Allegro Microsystems Inc (ALGM) 2025 Q3 法說會逐字稿

Good morning and welcome to the Allegro Microsystems Third Quarter Fiscal 2025 earnings conference call. At this time all participants are in a listen-only mode.

早安，歡迎參加 Allegro Microsystems 2025 財年第三季財報電話會議。此時所有參與者都處於只聽模式。

(Operator Instructions)

（操作員指令）

Today's conference is being recorded. I would now like to hand the conference over to Jalene Hoover, Vice President, investor relations and corporate communications. Please go ahead.

今天的會議正在錄製。現在，我想將會議移交給投資者關係和企業傳播副總裁 Jalene Hoover。請繼續。

Thank you, Kevin. Good morning, and thank you for joining us today to discuss Allegro's Third Fiscal Quarter 2025 Results. I'm joined today by Allegro's President and Chief Executive Officer, Vineet Nargolwala; and Allegro's Chief Financial Officer, Derek D 'Antilio. They will provide highlights of our business, review our quarterly financial performance and share our fourth quarter outlook. We will follow our prepared remarks with a Q&A session.

謝謝你，凱文。早安，感謝您今天加入我們討論 Allegro 2025 財年第三季的業績。今天與我一起出席活動的還有 Allegro 總裁兼執行長 Vineet Nargolwala；以及 Allegro 財務長 Derek D'Antilio。他們將介紹我們的業務亮點，回顧我們的季度財務表現並分享我們第四季度的展望。在準備好的發言之後，我們將進行問答環節。

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 are included in our earnings release, which is 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括某些非 GAAP 財務指標。今天討論的非 GAAP 財務指標並非旨在取代或取代我們的 GAAP 財務結果。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳包含在我們的收益報告中，您可以在我們網站 www.allegromicro.com 的投資者關係頁面上找到該報告。此次電話會議也正在進行網路直播，重播將很快在我們的 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 expectations and assumptions as of today's date and as a result are subject to risks and uncertainties that could cause actual results to differ or events to differ materially from projections.

在本次電話會議中，我們將對未來事件或公司未來財務表現做出預測和其他前瞻性陳述。我們希望提醒的是，此類聲明是基於截至今天的當前預期和假設，因此會受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預測不同或事件與預測有重大差異。

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 third quarter of fiscal 2025 and in our most recent periodic filings and other filings with the Securities and Exchange Commission.

可能影響我們業務的重要因素，包括可能導致實際結果與我們的前瞻性陳述不同的因素，在我們 2025 財年第三季度的收益報告以及我們最近的定期文件和其他文件中進行了詳細描述。交易委員會。

Our estimates, expectations 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.

我們的估計、預期或其他前瞻性陳述可能會發生變化，除非法律要求，否則本公司不承擔更新前瞻性陳述以反映實際結果、假設的變化或可能發生的其他事件的義務。

It is now my pleasure to turn the call over to Allegro's President and CEO, Vineet Argawala. Vineet?

現在我很高興將電話轉給 Allegro 總裁兼執行長 Vineet Argawala。維尼特？

Thank you, Jalene, and good morning, and thank you for joining our third quarter fiscal year 2025 conference call. We delivered on our commitments with third quarter sales of $178 million and non-GAAP EPS of $0.07, both above the midpoint of our guidance. Beyond that, we continue to see positive trends across a number of leading indicators in Q3. Increased in-quarter orders, which is an indication of lower channel inventory, cancellations have largely abated, and bookings are the highest they've been in the past 8 quarters, and up 50% year-over-year.

謝謝你，Jalene，早安，謝謝你參加我們 2025 財年第三季的電話會議。我們兌現了承諾，第三季銷售額為 1.78 億美元，非 GAAP 每股收益為 0.07 美元，均高於我們預期的中位數。除此之外，我們繼續看到第三季一些領先指標呈現正面趨勢。本季訂單增加，顯示通路庫存較低，取消訂單的情況已大大減少，預訂量達到過去 8 個季度以來的最高水平，年增 50%。

In addition, we continue to make good progress on the localization of our supply chain in China. We have begun shipping from our local OSAT partners, and we expect volumes to expand throughout the calendar year. We continue to make progress reducing inventory in direct and distribution channels. And as we enter the 2025 calendar year, industry estimates project automotive production to be flat and we are encouraged by the projections for continued double-digit growth in xEVs and ADAS adoption. Allegro's content is meaningfully higher in hybrids and BEVs, which enables us to grow even if there is no growth in auto production.

此外，我們在中國供應鏈本地化方面繼續取得良好進展。我們已經開始從當地 OSAT 合作夥伴處出貨，預計全年出貨量將會增加。我們在減少直銷通路和分銷通路庫存方面持續取得進展。隨著我們進入 2025 日曆年，業界估計專案汽車產量將保持平穩，而 xEV 和 ADAS 採用將繼續實現兩位數成長的預測令我們感到鼓舞。Allegro 在混合動力車和純電動車方面的含量明顯更高，這使得我們即使汽車產量沒有成長也能成長。

In our industrial and other end markets, we are encouraged by increasing signs of activity, and we are cautiously optimistic that an easing monetary and regulatory environment could fuel a demand recovery later in the year.

在我們的工業和其他終端市場，我們對日益增多的活動跡象感到鼓舞，我們謹慎樂觀地認為，寬鬆的貨幣和監管環境可能在今年稍後推動需求復甦。

I will now discuss key product highlights and achievements in the quarter. Innovation with purpose is a core value and integral to serving our customers. One of the most powerful ways that we meet and exceed our customers' expectations is by addressing the design challenges through new product innovations, and we have doubled the number of new product introductions over the past two years.

我現在將討論本季的主要產品亮點和成就。有目的的創新是我們的核心價值，也是服務我們的客戶不可或缺的一部分。我們滿足並超越客戶期望的最有力方法之一是透過新產品創新來解決設計挑戰，過去兩年我們推出的新產品數量增加了一倍。

In the quarter, we further strengthened our magnetic sensing portfolio with a slew of new and innovative new products, including new inductive position sensors featuring integrated high accuracy in advanced diagnostics, that perform consistently across a wide temperature range and excel in noisy environments.

在本季度，我們透過一系列新穎和創新的新產品進一步加強了我們的磁感感產品組合，其中包括具有先進診斷集成高精度功能的新型電感式位置感測器，該感測器可在寬溫度範圍內始終保持一致的性能並在嘈雜的環境中表現出色。

Our newest sensors are ideal for motor position sensing, in demanding applications, such as xEV traction motors, steering and braking systems, as well as robotics. Additionally, our new micro power magnetic switches and latches are redefining position sensing by using 50% less power than existing solutions. These products open up new markets for battery-powered applications in IoT, home automation, and consumer applications.

我們最新的感測器非常適合用於高要求應用中的馬達位置感測，例如 xEV 牽引馬達、轉向和煞車系統以及機器人。此外，我們的新型微功率磁性開關和鎖存器比現有解決方案節省 50% 的功耗，重新定義了位置感應。這些產品為物聯網、家庭自動化和消費應用中的電池供電應用開闢了新的市場。

And earlier this month, we announced a fully integrated current sensor IC, offering the industry's fastest response time for protection of wide band gap SiC and GaN devices. Our innovative packaging enables a product which is 5x faster and 40% smaller than existing solutions. This offers unparalleled space savings and protection of expensive electronics in solar energy equipment, AI and cloud data servers, industrial machinery and xEV powertrain systems.

本月初，我們發布了一款完全整合的電流感測器 IC，為寬頻隙 SiC 和 GaN 裝置的保護提供業界最快的響應時間。我們的創新封裝使產品比現有解決方案速度快 5 倍且體積小 40％。這為太陽能設備、人工智慧和雲端資料伺服器、工業機械和 xEV 動力系統中的昂貴電子設備提供了無與倫比的節省空間和保護。

Our technology leadership also extends to power applications that leverage our automotive-grade technology. In the quarter, while at Electronica in Germany, we introduced a groundbreaking series of power products poised to redefine performance and efficiency across the landscape, including cutting edge 48-volt motor drivers, featuring a code-free industrial product and an automotive SoC solution designed to address the thermal management needs of hybrid electric vehicles and AI data servers.

我們的技術領先地位也延伸到利用我們的汽車級技術的動力應用。本季度，在德國電子展上，我們推出了一系列突破性的電源產品，預計將重新定義整個領域的性能和效率，包括尖端的48 伏特馬達驅動器、無代碼工業產品和專為汽車設計的SoC 解決方案滿足混合動力電動車和AI數據伺服器的熱管理需求。

We were honored to receive a Best-In-Show Award from Embedded Computing Design for this solution. Complementing these new motor drivers, we also introduced a 48-volt pre-regulator, designed for superior EMI performance in dual voltage hybrid electric vehicles. Our ever-expanding portfolio of 48-volt solutions positions us well to support the transition to 48-volt architectures in automotive and industrial markets.

我們很榮幸能憑藉此解決方案獲得嵌入式運算設計頒發的最佳展示獎。作為這些新型馬達驅動器的補充，我們還推出了 48 伏特預調節器，旨在為雙電壓混合動力電動車提供卓越的 EMI 性能。我們不斷擴展的 48 伏特解決方案組合使我們能夠很好地支援汽車和工業市場向 48 伏特架構的過渡。

Our focus on innovation and the increasing velocity of new product introductions is further enabling design win momentum across our strategic focus areas. And this quarter, we continued our winning ways across key new opportunities. We secured multiple wins leveraging a power and sensing solutions with a top Chinese OEM. This included multi-part wins for steering, electrified powertrain, and in-cabin applications.

我們對創新的關注以及新產品推出速度的不斷加快，進一步增強了我們在策略重點領域的設計取勝動能。本季度，我們繼續在關鍵的新機會上保持勝利。我們利用電源和感測解決方案與中國頂級 OEM 合作，贏得了多場勝利。其中包括轉向、電動動力系統和車艙內應用等多個部分的勝利。

Our power motor solution secured multiple wins with customers in Taiwan, China, and Japan for data center cooling applications. Our high-voltage isolated gate drivers continue to gain traction in the market, garnering multiple wins across many industrial applications especially clean energy and automation. And finally, our TMR solutions continue to gain momentum securing wins in smart metering and medical applications.

我們的動力馬達解決方案多次獲得台灣、中國和日本客戶的資料中心冷卻應用青睞。我們的高壓隔離閘極驅動器在市場上持續受到青睞，並在許多工業應用領域（尤其是清潔能源和自動化領域）獲得多項大獎。最後，我們的 TMR 解決方案繼續獲得發展勢頭，在智慧計量和醫療應用領域中取得勝利。

I will end by thanking our teams around the globe who are embodying our values while executing our strategies and going above and beyond to serve our customers.

最後，我要感謝我們遍布全球的團隊，他們在執行我們的策略時體現了我們的價值觀，並竭盡全力為客戶服務。

I'll now turn the call over to Derek to review the Q3 financial results and provide an outlook for the fourth quarter. Derek?

現在我將把電話轉給德里克，讓他回顧第三季度的財務表現並對第四季度做出展望。德里克？

Thank you, Vineet, and good morning, everyone. Starting with a summary of our Q3 financial results. Sales were $178 million and non-GAAP earnings per share was $0.07, both at the high end of our guidance range. Gross margin was 49.1%, operating margin was 10.8%, and adjusted EBITDA was 17% of sales. Total Q3 sales declined 5% sequentially and 30% year-over-year.

謝謝你，Vineet，大家早安。從我們第三季財務業績摘要開始。銷售額為 1.78 億美元，非 GAAP 每股收益為 0.07 美元，均為我們預期範圍的高點。毛利率為 49.1%，營業利益率為 10.8%，調整後 EBITDA 為銷售額的 17%。第三季總銷售額較上季下降 5%，年減 30%。

Sales to our automotive customers were $130 million, a decline of 8% sequentially, led by expected declines in the US as our customers continue to reduce inventories at their yearends.

我們對汽車客戶的銷售額為 1.3 億美元，環比下降 8%，主要原因是美國客戶在年底繼續減少庫存，導致銷售額出現預期下降。

Auto sales declined 33% year-over-year. Within auto sales were 73% of total Q3 sales and e-mobility sales were $63 million, a decrease of 12% sequentially and represented 48% of total auto sales.

汽車銷量較去年同期下降33%。汽車銷售佔第三季總銷售額的 73%，其中電動車銷售額為 6,300 萬美元，季減 12%，佔汽車總銷售額的 48%。

Industrial and Other sales were $48 million, increasing by another 5% sequentially, largely due to growth in data center and medical. Industrial and Other sales declined 21% year-over-year. Sales through our distribution channel were $94 million, a decline of 2% sequentially and represented 53% of Q3 sales. POS was up quarter-over-quarter, and we continue to work with our distribution partners to reduce channel inventory levels.

工業和其他銷售額為 4,800 萬美元，比上一季成長 5%，這主要得益於資料中心和醫療業務的成長。工業及其他銷售額較去年同期下降21%。透過我們的分銷管道的銷售額為 9,400 萬美元，環比下降 2%，佔第三季銷售額的 53%。POS 環比成長，我們持續與分銷合作夥伴合作，降低通路庫存水準。

From a product perspective, magnetic sensor sales were $114 million, declining 12% sequentially and represented 64% of Q3 sales. Sales of our Power Products were $64 million, increasing 9% sequentially. Sales by geography were again relatively well balanced with 28% of sales in China, 22% in the rest of Asia, 21% in Japan, 15% in Europe and 14% in the Americas.

從產品角度來看，磁性感測器銷售額為1.14億美元，季減12%，佔第三季銷售額的64%。我們的電源產品銷售額為 6,400 萬美元，較上季成長 9%。按地區劃分的銷售額再次相對均衡，其中中國佔28%，亞洲其他地區佔22%，日本佔21%，歐洲佔15%，美洲佔14%。

Now turning to Q3 profitability. Gross margin was 49.1% and operating expenses were $68 million. Operating margin was 10.8% compared to 11.7% in Q2 and 27% a year ago. The effective tax rate for the quarter was a benefit of 3%. And our full year effective tax rate is projected to be 3%. This favorable tax rate is driven by research and development credits. The third quarter diluted share count was 184 million shares and net income was $13 million or $0.07 per diluted share.

現在談談第三季的獲利能力。毛利率為49.1%，營業費用為6,800萬美元。營業利益率為 10.8%，而第二季為 11.7%，去年同期為 27%。本季的有效稅率為 3%。我們全年有效稅率預計為 3%。這項優惠稅率是由研發抵免所推動的。第三季稀釋股數為 1.84 億股，淨收入為 1,300 萬美元，即每股稀釋收益 0.07 美元。

Moving on to the balance sheet and cash flow. We ended Q3 with cash of $149 million and, in the quarter, we made another voluntary principal payment on our term loan of $25 million, bringing the balance to $375 million. Cash flow from operations was an outflow of $8 million as we continue to build strategic wafer and die bank and CapEx was $14 million in the quarter. We now expect CapEx for FY25 to be approximately 6% of sales. From a working capital perspective, DSO was 43 days, and inventory days were 182 days.

繼續討論資產負債表和現金流。我們第三季結束時的現金餘額為 1.49 億美元，並且在本季度，我們自願支付了 2,500 萬美元的定期貸款本金，使餘額達到 3.75 億美元。由於我們繼續建造戰略晶圓和晶片庫，經營活動現金流出 800 萬美元，本季資本支出為 1,400 萬美元。我們現在預期 25 財年的資本支出約佔銷售額的 6%。從營運資金角度來看，DSO為43天，庫存天數為182天。

I'll now turn to our Q4 2025 outlook. We expect fourth quarter sales to be in the range of $180 million to $190 million or up 4% sequentially at the midpoint. Additionally, we expect the following, all on a non-GAAP basis. We expect gross margin to be between 46% and 48%. Our Q4 guidance range for gross margin contemplates the expected impact of annual pricing agreements ahead of cost reductions, which typically take one to two quarters to cycle through inventory.

現在我將談談我們對 2025 年第四季的展望。我們預計第四季銷售額將在 1.8 億美元至 1.9 億美元之間，或較上季成長 4%。此外，我們預計以下內容（均基於非 GAAP）。我們預計毛利率在46%至48%之間。我們對第四季度毛利率的預期範圍考慮了成本削減先前年度定價協議的預期影響，而成本削減通常需要一到兩個季度才能完成庫存的循環。

This range also includes higher estimated excess inventory and capacity charges resulting from adjusted production levels in the quarter. Taken together, these items are expected to contribute and about a 200 basis point headwind to our Q4 gross margins. Also, as a reminder, OpEx is expected to increase by about 5% due to annual payroll tax resets in the March quarter.

該範圍還包括因本季生產水準調整而導致的更高的預計過剩庫存和產能費用。綜合起來，這些項目預計將對我們第四季的毛利率造成約 200 個基點的阻力。另外，需要提醒的是，由於 3 月季度年度工資稅重置，預計營運支出將增加約 5%。

We expect interest expense to be approximately $6 million. We expect our tax rate to be 3% and a weighted average diluted share count to be 185 million shares. As a result, we expect non-GAAP EPS to be between $0.03 and $0.07 per share.

我們預計利息支出約為 600 萬美元。我們預計我們的稅率為 3%，加權平均稀釋股數為 1.85 億股。因此，我們預計非 GAAP 每股收益在 0.03 美元至 0.07 美元之間。

Before I turn the call back to Vineet, I'd like to review a number of actions we have taken and continue to take to optimize our cost structure and improve profitability and cash flow. We continue to align our back-end production levels to anticipated demand while balancing that with building Die Bank and high-running finished goods to be in a position to maintain excellent customer service levels.

在我將電話轉回給 Vineet 之前，我想回顧一下我們已經採取並將繼續採取的一系列行動，以優化我們的成本結構並提高盈利能力和現金流。我們繼續調整後端生產水準以適應預期需求，同時平衡 Die Bank 的建造和高運行成品，以便能夠維持卓越的客戶服務水準。

As Vineet mentioned, we are making good progress advancing our China-for-China strategy with local fab qualification in process and shipments from local OSATs already underway. We also continue to reposition our resources to optimize our cost structure and capture high-growth opportunities closer to our customers. We are leveraging global design and shared services centers and using AI and automation to enhance efficiency across the company.

正如 Vineet 所提到的，我們在推動「中國為中國」戰略方面取得了良好的進展，當地晶圓廠的資格認證正在進行中，來自當地 OSAT 的發貨也已在進行中。我們也將繼續重新定位我們的資源，以優化我們的成本結構並抓住更貼近客戶的高成長機會。我們正在利用全球設計和共享服務中心，並利用人工智慧和自動化來提高整個公司的效率。

We also initiated a repricing of our term loan, and we expect the interest rate to decline by another 25 basis points to SOFR plus 200 basis points. And finally, we plan to make another voluntary debt payment of $30 million in Q4. We expect the repricing and planned debt payment to result in annual interest savings of approximately $3 million. We believe the actions we are taking will position us well for significant earnings growth as the cycle improves.

我們也啟動了定期貸款的重新定價，預計利率將進一步下降 25 個基點，至 SOFR 加上 200 個基點。最後，我們計劃在第四季再自願償還 3,000 萬美元的債務。我們預計重新定價和計劃債務償還將帶來每年約 300 萬美元的利息節省。我們相信，隨著週期的改善，我們正在採取的行動將使我們實現顯著的獲利成長。

Now I'll turn the call back over to Vineet for some closing comments. Vineet?

現在我將把電話轉回給 Vineet 來做一些結束語。維尼特？

Thanks, Derek. Before we open the call for Q&A, I want to leave you with three key thoughts. First, we have a strong foundation and a clear strategic focus. We continue to be a market leader in magnetic sensing and possess deep expertise in targeted power ICs.

謝謝，德里克。在我們開始問答環節之前，我想先給大家留下三點關鍵想法。第一，我們基礎雄厚，戰略重點明確。我們繼續成為磁性感測領域的市場領導者，並在目標電源 IC 方面擁有深厚的專業知識。

Second, we're encouraged by the progress we've made in the third quarter as we delivered on our commitments with results above the midpoint of our guidance. We're laser-focused on executing a product and technology road map with a record number of new product introductions and securing important customer wins with our sensing and power solutions.

其次，我們對第三季的進展感到鼓舞，我們兌現了承諾，業績高於預期的中位數。我們專注於執行產品和技術路線圖，推出創紀錄數量的新產品，並透過我們的感測和電源解決方案贏得重要的客戶。

Third, we believe Allegro is poised for significant value creation. We have been serving the auto and industrial markets for over three decades, and we see multiple catalysts for long-term growth in these markets as they are transformed by the megatrends of electrification and automation. We've taken advantage of the down cycle to expand our portfolio of innovative solutions, and reposition our business.

第三，我們相信 Allegro 已準備好創造重大的價值。我們服務汽車和工業市場已超過三十年，隨著電氣化和自動化的大趨勢不斷改變，我們看到了推動這些市場長期成長的多種催化劑。我們利用經濟下行週期擴大我們的創新解決方案組合，並重新定位我們的業務。

This, along with the signs of an improving cycle gives us the confidence in our ability to outgrow our served markets, deliver a very attractive financial profile, and create an opportunity for significant shareholder returns.

這一情況，加上週期改善的跡象，使我們對自己的能力充滿信心，相信我們能夠超越我們所服務的市場，實現極具吸引力的財務狀況，並為股東創造可觀的回報機會。

Now I will turn the call over to Jalene.

現在我將電話轉給 Jalene。

Thank you, Vineet. This concludes management's prepared remarks. Before we open the call for your questions, I'd like to share our fourth fiscal quarter conference line-up with you.

謝謝你，Vineet。管理階層的準備好的發言到此結束。在我們開始回答大家的問題之前，我想先與大家分享我們第四財季的會議安排。

We will attend Wolfe's Semiconductor Conference on February 12 at the Kimberly Hotel in New York; Morgan Stanley's TMT Conference at the Palace Hotel in San Francisco on March 4; and also participate virtually in Loop Capital's 6th Annual Investor Conference on March 10.

我們將於2月12日參加在紐約金伯利酒店舉辦的Wolfe半導體會議；摩根士丹利3月4日在舊金山皇宮飯店舉行的TMT會議；並將於 3 月 10 日以線上方式參加 Loop Capital 第六屆年度投資者大會。

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

我們現在開始回答大家的提問。凱文，請查看問答說明。

Thank you. Ladies and gentlemen. (Operator Instructions)

謝謝。女士們，先生們。（操作員指令）

Joe Quatrochi, Wells Fargo. Your line is open.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。您的線路已開通。

Maybe first is just to kind of unpack the gross margin guidance a little bit for the March quarter. How should we think about the mix of the impact from underutilization costs as well as the pricing agreements and just the timing there? And then, do we think about the March quarter as being kind of the bottom for gross margin this year for the calendar year?

也許首先只是想稍微解讀一下三月季度的毛利率指引。我們應該如何考慮未充分利用成本、定價協議和時間安排的影響？那麼，我們是否認為三月季度是今年全年毛利率的最低點？

Joe, this is Derek. Yes, so the 200 basis points, the headwind that I talked about and expected in Q4 includes all three of those things. It includes the pricing resets ahead of the cost reductions that cycle through inventory. It includes some minor amounts of excess inventory charges and it does include capacity charges as we dialed down some production in Q4. And if you look back a couple of years ago, the same dynamic happened in 2022 where we had pricing increases ahead of the cost reset, so we had a higher gross margin.

喬，這是德瑞克。是的，所以我談到的和預計第四季度將出現的 200 個基點的阻力包括所有這三件事。它包括在庫存循環中成本降低之前重新設定價格。其中包括少量的過剩庫存費用，也包括產能費用，因為我們在第四季度減少了一些產量。如果回顧幾年前，同樣的情況也發生在 2022 年，我們在成本重置之前提高了價格，因此我們的毛利率更高。

And to answer your question about the March, I would take those things out, these are specific to the March quarter and rolling that forward to June. I'm not going to give guidance for the June quarter. But I feel pretty good that the March quarter will be our trough in gross margin percentages.

為了回答您關於三月的問題，我將把這些內容刪除，這些內容特定於三月季度，並將其向前滾動到六月。我不會為六月季度提供指引。但我感覺，三月季度將是我們的毛利率百分比的最低點。

That's helpful. And then, I guess as we just kind of look forward in demand and you're talking -- I can appreciate you're talking about continuing to work down inventory. But I guess like, how do you view the shape up for the calendar year? And given that you're talking about some of your end markets growing double -- low double digits or double digits for ADAS and EV production. Do we start to shift to better than in-demand here as we look beyond the March quarter?

這很有幫助。然後，我想當我們只是展望需求並且您正在談論——我可以理解您正在談論繼續減少庫存。但我想，您如何看待今年的情況呢？鑑於您所談論的一些終端市場，ADAS 和 EV 產量實現了兩位數到低兩位數或兩位數的成長。當我們將目光投向三月季度之後時，我們是否開始轉向比需求更好的情況？

Joe, this is Vineet. So one step at a time, right? As I said in my prepared remarks, we are really focused on the leading indicators that start to give us some conviction. And we see an increase within the quarter orders. That says that there are pockets of inventory gaps that are starting to merge in the channel.

喬，這是 Vineet。所以一步一步來，對嗎？正如我在準備好的發言中所說，我們真正關注的是那些開始帶給我們信心的領先指標。我們看到本季訂單有所增加。這表明，渠道中的庫存缺口開始合併。

Our cancellations are at an all-time low, and bookings are the highest they've been in the past eight quarters, and they're up 50% year-over-year. So these are the leading indicators that Derek and I look at, to say, what should we expect over the next quarter or two? And then over the mid to long term -- over the midterm, really, we're looking at what are the projections for automotive growth, what are the projections for xEV production. And I think across the board, those signs are right now encouraging, right?

我們的取消量處於歷史最低水平，預訂量則達到過去八個季度以來的最高水平，年增 50%。這些就是德瑞克和我所關注的領先指標，用來判斷我們對未來一兩個季度的前景有何期待？然後從中期到長期來看——在中期，我們實際上在關注汽車成長的預測是什麼，xEV 生產的預測是什麼。我認為，總體而言，這些跡象目前都是令人鼓舞的，對嗎？

So we're not guiding for next quarter, but at least the indicators that we look at are all pointing in the right direction.

因此，我們不會為下個季度做出指引，但至少我們看到的所有指標都指向正確的方向。

Thomas o'malley, Barclays, your line is open.

巴克萊銀行的托馬斯·奧馬利，您的電話已接通。

I have a couple of housekeeping ones and then a broader one. Into the March quarter, could you give us the split between your expectations between Auto and Industrial, and Other?

我有幾個家政的，然後還有一個比較寬的。進入三月季度，您能否告訴我們您對汽車、工業和其他領域的預期如何？

Tom, I won't give it to you by market necessarily, but I can give you a little bit of regional color. So as you might expect, we expect China to be down single digits in the March quarter with the Lunar New Year. But the good news about our business model being very well geographically balanced, we're still guiding up 4% at the midpoint of our guidance. And within that, we do expect North America to have a nice rebound as well after coming off of a pretty severe inventory decline here in Q3.

湯姆，我不會根據市場來給你答案，但我可以給你一點地理特色。因此，正如您所預料的那樣，我們預計由於農曆新年的影響，中國 3 月份的銷售額將下降個位數。但好消息是，我們的業務模式在地理上非常平衡，我們仍預期其成長率將達到 4% 的中位數。在此期間，我們確實預計北美在擺脫第三季相當嚴重的庫存下降之後也會出現良好的反彈。

And if I look at your xEV business, you said it was 48% of revenue. This is the first time since kind of really like June of '23, I guess, there's been a couple of times along the way, but you see the crossover of the other auto business or more of like the SAR tracking auto business get larger. When you look over the next four quarters, would you expect there to be a crossover again where you see more growth on that xEV side? Or do you think that the trajectory of this year is really growth fueled by the broad-based bucket, just because it looks as though the faster-growing stuff is actually down a bit more year-over-year at this point.

如果我看一下您的 xEV 業務，您說它佔收入的 48%。我想，這是自 23 年 6 月以來的第一次，一路上已經發生過幾次了，但你會看到其他汽車業務的交叉，或者更像 SAR 追蹤汽車業務的交叉變得更大。展望未來四個季度，您是否預計會再次出現交叉，並看到 xEV 方面出現更多成長？或者您認為今年的成長軌跡實際上是由廣泛基礎推動的成長，只是因為目前看起來成長較快的部分實際上比去年同期下降了一點。

Tom, this is Vineet. So just a correction first. We talk about our e-mobility business, which is a combination of our xEV products as well as the products that go into ADAS applications. And that collectively was down a little bit this quarter. Again, it's a function of some of the inventory management that is happening in North America and a little bit in Europe, okay?

湯姆，這是 Vineet。首先做一個更正。我們談論我們的電動車業務，它是我們的 xEV 產品以及 ADAS 應用產品的組合。本季整體略有下降。再說一次，這是北美和歐洲一些庫存管理的功能，好嗎？

When we take a step back and look at what our business looks like from a mid- to long-term standpoint, it's really our design wins that guide us. And I've said this in the past, more than 70%, 75% of our design wins in automotive are in the field of e-mobility. So that gives us a lot of conviction that that's we are aligned to the fastest-growing areas within automotive. And we certainly expect that trend to continue as we move forward here in the next few quarters.

當我們退一步並​​從中長期角度審視我們的業務時，真正指導我們的是我們的設計勝利。我過去曾說過，我們在汽車領域的設計勝利有 70% 到 75% 以上都是在電動車領域。因此，我們堅信我們與汽車行業成長最快的領域保持一致。我們當然預計，隨著未來幾季的發展，這一趨勢將會持續下去。

So I would just regard this crossover, as you called it as a blip just for this quarter and really an artifact of some of the inventory management that's happening.

因此，我認為這種交叉，正如你所說，只是本季度的一個小插曲，實際上是一些正在發生的庫存管理的產物。

Got you. And then, if I can just sneak one more. And if you look at the trajectory over the last three quarters, the industrial business has tracked pretty closely with your exposure to China. In June, there was a very large stepdown. China stepped down from 27% to 19%.

明白了。然後，如果我能再偷偷溜一次的話。如果你觀察過去三個季度的發展軌跡，你會發現工業業務與中國業務的連結十分緊密。6 月份，出現了非常大的降幅。中國則從27%降至19%。

You had a really big uptick in September. China stepped up from 19% to 26% and now with auto down, you're actually seeing a little bit of China growth. Could you help us understand, like, as a percentage of your revenue in Industrial, is China a bit more outsized there versus the rest of the business?

9 月份你的業績出現了大幅上漲。中國從 19% 上升到 26%，現在隨著汽車銷售下降，你實際上可以看到中國經濟的一點成長。您能否幫助我們了解一下，就你們工業收入的百分比而言，中國市場是否比其他市場更大一些？

Tom, this is Derek. Not necessarily. China is not particularly outsized. There's some solar business that's been pretty muted that's in China. The data center business, in fact, most of it is outside of China, in places like Japan and Taiwan. And there's a fair amount of industrial in Europe as well. So where we've seen the strength in industrial over the last couple of quarters has been our new business, in medical that came with the TMR, that's the patches for the continuous glucose monitoring. That's an exciting new business for us.

湯姆，這是德瑞克。未必。中國並不是特別龐大。中國的一些太陽能業務一直相當低迷。事實上，資料中心業務大部分在中國境外，例如日本和台灣等地。歐洲也有相當數量的工業。因此，我們看到過去幾季在工業領域的優勢在於我們的新業務，即伴隨 TMR 而來的醫療業務，即用於持續血糖監測的貼片。這對我們來說是一項令人興奮的新業務。

And in this quarter, we saw some strength in data center. In the September quarter, we did see a seasonality of consumer products that's China related. But in this quarter here, it was really data center in medical, and medical continues to be an exciting area for us.

本季度，我們看到資料中心方面出現了一些優勢。在九月季度，我們確實看到了與中國相關的消費品的季節性。但在本季度，它實際上是醫療領域的資料中心，而醫療對我們來說仍然是一個令人興奮的領域。

And as Vineet mentioned, many of our industrial markets have continued to bounce along the bottom. We are encouraged by some of these, what I'll call green shoots, and we're watching that very closely, and we're focused on the industrial areas as well.

正如 Vineet 所提到的，我們的許多工業市場持續在底部反彈。我們受到其中的一些鼓舞，我稱之為綠芽，我們正在密切關注，我們也關注工業領域。

Gary Mobley, Loop.

加里·莫布利，Loop。

I want to ask, I guess, direct and focused question. One, do you believe in S&P Mobility's forecast of flat light vehicle production in calendar year '25? And given where your inventory levels are in the automotive channel, do you think you can grow in line or better than light vehicle production unit growth in 2025?

我想問一個直接又有針對性的問題。第一，您是否相信標準普爾移動公司對 25 年輕型汽車產量持平的預測？考慮到您在汽車通路的庫存水平，您認為到 2025 年，您的產量能夠與輕型汽車生產單位增長持平甚至超過輕型汽車生產單位增長嗎？

Gary, this is Vineet. You broke up a little bit, but I think I got the gist of your question. So I think the first question was, do we believe the S&P forecast for 2025. It's one data point. We have direct conversations with OEMs, we have direct conversations with the tiers and contract manufacturers that serve them. And so we triangulate into what we think is the right estimate with some guard bands, and then we have our own planning scenarios around it.

加里，這是 Vineet。你講得有點混亂，但我想我已經明白你問題的要點了。所以我認為第一個問題是，我們是否相信標準普爾對 2025 年的預測。這是一個數據點。我們與 OEM 進行直接對話，我們與為他們服務的各層級製造商和合約製造商進行直接對話。因此，我們透過一些保護帶對我們認為的正確估計進行三角測量，然後我們圍繞它制定自己的規劃方案。

As we said before, we actually don't need auto production to grow, for us to grow, because we see the tail wins from content growth in xEVs, in increased ADAS penetration. And frankly, even the other side of our business, which is largely in-cabin, whether it's thermal management, whether it's LED drivers, whether it's switch and latch for a variety of applications in the automobile, all of that content is growing as consumers seek more tech-heavy content within the cars. So we feel really good about our ability to grow.

正如我們之前所說，我們實際上並不需要汽車產量成長來實現成長，因為我們看到了 xEV 內容成長和 ADAS 滲透率提高帶來的尾部收益。坦白說，即使我們業務的另一面，主要是車內，無論是熱管理，還是 LED 驅動器，還是汽車中各種應用的開關和鎖存器，所有這些內容都在隨著消費者的尋求汽車中更多科技含量豐富的內容。因此，我們對於自己的成長能力感到非常滿足。

And I'll bring you back to the model that we put out. We should expect to see inventory digestion put aside. We should expect to see SAR plus or production plus 7% to 10% growth. That's our model, and we feel really comfortable with that growth going forward.

我將帶您回顧我們提出的模型。我們應該預期看到庫存消化被擱置。我們應該預期看到 SAR 增加或產量增加 7% 到 10%。這就是我們的模式，我們對未來的成長感到非常滿意。

Okay. As my follow-up, I want to ask about, pricing on both sides. So pricing to your customers, we think about that as being once a year discrete event or is it more dynamic real-time adjustments? And what pricing trends are you seeing from your various foundry partners?

好的。作為我的後續問題，我想問一下雙方的定價。那麼，為您的客戶定價，我們認為這是每年一次的離散事件，還是更具動態的即時調整？您從各個代工夥伴那裡看到了什麼樣的定價趨勢？

Yes, Gary, I'll take the pricing question, and I'll have Derek talk a little bit about what we're seeing from a cost trend standpoint. So pricing within our largest market, which is automotive, is back to what I would call normal pricing environment, right? And I think, we got there maybe three quarters, maybe four quarters ago. And by normal, what I mean is, typically, when you win a program, your pricing is high because volumes are low.

是的，加里，我會回答定價問題，我會讓德里克從成本趨勢的角度談談我們所看到的情況。那麼我們最大的市場，也就是汽車市場的定價，已經回到了我所說的正常定價環境，對嗎？我認為，我們大概在三個季度或四個季度前就到達了那個目標。所謂正常，是指通常當你贏得一個專案時，由於數量很少，你的定價會很高。

And as volumes ramp, you share some productivity with your customers. And those are built into the program or long-term agreement contracts. That tends to be in the 2% to 3% range, and we are back in that range across the majority of our automotive customer base and across geographies.

隨著產量的增加，您可以與客戶分享一些生產力。這些都已納入計劃或長期協議合約中。這一比例往往在 2% 到 3% 的範圍內，而我們大多數汽車客戶群和各個地區的汽車價格都回到了這一範圍內。

Derek, do you want to talk a little bit about costs?

德瑞克，你想談談成本問題嗎？

Sure, Gary. So as you know, wafers are our highest piece of the BOM and within cost of goods sold. We continue to negotiate and we have successfully negotiated price reductions on wafers and the trade-off of that is volume. We give them more volume. So we're building some strategic Die Bank and strategic wafer bank on our balance sheet. And that's okay, because it's pretty fungible downstream until it's packaged and it can sit for a couple of years.

當然，加里。如您所知，晶圓是我們物料清單 (BOM) 和銷售成本中最高的部分。我們繼續進行談判，並成功協商降低晶圓價格，而代價就是增加產量。我們給他們更多的音量。因此，我們正在資產負債表上建立一些策略性晶片庫和策略性晶圓庫。這沒關係，因為它在下游是相當可替代的，直到它被包裝並且可以放置幾年。

We're okay with that. We're good that we're going to turn that pretty quickly. But we're negotiating those costs down, but it takes one to two quarters for that to cycle into the P&L. So you'll start to see that benefit as we move into FY26. And it's not just wafers. We're working with our OSATs. We're using our own internal facility more efficiently, and we continue to bring costs down across the enterprise.

我們對此沒有異議。我們很高興能夠很快實現這一轉變。但我們正在協商降低這些成本，但需要一到兩個季度的時間才能將其計入損益表。因此，當我們進入 FY26 時，您將開始看到這種好處。而且不只是晶圓。我們正在與 OSAT 合作。我們正在更有效地利用我們自己的內部設施，並繼續降低整個企業的成本。

Chris Caso with Wolfe Research.

沃爾夫研究公司的克里斯·卡索 (Chris Caso)。

I guess, just another question with regard to kind of pricing and margins. It sounds like what you said was there was a 200 basis point impact from this pricing ahead of cost reduction and some of the other charges. I guess, question one would be, are we -- do we expect that we recapture that as we go into the second half when the cost reductions come back?

我想，這只是另一個關於定價和利潤的問題。聽起來您說的是，在降低成本和收取其他一些費用之前，這個定價會產生 200 個基點的影響。我想，第一個問題是，我們是否預期在進入下半年、成本削減再次實施後，能夠重新獲得這項成績？

And then secondly, and perhaps more importantly, what do you think is the right gross margin structure for the company? And coming out of the pandemic when prices were going up, perhaps that's not the best way to look at it. What's the right way to look at the company's margin structure as we go forward?

其次，也許更重要的是，您認為公司的正確毛利率結構是什麼？在疫情結束後價格上漲的情況下，這也許不是最好的看待問題的方式。從長遠來看，我們該如何正確看待公司的利潤結構？

So Chris, that 200 basis points, which equates to nearly $4 million in total in Q4 here, that includes the pricing resets ahead of the cost reductions. That includes some obsolete inventory charges as well as capacity charges specific to Q4. So those items are specific to Q4. And to answer your question directly, the cost reductions that were negotiated and continuing to be negotiated, will start to roll as a benefit in '26. So some of that stuff will start to normalize, and we continue to look for those cost reductions.

所以克里斯，這 200 個基點，相當於第四季總額近 400 萬美元，其中包括成本削減之前的價格重置。其中包括一些過時的庫存費用以及第四季特有的產能費用。所以這些項目是第四季特有的。直接回答你的問題，已經協商好的和正在繼續協商的成本削減將在26年開始產生效益。因此，其中一些事情將開始正常化，我們將繼續尋求降低成本的方法。

Getting past this Q4, that 60% to 65% drop-through that I've talked through in the past, that still holds pretty true, and that's actually held true since we've been a public company. If you look at it year-over-year, it's been right in that 65% range. And that's what we target, is that 65% drop-through. So long-term targets haven't changed 58%. There's a lot of work to get there.

回顧第四季度，我之前談到的 60% 到 65% 的跌幅，這個數字仍然相當真實，而且自從我們成為上市公司以來，這個數字實際上一直如此。如果按年來看，它一直處於 65% 左右的範圍內。這就是我們的目標是，65% 的流失率。因此長期目標沒有改變，58%。要達到這個目標還有很多工作要做。

First step is get back to 50% pretty quickly, then back to the mid-50s and then hit towards that long-term target.

第一步是迅速回到 50%，然後回到 50% 左右，然後朝著長期目標邁進。

Okay. Understood. As a follow-up, you had spoken -- I think it was last spring, where you had taken some price actions and I think at that time, it was in the Industrial business. There's some price support you provided to the channel to move some inventory. Has the pricing in that segment now normalized?

好的。明白了。作為後續行動，您曾說過—我想那是在去年春天，當時您採取了一些價格行動，我認為當時是在工業業務領域。您向渠道提供了一些價格支援來轉移一些庫存。該部分的定價現在是否已經恢復正常了？

And I guess, our assumption at the time was that was a onetime short-term thing in order to move some inventory. With the channel business, what's been the trend in pricing there?

我想，我們當時的假設是，這只是為了轉移一些庫存而採取的一次性短期措施。就通路業務而言，那裡的定價趨勢如何？

Yes, Chris, I should clarify. That wasn't a onetime thing. I mean in the channel, what happens is it's real-time pricing, right? So back in 2022, we had the same dynamic on the opposite end, meaning that pricing in the channel goes up immediately, because it's market-based pricing, it's off the shelf in many cases. So that pricing goes up and down pretty quickly with the market.

是的，克里斯，我應該澄清一下。那不是一次性的事。我的意思是在頻道中發生的是即時定價，對嗎？因此，回到 2022 年，我們在另一端也看到了同樣的動態，這意味著通路中的價格會立即上漲，因為它是基於市場的定價，在許多情況下都是現成的。因此價格會隨著市場的變化而快速上漲和下跌。

I started talking about exactly a year ago, not actually a year and a quarter ago in November, but we started seeing pricing come down in our channel, and that's been ongoing for the better part of the year. The good news is, that's stabilized, right? And so usually, when the cycle comes back, that's where you start to see pricing stabilize and then pricing even start to increase when things get a bit tighter in the channel. That's still our expectations.

我開始談論這件事是在一年前，實際上不是一年零四分之一前的十一月，但我們開始看到我們頻道的價格下降，而且這種情況在今年大部分時間都持續了下去。好消息是，情況已經穩定了，對吧？因此通常情況下，當週期回來時，你會開始看到價格穩定下來，然後當通路情況變得有點緊張時，價格甚至開始上漲。這仍然是我們的期望。

Quinn Bolton, Needham & Company.

奎因博爾頓，Needham & Company。

Derek, I guess, I wanted to follow up on the gross margin question. You've talked about the 65% incremental fall-through for a while now, and it sounds like that still holds. And I guess obviously, you're taking a step back in March. It sounds like some of that are charges like obsolete inventory. And so, I guess, if I looked at a 65% incremental fall-through off the December base versus a 65% fall-through from the March base, that's a pretty different outlook.

德瑞克，我想跟進一下毛利率問題。您已經談論了 65% 的增量下降一段時間了，聽起來這仍然成立。我想很明顯，你在三月就退後了一步。聽起來其中一些是像過時庫存這樣的費用。因此，我想，如果我將 12 月基數的 65% 增量跌幅與 3 月基數的 65% 跌幅進行比較，那前景將截然不同。

And so, I know you're not guiding beyond the March quarter, but is there an opportunity at some point in calendar '25 to see better than a 65% fall-through as one, you start to see these lower costs cycle through inventory, you obviously won't have inventory charges I hope every quarter. It just kind of feels like if we're only modeling 65% fall-through of that March base, it's a pretty big reset to margins throughout fiscal '26 and probably into fiscal '27. So just wondering if we might be able to make back some of that margin over the next several quarters.

因此，我知道您沒有預測 3 月季度之後的情況，但在 2025 年的某個時候，是否有機會看到比 65% 更好的跌幅，因為您開始看到這些低成本的庫存循環，你顯然不會每季都有庫存費用。感覺如果我們只模擬 3 月基數的 65% 跌幅，那麼整個 26 財年甚至 27 財年的利潤率都將發生相當大的重置。所以只是想知道我們是否能夠在接下來的幾季中收回部分利潤。

Yes, Quinn, that's a good question. And that's why I quantified the 200 basis point headwind for these quarter-specific items, which is approximately $4 million. All else being equal, I don't expect those to recur necessarily in the June quarter. So you should use a higher drop-through from March to June for your gross margins. I don't expect those to recur.

是的，奎因，這是個好問題。這就是為什麼我量化了這些季度特定項目的 200 個基點逆風，約 400 萬美元。在其他條件相同的情況下，我預計這些情況不一定會在今年 6 月季度再次出現。因此，您應該使用 3 月至 6 月期間更高的下降率來計算毛利率。我不希望這些事情再發生。

Great. And then maybe just a question what you're seeing from customers. One of your peers, Mobileye, on their call this morning talked about, given some of the slower growth in EVs, they're seeing some customers reemphasize ICE vehicles that have just -- obviously, they're ICE vehicles, not EVs. They also have perhaps lower ADAS content. Wondering if you're seeing any of this kind of shift back to ICE vehicles with lower ADAS?

偉大的。然後也許只是一個問題，你從客戶那裡看到了什麼。您的同行之一 Mobileye 在今天早上的電話會議上談到，鑑於電動車的成長放緩，他們看到一些客戶重新強調 ICE 汽車——顯然，它們是 ICE 汽車，而不是電動車。它們的 ADAS 內容可能也較低。想知道您是否看到了這種轉向使用 ADAS 較低的 ICE 車輛的趨勢？

And if so, does that have what kind of impact might that have on your business over the next couple of years? Or are you just not really seeing any major push to reemphasize ICE among your customer base?

如果是的話，這會對未來幾年您的業務產生什麼樣的影響？或者您只是沒有真正看到您的客戶群對 ICE 有任何重新強調的重大推動？

Quinn, this is Vineet. I'll take that. I just came back from meeting customers in North America. Our customers in Detroit as well as the one large company in California. And I will tell you that in -- with our legacy customers, nobody is talking about introducing new ICE platforms. Now they might keep an existing ICE platform a little bit longer. But really, in order to make their own portfolio requirements and some of the emissions requirements globally, they are introducing more hybrid solutions.

奎因，這是維尼特。我接受。我剛從北美會見客戶回來。我們在底特律的客戶以及加州的一家大公司。我要告訴你們，在我們的傳統客戶中，沒有人談論引進新的 ICE 平台。現在他們可能會保留現有的 ICE 平台一段時間。但實際上，為了滿足自己的投資組合要求和一些全球排放要求，他們正在引入更多的混合解決方案。

And I think, it's a good reminder that for Allegro, the hybrid content is very similar to that on battery electric vehicles. We gained from really two bites of the apple, which is the ICE powertrain content as well as the electric content, even if the battery size is smaller, you really still need all of the same sensing and power control modalities and products that you would in a full BEV.

我認為，這是一個很好的提醒，對於 Allegro 而言，混合動力內容與電池電動車非常相似。我們真正從兩方面獲益，即內燃機動力系統內容和電動內容，即使電池尺寸較小，你仍然需要所有相同的感測和電源控制模式和產品，就像你在完整的 BEV。

So it still feels like people are moving forward with hybrid and battery electric programs. And the tech content regardless is continuing to be really high. So nobody is going backwards in terms of the tech content. So we're not really seeing it.

因此感覺人們仍然在推進混合動力和電池電動計畫。無論如何，其技術含量仍然非常高。因此，在技術含量方面，沒有人會倒退。所以我們實際上並沒有看到它。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯（Blayne Curtis），傑富瑞（Jefferies）。

I had two. First, just going back on the gross margin, I want to understand, obviously, you said higher underutilization charges. Derek, just what do you expect to do with absolute value of inventories with these moves that you made? Will that start to come down into March? And I'm just trying to use that as a gauge as the recovery into the next fiscal year.

我有兩個。首先，回到毛利率的問題上，我想了解的是，您顯然提到了更高的利用不足費用。德瑞克，你希望透過這些舉措對庫存的絕對價值產生什麼影響呢？到三月這個數字會開始下降嗎？我只是想以此作為下一財年復甦的衡量標準。

I know you don't want to give absolute numbers, but I also want to know, is there any interplay between your different fab options? I kind of lost track. You went during the pandemic back to more polar, because it ended up being cheaper. There was a storyline about using TSMC and UMC at one point to be cheaper. Can you just kind of level set us on that as well as it impacts your utilizations and whether there's any swing factor there?

我知道您不想給出絕對的數字，但我也想知道，您的不同晶圓廠選項之間是否存在相互作用？我有點迷失了方向。在疫情期間，你回到了更極地的地方，因為這樣最終會更便宜。曾經有這樣一個故事情節，使用台積電和聯電來降低成本。您能否就此為我們進行水平評估，以及它是否會影響您的利用率，以及是否存在任何波動因素？

Yes, Blayne, it's kind of a lot to unpack there. When I think about the gross margin into play with inventory, so we do expect to continue to build a little bit of inventory at the wafer and Die Bank in the March quarter. And as I said, that's the trade-off of getting price reductions with our wafer fab. So that's okay with us. We will be bringing down our finished goods inventories, and those are the high run of finished goods inventories that we've been building in the last couple of quarters.

是的，布萊恩，有很多事情要處理。當我考慮將毛利率與庫存結合時，我們確實預計在 3 月季度將繼續在晶圓和 Die Bank 建立少量庫存。正如我所說，這就是我們的晶圓廠降低價格的權衡。所以我們認為沒問題。我們將降低成品庫存，這是我們過去幾季以來一直在累積的大量成品庫存。

And as a result, we adjust some of our assembly and test production in our back-end facility and we'll adjust cost as well. So that's kind of some of the quarterly based items.

因此，我們調整了後端設施的一些組裝和測試生產，同時也調整了成本。這就是一些基於季度的項目。

In terms of the fabs that we use, a little bit more than half is UMC, that hasn't changed over the last couple of years. Polar is about 35% of it and then TSMC is 10% to 12%, and there's another small one. But we're also qualifying a fab in China. So we'll continue to optimize our fab strategy based on quality, cost, technology and, more increasingly, geopolitics.

就我們使用的晶圓廠而言，一半多一點是聯華電子 (UMC)，這種情況在過去幾年中沒有變化。Polar 大約佔 35%，台積電佔 10% 到 12%，另外還有一家小公司。但我們也正在對中國一家晶圓廠進行認證。因此，我們將繼續根據品質、成本、技術以及越來越多的地緣政治因素來優化我們的晶圓廠策略。

Perfect. And then, I wanted to ask you on bookings. You mentioned some improvement. You probably don't want to give us book-to-bill, but kind of directionally, just kind of -- I'm trying to understand between your two of these segments, Auto and Industrial, whether they're above one? Like I guess, kind of just any color you can provide as to where it is today?

完美的。然後，我想問您有關預訂的問題。您提到了一些改進。您可能不想給我們訂單出貨比，但從方向上講，只是有點——我想了解您的這兩個部門，汽車和工業，是否高於一？就像我猜的那樣，您能提供任何顏色來表明它現在的位置嗎？

Yes, Blayne, this is Vineet. So as I said in my prepared remarks, we're encouraged by what we see in our set of leading indicators, right? So increased within the quarter orders, cancellations at an all-time low, and then bookings have been at the highest level, and up 50% year-over-year. Book-to-bill has stayed above 1 for a few months now, which, again, is very encouraging for us. So we continue to build positive momentum.

是的，布萊恩，這是 Vineet。因此，正如我在準備好的發言中所說的那樣，我們對領先指標的表現感到鼓舞，對嗎？因此，本季訂單量增加，取消量降至歷史最低，而預訂量則達到最高水平，年增 50%。訂單出貨比已經連續幾個月保持在1以上，這對我們來說再次是一個非常令人鼓舞的消息。因此我們繼續建立積極的勢頭。

Again, we're not calling a victory and not hanging up a mission accomplished flag. But certainly feels like we made a lot of progress in clearing things out. And my conversations with leadership across the OEMs is definitely indicating that we're starting to see now healthy levels and maybe some pinch points from an inventory standpoint. And which is why we've erred on the side of caution and actually built up some additional die bank, some additional finished goods which I think is going to serve us really well as and when the demand comes back.

再說一遍，我們不會宣布勝利，也不會懸掛任務完成的旗幟。但確實感覺我們在清理事情方面取得了很大進展。我與原始設備製造商領導層的對話明確表明，從庫存的角度來看，我們現在開始看到健康水平，也許還看到了一些瓶頸。這就是為什麼我們選擇謹慎行事，實際上建立了一些額外的模具庫和一些額外的成品，我認為當需求回升時，這些將會為我們帶來很好的服務。

Vijay Rakesh, Mzo.

維賈伊·拉凱什（Vijay Rakesh），Mzo。

Just a quick question on the bookings. I saw you in December quarter bookings had a pretty nice pick up, 50% sequentially. Just wondering how that's trending into March? And also, if you could give us some more color on the bookings, Vineet, is that more on the auto side? Is that a spread out between Auto and Industrial?

我只是想問一下關於預訂的問題。我發現 12 月季度的預訂量有相當不錯的增長，環比增長了 50%。只是想知道三月的趨勢如何？另外，Vineet，您能否向我們提供一些有關預訂的詳細信息，更多的是有關汽車方面嗎？這是汽車和工業之間的差距嗎？

Yes. Sorry, Vijay. We're not going to be able to provide more color than that. I will tell you it's broad-based. So that's encouraging. And it's -- just if you refer back to my prepared remarks, we are seeing encouraging signs in our industrial business. As I talk to customers, feels like automotive inventory is getting to healthy levels. Now I will tell you that maybe Europe continues to be an area of concern where it's going beyond just inventory digestion.

是的。對不起，維傑。我們無法提供更多顏色。我會告訴你，它有廣泛的基礎。這令人鼓舞。而且——如果你回顧我準備好的發言，你會發現我們的工業業務出現了令人鼓舞的跡象。當我與客戶交談時，感覺汽車庫存正在達到健康水平。現在我要告訴你，歐洲或許仍然是一個令人擔憂的地區，影響不僅僅是庫存消化。

There's enough news around what's happening with OEMs and tiers in Europe. And so we're watching that pretty carefully. Europe is one of our smallest geographic regions. So we're not super exposed to it. But certainly, what happens in Europe is important to us, and we continue to win with the winners there in Europe. And so we're watching that space pretty carefully.

有關歐洲原始設備製造商 (OEM) 和各層級機構的最新動態有很多新聞。所以我們非常仔細地觀察這一點。歐洲是我們最小的地理區域之一。所以我們對此並不太敏感。但可以肯定的是，歐洲發生的事情對我們來說很重要，我們將繼續與歐洲的勝利者一起獲勝。因此我們正在非常仔細地觀察這個領域。

And then on the gross margin side, can you walk us through just -- if you look out to the next four to eight quarters, how this should play out between? What are the puts and takes to it between pricing and inventory and utilization or demand, et cetera?

然後在毛利率方面，您能否向我們介紹一下——如果您展望未來四到八個季度，這將如何發展？定價、庫存、利用率或需求等之間的優缺點是什麼？

Yes, Vijay, as I've answered a couple of times and Quinn asked a good question. There's about 200 basis points of headwinds specific to the March quarter. I don't expect those to recur in the June quarter. So if you take those 200 basis points out, all else being equal, I'd expect the June quarter to be that much better. So the drop-through from March to June will be better than the normal 65%.

是的，維傑，正如我回答過幾次的那樣，奎因問了一個很好的問題。三月季度的不利因素約為 200 個基點。我預計這些情況不會在六月季度再次出現。因此，如果去掉這 200 個基點，在其他條件相同的情況下，我預計 6 月季度的表現會好得多。因此，3月至6月的降幅將優於正常的65%。

Going beyond that, the 60% to 65% drop-through or variable contribution margin has held really true since we've been a public company and expect that to continue. It might be better than that if we start to have some of those cost reductions come in quicker cycle through inventory, we start to see the pricing in the channel go up a little bit. Some of the new products Vineet talked about around TMR and some of the other interesting products have a higher ASP, those are all tailwinds to potentially drive that 65% above that.

除此之外，自從我們成為上市公司以來，60% 至 65% 的直接貢獻利潤率或可變貢獻利潤率一直保持不變，並且預計這種情況還會繼續下去。如果我們開始透過更快的庫存循環來實現部分成本降低，我們就會開始看到通路價格略有上漲，情況可能會更好。Vineet 談到的有關 TMR 的一些新產品以及其他一些有趣的產品具有更高的 ASP，這些都是可能推動其增長 65% 以上的順風因素。

Josh Buchalter, TD Cowen.

喬許·布查爾特（Josh Buchalter），TD Cowen。

I want to follow up on some of Vineet's comments just now. So is it correct? It sounds like you think inventory levels in autos at your Tier 1 partners and OEMs is at levels where you want them to be and you no longer feel like you need to undership anymore, and it's just waiting on end demand. Like anything, I guess, in fact, the risk is more in the other direction that there's too little and too much right now. I just want to just ask that one pretty directly.

我想跟進一下 Vineet 剛才的一些評論。那麼它正確嗎？聽起來，您認為您的一級合作夥伴和原始設備製造商的汽車庫存水平已經達到了您想要的水平，而且您不再覺得需要減少發貨量，只需等待最終需求。事實上，我想，就像任何事情一樣，風險更在於另一個方向，即目前資金太少或太多。我只是想直接問這個問題。

Josh, Vineet here. So the second part of your question, I do think the risk is now more on hot spots and we're seeing evidence of that with more increased in-quarter order activity. I'll provide the analogy as such. We put out the fire, but there are still some embers from an inventory standpoint. So there are certain parts, certain customers that are still a little too hot and we're watching those very carefully. But I would say on a broad level, we feel good about the progress we've made in helping our customers absorb the inventory.

喬希 (Josh)，我是 Vineet。所以關於你問題的第二部分，我確實認為現在的風險更多是在熱門議題上，而且我們看到了季度訂單活動增加的證據。我將提供這樣的類比。我們把火撲滅了，但從庫存的角度來看，仍然有一些餘燼。所以有些部分、有些客戶還是有點太熱，我們正在密切關注這些問題。但我想說，從總體上看，我們對幫助客戶消化庫存所取得的進展感到滿意。

We've been pretty clear in past earnings calls as well as various investor conferences, we believe that our demand profile is intact. It's just being fulfilled through inventory on hand. We've been watching our design wins, our secured programs, actual consumption levels. And so that gives us pretty good conviction that as the inventory digestion gets completed, we're going to start shipping into normal consumption. I would tell you that in certain regions, we already are, right?

我們在過去的財報電話會議以及各種投資者會議上已經非常明確地表示，我們相信我們的需求狀況是完好無損的。它只是透過現有庫存來實現。我們一直在關注我們的設計成果、我們的安全計劃和實際消費水準。因此，我們非常有信心，隨著庫存消化的完成，我們將開始投入正常消費。我想告訴你，在某些地區，我們已經這樣做了，對嗎？

As we said last time, North America was lagging. We think this quarter has gone a long way in getting that rightsized. My conversations last week with customers indicated that we are at healthy levels, I would say, in most of the places, maybe a couple of hot spots. Europe continues to be an area we watch very carefully, because the inventory situation, they got compounded with sort of, more structural issues in the auto sector there, but Asia continues to come along really well for us.

正如我們上次所說，北美落後了。我們認為本季在實現這一目標方面已經取得了很大進展。我上週與客戶的對話表明，我想說，在大多數地方，也許有幾個熱點地區，我們都處於健康水平。歐洲仍然是我們密切關注的地區，因為庫存情況與汽車行業的結構性問題加劇有關，但亞洲對我們來說仍然發展得很好。

Got it. And I guess -- just apologize for being the dead horse here on pricing. But I assume that there's been no material change in the competitive environment that's driving any of the incremental changes in pricing. You described it as back to normal. I just wanted to check in on the competitive front and also ask within your product portfolio, how much is current sensing contributing today?

知道了。我想——我只是想為在定價問題上出現失誤而道歉。但我認為，競爭環境並沒有重大變化，進而推動價格的漸進式變化。您將其描述為恢復正常。我只是想了解一下競爭情況，也想問一下在您的產品組合中，電流感測目前的貢獻有多大？

And I would just be helpful to hear an update on Crocus. Sorry, I snuck through in there.

我非常希望聽到有關 Crocus 的最新消息。抱歉，我偷偷溜進去了。

Yes. So that's like three questions, Josh. So we'll -- you've got to put a penny in the jar next time. So I think the -- in terms of new products, we don't split out current sensing specifically, but I would tell you that we've got a lot of momentum. A lot of -- we've really built out the current sensing portfolio, everything from your standard haul to very high-speed haul. We've got 5 megahertz and now 10 megahertz current sensor, different packages, different form factors. And all with a view of serving every niche and every need from a customer standpoint.

是的。所以這就像是三個問題，喬希。所以，下次你必須在罐子裡放一分錢。因此我認為——就新產品而言，我們不會特別分出電流感測，但我想告訴你，我們已經獲得了極大的發展勢頭。很多——我們確實建立了當前的感測產品組合，從標準運輸到高速運輸，應有盡有。我們有 5 兆赫和現在的 10 兆赫電流感測器，不同的封裝，不同的外形尺寸。一切都是為了從客戶的角度滿足每個細分市場和每一個需求。

Our TMR business continues to grow really well. We talked about the success in medical that's expanding. We've qualified in automotive. We've got a lot of our leading customers now starting to test and sample TMR in their most demanding applications, including battery management systems, which is a new SAM for us. So feel really good about it.

我們的 TMR 業務持續保持良好的成長動能。我們討論了正在擴大的醫療領域所取得的成功。我們已經獲得汽車領域的資格。我們許多領先的客戶現在都開始在他們最苛刻的應用中測試和採樣 TMR，包括電池管理系統，這對我們來說是一個新的 SAM。所以感覺非常好。

What was the first part of the question?

問題的第一部分是什麼？

Any change in competitive environment --

競爭環境的任何變化--

On the competitive environment. No. So we see the same set of competitors, Josh. In fact, we saw a really nice report coming out of one of our big investors who has done their own checks and it shows that we don't really have any real competition in China. We are always paranoid. And we continue to create more IP.

關於競爭環境。不。所以我們看到了同一組競爭對手，喬希。事實上，我們的一位大投資者親自檢查後，發布了一份非常好的報告，報告顯示我們在中國實際上並沒有真正的競爭對手。我們總是疑神疑鬼。我們也會繼續創造更多的 IP。

The Tsunami of new products we've brought out in the last, call it, three to six quarters is really a testament to the hard work the team does every single day to meet customer needs and really out-innovate our competition when it comes to our core markets.

我們在過去三到六個季度推出的新產品如海嘯般湧現，這確實證明了團隊每天為滿足客戶需求所做的辛勤工作，並在創新方面真正超越了我們的競爭對手。

And I should clarify, Josh, the competition in China is still Western competition, right? That's what we mean by that. And we continue to win in China and having a China-for-China strategy has been really, really helpful. And even while we've done things like reposition our business, bring our OpEx down quarter-over-quarter, we've invested in research and development, as Vineet talked about. We taped out twice as many products as we ever have in the past.

我應該澄清一下，喬什，在中國的競爭仍然是西方的競爭，對嗎？這就是我們的意思。我們在中國不斷獲勝，制定針對中國的戰略確實非常有幫助。正如 Vineet 所說，儘管我們已經重新定位了業務，使營運支出逐季下降，但我們仍對研發進行了投資。我們流片的產品數量是過去的兩倍。

That's all while having the lowest OpEx number in two years. And really, where it's come out of is SG&A. We've optimized our SG&A structure. That's the lowest it's been in three years. So we're continuing to invest in certain places, the high-growth areas, the high-growth products while optimizing our cost structure..

同時，我們的營運支出也達到了兩年來的最低水準。實際上，它來自於銷售、一般和行政費用。我們優化了銷售、一般及行政開支結構。這是三年來的最低水準。因此，我們將繼續在某些地方、高成長領域、高成長產品進行投資，同時優化我們的成本結構。

Grant Jocelyn, UBS.

瑞銀的格蘭特喬斯林（Grant Jocelyn）。

In the presentation, you called out Industrial being led higher by medical and data center, but I was wondering if you could talk about what you're seeing in your other industrial end markets like clean energy and broad markets. Are we seeing policy uncertainty or macro overhanging on clean energy? And how would you characterize broad markets generally?

在演講中，您提到醫療和資料中心將引領工業發展，但我想知道您是否可以談談您在其他工業終端市場（如清潔能源和廣闊市場）看到的情況。我們是否看到清潔能源的政策不確定性或宏觀影響？您通常如何描述廣大的市場？

Yes. So we are seeing good strength in medical, in our data center business. And remember, data center is coming off historical lows, right? So really, the only way it can go is up. We're also seeing strength in the broad industrial base. And again, when I say strength, it's all relative. We are seeing increasing activity. We're seeing encouraging signs, more in-quarter orders.

是的。因此，我們在醫療和資料中心業務方面表現出色。請記住，資料中心正在走出歷史低點，對嗎？因此實際上，唯一的出路就是上升。我們也看到了廣泛的工業基礎的實力。再說一次，當我說實力時，這都是相對的。我們看到活動日益增多。我們看到了令人鼓舞的跡象，本季的訂單有所增加。

Our clean energy business, which is largely solar, is still soft. And I don't want to put it on policy uncertainty just yet. I think we're still dealing with over inventory in certain pockets. That's an area that continues to be a frustrating area, not just for us for a lot of the players in this arena where through the pandemic, just a lot of inventory was built up. I would say on the whole, I think, Industrial segment will benefit from easing regulatory, easing monetary environment.

我們的清潔能源業務（主要是太陽能）仍然疲軟。我現在還不想將其歸咎於政策不確定性。我認為我們在某些​​領域仍在處理庫存過剩問題。這個領域仍然令人沮喪，不僅對我們而言，對這個領域的許多參與者也是如此，因為在疫情期間，庫存累積了很多。就整體而言，我認為工業領域將受益於放鬆監管和寬鬆的貨幣環境。

And I say that globally, right? It's not just a US commentary. I'll remind you that close to 80% of our sales are outside the US. So we are highly dependent on what happens in every part of the world when it comes to our industrial business.

我是在全球範圍內這麼說的，對嗎？這不僅僅是美國的評論。我要提醒您，我們近 80% 的銷售額來自美國以外。因此，我們的工業業務高度依賴世界各地發生的情況。

Mark Lipacis, Evercore ISI.

Evercore ISI 的 Mark Lipacis。

Vineet, when you talk about the doubling of the product introductions over the past two years or the past six quarters, can you just help us understand where are you in the revenue realization part of that? Maybe if you could just step us through the design win process to when you start to recognize revenues from the new products? And then when you really hit your stride with those, and when do they start to really have a nice impact on the top line?

Vineet，當您談到過去兩年或過去六個季度產品推出數量翻倍時，您能否幫助我們了解您在收入實現部分處於什麼位置？也許您可以向我們介紹設計成功流程，以及何時開始從新產品中獲得收入？那麼，當您真正實現這些目標時，它們什麼時候才會真正對營收產生良好影響呢？

Mark, thank you. Great question. And I'll split it down by behavior in the automotive market versus the industrial markets. Automotive, as everybody knows, has tended to be long cycle. Those cycles are compressing. But from the time we introduce a new product, we're still looking at a minimum of two years, sometimes three years, to start up production with customers because once we introduce a product there's some concurrent sampling that happens. But really, it starts happening in earnest.

馬克，謝謝你。好問題。我將根據汽車市場和工業市場的行為進行分類。眾所周知，汽車產業往往呈現長週期發展趨勢。這些週期正在壓縮。但從我們推出新產品開始，我們仍然需要至少兩年，有時是三年的時間才能開始與客戶一起生產，因為一旦我們推出一款產品，就會同時進行一些抽樣。但事實上，它開始認真發生。

And typically, we are shipping to a tier or a contract manufacturer who does their own validation and then the OEM does their own validation. And typically, in Automotive, you have to go through a summer cycle and a winter testing cycle. As I said before, cycles are compressing, but that still is holding true across legacy OEMs and some of the newer OEMs.

通常情況下，我們會將產品運送給一級製造商或合約製造商，他們自己進行驗證，然後 OEM 也進行自己的驗證。通常，在汽車行業，您必須經歷夏季週期和冬季測試週期。正如我之前所說，週期正在壓縮，但對於傳統 OEM 和一些較新的 OEM 來說，這仍然適用。

So typically, in automotive, you're looking at two to three years from the time you introduce a product to start of production, and then you really hit stride probably four to five years from the time you introduce the product to seeing peak revenue.

因此，通常，在汽車行業，從推出產品到開始生產需要兩到三年的時間，然後真正進入發展階段，從推出產品到實現收入高峰大概需要四到五年的時間。

In the industrial side, it's much shorter. Typically, it's 12 months from the time we introduce a product to start of production, sometimes less. But typically, it tends to be in that realm. What's really important for us here is that, as Derek pointed out, we have maintained our investment in research and development and engineering. We've continued to expand our global design centers.

從工業方面來說，這個時間就短得多。通常，從我們推出產品到開始生產需要 12 個月，有時甚至更短。但通常情況下，它往往處於那個範圍內。正如德里克所指出的，對我們來說真正重要的是，我們一直保持對研發和工程的投資。我們不斷擴大我們的全球設計中心。

And we've really doubled down on the velocity of new products we're bringing out, really trying to address every need that our customers have expressed within automotive. And now we are creating more derivatives and spins for our industrial customers. So how we think about technology investment as we build a platform for automotive, and then we take derivatives from that platform into our industrial sectors and sometimes our consumer sectors as well. So hopefully, that gives you a sense for how we think about our engineering.

我們確實加倍加快了推出新產品的速度，盡力滿足客戶在汽車領域表達的每個需求。現在我們正在為工業客戶創造更多的衍生產品和旋轉。那麼，當我們為汽車建立平台時，我們如何考慮技術投資，然後我們將該平台的衍生產品帶入我們的工業領域，有時也帶入我們的消費領域。所以希望這能讓您了解我們對工程的看法。

I'm not showing any further questions at this time. I'd like to turn the call back over to Jalene for any closing remarks.

我現在不想再問任何問題。我想將電話轉回給 Jalene，請她做最後發言。

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

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

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。現在您可以斷開連接並享受美好的一天。