Diodes Inc (DIOD) 2025 Q1 法說會逐字稿

Good afternoon and welcome to Diodes Incorporated's first quarter 2025 financial results conference call.(Operator Instructions)

下午好，歡迎參加 Diodes Incorporated 2025 年第一季財務業績電話會議。 （操作員指示）

As a reminder, this conference call is being recorded today, Thursday, May 8, 2025. I would now like to turn the call over to Leanne Sievers of Shelton Group Investor Relations. Leanne, please go ahead.

提醒一下，本次電話會議將於今天（2025 年 5 月 8 日，星期四）錄製。現在我想將電話轉給 Shelton Group 投資者關係部的 Leanne Sievers。Leanne，請繼續。

Good afternoon and welcome to Diodes' first quarter 2025 financial results conference call. I'm Leanne Sievers, President of Shelton Group, Investor Relations firm.

下午好，歡迎參加 Diodes 2025 年第一季財務業績電話會議。我是投資人關係公司 Shelton Group 總裁 Leanne Sievers。

Joining us today are Diodes' President Gary Yu; Chief Financial Officer Brett Whitmire; Senior Vice President of Worldwide Sales and Marketing, Emily Yang; and Director of Investor Relations Gurmeet Dhaliwal.

今天與我們一起參加的是 Diodes 總裁 Gary Yu；財務長 Brett Whitmire；全球銷售和行銷高級副總裁 Emily Yang；兼投資者關係總監 Gurmeet Dhaliwal。

I'd like to remind our listeners that the results announced today are preliminary as they are a subject of the company finalizing its closing procedures in customary quarterly review by the company's independent registered public accounting firm.

我想提醒我們的聽眾，今天宣布的結果是初步的，因為公司需要透過其獨立註冊會計師事務所的例行季度審查來最終確定其結案程序。

As such, these results are unaudited and subject to revision until the company files its Form 10-Q for its quarter ended March 31, 2025. In addition, management's prepared remarks contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions.

因此，這些結果未經審計，並且在本公司提交截至 2025 年 3 月 31 日的季度 10-Q 表之前可能會進行修訂。此外，管理層準備好的評論包含前瞻性陳述，這些陳述受風險和不確定性的影響，管理層可能會針對您的問題做出額外的前瞻性陳述。

Therefore, the company claims the protection of the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from those discussed today and therefore we refer you to a more detailed discussion of the risks and uncertainties in the company's filings with the Securities and Exchange Commission, including Forms 10-K and 10-Q.

因此，該公司要求受到《1995 年私人證券訴訟改革法案》中關於前瞻性聲明的安全港保護。實際結果可能與今天討論的結果不同，因此我們請您參閱公司向美國證券交易委員會提交的文件中有關風險和不確定性的更詳細討論，包括 10-K 表格和 10-Q 表格。

In addition, any projections as to the company's future performance represent management's estimates as of today, May 8, 2025. Diodes assumes no obligation to update these projections in the future, as market conditions may or may not change, except to the extent required by applicable law.

此外，對公司未來業績的任何預測均代表管理層截至 2025 年 5 月 8 日的估計。Diodes 不承擔將來更新這些預測的義務，因為市場條件可能會或可能不會發生變化，除非適用法律要求。

Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information and GAAP and non-GAAP terms. Included in the company's press release are definitions and reconciliations of GAAP to non-GAAP items, which provide additional details.

此外，本公司在本次電話會議中的新聞稿和管理聲明將包括對某些指標和財務資訊以及 GAAP 和非 GAAP 條款的討論。該公司的新聞稿中包括 GAAP 與非 GAAP 項目的定義和對賬，提供了更多詳細資訊。

Also, throughout the company's press release and management statements during the conference call, we refer to net income attributable to common stockholders as GAAP net income.

此外，在整個公司新聞稿和電話會議期間的管理聲明中，我們將歸屬於普通股股東的淨收入稱為 GAAP 淨收入。

For those of you unable to listen to the entire call at this time, a recording will be available via webcast for 90 days in the investor relations section of Diodes' website at www.diodes.com.

對於此時無法收聽整個電話會議的用戶，Diodes 網站 www.diodes.com 的投資者關係部分將透過網路廣播提供 90 天的錄音。

And now I'll turn the call over to Diodes' President, Gary Yu. Gary, please go ahead.

現在我將電話轉給 Diodes 總裁 Gary Yu。加里，請繼續。

Welcome everyone, and thank you for joining us on today's conference call. As announced in our press release earlier today, we delivered another quarter of year-over-year growth, achieving a 10% increase as the recovery in our target end markets continue to improve.

歡迎大家，感謝大家參加今天的電話會議。正如我們今天早些時候在新聞稿中宣布的那樣，隨著目標終端市場的復甦持續改善，我們又實現了一個季度的同比增長，實現了 10% 的增長。

First quarter revenue exceeded our expectations due to better than seasonal performance in the computing market in Asia, primarily driven by increasing opportunity for Diodes’ products in AI-related applications.

第一季的收入超出了我們的預期，因為亞洲運算市場的表現優於季節性，這主要得益於 Diodes 產品在人工智慧相關應用領域的機會不斷增加。

Additionally, we are seeing improving market conditions in Europe and in North America, as those regions have begun to show signs of rebounding from recent lows.

此外，我們看到歐洲和北美的市場狀況正在改善，因為這些地區已經開始顯示出從近期低點反彈的跡象。

Our automotive and industrial market totaled 42% of first quarter product revenue as we continue to see expanding automotive content and design opportunities.

隨著我們繼續看到汽車內容和設計機會不斷擴大，我們的汽車和工業市場佔第一季產品收入的 42%。

Another notable indication of improving conditions is channel inventory dollars and the days have continued to decrease and appear to be more aligned with real demand and the historical POS levels. Although the inventory depletion is a positive sign for Diodes and the broader market, the reduction in channel and internal inventory combined with the Chinese New Year holiday temporarily limited increased loading at our manufacturing facilities and therefore gross margins. As channel inventory continues to normalize and the global demand improves, we should see a more material expansion to gross margin in future quarters.

另一個值得注意的改善跡像是通路庫存金額和天數持續減少，似乎與實際需求和歷史 POS 水準更加一致。雖然庫存消耗對於二極管和更廣泛的市場來說是一個積極的信號，但通路和內部庫存的減少加上農曆新年假期暫時限制了我們製造工廠的負荷增加，從而限制了毛利率。隨著通路庫存繼續正常化和全球需求改善，我們應該會看到未來幾季毛利率出現更實質的成長。

Additionally, qualifying more products in our internal facilities to increase loading combined with recovery in our higher margin automotive and industrial markets will also contribute to driving future margin improvement.

此外，在我們的內部設施中對更多產品進行認證以增加裝載量，再加上我們利潤率更高的汽車和工業市場的復甦，也將有助於推動未來利潤率的提高。

As further evidence of increasing momentum, we're guiding for the 3rd consecutive quarter of year-over-year growth, and with the 2nd quarter also expected to be the 1st quarter of both year-over-year and sequential growth in this recovery cycle.

作為成長勢頭的進一步證據，我們預計連續第三個季度實現同比增長，並且預計第二季度也將是本復甦週期中第一個實現同比增長和環比增長的季度。

Even though the global markets remain dynamic, especially with the recent tariffs, Diodes is strategically positioned to meet global customers' needs with a hybrid manufacturing model and internal facilities located across the US, China, Taiwan, and the UK.

儘管全球市場依然充滿活力，尤其是在最近的關稅影響下，Diodes 仍透過混合製造模式和位於美國、中國、台灣和英國的內部設施，在策略上滿足全球客戶的需求。

One final comment before turning the call over to Brett, as you may have seen, we also announced today a $100 million stock repurchase program, which further reiterates our confidence in the business and the future growth prospects.

在將電話轉給布雷特之前，最後要說的是，正如您可能已經看到的，我們今天還宣布了一項 1 億美元的股票回購計劃，這進一步重申了我們對業務和未來成長前景的信心。

Diodes is in a unique position with strong cash flow generation and a healthy balance sheet to continue investing both organically and in M&A while also returning capital to stockholders through this share buyback.

Diodes 擁有獨特的優勢，擁有強勁的現金流生成能力和健康的資產負債表，可以繼續進行有機投資和併購投資，同時透過此次股票回購向股東返還資本。

With that, let me now turn the call over to Brett to discuss our first quarter 2025 financial results, as well as second quarter guidance in more detail.

現在，讓我將電話轉給布雷特，更詳細地討論我們 2025 年第一季的財務業績以及第二季的指引。

Thanks, Gary. Good afternoon, everyone. Revenue for the first quarter, 2025, was $332.1 million compared to $302.0 million in the first quarter of 2024 and $339.3 million in the fourth quarter of 2024. Gross profit for the first quarter was $104.7 million or 31.5% of revenue compared to $99.6 million or 33.0% of revenue in the prior year quarter, and $110.9 million or 32.7% of revenue in the prior quarter.

謝謝，加里。大家下午好。2025 年第一季的營收為 3.321 億美元，而 2024 年第一季為 3.02 億美元，2024 年第四季為 3.393 億美元。第一季毛利為 1.047 億美元，佔營收的 31.5%，而去年同期毛利為 9,960 萬美元，佔營收的 33.0%，上一季毛利為 1.109 億美元，佔營收的 32.7%。

GAAP operating expenses for the first quarter were $103.4 million or 31.1% of revenue, and on a non-GAAP basis were $97.1 million or 29.3% of revenue, which excludes $5.8 million amortization of acquisition-related intangible asset expenses, $0.3 million in restructuring charges, and $0.2 million in acquisition-related costs. This compares to GAAP operating expenses in the first quarter of 2024 of $86.6 million or 28.7% of revenue, and $99.0 million or 29.2% of revenue in the prior quarter. Non-GAAP operating expenses in the prior quarter were $95.5 million or 28.1% of revenue.

第一季的 GAAP 營運費用為 1.034 億美元，佔營收的 31.1%，非 GAAP 營運費用為 9,710 萬美元，佔營收的 29.3%，其中不包括 580 萬美元的收購相關無形資產費用攤銷、30 萬美元的重組費用以及 20 萬美元的收購相關成本。相比之下，2024 年第一季的 GAAP 營運費用為 8,660 萬美元，佔營收的 28.7%，上一季的 GAAP 營運費用為 9,900 萬美元，佔營收的 29.2%。上一季非公認會計準則營運費用為 9,550 萬美元，佔營收的 28.1%。

Total other expense amounted to approximately $4.1 million for the quarter, consisting of a $5.8 million dollar impairment of an equity investment, $4 million in unrealized losses from investments, $0.5 million in interest expense, $0.2 million of foreign currency losses, and $5.8 million of interest income, and $0.6 million in other income.

本季其他支出總額約為 410 萬美元，其中包括 580 萬美元的股權投資減損、400 萬美元的投資未實現損失、50 萬美元的利息支出、20 萬美元的外匯損失、580 萬美元的利息收入和 60 萬美元的其他收入。

Loss before taxes and non-controlling interest in the first quarter of 2025 was $2.8 million compared to income of $18.8 million in the prior year period and income of $12.3 million in the previous quarter.

2025 年第一季稅前及非控股權益前虧損為 280 萬美元，而去年同期營收為 1,880 萬美元，上一季營收為 1,230 萬美元。

Income taxes in the quarter were $20,000 primarily as a result of the geographical mix of pre-tax income and loss across tax jurisdictions. We expect the tax rate for the full year to be approximately 18% plus or minus 3%.

本季的所得稅為 20,000 美元，主要是由於不同稅收管轄區的稅前收入和損失的地理組合所致。我們預計全年稅率約為18%上下浮動3%。

GAAP net loss for the first quarter was $4.4 million or a loss per share of $0.10 compared to net income of $14.0 million or $0.30 per diluted share in the prior year quarter and net income of $8.2 million or $0.18 per diluted share last quarter. The share count used to compute GAAP loss per share for the first quarter of 2025 was 46.4 million shares.

第一季 GAAP 淨虧損為 440 萬美元，即每股虧損 0.10 美元，去年同期淨收入為 1,400 萬美元，即每股攤薄虧損 0.30 美元，上季淨收入為 820 萬美元，即每股攤薄虧損 0.18 美元。用於計算 2025 年第一季 GAAP 每股虧損的股票數量為 4,640 萬股。

Non-GAAP adjusted net income in the first quarter was $8.8 million or $0.19 per diluted share, which excluded net of tax, $4.8 million for amortization of acquisition-related intangible assets, $4.8 million for impairment of an equity investment, $3.2 million non-cash mark-to-market investment value adjustment, $0.2 million restructuring charges, and $0.1 million of acquisition related costs. This compares to non-GAAP adjusted net income of $13.0 million or $0.28 per diluted share in the first quarter of 2024 and $12.5 million or $0.27 per diluted share in the prior quarter.

第一季非公認會計準則調整後淨收入為 880 萬美元，即每股攤薄收益 0.19 美元，其中不包括稅後淨額、收購相關無形資產攤銷 480 萬美元、股權投資減值 480 萬美元、非現金按市價計價的投資價值調整 320 萬美元、重組費用 20 萬美元以及收購相關成本 10 萬美元。相較之下，2024 年第一季非 GAAP 調整後淨收入為 1,300 萬美元或每股攤薄收益 0.28 美元，上一季非 GAAP 調整後淨收入為 1,250 萬美元或每股攤薄收益 0.27 美元。

Excluding non-cash share-based compensation expense of $5.0 million for the first quarter, net of tax, both GAAP net loss, and non-GAAP adjusted net income would have increased by $0.11 per share.

不包括第一季 500 萬美元的非現金股權激勵費用，扣除稅後，GAAP 淨虧損和非 GAAP 調整後淨收入每股將增加 0.11 美元。

EBITDA for the first quarter was $26.2 million or 7.9% of revenue compared to $48.3 million or 16% of revenue in the prior year period and $40.7 million or 12% of revenue in the prior quarter.

第一季的 EBITDA 為 2,620 萬美元，佔營收的 7.9%，而去年同期為 4,830 萬美元，佔營收的 16%，上一季為 4,070 萬美元，佔營收的 12%。

We have included in our earnings release a reconciliation of GAAP net income to non-GAAP adjusted net income and GAAP net income to EBITDA, which provides additional details.

我們在收益報告中納入了 GAAP 淨收入與非 GAAP 調整後淨收入以及 GAAP 淨收入與 EBITDA 的對賬，以提供更多詳細資訊。

Cash flow provided by operations was $56.7 million for the first quarter. Free cash flow was $40.8 million, which included $15.9 million of capital expenditures. Net cash flow was a positive $26.2 million.

第一季經營活動產生的現金流為 5,670 萬美元。自由現金流為 4,080 萬美元，其中包括 1,590 萬美元的資本支出。淨現金流為正 2,620 萬美元。

Turning to the balance sheet at the end of the first quarter, cash, cash equivalents, restricted cash plus short-term investments totaled approximately $349 million. Working capital was approximately $868 million and total debt, including long-term and short-term, was approximately $52 million.

回顧第一季末的資產負債表，現金、現金等價物、受限現金加上短期投資總額約 3.49 億美元。營運資金約 8.68 億美元，包括長期和短期在內的總債務約為 5,200 萬美元。

In terms of inventory at the end of the first quarter, total inventory days were approximately 187 as compared to 193 last quarter. Finished goods inventory days were 80 compared to 82 last quarter. Total inventory dollars decreased $3.9 million from the prior quarter to $471 million. Total inventory in the quarter consisted of a $5.2 million dollar decrease in finished goods, a $1.2 million dollar increase in raw materials, and a $49,000 increase in work-in-process.

從第一季末的庫存來看，總庫存天數約為187天，而上季為193天。成品庫存天數為 80 天，而上一季為 82 天。總庫存金額較上一季減少 390 萬美元至 4.71 億美元。本季總庫存包括成品減少 520 萬美元、原材料增加 120 萬美元以及在製品增加 49,000 美元。

Capital expenditures on a cash basis were $15.9 million for the first quarter or 4.8% of revenue, which was at the low end of our targeted range of 5 to 9% of revenue.

第一季現金資本支出為 1,590 萬美元，佔營收的 4.8%，位於我們目標範圍 5% 至 9% 的低端。

Now turning to our outlook for the second quarter of 2025, we expect revenue to increase to approximately $355 million plus or minus 3%, representing 11% growth over the prior year period at the midpoint, which will be the third consecutive quarter of year-over-year growth.

現在談到我們對 2025 年第二季的展望，我們預計營收將增至約 3.55 億美元，增減 3%，比去年同期中位數成長 11%，這將是連續第三個季度實現同比增長。

GAAP gross margin is expected to be 31.8% plus or minus 1%. Non-GAAP operating expenses, which are GAAP operating expenses adjusted for amortization of acquisition-related and tangible assets, are expected to be approximately 28% of revenue plus or minus 1%. We expect net interest income to be approximately $1.5 million.

預估 GAAP 毛利率為 31.8%（正負 1%）。非 GAAP 營運費用（即根據收購相關資產和有形資產攤銷進行調整的 GAAP 營運費用）預計約為收入的 28%（上下浮動 1%）。我們預計淨利息收入約為 150 萬美元。

Our income tax rate is expected to be 18% plus or minus 3%, and shares used to calculate EPS for the second quarter are anticipated to be approximately 46.4 million. Not included in these non-GAAP estimates is amortization of $4.8 million after tax for previous acquisitions.

我們的所得稅率預計為 18% 加減 3%，用於計算第二季每股收益的股票預計約為 4,640 萬股。這些非 GAAP 估計中未包括先前收購的稅後攤銷 480 萬美元。

With that said, I will now turn the call over to Emily Yang.

話雖如此，我現在將電話轉給 Emily Yang。

Thank you, Brett, and good afternoon. As Brett and Gary mentioned, revenue in the first quarter was above our original expectations and represented 10% growth over the prior year period and down 2.1% sequentially, which is better than the typical seasonality. Our global POS increased in the quarter and our channel inventory was lower in terms of both dollars and weeks.

謝謝你，布雷特，下午好。正如 Brett 和 Gary 所提到的，第一季的收入超出了我們最初的預期，比去年同期成長了 10%，比上一季下降了 2.1%，比典型的季節性表現要好。本季我們的全球 POS 增加，而我們的通路庫存以美元和周數計算均有所下降。

Looking at global sales in the first quarter, Asia represented 78% of the revenue. Europe 13%, and North America 9%. We are seeing improvements across all regions with a higher book-to-bill ratio and a stronger beginning backlog going into the second quarter.

從第一季的全球銷售額來看，亞洲佔了78%的收入。歐洲佔13​​%，北美佔9%。我們看到所有地區的情況都在改善，第二季的訂單出貨比更高，期初積壓訂單也更強勁。

In terms of our end markets, industrial was 23% of Diodes' product revenue, automotive 19%, computing 27%, consumer 17%, and communication 14% of the product revenue. Our automotive and industrial revenue combined totaled 42%, which is comparable to the last quarter.

就我們的終端市場而言，工業佔 Diodes 產品收入的 23%，汽車佔 19%，計算佔 27%，消費佔 17%，通訊佔 14%。我們的汽車和工業收入總計 42%，與上一季持平。

Our ability to maintain this level of revenue as these end markets undergo inventory and demand adjustments reflects the success of our past and ongoing content expansion and design win initiatives.

當這些終端市場進行庫存和需求調整時，我們能夠保持這一收入水平，這反映了我們過去和正在進行的內容擴展和設計獲勝計劃的成功。

Let me now review the end markets in greater detail. Starting with automotive market, we maintained product revenue at 19% and are seeing the overstock situation continue to improve. We see some demand recovery, but visibility is still limited. Our focus remains on the content expansion and market share gains to position Diodes for growth as the auto market recovers.

現在讓我更詳細地回顧一下終端市場。從汽車市場開始，我們將產品收入維持在19%，且庫存過剩情況正在持續改善。我們看到需求有所復甦，但能見度仍然有限​​。我們的重點仍然是內容擴展和市場份額增長，以便在汽車市場復甦時為二極體提供成長。

In terms of our demand creation, momentum remains strong throughout the quarter with expanding design-ins and design wins across all focus areas including: connected driving; comfort, style, safety; and, electrification.

就我們的需求創造而言，整個季度勢頭依然強勁，所有重點領域的設計和設計勝利都在擴大，包括：聯網駕駛；舒適、時尚、安全；以及電氣化。

Several examples include our SBR product with several designs in ADAS and automotive panel applications while our buck converters, newly released MOSFETs, silicon carbide MOSFETs, and 400 volt TVS products were designed into DC-DC, on-board charging and EV charging applications. Additionally, our low Iq LDO family and high current LDOs received solid demand for always-on MCU power supply and wireless charging applications.

幾個例子包括我們的 SBR 產品在 ADAS 和汽車面板應用中的多種設計，而我們的降壓轉換器、新發布的 MOSFET、碳化矽 MOSFET 和 400 伏特 TVS 產品則被設計用於 DC-DC、車載充電和 EV 充電應用。此外，我們的低 Iq LDO 系列和高電流 LDO 在始終開啟的 MCU 電源和無線充電應用方面獲得了強勁的需求。

We're also seeing rapid adoption of our small-lane count PCI express packet switches, USB Type-C ReDrivers, and active crossbar muxes for rear-seat entertainment and smart cockpit applications.

我們還看到，我們的小通道數 PCI 快速分組交換器、USB Type-C ReDrivers 和主動交叉多路復用器在後座娛樂和智慧駕駛艙應用中得到了快速採用。

Our bidirectional TVS diodes are also being designed into cockpit/T-box applications, while our high-power rated TVS products are being designed into several automotive applications. Additionally, our dual-line CANBUS protectors have been selected for battery managed system applications and our 5V over-current protection switches saw solid demand for Electronic Control Unit systems.

我們的雙向 TVS 二極體也被設計用於駕駛艙/T-box 應用，而我們的高功率額定 TVS 產品則被設計用於多種汽車應用。此外，我們的雙線 CANBUS 保護器已被選用於電池管理系統應用，而我們的 5V 過電流保護開關在電子控制單元系統中的需求量很大。

Also in the auto market, we extended the strong design-in momentum for our linear LED drivers and multi-mode controllers being used in rear and backup lighting and headlight applications. Our CMOS crystal oscillators and spread spectrum crystal oscillators are seeing traction in image sensor reference clocks driven by higher data rates for sensor resolution.

此外，在汽車市場，我們延續了線性 LED 驅動器和多模式控制器在後燈、備用燈和頭燈應用方面的強勁設計勢頭。我們的 CMOS 晶體振盪器和擴頻晶體振盪器在影像感測器參考時鐘中受到追捧，這得益於更高的資料速率和感測器解析度。

Turning to the industrial market, the inventory correction continues similar to the automotive market. Although we are seeing some signs of improvement at certain end customers, overall demand is still slow to recover. Visibility is also limited in the industrial market, and we are seeing more short lead time orders.

轉向工業市場，庫存調整繼續與汽車市場類似。儘管我們看到某些終端客戶的情況有所改善，但整體需求仍然恢復緩慢。工業市場的能見度也有限，我們看到更多的短交貨期訂單。

Despite the slow demand recovery, we continue to make progress and gain design momentum across a number of products and applications. Our silicon carbide diodes and MOSFETs have been winning designs in 850V PC power supply and elevator power applications, while our bridge rectifiers are being designed into switching power supplies for telecom, desktop and server applications and power delivery adapters.

儘管需求復甦緩慢，我們仍在多種產品和應用上不斷取得進展並獲得設計動力。我們的碳化矽二極體和 MOSFET 已在 850V PC 電源和電梯電源應用中獲得成功，而我們的橋式整流器則被設計用於電信、桌上型電腦和伺服器應用以及電力傳輸適配器的開關電源。

Also in the industrial market, our buck converters are winning designs for industrial gate drivers and oven control applications, and our wide Vin LDOs saw solid demand for fans, power tools, and E-meter applications. We're also securing strong design wins for our linear LED drivers in traffic and transportation signs.

此外，在工業市場，我們的降壓轉換器在工業閘極驅動器和烤箱控制應用的設計中脫穎而出，而我們的寬輸入電壓 LDO 在風扇、電動工具和電錶應用方面也獲得了強勁的需求。我們的線性 LED 驅動器還在交通和運輸標誌領域贏得了強大的設計勝利。

Our bidirectional TVS products had several design wins for interface, I/O and battery management system cell protection in multiple industrial applications. Additionally, our contact image sensor products for AOI are being utilized in battery film inspection, glass and printing measurement, panel inspection, barcode printers, as well as check scanner applications.

我們的雙向 TVS 產品在多個工業應用中獲得了介面、I/O 和電池管理系統電池保護的多項設計勝利。此外，我們的 AOI 接觸式影像感測器產品也用於電池薄膜檢測、玻璃和印刷測量、面板檢測、條碼印表機以及支票掃描器應用。

In the computing end market, our ongoing design momentum in the AI server and data center applications continued to be a key highlight for Diodes in the quarter. We secured wins for our newly released PCI Express 6.0 clock generators and clock mux/buffers, as well as PCI Express packet switches to expand the CPU’s I/O requirements, as well as BMC controllers, USB host controllers, security/encryption processors, and MCIO cables.

在運算終端市場，我們在人工智慧伺服器和資料中心應用方面的持續設計勢頭繼續成為 Diodes 本季的一大亮點。我們贏得了新發布的 PCI Express 6.0 時脈產生器和時脈多工器/緩衝器以及 PCI Express 分組交換器的青睞，以擴展 CPU 的 I/O 要求，以及 BMC 控制器、USB 主機控制器、安全/加密處理器和 MCIO 電纜。

Also for the AI servers and high-speed data applications, our SBR products have won increasing design-ins while our crystal oscillators are gaining traction in optical modules for faster data rates; and, our ultra-low jitter crystal oscillators are seeing traction in smart network interface cards.

此外，對於人工智慧伺服器和高速資料應用，我們的 SBR 產品贏得了越來越多的設計採用，而我們的晶體振盪器在光學模組中越來越受到青睞，以實現更快的資料速率；而且，我們的超低抖動晶體振盪器在智慧型網路介面卡中受到廣泛關注。

Within the broader computing market, demand remains solid for Diodes’ bus switches in enterprise SSD applications, and our eUSB2 repeater solution has become the standard interface for CPUs and SOC processors.

在更廣泛的運算市場中，企業 SSD 應用對 Diodes 匯流排開關的需求仍然強勁，而我們的 eUSB2 中繼器解決方案已成為 CPU 和 SOC 處理器的標準介面。

Additionally, our MIPI D-PHY ReDrivers are being used in laptop PC camera applications to enable a higher bandwidth camera interface. And our newly introduced MOSFETs are seeing traction for DC-to-DC power converter applications in servers and laptops while our PCI Express 5.0 clock generators and protection devices are being designed into docking station applications.

此外，我們的 MIPI D-PHY ReDrivers 也用於筆記型電腦攝影機應用，以實現更高頻寬的攝影機介面。我們新推出的 MOSFET 在伺服器和筆記型電腦的 DC-DC 電源轉換器應用中備受青睞，而我們的 PCI Express 5.0 時脈產生器和保護設備則被設計用於擴充座應用。

In the consumer market, we are gaining design win traction with our SBR and TVS products for AC-DC power supplies for TVs, printers, gaming adapters, and charger applications, and our protection devices are being adopted in brushless DC fans and air conditioning applications for smart home appliances.

在消費市場，我們的 SBR 和 TVS 產品在電視、印表機、遊戲適配器和充電器應用的 AC-DC 電源方面獲得了設計方面的青睞，我們的保護裝置也被用於智慧家電的無刷直流風扇和空調應用。

Also in consumer, our bus switch solutions enjoyed steady revenue for SSDs and next-generation portable gaming console applications, and our 5 volt over-current protection switches received strong demand for physical interface power ports, such as USB and HDMI.

此外，在消費領域，我們的總線開關解決方案在 SSD 和下一代便攜式遊戲機應用中獲得了穩定的收入，我們的 5 伏特過流保護開關在 USB 和 HDMI 等實體介面電源連接埠方面獲得了強勁的需求。

Additionally, Diodes' newly released level shifter product family also achieved design wins in applications such as PC memory, smart watches, and other computer applications.

此外，Diodes 新發布的電平轉換器產品系列也在 PC 記憶體、智慧手錶和其他電腦應用等應用領域獲得了設計勝利。

Lastly, in the communication market, Diodes’ ESD protection products are winning designs in smartphone camera applications with AI features, while our MOSFETs are being designed into mobile phones for battery management applications.

最後，在通訊市場，Diodes 的 ESD 保護產品在具有 AI 功能的智慧型手機相機應用中贏得了設計，而我們的 MOSFET 則被設計到手機的電池管理應用中。

We are also seeing traction in 5G applications for our protection devices. Additionally, our ultra-low jitter crystal oscillators are being utilized in gigabit switches and optical modules for AI networking and data center applications.

我們也看到我們的保護設備在 5G 應用方面表現出色。此外，我們的超低抖動晶體振盪器也用於人工智慧網路和資料中心應用的千兆交換器和光模組。

One final comment: the recent US-China tariff increases and related impacts remain a very dynamic situation, especially the potential effect on our customers. We are working closely with our customers to monitor the situation, while also reviewing the potential exposure across our products. Since Diodes has multiple manufacturing facilities located around the globe and many parts are alternative manufacturer flow qualified, we anticipate an immaterial impact. Additionally, our hybrid manufacturing model provides us with the flexibility to adjust our capacity planning between internal and external as well as supply chain arrangements, thereby mitigating the cost impact related to the trade tariffs.

最後一點評論：最近中美關稅上調及相關影響仍然處於非常動態的狀態，尤其是對我們的客戶的潛在影響。我們正在與客戶密切合作，監控情況，同時審查我們產品的潛在風險。由於 Diodes 在全球擁有多個製造工廠，並且許多零件都符合替代製造商流程的要求，因此我們預計影響不會很大。此外，我們的混合製造模式使我們能夠靈活地調整內部和外部之間的產能規劃以及供應鏈安排，從而減輕與貿易關稅相關的成本影響。

In summary, as evidenced by our comments today, our business is gaining increasing momentum with the achievements of consecutive quarters of year-over-year growth. Additionally, our overall inventory has continued to improve and positions us to benefit from a broadening recovery of demand across our markets.

總而言之，正如我們今天的評論所證明的那樣，我們的業務正在獲得持續成長的勢頭，連續幾個季度實現了同比增長。此外，我們的整體庫存持續改善，使我們能夠從整個市場需求的廣泛復甦中受益。

And although the current tariffs create economic uncertainty, Diodes’ hybrid model and global manufacturing footprint enable us to strategically meet the needs of our customers. We remain highly optimistic about our growth prospective in 2025 and beyond.

儘管當前的關稅造成了經濟不確定性，但 Diodes 的混合模式和全球製造足跡使我們能夠從戰略上滿足客戶的需求。我們對 2025 年及以後的成長前景仍然非常樂觀。

With that, we now open the floor to questions operator.

現在，我們開始回答操作員的提問。

(Operator Instructions)

（操作員指示）

David Williams, Benchmark.

大衛威廉斯 (David Williams)，《基準》。

Hey, good afternoon, everyone. And congratulations on the solid execution here. Thank you. Yeah, so. I guess my first question is really through earning season it's been pretty clear that demand has been better than anticipated.

嘿，大家下午好。恭喜您在這裡的出色執行。謝謝。是的，是這樣。我想我的第一個問題是，透過獲利季節，很明顯需求比預期的要好。

And as you kind of think through that, I'm curious if you're seeing any demand pull forward just kind of given where inventory levels were, we had largely tried to digest those and then lead times have gotten pretty short and then now we have the tariff situation, so it feels like there could be some pull in here, and you kind of think, at least we have to think that there's some demand destruction that is ongoing.

當你思考這個問題時，我很好奇你是否看到任何需求拉動，考慮到庫存水平，我們基本上已經嘗試消化這些庫存，然後交貨時間變得非常短，然後現在我們有了關稅情況，所以感覺這裡可能會有一些拉動，你會想，至少我們必須認為正在持續存在一些需求破壞。

So I guess how do you square that with just the momentum that you have in the business and is there anything you would point to that kind of gives you more confidence in the stability of the demand that you're seeing today?

那麼，我想您該如何將這一點與您在業務中擁有的勢頭相協調呢？您是否可以指出一些事情，讓您對目前看到的需求穩定性更有信心？

Yeah, David, it's Emily. Right. So, definitely tariffs created uncertainty, especially on the end demand with our customers. So, the only thing we can do is actually work very closely with the customers and watch the situation to really kind of understand the longer-term impact from the business side. I think, regarding pulling in, to be honest with you, we don't really see a lot of pulling in activities, but I think of the other angle, if you look at the channel inventory, it definitely depleted more, right? I talked about POS increase as well as channel inventories in terms of weeks, also in terms of dollars both in decreases. So, this is all positive signs, right? So, on the other hand, if I look at the backlog, if I look at the book-to-bill ratio, they all improved. I think from the actual business point of view, I also talked about automotive/industrial. We’re definitely seeing the inventory improvement, overall. We’re definitely seeing more of the activity going through as well as a POS increase, right? So, I think all these are positive signs, that we definitely are going through a recovering period. So, I think that's pretty much what we've seen so far.

是的，大衛，我是艾米莉。正確的。因此，關稅肯定會造成不確定性，尤其是對我們客戶的最終需求。因此，我們唯一能做的就是與客戶密切合作，觀察情況，並真正了解業務方面的長期影響。我認為，關於拉貨，說實話，我們確實沒有看到很多拉貨活動，但我想從另一個角度來看，如果你看看渠道庫存，它肯定會消耗更多，對吧？我談到了 POS 庫存的成長以及通路庫存（以周數計算）的成長，同時以美元計算，兩者均有所減少。所以，這都是正面的訊號，對嗎？因此，另一方面，如果我看一下積壓訂單，如果我看一下訂單出貨比，它們都有所改善。我認為從實際業務角度來看，我也談到了汽車/工業。總體而言，我們確實看到庫存有所改善。我們確實看到了更多的活動以及 POS 的成長，對嗎？所以，我認為所有這些都是積極的信號，表明我們肯定正在經歷恢復期。所以，我認為這就是我們目前所看到的情況。

Great appreciate the color there and I know you all are really close to your customers, so I think your insight is helpful. Secondly, I guess just as you think about your manufacturing footprint and you've had an ongoing strategy to really port internal versus external, does any of this tariff situation change that strategy or maybe the pace at which you try to bring some of that stuff internal so you have greater flexibility or how do you think about that maybe?

非常欣賞那裡的色彩，我知道你們都非常關心你們的客戶，所以我認為你們的見解很有幫助。其次，我想，正如您所考慮的，您的製造足跡以及您一直有一個持續的策略來真正實現內部移植而不是外部移植，這種關稅情況是否會改變這一戰略，或者改變您嘗試將其中一些產品內部化的速度，從而獲得更大的靈活性，或者您對此有何看法？

Yeah, actually, David, this is Gary. Let me help to answer this question here, right? As we manage our hybrid manufacturing model very well throughout the past few years, and then we will continue to drive, to porting our external, our product from external to our internal wafer fab there will be no change at all.

是的，實際上，大衛，這是加里。讓我來幫忙回答這個問題，好嗎？由於我們在過去幾年中很好地管理了我們的混合製造模式，然後我們將繼續推動，將我們的外部產品從外部移植到我們的內部晶圓廠，這將不會有任何變化。

And actually we are doing very well and we do see quite a few good milestones to qualify our process and product in our internal wafer manufacturing facility. And also we do see our external customers to qualify our product and they start to receiving those POs from those key customers in several key segments.

事實上，我們做得非常好，我們確實看到了許多好的里程碑，以證明我們內部晶圓製造工廠的製程和產品品質。而且我們確實看到我們的外部客戶對我們的產品進行了認證，並且他們開始從幾個關鍵領域的關鍵客戶那裡收到採購訂單。

So this will be the direction from Diodes to continue to doing that regardless of the tariff issue. But a good advantage for Diodes is that we don't have so much tariff impact because of the hybrid manufacturing model as well as our footprint across the three different regions, right?

因此，無論關稅問題如何，Diodes 都將繼續這樣做。但對於 Diodes 來說，一個好處是，由於採用混合製造模式以及遍布三個不同地區的業務，我們不會受到太大的關稅影響，對嗎？

It's really kind of not focused only on one region and it would be very easy to tell my customers we can easily have second source in the different kind of region and to supply customer needs. So that's why we have the so called flexibility to support the customer needs, right? So as Emily mentioned about it, we don't really see a lot of pull in because of that product is kind of flexible, but we do see, the customers request us you know to replace maybe somebody else and we are very easy to can catch that up and support their demand.

它實際上並不只專注於一個地區，而且我可以輕鬆地告訴我的客戶，我們可以輕鬆地在不同類型的地區找到第二個來源並滿足客戶的需求。所以這就是為什麼我們有所謂的靈活性來支持客戶的需求，對嗎？正如 Emily 所提到的那樣，由於該產品具有一定的靈活性，我們並沒有看到太多的吸引力，但我們確實看到，客戶要求我們替換其他人，我們很容易就能趕上並滿足他們的需求。

Yeah, so I think if you look at the overall supply chain a lot, right? From globalization to regionalization to maybe countryization, whatever you want to call it, we believe we actually have a good structure in place, both on the front end and the back end to really support wherever the need or the future change requirement will be.

是的，所以我認為如果你多關心整個供應鏈，對嗎？從全球化到區域化，甚至可能是國家化，無論你怎麼稱呼它，我們相信我們實際上已經建立了良好的結構，無論是在前端還是後端，以真正支持任何需求或未來的變革要求。

Okay perfect and then just one last one for me if you don't mind, just kind of on the AI CapEx trends, those are clearly moving in the right direction. You have some nice exposure there I believe. Can you talk maybe about where you, you're seeing that demand regionally and then if there's, maybe any shifts in terms of that AI CapEx or just any color around that those trends, I think, would also be helpful.

好的，完美，如果您不介意的話，我再問最後一個問題，關於 AI CapEx 趨勢，這些顯然正朝著正確的方向發展。我相信你在那裡會有不錯的曝光率。您能否談談您在哪裡看到的地區需求，然後，如果人工智慧資本支出方面有任何變化，或者只是圍繞這些趨勢的任何顏色，我認為，這也會有所幫助。

Thank you.

謝謝。

Yeah, so I think we have to probably look at the AI's in different portions, right? The one we’re actually seeing with the actual ramping up demands ongoing with a lot of new designs is really more on the hyper scalers doing the more data center areas, right?

是的，所以我認為我們必須從不同角度來看待人工智慧，對嗎？我們實際上看到的實際需求隨著許多新設計而不斷增加，實際上更多的是超大規模企業在做更多的資料中心區域，對嗎？

What we've seen that's still ongoing, here and there, there's a little bit up and down, but all in all it's really positive, especially with the pipeline expanding more customers with the newer designs and we'll be ramping up more.

我們看到的情況仍在繼續，雖然這裡那裡有一點點起伏，但總的來說，這是非常積極的，特別是隨著管道透過更新的設計擴大了更多的客戶，我們將會進一步加大力度。

I think on the other areas really on the edge computing side, we're also seeing a lot of new opportunities that are really working down from hyper scalers to the next level. I think that's actually going to be an even bigger opportunity for DOS overall, because that's going to consume a lot of different port sizes and different applications and different customer base.

我認為在邊緣運算方面的其他領域，我們也看到了許多新的機會，這些機會正在從超大規模擴展到下一個層次。我認為這實際上對 DOS 整體來說是一個更大的機會，因為它將消耗大量不同連接埠大小、不同的應用程式和不同的客戶群。

So I would say all in all we're still seeing the beginning of the ramp, we didn't really see significant adjustment from the CapEx expansion point of view but we're seeing really more on the positive side. The other thing we've been focused talking about really on the content expansion, right?

所以我想說，總的來說，我們仍然看到成長的開始，從資本支出擴張的角度來看，我們並沒有看到顯著的調整，但我們確實看到了更多的正面方面。我們一直集中討論的另一件事是內容擴展，對嗎？

So, if you look at, we compare AI server versus a regular server, you can actually use the increase from $68 to $90 some dollars, right? So that will continue to be the focus overall for Diodes, in the future.

因此，如果您看一下，我們將 AI 伺服器與常規伺服器進行比較，您實際上可以使用從 68 美元到 90 美元的增幅，對嗎？因此，這將繼續成為 Diodes 未來的整體關注點。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Hi, good afternoon. Could you talk about the gross margin catalysts, that you see in the second half for any potential headwinds? You've talked, in your prepared remarks, about some acceleration potentially in gross margin, and I know that contractually you have opportunities in the second half to increase insourcing versus what you're currently doing with outside fabs. So how should we look at all of this in terms of, gross margin direction and perhaps qualifying , kind of the key factors including utilization rates in terms of their contribution to gross margin expansion?

嗨，下午好。您能否談談下半年可能出現的不利因素，即毛利率觸媒？您在準備好的發言中談到了毛利率可能會有所提高，而且我知道根據合同，您有機會在下半年增加內部採購，而不是像現在這樣與外部晶圓廠合作。那麼，我們該如何從毛利率方向和可能限定的關鍵因素（包括利用率對毛利率擴張的貢獻）來看待這一切？

Yeah, so Tristan, this is Emily, let me walk you through the margin impact currently what we're seeing, right? So, the manufacturing surface agreement, the loadings are definitely lower than our expectation, and then, if you look at the overall inventory build, if we compare the Q1 with the Chinese New Year versus last year, as evidenced that our internal inventory decrease as well as the channel inventory decrease, right? So this is all the signs that we are actually adjusting some of the inventory build and also because of Chinese New Year, right?

是的，特里斯坦，我是艾米麗，讓我帶您了解我們目前看到的利潤影響，對嗎？因此，製造表面協議、裝載量肯定低於我們的預期，然後，如果你看一下整體庫存積累，如果我們將第一季度與農曆新年與去年進行比較，就證明我們的內部庫存減少以及渠道庫存減少，對嗎？所以，所有跡像都表明我們實際上正在調整部分庫存，而且也因為中國新年，對嗎？

On the other hand, I think it's normal we've been talking about price pressure 1 to 2% we definitely seen some from there, but still within our normal range, so I would say that’s pretty stable. So, I think all in all you're getting pressures in different areas.

另一方面，我認為我們一直在談論 1% 到 2% 的價格壓力是正常的，我們確實看到了一些，但仍在我們的正常範圍內，所以我認為這是相當穩定的。所以，我認為總的來說，你們在不同領域面臨壓力。

So what we're actually doing is actually like you said, we will continue to push the internal loadings, portings, as well as qualifications of the product, but I want to be really honest with you because with the economy situation, the customer approving the change, a product change notice is definitely little bit longer than what we expected, but overall progress is really good.

所以我們實際上正在做的事情就像你說的，我們將繼續推動產品的內部加載、移植和資質認證，但我要坦誠地告訴你，因為考慮到經濟形勢、客戶批准變更、產品變更通知肯定比我們預期的要長一點，但總體進展確實很好。

So that's going to continue to drive some of the margin improvement in the second half, we also expect second half revenue growth and that will also increase some of the loadings to minimize some of the underloading costs, right?

因此，這將繼續推動下半年利潤率的提高，我們也預計下半年收入將成長，這也將增加一些負荷，以最大限度地減少一些負荷不足的成本，對嗎？

At the same time we will continue to drive the manufacturing costs down together with the product mix improvement initiative with the new product introductions, replacing some of the old product with newer product, focus on auto, industrial, the Pericom products, as well as the analog power discrete.

同時，我們將繼續降低製造成本，並推出新產品，改進產品組合，以新產品取代部分舊產品，重點關注汽車、工業、Pericom 產品以及類比功率分立裝置。

So, this will continue to be the focus with everything combined together, we are confident that we will see margin improvement throughout the next few quarters.

因此，這將繼續成為關注的焦點，綜合考慮所有因素，我們相信未來幾季利潤率將會提高。

Yeah, so for my second question, and I don't know, Gary, if you wanted to add on to my question here, yeah, so we're going to see, probably some of your peers unloading capacity 150 millimeter capacity in the US, possibly worldwide as, some of your peers have clearly access capacity. Does that present opportunities for you to get assets at a good price toward your medium-term revenue goal? Or would you say adding capacity near term is not on the table given the current macro?

是的，對於我的第二個問題，我不知道，加里，如果你想在這裡補充我的問題，是的，所以我們會看到，可能你們的一些同行在美國卸載了 150 毫米的產能，也可能在世界範圍內，因為你們的一些同行顯然已經獲得了產能。這是否為您提供了以優惠價格獲得資產以實現中期收入目標的機會？或者您認為，考慮到當前的宏觀經濟情勢，短期內增加產能是不可能的？

Well, I will say that, Tristan, I would, I do believe our capacity is currently becoming stable, right, and especially on the utilization as Emily mentioned about, but I do believe that this year is going to be the great year for Diodes as all the utilization is going to get improved.

好吧，我會說，特里斯坦，我確實相信我們的產能目前正在變得穩定，對，特別是艾米麗提到的利用率，但我確實相信今年將是 Diodes 偉大的一年，因為所有的利用率都將得到提高。

However, even though the first quarter, 2nd quarter our utilization compared to like a second half could be lower, but you know our product mix, there could be some utilization where it’s 100% loaded and that's why I will not stop investing any CapEX to expand our capacity to support customers’ needs.

然而，儘管第一季、第二季我們的使用率與下半年相比可能會較低，但您知道我們的產品組合，有些利用率可能會達到 100%，這就是為什麼我不會停止投資任何資本支出來擴大我們的產能以支持客戶的需求。

At the same time, I will try to do our best to make sure our internal capacity has a more efficient way to be used and I will consolidate the capacity into the capacity for which we still have a very high demand or short lead time requests coming in, and to support customer needs.

同時，我將盡最大努力確保我們的內部產能能夠得到更有效的利用，並將產能整合到我們仍然有非常高的需求或短交貨期請求的產能中，並滿足客戶的需求。

So I would say that yeah, I will do, I will continue to put CapEx into the capacity, which is very hot at this moment, but also at the same time I'm going to reduce capacity, especially for those like commodity stuff you know consolidate into the capacity where we need it. So we just need to make sure we use our capacity utilization very carefully at this moment. Okay, making the right investment is what we want to do.

所以我想說，是的，我會這樣做，我會繼續將資本支出投入到產能中，這在目前非常熱門，但同時我也會減少產能，特別是對於那些像商品這樣的東西，你知道，將其整合到我們需要的產能中。因此，我們現在只需要確保非常謹慎地利用我們的產能。好的，進行正確的投資是我們想要做的。

Yeah, Tristan, I think one thing to think about would be that the some of the excess capacity that others may make available, we see that disruption as maybe opportunities in our top line versus necessarily thinking we need to increase our manufacturing footprint right now.

是的，特里斯坦，我認為需要考慮的一件事是，其他人可能會提供一些過剩產能，我們認為這種中斷可能是我們營收成長的機會，而不是必然認為我們現在需要增加我們的製造足跡。

Especially we're doing very well on our hybrid model, right, if there's really some capacity, if we don't really want to invest probably those low end commodities, we can always go to the sub com.

特別是我們的混合模型做得很好，對吧，如果真的有一些產能，如果我們真的不想投資那些低端商品，我們隨時可以去 sub com。

Okay, that's very useful. And then just a very quick one, have the inventories normalized within your target range, I know it's improving, but is it now at a level you're comfortable with, or is there some more progress, to get to those targeted levels?

好的，這非常有用。然後我快速問一下，庫存是否已經在您的目標範圍內正常化，我知道情況正在改善，但是現在是否處於您滿意的水平，或者是否還有進一步的進展以達到目標水平？

So we defined the normal range 11 to 14 weeks. Right now, the inventory is still slightly higher than that. But if we look at the market outlook without the tariff considerations, right, remove that, we definitely expect the second half will be a growth compared to the first half.

因此我們將正常範圍定義為11至14週。目前，庫存仍略高於此水準。但如果我們不考慮關稅因素來看待市場前景，那麼我們肯定預期下半年會比上半年有所成長。

So with that situation in place, we're actually pretty comfortable with the inventory level that we have in the channel, really supporting the targeted growth coming.

因此，在這種情況下，我們實際上對通路中的庫存水準相當滿意，這確實支持了即將到來的目標成長。

Yeah, because since the weeks calculation is backward looking, and as we look at it, we really feel like what we've done to get the right mix in the channel is quite good. And so, we're pretty, we're in a, we feel like we're in a good place to drive growth and have good availability.

是的，因為週計算是回顧性的，當我們回顧它時，我們真的覺得我們為在頻道中獲得正確的組合所做的努力是相當不錯的。因此，我們感覺我們處於一個有利於推動成長並具有良好可用性的良好位置。

Right? And most recently, I think already you know surely time PO is going up a lot, which means like a customer try to change their build, their location dynamically. Right, just due to the tariff issues. So, we want to make sure you know we have the inventory available, even the width available to cover the customer urgent needs and no matter where it is.

正確的？最近，我想您已經知道採購訂單時間肯定會大幅增加，這意味著客戶會嘗試動態地改變他們的建造和位置。是的，只是因為關稅問題。因此，我們希望確保您知道我們有足夠的庫存，甚至有足夠的寬度來滿足客戶的緊急需求，無論客戶在哪裡。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you, Tristan.

謝謝你，特里斯坦。

That concludes our question and answer session. I would like to turn the conference back over to Gary you for any closing remarks.

我們的問答環節到此結束。我想將會議交還給加里，請他做最後發言。

Thank you everyone for participating on today's call. We look forward to reporting our progress on next quarter's conference call. Operator, you may now disconnect.

感謝大家參加今天的電話會議。我們期待在下個季度的電話會議上報告我們的進展。接線員，您現在可以斷開連接了。

Thank you. The conference has now concluded.

謝謝。會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。