Alpha and Omega Semiconductor Ltd (AOSL) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's Alpha and Omega Semiconductor fiscal Q2, 2025 earnings call. My name is Jaylen and I'll be your moderator for today. (Operator Instructions). The conference over to our host, Steven Pelayo. Steven. You may proceed.

午安.感謝您參加今天的 Alpha and Omega Semiconductor 2025 財政年度第二季財報電話會議。我叫傑倫，今天我將擔任你們的主持人。（操作員指令）。會議由我們的主持人 Steven Pelayo 主持。史蒂文。您可以繼續。

Good afternoon, everyone and welcome to Alpha and Omega Semiconductor's Conference Call to discuss fiscal 2025 second quarter, financial results. I'm Steven Pelayo, 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 and Omega Semiconductor 電話會議討論 2025 財年第二季的財務業績。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 Yifan Liang。

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. 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 March quarter. Finally, we will have a Q&A session.

此次通話正在錄音並透過網路直播。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。今天的通話將如下進行。史蒂文將開始提供業務更新，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三月季度提供指導。最後，我們將進行問答環節。

The earnings release was distributed over the wire today, February 5, 2025, 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.

該收益報告於今天（2025 年 2 月 5 日）收盤後透過網路發布，同時報告也會發佈在公司網站上。我們的收益報告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準則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，投資者應該考慮這些資訊。結合 GAAP 指標，收益報告中也包含這些非 GAAP 指標與可比較 GAAP 指標的對帳。

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大不相同的風險和不確定性。

For more detailed descriptions 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，請參閱我們最近和後續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。現在，我將電話轉給我們的執行長 Stephen Chang。

Thank you, Steven. Welcome to Alpha and Omega fiscal Q2 earnings call. I will begin with a high-level overview of our results and then jump into segment details. We delivered fiscal Q2 revenue and EPS results in line with our guidance revenue was $173.2 million non-GAAP. Gross margin was 24.2% non-GAAP EPS was $0.09.

謝謝你，史蒂文。歡迎參加 Alpha 和 Omega 財政第二季財報電話會議。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。我們公佈的第二財季收入和每股收益符合我們的預期，非公認會計準則收入為 1.732 億美元。毛利率為 24.2%，非 GAAP 每股盈餘為 0.09 美元。

While we saw seasonal sequential declines in fiscal Q2 from each of our major segments. The communications and industrial segments outperformed our initial forecasts, and we saw sequential growth in graphics cards, quick chargers, PC desktops and power tools. These increases were offset by seasonal declines in gaming, notebooks, tablets and wearables. With the December quarter now complete, we can reflect on our performance in calendar 2024 where AOS revenue increased 4.1% year over year.

雖然我們在第二財季看到各主要部門的業績出現季節性較上月下滑。通訊和工業領域的表現超出了我們最初的預測，並且我們看到顯示卡、快速充電器、桌上型電腦和電動工具的連續成長。這些增長被遊戲、筆記型電腦、平板電腦和穿戴式裝置的季節性下滑所抵消。隨著 12 月季度的結束，我們可以回顧 2024 年的業績，其中 AOS 營收年增 4.1%。

While this modest overall growth might not seem overwhelming the recovery in our segment suggests the inventory correction is clearly behind us. Further, a closer examination by segment validates AOS, a strategic shift from a component supplier to a total solutions provider. This transition is enabling us to tap into new opportunities, gain market share and increased bomb content.

雖然這種溫和的整體成長可能看起來並不強勁，但我們部門的復甦表明庫存調整顯然已經過去。此外，透過對細分市場的進一步審查可以驗證 AOS 的有效性，即從零件供應商到整體解決方案提供者的策略轉變。這一轉變使我們能夠挖掘新的機會、獲得市場份額並增加炸彈含量。

Most notably, our computing and communication segments each grew more than 25% in calendar 2024 driven by market share gains and bomb content growth in motherboards, AI graphics cards and tablets. In smartphones, our battery PCM product line contributed the largest incremental dollar growth to the company in calendar year 2024. We now believe AOS is the industry leader in smartphone battery PCM.

最值得注意的是，在主機板、AI 顯示卡和平板電腦的市場份額增長和重磅內容增長的推動下，我們的計算和通訊部門在 2024 日曆年均增長了 25% 以上。在智慧型手機領域，我們的電池PCM產品線在2024日曆年為公司貢獻了最大的增量美元成長。我們現在相信 AOS 是智慧型手機電池 PCM 產業的領導者。

We also saw strong growth in wearables and e mobility in calendar 2024. Further proving our ability to build on existing customer relationships, while broadening into new and adjacent markets. The primary headwinds to calendar 2024 growth were mostly concentrated in gaming and quick chargers. Yet both markets have now digested excess inventories and returned to growth in the past few quarters.

我們也看到 2024 年穿戴式裝置和電子移動領域的強勁成長。進一步證明我們有能力在現有客戶關係的基礎上拓展新的和鄰近的市場。2024 年成長的主要阻力主要集中在遊戲和快速充電器方面。不過，這兩個市場目前都已消化了過剩庫存，並在過去幾季恢復了成長。

As we look ahead, we are delivering on our commitments and advancing our transformation from a component supplier to a total solutions provider. Our strategic focus is to go deeper by leveraging strengths in high performance silicon packaging and intelligent ICs. Our goal is to leverage premier customer relationships to expand market share and increase bond content with a broader portfolio.

展望未來，我們將繼續履行承諾，推動從零件供應商向整體解決方案提供者的轉型。我們的策略重點在於發揮高性能矽封裝和智慧積體電路的優勢，進一步深入發展。我們的目標是利用優質的客戶關係來擴大市場份額，並透過更廣泛的投資組合增加債券內容。

With that, let me now cover our segment results and provide some guidance by segment for the next quarter. Starting with computing, December quarter revenue was up 6% year over year but down slightly negative 0.5% sequentially and represented 43.9% of total revenue. These results were better than typical seasonality but slightly worse than our original expectation for slight sequential growth.

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。從計算開始，12 月季度營收年增 6%，但環比略微下降 0.5%，佔總營收的 43.9%。這些結果好於典型的季節性，但略差於我們最初預期的輕微連續成長。

We saw relative strength from PC desktops and graphic cards offset by the seasonal decline in notebooks and tablets. Servers and AI and celebrator cards were also softer as the industry prepares for the next platform transition. We continue to see a good opportunity in advanced computing, and we are encouraged by the progress we have made thus far.

我們看到個人電腦桌上型電腦和顯示卡的相對強勢被筆記型電腦和平板電腦的季節性下滑所抵消。隨著產業為下一次平台轉型做準備，伺服器、人工智慧和慶祝卡的銷售也下降了。我們繼續在先進運算領域看到良好的機遇，我們對迄今為止所取得的進展感到鼓舞。

Within AI for large data centres, we are a contender in the middle stages of the design phase, and we see potential for these products to contribute to revenue in the middle of the calendar year. On graphic cards, the next generation platform is ramping up to mass production.

在大型資料中心的人工智慧領域，我們是設計階段中期的競爭者，並且我們看到這些產品在年中為收入做出貢獻的潛力。在顯示卡方面，下一代平台正在加速量產。

With this new platform, we expect bomb content to increase as more power stage ICs paired with our controller are being used to power the GPU, looking forward into the Marsh Corridor, the computing segment will likely decline due to seasonality. However, the PC market is expected to be flat as [tariff] uncertainty is leading to demand pull ins with PC makers.

有了這個新平台，我們預計炸彈含量會增加，因為與我們的控制器配對的更多功率級 IC 被用於為 GPU 供電，展望 Marsh Corridor，計算部分可能會因季節性而下降。然而，由於關稅的不確定性導致個人電腦製造商的需求下降，預計個人電腦市場將持平。

According to the consumer segment, December revenue was down 3.9% year over year and down 28.8% sequentially and represented 13% of total revenue. The results were in line with our forecast driven by seasonality in gaming and home appliances as well as a pullback in wearables following a record level achieved in the third calendar quarter.

從消費部門來看，12月營收年減3.9%，季減28.8%，佔總收入的13%。該結果符合我們的預測，主要是由於遊戲和家用電器的季節性以及可穿戴設備在第三季度創下紀錄水平後出現回落。

As a reminder, we don't expect gaming to return to meaningful growth until, the customer transitions to the next platform. For the March quarter, we forecast a low single digit sequential decline in the consumer segment driven by continued seasonality in gaming TVs and softness in home appliances.

提醒一下，我們預計在客戶轉換到下一個平台之前，遊戲不會恢復有意義的成長。對於 3 月季度，我們預測消費領域將出現低個位數的環比下滑，這主要受遊戲電視持續的季節性影響以及家用電器的疲軟表現。

Next, let's discuss the communications segment, revenue in the December quarter was up 14.5% year over year, but down 6.4% sequentially and represented 19.2% of total revenue. These results were above our initial expectations for a double-digit sequential decline as broad-based demand from our tier one US smartphone customer and China OEMs moderated only slightly, while Korea saw an increase in preparation for product launches in the first calendar quarter.

接下來，我們來討論通訊部門，12 月季度的營收年增 14.5%，但環比下降 6.4%，佔總營收的 19.2%。由於來自美國一級智慧型手機客戶和中國 OEM 的廣泛需求僅略有放緩，而韓國在第一季的產品發布準備工作有所增加，因此這一結果高於我們最初預期的兩位數連續下降。

We believe the better-than-expected results are due to a combination of market share gains. A mix shift to higher end phones in China and generally higher charging’s driving increased bomb content. Looking ahead, we anticipate a low teen sequential decline in the March quarter for the communications segment, mostly due to seasonality.

我們認為，好於預期的業績是由於市場佔有率的增加。中國手機市場向高階手機的轉變以及普遍更高的充電價格導致炸彈含量增加。展望未來，我們預計 3 月份通訊部門的銷售額將出現低幅度的環比下降，這主要是由於季節性因素。

Now let's talk about our last segment Power supply and industrial, which accounted for 20.2% of total revenue and was flat year over year and up 9.6% sequentially. The results were ahead of our forecast for low single digit sequential growth driven by seasonal strength in quick chargers. As well as an increase in power tools demand also held relatively steady quarter over quarter in ACDC power supplies and e mobility.

現在讓我們來談談我們的最後一部分：電源和工業，該部分佔總收入的 20.2%，與去年同期持平，環比增長 9.6%。由於快速充電器的季節性強勁成長，該業績超出了我們的預期，我們預計該業績將實現低個位數的連續成長。除了電動工具的需求增加之外，ACDC 電源和電動車的需求也與上一季相比保持相對穩定。

As we stated before, we see additional opportunities in 2025 for quick chargers due to increased BOM content by a higher charge in currents.

正如我們之前所說，由於更高的充電電流會導致 BOM 內容增加，我們看到 2025 年快速充電器將有更多機會。

Further, we are leveraging relationships in Taiwan to partner on DC stands for server racks. For the March quarter, we expect a low-key sequential decline for the power supply and industrial assignment. Primarily driven by seasonal decline in quick chargers. This decline will be partially offset by some sequential growth in e mobility and ACDC power supplies.

此外，我們正在利用與台灣的關係，就伺服器機架的 DC 支架展開合作。對於三月季度，我們預計電力供應和工業分配將出現低調的連續下滑。主要是由於快速充電器的季節性下降。這一下降將被電動車和 ACDC 電源的連續成長部分抵消。

In closing December quarter revenue was slightly ahead of our expectations. While gross margin was a bit softer, the continued year over year revenue growth confirms that inventory corrections we experienced over the past year are complete.

截至 12 月季度末，營收略高於我們的預期。雖然毛利率略有下降，但收入持續同比增長證實了我們過去一年經歷的庫存調整已經完成。

This analogy has returned and new markets like AI and advanced computing are emerging. As we look ahead to 2025 visibility remains limited and the first quarter is typically affected by seasonal softness. The subdued market environment will likely pressure pricing and wind down of licensing and engineering revenue with further impact gross margin. We expect both revenue and margin to recover beyond the March quarter, with incremental growth likely from smartphones, graphics cards and AI.

這種類比又重新出現，人工智慧和高階運算等新市場正在興起。展望 2025 年，可見性仍然有限，第一季通常會受到季節性疲軟的影響。低迷的市場環境可能會對定價造成壓力並減少授權和工程收入，進一步影響毛利率。我們預計，3 月份季度以後，收入和利潤率都將恢復，其中智慧型手機、顯示卡和人工智慧可能會帶來增量成長。

AOS is well positioned for growth supported by our advanced technology, a broad product range and our premier customer base across the various industries. Strategic initiatives over the past few years are yielding results with successful design integration of controllers and power stages into PCs, graphics cards and AI applications. We are poised to accelerate this expansion, capturing new opportunities and increasing our bond content.

憑藉先進的技術、廣泛的產品系列和遍布各行業的優質客戶群，AOS 擁有良好的成長條件。過去幾年的策略性舉措正在取得成果，成功地將控制器和功率級設計整合到個人電腦、顯示卡和人工智慧應用程式中。我們準備加速這一擴張，抓住新的機會並增加我們的債券內容。

Power management remains at the core of major industry trends including AI digitalization connectivity and electrification critical to achieving a low carbon sustainable future. We anticipate continued growth driven by advanced computing and data centres, AI integration in PCs and smartphones and higher charging currents in smartphones. Beyond computing and communications, we see many opportunities in solar motors and E-mobility gaming, home appliances and power tools.

電源管理仍然是主要行業趨勢的核心，包括人工智慧、數位化、連接性和電氣化，這些對於實現低碳可持續未來至關重要。我們預計，先進的運算和資料中心、個人電腦和智慧型手機中的人工智慧整合以及智慧型手機中更高的充電電流將推動持續成長。除了計算和通訊之外，我們還在太陽能汽車、電動車遊戲、家用電器和電動工具領域看到許多機會。

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

現在，我將把電話轉給一帆，討論我們第二財季的財務表現以及我們對下一季的展望。

Thank you, Stephen. Good afternoon, everyone and thank you for joining us. Revenue for the quarter was $173.2 million down 4.8% sequentially and up 4.8% year over year. In terms of product mix, DMOS revenue was $113 million down 7.8% sequentially and up 3.8% over last year.

謝謝你，史蒂芬。大家下午好，感謝大家的參與。本季營收為 1.732 億美元，季減 4.8%，年增 4.8%。從產品組合來看，DMOS 營收為 1.13 億美元，季減 7.8%，年增 3.8%。

Part I see revenue was $53.7 million up 1.5% from the prior quarter and 6.8% from a year ago. Assembly service and other revenue was $1.1 million as compared to $0.9 million last quarter and $0.7 million for the same quarter last year. License and engineering service revenue was $5.4 million for the quarter versus $5.6 million in the prior quarter and $5.5 million for the same quarter a year ago.

第一部分的營收為 5,370 萬美元，較上一季成長 1.5%，較去年同期成長 6.8%。組裝服務和其他收入為 110 萬美元，而上季為 90 萬美元，去年同期為 70 萬美元。本季授權和工程服務收入為 540 萬美元，而上一季為 560 萬美元，去年同期為 550 萬美元。

The license and engineering service revenue will end in the mid-February after the 24 month contract expires non-GAAP growth margin was 24.2% compared to 25.5% last quarter and 28% a year ago. The quarter over quarter decrease was mainly impacted by ASB erosion and mix changes. Non-GAAP operating expenses were $39 million compared to $38.5 million from the prior quarter. And $37.9 million last year.

授權和工程服務收入將在24個月的合約到期後於2月中旬結束，非GAAP成長率為24.2%，而上季為25.5%，去年同期為28%。季度環比下降主要受到 ASB 侵蝕和混合變化的影響。非公認會計準則營業費用為 3,900 萬美元，而上一季為 3,850 萬美元。去年為 3790 萬美元。

The slight quarter-over-quarter increase was primarily due to higher R&D expenses. Non-GAAP quarterly EPS was $0.09 compared to $0.21 per share last quarter and $0.24 per share a year ago. Moving on to cash flow. Operating cash flow was $14.1 million including $5 million of repayment of customer deposits. By comparison, operating cash flow was $11 million in the prior quarter and negative $23.5 million last year. We expect to refund the $11.1 million customer deposit in the March quarter, if it does for the quarter was $16.8 million compared to $20.6 million last quarter and $20.7 million for the same quarter a year ago.

環比小幅成長主要由於研發費用增加。非公認會計準則季度每股收益為 0.09 美元，而上季每股收益為 0.21 美元，去年同期每股收益為 0.24 美元。繼續討論現金流。經營現金流為 1,410 萬美元，其中包括 500 萬美元的客戶存款償還款。相較之下，上一季的營運現金流為 1,100 萬美元，去年同期為負 2,350 萬美元。我們預計將在 3 月季度退還 1,110 萬美元的客戶押金，如果確實如此，本季的退還金額將為 1,680 萬美元，而上季度為 2,060 萬美元，去年同期為 2,070 萬美元。

Now let me turn to balance sheet. We completed the December quarter with a cash balance of $182.6 million compared to $176 million. At the end of last quarter, net trade receivables decreased by $4.7 million. Sequentially day sales outstanding work 12 days for the quarter compared to 15 days for the prior quarter. Net inventory decreased by $1.2 million quarter-over-quarter.

現在讓我來談談資產負債表。截至 12 月季度，我們的現金餘額為 1.826 億美元，而之前為 1.76 億美元。上個季度末，淨貿易應收款減少了 470 萬美元。本季的銷售應收帳款連續工作天數為 12 天，而上一季為 15 天。淨庫存比上一季減少 120 萬美元。

Average days in inventory remained at 125 days for the quarter. CapEx for the quarter was $7.4 million compared to $6.7 million for the quarter. And we expect CapEx for the March quarter to range from $7 million to $9 million. Now, I would like to discuss March quarter guidance.

本季平均庫存天數維持在 125 天。本季的資本支出為 740 萬美元，而上季為 670 萬美元。我們預計 3 月季度的資本支出將在 700 萬至 900 萬美元之間。現在，我想討論一下三月季度的指導。

We expect revenue to be approximately $158 million plus or minus $10 million. GAAP gross margin to be 21.5% plus or minus 1%. We anticipate the non-GAAP growth margin to be 22.5% plus or minus 1%. The expected quarter over quarter decline is largely due to the decrease in license and engineering service revenue and to a lesser extent the anticipated increased manufacturing costs during the Lunar new year period.

我們預計營收約 1.58 億美元，上下浮動 1,000 萬美元。公認會計準則毛利率為21.5%上下浮動1%。我們預期非 GAAP 成長率 22.5%（正負 1%）。預計季度環比下降主要是由於許可和工程服務收入的下降，以及農曆新年期間預計製造成本的增加。

GAAP. Operating expenses to be $46.5 million plus or minus $1 million. Non-GAAP operating expenses are expected to be $39.5 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 $1.1 million to $1.3 million. With that, we will now open the call for questions. Operator, please start the Q&A session.

公認會計準則。營運費用為 4,650 萬美元，上下浮動 100 萬美元。非公認會計準則預計營運費用為 3,950 萬美元，上下浮動 100 萬美元。利息支出約等於利息收入，所得稅支出在 110 萬美元至 130 萬美元之間。現在，我們將開始提問。接線生，請開始問答環節。

(Operator Instructions) Craig Ellis, B. Riley.

（操作員指示） Craig Ellis、B. Riley。

Yeah, thanks for taking the question guys and congratulations on the areas of your, on your growth in calendar 24. I wanted to go back to the prepared comments on performance versus expectations in fiscal two Q in the AI Accelerator market. You commented that revenues were a little bit below what you had expected. Can you provide more detail? Was the issue, either an AOS product issue or share into a platform or was it just the pace at which the platform is ramping up?

是的，感謝你們回答這個問題，並祝賀你們在 24 日曆年各個領域的成長。我想回顧一下關於人工智慧加速器市場第二財季表現與預期的準備好的評論。您評論說收入略低於您的預期。能提供更多細節嗎？這個問題是 AOS 產品問題還是平台共享問題，或者只是平台發展速度的問題？

No, it's simply that the transition from our customers old program moving into the new program. We are continuing to be to working with them and in their ramp up, but this is their transition phase. So just remember that we have been shipping into especially the accelerator cards throughout the past calendar 2024.

不，這只是我們客戶從舊程式向新程式的過渡。我們將繼續與他們合作並幫助他們發展，但這是他們的過渡階段。所以請記住，我們在 2024 年期間一直在運送加速器卡。

And now that they've launched the projects are transitioning to the new platform. So, we expect a bit of a transition and the new models we are starting to ship already and that's going to continue to grow throughout this this current calendar year.

現在他們已經啟動了專案並正在轉向新平台。因此，我們預計會有一個小小的轉變，新車型我們已經開始出貨，並且今年這個數字還會繼續增長。

And then a follow up to that Stephen and thanks for that colour. There had been reports in the mid December time frame around some thermal issues associated with AOS sales products. You need to speak to whether that was the case and to the extent that it was whether those issues as reported accurately or potentially inaccurately have been resolved.

然後跟進史蒂芬並感謝那個顏色。12 月中旬有報告指出 AOS 銷售產品存在一些熱問題。你需要談談情況是否確實如此，以及這些準確或可能不準確的報道是否已經解決。

Yeah, so we're actually not going to comment. we did, we never offered any comments regarding the article that was put out about us. Our general practice isn't to go into details about our designs at our customers out of respect for our customers.

是的，所以我們實際上不會發表評論。我們確實這樣做了，我們從未對所發表的有關我們的文章發表任何評論。出於對客戶的尊重，我們的一般做法是，不向客戶詳細介紹我們的設計。

But we did say in our remarks and, and what's actually going on is that we continue to be one of the main contenders in this upcoming design for data centres. So, we're pretty excited about that. We are giving guidance that we expect this program to, well, they're program to launch in the middle of the year and this is something that we are excited and looking forward to.

但我們在評論中確實說過，而且實際情況是，我們將繼續成為即將到來的資料中心設計的主要競爭者之一。因此，我們對此感到非常興奮。我們給出的指導是，我們預計該計劃將在年中啟動，這是我們感到興奮和期待的事情。

And then if I could and it's along the same thing because that's where all the investor questions are. I think they are generally speaking, multiple opportunities for the company. One would be more card centric and, and somewhat similar to a long shipment history you've had with the customer, one would be more on server system board.

如果可以的話，它是同一件事，因為所有投資者的問題都在這裡。我認為總體來說，這對公司來說意味著多重機會。一種是更以卡片為中心，有點類似於您與客戶的長期裝運歷史，一種是更注重伺服器系統板。

Can you talk about the extent to which each of those and, the magnitude would contribute to growth and, and how should we think about the growth potential from this platform? How material can it be as we think about revenues ramping mid-year? Thank you, Steven.

您能否談談這些因素對成長的貢獻程度和幅度，以及我們該如何看待這個平台的成長潛力？當我們想到年中收入將大幅增加時，這有多重要？謝謝你，史蒂文。

Sure. Thanks Craig. Certainly, our opportunity in AI falls into two categories. The first is continuing what we've been doing already, which is getting our products, shipping our products into both graphics cards as well as accelerated cards. And you know, this with our target and customer, it's pretty much a similar solution that's being used there for both graphics as well as AI acceleration in these data cards.

當然。謝謝克雷格。當然，我們在人工智慧領域的機會分為兩類。首先是繼續我們已經在做的事情，即獲取我們的產品，將我們的產品運送到顯示卡和加速卡中。您知道，對於我們的目標和客戶來說，這是一個非常相似的解決方案，這些資料卡中都用於圖形和 AI 加速。

This portion as I mentioned is undergoing that transition. They are, our customer is ramping up, we are ramping with them, and we do expect to see content increase also because I believe these cards are more powerful, they can do a lot more but they also require more power, which is a good fit for our solutions.

正如我所提到的，這部分正在經歷轉變。我們的客戶正在加大力度，我們也在與他們一起加大力度，我們確實希望看到內容的增加，因為我相信這些卡功能更強大，它們可以做更多的事情，但它們也需要更多的電力，這非常適合我們的解決方案。

We are shipping one big change from last generation to this generation is that we're also now shipping the Multiphase controller in addition to our power stage. And so that's helping us to provide the total solution to the customer for this application. So that's the first category of business.

我們從上一代到這一代的一大變化是，除了功率級之外，我們還提供多相控制器。這有助於我們為客戶提供該應用程式的完整解決方案。這是第一類業務。

And we're, as I mentioned, we are continuing to ramp with them as they bring up production fully then going throughout this quarter. And then throughout the next few quarters. The second category of projects that we are targeting is the AI data centre portion. And this is where our solutions are being used on board to power GPUs and these go into their server solutions.

正如我所提到的那樣，我們將繼續與他們合作，因為他們將在本季全面提高產量。然後在接下來的幾個季度。我們瞄準的第二類專案是人工智慧資料中心部分。這就是我們的解決方案被應用於板載以給 GPU 供電的地方，而這些 GPU 進入他們的伺服器解決方案中。

And this is something that, we are very excited to take part in to be able to design into and we in are right now still in the middle of that designing phase and we're closely working with that customer in bringing up boards and working with them. And I'm not going to go into details about the design, but we did already indicate that this is something targeting mid-year for launch.

我們非常高興能夠參與設計這項工作，現在我們仍處於設計階段，我們正在與客戶密切合作，提出意見並與他們合作。我不會詳細談論設計，但是我們確實已經表明這將在年中推出。

That’s very helpful. Thank you, Steven.

這非常有幫助。謝謝你，史蒂文。

David Williams, Benchmark.

大衛威廉斯，基準。

Hey, good afternoon, gentlemen. It's good to talk with you. And thanks for let me ask you a question here, I guess Stephen first. Hey, not to beat the proverbial dead horse here. But if we kind of think about the AI opportunity for you and you talked about being in the middle of the design phase here, how do you think obviously mid kind of year for launch.

嘿，先生們，下午好。很高興和你交談。感謝您允許我在這裡向您提問，我想首先是史蒂芬。嘿，這裡不想再重複這些無用的事情了。但是，如果我們考慮人工智慧為您帶來的機遇，並且您談到目前正處於設計階段，那麼您認為應該如何在年中推出該產品。

But what do you think you'll have a better indication your content that you have? And if you've won that slot and what you've won, when do you think you would kind of get that indication? And then when should we begin to really think about those revenues coming in and given that's kind of a new area for you, it seems like that should be a fairly sizable step up in the revenue. Is that fair to think that way?

但是您認為什麼可以更好地表明您擁有的內容呢？如果您贏得了那個位置以及您贏得的東西，您認為什麼時候會得到這種暗示？那麼，我們什麼時候才應該開始真正考慮這些收入呢？這樣想公平嗎？

Yes, we certainly think the potential for our business in data centre to be much bigger than that of the graphics portion simply because the usage goes up much more as you can imagine in these data centres. And it's the power levels are significantly bigger. So, it simply requires more power stages to power each of these GPUs.

是的，我們確實認為我們在資料中心的業務潛力比圖形部分大得多，因為你可以想像在這些資料中心的使用率會上升得更快。而且它的功率水平明顯更大。因此，它只需要更多的功率級來為每個 GPU 供電。

I don't want to quantify that the moment, but basically, it is something that is multiples bigger. You can say that in terms of the total attempt that we can go after. We know that we're not the only one player going after this. So, the share is still to be determined, the final design, everything still to be finalized as well too. So, we're working closely with the customer again, at this point, we can say that we're targeting for a midyear launch.

我不想量化那一刻，但基本上，它是大幾倍的東西。就我們所能追求的整體努力而言，你可以這麼說。我們知道，我們不是唯一一個追求這目標的玩家。所以，份額還有待確定，最終的設計，一切都還有待最終確定。因此，我們再次與客戶密切合作，目前，我們可以說我們的目標是年中推出產品。

Fantastic. Well, congratulations on the progress there, that area have been really working to get into. So fantastic. And then maybe if I if you kind of think about the gross margin profile, we knew it would come down here a bit, I think actually performed a little bit better than we anticipated.

極好的。好吧，恭喜你在那裡取得的進展，我們一直在努力進入該地區。太棒了。然後也許如果我考慮一下毛利率狀況，我們知道它會下降一點，我認為實際上表現比我們預期的要好一點。

But how do you think about the margin profile as we get into next year? And as you kind of get this ramp coming back in, seems like some higher margin products potentially. And the volumes should we be begun to see that utilization snap back? And where do you think margins can genuinely go over the next 12 to 18 months?

但您認為明年的利潤率狀況如何？隨著這種成長勢頭的逐漸恢復，一些利潤率更高的產品似乎具有發展潛力。我們應該從哪些方面開始看到利用率的回升？您認為未來 12 至 18 個月利潤率將會達到何種水準？

Yeah, for the next 18 months again, I would expect it, the product mix is probably will improve and then from this March quarter, low point of the margin. And then I would expect that probably in the June quarter, we can expect the gross margin on a non-GAAP basis, get back to the December quarter level.

是的，我預計接下來的 18 個月產品組合可能會有所改善，然後從今年 3 月季度開始，利潤率將處於低點。然後我預計，在 6 月季度，我們可以預期非 GAAP 基礎上的毛利率將回到 12 月季度的水平。

So, the March quarter was mainly that, some product and also the decrease in revenue, license and engineering service revenue. So, and along with them, the Lunar New Year period, which is not going to help on the margin side. So then, I mean, I wouldn't expect that. Yeah, we can bounce back and recover from there.

因此，三月季度主要是一些產品以及收入、授權和工程服務收入的減少。因此，在農曆新年期間，對利潤率沒有幫助。那麼，我的意思是，我不會想到這一點。是的，我們可以從那裡恢復過來。

Okay, great. And then maybe just last one for me, I guess, Stephen, as you look across the landscape and you see the inventory digestion complete. But we've got the tariff issues that are kind of settling in and you pointed to some of that being pulled in this quarter, is there a way for you to, for us maybe to think about the magnitude of pull in you saw and then what maybe are you hearing thus far from your customers just given your, your base in China? How are you hearing from them or what are you hearing? And how are you positioned for the tariffs that is moving forward? Thank you.

好的，太好了。然後，我想，史蒂芬，這也許對我來說只是最後一個問題，當你縱觀整個形勢，你會看到庫存消化已經完成。但是我們的關稅問題正在逐漸解決，您指出本季度部分關稅已被取消，您有沒有辦法讓我們考慮一下您看到的關稅取消的幅度，然後考慮到您在中國的基地，您目前從客戶那裡聽到了什麼消息？您是如何聽到他們說話的或您聽到了什麼？您對未來的關稅有何打算？謝謝。

I think it's not a huge amount, but I think it makes it that, right now we're, giving, we're guiding computing just to be slightly down, whereas in like a normal year will be, it will have a more of a pronounced effect there. And I think there's still a lot of uncertainty about how that's going to play out at the in terms of the, what the new administration is doing. And what the impacts will be on trade, you can say, but right now, I think that's because of the anticipation of tariffs. We saw a little bit of Pull ins coming because of that.

我認為這不是一個很大的數目，但我認為，目前，我們正在指導計算，只是稍微下降，而在正常年份，它將產生更明顯的影響。我認為，就新政府將採取什麼行動而言，這個問題將如何解決，仍然存在很大的不確定性。你可以說這會對貿易產生什麼影響，但目前，我認為這是因為對關稅的預期。因此，我們看到了一些拉動現象。

Thanks so much.

非常感謝。

Jeremy Kwan, Stifel Financial Corp.

Jeremy Kwan，Stifel Financial Corp.

Yes, thank you. Just wanted to circle back on the gross margin question. You mentioned, I think it's being impacted by ASP erosion and mix changes. Can you quantify that? I do recall, I think you talked about pricing declines in the high single digits kind of being above maybe typical. Can you kind of level set us where, things are now and how you see it shaping up over the next 12 months?

是的，謝謝。只是想重新討論毛利率問題。您提到，我認為它受到了 ASP 侵蝕和混合變化的影響。你能量化它嗎？我確實記得，您談到價格下降的幅度高達個位數，這可能高於典型水平。您能否為我們介紹一下現在的情況以及您認為未來 12 個月的情況如何？

Okay, Sure. Yeah, I mean for the whole year, ASP erosion was in the range of mid to high single digit range and then I mean on the same product basis. So, you know, going forward then for this calendar year 2025 we continue to expect the mid to single digit, mid-single digit type of ASP erosion that you know what we do here is we will accelerate our new product rollout to counter the ASP erosion.

好的，當然可以。是的，我的意思是，就全年而言，ASP 的下降幅度在中高個位數範圍內，並且我的意思是基於相同的產品。因此，您知道，展望未來，對於 2025 日曆年，我們繼續預計 ASP 價格將出現中等到個位數的下降，您知道我們現在所做的是，我們將加快推出新產品，以應對 ASP 價格的下降。

So, with some good opportunities designed in opportunities here and yeah, we expect beyond March quarter that our smart and bounce back and recover.

因此，這裡設計了一些好的機會，是的，我們預計三月季度之後，我們的智慧將會反彈和復甦。

Great. And can you remind us again, what your current utilization levels are both internally and also maybe potentially at your foundry partners, including the JV. And how you kind of expect that to look as we look ahead throughout the rest of the year.

偉大的。您能否再次提醒我們，您目前的內部利用率以及您的代工夥伴（包括合資企業）的潛在利用率是多少？展望今年剩餘時間的表現，您有何期待？

Okay, Sure. For our internal utilization right now is around 80%. So, Foundry and JV, they are on their own. So, yeah, they can provide and meet our expectations on the purchase.

好的，當然可以。我們目前的內部利用率約為 80%。所以，Foundry 和 JV 都是獨立的。所以，是的，他們可以提供並滿足我們的購買期望。

Got it. And give you one last question the margin side. With margins back to the bottom at the 22.5% level. You talked about bouncing back to just on the quarter levels in June. How do you see your long-term targets? And what kind of revenue level do you need to get to kind of you know, maybe get back to that 30% gross margin that you experienced in the past?

知道了。最後再問您一個關於邊際的問題。利潤率又回到了22.5%的底部。您談到了六月反彈至季度水平。您如何看待自己的長期目標？您需要達到什麼樣的收入水平才能回到過​​去的 30% 毛利率？

Yeah, our midterm target model is you know, revenue are reaches the $1 billion and then, at that time, we expect the non-GAAP growth margin to be around 30% range. So that's our midterm target.

是的，我們的中期目標模型是，收入達到 10 億美元，然後，我們預計屆時非 GAAP 成長率將在 30％ 左右。這就是我們的中期目標。

And, and that contemplates price erosion in the mid-single digits.

並且，這預計價格會下降個位數中段。

Yes.

是的。

Got it. I guess turning to the markets, Stephen, you mentioned on the consumer side that there's a transition going on in terms of the gaming, can you kind of walk us through, the dynamics of that? You know, when do you see that the transition inflecting, so that, the next gen is contributing more meaningfully and how long is that expected to be a headwind before it turns into more of a talent.

知道了。我想談談市場，史蒂芬，您提到在消費者方面，遊戲方面正在轉變，您能否向我們介紹一下這種轉變的動態？你知道，你什麼時候會看到轉變，以便下一代能夠做出更有意義的貢獻，以及在它轉變為更多的才能之前，預計這種逆風會持續多久。

Sure. So, on the gaming platform cycles tend to last somewhere around 6 to 7 to 8 years. It really depends on how our customers cadence right now; we're around year five of the launch. So, it is expected that their production volumes are going is starting to tail off. So, for now, we aren't expecting this to be a huge part of the consumer portion.

當然。因此，遊戲平台的週期通常持續 6 到 7 到 8 年左右。這實際上取決於我們的客戶現在的節奏；該產品發布至今已五年了。因此，預計他們的產量將開始減少。因此，就目前而言，我們預計這不會佔據消費者份額的很大一部分。

You know, our sites are set on and getting ready for the next platform, which is still kind of early stages for. So, in the meantime, we're putting our attention in the other areas that are growing, especially AI, smartphones are also something that we continue to grow in as well too. So, we'll shift to, to addressing the other markets and of course, and we're going to be preparing ourselves for the next major gaming platform launch.

您知道，我們的網站已經準備好迎接下一個平台，但這仍處於早期階段。因此，同時，我們將注意力放在其他正在發展的領域，尤其是人工智慧，智慧型手機也是我們持續發展的領域。因此，我們將轉向解決其他市場，當然，我們將為下一個主要遊戲平台的發布做好準備。

Got it. And then I guess maybe kind of going off that those comments as you look ahead to, the rest of this year, which end markets are you most excited about in terms of growth contributors? And, and if we could get a little bit more insight within computing, can you give us a split roughly between graphics cards, PCs and AI accelerator cards? Thank you.

知道了。然後我想也許您可以根據這些評論來展望今年剩餘時間，從成長貢獻者的角度來看，哪些終端市場您最為興奮？如果我們能夠對運算有更多的了解，您能否大致區分一下顯示卡、個人電腦和人工智慧加速卡？謝謝。

Sure. Yeah, we're certainly excited about AI. And that's certainly going to help to strengthen our overall computing segment. In the past, we thought that this segment will start to reduce in terms of proportion of revenue. But because of our efforts into AI data centre and graphics, this is something I think this is actually going to continue to grow.

當然。是的，我們確實對人工智慧感到興奮。這無疑有助於增強我們的整體計算領域。過去，我們認為該部分的收入佔比將開始減少。但由於我們在人工智慧資料中心和圖形方面的努力，我認為這實際上會繼續增長。

This is actually a natural evolution of us focusing on PCs first and then moving to graphics and now moving to AI and that's not that pairs well with our solutions that we've been offering from discrete to ICs for the power stages and now selling the total solutions for that. Right now, AI and is really just starting. So, it's a small portion of our computing business.

這實際上是我們首先關注個人電腦然後轉向圖形現在轉向人工智慧的自然演變，這與我們提供的解決方案不太匹配，我們從分立到功率級集成電路，現在我們銷售的是整體解決方案。目前，人工智慧才剛起步。所以，這只是我們計算業務的一小部分。

Our core PC business is still the mainstream, and we still expect that to be steady and we're still waiting for that recovery, ultimate recovery to happen for the PC market. But, over time actually, we do see, we expect to see acceleration and growth for our AI and graphics business. I don't want to size it at this point, but this is definitely going to be the probably the biggest growth area for us in this calendar year.

我們的核心個人電腦業務仍然是主流，我們仍然預期它會保持穩定，我們仍在等待個人電腦市場的復甦，最終的復甦。但實際上，隨著時間的推移，我們確實看到，我們預計我們的人工智慧和圖形業務將會加速並成長。我現在不想對其進行量化，但這肯定會成為我們今年最大的成長領域。

Oh, great. Thank you. I'll hand it back over.

噢，太好了。謝謝。我會把它還給我。

Sure. And I know the other area that just to finish your question, it was only on AI. We also see that smartphone will be an area that will continue to be strong for us. We are continuing to be a market share leader in all the three core markets that we're in when it comes to battery protection. That's and for these customers, especially the leading brand, we are continuing to expand our footprint into the other products too.

當然。我知道另一個領域，只是為了回答你的問題，那就是人工智慧。我們也看到，智慧型手機將繼續成為我們的強項領域。在電池保護方面，我們在所有三個核心市場中繼續保持市場份額領先地位。對於這些客戶，特別是領先品牌，我們也將繼續將業務範圍擴大到其他產品。

So that will also be continuing to be a growth area and a focus for us and, and we still see other sub segments also emerging that can help us to grow as well. You know, we're still excited about e mobility, that's a newer area when it comes to e bugs, e scooters. And you know, we'll, we'll continue to invest in other motor applications as well.

因此，這也將繼續成為我們的成長領域和關注重點，我們仍然看到其他新興細分市場也可以幫助我們實現成長。你知道，我們仍然對電動車充滿熱情，對於電動車和電動滑板車來說，這是一個較新的領域。而且你知道，我們還將繼續投資其他電機應用。

Great. Thank you very much.

偉大的。非常感謝。

Craig Ellis, B. Riley.

克雷格·艾利斯、B.萊利。

Yeah. Thanks for taking the follow up questions. And in fact, my first question is right where I think Jeremy and Stephen, you ended the conversation there and it was really framing up, the things you're most confident in driving calendar 25. You're on setting aside anything that's unit growth related, whether smartphones PCs, whatever, but either accruing from content gain, share gain or just s expansion into a new application.

是的。感謝您回答後續問題。事實上，我的第一個問題正是傑里米和史蒂芬在你們結束談話時提出的，你們確實在闡述你們在推動 25 號日曆時最有信心的事情。你把與單位成長相關的任何東西都放在一邊，無論是智慧型手機、個人電腦還是其他什麼，而是從內容收益、份額收益或僅僅是擴展到新的應用程式。

Stephen, I think what I heard you say is that AI would be the biggest after that you still got a lot of headroom with smartphone content. And then there are other areas like e mobility. It is that the right prioritization. And is there anything else that would go on that list?

史蒂芬，我想我聽到您說的是，人工智慧將成為最重要的領域，在此之後，智慧型手機內容仍有很大的發展空間。還有其他領域，例如電子移動。這是正確的優先排序。還有其他東西可以列入該清單嗎？

Yeah, I would put those and that's about right for sure. AI is the top one. We talked a little quite a bit about the potential there. Smartphones is exciting again because we are seeing currents increase. There is generally a demand for fast charging, and we see phone makers advertising that and this is something that that's directly tied to the usage of our products in those battery packs.

是的，我會放那些，而且這肯定是正確的。AI 是最重要的。我們談論了很多那裡的潛力。智慧型手機再次令人興奮，因為我們看到潮流在增強。人們普遍對快速充電有需求，我們看到手機製造商也在宣傳這一點，而這與我們產品在這些電池組中的使用直接相關。

So with the new charging currents going up, the performance requirements for our solutions also go up and, and thereby the bomb content is expected to increase in, each forthcoming generation. And this is something that I think will continue to be rolled in going forward across various model at our customers.

因此，隨著新的充電電流的增加，我們對解決方案的效能要求也會增加，因此預計每一代產品的炸彈容量都會增加。我認為這將繼續在我們客戶的各種模型中推行。

Thank you. That's very helpful. And then the follow up is a little bit further on intermediate to longer term gross margin. So clearly, there's been a lot of competitor pricing pressure in the market at volume levels that are this low and it's, it's had a negative impact on gross margins. And here we are back down in the low 20s as the company looks at things that can do to move back to that mid 20s range.

謝謝。這非常有幫助。然後接下來我們會進一步探討中期到長期的毛利率。顯然，在如此低的銷售水平下，市場上競爭對手的定價壓力很大，這對毛利率產生了負面影響。現在我們又回到了 20 多美元的水平，因為公司正在研究如何將利潤率拉回到 20 多美元的中段。

And then to the 30% range. Are there things other than the new product release cadence and higher value, higher ASP products like we've seen U pr multiple times in the last couple of months that you get you back there. How do we think about things that you're doing differently amidst recent pricing pressure to re accelerate margins? Thank you.

然後達到 30% 的範圍。除了新產品發布節奏和更高價值、更高 ASP 的產品（就像我們在過去幾個月中多次看到的 U pr）之外，還有其他因素讓您回到那裡嗎？在最近的定價壓力下，我們如何看待您為重新提高利潤而採取的不同措施？謝謝。

Sure. I mean, yes and then, new products and higher margin products and the roll up and yes, definitely is a major factor to improve growth margin on top of that and then, I mean, as we continue to grow our business, and we would expect in our nation and to pull up. So, I mean, internally we also focus on the cost reduction. So, all those aspects and then, we expect to grow our growth margin.

當然。我的意思是，是的，然後，新產品和利潤率更高的產品以及匯總，是的，絕對是提高增長利潤率的一個主要因素，然後，我的意思是，隨著我們業務的不斷發展，我們期望在我們的國家實現增長。所以，我的意思是，我們在內部也注重降低成本。所以，從所有這些方面來看，我們都希望提高我們的成長幅度。

Got it. And Yifan, would you expect a fairly steady climb back? I know that's in part trying to put a prediction in demand, but maybe the different way to ask it is, are there any discontinuities coming either in new products and, pricing and gross margin or cost reduction that would give us a particular step up as we look out over 25 and 26?

知道了。那麼一帆，您預計反彈會比較平穩嗎？我知道這在某種程度上試圖對需求做出預測，但也許換一種問法是，新產品、定價、毛利率或成本降低是否存在任何不連續性，從而讓我們在展望 25 和 26 時獲得特別的進步？

I mean that for long and it's hard to say that, I mean, there are a lot of factors that would intertwine there calm. But what I expect is, in June quarter, we can expect our non-GAAP margin get back to the December, non-GAAP margin level.

我的意思是，很長一段時間都很難說，我的意思是，有很多因素會影響他們的平靜。但我預計，6 月季度我們的非 GAAP 利潤率將恢復至 12 月的非 GAAP 利潤率水準。

Got it. Okay. Well, that'll be a nice step forward. Okay, thanks very much team.

知道了。好的。嗯，這將是一個很好的進步。好的，非常感謝團隊。

Okay, thank you.

好的，謝謝。

Jeremy Kwan, Stifel Financial Corp.

Jeremy Kwan，Stifel Financial Corp.

Thank you. Just a quick clarification. Follow up on the customer deposits, I think in the past you've broken out short term versus long term. And your total deposits, I believe it's $42.3 million last quarter with the $5 million down 37. But can you break that out between short term and long-term deposits and how you see that shaping up. And, and one follow up to that would be the are there any license, payments that you might need to make in terms of the filing carbide agreement or is that that pretty much locked in at this point?

謝謝。只需快速澄清一下。跟進客戶存款，我認為過去您已經將短期存款與長期存款區分開來。而您的總存款，我相信上個季度是 4,230 萬美元，減少了 500 萬美元，降幅為 37%。但是您能否將其分為短期和長期存款，以及您如何看待其發展。並且，接下來的問題是，根據備案碳化物協議，您是否需要進行任何許可或付款，或者這些是否在目前已經確定？

Or not like I'm sorry, the deposit.

或不像我很抱歉，押金。

Okay. In terms of customer deposits, yeah, there are $37 million balance right now on our balance sheet. In calendar year 2025 we expect to return about $25 million each. So, most of that $30 million already classified to short term within the next 12 months. So, after that and then, I mean, in the calendar year 2026 and there will be a few million dollars left over there. So that will be done by 2026. So, what else on the.

好的。就客戶存款而言，是的，我們的資產負債表上目前有 3700 萬美元的餘額。我們預計到 2025 年每人將獲得約 2,500 萬美元的回報。因此，這 3000 萬美元中的大部分已在未來 12 個月內歸類為短期。所以，在那之後，我的意思是，到 2026 年那裡還會剩下幾百萬美元。因此這將在 2026 年實現。那麼，還有什麼呢。

So, there was I think in the past we had a built in Carbide supply agreement. Is there any kind of payment that's anticipated for that?

所以，我認為過去我們已經建立了碳化物供應協議。預計會有任何類型的付款嗎？

No, that's it. Yes.

不，就是這樣。是的。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

All right, thank you.

好的，謝謝。

(Operator Instructions). I have no more questions registered in queue. I'd like to pass the conference back over to our hosting team for closing remarks.

（操作員指令）。隊列中沒有其他問題。我想將會議交還給我們的主辦團隊來做結束語。

Okay, great. This is Steven Pelayo, and this concludes our earnings call today. Thank you for your interest in AOS. We look forward to talking to you again next quarter. Take care.

好的，太好了。我是史蒂文·佩拉約，今天的財報電話會議到此結束。感謝您對 AOS 的關注。我們期待下個季度再次與您交談。小心。

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。感謝您的參與並祝您有個愉快的一天。