Allegro Microsystems Inc (ALGM) 2026 Q2 法說會逐字稿

Good morning, and welcome to Allegro Microsystems second quarter fiscal year 2026 earnings conference call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jalene Hoover, Vice President of Investor Relations and Corporate Communications.

早安，歡迎參加Allegro Microsystems 2026財年第二季財報電話會議。請注意，今天的會議正在錄影。現在我謹將會議交給投資人關係和企業傳播副總裁賈琳·胡佛。

Thank you, Kathy. Good morning, and thank you for joining us today to discuss Allegro's fiscal second quarter 2026 results. I'm joined today by Allegro's President and Chief Executive Officer, Mike Doogue; and Allegro's Chief Financial Officer, Derek D'Antilio. They will provide highlights of our business, review our quarterly financial performance and share our third quarter outlook. We will follow our prepared remarks with a Q&A session.

謝謝你，凱西。早安，感謝各位今天加入我們，共同探討 Allegro 2026 財年第二季的表現。今天與我一同出席的有 Allegro 的總裁兼執行長 Mike Doogue，以及 Allegro 的財務長 Derek D'Antilio。他們將重點介紹我們的業務，回顧我們的季度財務業績，並分享我們第三季的展望。我們將發表準備好的講話，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.

我們的獲利報告和準備好的演講稿中包含一些非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 in the Investor Relations page of our website at www.allegromicro.com. This call is also being webcast, and a replay will be available in the Events and Presentations section of our IR page shortly.

這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表已包含在我們的獲利報告中，該報告可在我們網站www.allegromicro.com的投資者關係頁面查閱。本次電話會議也將進行網路直播，回放影片很快就會在我們投資者關係頁面的「活動與演示」部分提供。

During the course of this conference call, we will make projections and other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution that such statements are based on current expectations and assumptions as of today's date and as a result, are subject to risks and uncertainties that could cause actual results or events to differ materially from projections.

在本次電話會議期間，我們將對未來事件或公司未來的財務表現做出預測和其他前瞻性陳述。我們謹此提醒，此類聲明均基於截至今日的當前預期和假設，因此存在風險和不確定性，可能導致實際結果或事件與預測有重大差異。

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 second quarter of fiscal 2026 and in our most recent periodic and other filings with the Securities and Exchange Commission.

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聲明之間存在差異的因素，已在我們的 2026 財年第二季度收益報告中以及我們最近向美國證券交易委員會提交的定期報告和其他文件中進行了詳細描述。

Our estimates, expectations and 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、預期和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、假設變化或其他可能發生的事件的義務。

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交給 Allegro 的總裁兼執行長 Mike Doogue。麥克風？

Thank you very much, Jalene, and good morning, and thank you all for joining our second quarter earnings conference call. We remain encouraged by the positive momentum we continue to see across the business, achieving multiyear highs and second quarter bookings and backlog and delivering strong design win activity in our strategic focus areas, particularly in e-mobility and data center. This momentum has enabled us to deliver strong second quarter results with sales, gross margin and EPS above the midpoint of our guidance ranges at $214 million, 49.6% and $0.13, respectively.

非常感謝Jalene，早安，也感謝各位參加我們第二季財報電話會議。我們對公司持續保持的積極發展勢頭感到鼓舞，公司在第二季度的預訂量和積壓訂單量均創下多年新高，並在戰略重點領域（特別是電動汽車和數據中心）取得了強勁的設計中標業績。這一勢頭使我們能夠取得強勁的第二季度業績，銷售額、毛利率和每股收益分別達到 2.14 億美元、49.6% 和 0.13 美元，均高於我們預期範圍的中點。

In the second quarter, we saw broad strength in our automotive sales with growth in e-mobility and other auto. Our automotive sensor business grew through increased adoption of our ICs and xEV powertrain systems.

第二季度，我們的汽車銷售整體表現強勁，電動車和其他汽車產品均成長。我們的汽車感測器業務隨著積體電路和電動車動力總成系統的日益普及而成長。

And motor driver IC sales also grew in electronic power steering systems in ADAS and in applications and other auto. In our industrial and other end markets, sales growth was led by data center, establishing a new quarterly record. Data center momentum was fueled by a broad server power architecture upgrade supporting next-generation AI workloads as systems move toward higher voltage and power levels.

在ADAS電子輔助轉向系統和其他汽車應用中，馬達驅動IC的銷售量也有所成長。在我們的工業和其他終端市場中，資料中心引領了銷售成長，創下了新的季度紀錄。資料中心的發展勢頭得益於伺服器電源架構的全面升級，以支援下一代 AI 工作負載，因為系統正朝著更高的電壓和功率等級邁進。

As a result, the demand for our data center fan driver ICs continues to increase, and additionally, our market-leading high-speed current sensor ICs are ramping in data center power supply applications where they enable crucial efficiency and power density improvements.

因此，對我們資料中心風扇驅動 IC 的需求持續成長，此外，我們市場領先的高速電流感測器 IC 在資料中心電源應用中也得到了廣泛應用，這些應用能夠顯著提高效率和功率密度。

Looking ahead, we are building another growth vector in this market. Within the quarter, we sampled our new high-voltage gate drivers for silicon carbide with market leaders in the data center power supply space. Collectively, this strong market pull is reflected in our design win activity, where data center continued to lead Q2 industrial design wins with revenue from any of these wins ramping within the next year.

展望未來，我們正在這個市場中建立另一個成長點。本季度，我們向資料中心電源領域的市場領導者提供了我們新型碳化矽高壓閘極驅動器的樣品。總體而言，這種強勁的市場需求反映在我們的設計中標活動中，資料中心繼續引領第二季工業設計中標，這些中標項目的收入將在未來一年內大幅成長。

Shifting to automotive design wins. E-mobility continued to lead second quarter activity. We secured a multi-portfolio ADAS win for a steering system using our current sensors and motor drivers with Chinese OEM. Additionally, our current sensors won multiple designs with an onboard charger and high-voltage traction inverter systems with a North American XEV OEM.

轉向汽車設計領域將會成功。電動車繼續引領第二季市場活動。我們與中國OEM廠商合作，利用我們現有的感測器和馬達驅動器，成功中標了一個包含多種產品組合的ADAS轉向系統。此外，我們目前的感測器已贏得北美 XEV OEM 的多個車載充電器和高壓牽引逆變器系統設計方案。

As I've said in the past, relentless innovation that drives performance leadership is a priority for Allegro. During the quarter, we released the industry's first 10 megahertz TMR current sensor, a disruptive IC that further extends our competitive advantage.

正如我過去所說，不斷創新以推動績效領先是 Allegro 的首要任務。本季度，我們發布了業界首款 10 兆赫茲 TMR 電流感測器，這是一款顛覆性的 IC，進一步擴大了我們的競爭優勢。

We believe our 10 megahertz sensor, the highest bandwidth magnetic current sensor in the market by a significant margin will help accelerate our sales growth. These ultrafast sensors reduce the size of inductors and other components in high-voltage power systems.

我們相信，我們的 10 兆赫茲感測器是市場上頻寬最高的磁流感測器，其優勢非常明顯，這將有助於加速我們的銷售成長。這些超高速感測器可以縮小高壓電力系統中電感器和其他元件的尺寸。

Within the quarter, I also traveled to China where I spent time with our teams, our customers and our suppliers. This time on the road reinforced my excitement about our opportunity and positioning in this important geography.

本季度，我還前往中國，與我們的團隊、客戶和供應商進行了交流。這次出差經驗讓我更加興奮，也讓我更確信我們在這個重要地區所擁有的機會和地位。

Our sales to China have grown every quarter since Q1 FY25 when we launched a strategy to quickly correct an over-inventory situation. Today, China inventory levels are lean, design win activity remains strong and we have no indication of any material pull-in activity from our customers in response to tariffs.

自 2025 財年第一季我們啟動快速修正庫存過剩問題的策略以來，我們對中國的銷售額每季都在成長。目前，中國庫存水準較低，設計得標活動依然強勁，我們沒有任何跡象表明客戶會因關稅而採取任何物資撤回措施。

We continue to navigate geopolitical challenges. Therefore, it was encouraging to see China lead our second quarter automotive design win activity for Allegro led by ADAS and xEV applications. While in China, I was also pleased to confirm new design-ins and wins for our sensor ICs in nascent quadruped and hematoid robotics programs.

我們仍在應對地緣政治挑戰。因此，令人鼓舞的是，中國在第二季Allegro汽車設計得標活動中佔據領先地位，這主要得益於ADAS和xEV應用。在中國期間，我還很高興地確認了我們的感測器積體電路在新興的四足機器人和類人機器人專案中獲得了新的設計訂單和訂單。

In summary, we continue to execute on our strategic priorities. We are seeing positive momentum across the business, especially in auto and data center markets. and recent design wins confirm our increasing dollar content opportunity in high-growth auto, data center and robotics applications.

總之，我們將繼續執行我們的策略重點。我們看到公司各業務領域都呈現出正面的發展勢頭，尤其是在汽車和資料中心市場。近期贏得的設計項目也證實了我們在高成長的汽車、資料中心和機器人應用領域不斷增長的市場份額。

I'll now turn the call over to Derek to review the Q2 2026 financial results and to provide our outlook for the third quarter.

現在我將把電話交給德瑞克，讓他回顧 2026 年第二季的財務業績，並介紹我們對第三季的展望。

Thank you, Mike, and good morning, everyone. Starting with our second quarter results. Net sales were $214 million and non-GAAP earnings per share were $0.13. Gross margin was 49.6%, operating margin was 13.9% and adjusted EBITDA was 19% of sales. Total Q2 sales increased by 5% sequentially and 14% year-over-year.

謝謝你，麥克，大家早安。首先來看我們第二季的業績。淨銷售額為 2.14 億美元，非 GAAP 每股收益為 0.13 美元。毛利率為 49.6%，營業利益率為 13.9%，調整後 EBITDA 佔銷售額的 19%。第二季總銷售額較上季成長 5%，較去年同期成長 14%。

Sales to our automotive customers increased by 8% sequentially and 12% year-over-year, while e-mobility sales increased by 21% year-over-year. Industrial and other sales declined by 1% sequentially and grew 23% year-over-year.

對汽車客戶的銷售額環比成長 8%，年增 12%，而電動車銷售額則較去年同期成長 21%。工業及其他銷售額環比下降 1%，較去年同期成長 23%。

We saw continued strong performance in data center, offset by a decline in consumer and broad-based industrial where we continue to see some remaining inventory burn. Distribution sales increased by 22% sequentially and 23% year-over-year. Sell-in was still below POS, which remained near the highest levels it's been in six quarters.

資料中心業務持續強勁成長，但消費品和工業領域的下滑抵消了部分成長，在這些領域，我們仍然看到一些剩餘庫存正在消耗。分銷銷售額較上季成長 22%，較去年同期成長 23%。售出量仍低於銷售點，而銷售點則保持在近六個季度以來的最高水平附近。

From a product perspective, magnetic sensor sales increased by 1% sequentially and 2% year-over-year. Magnetic Sensor sales increased by 13% in the first half of fiscal '26 compared to the second half of fiscal '25. And sales of our power products increased by 13% sequentially and 42% year-over-year.

從產品角度來看，磁性感測器的銷售額環比成長 1%，年增 2%。2026 財年上半年磁力感測器銷售額比 2025 財年下半年成長了 13%。我們的電力產品銷售額較上季成長 13%，較去年同期成長 42%。

Sales by geography were as follows: 29% of sales in China, 24% in the rest of Asia, 17% in Japan, 17% in the Americas and 13% of sales in Europe. Sales grew in all geographies, except for Europe, where we saw seasonal declines.

按地區劃分的銷售額如下：中國佔銷售額的 29%，亞洲其他地區佔 24%，日本佔 17%，美洲佔 17%，歐洲佔 13%。除歐洲以外，所有地區的銷售額均有所增長，而歐洲則出現了季節性下滑。

Now turning to Q2 profitability. Gross margin was 49.6%, an increase of another 140 basis points sequentially. Operating expenses were $76 million approximately $3 million above our outlook due to an increase in variable compensation expense and a further weakening of the US dollar.

現在來看第二季獲利情況。毛利率為 49.6%，季增 140 個基點。由於可變薪酬支出增加以及美元進一步走弱，營運支出為 7,600 萬美元，比我們預期高出約 300 萬美元。

Operating margin was 13.9% of sales, compared to 11.1% in Q1 and 11.7% a year ago. The effective tax rate for the quarter was 6%, driven lower by tax planning and elections made within the one Big Beautiful Bill. Second quarter interest expense was $5.1 million, and the second quarter diluted share count was 186 million shares. Net income was $24 million or $0.13 per diluted share. Non-GAAP EPS increased by 44% sequentially and 63% year-over-year, demonstrating the significant operating leverage in the business model.

營業利益率為銷售額的 13.9%，而第一季為 11.1%，去年同期為 11.7%。本季實際稅率為 6%，這主要得益於稅收規劃以及在《一項偉大的法案》中所做的選擇。第二季利息支出為 510 萬美元，第二季稀釋後股數為 1.86 億股。淨利為2,400萬美元，即每股攤薄收益0.13美元。非GAAP每股盈餘較上季成長44%，較去年同期成長63%，顯示此商業模式具有顯著的經營槓桿效應。

Moving to the balance sheet and cash flow. We ended Q2 with cash of $127 million. Cash flow from operations was $20 million, CapEx was $6 million and free cash flow was $14 million. From a working capital perspective, DSO was 45 days, compared to 40 days in Q1 and inventory days were 135 days compared to 141 days exiting Q1. During the quarter, we made another voluntary debt repayment of $25 million bringing our total debt balance to $285 million and net debt to $168 million.

接下來來看資產負債表和現金流量表。第二季末，我們持有現金1.27億美元。經營活動產生的現金流為 2,000 萬美元，資本支出為 600 萬美元，自由現金流為 1,400 萬美元。從營運資本的角度來看，應收帳款週轉天數為 45 天，而第一季為 40 天；庫存週轉天數為 135 天，而第一季末為 141 天。本季度，我們自願償還了 2,500 萬美元的債務，使我們的總債務餘額達到 2.85 億美元，淨債務達到 1.68 億美元。

Finally, I'll now turn to our Q3 2026 outlook. We expect third quarter sales to be in the range of $215 million to $225 million. The midpoint of this range equates to a 24% year-over-year increase and above seasonal for the December quarter.

最後，我將展望一下我們2026年第三季的業績。我們預計第三季銷售額將在 2.15 億美元至 2.25 億美元之間。該範圍的中點相當於年增 24%，高於 12 月季度的季節性水準。

Additionally, we expect all the following on a non-GAAP basis. Gross margin to be between 49% and 51%. Interest expense is projected to be $5 million reflecting a 25 basis point reduction in SOFR. We expect our tax rate for the quarter and full year FY26 to now be 8%, a decline from prior estimates of 10%. We estimate that our weighted average diluted share count will be 186 million shares. And as a result, we expect our non-GAAP EPS to be between $0.12 and $0.16 per share.

此外，我們預期以下所有事項均以非GAAP準則進行。毛利率預計在 49% 至 51% 之間。預計利息支出為 500 萬美元，這反映了 SOFR 利率下降了 25 個基點。我們預計 2026 財年本季和全年的稅率將為 8%，低於先前 10% 的預期。我們預計加權平均稀釋後股份數量將為 1.86 億股。因此，我們預計非GAAP每股收益將在0.12美元至0.16美元之間。

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

現在我把電話轉回給賈琳，回答你們的問題。

Thank you, Derek. This concludes management's prepared remarks. Before we open the call to your questions, I'd like to share our third fiscal quarter conference line up with you. We will attend Wells Fargo's Ninth Annual TMT Summit on November 19 in Rancho Palos Verdes, UBS's Global Technology Conference on December 2 and 3 in Scottsdale. Nasdaq's Investor Conference held in association with Morgan Stanley on December 10 in London and Barclays 23rd Annual Global Technology Conference on December 11 in San Francisco.

謝謝你，德里克。管理階層的發言稿到此結束。在正式開始回答各位的問題之前，我想先和大家分享一下我們第三財季的會議安排。我們將參加 11 月 19 日在蘭喬帕洛斯弗迪斯舉行的富國銀行第九屆年度 TMT 峰會，以及 12 月 2 日至 3 日在斯科茨代爾舉行的瑞銀全球科技大會。納斯達克投資者大會於 12 月 10 日在倫敦與摩根士丹利共同舉辦，巴克萊銀行第 23 屆年度全球科技大會於 12 月 11 日在舊金山舉行。

And finally, we are excited to announce that we will be hosting our next Investor Day on February 3, 2026, in Boston. We'll send a save the date announcement soon, providing additional details. We will now open the call to your questions. Cathy, please review Q&A instructions.

最後，我們很高興地宣布，我們將於 2026 年 2 月 3 日在波士頓舉辦下一屆投資者日活動。我們將盡快發出活動預告，提供更多詳情。現在開始回答各位的問題。Cathy，請查看問答說明。

(Operator Instructions)

（操作說明）

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Yeah, thanks for taking the question and congrats on the results. Maybe just kind of try to understand a little bit inside the automotive business, I think mobility was up a little bit sequentially, but non-e-mobility was up a lot more. Any sort of color on just how do we think about what's driving that? Is it inventory replenishment? And what -- how do you think about that going forward?

是的，謝謝你回答這個問題，也恭喜你取得好成績。或許可以稍微了解一下汽車產業的內部情況，我認為出行領域較上季略有成長，但非電動出行領域的成長幅度更大。對於我們如何看待驅動這現象的因素，有什麼具體的見解嗎？是庫存補貨嗎？那麼──你對未來有何打算？

Right, Joe, thanks. This is Mike. So yeah, just to kind of reiterate some of the stats on auto, up 8% quarter-over-quarter and up 12% year-over-year, but e-mobility was up 21% year-over-year. So we are seeing growth in the e-mobility space, as we would expect based on the strong activity we have through design wins in the e-mobility space.

好的，喬，謝謝。這是麥克。是的，再重申汽車產業的統計數據，季增 8%，年增 12%，而電動車產業年增 21%。因此，我們看到了電動出行領域的成長，正如我們根據在電動出行領域透過設計專案贏得的強勁勢頭所預期的那樣。

When we look at the overall growth of the auto business in this quarter that we're reporting on, we did have some growth in our motors business for what I would call more in-cabin and chassis-related applications. These are sort of the powertrain agnostic applications where there are an increasing number of loaders and we're getting an increasing number of design wins in that area. So we were actually quite pleased to see some of those wins flow through within the quarter.

當我們審視本季汽車業務的整體成長時，我們確實在電機業務方面取得了一些成長，我稱之為車廂內和底盤相關應用方面的成長。這些應用與動力系統無關，裝載機的數量越來越多，我們在這個領域也獲得了越來越多的設計訂單。所以我們很高興看到其中一些勝利在本季度得以實現。

Thanks. And then as a follow-up, I think your slide deck has referenced an opportunity like $425 million per rack of revenue for AI servers. Any help on just kind of understanding what you're capturing today? And how do you see that trending over the next couple of years?

謝謝。另外，我認為您的幻燈片中提到了人工智慧伺服器每機架4.25億美元的收入機會。可否幫我理解一下今天拍攝的內容？你認為未來幾年這種趨勢會如何發展？

Yeah, absolutely, and it's an exciting story. So what we're seeing is that as the data center or, let's say, new data centers start to pivot more towards an AI architecture not only are the power levels consumed by the servers going up enormously, but in a commensurate basis, you need lots of cooling within those high-power data centers, they get hot.

是的，沒錯，而且這的確是個精彩的故事。因此，我們看到，隨著資料中心，或者說新的資料中心開始更多地轉向人工智慧架構，不僅伺服器消耗的電力水平大幅上升，而且相應地，這些高功率資料中心需要大量的冷卻，因為它們會變得很熱。

So we are seeing strong pull-through for our three phase fans that we've been selling into the data center market for many years now. What's happening, the fans are moving into new areas within the rack. Most notably, we're seeing the fans move over into the power supplies, which are now getting so hot that they need to be cooled directly. So that's one tailwind for us in the data center space.

因此，我們看到我們多年來一直向資料中心市場銷售的三相風扇獲得了強勁的市場需求。現在的情況是，風扇正在移動到機架內的新區域。最值得注意的是，我們看到風扇移到了電源部分，而電源現在溫度非常高，需要直接冷卻。所以這對我們在資料中心領域來說是一個利好因素。

Another positive sign, which I talked about in my prepared remarks, our current centers are now being adopted and ramping within the power supplies as well. Measuring current is essential to having efficient power management in those power supplies.

另一個積極的跡像是，正如我在準備好的演講稿中提到的，我們目前的中心現在也正在電力供應中採用和擴展。測量電流對於這些電源的高效電源管理至關重要。

We offer a smaller form factor solution that also has reduced heating or reduced OMIC losses to offer a greater efficiency in those power supplies. That business started to ramp roughly a year ago, and we're in the middle of the ramp now.

我們提供尺寸較小的解決方案，同時減少發熱或降低 OMIC 損耗，從而提高電源的效率。這項業務大約在一年前開始加速發展，而我們現在正處於加速發展的中期。

We have differentiated ICs. Today, we talked about a 10 megahertz current sensor using our TMR technology. Within the last year, we released a 5 megahertz device. These higher speed current sensors help shrink the size and help optimize the control of those power supplies. So it is a new growth vector that is ramping right now within the data center as well.

我們擁有差異化的積體電路。今天，我們討論了使用我們TMR技術的10兆赫茲電流感測器。去年，我們發布了一款 5 兆赫茲的設備。這些高速電流感測器有助於縮小電源的尺寸，並有助於優化電源的控制。因此，這也是資料中心目前正在加速發展的新增長點。

Thank you.

謝謝。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

Thanks for taking my questions. On the first one, just on the demand side, very near term. I was wondering if you are noticing any direct or indirect effects because of the next year situation that is going on and it's constraining output at some of the large auto OEMs.

謝謝您回答我的問題。第一個問題，僅從需求面來看，是短期問題。我想知道您是否注意到，由於明年情況的變化，一些大型汽車OEM廠商的產量受到限制，從而產生了任何直接或間接的影響。

And in general, Mike, how would you describe kind of the regional demand environment? I think you mentioned Europe is still a little bit below trend. But just in general, how would you describe what the kind of the broader regional demand situation is and where you see inventory kind of being on the better versus worse side.

麥克，總的來說，您如何描述一下區域需求環境？我想你之前提到過，歐洲目前仍略低於平均值。但總的來說，您如何描述更廣泛的區域需求情況，以及您認為哪些地區的庫存狀況較好，哪些地區庫存狀況較差？

Yeah. Thanks, Vivek. So on the first question, we read in the press, the potential impact of the Nexperia situation. Personally, we have not seen any changes in demand from our end customers that attribute to that situation. So I don't have much more to say on that situation.

是的。謝謝你，維韋克。所以關於第一個問題，我們從媒體上了解到，Nexperia事件可能會產生影響。就我們而言，我們尚未看到終端客戶的需求因這種情況而發生任何變化。所以關於這種情況，我沒什麼好說的了。

In terms of the regional trends that we see coming into this quarter, we were pleased to see an uptick in sales in the Americas. We also saw growth in all regions other than Europe. So we continue to see pockets of weakness and pockets of inventory within the European market. And there are still some pockets of inventory in the North American market, but that's why we are encouraged to see it grow a bit more in this quarter.

就本季我們所看到的區域趨勢而言，我們很高興看到美洲地區的銷售額有所成長。除歐洲以外，其他所有地區也都出現了成長。因此，我們繼續看到歐洲市場存在一些疲軟的局部地區和一些庫存積壓的局部地區。北美市場目前仍有一些庫存，但正因如此，我們才對本季庫存略有成長感到鼓舞。

And from my follow-up on just a sequential trend. So you are guiding to growth in the December quarter, right, which tends to be usually flat to down or so. So I'm curious what's driving that above seasonal growth and for extra credit, if you could give us a sense for how should we think about seasonality going into March? Thank you.

而我的後續研究則僅僅著眼於一個連續的趨勢。所以你們預計12月季將會成長，對嗎？而12月季度通常成長持平或下降。所以我很好奇是什麼因素推動了這種高於季節性的成長，另外，能否請您談談我們應該如何看待三月的季節性因素？謝謝。

Yeah, Vivek, this is Derek. Typically, you're right. The December quarter over the course of almost two decades, we saw about a 5% decline in that quarter, usually led by industrial. Last year, we had a 5% decline in that quarter. Interestingly, it was auto in North America and other places. But in the years where there's been a cyclical upturn in those previous years were cyclical upturn has happened, we've performed above seasonal in the December quarter.

是的，維韋克，這位是德瑞克。通常情況下，你是對的。近二十年來，每年12月當季的經濟都會出現約5%的下滑，這通常是由工業下滑導致的。去年同期，我們的業績下降了5%。有趣的是，在北美和其他一些地方，汽車是通用汽車。但在過去幾年經濟週期性回升的情況下，我們在12月季度的表現都高於季節性水準。

So we're guiding up this December quarter, largely led by continuing strength in auto and in data center. The two areas we've seen a lot of strength in the past several quarters. I'm not going to guide for March, but we've typically not seen seasonality in the March quarter other than Chinese New Year shutdowns in China and other parts of Asia, which typically is a little bit lower for those. But that's the beauty of our business being pretty well geographically diversified, and that's a quarter we usually see a rebound in the Americas Japan and Europe that's typically offset those things.

因此，我們上調了今年12月季度的業績預期，主要得益於汽車和資料中心業務的持續強勁成長。過去幾個季度，這兩個領域都表現出了強勁的成長勢頭。我不會對三月的業績做出預測，但通常情況下，除了中國春節期間以及亞洲其他地區的停工之外，三月份的季度業績不會受到季節性因素的影響，而春節期間的停工通常會略低一些。但這就是我們業務地域多元化的優勢所在，我們通常會在這個季度看到美洲、日本和歐洲的反彈，抵消這些不利因素。

Thank you.

謝謝。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

Good morning, everybody. Thanks for taking my question. Derek, I'm having a little bit of a difficult time reconciling the 60 basis points of gross margin upside you delivered for the quarter. Seemingly, there were some headwinds like foreign exchange also automotive was a higher percentage of mix. You delivered right on with that $0.75 of gross profit drop-through. So what drove that gross margin upside for the quarter?

大家早安。謝謝您回答我的問題。德里克，我有點難以理解你本季實現的 60 個基點的毛利率成長。似乎也存在一些不利因素，例如外匯波動以及汽車產業在產業結構中所佔比例較高。你準確地實現了那0.75美元的毛利差額。那麼，是什麼因素推動了本季毛利率的成長呢？

Yeah. I would say, Gary, it came in as we expected, right? I expect it to have about 75% drop-through and having the revenue at $214 million above the midpoint, that's the extra 60 basis points. You're absolutely right. There are certainly headwinds with the cost of some commodities continuing to go up.

是的。加里，我想說，結果和我們預期的一樣，對吧？我預期其跌幅約為 75%，營收將比中點高出 2.14 億美元，也就是額外的 60 個基點。你說得完全正確。部分大宗商品價格持續上漲，無疑帶來了不利影響。

Foreign exchange, at least for the Philippine peso did moderate from a decline in the second quarter here, and we expect it to moderate going forward. So that's good. That's a tailwind. And we continue to do things in our factory to be far more efficient. So our target is to have that 60% to 65% drop-through the guide for Q3 equates to exactly 65% at the midpoint of that guidance.

至少就菲律賓比索而言，外匯市場在第二季經歷了下跌後有所緩和，我們預計未來這一趨勢將繼續緩和。那很好。這是順風。我們工廠也不斷改進，以提高效率。因此，我們的目標是使第三季業績指引中點的 60% 至 65% 的下降幅度正好等於 65%。

So I feel like it came in as we expected, offsetting some of the headwinds with continuing to look at PPV from our vendors and also factory efficiencies.

所以我覺得結果正如我們預期的那樣，透過繼續關注供應商的 PPV 以及工廠效率，抵消了一些不利因素。

Thanks for that. Just my follow-up, I want to ask about the shipment into the channel is embedded in your third quarter revenue guide that $220 million midpoint, does that assume that you're still under shipping to end demand? And maybe you can give us a sense if so, by how much?

謝謝。我想跟進一下，關於你們第三季營收預期中提到的通路出貨量，其中位數為 2.2 億美元，這是否意味著你們的出貨量仍然低於終端需求？如果屬實，您能否大概說說大概多少？

So I'll give the statistics on Q3 -- sorry, in Q2, we were still shipping below POS. Our sell-in was still a couple of percentage points below POS we still did burn some inventory came down by a couple of million dollars, distributed inventory in the second quarter.

那麼我將給出第三季度的統計數據——抱歉，在第二季度，我們的出貨量仍然低於 POS 值。我們的銷售額仍然比 POS 低幾個百分點，我們仍然消耗了一些庫存，減少了幾百萬美元，並在第二季度分銷了庫存。

I would describe it as the curve is slowing because we've burned a lot of inventory last year. It's been going on for the better part of five quarters now. I would say we're in the late eighth inning right now. There may be some additional burn in the December quarter in the long tail of consumer and broad-based industrial in certain pockets.

我會將其描述為曲線放緩，因為我們去年消耗了大量庫存。這種情況已經持續了將近五個季度了。我覺得我們現在大概處於第八局的後半段。12 月季度，消費品和工業板塊某些領域的長尾部分可能會出現一些額外的虧損。

Thanks, guys.

謝謝各位。

Welcome.

歡迎。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hey, guys, really nice results and thanks for taking my questions. The first is just on the mix of business in the quarter. It looks like your no mobility business was very strong. We've seen a bit of slowing on the e-mobility side. Could you just maybe give us the breakdown of what you expect between e-mobility and non-e-mobility in your guidance for the third quarter? Thank you.

嘿，各位，結果真不錯，謝謝你們回答我的問題。第一點是關於本季業務組合的情況。看來你們的無出遊業務非常強勁。我們看到電動車領域的成長速度有所放緩。能否請您詳細說明您對第三季電動出行和非電動出行的預期佔比？謝謝。

Yeah. So thanks for the question. I mentioned earlier, with E-Mobility being up 5% quarter-over-quarter, but also, let's remember that it's up 21% year-over-year and I mentioned these motor driver design wins throughout the cabin or the chassis in the car. These are these powertrain agnostic applications that we continue to pursue because that's where some of our motor driver technology shines.

是的。謝謝你的提問。我之前提到過，電動車環比增長了 5%，但我們也要記住，它同比增長了 21%，而且我還提到了汽車座艙或底盤中電機驅動器設計方面的成功。我們將繼續探索這些與動力系統無關的應用，因為我們的一些馬達驅動技術在這些領域能夠大放異彩。

I've talked many times in the past that we are exceptionally skilled at spinning motors, more quietly, more efficiently, et cetera. So we did pick up some wins in those areas and they're ramping within the quarter, and that added to the growth of the automotive market within the quarter. Obviously, again, the E-Mobility up 5%; auto overall up 8%. These motor applications driving most of the delta between the 5% growth and the 8% growth.

我過去曾多次說過，我們非常擅長製造電機，而且運作更安靜、更有效率等等。因此，我們在這些領域取得了一些勝利，而這些勝利正在本季逐步實現，這也促進了本季汽車市場的成長。顯然，電動車銷量再次成長 5%；汽車整體銷量成長 8%。這些馬達應用是推動 5% 成長率和 8% 成長率之間差異的主要因素。

And Tom, some of this is geographical. For example, the Americas grew 11% in the quarter, while China grew 7.5%. And as you might imagine, it's more of the traditional auto in the Americas.

湯姆，這其中有些是地理因素造成的。例如，美洲本季成長了 11%，而中國成長了 7.5%。正如你可能想像的那樣，這更像是美洲的傳統車。

Anything on the guidance between those two just into the out quarter on what you're expecting between those two segments?

關於這兩個業務板塊在即將到來的季度中的業績指引，您有什麼建議嗎？您對這兩個業務板塊的預期如何？

No. We're not going to guide to that level of granularity. I will say that the growth in Q3 from a macro market standpoint will be led by automotive, Tom.

不。我們不會進行如此細緻的指導。湯姆，我認為從宏觀市場角度來看，第三季的成長將由汽車產業引領。

And maybe the other thing I'd add --

或許我還要補充一點。--

Go ahead.

前進。

I was going to say, the only other thing I'd add is part of the reason we talk about our design wins being so strong in the e-mobility space is just to highlight the fact that most of the growth that we're seeing most of the dollar content gains that we're seeing continue to be in the e-mobility space.

我本來想說，我唯一要補充的是，我們之所以談論我們在電動出行領域的設計成功如此強勁，部分原因是為了強調這樣一個事實：我們所看到的大部分增長，我們所看到的大部分美元收益，都持續發生在電動出行領域。

Helpful. And then just as a follow-up, into the out year, I think more broadly, auto estimates for just market growth have come down a little bit, but you guys have shown an ability to grow really despite the broader market kind of slowing or really being kind of flattish.

很有幫助。然後，作為後續，展望明年，我認為更廣泛地說，汽車市場的成長預期有所下降，但你們已經展現出在整體市場放緩或趨於平穩的情況下仍然能夠實現成長的能力。

Can you remind us again is there a way or a framework to think about your growth versus what the broad market looks like into 2026? And any kind of puts and takes that we can to apply kind of your growth trajectory versus what we think is kind of more of a flattish market for next year. Thank you very much.

您能否再次提醒我們，是否有方法或框架來思考貴公司的成長與 2026 年整體市場情勢之間的關係？我們可以運用各種買賣策略來預測您的成長軌跡，以及我們認為明年市場將趨於平穩的預期。非常感謝。

Yeah, so there's a couple of different ways to answer that one. I'll first go back to the model that we've shared many times where we say that our total content opportunity in an internal combustion engine car is roughly $40.

是的，這個問題有幾種不同的回答方式。首先，我要回到我們多次分享的模型，即我們所說的內燃機汽車的總內容機會約為 40 美元。

When you look at either hybrids or EVs, it doesn't matter which one, right? It's the dollar content is the same, roughly in hybrid and full EVs that dollar content for Allegro. Today is at $60. And as we roll out some of our new products like our isolated gate drivers, that number goes up to $100. So you can see within those statistics, that is the dollar content story that underpins our ability to far outgrow the vehicle production market.

當你考慮混合動力車或電動車時，選擇哪一個都無所謂，對吧？混合動力車和純電動車的美元含量大致相同，與 Allegro 的美元含量相同。今天的價格是 60 美元。隨著我們推出一些新產品，例如隔離式閘門驅動器，這個數字上升到了 100 美元。所以從這些統計數據可以看出，正是美元含量的故事支撐著我們遠遠超越汽車生產市場的成長能力。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究公司。

Yes. Good morning. The first question is related to gross margins as we go into next year. And in the past -- this past year, you've seen a seasonal decline in gross margins in the March quarter as annual price reductions kind of take hold. Should we expect similar this year? And then perhaps with that, could you talk a bit about what your pricing expectations are into next year? Or are you still expecting a fairly normal pricing environment?

是的。早安.第一個問題與我們明年的毛利率有關。過去—尤其是去年，隨著年度降價措施的實施，3 月季度的毛利率出現了季節性下降。今年情況是否也類似？那麼，您能否談談您對明年定價的預期呢？還是您仍然預期價格環境會比較正常？

Yeah, Chris, what's interesting is that 60% to 65% gross margin drop-through, it's held pretty true since we've been public on an annual basis, but there are quarter-to-quarter perturbations, meaning that in that March quarter, typically, when pricing is negotiated with customers and they're down, the pricing is down, that hits that quarter immediately like it did this past year. And the cost cycle back into our P&L over the next two quarters, which you did here, so we have a better drop through in those two quarters and then it normalizes out.

是的，克里斯，有趣的是，60%到65%的毛利率下降幅度，自從我們上市以來，每年都基本保持不變，但季度之間會有波動，這意味著在3月份的季度，通常情況下，當與客戶協商價格，而他們又不願意支付時，價格就會下降，這會立即影響到該季度，就像去年一樣。成本週期將在接下來的兩個季度內重新計入我們的損益表，就像你在這裡所做的那樣，因此我們在這兩個季度會有更好的下降，然後就會恢復正常。

Two or three years ago when prices were increasing, we had the opposite effect, where we had higher gross margin in that March quarter. So it certainly depends on the pricing environment. What I did say this past year in March of 2025 quarter was the friction on the pricing was a bit more than it had been because we had price increases for the past several years.

兩三年前物價上漲時，我們卻出現了相反的情況，當時我們在三月的季度毛利率更高。所以這當然取決於定價環境。我在去年 2025 年 3 月季度確實說過，由於過去幾年我們一直在提價，因此定價方面的摩擦比以前要大一些。

And that was also on a lower revenue number. So the amount of basis points is higher and now our inventory days have gone from 185 days on balance sheet to 135. So the turns of the cost into the P&L will be quicker. So all else being equal, I expect the impact to be less and maybe Mike could talk a little bit about the pricing environment.

而且當時的營收數字也比較低。因此，基點數更高了，現在我們的庫存週轉天數已從資產負債表上的 185 天減少到 135 天。因此，成本轉化為損益的速度會更快。所以，在其他條件相同的情況下，我預期影響會較小，也許麥克可以談談定價環境。

Yeah. From a pricing perspective, there are competitors in the market right now that have been publicly stated as raising prices. I don't think there's a broad appetite from our customer base for price increases nor am I saying that's part of our strategy, but our expectation heading into the new calendar year is that we can hold pricing more favorably for Allegro than we might have been able to do in other periods.

是的。從定價角度來看，目前市場上有一些競爭對手已經公開宣布要提高價格。我認為我們的客戶群對價格上漲並沒有太大的意願，我也不是說這是我們策略的一部分，但我們預計在新的一年裡，我們可以比以往任何時候都更有效地保持 Allegro 的價格優勢。

Got it. That's helpful. I guess going forward, you made some comments, Derek, this was sort of in the late eighth inning with regard to inventory reduction and such. Is that a comment for both the distribution channel as well as the direct customers?

知道了。那很有幫助。我想，德里克，你後來也發表了一些評論，這大概是在第八局下半場關於減少庫存之類的事情上。這是對分銷管道和直接客戶的評價嗎？

And if that's the case, how do we think about that with respect to revenue growth and seasonality as we get over the next few quarters? I mean is it -- if we start to get some restocking, if demand stabilizes here, does that suggest above seasonal quarters once the inventory burn is complete?

如果情況確實如此，在接下來的幾個季度裡，我們應該如何看待營收成長和季節性因素？我的意思是——如果我們開始補貨，如果這裡的需求穩定下來，這是否意味著一旦庫存消耗完畢，季度業績將高於季節性水平？

Yeah. So I'll start, Chris. What we saw in Q2 was continued inventory burn a small amount. Distributor inventory came down by about another $5 million, our sell-in was mid-single digits below POS. POS remained pretty strong.

是的。那我先來，克里斯。第二季我們看到的是庫存持續少量消耗。經銷商庫存又減少了約 500 萬美元，我們的銷售額比 POS 低了個位數百分比。POS系統依然表現強勁。

I expect to see a little bit more and that's all on the distributor side where we get data from our distributors on a regular basis. I expect to see a little bit more inventory burn in the very long tail of consumer and broad-based industrial here in the December quarter. So I feel like we're getting to the end of that on the distributor side.

我預計會看到更多，這都取決於分銷商方面，我們會定期從分銷商那裡獲取數據。我預計在 12 月季度，消費品和工業品等長尾領域將會出現更多的庫存消耗。所以我覺得我們在經銷商這邊已經接近尾聲了。

On the automotive side, it's a little harder to see the actual inventory with our customers but we're getting more in-quarter lead time orders. So that tells us that, that coupled with forecast tells us that, that's also getting near the end of the inventory burn as well.

在汽車方面，我們很難了解客戶的實際庫存情況，但我們獲得了更多季度內提前期訂單。所以這告訴我們，結合預測來看，庫存消耗也接近尾聲了。

And I could just add to that, that I mentioned I was in China within the quarter. One nice piece of learning within that trip, our internal teams did a nice job pulling our Tier 1s in the China market for their inventory levels of Allegro products. And we were seeing very healthy, if not in some cases, slightly low levels of inventory in the China market space.

我還可以補充一點，我之前提到我這季去了中國。那次旅行中我們學到的一件好事是，我們的內部團隊很好地了解了我們在中國市場的一級供應商的 Allegro 產品庫存水準。我們看到中國市場的庫存水準非常健康，即使在某些情況下，庫存水準也略低。

I bring that up for a couple of reasons. Number one, we're getting the obvious and insightful questions being asked, do you see any evidence of stocking in China? We weren't seeing that, but it also shows that we could be poised for growing to end demand in China in the coming quarters.

我之所以提起這件事，有兩個原因。首先，我們收到了一些顯而易見且富有洞察力的問題，例如：你們是否發現有證據顯示在中國囤貨？我們之前並沒有看到這種情況，但這同時也表明，我們可能已經做好準備，在未來幾季內滿足中國市場日益增長的需求。

And Chris, to answer the second part of your question, as we've laid out in our financial model, we expect that end demand for us is growing at low double digits going forward. If there was a restocking cycle, which we don't really see evidence of that right now, that could be above that number.

克里斯，回答你問題的第二部分，正如我們在財務模型中闡述的那樣，我們預計未來對我們的最終需求將以較低的兩位數增長。如果存在補貨週期（目前我們還沒有看到任何跡象表明存在補貨週期），那麼實際數量可能會超過這個數字。

It's very helpful. Thank you.

這很有幫助。謝謝。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

Hey, good morning and a nice results. Two questions. I just wanted to ask, obviously, data center has been all over the news. And I'm just kind of curious how you've seen the outlook for data center improved over the last quarter.

嘿，早上好，結果不錯。兩個問題。我只是想問一下，很明顯，資料中心一直是新聞熱點。我很好奇您如何看待過去一個季度資料中心前景的改善情況。

And then I don't know if you're able to kind of frame how big it is within industrial I'd also be curious, just commentary as to -- obviously, there's a 3x increase in content to AI, but how much is AI today versus general-purpose servers.

然後，我不知道你是否能夠大致描述一下它在工業領域的規模有多大。我也很好奇，只是想評論一下——顯然，人工智慧的內容增加了 3 倍，但如今人工智慧伺服器與通用伺服器相比，究竟有多少是人工智慧伺服器呢？

Yeah. Thanks, Blayne. I'll talk generically, you can poke at the answer, I didn't answer your questions. But as I mentioned earlier, what we're seeing is just the incredible levels of power that are being consumed in these newer data center architectures. We're starting to see transition to 48-volt discussion of 800-volt.

是的。謝謝你，布萊恩。我會泛泛而談，你可以自己去探究答案，我沒有回答你的問題。但正如我之前提到的，我們現在看到的是這些新型資料中心架構中消耗的驚人電力水準。我們開始看到從 800 伏特的討論過渡到 48 伏特的討論。

And if I could summarize that at the highest level, all those trends align very nicely with some of the competitive advantages of our products that would include our motor or fan drivers our current sensors and increasingly, we're getting some uptick in activity in the data center landscape from our isolated gate drivers.

如果我能從最高層面總結一下，所有這些趨勢都與我們產品的一些競爭優勢非常吻合，包括我們的馬達或風扇驅動器、我們目前的感測器，而且，我們的隔離式閘極驅動器在資料中心領域的應用也越來越活躍。

Everything we're seeing is related to the higher power levels, getting the heat out of these power supplies, getting the heat out of the cabinet or the rack itself is becoming more important, and we have numerous technologies now that help achieve these higher levels of cooling and higher levels of performance in the data center.

我們現在看到的一切都與更高的功率水平有關，如何將這些電源產生的熱量、如何將熱量從機櫃或機架本身散發出來變得越來越重要，而我們現在擁有許多技術可以幫助數據中心實現更高的冷卻水平和更高的性能水平。

We are not experts in data center or server architectures, although we're putting more time and energy and to studying trends for the future. We do see trends that should increase the number of fans for Allegro interact within an AI data center should increase the numbers of current sensors and eventually the isolated gate drivers and that's an encouraging sign.

我們並非資料中心或伺服器架構的專家，儘管我們正在投入更多的時間和精力來研究未來的發展趨勢。我們確實看到一些趨勢，這些趨勢應該會增加 Allegro 在 AI 資料中心內互動的粉絲數量，增加當前感測器的數量，並最終增加隔離門驅動器的數量，這是一個令人鼓舞的跡象。

Got you. Thanks. And then I wanted to ask this -- I guess if I did the math right, the [Disty] sales were up 22% sequentially. So I think that's a high number vers historically. I guess I'm just curious you just described that you said inventories are down in that channel? I guess, why the jump? And is it more end market related? If you can just provide any color would be great.

抓到你了。謝謝。然後我想問一下——如果我的計算沒錯的話，[Disty] 的銷售額環比增長了 22%。所以我覺得從歷史角度來看，這是一個很高的數字。我只是好奇，你剛才不是說那個通路的庫存下降了嗎？我想，為什麼要跳呢？它是否更多地與終端市場相關？如果你能提供任何顏色就太好了。

Yeah, Blayne, that's exactly right. So distributor sales for us, sell-in was up 22%. We continue to see -- it continue to shift below POS by about mid-single digits, and we also burned about $5 million in inventory in the distribution channel. So distribute our sales into the distributors have been pretty low for the past six quarters. So it's back to what it was about six quarters ago.

沒錯，布萊恩，你說得完全正確。因此，我們的分銷商銷售額（即進貨量）成長了 22%。我們繼續看到——它繼續低於 POS 點約個位數百分比，而且我們在分銷管道也消耗了約 500 萬美元的庫存。因此，過去六個季度以來，我們分銷給分銷商的銷售額一直很低。所以，情況又回到了大約六個季度前的狀態。

And really, I think we're going to continue to see that increase. The way I distribute the sales work is all of our industrial products go through distribution and then we have fulfillment done through distribution for both auto and industrial in places like Japan and most of China as well.

而且我認為，這種成長趨勢還會持續下去。我的銷售工作分配方式是，我們所有的工業產品都透過分銷管道銷售，然後我們透過分銷管道在日本和中國大部分地區（包括汽車和工業領域）完成訂單履行。

Got you. Thank you.

抓到你了。謝謝。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

Hey, guys. Nice job on the results and outlook. I guess I just wanted to come back. I think last quarter, you had sort of put consumption at the end of '24, somewhere in the level of $220 million to $230 million. And I think you sort of felt that, that was probably a good level to think about through this year, given some of the annual price declines.

嘿，夥計們。結果和前景都很不錯。我猜我只是想回來。我認為上個季度，你們估計 2024 年底的消費額將在 2.2 億美元到 2.3 億美元之間。我認為你大概也感覺到了，考慮到今年的一些年度價格下跌，這可能是一個值得考慮的水平。

Just wanted to make sure you guys hadn't changed your outlook for where you think sort of end consumption is. And then looking forward, when do you think you get back to that sort of low double-digit growth rate in that TAM? Do you think that's something you're looking for in 2026?

我只是想確認一下，你們對最終消費的看法是否改變了。展望未來，您認為TAM何時才能恢復到兩位數的低成長率？你認為這是你在 2026 年想要實現的嗎？

Yeah, Quinn, that's exactly right. We talked about getting to about $225 million. In the fourth quarter of 2024, that $225 million number was the number I gave in consumption at that point. That number has continued to grow organically just from the markets that we serve, offset it by some of the price declines that have happened in the market over two years. So we still think that number is in that range. It may have moved up a little bit from there.

是的，奎因，你說得完全正確。我們討論過要達到大約 2.25 億美元。2024 年第四季，我給的消費數字是 2.25 億美元。這個數字僅在我們服務的市場中就持續自然成長，但被過去兩年市場價格的一些下跌所抵消。所以我們仍然認為這個數字在這個範圍內。它可能比那裡稍微往上挪了一點。

Now that pricing has largely stabilized, that number should continue to move up at the rate of our content opportunity in the market, so called out the 10% per year. So that number will continue to increase. And as I mentioned, as we get through I think we're in the late innings of this inventory burn for us. I don't expect to continue to see material inventory burns. And beyond that, as I call a previously asked, if there is a restocking cycle, we could even see growth above that content opportunity growth.

既然價格已經基本穩定下來，這個數字應該會繼續以我們在市場上的內容機會的速度增長，因此我們稱之為每年 10%。所以這個數字還會繼續增加。正如我之前提到的，隨著我們不斷深入，我認為我們已經進入了庫存消耗的後期階段。我不認為會繼續出現物料庫存消耗的情況。除此之外，正如我之前提到的，如果存在補貨週期，我們甚至可能會看到內容機會成長之上的成長。

Great. And then I wanted to follow up, Mike, you sort of addressed some of the applications in the data center, but I was wondering if you could specifically talk about 800-volt given a number of the hyperscalers talking about moving to 800-volt rack power distribution rails in next-generation racks, I think you've kind of gone through where you play in 48-volt, but do you have specific applications at that 800-volt rail on top of what you've kind of previously highlighted on the 48-volt rail?

偉大的。然後我想追問一下，Mike，你剛才談到了一些資料中心的應用，但我想問的是，鑑於許多超大規模資料中心運營商都在討論在下一代機架中採用 800 伏特機架電源分配軌，你是否可以專門談談 800 伏特？我想你已經大致了解了你在 48 伏特方面所扮演的角色，但除了你之前重點介紹的 48 伏特配電軌之外，你在 800 伏特配電軌上還有什麼具體的應用嗎？

Yeah. Great question, Quinn, and we have a great 800-volt story. And part of the reason is that a lot of the technologies we developed for the EV space were all developed around 800-volt batteries and EVs. So whether you look at our current sensors or our isolated gate drivers, they were all designed specifically to offer efficiency gains, power density gains, size benefits in 800-volt systems. So we are actually excited about becoming transition to an 800-volt architecture at data center.

是的。奎因，你問得好，我們這裡有一個關於800伏電壓的精彩故事。部分原因是，我們為電動車領域開發的許多技術都是圍繞著 800 伏特電池和電動車開發的。因此，無論是我們目前的感測器還是我們的隔離式閘極驅動器，它們都是專門為在 800 伏特系統中提供效率提升、功率密度提升和尺寸優勢而設計的。所以，我們非常高興能夠過渡到資料中心的 800 伏特架構。

Perfect. Thank you.

完美的。謝謝。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hey, guys, thank you for taking my questions. Congrats on the results and guide. I'm sensing a lot of optimism on the current sensing side. Really, it seems like it's been building all year. Is this because of the TMR portfolio maturing and potentially being applicable and ready for autos. Maybe you could just speak to how much of the current sensing piece is current and ready on TMR across your applications? Thank you.

嘿，各位，謝謝你們回答我的問題。恭喜你取得好成績，也感謝你的指導。我感覺目前感測領域一片樂觀。感覺這股動能已經醞釀了一整年。這是因為TMR產品組合日趨成熟，可能適用於汽車產業並已做好準備嗎？您能否談談目前在您的應用中，TMR 上有多少感測組件是最新且準備就緒的？謝謝。

Yeah. Thanks, Josh. It's Mike. So we're excited about current sensors for lots of reasons. One of them is just the growth potential the current sensors offer both in electrified vehicles and really in the electrification of everything, which would include the data center.

是的。謝謝你，喬希。是麥克。因此，我們對電流感測器充滿期待，原因有很多。其中之一是當前感測器在電動車以及包括資料中心在內的所有領域的電氣化方面所蘊含的成長潛力。

So the team has done a really nice job increasing the number of package offerings that we deliver to customers that help them solve some of the size problems they have, some of the power density problems that they have. And the packaging technologies create a great platform for them what becomes circuit innovations.

因此，團隊在增加我們向客戶提供的封裝產品數量方面做得非常出色，這有助於他們解決一些尺寸問題和一些功率密度問題。封裝技術為電路創新創造了一個很好的平台。

I talked about this new 10 megahertz TMR current sensor. And this is a great example of us taking a market-leading TMR tech, combining it with our market-leading packages and creating a product that is highly sought after, both in the EV space, like in the onboard charger part of the EV world, but also in these data center power supplies.

我談到了這款新型 10 兆赫茲 TMR 電流感測器。這正是我們採用市場領先的TMR技術，結合我們市場領先的封裝技術，創造出備受追捧的產品的絕佳例證。該產品不僅在電動車領域（例如電動車的車載充電器部分）廣受歡迎，而且在資料中心電源領域也備受青睞。

And once again, these faster current sensors help protect against short circuit conditions with gallium nitride and silicon carbide. But when you switch these power supplies faster, not only can you make them more efficient, but you can also shrink the size of some expensive inductors and other components in the power supply. So TMR is helping out quite a bit in the world of current centers and in our sensor business as a whole.

此外，這些電流響應更快的感測器採用氮化鎵和碳化矽，有助於防止短路情況的發生。但是，如果加快這些電源的開關速度，不僅可以提高它們的效率，還可以縮小電源中一些昂貴的電感器和其他元件的尺寸。因此，TMR 在電流中心領域以及我們整個感測器業務方面都提供了相當大的幫助。

Thank you for all the color there. As my follow-up, it sounds like you have incremental confidence in the pricing environment. Obviously, maybe I was hoping you could expand on what's changed in the market that's driving that confidence?

謝謝你帶來的繽紛色彩。我的後續問題是，聽起來您對定價環境越來越有信心。顯然，我或許是希望您能詳細闡述市場發生了哪些變化，從而增強了這種信心？

And then also when you talked about being able to hold pricing better into I think you said stable. Are you expecting flat pricing into 2026? Or is that just relative to the step down that happened at the beginning of this year that it's more stable. Thank you.

而且，當你談到能夠更好地保持價格穩定時，我想你提到了這一點。你預計價格會一直維持不變到2026年嗎？或者說，這只是相對於今年年初的下跌而言，現在更加穩定了。謝謝。

Yeah, it won't be flat pricing. It will just be more stable. I think what we're seeing is that some of the larger players in the market who had been very aggressive on pricing to try to fill factories they're starting to take their foot off the gas. Some of them are even talking about price increases. And we just think it creates a more stable environment for pricing, but we're not saying pricing will be flat entering next year.

是的，不會是統一價格。它會更穩定一些。我認為我們現在看到的是，市場上一些規模較大的企業，之前為了填滿工廠而採取了非常激進的定價策略，現在開始放慢腳步了。他們有些人甚至在討論漲價。我們認為這將為價格創造一個更穩定的環境，但我們並不是說明年價格會保持穩定。

Got it. Thank you.

知道了。謝謝。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗銀行。

Yeah, hi. Mike and Derek, just a quick clarification on the e-mobility and magnetic sensors. I saw e-mobility growing 21% year-on-year, and the magnetic sensor was growing only 2% year-on-year. Is that because a lot of the traction is on the motor driver side here? And do you see a pull-through for the Magnit sensors with the motor trials like the position speed or find sensing alongside those motor drives, as you look out?

嗨，你好。Mike 和 Derek，關於電動車和磁性感應器，我需要快速澄清一下。我看到電動車的年增長率為 21%，而磁傳感器的年增長率僅為 2%。這是因為這裡大部分牽引力都集中在馬達驅動側嗎？在觀察時，您是否發現 Magnit 感測器在馬達試驗中，例如位置速度或與這些馬達驅動器一起進行感測方面，有什麼明顯的改進？

Thanks, Vijay. I'm actually glad you asked this question. So as Derek stated in his prepared remarks, in the first half of fiscal year '26, mag sensors were up 13% relative to the second half of FY25. And what you're seeing in the stats in the second quarter of last year of FY25. It was a bit of an anomalous spike up in revenues for magnetic sensors, which are making the numbers this quarter on a year-over-year basis.

謝謝你，維傑。我很高興你問了這個問題。正如德里克在準備好的演講稿中所述，在 2026 財年上半年，磁傳感器的銷量比 2025 財年下半年增長了 13%。以及你在2025財年第二季統計中看到的情況。磁傳感器的收入出現了一次異常飆升，本季其收入年增了。

Just a bit anomalous based on some lumpiness within the quarters. We feel great about our magnetic sensor performance, very strong wins in the EV space and the ADAS space. As I mentioned, we're ramping the current sensors and data center. We're seeing robotics wins. We actually had a record quarter for TMR sales within this quarter. So there's a little bit of a timing dynamic in the numbers in terms of year-over-year growth, but the story for magnetic sensors remains quite strong.

由於四分之一部分略有凹凸不平，所以有點不正常。我們對磁性感測器的性能感到非常滿意，在電動車領域和高級駕駛輔助系統領域都取得了非常強勁的勝利。正如我之前提到的，我們正在擴大現有感測器和資料中心的規模。我們看到了機器人技術的勝利。本季我們的TMR銷售額實際上創下了歷史新高。因此，從年增速來看，數據存在一些時間上的波動，但磁性感測器的發展勢頭依然強勁。

Got it. And then, Derek, on the longer-term 58% gross margin target, just wondering in how we should look at that the progression to that, whether it's product mix or foundry or loading pricing, et cetera, again, just walk us through that. Thanks.

知道了。然後，Derek，關於長期的 58% 毛利率目標，我想知道我們應該如何看待實現這一目標的進展，無論是產品組合、代工廠還是定價策略等等，請您再詳細解釋一下。謝謝。

Yeah. So [50%] is our long-term target. We're taking it sort of piece by piece, right? The first goal was to get back to 50%. The guide for our midpoint in the December quarter was 50% coming off some troughs kind of at the 46% range. So we continue to grind our way back to 50%.

是的。所以，[50%]是我們的長期目標。我們是按部就班地來，對吧？首要目標是恢復到 50%。我們預計 12 月季度中點將達到 50%，此前曾一度跌至 46% 左右的低谷。所以我們要繼續努力，爭取回到 50% 的目標。

And the biggest piece of that continues to be leverage. We have a significant amount of capacity both at our wafer suppliers and in our back-end facility in the Philippines, where we've invested heavily over the last 4 years. So we get a lot of leverage. That's that 60% to 65% drop through, and that's really the biggest piece of it.

而其中最重要的因素仍是槓桿作用。我們在晶圓供應商和位於菲律賓的後端工廠都擁有大量的產能，過去 4 年我們在工廠進行了大量投資。所以我們擁有很大的談判籌碼。這就是所謂的 60% 到 65% 的流失率，這才是其中最大的部分。

Aside from that, mix will certainly help some of these newer products that Mike talks about with the TMR, the high-voltage gate drivers, this 10 megahertz current sensor we released, those inherently have more value to our customers and higher gross margins as they begin to ramp.

除此之外，混合銷售肯定會對 Mike 提到的一些新產品有所幫助，例如 TMR、高壓閘極驅動器、我們發布的這款 10 兆赫茲電流感測器，這些產品本身就對我們的客戶更有價值，而且隨著銷量開始增長，毛利率也會更高。

And we continue to do a lot of good things with efficiencies in our factory, which does two things: improves gross margin and allows us really to temper our CapEx. This quarter, our CapEx was $6 million or 3% of sales I expect that to remain below 5% of sales, our target model. So those are really the things that will drive gross margin.

我們繼續在工廠提高效率方面做了很多好事，這帶來了兩個好處：提高了毛利率，並使我們能夠真正控制資本支出。本季度，我們的資本支出為 600 萬美元，佔銷售額的 3%。我預計這一比例將保持在銷售額的 5% 以下，這是我們的目標模式。所以，這些才是真正能影響毛利率的因素。

On the variable contribution margin side, I don't expect that to change considerably, because we'll be continuing to have cost down with our vendors, of course, and those hopefully will exceed the price downs we have with our customers. And that's kind of a netting that happens there.

在變動貢獻毛利方面，我預計不會有太大變化，因為我們當然會繼續降低供應商的成本，而且希望這些成本降低幅度能超過我們降低給客戶的價格。那裡就形成了一種網狀結構。

Got it. Thank you.

知道了。謝謝。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great. Thank you. I wanted to come back to the data center business. I think -- I want to make sure I have the right sizing that it's kind of mid-single-digit percentage of revenues? And can you kind of help us with how much of that currently is cooling versus power?

偉大的。謝謝。我想重返資料中心行業。我想——我想確保規模合適，使其佔收入的個位數百分比左右？您能否幫我們估算一下，目前這些費用中有多少是冷氣費用，又有多少是電力費用？

Yeah Joe, this is Mike. So we have said publicly in the past that data center had hit 7% of sales for Allegro. And in the -- here in Q2, the number was only slightly higher than that, but did set a record. And we are still seeing the majority of our revenue coming from cooling, but we're seeing a faster ramp on the power supply side of things. So I think the future is bright on both the cooling and the power supply side of the business.

喬，我是麥克。我們之前曾公開表示，資料中心業務已佔 Allegro 銷售額的 7%。而在第二季度，這個數字只比之前略高一些，但確實創下了紀錄。我們的大部分收入仍來自冷凍業務，但電源供應方面的成長速度正在加快。所以我認為，無論是冷凍還是電源供應方面，未來發展前景都十分光明。

Okay. That's helpful. Thank you. And then with regards to the comment you made a few minutes ago that the rack content is quite a bit different. Can you expand on that a little bit just because of the market right now, there's a combination of kind of racks of way servers versus full rack scale. What's the difference in content for you guys?

好的。那很有幫助。謝謝。至於你幾分鐘前提到的貨架內容有很大不同這一點，您能否就此再詳細闡述一下，因為目前的市場狀況是，既有機架式伺服器，也有全機架規模的伺服器。你們覺得內容方面有什麼差別？

Yeah, Joe, I am no expert on all the permutations of the configurations out there. But in our investor deck on our website, we talk about $150 of potential content in a more conventional high compute server going up to 425 for Allegro and more of a G&A type server configuration. That's not tied to any one hyper-specific server configuration. It's more related to the conversations we're having with our customers about the transition over to magnetic current sensors and the power supplies being a general trend and then also the need to have more fans in the server architectures.

是的，喬，我並不精通所有可能的配置組合。但在我們的網站上的投資者簡報中，我們談到在更傳統的高運算伺服器上，潛在內容價值為 150 美元，而 Allegro 則高達 425 美元，並且更像是 G&A 類型的伺服器配置。這與任何特定的伺服器配置無關。這更多地與我們和客戶討論的向磁流感測器過渡以及電源的普遍趨勢有關，此外，伺服器架構中也需要更多的風扇。

We are seeing significant numbers of fans in certain architectures that rely on liquid cooling heavily as well. So I think there's some positive news in at least some of the architectures we've seen that even though there's liquid cooling, there tends to be quite a few fans. And then as we look ahead, becomes even more exciting when we can put high-voltage gate drivers into the power supplies. And as I said in my prepared remarks, we're working with customers on that right now.

我們也看到一些嚴重依賴液冷散熱的架構中使用了大量的風扇。所以我覺得，至少在我們看到的一些架構中，即使採用了液冷，也往往會有相當多的風扇，這算是一個正面的消息。展望未來，當我們能夠將高壓閘極驅動器應用到電源中時，事情會變得更加令人興奮。正如我在準備好的演講稿中所說，我們目前正在與客戶一起解決這個問題。

Great. Thank you very much. Congratulations on the numbers.

偉大的。非常感謝。恭喜你取得這樣的成績。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot. I want to go back to this question on distribution. It was up 22%. It sounds like it's just shy of $120 million. But then you said that they burn $5 million worth of your part. So it sounds like sell-through was like $5 million, we've been higher than that. Yet the direct sales were down 10%.

多謝。我想回到分佈這個問題上來。上漲了22%。聽起來好像接近 1.2 億美元。但你又說他們燒毀了價值 500 萬美元的你的零件。聽起來銷售額是 500 萬美元，我們之前的銷售額都比這個數字高。然而，直接銷售額下降了 10%。

So it kind of seems like end customers are building inventory, and they're pulling from the Disty. So I know that you don't have as much visibility as to what's kind of happening at the end customer. But does that make you a little concerned that maybe they are building inventory just out of.

所以看起來好像是終端客戶在建立庫存，然後他們從分銷商那裡進貨。所以我知道你不太了解最終客戶那邊的情況。但這是否讓你有點擔心，他們可能只是在囤積庫存？

That's not what we're seeing right now. We don't have visibility further down the line, but a lot of that is geographical for us as well. We use distributors for both demand generation for the industrial side of the business, but also for fulfillment in auto in Japan and China. So Disty could be up to the extent that China is of Japan was up industrial in certain markets like data center we serve through distributors. So that really will drive some of that.

但我們現在看到的並非如此。我們無法預見更遠的未來，但很大程度上也取決於地理位置。我們利用分銷商來創造工業業務方面的需求，同時也利用分銷商來履行在日本和中國汽車行業的訂單。所以 Disty 的影響力可能達到中國和日本在某些市場（例如我們透過經銷商服務的資料中心）的工業水準。所以這確實會推動其中的一些發展。

Okay. And then it sounds like based on the answer to a prior question, it sounds like data center you're kind of a mid- to high single-digit share of this $900 million TAM that you put in the deck. So how -- like how big do you think your share can get there? Is it -- I know that the story really is one that TAM is growing versus your share, but are you also going to gain share in that TAM? And kind of what do you think that your share can get to?

好的。然後，根據先前問題的答案來看，資料中心業務在你提出的 9 億美元 TAM 市場規模中似乎只佔個位數中高比例。那麼，你認為你的份額能達到多大？我知道目前的情況是 TAM 正在成長，而你的市佔率正在下降，但你是否也能在 TAM 中獲得市場佔有率？那你覺得你的股份最終能達到什麼價位呢？

Yeah. So I'll take that one. This is Mike. I won't comment on absolute share numbers, but I would say the best trend that we want to make sure it's crystal clear is that we had a data center business that was largely built on fan drivers. We're now happily seeing current sensors ramp in the power supply. And then the third wave will be these isolated gate drivers that we talked about.

是的。那我就選這個了。這是麥克。我不會對絕對份額數字發表評論，但我想說的是，我們想要確保其清晰明了的最佳趨勢是，我們的資料中心業務很大程度上是建立在風扇驅動器之上的。我們現在很高興地看到電源中的電流感測器正在上升。然後，第三波浪潮將是我們之前討論過的這些獨立閘極驅動器。

As we bring in current sensor and isolated gate driver technology, we're starting from a low base. So it inherently implies market share gains for Allegro. And I think in aggregate, it creates a strong story of growth in the data center. There's really so much going on in terms of the architectures of the data centers. When is it 800 volts or not, it's tough to give any tangible numbers regarding the future. But I'm confident in saying that we have a strong story on data center.

由於我們引入了電流感測器和隔離式閘極驅動器技術，我們的起點很低。因此，這必然意味著Allegro的市佔率將會增加。我認為整體而言，這展現了資料中心強勁的成長動能。資料中心的架構方面真的有很多變化。究竟何時達到 800 伏特，何時達不到，很難為未來給出任何具體的數字。但我有信心說，我們在資料中心領域擁有強大的實力。

Okay. Thank you.

好的。謝謝。

Mark Lipacis, Evercore ISI.

Mark Lipacis，Evercore ISI。

Great. Thanks for taking my questions. Derek, you had mentioned that some -- you're seeing some of your customers trying to order within lead times. So I'm hoping you could just review some of the cycle signals? Are you seeing expedites, are you seeing pull-ins? Or are any of these things changing quarter-to-quarter? And is any of what's going on with your own company lead times? Or any changes there or lead times from your suppliers? And then I had a follow-up.

偉大的。謝謝您回答我的問題。德里克，你之前提到過，有些客戶試圖在交貨期內下訂單。所以，我希望您能幫我看一些週期訊號？你看到加急訂單了嗎？你看到拉進訂單了嗎？或者說，這些因素中有哪些會逐季改變？貴公司目前的交貨週期是否也出現了類似的情況？或者供應商方面有任何變動或交貨時間方面的問題嗎？然後我還有後續跟進。

Yeah, Mark. We continue to see book-to-bill be above one. We haven't given the absolute numbers. That continues to be pervasively above one, all of calendar 25 years. That's good. Our backlog continues to build. We are seeing orders within lead time, and we're having a typical sort of up-cycle constraint in the sense that we're also building some delinquency, meaning we're having challenges building products and getting it through our back-end factory.

是的，馬克。我們看到訂單出貨比持續高於 1。我們沒有給出絕對數字。在過去的 25 年裡，這個數值一直普遍高於 1。那挺好的。我們的積壓工作還在不斷增加。我們看到訂單都在交貨期內，但我們也面臨著典型的上週期限制，因為我們也出現了一些拖欠訂單的情況，這意味著我們在生產產品並將其送入後端工廠方面遇到了挑戰。

We're putting more capacity online to service things like data center in the future as we move forward. So I would say those are the types of metrics you usually see when you come into this environment after a prolonged inventory clearing period.

隨著我們不斷發展，我們將增加上線容量，以服務未來的資料中心等業務。所以我認為，在經歷了較長的庫存清理期後，進入這種環境時，通常會看到這些類型的指標。

Got you. Very helpful. And then a follow-up. There's in the news concerns around rare earth metals or do you guys use those? And if so, what's your strategy for building inventory here? Thank you.

抓到你了。很有幫助。然後還有後續報道。新聞裡提到稀土金屬的使用問題，你們公司會用到嗎？如果是這樣，你們在這裡建立庫存的策略是什麼？謝謝。

Yeah. Thanks, Mark. This is Mike. So rare earth is used throughout so many industries, as you know, I would say the first signs we saw in terms of rare of tightness were from some of our customers that were putting rare earth materials into things like motors they've done a bunch of work starting in the spring and seem to have been navigating that carefully.

是的。謝謝你，馬克。這是麥克。稀土被廣泛應用於各個行業，正如你所知，我們最早看到的稀土供應緊張的跡象來自我們的一些客戶，他們將稀土材料用於電機等產品中。他們從春天開始做了很多工作，似乎一直謹慎地應對這個問題。

Additionally, we're looking at a vendor that we used to buy some magnets from. We spoke to them a few months ago when they assured us they had multiple years’ worth of supply of rare earth materials and we continue to work with them.

此外，我們也正在關註一家我們以前購買過磁鐵的供應商。幾個月前我們與他們交談過，當時他們向我們保證他們有足夠多年的稀土材料供應，我們繼續與他們合作。

And then finally, obviously, today was a big day for announcements about potential US-China relations and the lifting of some potential restrictions. Net-net, I think lots of companies have their head on a swivel and are doing all the right things to make sure they have continuity of supply and people have been navigating that successfully at least from our seat to date.

最後，很顯然，今天對於美中關係的潛在發展以及一些潛在限制的解除來說，是重要的一天。總而言之，我認為很多公司都高度重視，並採取一切正確措施來確保供應的連續性，至少從我們目前的情況來看，大家都成功地應對了這個問題。

Great. Thank you very much.

偉大的。非常感謝。

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

謝謝。目前，隊列中沒有其他問題了，現在我想把發言權交還給賈琳，讓她做總結發言。

Thank you, Kathy, and thank you all online for taking the time to join us. This concludes this morning's conference call.

謝謝凱西，也謝謝所有線上觀眾抽出時間參加我們的活動。今天上午的電話會議到此結束。

Again, thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

再次感謝您參加今天的會議。程式到此結束，您可以斷開連線了。