芯源系統 (MPWR) 2024 Q4 法說會逐字稿

Welcome, everyone, to the MPS fourth-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 年第四季收益網路研討會。我的名字是 Genevieve Cunningham，我將擔任本次網路研討會的主持人。今天與我一起參加的是 MPS 執行長兼創辦人 Michael Hsing； Bernie Blegen，執行副總裁兼財務長；以及財務副總裁 Tony Balow。

Earlier today, along with our earnings announcement, MPS released a written commentary on the results of our operations. Both documents can be found on our website.

今天早些時候，MPS 與我們的獲利公告一起發布了關於我們營運績效的書面評論。這兩份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 involves risk and uncertainty. 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 Q4 2024 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.

在我們開始之前，我想提醒大家，在今天的演講過程中，我們可能會根據 1995 年《私人證券訴訟改革法案》做出涉及風險和不確定性的前瞻性陳述和預測。可能導致實際結果與這些前瞻性聲明不同的風險、不確定性和其他因素在 2024 年第四季度收益報告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）中進行了說明，這些文件可以在我們的網站上找到。我們的聲明都是截至今天做出的，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.

現在我想將電話轉給 Bernie Blegen。

Thanks, Gen. Good afternoon, and welcome to our Q4 2024 earnings call. In 2024, MPS posted its 13th consecutive year of growth with full-year revenue of $2.2 billion, up 21% from 2023. For Q4 2024, we had record quarterly revenue of $621.7 million above Q3 2024 and 37% higher in the fourth quarter of 2023. This performance reflected the strength of our diversified market strategy, consistent execution, continued innovation, and strong customer focus.

謝謝，將軍。下午好，歡迎參加我們的 2024 年第四季財報電話會議。2024 年，MPS 將連續第 13 年成長，全年營收達 22 億美元，較 2023 年成長 21%。2024 年第四季度，我們的季度營收創紀錄地達到 6.217 億美元，比 2024 年第三季高出 37%。這項業績體現了我們多元化市場策略、一致執行、持續創新和強大客戶關注度的實力。

Let me call out a few highlights from 2024. We introduced the silicon carbide inverter for high-powered clean energy applications. Additional revenue is expected to ramp in late 2025. Other silicon carbide-based applications are expected to be introduced in multiple geographies during both 2025 and 2026. We developed a family of high-quality, cost-effective automotive audio products utilizing DSP technology from our 2024 Axign acquisition powered by MPS Solutions.

讓我列舉一下 2024 年的一些亮點。我們推出了用於高功率清潔能源應用的碳化矽逆變器。預計到 2025 年底，額外收入將會增加。預計 2025 年和 2026 年期間其他基於碳化矽的應用將在多個地區推出。我們利用 2024 年收購的 Axign 的 DSP 技術（由 MPS Solutions 提供支援）開發了一系列高品質、高性價比的汽車音響產品。

For enterprise notebooks, we launched a battery management solution and are sampling a new mini phase power stage. These products enable faster charge time and significantly improved notebook battery life.

對於企業級筆記型電腦，我們推出了電池管理解決方案，並正在對新型迷你相功率級進行取樣。這些產品可以縮短充電時間並顯著提高筆記型電腦的電池壽命。

Building on our first analog to digital converter design win in 2024, we are developing new high-accuracy 24-bit converters, which are expected to ramp in the second half of 2025. MPS continues to focus on innovation, solving our customers' most challenging problems, and maintaining the highest level of quality. We continue to invest in new technology, expand into new markets and to diversify our end market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply chain stability, and swiftly adapt to market changes as they occur.

在 2024 年贏得首個類比數位轉換器設計的基礎上，我們正​​在開發新的高精度 24 位元轉換器，預計將在 2025 年下半年實現量產。MPS 持續專注於創新，解決客戶最具挑戰​​性的問題，並維持最高的品質水準。我們不斷投資新技術，拓展新市場，並使我們的終端市場應用和全球供應鏈多樣化。這將使我們能夠抓住未來的成長機會，保持供應鏈穩定，並迅速適應市場變化。

Finally, I'm pleased to announce our quarterly dividend will increase 25% to $1.56 per share. And during Q4 2024, we completed share repurchases under a 2023 $640 million authorization. This week, our Board of Directors authorized a new $500 million three-year share repurchase program.

最後，我很高興地宣布我們的季度股息將增加 25% 至每股 1.56 美元。2024 年第四季度，我們根據 2023 年 6.4 億美元的授權完成了股票回購。本週，我們的董事會批准了一項新的 5 億美元三年期股票回購計畫。

For the three years ending December '24, MPS has returned 86% of its free cash flow to shareholders through share repurchases and dividends paid. 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.

截至 2024 年 12 月的三年內，MPS 透過股票回購和支付股息向股東返還了 86% 的自由現金流。隨著我們繼續從單純的晶片半導體供應商向全方位服務的矽基解決方案提供商轉型，我們行之有效的長期成長策略依然保持不變。

I will now open the webinar up for questions.

我現在將開始網路研討會並接受提問。

(Event Instructions) Tore Svanberg, Stifel.

(活動說明) Tore Svanberg，Stifel。

Yes. Thank you and congratulations on the solid results. Either Michael or Bernie, could you talk a little bit about the dynamics here in the March quarter, especially by segment? Obviously, we know some end markets are still soft, yet others are actually quite healthy. So any more color on how you see the various segments in the March quarter would be really helpful.

是的。謝謝您並祝賀您所取得的堅實成果。無論是邁克爾還是伯尼，您能否談談三月季度的動態，特別是按部門劃分的動態？顯然，我們知道有些終端市場仍然疲軟，但其他市場實際上相當健康。因此，如果您能更詳細地了解三月季度各個細分市場的情況，將會非常有幫助。

Sure. As far as our Q1 outlook, I think you need to take the perspective that relative to the size of the market, we're a fairly small player. But we have a lot of greenfield design wins, which have been previously delayed that are now starting to ramp as we enter 2025.

當然。就我們第一季的展望而言，我認為你需要考慮到，相對於市場規模而言，我們是一個相當小的參與者。但是，我們有很多綠地設計勝利，這些設計之前被推遲，現在隨著我們進入 2025 年，它們開始加速發展。

So when we look at two of the areas that are going to drive most of the growth in the quarter, automotive is continuing to grow and communications, where we launched some new products in Q3, are bouncing back from Q4 and will continue strong.

因此，當我們看一下將在本季度推動大部分成長的兩個領域時，汽車產業將繼續成長，而通訊產業（我們在第三季推出了一些新產品）正在從第四季度開始反彈並將繼續保持強勁勢頭。

Memory's demand profile is also very good and notebooks look to be having a Q1 uplift. We don't know for sure, but we've had many design wins and believe that those are coming into the market.

記憶體的需求狀況也非常好，筆記型電腦似乎在第一季出現了成長。我們並不確定，但我們已經贏得了許多設計，並相信這些設計將會進入市場。

On industrial consumer, we have a lot of new product ramps that those are likely to start to contribute at the end of 2025. And the enterprise data will be down.

在工業消費方面，我們有許多新產品推出，這些產品可能會在 2025 年底開始發揮作用。而且企業數據也會下降。

Very good. And as my follow-up on enterprise data, how should we think about that business throughout calendar '25? Again, obviously, a lot of different dynamics, different players -- the growth trajectory for that business throughout 2025. Any color you can share with us there?

非常好。作為我對企業數據的後續關注，我們該如何看待整個 25 年的業務？再一次，顯然，許多不同的動態，不同的參與者——2025 年該業務的成長軌跡。您可以與我們分享什麼顏色嗎？

Yeah. We don't talk about it in the near term in the specific customers as we always do, gave me enough -- the near term is -- we can't control our customers' buying pattern, their allocations. This year -- but overall, this is a multibillion-dollar market segment.

是的。我們不會像往常一樣在短期內與特定客戶談論這個問題，給我足夠的資訊——短期內——我們無法控制客戶的購買模式和他們的分配。今年——但總的來說，這是一個價值數十億美元的細分市場。

We are getting ready for these next few years on the growth and it's clearly a multibillion-dollar opportunities. But for us in near terms, we -- this year could be even or maybe slightly up, okay, we -- this is our best guess. We don't know.

我們正在為未來幾年的成長做好準備，這顯然是一個價值數十億美元的機會。但對我們來說，就短期而言，今年可能會持平或略有上升，好吧，這是我們最好的猜測。我們不知道。

Yeah. Just to add a little bit of color to how we see the year rolling out, we believe that we will be off to a slower start in the first half of the year. But as the year develops, the customer base is expected to broaden as hyperscalers launch their new products. So we have multiple product ramps with both existing customers as well as with these new hyperscalers.

是的。為了更好地展望今年的前景，我們認為，今年上半年的開局將會比較緩慢。但隨著時間的推移，隨著超大規模企業推出新產品，客戶群預計會擴大。因此，我們為現有客戶以及這些新的超大規模客戶推出了多種產品。

So as Michael just said, we believe it's likely to be a flattish year. But we believe that from a quality and supply availability perspective, we're in very good shape.

正如麥可剛才所說，我們認為今年可能會是持平的一年。但我們相信，從品質和供應可用性的角度來看，我們的狀況非常好。

It could be up, too; we don't know.

也可能上升；我們不知道。

Yeah. Exactly.

是的。確切地。

That's fair. Congrats again on the results.

這很公平。再次恭喜你取得的成績。

Rick Schafer, Oppenheimer.

奧本海默的里克·謝弗。

Thanks, guys. I'll add my congratulations. And if I could maybe tack on to the back of first question. I was wondering if you could update us, maybe just to give us a sense of the number of the accelerated projects that you expect to ramp this year and into 2026, just to kind of get a sense. I heard you loud and clear, Michael, this is a $1 billion-plus TAM. I'm just trying to get a sense of how --

謝謝大家。我要表達我的祝賀。也許我可以將其附加到第一個問題的後面。我想知道您是否可以向我們更新一下情況，也許只是讓我們了解一下您預計今年和 2026 年將加速的項目數量，只是為了讓我們有個大致的了解。邁克爾，我清楚地聽到了你的聲音，這是一個超過 10 億美元的 TAM。我只是想了解一下--

So multiple billion dollars.

所以，數十億美元。

Don't be shy about that.

對此不要害羞。

We're not shy about that. We don't want to lose that, okay?

我們對此並不羞澀。我們不想失去它，好嗎？

Rick, this is Tony. I'll jump in. I think what we want to say is we're engaged across all the hyperscalers. But what you heard Michael say was that the exact timing of the ramp is very difficult for us to call. So I don't think we want to put a specific number of customers that are exact ramp times out there other than saying that we're engaged broadly across them. As Bernie said, we believe that's going to scale through the second half.

里克，這是東尼。我就跳進去。我想我們想說的是，我們與所有超大規模企業都有合作。但您聽到麥可說的是，我們很難確定特定的坡道時間。因此，我認為我們不想公佈具體的客戶數量和確切的產能提升時間，只是說我們與他們進行了廣泛的合作。正如伯尼所說，我們相信這一趨勢將在下半年進一步擴大。

I can give you an example. We foresee that these are projects in the ramp. In the 2022, 2023, you look at the automotive side, we said that we have a lot of design wins. And we said all these are going to ramp up. We put a lot -- have a lot of inventories. And 2023 is kind of flattish years.

我可以舉個例子。我們預見這些都是正在推進的專案。在 2022 年、2023 年，你看看汽車方面，我們說我們取得了許多設計勝利。我們說過，所有這些都將加速。我們存了很多貨。2023 年將是比較平淡的一年。

Our customer delayed their launch. So the '23 affected us. But I keep saying we don't really care. And as long as we have a product designing, and designing their new product, especially -- and returning to revenue plus minus 12 months, 18 months.

我們的客戶推遲了他們的產品發布。所以‘23’事件對我們產生了影響。但我一直說我們不在乎。只要我們有產品設計，特別是設計他們的新產品，並且能夠在 12 個月或 18 個月內收回收入。

And if I could just add to Michael's comments there. When you look at automotive, it was delayed, not just in '23, but also in the first half of '24 against what we had built inventory against our expectations. But now as you can see, it's very solidly on track with two consecutive quarters of growth.

如果我可以補充一下邁克爾的評論的話。當您查看汽車行業時，您會發現它不僅在 23 年被推遲，而且在 24 年上半年也被推遲，這與我們的預期不符。但現在正如您所看到的，它已經連續兩個季度穩步增長。

And likewise, you could apply that same formula to what we're seeing in the communications with the release of the fiber optics in the data center. So we have the technology, but we're at interstates and ramps in the market. A lot of that is a little bit out of our control.

同樣，您可以將相同的公式應用到我們在資料中心光纖釋放的通訊中看到的情況。因此，我們擁有技術，但我們處於州際公路和市場坡道上。其中很多都是我們無法控制的。

Well, even directly AI powers, we have so many projects working with multiple hyperscale companies. And so we cannot tell which one is world ramping first, okay, and what the magnitude they are ramping.

嗯，即使直接利用人工智慧，我們也有許多與多家超大規模公司合作的專案。因此，我們無法分辨世界上哪一個國家是第一個實現核能擴張的，也無法分辨他們核能擴張的規模有多大。

Just we are -- get the supply chain ready, get our quality testing facility ready to get these -- to receive these revenues. So turning to these revenues. And so the timing, we care less.

我們只需—準備好供應鏈，準備好我們的品質檢測設施，就可以獲得這些收入。所以談到這些收入。因此我們不太關心時機。

Thanks for all that color, Michael. It's funny you're talking about auto because that's my second question, if I could. The EV conversion to 48-volt power into 800 gold batteries is sort of set to ramp this year, I believe.

謝謝你的色彩，麥可。你談論汽車很有趣，因為如果我可以的話這是我的第二個問題。我相信，今年電動車由 48 伏特電源轉換為 800 顆金電池的勢頭將有所增強。

And I know you mentioned in the prepared remarks, Bernie, that you're going to be shipping power isolation content second half, I think, I heard you say. And I believe EV is about three-quarters of your auto business. So I just wonder if you could talk us through sort of what your potential content -- given all those changes, right, all these additional drivers -- what your content looks like last year or potential content per vehicle versus what it looks like in 2025 with all these new jump balls?

而且我知道您在準備好的演講中提到，伯尼，您將在下半年推出電源隔離內容，我想，我聽到您這麼說過。我相信電動車約佔你們汽車事業的四分之三。所以我只是想知道您是否可以向我們介紹一下您的潛在內容——考慮到所有這些變化，所有這些額外的驅動因素——去年您的內容是什麼樣的，或者每輛車的潛在內容與 2025 年所有這些新的跳球相比是什麼樣的？

That's a very good question. And we mentioned about 48-volt system many, many years ago, okay. And particularly for auto now, it became a hot topics. And we have all these product ready. We're designing those new vehicles. And these have based on 48-volt systems, we can capture a lot -- and in -- once their products -- once their vehicles are ramping up on the market and initially will be another dominant players.

這是一個非常好的問題。我們很多年前就提到 48 伏特系統，好的。尤其對於現在的汽車而言，這已成為一個熱門話題。我們已經準備好了所有這些產品。我們正在設計這些新車輛。這些都是基於 48 伏特系統的，我們可以捕捉到很多資訊——一旦他們的產品——一旦他們的車輛在市場上崛起，最初就會成為另一個主導參與者。

And I think that this is -- the rollout in automotive starts with EV, which is quicker to adapt new technologies onto their platform, but we expect it to continue for a multiyear period.

我認為，汽車產業的推廣是從電動車開始的，電動車可以更快地將新技術應用到他們的平台上，但我們預計這種情況將持續多年。

Yeah. Again, MPS, again, we provide a 48-volt integrated solutions. And all of these high-power modules all based on the MPS silicon solutions. And those were significantly changed -- all these are discrete way of doing -- [accrued] together the 48-volt solutions. So that definitely sets MPS apart from the rest of a competitor.

是的。再次，MPS，我們再次提供48伏特整合解決方案。所有這些高功率模組均基於MPS矽解決方案。這些都發生了顯著的變化 - 所有這些都是分立的做法 - [累積] 在一起形成了 48 伏特的解決方案。因此，這絕對使 MPS 有別於其他競爭對手。

And Rick, beyond just pure 48-volt, remember what you saw beginning in Q3 was designs outside of ADAS start to hit the market, and we saw more broad-based growth in the auto segment and we'd expect that to continue as additional sockets come to market. So I think that's the other dynamic that's happening as well.

里克，除了純 48 伏特之外，還記得從第三季度開始您看到的是 ADAS 之外的設計開始進入市場，並且我們看到汽車領域出現了更廣泛的增長，我們預計隨著更多插座進入市場，這種情況將持續下去。所以我認為這也是正在發生的另一種動態。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Just wanted to revisit the enterprise data side of things and not to overplay that. But the market share gains and dynamics in the server CPU side of things, has that changed at all? I think everybody knows what's going on with one key customer and the diversification, market share shifts, and those sorts of things.

只是想重新審視企業數據方面的問題，但不要過度強調。但伺服器 CPU 方面的市佔率成長和動態有改變嗎？我認為每個人都知道一個關鍵客戶的情況、多樣化、市場份額的變化以及諸如此類的事情。

But you guys have other things that are happening as we speak as well. So I really wanted to focus on the dynamics outside of those, not just with the ASIC providers and other GPU providers, but also with the CPU market share in servers. So any update on that would be helpful.

但就在我們談話的同時，你們也發生了其他事情。因此，我真的想關注這些之外的動態，不僅是 ASIC 供應商和其他 GPU 供應商，還有伺服器中的 CPU 市場份額。因此任何有關這方面的更新都會有幫助。

Ross, let me say something else first. Our inventory -- our inventory low and the channel inventory is low, we're going to ramping up. Okay. And the rest of us (inaudible) --

羅斯，讓我先說點別的事。我們的庫存 - 我們的庫存低，渠道庫存也低，我們將增加庫存。好的。我們其他人（聽不清楚）——

I don't know if I had a follow-up on that.

我不知道我是否對此有後續報道。

It's a very good question. And let me just give you a little bit of what we're seeing. It's a fast-changing landscape. And what I mean by that, it's difficult to offer commentary on enterprise data in these different components. The lines between CPU and GPU are becoming blurry.

這是一個非常好的問題。讓我簡單介紹一下我們所看到的情況。這是一個瞬息萬變的情況。我的意思是，很難對這些不同組成部分的企業數據做出評論。CPU 和 GPU 之間的界線越來越模糊。

And in support of both lines of business, we have a lot of standard products. So while we've historically had better visibility in the separation and could track them a little more easily, it's hard for us to make more than just a generalized comment about what direction either market segment is going in.

為了支援這兩條業務線，我們有許多標準產品。因此，儘管我們從歷史上看對這種分離有更好的了解，並且可以更容易地追蹤它們，但我們很難對任何一個市場部分的發展方向做出籠統的評論。

Yeah. Let me add to that, okay. We have -- we're getting significant shares about -- on the server side. And once you see the server markets start to ramping up, while MPS revenue will ramp with it.

是的。讓我補充一下，好的。我們在伺服器端佔有重要地位。一旦你看到伺服器市場開始成長，MPS 收入也會跟著成長。

Great. I guess as my non-inventory follow-up, on the communications side, you guys did well on that in the second half of the year. It's a little bit choppy still. But can you just give us an idea of the profile of that business, how much is kind of the old comps versus the new comps and give us a little bit more color on what the growth driver that gives you the confidence for the year. And I assume it's on the optical side of things, but just a little more details on that would be helpful.

偉大的。我想，作為我的非庫存後續行動，在溝通方面，你們在下半年做得很好。還是有點不穩定。但是，您能否向我們介紹一下該業務的概況，舊的可比較數據與新的可比較數據相比如何，並向我們詳細介紹一下讓您對今年充滿信心的增長動力。我認為這是與光學方面有關的問題，但如果能更詳細地介紹一下這一點就會很有幫助。

We are all laughing, okay. And would you say the beginning of the question so that --?

我們都在笑，好吧。能說一下這個問題的開頭嗎--？

It was comps, right, Ross, is what you --?

這是比較，對吧，羅斯，這就是你--？

Yes, on the communications side, it's just -- you guys have been talking about that growing for many, many years and that finally did last year, but I know there's some legacy pieces and some new pieces. So I just wanted to try to get some color on the difference between them.

是的，就通訊方面而言，你們已經談論這個問題很多年了，去年終於實現了這一點，但我知道有一些遺留的部分和一些新的部分。所以我只是想嘗試了解它們之間的差異。

Yeah, Ross, I think you kind of hit it when you were asking the question, right? If you look at comps going forward, the area of strength that we've really been calling out is in optical. And we'd expect that to continue as part of the overall data center opportunity that you heard Michael talk about. So I think that's probably the biggest inflection point that you've seen over the past couple of quarters versus the legacy business.

是的，羅斯，我想你問這個問題的時候已經猜到了，對吧？如果展望未來，我們真正強調的優勢領域是光學領域。我們希望這能夠繼續成為邁克爾所談論的整體資料中心機會的一部分。因此，我認為這可能是過去幾季與傳統業務相比看到的最大轉折點。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Let me extend my congratulations as well. I wanted to start with a housekeeping question. Were there any greater than 10% customers in fiscal year '24? And if you can't name the customer, can you at least give us a sense of how big that customer was in the year?

我也謹表示祝賀。我想先問一個常規問題。'24 財政年度是否有超過 10% 的客戶？如果您無法說出客戶的名字，至少能告訴我們該客戶今年的規模有多大嗎？

Certainly. For the three quarters, Q1, Q2, Q3 in our 10-Q, we said that we had two direct customers, which are distributors that were greater than 10% and one indirect customer that was greater than 10%. And that carries through for the full year as well.

當然。在我們的 10-Q 中的三個季度（第一季、第二季、第三季）中，我們說我們有兩個直接客戶，即分銷商，其佔比超過 10%，還有一個間接客戶，其佔比超過 10%。而這種趨勢也將持續至全年。

Okay. But you can't give us a number that we'll publish in the 10-K in terms of the percentage of revenue from that direct customer?

好的。但是您能給我們一個將在 10-K 報表中公佈的數字，即來自直接客戶的收入百分比嗎？

Not at this time.

目前還不行。

Okay. All right. I wanted to ask about revenue diversification outside of your traditional power management market. And if I count correctly, there's maybe four shots on goal and you highlighted some of those in your press release. And that would be data converters, silicon carbide, DSP audio, and battery management systems.

好的。好的。我想問一下你們傳統電源管理市場以外的收入多樣化問題。如果我沒算錯的話，大概有四次射門，你在新聞稿中重點介紹了其中的一些。這些將是數據轉換器、碳化矽、DSP 音訊和電池管理系統。

So my question is how big in revenue terms can that be in the fiscal year '26 timeframe? Or said differently, how much of a growth catalyst can be on top of what you're producing traditional power management?

所以我的問題是，在 26 財年期間，這個收入能達到多少？或者換句話說，在傳統電源管理產品的基礎上，還能發揮多大的成長催化劑作用？

Traditional power management is they're talking about -- these are low voltage things if it's what you mean, okay? The silicon carbide is, of course, to me is also in the power management and but these are much higher power, very high power management.

他們談論的是傳統電源管理——如果您指的是這個的話，這些都是低壓的東西，好嗎？當然，對我來說，碳化矽也用於電源管理，但它們的功率要高得多，功率管理非常高。

And we don't want to put on the numbers. But these are, again, is $1 billion, a couple of billion dollar opportunity for all of them, for MPS. I don't want to put a timeline on that. Okay.

我們不想提及這些數字。但對 MPS 來說，這又是一個價值 10 億美元，甚至幾十億美元的機會。我不想為此設定時間表。好的。

We picked a couple for the script, but we only could put a few in for time. But I think our strategy continues to be plant a lot of seeds in a lot of different areas that can turn into revenue as the market decides what to prioritize.

我們為劇本挑選了幾個，但由於時間因素只能放幾個。但我認為，我們的策略仍然是在許多不同領域播下種子，隨著市場決定優先考慮什麼，這些種子可以轉化為收入。

Well, that's a good point. And the only -- yeah, we -- on March 20, we have Analyst Day, And this time you come over, you will see a lot of showcase on the MPS's new technologies. And these all will contribute in the next few years of growth. Okay.

嗯，這是個很好的觀點。是的，3 月 20 日是分析師日，這次您來，將會看到很多 MPS 新技術的展示。這些都將有助於未來幾年的成長。好的。

And if you want to pin down, what is the number? I would say that, if you look at the past for MPS, what the model is, we will -- I don't see anything -- any reason we should change, so faster or slower.

如果您想要確定的話，這個數字是多少？我想說的是，如果你回顧 MPS 的過去，看看它的模型是什麼，我們——我看不出有什麼理由——我們應該改變，無論是更快還是更慢。

Quinn Bolton, Needham.

奎因博爾頓，尼德姆。

I offer my congratulations as well. I guess, Bernie, Michael, obviously, a very strong start to the year in the March quarter. Your comments about enterprise data certainly sound like that business might be more second half weighted. And so I guess I'm just trying to think what sort of revenue pattern would you expect through 2025? Is the first half slower, the second half materially stronger?

我也對此表示祝賀。我想，伯尼、邁克爾，顯然，三月季度的開局非常強勁。您對企業數據的評論聽起來確實像是企業業務可能更側重於下半年。所以我想我只是想知道您預計 2025 年的收入模式是什麼樣的？上半年是否進展較慢，下半年是否有進展明顯加速？

Do you think that you have some puts and takes and so it's a kind of more linear ramp through the year? Just any sort of thoughts on the shape of revenue through '25 would be helpful.

您是否認為您有一些得失，因此全年的成長會呈現更線性的上升趨勢？任何關於 25 年收入狀況的想法都會有所幫助。

Yes. So the comment that we made as far as the outlook for the year really looks at the design wins we've secured and an expectation of what is going to be ramping. Keep in mind, though, that particularly in the AI side of enterprise data that that has tended to be very volatile and that we have relatively short lead times as far as when we get hard information or POs for actual delivery.

是的。因此，我們對今年的展望所做的評論實際上是著眼於我們已經獲得的設計成果以及對未來成長的預期。不過請記住，特別是在企業數據的人工智慧方面，數據往往非常不穩定，而且就我們獲得實際交付的硬資訊或採購訂單而言，交貨時間相對較短。

So I think that within the context of what we believe is most likely to happen, we're very secure by saying a flattish year that's weighted to the back half. But how that curve actually plays out over the quarters is to be determined.

因此，我認為，在我們認為最有可能發生的情況的背景下，我們可以非常有把握地說，今年的經濟將持平，並且主要集中在下半年。但該曲線在各季度的實際表現如何還有待確定。

Yes. Let me add, Bernie said volatile is this industry, these applications, if you will. And again, and very -- is at the initial ramp. And so you only involved with -- we have a few customers -- now and again, we talked about it before. So we have multiple customers.

是的。讓我補充一下，如果你願意的話，伯尼說這個行業、這些應用程式都是不穩定的。再次，而且非常 - 處於初始階段。所以你只參與——我們有幾個客戶——我們以前曾討論過這個問題。所以我們有多個客戶。

And they start to ramp. It's very good for MPS, we focus on the diversifications and even within a single segment.

然後他們開始加速。對於 MPS 來說，這非常好，我們專注於多樣化，甚至在單一細分市場內。

Okay, I guess that was going to be my sort of second question, just thinking about the Enterprise Data segment. Can you just give us a sense what you're seeing in terms of, one, like-for-like pricing pressure? And then two, I think some of the newer designs really move away from a silicon-only solution to much more of a module solution? And I assume that those carry much higher dollar content for you?

好的，我想這是我的第二個問題，只是考慮企業資料部分。您能否向我們介紹一下您所看到的情況，例如同類定價壓力如何？其次，我認為一些較新的設計確實已經從純矽解決方案轉向了模組解決方案？我認為這些對你來說價值更高吧？

And so do you see -- as you mix the customer, you ramp some of the new hyperscaler designs, do you think the blended ASP trends in that business even if you see some like-for-like pricing, could that go higher through the year as these new platforms ramp?

那麼您是否看到了——當您混合客戶時，您會推出一些新的超大規模設計，您是否認為該業務中的混合 ASP 趨勢即使您看到一些同類定價，隨著這些新平台的推出，全年的定價會不會更高？

Well, MPS is going to stick with our models in margin models -- gross margin model. We provide performance. And if it doesn't fit the MPS business model, we don't take those business. And so far, we're the leading suppliers in silicon as well as a power modules.

嗯，MPS 將堅持使用我們的利潤模型——毛利率模型。我們提供性能。如果它不符合 MPS 業務模式，我們就不會承接這些業務。到目前為止，我們是矽片和電源模組領域的領先供應商。

And so this is the reason we -- in a very short time in the last 12, 24 months, we have engaged with all these hyper scales, we have all these projects designed away -- design any. And also, we have a future products where many future products in the development.

這就是我們在過去 12 到 24 個月的很短時間內參與所有這些超大規模項目的原因，我們設計了所有這些項目——設計任何項目。此外，我們還有許多未來產品正在開發中。

Chris Caso, Wolfe.

克里斯卡索，沃爾夫。

I guess just to start, I just want to make sure I understood correctly some of the comments. So when you look at the enterprise data flattish for the year, weighted to the back half, and I'm assuming that's the entirety of the enterprise data segment, not just that associated with AI. And maybe you could talk about how -- you talked about some of the hyperscalers or some of the custom ramps happen in the second half of the year. Is that what's driving that strength in the back half of the year? What's kind of driving that back half weighting?

我想首先確保我正確理解了一些評論。因此，當您查看全年企業數據持平且加權到後半年時，我認為這是整個企業數據部分，而不僅僅是與人工智慧相關的部分。也許您可以談談——您談到了一些超大規模或一些定制坡道在下半年發生的情況。這就是推動今年下半年業績強勁成長的因素嗎？什麼因素導致了後半部權重的增加？

Chris, that's [an accurate] observation. It's -- as we look at the ramps for SOCs and some of the Tensor processor products that are expected to come out, we've been prototyping those, but the revenue ramps are really weighted to the second half. And in addition, some of our existing customers in the AI business, in particular, have multiple new products that they're ramping, and those will have different demand profiles as well.

克里斯，這是準確的觀察。當我們看到 SOC 和一些預計將推出的 Tensor 處理器產品的成長時，我們一直在對它們進行原型設計，但營收的成長實際上主要集中在下半年。此外，我們現有的一些人工智慧業務客戶正在加大多個新產品的開發，這些產品的需求情況也各不相同。

And then that's just within the enterprise data. I think another important ingredient is what we've referred to as the trickle-down effect as we see the other applications that are outlined to enterprise data or AI specifically, in memory, optical and networking. And all three of those are areas for growth as well during 2025.

這只是企業內部的數據。我認為另一個重要因素是我們所謂的涓滴效應，因為我們看到了專門針對企業資料或人工智慧的其他應用程序，包括記憶體、光學和網路。這三個也都是 2025 年的成長領域。

Right. And I guess, as you look at the full year, obviously, from what you guys are seeing and the better than seasonal Q1, it's safe to say you're starting out a little better than some of the others in this space. What's your thought as you go through the year? I mean, is there any lumpiness with regard to some of the opportunities that are ramping early in the year that we should consider as we go through the year?

正確的。而且我想，當你回顧全年時，顯然，從你們所看到的情況以及比季節性第一季度更好的表現來看，可以肯定地說，你們的開局比這個領域的其他一些人要好一些。走過這一年，您有何感想？我的意思是，對於今年年初出現的一些機會，是否存在一些我們在全年考慮的障礙？

Or is -- excluding the Enterprise Data business, do you see revenue kind of on a fairly stable trajectory -- up slope trajectory as you go through the year?

或 — — 不包含企業資料業務，您是否認為營收會呈現相當穩定的軌跡 — — 隨著時間的推移呈現上升軌跡？

Yeah, I think, tell you some. It's very difficult to say. Surely, you go by year by year; we don't go by year by year. Although we will have to report it year by year.

是的，我想，告訴你一些。這很難說。當然，你一年又一年地過去；我們不是逐年逐年走。儘管我們每年都要報告。

And I'll give you examples. Our large customers start to push out some product, pulling a lot of other works. So we can't really tell and other customers, other hyperscale start to ramps, telling us we're going to keep a ramp. Whether the ramp has been effective and we move our revenue needles in the Q4 of this year or Q1 of next year, we can tell.

我會給你舉例子。我們的大客戶開始推出一些產品，拉動了許多其他工作。所以我們無法真正告訴其他客戶，其他超大規模開始坡度發展，告訴我們我們將保持坡度發展。我們可以判斷這項成長是否有效，以及我們是否會在今年第四季或明年第一季推動我們的營收成長。

Yeah. Maybe the only thing I'd add on Michael's and it just comes back to the focus on what you can control, right? And the organization looking at providing the best products with the best quality and that's what we can do right now.

是的。也許我唯一想補充的是邁克爾的重點又回到了你可以控制的事情上，對嗎？該組織致力於提供最優質的最佳產品，這正是我們現在可以做的。

And as the market then plays through, that will turn into revenue. So I don't think we're trying to get into a quarter-by-quarter debate here, Chris. I think that's how we more landed kind of in the first half, second half dynamic at this point.

隨著市場的運轉，這些收入就會轉化為收入。因此，克里斯，我認為我們並不是想在這裡進行逐季度的辯論。我認為這就是我們在上半場和下半場表現得更動態的方式。

Joshua Buchalter, Cowen.

喬舒亞·布查爾特（Joshua Buchalter），考恩。

A couple of times, you've talked about the hyperscale program sort of driving growth more so in the back half of the year. I guess if we compare these sockets to what you've already done in AI and the accelerator side, there's a lot of companies in the analog space that are saying that they have power engagements with ASIC vendors as well.

您曾多次談到超大規模計劃將在下半年進一步推動成長。我想，如果我們將這些插座與您在 AI 和加速器方面已經完成的工作進行比較，那麼有很多模擬領域的公司都表示他們也與 ASIC 供應商有電源合作。

Would you expect the majority of these merchants -- the ASIC programs to be dual sourced. And I know you're not going to necessarily quantify share, but I'd just be curious to hear how you're seeing the competitive environment in these sockets. Thank you.

您是否希望這些商家中的大多數 ASIC 程式都是雙重來源的？我知道您不一定會量化份額，但我只是好奇想聽聽您如何看待這些插座的競爭環境。謝謝。

Sure. Let me take the first opportunity there. If you look at our most recent track record in the new -- and I say new, relatively new AI business, the reason we were able to secure a lead position initially is because of our ability to innovate and our time to market, along with our overall performance characteristics.

當然。讓我抓住那裡的第一個機會。如果你看看我們在新的——我說新的、相對較新的人工智慧業務中的最新業績記錄，你會發現我們最初能夠確保領先地位的原因在於我們的創新能力和上市時間，以及我們的整體性能特徵。

So to the extent that that is valued in these product launches, those are the qualities that give us an opportunity to have a first mover advantage. But as we've said a couple of times on this call that when we look at our customers, we don't necessarily control what their decision process is or why. And so again, we lead with our strengths and believe that we're well positioned and then we'll see how the numbers turn out towards the end of the year here.

因此，就這些產品發布所重視的程度而言，這些品質使我們有機會獲得先發優勢。但正如我們在這次電話會議中多次提到的那樣，當我們審視客戶時，我們並不一定能控制他們的決策過程是什麼以及為什麼這樣做。因此，我們再次發揮自己的優勢，並相信我們處於有利地位，然後我們將看到今年年底的數字如何。

Yes. You mentioned the second half, you're paying that down on the second half of the ramp. What we mean is in the very near future. It could be Q1 of next year or could be Q3 of this year or even overlaps in Q2. And a lot of things, as I said earlier, and our large customers, some of the push out other ones pulling the game in -- pulling very it, I mean -- so we cannot tell.

是的。你提到了後半部分，你正在為後半部分的坡道付出代價。我們的意思是在不久的將來。可能是明年第一季度，也可能是今年第三季度，甚至與第二季度重疊。正如我之前所說的，還有很多事情，我們的大客戶，有些會推出其他客戶，而有些則會拉攏遊戲 — — 我的意思是 — — 所以我們無法分辨。

I guess to put a punctuation statement, we remain cautiously optimistic but our momentum is certainly in the right direction.

我想用標點符號來概括，我們仍然保持謹慎樂觀，但我們的勢頭肯定是朝著正確的方向發展的。

That's the professional way to say it.

這是專業的說法。

We always get the more professional answers from Bernie. Thank you both for the color there. As my follow-up, I guess you're kind enough to give sort of a rough outlook for enterprise data growth for 2025.

我們總是能從 Bernie 那裡得到更專業的答案。感謝你們為那裡增添的色彩。作為我的後續問題，我想您可以對 2025 年的企業數據成長給出一個粗略的展望。

Any more clues you can give us on how you're expecting either at the company level, 2025 growth to shake out? And any sort of which segment you would expect to be the biggest contributors to growth? Thank you.

您還能提供更多線索來說明您預計公司層級 2025 年的成長將如何？您認為哪個部分對成長的貢獻最大？謝謝。

Biggest ones, we're thinking there's a multiple of them. Well, multiple will ramp in many different segments. And sometimes, we pick the numbers was wrong, and other ones are coming up.

對於最大的一個，我們認為還有多個。嗯，多個領域將會出現多種成長。有時，我們選的數字是錯誤的，而其他的數字會出現。

And we focus on the diversified growth; that is the key strategy. So we've been playing the same principles for the last 25 years. And if this thing doesn't work, and then other things will work, okay, that's always with always our strength. And as long as we bring up the best performance, highest performance products in the market, we will -- if this segment slows down for whatever the reasons, other segment will pick up.

我們注重多元化成長；這是關鍵策略。所以過去 25 年來我們一直秉持著同樣的原則。如果這件事情不起作用，那麼其他的事情就會起作用，好吧，這始終是我們的力量所在。只要我們能夠為市場帶來性能最好、性能最高的產品，如果這一細分市場因某種原因放緩，其他細分市場就會回升。

Will Stein, Truist.

威爾·斯坦，Truist。

Let me start with what everyone's been asking about is enterprise data. I think you highlighted, Bernie, that it's going to be down sequentially. Can you give us a little help on the modeling because down could be down like 3% or like 30%? Maybe just dimensionalize it a little bit to give us some context, please?

首先我想問一下大家問到的企業數據。伯尼，我想你已經強調過，它會逐漸下降。您能給我們一些建模上的協助嗎，因為下降幅度可能達到 3% 或 30%？也許只需稍微將其維度化就可以為我們提供一些背景信息，可以嗎？

Yeah. I think that it would be really hard. Again, what Michael just said is that the strength of our model is the diversification. And I would probably point to the outlook that we've given in total for Q1 as being a risk profile that we believe we can deliver comfortably against based on what we can see in our backlog and the continuing -- the ongoing ordering patterns. But again, trying to actually stratify with a level of precision on the end market at this point might be difficult.

是的。我認為這真的非常困難。再說一遍，麥可剛才說了，我們模型的優勢在於多樣化。我可能會指出，我們對第一季的整體展望是一種風險狀況，根據我們的積壓訂單和持續的訂購模式，我們相信我們可以輕鬆應對這一風險。但再次強調，此時嘗試在終端市場上真正實現一定程度的精確分層可能會很困難。

Yeah. You may be looking for positions and the realities in the business. We go for long term, and we go for long term. It doesn't mean near term will have uplifting in our revenues.

是的。您可能正在尋找職位和業務中的現實情況。我們追求長遠，我們追求長久。這並不意味著短期內我們的收入會增加。

Yeah. Clearly, my ability to model the near term is problematic. A follow-up, if I can. Maybe let me switch gears a little bit. Michael, I think in the past, you talked about having some capability in microcontrollers. Historically, I know that's not like a focus or it's not a meaningful part of your revenue as well as I understand.

是的。顯然，我對短期進行建模的能力是有問題的。如果可以的話，我會進行跟進。也許我應該稍微換個話題。邁克爾，我想過去你曾談論過微控制器的一些功能。從歷史上看，我知道這不是重點，也不是你收入的重要部分。

Should we expect that to change? There's so many new products, you talk about silicon carbide power and converters now and DSPs even. Should we expect microcontrollers or another -- any other digital sort of logic technology to become a bigger part of your revenue over time?

我們應該期待這種情況會改變嗎？有這麼多的新產品，現在談論的是碳化矽電源和轉換器，甚至還有 DSP。我們是否應該預期微控制器或其他數位邏輯技術隨著時間的推移會成為您收入的重要組成部分？

Very good questions. And we don't list them out, a microcontroller as a stand-alone standard product that we sell. As a matter of fact, we -- as we have a many -- we sell many microcontroller now, okay? And as I recall, in my mind, can come up 12, 13 microcontrol projects is ongoing. Some of the stuff is shipping.

非常好的問題。我們不會將它們列出，微控制器是作為獨立的標準產品出售的。事實上，我們現在銷售很多微控制器，好嗎？我記得，在我的腦海裡，有 12、13 個微控制專案正在進行中。部分物品正在運送中。

But what we sell microcontroller is on assisting level. And as Bernie earlier said in the last few conference, so MPS is evolving to a silicon-based solution company. Microcontrollers plays a key role. And all these powers, all these other lighting, all these other audios including power supply, including AIs, they all have microcontrollers in it.

但我們銷售的微控制器是輔助等級的。正如伯尼在之前的幾次會議上所說，MPS 正在發展成為一家基於矽的解決方案公司。微控制器起著關鍵作用。所有這些電源、所有其他照明、所有其他音訊（包括電源）、包括 AI，它們都有微控制器。

And we don't separate items in -- as a standard microcontroller part. But a lot of -- and clearly, also a lot of microcontroller were integrated. And that's the reason we don't list the part. This is separate. Okay.

並且我們不會將專案分開作為標準微控制器部分。但顯然，也整合了許多微控制器。這就是我們不列出該部分的原因。這是分開的。好的。

William Kerwin, Morningstar.

威廉·克爾溫，晨星。

A lot of good questions so far, so I'll try not to beat any dead horses. But maybe it sounds like at least in the March quarter, automotive, communications seemed to be driving some of the growth. So I'm wondering if you could just give a broader view into the demand for those markets for 2025 and your opportunities for share gains in those two.

到目前為止已經有很多好問題，因此我盡量不重複任何老生常談。但聽起來至少在 3 月季度，汽車、通訊似乎推動了部分成長。所以我想知道您是否可以更廣泛地了解 2025 年這兩個市場的需求以及您在這兩個市場中獲得份額的機會。

Sure. Well, good to hear you in the Q&A, by the way. When you look at the end markets, most of the ones that we have are long design cycles. And automotive probably lends itself to being the most predictive because we secured a design win two to three years for an EV in advance when it gets launched or as many as four to five years for a traditional internal combustion.

當然。嗯，順便說一句，很高興在問答環節聽到您的回答。當你觀察終端市場時，你會發現我們大多數市場的設計週期都比較長。汽車產業可能是最具預測性的，因為我們在電動車上市前兩到三年就確定了設計勝利，而傳統內燃機則提前四到五年確定了設計勝利。

Now having said that, the timing of those ramps, when we get -- the design win comes to market, still remains a question mark. But within the context of six to nine months, we can be reasonably predictive. So in automotive, we see a continuation of what's been driving our last two quarters of growth as far as EVs in China.

話雖如此，但這些設計何時能成功上市，仍是一個問號。但在六到九個月的範圍內，我們可以做出合理的預測。因此，在汽車領域，我們看到推動我們過去兩個季度中國電動車成長的因素將繼續存在。

And those will be supplemented in the second half of the year, more likely by a European OEM that is going to be bringing up an autonomous driving ADAS solution as well as additional content opportunities in the North American EV company.

這些將在今年下半年補充，更有可能的是，一家歐洲 OEM 廠商將推出自動駕駛 ADAS 解決方案，並為北美電動車公司帶來額外的內容機會。

And then when you look at the communications side, I think that is we're very early stages being able to ramp the revenue opportunities, particularly in fiber optics. We started out with two primary customers, but that we expect that customer base to diversify over the year.

然後，當您查看通訊方面時，我認為我們處於能夠增加收入機會的早期階段，特別是在光纖領域。我們最初有兩個主要客戶，但我們預計客戶群將在今年內多樣化。

As always, the pattern.

一如既往，模式如此。

That's excellent. And then maybe one just on some of the new products that were introduced at the start of the call, really just which one of these maybe excite you the most. And what are the new markets that you might be able to enter with these that are the most attractive, do you think, from a growth perspective? Thanks.

太棒了。然後也許只是關於在通話開始時介紹的一些新產品，實際上其中哪一個可能最讓您興奮。從成長角度來看，您認為您可能進入的最具吸引力的新市場有哪些？謝謝。

The most exciting product, we haven't announced it yet. Come to our Analyst Day, March 20. And these are equal babies, okay? They all grow, should be very same right now.

最令人興奮的產品，我們還沒公佈。參加我們的分析師日，3 月 20 日。這些都是平等的嬰兒，好嗎？它們都長大了，現在應該都一樣。

Again, we picked four, but there's many more behind that. So it's hard to pick just one. Actually, we wanted to have a teaser to make sure we had the best turnout for the Investor Day.

再次，我們挑選了四個，但後面還有更多。因此很難只選一個。實際上，我們想先發布一個預告片，以確保投資者日能取得最好的結果。

Okay. Excellent. Well, we'll wait for more detail in March.

好的。出色的。好吧，我們將等到三月才能獲得更多詳細資訊。

Hans Mosesmann, Rosenblatt.

漢斯·摩西曼（Hans Mosesmann），羅森布拉特（Rosenblatt）。

I'll be quick. What is the split for your enterprise data between AI and non-AI, if that's possible? And I have a follow-up.

我會很快的。如果可能的話，您的企業資料在人工智慧和非人工智慧之間的劃分是怎樣的？我還有一個後續問題。

Yeah. Again, I think we already answered that question by saying that those lines are getting blurry, so we really don't have a meaningful way to make that divide.

是的。再說一次，我認為我們已經回答了這個問題，這些界線變得越來越模糊，所以我們真的沒有有意義的方法來劃分這種界線。

And our customers, we're -- not appreciate. We disclose those numbers. And our customers have made it very clear.

而我們的客戶，我們並不感激。我們披露這些數字。我們的客戶已經明確表示了這一點。

Is non-AI considered memory and optical, historically?

從歷史上看，非人工智慧是否被視為記憶和光學？

They are different market segments. Optical and communication, memories and storage.

它們是不同的細分市場。光學與通訊、記憶與儲存。

Fine. Okay. At the risk of upsetting your customers, if you answered, what is the share between your historical AI customer for this year versus accelerator customers? What's the split? Is it 10-90 or 50-50 or --?

美好的。好的。冒著惹惱客戶的風險，如果你回答的話，今年你歷史 AI 客戶與加速器客戶的份額是多少？分成多少呢？是 10-90 還是 50-50 還是--？

For this year and at the end of the year, and we probably will have a -- in the near term where we have a more clear picture, but now we don't. And we are in -- frankly, it's a way, as Bernie said, we're not in a position to answer it. And also by -- either by product, they share the same product. And also our customers doesn't want us to release these information.

對於今年和年底而言，我們可能在短期內就會有一個更清晰的圖景，但現在我們還沒有。而我們 — — 坦白說，正如伯尼所說，我們無法回答這個問題。而且無論按產品而言，他們共享相同的產品。而且我們的客戶也不希望我們發布這些資訊。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

Just curious on the notebook strength that you guys are talking about into the first quarter. Wondering what's driving that? Is that strength from -- that you're starting to see pull for AI PCs? Or is it channel refill? Just trying to understand some of the dynamics.

我只是好奇你們談論的第一季的筆記型電腦實力。想知道是什麼原因導致的嗎？這種優勢是否意味著—您開始看到人工智慧個人電腦的吸引力？還是頻道補充？只是想了解一些動態。

That's a great question. In fact, we believe that a lot of the design wins that we've had in notebooks more recently are tied into new AI product demand. But as I said, it's a little bit of an atypical ramp for Q1. So we really don't have a definitive answer on the why behind it.

這是一個很好的問題。事實上，我們相信最近我們在筆記型電腦領域取得的許多設計成果都與新的人工智慧產品需求有關。但正如我所說，這對於第一季來說是一個有點非典型的成長。所以我們確實無法給出背後原因的明確答案。

Got it. And then just trying to think about the new projects that are ramping in the second half for enterprise data. Any help that you can provide and just try to think about like the architectures of those solutions that you're shipping to your customers? Are you still largely seeing that as being lateral power opportunities? Or are they starting to move to more vertical solutions?

知道了。然後試著思考下半年企業數據方面將要進行的新專案。您能提供什麼幫助嗎？您是否仍將其視為橫向權力機會？或者他們開始轉向更垂直的解決方案？

Yeah. I think you heard us talk a couple of times that we're not going to talk specifically on any customer or their particular architectural solution. I think for us, what you see as again focus on is providing a portfolio of products with the best quality, the best performance, and then the customers can choose what works for them.

是的。我想您已經聽我們說過幾次了，我們不會具體談論任何客戶或他們特定的架構解決方案。我認為對我們來說，再次關注的是提供具有最佳品質、最佳性能的產品組合，然後客戶可以選擇適合他們的產品。

And going back to Michael's earlier comment, as far as basically the value proposition of the principles we operate under, what we're most interested in doing and continuing to do is winning sockets.

回到邁克爾之前的評論，就我們運作原則的價值主張而言，我們最感興趣並將繼續做的事情是贏得插座。

Yeah. Our customers particularly does not want us to review the lateral power or vertical power.

是的。我們的客戶特別不希望我們審查橫向功率或垂直功率。

This 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。現在我想將網路研討會的發言權交還給伯尼。

I'd like to thank you all for joining us for this conference call. As a quick reminder, we will be hosting our Investor Day on March 20, 2025. Michael and other MPS executives will showcase our vision for innovation and outline key elements of the company's long-term growth strategy. The event will be held at our San Jose offices and will include live presentations, a Q&A session, and demos of our latest solutions for a number of applications and a lot of -- a number of other markets. If you haven't done so already, please e-mail your RSVP to MPSInvestor.Relations@monolithicpower.com.

我要感謝大家參加本次電話會議。溫馨提醒：我們將於 2025 年 3 月 20 日舉辦投資者日。邁克爾和其他 MPS 高管將展示我們的創新願景並概述公司長期成長策略的關鍵要素。活動將在我們位於聖荷西的辦公室舉行，包括現場演示、問答環節以及針對許多應用程式和許多其他市場的最新解決方案的演示。如果您還沒有這樣做，請將您的回覆透過電子郵件發送至 MPSInvestor.Relations@monolithicpower.com。

You can also access a live stream of the event on our Investor Relations website. Separately, I look forward to talking to you again during our first-quarter 2025 conference call, which will likely be held in May. Thank you, and have a nice day.

您也可以透過我們的投資者關係網站觀看活動的直播。另外，我期待在我們 2025 年第一季電話會議期間再次與您交談，該會議可能會在 5 月舉行。謝謝您，祝您有愉快的一天。