Allegro Microsystems Inc (ALGM) 2026 Q3 法說會逐字稿

Good morning, and welcome to the Allegro MicroSystems' third-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 財年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Jalene Hoover, Vice President of Investor Relations and Corporate Communications. Please go ahead, ma'am.

現在我謹將會議交給今天的主講人，投資者關係和企業傳播副總裁賈琳·胡佛。請便，女士。

Thank you, Michelle. Good morning, and thank you for joining us today to discuss Allegro's fiscal third-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 fourth-quarter outlook. We will follow our prepared remarks with a Q&A session.

謝謝你，米歇爾。早安，感謝各位今天加入我們，共同探討 Allegro 2026 財年第三季業績。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，並分享我們第四季度的展望。我們將發表準備好的講話，之後進行問答環節。

Today includes remarks about future expectations, plans and prospects, which are forward-looking statements. Such statements are based on current expectations and assumptions as of today's date and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated or projected on today's call.

今天的發言包含有關未來預期、計劃和前景的評論，這些都是前瞻性陳述。此類聲明是基於截至今日的當前預期和假設，並受風險和不確定性的影響，這些風險和不確定性可能導致實際結果和事件與今天電話會議上預期或預測的結果和事件有重大差異。

The company assumes no obligation to update these statements, except as required by law. For a discussion of these risks and uncertainties, please refer to today's press release and the risk factors contained in our periodic filings with the SEC.

除法律另有規定外，本公司不承擔更新這些聲明的義務。有關這些風險和不確定性的討論，請參閱今天的新聞稿以及我們定期向美國證券交易委員會提交的文件中包含的風險因素。

Additionally, we will refer to non-GAAP financial measures during today's call. Today's earnings press release, which is available on the Investor Relations page of our website at www.allegromicro.com, contains important information about our non-GAAP financial presentation and also includes reconciliations of our non-GAAP financial measures to the most directly comparable GAAP measures.

此外，我們將在今天的電話會議中提及非GAAP財務指標。今天發布的盈利新聞稿可在我們網站 www.allegromicro.com 的投資者關係頁面上查閱，其中包含有關我們非 GAAP 財務報表的重要信息，還包括我們的非 GAAP 財務指標與最直接可比的 GAAP 指標的調節表。

This call is also being webcast, and a replay will be available in the Events & Presentations section of our IR page shortly.

本次電話會議也將進行網路直播，稍後將在我們投資者關係頁面的「活動與演示」部分提供回放。

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 third-quarter earnings conference call. We continue to see positive momentum across the business, once again achieving growth in bookings and backlog to multi-quarter highs and securing significant design wins in our strategic focus areas, led by ADAS, xEV, and data center.

非常感謝Jalene，早安，也感謝各位參加我們第三季財報電話會議。我們繼續看到業務的積極發展勢頭，預訂量和積壓訂單再次達到多個季度以來的最高水平，並在以 ADAS、xEV 和數據中心為首的戰略重點領域取得了重要的設計訂單。

This momentum has enabled us to deliver strong third-quarter results with sales above the high end of our guidance range at $229 million and EPS above the midpoint of our guidance range at $0.15. e-Mobility led continued growth in third quarter automotive sales. Our automotive sales growth was once again fueled by Allegro content gains and the increased adoption of xEV and ADAS systems in cars. This momentum is reflected in our third-quarter automotive design wins where e-Mobility led the quarter.

這一成長動能使我們能夠取得強勁的第三季業績，銷售額達到2.29億美元，高於預期範圍的上限；每股收益達到0.15美元，高於預期範圍的中點。電動車業務引領了第三季汽車銷售的持續成長。我們的汽車銷售成長再次得益於 Allegro 產品含量的增加以及汽車中 xEV 和 ADAS 系統的日益普及。這一勢頭體現在我們第三季度的汽車設計訂單中，其中電動車領域在該季度表現突出。

In ADAS, we secured key wins for position sensors and motor drivers in electronic power steering systems. We also had several design wins for higher dollar content steer-by-wire systems with OEMs in North America, China, and Europe. In xEV, we won several designs with our current sensor ICs and onboard charging systems and high-voltage traction inverters.

在 ADAS 領域，我們贏得了電子輔助轉向系統中的位置感測器和馬達驅動器的關鍵訂單。我們也與北美、中國和歐洲的 OEM 廠商合作，贏得了幾個價值更高的線控轉向系統設計專案。在 xEV 領域，我們憑藉現有的傳感器 IC、車載充電系統和高壓牽引逆變器贏得了多個設計項目。

In our Industrial and Other end markets, sales growth was again led by data center, establishing a new quarterly record at 10% of sales, up 31% sequentially. The rapid expansion of higher power AI servers continues to drive increased demand for our fan driver ICs. Additionally, our market-leading high-speed current sensors are ramping in data center power supply applications, where we enable crucial improvements in efficiency and power density. We are pleased to report that current sensors were a growing contributor to data center sales growth.

在我們的工業和其他終端市場中，資料中心再次引領銷售成長，創下季度銷售新紀錄，佔銷售額的 10%，季增 31%。高效能人工智慧伺服器的快速發展持續推動對我們風扇驅動積體電路的需求成長。此外，我們市場領先的高速電流感測器正在資料中心電源應用中迅速普及，從而顯著提高了效率和功率密度。我們很高興地報告，電流感測器對資料中心銷售成長的貢獻越來越大。

Looking ahead, we are also building another growth vector in the data center with our isolated gate driver ICs. We recently released our first isolated gate driver IC for silicon carbide transistors, and we are broadly sampling this new IC to market leaders in the data center power supply market.

展望未來，我們也將透過我們的隔離式閘極驅動器 IC，在資料中心領域建立另一個成長點。我們最近發布了首款用於碳化矽電晶體的隔離式閘極驅動器 IC，並且我們正在向資料中心電源市場的領導者廣泛提供這款新型 IC 的樣品。

Our growing product portfolio and strong market pull were also evident in our industrial design wins, where data center continued to lead third-quarter wins. Our motor drivers for cooling fans represent the majority of data center wins in the quarter with current sensors also securing meaningful wins and driving future content gains. Sales for many of these new wins will ramp within calendar year 2026.

我們不斷成長的產品組合和強大的市場需求也體現在我們的工業設計訂單中，其中資料中心繼續引領第三季訂單。本季度，我們的冷卻風扇馬達驅動器在資料中心領域贏得了大部分訂單，而電流感測器也取得了顯著的訂單，並推動了未來內容成長。這些新贏得的許多產品的銷售量將在 2026 年內大幅成長。

To further capitalize on our industrial opportunities, we conducted a robotics roadshow in the US, Japan and China. This focused customer activity confirmed new wins and pilot production ramps with market leaders in quadruped and humanoid robots. Our customer engagements validated our high content opportunity in robots, including up to 150 Allegro sensor ICs and 50 of our power ICs in advanced humanoid robots.

為了進一步掌握產業機遇，我們在美國、日本和中國舉辦了機器人技術巡迴展。以客戶為中心的活動確認了與四足機器人和人形機器人市場領導者的新合作，並推動了試點生產的順利進行。我們的客戶互動證實了我們在機器人領域的高含量機會，其中包括在先進的人形機器人中使用多達 150 個 Allegro 感測器 IC 和 50 個我們的電源 IC。

Let me now pivot to our focus on relentless innovation. During the quarter, we introduced an innovative current sensor that cuts power-related losses by up to 90%, enabling new levels of power density in xEV and data center applications. This IC can measure up to 200 amperes of current in a very tiny form factor and is gaining broad customer interest while deepening our competitive advantage. For some perspective, the maximum current consumed by the average American household is 200 amperes, and our new sensor can measure 200 amps of current in a package form factor that is less than half the size of a postage stamp.

現在，我想把重點轉移到我們對持續創新的關注。本季度，我們推出了一種創新的電流感測器，可將與功率相關的損耗降低高達 90%，從而在電動車和資料中心應用中實現新的功率密度水準。這款積體電路體積非常小，卻能測量高達 200 安培的電流，在獲得廣大客戶關注的同時，也加深了我們的競爭優勢。為了便於理解，美國一般家庭消耗的最大電流為 200 安培，而我們的新型感測器可以在不到郵票一半大小的封裝尺寸內測量 200 安培的電流。

As I mentioned earlier, we also expanded our Power-Thru isolated gate driver portfolio by releasing our first IC that drives a broad array of silicon carbide transistors. Our isolated gate driver ICs present a significant content uplift opportunity in automotive and industrial markets. We have sampled our new silicon carbide driver to a broad group of industrial customers, and we are also sampling market leaders in the xEV charger and inverter markets.

正如我之前提到的，我們也發布了首款可驅動各種碳化矽電晶體的積體電路，擴展了我們的 Power-Thru 隔離式閘極驅動器產品組合。我們的隔離式閘極驅動器 IC 為汽車和工業市場帶來了顯著的產品提升機會。我們已經向一大批工業客戶提供了我們新型碳化矽驅動器的樣品，並且我們也正在向電動車充電器和逆變器市場的領導者提供樣品。

We also attended CES this quarter. Robotics was the highlight of the show and a hot topic of conversation with our customers. We had dozens of customer meetings at the show. And it is clear that customers view our highly differentiated, market-leading TMR sensors as a key enabler for their next-generation platforms. Additionally, existing and new customers confirmed our belief that Allegro's unique motor driver ICs allow them to make smaller, quieter, and more efficient electric motors in both automotive and industrial applications.

本季我們也參加了CES展會。機器人技術是本次展會的亮點，也是我們與客戶熱議的議題。我們在展會期間與客戶進行了數十場會面。很明顯，客戶將我們高度差異化、市場領先的 TMR 感測器視為其下一代平台的關鍵推動因素。此外，現有客戶和新客戶也證實了我們的想法，即 Allegro 獨特的馬達驅動 IC 使他們能夠在汽車和工業應用中製造更小、更安靜、更有效率的電動馬達。

In summary, we are seeing positive momentum across the business and continue to execute on our strategic priorities. We are excited to share more regarding our strategy, growth drivers, and target financial model at our upcoming Analyst Day in a couple of weeks.

總而言之，我們看到公司各方面都呈現出積極的發展勢頭，並將繼續推進我們的策略重點。我們很高興能在幾週後舉行的分析師日上與大家分享更多關於我們的策略、成長動力和目標財務模型的資訊。

I'll now turn the call over to Derek to review the Q3 2026 financial results and provide our outlook for the quarter.

現在我將把電話交給德里克，讓他回顧 2026 年第三季的財務業績，並展望該季度的業績。

Thank you, Mike, and good morning, everyone. Starting with our third-quarter results. Net sales were $229 million and non-GAAP earnings per share were $0.15. As a percentage of sales, gross margin was 49.9%, operating margin was 15.4%, and adjusted EBITDA was 20.1% of sales.

謝謝你，麥克，大家早安。首先來看我們第三季的業績。淨銷售額為 2.29 億美元，非 GAAP 每股收益為 0.15 美元。毛利率為 49.9%，營業利益率為 15.4%，調整後 EBITDA 為銷售額的 20.1%。

Total Q3 sales increased by 7% sequentially and 29% year over year. Sales to our Automotive customers increased by 6% sequentially and 28% year over year. And within Auto, e-Mobility sales increased by 46% year over year. Industrial and Other sales increased by 11% sequentially and 31% year over year, led by continued strength in data center to record levels.

第三季總銷售額較上季成長7%，較去年同期成長29%。對汽車客戶的銷售額較上季成長 6%，較去年同期成長 28%。在汽車領域，電動車的銷量較去年同期成長了 46%。工業及其他銷售額環比成長 11%，較去年同期成長 31%，其中資料中心業務持續強勁成長，達到創紀錄水準。

Distribution sales increased by 11% sequentially and 39% year over year. End market demand remained robust in both sell-in, and POS increased in the quarter.

分銷銷售額較上季成長 11%，較去年同期成長 39%。本季終端市場需求依然強勁，無論是銷售量或 POS 銷售額均有所成長。

From a product perspective, magnetic sensor sales increased by 5% sequentially and 21% year over year, and sales of our power products increased by 9% sequentially and 43% year over year. Sales by geography on a ship-to basis were as follows: 30% sales in China, 27% in the rest of Asia, 17% in Japan, 15% in the Americas and 11% of sales in Europe.

從產品角度來看，磁性感測器的銷售額環比成長 5%，較去年同期成長 21%；電源產品的銷售額較上季成長 9%，較去年同期成長 43%。依出貨地劃分的銷售額如下：中國佔 30%，亞洲其他地區佔 27%，日本佔 17%，美洲佔 15%，歐洲佔 11%。

Now turning to Q3 profitability. Gross margin was 49.9%, an increase of another 30 basis points sequentially. Operating expenses were $79 million, an increase of approximately $3 million compared to Q2 largely due to variable compensation. Operating margin was 15.4% of sales, an increase of 150 basis points compared to 13.9% in Q2 and 10.8% a year ago.

現在來看第三季獲利情況。毛利率為 49.9%，季增 30 個基點。營運支出為 7,900 萬美元，比第二季增加了約 300 萬美元，主要原因是可變薪酬。營業利益率為銷售額的 15.4%，比第二季的 13.9% 和去年同期的 10.8% 成長了 150 個基點。

The effective tax rate for the quarter was 7%. Third-quarter interest expense was $4.7 million. Third-quarter diluted share count was 186 million shares, and net income was $29 million or $0.15 per diluted share. EPS increased by 15% sequentially and 114% year over year on sales increases of 7% and 29%, demonstrating the significant operating leverage in our business model.

本季實際稅率為7%。第三季利息支出為470萬美元。第三季稀釋後的股份數量為 1.86 億股，淨收入為 2,900 萬美元，即每股稀釋收益 0.15 美元。銷售額分別成長7%和29%，每股盈餘較上季成長15%，較去年同期成長114%，顯示我們商業模式具有顯著的營運槓桿作用。

Moving to the balance sheet and cash flow. We ended Q3 with cash of $163 million and our term loan balance was $285 million. Cash flow from operations was $45 million, CapEx was $4 million, and free cash flow was $41 million or 18% of Q3 sales. From a working capital perspective, DSO was 40 days compared to 45 in Q2 and inventory days were 133 days compared to 135 in Q2.

接下來來看資產負債表和現金流量表。第三季末，我們持有現金 1.63 億美元，定期貸款餘額為 2.85 億美元。經營活動產生的現金流為 4,500 萬美元，資本支出為 400 萬美元，自由現金流為 4,100 萬美元，佔第三季銷售額的 18%。從營運資本的角度來看，應收帳款週轉天數為 40 天，而第二季為 45 天；庫存週轉天數為 133 天，而第二季為 135 天。

Finally, I'll turn to our Q4 2026 outlook. We expect fourth-quarter sales to be in the range of $230 million to $240 million. The midpoint of this range equates to a 22% year-over-year increase.

最後，我將展望一下我們對 2026 年第四季的展望。我們預計第四季銷售額將在 2.3 億美元至 2.4 億美元之間。該範圍的中點相當於年增 22%。

Additionally, we expect the following all on a non-GAAP basis. Gross margin to be between 49% and 51%, the midpoint of this range equates to an increase of 440 basis points compared to Q4 of FY25, again, showing the operating leverage in our business.

此外，我們預期以下各項均以非GAAP準則為基礎。毛利率預計在 49% 至 51% 之間，該範圍的中點相當於比 2025 財年第四季度增長 440 個基點，再次表明了我們業務的經營槓桿作用。

Operating expenses are expected to increase by approximately 3% sequentially (technical difficulty) largely due to annual payroll tax resets. And earlier this month, we repriced our term loan down another 25 basis points to SOFR plus 175 basis points. This repricing reflects our lenders' confidence in our business model and our financial discipline.

預計營運費用將季增約 3%（技術難題），主要原因是年度薪資稅重置。本月初，我們將定期貸款的利率下調了 25 個基點，至 SOFR 加 175 個基點。此次重新定價反映了貸款方對我們商業模式和財務紀律的信心。

Interest expense is projected to be $5 million in Q4, which includes approximately $700,000 of expenses related to this repricing. We expect our tax rate for the quarter and the full year to be 8%. 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 $0.14 and $0.18 per share.

預計第四季利息支出為 500 萬美元，其中包括與此次重新定價相關的約 70 萬美元支出。我們預計本季和全年的稅率為 8%。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0.14美元至0.18美元之間。

Now I'll turn the call back over to Jalene for Q&A.

現在我將把電話轉回給賈琳，讓她回答問題。

Thank you, Derek. This concludes management's prepared remarks. Before we open the call for your questions, I'd like to share our fourth fiscal quarter conference line up with you. We will attend Morgan Stanley's Technology, Media and Telecom Conference on March 2 in San Francisco; and Loop Capital Markets Seventh Annual Investor Conference virtually on March 9. And finally, we are excited to host our upcoming Analyst Day event on February 18 in Boston and look forward to seeing many of you there.

謝謝你，德里克。管理階層的發言稿到此結束。在正式開始接受提問之前，我想先和大家分享一下我們第四財季的會議安排。我們將於 3 月 2 日在舊金山參加摩根士丹利科技、媒體和電信大會；並於 3 月 9 日在線參加 Loop Capital Markets 第七屆年度投資者大會。最後，我們很高興將於 2 月 18 日在波士頓舉辦分析師日活動，並期待在那裡見到你們中的許多人。

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

現在開始接受大家的提問。米歇爾，請查看問答說明。

(Operator Instructions) Timothy Arcuri, UBS.

（操作說明）提摩西‧阿庫裡，瑞銀集團。

Derek, if I look at gross margin, revenue came in above the high end but gross margin was barely at the midpoint. And then in the guidance, the sort of incrementals are a bit below the 60% to 65% you've been talking about. Can you talk about that?

德瑞克，如果我看一下毛利率，收入高於預期，但毛利率卻只達到了中等水準。而在指導意見中，增量略低於您一直提到的 60% 到 65%。你能談談這個嗎？

Yeah. Sure, Tim. So in the quarter, I would say that the gross margin was largely geographic and product mix. What I mean by that is China was 30% of our sales in the third quarter, and so that drives the gross margins down a bit, about 10 basis points below the midpoint of our guidance, still 30 basis points above last quarter.

是的。當然可以，提姆。因此，我認為本季的毛利率主要受地域和產品組合的影響。我的意思是，中國市場占我們第三季銷售額的 30%，因此毛利率略有下降，比我們預期的中點低約 10 個基點，但仍比上一季高 30 個基點。

And on a positive note, as I've talked about in the past, we're expecting gross margins to be between 49% and 51% for the March quarter, which is actually better than we expected originally because coming into that March quarter, we always expect to have some pricing friction. But two things are happening in this March quarter. One is with Chinese New Year. China is a smaller piece of the overall mix. And number two, as we've talked about in the past, we expect pricing this year to be far less pronounced than it was last year.

值得一提的是，正如我之前提到的，我們預計 3 月份季度的毛利率將在 49% 到 51% 之間，這實際上比我們最初的預期要好，因為進入 3 月份季度時，我們總是預計會有一些價格摩擦。但今年三月季度有兩件事正在發生。其中一個是春節。中國在整體格局中所佔比例較小。第二，正如我們之前討論過的，我們預計今年的價格波動幅度將遠小於去年。

Thanks. And then can you just talk about sell-in versus sell-through and whether -- that's kind of been a tailwind, but it seems like that tailwind, it sounds like they were about equal. So that tailwinds kind of gone away so you're going to get back to shipping to sell-through.

謝謝。然後您能否談談銷售進場和銷售出場，以及——這在某種程度上是一個順風，但聽起來，這個順風似乎對兩者的影響差不多。所以那些順風因素消失了，你們又要回到出貨銷售的老路上去了。

That's exactly right. For the past -- about four quarters leading up to this, we had a significant POS far exceeded sell-in, right, as they were burning down inventories. Our distributor inventories are down nearly 50% over the last almost five quarters right now. This quarter, POS and sell-in were close to each other. Sell-in was slightly higher than POS. Going forward, I'd expect those two to be about equal. Regions will vary.

完全正確。在過去大約四個季度裡，我們的銷售點銷售額遠遠超過了銷售進貨量，因為他們正在消耗庫存。過去近五個季度以來，我們分銷商的庫存下降了近 50%。本季度，POS 和銷售量非常接近。售出價略高於銷售點價格。展望未來，我預期這兩者實力將大致相當。各地情況不盡相同。

And I should just say, Tim, too, on distribution, it's maybe a little bit less indicative of actually what's happening in markets because all of our sales in Japan are serviced through distribution and about a little bit more than half of our sales in China are serviced to distribution. That also includes auto, of course. And 90% of our industrial sales, including data center, is serviced through distribution.

提姆，我還想說，關於分銷，它可能不太能反映市場上的實際情況，因為我們在日本的所有銷售都是透過分銷管道完成的，而我們在中國超過一半的銷售也是透過分銷管道完成的。當然，這也包括汽車。我們90%的工業銷售額（包括資料中心）都是透過分銷管道實現的。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

I know you don't give like segment guide, but just trying to think about how to think about Automotive growth into the March quarter relative to the continued strength you're seeing in Industrial and Data Center.

我知道你們不提供細分市場指南，但我只是想思考一下，相對於工業和資料中心持續強勁的成長勢頭，汽車產業在三月季度的成長情況應該如何看待。

Yeah. So for the March quarter, it will absolutely be led by Industrial. So Industrial will be up in the March quarter. The midpoint of the guidance is up about 2.5% in total for the company led by Industrial. I expect Auto to be above flat to marginally down, again, led by Chinese New Year. Really, the Chinese New Year drives that. And I should say we're also right now still shipping 20% below our peak in Automotive at this point even in this Q3.

是的。因此，在3月的季度中，工業絕對會引領成長。因此，工業股將在三月季度上漲。該公司業績指引中位數整體上調約 2.5%，其中工業板塊領漲。我預計汽車板塊將持平或略微下跌，再次受到春節假期的影響。實際上，這主要是由中國新年推動的。而且我還應該指出，即使到了第三季度，我們汽車業務的出貨量仍然比高峰低 20%。

And maybe not sure -- Joe, this is Mike. Not sure if there is a deeper question just about automotive in general. But I do want to point out, we feel good about what we're seeing in Automotive, strong bookings and backlog, great design win activity across xEV and ADAS and actually great design wins in China as well. So we are feeling good overall about automotive.

或許不太確定——喬，我是麥克。我不確定這是否是關於汽車產業的更深層的問題。但我確實想指出，我們對汽車領域的現狀感到滿意，訂單和積壓訂單強勁，xEV 和 ADAS 領域的設計中標活動非常成功，而且在中國也取得了非常好的設計中標成績。所以我們總體上對汽車產業感覺良好。

That's helpful. Yeah. As a follow-up, just kind of maybe double-clicking on the automotive. I mean, are you seeing any propensity from your customers to maybe build a little bit of inventory just given there's been some disruptions across like kind of the auto supply chain from a component standpoint?

那很有幫助。是的。作為後續操作，可能只是雙擊了一下與汽車相關的選項。我的意思是，鑑於汽車供應鏈（從零件角度來看）出現了一些中斷，您是否看到您的客戶有增加一些庫存的傾向？

Yeah. The instructions are out there. We have yet to see any meaningful increases in inventory at the Tier 1s in Automotive. I've stated in prior calls, we see a fairly lean inventory out there in Automotive, and that's what we continue to see.

是的。說明書就在那裡。我們尚未看到汽車一級供應商的庫存出現任何實質成長。我在之前的電話會議中已經說過，我們看到汽車行業的庫存相當緊張，而且這種情況仍在持續。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

A couple of questions. I just want to ask on the Data Center business. I think you mentioned fan drivers still kind of driving the majority of the growth, but obviously, big opportunity with the gate drivers as well as current sensors. Can you maybe just talk about that pipeline a little bit more, when that revenue kind of layers in and how big that opportunity is for you?

幾個問題。我只想問一下資料中心業務方面的問題。我認為你曾提到風扇驅動器仍然是推動成長的主要動力，但顯然閘極驅動器和電流感測器也蘊藏著巨大的機會。您能否再詳細談談這個收入來源，例如收入是如何逐步產生的，以及這對您來說有多大的機會？

Sure. So thanks, Blayne. Yeah, as you know and as we stated, the biggest piece of the business today in our data center area continues to be the fan drivers. There's just really continued to be a larger number of fans going into these data center racks as power levels increase.

當然。謝謝你，布萊恩。是的，正如您所知，也正如我們所說，目前我們資料中心業務中最大的部分仍然是風扇驅動器。隨著電力水準的提高，資料中心機架中安裝的風扇數量也持續增加。

What started about a year ago, that's when we started ramping our current sensor business in the power supplies for these higher-power data center installations. That business is growing nicely. I mentioned in the prepared remarks the record-setting levels of Data Center that we achieved this quarter. Current sensors played a role in that. So it's nice to see that ramping significantly.

大約一年前，我們開始擴大目前的感測器業務，為這些高功率資料中心裝置提供電源。那家公司發展勢頭良好。我在事先準備好的發言稿中提到了我們本季資料中心所取得的創紀錄的成績。電流感測器在其中發揮了作用。很高興看到這一趨勢顯著增強。

On the gate drivers, big opportunity there. We're excited about it. We have truly unique products. We are in the design-in phase with some of the biggest customers in the marketplace. We would expect to see revenue in that space start to ramp somewhere in the 18-month to 24-month time frame.

在閘機司機方面，存在著龐大的商機。我們對此感到興奮。我們擁有真正獨一無二的產品。我們目前正與市場上一些最大的客戶進行設計導入階段。我們預計該領域的收入將在 18 個月到 24 個月的時間範圍內開始成長。

Thanks. And then maybe just a follow-up for Derek on the gross margin. So as we think about Data Center increasing as a percent of the overall mix, how do you think about that impacting gross margins?

謝謝。然後或許可以再跟德瑞克問一下毛利率的問題。因此，當我們考慮資料中心在整體業務組合中所佔比例增加時，您認為這會對毛利率產生怎樣的影響？

Yeah. As I've talked about in the past, the majority of what we're shipping to Data Center today, as Mike talked about, is motor drivers of fans, which are slightly below fleet average from a gross margin standpoint. But what's actually impacting the March quarter slightly to a positive basis is more of the current sensors we sell, and they have slightly better gross margins. So as we continue to move in that direction with current sensors and, of course, isolating gate drivers, the margin will continue to improve within data center for us.

是的。正如我之前提到的，正如麥克所說，我們今天運送到資料中心的大部分產品是風扇的馬達驅動器，從毛利率的角度來看，這些產品略低於平均水平。但實際上對三月季度業績略有正面影響的是我們目前銷售的感測器數量更多，而這些感測器的毛利率略高一些。因此，隨著我們繼續朝著這個方向發展，採用目前的感測器，當然還有隔離閘極驅動器，資料中心的裕量將繼續提高。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

When I look at the e-Mobility business and the general broad trucking SAAR business, it looks like both are seeing a bit of growth here in the quarter. Can you talk about in the guidance what's assumed between those two and where you're seeing some of the additional growth?

當我觀察電動出行業務和整體卡車運輸 SAAR 業務時，似乎這兩個業務在本季度都出現了一些成長。您能否談談該指南中對這兩者之間的假設是什麼，以及您認為哪些方面會有額外的增長？

I actually didn't catch your question, Tom. I'm sorry, there was a little --

湯姆，我其實沒聽清楚你的問題。對不起，有點--

I'll start, Tom. We're not going to really parse out the guidance between e-Mobility within Auto and ICE business. That can vary depending on what's scheduled to ship within the quarter. As I said, in total, I expect the March quarter to be up 2.5% at the midpoint of guidance.

我先來，湯姆。我們不會真正區分汽車行業中的電動出行和燃油車行業的指導方針。具體情況取決於本季度計劃發貨的產品。如我所說，我預期3月份當季的總成長率將達到預期值的中位數2.5%。

Within that, Industrial will certainly lead the way led by Data Center. I expect Auto to be flat to down marginally really just because of Chinese New Year. The biggest portion of our e-Mobility business continues to be ADAS applications both from a revenue standpoint and from a design win standpoint.

其中，以資料中心為首的工業領域必將引領發展。我預計汽車產業整體表現將持平或略有下降，這主要是受春節的影響。無論從收入角度或從設計中標角度來看，ADAS 應用仍然是我們電動旅遊業務的最大組成部分。

Got you. I guess inherent in the question is you've heard others in this earnings period already talk about the health of Auto maybe a little bit slower off the bottom than on the Industrial side. It sounds like you've got some really good trends in your specific industrial verticals.

抓到你了。我想這個問題本身就隱含著這樣的意思：你已經聽到其他人在本財報季談論汽車行業的健康狀況，汽車行業的復甦速度可能比工業行業要慢一些。聽起來你們在特定的工業垂直領域已經發現了一些非常好的發展趨勢。

But just anything on the health of the broader auto market. Are you seeing customers behave any differently? Are you starting to see any inventory build there? And then customers? Just anything on the broader health of auto would be helpful is, I guess, where I'm getting at.

但任何與整體汽車市場健康狀況相關的資訊都歡迎。你觀察到顧客的行為有任何改變嗎？你那邊開始出現庫存積壓了嗎？然後是顧客呢？我想說的是，任何與汽車行業整體健康狀況相關的資訊都會有所幫助。

Yeah, sure. I'll take that one. So when we look at our automotive SAM, it's about $8 billion, $5 billion of which is the e-Mobility portion of the business. So that would be our xEV and our ADAS business. And we see strong momentum not only for Allegro there but strong activity from our customers, no signs of slowing down generally when you look on a global perspective across ADAS and EV.

當然可以。我選那個。因此，當我們審視我們的汽車SAM時，它大約為80億美元，其中50億美元是業務中的電動旅行部分。這就是我們的電動車和ADAS業務。我們看到，不僅 Allegro 在該領域發展勢頭強勁，我們的客戶也表現出強勁的活力，從全球 ADAS 和 EV 的角度來看，總體上沒有放緩的跡象。

When we look at the stats for EV growth going forward and taking that from S&P, the growth rates for electrified vehicles continue to be around 20%. Some people say high teens. We're seeing that activity both in hybrid where we do very well and battery electric vehicles where we also do very well. And ADAS adoption is starting to enter a broader swath of cars, which is a good tailwind for us.

當我們查看電動車未來成長的統計數據，並參考標準普爾的數據時，電動車的成長率將繼續保持在 20% 左右。有人說是十幾歲。我們在混合動力車和純電動車領域都看到了這種成長勢頭，我們在混合動力車領域表現非常出色，在純電動車領域也表現非常出色。ADAS 的應用範圍正在不斷擴大，這對我們來說是一個很好的順風。

So we see the design work continuing to be very robust. It's a good sign for the future. We have a lot more dollar content as a company in these future design-ins. So we're pleased there. Like I said earlier, from an inventory perspective, we still see people holding very thin inventory in automotive as well.

因此，我們看到設計工作依然非常穩健。這是個好兆頭，預示著美好的未來。未來我們將在公司層面投入更多資金用於設計。所以，我們對此感到滿意。正如我之前所說，從庫存角度來看，我們仍然看到汽車業的庫存非常低。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

First of all, let me extend my congratulations on the good top-line execution. If we nitpick on anything in particular, which is, I guess, what we're paid to do, it might be the OpEx discipline. I understand that you guys need to reward yourselves for execution and hence the variable compensation recognition in the quarter and the guide. But as we look into fiscal year '27, how should we think about the OpEx growth relative to sales growth?

首先，我要祝賀你們取得了出色的業績。如果要挑剔某個方面的話（我想，這大概就是我們拿工資要做的事），那可能就是營運支出管理方面的問題了。我理解你們需要獎勵自己優秀的執行力，因此才有了季度業績確認和業績指引中的浮動薪酬機制。但展望 2027 財年，我們該如何看待營運支出成長與銷售成長之間的關係呢？

Yeah. Gary, this is Derek. If you look at our OpEx, you're actually right, the increase in the quarter was almost entirely a variable compensation. And without that, we're kind of on our plan for OpEx. The increase in the March quarter is simply the payroll tax resets.

是的。加里，我是德里克。如果你看一下我們的營運支出，你的說法其實是對的，本季的成長幾乎完全是可變薪酬。如果沒有那部分，我們的營運支出計畫就基本上完成了。三月季度的成長僅僅是工資稅重置造成的。

As we roll into the June quarter, which I'm not really giving guidance for, but as I said before, we've built our OpEx to service well over $1 billion. So as we reset our variable compensation in that June quarter, we also have merit increases, you should expect only inflationary increases within OpEx.

隨著我們進入六月的季度（我並不打算給出具體的業績指引），但正如我之前所說，我們的營運支出已經足以服務超過 10 億美元的業務。因此，在我們於 6 月季度調整浮動薪資的同時，我們也會進行績效加薪，但您應該預期營運支出中只會出現通貨膨脹成長。

And some other things, we've been able to really keep our G&A flat for about five years. And those dollars have been reallocated into where you'd want them to be reallocated, into research and development, into some of these high-growth areas like isolated gate drivers, TMR. And over those last three years, we've bought those two acquisitions into largely into R&D.

還有一些其他方面，我們已經成功地將一般及行政費用維持在五年左右的水平。這些資金已被重新分配到你希望它們重新分配的地方，即研發領域，以及一些高成長領域，例如獨立閘門驅動器、TMR。在過去的三年裡，我們透過這兩項收購，主要將資金投入研發領域。

So it's really all about reallocation. I expect going forward after we get through Q4 that OpEx will increase at about the rate of inflation.

所以，關鍵在於資源重新分配。我預計，在第四季結束後，營運支出將以與通貨膨脹率大致相同的速度成長。

Thank you. Just my follow-up, I want to ask about the lifetime value of design wins, I have no doubt that you track the lifetime value of all these design wins on a quarter-by-quarter basis. Maybe you're not willing to share what the value is and whatnot. But can you at least give us an idea of what type of revenue growth supported by the trends that you're seeing in lifetime value design wins, say, over the last 12 months?

謝謝。我還有一個後續問題，我想詢問一下設計得標的終身價值，我相信你們會按季度追蹤所有這些設計得標的終身價值。或許你不願意分享它的價值等等。但您能否至少給我們介紹一下，在過去 12 個月中，您所看到的終身價值設計方案的成功案例所支撐的收入增長類型？

Yeah. So good question, Gary. This is Mike. So we do track that, of course. A couple of quick points.

是的。問得好，加里。這是麥克。所以，我們當然會追蹤這些數據。幾個要點。

We're not going to give numbers. But when we look at this year, we're seeing much higher intensity, meaning higher dollar values for design wins, which is a positive sign for an accelerating business. The funnel that we see, the results of all these design wins, it does support our double-digit sales growth number.

我們不會公佈具體數字。但當我們審視今年的情況時，會發現競爭更加激烈，這意味著設計訂單的金額更高，這對業務加速發展來說是一個正面的訊號。我們看到的銷售漏斗，以及所有這些設計方案的成功所帶來的結果，確實支持了我們兩位數的銷售成長率。

What I can say, this is a good plug, you're a good setup person for this one. We're going to have a deep discussion at our Analyst Day in a few weeks that will actually show you some data and walk you through how our funnel and how the design wins support a robust growth number. So we're going to make you wait a few weeks for the numbers. But we appreciate the question, and you'll see a better answer at Analyst Day.

我只能說，這是一個很好的廣告，你很適合做這件事。我們將在幾週後的分析師日上進行深入討論，屆時將向您展示一些數據，並詳細介紹我們的銷售漏斗以及設計上的成功如何支持強勁的成長。所以，我們得讓你們等幾週才能公佈數據。不過我們感謝您的提問，您將在分析師日上看到更好的答案。

Quinn Bolton, Needham & Company, LLC.

奎因·博爾頓，尼德姆公司有限責任公司。

Let me offer my congratulations as well. I guess, Mike, one question I've gotten from investors is as you look at sort of across the auto analog landscape, some of your peers are sort of back, if not at record auto levels. You're kind of still at 20% below peak. Why do you think you're slower to get back to peak? And I guess the real concern is do you think there's any evidence of share loss to the broader analog peer group?

我也要向你表示祝賀。我想，麥克，我從投資者那裡得到的一個問題是，當你縱觀整個汽車模擬領域時，你的一些同行已經恢復到，即使沒有達到創紀錄的汽車水平。你目前還比巔峰狀態低了大約 20%。你認為自己恢復到巔峰狀態較慢的原因是什麼？我想真正的問題是，你認為是否有任何證據表明市場份額正在流失到更廣泛的模擬同行群體中？

Yeah. Thanks for the question, Quinn. So no, we don't think there's any evidence of share loss. In fact, we feel like we're driving the opposite. So share loss is not even a part of the conversation for us.

是的。謝謝你的提問，奎因。所以，不，我們認為沒有任何證據顯示股價下跌。事實上，我們感覺我們正朝著相反的方向發展。所以，市佔率的損失根本不在我們考慮的範圍內。

I think every company has different situations. There were relationships with customers where you have some customers that were just happy to build much larger-than-expected levels of inventory. That's what we were impacted by. And now we're working closely with those customers, and we feel good about the growth future of automotive. In our e-Mobility SAM, 16% CAGR, driven largely on the backs of automotive dollar content gains.

我認為每家公司的情況都不一樣。有些客戶樂於建立遠超預期的庫存水準。這就是我們受到的影響。現在我們正與這些客戶密切合作，我們對汽車產業的成長前景感到樂觀。在我們的電動旅遊市場分析模型中，複合年增長率為 16%，這主要得益於汽車產業資金投入的成長。

So we are at this measured pace that you've been seeing roll out quarter over quarter. We continue to increase. We have the bookings and backlog to keep that happening in Automotive. But I want to reiterate, we don't think a share loss is any part of the story when we tell Allegro's automotive story. And in fact, again, ours is one of share gain.

所以，我們正以你們已經看到的這種穩定推進的速度，逐季推出產品。我們持續成長。我們在汽車行業擁有足夠的訂單和積壓訂單，可以保證這種情況會持續發生。但我想重申，在講述 Allegro 的汽車故事時，我們認為股價下跌並非故事的一部分。事實上，我們再次實現了市場佔有率的成長。

Thank you for that. And then, Derek, I guess, just looking at the variable comp, usually as you go into the next fiscal year, that resets. You talked about March ticking higher because of FICA and payroll taxes. I guess, is there any opportunity for a step down in OpEx once you get into the June quarter? Or is $81 million sort of the right base to be thinking about as we head into June and, as you said, grow that base at a sort of inflationary rate sort of on a sequential basis through the year?

謝謝。然後，德里克，我想，看看可變薪酬，通常到了下一個財政年度，它就會重置。你提到3月份經濟成長加快是因為FICA稅和薪資稅。我想，到了六月的季度，營運支出還有可能降低嗎？或者說，8100萬美元是不是一個合適的基準，讓我們在進入6月份時，像你所說的那樣，以某種通貨膨脹率，在這一年中逐步增長這個基準？

Yeah, Quinn. Absolutely. So what I talked to earlier to Gary about is I expect year-over-year inflationary increases in OpEx. So mathematically, as we get past this March quarter, there will be a couple of million dollars step down in OpEx, one, as we reset variable compensation, offsetting that is merit increases that happen in that June quarter. But net-net, I expect OpEx to be marginally down in that June quarter and then growing from an inflationary after that.

是的，奎因。絕對地。我之前和 Gary 談過的是，我預計營運支出將逐年出現通膨成長。因此，從數學角度來看，隨著我們度過三月的季度，營運支出將減少幾百萬美元，一是因為我們重置了可變薪酬，二是六月季度的績效成長抵消了這一點。但總的來說，我預計6月當季的營運支出將略有下降，之後將因通膨而成長。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究公司。

Yeah, good morning. I want to talk a little bit more about the data center business and how you're thinking about growth in that going forward. And I guess there's two aspects to that business, one is the fan business which is existing and then some of the other things you're layering on top of that.

早安.我想再多談談資料中心業務，以及您如何看待該領域未來的發展。我認為這項業務有兩個方面，一個是現有的粉絲業務，另一個是在此基礎上疊加的其他一些東西。

For that existing business, should we expect that that's growing sort of at or a little above a rate of what we're expecting for that Data Center business and then we're growing on top of that? Just maybe just some clarification on how you're thinking about that growth going forward.

對於現有業務，我們是否應該預期其成長速度與我們對資料中心業務的預期成長速度大致相同或略高，然後我們在此基礎上實現成長？或許您只是想澄清一下您對未來發展的看法。

Absolutely, Chris. This is Mike. So good question. So as we all know, Data Center is a growth market. It is for us as well.

當然，克里斯。這是麥克。問得好。眾所周知，資料中心是一個成長型市場。對我們來說也是如此。

So when we look at profiling our business, we expect the business to grow at sort of the typical market rate with a CAGR north of 20% at least on a short-term basis. And as you've suggested, we have a growing dollar content story as well. So we have the capability to grow higher than that. So we think it will be a robust growth business for Allegro for many quarters to come.

因此，在分析我們的業務時，我們預期業務將以典型的市場速度成長，至少在短期內複合年增長率將超過 20%。正如您所建議的，我們也有一個關於美元內容成長的故事。所以我們有能力發展得更高。因此我們認為，在未來的許多季度裡，Allegro 的業務將保持強勁成長。

One thing I want to point out. We've been getting a lot of questions that there have been comments and releases about increased prevalence of liquid cooling. We believe that the dollar content expansion story we have in Data Center, which I'll share in a minute, holds true even with all these new levels of liquid cooling architectures out there.

我想指出一點。我們收到了很多關於液冷技術日益普及的評論和訊息。我們相信，資料中心領域美元內容擴張的故事（我稍後會分享）即使在所有這些新的液冷架構出現之後仍然成立。

So if you look in our investor presentation today, you'll see our dollar content opportunity per rack for Allegro at around $150 today, growing to $425 in the future. And we maintain those numbers even in the face of increased liquid cooling. There's just a lot of potential for Allegro products in the Data Center, so it will remain a growth story.

所以，如果你看看我們今天的投資者簡報，你會看到我們Allegro每架產品的美元價值機會目前約為150美元，未來將成長至425美元。即使面對日益增多的液冷技術，我們依然維持了這些數字。Allegro 產品在資料中心領域擁有巨大的潛力，因此它將繼續保持成長勢頭。

Thank you. As a follow-up, and this is something that I'm sure you're going to touch on at the Analyst Day, but maybe I'll ask a preview question. With regard to the operating leverage that you folks would have in a recovery and not just for a quarter or two, but as we look out kind of over the next two, three years or so, what should we expect with regard to operating leverage? And I mean, one is the ability to absorb some of the fixed costs on the gross margin side and OpEx growth in comparison to the revenue growth.

謝謝。作為後續問題，我相信您會在分析師日上談到這一點，但我可能可以提前問一個問題。關於你們在經濟復甦期間的經營槓桿，不只是一兩個季度，而是展望未來兩三年左右，我們應該對經營槓桿抱持怎樣的預期？我的意思是，一方面是能夠吸收毛利率方面的一些固定成本，另一方面是營運支出成長與收入成長之間的平衡。

Yeah, Chris. So this is Derek. So you can already see it in FY '26, right? If you use the midpoint of our Q4 guidance, the sales growth is expected to be just over 20%. And on that, we'll more than double our non-GAAP EPS.

是的，克里斯。這位是德瑞克。所以你可以在 2026 財年看到它，對吧？如果採用我們第四季業績指引的中位數，預計銷售額成長將略高於 20%。基於此，我們的非GAAP每股盈餘將翻倍以上。

That's all operating leverage from two things. One, that's that 60% drop through on gross margin, where gross margins at the midpoint of Q4 improving 440 basis points above the trough four quarters ago.

這一切都源自於兩件事帶來的經營槓桿效應。第一，毛利率下降了 60%，而第四季中期的毛利率比四個季度前的低谷提高了 440 個基點。

And then two, as I mentioned, we'll be pretty disciplined and continue to be very disciplined on OpEx and reallocation. And remember, we did $1,048 billion in revenue in FY '24 with the fixed cost that we have in the COGS and also the OpEx that we have. So the significant operating leverage in the model.

第二，正如我所提到的，我們將在營運支出和資源重新分配方面保持相當的自律，並將繼續保持高度自律。請記住，我們在 2024 財年實現了 10,480 億美元的收入，這包括了銷售成本中的固定成本以及營運支出。因此，此模型具有顯著的經營槓桿作用。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

For the first one, I just wanted to dig into the Industrial segment. So first, on the Data Center, if you could quantify how much it was as a percentage of sales in December. I think in the past, you said it was about 8% for the September quarter, I believe. So how large was it in December?

第一個問題，我只想深入研究工業領域。首先，關於資料中心，能否量化一下它在 12 月銷售額中所佔的百分比？我記得你之前說過，9 月那一季的成長率大約是 8%。那麼，12月的時候它有多大呢？

And then outside of the Data Center, what trends, Mike, are you seeing in the rest of your Industrial business? Recently, we have seen very positive commentary from the likes of TI and Microchip and others. So I'm curious, what are you seeing outside of the Data Center in your Industrial segment?

那麼，除了資料中心之外，Mike，你在其他工業業務領域看到了哪些趨勢？最近，我們看到德州儀器 (TI)、Microchip 等公司都發表了非常正面的評論。所以我很好奇，在你們的工業領域，除了資料中心之外，你們還看到了哪些面向？

Sure. Thanks, Vivek. On the first one, that's easy. I did say in my prepared remarks that the Data Center business was 10% of total sales for Allegro in the quarter. So you see a nice increase from 8% last quarter.

當然。謝謝你，維韋克。第一個很簡單。我在事先準備好的發言稿中提到，資料中心業務佔Allegro本季總銷售額的10%。所以，與上季的 8% 相比，這是一個不錯的成長。

Any further questions on that, Vivek?

維韋克，還有其他問題嗎？

And what are you expecting for March, if you could give us that?

如果可以的話，請您告訴我們您對三月的期望是什麼？

Yeah. We're not guiding forward other than I sort of gave the answer just a few questions ago that if you look at the growth rate of data center, we expect and we believe we have the potential to grow at about that growth rate going forward.

是的。除了我剛才在幾個問題中已經給出的答案之外，我們沒有給出其他具體的指導。也就是說，如果你看看資料中心的成長率，我們預期並相信我們未來有潛力以類似的成長率成長。

Moving on to the trends that we're seeing. There's an interesting storyline here. So Allegro developed a large array of unique technologies, whether it's precision sensing, 48-volt to 800-volt isolated gate drivers. And as we were developing that tech, we had Automotive at the front of our mind, but we knew that all of that technology was going over into the Industrial market.

接下來我們來看看目前觀察到的趨勢。這裡有個很有趣的故事情節。因此，Allegro 開發了大量獨特的技術，無論是精密感測，還是 48 伏特至 800 伏特隔離式閘極驅動器。在開發這項技術時，我們首先想到的是汽車產業，但我們知道所有這些技術最終都會應用到工業市場。

So 48-volt technologies went to the Data Center. It's actually roughly 48 volts is the preferred voltage rail for humanoid robots, for example. Isolated gate drivers are all throughout the EV with the 800-volt battery. They're all throughout the Data Center.

因此，48伏技術被應用於資料中心。實際上，大約 48 伏特是人形機器人常用的電壓軌。整個電動車都配備了 800 伏特電池，並採用了隔離式閘極驅動器。它們遍佈整個資料中心。

So from a general trend perspective, we see very positive signals from the Industrial market. It really matches the unique technologies that we have very, very well. So we see very good customer activity, design and activity in the Industrial market.

因此，從整體趨勢來看，我們看到工業市場發出了非常正面的訊號。它與我們擁有的獨特技術非常契合。因此，我們看到工業市場的客戶活躍度、設計和活動都非常出色。

Perhaps your question was more in the short term in terms of the health of customers. Certainly, we see robust growth in our Data Center customers. Beyond that -- and certainly, we see growth from the broader swathe of industrial customers, but not at the same level of Data Center. The rest of the market is at a more muted growth level, but it is growing.

或許你的問題比較是從短期角度出發，關注客戶的健康狀況。當然，我們的資料中心客戶數量確實實現了強勁成長。除此之外——當然，我們看到來自更廣泛的工業客戶的成長，但成長幅度不如資料中心。市場其他部分的成長速度較為溫和，但仍在成長。

Got it. For my follow-up, maybe one for Derek on gross margins. So the last time you were at these revenue levels, gross margins were in the mid-50s. I realize that was an extraordinary set of time. But I was just hoping, Derek, you would contrast where you are now versus the situation then.

知道了。我的後續問題，或許可以問德瑞克關於毛利率的問題。所以，上次你們達到這樣的營收水準時，毛利率在 50% 左右。我意識到那是一段非同尋常的時期。但我只是希望，德瑞克，你能把你現在的情況和當時的情況做對比。

And more importantly, what are the next levers you have to take gross margins towards your target model? Is it volume? Is it mix? Is it utilization? Like just what does the roadmap look like from here in the near to medium term? Thank you.

更重要的是，接下來你還有哪些措施可以提高毛利率，使其達到你的目標水準？是音量嗎？是混合的嗎？這是利用率嗎？那麼，從現在到中期，發展路線圖究竟是什麼樣的呢？謝謝。

Sure. When gross margins were at their peak, right, obviously, volumes were at their peak and we were at peak in terms of pricing in the industry and those sort of things. Both of those things have come down over the last few years while costs have gone up, right? So our costs have gone up. We continue now to start to get cost mitigations or cost reductions from our vendors, which is really, really helpful.

當然。當毛利率達到頂峰時，銷售量也達到頂峰，我們在行業定價等方面也處於頂峰。過去幾年，這兩項指標都下降了，而成本卻上升了，對吧？所以我們的成本增加了。我們現在開始陸續從供應商獲得成本緩解或成本降低，這真的很有幫助。

Going forward, what I'd expect really is a large majority of it is going to be led by leverage, as we talked about, improving 440 basis points just over the last 12 months. That's all leverage.

展望未來，我預計大部分成長將由槓桿率推動，正如我們之前討論的那樣，在過去 12 個月中，槓桿率提高了 440 個基點。這一切都是槓桿作用。

The second piece is factory efficiencies. We continue to do a lot of things on our own factories to be far more efficient. And then the third piece is to maintain that very healthy variable contribution margin between 60% and 65% that we've talked about and sort of held in that range, generally speaking, year over year since have been public.

第二點是工廠效率。我們持續在自己的工廠裡進行許多改進，以提高效率。第三點是保持我們之前討論過的非常健康的 60% 到 65% 的可變貢獻毛利率，並且自上市以來，總體而言，每年都保持在這個範圍內。

That requires continued more mix of industrial, these higher-margin parts that we keep releasing with TMR and some of these other things. It requires geographic mix. It requires cost reductions, product cost reductions that Mike has been talking about with some things like copper to gold, the gold to copper and those sort of things, and then managing ASPs, which I think we're doing quite well this year.

這就需要繼續增加工業零件、利潤更高的零件（我們不斷推出 TMR 和其他一些產品）的組合。它需要地域多元化。這需要降低成本，降低產品成本，就像麥克一直在談論的那樣，例如銅兌黃金，黃金兌銅等等，然後還要管理平均售價，我認為我們今年在這方面做得相當不錯。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Congrats on the results and guide. Maybe following up a bit on that last one. It seems like there's a lot of optimism in particular on current sensing in both Auto and Data Center and Industrial. Any way to sort of help us better understand how much of this is sort of the legacy hall effect portfolio versus some of the TMR stuff layering in, in particular, the IP you got from Crocus? Thank you.

恭喜你取得好成績，也感謝你的指導。或許可以稍微補充一下上一個問題。似乎人們對汽車、資料中心和工業領域的電流感測技術尤其抱持樂觀態度。有沒有辦法幫助我們更了解其中有多少是原有的霍爾效應產品組合，又有多少是TMR的產品組合，特別是從Crocus獲得的智慧財產權？謝謝。

Thanks, Josh. This is Mike, and I'm always happy to talk about current sensors for lots of reasons. So when we look at the growth of magnetic sensors, current sensing, we believe that's the highest area of growth both for the market and for us. There's a number of reasons for that. When you think about power management in general, whether it's cars, electrifying power levels of the data center, robotics, you have these -- even energy infrastructure, there's so many areas of power conversion. And people want to measure current to have active information for the control of this power conversion step.

謝謝你，喬希。我是麥克，我總是很樂意談論電流感測器，原因有很多。因此，當我們審視磁性感測器和電流感測技術的發展時，我們認為這是市場和我們自身成長最快的領域。這其中有很多原因。當你思考電源管理時，無論是汽車、資料中心的電氣化功率等級、機器人技術，或是能源基礎設施，電源轉換的領域都非常廣泛。人們希望測量電流，以便獲得控制這一功率轉換步驟的有效資訊。

We offer products -- whether they're hall or TMR, they can increase the efficiency of a power conversion system. We were the first company to come to market with these innovative magnetic current sensors. And we have continued to just layer innovation upon innovation into the current sensor space.

我們提供的產品－無論是霍爾效應或TMR效應，都能提高功率轉換系統的效率。我們是第一家將這些創新磁流感測器推向市場的公司。我們一直在不斷地將創新層層疊加到目前的感測器領域。

In terms of the predominance of revenues today, it's mostly hall today. And we've actually been pushing the boundaries of efficiency gains through optimized packaging, through higher bandwidth or speed of operation. So we were leading the market with those in terms of those attributes with hall sensors and getting increased levels of design wins.

就目前的收入組成而言，大部分還是大廳的收入。事實上，我們一直在透過優化封裝、提高頻寬或運行速度來突破效率提升的極限。因此，我們在霍爾感測器的這些特性方面處於市場領先地位，並獲得了越來越多的設計訂單。

We talked recently about our 10 megahertz TMR current sensor, a newer product for Allegro. This now starts to take the current sensor capability beyond what can be achieved with hall ICs. And it is actually very important to have a fast current sensor to make power conversion more efficient. So we're starting to accelerate activity with customers, accelerate share gains through the use of TMR in current sensing. And that's actually a strategy or a playbook that we plan to step and repeat in other areas of our sensor business as well.

我們最近談到了我們的 10 兆赫 TMR 電流感測器，這是 Allegro 的新產品。這使得目前的感測器性能超越了霍爾積體電路所能達到的極限。事實上，擁有一個快速電流感測器對於提高功率轉換效率非常重要。因此，我們開始加快與客戶的合作，透過在電流感測中使用 TMR 來加速市場份額的成長。事實上，這也是我們計劃在感測器業務的其他領域重複採用的策略或方案。

Thank you for all the detail there and glad you could talk about your favorite topic. Maybe one for Derek. You guys have done a nice job delevering both by paying down debt and by having EBITDA move higher. Saw that you didn't pay down any in the December quarter for the first time in a while.

感謝您提供的所有細節，很高興您能談論您最喜歡的話題。或許給德里克一個。你們在降低槓桿率方面做得很好，既償還了債務，又提高了 EBITDA。注意到你最近一段時間以來第一次在12月份的季度裡沒有償還任何貸款。

Are you guys comfortable with the amount of debt on the balance sheet here? And how should we think about capital allocation going forward? Thank you both.

你們對目前的資產負債表上的債務規模滿意嗎？那麼，我們該如何看待未來的資本配置呢？謝謝你們兩位。

Yeah. Thanks, Josh. Yes. So we've built a little bit of cash this quarter. We built about $40 million of cash, ended the quarter with $163 million, which interestingly kind of equates to about six months' worth of sort of OpEx plus CapEx, which is just one benchmark for liquidity.

是的。謝謝你，喬希。是的。所以我們本季累積了一些現金。我們累積了約 4000 萬美元的現金，季度末現金餘額為 1.63 億美元，有趣的是，這相當於大約六個月的營運支出加上資本支出，這只是流動性的一個基準。

We have an untapped line of credit for $256 million, which we don't plan to tap. So I feel like we have a good amount of liquidity, which is obviously one of our priorities. We have $285 million in term loan exiting the quarter. And we refinanced that here to a fairly tight SOFR plus 175.

我們有 2.56 億美元的未動用信貸額度，我們不打算動用。所以我覺得我們擁有充足的流動資金，這顯然是我們的首要任務之一。本季末我們有2.85億美元的定期貸款。我們在這裡進行了再融資，利率為 SOFR 加 175，相當嚴格。

Exiting Q4 at the midpoint of our guidance, the net leverage ratio is just slightly below 1:1. There's no metric for where we're trying to get to. I think that's a pretty healthy number. We will continue to balance liquidity on the balance sheet with paying down debt because I think that's just accretive to EPS, and it moves some of the enterprise value, of course, to the shareholders. So we'll continue to look at that each quarter.

在第四季末，淨槓桿率略低於我們預期的中點，略低於 1:1。我們沒有衡量目標達成情況的指標。我認為這是一個相當健康的數字。我們將繼續在資產負債表上保持流動性，同時償還債務，因為我認為這有利於提高每股收益，當然，這也將部分企業價值轉移給股東。所以我們會繼續每季關注這個問題。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗銀行。

Good quarter, Mike and Derek. Just on the e-Mobility side, obviously, a nice step-up in the December quarter. Was there any pull in there? Or do you see that growing at kind of similar rates as you go to 2026? I know you mentioned a big driver was ADAS and the current sensing. But just wondering how you look at that through 2026. Thanks. And I have a follow-up.

幹得好，麥克和德里克。顯然，僅在電動車領域，12 月季度就取得了不錯的進展。那裡有拉力嗎？或者您認為到 2026 年，這一數字會以類似的速度增長嗎？我知道你提到ADAS和電流感應是主要驅動因素。但我只是想知道您如何看待 2026 年的情況。謝謝。我還有一個後續問題。

Thanks, Vijay. This is Mike. Yeah. So sometimes, new programs pop so I don't talk too much about quarter-to-quarter dynamics. But in general, in e-Mobility, yes, we've had a lot of strength in ADAS. Recently, we see a lot of wins as well in the xEV space. We see going forward a 16% growth rate for our SAM in the e-Mobility space. So we continue to believe this will be a long-term growth driver, and we have the design wins to back it up, both across ADAS and EV.

謝謝你，維傑。這是麥克。是的。所以有時候，新的項目會突然出現，所以我不太會談論季度之間的動態變化。但總的來說，在電動出行領域，是的，我們在高級駕駛輔助系統（ADAS）方面擁有很大的優勢。最近，我們在 xEV 領域也看到了許多成功案例。我們預計未來在電動車領域的SAM成長率將達到16%。因此我們仍然相信這將是長期的成長動力，而且我們在ADAS和EV領域都取得了設計上的成功，這足以證明這一點。

Got it. And I saw you mentioned robotics in your slide deck. Just wondering -- and also you mentioned in the remarks that you have been doing the customer engagements in US, Japan, et cetera. Just wondering how you see the revenues there as you look out '26, '27, '28 in terms of mix or dollars. Thanks.

知道了。我看到你在幻燈片中提到了機器人技術。只是好奇問問——另外，您在備註中提到您一直在美國、日本等地進行客戶互動。我想知道您如何看待 2026 年、2027 年、2028 年的收入狀況，無論是從產品組合或金額來看。謝謝。

Yeah, absolutely. This is Mike again. So I mentioned sort of the potential unit count in humanoids. And the robotics market is about a lot more than humanoids, but certainly, humanoids are where the real dollar content is at.

是的，絕對的。我是麥克。所以我提到了人形生物的潛在單位數量。機器人市場遠不止人形機器人，但毫無疑問，人形機器人才是真正能帶來豐厚利潤的領域。

So as we work with customers, the trend I would say we're seeing is you have customers talking about tens of thousands of robots per year in the near term. Over the next few years, maybe that ramps up to hundreds of thousands of humanoid. And you have some companies which are talking about numbers much bigger than that as well.

因此，在與客戶合作的過程中，我們看到的趨勢是，客戶在短期內每年需要數萬台機器人。未來幾年，人形機器人的數量或許會激增至數十萬台。也有一些公司談論的數字遠大於這個數字。

So we see revenue ramp starting to happen probably two or three years out. It really comes down to how the market develops. But internally, this is how we're looking at it. We are out there talking to the lead robotics manufacturers. I mentioned in the prepared remarks, we've confirmed numerous times 150 sensor sockets for both our position and current sensors in a humanoid robot, up to 50 of our motor drivers.

因此，我們預計營收成長可能會在兩三年內開始出現。歸根結底，這取決於市場的發展。但就我們內部而言，我們是這樣看待這個問題的。我們正在與領先的機器人製造商洽談。我在準備好的發言稿中提到，我們已經多次確認，人形機器人中最多可以安裝 150 個感測器插座，用於安裝我們的位置感測器和電流感測器，以及 50 個馬達驅動器。

So the dollar content is high. But as I said, you'll start to see tens of thousands of robots in the next year, then that ramps to hundreds of thousands. And hopefully, we get to millions over the three-year period. But that's really up to the market. We just plan to be prepared for the ramp, and we have ideal technologies and products to support that ramp.

所以美元含量很高。但正如我所說，明年你會看到數萬台機器人，然後數量會迅速增加到數十萬台。希望在三年內達到數百萬的目標。但真的取決於市場。我們計劃做好充分準備迎接發展高峰，我們擁有支持這一發展高峰的理想技術和產品。

And Vijay, this is Derek. Maybe just to touch us on some of the OpEx investments, right? What's really nice about this is much of the robotics space, particularly the humanoids, a lot of that is automotive type of customers and automotive customers. So in many cases, it's existing products to existing customers. So we really get to continue to leverage that OpEx and their existing customers, which is probably the best tangential sale you can have.

Vijay，這位是Derek。或許只是想和我們談談營運支出的一些投資，對吧？真正令人欣喜的是，機器人領域，特別是人形機器人領域，許多客戶都是汽車產業的客戶。所以很多情況下，都是向現有客戶提供現有產品。因此，我們可以繼續利用他們的營運支出和現有客戶，這可能是你能獲得的最好的附帶銷售。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

First, I wanted to follow up. You sort of mentioned average selling prices moving in a good direction. Can you talk about any changes in like-for-like pricing? Any difference in how those negotiations are going, customer behavior or anything like that?

首先，我想跟進一下。你剛才提到平均售價正朝著好的方向發展。您能否談談同類產品定價方面是否有任何變化？談判進度、客戶行為或其他方面有任何不同嗎？

Sure, Joe. This is Mike. So in the prior call, we even talked about pricing dynamics staying the same. But I'll repeat them. But as we enter calendar year 2026 with our customers, we would normally be looking at a low single-digit reduction in ASPs, and I've characterized this year's pricing environment as one where the reductions are very low single-digit reductions.

當然，喬。我是麥克。所以在上一次通話中，我們甚至討論了價格動態不變的問題。但我會重複一遍。但隨著我們和客戶一起進入 2026 年，我們通常會看到平均售價出現個位數的下降，而今年的定價環境也正是以個位數的下降幅度為特徵的。

That's for a number of different reasons. I think we're all aware of some of the pricing dynamics from competitors in the marketplace. There have been other signals in terms of tight supply, et cetera, that allow us to have a more favorable than normal pricing environment as we enter 2026. I will say we do have longer-term contracts with customers that do have some price declines built in. So that is why there is still a very low single-digit decline in pricing but more favorable in 2026 than historical.

這有很多不同的原因。我想我們都了解市場上競爭對手的一些定價策略。供應緊張等方面的其他訊號表明，進入 2026 年，我們將擁有比正常情況更有利的定價環境。我想說的是，我們確實與客戶簽訂了一些長期合同，其中包含一些價格下降的條款。因此，儘管價格仍將出現非常低的個位數下降，但2026年的價格走勢將比歷史水準更為有利。

Great. And then on the robotics piece, I want to ask about that as well. Who should we think of as the major customers there? You talked about Automotive customers, which there are some clear examples of that. But are you seeing the sort of traditional industrial robotics companies make investments in humanoid? And just is this an evolution from existing robots or an entirely new space? Just how do you think about all of that?

偉大的。關於機器人技術方面，我也想問一下。我們應該把哪些人視為那裡的主要客戶？您提到了汽車產業的客戶，這方面有一些很明顯的例子。但是，您是否看到傳統的工業機器人公司對人形機器人進行投資？這究竟是現有機器人的演化，還是一個全新的領域？你對這一切有什麼看法？

Yeah. Thanks, Joe, it's Mike. I can't mention names, of course. But unfortunately, the answer to your question is a little bit all of the above, right? I think so many of these companies that have motor manufacturing and motor control expertise are looking to get into the humanoid space.

是的。謝謝你，喬，我是麥克。我當然不能透露姓名。但很遺憾，你的問題的答案是以上所有情況都有一點，對嗎？我認為很多擁有電機製造和電機控制技術的公司都想進軍人形機器人領域。

And that's fantastic for us because, as Derek mentioned, not only do we sell motor drivers to many of the leading motor companies out there, but many of them need position sensor feedback, current sensor feedback. So we see a broad swathe of customers, which would include many of the automotive players but also just major motor manufacturers, some of the bigger industrial companies in general all trying to dip their toe into the water.

這對我們來說非常棒，因為正如德里克提到的那樣，我們不僅為許多領先的電機公司銷售電機驅動器，而且他們中的許多人還需要位置傳感器反饋、電流傳感器反饋。因此，我們看到廣泛的客戶群體，其中包括許多汽車廠商，以及主要的汽車製造商，還有一些規模較大的工業公司，他們都在嘗試涉足這個領域。

And I think there is such an array of robots and so many components of those robots that there's room for various players. But our strategy is just to make sure that we're participating and securing design-ins with the winners, which will probably include some of the new innovative players that we're working with as well. So it's a dynamic space, a very interesting one as well. And we're happy to have such high dollar content and be participating in the market.

我認為，機器人的種類繁多，機器人的組成部分也很多，因此有各種各樣的參與者。但我們的策略是確保我們參與其中，並與獲勝者達成設計合作，其中可能包括我們正在合作的一些新的創新企業。所以這是一個充滿活力的領域，也是一個非常有趣的領域。我們很高興能擁有如此高價值的內容，並參與市場。

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

謝謝。目前隊列中沒有其他問題了。現在我謹將會議交還給賈琳，請她作閉幕致詞。

Thank you, Michelle. This concludes today's call. Thanks to all of you for taking the time to join us this morning. We look forward to seeing you at various investor events in the coming weeks.

謝謝你，米歇爾。今天的電話會議到此結束。感謝各位今天上午抽出時間參加我們的活動。我們期待在接下來的幾週內在各種投資者活動中見到您。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。祝大家今天過得愉快。