Allegro Microsystems Inc (ALGM) 2025 Q4 法說會逐字稿

Good morning and welcome to the Allegro MicroSystems fourth-quarter and full fiscal year 2025 earnings conference call.

早安，歡迎參加 Allegro MicroSystems 第四季和 2025 財年全年財報電話會議。

(Operator Instructions)

（操作員指示）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

I would now like to hand the conference over to Jalene Hoover, Vice President of Investor Relations and Corporate Communications.

現在，我想將會議交給投資者關係和企業傳播副總裁 Jalene Hoover。

Thank you, Brianna.

謝謝你，布里安娜。

Good morning and thank you for joining us today to discuss allegro's fiscal fourth quarter and full fiscal year 2025 results. I'm joined today by Allegro's President and Chief Executive Officer, Michael Doogue; and Allegro's Chief Financial Officer, Derek D'Antilio.

早安，感謝您今天加入我們，共同討論 Allegro 第四季及 2025 財年全年業績。今天，Allegro 總裁兼執行長 Michael Doogue 和財務長 Derek D'Antilio 也出席了本次會議。

They will provide highlights of our business, review our quarterly and annual financial performance. And share our first quarter outlook. We will follow our prepared remarks with the Q&A session. Our earnings released 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 GAAP financial results.

他們將介紹我們業務的亮點，回顧我們的季度和年度財務業績，並分享我們第一季的展望。之後，我們將進行問答環節。我們發布的收益報告和準備好的演講稿中包含一些非公認會計準則 (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公認會計準則 (GAAP) 財務表現。

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 on the Investor Relations page of our website at www.allegromicro.com.

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。

This call is also being webcast and a replay will be available in the events and presentations section of our IR page shortly. During the course of this conference call, we will make projections and other forward-looking statements regarding future events for the future financial performance of the company.

本次電話會議也將進行網路直播，重播將很快發佈在我們投資者關係頁面的「活動與演示」板塊。在本次電話會議中，我們將對未來事件對公司未來財務表現的影響做出預測及其他前瞻性陳述。

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 or events to differ materially from projections.

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，可能導致實際結果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 released for the fourth quarter of fiscal 2025, and in the most recent periodic 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，在我們發布的 2025 財年第四季度收益以及向美國證券交易委員會提交的最新定期和其他文件中進行了詳細描述。

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 our leverage President and CEO, Mike Doogue.

現在我很高興將電話轉給我們的槓桿總裁兼執行長 Mike Doogue。

Thank you very much, Jalene, and good morning and thank you all for joining our fourth quarter and full fiscal year 2025 conference call. And let me start by saying that it is truly an honor and a privilege to assume the role of President and CEO at Allegro.

非常感謝，Jalene，早安，感謝大家參加我們2025財年第四季及全年電話會議。首先，我要說的是，能夠擔任Allegro總裁兼首席執行官，我深感榮幸。

My journey started 27 years ago when I joined Allegro as a chip designer working on cutting-edge technologies, which we then turned into disruptive product lines. I then expanded my focus into business leadership, eventually running all three of our business units as SVP of Technology and Products. And in this role, I led the growth of company revenue and gross margin.

我的職業生涯始於27年前，當時我加入Allegro，擔任晶片設計師，致力於尖端技術研發，後來我們將這些技術轉化為顛覆性的產品線。之後，我將工作重點拓展到業務領導，最終擔任技術和產品高級副總裁，負責公司三個業務部門的營運。在擔任該職位期間，我領導了公司收入和毛利率的成長。

Following our IPO, I became Allegro’s first ever Chief Technology Officer, responsible for technology development, corporate strategy, and M&A. Along the way, I also led our global operations teams, including oversight of our internal factory and quality teams, while also working closely with our OSAT and BEV partners around the globe.

首次公開募股後，我成為 Allegro 首任首席技術官，負責技術開發、企業策略和併購。在此期間，我還領導了我們的全球營運團隊，包括監督我們的內部工廠和品質團隊，並與全球各地的 OSAT 和 BEV 合作夥伴密切合作。

Collectively, I believe the breadth and depth of my experience provides a rich opportunity to accelerate and implement product, innovation, and efficiency initiatives that will drive sales growth and gross margin improvements for Allegro.

總的來說，我相信我的經驗的廣度和深度為加速和實施產品、創新和效率計劃提供了豐富的機會，這將推動 Allegro 的銷售成長和毛利率提高。

Recently, as you might imagine, I’ve been asked about my strategic priorities as CEO and at the highest level, here is my response. I will work with our teams to accelerate new product development and unlock SAM expansion, to secure impactful design wins with leading customers in growth markets, and to leverage my innovation expertise to drive a meaningful impact on both top and bottom-line growth.

最近，正如你們所料，有人問我作為執行長的策略重點是什麼。作為最高層，我的回答如下。我將與我們的團隊合作，加速新產品開發，開啟SAM擴張之路，確保與成長型市場的領先客戶達成具有影響力的設計合作，並利用我的創新專長，為公司營收和利潤的成長帶來有意義的影響。

More specifically, relentless innovation that drives leadership in new and existing markets and applications will be a top priority. Innovation with purpose is central to everything we do at Allegro. And through innovation, we will strengthen our competitive advantages and drive double-digit sales growth in automotive and industrial end markets.

更具體地說，持續創新，鞏固在新市場和現有市場及應用領域的領導地位，將是我們的首要任務。有針對性的創新是Allegro一切工作的核心。透過創新，我們將增強競爭優勢，推動汽車和工業終端市場的銷售額達到兩位數成長。

During fiscal 2025, we demonstrated accelerated innovation by releasing 50% more products compared to our IPO year. And these innovative new ICs are truly important to our journey as they will positively impact gross margins and help fuel our multi-billion dollar SAM expansion initiatives as we target a $12 billion market opportunity.

在2025財年，我們加速創新，發表的產品數量比IPO當年增加了50%。這些創新的新型IC對我們的發展至關重要，因為它們將對毛利率產生積極影響，並幫助我們數十億美元的SAM擴張計劃，幫助我們瞄準120億美元的市場機會。

It’s also a priority to extend our leading magnetic sensing market position, with an estimated 30% CAGR through 2030. TMR magnetic sensors present a unique opportunity for continued share gains for Allegro. And we’ve recently demonstrated an ability to drive share gains through our XtremeSense TMR technology.

鞏固我們在磁感市場的領先地位也是我們的首要任務，預計到2030年，該市場的複合年增長率將達到30%。 TMR磁性感測器為Allegro持續提升市場份額提供了獨特的機會。我們最近已證明，XtremeSense TMR技術能夠有效提升市場佔有率。

In fact, in Q4, we secured new TMR wins in the biomedical market and a new automotive win in an XEV thermal management application. We also released new XtremeSense TMR current sensors in the quarter. These ICs deliver high precision current measurements and 4x noise reduction compared to competing Hall solutions.

事實上，我們在第四季度贏得了生物醫療市場的新 TMR 訂單，並在 XEV 熱管理應用領域贏得了新的汽車訂單。我們也在本季推出了新的 XtremeSense TMR 電流感測器。這些 IC 可提供高精度電流測量，與競爭霍爾解決方案相比，雜訊降低了 4 倍。

For these and many more reasons, we are deeply excited about the future of TMR.

基於這些以及其他許多原因，我們對 TMR 的未來深感興奮。

Moving on to power. We will also expand our leadership in select power applications. For example, we are introducing a new family of high voltage isolated gate driver ICs to the market. These gate drivers represent a nearly $3 billion SAM expansion opportunity for Allegro.

再來說說電源。我們也將鞏固我們在特定電源應用領域的領導地位。例如，我們將向市場推出一系列全新的高壓隔離閘極驅動器IC。這些閘極驅動器為Allegro帶來了近30億美元的SAM擴展機會。

It can significantly augment our long-term automotive and data center growth rates. In FY25, we launched initial drivers enabling GaN solutions and also began sampling our silicon carbide isolated gate drivers for market leading customers.

它可以顯著提升我們在汽車和資料中心領域的長期成長率。 2025財年，我們推出了支援GaN解決方案的初始驅動器，並開始為市場領先客戶提供碳化矽隔離閘極驅動器的樣品。

And in Q4, we were pleased to secure our first automotive isolated gate driver win in an exciting new XEV charging program in China.

在第四季度，我們很高興在中國令人興奮的全新 XEV 充電項目中贏得了首個汽車隔離閘極驅動器。

Now let’s drill in on automotive. We have served the automotive market for more than 30 years. And in that time, we have established a reputation for offering premium solutions and we have demonstrated a right to win.

現在讓我們深入探討汽車產業。我們服務汽車市場已超過30年。在此期間，我們以提供優質解決方案而享有盛譽，並展現了我們贏得勝利的實力。

We continue to accelerate our wins in the e-mobility market, which offers a $5 billion SAM opportunity and an estimated 16% CAGR. And in Q4, we secured a new current sensor win in an XEV and inverter application in Europe, which represents an important share gain for Allegro.

我們繼續加速在電動車市場的勝利，該市場提供了價值50億美元的SAM機會，預計複合年增長率為16%。第四季度，我們在歐洲的XEV和逆變器應用中贏得了新的電流感測器訂單，這對Allegro來說意味著重要的市場份額成長。

Our e-mobility growth opportunity is supported by industry analysts’ continued expectations for double-digit growth in XEV powertrain production, where our content is meaningfully greater compared to an ICE powertrain.

我們的電動車成長機會得到了產業分析師對 XEV 動力系統產量持續兩位數成長的預期的支持，與 ICE 動力系統相比，我們的 XEV 動力系統含量顯著增加。

Our content is also meaningfully greater in emerging ADAS applications, where we see significant opportunity in steer-by-wire and electromechanical braking systems. And where Allegro’s dollar content per system can exceed $20.

我們在新興 ADAS 應用領域的產品內容也顯著增多，我們看到線控轉向和機電煞車系統領域蘊藏著巨大的機會。 Allegro 在這些領域，每個系統的產品內容價值超過 20 美元。

In Q4, we were thrilled to secure multiple new design wins in high-growth electromechanical braking systems that represent a strong new growth vector for Allegro. Pivoting now to industrial priorities, we will capitalize on emerging opportunities in high-growth sectors, including robotics, data center, clean energy and medical markets.

第四季度，我們非常高興地在高成長的機電煞車系統領域贏得了多項新設計訂單，這為 Allegro 帶來了強勁的新成長動力。我們將聚焦在工業領域重點業務，抓住機器人、資料中心、清潔能源和醫療等高成長領域的新興機會。

These markets offer an approximate $3 billion SAM opportunity and a 15% CAGR. Industrial customers, they value and recognize our differentiated automotive-grade technologies. For example, there is an ever-increasing need to efficiently manage server power demands.

這些市場提供了約30億美元的SAM機會和15%的複合年增長率。工業客戶重視並認可我們差異化的汽車級技術。例如，高效管理伺服器電源需求的需求日益增長。

This need is driving a return to growth in our data center products. High-growth AI data centers require more of our motor drivers, current sensors and isolated gate drivers and we are excited about our data center future, because AI servers have more than 2x the Allegro content opportunity relative to legacy servers.

這項需求正推動我們資料中心產品的恢復成長。高成長的人工智慧資料中心需要更多我們的馬達驅動器、電流感測器和隔離閘極驅動器。我們對資料中心的未來充滿期待，因為與傳統伺服器相比，人工智慧伺服器擁有兩倍以上的Allegro內容機會。

We continue to expand our TMR solutions into medical applications and today are designed into leading blood glucose monitoring solutions with multiple customers. With the $300 million SAM, we see additional opportunities to expand our participation in this market.

我們持續將TMR解決方案拓展至醫療應用領域，目前已為多家客戶設計出領先的血糖監測解決方案。憑藉3億美元的SAM，我們看到了更多拓展該市場的機會。

As we look to the future, we have emerging business and excellent relationships with market-leading companies in the robotics market, where our price precise motion control solutions and high-resolution sensors offer space and control advantages in every joint throughout a robot.

展望未來，我們擁有新興業務，並與機器人市場的領先公司建立了良好的關係，我們的價格精確的運動控制解決方案和高解析度感測器為機器人的每個關節提供空間和控制優勢。

And as humanoid robots are adopted in factories or in homes, a new rapid growth SAM will emerge for Allegro. Experts estimate the size of this robotic SAM to exceed $10 billion between 2030 and 2035. And we are establishing our leading products and technologies within this SAM and doubling down on our focus in this market.

隨著人形機器人在工廠和家庭中的普及，Allegro 將迎來一個新的快速成長市場—軟體市場（SAM）。專家預測，2030 年至 2035 年間，該機器人 SAM 的規模將超過 100 億美元。我們正在這個 SAM 領域打造領先的產品和技術，並加倍專注於此市場。

And as a final priority as CEO, we will execute operational efficiency initiatives to enhance gross margins and profitability. One such initiative in the next 12 to 18 months we are excited to release a multitude of new products with optimized supply chain, test flow, bill of materials, or design architectures that unlock significant manufacturing cost reductions.

作為首席執行官，我們的最終優先事項是實施營運效率提升計劃，以提高毛利率和獲利能力。其中一項措施是在未來12到18個月內，我們將推出一系列優化供應鏈、測試流程、物料清單或設計架構的新產品，大幅降低製造成本。

These ICs represent cost innovations, a different, but important type of innovation, that has the potential to drive a meaningful gross margin uplift for Allegro starting in the very near future. This is an exciting time with many growth opportunities ahead for Allegro.

這些IC代表著成本創新，這是一種與眾不同但至關重要的創新，預計在不久的將來大幅提升Allegro的毛利率。這是一個令人興奮的時刻，Allegro未來將迎來許多成長機會。

And while I don’t expect to materially change the strategies which I helped develop as CTO, I believe that as Allegro’s CEO, I can accelerate our strategies and unlock additional shareholder value. I will share more in the coming months and quarters, but we have a strong conviction in our near-term financial targets and our long-term model, which is based on double-digit sales growth, 58% or greater gross margins, and more than 32% operating margins.

雖然我不指望實質地改變我擔任首席技術官期間制定的策略，但我相信，作為Allegro的首席執行官，我可以加速我們的策略，並釋放更多的股東價值。我將在未來幾個月和幾個季度分享更多信息，但我們對我們的短期財務目標和長期模式有著堅定的信念，這些目標基於兩位數的銷售額增長、58%或更高的毛利率以及32%以上的營業利潤率。

We see a credible path to progressing towards these targets over the next few years. I am thrilled to be backed by an outstanding team here at Allegro and I am confident in our collective ability to advance our mission while creating value for stakeholders.

我們看到了未來幾年實現這些目標的可靠途徑。我很高興能得到Allegro優秀團隊的支持，我相信我們有能力共同推動我們的使命，同時為利害關係人創造價值。

Turning now to fiscal fourth quarter results, we delivered strong execution overall with fourth quarter sales above the high-end of our guidance at $193 million and non-GAAP EPS of $0.06 above the midpoint of our guidance.

現在來看看第四季度的財務業績，我們整體表現強勁，第四季度銷售額高於我們預期的高端，達到 1.93 億美元，非 GAAP 每股收益比我們預期的中點高出 0.06 美元。

And it is worth noting that we do not have any indication that this upside revenue performance was due to any pull-ins in response to tariffs. In addition, during the quarter, automotive sales returned to growth increasing 8% sequentially, led by e-mobility.

值得注意的是，我們沒有任何跡象表明，這項收入成長是由於關稅帶來的拉力。此外，本季，汽車銷量恢復成長，季增8%，其中電動車銷量領先。

In Q4, we saw particular strength in power solutions for ADAS applications and we expect to continue to leverage our strong market position at applications including electric power steering, advanced braking systems and XEV powertrains, as well as 48-volt systems.

在第四季度，我們看到了 ADAS 應用電源解決方案的特別優勢，我們希望繼續利用我們在電動輔助轉向、先進煞車系統和 XEV 動力系統以及 48 伏特系統等應用方面的強大市場地位。

In our industrial and other end markets, we saw growth in data center and robotics and automation revenue in the March quarter and are encouraged by continued signs of increasing activity in industrial markets.

在我們的工業和其他終端市場，我們看到 3 月份季度資料中心、機器人和自動化收入的成長，並且工業市場活動持續增加的跡象令我們感到鼓舞。

Turning now to design wins, in the fourth quarter, we achieved record level design wins with more than 70% of those wins in strategic focus areas, which include e-mobility, robotics and automation, data center, clean energy, and medical.

現在談談設計勝利，在第四季度，我們取得了創紀錄的設計勝利，其中 70% 以上的勝利來自戰略重點領域，包括電子移動、機器人和自動化、資料中心、清潔能源和醫療。

I am pleased to see the diverse nature of these wins as this diversity highlights the resilience of our portfolio while also positioning us well for growth. I am truly excited to lead Allegro through this next chapter of growth as we build on a strong foundation, accelerate our strategic priorities and deliver on both our near and long-term financial targets.

我很高興看到這些獎項的多樣性，這凸顯了我們產品組合的韌性，同時也為我們的成長做好了準備。我非常高興能夠帶領Allegro開啟新的成長篇章，我們將在堅實的基礎上繼續發展，加快策略重點的實施，並實現我們的近期和長期財務目標。

I’d like to thank Allegro’s employees, partners, customers, and investors for their continued support.

我要感謝 Allegro 的員工、合作夥伴、客戶和投資者的持續支持。

Before I hand the call over to Derek, I’d like to briefly comment onsemi dynamics to offer some further clarity on the situation. As you likely know, it became public knowledge during the quarter that we had received several proposals from onsemi to potentially acquire Allegro.

在將電話交給 Derek 之前，我想先簡單介紹一下 Onsemi 的動態，以便進一步澄清相關情況。您可能已經知道，本季我們收到了 Onsemi 的幾份收購 Allegro 的提案，這已是眾所周知的事實。

Our Board takes its fiduciary duties very seriously, and naturally, our Board will consider any credible outreach to acquire Allegro that might be in the best interest of our stockholders. Accordingly, our Board spent extensive time considering onsemi’s proposals.

我們的董事會非常重視其受託責任，因此，我們董事會自然會考慮任何可能符合股東最佳利益的、可靠的收購 Allegro 的方案。因此，我們的董事會花費了大量時間考慮安森美半導體的提案。

We laid out a path to onsemi for further engagement, and onsemi ultimately determined to withdraw its interest instead.

我們為 onsemi 制定了進一步合作的途徑，但 onsemi 最終決定撤回其興趣。

I’ll now turn the call over to Derek to review the Q4 and full fiscal year 2025 financial results and provide our outlook for the first quarter.

現在我將把電話交給德里克，讓他回顧第四季和 2025 財年全年的財務業績，並提供我們對第一季的展望。

Thank you, Mike and good morning everyone. I’d like to start with a brief comment about tariffs. It is obviously a rapidly evolving environment and quantifying the potential impact of tariffs remains challenging. As of today, we believe there are currently immaterial direct impacts on Allegro. Our products are classified as semiconductors and we ship all of our products from our backend facility in the Philippines.

謝謝，麥克，大家早安。首先我想簡單談談關稅問題。顯然，這是一個快速變化的環境，量化關稅的潛在影響仍然具有挑戰性。截至目前，我們認為關稅對Allegro的直接影響尚不顯著。我們的產品被歸類為半導體，所有產品均從菲律賓的後端工廠出貨。

The indirect impact of tariffs are just harder to predict. So far, we have not seen any abnormal customer behavior which could be associated with any tariffs. We will of course continue to monitor this situation closely and expect to have better clarity moving forward.

關稅的間接影響更難預測。到目前為止，我們尚未發現任何可能與關稅相關的異常客戶行為。我們當然會繼續密切關注這一情況，並期待未來能有更清晰的了解。

Tariffs aside, we are encouraged by the positive forward-looking indicators we are seeing across our business.

除了關稅之外，我們整個業務中看到的積極前瞻性指標令我們感到鼓舞。

I’ll share a few data points that further reinforce our belief that we are entering the beginning of an upcycle. First, our customer inventories have continued to decline and our distributor inventory levels have actually declined 25% exiting the fourth quarter compared to the beginning of FY25.

我將分享一些數據，進一步強化我們正進入上升週期的信念。首先，我們的客戶庫存持續下降，而我們的經銷商庫存水準在第四季末與2025財年年初相比實際上下降了25%。

Fourth quarter bookings were up another 20% sequentially and have now increased for the fifth consecutive quarter to the highest they have been in more than two years. Orders within lead time continue to increase, backlog has resumed growth, and we are actually starting to see select component or raw material shortages.

第四季訂單量較上季成長20%，已連續第五個季度成長，達到兩年多來的最高水準。交貨期內訂單量持續增加，積壓訂單量已恢復成長，而且我們實際上開始看到部分零件或原料短缺。

Now turning to a summary of our fourth quarter financial results, sales were $193 million and non-GAAP earnings per share were $0.06. Gross margin was 45.6%, operating margin was 9%, and adjusted EBITDA was 14.8% of sales.

現在回顧我們第四季的財務表現：銷售額為1.93億美元，非公認會計準則每股收益為0.06美元。毛利率為45.6%，營業利益率為9%，調整後息稅折舊攤提前利潤（EBITDA）佔銷售額的14.8%。

Total Q4 sales increased by 8% sequentially but declined 20% year-over-year. Sales to automotive customers increased by 8% sequentially, led by e-mobility sales, which increased 16% sequentially. Auto sales declined 23% year-over-year.

第四季總銷售額較上季成長8%，但年減20%。汽車客戶銷售額較上季成長8%，其中電動車銷售額較上季成長16%，領先成長。汽車銷售額較去年同期下降23%。

Industrial and other sales increased by 9% sequentially, and for the third consecutive quarter, led by continued growth in data center, as well as in robotics and automation. Industrial and other sales declined 11% year-over-year.

工業及其他業務銷售額環比成長9%，連續第三個季度實現成長，這主要得益於資料中心以及機器人和自動化業務的持續成長。工業及其他業務銷售額較去年同期下降11%。

Sales throughout distribution channel increased by 4% sequentially and represented 50% of Q4 sales. This combined with continued strong POS and normalizing inventory levels provides us additional evidence that we are coming off the bottom.

整個分銷通路的銷售額較上季成長4%，佔第四季銷售額的50%。再加上持續強勁的銷售點和正常化的庫存水平，進一步證明我們正走出谷底。

From a product perspective, magnetic sense of sales increased by 3% sequentially to 61% of sales. Sales of our power products increased 19% sequentially led by growth in motor drivers for ADAS and data center applications.

從產品角度來看，磁感應銷售額較上季成長3%，佔銷售額的61%。電源產品銷售額較上季成長19%，主要得益於ADAS和資料中心應用的馬達驅動器業務的成長。

Sales by geography were again well balanced, with 27% of sales in China, 24% in the rest of Asia, 20% in Japan, 16% in the Americas, and 13% of sales in Europe.

按地區劃分的銷售額再次維持了良好的平衡，其中中國佔27%，亞洲其他地區佔24%，日本佔20%，美洲佔16%，歐洲佔13​​%。

Now turning to Q4 profitability, gross margin was 45.6%, below our expectations due to a combination of mix and lower absorption as we fulfilled some orders from finished goods. Also as we discussed in our last call, in our fourth quarter, we generally have customer price adjustments before our cost reductions cycle through inventory and into the P&L.

現在來看看第四季的獲利能力。毛利率為45.6%，低於我們的預期，原因包括產品組合變化以及部分成品訂單的吸收率下降。此外，正如我們在上次電話會議上討論的那樣，在第四季度，我們通常會在成本削減循環（透過庫存削減）併計入損益表之前，對客戶進行價格調整。

We expect to begin to see this normalize in Q1 and into Q2. Operating expenses were $70 million, up $2 million or 3% sequentially due to annual payroll tax resets. Operating margin was 9% of sales compared to 10.8% in Q3 and 23.8% a year ago.

我們預計這種情況將在第一季和第二季開始恢復正常。由於年度工資稅重置，營運費用為7,000萬美元，季增200萬美元，增幅為3%。營運利潤率為銷售額的9%，而第三季為10.8%，去年同期為23.8%。

Throughout fiscal '25, we took actions to optimize our cost structure, including rationalizing our global footprint, closing our photonics business, and moving functions to our shared services center in the Philippines.

在整個25財年，我們採取了措施優化成本結構，包括合理化我們的全球佈局、關閉我們的光子學業務以及將職能轉移到我們在菲律賓的共享服務中心。

We also continue to implement operational efficiencies across the business to drive gross and operating margin improvements. Ongoing initiatives include advancing our China for China localization efforts, continued rationalization of our global manufacturing and support footprint, and executing our new manufacturing efficiency initiatives.

我們持續推動全業務營運效率提升，以提升毛利率和營業利益率。我們正在採取的措施包括：推動「中國製造」的在地化工作，持續優化全球製造和支援佈局，以及實施新的製造效率提升計畫。

In the fourth quarter, we initiated a restructuring program, which is expected to result an annualized cost savings of at least $15 million, beginning in FY26. We expect half of these savings to drive a reduction in our cost of goods sold and the other half will reduce OpEx.

第四季度，我們啟動了一項重組計劃，預計從2026財年開始，年度化成本節省將至少達到1,500萬美元。我們預計，其中一半的節省將推動銷售成本的下降，另一半將降低營運支出。

A portion of the savings is expected to fund strategic sales and R&D investments. In connection with this restructuring program, we incurred approximately $6 million in restructuring charges in the fourth quarter. The effective tax rate for the quarter was 4%, resulting in a full year effective tax rate of 3%.

預計部分節省的資金將用於策略性銷售和研發投資。與此次重組計劃相關，我們在第四季度產生了約600萬美元的重組費用。本季有效稅率為4%，因此全年有效稅率為3%。

Our effective tax rate was lower than the statutory rate, primarily due to research and development credits. The fourth quarter diluted share count was 185 million shares and net income was $12 million, or $0.06 per diluted share.

我們的實際稅率低於法定稅率，主要得益於研發抵免。第四季稀釋後股份總數為1.85億股，淨利為1,200萬美元，即每股稀釋後0.06美元。

Now turning to a brief summary of full year 2025 results, fiscal 2025 sales was $725 million, a decline of 31% year-over-year, reflecting significant customer inventory reductions. Gross margin was 48%, operating margin was 9.5%, adjusted EBITDA was 15.6%, and earnings per share were $0.24.

現在簡單回顧一下2025年全年業績。 2025財年銷售額為7.25億美元，年減31%，反映客戶庫存大幅減少。毛利率為48%，營業利益率為9.5%，調整後EBITDA為15.6%，每股盈餘為0.24美元。

Sales to automotive customers declined by 28% year-over-year and industrial and other sales declined 38% year-over-year.

對汽車客戶的銷售額年減 28%，工業和其他銷售額較去年同期下降 38%。

During fiscal '25, we also entered a new phase as a public company, with the repurchase of 39 million shares from our largest shareholder, Sanken Electric. Recall this transaction reduced Sanken’s ownership from 51% to 33%, increased our free float by 30%, while also reducing the total shares outstanding by 5%, and continued to improve our corporate governance.

2025財年，我們作為上市公司也邁入了一個新的階段，從最大股東三墾電氣手中回購了3,900萬股。回想一下，這筆交易使三墾電氣的持股比例從51%降至33%，我們的自由流通股增加了30%，同時總流通股數也減少了5%，並持續改善了我們的公司治理。

Moving to the balance sheet and cash flow, we ended Q4 with cash of $131 million and debt of $345 million. Cash flow from operations was $20 million, CapEx was $5 million, and free cash flow was $15 million. From a working capital perspective, DSO was 40 days compared to 43 days in Q3, and inventory days were 148 days compared to 182 days a quarter ago.

談到資產負債表和現金流，我們第四季末的現金為1.31億美元，負債為3.45億美元。營運現金流為2000萬美元，資本支出為500萬美元，自由現金流1500萬美元。從營運資本角度來看，應收帳款週轉天數（DSO）為40天，而第三季為43天；庫存週轉天數為148天，而上一季為182天。

Inventory dollars declined by $9 million sequentially largely due to reductions in finished goods and wafer inventories. During Q4, we also made another voluntary debt payment of $30 million and repriced our term loan down a further 25 basis points.

庫存金額較上季下降900萬美元，主要原因是成品和晶圓庫存減少。第四季度，我們也自願償還了3,000萬美元的債務，並將定期貸款利率進一步下調了25個基點。

Finally, during fiscal '25, we made a total of $105 million of voluntary debt payments.

最後，在25財年，我們總共自願償還了1.05億美元的債務。

I will now turn to our Q1 2026 outlook. The following guidance range contemplates minimal direct impact of tariffs in Q1. We expect first quarter sales to be in the range of $192 million to $202 million. The midpoint of this range equates to an 18% year-over-year increase.

現在我將談談我們對2026年第一季的展望。以下指引區間是基於關稅對第一季的極小直接影響。我們預計第一季銷售額將在1.92億美元至2.02億美元之間。該區間的中位數相當於年增18%。

It would be the first year-over-year increase since the third quarter of fiscal '24. Additionally, we expect the following all on a non-GAAP basis. We expect gross margin to be between 46% and 48%, an increase of 140 basis points at the midpoint, which factors in anticipated cost reductions described earlier, as well as vendor pricing negotiated in Q4 that begins to impact the P&L in Q1.

這將是自2024財年第三季以來的首次年增。此外，我們根據非公認會計準則 (Non-GAAP) 預測如下：我們預計毛利率將在46%至48%之間，中間值增長140個基點，這考慮到了前面提到的預期成本削減，以及第四季度協商的供應商定價，這些定價將開始影響第一季的損益表。

OpEx is expected to be approximately $72 million, an increase of $2 million, or 3% sequentially, due to planned annual salary increases and the reset of variable compensation plans with the start of our new fiscal year.

由於計劃中的年度加薪以及新財年開始時重新設定的浮動薪酬計劃，預計營運支出約為 7,200 萬美元，比上一季增加 200 萬美元，增幅為 3%。

We expect interest expense to be approximately $5 million, inclusive of a $25 million voluntary debt payment made on April 30. We expect our tax rate to be 8% and our weighted average diluted share count to be 186 million shares.

我們預計利息支出約為 500 萬美元，其中包括 4 月 30 日支付的 2,500 萬美元自願債務。我們預計稅率為 8%，加權平均稀釋股數為 1.86 億股。

As a result, we expect non-GAAP EPS to be between $0.06 and $0.10 per share. At the midpoint, this equates to 1.7x improvement year-over-year on a sales increase of 18%, demonstrating the potential operating leverage in the business model.

因此，我們預計非公認會計準則每股收益將在0.06美元至0.10美元之間。以中間值計算，這相當於在銷售額成長18%的情況下，年增1.7倍，彰顯了此商業模式中潛在的營運槓桿作用。

Now I’ll turn the call back over to Jalene for questions.

現在我將把電話轉回給 Jalene 回答問題。

Thank you, Derek.

謝謝你，德里克。

This concludes management’s prepared remarks.

管理階層的準備好的發言到此結束。

Before we open the call for your questions, I’d like to share our first fiscal quarter conference line up with you. We will attend TD Cowen’s 53rd Annual TMT Conference on May 29 at the Intercontinental New York Barclay and Mizuho’s 2025 Technology Conference on June 10 at the Conrad New York Downtown.

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53屆TMT大會，以及6月10日在紐約市中心康萊德酒店舉行的瑞穗2025科技大會。

Looking further into the year, we are targeting hosting an Analyst Day event following our 2025, October 2025, this year anniversary as a public company. And we will provide more details as we get closer to the event.

展望未來，我們計劃在2025年（即2025年10月）上市週年紀念日之後舉辦分析師日活動。活動臨近，我們將公佈更多詳情。

We will now open the call for your questions.

我們現在開始回答大家的提問。

As a reminder, with the primary purpose of today’s call to discuss our fourth quarter and full fiscal year 2025 results and fiscal Q1 outlook, we appreciate you keeping your questions focused on these topics.

提醒一下，今天電話會議的主要目的是討論我們 2025 財年第四季和全年業績以及第一財季展望，我們感謝您將問題集中在這些主題上。

Brianna, please review your Q&A instructions.

布里安娜，請查看你的問答說明。

(Operator Instructions)

（操作員指示）

Tim Arcuri, UBS.

瑞銀的提姆·阿庫裡。

You did talk about your China for China strategy. I know you are working with SMIC. I think you are taping new products in that fab. Can you talk about that? I think you are supposed to get some chips from them by the end of last year.

您確實談到了“中國製造”的策略。我知道您正在與中芯國際合作。我想你們正在那家工廠進行新產品的流片。您能談談這件事嗎？我想你們應該在去年年底之前從中芯國際那裡拿到一些晶片。

So can you just update us on that and sort of how that’s going to progress and what the key milestones there are?

那麼，您能否向我們介紹一下這一情況以及進展情況以及關鍵里程碑是什麼？

Sure. We have been hard at work on our China -- for China supply chain initiative for a number of years now. It’s a multifaceted strategy with both wafer fab and back-end partners, all of which would be within the borders of China, which would largely meet the needs of our growth customers in China.

當然。多年來，我們一直在努力推進「中國製造」的供應鏈計畫。這是一個多層面的策略，涵蓋晶圓廠和後端合作夥伴，所有合作夥伴都將在中國境內，這將在很大程度上滿足我們中國成長型客戶的需求。

We have made significant progress on the wafer technology perspective, qualifying various products. Along the way, additionally, we have a robust portfolio of products in China. We have various package types that we need to stand up in China.

我們在晶圓技術方面取得了重大進展，並已認證了各種產品。此外，我們在中國擁有強大的產品組合。我們擁有在中國市場立足所需的各種封裝類型。

Those activities are going well, along with the activities testing products in China. So, across the board, we are feeling good about where we stand. As we progress through the year, we expect to have first revenues, meaningful revenues, shipping out of the China for China supply chain later in the year.

這些活動以及在中國的產品測試活動進展順利。所以，整體而言，我們對目前的狀況感到滿意。隨著今年的推進，我們預計今年稍後將實現首批收入，也就是有意義的收入，並將實現從中國發貨到中國的供應鏈。

And then they're just on the gross margin, it's a little less than what I had anyway. Can you talk about, I know that there's these, pricing, issues and you had to negotiate price down and then costs take a while to catch up with that. Can you -- is that still sort of weighing on March and when do you see?

然後他們的毛利率，比我之前略低一些。你能談談嗎？我知道有定價問題，你必須協商降價，但成本需要一段時間才能跟上。這是否仍會影響三月的業績？預計什麼時候會公佈？

The cost catching up to the, price decline and sort of how maybe like how to think about gross margin. I'm not asking you to guide for the following quarter but sort of what are some of the puts and takes?

成本趕上價格下降，以及如何看待毛利率。我不是想讓你預測下一季的業績，而是想問有哪些利弊？

Tim, that’s exactly right. So contemplated in our fourth quarter guidance here, when we got into about a 47% midpoint, in that was the pricing negotiations that usually take place in the first calendar quarter of the year. We also negotiate lower costs with our vendors, but it takes about two quarters or the days in inventory to cycle into the P&L.

提姆，完全正確。所以，我們在第四季的業績指引中考慮到了這一點，當時我們處於大約47%的中點，這是通常在每年第一季進行的價格談判。我們也與供應商協商降低成本，但庫存週期大約需要兩個季度或天數才能計入損益表。

And that dynamic happened the same a few years ago, if you went back and looked at our '22 and '23 years, we had the same dynamic on the upside where we had an artificially higher gross margin in the first calendar quarter of the year.

幾年前也發生過同樣的情況，如果你回顧一下我們 22 年和 23 年的情況，你會發現我們也出現了同樣的上升趨勢，即在一年的第一個季度人為地提高了毛利率。

Coupled with that, we brought our production levels down pretty low in Q4, and we were able to reduce finished goods by more than 10%, so that’s a good thing. So we are fulfilling orders from finished goods. As we go into Q1, we expect mixed to start to normalize a little bit better.

除此之外，我們在第四季將生產水平降至相當低的水平，並成功減少了10%以上的成品，這是一件好事。因此，我們正在用成品來履行訂單。隨著第一季的到來，我們預計混合生產情況將開始逐漸恢復正常。

We do expect to continue to maintain our production levels at Q4 levels and continue to bring down finished goods. But we expect to start to see the benefit of those cost reductions we have negotiated start to impact the P&L in Q4, in addition to the restructuring program benefits in Q1.

我們確實預計將維持第四季的生產水平，並繼續降低成品庫存。但我們預計，除了第一季重組計畫帶來的效益外，我們已協商的成本削減措施也將在第四季開始對損益表產生影響。

Beyond that, looking longer term, that 60% to 65% variable contribution margin that I have talked about, that still holds pretty well. It could actually be higher than that in the near-term as we get these cost reduction benefits.

除此之外，從長期來看，我之前提到的60%到65%的變動貢獻利潤率仍然相當不錯。隨著成本降低效益的顯現，短期內這個數字實際上可能會更高。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

I was curious you are talking about seeing some pretty good growth in your backlog or return to growth in the backlog and starting to see that pull from customers. Can you talk about just the specific areas, and how we think about that relative to the increased design wins and opportunities there versus just kind of seeing an improvement in the cycle?

我很好奇，您說的是積壓訂單量出現了相當不錯的增長，或者說積壓訂單量恢復增長，並開始看到來自客戶的吸引力。您能否談談具體領域，以及我們如何看待這些成長，相對於設計訂單和機會的增加，而不是僅僅看到週期的改善？

I will start with a little more commentary on the design wins. Yet again, we continue to see more than 70% of those design wins exactly where we want to see them in e-mobility and focus industrials. And when you think about how the backlog will then start to trend, as you rack up wins, as the bookings come in strong.

我首先想稍微評論一下設計訂單。我們再次看到，超過70%的設計訂單都精準地落在了我們期望的電動車和重點工業領域。想想看，隨著訂單的增加和訂單的強勁成長，積壓訂單量將如何呈現成長趨勢。

As Derek mentioned, they have been coming in strong, you obviously get the commensurate uplift and backlog. And it’s where you would expect to see it. We are seeing good gains in the e-mobility side of the business and particular strength in data center on the industrial side of the business.

正如Derek所提到的，他們表現強勁，顯然獲得了相應的提升和訂單積壓。而且這些都符合預期。我們在電動出行業務方面取得了良好的成長，在工業業務方面，資料中心業務也表現尤為強勁。

And then as a follow-up, on the tariffs, I think some of the tariffs are based on the location of where the wafer origin is. So can you remind us, how to think about what’s coming from the US and going into China given that the SMIC relationship is still kind of ramping?

接下來，關於關稅，我認為有些關稅是根據晶圓原產地徵收的。所以，您能否提醒我們，鑑於中芯國際與美國的關係仍在不斷升溫，該如何看待從美國進口並進入中國的產品？

Yeah. Joe, this is Derek. So right now, we ship all of our products from our back-end facility in the Philippines. And approximately 15% of our sales are shipped to US, which currently those are exempted right now as semiconductors.

是的。喬，我是德瑞克。目前，我們所有的產品都從菲律賓的後端工廠出貨。大約15%的銷售額銷往美國，目前這些產品作為半導體產品是免稅的。

And from a wafer perspective, about a little bit more than half of our wafers come from UMC in Taiwan, about 10% to 15% from TSMC in Taiwan. The remainder come, about 35% from the US from Polar Semiconductor.

從晶圓的角度來看，我們大約一半以上的晶圓來自台灣的聯華電子，約10%到15%來自台灣的台積電。其餘約35%來自美國的Polar Semiconductor。

And so far, those have not been subject to tariffs. So we have the ability to move wafers between fabs to satisfy different geographies.

到目前為止，這些產品還沒有被徵收關稅。因此，我們有能力在晶圓廠之間運輸晶圓，以滿足不同地區的需求。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

I wanted to ask about inventory in the channel in particular, in the distribution channel. Did I hear correctly that point of sale was greater than point of purchase in the fourth quarter? And does your first quarter revenue outlook contemplate a continuation of under-shipping into the distribution channel?

我想問一下通路庫存，特別是分銷通路的庫存。我沒聽錯吧，第四季的銷售點（POS）大於買點（PM）？你們對第一季營收的預期是否考慮到分銷通路出貨量持續不足的情況？

And then maybe you can also comment on where your inventories direct the customer set.

然後您可能也可以評論一下您的庫存將把客戶導向哪裡。

Yeah. I will start with the distribution channel, Gary. So as I mentioned, exiting our Q4, distribution channel inventories globally were down 25% year-over-year, which obviously is a good sign. It does vary a bit by region, as I talked about on our last call.

是的。 Gary，我先從通路說起。正如我之前提到的，截至第四季度，全球分銷通路庫存年減了25%，這顯然是個好兆頭。正如我在上次電話會議上提到的，不同地區庫存情況略有不同。

So we think we are in really good shape in most parts of Asia from an inventory declining standpoint. There is still some work to be done in Europe, still a little bit of work to be done in the United States I think. So on the distribution side, our guidance for Q1 contemplates that.

因此，從庫存下降的角度來看，我們認為我們在亞洲大部分地區的狀況確實良好。我認為，歐洲仍有一些工作要做，美國仍有一些工作要做。因此，在分銷方面，我們對第一季的預期已考慮了這些因素。

On the direct side, we continue to see the same dynamics. I think inventory has come down across the Board. A lot more in Q4 as we saw in our December quarter in the US as sales were down 25% in the US, that rebounded nicely in Q4, up 23%.

在直銷方面，我們繼續看到同樣的動態。我認為庫存全面下降。第四季的庫存下降幅度更大，正如我們在12月季度所看到的，當時美國市場的銷售額下降了25%，但在第四季強勁反彈，成長了23%。

And we are seeing a lot of in-quarter orders, particularly in the United States and for autos. So that’s also a good sign. So we think we are in pretty good shape in most regions. I think there is some work to be done in Europe.

我們看到季度訂單量很大，尤其是在美國和汽車領域。這也是一個好兆頭。我們認為我們在大多數地區的情況都相當不錯。但我認為在歐洲還有一些工作要做。

My follow-up, I want to circle back onto gross margin. We have already talked about a lot of the different variables to the improvement, but do you think given the Axiom and the contribution, variable contribution margin, that assuming revenue continues to improve on a sequential basis, do you think a 50% gross margin is possible as we move through the balance of fiscal year '26?

接下來，我想回到毛利率的問題。我們已經討論了很多影響毛利率提升的不同變量，但您是否認為，考慮到Axiom和可變貢獻利潤率，假設收入持續環比增長，在2026財年餘下時間裡，實現50%的毛利率是可能的？

Yeah. Certainly, the way we look at it, right, our long-term target is 58%, but internally, we have broken that down into timeframes, and the immediate-term goal was to get back to 50%. The guidance for Q1 is 47%, Gary, at the midpoint.

是的。當然，我們長期的目標是58%，但在內部，我們已經將其分解成幾個時間段，短期目標是回到50%。 Gary，第一季的預期是47%，處於中間值。

And as I mentioned, the variable contribution margin on that, you could take revenue at 65%. That holds pretty true. I expect that 65% could be even better here in the next couple of quarters, given those cost reductions, both from the restructuring program, the ongoing initiatives.

正如我之前提到的，可變貢獻利潤率可以達到65%。這基本屬實。考慮到重組計劃和正在進行的各項舉措帶來的成本削減，我預計未來幾季65%的利潤率可能會更高。

And the vendor-negotiated pricing that will start to cycle into the P&L could be higher than that 65%. So it is possible that it will be in the short-term, that 50%.

而最終計入損益的供應商協商定價可能會高於65%。所以短期內，這個比例有可能達到50%。

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

Mike, first one for you, I know you have been with the company for a while. But kind of as you enter the seat here with CEO, just interested in, any kind of strategic changes, or kind of different direction, anything you might do differently, now that you have taken the seat.

Mike，首先我想問你一個問題。我知道你在公司工作已經有一段時間了。既然你已經就任CEO，我倒是想問，有什麼策略上的變化，或是發展方向的變化，有什麼新舉措，比如說，既然你已經就任CEO了，你會採取哪些不同的做法？

And obviously, you have been with the company a long time. So whatever strategy has been in place, I am sure you have had a hand on it, but just any kind of thoughts about the things that might be different going forward?

顯然，您在公司已經工作了很長時間。所以，無論制定了什麼策略，我相信您都參與其中了。但對於未來可能出現的變化，您有什麼想法嗎？

And I will summarize some of what I said in the prepared remarks, saying that it’s really a priority for me to lean in a bit more on innovation. And what I mean by that, within the same R&D spending envelope, I think we can reprioritize where we spend our money to make sure our products become even more differentiated, and we stay two steps ahead of the competition.

我將總結我在準備好的演講稿中提到的部分內容，那就是我真正需要優先考慮的是創新。我的意思是，在相同的研發支出限額內，我認為我們可以重新調整資金的優先級，以確保我們的產品更加差異化，並保持領先競爭對手兩步。

I was part of the acquisition of the TMR Technology through Crocus, the high voltage isolated gate driver business through Heyday. They are actually experiencing and demonstrating strong traction with customers. My priority is to accelerate the ramp of some of these exciting new areas.

我參與了Crocus收購TMR技術公司，以及Heyday收購高壓隔離閘極驅動器業務。他們目前正經歷並展現出對客戶的強勁吸引力。我的首要任務是加速這些令人興奮的新領域的發展。

We are truly differentiated in those spaces and they do represent new areas of high growth SAM expansion. And then when I look at things we can do from an operational efficiency perspective, there is a lot we can do on the tried and true innovation side of the house.

我們在這些領域確實獨樹一幟，它們確實代表了高成長SAM擴張的新領域。而且，當我從營運效率的角度審視我們能做的事情時，我發現，在久經考驗的創新方面，我們有很多可以做的。

But on this cost innovation side of things that I mentioned, there is some low-hanging fruit. I will just give one example, converting from gold wire to copper wire that will drive margin benefits, both in the short, medium, and long-term gains. And I am a hawk for things like that. I get excited about driving those changes.

但就我提到的成本創新而言，有一些唾手可得的成果。我舉個例子，從金線換成銅線，這將帶來利潤收益，無論是短期、中期或長期。我非常支持這樣的做法。我非常期待推動這些改變。

So we are going to accelerate some of those initiatives as well. So that just gives you a bit of a feel, scratches the surface on some of the priorities and differences.

因此，我們也將加快推進其中一些措施。以上只是給大家一些了解，粗略地了解一些優先事項和差異。

And I guess as a follow-up, and I will ask this because, I know you are going to get asked and we are certainly asked quite a bit from investors. But if you could revisit the Arno offer, and kind of what the thought process was around that.

我想作為後續問題，我會問這個問題，因為我知道你會被問到，而且我們確實經常被投資者問到這個問題。但你能不能重新討論Arno的報價，以及當時的思路是怎麼樣的？

Is it safe to say that, simply the offer wasn’t high enough value for what you thought the company was worth? And you said in your opening remarks, the Board and you folks are open to things. But maybe just kind of now that it appears to be over, just kind of some hindsight of what you're thinking was with regard to that.

可以肯定地說，僅僅是因為報價不夠高，不符合您認為的公司價值嗎？您在開場白中說過，董事會和各位成員都願意接受。但也許現在看來事情已經結束了，您只是事後回顧了一下當時的想法。

We have said to the largest extent what we are going to say today. And maybe what I will just reiterate is that we really believe in our future. We have a strong growth potential ahead of us, both on the top line and on the gross margin line.

今天要說的，我們已經說得差不多了。我只想重申的是，我們真的對未來充滿信心。我們擁有強勁的成長潛力，無論是營收或毛利率。

As I have said in the prepared remarks, the Board was very mindful of their fiduciary duties. And we did lay out a clear and constructive path to engage with the other side. We opened doors for greater value. And ultimately, on semi-decline to pursue that path, and that’s really where it ends.

正如我在準備好的演講稿中所說，董事會非常重視其受託責任。我們確實制定了一條清晰且建設性的與對方溝通的途徑。我們為實現更大的價值打開了大門。但最終，我們卻半途而廢，不再繼續這條路，這才是真正的結局。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

Mike, congratulations on the CEO role.

麥克，祝賀你擔任執行長一職。

In your prepared remarks and in response to some earlier questions, you mentioned leaning in on new products, in particular TMR, Heyday, and high-precision power and sensing parts on both sides of your house.

在您準備好的發言和回答一些先前的問題時，您提到傾向於新產品，特別是 TMR、Heyday 以及您家兩側的高精度電源和感測部件。

It sounds like inventory is pretty much close to cleaned up. But are we at the point where you think those new products are hitting the model yet and you can hit that? Growth profile, you laid out your last Analyst Day, you have I think 7% to 10% above SAR and 5% to 10% above GDP and industrial. Thank you.

聽起來庫存幾乎已經清理乾淨了。但是，您認為這些新產品是否已經達到預期的水平，並且您能夠實現這一目標？成長概況方面，您在上次分析師日會議上提到，我認為 SAR 成長率將比 SAR 成長率高 7% 到 10%，GDP 和工業成長率將比 SAR 成長率高 5% 到 10%。謝謝。

Yeah, Thanks for the kind words to start, Josh. And to start where you finished, we are confident in our ability on an automotive perspective to achieve SAR plus 7% to 10%, and we remain confident in our ability to overdrive growth relative to the broad industrial market by 5% to 10%.

是的，Josh，謝謝你的讚美。回到你剛才說的，我們有信心在汽車領域實現SAR+7%到10%的成長，並且我們仍然有信心能夠實現相對於整個工業市場5%到10%的成長。

A lot of it comes down to the SAM or the target markets we participate in. It’s a $12 million SAM, $8 billion is auto, but within that $8 billion, the $5 billion e-mobility SAM, it’s growing with a growth rate of 16%. Within that, XCV powertrain growth rates approach 20%. If we switch over to the industrial side of the house, our focus markets, that’s a $3 billion SAM growing at a 15% CAGR.

這很大程度取決於我們參與的SAM（車輛市場）或目標市場。我們的SAM規模為1,200萬美元，其中汽車市場規模為80億美元，但在這80億美元中，50億美元的電動車SAM的成長率為16%。其中，XCV動力總成的成長率接近20%。如果我們轉向工業領域，也就是我們的重點市場，那麼30億美元的SAM的複合年增長率為15%。

But you look at data center, you look at robotics, these are not futuristic applications or technologies. They are obviously here today. We are participating well. And they have a 20% growth CAGR. And when you look at TMR and the isolated gate driver products, they just layer on more positivity on the story. So, we remain committed and we remain confident in our ability to grow above market.

但看看資料中心和機器人技術，這些都不是未來應用或技術。它們顯然已經存在。我們參與其中，並且取得了良好的業績。它們的複合年增長率高達20%。而TMR和隔離閘極驅動器產品則為公司的發展增添了更多正面因素。因此，我們始終致力於此，並對我們超越市場成長的能力充滿信心。

Okay. Thank you. And Derek, I appreciate the color you gave on the restructuring. I think it was $15 million split between COGS and OpEx. Is that sort of immediate from where you just guided the June quarter and we should expect OpEx to be flattened down through the year, or how should we be thinking about that layering in? Thank you.

好的，謝謝。 Derek，我很欣賞你對重組的解釋。我記得當時的銷售成本（COGS）和營運支出（OpEx）的分配比例是1500萬美元。根據你剛發布的6月季度業績預測，這是否意味著營運支出在全年都會持平？或者我們應該如何考慮這種分層分配？謝謝。

Yeah, Josh, good morning. So, as I mentioned, that $15 million we start that’s on an annualized basis. We will start to see the benefit of that in Q1. And so as I guided OpEx for Q1, I expect that to be up about $2 million or 3%. That’s really a result of the annual salary increases and the reset of our variable compensation. Offsetting that is the beginning of these benefits from this restructuring program, which is really a repositioning.

是的，Josh，早安。正如我所提到的，我們啟動的1500萬美元是按年計算的。我們將在第一季開始看到這筆收益。正如我為第一季營運支出所做的預測，我預計這筆支出將成長約200萬美元，即3%。這其實是年度薪資成長和浮動薪資調整的結果。抵消了這筆支出，我們才開始從重組計劃中獲益，這實際上是一種重新定位。

We opened the shared services center in the Philippines about 1.5 years ago now, and it’s working out really, really well. And 70% of our customers are in Asia and the majority of our vendors. So, we have moved some of the footprint there, and it also has a cost benefit. So, we expect to continue to see those cost benefits throughout FY26 into FY27. But you could expect off-backs won’t grow significantly in FY26, low-single digits.

我們大約一年半前在菲律賓開設了共享服務中心，目前運作非常良好。我們70%的客戶和大多數供應商都在亞洲。因此，我們已將部分業務轉移到那裡，這也帶來了成本效益。我們預計這些成本效益將在2026財年和2027財年持續顯現。但可以預期，2026財年的回扣不會大幅成長，增幅不會超過個位數。

Vijay Rakesh, Mizuho Securities.

瑞穗證券的 Vijay Rakesh。

Yeah, Hey, Mike and Derek, just a quick housekeeping one. What does the e-mobility mix for the quarter, I guess, and I have a follow up?

是的，嘿，麥克和德瑞克，我先簡單問一下大家的問題。我猜本季的電動車組合是什麼樣的？我接下來還有什麼問題嗎？

The e-mobility mix of auto was about 50% of auto in the quarter, Vijay.

Vijay，本季電動車佔汽車總銷售量的 50% 左右。

Got it. And then I think as you look at China for China, given all the geopolitical tensions, are you seeing more increased competition in China from the domestic suppliers or are you seeing them in-source more? What are you seeing in terms of those trends? And especially you have a good position there with BYD and others, but BYD is also a big in-sourcer, I guess. But any colors there? Thanks.

明白了。然後，我想，考慮到中國目前的地緣政治緊張局勢，您認為中國本土供應商的競爭加劇了嗎？還是他們更選擇內部採購？您認為這些趨勢是怎麼樣的？尤其是您在比亞迪和其他公司佔據有利地位，但比亞迪也是一家大型內部採購商。請問您了解狀況嗎？謝謝。

Sure. Vijay, this is Mike. So, relative to China, clearly a competitive market, let me just start by saying we still continue to see very positive signs relative to growth in China. There is just myriad design wins and customer momentum, I can talk about. Even within this quarter of the top of my head, two large inverter design wins for our sensors in the xEV market.

當然。 Vijay，我是 Mike。所以，相對於中國這個競爭激烈的市場，我首先要說的是，我們仍然看到中國市場的成長跡象非常正面。我可以說，我們在中國市場贏得了無數的設計訂單，客戶發展勢頭強勁。就在本季度，我記得我們的感測器在 xEV 市場贏得了兩個大型逆變器設計訂單。

We have ADAS wins in China across sensing and power. I talked about an isolated gate driver win in China automotive. So, we are still seeing good traction and momentum in China. Customers are having a very strong positive response to our China for China initiatives. That all being said, of course there are local competitors in China, they are formidable.

我們在中國已在ADAS領域的感測和電源領域取得了成功。我之前提到過，隔離閘極驅動器在中國汽車市場取得了成功。因此，我們在中國仍然保持著良好的發展勢頭。客戶對我們「中國為中國」的計畫反應非常積極。話雖如此，中國當然也存在一些本土競爭對手，他們非常強大。

In a sense, they are relentless. But what we are seeing with our premium products, with our temperature-rugged, high-automotive-grade products, we are still differentiating ourselves both on actual performance of the IC itself, but also the quality levels we can achieve with our ICs.

從某種意義上說，他們的確是堅持不懈的。但我們的高階產品，包括耐高溫、高汽車級產品，仍在 IC 本身的實際性能以及 IC 所能達到的品質水準上保持差異化。

I met with the CEO of one of our leading China customers in the last few months, and he confirmed that despite plenty of approaches from local China market customers, he is staying with Allegro for the duration of the next cycle. We see strong business growth with that customer. That’s just an n of one, but we see that same trend across a broader swath of customers as well.

過去幾個月，我與我們一位中國主要客戶的執行長會面，他確認，儘管中國本地市場客戶接洽過很多次，但他仍將在下一個週期繼續與 Allegro 合作。我們看到該客戶的業務成長強勁。這只是個例，我們在更廣泛的客戶群中也看到了同樣的趨勢。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

I just wanted to ask, obviously, gross margin has been under pressure, and you have kind of gone through some of the factors there. I guess I am just kind of wondering if pricing is continuing to be aggressive. You haven’t seen that 65% sort of fall through over the last two quarters, three quarters as revenue has increased by about $30 million. And so I am just trying to reconcile why gross margin remains under such pressure as revenue has recovered over the past three quarters.

我只是想問一下，顯然，毛利率一直承壓，您也談到了其中的一些因素。我只是想知道定價是否還在持續走高。您沒有看到過去兩個季度或三個季度，在營收成長了約3,000萬美元的情況下，毛利率卻下降了65%。所以我只是想解釋一下，為什麼在過去三個季度收入有所回升的情況下，毛利率仍然面臨如此大的壓力。

Thanks Quinn. This is Mike. I can talk a bit about pricing. So, as you are aware I think as we stated in last quarter’s call as well. In the automotive market there is a general expectation in low-single digit price reductions on a year-over-year basis. These are negotiated when you win large awards in automotive. And we didn’t see anything abnormal as we entered 2025, low-single digit reductions what we are seeing in automotive this year.

謝謝奎因。我是麥克。我可以談談定價問題。正如你們所知，我想我們在上個季度的電話會議上也提到過。在汽車市場，人們普遍預期價格年比會有一個低個位數的降幅。這些降幅是在汽車行業贏得大獎後協商確定的。進入2025年，我們並沒有看到任何異常情況，今年汽車業的降幅也只是低個位數。

In the channel, a little over a year ago, we talked about how channel pricing softened. It appears that that pricing has stabilized as well. But now we are not seeing any abnormal pricing as we enter calendar year 2025 in our fiscal year.

在通路方面，一年多前我們討論過通路定價如何走軟。現在看來，定價也已經穩定下來。現在，隨著我們財年進入2025年，我們並沒有看到任何異常定價。

One of the dynamics on the gross margin side is, as I mentioned in the prepared remarks, the last two quarters, we have been able to bring down finished goods, and we expect to continue to do that in Q1. So, while sales are up, production levels aren’t necessarily up, so we have a little bit more under absorption.

毛利率方面的一個動態是，正如我在準備好的發言中提到的，過去兩個季度，我們一直在降低成品庫存，預計第一季將繼續保持這種趨勢。因此，雖然銷售額上升，但生產水準並不一定上升，所以我們的吸收能力略有下降。

Got it. And then I guess there has been some concern by investors that with all of the auto tariff uncertainty and the potential for higher costs that auto guys may be coming back at a faster than annual cadence, asking for additional price declines, sort of outside of that normal annual cadence.

明白了。我想投資人肯定有些擔心，鑑於汽車關稅的不確定性以及成本上漲的可能性，汽車廠商可能會以比年度降價更快的速度捲土重來，要求進一步降價，這在某種程度上超出了正常的年度降價節奏。

Have you guys seen any evidence of auto customers coming back asking for further price declines, or do you sort of see a normal annual cadence in those negotiations? Thanks so much.

你們有沒有看到任何證據顯示汽車消費者會再次要求進一步降價？或者你們認為這些談判的節奏會比較正常嗎？非常感謝。

We see a normal annual cadence. We see nothing in terms, in response to tariffs related to requests for further price reductions

我們看到的是正常的年度節奏。我們沒有看到任何關於進一步降價要求的關稅回應。

Perfect. Okay, thank you.

太好了。好的，謝謝。

(Operator Instructions) Joseph Moore, Morgan Stanley.

（操作員指示）摩根士丹利的約瑟夫·摩爾。

Great. Thank you. You mentioned in your prepared remarks that you are seeing some early signs of potential shortages. Can you elaborate on that, what are the signs and what -- any particular products or markets?

太好了。謝謝。您在準備好的發言中提到，您看到了一些潛在短缺的早期跡象。能詳細說明一下嗎？這些跡像是什麼？具體是哪些產品或市場？

Yeah. Joe, good morning, this is Derek. We are seeing potential signs of shortages for us among the lead raw materials, in particular where we see data center products for us coming back pretty fast and in-quarter lead times increasing or in-quarter orders increasing, and many of our peers are seeing the same things.

是的。喬，早安，我是德瑞克。我們看到主要原料可能出現短缺的跡象，尤其是我們看到資料中心產品的復工速度非常快，季度交貨週期或季度訂單量都在增加，我們的許多同行也看到了同樣的情況。

There starts to be a crunch on raw materials. We are of course managing that. We did do a pretty good job of building strategic wafer and die bank. We have done that with some finished goods as well. And I think that’s helping us now as we are starting to see the channel return in quarter orders return pretty fast.

原料開始緊缺。我們當然正在應對這種情況。我們在建立戰略晶圓和晶片庫方面做得相當不錯。我們也在一些成品上採取了同樣的措施。我認為這對我們很有幫助，因為我們開始看到季度通路訂單回升得相當快。

Okay. Thank you. And then with regards to automotive and the potential pull-ins, I mean you have answered to this. But I guess just if you could characterize what those conversations are like, because I can’t imagine running a business when the tariffs are kind of on again, off again in Canada and Mexico and then globally. And then you don’t know where they are going to be.

好的，謝謝。關於汽車和潛在的吸引力，我的意思是你已經回答了這個問題。但我想你能描述一下這些對話是什麼樣的嗎？因為我無法想像在加拿大、墨西哥，甚至全球，在關稅時斷時續的情況下經營企業會是什麼樣子。而且你也不知道關稅會落到哪裡去。

And now they are temporarily suspended and that’s going to get more expensive in a few weeks. And that all comes after over a year of inventory reductions, like, aren’t inventories just too lean to deal with all this? And shouldn’t there be some indication that those inventories are going to have to start to come up?

現在這些產品暫時停產，幾週後成本會更高。這一切都發生在一年多庫存減少之後，庫存難道不足以應付所有這些情況嗎？難道不應該有一些跡象表明這些庫存即將開始增加嗎？

Yeah. I will take that one, Joe. This is Mike. So, we have talked at length about increased booking. So, one thing we have done, we have close relationships with our customers. And what we have been doing when we see upside potential coming from customers, we have been having direct conversations to understand what’s driving the upside. And we have not seen any material evidence that upside demand is coming from tariff situations. I know that’s an awfully simple answer, but it happens to be a true one.

是的。喬，我來回答這個問題。我是麥克。我們已經就增加預訂量進行了詳細的討論。我們做的一件事就是與客戶保持密切聯繫。當我們發現客戶有上漲潛力時，我們會直接與他們溝通，了解上漲的動力。目前為止，我們還沒有看到任何實質證據顯示需求上漲來自運價因素。我知道這個答案非常簡單，但它確實是一個事實。

Yeah, I appreciate that. Thank you very much.

是的，我很感激。非常感謝。

At this time, I am showing no further questions. In the queue, I would now like to hand it back to Jalene for closing remarks.

目前我沒有其他問題。現在，我想把提問隊列中的發言權交還給Jalene，請她做最後發言。

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

謝謝，Brianna。感謝您抽空加入我們。今天上午的電話會議到此結束。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。今天的節目到此結束。您可以斷開連線了。