Alpha and Omega Semiconductor Ltd (AOSL) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending today's Alpha and Omega Semiconductor fiscal Q3 2025 earnings call. My name is Cole, and I'll be the moderator for today's call. (Operator Instructions)

午安.感謝您參加今天的 Alpha and Omega Semiconductor 2025 財政年度第三季財報電話會議。我叫科爾，我將擔任今天電話會議的主持人。（操作員指示）

I'd now like to turn the call over to Stephen Pelayo. Please go ahead.

現在我想把電話轉給史蒂芬‧佩拉約 (Stephen Pelayo)。請繼續。

Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 2025 third-quarter financial results for the quarter ended March 31, 2025. I'm Stephen Pelayo, Investor Relations representative for AOS. With me today are Stephen Chang, our CEO; and Yifan Liang, our CFO. This call is being recorded and broadcast live over the web. 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 電話會議，討論截至 2025 年 3 月 31 日的 2025 財年第三季財務業績。我是 AOS 投資者關係代表 Stephen Pelayo。今天和我一起的還有我們的執行長 Stephen Chang；以及我們的財務長梁一帆。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。

Our call will proceed as follows today. Stephen will begin business updates, including strategic highlights and a detailed segment report. After that, Yifan will review the financial results and provide guidance for the June quarter. Finally, we will have a Q&A session. The earnings release was distributed over the wire today, May 7, 2025, after the market closed.

我們今天的通話將如下進行。史蒂芬將開始業務更新，包括策略亮點和詳細的分部報告。此後，一帆將審查財務業績並為六月當季提供指導。最後，我們將進行問答環節。該收益報告於 2025 年 5 月 7 日（今日）股市收盤後透過電報發布。

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.

新聞稿也發佈在該公司的網站上。我們的收益報告和本簡報包括非公認會計準則財務指標。我們使用非公認會計準則衡量指標是因為我們相信它們提供了有關我們經營業績的有用信息，投資者應結合公認會計準則衡量指標來考慮這些信息。

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

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

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

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

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

現在我將電話轉給我們的執行長 Stephen Chang。史蒂芬？

Thank you, Stephen. Welcome to Alpha and Omega's fiscal Q3 earnings call. I will begin with a high-level overview of our results and then jump into segment details. We delivered fiscal Q3 revenue and EPS results at the high end of our guidance, driven by better-than-expected demand in computing. Revenue was $164.6 million.

謝謝你，史蒂芬。歡迎參加 Alpha and Omega 的第三季財務收益電話會議。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。受計算領域需求優於預期的推動，我們第三季的財務收入和每股盈餘都達到了預期的高點。收入為1.646億美元。

Non-GAAP gross margin was 22.5%. Non-GAAP EPS was a loss of $0.10. Total revenue increased 9.7% year over year and declined 4.9% sequentially. As previously noted, licensing revenue began to wind down in the March quarter. Excluding licensing, our product revenue was up 11.6% year over year and down 3.5% sequentially.

非公認會計準則毛利率為22.5%。非公認會計準則每股收益虧損 0.10 美元。總營收年增9.7%，季減4.9%。如前所述，許可收入在三月季度開始下降。不包括許可，我們的產品收入年增 11.6%，季減 3.5%。

We saw seasonal sequential declines in fiscal Q3 from each of our major segments, except the Computing segment, which grew slightly sequentially against seasonality, driven by tablets and notebooks. The computing segment increased nearly 15% year over year. Looking ahead, we face a dynamic landscape with macroeconomic, geopolitical and trade-related uncertainties. Currently, our direct tariff exposure is minimal due to limited US shipments, but we're closely supporting customers navigating supply chain complexities to ensure compliance and minimize disruptions.

在第三財季，我們各主要部門的銷售額均出現了季節性環比下滑，但計算部門除外，在平板電腦和筆記型電腦的推動下，該部門的銷售額環比略有增長。計算部門較去年同期成長近15%。展望未來，我們面臨宏觀經濟、地緣政治和貿易相關不確定性的動態格局。目前，由於美國出貨量有限，我們的直接關稅風險很小，但我們正在密切支持客戶應對供應鏈複雜性，以確保合規性並最大限度地減少中斷。

While we are seeing a near-term uplift in the first half of the calendar year, broader visibility for the second half of 2025 remains uncertain. Nonetheless, we are delivering on our commitments and advancing our transformation from a component supplier to a total solutions provider. Our goal is to leverage premier customer relationships to expand market share and increase Bond content with a broader portfolio. With that, let me now cover our segment results and provide some guidance by segment for the next quarter, starting with Computing. March quarter revenue was up 14.8% year over year and up 3.6% sequentially and represented 47.9% of total revenue.

雖然我們看到今年上半年的短期成長，但 2025 年下半年的整體前景仍不明朗。儘管如此，我們仍在履行承諾，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，並透過更廣泛的產品組合來增加邦德內容。現在，讓我介紹一下我們的分部業績，並為下一季度的分部提供一些指導，首先是計算部門。3 月季度營收年增 14.8%，季增 3.6%，佔總營收的 47.9%。

These results were ahead of our original expectations for a slight decline. The upside was driven by better-than-expected tablet demand with revenue nearly doubling year over year to a quarterly record due to market share gains as well as some demand pull-in for notebooks due to tariff uncertainties. In the March quarter, we continued to experience robust demand for graphics and AI accelerated cards, driven by a key customer scaling their next-generation platform. Looking ahead to June, we anticipate even stronger performance with graphics card revenue projected to reach a record high. For AI applications, demand for high-performance compute remains robust, and we are encouraged by the continued strong growth in data center capital spending.

這一結果超出了我們最初預期的略微下降。推動這一增長的因素包括平板電腦需求好於預期，由於市場份額的增長，平板電腦收入同比幾乎翻了一番，達到季度最高水平，以及由於關稅不確定性導致筆記型電腦需求增加。在三月季度，我們繼續感受到對圖形和人工智慧加速卡的強勁需求，這受到主要客戶擴展其下一代平台的推動。展望六月，我們預期顯示卡表現將更加強勁，營收預計將創歷史新高。對於人工智慧應用，對高效能運算的需求依然強勁，資料中心資本支出的持續強勁成長令我們感到鼓舞。

In Q1, we broadened our penetration with an existing premier customer to secure a design win in one data center application with a notable increase in BOM content. This is a testament to our ability to provide total solutions with multiphase controllers and multiple power stages per GPU. Volume production for this program started in the March quarter and will continue into the June quarter. Design-in activity is still ongoing for additional programs. However, visibility for the second half of the year remains limited due to uncertainties in end market demand.

在第一季度，我們擴大了與現有主要客戶的滲透，以確保在一個資料中心應用的設計中獲勝，並且 BOM 內容顯著增加。這證明了我們有能力為每個 GPU 提供具有多相控制器和多個功率級的整體解決方案。該項目的批量生產已於三月季度開始，並將持續至六月季度。其他程序的設計活動仍在進行中。然而，由於終端市場需求的不確定性，下半年的可見性仍然有限。

In the PC market, we expect continued pull-in activity through the June quarter, driven by fluid trade regulations. In summary, we expect the Computing segment to increase mid-single digits in the June quarter and more than 15% year over year. The sequential growth is driven by PC-related pull-ins and strength in graphics cards. However, it is important to note that visibility into the second half of the year remains limited due to uncertain macro environment and evolving trade policies. Turning to the Consumer segment.

在個人電腦市場，我們預計在不斷變化的貿易法規的推動下，整個 6 月市場將繼續保持拉動勢頭。綜上所述，我們預計計算部門在 6 月季度的成長率將達到中等個位數，年成長將超過 15%。這一連續成長是由個人電腦相關的吸引力和顯示卡的強勁表現所推動的。然而，值得注意的是，由於宏觀環境的不確定性和貿易政策的不斷變化，下半年的可預見性仍然有限。轉向消費者領域。

March quarter revenue was down 9% year over year and down 4.9% 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 of 2024. For the June quarter, we forecast more than 25% sequential growth in the consumer segment driven by gaming and home appliances. Gaming is expected to be particularly strong due to pull-ins for a targeted marketing push from a key customer. Next, let's discuss the Communications segment.

3 月季度營收年減 9%，季減 4.9%，佔總營收的 13%。這一結果與我們的預測一致，受遊戲和家用電器的季節性影響，以及可穿戴設備在 2024 年第三季達到創紀錄水平後的回落。對於 6 月季度，我們預測在遊戲和家用電器的推動下，消費領域將出現 25% 以上的環比成長。由於關鍵客戶針對性行銷活動的推動，遊戲業務預計將表現尤為強勁。接下來，我們來討論一下通訊部分。

Revenue in the March quarter was up 5.8% year over year, down 14.4% sequentially and represented 17.2% of total revenue. The results were in line with our expectations for a seasonal sequential decline from our Tier 1 US smartphone customer, while China OEMs moderated only slightly and Korea was flattish as customers prepared for product launches in the first calendar quarter. We believe communications results continue to reflect a combination of market share gains, a mix shift to higher-end phones in China and generally higher charging currents, driving increased BOM content. Looking ahead, we anticipate flattish sequential growth in the June quarter for the Communications segment.

3 月當季營收年增 5.8%，季減 14.4%，佔總營收的 17.2%。這一結果符合我們對美國一級智慧型手機客戶季節性連續下滑的預期，而中國 OEM 廠商的業績僅略有放緩，韓國的業績持平，因為客戶正在為第一季的產品發布做準備。我們相信，通訊業績繼續反映市場份額的成長、中國手機產品向高端轉變以及普遍更高的充電電流，從而推動 BOM 內容的增加。展望未來，我們預計通訊部門 6 月季度的環比成長將持平。

By region, we expect growth from smartphone customers in the US and Korea, offset by slower sales from China. Now let's talk about our last segment, Power Supply and Industrial, which accounted for 19.9% of total revenue and was up 32.4% year over year and down 6.2% sequentially.

按地區劃分，我們預計美國和韓國的智慧型手機客戶將出現成長，但中國市場的銷售放緩將抵消這一成長。現在讓我們來談談我們的最後一部分，電源和工業，佔總收入的 19.9%，年增 32.4%，環比下降 6.2%。

The results were ahead of our forecast for a low teens sequential decline, primarily driven by a seasonal decline in quick chargers, offset by sequential growth in e-mobility and AC/DC power supplies. As we stated before, we see additional opportunities in 2025 for quick chargers due to increased BOM content driven by higher charging currents.

這一結果超出了我們預測的低位連續下滑，主要原因是快速充電器的季節性下滑，但被電動車和交流/直流電源的連續增長所抵消。正如我們之前所說，由於更高的充電電流推動 BOM 內容的增加，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 fans for server racks. For the June quarter, we expect revenue to be flat to slightly down sequentially for the Power Supply and Industrial segment, primarily driven by a seasonal increase in quick chargers and AC/DC power supplies, offset by lower e-mobility revenue.

此外，我們也利用與台灣的關係，合作生產伺服器機架的直流風扇。對於 6 月份季度，我們預計電源和工業部門的收入將與上一季持平或略有下降，這主要受快速充電器和交流/直流電源季節性增長的推動，但被電動車收入的下降所抵消。

In closing, we are pleased that March quarter results were better than expected, ahead of seasonality, primarily due to pull-ins in the computing segment. Looking ahead, we face a dynamic geopolitical and macroeconomic environment. We are monitoring developments, ensuring compliance, diversifying our supply chain and collaborating with customers to minimize disruptions.

最後，我們很高興看到三月季度的業績好於預期，超出了季節性因素，這主要歸功於計算部門的拉動。展望未來，我們面臨動態的地緣政治和宏觀經濟環境。我們正在監控事態發展，確保合規，實現供應鏈多樣化，並與客戶合作以盡量減少干擾。

For the June quarter, driven by strength in computing and consumer segments, we currently expect low to mid-single-digit sequential revenue growth, suggesting June quarter revenue should approximate the levels achieved in the December quarter despite the stronger March results and discontinuation of licensing revenue. Excluding the impact from discontinued licensing revenue, we expect mid- to upper single-digit revenue growth.

對於六月季度，受計算和消費領域強勁表現的推動，我們目前預計收入將實現低至中等個位數的環比增長，這意味著儘管三月份業績表現強勁且許可收入停止，但六月季度的收入應該接近十二月季度的水平。排除已停止的授權收入的影響，我們預計收入將實現中等至較高的個位數成長。

Gross margins in June should also approach the level achieved in the December quarter, driven by improved utilization rates and a richer product mix. Our business fundamentals remain strong, supported by cutting-edge technology, a diverse product portfolio and marquee customer base. We expect revenue growth in calendar 2025, driven by new market expansion, market share gains and increased BOM content.

受利用率提高和產品組合更豐富的推動，6 月份的毛利率也應接近 12 月份季度的水平。在尖端技術、多樣化的產品組合和龐大的客戶群的支持下，我們的業務基礎仍然強勁。我們預計，受新市場擴張、市場份額成長和 BOM 內容增加的推動，2025 年收入將實現成長。

While near-term uncertainties remain, our focus remains steadfast on executing our strategy and delivering sustained value for our stakeholders.

儘管短期內仍存在不確定性，但我們的重點仍然是堅定地執行我們的策略並為我們的利害關係人提供持續的價值。

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

現在，我將把電話轉給一帆，討論我們第三季的財務表現以及下一季的展望。一帆？

Thank you, Stephen. Good afternoon, everyone, and thank you for joining us. Revenue for the quarter was $164.6 million, down 4.9% sequentially and up 9.7% year over year. In terms of product mix, DMOS revenue was $106.8 million, down 5.4% sequentially and up 13.9% over last year. Power IC revenue was $54.6 million, up 1.6% from the prior quarter and 9.2% from a year ago.

謝謝你，史蒂芬。大家下午好，感謝大家的參與。本季營收為 1.646 億美元，季減 4.9%，年增 9.7%。從產品組合來看，DMOS營收為1.068億美元，季減5.4%，較去年同期成長13.9%。電源IC營收為5,460萬美元，較上一季成長1.6%，較去年同期成長9.2%。

Assembly service and other revenue was $0.4 million as compared to $1.1 million last quarter and $1.2 million for the same quarter last year. License and engineering service revenue was $2.8 million for the quarter versus $5.4 million in the prior quarter and $5.1 million for the same quarter a year ago. This license and engineering service contract was completed in mid-February.

組裝服務和其他收入為 40 萬美元，而上季為 110 萬美元，去年同期為 120 萬美元。本季授權和工程服務收入為 280 萬美元，而上一季為 540 萬美元，去年同期為 510 萬美元。此許可和工程服務合約於二月中旬完成。

Non-GAAP gross margin was 22.5% compared to 24.2% last quarter and 25.2% a year ago. The quarter-over-quarter decrease was mainly impacted by lower license and engineering service revenue in the March quarter.

非公認會計準則毛利率為 22.5%，而上季為 24.2%，去年同期為 25.2%。環比下降主要受到 3 月季度許可和工程服務收入下降的影響。

Non-GAAP operating expenses were $39.7 million compared to $39 million for the prior quarter and $38.9 million last year. The slight quarter-over-quarter increase was primarily due to higher payroll tax expenses given the start of a new calendar year. Non-GAAP quarterly EPS was negative $0.10 compared to $0.09 per share last quarter and a negative $0.04 per share a year ago. Moving on to cash flow. Operating cash flow was $7.4 million, including $9.6 million of repayment of customer deposits.

非公認會計準則營運費用為 3,970 萬美元，而上一季為 3,900 萬美元，去年同期為 3,890 萬美元。環比小幅增長主要是由於新日曆年開始導致工資稅支出增加。非公認會計準則季度每股收益為負 0.10 美元，而上季每股收益為 0.09 美元，去年同期每股收益為負 0.04 美元。繼續討論現金流。經營現金流為 740 萬美元，其中包括 960 萬美元的客戶存款償還款。

By comparison, operating cash flow was $14.1 million in the prior quarter and $28.2 million last year. We expect to refund $2.7 million customer deposits in the June quarter. We also repurchased 306,000 shares of employee restricted stock units vested during the quarter for $9.4 million. EBITDA for the quarter was $11.2 million compared to $16.8 million last quarter and $11.6 million for the same quarter a year ago. Now let me turn to our balance sheet.

相較之下，上一季的營運現金流為 1,410 萬美元，去年同期為 2,820 萬美元。我們預計在 6 月季度退還 270 萬美元的客戶押金。我們也以 940 萬美元的價格回購了本季歸屬的 306,000 股員工限制性股票單位。本季的 EBITDA 為 1,120 萬美元，而上一季為 1,680 萬美元，去年同期為 1,160 萬美元。現在讓我來看看我們的資產負債表。

We completed the March quarter with a cash balance of $169.4 million compared to $182.6 million at the end of last quarter. Net trade receivables increased by $8.6 million sequentially. Days sales outstanding were 11 days for the quarter compared to 12 days for the prior quarter. Net inventory increased by $4.4 million quarter over quarter. Average days in inventory remained at 129 days for the quarter.

截至三月季度，我們的現金餘額為 1.694 億美元，而上一季末的現金餘額為 1.826 億美元。淨貿易應收款較上季增加 860 萬美元。本季應收帳款週轉天數為 11 天，而上一季為 12 天。淨庫存季增 440 萬美元。本季平均庫存天數維持在 129 天。

CapEx for the quarter was $8.1 million compared to $7.4 million for the prior quarter. We expect CapEx for the June quarter to range from $12 million to $14 million. Now I would like to discuss June quarter guidance. We expect revenue to be approximately $170 million, plus or minus $10 million. GAAP gross margin to be 22.9%, plus or minus 1%.

本季資本支出為 810 萬美元，而上一季為 740 萬美元。我們預計 6 月季度的資本支出將在 1,200 萬美元至 1,400 萬美元之間。現在我想討論一下六月季度的指導。我們預計營收約 1.7 億美元，上下浮動 1,000 萬美元。GAAP 毛利率為 22.9%，上下浮動 1%。

We anticipate non-GAAP gross margin to be 24%, plus or minus 1%. GAAP operating expenses to be $47.1 million, plus or minus $1 million. Non-GAAP operating expenses are expected to be $40.2 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. With that, we'll open the call for questions.

我們預期非 GAAP 毛利率為 24%，上下浮動 1%。GAAP 營運費用為 4,710 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 4,020 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 90 萬美元至 110 萬美元之間。接下來，我們將開始提問。

Operator, please start the Q&A session.

接線生，請開始問答環節。

(Operator Instructions) David Williams, Benchmark.

（操作員指示）大衛威廉斯，基準。

Hey, good afternoon. Thanks for taking my question and certainly congrats on the good quarter here. I guess, maybe, Stephen, I missed a little bit of the beginning of the call there, but I wanted to see if you could help quantify the magnitude of the pull-ins that you discussed on the PC side. And maybe also talk about any of the graphics cards success that you've had this quarter and how you're thinking about that going forward. Thanks.

嘿，下午好。感謝您回答我的問題，並祝賀本季業績良好。我想，史蒂芬，也許我錯過了通話開始時的一點內容，但我想看看你是否可以幫助量化你在 PC 方面討論的拉動幅度。或許還可以談談本季顯示卡方面的成功以及您對未來的看法。謝謝。

Sure. So for the first part of the question about the pull-ins, certainly, we did see some increased demand because our customers are trying to take advantage of the current situation with the tariffs. And this is more pronounced, especially in the computing segment, particularly with our notebook shipments.

當然。因此，對於有關拉動的問題的第一部分，當然，我們確實看到了一些需求的增長，因為我們的客戶正試圖利用當前的關稅情況。這種現象更加明顯，尤其是在計算領域，尤其是我們的筆記型電腦出貨量。

So normally, the March quarter is a down season and this was muted somewhat because of the tariffs and the pull-ins from some of our PC customers. To quantify that, I think we beat the midpoint by about $6 million.

因此，通常情況下，三月季度是淡季，但由於關稅和部分 PC 客戶的拉動，本季的銷售略有回落。為了量化這一點，我認為我們超出了中間值​​約 600 萬美元。

It's maybe half of that could come from the notebook increase. It's -- we also expect to see that going into the June quarter as well. And regarding the -- our graphics business, and we are excited to be taking part in selling into the new versions of both graphics cards as well as the AI accelerator cards, we already started shipping at the end of last year, and we continue to ship at the beginning this year and going throughout this year. And this portion, I think we are encouraged by what we see, and we -- our customers are pulling products. They are getting GPU allocation and they are shipping out. So we're glad to take a part of that.

其中可能有一半來自筆記型電腦的成長。我們也預計 6 月季度也會出現這種情況。關於我們的圖形業務，我們很高興能夠參與銷售新版本的顯示卡和人工智慧加速卡，我們已經在去年年底開始發貨，並且我們將在今年年初繼續發貨，並持續到今年全年。而對於這一部分，我認為我們看到的情況令我們感到鼓舞，我們的客戶正在拉動產品。他們正在獲得 GPU 分配並開始出貨。因此我們很高興能參與其中。

Great. Certainly, great color there. And then maybe secondly, can you help us understand the tariff impact to you all, just given where your manufacturing is and your presence there? How much of your product or sales do you think come back into the US? And maybe is there any way to size that tariff impact overall from outside of what the demand could be, but just your direct impact?

偉大的。當然，那裡的色彩很棒。其次，考慮到您們的生產地和業務所在地，您能否幫助我們了解關稅對您們所有人的影響？您認為有多少產品或銷售會回到美國？也許除了需求之外，還有什麼方法可以衡量關稅對整體的影響，而不僅僅是直接影響？

Okay, sure. Obviously, this is a very dynamic and challenging and evolving issue for us, also for the semiconductor industry and for the overall macro economy. Tariffs definitely created a lot of unknowns. There are direct impact and indirect impact. Our direct exposure to tariffs so far is only very limited as our shipments into the US are minimal.

好的，當然。顯然，對於我們、對於半導體產業以及整個宏觀經濟來說，這是一個非常動態、具有挑戰性且不斷發展的問題。關稅確實帶來許多未知數。有直接影響，也有間接影響。到目前為止，我們直接受到的關稅影響非常有限，因為我們對美國的出貨量很少。

So indirect impact on the overall demand for end products and devices remains to be seen. It's not that clear at this point. We are monitoring the situation, ensuring full compliance in multiple countries, areas so that we can make adjustment quickly in response to regulatory developments. So we are also working closely with our customers to minimize any disruptions and so that we can meet their supply requirements.

因此，對最終產品和設備整體需求的間接影響仍有待觀察。目前還不是太清楚。我們正在監測情況，確保多個國家和地區完全遵守規定，以便我們能夠根據監管發展迅速做出調整。因此，我們也與客戶密切合作，盡量減少任何干擾，以便滿足他們的供應需求。

Great. And then just one last one for me, if possible. But I know that next quarter, you talked about the licensing revenue and that engineering services falling off. I know that was expected to be a margin impact, but you're guiding margin up here sequentially. And is that just a function of the higher revenue base?

偉大的。如果可能的話，我再說最後一個。但我知道下個季度，您談到了授權收入和工程服務的下降。我知道這預計會對利潤率產生影響，但您在這裡引導利潤率逐步上升。這只是較高收入基礎的結果嗎？

Or what is it that is helping you lift that margin? And how sticky and sustainable is that? Should we expect the margin to incrementally improve as we see that top line grow as well? Thank you.

或者是什麼幫助您提高了利潤率？這種現象的黏性和可持續性如何？隨著營業額的成長，我們是否應該預期利潤率也會逐步提高？謝謝。

Sure. For the June quarter margin guidance, we factored in better product mix so far, we saw. And also, we expect a higher utilization at our factories. So both factors contributed to the margin rebound.

當然。對於六月季度的利潤率指引，我們看到，迄今為止產品組合已經有所改善。此外，我們預計工廠的利用率會更高。因此，這兩個因素都促成了利潤率的反彈。

Thank you.

謝謝。

Jeremy Kwan, Stifel.

傑里米·關 (Jeremy Kwan)，Stifel。

Yes. Good afternoon. Congrats on a very solid quarter and outlook, especially in this environment. Maybe a quick follow-up on the tariff question. Just looking at your China JV, is it fair to say that the vast majority of that production is for use within China or even all of it? And can you remind us again how much the JV -- what percent of your wafer requirements is sourced out of your China JV?

是的。午安.恭喜本季業績和前景非常穩健，尤其是在當前環境下。也許可以快速跟進關稅問題。僅從您的中國合資企業來看，是否可以說其絕大部分產品或全部產品都在中國境內使用？您能否再次提醒我們，您的合資企業中有多少晶圓需求來自中國合資企業？

Sure. Yeah, JV is right now is accounted for about 20% also of our total supply. So right now, under the current regulations and policies, their impact from tariffs are minimal to us.

當然。是的，合資企業目前也占我們總供應量的 20% 左右。因此，目前，根據現行法規和政策，關稅對我們的影響微乎其微。

Got it. And just following up on the utilization question. Can you remind us where you are currently and both internally with -- in your Oregon fab and also at the JV?

知道了。並繼續討論利用率問題。您能否提醒我們您目前在哪裡以及在俄勒岡州工廠和合資企業的內部情況？

JV, we don't count them as our internal capacity. We treated them as one of our suppliers. For us, internally, overall utilization is around 80% to 90% range, so on an overall basis. And also, we still have additional external capacities to support our business.

合資企業，我們不把它們算作我們的內部產能。我們將他們視為我們的供應商之一。對我們來說，從整體來看，內部整體利用率約為 80% 到 90%。而且，我們還有額外的外部能力來支援我們的業務。

Can you comment further on that? Have you developed additional foundry partners? And what additional capacity is available to you at the JV?

您能對此做進一步評論嗎？您是否已經開發了其他代工合作夥伴？合資公司還有哪些額外產能可供您使用？

Sure. Yeah. We have been developing third-party foundries during the last few years, yeah, we'll continue to do that. I would add capacity even to support our next year's expected growth. So we're mapping out those capacity requirements right now.

當然。是的。過去幾年我們一直在開發第三方代工廠，是的，我們會繼續這樣做。我甚至會增加產能來支持我們明年的預期成長。所以我們現在正在規劃這些容量需求。

In terms of JV, yeah, they still have additional capacity if we need it to support us.

就合資企業而言，是的，如果我們需要的話，他們仍然有額外的產能來支持我們。

Great. And a question on the -- first, congrats on the very solid cash flow. It looks like it was about $70 million if you exclude the customer deposit repayments. Can you talk about what cash flow dynamics you expect as we move throughout the year? And also on the CapEx side, I know you mentioned, I think it was $12 million to $14 million next quarter. Can you just give us a sense of where that might land for the full calendar year 2025? Thank you.

偉大的。還有一個問題—首先，恭喜您擁有非常穩健的現金流。如果不計客戶存款償還額，則約為 7,000 萬美元。您能否談談您預計全年的現金流動態？另外在資本支出方面，我知道您提到過，我認為下個季度將是 1200 萬至 1400 萬美元。您能否向我們介紹一下 2025 年全年的具體情況？謝謝。

Sure. Overall cash flow, I would expect that, yeah, it's stable for us at this point. Overall, next quarter, we expect to pay only $2 million or $3 million on a customer deposits. And then for the whole year, we still have about $16 million to go for the June quarter, September quarter and December quarter. In terms of overall, I mean, this -- right now, we don't see a whole lot of issues with CapEx.

當然。整體現金流，我預計，是的，目前對我們來說是穩定的。總體而言，下個季度，我們預計僅支付 200 萬美元或 300 萬美元的客戶存款。就全年而言，我們 6 月季度、9 月季度和 12 月季度仍需要約 1,600 萬美元。就總體而言，我的意思是，目前，我們沒有看到資本支出方面存在許多問題。

So we're generally targeting 6% to 8% of our revenue. So this year could be around $40 million to $50 million each. So this CapEx, I mean, from quarter to quarter could fluctuate. So last two or three quarters, we were running around $7 million or $8 million. So next quarter, we expect like $12 million to $14 million or so.

因此我們通常將目標定為收入的 6% 到 8%。因此今年每個人的薪水可能在 4,000 萬到 5,000 萬美元左右。所以我的意思是，這個資本支出每季都可能會有波動。因此，過去兩三個季度，我們的營運成本約為 700 萬或 800 萬美元。因此，我們預計下個季度的營收將在 1,200 萬至 1,400 萬美元左右。

So by and large, still within our overall target.

所以總的來說，仍然在我們的整體目標之內。

Got it. And maybe one last question before I jump back in the queue later. Can you give us an update on the pricing environment and maybe a quick update also on the competitive landscape. I know in the past, you've talked about local suppliers increasingly at the low end. Any detail you can provide would be great.

知道了。在我稍後重新排隊之前，也許還有最後一個問題。您能否向我們介紹定價環境的最新情況，並簡單介紹一下競爭格局。我知道，過去您曾談到低端本地供應商日益增多的情況。如果您能提供任何詳細資訊就太好了。

And especially pricing as it relates to -- yeah, just where you see things going over the next maybe 6 to 12 months? Thank you.

尤其是與定價相關的——是的，您認為未來 6 到 12 個月內情況會如何發展？謝謝。

Okay, sure. ASP erosion on a same product basis for the March quarter was tracking towards historical trend line. So the overall, we saw increased competition from all players, I mean, big or small. So overall, what we want to do is to roll out our new products to provide better performance and more functionalities to reset the ASP. So that's the name of the game. So we'll continue to do that.

好的，當然。3 月季度，同一產品的平均售價下降趨勢與歷史趨勢線相符。所以總體而言，我們看到所有參與者的競爭都在加劇，無論參與者規模大小。所以總的來說，我們想要做的是推出我們的新產品，提供更好的性能和更多的功能來重置 ASP。這就是遊戲的名稱。因此我們會繼續這樣做。

Got it. Thank you very much.

知道了。非常感謝。

(Operator Instructions) Jeremy Kwan.

（操作員指示） Jeremy Kwan。

Thank you. I guess I could stay on. Maybe a follow-up on the AI accelerated cards. It sounds like that's going to be a pretty nice opportunity for you guys, and there could be potential to expand into other opportunities.

謝謝。我想我可以繼續留下來。也許是 AI 加速卡的後續。聽起來這對你們來說是一個非常好的機會，並且可能有擴展到其他機會的潛力。

Can you just give us a little bit more color into whether these are -- do you have any visibility to whether these are associated with any specific hyperscalers or AI providers in particular? And also, yeah, what new opportunities are you looking at? Is it more accelerated cards? Or is it different kind of, I guess, architectural designs that you can talk about? Thank you.

您能否向我們詳細介紹這些內容 - 您是否了解這些內容是否與任何特定的超大規模提供者或特定的 AI 提供者相關？還有，是的，您正在尋找什麼新機會？是不是加速卡比較多？或者我想您可以談論不同類型的建築設計嗎？謝謝。

Sure. So the near-term growth that we see has been in the AI accelerated cards. And just remind, again, we're selling a total solution here, including a multiphase controller along with the power stage and actually quite a number of power stages per GPU. There is a wider range of graphics/AI accelerated cards from low-end cost-effective ones to high-performance cards. And we are servicing the whole array of that.

當然。因此，我們看到的近期成長來自於人工智慧加速卡。再次提醒一下，我們在這裡銷售的是一套完整的解決方案，包括多相控制器、功率級以及每個 GPU 的相當多的功率級。圖形/AI加速卡的種類更為廣泛，從低階性價比卡到高效能卡。我們正在為整個系列提供服 務。

And we don't know exactly who it's going into in terms of the end customer, but I can say that our products are shipping into various performance products for our direct customer. And we do expect that, that's going to continue to grow. I think the ramp-up is still continuing to happen. We are guiding that it will grow further going into the June quarter and hopefully more after that as well, too. And -- but it doesn't stop there.

我們不知道最終客戶的具體對像是誰，但我可以說，我們的產品正在為直接客戶提供各種性能產品。我們確實預計，這一數字將會持續成長。我認為這種成長趨勢仍在持續。我們預計，到第二季度，該數字還會進一步成長，並且希望此後的數字還會進一步成長。而且——但它不止於此。

That's our initial growth for this year will be coming from the graphics side, but we're also working on getting into the data center side. In this earnings release, we did mention that we did achieve a design win on one data center application.

我們今年的初始成長將來自圖形方面，但我們也在努力進入資料中心方面。在本次收益報告中，我們確實提到我們確實在一個資料中心應用程式上取得了設計勝利。

And this is something that we already started shipping in this second quarter -- sorry, in this June quarter. And we are hoping to also get on to more programs beyond that. So that portion, I think, is just starting, and we're hoping to be able to expand into more programs after that.

這是我們在第二季（抱歉，應該是今年六月季度）就已經開始出貨的產品。我們也希望能夠開展更多其他項目。所以我認為這部分才剛開始，我們希望之後能擴展到更多的專案。

Got it. And is this for both the onboard power as well as what's called the backplane power, the 48 volt or the higher voltage power coming in the data center?

知道了。這是針對板載電源還是所謂的背板電源，即資料中心的 48 伏特或更高電壓電源？

Right now, it's mainly still the low-voltage solutions directly powering the GPU. So we're talking about, again, the multiphase controller coupled with multiple power stages.

目前，主要仍採用低電壓方案直接為GPU供電。因此，我們再次討論與多個功率級相結合的多相控制器。

And that goes for your data center side as well that you mentioned?

這也適用於您提到的資料中心方面嗎？

Yeah, it accounts for the power stages go up even higher because of the higher performance.

是的，由於性能更高，功率級也會更高。

Got it. Great. Thank you very much.

知道了。偉大的。非常感謝。

Thank you.

謝謝。

There are no additional questions at this time. So, I'll pass it back to the team for any closing remarks.

目前沒有其他問題。因此，我會將其轉交團隊，以便大家做出最後評論。

This is Steve Pelayo. Before we conclude, I'd like to just briefly mention two upcoming events the management team will be participating in, and they will be available for one-on-one meetings at the B. Riley 25th Annual Institutional Investor Conference on May 21 in Marina Del Rey, California; and the Stifel 2025 Cross Sector Insight Conference on June 4 in Boston, Massachusetts. If you wish to request a meeting, please contact the institutional sales representative at each of the sponsoring banks.

這是史蒂夫·佩拉約。在我們結束之前，我想簡單提一下管理團隊即將參加的兩項活動，他們將於 5 月 21 日在加利福尼亞州瑪麗安德爾灣舉行的 B. Riley 第 25 屆年度機構投資者會議上進行一對一會談；以及 6 月 4 日在馬薩諸塞州波士頓舉行的 Stifel 2025 跨行業洞察會議。如果您希望要求會面，請聯絡每家贊助銀行的機構銷售代表。

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

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

Thank you.

謝謝。

Thank you.

謝謝。

That concludes today's call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。謝謝大家的參與。現在您可以斷開線路了。