Allegro Microsystems Inc (ALGM) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Allegro MicroSystems first quarter fiscal year 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

早安，歡迎參加 Allegro MicroSystems 2026 財年第一季財報電話會議。（操作員指示）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, Haley. Good morning, and thank you for joining us today to discuss Allegro's fiscal first quarter 2026 results.

謝謝你，海莉。早安，感謝您今天加入我們討論 Allegro 2026 財年第一季的業績。

(technical difficulty) highlights of our business, review our quarterly financial performance and share our second quarter outlook. We will follow our prepared remarks with a Q&A session.

（技術難題）我們業務的亮點，回顧我們的季度財務表現並分享我們的第二季展望。我們將在準備好的發言之後進行問答環節。

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

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。

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 or the future financial performance of the company.

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。在本次電話會議期間，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。

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，存在可能導致實際結果或事件與預測有重大差異的風險和不確定性。

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 first quarter of fiscal 2026 and in our 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 2026 財年第一季的收益報告以及我們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，除法律要求外，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, Mike Doogue. Mike?

現在我很高興將電話轉給 Allegro 總裁兼執行長 Mike Doogue。麥克風？

Thank you very much, Jalene, and good morning, and thank you all for joining our first quarter earnings conference call.

非常感謝，Jalene，早安，感謝大家參加我們的第一季財報電話會議。

We are encouraged by the positive momentum we are seeing across the business, including continued strong bookings, increasing backlog and strong design win activity in our strategic focus areas. This momentum has enabled us to deliver strong first quarter results with sales and gross margin above the high end of our guidance ranges at $203 million and 48.2%, respectively.

我們對整個業務所看到的積極勢頭感到鼓舞，包括持續強勁的預訂量、不斷增加的積壓訂單以及我們戰略重點領域的強勁設計勝利活動。這一勢頭使我們在第一季取得了強勁的業績，銷售額和毛利率分別高於我們的預期範圍上限，達到 2.03 億美元和 48.2%。

We also delivered non-GAAP EPS of $0.09 above the midpoint of our guidance range. E-mobility led our Automotive sales growth in the first quarter with particular strength in current sensors for xEV applications like high-voltage traction inverters and onboard chargers.

我們也實現了非公認會計準則每股收益 0.09 美元，高於指導範圍的中點。電動車引領了我們第一季汽車銷售的成長，尤其是在高壓牽引逆變器和車載充電器等 xEV 應用的電流感測器方面表現尤為出色。

We expect this positive e-mobility trend to continue as a result of tailwinds from ADAS-related safety feature adoption and the continued electrification of vehicle powertrains. In our Industrial and Other end markets, we were encouraged by continued growth in Q1 sales, data center as well as robotics and automation, both strategic focus areas for Allegro were significant contributors to our industrial growth in the first quarter.

我們預計，受 ADAS 相關安全功能的採用以及車輛動力系統的持續電氣化推動，這種積極的電動車趨勢將持續下去。在我們的工業和其他終端市場，我們對第一季銷售額、資料中心以及機器人和自動化的持續成長感到鼓舞，這兩個 Allegro 的戰略重點領域都是我們第一季工業成長的重要貢獻者。

On our May call, I spoke about my strategic priorities as CEO. And as a reminder, one of our top priorities is to demonstrate relentless innovation that drives performance leadership in new and existing markets and applications. To that end, I'm proud of the team for releasing an innovative new ASIL C current sensor this quarter.

在五月的電話會議上，我談到了我作為執行長的策略重點。需要提醒的是，我們的首要任務之一是展示不懈的創新，以推動新舊市場和應用領域的性能領先地位。為此，我為團隊本季發布創新的新型 ASIL C 電流感測器感到自豪。

This IC is specifically designed to meet the safety, efficiency and commercial needs of xEV inverters. These inverters are power electronic systems that power the main traction motor in a hybrid or fully electric vehicle. And with this newly released IC, Allegro offers a market-leading device that enables customers to use two current sensors and an inverter, whereas most competitor solutions require three sensors.

該IC專為滿足xEV逆變器的安全性、效率和商業需求而設計。這些逆變器是電力電子系統，為混合動力或全電動汽車的主牽引馬達提供動力。透過這款新發布的 IC，Allegro 提供了市場領先的設備，使客戶能夠使用兩個電流感測器和一個逆變器，而大多數競爭對手的解決方案需要三個感測器。

This new IC optimizes our customers' bill of materials while still achieving rigorous automotive safety standards. During the quarter, the team also released our first core current sensor ICs that enable customers to use smaller magnetic cores or cordless inverter current sensor systems, thereby reducing the cost size and weight of the vehicle traction drive while extending vehicle driving range.

這款新型 IC 優化了我們客戶的物料清單，同時仍能達到嚴格的汽車安全標準。本季度，團隊還發布了我們的首款磁芯電流感測器IC，使客戶能夠使用更小的磁芯或無線逆變器電流感測器系統，從而降低車輛牽引驅動的成本尺寸和重量，同時延長車輛的行駛里程。

Together, these innovative new current center ICs support our leadership position in EV inverters, our teams have already demonstrated an ability to gain market share with these new ICs, highlighting the value of relentless innovation with purpose. During the quarter, we also released a new FortiGate BYOL motor driver IC that results in more efficient, quieter and more reliable cooling fans for use in AI data center installations. Moving to design wins.

總而言之，這些創新的新型電流中心 IC 鞏固了我們在電動車逆變器領域的領導地位，我們的團隊已經證明了利用這些新型 IC 贏得市場份額的能力，凸顯了堅持不懈創新的價值。在本季度，我們還發布了一款新的 FortiGate BYOL 馬達驅動器 IC，可為 AI 資料中心安裝提供更有效率、更安靜、更可靠的冷卻風扇。轉向設計取勝。

More than 75% of first quarter wins were in strategic focus areas, including e-mobility, data center, robotics and automation, clean energy and medical applications. E-mobility and data center wins led our first quarter design win activity, and these wins highlight the breadth of our portfolio and our strong product and market positions, that can ultimately drive future growth.

第一季超過 75% 的勝利來自戰略重點領域，包括電動車、資料中心、機器人和自動化、清潔能源和醫療應用。電子移動和資料中心的勝利引領了我們第一季的設計勝利活動，這些勝利凸顯了我們產品組合的廣度以及我們強大的產品和市場地位，最終可以推動未來的成長。

In Automotive, notable wins included a sizable traction inverter win with a leading Chinese automotive OEM demonstrating our ability to secure new business in China as a result of our differentiated current sensor technology. We also secured multiple wins with a leading automotive OEM in the APAC region across electronic power steering, onboard charger and in various vehicle cooling applications.

在汽車領域，我們取得了顯著的成果，包括與一家中國領先的汽車原始設備製造商簽訂了一份規模可觀的牽引逆變器合同，證明了我們憑藉差異化的電流傳感器技術在中國獲得新業務的能力。我們還與亞太地區領先的汽車原始設備製造商在電子輔助轉向、車載充電器和各種車輛冷卻應用方面贏得了多項合作。

Moving now to industrial wins. We continue to capitalize on opportunities in high-growth sectors and data center, motor drivers for cooling applications and current sensors for server power supplies led to significant first quarter design win activity. It's a promising sign to see increasing sales momentum from our industry-leading high-bandwidth current sensors.

現在轉向工業勝利。我們繼續利用高成長產業和資料中心的機會，冷卻應用的馬達驅動器和伺服器電源的電流感測器帶來了第一季的重大設計勝利活動。我們的業界領先的高頻寬電流感測器的銷售勢頭不斷增長，這是一個令人鼓舞的信號。

These ICs enable higher switching frequencies and higher power density and space-constrained data center power supplies. We also secured several wins in robotics and automation with both our magnetic current sensor ICs and our advanced motor driver ICs.

這些 IC 可實現更高的開關頻率、更高的功率密度和空間受限的資料中心電源。我們也憑藉磁性電流感測器 IC 和先進的馬達驅動器 IC 在機器人和自動化領域取得了許多勝利。

In addition, our TMR technology continues to gain traction in a growing number of applications, and we secured several global Q1 design wins with TMR ICs across applications in data center, robotics and automation, medical and clean energy.

此外，我們的 TMR 技術在越來越多的應用中繼續獲得關注，並且我們憑藉 TMR IC 在資料中心、機器人和自動化、醫療和清潔能源等領域的應用獲得了多個全球 Q1 設計大獎。

And finally, we are also seeing strong interest from leading customers as we sample them with our high-voltage isolated gate drivers for silicon carbide-based power systems in e-mobility, clean energy and data center applications. Sampling activity for our isolated gate driver ICs increased significantly in recent months.

最後，當我們向主要客戶提供用於電動車、清潔能源和資料中心應用中碳化矽電源系統的高壓隔離閘極驅動器樣品時，我們也看到了他們的濃厚興趣。近幾個月來，我們隔離閘極驅動器 IC 的取樣活動顯著增加。

In our May call, I also spoke about the importance of cost innovation as a means of increasing gross margins. For example, in the June ending quarter, we optimized our manufacturing flow and increased test yield for certain high-volume TMR devices, resulting in a tangible COGS reduction for TMR devices acquired from Crocus.

在五月的電話會議上，我還談到了成本創新作為提高毛利率的重要性。例如，在截至六月的季度中，我們優化了製造流程並提高了某些大批量 TMR 設備的測試良率，從而顯著降低了從 Crocus 收購的 TMR 設備的 COGS。

In summary, we continue to execute on our strategic priorities, and we are seeing positive momentum across the business. I'd like to thank Allegro's employees, partners, customers and investors for their continued support across all aspects of our business.

總而言之，我們將繼續執行我們的策略重點，並且我們看到整個業務呈現積極的勢頭。我要感謝 Allegro 的員工、合作夥伴、客戶和投資者對我們業務各個方面的持續支持。

I'll now turn the call over to Derek to review the Q1 2026 financial results and provide our outlook for the second quarter.

現在我將把電話轉給 Derek，讓他回顧 2026 年第一季的財務表現並提供我們對第二季的展望。

Thank you, Mike, and good morning, everyone. As Mike mentioned, we continue to see positive forward-looking metrics for the business, including continued strong bookings, in fact, to levels we haven't seen since our fiscal '23, as well as orders within lead times and further reductions in our customers' inventories.

謝謝你，麥克，大家早安。正如麥克所提到的，我們繼續看到業務的積極前瞻性指標，包括持續強勁的預訂量（事實上達到了我們自 23 財年以來從未見過的水平），以及交貨期內的訂單和客戶庫存的進一步減少。

Now I'll turn to our first quarter results. Sales were $203 million and non-GAAP earnings per share were $0.09. Gross margin was 48.2%, operating margin was 11.1%, and adjusted EBITDA was 16.4% of sales.

現在我來談談我們的第一季業績。銷售額為2.03億美元，非公認會計準則每股收益為0.09美元。毛利率為48.2%，營業利益率為11.1%，調整後息稅折舊攤提前利潤（EBITDA）佔銷售額的16.4%。

Q1 sales increased by 5% sequentially and 22% year over year. Sales to our Automotive customers increased by 3% sequentially, led by e-mobility sales, which increased by 16% sequentially. Auto sales increased by 13% year over year and e-mobility increased by 31% year over year.

第一季銷售額較上季成長 5%，較去年同期成長 22%。我們對汽車客戶的銷售額環比成長 3%，其中電動車銷售額環比成長 16%。汽車銷量較去年同期成長13%，電動車銷量較去年同期成長31%。

Industrial and Other sales increased by another 11% sequentially and for the fourth consecutive quarter, led by continued growth in data center, robotics and automation and a resurgence of clean energy. Industrial and Other sales increased by 50% year over year.

工業和其他銷售額連續第四個季度增長 11%，這主要得益於資料中心、機器人和自動化的持續增長以及清潔能源的復甦。工業及其他銷售額年增50%。

Sales into the distribution channel were about flat sequentially and increased by 19% year over year. POS was the highest it's been in nearly two years, and we continue to see reductions in our distributor inventories.

分銷通路的銷售額與上一季基本持平，但年增 19%。POS 達到了近兩年來的最高水平，我們的經銷商庫存繼續減少。

Our distributor inventory dollars declined by another 13% sequentially and 28% year over year, and we are beginning to prioritize shipments to address low inventories levels for specific parts. From a product perspective, magnetic sensor sales increased by 10% sequentially, led by e-mobility and increased 12% year over year. Sales of our power products declined by 2% sequentially and increased 43% year over year.

我們的經銷商庫存金額較上季下降 13%，年減 28%，我們開始優先出貨，以解決特定零件的庫存水準較低的問題。從產品角度來看，磁性感測器銷售額較上季成長10%，其中電動車領域帶動銷售額較去年同期成長12%。我們的電力產品銷售額較上季下降 2%，較去年同期成長 43%。

Sales by geography were 28% in China, 24% in the rest of Asia 17% in Japan, 16% in the Americas and 15% in Europe. Now turning to Q1 profitability. We also continue to be very focused on improving gross margins and -- our gross margin was 48.2%, an increase of 260 basis points sequentially and while absorbing foreign exchange headwinds from a weakening US dollar.

按地區劃分，銷售額佔中國28%、亞洲其他地區24%、日本17%、美洲16%、歐洲15%。現在談談第一季的獲利能力。我們也繼續非常注重提高毛利率，我們的毛利率為 48.2%，比上一季成長 260 個基點，同時吸收了美元疲軟帶來的外匯不利因素。

Operating expenses were $75 million, about $3 million above our outlook due to an increase in variable compensation timing of R&D spend and a weakening US dollar. Operating margin was 11.1% of sales compared to 9% in Q4 and 6% a year ago.

營運費用為 7,500 萬美元，比我們的預期高出約 300 萬美元，原因是研發支出的浮動薪酬時間增加以及美元走弱。營業利益率為銷售額的 11.1%，而第四季為 9%，去年同期為 6%。

Operating income improved by 128% on a 22% sales increase year over year, demonstrating the operating leverage in the business model. The effective tax rate in the quarter was 9.5%. First quarter interest expense was $5.5 million, and the first quarter diluted share count was 185 million shares and net income was $16 million or $0.09 per diluted share.

營業收入年增 128%，銷售額年增 22%，體現了商業模式中的營運槓桿。本季有效稅率為9.5%。第一季利息支出為 550 萬美元，第一季稀釋股數為 1.85 億股，淨收入為 1,600 萬美元，即每股稀釋後 0.09 美元。

Moving to the balance sheet and cash flow. We ended Q1 with cash of $139 million. Cash flow from operations was $62 million. CapEx was $11 million, and free cash flow was $51 million or 25% of sales. Cash flow from operations included a $30 million tax refund.

轉到資產負債表和現金流量表。我們第一季結束時的現金為 1.39 億美元。經營活動產生的現金流為 6,200 萬美元。資本支出為 1,100 萬美元，自由現金流為 5,100 萬美元，佔銷售額的 25%。經營現金流包括 3000 萬美元的退稅。

From a working capital perspective, DSO was 40 days, consistent with Q4 and inventory days were 141 days compared to 148 in Q4. Inventory dollars declined by another $10 million sequentially and largely due to a decline in finished goods as we continue to fulfill some orders within lead times from finished goods.

從營運資本角度來看，DSO 為 40 天，與第四季一致，庫存天數為 141 天，而第四季為 148 天。庫存金額環比下降 1000 萬美元，主要是因為我們繼續在成品交貨期內完成部分訂單，導致成品數量下降。

Finally, in Q1, we made another voluntary debt repayment totaling $35 million bringing our debt balance down to $310 million and net debt to $181 million compared to net debt of $224 million at the end of Q4. Finally, I'll now turn to our Q2 2026 outlook. We expect second quarter sales to be in the range of $205 million to $215 million.

最後，在第一季度，我們又進行了一次自願債務償還，總額為 3,500 萬美元，使我們的債務餘額降至 3.1 億美元，淨債務降至 1.81 億美元，而第四季末的淨債務為 2.24 億美元。最後，我現在來談談我們對 2026 年第二季的展望。我們預計第二季的銷售額將在 2.05 億美元至 2.15 億美元之間。

The midpoint of this range equates to a 12% year over year increase. Additionally, we expect the following, all on a non-GAAP basis. Gross margin to be between 48% and 50%. OpEx is expected to be approximately $73 million. Interest expense is projected to be $5 million, inclusive of another $25 million debt repayment we just made this morning.

該範圍的中點相當於年增 12%。此外，我們預計以下內容（全部基於非 GAAP）。毛利率在48%至50%之間。預計營運支出約 7,300 萬美元。利息支出預計為 500 萬美元，其中包括我們今天早上剛償還的另外 2500 萬美元債務。

We expect our tax rate to be 10% and reflecting the projected geographic mix of income, we estimate that our weighted average diluted share count will be 186 million shares. And as a result, we expect non-GAAP EPS to be between $0.10 and $0.14 per share, up 50% year over year in the midpoint on a 12% sales increase.

我們預計我們的稅率為 10%，並反映預計的收入地理分佈，我們估計我們的加權平均稀釋股數將為 1.86 億股。因此，我們預計非 GAAP 每股盈餘將在 0.10 美元至 0.14 美元之間，中期年增 50%，銷售額將成長 12%。

Now I will turn the call back over to Jalene for questions. Jalene?

現在我將把電話轉回給 Jalene 來回答問題。傑琳？

Thank you, Derek. This concludes management's prepared remarks. Before we open the call for your questions, I'd like to share our second fiscal quarter conference line up with you. We will attend Needham's Sixth Annual Virtual Semiconductor and Semi cap on conference on August 20.

謝謝你，德里克。管理階層的準備發言到此結束。在我們開始回答您的問題之前，我想先與您分享我們第二財季的會議安排。我們將於 8 月 20 日參加 Needham 第六屆年度虛擬半導體和半導體上限會議。

Evercore's ISI Semiconductor IT Hardware Networking Conference on August 26 at the Peninsula in Chicago, and Jefferies Semiconductor, IT, Hardware and Communications Technology Conference on August 27 at the Four Seasons, also in Chicago.

Evercore 的 ISI 半導體 IT 硬體網路會議於 8 月 26 日在芝加哥半島酒店舉行，Jefferies 半導體、IT、硬體和通訊技術會議於 8 月 27 日在芝加哥四季酒店舉行。

We will now open the call for your questions.

我們現在開始回答大家的提問。

(Operator Instructions) Joe Quatrochi, Wells Fargo.

（操作員指示）喬·夸特羅奇 (Joe Quatrochi)，富國銀行。

Yes. I was wondering -- I think you talked about starting to see some areas -- increasing areas of shortages and needing to refill inventory. Can you talk about just the forward demand picture you're seeing in the demand pull through your customers and how you're thinking about the dynamic of potential tariff pull-ins versus continued recovery?

是的。我想知道——我想您談到開始看到一些領域——短缺領域不斷增加，需要補充庫存。您能否談談您在客戶需求拉動中看到的遠期需求情況，以及您如何看待潛在關稅拉動與持續復甦的動態？

Yes. Thanks for the question, Joe. So just a reminder on some of the strong positives that's really the best way to summarize trends in the business. We continue to see the growing book-to-bill with strong bookings, growing backlog continuing to see significant orders within lead time and inventory reductions in the Disti channel. So we're seeing a lot of positive signs.

是的。謝謝你的提問，喬。所以我想提醒一些強而有力的正面因素，這才是總結產業趨勢的最佳方式。我們繼續看到訂單出貨比不斷成長，訂單強勁，積壓訂單不斷增加，交貨期內訂單不斷增加，分銷管道的庫存減少。所以我們看到了很多積極的跡象。

What I can say when we start to think about the impact of tariffs and potential pull-ins, I personally have been on the road of talking with customers. And I found it to be quite valuable in almost every meeting, there have been real tangible discussions about potential future component shortages, meaning other components.

當我們開始考慮關稅和潛在吸引力的影響時，我可以說，我個人一直在與客戶交談。我發現它幾乎在每次會議上都非常有價值，對未來可能出現的零件短缺（即其他零件短缺）進行了真正的、切實的討論。

Based on real and growing demand in the marketplace, that's true both for industrial and automotive customers. Certainly, we acknowledge the uncertainty is created by the tariff situation, but we find it to be in a current side to be having more and more conversations with customers about real manufacturing-based line tightness and it's just another signal that demand is picking up out there.

根據市場上實際且不斷增長的需求，這對於工業和汽車客戶來說都是如此。當然，我們承認不確定性是由關稅情況造成的，但我們發現，目前我們與客戶就實際製造的生產線緊張程度進行越來越多的對話，這只是需求正在回升的另一個訊號。

And Joe, this is Derek. I'll add to that. It's something that we have our sales teams in the regions on the lookout for if there's any unusual bookings activity and unusual sales activity. And so far, we believe the impact of any pull-ins is immaterial from tariffs. We obviously don't get the reasons why a customer is pulling something in.

喬，這是德瑞克。我要補充一點。如果出現任何異常的預訂活動和異常的銷售活動，我們會要求各地區的銷售團隊密切注意。到目前為止，我們認為任何拉動的影響都與關稅無關。我們顯然不明白顧客為什麼要拉東西進來。

But in general, it's because they need it because of a potential line down, for example, in places like data center. And from a tariff perspective, right now, there's no direct impact for Allegro. We ship about 15% of our products into the United States or into North America.

但一般來說，這是因為他們需要它來應對潛在的線路故障，例如在資料中心等地方。從關稅角度來看，目前對 Allegro 沒有直接影響。我們將大約 15% 的產品運往美國或北美。

Everything is shipped from the Philippines to all regions. From an indirect standpoint, as far as downstream with our customers, there clearly could be an impact for things like Section 232, when steel and aluminum imports as some of the automakers announced yesterday. But the impacts to Allegro on that are yet to be seen in the downstream.

所有商品均從菲律賓運往各地區。從間接角度來看，就我們下游的客戶而言，第 232 條款等條款顯然會對鋼鐵和鋁進口產生影響，正如一些汽車製造商昨天宣布的那樣。但這對於 Allegro 的影響在下游尚待觀察。

That's really helpful. And then as a follow-up, I was wondering if you -- can you talk a little bit more about just the industrial exposure? I think in the past, you talked about clean energy, solar being a big piece of that. And I know there's been some changing with the Big Beautiful Bill in terms of subsidies for solar. So any help there and like what those discussions with customers have been like?

這真的很有幫助。然後作為後續問題，我想知道您是否可以再多談工業風險？我認為過去您談到清潔能源，太陽能是其中很重要的一部分。我知道《美麗大法案》在太陽能補貼方面已經做出了一些改變。那麼有什麼幫助嗎？與客戶的討論是什麼樣的？

Yes, absolutely. So if you look at our investor deck, you'll see in our focused industrial area, it's about a $3 billion SAM growing at a double-digit growth rate, and it really stands data center, robotics and factory automation.

是的，絕對是。因此，如果你看一下我們的投資者平台，你會發現，在我們關注的工業領域，SAM 約為 30 億美元，並且以兩位數的增長率增長，而且它真正代表了數據中心、機器人和工廠自動化。

And yes, of course, clean energy and also the medical market. So I bring that up, Joe, just to say, clean energy is one leg of the stool, but we have a lot more legs on that stool. And in particular, we've been seeing an uptick recently in the data center portion of the Industrial business.

是的，當然還有清潔能源和醫療市場。喬，我提出這一點只是想說，清潔能源只是凳子的一條腿，但我們在凳子上還有更多的腿。特別是，我們最近看到工業業務的資料中心部分出現了上升趨勢。

So as we go out, if I paint with a broad brush, talking to our industrial customers, we're seeing strong recovery in the business. We have four quarters of growth and the clean energy piece is just one piece of that business. There is a little bit of softness there, but it's more than being made up by the strength in other areas like data center.

因此，當我們走出去時，如果我用粗略的筆觸來描繪，與我們的工業客戶交談，我們會看到業務強勁復甦。我們已連續四個季度實現成長，清潔能源只是其中的一部分業務。那裡有一點點疲軟，但它可以被資料中心等其他領域的實力所彌補。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

The first one is on gross margin. So they exceeded the high end of your outlook, and I'm curious what helped to drive the upside? And if you could help differentiate between utilization, pricing and mix, what was specifically different than your initial assumptions? And then as we look forward, how do you see these three drivers as you march towards your goal of 50% over the next few quarters?

第一個是毛利率。因此，它們超出了您預期的上限，我很好奇是什麼推動了上漲？如果您可以協助區分使用率、定價和組合，那麼與您最初的假設相比具體有何不同？展望未來，您如何看待這三個驅動因素，讓您在未來幾季內朝著 50% 的目標邁進？

Yes, Vivek, thank you. In terms of our Q1 gross margin being at 48.2%, which is 20 basis points above our guidance range, revenue was about $1 million above that guidance range. So with that revenue level, it was within our expectations. And we expected a fairly good drop-through going into Q1. I've talked in the past about a 60% to 65% drop through.

是的，維韋克，謝謝你。我們第一季的毛利率為 48.2%，比我們的預期範圍高出 20 個基點，營收比預期範圍高出約 100 萬美元。因此，這個收入水準是在我們的預期之內的。我們預計第一季的銷售量將出現相當不錯的下降。我過去曾談到 60% 到 65% 的下降率。

That's a number you can use post Q2. For Q1, though, we expected the drop through to be in that 90% range because as you may remember, on the May call, we talked about how many of our pricing negotiations with our customers occur in the March quarter.

您可以在第二季後使用該數字。不過，對於第一季度，我們預計降幅將在 90% 左右，因為您可能還記得，在 5 月的電話會議上，我們談到了與客戶進行的價格談判有多少發生在 3 月季度。

So we have a timing dynamic where pricing comes down pretty immediately, but the cost benefits from negotiating cost downs with suppliers take about a quarter or two to cycle through our inventory with 150 days in inventory. So we start to get that benefit here in the June quarter, and that moves into the September quarter as well.

因此，我們有一個時間動態，價格會立即下降，但與供應商協商降低成本所帶來的成本效益需要大約一到兩個季度來循環我們的庫存，庫存時間為 150 天。因此，我們從六月季度開始獲得這種好處，而這種好處也將延續到九月季度。

So our guidance at the midpoint for the September quarter from 48% to 50%, at the midpoint of 49% that equates to about a 75% drop-through where we continue to get some of those benefits of the cost rolling forward on a FIFO basis.

因此，我們對 9 月季度中點的預期是從 48% 降至 50%，中點 49% 相當於下降約 75%，我們將繼續獲得以先進先出 (FIFO) 方式滾動成本帶來的部分好處。

Post that quarter, you can continue to use that 60% to 65% drop-through the majority of that really is utilization or leverage in the business. The other levers that could put some upside to that is mix.

該季度結束後，您可以繼續使用 60% 到 65% 的下降，其中大部分實際上是業務的利用率或槓桿。可以帶來一些好處的其他槓桿是混合。

And in the June quarter, we had two, I would call it, headwinds. One was foreign exchange with the Philippine peso which was noise, but it was still a headwind. The second piece of that was direct sales were higher than distribution in the quarter.

在二月這個季度，我們遇到了兩個我稱為逆風的因素。一是菲律賓比索的外匯交易，雖然有些噪音，但仍然是一個阻力。第二點是本季直銷額高於分銷額。

So as distribution starts to come back from a sell-in standpoint, the majority of that is industrial and we get some tailwinds from that. So that could be some upside to that 65% going forward.

因此，隨著分銷從銷售角度開始回升，其中大部分是工業產品，我們從中獲得了一些順風。因此，這可能對未來 65% 的成長率帶來一些好處。

Very helpful. Then maybe, Mike, one for you. Maybe your views on the Automotive demand recovery because there has been some mixed messages from some of your larger peers, Texas Instruments, STMicro and others.

非常有幫助。那麼也許，麥克，給你一個。也許您對汽車需求復甦的看法是，因為一些較大的同行，如德州儀器、意法半導體等，發出了一些混合訊息。

And I'm curious, how do you see the demand environment now versus what you thought 90 days ago? And to be more specific, how are you looking at Automotive sales growth going into your September quarter against what is probably just a flattish auto production environment globally.

我很好奇，與 90 天前相比，您如何看待現在的需求環境？更具體地說，在全球汽車生產環境可能較為平淡的情況下，您如何看待 9 月季度的汽車銷售成長？

Yes. And we can start with that auto production forecast. I was pleasantly surprised to see S&P revised their automotive production forecast up over the past quarter. Now that is a forecast change that goes from a slight decline in production to generally a flat vehicle production landscape. But nonetheless, that's a positive movement of the forward-looking automotive forecast.

是的。我們可以從汽車產量預測開始。我很高興地看到標準普爾上個季度上調了汽車產量預測。現在預測發生了變化，從產量略有下降變為汽車產量總體持平。但無論如何，這對於前瞻性的汽車預測來說是一個積極的動向。

And that lines up with what we're seeing when we go out and talk to customers. I had mentioned earlier these discussions about automotive tightness where a lot of our auto customers are looking for expedited delivery of material to keep their lines running at maximum efficiency.

這與我們出去與客戶交談時看到的情況一致。我之前提到過有關汽車密封性的討論，我們的許多汽車客戶都希望能夠快速交付材料，以保持其生產線以最高效率運行。

Both through direct customer discussions, but also through discussions with our sales teams, we're just seeing a pretty marked increase in those types of situations out there in the marketplace. So I'm not saying that the recovery in auto is very strong at this point in time.

透過直接與客戶的討論，以及與我們的銷售團隊的討論，我們都看到市場上此類情況明顯增加。所以我並不是說目前汽車產業的復甦非常強勁。

But Derek and I, when we look at the situation, we're seeing all the right signs to indicate that we're staring at a recovery in front of us.

但德里克和我，當我們審視情況時，我們看到了所有正確的跡象，表明我們正面臨著復甦。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Derek, that revenue guide for the September quarter of $210 million. Would you say that represents shipping to true end demand? Or are we still seeing some reduction in the distribution channel that holds the quarterly revenue back?

德里克，9 月當季的收入預期為 2.1 億美元。您是否認為這代表了對真正的最終需求的運輸？或者我們仍然看到分銷管道的減少阻礙了季度收入？

Gary, it's not yet shipping to end demand. In the past, I've provided a number of between $220 million and $230 million was the last time that we calculated, I guess, off of our sales in Q4 of '24, what the end demand looks like.

加里，它還沒有運送到最終需求端。過去，我曾提供過一個介於 2.2 億美元至 2.3 億美元之間的數字，我想這是我們最後一次根據 2024 年第四季的銷售額計算最終需求的情況。

We still think that number holds about true right now, that $220 million to $230 million. And we undershipped the distribution channel again in Q1. We might come back to parity in Q2 when I net out the fact that some distributors actually need select parts for inventories.

我們仍然認為這個數字現在仍然成立，即 2.2 億到 2.3 億美元。我們在第一季再次出現了分銷通路出貨不足的情況。當我排除一些分銷商實際上需要選擇庫存零件時，我們可能會在第二季恢復平價。

There is some regions of the world like Europe that still have a ways to go on the downside of things. But we are now starting to see distributors need select parts. So the net of those two things could make sell-in flattish in Q2. So we're not quite shipping to demand there.

世界上有些地區，例如歐洲，在情況惡化方面仍有很長的路要走。但我們現在開始看到分銷商需要選擇零件。因此，這兩件事的綜合作用可能會導致第二季的銷售量持平。因此我們的出貨量還不能滿足那裡的需求。

And even with our direct customers, we're still not shipping to demand. And the guide for Q2 is up about 3%. We'd expect the majority of that to be auto.

即使對於我們的直接客戶，我們仍然沒有按需求發貨。第二季的預期上漲了約 3%。我們預計其中大部分將是自動的。

Got it. Appreciate that color, Derek. Mike, you just highlighted the mix data points in the automotive market. On the negative side, clearly, we've seen a number of leading Western automotive OEMs revised down their profit forecast because of tariffs and whatnot.

知道了。欣賞那個顏色，德里克。麥克，你剛剛強調了汽車市場的混合數據點。不利的一面是，我們顯然看到許多西方領先的汽車原始設備製造商因關稅等原因下調了利潤預測。

Has that had any impact on the design RFQ activity with many of those Western automotive OEMs in other words, are they trying to plug the dike, so to speak, because of the tariff environment?

這對許多西方汽車原始設備製造商的設計 RFQ 活動有什麼影響嗎？換句話說，他們是否因為關稅環境而試圖堵住堤防？

Good question. I've not seen any of that activity as a result of tariffs. If there is any press out there about delays in R&D programs in Automotive, the ones I have seen perhaps a quarter ago, were more related to companies trying to sort out exactly how to balance their platforms between EV powertrains and ICE powertrains. We've seen a little bit of that dynamic, but nothing related to the tariff situation in terms of program pushouts or R&D program changes and plans.

好問題。我還沒有看到任何因關稅而產生的此類活動。如果有任何關於汽車研發項目延遲的新聞報道，那麼我大概在一個季度前看到的那些報道更多的是與公司試圖弄清楚如何在電動汽車動力系統和內燃機動力系統之間平衡他們的平台有關。我們已經看到了一些這樣的動態，但與專案推出或研發專案變更和計劃方面的關稅情況無關。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Derek, congratulations on the nice results and outlook. I guess my question is this auto recovery and looking into the second half of the calendar year? I know you give guidance only one quarter out.

德瑞克，恭喜你取得了良好的成績和前景。我想我的問題是這個自動恢復和展望日曆年的下半年？我知道您只給了一個季度的指導。

But historically, you've seen some seasonality in the December quarter, certainly sounds like the growing backlog, the increasing bookings, the chance to potentially start refilling the channel could all align for a better-than-seasonal outlook in December.

但從歷史上看，12 月季度會出現一些季節性現象，聽起來積壓訂單不斷增加、預訂量不斷增加、潛在開始補充管道的機會都可能使 12 月的前景好於季節性。

But just wondering if you might be able to comment on whether you would expect normal seasonality in December? Or whether you think the cycle can overpower typical seasonal trends as that cycle starts to kick in?

但我只是想知道您是否可以評論一下您是否預計 12 月會出現正常的季節性？或者您認為，隨著週期開始發揮作用，該週期可以壓倒典型的季節性趨勢？

Yes, Quinn, you're right. We went back and looked at the last 15 years or so. And generally speaking, for the majority of that period of time, the December quarter has had a 5% down seasonality, where it's actually been is what I'll call an Industrial and Other.

是的，奎因，你是對的。我們回顧了過去 15 年左右的情況。總體而言，在這段時間的大部分時間裡，12 月季度的季節性下降幅度為 5%，實際上這就是我所說的工業和其他行業。

In fact, some of that's been consumer. So for example, the September quarter usually has a little bit of a pickup in consumer -- I'm talking a couple of million dollars. So that 5% down has traditionally been in Industrial and Other, although last year, that was in auto. This year, it's interesting because we're not quite sure if the secular trends of where we are in the cycle, we'll trump that seasonality dynamic.

事實上，其中一些是消費者。舉例來說，9月季度的消費支出通常會略有回升——我說的是幾百萬美元。因此，5% 的降幅通常出現在工業和其他領域，儘管去年是出現在汽車領域。今年的情況很有趣，因為我們不太確定我們所處的周期的長期趨勢是否會勝過季節性動態。

And in '23 and '24, it did, in fact, right? So there's a lot of strong tailwinds right now going towards that. So it's a little hard to guide to that December quarter, but historically, it's been down 5% with the secular tailwinds, it could be in that range of down 5% to plus 5%.

而在 23 年和 24 年，事實確實如此，對吧？因此，目前有許多強勁的順風因素在推動這一目標的實現。因此，對於 12 月季度的預測有點困難，但從歷史上看，隨著長期順風，其成長率將下降 5%，因此成長率可能在下降 5% 到上升 5% 的範圍內。

Got it. And then I guess just a second question. You're seeing increasing expedites. It sounds like both from OEMs and potentially Distis. You've talked about Disti inventories coming down.

知道了。我想這只是第二個問題。您會看到速度越來越快。聽起來既來自 OEM，也可能來自 Distis。您曾談到 Disti 庫存下降。

I mean at what point do you think you start to restock the channel? I know September sounds like you're expecting flattish this year or selling to Matt sell out in that it channel. But would you expect to be in a position of exiting this year to start refilling the channel or are you going to take it one quarter at a time.

我的意思是，您認為什麼時候開始補充渠道庫存？我知道 9 月聽起來像是您預計今年的銷售量將持平，或透過該管道將銷售賣給 Matt。但是您是否希望在今年退出並開始重新填充管道，或者您是否打算一次一個季度地進行填充？

Yes. We take it one quarter at a time, right? But we get pretty good visibility into our top distributors, of course, and that's all contractual. We get their POS data. We get the inventory data.

是的。我們每次只拿四分之一，對嗎？但當然，我們對頂級分銷商有相當好的了解，這都是合約規定的。我們獲取他們的 POS 數據。我們獲得了庫存數據。

So we watch that very closely, and we've been actively working with our distributors for over a year now to bring down that inventory. And for example, in the June quarter last year, China declined -- sales for us declined 55% because we really helped drive down the inventory in the channel. And that was a good thing. We had a North America reset in the December quarter. A little bit of Europe reset in the March quarter.

因此，我們密切關注這一點，並且一年多來我們一直積極與我們的分銷商合作，以降低庫存。例如，去年 6 月季度，中國市場的銷售額下降了 55%，因為我們確實幫助降低了通路庫存。這是一件好事。我們在 12 月季度對北美進行了重置。三月季度歐洲略有調整。

And so we still have pockets of inventory in parts of Europe and North America. I think Asia is in really, really good shape. But what we're starting to see right now is for select parts, we actually have to restock that channel. So what I said earlier was the net effect of those two things, we expect the distribution sales into the channel to be about flat in the September quarter.

因此，我們在歐洲和北美部分地區仍有庫存。我認為亞洲的狀況確實非常好。但我們現在開始看到的是，對於選定的零件，我們實際上必須補充該管道的庫存。所以我之前說的是這兩件事的淨效應，我們預期 9 月當季通路的銷售額將基本持平。

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

I guess the first question is regarding China. And I guess we've heard different things from different suppliers with regard to China. It looks like a 28% of revenue. It's not terribly different than what you've seen in the past, but you could talk -- can you talk to specific trends of what you're seeing for both the direct customers and the distribution customers within China?

我想第一個問題是關於中國的。我想我們從不同的供應商那裡聽到了有關中國的不同說法。看起來佔收入的28%。這與您過去看到的情況並沒有太大不同，但您可以談談—您能否談談您所看到的中國直接客戶和分銷客戶的具體趨勢？

Yes, Chris, I'll take that one. So first of all, as you stated, we've built a robust business in China. And when I look at that business, it's across a broad portfolio of devices. Each of which have their own strong levels of differentiation. Additionally, in the prepared remarks, I brought up a singular win with a Chinese OEM for an HEV current sensor application.

是的，克里斯，我接受這個。首先，正如您所說，我們在中國建立了強勁的業務。當我審視這項業務時，我發現它涉及廣泛的設備組合。每個都有自己強烈的差異化程度。此外，在準備好的演講中，我提到了與一家中國 OEM 合作在 HEV 電流感測器應用方面取得的獨特勝利。

But when I look at the wins within the quarter, I actually see pretty strong momentum in terms of new wins and e-mobility in particular, in China. So what we're seeing in China is a continued ability to win. We also have customers who are responding quite positively to our China for China supply chain. So in general, we feel good. That being said, I talked in the last quarter's call, there is stiff competition in China.

但當我回顧本季的成就時，我實際上看到了中國在新成就和電子移動領域的相當強勁的勢頭。因此，我們看到中國具有持續獲勝的能力。我們也有客戶對我們的中國供應鏈反應非常積極。整體來說，我們感覺良好。話雖如此，我在上個季度的電話會議上談到，中國市場的競爭非常激烈。

It tends to be at the lower end of the market. We don't have much business at the lower end of the market today, and our strategy is to continue to release differentiated products to compete more on the higher end of the China market.

它往往處於市場的低端。目前我們在低階市場的業務不多，我們的策略是繼續推出差異化產品，以在中國高端市場上展開更多競爭。

And there's also the geopolitical concerns existing in China. So net-net, I talked about a lot of the tailwinds that we have through innovation and our products, a couple of headwinds on competition and geopolitics. But net-net, we're feeling good about our ability to grow in China in the short term.

此外，中國還存在地緣政治問題。所以總的來說，我談到了我們透過創新和產品所獲得的許多順風，以及競爭和地緣政治的一些逆風。但總體而言，我們對短期內在中國的成長能力感到滿意。

Got it. As a follow-up question, I'd like to discuss pricing. And we're probably in the early stages of recovery right now. So it's probably early to see pricing trends. But I know last year, you had to make some pricing moves to move some inventory.

知道了。作為後續問題，我想討論定價。我們現在可能正處於復甦的早期階段。因此現在判斷定價趨勢可能還為時過早。但我知道去年你必須採取一些定價措施來轉移一些庫存。

You've got -- you'll be starting soon the annual price negotiations with your auto customers. What's your view with regard to pricing as you head into the end of the year and into next year in the context of maybe supply gets a little bit tighter?

您很快就要開始與您的汽車客戶進行年度價格談判了。在供應可能稍微緊張的背景下，您對今年年底和明年的定價有何看法？

Yes. It's a dynamic situation, as we all know. Any time we enter the year, we start thinking about can we land at a low single-digit price reduction year over year. In many cases, in Automotive, we have certain contractual obligations to land there. And we've sat down as a team and looked at this year, we think we're still landing in that space, right?

是的。眾所周知，這是一個動態的情況。每當進入新年，我們就會開始思考，我們能否實現同比低個位數的價格下降。在很多情況下，在汽車領域，我們有一定的合約義務。我們作為一個團隊坐下來，回顧今年，我們認為我們仍然會進入那個領域，對嗎？

I mean I'm just going to preempt the question. Sometimes people say, because of tariffs, are customers asking you for bigger price reductions. When supply gets tight, we might be able to demand some price increases. But net-net, we feel like we're going to land in a normal year-over-year price reduction environment as we enter the next calendar year.

我的意思是我只是想搶先回答這個問題。有時人們會說，由於關稅，客戶會要求你大幅降價。當供應緊張時，我們可能會要求提高價格。但總體而言，我們感覺，隨著進入下一個日曆年，我們將進入正常的逐年降價環境。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

I wanted to dive into the sequential omni Industrial and Other side, which was very strong in June, I think, up 14%. And that coincided with a bit of a pickup in China and then a bit of a pickup in Europe as well.

我想深入了解連續的工業和其他方面，我認為 6 月表現非常強勁，上漲了 14%。同時，中國經濟也出現小幅回升，歐洲經濟也出現小幅回升。

Could you map for us where you were seeing that strength? Is that Industrial side more isolated on China? Are those correlated at all? Or was that broad-based strength across the different geos?

您能為我們描繪一下您在哪裡看到了這種優勢嗎？工業界對中國的依賴是否更加嚴重？這些有相關性嗎？或者說，這種實力是跨越不同地區的廣泛優勢？

Tom, it was fairly broad-based. A lot of it was other Asia, which is places like Taiwan, a lot of it is data center. In fact, China -- our Industrial business in China is a relatively small piece of the overall business. So it was Europe. It was the Americas in some places.

湯姆，它的基礎相當廣泛。其中很多是亞洲其他地區，像是台灣，很多是資料中心。事實上，中國—我們在中國的工業業務在整個業務中所佔的比例相對較小。所以它是歐洲。有些地方就像美洲。

Data center really led the strength in terms of dollars. And Mike can give some examples of what we're selling into the data center, but it was data center, a small research is in clean energy, and then an uptick in robotics and automation, and most of that is actually in other Asia.

從美元來看，資料中心確實處於領先地位。麥克可以舉一些我們向資料中心銷售產品的例子，但那是資料中心，一項小型研究是在清潔能源領域，然後是機器人和自動化領域的成長，其中大部分實際上是在亞洲其他地區。

Helpful. And then when I look at the e-mobility versus your other auto businesses, there's a pretty big divergence over the last couple of quarters where you're seeing mid-teens growth on the e-mobility side, and then some declines in your more star tracking business.

很有幫助。然後，當我將電動車業務與你們的其他汽車業務進行比較時，我發現過去幾個季度出現了相當大的差異，電動車業務實現了十幾歲的增長，而你們更看重的跟踪業務則出現了一些下滑。

When you look at what's growing within that e-mobility bucket, is that related to EVs more specifically? Just because like when you look broadly right now, you're seeing some news around potentially EV credits some pull forward there being a bit better.

當您觀察電動車領域中正在成長的東西時，它是否與電動車更具體地相關？只是因為，當你現在廣泛地看時，你會看到一些有關潛在電動車信用的新聞，有些新聞會提前發布，情況會好一些。

Like could you help me understand how much of that's being driven by EV? And like do you have any fears around any order patterns changing just because you're having some change in the rules.

例如，您能否幫助我了解其中有多少是由電動車推動的？您是否擔心僅僅因為規則發生變化，訂單模式也會發生變化？

Yes. So we're pleased to see the strong growth rates in our e-mobility business. That's what we want to see. And just as a reminder for everyone, in our e-mobility business, which includes ADAS and EV areas of the Automotive sector. Most of our dollars in that space come more from the ADAS side of the application space.

是的。因此，我們很高興看到我們的電子行動業務的強勁成長率。這正是我們希望看到的。需要提醒大家的是，我們的電動車業務包括汽車產業的 ADAS 和 EV 領域。我們在該領域的大部分資金來自應用領域的 ADAS 方面。

So when we see growth in e-mobility, there's often a decent balance of growth in the ADAS portion of the business as well as the EV portion of the business. A lot of the growth in EV comes from new wins. So we continue to secure new wins both in ADAS and EV.

因此，當我們看到電動車的成長時，ADAS 業務部分和 EV 業務部分的成長通常會保持良好的平衡。企業價值的成長很大程度上來自於新的勝利。因此，我們在 ADAS 和 EV 領域繼續取得新的勝利。

So as we look at that e-mobility number, we won't split out the actual numbers between ADAS and xEV but the majority would be coming from ADAS, and we see a robust future for the xEV dollars that we have growing as well.

因此，當我們查看電子移動數據時，我們不會將實際數字分為 ADAS 和 xEV，但大多數數字將來自 ADAS，並且我們看到 xEV 美元的強勁未來。

And Tom, in terms of the US changes in regulation, one data point I've given in the past is currently today, about 15% of our sales are US. In the US is at about 10% adoption, right, of pure EV, it's hybrid in there as well. That means that US EV, pure EV, is about 1.5% of our total sales.

湯姆，關於美國監管變化，我過去給出的一個數據點是，目前，我們約有 15% 的銷售額來自美國。在美國，純電動車和混合動力車的採用率約為 10%。這意味著美國電動車、純電動車約占我們總銷量的 1.5%。

So it's not necessarily impactful. It's great when it grows. And the other data point that you're probably seeing is that S&P actually has EV in the United States growing as a percentage faster than many other regions, except for Europe because it's coming off a very small number.

所以它不一定有影響。當它長大的時候就很棒。您可能看到的另一個數據點是，標準普爾實際上顯示，美國企業的百分比成長速度比許多其他地區都要快，但歐洲除外，因為歐洲的數值非常小。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

I was wondering on the e-mobility side, you mentioned a few drivers in the script. Maybe you could just highlight in terms of -- curious on the future drivers. You mentioned TMR pricing coming down. I know that's a more future one to insert that technology into auto. And then I don't think I've heard gate drivers.

我想知道在電子移動方面，您在腳本中提到了一些驅動因素。也許您可以強調一下—對未來的驅動力感到好奇。您提到 TMR 價格下降。我知道將該技術引入汽車領域是更具未來性的。然後我認為我沒有聽說過門驅動器。

Can you maybe just walk us through some of the -- as you look out the next year or two, the timing of some of these new products within e-mobility.

您能否向我們簡單介紹一下未來一兩年內電動車領域一些新產品的上市時間？

Yes. I think -- thanks for the question, Blayne. I think I understand it. So when we look at e-mobility in general, what are some of the growth drivers. We continue to see increases in dollar content.

是的。我想——謝謝你的提問，布萊恩。我想我明白了。那麼，當我們整體看待電動車時，有哪些成長動力呢？我們持續看到美元含量的增加。

We started talking about that in steering systems, where we have fairly large chipsets across our different product areas and a steering system. That's now carrying over into braking systems.

我們開始在轉向系統中討論這個問題，我們在不同的產品領域和轉向系統上擁有相當大的晶片組。這項技術現已延伸至煞車系統。

Whereas previously, there was a fairly small amount of semiconductor content in a braking system, they're adopting more electric motors and other things in the braking system, including higher safety standards that give us an increasing dollar content opportunity in the ADAS space. That's already starting to unfold. It has many years to come.

以前，煞車系統中的半導體含量相當少，但現在他們在煞車系統中採用了更多的電動馬達和其他東西，包括更高的安全標準，這為我們在 ADAS 領域帶來了越來越多的美元價值機會。這一切已經開始顯現。它還要過很多年。

When we think more about in the EV space, our number one area of growth there is in the current sensor space. And we've had those products for a long time. We're leaders in that space. But here is where our isolated gate drivers come into play, driving a large SAM expansion and really some strong growth opportunities as we move forward.

當我們進一步思考電動車領域時，我們最大的成長領域是電流感測器領域。我們已經擁有這些產品很久了。我們是該領域的領導者。但這就是我們的隔離閘極驅動器發揮作用的地方，它推動了 SAM 的大規模擴張，並且在我們前進的過程中確實帶來了一些強勁的成長機會。

As a reminder, with that business, when we bought it, the first products to go to market, we're driving gallium nitride transistors and has a lower market penetration than silicon carbide, which is why in the prepared remarks, we were intentional in calling out the fact that we are now broadly sampling our silicon carbide-based isolated gate drivers.

提醒一下，對於該業務，當我們收購它時，第一批進入市場的產品是氮化鎵晶體管，其市場滲透率低於碳化矽，這就是為什麼在準備好的評論中，我們有意指出我們現在正在廣泛地對基於碳化矽的隔離柵極驅動器進行抽樣。

That's where most of the SAM is. We have strong resonance with customers pretty much I would say the majority of that business being in the EV space, but a close second to that is activity in the data center space. So we're feeling good about the isolated gate drivers in terms of the uplift, we'll see both in EVs and also in the industrial and data center space.

大部分 SAM 都位於此處。我們與客戶產生了強烈的共鳴，我想說，大部分業務都在電動車領域，但緊隨其後的是資料中心領域的活動。因此，我們對隔離閘極驅動器的提升感到樂觀，我們將在電動車以及工業和資料中心領域看到它的應用。

I do want to ask you on the data center because that was a segment you broke out a while back and it fell off as spending the data center went down. You mentioned a few times is within that Industrial and Other is data center become more material?

我確實想問您關於資料中心的問題，因為這是您前段時間突破的一個領域，隨著資料中心支出的下降，它的份額也下降了。您幾次提到工業和其他資料中心是否變得更加重要？

Or is it the largest segment? Maybe -- I think someone asked this before, but in terms of this Industrial business that have gone up a bunch, can you just walk us through maybe what are the some of the bigger segments within that?

還是它是最大的部分？也許——我想之前有人問過這個問題，但就這個已經大幅增長的工業業務而言，您能否向我們介紹其中的一些較大的部分？

Yes. Maybe I'll just talk directionally, but we had a robust data center business that certainly got caught up in the inventory cycle. What's most promising to me now is we're coming out of the cycle, not only are the fan driver ICs that we've been talking about for years and really that we've been successful with for years coming back in a robust way.

是的。也許我只是從方向性的角度來談，但我們擁有強大的資料中心業務，但肯定陷入了庫存週期。對我來說，現在最有希望的是我們正在走出這個循環，不僅是我們多年來一直在談論的風扇驅動器 IC，而且我們多年來一直取得成功的風扇驅動器 IC 也正在以強勁的方式回歸。

But now we have a lot more of our current sensors in the power supplies in the data center. So we've expanded our dollar content footprint.

但現在我們在資料中心的電源中安裝了更多的電流感測器。因此，我們擴大了我們的美元內容足跡。

And then the next chapter in that story is the one I just spoke of, where the isolated gate drivers will offer up another dollar content expansion in the data center. So we believe it's key strategic area for us in terms of future growth, and we'll continue to highlight it and inform you how it's going in future calls.

然後這個故事的下一章就是我剛才談到的，其中隔離閘極驅動器將為資料中心提供另一個美元內容擴充。因此，我們相信這是我們未來成長的關鍵策略領域，我們將繼續強調這一點，並在未來的電話會議中告知您它的進展。

Jay Rakesh, Missouri.

密蘇裡州的傑伊·拉凱什 (Jay Rakesh)。

Just a quick question, just a follow-up on Blayne's question. When you look at the e-mobility side, I know you laid out the different products that are driving it. Can you also give us some color on what -- as you look at your traction in xEV in China and APAC, how the customer pipeline looks like? What are the big OEMs? Where are you seeing increased penetration?

這只是一個簡單的問題，只是對布萊恩問題的後續答案。當您查看電子移動方面時，我知道您列出了推動電子移動的不同產品。您能否向我們詳細介紹一下—當您看到您在中國和亞太地區的 xEV 吸引力時，客戶管道是什麼樣的？有哪些大型 OEM？您在哪裡看到滲透率有所提高？

And what are the big wins that you're seeing across APAC and China, et cetera? And what the company landscape looks like? And I have a follow-up.

您在亞太地區和中國等地區看到了哪些重大勝利？公司概況是什麼樣的？我還有一個後續問題。

Yes. Thanks, Jay. I can't really talk in depth about OEM activity that they (inaudible) upon that or sometimes we're contractually not allowed.

是的。謝謝，傑伊。我無法深入談論他們（聽不清楚）的 OEM 活動，或者有時我們在合約上不允許這樣做。

But what I can say is that in recent quarters, I actually went to the APAC region, signed an important development agreement for a next-generation current sensor in a very popular EV. And this is the type of activity we have with a lot of our partners where we are bringing innovative solutions to the table and becoming a partner of choice.

但我可以說的是，最近幾個季度，我實際上去了亞太地區，簽署了一份重要的開發協議，該協議針對一款非常受歡迎的電動車的下一代電流感測器。這是我們與許多合作夥伴進行的活動類型，我們為此帶來了創新的解決方案並成為首選的合作夥伴。

In China, I already mentioned a sizable win in an inverter with a local China OEM. In the e-mobility space in China, we did actually secured a sizable number of wins across numerous OEMs in China, and they're all local OEMs. The activity we're seeing on a design win perspective is with these local OEMs providing vehicles to the local China market.

在中國，我已經提到與中國本地 OEM 合作在逆變器方面取得了巨大的成功。在中國的電動車領域，我們確實在中國眾多原始設備製造商中贏得了大量訂單，而且它們都是本地原始設備製造商。從設計獲勝的角度來看，我們看到的是這些本地原始設備製造商向中國本地市場提供汽車。

And then if we expanded to Japan, we've always had a very robust e-mobility and EV story in Japan. It's a good opportunity to remind everyone, we actually have solution set in terms of products for an electrified powertrain, where we have significant dollar content in a hybrid and a battery EV.

然後，如果我們擴展到日本，我們在日本一直擁有非常強勁的電動車和電動車業務。這是一個很好的機會來提醒大家，我們實際上已經在電動動力系統產品方面製定了解決方案，其中我們在混合動力汽車和電池電動車方面擁有相當可觀的價值。

In Japan, we're having great success on the hybrid side of things with strong dollar content and market share in some of those EV systems.

在日本，我們在混合動力領域取得了巨大的成功，在某些電動車系統中擁有強大的經濟價值和市場份額。

Got it. And then on your China for China strategy, does that support all your China revenues now? And are the margins there attractive with the China for China allowing you the 75% drop-through that mentioned.

知道了。那麼，關於你們的「中國製造」策略，現在這項策略是否能支撐你們在中國的所有收入？中國的利潤率是否具有吸引力，允許你們實現上述 75% 的降幅？

Yes. So the -- in China for China, like I said, strong resonance with customers, it's going to be a significant amount of work to roll out our products to run on the China for China supply chain. And what I mean by that, as an analog mixed signal company, we have lots of product SKUs that we need to move over, and we're in the process of doing that.

是的。所以——就像我說的，在中國為中國服務，與客戶產生強烈共鳴，將我們的產品推廣到中國為中國的供應鏈將是一項艱鉅的工作。我的意思是，作為一家模擬混合訊號公司，我們有很多需要轉移的產品 SKU，我們正在進行這項工作。

I will say that when we work with vendors in China, there's two things going on. they're actively pursuing our business and I think the cost base for producing semis in China is a bit lower than other regions of the world.

我想說的是，當我們與中國的供應商合作時，會發生兩件事。他們正在積極開展我們的業務，我認為在中國生產半成品的成本基礎比世界其他地區略低。

So the way I look at it, what we find is a cost environment that allows us to compete better in China. And I wouldn't start talking about it -- China being an area of margin uplift for the company, but through the China for China supply chain. It's an important part of us staying competitive in China while sustaining margins.

所以在我看來，我們發現了一個可以讓我們在中國更好地競爭的成本環境。我不會開始談論它——中國是公司利潤率提升的一個地區，而是透過中國為中國的供應鏈。這是我們在中國保持競爭力並維持利潤率的重要組成部分。

Tim Arcuri, UBS.

瑞銀的提姆·阿庫裡。

So Derek, gross leverage is down to about 2 times for September based on your guidance. So when will capital deployment shift from debt pay down to capital return, maybe some share repo. Basically, the question is like when do you consider the balance sheet to be fixed and you're happy with it?

因此，德里克，根據您的指導，9 月的總槓桿率將下降至約 2 倍。那麼，資本配置何時會從債務償還轉向資本回報，也許是一些股票回購。基本上，問題是什麼時候您認為資產負債表已修復並且您對此感到滿意？

Yes. Right now, the most accretive thing we can do is continue to repay debt. And so we just made another $25 million payment this morning. So we're not worried about the leverage level per se. But it happens to be the most accretive thing we can do right now in the debt markets are available for us if we chose to do something else.

是的。目前，我們能做的最有增值作用的事情就是繼續償還債務。因此我們今天早上又支付了 2500 萬美元。所以我們並不擔心槓桿水平本身。但如果我們選擇做其他事情的話，這恰好是我們目前在債務市場上可以做的最有增值能力的事情。

In terms of capital deployment, our CapEx is down to below 5% of sales. It will continue there as we've gone through the investments like the last couple of years. We will continue to invest organically in R&D and sales, where we think that makes sense in the high-growth areas. We continue to look at M&A that makes sense. I don't expect to do anything soon.

在資本配置方面，我們的資本支出已降至銷售額的5％以下。隨著我們過去幾年的投資，這種趨勢將持續下去。我們將繼續在研發和銷售方面進行有機投資，我們認為這在高成長領域是有意義的。我們將繼續專注於有意義的併購。我並不期望很快做任何事。

And then in terms of returns, we don't plan to do a dividend anytime soon. We did do a share buyback from (inaudible) in last summer as anyone knows, but that was for a specific reason to return capital, and it was structured such that it was really favorable to Allegro shareholders. And right now, there's no plans for any additional broad-based share buybacks.

就回報而言，我們近期不打算派發股息。眾所周知，我們去年夏天確實進行了股票回購（聽不清楚），但那是出於返還資本的特定原因，而且其結構對 Allegro 股東非常有利。目前，還沒有任何額外的廣泛股票回購計劃。

Okay. And then I also wanted to ask on China for China. I think you are getting chips from SMIC maybe at the end of this year. I think you've taped out, I don't know, maybe 10, 15 products in that fab, and then you're taking wafers from other existing fabs and you're routing them through OSATs in China. So can you just talk about, like is that on track with SMIC?

好的。然後我也想就中國問題詢問一下。我認為你們可能會在今年年底從中芯國際獲得晶片。我認為你已經在那家工廠投產了大概 10 到 15 種產品，然後你從其他現有工廠獲取晶圓並通過中國的 OSAT 進行佈線。那麼你能不能談，這與中芯國際的合作是否一致？

And does that change your competitive position in China? I know only you report 26% or mid-20s revenue into China roughly and only -- I think only about half of that remains in China. But does the China for China like is it on track? And do you see it changing your competitive balance in China?

這是否會改變您在中國的競爭地位？我知道只有你們報告說大約 26% 或 25% 左右的收入來自中國，而且我認為只有大約一半留在中國。但中國對中國的政策是否走在正軌上？您認為這會改變貴公司在中國的競爭平衡嗎？

It is on track, and we do believe it changes our competitive positioning. When it comes to wafer technology transfers, they take a long time, and they are progressing. What's interesting, you hear from a lot of companies in the world that we all need to move at China speed.

一切進展順利，我們確實相信它會改變我們的競爭定位。說到晶圓技術轉讓，需要很長時間，而且還在不斷進步。有趣的是，你會聽到世界上很多公司說我們都需要以中國的速度前進。

What that's turned into for some companies, they wanted to jump right to exercising our China back end using wafers from whatever source the wafers may come from, meaning they don't need to come from China, those wafers. So we're seeing an increase in the number of customers wanting to exercise the back end, and that's what's actually happening right now as we sample and start to ramp with more customers with our CFC supply chain.

對一些公司來說，情況變成了這樣：他們想直接利用任何來源的晶圓來行使我們的中國後端，這意味著他們不需要從中國購買這些晶圓。因此，我們看到想要使用後端的客戶數量不斷增加，而這正是現在正在發生的事情，因為我們正在對 CFC 供應鏈進行抽樣並開始擴大與更多客戶的合作。

There is value even in just the back end only part of the supply chain. But yes, to answer your question, we feel like it's going well and differentiating our business in China.

即使只是供應鏈的後端部分也有價值。但是的，回答你的問題，我們感覺一切進展順利，並且使我們在中國的業務與眾不同。

Nicole (inaudible) Morgan Stanley.

妮可（聽不清楚）摩根士丹利。

Sorry, this Joe Moore. There might be some confusion. Can you hear me?

抱歉，我是喬·摩爾。可能會有些混亂。你聽得到我嗎？

Yes, your line is now open.

是的，您的線路現已開通。

Okay. Sorry. (inaudible) dial in on a different line. I want to ask about OpEx. I think your long-term plan is 26% of sales.

好的。抱歉。 （聽不清楚）請撥打其他線路。我想問有關 OpEx 的問題。我認為你的長期計畫是銷售額的 26%。

As your revenue accelerates, do you get there quicker do you use that opportunity to invest a little bit more in some of these new markets? Just how do I think about OpEx trajectory?

隨著收入的成長，您是否能更快實現目標？您是否能利用這個機會在一些新市場中投入更多資金？我究竟如何看待營運支出軌跡？

Thank you for the question. This is Derek. So what you've seen over the last 2.5 years is SG&A has been about flat. So we've been able to offset inflation with doing things like moving a lot of our functions to our new shared services center in the Philippines. And we've continued to get good leverage there, and that's also where 70% of our customers in that region.

謝謝你的提問。這是德里克。因此，您會看到，過去 2.5 年中銷售、一般及行政費用基本上持平。因此，我們透過將許多職能轉移到菲律賓的新共享服務中心等措施來抵消通貨膨脹。我們在那裡繼續獲得良好的槓桿作用，這也是我們在該地區 70% 的客戶所在的地方。

So it's also enhanced our customer service, enhanced our team service, we'll continue to find ways to offset inflation in SG&A with cost reduction opportunities. We will invest, though, in sales in certain regions in R&D, but I would call that an allocation. So you're not going to see a step up at OpEx. So even at $1 billion levels like we were at two years ago, OpEx is at the same level. So the percentage does get a lot better.

因此，它也增強了我們的客戶服務，增強了我們的團隊服務，我們將繼續尋找方法透過降低成本的機會來抵消銷售、一般和行政費用的通貨膨脹。不過，我們會對某些地區的銷售進行研發投資，但我稱之為分配。因此，你不會看到 OpEx 有所提高。因此，即使像兩年前那樣達到 10 億美元的水平，營運支出仍處於同一水平。所以這個百分比確實好了很多。

You will not see a material step up in OpEx dollars. What we will do is reallocate dollars within to fast-growing strategic areas.

您不會看到營運支出出現實質的增加。我們要做的是將資金重新分配到快速成長的策略領域。

Okay. That's helpful. And then with regards to China, I know the question has been asked, but in terms of building a pipeline there, can you talk about what that's like. Do you -- obviously, you have differentiated technology, but where there's a tie do they favor European suppliers over American suppliers? And do you see any prospects for China organically doing what you guys do on the semi side?

好的。這很有幫助。關於中國，我知道有人問過這個問題，但就在那裡建造管道而言，您能談談情況嗎？顯然，你們擁有差異化技術，但在存在平局的情況下，他們是否更青睞歐洲供應商而不是美國供應商？您是否認為中國有可能在半導體領域有機地開展您們所做的事情？

Yes. Thanks, Joe. So as I mentioned, we continue to demonstrate our ability to win in China. We had a significant number of design wins this quarter. I want to be clear, as I stated earlier, there is increasing competition in China or attempts to localize all kinds of semis in China.

是的。謝謝喬。正如我所提到的，我們繼續展現出在中國取勝的能力。本季度我們獲得了大量設計勝利。我想明確一點，正如我之前所說，中國國內的競爭日益激烈，或者說，中國正在嘗試實現各種半導體產品的在地化。

And our strategy to combat that is to continue to differentiate to have that type of product that can save our customers' money at the system level so that we're not enrolled head-to-head, pin-for-pin, price for price battles in China every time we try to grow the funnel. S

我們的因應策略是持續進行差異化，推出能夠在系統層面為客戶節省資金的產品，這樣，我們每次嘗試擴大銷售管道時，就不會陷入中國市場針鋒相對、價格競爭的局面。秒

o right now, it's going to be a decade-long strategic play. And right now, we're feeling good about where we are, both in terms of present day design funnel, but also in terms of the innovations we're bringing forward for the future.

現在，這將是一場長達十年的策略遊戲。現在，我們對自己的現狀感到很滿意，無論是就目前的設計管道而言，還是就我們為未來帶來的創新而言。

(Operator Instructions) Joshua Buchalter, TD Cowen.

（操作員指示）Joshua Buchalter，TD Cowen。

I wanted to ask about current sensing. So it seemed like in the prepared remarks, maybe I'm overthinking this, but your confidence in the near- to medium-term contribution from current sensors and autos has increased.

我想問一下電流感應。因此，在準備好的評論中似乎我可能想太多了，但您對當前感測器和汽車的近期至中期貢獻的信心已經增強。

It seems like it's a little early for the TMR IP that you acquired for Crocus to be impacting the auto market. Is this primarily for Hall-effect sensors or your legacy GMR sensors? Can you maybe elaborate on what's driving the near- to medium-term current sensing side?

您為 Crocus 收購的 TMR IP 似乎還未對汽車市場產生影響。這主要用於霍爾效應感測器還是傳統的 GMR 感測器？您能否詳細說明一下近期至中期電流感測方面的推動因素？

Yes. Thanks, Josh. So we feel very good about our current sensor road map. To answer your question directly, the ICs I spoke about in my prepared remarks are using Hall-effect technology. There's lots of reasons for that.

是的。謝謝，喬希。因此，我們對目前的感測器路線圖感到非常滿意。直接回答你的問題，我在準備好的發言中提到的 IC 使用的是霍爾效應技術。這其中有很多原因。

We live in an R&D world where it does take a few years to develop a custom product for an application. So these products were started roughly two years ago. That being said, as we look at our current sensor road map going forward, we're pivoting much more strongly to TMR.

我們生活在一個研發的世界，開發一個應用程式的客製化產品確實需要幾年的時間。這些產品大約兩年前就開始使用了。話雖如此，當我們展望我們目前的感測器路線圖時，我們會更加堅定地轉向 TMR。

We have product sampling to customers that have much better signal-to-noise ratios, much higher bandwidth. And we've been quite pleased with the progression at an R&D level and from a customer response level when it comes to the customer feedback for these upcoming TMR ICs.

我們向客戶提供的產品樣品具有更好的信噪比和更高的頻寬。當談到客戶對這些即將推出的 TMR IC 的回饋時，我們對研發水準和客戶回應水準的進展感到非常滿意。

Got it. And then I wanted to ask about the legacy auto business. So I back into the numbers, I think the non-e-mobility revenue is down high single, low double digits sequentially and year over year. Was that some of the inventory dynamics that Derek discussed in his prepared remarks. Anything else going on there?

知道了。然後我想問一下傳統汽車業務。因此，我回顧一下這些數字，我認為非電子移動收入與上一季和去年同期相比下降了高個位數到低兩位數。這是德里克在準備好的發言中討論的一些庫存動態嗎？還有什麼事發生嗎？

And how should we -- is that business stabilized? Or is that just at the point where e-mobility is so much greater as a portion of the mix that it should be flat to down here.

我們應該怎麼做－該業務是否穩定下來？或者這只是因為電動車在整體交通中佔據了很大比重，所以它應該持平到這裡。

Yes, Josh, I think you nailed it with your first comment. I do think that there's an inventory component to the numbers outside of e-mobility and Automotive. They're small numbers. You'll see our Japan number quarter over quarter is not robust either. We just believe that's timing of purchases.

是的，喬希，我認為你的第一條評論就說到點子上了。我確實認為，除了電動車和汽車之外，數字中還包含庫存部分。這些數字很小。您會發現我們日本季度季報也並不強勁。我們只是相信這是購買的時機。

There's no longer-term signal that's coming out of the quarter over quarter in either that other Automotive business or in Japan, both should be fine.

無論是其他汽車業務還是日本，都沒有出現季度環比增長的長期訊號，兩者都應該表現良好。

At this time, I'm showing no further questions in the queue. I would now like to turn it back over to Jalene for closing remarks.

目前，隊列中沒有其他問題。現在我想把發言權交還給 Jalene，請她做最後發言。

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

謝謝你，海莉。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 concludes the program. You may now disconnect.

感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。