芯源系統 (MPWR) 2024 Q3 法說會逐字稿

Welcome, everyone, to the MPS third 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 年第三季收益網路研討會。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 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.

今天早些時候，在我們發布財報的同時，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。

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 risks and uncertainty.

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 Q3 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. Now I'd like to turn the call over to Bernie Blegen.

第三季財報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。的網站。我們的聲明截至今天，我們不承擔更新此資訊的義務。現在我想把電話轉給伯尼·布萊根。

Thanks, Gen. Good afternoon, and welcome to our Q3 '24 earnings call. MPS achieved record quarterly revenue of $620.1 million, 22% higher than revenue in the second quarter of 2024 and 30% higher than revenue in the third quarter of 2023. Our performance during the quarter reflected the strength of our diversified market strategy as we experienced improved ordering trends across most end markets and additionally benefited from initial revenue ramps associated with design wins secured in prior years.

謝謝，將軍。下午好，歡迎參加我們的 24 年第三季財報電話會議。MPS 實現了創紀錄的季度收入 6.201 億美元，比 2024 年第二季度的收入高出 22%，比 2023 年第三季的收入高出 30%。我們本季的業績反映了我們多元化市場策略的優勢，因為我們在大多數終端市場經歷了訂購趨勢的改善，並且還受益於與前幾年獲得的設計勝利相關的初始收入成長。

Let me call out a few highlights. Q3 2024 Automotive revenue was up 28% sequentially with improvements in infotainment, lighting, ADAS and body controls. Communication revenue was up 65% from the prior quarter, reflecting new product ramps for Wi-Fi, optical, networking and router solutions.

讓我指出一些亮點。2024 年第三季度，隨著資訊娛樂、照明、ADAS 和車身控制的改進，汽車收入較上季成長 28%。通訊收入較上一季成長 65%，反映出 Wi-Fi、光纖、網路和路由器解決方案新產品的增加。

Storage and Compute revenue was up 25% sequentially on the strength of demand for DDR5 and SSD memory and notebooks. MPS continues to focus on innovation, solving our customers' most challenging problems and maintaining the highest level of quality.

由於 DDR5 和 SSD 記憶體以及筆記型電腦的需求強勁，儲存和運算收入環比增長 25%。MPS 繼續專注於創新，解決客戶最具挑戰​​性的問題並保持最高水準的品質。

In addition, we continue to expand and diversify our global supply chain, which will allow us to capture future growth, maintain supply chain stability and swiftly adapt to market changes as they occur. Our proven long-term growth strategy remains intact as we continue our transformation from being a chip-only semiconductor supplier to a full-service silicon-based solutions provider. I'll now open the webinar up for questions.

此外，我們繼續擴大全球供應鏈並使其多元化，這將使我們能夠抓住未來的成長，保持供應鏈的穩定並迅速適應市場發生的變化。隨著我們繼續從純晶片半導體供應商轉型為全方位服務的基於矽的解決方案提供商，我們行之有效的長期成長策略仍然保持不變。我現在將開始網路研討會以供提問。

Thank you, Bernie. (Event Instructions)

謝謝你，伯尼。（活動須知）

Rick Schafer, Oppenheimer.

里克·謝弗，奧本海默。

Congrats, you guys. I guess I've got a two-part question, if I could. The first is on Enterprise Data. It looks like it was down about 15% sequentially. I don't know if you could give some color on that. Is that onetime in nature? Does that reflect a more sustained shift in that segment as we look into 4Q and then into '25?

恭喜你們。如果可以的話，我想我有一個由兩個部分組成的問題。第一個是企業數據。看起來它比上一季下降了約 15%。我不知道你是否可以對此提供一些顏色。自然界中是一次性的嗎？當我們研究第四季和 25 年時，這是否反映出該細分市場發生了更持續的轉變？

And then my second part of my question, I mean, it looked like auto -- and you listed a few of them, Bernie. Automotive, Industrial, Comms, Consumer, all look like they were up pretty materially sequentially. So is that -- how would you characterize those segments, which have sort of been lagging the last few quarters? Do you feel like those have made the turn?

然後我問題的第二部分，我的意思是，它看起來像汽車——伯尼，你列出了其中的一些。汽車、工業、通訊、消費品等產業似乎都連續大幅上漲。那麼，您如何描述這些在過去幾季中表現落後的細分市場？你覺得那些已經發生轉變了嗎？

Sure, Rick. This is Bernie. Let me start with the Enterprise Data. Sequentially, we were down about 1.5% from Q2. And that -- a couple of things that we've talked about. One is that we don't control our customers' ordering patterns. So as it relates to the current quarter, we did see a different ordering trend than we'd observed in each of the past six quarters.

當然，瑞克。這是伯尼。讓我從企業數據開始。隨後，我們比第二季下降了約 1.5%。還有一些我們已經討論過的事情。一是我們無法控制客戶的訂購模式。因此，就當前季度而言，我們確實看到了與過去六個季度中每個季度觀察到的不同的訂購趨勢。

And then as far as looking ahead, we've been very open about the fact that as far as supply chain security for our customers that, that's going to require a second or third competitor to be introduced on the share. And so there's a lot of issues here that we've been talking about and that we're managing.

就未來而言，我們對這樣一個事實持非常開放的態度：就我們客戶的供應鏈安全而言，這將需要在份額上引入第二個或第三個競爭對手。因此，我們一直在討論並正在處理很多問題。

But one very important point is that MPS' strength is in the diversity, and we don't try to call out a particular end market's results. We try to deliver the company in total. And that's sort of a short-term view, but Michael may have a couple of comments on the longer-term view.

但非常重要的一點是，MPS 的優勢在於多樣性，我們不會試圖指出特定終端市場的結果。我們努力為公司帶來整體效益。這是一種短期觀點，但邁克爾可能對長期觀點有一些評論。

Yes. I mean you probably -- everybody knows that if you look at the transcript from the last year, we talked about the market is big and that the market is growing or the AI requirements is growing. And so the customers initially will take the -- always take the best solutions to fulfill their needs and the best solution and also the speed of the development service, as Bernie said earlier. And that's why we occupied a pretty large shares, okay?

是的。我的意思是，每個人都知道，如果你看去年的記錄，我們談到了市場很大，而且市場正在成長或人工智慧需求正在成長。因此，正如伯尼早些時候所說，客戶最初會採取——總是採取最好的解決方案來滿足他們的需求，最好的解決方案以及開發服務的速度。這就是為什麼我們佔據了相當大的份額，好嗎？

And last year, we said, okay, this market is too big and MPS will be always have the best solutions in these applications. And we also talk about the market is bigger. There will be a second or third or fourth supplier to join this segment. And this -- and when will that happen, and we don't know, okay? It happened in the last couple of quarters. And again, in next years, what we see -- again, the market is growing very fast.

去年，我們說，好吧，這個市場太大了，MPS 將始終在這些應用中提供最好的解決方案。而且我們也談到市場更大。將有第二個、第三個或第四個供應商加入這個細分市場。而這──這什麼時候會發生，我們不知道，好嗎？這發生在過去幾個季度。在接下來的幾年裡，我們再次看到，市場成長非常快。

We have other ones like SoC side of the market segments that hasn't really ramped up yet or started ramping. And the other ones like other hyperscales company, cloud computing companies and their own SoCs and their own TPUs, they call it the tensor processors. And those one is still small, and we're ramping in the next few quarters, okay?

我們還有其他細分市場，例如 SoC 方面，尚未真正成長或開始成長。其他超大規模公司、雲端運算公司以及他們自己的 SoC 和 TPU 等公司，他們稱之為張量處理器。這些仍然很小，我們將在接下來的幾個季度內加大力度，好嗎？

And as Bernie said, MPS, in the past, we always emphasize diversity. And we will not be known to be an AI power supply company.

正如伯尼所說，MPS，過去我們總是強調多元性。而且我們不會被認為是一家人工智慧電源公司。

And then Rick, I think you had a question as far as Automotive and whether or not the step-up that we observed from Q2 to Q3 was more of a broader trend line or if it was a onetime event. And this, we believe, is a step-up where a lot of design wins have been waiting in the pipeline for the right opportunity. And so we do believe that specific to us, not a discussion about the broader market, but specific to us that the number of product ramps are expected to come into the next -- come into the stream in the next 2 or 3 quarters.

然後，里克，我認為您對汽車行業有一個疑問，以及我們觀察到的從第二季度到第三季度的上升是否更多是更廣泛的趨勢線，還是一次性事件。我們相信，這是一個進步，許多設計勝利一直在等待合適的機會。因此，我們確實相信，對我們來說，不是對更廣泛市場的討論，而是對我們來說，產品數量預計將在接下來的 2 或 3 個季度內增加。

Well, again, okay, as we said many years ago, there's a lot of new design wins. And when the ramp will take off, we don't know. Will it be plus/minus a year or so? Do we care? We don't, okay? And now all these greenfield products start to rejuvenate, and that's what you see in the revenue to date.

好吧，好吧，正如我們多年前所說，有很多新的設計獲勝。坡道何時起飛，我們不知道。會增加/減少一年左右嗎？我們關心嗎？我們不這樣做，好嗎？現在，所有這些新建產品都開始煥發活力，這就是您在迄今為止的收入中看到的。

And then maybe one more comment just for Rick is that traditionally, we've been talking about strength in ADAS. But what you heard Bernie talk about was we saw that strength in Automotive across kind of all the segments, including infotainment, body controls, really a sign of those sockets that we had won previously now start generating revenue. So it's more broad-based within Automotive than maybe we talked about previously.

也許 Rick 的另一條評論是，傳統上，我們一直在談論 ADAS 的優勢。但你聽到伯尼談論的是，我們看到了汽車領域所有細分市場的實力，包括資訊娛樂、車身控制，這確實是我們之前贏得的那些插座現在開始產生收入的標誌。因此，它在汽車領域的基礎比我們之前討論的更為廣泛。

And maybe right on that point on auto specifically, I realize that this is a broad-based pickup and it's basically design win-driven as all things are with you, guys. But I'm curious, specific -- I mean, NVIDIA did -- I believe, did really well the last year or 2 with DRIVE Orin, and I know you guys do power there. So I didn't know if you could talk specifically about China auto and what content trends look like for you guys there? And maybe give a sense of how big China auto is now as sort of a portion of your overall auto segment?

也許就在汽車方面，我意識到這是一款基礎廣泛的皮卡，它基本上是設計勝利驅動的，因為一切都與你們同在，夥計們。但我很好奇，具體來說 - 我的意思是，NVIDIA 確實 - 我相信，在過去一兩年裡，DRIVE Orin 做得非常好，我知道你們在那裡發揮了作用。所以我不知道您是否可以具體談談中國汽車以及您那裡的內容趨勢是什麼樣的？也許可以了解中國汽車現在在整個汽車市場中所佔的份額有多大？

Well, China's -- again, EV business is booming. And now they taper off a little bit and looks like we're booming again, okay? And we're going in the right direction again, okay? And there's a lot of requirements. And the infotainments and the new type of infotainments and also the ADAS is widely adopted in China. And so that's where we see a bigger portion of it is ramping from China. And also, we see -- and other than the ADAS, we see a lot of other products and will grow in Germany and the US.

嗯，中國的電動車業務再次蓬勃發展。現在它們逐漸減弱，看起來我們又開始繁榮了，好嗎？我們再次朝著正確的方向前進，好嗎？而且有很多要求。資訊娛樂和新型資訊娛樂以及ADAS在中國廣泛採用。因此，我們看到其中很大一部分來自中國。此外，我們還看到，除了 ADAS 之外，我們還看到許多其他產品，並將在德國和美國成長。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Congratulations on the record revenue. I wanted to follow up on Enterprise Data. Obviously, you had two very strong quarters, first half of the year. It took a breather this quarter. But how should we think about that business into the December quarter? And Michael, I know you talked about many new product ramps in 2025. But just sort of specifically for Q4, how should we expect that business to perform?

恭喜收入創紀錄。我想跟進企業數據。顯然，今年上半年有兩個非常強勁的季度。本季稍有喘息。但我們該如何看待 12 月季度的業務呢？邁克爾，我知道您談到了 2025 年許多新產品的推出。但就第四季而言，我們應該預期該業務表現如何？

As far as I know, Q4, we don't lose any shares. And probably, it's going in -- it was the same as the forecast. We don't -- again, we don't -- we can't really tell. And this forecast was given us to us in a few quarters ago, and we just fulfill that demand. So we'll have -- that's what we built for [MNO] in the last couple of quarters.

據我所知，第四季度，我們沒有損失任何股票。很可能，它正在發生——與預測的一樣。我們不——再說一遍，我們不——我們真的不能說。這個預測是在幾個季度前給我們的，我們只是滿足了這個需求。所以我們將會——這就是我們在過去幾個季度為 [MNO] 構建的。

Yes. And I think as we look to the outlook and the guidance that we provided really, Enterprise Data was somewhere in the plus low single digits. So again, our customers' ordering patterns are really what drives the performance there.

是的。我認為，當我們展望前景和我們提供的指導時，企業數據處於低個位數的水平。再說一遍，我們客戶的訂購模式確實是推動績效的因素。

No, that's very fair. And the one big surprise to me this quarter was Communications. I think it was your strongest growth segment this quarter. You highlighted Wi-Fi, optical networking. Could you maybe just give us a little bit more color what's going on there? I mean, it does sound like you have some new segments there that you are penetrating, especially on the optical side.

不，這很公平。本季帶給我最大的驚喜是通訊。我認為這是本季最強勁的成長部分。您強調了 Wi-Fi、光纖網路。您能否給我們更多一點關於那裡發生的事情的資訊？我的意思是，聽起來確實有一些新的領域正在滲透，特別是在光學方面。

Well, the optical is a data converter -- data communications within the data centers, so within your reps, okay? And that's a portion of it. But that's not all of them. Other one is the new Wi-Fi format and it start to ramping up, okay? That's MPS have a lot of reference designs. And again, that's what we see is across the continent, all these projects turn into revenue now.

好吧，光纖是一個數據轉換器——數據中心內的數據通信，所以在你的代表內，好嗎？這就是其中的一部分。但這還不是全部。另一種是新的 Wi-Fi 格式，它開始加速，好嗎？MPS 有很多參考設計。再說一次，這就是我們在整個非洲大陸看到的情況，所有這些項目現在都轉化為收入。

So I think the outlook for, again, MPS specifically remains very solid. Generally, after you have a big initial stocking in the quarter with a new revenue ramp, it tends to tail off for a quarter. But we see sustainable growth in Communications through the first half of '25.

因此，我認為 MPS 的前景仍然非常穩定。一般來說，當你在本季進行大量初始庫存並實現新的收入成長後，它往往會在一個季度內減少。但我們看到 25 年上半年通訊產業將持續成長。

Joshua Buchalter, Cowen.

約書亞·布查爾特，考恩。

I think in response to Rick's question, you mentioned two factors that sort of drove the flattening out of Enterprise Data being order patterns and second sourcing. I guess could you maybe rank order which one of those had the bigger impact near term?

我認為在回答里克的問題時，您提到了兩個導致企業資料扁平化的因素，即訂單模式和二次採購。我想您能否對其中哪一個近期影響更大進行排序？

And in particular, as we think about your customers diversifying their suppliers, are you seeing this more on AI accelerator platforms that are already in the market? Or is this tied to the newer platforms that are currently ramping?

特別是，當我們考慮您的客戶使其供應商多元化時，您是否在市場上已有的人工智慧加速器平台上看到了更多這種情況？或者這與目前正在推出的新平台有關？

So I think Michael offered that in Q4, we're not expecting Q3 and Q4 to see share position change. So that was really just trying to acknowledge that, that is a function of being the market leader in AI. And then over time, as we see a layering of all these new AI opportunities, Michael referred to the TPUs, which will probably begin to ship late...

因此，我認為麥可在第四季提出，我們預計第三季和第四季的股票部位不會改變。所以這其實只是想承認，這是成為人工智慧市場領導者的功能。然後隨著時間的推移，當我們看到所有這些新的人工智慧機會的分層時，邁克爾提到了 TPU，它可能會開始稍後發貨...

And also, the TPU -- well, remember, the TPU maybe is Google's name, a trademark name. So to me, it's a tensor processor.

還有，TPU——好吧，記住，TPU 可能是谷歌的名字，一個商標名稱。所以對我來說，它是一個張量處理器。

Tensor processor.

張量處理器。

Yes, it's all -- that's what we mean. And it's all really you -- some of you refer this as SoCs, and we have many design. We engaged with many of our customers in many years ago. And those products is actually, we see start to ramp in the last quarter.

是的，就是這樣——這就是我們的意思。這一切都是你們自己的——你們中的一些人稱之為 SoC，我們有很多設計。許多年前，我們與許多客戶進行了接觸。事實上，我們看到這些產品在上個季度開始成長。

And I realize you've got content in multiple different sockets on many of these accelerator cards. And so my question is going to try to oversimplify it. But how should we think about -- as we think about some of these new AI accelerator platforms, your content opportunity maybe in relationship to power draw of the actual processors? Or any other helpful rules of thumbs you can give us as we try to fine-tune our models into next year?

我意識到許多加速卡上的多個不同插槽中都有內容。所以我的問題將試圖過於簡化。但是，當我們考慮一些新的人工智慧加速器平台時，我們應該如何考慮您的內容機會可能與實際處理器的功耗有關？或者當我們嘗試在明年微調我們的模型時，您可以給我們任何其他有用的經驗法則？

Well, so if you believe as we believe, our products, our solution is the best and the most power efficient. And the market is bigger, and that portion of our revenue will grow. The rest of the stuff, I don't get -- we don't care. Just let it happen. Let the numbers speak itself.

好吧，如果您像我們一樣相信我們的產品、我們的解決方案是最好的、最省電的。市場更大了，我們那部分的收入也會成長。其餘的事情，我不明白──我們不在乎。就讓它發生吧。讓數字說話。

Chris Caso, Wolfe.

克里斯卡索，沃爾夫。

I guess the first question, as we look at your guidance for the December quarter, not a lot changing on a sequential basis. I think you mentioned that the Enterprise Data will be up low single digits sequentially in December. Anything else that you would call out as kind of growing or shrinking different from the average in December?

我想第一個問題是，當我們查看您對 12 月季度的指導時，環比變化不大。我想您提到 12 月份企業資料將連續出現低個位數成長。您認為與 12 月份平均值相比還有哪些成長或收縮的情況嗎？

And then following that, given that Enterprise Data has grown as a percentage of revenue, does that affect seasonality as you look into the March quarter? Is there anything we should be thinking about with respect to the different customer mix as we go into March?

接下來，鑑於企業數據佔收入的百分比有所增長，當您觀察三月季度時，這是否會影響季節性？進入三月時，我們應該考慮不同的客戶組合嗎？

Sure. If you're looking at Q4 by end market, it's interesting, you have some seasonality. But currently, we don't believe that any of the end markets are going to change by more than plus or minus mid-single digits. So it's a very, very narrow range that we're talking about there. And when we look out into the momentum carried into '25, obviously, we don't guide beyond Q4. But it has been seasonally down quarter for a lot of companies, but I don't have a view on what that's going to look like currently.

當然。如果你按終端市場來觀察第四季度，很有趣，你有一些季節性。但目前，我們認為任何終端市場的變化都不會超過正負中個位數。因此，我們正在討論的範圍非常非常狹窄。當我們展望 25 年的勢頭時，顯然，我們不會指導第四季之後的情況。但對許多公司來說，季度業績都出現了季節性下降，但我對目前的情況沒有看法。

We don't -- essentially, we don't really care. So as long as we have a design, we design and we're in the project with our customers. And when those ramps start to happen, our customers, they don't have a clear views and let those products -- let it take its own cost. Let the numbers speak itself.

我們不——本質上，我們並不真正關心。因此，只要我們有設計，我們就會設計並與客戶一起參與專案。當這些成長開始發生時，我們的客戶，他們沒有明確的觀點，並讓這些產品 - 讓它承擔自己的成本。讓數字說話。

Okay. As a follow-up, as you look into next year, the other part of your Enterprise Data business on traditional server, that's an area that you guys have been favorable on for a while. But I guess you've been waiting for the market to improve. We heard some -- a little better news from at least one of the CPU vendors this week. Can you give some view of kind of the share content, what you're seeing in that part of the Enterprise Data business as you go into 2025?

好的。作為後續行動，當您展望明年時，傳統伺服器上的企業資料業務的其他部分，這是您一段時間以來一直青睞的領域。但我猜你一直在等待市場好轉。本週我們至少從一家 CPU 供應商聽到了一些好消息。您能否對共享內容的類型給予一些看法，以及您在進入 2025 年時在企業數據業務的這一部分中看到的情況？

Yes, it's a good question. And yes, we do see it, and the volumes started picking up. And as we said many quarter or many years ago, in this version, this [Rapid Sapphire] or something, okay, and the VR14s, we will pick up shares. In the 13.5, by serendipity of shortages, we prove with significant suppliers in that. In the VR14s, we will be a significant -- we're one of the big supplier in this [Rapid Sapphire's] growth.

是的，這是一個好問題。是的，我們確實看到了這一點，而且銷量開始增加。正如我們在許多季度或許多年前所說的，在這個版本中，這個 [Rapid Sapphire] 或其他東西，好吧，還有 VR14s，我們將選擇股票。在 13.5 中，透過偶然的短缺，我們向重要供應商證明了這一點。在 VR14 中，我們將成為重要的——我們是 [Rapid Sapphire] 成長的主要供應商之一。

And maybe just beyond just the Enterprise Data segment itself, as you see those ramp, right, they'll pull through other solutions like DDR5 memory and continue to be a tailwind in some of the other segments as well.

也許不僅僅是企業數據細分市場本身，正如您所看到的那樣，它們將推動 DDR5 記憶體等其他解決方案的發展，並繼續成為其他一些細分市場的推動力。

William Stein, Truist.

威廉·斯坦因，真理論者。

Michael, I know you often are involved in some interesting sort of sometimes idiosyncratic growth drivers for the company. I know for some time, you were famously tinkering in the Automotive end market and sort of searching for more effective solutions than what was available in the market.

邁克爾，我知道你經常參與公司的一些有趣的、有時是特殊的成長動力。我知道有一段時間，您在汽車終端市場上進行了修補，並尋找比市場上現有解決方案更有效的解決方案。

And I understand your focus has been perhaps more in the home automation market more recently. And I wonder if you can talk to us about some things that might be on the come in the next couple of years from the company in that end market.

就我所知，您最近的注意力可能更集中在家庭自動化市場上。我想知道您是否可以與我們談談未來幾年該公司在該終端市場可能出現的一些事情。

Yes. Okay. As you know, in MPS, so that can have a few thousands of products. So we are in lighting, we are in the thermostat, and we are in shades controls, and we are in all these fan models and security, the window actuators, and other window and door open actuators.

是的。好的。如你所知，在MPS中，這樣可以有數千種產品。因此，我們涉及照明，我們涉及恆溫器，我們涉及窗簾控制，我們涉及所有這些風扇模型和安全、窗戶執行器以及其他門窗打開執行器。

And we're also making MCU now, and those MCU can be a brain of everything while we're just putting in one box. And we're putting in one box with the softwares, and we sell as a kit. Everything is including it. The key is the ease of use. I think this will change the market segment for building automations.

我們現在也正在製造 MCU，這些 MCU 可以成為所有事物的大腦，而我們只需將其放入一個盒子中。我們將這些軟體裝在一個盒子裡，並作為套件出售。一切都包括它。關鍵是易用性。我認為這將改變樓宇自動化的細分市場。

That's helpful. Maybe as a follow-up, you mentioned your MCUs now. There's another category that you entered relatively recently. You're not really known for it as much, but data converters. I think you hired a team in that area, and you had some very good results for initial product, maybe in the medical end market. Can you talk about traction in that product category, please?

這很有幫助。也許作為後續行動，您現在提到了您的 MCU。您最近才進入另一個類別。您並不是真正以數據轉換器而聞名。我認為您在該領域聘請了一個團隊，並且您的初始產品（也許在醫療終端市場）取得了一些非常好的成果。您能談談該產品類別的吸引力嗎？

We are growing in that segment. The revenue is still small. As you know, these design cycles are very long, okay? And also, the product life cycle is 10-, 20 years, and they all last forever. And those segment will win some in industrial side as well as the medical side, okay?

我們正在該領域不斷成長。收入還是很小的。如您所知，這些設計週期非常長，好嗎？而且產品的生命週期有10年、20年，而且都是永久的。這些細分市場將在工業方面和醫療方面贏得一些，好嗎？

And we'll have -- as we have more product rolling out, as a matter of fact, in the next couple of quarters, some family of standard product, we will gain more market shares in this segment.

事實上，隨著我們推出更多產品，在接下來的幾個季度中，我們將推出一些標準產品系列，我們將在這一領域獲得更多的市場份額。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

I want to go back to the non-Enterprise Data side. I think by my math, it was up about 35%, 36% sequentially. I know you guys have a ton of design wins, and you're kind of just waiting on them for them to ramp. But the magnitude of that ramp, the diversity of it and just the commentary that bookings are improving seems to be at odds with the very muted recovery that so many other peers are seeing.

我想回到非企業數據方面。我認為根據我的計算，它比上一季增長了約 35%、36%。我知道你們已經獲得了大量的設計勝利，而你們只是在等待它們的發展。但這種增長的幅度、多樣性以及預訂量正在改善的評論似乎與許多其他同行所看到的非常緩慢的復甦相矛盾。

So could you just explain, do you think cyclical conditions are getting better? Or is this a very Monolithic Power-specific dynamic? Any sort of color on that?

那麼您能否解釋一下，您認為週期性狀況是否正在改善？或者這是一個非常 Monolithic Power 特有的動態？上面有什麼顏色嗎？

I think, Ross, we're experiencing a little bit of both. Is somebody...

我想，羅斯，我們正在經歷這兩方面的問題。難道有人...

Ross, can you mute, yes? Okay, you can mute it.

羅斯，你可以靜音嗎？好的，你可以靜音。

So Ross, you're asking the difference between growth specific to us and what we're seeing in the market. And in the current quarter -- or let me go back. The previous quarter, we actually saw improvements in our ordering patterns. But they're not a consistent trend.

羅斯，您問的是我們特定的成長與我們在市場上看到的成長之間的差異。在當前季度——或者讓我回顧一下。上個季度，我們實際上看到了訂購模式的改進。但它們並不是一個一致的趨勢。

But what we saw in the current quarter was a lot of new revenue opportunities that we received from design wins secured in previous years that are coming to market now, particularly in Communications, particularly in Automotive. And then also, we saw an improvement in the overall profile of the memory market.

但我們在本季看到的是許多新的收入機會，這些機會是我們從前幾年獲得的設計勝利中獲得的，這些機會現在正在進入市場，特別是在通訊領域，特別是在汽車領域。此外，我們也看到記憶體市場的整體狀況有所改善。

Well, as a matter of fact, we see it all across the board.

嗯，事實上，我們全面地看到了這一點。

Yes.

是的。

Other than AI power. All across the board.

除了AI力量。全面。

And how are you -- I guess, as my follow-up, whether it's in the AI side or otherwise, a lot of supply has been added to the market over the last couple of years to address shortages, et cetera.

你怎麼樣——我想，作為我的後續行動，無論是在人工智慧方面還是其他方面，過去幾年市場上已經增加了大量供應，以解決短缺等問題。

And so a fear people have is that pricing pressure is going to ensue, whether it's more competition in AI power that you mentioned earlier or just a more aggregate holistic increase in pricing pressure. Are you guys seeing any evidence of that?

因此，人們擔心定價壓力將會隨之而來，無論是您之前提到的人工智慧能力的更多競爭，還是定價壓力的整體整體增加。你們看到任何證據了嗎？

Well, our competitors, also some of the Chinese suppliers, they always want to lower the price and to get in the market -- to get in the socket. That's not the game where we played. And so a lot of our customers, they don't change those socket. Don't even -- they don't change. Our products can swap out quickly. And those kind of things is a -- and also, we emphasize diversity, so not in one segment and a lot of shipments and a lot of volumes go into one particular applications. For examples, like AI. And we will provide the values.

嗯，我們的競爭對手，還有一些中國供應商，他們總是想降低價格並進入市場——進入插座。那不是我們玩的遊戲。因此，我們的許多客戶都不會更換這些插座。甚至不——它們沒有改變。我們的產品可以快速更換。這類事情是——而且，我們強調多樣性，所以不是在一個細分市場，大量的出貨量和大量的數量進入一個特定的應用程式。例如，像人工智慧。我們將提供價值觀。

Our value is the highest performance. And all the other products, we let our customers choose. So the history telling us, the history showed. And as long as we operate in the same principles, and the revenue will keep growing and growing the same way. And we see the next couple of years, especially next years, we see all these product will grow. And now we just see the first sign of it, and all these design win turn into revenue now.

我們的價值是最高的績效。和所有其他產品一樣，我們讓客戶選擇。所以歷史告訴我們，歷史顯示了。只要我們按照同樣的原則運作，收入就會不斷成長，並且以同樣的方式成長。我們看到未來幾年，特別是未來幾年，我們看到所有這些產品都會成長。現在我們才看到它的第一個跡象，所有這些設計勝利現在都轉化為收入。

Quinn Bolton, Needham.

奎因·博爾頓，李約瑟。

I guess first, to start off, I think it was for the first time ever, in your June 10-Q, you guys disclosed a 10% plus customer. And I'm wondering, I know you haven't filed the Q yet, but if that's going to be an ongoing disclosure, would you be able to provide us if you had any 10% customers in the June -- sorry, September quarter? And if so, what percent of revenue was that customer?

我想首先，我認為這是有史以​​來第一次，在 6 月 10 日的季度中，你們披露了 10% 以上的客戶。我想知道，我知道您還沒有提交問題，但如果這將是一個持續的披露，您能否向我們提供您在 6 月份是否有 10% 的客戶 - 抱歉，九月份季度？如果是這樣，該客戶佔收入的百分比是多少？

So Quinn, the -- what you're referencing is basically revenue exposure by direct customer and indirect. And when the customer hits a certain threshold, according to the SEC guidelines, we need to put a reference to that.

奎因，你所指的基本上是直接客戶和間接客戶的收入敞口。當客戶達到某個閾值時，根據 SEC 的指導方針，我們需要對此進行參考。

But we're never putting a name out there.

但我們永遠不會把名字放在那裡。

No, no. We do not.

不，不。我們沒有。

Yes. This time, we will have -- still have one customer is bigger than 10%, so Bernie can check the numbers there. Is that about right? So only 2?

是的。這次，我們仍然有一個客戶的比例超過 10%，因此伯尼可以檢查那裡的數字。是這樣嗎？那麼只有2個？

Yes.

是的。

Two customers in the above 10%.

兩個客戶在10%以上。

Okay. And we'll get the percentages in the Q?

好的。我們會在 Q 中得到百分比嗎？

It's one or 2.

是一兩個。

Yes, I think it's one or 2, so maybe I'll check. I believe it's one. And again, Bernie can check.

是的，我想是一兩個，所以也許我會檢查一下。我相信這是一個。伯尼可以再檢查一次。

No, it's one.

不，是一個。

It's only one. Two will be very big. I don't believe in the numbers.

只有一個。兩個會很大。我不相信數字。

We know.

我們知道。

Yes.

是的。

Okay. The second question is, I know you don't want to guide to 2025 yet.

好的。第二個問題是，我知道你還不想引導到2025年。

Hold on a second. Tony, could you...

等一下。東尼，你能...

Check that?

檢查一下？

Yes. Could you check that? Is it one or 2? So I think the second one is at less than 4%.

是的。你能檢查一下嗎？是1個還是2個？所以我認為第二個不到4%。

Yes, I'll check it. Give me 10 seconds, so I'll get back to you.

是的，我會檢查一下。請給我 10 秒鐘，我會回覆您。

Yes, yes. So we are -- okay, this had to be on the record. And then let's make it clear. Go ahead. Okay.

是的，是的。所以我們——好吧，這必須記錄在案。然後讓我們說清楚。前進。好的。

Yes. Maybe while we're waiting for Tony, my second question was I know you're not going to sort of give a specific guidance out to 2025, but the Street is looking for continued pretty strong growth in the Enterprise Data segment.

是的。也許在我們等待托尼的時候，我的第二個問題是，我知道您不會給出 2025 年的具體指導，但華爾街正在尋求企業數據領域持續相當強勁的成長。

I know you've talked about lots of cross currents in terms of expecting some additional competition to enter that market, some pricing pressure at existing customers, but you also have the ASIC designs that start to ramp next year.

我知道您已經談到了許多交叉流，預計會有更多競爭進入該市場，現有客戶面臨一些定價壓力，但您也有明年開始增加的 ASIC 設計。

The Street is kind of looking for that business to hit almost $1.1 billion in revenue. And just wondering if is that -- given your crystal ball, is that sort of a reasonable expectation? Do you think that we should be tempering expectations for that segment, given some of the cross currents you've mentioned? Or do you want to just kind of keep it one quarter at a time?

華爾街預計該業務的收入將達到近 11 億美元。只是想知道——考慮到你的水晶球，這種期望是否合理？考慮到您提到的一些交叉趨勢，您認為我們應該降低對該細分市場的期望嗎？或者你想一次只保留四分之一嗎？

Yes. I can tell you very confidently, we will be at -- okay, let's say that. And when this market -- when this AI market turn into like a regular server market, MPS will be a significant player in that. And now this has not become a -- what do you call it, reached equilibrium yet.

是的。我可以非常自信地告訴你，我們將會——好吧，這麼說吧。當這個市場——當這個人工智慧市場變得像常規伺服器市場時，MPS 將成為其中的重要參與者。現在這還沒有達到——你稱之為什麼，達到平衡。

Not a run rate.

不是運行率。

Yes. This is still ramping up. And when this segment is ramping -- when it starts ramping, it is kind of lumpy. You don't see this, okay? You don't see -- you can't keep going forever like the first 2 -- since last year's and the first couple of this quarters -- the first couple of quarter in this years and the next. So to answer your questions for next years, clearly, we have a lot more customers. I said earlier, we will start to ramping those design. We'll turn it to -- those design will turn into revenues.

是的。這種情況仍在加劇。當這部分正在加速時——當它開始加速時，它有點不穩定。你看不到這個，好嗎？你看不到——你不能像前兩個季度那樣永遠持續下去——自去年和本季度的前幾季以來——今年的前幾季和明年的前兩個季度。因此，為了回答您明年的問題，顯然，我們有更多的客戶。我之前說過，我們將開始加強這些設計。我們將其轉化為——這些設計將轉化為收入。

Michael, just to circle back, relative to disty, we'll call out 2. For direct, we'll call out one.

Michael，回過頭來，相對於 disty，我們會喊出 2。對於直接呼叫，我們將呼叫一位。

Okay. That's a direct customer, not a disty?

好的。那是直接客戶，不是disty？

So we'll call it one direct. We'll call out multiple disties as greater than 10%.

所以我們直接稱之為one。我們將大於 10% 的多個離散度稱為多個。

Yes. One -- well, disty, we never count them, okay, because all the reporting, we -- that's in the reporting. All the design creation, all the exposures for the end customer is only one. The next one is, I believe, is less than -- it's about -- definitely, it's below 5%.

是的。一——好吧，我們從不計算它們，好吧，因為所有的報道，我們——都在報道中。所有的設計創作、所有對最終客戶的曝光都只是其中之一。我相信，下一個是低於——大約是——肯定低於 5%。

Yes.

是的。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

I had a similar question to Quinn, but thinking more about vertical power. So Enterprise Data this year, more than $700 million. I assume the contribution from vertical power is still quite low. And if that's the case, as the market does transition to vertical power, could we see this market base basically even accelerate over the next few years?

我和奎因有類似的問題，但更多考慮的是垂直力量。今年的企業數據價值超過 7 億美元。我認為垂直功率的貢獻仍然相當低。如果是這樣的話，隨著市場確實向垂直力量過渡，我們是否可以看到這個市場基礎在未來幾年基本上甚至會加速？

Absolutely.

絕對地。

Yes.

是的。

Not in the next few years, next few quarters. Yes. As we said, we are playing in the power module market segments since 2017. And all these technology, all these manufacturing capabilities, and that will really benefit for these vertical power. And as I'm speaking, now we are shipping those products in good volumes.

不是在接下來的幾年，接下來的幾季。是的。正如我們所說，我們從2017年開始涉足功率模組細分市場。所有這些技術，所有這些製造能力，將真正有利於這些垂直力量。正如我所說，現在我們正在大量運輸這些產品。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Thanks for letting me get a little follow-up snuck in here. Inventory. I know, Michael, you and I have laughed about that in many times like this in the past.

感謝您讓我在這裡進行一些後續行動。存貨。我知道，邁克爾，你和我過去曾多次為此大笑過。

That's my favorite.

這是我最喜歡的。

There you go. In this instance, internal inventory came down by a lot days-wise. What did external channel inventory do? How are you looking at that? Was some of that 35% sequential growth, that I referred to in my initial question a little bit ago, inventory fill? Or has the channel stayed lean?

就這樣吧。在這種情況下，內部庫存逐日下降很多。外部通路庫存做了什麼？你怎麼看？我剛才在最初的問題中提到的 35% 的環比增長是否是庫存填充？還是通路一直保持精簡？

No, the channel is staying lean. In fact, our total days went down in the quarter.

不，該頻道正在保持精簡。事實上，本季我們的總天數有所下降。

Well, we want to -- this is not good. We want to build up. And as always, we build inventory and it's not synced with the market demand. And you see our -- Ross, okay, you're the expert of MPS inventory. If you check our inventory levels, it's the opposite of the market demand. And now the market demand for MPS now is very high, so the inventory is low. And we don't think that we're going to run into a shortage issue. But it's that the inventory level is at uncomfortable levels.

好吧，我們想要——這不好。我們想要建立。一如既往，我們建立庫存，但與市場需求不同步。你看我們——羅斯，好吧，你是 MPS 庫存專家。如果你檢查我們的庫存水平，你會發現這與市場需求相反。而且現在MPS的市場需求量非常高，所以庫存量很低。我們認為我們不會遇到短缺問題。但問題是庫存水準處於令人不安的水平。

Got you. And I guess just to clarify, Bernie, when you said total inventory actually went down, you mean just total channel inventory days fell, essentially?

明白你了。我想澄清一下，伯尼，當你說總庫存實際上下降時，你的意思是只是總渠道庫存天數下降了，本質上是這樣嗎？

Channel inventory, yes.

渠道庫存，是的。

Yes, channel inventory is also low.

是的，渠道庫存也很低。

Yes.

是的。

This now concludes our Q&A session. I would now like to turn the webinar back over to Bernie.

我們的問答環節到此結束。我現在想把網路研討會轉回給伯尼。

Thank you. I'd like to thank you all for joining us for this conference call and look forward to talking to you again in our fourth quarter conference call, which is likely to be in early February. Thank you. Have a nice day.

謝謝。我要感謝大家參加本次電話會議，並期待在我們的第四季電話會議（可能在二月初）中再次與大家交談。謝謝。祝你今天過得愉快。