芯源系統 (MPWR) 2025 Q3 法說會逐字稿

Welcome, everyone, to the MPS third quarter 2025 earnings webinar. My name is Arthur Lee, 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.

歡迎各位參加MPS 2025年第三季財報網路研討會。我叫亞瑟李，我將擔任本次網路研討會的主持人。今天與我一同出席的有 MPS 執行長兼創辦人 Michael Hsing；執行副總裁兼財務長 Bernie Blegen；以及財務副總裁 Tony Balow。

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

今天早些時候，MPS 在發布獲利公告的同時，也發布了一份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'd 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 uncertainties. The 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 2025 earnings release, our Q3 2025 earnings commentary 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.

在開始之前，我想提醒大家，在今天的演講過程中，我們可能會做出符合 1995 年《私人證券訴訟改革法案》定義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。可能導致實際結果與這些前瞻性聲明之間存在差異的風險、不確定性和其他因素已在 2025 年第三季度收益發布、2025 年第三季度收益評論以及我們向美國證券交易委員會提交的文件（包括我們的 10-K 表格）中的“安全港”聲明中予以說明，這些文件可在我們的網站上找到。我們的聲明僅代表截至今日的信息，我們不承擔更新此信息的義務。

Now I would like to turn the call over to Bernie Blegen.

現在我想把電話交給伯尼‧布萊根。

Thanks, Arthur. Good afternoon, and welcome to our Q3 2025 earnings call. In Q3, MPS achieved record quarterly revenue of $737.2 million, 10.9% higher than the second quarter of 2025 and 18.9% higher than Q3 of 2024. This performance reflected the ongoing strength of our diversified market strategy, consistent execution, continued innovation, and relentless customer focus.

謝謝你，亞瑟。下午好，歡迎參加我們2025年第三季財報電話會議。第三季度，MPS 實現了創紀錄的季度營收 7.372 億美元，比 2025 年第二季成長 10.9%，比 2024 年第三季成長 18.9%。這項業績體現了我們多元化市場策略的持續優勢、始終如一的執行力、持續的創新精神以及對客戶不懈的關注。

Let me call out a few highlights from the third quarter. Our diversified market strategy drove year-over-year revenue growth in all of our end markets. We continue to expand our automotive customer base with another major Tier 1 supplier adopting MPS for its next-generation ADAS solution. Additionally, we secured our first design win for a full BMS solution on a robotics platform, which further supports our transformation for being a chip-only semiconductor supplier to a full-service silicon-based solutions provider.

讓我來重點介紹一下第三節的幾個亮點。我們多元化的市場策略推動了所有終端市場收入的逐年成長。我們繼續擴大汽車客戶群，又一家一級供應商在其下一代ADAS解決方案中採用了MPS。此外，我們還獲得了第一個基於機器人平台的完整 BMS 解決方案的設計訂單，這進一步支持了我們從僅提供晶片的半導體供應商轉型為一家提供全方位服務的矽基解決方案提供商。

Overall, we continue to demonstrate our ability to grow and swiftly adapt to all aspects -- all aspects of our business to the fluid geopolitical and macroeconomic environment. Our proven long-term growth strategy remains intact as MPS focuses on innovation and solving our customers' most challenging problems. We continue to invest in new technology, expand into new markets, and to diversify both our end-market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply chain stability and quickly adapt to market changes as they occur.

總的來說，我們不斷展現出自身的發展能力，並且能迅速適應不斷變化的地緣政治和宏觀經濟環境的各個層面。MPS 將繼續秉持行之有效的長期成長策略，專注於創新，解決客戶面臨的最具挑戰性的問題。我們將繼續投資新技術，拓展新市場，並使我們終端市場應用和全球供應鏈多元化。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。

I will now open the webinar up for questions.

現在我將開放網路研討會的提問環節。

(Operator Instructions) Josh Buchalter, Cowen.

（操作說明）Josh Buchalter，Cowen。

Congrats on another beat and raise. I guess to start, maybe you're guiding up about 1%. Can you give us the puts and takes of which end markets you expect to grow more or less? And of note, I think earlier, you mentioned enterprise data was expected to be flat to down 20%. Any updates to the guidance for that segment in particular?

恭喜你又一次創下佳績並獲得加薪。我想一開始，或許你可以引導上漲1%左右。您能否預測一下您認為哪些終端市場會成長更多或更少？值得注意的是，我記得您之前提到過，企業數據預計會持平或下降 20%。針對該細分市場，是否有任何更新的指導意見？

Sure, Josh. I think that we saw a little bit better than anticipated performance in both our enterprise data and industrial markets. We had pretty much every other group as we anticipated. Looking ahead, and I know that you're interested in enterprise data, we're seeing a layering of additional customers that began this layering effect in Q4 and is providing this good momentum as we look ahead into the early part of next year.

當然可以，喬許。我認為我們在企業數據和工業市場都取得了比預期略好的表現。正如我們預期的那樣，其他所有小組都到齊了。展望未來，我知道您對企業數據很感興趣，我們看到越來越多的客戶從第四季度開始逐步增加，這種分層效應為我們展望明年年初提供了良好的發展勢頭。

Well, I should add all these in script readout. Bernie mentioned a list of our market segment, and they started growing. And we look back in the last few quarters, all these growth come from greenfield products that were released two, three years ago. And now we see the result. And so in the near future in the next few quarters, we will see these will continue to enhance our revenues.

嗯，我應該把這些都加到腳本輸出中。伯尼提到了一份我們市場區隔領域的清單，然後這些細分領域就開始發展壯大。回顧過去幾個季度，所有這些成長都來自兩三年前推出的全新產品。現在我們看到了結果。因此，在接下來的幾個季度裡，我們將看到這些因素繼續提升我們的收入。

Maybe a follow-up on that, Michael. I think you've been pretty clear, like philosophically, you have some reservations and even frustrations with the AI market because of the concentration and visibility. Given all the massive announcements over the last quarter even in that space, maybe you could spend a couple of minutes talking to us about just big picture philosophically, how you're approaching these huge forecasts. And I'm sure competitive sockets with massive scale. How do you guys figure out which opportunities to go after and service and your thoughts on the market just given -- I think you've had frustrations about it distracting from your diversified growth.

或許可以就此做個後續報道，麥可。我認為你已經很明確地表達了你的觀點，從哲學角度來說，由於人工智慧市場的集中度和可見性，你對人工智慧市場有一些保留意見，甚至感到沮喪。鑑於上個季度即使在這個領域也發布了許多重大公告，或許您可以花幾分鐘時間從宏觀角度和我們談談您是如何看待這些重大預測的。而且我確信，大規模的競爭性插座。你們是如何決定要把握哪些機會並提供服務的？你們對目前的市場狀況有何看法？我認為你們可能對市場分散了注意力，影響了你們的多元化發展感到沮喪。

Yeah. As you said, yes, it is kind of a distraction, okay? But business is business, good money is good money, okay? We don't want to take bad money, okay? And -- but overall, the bottom line is MPS want to demonstrate in any segment of the market, we are the best, we have possessed the best technology and best customer service.

是的。正如你所說，是的，這確實會分散注意力，好嗎？但是生意就是生意，賺到的錢就是賺的錢，懂嗎？我們不想收壞錢，好嗎？但總的來說，MPS 的最終目標是向市場的任何細分領域證明，我們是最好的，我們擁有最好的技術和最好的客戶服務。

And we're solving problems, we demonstrated that we can have qualities and shipments, okay, all these categories, we are the best company. And in terms of which AI company, we don't really care. We engage with the large companies and the small companies. And we want to demonstrate that this is the best technology. When revenue comes, it comes.

我們正在解決問題，我們已經證明我們可以在品質和出貨方面都做到最好，在所有這些方面，我們是最好的公司。至於具體是哪家人工智慧公司，我們並不在乎。我們與大型企業和小型企業都有合作。我們想證明這是最好的技術。收入來了自然就來了。

And given times, as we said it, given time, every -- all the true color will show.

正如我們所說，假以時日，一切終將顯露真面目。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

I guess for my first question, the automotive side of things. You talked about getting an incremental design win in the ADAS side of things. Can -- there's a lot of choppiness in that end market across different geos and at different points in time, cyclically, geopolitically, all those sorts of things. But from a secular growth perspective, can you just talk about ADAS as a percentage of your revenues now versus user interface or USB and those sorts of things? And how ADAS penetrating more of that market changes the growth rate, the content, the diversity of it. Just want to capture that ADAS theme and what it really means to you.

我想問的第一個問題，是關於汽車方面的。你談到要在ADAS方面取得漸進式的設計突破。可以——終端市場在不同地區和不同時期都存在很大的波動性，受週期性、地緣政治等各種因素的影響。但從長期成長的角度來看，您能否談談 ADAS 目前佔您收入的百分比，並將其與使用者介面或 USB 等其他方面進行比較？ADAS 在該市場的滲透程度不斷加深，這將如何改變其成長率、內容和多樣性？我只是想捕捉ADAS的主題以及它對你來說的真正意義。

Sure. Why don't I take a start at this. So I think that we've demonstrated a history of establishing a strong presence in various markets with differentiated technology. You might recall going back always with USB ports for automotive. And now it's ADAS.

當然。我何不從這裡開始呢？所以我認為，我們已經證明了我們有能力憑藉差異化技術在各個市場建立強大的影響力。你可能還記得以前汽車上總是配備USB接口。現在它叫ADAS了。

And what this does is it has a cascading effect where we're able to get adoptions and the design wins, and we call out when these begin to ramp. And that's actually been more important to us then the -- necessarily the -- what the SAAR is for a particular end market.

這樣做會產生連鎖反應，使我們能夠獲得採用率和設計上的成功，我們會指出這些何時開始加速成長。實際上，這對我們來說比特定終端市場的 SAAR 值更重要。

And in this one, in particular, we have started with a lot of ADAS opportunities, particularly in the EVs because they're faster to come to market. But what that's given us the opportunity has been is to showcase all of our other technologies and now we're starting to see those ramp, whether it's in body electronics or different applications. What we're more excited about is as we look ahead and the transformation of the end market for automotive as it moves into 48-volt and zonal electronics.

尤其是在這一領域，我們已經著手開發許多 ADAS 機會，特別是電動車領域，因為它們上市速度更快。但這同時也給了我們一個機會，讓我們能夠展示我們所有其他的技術，現在我們開始看到這些技術正在蓬勃發展，無論是在人體電子設備還是其他應用領域。我們更興奮的是，展望未來，隨著汽車終端市場向 48 伏特和區域電子化轉型，汽車終端市場將會改變。

Yeah, we don't know the breakdown, okay, to answer your question exactly. I mean maybe Bernie has some ideas, okay, but I think it's less than half. And I think it's well less than half.

是的，我們不知道具體構成，好吧，這樣才能準確回答你的問題。我的意思是，也許伯尼有一些想法，好吧，但我認為他的想法不到一半。我認為實際數字遠不到一半。

It's considered less than half.

這被認為不到一半。

Yes, yes, yes. Okay. And I'm just looking at the number of cars and also our revenues, and it cannot be more than half. But in the ADAS side, more and more cars and including combustion engine cars, they are adopting ADAS. We will see a significant growth in the next few years. That's where we anticipated, okay.

是的，是的，是的。好的。我看了看汽車數量和我們的收入，發現不可能超過一半。但在ADAS方面，越來越多的汽車，包括燃油汽車，都在採用ADAS。未來幾年我們將看到顯著成長。正如我們所預料的那樣，沒錯。

I guess as my follow-up, pivoting to another thing you talked about in your press release of moving from a silicon -- chip-based supplier to more of a solution provider, how do you think about the gross margin implications of that over time? You guys were a few points higher than you are now a couple of years ago. We've talked about what does it take to get you back to kind of the upper 50s from the mid-50s-ish where you are today. Does that system approach help? Or is that actually a headwind in the gross margin as you go forward as much as it might even be operating margin accretive?

我想接著問，您在新聞稿中還提到了從矽晶片供應商轉型為解決方案提供商，您認為隨著時間的推移，這會對毛利率產生什麼影響？幾年前你們的得分比現在高出幾分。我們已經討論過，要讓你從現在的 50 多歲恢復到 50 多歲，需要做些什麼。這種系統方法有用嗎？或者，隨著業務發展，這實際上會成為毛利率的阻力，儘管它也可能提高營業利潤率？

I don't so. I don't think there will be a headwind and a lot of the large systems that we're building, okay, we're kind of learning how to do it. And it is creating a lot of issues once the volume goes up. And so we are learning. And I think as things get a lot better since last year, I guess, okay?

我不這麼認為。我不認為會遇到阻力，我們正在建立的許多大型系統，好吧，我們正在學習如何做。一旦交易量增加，就會產生很多問題。所以我們正在學習。而且我覺得情況比去年好多了，我想，好吧？

I mean -- and it will improve quite a bit. We actually making our own test equipment as lot of people know about it, okay. We eat our own dog food and creating all fully automated test systems. Those type of products have never existed before. And I think ultimately, we'll improve the yield and improve the gross margins.

我的意思是——而且情況會好轉很多。實際上，我們正​​在自己製造測試設備，很多人都知道這一點，好嗎？我們吃自己生產的狗糧，並創建了完全自動化的測試系統。這類產品以前從未出現過。我認為最終我們會提高收益率和毛利率。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Maybe first, I just wanted to ask, embedded within the 4Q guide, is there any help you can kind of provide in just thinking about the end markets? I Think there's some seasonality to maybe like a consumer in the fourth quarter. And then I think enterprise data you guys were previously thinking that would be up somewhere like high single digit sequentially in the December quarter. Is that still the case?

首先，我想問一下，在第四季的業績指南中，您能否就終端市場方面提供一些幫助？我認為這可能與第四季的消費者需求有一定的季節性因素。然後，我認為你們之前預期的企業數據在 12 月季度會環比增長接近兩位數。現在情況仍然如此嗎？

Okay, to anticipating a market, that's a very difficult call. And you guys are betting on which stocks, okay? I mean, it's difficult, okay. But we have our way of operating our business. We do the best.

好吧，要預測市場走向，那真是一件非常困難的事。你們都押注哪些股票？我的意思是，這很難，好吧。但我們有自己的經營方式。我們做到最好。

We do the best develop a technology, engage our customers closely and probably the same way that you pick -- how you pick the stocks, okay? And so you engage customers closely. Whatever happens happens. And you can't predict what the market is. And we don't do that actually.

我們盡力開發技術，與客戶密切互動，而且可能和您挑選股票的方式一樣——好嗎？因此，你需要與客戶保持密切聯繫。順其自然吧。你無法預測市場走向。但實際上我們並沒有這麼做。

Since we last talked about the second half of this year, nothing has fundamentally changed in our positioning.

自從我們上次討論今年下半年以來，我們的定位並沒有根本性的改變。

Okay. That's helpful. Maybe just also following up, but (technical difficulty) a comment around the first design win for a full BMS solution for robotics platform. Can you talk about what drove that and how you think about the revenue opportunity ramping there and more wins in the future?

好的。那很有幫助。或許也想補充一點，（技術難題）關於機器人平台完整 BMS 解決方案的第一個設計得標的評論。您能否談談促成這一結果的原因，以及您如何看待該地區不斷增長的收入機會和未來的更多成功？

We probably get too excited to talk about those. And the fact is that we got excited is because we see robotics happening. They kind of -- we kind of predicted it the BMS is going to happen, okay. And we got in and we're designing and it's our customers engage with us, okay, there's a ground-up system that we developed. And we see more and more this type of system will happen. So now this system will be become a reality. So that's the reason we put out that.

我們可能太興奮了，所以沒辦法談論這些。而事實上，我們感到興奮的原因是我們看到了機器人技術的發展。他們——我們其實早就預料到BMS會發生，好吧。我們進入了這個領域，我們正在進行設計，我們的客戶與我們互動，好的，我們開發了一個從零開始的系統。我們看到這種類型的系統將會越來越多地出現。所以現在這個系統將會成為現實。所以這就是我們發布那份文件的原因。

Yeah. And I'll just add on very specifically on that one. Clearly, we called it out because of the fact it was the first opportunity that we have the design win on. In terms of a revenue ramp, that's really starting in 2026 and it's not in and of itself necessarily a needle move around the model. But I do think it starts the wave of these full solution design wins that we might have going forward.

是的。我只想就這一點補充一些具體內容。顯然，我們之所以提出這個問題，是因為這是我們第一次贏得設計項目。就收入成長而言，這實際上要到 2026 年才會開始，而且就其本身而言，並不一定會對該模式產生重大影響。但我認為這將開啟我們未來可能會取得的一系列完整解決方案設計成功的浪潮。

Yeah, that's kind of -- it's the same time when you're making the point that is, okay, we do start to do robotics stuff for actuators and the IC for actuators and the BMS charging, wireless charging. And these are back a few years ago. We even don't know that the robotics were taking off, okay? I've been talking about robotics since 2017 or '18. And -- but the AI assist robot more and more believes, that will really start taking off.

是的，這有點像是——與此同時，你指出，好吧，我們開始為致動器、執行器積體電路、電池管理系統充電、無線充電做機器人技術。這些是幾年前就有的了。我們甚至不知道機器人技術當時是否已經開始發展，好嗎？我從 2017 年或 2018 年就開始談論機器人技術了。而且——但人工智慧輔助機器人越來越相信，這將真正開始起飛。

And so that's kind of the projects that we think -- we pick the winners, okay? And we're glad to see it, that's why we're probably too excited to talk about this.

所以，這就是我們認為應該要做的項目──我們來選出優勝者，好嗎？我們很高興看到這一點，所以我們可能太興奮了，都不知道該怎麼談論這件事。

Quinn Bolton, Needham.

奎因·博爾頓，尼德姆。

Congratulations, Michael, Bernie and Tony. I just wanted to start with a big picture question, just looking through this earnings season. Intel has talked about sort of shortages of server CPUs, we've seen hyperscalers significantly increasing CapEx. NVIDIA talked about $0.5 trillion of demand in '25, '26. I guess my question is, about a year ago, I think you guys were seeing very, very short lead times in that business and dealing with some level of pricing pressure.

恭喜麥可、伯尼和東尼。我只想先從一個宏觀的角度來看這個問題，也就是回顧今年的財報季。英特爾曾談到伺服器 CPU 短缺的問題，我們也看到超大規模資料中心營運商大幅增加了資本支出。英偉達曾表示，2025 年和 2026 年的需求量將達到 0.5 兆美元。我想問的是，大約一年前，你們在這個行業中似乎遇到了非常非常短的交貨週期，並且面臨一定程度的價格壓力。

I'm wondering as you look into second half and more importantly into next year, have you started to see any change in customer lead times? Are they giving you better forecasts across the enterprise data segment? And is the pricing on voltage regulators and vertical power, has that changed at all over the last quarter or so?

我想知道，展望下半年，更重要的是展望明年，您是否開始看到客戶交貨週期有任何變化？他們是否在企業數據領域提供了更準確的預測？過去一個季度左右，電壓調節器和垂直電源的價格是否有所變動？

Quinn, thanks for the question. Let me start that this remains a very dynamic market. We're responding to a variety of requests when it comes to the orders and the expectations from our customers. So in some ways, we're getting improved predictability because we're adding -- we're layering, as I said, more customers into the mix. But as far as the market itself, and particularly with all the blockbuster announcements that have been coming out recently, you can see how quickly things are changing. And what our position is, is that we can't control our customers necessarily, but we can position the company to be as responsive as we can.

奎因，謝謝你的提問。首先我想說的是，這仍然是一個非常充滿活力的市場。我們正在回應客戶在訂單和期望方面的各種要求。因此，從某種程度上來說，我們提高了可預測性，因為我們正在增加——正如我所說，我們正在將更多的客戶納入其中。但就市場本身而言，特別是最近一系列重磅消息發布後，你可以看出情況變化有多快。我們的立場是，我們可能無法控制我們的客戶，但我們可以讓公司盡可能地做出快速反應。

And is this dynamic market? I mean if folks are scrambling to get capacity. Has that had any lifting effect on pricing? And then I'll ask my second question.

這是一個充滿活力的市場嗎？我的意思是，如果大家都在爭相獲取容量的話。這是否對價格產生了提振作用？然後我會問第二個問題。

Any market segment started from the -- and ramp rapidly at the beginning always cause these imbalance, supply imbalance, okay? So in the AI side, clearly is like that. I mean once it goes on, things will smooth out.

任何市場區隔都是從零開始，並在初期快速成長，這總是會導致供需失衡，懂嗎？所以人工智慧方面，顯然就是這樣。我的意思是，一旦事情進展順利，一切都會好起來的。

Yeah, And then being specific to your question, I don't think we've seen any recent or sustainable trends in pricing one way or the other.

是的，具體到你的問題，我認為我們最近沒有看到任何價格方面的可持續趨勢。

Okay. Perfect. And then a second question for you Bernie. Gross margins have been on a -- ticking down over the last year or two. Can you give us any sense, do you think they stay in this mid 55%, 55.5% range.

好的。完美的。伯尼，我還有一個問題想問你。過去一兩年裡，毛利率一直在下降。您能否給我們一些建議，您認為他們會保持在 55% 到 55.5% 的中間區間嗎？

Is there some point next year that you start to see gross margins starting to move higher, either driven by mix or new products? Or should we be thinking about margins being fairly flat over the next year or two?

明年某個時候，您是否會看到毛利率開始上升，無論是產品組合的調整還是新產品的推出？或者我們應該考慮未來一兩年利潤率基本上保持不變？

Sure. As I've commented on prior calls, we've seen about three or four quarters in a row, where I'd say that we have seen a strong uptick in demand, and that continues even today. Ones that we've experienced in the past is that the orders are more short term in nature. We're not seeing a large buildup in backlog in future quarters. And so without that visibility, it limits our capacity to be able to manage the mix of business that we want to be able to have expansion in gross margins.

當然。正如我在之前的電話會議中提到的，我們已經連續三、四個季度看到需求強勁增長，而且這種情況至今仍在持續。我們過去的經驗是，訂單的性質更偏向短期性。我們預計未來幾季不會出現大量積壓訂單。因此，如果沒有這種可見性，就會限制我們管理業務組合的能力，從而無法實現毛利率的成長。

So for the foreseeable future, until the demand profile changes to elongate the buildup of backlog, I believe that we're going to be in sort of the steady range, plus or minus 20, 30 basis points in the mid-55%.

因此，在可預見的未來，除非需求狀況發生變化，導致積壓訂單的累積時間延長，否則我認為我們將處於相對穩定的範圍內，上下浮動 20 到 30 個基點，在 55% 左右。

We have a lot of products, okay, a few thousand products, okay? And a few 40,000, 50,000 customers in to move -- and it's very stable margins. And with the transitions to more solution provided companies, okay, as I said earlier, and all this has to be automated, okay? And as time goes on the margin will improve and -- but not quickly. And that math is very big.

我們有很多產品，好嗎？幾千種產品，好嗎？有四、五萬名客戶搬了過來──而且利潤非常穩定。隨著公司向提供更多解決方案的公司轉型，正如我之前所說，所有這些都必須自動化，好嗎？隨著時間的推移，邊際效益會逐漸改善，但不會很快。而且這套數學公式非常龐大。

And so we know it's operated on the low end of our margin profiles, but the longer term will improve and we stick with a (technical difficulty)

因此，我們知道它的營運利潤率處於我們利潤率曲線的較低水平，但從長遠來看會有所改善，我們會堅持下去。（技術難題）

Yes. Michael, Bernie, Tony, congrats on another record quarter. By the way, some of that dog food you're referring to must be pretty proprietary stuff. But my first question is on the Enterprise Data segment. So that's about an $800 million business right now.

是的。麥可、伯尼、東尼，恭喜你們又創下了一個季度的業績紀錄。順便說一句，你提到的那些狗糧，有些肯定是獨家秘方吧。但我的第一個問題是關於企業資料部分的。所以，那現在是一家價值約 8 億美元的企業。

And my understanding is you're on a journey here, right, and you're still selling predominantly chips. You are obviously moving into module subsystems, eventually systems. So I'm not looking for any numbers per se, but could you just let us know where we are in that journey. I mean building an $800 million business with chips and where could we eventually go here with, obviously, more and more subsystem type solutions for enterprise data.

我的理解是，你正處於創業初期，對吧？而你目前主要銷售的是薯片。顯然，你們正在逐步過渡到模組化子系統，最終發展到系統。所以，我並不是想了解具體的數字，只是希望您能告訴我們，我們目前處於這個階段的哪個階段。我的意思是，用晶片打造一個價值 8 億美元的企業，而隨著越來越多的企業資料子系統解決方案的出現，我們最終會走向何方？

If I understand your question correctly, okay, that I can answer that way. We're anticipating doing millions of millions, multiple millions units per month type of a shipment. And all of these integrated, highly integrated modules never existed before. So how do we test this thing, how we achieve the single -- low single-digit PPM failures, okay? That is we never encounter that kind of issues before, okay.

如果我正確理解了你的問題，好的，我可以這樣回答。我們預計每月將進行數百萬件的批量發貨。所有這些整合式、高度整合的模組以前從未存在過。那麼，我們要如何測試這個東西，如何實現個位數的PPM故障率呢？也就是說，我們以前從未遇到過這類問題，好的。

And so we started using our own robotic systems to make that happen. So now we achieved very high volume, 100% automated, including reliability test. And that's our features. And the goal is building multiple million units a month for that, 10 million a month for that. That's the near term goal

於是，我們開始利用我們自己的機器人系統來實現這一目標。現在我們實現了非常高的產量，100%自動化，包括可靠性測試。這就是我們的特色。目標是每月生產數百萬套，每月生產 1000 萬套。這是近期目標

Yeah, that's very helpful. And did you also have a response to my question on the enterprise data. Again, where are we in this journey towards delivering more system-level solutions, especially talking about rack level power and so on and so forth?

是的，這很有幫助。另外，您是否也回覆了我關於企業數據的問題？那麼，在實現更多系統級解決方案的道路上，我們目前進展到什麼程度了呢？尤其是在機架級電源等方面。

This is at the very beginning, maybe I think it's module power still less than, way less than a third, okay. And less than a third of our revenue and it grew in the last half year. And the -- we expected it to grow. Some got delayed and now started happening in the next years could be much more.

這只是開始階段，也許我認為它的模組功率還遠低於三分之一，好吧。不到我們收入的三分之一，而且在過去半年實現了成長。而且——我們預料到它會成長。有些事情被推遲了，現在才開始發生，未來幾年可能會有更多事情發生。

Maybe just to add on to the back of that, Tore, I think as you start talking about some of these solutions for 800 volts as we discussed, those are like '27, '28 revenue ramps. So I think it supports what Michael was saying that we're still at the front end of this opportunity in the data center for us.

托雷，我想補充一點，正如我們討論過的，當你開始談論一些針對 800 伏特電壓的解決方案時，這些就像是 2027 年、2028 年的收入增長。所以我認為這印證了麥可的說法，即我們仍然處於資料中心這一機會的初期階段。

No, I think in the investment communities, okay, it's -- if you have 800 volts technology data center transformer is like a flip a switch. The light is turned on, it turns on. It's not like that, okay. The light to turn on, it takes a couple of years, okay, more than a couple of years to make -- to see the revenues, okay. These take three, four years.

不，我認為在投資界，好吧，如果你擁有 800 伏特的技術資料中心變壓器，就像撥動開關一樣。燈亮了，它亮了。事情不是那樣的，好嗎？要讓這盞燈亮起來，需要幾年時間，好吧，甚至不止幾年時間——才能看到收益，好吧。這需要三到四年。

Rick Schafer, Oppenheimer.

Rick Schafer，奧本海默。

And I'll add my congratulations to you guys. Just maybe if I could start with an auto question. Kind of a follow-up, but I know we talked about BMS robotics. But I know BMS becomes a bigger contributor for your auto segment next year. And you mentioned a couple of things, Michael, in an earlier question, but I'm just curious if you could give some guide rails or provide some guide rails about potential content trends for MPS as you start ramping some of those BMS opportunities?

我也要向你們表示祝賀。或許我可以先問一個關於汽車的問題。算是後續吧，我知道我們之前討論過BMS機器人技術。但我知道明年BMS將成為貴公司汽車業務更大的貢獻者。Michael，你在之前的問題中提到了一些事情，但我只是好奇，當你開始逐步推進一些BMS機會時，你是否可以就MPS的潛在內容趨勢提供一些指導方針或建議？

I mean again, not asking for dollar content per car, but does it double or triple those kinds of numbers? Like what does it do to your potential content per vehicle moving into that BMS space in a more meaningful way? And as part of your answer, I'm curious, where's some of the lowest-hanging fruit is for you guys? I mean, is it 48-volt, is it power isolation, that thing?

我的意思是，我不是問每輛車的具體金額，而是想知道這些數字是否會翻倍或三倍？例如，以更有意義的方式將車輛內容引入電池管理系統 (BMS) 領域，會對每輛車的潛在內容產生什麼影響？作為你們回答的一部分，我很好奇，對你們來說，最容易實現的目標是什麼？我的意思是，它是 48 伏特的嗎？它是電源隔離的嗎？

It's actually all of them, okay. BMS revenues for auto and for EVs is a bit far away, okay? And -- but our customer, it's a very -- this is a very concentrated market. There's a few players and a few, well it's not a few car makers and gradually, all of them, they have -- they want BMS. And so our customers are glad to see MPS is to develop that series, that type of a product, too.

其實都是這些，好吧。汽車和電動車的電池管理系統（BMS）收入目標還很遙遠，好嗎？但是——但是我們的客戶，這是一個非常——這是一個高度集中的市場。有幾家廠商，還有幾家汽車製造商，嗯，其實不是幾家，但漸漸地，所有廠商都想要電池管理系統（BMS）。因此，我們的客戶很高興看到 MPS 也將開發該系列、該類型的產品。

And in terms of other low-hanging fruits, okay, we see 48-volts as a trend. And we develop those products back a few years ago, like five, six years ago, and we provide all these integrated solutions rather than these discrete ones, okay?

至於其他容易實現的目標，我們認為 48 伏特是一種趨勢。我們早在幾年前，例如五、六年前就開始研發這些產品，我們提供的是所有這些整合解決方案，而不是這些獨立的解決方案，好嗎？

And the size can be (technical difficulty). And the other one is the 800 volts for EV. And now all goes up from 400 volts to 800 volts, okay? And in the China market, a lot of cars already have 800 volts. So our silicon carbide solutions came in not for traction inverters and for control systems (technical difficulty) at this moment

尺寸可以是（技術難題）另一個是電動車用的 800 伏特電壓。現在電壓全部從 400 伏特升到 800 伏特，懂嗎？在中國市場，很多汽車已經配備了 800 伏特電壓。所以，目前我們的碳化矽解決方案並非用於牽引逆變器，而是用於控制系統（技術難題）。

And Rick, maybe just to shape you a little bit on timing there to make sure. I think what we said is the layering of opportunities in auto really sort of out of the end of this year and next year starts with design wins that we have, bringing new content to market per vehicle. You start to see zonal designs hit market next year then ramping through into '27. And then the BMS and traction inverter solutions they're really kind of more like '27 and beyond, just to make sure you understand sort of how those revenue opportunities are layering in.

還有里克，或許我得稍微提醒你時間把握方面，確保萬無一失。我認為我們之前說過的是，汽車產業的機會層層遞進，真正從今年年底和明年開始，我們將從我們贏得的設計項目入手，為每款車型帶來新的內容。明年開始，分區設計將陸續進入市場，然後在 2027 年逐漸普及。至於 BMS 和牽引逆變器解決方案，它們實際上更像是 2027 年及以後的發展方向，只是為了確保您了解這些收入機會是如何逐步實現的。

And if I could ask my follow-up just it's on HVDC. And I appreciate the timing and commentary you provided a second ago, Tony. But I'm also curious, I mean, I'm just trying to figure out the right way to think about that emerging market. I mean, like can you give a sense of how HVDA compares to sort of how you've described at your Analyst Day earlier this year. Maybe how you describe the 48-volt accelerator power opportunities or in any terms you want, just to try to give a sense of what that market represents to you guys or what you think it could.

如果可以的話，我想問我的後續問題，是關於高壓直流輸電的。東尼，我很感謝你剛才提供的及時回覆和評論。但我也很好奇，我的意思是，我只是想弄清楚看待這個新興市場的正確方式。我的意思是，您能否簡要介紹一下 HVDA 與您今年早些時候在分析師日上描述的情況有何不同？或許你可以描述一下 48 伏特加速器動力的機會，或是用任何你喜歡的術語，只是想讓你們感受一下這個市場對你們的意義，或者你們認為它能帶來什麼。

I think the 48-volt system is clear, there's a reason why the 48 volts, is going back to those telecom times, okay? And telecom systems, 48 volts plus/minus 48 volts? And plus/minus 45 volts. And first, it started with -- in the server side, we're talking about for years this thing. And it has to be the solutions because once your current goes up, everybody remembers the car using a 6 volt batteries and then it became 12, is ultimately moving up to 48 volts.

我認為 48 伏特系統很清楚，48 伏特是有原因的，它是為了回到電信時代而設計的，懂嗎？電信系統的電壓是 48 伏特正負 48 伏特嗎？以及正負 45 伏特。首先，這一切都始於伺服器端——我們已經討論這個問題好幾年了。必須找到解決方案，因為一旦電流上升，每個人都會想起汽車最初使用 6 伏特電池，然後變成 12 伏特，最終發展到 48 伏特。

I mean these are all for control systems, 48 volts and the data center is really happening 48 volts. I see -- that's why I predict all the building -- the building automations are going to be on 48 volts. And the building will be a DC power solutions. And the opportunity is great. And as we put out to engage our customers with the building automation systems, and we proved the point, actually, it's so welcome for that type of a product.

我的意思是，這些都是控制系統，48伏，而資料中心其實也是48伏的。我明白了——這就是為什麼我預測所有建築物——樓宇自動化系統都將採用 48 伏特電壓。該建築將採用直流電源解決方案。機會非常難得。當我們推出樓宇自動化系統並與客戶互動時，我們證明了這一點，實際上，這類產品非常受歡迎。

And so that's my view at this time.

這就是我目前的看法。

And rick, I think part of your question was also on the 800-volt high voltage DC for data center as well, right?

瑞克，我想你的問題中也有一部分是關於資料中心的 800 伏特高壓直流電，對吧？

Yes.

是的。

And I think on that one, we've been pretty careful about trying to go size the opportunity because, one, it's very far out. Two, we don't know how it will ramp in the market. I think what we have said is since we don't play in that part of the market today, the business we get is sort of all accretive to our overall SAM going forward. But I think we want to be careful about size in the market yet, given how far out it is and not knowing how it will layer into the data centers going forward.

我認為，在評估這個機會時，我們一直非常謹慎，因為，首先，它還很遙遠。第二，我們不知道它在市場上的發展如何。我認為我們已經說過，由於我們目前不涉足該市場領域，因此我們獲得的業務在未來都將對我們整體的SAM（銷售和市場規模）產生增益作用。但我認為，鑑於目前市場發展尚不明朗，而且我們也不知道未來它將如何融入資料中心，因此我們仍需謹慎對待市場規模問題。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

Let me extend my congratulations on the continued strong growth and continued execution. I appreciate the fact that you still only have about 3 to 4 months of visibility given the capacity that you can support and the quick turns business you can support. But can you confirm whether bookings continue to improve sequentially and what are the seasonal considerations as we look out into the first quarter?

我對貴公司持續強勁的成長和持續的執行力表示祝賀。考慮到你們的產能和能夠支援的快速週轉業務，我理解你們目前只有大約 3 到 4 個月的可見度。但您能否確認預訂量是否持續逐季改善，以及在展望第一季時，季節性因素有哪些？

It's again very difficult for us, okay, to predict that, okay, what's the booking, what's the -- where are the bookings. We build our inventories. We try to build, okay, we look at the inventory now, and we try to build up way below our models. And whatever comes we anticipate it, again, we can swiftly to adopt.

對我們來說，預測預訂情況，以及預訂在哪裡，仍然非常困難。我們建立庫存。我們嘗試構建，好吧，我們現在看看庫存，我們嘗試構建的數量遠低於我們的模型。無論發生什麼，我們都能預料到，並且能迅速適應。

Yeah, Just to add to that is that we really don't have a lot of visibility into the first half of next year. We can definitely point to the normal drivers as far as both enterprise data and automotive are very well positioned for new revenue ramps, but getting both the timing as well as getting that to balance out, we don't have a strong view on Q1 yet.

是的，補充一點，我們對明年上半年的情況真的不太清楚。我們當然可以指出一些常規驅動因素，例如企業數據和汽車行業都非常適合實現新的收入成長，但是要把握好時機並實現平衡，我們目前對第一季還沒有明確的看法。

Okay. Appreciate that. And if I'm not mistaken, your distribution inventory as of midyear was at the low end of your five to eight-week target range and it decreased in the June quarter. What was the trend sequentially for the September quarter? And when might you take that distribution inventory back up to maybe the mid- to upper part of that normal range?

好的。謝謝。如果我沒記錯的話，截至年中，你們的配送庫存處於五到八週目標範圍的低端，並且在六月份的季度中有所下降。9 月當季的趨勢如何？那麼，您何時會將分銷庫存恢復到正常範圍的中上水準呢？

Yeah. Currently, the Q3 channel inventory was unchanged in terms of days from where it was in the prior quarter. So we take from that, that we're satisfying real demand at this point, which again is a reflection of the quick turns business that we're working with.

是的。目前，第三季通路庫存天數與上一季相比沒有變化。因此，我們可以得出結論，目前我們正在滿足實際需求，這也再次反映了我們正在從事的快速週轉業務。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究公司。

Yes. The first question is on enterprise data. And what are sort of the puts and takes as you look into next year? And of course, this year, there was some changes in market share in that, which affected that business. But I guess I'm going to assume that things are cleaner as you go from this year into next year? And I mean, one, do you expect to grow that business as you go into next year?

是的。第一個問題是關於企業資料的。展望明年，您有哪些看點和看點？當然，今年市佔率也發生了一些變化，這對該業務產生了影響。但我猜想，從今年到明年，情況會越來越好？我的意思是，第一，你預計明年你的業務會成長嗎？

Well, it's cleaner. You said that this year, the next year, this year, we are doing pretty good this year. And see, we -- and as I said earlier, the module business is growing. So all this area MPS technology shines. And the power -- the higher power, the better it is.

嗯，它更乾淨。你說過今年、明年、今年，我們今年做得相當不錯。你看，我們——正如我之前所說，模組業務正在成長。因此，MPS技術在這一領域大放異彩。而且權力越大越好。

And because we provide the highest density, power density products that fits this market perfectly. And in the next couple of years, you will see it. MPS is a major player in this market segment. And also the market is big. We -- it's not -- okay, we don't want a place, so we don't have to be MPS only, okay?

而且因為我們提供最高密度、功率密度的產品，完美契合這個市場。未來幾年內，你就會看到這一點。MPS是該細分市場的主要參與者。而且市場規模也很大。我們——這——好吧，我們不需要地方，所以我們不必只接受MPS，好嗎？

We want to have multiple competitors. It's good for the industry.

我們希望有多個競爭對手。這對產業來說是好事。

Yeah, I could see enterprise data growing in the range of 30% to 40% in 2026 for us. Much of that, though, would be back in the second half of the year. So while we've seen a number of new players that have been layered in, I think the material ramps are more weighted to the second half of '26.

是的，我預計到 2026 年，我們的企業數據成長率將達到 30% 到 40%。不過，其中大部分內容將在下半年恢復。雖然我們看到一些新玩家加入進來，但我認為物質上的進步更集中在 2026 年下半年。

That's very helpful. If I could follow on to that since you provided a little bit of color on that, Bernie. When you look at that 30% to 40% growth, is that -- because I know that some of the vertical power of designs, for example, you have more content. What's the driver of that? Is it fairly broad-based?

那很有幫助。既然伯尼已經對此進行了一些補充說明，那我能否就此繼續探討一下呢？當你看到這 30% 到 40% 的成長時，是因為我知道設計的一些垂直力量，例如，你有更多的內容。其驅動因素為何？它的基礎相當廣泛嗎？

Is it skewed towards some of the ASIC solutions more towards vertical power, whatever kind of color you can give behind that 30% to 40% expectation?

它是否更傾向於某些 ASIC 解決方案，更偏向垂直功耗，無論你能對這 30% 到 40% 的預期做出怎樣的解釋？

As a CEO, I don't know how to make a 30% to 40% cost. I don't know. And the opportunity is there, okay? If we didn't deliver 30% to 40%, the stocks I see from $900 to $400, what kind of f***** is that? And so I don't want to make them very hard, just waiting for the numbers, let the numbers show it.

身為CEO，我不知道如何控制30%到40%的成本。我不知道。機會就在那裡，好嗎？如果我們沒能達到 30% 到 40% 的業績目標，我看到的股價從 900 美元跌到 400 美元，這他媽是什麼鬼？所以我不想把事情搞得太複雜，就等著看數據吧，讓數據來證明一切。

Kelsey Chia, Citi Research.

Kelsey Chia，花旗研究部。

So my question is on the competitive landscape. And I was hoping if you could share more, especially with regards to material side of things like gallium nitride, silicon carbide, I think your biggest enterprise data customer has been signing a lot of partnerships with all these semiconductor companies and I was just wondering, MPS positioning in those. And if you actually see those materials as being important in the next generation of the power modules and chips.

所以我的問題是關於競爭格局的。我希望您能分享更多信息，特別是關於氮化鎵、碳化矽等材料方面的內容。我認為您最大的企業數據客戶已經與所有這些半導體公司簽署了許多合作關係，我只是想知道 MPS 在這些合作關係中的定位。如果你真的認為這些材料對下一代電源模組和晶片非常重要的話。

We do our own silicon carbide and we're building the modules. And also, we are seeing -- we are using again -- but that's a very, very early stage we are evaluating it. And also, don't forget about silicon, silicon power MOSFETs have evolved, we engaged a lot of new developments. And a lot of the data showed it can be very cost effective and also can compete with the silicon carbide. That's very new -- that's a very, very recent development.

我們自己生產碳化矽，並且正在製造模組。而且，我們看到——我們正在再次使用——但這還處於非常非常早期的階段，我們正在評估它。此外，也別忘了矽，矽功率 MOSFET 已經發展成熟，我們進行了許多新的研發。大量數據顯示，它不僅成本效益很高，還能與碳化矽競爭。這是非常新的現象——這是最近才出現的新情況。

Yes. Okay. Got it. And I would just like to have a sense of how do you guys feel today versus a quarter ago. Especially, you guys have come a long way since the start of the year when you're dealing with all these market share changes, visibility on the ASIC customers and things like that.

是的。好的。知道了。我想了解一下，與三個月前相比，你們現在的感受如何。尤其是你們從年初到現在取得了長足的進步，要應對所有這些市場份額變化、提高對 ASIC 客戶的可見度等等問題。

And given the slew of announcements from all these big mega partnerships, how do you see that relative to opportunities? And also given the maturity of the supply chain, I believe, like things are probably -- the supply chain partners are getting to a good cadence. So how do you guys feel with regard to those recent announcements relative to your opportunity set?

鑑於這些大型合作計畫紛紛宣布了一系列消息，您如何看待這些消息帶來的機會？而且考慮到供應鏈的成熟度，我認為，就像現在一樣——供應鏈合作夥伴正在逐漸形成良好的節奏。那麼，對於最近發布的那些與你們的機會相關的公告，你們有什麼看法？

I don't measure quarter by quarters, I measure by multiple years. So I can't tell you that.

我不是按季度來衡量，而是以多年來衡量。所以我無法告訴你。

Yeah. I guess the simplest way is we're very broadly indexed across not just the merchant vendors or large ASICs, but medium and small time opportunities. And all of these need to find their way into the marketplace. And it's right now, we're still very, very early in the process. So as Michael said, it's very hard to sort out in any particular time period. But I think that we're as well indexed amongst all the opportunities as anybody in this market.

是的。我想最簡單的方法是，我們的索引範圍非常廣泛，不僅涵蓋商家供應商或大型ASIC，還包括中小型投資機會。所有這些都需要找到進入市場的方法。而現在，我們仍處於這個過程的非常非常早期階段。正如邁克爾所說，很難在某個特定的時間段內進行梳理。但我認為，在這個市場中，我們與其他任何公司一樣，都充分掌握了所有機會。

Jack Egan, Charter Equity Research.

Jack Egan，Charter Equity Research。

I have one on enterprise data and then one on modules more broadly. So the shift to modules in vertical power delivery with the custom ASIC ramp should be a pretty big tailwind for MPS. I'm wondering about what the main drivers have been at least so far for those customers that are switching from lateral to module to vertical power. So I'm not really sure if you have this level of granularity, but among the major benefits like higher power density, higher efficiency, smaller footprint on the top side of the board, et cetera, is there any one characteristic that's kind of being cited by your customers as the main reason that they are moving to those modules or vertical power delivery?

我有一個關於企業資料的版本，還有一個關於更廣泛意義上的模組的版本。因此，採用定制 ASIC 斜坡的垂直供電模組的轉變，應該會為 MPS 帶來相當大的利好。我想知道，至少到目前為止，那些從橫向供電轉向模組化供電再轉向縱向供電的客戶的主要驅動因素是什麼。所以我不太確定您是否具備這種精細程度的了解，但在更高的功率密度、更高的效率、更小的電路板頂部佔用空間等主要優勢中，您的客戶是否特別提到某個特性，作為他們轉向這些模組或垂直供電的主要原因？

Well, we don't see from a chip to module. Whoever stays with the module stays with module, starts with the module. Whoever stays with the chip, stays with the chip, okay? And so MPS provides both, okay, in both chip solutions and module solutions at this time. And so I don't know if it answered that question for you.

嗯，我們看不到從晶片到模組的整個過程。誰留在模組裡，誰就留在模組裡，誰就從模組開始。誰留下晶片，誰就留下晶片，好嗎？因此，MPS目前同時提供晶片解決方案和模組解決方案。所以我不知道這是否解答了你的疑問。

Got it. Okay. And then just kind of on the modules more broadly. I think I believe, if I understood it correctly, last quarter, you mentioned is that modules outside enterprise data could be like 10% to 15% of your total revenues. And so I was curious how much of your revenue base or I guess, addressable market outside enterprise data would be eligible for switching to modules.

知道了。好的。然後就更廣泛地談談各個模組。如果我理解正確的話，我認為您上個季度提到，企業資料以外的模組可能占到您總收入的 10% 到 15%。因此，我很好奇你們的收入基礎，或者說，企業資料以外的潛在市場，有多少符合切換到模組化的條件。

I mean, even if you're looking several years into the future, how high could that mix of modules outside enterprise data go?

我的意思是，即使展望未來幾年，企業資料以外的模組組合又能發展到什麼程度？

That's a good question, okay. And we want to -- we build those modules and again (technical difficulty) since 2017 industrial markets adoption is slow, actually faster than telecom, okay. And these are two market segments that we focus on. And then to our surprise the auto industry also want to use it because it's easy to implement.

問得好。我們想要——我們製造這些模組，但再次（技術困難）自 2017 年以來，工業市場的採用速度很慢，實際上比電信業快，好吧。而這正是我們重點關注的兩個細分市場。令我們驚訝的是，汽車產業也想使用它，因為它易於實施。

And so -- they don't want the semi equipment. And that's a large segment, we didn't realize that, okay? I mean. now we see all these revenues are happening there. So I think that in the next couple of years, it will be growing faster than three or four years ago. And so we're picking up a business -- the rate of increase is picking up.

所以——他們不需要半拖車設備。這是一個很大的群體，我們之前沒有意識到這一點，好嗎？我的意思是，現在我們看到所有這些收入都來自那裡。所以我認為，未來幾年，它的成長速度會比三、四年前更快。因此，我們的業務正在成長——成長率正在加快。

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

問答環節到此結束。現在我想把網路研討會的主持權交還給伯尼。

I'd like to thank you for all joining us in this conference call. I look forward to talking to you again during our fourth quarter 2025 conference call, which will likely be held in early February. Thank you, and have a nice day.

感謝各位參加本次電話會議。我期待在 2025 年第四季電話會議上再次與您交談，該會議可能會在 2 月初舉行。謝謝，祝您愉快。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本文字稿中標示（技術難題）的部分錶示有音訊問題。如果有重播視頻，我們會補充缺少的文本。