Alpha and Omega Semiconductor Ltd (AOSL) 2026 Q2 法說會逐字稿

Good afternoon.

午安.

Thank you for attending today's Alpha and Omega Semiconductor Ltd fiscal second quarter 2026 earnings call. My name is Victoria and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you'd like to ask a question, please press star, followed by 1 on your telephone keypad. I would now like to pass the conference over to Steven Pleo.

感謝您參加今天 Alpha and Omega Semiconductor Ltd 2026 財年第二季財報電話會議。我叫維多利亞，我將擔任今天的主持人。在會議演示環節，所有線路都會靜音，最後會留出問答環節。如果您有任何疑問，請按星號鍵，然後按電話鍵盤上的 1 鍵。現在我將把會議交給史蒂文·普萊奧。

Thank you. You may proceed, Steven.

謝謝。你可以繼續了，史蒂文。

Good afternoon everyone and welcome to Alpha and Omega Semiconductors conference call to discuss fiscal 2026 2 quarter financial results. I'm Steven C. 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 7 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, Evon will review the financial results and provide guidance for the March quarter.

各位下午好，歡迎參加 Alpha and Omega Semiconductors 2026 財政年度第二季財務業績電話會議。我是 Steven C. Pelayo，AOS 的投資人關係代表。今天陪我一起的有我們的執行長 Stephen Chang 和我們的財務長 Yifan Liang。本次通話正在錄音並透過網路直播。電話會議結束後7天內，您可以透過我們網站投資者關係部分的連結收聽錄音回放。今天的通話將以以下方式進行。史蒂文將開始報告業務進展，包括策略亮點和詳細的業務分部報告。之後，伊馮將審查財務業績，並對三月的季度業績做出指引。

Finally, we will have a Q&A session.

最後，我們將進行問答環節。

The earnings release was distributed over the wire today, February 5, 2026, after the market closed. The release is also posted on the company's website. Our earnings release in this presentation include non-GAAP financial measures. We use non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with the GAAP measures. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release. 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 invoke risks and uncertainties that could cause our actual results to differ materially. For the 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 Steven Chang. Steven.

財報於2026年2月5日股市收盤後透過電訊發布。新聞稿也發佈在公司網站上。本次發布的獲利報告包含非GAAP財務指標。我們使用非GAAP指標，因為我們認為這些指標能夠提供有關我們經營績效的有用信息，投資者應該將這些資訊與GAAP指標結合起來考慮。獲利報告中包含了這些非GAAP指標與可比較GAAP指標的調節表。我們在此提醒各位，在本次電話會議中，我們將發表一些前瞻性聲明，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，並涉及風險和不確定性，可能導致我們的實際結果與預期有重大差異。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所提供的資訊的義務。現在我將把電話交給我們的執行長史蒂文·張。史蒂文。

Thank you, Steven. Welcome to Alpha and Omega's fiscal 2026 Q2 earnings call. I will begin with a high-level overview of our results and then jump into segment details.

謝謝你，史蒂文。歡迎參加 Alpha and Omega 2026 財政年度第二季財報電話會議。我將首先對我們的結果進行高層次的概述，然後再深入到各個細分領域的細節。

We delivered fiscal Q2 revenue results slightly higher than the midpoint of our guidance, primarily reflecting seasonality across several end markets including PCs, wearables, tablets, and gaming. Inventory digestion in AI further impacted by shifts in GPU allocation to prioritize data centers over graphic card markets, Strength from our tier 1 US smartphone customer, and sequential growth in e-mobility, power tools, and home appliances.

我們第二財季的營收表現略高於預期中位數，主要反映了包括個人電腦、穿戴式裝置、平板電腦和遊戲在內的多個終端市場的季節性因素。AI 領域的庫存消化進一步受到以下因素的影響：GPU 分配優先考慮資料中心而非顯示卡市場；來自我們一級美國智慧型手機客戶的強勁表現；以及電動車、電動工具和家用電器的持續成長。

Overall, total December quarter revenue was $162.3 million down 6.3% year over year and down 11.1% sequentially. Non-GAAP gross margin was 22.2%. non-GAAP EPS was a loss of $0.16 per share.

總體而言，12 月季度總收入為 1.623 億美元，年減 6.3%，季減 11.1%。非GAAP毛利率為22.2%。非GAAP每股虧損0.16美元。

In addition, we repurchased approximately $13.9 million of ALS shares during the December quarter, representing 728,000 shares as part of our recently announced $30 million share repurchase program approved by the board.

此外，作為我們近期宣布的經董事會批准的 3,000 萬美元股票回購計畫的一部分，我們在 12 月季度回購了約 1,390 萬美元的 ALS 股票，相當於 728,000 股。

Following these purchases, approximately $16 million remains available.

完成這些收購後，大約還剩下 1,600 萬美元可用。

This balanced approach to capital allocation reflects the boards and management's confidence in our strategy and execution while maintaining the financial strength needed to invest for long-term growth and deliver shareholder value.

這種平衡的資本配置方法體現了董事會和管理層對我們策略和執行的信心，同時保持了投資長期成長和為股東創造價值所需的財務實力。

Several years ago, we launched a deliberate strategy to transform AOS from a component supplier into a provider of application specific total solutions.

幾年前，我們啟動了一項有計劃的策略，將 AOS 從組件供應商轉型為提供特定應用整體解決方案的供應商。

From the start, our focus has been on higher performance markets where system level differentiation matters. Barriers to entry are higher, and we can meaningfully expand bomb content. We believe this strategy is working. We have seen tangible results in AI and graphics in smartphones through a mixed shift towards premium platforms and higher charging points. And more recently, this momentum has extended into our high performance medium voltage moss sets used in applications such as hot swap and intermediate bus converters for AI data centers. Just as important, this focus helps offset competitive pressure at the lower end of the market and reinforces our confidence in the direction we are taking.

從一開始，我們就專注於對系統級差異化至關重要的高效能市場。進入門檻更高了，我們可以大幅擴大炸彈內容。我們認為這項策略是有效的。我們已經看到，智慧型手機在人工智慧和圖形處理方面取得了實際成果，這得歸功於向高階平台和更高充電點的混合轉變。而最近，這種勢頭已經擴展到我們用於人工智慧資料中心熱插拔和中間匯流排轉換器等應用的高效能中壓 moss 元件。同樣重要的是，這種專注有助於抵消低端市場的競爭壓力，並增強我們對自身發展方向的信心。

We have remained disciplined in how we execute the strategy, making targeted long-term investments rather than reacting to short-term noise. As applications continue to evolve towards higher performance and greater system complexity, we believe the right response is to accelerate investment in the technologies, products, and engineering resources required to win.

我們在執行策略方面始終保持嚴謹的態度，進行有針對性的長期投資，而不是對短期波動做出反應。隨著應用程式不斷向更高性能和更複雜的系統發展，我們認為正確的應對措施是加快對勝利所需的技術、產品和工程資源的投資。

Consequently, we're increasing critical R&D investments. These are not broad-based investments. They're highly focused where we hold clear differentiation, strong customer engagement, and a clear roadmap to higher bond content and sustainable margins.

因此，我們正在增加關鍵研發投入。這些並非大規模投資。他們高度專注於我們擁有明確差異化優勢、強大的客戶參與度以及提高債券含量和實現可持續利潤率的明確路線圖。

To support this strategy, we strategically optimize our balance sheet. As part of a clan capital allocation approach, we monetize a portion of our equity interests in the Chongqing joint venture while retaining a meaningful ongoing stake.

為了支持這項策略，我們對資產負債表進行了策略性優化。作為家族資本配置方法的一部分，我們將在重慶合資企業中的部分股權變現，同時保留相當數量的持續股份。

As previously announced, we sold approximately 20% of our equity interest in the joint venture for an aggregate purchase price of $150 million payable in installments, and we continue to hold an 18.9% equity interest in the joint venture.

正如先前宣布的那樣，我們出售了合資企業中約 20% 的股權，總購買價為 1.5 億美元，分期支付，我們繼續持有合資企業中 18.9% 的股權。

We received $94 million in the September quarter followed by an additional $11 million in the December quarter and subsequent to the quarter end, we received $30 million.

我們在 9 月季度收到了 9,400 萬美元，12 月季度又收到了 1,100 萬美元，季度末之後，我們又收到了 3,000 萬美元。

There is an additional $15 million remaining that will be received later this calendar year.

另有 1500 萬美元將於今年稍後到帳。

This financial strength allows us to invest decisively and strategically in technology development, manufacturing capability, and engineering talent as we continue to shift the business towards higher value, higher margin opportunities.

憑藉著雄厚的財力，我們能夠果斷而有策略地投資於技術開發、製造能力和工程人才，從而不斷將業務轉向更高價值、更高利潤的機會。

We are already realizing the impact of our strategy on revenue. For example, while overall PC unit demand in Calendar 2026 is expected to be constrained by tightening memory supply, our total solution strategy is gaining traction, and we are seeing increased bomb content on new platforms such as Intel's Tantalate.

我們已經開始感受到我們的策略對收入的影響。例如，雖然預計 2026 年 PC 整體需求將受到記憶體供應緊張的限制，但我們的整體解決方案策略正在獲得認可，我們看到在英特爾 Tantalate 等新平台上的爆炸性內容正在增加。

In communications, we are witnessing the fruits of our earlier investment in silicon and packaging technologies in smartphone battery protection. Our technology differentiation, coupled with the industry move towards higher charging currents, enabled us to secure increased bomb content and deepen our relationship with top tier customers, factors that are expected to contribute to our growth in 2026.

在通訊領域，我們正在見證早期對矽和封裝技術的投資在智慧型手機電池保護方面所取得的成果。我們的技術差異化，加上業界向更高充電電流的趨勢，使我們能夠確保更高的炸彈含量，並加深與頂級客戶的關係，這些因素預計將有助於我們在 2026 年實現成長。

In advanced computing, including AI data centers, server, and graphics, we are encouraged by an expansion in demand across a broader array of AI data center applications and a broader set of customers. We're seeing near term demand for high performance medium voltage solutions using in applications such as hot swaps and intermediate bus converters for leading ODMs for major hyper scale customers. Advanced computing is becoming a core growing element within the computing segment.

在包括人工智慧資料中心、伺服器和圖形在內的高階運算領域，我們很高興地看到，人工智慧資料中心應用領域和客戶群都在不斷擴大，需求也在成長。我們看到，領先的 ODM 廠商為大型超大規模客戶在熱插拔和中間匯流排轉換器等應用中對高效能中壓解決方案的需求正在迅速增長。先進計算正在成為計算領域中一個核心且不斷成長的要素。

The key takeaway is that we are continuing to see the benefits of our structural transformation. We will see tangible results this calendar year, and we expect more meaningful acceleration in 2027 and beyond as new platforms and programs ramp.

最關鍵的一點是，我們正在持續看到結構轉型帶來的益處。我們將在今年看到實際的成果，隨著新平台和專案的逐步推進，我們預計在 2027 年及以後將實現更顯著的加速發展。

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

接下來，我將介紹我們各個業務部門的業績，並對下一季各業務部門的業績進行一些展望。

Starting with computing, December quarter revenue was up 5.9% year over year and down 17.1% sequentially, and it represented 49.6% of total revenue.

以電腦業務為例，12 月季度營收年增 5.9%，季減 17.1%，佔總營收的 49.6%。

The sequential revenue decline was in line with our expectations. Within computing, we saw softness following an unusually strong September quarter that benefited from tariff-related PC pull-ins as well as earlier AI and graphics shipments.

營收季減比下降符合我們的預期。在電腦領域，我們看到，在經歷了異常強勁的 9 月季度之後，市場出現了疲軟。該季度受益於關稅相關的 PC 拉動以及先前 AI 和圖形設備的出貨量。

Seasonality also affected sales of tablets, as we mentioned before, during the September quarter, AI and graphics customers entered a digestion phase that extended into the December quarter, which was further influenced by increasing prioritization of production by our customers towards GPUs for AI data centers over traditional graphics card platforms.

季節性因素也影響了平板電腦的銷售。正如我們之前提到的，在 9 月的季度中，人工智慧和圖形客戶進入了一個消化階段，該階段一直延續到 12 月的季度。此外，我們的客戶越來越重視人工智慧資料中心的 GPU 的生產，而不是傳統的顯示卡平台，這也進一步影響了平板電腦的銷售。

Looking ahead to calendar 2026, visibility into the PC market remains limited, driven primarily by uncertainty around memory shortages. While memory availability may impact end PC demand, data center investment continues to provide an important offset. As mentioned before, we are shipping our high-performance medium voltage MOSset products into infrastructure programs, including hotspot power solutions that are now moving into the build phase at leading ODMs for major hybrid scale customers.

展望 2026 年，由於記憶體短缺帶來的不確定性，個人電腦市場的前景仍然不明朗。雖然記憶體供應可能會影響終端PC的需求，但資料中心的投資將繼續起到重要的抵消作用。如前所述，我們正在將高效能中壓 MOSset 產品交付給基礎設施項目，包括熱點電源解決方案，這些解決方案目前正由領先的 ODM 為主要混合規模客戶進入製造階段。

We are also expanding our presence in AI platforms through medium voltage solutions supporting 48 volts to 12 volt intermediate bus conversion.

我們也透過支援 48 伏特到 12 伏特中間母線轉換的中壓解決方案，擴大了我們在人工智慧平台領域的業務。

Looking ahead to the March quarter, we expect competing segment revenue to decline below single-digits sequentially. This reflects softness in the PC market, mostly offset by strength in AI data center applications, as well as growth in graphics cards and tablets. Importantly, we have clear visibility into demand for our new V voltage moss sets across an expanding list of applications and customer base that includes power supply providers, module makers, cloud service providers, and major hyper scales.

展望三月的季度，我們預期競爭業務部門的營收將季減至個位數以下。這反映出個人電腦市場的疲軟，但人工智慧資料中心應用的強勁成長以及顯示卡和平板電腦的成長基本上抵消了這一疲軟。重要的是，我們清楚地看到，我們新的 V 電壓 moss 組件在不斷擴大的應用和客戶群中的需求，其中包括電源供應商、模組製造商、雲端服務供應商和大型超大規模企業。

Turning to the consumer segment, December quarter revenue was down 14.9% year over year and down 18.3% sequentially and represented 11.8% of total revenue. The results were in line with our original expectations for a high 10s sequential decline.

再來看消費者領域，12 月季度的營收年減 14.9%，季減 18.3%，佔總營收的 11.8%。結果與我們最初的預期一致，即連續10秒大幅下降。

While wearables experienced a normal seasonal decline, the overall year over year revenue decrease in consumer was primarily driven by gaming, with a smaller impact also from home appliances.

雖然穿戴式裝置經歷了正常的季節性下滑，但消費者整體年收入下降主要是由遊戲產業造成的，家用電器也產生了較小影響。

In wearables, we continue to see underlying momentum supported by share gains, new customer engagement, higher bond content, and a broader mix of applications.

在穿戴式裝置領域，我們持續看到潛在的成長勢頭，這得益於市場份額的成長、新客戶的參與、更高的客戶忠誠度以及更廣泛的應用組合。

In gaming, we remain closely aligned with our key customer as they progress through their next product cycle, for our existing relationship and strength in high performance power solutions positions us to participate in the next generation platform.

在遊戲領域，我們與主要客戶保持緊密聯繫，協助他們邁入下一個產品週期。我們現有的合作關係以及在高效能電源解決方案方面的優勢，使我們能夠參與下一代平台。

Home appliance demand was modestly lower year over year, though new design activity in 2025 supports longer-term opportunities, particularly in emerging markets.

雖然家用電器需求較去年同期略有下降，但 2025 年的新設計活動為長期發展提供了機遇，尤其是在新興市場。

For the March quarter, we forecast mid-single-digit sequential growth in the consumer segment, primarily driven by a recovery in gaming after a sharp inventory correction in the December quarter.

我們預測，3 月季度消費者業務將實現中等個位數環比成長，主要得益於遊戲業務在 12 月季度庫存大幅調整後出現復甦。

Next, let's discuss the communication segment. December quarter revenue increased 1.1% sequentially and was flat year over year and represented 20.4% of total revenue. The results were supported by strong year over year growth from our tier one US smartphone customer driven by continued expansion of bomb content. While demand from China's smartphone customers remains uneven as we prioritize US customers, we are sustaining high market share in the premium phone segment. We see additional growth coming in calendar 2026 as new models launch with higher charging currents, and our investments in differentiated silicon and packaging technologies for battery protection further enable bomb content expansion.

接下來，我們來討論溝通環節。12 月季度營收季增 1.1%，與去年同期持平，佔總營收的 20.4%。業績得益於我們美國一級智慧型手機客戶的強勁同比成長，而這主要得益於炸彈內容的持續擴張。儘管我們優先考慮美國客戶，但中國智慧型手機客戶的需求仍然不穩定，我們在高階手機領域保持較高的市場份額。我們預計 2026 年將迎來進一步成長，屆時將推出充電電流更高的新型號，而我們對電池保護差異化矽和封裝技術的投資將進一步擴大炸彈含量。

Looking ahead to the March quarter, the communications segment will likely decline mid-single-digit sequentially. This is due to typical seasonality from our tier 1 US smartphone cost, partially offset by sequential growth from China's smartphone.

展望三月的季度，通訊業務板塊可能會比上季下降中等個位數百分比。這是由於美國一線智慧型手機價格的典型季節性波動所造成的，部分被中國智慧型手機的持續成長所抵消。

Korea is expected to remain relatively flat.

預計韓國經濟將保持相對穩定。

Now let's talk about our last segment, power supply and industrial, which accounted for 16.7% of total revenue and was down 22.5% year over year and down 3% sequentially.

現在我們來談談最後一個板塊，電源供應和工業板塊，佔總收入的 16.7%，年減 22.5%，環比下降 3%。

Overall, the results were below our expectations for mid to high single-digit sequential growth as quick charger demand came in weaker than expected, but were partially offset by a rebound in power tools and e-mobilility.

總體而言，由於快速充電器需求弱於預期，業績低於我們預期的中高個位數環比增長，但電動工具和電動車的反彈部分抵消了這一影響。

Looking ahead to the March quarter, we expect power supply revenue to increase mid-single-digits sequentially, driven primarily by quick chargers and DC fans, offset by softer power tools and e-mobility.

展望三月的季度，我們預計電源供應收入將環比增長中等個位數，主要由快速充電器和直流風扇推動，但會被電動工具和電動車等較為疲軟的領域所抵消。

In closing, we are guiding the March quarter to be down slightly sequentially. We expect the March quarter to mark a near-term low point for revenue and margin, with the business returning to growth beginning in the June quarter and into the peak season, supported by improving mix and a more favorable contribution from higher value applications.

最後，我們預計三月當季業績將比去年同期略有下降。我們預計 3 月季度將是營收和利潤率的近期低點，業務將從 6 月季度開始恢復成長，並持續到旺季，這得益於產品組合的改善以及高價值應用帶來的更有利的貢獻。

Consistent with the strategy we have outlined, we are accelerating targeted investments in performance-driven applications where we have strong positions, clear differentiation, and expanding customer engagement.

與我們所製定的策略一致，我們正在加速對那些我們擁有強大優勢、明顯差異化優勢並能擴大客戶參與度的績效驅動型應用進行有針對性的投資。

While calendar 2026 may reflect modest growth as markets work through near term constraints, our application specific total solution strategy is yielding results, and we are already seeing positive impacts today.

儘管 2026 年日曆顯示市場在克服短期限制的過程中可能會出現溫和增長，但我們針對特定應用的整體解決方案策略正在取得成效，我們今天已經看到了積極的影響。

As we continue to move higher value programs to production, we expect these benefits to become increasingly visible through the course of calendar 2026, which we expect to support stronger growth as we move into 2027 and beyond.

隨著我們不斷將更高價值的項目投入生產，我們預計這些益處將在 2026 年全年變得越來越明顯，我們預計這將支持我們在 2027 年及以後實現更強勁的增長。

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.

接下來，我將把電話交給易凡，讓他來討論我們第二財季的財務表現以及我們對下一季的展望。

Yifan.

易凡。

Thank you, Steven. Good afternoon, everyone, and thank you for joining us.

謝謝你，史蒂文。各位下午好，感謝各位的參與。

Revenue for the December quarter was $162.3 million down 11.1% sequentially and down 6.3% year over year.

12 月季度營收為 1.623 億美元，季減 11.1%，年減 6.3%。

In terms of product mix, DMA's revenue was $101 million down 6.9% sequentially, and down 10.6% over last year.

從產品組合來看，DMA 的營收為 1.01 億美元，季減 6.9%，年減 10.6%。

RIC revenue was $58.8 million down 19.1% from the par quarter and up 9.5% from a year ago.

RIC 營收為 5,880 萬美元，較上季下降 19.1%，較去年同期成長 9.5%。

Assembly service and other revenue was $2.5 million as compared to $1.3 million last quarter and $1.1 million for the same.

組裝服務及其他收入為 250 萬美元，而上一季為 130 萬美元，本季為 110 萬美元。

Quarter last.

上個季度。

Year.

年。

Non-GAAP gross margin was 22.2% compared to 24.1% last quarter and 24.2% a year ago.

非GAAP毛利率為22.2%，上一季為24.1%，去年同期為24.2%。

The quarter-to-quarter decrease was mainly impacted by higher input and operation costs.

季度環比下降主要受投入成本和營運成本上升的影響。

Non-GAAP operating expenses were $41.3 million compared to $41.4 million for the per quarter and $39 million last year.

非GAAP營運費用為4,130萬美元，上一季為4,140萬美元，去年同期為3,900萬美元。

Non-GAAP quarterly EPS was $0.16 loss compared to $0.13 earnings per share last quarter and $0.09 per share a year ago.

非GAAP季每股虧損0.16美元，上一季每股獲利0.13美元，去年同期每股獲利0.09美元。

Moving on to cash flow.

接下來分析現金流。

Operating cash flow was negative $8.1 million including $4 million of repayment of customer deposits and $8.7 million income tax paid by one of our entities on the gain from the sale of CQJV equity interest.

營運現金流為負 810 萬美元，其中包括償還客戶存款 400 萬美元，以及我們的實體因出售 CQJV 股權收益而支付的 870 萬美元所得稅。

By comparison, operating cash flow was positive with $10.2 million in the prior quarter and $14.1 million last year.

相較之下，上一季經營現金流為正值 1,020 萬美元，去年同期為 1,410 萬美元。

We expect to refund $1 million of customer deposits in the March quarter.

我們預計將在三月季度退還客戶100萬美元的押金。

EBITDA exclude equity method; investment loss was $9.7 million for the quarter compared to $19.4 million last quarter and $16.8 million for the same quarter a year ago.

EBITDA 不包括權益法；本季投資虧損為 970 萬美元，上一季為 1,940 萬美元，去年同期為 1,680 萬美元。

Now let me turn to our balance sheet.

現在讓我來看看我們的資產負債表。

We completed the December quarter with a cash balance of $196.3 million compared to $223.5 million at the end of last quarter.

截至 12 月季度末，我們的現金餘額為 1.963 億美元，而上一季末為 2.235 億美元。

Net trade receivables decreased by $8.1 million sequentially.

淨應收帳款季減 810 萬美元。

The sales outstanding were 25 days for the quarter compared to 21 days for the prior quarter.

本季應收帳款週轉天數為 25 天，而上一季為 21 天。

Now the inventory increased by $3.9 million quarter over quarter.

現在庫存較上月增加了390萬美元。

Average days in inventory were 140 days for the quarter compared to 124 days for the part quarter.

本季平均庫存天數為 140 天，而上一季為 124 天。

Cap for the quarter was $15 million compared to $9.8 million for the prior quarter.

本季資本支出為 1500 萬美元，而上一季為 980 萬美元。

We expect caps for the March quarter to range from $15 million to $18 million.

我們預計三月季度的上限將在 1500 萬美元至 1800 萬美元之間。

With that, now I would like to discuss much colder guidance.

接下來，我想談談一些更冷酷的指導。

We expect revenue to be approximately $160 million plus or minus $10 million.

我們預計營收約 1.6 億美元，上下浮動 1,000 萬美元。

GAAP gross margin to be 20.2% plus or minus 1%.

GAAP毛利率為20.2%±1%。

We anticipate the non-GAAP growth margin to be 21% plus or minus 1%.

我們預期非GAAP成長利潤率為21%±1%。

GAAP operating expenses to be $52 million plus or minus $1 million.

GAAP營運費用為5,200萬美元，上下浮動100萬美元。

Non-GAAP property expenses are expected to be $45 million plus or minus.

預計非GAAP物業支出約4500萬美元。

1 million.

100萬。

Dollars.

美元。

The sequential growth in the operating expenses is mostly the result of increased spending for R&D.

營運費用的環比增長主要是由於研發支出增加所致。

Interest income to be $1 million higher than interest expense and income tax expense to be in the range of $1.1 million to $1.3 million.

利息收入將比利息支出高出 100 萬美元，所得稅支出將在 110 萬美元至 130 萬美元之間。

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

接下來，我們將開始接受提問。操作員，請開始問答環節。

Of course. We will now begin the question-and-answer session. If you would like to ask a question, please press star followed by 1 on your telephone keypad. If for any reason you'd like to remove that question, please press followed by 2. Again, to ask a question, press 1. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking a question. We'll pause here momentarily as questions are registered.

當然。現在開始問答環節。如果您有任何疑問，請在電話鍵盤上按星號鍵，然後按 1。如果您出於任何原因想要刪除該問題，請按 2。再次提醒，要問，請按 1。再次提醒，如果您正在使用免持通話，請在提問前拿起聽筒。我們先暫停一下，好讓大家提問。

Our first question comes from the line of David Williams with benchmark.

我們的第一個問題來自 David Williams 的基準線。

David, your line is now open.

大衛，你的線路已開通。

Hey, good afternoon, everyone, and thanks for taking my question. I guess maybe first, Stephen, you talked a lot about the strategy and that's really starting the show here, but I wanted to first maybe talk about the AI opportunities and on the GPU track. In those design wins, can you maybe talk about how that's tracking and is it to your expectations? I know there's been some push and pull between, the segments there, but just kind of curious how you're seeing your, how that AI opportunity is tracking and what your expectations are.

大家好，下午好，感謝各位回答我的問題。我想首先，Stephen，你談了很多關於策略方面的內容，這確實是本期節目的開端，但我首先想談談人工智慧的機會以及GPU方面的情況。在這些設計方案的中標案例中，您能否談談進度以及是否符合您的預期？我知道各個領域之間一直存在一些拉鋸戰，但我只是很好奇您如何看待人工智慧領域的發展機遇，以及您的預期是什麼。

Hi David. Yeah, good to hear from you. Yes, the AI opportunity that we've been pushing for, it is less than what our original expectations were for regarding creating, selling solutions for going into the VRM powering the GPUs directly. However, actually what we've been talking about, in this earnings as well as in the previous season. Is that our AI opportunity is actually expanding. The breadth of our of our offerings into this AI opportunity is going beyond even just the total solutions that we're offering for the BRM solutions. But we are excited to see that we can already start to address the media voltage market that's already being used in the power conversions that happened even before that stage. And that's, and then we can see that already in our results for this quarter already, which is an encouraging for us.

你好，大衛。是啊，很高興收到你的消息。是的，我們一直在推動的 AI 機遇，在為 GPU 的 VRM 直接供電而創建和銷售解決方案方面，低於我們最初的預期。然而，實際上，我們一直在討論的是，無論是本財報季還是上個財報季。這意味著我們在人工智慧領域的機會實際上正在擴大。我們在人工智慧領域的產品和服務範圍，甚至超越了我們為 BRM 解決方案提供的整體解決方案。但我們很高興地看到，我們已經可以開始著手解決媒體電壓市場的問題，而該市場早在電力轉換階段之前就已經在使用媒體電壓了。而且，我們已經從本季的業績中看到了這一點，這對我們來說是一個令人鼓舞的消息。

Thanks, I certainly appreciate that. And then maybe from the OpEx perspective, when should we think that kind of normalizes? Is this a good base rate to kind of consider going forward, or are there some expenses maybe in this next quarter that won't flow into the.

謝謝，我非常感激。那麼從營運支出角度來看，我們應該認為這種情況何時才能正常化呢？這個基準利率值得考慮嗎？還是說下一季會有一些支出不會計入這個利率？

To the.

到。

Following.

下列的。

Quarters?

四分之一？

Well, sure, yes, for the March quarter we guided, about $4 million up, in operating expenses compared to the December quarter.

當然，是的，我們預計 3 月季度的營運支出將比 12 月季度增加約 400 萬美元。

3 out of that $4 million increase, for the R&D. So, yes, and like, Stephen said that we are increasing, our investment in R&D, in some critical areas this year. So, those.

增加的 400 萬美元中有 300 萬美元用於研發。是的，就像史蒂芬說的那樣，今年我們將在一些關鍵領域增加研發投入。所以，就是那些。

Those new projects are focused on where we have strong foothold and then and strong customer engagement and and where we have a big potential. So we're going to double down and step up R&D investment so, the.

這些新項目都集中在我們擁有強大立足點、客戶參與度高且潛力巨大的領域。因此，我們將加倍投入，增加研發投資。

Our director of the the the CQ JV equity share and you know that provides some means for us and so on so we'll we plan to spend around like $20 million or so, from this proceeds on some new R&D projects this calendar year. So that, translates to about 25%, R&D exp increase for this calendar year. So March quarter reflected a little bit lower. So gradually, in the June quarter, September quarter, it will inch up. So on an annual basis.

我們的董事持有 CQ 合資企業的股權，你知道這為我們提供了一些資金等等，所以我們計劃在今年從這筆收益中拿出大約 2000 萬美元用於一些新的研發項目。因此，這意味著本年度研發支出將成長約 25%。因此，三月的季度業績略低。因此，在六月季度、九月季度，它會逐漸緩慢上升。所以每年都會如此。

We expected about 25% increase compared to par calendar year.

我們預計與往年同期相比將成長約 25%。

Okay, great.

好的，太好了。

Thank you. And then just one last thing if I can sink it in here, just on the capacity side, just kind of getting the balance sheet, are there areas within, maybe your existing footprint that you could add capacity or areas that you might be able to do something there in terms of helping maybe on the gross margin front or, any other just maybe uses of that cash as we look forward. Thank. You.

謝謝。最後還有一件事，如果我能在這裡補充一下的話，就是關於產能方面，也就是資產負債表方面，在你們現有的業務範圍內，是否有可以增加產能的領域，或者在哪些方面可以做些什麼來幫助提高毛利率，或者展望未來，是否有其他方法可以利用這些現金。謝謝。

Yes, and I mean if you notice that, our CapEx, investment in the December quarter was, about $5 million higher than the par quarter, and March quarter also, inched up compared to the December quarter. So we are investing. In CapEx to prepare for the calendar year 2026, and, growth, some new products and, new, products and started rolling out, so, we are building up some capacity right now.

是的，我的意思是，如果你注意到的話，我們在 12 月份的資本支出比正常季度高出約 500 萬美元，3 月份的資本支出也比 12 月份略有增長。所以我們正在進行投資。為了迎接 2026 年的到來，我們正在進行資本支出，以促進成長，推出一些新產品，並開始逐步推出新產品，因此，我們目前正在建立一些產能。

Thank you for your questions, David.

謝謝你的提問，大衛。

Oh, apologies, David. Give me one moment. Let me open your line back up.

哦，抱歉，大衛。請稍等片刻。讓我重新接通您的線路。

There you go, that's all for me.

好了，我的報告就到這裡。

Yeah, no problem. That was all for you.

好的，沒問題。這就是全部內容了。

All right. Our next question comes from the line of Tor Sundberg with Steven.

好的。我們的下一個問題來自 Tor Sundberg 和 Steven 的對話。

Your line is now open.

您的線路已開通。

Hey, this is Solomon Wang on for Tor Sundberg. Thanks for taking my question. So, looking ahead to the March quarter revenue guide implies a pretty healthy top-line momentum, but gross margin comes in a little bit lower than what we're expecting. Could you share a little additional color regarding what's causing that, and where do you kind of see gross margin longer-term as you TRY to reach that 30% target?

大家好，我是 Solomon Wang，替 Tor Sundberg 為您報道。謝謝您回答我的問題。因此，展望三月的季度營收預期，可以看出營收成長動能相當強勁，但毛利率略低於我們的預期。能否再詳細說說造成這種情況的原因，以及在努力實現 30% 的目標時，您對長期毛利率的預期？

Sure, yes, March quarter guidance is about 1.1.2% lower than the December quarter margin.

當然，是的，3 月季度的業績預期比 12 月季度的利潤率低約 1.12%。

It's mainly reflecting the, lower utility.

這主要反映出其效用較低。

Nation, in the March quarter, especially during the, lunar New Year time frame. So typically, each year, they still, that's the time, some operators and they will go back to their hometowns, so we also reduce our production. So, money impacted by the utilization.

全國，尤其是在三月份，農曆新年期間。所以通常情況下，每年這個時候，有些業者還是會回到家鄉，因此我們的產量也會減少。所以，資金會受到利用率的影響。

So, I would expect that, for the, June quarter, we expect to see the margins rebound and, I would expect probably back up to the December 2025 or September 2025 in the quarter, the margins level, so somewhere in that neighborhood. So, and then, going forward, yes, our midterm target model is still, $1 billion in revenue and 30% non-GAAP gross margin, and then 20% of tax. So that's still our, midterm target model. So, from where we are now, back up to the, 30%, gross margin level, yeah, we expect, those, new products, and, to contribute to the margin growth and then better product mix and then, and then, some, normal, Pricing the environment and that would also help. So, that's the way we see we can get back to the 30% gross margin level.

因此，我預計在 6 月的季度中，利潤率將會反彈，並且我預計該季度的利潤率可能會回到 2025 年 12 月或 2025 年 9 月的水平，大致在這個範圍內。所以，展望未來，是的，我們的中期目標模型仍然是：營收 10 億美元，非 GAAP 毛利率 30%，稅率 20%。所以，這仍然是我們的中期目標模型。所以，從我們目前的狀況來看，要回到 30% 的毛利率水平，是的，我們期望這些新產品能夠促進毛利率成長，更好的產品組合，以及一些正常的定價環境，這些也會有所幫助。所以，這就是我們認為能夠恢復到 30% 毛利率水準的方法。

Great, very helpful, thank you. And kind of following up on R&D and so as you're utilizing the proceeds from Chongqing's JB stake monetization to help accelerate and fund the R&D, could you share a little bit more regarding, what specific programs the increased R&D is going to and, what revenue scale does this increased R&D really begin to offer some operating leverage and.

太好了，很有幫助，謝謝。繼續推進研發工作，您利用重慶JB股權變現所得資金來加速和資助研發，能否詳細介紹一下，增加的研發投入將用於哪些具體項目，以及增加的研發投入在多大程度上才能真正帶來營運槓桿作用？

Yeah.

是的。

Yeah, let me take a stab at that first. So, as we described in our, in our prepared remarks, yes, our investment is not going to be in all different directions. It's in very focused areas. We want to invest in the areas that we have strength, that we have competitive leverage, and we want those areas to be even stronger, and we chose those areas because we've already seen success in those areas, whether it's in PCs with a total solution. For that and then expanding that to AI applications going into graphics and AI and now and expanding the breadth of that to go not only covering the ICs but also the high performance moss sets so we're, in the AI space this is pretty exciting for us because it's the expansion of the product breadth. But on top of that it's also an expansion of the customer base so not only are we going after the top AI guy we're also going after the whole ecosystem and our solutions can also be. Used and are actually already being sold into servers, other data center servers, going to cloud service providers, so it increases that customer base for us to, go after a bigger scam with the expansion of our products and of course, we are still seeing the expansion of our smartphone battery business and this is because the underlying trend there is moving towards higher charging currents and with that. They basically the solutions have to physically be bigger, they have to handle quite a bit more current. And this requires a lot of technology, both in silicon as well as in packaging to to in order to meet the space constraints as well as the performance constraints. So business abroad means the impact on our business is that the bomb content increase will increase as well as the margins for those areas. So all three of those areas, we are already seeing results now. We'll see more results even later in this calendar year, but the bigger impact from the additional R&D investment will come in 2027.

好的，讓我先試著回答一下。所以，正如我們在準備好的演講稿中所描述的那樣，是的，我們的投資不會涉及所有不同的方向。它集中在非常特定的領域。我們希望投資我們具有優勢、具有競爭優勢的領域，並且希望這些領域變得更強大。我們選擇這些領域是因為我們已經在這些領域取得了成功，無論是個人電腦的整體解決方案。為此，我們進一步拓展了人工智慧應用，進入圖形和人工智慧領域，現在又擴大了其範圍，不僅涵蓋積體電路，還涵蓋高效能MOSS元件。因此，在人工智慧領域，這對我們來說非常令人興奮，因為這是產品範圍的擴展。但除此之外，這也是客戶群的擴張，所以我們不僅要爭取頂尖的人工智慧專家，還要爭取整個生態系統，我們的解決方案也可以。這些二手電池實際上已經銷往伺服器、其他資料中心伺服器以及雲端服務供應商，這為我們擴大了客戶群，使我們能夠透過擴展產品來追求更大的成功。當然，我們仍然看到智慧型手機電池業務的擴張，這是因為該領域的潛在趨勢是朝著更高的充電電流發展。從本質上講，這些解決方案在物理上必須更大，它們必須能夠處理更大的電流。這需要大量的技術，包括矽技術和封裝技術，才能滿足空間限制和性能限制。因此，海外業務對我們業務的影響是，炸彈含量增加，這些地區的利潤率也會增加。所以，在這三個領域，我們目前都已經看到成效了。今年稍後我們還會看到更多成果，但額外研發投資帶來的更大影響將在 2027 年顯現。

Great, thank you so much. That's very helpful.

太好了，非常感謝。那很有幫助。

Thank you for your questions.

感謝您的提問。

There are currently no questions registered, so as a reminder, it is one to ask a question.

目前還沒有人提問，所以提醒一下，現在是時候提問了。

Our next question comes from a line of Craig Ellis with B. Riley Securities. Your line is now open.

我們的下一個問題來自 Craig Ellis 與 B 的一條線。萊利證券。您的線路已開通。

Thanks for taking the question, guys. I wanted to go further on what's been topical on the call, which is the investment in advanced compute product. The first one, guys, I appreciate the clarification that R&D will be up about 25% year on year in calendar 26%. I was hoping to ask kind of a higher level theoretical question or a Maybe a business strategy question, Steven, as you look at investing in new opportunities, what are the gating factors that determine where you will invest and what would be too far away from your low voltage and mid voltage core competencies so that we have a better understanding of where the targets set on a range of things you might be looking at.

謝謝各位回答這個問題。我想進一步探討電話會議上討論的熱門話題，即對先進計算產品的投資。各位，首先，我感謝你們澄清研發支出將比去年同期增加約 25%，以日曆年計算則為 26%。史蒂文，我原本想問一個更高層次的理論問題，或是一個商業策略的問題。當你考慮投資新的機會時，有哪些關鍵因素決定了你的投資方向，以及哪些投資會與你的低壓和中壓核心競爭力相去甚遠，以便我們更好地了解你可能關注的各種目標。

Hello.

你好。

Are you still on board?

你還願意繼續參與嗎？

I'm sorry, did you hear my question,

抱歉，你聽到我的問題了嗎？

so let me answer that question.

那麼，讓我來回答這個問題。

I heard the question. I just thought I was on mute. I was talking about it. I'm sorry. So, regarding the our investment into AI, it started with our total solutions for PCs, and with those total solution controller paired together with the driver moss, that's what helped us to get into the graphics space as well as going into now the various AI platforms. So our investments there will continue, and we are going, when we would mention both total solutions for PCs as well as. Going after AI applications that's still you know that is still a core target of ours and it fits in very well with our technology strengths, with our ability to create these drivers, controllers, as well as the effects that are used inside these power stages. But that said, we're also expanding, we're going after that that medium voltage power conversion, especially in that 48 volt to 12 volt space.

我聽到了這個問題。我當時以為我把麥克風調成了靜音模式。我剛才正在談論這件事。對不起。所以，關於我們對人工智慧的投資，它始於我們為個人電腦提供的整體解決方案，而正是這些整體解決方案控制器與驅動程式 Moss 相結合，幫助我們進入了圖形領域，並進入了現在的各種人工智慧平台。因此，我們將繼續在那裡進行投資，並且我們正在推進，屆時我們將提及個人電腦的整體解決方案以及其他方面。持續開發人工智慧應用仍然是我們的核心目標，這與我們的技術優勢非常契合，我們有能力創造這些驅動器、控制器以及這些功率級中使用的效果器。但話雖如此，我們也在擴張，我們正在進軍中壓電源轉換領域，尤其是在 48 伏特到 12 伏特的領域。

Where you know we can use our solutions now we don't have to wait for future platforms, and this is because, we are going after not only on board solutions but also going after the ecosystem partners, even going after solutions that go into into cloud service providers too. This has, broader reach beyond just the specific AI application. So this is why it's exciting for us to see the impact even now, in a little bit in the December quarter, but more so in the March quarter. So even, we don't have to wait till for 2027 to see some of those results. This will be one of the key growth growth drivers that we'll see in this calendar year. But regarding kind of the bigger direction, yes, we're going to go after and tackle more of the sockets in going into the AI applications as we look forward to the 800 volt solutions. We are preparing a.

現在，我們無需等待未來的平台，就可以使用我們的解決方案。這是因為我們不僅尋求內部解決方案，還尋求生態系統合作夥伴，甚至尋求進入雲端服務供應商的解決方案。這具有更廣泛的影響，而不僅限於特定的人工智慧應用。所以，即使現在，看到這種影響也讓我們感到興奮，在 12 月季度已經有所體現，但在 3 月季度會更加明顯。所以，我們甚至不必等到 2027 年才能看到其中一些結果。這將是我們今年將看到的主要成長驅動因素之一。但就更大的方向而言，是的，我們將著手研究並解決人工智慧應用中更多的插座問題，同時展望 800 伏特解決方案。我們正在準備一個。

For wide band GAAP to go after the the high voltage aspect of that and there's other also other solutions, other products that we're developing to cover that space, including medium voltage, and we're also looking at various IC sockets as well too.

對於寬頻 GAAP 而言，要解決高壓方面的問題，我們也正在開發其他解決方案、其他產品來涵蓋該領域，包括中壓，我們也正在研究各種 IC 插座。

Thanks, Steven. If I could ask a follow-up that relates to that to understand what you're seeing.

謝謝你，史蒂文。如果可以的話，我想問一個與此相關的後續問題，以便了解您所看到的情況。

In terms of revenue return on the investment, how big is advanced compute as a percent of the compute segment now? What do you think it would be a year from now as you start to get more benefit from all of the investment, since you said it'd be pretty quick if we look down the road eight quarters to fiscal third quarter of 28. 1 queue of 28, how big would the business be by then? How much return are we going to see?

就投資報酬率而言，目前高階計算在計算領域中所佔的百分比是多少？你認為一年後，當你開始從所有投資中獲得更多收益時，會是什麼樣的？因為你說過，如果我們展望未來八個季度，到 2028 年第三財季，那會很快。如果排隊人數為 28 人，那麼到那時這家企業的規模會有多大？我們能獲得多少回報？

2 years from now when this 25% R&D increase we're making.

兩年後，當我們實現這25%的研發投入成長時。

Sure, and, at least for the portion of, R&D will be invested in three core areas. One, of course, is this AI opportunity. The second is the PC total Solutions which is a close cousin for AI. And then also for our smartphones going after the high performance battery protection, there's also a lot of opportunity there. But with regard specifically to the proportion of AI graphics related, that port, that portion of computing in the past has been, has hit somewhere like 20 to 25% of computing in some of the quarters of this of the calendar 2025. So going forward actually we see much more potential. So we see opportunity not only for VRM solutions directly powering the GPUs, but also again the SAM going into, for the medium voltage is a new area that we didn't start to really have meaningful revenue until recently, and this is an area that We believe we can have some quicker returns even in this calendar year. So, I can't give a hard number, but I certainly can see it going to 50%. It could be higher than that, depending of depending on how successful, how quickly we can penetrate all the opportunities here.

當然，至少在研發投入的這部分資金中，研發將集中在三個核心領域。當然，其中之一就是人工智慧帶來的機會。第二個是 PC 全面解決方案，它與人工智慧密切相關。此外，對於追求高性能電池保護的智慧型手機來說，也存在著很大的發展機會。但具體到人工智慧圖形相關計算的比例，該部分計算在過去一直佔計算總量的 20% 到 25%，預計到 2025 年的某些季度，這一比例將達到 20% 到 25%。所以展望未來，我們看到了更大的潛力。因此，我們看到的機會不僅在於直接為 GPU 供電的 VRM 解決方案，還在於 SAM 進入中電壓領域，這是一個我們直到最近才真正開始獲得有意義收入的新領域，我們相信即使在今年，我們也能在這個領域更快地獲得回報。所以，我無法給出確切的數字，但我肯定認為它會達到 50%。這個數字可能會更高，這取決於我們能否成功、能否迅速地抓住這裡的所有機會。

Got it. Thanks for that color and then went over to you, Yvonne. We've been hearing from companies in the equipment space that their readings on Southeast Asia-China foundry utilization are now in the 80% to 90% range, which should be a range that starts to support.

知道了。謝謝你提供的這個顏色，然後我就去找你了，伊馮娜。我們從設備領域的公司了解到，他們目前對東南亞和中國晶圓代工廠利用率的測量結果顯示，該領域的利用率已達到 80% 至 90%，這應該是一個能夠開始支撐的區域。

Less severe pricing. I know pricing's been at normalized level the last quarter or so, but do you see an environment where pricing starts to help your ability to move gross margins up from, I think that 21% guidance level in the current quarter. Where's pricing and how much of a headwind or tailwind of what you see going through this year.

價格調整幅度較小。我知道過去一個季度左右價格一直處於正常水平，但您是否認為價格會開始有助於您將毛利率從本季度的 21% 預期水平提高？價格走勢如何？今年市場會受到多大的阻力或順風影響？

Thank you.

謝謝。

Okay, sure, December quarter pricing was.

好吧，沒錯，12 月的定價就是這樣。

So, I would say was in line with historical trends and a little bit better than the September quarter. So, put it that way, March quarter was factored in.

所以，我認為符合歷史趨勢，而且比九月的季度略好。所以，換句話說，三月的季度業績已經考慮進去了。

Normal historical trends in the price erosion at this point. So, yeah, we are closely monitored and the market and see what Market is going to go and and then we'll adjust ourselves and accordingly so based on the business customers the products you know all those factors so we'll see, yeah, definitely welcome you know better pricing environment.

目前來看，價格下跌屬於正常的歷史趨勢。是的，我們會密切關注市場動態，觀察市場走向，然後根據業務、客戶、產品以及所有這些因素做出相應的調整。我們會拭目以待，當然，我們非常歡迎更好的定價環境。

That's real helpful. And if I could just ask one more bouncing back to Steven. Steven, the commentary in the press release, and I think was in the script on expectations for PC growth and smartphone growth this year, helped by content gain. So good for you guys for getting even more of that because that's been part of the story for a long time. The question is, have lead times stretched out enough that you've really got long-term visibility or what gives you the confidence to make a comment that goes all the way through the end of calendar year 26.

這真的很有幫助。我還能再問史蒂文一個問題嗎？史蒂文，新聞稿中的評論，我認為也是對今年PC和智慧型手機成長的預期，內容成長將對此有所幫助。所以你們能獲得更多這樣的內容真是太好了，因為這一直是故事的一部分。問題是，提前期是否已經足夠長，讓你真正擁有長期的可見性，或者是什麼讓你有信心做出一直持續到第 26 個日曆年結束的評論。

Thanks guys.

謝謝各位。

Yeah, for us, we do see that the impact of the memory shortage and memory supply that will be a headwind for those markets, but we also believe that, we are increasing content and in PC side again, our total solutions still has a lot of room to grow in terms of penetrating the market. We've been selling our discrete Ms set, discrete separate. Individual driver losses, but you know we're looking forward to having a bigger adoption of our total solutions, including our controller solutions onto more platforms, so that can help there, of course, yeah, we have to deal with the our customers have to contend with the memory supply, but that, I feel confident at least in our ability to penetrate further with our total solution strategy. And on the smartphone side, we do see that especially in the big US customer that the move towards higher charging currents is going to be more widely adopted, and this is helping to support the quick charging features on these big smart phone batteries and you know we are in a good position there with leading technology as well as a strong.

是的，我們確實看到記憶體短缺和記憶體供應不足會對這些市場造成不利影響，但我們也相信，我們正在增加內容，而且在個人電腦領域，我們的整體解決方案在市場滲透方面仍然有很大的成長空間。我們一直在銷售我們的獨立式 Ms 套裝和獨立式套裝。個別駕駛可能會有所損失，但我們期待我們的整體解決方案，包括我們的控制器解決方案，能夠被更多平台採用，這當然會有所幫助。是的，我們必須應對客戶面臨的記憶體供應問題，但我至少對我們透過整體解決方案策略進一步滲透市場的能力充滿信心。在智慧型手機方面，我們確實看到，尤其是在美國這個大客戶群中，向更高充電電流的轉變將會得到更廣泛的應用，這有助於支持這些大容量智慧型手機電池的快速充電功能，而且你知道，憑藉領先的技術和強大的實力，我們在這方面處於有利地位。

Share.

分享。

That's great. Good luck with that. Thanks, Stephen.

那太棒了。祝你好運。謝謝你，史蒂芬。

Thank you.

謝謝。

Thank you for your questions.

感謝您的提問。

There are currently no questions registered, so I'd like to pass the call back over to Steven for any closing remarks.

目前還沒有人提問，所以我想把電話轉回給史蒂文，讓他做最後的總結發言。

Okay, it's Steven Pelayo here. Before we conclude, I just want to highlight a few upcoming investor events the management team is going to be participating in. So first of all, we have the Susquehanna 15th Annual Technology Conference on February 26th in New York City. Then we have the Loop Capital 7th Annual Investor Conference on March 9th. This is virtual. And we have the Jeffrey Semes IT Hardware and commTech Summit on August 26th in Chicago. If you wish to request a meeting, please contact the institutional sales representatives at the sponsoring banks. This concludes our earnings call today.

好的，我是史蒂文·佩拉約。在結束之前，我想重點介紹管理團隊即將參加的一些投資者活動。首先，我們將於 2 月 26 日在紐約市舉辦 Susquehanna 第 15 屆年度技術大會。接下來是 3 月 9 日舉行的 Loop Capital 第七屆年度投資者大會。這是虛擬的。我們將於 8 月 26 日在芝加哥舉辦 Jeffrey Semes IT 硬體和通訊技術高峰會。如果您希望預約會面，請聯絡贊助銀行的機構銷售代表。今天的財報電話會議到此結束。

Thank you for your interest in AOS, and we look forward to speaking with you again next quarter.

感謝您對AOS的關注，我們期待下個季度再次與您交流。

Thank you. That.

謝謝。那。

Concludes today's.

今天的議程到此結束。

That concludes today's call.

今天的電話會議到此結束。

Thank you for your participation and have a wonderful rest of your day.

感謝您的參與，祝您今天餘下的時間愉快。