Allegro Microsystems Inc (ALGM) 2027 Q2 法說會逐字稿

Good morning and welcome to the Allegro Microsystems second quarter fiscal year 2027 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded, and I would like to hand the conference over to Jolene Hoover, Vice President of Investor Relations and Corporate Communications.

早安，歡迎參加 Allegro Microsystems 2027 會計年度第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。接下來我想把會議交給投資人關係與企業傳播副總裁 Jolene Hoover。

Thank you, Victor. Good morning, and thank you for joining us today to discuss Allegro's second quarter fiscal year 2027 results. I'm joined today by Allegro's President and Chief Executive Officer, Mike Duke and Allegro's Chief Financial Officer, Derek D'Antilio.

謝謝你，Victor。各位早安，感謝各位今天加入我們，一同討論 Allegro 2027 會計年度第二季的業績。今天與我一同出席的有 Allegro 總裁兼執行長 Mike Duke，以及 Allegro 財務長 Derek D'Antilio。

They will provide highlights of our business, review our second quarter 2027 financial results and share our third quarter outlook. We will follow our prepared remarks for the Q&A session. Today's call 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.

他們將分享我們業務的重點、回顧 2027 年第二季財務結果，並提供第三季展望。在問答環節之前，我們將先進行事先準備的發言。今天的電話會議包含對未來預期、計畫與前景的評論，這些屬於前瞻性陳述。此類陳述係基於截至今日的現行預期與假設，並受風險與不確定性影響，可能導致實際結果與事件與今日電話會議中所預期或推估者有重大差異。

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 SEC filings. Additionally, we will refer to non-GAAP financial measures during today's call.

除法律要求外，公司不承擔更新這些陳述的義務。關於這些風險與不確定性的討論，請參閱今日新聞稿以及我們定期向美國證券交易委員會（SEC）申報文件中的風險因素。此外，我們在今天的電話會議中也會提及非 GAAP 財務衡量指標。

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

今日的財報新聞稿可於我們網站 www.allegromicro.com 的投資人關係頁面取得，其中包含關於我們非 GAAP 財務呈現的重要資訊，並提供非 GAAP 財務衡量指標與最直接可比 GAAP 指標之間的調節表。本次電話會議亦同步網路直播，稍後將於我們投資人關係頁面的「活動與簡報」專區提供重播。

It is now my pleasure to turn the call over to Allegro's President and CEO, Mike Duke. Mike.

現在我很榮幸把電話交給 Allegro 總裁兼執行長 Mike Duke。Mike。

Thank you very much, Jalene, and good morning. Thank you all for joining our second quarter 2027 earnings call. We saw continued strong momentum in fiscal Q2, delivering our seventh consecutive quarter of sequential sales growth. Second quarter sales were $277 million, above the high end of our guidance range and representing a 29% increase year-over-year.

非常感謝你，Jalene，大家早安。感謝各位參加我們 2027 年第二季財報電話會議。我們在會計年度第二季持續展現強勁動能，實現連續第七季的季對季營收成長。第二季營收為 2.77 億美元，高於我們財測區間的上緣，並較去年同期成長 29%。

Non-GAAP EPS was $0.26, doubling over the second quarter of fiscal 2026. I am pleased to report that our four demand signals are flashing green. In Q2, we delivered our highest quarterly design win performance since our 2020 IPO. With total design wins increasing nearly 40% year-over-year. This success is directly translating to our order book. Bookings increased for the eighth consecutive quarter, up 45% year-over-year and our backlog continued to expand across our automotive and industrial end markets.

非 GAAP 每股盈餘為 0.26 美元，較 2026 會計年度第二季成長一倍。我很高興報告，我們的四項需求訊號皆呈現綠燈。在第二季，我們創下自 2020 年 IPO 以來最佳的單季設計導入（design win）表現，設計導入總數較去年同期增加近 40%。這項成功正直接反映在我們的訂單簿上。接單（bookings）連續第八季成長，較去年同期增加 45%，而我們的在手訂單（backlog）也在汽車與工業終端市場持續擴大。

In our Analyst Day earlier this year, we outlined our strategy to drive mid-teen sales growth through dollar content and share gains in secular growth markets. These design win, booking and backlog metrics that I just mentioned, combined with stronger auto and industrial sales growth, indicate that our strategy is progressing ahead of schedule.

在今年稍早的分析師日，我們闡述了透過在長期成長市場中提升單車價值含量（dollar content）與市占率，以推動中十位數百分比營收成長的策略。我剛提到的設計導入、接單與在手訂單等指標，再加上汽車與工業營收成長轉強，顯示我們的策略進展超前於原先時程。

In automotive, second quarter sales grew 4% sequentially and 11% year-over-year. This marks the 6th consecutive quarter of double-digit year-over-year growth within our automotive business, and we expect this momentum to continue. Our auto sales growth is underpinned by the architectural shifts towards the electrification of the powertrain.

在汽車領域，第二季營收季增 4%，年增 11%。這是我們汽車業務連續第六季達成兩位數的年增率，我們預期這股動能將持續。我們汽車營收成長的基礎，來自動力系統電動化所帶動的架構性轉變。

The transition to advanced safety systems and the shift to electronic architecture is in steering and braking. As a result, automotive design wins hit a new record in the second quarter with more than 75% of these wins in XEV and ADAS systems. For example, during the quarter, we secured an impactful, highly strategic design win with a leading North American EV manufacturer, capturing direct market share from a competitor.

以及向先進安全系統的轉型，並在轉向與煞車領域朝向電子化架構的轉變。因此，第二季汽車設計導入創下新高，其中超過 75% 來自 XEV 與 ADAS 系統。例如，本季我們與一家北美領先的電動車製造商取得一項具重大影響且高度策略性的設計導入，直接從競爭對手手中取得市占。

We won this OEM's next-generation onboard charger platform utilizing our higher bandwidth 5 megahertz current sensors. In addition, again with this same OEM, we secured a major motor driver win in their vehicle cooling system.

我們拿下該 OEM 下一代車載充電器平台，採用我們更高頻寬的 5 兆赫（MHz）電流感測器。此外，同樣與這家 OEM，我們也在其車輛冷卻系統中取得一項重要的馬達驅動器設計導入。

These are large wins with initial product shipping in the next 12 months. At ADAS, we recently secured a strategic electronic power steering design with a leading Japanese OEM, gaining market share with our safety-grade, high-accuracy magnetic position sensors.

這些都是大型訂單，預計在未來 12 個月內開始出貨。在 ADAS 方面，我們近期與一家日本領先 OEM 取得策略性的電子動力轉向（EPS）設計導入，憑藉我們符合安全等級且高精度的磁性位置感測器提升市占。

This win illustrates a broader trend. Today, as automakers upgrade traditional steering and braking systems to support higher levels of autonomy, they require ICs that are more precise and that can deliver higher levels of automotive safety. This upgrade cycle is a significant growth multiplier for us, driving our dollar content per vehicle higher and fueling our ADAS design wins in the second quarter.

這項勝利反映出一個更廣泛的趨勢。如今，當車廠升級傳統轉向與煞車系統以支援更高等級的自動化時，他們需要更精準、且能提供更高汽車安全等級的 IC。這波升級循環對我們而言是重要的成長倍增器，推升我們每車的美元含量，並推動第二季的 ADAS 設計導入。

As a reminder, our dollar content per braking system can increase by roughly 4x when an automaker transitions to electromechanical braking, otherwise known as EMV is no longer just a future opportunity. This quarter, one of our customers is actively shipping multiple Allegro ICs into one of the world's first vehicles to deploy EMV systems.

提醒一下，當車廠轉向機電式煞車時，我們在每套煞車系統的美元含量可望提升約 4 倍；這種機電式煞車（亦稱 EMV）已不再只是未來的機會。本季，我們的一位客戶正積極將多顆 Allegro IC 出貨至全球首批導入 EMV 系統的車款之一。

This powerful content over market dynamic supports Electro's continued outgrowth of the broader automotive market. Moving to our industrial and other business, second quarter sales increased 11% sequentially and 79% year-over-year, establishing a new record.

這種「單位含量提升快於市場成長」的強勁動態，支撐 Allegro 持續跑贏整體汽車市場的成長。接著談我們的工業與其他業務，第二季營收季增 11%，年增 79%，創下新紀錄。

Data Center also achieved record sales of $46 million in the second quarter, growing more than 150% year-over-year. Almost every time I talk to one of our marketing or product managers, I hear about fresh and highly positive customer feedback regarding our data center solutions or I hear about a new business win with both new and existing data center customers.

資料中心業務在第二季也創下 4,600 萬美元的營收新高，較去年同期成長超過 150%。幾乎每次我與我們的行銷或產品經理交談時，都會聽到客戶對我們資料中心解決方案最新且非常正面的回饋，或是聽到我們在新舊資料中心客戶中取得新的業務勝利。

Why? Just one example. The escalating power and higher voltage demands of modern AI workloads serve as a direct catalyst for our current sensor portfolio. As rack power densities surge, the legacy resistive shunts and bulky transformers that have historically measured current in server power supplies, they generate too much heat and take up too much space.

為什麼？舉一個例子。現代 AI 工作負載不斷攀升的功率與更高電壓需求，直接成為我們電流感測器產品組合的催化劑。隨著機櫃功率密度飆升，過去在伺服器電源供應器中用來量測電流的傳統電阻分流器與笨重變壓器，會產生過多熱量並占用過多空間。

These thermal and spatial constraints in the data center, coupled with the critical need for high voltage isolation, are driving the rapid adoption of our advanced magnetic current sensors inside high density power supplies.

資料中心的散熱與空間限制，再加上對高電壓隔離的關鍵需求，正推動我們先進磁性電流感測器在高密度電源供應器內快速被採用。

During the quarter, our current sensors secured more than 10 design wins with top Taiwanese power supply providers for use in hyperscaler power supply units, battery backup units and UPS systems. These power systems range from 5 to 30 kilowatt and include wins across new 800-volt architectures.

本季，我們的電流感測器與台灣頂尖電源供應器供應商取得超過 10 項設計導入，用於超大規模雲端業者（hyperscaler）的電源供應器單元、電池備援單元以及 UPS 系統。這些電力系統功率範圍從 5 到 30 千瓦，並包含多項新 800 伏架構的設計導入。

These were major high-value wins, and as a result, our current sensor design wins for data center applications more than doubled sequentially in the quarter. These wins underpin the rapid and near-term growth of our current sensors in the data center. Wins like this with sticky and diversified new products also support our strategy. To significantly grow Allegro's data center dollar content opportunity from $150 to more than $425 per rack.

這些都是重大且高價值的勝利，因此我們資料中心應用的電流感測器設計導入在本季較前一季增加逾一倍。這些勝利支撐我們電流感測器在資料中心的快速且近期的成長。像這樣具黏著度且多元化的新產品勝利，也支持我們的策略：將 Allegro 在資料中心的每機櫃美元含量機會，從 150 美元大幅提升至超過 425 美元。

Of course, we continue to invest in R&D to fuel growth. In data center, earlier this week, we launched new higher isolation current sensors, footprint-shrinking isolated gate drivers, and intelligent 48-volt fan drivers to help developers deliver massive computing performance upgrades without increasing heat, power consumption, or physical size.

當然，我們持續投資研發以驅動成長。在資料中心方面，本週稍早我們推出了新的更高隔離等級電流感測器、可縮小占板面積的隔離式閘極驅動器，以及智慧型 48 伏風扇驅動器，協助開發者在不增加熱量、耗電或體積的情況下，實現大幅的運算效能升級。

Now, automation and robotics, where we continue to innovate and secure highly strategic foundational sockets for the next generation of physical AI. During the quarter, we secured a strategic design win with a leading Asian robotics developer who selected our discrete high-precision current sensors to monitor the heavy power loads across their humanoids primary drive joints.

現在談到自動化與機器人領域，我們持續創新，並為下一代實體 AI 鞏固高度策略性的基礎切入點。在本季度，我們與一家領先的亞洲機器人開發商取得策略性設計導入勝利；該客戶選用我們的分離式高精度電流感測器，用於監測其人形機器人主要驅動關節上的重載功率負載。

Earlier this month, we also secured a major win with a leading Chinese humanoid supplier. This humanoid company selected our market-leading high-precision inductive position center ICs for their large joints. This program will use approximately 60 ICs per humanoid and ramps to production within six months.

本月稍早，我們也與一家領先的中國人形機器人供應商取得一項重大勝利。這家人形機器人公司為其大型關節選用了我們市場領先的高精度電感式位置中心 IC。此專案每台人形機器人約使用 60 顆 IC，並將在六個月內爬坡至量產。

While advanced robotics represents a multi-year revenue ramp, our design-in momentum today is establishing our foundational market share for the future. Humanoid robotic hands also present extreme spatial and thermal constraints well aligned to our integration capabilities at Allegro.

雖然先進機器人將帶來為期多年的營收爬坡，但我們當前的設計導入動能正在為未來奠定基礎市占。人形機器人的機械手同樣面臨極端的空間與散熱限制，這與 Allegro 的整合能力高度契合。

I'm excited to share that in fiscal Q3, we will begin sampling our newest robotics innovation, the industry's first fully integrated magnetic sensor and motor driver IC designed specifically for humanoid hands and fingers. By combining high precision TMR magnetic sensors and. Intelligent power drivers into a single ultra-compact chip, we are giving robotics designers the exact component they need to achieve near human dexterity.

我很高興分享，在本財年第三季，我們將開始送樣我們最新的機器人創新產品——業界首款專為人形機器人手部與手指設計的全整合式磁性感測器與馬達驅動器 IC。透過結合高精度 TMR 磁性感測器與。智慧型功率驅動器於單一超小型晶片中，我們為機器人設計者提供其所需的精準元件，以實現近似人類的靈巧度。

Early customer interest is incredibly strong, which is a great proof point in our strategy to further increase our dollar content per humanoid through the release of highly differentiated integrated IC solutions for the hand. Sales to other industrial end markets, which include personal and industrial transport, broad-based industrial, medical, energy infrastructure, and consumer, delivered a fourth sequential quarterly increase in sales.

早期客戶興趣極為強勁，這是我們策略的一個重要驗證：透過推出高度差異化、用於手部的整合式 IC 解決方案，進一步提升每台人形機器人的單機價值（dollar content）。對其他工業終端市場（包括個人與工業運輸、廣泛工業、醫療、能源基礎設施與消費性）之銷售，已連續第四個季度呈現季增。

We are encouraged by the broad underlying adoption of our technologies across this highly diversified customer base. Looking ahead, we view energy infrastructure as a particularly exciting future growth vector for our business. As the AI data center build-out accelerates, it is driving an urgent need for solid-state transformers, solid-state circuit breakers, and battery energy storage systems.

我們對於在這個高度多元化客戶基礎中，我們技術被廣泛採用的基本面趨勢感到鼓舞。展望未來，我們認為能源基礎設施將是本公司特別令人振奮的未來成長向量。隨著 AI 資料中心建置加速，正驅動對固態變壓器、固態斷路器以及電池儲能系統的迫切需求。

Within our energy infrastructure business in Q2. Our silicon carbide high voltage gate driver secured its first major design win with a leading solar provider for their next generation inverters. This win serves as a fantastic initial validation of our new technology. We are seeing strong accelerating pipeline growth across the high voltage gate driver portfolio in energy infrastructure, EV traction inverters, and data center power infrastructure.

在第二季的能源基礎設施業務中，我們的碳化矽（SiC）高電壓閘極驅動器，與一家領先的太陽能供應商取得首個重大設計導入勝利，用於其下一代逆變器。此勝利為我們的新技術提供了極佳的初步驗證。我們看到在能源基礎設施、電動車牽引逆變器以及資料中心電力基礎設施等領域，高電壓閘極驅動器產品組合的管線正強勁加速成長。

To wrap up, the leading indicators across our business give us high confidence in our path to exceed our target model of mid-teens annual sales growth. With record designs, robust backlog and expanding content in our target markets, we are extremely well positioned at the intersection of the world's most critical megatrends. I'll now turn the call over to Derek to provide additional color on our financial performance as well as our third quarter outlook.

總結來說，我們業務各項領先指標讓我們對於超越「年銷售額中十位數百分比（mid-teens）」成長的目標模型路徑充滿信心。憑藉創紀錄的設計導入、強勁的訂單積壓以及在目標市場中不斷擴大的內容價值，我們在全球最關鍵的巨型趨勢交會點上具備極佳的定位。接下來我把電話交給 Derek，請他進一步說明我們的財務表現以及第三季展望。

Thank you, Mike, and good morning, everyone. Starting with our second quarter results, sales were $277 million and non-GAAP earnings per share were $0.26. As a percentage of sales, gross margin was 51.5%, operating margin was 20.6% and adjusted EBITDA margin was 25%. Total Q2 sales increased by 7% sequentially and 29% year-over-year.

謝謝你，Mike，各位早安。先從第二季業績開始，營收為 2.77 億美元，非 GAAP 每股盈餘為 0.26 美元。以營收百分比計，毛利率為 51.5%，營業利益率為 20.6%，調整後 EBITDA 利潤率為 25%。第二季總營收季增 7%，年增 29%。

Sales to our automotive customers increased by 4% quarter-over-quarter to $173 million and by 11% year-over-year. I'd also like to mention that auto inventories remain lean and we do not see signs of restocking in the quarter. In addition, our forward-looking metrics give us confidence in continued automotive sales growth.

對汽車客戶的銷售季增 4% 至 1.73 億美元，年增 11%。我也想提到，汽車庫存仍維持精實，我們在本季度未看到補庫存的跡象。此外，我們的前瞻性指標讓我們對汽車銷售持續成長充滿信心。

As Mike mentioned, auto design wins achieved a new record in the second quarter, with demand strong across all regions. And bookings were up 33% sequentially and 50% year-over-year. Industrial and other sales increased by 11% sequentially and 79% year-over-year to $104 million. Surpassing $100 million in industrial and other sales is in a label first.

如 Mike 所提到，第二季汽車設計導入勝利創下新紀錄，各地區需求皆強勁。而訂單（bookings）季增 33%，年增 50%。工業及其他類別銷售季增 11%，年增 79% 至 1.04 億美元。工業及其他銷售突破 1 億美元，為公司首見。

Data center sales in Q2 were a record $46 million, growing more than 150% year-over-year and we remain on track to more than double our data center sales in fiscal '27. From a product perspective, magnetic sensor sales increased by 5% sequentially to $158 million and 21% year-over-year. Sales of our power products increased by 9% sequentially to $119 million and 42% year over year.

第二季資料中心銷售創紀錄達 4,600 萬美元，年增超過 150%；我們仍按計畫在 2027 財年將資料中心銷售額提升至超過兩倍。從產品角度來看，磁性感測器銷售季增 5% 至 1.58 億美元，年增 21%。功率產品銷售季增 9% 至 1.19 億美元，年增 42%。

Sales by geography on a shift-to basis were as follows: 33% of sales in what we term rest of Asia, which includes Korea, Taiwan, and India 25% of sales in China 16% in Japan, 14% of sales in the Americas, and 12% in Europe. Sales to all geographies grew sequentially and year over year in fiscal Q2.

按出貨地區（shift-to）劃分的銷售比例如下：我們所稱的「亞洲其他地區」（包括韓國、台灣與印度）占 33%；中國占 25%；日本占 16%；美洲占 14%；歐洲占 12%。2027 財年第二季對所有地區的銷售皆呈現季增與年增。

Now turning to Q2 profitability. Gross margin in the second quarter was 51.5%, an increase of another 40 basis points sequentially from 51.1% and 190 basis point improvement from Q2 of last year, driven largely by operating leverage. Beyond outgrowing our target markets, operational excellence and gross margin expansion remain top priorities.

接著談第二季獲利能力。第二季毛利率為 51.5%，較前一季的 51.1% 再提升 40 個基點，並較去年第二季提升 190 個基點，主要由營運槓桿帶動。除了成長速度超越我們的目標市場之外，營運卓越與毛利率擴張仍是最優先事項。

To help mitigate industry-wide input cost inflation, we are aggressively executing on many fronts. First, we are driving factory efficiencies in bill material transitions. An example of this is converting parts from gold to copper wire where technically feasible. With shipments of these new copper products beginning in fiscal Q3, we are structurally lowering the manufacturing costs to directly offset raw material inflation.

為協助緩解全產業投入成本通膨，我們正從多個面向積極推進。首先，我們在物料清單（BOM）轉換上推動工廠效率提升。其中一個例子是在技術可行的情況下，將零件由金線改為銅線。隨著這些新銅線產品於 2027 財年第三季開始出貨，我們將以結構性方式降低製造成本，以直接抵銷原物料通膨。

Second, we are implementing strategic price increases. These are balanced and intended to protect gross margins. Pricing actions to date have largely been within our industrial and catalog businesses, with the majority of auto contract renewals and price increases effective January 1. As a result of these and other actions, we expect to continue to make meaningful progress towards our gross margin target of greater than 55%.

第二，我們正在實施策略性漲價。這些措施在兼顧平衡的前提下，旨在保護毛利率。迄今為止，定價行動主要集中在我們的工業與型錄（catalog）業務；而多數汽車合約續約與漲價將於 1 月 1 日生效。基於這些及其他行動，我們預期將持續朝毛利率高於 55% 的目標取得實質進展。

Moving down the P&L, operating expenses were $86 million, within our expectations at this sales level. Operating margin was 20.6% of sales compared to 19.4% in Q1 and an increase of 670 basis points compared to 13.9% in Q2 of fiscal 2026. The effective tax rate for the quarter was 10.2%. Interest expense was $4 million the second quarter diluted share count was 188 million shares, and net income was $48 million.

往下看損益表，營業費用為 8,600 萬美元，符合我們在此營收水準下的預期。營業利益率為營收的 20.6%，相較第一季的 19.4% 提升，並較 2026 財年第二季的 13.9% 提升 670 個基點。本季度有效稅率為 10.2%。利息費用為 400 萬美元；第二季稀釋後股數為 1.88 億股；淨利為 4,800 萬美元。

EPS was $0.26 and increased by 13% sequentially and 100% year over year on sales increases of 7% and 29%, respectively, demonstrating a significant operating leverage in our business model. Moving to the balance sheet and cash flow, we ended Q2 with total cash of $201 million. Q2 cash flow from operations was $37 million, CapEx was $6 million, and free cash flow was $31 million.

每股盈餘為 0.26 美元，隨著營收分別季增 7% 與年增 29%，EPS 分別季增 13% 與年增 100%，展現我們商業模式中顯著的營運槓桿。再看資產負債表與現金流，我們在第二季末的現金總額為 2.01 億美元。第二季營運活動現金流為 3,700 萬美元，資本支出（CapEx）為 600 萬美元，自由現金流為 3,100 萬美元。

We ended Q2 with term loan debt of $285 million and net debt of $84 million. From a working capital perspective, second quarter DSO was 36 days, consistent with 35 days in Q1 and inventory days were 117, down from 128 days in fiscal Q1. Finally, I'll now turn to our Q3 fiscal 2027 outlook. We expect third quarter sales to be in the range of $278 million to $288 million.

第二季末，我們的定期貸款債務為 2.85 億美元，淨負債為 8,400 萬美元。就營運資金而言，第二季應收帳款週轉天數（DSO）為 36 天，與第一季的 35 天一致；存貨天數為 117 天，較 2027 財年第一季的 128 天下降。最後，接下來我將說明 2027 財年第三季展望。我們預期第三季營收將落在 2.78 億至 2.88 億美元之間。

The midpoint of this range equates to a 23% year-over-year increase. Additionally, we expect the following all on a non-GAAP basis. Gross margin to be between 51.5% and 52.5%. Operating expenses are expected to be $87 million plus or minus $1 million. Interest expense is projected to be $4 million. And we also made another voluntary debt payment of $25 million on September 30, which falls within our fiscal Q3.

此區間的中點相當於年增 23%。此外，我們預期以下項目皆以非 GAAP 基礎呈現。毛利率介於 51.5% 至 52.5%。營業費用預計為 8,700 萬美元，上下浮動 100 萬美元。利息費用預估為 400 萬美元。我們也於 9 月 30 日自願再償還 2,500 萬美元債務，該筆付款落在我們的會計年度第三季內。

We expect our tax rate to be 10%. We estimate that our weighted average diluted share count will be 188 million shares. And as a result, we expect non-GAAP EPS to be between $0.25 and $0.29 per share, with the midpoint of this range implying an 80% year-over-year increase.

我們預期稅率為 10%。我們估計加權平均稀釋後流通股數為 1.88 億股。因此，我們預期非 GAAP 每股盈餘（EPS）介於每股 0.25 美元至 0.29 美元之間，而此區間的中點意味著年增 80%。

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

現在，我把電話交回給 Julene 來回答各位的提問。

Thank you, Derek. This concludes management's prepared remarks. Before we open the call for your questions, I'd like to share our third fiscal quarter conference lineup with you. We will attend RBC's Global Technology, Internet, Media, and Telecommunications Conference on November 17, in New York City.

謝謝你，Derek。以上為管理層預先準備的發言。在開放各位提問之前，我想與各位分享我們會計年度第三季的法說會議行程。我們將於 11 月 17 日在紐約市參加 RBC 全球科技、網際網路、媒體與電信研討會。

The 30 Annual UPS Global Technology and AI Conference on December 1, and second in. Scottsdale, Arizona Wells Fargo's 10 Annual TMT Summit on December 8, in Rancho Palos Verdes, California Barclays 25 Annual Global Technology Conference on December 9, in San Francisco and finally, the 55 Annual NASDAQ Investor Conference in association with Morgan Stanley on December 9th in London.

12 月 1 日參加第 30 屆 UPS 全球科技與 AI 研討會，以及第二場在。亞利桑那州斯科茨代爾參加富國銀行第 10 屆 TMT 高峰會（12 月 8 日，加州 Rancho Palos Verdes）；巴克萊第 25 屆全球科技研討會（12 月 9 日，舊金山）；最後，與摩根士丹利合作的第 55 屆 NASDAQ 投資人研討會（12 月 9 日，倫敦）。

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

我們現在開放各位提問。Victor，請說明問答環節的操作指引。

(Operator Instructions)

（接線員指示）

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，富國銀行。

Yeah, thanks for taking the question. You talked about accelerating demand, and green lights, flashing green lights for demand and obviously solid design win activity. Can you help us understand, I think last quarter you talked about maybe some delinquencies increasing and just tight back-end capacity. Just how are you changing your capacity plans or are you changing your capacity plans and how do we think about just chasing this accelerating demand you're seeing?

好的，謝謝讓我提問。你們談到需求正在加速，需求出現綠燈、閃爍的綠燈，且顯然設計導入（design win）活動也很強勁。能否協助我們理解：我記得上季你們提到可能有一些逾期情況增加，以及後段產能偏緊。你們是否正在調整產能規劃，或會如何調整？我們該如何看待你們為了追上目前看到的加速需求而採取的作法？

Absolutely. Thanks, Sean. This is Mike. And yeah, we are participating in growth markets. We are in growth mode. So like all customers in that type of environment, we are seeing some capacity constraints. Let me add more color to that. At the wafer level, we are not seeing many constraints. What we're seeing is some constraint at backend, particularly in test.

當然可以。謝謝，Sean。我是 Mike。是的，我們正參與成長型市場。我們處於成長模式。因此，和所有在這種環境下的客戶一樣，我們確實看到一些產能限制。我補充一些細節。在晶圓層級，我們沒有看到太多限制。我們看到的是後段（backend）有一些限制，特別是在測試（test）環節。

And when I look at FQ2, there were not any major constraints at test in FQ2. They start to show up a little bit more in FQ3, but through good use of capital, we were trying to get ahead of the growth market. We will be rolling on capacity in both FQ3 and FQ4 to stay ahead of the growth.

而當我回顧會計年度第二季（FQ2），測試端在 FQ2 並沒有任何重大限制。到了 FQ3 開始稍微更明顯一些，但透過有效運用資本，我們一直試圖走在成長市場之前。我們會在 FQ3 與 FQ4 持續擴充產能，以保持領先成長。

Joe, I'll just add, this is Derek, the capacity constraints are really mixed dependent within test. And in addition to having ample space in our Philippines facility, we began shipping from our Chinese backend OSAP that's doing probe assembly and test, and we have OSAPs that have capacity for the assembly side of things.

Joe，我再補充一下，我是 Derek。測試端的產能限制其實是混合的，會依不同項目而異。此外，除了我們在菲律賓廠區有充足空間外，我們也開始從位於中國、負責探針（probe）、組裝與測試的後段 OSAP 出貨；同時我們也有 OSAP 在組裝端具備產能。

That's helpful. And then maybe just as a follow-up, industrial. Was strong. I think the other industrial was a bit stronger than we had anticipated. So just kind of curious if you could double-click on just what was the key driver of non-data center industrial this quarter?

這很有幫助。接著可能追問一下，工業（industrial）表現很強。我認為其他工業類別比我們原先預期的還要強一些。所以想請你們再深入一點說明，本季非資料中心的工業業務主要的驅動因素是什麼？

Yeah, absolutely, Joe. So first and foremost, we have the luxury of having a set of broad industrial applications that are generally tied to some of these high-growth megatrends. And part of what we're seeing that touches upon that is that we see data center having a bit of a halo effect on our energy infrastructure business. That's definitely something we're seeing somewhat broadly.

好的，當然可以，Joe。首先也是最重要的，我們很幸運擁有一組廣泛的工業應用，通常與一些高成長的長期趨勢（megatrends）相關。而我們目前看到的一部分現象是，資料中心對我們的能源基礎設施業務帶來一些「光環效應」（halo effect）。這確實是我們在相當廣泛的範圍內所觀察到的。

And if we look at FQ2 in particular, we are benefiting from some sensor share gains for magnetic sensors and medical, and we've seen a boost for our sales into the personal mobility market. I think net-net. It all just says that we have a broad basket of growth applications in our industrial sales, and they're starting to fire on more cylinders.

另外，若特別看 FQ2，我們受惠於磁性感測器與醫療領域的一些感測器市占提升，也看到我們在個人移動（personal mobility）市場的銷售成長。我想整體而言（net-net）。這些都顯示我們的工業銷售涵蓋多元的成長型應用，而且它們正開始在更多面向同時發力。

Thanks.

謝謝。

Tom O'Malley, Barclays. Your line is over.

Tom O'Malley，巴克萊。請發言。

Hey, guys, thanks for taking my questions. So data center in the September quarter is up two sequentially, still growing really nicely year-over-year, but maybe you could call out why some more muted growth versus the last couple of quarters and then traditionally you give current sensors as a percentage of that data center bucket, if you could provide that would be great as well.

各位好，謝謝讓我提問。所以資料中心在 9 月季度的營收季增 2%，年增仍然相當不錯，但也許你們可以說明一下，為什麼相較於前幾季成長較為溫和？另外，過去你們通常會提供電流感測器在資料中心這個類別中的占比，如果可以提供也會很有幫助。

Sure, thank you, Tom. So look, there's lots of good growth statistics in our data center business in FQ2. The one that I'm most focused on, we mentioned that our FQ2 data center business grew more than 150% year over year, and on top of that, what's encouraging for me.

好的，謝謝你，Tom。你看，我們在 FQ2 的資料中心業務有很多不錯的成長數據。我最關注的一點是：我們提到 FQ2 的資料中心業務年增超過 150%，而且除此之外，讓我感到鼓舞的是——

When we look at these design wins with our current sensors are the next wave of growth in our data center business. And in the quarter, our design wins for current sensors and data center more than doubled. So we still are very bullish about our data center business. It's on track to more than double in FY27, as we said before. And we're basically marching down this path. We've talked about dollar content growing from $150 per rack. More than $4.25.

當我們看到這些電流感測器的設計導入時，它們就是我們資料中心業務下一波成長。而在本季，我們在資料中心的電流感測器設計導入數量超過倍增。因此我們對資料中心業務仍然非常樂觀。正如我們先前所說，它有望在 FY27 之前再翻倍以上。我們基本上正沿著這條路徑穩步推進。我們談過每機架（per rack）的美元含量從 150 美元成長。超過 4.25 美元。

And with all the good statistics we're sharing, the design wins, the momentum, I talked about all these positive hallway conversations with sales and marketing people, we feel like we're marching down that dollar content path for sure. In specific regard to current sensors, we did split out that number last quarter. We don't plan to share that every quarter.

在我們分享的所有良好數據、設計導入與動能之下，我也提到與銷售與行銷同仁之間那些正向的「走廊對話」，我們覺得自己確實正沿著那條美元含量的路徑前進。至於電流感測器的部分，我們上季確實把那個數字拆出來說明。但我們不打算每一季都分享該數字。

We gave that number just to show you the current sensor story is real and to give you a bit of a magnitude. Within our data center business. And because that is the bigger growth driver going forward than our motor drivers, and we're very happy about that being the case, we just wanted you to see that it's becoming a meaningful piece of our revenue.

我們之所以提供那個數字，是為了讓各位看到電流感測器的故事是真實的，並讓各位對其規模有個概念。在我們的資料中心業務之中。而且因為相較於馬達驅動器（motor drivers），電流感測器才是未來更大的成長驅動力；我們也很高興情況如此。

Gotcha. Super helpful. And then as my follow-up, if I look at the auto business as a whole. When you look at Focus Auto versus Mobility, that percentage, when I look over kind of the last since June of kind of '25, it's kind of trended in that 55% to 57% range.

了解。非常有幫助。那我追問一下，如果我看整體汽車業務。當你們看 Focus Auto 相對於 Mobility 的占比時，從大約 2025 年 6 月以來的趨勢大概都落在 55% 到 57% 之間。

In terms of kind of like the mix of what you would call like faster growing stuff to like core auto. So maybe talk about like why that spread isn't widening. Like all the data I see is kind of doing a bit better more broadly. I know that you guys have some good content there. Would you expect like in a year's time from now to see more divergence amongst those two buckets? Thank you.

也就是你們所稱的較快成長部分相對於核心汽車（core auto）的組合。所以能否談談為什麼這個差距沒有擴大？我看到的各項數據顯示整體表現似乎更好一些。我知道你們在那裡也有不錯的內容價值（content）。你們是否預期在一年後，會看到這兩個類別之間出現更明顯的分化？謝謝。

So if the question is truly, do we expect to see divergence in the growth rate between XEV and ADAS and the rest of auto, I would say we absolutely expect to see that and mostly because we have been seeing that over time.

所以如果問題真的是：我們是否預期 XEV 與 ADAS 的成長率會與其他汽車業務出現分歧？我會說我們絕對預期會看到這種分歧，主要原因是我們隨著時間推移一直都在看到這種情況。

I think right now there is a little bit of an impact of thin inventory levels in auto where we just find ourselves servicing customers that may need parts because they're a little under-inventoried and that can create some quarter-to-quarter shifts in the ADAS. And XEV versus ICE and in-cabin revenues that you see within a quarter. But there's no doubt in my mind that the divergence will continue when you look at XEV and ADAS in terms of it having a very healthy automotive growth rate.

我認為目前汽車產業偏低的庫存水位確實帶來一些影響；我們發現自己在服務一些可能需要零組件的客戶，因為他們的庫存偏低，這可能會造成 ADAS，以及你在單一季度內看到的 XEV 相對於 ICE 與座艙內（in-cabin）營收之間，出現一些季度間的波動。但我毫不懷疑，當你從 XEV 與 ADAS 的角度來看，這種分歧會持續，因為它們的汽車成長率非常健康。

When I look back to what we put forward at our Analyst Day and you look at the SAM for XEV and ADAS that we put out at the time, that had an 18% CAGR. And so that's obviously a segment in the automotive market that's going to outgrow the rest of the market, and it's a segment where we're doing very well. And as we've noted in the past, more than 50% of our automotive revenue today is in those two growth segments.

回頭看我們在分析師日提出的內容，以及當時我們公布的 XEV 與 ADAS 的 SAM，那個數字是 18% 的年複合成長率（CAGR）。因此這顯然是汽車市場中會跑贏整體市場的區塊，而且我們在這個區塊表現得非常好。而且如同我們過去提到的，我們目前超過 50% 的汽車營收來自這兩個成長型領域。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

The first question is on auto, and I guess to answer your previous question, you talked about the automotive customers being lean on inventory and the prepared marks you talked about that you haven't seen restocking. We have seen some of the Tier 1s starting to express some desire to have some safety stock in place. Maybe you can comment more broadly on what you're seeing from those inventory those customers with regard to inventory, and do you expect them to start to begin restocking now, and if so under what timeframe?

第一個問題是關於汽車業務。我想延續你剛才對前一題的回答，你提到汽車客戶的庫存很精簡，以及你談到的備妥（prepared）標記顯示你尚未看到補庫存。我們看到一些一級供應商（Tier 1）開始表達希望建立一些安全庫存。你能否更廣泛地評論一下，你從這些客戶的庫存狀況觀察到什麼？你是否預期他們現在會開始補庫存？如果會，大概在什麼時間範圍內？

Thanks, Chris. This is Mike. So we have a team of talented people that's close to our customers that goes out and they scan tier one automotive inventory level through direct conversations. And we review that in our monthly business review. And what we're seeing are still many customers with very low six-digit weeks of inventory.

謝謝，Chris。我是 Mike。我們有一支很有才華、貼近客戶的團隊，會透過直接對話去盤點一級汽車客戶的庫存水位。我們會在每月的業務檢討（monthly business review）中審視這些資訊。我們看到的情況是，仍有許多客戶的庫存週數非常低，只有低六位數週的庫存。

So your next question was, are people talking about building strategic inventory? What I would say is people are now at least. Talking about trying to get out of the mode where they're trying to survive on very thin inventories, and we're having direct conversations about what would it look like to bump up that thin level of inventory, but there has not been much activity. It's mostly been conversations at this point regarding that type of inventory discussion.

你下一個問題是：大家是否在談建立策略性庫存？我會說，至少現在大家開始在談。大家在討論如何不要再以極薄的庫存勉強維持營運，我們也在進行直接對話，討論把這種偏薄的庫存水位提高一些會是什麼樣子，但實際行動還不多。目前大多仍停留在針對這類庫存議題的討論階段。

Okay, great. Thank you. The second question is with regard to pricing and just a few questions in that, if you could talk about was pricing a significant factor in even the September quarter results or December quarter guide? And as you go forward with this, because you've already absorbed the cost, it sounds like the pricing, there would be a bigger impact as you went into next year as you have the annual pricing contracts, will that be accretive to gross margins when that occurs?

好的，很棒。謝謝。第二個問題是關於定價，裡面有幾個小問題：你能否談談定價是否是 9 月季度業績或 12 月季度指引的重要因素？另外，往後看，因為你們似乎已經吸收了成本，聽起來定價在明年會有更大的影響，因為你們有年度定價合約；當那發生時，是否會對毛利率有正向貢獻（accretive）？

Yes, Chris, this is Derek. In Q2, pricing was not a meaningful impact to our results in the September quarter. It was largely volume increase both quarter-over-quarter and year-over-year. And the reason for that is twofold. One is we're still incurring the headwinds from pricing resets with auto customers 10 months ago on January 1, of 2026, that go through the full year of 2026.

是的，Chris，我是 Derek。在第二季，定價對我們 9 月季度的結果並沒有造成顯著影響。主要是出貨量增加，無論是季對季或年對年。原因有兩個。第一，我們仍在承受來自汽車客戶於 10 個月前、也就是 2026 年 1 月 1 日的定價重置所帶來的逆風，而這會貫穿 2026 全年。

And the second reason is we're starting to increase prices with the long tail of the catalog business. In Q2, there will be more meaningful price increases in Q3 with respect to the bigger, broader industrial section of our business. And then as I mentioned, we'll price increases with our auto customers on January 1. And what typically happens actually is.

第二個原因是，我們開始對型錄業務的長尾產品提高價格。在第二季，第三季針對我們更大、更廣泛的工業業務部門，將會有更顯著的漲價。然後如我提到的，我們會在 1 月 1 日對汽車客戶進行價格上調。而通常實際發生的情況是。

The pricing impacts that quarter immediately. So in many years, when we have price downs in that quarter, we see the down in that quarter. In the year 2023, we saw the up immediately. The cost increases actually roll in about a quarter or two later after they cycle out of inventory into the P&L.

定價影響會在該季度立即反映。所以在很多年份，當我們在那個季度遇到降價（price downs）時，我們會在那個季度就看到下滑。在 2023 年，我們則是立即看到上升。而成本上升通常會在晚一到兩個季度才反映，因為需要等庫存周轉後才會進入損益表（P&L）。

So that would imply some favorable impact on gross margins in the first quarter as a result if that occurs?

所以這是否意味著，如果那件事發生，第一季毛利率會因此有一些有利的影響？

That's correct. We'll see favorable impact to gross margins in both the third quarter here, likely marginal in the fourth quarter with a combination of those two things, and then in the first quarter of next year as well.

沒錯。我們會在這裡的第三季看到毛利率的正面影響；第四季在兩項因素的組合下可能影響較小；而明年第一季也會看到。

Great. Thank you.

很好。謝謝。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

Hey, guys, good morning. Thanks for taking my question. I just wanted to go back to the data center. It's been it was growing spectacularly, I think one of the fastest growing businesses out there. I just kind of wanted to understand the more flatter September.

各位早安。謝謝讓我提問。我想回到資料中心的部分。它一直成長得非常驚人，我認為是目前成長最快的業務之一。我只是想了解一下 9 月季度相對平坦的情況。

I don't know if you could point out what whether it's just customer lumpiness, but I'm just more importantly want to just talk about the reacceleration in that business, you talked about wins doubling, maybe give some context as the timing of when those could layer in and the length of visibility.

我不確定你是否能指出原因，是否只是客戶端出貨節奏不均（lumpiness），但更重要的是我想談談這項業務再加速的情況。你提到贏單（wins）翻倍；也許可以提供一些背景：這些贏單可能在什麼時間點開始貢獻，以及可見度（visibility）的長度。

Yeah, Blaine, this is Mike. I'm actually glad you asked because there's some clear explanations there, and they're all good ones. So when you look at our June ending quarter, that was a monster growth quarter. I believe data center was up more than 30% that quarter. And what was happening there was customers responding to some of these big new programs that were getting ready to ramp.

是的，Blaine，我是 Mike。我很高興你問這題，因為這裡有一些很清楚的解釋，而且都是正面的。當你看我們 6 月結束的季度，那是一個爆發性成長的季度。我相信資料中心那一季成長超過 30%。當時發生的是，客戶在回應一些即將開始放量（ramp）的重大新專案。

What's happened since then, and there's nothing bad about this, it's just a lumpiness or timing issue, as you noted. Those big programs were pushed out by a quarter or two, and that's one of the reasons that we're just seeing a bit of more muted growth rates quarter over quarter.

從那之後發生的事，其實沒有任何負面，只是如你所說的節奏不均或時點問題。那些大型專案被往後推遲了一到兩個季度，這也是我們看到季對季成長率稍微趨緩的原因之一。

This quarter, the data center growth was a 4%, so it did achieve a new record. But when we think about the roll-on of these big programs, there's the potential for much higher numbers and nothing has changed in that regard. These big programs are on the come and they will happen in the very near future. For your awareness, the pushout seemed to be related to the delay of some 800-volt programs with the hyperscalers.

本季度資料中心成長為 4%，因此仍創下新高。但當我們思考這些大型專案逐步導入（roll-on）時，數字有可能高得多，而且在這方面沒有任何改變。這些大型專案正在醞釀中，並且會在非常近期發生。供你參考，這次延後似乎與超大規模雲端業者（hyperscalers）的一些 800 伏特專案延遲有關。

And then maybe on the auto side, you had a lot of good commentary on the design pipeline there as well. I don't know if you're still giving out the focus auto number, but I'd be curious if so. And then I just wanted to understand the drivers of the growth or the recovery ADAS or CV, if there was any difference?

另外在汽車端，你也對那邊的設計案管線（design pipeline）給了很多很好的評論。我不確定你們是否仍會提供 Focused Auto 的數字，但如果可以的話我很想知道。另外我也想了解 ADAS 或 CV 的成長或復甦驅動因素，兩者之間是否有任何差異？

Yeah, Blaine, I'll start with just the numbers. So interestingly, both Focused Auto and sort of ICE/safety, comfort, and convenience both grew 4% sequentially and 11% year-over-year, and as Mike said, some of that comes down to what we're shipping in the quarter.

是的，Blaine，我先從數字開始。有趣的是，Focused Auto 以及 ICE／安全、舒適與便利這一塊，季對季都成長 4%，年對年都成長 11%；如 Mike 所說，其中一部分取決於我們在該季度出貨了什麼。

So the preponderance of our design wins, which Michael elaborate on, continue to be. In that sort of ADAS, XEB, a hybrid world, which is where we're really incentivizing the sales teams, and that's the part that's going to grow overtime, in fact, it's growing from about 35% of our overall auto business to now 55%, the good news is we continue to see strength in things like safety, comfort and convenience and even ice here in the short-term.

因此，我們大多數的設計導入（design wins），正如 Michael 會進一步說明的，仍然持續發生在這些領域。在那種 ADAS、XEB、混合型的世界裡——也就是我們真正用來激勵銷售團隊的方向——而且那一塊會隨時間成長；事實上，它已從我們整體汽車業務約 35% 成長到現在的 55%。好消息是，我們持續在安全、舒適與便利等領域看到強勁需求，甚至在短期內 ICE（內燃機）這邊也是如此。

Yeah, maybe I can just add a little bit. When we think of the dollar content story in auto, and I know you know it well, Blaine, but we go from this theoretical Allegro content of $40 in a nice car, $60 in an EV, $100 in a EV. When we see these wins coming through, the dollar content story is alive and well, and if anything, getting stronger.

是的，也許我可以再補充一點。當我們談到汽車領域的單車價值含量（dollar content）故事——我知道你很熟悉，Blaine——我們從理論上的 Allegro 含量：一台不錯的車約 40 美元、EV 約 60 美元、（更高配置的）EV 可到 100 美元。當我們看到這些設計導入落地時，單車價值含量的故事依然非常成立，而且如果有什麼變化的話，那就是變得更強。

We talked about meaningful big new wins in auto in our prepared remarks, auto bookings are up 50% year-over-year and when I see some of the results of our innovations, whether it's higher speed current sensors that are taking share, the high-voltage isolated gate drivers are gaining strong momentum with automotive customers.

我們在事先準備的講稿中談到汽車領域一些具重大意義的大型新案子；汽車訂單（bookings）年增 50%。

So that dollar content evolution is alive and well. In our Analyst Day, we talked about growing auto with a CAGR greater than 10%. And as we head into FY28, we are very confident that we can deliver on those types of numbers going forward. There's just a lot of good momentum.

因此，單車價值含量的演進仍然非常活躍。在我們的分析師日（Analyst Day）上，我們談到汽車業務要以超過 10% 的 CAGR 成長。而隨著我們邁向 FY28，我們非常有信心未來能交付這類數字。整體動能非常好。

Gary Mobley, StoneX.

Gary Mobley，StoneX。

Good morning, everybody. Thanks for taking my question. Let me extend my congrats to the strong start to the fiscal year. You guys have highlighted for several quarters strong design win lifetime value. I think up 35% in the first half of this fiscal year, up 30% in fiscal year '26. So the question is, why only a long-term target of mid-teens percent revenue growth? Is that design win momentum diluted by some catalog business? Is it a function of a lag? If you can comment on that would be helpful.

各位早安。謝謝讓我提問。先恭喜你們會計年度開局強勁。你們已連續好幾季強調設計導入的終身價值（lifetime value）很強。我記得本會計年度上半年年增 35%，在會計年度 '26 年增 30%。所以問題是：為什麼長期目標卻只有「中十位數百分比」（mid-teens）的營收成長？是因為設計導入的動能被一些型錄（catalog）業務稀釋了嗎？還是因為有時間落差（lag）的因素？如果你們能評論一下會很有幫助。

Sure, Gary, this is Mike, and you know it we made some remarks in the prepared remarks about how we feel like we're ahead of our Analyst Day ambitions. And one of those clear ambitions was to grow at a mid-teens level.

當然可以，Gary。我是 Mike。你也知道，我們在事先準備的講稿中提到，我們覺得自己已經走在分析師日目標的前面。而其中一個明確的目標，就是以中十位數百分比的水準成長。

And with all the positive signals we're seeing, we believe we have the potential to exceed that number. The formula was pretty simple. We said we would grow our automotive business north of 10% and that we would grow our industrial business closer to 20%. And we're seeing such strong momentum in the data center and across our industrial markets. We talked about the dollar content story in automotive. So we're feeling quite good about our potential to grow and to grow meaningfully going forward.

以我們看到的所有正向訊號來看，我們相信有機會超過那個數字。當時的公式很簡單：我們說汽車業務要成長到 10% 以上，而工業業務要更接近 20%。而我們在資料中心以及整體工業市場都看到非常強的動能。我們也談到汽車的單車價值含量故事。所以我們對未來能夠成長、而且是有意義地成長，感到相當樂觀。

That's helpful, Mike. And you guys were clear that your automotive distribution inventory and maybe direct inventory as well is just kind of bumping along the bottom. But what about overall distribution inventory, still within the 10 to 12-week target range?

這很有幫助，Mike。而且你們也很清楚地說過，你們的汽車通路庫存（distribution inventory），也許還包括直銷端庫存（direct inventory），基本上就是在底部附近徘徊。但整體通路庫存呢？仍然在 10 到 12 週的目標區間內嗎？

Yeah, Gary, it's actually smack in the middle of that range on a global basis, and it's been there for the last three quarters. We had another record POS quarter, and in fact, pockets of our distribution channel probably have within our inventories than we would like, and we'll continue to fill those spots, but it's right in the range we would like it to be on an aggregate basis.

是的，Gary。以全球來看，其實正好落在那個區間的正中間，而且過去三個季度都維持在那裡。我們又創下 POS（終端銷售）季度新高；事實上，通路中某些區域的庫存可能比我們希望的還要低，我們會持續把那些缺口補起來。但就整體彙總而言，它就在我們希望的範圍內。

Quinn Bolton, Needham and Company.

Quinn Bolton，Needham and Company。

Hey guys, thanks for taking my question. I guess just looking to the December quarter, can you give us a sense, do you think you see fairly balanced growth between auto and industrial, just one lead growth in the December quarter and then I've got a follow-up on isolated gate drivers.

各位好，謝謝讓我提問。我想就 12 月季度來看，你們能否給我們一些方向：你們認為汽車與工業之間的成長會相對均衡嗎？還是 12 月季度會由其中一個領先成長？另外我還有一個關於隔離式閘極驅動器的追問。

Sure, Quinn. The December quarter historically, even pre our IPO, has historically been down 5%, right? So we're guiding up at the mid point 2% sequentially and 23% year-over-year, so it's above seasonal. That long pocket of industrial, other industrial, if you will, declines in the December quarter as distributors in Europe, the United States, Japan take a little break at the end of the year. So I expect that December quarter to be led by auto. With the continued strength in data center.

當然可以，Quinn。12 月季度在歷史上——甚至在我們 IPO 之前——歷史上通常會季減 5%，對吧？所以我們的指引在中位數是季增 2%、年增 23%，也就是高於季節性。工業那一大塊——如果你稱之為「其他工業」——在 12 月季度通常會下滑，因為歐洲、美國、日本的經銷商在年底會稍微休息一下。所以我預期 12 月季度會由汽車帶動。同時資料中心的強勁態勢也會延續。

Great. And then on the isolated gate driver, I think you talked about your first win for isolated gate driver in solar. I wasn't sure if that was the first design win for that product family in total or whether it was just in solar. And then in the quarter, I think you introduced a new isolated gate driver. I know in the past, you've talked about a second-generation isolated gate driver family. Wondering if. This new product is part of that second-generation isolated gate driver family that I think in the past you've talked about drives even higher dollar content per rack opportunities in the data center business.

了解。接著談隔離式閘極驅動器（isolated gate driver），我記得你們提到在太陽能（solar）拿到第一個隔離式閘極驅動器的案子。我不確定那是該產品家族的第一個設計導入（design win）——整體而言——還是只是太陽能領域的第一個。另外在本季度，我想你們也推出了一款新的隔離式閘極驅動器。我知道過去你們談過第二代隔離式閘極驅動器產品家族。想請問是否——這個新產品是你們先前提到的第二代產品家族的一部分？我記得你們說過，它在資料中心業務上能帶來每機架（per rack）更高的單位價值含量機會。

Thanks, Quinn. This is Mike. So we have had wins with the isolated gate drivers. I think what's exciting about this one we called out in the prepared remarks is that it's of a different magnitude. It's a larger win. And the energy infrastructure space looks and feels a lot like the same power electronics used in many of the data center areas. So we're quite excited about that.

謝謝，Quinn。我是 Mike。我們確實已經在隔離式閘極驅動器上拿到一些案子。我想這次我們在事先準備的講稿中特別點出的令人興奮之處在於，它的量級不同。這是一個更大的案子。而能源基礎設施（energy infrastructure）領域在觀感與本質上，與資料中心許多區塊所使用的電力電子（power electronics）非常相似。所以我們對此相當興奮。

Maybe it doesn't directly address your question, but when we talk about momentum in the isolated gate drivers, we're also seeing. Seeing perhaps stronger than expected momentum in solid-state circuit breakers in the data center. So we continue to see new applications that are believing in the value proposition of our parts, and it gives us the feeling that we could accelerate the ramp of our isolated gate drivers going forward. As for these Gen two products you mentioned. They are sampling in this current quarter. There's a ton of customer interest, and that, again, will just be a next wave of momentum within the product line.

也許這沒有直接回答你的問題，但當我們談到隔離式閘極驅動器的動能時，我們也看到——我們在資料中心的固態斷路器（solid-state circuit breakers）上，看到可能比預期更強的動能。因此我們持續看到新的應用正在認同我們元件的價值主張，這讓我們覺得未來可以加速隔離式閘極驅動器的放量（ramp）。至於你提到的第二代（Gen two）產品：它們正在本季度送樣（sampling）。客戶興趣非常高，而這也將成為該產品線下一波的動能。

Vijay Rakesh, Zuho.

Vijay Rakesh，Zuho。

Yeah, hi, thanks, Mike and Derek. Just a quick question on the data center site. It looks like that $150 to $325 per rack jump, some of it is from the isolated gate drivers. When you start to see the internet board isolated gate drivers start to ship or start to ramp up, I guess. Is that second-half '27, or how should we think about it?

是的，你好，謝謝 Mike 和 Derek。我有個關於資料中心端的簡短問題。看起來每機架 150 美元到 325 美元的跳升，其中一部分來自隔離式閘極驅動器。當你們開始看到主板（board）上的隔離式閘極驅動器開始出貨或開始放量時——我想問——那會是在 '27 年下半年嗎？或我們應該怎麼看待這個時程？

Yeah, thanks Vijay. So yeah, just to make sure we have the numbers straight, the numbers we're talking about. Or $150 per rack growing to $425. And I've said previously that of that $425, two-thirds of that comes from motor drivers and current sensors. But if you look a little farther out in time, the isolated gate drivers will add hundreds of dollars on top of that $425.

好的，謝謝 Vijay。所以，是的，先確認一下數字無誤：我們談的是——每機架 150 美元成長到 425 美元。我之前也說過，在這 425 美元當中，有三分之二來自馬達驅動器（motor drivers）與電流感測器（current sensors）。但如果把時間拉得更長遠一些，隔離式閘極驅動器將在這 425 美元之上再增加數百美元。

And your question is when could that begin? In prior calls, I've called out an 18 to 24 month horizon for the ramp in the data center for the isolated gate drivers. With some of the new programs we're seeing, some of the first ones are small but still meaningful. I think we could beat that previously mentioned timing, but only time will tell.

而你的問題是，這何時可能開始？在先前的電話會議中，我曾提到針對隔離式閘極驅動器（isolated gate drivers）在資料中心端的放量，時間軸大約是18到24個月。就我們目前看到的一些新專案而言，其中有些最早的案子規模不大，但仍然具有意義。我認為我們有機會早於先前提到的時程，但最終仍需時間驗證。

Got it. And on the gross margin side. Derek, obviously the long-term greater than 55% gross margin. How should we think about it, the puts and takes between pricing, mix, and I guess foundry? Thanks.

了解。另外在毛利率方面。Derek，顯然長期目標是毛利率高於55%。我們應該如何看待其中的拉力與阻力：定價、產品組合，以及我想還有代工（foundry）？謝謝。

Yes. So we had our Analyst Day about seven months ago now. And in that quarter, we were still sub-50 on gross margins. We're guiding to a midpoint of 52% here in the third quarter. So I would say we're making very meaningful progress towards that mid-50s. And we don't intend to stop at that mid-50s. Once we get to that point, we'll keep going, of course, and update the model. The biggest drivers of that continue to be operating leverage.

是的。我們大約在七個月前舉辦了分析師日。而在那個季度，我們的毛利率仍低於50%。我們目前對第三季的指引中位數是52%。所以我會說，我們正朝著55%左右的中段目標取得非常顯著的進展。而且我們不打算停在55%左右的中段。一旦達到那個水準，我們當然會繼續提升，並更新模型。其中最大的驅動因素仍然是營運槓桿。

So year over year, the 290 basis points increase year over year and the increase quarter. Over quarter was operating leverage, and then I talked about earlier in the question, we're still dealing with the headwinds of pricing resets from auto customers 10 months ago. We will get that benefit as we roll that forward next year, but going forward the next couple of years to get to that mid-50s, operating leverage is by far the number one piece. Bill of material manufacturing cost reductions.

因此，以年對年來看，毛利率提升了290個基點，而季對季的提升也是如此。季對季的改善主要來自營運槓桿；另外如我先前在問題中提到的，我們仍在承受約10個月前汽車客戶定價重設所帶來的逆風。隨著明年往前滾動，我們會獲得那部分的好處；但展望未來幾年、要達到55%左右的中段水準，營運槓桿無疑是最重要的一項。以及物料清單（BOM）製造成本的降低。

We talked about it's also very significant. I talked about on previous calls how the copper to gold transition or gold to copper transition, that's been a headwind of about 200 basis points over the last couple of years with the rapid increase in gold. And of course, pricing actions will play a part in the next couple of years expected to at least be neutral to gross margins. And then as some of the questions came up around TMR, isolated gate drivers, as we have a more technology-rich portfolio, we get a better mix on that as well.

我們也談到，這同樣非常重要。我在先前的電話會議中提過，銅轉金或金轉銅的轉換（copper to gold transition / gold to copper transition），在過去幾年因金價快速上漲，帶來約200個基點的逆風。當然，未來幾年的定價動作也會發揮作用，預期至少對毛利率是中性的。此外，正如一些問題提到TMR、隔離式閘極驅動器等，隨著我們的產品組合更偏向技術含量更高的產品，我們也會因此獲得更好的產品組合（mix）。

Thank you.

謝謝。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行（Bank of America）。

Hi, this is Liam Pharr on for Vivek. Thanks for taking my questions. Given the strong bookings, how should we think about that gap turning into revenue, is it backlog building for just fiscal '28, or are some customers ordering further out because of supply and our design wins, what's that typical lag to revenue by market and does this specific quarter's mix skew that in any direction?

嗨，我是代替Vivek提問的Liam Pharr。謝謝讓我提問。在訂單（bookings）表現強勁的情況下，我們應該如何看待這個落差轉化為營收：這是在為FY28累積在手訂單（backlog），還是因為供應與我們的設計導入（design wins），有些客戶把訂單下得更遠？不同市場從訂單到營收的典型落後期（lag）大概多久？而本季特定的產品組合是否會讓這個落後期往某個方向偏移？

So this is Derek. I'll start with the bookings side of the equation, which is obviously orders that are on the books, right? So we have orders on the books now going out a couple of quarters. We continue to probe to make sure that that's really . We feel really good about the next couple of quarters based upon those orders that are on the books. Some of it is now starting to go into FY28 just given our lead times at this point in time.

我是Derek。我先從訂單（bookings）這一端開始說，這顯然就是已經在帳上的訂單，對吧？所以我們現在帳上已有延伸到未來幾個季度的訂單。我們也持續去確認，確保這些訂單確實是可靠的。基於帳上這些訂單，我們對接下來幾個季度的展望感到非常有信心。其中一部分現在也開始延伸到FY28，主要是因為目前我們的交期（lead times）所致。

And then on design wins, you have sort of a bifurcated market. I talked about some data center and robotics design wins. The most recent trends are that we will get to official design win stage and ramp those businesses typically within 6 to 12 months. Those are just very fast moving markets. In automotive, it's becoming more and more common in a world of EVs where the time from design win to program ramp can also be under. A year, sometimes as long as 18 months.

至於設計導入（design wins），市場有點呈現兩極化。我提過一些資料中心與機器人領域的設計導入。最近的趨勢是，我們通常在達到正式設計導入階段後，會在6到12個月內讓這些業務開始放量。這些都是變化非常快速的市場。在汽車領域，隨著電動車（EV）時代到來，從設計導入到專案放量（program ramp）的時間也越來越常見可以低於一年。有時也可能長達18個月。

But I did mention in the prepared remarks, some of the wins that we secured within FQ2 would ramp within the next 12 months. So the automotive innovators are starting to go from design win to production ramp faster than what I would say we saw three or four years ago.

不過我在事先準備的講稿中也提到，我們在FQ2拿下的一些案子，會在未來12個月內開始放量。因此，汽車領域的創新者正開始以比三、四年前更快的速度，從設計導入走向量產放量。

Got it. Very helpful. Thank you. And then when it comes to data center, obviously, the entire data center supply chain is quite tight. Could you describe how you're seeing visibility into fiscal '28? And when we're thinking about fiscal '27, more than doubling, should we think about fiscal '27, as a kind of normalized basis off of which we can apply the 22% long-term growth or is that 22% off of the prior fiscal '25, base?

了解。非常有幫助。謝謝。另外談到資料中心，顯然整個資料中心供應鏈都相當吃緊。你能否說明你們對FY28的能見度是怎麼看的？以及當我們思考FY27「成長超過一倍」時，我們應該把FY27視為一個常態化的基準，之後再套用長期22%的成長率？還是這22%是以先前FY25的基期來計算？

So let me kind of answer those questions in reverse. When I think of the growth rate of our business, our data center business going forward, I'm always looking at the CapEx spending trends and there are some pretty broad ranges for calendar year '27, but they tend to range from what I've seen, no expert, but somewhere between 30% to 80%. And that's what we sort of take to talk to our customers and say, hey, here's the data.

我先用相反的順序來回答。當我思考我們未來資料中心業務的成長率時，我總是看資本支出（CapEx）的趨勢；對於曆年2027年的預估區間相當廣，但就我看到的（我不是專家），大概落在30%到80%之間。我們就是拿這些數據去和客戶溝通，說：嘿，這是目前的資料。

Now, how do you help us figure out the right look into the next 12, 15, 18 months to prepare our capacity? And as we become a more major data center player, we have very formalized PBRs with our data center customers. We all bring the statistics to the meetings, and we have pretty meaningful discussions about what's to come over the next 12, 18.

那麼，你們要如何協助我們在接下來12、15、18個月做出正確的判斷，以便我們提前準備產能？隨著我們成為更重要的資料中心供應商，我們與資料中心客戶之間有非常制度化的PBR（定期業務檢討）。我們在會議上都會帶來各種統計數據，並就未來12到18個月的走勢進行相當深入的討論。

Srini Paijuri, RBC Capital Markets.

Srini Paijuri，RBC資本市場（RBC Capital Markets）。

Thank you. Good morning, guys. A couple of clarifications. First, on the balance sheet inventory, Direct, it's been coming down and given your commentary about the bookings and the visibility, I would have thought you would build some inventory. If you can comment about whether supply is becoming an issue or if that is becoming a constraint, and then I have a follow-up.

謝謝。各位早安。我有幾點需要釐清。第一，資產負債表上的存貨，Derek，一直在下降；考量你對訂單與能見度的評論，我原本以為你們會增加一些存貨。能否談談供應是否正在成為問題，或是否正在形成限制？然後我還有一個追問。

Sri, first of all, welcome. So the decrease in inventory quarter-over-quarter was primarily finished goods as we shipped a couple of million dollars of finished goods to satisfy demand, particularly within distributors. Our wafer and our die bank inventory, which is something we watch very closely, is still healthy and we feel like we have we're not wafer constrained at this point. As Mike talked about, to the extent that there are any capacity constraints, it's sort of mixed dependent and really back-end and specifically test.

Sri，首先，歡迎你。存貨季對季下降主要來自成品，因為我們出貨了約數百萬美元的成品以滿足需求，特別是在通路商（distributors）端。我們的晶圓與裸晶庫存（wafer and die bank inventory）——這是我們非常密切監控的項目——目前仍然健康，我們認為現階段並沒有晶圓受限（wafer constrained）。如Mike所說，如果有任何產能限制，會比較取決於產品組合，而且主要是在後段製程，特別是測試（test）。

And Derek, on the, I mean, I guess the input cost inflation that you talked about, would you say most of that is behind us now or do you still anticipate as you, I guess, to the extent you have visibility from your suppliers, is that an ongoing thing, I guess, for the next six to 12 months or are we mostly behind it?

Derek，另外關於你提到的投入成本通膨（input cost inflation），你會說大部分現在已經過去了嗎？還是你仍預期——就你從供應商那邊能看到的能見度而言——這會在未來6到12個月持續發生？還是我們基本上已經走過那段期間了？

Unfortunately, it's an ongoing thing, Sridhi, right? So just like many of our auto contracts begin on January 1, wafer supply contracts also begin on January 1, there's some increases there, many other contracts also begin around that January 1, time frame. Commodities have, I would say, started to level off but are up significantly over the last three years. Energy costs are certainly continuing to increase and people costs are continuing to increase. So that's why we're driving very aggressively on multiple fronts to mitigate those and improve gross margin.

不幸的是，Sridhi，這是一個持續進行的狀況，對吧？所以就像我們許多汽車合約在 1 月 1 日開始一樣，晶圓供應合約也在 1 月 1 日開始，那裡會有一些調漲；許多其他合約也大多在 1 月 1 日前後這個時間點開始。我會說，大宗商品已經開始趨於持平，但相較過去三年仍大幅上漲。能源成本確實持續增加，人力成本也持續增加。因此我們才會在多個面向非常積極地推動，以緩解這些影響並提升毛利率。

Got it. And then maybe one more for Mike, if I may. Mike, you mentioned the design win momentum on the humanoid side. Maybe talk about how much of your revenue today. Comes from the market and where do you see that going in the next 12 to 18 months? Thank you.

了解。然後如果可以的話，我可能再問 Mike 一個問題。Mike，你提到在人形機器人那邊的 design win 動能。也許談談你們目前的營收有多少。來自這個市場，以及你們認為未來 12 到 18 個月會如何發展？謝謝。

Thank you, Srini. Yeah, so last quarter, we said that in FY27, our factory automation and robotics revenue would be in a range of 3% to 4% of overall sales. And we did that for one clear reason because. When we look at the dollar content opportunity in humanoid robotics relative to the types of robots we sell into today, there's a huge multiple there. I think on the low end of that range, the multiple something like 3 times more content on the high end, you could say 10 times. And we wanted to tell folks that, hey, when you're talking about a multiplier of 3 times or 10 times on top of a business that's already 3% to 4% of revenue, this is a meaningful driver for the future growth rate of the company.

謝謝你，Srini。是的，所以上一季我們說過，在 FY27，我們的工廠自動化與機器人營收將占整體銷售的 3% 到 4% 區間。我們這麼做有一個很明確的原因，因為。當我們看人形機器人在美元內容量（dollar content）的機會，相較於我們目前供貨的各類機器人，倍數差距非常大。我想在該區間的低端，倍數大概是 3 倍的內容量；在高端，你可以說是 10 倍。我們想讓大家知道，嘿，當你談的是在一個已經占營收 3% 到 4% 的業務之上，再乘上 3 倍或 10 倍的乘數，這會是公司未來成長率一個很有意義的驅動因素。

And with each of these wins we talk about, it really is validating to us, and hence we want to share the validation with you, that when we say we have $150 of theoretical content at a humanoid, and you see these wins where we get. 60 ICs in a single robot in a single win, it's just validating that this should be a strong growth driver for Allegro in the coming years.

而且我們談到的每一個這類贏單，對我們來說都具有驗證意義，因此我們也想把這個驗證與你們分享：當我們說在人形機器人上有理論上 150 美元的內容量時，而你看到這些贏單中，我們在單一機器人、單一贏單就拿到。60 顆 IC，這正是在驗證：在未來幾年，這應該會成為 Allegro 強勁的成長驅動力。

Thank you.

謝謝。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hey guys, thanks for squeezing me in and congrats on the results. I want to follow-up on some previous comments about the 800 volt push out slowing your data center growth in the quarter. I mean, I'd always thought of your exposure primarily related to the, motor drivers to air cooling. I guess how much of your data center business today or over the next couple quarters would you expect to be driven by that 800 volt transition? Like how big of a variable is that? Thank you.

嗨，各位，謝謝讓我插進來，也恭喜這次的成果。我想追問一下先前關於 800 伏推遲（push out）在本季拖慢你們資料中心成長的評論。我的理解一直是你們的曝險主要與馬達驅動器、用於氣冷相關。我想問的是，你們目前的資料中心業務，或接下來幾季，你們預期有多少會由這個 800 伏轉換所驅動？這會是多大的變數？謝謝。

Yeah, thanks, Josh. It's Mike. So last quarter, again, we're not going to give this doubt every quarter, but we mentioned that of our total data center business, 22% was from current sensors. And we did that to point out that these current sensors, they're only being used more or less. And power supplies or power systems within the data center.

好的，謝謝，Josh。我是 Mike。所以上一季，再次說明，我們不會每一季都提供這個拆分，但我們提到在我們整體資料中心業務中，有 22% 來自電流感測器。我們這麼做是想指出，這些電流感測器的使用只會更多或至少不會更少。而且是在資料中心內的電源供應器或電力系統中使用。

And that's why we believe it's such a big growth driver. These sensors are useful at 400 volts. They're even more useful at 800 volts. So as we continue to take in more new wins into the business funnel, sure, some of them continue to be high voltage AC platforms, but we're starting to see an increasing number of 800 volt DC platforms, and in those first 800 volt. Programs, we're quite pleased with the amount of content we have there. And we just believe in general, the more power consumed in the data center, that's better, both for our fan drivers, but particularly for our current sensors.

這也是為什麼我們相信它是如此重要的成長驅動因素。這些感測器在 400 伏時就很有用。在 800 伏時更有用。因此，隨著我們持續把更多新的贏單納入業務漏斗，當然其中有些仍是高電壓 AC 平台，但我們開始看到越來越多的 800 伏 DC 平台；而在那些第一批 800 伏。專案中，我們對於我們在其中的內容量感到相當滿意。而且我們整體上相信，資料中心消耗的電力越多，對我們越有利：對我們的風扇驅動器有利，但尤其對我們的電流感測器更是如此。

Okay, that's super helpful context. Thank you, Mike. I guess on a similar topic, we've all seen the renewed optimism developed and sort of picked up even more recently on the server CPU side. Any help you can give us on how much of your data center business is tied to accelerated servers versus CPUs? Like, have you seen a meaningful uptick in the underlying air cooling business, or is that still on the com? Thank you.

好的，這個背景非常有幫助。謝謝你，Mike。我想在類似的主題上，我們都看到伺服器 CPU 端重新出現的樂觀情緒，而且最近似乎又更升溫。你們能否協助我們了解，你們的資料中心業務有多少是與加速型伺服器（accelerated servers）相連，多少是與 CPU 相連？例如，你們是否看到底層的氣冷業務有明顯回升，還是仍然在那個 com？謝謝。

Yeah, thanks, Josh. So maybe just at a higher level, we actually like seeing more CPUs for our FAN business because the trend is clearly that there'll be some, and maybe significant liquid cooling on the GPU side. So where is our fan growth going to come from? It's going to come from cooling CPUs, and then particularly the big uptick we're seeing is the cooling opportunity in power supplies where they don't have any intention to liquid cool most of those power supplies. So we like seeing the resurgence in CPUs. It's good for the fan business, and that's why we've said so many times over that despite a world of liquid cooling, we believe. Our FAN business will grow over time.

好的，謝謝，Josh。也許先從更高層次來說，我們其實樂見更多 CPU，因為這對我們的風扇（FAN）業務有利；因為趨勢很明顯，在 GPU 端會有一些、甚至可能是相當顯著的液冷。那我們的風扇成長會從哪裡來？會來自 CPU 的散熱，另外我們看到的更大增長點，是電源供應器的散熱機會，因為他們並沒有打算對大多數電源供應器採用液冷。所以我們樂見 CPU 的復甦。這對風扇業務是好事，也因此我們多次表示，即便在液冷的世界裡，我們仍然相信。我們的風扇（FAN）業務會隨時間成長。

Thanks, Mike.

謝謝你，Mike。

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

謝謝。目前我看到隊列中沒有其他問題。我現在想把電話交回給 Jolene 作結語。

Thank you, Victor. This concludes today's call. Thank you all for joining us and taking the time to join this call this morning. We look forward to seeing you at conferences over the coming weeks.

謝謝你，Victor。今天的電話會議到此結束。感謝各位今天早上加入我們並撥冗參與這通電話會議。我們期待在接下來幾週的各場會議上與各位見面。

Thank you for your participation in today's conference. This does include the program. You may now disconnect. Everyone have a great day.

感謝各位參與今天的會議。本節目到此結束。您現在可以掛線。祝各位有美好的一天。