Alpha and Omega Semiconductor Ltd (AOSL) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Alpha and Omega Semiconductor fiscal first quarter, 2025 earnings call. My name is Jaylen. I'll be a moderator for today. (Operator Instructions). And I'd like to turn the conference over to our host, Steven Pelayo.

午安.感謝您參加今天的 Alpha and Omega Semiconductor 2025 財年第一季財報電話會議。我叫傑倫。我將擔任今天的主持人。（操作員說明）。我想將會議交給我們的東道主史蒂文·佩拉約 (Steven Pelayo)。

Good afternoon, everyone and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 2025 first quarter, financial results. I'm Steven Paleo Investor Relations representative for AOS with me. Today are Stephen Chang, our CEO and Yifan Liang, Our CFO.

大家下午好，歡迎參加 Alpha 和 Omega Semiconductor 的電話會議，討論 2025 財年第一季的財務表現。我是 AOS 的 Steven Paleo 投資者關係代表。今天是我們的執行長 Stephen Chang 和我們的財務長梁一帆。

This call is being recorded and broadcast live over the web. Replay will be available for seven days following the call via link in the investor relations section of our website. Our call will proceed as follows today. Steven 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 December quarter. Finally, we will have a Q&A session.

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。今天我們的電話會議將進行如下。史蒂文將開始更新業務，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 12 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, November 4, 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.

該財報於今天（2024 年 11 月 4 日）收盤後透過網路發布，該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。

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.

我們使用非公認會計原則衡量標準，因為我們相信它們提供了有關我們經營業績的有用信息，投資者應該考慮這些資訊。與 GAAP 指標一起，這些非 GAAP 指標與可比較 GAAP 指標的調整表也包含在收益發布中。

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.

我們提醒您，在本次電話會議中，我們將做出某些前瞻性聲明，包括討論業務前景和財務預測。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。

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

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。現在，我將把電話轉給我們的執行長 Stephen Chang。

Thank you, Steven. Welcome to Alpha and Omega fiscal Q1 earnings call. I will begin with a high level overview of our results and then jump into segment details. We delivered fiscal Q1 revenue and EPS results in line with our guidance revenue was $181.9 million non-GAAP. Gross margin was 25.5% non-GAAP EPS was $0.21.

謝謝你，史蒂文。歡迎參加 Alpha 和 Omega 第一季財報電話會議。我將從對我們的結果進行高層次概述開始，然後跳到細分細節。我們交付的第一財季收入和每股收益結果與我們的指導收入（非公認會計原則收入 1.819 億美元）一致。毛利率為 25.5%，非 GAAP 每股盈餘為 0.21 美元。

We saw broad based demand due to seasonality in the September quarter with sequential growth in each of our major segments relative strength came from PC desktops, notebooks and servers in our computing segments, gaming and wearables within consumer strong growth from a Tier 1 US smartphone customer within communications and ACDC power supplies and quick chargers in the power supply and industrial segment.

由於9 月季度的季節性因素，我們看到了基礎廣泛的需求，我們每個主要細分市場的環比增長相對優勢來自我們計算細分市場的PC 桌上型電腦、筆記型電腦和伺服器，以及來自美國一級智慧型手機客戶的消費性遊戲和穿戴式裝置的強勁成長適用於通訊和 ACDC 電源以及電源和工業領域的快速充電器。

We have delivered on our commitment and continue to make unwavering strides to transform from a component supplier to a total solutions provider, leveraging strengths in high performance silicon packaging and intelligent ICs.

我們兌現了我們的承諾，並繼續堅定不移地邁進，利用高性能矽封裝和智慧IC的優勢，從組件供應商向整體解決方案提供者轉型。

We aim to capture market share and increase bomb content with a broader portfolio. For example, we are leveraging our strength in graphics cards and introducing new V core products for opportunities in advanced computing and AI data centres in smartphones, trends like foldable screens AI integration and faster charging offer growth opportunities.

我們的目標是透過更廣泛的產品組合來佔領市場份額並增加炸彈含量。例如，我們正在利用我們在顯示卡方面的優勢，推出新的V核產品，以獲取智慧型手機中先進運算和AI資料中心的機會，可折疊螢幕AI整合和更快充電等趨勢提供了成長機會。

In addition to computing and communication, we see long term potential in solar e mobility gaming and home appliances all driven by the global push for efficient sustainable energy solutions. With that, let me now cover our segment results and provide some guidance by segment for the next quarter.

除了計算和通訊之外，我們還看到太陽能電子移動遊戲和家用電器的長期潛力，所有這些都受到全球推動高效可持續能源解決方案的推動。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。

Starting with computing, September quarter revenue was up 8.6% year-over-year and 6.6% sequentially and represented 42% of total revenue. These results were slightly better than our original expectation for mid-single digit growth.

從計算業務開始，9 月季度的營收年增 8.6%，季增 6.6%，佔總營收的 42%。這些結果略優於我們最初預期的中個位數成長。

As mentioned before, we saw relative strength from PC desktops, notebooks and servers which was offset by software graphics and AI celebrator cards due to a pause. Before the next platform transition, we are increasingly confident in our position in advanced computing.

如前所述，我們看到 PC 桌上型電腦、筆記型電腦和伺服器的相對強勢，但由於暫停而被軟體圖形和 AI 慶祝器卡所抵消。在下一次平台轉型之前，我們對自己在高階運算領域的地位越來越有信心。

Our backlog for both graphics cards and AI celebrated cards is now growing due to the new platform transition. At this stage, we're working closely with added card makers in Asia as they bring up their boards and prepare for mass reduction.

由於新平台的過渡，我們的顯示卡和 AI 名牌積壓訂單現在都在增加。現階段，我們正在與亞洲更多的卡片製造商密切合作，幫助他們推出主機板並為減少品質做好準備。

With the new platform. We expect BOM content to increase as more power stage ICs paired with our controller are being used to power the GPU. These designments highlight the strength of our customer relationships and our total solutions approach as we supply both the controller and power stages.

有了新的平台。我們預計，隨著更多與我們的控制器配對的功率級 IC 被用於為 GPU 供電，BOM 內容將會增加。這些設計凸顯了我們在提供控制器和功率級時的客戶關係和整體解決方案的實力。

Additionally, we are collaborating with customers on larger data centre opportunities stated for 2025. We anticipate having more to talk about with these developments. During our next earnings report looking forward into the December quarter, the DC market is expected to decline with seasonality, but we expect the computing segment to slightly grow sequentially with share gains in desktops as well as strength in graphics cards and servers offset by notebook and tablet market seasonality.

此外，我們正在與客戶合作，爭取 2025 年更大的資料中心機會。我們預計會對這些進展進行更多討論。在我們展望12 月季度的下一份收益報告中，預計DC 市場將隨著季節性而下降，但我們預計計算領域將連續小幅增長，台式機市場份額的增長以及顯示卡和伺服器的強勢被筆記型電腦和伺服器所抵消。

Turning to the consumer segment, September quarter revenue was up 2% year over year and 12.4% sequentially and represented 17.4% of total revenue. The results were in line with our forecast for low double digit sequential growth and were primarily driven by gaining wearables and TVs offset by a decline in home appliances.

轉向消費領域，9 月季度營收年增 2%，季增 12.4%，佔總營收的 17.4%。這一結果符合我們對低兩位數環比成長的預測，主要是由於穿戴式裝置和電視的成長被家用電器的下降所抵消。

This was the second quarter of sequential growth in gaming. So we are confident the inventory correction is now behind us. However, we don't expect meaningful growth until the customer transitions to the next platform.

這是遊戲業務連續成長的第二季。因此，我們有信心庫存調整已經過去。然而，在客戶過渡到下一個平台之前，我們預計不會有有意義的成長。

We're able we're a notable standout in the quarter reaching record levels on market share gains and new versions of smart watches and headphones for the December quarter, we forecast close to a 30% sequential decline in the consumer segment driven by seasonal decline in gaming and TVs host.

我們能夠在本季度中脫穎而出，在 12 月份季度的市場份額增長和新版本智能手錶和耳機方面達到創紀錄的水平，我們預測受季節性下滑推動，消費領域將連續下降近 30%遊戲和電視主持人。

New product launch impacts and wearables and continued softness in home appliances. Next, let's discuss the communications segment revenue in the September quarter was up 14.2% year-over-year and 29.4% sequentially and represented 19.5% of total revenue.

新產品的推出影響了穿戴式裝置和家用電器的持續疲軟。接下來，讓我們討論一下 9 月所在季度的通訊部門收入，年增 14.2%，季增 29.4%，佔總收入的 19.5%。

These results were above our double-digit sequential growth expectations as our Tier 1 US smartphone customer prepared for its product launch in some of their high-end models. We are seeing an increase in BOM content as they are moving toward a higher charging currency. We also saw strong sequential growth from China OEM offset by sequential declines from Korea.

這些結果超出了我們兩位數的連續成長預期，因為我們的美國一級智慧型手機客戶正在準備在其一些高階型號中推出產品。我們看到 BOM 內容增加，因為他們正在轉向更高的收費貨幣。我們也看到中國 OEM 的強勁環比成長被韓國的環比下降所抵消。

As mentioned last quarter, we are benefiting from a mix shift to more premium phones. Looking ahead, we anticipate a low double digit sequential decline in the December quarter due to seasonality and overall limited visibility on smartphone sell through heading into next year.

正如上個季度所提到的，我們正受益於向更高階手機的混合轉型。展望未來，由於季節性因素以及進入明年智慧型手機銷售整體可見度有限，我們預計 12 月所在季度將出現兩位數的低點環比下降。

Now let's talk about our last segment, Power supply and industrial which accounted for 17.5% of total revenue and was down 23.7% year over year. But up 15.6% sequentially, the results were at the low end of our forecast for 15% to 20% sequential growth. But we're still driven by seasonal strength in ACDC power supplies and quick chargers within an industrial solar remains soft while the recovery and quick chargers have now started.

現在我們來談談我們最後一個細分市場，電源和工業，佔總收入的17.5%，年減23.7%。但環比成長 15.6%，處於我們預測的 15% 至 20% 環比成長的低端。但我們仍然受到 ACDC 電源和快速充電器季節性強勁的推動，工業太陽能領域的快速充電器仍然疲軟，而復甦和快速充電器現已開始。

We see additional opportunities in 2025 for quick chargers due to increased BOM content driven by higher charging currents. We're also leveraging relationships in Taiwan to partner on DC fans for server reps for the December quarter.

由於更高的充電電流導致 BOM 含量增加，我們預計 2025 年快速充電器將面臨更多機會。我們也利用在台灣的關係，與 DC 粉絲合作，擔任 12 月季度的伺服器代表。

We expect the power supply and industrial segment to grow low single digits sequentially primarily driven by e mobility and continued growth from quick chargers. This growth will be partially offset by a seasonal decline in ACDC power supplies.

我們預計電源和工業領域將連續出現低個位數成長，這主要是由電動車和快速充電器的持續成長所推動的。這一增長將被 ACDC 電源的季節性下降部分抵消。

In closing, the September quarter was in line with our expectations. The broad-based growth confirms the inventory corrections we experienced over the past year are complete. Seasonality has returned and new markets like AI and advanced computing are emerging. We expect a typical seasonal decline in the December quarter, primarily driven by notebooks, tablets, gaming wearables and TV, but partially offset by desktops, graphic cards, servers, E-mobility and quick chargers.

最後，九月季度符合我們的預期。廣泛的增長證實了我們過去一年經歷的庫存調整已經完成。季節性已經回歸，人工智慧和先進計算等新市場正在興起。我們預計第 12 季會出現典型的季節性下降，主要由筆記型電腦、平板電腦、遊戲穿戴裝置和電視推動，但部分會被桌上型電腦、顯示卡、伺服器、電動車和快速充電器所抵消。

At this point. Our visibility into 2025 is limited and the calendar first quarter of 2025 is typically seasonally soft as well. However, we are optimistic and 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. We are steadfast in executing our technology road map.

在此刻。我們對 2025 年的預測有限，而且 2025 年第一季通常也呈現季節性疲軟。然而，我們對先進技術、針對不斷擴大的終端市場的多元化產品組合以及所有業務線的優質客戶群的支持持樂觀態度，並做好了成長的準備。我們堅定不移地執行我們的技術路線圖。

We are excited about our transition from a component supplier to a total solutions provider. These strategic efforts over the past few years are starting to bear fruit as evidenced by our success in designing in both controllers as well as power stages into PCs graphic cards and now expanding into AI applications.

我們對從組件供應商向整體解決方案提供者的轉變感到興奮。過去幾年的這些策略努力已開始取得成果，我們在 PC 顯示卡控制器和功率級設計方面取得的成功以及現在擴展到人工智慧應用領域就證明了這一點。

This transition will only accelerate going forward as we tap into new opportunities and increase our share of BOM content. In summary, power management underpins key trends such as AI digitalization connectivity and electrification, especially as we move towards a sustainable low carbon society.

隨著我們挖掘新機會並增加 BOM 內容份額，這種轉變只會加速前進。總之，電源管理支撐著人工智慧、數位化連接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 see many opportunities in advanced computing and data centres, increasing integration of A I&P CS and smartphones and higher smartphone charging currents with multiple batteries and streams 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. With that, I will now turn the call over to Yifan for a discussion of our fiscal first quarter financial results and our outlook for the next quarter.

我們在先進計算和數據中心看到了許多機會，增加了 A I&P CS 和智慧型手機的集成，以及計算和通信領域之外的多個電池和流的更高智慧型手機充電電流。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。現在，我將把電話轉給一帆，討論我們第一季的財務表現和下一季的前景。

Thank you, Steven. Good afternoon everyone and thank you for joining us. Revenue for the quarter was $181.9 million up 12.8% sequentially and 0.7% year-over-year in terms of product mix, DMOS revenue was $122.5 million up 20% sequentially and 0.8% over last year.

謝謝你，史蒂文。大家下午好，感謝您加入我們。從產品組合來看，本季營收為 1.819 億美元，季增 12.8%，年增 0.7%；DMOS 營收為 1.225 億美元，季增 20%，年成長 0.8%。

Part I see revenue was $52.9 million up 0.4% from the prior quarter and from a year ago, assembly service and other revenue was $0.9 million as compared to $1.4 million last quarter and $0.7 million for the same quarter. Last year, license and engineering service revenue was $5.6 million for the quarter versus $5.1 million in the prior quarter and $5.6 million for the same quarter.

第一部分看到營收為 5,290 萬美元，比上一季成長 0.4%，與去年同期相比，組裝服務和其他營收為 90 萬美元，而上季為 140 萬美元，同季為 70 萬美元。去年，該季度的許可和工程服務收入為 560 萬美元，而上一季為 510 萬美元，上一季為 560 萬美元。

A year ago, non-GAAP gross margin was 25.5% compared to 26.4% last quarter and 28.8% a year ago, the quarter-of-quarter decrease was mainly impacted by ASB erosion and mix changes. Non-GAAP operating expenses were $38.5 million compared to $39.3 million for the prior quarter and $40.8 million last year.

一年前，非 GAAP 毛利率為 25.5%，而上季為 26.4%，一年前為 28.8%，季度下降主要受到 ASB 侵蝕和組合變化的影響。非 GAAP 營運費用為 3,850 萬美元，上一季為 3,930 萬美元，去年為 4,080 萬美元。

The slight quarter-over-quarter decrease was primarily due to lower professional fees and fluctuation of engineering expenses. Non-GAAP quarterly EPS was $0.21 compared to $0.09 per share last quarter and $0.33 per share a year ago

環比小幅下降主要是由於專業費用下降和工程費用波動。非 GAAP 季度每股收益為 0.21 美元，上季每股收益為 0.09 美元，去年同期每股收益為 0.33 美元

Moving on to cash flow. Operating cash flow was $11 million including $8.4 million of repayment of customer deposits. By comparison, operating cash flow was $7.1 million in the prior quarter and $13.8 million last year, we expect to refund $5.8 million customer deposit in the December quarter. If you ask for the quarter was $20.6 million compared to $16 million last quarter and $23.3 million for the same quarter a year ago.

轉向現金流。營運現金流為 1,100 萬美元，其中包括 840 萬美元的客戶存款償還。相比之下，上一季的營運現金流為 710 萬美元，去年為 1,380 萬美元，我們預計在 12 月所在季度退還 580 萬美元的客戶押金。如果你要求的話，本季的營收為 2,060 萬美元，而上季為 1,600 萬美元，去年同期為 2,330 萬美元。

Now let me turn to our balance sheet. We completed the September quarter with a cash balance of $176 million compared to $175.1 million. At the end of last quarter, net trade receivables increased by $12 million. Sequentially, day sales outstanding were 15 days for the quarter compared to 12 days for the prior quarter. Net inventory decreased by $10.8 million quarter-over-quarter. Average days in inventory were 125 days compared to 148 days in the last quarter. CapEx for the quarter was $6.7 million compared to the $7.2 million for the prior quarter.

現在讓我談談我們的資產負債表。截至 9 月份季度，我們的現金餘額為 1.76 億美元，而去年同期為 1.751 億美元。上季末，應收帳款淨額增加了1200萬美元。本季的應收日銷售額為 15 天，而上一季為 12 天。淨庫存季減 1,080 萬美元。平均庫存天數為 125 天，而上季為 148 天。本季的資本支出為 670 萬美元，而上一季的資本支出為 720 萬美元。

We expect CapEx for the December quarter to range from $6 million to $8 million. Now, I would like to discuss December quarter guidance. We expect the revenue to be approximately $170 million plus or minus $10 million. GAAP gross margin to be 24% plus or minus 1%. We anticipate the Non-GAAP gross margin to be 25% plus or minus 1%.

我們預計 12 月季度的資本支出將在 600 萬美元至 800 萬美元之間。現在，我想討論 12 月季度指引。我們預計營收約 1.7 億美元上下 1,000 萬美元。GAAP 毛利率為 24% 正負 1%。我們預期非 GAAP 毛利率為 25% 正負 1%。

GAAP. Operating expenses to be in the range of $45 million plus or minus $1 million. Non-GAAP property expenses are expected to be in the range of $38.8 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 $1 million to $1.2 million. With that, we will open the call for questions. Operator. Please start the Q&A session.

公認會計準則。營運費用在 4500 萬美元上下 100 萬美元之間。非公認會計原則財產費用預計在 3,880 萬美元加減 100 萬美元的範圍內，利息費用大約等於在 100 萬美元到 120 萬美元的範圍內的利息、收入和所得稅費用。至此，我們將開始提問。操作員。請開始問答環節。

(Operator Instructions) David Williams, benchmark.

（操作員說明）David Williams，基準。

Hey, good afternoon, gentlemen. Thanks for taking my questions. And excuse me, I jumped on a little bit late here. So forgive me if, if you cover something in the call, but just kind of curious how you're seeing, I guess, from the competitive standpoint. Are you seeing anything that's changed there and take maybe your card business? Is there any new force in there to?

嘿，下午好，先生們。感謝您回答我的問題。抱歉，我來晚了一點。所以請原諒我，如果你在電話會議中談到了一些內容，但我想，從競爭的角度來看，你只是好奇你是如何看待的。您是否發現那裡發生了任何變化，並可能影響您的信用卡業務？是不是有什麼新的力量在裡面？

Okay. Your question got a little chopped up. Can you rephrase the last part of the question? I heard the question about competition in general but can you just phrase again?

好的。你的問題有點支離破碎。你能重新表達一下問題的最後部分嗎？我聽到了關於一般競爭的問題，但您能再說一遍嗎？

Sure, no problem. Yeah, just the competitive landscape. And if you've noticed or seen anything, I guess in the graphics card side, you got four out of that being a competitive spot. I'm just curious how you're seeing that today.

當然，沒問題。是的，只是競爭格局。如果您注意到或看到任何東西，我想在顯示卡方面，您會得到其中的四個競爭點。我只是好奇你今天怎麼看。

Sure. So overall competition, it is, right now we are still overall in the market correction period. And most of the end segments, in our markets, we saw the correction happening earlier last year in the computing consumer space and from, and then this year we're seeing in general in the markets, more in the automotive and industrial side.

當然。所以整體競爭來說，現在整體還是處於市場調整期。在我們的市場中的大多數終端領域，我們看到去年早些時候在計算消費領域發生了調整，然後今年我們在整個市場中看到了調整，更多的是在汽車和工業方面。

So, what we see is overall, every each one of our competitors is affected by the market cycles and where we are in the on the market cycle. And therefore, we are seeing more increased competition more firms are seeking to fill their fabs And in some cases been going back to some of the their previous market.

因此，我們看到的是，總體而言，我們的每位競爭對手都受到市場週期以及我們所處的市場週期的影響。因此，我們看到競爭越來越激烈，越來越多的公司正在尋求填補他們的晶圓廠，並且在某些情況下又回到了他們之前的一些市場。

But that said, I think on the graphics side, the key thing here is about their upcoming transition, at least for our leading customer here, they're undergoing a major trans big transformation with a big chip set that is expected to launch at the beginning of the new year. We do expect to participate as part of that, at least on the graphics and the adding card side where we expect to see the business come earlier.

但話雖如此，我認為在圖形方面，這裡的關鍵是他們即將到來的過渡，至少對於我們這裡的主要客戶來說，他們正在經歷重大的跨大轉型，預計將在新的一年的開始。我們確實希望參與其中，至少在圖形和附加卡方面，我們希望看到業務更早出現。

We're seeing we expect to see a little bit less competition there. Actually, in the previous platform, there were more competitors in those sockets. There's less now going into this next platform on the card side, on the data centre side, we do expect to see, the a few more of the major players there going to be more competition there, but there's also a bigger opportunity there as well.

我們預計那裡的競爭會減少一些。實際上，在先前的平台中，這些插槽中有更多的競爭對手。現在，在卡片方面、在資料中心方面，進入下一個平台的人越來越少，我們確實希望看到，主要參與者的數量越多，那裡的競爭就會越激烈，但那裡也有更大的機會。

Great. Okay. I just wanted to ask too on the seasonality, it looks like you're guiding down just a bit more than seasonality. Is it fair to assume that may, we're back to a place that we can expect kind of seasonal trends here or is there still enough volatility out there that you think is too early to call Thank you.

偉大的。好的。我只是想問季節性，看起來你的指導比季節性多一點。可以公平地假設，我們回到了一個可以預期季節性趨勢的地方，或者仍然存在足夠的波動性，您認為現在打電話還為時過早，謝謝。

I think for the standard markets that we will been in computing and consumer, that seasonal pattern has returned. But at the same time the full recovery, especially for PCs hasn't come yet. we are still waiting for PC shipments to grow, I guess for the replacement cycles to come back again.

我認為對於我們將在計算和消費領域的標準市場來說，季節性模式已經回歸。但同時，全面復甦（尤其是個人電腦）尚未到來。我們仍在等待個人電腦出貨量成長，我想等待更換週期再次回來。

And therefore, at least for the last few years, after the inventory correction of the previous year right now, we are just waiting for the PC shipments to be able to grow more. That said, we are not standing still and even in those in the PC markets we're seeking to gain more BOM content as we saw more of a total solution going into that application.

因此，至少在過去幾年裡，經過去年的庫存調整，我們只是在等待 PC 出貨量能夠進一步成長。也就是說，我們並沒有停滯不前，即使在 PC 市場，我們也正在尋求獲得更多 BOM 內容，因為我們看到更多的整體解決方案進入該應用程式。

we do think that, seasonally, yes, it is going to go through that cycle where, the September quarter is typically the peak because of back to school and the holiday seasons and then going into the March quarter is probably more of a trough when it comes to the PC shipments.

我們確實認為，從季節性角度來看，是的，它將經歷一個週期，其中九月季度通常是高峰，因為回到學校和假期季節，然後進入三月季度可能更像是一個低谷。 PC出貨量。

But that should come back up again and going into the following year. We're hoping that to be able to layer that in, especially with our advances in the graphics card and AI celebrator card side that can help to fill in the GAAP and layer in on top of what we see as our base business.

但這種情況應該會再次出現並持續到明年。我們希望能夠將其分層，特別是隨著我們在顯示卡和人工智慧慶祝器卡方面的進步，這可以幫助填寫 GAAP 並分層到我們所認為的基本業務之上。

Yes. Thank you very much. I'll jump back in the queue.

是的。非常感謝。我會跳回到隊列中。

Craig Ellis, B. Riley.

克雷格·艾利斯，B.萊利。

Yeah, thanks for taking the questions, team and for all the colour. I wanted to start off with a clarification, Steven, in your remarks. I think you noted that the expectation in the December quarter for communications would be down around 30% which seems well above seasonal.

是的，感謝您提出問題，感謝團隊以及所有的顏色。史蒂文，我想先對你的言論進行澄清。我想您已經注意到，12 月所在季度的通訊預期將下降 30% 左右，這似乎遠高於季節性。

For that quote, I wouldn't be surprised if, we saw that on a multi quarter basis, but single quarter seems high. So, is that a particular OEM program that's weak or is that something that's spanning different Android programs as well as other customers that you have.

對於這個報價，如果我們在多個季度的基礎上看到這一點，但單季似乎很高，我不會感到驚訝。那麼，是某個特定的 OEM 程式較弱，還是跨越不同 Android 程式以及您擁有的其他客戶的程式。

To clarify? I think we didn't say a 30% decline in December quarter. We said a low, single, low, double digit sequential decline in the December quarter. So, basically in that, this segment, our number one customer in the US market, did you know launch the phone? We have a pretty good share on that phone. The launch is fairly strong.

澄清一下？我想我們並沒有說 12 月季度下降 30%。我們說過，12 月季度出現了低點、低點、低點、兩位數的季減。那麼，基本上，在這個細分市場中，我們在美國市場的第一大客戶，您知道推出這款手機嗎？我們在那部手機上佔有相當大的份額。發射力度相當強勁。

We do expect normally that we're to drop down some going into the December quarter. So that's, that simply reflects that right now. Right now, I honestly think it's a little bit early to say how strong that, exception will be going into the December quarter.

我們通常預計進入 12 月季度時會減少一些。所以，這只是反映了現在的情況。現在，老實說，我認為現在說 12 月季度的例外情況有多強還為時過早。

Just as a note, were you asking about communications, were you asking about consumer?

順便說一句，您是在問有關通訊的問題，還是在問有關消費者的問題？

Well, I was asking about communications because I thought that's where you referenced the 30% number. But if I miss those, I apologize.

嗯，我問的是溝通問題，因為我認為這就是你提到的 30% 數字。但如果我錯過了這些，我深感抱歉。

Right, the 30% decline was specifically for the consumer segment. That's where we mentioned that. And that's more a reflection of the gaming market, the product life cycle as well as The TV market has something to do with that as well. Several, things that were strong in the September quarter in the consumer segments such as the wearables that the headsets, those naturally will tend to drop off once you go into the December quarter, once you're passing the holiday season.

沒錯，30% 的下降是專門針對消費領域的。這就是我們提到的地方。這更反映了遊戲市場、產品生命週期以及電視市場也與此有關。在消費領域，9月季度表現強勁的一些產品，例如穿戴式裝置、耳機等，一旦進入12月季度，一旦假期結束，這些產品自然會下降。

Got it makes sense. Okay. Moving on to the questions, first on compute and AI. So like the tone signalling higher AI confidence than prior. Can you provide some details on the specific socket opportunities that the company has won? And it sounds like there's some things that are out there that may be in progress that could be quite material for 2025 any colour on that would be helpful and to the extent that you can provide colour on dollar content with us, Steve and it would be quite useful. Thank you.

明白了，有道理。好的。繼續討論問題，首先是計算和人工智慧。就像這種語氣顯示人工智慧比以前更有信心。您能否提供有關該公司贏得的具體插座機會的一些詳細資訊？聽起來有些事情可能正在進行中，對於 2025 年來說可能非常重要，任何顏色都會有幫助，只要你可以向我們提供美元內容的顏色，史蒂夫，那就是非常有用。謝謝。

Sure So for AI, our more near-term opportunity is actually coming from the next generation graphics cards and in combination with the AI accelerator cards and with the next platform that's being launched. And that cost similar is using similar solutions for both and the BOM content indeed is growing over there.

當然，對於人工智慧來說，我們近期的機會實際上來自下一代顯示卡以及與人工智慧加速卡和即將推出的下一個平台的結合。類似的成本是對兩者使用類似的解決方案，而 BOM 內容確實在增加。

We're talking about our driver MOS products being sold, actually multiple driver moss is being sold and being and used to power the GPU. And the new thing about us going into this new platform is that not only are we selling the driver MOS, but we're also pairing that together with the controller as a total solution in general, I think you've heard us, talking more about selling total solutions and this is one evidence of that happening in the market now and that we can sell both the controller as well as the power stages. And in this case, in terms of BOM content is going to grow from what used to be maybe around $5 to $6. It can and then go into the next platform. It can range anywhere from $7 to $15 to maybe even over $20 of content. Depending upon the number the power or the level of the GPU being paired with.

我們談論的是我們正在銷售的驅動器 MOS 產品，實際上是多個驅動器 MOS 正在銷售並用於為 GPU 供電。我們進入這個新平台的新之處在於，我們不僅銷售驅動器 MOS，而且還將其與控制器配對，作為整體解決方案，我想您已經聽到我們談論更多關於銷售整體解決方案，這是現在市場上發生的情況的一個證據，我們可以銷售控制器和功率級。在這種情況下，BOM 內容將從以前的 5 美元左右增長到 6 美元。它可以然後進入下一個平台。內容的價格從 7 美元到 15 美元不等，甚至可能超過 20 美元。取決於配對的 GPU 的功率或等級的數量。

Got it and Steven that for the AI application that would be instances where in a server, there would be a control CPU in front and then anywhere from [4 to 8] GPU cards in back, you'd have content in this GPU cards. Is that where you would have content, that type of integration.

Steven 明白了，對於人工智慧應用程式來說，在伺服器中，前面會有一個控制 CPU，然後後面有 [4 到 8] 個 GPU 卡，你會在這些 GPU 卡中擁有內容。這就是您擁有內容的地方，即那種類型的整合。

So for us, now we're specifically addressing initially on the cards themselves, the daughter cards. So these are both graphics cards, the traditional ones that would go into a PC, but the same ones that can go into also a server as an AI accelerator card.

因此，對我們來說，現在我們首先專門討論卡片本身，即子卡。因此，這兩種顯示卡都是用於 PC 的傳統顯示卡，但也可以作為 AI 加速卡用於伺服器。

So that's where the initial content and ramp will be coming from at launch with this customer. We are indeed also working on data centre opportunity where we're going for on board solutions where the content can actually be bigger. And that's something that's, it's still earlier in development, but it's something that we'll continue to update on going forward.

因此，這就是該客戶發佈時的初始內容和斜坡。我們確實也在致力於資料中心的機會，我們正在尋找內容實際上可以更大的機載解決方案。這還處於開發的早期階段，但我們將繼續更新。

Okay. Got it. And then moving on to a few other items. You mentioned desktop share gain. Can you quantify the degree to which that benefited the business in the back half of this year could benefit the business in the back half of this year? And then how does that play out next year for the company?

好的。知道了。然後繼續討論其他一些項目。您提到了桌面共用增益。您能否量化今年下半年對業務有利的程度可以使今年下半年的業務受益多少？那麼公司明年的表現會如何呢？

Sure. We, this is our, we are happy to see our share come back in the motherboard and important of the business desktop still are an important part of our base. And going into the December quarter is something that's actually helping us helping the computer segment, competing segment to also grow when, normally the PC segment is in more of a cycling kind of down, seasonally down. So, this is something that it is helpful, and I think it's nice to be able to I guess, go against the curve in that market.

當然。我們，這是我們的，我們很高興看到我們的份額重新回到主機板中，重要的商務桌上型電腦仍然是我們基礎的重要組成部分。進入 12 月季度實際上有助於我們幫助電腦細分市場、競爭細分市場也實現成長，而通常個人電腦細分市場更多地處於週期性下降、季節性下降。所以，這是有幫助的，我認為能夠逆著市場的曲線走是很好的。

Great. And then lastly, for me, I think we've all had our eye on competitive pricing this year. How did it play out in the third calendar quarter, your fiscal first quarter? And as you look ahead, what's your expectation for the way pricing can play out what are maybe positive and what a risk as you look at over the next four quarters?

偉大的。最後，對我來說，我認為今年我們都關注有競爭力的價格。第三季（即第一財季）的表現如何？展望未來，您對未來四個季度的定價方式有何期望，哪些可能是正面的，哪些是風險？

Sure. During the quarter, we did see increased pricing pressure and I mean, I guess this is a reflection of softer overall market recovery. competitors impacted by inventory correction and demand, slow down, especially in automotive and industrial. So, they shifted more toward consumer related markets to fit to fill their fabs.

當然。在本季度，我們確實看到定價壓力增加，我想這反映了整體市場復甦的疲軟。受庫存調整和需求影響的競爭對手增速放緩，尤其是在汽車和工業領域。因此，他們更多地轉向與消費者相關的市場，以適應他們的晶圓廠。

And so, we see increased competition from all players, large or small. So right now, I mean, the ASP erosion and for this year is more trending for a high single digit annual erosion versus typical, the mid to high single digits. So, here what we want to do is to accelerate our new product, roll out to counter the ASP erosion. So that has been what we have been doing all along the years.

因此，我們看到所有參與者（無論大小）的競爭都在加劇。所以現在，我的意思是，今年的平均售價侵蝕更傾向於高個位數年度侵蝕，而不是典型的中高個位數侵蝕。因此，我們要做的就是加速我們的新產品的推出，以應對 ASP 的侵蝕。這就是我們多年來一直在做的事情。

Got it. Thanks.

知道了。謝謝。

Jeremy Kwan, Stifel Financial Corp.

Jeremy Kwan，Stifel 金融公司

Yes, thank you. Maybe a little bit follow-up on the pricing question. Can you talk about, I think in the years past you've talked about competition at the in the low to maybe low to mid-range coming out of China. Have you seen that continue to intensify? Can you talk about maybe, things you're doing there to try to counter that.

是的，謝謝。也許對定價問題有一些後續。你能談談嗎，我想在過去的幾年裡你已經談到了來自中國的低端甚至中低端的競爭。您是否看到這種情況繼續加劇？您能談談您正在做的事情來嘗試解決這個問題嗎？

And also, the if you can give us a quick update on the JV and how, where your position is in terms of capacity and what they've maybe communicated to you in terms of, their capacity expansion plans and maybe their search from your customers that just a bit of an update that would be helpful. Thank you.

另外，您是否可以向我們提供有關合資企業的快速最新信息，以及您在產能方面的位置以及他們可能向您傳達的信息，他們的產能擴張計劃以及他們從您的客戶那裡進行的搜索這只是一點點更新，會有幫助的。謝謝。

Hey, Jeremy, let me address the first part on the pricing and also on the how to compete against competitors in in today's market. And then I can address the JV question. So no, what emphasize is the really the key strategy to improving ASP the margin is that all in all we are trying to go after a more attractive sockets, higher performance sockets with products that are more differentiated.

嘿，傑里米，讓我談談第一部分的定價以及如何在當今市場上與競爭對手競爭。然後我可以解決合資企業的問題。所以不，強調的是提高ASP利潤率的真正關鍵策略是，總而言之，我們正在努力追求更具吸引力的插座、更高性能的插座以及更具差異化的產品。

So this is why you heard us talk about not only the total solutions but driving application specific solutions that have more differentiation. In China, one of our core markets that we're going after is the smartphone market. And over there, the underlying trend that's powering that is towards as phone makers are moving towards higher charging current, especially in the premium phones.

因此，這就是為什麼您聽到我們不僅談論整體解決方案，而且還談論更具差異化的特定應用解決方案。在中國，我們追求的核心市場之一是智慧型手機市場。在那裡，推動這一趨勢的根本趨勢是手機製造商正在轉向更高的充電電流，尤其是在高階手機中。

So over there, we are selling again newer products that have offered better performance and especially to power these higher charging currents. So when there's an application trend that pushes performance more, actually, it creates more separation between us and our and the competition, so we'll continue to drive and go after these attractive sockets with our solutions and that will help us to combat the competition.

因此，在那裡，我們再次銷售具有更好性能的新產品，特別是為這些更高的充電電流提供動力。因此，當出現一種進一步推動性能的應用趨勢時，實際上，它會在我們、我們的以及競爭對手之間造成更多的分離，因此我們將繼續用我們的解決方案來推動和追求這些有吸引力的插座，這將幫助我們對抗競爭。

Great in terms of I Mean JV side and I mean, right now JV is in the process of raising additional funds. So in terms of their business. Yeah, and then they if that positive and then, and then they sign up on more customers so that they are still one of our major suppliers. and then, we are king with them very well, so supporting our business at this point.

就我的意思是合資企業而言，這很好，我的意思是，現在合資企業正在籌集額外資金。所以就他們的業務而言。是的，然後他們如果是積極的，然後他們會簽約更多的客戶，這樣他們仍然是我們的主要供應商之一。然後，我們與他們相處得很好，所以在這一點上支持我們的業務。

Thank you. Maybe if you can give us the utilization rates at Oregon and capacity, especially, I don't know that, with price erosion coming that kind of putting a or is it lower the capacity at all in terms of the revenue you can get out of the fab just and, your continual upgrades to the fab. Looking at that all in combination, can you just give us kind of where the utilization rate is now and where you see that going in the next couple quarters? Thank you.

謝謝。也許如果您能給我們俄勒岡州的利用率和產能，特別是，我不知道，隨著價格侵蝕的到來，或者就您可以獲得的收入而言，它是否會降低產能晶圓廠只是以及您對晶圓廠的不斷升級。綜合來看，您能否告訴我們目前的利用率以及您認為未來幾季的使用率？謝謝。

Okay, sure. For the quarter, our utilization was around 80% or so overall, I mean, we still have some capacity to go to support our further growth overall, I mean, yes, as we roll out more new product and so we expect and our app can provide support there.

好吧，當然。本季度，我們的整體利用率約為80% 左右，我的意思是，我們仍然有一定的能力來支持我們的整體進一步增長，我的意思是，是的，隨著我們推出更多新產品，所以我們期望我們的應用程式可以在那裡提供支援。

Got it. And going to the gross margin line, can you give us, more colour in terms of the puts and takes into the sequential decline? That's expected December quarter, how much is volume, how much is pricing and then, kind of, where do you expect the trend to go is 25% the bottom here. Or how you're looking at it on a kind of a longer-term basis.

知道了。至於毛利率線，您能給我們更多關於看跌期權和認購期權連續下降的信息嗎？這是預計的 12 月季度，成交量是多少，定價是多少，然後，你預計趨勢將走向何方，這裡的底部是 25%。或者你如何從長遠角度看待它。

Okay. Sure. September Quarters in March and was, over whatever quarter, drop and, was mainly because of ASP erosion. And I mean, that's, pretty much the contributor. So, from there. And then, I mean, we expect and I mean that, once we grow our business and I mean, our utilization can go up and then, which can provide support to our growth margin line and then also our newer products and can improve our product mix. So that's where we want to grow our growth margin.

好的。當然。9 月的季度，無論在哪個季度，均出現下降，主要是由於平均售價下降。我的意思是，這幾乎就是貢獻者。那麼，從那裡開始。然後，我的意思是，我們期望，我的意思是，一旦我們發展我們的業務，我的意思是，我們的利用率就會上升，這可以為我們的成長利潤線以及我們的新產品提供支持，並且可以改進我們的產品混合。這就是我們希望提高成長幅度的地方。

Great. Thank you very Much.

偉大的。非常感謝。

(Operator Instructions)

（操作員說明）

There are no more questions registered in queue at this time. I'd like to pass the conference back over to our host for closing remarks.

目前隊列中沒有更多問題。我想將會議轉回給我們的東道主致閉幕詞。

Okay, great. It's Steven. Play. This concludes our earnings call today. Thank you for your interest in AOs and we look forward to. Talking to you again next Quarter Take care.

好的，太好了。是史蒂文.玩。我們今天的財報電話會議到此結束。感謝您對 AO 的興趣，我們對此充滿期待。下個季度再和你說話，保重。

That will conclude today's conference call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您有個愉快的一天。