芯源系統 (MPWR) 2021 Q1 法說會逐字稿

Welcome, everyone, to the MPS First 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, and I will be the moderator for this webinar. Joining me today are Michael Hsing, CEO and Founder of MPS; and Bernie Blegen, VP and CFO.

歡迎各位參加 MPS 2021 年第一季財報網路研討會。請注意，本次網路研討會將被錄音，並將在我們的投資人關係頁面 www.monolithicpower.com 上存檔 1 年。我的名字是 Genevieve，今天將擔任本次研討會的主持人。今天與我一同出席的有 MPS 的執行長暨創辦人 Michael Hsing，以及副總裁兼財務長 Bernie Blegen。

In the course of today's conference call, we will be making forward-looking statements and projections that involve risk and uncertainty, which could cause results to differ materially from management's current views and expectations. 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 statement contained in the Q1 earnings release and in our SEC filings, including our Form 10-K filed on March 1, 2021, which is accessible through our website. MPS assumes no obligation to update the information provided on today's call.

在今天的電話會議過程中，我們將發表涉及風險與不確定性的前瞻性陳述與預測，這些因素可能導致實際結果與管理層目前的觀點與預期存在重大差異。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，已在第一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，可透過我們的網站取得。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.

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據 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，且我們已向 SEC 提交該新聞稿。

I would refer investors to the Q1 2020, Q4 2020 and Q1 2021 earnings releases as well as to the reconciling tables that are posted on our website. I'd also like to remind you that today's conference call is being webcast live over the Internet and will be available for replay on our website for 1 year, along with the earnings release filed with the SEC earlier today.

我建議投資人參閱 2020 年第一季、2020 年第四季及 2021 年第一季的財報新聞稿，以及張貼於我們網站上的調節表。我也提醒各位，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已向 SEC 提交的財報新聞稿。

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。

[Thank you], Genevieve.

[謝謝]，Genevieve。

MPS posted record first quarter revenue of $254.5 million, 53.5% higher than the first quarter of 2020. The year-over-year revenue increase represented strength in the overall market and more importantly, broad-based market share gains resulting from customer acceptance of our new product introductions. 37% of our first quarter 2021 revenue resulted from new products introduced in the last 3 years. New product acceptance on this scale has paved the way for accelerated growth.

MPS 第一季營收創下歷史新高，達 2.545 億美元，較 2020 年第一季成長 53.5%。年增的營收反映整體市場的強勁表現，更重要的是，客戶對我們新產品導入的接受度帶來廣泛的市占率提升。2021 年第一季營收中有 37% 來自過去 3 年內推出的新產品。如此規模的新產品採用，為加速成長鋪平了道路。

Looking at our revenue by market. First quarter 2021 revenue from consumer markets of $66.2 million increased $28.8 million or 77.1% from the same period of 2020. The year-over-year revenue increase reflected a broad increase in overall demand, along with the initial ramp -- revenue ramp from our new mobile device-charging IC. Consumer revenue represented 26.0% of our Q1 revenue compared with 22.6% contribution in the first quarter of 2020.

從各市場別來看我們的營收。2021 年第一季消費性市場營收為 6,620 萬美元，較 2020 年同期增加 2,880 萬美元，增幅 77.1%。年增主要反映整體需求的廣泛提升，以及我們新款行動裝置充電 IC 的初期放量——營收爬升。消費性營收占第一季總營收的 26.0%，相較於 2020 年第一季的 22.6%。

First quarter 2021 automotive revenue of $44.9 million, grew 92.5% over the same period of 2020. This growth primarily reflected continuing sales growth for infotainment, safety and connectivity application products and first-time revenue from products introduced in the 2021 model year. Automotive revenue represented 17.6% of MPS' first quarter 2021 revenue compared with 14.1% in the previous year.

2021 年第一季車用營收為 4,490 萬美元，較 2020 年同期成長 92.5%。此成長主要反映資訊娛樂、安全與連網應用產品的持續銷售成長，以及 2021 年式（model year）導入產品帶來的首次營收貢獻。車用營收占 MPS 2021 年第一季營收的 17.6%，相較於前一年的 14.1%。

In our computing and storage market, first quarter 2021 revenue of $67.5 million increased $15.5 million or 29.9% year-over-year, due primarily to higher notebook and storage sales. Computing and storage revenue represented 26.5% of MPS' first quarter 2021 revenue compared with 31.3% in the first quarter of 2020.

在運算與儲存市場方面，2021 年第一季營收為 6,750 萬美元，年增 1,550 萬美元或 29.9%，主要由筆記型電腦與儲存相關銷售提升所帶動。運算與儲存營收占 MPS 2021 年第一季營收的 26.5%，相較於 2020 年第一季的 31.3%。

First quarter 2021 industrial revenue of $39.8 million increased 57.7% from the first quarter of 2020 and accounted for 15.6% of our total first quarter revenue. The revenue increase over the first quarter of 2020 primarily reflected broad-based gains in all of our major product groups.

2021 年第一季工業市場營收為 3,980 萬美元，較 2020 年第一季成長 57.7%，占我們第一季總營收的 15.6%。相較 2020 年第一季的營收增加，主要反映我們所有主要產品群的廣泛成長。

First quarter 2021 communications revenue of $36.1 million, rose $8.2 million or 29.4% from the first quarter of 2020. The year-over-year increase primarily reflected higher networking and wireless gateway home router sales. Communication revenue represented 14.2% of MPS' first quarter 2021 revenue compared with 16.8% in the first quarter of 2020.

2021 年第一季通訊市場營收為 3,610 萬美元，較 2020 年第一季增加 820 萬美元或 29.4%。年增主要反映網路設備與無線閘道家庭路由器銷售提升。通訊營收占 MPS 2021 年第一季營收的 14.2%，相較於 2020 年第一季的 16.8%。

Our sustainable above-market growth is based on the following: one, we have and are continuously investing in expansion and diversification of our supply chain, specifically, we executed ahead of market demand; two, we accelerated the release of advanced products and solutions based on our leading-edge technologies; three, we have gained increased acceptance of our solutions with first-tier customers globally; four, we continue to diversify and support a wider number of end product applications.

我們能夠持續維持高於市場的成長，基於以下幾點：第一，我們已經並持續投資於供應鏈的擴張與多元化；具體而言，我們的執行超前於市場需求；第二，我們加速推出基於領先技術的先進產品與解決方案；第三，我們的解決方案在全球一線客戶中的接受度提升；第四，我們持續多元化並支援更廣泛的終端產品應用。

Moving now to a few comments on gross margin. GAAP gross margin was 55.4%, 10 basis points higher than the fourth quarter of 2020 and 20 basis points higher than the first quarter of 2020. Our GAAP operating income was $46.1 million compared with $40.0 million reported in the fourth quarter of 2020. For the first quarter of 2021, non-GAAP gross margin was 55.8%, 10 basis points better than the fourth quarter of 2020 and 30 basis points better than the first quarter of 2020. Our non-GAAP operating income was $75.8 million compared to $66.3 million reported in the fourth quarter of 2020.

接著談幾點關於毛利率的評論。GAAP 毛利率為 55.4%，較 2020 年第四季高 10 個基點，較 2020 年第一季高 20 個基點。GAAP 營業利益為 4,610 萬美元，相較於 2020 年第四季的 4,000 萬美元。2021 年第一季非 GAAP 毛利率為 55.8%，較 2020 年第四季改善 10 個基點，較 2020 年第一季改善 30 個基點。非 GAAP 營業利益為 7,580 萬美元，相較於 2020 年第四季的 6,630 萬美元。

Let's review our operating expenses. Our GAAP operating expenses were $95.0 million in the first quarter of 2021 compared with $88.9 million in the fourth quarter of 2020. Our non-GAAP first quarter 2021 operating expenses were $66.2 million, up from the $63.6 million reported in the fourth quarter of 2020. The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are stock compensation expense and income or loss on an unfunded deferred compensation plan. For the first quarter of 2021, total stock compensation expense, including approximately $816,000 charged to cost of goods sold was $28.6 million compared with $23.0 million recorded in the fourth quarter of 2020.

我們來檢視營業費用。2021 年第一季 GAAP 營業費用為 9,500 萬美元，相較於 2020 年第四季的 8,890 萬美元。2021 年第一季非 GAAP 營業費用為 6,620 萬美元，高於 2020 年第四季的 6,360 萬美元。此處所討論各季度中，非 GAAP 與 GAAP 營業費用之差異，主要為股票酬勞費用，以及未提撥遞延補償計畫的收益或損失。2021 年第一季股票酬勞費用總額（包含約 81.6 萬美元計入銷貨成本）為 2,860 萬美元，相較於 2020 年第四季的 2,300 萬美元。

Switching to the bottom line. First quarter 2021 GAAP net income was $45.4 million or $0.95 per fully diluted share compared with $42.9 million or $0.90 per share in the fourth quarter of 2020. First quarter 2021 non-GAAP net income was $69.5 million or $1.46 per fully diluted share compared with $62.5 million or $1.31 per fully diluted share in the fourth quarter of 2020. Fully diluted shares outstanding at the end of Q1 2021 were 47.7 million.

接著看最終獲利。2021 年第一季 GAAP 淨利為 4,540 萬美元，或完全稀釋後每股 0.95 美元；相較於 2020 年第四季的 4,290 萬美元，或每股 0.90 美元。2021 年第一季非 GAAP 淨利為 6,950 萬美元，或完全稀釋後每股 1.46 美元；相較於 2020 年第四季的 6,250 萬美元，或完全稀釋後每股 1.31 美元。2021 年第一季末完全稀釋流通股數為 4,770 萬股。

Now let's look at the balance sheet. Cash, cash equivalents and investments were $641.6 million at the end of the first quarter of 2021 compared to $598.0 million at the end of the fourth quarter of 2020. For the quarter, MPS generated operating cash flow of about $77.1 million compared with operating cash flow of $79.6 million in the fourth quarter of 2020. First quarter 2021 capital spending totaled $19 million.

現在我們來看資產負債表。2021 年第一季末的現金、約當現金及投資為 6.416 億美元，相較於 2020 年第四季末的 5.980 億美元。本季 MPS 產生的營運現金流約為 7,710 萬美元，相較於 2020 年第四季的 7,960 萬美元。2021 年第一季資本支出合計 1,900 萬美元。

Accounts receivable ended the first quarter of 2021 at $84.1 million or 30 days of sales outstanding, up 4 days from 26 days at the end of the fourth quarter of 2020. Our internal inventories at the end of the first quarter of 2021 were $175 million, up from the $157.1 million at the end of the fourth quarter of 2020. Days of inventory increased to 141 days at the end of Q1 2021 compared with 137 days at the end of the fourth quarter of 2020.

應收帳款於 2021 年第一季末為 8,410 萬美元，或銷售天數（DSO）30 天，較 2020 年第四季末的 26 天增加 4 天。2021 年第一季末我們的內部存貨為 1.75 億美元，高於 2020 年第四季末的 1.571 億美元。存貨天數於 2021 年第一季末增加至 141 天，相較於 2020 年第四季末的 137 天。

Historically, we've calculated days of inventory on hand as a function of the current quarter's revenue. We believe comparing current inventory levels with the following quarter's revenue provides a better economic match. On this basis, you can see days of inventory increased slightly to 128 days at the end of the first quarter of 2021 from 126 days at the end of the fourth quarter of 2020.

過去我們計算在手存貨天數時，是以當季營收作為函數。我們認為，將目前存貨水位與下一季營收相比，能提供更好的經濟配比。以此基礎來看，2021 年第一季末的存貨天數由 2020 年第四季末的 126 天小幅增加至 128 天。

I would now like to turn to our outlook for the second quarter of 2021. We are forecasting Q2 revenue in the range of $274 million to $286 million. We also expect to follow GAAP gross margin in the range of 55.1% to 55.7%. Non-GAAP gross margin in the range of 55.5% to 56.1%.

我現在想轉到我們對 2021 年第二季的展望。我們預估第二季營收將落在 2.74 億美元至 2.86 億美元之間。我們也預期 GAAP 毛利率將落在 55.1% 至 55.7% 的區間。非 GAAP 毛利率則落在 55.5% 至 56.1% 的區間。

GAAP R&D and SG&A expenses between $95.9 million and $99.9 million. Non-GAAP R&D and SG&A expenses to be in the range of $65.5 to $67.5 million. This estimate excludes stock compensation and litigation expenses. Total stock-based compensation expense of $31.4 to $33.4 million, including approximately $1 million that would be charged to cost of goods sold. Litigation expenses ranging between $2.3 million and $2.7 million. Interest and other income is expected to range from $1.3 million to $1.7 million before foreign exchange gains or losses. Fully diluted shares to be in the range of 47.3 million to 48.3 million shares.

GAAP 研發與銷售、一般及行政（SG&A）費用介於 9,590 萬美元至 9,990 萬美元之間。非 GAAP 研發與 SG&A 費用預計介於 6,550 萬美元至 6,750 萬美元之間。此估計不包含股票薪酬與訴訟費用。股票基礎薪酬費用合計 3,140 萬美元至 3,340 萬美元，其中約 100 萬美元將計入銷貨成本。訴訟費用介於 230 萬美元至 270 萬美元之間。利息及其他收入在扣除外匯損益前，預期介於 130 萬美元至 170 萬美元之間。完全稀釋後股數預計介於 4,730 萬股至 4,830 萬股之間。

In conclusion, we have paved the way to multibillion-dollar revenue. I will now open the webinar for questions.

總結來說，我們已為數十億美元營收鋪路。現在我將開放線上研討會進行提問。

(Operator Instructions) Our first question comes from Joshua Buchalter of Cowen.

（接線員指示）我們的第一個問題來自 Cowen 的 Joshua Buchalter。

Congrats on another set of solid results. I was hoping you could elaborate on the inventory dynamics. You're one of the few companies that have invested proactively ahead of the supply issues across the industry, but you're still not near your 180- to 200-day target. So just wondering how you're thinking about balancing, rebuilding the channel versus taking business that some of your peers can't serve and also your share gains.

恭喜再次交出一組穩健的成果。我希望你們能更詳細說明庫存的動態。你們是少數在全產業供應問題出現之前就主動投資的公司之一，但你們距離 180 到 200 天的目標仍不算接近。所以我想了解你們如何在平衡、重建通路庫存與承接一些同業無法供應的業務，以及你們的市占提升之間做取捨。

Well, as we spend -- continue to expand our capacities, as we said it earlier in a -- as we said it in the last quarters, and I think that we'll -- we expect that with the current rate of increase, the capacity will be end of the year or early next year, so we will achieve that type of inventory. So if the demand has not continued to increase this much.

嗯，隨著我們持續擴充產能——正如我們先前所說、也在過去幾季提到的——我認為我們預期以目前的增速，產能會在今年底或明年初到位，因此我們將能達到那樣的庫存水準。前提是需求不要再以這麼高的幅度持續增加。

And I think it's notable, Josh, that we did increase both in terms of dollars and days, the amount of inventory we had from Q4 to Q1, which rounds -- runs counter to the capacity constraints that some peer companies are experiencing.

而且我認為值得注意的是，Josh，我們從第四季到第一季，無論以金額或以天數衡量，庫存水位都有增加，這與一些同業正面臨的產能限制情況相反。

Got it. That makes sense. And any more granularity you can provide in the guidance by end market for next quarter? Any of the buckets moving materially more than the others? Congrats, again.

了解，這很合理。那你們能否在下季指引中，按終端市場提供更細的拆分？是否有任何一個類別的變動幅度明顯大於其他？再次恭喜。

Yes. I would probably look to computing, where there was a couple of quarter gap in data center that data center should begin to take off again. I think automotive appears to be continuing to grow nicely, both in terms of year-over-year performance and sequentially. And also, we're seeing that same continuation in consumer.

可以。我可能會先看運算領域，資料中心先前有幾季的空窗，資料中心應該會開始再次起飛。我認為車用看起來仍在穩健成長，無論年對年或季對季都是如此。另外，我們也在消費性領域看到同樣的延續性。

Our next question comes 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 want to talk about the sustainability of demand. Recently in this earnings season, a lot of semistocks have sold off on really good numbers, and it clearly looks like the market is worried about double ordering, those sorts of peak cyclical activities. Can you talk a little bit about how your visibility has changed, if at all, over the last quarter from the demand side of the equation? And any kind of general puts and takes about how you view the second half of the year? I know you're only guiding for 2Q, but any sort of company specifics or general trends that you'd like to highlight in the second half of the year would be helpful.

我想談談需求的可持續性。最近這個財報季，許多半導體股票在公布非常好的數字後仍下跌，顯然市場擔心重複下單等景氣循環見頂的行為。你們能否談談，從需求端來看，你們的能見度在過去一季是否有任何變化？以及你們如何看待下半年的一些整體利多利空？我知道你們只提供第二季指引，但若能分享任何公司層面的具體情況或下半年想強調的一般趨勢，會很有幫助。

Yes. Okay. And of course, we're [considering the] double orders, okay? I mean in the past, we said that, okay, we have rigorous procedures, okay, to prevent that, okay? And we -- partial -- we're producing partial shipments in the last 6 quarters. And we make sure our customers have a very minimal on-hand inventories. And at the same time, we're not preventing their line downs, okay, their production line downs.

是的。好的。當然，我們有在[考量]重複下單，好的。過去我們也說過，我們有嚴謹的流程，好的，用來防止這種情況，好的。而且我們——在過去 6 個季度一直採取部分出貨。我們確保客戶手上現有庫存維持在非常低的水準。同時，我們也不會讓他們停線，好的，不會造成他們的產線停工。

So go back to your question, what's the demand, okay? We believe a lot of our demand is sustainable. The reason we said that -- Bernie said earlier in a script, and that for us, these are greenfield market, greenfield product line, we started to grow. And as Bernie said, 37% of our products, we grow all from new products we -- that we released from the last 3 years. And that there is no reason to believe next 2 years and next years' -- I'm not even talking about next 6 months. I'm talking about next couple of years. These products will continue to grow. And at the same times -- and we -- the product that we released in the last 2 years, that will continue to turn into revenues in the 12 months later. So we believe our growth is sustainable.

回到你的問題，需求如何，好的？我們相信我們的許多需求是可持續的。我們之所以這麼說——Bernie 先前在講稿中提到——對我們而言，這些是綠地市場、綠地產品線，我們才剛開始成長。正如 Bernie 所說，我們 37% 的產品成長來自於過去 3 年推出的新產品。我們沒有理由相信未來 2 年以及之後——我甚至不是在談未來 6 個月，而是在談未來幾年——這些產品不會持續成長。同時，我們在過去 2 年推出的產品，也會在接下來 12 個月逐步轉化為營收。因此我們相信我們的成長是可持續的。

Okay. I guess for my follow-up. A little more specific on one of your segments. The communications area has been very, very volatile. I know there's [bans] on different customers that can ship at different points and times. But can you talk a little bit about what's driving the sequential growth that was up so much in the first quarter, admittedly off of a weaker fourth quarter. And then as this year progresses, how do you see that market, specifically more of the 5G side of things rather than the networking and gateway sides?

好的。那我追問一個更具體的問題，關於你們其中一個部門。通訊領域一直非常、非常波動。我知道對不同客戶有[禁令]，導致在不同時間點能否出貨有所不同。但你們能否談談，第一季季對季成長大幅上升的驅動因素是什麼（當然是從較弱的第四季回升）？以及隨著今年推進，你們如何看待該市場，特別是偏 5G 端，而不是網路與閘道器端？

We see -- as a matter of fact, my CEO talked to a -- we have a -- communication meetings with top tiers and non-Chinese 5G makers, okay? And the -- that market segment's that were picking up and we'll believe -- okay. They believe this year and in the next year, they're on the delinquency, too.

我們看到——事實上，我們的 CEO 與——我們有——與一線以及非中國的 5G 製造商進行通訊會議，好的。而且——那個市場區隔正在回溫，我們相信——好的。他們相信今年以及明年，他們也會處於供不應求的狀態。

We believe we're very well positioned, just as Michael said there, because the reach of new customers that we're addressing the 5G solutions is very broad. So we think that as the market gains momentum, we're very well positioned to take full advantage of it.

我們相信我們的定位非常好，正如 Michael 剛才所說，因為我們所切入的 5G 解決方案新客戶範圍非常廣。因此我們認為，隨著市場動能增強，我們非常有利於充分把握這個機會。

Great. Congrats, again.

很好。再次恭喜。

Our next question comes from Tore Svanberg of Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Michael and Bernie, congrats again on a very strong quarter. First question, I was hoping you could talk a little bit about your share gains especially during times when capacity is really tight. So your solutions tend to be more integrated, especially versus discretes. And a lot of those discretes are in shortage. So I'm just wondering if you are seeing an acceleration in your share gains during this very tight semiconductor environment.

Michael 和 Bernie，再次恭喜你們交出非常強勁的一季。第一個問題，我希望你們能談談你們的市占提升，特別是在產能非常吃緊的時候。你們的解決方案通常更高度整合，尤其相較於分離式元件（discretes）。而許多分離式元件目前都短缺。所以我想了解，在這個半導體供應非常緊俏的環境下，你們是否看到市占提升正在加速。

Well, it's a -- if examples -- and I can give you a couple of examples, a couple of scenarios, okay? If we're in a -- if dual sources that came in and our competitors are using -- our customer's using 2 -- dual source or triple source. If -- and ours tend to be in a lot more -- fewer components than our competitors, and that is one interpretation why the demands -- and we're gaining so much demand.

嗯，這個——如果舉例的話——我可以給你幾個例子、幾種情境，好的。假設是雙來源的情況，我們的競爭對手——我們的客戶採用兩家供應商的雙來源或三來源。如果——而我們的方案通常比競品需要更少的元件，這就是一種解釋，為什麼需求——以及我們為什麼能獲得這麼多需求。

And another scenario is for the futures. And we gained a lot of market shares because -- just recently because for those new product -- their new project, the shippings, they were putting up production for the next 6 to 12 months. And we have a lot of design win lately.

另一種情境是針對未來。我們最近也取得了很多市占，因為——就在最近，對於那些新產品——新的專案，他們的出貨規劃是為接下來 6 到 12 個月拉升產量。而我們最近有很多設計導入（design win）。

Great. And as my follow-up, and you talked about the contribution from the new products. I know you're not going to give us specific information on pricing. But is it fair to say that the ASPs now of those new products are considerably higher than perhaps the last year or 2?

很好。那我的追問是，你們談到新產品的貢獻。我知道你們不會提供定價的具體資訊。但是否可以說，這些新產品目前的 ASP（平均售價）相較於過去 1 到 2 年顯著更高？

Yes. For the gross margins, we stay on our course, and we're not looking for a price hiking -- price hikes, okay, and that probably is not sustainable. So okay, I think that we predict our models and going the same trend as before, okay.

是的。就毛利率而言，我們會維持既定方向，我們不會尋求調漲價格——漲價，好的，因為那可能不可持續。所以，好的，我認為我們的模型預測會延續先前相同的趨勢，好的。

And Bernie?

那 Bernie 呢？

Yes. And just to add to that, yes, certainly, the new products that we're introducing, and particularly those that are more heavily integrated, the mix of business does favor a higher ASP for those new products.

是的。補充一下，確實，我們正在導入的新產品，特別是那些整合度更高的產品，從業務組合來看，確實有利於這些新產品的 ASP 較高。

Yes, that's what I thought. Okay. Congrats, again.

是的，這跟我想的一樣。好的。再次恭喜。

Our next question comes from William Stein of Truist.

我們的下一個問題來自 Truist 的 William Stein。

Bernie, you -- I think it was you in the opening remarks, you said something about paved the way for accelerated growth. We all know Monolithic's done a pretty amazing job with regard to growth relative to the industry. But should we interpret that as meaning perhaps we stay above 20% for a more protractive period of time?

Bernie，你——我想是在開場致詞時——你提到某些關於為加速成長鋪路的說法。我們都知道 Monolithic 在相對於產業的成長方面做得相當出色。但我們是否應將此解讀為，或許我們會在更長一段時間內維持在 20% 以上？

I think that's what we're seeing now. And what we're seeing now -- and that can be -- in the -- a year -- or 2 years ago, so like, we only grew like 8%. Again, in the last year, 30 somethings. And this year, so far, sort of we're in a very high percentage. And so we look at -- this kind of rate will -- it will continue.

我想這就是我們現在看到的情況。而我們現在看到的——而那可能是——在——一年前——或兩年前，所以像是，我們只成長了大約 8%。再說一次，去年是 30% 多。今年到目前為止，大致上我們處於非常高的百分比。因此我們看——這種成長率——它會持續下去。

Yes. I think that's the message that we've tried to say in the formal comments and Michael added to that if you look at the reason for our growth, both last year and this year, it has much more to do with market share gains and new products and having developed our supply chain, than it does necessarily rely upon just the broader market. And so certainly, in 2019, we had high expectations, and we were -- we're not immune to downturns in the market. But I think that if we have a more normalized demand that we can perpetuate this accelerated rate of revenue growth perhaps in excess of the 20% mark.

是的。我想這就是我們在正式評論中一直試圖傳達的訊息，而 Michael 也補充說，如果你看我們成長的原因，無論是去年還是今年，更多是來自市占率提升、新產品，以及我們供應鏈的建置，而不一定只是依賴更廣泛的市場。因此當然，在 2019 年，我們有很高的期待，而且我們——我們也不是對市場下行免疫。但我認為，如果需求更趨於常態化，我們或許能延續這種加速的營收成長率，甚至可能超過 20% 的水準。

And then along these lines, I think a couple of other questions might have even alluded to it with regard to higher ASP. I think of -- a big driver of that is your transition to selling more of these modules, those types of more complex, integrated solutions. Is that the case? And I'm hoping you might quantify that for us. I think in the past, you've talked about growth rates, at least off-line of the module business. Maybe you can talk about whether this is reaching the -- a size where it makes sense to disclose revenue from that piece?

接著沿著這個方向，我想還有幾個其他問題可能也提到了較高 ASP（平均銷售單價）。我想到——其中一個很大的驅動因素是你們轉向銷售更多這些模組，也就是更複雜、整合式的解決方案。是這樣嗎？我也希望你們能為我們量化一下。我想過去你們談過模組業務的成長率，至少是非正式地提到。也許你們可以談談，這是否已經達到——某個規模，使得披露那部分營收變得合理？

Yes. The module business is doing really well, okay? In a -- module/e-commerce business is doing really well. And I think we're beginning to find a way how to grow that business. By no means this is full-blown yet. A full-blown business yet, okay? We haven't really break it out. And -- but that business announced and, okay, I see it in its much higher ASP. And that will start to grow like 2 years out. It will be a significant difference and a significant contribution to the revenue growth.

是的。模組業務表現非常好，好嗎？模組／電商業務做得非常好。而且我想我們開始找到如何讓那個業務成長的方法。這絕不是已經全面展開——還不是一個全面成熟的業務，好嗎？我們還沒有真的把它拆分出來披露。而——但那個業務已經顯現出來了，好嗎？我在它更高的 ASP 上看得到。而那將在大約 2 年後開始成長。它會帶來顯著差異，並對營收成長做出顯著貢獻。

One other aspect to add, Will, is that if you look at certain of our end markets and all -- pick automotive as an example, much more of what they're demanding is not for a specific IC, they want to have a system solution. So if you look, for example, at autonomous driving or ADAS, there has to be built-in, fail-safe redundancy. You have to have system communications throughout in the example I'm using here, that coordinate the cameras, the sensors and the processor. And so you're buying -- you're creating entire chipsets for a dynamic solution. And just by the natural consequence of how you're designing those solutions, they have significantly higher ASPs.

Will，另外補充一點是，如果你看我們某些終端市場——以汽車為例——他們需求的更多不是某一顆特定 IC，而是想要系統解決方案。舉例來說，在自動駕駛或 ADAS 上，必須內建故障安全（fail-safe）的冗餘。你必須在整個系統中具備通訊能力，在我這個例子裡，要協調攝影機、感測器與處理器。因此你是在購買——你是在為一個動態解決方案打造整套晶片組。而僅僅因為你設計這些解決方案的自然結果，它們就會有顯著更高的 ASP。

Yes. And to elaborate on that -- and that these are not restricted to only a semiconductor that we designed. And we offer entire solutions, and we design it, okay? MPS don't produce anything. But MPS, okay -- including semiconductor, we design the semiconductor. At the same time, we design other components. And well, now, as Bernie said earlier, even in the automotive business, we're selling solutions rather than in the past, we're selling a single piece of silicon. And in 2 or 3 years later, I don't know how you -- how can you specify is MPS a semiconductor company, but we are solution providers. And we sell solutions much higher ASP.

是的。再進一步說明——而且這些不僅限於我們設計的某一顆半導體。我們提供整套解決方案，而且是我們來設計的，好嗎？MPS 不生產任何東西。但 MPS，好嗎——包含半導體在內，我們設計半導體。同時，我們也設計其他元件。而且，正如 Bernie 先前所說，即使在汽車業務中，我們現在賣的是解決方案，而不是過去那樣只賣一顆矽晶片。再過 2 或 3 年後，我不知道你——你要怎麼界定 MPS 是一家半導體公司，但我們是解決方案提供者。而我們賣的解決方案 ASP 高得多。

Our next question comes from David Williams of Loop Capital.

我們下一個問題來自 Loop Capital 的 David Williams。

Congrats on the quarter. I wanted to touch on the capacity expansion. And you had mentioned this earlier, but how is that progressing? And I guess is it moving at the same pace as you would have expected? Just kind of given some of the tightness that we're seeing within the industry, is there -- maybe is that moving at your -- the pace you expected and maybe the pricing of that, anything surprising there?

恭喜本季表現。我想談一下產能擴張。你們先前提到過，但目前進展如何？我想問的是，進度是否與你們原先預期的步調一致？考量到我們在產業內看到的一些供應吃緊情況——也就是說，是否仍以你們預期的速度在推進？以及在價格方面，有沒有任何令人意外的地方？

Yes. Capacity expansions that we mentioned about 6 quarters ago, okay? So -- I mean with steadily an increase. In the last years, we did some extra works, okay, to increase the capacities again. And from now on, probably pretty continuous kind of an increase, okay?

是的。我們大約在 6 個季度前提到的產能擴張，好嗎？所以——我的意思是，產能一直在穩定增加。去年我們又做了一些額外的工作，好嗎？再次提升產能。而從現在開始，可能會是相當持續性的增加，好嗎？

And so Bernie, you can comment on it. Okay.

Bernie，你可以評論一下。好嗎。

Yes. I think that we've been clear that in 2020, we brought up a 12-inch fab and now we're continuing to qualify parts on that in 2021. We're midstream and bringing up an 8-inch capacity. We're continuing to qualify parts. One of the underreported stories here is that we have existing relationships with our fab partners that date back as long as 15 to 20 years. And they're excellent relationships, and we have been able to manage, both in terms of when there's undercapacity and overcapacity, where we have very even-handed relationships. So even within our existing foundation or base, that -- they've been encouraged and been very positive contributors to helping us add capacity as well. So I think the important point here, as we said in our earlier comments, is that continuous investment has always been a part of MPS, it's a differentiator. And that we see it as being able to expand over the next several years in order to keep up with the increased demand that we're anticipating.

是的。我想我們已經很清楚地說過，在 2020 年我們啟用了 12 吋晶圓廠，現在在 2021 年我們持續在那裡進行產品認證。我們正在中途推進 8 吋產能的建置，也持續在做產品認證。這裡一個較少被報導的故事是，我們與晶圓廠合作夥伴的既有關係，最久可追溯到 15 到 20 年前。這些關係非常好，而且我們能夠管理——無論是在產能不足或產能過剩時——我們都維持非常公平、均衡的合作關係。因此即使在我們既有的基礎或底盤之上——他們也受到鼓勵，並且非常正面地協助我們增加產能。所以我認為這裡的重點是，正如我們先前評論所說，持續投資一直是 MPS 的一部分，這也是我們的差異化優勢。我們也認為，為了跟上我們預期增加的需求，未來幾年我們有能力持續擴產。

Great. And then maybe just on the leverage, you think that -- that's remaining in the model here. Obviously, there's quite a bit that's embedded. But how -- when we're thinking about gross margin at the upper end and maybe even the operating margin, where do you think those could go to as you really start to hit on all cylinders and get the revenue acceleration that you've mentioned?

很好。接著可能談一下槓桿效應，你認為——這在模型裡仍然存在。顯然其中已經內含不少。但當我們思考毛利率的上緣，甚至可能是營業利益率時，當你們真正火力全開，並達到你們提到的營收加速成長時，你認為那些指標可能會到什麼水準？

Well, as a revenue acceleration, we need to continue to invest. And obviously, we can't grow out of thin air, we said it many times, okay? And as long as the growth rate there -- okay, we see the growth rate in the next 12 years -- oh, I mean, next 12 months. And once we see that, we will invest.

嗯，若要營收加速成長，我們就需要持續投資。而且很明顯，我們不可能憑空成長，我們說過很多次了，好嗎？只要成長率在那裡——好嗎，我們看到未來 12 年——喔，我是說，未來 12 個月的成長率。一旦我們看到那個，我們就會投資。

Our next question comes from Rick Schafer of Oppenheimer.

我們下一個問題來自 Oppenheimer 的 Rick Schafer。

I'll add my congratulations as well. I had maybe a couple of questions by end market. I guess the first one's automotive. I think you guys outgrew SAAR by 35%, 40% last year. And I know tight component supply is kind of curbed first quarter auto production, didn't seem to hurt you guys too much. I know your auto business, I think, was up almost 100%. So I guess my question is, I mean, do you see that as an ongoing risk or something that could impact your auto growth? I'm curious, you almost doubled it this past quarter, I mean could it have been better if it weren't for components, supply constraints out there, whether they're direct or indirect? Or I guess any signs of things -- are things getting better yet in that auto food chain?

我也要表示恭喜。我可能有幾個依終端市場來看的問題。我想第一個是汽車。我認為你們去年比 SAAR 高出 35%、40% 的成長。我也知道零組件供應緊張在第一季抑制了汽車產量，但似乎沒有太影響你們。我知道你們的汽車業務，我想，成長了將近 100%。所以我的問題是，你是否認為這會是持續性的風險，或可能影響你們汽車成長的因素？我很好奇，你們這一季幾乎翻倍——如果不是因為零組件、供應限制（不論是直接或間接），表現是否可能更好？或者我想問，有沒有任何跡象——在汽車供應鏈中，情況是否已經開始好轉？

Yes. Whether as a -- our growth is restricted by the shortage of a component from our customer size and again, we don't really know, okay? I mean -- but on the other hand, where total market share is addressable market, where MPS is so small, so teeny, tiny and so we will notice it. And all these greenfield product growth, okay -- and these are new demand. And right off the bat, okay -- of a -- and this product is just taking off.

是的。至於——我們的成長是否會因為客戶端某個零組件短缺而受限，我們其實不太知道，好嗎？我的意思是——但另一方面，就整體市場份額、可服務市場而言，MPS 還非常小、非常非常小，所以我們會注意到它。而所有這些綠地（greenfield）產品的成長，好嗎——這些都是新的需求。而且一開始就——好嗎——這個產品正在起飛。

I'm sorry. Just to add one more quick comment. We have seen nothing at this point to indicate that there's necessarily been a slowdown in ordering in automotive. So again, as Michael said, we can't make a guess as far as whether there is a limit on demand, but we see continued strong numbers of our backlog.

抱歉。再補充一個很快的評論。我們目前沒有看到任何跡象顯示汽車領域的下單有必然放緩。因此再次呼應 Michael 所說，我們無法猜測需求是否存在上限，但我們看到積壓訂單（backlog）仍持續維持強勁的數字。

Great. And maybe just a follow-up then on hyperscale. You highlighted, Bernie, I think you've mentioned hyperscale spend kind of picking up or data center starting to show signs of life. So I'm curious, just with the launch of Ice Lake and things are -- we are picking that -- hearing that elsewhere as well, that hyperscale's getting better. How do you see, I guess, QSMod data center? How do you see that ramping this year? I mean is it relatively linear from here? Are we going to see a second half inflection of some kind? Does that kind of build some inertia? And I'm also curious, I think last quarter, you talked about 48 volt a little bit. I don't know. Is it still much too small to kind of break out or talk about? Or can you give us a sense of what kind of contribution a 48-volt QSMod is now?

很好。那我想再追問一下超大規模（hyperscale）的部分。Bernie，你剛才提到超大規模支出似乎開始回升，或是資料中心開始出現復甦跡象。所以我很好奇，隨著 Ice Lake 的推出，以及我們也從其他地方聽到超大規模正在改善的訊息，你怎麼看 QSMod 在資料中心的表現？你怎麼看它今年的放量（ramp）？我的意思是，從現在開始會相對線性成長嗎？我們會看到下半年出現某種拐點嗎？這是否會累積一些動能？另外我也好奇，我記得上季你稍微談到 48 伏。我不確定它是不是仍然太小而不便單獨拆出來談？還是你可以讓我們了解一下，48 伏 QSMod 目前大概有什麼樣的貢獻？

Sure. So let me start with the 48-volt question. I believe that there is significant growth opportunity for us in 48 volt. I think we're very well positioned as far as both GPUs and down the road in the eventual...

當然。那我先從 48 伏的問題開始。我相信 48 伏對我們而言有很大的成長機會。我認為我們在 GPU 方面以及未來最終在……方面都具備很好的布局。

AI.

AI。

Yes, AI applications, and there are even automotive applications that we're positioned in.

是的，AI 應用，而且我們也在一些車用應用上有所布局。

These are -- if it's not in the 6 months, probably 9 months, where the revenue will be significantly up.

這些——如果不是在 6 個月內，那大概是 9 個月內，營收就會顯著提升。

Yes.

是的。

So then turning to your other point, the point of inflection for QSMod and remember, just for everybody else's benefit, that's our dynamic power management for the CPU processor. That really, we see good growth in what we refer to as VR13.5. But it's when it goes to 7-nanometer VR14, which is expected for next year, that, that's where we might get much more of an uplift market share gains.

接著回到你另一個問題，關於 QSMod 的拐點——也提醒大家一下，QSMod 是我們針對 CPU 處理器的動態電源管理。我們確實看到我們所稱的 VR13.5 有不錯的成長。但當它進入 7 奈米的 VR14（預計明年），那時我們可能會看到更大的提升，以及市占率的增加。

Our next question is from Quinn Bolton of Needham.

下一個問題來自 Needham 的 Quinn Bolton。

I offer my congratulations. Michael and Bernie, I guess my first question is I think you've sort of said 2020 and 2021 would be investment years, which would somewhat constrain your operating margin. Here in the near term, it looks like your revenue is coming stronger than expected. And so even with that investment, your op margin is expanding. And if I'm doing my math right, it looks like op margin will be over 31% in June. How should we think about your level of investment as revenue continues to come in better than expected? Will you continue to invest? Or do you think you'll drive further operating leverage going forward?

先恭喜你們。Michael 和 Bernie，我的第一個問題是，我想你們之前提到 2020 和 2021 會是投資年，這會在某種程度上限制營業利益率。但就近期來看，你們的營收似乎比預期更強。因此即使有投資，你們的營業利益率仍在擴張。如果我算得沒錯，6 月的營業利益率看起來會超過 31%。隨著營收持續優於預期，我們應該如何看待你們的投資水準？你們會持續投資嗎？還是你們認為未來會進一步提升營運槓桿？

I think that up to -- for now, we see the growth opportunity is even higher than the last -- than 3 years ago. And so we will continue to invest, okay, as long as we see that, okay, as long as we can keep up that kind of growth rate. And if not, we're definitely slowing down, okay, and until we regroup, okay? So far, we see too much opportunities.

我認為到目前為止——就現在而言，我們看到的成長機會甚至比上一次——比 3 年前還要高。所以只要我們看到這樣的機會，我們就會持續投資，好嗎？只要我們能維持那樣的成長速度。如果不能，我們一定會放慢，好嗎？直到我們重新整隊、再出發。到目前為止，我們看到的機會太多了。

There's no such thing.

沒有那種事。

I guess that's a good problem?

我想這算是個好問題（好困擾）？

Yes.

是的。

Yes. Quinn, I do think that there are further opportunities for operating margin expansion. But I think that we've tried to be clear on this during the -- particularly the last 18 months, that we see that there's more value to our shareholders in being able to accelerate the rate of revenue growth. And that's really where we've been putting most of our emphasis on.

是的，Quinn，我確實認為營業利益率還有進一步擴張的機會。但我想我們在——尤其是過去 18 個月——一直試著把這點講清楚：對股東而言，更有價值的是能夠加速營收成長的速度。而這正是我們投入最多重點的地方。

Got it. And then the second question is I think you touched on some of this with your disclosure that new products were 37% of sales. But obviously, as the investment community worries about how much double ordering may be going on given the overall industry tightness, I guess I'm wondering, do you guys have a figure you can give us for the percentage of your products that are either sole-sourced and/or new products because I think where the threat of double ordering may be would be on older products that are dual sourced? And so I guess I'm trying to figure out, what percent of your revenue today might be from older products that could have alternative sources?

了解。第二個問題是，我想你們提到新產品占銷售額 37%，這也涵蓋了一部分。不過，鑑於整體產業供應緊張，投資界很擔心會有多少重複下單（double ordering）。所以我想問，你們是否有一個數字可以提供：你們產品中有多少比例是單一來源（sole-sourced）和／或新產品？因為我認為重複下單的風險可能會出現在那些可雙重來源（dual sourced）的舊產品上。所以我想釐清的是，你們目前營收中有多少比例可能來自於那些可能有替代供應來源的舊產品？

Yes. Let me put it that way, okay? We have 37% of our products, okay? We have 4,000, 5,000 products. Just think about it, okay? And these 37% that came of our product in January, all these revenue is -- a portion of our revenue is still relatively small and still in the ramping stage. And those products, they are mostly single source. And as you said, these are legacy products, okay? And once the production volume ramps somewhat and just stabilize it and that they will have a second source. And of course, we -- clearly, we experienced some urgency for -- and/or even double ordering, okay? And as we said, we try to it keep very, very minimal. So -- okay? I mean just prevent them -- the line down at the same times. And we prevent them to have a -- carry too much of the inventory. I don't know if I answered your questions.

是的。我這樣說好了。我們有 37% 的產品——我們有 4,000、5,000 個產品。你想想看。這 37% 是我們在 1 月推出的產品，這些產品帶來的營收——其中一部分營收相對仍然不大，還在放量階段。而這些產品多半是單一來源。至於你說的那些舊產品，一旦產量放大到一定程度並且趨於穩定，它們就會有第二來源。當然，我們——很明顯地，我們也經歷了一些急單——以及／或甚至重複下單。我們也說過，我們會盡量把它維持在非常、非常低的程度。所以——好嗎？我的意思是，一方面避免客戶同時停線；另一方面也避免他們持有過多庫存。我不確定我是否回答到你的問題。

Maybe Bernie, you can.

也許 Bernie 你可以補充。

Yes -- no, that's helpful. I guess last quick one for you, Bernie. Do you expect to increase your absolute inventory dollars on hand in the June quarter?

是的——不，這很有幫助。我想最後再快速問你一個，Bernie。你預期在 6 月季度，你們手上的絕對庫存金額會增加嗎？

Yes. Currently, that's what we're modeling, yes. Now again, Michael is careful to add that this is -- the supply chain, we have pretty good visibility on the demand, we have to continually try to test and make sure we understand that. So on the supply chain, we are looking at continuing to increase the dollar value of inventory, sequentially in quarters. And demand, we just have to continue to reassess. But as Michael also said, our time horizon has more to do on the demand front over the next 15 to 18 months as opposed to anything that we're concerned about in the next quarter or 2.

是的，目前我們的模型就是這樣預估的，是的。不過同樣地，Michael 也很謹慎地補充，這是——在供應鏈方面，我們對需求有相當不錯的能見度，但我們必須持續去驗證並確保我們理解正確。因此在供應鏈端，我們預期會持續提高庫存的金額價值，並在季度間逐季增加。至於需求端，我們必須持續重新評估。但正如 Michael 也提到的，我們的時間視野更多是看未來 15 到 18 個月的需求面，而不是我們對接下來 1 到 2 個季度有任何特別擔憂。

Our next question is from Kevin Garrigan of Rosenblatt.

下一個問題來自 Rosenblatt 的 Kevin Garrigan。

Let me echo my congratulations on the quarter. Just a quick one for me. You alluded a little to it before, but I was just kind of wondering how your MPS now service an e-commerce business did -- this quarter and how that compares to last quarter, which I believe also had some pretty strong growth. Then just kind of looking a little further out, as things start to open back up, do you think that business will take a pause?

我也想再次恭喜你們這一季的表現。我這邊一個簡短問題。你們之前稍微提到過，但我想了解一下，MPS Now 服務電商業務在本季表現如何？以及和上一季相比如何？我記得上一季也有相當強勁的成長。再往後看一點，隨著各地開始重新開放，你認為那個業務會不會暫停一下？

I don't think it's the business taking a pause. I mean -- and we just started. That would be very upsetting if the business is taking a pause. All right. And if we're taking a pause, okay, I mean, we probably -- well, at this time, we're still learning. It may take a pause, okay, and that's something we haven't really figured out, okay? I mean -- but so far as in the last 3 -- last 4, 5 quarters, and I mean -- and the measurements that were in place, okay, and -- that we put in place, and okay, they are -- keep going up. And orders and the interactings and the demand creation, the value for -- of the index for demand creation keep increasing. And I think they are turning to our revenues, okay, and they're turning to much bigger revenues.

我不認為是業務會暫停。我的意思是——而且我們才剛開始。如果業務暫停，那會非常令人沮喪。好嗎？如果我們真的暫停，我的意思是，我們可能——嗯，就目前而言，我們仍在學習。它可能會暫停，好嗎？但那是我們還沒有真正搞清楚的事情。我的意思是——但就過去 3——過去 4、5 個季度來看，我的意思是——以及我們所建立的衡量指標——我們建立的那些指標——它們都在持續上升。訂單、互動，以及需求創造（demand creation），用來衡量需求創造的指數價值都在增加。我認為它們正在轉化為我們的營收，而且正在轉化為更大的營收。

Kevin, if I could add to that a little bit is the e-commerce and the MPS now are just 2 legs or 2 aspects of the much larger story of how we transition from an IC company to a solutions provider that also includes providing fully complete reference designs and a broad array of solutions in all of our different end markets. So this is really proving the longer-term model. And while we are still learning and the numbers are still relatively small, we're in the early innings of this, everything is very encouraging. That we're headed in the right direction on to something that is very sustainable.

Kevin，如果我可以再補充一點，電商和 MPS Now 只是更大故事中的兩條腿或兩個面向：也就是我們如何從一家 IC 公司轉型為解決方案供應商，這也包括提供完整的參考設計，以及在我們各個終端市場提供廣泛的解決方案。所以這其實是在驗證長期的商業模式。雖然我們仍在學習、數字也相對還小，但我們才剛開始起步，一切都非常令人鼓舞。我們正朝著正確方向前進，走向一個非常可持續的事業。

(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。

Thanks, Gen.

謝謝，Gen。

I'd like to thank you all for joining us for the Q1 2021 earnings webinar. I look forward to talking to you again during our second quarter conference call, which will likely be in July. Thank you. Have a nice day.

感謝各位參加我們 2021 會計年度第一季（Q1 2021）財報網路研討會。我期待在第二季的電話會議上再次與各位交流，時間可能會在 7 月。謝謝。祝各位有美好的一天。