芯源系統 (MPWR) 2021 Q3 法說會逐字稿

Welcome, everyone, to the MPS Third 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. Joining me today are Michael Hsing, as CEO and Founder of MPS; and Bernie Blegen, VP and CFO.

歡迎各位參加 MPS 2021 年第三季財報網路研討會。請注意，本次網路研討會將被錄音，並將在 www.monolithicpower.com 的投資人關係頁面存檔 1 年。我叫 Genevieve Cunningham，將擔任本次研討會的主持人。今天與我一同出席的有 MPS 執行長暨創辦人 Michael Hsing，以及副總裁兼財務長 Bernie Blegen。

During this webinar, we will discuss our Q3 2021 financial results and guidance for Q4 2021, followed by a Q&A session. (Operator Instructions) In the course of today's webinar, 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.

在本次研討會中，我們將討論 2021 年第三季的財務結果以及 2021 年第四季的展望，隨後進行問答環節。(接線員指示) 在今天的研討會過程中，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。

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 Q3 2021 earnings release and in our SEC filings, including our Form 10-K filed on March 1, 2021, and our Form 10-Q filed on August 9, 2021, which are accessible through our website, www.monolithicpower.com. MPS assumes no obligation to update the information provided on today's call.

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 2021 年第三季財報新聞稿以及我們向 SEC 提交的文件（包括 2021 年 3 月 1 日提交的 Form 10-K 與 2021 年 8 月 9 日提交的 Form 10-Q）中的安全港聲明中加以說明；上述文件可透過我們的網站 www.monolithicpower.com 取得。MPS 不承擔更新今日電話會議所提供資訊的任何義務。

We will be discussing gross margin, operating expense, R&D and SG&A expense, operating income, interest and other income, 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 earnings release, which we have filed with the SEC. I would refer investors to the Q3 2020, Q2 2021 and Q3 2021 releases as well as to the reconciling tables that are posted on our website.

我們將以 GAAP 與非 GAAP 兩種基礎討論毛利率、營業費用、研發與銷售及管理（SG&A）費用、營業利益、利息及其他收益、淨利與每股盈餘。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。我們的財報新聞稿（已向 SEC 提交）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。我建議投資人參閱 2020 年第三季、2021 年第二季與 2021 年第三季的新聞稿，以及我們網站上所公布的調節表。

Now I would like to turn the call over to Bernie Blegen.

現在我想把電話會議交給 Bernie Blegen。

Thanks, Gen. MPS achieved record third quarter revenue of $323.5 million, 10.3% higher than revenue in the second quarter of 2021 and 24.7% higher than the comparable quarter in 2020. Looking at our revenue by market, third quarter 2021 industrial revenue of $52.2 million increased 20.5% from the second quarter of 2021, due primarily to increased revenue for industrial meters and power sources.

謝謝你，Gen。MPS 在第三季創下營收新高，達 3.235 億美元，較 2021 年第二季高出 10.3%，較 2020 年同期高出 24.7%。按市場別來看，2021 年第三季工業市場營收為 5,220 萬美元，較 2021 年第二季增加 20.5%，主要由於工業電表與電源產品營收增加。

Industrial revenue represented 16.1% of our total third quarter 2021 revenue. Third quarter 2021 communications revenue of $44.7 million was up 19.3% from the second quarter of 2021, primarily due to increased infrastructure demand. Communication sales represented 13.8% of our total third quarter 2021 revenue.

工業市場營收占我們 2021 年第三季總營收的 16.1%。2021 年第三季通訊市場營收為 4,470 萬美元，較 2021 年第二季成長 19.3%，主要由於基礎設施需求增加。通訊銷售占我們 2021 年第三季總營收的 13.8%。

In our computing and storage market, third quarter revenue of $98.6 million increased $10.9 million or 12.4% from the second quarter of 2021. The sequential quarterly revenue growth primarily reflected sales gains in storage applications. Computing and storage revenue represented 30.5% of MPS' third quarter 2021 revenue. Third quarter automotive revenue of $54.4 million grew $5.7 million or 11.7% over the second quarter of 2021. This improvement reflects continued gains in applications for infotainment, lighting and ADAS. Automotive revenue was 16.8% of MPS' total third quarter 2021 revenue.

在運算與儲存市場方面，第三季營收為 9,860 萬美元，較 2021 年第二季增加 1,090 萬美元或 12.4%。此一連續季度營收成長主要反映儲存應用的銷售增長。運算與儲存營收占 MPS 2021 年第三季營收的 30.5%。第三季車用營收為 5,440 萬美元，較 2021 年第二季增加 570 萬美元或 11.7%。此一改善反映資訊娛樂、照明與 ADAS 應用持續成長。車用營收占 MPS 2021 年第三季總營收的 16.8%。

In our consumer markets, third quarter 2021 revenue of $73.6 million fell 3.3% from revenue reported in the second quarter of 2021. This decrease in consumer revenue reflected lower handset sales. Consumer revenue represented 22.8% of our third quarter 2021 revenue. Third quarter 2021 GAAP gross margin was 57.6%, which was 160 basis points higher than the second quarter of 2021 and 245 basis points higher than the third quarter of 2020. Non-GAAP gross margin for the third quarter of 2021 was 57.8%, 148 basis points higher than the gross margin percentage reported from the second quarter of 2021 and 231 basis points higher than the third quarter from a year ago.

在消費性市場方面，2021 年第三季營收為 7,360 萬美元，較 2021 年第二季所報告的營收下降 3.3%。消費性營收下滑反映手機銷售較低。消費性營收占我們 2021 年第三季營收的 22.8%。2021 年第三季 GAAP 毛利率為 57.6%，較 2021 年第二季高出 160 個基點，較 2020 年第三季高出 245 個基點。2021 年第三季非 GAAP 毛利率為 57.8%，較 2021 年第二季所報告的毛利率高出 148 個基點，較去年同期第三季高出 231 個基點。

Third quarter 2021 gross margin on both a GAAP and a non-GAAP basis included a $4 million litigation settlement. Excluding this onetime benefit, non-GAAP gross margin would have been 56.6%, essentially flat with the second quarter of 2021 and 110 basis points higher than the third quarter of 2020. Our GAAP operating income was $77.1 million compared to $60.6 million reported in the second quarter of 2021 and $60.0 million reported in the third quarter of 2020. Our third quarter 2021 non-GAAP operating income was $108.4 million compared to $94.9 million reported in the prior quarter and $84.9 million reported in the third quarter of 2020.

2021 年第三季無論以 GAAP 或非 GAAP 基礎計算的毛利率，均包含 400 萬美元的訴訟和解收益。若排除此一次性利益，非 GAAP 毛利率將為 56.6%，與 2021 年第二季基本持平，並較 2020 年第三季高出 110 個基點。我們的 GAAP 營業利益為 7,710 萬美元，相較於 2021 年第二季的 6,060 萬美元以及 2020 年第三季的 6,000 萬美元。我們 2021 年第三季非 GAAP 營業利益為 1.084 億美元，相較於前一季的 9,490 萬美元以及 2020 年第三季的 8,490 萬美元。

Let's review our operating expenses. Our GAAP operating expenses were $109.2 million in the third quarter of 2021 compared with $103.6 million in the second quarter of 2021 and $83.1 million in the third quarter of 2020. Our non-GAAP third quarter 2021 operating expenses were $78.7 million, up from the $70.3 million we spent in the second quarter of 2021 and up from the $59.1 million reported in the third quarter of 2020.

接著回顧我們的營業費用。2021 年第三季 GAAP 營業費用為 1.092 億美元，相較於 2021 年第二季的 1.036 億美元以及 2020 年第三季的 8,310 萬美元。2021 年第三季非 GAAP 營業費用為 7,870 萬美元，高於 2021 年第二季的 7,030 萬美元，也高於 2020 年第三季所報告的 5,910 萬美元。

The sequential increase in Q3 non-GAAP operating expenses primarily reflected in increased spending in R&D for qualifying parts for production and securing foundry capacity. The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock compensation expense and income or loss on an unfunded deferred compensation plan.

第三季非 GAAP 營業費用的季增，主要反映研發支出增加，用於使零組件符合量產資格以及確保晶圓代工產能。此處所討論各季度之非 GAAP 與 GAAP 營業費用差異，主要為股票酬勞費用，以及未提撥資金之遞延補償計畫的收益或損失。

For the third quarter of 2021, total stock compensation expense, including approximately $922,000 charged cost of goods sold was $31.6 million, compared with $32.1 million recorded in the second quarter of 2021.

2021 年第三季股票酬勞費用總額（包含約 92.2 萬美元計入銷貨成本）為 3,160 萬美元，相較於 2021 年第二季認列的 3,210 萬美元。

Switching to the bottom line. Third quarter 2021 GAAP net income was $68.8 million or $1.44 per fully diluted share compared with $55.2 million or $1.16 per share in the second quarter of 2021 and $55.6 million or $1.18 per share in the third quarter of 2020.

接著看最終獲利。2021 年第三季 GAAP 淨利為 6,880 萬美元，或完全稀釋後每股 1.44 美元；相較於 2021 年第二季的 5,520 萬美元或每股 1.16 美元，以及 2020 年第三季的 5,560 萬美元或每股 1.18 美元。

Q3 non-GAAP net income was $98.6 million or $2.06 per fully diluted share compared with $86.5 million or $1.81 per share in the second quarter of 2021 and $79.4 million or $1.69 per share in the third quarter of 2020. Fully diluted shares outstanding at the end of Q3 2021 were 47.9 million.

第三季非 GAAP 淨利為 9,860 萬美元，或完全稀釋後每股 2.06 美元；相較於 2021 年第二季的 8,650 萬美元或每股 1.81 美元，以及 2020 年第三季的 7,940 萬美元或每股 1.69 美元。截至 2021 年第三季末，完全稀釋後流通在外股數為 4,790 萬股。

Now let's look at the balance sheet. Cash, cash equivalents and investments were $744.5 million at the end of the third quarter of 2021 compared to $672.9 million at the end of the second quarter of 2021. For the quarter, MPS generated operating cash flow of about $117.8 million, compared with Q2 2021 operating cash flow of $96.9 million. Third quarter 2021 capital spending totaled $18.6 million.

現在我們來看資產負債表。截至 2021 年第三季末，現金、約當現金及投資為 7.445 億美元，相較於 2021 年第二季末的 6.729 億美元。本季 MPS 產生的營運現金流約為 1.178 億美元，相較於 2021 年第二季營運現金流 9,690 萬美元。2021 年第三季資本支出合計 1,860 萬美元。

Accounts receivable ended the third quarter of 2021 at $79.9 million, representing 22 days of sales outstanding which was 2 days lower than the 24 days reported at the end of the second quarter of 2021 and 11 days lower than the 33 days at the end of the third quarter of 2020. Our internal inventories at the end of the third quarter of 2021 were $208.1 million, up $30.8 million from the $177.3 million reported at the end of the second quarter of 2021.

應收帳款於2021年第三季末為7,990萬美元，代表銷售未收現天數（DSO）為22天，較2021年第二季末所報告的24天減少2天，亦較2020年第三季末的33天減少11天。我們於2021年第三季末的內部存貨為2.081億美元，較2021年第二季末所報告的1.773億美元增加3,080萬美元。

Inventory at the end of the third quarter of 2021 represented 134 days, which were 9 days higher than at the end of the second quarter of 2021. 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 quarter's revenue provides a better economic match.

2021年第三季末的存貨相當於134天，較2021年第二季末增加9天。過去我們一向以當季營收作為計算存貨在手天數的基礎。我們認為，將目前存貨水位與下一季營收相比，能更貼近經濟實質的配比。

On this basis, you can see inventory at the end of the third quarter of 2021 represented 135 days, 18 days higher than the 117 days at the end of the second quarter of 2021 and 6 days higher than the 129 days at the end of the third quarter of 2020. Currently, our inventory levels remain lean. We are working very hard to return inventory to the 180 to 200-day level necessary to support our future growth.

以此基礎來看，2021年第三季末的存貨相當於135天，較2021年第二季末的117天增加18天，亦較2020年第三季末的129天增加6天。目前我們的存貨水位仍然精實。我們正非常努力將存貨恢復至支持未來成長所需的180至200天水準。

I would now like to turn to our outlook for the fourth quarter of 2021. We are forecasting Q4 revenue in the range of $314 million to $326 million. We also expect the following: GAAP gross margin in the range of 56.0% to 56.6%; non-GAAP gross margin in the range of 56.3% to 56.9%; total stock-based compensation expense of $30.8 million to $32.8 million, including approximately $950,000 that we'd be charged to cost of goods sold.

接下來我想談談我們對2021年第四季的展望。我們預估第四季營收介於3.14億至3.26億美元。我們也預期如下：GAAP毛利率介於56.0%至56.6%；非GAAP毛利率介於56.3%至56.9%；股票基礎薪酬費用合計介於3,080萬至3,280萬美元，其中約95萬美元將計入銷貨成本。

GAAP R&D and SG&A expenses should be between $107.8 million and $111.8 million. Non-GAAP R&D and SG&A expenses to be in the range of $77.9 million to $79.9 million. Litigation expense is expected to be in the range of $3.5 million to $3.9 million. Interest income is expected to range from $1.0 million to $1.4 million. Fully diluted shares to be in the range of 47.9 million to 48.9 million shares. In conclusion, we are continuing to execute our strategy.

GAAP研發與銷售、一般及行政（SG&A）費用預計介於1.078億至1.118億美元。非GAAP研發與SG&A費用預計介於7,790萬至7,990萬美元。訴訟費用預計介於350萬至390萬美元。利息收入預計介於100萬至140萬美元。完全稀釋後股數預計介於4,790萬至4,890萬股。總結而言，我們將持續執行我們的策略。

I will now open the webinar up for questions.

我現在開放線上說明會進行提問。

Thank you, Bernie. (Operator Instructions) Our first question comes from Tore Svanberg of Stifel.

謝謝你，Bernie。（接線員指示）我們的第一個問題來自Stifel的Tore Svanberg。

Congratulations on these continued stellar results. First question, and not to sort of pick on segments there, but your consumer segment was down sequentially, and you talked about cellphone. I wasn't aware -- we don't think power had that much exposure to cellphones. Is this mainly on the charger side or anything else there that we should be aware of?

恭喜你們持續繳出亮眼的成果。第一個問題，不是要特別挑某個部門的毛病，但你們的消費者部門營收較前一季下滑，而你們提到了手機。我原本不知道——我們不認為電源產品對手機有那麼大的曝險。這主要是充電器端的影響，還是還有其他我們需要注意的因素？

Tore, yes, I think, It is on the charger side. And we do these fast chargings, and we picked up some revenues in the last few years in those cellphone companies. And they thought that they can have a more adoption in the market. So they have some inventories, but it's an unusual way of charging of phones and that came in still not very popular.

Tore，是的，我想主要是在充電器端。我們做的是快速充電，過去幾年在那些手機公司那邊取得了一些營收。他們原本以為在市場上能有更高的採用率。所以他們手上有一些庫存，但那是一種比較不尋常的手機充電方式，目前仍然不太普及。

Great. And as my follow-up, you have a luxury problem now. You have about $0.75 billion in cash on your balance sheet. I know you're out there trying to secure more capacity. So first of all, could you update us on where you are on securing capacity, especially for the next few years? And related to that, will you start to use some of that cash more aggressively to potentially buying more equipment as you continue to obviously show very strong growth?

了解。接著追問，你們現在有個「幸福的煩惱」。你們資產負債表上大約有7.5億美元現金。我知道你們正在努力確保更多產能。所以首先，能否更新一下你們在確保產能方面的進度，尤其是未來幾年？以及與此相關，你們是否會開始更積極地運用部分現金，例如購買更多設備，因為你們顯然持續展現非常強勁的成長？

All right. Let me answer the first part first. It is -- the expansion is still on track, okay. In our fab issues, we don't have -- we have less fab issues. And we came -- we are on the way to expand our capacity in sometimes in the middle or -- middle of the next year to over $2 billion -- supporting $2 billion of sales. But at the same times, we do have to buy more equipment for testing, for qualifications. And also, we need to hire more people.

好的。我先回答第一部分。擴產仍按計畫進行，好嗎。就我們的晶圓廠（fab）相關議題而言，我們遇到的問題比較少。我們正朝著在明年年中左右擴充產能、以支撐超過20億美元的營收——也就是支撐20億美元銷售額——的方向前進。但同時，我們確實需要購買更多測試與認證（qualification）設備。另外，我們也需要招募更多人員。

And as you know, they're qualified. Each part, it takes time. And the revenues there, opportunities there, it's just a matter of time.

而且如你所知，他們需要具備資格。每一個環節都需要時間。那邊的營收與機會都在，這只是時間問題。

And so the second part is buying more equipment. On the other hand, as an investor, our shareholders, investors are very critical about our -- criticized in the past our spending, okay? I mean, we are out of -- we are slightly out of our model now, okay, and I -- we spare money on -- what I mean, a lot more careful, okay? But the opportunity is there, but we do more sensibly.

至於第二部分，也就是購買更多設備。另一方面，作為投資人、我們的股東與投資人，過去對我們的支出非常挑剔——也曾批評過我們的花費，好嗎？我的意思是，我們現在稍微偏離了原本的模式，好嗎，而我——我們在花錢上——我的意思是，會更加謹慎，好嗎？機會確實存在，但我們會更理性地去做。

And I think if I can just add to Michael's comment there is that as far as the model that we've always pursued, it was to have our fab partners and our assembly house partners absorb much of the capital required in order to build up capacity, and that remains our being as a fabless company. So nothing has changed in our model. We're just adapting it to this rate of growth that we're enjoying right now.

我想補充Michael剛才的說法：就我們一向採行的模式而言，是讓我們的晶圓代工夥伴與封裝組裝廠夥伴吸收大部分為了擴充產能所需的資本支出，而作為一家無晶圓廠（fabless）公司，這仍然是我們的本質。因此，我們的模式沒有改變。我們只是因應目前所享有的這種成長速度來調整。

Our next question is from Matt Ramsay of Cowen.

下一個問題來自Cowen的Matt Ramsay。

For my first question, Michael, I wanted to ask about a couple of the different computing markets that you guys have product to support. The first one, I think you could -- I don't know, from my perspective, if you could kind of drive a bus through what different PC expectations are for next year. And I wonder if you might touch on what -- rough percentage, Bernie, of revenue might come from the notebook market? And what your underlying planning assumptions are on the PC market for next year?

我的第一個問題，Michael，我想問你們在幾個不同的運算市場上所支援的產品。第一個，我想你們可以——我不知道，從我的角度來看，明年PC的預期差異很大，幾乎可以「差到可以開一台巴士穿過去」。我想請教你們是否能談談——Bernie，大概有多少比例的營收可能來自筆電市場？以及你們對明年PC市場的基礎規劃假設是什麼？

And I guess, in contrast to that, how -- Intel is launching Sapphire Rapids, AMD is launching Genoa next year. What kind of a tailwind from a content perspective could those upgrades in the server market be? And then I have a follow-up.

另外相對來說，Intel明年將推出Sapphire Rapids，AMD明年將推出Genoa。從內容（content）角度來看，伺服器市場的這些升級可能帶來多大的順風？然後我還有一個追問。

Okay. For the notebook side, obviously, we gained some market shares in the high-end notebook in this -- after the pandemic, okay, or it was still the tail end of the pandemic. And we increased quite a bit of our market share. And -- but the story there is not -- it's not just we're gaining, that's all we can get. We -- as we increased our new generation with our technologies that's in place, and we will further reduce the cost, and we will address the high end of our consumer side. And allow me if I address the -- answered your questions, Matthew.

好的。就筆電端而言，很明顯地，在疫情之後——或者說仍在疫情尾聲——我們在高階筆電市場取得了一些市占率。而且我們的市占率提升了不少。但那邊的故事不只是我們在搶市占、就只能拿到這些而已。隨著我們新一代技術到位，我們會進一步降低成本，並且會聚焦在我們消費端的高階市場。Matthew，容我確認一下我是否回答到你的問題。

And on the server side, we are still a very, very small players. There's a lot more room for MPS to gain.

而在伺服器端，我們仍然是非常、非常小的參與者。MPS 還有很大的成長空間。

Yes. And I don't think that we've ever specifically broken out what percent of the group's revenue is tied to any one of the categories that we track. But I think we have been clear that in each of the last 2 years, that the growth in notebooks has outpaced the rest of the sectors, including server and storage.

是的。而且我不認為我們曾經特別拆分過，本集團營收中有多少百分比與我們追蹤的任何單一類別相關。但我想我們已經很清楚地說明，在過去 2 年中的每一年，筆電的成長都超越了其他所有領域，包括伺服器與儲存。

Now having said that, one of the things that we're benefiting from is that diversification of how we're positioned in this group. As Michael indicated, we are a relatively small player when it comes to core power management for servers and we believe that with both the next generation of Intel and AMD processor releases, that we stand to benefit from market share gains.

話雖如此，我們受惠的一點是，我們在這個事業群的布局相當多元化。如 Michael 所指出，在伺服器核心電源管理方面我們是相對較小的參與者，但我們相信，隨著 Intel 與 AMD 下一代處理器的推出，我們有望受惠於市占率提升。

And in the more near-term element, as we called out in Q3, we're actually seeing a nice increase in storage sales, which is usually a precursor to ongoing infrastructure spending within the data centers. So I think that we're having a great difficulty, as anybody, in understanding when work from home or work from work, as it relates to notebooks, begins or ends. But I think that we're well positioned because of our diversification to enjoy continued growth in this category for a number of years.

而在更近期的部分，如同我們在第三季所提到的，我們實際上看到儲存產品銷售有不錯的增加，而這通常是資料中心持續進行基礎建設支出的前兆。因此我認為，我們和其他人一樣，很難判斷與筆電相關的居家辦公或回到辦公室的趨勢何時開始或結束。但我認為，由於我們的多元化布局，我們具備良好定位，能在未來數年持續享受此類別的成長。

Let me go back to the notebook side that I think that part of the question, I didn't answer. And again, we're still facing shortages and still a lot of demand in the notebook side. And we don't see the -- we see revenues from -- in the middle of the next year even.

我回到筆電這一塊，我想我剛才沒有回答到問題的一部分。再說一次，我們在筆電端仍然面臨供應短缺，而且需求依然很強。而我們不認為——我們看到營收——甚至到明年年中都還會如此。

Got it. Just a quick couple of things on gross margin. One, Bernie, the one-timer that was in Q3, any particular reason you didn't pull that out of the non-GAAP number? And secondly, with the pricing environment that we're feeling today, how do you guys think about price increases going forward relative to input costs and what that could mean to margins?

了解。關於毛利率我有兩個很快的問題。第一，Bernie，第三季的那筆一次性項目，為什麼你們沒有把它從 non-GAAP 數字中剔除？有什麼特別原因嗎？第二，考量我們目前感受到的定價環境，你們如何看待未來的漲價相對於投入成本的變化，以及這對毛利率可能意味著什麼？

I'll take the first half of that question real quickly. And then Michael will give comments on the second. As far as how we try to manage GAAP and non-GAAP reporting is really to be a reflection of what is cash. And in this case, we highlighted that there was a settlement, and that was a cash payment that we received. And so that's the thinking behind not adjusting it as a non-GAAP item. Conversely so, if we have something that works to our detriment and it also has cash implications, we wouldn't non-GAAP that out either. So the 2 areas that we stay pretty closely to -- or 3, I should say, are only stock comp, gain and loss from a deferred comp plan and if we have any intangible acquisition amortization.

我先很快回答這個問題的前半段。然後 Michael 會就第二部分補充。就我們如何管理 GAAP 與 non-GAAP 的揭露而言，核心是反映哪些是現金項目。在這個案例中，我們強調有一筆和解，而那是我們收到的一筆現金款項。因此我們的思考是，不把它作為 non-GAAP 項目來調整剔除。反過來說，如果有某件事對我們不利且同樣具有現金影響，我們也不會把它從 non-GAAP 中剔除。所以我們通常會比較嚴格地調整的——應該說三項——只有股權薪酬、遞延薪酬計畫的損益，以及若有任何併購無形資產攤銷。

Okay. The second part is how it affected our gross margins on the current supply shortages. I think, as I said, all these new -- well, let me say this, yes, we do see the cost increase in, fortunately, in all the product that we released have gained market shares as all these greenfield products. We started to gain momentum a couple of years ago. And these all have higher margins. And our customers give us a very long-term forecast commitment, and we honor those.

好的。第二部分是目前供應短缺如何影響我們的毛利率。我想，如我所說，這些新的——嗯，我這樣說吧，是的，我們確實看到成本上升；所幸我們推出的所有產品都在這些全新（greenfield）的產品上取得市占。我們在幾年前開始累積動能。而這些產品的毛利率都更高。而且我們的客戶會給我們非常長期的預測承諾，我們也會遵守那些承諾。

We can absorb some in -- some of the cost and -- because the way these products have a much higher margins. And -- so during this time, we value the customer relationship and we don't gouge price.

我們可以吸收一部分成本——因為這些產品的毛利率高很多。因此在這段期間，我們重視客戶關係，不會哄抬價格。

Our next question is from Ross Seymore of Deutsche Bank.

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

Congrats on continued strong reports and guides. One question on end market. The communications side, Bernie or Michael, you guys said that, that was up because of infrastructure. That's been a really choppy market for you guys between the infrastructure side going on and off and then the kind of the access side. Can you just talk a little bit more about what you meant by the infrastructure side? And is that the start of something that's going to continue? Or should you expect that segment to continue to be lumpy going forward?

恭喜你們持續繳出強勁的財報與財測。我有一個關於終端市場的問題。在通訊端，Bernie 或 Michael，你們提到那邊的成長是因為基礎建設。對你們而言，那一直是個相當波動的市場：基礎建設端時開時關，還有接入端（access side）。你們能否多談一點你們所說的基礎建設端是指什麼？那是否代表某個將會延續的趨勢開始了？或者你們預期該部門未來仍會持續呈現不均勻（lumpy）的走勢？

Well, Ross, you know then that we're transitioning from a -- these Wi-Fi routers and those to more in real infrastructures like I mean in data centers or these communication between the data centers and the switchers and even towers. So the last years, our customers are pulling a lot of revenues. And this time, then we see all the other things are going like 5Gs and including the commercial Wi-Fi systems and then and -- where we play a critical role on these -- in these areas. And we see the expansions, and we will see a further -- continue to expand in the next few quarters.

Ross，你也知道我們正在從——像是 Wi‑Fi 路由器這類——轉向更偏真正的基礎建設，我指的是資料中心，或資料中心之間的通訊、交換器，甚至基地台。所以過去幾年，我們的客戶拉了很多營收。而這一次，我們看到其他事情也在推進，例如 5G，以及商用 Wi‑Fi 系統等等——而我們在這些領域扮演關鍵角色。我們看到擴張，而且未來幾季我們也會看到進一步、持續的擴張。

Yes. I think we remain very optimistic about our long-term positioning within the communication sector and in particular, infrastructure as it relates to 5G. But I think that right now, we have not hit a constant investment cadence on the part of the carriers in either Europe or North America. So we think that as that starts to gain momentum and gets more predictable, we're very well positioned to participate in that.

是的。我認為我們對於在通訊產業中的長期定位仍然非常樂觀，特別是與 5G 相關的基礎建設。但我認為目前，歐洲或北美的電信業者在投資節奏上都還沒有達到穩定、持續的步調。因此我們認為，當那開始累積動能並變得更可預測時，我們將非常有利於參與其中。

I guess as my follow-up, seasonality versus kind of cyclicality and/or supply-driven moves. Obviously, your fourth quarter has guided a bit better than your traditional seasonality kind of flattish this year. But how are you thinking about that as we go into next year and beyond? Is it mainly going to be driven by the product cycles you have in short supply in aggregate? So those would be big tailwinds? Or do you believe seasonality is going to become a framework that's something that investors should consider as we go into '22?

那我追問一下：季節性相對於景氣循環性，和／或供應驅動的變動。顯然，你們第四季的指引比傳統季節性（今年通常較為持平）要好一些。但你們如何看待進入明年及之後的情況？主要會由你們產品週期所帶動、且整體仍處於供給短缺來驅動嗎？如果是，那會是很大的順風。或者你們認為季節性仍會是一個投資人進入 2022 年時應該納入考量的框架？

Well, Ross, you see the -- this market is an exceptionally strong market, I mean. And like I mean, a lot of demand is everywhere, so like I mean, also are constrained by the supply. And we do have a delinquencies. And I mean, but that's -- we're facing delinquency for many quarters, like I mean -- and for -- I think we still have the -- my opinion is that we still have some kind of seasonality in fourth quarters because all these holidays, all these -- and it will kind of affect us. And so we see the -- as I said earlier, we see the demand is still very strong. So like I mean we're just cautious, and we are on our guidance.

Ross，你看——這個市場非常強勁。而且需求到處都是，同時我們也受到供給限制。而我們確實有一些延遲交付（delinquencies）。但那是——我們已經面臨延遲交付很多季了——而且——我認為第四季仍然會有某種季節性，因為有各種假期、各種——會對我們造成一些影響。所以我們看到——如我先前所說，需求仍然非常強。因此我們只是保持謹慎，並依照我們的指引來看。

And just to add to that is that right now, what we are continuing to do is investing and expanding our capacity because we do believe that this robust demand that we're experiencing will continue, and we want to be able to participate, optimize to the best of our ability, this growth opportunity.

再補充一點，目前我們持續在做的是投資並擴充產能，因為我們相信目前所經歷的強勁需求將會延續，而我們希望能夠參與其中，並在我們能力所及範圍內把握並最佳化這個成長機會。

Yes, let me clarify the shortages, okay. All these -- what I mean with shortage is that we have a few thousand products and always have some mixed issues. And as we don't have a serious -- we don't have fab capacity issues. And -- but all these are mixed in the -- for particular product that we may have -- we have a few products that have a -- are facing shortages now. So -- and as we transfer to a different fab, it just takes time to qualify this.

是的，讓我釐清一下短缺，好嗎。我所說的短缺是指：我們有幾千個產品，總是會有一些組合（mix）上的問題。而且我們沒有嚴重的——我們沒有晶圓廠（fab）產能問題。但是這些都混在——針對某些特定產品，我們可能——我們有少數產品目前正面臨短缺。所以——而當我們轉移到不同的晶圓廠時，認證（qualify）需要時間。

Our next question is from Alex Vecchi of William Blair.

下一個問題來自 William Blair 的 Alex Vecchi。

Congratulations on the strong results. Maybe just to piggyback on Ross' question a little bit with seasonality. Bernie, can you give a little color on how we should think about the sequential growth rate by end market for Q4 in terms of maybe strongest end market to weakest?

恭喜你們交出強勁的成績。我想在季節性方面稍微延伸一下 Ross 的問題。Bernie，你能否補充一些看法，說明我們應該如何看待第四季（Q4）按終端市場劃分的環比成長率，從可能最強的終端市場到最弱的排序？

Sure. So when you look at Q4, I think that the 2 primary drivers are going to be computing and continuation of automotive. And then you would normally expect and we expect to see a slight downturn in consumer. So I think many of the trend lines that we're familiar with are continuing and ongoing, but the amplitude might be a little up or down from what the traditional seasonality has been.

當然。所以看第四季（Q4），我認為兩個主要驅動因素會是運算（computing）以及車用（automotive）的延續。然後一般來說你會預期、我們也預期消費性（consumer）會有些微下滑。因此我認為我們熟悉的許多趨勢線都在延續並持續中，只是幅度可能會比傳統季節性略高或略低。

Great. That's helpful. And then similarly, I think on the communications line as well over the last couple of quarters, I believe you guys have pointed to ramp up to that Tier 2 5G OEMs. How should we be thinking about the opportunity eventually next year to crack into a Tier 1? Or just generally, how to think about how you're positioned there geographically?

很好。這很有幫助。另外類似地，我想在通訊（communications）這條產品線上，過去幾個季度你們提到正在爬坡導入那些 Tier 2 的 5G OEM。我們應該如何看待明年最終切入 Tier 1 的機會？或者更一般地說，你們在地理布局上是如何定位的？

Yes. We are designing all -- in all Tier 1s now. And we are so small still like I mean in these big growing market segments. As you know, we don't have anything in 4G, and we expect that we'll be a significant players in there.

是的。我們現在已經在所有 Tier 1 客戶中進行設計導入（designing in）。而且我們在這些大型且成長中的市場區隔裡仍然非常小。如你所知，我們在 4G 沒有任何布局，而我們預期在那裡我們會成為重要的參與者。

Our next question is from Quinn Bolton of Needham.

下一個問題來自 Needham 的 Quinn Bolton。

Let me offer my congratulations. Michael or Bernie, I guess I wanted to -- I know there have been a lot of disruptions in Southeast Asia, more on the package and test side. Wondering if you could just say whether or not you have any exposure to Malaysia subcons and whether that affected your ability to ship or receive products here in the third quarter or in the fourth quarter looking forward.

先讓我表示祝賀。Michael 或 Bernie，我想問一下——我知道東南亞出現了很多干擾，主要是在封裝與測試（package and test）端。想請你們談談是否有曝險於馬來西亞的外包封測（subcons），以及這是否影響你們在第三季或展望第四季的出貨或收貨能力。

Yes. There's not so much that affected it. Maybe some products, not I mean -- because we control a lot of our -- the new product, we control our own package technologies. And so we always qualify in a different locations. And so we came in that -- the Southeast Asia problems, okay, we can go through it. We didn't have that much of issues.

是的。影響其實不大。也許有些產品，但不是——因為我們對許多新產品有掌控，我們掌握自有的封裝技術。因此我們一向會在不同地點進行認證（qualify）。所以面對東南亞的問題，我們可以因應並度過。我們沒有遇到太多問題。

Correct, in either Q3 or our outlook for Q4.

沒錯，不論是第三季（Q3）或我們對第四季（Q4）的展望都是如此。

Yes.

是的。

Got it. My second question just on the supply chain is it sounds like from your comments, you're not seeing some of the fab constraints that you'd seen earlier. And inventory increased by $30 million sequentially. I guess my question is, as that capacity comes online, as you ramp inventory on hand, do you think that, that could lead to an acceleration in your ability to meet former delinquencies and see revenue growth rate potentially accelerate as you meet some of those delinquencies? Or it -- does it really all come down to that product mix of what customers are demanding versus what you have in inventory that you see that mismatch potentially continuing for several quarters?

了解。我的第二個問題是關於供應鏈：從你們的評論聽起來，你們似乎沒有看到先前那種晶圓廠（fab）產能限制。而且庫存環比增加了 3,000 萬美元。我的問題是，隨著產能上線、你們提高手上庫存，你們是否認為這可能會加速你們滿足先前積欠（delinquencies）的能力，並在滿足這些積欠後使營收成長率可能加速？或者這其實還是取決於產品組合——客戶需求的產品與你們庫存中的產品之間的落差——你們是否認為這種不匹配可能會持續好幾個季度？

Yes. To answer your question, as today, absolutely. And we have a lot more we can chew off now. And as the shortages go on or the new product adoptions in all the greenfield products that we ramp up much, much faster than we expected, and we have a normal out-of-forecast orders and we cannot fulfill. And these ones, our customers understand that, okay? I mean -- and so we -- so now, as of today, we have a blue skies. And but doesn't mean -- we're not regulators, so I can't forecast it.

是的。回答你的問題，以目前來看，絕對是。而且我們現在能承接更多。隨著短缺持續，或是所有綠地（greenfield）產品中的新產品導入速度遠比我們預期更快，我們會遇到一些不在預測內的正常訂單，但我們無法履行。而這些情況，我們的客戶也能理解，好嗎？我的意思是——所以我們——所以截至今天，我們的能見度很清晰。但這不代表——我們不是監管機構，所以我不能做預測。

Just to add, it's a balancing act, as you can appreciate, because for some of the more mature products that we have, they already have developed markets and a fairly predictable growth in the current market. But what we're trying to do is make sure that these new product introductions can be successful because that is going to be the future growth opportunity for the company. So we're trying to satisfy sort of the run rate business in this heightened demand, a period of heightened demand, and at the same time, have very successful new product launches with new customers.

補充一下，如你所理解，這是一個平衡取捨，因為我們的一些較成熟產品已經有既定市場，且在現有市場中的成長相當可預測。但我們正在努力確保這些新產品導入能夠成功，因為那將是公司未來的成長機會。因此我們一方面要在這段需求高漲期間滿足既有的常態營運（run rate）業務，同時也要讓面向新客戶的新產品上市非常成功。

Got it. Can I squeeze one last one in. Do you guys have any meaningful exposure to Chromebooks? And is that a share gain opportunity as you look into 2022?

了解。我可以再塞最後一個問題嗎？你們在 Chromebook 方面有任何顯著曝險嗎？展望 2022 年，這會是個市占提升的機會嗎？

Yes, we have. And it's -- if we have a local product, we might as well make them and go design, I mean, everywhere.

是的，我們有。而且——如果我們有在地的產品，我們就應該把它做出來並去做設計導入，我的意思是，到處都做。

Yes. Chromebooks are unique because while they're considered a -- we tend to go after high-value notebooks, and Chromebooks are known to be lower priced. But they depend on the access to the cloud and good processing power. So the power management, our power management solution is very key. It's a high value for the Chromebooks.

是的。Chromebook 很特別，因為雖然它們被視為——我們通常鎖定高價值的筆電，而 Chromebook 以較低價格著稱。但它們依賴雲端存取與良好的運算能力。因此電源管理（power management）方面，我們的電源管理解決方案非常關鍵。對 Chromebook 來說是高價值的。

Yes. As I said earlier, as our technologies bring online in -- become more mature, so that can mean why not just attacking all these other markets that we're not in.

是的。如我先前所說，隨著我們的技術逐步上線並變得更成熟，這也意味著為什麼不去攻打所有這些我們尚未進入的其他市場。

Our next question is from William Stein of Truist.

下一個問題來自 Truist 的 William Stein。

Congrats on the great results and outlook. I'm -- I want to ask one question about supply chain stuff and one about long-term growth. First, on the supply chain, it seems -- certainly, if we look not just at your business but across semis, that customers have been in sort of freakout expedite mode for quite some time. I wonder if you could give us a sense as to whether that abated at all. Did the level or breadth of expedite requests change meaningfully in the quarter? Is it getting hotter or colder in any end market with regard to this sort of urgency of expedites and pull-ins and upsides and all that activity we've heard about? And then again, I have a long-term growth question.

恭喜你們有很好的成果與展望。我想問一個關於供應鏈的問題，以及一個關於長期成長的問題。首先在供應鏈方面，看起來——當然，如果不只看你們的業務，而是整個半導體產業——客戶一直處於某種緊張、加急（expedite）模式已經有一段時間了。我想請你們談談這是否有任何緩解。本季加急要求的程度或範圍是否有明顯變化？就這種加急、拉貨（pull-ins）、上修需求（upsides）以及我們聽到的各種活動而言，是否有任何終端市場變得更熱或更冷？然後我還有一個長期成長的問題。

Yes. Okay. The answer is okay. I wish that they come down a little bit, then I mean -- and that they're exactly the same as the last quarter and the quarter before. And -- yes, okay.

是的。好的。答案是，嗯。我希望它們能稍微下降一些，但我的意思是——它們跟上一季以及再上一季完全一樣。而且——是的，好。

That's good. Okay. So the long-term growth question, Michael, I think we've discussed this many times, but we're aware that there's this long-term potential to transition to more of a solutions provider with modules relative to your traditional semi device business. Can you talk about the trajectory of growth of the modules business? An update on perhaps percent of revenues today relative to a quarter ago and where you think it -- that could go over time?

那很好。好的。那長期成長的問題，Michael，我想我們已經討論過很多次，但我們知道長期來看，你們有潛力從傳統的半導體元件業務，轉型為提供模組（modules）的解決方案供應商。你能談談模組業務的成長軌跡嗎？例如更新一下目前營收占比相較於一季前的變化，以及你認為隨時間推移它可能會走到哪裡？

Yes. I -- our homegrown modules, okay, well, all this strategy, there's MPS involved. There are a lot of technicals in the gate in terms of delivering the end product. Okay, it feels -- there's no end project, it's a mid product, as I feel it well. So our strategies are move up to a [food games]. And since we put -- we have the knowledge and our win are not captured on all the values.

是的。我——我們自研的模組，好吧，這整個策略裡面有涉及 MPS。在交付最終產品方面，關卡裡有很多技術性的要求。好吧，感覺——這不是終端專案，而是中間產品，就我自己的感覺是這樣。所以我們的策略是往上走到一個[food games]。而且因為我們投入——我們有這些知識，但我們的勝利並沒有在所有價值上被充分體現。

And for currently -- current, our module growth, okay, I mean it's much faster than other semiconductors side or selling the chips. But the volume overall is still very small, so like I mean, compare the entire revenues.

而就目前——目前來看，我們的模組成長，好吧，我的意思是，它比其他半導體那邊或賣晶片要快得多。但整體出貨量仍然非常小，所以比如說，我的意思是，跟整體營收相比。

We tried it different ways in like a launch our websites and like a NPS analyses, and then they're also using e-commerce, okay? These are doing well. And -- but -- now I'm thinking about it, why we're just applying companies, like I mean -- and we know that we need to gain knowledge, gain sales channels, like I mean -- and have those company adopting an MPS technology, we can provide them with better tools, again. And I think the first field attempt in -- are very, very, very encouraging. So like I mean, obviously, I can't talk the detail now. So again -- and I think that's our strategy.

我們用不同方式嘗試過，比如推出我們的網站，還有做 NPS 分析，然後他們也在使用電商，好嗎？這些進展都不錯。而——但是——現在我在想，為什麼我們只是把它用在公司上，我的意思是——而且我們知道我們需要獲取知識、取得銷售通路，我的意思是——並讓那些公司採用 MPS 技術，我們就能再次為他們提供更好的工具。而且我認為第一個領域的嘗試——非常、非常、非常令人鼓舞。所以比如說，我的意思是，顯然我現在不能談細節。所以再說一次——我想那就是我們的策略。

And if I can just remind you, Will, that we talked about this -- touched on it last quarter. And we indicated that what we're trying to do is source different technologies through either IP acquisitions or talent acquisitions that are complementary to our business, and that will accelerate our ability to be a solutions provider for our customers in the next 7, 8 years.

如果我可以提醒你一下，Will，我們上個季度談過這件事——也稍微提到過。我們也指出，我們正在嘗試透過 IP 併購或人才併購來取得不同的技術，這些技術能與我們的業務互補，

Yes. I just don't like it. We have so much knowledge to put an end to it. And in the end, we sell a piece of silicon averaging well below $1, okay? We should sell our solutions at much more than $1, so like a $5,$6, $10, those type of things. And those customers will really appreciate it. They don't have to design from scratch.

是的。我就是不喜歡這樣。我們有這麼多知識可以把它做到位。結果到最後，我們賣的是一片矽，平均售價遠低於 1 美元，好嗎？我們應該把解決方案賣到遠高於 1 美元，比如 5、6、10 美元這類。而那些客戶會非常感激。他們不必從零開始設計。

Our next question is from Rick Schafer of Oppenheimer.

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

This is Wei Mok on the call for Rick Schafer. I just wanted to echo our congrats on the results. So for my first question, it's in regards to auto, so it's pretty much well known that the market is supply constrained though you guys are still growing nearly 90% this year. With industry reports showing vehicle unit production improving in 2022, how should we think about your auto business as we look into 2022?

我是 Wei Mok，代 Rick Schafer 參與這通電話。我也想再次恭喜你們的業績表現。我第一個問題是關於汽車領域：眾所周知市場目前供給受限，但你們今年仍成長接近 90%。隨著產業報告顯示 2022 年整車產量將改善，我們應該如何看待你們 2022 年的汽車業務？

Well, it's a very -- at this time, we see everything is very rosy now. And we -- but on the other hand, in -- we are so small. There's no reason we would not grow, even the downturns. And as we have looked at the addressable market is that this is like over $6 billion, okay? I mean that's conservatively numbers. That's a conservative numbers. And as we introduce more product in especially in ADAS and the EV proportion size and, okay, we are developing products, I mean all of these, and again, we can address the future growth really well.

嗯，現在看起來——此時此刻，我們看到一切都非常樂觀。而我們——但另一方面，因為我們規模很小。即使遇到景氣下行，也沒有理由我們不成長。而且我們看過可服務市場，這大概超過 60 億美元，好嗎？我的意思是，那是保守的數字。那是保守估計。隨著我們推出更多產品，特別是在 ADAS 和電動車占比規模方面，好嗎，我們正在開發產品，我的意思是所有這些；再說一次，我們能很好地掌握未來的成長。

So like I mean, there is 2022 -- and okay, there's no reason not -- if it's a -- I would not say there's a lack of tool like last year, so like also in the auto industry just stopped like I mean, it was a -- in the normal times, and there's no reason for us not to grow.

所以比如說，2022 年——而且，好吧，沒有理由不——如果是——我不會說會像去年那樣缺料，所以比如說汽車產業也只是停了一下，我的意思是，那是在——正常情況下，而我們沒有理由不成長。

And I think to just follow on to the previous question. When we look at automotive, we actually have system-level design wins in ADAS, regenerative braking systems and in external lighting. And all of these solutions have much higher dollar content for us, $60 to $100 per vehicle. So I think this is a very exciting example of how the solution strategy could play out in different end markets for us as well.

我想接續前一個問題補充一下。我們看汽車領域時，實際上在 ADAS、再生煞車系統以及外部照明方面，都有系統層級的設計導入（design wins）。而這些解決方案對我們而言都有更高的單車美元含量，每輛車 60 到 100 美元。所以我認為這是一個非常令人振奮的例子，說明解決方案策略也能在不同終端市場中如何落地。

Got it. Great. As for my second question, it's regards to the console. You guys highlighted consumer being down in 4Q. So is this more of a reflection of normal seasonality? Or are you seeing any supply constraints impacting consoles?

了解。很好。第二個問題是關於遊戲主機。你們提到第四季消費性業務下滑。這比較像是正常的季節性因素反映嗎？還是你們看到供應限制正在影響主機？

Well, Q3 -- in Q3 in consumer side, it shouldn't be the highest to us. And I think at our customer side, they have too much inventory in the -- for the cell phones in like I mean -- that affects us. And then in the cellphones especially, that's in China, like I mean when they -- when the U.S. had an embargo on one of our companies, but the other ones, they thought they can gain the market share. Like I mean, actually, they didn't. And so they're stuck with the inventory.

嗯，Q3——在 Q3 的消費性那邊，對我們來說不應該是最高的。而且我想在我們客戶那邊，他們在——手機方面庫存太多了，我的意思是——這影響到我們。然後特別是在手機方面，那是在中國，我的意思是，當美國對我們其中一家客戶實施禁運時，其他家以為可以搶到市占。我的意思是，實際上他們沒有。所以他們就卡在庫存裡。

And I think that what we tried to do in our prepared comments is really make that dip more narrowly defined, but it is really the fast charger in the handsets as opposed to anything that is more broad or pervasive in the rest of consumer.

我想我們在事先準備的講稿中想表達的是，這個下滑其實更狹義、更具體；它主要是在手機端的快充，而不是消費性其他部分更廣泛或更普遍的問題。

Yes, we didn't have much of an exposure in the handsets, and that wasn't my favorite either anyway. So we've got the least products however in the last years and okay, why not, okay? But now it's okay. We thought it would be a good.

是的，我們在手機端的曝險其實不大，而且那本來也不是我最喜歡的領域。所以過去幾年我們的產品最少，不過好吧，為什麼不呢，好嗎？但現在沒問題了。我們原本以為那會是不錯的。

The technology has actually been very well positively received. It's just the imbalance as far as the demand that was expected has trailed those expectations. And so we believe that they have excess inventory, and so we're seeing a slowdown for that particular individual category.

這項技術其實獲得非常正面的回饋。只是需求的失衡：原先預期的需求低於那些預期。因此我們認為他們有過多庫存，所以我們看到該特定單一類別出現放緩。

Our next question is from Kevin Garrigan of Rosenblatt.

我們的下一個問題來自 Rosenblatt 的 Kevin Garrigan。

This is Hans for Kevin. Congrats. A couple of questions. Along the lines of inventory, I think AMD, Micron, on the PC side of things, and Texas Instruments on a broader basis, are indicating that customers are changing their behavior a bit in terms of how they take in components in a supply-constrained environment. So rather than just take everything they can get, they're being more selective. Is that something you guys are seeing? And is that unusual if you are seeing that?

我是 Hans，代 Kevin 提問。恭喜。我有幾個問題。延續庫存的話題，我想 AMD、Micron 在 PC 端，以及 Texas Instruments 在更廣泛的層面，都指出在供應受限的環境下，客戶在接收零組件的行為有些改變。也就是說，他們不再是能拿多少就拿多少，而是更有選擇性。你們也有看到這種情況嗎？如果有看到，這是否不尋常？

We are too small, but these -- we're a very small player, much smaller players compare with the Texas Instruments or the other guys. We don't have a luxury of picking market segments. We're only focusing on long terms. Focus or not focus. We don't do short-term business anyway.

我們規模太小了——但這些——我們是非常小的玩家，跟 Texas Instruments 或其他那些公司相比小得多。我們沒有挑選市場區隔的奢侈。我們只專注在長期。專注或不專注。我們本來就不做短期生意。

Yes. To answer your question really succinctly, we haven't seen any change in ordering patterns or our delivery schedule and really don't have an opinion on what the broader market or other market participants are experiencing.

是的。非常簡潔地回答您的問題，我們沒有看到訂單模式或我們的交付排程有任何變化，也確實無法對更廣泛的市場或其他市場參與者正在經歷的情況發表意見。

Fair enough. And so just the last question. Your visibility in terms of when you can capture or get back to that 180 to 200 days of inventory, has that changed? And what is that time line? Is it the end of next year? Is it 2023?

了解。那最後一個問題。就您在何時能把庫存天數回到180到200天的能見度而言，有變化嗎？時間表是什麼？是明年年底嗎？還是2023年？

I think the end of the next year would be a good number. Yes. That's what we -- that's a -- if the market goes -- continue to go this strong, so like I mean -- hopefully, some -- we can catch up at the end of the next year.

我認為明年年底會是一個不錯的數字。是的。這就是我們——這是——如果市場持續這麼強勁地發展，我的意思是——希望我們能在明年年底追趕上。

And that's -- is that a pushout? Or is that a pull-in from last quarter?

那——這算是往後延嗎？還是相較於上季是提前了？

I'm sorry?

不好意思？

Again, you said I talked about last quarter, pull-in or pushout. And like I mean, as I said earlier, we have a -- we still have a delinquent season, like I mean -- and we're having more delinquency than a customer pushout, let's say it that way.

再說一次，您提到我上季談到的，提前或延後。而且我的意思是，如我先前所說，我們有——我們仍然有一個逾期的季節性因素，我的意思是——我們遇到的逾期情況比客戶延後出貨（pushout）更多，就這麼說吧。

I think the important thing is that even with the demands that are placed upon us and Michael is correct that we saw no change in Q3 from what we experienced in Q1 or Q2. We were able to increase inventory in a meaningful way this quarter. So again, I refer back to an earlier answer. We said the balancing act that we're trying to do between satisfy more run rate business at the same time as we're meeting demand for our new products as well as building inventory, that gives us more flexibility.

我認為重要的是，即使我們面臨各種需求壓力，而且Michael說得沒錯，我們在第三季看到的情況與第一季或第二季並無不同。我們仍能在本季以顯著幅度增加庫存。所以我再回到先前的回答。我們說過，我們正在做的平衡是：一方面滿足更多的常態（run rate）業務，同時也要滿足新產品需求並建立庫存，這讓我們更有彈性。

Next question is from Tore Svanberg of Stifel.

下一個問題來自Stifel的Tore Svanberg。

I just had a few follow-ups. First of all, Bernie, the gross margin guidance for Q4, that does not include any more litigation impact, right? That's...

我有幾個追問。首先，Bernie，第四季的毛利率指引不包含任何額外的訴訟影響，對吧？那是……

That is correct.

沒錯。

Okay. Great. So the other question is, a lot of your competitors are discrete companies, and they're probably allocating their products all over the place right now, which I assume means you're gaining share. Can you just talk a little bit to the stickiness of that? I mean I assume once they go with an integrated solution there, they're not going to go back.

好的。很好。那另一個問題是，你們很多競爭對手是分立式（discrete）的公司，他們現在可能正把產品到處配給，我想這表示你們正在取得市占。你能談談這種黏著度嗎？我的意思是，我想一旦他們採用整合式解決方案，就不會再回去了。

That's very true. And when they've tasted a simple, easy solution, it's difficult. And for these high end -- a little bit of high end in the market, that's what we focus on. The customer pay for it, and they deviated from the way they -- their behavior, how they design product. And I think that's a huge benefit to us. And our other customers, the more in the low-end consumer business, we don't care.

這非常正確。而且當他們嘗過一個簡單、容易的解決方案後，就很難（回頭）。對於市場中較高階——有一部分高階市場——那是我們聚焦的。客戶願意為此付費，而且他們也偏離了原本的方式——他們在產品設計上的行為模式。我認為這對我們是很大的好處。至於我們其他客戶，也就是較低階的消費性業務，我們不在意。

Got it. Just one last question. Michael, in the past, you've talked about, especially in servers and automotive, kind of just getting the side dishes. But eventually, you'll get the main course. Should we expect those 2 segments to see some main course revenue in 2022?

了解。最後一個問題。Michael，過去你談到，特別是在伺服器和車用領域，你們有點像只是先拿到配菜。但最終會拿到主菜。我們是否應該預期這兩個領域在2022年會看到一些「主菜」收入？

Yes, yes. We are keep eating the crumbs, okay. We eat a lot of crumbs like a whales. Well, not whales. We -- we're small fish trying to eat a lot of crumbs. And now the fish is like, we grow ourselves a little bit, we can eat the real meals, like I mean we -- as you -- we keep saying, okay, we have the reference design in Intels, and then the real OEMs pick up a onesie and a twosie for these projects and -- but these are the real beast, like I mean, end up a little bit small.

是的，是的。我們一直在吃麵包屑，好嗎。我們像鯨魚一樣吃了很多麵包屑。嗯，不是鯨魚。我們——我們是小魚，努力吃很多麵包屑。而現在這條魚是這樣：我們讓自己長大一點，就能吃到真正的餐點；我的意思是——如你——我們一直在說，好嗎，我們在Intel那邊有參考設計，然後真正的OEM會為這些專案各拿一點、兩點——但這些才是真正的大怪獸，只是最後規模可能還是有點小。

So I think in the next years, we will grow much bigger in so called VR14s and VR13.5. We benefit a lot in -- and other than the point of loans and the E-Fuse and that kind of growth came in, now we really have a core power, have a meaningful revenue coming next years. And now talking about VR14 yet again. And the other thing that worth to mention about -- and there's about a 48-volt process, as we said earlier. And like I mean by these years, and we forecast about this year and the next year, the cross point had to happen.

所以我認為在接下來幾年，我們在所謂的VR14和VR13.5會成長得更大。我們受益很多——除了負載點（point of load）以及E-Fuse等帶來的成長之外，現在我們真的有核心電源（core power），未來幾年會帶來可觀的營收。現在又再談到VR14。另外值得一提的是——還有一個48伏特的進程，如我們先前所說。而且我的意思是，在這幾年，我們對今年與明年的預測是，交叉點必須會發生。

And like I mean we're waiting -- we were waiting about 3, 4 years ago. And we said that until we end up -- when the powers keep increasing and the heat generation, heat dissipations, they cannot handle anymore, they have to use the 48-volt solutions, and this has happened. And start from AR and next year, we see many data centers adopting 48-volt solutions. And well, we have a benefit of a large lake.

而且我的意思是，我們一直在等——大概在3、4年前就在等。我們說過，直到功率持續增加、發熱與散熱他們再也無法承受時，就必須採用48伏特解決方案，而這已經發生了。從AR開始，明年我們會看到許多資料中心採用48伏特解決方案。而且，嗯，我們受益於一個很大的湖。

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

(接線員指示) 由於沒有進一步的提問，我想把網路研討會交回給Bernie。

I'd like to thank you all for joining us for this conference call, and we look forward to talking to you again during the fourth quarter conference call, which will likely be in early February. With that, thank you, and have a nice day.

感謝各位參加本次電話會議，我們期待在第四季電話會議再次與各位交流，時間很可能在2月初。就此，謝謝大家，祝各位有美好的一天。

Okay. Goodbye.

好的。再見。