芯源系統 (MPWR) 2024 Q2 法說會逐字稿

Welcome, everyone, to the MPS second-quarter 2024 earnings webinar. 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; Bernie Blegen, EVP and CFO; and Tony Balow, Vice President of Finance.

歡迎大家參加 MPS 2024 年第二季財報網路研討會。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 的執行長兼創辦人 Michael Hsing；伯尼‧布萊根 (Bernie Blegen)，執行副總裁兼財務長；和財務副總裁托尼·巴洛（Tony Balow）。

Earlier today, along with our earnings announcement, MPS released a written commentary on the results of our operations. Both of these documents can be found on our website. Before we begin, I would like to remind everyone that in the course of today's presentation, we may make forward-looking statements and projections within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainty.

今天早些時候，在我們公佈收益的同時，MPS 也發布了一份關於我們經營業績的書面評論。這兩個文件都可以在我們的網站上找到。在開始之前，我想提醒大家，在今天的演示過程中，我們可能會做出 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述和預測，這些陳述和預測涉及風險和不確定性。

Risks, uncertainties, and other factors that could cause actual results to differ from these forward-looking statements are identified in the Safe Harbor statements contained in the Q2 earnings release and in our SEC filings, including our Form 10-K, which can be found on our website. Our statements are made as of today, and we assume no obligation to update this information.

第二季收益發布中包含的安全港聲明和我們的 SEC 文件（包括我們的 10-K 表格）中列出了可能導致實際結果與這些前瞻性陳述不同的風險、不確定性和其他因素。在我們的網站上。我們的聲明截至今天，我們不承擔更新此資訊的義務。

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. Good afternoon and a big welcome to all of you. Let me open by saying MPS reported yet another record quarter, with Q2 2024 revenue of $507.4 million, exceeding the high end of our guidance. Our strong revenue growth was attributed to three factors: increased demand for AI power solutions, improving order trends in several of our end markets, and lastly, initial revenue ramps associated with design wins secured in past years.

謝謝，將軍。下午好，對大家表示熱烈的歡迎。首先我要說的是，MPS 報告了另一個創紀錄的季度，2024 年第二季度收入為 5.074 億美元，超過了我們指導的上限。我們強勁的收入成長歸因於三個因素：對人工智慧電源解決方案的需求增加，我們的幾個終端市場的訂單趨勢改善，最後，與過去幾年獲得的設計勝利相關的初始收入成長。

Separately, we continue to expand and diversify our global supply chain to ensure supply stability and capture future growth. As we have emphasized for many years, our results reflect the continued success of our proven long-term growth strategy and our transformation from being only a chip supplier to a full solutions provider.

另外，我們繼續擴大全球供應鏈並使之多元化，以確保供應穩定並抓住未來的成長。正如我們多年來一直強調的那樣，我們的業績反映了我們經過驗證的長期成長策略的持續成功，以及我們從晶片供應商向全面解決方案提供者的轉變。

I will now open the webinar up for questions. Gen, could you please ask our first caller?

我現在將開始網路研討會以供提問。Gen，可以問一下我們的第一個來電者嗎？

Matt Ramsay, Cowen.

馬特拉姆齊，考恩。

Thank you very much, everybody. Good afternoon. Mike and Bernie, congratulations on a -- I'd just say it's nice to have a calm part in the storm relative to what's been -- all of us have been dealing with over the last few weeks. So congrats.

非常感謝大家。午安.麥克和伯尼，恭喜你——我只是想說，相對於過去幾週我們所有人都在經歷的事情來說，在風暴中保持平靜是件好事。所以恭喜。

I wanted to ask a couple of questions. I imagine the enterprise data segment is going to be a huge focus on this call, so maybe I'll just start with the first question. Bernie, if you could maybe give us some directional color by end market in your guidance for September, I'd appreciate it.

我想問幾個問題。我想企業數據部分將成為這次電話會議的重點，所以也許我會從第一個問題開始。Bernie，如果您能在 9 月的指導中為我們提供一些終端市場的方向性信息，我將不勝感激。

And secondly, Michael, if you could talk a little bit about what you're seeing in some of the non-enterprise data segments, things like consumer, comms, auto. The model's been driven by this big growth in enterprise data, but from what I can tell, your company has had a lot of design win success in some of these other areas where the macro has really been challenging. And I'm wondering if you're starting to see any green shoots there yet for a recovery in some of those other segments. Thanks, guys.

其次，邁克爾，您能否談談您在一些非企業資料領域（例如消費者、通訊、汽車）中看到的情況。該模型是由企業數據的大幅增長推動的，但據我所知，貴公司在宏觀確實具有挑戰性的其他一些領域取得了許多設計成功。我想知道您是否開始看到其他一些領域的復甦的萌芽。謝謝，夥計們。

Okay, sure. I'll keep my comments fairly short as far as the Q3 outlook by end market. Essentially, the bookings trend that we carried into Q3 has improved quite a bit over the last few quarters and has been fairly broad as far as the end market participation. If you look specifically at enterprise data, you'll see that we took a fairly large step up in each of the last two quarters. And then in the third-quarter outlook, we see continued growth in communications, storage, and computing with incremental improvements also in our other groups.

好吧，當然。至於終端市場的第三季前景，我將保持簡短的評論。從本質上講，我們進入第三季的預訂趨勢在過去幾季有了很大改善，並且就終端市場參與而言相當廣泛。如果您專門查看企業數據，您會發現我們在過去兩個季度中每個季度都取得了相當大的進步。然後在第三季展望中，我們看到通訊、儲存和運算領域持續成長，其他部門也取得了漸進式改進。

Yes. On your second question, so as Bernie said it, we do see some other business that now relate to AI. And now it is difficult to separate AI. Other business, we design it in which we, let's say, okay, we ship these products half a year ago. A year before, we see the market start to waking up. But that's whatever it is, whatever it is.

是的。關於你的第二個問題，正如伯尼所說，我們確實看到了一些其他與人工智慧相關的業務。現在很難將人工智慧分開。其他業務，我們設計它，我們可以說，好吧，我們半年前就發貨了這些產品。一年前，我們看到市場開始甦醒。但無論它是什麼，無論它是什麼。

Okay. And we do see a lot of new designs, new requirement, which is much higher power, especially for communications and -- well, as a matter of fact, across the board. These designs are much higher power than the previous versions. And these all relate to the new design, relate to AI and AI requirements. And these design wins probably will (inaudible).

好的。我們確實看到了許多新設計、新要求，這些要求的功率要高得多，特別是對於通訊而言，事實上，是全面的。這些設計的功率比以前的版本高得多。而這些都與新設計有關，與人工智慧和人工智慧需求有關。這些設計的勝利可能會（聽不清楚）。

Dustin Fowler, Oppenheimer.

達斯汀·福勒，奧本海默。

Hey, guys. Just a couple of quick questions. So for power isolation, I believe you ramped later this year in auto followed by data center next year. And think both markets could be greenfield opportunities in the hundreds of millions each. Can you just give us a sense of the ramp in both markets, the competitive landscape, and maybe any market sizing if you can.

嘿，夥計們。只是幾個簡單的問題。因此，對於電源隔離，我相信您將在今年稍後在汽車領域進行推廣，然後在明年在資料中心領域進行推廣。並認為這兩個市場都可能是數億的綠地機會。您能否讓我們了解一下這兩個市場的發展、競爭格局以及市場規模（如果可以的話）。

I apologize. This is Bernie. I didn't hear which two markets?

我道歉。這是伯尼。沒聽說是哪兩個市場？

Sorry, that was auto and data center for power isolation.

抱歉，那是汽車和資料中心的電源隔離。

Okay. Yes, we start to ship (inaudible) and product for the higher powers and for data centers. And this is only the beginning. And what you said, that's very true. All of those are being known and will aid us and became more and more -- the cars converting to the ADAS, in which we believe being a [torso year], all the cars will have their features. And so far we provide all of the -- we have design wins in all these carmakers, especially in the EVs.

好的。是的，我們開始為更高的權力和資料中心運送（聽不清楚）和產品。而這只是開始。你說的，那是非常正確的。所有這些都已為人所知，並將為我們提供幫助，並且變得越來越多——汽車轉向 ADAS，我們相信在 [軀幹年]，所有汽車都將擁有其功能。到目前為止，我們提供了所有這些——我們在所有這些汽車製造商中獲得了設計勝利，特別是在電動車方面。

Okay. And I guess as we think about auto this year, I think the Street has auto model flat. I guess how realistic is that, given the 7% content gains you have with your largest auto customer before power installation plus the wins with Chinese OEMs? I guess maybe for Bernie, are you modeling auto flat this year? And how should we kind of think about share gains?

好的。我想當我們今年考慮汽車時，我認為街道上的汽車模型平坦了。考慮到您在動力安裝之前與最大汽車客戶的 7% 內容增益以及與中國 OEM 廠商的勝利，我想這有多現實？我想伯尼，你今年會當汽車模特兒嗎？我們該如何看待股票收益？

Well, we cannot pick -- you want to pick the models, and you want to pick them. I can't give you a model. My accuracy is a plus, minus,12 months. And going forward, we are very confident.

好吧，我們不能選擇──你想選擇模型，你也想選擇它們。我不能給你一個模型。我的準確度是正負，12 個月。展望未來，我們非常有信心。

Yes, I think the near-term outlook for automotive remains a little bit fuzzy. And for example, in Q2, we were expecting a nice uplift, which did not occur. And so Michael is correct is that the positioning within the next two, three quarters is hard to predict for auto, more broadly in EVs, specifically, but our long-term positioning is only getting better with additional design wins.

是的，我認為汽車產業的近期前景仍然有點模糊。例如，在第二季度，我們預計會出現良好的提升，但這並沒有發生。因此，邁克爾是對的，汽車行業（特別是更廣泛的電動車）在未來兩三個季度的定位很難預測，但我們的長期定位只會隨著額外的設計勝利而變得更好。

William Stein, Truist.

威廉·斯坦因，真理論者。

Great. Thanks for taking my question. Michael, I'm hoping you can linger on that comment you made about solution selling, I think might have been the term used. I think in the past we've been conditioned to hear about modules versus semis. Can you linger as to what you're -- maybe spend a minute explaining what sorts of products and what end markets and what growth you see coming from that activity?

偉大的。感謝您提出我的問題。邁克爾，我希望您能繼續思考您對解決方案銷售的評論，我認為可能是使用的術語。我認為過去我們已經習慣聽到模組與半成品。您能否繼續談談您的業務——也許花一點時間解釋一下您的產品類型、終端市場以及您認為該活動帶來的成長？

I like that question. Yes. Okay. We said that we started that journey a long time ago. At the beginning, maybe I didn't know, we didn't know what the hell we were talking about. But that's the directions. And that's including a part of e-commerce. And we sell plug-and-play solutions. So the effort is that the journey will be we are known to be a semiconductor company. And yes, we do. We do all that we provide. And when we sell a silicon, we're selling -- actually, we're selling solutions. We know all the technical details in terms of how we implement the solutions. So my effort is we want to monetize all our knowledges. MPS in the end doesn't make anything. And we are making the money from our knowledge. Why we just capitalize entire our capabilities.

我喜歡這個問題。是的。好的。我們說過我們很久以前就開始了這段旅程。一開始，也許我不知道，我們根本不知道自己到底在說什麼。但這就是方向。其中包括電子商務的一部分。我們銷售即插即用解決方案。因此，我們的努力是讓我們成為一家眾所周知的半導體公司。是的，我們確實這麼做了。我們做我們提供的一切。當我們銷售晶片時，我們實際上是在銷售解決方案。我們了解如何實施解決方案的所有技術細節。所以我的努力​​是我們希望將我們所有的知識貨幣化。MPS最終什麼也沒做。我們正在從我們的知識中賺錢。為什麼我們只是充分利用我們的全部能力。

And so the journey we started, now, we're selling the solutions. It's probably 20%, 25% of a total MPS total revenue. Every piece of silicon used to be sold somewhere between $1 to $1.50, some of them -- a lot of them even lower for the mass market, which kind of very little now, especially in the consumer business. Now we're turning to a solution company. It's still a semiconductor-based solutions. We sell those solutions.

所以我們開始了旅程，現在我們正在銷售解決方案。大概佔 MPS 總收入的 20%、25%。過去，每塊矽的售價在 1 美元到 1.5 美元之間，其中一些——許多對於大眾市場來說甚至更低，但現在已經很少了，尤其是在消費產業。現在我們正在轉向一家解決方案公司。它仍然是基於半導體的解決方案。我們出售這些解決方案。

Now, particularly, as you call it, it's a module. I don't know what the appropriate word for that. And so today it's 20% to 25% of the total revenues. MPS is a module business, excluding AI. We're running close to $200 million. And we're growing every year by more than company's percentage growth. And if you look at this way, every chip we sell, all the solution is more than a chip price, okay? And you generate [$4, $5, $6, $10] of a content that we can sell. So that's the result today. And we will commit on the journeys. And again, we're transforming our company to a silicon-based solution providers.

現在，特別是，正如您所說的，它是一個模組。我不知道用什麼詞來形容比較合適。所以今天它佔總收入的 20% 到 25%。MPS是一個模組業務，不包括AI。我們的資金接近 2 億美元。我們每年的成長速度都超過了公司的成長百分比。如果你這樣看，我們銷售的每一個晶片，所有的解決方案都不僅僅是晶片的價格，好嗎？您產生 [$4, $5, $6, $10] 的內容供我們出售。所以這就是今天的結果。我們將致力於旅程。我們再次將公司轉型為基於矽的解決方案提供者。

And Will, if I could just add two comments quickly. The first is, and this is specific to your question, but it's across all of our markets. It primarily focuses on those that have long longer design cycles where we can add expertise in designing solutions.

威爾，如果我能快速添加兩則評論就好了。第一個是，這是針對您的問題的，但它遍及我們所有的市場。它主要專注於那些設計週期較長的項目，我們可以在其中添加設計解決方案的專業知識。

And the second point is, again, while we are driving a lot -- a higher percentage of our business to the modules or to the more complete solutions, we have the ability like no other company to be able to deliver the type of solution our customer wants, whether it's a die, a chip or some package in between.

第二點是，雖然我們正在大力推動——將更高比例的業務投入到模組或更完整的解決方案中，但我們有能力像其他公司一樣提供我們的解決方案類型。是晶片、晶片還是介於兩者之間的某種封裝。

Yes. And many traditional semiconductor companies, they have to distinguish whether they are solution providers or selling modules -- selling solutions or selling semiconductor only. And that's especially the case and apply for AI powers. And there's a very few company using a silicon-based module solution to power this AI solution or data centers.

是的。而許多傳統半導體公司，他們必須區分自己是解決方案提供者還是銷售模組——銷售解決方案還是只銷售半導體。對於人工智慧能力來說尤其如此。很少有公司使用矽基模組解決方案來為人工智慧解決方案或資料中心提供動力。

If I can add a follow-up please. Can you talk about what you're doing in vertical power delivery? I know there's a lot of companies that are claiming to have it or be ramping it, and I know you guys are one of those companies that are, I think, more clearly delivering. But maybe you can talk about what your efforts are yielding in that area. Thank you.

如果我可以添加後續內容。您能談談您在垂直電力傳輸方面所做的工作嗎？我知道有很多公司聲稱擁有它或正在加強它，我知道你們是那些我認為更明確地交付的公司之一。但也許你可以談談你在該領域的努力所取得的成果。謝謝。

We are in the leading positions. Okay. And there's maybe one, I will say, one or two company -- maybe one company have the capability similar to MPS. The market is a huge and it's growing. And MPS is with a leading position because not by one day. So when the AI happened, we developed that. We developed it years ago for that. And there's not many semiconductor companies that are based on the semiconductor company that have that kind of capability.

我們處於領先地位。好的。我想說，也許有一兩家公司——也許一家公司擁有與 MPS 類似的能力。市場很大，而且還在持續成長中。MPS 處於領先地位並非一日之功。因此，當人工智慧出現時，我們就開發了它。我們幾年前為此開發了它。而具備這種能力的半導體公司並不多。

Quinn Bolton, Needham.

奎因·博爾頓，李約瑟。

Let me offer my congratulations. Maybe just first, Bernie, a quick follow-up on Matt Ramsey's question on the drivers of sequential growth in the third quarter. I think you mentioned comms and storage and computing, but I didn't hear you specifically say enterprise data. I just wanted to confirm enterprise data is still one of the big growth drivers in the third quarter and then I'll get to the two questions.

請允許我表示祝賀。伯尼，也許首先是對馬特·拉姆齊關於第三季度環比增長驅動因素的問題的快速跟進。我認為您提到了通訊、儲存和計算，但我沒有聽到您具體提到企業資料。我只是想確認企業數據仍然是第三季的主要成長動力之一，然後我將回答這兩個問題。

On the enterprise data, the way I tried to tee that up -- first off, yes, it is expected to grow, but we have grown significantly in each of the four prior quarters to this. So the rate of growth is slowing down. And the biggest for this quarter only. And I offer that because there's a lot of opportunities that have yet to begin to ramp with a number of the different companies that we're currently working on designs with. But I was calling out in particular that both storage and computing and communications will be good drivers in Q3.

在企業數據方面，我試圖實現這一目標的方式 - 首先，是的，預計會成長，但我們在之前的四個季度中每個季度都有顯著增長。所以成長速度正在放緩。而且是本季最大的一次。我之所以提供這一點，是因為與我​​們目前正在合作設計的許多不同公司相比，還有很多機會尚未開始增加。但我特別指出，儲存、運算和通訊都將成為第三季的良好驅動力。

Quinn, you know the VR13 have 13.5 and we start to have significant revenues. And that was the beginning, you know that. And VR14 which hasn't really ramped up yet. And we have a lot of design. We increased -- VR13 is a test case. And so when they go into shortages, okay, a lot of revenues -- a lot of volumes shift to MPS and other -- our competitors couldn't deliver, and we delivered. We delivered. And now the benefit of this, okay, for VR14 we will be a significant players in that market segment. And

Quinn，你知道 VR13 有 13.5，我們開始獲得可觀的收入。這就是開始，你知道的。VR14 還沒有真正崛起。我們有很多設計。我們增加了－VR13是一個測試用例。因此，當他們陷入短缺時，好吧，大量收入 - 大量銷售轉移到 MPS 和其他 - 我們的競爭對手無法提供，而我們提供了。我們交付了。現在，對於 VR14 來說，這樣做的好處是我們將成為該細分市場的重要參與者。和

And particularly in the second half of this year, it looks like that segment is starting to take off here.

尤其是在今年下半年，該細分市場似乎開始起飛。

Great. That was going to be sort of I guess my first question. Could you talk within the enterprise data about some of the opportunities, whether it's on the CPU power side or just broadening out of your AI portfolio? And then I'll have another question on vertical power, if I could squeeze in that second question.

偉大的。我想這將是我的第一個問題。您能否談談企業資料中的一些機會，無論是在 CPU 效能方面還是只是擴大您的人工智慧產品組合？然後我會問另一個關於垂直力量的問題，如果我可以擠進第二個問題的話。

Go ahead.

前進。

So the question on vertical power, different competitors may mean different things when they're talking about vertical power. And I just wanted to kind of get your guys' view on the market. When you guys talk about vertical power, is that true vertical power where the voltage regulator is sitting underneath the processor substrate and supplying current vertically into the processor? Or do you guys consider sort of stacked packages where you've got one or more voltage regulators or phases in a module with the power inductors and capacitors and other things that might be stacked vertically, but still delivering current laterally into the processor? What's your definition of vertical? Because I think there's some confusion in the market what may be vertical and what might look vertical, but actually still supply current laterally.

所以關於垂直力量的問題，不同的競爭對手在談論垂直力量時可能意味著不同的事情。我只是想了解你們對市場的看法。當你們談論垂直電源時，電壓調節器位於處理器基板下方並垂直向處理器提供電流，這是真正的垂直電源嗎？或者你們是否考慮採用一種堆疊式封裝，其中在一個模組中有一個或多個穩壓器或相位，並帶有功率電感器和電容器以及其他可能垂直堆疊的東西，但仍將電流橫向輸送到處理器中？你對垂直的定義是什麼？因為我認為市場上存在一些混亂，什麼可能是垂直的，什麼可能看起來是垂直的，但實際上仍然是橫向供電。

Yeah, you're right. There's some customers using a top surface lateral power supply, which is like a very similar to the server CPU power supplied. And other ones turning into the backside, still lateral powers. And more advanced one is directly under the CPU. To answer the question, is the NPS supplied currently, we're running all three solutions. Chip, all modules, we have everything there.

是的，你是對的。有一些客戶採用頂面橫向供電，這和伺服器CPU供電很相似。還有一些變成了背面，仍然是橫向力量。而更進階的是直接在CPU下面。為了回答這個問題，目前是否提供 NPS，我們正在運行所有三種解決方案。晶片、所有模組，我們這裡都有。

And Quinn, if I can also add to this, that the necessity for the difference to deliveries of power is as you get into increasingly higher current, and in addition to either lateral or vertical power, we also have liquid-cooled that we believe that we have a position on.

Quinn，如果我還可以補充一點的話，那就是當你進入越來越高的電流時，功率傳輸差異的必要性是，除了橫向或垂直功率之外，我們還有液體冷卻，我們相信我們對此有立場。

Yeah. Quinn, to answer your question, the most efficient and difficult to do is you're making a module directly under the CPU. And that's the highest efficiency power delivered. There's a lot of problem and a lot of technical issues associated with that type of approach. So many company take a a conservative approach. Some companies just do only like a servers and [pop] surface level power delivery. For those very high powers, well over 1,000 watt, all these powers, the power modules directly under the CPUs. And that these are the highest efficiency.

是的。Quinn，回答你的問題，最有效和最困難的做法是直接在CPU下製作一個模組。這就是所提供的最高效率的電力。這種方法存在著許多問題和技術問題。因此許多公司採取保守的態度。有些公司只喜歡伺服器和[pop]表面級電力傳輸。對於那些非常高的功率，遠超過 1,000 瓦，所有這些功率，電源模組直接位於 CPU 下方。而且這些都是效率最高的。

Chris Caso, Wolfe.

克里斯卡索，沃爾夫。

The first question is on seasonality, how that may be changing for you. In the past, the December quarter typically was a seasonally down quarter, but your business mix has changed quite a bit since those days and the revenue is now coming from segments that are not as seasonal December quarter. With that, how should we look at December seasonality going forward? Or is the old model no longer appropriate as we look forward? And if there's anything you want to comment on with respect to December?

第一個問題是關於季節性，這對您來說可能會發生什麼變化。過去，12 月季度通常是季節性下降的季度，但自那時以來，您的業務組合發生了很大變化，並且收入現在來自非季節性 12 月季度的部門。那麼，我們該如何看待12月的季節性變化呢？或者說舊的模式已經不再適合我們的期待了？您對 12 月有什麼想要評論的嗎？

We're seeking advice from you. What's our seasonality? With a new business, with all these inventory oscillation from our customers, we don't know. You have a huge shortage, then it comes up the huge oversupply. I assume our customers consume all this excessive inventory, now the market is waking up. Is this another shortage? I don't know. That is difficult to forecast. The lead time is still very short.

我們正在尋求您的建議。我們的季節性是什麼？對於一項新業務，由於我們客戶的庫存波動，我們不知道。出現巨大的短缺，然後就會出現巨大的供應過剩。我假設我們的客戶消耗了所有這些過多的庫存，現在市場正在甦醒。這是否又是一個短缺？我不知道。這很難預測。交貨時間仍然很短。

Okay. So we'll do our best. (multiple speakers)

好的。所以我們會盡力而為。（多個發言者）

All right. That's fair enough. As my follow-up question, I wanted to follow up with vertical power as well. And what we know, particularly within the enterprise segment, AI, we've got some higher wattage processors coming. Can you talk about what you expect for content on that? And what, in particular, do you expect for vertical power next year? Because I know there's some debate -- certainly doesn't seem to be a debate over whether you're ready for vertical power or the ecosystem is ready for vertical power. And does that make a difference with regard to your content as you go into the next generation of processors because the wattage is certainly going higher?

好的。這很公平。作為我的後續問題，我也想跟進垂直力量。據我們所知，特別是在企業領域，人工智慧，我們即將推出一些更高瓦數的處理器。您能談談您對這方面內容的期望嗎？您對明年的垂直力量有何特別期望？因為我知道存在一些爭論——當然似乎不是關於你是否準備好垂直力量或生態系統是否準備好垂直力量的爭論。當您使用下一代處理器時，這會對您的內容產生影響嗎？

Yes. I can tell you this. Our customers will not be appreciative talking about how many dollars per their unit or GPU unit. And so now they don't want us to talk about it. And second, I don't know. I don't want to know about it.

是的。我可以告訴你這一點。我們的客戶不會欣賞談論每個單元或 GPU 單元多少錢。所以現在他們不想讓我們談論這件事。第二，我不知道。我不想知道這件事。

Okay. I understand. And just in terms of the opportunity, maybe you could speak in more general terms about the opportunity that's available to you.

好的。我明白。就機會而言，也許您可以更籠統地談論您可以獲得的機會。

Oh, sure. Yeah. Now you look at our revenues, right? Okay. LatAm for a couple of companies from last year was (inaudible) 1% or 2%, or maybe last year's couple of percentage of our total revenue. Well, today, we're running like a, what, 20%. So that's a $400 million, $500 million. We were told this is the beginning, and that there's a lot of other companies where our opportunities and our design wins hasn't really ramped it up in a company like a Google and AWS and Meta. And those come in later. So I see the huge opportunities, and I do see some -- this is not MPS only, but the market is way too big. We don't want to turn into a AI company only.

哦，當然。是的。現在你來看看我們的收入，對吧？好的。去年，一些公司的拉丁美洲業務占我們總收入的 1% 或 2%（聽不清楚），或者可能是去年的幾個百分比。嗯，今天，我們的運行速度大約是 20%。所以這是 4 億美元、5 億美元。我們被告知這只是一個開始，還有很多其他公司，我們的機會和我們的設計勝利並沒有真正在像谷歌、AWS 和 Meta 這樣的公司中得到提升。這些是稍後出現的。所以我看到了巨大的機會，而且我確實看到了一些機會——這不僅僅是 MPS，而且市場太大了。我們不想僅僅成為一家人工智慧公司。

Yes, I think the only thing I'd probably add on top of that besides for the direct AI opportunity, I think you've heard us talk about the AI trickle-down effect. Whether that can be memory, it can be optical, it can be pull-through of networking, I think there's a lot of opportunity for MPS beyond even the direct AI business.

是的，我認為除了直接的人工智慧機會之外，我想補充的唯一一點是，我想你已經聽過我們談論人工智慧的涓滴效應。無論是內存、光纖還是網路拉通，我認為 MPS 甚至在直接的人工智慧業務之外還有很多機會。

That's good. That's a good comment.

那挺好的。這是一個很好的評論。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes. Thank you, Michael, Bernie, and congrats again on another stellar quarter. I wanted to follow up on enterprise data a bit. I'm going to move away from the processor power management and asking more about opportunities elsewhere in the data center, especially power supply. I know historically you haven't talked a whole lot about GaN silicon carbide, but I'm pretty sure you have some activities there. So can you elaborate a little bit on what you're doing on the power supply side of data centers?

是的。謝謝邁克爾、伯尼，並再次祝賀另一個出色的季度。我想跟進一下企業資料。我將不再討論處理器電源管理，而是更多地詢問資料中心其他地方的機會，尤其是電源。我知道歷史上您並沒有談論太多 GaN 碳化矽，但我很確定您在那裡開展了一些活動。那麼您能詳細說明一下您在資料中心的供電方面所做的工作嗎？

Yeah, I like that one. But I can't tell you the revenue yet, but it's small. Since 2016, we started to develop our own silicon carbide. We're not selling a [FET]. It will be a part of our solutions. I said very, very early when I intend to sell a FET as a power device only. So now we designed those 3-kilowatt, 6-kilowatt, 12-kilowatt power supply. And you guess what? It's a data center, it's evaluating, so we have a very little revenues, but the biggest is the MPS only owned.

是的，我喜歡那個。但我還不能告訴你收入，但它很小。從2016年開始，我們開始研發自己的碳化矽。我們不賣[場效電晶體]。它將成為我們解決方案的一部分。我很早就說過，當我打算只將 FET 作為功率元件出售時。所以現在我們設計了那些3千瓦、6千瓦、12千瓦的電源。你猜怎麼著？它是一個資料中心，正在評估，所以我們的收入很少，但最大的收入是 MPS 獨有的。

All our test [float], we're using a huge amount of power supply, and MPS is our own customers. All these are testing equipment that we have to design. We have to invent it, how to test these modules, particularly, and also as well as burning. And MPS supply these power module to our vendors, and our vendors implemented it into the system, and it became our test equipment. And so that's the revenues we started generating.

我們所有的測試[float]，我們使用了大量的電源，而MPS是我們自己的客戶。這些都是我們要設計的檢測設備。我們必須發明它，特別是如何測試這些模組，以及燃燒。MPS將這些電源模組提供給我們的供應商，我們的供應商將其實施到系統中，它成為我們的測試設備。這就是我們開始產生的收入。

But for 4Gs and for data centers, these are still -- well, we engaged in a year ago or so, couple years ago. And so the revenue is small, but we're looking for the big revenues from that segment because MPS provides the highest efficiency and the smaller size.

但對於 4G 和資料中心來說，這些仍然是——嗯，我們大約一年前、幾年前就參與了。因此，收入很小，但我們希望從該細分市場獲得大量收入，因為 MPS 提供最高的效率和較小的尺寸。

Yeah, that's great perspective. As my follow up, I recall -- because we've gone through a few cycles together, I recall usually you use downturns to gain a lot of share. I know everyone's excited about AI data centers today, but what are some of the areas where you're starting to see more meaningful share gains from a design perspective now that we're navigating here at the bottom of the cycle?

是的，這是一個很棒的觀點。作為我的後續行動，我記得——因為我們一起經歷了幾個週期，我記得通常你會利用經濟低迷來獲得很多份額。我知道今天每個人都對人工智慧資料中心感到興奮，但是現在我們正處於週期的底部，從設計角度來看，您開始在哪些領域看到更有意義的份額收益？

Sure. So I think that we've been very clear about the positioning that we have in automotive and how that's continuing to grow across a multitude of different platforms with a multitude of different Tier 1 suppliers and OEMs. I think the most recent area for improvement, where some of these greenfield opportunities are becoming more visible in the market, would be in particular with communications. We're seeing that in the wireless and 5G. And I think that we've seen some early indications of continuing investment in that segment.

當然。因此，我認為我們非常清楚我們在汽車領域的定位，以及如何在眾多不同的平台上與許多不同的一級供應商和原始設備製造商繼續發展。我認為最近需要改進的領域，尤其是通訊領域，其中一些綠地機會在市場上變得越來越明顯。我們在無線和 5G 領域看到了這一點。我認為我們已經看到了對該領域持續投資的一些早期跡象。

So I'd say that's probably the area that will be most visible. But obviously, I don't want to forget industrial, which even though right now is a relatively modest part of our business, and it's not shown a lot of momentum towards growth, probably is the next area where we have a lot of greenfield opportunities that will materialize in the next four quarters.

所以我想說這可能是最明顯的區域。但顯然，我不想忘記工業，儘管現在它是我們業務中相對較小的一部分，並且沒有顯示出很大的增長動力，但可能是我們擁有大量綠地機會的下一個領域這將在接下來的四個季度內實現。

I was just going to ask, the RV market, is that going to be under oil or industrial?

我只是想問，房車市場是石油市場還是工業市場？

RV?

房車？

The RV market, the camping car market. I know you've talked about that.

房車市場、露營車市場。我知道你已經談過這個了。

Oh, yeah. No, no. Yes, okay. That's one of my favorite ones. I think it will be in the industrial market. Because all these products share the same signatures as we do for data centers, for our own test fraud, and for test equipment, okay, will be shared, very much share, the same characteristics, and also for robotics. Especially for those moving, not stationary robot, and these robots move around, and that they all need that type of a power supply and the charging and the battery management. And these share very much the same characteristics as RVs.

哦，是的。不，不。是的，好的。這是我最喜歡的之一。我認為這將是在工業市場。因為所有這些產品都與我們為資料中心、我們自己的測試詐欺和測試設備共享相同的簽名，好吧，將共享，非常共享，相同的特徵，以及機器人技術。特別是對於那些移動的而不是固定的機器人，這些機器人到處移動，它們都需要這種類型的電源、充電和電池管理。這些與房車具有非常相似的特徵。

And those could be industrial or consumer or even the humanoid stuff too. So I don't think I want to just put those.

這些可能是工業或消費性的，甚至也可能是人形的。所以我認為我不想只放這些。

I think it's a way of -- we're probably in the industrial side.

我認為這是一種方式——我們可能處於工業方面。

Quinn Bolton, Needham.

奎因·博爾頓，李約瑟。

Hey, guys, just wanted a quick follow-up question. There have been a few semiconductor companies this earnings season that have sort of mentioned having licenses to Huawei being revoked in the quarter, and it's raised some questions from investors. I'm just wondering if you guys could address. Do you have a license to ship to Huawei? If you did, has it been revoked? Is there any real exposure at MPS to that customer? It's obviously not impacting your near-term outlook, but I figured I'd just ask because we've gotten a number of questions on potential Huawei exposure across the semi-coverage. Thank you.

嘿，夥計們，我只是想問一個快速的後續問題。本財報季有幾家半導體公司提到華為的許可證在本季被吊銷，這引起了投資者的一些疑問。我只是想知道你們是否可以解決。你們有向華為出貨的許可證嗎？如果你這樣做了，它被撤銷了嗎？該客戶在 MPS 中是否有任何實際接觸？這顯然不會影響你的近期前景，但我想我只是問一下，因為我們在半覆蓋範圍內收到了許多有關華為潛在風險的問題。謝謝。

Quinn. I can make this pretty simple. We don't have any licensing or contractual arrangements with Huawei at all. So it can't be canceled. Any business we have with them has always just done on a PO basis. And we have no indication of a change in their relationship.

奎因。我可以讓這變得非常簡單。我們與華為沒有任何許可或合約安排。所以不能取消。我們與他們的任何業務始終都是以採購訂單為基礎進行的。我們沒有跡象表明他們的關係發生了變化。

Yeah. So Bernie, I guess there was more of that export license question. Do you need an export license to ship to them? Because I think that's what's sort of caught.

是的。伯尼，我想還有更多出口許可證問題。您需要出口許可證才能運送給他們嗎？因為我認為這就是被抓住的東西。

Our product, it's not like below 24 nanometer or whatever. And as far as I know, we're not subject to the export limit, have any limitations. But we'll talk to our -- to answer your question precisely, I will consult our legal counsels.

我們的產品，不像24奈米以下什麼的。據我所知，我們不受出口限制，有任何限制。但我們會與我們的——為了準確回答你的問題，我會諮詢我們的法律顧問。

If there are any follow-up questions, please click the raise hand button. As there are no further questions, I would now like to turn the webinar back over to Bernie.

如果有任何後續問題，請點擊舉手按鈕。由於沒有其他問題，我現在想將網路研討會轉回伯尼。

Great. I'd like to thank you all for joining us for this conference call and look forward to talking to you again during our third-quarter conference call, which will likely be in late October. Thank you and have a nice day.

偉大的。我要感謝大家參加本次電話會議，並期待在我們的第三季電話會議（可能會在 10 月下旬）期間再次與大家交談。謝謝您，祝您有愉快的一天。