芯源系統 (MPWR) 2022 Q4 法說會逐字稿

Welcome, everyone, to the MPS Fourth Quarter 2020 Earnings Webinar. 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.

歡迎大家參加 MPS 2020 年第四季度收益網絡研討會。我叫 Genevieve Cunningham，我將擔任本次網絡研討會的主持人。今天加入我的是 MPS 的首席執行官兼創始人 Michael Hsing；和副總裁兼首席財務官 Bernie Blegen。

In the course of today's conference call, we will make forward-looking statements and projections that involve risk and uncertainty, which could cause results to differ materially from management's current views and expectations. 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 Q4 2022 earnings release and in our latest 10-K and 10-Q filings that can be found on our website.

在今天的電話會議過程中，我們將做出涉及風險和不確定性的前瞻性陳述和預測，這可能導致結果與管理層當前的觀點和預期存在重大差異。請參閱今天發布的收益發布中包含的安全港聲明。 2022 年第四季度收益發布中包含的安全港聲明以及我們網站上最新的 10-K 和 10-Q 文件中都確定了可能導致實際結果不同的風險、不確定性和其他因素。

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. 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.

MPS 沒有義務更新今天電話會議上提供的信息。我們將在 GAAP 和非 GAAP 基礎上討論毛利率、運營費用、研發和 SG&A 費用、營業收入、其他收入、所得稅前淨收入和收益。這些非 GAAP 財務指標不是根據 GAAP 編制的，不應被視為替代或優於根據 GAAP 編制的財務業績指標。

A table that outlines the reconciliation between the non-GAAP financial measures to GAAP financial measures is included in our Q4 and full year 2022 earnings release, which we have filed with the SEC and is currently available on our website. I'd also like to remind you that today's conference call is being webcast live over the Internet and will be available for replay on our website for 1 year, along with the earnings release filed with the SEC earlier today.

我們已向 SEC 提交的第 4 季度和 2022 年全年收益報告中包含一張表格，其中概述了非 GAAP 財務指標與 GAAP 財務指標之間的對賬情況，該表格目前可在我們的網站上查閱。我還想提醒您，今天的電話會議正在通過互聯網進行網絡直播，並且可以在我們的網站上重播 1 年，連同今天早些時候向美國證券交易委員會提交的收益報告。

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

現在我想把電話轉給 Bernie Blegen。

Thanks, Jen. For the full year, 2022, MPS achieved record revenue of $1.79 billion, growing 48.5% from the prior year. This is despite industry-wide supply chain capacity constraints. This performance represented consistent execution against our strategies and having more Tier 1 customers recognize MPS for advanced technologies, product quality and excellent customer support.

謝謝，珍。 2022 年全年，MPS 實現了創紀錄的 17.9 億美元收入，比上年增長 48.5%。儘管存在整個行業的供應鏈能力限制，但仍存在這種情況。這一業績代表了對我們戰略的一致執行，並讓更多的一級客戶認可 MPS 的先進技術、產品質量和出色的客戶支持。

Here are a few highlights from 2022. We introduced a new product line of isolated power modules for applications exceeding 1 kilowatt with a fully integrated controller, isolator and power devices. Our initial revenue ramp for this highly integrated and reliable solution is targeted for 2024. These modules are critical building blocks for power management applications for data centers, EVs plug-in traction inverters, EV chargers, solar power, wind turbines, battery power storage and other industrial applications. Our products are designed to set the industry standard for these critical system-level applications. MPS's first advanced data converter products for high precision industrial and medical applications were made commercially available during 2022, and we expect to have an initial revenue ramp in 2023.

以下是 2022 年的一些亮點。我們推出了全新的隔離式電源模塊產品線，適用於超過 1 千瓦的應用，具有完全集成的控制器、隔離器和電源設備。這種高度集成和可靠的解決方案的初始收入增長目標是在 2024 年。這些模塊是數據中心、電動汽車插入式牽引逆變器、電動汽車充電器、太陽能、風力渦輪機、電池儲能和其他工業應用。我們的產品旨在為這些關鍵系統級應用設定行業標準。 MPS 的首款用於高精度工業和醫療應用的高級數據轉換器產品已於 2022 年投入商用，我們預計 2023 年將實現初步收入增長。

We continue to diversify our global footprint with expansion of our R&D centers supply chain partnerships and facilities outside of China to better match our resource distribution with our customers' geographic demand profile. With our global presence, we believe MPS is in a strong position to support our customers worldwide. Turning to our full year 2022 revenue by market segment compared with 2021. Enterprise Data revenue was up 116.1%, Storage and computing revenue up 76.8%, Communication revenue up 53.2%, Automotive revenue up 46.8%, Industrial revenue, up 18.6% and consumer revenue, up 13.2%, demonstrating broad-based full year 2022 revenue improvements.

我們繼續擴大我們的全球足跡，擴大我們在中國以外的研發中心供應鏈合作夥伴關係和設施，以更好地將我們的資源分佈與客戶的地理需求概況相匹配。憑藉我們的全球業務，我們相信 MPS 有能力為全球客戶提供支持。與 2021 年相比，按細分市場來看 2022 年全年收入。企業數據收入增長 116.1%，存儲和計算收入增長 76.8%，通信收入增長 53.2%，汽車收入增長 46.8%，工業收入增長 18.6%，消費者收入增長收入增長 13.2%，顯示出 2022 年全年收入的廣泛增長。

Full year 2022 enterprise data revenue grew $135.1 million over the prior year to $251.4 million. This 116.1% increase is primarily due to higher sales of our power management solutions for cloud-based CPU and GPU server applications. Enterprise data revenue represented 14.0% of MPS's total revenue in 2022 compared with 9.6% in 2021. Storage and computing revenue for 2022 grew $196.7 million over the prior year to $452.6 million.

2022 年全年企業數據收入比上年增長 1.351 億美元，達到 2.514 億美元。這 116.1% 的增長主要是由於我們用於基於雲的 CPU 和 GPU 服務器應用程序的電源管理解決方案的銷售額增加。企業數據收入佔 MPS 2022 年總收入的 14.0%，而 2021 年為 9.6%。2022 年的存儲和計算收入比上年增長 1.967 億美元，達到 4.526 億美元。

This 76.8% increase primarily resulted from strong sales growth for storage applications and enterprise notebooks. Storage and computing revenue represented 25.3% of MPS's total revenue in 2022 compared with 21.2% in 2021. Communications revenue grew $87.4 million to $251.5 million. This 53.2% improvement reflected higher sales of products for both 5G and satellite communications infrastructure applications. Communications revenue represented 14.0% of our 2022 revenue compared with 13.6% in 2021.

76.8% 的增長主要得益於存儲應用程序和企業筆記本電腦的強勁銷售增長。存儲和計算收入佔 MPS 2022 年總收入的 25.3%，而 2021 年為 21.2%。通信收入增長 8740 萬美元，達到 2.515 億美元。這一 53.2% 的增長反映了 5G 和衛星通信基礎設施應用的產品銷售額增加。通信收入占我們 2022 年收入的 14.0%，而 2021 年為 13.6%。

Automotive revenue grew $95.7 million to $300.0 million in 2022. This 46.8% year-over-year gain primarily represented increased sales of our highly integrated applications supporting automated driver assistance systems, the digital cockpit and connectivity. Automotive revenue represented 16.7% of MPS's full year 2022 revenue compared with 16.9% in 2021.

汽車收入在 2022 年增長了 9570 萬美元，達到 3 億美元。這一 46.8% 的同比增長主要是因為我們支持自動駕駛輔助系統、數字駕駛艙和連接的高度集成應用程序的銷售額增加。汽車收入佔 MPS 2022 年全年收入的 16.7%，而 2021 年為 16.9%。

Industrial revenue grew $34.4 million to $218.2 million in 2022. This 18.6% year-over-year increase primarily reflected higher sales in applications for smart meters and industrial automation. Industrial revenue represented 12.2% of MPS's full year 2022 revenue compared with 15.3% in 2021. Consumer revenue grew $37.2 million to $319.5 million in 2022. This 13.2% year-over-year increase primarily reflected increased product sales for home appliances and smart TVs.

2022 年，工業收入增長 3440 萬美元，達到 2.182 億美元。同比增長 18.6%，主要反映了智能電錶和工業自動化應用的銷售額增加。工業收入佔 MPS 2022 年全年收入的 12.2%，而 2021 年為 15.3%。2022 年消費者收入增長 3720 萬美元至 3.195 億美元。這一 13.2% 的同比增長主要反映了家用電器和智能電視產品銷售的增長。

Consumer revenue represented 17.8% of MPS's full year 2022 revenue compared with 23.4% in 2021. Let's talk about the general business conditions. During our Q3 '22 earnings call, we highlighted that customers were becoming more concerned with near-term business conditions and order patterns might oscillate in the near future. As a result of this change in ordering patterns, we indicated that our inventory levels would likely catch up to our target of 180 to 200 days and possibly be higher in the near term. During the quarter, ordering patterns stabilized as customers requested pushouts -- customer requested pushouts slowed. When this is positive, customers' orders are still trending below historic norms.

消費者收入佔 MPS 2022 年全年收入的 17.8%，而 2021 年為 23.4%。讓我們談談一般業務狀況。在我們的 22 年第三季度財報電話會議上，我們強調客戶越來越關注近期的業務狀況，訂單模式可能會在不久的將來出現波動。由於訂購模式的這種變化，我們表示我們的庫存水平可能會達到我們 180 至 200 天的目標，並且在短期內可能會更高。在本季度，隨著客戶要求推出，訂購模式趨於穩定——客戶要求的推出速度放緩。當這是積極的時，客戶的訂單仍然低於歷史標準。

In our Q4 '22 inventory is above our target levels. As a result, we remain cautious about near-term business conditions. We also believe MPS can swiftly adapt to market changes as we have done so successfully during similar macroeconomic changes in the past. Switching to Q4. MPS had a record fourth quarter with revenue of $460.0 million, down 7.1% from revenue generated in the third quarter of 2022, but up 36.7% from the comparable quarter of 2021.

在我們的 22 年第四季度庫存高於我們的目標水平。因此，我們對近期業務狀況保持謹慎。我們還相信 MPS 可以迅速適應市場變化，因為我們在過去類似的宏觀經濟變化中已經成功地做到了這一點。切換到第四季度。 MPS 第四季度的收入創歷史新高，達到 4.6 億美元，比 2022 年第三季度的收入下降 7.1%，但比 2021 年同期增長 36.7%。

On a year-over-year base comparison, by market segment, fourth quarter 2022 revenue for automotive grew 72.8%, Enterprise Data revenue increased 69.0%. Storage and computing revenue grew 55.0%, Communications revenue grew 40.1%, and industrial revenue grew 13.3%, while consumer revenue decreased 20.1%.

與去年同期相比，按細分市場劃分，2022 年第四季度汽車收入增長 72.8%，企業數據收入增長 69.0%。存儲和計算收入增長 55.0%，通信收入增長 40.1%，工業收入增長 13.3%，而消費者收入下降 20.1%。

Fourth quarter 2022 GAAP gross margin was 58.2%, down 50 basis points from third quarter 2022 with 60 basis points higher than the fourth quarter of 2021. Our GAAP operating income was $136.9 million compared to $151.9 million reported in the third quarter of 2022 and $78.6 million reported in the fourth quarter of 2021. Fourth quarter 2022 non-GAAP gross margin was 58.5%, 50 basis points below the third quarter of 2022, but 60 basis points higher than the fourth quarter of 2021.

2022 年第四季度 GAAP 毛利率為 58.2%，比 2022 年第三季度下降 50 個基點，比 2021 年第四季度高 60 個基點。我們的 GAAP 營業收入為 1.369 億美元，而 2022 年第三季度報告的營業收入為 1.519 億美元和 78.6 美元百萬報告在2021年第四季度。2022年第四季度非美國通用會計準則毛利率為58.5%，比2022年第三季度低50個基點，但比2021年第四季度高60個基點。

The year-over-year expansion in fourth quarter non-GAAP gross margin was largely due to a shift in sales mix favoring high-value greenfield products and operational efficiencies, which more than offset higher product input costs. Our non-GAAP operating income was $174.1 million compared to $193.7 million reported in the prior quarter and $102.0 million reported in the fourth quarter of 2021.

第四季度非 GAAP 毛利率的同比增長主要是由於銷售組合發生轉變，有利於高價值的綠地產品和運營效率，這足以抵消較高的產品投入成本。我們的非美國通用會計準則營業收入為 1.741 億美元，而上一季度報告的營業收入為 1.937 億美元，2021 年第四季度報告的營業收入為 1.020 億美元。

Let's review our operating expenses. Our GAAP operating expenses were $130.9 million in the fourth quarter compared with $139.0 million in the third quarter of 2022, and $115.3 million in the fourth quarter of 2021. Our non-GAAP fourth quarter 2022 operating expenses were $94.8 million, down from the $98.4 million we spent in the third quarter of 2022 and up from the $83.0 million reported in the fourth quarter of 2021. On both a GAAP and a non-GAAP basis, fourth quarter 2022 litigation expense was $3.2 million compared with a $2.1 million in Q3 2022 and a $420,000 credit balance in Q4 2021.

讓我們回顧一下我們的運營費用。我們的 GAAP 運營費用在第四季度為 1.309 億美元，而 2022 年第三季度為 1.39 億美元，2021 年第四季度為 1.153 億美元。我們的 2022 年第四季度非 GAAP 運營費用為 9,480 萬美元，低於 9,840 萬美元我們在 2022 年第三季度的支出高於 2021 年第四季度報告的 8300 萬美元。在 GAAP 和非 GAAP 基礎上，2022 年第四季度的訴訟費用為 320 萬美元，而 2022 年第三季度為 210 萬美元， 2021 年第四季度有 420,000 美元的信貸餘額。

The fourth quarter 2021 litigation credit reflected in IP settlement in a of a legal retainer. The differences between GAAP and non-GAAP operating expenses for the quarters discussed here are primarily stock compensation expense and income or loss from an unfunded deferred compensation plan. Fourth quarter 2022 stock compensation expense, including $1.0 million charged cost of goods sold was $35.3 million compared with $43.0 million recorded in the third quarter of 2022. The quarter-over-quarter change in stock compensation expense reflected the change in planned vesting assumptions.

2021 年第四季度的訴訟功勞體現在 IP 和解中的合法委託人中。此處討論的季度的 GAAP 和非 GAAP 運營費用之間的差異主要是股票補償費用和沒有資金的遞延補償計劃的收入或損失。 2022 年第四季度股票補償費用（包括 100 萬美元的已售商品成本）為 3530 萬美元，而 2022 年第三季度為 4300 萬美元。股票補償費用的環比變化反映了計劃歸屬假設的變化。

Switching to the bottom line. Fourth quarter 2022 GAAP net income was $119.1 million or $2.45 per fully diluted share compared with $2.57 per share in the third quarter of 2022 and $1.51 per share in the fourth quarter of 2021.

切換到底線。 2022 年第四季度 GAAP 淨收入為 1.191 億美元或完全攤薄後每股收益 2.45 美元，而 2022 年第三季度為每股 2.57 美元，2021 年第四季度為每股 1.51 美元。

Q4 2022 non-GAAP net income was $154.0 million or $3.17 per fully diluted share compared with $3.53 per share in the third quarter of 2022 and $2.12 per share in the fourth quarter of 2021. Fully diluted shares outstanding at the end of Q4 2022 were 48.5 million. Now let's look at the balance sheet. As of December 31, 2022, cash, cash equivalents and investments totaled $739.6 million compared to $738.1 million at the end of the third quarter of 2022. For fourth quarter -- for the fourth quarter of 2022, MPS generated operating cash flow of about $52.2 million compared with Q3 2022 operating cash flow consumed of $18.2 million. Fourth quarter 2022 capital spending totaled $12.8 million.

2022 年第四季度非美國通用會計準則淨收入為 1.54 億美元或每股完全攤薄後的淨收入 3.17 美元，而 2022 年第三季度為每股 3.53 美元，2021 年第四季度為每股 2.12 美元。2022 年第四季度末完全攤薄後的流通股為 48.5 股百萬。現在讓我們看看資產負債表。截至 2022 年 12 月 31 日，現金、現金等價物和投資總額為 7.396 億美元，而 2022 年第三季度末為 7.381 億美元。對於第四季度——2022 年第四季度，MPS 產生的運營現金流約為 52.2 美元百萬美元，而 2022 年第三季度消耗的運營現金流為 1820 萬美元。 2022 年第四季度的資本支出總額為 1280 萬美元。

Accounts receivable ended the fourth quarter of 2022 at $182.7 million or 36 days of sales outstanding compared with the $153.4 million or 28 days of sales outstanding reported at the end of the third quarter of 2022 and the $104.8 million or 28 days reported at the end of the fourth quarter of 2021. Our internal inventories at the end of the fourth quarter of 2022 were $447.3 million, up from $397.4 million at the end of the third quarter of 2022.

截至 2022 年第四季度末，應收賬款為 1.827 億美元或 36 天的未清銷售額，而 2022 年第三季度末報告的 1.534 億美元或 28 天的未清銷售額和 2022 年末報告的 1.048 億美元或 28 天的未清銷售額2021 年第四季度。我們在 2022 年第四季度末的內部庫存為 4.473 億美元，高於 2022 年第三季度末的 3.974 億美元。

Calculated on a basis consistent with our past practice. And as you can see on the webinar video, days of inventory rose to 212 days at the end of Q4 2022 from the 167 days at the end of the third quarter of 2022. Historically, we have calculated days of inventory on hand as a function of the current quarter revenue. We believe comparing current inventory levels with the following quarters revenue provides a better economic match. On this basis, again, you can see days of inventory increased to 214 days at the end of the fourth quarter of 2022 from 188 days at the end of the third quarter of 2022. I would now like to turn to our Q1 2023 outlook.

計算的基礎與我們過去的做法一致。正如您在網絡研討會視頻中看到的那樣，庫存天數從 2022 年第三季度末的 167 天增加到 2022 年第四季度末的 212 天。從歷史上看，我們將手頭庫存天數計算為一個函數當前季度的收入。我們認為，將當前庫存水平與下一季度的收入進行比較可以提供更好的經濟匹配。在此基礎上，您可以再次看到庫存天數從 2022 年第三季度末的 188 天增加到 2022 年第四季度末的 214 天。我現在想談談我們對 2023 年第一季度的展望。

We are forecasting Q1 2023 revenue in the range of $440 million to $460 million. We also expect the following: GAAP gross margin in the range of 57.4% to 58.0%, non-GAAP gross margin in the range of 57.7% to 58.3%, total stock-based compensation expense of $40.2 million to $42.2 million, including approximately $1.2 million that would be charged to cost of goods sold.

我們預測 2023 年第一季度的收入在 4.4 億美元至 4.6 億美元之間。我們還預計如下：GAAP 毛利率在 57.4% 至 58.0% 之間，非 GAAP 毛利率在 57.7% 至 58.3% 之間，基於股票的薪酬費用總額為 4020 萬美元至 4220 萬美元，包括約 1.2 美元萬元計入已售商品成本。

GAAP R&D and SG&A expenses, including litigation expenses between $135.1 million and $139.1 million. Non-GAAP R&D and SG&A expense to be in the range of $96.1 million to $98.1 million. This estimate excludes stock compensation expense but includes litigation expense. Beginning with the Q1 2023 outlook, MPS will no longer separately forecast litigation expenses. Interest income is expected to be in the range from $1.8 million to $2.2 million before foreign exchange gains or losses and charitable contributions.

GAAP 研發和 SG&A 費用，包括 1.351 億美元至 1.391 億美元的訴訟費用。非 GAAP 研發和 SG&A 費用在 9610 萬美元至 9810 萬美元之間。該估計不包括股票補償費用，但包括訴訟費用。從 2023 年第一季度展望開始，MPS 將不再單獨預測訴訟費用。在扣除外匯損益和慈善捐款之前，利息收入預計在 180 萬美元至 220 萬美元之間。

The non-GAAP tax rate for Q1 2023 will be 12.5%. The non-GAAP tax rate remains unchanged from 2022 as there have not been any material changes in tax regulations. Fully diluted shares to be in the range of $48.2 million to 49.2 million shares. Finally, I'm pleased to announce a 33% increase in our quarterly dividend to $1 per share from $0.75 per share for stockholders record as of March 31, 2023.

2023 年第一季度的非美國通用會計準則稅率為 12.5%。非 GAAP 稅率自 2022 年起保持不變，因為稅收法規沒有任何重大變化。完全稀釋後的股份將在 4820 萬至 4920 萬股之間。最後，我很高興地宣布，截至 2023 年 3 月 31 日的股東記錄，我們的季度股息從每股 0.75 美元增加 33% 至每股 1 美元。

In conclusion, while we remain cautious about near-term business conditions, we believe MPS can swiftly adapt to market changes and take advantage of current environment to focus on business development and investing in infrastructure necessary to support long-term growth. I'll now open the webinar up for questions.

總之，儘管我們對近期業務狀況保持謹慎，但我們相信 MPS 可以迅速適應市場變化並利用當前環境專注於業務發展和投資支持長期增長所需的基礎設施。我現在將打開網絡研討會來提問。

Thank you, Bernie. (Operator Instructions) Our first question is from Quinn Bolton, Needham.

謝謝你，伯尼。 （操作員說明）我們的第一個問題來自 Quinn Bolton，Needham。

Congratulations on the strong results and the nice outlook in this environment. I guess I wanted to start, Bernie and Michael the compute and storage business was much stronger than I expected in the fourth quarter. You grew revenue quarter-on-quarter when the rest of the PC market is clearly experiencing softness in inventory correction. So I guess, can you give us sort of your outlook? How do you see that business trending over the next couple of quarters? And then I've got a follow-up.

祝賀在這種環境下取得的優異成績和良好的前景。我想我想開始，Bernie 和 Michael，計算和存儲業務在第四季度比我預期的要強勁得多。當 PC 市場的其餘部分明顯經歷庫存調整疲軟時，您的收入環比增長。所以我想，你能給我們一些你的看法嗎？您如何看待未來幾個季度的業務趨勢？然後我有一個後續行動。

Sure. I think that there's been a lot of press recently around weakness in notebooks as far as unit sales. And in addition, we've started to see some word and hear about declines also in the memory market. Interestingly, memory continued to be very strong for us, offsetting a decline in notebooks. And as we look ahead here, we actually see notebooks beginning to improve in the early part of '23 and probably those gains will offset a decline in memory. So we're basically looking at this category, at least for the first half of the year to be flattish.

當然。我認為最近有很多關於筆記本電腦銷量疲軟的報導。此外，我們已經開始看到一些關於內存市場下滑的消息和消息。有趣的是，內存對我們來說仍然非常強勁，抵消了筆記本電腦的下滑。展望未來，我們實際上看到筆記本電腦在 23 世紀初開始有所改善，這些收益可能會抵消內存的下降。所以我們基本上是在看這個類別，至少在今年上半年是持平的。

The one component, the AI [portions] still remain to be very strong in the near future, and that we see a very high growth.

一個組成部分，人工智能 [部分] 在不久的將來仍然非常強大，我們看到了非常高的增長。

Absolutely. And the enterprise data we've really got good traction with the GPUs for artificial intelligence. And so that should really be 1 of our growth drivers in the first half of 2023.

絕對地。我們的企業數據確實對人工智能的 GPU 有很好的吸引力。因此，這確實應該成為我們 2023 年上半年的增長動力之一。

That was going to be my next question. Enterprise data was down slightly in the fourth quarter, but it sounds like you see the ramp or just stronger results in the first half driven pipe. It sounds like specifically, GPU is that right?

那將是我的下一個問題。企業數據在第四季度略有下降，但聽起來您在上半年驅動管道中看到了斜坡或更強勁的結果。聽起來很具體，GPU是嗎？

That's related to artificial intelligence.

這與人工智能有關。

Yes. When we look at CPUs in the enterprise data, there's still initial softness as we're waiting for the platform launches for both the Sapphire Rapids and Genoa to take off.

是的。當我們查看企業數據中的 CPU 時，由於我們正在等待 Sapphire Rapids 和 Genoa 起飛的平台啟動，所以最初仍然很疲軟。

Do you expect that in the second half than the CPU to on the take in more second half of the year?

你預計下半年CPU會比下半年更上一層樓嗎？

Yes.

是的。

Our next question is from Tore Svanberg of Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on the record year. Michael, I was hoping you could talk a little bit more about the power isolation module business that you expect to ramp in 2024 -- is this still based on the company's BCD technology? Or are you now starting to venture into some newer technologies I'm just curious, right, because you haven't talked a whole lot about potentially getting into sort of carbide or [GAM] or anything like that.

祝賀創紀錄的一年。邁克爾，我希望你能多談談你希望在 2024 年實現增長的電源隔離模塊業務——這仍然基於公司的 BCD 技術嗎？或者你現在開始涉足一些更新的技術我只是好奇，對吧，因為你還沒有談論過很多關於可能進入某種碳化物或 [GAM] 或類似的東西的話題。

Yes. So we do have a program that are going to a wide Band-Gap materials, okay? And -- in the past, I think we talk about it. And we have a program to make -- to investigating and develop those devices since 2017. And now we see the first result. And we do have some samples ready, but not in production yet. My prediction is that somewhere in the middle of the year or second half of the year.

是的。所以我們確實有一個針對寬禁帶材料的計劃，好嗎？而且 - 在過去，我想我們談論過它。我們有一個計劃要製定——自 2017 年以來調查和開發這些設備。現在我們看到了第一個結果。我們確實準備好了一些樣品，但還沒有投入生產。我的預測是在年中或下半年的某個時候。

And related to your questions about the isolated modules. When any high power so traction inverters, solar inverters and data centers. Also chargers, onboard chargers and all these are and the wind turbines. All of these have 1 basic component in all these very high-power applications, which is all the power devices driven by using the isolated modules. And MPS is using -- again, using our own BCD process and as well as band-gap materials. And we combine together and are making a very simple and very easy to use power modules for those type of applications. Some of these products already in -- in production in EVs correlate and things we expect a higher growth in the next couple of years.

並與您有關隔離模塊的問題相關。當任何大功率牽引逆變器、太陽能逆變器和數據中心時。還有充電器、車載充電器和所有這些都和風力渦輪機。所有這些在所有這些超大功率應用中都有一個基本組件，即所有使用隔離模塊驅動的功率器件。 MPS 再次使用了我們自己的 BCD 工藝以及帶隙材料。我們結合在一起，正在為這些類型的應用製作一個非常簡單易用的電源模塊。其中一些產品已經在 - 電動汽車的生產中相關，我們預計未來幾年會有更高的增長。

That's very helpful. And as my follow-up, could you just give us an update on the manufacturing footprint, both from a capacity perspective, but more importantly, about diversification you talked about looking at all sorts of regions to partner with some new manufacturing partners. So yes, both capacity but then also from a geographical perspective, perhaps an update there.

這很有幫助。作為我的後續行動，你能不能從產能的角度，但更重要的是，關於多元化，你談到了尋找各種地區與一些新的製造合作夥伴合作的製造足蹟的最新情況。所以是的，既有容量，也有地理角度，也許是那裡的更新。

Yes. we see it as everybody else in the geopolitical tensions. And -- as you know, the NPS in the past, we always want to be a local company in every political regions. And we did that successfully in the R&D side. And because for 1 thing it's close to customers, other ones and other ones we isolated from these tensions further between the countries. And for the manufacturing side, currently, we can fulfill all our customer demand to -- demand for wherever they want to manufacture it. And we want to by end of the year or by the next -- by end of the year and next year, we will have fully ramped and for the new capacities just in case the [worlds] are really separated.

是的。我們認為它與地緣政治緊張局勢中的其他人一樣。並且 - 如您所知，過去的 NPS，我們一直希望成為每個政治區域的本地公司。我們在研發方面成功地做到了這一點。因為一方面它靠近客戶，其他客戶和其他客戶，我們進一步遠離了這些國家之間的緊張局勢。對於製造方面，目前，我們可以滿足所有客戶的需求——無論他們想在哪裡製造。我們希望到今年年底或明年 - 到今年年底和明年，我們將全面提升新能力，以防萬一 [worlds] 真的分開了。

Congrats, again.

恭喜，再次。

Our next question is from Alex Vecchi of William Blair. Our next question is from Matt Ramsay of Cowen.

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

Michael, Bernie, the one question that I wanted to ask you that we've heard -- I mean, you guys, I guess, addressed in your prepared script how you're working to move sort of the operations and the manufacturing footprint and other pieces outside of China to -- in the long term, more sort of align with your TAM and revenue mix for the really, really long term of the company, and you've been very clear about those plans. But there's been some more I guess, acute reports of maybe some customers that want to very quickly use product sources outside of China, and you'll probably know some of those reports that I'm talking about. I guess, have those impacted your revenues at all? Are you seeing any strange behaviors from customers that way we want to move and source product outside of China more quickly than you're able to? Or are you already sourcing outside of China to support many of your global customers?

邁克爾，伯尼，我想問你的一個問題，我們已經聽到了——我的意思是，你們，我猜，在你準備好的劇本中提到了你們如何努力移動某種運營和製造足跡，以及中國以外的其他部分——從長遠來看，更符合你的 TAM 和收入組合，從公司的真正、真正的長期來看，你對這些計劃非常清楚。但我猜還有更多，可能是一些客戶想要快速使用中國以外的產品來源的尖銳報告，你可能會知道我正在談論的其中一些報告。我想，這些對您的收入有影響嗎？您是否看到客戶有任何奇怪的行為，我們希望以比您更快的速度將產品轉移和採購到中國以外的地方？或者您是否已經在中國境外採購以支持您的許多全球客戶？

Yes. As a misconception for NPS is we are a lot of manufacturers that's in China. That's true. And but it's a misconception okay, we do in the time of COVID, we do most of -- we do at least half of the manufacturer. And at least we have the capacities is outside the countries or outside of China. And to answer your question, we have a 0 impact in -- for whoever customers require us to manufacture outside of China in the past and the future.

是的。對 NPS 的誤解是我們有很多製造商在中國。這是真的。但這是一個誤解，好吧，我們在 COVID 時代做了，我們做了大部分——我們至少做了一半的製造商。至少我們有能力在國外或中國以外。為了回答你的問題，我們對過去和未來客戶要求我們在中國境外生產的人的影響為零。

Thank you for that, Michael. That's really clear. It's just a question we get a lot. I wanted to talk a little bit about the consumer business, which is kind of the -- maybe the least important strategic segment, but also the most volatile if you look at where, I guess, the numbers came in, in the fourth quarter. And I guess -- what I'm wanting to understand a little bit is the philosophy that you guys might have if and when some of those consumer markets and the China market, in general, recover. Are the -- are you excited to keep that segment down around 10% of revenue, and we'll continue to prioritize everything else? Or is that a business that you want to serve, Michael, as it potentially rebounds? .

謝謝你，邁克爾。這真的很清楚。這只是一個我們得到很多的問題。我想談談消費者業務，這可能是最不重要的戰略部分，但如果你看看第四季度的數據，我想也是最不穩定的部分。我想——我想了解一點的是，如果其中一些消費市場和中國市場總體上復甦，你們可能會有的理念。您是否很高興將該部分收入減少 10% 左右，我們將繼續優先考慮其他一切？或者這是你想要服務的企業，邁克爾，因為它有可能反彈？ .

Yes. Again, as I've said in the past, last year capacity issues, it constrain the consumer growth. And we do have a lot of opportunity we just didn't pick it up because of the capacity issues. And in the down terms in the past, as you know that the gaming will be a lot more aggressive in this consumer market segment. Because when you react to a price and you react to the opportunity and how fast you react to the opportunity. And within 6 months, you will see the -- you will see a big number change in the consumer segment, and that's what we will do.

是的。同樣，正如我過去所說，去年的產能問題限制了消費者的增長。我們確實有很多機會，只是因為容量問題而沒有抓住它。在過去的低迷時期，正如你所知，遊戲在這個消費市場領域將更具侵略性。因為當你對價格做出反應時，你對機會做出反應，以及你對機會的反應速度有多快。在 6 個月內，你會看到——你會看到消費者領域發生了巨大的變化，這就是我們要做的。

And Matt, keep in mind, the resilience of our business model has to do with the diversity of the end markets, the customers, the geographies that we serve. So the consumer, well, it has dropped to around 10% for the quarter, remains a very important part of that strategy, and we'll continue to invest in it.

馬特，請記住，我們商業模式的彈性與終端市場、客戶和我們服務的地區的多樣性有關。因此，消費者在本季度已降至 10% 左右，仍然是該戰略的一個非常重要的部分，我們將繼續對其進行投資。

Our next question is from Alex Becke of William Blair. Our next question is from Gary Mobley of Wells Fargo.

我們的下一個問題來自威廉·布萊爾的亞歷克斯·貝克。我們的下一個問題來自富國銀行的 Gary Mobley。

And related to that, I apologize in advance if I ask an uninformed question here. But the inventory for you guys, that 212 days, that's internal inventory. I believe, however, your sales, 83% of your sales roughly go through distribution. So maybe if you can give us a view in terms of distribution inventory and did it increase? And if so, to what extent did it favor revenue?

與此相關，如果我在這裡問一個不知情的問題，我提前道歉。但是你們的庫存，那 212 天，那是內部庫存。但是，我相信您的銷售額，83% 的銷售額大致是通過分銷進行的。那麼，也許您能否就分銷庫存給我們一個看法，它是否增加了？如果是這樣，它在多大程度上有利於收入？

Gary, opening up. Welcome to the party. -- this is Gary's first call with us.

加里，開門見山。歡迎來到派對。 -- 這是加里與我們的第一次通話。

And welcome to the inventory question.

歡迎來到庫存問題。

Inventory question. I thought we finished this question. So when I look at the channel inventories from Q4 to Q1 -- or I'm sorry, from Q3 to Q4, they basically stabilized. So we didn't see a significant increase either in terms of dollars or days in the quarter. Likewise, when we talk about inventory on our balance sheet, and I'll address that as well. there's about a 6-month lead time from when we can slow down wafer starts to when you see it on the balance sheet. So likewise, as we're looking out ahead to Q1, we see both inventory in terms of dollars on our balance sheet as well as in the channel stabilizing sell-through in the channel remains very good. and then it should normalize in the second half of the year.

庫存問題。我以為我們完成了這個問題。因此，當我查看從第 4 季度到第 1 季度的渠道庫存時——或者對不起，從第 3 季度到第 4 季度，它們基本上穩定了。因此，我們沒有看到本季度的美元或天數有顯著增加。同樣，當我們談論資產負債表上的庫存時，我也會解決這個問題。從我們可以放慢晶圓啟動速度到您在資產負債表上看到它，大約需要 6 個月的準備時間。因此，同樣地，當我們展望第一季度時，我們看到資產負債表上以美元計的庫存以及渠道中穩定的銷售量仍然非常好。然後它應該會在下半年正常化。

It's fair to say, in 2019, we deliberate build 200 days of plus inventory because we did see all these opportunity. And then now the inventory goes this high because go over 200 days again. And that is because the customers demand start to pushing out, and this is on the high side and we will cautiously and reduce it. And it's not -- this is not the same as in 2019.

可以公平地說，在 2019 年，我們有意建立 200 天以上的庫存，因為我們確實看到了所有這些機會。然後現在庫存變得如此之高，因為再次超過 200 天。那是因為客戶的需求開始推出，這是偏高的，我們會謹慎地減少它。它不是——這與 2019 年不同。

Got it. And I wanted to ask about contributors to the revenue growth for the fiscal year, for the quarter, 48.5% is quite commendable. I was hoping maybe you can deconstruct that between ASP increases and new increases and how you see that playing out for fiscal year '23 as well?

知道了。我想問一下本財年收入增長的貢獻者，對於本季度來說，48.5% 是非常值得稱道的。我希望也許你可以解構 ASP 增長和新增長之間的關係，以及你如何看待它在 23 財年的表現？

It's very diverse to growth in -- with a little more aggressive activities in the consumer segment. And this is different from 2020 or 2021. And everything is the same because we are not -- we don't -- it's not a one-track pony and not a two-track pony either. I mean we have a multiple product -- we have a products like 5,000, 6,000 different products. We have a few thousands of customers, large customers, let's say, biggest customer is less than 4% in a different industry.

它的增長非常多樣化——在消費者領域有一些更積極的活動。這與 2020 年或 2021 年不同。一切都是一樣的，因為我們不是——我們不是——它不是單軌小馬，也不是雙軌小馬。我的意思是我們有多種產品——我們有 5,000、6,000 種不同的產品。我們有幾千個客戶，大客戶，比方說，不同行業的最大客戶不到 4%。

And with our -- that's the same way as we do in the last 10,12 years. And we're still continue to pass.

而我們的 - 這與我們在過去 10,12 年所做的方式相同。我們還在繼續過去。

Clearly, as you look at a business driver in 2022 and as we look ahead, you can also see the impact of selling higher value technologies and higher ASPs that go along with it. So while many companies use this supply-demand imbalance as an opportunity to raise prices to their customers, we only had 1 single-digit of price increase back in February and all of the other is representative of higher ASPs and volume gains.

顯然，當您審視 2022 年的業務驅動因素時以及我們展望未來時，您還可以看到銷售更高價值的技術和隨之而來的更高 ASP 的影響。因此，儘管許多公司利用這種供需失衡作為向客戶提高價格的機會，但我們在 2 月份只有一位數的價格上漲，其他所有都代表了更高的 ASP 和銷量增長。

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的 Ross Seymore。

Well, first, I also want to welcome Gary to the call and thank him so much for being the one asking the inventory question.

好吧，首先，我也想歡迎 Gary 來電話，非常感謝他提出庫存問題。

(inaudible)

（聽不清）

I knew you would. So I had just 1 question, 1 follow-up. The question on the near term first was -- you talked a little bit about stabilization in your orders, but said they're still below normal. So any color on that? And then folding another near-term follow-on is the first quarter, you said it sounded like storage and computing would be flat and enterprise data will be up a bit. if you're flat overall, what's going down sequentially in the first quarter to get you to that? So that's kind of an aggregate first question.

我知道你會的。所以我只有 1 個問題，1 個跟進。近期的問題首先是——你談到了一些關於訂單穩定的問題，但說它們仍然低於正常水平。那上面有什麼顏色嗎？然後折疊另一個近期後續行動是第一季度，你說這聽起來像存儲和計算會持平，而企業數據會有所上升。如果您整體持平，那麼第一季度連續下降的原因是什麼？所以這是一個綜合性的第一個問題。

So when we look at Q1, and obviously, we've guided down about 2%, which is sort of consistent with seasonal trends. And it's -- the industrial is likely to come down. And I may have left you with an incorrect impression because enterprise data is likely to go down even though GPU, AI will improve. And then on the plus side, the momentum in automotive continues to be very strong.

因此，當我們看第一季度時，很明顯，我們已經指導下降了約 2%，這在某種程度上與季節性趨勢一致。而且它 - 工業可能會下降。我可能給你留下了錯誤的印象，因為即使 GPU、AI 會改進，企業數據也可能會下降。從好的方面來說，汽車行業的勢頭仍然非常強勁。

In the stabilization color geographically by end market, the order stuff you said? .

在按終端市場劃分的穩定顏色中，您所說的訂單內容？ .

Yes. We're seeing better activity. I think that we commented both in Q3 and repeated it here. that customers have gotten a lot more near-term focused and you can point to consumer, you can point to China as being areas that was very observable. And right now, we're seeing a lot better activity but it hasn't necessarily translated into what I'd call a normalized ordering cover.

是的。我們看到了更好的活動。我認為我們在第 3 季度都發表了評論，並在這裡重複了一遍。客戶已經更加關注近期，你可以指出消費者，你可以指出中國是非常可觀察的領域。現在，我們看到了很多更好的活動，但它不一定轉化為我所說的標準化訂購封面。

Got it. And I guess as my longer-term follow-up, a question I get a lot from investors is the really impressive growth you guys did in 2022, up about 50% round numbers. That's about 30% faster than the SIA defined analog category. And that delta is kind of 2x what you guys historically have done. And some people are concerned that that's just because of insufficient supply and competition and assume fungibility that you guys are just growing because other people can't, or some of your competitors had some product issues that they'll soon rectify -- and so those tailwinds could turn into headwinds this year. I know you're not going to guide for the full year -- but are you at all concerned about those 2 dynamics having kind of overinflated 2022 and turning into headwinds this year? .

知道了。我想作為我的長期跟進，我從投資者那裡得到的一個問題是你們在 2022 年取得了令人印象深刻的增長，增長了約 50%。這比 SIA 定義的模擬類別快大約 30%。這個增量是你們歷史上所做的兩倍。有些人擔心這只是因為供應不足和競爭不足，並假設你們的可替代性只是因為其他人不能，或者你們的一些競爭對手有一些產品問題，他們很快就會糾正——所以那些今年順風可能會變成逆風。我知道你不會為全年提供指導——但你是否完全擔心這兩種動態在 2022 年有點過度膨脹並在今年變成逆風？ .

Tell the customer -- tell those not customers, okay? -- investors, our customers to buy our stocks. And we don't do it in the pay to pay the me-too products. Everything is pretty much single source product. And our products a lot more programmable, a lot more versatile and gave me and our customer can configure those products. And of course, we'll take advantage of it, okay, in a shortage. Our customers can use our product in a multiple way, I mean not on a software based. And announced and as you know, in the software side and a man is a lot more stickier. And we will continue to use our technical strengths and to gain the market share and headwinds, okay, for those people they don't believe that. We have a headwind and that's fair, but our numbers delivered like our past number to show that.

告訴客戶——告訴那些不是客戶的人，好嗎？ ——投資者，我們的客戶購買我們的股票。而且我們不會在支付模仿產品的費用中這樣做。一切幾乎都是單一來源的產品。我們的產品更加可編程，更加通用，讓我和我們的客戶可以配置這些產品。當然，我們會利用它，好吧，在短缺的情況下。我們的客戶可以通過多種方式使用我們的產品，我的意思是不是基於軟件。並宣布，如你所知，在軟件方面，一個人的粘性要大得多。我們將繼續利用我們的技術優勢並獲得市場份額和逆風，好吧，對於那些他們不相信的人。我們遇到了逆風，這很公平，但我們的數據與過去的數據一樣表明了這一點。

Our next question is from Rick Schafer of Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Rick Schafer。

Congratulations, guys. If I could ask my first question, it's kind of a broad question on your module, just your overall module strategy. I mean, say, it doubles this year to sort of 10% or so of revenues. Bernie, I'm sure you'll correct me if I'm off base there. But sort of what's the right contribution long term? I mean, Michael, I mean, eventually, do you want sort of everything to move in that direction towards module, or is it weighted more to specific end markets, maybe a couple of them already.

恭喜，伙計們。如果我可以問我的第一個問題，這是關於你的模塊的一個廣泛問題，只是你的整體模塊策略。我的意思是說，今年它翻了一番，佔收入的 10% 左右。伯尼，如果我在那裡偏離基地，我相信你會糾正我的。但從長遠來看，什麼是正確的貢獻？我的意思是，邁克爾，我的意思是，最終，你是想讓所有的東西都朝著模塊的方向發展，還是它更傾向於特定的終端市場，也許已經有幾個了。

And I'm curious if you can comment on the margin implications as module becomes a bigger contributor. I think in the past you said this a 5x type ASP multiplier. But again, please correct me.

我很好奇，隨著模塊成為更大的貢獻者，您是否可以對利潤率影響發表評論。我想過去你說這是一個 5x 類型的 ASP 乘數。但是，請再次糾正我。

So I'll give you the numbers correction and Michael will give you the strategic answer. Modules currently are about 5% of our business.

所以我會給你數字更正，邁克爾會給你戰略性的答案。模塊目前約占我們業務的 5%。

Yes, it has doubled in the year, year-over-year for the last 2 years. 3 years or 2 years? 3 years. Yes. And so it's a significant business now. And eventually, yes, that's what I want to see it, and NPS all going to move into a new type of modules in modules, power module has a bad connotation, I know that I mean lot of companies in a power module business and those are in the 30 percent gross margins and I don't know what's the right word to use, it is a power modules and like in place okay with, but that's not your old grandpa's power modules. And again, this is very different.

是的，它在過去兩年中同比翻了一番。 3年還是2年？ 3年。是的。所以它現在是一項重要的業務。最終，是的，這就是我想看到的，NPS 都將進入模塊中的新型模塊，電源模塊有一個不好的內涵，我知道我的意思是很多公司在電源模塊業務和那些毛利率在 30% 左右，我不知道用什麼詞合適，它是一個電源模塊，就像在適當的地方一樣，但那不是你老爺爺的電源模塊。再一次，這是非常不同的。

Our margin is above corporate average. And some of the solutions much, much higher. But -- and we sell so well over $100 stuff and that's kind of -- I see as a part of its hardware plus service and customers, the users -- they don't need to know like how does -- how to use the product or how to -- you have to have a very deep knowledge how to design a power supply. And they should use very simple solutions like what we provide. They don't need the headaches to design a power supply. I think that we're going to end up with MPS or without MPS will be that, but MPS wants to be a leader in that.

我們的利潤率高於企業平均水平。有些解決方案要高得多。但是——我們賣得很好，超過 100 美元的東西——我認為它的硬件加上服務和客戶的一部分，用戶——他們不需要知道如何——如何使用產品或方法——你必須對如何設計電源有非常深入的了解。他們應該使用我們提供的非常簡單的解決方案。他們不需要為設計電源而頭疼。我認為我們最終會擁有 MPS 或沒有 MPS，但 MPS 希望成為這方面的領導者。

And I'd like to go back to Rick's earlier question I would say that back in the day, the single biggest ingredient as far as making a decision for design win had to do with the lowest cost. And I think that what our customers are seeing, particularly in the last 3 years is there are other value drivers considered as far as time to market how much design resource they want to be saved from having to do a total cost of ownership. And those are areas that we're able to meet our customers' demand as well, if not better than any other analog or power provider.

我想回到 Rick 之前的問題，我想說的是，在過去，就設計獲勝的決定而言，最重要的單一因素必須與最低成本有關。而且我認為我們的客戶所看到的，特別是在過去 3 年中，還有其他價值驅動因素考慮到上市時間，他們希望從總擁有成本中節省多少設計資源。這些也是我們能夠滿足客戶需求的領域，即使不比任何其他模擬或電源供應商更好。

Might as well give you examples. And okay, we build our own test equipment, semi equipment test equipment and all based on the NPS power modules. And if you buy those kind of power modules, they can selling well over $50. And so that in semi equipment market segments. That's a perfect thought for that. And these are very high ASP and very much, much compact than on the current market.

不妨給你舉個例子。好的，我們構建了自己的測試設備、半設備測試設備，並且所有這些都基於 NPS 電源模塊。如果你購買那種電源模塊，它們可以賣到 50 美元以上。因此，在半設備細分市場。這是一個完美的想法。這些都是非常高的平均售價，而且比當前市場上的緊湊得多。

And it actually leads you to my next question. I appreciate all the color that -- and you guys have certainly discussed with the power isolation module. But just specific to the silicon carbide update, just it does -- it sounds like you'll be sampling this year. Do we -- should we expect any material contribution from silicon carbide this year? Or are we kind of looking at 2024?

它實際上會引導你到我的下一個問題。我很欣賞所有的顏色——你們肯定已經討論過電源隔離模塊。但僅針對碳化矽更新，確實如此——聽起來您今年將進行抽樣。我們 - 我們應該期待今年碳化矽的任何材料貢獻嗎？或者我們是在看 2024 年？

And Michael, I mean, we've heard different numbers, but what is the addition of silicon carbide modules for traction inverter, et cetera? What does that do to your potential content per vehicle?

邁克爾，我的意思是，我們聽到了不同的數字，但是牽引逆變器等碳化矽模塊的添加是什麼？這對每輛車的潛在內容有何影響？

Our traction inverters and using silicon carbide, okay, it's not this year and maybe even if we will see it next year. Our silicon carbide devices, okay? We design our own -- we develop our own. We want -- we pick us some market segment that proves our products are reliable in the first. And that's the first step. To answer your questions, and this year, and there's no large number of building in our revenue stream. And so we don't expect that, but they've just approved the technology now.

我們的牽引逆變器和使用碳化矽，好吧，不是今年，也許我們明年會看到它。我們的碳化矽設備，好嗎？我們自己設計——我們自己開發。我們想要 - 我們選擇了一些能夠證明我們的產品首先可靠的細分市場。這是第一步。回答你的問題，今年，我們的收入來源中沒有大量建築。所以我們不期望那樣，但他們現在剛剛批准了這項技術。

Our next question is from William Stein of Truist.

我們的下一個問題來自 Truist 的 William Stein。

Someone beat me to the module question this time. So I'll focus in a little bit different direction in the past. I know a few quarters ago, you talked about a team that you hired to work in the converter area, which is something you're not really that known for, but I think this is also another being ASP and a big growth opportunity for monolithic. Can you talk about your traction in converters so far and what you expect to come in the coming quarters? .

這次有人搶先回答了模塊問題。所以我過去會關註一些不同的方向。我知道幾個季度前，你談到了你僱用的一個團隊在轉換器領域工作，這是你並不真正了解的東西，但我認為這也是 ASP 的另一個重要增長機會.您能談談到目前為止您在轉換器方面的牽引力以及您對未來幾個季度的期望嗎？ .

Yes, we can are glad to ask the question is, okay, a couple of days ago, I saw an image and we received from our customers, and we use our customers, use our imaging for the X-ray machines. And much better than their prior versions. And so when is -- we samplethe other biotech companies and our product is designed in and we will see the revenues probably a small revenue this year and in the next years. This is a slow ramping products that get very high barriers. And the bottom line is we have the technologies, and we have the know-how to design a very high performance data converter. These are -- is comparable if it's not -- if it's not better. And we will broaden the product portfolio and as we expand our teams and these take a lot of efforts and a lot of investment. And so far, we built up a pretty good sizable teams. And now you will have -- see more general product coming up. in the next couple of quarters.

是的，我們可以很高興地問這個問題，好吧，幾天前，我看到了一張圖像，我們從客戶那裡收到了圖像，我們使用我們的客戶，將我們的成像用於 X 光機。並且比他們以前的版本好得多。那麼什麼時候——我們對其他生物技術公司進行抽樣，我們的產品在設計中，我們將看到今年和未來幾年的收入可能很小。這是一種緩慢上升的產品，具有很高的壁壘。底線是我們擁有技術，我們擁有設計超高性能數據轉換器的專業知識。這些是——如果不是——是可比的——如果不是更好的話。我們將擴大產品組合，隨著我們擴大我們的團隊，這些需要付出大量努力和大量投資。到目前為止，我們建立了一個相當不錯的規模龐大的團隊。現在你將看到更多通用產品的出現。在接下來的幾個季度裡。

Michael, I appreciate that. Maybe one other, if I can. Something we haven't heard the company speak a whole lot about lately, and that's the e-commerce effort. Any update on how your traction is progressing there? .

邁克爾，我很感激。如果可以的話，也許是另一個。我們最近沒有聽到公司談論太多的事情，那就是電子商務方面的努力。關於您在那裡的牽引力進展情況的任何更新？ .

E-commerce. Well, maybe not as fast as I want to be. And I set my expectation too high a I think -- but here is that we launched PS now in Actually, I'll take back. I think it's not as -- it's true, not I expect more, okay, but there's a lot of resistance. I mean -- but our modules lot of module ramp-up. It's from e-commerce. And we -- after last year, yes, after maybe 13 months ago, we launched in MPS Now a remote technical support. And that helped a lot. And especially our module side, again, help our customers can schedule a meeting online.

電子商務。好吧，也許沒有我想要的那麼快。而且我認為我的期望值太高了 - 但這是我們現在推出 PS 實際上，我會收回。我認為這不是——這是真的，不是我期望更多，好吧，但是有很多阻力。我的意思是 - 但我們的模塊有很多模塊升級。它來自電子商務。我們 - 去年之後，是的，大約 13 個月前，我們在 MPS Now 中推出了遠程技術支持。這很有幫助。尤其是我們的模塊方面，再次幫助我們的客戶可以在線安排會議。

And we can solve their -- when they're logging in we solve their technical issues. That helped a lot. And I think the most part of the ramp-up is from the MPS now, from a website. But overall, all things and it will take time, okay? And you are talking about engineer change their behaviors, okay, how do you design the product and how you're purchasing the product. And I think as next 10, 12 years, not even in the next 5 to 10 years for the millenniums and to design a power supply and they want to do Google switch rather than do the fundamental design like in the past 20 years ago, like the last 20 years.

我們可以解決他們的問題——當他們登錄時，我們會解決他們的技術問題。這很有幫助。而且我認為大部分的提升現在來自 MPS，來自網站。但總的來說，所有的事情都需要時間，好嗎？你在談論工程師改變他們的行為，好吧，你如何設計產品以及如何購買產品。我認為未來 10 年、12 年，甚至未來 5 到 10 年都不會設計電源，他們想做 Google Switch，而不是像過去 20 年前那樣做基礎設計，比如最近 20 年。

And so these are the products designed for that, okay, for easy plug and play use and easy to use and can buy from the Internet.

因此，這些產品就是為此而設計的，好吧，方便即插即用，易於使用，可以從互聯網上購買。

Our next question is from Chris Caso of Credit Suisse.

我們的下一個問題來自瑞士信貸的克里斯卡索。

The question is about where lead times are right now and the degree of product shortages. With your inventory up now, has that helped to bring down lead times and alleviate some of the shortages? And if so, has that taken away perhaps some of the incentive for customers to place orders for a product they didn't -- they don't need. What -- it's obviously one of the things we worry about as we go through the cycle, interested in your view on that.

問題是現在的交貨時間和產品短缺的程度。現在您的庫存增加了，這是否有助於縮短交貨時間並緩解一些短缺？如果是這樣，這是否會消除客戶為他們不需要的產品下訂單的一些動機。什麼 - 這顯然是我們在整個週期中擔心的事情之一，對您對此的看法很感興趣。

I'd agree that lead times have been coming down. They were up as long combined as much as 26 weeks or 6 months. And they're coming down more slowly than you'd think. So I don't know. Obviously, our customers have changed their ordering behavior. And if that could be attributed to the change in lead times or the fact that they have adequate inventory or that they're uncertain about with the next 6 months, I can't really say which of it is a driver in their decision.

我同意交貨時間已經縮短。他們的漲幅加起來長達 26 週或 6 個月。而且它們下降的速度比你想像的要慢。所以我不知道。顯然，我們的客戶已經改變了他們的訂購行為。如果這可以歸因於交貨時間的變化或者他們有足夠的庫存或者他們不確定接下來 6 個月的情況，我真的不能說這是他們決定的驅動因素。

Got it. Okay. As a follow-up, Michael, you mentioned in some earlier remarks, plans to be a little more aggressive on consumer business as you go through the year. So wondering if you could expand on those comments? Is that something just opportunistic this year, something that you see in the market is that just a function of the diversity of your business model where some other business is slow. So you can go find business elsewhere, if you could give us some more color on that, please.

知道了。好的。作為後續行動，邁克爾，你在之前的一些評論中提到，計劃在你度過這一年時在消費者業務上更加積極。所以想知道您是否可以擴展這些評論？這是今年的機會主義嗎，你在市場上看到的只是你的商業模式多樣性的一個功能，而其他一些業務進展緩慢。所以你可以去別處尋找業務，如果你能給我們更多的顏色，請。

I think you made a very good -- very good comment. It is opportunistic, okay? Remember, we how many years ago, we -- years ago, let say and we have more than 50% of our MPS revenues is all from consumer. And these are 5 fast design cycles in fast revenues and cycles product and opportunities. And we have the right product, right support and right price and you can move the needle quickly. And obviously, in contrary to the other industrial automotive cloud computing and these are much longer design cycles and they're kind of slowing down 1 segment to the other or relative in -- it's not as -- clearly, it's not as in a last couple of years, and the consumer is our opportunity again, and we know how to do it, okay? And we have the product and we have the price structures and not as high as all the other segments, and we will do that.

我認為你發表了非常好的評論。這是機會主義，好嗎？請記住，我們多少年前，我們 - 幾年前，我們有超過 50% 的 MPS 收入全部來自消費者。這些是快速收入和周期產品和機會的 5 個快速設計週期。我們擁有合適的產品、合適的支持和合適的價格，您可以迅速採取行動。顯然，與其他工業汽車雲計算相反，這些是更長的設計週期，它們在某種程度上放慢了一個部分到另一個部分或相對於 - 它不是 - 顯然，它不是最後一個幾年後，消費者再次成為我們的機會，我們知道該怎麼做，好嗎？我們有產品，我們有價格結構，而不像所有其他細分市場那麼高，我們會這樣做。

If I could just follow on that, does that imply when business improves elsewhere, we've got a better macro and such some of the product cycles elsewhere with maybe higher margin opportunities develop that you sort of back away from some of that and come back to some of the other segments that have driven growth more recently.

如果我能繼續說下去，這是否意味著當其他地方的業務有所改善時，我們有一個更好的宏觀環境，並且其他地方的一些產品週期可能會發展出更高的利潤率機會，你可以從其中一些中退出然後回來到最近推動增長的其他一些細分市場。

No, it's not. Okay, consumers is a diversity is always our strategies. And last couple of years, we didn't grow because of capacity constraints, okay? And we sacrifice on the consumer side.

不，這不對。好的，消費者的多樣性始終是我們的策略。過去幾年，由於產能限制，我們沒有增長，好嗎？我們在消費者方面做出了犧牲。

Our next question is from Tore Svanberg of Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

I just wanted to come back to the data converter business. So you're obviously getting into the kitchen of 400-pound gorillas here and I think historically, it's been very difficult to crack into this market. You talked about the high barriers to entry. And other than the product being higher precision, I get that, but is there anything else about your business model that will allow MPS to be successful in this market? .

我只想回到數據轉換器業務。所以你顯然正在進入 400 磅重的大猩猩的廚房，我認為從歷史上看，進入這個市場非常困難。你談到了進入的高門檻。除了產品精度更高，我明白這一點，但是您的商業模式還有什麼能讓 MPS 在這個市場上取得成功的嗎？ .

I think it's -- we don't know what is the business model. I think it's -- I know this size takes time. And the market is large, a few competitors. All these, you said these are 800 pounds of gorillas. We are like hyena's going around -- and we had to run fast. And it's just to take opportunities and okay, what presents the product and our customers. And they do have eyes on the different suppliers especially come from the last couple of years. And it's -- we have a good hope, but we know it will take a while.

我認為這是 - 我們不知道什麼是商業模式。我認為這是——我知道這個規模需要時間。而且市場大，競爭者少。所有這些，你說這些是 800 磅的大猩猩。我們就像鬣狗四處走動——我們必須跑得快。這只是為了抓住機會，好吧，展示產品和我們的客戶。他們確實關注不同的供應商，尤其是最近幾年的供應商。這是 - 我們有一個很好的希望，但我們知道這需要一段時間。

That's fair. And just lastly, could you give us an update on the time line for the $3 billion and the $4 billion capacity that you're working on? .

這還算公平。最後，您能否向我們介紹一下您正在開發的 30 億美元和 40 億美元容量的最新時間表？ .

Yes. As we said in next couple of years in 2 years, and we're still on it. And we're working with our suppliers and the gaming I just mentioned the consumer business, okay? And one of the reason is we do have obligations and to fill up these facts. And we'll be aggressive and getting all these getting these orders, fill the capacities. And you know that's our gaming in the past. We repeatedly and do this -- have done these kind of things in several cycles already. And this cycle, I don't see a difference from the last downturns. And -- but -- so for the capacity expansion, we're still intact in the game. We're not -- we may slow down a little but we really have obligations with our fabs, okay?

是的。正如我們在未來兩年內所說的那樣，我們仍在努力。我們正在與我們的供應商和我剛才提到的消費者業務的遊戲合作，好嗎？原因之一是我們確實有義務填寫這些事實。我們積極進取，讓所有這些人獲得這些訂單，填補產能。你知道那是我們過去的遊戲。我們反复這樣做——已經在幾個週期內完成了這些事情。而這個週期，我看不出與上次低迷有何不同。而且——但是——所以對於產能擴張，我們在遊戲中仍然完好無損。我們不是——我們可能會放慢一點，但我們確實對我們的晶圓廠負有義務，好嗎？

Our next question is from Quinn Bolton of Needham.

我們的下一個問題來自 Needham 的 Quinn Bolton。

Greater ask a quick follow-up. Bernie, I just wanted to ask your sort of thoughts on gross margin. You guided to 58% at the midpoint. It looks like the street consensus was probably 50 to 100 basis points higher than that through the year. So as you look at '23, do you think March is sort of the bottom and margins can trend higher into the second half of the year? Or is this push in the ability to be opportunistic in the consumer segment likely to keep margins flattish in this 58% level through '23.

更好地詢問快速跟進。伯尼，我只是想問問你對毛利率的看法。您在中點引導至 58%。看起來街頭共識可能比全年高出 50 到 100 個基點。因此，當您查看 23 年時，您是否認為 3 月處於底部，利潤率可能會在下半年走高？或者，這種在消費者領域投機取巧的能力的推動可能會使利潤率在 23 年之前保持在 58% 的水平。

Yes, I'd probably look at it as being flattish for the remainder of '23. And when you look at what's taken the margin down and while you're right, we're down 50 basis points. It's not a significant deflation from the rate that we've been at trending at over the last 2 years. And it's really because we have the additional manufacturing capacity, lower revenue. And as we look at the next 2 quarters at least, the sales mix is not as desirable.

是的，在 23 年的剩餘時間裡，我可能會認為它是平淡無奇的。當您查看利潤率下降的原因時，雖然您是對的，但我們下降了 50 個基點。從我們過去兩年的趨勢來看，這並不是一個顯著的通貨緊縮。這真的是因為我們有額外的製造能力，收入較低。至少在接下來的兩個季度中，銷售組合併不理想。

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的 Ross Seymore。

Okay, just a quick follow-up on my side on the margin side as well. And this time on the OpEx side, you guys did a good job on the OpEx. I know you're putting litigation expense up into regular OpEx, which thank you for doing that. But just the trend in OpEx throughout the year last year grew maybe half the rate of what revenues did? How do we think about it this year?

好的，我也可以在保證金方面進行快速跟進。這次在 OpEx 方面，你們在 OpEx 方面做得很好。我知道您將訴訟費用計入常規運營支出，感謝您這樣做。但是去年全年 OpEx 的趨勢增長可能是收入增長速度的一半？今年我們如何看待它？

I think as Michael is expressed here between diversifying our supply chain and continuing to invest in R&D capabilities that we have some very real opportunities for additional investment that would show up in growing our operating expenses. Having said that, though, there is a fair amount of uncertainty as far as what the revenue outlook is, and we wanted to be good financial managers as we go through these market conditions. So I would expect that it's likely that operating expenses won't grow much more than 50%, 60% of revenue growth in the current year.

我認為，正如邁克爾在這裡表達的那樣，在使我們的供應鏈多樣化和繼續投資於研發能力之間，我們有一些非常真實的機會進行額外投資，這些機會會增加我們的運營費用。話雖如此，但就收入前景而言存在相當大的不確定性，我們希望在經歷這些市場條件時成為優秀的財務經理。因此，我預計營業費用的增長很可能不會超過當年收入增長的 50%、60%。

Having said that, in the past, in the past 2 years, now we reached $2 billion company and they all point okay, whatever...

話雖如此，在過去，在過去的兩年裡，現在我們的公司市值達到了 20 億美元，他們都說好，無論如何......

1.8.

1.8.

Yes, 1.8, okay. I mean our infrastructure hasn't really grown that much. in the last couple of years, and it's difficult to hire people and now we have a lot more breathing room, okay, this is the time to build up a company.

是的，1.8，好的。我的意思是我們的基礎設施並沒有真正增長那麼多。在過去的幾年裡，很難招到人，現在我們有了更多的喘息空間，好吧，現在是建立公司的時候了。

Great. And I guess for a quick follow-up, I just wanted to revisit 1 of the questions that was asked, I think it was the very first question or close to the beginning on the storage and computing strength. I know you said notebook was better than you thought and the memory/storage was weaker, and those 2 kind of go the opposite direction in the first quarter then. But those markets in aggregate have been weak across the board for quite some time. So I'm still a little surprised at the strength in the fourth quarter and the stability in the first. What would you attribute that to? Obviously, you're getting the orders, but are you guys taking share? Is it the Tier 1 penetration? Is it content? Just any more color on that because it's such a disconnect to the end market in general?

偉大的。我想為了快速跟進，我只想重新審視所問的其中一個問題，我認為這是關於存儲和計算能力的第一個問題或接近開始的問題。我知道你說筆記本比你想像的要好，內存/存儲更弱，而這兩種情況在第一季度就走向了相反的方向。但這些市場總體上在相當長一段時間內一直疲軟。所以我對第四節的強勢和第一節的穩定還是有點意外的。你會把它歸因於什麼？顯然，你們得到了訂單，但你們在分享嗎？是Tier 1滲透嗎？是內容嗎？只是因為它與一般的終端市場脫節，所以再多塗一點顏色嗎？

I think I believe we gained some shares.

我想我相信我們獲得了一些份額。

Absolutely.

絕對地。

Yes. We gained some market shares. Yes, we're a little bit aggressive on in summer low end market.

是的。我們獲得了一些市場份額。是的，我們在夏季低端市場上有點激進。

Yes.

是的。

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

（操作員說明）由於沒有其他問題，我現在想將網絡研討會轉回 Bernie。

Great. Thank you very much and for joining us for this conference call, and we'll be talking again here for the first quarter update, which will likely be in the late April. So thank you very much.

偉大的。非常感謝您加入我們的電話會議，我們將在這裡再次討論第一季度的更新，這可能會在 4 月下旬進行。非常感謝。