芯源系統 (MPWR) 2020 Q4 法說會逐字稿

Welcome, everyone, to the MPS Fourth Quarter 2020 Earnings Webinar. Please note that this webinar is being recorded and will be archived for 1 year on our Investor Relations page at www.monolithicpower.com. My name is Genevieve Cunningham, and I will be the moderator for this webinar. Joining me today are Michael Hsing, CEO and Founder of MPS; and Bernie Blegen, VP and CFO.

歡迎大家參加 MPS 2020 年第四季收益網路研討會。請注意，本次網路研討會正在錄製中，並將在我們的投資者關係頁面 (www.monolithicpower.com) 上存檔 1 年。我叫吉納維芙‧坎寧安 (Genevieve Cunningham)，我將擔任本次網路研討會的主持人。今天和我一起的還有 MPS 執行長兼創辦人 Michael Hsing；副總裁兼財務長伯尼‧布萊根 (Bernie Blegen)。

In the course of today's conference call, we will make forward-looking statements and projections that involve risk and uncertainty, which could cause results to differ materially from management's current views and expectations. Please refer to the safe harbor statement contained in the earnings release published today. Risks, uncertainties and other factors that could cause actual results to differ are identified in the safe harbor statements contained in the Q4 earnings release and in our SEC filings, including our Form 10-K filed on February 28, 2020, and Form 10-Q filed on November 6, 2020, both of which are accessible through our website. MPS assumes no obligation to update the information provided on today's call.

在今天的電話會議中，我們將做出涉及風險和不確定性的前瞻性陳述和預測，這可能導致結果與管理階層目前的觀點和預期有重大差異。請參閱今天發布的收益報告中包含的安全港聲明。第四季度收益發布中包含的安全港聲明和我們向SEC 提交的文件（包括我們於2020 年2 月28 日提交的表格10-K 和表格10-Q）中確定了可能導致實際結果不同的風險、不確定性和其他因素於 2020 年 11 月 6 日提交，兩者均可透過我們的網站存取。MPS 不承擔更新今天電話會議中提供的資訊的義務。

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 Q4 2019, Q3 2020 and Q4 2020 earnings releases as well as to the reconciling tables that are posted on our website.

我們將討論以 GAAP 和非 GAAP 計算的毛利率、營運費用、研發和 SG&A 費用、營運收入、利息和其他收入、淨利潤和收益。這些非公認會計原則財務指標並非根據公認會計原則編制，不應被視為替代或優於根據公認會計原則編制的財務績效指標。我們已向 SEC 提交的收益報告中包含了一張概述非 GAAP 財務指標與 GAAP 財務指標之間調整表。我建議投資者查看 2019 年第四季、2020 年第三季和 2020 年第四季的收益發布以及我們網站上發布的調節表。

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.

我還想提醒您，今天的電話會議正在透過網路進行網路直播，並將與今天早些時候向 SEC 提交的收益報告一起在我們的網站上重播，為期一年。

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

現在我想把電話轉給伯尼·布萊根。

Thanks, Gen. For the full year 2020, MPS achieved record revenue, $844.5 million, growing 34.5% from 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. As we see more high-quality growth opportunities ahead of us, we continue to successfully invest in our infrastructure and capabilities that support that growth. Here are a few highlights which we achieved in 2020.

謝謝，將軍。2020 年全年，MPS 實現了創紀錄的收入，達到 8.445 億美元，比上年增長 34.5%。這項業績代表了我們對策略的一貫執行，以及我們卓越的技術、產品品質和卓越的客戶支援得到了更多一線公司的認可。隨著我們看到更多高品質的成長機會擺在我們面前，我們繼續成功地投資於支持這種成長的基礎設施和能力。以下是我們在 2020 年取得的一些亮點。

Brought online a new 12-inch fab 1 year ahead of schedule, allowing for qualified parts to be shipped in Q4 of this year. We will continue to invest in the capacity and diversity of our supply chain with plans to bring up a new 8-inch fab in 2021.

比原計劃提前一年投產一座新的12吋晶圓廠，使合格的零件能夠在今年第四季出貨。我們將繼續投資於供應鏈的產能和多樣性，並計劃於 2021 年建立一座新的 8 吋晶圓廠。

Began volume shipments of 48-volt QSMod technology for AI applications, proving the commercial viability of our leading-edge system solutions in this critically important market.

用於人工智慧應用的 48 伏特 QSMod 技術開始批量發貨，證明了我們領先的系統解決方案在這個極其重要的市場中的商業可行性。

Designed and integrated power management solution for autonomous driving vehicles. Shipments began to ramp in Q3 of 2020.

為自動駕駛車輛設計和整合式電源管理解決方案。2020 年第三季出貨量開始增加。

Launched our ESG website, aggregating all of our environmental, social and governance values, policies and practices into one easily accessed location. Customers, employees, shareholders are now able to fully appreciate MPS' commitment to sustainability, transparency of our business practices and our ongoing social responsibility.

推出了我們的 ESG 網站，將我們所有的環境、社會和治理價值觀、政策和實踐匯總到一個易於訪問的位置。客戶、員工、股東現在能夠充分理解 MPS 對永續發展、業務實踐透明度和持續社會責任的承諾。

While 2020 was very successful in terms of our financial performance, product development and new customer acquisition, supply chain capacity constraints [from that year] limited our ability to fulfill all of our customers' demand. This is a result of demand increases during the year and industry-wide capacity constraints. We can take some solace in having recognized this issue in 2019, which propelled us to bring up our second 12-inch fab. Maintaining our ability to meet strong demand while delivering high-quality products to our customers has represented an extraordinary challenge that continues into 2021. Despite these challenges, we will continue to execute on our strategic plan.

雖然 2020 年我們在財務表現、產品開發和新客戶獲取方面非常成功，但供應鏈產能限制（從那一年起）限制了我們滿足所有客戶需求的能力。這是年內需求增加和全行業產能限制的結果。我們在 2019 年意識到這個問題，這讓我們感到有些安慰，這促使我們建造了第二座 12 吋晶圓廠。保持滿足強勁需求的能力，同時向客戶提供高品質產品，是一項持續到 2021 年的非凡挑戰。儘管面臨這些挑戰，我們將繼續執行我們的策略計劃。

Turning back to full year 2020 revenue by market segment compared with 2019, communications revenue, up 67.9%; and consumer revenue, up 34.2%; computing and storage, up 33.8%; automotive, up 20.7%; and industrial, up 20.3%, demonstrating just how broad-based our revenue improvement was.

回顧2020年全年按細分市場劃分的收入情況，與2019年相比，通訊收入成長67.9%；消費者收入成長34.2%；計算與存儲，成長33.8%；汽車業，上漲20.7%；工業增長了 20.3%，這表明我們的收入改善有多麼廣泛。

Communications revenue grew $57.5 million to $142.3 million. This improvement was primarily due to an infrastructure sales ramp. Communications revenue represented 16.9% of our 2020 revenue compared with 13.5% in 2019.

通訊收入成長 5,750 萬美元，達到 1.423 億美元。這項改善主要歸功於基礎設施銷售的成長。通訊收入佔 2020 年收入的 16.9%，而 2019 年為 13.5%。

Consumer revenue grew $56.2 million to $220.4 million, reversing 2 consecutive years of sales declines. This growth reflected higher game console sales along with increased sales of wearables and home appliances. Consumer revenue represented 26.1% of MPS' full year 2020 revenue compared with 26.2% in 2019.

消費者營收成長 5,620 萬美元，達到 2.204 億美元，扭轉了連續 2 年銷售額下降的局面。這一成長反映出遊戲機銷量的增加以及穿戴式裝置和家用電器銷量的增加。消費者收入佔 MPS 2020 年全年收入的 26.1%，而 2019 年為 26.2%。

Full year 2020 computing and storage revenue grew $64.0 million over the prior year to $253.2 million. This 33.8% increase primarily resulted from strong sales growth for cloud computing and storage applications. Computing and storage revenue represented 30.0% of MPS' total revenue in 2020 compared with 30.1% in 2019.

2020 年全年計算和儲存收入比上年增長 6,400 萬美元，達到 2.532 億美元。33.8% 的成長主要得益於雲端運算和儲存應用的強勁銷售成長。2020 年，計算和儲存收入佔 MPS 總收入的 30.0%，而 2019 年為 30.1%。

Automotive revenue grew $18.7 million to $109.0 million in 2020. This growth primarily represented increased sales of infotainment, safety and connectivity application products. Automotive revenue represented 12.9% of MPS' full year 2020 revenue compared with 14.4% in 2019.

2020 年汽車收入成長 1,870 萬美元，達到 1.090 億美元。這一成長主要體現在資訊娛樂、安全和連接應用產品銷售的成長。汽車收入佔 MPS 2020 年全年收入的 12.9%，而 2019 年為 14.4%。

Industrial revenue grew $20.2 million to $119.6 million in 2020. This growth primarily reflected higher sales for applications in power sources. Industrial revenue represented 14.2% of MPS' full year 2020 revenue compared to 15.8% in 2019.

2020 年工業收入成長 2,020 萬美元，達到 1.196 億美元。這一增長主要反映了電源應用銷售額的增加。工業收入佔 MPS 2020 年全年收入的 14.2%，而 2019 年為 15.8%。

Switching to Q4. MPS had a record fourth quarter with revenue of $233.0 million, 10.2% lower than revenue generated in the third quarter of 2020 but 39.8% higher than the comparable quarter of 2019. By market segment, revenue for consumer grew 69.7% year-over-year, automotive grew 63.1%, industrial grew 38.8%, communications grew 35.6%, and computing and storage grew 11.1%.

切換到第四季。MPS 第四季營收創歷史新高，達到 2.33 億美元，比 2020 年第三季營收下降 10.2%，但比 2019 年同期成長 39.8%。分細分市場來看，消費性收入年增69.7%，汽車類成長63.1%，工業類成長38.8%，通訊類成長35.6%，計算及儲存類成長11.1%。

Fourth quarter 2020 GAAP gross margin was 55.3%, 20 basis points higher than both third quarter 2020 and the fourth quarter of 2019. Our GAAP operating income was $40.0 million compared to $60.0 million reported in the third quarter of 2020 and $30.7 million reported in the fourth quarter of 2019. Fourth quarter 2020 non-GAAP gross margin was 55.7%, 20 basis points higher than both the third quarter of 2020 and the fourth quarter of 2019. Our non-GAAP operating income was $66.3 million compared to $84.9 million reported in the prior quarter and $50.8 million reported in the fourth quarter 2019.

2020年第四季公認會計準則毛利率為55.3%，較2020年第三季及2019年第四季均高出20個基點。我們的 GAAP 營業收入為 4,000 萬美元，而 2020 年第三季報告的營業收入為 6,000 萬美元，2019 年第四季報告的營業收入為 3,070 萬美元。2020年第四季非公認會計準則毛利率為55.7%，較2020年第三季及2019年第四季均高出20個基點。我們的非 GAAP 營業收入為 6,630 萬美元，而上一季報告的營業收入為 8,490 萬美元，2019 年第四季報告的營業收入為 5,080 萬美元。

Let's review our operating expenses. Our GAAP operating expenses were $88.9 million in the fourth quarter compared with $83.1 million in the third quarter of 2020 and $61.2 million in the fourth quarter of 2019. Our non-GAAP fourth quarter 2020 operating expenses were $63.6 million, up from the $59.1 million we spent in the third quarter of 2020 and up from the $41.8 million reported in the fourth quarter of 2019. On both a GAAP and a non-GAAP basis, fourth quarter 2020 litigation expenses were $1.5 million compared with a $1.8 million expense in Q3 2020 and a $991,000 expense in Q4 2019.

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 8,890 萬美元，而 2020 年第三季為 8,310 萬美元，2019 年第四季為 6,120 萬美元。我們的非 GAAP 2020 年第四季營運費用為 6,360 萬美元，高於 2020 年第三季的 5,910 萬美元，也高於 2019 年第四季報告的 4,180 萬美元。根據公認會計原則和非公認會計原則，2020 年第四季的訴訟費用為 150 萬美元，而 2020 年第三季的訴訟費用為 180 萬美元，2019 年第四季的訴訟費用為 991,000 美元。

The differences between GAAP and non-GAAP operating expenses for the quarters discussed here are stock compensation and income or loss from an unfunded deferred compensation plan. Fourth quarter 2020 stock compensation expense, including $686,000 charged to cost of goods sold was $23.0 million compared with $23.0 million recorded in the third quarter of 2020.

這裡討論的季度的 GAAP 和非 GAAP 營運費用之間的差異是股票薪酬和無資金籌措的遞延薪酬計劃的收入或損失。2020 年第四季的股票補償費用（包括計入銷售成本的 686,000 美元）為 2,300 萬美元，而 2020 年第三季的股票補償費用為 2,300 萬美元。

Switching to the bottom line. Fourth quarter 2020 GAAP net income was $42.9 million or $0.90 per fully diluted share compared with $1.18 per share in the third quarter of 2020 and $0.70 per share in the fourth quarter of 2019. Q4 2020 non-GAAP net income was $62.5 million or $1.31 per fully diluted share compared with $1.69 per share in the third quarter of 2020 and $1.04 per share in the fourth quarter of 2019. Fully diluted shares outstanding at the end of Q4 2020 were 47.6 million.

切換到底線。2020 年第四季 GAAP 淨利潤為 4,290 萬美元，即完全稀釋後每股收益 0.90 美元，而 2020 年第三季為每股 1.18 美元，2019 年第四季為每股 0.70 美元。2020 年第四季非 GAAP 淨利潤為 6,250 萬美元，即完全稀釋後每股收益 1.31 美元，而 2020 年第三季為每股 1.69 美元，2019 年第四季為每股 1.04 美元。截至 2020 年第四季末，完全稀釋後的已發行股數為 4,760 萬股。

Now let's look at the balance sheet. As of December 31, 2020, cash, cash equivalents and investments totaled $598.0 million compared with $554.5 million at the end of the third quarter of 2020. For the quarter, MPS generated operating cash flow of about $79.6 million compared with Q3 2020 operating cash flow of $77.4 million. Fourth quarter 2020 capital spending totaled $11.5 million.

現在讓我們來看看資產負債表。截至 2020 年 12 月 31 日，現金、現金等價物及投資總額為 5.98 億美元，而 2020 年第三季末為 5.545 億美元。本季度，MPS 產生的營運現金流約為 7,960 萬美元，而 2020 年第三季營運現金流為 7,740 萬美元。2020 年第四季資本支出總計 1,150 萬美元。

Accounts receivable ended the fourth quarter of 2020 at $66.8 million or 26 days of sales outstanding compared with the $93.5 million or 33 days reported at the end of the third quarter of 2020, and the $52.7 million or 29 days reported in the fourth quarter of 2019. Our internal inventories at the end of the fourth quarter of 2020 were $157.1 million, up from $148.1 million at the end of the third quarter of 2020.

2020 年第四季末的應收帳款為6,680 萬美元，即未償還銷售天數為26 天，而2020 年第三季末報告的應收帳款為9,350 萬美元，即33 天，2019 年第第四季報告的應收帳款為5,270 萬美元，即29 天。截至 2020 年第四季末，我們的內部庫存為 1.571 億美元，高於 2020 年第三季末的 1.481 億美元。

Calculated on a basis consistent with our past practice and as you can see from the webinar video, days of inventory rose to 137 days at the end of Q4 2020 from the 116 days at the end of the third quarter of 2020. 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. On this basis, again, you can see days of inventory increased to 132 days at the end of the fourth quarter of 2020 from 129 days at the end of the third quarter of 2020.

按照我們過去的做法計算，正如您從網路研討會影片中看到的那樣，庫存天數從 2020 年第三季末的 116 天增加到 2020 年第四季末的 137 天。從歷史上看，我們根據當前季度收入來計算現有庫存天數。我們相信，將當前庫存水準與下一季的收入進行比較可以提供更好的經濟匹配。在此基礎上，您再次可以看到庫存天數從 2020 年第三季末的 129 天增加到 2020 年第四季末的 132 天。

I would like to turn to our Q1 2021 outlook. We are forecasting Q1 2021 revenue in the range of $236 million to $248 million. We also expect the following: GAAP gross margin in the range of 55.1% to 55.7%; non-GAAP gross margin in the range of 55.4% to 56.0%; total stock-based compensation expense of $27.0 million to $29.0 million, including approximately $800,000 that would be charged to cost of goods sold; GAAP R&D and SG&A expenses between $89.0 million and $93.0 million; non-GAAP R&D and SG&A expenses to be in the range of $62.8 million to $64.8 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 $1.4 million to $1.8 million before foreign exchange gains or losses; fully diluted shares to be in the range of 47.3 million to 48.3 million shares. Finally, we are pleased to announce a 20% increase in our quarterly dividend to $0.60 per share from $0.50 per share for shareholders of record as of March 31, 2021.

我想談談我們對 2021 年第一季的展望。我們預計 2021 年第一季的營收將在 2.36 億美元至 2.48 億美元之間。我們也預期： GAAP 毛利率在 55.1% 至 55.7% 之間；非公認會計原則毛利率在55.4%至56.0%之間；股票補償費用總額為 2,700 萬美元至 2,900 萬美元，其中包括約 80 萬美元，將計入銷售成本； GAAP 研發和 SG&A 費用在 8,900 萬美元至 9,300 萬美元之間；非 GAAP 研發和 SG&A 費用將在 6,280 萬美元至 6,480 萬美元之間。這項估計不包括股票補償和訴訟費用；訴訟費用在230萬至270萬美元之間。不計外匯損益的利息收入預計為 140 萬美元至 180 萬美元；完全稀釋後的股份範圍為4730萬股至4830萬股。最後，我們很高興地宣布，截至 2021 年 3 月 31 日在冊股東的季度股息從每股 0.50 美元增加 20% 至每股 0.60 美元。

In conclusion, our performance in 2020 validated our strategy to grow through diversification and sustainability. We will continue to execute this strategy and invest in our future.

總之，我們 2020 年的業績驗證了我們透過多元化和永續發展實現成長的策略。我們將繼續執行這項策略並投資於我們的未來。

I will now open the phone lines for questions.

我現在將開通電話提問。

Thank you, Bernie. Analysts, I would now like to begin our Q&A session. (Operator Instructions) Our first question is from Matt Ramsay from Cowen.

謝謝你，伯尼。分析師們，我現在想開始我們的問答環節。（操作員說明）我們的第一個問題來自 Cowen 的 Matt Ramsay。

My first question is around the supply that you guys are bringing online. You talked about a couple of different efforts and -- you have done over the last few quarters to add supply. And I guess, Michael, I wonder if you might characterize it as -- anyway, one, how much supply can you bring online in, say, the immediate term versus over the next couple of years to support what revenue levels? And two, do you feel like there's now a situation where your own supply is expanding to support your share gains where the rest of the industry might be tightening a bit? And how does that play into your thoughts about revenue growth? And then I have a follow-up.

我的第一個問題是關於你們在線上提供的供應。您談到了一些不同的努力，並且在過去幾個季度中您為增加供應所做的努力。我想，邁克爾，我想知道你是否可以將其描述為——無論如何，一，你可以在短期內和未來幾年內提​​供多少供應來支持什麼收入水平？第二，你是否覺得現在的情況是，你自己的供應正在擴大，以支持你的份額成長，而產業的其他公司可能會稍微收緊？這對您對收入成長的看法有何影響？然後我有一個後續行動。

Well, we said that in a couple of quarters ago, we're building a capacity to $2 billion capability. And so that's our long-term strategy. We will do that anyway. Like I mean -- just a reason -- from last year, we're pulling a little faster. Like we can anticipate this goes up and down, okay, and as we plan for our long-term futures and -- but in recent years, obviously, with pulling in and increased capacities, okay, as we started in early last year. And we're a little bit ahead of the game -- ahead of the market demands. And from looking near future, we'll continue to do so and we're still facing delinquent.

嗯，我們在幾個季度前說過，我們正在建立價值 20 億美元的產能。這就是我們的長期策略。無論如何我們都會這麼做。就像我的意思是——只是一個原因——從去年開始，我們的速度加快了一些。就像我們可以預見的情況會上升和下降一樣，好吧，正如我們為長期未來做計劃一樣——但近年來，顯然，隨著產能的拉動和增加，好吧，正如我們去年年初開始的那樣。我們在競爭中略顯領先——領先市場需求。從不久的將來來看，我們將繼續這樣做，但我們仍然面臨著拖欠的情況。

Got it. No. That makes sense in the long term. I guess for my follow-up question, it's a more near-term-oriented one. Bernie, if you might give some color as how you're expecting -- I mean the guidance was well above consensus for the March quarter. Maybe you could talk about it by segment, what you're expecting the trends to be as you move from December into March.

知道了。不。從長遠來看，這是有道理的。我想對於我的後續問題，這是一個更注重近期的問題。伯尼（Bernie），如果您可以給出一些您的預期，我的意思是該指導遠高於三月份季度的共識。也許您可以分段討論從 12 月到 3 月您對趨勢的期望。

Sure. I think that we saw in 2020 that revenue in both automotive and industrial were probably most heavily impacted because of the COVID pandemic. So what we saw in the second half of the year is that both of those 2 markets showed marked improvement and have significant momentum as we go into 2021. But really, we're broad-based. So a lot of the trends that we saw that we benefited from in 2020 will continue on. Possibly, the only exception is communications, which had a strong 3 quarters that will be difficult to compare against.

當然。我認為，我們在 2020 年看到，汽車和工業領域的收入可能因新冠疫情大流行而受到最嚴重的影響。因此，我們在今年下半年看到，這兩個市場都顯示出顯著改善，並且在進入 2021 年時具有顯著的勢頭。但實際上，我們的基礎廣泛。因此，我們在 2020 年看到並從中受益的許多趨勢將繼續下去。唯一的例外可能是通訊產業，在第三季表現強勁，很難與之比較。

Our next question is from Tore Svanberg from Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Congratulations on the execution. So far, I think you're the only company that I've seen actually increasing your inventory days. So congratulations on that, too. Last quarter, you talked about the size of the delinquencies you had in '19. Could you give us a ballpark for where they stand right now?

恭喜執行。到目前為止，我認為你們是我見過的唯一一家真正增加庫存天數的公司。所以也要恭喜你。上個季度，您談到了 19 年的拖欠金額。您能為我們介紹一下他們現在的情況嗎？

I think we -- last quarter -- we talked about in the last couple of quarters, we have continued facing delinquencies. And this quarter and the last quarter were relatively similar. And 2 quarters ago, we're facing quite a bit more.

我認為我們 - 上個季度 - 我們在過去幾個季度中談到，我們繼續面臨拖欠問題。而且這個季度和上季比較相似。兩個季度前，我們面臨更多的挑戰。

Yes. And I think that that's a reflection of continued strong demand in the face of industry-wide capacity constraints. So we've actually had to manage at this level now for about the last 3 to 4 quarters. And I'm not saying that we're getting good at it, but we certainly believe we have it as well under control as possible, a good handle on it so that we're escalating shipments only based on the needs of the end user as opposed to anyone building inventory in either the channel or on customer shelves.

是的。我認為這反映出在全產業產能限制的情況下需求持續強勁。因此，在過去的 3 到 4 個季度中，我們實際上必須在這個層級上進行管理。我並不是說我們在這方面做得越來越好，但我們當然相信我們已經盡可能地控制住了它，很好地處理了它，以便我們僅根據最終用戶的需求來增加發貨量與任何人在通路或客戶貨架上建立庫存相反。

The reason we can meet most of our customers' demand is due to -- we added capacity at the beginning of last year. And now we can fulfill most of it.

我們之所以能夠滿足大部分客戶的需求，是因為──去年初我們增加了產能。現在我們可以實現其中的大部分。

Very good. And as my follow-up on capacity, you talked about the second 12-inch, also new 8-inch. I know you typically don't name your foundries on these calls, but could you at least talk about sort of the geographical aspect to where your foundry partners are at this point?

非常好。作為我對容量的後續報道，您談到了第二個 12 英寸，也是新的 8 英寸。我知道您通常不會在這些電話中提及您的代工廠的名稱，但您至少可以談談您的代工廠合作夥伴目前所在的地理方面嗎？

Now we try to diversify outside of China, as we're speaking. In these fabs, okay, what could be -- we're still exploring and at the beginning of engagement with both fab -- with the fab within China and outside of China.

正如我們所說，現在我們正試圖在中國以外實現多元化。在這些晶圓廠中，好吧，我們仍在探索並剛開始與中國境內和中國境外的晶圓廠接觸。

Our next question is from Ross Seymore from Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

Guys, can you hear me?

夥計們，你聽得到我說話嗎？

Yes, loud and clear.

是的，響亮而清晰。

So congratulations on the growth, especially impressive, not only relative to the analog group but the diversity of it. As you look at 2020 as a whole, other than the year-over-year in comps, which I know is difficult, you talked a little bit about you expect it to be diverse. But if you just said what some of the idiosyncratic drivers, company-specific things in 2020 would be just kind of by end market, obviously not customer-specific.

因此，恭喜您的成長，尤其令人印象深刻，不僅是相對於模擬組，而且是相對於模擬組的多樣性。當你把 2020 年作為一個整體來看時，除了同比的比較（我知道這很困難）之外，你談到了你希望它是多樣化的。但如果你只是說一些特殊的驅動因素，那麼 2020 年公司特定的事情將只是終端市場的事情，顯然不是特定於客戶的。

Sure. I think that in the computing, we had seen in 2018 and 2019 a run-up in notebooks. And really in 2020, it was increased demand in the data center both in terms of powering servers as well as storage. In the consumer market, we benefited from the "once every 3 year" refresh of the gaming console. And also, we saw a nice uptick both in home appliances as well as wearables or mobility. And then when we look at industrial and automotive, as I said earlier, both of those seem to be handicapped at the beginning of the year, where we have design wins but we can't guarantee what the market circumstance is going to be. So the unit sales on some of the new products we're introducing were a little limited but certainly showed a lot of strength in the second half of the year.

當然。我認為在計算領域，我們在 2018 年和 2019 年看到了筆記型電腦的成長。事實上，到了 2020 年，資料中心在伺服器供電和儲存方面的需求都在增加。在消費市場，我們受益於遊戲機「每三年一次」的更新換代。此外，我們還看到家用電器以及穿戴式裝置或行動裝置的成長。然後，當我們看到工業和汽車領域時，正如我之前所說，這兩個領域似乎在今年年初都受到了阻礙，我們在設計上取得了勝利，但我們無法保證市場情況會如何。因此，我們推出的一些新產品的單位銷售有點有限，但在下半年確實表現出了很大的實力。

And actually, Bernie, forgive me if I misspoke. I was actually talking more about 2021, what those -- similar sort of story but '21, more looking forward than back?

事實上，伯尼，如果我說錯了，請原諒我。我實際上更多地談論 2021 年，那些類似的故事，但 21 年，更多的是展望而不是回顧？

I think it's a repeat of same between '20 to '21.

我認為這是 20 至 21 年間的重複。

I'd say the only thing in the first half that gives us a little pause aside from the communications comparable is that there's probably going to be some softness in the first half of the year related to computing on the -- at the data center. But outside of that, Michael is exactly right.

我想說，除了可比較的通訊之外，上半年唯一讓我們稍稍停頓的是，今年上半年與資料中心的計算相關的情況可能會出現一些疲軟。但除此之外，麥可是完全正確的。

Well, maybe that's a good...

嗯，也許這是一個很好的...

The softness, it's not going down and I'd say -- but still going not as strong, okay? But the demand is still slightly more than we expected, yes?

我想說的是，柔軟度不會下降，但還是不會那麼強烈，好嗎？但需求仍然略高於我們的預期，對嗎？

Got it. And then I guess as my real follow-up. A lot of companies are questioning the sustainability of this demand. And I know crystal balls are always foggy. But you guys would grow, if I just annualize your first quarter guidance, 15%. I know seasonality might not be the best framework, but there seems to be an active debate amongst investors on is -- are things just too hot and there's got to be a stumble because there's excess ordering, inventory is going to build, et cetera, et cetera. How are you guys viewing that kind of supply versus demand balance and the trust in the quality of the orders?

知道了。然後我想這是我真正的後續行動。許多公司都在質疑這種需求的可持續性。我知道水晶球總是有霧的。但如果我將你們第一季的指引年化 15%，你們就會成長。我知道季節性可能不是最好的框架，但投資者之間似乎有一個積極的爭論——事情是否太熱了，一定會因為訂單過多、庫存增加等等而出現失誤，等等。你們如何看待這種供需平衡以及對訂單品質的信任？

Well, if you look at it in the past 3 or 4 years, okay, I mean we grow something like in -- from 17% to 25% in the levels. And 2019, right, we grow only 8%, like I mean -- and -- but our design in all these opportunities is still there. Like I mean -- and we just shifted to -- from '19 to '20. And so again, automotive, industrial in the first half of the year wasn't there, but the catch-up in the second half of the year. And in the computing communications -- and what else am I missing?

好吧，如果你看看過去 3 或 4 年的情況，好吧，我的意思是我們的水平從 17% 增長到 25%。2019 年，沒錯，我們只成長了 8%，就像我的意思一樣——而且——但我們在所有這些機會中的設計仍然存在。就像我的意思是——我們剛剛轉向——從 19 世紀到 20 世紀。再說一次，汽車、工業上半年沒有出現，但下半年出現了追趕。在計算通信方面——我還缺少什麼？

Consumer.

消費者。

Yes. Consumers, okay, in the beginning, okay, is stronger than -- a little bit stronger than normal. And I would say that it's probably even out from 2019. And this year, we can see that we never forecast a macroeconomic condition but we do see the product. And we're facing shortages on Amazons, on these Best Buys and we believe -- and these all are real.

是的。消費者，好吧，一開始，好吧，比正常情況強一點點。我想說，這可能與 2019 年持平。今年，我們可以看到我們從未預測宏觀經濟狀況，但我們確實看到了產品。我們在亞馬遜、百思買都面臨短缺，我們相信──這些都是真的。

Our next question is from Rick Schafer from Oppenheimer.

我們的下一個問題來自奧本海默的里克·謝弗。

Let me add my congratulations on the execution, guys. I'm sure it wasn't easy out there this quarter especially. A couple of questions. Just -- I guess I'd like to ask about a couple of your growth pillars, maybe start with auto. I think it grew about 50% last year, with SAAR down about 15%. So just optically, it looks like you guys could do something around 50% growth this year. I mean maybe you could talk about what leads that growth? I mean is it ADAS, body control? Do you -- does BMS kick in at all and kind of add -- give a little more wind to the sales this year?

夥計們，讓我對執行表示祝賀。我確信本季的情況尤其不容易。有幾個問題。只是——我想我想問一下你們的幾個成長支柱，也許從汽車開始。我認為去年增長了約 50%，而 SAAR 下降了約 15%。因此，僅從表面上看，今年你們似乎可以實現 50% 左右的成長。我的意思是，也許你可以談談是什麼導致了這種增長？我的意思是ADAS，車身控制？BMS 是否會發揮作用並為今年的銷售帶來更多動力？

And I guess second part of that question, I'm just curious -- are you worried at all about indirect supply constraints potentially limiting your upside here?

我想這個問題的第二部分，我只是很好奇——您是否擔心間接供應限制可能會限制您的上漲空間？

All right. Let me talk about your second part first. And again -- and growth overall for MPS is limited by our capacities and utilization of total capacity. As you know, we have a few thousand, 4,000 parts. And it's inconceivable we can utilize entire capacities.

好的。我先談談你的第二部分。再說一次，MPS 的整體成長受到我們的產能和總產能利用率的限制。如您所知，我們有數千、4,000 個零件。我們不可能充分利用全部能力。

For the auto growth, yes, okay, we -- as Bernie said earlier, we have ADAS and start to ramp, like I mean in the last quarter or so. And we have more customer start to ramp that can -- these are the very high-end product, and we are very pleased with other products in autos and like I mean -- and we talk about it in the past, like from lighting to liftgates to -- what are these...

對於汽車行業的成長，是的，正如伯尼早些時候所說，我們擁有 ADAS 並開始加速發展，就像我的意思是在上個季度左右。我們有更多的客戶開始增加這些產品——這些是非常高端的產品，我們對汽車領域的其他產品非常滿意，就像我的意思——我們過去談論過它，例如從照明到升降門——這些是什麼…

Pulse...

脈衝...

Yes. All the other pulse power modules and then we end up in auto. And now -- and we see start to ramp. We -- just at the beginning, we see all these products start to ramp and -- but these are still at the beginning.

是的。所有其他脈衝電源模組，然後我們最終進入汽車。現在——我們看到開始加速。我們 - 剛剛開始，我們看到所有這些產品都開始成長 - 但這些仍處於開始階段。

And Rick, just one more point is that I think we've read that the auto industry is suffering from its own capacity issues or being able to have a stable supply chain. As I look at our Q1 numbers, that is not directly impacting our demand or our ability to ship.

里克，還有一點是，我認為我們已經了解到，汽車產業正在遭受自身產能問題或無法擁有穩定的供應鏈的困擾。當我查看我們第一季的數據時，這並沒有直接影響我們的需求或我們的出貨能力。

Yes. We are so small in a market presence in auto industry, but all these initial ramp and -- it changes the needles in a revenue stream.

是的。我們在汽車行業的市場份額很小，但所有這些最初的成長都改變了收入來源。

Okay. And that's kind of what I was asking about. I'm just worried if those secondary supply constraints could end up hurt if somebody else can't ship.

好的。這就是我想問的。我只是擔心如果其他人無法發貨，這些二次供應限制是否最終會受到損害。

Maybe my second question, Michael, just on cloud server, if you could talk about how that data center ramp looks like for QSMod this year. I mean is Ice Lake still a needle mover? Or is it really more Sapphire Rapids later this year where you kind of maybe potentially see a step function in revenues as that starts to pick up?

也許是我的第二個問題，邁克爾，只是關於雲端伺服器，您是否可以談談今年 QSMod 的資料中心坡道是什麼樣的。我的意思是 Ice Lake 仍然是一個針動者嗎？或者今年稍後真的會更加藍寶石急流，隨著收入開始回升，你可能會看到收入的階躍函數嗎？

Yes. I can't relate those acronyms. These are names with that. I know the 13.5. Like I mean...

是的。我無法將這些縮寫詞連結起來。這些都是帶有這個的名字。我知道13.5。就像我的意思...

VR14.

虛擬實境14。

Yes. VR13.5 in the start -- is mostly -- is ramping now, okay, as we see the revenue growth. The VR14s, I think that, that will be a next year story.

是的。VR13.5 一開始——主要是——現在正在加速，好吧，就像我們看到的收入成長一樣。我認為 VR14 將是明年的故事。

Our next question is from Alex Vecchi from William Blair.

我們的下一個問題來自威廉布萊爾的亞歷克斯維奇。

Congratulations on the impressive quarter from me as well. Maybe, Bernie, just on a more housekeeping question. Your guidance for gross margin at the midpoint is looking flat quarter-over-quarter. Is that due to end market mix? Or are you seeing any increasing manufacturing costs weighing on margins? And then how should we think about sort of that resumption back to the 10 to 20 basis points going forward?

也恭喜我這個令人印象深刻的季度。伯尼，也許只是問一個更內務的問題。您對中點毛利率的指導看起來與上一季持平。這是由於終端市場混合造成的嗎？還是您發現製造成本增加對利潤造成壓力？那我們該如何考慮未來恢復到 10 到 20 個基點的情況呢？

Yes. Okay. We -- obviously, now you see the consumer segment growth, too, and we have some -- which -- and slightly or even with the lower gross margin. On the other hand, yes, the manufacturing cost is going up.

是的。好的。顯然，現在你也看到了消費者細分市場的成長，而且我們有一些——而且毛利率略有下降，甚至更低。另一方面，是的，製造成本正在上升。

Okay. That's helpful. And then just on your inventory days, you guys have talked in the past about the 180, 200 a day target. You've made some improvements this quarter. How do we think about getting back to an ideal inventory level in terms of timing?

好的。這很有幫助。然後就在庫存日，你們過去曾談論過每天 180、200 個的目標。本季您取得了一些進步。我們如何考慮在時間上恢復到理想的庫存水準？

Well, it's -- the demand keep coming as is now, like -- it would be difficult, okay? I mean we think it's about the end of the year we hope we can go back to 180 to 200 days of inventory.

嗯，需求像現在一樣不斷增加，這會很困難，好嗎？我的意思是，我們認為到今年年底，我們希望庫存能恢復到 180 到 200 天。

Yes. I think if you look at whether it's the inventory that we hold on our books or particularly in the channel, it's very lean right now. And then we've already discussed delinquencies. So we have a lot of catch-up to do before we really can get the model to the 180- to 200-day goal.

是的。我認為，如果你看看我們帳面上的庫存，還是特別是通路中的庫存，你會發現現在的庫存非常少。然後我們已經討論過拖欠問題。因此，在真正讓模型達到 180 到 200 天的目標之前，我們還有很多工作要做。

Our next question is from Quinn Bolton from Needham.

我們的下一個問題來自尼達姆的奎因·博爾頓。

I offer my congratulations as well. Just wanted to follow up on Alex' question on the delinquencies and your ability to catch up with some of those delinquencies. I mean how much of the ability to meet those delinquencies is going to come from the new 12-inch fab that you brought online in the fourth quarter of last year? Are you able to qualify more parts and other high-volume runners on that fab? Or just kind of curious your ability to actually get -- to secure more wafer capacity from your 5 foundry partners in this very tight environment. I guess a lot of companies are saying that they think supply constraints -- supply is going to remain constrained all year, which makes it sound like being able to get back to 180 to 200 days delinquencies is a pretty tall order in calendar '21.

我也表示祝賀。只是想跟進亞歷克斯關於拖欠行為以及您追趕其中一些拖欠行為的能力的問題。我的意思是，你們在去年第四季上線的新 12 吋晶圓廠將有多少能力來解決這些拖欠問題？您是否能夠在該工廠生產更多零件和其他大量生產的產品？或者只是好奇您是否有能力在這個非常緊張的環境中從您的 5 個代工合作夥伴處獲得更多晶圓產能。我想很多公司都說他們認為供應受到限制——全年供應都將受到限制，這聽起來像是在 21 日曆年能夠恢復到 180 到 200 天的拖欠期是一個相當艱鉅的任務。

Yes. It's a great question, and thanks for allowing us the opportunity to give a little more context here. With the new fab, I mean we were very pleased to report as one of our highlights that we were able to qualify parts and be able to inventory and ship them but that process of qualifying more parts so that it can be meaningful as far as both deliveries and addressing our delinquencies is ongoing, and it's going to require an investment both in the 12-inch capability as well as this new fab that we're bringing up in 2021. So just because we've qualified a few parts and we've got the process started, it still takes about 9 to 12 months before you have the full capability up.

是的。這是一個很好的問題，感謝您讓我們有機會在這裡提供更多背景資訊。有了新的工廠，我的意思是，我們非常高興地報告，作為我們的亮點之一，我們能夠鑑定零件並能夠庫存和運輸它們，但是鑑定更多零件的過程，以便它對雙方來說都是有意義的交付和解決拖欠問題的工作正在進行中，這將需要對 12 英寸產能以及我們將於 2021 年建成的新晶圓廠進行投資。因此，僅僅因為我們已經對一些零件進行了鑑定並且我們已經開始了流程，但仍然需要大約 9 到 12 個月的時間才能獲得全部能力。

Yes. We -- in 2020, we increased our capacity by 25 -- it's [probably about far more] here. My rough calculation is about 20% to 25% increase last year.

是的。我們 - 2020 年，我們將產能增加了 25 個 - [可能更多]。我粗略計算去年大概增加了20%到25%。

And I guess my follow-up question was just on the comm space. Obviously, you had 3 very strong quarters in 2020. And then one of your large customers was -- you were no longer able to ship. I believe you may now have a license to resume shipments to that customer. And I'm just wondering if that's the case, do you have now perhaps a better outlook than you might have 90 days ago for the comms business in 2021?

我想我的後續問題只是關於通訊空間。顯然，2020 年有 3 個非常強勁的季度。然後你的大客戶之一——你不再能夠發貨了。我相信您現在可能已經獲得了恢復向該客戶發貨的許可證。我只是想知道，如果是這樣的話，您現在對 2021 年通訊業務的前景是否比 90 天前更好？

Absolutely. We have a more clear -- and customer start to place -- are placing orders now.

絕對地。我們有一個更明確的——客戶開始下訂單——現在正在下訂單。

Yes. And I think there's 2 forms. There's -- you identified one customer in particular. And I think we might see that begin to ramp in the second half of this year. But I think more broadly, other opportunities are starting to come on not just with the top tier but some of the second-tier customers in the 5G and infrastructure area.

是的。我認為有兩種形式。您特別指出了一位客戶。我認為我們可能會看到這種情況在今年下半年開始增加。但我認為，從更廣泛的角度來看，5G 和基礎設施領域的其他機會不僅開始出現在頂級客戶身上，也出現在一些二線客戶身上。

Our next question is from William Stein from Truist.

我們的下一個問題來自 Truist 的 William Stein。

Michael, I'm wondering if you can update us on the longer-term transition to selling more modules. I know that's something that is, from a long-term perspective, potentially very accretive to growth and margin. I think we're still pretty early in that process. But any movement in the quarter that you'd like to highlight?

邁克爾，我想知道您是否可以向我們介紹向銷售更多模組的長期過渡的最新情況。我知道，從長遠來看，這可能非常有利於成長和利潤。我認為我們還處於這個過程的早期階段。但您想強調本季的任何變化嗎？

I think that the results are very good in the middle of this high demand. And actually, Bernie can tell you what is the ramps. Like what is the increase? I mean and...

我認為在如此高的需求中，結果非常好。事實上，伯尼可以告訴你什麼是坡道。比如增加了多少？我的意思是並且...

Yes. We had revenue doubled in 2020. And we exited the year where it continued to increase sequentially each quarter. And it's interesting because we thought that it would have more narrow applications particularly in industrial, but in fact, it's proven to be very broad-based and also is sustainable. What I mean by that last point is that we thought that if people want unit volumes, they might be more likely to go to components and just buy silicon. And in fact, we're seeing a lot of people that are going into volume shipments with the modules as well.

是的。2020 年我們的收入翻了一番。我們結束了這一年，它每個季度都繼續連續成長。這很有趣，因為我們認為它會有更狹窄的應用，特別是在工業領域，但事實上，它被證明是非常廣泛的，而且是可持續的。我的最後一點的意思是，我們認為如果人們想要單位銷售量，他們可能更有可能去購買組件並只購買矽。事實上，我們看到很多人也開始大量出貨這些模組。

Yes. It's all across our product line. So that's why I don't have total numbers for the modules that are -- roughly, it's like $30 million, $40 million now. So like I mean compared a year ago and like -- as Bernie said, it's half of that.

是的。這貫穿我們的產品線。所以這就是為什麼我沒有模組的總數——粗略地說，現在大約是 3000 萬美元、4000 萬美元。所以就像我的意思是與一年前相比 - 正如伯尼所說，這只是一半。

Great. And then one other thing I'd like to ask about is your MPS NOW service. Did you see any change in that in the quarter? I know that's something that seemed to come online sort of just in time for the work-from-home, COVID situation that I think was very helpful for you. Any change in that? And any anticipated change if we hopefully are able to return to offices in the next quarter or 2?

偉大的。我想問的另一件事是你們的 MPS NOW 服務。您看到本季有什麼變化嗎？我知道這似乎是在居家辦公、新冠疫情期間上線的，我認為這對你非常有幫助。有什麼變化嗎？如果我們希望能夠在下一個或兩個季度返回辦公室，預期會發生什麼變化？

Yes. Okay. This is -- it's a great help. Again, we set it up, okay, just at the beginning -- just right before pandemic. Like I mean all these softwares, videos, everything with -- and also the banks, okay, the working banks, we just set it up. We turned along when the pandemic happened and it received enormous praise from our customers. And in terms of how many new customers, that's we're really, really careful about. We increased a few thousand percent from the videos or from the virtual bench.

是的。好的。這是一個很大的幫助。再說一遍，我們在一開始就設定了它——就在大流行之前。就像我的意思是所有這些軟體、視頻，以及銀行，好吧，工作銀行，我們只是設定它。疫情發生後，我們奮起直追，得到了客戶一致的好評。就新客戶數量而言，我們非常非常小心。我們透過視訊或虛擬工作台提高了數千%。

Our next question is from Kevin Garrigan from Rosenblatt.

我們的下一個問題來自羅森布拉特的凱文·加里根。

Congrats on the quarter. Just a quick one from me. You alluded a little to this earlier, but in your automotive segment, you've expanded into several other features of the automobile side, kind of infotainment, right? Can you give us -- or can you talk a little bit about some of your design wins there? Are you kind of seeing more design wins? And the ones you already have, how are kind of those progressing?

恭喜本季。我只是簡單介紹一下。您之前提到過這一點，但在您的汽車領域，您已經擴展到汽車方面的其他幾個功能，例如資訊娛樂，對吧？您可以為我們介紹一下嗎？或者您能談談您在那裡取得的一些設計成果嗎？您是否看到更多設計獲勝？您已經擁有的那些，進展如何？

Well -- okay. I think it's -- I should answer Rick Schafer's question more precisely. The battery -- BMS is not -- we don't have a clear design win in the auto side, okay? And -- but to answer your question, there's a -- we have pretty much across the board and -- from the body controls to ADAS and to lightings and to LIDARs and also to all the sensors. And we have pretty much across the board. But our content, we expanded from $150, $140 and essentially doubled it and -- but everything is at the beginning. But MPS revenue is so small. So we just -- but you see the -- a net change.

哦，那好吧。我認為我應該更準確地回答 Rick Schafer 的問題。電池——BMS 不是——我們在汽車方面沒有明顯的設計勝利，好嗎？但為了回答你的問題，我們幾乎擁有全面的技術，從車身控製到 ADAS、照明、光達以及所有感測器。我們幾乎擁有全面的能力。但我們的內容從 150 美元擴展到 140 美元，基本上翻了一番——但一切都還處於開始階段。但 MPS 的收入卻很小。所以我們只是 - 但你看到了 - 一個淨變化。

Yes. On the dollar content -- I just want to go back to that because it's an important part, is this is not just unit sales but some of the new applications that we're bringing on. We go from having $10 of available content to upwards of $40 or $50 for a complete system. So we're getting both the unit as well as the ASP expansion.

是的。關於美元內容——我只想回到這一點，因為這是一個重要的部分，這不僅僅是單位銷售，而是我們正在推出的一些新應用程式。我們的可用內容從 10 美元變成了 40 或 50 美元的完整系統。因此，我們同時獲得了這個裝置和 ASP 擴充。

Yes. When I'm talking about revenue small, it's compared to the market opportunity. As we said, we addressed the $6 billion market segment. And now all MPS' product became -- it's a total -- that's a total spend. And we only have over $100-some million in revenues.

是的。當我談論較小的收入時，它是與市場機會相比。正如我們所說，我們針對的是 60 億美元的細分市場。現在，MPS 的所有產品都變成了——這是一個總支出——這是一個總支出。而我們的收入只有 1 億多美元。

$110 million, yes.

1.1 億美元，是的。

Yes, $110 million. And most of the new products and ramping store from last year, second half of the year.

是的，1.1 億美元。而且大部分新品和開店都是從去年下半年開始的。

Yes.

是的。

Our next question is from Ross Seymore from Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

A couple of quick follow-ups. Just 2 quick ones. First, you mentioned in answering a prior question about your ability to ship to the formerly banned product -- or banned customer. Is that just in the comm space? Or is that ban some of why your computing and storage segment also went down sequentially in the fourth quarter?

幾個快速跟進。就2個快的。首先，您在回答先前的問題時提到了您向以前被禁止的產品或被禁止的客戶發貨的能力。那隻是在通訊空間嗎？或者，這項禁令是您的運算和儲存業務在第四季度連續下降的部分原因嗎？

So again, we don't generally talk about individual customers, but since this one has gotten so much visibility, we actually have 3 primary lines of business with them. One is in the consumer, one is in the data center and the other is in infrastructure.

再說一次，我們通常不會談論個人客戶，但由於這個客戶已經獲得瞭如此多的知名度，我們實際上與他們有 3 個主要業務線。一是在消費者中，一是在資料中心中，另一個是在基礎設施中。

Infrastructure meaning comms, right?

基礎設施意味著通訊，對吧？

Yes.

是的。

Got you. Okay. And is there any difference in what you're able to ship going forward out of those 3 things? Are you able to ship all of them? Or is it just not the 5G stuff but the other 2?

明白你了。好的。這三件事你未來能夠交付的東西有什麼不同嗎？你們能全部出貨嗎？或只是不是 5G 而是其他 2 個？

Well, in our products -- again, the building blocks, it came in -- particularly came in -- these are from a comm business and also -- what's the...

好吧，在我們的產品中——再次，構建模組，它進來了——特別進來了——這些來自通信業務，而且——什麼是......

Data center?

數據中心？

The data centers, okay, and the shared same product. And we don't know exactly what they -- how they divide it. But consumer device, consumer device more in the chargers and in the -- that we know -- so okay, that is pretty much -- it continues, yes.

資料中心，好吧，並且共享相同的產品。我們並不確切知道它們是什麼——它們是如何劃分的。但是消費性設備，消費性設備更多的是在充電器和——我們知道——所以好吧，差不多就是這樣——它還在繼續，是的。

Got you. And then the last question, a little bit more housekeeping-wise. Bernie, what are you thinking about tax rate for 2021?

明白你了。然後是最後一個問題，更多的是家事方面的問題。伯尼，您對 2021 年的稅率有何看法？

Yes. So on a non-GAAP basis, we've historically used 7.5%, and now we've moved to 10%, which represents that there is certain stock comp that is not as deductible as it was in prior years. And then looking ahead, we're not going to try to outguess what the Biden administration is going to do, but I think that we need to be sensitive of the fact that there may be increases both in the domestic rate as well as a higher tax rate on any international profit.

是的。因此，在非 GAAP 基礎上，我們歷來使用 7.5%，現在我們已改為 10%，這表示某些股票補償的扣除額不如前幾年。展望未來，我們不會試圖猜測拜登政府將要做什麼，但我認為我們需要對這樣一個事實保持敏感：國內利率和更高的利率都可能增加。任何國際利潤的稅率。

Yes. We don't know at this point.

是的。目前我們還不知道。

Yes.

是的。

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

（操作員說明）由於沒有其他問題，我想將網路研討會轉回伯尼。

Great. Thank you, everybody. Appreciate you joining us for this conference call and look forward to talking to you again in the first quarter of 2021, which should likely be in the April time frame. Thanks again, and have a nice day.

偉大的。謝謝大家。感謝您參加本次電話會議，並期待在 2021 年第一季（可能是在 4 月）再次與您交談。再次感謝，祝你有美好的一天。