芯源系統 (MPWR) 2021 Q4 法說會逐字稿

Welcome, everyone, to the MPS Fourth Quarter 2021 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.

歡迎各位參加 MPS 2021 年第四季財報網路研討會。請注意，本次研討會將被錄音，並將在 www.monolithicpower.com 的投資人關係頁面存檔 1 年。我的名字是 Genevieve Cunningham，今天我將擔任本次研討會的主持人。

Joining me today are Michael Hsing, CEO and Founder of MPS; and Bernie Blegen, VP and CFO. 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 earnings release and in our SEC filings, including our Form 10-K filed on March 1, 2021, and Form 10-Q filed on November 8, 2021, both of which are accessible through our website.

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。在今天的電話會議過程中，我們將作出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。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，已在第四季財報新聞稿的安全港聲明以及我們向 SEC 提交的文件中加以說明，包括我們於 2021 年 3 月 1 日提交的 Form 10-K，以及於 2021 年 11 月 8 日提交的 Form 10-Q；上述文件均可透過我們的網站取得。

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. A table that outlines the reconciliation between the non-GAAP financial measures to GAAP financial measures is included in our Q4 and full year 2021 earnings release, which we have filed with the SEC and is currently available on our website.

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，以及依 GAAP 與非 GAAP 基礎計算的每股盈餘。這些非 GAAP 財務衡量指標並非依 GAAP 編製，不應被視為 GAAP 財務績效衡量指標的替代或更優指標。我們的 2021 年第四季及全年財報新聞稿中包含一份表格，說明非 GAAP 財務衡量指標與 GAAP 財務衡量指標之間的調節；該新聞稿已向 SEC 提交，並可於我們網站上取得。

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

我也想提醒各位，今天的電話會議正透過網際網路進行即時網路直播，並將在我們的網站上提供重播 1 年，同時也會提供今日稍早向 SEC 提交的財報新聞稿。現在我想把電話交給 Bernie Blegen。

Thanks, Gen. In 2021, MPS surpassed the $1 billion revenue milestone by achieving record full year revenue of $1.2 billion, 43.0% higher than the prior year. This performance represented consistent execution against our strategies and being recognized by more first-tier companies for our superior technologies, product quality and excellent customer support.

謝謝你，Gen。2021 年，MPS 達成並超越 10 億美元營收里程碑，創下全年營收 12 億美元的歷史新高，較前一年成長 43.0%。這項表現代表我們持續一致地執行既定策略，並因卓越的技術、產品品質與優異的客戶支援，而獲得更多一線公司（first-tier companies）的肯定。

As we see more high-quality growth opportunities ahead of us, we continue to invest in our infrastructure and operational capabilities. In 2021, MPS grew capacity by 40% and we are on track to expand capacity in 2022 well beyond $2 billion, allowing the company to successfully ramp new product revenue and achieve strategic market share gains.

隨著我們看到更多高品質的成長機會，我們持續投資於基礎設施與營運能力。2021 年，MPS 產能提升 40%，且我們正按計畫在 2022 年將產能擴充至遠超過 20 億美元的水準，使公司能成功放量新產品營收並取得策略性的市占率提升。

Here are a few highlights, which we achieved in 2021. Brought online a new 8-inch fab and continued to qualify parts in the 12-inch fab we brought online in 2020. We will continue to invest in growing fab and assembly capacity. We designed processor cores and MCU technology into products requiring more sophisticated power solutions such as USB power delivery, smart motor drives and high-power electrification.

以下是我們在 2021 年達成的幾項重點成果：啟用一座新的 8 吋晶圓廠，並持續在我們於 2020 年啟用的 12 吋晶圓廠中進行產品認證。我們將持續投資以擴增晶圓廠與封裝組裝產能。我們將處理器核心與 MCU 技術導入需要更精密電源解決方案的產品中，例如 USB 電力傳輸（USB power delivery）、智慧馬達驅動與高功率電氣化。

Our first prototype of a high-precision analog digital converter product for medical applications achieved outstanding silicon performance in lab evaluations. We have started customer sampling in Q1 '22. Validation of this technology is a strong first step in developing a new business segment supporting both industrial and infrastructure end market applications. We believe new product revenue from a large number of previously released designs will ramp in 2022. The representative sample includes products supporting applications in VR14, 5G, BMS, ADAS, AI, USBPD, DDR and many more.

我們首款用於醫療應用的高精度類比數位轉換器產品原型，在實驗室評估中展現出色的晶片效能。我們已於 2022 年第一季開始向客戶送樣。此技術的驗證，是我們開發新業務區塊、以支援工業與基礎設施終端市場應用的重要第一步。我們相信，來自大量先前已發布設計的新產品營收將在 2022 年放量成長。代表性樣本包括支援 VR14、5G、BMS、ADAS、AI、USBPD、DDR 等多種應用的產品，以及更多其他產品。

Turning to our full year 2021 revenue by market segment compared with 2020. Automotive revenue was up 87.5%. Computing and storage revenue up 47.0%; industrial revenue up 54.5%; consumer revenue up 28.1%; and communications revenue up 15.3%, demonstrating just how broad-based our full year 2021 revenue improvement was.

接著看 2021 年全年按市場區隔的營收，並與 2020 年比較。汽車營收成長 87.5%；運算與儲存營收成長 47.0%；工業營收成長 54.5%；消費性營收成長 28.1%；通訊營收成長 15.3%。這顯示我們 2021 年全年營收改善的基礎相當廣泛。

Automotive revenue grew $95.4 million to $204.3 million in 2021. This 87.5% year-over-year gain primarily represented increased sales of our highly integrated applications supporting the digital cockpit, automated driver assistance systems and connectivity. Automotive revenue represented 16.9% of MPS' full year 2021 revenue compared with 12.9% in 2020.

汽車營收於 2021 年增加 9,540 萬美元至 2.043 億美元。此 87.5% 的年增幅主要反映我們高度整合型應用的銷售增加，這些應用支援數位座艙（digital cockpit）、自動駕駛輔助系統（automated driver assistance systems）與連線功能。汽車營收占 MPS 2021 年全年營收的 16.9%，相較 2020 年的 12.9% 提升。

Full year 2021 computing and storage revenue grew $119.1 million over the prior year to $372.3 million. This 47.0% increase primarily resulted from strong sales growth for enterprise notebooks, cloud computing and storage applications. Computing and storage revenue represented 30.8% of MPS' total revenue in 2021 compared with 30.0% in 2020.

2021 年全年運算與儲存營收較前一年增加 1.191 億美元至 3.723 億美元。此 47.0% 的成長主要來自企業級筆電、雲端運算與儲存應用的強勁銷售成長。運算與儲存營收於 2021 年占 MPS 總營收的 30.8%，相較 2020 年的 30.0% 略為提高。

Industrial revenue grew $65.2 million to $184.8 million in 2021. This 54.5% year-over-year increase was broad-based with each of our primary product lines enjoying better than double-digit revenue growth. Industrial revenue represented 15.3% of MPS' full year 2021 revenue compared with 14.2% in 2020.

工業營收於 2021 年增加 6,520 萬美元至 1.848 億美元。此 54.5% 的年增幅涵蓋面廣，我們各主要產品線皆享有優於兩位數的營收成長。工業營收占 MPS 2021 年全年營收的 15.3%，相較 2020 年的 14.2% 提升。

Consumer revenue grew $61.9 million to $282.3 million, reflecting increased product sales for home appliances and smart TVs. Consumer revenue represented 23.4% of MPS' full year 2021 revenue compared with 26.1% in 2020. Communications revenue grew $21.8 million to $164.1 million. This 15.3% improvement reflected higher sales of products for both infrastructure and wireless routers and gateway applications. Communications revenue represented 13.6% of our 2021 revenue compared with 16.9% in 2020.

消費性營收增加 6,190 萬美元至 2.823 億美元，反映家電與智慧電視的產品銷售增加。消費性營收占 MPS 2021 年全年營收的 23.4%，相較 2020 年的 26.1% 下降。通訊營收增加 2,180 萬美元至 1.641 億美元。此 15.3% 的改善反映基礎設施以及無線路由器與閘道器（gateway）應用產品的銷售提升。通訊營收占我們 2021 年營收的 13.6%，相較 2020 年的 16.9% 下降。

Switching to Q4. MPS had a record fourth quarter with revenue of $336.5 million, 4.0% higher than revenue generated in the third quarter of 2021 and 44.4% higher than the comparable quarter in 2020. By market segment, revenue for computing and storage grew 91.6% year-over-year, communication grew 54.7%, automotive grew 43.2%, industrial grew 33.3% and consumer grew 1.9%.

接著看第四季。MPS 第四季創下單季新高，營收為 3.365 億美元，較 2021 年第三季營收高 4.0%，較 2020 年同期高 44.4%。按市場區隔來看，運算與儲存營收年增 91.6%，通訊年增 54.7%，汽車年增 43.2%，工業年增 33.3%，消費性年增 1.9%。

Fourth quarter 2021 GAAP gross margin was 57.6%, same as third quarter 2021 and 230 basis points higher than the fourth quarter of 2020. Our GAAP operating income was $78.6 million, compared to $77.1 million reported in the third quarter of 2021 and $40.0 million reported in the fourth quarter of 2020.

2021 年第四季 GAAP 毛利率為 57.6%，與 2021 年第三季相同，並較 2020 年第四季高 230 個基點。我們的 GAAP 營業利益為 7,860 萬美元，相較 2021 年第三季的 7,710 萬美元，以及 2020 年第四季的 4,000 萬美元。

Fourth quarter 2021 non-GAAP gross margin was 57.9%, 10 basis points higher than the third quarter of 2021 and 220 basis points higher than the fourth quarter of 2020. The year-over-year expansion in fourth quarter non-GAAP gross margin was largely due to a shift in sales mix favoring the high-value greenfield products and operational efficiency gains, which more than offset higher product input costs. MPS achieved noteworthy market share gains in 2021 due in large measure to product availability and disciplined sales price management. Our non-GAAP operating income was $112.0 million compared to $108.4 million reported in the prior quarter and $66.3 million reported in the fourth quarter of 2020.

2021 年第四季非 GAAP 毛利率為 57.9%，較 2021 年第三季高 10 個基點，較 2020 年第四季高 220 個基點。第四季非 GAAP 毛利率的年對年擴張，主要由於銷售組合轉向高價值的綠地（greenfield）產品，以及營運效率提升，這些因素足以抵銷較高的產品投入成本。MPS 在 2021 年取得顯著的市占率提升，很大程度歸因於產品供應可得性以及嚴謹的銷售價格管理。我們的非 GAAP 營業利益為 1.120 億美元，相較前一季的 1.084 億美元，以及 2020 年第四季的 6,630 萬美元。

Let's review our operating expenses. Our GAAP operating expenses were $115.3 million in the fourth quarter compared with $109.2 million in the third quarter of 2021 and $88.9 million in the fourth quarter of 2020. Our non-GAAP fourth quarter 2021 operating expenses were $83.0 million, up from the $78.7 million we spent in the third quarter of 2021 and up from the $63.6 million reported in the fourth quarter of 2020.

讓我們回顧一下我們的營運費用。我們第四季的 GAAP 營運費用為 1.153 億美元，較 2021 年第三季的 1.092 億美元增加，亦較 2020 年第四季的 8,890 萬美元增加。我們 2021 年第四季的非 GAAP 營運費用為 8,300 萬美元，高於 2021 年第三季的 7,870 萬美元，亦高於 2020 年第四季所報告的 6,360 萬美元。

On both a GAAP and a non-GAAP basis, fourth quarter 2021 litigation expense was a credit balance of $420,000 compared with a $3.4 million expense in Q3 2021 and a $1.5 million expense in Q4 2020. The credit balance in fourth quarter 2021 litigation expense reflected in IP settlement, refund of a legal retainer and lower-than-anticipated fees. The differences between GAAP and non-GAAP operating expenses for the quarters discussed here are stock compensation expense and income or loss from an unfunded deferred compensation plan. Fourth quarter 2021 stock compensation expense, including $921,000 charged to cost of goods sold, was $31.2 million compared with $31.6 million recorded in the third quarter of 2021.

無論以 GAAP 或非 GAAP 基礎計算，2021 年第四季的訴訟費用為 42 萬美元的貸方餘額，相較之下，2021 年第三季為 340 萬美元費用，2020 年第四季為 150 萬美元費用。2021 年第四季訴訟費用出現貸方餘額，反映了智慧財產權（IP）和解、法律預付費用（retainer）退款，以及低於預期的費用。此處所討論各季度 GAAP 與非 GAAP 營運費用之差異，主要為股票補償費用，以及未注資遞延補償計畫所產生的收益或損失。2021 年第四季股票補償費用（包含計入銷貨成本的 92.1 萬美元）為 3,120 萬美元，較 2021 年第三季認列的 3,160 萬美元略低。

Switching to the bottom line. Fourth quarter 2021 GAAP net income was $72.7 million or $1.51 per fully diluted share compared with $1.44 per share in the third quarter of 2021 and $0.90 per share in the fourth quarter of 2020. Q4 2021 non-GAAP net income was $102.1 million or $2.12 per fully diluted share compared with $2.06 per share in the third quarter of 2021 and $1.31 per share in the fourth quarter of 2020. Fully diluted shares outstanding at the end of Q4 2021 were 48.2 million.

接著看最終損益。2021 年第四季 GAAP 淨利為 7,270 萬美元，或每股完全稀釋後盈餘 1.51 美元，相較之下，2021 年第三季為每股 1.44 美元，2020 年第四季為每股 0.90 美元。2021 年第四季非 GAAP 淨利為 1.021 億美元，或每股完全稀釋後盈餘 2.12 美元，相較之下，2021 年第三季為每股 2.06 美元，2020 年第四季為每股 1.31 美元。2021 年第四季末完全稀釋後流通股數為 4,820 萬股。

Now let's look at the balance sheet. As of December 31, 2021, cash, cash equivalents and investments totaled $727.5 million compared to $744.5 million at the end of the third quarter of 2021. For the fourth quarter of 2021, MPS generated operating cash flow of about $28.2 million compared with Q3 2021 operating cash flow of $117.8 million. The between quarter drop in operating cash flow primarily reflected a $51.3 million increase in inventory and higher accounts receivable.

現在我們來看資產負債表。截至 2021 年 12 月 31 日，現金、約當現金及投資合計為 7.275 億美元，相較 2021 年第三季末的 7.445 億美元。2021 年第四季，MPS 產生的營運現金流約為 2,820 萬美元，相較 2021 年第三季的營運現金流 1.178 億美元。季度間營運現金流下滑主要反映存貨增加 5,130 萬美元，以及應收帳款較高。

Fourth quarter 2021 capital spending totaled $17.6 million. Accounts receivable ended the fourth quarter of 2021 at $104.8 million or 28 days of sales outstanding compared with the $79.9 million or 22 days of sales outstanding reported at the end of the third quarter of 2021 and the $66.8 million or 26 days reported at the end of the fourth quarter of 2020.

2021 年第四季資本支出合計為 1,760 萬美元。2021 年第四季末應收帳款為 1.048 億美元，或銷售天數（DSO）為 28 天；相較之下，2021 年第三季末為 7,990 萬美元或 22 天，2020 年第四季末為 6,680 萬美元或 26 天。

Our internal inventories at the end of the fourth quarter of 2021 were $259.4 million, up from the $208.1 million at the end of the third quarter of 2021. Calculated on a basis consistent with our past practice and as you can see from the webinar video, days of inventory rose to 166 days at the end of Q4 2021 from the 134 days at the end of the third quarter of 2021. Historically, we've calculated days of inventory on hand as a function of the current quarter revenue. We believe comparing current inventory levels with the following quarter's revenue provides a better economic match.

截至 2021 年第四季末，我們內部存貨為 2.594 億美元，高於 2021 年第三季末的 2.081 億美元。依照與我們過往慣例一致的計算基礎（如您可從網路研討會影片中看到），2021 年第四季末的存貨天數由 2021 年第三季末的 134 天上升至 166 天。過去我們一向以當季營收作為計算在手存貨天數的基礎。我們認為，將當期存貨水位與下一季營收相比，能更貼近經濟上的配比。

On this basis, again, you can see days of inventory increased to 152 days at the end of the fourth quarter of 2021 from 133 days at the end of the third quarter of 2021.

在此基礎下，同樣可以看到，2021 年第四季末的存貨天數由 2021 年第三季末的 133 天增加至 152 天。

I would now like to turn to our Q1 2022 outlook. We are forecasting Q1 2022 revenue in the range of $354 million to $366 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 $36.9 million to $38.9 million, including approximately $1.1 million that would be charged to cost of goods sold; GAAP, R&D and SG&A expenses between $119.2 million and $123.2 million.

接下來我想談談我們對 2022 年第一季的展望。我們預估 2022 年第一季營收介於 3.54 億至 3.66 億美元。我們也預期如下：GAAP 毛利率介於 57.4% 至 58.0%；非 GAAP 毛利率介於 57.7% 至 58.3%；股票基礎補償費用總額介於 3,690 萬至 3,890 萬美元，其中約 110 萬美元將計入銷貨成本；GAAP 研發（R&D）與銷售、一般及行政（SG&A）費用介於 1.192 億至 1.232 億美元。

Non-GAAP R&D and SG&A expenses to be in the range of $83.4 million, $85.4 million. This estimate excludes stock compensation and litigation expenses. Litigation expenses to be in the range of $2.3 million to $2.7 million. Interest income is expected to range from $1.0 million to $1.4 million before foreign exchange gains or losses. Fully diluted shares to be in the range of 47.8 million to 48.8 million shares.

非 GAAP 研發與 SG&A 費用預計介於 8,340 萬至 8,540 萬美元。此估計不包含股票補償與訴訟費用。訴訟費用預計介於 230 萬至 270 萬美元。利息收入預計在扣除外匯損益前介於 100 萬至 140 萬美元。完全稀釋後股數預計介於 4,780 萬至 4,880 萬股。

Finally, I'm pleased to announce a 25% increase in our quarterly dividend to $0.75 per share from $0.60 per share for stockholders of record as of March 31, 2022.

最後，我很高興宣布，我們將季度股利提高 25%，由每股 0.60 美元提高至每股 0.75 美元，適用於截至 2022 年 3 月 31 日登記在冊的股東。

In conclusion, MPS' strong financial performance in 2021 was largely due to a 40% increase in fab and assembly capacity, which supported our high-value greenfield product revenue ramp. Looking ahead, MPS is on track to expand capacity in 2022 well beyond $2 billion, allowing the company to successfully ramp new product revenue and achieve strategic market share gains in 2023, 2024 and beyond.

總結而言，MPS 在 2021 年的強勁財務表現，主要來自晶圓廠（fab）與封裝組裝產能提升 40%，支撐了我們高價值綠地（greenfield）產品營收的快速爬坡。展望未來，MPS 正按計畫在 2022 年將產能擴充至遠超過 20 億美元的水準，使公司能順利推升新產品營收，並在 2023 年、2024 年及更長遠的未來取得策略性的市占率提升。

Thank you, Bernie. Analysts, I would now like to begin our Q&A session. (Operator Instructions) Our first question is from Tore Svanberg of Stifel, Nicolaus.

謝謝你，Bernie。各位分析師，接下來我們開始問答環節。（接線員指示）我們的第一個問題來自 Stifel, Nicolaus 的 Tore Svanberg。

Yes. Thank you, and congratulations on the very, very strong results. So I'm going to ask this question differently. Usually, people ask you how come you carry so much inventory. This time, I'm going to ask you how were you able to actually get your inventory days that high? How are you both finding the capacity and, again, being able to build the inventory in spite of this very, very tight environment we're seeing in the industry?

是的，謝謝你，也恭喜你們取得非常、非常強勁的成果。所以我會用不同的方式來問這個問題。通常大家會問你們為什麼要持有這麼多存貨。這次我想問的是，你們是如何把存貨天數實際拉到這麼高的？在我們看到產業環境非常、非常緊俏的情況下，你們如何同時找到產能，並且仍能建立存貨？

Well, as you know, in this business, building inventories and qualified fabs, okay, these are not 1-day, 2-day things. They're not short term. These all we planned it a few years ago. And now we got just the opportunity presented and we just catch it. And nothing was short term, okay. We couldn't -- we don't have a crystal ball for the futures. And we just react. We just plan ahead and react as fast as we can.

嗯，如你所知，在這個產業裡，建立存貨以及取得合格的晶圓廠產能，好吧，這不是一兩天就能完成的事，並非短期行為。這些都是我們幾年前就規劃好的。現在機會出現了，我們就把握住。沒有任何事情是短期的，好吧。我們不可能有水晶球去預測未來。我們只是因應情勢。我們只是提前規劃，並盡可能快速地反應。

And I think to add to that, that shows that we have a lot of inventory on hand that presents the capacity to allow us for sales in the next 2 quarters. So what we've done is made conscious investments in inventory in the supply chain. And what we're trying to do is manage such that we hold the inventory. We're still keeping channel in the -- our channel inventory lean and we're trying to make sure to the best of our abilities that we're in touch with the inventories that our customers are keeping so they're likewise lean.

我想補充一下，這也顯示我們手上有相當多的存貨，提供了讓我們在接下來兩個季度進行銷售的產能。因此，我們在供應鏈中有意識地對存貨進行投資。我們試圖以一種方式來管理，也就是由我們持有存貨。同時，我們仍然讓通路端——我們的通路存貨保持精實，並且盡我們所能確保掌握客戶端所持有的存貨水位，讓他們同樣維持精實。

I also want to add, okay, as you remember, a few years ago, I talk about MPS is going for well beyond million or a couple of million dollars. And I wasn't joking and we planned ahead for our business. That's what we thought a few years ago. And now you grow this much is, of course, we didn't expect that. And -- but we do have capacities that, okay, I mean -- and we do have to do some creative ways and scrambling to get to a 45%. And so that's all that is. It wasn't -- we don't have magic tricks in the last 6 months or so.

我也想補充，好吧，如你所記得，幾年前我談到 MPS 的目標是遠遠超過一百萬或幾百萬美元。那不是開玩笑，我們是為了業務提前做規劃。那是我們幾年前的想法。而現在成長到這麼多，當然，我們並沒有預期到。但——我們確實有產能，好吧，我的意思是——而且我們也必須用一些有創意的方法並四處奔走，才能達到 45%。所以就是這樣。並不是——我們在過去大概 6 個月裡有什麼魔法招數。

And it's good as you note -- as Michael noted, we crossed the $1 billion revenue threshold and our revenue growth rate has accelerated from historic precedent.

而且正如你所指出的——也如 Michael 所提到的，我們已跨越 10 億美元營收門檻，且我們的營收成長率相較於過往的歷史趨勢已加速。

Yes. No, well done. As my follow-up question, could you just add a little bit more color on the $2 billion worth of capacity? You've talked about now ramping in an 8-inch, you're also qualifying products on 12-inch. Will there actually be 12-inch product sales this year?

是的。不，做得很好。作為我的追問，你能否再多補充一些關於那 20 億美元產能的細節？你們談到現在正在擴產 8 吋，也在 12 吋上進行產品認證。今年實際上會有 12 吋產品的銷售嗎？

Yes. We're qualifying, as you know, MPS don't build a fab. And we don't have a lot of capital spending, but we do have increased all these capacity. Qualified fabs that, okay, I mean that costs money. And so to answer your questions, we do transitions, okay. Nowadays, okay, we get all this capacity, whether it's 12-inch or 8-inch, as much as we can.

會的。我們正在做認證，如你所知，MPS 不會自己蓋晶圓廠。我們的資本支出不多，但我們確實把這些產能都提高了。把合格的晶圓廠認證好——我的意思是，那是要花錢的。所以回答你的問題，我們會做轉換，好嗎。如今，我們會盡可能取得所有這些產能，不管是 12 吋或 8 吋，能拿多少就拿多少。

And just to add to that, that was our second 12-inch fab that we brought online in 2020.

另外補充一下，那是我們在 2020 年上線的第二座 12 吋晶圓廠。

Yes.

是的。

Right. Very good. I'll go back in line. Congrats again.

好的。非常好。我回到隊列裡。再次恭喜。

Our next question comes from William Stein of Truist.

下一個問題來自 Truist 的 William Stein。

Congrats on the eye-popping results and outlook. I want to ask about the module business that you've spoken about in the past, this thing that might even accelerate growth further over time. I'm wondering what percentage of revenue modules contributes today and how we should think about the trajectory of that business? And if you could also comment on any potential tuck-in acquisitions that were either executed or contemplated for -- in the future to fulfill your strategy in that area?

恭喜你們令人驚豔的業績與展望。我想問你們過去提過的模組業務，這個業務隨時間推移甚至可能進一步加速成長。我想知道目前模組對營收的貢獻比例是多少，以及我們應該如何看待該業務的發展軌跡？另外，你能否也評論一下，為了在該領域落實你們策略，未來是否有任何可能的補強式併購（tuck-in acquisitions），不論是已執行或正在考慮中的？

Yes. Okay. I'm glad you asked the question. The module business, I think, is shy of 10% in the fall of this year.

是的。好的。我很高興你問到這個問題。模組業務，我認為到今年秋天時占比不到 10%。

It's actually about mid-single digits.

實際上大約是中個位數百分比。

Okay. Yes, yes. And so you can quantify much more accurately, okay. I don't know all the numbers in detail. All I know is we grew about 100% every year in the last couple of years. And now you're using the word accelerated this year and the next couple of years. That's what I see it now. And the other things, okay, the second part of your question is about the acquisitions for the tuck-in technology or to enhance our future growth on -- using our MPS technology. For those companies, we are engaged with a handful of a company, like more than 5 or 6 companies, and so far, we're engaging with it. And nothing we -- there's nothing material like we should announce now.

好的。是的，是的。所以你可以更精準地量化，好嗎。我不掌握所有細節數字。我只知道過去幾年我們每年大約成長 100%。而你現在用「加速」這個詞來形容今年以及接下來幾年——這就是我目前看到的情況。至於你問題的第二部分，是關於為了補強技術或提升未來成長、以運用我們 MPS 技術而進行的併購。對於那些公司，我們正在與少數幾家公司接觸，大概超過 5、6 家；目前仍在洽談中。到目前為止，沒有任何重大事項需要我們現在對外宣布。

Our next question is from Alex Vecchi of William Blair.

下一個問題來自 William Blair 的 Alex Vecchi。

I echo the congratulations on the outstanding results. Just maybe to expand on Tore's question with regards to the capacity expansion from $2 billion on, can you quantify how much more capacity you think you'll be adding in the next year or 2 or 3 or the right way to think about it? I think in the past, you've alluded to the fact that the current product portfolio can support upwards of $3 billion to $4 billion in revenues. So is that sort of the right way to think about the long-term trajectory?

我也同樣恭喜你們出色的成果。或許延伸 Tore 關於從 20 億美元起的產能擴張問題，你能否量化一下你們認為未來 1 年、2 年或 3 年會再增加多少產能，或是應該用什麼方式來思考？我記得過去你們曾提到，現有產品組合可支撐約 30 億到 40 億美元的營收。所以這是否就是思考長期發展軌跡的正確方式？

Yes. That's absolutely correct. And for the semiconductors, yes, we have to have the fab capacities for that kind of revenue. But even growing the features because we're selling more high-dollar modules and solutions and which utilizes silicons even less. So we have -- we should have -- we shouldn't -- and our semi -- wafer capacity even so will be less factors.

是的。完全正確。就半導體而言，是的，我們必須具備能支撐那種營收規模的晶圓廠產能。但即便在功能與特性上持續成長，因為我們賣出更多高單價的模組與解決方案，而這些對矽晶圓的使用量反而更少。所以我們有——我們應該有——我們不應該——而且我們的半導體——晶圓產能即便如此也會是較少的因素。

That's actually really helpful. And then similarly with the comments on -- in terms of the segment breakdown, the storage and compute segment was very strong in the quarter. And I think you've talked a little bit about enterprise notebooks. It seems like that's one of the areas, notebooks in general, where there's a little investor trepidation going forward. Can you maybe talk about what the opportunity there is and -- or maybe what the SAM is for your notebook outlook over the next few years?

這確實很有幫助。接著同樣延伸你們對——就部門拆分的評論，本季儲存與運算部門表現非常強。我想你們也稍微談到企業筆電。看起來那是筆電整體中投資人對未來有些疑慮的領域之一。你能否談談那裡的機會是什麼，或是未來幾年你們筆電展望的 SAM（可服務市場規模）大概是多少？

Sure. I think it's important to qualify that the growth that we've experienced, in particular over the last 2, 3 years, has really been at the enterprise level, where we're selling into units that would retail for above $1,200. And we've been very successful as far as capturing a large part of market share that really is not necessarily driven by consumer trends. So they're not as prone to the downward unit numbers that are being projected for notebooks.

當然。我認為重要的是要先釐清，我們所經歷的成長，特別是在過去 2、3 年，主要是在企業端層級，我們銷售的機種零售價格通常在 1,200 美元以上。而且我們在取得相當大的市占方面非常成功，這其實不一定是由消費者趨勢所驅動。因此，它們不會那麼容易受到外界對筆電出貨量下滑預測的影響。

Yes. Overall, we want to achieve a balanced growth. We don't want to be known as a notebook company. And that's MPS' strategy, is diversify the growth.

是的。整體而言，我們希望達成均衡成長。我們不想被認為是一家筆電公司。而 MPS 的策略就是分散成長來源。

And just to pick up on Michael's point, we saw a very strong uptick in our cloud and server business, particularly in Q4, which we expect to continue to ramp into 2022.

另外承接 Michael 的觀點，我們看到雲端與伺服器業務有非常強勁的上升動能，特別是在第四季，我們預期這個趨勢會持續並在 2022 年進一步放量。

Overall, the notebook revenue is very, very -- is a single digit now.

整體來看，筆電營收現在是非常、非常——是個位數占比。

Our next question is from Quinn Bolton of Needham.

下一個問題來自 Needham 的 Quinn Bolton。

I'll offer my congratulations as well. Bernie and Michael, I'm surprised you haven't gotten the question yet, but I followed the company for a long time. I think this is the biggest gross margin beat you guys may have ever put up. If I got my numbers right, you beat gross margin by 130 basis points in this quarter. Looking back to the third quarter, I think you had a $4 million litigation revenue in the number that drove strength in gross margin, but that was clearly a onetime issue. So can you talk first about what drove the strength in gross margins and you're guiding them effectively flat, up 10 basis points technically in the first quarter. So it looks like that margin strength continues. Can you just talk about gross margin?

我也表示恭喜。Bernie 和 Michael，我有點驚訝你們還沒被問到這題，但我長期追蹤這家公司。我認為這可能是你們有史以來最大的毛利率超預期。如果我算得沒錯，本季你們毛利率比預期高出 130 個基點。回頭看第三季，我記得你們的數字裡有 400 萬美元的訴訟收入帶動毛利率走強，但那顯然是一次性因素。所以你們能否先談談是什麼驅動了毛利率的強勁表現？而你們對第一季的指引基本上是持平，技術上上升 10 個基點。看起來毛利率強勢仍在延續。能否談談毛利率？

Sure. We tried to reflect on that a little bit in the prepared comments, where I indicated that we're benefiting right now by a more favorable shift in our product mix, which is higher margins on the new greenfield business, but also operational efficiencies, as far as we indicated earlier, the percentage of silicon that's coming from 12-inch but also as a reflection of our improved quality standards. So I think that as we've reflected on what the sustainable margin going forward, that we've offered sort of a new floor, which we look to grow again 10 to 20 basis points sequentially, although obviously, we'll keep our eyes open if there is an opportunity to have another step-up.

當然。我們在事先準備的講稿中有稍微反映這點，我提到我們目前受惠於更有利的產品組合轉變，也就是新開拓（greenfield）業務的較高毛利；同時也受惠於營運效率提升，例如我們先前提到的，來自 12 吋的矽占比提高，以及我們品質標準改善所帶來的反映。因此，當我們回頭檢視未來可持續的毛利率水準時，我們等於提出了一個新的底部水準；我們希望之後能再以每季 10 到 20 個基點的幅度逐季成長，當然，如果有機會再出現一次向上跳升，我們也會保持關注。

Yes. There's another side, okay. A few years ago, we talked about our greenfield product. And then you actually, I remember, asked, there is no headwind in -- is there any headwind in the gross margins. So the answer was, in all these new products, greenfield product, will all aim at the high-end products and high values. And so the gross margin should be better. So this time, okay, we didn't increase the price that much. We pretty much passed the cost to our customers or not even passed to our customers. But as Bernie said, shifted to 12-inch and also the internal efficiency improvement. And with a high gross margin product, that is the majority of the gross margin improvement.

是的。還有另一面，好嗎。幾年前我們談過我們的 greenfield 產品。然後我記得你其實問過，在——毛利率方面是否沒有逆風、是否有任何逆風。所以答案是，所有這些新產品、greenfield 產品，都會瞄準高階產品與高價值。因此毛利率應該會更好。這一次，好嗎，我們並沒有大幅漲價。我們大致上把成本轉嫁給客戶，或甚至沒有完全轉嫁。但如 Bernie 所說，轉向 12 吋以及內部效率改善，再加上高毛利產品占比提高，這些就是毛利率改善的主要原因。

Got it. And as a follow-on, for 2 quarters now, you've seen a pretty nice increase in your internal inventory levels. Wondering if you could just comment, as you're building that internal inventory, how much of that is for new greenfield products versus, say, the run rate business?

了解。再追問一下，連續兩個季度你們的內部庫存水位都有相當不錯的增加。想請你們評論一下，當你們建立這些內部庫存時，其中有多少是為了新的 greenfield 產品， versus 例如既有的常態（run rate）業務？

Clearly, we shifted away from a consumer side. And so that we allocated a lot of products for these high-end targeted -- MPS targeted market segment. So we grow the inventories for those segments.

顯然，我們已經從消費端轉移開來。因此，我們把大量產品配置到這些高階、以 MPS 為目標的市場區隔。所以我們也增加了這些區隔的庫存。

I think something to add there is that we do have some high-volume business and we're treating that as run rate. So we're -- it's probably the area that has the tightest capacity. But where we have these new products, the greenfield opportunities and we have new customers and new markets, as an insurance policy to make sure that they're perceived very positively and that we can cover upside potential, we have been building inventory to support that. And I think that's being reflected very well as far as the customer acceptance of the new products as well as market share gains afforded by appropriate inventory levels.

我想補充一點，我們確實有一些高出貨量的業務，而我們把它視為常態運行的水準。因此我們——那可能是產能最吃緊的領域。不過在我們有這些新產品、綠地機會，並且有新客戶與新市場的地方，作為一種保險措施，為了確保它們被非常正面地看待，並且我們能夠覆蓋上行潛力，我們一直在建立庫存來支援它。我認為，這也在新產品的客戶接受度，以及因適當庫存水位所帶來的市佔率提升方面，反映得非常好。

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。

I'll echo the congrats. I wanted to follow up on the second half of your answer to Quinn's question there, Bernie. In the past, you guys have always gained market share and very consistently so. This year was -- well, this past year was no different. But you also had significantly greater availability than your competition. So I just wanted to see what the client or the customer relationship, how that's been enhanced because of the availability. Do you believe that the wins you've gotten from availability will lead to sticky relationships going forward? You mentioned moving up into kind of first-tier customer base. I'm just trying to figure out the sustainability of the revenue growth because of that availability dynamic.

我也附和一下恭喜。我想針對你剛才回答 Quinn 問題的後半段追問一下，Bernie。過去你們一直都在提升市佔率，而且非常一致。今年——嗯，去年也是如此。但你們的供貨可得性也明顯高於競爭對手。所以我想了解，因為可得性，你們與客戶之間的關係如何被強化？你是否認為，因可得性而拿下的這些勝利，未來會帶來更黏著的合作關係？你提到往第一線客戶群上移。我只是想釐清，因為這個可得性動態所帶來的營收成長，其可持續性如何。

That's a very, very good question. So okay, how did we grow like 45% over -- close to a $1 billion base, okay? Well, you think about it, okay, all these products that we released in greenfield products and these to our first-tier customers. And usually, these are large customers that they're ramping a new supply very carefully. So they don't allocate a large percentage. They always have a second source. And now, okay, have a shortage everywhere. MPS have capacities. So everything shifted to MPS. That's one factor. And the second factor is that we talk about MPS products are more programmable and our customers find out. Before, they cared less. And now they find out, our product -- single product can do multiple purpose and that contributes another factor. And so we can replace and we can shortly redesign -- our customers redesign and then source out to adopt the MPS solutions. So -- but these 2 points, okay, is very sticky, especially the second point, and our MPS products are more programmable and they enjoy that. And they solve their problems and they realize the values. And so I would say they're very sticky.

這是一個非常、非常好的問題。好，那我們是怎麼在接近 10 億美元的基礎上成長約 45% 的，對吧？你想想看，我們釋出的所有這些綠地產品，以及提供給第一線客戶的產品。通常這些都是大型客戶，他們在導入新的供應來源時會非常謹慎地爬坡，所以不會配置很高的比例；他們總是會有第二來源。而現在呢，到處都缺貨，但 MPS 有產能，所以一切都轉向 MPS。這是一個因素。第二個因素是，我們談到 MPS 的產品更具可程式化，而客戶也發現了這點。以前他們不太在意，現在他們發現，我們的產品——單一產品可以做多種用途，這又貢獻了另一個因素。因此我們可以替換，並且可以在短時間內重新設計——客戶重新設計後再轉而採用 MPS 的解決方案來採購。所以——但這兩點都非常黏著，尤其是第二點：我們的 MPS 產品更可程式化，他們很喜歡；它們解決了他們的問題，他們也意識到其價值。所以我會說，這非常黏著。

Great. And I guess as my follow-up question, I thought you talked about another greenfield opportunity, which is a huge part of the analog market, which is getting into the converter side of things. Can you just talk a little bit about your aspirations there, some of the applications you're going after? And what sort of opportunity you see unfolding in that?

很好。那我接著追問，我記得你提到另一個綠地機會，這在類比市場中占比很大，也就是切入轉換器（converter）這一側。你能否談談你們在那方面的企圖心、你們鎖定的一些應用？以及你看到那裡會展開什麼樣的機會？

Yes. We just -- we did -- we do have a silicon and announced and the performance is outstanding. And these are the new market segments and these are purely in the single side, which we never have it. These are internally developed. We have a group of people and they have a lot of experience and that's a new market segment for us. So the focus will be the communications and also medical applications, like imaging, x-rays and ultrasounds and those type of things.

是的。我們剛——我們確實有矽產品並且已經公告，其效能非常出色。這些是新的市場區隔，而且完全是在單一端（single side），我們以前從未涉足。這些是內部開發的。我們有一個團隊，他們經驗非常豐富，這對我們來說是一個新的市場區隔。因此重點會放在通訊，以及醫療應用，例如影像、X 光、超音波等這類。

And just to add, as far as the characteristics of this technology, there are not a lot of companies that have been successful with this. And the ones that have, have carved out pretty exclusive markets. And as a result of that, they command very high gross margins. So we look to be a new market entrant, but also with a very -- a big competitive advantage.

再補充一下，就這項技術的特性而言，成功做到的公司並不多。而那些成功的公司，往往切出相當排他的市場。因此他們能夠取得非常高的毛利率。所以我們希望成為新的市場進入者，同時也具備非常——很大的競爭優勢。

Yes. So it's -- yes, it is a milestone for MPS. A so-called high-performance analog company, they tried it and they achieved a mediocre result. And now, okay, see what we can do. And we do have a product and so for the next couple of years and we'll see what we can do.

是的。所以——是的，這對 MPS 來說是一個里程碑。所謂的高效能類比公司，他們嘗試過，但只達到普通的結果。而現在，好吧，看看我們能做到什麼。我們確實有產品，所以接下來幾年，我們會看看能做到什麼。

Our next question is from Chris Caso from Raymond James.

我們的下一個問題來自 Raymond James 的 Chris Caso。

For my first question, talk a little bit about seasonality. And obviously, the Q1 results are better than what we normally expect in a seasonal Q1 and I suspect that's because of some of the capacity additions that you're bringing on. Can you talk about these capacity additions as we go through the year? Are they brought in, in the road to the $2 billion revenue level, capacity level, is that going to come on fairly evenly during the year? Is there a step up at some point? And then when that happens, do you think that you will be fully able to meet your customer requirements presumably this year?

我的第一個問題想談談季節性。很明顯，第一季的結果比我們通常預期的季節性第一季要好，我猜這是因為你們正在導入一些新增產能。你能談談這些產能新增在今年的節奏嗎？在通往 20 億美元營收水準的路上，產能水準會在一年中相對平均地到位嗎？還是某個時間點會有一個階梯式提升？然後當那發生時，你認為今年你們是否就能完全滿足客戶需求？

Chris, I think you get credit for 3 questions there. Hopefully, I'll be able to keep the thread going. The first issue had to do with seasonality and generally speaking, from Q4 to Q1, we observe a modest dip. In fact, because we have such an imbalance, an unprecedented demand-supply imbalance, that in fact seasonality is not as much a function today as opposed to your second question, which has to do with product availability. And that's sort of the gating item for how fast a company can grow.

Chris，我想你那裡其實算是三個問題了。希望我能把脈絡都串起來。第一個議題是季節性。一般而言，從第四季到第一季，我們會觀察到小幅下滑。事實上，由於我們目前存在如此失衡、前所未有的供需失衡，季節性今天的影響反而沒那麼大；相較之下，更關鍵的是你的第二個問題，也就是產品可得性。那有點像是決定一家公司能成長多快的門檻項目。

And as Michael pointed out earlier, is that as part of our company, we've always built capacity alongside the development of our new products. So we, in fact, got out in front of this upsurge in the market and have been able to participate and in fact accelerate our capacity build-out. And that's really a reflection of how we're looking at 2022. But I think that one thing that we've always done is we've had to make intelligent decisions many years ahead of when the capacity has been needed. So in fact, we're in discussions in order to be able to get capacity for '23, '24 and beyond. And we feel very secure in what we're capable of doing in '22.

而如同 Michael 先前指出的，作為我們公司的一部分，我們一直都是在開發新產品的同時就建置產能。所以我們其實在市場這波上升之前就已經提前布局，並且能夠參與其中，甚至加速我們的產能擴建。這也反映了我們如何看待 2022 年。但我認為，我們一直以來做的一件事是：我們必須在產能真正需要之前很多年，就做出明智的決策。因此我們其實正在討論，以便能取得 2023、2024 以及更往後的產能。我們對於 2022 年我們能做到的事情感到非常有把握。

Well, to answer your questions honestly, if it gives us another 50% growth, for this year, we'll be in trouble.

嗯，老實回答你的問題，如果今年再給我們多 50% 的成長，我們就會有麻煩。

I think that will be welcome trouble if that were the case. I'll take the liberty to ask one more, that you were nice enough to answer my three, which is with regard to pricing. And Bernie, you made a comment on the call, you spoke about disciplined sales price management is I think how you termed it. Could you explain what that means and the extent to which pricing has been a contributor to year-on-year growth and whether that's something that's in the rearview mirror or you'd expect it to continue to increase?

如果真是那樣，我想那會是令人樂見的麻煩。我就斗膽再問一個：關於定價。Bernie，你在電話會議上提到「有紀律的銷售價格管理」，我想你是這麼說的。你能解釋那是什麼意思嗎？以及定價在年對年成長中貢獻了多少？另外，那是否已經成為過去式，還是你預期它會持續上升？

I think that most people have recognized, within the semiconductors and even specific to analog that, that created an opportunity for many companies to effect price increases with their customers. And a lot of them implemented that as early as Q1 of this year. We chose -- we made a conscious decision not to increase our prices on a broad base. There were selective market opportunities, but broadly, we did not. And we did that, along with having the product availability, as a means of being able to secure a higher level of market share. And so now as we look at 2022, we are going to implement selective but more broad-based price increases, but they will be at a more modest level than some of our peer companies have implemented.

我想大多數人都已經注意到，在半導體產業，甚至更聚焦在類比領域，這樣的情況為許多公司創造了對客戶進行漲價的機會。很多公司早在今年第一季就開始實施。我們選擇——我們有意識地決定，不在廣泛基礎上調漲價格。雖然有一些選擇性的市場機會，但整體而言我們沒有這麼做。我們這麼做，再加上產品可得性，是為了能夠取得更高的市佔率。因此當我們展望 2022 年，我們將實施選擇性但更偏廣泛的漲價，不過幅度會比一些同業公司所採取的更為溫和。

Yes, when we look at it, we invest in our customers for the future growth and for the future opportunities. But we do have to have a modest gross margin expansions as our model, okay. We keep saying it and we have a steady state growth in every segment.

是的，當我們這樣看時，我們是在為了未來的成長與未來的機會而投資在客戶身上。但我們的模式確實需要溫和的毛利率擴張，好嗎。我們一直這麼說，而且我們在每個事業區隔都有穩態成長。

Our next question is from Rick Schafer of Oppenheimer.

下一個問題來自 Oppenheimer 的 Rick Schafer。

Look, let me add my congratulations, guys, on the nice quarter, another nice quarter. Maybe if I could, just a quick question on 5G. I mean you guys have talked in the past about 5G as a pretty significant opportunity for MPS. I think, Michael, I think you said potentially hundreds of dollars of potential content there, sort of similar to server or data center cloud for you guys. So I don't know if you could give us any update on design momentum since or when the revenue contribution might sort of start to inflect, if that's still kind of the second half of this year? And I'm curious, as part of that question, are you going to see QSMod sort of be part of that initial ramp this year? Or is it going to be more sort of point-of-load, E-fuse, sort of how you began your journey in server. If you could give any color there, that would be great.

聽著，先讓我恭喜各位，這一季表現很不錯，又是一個很好的季度。也許我可以快速問一個關於 5G 的問題。我的意思是，你們過去談到 5G 對 MPS 來說是一個相當重要的機會。我想，Michael，我想你曾說過那裡可能有數百美元的潛在內容價值，某種程度上類似於你們在伺服器或資料中心雲端的內容價值。所以我不知道你們能否更新一下設計動能的進展，或是營收貢獻何時可能開始出現拐點，是否仍然是在今年下半年？另外我也好奇，作為這個問題的一部分，今年初期爬坡時你們會看到 QSMod 也成為其中一部分嗎？還是會更像你們在伺服器旅程一開始那樣，以 point-of-load、E-fuse 為主？如果能提供一些顏色（更多細節）就太好了。

Yes. So to answer your first part of the question first, in the 5G. Actually 5G -- a lot of products in -- especially in the high current side all relate to QSMod. And similar technology-based product, again, we power up the 5G in all areas. And from a single size and all the way to transmitters. And we don't see a very high rate of ramping. And so they're still steady state. And the other question is QSMod for the data centers. We are -- this year, okay, we have to say we occupy still less than a single digit of a total percentage of the total 10 of the market. But the significance is from almost nothing and to a high end of a single digit. And earlier I said that if we don't occupy the 30% of the market, we should not be in the business. So we still have a lot of room to grow.

是的。先回答你問題的第一部分，關於 5G。其實 5G——很多產品，尤其是在大電流那一側，都與 QSMod 有關，還有類似的技術型產品；同樣地，我們在各個領域為 5G 供電，從小型尺寸一路到發射器。我們沒有看到非常高的爬坡速度，所以目前仍是穩態。另一個問題是資料中心的 QSMod。今年，好嗎，我們得說我們目前仍然只占整體市場總量的不到個位數百分比。但重要性在於，我們是從幾乎沒有到達到高個位數。先前我也說過，如果我們不能拿到 30% 的市場，我們就不該做這門生意。所以我們仍有很大的成長空間。

And Michael...

那 Michael……

With the release of VR14, that we're in a very good inflection point on the -- in the cloud and in the data center.

隨著 VR14 的發布，我們在雲端與資料中心正處於一個非常好的拐點。

Yes.

是的。

And Michael, just to follow that, but it took, I think, you about 3 or 4 years to sort of get point-of-load and E-fuse share to today, which I think is about 30%. So I think are you saying that's sort of a good proxy for QSMod, could be in the next couple of years?

Michael，再追問一下，我記得你們大概花了 3 到 4 年才把 point-of-load 和 E-fuse 的市占做到今天，我想大約是 30%。所以你是說，這可以作為 QSMod 的一個不錯的參考，可能在接下來幾年內達成嗎？

Yes. Okay. Yes. So it took actually longer than that, more than 3 or 4 years. And I always wondered why is it so long. Within -- in the early days of [silicon] we could grow very quickly. I didn't know what I was talking about, okay? And for the next, as Bernie mentioned, the VR14s and the VR13.5, is sort of MPS accepted as a player, okay? And VR14s, I think we have pretty good shares to start to ramp, but it's not happening now, okay -- sometime this year, right?

是的。好，是的。其實花的時間比那更久，超過 3 到 4 年。我一直在想為什麼會這麼久。在早期的 [silicon] 時代，我們可以成長得非常快。我不知道我在說什麼，好嗎？而接下來，如 Bernie 提到的，VR14 和 VR13.5，算是讓 MPS 被接受為一個玩家，好嗎？而 VR14，我想我們一開始就有相當不錯的市占可以開始爬坡，但現在還沒有發生，好嗎——會在今年某個時候，對吧？

Yes. VR13 has been delayed again. It's more likely to be Q3.

是的。VR13 又延後了，更可能是在第三季。

Yes, yes, yes.

是的，是的，是的。

But you are right, we observed in Q4 an uplift as a result of 13.5 [with options].

但你說得對，我們在第四季觀察到因為 13.5 [with options] 而帶來的提升。

Yes. Okay.

是的。好。

And if I could ask just a follow-up to Bernie probably. I just wanted to ask, I haven't asked in a long time, balance sheet looks great, obviously. I was just curious if you could give us an update on use of cash going forward. I mean obviously, you've done a really good job of investing in future growth and R&D, but I'm just curious how much you need to run the business here and feed R&D, et cetera?

如果我可以再追問一下，可能是問 Bernie。我只是想問，我很久沒問了，你們的資產負債表看起來很棒，顯然如此。我只是好奇你們未來現金使用的規劃能否更新一下。我的意思是，顯然你們在投資未來成長與研發方面做得很好，但我只是好奇你們需要多少現金來營運公司並支應研發等等？

Yes. And it's a great question because you want to look at it sort of 3 levels for our particular story. One is we have to keep a certain amount of cash available in order to fund our growth, particularly as it relates to receivables and inventory, but also we're expanding operating expenses worldwide at an accelerated rate. And all of those demand a level of liquidity. The next thing that we've talked about is building infrastructure and capacity. And even though we're outsourced as far as our fabs and assembly, we do a lot of our own testing. In fact, with the quality requirements of some of the new markets we're going in, we can't outsource that. We do all of our own testing and that requires an additional investment.

是的。這是個很好的問題，因為就我們這個故事來看，你可以把它分成大概三個層次。第一，我們必須保留一定水位的現金，以便支應成長，特別是與應收帳款與存貨相關的部分；同時我們也在全球以加速的速度擴張營運費用。所有這些都需要一定程度的流動性。第二個我們談過的是建置基礎設施與產能。即使我們在晶圓廠與封裝組裝方面是外包的，我們仍做了大量自有測試。事實上，基於我們正在進入的一些新市場的品質要求，我們無法把那部分外包。我們所有測試都自己做，而這需要額外投資。

And then you have buildings, which, as you know, we're one of the few companies that we purchase our own footprint to house our growing staff headcount. So we're going to continue to leverage the balance sheet in order to help accelerate our growth while at the same time, as we announced in the prepared comments, we're increasing the dividend by 25%. So we're also mindful that we need to return some of the cash back to shareholders.

再來是建築物，如你所知，我們是少數會購買自有據點來容納持續成長的人力編制的公司之一。因此我們會持續運用資產負債表來協助加速成長；同時，如同我們在事先準備的評論中宣布的，我們把股利提高了 25%。所以我們也會留意需要把部分現金回饋給股東。

Yes. Well, Bernie said today, he said accelerated expense growth. No, we're not accelerating. No, absolutely not. Let's make that clear. And so we are pretty -- a little bit above our model, okay, growth -- MPS growth -- the expenses growth, okay? And for the return of cash to our investors, and we have an overwhelming, okay, support, for -- from our investors in dividend and not buyback. So we had thought about buybacks, okay, now, okay, we said, "Okay, let's delay it," because we get the feedback, okay, they want a dividend. I don't know whether this is related to a tax issue or not related, okay.

是的。嗯，Bernie 今天說，他說費用成長在加速。不，我們沒有在加速。不，絕對沒有。讓我們把這點說清楚。所以我們的費用成長其實相當——略高於我們的模型，好嗎，MPS 的成長——費用的成長，好嗎？至於把現金回饋給投資人，我們從投資人那邊得到壓倒性的支持，偏好股利而不是庫藏股回購。所以我們曾經想過回購，好嗎，現在，好嗎，我們說「好，那就先延後」，因為我們收到的回饋是，他們想要股利。我不知道這是否與稅務議題有關或無關，好嗎。

So I think in a -- in the past, we said our models are consistently, okay, increase the dividends, okay? And the other side of using of cash is we want to acquire a company, not for revenue growth, it's cheaper to grow MPS revenue by its own. But we can do this, so we can -- MPS has a lot of garden variety of different products and can fuel some -- can enhance a couple of areas to the end product. And we want to acquire those small tuck-in product, very unique and a sustainable growth and sustainable. And based on MPS technology, we can grow those companies. And that's the company we're really interested. And so earlier, I said we're engaged with a few companies now.

所以我想在——過去我們說過，我們的模型是一貫地、好嗎、提高股利，好嗎？而現金使用的另一面是，我們想要併購一家公司，但不是為了營收成長；因為靠 MPS 自己成長營收更便宜。但我們可以這麼做，因為——MPS 有很多各式各樣的產品，可以在終端產品上帶動一些——可以強化幾個領域。我們想併購那些小型的補強型（tuck-in）產品，必須非常獨特，且具備可持續的成長與可持續性。並且基於 MPS 的技術，我們可以把那些公司做大。那才是我們真正感興趣的公司。所以先前我說過，我們現在正與幾家公司接觸。

Our next question is from Matt Ramsay of Cowen.

下一個問題來自 Cowen 的 Matt Ramsay。

Michael, I've been asking you about this for, I don't know, 3, 4 years. But in the last, I guess, 3 or 4 months, you guys talked a bit more about opportunities for MPS in the electric vehicle market, some in drivetrains, some in regenerative braking. I wonder if you might talk a little bit more about the revenue opportunity per car with your lead customer, the timing of that and how wide is the pipeline in terms of the number of engagements that you might have in the EV market?

Michael，我已經問你這個問題大概——我不知道——3、4 年了。但在最近大概 3、4 個月，你們更常談到 MPS 在電動車市場的機會，有一些在傳動系統（drivetrains），有一些在再生煞車（regenerative braking）。我想請你多談一點：以你們的主要客戶來看，每台車的營收機會大概是多少、時程如何？另外在 EV 市場，你們的管線有多廣，包含你們可能有多少個合作/導入案在進行？

EV market, we are in the ADAS area. I think that we are in the ADAS 2.5 or 3.0. We almost engage with everybody. And so I can give you numbers. For a pure electrical car, MPS has about somewhere $80 to $100 shipping to date. And we're starting this year. Well, starting not this year, starting actually last year. If you involve with regenerative braking and drivetrain, those will add another over $1,000. And we don't have those revenue yet, but we do release those products.

EV 市場方面，我們在 ADAS 領域。我想我們是在 ADAS 2.5 或 3.0。我們幾乎和所有人都有接觸。所以我可以給你數字。對於純電動車，MPS 目前出貨到現在大約是每台車 80 到 100 美元左右。我們是從今年開始。嗯，不是從今年開始，其實是從去年開始。如果把再生煞車和傳動系統算進來，還會再增加超過 1,000 美元。我們目前還沒有那些營收，但我們已經發布了那些產品。

Got it. Any -- those larger ASP products, any thoughts on timing?

了解。那個——那些較高 ASP 的大型產品，對時程方面有什麼想法嗎？

We are -- there's several -- there's many products that we are talking now, we have released a couple of them already or more than a couple of them already. And the key is we want to offer the total solutions. And customers pretty much can use the MPS reference design.

我們——有好幾個——我們現在正在洽談很多產品，我們已經發布了其中幾個，或甚至不只幾個。關鍵是我們希望提供整體解決方案。而客戶基本上可以使用 MPS 的參考設計。

Got it. As my follow-up question, it's a different topic. One of the things that I've been having investor conversations about is the broad-based industry adding -- investing a ton of CapEx and adding a ton of capacity and this fear that the industry is adding it at a peak, right? You see a couple of new fabs coming online from Texas Instruments in the next number of quarters, Infineon is up in CapEx, pretty much everyone is. And so you guys have been in a unique position to have a ton of capacity come online when others have struggled to do it. And it sounds like that's going to continue for you. I just wonder, any concerns as the industry catches up with capacity, Michael? And maybe you could contrast the type of capacity, the process node that you're on, the nature of the capacity that you're bringing online versus some that the rest of the industry may be adding.

了解。作為我的追問，換個話題。我最近在和投資人交流時常談到的一點是，整個產業普遍在——投入大量資本支出並新增大量產能，並且擔心產業是在景氣高點加產能，對吧？你看到德州儀器在接下來幾個季度會有幾座新晶圓廠上線，英飛凌也提高了資本支出，幾乎大家都是如此。所以你們一直處在一個相對獨特的位置：當其他人難以把產能拉上來時，你們卻有大量產能上線。而聽起來這種情況對你們還會持續。我想問的是，當產業產能逐步追上來時，你們有任何擔憂嗎，Michael？也許你可以對比一下你們正在導入的產能類型、所使用的製程節點，以及你們新增產能的性質，與產業其他公司可能新增的產能有何不同。

Yes. That's a good question. So okay, you know that, okay, first thing I should answer that. You know, MPS don't build anything. We don't build anything. We don't have a fab, but we do have all the technologies. And usually, how we're getting a fab capacity is those fab are empty. And we go in there, we wonder, we say, okay, we can fill you up. It's a long-term -- long-term partnership. And so -- and like this year and the last year, okay, you want to add capacity, forget it, okay? I mean those guys are busy shipping, okay? I mean there are no fab is empty. And so we engage with them in the downturns. And we implement our technology. Remember, we don't -- it's not like a building a fab. We don't build a fab. The cost is minimum. But we do have some commitment, and we do have -- give some consignment on some equipment, okay. But these costs, compare to building a fab is much, much less.

是的。這是個好問題。那好，你知道的，首先我應該先回答這點。你知道，MPS 不建任何東西。我們不建任何東西。我們沒有晶圓廠，但我們擁有所有技術。通常我們取得晶圓廠產能的方式，是那些晶圓廠是空的。我們進去之後，我們會想、我們會說，好，我們可以把你們的產能填滿。這是一個長期——長期的合作夥伴關係。所以——像今年和去年，你想要加產能，別想了，好嗎？我的意思是那些人忙著出貨，好嗎？根本沒有晶圓廠是空的。所以我們會在景氣下行時與他們接洽，並導入我們的技術。記住，我們不——不像建晶圓廠那樣。我們不建晶圓廠。成本是最低的。但我們確實會有一些承諾，也會——在一些設備上提供寄售（consignment），好。但這些成本，相較於建晶圓廠要小得多、少得多。

Our next question is from Tore Svanberg of Stifel, Nicolaus.

我們下一個問題來自 Stifel, Nicolaus 的 Tore Svanberg。

Just 2 quick follow-ups. I know it's early in the year, but would you have -- so you have 4 horses that are running really fast. You have 1 horse that's kind of just running slowly. If we look at this year, which of the horses do you think will grow a bit faster? I know there's a lot of talk about auto and server, but yes, which horses should we bet on this year?

兩個很快的追問。我知道現在還在年初，但你們是否會——也就是說你們有 4 匹馬跑得非常快，有 1 匹馬跑得比較慢。如果看今年，你覺得哪幾匹馬會跑得更快一些？我知道大家都在談車用和伺服器，但今年我們應該押注哪幾匹馬？

Well, we don't want to be in those -- MPS is all those companies. It's definitely not a notebook company. And I think it's a -- we are shifting -- clearly, this year, we're shifting from a consumer to -- well, at least the last couple of quarters, we shifted from a consumer to automotive and server and servers from a cloud computing side. And again -- and so these are, for this year, probably will remain similar. So okay, that's the way we see it.

嗯，我們不想落入那種——MPS 其實涵蓋所有那些公司。我們絕對不是一家筆電公司。我認為這是——我們正在轉移——很明顯，今年我們正從消費性轉向——至少在過去幾個季度，我們已從消費性轉向車用與伺服器，以及雲端運算端的伺服器。再者——所以就今年而言，大概會維持類似的狀態。好，這就是我們的看法。

Yes. And I think that when you say that we've got 5 strong horses, that's a more accurate reflection because I'd say that in the current year, we were surprised by the strength of industrial. So -- and I think that's going to continue on into the next year. And as we talked about earlier, the communications market, while it may not be coming on as fast as we had originally hoped for or expected, still looks very promising in the second half of this year. So I think really the thesis remains being broad-based growth.

是的。而且我認為你說我們有 5 匹強壯的馬，這樣更貼切，因為我會說在今年，我們對工業市場的強勁感到驚喜。所以——我認為這會延續到明年。並且如同我們先前談到的，通訊市場雖然可能沒有像我們原先希望或預期的那麼快起來，但在今年下半年看起來仍非常有前景。所以我認為整體論點仍然是廣泛的成長。

Yes. But in -- who knows? And let's say, all these other market segments slow down and as a consumer business in every half year, we can shift it. And we can shift quickly, okay. That's -- currently, it's not a favor, but we can shift quickly. And by end of the year, maybe we grow consumer business.

是的。但——誰知道呢？假設其他所有市場區隔都放緩，而消費性業務在每個半年，我們都可以把它轉過去。我們也可以很快地轉，好嗎？——目前它不是最有利的方向，但我們可以快速轉。到年底，也許我們會成長消費性業務。

Sounds good. And coming back to the data converter topic, new segment for you. What are some of the things that we should track for your success there? We all know it's very difficult to crack into that market. And are you going into that market really, really at the high end of data converter technology? And will that be the way for us to track your success there?

聽起來不錯。回到資料轉換器（data converter）這個主題，這對你們是新的領域。我們應該追蹤哪些指標來判斷你們在那裡的成功？我們都知道要打進那個市場非常困難。你們進入那個市場，是否真的是鎖定資料轉換器技術的最高端？而這是否會是我們追蹤你們在那裡成功與否的方式？

So far, yes, it's a very, very high-end product. But that's a new market segment. Like earlier I said -- we said that we're going to ramping the data center very quickly, okay. Turn out to be -- it wasn't the case, okay? So I don't want to predict that. But I know the technology is good and the test data showed, okay, we can be -- we are far better than on the existing market of product.

到目前為止，是的，這是一個非常、非常高階的產品。但那是一個新的市場區隔。就像我先前說的——我們說我們會非常快速地把資料中心拉升（ramp）起來，好嗎？結果——並不是那樣，好嗎？所以我不想去預測。但我知道技術是好的，而且測試數據顯示，好嗎，我們可以——我們比現有市場上的產品要好得多。

Great. Yes. I mean if you could even get to $100 million there, I'd be very impressed.

很好。是的。我的意思是，如果你們在那裡甚至能做到 1 億美元，我會非常印象深刻。

Oh, yes. Okay. It's a matter of time. I'm confident of that. And along the way, probably we'll learn a few things. Yes, okay.

喔，是的。好。這只是時間問題。我對此有信心。而且在過程中，我們可能也會學到一些東西。是的，好。

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

（接線員指示）由於沒有進一步的問題，我現在想把網路研討會交回給 Bernie。

Well, once again, I'd like to thank you all for joining us in this conference call and look forward to talking to you again about our first quarter, which we'll likely hold in April. So thanks again, and have a nice day.

那麼，再次感謝各位參加這次電話會議，也期待再次與各位討論我們第一季的情況，我們很可能會在四月舉行。再次感謝，祝各位有美好的一天。