芯源系統 (MPWR) 2022 Q2 法說會逐字稿

Welcome everyone to the MPS Second Quarter 2022 Earnings Webinar. Please note that this webinar is being recorded and will be archived for 1 year on our Investor Relations page at www.monolithicpower.com. My name is Genevieve Cunningham, and I will be the moderator for this webinar. Joining me today are Michael Hsing, CEO and Founder of MPS; and Bernie Blegen, VP and CFO. In the course of today's webinar, we will be making forward-looking statements and projections that involve risk and uncertainty, which could cause results to differ materially from management's current views and expectations.

歡迎各位參加 MPS 2022 年第二季財報網路研討會。請注意，本次網路研討會將被錄音，並將在我們投資人關係頁面（www.monolithicpower.com）存檔 1 年。我叫 Genevieve Cunningham，將擔任本次研討會的主持人。今天與我一同出席的有 MPS 執行長暨創辦人 Michael Hsing，以及副總裁兼財務長 Bernie Blegen。在今天的研討會過程中，我們將發表涉及風險與不確定性的前瞻性陳述與預測，這些因素可能導致實際結果與管理層目前的觀點與預期存在重大差異。

Please refer to the safe harbor statement contained in the earnings release published today. Risks, uncertainties and other factors that could cause actual results to differ are identified in the safe harbor statements contained in the Q2 earnings release and in our latest 10-K and 10-Q filings that can be found on our website. MPS assumes no obligation to update the information provided on today's call. We will be discussing gross margin, operating expense, R&D and SG&A expense, operating income, other income, income before income taxes, net income and earnings on both a GAAP and a non-GAAP basis.

請參閱今日發布之財報新聞稿中所載的安全港聲明。可能導致實際結果不同的風險、不確定性及其他因素，已在第二季財報新聞稿的安全港聲明，以及我們最新的 10-K 與 10-Q 申報文件中加以說明，相關文件可於我們網站查閱。MPS 不承擔更新今日電話會議所提供資訊的任何義務。我們將同時以 GAAP 與非 GAAP 基礎討論毛利率、營業費用、研發與銷售及管理（SG&A）費用、營業利益、其他收益、所得稅前利益、淨利與每股盈餘。

These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP.

這些非 GAAP 財務衡量指標並非依據 GAAP 編製，且不應被視為可替代或優於依據 GAAP 編製之財務績效衡量指標。

A table that outlines the reconciliation between the non-GAAP financial measures to GAAP financial measures is included in our Q2 2022 earnings release, which we have furnished to the SEC and is currently available on our website.

一份概述非 GAAP 財務衡量指標與 GAAP 財務衡量指標之間調節關係的表格，已包含於我們 2022 年第二季財報新聞稿中；該新聞稿已提交予美國證券交易委員會（SEC），目前亦可於我們網站取得。

Now I'd like to turn the call over to Bernie Blegen.

現在我想把電話會議交給 Bernie Blegen。

Thanks, Gen. MPS achieved record second quarter revenue of $461.0 million, 22.1% higher than the first quarter of 2022, and 57.2% higher than the second quarter of 2021. This broad-based year-over-year revenue growth was a result of consistent execution against our strategies.

謝謝你，Gen。MPS 在第二季達成創紀錄營收 4.61 億美元，較 2022 年第一季成長 22.1%，較 2021 年第二季成長 57.2%。這項廣泛的年對年營收成長，源於我們持續且一致地執行既定策略。

Turning now to the second quarter 2022 revenue by market. In our enterprise data market, second quarter 2022 revenue of $65.2 million increased 53.4% from the first quarter of 2022, primarily due to an accelerated ramp in our data center and workstation computing sales.

接著說明 2022 年第二季按市場別的營收表現。在企業資料市場方面，2022 年第二季營收為 6,520 萬美元，較 2022 年第一季成長 53.4%，主要由於我們在資料中心與工作站運算銷售加速放量。

Second quarter 2022 revenue was up 117.9% year-over-year. Enterprise data revenue represented 14.2% of MPS's second quarter 2022 revenue compared with 10.2% in the second quarter of 2021.

2022 年第二季營收年對年成長 117.9%。企業資料營收占 MPS 2022 年第二季總營收的 14.2%，相較於 2021 年第二季的 10.2%。

Storage and computing revenue of $122.3 million increased 26.6% from the first quarter of 2022. The sequential revenue improvement reflected higher commercial notebook and storage sales.

儲存與運算營收為 1.223 億美元，較 2022 年第一季成長 26.6%。此一季對季營收改善反映商用筆記型電腦與儲存產品銷售增加。

Second quarter 2022 revenue was up 111.6% year-over-year. Storage and computing revenue represented 26.5% of MPS's second quarter 2022 revenue compared with 19.7% in the second quarter of 2021. Second quarter consumer market revenue of $97.3 million increased 21.7% from the first quarter of 2022. The sequential quarterly revenue improvement was broad-based with particular strength noted in home appliances and gaming.

2022 年第二季營收年對年成長 111.6%。儲存與運算營收占 MPS 2022 年第二季總營收的 26.5%，相較於 2021 年第二季的 19.7%。2022 年第二季消費市場營收為 9,730 萬美元，較 2022 年第一季成長 21.7%。此一季對季營收改善呈現廣泛成長，其中家電與遊戲領域表現尤為強勁。

Second quarter 2022 revenue was up 27.9% year-over-year. Consumer revenue represented 21.1% of MPS's second quarter 2022 revenue compared with 25.9% in the second quarter of 2021.

2022 年第二季營收年對年成長 27.9%。消費市場營收占 MPS 2022 年第二季總營收的 21.1%，相較於 2021 年第二季的 25.9%。

Second quarter 2022 industrial revenue of $55.9 million increased 15.1% from the first quarter of 2022, reflecting increased sales of products for power source and security applications. Second quarter 2022 revenue was up 28.9% year-over-year. Industrial revenue represented 12.1% of our total second quarter 2022 revenue compared with 14.8% in the second quarter of 2021. Second quarter automobile revenue of $61.0 million increased 11.9% from the first quarter of 2022. Primarily -- due primarily to increased sales of applications for advanced driver system systems, the digital cockpit and lighting products.

2022 年第二季工業市場營收為 5,590 萬美元，較 2022 年第一季成長 15.1%，反映電源與安防應用產品銷售增加。2022 年第二季營收年對年成長 28.9%。工業市場營收占我們 2022 年第二季總營收的 12.1%，相較於 2021 年第二季的 14.8%。2022 年第二季汽車市場營收為 6,100 萬美元，較 2022 年第一季成長 11.9%。主要——主要是由於先進駕駛系統、數位座艙與照明產品等應用的銷售增加。

Second quarter 2022 revenue was up 25.3% year-over-year. Automotive revenue represented 13.2% of MPS's second quarter 2022 revenue compared with 16.6% in the second quarter of 2021. Second quarter 2022 communications revenue of $59.3 million was up 6.7% from the first quarter of 2022. Most of the sequential revenue increase was related to 5G infrastructure.

2022 年第二季營收年對年成長 25.3%。汽車市場營收占 MPS 2022 年第二季總營收的 13.2%，相較於 2021 年第二季的 16.6%。2022 年第二季通訊市場營收為 5,930 萬美元，較 2022 年第一季成長 6.7%。季對季營收增加的大部分與 5G 基礎建設相關。

Second quarter 2022 revenue was up 58.3% year-over-year. Communications sales represented 12.9% of our total second quarter 2022 revenue compared with 12.8% in the second quarter of 2021.

2022 年第二季營收年對年成長 58.3%。通訊銷售占我們 2022 年第二季總營收的 12.9%，相較於 2021 年第二季的 12.8%。

Moving now to a few comments on gross margin. GAAP gross margin was 58.8%, 90 basis points higher than the first quarter of 2022 and 280 basis points higher than the second quarter of 2021. Our GAAP operating income was $141.9 million compared to $96.1 million reported in the first quarter of 2022 and $60.6 million reported in the second quarter of 2021.

接著對毛利率做幾點說明。GAAP 毛利率為 58.8%，較 2022 年第一季提高 90 個基點，較 2021 年第二季提高 280 個基點。我們的 GAAP 營業利益為 1.419 億美元，相較於 2022 年第一季的 9,610 萬美元，以及 2021 年第二季的 6,060 萬美元。

Non-GAAP gross margin for the second quarter of 2022 was 59.0%, up 70 basis points from the gross margin reported for the first quarter of 2022 and 270 basis points higher than the second quarter from a year ago. The quarter-over-quarter and year-over-year increases in both GAAP and non-GAAP gross margin is attributed largely to operational efficiency gains and a more favorable sales mix. Our non-GAAP operating income was $179.4 million compared to $133.6 million reported in the first quarter of 2022.

2022 年第二季非 GAAP 毛利率為 59.0%，較 2022 年第一季所報告的毛利率提高 70 個基點，亦較去年同期第二季提高 270 個基點。GAAP 與非 GAAP 毛利率在季對季與年對年皆上升，主要歸因於營運效率提升以及更有利的銷售組合。我們的非 GAAP 營業利益為 1.794 億美元，相較於 2022 年第一季的 1.336 億美元。

Let's review our operating expenses. Our GAAP operating expenses were $129.1 million in the second quarter of 2022 compared with $122.7 million in the first quarter of 2022 and $103.6 million in the second quarter of 2021. Our non-GAAP second quarter 2022 operating expenses were $92.7 million, up from the $86.6 million we spent in the first quarter of 2022 and up from the $70.3 million reported in the second quarter of 2021. The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock compensation expense and income or loss on an unfunded deferred compensation plan.

接著檢視我們的營業費用。2022 年第二季 GAAP 營業費用為 1.291 億美元，相較於 2022 年第一季的 1.227 億美元，以及 2021 年第二季的 1.036 億美元。我們 2022 年第二季非 GAAP 營業費用為 9,270 萬美元，高於 2022 年第一季的 8,660 萬美元，也高於 2021 年第二季的 7,030 萬美元。此處所討論各季度之非 GAAP 與 GAAP 營業費用差異，主要為股票酬勞費用，以及未提撥遞延補償計畫的收益或損失。

For the second quarter of 2022, total stock compensation expense, including approximately $1.2 million charged to cost of goods sold was $42.9 million compared with $39.8 million recorded in the first quarter of 2022. Our second quarter 2022 GAAP other income -- other expense was $5.1 million compared with $634,000 in the first quarter of 2022.

2022 年第二季股票酬勞費用合計為 4,290 萬美元（其中約 120 萬美元計入銷貨成本），相較於 2022 年第一季認列的 3,980 萬美元。我們 2022 年第二季 GAAP 其他收益——其他費用為 510 萬美元，相較於 2022 年第一季的 63.4 萬美元。

Our second quarter 2022 non-GAAP other expense was $7,000 compared with non-GAAP other income of $1.6 million in the first quarter of 2022. The decrease is due to a $2 million increase in charitable contributions, partly offset by the favorable impact of currency exchange rates. The difference in non-GAAP other income and GAAP other income is the income or loss on an unfunded deferred compensation plan.

我們 2022 年第二季非 GAAP 其他費用為 7,000 美元，相較於 2022 年第一季非 GAAP 其他收益 160 萬美元。下降原因為慈善捐款增加 200 萬美元，部分被匯率變動的有利影響所抵銷。非 GAAP 其他收益與 GAAP 其他收益之差異，為未提撥遞延補償計畫的收益或損失。

Switching to the bottom line. Second quarter 2022 GAAP net income was $114.7 million or $2.37 per fully diluted share compared with $79.6 million or $1.65 per share in the first quarter of 2022 and $55.2 million or $1.16 per share in the second quarter of 2021.

接著看最終獲利。2022 年第二季 GAAP 淨利為 1.147 億美元，或完全稀釋後每股 2.37 美元；相較於 2022 年第一季的 7,960 萬美元或每股 1.65 美元，以及 2021 年第二季的 5,520 萬美元或每股 1.16 美元。

Second quarter 2022 non-GAAP net income was $157.0 million, or $3.25 per fully diluted share compared with $118.3 million or $2.45 per fully diluted share in the first quarter of 2022 and $86.5 million or $1.81 on a per share -- per fully diluted share in the second quarter of 2021. Fully diluted shares outstanding at the end of Q2 2022 were 48.3 million.

2022 年第二季非 GAAP 淨利為 1.57 億美元，或每股完全稀釋後 3.25 美元，相較於 2022 年第一季的 1.183 億美元或每股完全稀釋後 2.45 美元，以及 2021 年第二季的 8,650 萬美元或每股完全稀釋後 1.81 美元。2022 年第二季末完全稀釋後流通股數為 4,830 萬股。

Now let's look at the balance sheet. Cash, cash equivalents and investments were $814.1 million at the end of the second quarter of 2022 compared with $775.9 million at the end of the first quarter of 2022. For the quarter, MPS generated operating cash flow of approximately $105.2 million compared with Q1 2022 operating cash flow of $107.4 million.

現在我們來看資產負債表。2022 年第二季末的現金、約當現金及投資為 8.141 億美元，相較於 2022 年第一季末的 7.759 億美元。本季 MPS 產生的營運現金流約為 1.052 億美元，相較於 2022 年第一季的營運現金流 1.074 億美元。

Accounts receivable ended the second quarter of 2022 at $125.5 million, representing 25 days of sales outstanding, which was 4 days lower than the 29 days reported at the end of the first quarter of 2022 and 1 day higher than the 24 days in the second quarter of 2021.

2022 年第二季末應收帳款為 1.255 億美元，代表銷售天數（DSO）為 25 天，較 2022 年第一季末所報告的 29 天減少 4 天，較 2021 年第二季的 24 天增加 1 天。

Our internal inventories at the end of the second quarter of 2022 were $359.6 million, up from the $311 million at the end of the first quarter of 2022. Days of inventory of 172 days at the end of the second quarter of 2022 were 6 days lower than at the end of the first quarter of 2022. Historically, we have calculated days of inventory on hand as a function of current order revenue.

我們在 2022 年第二季末的內部存貨為 3.596 億美元，高於 2022 年第一季末的 3.11 億美元。2022 年第二季末的存貨天數為 172 天，較 2022 年第一季末少 6 天。過去我們一向以當期訂單營收作為計算存貨在手天數的基礎。

We believe comparing current inventory levels with the following quarter's revenue provides a better economic match. On this basis, you can see days of inventory of 162 days at the end of the second quarter of 2022, which were 13 days higher than the 149 days at the end of the first quarter of 2022 and 44 days higher than the 118 days at the end of the second quarter of 2021.

我們認為，將當前存貨水位與下一季營收相比，能提供更好的經濟配比。以此基礎來看，2022 年第二季末的存貨天數為 162 天，較 2022 年第一季末的 149 天增加 13 天，較 2021 年第二季末的 118 天增加 44 天。

I would like now to turn to our outlook for the third quarter of 2022. We are forecasting Q3 revenue in the range of $480 million to $500 million; GAAP gross margin in the range of 58.4% to 59.0%; non-GAAP gross margin in the range of 58.7% to 59.3%; total stock-based compensation expense in the range of $42.8 million to $44.8 million, including approximately $1.3 million that would be charged to cost of goods sold; GAAP R&D and SG&A expenses between $136.2 million and $140.2 million; non-GAAP R&D and SG&A expenses in the range of $94.7 million to $96.7 million; litigation expense in the range between $2.3 million and $2.7 million; interest and other income in the range from $1.3 million to $1.7 million before foreign exchange gains and losses; fully diluted shares in the range of 47.9 million to 48.9 million shares.

接下來我想談談我們對 2022 年第三季的展望。我們預估第三季營收介於 4.8 億至 5.0 億美元；GAAP 毛利率介於 58.4% 至 59.0%；非 GAAP 毛利率介於 58.7% 至 59.3%；股票基礎薪酬費用總額介於 4,280 萬至 4,480 萬美元，其中約 130 萬美元將計入銷貨成本；GAAP 研發與銷售、一般及行政（SG&A）費用介於 1.362 億至 1.402 億美元；非 GAAP 研發與 SG&A 費用介於 9,470 萬至 9,670 萬美元；訴訟費用介於 230 萬至 270 萬美元；利息及其他收入介於 130 萬至 170 萬美元（未計入外匯損益）；完全稀釋後股數介於 4,790 萬至 4,890 萬股。

In conclusion, we are continuing to execute on our growth strategies, including expansion and diversification of our R&D centers and manufacturing partnerships in multiple countries.

總結來說，我們將持續執行成長策略，包括在多個國家擴張並多元化我們的研發中心與製造合作夥伴。

I will now open the webinar up for questions.

我現在開放線上研討會進入提問環節。

Thank you, Bernie. Analysts. I would now like to begin our Q&A session. (Operator Instructions) Our first question is from Rick Schafer of Oppenheimer.

謝謝你，Bernie。各位分析師，我現在開始我們的問答環節。（接線員指示）我們的第一個問題來自 Oppenheimer 的 Rick Schafer。

Congratulations to you guys, another great quarter. This may seem like a silly question given the guidance. But I'm just curious, are you seeing any impact from the delayed launch of Sapphire Rapids? I mean I know your accelerator content is a lot higher than your CPU core power content.

恭喜各位，又是一個很棒的季度。考量到你們的財測指引，這個問題可能聽起來有點傻。但我只是好奇，你們是否看到 Sapphire Rapids 延後上市帶來任何影響？我的意思是，我知道你們在加速器上的內容占比遠高於你們在 CPU 核心供電上的內容占比。

I think 48-volt, and please correct me if I'm wrong, I think our math shows 48-volt track into sort of $100 million this year, so I guess I'm just looking at sort of the puts and takes. I know it's -- this is a pretty much a monster guide. But I'm just a little curious if you were seeing any drag there from that delayed launch?

我認為 48 伏特——如果我說錯請糾正我——我想我們的推算顯示 48 伏特今年大概會走到約 1 億美元，所以我只是想看看其中的增減因素。我知道——這幾乎算是非常強勁的指引。但我有點好奇，你們是否因為那個延後上市而看到一些拖累？

So far, we see it for the next year or so. All our growth is -- these are -- as you know, these are all growing fields. I mean we don't own the products that were designed in the last few years, like I mean, there for whatever the version of it, okay?

到目前為止，我們看到的是接下來一年左右的情況。我們所有的成長——如你所知，這些都是成長中的領域。我的意思是，我們並不擁有過去幾年設計出來的那些產品，像是——不管是哪個版本，對吧？

And so if there's a delay, the 1 thing's that we actually care less. And it's out of MPS control. And -- but overall, we have a new -- has a higher power processor and MPS can provide a much higher benefit to those market segments.

因此如果有延遲，有一件事是我們其實不那麼在意。而且那也不在 MPS 的控制範圍內。整體而言，我們有新的——有更高功率的處理器，而 MPS 能夠為那些市場區隔提供更高的效益。

So it's off for about 1.5 years and 1 years , and we don't notice it as in this period, and where we gain more market shares. And in a way, we grow from this existing business, we have plenty of it to growth.

所以它大概延後了約 1.5 年和 1 年，而在這段期間我們並沒有特別注意到它，反而我們取得了更多市占。某種程度上，我們從既有業務成長，我們有足夠的業務可以成長。

And if I could follow up maybe on the supply question. Majority of your wafer supply is still in China, plus you've got to pay your big Chengdu back-end facility. So I guess, how concerned are you if with trying to derisk supply chain as we keep watching headlines with the U.S. government trying to tighten restrictions, et cetera, on equipment and everything in China? So just curious, your thoughts there. And maybe as part of that, if you could talk about where things stand now with TSMC? And give a sense, maybe, of timing and capacity plans there?

如果我可以追問一下供應的問題。你們大部分的晶圓供應仍在中國，而且你們還得支付你們在成都的大型後段封測廠的費用。所以我想問的是，當我們持續看到新聞標題，像是美國政府試圖收緊對中國設備等各方面的限制時，你們對於降低供應鏈風險有多擔心？也想請你談談你們目前與台積電（TSMC）的進展如何？以及能否提供一些時間點與產能規劃的概況？

Yes. Just like any other companies, okay? Clearly, we're transitioning out from the last 20 years of manufacturing from China to other places. And all these infrastructure had to be built up. And we're just like other companies. We're in a transition, so actually, we started transitioning earlier. In wafer, started from our engineering manpower. So that came in and we transitioned out of 6, 7 years ago -- 6 years ago. And as manufacturers, we started like 2 -- about 3 years ago. And as you know, we always use a trading edge of a DRAM fab, okay? or a digital fab. And 3 or 4 years ago, clearly, okay, these are higher node, okay? 60 nanometers and 40 nanometers fabs. They're all engaged with MPS, okay?

是的。就像其他公司一樣，好嗎？很明顯地，我們正從過去 20 年在中國的製造，轉移到其他地方。而所有這些基礎設施都必須建立起來。我們就像其他公司一樣，正處於轉型期；事實上，我們更早開始轉型。在晶圓方面，是從我們的工程人力開始，所以那是在 6、7 年前——6 年前就開始轉移。至於製造端，我們大概在 2——約 3 年前開始。如你所知，我們一直利用 DRAM 晶圓廠的交易優勢，或是數位（digital）晶圓廠。3、4 年前，很明顯地，這些是較先進的製程節點——60 奈米與 40 奈米的晶圓廠，它們都與 MPS 合作，好嗎？

And as we have a reputation, we will fill up all these fab. And now it opens up in careers and I mean Taiwan and - these are the places now, okay, we're only talking about a fab this one now. And in the next few years will be, again will be -- I can't say it's a move out of China soon, okay? We -- and a still bigger capacity, okay? And we have a large market segment in -- 30% of our revenues still from China. So in the next year or a couple of years later, next year, we probably will be very diversified.

而且因為我們的口碑，我們會把這些晶圓廠的產能填滿。現在也在職涯——我的意思是台灣——這些地方現在，好嗎，我們現在只是在談其中一座晶圓廠。接下來幾年又會——我不能說很快就會移出中國，好嗎？我們——而且還需要更大的產能，好嗎？另外，我們在中國仍有很大的市場區隔——我們約 30% 的營收仍來自中國。所以在明年或再過一兩年，明年我們可能就會非常多元化。

And just to add to that, that as the capacity restrictions are becoming less of a concern for the market in general, customers are asking for diversification as in a China plus-1 strategy. So we're working along those lines in companion to expanding our overall capacity.

再補充一點，隨著產能限制對整體市場而言逐漸不再那麼令人擔憂，客戶也在要求多元化，也就是所謂「中國加一」（China plus-1）策略。因此我們一方面依此方向推進，同時也在擴充我們的整體產能。

Yes. They all require -- each region center require their local supplied. That's where we're playing the game. I mean that's our customer request. And so we are fully aware of that. And so we engage with all these fabs. And okay, across South Asia and Europe and Korea and Japan. And so that's how I see it.

是的。它們都需要——每個區域中心都需要其在地供應。這就是我們在做的事。我的意思是，那是客戶的要求。所以我們完全了解這點。因此我們與所有這些晶圓廠合作。好嗎，涵蓋南亞、歐洲、韓國與日本。所以我就是這樣看待的。

Our next question is from Matt Ramsay of Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

Congratulations on the results. So I had 2 questions, and I'll just go ahead and ask both at the same time because I think we've got multiple calls going tonight. The first one, Michael, both in the server business, so the new enterprise data segment and in the PC business, could you give us some indication of how far ahead of the unit sales to your power -- your core CPU power or accelerator power products actually sell in versus the unit shipments that they get reported by the end customers?

恭喜你們的業績。所以我有兩個問題，我就一次把兩個都問了，因為我想我們今晚有多通電話會議。第一個問題，Michael，無論是在伺服器業務（也就是新的企業資料部門）還是在 PC 業務方面，你能否給我們一些指標，說明你們的電源——你們的核心 CPU 電源或加速器電源產品——實際的單位銷售量，通常會比終端客戶在期末所回報的單位出貨量超前多少？

And burning the second question, completely unrelated, like $800 million in cash, give or take, if you could kind of walk us through some of the uses of cash there. I'm sure Michael would like to build some inventory, which is kind of always the case. But if you have any new things to say there, that would be really helpful.

再問第二個問題，完全不相關，大約有 8 億美元的現金（上下浮動），如果可以的話，能否帶我們走一遍這些現金可能的用途？我確定 Michael 會想建立一些庫存，這幾乎總是如此。但如果你們在這方面有任何新的說法，會非常有幫助。

Well, first, your first question, honestly, I don't really know. I mean it's difficult. And as you know, we sell -- these are building blocks. And for more or less in a server and data center areas, and these are more generic parts, and they can be used multiple awake. And it's hard to track.

嗯，先回答你的第一個問題，老實說，我真的不知道。我的意思是，這很困難。而且如你所知，我們銷售——這些都是構建模組（building blocks）。而且或多或少是在伺服器與資料中心領域，這些是比較通用的零件，可以用在多種方式上，很難追蹤。

And frankly, we don't really care. And as long as we -- our revenue goes up, right? And for very high powers, and these are power like a 48-volt power, okay? We do have pretty good dominant players in that segment. And so the -- I think a ramp hasn't really just started recently. I mean we'll be -- in the future, there will be a lot more.

坦白說，我們也不太在意。只要——我們的營收上升就好，對吧？而且在非常高功率的部分——這些電源像是 48 伏特電源，好嗎？——我們在那個區隔確實有相當強勢的主導玩家。所以——我認為放量（ramp）其實不是最近才剛開始。我的意思是，未來會有更多。

But mentioning about -- you mentioned about notebooks, I mean we're mostly in high-performance gaming or mostly in the -- in commercial notebook. And number of assets and versus the CPU -- versus CPUs, it's also hard to match in because we're selling these power devices, they can be through 2 phase, they can be 3 phase, They can be 4 phase. I mean we don't quite note. And also we care less. And so it's difficult to answer it. So all these notebooks are all the high end, the high-end gaming side and gaming notebooks and commercial. And so these are the ones that they have a variety of a use.

但你提到——你提到筆電，我的意思是，我們主要在高效能電競，或主要在——商用筆電。至於資產數量以及相對於 CPU——相對於 CPU 的對應關係，也很難去匹配，因為我們賣的是這些電源器件，它們可能是 2 相、3 相、4 相。我們不太會去逐一記錄。而且我們也比較不在意。所以這個問題很難回答。所以這些筆電都是高階端，高階電競端的電競筆電以及商用機種。而這些機種的使用情境很多樣。

And on the issue as far as our cash position, which, let's put it on the table, it's sort of an enviable position to have over $800 million of cash and cash equivalents. And there's probably 3 things that we look at. The first is we've been consistently paying out a routine dividend. This year, it's $3 -- $0.75 per quarter, $3 for the full year. and we're evaluating the sustainability at a even higher level. We generally announced dividend increases in February, comparing with our Q4 operating results and we'd expect to do so again this year.

至於我們的現金部位，先把話說清楚，擁有超過 8 億美元的現金與約當現金，算是令人稱羨的狀況。我們大概看三件事。第一，我們一直都有穩定發放例行股利。今年是每季 0.75 美元，全年 3 美元。我們也在評估是否能以更高的水準維持其可持續性。我們通常在 2 月、對照 Q4 的營運結果宣布股利調升，我們預期今年也會照例進行。

Another area that we found is very key and strategic to us is building out capacity. And we're looking, as Michael said earlier, for different avenues in order to build out additional capacity. And in some cases, that may require additional investment.

另一個我們認為非常關鍵且具策略性的領域，是擴充產能。正如 Michael 先前所說，我們正在尋找不同途徑來建立額外產能。在某些情況下，這可能需要額外投資。

And then finally, as you also added is working capital, making sure that we have adequate inventory on hand in order to sustain our customers' demand profile. And so right now, we're still below our target of 180 to 200 days of inventory. So we'll continue to be investing in inventories as well.

最後，如你也提到的，是營運資金，確保我們手上有足夠庫存以支撐客戶的需求輪廓。因此目前我們仍低於 180 到 200 天庫存的目標水準。所以我們也會持續投資於庫存。

Yes. Might as well, all these are Bernie [said] all the expenses, that they are small compared -- relatively compare the cash that we generate every year. And so what we want to do is that's probably MPS know the best, be consistent. And we give -- increase our revenue yearly. And that's what we have been doing in the past few years, and we'll continue to do so. And also, we don't want -- we will do some acquisitions, but not acquisition for revenues.

是的。不妨這麼說，Bernie [說] 的那些支出，相較於——相對於我們每年產生的現金而言都算小。所以我們想做的事，大概就是 MPS 最清楚的：保持一致。我們每年提高營收。這也是我們過去幾年一直在做的，而且會繼續做下去。另外，我們不想——我們會做一些併購，但不是為了併購營收而併購。

Our next question is from William Stein of Truist.

我們的下一個問題來自 Truist 的 William Stein。

Congrats on the great results and outlook. Something I tend to ask about is traction in the module business because I know that this is something that's helping boost the revenue growth and the margins. I'm hoping you can maybe update us on the traction in that business, please?

恭喜你們很棒的業績與展望。我常問的一個問題是模組業務的進展，因為我知道這有助於推升營收成長與毛利。我希望你們能更新一下該業務的進展情況，謝謝？

Yes. The module is doing well, I mean, but the revenue is still quite small. It's a hundred-some million dollars, but in -- but I know in the next few years will grow double or triple it. And that's what we've seen in the pipeline, in the design win activities.

是的。模組做得不錯，但營收規模仍然相當小。大概是一億多美元，不過——但我知道未來幾年會成長到現在的兩倍或三倍。這是我們從管線與設計導入（design win）活動中看到的。

And so as we said a few years ago, we do e-commerce and okay, we do programmable modules these show true benefits to our customers truly realize it in the end.

所以正如我們幾年前所說，我們做 e-commerce，而且好，我們做可程式化模組，這些確實能帶給客戶真正的效益，最終客戶也真正體會到。

Yes. I'd say that particularly as we had this supply/demand imbalance and our customers are also looking for enabling technologies that the decision process for earning a design win where historically had been just on the lowest cost provider. Now things like the programmability, the flexibility, the time to market, the total cost of ownership are taking a larger weighting in the decision process, and we feel like we're very strategically positioned to take advantage of that change in the market.

是的。我會說，特別是在供需失衡的情況下，我們的客戶也在尋找賦能技術（enabling technologies），因此在爭取設計導入的決策流程上，過去可能只看誰是最低成本供應商。現在像可程式性、彈性、上市時間（time to market）、總持有成本（total cost of ownership）在決策中的權重更高，而我們覺得自己在策略上非常有利，能把握這個市場變化。

That's great. And as a follow-up, if I can. I'm wondering if you can talk about your lead times now and how they might have changed in the last, I don't know, a couple of months. And to the degree to which that's been a competitive advantage. My understanding is that you're offering lead times that enable customers to switch away from competitors' products that have lead times that are so long that it suddenly makes sense to switch. Any sort of comments or update on that would help a lot.

很好。那我可以追問一下嗎？我想請你談談你們目前的交期（lead times），以及在過去幾個月可能有哪些變化。以及在多大程度上，這成為你們的競爭優勢。我的理解是，你們提供的交期讓客戶能夠從競爭對手那邊轉換過來，因為競爭對手的交期長到一個程度，突然就讓轉換變得合理。任何評論或更新都會很有幫助。

Our own lead time really hasn't changed that much. And we still -- we're still in a lot of delinquencies, okay? And that's a good thing, okay? Because as Bernie said earlier, in all the benefit of our product technologies. Okay, finally, our customers realize it, and it became a high demand. And even though and I think it's due to the new design win activities. And they all switch to this type of a new technology or new design methodologies. And now that really benefit MPS. And at the same time, we had to increase our capacities. I mean not only from China and globally, that's what our customer demands.

我們自己的交期其實沒有太大改變。而且我們仍然——我們仍有很多逾期交付（delinquencies），好嗎？而這是好事，好嗎？因為如 Bernie 先前所說，憑藉我們產品技術的各種優勢，好嗎？最後客戶意識到了，需求變得很高。即使——我認為這也與新的設計導入活動有關。他們都轉向這類新技術或新的設計方法。現在這真的讓 MPS 受益。同時，我們也必須提升產能。我的意思是，不只是中國，全球都要提升，這是客戶的需求。

Yes. And just to top off that answer is that I don't think our lead times were necessarily different from anybody else necessarily in the industry. But we have the advantage of having so many new products coming on the market, greenfield opportunities, that we invested ahead of the curve, and that's where we were able to have product availability when others didn't.

是的。再補充一下，我不認為我們的交期一定就比產業內其他人不同。但我們的優勢在於有很多新產品推向市場、許多綠地機會（greenfield opportunities），我們提前投資、走在曲線之前，因此當別人沒有供貨時，我們能夠有產品可供應。

Our next question is from Quinn Bolton of Needham.

我們的下一個問題來自 Needham 的 Quinn Bolton。

Congratulations on the nice results. I guess I would love to ask, obviously, we've seen some in the compute space Intel and Micron offering much more subdued outlooks for the second half. I think there's clearly some inventory purge going on in the channel. And I'm just wondering, obviously, your September guidance is very strong. But as you look at the order book, have you started to see any changes in the notebook or computer and storage and enterprise data center segment that might echo some of the comments we've heard from folks like Intel and Micron in the broader market? And then I've got a follow-up.

恭喜你們不錯的業績。我想問的是，很明顯我們看到運算領域的一些公司，例如 Intel 和 Micron，對下半年給出了更為保守的展望。我認為通路端顯然正在進行一些庫存去化。我只是想知道，顯然你們 9 月的指引非常強勁。但當你們看訂單簿時，在筆電或電腦與儲存、以及企業資料中心部門，是否已開始看到任何變化，可能呼應我們從 Intel、Micron 等人在更廣泛市場聽到的一些評論？然後我還有一個追問。

We -- for the notebooks, okay. And for our side, still -- demand is still pretty good and still good, like I mean, and I think as the orders and the orders slow down than before. And but we still have delinquency. And for memory side, for memory side, and there's a lot of new format, okay, starting, we're still facing shortages now.

我們——就筆電而言，好嗎。就我們這邊來看，需求仍然相當不錯，仍然很好。我的意思是，我認為訂單——訂單相較之前有放慢。但我們仍然有逾期交付（delinquency）。至於記憶體端，記憶體端有很多新的規格格式，好嗎，正在開始，我們現在仍然面臨短缺。

Yes. And if I could just add to that is that we are looking at any areas of our business that might be susceptible to either backlog that is canceled or is pushed out. And keep in mind that cancellations are always a part of all semiconductor companies. It's not just a onetime or a new event. And the fact of the matter is, is that any influence relative to the size of our overall backlog today is very minor. And so that's what's given us very confident outlook for the second...

是的。而且如果我可以再補充一點，我們正在檢視公司業務中任何可能容易受到訂單積壓（backlog）被取消或被延後的領域。請記住，取消訂單一直是所有半導體公司的常態，不是一次性的或新的事件。事實上，相對於我們目前整體訂單積壓規模而言，任何影響都非常輕微。因此，這也是讓我們對第二……抱持非常有信心的展望。

The rate of a booking and the rate of cancellations and I would say they're very similar in the last few years. I mean last few quarters, yes.

接單（booking）的速度與取消的速度，我會說在過去幾年——我是說過去幾個季度——它們非常相近，是的。

Okay. So no noticeable uptick in cancellations or pushouts, it sounds like is what you're saying?

了解。所以聽起來你的意思是，取消或延後出貨並沒有明顯增加？

Yes.

是的。

Got it. The second question is just enterprise data showing very strong growth, and I think that's going to be one of the biggest drivers for the business over the next couple of years, given the greenfield opportunities. And just -- can you guys size for us, is the accelerator card and 40-gig volt opportunity larger than the share gain on CPU power? Do you think they're both equally sort of driving the growth? I'm just trying to sort of -- what's the biggest driver, do you think, for the enterprise data set?

明白。第二個問題是，企業資料（enterprise data）顯示非常強勁的成長，我認為在未來幾年，考量到綠地（greenfield）機會，這會是業務最大的驅動因素之一。想請教——你們能否幫我們量化一下：加速器卡以及 40G/48V 的機會，是否比在 CPU 電源上的市占提升更大？你們認為兩者是否同等地在推動成長？我只是想釐清——你們認為企業資料這一塊最大的驅動因素是什麼？

I think it's both. And not only the CPU size for the servers, we gain -- and we gain the market share. We stepped into -- in that game a couple of years ago, but a very small percentage, and we start to ramp. But we're still far distance, then they need a bigger suppliers. And that's one of -- from the server side. And the 48-volts, as you know, we talk about it. And we talked about since 2017 or '18. And we said that this is the inevitable and a trend. You had to go move to 48 volt.

我認為兩者都有。不僅是伺服器的 CPU 供電規模，我們也在提升——我們也在取得市占。我們在幾年前切入那個領域，但當時占比很小，現在開始放量。不過我們距離成為他們需要的更大型供應商仍有一段距離。這是伺服器端的一部分。至於 48 伏，你也知道我們一直在談。我們從 2017 或 2018 年就開始談，並且說這是不可避免的趨勢，你必須轉向 48 伏。

And we are now in the forefront of, and we're not replacing anybody, okay? We set up this market trend. And so -- and also in the data center and the rack itself is a big opportunities and MPS are ramping revenue from there, to from the AC power, and these are 380 volts and I guess, 240 volts input convert into 48 volt. And also the battery backup, and we provide the same -- we provide the solutions for battery management and also cooling side. And so MPS is almost one-stop shopping place for data center.

而我們現在站在最前線，而且我們不是在取代任何人，好嗎？是我們建立了這個市場趨勢。所以——另外，在資料中心與機櫃（rack）本身也是很大的機會，MPS 的營收正在從那裡爬升，從 AC 電源端開始，這些是 380 伏、我想還有 240 伏輸入，轉換成 48 伏。還有電池備援（battery backup），我們也提供同樣——我們提供電池管理的解決方案，也涵蓋散熱端。因此，MPS 幾乎是資料中心的一站式採購（one-stop shopping）平台。

Our next question is from Tore Svanberg of Stifel.

我們下一個問題來自 Stifel 的 Tore Svanberg。

First one for Michael. Michael, you're known for driving a lot of new innovative business models. And as we now start to think about adding capacity to get to $4 billion, given the geopolitical dynamics and so on and so forth. I know you've talked a little bit about this, but are you thinking or working on new business models to try and secure more capacity for your continuous growth?

第一個問題給 Michael。Michael，你以推動許多創新商業模式而聞名。當我們開始思考為了達到 40 億美元而增加產能時，考量到地緣政治動態等等。我知道你談過一些，但你是否正在思考或推動新的商業模式，以便為你們的持續成長爭取並確保更多產能？

Well, these are one thing, right? We do -- of course, we have the fab, we have the mobile. And we will have increased more capacities outside of China. We started about a couple of years ago, also more than a couple of years ago. And now we engage with some bigger DRAM fabs, okay? We will fill that up in the next couple of years.

嗯，這是一件事，對吧？我們當然——我們有晶圓廠（fab），我們有封測（assembly/test）。而且我們會在中國以外增加更多產能。我們大約在幾年前就開始了，甚至超過幾年前。現在我們也與一些更大型的 DRAM 晶圓廠合作，好嗎？我們會在接下來幾年把那部分產能填滿。

And -- but going to futures, MPS actually require less semiconductors. And because a lot of products are more programmable and we can use for multiple use. And at the same time, we're growing our revenues. We're selling a lot more than semiconductor. We're selling power solutions, more modules. And -- so we kind of move up the food chain as the new requirement comes in, we play in the market, we're not competing with anybody. And we just provide the solutions.

而且——展望未來，MPS 其實需要更少的半導體，因為很多產品更具可程式化，可以一物多用。同時，我們的營收仍在成長。我們賣的不只是半導體，我們在賣電源解決方案、更多模組。因此，隨著新需求出現，我們等於往價值鏈上游移動；我們在市場上扮演角色，並不是在跟任何人競爭，我們只是提供解決方案。

And so those are manufacturer. These are clearly -- they're different. They're building modules. And we sign up partnerships, okay, for assemble these new modules. And it's unprecedented. And a lot of testings, a lot of qualifications, MPS designed the whole system from a ground up. And so these are the -- there is no such a facility out there. So we had to invent it, that work.

所以那些是製造商。這些顯然——是不同的，他們在做模組。我們也簽訂合作夥伴關係，好嗎？用來組裝這些新模組。這是前所未有的。需要大量測試、大量認證（qualification），MPS 從零開始設計整個系統。因此這些——外面沒有這樣的設施，所以我們必須自己發明並把它做出來。

Yes. And I think just to echo a point there is, if you look at our revenue for the quarter, we grew 57%. And keep in mind that we've had 1 price increase, and that was in February this year for 5%. And so if you actually look at where the source of revenue growth came from, about half of it is volume related, and the other half is higher ASPs because the higher value products are selling. So that means that we've differentiated our supply chains. So we're not just dependent on silicon-based products. It's making total solutions.

是的。我想呼應一下，如果你看我們本季營收，我們成長了 57%。請記住，我們只做過一次漲價，就是今年 2 月調漲 5%。所以如果你去看營收成長的來源，大約一半來自出貨量（volume），另一半來自更高的 ASP，因為更高價值的產品賣得更多。這代表我們的供應鏈已經差異化了，所以我們不只是依賴矽基產品，而是在做整體解決方案。

But these are -- the bigger effect hasn't really taken place yet. That would be a couple -- a year or a couple of years down the road, you will see much bigger effect.

但這些——更大的效果其實還沒有真正發生。那可能要到一年或兩年之後，你才會看到更大的影響。

And -- so there is a lot of the new -- a lot of work to do ahead of us. And these are -- particularly, these are new types of modules. Nobody else build the kind of things, okay? We're ground up, we developed and we even develop a manufacturing and as well as testing the qualifications part of it.

而且——前面還有很多新的——很多工作要做。這些——特別是這些新型模組，沒有其他人做這種東西，好嗎？我們從零開始開發，甚至連製造流程以及測試與認證的部分也一併開發。

That's great, great perspective. Michael, as my follow-up, and this is related to what you just mentioned there, Bernie, which is pricing. I know you're obviously growing by adding more value and higher ASP products. But you mentioned that 5% price increases. I think it's well documented that your competitors have raised prices by more than that. So I guess my question is just simply that, are you gaining a lot of share because you didn't engage in aggressive price increases as some of your customers? I mean, your competitors, sorry.

這很棒，很有洞見。Michael，我的追問——這也和你剛才提到的、Bernie 提到的定價有關。我知道你們顯然是透過增加更多價值與更高 ASP 的產品來成長。但你提到只漲價 5%。我想市場上也很清楚，你們的競爭對手漲價幅度更大。所以我的問題很簡單：你們是否因為沒有像競爭對手那樣採取激進漲價，而因此取得了很多市占？我是說，你們的競爭對手，抱歉。

Gaining share, it's -- gaining share is a difficult to count because gaining share, if the equals product is gaining share and going to be in a similar product. And -- so you -- our price betters, our performance better, we're gaining shares. Okay. Now we're talking about completely different things. And those market segments we want to get in there is less price sensitive, but quality, performance a lot more important.

取得市占——取得市占很難計算，因為所謂取得市占，是指同等產品之間的市占變化，會是在相似產品上發生。所以——如果我們價格更好、效能更好，我們就會取得市占。好。現在我們談的是完全不同的事情。而我們想切入的那些市場區隔，對價格的敏感度較低，但對品質、效能的重要性高得多。

And now okay, we offer something that is a lot more than that. And 10 years ago, we said who do we compete with? And not a company sell controller and power MOSFET, they're separate, MPS is integrated.

而現在，好，我們提供的東西遠不只如此。10 年前我們說我們跟誰競爭？沒有公司同時賣控制器（controller）和功率 MOSFET，它們是分開的，而 MPS 是整合的。

And now you're talking about MPS, we -- our product even on the silicon side. And we have microcontroller, we have a memory, we have digital, we have power. And very unique how we -- what we -- who do we display. It's difficult to say it. Now it's getting to use these type of silicon-based technology, we migrate out. We became a provider of total solutions. So how do we -- who do we display, and okay, how we gain market share? It's very difficult to say.

而現在你談到 MPS，我們——即使在矽的層面，我們有微控制器（microcontroller）、有記憶體（memory）、有數位（digital）、有電源（power）。我們非常獨特——我們——我們要怎麼說我們跟誰競爭，這很難講。現在隨著使用這類矽基技術，我們正在遷移出去。我們成為整體解決方案的供應商。所以我們——我們跟誰競爭、以及我們如何取得市占？這很難說。

Yes. No, it sounds like you're displacing more and more companies than before. Just one last quick one for you, Bernie. Most companies' DSOs were up this quarter because of the China lockdowns, shipments being later in the quarter. Your DSOs actually went down this quarter. So can you just talk a little bit about how the China lockdown impacted you? I mean, obviously, it didn't impact it the same way, but any other color you can share with us, that would be great.

是的。了解，聽起來你們正在取代的公司比以前更多。最後一個很快的問題給你，Bernie。大多數公司的 DSO 本季都上升，因為中國封控導致出貨集中在季度後段、出貨延後。但你們的 DSO 本季反而下降。你能否談談中國封控對你們的影響？我的意思是，顯然影響方式不太一樣，但如果你能再提供一些補充說明（color），那就太好了。

No, we really didn't have much impact from the China shutdown. Obviously, we were able to record revenue growth that is well above the industry average. And the concern we might have had is if our customer supply chains got impacted. But we continue to hit our delivery schedules. And if there was an impact, I'm sure we felt some of it, but it was very marginal.

不，我們確實沒有受到中國停工太大的影響。顯然，我們能夠錄得遠高於產業平均的營收成長。我們原本可能擔心的是客戶的供應鏈是否會受到影響。但我們仍持續達成交付時程。即使有影響，我相信我們也感受到了一些，但幅度非常有限。

Our next question is from Ross Seymore of Deutsche Bank.

我們的下一個問題來自德意志銀行（Deutsche Bank）的 Ross Seymore。

First question is really kind of a high-level one. Over the years, you guys have generally outperformed the analog market by maybe 10 or 15 percentage points of growth and gain share, et cetera, et cetera. Even last year wasn't terribly outside of that range. But this year, it seems like that delta probably doubles at least, maybe something more. So I do get investors that are concerned that your increased availability versus the peers allows you to ship and then it can be double shipping in response to the double ordering. And so it's a cyclical phenomenon that's widening that gap. Can you just talk about the reasons you think that gap is sustainable? And then looking forward, do you think that gap will continue to grow despite the fact that you're operating off of a larger base?

第一個問題算是比較高層次的。多年來，你們的表現通常會比類比市場高出大約 10 到 15 個百分點的成長、並且持續提升市占等等。即使去年也沒有明顯超出那個範圍。但今年看起來，那個差距至少翻倍，甚至可能更多。因此我確實遇到一些投資人擔心：相較同業，你們供貨更充足，讓你們能出貨，而這可能是在「重複下單」的情況下造成「重複出貨」；也就是一種景氣循環現象，導致差距被拉大。你能否談談你認為這個差距可持續的原因？另外往前看，儘管你們是從更大的基期運作，你認為這個差距還會繼續擴大嗎？

Yes. I think what you say partially is correct. I mean the other company couldn't ship, okay, we have the inventories and again, we have a capacity to ship. But this year, particularly, we see things are very different. And a lot of products, especially we ship to these Tier 1 companies from the industrial side from automotive side and in even the data centers. And it didn't intend to have MPS has a big -- has a majority as a bigger supply to where they give us as a backup and to test a lot.

是的。我認為你說的部分是正確的。也就是說，其他公司無法出貨，好嗎？我們有庫存，而且同樣地，我們也有出貨能力。但今年特別是，我們看到情況非常不同。很多產品，尤其是我們出貨給這些第一級（Tier 1）公司——來自工業端、汽車端，甚至資料中心。它原本並不是要讓 MPS 有很大——有多數、成為更大的供應來源；他們把我們當作備援，並且做大量測試。

And in the last years, we shipped all these units. Our PPS failures, okay? We're far better than everybody else, and that's one thing. The quality of -- quality is everything. And -- but they took a chance when they have a shortage. And so we proved that, we give us a bigger opportunity. We proved it, these products as better. Okay, as good as better than our -- whatever the parts they design them out.

而在過去幾年，我們出貨了所有這些數量。我們的 PPS 失效率，好嗎？我們比其他所有人都好得多，這是一點。品質——品質就是一切。而且——但當他們遇到缺貨時，他們願意冒險。所以我們證明了這一點，給了我們更大的機會。我們證明了，這些產品更好。好嗎？至少跟他們原本設計替換掉的那些零件一樣好，甚至更好。

And in the last year, this year, all the new product or the new segment start to grow out. And as our product, we can change it, we can reconfigure it. And that will continue we continue to grow. And as we see it at, we cannot handle all the projects. And so in the foreseeable features and these products will continue to grow.

而在去年、今年，所有新產品或新區隔開始成長。而以我們的產品，我們可以改變它、可以重新配置它。這將會持續，我們也會持續成長。而就我們看到的情況，我們無法承接所有專案。因此在可預見的未來，這些產品將會持續成長。

And keep in mind that we're still facing large delinquencies ourselves. And so we've had to be very cautious and opportunistic as far as how we allocate our wafer starts in order to meet real customer demand. So I think we've been clear that during the first half of the year, we did a cleanup of double orders and have confirmed, as I said earlier, that the MPS' backlog still remains very healthy.

另外請記住，我們自己仍然面臨很大的延遲交付（delinquencies）。因此在如何分配晶圓投片（wafer starts）以滿足真實客戶需求方面，我們必須非常謹慎並把握機會。我想我們已經很清楚地說過，在上半年我們清理了重複下單，並且如我先前所說，我們已確認 MPS 的積壓訂單（backlog）仍然非常健康。

And then when you look at the inventory in the channel, we're at lows. It's very lean. And we believe we don't have perfect insight, but that the inventory on our customer shelves is likewise very lean because we've only been doing partial shipments there.

再來看通路端的庫存，我們處於低點，非常精實。我們相信——雖然我們沒有完美的能見度——客戶貨架上的庫存同樣也非常精實，因為我們一直只做部分出貨。

So as far as the markets we feel reasonably confident, obviously, notebook or some of the consumer could give us, we're trying to stay very close to that and evaluate its impact. But as Michael said, a lot of our new growth opportunities are in these large Tier 1 opportunities. And it's that secular growth that's really driving it. And that's different from just building up in the channel or on customer shelves.

因此就市場而言，我們覺得相當有信心。當然，筆電或部分消費性領域可能會對我們造成影響，我們正努力非常貼近地追蹤並評估其影響。但如 Michael 所說，我們許多新的成長機會都在這些大型 Tier 1 機會上。真正驅動的是那種結構性（secular）的成長。這不同於只是把庫存堆在通路或客戶貨架上。

Yes. I'll come back to your questions. Okay. Now you said that you're growing a large basis, so you grow, okay, it's difficult to grow. That's kind of a built in everybody's mind, okay? In my mind, I don't have a limit. And the limit is within yourself, what to do. And people told me, okay, early on $200 million, it's your barriers, like $500 million of barriers. $200 million at the time, it was a barrier at one time. It happened. And $500 million, it wasn't okay, then people tell me, okay, you're going to grow $1 billion, you need to slowdown. And at the time seriously, that was 2017, 2017 or '18, yes, '17, I actually said it, okay, when we get to $1 billion, we're going to accelerate it. And that's at the time, that's how I see it.

是的。我回到你的問題。好嗎？你說你們是在更大的基期上成長，所以要成長，好嗎？會更困難。這算是大家心裡既定的想法，好嗎？但在我心裡，我沒有上限。上限在於你自己要做什麼。有人跟我說，好嗎？早期 2 億美元是你的障礙，像是 5 億美元的障礙。當時 2 億美元曾經是一個障礙。後來達成了。到了 5 億美元，也不是問題；接著有人跟我說，好嗎？你要成長到 10 億美元，你需要放慢。當時說真的，那是 2017 年，2017 或 2018，對，2017，我確實說過：好嗎？當我們到 10 億美元時，我們要加速。那就是我當時的看法。

And now, okay, MPS, we're not selling silicon anymore. We're selling a lot more than the silicon and why not accelerating the growth. So it's -- of course, I'm not saying that now okay, a lot of things still depend on our execution. But only thing is the mindset when not dwell on selling semiconductors. And selling semiconductor is limited, but you have a lot of service engineering manpower, we can -- our customers can benefit to it. That's not -- that's unlimited almost.

而現在，好嗎？MPS 我們不再只是賣矽（silicon）了。我們賣的是遠超過矽的東西，那為什麼不加速成長呢？所以——當然，我不是說現在好嗎？很多事情仍取決於我們的執行。但唯一的是心態：不要只停留在賣半導體。賣半導體是有限的，但你有大量的服務、工程人力，我們——客戶可以從中受益。那幾乎是無上限的。

And supporting Michael's point there, you might remember 6 or 7 quarters ago, we made the statement that by the end of Q2 of '22 that we would have capacity to support a $2 billion revenue run rate. And I think that the key there is the execution and the focus, and that's exactly what we've done.

另外呼應 Michael 的觀點，你可能記得在 6 或 7 個季度前，我們曾表示到 2022 年第二季末，我們將具備支援年化 20 億美元營收（revenue run rate）的產能。我認為關鍵在於執行與聚焦，而這正是我們所做的。

I guess, hopefully, a quicker follow-up to all of this as you expand beyond the semiconductor side, you get into -- I don't want to say systems, but more solutions in general, some of the stuff you talked about with the entire rack, the AC to DC, the cooling, all the above. What do we look at the gross margin doing in that? That sounds like higher gross margin business. And I know consistency of gross margin expansion is the mantra that you guys have lived by and delivered on.

我想，希望能更快地追問一下：當你們擴展到半導體以外，進入——我不想說是系統，但更廣義的解決方案，例如你們談到的整個機櫃（rack）、AC 轉 DC、散熱等等。那在這之中，我們應該如何看待毛利率的走勢？聽起來那是毛利率更高的業務。而我知道你們一直以毛利率持續擴張作為口號，並且也做到了。

But it seems like mix would go in a big tail or would be a big tailwind for you going forward from a gross margin perspective. So just talk about what this changing in your revenue mix means, whether it's end market or system solutions versus chips to your gross margin?

但看起來從組合（mix）來看，未來對你們的毛利率會是一個很大的助力（tailwind）。所以請談談你們營收組合的改變——不論是終端市場，或是系統解決方案相對於晶片——對你們毛利率意味著什麼？

Yes. That's kind of things we're going to -- of course, I can all say okay, we can charge as much as our customers available, okay? And that's kind of a half bs, okay? And -- but the reality is I think that we're comfortably stay around this mid- to high 50s and 55% to 60% in the range. I think that's a sweet spot for us. We're not going to print the corners for us to grow to over 70%. And when we get that, we get that, okay. So far, we don't have headwinds. And I think the opportunity drives the model itself.

是的。這類事情我們會——當然，我可以說，好嗎？我們可以向客戶收取他們能承受的最高價格，好嗎？那有點半胡扯，好嗎？而且——但現實是，我認為我們會很舒服地維持在 50% 中高段，大約 55% 到 60% 的區間。我覺得那是我們的甜蜜點（sweet spot）。我們不會為了成長而把毛利率硬拉到 70% 以上。等我們做到那個水準，我們就做到，好嗎？到目前為止，我們沒有逆風。我認為機會本身會驅動這個模型。

In the next couple of years, I think that we're going to stay around this as we are now. So okay, maybe move up a slide later. We don't have -- at least we don't have the headwinds. And so after 3 or 4 years we'll see how we change our models.

在接下來幾年，我認為我們會大致維持在目前這個水準。好嗎？也許之後會再小幅上升。我們沒有——至少我們沒有逆風。因此 3 到 4 年後，我們再看看如何調整我們的模型。

I would just add that I think that we reported a gross margin of 59.0%. And as Michael said, somewhere in that area is sort of the sweet spot for our model that allows us also to accelerate our rate of revenue growth. So it's something that we'll continue to evaluate. But I think right now, we're very comfortable with this being our model.

我補充一下：我認為我們報告的毛利率是 59.0%。如 Michael 所說，大概在那個區域就是我們模型的甜蜜點，也能讓我們加速營收成長的速度。因此這是我們會持續評估的事情。但我認為目前我們非常滿意把這作為我們的模型。

We're not chasing the volumes going down. We're not -- we're not -- actually MPS is not good at chasing our volume. We're not doing these manufacturing actually, MPS doesn't manufacture anything. And the high-volume things, that's not MPS forte.

我們不會去追逐下滑的出貨量。我們不會——我們不會——事實上，MPS 並不擅長追逐我們的出貨量。我們其實不做這些製造，MPS 不製造任何東西。而那些高出貨量的產品，也不是 MPS 的強項。

Our next question is from Melissa Fairbanks of Raymond James.

我們的下一個問題來自 Raymond James 的 Melissa Fairbanks。

I will echo the congratulations on another great quarter. I just had 2 really quick ones for you. First, could you remind us what your inventory target or ideal levels of inventory would be in order to maybe clear some of the delinquencies?

我也要再次恭喜你們又交出一個很棒的季度。我這邊有兩個很快的小問題。第一個，能否提醒我們，為了可能清理一些逾期狀況，你們的庫存目標或理想庫存水位大概會是多少？

And then second, on a somewhat related note, what should we be thinking about for CapEx this year, either as a percentage of revenue or absolute investment. And then what's the longer-term requirements you need in order to meet your demand or your growth plans?

第二個，稍微相關的問題，今年的資本支出（CapEx）我們應該怎麼看？不論是以營收百分比或絕對投資金額來看。另外，為了滿足你們的需求或成長計畫，長期的資本需求會是什麼？

Good questions. So as far as inventory, keep in mind that being so much of our positioning is around growth that as sort of a risk management decision. We believe that 180 to 200 days of inventory is what's needed so that we can manage an upside in customer demand, but also if we end up in an unfortunate situation where we have lots of inventory that aren't sellable that we can compensate for that without having any disruption to our customers' production lines.

好問題。就庫存而言，請記得我們的定位很大一部分是圍繞成長，因此作為一項風險管理決策，我們認為需要 180 到 200 天的庫存，這樣我們才能在客戶需求上行時進行管理；同時，如果不幸出現大量不可銷售庫存的情況，我們也能在不影響客戶產線的前提下加以吸收與調整。

So I think that it's been difficult to manage delinquencies while increasing inventories in order to support our model. But I think we've done a pretty good job in these really unusual times.

所以我認為，在為了支撐我們的模式而提高庫存的同時，要管理逾期狀況一直都很困難。但我覺得在這些非常不尋常的時期，我們做得相當不錯。

And then as far as the capital requirements, I think we've talked in the past as far as what our spending rate is. It tends to be on a quarterly basis, can be somewhere between $14 million and $18 million per quarter with a lot of that being testing equipment or even if we are purchasing buildings, we purchase our own office space. And the first half of this year was a little bit lighter than our normal run rate. But I think 14 to 18, absent a big building purchase, is probably a good run rate.

至於資本需求方面，我想我們過去談過我們的支出速度。通常以季度為單位，每季大約在 1,400 萬到 1,800 萬美元之間，其中很大一部分是測試設備；或者如果我們購買建築物，我們也會購買自有的辦公空間。今年上半年比我們正常的支出速度稍微輕一些。但我認為在沒有大型購樓支出的情況下，每季 1,400 萬到 1,800 萬美元大概是合理的常態水準。

Our next question is from Alex Vecchi of William Blair.

我們的下一個問題來自 William Blair 的 Alex Vecchi。

Sorry, I was muted. Apologies. I'll start over. Bernie, can you hear me? Michael, can you hear me?

抱歉，我剛剛靜音了。不好意思。我重新開始。Bernie，你聽得到嗎？Michael，你聽得到嗎？

Yes.

聽得到。

Yes.

聽得到。

Apologies about that user error here. I was saying apologies again, if someone has already asked this question, but I wanted to expand a little bit on Ross's question, just in terms of the competitive dynamic in your products being superior to those of the competition as well as more of the solution sale.

抱歉，這邊是使用者操作失誤。我再說一次抱歉，如果有人已經問過這個問題，但我想在 Ross 的問題上再延伸一下，主要是從競爭態勢來看：你們的產品相較競品更優，以及更偏向解決方案式銷售。

How do we think about power management, in particular, and your positioning within the customer as these products become more complicated, you take up more space on the board, I would assume that those conversations are becoming more tightly coupled and that you guys are becoming more important to the customer in terms of conversation?

我們該如何看待電源管理，特別是你們在客戶端的定位？隨著這些產品變得更複雜、在板子上占用更多空間，我猜想這些對話會變得更緊密耦合，而你們在與客戶的溝通中也會變得更重要？

Yes. Look, I mean we -- and as a matter of fact, the form of MPS is from the beginning, so we don't sell pin-to-pin comparables, okay? We -- in a similar product, okay, we offer the -- actually, we're always a far better product. And much compact, much higher efficiencies. And as an also cost to play without the armor charge on the late. And that is known for MPS, okay, and a onetime it's early period of time, the MPS is like a price (inaudible), kind of companies. And we actually -- we didn't, that means that we left a little lot of dollars on the table.

是的。你看，我們——事實上，MPS 從一開始的形式就是如此：我們不賣 pin-to-pin 的可替代品，好嗎？我們——即使是類似的產品，好嗎，我們提供的——其實我們一直都是更好的產品，更小型、更高效率。而且也能以具競爭力的成本切入，而不需要在後期再加價。這是大家對 MPS 的既有認知，好嗎。早期一段時間，MPS 有點像是以價格（聽不清）那類公司。而我們其實——我們沒有那樣做，這也意味著我們在桌面上留下了不少美元。

And of course, we're not competing in that market segment anymore. Now okay, we offer either total solutions. And if you do -- if you mention -- if you're talking about any applications, they need power. And we're talking about electrical car, MPS can build a whole car and use electronics. And you want to build the data centers, MPS provides the entire product for data centers, and we are mostly there. And that's how we sell value.

當然，我們已經不在那個市場區隔競爭了。現在，好嗎，我們提供的是整體解決方案。你如果提到——如果你談任何應用，它們都需要電源。我們談電動車，MPS 可以打造一整台車並使用電子系統。你想建資料中心，MPS 為資料中心提供完整的產品組合，而且我們大多都已經在那裡了。這就是我們如何銷售價值。

And we're not competing on this product competes with that product. We have all software behind it. And user interface, okay, software, that changes the game. We are not competing with the product per se anymore.

而且我們不再是用「這個產品對那個產品」來競爭。我們背後有完整的軟體，以及使用者介面，好嗎，軟體會改變遊戲規則。我們不再只是就產品本身來競爭了。

I think an interesting dynamic that we've been observing is that power management was always an afterthought. It was the last thing after you designed your board and you came up with the least bad solution. Now we are introduced at the very front end of the development of an application. And the reason is, is because our power solutions enable our customers to be able to develop higher-power solutions than they would otherwise. So that's an interesting twist in the relationship where we're being introduced more earlier to the process and able to jointly come up with the development of shared solutions.

我認為我們觀察到一個有趣的動態：電源管理過去總是事後才想到的事情。你先把板子設計好，最後才找一個「最不糟」的方案。現在我們在應用開發的最前端就被引入。原因是，我們的電源解決方案讓客戶能夠開發出比原本更高功率的方案。因此，這在關係上是一個有趣的轉變：我們更早被帶入流程，並能共同開發共享的解決方案。

As you see -- as you remember, MPS like 4 years ago, we actually built a car. Built a very advanced car and far advanced than any car that you see in the market. And with battery management and same time, all the motor controls, a lot more complex than the existing EV. And so just for the purpose, we can demonstrate we can do it. And now we can do it -- and 4 years later, actually, we can do a lot more on that. And so that's kind of examples.

你看——你還記得，MPS 大概 4 年前，我們其實打造過一台車。打造了一台非常先進的車，比你在市場上看到的任何車都更先進。包含電池管理，同時還有所有的馬達控制，比現有的電動車複雜得多。所以這只是為了展示我們做得到。現在我們也能做到——而且 4 年後，事實上我們能做得更多。這就是一些例子。

That's extremely helpful. And then, Bernie, just 1 last quick question. In terms of the guidance, any end market that we should think of? Or how should we think about the end markets in terms of strength versus -- strongest versus weakest? Or any notable things to call out?

這非常有幫助。然後，Bernie，最後一個很快的問題。就指引（guidance）而言，有沒有哪個終端市場是我們需要特別留意的？或者我們應該如何看待各終端市場的強弱——最強到最弱？有沒有什麼值得特別點出的？

Yes. I think that the themes that you're going to be seeing for the next 2 to 3 years are the enterprise data and automotive. Automotive had a relatively slow first half, but that was exactly what we had in expectations. There was no new surprise there. And we believe that in the second half, it looks very healthy as does the data center.

是的。我認為接下來 2 到 3 年你會看到的主題是企業資料（enterprise data）與汽車。汽車在上半年相對較慢，但那完全符合我們的預期，沒有新的意外。我們相信下半年看起來非常健康，資料中心也是如此。

Yes, as we see it. And okay, we don't want to -- okay, what will we provide, not customer asked for it. Yes, we will do that, a customer do that. We should lead to customers. So what you should need. That's the game we are really playing, okay? We're playing ahead of game. And I think that all the power stuff like 48 volts, we said that this is like -- we said that in 2017, okay, this is the futures, and we anticipated that. Electrical cars, we anticipated that. And so now we can, in the next few years, and we'll see the very similar things that we'll see all of these will happen.

是的，就我們所見。然後，好嗎，我們不想要——好嗎，我們會提供什麼，不是客戶要求才做。是的，客戶要我們做，我們會做。但我們應該引領客戶：你應該需要什麼。這才是我們真正玩的遊戲，好嗎？我們是在超前部署。我認為所有電源相關的東西，像 48 伏，我們在 2017 年就說過，好嗎，這就是未來，我們提前預見了。電動車，我們也提前預見了。所以接下來幾年，我們會看到非常類似的事情，會看到這些都會發生。

(Operator Instructions) As there are no further questions, I would now like to turn the webinar back over to Bernie.

（操作員指示）由於沒有進一步的問題，我現在把網路研討會交回給 Bernie。

Great. Thanks, Gen. I'd like to thank you all for joining us on the webinar and look forward to talking to you again during the third quarter which will likely be at the end of October. Thank you. Have a nice day.

很好。謝謝你，Gen。感謝各位參加本次網路研討會，也期待在第三季再與各位交流，時間很可能會在 10 月底。謝謝。祝各位有美好的一天。