞏固了在磁性感測領域的領導地位。我們看到客戶對高度差異化的XtremeSense TMR技術感到非常興奮，該技術能夠為全球最苛刻的應用提供最高的精度、最低的功耗和最高的靈敏度。我們不僅將TMR應用於汽車和工業產品，而且還期待拓展醫療應用領域，例如與領先的生物醫學原始設備製造商合作，提供持續血糖監測服務。

We have made significant strides in expanding our operational capabilities, building supply chain resilience and improving delivery and quality experiences for our customers. Through our continuous portfolio review process, we also made the decision to seize investment in our Photonics business to prioritize resources and investments on continued innovation and development of our leading magnetic sensing and power portfolios.

我們在提升營運能力、增強供應鏈韌性以及提升客戶交付和品質體驗方面取得了顯著進展。透過持續的產品組合評估，我們也決定增加對光子業務的投資，優先將資源和投資用於持續創新和開發我們領先的磁感和功率產品組合。

In summary, fiscal year 2024 was a successful year with much to be proud of and celebrate for team Allegro. Now there's been a lot of discussion on whether xEV momentum is slowing. The facts are that battery electric vehicles are only 15% of global production and growing at 25%. While hybrids are 22% of global production and growing at 16%. And every OEM is working furiously to bring new xEV models to market. The good news for Allegro is that our content on both platforms is equally strong and much higher than that on ICE vehicles. So Allegro wins, no matter which platforms OEMs choose to invest in and grow.

總而言之，2024財年是成功的一年，Allegro團隊有很多值得驕傲和慶祝的事情。現在，關於xEV發展勢頭是否正在放緩的討論很多。事實是，純電動車僅佔全球產量的15%，且成長率為25%。而混合動力汽車佔全球產量的22%，成長率為16%。每家OEM廠商都在拼命地將新的xEV車型推向市場。對Allegro來說，好消息是，我們在兩個平台上的內容同樣強大，而且遠高於內燃機汽車。因此，無論OEM廠商選擇投資哪個平台並實現成長，Allegro都將獲得勝利。

And the geographical lens is very important, too. xEVs now represent nearly half of total China auto sales and Chinese OEMs are expanding their global share with economical and compelling products. This is why continuing to win with Chinese OEMs is increasingly important and why we have doubled down on our presence with our China-for-China manufacturing initiative. I was in China a few weeks ago, and I'm pleased with the progress we are making and the continued strong support we have with Chinese OEMs and Tier 1s for Allegro's unique value proposition.

地域視角也至關重要。電動車目前佔中國汽車總銷量的近一半，而中國主機廠正憑藉經濟實惠且極具吸引力的產品擴大其全球市場份額。正因如此，繼續贏得中國主機廠的青睞日益重要，也因如此，我們加倍重視「中國製造」計畫的實施。幾週前我在中國訪問，對我們取得的進展以及中國主機廠和一級供應商持續大力支持 Allegro 獨特的價值主張感到非常滿意。

And we are making great progress outside of China as well with global OEMs that are shaping the future of e-Mobility. Our magnetic sensing and power solutions are finding great resonance with customers in a broad range of applications. And the Allegro team remains focused on executing our product strategy, continuing to win in the target markets and serving our customers.

我們在中國以外的市場也取得了長足的進步，並與全球汽車製造商攜手塑造電動出行的未來。我們的磁感和電源解決方案在廣泛的應用領域贏得了客戶的廣泛認可。 Allegro 團隊將繼續專注於執行我們的產品策略，繼續在目標市場取得成功，並為客戶提供優質服務。

Now let me spend some time discussing what we're seeing in our end markets. Our first quarter sales outlook comprehends ongoing inventory rebalancing in Automotive and inventory digestion in the channel, resulting in what we expect to be a trough revenue quarter before returning to sequential growth thereafter. We are working closely with customers and channel partners to manage orders, to reduce inventory and return to normalized business levels as quickly as possible.

現在，請容許我花一些時間討論我們在終端市場看到的情況。我們第一季的銷售前景考慮到汽車市場持續的庫存調整和通路的庫存消化，預計本季營收將處於低谷，之後將恢復季增。我們正在與客戶和通路合作夥伴密切合作，以管理訂單、減少庫存並儘快恢復正常的業務水平。

In specific instances, we are providing pricing support to the channel to help clear inventory. Our OEM contract renewals have taken place with pricing largely in line with historical patterns. At a macro level, auto productions are expected to be stable with double-digit growth in xEVs. Industrial end markets are generally expected to remain muted with lower demand and broader market recovery expected in the second half of the calendar year or later.

在特定情況下，我們為渠道提供價格支持，以幫助清理庫存。我們與OEM廠商的合約續約價格基本上與歷史趨勢一致。宏觀層面上，預計汽車產量將保持穩定，xEV將達到兩位數成長。工業終端市場整體預計將保持低迷，需求將有所下降，預計下半年或之後市場將迎來更廣泛的復甦。

Against this backdrop, we are really excited about a slew of innovative new product launches for fiscal 2025. These include our highly anticipated Silicon-Carbide high-voltage gate driver this quarter, new high-speed current sensors and position sensors, including TMR, a new portfolio of intelligent motor drivers with risk architecture, expansion of our TMR portfolio into a broader set of low-power medical applications. And later this month, we will be launching a portfolio of products to support the 48-volt transition in vehicles as well as in industrial applications like data center and clean energy.

在此背景下，我們對2025財年一系列創新產品的發表感到非常興奮。這些產品包括我們本季備受期待的碳化矽高壓閘極驅動器、新型高速電流感測器和位置感測器，包括TMR——一個具有風險架構的全新智慧馬達驅動器產品組合，並將我們的TMR產品組合擴展到更廣泛的低功耗醫療應用。本月晚些時候，我們將推出一系列產品，以支援汽車以及資料中心和清潔能源等工業應用向48伏過渡。

These new products and record level design win pipeline reinforce our confidence in the ability to grow above market over the mid- to long- term, consistent with our target financial model. And we continue to invest in R&D and sales, while we navigate near-term inventory corrections to maximize growth in strategic focus areas.

這些新產品和創紀錄的設計訂單增強了我們對中長期超越市場成長的信心，這與我們的目標財務模型相符。我們將繼續在研發和銷售方面進行投資，同時應對短期庫存調整，以最大限度地實現策略重點領域的成長。

I will now review the Q4 financial results. Sales were $241 million. Gross margin was 53.8%. Operating income was 23.8% and adjusted EBITDA was 30.7% of sales. As a result, earnings were $0.25 per share. Q4 sales declined by 6% sequentially and 11% year-over-year. Sales to Automotive customers were $182 million, down 7% sequentially and up 2% year-over-year, representing 76% of Q4 sales.

現在我將回顧第四季的財務表現。銷售額為2.41億美元，毛利率為53.8%，營業利潤為23.8%，調整後息稅折舊攤提前利潤（EBITDA）佔銷售額的30.7%。因此，每股收益為0.25美元。第四季銷售額較上季下降6%，較去年同期下降11%。面向汽車客戶的銷售額為1.82億美元，季減7%，較去年同期成長2%，佔第四季銷售額的76%。

E-mobility sales declined by 14% sequentially and were 49% of fourth quarter auto sales. Industrial sales were $44 million, declining 5% sequentially and 29% year-over-year. Other sales, which includes consumer applications, were $15 million, up 4% sequentially and down 48% year-over-year. From a product perspective, magnetic sensor sales were $146 million, declining 5% sequentially and 13% year-over-year. Sales of our power products were $94 million, declining 7% sequentially and 9% year-over-year.

電動車銷售額季減14%，佔第四季汽車銷售額的49%。工業銷售額為4,400萬美元，季減5%，較去年同期下降29%。包括消費應用在內的其他銷售額為1,500萬美元，季增4%，年減48%。從產品角度來看，磁性感測器銷售額為1.46億美元，季減5%，年減13%。電源產品銷售額為9,400萬美元，季減7%，較去年同期下降9%。

Sales by geography were again well balanced with 27% of sales in China, 26% of the rest of Asia, 18% in Japan, 16% in Europe and 13% in the Americas. Operating expenses were $72 million, a decrease of $2 million or 3% from a year ago, and inclusive of a full quarter of Crocus. Fourth quarter R&D expenses were 17% of sales and SG&A was 13% of sales. Operating margin was 23.8% of sales compared to 27.2% in Q3 and 30.2% a year ago. The effective tax rate for the full year was 11%. The effective tax rate for the quarter was 9.5%, down sequentially, primarily as a result of R&D tax credits.

各地區銷售額再次呈現均衡成長：中國市場佔銷售額的27%，亞洲其他地區佔26%，日本佔18%，歐洲佔16%，美洲佔13%。營運費用為7,200萬美元，較去年同期減少200萬美元，降幅為3%，包含Crocus的整個季度。第四季研發費用佔銷售額的17%，銷售、一般及行政費用佔銷售額的13%。營運利潤率為銷售額的23.8%，而第三季為27.2%，去年同期為30.2%。全年有效稅率為11%。本季有效稅率為9.5%，季減，主要原因是研發稅收抵免。

The fourth quarter diluted share count was 194.5 million shares, and net income was $48 million or $0.25 per diluted share. Turning to full year 2024 results. Fiscal 2024 was another strong year for Allegro with sales increasing 8% year-over-year to a record $1.05 billion. Gross margin was 56.3%. Operating margin was 28.5% of sales. Adjusted EBITDA was 34.7% and earnings per share were a record $1.35 per share. Sales to Automotive customers increased by 17%, led by a 38% increase in e-Mobility sales. Industrial sales increased by 7% year-over-year and other sales declined by 44% during the year.

第四季稀釋後股份總數為 1.945 億股，淨利為 4,800 萬美元，即每股 0.25 美元。展望 2024 年全年業績。 2024 財年對 Allegro 來說又是強勁的一年，銷售額年增 8%，達到創紀錄的 10.5 億美元。毛利率為 56.3%。營業利益率為銷售額的 28.5%。調整後 EBITDA 為 34.7%，每股盈餘創下 1.35 美元的紀錄。面向汽車客戶的銷售額成長了 17%，其中電動車銷售額成長了 38%。工業銷售額年增 7%，其他銷售額全年下降 44%。

Moving on to product sales. Magnetic Sensor sales increased by 9% year-over-year to $650 million or 62% of total sales. Sales of our power products increased by 7% year-over-year to $399 million. Moving to the balance sheet and cash flow. We ended Q4 with cash of $222 million. Cash flow from operations in the fourth quarter was $13 million and capital expenditures were $14 million. During the quarter, we made a tax payment of $41 million to repatriate Crocus' IP, which we expect to largely recover through U.S. tax credits in fiscal '25. Excluding this payment, Q4 operating cash flow was $54 million and free cash flow was $40 million or 17% of sales.

再來看看產品銷售。磁性感測器銷售額較去年同期成長9%，達到6.5億美元，佔總銷售額的62%。電源產品銷售額年增7%，達3.99億美元。再來看看資產負債表和現金流。截至第四季度，我們的現金餘額為2.22億美元。第四季的經營現金流為1300萬美元，資本支出為1400萬美元。在本季度，我們支付了4,100萬美元的稅款，用於將Crocus的智慧財產權匯回美國，我們預計這筆款項將在25財年透過美國稅收抵免基本收回。不包括這筆款項，第四季的經營現金流為5,400萬美元，自由現金流為4,000萬美元，佔銷售額的17%。

Full year cash flow from operations was $182 million. Capital expenditures were $125 million and free cash flow was $57 million or $98 million excluding the Crocus-related tax payment. From a working capital perspective, Q4 day sales outstanding was 45 days compared to 41 days in Q3. Inventory declined by another $3 million sequentially and days of inventory were 126 days compared to 124 days in Q3.

全年營運現金流為1.82億美元。資本支出為1.25億美元，自由現金流為5,700萬美元，若扣除Crocus相關稅款，則為9,800萬美元。從營運資本角度來看，第四季應收帳款週轉天數為45天，而第三季為41天。庫存較上月下降300萬美元，庫存週轉天數為126天，第三季為124天。

Finally, I'll turn to our Q1 outlook. We expect first quarter sales to be in the range of $160 million to $170 million as we work with customers to reduce their inventory levels. Based upon our backlog, fill rates and customer demand, we anticipate low double-digit sequential growth going into Q2. We expect Q1 gross margin to be between 49% and 50%, which reflects a combination of capacity underutilization, product mix and price adjustments primarily in distribution. We expect operating expenses to be between $72 million and $73 million. We project our non-GAAP tax rate to be 12% and our diluted share count to be approximately 196 million shares.

最後，我將談談我們第一季的展望。我們預計第一季銷售額將在1.6億美元至1.7億美元之間，我們正在與客戶合作降低他們的庫存水準。根據我們的訂單量、訂單完成率和客戶需求，我們預計第二季銷售額將實現低兩位數的環比成長。我們預計第一季毛利率將在49%至50%之間，這反映了產能利用率不足、產品組合以及主要在分銷方面進行的價格調整等因素。我們預計營運費用將在7,200萬美元至7,300萬美元之間。我們預計非公認會計準則稅率為12%，稀釋後股份數量約為1.96億股。

In April, we also made a $50 million voluntary payment on our $250 million term loan, which is projected to reduce our annual interest expense by approximately $4 million. As a result, we expect non-GAAP EPS to be between $0.01 and $0.03 per share. Recall that we have been taking actions over the past year to reposition our company for long-term growth, which contributed approximately $15 million or 10% decline in organic operating expenses during the second half of fiscal '24 compared to the first half of the year. So we entered fiscal '25 with an optimized footprint and ready to serve our customers and grow. I am very proud of what we've achieved over the past year to navigate inventory dynamics while delivering record financial results. I would like to thank the entire Allegro team for this terrific performance and their dedication in serving our customers.

今年4月，我們也自願償還了2.5億美元定期貸款中的5,000萬美元，預計這將減少我們約400萬美元的年度利息支出。因此，我們預計非公認會計準則每股收益將在0.01美元至0.03美元之間。回顧過去一年，我們一直在採取行動，重新定位公司以實現長期成長，這使得24財年下半年的有機營運支出較上半年下降了約1500萬美元，降幅達10%。因此，我們以優化的佈局邁入25財年，並已準備好服務客戶並實現成長。我為我們在過去一年中所取得的成就感到非常自豪，我們不僅掌控了庫存動態，還取得了創紀錄的財務表現。我要感謝Allegro團隊的出色表現以及他們為服務客戶所付出的奉獻。

I'll now turn the call back to Jalene for questions. Jalene?

我現在將電話轉回給 Jalene 詢問問題。 Jalene？

Thank you, Vineet. This concludes management's prepared remarks. Before we open the call for your questions, I'd like to share our first fiscal quarter conference line up with you. We are attending TD Cowen's 52nd Annual TMT Conference on May 29 at the InterContinental New York Barclay; and Mizuho's 2024 Technology Conference at the JW Marriott Essex House, New York on June 12.

謝謝Vineet。管理階層的準備發言到此結束。在開始問答環節之前，我想先跟大家分享一下我們第一財季的會議安排。我們將參加5月29日在紐約巴克萊洲際酒店舉行的TD Cowen第52屆年度TMT大會；以及6月12日在紐約JW萬豪埃塞克斯酒店舉行的瑞穗2024年科技大會。

We will now open up the call for your questions. Operator, please review Q&A instructions.

我們現在開始回答大家的提問。接線員，請查看問答說明。

(Operator Instructions) Our first question comes from the line of Gary Mobley of Wells Fargo Securities.

（操作員指示）我們的第一個問題來自富國證券的加里·莫布利 (Gary Mobley)。

Thoughts are with Derek, who's presence on the call is missed. And my question is this outlook for low double-digit percent sequential revenue growth in the Q2, which presumably puts the number at about $180 million in revenue or more, is that representative of true end demand? Or is that still under shipping end demand? And maybe you can just give us a sense of maybe the continued rate of revenue recovery after the second quarter? And I have a follow-up.

我和 Derek 心心相印，他沒來參加電話會議，我很想念他。我的問題是，預計第二季營收將環比成長兩位數，大概在 1.8 億美元左右或以上，這代表了真正的終端需求嗎？還是說這仍然低於航運終端需求？能否簡單介紹一下第二季之後營收復甦的持續速度？我還有一個後續問題。

Gary, this is Vineet. Thanks for your question, and thanks for your kind comments as well. We do expect to start to return to normal ordering patterns. We've talked about Automotive was the last end market to enter into an inventory rebalancing mode. We believe it's going to be the first one coming out of it. I think this quarter is going to be instrumental in getting it there for us. And we expect orders to return to sequential growth coming out of Q1. And I think the mid -- low to mid-double digit is the right way to think about it.

蓋瑞，我是維尼特。感謝您的提問，也感謝您的友善評論。我們確實預計訂單模式將開始恢復正常。我們先前提到，汽車市場是最後一個進入庫存再平衡模式的終端市場。我們相信，它將是第一個走出這種模式的市場。我認為本季將對我們實現這一目標起到關鍵作用。我們預計訂單量將從第一季開始恢復環比成長。我認為，中低到中兩位數的成長是正確的預期。

Okay. Now some of the factors pressuring gross margin that you admitted to, I guess, a little bit concerning, right, especially with respect to "Price support" to clear the channel. And I was hoping to flesh out some additional details there. Is that going to be indicative of the pricing trend going forward? Is that something customers and distributors are going to grow accustomed to? Maybe you can just give us some level of comfort that it's a temporary pricing situation?

好的。您承認的一些影響毛利率的因素，我想有點令人擔憂，尤其是關於「價格支持」以清理渠道的問題。我希望能夠補充一些細節。這是否預示著未來的定價趨勢？客戶和分銷商會逐漸習慣這種趨勢嗎？或許您能稍微安慰一下我們，這只是暫時的定價狀況？

Yes, Gary, it's a great question, and it's a fair question. I would characterize our pricing support as temporary and really very targeted with certain distributors. When you look at our Q4 to Q1 transition on the gross margin, only about 100 basis points is due to price and mix, okay? The vast majority, I would say, about 300 basis points is really the underutilization, which is temporary here in the first quarter. We've taken prudent actions to -- obviously, around direct labor and so on and so forth. But obviously, there's a certain amount of fixed cost that doesn't go away. And so that's really representative of that. And it's largely been in our distribution channel, again, that's where we believe bulk of the inventory problem resides.

是的，加里，這個問題問得很好，也很合理。我認為我們的定價支援是暫時的，而且針對的是某些經銷商。從我們第四季到第一季的毛利率變動來看，只有大約100個基點是因為價格和產品組合造成的，對吧？絕大部分，我想說，大約300個基點，實際上是由於產能利用率不足造成的，這在第一季只是暫時的。我們採取了審慎的措施──顯然，是在直接人工等方面。但顯然，還有一定數量的固定成本不會消失。這很能說明問題。而且這主要發生在我們的分銷管道，我們認為庫存問題主要就出在這裡。

Our next question comes from the line of Chris Caso of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Chris Caso。

I wonder if you could give a little more color on what was discussed on pricing. And more specifically, in terms of the guidance here, how much of the sequential decline is driven by units, presumably reducing inventory in the channel as compared to pricing? And then maybe similar with the visibility for the September quarter and indication you provided there, is that more of a function of pricing coming back into September or kind of resumption in unit orders?

我想知道您能否更詳細地介紹一下關於定價的討論。更具體地說，就目前的業績指引而言，季減在多大程度上是由銷量驅動的？大概是因為通路庫存減少，而不是價格下降。然後，可能與您之前提供的9月份季度業績預示的情況類似，這更多的是9月份價格回升的結果，還是銷量恢復？

Chris, thanks for the question. As I mentioned earlier, pricing is actually the smallest part of the transition. And so we really think it's volume here in Q1, and as that starts to come back as we get out of this inventory digestion mode and get back to sequential growth going into Q2, we expect that to moderate, right? So our utilization is going to get increased and we should start to see the margins come back as well.

克里斯，謝謝你的提問。正如我之前提到的，定價其實是轉型過程中最小的環節。所以我們認為第一季的重點是銷售量。隨著我們擺脫庫存消化模式，進入第二季度，銷量開始回升，並恢復到連續增長，我們預計銷量會有所放緩，對吧？因此，我們的利用率將會提高，利潤率也應該會開始回升。

Okay. With respect to the comments on EV versus hybrid, the slowdown in EV has been kind of well documented here. You pointed out that hybrid, you've got equal content there. But I imagine there's got to be some transition as some of the OEMs kind of shift that around. Can you speak to that of -- to what extent is some of the slowdown you're seeing now attributed to a slowdown in EV? And how do you see that transition to hybrid as we have heard that the number of OEMs have accelerated the hybrid programs, but it probably is an immediate effect?

好的。關於你關於電動車和混合動力車的評論，電動車的成長放緩已經有了相當充分的記錄。你指出了混合動力車，你在這方面也得到了同樣的內容。但我認為，隨著一些原始設備製造商（OEM）開始轉向混合動力汽車，必然會有一些轉變。你能不能談談——你現在看到的成長放緩在多大程度上可以歸因於電動車的成長放緩？我們聽說許多原始設備製造商加快了混合動力汽車項目的開發，但這可能是一個立竿見影的效果，你如何看待向混合動力汽車的轉變？

Yes, Chris. So it's a great question. And we have really a global purview on the Automotive market. And when you look at our geographical balance, it's really indicative of how the Automotive were sort of split out by region. And I would tell you that in the -- outside of the U.S., we really don't see any slowdown in both EV production but also in design of new EV programs. Your question regarding a shift between EVs and hybrids.

是的，克里斯。這是一個很好的問題。我們對汽車市場有著全球視野。從我們的地域分佈來看，這確實能反映出汽車業務在各個地區的分佈。我想告訴你，在美國以外的地區，我們確實沒有看到電動車生產和新電動車專案設計有任何放緩。你提到的問題是關於電動車和混合動力車之間的轉變。

I would tell you that the components that we ship into hybrids and EVs are largely the same. It's just a matter of -- and in a lot of cases, we don't know exactly where they end up because other than a few customers where they only have a few products on the market, most of our customers have a very broad portfolio under multiple brands in multiple regions. So it's very hard to figure out where exactly a part might end up.

我想說的是，我們運送到混合動力汽車和電動車的零件大致相同。問題是——很多情況下，我們並不知道它們最終會流向何處，因為除了少數客戶在市場上只有少量產品外，我們的大多數客戶都在多個地區、多個品牌下擁有非常廣泛的產品組合。因此，很難確定某個零件最終會流向何處。

But a hybrid platform benefits from both an EV powertrain as well as the traditional ICE powertrain. And we think that, that's actually a net positive for Allegro, same content as we see in a pure battery electric vehicle. It's just that the rating of the power unit might be a little different. So the rating on our parts might be a little different. But other than that, we really don't see any difference in the content. We ship to EV or to a hybrid. Of course, when it comes to the actual logistics of part numbers and making sure you got the right part, there's obviously some considerations there. And our belief is that our customers and our Tier 1s are pulling the right strings to make sure that the right inventory is getting to the right customer for the right program. Hopefully, that answers your question.

但混合動力平台既能受惠於電動車動力系統，也能受惠於傳統的內燃機動力系統。我們認為，這對 Allegro 來說實際上是個利好，其內容與我們在純電動車中看到的相同。只是動力裝置的額定功率可能略有不同。因此，我們零件的額定功率可能略有不同。但除此之外，我們確實沒有發現內容上有任何差異。我們為電動車或混合動力車提供零件。當然，在零件編號的實際物流和確保您獲得正確零件方面，顯然需要考慮一些因素。我們相信，我們的客戶和一級供應商正在採取正確的措施，以確保正確的庫存能夠送達正確的客戶，並滿足正確的專案需求。希望以上內容能解答您的問題。

Our next question comes from the line of Joshua Buchalter of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Joshua Buchalter。

Let me echo the thoughts to Derek and his family, I hope all is okay. I guess if I look at the June guidance, you had previously flagged that you expected that quarter down and Street gets things wrong all the time, but this is materially below the Street. And it seems like, at least from speaking with you last quarter, worse than you originally expected. Maybe you could spend a couple of minutes of just talking about what changed and what worsened that's driving the weaker outlook in June, at least versus -- certainly versus what the Street was expecting, and I think versus what you guys were expecting as well?

讓我向德瑞克和他的家人表達我的想法，希望一切都好。我想，如果我看一下6月的業績指引，你之前曾表示預計該季度業績會下降，而華爾街的預測總是會出錯，但這次的業績明顯低於華爾街的預期。而且，至少從上個季度與你的談話來看，情況似乎比你最初的預期更糟。或許你可以花幾分鐘時間，談談哪些變化和哪些惡化因素導致了6月份業績展望的疲軟，至少與華爾街的預期相比是這樣，我想也與你們的預期相比是這樣。

Josh, thanks for the question, and the thoughts as well. The -- as we said in the last quarter, we started seeing Automotive enter into an inventory rebalance mode that was reflected in our Q4 guidance. It ended up being a little bit better than expected. Our Q1, as we talk to our customers and their Tier 1s, we noticed that there was an opportunity, and some of this is related to the push-pull between different parts and so on.

Josh，謝謝你的提問，也謝謝你的想法。正如我們在上個季度所說，我們開始看到汽車業務進入庫存再平衡模式，這反映在我們的第四季業績指引中。最終情況比預期好一些。在第一季度，我們與客戶及其一級供應商溝通時，注意到了其中存在的機會，其中一些機會與不同零件之間的拉動等因素有關。

Remember, we don't actually plan for each quarter, right? We plan for the year, and between quarters, there's a lot of push and pull between -- with customers on ordering one part versus pulling another part. And so what we're seeing in Q1 is a result of 2 things. One is us working very actively with our customers to actually make sure that inventory levels at the Tier 1s and the CMs come down to normal levels as quickly as possible, so we can all get back to sequential growth. And the second, I think, is a reflection of the normal push and pull that happens between quarters on orders, okay? And so that's really the difference versus what perhaps we had signaled in the last quarter -- in the last earnings call.

記住，我們實際上並不是每個季度都做計劃，對吧？我們計劃的是全年，而季度之間會有很多推拉——客戶會訂購一個零件，而不是拉動另一個零件。所以我們在第一季看到的情況是兩件事的結果。第一，我們非常積極地與客戶合作，以確保一級供應商和製造廠商的庫存水準盡快降至正常水平，這樣我們就能恢復連續成長。第二，我認為，這反映了季度之間訂單的正常推拉，對吧？所以，這與我們上一季——也就是上次財報電話會議——所暗示的情況相比，確實存在差異。

I guess my follow-up, unless I'm doing it wrong, it looks like e-Mobility was actually materially worse than the legacy auto parts this quarter. Anything to read there? And then any, I guess, metrics you can give us, whether bookings, backlog, book-to-bill, things like that to sort of help us with better understand the return to double-digit sequential growth in the September quarter?

我的後續問題是，除非我理解錯了，否則本季電動車業務的表現實際上比傳統汽車零件業務要差得多。有什麼可以參考的嗎？然後，您能否提供一些指標，例如訂單量、積壓訂單量、訂單出貨比等等，以幫助我們更好地理解9月份季度恢復兩位數環比增長的原因？

Yes. Thanks, Josh. So I would tell you that it's really an artifact of the normal push pull that happens between quarters. We look at the full year. And when we look at full year 2024, e-Mobility grew 38%. So almost 40% on a year-over-year basis, really powering our growth in Automotive, which overall grew 17%. So we really have no complaints about our performance in e-Mobility, and we continue to see great momentum over half our design wins in fiscal '24 came from e-Mobility and Automotive. So great momentum, team continues to do a great job of executing on new products, really well aligned with the customer needs and really out-innovating whatever is out there in the marketplace. And the design wins give us a lot of confidence in the mid- to long-term. So I'm not worried at all about our ability to execute our strategy in e-Mobility and really outperform the market.

是的，謝謝，喬希。我想說，這其實是季度之間正常推拉效應的產物。我們著眼於全年。展望2024年全年，電動車業務成長了38%，年增近40%，這真正推動了我們汽車業務的成長，汽車業務整體成長了17%。因此，我們對電動車業務的表現毫無怨言，而且我們繼續保持強勁勢頭，2024財年超過一半的設計訂單來自電動車和汽車業務。如此強勁的勢頭，團隊繼續出色地執行新產品，與客戶需求完美契合，並真正超越了市場上現有的任何創新。這些設計訂單讓我們對中長期發展充滿信心。因此，我完全不擔心我們能否在電動車領域執行策略並真正超越市場。

When we look at our Q1 to Q2, as I mentioned before, it's really a function of what our customers want us to ship to them. I said before, Auto was the last industry to go into inventory rebalance mode. We believe it will be the first one to come out of it, and we expect orders to return to sequential growth going from Q1 to Q2. And Industrial, it's still too early to tell. We think it's stable at the lower levels now. Recoveries potentially in the second half could be later. But really, our return to sequential growth is going to be driven by auto. And within that, I think e-Mobility is going to lead the way.

正如我之前提到的，縱觀第一季到第二季度，這實際上取決於客戶希望我們向他們交付什麼。我之前說過，汽車產業是最後一個進入庫存再平衡模式的產業。我們相信它將是第一個走出這種模式的行業，我們預計從第一季到第二季度，訂單將恢復環比成長。至於工業領域，現在下結論還為時過早。我們認為目前工業領域訂單穩定在較低水準。下半年復甦的可能性可能要晚一些。但實際上，我們恢復環比成長的動力將來自汽車產業。而其中，我認為電動車將引領潮流。

Our next question comes from the line of Quinn Bolton of Needham & Company.

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

I offer my best wishes to Derek and his family. Vineet, I guess, 2 questions for you. One on the price adjustments in the channel. Can you say -- is this a onetime price adjustment on things that you've already shipped where you're going to take an adjustment to prices onetime to sort of clear the channel? Or will you be taking lower prices on a go-forward basis on new products shipped into the channel? And then I've got a follow-up question.

我向德里克和他的家人致以最美好的祝愿。 Vineet，我想問您兩個問題。一個是關於通路價格調整的。您能否解釋一下——這是針對已經發貨的商品的一次性價格調整，是為了清理渠道而進行的一次性價格調整？還是說，你們會持續降低進入通路的新產品的價格？然後我還有一個後續問題。

Quinn, thanks for the question, and also the kind thoughts. It is exactly the one-time phenomenon that you pointed out. So we recognize as we work with our distributors, particularly in Asia, that they needed support to clear the inventory, and we've been very targeted. And so we've given one-time price support in a very targeted fashion to help our distributors clear the inventory. I would tell you that we launched over 30 new products to the market in fiscal '24. The ASPs on those new products are higher than our fleet and are holding up really well. So we don't expect the pricing phenomenon that I highlighted here to be an ongoing phenomenon.

Quinn，感謝您的提問，也感謝您的善意建議。這正是您所指出的一次性現象。我們在與分銷商（尤其是在亞洲）合作時，意識到他們需要支援來清理庫存，而我們的支援非常有針對性。因此，我們以非常有針對性的方式提供了一次性價格支持，以幫助我們的分銷商清理庫存。我想告訴您，我們在24財年向市場推出了30多種新產品。這些新產品的平均售價高於我們的現有產品線，而且保持得非常好。因此，我們預計我在這裡強調的定價現像不會持續下去。

Understood. And then just -- I know you're not getting out kind of beyond the first quarter, but you sort of talked about the return to low double-digit sequential growth. Obviously, where that implies revenue would be for the September quarter still well below the run rate that you've been running at for the past several quarters. Do you expect that low double-digit growth rate to continue for multiple quarters?

明白了。然後——我知道您沒有透露第一季之後的情況，但您提到了恢復低兩位數的環比增長。顯然，這意味著9月份當季的收入仍將遠低於過去幾季的運行率。您預計這種低兩位數的成長率會持續多個季度嗎？

Yes, Quinn, we do, right? So I think it's going to be a bit of a climb back to our, what I would call, our normal operating quarterly run rates. We feel really good about getting there in this fiscal year, but it might take us a couple of quarters to get there. So I think thinking about it in terms of low- to mid-double-digit growth rates, sequentially, is the right way to think about it.

是的，奎因，我們確實如此，對吧？所以我認為，我們季度營運率的恢復會有點慢。我們對本財年實現這一目標感到非常滿意，但可能需要幾個季度才能實現。所以，我認為，以低至兩位數到中等兩位數的環比增長率來考慮，是正確的做法。

Our next question comes from the line of Vijay Rakesh of Mizuho.

我們的下一個問題來自瑞穗的 Vijay Rakesh。

I would like to echo (inaudible) for Derek as well. Just a question on the guide. Wondering you missed that, like was there something that you missed for the drive-down that you probably would have seen before? And was the inventory primarily all disti inventory?

我也想替 Derek 重複一下（聽不清楚）。我只是想問一下關於指南的問題。我想知道您是否漏掉了一些之前可能已經看到的內容？例如，在免下車購物區，您是否漏掉了一些之前可能看到的內容？庫存主要都是經銷庫存嗎？

So Vijay, I'm not sure about your first question in terms of a miss. We expected some level of inventory correction. Let's come back to what we said in the last earnings call. We said we're seeing auto now enter into an inventory rebalance mode. Typically, Tier 1s and CMs hold about 4 to 6 weeks of inventory. Through the supply crisis, they have been asked by the OEMs to hold 10 to 12 weeks of inventory, and we're actually getting some price support and incentives to hold that inventory. As the supply crises abated, those incentives went away, and as the interest rates went higher and stayed higher, the cost of carrying that inventory started to bite. And so the CMs and the Tier 1s started to pare their inventory levels back to 4 to 6 weeks. And so we expected that to happen over a couple of quarters. It's happening a little sharper -- sooner than I think we had originally thought about it. But what it does from a positive standpoint is it creates a clearing event, where now we can start to get back to sequential growth. And what was your second question, Vijay?

所以，Vijay，我不確定你第一個問題是否涉及未達到預期。我們預期庫存會出現一定程度的調整。讓我們回到上次財報電話會議上我們所說的話。我們之前說過，我們看到汽車產業現在進入了庫存再平衡模式。通常情況下，一級供應商和製造商（CM）持有大約4到6週的庫存。在供應危機期間，原始設備製造商（OEM）要求他們持有10到12週的庫存，我們實際上獲得了一些價格支持和激勵措施來維持這些庫存。隨著供應危機的緩解，這些激勵措施也消失了，而且隨著利率持續走高，持有這些庫存的成本開始上升。因此，CM和一級供應商開始將庫存水準削減至4到6週。我們預計這將在未來幾季內發生。但情況正在發生得更快一些——比我們最初預想的還要快。但從正面的角度來看，它創造了一個清算事件，現在我們可以開始恢復連續成長。維傑，你的第二個問題是什麼？

Yes. I think it is more on -- I mean, I just want to add another question. If you look at the inventory, you'd mentioned Automotive and disti and Asia where the pain was. Is there any concern that -- I mean, is it a particular customer or a company that issue -- we can talk to that, obviously, this primarily a very broad Auto, Asia disti inventory?

是的。我認為這更多的是關於——我的意思是，我只是想補充一個問題。如果你看一下庫存，你提到了汽車、分銷和亞洲的痛點。是否有任何擔憂——我的意思是，是某個特定的客戶還是某個公司的問題——我們可以談談，顯然，這主要是一個非常廣泛的汽車、亞洲分銷庫存？

Yes. So it's actually more broadly Industrial inventory in the channel. And as we know and some of our peers have also called out that Industrial continues to be in this sort of long U-shaped or a back-up shaped inventory correction, which is compounded by lower demand. Industrial -- our Industrial OEMs are probably most sensitive to interest rates, Vijay. And so we think there's actually lower demand as well. So we've really been giving price support to our distributors in Asia where most of the electronics manufacturing happens for our Industrial customers, right? So that's the way to think about it, and that's sort of geographic connection.

是的。所以實際上，更廣泛地說，是通路中的工業庫存。如我們所知，我們的一些同行也指出，工業庫存持續處於這種長U型或後備型的調整之中，而需求下降又加劇了這種情況。工業－我們的工業原始設備製造商（OEM）可能對利率最為敏感，Vijay。因此，我們認為需求實際上也在下降。因此，我們一直在為亞洲的分銷商提供價格支持，我們的大多數電子產品製造都發生在亞洲，面向的是我們的工業客戶，對吧？這就是我們要考慮的問題，也是一種地理連結。

Within Automotive, we are mostly direct to OEM or direct to the Tier 1 model. In Asia, there's a little bit of inventory in China and Japan that is used to service our OEMs there, mainly because they hold the paper and they do first-level quality support. There's a little bit of inventory there, but it's not something that keeps us up at night.

在汽車領域，我們主要直接面向OEM或一級供應商。在亞洲，我們在中國和日本有少量庫存，用於服務當地的OEM，主要是因為他們持有相關文件，並提供一流的品質支援。雖然那裡有少量庫存，但這並不會讓我們夜不能寐。

Got it. And last question, I think, on the fiscal '25, I know you've not given the full year guide yet, but how would you see that year-on-year versus I think you've talked about 25% e-Mobility and 18% Automation, but any thoughts around that?

明白了。最後一個問題，關於2025財年，我知道您還沒有給出全年的業績指引，但您覺得同比增速如何？我記得您提到過電動車佔25%，自動化佔18%，您對此有什麼看法嗎？

Yes, Vijay, we're not guiding for the full year. I think the best way we can talk about now is what we see sort of sequentially from Q1 to Q2. And we think it's going to be -- that trend is probably going to go for the next couple of quarters in terms of low- to mid-double-digit sequential growth.

是的，Vijay，我們沒有給出全年業績指引。我認為現在我們能討論的最好方式是第一季到第二季的環比成長情況。我們認為，這種趨勢可能會在接下來的幾季持續下去，實現低至兩位數的環比成長。

(Operator Instructions) Our next question comes from the line of Mark Lipacis of Evercore ISI.

（操作員指示）我們的下一個問題來自 Evercore ISI 的 Mark Lipacis。

Vineet, how does ramping utilization rates down and then back up again work operationally. Is this a fab shutdown or just are you to take utilization rates way low? And then I guess the question then becomes like how quickly do you get back to whatever the normalized loadings are, and I imagine there may be still residual underutilization charges as you kind of ramp back up in Q2. Is that a reasonable expectation? And then I had a follow-up.

Vineet，從營運角度來看，降低利用率然後再回升是如何運作的？這是關閉工廠，還是只是把利用率降到很低？接下來的問題就是，你們多久才能恢復到正常的負載水準？我想，隨著第二季產能恢復，可能還會有剩餘的未充分利用費用。這是一個合理的預期嗎？然後我又問了個問題。

Sure, Mark, thanks for the question. So Mark, we don't own a fab, not anymore. So really, the underutilization is happening in our assembly operations and test operations in the Philippines. As a reminder, we do only 50% of our assembly in our factory in the Philippines and we do 100% of our test. And so the underutilization really is happening there. And I would say that our team has done a terrific job of managing the short-term costs, whether it's shifts, whether it's furloughs and so on. And so we retain the ability to snap back very quickly as we have seen and we believe that auto is going to come back here very quickly. On a sequential basis, we have the ability to support that.

當然，馬克，謝謝你的提問。馬克，我們現在不再擁有自己的工廠了。所以，實際上，菲律賓的組裝和測試工廠的產能利用率不足。提醒一下，我們在菲律賓的工廠只完成了50%的組裝工作，而100%的測試工作。所以，那裡的產能利用率確實不足。我想說，我們的團隊在管理短期成本方面做得非常出色，無論是輪班、休假等等。因此，正如我們所見，我們仍然保持著快速恢復的能力，我們相信汽車產業很快就會復甦。我們有能力持續支持這項成長。

In addition, we've been continuing to bank build in die bank, which gives us the ability to turn pretty quickly. And so it reduces the lead time that we have internally to respond to our customers.

此外，我們一直在持續進行庫存管理，這使我們能夠快速週轉。這也縮短了我們內部回應客戶的準備時間。

That's helpful. And a follow-up, if I may. Separately, a lot of times you have an overbuild, it's followed by an over-correction and everybody lowers utilization and then there's a restock and then you have tightness and then you start to overbuild process again. And when you said that 6 weeks is normal in the channel, now they're shooting to 4 to 6 weeks in a lower demand environment, it sounds like you might be setting up for that classic cycle. So I guess my question is, do you -- what is your feel on this situation? Is that dropped to 4 to 6 weeks? Is that -- does that kind of set us up? Like how do you manage that operationally for Allegro?

這很有幫助。如果可以的話，我再問一個後續問題。另外，很多時候會出現產能過剩，隨後出現過度調整，大家都會降低利用率，然後補貨，然後出現供應緊張，最後又會再次出現產能過剩的狀況。您之前說6週的供應週期在通路中很正常，但現在在需求較低的環境下，他們的供應週期縮短到了4到6週，聽起來您可能正在為這個典型的週期做準備。所以我的問題是，您對這種情況有什麼看法？供應週期縮短到4到6週了嗎？這對我們來說是否合適？您是如何在營運上管理Allegro的？

Yes. So Mark, it's a great question. And frankly, I would tell you that most of my peers in the industry are really trying to get their arms around this. So the way to think about it for us is this, our auto customers, especially the Tier 1s and the CMs are very comfortable operating at 4 to 6 weeks. That's been their normal mode. The OEMs believe that's a little under cooked, so they would like them to hold a little bit more. So I think we get back into balance here over the next couple of quarters.

是的。馬克，這個問題問得很好。坦白說，我得告訴你，業內大多數同行都在努力適應這種情況。所以我們的想法是這樣的：我們的汽車客戶，尤其是一級供應商和合約製造商，對4到6週的週期非常滿意。這是他們的常規模式。而原始設備製造商認為這個週期有點不成熟，所以他們希望他們能再多堅持一段時間。所以我認為在接下來的幾個季度裡，我們會恢復平衡。

Our distribution channel, which largely sells Industrial and consumer and a little bit of auto in Asia is very comfortable in the 10- to 12-week range. And we know that because of lower industrial demand and a little bit of overordering, I would say, in Industrial and Consumer that is definitely higher than the 10 to 12 weeks. And so we think that they will come back into balance here through the year and really, the Industrial demand needs to pick up in order for that inventory to start -- the POS to start flowing again. We're seeing some green shoots, to be honest, in our POS, but a couple of months don't make a trend. But we are optimistic that this will start to form a true demand pattern.

我們的分銷管道主要在亞洲銷售工業和消費產品，以及少量汽車產品，10到12週的銷售週期非常舒適。我們知道，由於工業需求較低，加上少量訂單過剩，我認為工業和消費產品的需求週期肯定會高於10到12週。因此，我們認為全年需求會恢復平衡，而工業需求需要回升才能啟動庫存，才能讓銷售點（POS）再次活躍起來。坦白說，我們的銷售點（POS）業務確實出現了一些復甦跡象，但幾個月的時間並不能形成趨勢。但我們樂觀地認為，這將開始形成真正的需求模式。

I think coming back to the question you raised, are we going to be ready for the up cycle? I think that's what you were hinting at. Our ability to work very closely with our supply chain, the process improvements, the cycle time improvements we've made internally, the bank build we've done, the geographical resilience we've built into our supply chain, we've actually gone from a monolithic supply chain to a pretty diversified supply chain in the last 18 months. So I'm really proud of what the team has done there, and that sets us up really well to respond to any snapback in demand here in the near term.

我想回到你提出的問題，我們準備好迎接上升週期了嗎？我想這正是你暗示的。我們與供應鏈緊密合作的能力、流程改進、內部進行的周期改進、我們所做的儲備建設以及我們在供應鏈中構建的地理彈性，實際上，在過去的18個月裡，我們已經從單一的供應鏈轉變為一個相當多元化的供應鏈。所以我對團隊所做的工作感到非常自豪，這讓我們能夠很好地應對短期內任何需求的反彈。

Our next question comes from the line of Thomas O'Malley of Barclays.

我們的下一個問題來自巴克萊銀行的托馬斯·奧馬利。

This is Kyle [Lucian] on for Tom O'Malley. So I was kind of wondering for the June decline, how much of that would you attribute to volume versus pricing support?

我是 Kyle [Lucian]，接替 Tom O'Malley 的訪問。所以，我想知道，對於 6 月的下跌，您認為其中有多少是成交量支撐，有多少是價格支撐？

It's mostly volume.

主要是音量。

Mostly volume. All right. And then for my follow-up, you characterized Industrial as approving later this calendar year. But can you give an idea of kind of the shape of that recovery? Like would you extract strong growth off the bottom as we've typically seen in prior cycles? Or do you expect just modest improvement initially?

主要是成交量。好的。接下來，我的後續問題，您認為工業復甦將在今年稍後獲得批准。您能否大致描述一下復甦的形態？例如，您會像我們在之前的周期中通常看到的那樣，從底部實現強勁增長嗎？還是您預計初期只是略有改善？

It's hard to tell, Kyle. At this point, we are very targeted in our exposure to Industrial markets. So it's very focused on clean energy, including data centers, EV charging, Industrial automation. And we see some really good design win momentum there. And certainly, there's a lot of regulations and government investment and incentives that are driving momentum in those markets. We are -- we feel reasonably confident that as the inventory position starts to work down, those industrial markets will get back to growth in a meaningful way. It's hard to call the timing though. But we've been sort of in this inventory correction mode for a few quarters now. We expect it to continue for another couple. Optimistic here that in the second half of our fiscal '25, we should start to see the Industrial markets come back to growth.

凱爾，這很難說。目前，我們在工業市場的佈局非常明確。我們非常專注於清潔能源，包括資料中心、電動車充電和工業自動化。我們看到這些市場中出現了一些非常好的設計成功動能。當然，許多法規、政府投資和激勵措施正在推動這些市場的發展。我們有理由相信，隨著庫存水準開始下降，這些工業市場將以顯著的方式恢復成長。不過，很難確定具體時間。但我們已經處於這種庫存調整模式幾個季度了。我們預計這種情況還會持續幾個季度。我們樂觀地認為，在2025財年下半年，我們應該可以看到工業市場恢復成長。

I am showing no further questions at this time. I would now like to turn the call back over to Jalene Hoover for closing remarks.

我現在沒有其他問題了。現在我想把電話轉回給傑琳·胡佛，請她做最後發言。

Thank you, Crystal. We appreciate you taking the time to join us this morning. This concludes this morning's conference call.

謝謝，Crystal。感謝您今天上午抽出時間參加我們的電話會議。今天上午的電話會議到此結束。