Alpha and Omega Semiconductor Ltd (AOSL) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining today's Alpha and Omega Semiconductor fiscal Q4 and fiscal year 2024 earnings call. My name is Tia and I will be your moderator for today's call. (Operator Instructions)

女士們、先生們，午安。感謝您參加今天的 Alpha and Omega Semiconductor 第四季和 2024 財年財報電話會議。我叫蒂亞，我將擔任今天電話會議的主持人。（操作員說明）

I would now like to pass the call over to your host, Steven Pelayo, with The Blueshirt Group. Please proceed.

我現在想將電話轉接給您的主持人，Blueshirt Group 的史蒂文·佩拉約 (Steven Pelayo)。請繼續。

Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor’s conference call to discuss fiscal 2024 fourth quarter and annual financial results. I am Steven 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. A replay will be available for seven days following the call via the link in the Investor Relations section of our website.

大家下午好，歡迎參加 Alpha and Omega Semiconductor 的電話會議，討論 2024 財年第四季和年度財務業績。我是 AOS 投資者關係代表 Steven Pelayo。今天和我在一起的有我們的執行長 Stephen Chang；和我們的財務長梁一凡。這次通話正在錄製並透過網路直播。電話會議後 7 天內可透過我們網站投資者關係部分的連結進行重播。

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 September quarter. Finally, we will have the Q&A session.

今天我們的電話會議將進行如下。史蒂芬將開始更新業務，包括策略要點和詳細的分部報告。此後，一帆將審查財務業績並為九月季度提供指導。最後，我們將進行問答環節。

The earnings release was distributed over the wire today, August 7, 2024, after the market close. 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 the GAAP measures. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release.

該財報於今天（2024 年 8 月 7 日）收盤後透過網路發布。新聞稿也發佈在該公司的網站上。我們的收益發布和本簡報包括非公認會計準則財務指標。我們使用非公認會計準則衡量標準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，投資者應將這些信息與公認會計準則衡量標準結合起來考慮。這些非公認會計準則衡量標準與可比較公認會計準則衡量標準的調節表包含在收益發布中。

We remind you that during this conference call, we will make certain forward-looking statements, including discussions of the business outlook and financial projections. 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 recent and subsequent filings with the SEC. We assume no obligations to update the information provided in today's call.

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。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出現重大差異的風險和不確定性。有關這些風險和不確定性的更詳細描述，請參閱我們最近和隨後向 SEC 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。

Now, I’ll turn the call over to our CEO, Stephen Chang. Stephen?

現在，我將把電話轉給我們的執行長 Stephen Chang。史蒂芬？

Thank you, Steve. Welcome to Alpha and Omega’s fiscal Q4 earnings call. I will begin with a high-level overview of our results and then jump into segment details. We delivered fiscal Q4 results in line with our guidance for revenue and gross margin. Revenue was $161.3 million, non-GAAP gross margin was 26.4%. Non-GAAP EPS was $0.09.

謝謝你，史蒂夫。歡迎參加 Alpha 和 Omega 第四季財報電話會議。我將從對我們的結果的高級概述開始，然後跳入細分細節。我們交付的第四季業績符合我們的營收和毛利率指引。收入為 1.613 億美元，非 GAAP 毛利率為 26.4%。非 GAAP 每股收益為 0.09 美元。

As we mentioned last quarter, inventory corrections across the majority of our end markets are now largely behind us, and seasonality is returning to more normalized trends. While visibility on the slope of the recovery is limited, the increasing breadth of demand is encouraging.

正如我們上季度所提到的，我們大多數終端市場的庫存調整現在基本上已經過去，季節性正在恢復到更正常化的趨勢。儘管復甦的前景有限，但需求範圍的擴大令人鼓舞。

For the June quarter, we saw sequential growth in each of our major segments with relative strength coming from tablets, AI, graphics cards in our computing segment; gaming and home appliances within consumer; e-mobility, DC motors and quick chargers in the industrial segment; and a regional shift towards a Tier 1 US smartphone customer within communications. The PC segment, however, is taking longer to recover than originally expected.

在六月季度，我們看到每個主要細分市場都較上季成長，其中計算細分市場的平板電腦、人工智慧、顯示卡相對強勁；消費者中的遊戲和家用電器；工業領域的電動車、直流馬達和快速充電器；以及通訊領域向美國一級智慧型手機客戶的區域轉變。然而，個人電腦領域的復原時間比原先預期的要長。

Looking into the September quarter, we expect PCs and servers to grow sequentially while tablets sustain the strong current run rate within computing. The consumer segment will likely see continued strength in gaming and a strong seasonal pick up from wearables, offset by slower home appliances. Smartphones will drive sequential growth in communication, while AC-DC power supplies and quick chargers are relatively stronger in industrial.

展望九月季度，我們預期個人電腦和伺服器將持續成長，而平板電腦將維持目前運算領域強勁的運作速度。消費領域可能會看到遊戲的持續強勁以及穿戴式裝置的強勁季節性回升，但被家用電器銷售放緩所抵消。智慧型手機將帶動通訊領域環比成長，而AC-DC電源和快速充電器在工業領域相對較強。

Looking beyond 2024, AOS is transitioning from a component supplier to a total solutions provider in many areas where we can leverage our core strengths in high performance silicon, advanced packaging and intelligent ICs to penetrate new opportunities and drive higher BOM content. We are building on customer relationships to capture market share with a broader product portfolio. For example, we are leveraging our strength in graphics cards and introducing new Vcore products for opportunities in advanced computing and AI datacenters.

展望2024 年以後，AOS 正在從多個領域的組件供應商轉型為整體解決方案提供商，我們可以利用我們在高性能晶片、先進封裝和智慧IC 方面的核心優勢，抓住新機會並推動更高的BOM 內容。我們正在建立客戶關係，透過更廣泛的產品組合來佔領市場份額。例如，我們正在利用我們在顯示卡方面的優勢，推出新的Vcore產品，以獲得先進運算和人工智慧資料中心的機會。

Within smartphones, we expect to benefit from trends towards foldable, flexible and multiple screens; increasing AI integration; as well as dual-cell batteries and higher charging currents for faster charging times.

在智慧型手機領域，我們預計將受益於可折疊、靈活和多螢幕的趨勢；增加人工智慧整合；以及雙電池和更高的充電電流，以實現更快的充電時間。

Beyond computing and communication segments, we remain optimistic on the underlying power trends in adjacent markets such as solar, motors and e-mobility, gaming, home appliances and power tools. These examples all represent continued growth opportunities primarily driven by the global shift towards more efficient and sustainable energy solutions.

除了計算和通訊領域之外，我們對太陽能、馬達和電動車、遊戲、家用電器和電動工具等鄰近市場的潛在電力趨勢保持樂觀。這些例子都代表了持續成長的機會，主要是由全球轉向更有效率和永續的能源解決方案所推動的。

With that, let me now cover our segment results and provide some guidance by segment for the next quarter. Starting with computing. June quarter revenue was up 37.6% year-over-year and 4.4% sequentially and represented 44.4% of total revenue. These results were slightly below our original expectation for mid-to-upper single digit growth.

現在，讓我介紹一下我們的部門業績，並為下一季按部門提供一些指導。從計算開始。六月季度營收年增 37.6%，季增 4.4%，佔總營收的 44.4%。這些結果略低於我們最初預期的中上個位數成長。

As mentioned before, we saw relative strength from tablets, A.I, and graphics cards in the quarter, offset by a slower PC market recovery. Notably, tablet revenue was a record high, and the contribution from AI and datacenter related applications continued to grow.

如前所述，我們看到本季平板電腦、人工智慧和顯示卡的相對強勢，但被 PC 市場復甦放緩所抵消。值得注意的是，平板電腦收入創歷史新高，人工智慧和資料中心相關應用的貢獻持續成長。

We are excited about opportunities in AI Demand for accelerator cards remains steady as the industry prepares for a platform transition ramping next year. We are working on multiple opportunities leveraging our existing relationship with a key graphics card maker, as well as our product portfolio including new multiphase Vcore controllers and power stage solutions for advanced computing.

我們對人工智慧領域的機會感到興奮，隨著產業為明年的平台轉型做準備，加速卡片的需求保持穩定。我們正在利用與主要顯示卡製造商的現有關係以及我們的產品組合（包括用於高級計算的新型多相 Vcor​​e 控制器和功率級解決方案）來尋求多種機會。

We are also seeing some ramp in September from a leading power supply maker that is a key supplier to the same AI/graphics customer. We are selling our high-performance medium voltage MOSFETs that go into intermediate bus converters for DC to DC power conversion.

我們還看到一家領先的電源製造商在 9 月出現了一些成長，該製造商是同一人工智慧/圖形客戶的主要供應商。我們正在銷售高性能中壓 MOSFET，這些裝置可用於中間匯流排轉換器，以進行 DC 到 DC 功率轉換。

Looking forward into the September quarter, we expect the computing segment to grow mid-single digits sequentially as PCs see a seasonal pickup, while tablets, AI accelerators and graphics cards remain strong.

展望九月季度，我們預計計算領域將連續成長中個位數，因為個人電腦出現季節性回升，而平板電腦、人工智慧加速器和顯示卡仍然強勁。

Turning to the consumer segment, June quarter revenue was down 35.5% year-over-year, but up 19.7% sequentially and represented 17.5% of total revenue. The results were in line with our forecast for double-digit sequential growth and were primarily driven by gaming and home appliances. It is now clear that the inventory correction in gaming is behind us and a seasonal build is underway.

轉向消費領域，6 月季度營收年減 35.5%，但季增 19.7%，佔總營收的 17.5%。這結果符合我們對兩位數連續成長的預測，主要是由遊戲和家用電器推動的。現在很明顯，遊戲產業的庫存調整已經過去，季節性的建設正在進行中。

The strength in home appliances was better-than-expected as government incentives in China drove demand. For the September quarter, we forecast low double-digit sequential growth in the consumer segment driven by strong seasonal pickup from wearables and continued strength in gaming, offset by slower home appliances.

由於中國政府的獎勵措施推動了需求，家用電器的強勁表現優於預期。對於九月季度，我們預計消費領域將出現兩位數的低點環比增長，這是由於可穿戴設備季節性強勁回升和遊戲市場持續強勁所推動，但被家用電器放緩所抵消。

Next, let’s discuss the communications segment. Revenue in the June quarter was up 59% year-over-year and 2.1% sequentially and represented 17% of total revenue. These results were above our flattish sequential expectations as we began to see the seasonal pickup from a Tier 1 US smartphone customer, offset by sequential declines from Korea and China OEMs.

接下來，我們來討論通訊部分。六月季度的營收年增 59%，季增 2.1%，佔總營收的 17%。這些結果高於我們持平的連續預期，因為我們開始看到美國一級智慧型手機客戶的季節性回升，被韓國和中國原始設備製造商的連續下降所抵消。

Looking ahead, we anticipate double-digit sequential growth in the September quarter on seasonal strength ahead of new smartphone launches in the US and increasing demand from China smartphone OEMs. We are benefitting from a mix shift to more premium phones and we anticipate rising growth in BOM content as phone makers increase battery charging currents.

展望未來，在美國推出新智慧型手機以及中國智慧型手機原始設備製造商需求增加之前，我們預計 9 月季度將出現兩位數的環比增長。我們正受益於向更高階手機的混合轉型，隨著手機製造商增加電池充電電流，我們預計 BOM 內容將持續成長。

Now, let’s talk about our last segment, power supply and industrial, which accounted for 17.1% of total revenue and was down 33.7% year-over-year, but up 11.3% sequentially. The results were slightly ahead of our forecast for mid-to-upper single-digit sequential growth driven by strength in the e-mobility segment for e-bikes and e-scooters and DC fans for applications in areas such as datacenters.The inventory correction in quick chargers appears complete as we also saw the beginnings of recovery in the June quarter.

現在，讓我們來談談最後一個細分市場，即電力和工業，該細分市場佔總收入的 17.1%，年減 33.7%，但環比成長 11.3%。該結果略高於我們對中上個位數連續增長的預測，這是由於電動自行車和電動滑板車的電動交通領域以及數據中心等領域應用的直流風扇的強勁推動。似乎已經完成，因為我們也看到了六月季度開始的復甦。

Lastly, power tools continued at a steady pace in June. For the September quarter, we expect this segment to grow 15% to 20% sequentially primarily driven by a solid uptick from quick chargers, as well as strength from AC-DC power supplies tied to the seasonal build in PCs.

最後，六月電動工具持續保持穩定成長。對於 9 月的季度，我們預計該細分市場將環比增長 15% 至 20%，這主要是由於快速充電器的強勁增長，以及與個人電腦季節性生產相關的 AC-DC 電源的強勁增長。

In closing, the June quarter was in line with our expectations and marked a solid conclusion to our fiscal 2024 performance. The rolling inventory corrections we experienced over the past year in nearly every one of our end markets are now largely behind us and some markets like smartphones are starting to return, while new markets like AI are emerging. We expect seasonal growth in the September quarter primarily driven by PCs, smartphones, wearables, and gaming.

最後，6 月季度符合我們的預期，為我們 2024 財年的業績畫上了堅實的句號。過去一年，我們在幾乎每個終端市場經歷的滾動庫存調整現在基本上已經過去，智慧型手機等一些市場開始回歸，而人工智慧等新市場正在興起。我們預計第二季的季節性成長主要由個人電腦、智慧型手機、穿戴式裝置和遊戲推動。

Looking to 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. Power 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，我們將在先進技術、面向不斷擴大的終端市場的多元化產品組合以及跨所有業務線的優質客戶群的支持下實現成長。電源管理支撐著人工智慧、數位化、互聯性和電氣化等關鍵趨勢，特別是當我們邁向永續的低碳社會時。

We are 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.

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，使我們能夠獲得更大部分的物料清單，並最終支持長期超過行業的成長。

With that, I will now turn the call over to Yifan for a discussion of our fiscal fourth quarter and fiscal year financial results and our outlook for the next quarter.

現在，我將把電話轉給一帆，討論我們第四財季和財年的財務業績以及下一季的前景。

Thank you, Stephen. Good afternoon, everyone and thank you for joining us. Revenue for the quarter was $161.3 million, up 7.5% sequentially and flat year-over-year. Seasonal demand was relatively broad-based in the June quarter and confirmed the inventory correction is largely complete.

謝謝你，史蒂芬。大家下午好，感謝您加入我們。該季度營收為 1.613 億美元，環比成長 7.5%，與去年同期持平。六月季度的季節性需求相對廣泛，並證實庫存調整已基本完成。

In terms of product mix, DMOS revenue was $102.1 million, up 8.8% sequentially and 6.7% over last year. Power IC revenue was $52.7 million, up 5.5% from the prior quarter and down 10.5% from a year ago.

從產品結構來看，DMOS營收為1.021億美元，較上一季成長8.8%，比去年成長6.7%。電源IC收入為5,270萬美元，季增5.5%，年減10.5%。

Assembly service and other revenue was $1.4 million, as compared to $1.2 million last quarter and $0.6 million for the same quarter last year. License and engineering service revenue was $5.1 million for the quarter versus $5.1 million in the prior quarter and $6.3 million for the same quarter a year ago.

組裝服務和其他收入為 140 萬美元，上季為 120 萬美元，去年同期為 60 萬美元。本季授權和工程服務收入為 510 萬美元，上一季為 510 萬美元，去年同期為 630 萬美元。

Non-GAAP gross margin was 26.4%, compared to 25.2% last quarter and 28.5% a year ago. The quarter-over-quarter increase was mainly driven by the improved factory utilization. Non-GAAP operating expenses were $39.3 million, compared to $38.9 million for the prior quarter and $39.1 million last year.

非 GAAP 毛利率為 26.4%，上季為 25.2%，一年前為 28.5%。環比成長主要是由於工廠利用率提高所致。非 GAAP 營運支出為 3,930 萬美元，上一季為 3,890 萬美元，去年為 3,910 萬美元。

The slight quarter-over-quarter increase was primarily due to higher professional fees. Non-GAAP quarterly EPS was $0.09, compared to $0.04 loss per share last quarter and $0.19 earnings per share a year ago.

環比小幅增長主要是由於專業費用上漲。非 GAAP 季度每股收益為 0.09 美元，而上季每股虧損 0.04 美元，去年同期每股收益 0.19 美元。

Moving on to cash flow. Operating cash flow was $7.1 million, including $4.5 million of repayment of customer deposits. By comparison, operating cash flow was $28.2 million in the prior quarter and negative $28.2 million last year. We expect to refund about $8.4 million customer deposits in the September quarter. EBITDAS for the quarter was $16 million, compared to $11.6 million last quarter and $17.7 million for the same quarter a year ago.

轉向現金流。營運現金流為 710 萬美元，其中包括 450 萬美元的客戶存款償還。相比之下，上一季的營運現金流為 2,820 萬美元，去年為負 2,820 萬美元。我們預計在第二季退還約 840 萬美元的客戶押金。本季的息稅折舊攤提前利潤 (EBITDAS) 為 1,600 萬美元，而上季為 1,160 萬美元，去年同期為 1,770 萬美元。

Now let me turn to our balance sheet. We completed the June quarter with a cash balance of $175.1 million, compared to $174.4 million at the end of last quarter. Net trade receivables decreased by $0.7 million sequentially. Days sales outstanding were 12 days for the quarter, compared to 15 days for the prior quarter.

現在讓我談談我們的資產負債表。截至 6 月份季度，我們的現金餘額為 1.751 億美元，而上季末為 1.744 億美元。應收帳款淨額季減 70 萬美元。本季的應收帳款天數為 12 天，而上一季為 15 天。

Net inventory decreased by $2.3 million quarter-over-quarter. Average days in inventory were 148 days, compared to 153 days in the last quarter. CapEx for the quarter was $7.2 million, compared to $7.4 million for the prior quarter. We expect CapEx for the September quarter to range from $6 million to $8 million.

淨庫存季減 230 萬美元。平均庫存天數為 148 天，而上季為 153 天。本季資本支出為 720 萬美元，上一季資本支出為 740 萬美元。我們預計 9 月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 September quarter guidance. We expect revenue to be approximately $180 million, plus or minus $10 million. GAAP gross margin to be 25%, plus or minus 1%. We anticipate the non-GAAP gross margin to be 26.4%, plus or minus 1%.

現在，我想討論九月季度指引。我們預計營收約 1.8 億美元，上下浮動 1,000 萬美元。公認會計原則毛利率為25%，正負1%。我們預期非 GAAP 毛利率為 26.4%，上下浮動 1%。

GAAP operating expenses to be in the range of $47 million, plus or minus $1 million. Non-GAAP operating expenses are expected to be in the range of $40 million, plus or minus $1 million. Interest expense to be approximately equal to interest income, and income tax expense to be in the range of $0.9 million to $1.1 million.

GAAP 營運費用約為 4,700 萬美元上下浮動約 100 萬美元。非公認會計原則營運費用預計在 4000 萬美元上下浮動 100 萬美元左右。利息支出約等於利息收入，所得稅支出在 90 萬美元至 110 萬美元之間。

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

現在，我們將開始提問。接線生，請開始問答環節。

(Operator Instructions) David Williams, Benchmark.

（操作員說明）David Williams，基準。

Hey, good afternoon, and congrats on the successfully navigating this volatile macro environment here. Certainly, you're doing a much better job than I think some of your peers have.

嘿，下午好，恭喜您成功應對這個不穩定的宏觀環境。當然，你的工作比我認為你的一些同行做得要好得多。

Thank you, David.

謝謝你，大衛。

With that, I guess, Stephen, I wanted to ask -- yeah, I wanted to ask a little bit just on the graphics card and some of the datacenter accelerator and GPUs. We've talked about this before and starting to see those revenues, but I'm trying to understand what is it the magnitude of maybe that could be over time?

說到這裡，我想，史蒂芬，我想問一下——是的，我想問一點關於顯示卡和一些資料中心加速器和 GPU 的問題。我們之前已經討論過這個問題，並開始看到這些收入，但我試圖了解隨著時間的推移，收入的規模可能會是多少？

And maybe is there a way to size, understanding there's different flavors or varieties of those products, but is there a good way to think about what your content can be and maybe where you're at within that maybe qualification process? Any color around that would be, I think, incredibly helpful. Thank you.

也許有一種方法可以確定規模，了解這些產品有不同的口味或品種，但是有沒有一種好方法可以考慮您的內容可以是什麼，以及您在資格認證過程中所處的位置？我認為，任何圍繞它的顏色都會非常有幫助。謝謝。

Sure. Yeah. So an entry into artificial intelligence programs, a lot of it actually is built upon where we have already been with our graphics cards. And accelerator cards actually aren't that different from a graphics card in the sense that you are basically powering a high-performance GPU in both cases. And -- but with datacenter, that performance requirements are being driven even higher.

當然。是的。因此，進入人工智慧程序，其中許多實際上是建立在我們已經使用顯示卡的基礎上的。實際上，加速卡與顯示卡並沒有太大區別，因為在這兩種情況下，您基本上都是為高效能 GPU 提供動力。而且，對於資料中心來說，效能要求甚至更高。

So when we look at the content, actually the power solution isn't that different and that you have multiple power stages, usually driver mosses that surround that GPU. The same thing happens with accelerator cards, but in a bigger scale.

因此，當我們查看內容時，實際上電源解決方案並沒有那麼不同，並且您有多個功率級，通常是 GPU 周圍的驅動器苔蘚。加速卡也會發生同樣的情況，但規模更大。

So to quantify some of that, so for example, in graphics card, you can have anywhere from 9 to 16, something in that range of number of driver mosses per GPU. But when you move to an AI accelerator card, that number actually jumps up to even up to 50 power stages to power that GPU.

因此，為了量化其中的一些，例如，在顯示卡中，您可以有 9 到 16 個，即每個 GPU 的驅動苔蘚數量範圍內的東西。但當你轉向 AI 加速卡時，這個數字實際上會躍升至 50 個功率級來為 GPU 供電。

And those are the solutions that we are shipping today in our graphics card/AI customer in their existing platforms. And we are working with them on being -- on transitioning over to the new platform that they will be launching soon.

這些就是我們今天在顯示卡/人工智慧客戶現有平台上提供的解決方案。我們正在與他們合作，過渡到他們即將推出的新平台。

So we believe that for us, the AI accelerator card will be the portion that is -- that will grow earlier than other areas, mainly because of our presence already in -- both in graphics cards as well as the AI accelerator card business that we enjoyed today.

因此，我們相信，對我們來說，人工智慧加速卡將是比其他領域成長更早的部分，主要是因為我們已經涉足顯示卡和人工智慧加速卡業務。

Perfect. Good color there. Thank you. And then maybe just can you talk a little bit about the multiphase controller? I know you've mentioned this last quarter, but it sounds like you're getting some nice adoption there, some good traction. Just how is that helping you, I guess, across the breadth of your markets? What is the dollar opportunity there? And then maybe what are the benefits longer term as you introduce that multiphase controller?

完美的。那裡的顏色很好。謝謝。然後也許您可以談談多相控制器嗎？我知道你在上個季度提到過這一點，但聽起來你在那裡得到了一些很好的採用，一些很好的吸引力。我想，這對您的整個市場有何幫助？那裡的美元機會是什麼？那麼，當您引入多相控制器時，長期來看可能會帶來哪些好處？

Sure. So our multiphase controller, we first released and deployed that for our client PC business. And you remember that we've been talking about with Intel's latest platforms that BOM content is increasing because of what they're doing with bringing back more powerrails. And our solution is actually a total solution.

當然。因此，我們首先為我們的客戶端 PC 業務發布並部署了我們的多相控制器。您還記得我們一直在談論英特爾的最新平台，BOM 內容正在增加，因為他們正在採取措施恢復更多的電源軌。我們的解決方案實際上是一個整體解決方案。

We can -- we offer both the multiphase controller, which is new for us, in addition to the power stage. And that has helped us to expand the BOM content that we can address within a PC application. This is in a notebook or in a desktop type of application.

除了功率級之外，我們還提供多相控制器，這對我們來說是新的。這幫助我們擴展了可以在 PC 應用程式中處理的 BOM 內容。這是在筆記型電腦或桌面類型的應用程式中。

And because we have that foundation, we are -- we've been -- we are working on transitioning that over to the next generation of graphics as well as AI accelerator cards. So the business I talked about before, in the past we were only shipping driver mosses. And in the future we're expecting to ship and be able to ship both as a total solution. So it's important for us not only to expand the BOM content within our current PC application, but it's also allowing us to step into the more advanced, you can say advanced computing, high-performance GPU area as well.

因為我們擁有這個基礎，所以我們正在努力將其過渡到下一代圖形以及人工智慧加速卡。所以我之前講的業務，過去我們只是運送司機苔蘚。未來我們期望將兩者作為整體解決方案進行交付。因此，對我們來說，重要的是不僅要在目前的 PC 應用程式中擴展 BOM 內容，而且還可以讓我們進入更先進的領域，可以說是高階運算、高效能 GPU 領域。

And then maybe one last one for me for Yifan. If you kind of think about the gross margin, you're seeing a bit of an uplift here as we kind of move through the year, which is positive, but how do you think about the margin profile?

然後也許是我為一帆拍的最後一張。如果你考慮毛利率，你會發現隨著這一年的推移，毛利率有所上升，這是正面的，但你如何看待利潤率狀況？

And I'm sure I've asked you this almost every quarter, but just it seems like as that mix gets better, utilization comes back. And then especially as you become a larger player in some of these, the GPU market or the accelerator market, it seems like there's some nice room for margin appreciation. Is that fair to say? And maybe how do you think about the margin trending through your FY25? Thank you.

我確信我幾乎每個季度都會問過您這個問題，但似乎隨著這種組合變得更好，利用率又回來了。然後，特別是當您成為其中一些領域（GPU 市場或加速器市場）的更大參與者時，似乎存在一些不錯的利潤升值空間。這麼說公平嗎？或許您如何看待 2025 財年的利潤趨勢？謝謝。

Sure. As you know, our September quarter's margin guidance, we guided a flattish than quarter-over-quarter. This is mainly because we expected similar quarter-over-quarter factory in the nation. And we plan to consume some inventories and reduce inventory balance in the September quarter.

當然。如您所知，我們 9 月季度的利潤率指引與上一季相比持平。這主要是因為我們預計全國工廠的季度將比上季情況類似。我們計劃在九月季度消耗一些庫存並減少庫存餘額。

So other factors impacting the margin, like product mix and ASP erosion that we expect they're similar to the June quarter. So overall, we expect a flattish margin quarter-over-quarter for the September quarter.

因此，影響利潤率的其他因素，例如產品組合和平均售價下降，我們預計它們與六月季度類似。因此，總體而言，我們預計 9 月季度的利潤率將持平。

So going forward, yeah, I would expect and as we grow our revenue and then our product mix, we'll continue to improve and then factory utilization will be higher. So those factors will be contributing to our margin improvement.

所以展望未來，是的，我預計，隨著我們收入的成長以及產品組合的成長，我們將繼續改進，然後工廠利用率將會更高。因此，這些因素將有助於我們的利潤率提高。

[Meyer Prapaur], B. Riley. Please proceed.

[Meyer Prapaur]，B. Riley。請繼續。

Hi. Yeah, I'm actually calling in for Craig Ellis. And I was really just wanting to think about this AI datacenter ramp that's coming up in the second half. So you guys obviously have a lot of work in some very similar environments and can really pursue this, I think, with a really great angle.

你好。是的，我實際上是在打電話給克雷格·艾利斯。我真的只是想考慮下半年即將出現的人工智慧資料中心的發展。所以你們顯然在一些非常相似的環境中做了很多工作，我認為可以從一個非常好的角度來真正追求這一點。

So with all the different configurations and approaches to building these AI datacenters, are you guys seeing different design wins across the spectrum here with all the different ways that someone can approach these systems?

那麼，透過建構這些人工智慧資料中心的所有不同配置和方法，你們是否看到了不同的設計在各個方面都取得了勝利，以及人們可以採用不同的方式來處理這些系統？

Yeah, and our customer -- our big customer has a lot of different end products, and they're catering it to folks building systems, they're catering to folks that want the total solution or they just want the accelerator card by itself.

是的，我們的客戶 - 我們的大客戶有很多不同的最終產品，他們正在迎合構建系統的人們，他們正在迎合那些想要整體解決方案的人們，或者他們只想要加速卡本身。

So for us, we actually have quite a bit of number of opportunities at play, but we believe that the updated accelerator card will come first for us and because we already have a track record there, we're already shipping in their older platforms.

因此，對我們來說，我們實際上有很多機會，但我們相信更新的加速卡對我們來說將是第一位的，因為我們已經在那裡擁有了良好的記錄，我們已經在他們的舊平台上發貨。

And going forward, I think both the graphics and the accelerator card is expected to share the same type of architecture. And we believe that for us, in terms of design win, turning to revenue, that portion we will see first ahead of the other business. And at the same time, we are working on the other sockets that we're developing products for. We're working on design wins for at the same time in parallel.

展望未來，我認為圖形和加速卡預計將共享相同類型的架構。我們相信，對我們來說，就設計獲勝而言，轉向收入，我們將首先看到這部分業務領先於其他業務。同時，我們正在開發我們正在開發的產品的其他插座。我們同時致力於贏得設計勝利。

Okay. Yeah, that's great. Just to kind of follow-up on that, do you guys have any, like, quantification as far as kind of how many design wins you're on or how many sockets you've kind of tried to pursue to design wins upon?

好的。是的，那太好了。只是為了跟進這一點，你們是否有任何量化數據，例如你們贏得了多少設計勝利，或者你們試圖追求多少個插座來贏得設計勝利？

We're not -- we don't really quantify it that way. But in general, we are seeing design wins and progress on the accelerator card. This is why we're talking about that more now because that's, we believe, is much more tangible and near-term for us, and lines up the best for us with our end customer.

我們不是——我們並沒有真正這樣量化它。但總的來說，我們看到了加速器卡的設計勝利和進步。這就是為什麼我們現在更多地談論這一點，因為我們相信，這對我們來說更加切實和近期，並且對我們與最終客戶來說是最好的。

I do also want to mention that, and in addition to this business, our business with this customer, we're also working with one of their suppliers that's producing and helping to supply into, I think we mentioned on the call, their intermediate bus converters.

我還想提一下，除了這項業務，我們與該客戶的業務之外，我們還與他們的供應商之一合作，該供應商正在生產並幫助供應，我想我們在電話中提到了他們的中間總線轉換器。

And we also have revenue even shipping today with our medium voltage MOSFETs. So powering, this is like the power stage before it gets to the point of load. And our customer is a big supplier to the AI accelerator card, AI/graphics card maker. So we also expect to see that business continue to grow beyond this year into next year as the AI customer moves into their new platform.

我們的中壓 MOSFET 甚至在今天發貨也有收入。所以供電，這就像到達負載點之前的功率級。我們的客戶是AI加速卡、AI/顯示卡製造商的大供應商。因此，隨著人工智慧客戶遷移到他們的新平台，我們也預期業務將在今年到明年繼續成長。

Okay. Yeah, that's really a great color. If I could just ask one last thing, kind of just thinking about how margins are going to change as your business kind of picks up into this new realm, are we going to see normalization back to kind of like historic peaks at around 30-ish, or is this sort of the new normal now with 25 to 28 kind of extending forward?

好的。是的，這確實是一個很棒的顏色。如果我能問最後一件事，想想隨著你的業務進入這個新領域，利潤率將如何變化，我們是否會看到正常化回到 30 左右的歷史峰值，或者這是現在的新常態， 25到28種向前延伸？

Yeah, I mean, our overall midterm target model is still above 30% non-GAAP gross margin with a target revenue goal of $1 billion. So that model will still stay. So we believe in the -- when we continue to grow, then incremental business, we expect we can bring in the better product mix. So that would help us improve the gross margin gradually. Also, those incremental business would help us increase our utilization at factories.

是的，我的意思是，我們的整體中期目標模型仍高於 30% 的非 GAAP 毛利率，目標收入目標為​​ 10 億美元。所以這個模型還是會保留。因此，我們相信，當我們繼續成長、增量業務時，我們期望能夠帶來更好的產品組合。這將有助於我們逐步提高毛利率。此外，這些增量業務將幫助我們提高工廠的利用率。

Jeremy Kwan, Stifel.

傑里米·關，斯蒂菲爾。

Yeah, good afternoon. Just wanted to -- there's a lot of interest, obviously, in the AI accelerator cards. Maybe a couple questions here. First would be, can you clarify if this is consumer cards that are being adapted for enterprise or small datacenter applications, or is this architecture designed from the ground up to be used in AI acceleration and datacenters?

是的，下午好。只是想——顯然，人們對人工智慧加速卡很感興趣。也許這裡有幾個問題。首先，您能否澄清這是否是適用於企業或小型資料中心應用程式的消費卡，或者該架構是否是從頭開始設計用於人工智慧加速和資料中心？

Yeah, our business today is mostly the first in that. They use a similar solution for their graphics cards from their previous platform to address some of the AI needs today. But what we're looking forward to and what I'm talking about is that with the new platform that's coming out from this customer, towards the end of this year, beginning of next year, that platform is a ground up, complete designed for AI. And that portion also addressing AI accelerator cards in that portion, this is what we're looking forward to seeing the transition for.

是的，我們今天的業務基本上是第一個。他們在先前的平台上使用了類似的顯示卡解決方案來滿足當今的一些人工智慧需求。But what we're looking forward to and what I'm talking about is that with the new platform that's coming out from this customer, towards the end of this year, beginning of next year, that platform is a ground up, complete designed for人工智慧.該部分還解決了該部分中的人工智慧加速卡問題，這就是我們期待看到的過渡。

Got it. And then with this, the new architecture platform is the socket -- it sounds like there's maybe three opportunities here, and please correct me if I'm wrong. But one would be the core power, multiphase controller. The second one would be the multiple power stages. That's the 50 kind of DrMOS that you've been talking about. And then the third would be this intermediate bus converter, which is at the 48-volt to like 12-volt step down power. Is this -- am I framing that correctly?

知道了。然後，新的架構平台就是套接字——聽起來這裡可能有三個機會，如果我錯了，請糾正我。但其中之一是核心電源、多相控制器。第二個是多個功率級。這就是您一直在談論的 50 種 DrMOS。第三個是中間匯流排轉換器，它的電壓為 48 伏特，類似於 12 伏特降壓電源。這是──我的表述正確嗎？

Actually, the first two are more of the same. So whether it's on an AI accelerator card or on a main board, powering the GPU is still up to 50 power stages, powering that. So the first two are the same. And our end customer will have different configurations. But in the end, it's still a point of load in powering the GPU itself.

事實上，前兩個更多的是相同的。因此，無論是在 AI 加速卡上還是在主機板上，為 GPU 提供動力的仍然是多達 50 個功率級。所以前兩個是一樣的。我們的最終客戶將有不同的配置。但最終，它仍然是為 GPU 本身供電的一個負載點。

So the second category, which I brought up just now, is yeah, the intermediate bus converter using our medium voltage products. We actually have a number of other products also addressing going after AI. As a whole, actually, AOS is very well connected into this ecosystem already, largely actually because we've already been -- we're already in the graphics as well as the computing ecosystem. And a lot of that is shared. And to support this OEM, we're already working with the ODMs that are in Asia that are actually producing the boards as well as systems for this end customer.

所以第二類，我剛才提到的，是的，使用我們中壓產品的中間匯流排轉換器。實際上，我們還有許多其他產品也在解決人工智慧問題。事實上，作為一個整體，AOS 已經很好地融入了這個生態系統，很大程度上實際上是因為我們已經進入了圖形和計算生態系統。其中很多都是共享的。為了支援該 OEM，我們已經與亞洲的 ODM 合作，他們實際上為該最終客戶生產主機板和系統。

We're also engaged with the power supply maker that's making these intermediate bus converters. We're even addressing various fan makers as well regarding thermal management. So for us, this is actually -- AOS is very well suited to go after this market, both directly with OEM as well as indirectly with their suppliers.

我們也與製造這些中間匯流排轉換器的電源製造商合作。我們甚至還在與各種風扇製造商討論熱管理問題。所以對我們來說，這實際上是——AOS 非常適合追逐這個市場，既可以直接與 OEM 合作，也可以間接與供應商合作。

Got it. That's very helpful. And just to clarify again, is the controller, the multiphase controller a piece of this or is that focused mainly on the consumer -- (multiple speakers)

知道了。這非常有幫助。再澄清一下，控制器、多相控制器是其中的一部分還是主要針對消費者——（多位發言者）

It has been the leading product, and especially as we move into the new platform, we are selling the total solution controller, multiphase controller, in addition to the power stage.

它一直是主導產品，特別是當我們進入新平台時，除了功率級之外，我們還銷售整體解決方案控制器、多相控制器。

Got it. And could you size your opportunity here just from a potential SAM, whether it's on a per GPU basis? Any insight there would be very helpful.

知道了。您能否僅根據潛在的 SAM 來評估您的機會，無論是基於每個 GPU？任何見解都會非常有幫助。

Sure. I'll quantify more at the board level what the content increases, and then the SAM will really depend on how fast they deploy and how many models they extend our solutions to. But as I mentioned before, in a graphics card, you use anywhere from 9 to 16 of these on a board, this number can go up to 50, powering each GPU.

當然。我將在董事會層級更多地量化內容增加的內容，然後 SAM 將真正取決於他們部署的速度以及他們將我們的解決方案擴展到多少模型。但正如我之前提到的，在顯示卡中，您可以在主機板上使用 9 到 16 個顯示卡，這個數字最多可以達到 50 個，為每個 GPU 供電。

So it really just depends on the performance requirements of the card that it's going into. So on a whole, tripling at least per GPU, and then just based on configuration, that's how much the opportunity can increase.

因此，這實際上僅取決於所使用的卡的性能要求。因此，總體而言，每個 GPU 至少增加兩倍，然後僅根據配置，這就是機會可以增加的程度。

And how about the intermediate bus converter opportunity as well as the controller opportunity?

中間匯流排轉換器機會和控制器機會怎麼樣？

The controller is part of that. It's usually one controller pairing with those -- or multiple controllers pairing with those power stages. With the module solution, we're selling a medium voltage MOSFETs going into it. So there's -- I don't really want to dollarize that here, but it's becoming something that's significant enough for us to talk about it in each of the segment reports. Let me just put it that way.

控制器是其中的一部分。通常是一個控制器與這些功率級配對，或多個控制器與這些功率級配對。透過模組解決方案，我們銷售其中使用的中壓 MOSFET。因此，我真的不想在這裡將其美元化，但它正在變得足夠重要，足以讓我們在每份分部報告中討論它。讓我這麼說吧。

Got it. Very good. And just switching gears a little bit to the license and engineering. Is this from the license payment that you're receiving? I believe there was maybe $20 million left a couple quarters ago. Can you just give us an update how much license payments you're still to receive and how much of this was engineering versus licensing? Thank you.

知道了。非常好。只是稍微切換一下許可和工程。這是您收到的許可證付款嗎？我相信幾個季度前可能還剩下 2000 萬美元。您能否向我們提供最新信息，您仍需要收到多少許可證付款，其中有多少是工程費用與許可費用？謝謝。

Sure. This contract is up to early 2025, so we still have like a couple quarters to go. So that's the length of this agreement. So this agreement in total is for a 24-month period.

當然。該合約有效期至 2025 年初，因此我們還有幾個季度的時間。這就是該協議的長度。因此，該協議總共為期 24 個月。

And is the payment on a pretty consistent quarterly basis?

每季的付款是否相當一致？

No. Actually, some tie to the products, once we qualify it, fully verified by our customer, and some portion is paid for our engineering services, which is based on the annual basis like every 12 months they will pay.

不。事實上，有些與產品有關，一旦我們合格，經過我們的客戶充分驗證，一部分是為我們的工程服務付費的，這是基於每年的基礎，就像他們每 12 個月支付一次。

Got it. And is this figure included in the operating cash flow? Or is that kind of a different thing?

知道了。這個數字是否包含在經營現金流中？或者這是一種不同的事情？

Yeah. That's in there. That's part of initially when we received the payment, we record it as deferred revenue. Because the revenue recognition is based on the engineering hours that we spend relative to the total estimated engineering hours. So that's kind of varying each quarter. So we recognize revenue from our deferred revenue.

是的。就在那裡。這是我們最初收到付款時的一部分，我們將其記錄為遞延收入。因為收入確認是基於我們花費的工程時間相對於總預計工程時間。所以每季都有所不同。因此，我們從遞延收入中確認收入。

Thank you. There are no additional questions left at this time. I will now hand it back to the management team for closing remarks.

謝謝。目前沒有其他問題。我現在將其交還給管理團隊以供結束語。

Okay. Steven Pelayo here. Before we conclude, I'd like to briefly mention four upcoming events. The management team will be participating in and will be available for one-on-one meetings at the 5th Annual Needham Semiconductor and Semicap Conference, August 21 virtually; the 2024 Evercore ISI Semiconductor, IT Hardware & Networking Conference, August 27 in Chicago; the Jefferies Semiconductor, IT Hardware & Communication Tech Summit, August 28 in Chicago; and the 2024 Benchmark Tech, Media & Telecom Conference, September 4 in New York.

好的。史蒂文·佩拉約在這裡。在結束之前，我想簡要提及四項即將舉行的活動。管理團隊將參加並參加 8 月 21 日舉行的第五屆尼達姆半導體和 Semicap 年度會議的一對一會議； 2024 年 Evercore ISI 半導體、IT 硬體和網路會議，8 月 27 日在芝加哥舉行； Jefferies 半導體 IT 硬體和通訊技術高峰會，8 月 28 日在芝加哥舉行；以及 9 月 4 日在紐約舉行的 2024 年基準技術、媒體和電信會議。

If you wish to request a meeting, please contact the institutional sales representative at each sponsoring bank. This concludes our earnings call today. Thank you for your interest in AOS and we look forward to talking to you again next quarter.

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。我們今天的財報電話會議到此結束。感謝您對 AOS 的興趣，我們期待下季再次與您交談。

Thank you very much.

非常感謝。

Thank you.

謝謝。

That concludes today's conference call. Thank you. You may now disconnect your line.

今天的電話會議到此結束。謝謝。現在您可以斷開線路。