芯源系統 (MPWR) 2013 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Monolithic Power Systems Incorporated first quarter 2013 earnings conference call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session, and instructions will be given at that time.

女士們、先生們，美好的一天，歡迎參加 Monolithic Power Systems Incorporated 2013 年第一季財報電話會議。此時，所有參與者都處於只聽模式。稍後我們會進行問答環節，屆時會作出指示。

(Operator Instructions)

（操作員說明）

Today's conference is being recorded. I would now like to turn the call over to Meera Rao.

今天的會議正在錄製中。我現在想將電話轉給 Meera Rao。

Thank you. Good afternoon, and welcome to the first quarter 2013 Monolithic Power Systems conference call. Michael Hsing, CEO and Founder of MPS is with me on today's call.

謝謝。下午好，歡迎參加 2013 年第一季 Monolithic Power Systems 電話會議。MPS 執行長兼創辦人 Michael Hsing 出席了今天的電話會議。

In the course of today's conference call we will make forward-looking statements and projections that involve risks and uncertainties 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 10K filed on March 5, 2013, which is accessible through our website www.monolithicpower.com. MPS assumes no obligation to update the information provided on today's call.

在今天的電話會議中，我們將做出前瞻性聲明和預測，其中涉及風險和不確定性，可能導致結果與管理階層目前的觀點和預期有重大差異。請參閱今天發布的收益報告中包含的安全港聲明。第一季財報中包含的安全港聲明和我們向SEC 提交的文件（包括我們於2013 年3 月5 日提交的10K 表格）中明確了可能導致實際結果不同的風險、不確定性和其他因素，表格可透過我們的網站www .monolithicpower.com。MPS 不承擔更新今天電話會議中提供的資訊的義務。

We will discussing operating expense, 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 measure of our 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 earnings release which we have filed with the SEC. I would reference investors to the Q1 2012 -- Q4 2012 and Q1 2013 releases as well as the reconciling tables that are posted on our website. 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 one year along with the earnings release filed with the SEC earlier today.

我們將討論 GAAP 和非 GAAP 基礎上的營運費用、淨利潤和收益。這些非公認會計原則財務指標並非根據公認會計原則編制，不應被視為替代或優於根據公認會計原則編制的財務績效指標。我們向 SEC 提交的收益報告中包含了一張概述非 GAAP 財務指標與 GAAP 財務指標之間調整表。我建議投資者參考 2012 年第一季、2012 年第四季和 2013 年第一季發布的資訊以及我們網站上發布的調節表。我還想提醒您，今天的電話會議正在透過網路進行網路直播，並將與今天早些時候向 SEC 提交的收益報告一起在我們的網站上重播一年。

MPS had a record first quarter with revenues of $51.5 million. This represents a 6.8% increase from the previous quarter into the typical seasonal drop of 5% to 10%. We grew revenue in each of our target market segments, industrial, computing, and communications. Gross margins also expanded by 20 basis points in the first quarter. We are encouraged that business conditions have stabilized and begun to improve since the beginning of 2013. We saw a meaningful number of recent design wins, new product ramps and market share gains, all of which will support our top line growth in the second half of this year. At the same time, we will continue to further diversify our products portfolio to be less consumer centric.

MPS 第一季營收創歷史新高，達到 5,150 萬美元。這意味著從上一季的 6.8% 增長到典型的季節性下降 5% 至 10%。我們在工業、計算和通訊等各個目標細分市場的收入都有所成長。第一季毛利率也擴大了 20 個基點。令我們感到鼓舞的是，自 2013 年初以來，商業狀況已趨於穩定並開始改善。我們最近獲得了大量的設計勝利、新產品的增加和市場份額的成長，所有這些都將支持我們今年下半年的收入成長。同時，我們將繼續進一步豐富我們的產品組合，減少以消費者為中心的程度。

With the ever increasing demand for mobility, capacity and connectivity of all electronic devices and applications, small-sized, energy efficiency and flexibility are critical to the success of our customers in different markets. MPS continues to lead our competition in those areas and reinvent our technology ahead of the curve. With that, let me share with you some examples of our success.

隨著對所有電子設備和應用的移動性、容量和連接性的需求不斷增長，小型化、能源效率和靈活性對於我們不同市場的客戶的成功至關重要。MPS 繼續在這些領域引領我們的競爭，並引領我們的技術革新。接下來，讓我與大家分享一些我們成功的例子。

Our innovative synchronous rectifier product family has been very well received. One of the top video game console makers reduced its systems power loss by 30% without going through a system redesign and by simply replacing a passive component with an MPS synchronous rectifier. As we see this product family being designed into industrial, server power and PC power markets, we expect this sort of family will generate meaningful revenue in the coming years.

我們創新的同步整流器產品系列廣受好評。頂級視訊遊戲機製造商無需重新設計系統，只需用 MPS 同步整流器替換被動元件，即可將系統功耗降低 30%。當我們看到該產品系列被設計用於工業、伺服器電源和 PC 電源市場時，我們預計此類產品系列將在未來幾年產生可觀的收入。

Our EasyPower AC to DC product family has been widely adopted by many of the top appliance manufacturers and has expanded into other markets such as building and industrial automation. Demand for this product family is being driven by power efficiency, ease of use, low solution cost, and being the smaller size in industry. As we have previously reported, we have developed and interviewed the Monolithic Power Module, the MPM product family. Our early success with MPM was being designed in by a large networking company.

我們的 EasyPower 交流轉直流產品系列已被許多頂級家電製造商廣泛採用，並已擴展到建築和工業自動化等其他市場。對該產品系列的需求受到功效、易用性、解決方案成本低以及業界較小尺寸的推動。正如我們之前報導的，我們開發並採訪了單片電源模組（MPM 產品系列）。我們 MPM 的早期成功是由一家大型網路公司設計的。

We are even more excited by the module products we have developed and are developing which will set a new standard for power applications. These miniaturized modules, based on BCD3 technologies, have increased power density with smaller size, increased efficiency and lower solution cost. These advantages mean MPS can replace existing discreet solutions. We are excited that some customers are moving towards volume production during the second half of this year.

我們對已經開發和正在開發的模組產品感到更加興奮，這些產品將為電源應用樹立新標準。這些基於 BCD3 技術的小型化模組提高了功率密度，尺寸更小，效率更高，解決方案成本更低。這些優勢意味著 MPS 可以取代現有的謹慎解決方案。我們很高興看到一些客戶在今年下半年轉向大量生產。

So, Intelli-Phase products, the efficiency, performance and small size of our product offerings has gained access [sense] at networking companies. We offer both high-current power modules as well as stand-alone Intelli-Phase products and controllers. A major telecom company designed MPS's point of mode Intelli-Phase products and controllers into their switchboards and will start production in the second half of 2013. This is a significant win for us as each six bolt chassis has multiple bolts, and each bolt uses 9 MPS controllers and 22 MPS Intelli-Phase [driver MOS] products, netting us several hundred dollars of MPS content per chassis. We are optimistic about this design win (inaudible) into additional networking -- network chassis at the networking company.

因此，Intelli-Phase 產品、我們產品的效率、效能和小尺寸已獲得網路公司的認可。我們提供大電流電源模組以及獨立的 Intelli-Phase 產品和控制器。一家大型電信公司將 MPS 的模式點 Intelli-Phase 產品和控制器設計到其交換器中，並將於 2013 年下半年開始生產。這對我們來說是一個重大勝利，因為每個六螺栓機殼都有多個螺栓，每個螺栓使用9 個MPS 控制器和22 個MPS Intelli-Phase [驅動器MOS] 產品，每個機箱為我們帶來數百美元的MPS 內容。我們對這項設計贏得（聽不清楚）進入附加網路——網路公司的網路機殼持樂觀態度。

Finally, in the mobile segment we introduced a line of factory management products last year and expect to have a few million of revenue this year. Market acceptance has been ahead of expectations and MPS is on its way to becoming a major player in this segment. We are starting to collaborate with key factory suppliers and OEMs to develop new battery management systems designed to deliver battery life and power delivery efficiency. We are excited by the enormous potential for MPS in this segment.

最後，在行動領域，我們去年推出了一系列工廠管理產品，預計今年將有幾百萬的收入。市場接受度超出預期，MPS 正成為該領域的主要參與者。我們開始與主要工廠供應商和 OEM 合作開發新的電池管理系統，旨在延長電池壽命並提高電力傳輸效率。我們對 MPS 在這一領域的巨大潛力感到興奮。

Turning to the financial summary. Our first quarter revenue of $51.5 million was above the midpoint of our guidance. Compared with Q4, revenue was up by $3.3 million, or 6.8%. Q1 revenue increased approximately $1 million, up 2% from the first quarter of 2012. Our first quarter gross margin was 53.2% compared with the 53% reported in the previous quarter and a 52.3% posted in the same quarter from a year ago.

轉向財務摘要。我們第一季的收入為 5,150 萬美元，高於我們指導的中位數。與第四季度相比，營收成長了 330 萬美元，即 6.8%。第一季營收增加約 100 萬美元，比 2012 年第一季成長 2%。我們第一季的毛利率為 53.2%，上一季為 53%，去年同期為 52.3%。

Our non-GAAP operating income of $7 million was lower than the $8.3 million reported in the prior quarter. This reduction was largely due to a $2.5 million legal judgment in our favor during the fourth quarter. The Q1 non-GAAP operating income was higher than the $6.5 million from the same quarter of the prior year. Q1 non-GAAP net income was $6.4 million, or $0.17 per fully diluted share compared with $0.21 per share in the previous quarter and $0.17 per share in the first quarter of the prior year.

我們的非 GAAP 營業收入為 700 萬美元，低於上一季報告的 830 萬美元。這一減少主要是由於第四季度對我們有利的 250 萬美元法律判決。第一季非 GAAP 營業收入高於去年同期的 650 萬美元。第一季非 GAAP 淨利為 640 萬美元，即完全稀釋每股收益 0.17 美元，而上一季每股收益 0.21 美元，去年第一季每股收益 0.17 美元。

Looking at our revenue by end market, we saw our strongest growth percentage-wise in the industrial market where sales increased $1.2 million to $7.2 million over the prior quarter. This performance was fueled by increased product sales for applications in general industrial, commercial med lighting, as well as automotive. Computing revenue grew $1.9 million to $12.2 million fueled by strong growth in storage. Revenue in the communications and telecom markets also grew $1.1 million in the first quarter to $13.3 million, primarily reflecting market share gains. While revenue from consumer markets declined $1 million in the first quarter to $18.8 million, this decline was lower than a typical first quarter seasonal decline in consumer.

從終端市場的收入來看，我們在工業市場看到了最強勁的成長百分比，其銷售額比上一季增加了 120 萬美元至 720 萬美元。這一業績得益於一般工業、商業醫療照明以及汽車應用產品銷售的增加。由於儲存的強勁增長，計算收入增長了 190 萬美元，達到 1220 萬美元。第一季通訊和電信市場的收入也成長了 110 萬美元，達到 1,330 萬美元，主要反映了市場份額的成長。雖然第一季來自消費者市場的營收下降了 100 萬美元，至 1,880 萬美元，但這一降幅低於第一季消費者的典型季節性降幅。

Let's review our non-GAAP operating expenses. Excluding stock comp, our non-GAAP operating expenses for the first quarter of 2013 were $20.6 million, an increase of $3.2 million from the $17.4 million we spent in the fourth quarter. This increase was largely due to a $2.5 million legal judgment in our favor during the fourth quarter of 2012 which we recorded as a benefit to litigation expenses.

讓我們回顧一下我們的非公認會計準則營運費用。不包括股票補償，我們 2013 年第一季的非 GAAP 營運費用為 2,060 萬美元，比第四季的 1,740 萬美元增加了 320 萬美元。這一增長主要是由於 2012 年第四季度對我們有利的 250 萬美元法律判決，我們將其記錄為訴訟費用收益。

Moving on to our GAAP operating expenses. Our GAAP operating expenses were $25.1 million in the first quarter compared to the $24.6 million in the fourth quarter. The only difference between non-GAAP operating expenses and GAAP operating expenses for these quarter is stock compensation expense. Stock comp expense was $4.5 million in the first quarter compared with $7.1 million in the prior quarter. As you know, MPS declared and paid a one-time special $1 per share dividend in December 2012. An equitable adjustment of vested stock options outstanding resulted in a $2.8 million stock comp charge in the fourth quarter.

接下來是我們的 GAAP 營運費用。第一季我們的 GAAP 營運費用為 2,510 萬美元，而第四季為 2,460 萬美元。本季度非 GAAP 營運費用與 GAAP 營運費用之間的唯一差異是股票補償費用。第一季的股票補償費用為 450 萬美元，而上一季的股票補償費用為 710 萬美元。如您所知，MPS 於 2012 年 12 月宣布並支付了每股 1 美元的一次性特別股息。已授予股票選擇權的公平調整導致第四季度股票補償費用為 280 萬美元。

Switching to the bottom line. On a non-GAAP basis, our Q1 net income was $6.4 million, or $0.17 per fully diluted share. This result is computed with an estimated tax rate of 7.5%. Q1 2013 GAAP net income was $2.5 million, or $0.07 per fully diluted share.

切換到底線。以非 GAAP 計算，我們第一季淨利潤為 640 萬美元，即完全稀釋後每股收益 0.17 美元。該結果是根據 7.5% 的估計稅率計算得出的。2013 年第一季 GAAP 淨利為 250 萬美元，或完全攤薄後每股收益 0.07 美元。

Now let's look at the balance sheet. Cash, cash equivalents and investments were $186.8 million at the end of the first quarter of 2013, up from the $172.4 million at the end of the prior quarter and down from the $194.6 million at the end of the first quarter of 2012. In Q1, MPS generated operating cash flow of about $9.8 million. Cash proceeds from employee stock option exercises and employee stock plan purchases contributed another $11 million. We spent $6.4 million on capital equipment and software. Accounts receivable ended the first quarter at $22.7 million compared with $19.4 million at the end of the prior quarter and $19.9 million at the end of the first quarter of 2012.

現在讓我們來看看資產負債表。截至 2013 年第一季末，現金、現金等價物和投資為 1.868 億美元，高於上一季末的 1.724 億美元，低於 2012 年第一季末的 1.946 億美元。第一季度，MPS 產生的營運現金流約為 980 萬美元。員工股票選擇權行使和員工股票計畫購買的現金收益另外貢獻了 1,100 萬美元。我們在資本設備和軟體上花費了 640 萬美元。第一季末應收帳款為 2,270 萬美元，上季末為 1,940 萬美元，2012 年第一季末為 1,990 萬美元。

Days of sales outstanding were up slightly to 40 days in Q1 from 37 days in Q4 2012 and 36 days in Q1 2012. Our internal inventories at the end of the year were $34.09 up from the $32.1 million at the end of the prior quarter. Correction. Our internal inventories at the end of the quarter were $34.9 million, up from the $32.1 million at the end of the prior quarter. Days of inventory also increased from 129 days at the end of Q4 to 132 days at the end of Q1. Inventory in our distributor channels stayed at the same level as the prior quarter in both dollars and days.

應收帳款天數從 2012 年第四季的 37 天和 2012 年第一季的 36 天略有增加到第一季的 40 天。我們年底的內部庫存為 34.09 美元，較上一季末的 3,210 萬美元增加。更正。本季末我們的內部庫存為 3,490 萬美元，高於上一季末的 3,210 萬美元。庫存天數也從第四季末的129天增加到第一季末的132天。我們經銷商通路的庫存以美元和天數計算與上一季持平。

I would now like to turn to our outlook for the second quarter of 2013. With the economy improving and design wins ramping, we have seen positive momentum in our business. Our revenue guidance is in the range of $55 million to $59 million. We expect gross margins to be in the range of 53% to 54%. We expect further expansion in gross margin as high [brand new] products, as well as CoolPower family of products ramp in the second half of 2013. We expected stock-based compensation expense in the range of $4.5 million to $5 million. We expect non-GAAP, R&D and SG&A expense, excluding stock compensation, to be in the range of $20.5 million to $22.5 million.

我現在想談談我們對 2013 年第二季的展望。隨著經濟的改善和設計勝利的增加，我們看到了業務的積極勢頭。我們的收入指引在 5500 萬美元至 5900 萬美元之間。我們預計毛利率將在 53% 至 54% 之間。我們預計，隨著高階[全新]產品以及 CoolPower 系列產品在 2013 年下半年的推出，毛利率將進一步擴大。我們預計股票補償費用將在 450 萬美元至 500 萬美元之間。我們預計非 GAAP、研發和 SG&A 費用（不包括股票薪酬）將在 2,050 萬美元至 2,250 萬美元之間。

In conclusion, MPS had an outstanding first quarter of the year, hitting record first quarter revenues while continuing to deliver solutions that meet or exceed industry standards. We are delivering on our promise to broaden our product portfolio and grow revenues above industry average with sustainable long-term growth. I will now open the microphone for questions.

總而言之，MPS 今年第一季的業績表現出色，第一季營收創下歷史新高，同時繼續提供滿足或超過行業標準的解決方案。我們正在兌現我們的承諾，擴大我們的產品組合，使收入成長到高於行業平均水平，並實現可持續的長期成長。我現在打開麥克風提問。

(Operator Instructions) The first question comes from Patrick Wang from Evercore Partners.

（操作員說明）第一個問題來自Evercore Partners的Patrick Wang。

Hey, guys. Congrats on a great quarter. First question I got is, it sounds like you pretty -- you got a lot of good stuff in the pipeline for the second half of the year. I'm just kind of curious, as you look ahead, which area do you think you'll get the most growth in terms of just end markets? Because it sounds like a lot of stuff in a lot of different areas.

嘿，夥計們。恭喜您度過了一個出色的季度。我得到的第一個問題是，聽起來你很不錯——下半年你有很多好東西正在醞釀中。我只是有點好奇，當你展望未來時，你認為就終端市場而言，哪個領域會獲得最大的成長？因為這聽起來像是很多不同領域的很多東西。

Yes, Patrick, thanks. We, in the last year, or last couple years, we focused on the different market segments such as networking, servers, industrial and AC to DC line, including (inaudible) also, the LED lightings. Last year we also add another product market segment with battery chargers and the battery management. And all of them, and we tried do the best we can, based on the new technology which provides much more small, efficient and -- efficient -- energy efficiency a product. We're designing as many as we can, and we treat all the market equally. And so far, at this time we see all the markets are ramping up, and that's very exciting.

是的，派崔克，謝謝。去年或過去幾年，我們專注於不同的細分市場，例如網路、伺服器、工業和交流轉直流線路，還包括（聽不清楚）LED 照明。去年，我們還增加了另一個產品細分市場，包括電池充電器和電池管理。所有這些，我們都盡力以新技術為基礎，提供更小、更有效率、更有效率的能源效率產品。我們正在設計盡可能多的產品，並且我們平等對待所有市場。到目前為止，我們看到所有市場都在成長，這非常令人興奮。

Got you. That's great. Okay. The second question here, when we take a look at gross margin for Q2, the gross margin guide at the midpoint, it was a little lighter than I would have expected. And I take a look at your product mix and computing has come up with a bit. Sounds like you have got a consumer ramp coming. Can you give us some puts and takes on what's going on with margins from Q1 to Q2?

明白你了。那太棒了。好的。第二個問題，當我們看第二季的毛利率時，毛利率指南處於中點，它比我的預期要低一些。我看看你們的產品組合和計算已經拿出來了一點。聽起來消費者的成長即將到來。您能給我們一些關於第一季到第二季利潤率變化的看跌期權和看跌期權嗎？

Sure. What we expect as the new products start ramping is we do expect to see a gross margin expansion, particularly as the high-value products kick in, as more and more CoolPower comes in. So, we expect to see the gross margins expand. What you are also seeing in here is there is always a certain amount of play in our gross margins. There are so many factors in there that we can't be precise, but we do expect to see a gross margin expansion.

當然。隨著新產品的開始增加，我們預計毛利率將會成長，特別是隨著高價值產品的推出，以及越來越多的 CoolPower 的加入。因此，我們預計毛利率將會擴大。您在這裡還看到的是，我們的毛利率始終存在一定的影響。其中有很多因素，我們無法精確地確定，但我們確實預期毛利率會擴大。

Patrick, you know your target model is slightly higher. But as I said in last year or so, we -- in the second half of this year, we will grow to all the product in the high end market, which is a networking telecoms and industrial, automotives and other new segments like battery management. And so it will spawn from the second half of this year. And also, you remember in 2011 and in 2010 when we are gradually start to phasing out the BCD2 -- DC to DC products. And so start from last year, on the CoolMOS designing and the revenue going to happen. Also we're going to happen in the first half of the year and a lot more in the second half of this year. And so the gross margin will keep improving.

派崔克，你知道你的目標模型稍高一些。但正如我在去年左右所說的那樣，我們 - 在今年下半年，我們將發展到高端市場的所有產品，這是網路電信和工業、汽車和電池管理等其他新領域。所以它將從今年下半年開始產生。而且，您還記得在 2011 年和 2010 年，我們逐漸開始逐步淘汰 BCD2——DC to DC 產品。所以從去年開始，關於CoolMOS的設計和收入將會發生。此外，我們將在今年上半年發生一些事情，並在今年下半年發生更多事情。因此毛利率將持續改善。

Perfect. The -- there isn't any concern about pricing pressure or anything like that? You guys seem to be in a pretty good competitive position.

完美的。- 不擔心價格壓力或類似的事情嗎？你們似乎處於非常有利的競爭地位。

We are in a -- the new market segment that we entered, of course, the gross margins were very good. And with our competing with a price, we really offer the customers a value -- value the product. And in the CoolMOS product family, which is more addressing a high value consumer-oriented product, and we don't have -- the price is competitive and MPS, we can defend our position. Not sacrificing a lot of margin.

我們正處於我們進入的新細分市場，當然，毛利率非常好。透過價格競爭，我們真正為客戶提供了價值——重視產品。在 CoolMOS 產品系列中，它更多地針對高價值的面向消費者的產品，而我們沒有——價格具有競爭力和 MPS，我們可以捍衛我們的地位。不會犧牲很多利潤。

Okay, and you still expect that the CoolMOS part to be over 60% of sales by the -- kind of exiting this year?

好吧，您仍然預計 CoolMOS 零件將佔今年銷售額的 60% 以上？

Actually, it's BCD3. We expect revenues from BCD3 products to be about the 60%, 70% of our revenue as we exit this year. The CoolPower family of products is just a portion about it. It's the modules that we're talking about. It's the parts that are going into servers. All those parts are also BCD3, but they are not CoolPower. CoolPower family of products are the ones that go into high-volume consumer and consumer-like markets.

實際上，它是BCD3。我們預計今年退出時，BCD3 產品的收入將占我們收入的 60%、70% 左右。CoolPower 系列產品只是其中的一部分。這就是我們正在討論的模組。這些部件將進入伺服器。所有這些零件也是 BCD3，但它們不是 CoolPower。CoolPower 系列產品是進入大批量消費者和類消費者市場的產品。

Got you. Last question. I just hope you could provide a little clarification. There has been some concern that you guys have a lot of notebook exposure. When you take a look at your financials, the way you're computing, I think you guys did 24% of sales. My understanding is that most of that is higher margin, higher value add types of products, but could you set the record straight?

明白你了。最後一個問題。我只是希望你能提供一些澄清。有人擔心你們接觸過多的筆記型電腦。當你看到你的財務狀況和計算方式時，我認為你的銷售額佔了 24%。我的理解是，其中大部分是利潤率較高、附加價值較高的產品類型，但您能澄清一下嗎？

Sure. In Q1, the bulk of the revenue in computing is from storage and as you pointed out, that has got a very good gross margin profile. We have seen increase in revenue coming in from SSD. When we expect to see revenue come in from notebook, [shockwave] based notebooks in the second half of this year, and that would be all incremental revenue to us that we haven't had in the past. And you've got to remember, it's the same technology that we developed to go out to the server market and the telecom market, and this allows us a way to monetize that technology earlier. And it also helps that the same OEMs and the ODMs who are designing our products for notebooks are the same guys who will be designing these products for servers, and so this helps us to build up -- to prove to them the viability of our product. So, for us, the notebook market opportunity in Q3 is all upside and it is a very positive for us.

當然。在第一季度，計算領域的大部分收入來自存儲，正如您所指出的，它的毛利率狀況非常好。我們看到 SSD 的收入增加。當我們預計今年下半年將看到基於筆記型電腦的收入時，基於[shockwave]的筆記型電腦將成為我們過去從未有過的增量收入。你必須記住，這與我們為進入伺服器市場和電信市場而開發的技術相同，這使我們能夠更早地透過該技術獲利。為筆記型電腦設計產品的原始設備製造商 (OEM) 和原始設計製造商 (ODM) 也將為伺服器設計這些產品，這也有助於我們向他們證明我們產品的可行性。所以，對我們來說，第三季的筆記型電腦市場機會都是向上的，這對我們來說是非常正面的。

Perfect. Thanks so much, and congrats again.

完美的。非常感謝，並再次恭喜。

Thank you.

謝謝。

The next question comes from Tore Svanberg from Stifel.

下一個問題來自 Stifel 的 Tore Svanberg。

Yes, thank you, and congratulations on the nice diversification. I was hoping you could talk a little bit about your visibility into Q2 either by order linearity, backlog, or even qualitatively talk a little bit of how you feel about the visibility for Q2.

是的，謝謝你，恭喜你實現了良好的多元化。我希望您能透過訂單線性、積壓來談談您對第二季度的可見性，甚至定性地談談您對第二季度可見性的看法。

We saw very good order activity last quarter, except for a little bit of a slow down in February around the Chinese New Year. We have seen that continue strong into April, and I can certainly say sitting where we are right now, this looks so much better than the second half of last year.

上個季度我們的訂單活動非常好，除了 2 月農曆新年前後訂單活動略有放緩。我們已經看到這種勢頭持續到四月份，我可以肯定地說，就我們現在的情況而言，這看起來比去年下半年要好得多。

Very good. And you mentioned a new design win with a telecom customer. I assume that's above and beyond what you already have with a large networking customer. Can you elaborate a little bit more on the revenue potential from telecom?

非常好。您提到了與電信客戶的新設計。我認為這超出了您已經擁有的大型網路客戶的範圍。能否詳細說明一下電信的收入潛力？

This is just like mirrors in a script. We are just giving examples, and we have many design wins in the telecom side. And what size of a market, this is very new to us. We see these kind of design wins in several places, and so we try to establish what the market size is. We know it is very big.

這就像腳本中的鏡子一樣。我們只是舉個例子，我們在電信方面有很多設計成果。市場有多大，這對我們來說是非常新鮮的。我們在多個地方看到了此類設計的成功，因此我們嘗試確定市場規模。我們知道它很大。

So, the first thing, I try to -- I went to my -- our server room. I look at how many chassis. We have six, seven of them. So like an MPS size company would have a six, seven chassis, and what we will generate a modern -- several hundred dollars per chassis, and there is a lot more out there. And so all the -- you can see, in all these large buildings, they are also always have service centers. We have the incremental revenues. That's just roughly estimate. It's more than a few -- just $300 million.

所以，第一件事，我嘗試 - 我去了我的 - 我們的伺服器機房。我看看有多少機箱。我們有六、七個人。因此，像 MPS 規模的公司將會有一個六、七個機箱，而我們將生產一個現代的——每個機箱幾百美元，而且還有更多。所以你可以看到，在所有這些大型建築中，它們也總是有服務中心。我們有增量收入。這只是粗略估計。這不僅僅是幾個數字——只有 3 億美元。

Sorry, just to add to that, what is going very well for us is we are offering our customers a choice of either going for this high-current module or these stand-alone solutions, and we are finding that we're winning with both of them. And what you are seeing right now, we just chose to -- we had talked about the win as a networking company before. And in this case, we are talking more about how the stand alone solutions are playing out, and this is just one win in one chassis. And we see this proliferating rating into more, different kinds of boxes at just this one telecom company. So, I guess we were using it more to kind of highlight our successes. And I think as we go on, you're going to see our communications networking revenue growing to be a more sizeable portion of our business.

抱歉，補充一點，對我們來說進展順利的是，我們為客戶提供了選擇，要么選擇這種高電流模組，要么選擇這些獨立的解決方案，我們發現我們在這兩個方面都取得了勝利其中。你現在所看到的，我們只是選擇——我們之前已經討論過作為一家網路公司的勝利。在這種情況下，我們更多地討論獨立解決方案如何發揮作用，這只是一個機箱中的一場勝利。我們就在這家電信公司看到這種激增的評級進入更多、不同類型的盒子。所以，我想我們更多地用它來強調我們的成功。我認為，隨著我們的繼續發展，您將看到我們的通訊網路收入在我們業務中所佔的比例越來越大。

Very good. And then a question on inventory. It grew at $3 million this quarter. Is this pretty much you gearing up for a stronger ramp in the second half, especially with BCD3 products, a higher percentage?

非常好。然後是關於庫存的問題。本季成長了 300 萬美元。您是否正在為下半年的強勁成長做好準備，尤其是 BCD3 產品，百分比更高？

Yes, we are. We also are starting to ramp some of our newer products because we are seeing a strong demand for those projected out in the second half. And so we are making sure that we have enough products available to service this market. For some of the traditional products, we usually go a certain amount by history. But from what we hear from our customers, we are expecting a sharper ramp, and we just want to be prepared for those demand ramps.

是的，我們是。我們也開始推出一些新產品，因為我們看到下半年預計推出的產品需求強勁。因此，我們確保有足夠的產品來服務這個市場。對於一些傳統產品，我們通常會根據歷史來決定一定的數量。但從我們從客戶那裡聽到的情況來看，我們預期需求會出現更大幅度的成長，我們只是想為這些需求成長做好準備。

Very good. Just last question for Q2 growth. Should we assume the growth to come from all of your end markets, even consumer? I'm thinking, obviously, it maybe come down as a percentage of revenue, but it will be up in dollar terms?

非常好。關於第二季成長的最後一個問題。我們是否應該假設成長來自所有終端市場，甚至消費者？我在想，很明顯，它佔收入的百分比可能會下降，但以美元計算它會上升嗎？

Yes. I expect it to come from consumers as well this quarter because seasonally, Q2 and Q3 are the strongest quarter for consumer. And we see an increase over there, as well. The other products are all doing -- other market segments are going to do well, just as we see the new product design wins kick in or as the market share gains kick in.

是的。我預計本季也將來自消費者，因為從季節性角度來看，第二季和第三季是消費者最強勁的季度。我們也看到那裡的成長。其他產品都在做——其他細分市場也會做得很好，正如我們看到新產品設計的勝利開始發揮作用或市場份額開始增加一樣。

Very good. Nice quarter. Thank you.

非常好。不錯的季度。謝謝。

Thank you.

謝謝。

The next question comes from Vernon Essi from Needham & Company.

下一個問題來自 Needham & Company 的 Vernon Essi。

Thank you for taking my question, and I'll echo the congrats on this diversification effort. These are great results. Wondering if we can just dive into a couple point questions on the product side. Michael, you've talked a lot about the AC to DC EasyPower primary side solution. Where are you seeing the success for that product right now? What is the end market that seems to be hitting -- getting you the most hits, or is this very diversified?

感謝您提出我的問題，我也對這種多元化努力表示祝賀。這些都是很棒的結果。想知道我們是否可以深入探討產品方面的幾個問題。Michael，您已經談論了很多關於交流轉直流 EasyPower 初級側解決方案的內容。您認為該產品目前在哪些方面取得了成功？哪個終端市場似乎正在受到衝擊——讓你獲得最多的點擊量，或者這個市場是否非常多元化？

Yes. This market segment is going to really, really provide some value. Much higher efficiencies in the sub (inaudible) also. There is a [no-bid] solution in the market segment, and there is a lot of demand for that. Especially some of the wireless -- the micro wireless. I call them the micro wireless network. Like Bluetooth and Z-Waves. These are all building automations.

是的。這個細分市場將真正提供一些價值。子系統的效率也高很多（聽不清楚）。該細分市場有一個[無投標]解決方案，並且對此有很大的需求。特別是一些無線——微型無線。我稱它們為微型無線網路。例如藍牙和 Z-Wave。這些都是樓宇自動化。

And so we have a product line called the EasyPower and design it into many these product segments. And so that work -- where you see a lot of design win with a lot of revenue. Now, and also Meera talked about the synchronous rectified, and that give to us a higher power. That's over 100-watt power. And by just using MPS solutions, it saves 3%. 3%. That means 30% of a reduction in energy losses. That is a huge amount. And so we don't charge arm and a leg, and the customers just replace by a single, discrete component, and they will improve the efficiency by 30% and by the -- reduce their losses by 30%. But again, consoles and also other computing systems, we see a lot of design activities and all going to turn into revenue in the second half of the year.

因此，我們有一個名為 EasyPower 的產品線，並將其設計到許多此類產品領域。所以這樣的工作——你會看到很多設計贏得了很多收入。現在，Meera 也談到了同步整流，這為我們帶來了更高的功率。功率超過 100 瓦。僅使用 MPS 解決方案即可節省 3%。3%。這意味著能源損失減少 30%。這是一個巨大的數額。因此，我們不會對手臂和腿部充電，客戶只需更換為單一分立元件，他們的效率就會提高 30%，損失也會減少 30%。但同樣，在遊戲機和其他運算系統上，我們看到了大量的設計活動，所有這些活動都將在今年下半年轉化為收入。

Let me, just to restate some of the points here as this is interesting. So, when you look at this market you are seeing the most activity on both ends of the spectrum, under 5-watt, over 100-watt. It sounds like you are not terribly comparative or you're not -- you don't have strong offerings in the middle. Maybe you do, but it just seems like you're getting more attention on both ends of that. Can you help us understand which area you think is going to add more dollar content -- or more revenue, rather, maybe over the next two years or so and where you see the most growth?

讓我重申這裡的一些觀點，因為這很有趣。因此，當您觀察這個市場時，您會發現頻譜兩端的活動最多，即 5 瓦以下和 100 瓦以上。聽起來你們並沒有很強的可比性，或者說你們沒有──你們中間沒有強大的產品。也許你會這樣做，但似乎你在這兩方面都得到了更多的關注。您能否幫助我們了解您認為哪些領域會增加更多的美元內容——或者更多的收入，也許在未來兩年左右的時間裡，以及您認為成長最快的領域？

Well, MPS is not -- okay. You said it is not competitive in the middle end of the market, and that's not true. MPS, we just focus where we can deliver the best value. So, the smallest dollar amount for biggest are big, okay? That's what we focus on now. And so in terms of -- to answer your question, where is the growth with the dollar content, so sub 5-watts, okay, our dollar content in modules was very, very high. And also, over the100-watts, the semiconductor cost of a power supply is just very little. But in the MPS's synchronous switchers just is improve the cost -- improve the efficiencies by that much. And so we will have about somewhere from a $0.25 to $0.75 in each power supply over 100-watts.

好吧，MPS 不是——好吧。你說它在中端市場沒有競爭力，這不是事實。MPS，我們只專注於能夠提供最佳價值的地方。所以，最小的金額對應最大的金額也很大，好嗎？這就是我們現在關注的重點。因此，就回答你的問題而言，美元含量的增長在哪裡，因此低於 5 瓦，好吧，我們模組中的美元含量非常非常高。而且，超過 100 瓦時，電源供應器的半導體成本非常低。但 MPS 的同步切換器只是降低了成本，也就是提高了效率。因此，每個 100 瓦以上的電源供應器的價格約為 0.25 至 0.75 美元。

Okay, and I assume that dollar content would be lower in the sub 5-watt category.

好的，我認為 5 瓦以下類別的美元含量會較低。

The dollar content is in the -- sorry. I didn't answer your question. Dollar content was somewhere from $0.25 to $0.50, $0.60 win.

美元內容是——抱歉。我沒有回答你的問題。美元內容在 0.25 美元到 0.50 美元之間，贏了 0.60 美元。

Okay, and let me -- I am sorry to go back to the original question, but in the sub 5-watt, I am curious because a lot of people think there's a lot of growth is going on in these censor networks or what have you. Where do you see the demand on that? Is this a situation where you are supplying into a distribution partner and not understanding perhaps where that is getting pulled, or are there specific customers that have approached you, and if so, what specific end markets do you see that at?

好吧，讓我——很抱歉回到最初的問題，但在 5 瓦以下的功率領域，我很好奇，因為很多人認為這些審查網絡或其他什麼正在發生很大的增長。您在哪裡看到了這方面的需求？在這種情況下，您正在向分銷合作夥伴供貨，但不了解其來源，或者是否有特定的客戶與您聯繫過，如果是，您認為在哪些特定的終端市場？

I think there's a formula -- I can pull a formula here, so I can't recall more than seven members, okay? I think it's more than seven customers in a different market segment. From power meters, from lighting, LED, and also using the power -- using the products and some of the EasyPower product, and also wire goods. And other industrial segments, UB -- uninterrupted power supplies and building -- the building automation, and we see all of them.

我認為有一個公式——我可以在這裡得出一個公式，所以我記不起超過七個成員，好嗎？我認為在不同的市場區隔有超過七個客戶。從功率計、照明、LED，到使用電源的產品和一些 EasyPower 產品，以及電線產品。和其他工業領域一樣，UB——不間斷電源和建築——樓宇自動化，我們都看到了。

Okay. And let me just -- one quick follow-on question. You have brought up a couple times -- you have talked about a console win. Is this a product that's ramping right now, or is this a second half 2013 production ramp?

好的。讓我簡單問一個後續問題。你已經提到過幾次——你談到了主機的勝利。這是目前正在量產的產品，還是 2013 年下半年量產的產品？

It is the second half of 2013.

現在是2013年下半年。

Okay. Good job. Thank you.

好的。好工作。謝謝。

Okay

好的

The next question comes from Steve Smigie from Raymond James.

下一個問題來自 Raymond James 的 Steve Smigie。

Great, thanks a lot. I would like to add my congratulations as well. You saw a nice performance there in the storage business. Can you talk a little bit about how you see the profile of that going forward? Does that continue to ramp, even into next year? I'm sure it will be more tied to certain platforms. Can you talk a little bit about that? And then specifically, I know you have got a wide variety of customers there. Can we get an update of really where you are seeing the demand from? Thanks.

太好了，非常感謝。我也想表達我的祝賀。您看到了儲存業務的良好表現。能談談您對未來的看法嗎？即使到明年，這種情況還會持續增加嗎？我確信它將與某些平台更加緊密地連結在一起。你能談談這個嗎？具體來說，我知道你們那裡有各種各樣的客戶。我們能否獲得有關您真正從哪裡看到需求的最新資訊？謝謝。

About a third of our storage revenue right now is coming from SSD, and we continue to see our SSD solutions being accepted by more players. And as I explained before, we have three kinds of customers. We have the flash memory folks, we have the integrators as well as the CD players, are all in SSD. And we continue to keep getting more sockets from them as we get onto more platforms with them. We are also increasing our product offerings in SSD. We also have new products that they're rolling out for HDD. So, this is a market where we expect to continue to see revenue growth both this year and next year.

目前我們大約三分之一的儲存收入來自SSD，並且我們繼續看到我們的SSD解決方案被更多玩家接受。正如我之前解釋的，我們有三種客戶。我們有閃存，我們有整合器以及 CD 播放器，全部都是 SSD。隨著我們進入更多平台，我們將繼續從他們那裡獲得更多插座。我們也增加了 SSD 領域的產品供應。我們也推出了針對 HDD 的新產品。因此，我們預計今年和明年這個市場的收入將持續成長。

I want to add on. I see a very optimistic market opportunity, particularly in the SSD side, and I really believe this at the beginning. The opportunities are huge. And one of the Chinese Internet companies, they release this report last year that they converted all the -- most of the HDD to SSD and the efficiency is -- went up by huge amount. I forgot the numbers. And it was a very successful story. I think most Internet companies will convert to SSD, so that opportunity is huge for MPS.

我想補充一下。我看到了一個非常樂觀的市場機會，特別是在SSD方面，我一開始就真的相信這一點。機會是巨大的。中國互聯網公司之一，他們去年發布了一份報告，他們將所有（大部分 HDD）轉換為 SSD，效率大幅提高。我忘記了數字。這是一個非常成功的故事。我認為大多數網路公司都會轉向SSD，所以對MPS來說這個機會是巨大的。

Okay, great. And then I just wanted to follow up on the mini modules. It seems like you've got an interesting opportunity there, and it seems like that goes across a whole bunch of markets. So, can you talk a little bit about how you figure out which markets you focus on and where you think you have the most opportunity there?

好的，太好了。然後我只想跟進迷你模組。看起來你在那裡有一個有趣的機會，而且似乎跨越了許多市場。那麼，您能談談您是如何確定自己關注哪些市場以及您認為哪裡機會最多的嗎？

Yes, obviously, we design in the large element, in the networking company and now, the same technology, we're very excited about it, and that applies to former consumer all the way to industrial. So, we really have a product line for the MPN.

是的，顯然，我們在網路公司的大型元素中進行設計，現在，同樣的技術，我們對此感到非常興奮，這適用於以前的消費者一直到工業。所以，我們確實有 MPN 的產品線。

Okay, great. Thanks a lot.

好的，太好了。多謝。

The next question comes from Ross Seymour from Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Hi. Congrats on the solid results and guide. Just a follow-up questions to what has been asked already. Can you give us a little bit of a hierarchy ranking, the gross margin by the end market segments that you have to help us figure out how to fold in when the revenue growth from these product cycles occurs?

你好。祝賀取得了紮實的成果和指南。只是對已經提出的問題的後續問題。您能否給我們一些層次結構排名，即終端細分市場的毛利率，以幫助我們弄清楚當這些產品週期發生收入成長時如何折算？

Sure. Industrial has the best gross margin so far, as you would expect. Currently, computing has the second best because of the storage revenue has very high gross margins. I guess communications would be third. Going forward, as the new product revenues come in, I can't say whether computing or communications, which one would be second and which one would be third. And consumer, of course, will always be the lowest gross margin.

當然。正如您所期望的那樣，迄今為止，工業品的毛利率最高。目前，計算排名第二，因為儲存收入的毛利率非常高。我想通訊會排在第三名。展望未來，隨著新產品收入的增加，我不能說計算和通訊領域哪個會位居第二，哪個會位居第三。而消費者，當然永遠是毛利率最低的。

And does the computing side on the [Shark Bay] platform pull the computing down or up? How should we think about that dynamic?

而【Shark Ba​​y】平台上的計算端是把計算拉下來還是拉上去？我們該如何看待這種動態？

They will be at corporate margins.

它們將處於企業利潤率。

Great. And then the OpEx side of things, you guys have done a great job of controlling the OpEx while investing through this diversification period. How should we think about how OpEx will trend, especially with these product cycles taking off in the back half of the year?

偉大的。然後是營運支出方面，你們在這個多元化時期投資的同時在控制營運支出方面做得很好。我們該如何思考營運支出的趨勢，尤其是在這些產品週期在今年下半年開始的情況下？

We will start investing in R&D as well as sales and marketing in the second half of in the year. This is critical for us as we hit some of our -- start to ramp our revenue we way we want to for 2014 and 2015. So, we will be investing in that growth in the second half.

我們將在今年下半年開始投資研發以及銷售和行銷。這對我們來說至關重要，因為我們開始以我們希望的方式在 2014 年和 2015 年增加我們的收入。因此，我們將在下半年投資於這種成長。

Yes, I should say in the prior earnings call, I emphasised that we don't -- we are going to invest in the sales marketing. And now, in the middle of the year and after we have done all the transitioning that's happened from last year, we see a huge opportunity, and all the doors are opened. And so we need to reinvest in R&D just a bit more.

是的，我應該在之前的財報電話會議上說，我強調我們不會——我們將投資於銷售行銷。現在，在今年年中，在我們完成了去年以來發生的所有過渡之後，我們看到了一個巨大的機會，所有的大門都已經打開。因此，我們需要對研發進行更多的再投資。

Great. Then the last question for me is just a bit of a housekeeping one. You had a patent litigation benefit in the first quarter. Does that repeat itself in the second quarter? And then is that the end of it, or is it already done? Thank you.

偉大的。那麼最後一個問題對我來說只是一個家事問題。您在第一季獲得了專利訴訟收益。這種情況會在第二季重演嗎？那麼事情就這樣結束了，還是已經完成了？謝謝。

Yes. The last $400,000 that kicks in in Q2 and then we are done with that particular one. We still have the '02 litigation open, but we don't know the timing of when that money would come in.

是的。最後 40 萬美元在第二季開始，然後我們就完成了該特定的一筆。我們仍然有 02 年的訴訟懸而未決，但我們不知道這筆錢何時會到達。

Plus you have a potentially scale as a larger amount of money.

另外，您的資金規模可能更大。

Got you. Thank you, and congrats again.

明白你了。謝謝你，並再次恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

The next question comes from Lena Zhang from Blaylock Robert Van.

下一個問題來自 Blaylock Robert Van 的 Lena Chang。

Hi. Thank you to take -- for taking my questions. You have commented lots about the end markets. If you could give us some Q1 performance and the Q2 demand by region, that would be very helpful. Thank you.

你好。感謝您回答我的問題。您對終端市場發表了很多評論。如果您能給我們一些第一季的業績和按地區劃分的第二季度的需求，那將非常有幫助。謝謝。

In Q1, Q1 we grew revenue in the three target markets that were critical for us. The ones that we have targeted for growth in communications, computing and industrial. So, we're very happy with the progress that we saw over there, and we are going -- we expect to see growth continue. We also expect to see consumer revenues kick in in the second quarter.

第一季度，我們在對我們至關重要的三個目標市場中實現了收入成長。我們的目標是促進通訊、計算和工業領域的成長。因此，我們對在那裡看到的進展感到非常滿意，我們預計會繼續成長。我們也預期消費者收入將在第二季開始成長。

I'm sorry. Probably I didn't speak clearly. Actually, I would like to know about the -- by region. By geography.

對不起。可能是我沒說清楚。事實上，我想了解一下各個地區的情況。按地理。

From geography, since Asia ends up being the factory for the world, and we see more sales for products irrespective of where they're designed in being manufactured over there. So, I would say that the majority of our products would be manufactured in either in China or Taiwan. And if you take up all of Asia together, I think it will be somewhere between 85% and 90% of our revenue.

從地理位置來看，由於亞洲最終成為世界工廠，我們看到產品的銷售量增加，無論它們是在哪裡設計和製造的。所以，我想說，我們大部分的產品將在中國或台灣製造。如果你把整個亞洲加在一起，我認為這將占我們收入的 85% 到 90% 之間。

Okay, got it. Thank you.

好的，明白了。謝謝。

The next question comes from Gus Richard from Piper Jaffray.

下一個問題來自 Piper Jaffray 的 Gus Richard。

Yes. Thanks for taking my question. In your telecom opportunity with the large manufacturer, can you talk a little bit about what sort of end markets you are getting to? Is it wireline communication, is it wireless, base stations? Can you give a little more color as to where you are starting off on that customer?

是的。感謝您提出我的問題。在您與大型製造商合作的電信機會中，您能談談您將進入什麼樣的終端市場嗎？是有線通信，還是無線通信，基地台？您能否進一步說明您從該客戶開始？

You're asking about the one where we're designing in Intelli-Phase as well as the controllers?

您是在問我們正在設計的 Intelli-Phase 以及控制器嗎？

Correct. And the modules, yes.

正確的。還有模組，是的。

Okay. The wire -- the module is going into -- it's going into a wireless router, and that's something we expect to begin production next quarter and we have got our first purchase order for that. And for the parts that are just Intelli-Phase and the controllers, that's going into a switchboard chassis, and that's something we also expect to start the shipping in the second half of this year.

好的。電線——模組將進入——它將進入無線路由器，我們預計下季度開始生產，我們已經收到了第一個採購訂單。對於 Intelli-Phase 和控制器等零件，它們將被裝入交換器機箱中，我們也預計將在今年下半年開始出貨。

And when you say wireless router, is that an edge router or is that a WiFi router?

當您說無線路由器時，這是邊緣路由器還是 WiFi 路由器？

No, it's not wireless or -- it's not a WiFi router. (multiple speakers) It's more in infrastructures.

不，它不是無線的，或者說——它不是 WiFi 路由器。（多位發言者）更多的是基礎建設方面的問題。

Right, okay. I just wanted to make absolutely sure I was clear. Thanks, that was my question. Thank you.

對了，好吧。我只是想確保我說清楚了。謝謝，這是我的問題。謝謝。

Okay.

好的。

The next question comes from Vernon Essi from Needham & Company.

下一個問題來自 Needham & Company 的 Vernon Essi。

Thanks for taking the follow-up here. Two topics I wanted to explore. First of on your lighting. If we look at your year-over-year numbers, they were down. And I don't want to overstate this, obviously, I realize it's a small portion of your revenue. But you are probably winding down completely the CFL investor contribution. What is this going to look like for 2013? Do you expect to have year-over-year growth, or do you think it is going to be a close call? And are you seeing enough demand out there in LED to make a lift here?

感謝您在此進行跟進。我想探討兩個主題。首先是你的燈光。如果我們看一下你們的同比數字，就會發現它們有所下降。我不想誇大這一點，顯然，我意識到這只是您收入的一小部分。但您可能會完全減少 CFL 投資者的捐款。2013 年會是什麼樣子？您預計會出現同比增長，還是您認為這將是一次千鈞一髮的情況？您是否看到 LED 領域有足夠的需求來推動這裡的發展？

This year LED lighting will grow. Will grow substantial.

今年LED照明將會成長。會長得可觀。

What you are seeing in the numbers there is backlighting going down, and that's tied into the monitor business that we have in the notebook market. But you are seeing LED lighting go up and we expect, as Michael said, that LED lighting will continue to grow for us this year and next year.

您在數字中看到背光正在下降，這與我們在筆記型電腦市場上的顯示器業務有關。但你會看到 LED 照明的成長，正如 Michael 所說，我們預計 LED 照明今年和明年將繼續成長。

Just to help us frame that, the percentage of backlighting as a proportion of that number for, let's say you closed out 2012 at -- I can't look at it quickly enough -- $25 million. How much of that was backlighting driven?

為了幫助我們確定這一點，背光照明佔該數字的比例，假設 2012 年的收盤價為——我無法快速查看——2500 萬美元。其中有多少是背光驅動的？

In 2012?

2012年？

Yes.

是的。

In 2012, it was about maybe $5 million.

2012 年，這一數字約為 500 萬美元。

$5 million? Okay, and then just -- this is clearly another, just a question I think everyone listening might find some use in. But Michael, what is happening to some of these legacy products that clearly you are deemphasizing? What is happening in the marketplace with the competitors? Are you seeing really aggressive price activity? Or what seems it be the main tone, if you will, out there? And obviously, I realize you are not focusing on some of these standard LDO parts or what have you that are falling by the wayside. But how is that environment then?

500萬美元？好吧，然後——這顯然是另一個問題，我認為每個聽的人可能會發現一些用處。但是邁克爾，您顯然不重視的一些遺留產品發生了什麼？市場上的競爭對手正在發生什麼事？您是否看到了真正激進的價格活動？或者如果你願意的話，這似乎是主基調？顯然，我意識到您並沒有關注其中一些標準 LDO 部件或那些半途而廢的部件。但那個環境怎麼樣呢？

Well, it's stabilized, and I don't see the price going to keep going down. And so with MPS's BCD3 product, the CoolMOS -- CoolPower based on the BCD3. And they are very competitive in the market, and it's our choice to go that segment on that. And now we have bigger fish to catch now.

嗯，已經穩定了，我不認為價格會繼續下跌。MPS 的 BCD3 產品 CoolMOS（基於 BCD3 的 CoolPower）也是如此。他們在市場上非常有競爭力，我們選擇進入這個細分市場。現在我們有更大的魚要釣了。

Okay, but -- so if you were to look at the legacy parts, it's in a state of somewhat atrophy, just because you are not out there actively designing them, or is it becoming more of a price --

好吧，但是——所以如果你看看遺留的部分，它處於某種萎縮的狀態，只是因為你沒有積極地設計它們，或者它變得越來越昂貴——

We still are actively defending our existing positions. In a lot of BCDs, the power -- the product lines, what we call it, these are mini monsters, and those kinds of things you remember. And these are based on BCD 2 products, and they are -- they do have those products that feel the price pressures. And now we actively replace with a CoolPower.

我們仍然積極捍衛我們現有的立場。在許多 BCD 中，權力——產品線，我們稱之為迷你怪物，以及你記得的那些東西。這些都是基於 BCD 2 產品的，他們確實擁有那些感受到價格壓力的產品。現在我們積極更換為 CoolPower。

Okay. All right, thank you.

好的。好的，謝謝。

Okay.

好的。

The next question comes from Steve Smigie from Raymond James.

下一個問題來自 Raymond James 的 Steve Smigie。

Great, thanks for the opportunity at some follow-ups. Just with regard to BCD Plus or BCD2, however you want to call it, will you use that still going forward for, say, some higher voltage applications and keep the BCD3, BCD4 more for just lower voltage but higher current applications? Or would you take the other BCD3, BCD4 also to higher voltage?

太好了，感謝您有機會進行一些後續活動。就 BCD Plus 或 BCD2 而言，無論您想如何稱呼它，您是否仍將其用於某些較高電壓的應用，而保留 BCD3、BCD4 更多用於較低電壓但較高電流的應用？或者你會把其他 BCD3、BCD4 也帶到更高的電壓嗎？

We do have the plan, and in the high voltage is mostly is industrial or in applications, automotive, and these are much price sensitive. Also, they require very long qualifications. And BCD2 products, they are doing well in those market segments. Not that many people -- companies offers more than 36 volts DC to DC products, so we don't have to change that very, very quickly. Although start from it this year in all the -- even in the industrial and automotive products, we are designing a BCD3 now.

我們確實有這個計劃，在高壓領域主要是工業或汽車應用，這些對價格非常敏感。此外，他們需要很長的資格。而BCD2產品，他們在這些細分市場中表現良好。沒有那麼多人 - 公司提供超過 36 伏特直流對直流產品，因此我們不必非常非常快速地改變這一點。儘管從今年開始，即使在工業和汽車產品中，我們現在也正在設計 BCD3。

Okay, great. That's very helpful. Just on BCD4, what's the -- how is the timing of that at this point?

好的，太好了。這非常有幫助。就在 BCD4 上，現在是什麼時間？

I think the first product is going to be -- we release -- well, we will release the first product in the next couple of months.

我認為第一個產品將是——我們發布——嗯，我們將在接下來的幾個月內發布第一個產品。

Okay. If I just look at industrial, you had some decent percentage growth. Obviously, it's off of a small base. Is there room for that to double this year?

好的。如果我只看工業，你會看到一些不錯的成長百分比。顯然，它的基礎很小。今年還有翻倍的空間嗎？

For the industrial markets?

對於工業市場？

For the industrial?

對於工業？

Yes, because you have a lot of new -- it seems like you have a lot of new products there, in AC/DC, for example. I know sometimes some of that stuff is slower to get traction. You have so many new products, I was just wondering if there's potential for the industrial market to maybe double in 2013.

是的，因為你們有很多新產品——看起來你們有很多新產品，例如在 AC/DC 領域。我知道有時有些東西獲得關注的速度較慢。你們有這麼多新產品，我只是想知道2013年工業市場是否有潛力翻倍。

We have -- I can't answer directly what is the clear number, doubled or not. But industrial and the nature of that business, is a lot of the small size of our customers, and so we add together whether their projects are going to kick in or not. We'll be -- have a bigger uncertainty. But the bottom line is that this year is going to be much bigger than last year. And we see that in 2014, too.

我們——我無法直接回答明確的數字是多少，無論是否翻倍。但工業和該業務的性質是我們的客戶規模很小，因此我們將他們的專案是否會啟動而加在一起。我們將會有更大的不確定性。但最重要的是，今年的規模將比去年大得多。我們在 2014 年也看到了這一點。

You are seeing -- you saw that in Q1 we grew our industrial revenue and we expect it to grow again in Q2. You are seeing a lot of design wins come in and start ramping up. So, I expect that by the end of this year we will have very good growth. Whether it is going to be double, that's the part I don't know. But cumulatively, it's going to be very good.

你看到了——你看到在第一季我們的工業收入成長了，我們預計它會在第二季再次成長。您會看到許多設計成果的出現並開始增加。所以，我預計到今年年底我們將會有非常好的成長。會不會是雙倍，這是我不知道的部分。但累積起來，它會非常好。

Great, fair enough. And last question is just on LED lighting. Not so much the backlight stuff that's specific to the LED, say for bulb replacement. Seems like your drivers can go across a whole bunch of different markets. Do you think the primary market would be a bulb replacement driver type solution, or would you -- like a household application, or do you see it -- more opportunity in, say, something like LED lighting for cars, like in the headlamps, the taillights, et cetera? What would see the biggest drivers across the market?

太好了，夠公平的。最後一個問題是關於 LED 照明的。與其說是 LED 特有的背光源，例如更換燈泡。看起來你的司機可以穿越很多不同的市場。您是否認為主要市場將是燈泡替換驅動器類型的解決方案，或者您是否會——例如家庭應用，或者您是否看到——更多的機會，例如汽車的 LED 照明，例如前照燈，尾燈等等？整個市場最大的推動因素是什麼？

We are more focused on the commercial lighting, and that's including in the commercial that's in the buildings in the factories and even airports and nuclear stations, those industrial applications. Also, we have a line of products for automobile and headlamps and the dome light and those kind of replacement. And not much -- again, much less focused in a consumer lighting.

我們更專注於商業照明，包括工廠建築、甚至機場和核電廠的商業照明，以及那些工業應用。此外，我們還有一系列用於汽車和頭燈、頂燈以及此類替代品的產品。並沒有太多——同樣，更不用說關註消費者照明了。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

At this time, I am showing no further questions. I would now like to turn the call back over to the presenters for closing remarks.

目前，我沒有再提出任何問題。現在我想將電話轉回給主持人致閉幕詞。

I would like to remind all listeners that we have an analyst day on June 6 at our headquarters in San Jose, and we would like to encourage you all to register at investorrelations@monolithicpower.com. Other than that, I'd like to thank you all for joining us on this call and look forward to talking to you again next quarter. Thanks, bye-bye.

我想提醒所有聽眾，我們將於 6 月 6 日在聖荷西總部舉辦分析師日，我們鼓勵大家透過 Investorrelations@monolithicpower.com 進行註冊。除此之外，我還要感謝大家參加本次電話會議，並期待下季再次與你們交談。謝謝，再見。

Ladies and gentlemen, that does conclude the conference for today. Again, thank you for your participation. You may all disconnected. Have a good day.

女士們、先生們，今天的會議到此結束。再次感謝您的參與。你們可能都斷線了。祝你有美好的一天。