芯源系統 (MPWR) 2022 Q1 法說會逐字稿

Welcome, everyone, to the MPS First Quarter 2022 Earnings Webinar. Please note that this webinar is being recorded and will be archived for 1 year on our Investor Relations page at www.monolithicpower.com. 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; and Bernie Blegen, VP and CFO.

歡迎各位參加 MPS 2022 年第一季財報網路研討會。請注意，本次研討會將被錄音，並將在我們的投資人關係頁面 www.monolithicpower.com 上存檔 1 年。我的名字是 Genevieve Cunningham，將擔任本次研討會的主持人。今天與我一同出席的有 MPS 執行長暨創辦人 Michael Hsing，以及副總裁兼財務長 Bernie Blegen。

In the course of today's conference call, we will make forward-looking statements and projections that involve risk and uncertainty, which could cause results to differ materially from management's current views and expectations. Please refer to the safe harbor statement contained in the earnings release published today. Risks, uncertainties and other factors that could cause actual results to differ are identified in the safe harbor statements contained in the Q1 earnings release and in our SEC filings, including our Form 10-K filed on February 25, 2022, which is accessible through our website. MPS assumes no obligation to update the information provided on today's call.

在今天的電話會議過程中，我們將作出涉及風險與不確定性的前瞻性陳述與預測，這些因素可能導致結果與管理層目前的觀點與預期存在重大差異。請參閱今日發布之財報新聞稿中所載的安全港聲明。可能導致實際結果不同的風險、不確定性及其他因素，已在第一季財報新聞稿以及我們向 SEC 提交的文件（包括於 2022 年 2 月 25 日提交的 Form 10-K）中的安全港聲明中加以說明，並可透過我們的網站查閱。MPS 不承擔更新今日電話會議所提供資訊的任何義務。

We will be discussing gross margin, operating expense, R&D and SG&A expense, operating income, other income, income before income taxes, net income and earnings on both a GAAP and a non-GAAP basis. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A table that outlines the reconciliation between the non-GAAP financial measures to GAAP financial measures is included in our Q1 2022 earnings release, which we have furnished to the SCE (sic) [SEC] and is currently available on our website.

我們將討論毛利率、營業費用、研發與銷售、一般及行政（SG&A）費用、營業利益、其他收益、所得稅前利益、淨利以及依 GAAP 與非 GAAP 基礎計算的每股盈餘。這些非 GAAP 財務衡量指標並非依 GAAP 編製，不應被視為 GAAP 財務績效衡量指標的替代或更優指標。我們 2022 年第一季財報新聞稿中包含一份表格，說明非 GAAP 財務衡量指標與 GAAP 財務衡量指標之間的調節，該新聞稿已提供給 SCE（原文如此）[SEC]，目前亦可在我們的網站上取得。

I'd also like to remind you that today's conference call is being webcast live over the Internet and will be available for replay on our website for 1 year, along with the earnings release filed with the SEC earlier today.

我也想提醒各位，今天的電話會議正透過網際網路進行即時網路直播，並將在我們的網站上提供 1 年的重播，同時也會提供今天稍早向 SEC 提交的財報新聞稿。

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

現在我想把電話交給 Bernie。

Thanks, Gen. MPS posted record first quarter revenue of $377.7 million, 48.4% higher than the first quarter of 2021. The year-over-year revenue increase represented strength in the overall market and, more importantly, broad-based market share gains resulting from customer acceptance of our new product introductions.

謝謝你，Gen。MPS 第一季營收創下歷史新高，達 3.777 億美元，較 2021 年第一季成長 48.4%。年增的營收成長反映整體市場的強勁表現，更重要的是，客戶對我們新產品導入的接受度帶來廣泛的市占率提升。

Before looking at our revenue by market, I would like to call your attention to a change in our reporting. In order to provide increased visibility on data center and cloud computing revenue, we broke reporting for computer and storage into 2 separate line items. The table has been included in this webinar showing the company's quarterly revenue on this basis since 2017. The first line item is called storage and computing, which primarily refers to total storage and client computing revenue. The second line item is called enterprise data, which captures revenue from data center and cloud computing.

在檢視各市場別營收之前，我想請各位注意我們在揭露上的一項變更。為了提高資料中心與雲端運算營收的能見度，我們將「電腦與儲存」拆分為 2 個獨立的項目。此網路研討會中已包含一張表格，按此基礎呈現公司自 2017 年以來的季度營收。第一個項目稱為「儲存與運算」，主要指總儲存與用戶端運算營收。第二個項目稱為「企業資料」，涵蓋資料中心與雲端運算的營收。

In our storage and computing market, first quarter 2022 revenue of $96.6 million increased $18.6 million or 23.9% from the fourth quarter of 2021 due primarily to higher storage and commercial notebook sales. Computing -- storage and computing revenue represented 25.6% of MPS' first quarter 2022 revenue compared with 20.2% in the first quarter of 2021.

在我們的儲存與運算市場，2022 年第一季營收為 9,660 萬美元，較 2021 年第四季增加 1,860 萬美元（或 23.9%），主要由於儲存與商用筆電銷售增加。儲存與運算營收占 MPS 2022 年第一季總營收的 25.6%，相較於 2021 年第一季的 20.2%。

In our enterprise data market, first quarter 2022 revenue of $42.5 million increased 5.0% in the fourth quarter of 2021 due primarily to continuing strength in data center and workstation computing sales. Enterprise data revenue represented 11.3% of MPS' first quarter 2022 revenue compared with 6.4% in the first quarter of 2021.

在我們的企業資料市場，2022 年第一季營收為 4,250 萬美元，較 2021 年第四季增加 5.0%，主要由於資料中心與工作站運算銷售持續強勁。企業資料營收占 MPS 2022 年第一季總營收的 11.3%，相較於 2021 年第一季的 6.4%。

First quarter 2022 communications revenue of $55.6 million rose $9.7 million or 21.1% from the fourth quarter of 2021. The quarter-over-quarter increase primarily reflected higher revenue related to 5G build-outs and satellite communications. Communications revenue represented 14.7% of MPS' first quarter 2022 revenue compared with 14.2% in the first quarter of 2021.

2022 年第一季通訊營收為 5,560 萬美元，較 2021 年第四季增加 970 萬美元（或 21.1%）。此一季對季增長主要反映 5G 建設與衛星通訊相關營收增加。通訊營收占 MPS 2022 年第一季總營收的 14.7%，相較於 2021 年第一季的 14.2%。

First quarter 2022 revenue from consumer markets of $80.0 million increased $13.6 million or 20.6% from the fourth quarter of 2021. This sequential quarterly improvement -- this sequential revenue increase reflected a broad-based increase particularly related to our IoT business. Consumer revenue represented 21.2% of our Q1 revenue compared with a 26.0% contribution in the first quarter of 2021.

2022 年第一季消費市場營收為 8,000 萬美元，較 2021 年第四季增加 1,360 萬美元（或 20.6%）。此一季對季改善——此一序列營收增加反映廣泛性的成長，尤其與我們的 IoT 業務相關。消費營收占我們第一季營收的 21.2%，相較於 2021 年第一季的 26.0%。

First quarter 2022 automotive revenue of $54.5 million decreased 3.2% from the fourth quarter of 2021. Automotive revenue represented 14.4% of MPS' first quarter 2022 revenue compared with 17.6% in the previous year.

2022 年第一季車用營收為 5,450 萬美元，較 2021 年第四季下降 3.2%。車用營收占 MPS 2022 年第一季總營收的 14.4%，相較於前一年的 17.6%。

In our industrial market, revenue of $48.5 million was essentially flat with revenue recorded in the fourth quarter of 2021. Industrial revenue represented 12.8% of our first quarter revenue compared with 15.6% in the prior year.

在我們的工業市場，營收為 4,850 萬美元，與 2021 年第四季所記錄的營收基本持平。工業營收占我們第一季營收的 12.8%，相較於前一年的 15.6%。

Moving now to a few comments on gross margin. GAAP gross margin was 57.9%, 30 basis points higher than the fourth quarter of 2021 and 250 basis points higher than the first quarter of 2021. Our GAAP operating income was $96.1 million compared with $78.6 million reported in the fourth quarter of 2021. For the first quarter of 2022, non-GAAP gross margin was 58.3%, 40 basis points better than the fourth quarter of 2021 and 250 basis points better than the first quarter of 2021. Our non-GAAP operating income was $133.6 million compared to $112.0 million reported in the fourth quarter of 2021. On both a GAAP and a non-GAAP basis, the sequential quarterly gross margin improvement was primarily due to a better product mix as revenue from higher-value new product introductions are ramping.

接著談幾點毛利率。GAAP 毛利率為 57.9%，較 2021 年第四季高 30 個基點，較 2021 年第一季高 250 個基點。我們的 GAAP 營業利益為 9,610 萬美元，相較於 2021 年第四季的 7,860 萬美元。2022 年第一季非 GAAP 毛利率為 58.3%，較 2021 年第四季改善 40 個基點，較 2021 年第一季改善 250 個基點。我們的非 GAAP 營業利益為 1.336 億美元，相較於 2021 年第四季的 1.120 億美元。無論以 GAAP 或非 GAAP 基礎，序列季度毛利率的改善主要來自更佳的產品組合，因為高價值的新產品導入營收正在放量。

Let's review our operating expenses. Our GAAP operating expenses were $122.7 million in the first quarter of 2022 compared with $115.3 million in the fourth quarter of 2021. Our non-GAAP first quarter 2022 operating expenses were $86.6 million, up from $83.0 million reported in the fourth quarter of 2021. The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are stock compensation expense, amortization of purchased intangibles and income or loss on an unfunded deferred compensation plan. For the first quarter of 2022, stock compensation expense, including approximately $1.3 million charged to cost of goods sold, was $39.8 million compared with $31.2 million recorded in the fourth quarter of 2021.

我們來檢視營業費用。2022 年第一季 GAAP 營業費用為 1.227 億美元，相較於 2021 年第四季的 1.153 億美元。2022 年第一季非 GAAP 營業費用為 8,660 萬美元，高於 2021 年第四季所報告的 8,300 萬美元。此處所討論季度中，非 GAAP 與 GAAP 營業費用之差異包括：股票酬勞費用、外購無形資產攤銷，以及未提撥資金之遞延補償計畫的收益或損失。2022 年第一季股票酬勞費用（其中約 130 萬美元計入銷貨成本）為 3,980 萬美元，相較於 2021 年第四季記錄的 3,120 萬美元。

Switching to the bottom line. First quarter 2022 GAAP net income was $79.6 million or $1.65 per fully diluted share compared with $72.7 million or $1.51 per share in the fourth quarter of 2021. First quarter 2022 non-GAAP net income was $118.3 million or $2.45 per fully diluted share compared with $102.1 million or $2.12 per fully diluted share in the fourth quarter of 2021. Fully diluted shares outstanding at the end of Q1 2022 were 48.2 million.

接著看最終獲利。2022 年第一季 GAAP 淨利為 7,960 萬美元，或完全稀釋後每股 1.65 美元；相較於 2021 年第四季的 7,270 萬美元，或每股 1.51 美元。2022 年第一季非 GAAP 淨利為 1.183 億美元，或完全稀釋後每股 2.45 美元；相較於 2021 年第四季的 1.021 億美元，或完全稀釋後每股 2.12 美元。2022 年第一季末完全稀釋後流通在外股數為 4,820 萬股。

Let's look at the balance sheet. Cash, cash equivalents and investments were $775.9 million at the end of the first quarter of 2022 compared to $727.5 million at the end of the fourth quarter of 2021. For the quarter, MPS generated operating cash flow of about $107.4 million compared with operating cash flow of $28.2 million in the fourth quarter of 2021. First quarter 2022 capital spending totaled $26.5 million. Accounts receivable ended the first quarter of 2022 at $120.3 million or 29 days of sales outstanding, up 1 day from 28 days at the end of the fourth quarter of 2021.

我們來看資產負債表。截至 2022 年第一季末，現金、約當現金及投資為 7.759 億美元，相較於 2021 年第四季末的 7.275 億美元。本季 MPS 產生的營運現金流約為 1.074 億美元，相較於 2021 年第四季的營運現金流 2,820 萬美元。2022 年第一季資本支出合計 2,650 萬美元。應收帳款於 2022 年第一季末為 1.203 億美元，或銷售天數（DSO）29 天，較 2021 年第四季末的 28 天增加 1 天。

Our internal inventories at the end of the first quarter of 2020 were $311.0 million, up from the $259.4 million at the end of the fourth quarter of 2021. Days of inventory increased to 178 days at the end of Q1 2022 compared with 166 days at the end of the fourth quarter of 2021. Historically, we've calculated days of inventory on hand as a function of the current quarter revenue. We believe comparing current inventory levels with the following quarter's projected revenue provides a better economic match. On this basis, again, as you can see, days of inventory increased to 159 days at the end of the first quarter of 2022, up from 149 days at the end of the fourth quarter of 2021.

我們在2020年第一季末的內部庫存為3.11億美元，高於2021年第四季末的2.594億美元。庫存天數在2022年第一季末增加至178天，相較於2021年第四季末的166天。過去我們一向以當季營收作為計算在手庫存天數的基礎。我們認為，將目前庫存水位與下一季的預估營收相比，能更符合經濟上的配比。在此基礎上，如你所見，2022年第一季末的庫存天數同樣上升至159天，高於2021年第四季末的149天。

I would now like to turn to our outlook for the second quarter of 2022. We are forecasting Q2 revenue in the range of $420 million to $440 million. We also expect the following: GAAP gross margin in the range of 58.4% to 59.0%; non-GAAP gross margin in the range of 58.7% and 59.3%; GAAP R&D and SG&A expenses between $132.7 million and $136.7 million; non-GAAP R&D and SG&A expenses to be in the range of $90.0 million to $92.0 million, this estimate excludes stock compensation and litigation expenses; total stock-based compensation expense of $44.2 million to $46.2 million, including approximately $1.5 million that would be charged to cost of goods sold; litigation expenses ranging between $2.3 million and $2.7 million; interest and other income is expected to range from $1.3 million to $1.7 million before foreign exchange gains or losses; fully diluted shares to be in the range of 47.8 million to 48.8 million shares.

接下來我想談談我們對2022年第二季的展望。我們預估第二季營收將落在4.20億至4.40億美元之間。我們也預期如下：GAAP毛利率介於58.4%至59.0%；非GAAP毛利率介於58.7%至59.3%；GAAP研發與銷售、一般及行政（SG&A）費用介於1.327億至1.367億美元；非GAAP研發與SG&A費用預計介於9,000萬至9,200萬美元之間，此估計不包含股票酬勞與訴訟費用；股票基礎酬勞費用合計4,420萬至4,620萬美元，其中約150萬美元將計入銷貨成本；訴訟費用介於230萬至270萬美元；利息及其他收入（未計外匯損益前）預計介於130萬至170萬美元；完全稀釋後股數預計介於4,780萬至4,880萬股。

In conclusion, we will continue to execute on our long-term plan for sustainable growth. I will now open the webinar up for questions.

總結而言，我們將持續執行我們的長期計畫，以實現可持續的成長。接下來我將開放線上說明會進入提問。

Thank you, Bernie. Analysts, I would now like to begin our Q&A session. (Operator Instructions) Our first question is from Ross Seymore of Deutsche Bank.

謝謝你，Bernie。各位分析師，接下來我們開始問答環節。（接線員指示）我們的第一個問題來自德意志銀行（Deutsche Bank）的Ross Seymore。

Gen, Ross is not there. Perhaps we can move on.

Gen，Ross不在。也許我們可以先往下進行。

Our next question is from Alex Vecchi of William Blair.

下一個問題來自William Blair的Alex Vecchi。

Congratulations on a great quarter in a tough environment. Maybe you can address a little bit the supply constraints and some of the China COVID impact. It seems like you guys came out from that completely unscathed. Be interested in some of the dynamics that's allowed you to do that.

在艱難的環境下，恭喜你們交出很棒的一季。也許你們可以談一下供應限制以及中國COVID的影響。看起來你們完全沒有受到波及。很想了解是哪些動態讓你們能做到這一點。

Well, Alex, we planned this kind of ramp not from the last year, from -- not from this year, last year, many years ago. And you remember, in 2017, even '16, we said that we're going to have -- a lot of greenfield products will grow. And exactly we don't know, it's like plus or minus a year or so. And so we plan a lot of -- every aspect, including logistics and staff, assembly house and our internal testing. And this is not a 1-year thing, that we planned it a long time ago. And now when the revenues ramp, it's a little better than we anticipated. And so that's where you see the result.

Alex，我們規劃這種產能爬坡不是從去年開始的——不是從今年開始，而是從去年、甚至很多年前就開始了。你還記得在2017年，甚至2016年，我們就說過會有很多綠地（greenfield）產品成長。至於確切時間點，我們並不完全知道，大概會有正負一年左右的誤差。因此我們在各個面向都做了大量規劃，包括物流與人員、封裝測試廠以及我們內部測試。這不是一年就能完成的事，我們很久以前就開始規劃了。現在營收爬坡的情況比我們預期稍微好一些，所以你看到的就是這樣的結果。

And if I can add to that, we've also built inventories so that in 178 days, we're just at the lower end of our goal of being between 180 and 200 days, which provides us a good insurance policy as we look ahead to achieving our numbers for the second half of the year.

我補充一下，我們也建立了庫存；以178天來看，我們正好位於目標區間180到200天的下緣。這讓我們在展望下半年、要達成第二季後半段的數字時，等於多了一份很好的保險。

Yes. Even the end of the second half of 2019, the business is not as great. But we built according to our plan, and we know the business will come. Our -- at that time, I remember, our inventory is over 200 days. And that part of the inventories made us -- our customers feel a lot more reliable, MPS as a major player.

是的。即使在2019年下半年末，景氣也沒有那麼好，但我們仍依照計畫建庫存，因為我們知道業務終究會回來。我記得那時我們的庫存超過200天。那部分庫存讓客戶覺得我們更可靠，MPS作為主要玩家更具可信度。

Okay. That's really helpful. And then maybe one for you, Bernie, just on gross margin. Margins have been very strong as of late. You've alluded to product mix. Just on that front, how much more runway do you think you have on the gross margin front from the uplift on sort of your new products going forward?

好的，這很有幫助。接著可能想問你，Bernie，關於毛利率。最近毛利率非常強勁，你也提到產品組合。就這點而言，未來隨著新產品帶來的提升，你認為毛利率還有多少上行空間？

Sure. As you've seen both in the results that we had for Q1, along with our guidance for Q2, which positions us at around 59% gross margin, I think we've done a fair job of -- digesting is the incorrect word, but acknowledging the uplift in the margins as a result of our product mix. So again, I'll give the same answer I did last time that we believe that we've created a new floor on gross margins once we can expand 10 to 20 basis points sequentially. But again, if opportunistically, we see a backstep which allows us to take it up another, we will be happy to take that.

當然。從我們第一季的結果以及對第二季的指引（使我們毛利率約在59%）來看，我認為我們在——「消化」這個詞不太對，但我們已經相當程度地認知並反映了產品組合帶來的毛利率提升。因此我會給出和上次相同的回答：我們相信我們已經為毛利率建立了一個新的底部，之後每季可望再逐季擴張10到20個基點。不過，如果我們看到有利的時機出現，即便短期有回檔、但能讓我們再把毛利率往上推一些，我們也樂於把握。

I want to emphasize that while most of our peer companies have benefited both in terms of revenue growth and margin expansion from price increases, ours has been driven primarily by the change in revenue mix, which is favoring these higher-value products. And it was only in February of this year that we did a broad-based increase of our prices. But that was still far below what the market has seen.

我想強調的是，雖然多數同業在營收成長與毛利率擴張方面都受惠於漲價，但我們主要是由營收組合的變化所驅動，因為組合更偏向這些高價值產品。而我們直到今年2月才進行一次較全面的調價，但幅度仍遠低於市場普遍看到的水準。

But just I passed on the cost to our customers. And as the margin expansion for our case, we set it earlier, okay, setting it in 2017 or '18, we don't have a headwind. And by 2019, the market slows down a little bit, and we built up a lot of some amortizations in our production pipeline. So our margin went slightly lower, but it's not much lower. And now you see this margin continued to grow.

不過我只是把成本轉嫁給客戶。至於我們的毛利率擴張，我們之前就說過了，早在2017或2018年就已經布局，所以我們沒有逆風。到了2019年市場稍微放緩，我們在生產管線中累積了不少攤銷，因此毛利率略微下降，但降幅不大。現在你看到毛利率持續成長。

Our next question is from Matt Ramsay of Cowen.

下一個問題來自Cowen的Matt Ramsay。

Can you guys hear me all right?

你們聽得到我嗎？

Yes.

聽得到。

Okay. Michael, I guess, for either one of you guys, it was interesting that you're breaking out sort of the data center piece from the PC and storage business. And I guess I wonder a couple of things about that, like what maybe you guys are trying to signal by breaking those out separately. In particular the new enterprise data segment is up, I don't know, 160% year-over-year. But that's really before the 2 primary server processor vendors launched with new sockets this year. So Michael, could you maybe talk a little bit about the reason for breaking that out and the relative growth rates you guys expect of these 2 new segments as we go forward?

好的。Michael，我想這題你們兩位都可以回答。你們把資料中心（data center）部分從PC與儲存業務中拆分出來，這點很有意思。我想問幾件事：例如你們把它們分開揭露，可能想傳達什麼訊號？尤其新的企業資料（enterprise data）部門年增大概160%。但這其實是在兩大伺服器處理器供應商今年推出新插槽（new sockets）之前就達成的。Michael，你能否談談拆分揭露的原因，以及未來這兩個新部門相對的成長率，你們預期會如何？

Okay. If you combine all together, it's a kind of -- we're going to answer -- in the past, we answered those questions anyway. And -- but when we reported some numbers, and -- so which is more clear and publish out -- you guys know that, like I mean, we have less meaningful questions. And Bernie will answer that and if there are any other reasons about that.

好的。如果把所有東西合在一起，其實也算是——我們會回答——過去我們也一直在回答這些問題。只是當我們報告一些數字時，這樣拆分會更清楚、也更便於對外發布——你們也知道，這樣一來像是（我意思是）一些不那麼有意義的問題會少一點。Bernie會回答這點，如果還有其他原因也會補充。

I think, Matt, you did a good job of saying that this is clearly an inflection point for us, an inflection year, which will gain momentum as we see both Intel and AMD are positioned for product releases that are coming up here. So that -- in addition to the expanding footprint we have in both 48 volt and artificial intelligence, we believe that this will be one of our areas for sustainable growth for certainly the next 3 to 5 years. And exactly as Michael said, we believe that providing better transparency is definitely better information for our investors.

Matt，我認為你說得很好：這對我們而言顯然是一個拐點，是一個拐點之年；隨著Intel與AMD都已就緒、即將推出新產品，這股動能會進一步加速。因此，除了我們在48伏特與人工智慧領域持續擴大的布局之外，我們相信這將成為我們未來3到5年可持續成長的重點領域之一。也正如Michael所說，我們認為提供更高的透明度，對投資人而言絕對是更好的資訊。

That's helpful. I guess if you look at the second quarter guidance that you provided, $430 million at the midpoint was quite a bit above where consensus was and certainly where my model was. Bernie, if you might take a second to walk us through by segment how you're thinking about the growth being concentrated, that would be really helpful.

這很有幫助。我想如果你看你們提供的第二季指引，中位數 4.30 億美元明顯高於市場共識，當然也高於我的模型。Bernie，如果你能花點時間按業務分部帶我們走一遍，說明你們認為成長主要集中在哪些部分，會非常有幫助。

Yes. I think that the -- on a dollar or percent basis, we're going to see an accelerating ramp in enterprise, particularly during the second half of the year. I think we're going to see continued growth in our storage and computing, albeit probably not at the same rate. Part of the reason for that is that storage tends to be a precursor, at least from our experience, to a data center ramp. So I think in each of the 2 prior quarters, we've seen a good, strong ramp in storage. And now we're expecting 2 to 3 quarters in the data center.

是的。我認為——不論以金額或百分比來看——我們將看到企業端加速爬坡，特別是在今年下半年。我認為我們的儲存與運算業務也會持續成長，儘管可能不會以同樣的速度。部分原因是，依我們的經驗，儲存往往是資料中心擴張（ramp）的前導指標。所以我想在前兩個季度中，我們在儲存方面看到良好且強勁的爬坡。而現在我們預期資料中心會有 2 到 3 個季度的爬坡。

In the rest of the business, communications, as we said, we've broadened into not only 5G but also into satellite communications. And that's going to continue to be a driver for the foreseeable future. In the other areas, obviously, consumer, that is coming along. We emphasized Internet of Things, but we -- actually, the growth there is broad-based.

在其餘業務方面，通訊如我們所說，我們不僅擴展到 5G，也擴展到衛星通訊。這在可預見的未來將持續成為驅動力。在其他領域，顯然，消費端也在跟上。我們強調物聯網，但——其實那裡的成長是多面向、廣泛分布的。

Our next question is from Quinn Bolton of Needham.

下一個問題來自 Needham 的 Quinn Bolton。

Let me offer my congratulations as well. I wanted to come back to Alex' question about China. Obviously, you source most of your assembly and wafer capacity in China. And I just -- given that 0 COVID policy in China and some of the resulting lockdowns, are you rethinking the need to diversify outside of China either on the assembly and test or assembly and wafer foundry side? And then as, I guess, a related question, I think most of your final test takes place in Chengdu. Have you any contingency plans in place in case Chengdu is put under lockdown due to COVID?

我也先表達我的祝賀。我想回到 Alex 關於中國的問題。顯然，你們大部分的封裝組裝與晶圓產能都在中國取得。我只是——考量到中國的清零政策以及由此帶來的一些封控，你們是否正在重新思考需要在中國以外做多元化，不論是在封裝與測試端，或是封裝與晶圓代工端？另外作為相關問題，我想你們大部分的最終測試是在成都進行。若成都因 COVID 被封控，你們是否已經有任何應變計畫？

Yes. We started a couple of years ago. We already started doing so. And as you know, China's manufacturing in Asia is the center of the world, and we can't delay too much about it. I mean, if they have a serious problem, I think that everybody worry about it, even bigger things. And yes, the answer is yes, okay? We already started like establishing in a different political environment, as I said.

是的。我們幾年前就開始了。我們已經開始這麼做了。而且如你所知，中國在亞洲的製造是世界中心，我們也不能在這件事上拖延太久。我的意思是，如果他們有嚴重問題，我想每個人都會擔心，甚至還有更大的事情。是的，答案是肯定的，好嗎？如我所說，我們已經開始在不同的政治環境中建立布局。

In Chengdu, Michael, do you have test capacity outside of Chengdu, if Chengdu goes under lockdown?

在成都方面，Michael，如果成都進入封控，你們在成都以外有測試產能嗎？

Yes. We started to about a couple of years ago. But maybe it's a little more than 12 months ago, we're starting.

有。我們大概兩年前就開始了。但也許是稍微超過 12 個月前，我們開始啟動。

Yes. We've been testing capacity in Chengdu. We've concentrated that on some of our higher-value parts, including automotive. And now as Michael just said is now we've started to transition where we can actually have third parties. So we actually have a built-in contingency plan.

是的。我們一直在成都配置測試產能。我們把那裡的產能集中在一些較高價值的產品上，包括車用。現在如 Michael 剛才所說，我們已開始轉移，使我們實際上可以使用第三方。因此我們其實已內建一個應變方案。

Yes. Outside Chengdu only, yes, we have -- other than these high reliability product, we're testing in our site. And other than that, okay, we do pretty high volumes. If it's about half of it, it's in a different facility. What I talked about -- I just mentioned about it is outside China.

是的。僅就成都以外而言，是的，我們有——除了這些高可靠度產品，我們在自有據點測試。除此之外，好嗎，我們的量相當大。如果大約一半的量，是在另一個設施。我剛才提到的——我剛剛說的是在中國以外。

Got it. Okay. And then my follow-up question is around the internal inventory level that you guys have done an absolutely fantastic job of increasing that in a very tight supply environment. I guess my question is, as you're approaching now the low end of your target range of 180 to 200 days, can you tell us what's going on with lead times? I would think as internal inventories get up to your target level, that may give you the ability to start to reduce lead times to potentially gain even more market share. But wondering if you could give us a sense of what's going on with lead times given that increase in internal inventory levels.

了解。好的。那我追問一個關於你們內部庫存水位的問題：在供應非常吃緊的環境下，你們把庫存拉高做得非常出色。我想問的是，當你們現在接近 180 到 200 天目標區間的下緣時，能否談談交期（lead times）的情況？我會認為當內部庫存達到目標水位時，可能讓你們有能力開始縮短交期，進而可能取得更多市占。但想請你們分享一下，在內部庫存水位提高的情況下，交期目前的狀況如何。

Our lead times in this quarter is the same as the last quarter. So probably even our booking, even I don't see anything. The rate of our booking is now reduced. And Bernie, you said...

我們本季的交期和上季一樣。所以可能就連我們的接單（booking），我也沒看到什麼變化。我們的接單速度現在下降了。而 Bernie，你說……

Yes. You took my answer on both fronts that lead times have remained very consistent in each of the last 3 quarters. And again, what you're seeing as far as the build of inventories, it has been a very conscious and deliberate decision to build the inventories in advance, particularly on the enterprise side, to meet the demand we expect for the second half of the year. And then I think that we've done a good job of positioning ourselves under what has now become uncertain environment.

是的。你把我在兩個面向的答案都說了：交期在過去 3 個季度都維持非常一致。再者，你看到的庫存建立，是一個非常有意識且審慎的決策，提前建立庫存，特別是在企業端，以滿足我們預期今年下半年的需求。然後我認為，在如今已變得不確定的環境下，我們在定位上做得不錯。

Our next question is from William Stein of Truist.

下一個問題來自 Truist 的 William Stein。

Great. Congrats on the very strong result, especially the outlook. We understand, though, that while we see a great number overall, in particular for the guidance, there's always moving parts when we look at it on a more detailed level. And I wonder if you're seeing either -- perhaps owing to customers focusing on getting balanced kits or full sets or however you want to call it or if you're seeing anything related to Ukraine or the lockdowns in China, whether any of these factors is influencing either the order rates or the backlog. For example, if none of these things were happening, the outlook would have been even stronger. Any qualification that you can provide us would be helpful.

很好。恭喜你們非常強勁的結果，尤其是展望。我們也理解，雖然整體數字看起來很棒，特別是指引，但當我們更細部地看時，總會有一些變動因素。我想問你們是否看到——也許是因為客戶專注於取得平衡的套件或完整套裝（不管你怎麼稱呼）——或是你們是否看到任何與烏克蘭或中國封控相關的影響，這些因素是否正在影響下單速度或在手訂單（backlog）？例如，如果這些事情都沒有發生，展望可能會更強。你們能提供任何補充說明都會很有幫助。

Yes. Well, like I mean, MPS is like selling [journey] things. And we are not a dominant application supplier. We're not like selling an upgrade. I mean -- so whatever we ship is that these are the small part of the solutions. And so we don't know, okay? Actually, that's our model. That's the beauty of it. We don't know where these products are -- ended up. And so whether the whole effectiveness, okay, and -- we're very, very much diversified. We actually don't know it. And okay, (inaudible) they're calling (inaudible).

是的。嗯，我的意思是，MPS 就像是在賣（[journey]）的東西。而我們不是某個應用的主導供應商。我們不是在賣升級。我是說——所以我們出貨的這些，其實只是解決方案中的小部分。因此我們不知道，好嗎？其實那就是我們的模式，那也是它的美妙之處。我們不知道這些產品最後——流向哪裡。所以至於整體的有效性，好嗎，然後——我們非常、非常多元化。我們其實不知道。然後，好吧，（聽不清）他們在打電話（聽不清）。

So the -- to answer your questions, I mean, only things -- yes, we do know where the product goes, to the data centers. The product, if it goes to a car, I mean, these are -- we pretty much know where the product ended up, okay. And other than that, we don't.

所以——回答你的問題，我的意思是，唯一的事情——是的，我們確實知道產品去哪裡：到資料中心。產品如果是到車上，我的意思是，這些——我們大致知道產品最後到哪裡了，好嗎。除此之外，我們就不知道。

Again, just reinforcing the answer from before, there is no significant KPI, whether it's in the bookings or any other area of our business, that we're seeing a change from the past 2, 3 quarters.

再次強化先前的回答：我們沒有看到任何重要的 KPI——不論是在接單（bookings）或我們業務的任何其他領域——相較於過去 2、3 個季度有出現變化。

That's helpful. Bernie, you've talked about various levels of revenue that you could achieve at full utilization, in other words, the capacity that you're building for. I know this started a couple of years ago. Well, I'm sure it's ongoing really. But the capacity and the upsides that we've seen over the last few quarters, of course, those were not planned very quickly. They were planned a long time ago. Can you remind us or maybe update us on the medium- to long-term capacity planning that's in place today, what levels of total capacity we can expect over the next few quarters?

這很有幫助。Bernie，你談過在滿載利用率下你們可以達到的各種營收水準，也就是你們正在建置的產能。我知道這是幾年前開始的。我想當然現在也仍在進行中。但我們在過去幾個季度看到的產能與上行空間，當然不是很快就規劃出來的，而是很久以前就規劃的。你能否提醒我們，或更新一下目前在位的中長期產能規劃？未來幾個季度我們可以期待的總產能水準大概是多少？

Yes. That's a good question. I think that we answered that question in last quarter. So like we said that we're going to plan for $4 billion of revenues in the next couple of years. And so that's what we do and we continue to invest.

是的。這是個好問題。我想我們在上個季度回答過這個問題。所以如我們所說，我們計畫在未來幾年把營收規劃到 40 億美元。因此這就是我們在做的，而且我們會持續投資。

Yes. And I think just to sort of lend some credibility to that, you recall about a year ago that we offered that by the end of Q2 in 2022, that we would be at a $2 billion run rate. And with the guide that we have provided and the expectations ahead, I think that's a milestone that backs up the amount of visibility in our supply chain. So right now, the goal is, as Michael said, $4 billion.

是的。而且我想為了讓這件事更具可信度，你會記得大約一年前我們提出，到 2022 年第二季末，我們會達到 20 億美元的年化營收（run rate）。以我們提供的指引與對未來的預期來看，我認為那是一個里程碑，支撐了我們在供應鏈可視性方面的程度。所以目前的目標，如 Michael 所說，是 40 億美元。

Yes. If the demand is there this year, we will do it, yes. We will do $2 billion, as we said in a couple of years ago. And we continue to see the demand, and we see the demand will be there, okay? This is not a one -- a short term, okay, thing. And if this does not happen that year, that will happen the year after.

是的。如果今年有需求，我們就會做，是的。我們會做到 20 億美元，正如我們在幾年前所說的。而且我們持續看到需求，也看到需求會在那裡，好嗎？這不是一個——短期的，好嗎，事情。而且如果那一年沒有發生，那就會在下一年發生。

Our next question is from Rick Schafer of Oppenheimer.

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

Yes. I'll echo all the congratulations, another stellar quarter for you guys and outlook. If I could, my first question, I'm just kind of following up on the server breakout and obviously, a big ramp ahead for QSMod in cloud this year. I was curious kind of below that line a little bit, if there's any updates you could give us, like your 48 volt expectations this year or next. And within that, I'm curious, I sort of assumed 48 volt is virtually all AI accelerator for the next couple of years. But I'm curious, when do you see 48 volt sort of move into other areas like CPU or some broader markets like auto or industrial? Because I'm curious if you've looked at sort of what that 48 volt SAM looks like for MPS because it seems like an awful big opportunity.

是的。我也呼應各方的恭喜，你們又交出一個非常亮眼的季度與展望。如果可以的話，我的第一個問題是，算是延續我對伺服器拆分的追問；很明顯，今年雲端的 QSMod 會有很大的放量。我想請教在那條線以下的一點：你們能否更新一下今年或明年對 48 伏的預期？在這之中，我原本假設未來幾年 48 伏幾乎全部都用在 AI 加速器上。但我想知道，你們何時看到 48 伏開始進入其他領域，例如 CPU，或更廣泛的市場如汽車或工業？因為我很好奇你們是否評估過 MPS 的 48 伏 SAM 長什麼樣子，因為看起來是個非常大的機會。

Yes. 48 volt, okay, 48 volt (inaudible) is actually starting in the automotive and also the server and AI, okay? These are CPUs. And for the 48 volt for the car, that's a different thing but the same technologies. And also, we see these telecom areas, 48 volts, it's all standard. And so now the 4Gs and the compliance with the 48 volt, again, we have a solution there. So there's a lot of area we can grow.

是的。48 伏，好嗎，48 伏（聽不清）其實正開始用在汽車以及伺服器與 AI 上，好嗎？這些是 CPU。至於汽車的 48 伏，那是不同的應用，但技術是相同的。另外，我們也看到電信領域的 48 伏，這是標準配置。因此現在 4G 以及對 48 伏的相容性方面，我們同樣有解決方案。所以我們可以成長的領域很多。

Yes. And I think that the 48 volt, not only are we seeing the ramp, its adoption more broadly, but competitively, I would offer that we're very well positioned with some of the new technologies that we've rolled out and expect to roll out during the course of the next 18 months. So I think here, again, we timed our product releases pretty well with the inflection of this market opportunity.

是的。我認為 48 伏不僅我們看到它在放量、採用更為普及；從競爭角度來看，我會說我們在一些已推出、並預期在未來 18 個月內推出的新技術上，處於非常有利的位置。所以我想在這裡，同樣地，我們的產品發佈時點與這個市場機會的拐點配合得相當好。

And now talking about with the -- our product, the module is ramping, yes. So we provide -- we're providing whatever customer needs. We had a chip level or module level or solution levels.

然後談到——我們的產品，模組正在放量，是的。所以我們提供——我們會提供客戶所需要的任何東西。我們有晶片層級、模組層級或解決方案層級。

And then maybe as my follow-up, just on 5G. I haven't asked a 5G question in a while. But I'm -- I mean, you guys are engaged with the sort of the big 3 Tier 1 OEMs. And I just was curious if you can give us an update on your expectations. I know you flagged 5G here from 1Q results. So I'm curious what your expectations are for this year. And if there's any update you could give us on sort of how content compares with what you're seeing in server or data center and sort of how that ramp looks. And maybe if you could talk about how you quantify that opportunity in macro base station.

那麼作為追問，關於 5G。我有一陣子沒問 5G 的問題了。但我——我的意思是，你們與三大 Tier 1 OEM 都有合作。我只是想知道你們能否更新一下你們的預期。我知道你們在第一季結果中提到了 5G。所以我想了解你們對今年的預期是什麼。以及你們能否更新一下你們看到的內容價值（content）與伺服器或資料中心相比如何、以及那個放量曲線看起來如何。也許你們也可以談談，你們如何量化宏觀基地台（macro base station）中的機會。

The 5G is a relatively new market segment for us. So it's not like we can draw from our prior experience and calibrate it up or down. We're sort of living a little hand to mouth on what demand looks like and how fast we're shipping. So we don't have a real good predictive model. What we talked to you about in the past has been that, again, we believe on a broad base, not only with, as you referred to, the top 3 but with a number of partners related to 5G infrastructure, we're providing content.

5G 對我們來說是相對新的市場區隔。所以不像我們能從過往經驗中推導並向上或向下校準。我們有點是看著需求、看著出貨速度在走。所以我們沒有一個非常好的預測模型。我們過去跟你們談到的是：同樣地，我們相信在廣泛的基礎上，不僅是你提到的前三大，也包括許多與 5G 基礎建設相關的合作夥伴，我們都在提供內容價值。

And while it's easy to look at the base station as a means of calculating out what the SAM is available to us, I think that we're also in fiber optic, in the data center support for 5G as well as in the transceiver of the base station. And again, I think as we pointed out, a lot of the initial technology that we're putting in is tending to be lower end and not necessarily specialized or adaptive to 5G specifically.

而且，雖然很容易用基地台來計算我們可取得的 SAM，但我認為我們也在光纖、在資料中心對 5G 的支援，以及基地台的收發器（transceiver）中都有布局。同樣地，正如我們指出的，我們最初導入的許多技術往往偏向較低階，未必是專門或自適應於 5G 本身。

So we don't have the same level of visibility on how it's being deployed, and we've used this strategy in the past, think of the data center. We come in with lower dollar value content, build the relationships, and then we're able to go to higher value content. So...

所以我們對它如何被部署沒有同等程度的能見度；而且我們過去也用過這個策略，想想資料中心。我們先以較低美元價值的內容切入、建立關係，然後我們就能往更高價值的內容推進。所以……

Let me say that we do have a custom design for each of the areas that Bernie said from fiber optics to all the single chains, so all the way to transceivers. And we do have a custom design. And based on our standard product modules, and these are the products -- it's not really a low end. They can be -- but these products can be used for any other telecom, which provides a building block, provides power solutions for each of these blocks -- each of these category. And we do see a lot of activity now. And the revenue is ramping now.

我補充一下：Bernie 提到的每個領域，從光纖到所有的單鏈路，一直到收發器，我們都有客製化設計。我們確實有客製化設計。而且是基於我們的標準產品模組；這些就是產品——其實不一定是低階。它們可以是——但這些產品也可以用於任何其他電信應用，提供一個積木式的基礎，為每一個模組——每一個類別的這些區塊提供電源解決方案。我們現在確實看到很多活動，而且營收正在放量。

Our next question is from Chris Caso of Raymond James.

我們的下一個問題來自 Raymond James 的 Chris Caso。

I guess a question about the profile of revenue growth as we go through the year. And thus far, over the past several quarters, your revenue growth has been pretty broadly based, seeing growth in most segments. I know we've been speaking about, and we've been anticipating for a while, the server ramp as we get to the end of the year. But as we look through revenue in the next kind of 2, 3, 4 quarters, do you expect that revenue growth to continue to be broadly based? Or do you think that it's going to be concentrated in any particular segments?

我想問的是，隨著今年推進，營收成長的輪廓會是如何。到目前為止，在過去幾個季度，你們的營收成長相當廣泛，多數區隔都看到成長。我知道我們一直在談、也期待了一段時間，隨著接近年底伺服器會放量。但當我們看未來大概 2、3、4 個季度的營收時，你們預期營收成長仍會維持廣泛分布嗎？還是你們認為會集中在某些特定區隔？

Well, the strategy is that we fired as many cylinders as we can, okay? Whenever it grows, we grow, okay? And I think that's the strength about the diversifications. And in the next few quarters, we see the demand even for 2023 and '24, and these are pretty much similar, okay? We don't see that much of a difference.

嗯，我們的策略是盡可能讓更多引擎一起發力，好嗎？哪裡成長，我們就跟著成長，好嗎？我認為這就是多元化的優勢。而在接下來幾個季度，我們看到甚至到 2023 年與 2024 年的需求，這些基本上都差不多，好嗎？我們沒有看到太大的差異。

And the one thing we see it, okay, they -- we -- our customers demand more high-value product, which means they can easily adopt and easy to use and a much higher efficiency product and an energy-conserving efficiency product. And so these are much better for us. Instead of our customer doing a lot of development work, we do a lot of development work for our -- we develop the solution for our customers. So that means a higher dollar amount -- a higher dollar content. And so that's really -- we see that as the only difference.

而我們看到的一件事是，好嗎，他們——我們——我們的客戶需要更多高價值產品，這表示它們更容易導入、更容易使用，而且效率更高、也更節能。因此這對我們更有利。與其讓客戶做很多開發工作，我們替——我們為客戶做很多開發工作。我們為客戶開發解決方案。這就意味著更高的美元金額——更高的內容價值。所以這真的是——我們把它視為唯一的差異。

Got it. My follow-up question is about the impact of some of the China lockdowns and not from your production side but rather from your customer side. And what we heard from some others, or at least one other, is that part of the challenges in China right now are customers having facilities that are closed or that freight forwarders are simply unwilling to accept product because of some of the logistics challenges that are going on right now. Is that something you're facing as well? And is there any impact on your revenue right now, which might mean some of those issues get solved, that some of that goes into the second half of the year?

了解。我的追問是關於中國一些封控的影響，不是從你們生產端，而是從你們客戶端。我們從一些其他公司——至少一家——聽到，中國目前的部分挑戰在於客戶有些設施關閉，或是貨運承攬商因為目前的物流挑戰而不願意收貨。你們也遇到這種情況嗎？目前對你們的營收是否有任何影響，可能意味著等這些問題解決後，有些出貨會落到下半年？

Absolutely, it hit us. And don't get me wrong. Even though we've grown this much, if we didn't have that problem, we can ship a whole lot more. But we just have -- we anticipated that a little better. So like I mean -- so we can still roll in our -- on our models. Like I mean, it's not much part of our models. And -- or the quality is above our models, something -- even a year or 2 years, something like that.

絕對有影響到我們。別誤會。即使我們成長了這麼多，如果沒有那個問題，我們可以出貨更多。但我們只是——我們對此預期得稍微更好一些。所以我的意思是——所以我們仍然可以把它納入我們的——納入我們的模型。我的意思是，它在我們模型中占比不大。而且——或者說實際表現高於我們的模型，像是——甚至是一年或兩年之類的情況。

And on the other hand, other than our logistics and our production limitations, our customers, they have a mix, too. And clearly, you see the auto business. I mean, we have less problem of shipping product than other -- their other suppliers. So -- and you can't speculate this, okay, because of in limiting our -- they are buying -- they're purchasing our product for -- because they're missing other parts.

另一方面，除了我們的物流與產能限制之外，我們的客戶端也同樣是多種情況混雜。很明顯你可以看到汽車業務。我的意思是，相較於他們的其他供應商，我們在出貨產品上的問題更少。所以——而且你不能對此做推測，好嗎，因為在我們受限的情況下——他們之所以購買——他們採購我們的產品，是因為他們缺少其他零組件。

And I think that we continue to be very resilient under a number of environmental circumstances. Part of that is the planning that we've set in motion 3 or 4 years ago, and some of it is how diversified our model is, and some of it is how adaptive we can be in the moment. So again, we did acknowledge the impact our customers' supply chain affecting us, but I wouldn't say that, that is a pronounced element. And we're continuing to monitor it.

我認為在多種外部環境情況下，我們仍然非常有韌性。其中一部分來自於我們在3到4年前就啟動的規劃，一部分來自於我們模式的多元化，還有一部分來自於我們在當下的適應能力。所以再說一次，我們確實承認客戶供應鏈對我們造成影響，但我不會說那是一個非常顯著的因素。我們也會持續監控。

Our next question is from Tore Svanberg of Stifel Nicolaus.

下一個問題來自 Stifel Nicolaus 的 Tore Svanberg。

Yes. Congratulations on another record quarter, quite stunning. First question is on long-term growth. So you grew more than 40% last year. It looks like you're on track to growing another 40% this year, at least. Michael, in the past, you've said there's no reason why you can't accelerate growth, even though you have higher revenues.

是的。恭喜再創紀錄的一季，真的相當驚人。第一個問題是關於長期成長。你們去年成長超過40%。看起來今年至少也有望再成長40%。Michael，過去你曾說過，即使營收更高，也沒有理由不能加速成長。

You remember that one. That's good.

你還記得那句話。很好。

So I'm just trying to understand what you think about long-term growth at this point. Is 40% the right number? I know you're probably not going to commit to a number. But yes, anything you can add on that would be great.

所以我只是想了解你目前對長期成長的看法。40%是合適的數字嗎？我知道你可能不會承諾一個數字。但如果你能補充任何看法就太好了。

Yes. Okay, as always said, okay, about a few minutes ago, I said that our customers even demand the more higher-value products that can be a solution kind of related products. Not -- they want to unload their engineering effort to MPS. And I see that opportunity is -- the opportunity is for accelerated growth because think about it. If it's MPS, we don't make anything, and we're just only testing the final control -- quality control. And that can apply to anything else. And I can apply it to models, apply it to tools, okay, apply it to any other solutions. Like it's all -- but it's all related to power, all related to what we know.

是的。好，如同我一直說的，好嗎，就在幾分鐘前我也提到，我們的客戶甚至要求更高價值、可作為解決方案的相關產品。他們不——他們希望把工程投入卸載給MPS。我看到的機會——機會在於加速成長，因為想想看。如果是MPS，我們不製造任何東西，我們只做最終控制——品質控制。而這可以套用到其他任何事情。我也可以套用到模組、套用到工具，好嗎，套用到任何其他解決方案。就像——但這一切都與電源相關，都與我們所熟悉的領域相關。

And so from now on, you will see MPS, okay, we provide a plug-and-play solution for all kind of robotics, for industrial automation and for building controls. And those type of product and -- which has a lot higher ASPs, we buy those components or we specify those components, and we incorporate to our solutions. So the unit price will be much higher.

因此從現在開始，你會看到MPS，好嗎，我們為各種機器人、工業自動化以及樓宇控制提供即插即用的解決方案。而這類產品——其ASP高得多，我們採購這些元件或指定這些元件，並把它們整合到我們的解決方案中。所以單價會高很多。

And now it's how fast we can put all these solutions together and turn it into a meaningful revenue. And that, I can't predict. And that you have probably a lot of knowledge, too. Now at the same time, MPS, as a semiconductor chip business, keep growing. So I don't see in the near term, in the next year or so, I don't see any slowdown. And it's actually accelerated.

現在的問題是，我們能多快把這些解決方案整合起來，並把它轉化為有意義的營收。這一點我無法預測。而你可能也有很多相關知識。同時，MPS作為半導體晶片業務仍在持續成長。所以在短期內，接下來一年左右，我看不到任何放緩。事實上還在加速。

And so true, the other model is at the very infancies. And if you go 3 or 4, 5 years from now, I think that we will be a real solution company. Like semiconductor is only a part of -- in our -- in the total content. So I want to grow more. I've seen more than $10 billion of companies, I mean $10 billion, $15 billion company. And there is no reason why not.

而且確實，另一種模式還在非常早期的階段。如果你看3到4、5年之後，我認為我們會成為一家真正的解決方案公司。半導體只會是——在我們——整體內容中的一部分。所以我想成長得更多。我看過超過100億美元的公司，我是說100億、150億美元的公司。沒有理由做不到。

That's great perspective. As my follow-up, I wasn't aware you had a lot of traction in the satcom market. I was just hoping you could add a little bit more color there, what types of applications, what are some of the strengths the company have today in that market. And are you continuing to introduce new products? Because that's -- to me, it's obviously a very high-margin business, right? But it's also a very difficult market to crack into.

這個觀點很棒。作為追問，我之前不知道你們在衛星通訊（satcom）市場有這麼多進展。我希望你能再多補充一些細節：是哪些類型的應用？公司目前在該市場有哪些優勢？你們是否持續推出新產品？因為在我看來，那顯然是高毛利的業務，對吧？但同時也是一個很難打入的市場。

Yes. It's -- our satellite communications in a way and not only in the satellite itself, the ground station, there's a huge amount. And there's new standards. And we can -- there's a lot of new activities in that. And we designed it into -- about a few years ago. And mostly, it's a power modules. And also, we have related to these -- in the satellite itself, I mean, these control the solar panels and also a lot of power box. And I think the value in this is so -- the value of this is everywhere, okay? And these are from the antenna to -- powering up the antenna to power the receivers and also all the way down to the user interface. And we all benefited from that.

是的。——我們的衛星通訊在某種程度上，不僅是在衛星本體，地面站也有很大的量。而且有新的標準。我們可以——那裡有很多新的活動。我們在幾年前就把它設計導入了。主要是電源模組。另外，我們也有與這些相關的——在衛星本體裡，我是說，用來控制太陽能板，還有很多電源盒。我認為這裡的價值非常——這個價值無所不在，好嗎？這些涵蓋從天線到——為天線供電、為接收器供電，一直到使用者介面。我們都因此受益。

Excellent. Very good. Congratulations again.

非常好。很好。再次恭喜。

Thank you.

謝謝。

Thanks.

謝謝。

Our next question is from Ross Seymore of Deutsche Bank.

下一個問題來自 Deutsche Bank 的 Ross Seymore。

Can you guys hear me this time?

你們這次聽得到我嗎？

Yes.

聽得到。

Ross, you're there.

Ross，你在。

I've been here the whole time. I'm glad that we got it to work. So I guess the first question is a longer-term one, then I'll follow up with a shorter-term one. Michael, you talked many times on tonight's call about moving up the value chain, adding more value, customers want to use Monolithic for more and more. And in the past, that's going from kind of the second or third tier folks in various markets up to the first tier. So really, what I wanted to get at was, are you seeing evidence of moving up to higher and higher value customers? And does the fact that you didn't raise prices as much as your peers and that you had availability, is that getting you longer-term design wins, higher value design wins? Anything you could do to quantify that dynamic?

我一直都在。我很高興我們終於弄好了。所以我想第一個問題是比較長期的，然後我會再追問一個較短期的。Michael，你在今晚的電話會議中多次談到往價值鏈上移、增加更多價值、客戶希望越來越多地使用Monolithic。過去那是從各市場中大概第二或第三梯隊的客戶，往第一梯隊提升。所以我真正想問的是，你是否看到往更高價值客戶移動的證據？以及你們沒有像同業那樣大幅調漲價格、而且你們有供貨能力，是否正在為你們帶來長期的設計導入（design wins）、更高價值的設計導入？你能否量化這種動態？

I don't know how to qualify that, okay, because we don't -- we didn't really -- we didn't increase the price, okay, for those first tier, the value -- the strategic customers because these prices are negotiated way before that. And we had to honor that. And so we always said that what we do is what we said what we did, okay? So we have to honor that.

我不知道該如何量化，好嗎，因為我們——我們並沒有真的——我們沒有提高價格，好嗎，對於那些第一梯隊、價值——策略性客戶，因為這些價格早在那之前就已談判好。我們必須遵守。所以我們一直說，我們做的就是我們說過會做的，好嗎？所以我們必須信守承諾。

And I think that also is a part of MPS branding. And so that benefits for long term. And for other high-value customers or high-value products, I mean, it's sporadic. This is the very beginning. A lot of customers don't even know, "Oh, you offer these solutions." But you offer that -- the entire solutions. And so they don't even know that, okay. MPS is just starting to. And that actually relates to a few years ago when we said that we're going to do e-commerce, okay? We will do e-commerce plug-and-play, programmable, all these things. And these are all related.

我認為這也是MPS品牌的一部分。因此這對長期有利。至於其他高價值客戶或高價值產品，我是說，這是零星的。這才剛開始。很多客戶甚至不知道，「喔，你們提供這些解決方案。」但你們提供的是——完整的解決方案。所以他們甚至不知道這點，好嗎。MPS才剛開始。而這其實也與幾年前我們說要做電商有關，好嗎？我們會做電商的即插即用、可程式化，所有這些事情。這些都是相關的。

And so we do solar only for large customers. And as I said, we have a satellite company. We have EV companies. So we have a -- day 1, MPS is doing a lot more. Or even the data centers and the demand of all these, we provide the entire unit. And they don't have to design it. So that's actually across the board. We have -- I just named a few. But revenue is still small. We're starting.

因此我們在太陽能方面只服務大型客戶。而如我所說，我們有一家衛星公司客戶。我們有電動車公司。所以我們有——從第1天起，MPS就在做更多事情。甚至在資料中心以及所有這些需求上，我們提供整個單元。他們不必自行設計。所以這其實是全面性的。我剛才只舉了幾個例子。但營收仍然很小。我們才剛開始。

And for my follow-up, a near-term question. Bernie, this could either be both revenues and/or the gross margin in your answer on this, and it's really about the mix. You've talked about the gross margin rising because of mix and new products being the driver of that. So if I look at the industrial and automotive businesses, the last couple of quarters, they're great year-over-year, but they've been flat to a little bit down sequentially for the last 6 months or so. Is there anything going on in that business? Is it just lumpiness? Is it waiting for some design wins? And on the mix side of that equation for gross margin, I think most people believe those could be some of the more accretive areas. So how is the mix such a positive for your gross margin if the 2 areas that are supposed to be the highest margins are actually slightly underperforming the others?

作為追問，一個短期問題。Bernie，你的回答可以涵蓋營收和／或毛利率，主要是關於產品組合（mix）。你談到毛利率上升是因為組合與新產品所驅動。所以如果我看工業與汽車業務，過去幾季年增表現很棒，但在最近大約6個月，按季來看是持平到小幅下滑。那個業務有發生什麼事嗎？只是波動性（lumpiness）嗎？是在等待一些設計導入嗎？而在影響毛利率的組合面，多數人認為那兩個領域可能是更具增益（accretive）的部分。所以如果原本應該是最高毛利的兩個領域其實略微落後於其他領域，為什麼組合仍能對你們的毛利率帶來如此正面的影響？

Makes sense. That's...

有道理。那是……

That was good question.

那是個好問題。

A simple question. So yes, let me reference what Michael said earlier is the power of our model is the diversification of the end markets. And if you go back to the performance, the revenue performance that we demonstrated in industrial and automotive last year, they were leaders in our growth drivers. In the current year, and reflected with the health of the 2 end markets, it really came down to it being the timing of shipments.

這是一個簡單的問題。所以是的，讓我引用 Michael 先前提到的：我們模型的優勢在於終端市場的多元化。若回頭看我們去年的表現，也就是我們在工業與車用領域所展現的營收表現，它們是我們成長動能的領先者。在今年，並且反映這兩個終端市場的健康狀況，歸根究柢其實是出貨時點的問題。

So we believe that as far as the design wins that are coming in that we don't believe that we've overshipped them to the extent that, that's going to cause us a problem. The orders on the book remain incredibly positive. So again, it's just -- it's more a difference of quarter-over-quarter as opposed to anything fundamentally different about the market.

因此，我們相信就目前進來的 design win 而言，我們不認為我們超額出貨到會造成問題的程度。在手訂單仍然非常正面。所以再說一次，這更多是季度對季度的差異，而不是市場基本面有任何不同。

And also, one of the questions is why the margin goes up if these 2 segments go sideways, okay? And the year-to-year -- year-over-year growth, okay, I mean, if you look at it from Q3 last year to now, so those segments are growing, and they contribute a lot of margins, okay, gross margins.

另外，其中一個問題是：如果這兩個部門持平，為什麼毛利率會上升，對吧？而年對年——也就是同比成長，對吧？我的意思是，如果你從去年第三季看到現在，這些部門其實是在成長，而且它們貢獻了很多毛利率，也就是毛利。

And the other segments, like consumers, I mean, we phased out. And there can be -- this is not from the last year, so maybe the year -- beginning of the last year. And when the capacity gets issues, as you know, we always phase out this lower margin. That's another part of it. And -- but overall, the greenfield products drive the margins.

而其他部門，例如消費性產品，我們的意思是，我們已經逐步退出。這可能——這不是從去年開始，可能是從去年年初開始。當產能出現問題時，如你所知，我們總是會逐步退出這些較低毛利的業務。這也是其中一部分。而且——但整體而言，greenfield 產品推動了毛利率。

Yes. And just to add to Michael's point, as far as phasing out lower-margin business, we're trying to rationalize our wafer starts to capture the largest opportunity. And as a result, some of the lower-margin business that we would have -- used to have in our portfolio, we haven't emphasized that in our production planning. So it's just not there as a component of our business like it has been historically.

是的。再補充 Michael 的觀點，關於逐步退出低毛利業務，我們正嘗試合理化我們的晶圓開工（wafer starts），以掌握最大的機會。因此，一些我們過去在產品組合中曾經有的低毛利業務，我們在生產規劃上並沒有特別強調。所以它就不像過去那樣，成為我們業務的一個組成部分。

Yes.

是的。

Our next question is from Hans Mosesmann from Rosenblatt.

下一個問題來自 Rosenblatt 的 Hans Mosesmann。

Congratulations, like everybody else has mentioned. Good stuff. I have 2 questions. Michael, if we were to split 48 volts as an opportunity, so I'm thinking of getting 48 volts to the rack in your data center and within the rack, getting that 48 volts to the board. And every board has to deal with the accelerators. And there's power issues there. So there's 3 touch points. If that's the way to look at it, what is the opportunity for each? And where would you be seeing the first incremental business for 48 volts for MPS?

恭喜，如同其他人提到的。表現很棒。我有兩個問題。Michael，如果我們把 48 伏特視為一個機會來拆分，我在想把 48 伏特送到資料中心的機架（rack），以及在機架內把 48 伏特送到板卡（board）。而每一塊板卡都必須處理加速器（accelerators），那裡也有電源方面的問題。所以有三個接觸點。如果用這種方式來看，每一個的機會是什麼？以及你們會在哪裡看到 MPS 的 48 伏特第一波增量業務？

I think that it's the solution. Yes, you're right, okay? And then now the question is that, does it depend on applications, the 48 volts and down to 12 volts or down to 5 volts or down to -- directly down to 1.2 volts? That's -- the last part, okay, we don't do that. And our customers -- like I mean, there's a few providers for the solution. It's not counted. And so we play in the market. I mean, it's down to 12, 48 convert to 12 and then convert to 5 -- 4 or 5 volts, okay? That's the market we played and we came in. And it's open building materials. Everybody else can jump into it. And we -- so our competitor provides similar solutions.

我認為那就是解決方案。是的，你說得對，好嗎？那現在的問題是：這是否取決於應用情境，是 48 伏特降到 12 伏特，或降到 5 伏特，或降到——直接降到 1.2 伏特？那——最後那一段，好嗎，我們不做。我們的客戶——我的意思是，這個解決方案有少數幾家供應商。那不算在內。所以我們參與的市場是：降到 12，也就是 48 轉 12，然後再轉到 5——4 或 5 伏特，好嗎？這是我們參與並切入的市場。它是開放的建置材料（open building materials），其他人都可以跳進來。而我們——所以我們的競爭對手也提供類似的解決方案。

And so that kind of -- we know this is the application. But which one, we don't know. Which one will -- is hard to tell. All these high current product, and you probably know more than I do, okay, goes to 600 watt to 1,000 watts and even some of the couple of 1,000 watts, you see these are all MPS solutions now. And that these are -- is that the higher wattage you go, the voltage gets smaller.

所以這有點——我們知道這是應用方向。但到底是哪一個，我們不知道。哪一個會——很難說。所有這些高電流產品，而你可能比我更清楚，好嗎，功率從 600 瓦到 1,000 瓦，甚至有些到兩千多瓦，你會看到這些現在都是 MPS 的解決方案。而且——功率越高，電壓就越低。

And so in the coming years, those accelerate the costs, okay, the population in the data centers. And that's where you see it. These are 48 volts that convert to 12. And then you have the new solutions that we provide so that you can convert to a firewall so -- okay? And you can increase close to 1% of efficiency, which is a lot, okay?

因此在未來幾年，這些會加速成本，好嗎，也就是資料中心的部署規模（population）。你會在那裡看到它。這些是 48 伏特轉 12。然後你有我們提供的新解決方案，讓你可以轉到一個 firewall，所以——好嗎？而且你可以把效率提高接近 1%，這很多，好嗎？

That was very helpful, Michael. My follow-on, just to end this, what is the view of the PC market for MPS? I think Intel mentioned that the low end of the PC market is weak, but the other parts are okay. What's your view to the degree that you have participation there?

這非常有幫助，Michael。我接著問，作為收尾，MPS 對 PC 市場的看法是什麼？我想 Intel 提到 PC 市場的低階很疲弱，但其他部分還可以。就你們的參與程度而言，你們怎麼看？

Yes. We -- obviously, okay, we do well. We do PCs, in this case, PC, the commercial PCs, even the low end of business, from the way we see it. And -- but for us, it's very opportunistic because we have a product developed for server. And without much of an engineering effort, okay, we can spin off to do other products. We did a product for commercial PC and for commercial notebooks.

是的。我們——很明顯，好嗎，我們表現不錯。我們做 PC，在這個情況下，PC 指的是商用 PC，甚至低階業務，從我們看到的情況也是如此。而——但對我們而言，這非常機會導向，因為我們有為伺服器開發的產品。不需要太多工程投入，好嗎，我們就可以延伸出去做其他產品。我們做了商用 PC 的產品，也做了商用筆電的產品。

And on the other end, we do battery management. We do actually panel power tools. And pretty much, we can offer the entire notebook solution other than the memories, other than the CPUs. And so that's -- it's very opportunistic. And we -- currently, we see the demand is very strong.

另一方面，我們做電池管理。我們其實也做面板電源工具。基本上，除了記憶體、除了 CPU 之外，我們可以提供整套筆電解決方案。所以——這非常機會導向。而我們——目前看到需求非常強勁。

Yes. And just to add to that, Michael hit it well, just that -- it is we have a very good footprint in the commercial side. And because we have so many different client offerings, what we're seeing is being able to sell additional content into those same platforms.

是的。再補充一下，Michael 說得很到位；只是——我們在商用端有非常好的佈局。而且因為我們有很多不同的客戶端產品供應，我們看到的是能夠在同樣的平台上銷售更多的內容（content）。

Yes.

是的。

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

（接線員指示）由於沒有進一步的提問，我現在想把網路研討會交回給 Bernie。

Great. Thanks, Gen. I'd like to thank you all for joining us for the Q1 2022 earnings webinar. I look forward to talking to you again during our second quarter conference call, which will likely be in July. Thank you, and have a nice day.

很好。謝謝你，Gen。我要感謝各位參加我們 2022 年第一季財報網路研討會。我期待在第二季的電話會議中再次與各位交流，時間可能會在七月。謝謝，祝各位有美好的一天。