Alpha and Omega Semiconductor Ltd (AOSL) 2024 Q3 法說會逐字稿

Good afternoon. Thank you for attending the Alpha and Omega Semiconductor Fiscal Quarter 3, 2024 earnings call. My name is Gemma, and I will be your moderator for today. (Operator Instructions) I would now like to turn the conference call back over to our host with Alpha and Omega. Please go ahead.

午安.感謝您參加 Alpha and Omega Semiconductor 2024 財年第三季財報電話會議。我叫 Gemma，今天我將擔任你們的主持人。（操作員指示）現在，我想將電話會議轉回給 Alpha 和 Omega 的主持人。請繼續。

Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 2024 third quarter financial results. I am Stephen Pelayo, Investor Relations representative for AOS. With me today are Stephen Chang, our CEO and Yifan Liang, our CFO. This call is being recorded and broadcast live over the web.

大家下午好，歡迎參加 Alpha and Omega Semiconductor 的電話會議，討論 2024 財年第三季的財務業績。我是 AOS 投資者關係代表 Stephen Pelayo。今天和我在一起的有我們的執行長 Stephen Chang 和我們的財務長 Yifan Liang。此次通話正在錄音並透過網路直播。

A replay will be available for seven days following the call via the link in the Investor Relations section of our website. Our call will proceed as follows today, Stephen will begin business updates, including strategic highlights and a detailed segment report. After that, Yifan will review the financial results and provide guidance for the June quarter. Finally, we will have a Q&A session.

電話會議結束後，可透過我們網站「投資者關係」部分的連結在七天內重播。我們今天的電話會議將按如下方式進行，史蒂芬將開始業務更新，包括策略性亮點和詳細的分部報告。此後，一帆將審查財務業績並為 6 月季度提供指導。最後，我們將進行問答環節。

The earnings release was distributed over the wire today, May 7, 2024 after the market closed. The release is also posted on the company's website. Our earnings release and this presentation include non-GAAP financial measures we use non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with GAAP measures.

該收益報告於今天（2024 年 5 月 7 日）市場收盤後透過電匯發布。新聞稿也發佈在該公司的網站上。我們的收益報告和本簡報包括非 GAAP 財務指標，我們使用非 GAAP 指標是因為我們相信它們提供了有關我們經營業績的有用信息，投資者應結合 GAAP 指標考慮這些資訊。

A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release. We remind you that during this conference call, we will make certain forward looking statements, including discussions of the business outlook and financial projections.

收益報告中包含了這些非 GAAP 指標與可比較 GAAP 指標的對帳。我們提醒您，在本次電話會議中，我們將做出某些前瞻性陳述，包括對業務前景和財務預測的討論。

These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause our actual results to differ materially. For a more detailed description of these risks and uncertainties, please refer to our report and subsequent filings with the SEC. We assume no obligations to update the information provided in today's call.

這些前瞻性陳述是基於管理階層目前的預期，涉及可能導致我們的實際結果大不相同的風險和不確定性。有關這些風險和不確定性的更詳細描述，請參閱我們的報告和隨後向美國證券交易委員會提交的文件。我們不承擔更新今天電話會議中提供的資訊的義務。

And now I'll turn the call over to our CEO, Stephen Chang. Stephen?

現在我將電話轉給我們的執行長 Stephen Chang。史蒂芬？

Thank you, Steve. Welcome to the Alpha and Omega fiscal Q3 earnings call. I will begin with a high-level overview of our results and then jump into segment details. We delivered fiscal Q3 with results in line with our guidance for revenue and gross margin. Revenue was $150.1 million non-GAAP gross margin was 25.2%.

謝謝你，史蒂夫。歡迎參加 Alpha 和 Omega 財政第三季財報電話會議。我將首先對我們的結果進行總體概述，然後再介紹各個部分的細節。我們第三季的財務表現符合我們的營收和毛利率預期。收入為 1.501 億美元，非 GAAP 毛利率為 25.2%。

Non-GAAP EPS was slightly better than expectation at a loss per share of $0.04. This quarter we saw seasonal declines in computing and smartphones and continued inventory corrections in gaming, quick chargers in solar.

非公認會計準則每股收益略優於預期，每股虧損 0.04 美元。本季度，我們看到計算和智慧型手機的季節性下滑以及遊戲和太陽能快速充電器的庫存持續調整。

Looking at a broader view of the overall semiconductor cycle, inventory corrections across the majority of our end markets are now approaching their conclusion, positioning us for a gradual rebound as we move forward into the rest of calendar year 2024, for example, the rate of decline in gaming and quick chargers slowed during the quarter, and we saw sequential growth in tablets, appliances and e-mobility. In addition, during the March quarter, we saw an increase in demand for newer applications such as graphics cards and AI applications.

從更廣泛的角度來看整個半導體週期，我們大多數終端市場的庫存調整現在已接近尾聲，隨著我們進入 2024 年剩餘時間，我們將迎來逐步反彈，例如，遊戲和快速充電器的下滑速度在本季度有所放緩，而我們看到平板電腦、家電和電動汽車的連續增長。此外，在 3 月季度，我們看到對顯示卡和 AI 應用程式等新應用程式的需求增加。

As we stated last quarter, we are approaching the recovery phase of the next cycle. While the exact trajectory is hard to predict, we are coming out of the downturn, an even stronger and more resilient company.

正如我們上個季度所說，我們正在接近下一個週期的復甦階段。雖然確切的軌跡很難預測，但我們正在走出低迷，成為一家更強大、更具韌性的公司。

Starting from the June quarter, we forecast a rebound in gaming and continued strength from tablets, graphics cards and AI. Looking beyond, we anticipate the second half of this year will be stronger than the first half as customers gear up for new product launches in smartphones as well as PCs.

從六月季度開始，我們預測遊戲市場將出現反彈，平板電腦、顯示卡和人工智慧也將持續保持強勁成長。展望未來，我們預計今年下半年的表現將比上半年更強勁，因為客戶正準備迎接智慧型手機和個人電腦的新產品的推出。

Looking beyond 2024 to the growth phase of the next cycle, AOS is transitioning from a component supplier to become a comprehensive solution provider, enabling us to go deeper with increasing bomb content and penetrating new products and verticals. We have built upon our core competencies of high-performance silicon, advanced packaging and intelligent ICs to expand our product offering.

展望2024年後的下一個週期的成長階段，AOS正在從零件供應商轉型為綜合解決方案供應商，使我們能夠更深入地增加炸彈含量並滲透到新產品和垂直領域。我們利用高性能矽片、先進封裝和智慧積體電路等核心競爭力來擴大我們的產品供應。

For example, we now have multi-phase controllers in addition to smart power stages to power not only competing Vcore, but also extending to graphics and AI data center applications for advanced computing. We also continue to leverage our core technology, IP and strengths in other applications such as battery, motor and power supply while investing in R&D into adjacent markets.

例如，現在我們除了智慧功率級之外還擁有多相控制器，不僅可以為競爭的 Vcor​​e 供電，還可以擴展到圖形和 AI 資料中心應用程式以實現高級運算。我們也將繼續利用我們的核心技術、智慧財產權和在電池、馬達和電源等其他應用方面的優勢，同時投資鄰近市場的研發。

With that, let me now cover our segment results and provide some guidance by segment for the next quarter.

現在，讓我介紹一下我們的分部業績，並為下一季的分部提供一些指導。

Starting with computing, March quarter revenue was up 80.4% year over year and down 4.3% sequentially and represented 45.8% of total revenue. These results were in line with our original expectation for a mid-single-digit decline sequentially due to seasonality and the impact of Chinese New Year. As mentioned before, sequential growth in graphics cards, tablets and AI accelerators helped partially offset the seasonal decline that was mostly for notebooks.

從計算開始，3 月季度營收年增 80.4%，季減 4.3%，佔總營收的 45.8%。這一結果符合我們最初的預期，即由於季節性和農曆新年的影響，銷售額將環比下降中等個位數。如前所述，顯示卡、平板電腦和人工智慧加速器的連續成長有助於部分抵消主要針對筆記型電腦的季節性下滑。

Looking forward into the June quarter, we expect the computing segment to grow mid to upper-single digits on continued strength in tablets, AI accelerators and graphics cards.

展望 6 月季度，我們預計，由於平板電腦、人工智慧加速器和顯示卡持續保持強勁成長，運算領域將實現中等至高個位數的成長。

Turning to the consumer segments, March quarter revenue was down 47.1% year over year, up slightly 0.3% sequentially and represented 15.7% of total revenue. The result exceeded our forecast for a low single-digit sequential decline driven by strength in home appliances and LCD TV.

轉向消費領域，3 月季度營收年減 47.1%，季減 0.3%，佔總營收的 15.7%。由於家用電器和液晶電視的強勁表現，這一業績超出了我們的預期，我們預計該公司的營收將出現低個位數的環比下滑。

The inventory correction in gaming continued in the March quarter, but as we suggested last quarter, we see opportunities to increase bomb content within the current console platform as part of a product refresh coming very soon. We also remain engaged in deep discussions for their next-generation model designs. For the June quarter, we forecast double-digit sequential growth in the consumer segment due to an end to the inventory correction in gaming, which is expected to drive a strong rebound.

遊戲庫存調整在三月季度繼續進行，但正如我們上個季度所建議的那樣，我們看到在當前控制台平台內增加炸彈內容的機會，作為即將推出的產品更新的一部分。我們也將繼續深入討論他們的下一代模型設計。對於 6 月季度，我們預測消費領域將實現兩位數的環比成長，因為遊戲領域的庫存調整將結束，預計這將推動強勁反彈。

Next, let's discuss the communications segment. Revenue in the March quarter was up 39.2% year over year and down 7.4% sequentially and represented 17.9% of total revenue. These results were below our expectations as continued strength in March quarter shipments to the Korea and China based smartphone OEMs were offset by a seasonal decline in shipments to the Tier 1 US smartphone customer, as well as a slowdown in networking.

接下來我們來討論一下通訊部分。3 月當季營收年增 39.2%，季減 7.4%，佔總營收的 17.9%。這些結果低於我們的預期，因為 3 月季度對韓國和中國智慧型手機 OEM 的出貨量持續強勁，但被對美國一級智慧型手機客戶的出貨量季節性下降以及網路放緩所抵消。

Looking ahead, we anticipate a strong sequential rebound in shipments to our Tier 1 US smartphone customer as they prepare for their fall launch. While we forecast a sequential decline from Korea and China OEMs, even with a sequential decline, our China OEM business remains strong and up significantly year over year.

展望未來，我們預計，隨著我們的美國一級智慧型手機客戶為秋季發表會做準備，其出貨量將出現強勁的環比反彈。雖然我們預測韓國和中國 OEM 業務將出現環比下滑，但即使環比下滑，我們的中國 OEM 業務依然保持強勁，且同比大幅增長。

Overall, we estimate the communications segment will be flat sequentially in the June quarter, which is notably higher year over year because of our bond content and market share increases. Now let's talk about our last segment, Power Supply and Industrial, which accounted for 16.5% of total revenue. March quarter revenue was down 6.5% year over year and down 29% sequentially.

總體而言，我們預計 6 月份通訊部門的業績將與上一季持平，但由於我們的債券內容和市場份額的增加，其業績將比去年同期顯著提高。現在讓我們來談談我們的最後一部分，電源和工業，佔總收入的 16.5％。3 月季度營收年減 6.5%，季減 29%。

These results were driven by a continued inventory correction in quick chargers following the peak season shipments to our Tier 1 US smartphone customer in the September quarter last year. And a sequential decline in AC-DC power supplies, power tools and solar. As mentioned last quarter, we saw strong sequential growth from the e-mobility segment, driven by deepening customer relationships for e-bikes and e-scooters.

這項業績是由於去年九月季度對我們美國一級智慧型手機客戶的出貨旺季之後快速充電器庫存持續調整。交流-直流電源、電動工具和太陽能則持續下滑。正如上個季度所提到的，我們看到電動交通領域實現了強勁的環比增長，這得益於電動自行車和電動踏板車客戶關係的不斷加深。

For the June quarter, we expect the segment to increase mid to upper single digits sequentially, mainly due to the end of the inventory correction in quick chargers and continued strength in e-mobility.

對於 6 月季度，我們預計該部門的銷售額將環比成長中高個位數，這主要歸功於快速充電器庫存調整的結束和電動車市場的持續強勁成長。

In closing, we delivered fiscal Q3 in line with our expectations. Over the past year or so, we have experienced rolling inventory corrections in nearly every one of our end markets. We believe the bulk of the adjustments are now behind us. Seasonality is starting to return as we prepare for PC and smartphone launches in the fall.

最後，我們第三季的財務表現符合我們的預期。在過去一年左右的時間裡，我們幾乎在每個終端市場都經歷了滾動的庫存調整。我們相信，大部分調整已經過去了。隨著我們為秋季推出個人電腦和智慧型手機做準備，季節性開始回歸。

Looking into the next cycle, we are poised for growth bolstered by advanced technology, a diversified product portfolio, addressing a broadening array of end markets and a premier customer base across all business lines. Our management underpins key trends such as AI, digitalization, connectivity and electrification, especially as we move towards a sustainable, low-carbon society.

展望下一個週期，我們已準備好透過先進的技術、多樣化的產品組合、不斷擴大的終端市場和跨所有業務線的優質客戶群來實現成長。我們的管理支援人工智慧、數位化、連結性和電氣化等關鍵趨勢，特別是在我們邁向永續的低碳社會時。

We're steadfast in executing our technology roadmap, customers increasingly view us as a total solutions provider, allowing us to capture a greater portion of the bill of materials and ultimately supporting growth that outpaces industry over the long run. With that, I will now turn the call over to Yifan for a discussion of our fiscal third quarter financial results and our outlook for the next quarter. Yifan?

我們堅定不移地執行我們的技術路線圖，客戶越來越多地將我們視為整體解決方案提供商，這使我們能夠獲取更大份額的物料清單，並最終支持長期超過行業的成長。現在，我將把電話轉給一帆，討論我們第三季的財務表現以及我們對下一季的展望。一帆？

Thank you, Stephen. Good afternoon, everyone, and thank you for joining us. Revenue for the quarter was $115.1 million, up 13.2% year over year, down 9.2% sequentially. While March quarter is historically our seasonally lowest revenue quarter due to the cyclicality of consumer spending, the year over year growth indicated the strength of our recovery from the inventory correction.

謝謝你，史蒂芬。大家下午好，感謝大家的參與。本季營收為 1.151 億美元，年增 13.2%，季減 9.2%。雖然由於消費者支出的周期性，三月季度歷來是我們季節性收入最低的季度，但同比增長表明我們從庫存調整中復甦的強勁勢頭。

In terms of product mix, DMOS revenue was $93.8 million, up 15.9% over last year and down 13.8% sequentially. Power IC revenue was $50 million, up 5.4% from a year ago and down 0.6% from the prior quarter, while assembly service and other revenue was $1.2 million as compared to $0.6 million for the same quarter last year and $0.7 billion last quarter.

從產品結構來看，DMOS 營收為 9,380 萬美元，較去年同期成長 15.9%，較上一季下降 13.8%。電源 IC 營收為 5 千萬美元，比去年同期成長 5.4%，較上一季下降 0.6%；組裝服務及其他營收為 120 萬美元，比去年同期 60 萬美元、上季 7 億美元。

License and engineering service revenue was $5.1 million for the quarter versus $5.5 million in the prior quarter and $3.6 million for the same quarter a year ago. Non-GAAP gross margin was 25.2% compared to 25.1% a year ago and 28% last quarter. So quarter-over-quarter decrease was mainly driven by lower utilization and ASP erosion, partially offset by better mix.

本季授權和工程服務收入為 510 萬美元，而上一季為 550 萬美元，去年同期為 360 萬美元。非公認會計準則毛利率為 25.2%，去年同期為 25.1%，上季為 28%。因此，季度環比下降主要是由於利用率下降和平均售價下降，但被更好的產品組合部分抵消。

Non-GAAP operating expenses were $38.9 million compared to $36.2 million last year and $37.9 million for the prior quarter. Quarter-over-quarter increase was primarily due to higher payroll tax expenses given the start of a new calendar year, Non-GAAP quarterly EPS was a loss of $0.04 compared to a loss of $0.21 a year ago and $0.24 earnings per share last quarter.

非公認會計準則營業費用為 3,890 萬美元，而去年同期為 3,620 萬美元，上一季為 3,790 萬美元。環比增長主要由於新日曆年開始導致工資稅支出增加，非公認會計準則季度每股收益虧損 0.04 美元，而去年同期每股虧損 0.21 美元，上季度每股收益為 0.24 美元。

Moving on to cash flow. Operating cash flow was $28.2 million, including $9.9 million of repayment of customer deposits. By comparison, operating cash flow was $11.6 million last year and negative $23.5 million in the prior quarter, we expect to refund about $4.5 million customer deposits in the June quarter.

繼續討論現金流。經營現金流為 2,820 萬美元，其中包括 990 萬美元的償還客戶存款。相較之下，去年的營運現金流為 1,160 萬美元，上一季為負 2,350 萬美元，我們預計 6 月季度將退還約 450 萬美元的客戶押金。

We also repurchased 287,000 shares of employee restricted stock units, vested during the quarter for $6.7 million. EBITDA for the quarter was $11.6 million compared to $6.5 million for the same quarter a year ago. And $20.7 million for last quarter.

我們也回購了 287,000 股員工限制性股票單位，本季已歸屬該等股票，回購金額為 670 萬美元。本季的 EBITDA 為 1,160 萬美元，去年同期為 650 萬美元。上個季度的營收為 2,070 萬美元。

Now let me turn to our balance sheet. We completed the March quarter with a cash balance of $174.4 million compared to $162.3 million at the end of last quarter. Net trade receivables decreased by $18.7 million sequentially. Days sales outstanding was 15 days for the quarter compared to 18 days for the prior quarter.

現在讓我來看看我們的資產負債表。我們三月季度的現金餘額為 1.744 億美元，而上一季末的現金餘額為 1.623 億美元。淨應收貿易款季減 1,870 萬美元。本季應收帳款週轉天數為 15 天，上一季為 18 天。

Net inventory increased by $6.4 million quarter over quarter. Average days in inventory were 153 days compared to 141 days in the March quarter.

淨庫存比上一季增加了 640 萬美元。平均庫存天數為 153 天，而三月季度為 141 天。

CapEx for the quarter was $7.4 million compared to $9.1 million for the prior quarter. We expect CapEx for the full quarter to range from $6 million to $8 million.

本季的資本支出為 740 萬美元，而上一季的資本支出為 910 萬美元。我們預計整個季度的資本支出將在 600 萬美元至 800 萬美元之間。

Now I would like to discuss June quarter guidance. We expect revenue to be approximately $160 million plus or minus $10 million, GAAP gross margin to be 24.7% plus or minus 1%. We anticipate the non-GAAP gross margin to be 26.3%, plus or minus 1%. GAAP operating expenses to be in the range of $47.9 million, plus or minus $1 million. Non-GAAP operating expenses are expected to be in the range of $39.5 million, plus or minus $1 million. Net interest expense to be approximately $0.5 million and income tax expense to be approximately $0.9 million.

現在我想討論一下六月季度的指導。我們預計收入約 1.6 億美元，上下浮動 1,000 萬美元，GAAP 毛利率為 24.7% ，上下浮動 1%。我們預期非 GAAP 毛利率為 26.3%，上下浮動 1%。根據 GAAP，營業費用將在 4,790 萬美元左右，上下浮動 100 萬美元。非 GAAP 營業費用預計在 3,950 萬美元左右，上下浮動 100 萬美元。淨利息支出約 50 萬美元，所得稅支出約 90 萬美元。

With that, I will open the call for questions. Operator, start the Q&A session.

現在，我將開始回答大家的提問。接線生，開始問答環節。

Time, we will begin a question-and-answer session. (Operator Instructions)

時間到了，我們將開始問答環節。（操作員指令）

David Williams, Benchmark. David, your line is open.

大衛威廉斯，基準。大衛，你的線路暢通了。

Thanks. Good afternoon and thank you for taking my question and congrats on the return to growth here. And it sounds like you guys are a lot more positive than we've heard in some time. So that's great to hear. I guess, Steven, just one of the first things I wanted to ask was on the smartphone on the handsets there you talked about that being a little bit better or strength Q-to-Q.

謝謝。下午好，感謝您回答我的問題，並祝賀我們恢復成長。聽起來你們比我們之前聽到的要積極得多。我很高興聽到這個消息。我想，史蒂文，我首先想問的一件事就是關於智慧型手機，您談到它的環比增長或強度是否有所提高。

Is that when you would typically begin to see that order pull in for those flagship launches? And how do you think that compares relative to prior years. Do you think you're seeing any changes in those order patterns or would you describe it maybe as typical?

在那個時候您是否通常會開始看到那些旗艦產品的訂單增加？您認為與前幾年相比情況如何？您是否認為這些訂單模式發生了任何變化，或者您認為這可能是典型的變化？

Certainly we've commented on smartphones is doing better than normal seasonality in a typical year. We would usually see the March quarter as a low season for smartphones, kind of opposite of the fall launches that we normally prepare for. And this year, actually, we saw strength in the in the March quarter is not generally it is still not -- it still dropped a little bit compared to the December quarter, but actually still at a very high level.

當然，我們已經評論過智慧型手機的表現比典型年份的正常季節性要好。我們通常將三月季度視為智慧型手機的淡季，與我們通常準備的秋季發表會相反。實際上，今年 3 月季度的強勁表現並不普遍，與 12 月季度相比仍有所下降，但實際上仍處於非常高的水平。

And I think the key difference for that is actually the strength in the China market, especially particularly in the premium phones. And that has all helped to offset some of this the normal seasonality we see in the other phone makers.

我認為，關鍵的差異實際上在於中國市場的實力，尤其是高階手機。這一切都有助於抵消我們在其他手機製造商身上看到的一些正常季節性現象。

Okay, And as a matter, are you able to ship into Huawei on any products there or are they still not a customer?

好的，那麼問題來了，您可以將任何產品運送到華為嗎？

Yeah, right now we do not ship to Huawei.

是的，目前我們不出貨到華為。

Okay, perfect. Thanks. That's great. And then just noticed there were sort of story. You guys, you talked a little bit about some of the new products, but it seems like you put out quite a few especially on the compute side, I am just wondering if you can kind of help us maybe quantify the magnitude of what these new products kind of bring into that compute markets and how that can help you grow that content relative to what you've discussed in the past on just combat CPU upgrade or generational change, but how much additional content do you think you can capture from the new products that you're releasing into that market?

好的，完美。謝謝。那太棒了。然後我就注意到有這樣一個故事。你們，你們談到了一些新產品，但似乎你們推出了不少產品，特別是在計算方面，我只是想知道你是否可以幫助我們量化這些新產品給計算市場帶來的影響，以及這如何幫助你擴大內容相對於你過去討論過的對抗 CPU 升級或世代變化的內容，但你認為你可以從你向該市場發布額外的新產品中獲得多少額外內容？

Sure. So there's actually quite a bit going on in the computing space in the normal computing and I would say is the client computing side. We are expanding our bond content, thereby by going after total solutions for not only going after that and the either the power stages. And we're also introducing the multi-phase controllers in order just to sell a total solution into the powering the study core solutions. So with that, we are seeing bond content and grow.

當然。因此，在正常計算領域中實際上發生了很多事情，我想說的是客戶端計算方面。我們正在擴大我們的債券內容，從而追求全面的解決方案，而不僅僅是追求這一點以及功率階段。我們也推出了多相控制器，以便為研究核心解決方案提供整體解決方案。因此，我們看到債券內容正在成長。

We used to be in the $2 range is going into the $3 range. And depending upon the configuration can push higher than that, but that's helping us in general because with the latest power maps not being used that the that the CPUs are being used and being used, we're seeing more on driving losses, more phases, which basically means more content for us going into powering the CPU.

我們以前的價格在 2 美元左右，現在將上升到 3 美元左右。並且根據配置可以推得更高，但這總體上對我們有幫助，因為最新的電源圖未被使用，而 CPU 正在被使用和使用，我們看到更多的驅動損耗，更多的階段，這基本上意味著我們有更多的內容用於為 CPU 供電。

Now so that's what's going on the client side. The other thing that we're seeing in general is that we are expanding more not only from the client PC side, but also going into advanced computing. And you guys and we've been hearing about our success in general into the graphics market, we are seeing a return to growth for the graphics side.

這就是客戶端發生的情況。我們總體上看到的另一件事是，我們不僅在客戶端 PC 方面進行進一步擴展，而且還在進入高階運算領域。大家好，我們一直聽說我們在圖形市場取得了普遍的成功，我們看到圖形方面正在恢復成長。

And we sort of be we feel more confident that the inventory correction there is behind us and we are seeing growth specifically for the graphics side and the graphics we've been in there since sooner or rather more significantly ever since the year 2000. So it's good to see that market coming back for us.

而且我們更有信心，庫存調整已經過去，我們看到圖形方面的成長，圖形方面我們早在 2000 年就已進入這一領域，或者說更為顯著。因此我們很高興看到市場復甦。

And the other newer area that would say that's in the computing space is AI and over there, which are going to get some business because of our success in graphics cards. I know that one of our customers is basically using a similar solution in their AI accelerators. So we're still seeing some contribution coming there and going into AI accelerators.

計算領域的另一個較新的領域是人工智慧，由於我們在顯示卡方面的成功，該領域將獲得一些業務。我知道我們的一個客戶基本上在他們的 AI 加速器中使用了類似的解決方案。因此，我們仍然看到一些貢獻進入人工智慧加速器。

Lots of great color there. Certainly appreciate that. And it's good to hear the progress. I guess maybe lastly, for me here is just on the home appliances. You've talked about there being a greenfield opportunity, still relatively underpenetrated, but you've got the new products and it sounds like that market is performing a little bit better.

那裡有很多美麗的色彩。我當然很感激。我很高興聽到這個進展。我想也許最後，對我來說這裡只是關於家用電器。您曾談到，這是一個尚未成熟的機會，儘管滲透率仍然相對較低，但您推出了新產品，而且聽起來這個市場的表現要好一些。

Just wondering how you're seeing that appliance market, maybe not just the short term, but the longer term, how much share do you have there and maybe what impact can be in terms of total opportunity for you in from a revenue standpoint as you look out the next maybe 12 to 18 months? Thank you.

只是想知道您如何看待家電市場，可能不僅僅是短期的，而是長期的，您在其中佔有多少份額，以及從收入的角度來看，在未來 12 到 18 個月內，這對您的整體機會有何影響？謝謝。

Sure. Home Appliances is definitely one of our target and applications. We've been addressing this with our IGBT as well as our modules based on those IGBTs and going after the compressor motors and refrigerators going after the drum motors used inside washing machines and dryers. And we -- this is a great market for us and we are just starting in this space. Overall, this is like a $2 billion market where we have somewhere around like 1% market share.

當然。家用電器絕對是我們的目標和應用之一。我們一直在利用我們的 IGBT 以及基於這些 IGBT 的模組來解決這個問題，並且追逐壓縮機馬達和冰箱，追逐洗衣機和烘乾機內使用的滾筒馬達。這對我們來說是一個巨大的市場，而我們才剛進入這個領域。總的來說，這是一個價值 20 億美元的市場，我們的市佔率約為 1%。

So there's quite a bit for us to be able to do more in this space. Right now, we are trying to catch on to the general trend towards inverter motors being used to power those motors used inside those home appliances, right now, there are some headwinds generally in the end market just because it is tied to the overall global housing market. But yes, we do see some strength, at least in the next quarter or so. We hope that this trend can continue going forward. It is an important end market for us, and we continue to invest in this space. Thank you for the time.

因此，我們在這個領域還有很多事情要做。目前，我們正試圖趕上變頻馬達為家用電器內部使用的馬達提供動力的總體趨勢，目前，終端市場普遍存在一些阻力，因為它與全球整體房地產市場息息相關。但是，是的，我們確實看到了一些實力，至少在下個季度左右。我們希望這一趨勢能夠持續下去。對我們來說這是一個重要的終端市場，我們將繼續在這個領域進行投資。感謝您抽出時間。

Thank you, David.

謝謝你，大衛。

Craig Ellis, B. Riley Securities.

艾利斯 (Craig Ellis)，B. Riley Securities。

Yeah, thank you for taking the question and congratulations on getting through the cycles truck, guys. I wanted to just start with a follow-up on a point that was made in prepared remarks. I think by you, Steven, regarding share and content gain that is occurring across really all of your end markets. And the question is this as we look at what's happening in, for example, the content gain in PCs with dollar content going from $2 to $3 in some systems or with share gain that you might have in the communications end market can you rank on which end markets would benefit the most this year from those company-specific gains down to the lease benefit?

是的，謝謝您回答這個問題，並祝賀你們通過了自行車卡車。我想先跟進一下在準備好的發言中提出的觀點。史蒂文，我認為關於份額和內容的成長實際上發生在你們所有的終端市場。問題是，當我們觀察正在發生的事情時，例如，個人電腦的內容收益在某些系統中從 2 美元增加到 3 美元，或者您在通訊終端市場可能獲得的份額增加，您能否對哪些終端市場今年將從這些公司特定收益到租賃收益中受益最多進行排名？

How do we think about the relative contribution of that as we think about what's going on in the business this year? That's the first question.

當我們思考今年的業務進展時，我們如何看待它的相對貢獻？這是第一個問題。

Sure. I would say if you ask more generally, I say of the smartphone impact is probably the bigger one and talking about the short term because, when we mentioned the strength in the China phones. But as regarding the bond content increase, our products are doing particularly well in the higher end phones. And one of the general trends there is actually moving towards higher charging power.

當然。我想說，如果你更籠統地問，我會說智慧型手機的影響可能是更大的，而且談論的是短期影響，因為當我們提到中國手機的優勢時。但隨著債券含量的增加，我們的產品在高階手機中表現尤為出色。而其中一個整體趨勢其實是朝著更高的充電功率發展。

Basically at the end customer wants to be able to charge their phone much faster. Therefore, we have to push more power through our devices to charge a battery or to operate the phone. So that is increasing the performance and the bomb content for power in those applications.

基本上，最終客戶希望能夠更快地為手機充電。因此，我們必須透過設備提供更多的電力來為電池充電或操作手機。因此這將提高這些應用中的性能和炸彈容量。

So both the gaining share overall, and we also continued to do well in the US Tier 1 phone maker as well too, in terms of having a solid share there. So both share gain as well as bond content increases are playing well there.

因此，我們不僅整體份額不斷增加，而且在美國一級手機製造商中也繼續表現良好，並保持了穩固的份額。因此，股價上漲和債券內容增加都表現良好。

On the PC side, we talked about the general BOM expansion is contributing there. We are starting to see more IC content going in there in general, but the same time, the PC market is still not out of the downcycle yet. It's going to take a little bit longer to get there. But we are being better positioned with it with more content addressing the PC. But in the meantime, we're also expanding diversifying within computing to get into more on the graphics side, as well as the AI portion.

在 PC 方面，我們討論了一般的 BOM 擴充對其的貢獻。總體而言，我們開始看到更多 IC 內容進入其中，但同時，PC 市場仍未走出下行週期。到達那裡還需要一點時間。但由於更多內容針對 PC，因此我們的定位更佳。但同時，我們也在擴大計算領域的多樣化，以便更多地涉足圖形方面以及人工智慧部分。

That's helpful, Stephen. And then the follow-up question is really two-fold. First, very specifically the PCs, if Intel is on track to ship $40 million Meteor Lake units this year in the back half for their target. And then I think it's $60 million next year. Is that where you're giving some content gain and is are we seeing some of that in the guidance for fiscal 4Q?

這很有幫助，史蒂芬。那麼後續的問題其實是雙重的。首先，非常具體地說，對於個人電腦而言，英特爾是否能在今年下半年實現 4000 萬美元的 Meteor Lake 晶片出貨量的目標。我認為明年這個數字將會是 6,000 萬美元。這就是您所給予的內容增益嗎？

And then the broader question beyond just compute, I think three months ago when you talked about midyear in the second half of the year, you saw the potential for there to be a seasonal rise in the business. It looks like we're starting to see that. Can you just talk about how your expectation for the back half of the year or the fiscal first half of '25 has changed in the last three months. What's gotten better and has anything tick lower? Thank you.

然後是更廣泛的問題，不僅僅是計算，我想三個月前，當您談到今年下半年的年中時，您看到了業務出現季節性增長的潛力。看起來我們開始看到這一點了。您能否談談您對今年下半年或 2025 財年上半年的預期在過去三個月中發生了怎樣的變化？哪些情況變得更好了？謝謝。

Sure. Regarding PCs, in calendar -- in the first half calendar versus second half calendar year, we do think that the second half will be stronger than the first half, but it's hard to see how strong it will be going beyond the peak season in September. We do believe that the seasonal patterns are already coming back, but we're hesitating to call it a full recovery of we'll know better once where we're into that second half in terms of how weather will persist going into this December quarter.

當然。就個人電腦而言，從日曆上看——與日曆年下半年相比，我們確實認為下半年將比上半年更加強勁，但很難看出在 9 月份旺季之後其表現會有多強勁。我們確實相信季節性模式已經回歸，但我們不願意稱之為全面復甦，因為一旦進入下半年，我們就會更清楚天氣將如何持續到 12 月季度。

Overall, I think we think it will probably take a little longer to get to the full recovery for PCs. I think an Intel transition to Meteor Lake will help. We are hoping that some of these new platforms in general from the OEMs will also start to to trigger more end demand for PCs. But overall, yeah, we are expecting to see PCs be stronger going into the September quarter, but we're going to be careful watching out for that.

總的來說，我認為個人電腦可能還需要更長的時間才能完全復甦。我認為英特爾向 Meteor Lake 的過渡將會有所幫助。我們希望，來自 OEM 的一些新平台也將開始引發對 PC 的更多終端需求。但總體而言，是的，我們預計個人電腦在 9 月季度的表現會更加強勁，但我們會謹慎關注這一點。

Yeah, and if I could, just lastly, one for you, Yifan, nice to see gross margins and performing a little bit better than at least our model.

是的，如果可以的話，最後一個問題想問您，一帆，很高興看到毛利率和業績至少比我們的模型好一點。

My question is this is as you look beyond June, what are some of the bigger gives and takes that we should be aware of for gross margin and really the pace of expansion and what do you need to see to be confident that gross margins can move back to that 30% level and then at some point higher? Thank you.

我的問題是，展望六月之後，我們應該注意毛利率和擴張速度方面的哪些較大利弊，以及您需要看到什麼才能確信毛利率可以回到 30％ 的水平，然後在某個點更高？謝謝。

Sure. Yeah, as we guided for the June quarter and then I mean, we do expect to see some gross margin pickup there, beyond that and then there are many factors and that could affect them gross margin? I mean utilization will be the one and also product mix and overall ASP environment [sold]. At this point and I mean, we still think and our midterm target model and that when we reached it $1 billion in revenue, we expect to get to that 30% gross margin on a non-GAAP basis that level.

當然。是的，正如我們對 6 月季度的預期一樣，我們確實預計毛利率會有所回升，除此之外，還有許多因素可能會影響他們的毛利率？我的意思是利用率將是其中之一，也是產品組合和整體 ASP 環境[賣]。此時，我的意思是，我們仍然認為，我們的中期目標模型是，當我們的收入達到 10 億美元時，我們預計在非 GAAP 基礎上達到 30% 的毛利率。

Got it. Thanks, guys. I'll hop back in the queue.

知道了。謝謝大家。我將重新回到隊列中。

Jeremy Kwan, Stifel Nicholas & Co.

Jeremy Kwan，Stifel Nicholas & Co.

Yeah, thank you. And I guess maybe a follow-up on the gross margin question. Yifan mentioned at the $1 billion mark, 30% gross margin. Can you help us bridge that gap? I guess from now to there. How much do you see coming from revenue absorption and how much from the better mix and maybe how price how you see the pricing environment factoring into that forecast. Thank you.

是的，謝謝。我想這也許是關於毛利率問題的後續問題。一帆提到，在10億美元規模內，毛利率為30%。你能幫我們彌補這個差距嗎？我猜從現在到那裡。您認為其中有多少來自收入吸收，有多少來自更好的組合，以及您認為定價環境如何影響到該預測。謝謝。

Sure. I mean, when we get to the $1 billion level we expected most of the gross margin improvement would come from a product mix so that, by reaching $1 billion in our product mix. And I would expect that we have quite a bit of improvement in terms of on Power IC products and some higher sockets products even in the MOSAID businesses.

當然。我的意思是，當我們達到 10 億美元的水平時，我們預計大部分毛利率的成長將來自產品組合，因此，我們的產品組合將達到 10 億美元。我希望我們在電源 IC 產品和一些更高插座產品方面甚至在 MOSAID 業務方面都有相當大的改進。

So overall, I would expect majority of the gross margin improvement comes from a product mix. And I would say in an ASC environment, would be returned to normal, and I mean right now is a little bit I would characterize as a little bit worse than normal since we are still in the inventory correction mode.

所以總的來說，我預期大部分毛利率的成長來自於產品組合。我想說，在 ASC 環境中，情況將恢復正常，我的意思是現在的情況有點比正常情況更糟糕，因為我們仍處於庫存調整模式。

And just as a reminder, the normal environment is that mid to high single-digit declines. And right now it's maybe high single digits scheme help us quantify that a little bit more in terms of the pricing environment?

需要提醒的是，正常環境是中高個位數下降。現在也許高個位數方案可以幫助我們在定價環境方面進一步量化這一點？

Yeah. I mean, typically that would be in the mid to high single-digit decline and the higher right now is more on the annual basis trending toward the high single digits.

是的。我的意思是，通常這將是中高個位數的下降，而現在更高的水平是按年率計算，趨向於高個位數。

Great, I guess in terms of the competitive landscape, I think you mentioned before seeing more competition at the low end. Has that changed appreciably in the last three months and yeah, any more clarity on that you can provide for us on in terms of, how much of your portfolio it affects, that would be very helpful.

太好了，我想就競爭格局而言，您之前提到過低端市場的競爭更加激烈。在過去三個月裡，這種情況有顯著變化嗎？

I mean, in the past three months, and I don't see a whole lot of changes in terms of a product mix and as we mentioned and in certain application end markets, yes, we do see some improvements, for example, in the smartphone, in the graphic cards in those areas.

我的意思是，在過去三個月裡，我沒有看到產品組合方面發生太多變化，正如我們所提到的，在某些應用終端市場，是的，我們確實看到了一些改進，例如在智慧型手機、這些領域的顯示卡方面。

Got it. And one final question, just going back to gaming for the recovery in the June quarter, is there -- do you have a sense of how much of that is coming from inventory headwinds going away and maybe even restocking and how much of it is coming from the higher BOM content you have and one final question on that. I know it's a little early for the next gen, but do you also anticipate like a step function but increase over this mid-cycle refresh platform into the BOM content, any more details on that would be helpful. Thank you.

知道了。最後一個問題，回到 6 月季度的遊戲復甦問題，您是否知道其中有多少來自庫存阻力消失甚至補貨，有多少來自您擁有的更高 BOM 內容，最後一個問題。我知道對於下一代產品來說還為時過早，但您是否也預期會有一個階梯式功能，但會在這個中期週期刷新平台中增加 BOM 內容，關於這方面的更多細節將會很有幫助。謝謝。

Sure, Jeremy. Yeah, for the gaming consoles, or was it just a reminder that we are -- they are in about your four or five of their about seven year life cycle. And so that's where the inventory correction is coming from as they are entering the second half of that lifecycle.

當然，傑里米。是的，對於遊戲機來說，或者這只是一個提醒——它們大約處於七年生命週期中的四到五年。當庫存進入生命週期的後半段時，庫存調整就開始了。

So we are happy and encouraged to see the orders coming back and going into the June quarter end, I don't have a hard number, but maybe roughly half-half of it is we are definitely seeing the return of orders for existing parts that's in the BOM, and we're also seeing a ramp up for the derivative product that they're bringing out towards the end of this year as well too.

因此，我們很高興和鼓舞地看到訂單在 6 月底回升，我沒有一個確切的數字，但可能大約有一半是我們肯定看到了 BOM 中現有零件的訂單回升，而且我們也看到他們在今年年底推出的衍生產品的數量也在增加。

So both are making impact and helping to see for that subsegment to grow.

因此，兩者都產生了影響並有助於該細分市場的成長。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you, Jeremy. At this time, there are no other questions registered in queue. (Operator Instructions)

謝謝你，傑瑞米。目前，隊列中沒有註冊其他問題。（操作員指令）

There are no questions registered in queue. So at this time, I'd like to pass the conference call back over to our management team for any closing remarks.

隊列中沒有登記問題。因此，現在，我想將電話會議轉回給我們的管理團隊，以便他們發表結束語。

Okay, hi, it's Steven Pelayo. Before we conclude, I'd like to briefly mention two upcoming events. Management team will be participating in and will be available for one-on-one meetings at the B. Riley 24th Annual Institutional Investor Conference on May 22, in Beverly Hills and the Stifel 2024 Cross Sector Insight Conference on June 5, in Boston.

好的，嗨，我是史蒂文·佩拉約。在我們結束之前，我想簡單提一下即將發生的兩件事。管理團隊將參加 5 月 22 日在比佛利山莊舉行的 B. Riley 第 24 屆年度機構投資者會議以及 6 月 5 日在波士頓舉行的 Stifel 2024 跨行業洞察會議，並將進行一對一會談。

If you wish to request a meeting, please contact institutional sales representative at each of the sponsoring banks.

如果您希望要求會面，請聯絡每家贊助銀行的機構銷售代表。

This concludes our earnings call today. Thank you for your interest in AOS, and we look forward to talking to you again next quarter.

今天的收益電話會議到此結束。感謝您對 AOS 的關注，我們期待下個季度再次與您交談。

Thank you.

謝謝。

That concludes our Alpha and Omega Semiconductor fiscal quarter three 2024 earnings call. Thank you for your participation and enjoy the rest of your day.

這就是我們 Alpha 和 Omega Semiconductor 2024 財年第三季財報電話會議的成果。感謝您的參與並祝您有個愉快的一天。