芯源系統 (MPWR) 2023 Q1 法說會逐字稿

Welcome, everyone, to the MPS First Quarter 2023 Earnings Webinar. My name is Jennifer Cunningham, and I will be the moderator for this webinar.

歡迎大家參加 MPS 2023 年第一季度收益網絡研討會。我叫 Jennifer Cunningham，我將擔任本次網絡研討會的主持人。

Joining me today are Michael Hsing, CEO and Founder of MPS; and Bernie Blegen, VP and CFO.

今天加入我的是 MPS 的首席執行官兼創始人 Michael Hsing；和副總裁兼首席財務官 Bernie Blegen。

In the course of today's conference call, we will make forward-looking statements and projections that involve risks and uncertainties, 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 Q1 earnings release and in our SEC filings, including our Form 10-K filed on February 24, 2023, 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，我們將做出涉及風險和不確定性的前瞻性陳述和預測，這可能導致結果與管理層當前的觀點和預期存在重大差異。請參閱今天發布的收益發布中包含的安全港聲明。第一季度收益發布中包含的安全港聲明和我們向美國證券交易委員會提交的文件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，包括我們於 2023 年 2 月 24 日提交的 10-K 表格，可通過我們的網站。 MPS 沒有義務更新今天電話會議上提供的信息。

We will be discussing gross margin, operating expense, R&D and SG&A expense, operating income, other income, income before income taxes, net income and earnings on both a GAAP and a non-GAAP basis. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A table that outlines the reconciliation between the non-GAAP financial measures to GAAP financial measures is included in our Q1 2023 earnings release, which we have furnished to the SEC and is currently available on our website.

我們將在 GAAP 和非 GAAP 基礎上討論毛利率、運營費用、研發和 SG&A 費用、營業收入、其他收入、所得稅前收入、淨收入和收益。這些非 GAAP 財務指標不是根據 GAAP 編制的，不應被視為替代或優於根據 GAAP 編制的財務業績指標。我們的 2023 年第一季度財報中包含一張表格，其中列出了非 GAAP 財務指標與 GAAP 財務指標之間的對賬情況，我們已將其提供給美國證券交易委員會，目前可在我們的網站上查閱。

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通過互聯網進行網絡直播，並且可以在我們的網站上重播 1 年，連同今天早些時候向美國證券交易委員會提交的收益報告。

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

現在我想把電話轉給 Bernie Blegen。

Thanks, Jen. MPS' first quarter revenue of $451.1 million came in about as expected, 19.4% higher than the first quarter of 2022 or 1.9% lower than the revenue reported in the fourth quarter of 2022. Our results for the quarter were mixed with weaker quarter-to-quarter demand in our enterprise data and industrial markets, overshadowing improvements in consumer and automotive. Let's take a quick look at our first quarter 2023 revenue by market.

謝謝，珍。 MPS 第一季度的收入為 4.511 億美元，符合預期，比 2022 年第一季度增長 19.4%，比 2022 年第四季度報告的收入低 1.9%。 -我們企業數據和工業市場的季度需求，蓋過了消費者和汽車市場的改善。讓我們按市場快速瀏覽一下我們 2023 年第一季度的收入。

First quarter 2023 consumer revenue of $63.4 million increased 19.5% from the fourth quarter of 2022. First quarter 2023 revenue was down 20.8% year-over-year. Consumer revenue represented 14.8% of our first quarter 2023 revenue compared with a 21.2% contribution in the first quarter of 2022.

2023 年第一季度消費者收入為 6340 萬美元，比 2022 年第四季度增長 19.5%。2023 年第一季度收入同比下降 20.8%。消費者收入占我們 2023 年第一季度收入的 14.8%，而 2022 年第一季度為 21.2%。

First quarter 2023 automotive revenue of $105.3 million increased $8.0 million or 8.2% from the fourth quarter of 2022. This sequential revenue increase was primarily due to continued acceptance of our highly integrated solutions for advanced driver assistance systems, the digital cockpit and lighting applications. First quarter 2023 revenue was up 93.1% year-over-year. Automotive revenue represented 23.3% in MPS' first quarter 2023 revenue compared with 14.4% in the first quarter of 2022.

2023 年第一季度的汽車收入為 1.053 億美元，比 2022 年第四季度增加了 800 萬美元或 8.2%。這一連續的收入增長主要是由於我們對高級駕駛員輔助系統、數字駕駛艙和照明應用的高度集成解決方案的持續接受。 2023 年第一季度收入同比增長 93.1%。汽車收入佔 MPS 2023 年第一季度收入的 23.3%，而 2022 年第一季度為 14.4%。

First quarter 2023 Communications revenue of $67.9 million rose $3.6 million or 5.6% from the fourth quarter of 2022. This quarter-over-quarter increase primarily reflected a modest revenue improvement in 5G infrastructure. First quarter 2023 revenue was up 22.2% year-over-year. Communications revenue represented 15.1% of MPS' first quarter 2023 revenue compared with 14.7% in the first quarter of 2022.

2023 年第一季度的通信收入為 6790 萬美元，比 2022 年第四季度增長 360 萬美元或 5.6%。這一環比增長主要反映了 5G 基礎設施收入的適度改善。 2023 年第一季度收入同比增長 22.2%。通信收入佔 MPS 2023 年第一季度收入的 15.1%，而 2022 年第一季度為 14.7%。

In our Storage and Computing market, first quarter 2023 revenue of $119.8 million was essentially flat with revenue recorded in the fourth quarter of 2022, as declining storage revenue was offset by higher notebook sales. First quarter 2023 revenue was up 24.1% year-over-year. Storage and computing revenue represented 26.6% of MPS' first quarter 2023 revenue compared with 25.6% in the first quarter of 2022.

在我們的存儲和計算市場，2023 年第一季度的收入為 1.198 億美元，與 2022 年第四季度的收入基本持平，這是因為存儲收入的下降被筆記本電腦銷量的增長所抵消。 2023 年第一季度收入同比增長 24.1%。存儲和計算收入佔 MPS 2023 年第一季度收入的 26.6%，而 2022 年第一季度為 25.6%。

First quarter 2023 Industrial revenue of $47.5 million decreased $8.6 million or 15.3% from the fourth quarter of 2022. This quarter-over-quarter decrease was due to lower security and power source revenue. First quarter 2023 Industrial revenue was down 2.2% year-over-year. Industrial revenue represented 10.5% of our first quarter 2023 revenue compared with 12.9% in the first quarter of 2022.

2023 年第一季度工業收入為 4750 萬美元，比 2022 年第四季度減少 860 萬美元或 15.3%。環比下降是由於安全和電源收入下降。 2023 年第一季度工業收入同比下降 2.2%。工業收入占我們 2023 年第一季度收入的 10.5%，而 2022 年第一季度為 12.9%。

In Enterprise Data, first quarter 2023 revenue of $47.2 million decreased $21.3 million or 31.1% from the fourth quarter of 2022 due to broad-based weakness in data center spending. First quarter 2023 revenue was up 10.9% year-over-year. Enterprise data revenue represented 10.5% of MPS' first quarter 2023 revenue compared with 11.2% in the first quarter of 2022.

在企業數據方面，由於數據中心支出普遍疲軟，2023 年第一季度的收入為 4720 萬美元，比 2022 年第四季度減少 2130 萬美元或 31.1%。 2023 年第一季度收入同比增長 10.9%。企業數據收入佔 MPS 2023 年第一季度收入的 10.5%，而 2022 年第一季度為 11.2%。

I'd like to share some general business observations. During our 2 most recent earnings calls, we highlighted that customers were becoming more concerned with near-term business conditions and that ordering patterns might oscillate. This behavior continued through the first quarter of 2023. However, we do see order acceleration for products related to artificial intelligence, autonomous driving, and power modules, and our customer engagement and design win momentum remains strong across all of our markets.

我想分享一些一般性的商業觀察。在我們最近的 2 次財報電話會議上，我們強調客戶越來越關注近期的業務狀況，訂購模式可能會波動。這種行為一直持續到 2023 年第一季度。但是，我們確實看到與人工智能、自動駕駛和電源模塊相關的產品訂單加速增長，我們的客戶參與度和設計獲胜勢頭在我們所有的市場中仍然強勁。

Regarding operating expenses, we continue to invest in our operations to support long-term growth. In response to customer concerns, we are expanding and geographically diversifying both our global production, operations and our R&D activities.

關於運營費用，我們繼續投資於我們的運營以支持長期增長。為了回應客戶的擔憂，我們正在擴大我們的全球生產、運營和研發活動並實現地域多元化。

In summary, we have strong customer engagement, design win momentum and are continuing to invest for the long term, even though timing of the revenue ramp from our customers remains uncertain.

總而言之，我們擁有強大的客戶參與度、設計取胜勢頭，並且將繼續進行長期投資，儘管我們的客戶收入增長的時機仍不確定。

Moving now to a few comments on gross margin. GAAP gross margin was 57.4% and 80 basis points lower than the fourth quarter of 2022 and 60 basis points lower than the first quarter of 2022. Our GAAP operating income was $124.3 million compared with $136.9 million reported in the fourth quarter of 2022.

現在轉到關於毛利率的一些評論。 GAAP 毛利率為 57.4%，比 2022 年第四季度低 80 個基點，比 2022 年第一季度低 60 個基點。我們的 GAAP 營業收入為 1.243 億美元，而 2022 年第四季度報告的營業收入為 1.369 億美元。

For the first quarter of 2023, non-GAAP gross margin was 57.7%, 80 basis points lower than the fourth quarter of 2022 and 60 basis points lower than in the first quarter of 2022. This downward pressure on gross margin is expected to continue near term as we work through higher value inventory built up during the supply-demand imbalance following the pandemic. Our non-GAAP operating income was $164.1 million compared to $174.1 million reported in the fourth quarter of 2022.

2023年一季度非美國通用會計準則毛利率為57.7%，較2022年四季度下降80個基點，較2022年一季度下降60個基點。毛利率下行壓力預計將持續至近在我們處理大流行病後供需失衡期間積累的更高價值的庫存時。我們的非美國通用會計準則營業收入為 1.641 億美元，而 2022 年第四季度報告的營業收入為 1.741 億美元。

Let's review our operating expenses. Our GAAP operating expenses were $134.5 million in the first quarter of 2023 compared with $130.9 million in the fourth quarter of 2022. Our non-GAAP first quarter 2023 operating expenses were $96.0 million up from $94.8 million reported in the fourth quarter of 2022.

讓我們回顧一下我們的運營費用。我們 2023 年第一季度的 GAAP 運營費用為 1.345 億美元，而 2022 年第四季度為 1.309 億美元。我們的 2023 年第一季度非 GAAP 運營費用為 9600 萬美元，高於 2022 年第四季度報告的 9480 萬美元。

The differences between GAAP and non-GAAP operating expenses for the quarters discussed here are primarily stock compensation expense and income or loss from an unfunded deferred compensation plan.

此處討論的季度的 GAAP 和非 GAAP 運營費用之間的差異主要是股票補償費用和沒有資金的遞延補償計劃的收入或損失。

For the first quarter of 2023, total stock compensation expense, including approximately $1.1 million charge to cost of goods sold, was $37.0 million compared to $35.3 million reported in the fourth quarter of 2022.

2023 年第一季度，股票補償總費用（包括約 110 萬美元的銷售商品成本費用）為 3700 萬美元，而 2022 年第四季度報告的為 3530 萬美元。

Switching to the bottom line. First quarter 2023 GAAP net income was $109.8 million or $2.26 per fully diluted share compared with $119.1 million or $2.45 per fully diluted share in the fourth quarter of 2022. First quarter 2023 non-GAAP net income was $146 million or $3.00 per fully diluted share compared with $154 million or $3.17 per fully diluted share in the fourth quarter of 2022. Fully diluted shares outstanding at the end of Q1 2023 were 48.7 million.

切換到底線。 2023 年第一季度 GAAP 淨收入為 1.098 億美元或完全稀釋後每股收益 2.26 美元，而 2022 年第四季度為 1.191 億美元或完全稀釋後每股收益 2.45 美元。2023 年第一季度非 GAAP 淨收入為 1.46 億美元或完全稀釋後每股收益 3.00 美元（相比之下） 2022 年第四季度為 1.54 億美元或每股完全稀釋後的股份 3.17 美元。2023 年第一季度末的完全稀釋後流通股為 4870 萬股。

Now let's look at the balance sheet. Cash, cash equivalents and investments were $919.1 million at the end of the first quarter of 2023 compared to $739.6 million at the end of the fourth quarter of 2022. For the quarter, MPS generated operating cash flow of about $218.8 million compared with operating cash flow of $52.2 million in the fourth quarter of 2022.

現在讓我們看看資產負債表。現金、現金等價物和投資在 2023 年第一季度末為 9.191 億美元，而在 2022 年第四季度末為 7.396 億美元。本季度，MPS 產生的運營現金流約為 2.188 億美元，而運營現金流為2022 年第四季度為 5220 萬美元。

First quarter 2023 capital spending totaled $8.9 million.

2023 年第一季度的資本支出總額為 890 萬美元。

Accounts receivable ended the first quarter of 2023 at $184.3 million or 37 days of sales outstanding, up 1 day from 36 days at the end of the fourth quarter of 2022. Our internal inventories at the end of the first quarter of 2023 were $430.8 million, down from $447.3 million at the end of the fourth quarter of 2022. Days of inventory decreased to [204] days at the end of Q1 2023 compared with 212 days at the end of fourth quarter of 2022.

截至 2023 年第一季度末，應收賬款為 1.843 億美元或 37 天的未償銷售，比 2022 年第四季度末的 36 天增加了 1 天。我們在 2023 年第一季度末的內部庫存為 4.308 億美元，低於 2022 年第四季度末的 4.473 億美元。庫存天數從 2022 年第四季度末的 212 天減少到 2023 年第一季度末的 [204] 天。

Comparing current inventory levels with the following quarter's projected revenue, you can see days of inventory decreased to 203 days at the end of the first quarter of 2023, from 212 days at the end of the fourth quarter of 2022.

將當前庫存水平與下一季度的預計收入進行比較，您可以看到庫存天數從 2022 年第四季度末的 212 天減少到 2023 年第一季度末的 203 天。

I would now like to turn to our outlook for the second quarter of 2023. We are forecasting Q2 revenue in the range of $430 million to $450 million. We also expect the following: GAAP gross margin in the range of 55.9% to 56.5%. Non-GAAP gross margin in the range of 56.2% to 56.8%. GAAP R&D and SG&A expenses between $132.5 million and $136.5 million. GAAP R&D and SG&A expenses to be in the range of $94.9 million to $96.9 million. This estimate excludes stock compensation expense, but includes litigation expense.

我現在想談談我們對 2023 年第二季度的展望。我們預測第二季度的收入在 4.3 億美元至 4.5 億美元之間。我們還預計如下： GAAP 毛利率在 55.9% 至 56.5% 的範圍內。非美國通用會計準則毛利率在 56.2% 至 56.8% 之間。 GAAP 研發和 SG&A 費用在 1.325 億美元至 1.365 億美元之間。 GAAP 研發和 SG&A 費用在 9490 萬美元至 9690 萬美元之間。該估計不包括股票補償費用，但包括訴訟費用。

Total stock-based compensation expense of $38.8 million to $40.8 million, including approximately $1.2 million that would be charged to cost of goods sold. Interest and other income is expected to range from $3.8 million to $4.2 million before foreign exchange gains or losses. Fully diluted shares to be in the range of 48.6 million to 49.0 million shares.

基於股票的薪酬總支出為 3880 萬美元至 4080 萬美元，其中約 120 萬美元將記入已售商品成本。扣除匯兌損益前的利息和其他收入預計在 380 萬美元至 420 萬美元之間。完全稀釋後的股份將在 4860 萬股至 4900 萬股之間。

In conclusion, while we remain cautious about near-term business conditions, MPS will continue to focus on business development and investing in infrastructure as necessary to support our long-term growth.

總之，雖然我們對近期業務狀況保持謹慎，但 MPS 將繼續專注於業務發展和必要的基礎設施投資，以支持我們的長期增長。

I'll now open the webinar up for questions.

我現在將打開網絡研討會來提問。

(Operator Instructions) Our first question is from Tore Svanberg of Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Tore Svanberg。

I was hoping you could elaborate a little bit more, Bernie, on your comment about the business conditions. Because it sounds like the design win momentum is still very strong. The activity is very strong, but you also sort of added there was uncertainty in certain ramps. So maybe you could elaborate a little bit on that, especially when thinking about the second half which seems to be a period where the industry could potentially recover.

伯尼，我希望你能詳細說明你對商業條件的評論。因為聽起來設計獲勝的勢頭還是很強勁的。活動非常強勁，但你也補充說某些坡道存在不確定性。所以也許你可以詳細說明一下，尤其是考慮到下半年，這似乎是該行業可能複甦的時期。

Let me answer my -- Tore, let me answer the first, okay. And -- so you look at all these industries, okay, we -- it's about servers, computing, including industrial servers and AI product that's about 10% of the MPS revenue. And we had a hyper -- we experienced this area really the -- all the entire companies experienced hyper growth, okay, in the last 2 or 3 years. And now the automotive too, okay, we're about 23% of our business total together and where it's about a 30-some percent. In AI other than, okay -- and across the board, other than AI and automotive and so far, still -- we experienced still very heavy demand. Other than that, again, all these design win activities that happened in the last 4, 5 years, and they started to ramp last couple of years. And a lot of -- because the reason we have all the inventory, we have expanded capacities and we grow much faster than the average.

讓我回答我的——Tore，讓我先回答，好吧。而且 - 所以你看看所有這些行業，好吧，我們 - 這是關於服務器、計算，包括工業服務器和人工智能產品，約佔 MPS 收入的 10%。在過去的 2 或 3 年裡，我們有一個超高速增長——我們真的經歷了這個領域——所有的公司都經歷了超高速增長。現在汽車也是，好吧，我們大約占我們業務總量的 23%，而它大約佔 30% 左右。在 AI 方面，好吧——除了 AI 和汽車，到目前為止，我們仍然經歷了非常大的需求。除此之外，所有這些設計贏得了過去 4、5 年發生的活動，並且它們在過去幾年中開始上升。還有很多——因為我們擁有所有庫存的原因，我們已經擴大了產能，而且我們的增長速度比平均水平快得多。

And now to answer your question directly, there is a -- our customers, all these products during a ramp, they have a pause. And they don't know what's coming in the new product and they push out. And so we just cutting in the period, which is not bad to me. Because in the last 2 or 3 years, we have been in this unsustainable growth and hyper growth. It's like a 30%, 40% year-over-year, and that will break the company. And I'm glad to announce we're coming to -- back to the normal and we will ride this -- the global market uncertainties and we just adapt as in the past. Okay, Bernie, maybe you can add some more detail, okay.

現在直接回答你的問題，有一個——我們的客戶，所有這些產品在一個斜坡上，他們有一個暫停。他們不知道新產品會帶來什麼，所以他們推出了。所以我們只是縮短了這段時間，這對我來說還不錯。因為在過去的兩三年裡，我們一直處於這種不可持續的增長和超高速增長中。這就像 30%、40% 的同比增長，這將打破公司。我很高興地宣布，我們即將——回到正常狀態，我們將駕馭這一點——全球市場的不確定性，我們只是像過去一樣適應。好吧，伯尼，也許你可以添加更多細節，好吧。

And I think Michael has really laid out a very compelling case as far as the growth that we've experienced over the last 3 years, and also identifying that the automotive market remains solidly intact, but particularly in Enterprise Data with the exception of AI that we are seeing lag in ordering patterns there and general weakness in our other markets. So I think the thing to reinforce here is that the business model here remains intact. We've built MPS around sustainable growth over the long haul.

我認為 Michael 確實就我們在過去 3 年中經歷的增長提出了一個非常有說服力的案例，並且還確定汽車市場仍然完好無損，但特別是在企業數據方面，人工智能除外我們看到那裡的訂購模式滯後，而我們其他市場普遍疲軟。所以我認為這裡要強調的是這裡的商業模式保持不變。我們圍繞長期可持續增長建立了 MPS。

And right now, we're looking at a quarter where the end customer demand is not picking up as well as we might have anticipated a quarter or 2 quarters ago. But again, the business model is intact.

而現在，我們正在尋找一個季度，其中終端客戶需求沒有像我們在一個季度或兩個季度前預期的那樣回升。但同樣，商業模式完好無損。

That's great perspective. And as my follow-up, you talked about gross margin coming down very moderately because of higher value inventory. Could you talk about how long you expect that to play out and even some ranges? I mean I assume maybe you'll get to, I don't know, 55%, 56% gross margin. But yes, any color you can give on the -- how long that lower gross margin would last?

這是偉大的觀點。作為我的後續行動，你談到毛利率由於較高的庫存價值而適度下降。你能談談你希望它發揮多長時間甚至一些範圍嗎？我的意思是，我假設你可能會達到 55%、56% 的毛利率，我不知道。但是，是的，你可以給出任何顏色——較低的毛利率會持續多久？

Sure. And the good news here is that cycle times and pricing both in the fab, the assembly houses are coming down. And so we'll be able to participate in the lower cost after we burn down the inventory, which is currently at about 203, 204 days. So I would expect that we'll see a downward pressure on margins through Q2 and Q3, and then perhaps a moderation leveling in around Q4.

當然。好消息是晶圓廠和裝配廠的周期時間和定價都在下降。因此，在我們燒掉庫存後，我們將能夠參與較低的成本，目前庫存約為 203、204 天。因此，我預計我們將在第二季度和第三季度看到利潤率下降的壓力，然後可能在第四季度左右趨於平緩。

Yes. Go ahead, Michael.

是的。來吧，邁克爾。

Yes. I might as well add, and clearly, we see we go into a downturn situation and we don't know, I guess, some segment will grow MPS is because a very diverse companies and some area would be still good. And in general, the Consumers products and even some notebook may come back in the second year. And the point is -- I'll try to make is regarding to gross margins, and as you noted in the past when the industry starts to slow down, and again, MPS will be more aggressive in price.

是的。我不妨補充一下，很明顯，我們看到我們進入了低迷狀態，我們不知道，我想，某些細分市場會增長 MPS，因為公司非常多元化，而某些領域仍然會很好。而且一般來說，消費者產品，甚至是一些筆記本可能會在第二年捲土重來。關鍵是——我將嘗試說明毛利率，正如你過去指出的那樣，當行業開始放緩時，MPS 的價格將更加激進。

And to gain more consumer segment of the market because it can do 6 months later when you turn the knob we actively pursue those products 6 months later. Those are fast design cycles and you will turn the knob in the revenues in about 6 months' time. So we care less about the short-term gross margins, but the long-term gross margins is still the same. So we emphasize and as you know, in the last 10 years or so, and we'll still pursue those models. And in the consumer segment, we made just a short term -- focus in the short term to grow the -- to maintain the growth.

為了獲得更多的市場消費者細分市場，因為它可以在 6 個月後轉動旋鈕，我們會在 6 個月後積極追求這些產品。這些都是快速的設計週期，您將在大約 6 個月的時間內轉動收入旋鈕。所以我們不太關心短期毛利率，但長期毛利率還是一樣的。所以我們強調，正如你所知，在過去 10 年左右的時間裡，我們仍然會追求這些模型。在消費者領域，我們只做了短期——專注於短期增長——以保持增長。

Our next question is from Quinn Bolton of Needham.

我們的下一個問題來自 Needham 的 Quinn Bolton。

Just wanted to follow up on Tore's question. Really, Michael and Bernie, as you look into the second half of the year, that's normally a seasonally stronger period for the company. Obviously, it feels like there are lots of puts and takes, lots of uncertainty, customers delaying product ramps. But can you give us any sense how you're thinking about the second half of the year? Will you see sort of a normal seasonal uptick in September? Or are you thinking September could be flattish with kind of the 1Q, 2Q run rate? Any additional color would be helpful just to try to think about the second half.

只是想跟進 Tore 的問題。真的，邁克爾和伯尼，當你回顧今年下半年時，這通常是公司季節性增長的時期。顯然，感覺就像有很多投入和投入，很多不確定性，客戶推遲了產品的推出。但是你能告訴我們你對下半年的看法嗎？您會在 9 月看到某種正常的季節性增長嗎？還是您認為 9 月份的 1Q、2Q 運行率可能持平？任何額外的顏色都會有助於嘗試考慮下半場。

Sure. I think that right now, normal seasonality still applies, but in our case, it's a little more muted because so much of our growth in the business is attached to those new product introductions being made by our customers. So if we look in Enterprise Data in which our major customers or the products that we're supporting have had product delays. And when you look at other aspects of our business, for example, Communications, that's still what I'd refer to as lumpy. It's not necessarily trending in a seasonal pattern.

當然。我認為現在，正常的季節性仍然適用，但在我們的情況下，它有點低調，因為我們業務的增長很大程度上與客戶推出的新產品有關。因此，如果我們查看我們的主要客戶或我們支持的產品有產品延遲的企業數據。當您查看我們業務的其他方面時，例如通信，這仍然是我所說的塊狀。它不一定呈季節性趨勢。

So I think that your comment is very balanced and all I'm tilting is to the new product introductions being delayed probably being a larger factor than just seasonality.

所以我認為你的評論是非常平衡的，我只是傾向於新產品的推出被推遲可能是一個比季節性更大的因素。

Yes. I think we can't say really like a normal seasonality anymore, I mean, we experienced in the past. And you have some segments that grow really well. I mean some segments hit kind of bottoms in the last Q3 -- last year Q4, especially like a notebook side. I mean now you see it's a wakening up. I mean, MPS has won orders in design as -- those are reference designs and we have the power solutions. And we see second half, mostly all the other rest of our business, other than AI, automotive, we don't -- we have no clear views. And so that's the short term.

是的。我認為我們不能再說真的像正常的季節性了，我的意思是，我們過去經歷過。你有一些增長非常好的細分市場。我的意思是某些細分市場在去年第三季度觸底——去年第四季度，尤其是筆記本電腦方面。我的意思是現在你看到這是一個覺醒。我的意思是，MPS 贏得了設計訂單——那些是參考設計，我們有電源解決方案。我們看到下半年，主要是我們所有其他業務，除了人工智能、汽車，我們沒有——我們沒有明確的看法。所以這是短期的。

Understood. I wanted to follow up on the Enterprise Data segment. Obviously, a weaker results. It sounds like some of the product or customer delays are sort of focused in that segment. Do you still think as the new server cycle ramps that you can get your share of the [Vcore Power] management market towards 20%? Is that still the right opportunity to be thinking about longer term, even if some of those customer programs have pushed out by somewhat?

明白了。我想跟進企業數據部分。顯然，結果較弱。聽起來有些產品或客戶的延遲有點集中在那個部分。您是否仍然認為隨著新服務器週期的增加，您可以將 [Vcore Power] 管理市場的份額提高到 20%？這是否仍然是考慮長期的正確機會，即使其中一些客戶計劃已經有所推遲？

Absolutely. I confidently say that. I mean, because we see all these projects has not really fully ramped yet. In all the data centers, clearly, you guys know better, I mean now slowed down dramatically. I don't know whether they expanded -- overexpanded last couple of years and now slowed, take a pause, okay? We don't have clear views. And what we know from last quarter to Q1 -- Q4, Q1 to now, and they kind of slowed out.

絕對地。我自信地說。我的意思是，因為我們看到所有這些項目還沒有真正完全啟動。在所有的數據中心，很明顯，你們知道得更多，我的意思是現在速度急劇下降。我不知道他們是否擴張了——過去幾年過度擴張，現在放緩了，暫停一下，好嗎？我們沒有明確的看法。從上一季度到第一季度，我們所知道的——第四季度，第一季度到現在，他們有點放慢了速度。

And if I can add to that, again, using -- I know that you're focused right now on the short term as far as the second half of the year. But in the GPU space for artificial intelligence, we have a very senior market share position. And as we look ahead to even the next generation, we're in a very good position to take advantage of the next generation of GPUs. So we're really still in early stages as far as being able to leverage up our position and expand our share.

如果我可以補充一點，再次使用 - 我知道你現在專注於今年下半年的短期。但在人工智能的 GPU 領域，我們擁有非常高的市場份額。當我們展望下一代時，我們處於充分利用下一代 GPU 的有利位置。因此，就能夠利用我們的地位和擴大我們的份額而言，我們真的還處於早期階段。

Yes, yes. That's I didn't add that part. The GPU part came in the AI side, we have a current design win and -- as well as the next design, and the futures we will release at the end of the year or next year. And those MPS products will ramp to this. Earlier, I referred to is that all these data centers, CPU powers or data center power overall, and we still have maybe just if it's not a single digit, just a barely double-digit market shares. And a lot of -- and from -- transition from a VR13 to VR14, and it's not completed yet. We won a lot of design wins in VR14 and it will turn into revenues.

是的是的。那是我沒有添加那部分。 GPU 部分來自 AI 方面，我們有一個當前的設計勝利——以及下一個設計，以及我們將在今年年底或明年發布的未來。那些 MPS 產品將為此而努力。早些時候，我提到的是所有這些數據中心、CPU 能力或數據中心的總體能力，我們仍然可能只是如果它不是個位數，那麼市場份額就只有兩位數。還有很多 - 從 - 從 VR13 到 VR14 的過渡，而且還沒有完成。我們在 VR14 中贏得了很多設計勝利，這將轉化為收入。

Our next question is from Matt Ramsay of Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

Guys, I wanted to ask, I guess, a 2-part question on gross margin, and this is sort of -- you guys have been in -- gone from sort of 54%, 55%, 56% on that steady cadence of 10 to 20 basis points a quarter, and that was amazingly steady. And then during the period of supply-demand imbalance, we jumped up to 58% or so, and now we've come back in and you guys discussed that in the short term. But as you look out over the next 2, 3 years and you think about the strategy to be aggressive and grow, and contrast that to some of the opportunities that you have for new design wins and higher content, maybe you could level set us on the long-term gross margin. Has anything changed there? And where is the new normal?

伙計們，我想問一個關於毛利率的由兩部分組成的問題，這有點——你們已經進入了——從那種穩定節奏的 54%、55%、56% 開始每季度 10 到 20 個基點，而且非常穩定。然後在供需失衡期間，我們躍升至 58% 左右，現在我們又回來了，你們在短期內討論了這個問題。但是當你展望未來 2、3 年並考慮積極進取和發展的戰略時，並將其與你獲得新設計勝利和更高內容的一些機會進行對比，也許你可以讓我們在長期毛利率。那裡有什麼變化嗎？新常態在哪裡？

And, I guess, the second part of that thought, guys, is, have you seen any specific price pressure in any markets as some of your competitors maybe get more supply?

而且，我想，這個想法的第二部分，伙計們，你有沒有看到任何市場的任何特定價格壓力，因為你的一些競爭對手可能會獲得更多供應？

Yes. Okay. Let me answer your last part first, okay. Any high volume, our customers have multiple suppliers, and we -- they always have a price pressure, other than the last 2 or 3 years. Other than that and they couldn't ship, only the MPS who came. Most of the companies have struggled in shipments and MPS we have less. And so nowadays all the higher volumes as we expected. And in the last couple of years also remember we didn't talk that much. We introduced new technology, which is a much lower the cost. And there will be a fight.

是的。好的。讓我先回答你的最後一部分，好吧。任何高產量，我們的客戶都有多個供應商，而且我們 - 除了過去 2 或 3 年之外，他們總是有價格壓力。除此之外，他們無法發貨，只有 MPS 來了。大多數公司都在出貨量上苦苦掙扎，而我們擁有的 MPS 更少。因此，如今所有的銷量都如我們所料。在過去的幾年裡，還記得我們並沒有談那麼多。我們引進了新技術，成本要低得多。並且會有一場戰鬥。

And so to answer that part of the question. But earlier, I said it, I care less about gross margin lately, okay, but we're still operating within the models, okay? We'll not dramatically go down. Clearly, it will go down. And -- but in a long-term model, to answer your question, 2 or 3 years out, the business -- MPS business is still pretty much intact. And we are focused on those high values. We're transitioning from IC solutions to cell solutions. That still remains our focus. Our long-term business will go that way and which generate and offers more values, and we have higher gross margins.

所以要回答問題的那一部分。但早些時候，我說過，我最近不太關心毛利率，好吧，但我們仍在模型內運營，好嗎？我們不會急劇下降。很明顯，它會下降。而且 - 但在長期模型中，回答你的問題，2 或 3 年後，業務 - MPS 業務仍然完好無損。我們專注於那些高價值。我們正在從 IC 解決方案過渡到電池解決方案。這仍然是我們的重點。我們的長期業務將朝著這個方向發展，它會產生並提供更多的價值，而且我們的毛利率也會更高。

And I think just to polish off the comment there is that as far as our model, we've been operating over the last several years between 55% and approaching 60% as far as a non-GAAP gross margin. And as we introduce these higher-value products, they tend to have higher margins. And what that allows us to do is then manage the mix of business such that we stay within our model. So while we sort of anticipated in the near term downward pressure with a flattening here in the next 3 to 4 quarters, we'll continue to look to be opportunistic and managing gross margin to accelerate revenue growth.

而且我認為只是為了消除評論，就我們的模型而言，就非 GAAP 毛利率而言，我們在過去幾年中一直在 55% 和接近 60% 之間運營。當我們推出這些價值更高的產品時，它們的利潤率往往更高。這讓我們可以做的是管理業務組合，使我們保持在我們的模型中。因此，雖然我們在某種程度上預計在未來 3 到 4 個季度內會出現下行壓力，但我們將繼續尋求機會主義並管理毛利率以加速收入增長。

Got it. As my follow-up, and I apologize for this being a near-term question, but with all the different end market volatility. Bernie, if you could help us on your guidance by segment, just the revenue trends that you guys see into the June quarter that would be great.

知道了。作為我的後續行動，對於這是一個近期問題，我深表歉意，但終端市場的波動性各不相同。伯尼，如果你能幫助我們按細分市場提供指導，那麼你們看到的 6 月季度的收入趨勢會很棒。

Sure. I think that we said earlier in the call...

當然。我想我們早些時候在電話中說過……

It's fair to ask a short-term question because this is a very uncertain period.

問一個短期問題是公平的，因為這是一個非常不確定的時期。

So I think to sort of make a simple point on it is that Automotive continues to be doing very well. And there, it's both the market itself as well as the share gains that we're enjoying. I said earlier that Communications is lumpy and the other areas, including Storage and Compute, Enterprise Data and Consumer and Industrial are sort of flattish for the near term.

因此，我認為簡單地說，汽車行業的表現仍然非常好。在那裡，它既是市場本身，也是我們正在享受的份額收益。我之前說過，通信是起伏不定的，而其他領域，包括存儲和計算、企業數據以及消費者和工業，在短期內有點持平。

Well, also the Storage -- in the AI segment and in data center, if we -- the Computing segment is -- maybe is flattish, okay? I mean I think the majority of our revenues has come from -- still come from servers. And you see it in the ramping in the last 18 months or so. In the AI and the total portion -- AI in the total revenues is still a smaller percentage. And the other things I'm pointing out, there's a memory sections. I mean they're changing a new format, and they start to ramp now. This is the result that we're kind of flattish, okay? I mean it depends on how fast you ramp up to DDR5.

嗯，還有存儲——在人工智能領域和數據中心，如果我們——計算領域——可能是平的，好嗎？我的意思是我認為我們的大部分收入來自——仍然來自服務器。你在過去 18 個月左右的時間裡看到了它。在人工智能和總收入中——人工智能在總收入中所佔的比例仍然較小。我要指出的其他事情是內存部分。我的意思是他們正在改變一種新的格式，他們現在開始增加。這是我們有點扁平的結果，好嗎？我的意思是，這取決於您升級到 DDR5 的速度。

MPS has -- have engaged with all the major memory companies that we have a design. We have a -- we have design wins. And if they ramp up faster then -- and we will -- we will again - we'll increase that portion of revenues. And it's depending on what the DDR5 will ramp up.

MPS 已經 - 已經與我們設計的所有主要存儲器公司進行了接觸。我們有 - 我們有設計勝利。如果他們增長得更快——我們會——我們會再次——我們將增加那部分收入。這取決於 DDR5 的性能提升。

Our next question is going to be from Rick Schafer of Oppenheimer.

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

Maybe if I could ask one on 48-volt back on the AI for the question. I know you heard you say Michael -- sorry, Bernie said that, I think, he had said senior market share position there. I'm curious with your primary competitor in 48-volt apparently still struggling. I mean are we at a point now, if we look at 2023, where you guys think you'll likely stay sort of sole source sort of [A100] and H100 this year.

也許如果我可以問一個 48 伏特的 AI 問題。我知道你聽到你說邁克爾 - 抱歉，伯尼說過，我想，他說的是那裡的高級市場份額職位。我很好奇您的 48 伏主要競爭對手顯然仍在苦苦掙扎。我的意思是，如果我們展望 2023 年，我們現在是否處於某個點，你們認為你們今年可能會保持某種 [A100] 和 H100 的單一來源。

And I'm just curious as part of that question. I heard you mention [content] there. So is there any color you can give us around what content does as we transition to sort of more powerful accelerators over time? I mean is it similar to what you guys have talked about with the move from VR13 to VR14 on [Vcore Power] where you're talking about going from sort of $50 a comp sort of to something like $70.

作為這個問題的一部分，我只是好奇。我聽說你在那裡提到了[內容]。那麼，當我們隨著時間的推移過渡到某種更強大的加速器時，您能告訴我們內容的作用嗎？我的意思是，這是否類似於你們在 [Vcore Power] 上談論的從 VR13 到 VR14 的轉變，你們談論的是從 50 美元一個 comp 到 70 美元左右。

And then finally, Michael, for you, I'm just really curious, are you -- who else are you seeing out there working on 48-volt power? This seems to be a pretty solid and growing market.

最後，邁克爾，對你來說，我真的很好奇，你是——你還看到誰在使用 48 伏電源？這似乎是一個相當穩固且不斷增長的市場。

Okay. Let me answer my part first, and I'll get in...

好的。讓我先回答我的部分，然後我會進入...

That's more fun part.

那是更有趣的部分。

From the landscape, okay, I truly say, like, I mean, we don't -- we see some competition in the game. I think our products remained the best so far. And -- so that's why -- so we have -- and we do see some other competition, maybe as generation later that came in. As that market segment grows, and the competition will come. And like, I mean, the market is too big for MPS. And we welcome other people. And we welcome (inaudible). As a matter of fact, that's what we're doing in that okay? And as MPS is not big enough for that market. And -- but we will be glad to be leaders.

從景觀來看，好吧，我真的說，我的意思是，我們沒有——我們在遊戲中看到了一些競爭。我認為我們的產品到目前為止仍然是最好的。而且 - 這就是為什麼 - 所以我們有 - 我們確實看到了一些其他競爭，也許是新一代的競爭。隨著該細分市場的增長，競爭將會到來。就像，我的意思是，市場對於 MPS 來說太大了。我們歡迎其他人。我們歡迎（聽不清）。事實上，這就是我們正在做的，好嗎？由於 MPS 不足以滿足該市場的需求。而且 - 但我們很高興成為領導者。

Yes. And again, reinforcing Michael's point there is that it actually we enjoy a leadership position, and we expect to continue to, competition is very important as far as driving technology improvements. As far as your other question as far as dollar content, when we look at the CPU market, generally, we denominate it with a dual processor. And so based on that, we're able to offer an expectation of what the average selling price will be per server.

是的。再次強調邁克爾的觀點，實際上我們享有領導地位，並且我們希望繼續保持領先地位，就推動技術改進而言，競爭非常重要。至於你關於美元含量的其他問題，當我們審視 CPU 市場時，一般來說，我們用雙處理器來命名它。因此，基於此，我們能夠預測每台服務器的平均售價。

With the GPU's model still sorting itself out where you can have any number of configurations up to and including 8 GPU boards. So it's very -- it's a little harder to denominate what our dollar content is. And again, we're still in the early stages of watching this model ramp. So I think that we'll have enough experience in about 2 to 3 quarters to have a more accurate read on the dollar content, but it is much higher than what we're experiencing with CPUs.

由於 GPU 的模型仍在自行排序，您可以在其中進行任意數量的配置，最多包括 8 個 GPU 板。因此，很難確定我們的美元含量是多少。再一次，我們仍處於觀察這個模型坡道的早期階段。所以我認為我們將在大約 2 到 3 個季度內獲得足夠的經驗來更準確地閱讀美元內容，但它比我們在 CPU 方面所經歷的要高得多。

And for my follow-up, I'd love to ask you about 5G [RAN]. I know you guys have said in the past you're selling to the big 3 RAN equipment OEMs. I'm just curious how you would describe the ramp there in terms of content, in terms of share? And what I am trying to do is get a sense of how big 5G is now versus how big it could be for you guys. And to something you mentioned earlier, Bernie, I'm just really curious here, could the ramp in 5G sort of smooth some of that lumpiness you described in your Comm segment?

對於我的後續行動，我很想問你關於 5G [RAN] 的問題。我知道你們過去曾說過，你們在向三大 RAN 設備原始設備製造商銷售產品。我很好奇你會如何描述內容和份額方面的增長？我想做的是了解 5G 現在有多大，以及它對你們來說可能有多大。對於你之前提到的事情，Bernie，我真的很好奇，5G 的發展能否在某種程度上消除你在 Comm 部分描述的一些塊狀？

Yes. If I was to draw a comparison of our experience with Enterprise Data where we started out with low dollar content and then graduated up the value chain including power management. We're probably about 3 to 4 years behind in the Communications market, where we're still focusing on low dollar content for like point of load and E-fuse. Now where this is about to get very exciting is we are getting adoptions for later designs that include our power management for the processors.

是的。如果我要比較我們在企業數據方面的經驗，我們從低價內容開始，然後逐步升級到包括電源管理在內的價值鏈。我們在通信市場上可能落後大約 3 到 4 年，我們仍然專注於負載點和 E-fuse 等低價內容。現在這將變得非常令人興奮的是，我們正在為包括我們的處理器電源管理在內的後期設計採用。

So at this stage, we're sort of moving with the market. Again, as an early entrant. But yes, long term, I do think you're going to see a similar growth profile as what we expect to have with Enterprise Data.

所以在這個階段，我們有點隨著市場而變化。再次，作為早期進入者。但是，是的，從長遠來看，我確實認為您會看到與我們預期的企業數據類似的增長情況。

Yes, and immediately now, I keep saying MPS is a small company, but we're not nobody anymore. And we engage with all these customers -- these 5G makers and it's only a handful of a company as of speaking now. So we're in the process of signing on the contract now. And so all of these -- okay, and it's just a matter of time.

是的，現在，我一直在說 MPS 是一家小公司，但我們不再是無名小卒了。我們與所有這些客戶接觸——這些 5G 製造商，截至目前，這只是少數幾家公司。所以我們現在正在簽署合同。所以所有這些——好吧，這只是時間問題。

Our next question is from Ross Seymore of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

Can you hear me?

你能聽到我嗎？

We have a high inventory, yes.

是的，我們有大量庫存。

How about the channel inventory. We've heard a bunch of companies talk about the channel coming down, and that's a headwind to revenue growth. I know you guys proactively manage that. So you put it on your own balance sheet, but what's the channel looking like?

渠道庫存如何。我們聽說很多公司都在談論渠道下降，這對收入增長不利。我知道你們會主動管理它。所以你把它放在你自己的資產負債表上，但渠道是什麼樣的？

It's also on the high side.

它也偏高。

Yes. About 3 quarters ago, we saw an increase in channel inventories, and they've remained at about that same level. So there isn't any real new news as far as the sell-through characteristics.

是的。大約 3 個季度前，我們看到渠道庫存有所增加，並且一直保持在大致相同的水平。因此，就銷售特徵而言，沒有任何真正的新消息。

Is that something that's weighing against your revenue right now? Or are you comfortable running at that relatively higher level?

這是否正在影響您的收入？或者您是否願意在相對較高的水平上跑步？

No, we wanted lower and we want to lower and particularly in the first quarters and a lot of customer threatens and get much higher volumes, okay? That's why we shipped and now they have kind of break. And so as a result, inventory didn't decrease that much in the channel.

不，我們想要更低，我們想要更低，特別是在第一季度，很多客戶威脅並獲得更高的銷量，好嗎？這就是我們發貨的原因，現在他們有點休息了。因此，渠道中的庫存並沒有減少那麼多。

So it went down on your books more so than in the channel?

所以它在你的書上比在頻道裡更受歡迎？

Yes. The way to look at another aspect to this is that the inventory in the channel, it depends on what our end customers' lead times are. And as we even commented on in the prepared comments, we're seeing a very unusual demand pattern in that we have 3 areas where we're seeing acceleration as far as the ordering pattern. But they're doing it with a very -- an expectation of having a very short lead time.

是的。從另一個方面來看，渠道中的庫存取決於我們最終客戶的交貨時間。正如我們甚至在準備好的評論中評論的那樣，我們看到了一種非常不尋常的需求模式，因為我們在 3 個領域看到了訂購模式的加速。但他們正在做這件事 - 期望有一個非常短的交貨時間。

So as Michael said earlier that the channel is built up in the anticipation that the customers were going to realize the sales gains with the new products, but as those have been pushed out, that's left us in this position. So we're going to continue to manage the channel as we always have. But right now, as I said, it's at an elevated level.

因此，正如邁克爾早些時候所說，渠道是建立在客戶將通過新產品實現銷售收益的預期中，但由於這些產品已經被推出，這讓我們處於這個位置。因此，我們將一如既往地繼續管理頻道。但現在，正如我所說，它處於一個較高的水平。

Got it. And then one on the gross margin for you, Bernie. When you talked about the headwinds for it, we see this across the board. So I don't think it's anything particularly different for Monolithic. But the one thing you didn't mention was mix. I get that you're carrying higher cost inventory, and it takes a while to flush through. But as you go opportunistically, into the consumer market, is that rising as a percentage of sales, something that is also weighing against gross margins? And if so, when do you think that will kind of normalize as a percentage of sales, if not decrease?

知道了。然後是你的毛利率，伯尼。當你談到它的不利因素時，我們全面看到了這一點。所以我不認為這對於 Monolithic 有什麼特別的不同。但是你沒有提到的一件事是混合。我知道你的存貨成本較高，需要一段時間才能清理乾淨。但是當你機會主義地進入消費市場時，銷售額佔銷售額的百分比是否在上升，這是否也在影響毛利率？如果是這樣，你認為什麼時候會正常化為銷售額的百分比，如果不是減少的話？

Yes, you can see as a normal because the Consumer market hasn't happened yet. We reduced the -- we've down -- Consumer down to the big percentage now, okay? And mostly it's a high-value inventory.

是的，你可以看到很正常，因為消費市場還沒有發生。我們現在減少了——我們已經減少了——消費者的比例很大，好嗎？而且大部分是高價值庫存。

Our next question is from William Stein of Truist.

我們的下一個問題來自 Truist 的 William Stein。

Regarding something you just spoke about a moment ago, you spoke about elevated inventory and push outs of projects. I think obsolescence risk is relatively small for Monolithic, but maybe you can reassure us on that matter.

關於您剛才談到的事情，您談到了庫存增加和項目推出。我認為 Monolithic 的過時風險相對較小，但也許您可以就此向我們保證。

Absolutely. Actually, a very helpful question. If you look at our history, we've never had a significant inventory write-off. And a lot of the reasons around that is that our products have long life in the market and long shelf life. So we're actually -- if you look back at 2019, we built up inventories, and we're able to capitalize when the market bounced back in '20 and particularly when the pandemic, infusion of capital occurred.

絕對地。實際上，這是一個很有幫助的問題。如果您查看我們的歷史，就會發現我們從未有過重大的庫存註銷。很多原因是我們的產品在市場上有很長的壽命和保質期。所以我們實際上是——如果你回顧 2019 年，我們建立了庫存，當市場在 20 世紀反彈時，尤其是當大流行、資本注入發生時，我們能夠利用。

So we don't see inventory on our balance sheet as a negative. And in fact, when the markets do get more stabilized, particularly in Enterprise Data and in Storage and Computing, I think we're well positioned to take advantage of that uplift.

因此，我們不認為資產負債表上的庫存是負面的。事實上，當市場確實變得更加穩定時，尤其是在企業數據以及存儲和計算領域，我認為我們已經做好了充分利用這種提升的準備。

Great. And then like to sort of ask a double question about supply and your supply base. Other analog companies have talked about how their foundries are absolutely not cutting cost and they never see it happening, but you've highlighted this trend in your business. Is it because you're on more advanced nodes and so that's just how sort of pricing in that market works? And then maybe you could also comment on the manufacturing plan, both in terms of long-term capacity and geographic diversity.

偉大的。然後想問一個關於供應和你的供應基地的雙重問題。其他模擬公司已經談到他們的代工廠是如何絕對不削減成本的，而且他們從未見過這種情況發生，但您已經在您的業務中強調了這一趨勢。是不是因為你在更先進的節點上，所以這就是那個市場的定價方式？然後也許你也可以在長期產能和地域多樣性方面對製造計劃發表評論。

Yes. We -- you know that, okay, we advance our technology every 2 or 3 years. And we're relentlessly cutting the cost and utilize the better technologies, get better geometries. The fab now in the last 3 years, the fab costs is not lower, higher, as a matter of fact. But we utilized the geometries and also the new technology that we implement, we will be able to lower the cost.

是的。我們——你知道，好吧，我們每 2 或 3 年就會改進我們的技術。我們正在不懈地削減成本並利用更好的技術，獲得更好的幾何形狀。現在晶圓廠在過去的三年裡，晶圓廠的成本實際上不是更低，而是更高。但是我們利用了我們實施的幾何形狀和新技術，我們將能夠降低成本。

And so the other question that you're making is a diversified manufacturing. So, we in -- we anticipated that -- again, we announced that we have a new partnership outside of China. That's in Singapore. And we will continue to do so. But really outside, there's no U.S. manufacturing for our application, for our product. I mean, it's all resides in Asia, Korea, like Taiwan and Southeast Asia. And in all our module business, we can do it from our side outside of China.

因此，您提出的另一個問題是多元化製造。所以，我們——我們預料到了——我們再次宣布我們在中國以外建立了新的合作夥伴關係。那是在新加坡。我們將繼續這樣做。但實際上在外面，沒有美國製造我們的應用程序，我們的產品。我的意思是，它們都位於亞洲、韓國、台灣和東南亞。在我們所有的模塊業務中，我們都可以在中國以外的地方進行。

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

（操作員說明）由於沒有其他問題，我現在想將網絡研討會轉回 Bernie。

I'd like to thank you all for joining us for this Q1 2023 earnings webinar. I look forward to talking to you again during our second quarter conference call, which would likely be in July. Thank you. Have a nice day.

感謝大家參加我們的 2023 年第一季度收益網絡研討會。我期待在我們的第二季度電話會議期間再次與您交談，這可能會在 7 月舉行。謝謝。祝你今天過得愉快。