安森美 (ON) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the ON Semi second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加安森美半導體 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would not like to hand the conference over to your speaker today, Parag Agarwal. Please go ahead.

今天我不想把會議交給你們的發言人 Parag Agarwal。請繼續。

Thank you, Kevin. Good morning and thank you for joining ON Semi's second quarter of 2025 results conference call.

謝謝你，凱文。早安，感謝您參加安森美半導體 2025 年第二季業績電話會議。

I'm joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO. This call is being webcast on the Investor Relations section of our website at www.onsemi.com. A replay of this webcast, along with our second quarter earnings release will be available on our website approximately one hour following this conference call, and the recorded webcast will be available for approximately 30 days following this conference call.

今天與我一同出席的還有我們的總裁兼執行長 Hassane El-Khoury 和我們的財務長 Thad Trent。本次電話會議將在我們網站 www.onsemi.com 的「投資者關係」區塊進行網路直播。本次網路直播的重播以及我們的第二季財報將在電話會議結束後約一小時在我們的網站上提供，錄製的網路直播將在電話會議結束後約 30 天內提供。

Additional information is posted on the Investor Relations section of our website. Our earnings release and this presentation include certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures with the most directly comparable GAAP financial measures, and the discussion of certain limitations when using non-GAAP financial measures are included in our earnings release, which is posted separately on our website in the Investor Relations section.

更多資訊已發佈在我們網站的投資者關係部分。我們的收益報告和本簡報包括某些非公認會計準則財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對賬，以及使用非 GAAP 財務指標時的某些限制的討論都包含在我們的收益報告中，該報告在我們網站的投資者關係部分單獨發布。

During the course of this conference call, we'll make projections or other forward-looking statements regarding the future events or future financial performance of the company. We wish to caution that such statements are subject to risk and uncertainties that could cause actual events or results to differ materially from projections.

在本次電話會議期間，我們將對公司未來事件或未來財務表現做出預測或其他前瞻性陳述。我們希望提醒的是，此類聲明受風險和不確定性的影響，可能導致實際事件或結果與預測有重大差異。

Important factors that can affect our business, including factors that could cause actual results to differ materially from our forward-looking statements are described in the most recent Form 10-K, Form 10-Qs, and other filings with the Securities and Exchange Commission and in our earnings list for the second quarter.

可能影響我們業務的重要因素，包括可能導致實際結果與我們的前瞻性陳述存在重大差異的因素，在最新的 10-K 表格、10-Q 表格和向美國證券交易委員會提交的其他文件以及我們第二季度的收益清單中有所描述。

Our estimates or other forward-looking statements might change, and the company assumes no obligation to update forward-looking statements to reflect actual results, change, assumptions, or other events that may occur, except as required by law.

我們的估計或其他前瞻性陳述可能會發生變化，除非法律要求，否則公司不承擔更新前瞻性陳述以反映實際結果、變化、假設或其他可能發生的事件的義務。

Now, let me hand it over to Hassane. Hassane.

現在，讓我把它交給哈桑。哈桑。

Thank you, Parag. Good morning and thank you all for joining us. In the second quarter, we made meaningful progress across our strategic priorities and advanced critical initiatives in Automotive, Industrial and AI data center.

謝謝你，帕拉格。早安，感謝大家加入我們。在第二季度，我們在策略重點方面取得了有意義的進展，並推進了汽車、工業和人工智慧資料中心等關鍵舉措。

In Automotive, we're helping customers like Xiaomi improve range and enhance the driving experience, and we're expanding our engagement with more global OEMs and Tier 1s, including our collaboration with Schaeffler.

在汽車領域，我們正在幫助小米等客戶擴大行駛里程並提升駕駛體驗，我們正在擴大與更多全球原始設備製造商和一級供應商的合作，包括與舍弗勒的合作。

In AI data centers, we are enabling next generation power architectures that drive efficiency and performance at scale through collaboration with market leaders like NVIDIA to accelerate the shift to 800 volt DC power architecture. We remain focused on making strategic investments to extend our competitive edge and deepen customer relationships to build long-term value.

在人工智慧資料中心，我們透過與 NVIDIA 等市場領導者合作，實現可大規模提高效率和效能的下一代電源架構，以加速向 800 伏特直流電源架構的轉變。我們將繼續專注於進行策略性投資，以擴大我們的競爭優勢並深化客戶關係，從而創造長期價值。

At the same time, we are making structural improvements across the business to enhance efficiency. This combined with disciplined cost management, creates significant leverage in our model as we prepare to capitalize on a market recovery. On the financial side, we delivered Q2 revenue of $1.47 billion, exceeding the midpoint of our guidance and non-GAAP gross margin and EPS of 37.6% and [53%] respectively.

同時，我們正在對整個業務進行結構性改進以提高效率。當我們準備利用市場復甦時，這與嚴格的成本管理相結合，為我們的模型創造了巨大的槓桿作用。財務方面，我們第二季的營收為 14.7 億美元，超過了我們預期的中點，非 GAAP 毛利率和每股盈餘分別為 37.6% 和 [53%]。

Turning to the demand environment, we are seeing signs of stabilization across our end markets. We have not seen any pull-ins to date due to tariffs, and our diversified manufacturing footprint remains a competitive advantage, providing sourcing options to our customers as they work on optimizing their supply chains.

談到需求環境，我們看到終端市場出現穩定的跡象。到目前為止，我們還沒有看到任何因關稅而受到的拉動，我們多元化的製造足跡仍然是一個競爭優勢，為我們的客戶在優化供應鏈時提供採購選擇。

By market, Automotive revenue in Q2 was down 4%, performing better than anticipated, and is expected to grow in the third quarter with continued EV ramps. In China, select Xiaomi YU7 electric SUV models integrate our 1,200 volt EliteSiC M3e, enabling better performance and the longest range in its class.

按市場劃分，第二季汽車收入下降 4%，表現優於預期，預計隨著電動車的持續成長，第三季汽車收入將成長。在中國，小米 YU7 電動 SUV 車型整合了我們的 1,200 伏特 EliteSiC M3e，可實現更佳性能和同級中最長的續航里程。

China remains a growth driver for ON Semi with strong traction in both BEV and PHEV platforms. China revenue in Q2 grew 23% sequentially, driven by silicon carbide with the new EV ramps I mentioned last quarter.

中國仍然是安森美半導體的成長動力，在 BEV 和 PHEV 平台方面均具有強勁的吸引力。中國第二季營收季增 23%，這得益於上個季度提到的碳化矽和電動車新應用的成長。

We also expanded our collaboration with Schaeffler to deliver our next generation traction inverter for a global OEM's PHEV platform using our latest EliteSic M40 trench technology to unlock higher energy efficiency and reliability.

我們也擴大了與舍弗勒的合作，利用我們最新的 EliteSic M40 溝槽技術為全球 OEM 的 PHEV 平台提供下一代牽引逆變器，以實現更高的能源效率和可靠性。

We expect adoption to continue to expand and our customer engagement to continue to diversify as OEMs redesign hybrid architectures to meet the emissions target and extend range. Industrial revenue increased 2% quarter-over-quarter. Revenue for AI data center, which we report as part of our other bucket, nearly doubled again in Q2 over the same quarter last year.

隨著原始設備製造商重新設計混合動力架構以滿足排放目標並擴大續航里程，我們預計採用率將繼續擴大，我們的客戶參與度將繼續多樣化。工業收入季增2%。我們報告的另一個類別是人工智慧資料中心的收入，該收入在第二季度比去年同期幾乎翻了一番。

As outlined in the President's AI action plan, AI infrastructure has become a focus of national priority in the United States. AI growth will be limited by power delivery rather than compute alone and ON Semi is the only broad-based US power semiconductor supplier addressing this challenge with our intelligent power semiconductors, dramatically increasing power density and reducing energy loss.

正如總統人工智慧行動計畫所述，人工智慧基礎設施已成為美國國家優先發展的重點。人工智慧的成長將受到電力傳輸而非單獨計算的限制，安森美半導體是唯一一家透過智慧功率半導體應對這項挑戰的美國廣泛功率半導體供應商，可大幅提高功率密度並減少能量損失。

We are actively working with leading XPU providers on smart power stages that address the power requirements of current and next-generation platforms. We're in production on single SPS products in an industry standard five-by-five package and began sampling a dual SPS in the same footprint.

我們正積極與領先的 XPU 供應商合作，開發智慧功率級，以滿足當前和下一代平台的電源需求。我們正在生產採用業界標準 5x5 封裝的單 SPS 產品，並開始對相同尺寸的雙 SPS 進行採樣。

As part of our ongoing transformation, we will continue investing in next-generation technologies where we have clear competitive advantages while reducing our exposure to areas with limited differentiation. This includes end-of-life of legacy products, exiting non-core businesses and repositioning our image sensing portfolio toward higher value segments such as ADAS and machine vision.

作為我們正在進行的轉型的一部分，我們將繼續投資於我們具有明顯競爭優勢的下一代技術，同時減少對差異化有限的領域的投資。這包括淘汰傳統產品、退出非核心業務以及將我們的影像感測產品組合重新定位到 ADAS 和機器視覺等更高價值的領域。

These actions are reshaping ON Semi into a company with a distinct value proposition powered by leadership in intelligent power, sensing and analog mixed signal technologies. A strong example of the strategy in action is Treo. Momentum continues to build around our Treo platform with a design funnel that has more than doubled quarter-over-quarter as we progress towards our $1 billion revenue target.

這些舉措正在將安森美半導體重塑為一家擁有獨特價值主張的公司，並以智慧電源、感測和模擬混合訊號技術領域的領導地位為後盾。Treo 就是這項策略實施的典型例子。我們的 Treo 平台持續保持強勁發展勢頭，設計漏斗環比成長了一倍多，我們正朝著 10 億美元的營收目標邁進。

We are on track to doubling the number of products sampling from last year. Treo's differentiated technology, modular SoC like design and ability to integrate high and low voltage domains are driving strong customer engagement across all our end markets.

我們預計將去年的抽樣產品數量增加一倍。Treo 的差異化技術、模組化 SoC 設計以及整合高低壓域的能力正在推動我們所有終端市場的強大客戶參與度。

An example in automotive is 10BASE-T1S, where we sampled over 10 customers as they work on their zonal architecture. After delivering our first Treo revenue in Q1, we've also reached an important milestone. We've now shipped over 5 million units from our East Fishkill facility this year. These milestones reflect the strength of our innovation engine and the strategic investments we've made to support long-term growth.

汽車領域的一個例子是 10BASE-T1S，我們在 10 多個客戶的區域架構工作中對他們進行了抽樣。繼第一季實現第一筆 Treo 營收後，我們也達到了一個重要的里程碑。今年，我們已經從東菲什基爾工廠出貨了超過 500 萬台設備。這些里程碑反映了我們創新引擎的實力以及我們為支持長期成長所做的策略投資。

By reducing complexity, sharpening our operational focus and allocating capital more efficiently, we are building a more resilient and higher-quality business for the long term. As the global economy accelerates to our electrification and intelligent automation, next-generation vehicles, sustainable energy systems and AI data centers are converging around a shared need for a new era of power solutions.

透過降低複雜性、加強營運重點和更有效地配置資本，我們正在長期打造更具彈性、更高品質的業務。隨著全球經濟加速走向電氣化和智慧自動化，下一代汽車、永續能源系統和人工智慧資料中心正在圍繞新時代電源解決方案的共同需求而融合。

Beyond silicon carbide, our strategic investments in next generation wide band gap semiconductors have delivered transformative gains in power density, thermal performance and energy efficiency. We started sampling customers on these new breakthrough technologies, and I will talk more about it soon.

除了碳化矽之外，我們對下一代寬頻隙半導體的策略投資已經在功率密度、熱性能和能源效率方面帶來了變革性的進步。我們開始向客戶抽樣介紹這些新的突破性技術，我很快就會詳細介紹。

Let me now turn it over to Thad to give you more detail on our results and guidance for the third quarter.

現在，讓我將時間交給 Thad，讓他向您詳細介紹我們的第三季業績和指引。

Thanks, Hassane. Through our ongoing transformation, we remain dedicated to building sustainable long-term value for our shareholders. We have progressively rationalized our portfolio and manufacturing footprint to expand gross and operating margins at scale.

謝謝，哈桑。透過持續的轉型，我們始終致力於為股東創造可持續的長期價值。我們逐步合理化我們的產品組合和製造佈局，以大規模擴大毛利率和營業利潤率。

These efforts will continue in future quarters, and we are committed to extracting value through our fab right initiative. Investments in next-generation technologies across the portfolio will continue to expand our position as a leader in power and sensing and drive the shift in our portfolio mix to move ON Semi up the value chain with our customers.

這些努力將在未來幾個季度繼續下去，我們致力於透過我們的晶圓廠正確計劃來獲取價值。對整個產品組合中下一代技術的投資將繼續擴大我們在功率和感測領域的領先地位，並推動我們產品組合的轉變，使安森美半導體與我們的客戶一起提升價值鏈。

As a reminder, in Q1, we took aggressive action to reduce our manufacturing capacity and restructure our workforce to continue driving long-term operational efficiencies. In the second quarter, we began to see the benefits of those structural changes with a substantial reduction in operating expenses.

提醒一下，在第一季度，我們採取了積極措施來降低製造能力並重組勞動力，以繼續提高長期營運效率。在第二季度，我們開始看到這些結構性變化帶來的好處，營運費用大幅減少。

In parallel, we increased our 2025 targeted share repurchase to 100% of free cash flow. We are executing to that target and after repurchasing an additional [$300 million] of shares in the second quarter, we have returned 107% of our free cash flow to shareholders on a year-to-date basis.

同時，我們將 2025 年股票回購目標提高至自由現金流的 100%。我們正在實現這一目標，在第二季度回購額外 [3 億美元] 的股票後，我們年初至今已向股東返還了 107% 的自由現金流。

Turning to the second quarter financial results. We exceeded the midpoint of our guidance with revenue of $1.47 billion, increasing 1.6% over Q1. Automotive revenue was $733 million, which decreased 4% sequentially, driven by weakness in America and Europe and offset by continued strength in China.

談到第二季的財務表現。我們的營收達到 14.7 億美元，比第一季成長 1.6%，超出了預期中位數。汽車業務收入為 7.33 億美元，環比下降 4%，主要由於美國和歐洲市場疲軟，但被中國市場的持續強勁所抵消。

Revenue for Industrial was $406 million, up 2% sequentially. While our medical and aerospace and defense businesses continue to grow, traditional industrial declined slightly in Q2 versus Q1. Outside of auto and industrial, our other businesses increased 16% quarter-over-quarter with AI data center being one of the significant contributors.

工業部門營收為 4.06 億美元，季增 2%。雖然我們的醫療、航空航太和國防業務持續成長，但傳統工業在第二季度與第一季相比略有下降。除汽車和工業外，我們的其他業務環比增長 16%，其中人工智慧資料中心是重要貢獻者之一。

Looking at the quarter between -- the split between the business units, revenue for the power solutions group or PSG, was $698 million, an increase of 8% quarter-over-quarter and a decrease of 16% year-over-year. Revenue for the analog and mixed signal group or AMG was $556 million, a decrease of 2% quarter-over-quarter and 14% year-over-year. Revenue for the intelligent sensing group, or ISG, was $215 million, an 8% decrease quarter-over-quarter and 15% over the same quarter last year.

從各業務部門的劃分來看，本季電源解決方案集團（PSG）的營收為 6.98 億美元，季增 8%，年減 16%。AMG 模擬和混合訊號集團的營收為 5.56 億美元，季減 2%，較去年同期下降 14%。智慧感測集團（ISG）的營收為 2.15 億美元，季減 8%，較去年同期下降 15%。

Turning to gross margin in the second quarter. GAAP and non-GAAP gross margin was 37.6%, above the midpoint of our non-GAAP guidance. Manufacturing utilization was flat compared to Q1. We accounting for the capacity impairment completed in Q1, utilization is now 68% based on a reduced manufacturing capacity. We expect to see approximately $5 million reduction in depreciation on the income statement starting in Q4.

轉向第二季的毛利率。GAAP 和非 GAAP 毛利率為 37.6%，高於我們非 GAAP 指引的中點。製造利用率與第一季相比持平。考慮到第一季完成的產能減損，基於製造產能的降低，目前的利用率為 68%。我們預計從第四季開始損益表上的折舊將減少約 500 萬美元。

Now let me give you some additional numbers for your models. GAAP operating expenses for the second quarter were $359 million as compared to $396 million in the second quarter of 2024. GAAP operating expenses decreased sequentially in Q1 as Q1 included restructuring charges of $539 million.

現在讓我為你們的模型提供一些額外的數字。第二季的 GAAP 營運費用為 3.59 億美元，而 2024 年第二季為 3.96 億美元。由於第一季包含 5.39 億美元的重組費用，因此第一季 GAAP 營運費用較上季下降。

Non-GAAP operating expenses were $298 million compared to $308 million in the quarter -- a year ago. Non-GAAP operating expenses decreased $17 million sequentially and were above the midpoint of our guidance. This was due to delays in realizing the full benefit of our restructuring activities in the quarter, which we expect to recognize fully in the third quarter.

非公認會計準則營運費用為 2.98 億美元，而去年同期該季度營運費用為 3.08 億美元。非公認會計準則營運費用季減 1700 萬美元，高於我們預期的中位數。這是因為我們本季重組活動的全部效益未能及時實現，我們預計第三季將全面實現這一效益。

GAAP operating margin for the quarter was 13.2% and non-GAAP operating margin was 17.3%. Our GAAP tax rate was 12.6% and non-GAAP tax rate was 16%. Looking forward, we expect no material change in 2025 due to the One Big Beautiful Bill while we see a positive impact in 2026 and beyond, reducing our non-GAAP tax rate to approximately 15% from our previous expectation of 19%.

本季 GAAP 營業利益率為 13.2%，非 GAAP 營業利益率為 17.3%。我們的 GAAP 稅率為 12.6%，非 GAAP 稅率為 16%。展望未來，我們預計《一項美麗大法案》在 2025 年不會帶來重大變化，但我們認為 2026 年及以後將產生正面影響，將我們的非 GAAP 稅率從先前預期的 19% 降低至約 15%。

Diluted GAAP earnings per share for the second quarter was $0.41 as compared to $0.78 in the quarter a year ago. Non-GAAP earnings per share was $0.53 as compared to $0.96 in Q2 of 2024. GAAP and non-GAAP diluted share count was 415 million shares.

第二季稀釋 GAAP 每股收益為 0.41 美元，去年同期為 0.78 美元。非公認會計準則每股收益為 0.53 美元，而 2024 年第二季為 0.96 美元。GAAP 和非 GAAP 稀釋股數為 4.15 億股。

Turning to the balance sheet. Cash and short-term investments was $2.8 billion with total liquidity of $4 billion, including $1.1 billion undrawn on our revolver. Cash from operations was $184 million, and free cash flow was $106 million. The sequential decline in free cash flow was driven by timing of working capital, which created lumpiness between quarters.

轉向資產負債表。現金和短期投資為 28 億美元，總流動資金為 40 億美元，其中包括未動用的 11 億美元循環信貸額度。經營現金流為 1.84 億美元，自由現金流為 1.06 億美元。自由現金流的連續下降是由營運資本的時間安排造成的，這造成了季度之間的不平衡。

Our year-to-date free cash flow is 19% of revenue, and we remain on track to deliver 25% free cash flow margin for the full year. Capital expenditures during Q2 were $78 million or 5% of revenue. Inventory was up quarter-over-quarter on a dollar basis by $9 million and decreased by 11 days to 208 days.

我們今年迄今的自由現金流佔收入的 19%，我們仍有望實現全年 25% 的自由現金流利潤率。第二季的資本支出為 7,800 萬美元，佔營收的 5%。庫存以美元計算環比增加 900 萬美元，減少 11 天至 208 天。

This includes 87 days of bridge inventory to support fab transitions in silicon carbide, down from 100 days in Q1. Excluding the strategic builds, our base inventory is healthy at 121 days. Distribution inventory was 10.8 versus 10.1 weeks in Q1 and within our target range of 9 to 11 weeks.

這包括 87 天的橋樑庫存，以支持碳化矽晶圓廠的轉型，低於第一季的 100 天。除去策略性建設，我們的基本庫存為 121 天，狀況良好。分銷庫存為 10.8 週，而第一季為 10.1 週，在我們 9 至 11 週的目標範圍內。

Looking forward, let me provide you the key elements of our non-GAAP guidance for the third quarter. As a reminder, today's press release contains a table detailing our GAAP and non-GAAP guidance. First, our guidance is inclusive of our current expectations that there is no material direct impact of tariffs announced as of today.

展望未來，讓我向您提供我們第三季非公認會計準則指引的關鍵要素。提醒一下，今天的新聞稿包含一個表格，詳細說明我們的 GAAP 和非 GAAP 指導。首先，我們的指引包含了我們目前的預期，即截至今天宣布的關稅不會產生重大直接影響。

Given our current visibility, we anticipate Q3 revenue will be in the range of $1.465 billion to $1.565 billion. Our non-GAAP gross margin is expected to be between 36.5% and 38.5%, which includes share-based compensation of $6 million. Our third quarter guidance includes 900 basis points of non-cash under-absorption charges, and we expect utilization to be flat to up slightly in Q3.

鑑於我們目前的前景，我們預計第三季的營收將在 14.65 億美元至 15.65 億美元之間。我們的非公認會計準則毛利率預計在 36.5% 至 38.5% 之間，其中包括 600 萬美元的股權激勵費用。我們的第三季指引包括 900 個基點的非現金吸收不足費用，我們預期第三季的使用率將持平或略有上升。

Moving on to non-GAAP operating expenses. We expect OpEx to be in the range of $280 million to $295 million, including share-based compensation of $32 million. We anticipate our non-GAAP other income to be a net benefit of $8 million with our interest income exceeding interest expense.

繼續討論非 GAAP 營運費用。我們預計營運支出將在 2.8 億美元至 2.95 億美元之間，其中包括 3,200 萬美元的股權激勵費用。我們預計非公認會計準則下的其他收入將為 800 萬美元的淨收益，其中利息收入將超過利息支出。

We expect our non-GAAP tax rate to be approximately 16% and our non-GAAP diluted share count is expected to be approximately 410 million shares. This results in non-GAAP earnings per share to be in the range of $0.54 to $0.64.

我們預計我們的非公認會計準則稅率約為 16%，我們的非公認會計準則稀釋股數預計約為 4.1 億股。這使得非公認會計準則每股收益介於 0.54 美元至 0.64 美元之間。

We expect capital expenditures in the range of $35 million to $50 million. As we look forward, we continue to rationalize our product portfolio to force the shift towards higher value and higher-margin products. In 2026, we expect that approximately 5% of our 2025 revenue will not repeat. This includes the end of life of certain legacy products, ongoing non-core exits and the repositioning of ISG that Hassane talked about.

我們預計資本支出在 3500 萬美元至 5000 萬美元之間。展望未來，我們將繼續合理化我們的產品組合，以推動向更高價值、更高利潤的產品轉變。我們預計，2026 年約有 5% 的收入將不會重複。這包括某些遺留產品的生命週期結束、正在進行的非核心退出以及 Hassane 談到的 ISG 的重新定位。

We've also been executing our fab right strategy to align capacity with this shift as we drive to a higher quality of revenue and long-term earnings power. To wrap up, we continue to operate with financial discipline and a clear focus on shareholder value. By taking decisive action to streamline our portfolio and align operations, we are well positioned for a recovery.

我們也一直在執行我們的晶圓廠正確策略，以使產能與這一轉變保持一致，從而提高收入品質和長期盈利能力。總而言之，我們將繼續嚴格遵守財務紀律，並明確關注股東價值。透過採取果斷行動精簡投資組合併協調運營，我們已為復甦做好了準備。

We continue to invest in next-generation technologies and capabilities that will strengthen our competitive advantage and support our transformation. With our focus on intelligent power and sensing, we are reshaping ON Semi into a more focused and differentiated company.

我們將繼續投資下一代技術和能力，以增強我們的競爭優勢並支持我們的轉型。我們專注於智慧電源和感測，正在將安森美半導體重塑為更專注、差異化的公司。

With that, I'd like to turn the call back over to Kevin to open up the line for Q&A.

說完這些，我想把電話轉回給凱文，讓他開始問答環節。

Ross Seymour, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, guys. Thanks for let me ask a question. Hassane, first one's for you. And I guess just kind of two parts to it. You sound better cyclically than you have in a while. So the first part is what are you seeing cyclically? And where are there still headwinds? Where are you seeing mainly the tailwinds?

嗨，大家好。謝謝你讓我問一個問題。哈桑，第一個問題交給你。我想它大概分成兩個部分。您的聲音聽起來比以前更好了。那麼第一部分是您週期性地看到了什麼？哪些地方仍有阻力？您主要在哪裡看到順風？

And perhaps more importantly, when we move to the secular side, you talked about the AI data center side, the Treo side of things, but we still have the offsets of businesses you're exiting like Thad just mentioned probably a 5% headwind. Can you talk a little bit about the traction in those secular drivers and when the good ones are going to offset the exits?

也許更重要的是，當我們轉向世俗方面時，您談到了人工智慧資料中心方面、Treo 方面的事情，但我們仍然有您退出的業務的抵消，就像 Thad 剛才提到的，可能有 5% 的逆風。您能否稍微談一談這些長期驅動因素的牽引力以及何時好的因素將抵消退出的影響？

Yeah. Ross, thanks. That's a great segue into what really the call is about. So as far as what we're seeing, we're seeing stabilization relative to where we have been over, call it, the last three, four, five quarters, that is a positive development. We talked about automotive hitting the low-end in the second quarter.

是的。羅斯，謝謝。這很好地引出了這通通話的真正內容。因此，就我們所看到的情況而言，相對於過去三、四、五個季度的情況，我們看到了穩定，這是一個積極的發展。我們談到了第二季汽車市場進入低端市場的情況。

Thad talked about also we expect automotive to be up in the third quarter. So you're starting to see that stabilization. I'm not there calling a recovery. There's still a lot of uncertainty and customers are being cautious. But relatively speaking, I do have more, I guess, positively optimistic looking forward.

薩德也表示，我們預計第三季汽車銷量將會成長。所以你開始看到這種穩定。我並不是呼籲經濟復甦。仍存在許多不確定性，客戶也持謹慎態度。但相對而言，我猜我確實對未來抱持更多正面樂觀的態度。

But I remain cautious in the way we run the company until we see that stabilization turn into a better foundation for a recovery. We're controlling everything we can from what Thad mentioned from an OpEx perspective, we're being very disciplined in investments that will turn the company into the high-value products and revenue that we want. So those are the second part of your question.

但在我們看到穩定轉變為復甦的更好基礎之前，我對公司經營方式仍持謹慎態度。正如 Thad 從營運支出角度提到的，我們正在控制一切可以控制的事物，我們在投資方面非常自律，這將使公司轉變為我們想要的高價值產品和收入。這就是你問題的第二部分。

When we talk about AI data center, we've said we've started introducing products. Those products are gaining traction, not just from our analog mixed signal, but also, we talked about the silicon carbide JPAC.

當我們談論AI資料中心時，我們說我們已經開始推出產品。這些產品正在獲得關注，不僅僅是來自我們的模擬混合訊號，而且，我們還談到了碳化矽 JPAC。

So a lot of foundational technologies that we have in the company, we have been moving that into the AI data center and that business has doubled year-on-year from the quarter a year ago. That's the second quarter we doubled from last year as well. So that's getting the traction that we are expecting.

因此，我們公司的許多基礎技術都已轉移到人工智慧資料中心，並且該業務與去年同期相比同比增長了一倍。這也是我們第二季的業績比去年同期翻倍。因此，它正在獲得我們所期望的牽引力。

Treo as a broad-based product, it is differentiated. We hit a very important milestone last quarter. I talked about we already recognize revenue a few quarters ahead of what we described prior to that. We expected the revenue in the second half of this year, but we posted the first revenue in Q1 of '25.

Treo 作為一款基礎廣泛的產品，它具有差異化。上個季度我們達到了一個非常重要的里程碑。我說過，我們已經確認的收入比之前描述的提前了幾個季度。我們預計今年下半年會有收入，但我們在 2025 年第一季就公佈了第一筆收入。

And the second milestone is really the volume, and that tells you a little bit on the breadth and the traction that we're seeing with customers. All of these investments that we've been making over the last few years are what's driving our longer-term view and why it's important for us to start focusing on really reshaping the company into the high-value product company that we want and really a much better revenue quality from a margin perspective and from a capital allocation perspective.

第二個里程碑實際上是數量，它可以稍微告訴你我們在客戶中看到的廣度和吸引力。我們過去幾年所做的所有這些投資都在推動我們的長期願景，這也是為什麼我們必須開始專注於將公司真正重塑為我們想要的高價值產品公司，並從利潤率和資本配置的角度實現更好的收入品質。

So all of these pieces of the puzzle that we've been investing in and putting in place, now they're starting to come together with traction in the market that we are able to use as a foundation for where we go next.

因此，我們一直在投資並落實到位的所有這些難題現在開始在市場上形成牽引力，我們可以將其作為下一步行動的基礎。

Thanks for that, Hassane. I guess as my follow-up, one for Thad, on the gross margin side. Again, a little bit of a near-term long-term balance. And the near term, why is it flat to slightly down if your revenues are up. And then longer term, especially given the changes in mix that you're talking about, what are the key levers you think you can pull to get to the 53% long-term target, if indeed, that is still the target?

謝謝你，哈桑。我想作為我的後續問題，我想問一下 Thad 關於毛利率的問題。再次強調，這有點近期長期平衡。而短期來看，如果收入增加，為什麼收入卻持平或略有下降？那麼從長期來看，特別是考慮到您談到的組合變化，您認為可以採取哪些關鍵措施來實現 53% 的長期目標（如果這仍然是目標的話）？

Yeah. Ross, I mean, the key to margin expansion for us is all about utilization, right? We've been saying that for a few quarters here. As we see a recovery, utilization will improve and that will fall through on a gross margin line a couple of quarters later as you think about burning through that inventory.

是的。羅斯，我的意思是，對我們來說，擴大利潤的關鍵在於利用率，對嗎？我們已經說了幾個季度了。隨著我們看到復甦，利用率將會提高，而當你考慮消耗庫存時，幾季後毛利率將會下降。

In the short term, look, we're being cautious right now. We've got inventory on the balance sheet, we're going to burn through. We're lean there. We're lean in the distribution channel. We're in a good spot that when the market does turn, we take utilization up. But we're being cautious here.

從短期來看，我們現在要保持謹慎。我們的資產負債表上有庫存，我們將會消耗掉它們。我們在那裡很瘦弱。我們在分銷管道方面很精簡。我們處於一個良好的狀態，當市場轉變時，我們會提高利用率。但我們對此持謹慎態度。

So we think it's flat to slightly up here in Q3 as we get better visibility into Q4 and to early next year, we'll think about taking utilization up, and that will give us a nice tailwind as you go into 2026. In terms of the march to the target of 53%, you've got about 900 basis points of underutilization charges in our Q3 guide. That's consistent with Q2. That, obviously, every point of utilization is 25 to 30 basis points of gross margin improvement. That math still holds.

因此，我們認為，隨著我們對第四季度和明年年初的了解越來越清楚，第三季度的利用率將持平或略有上升，我們將考慮提高利用率，這將為我們進入 2026 年提供良好的順風。就實現 53% 的目標而言，我們第三季指南中的未充分利用費用約為 900 個基點。這與第二季一致。顯然，利用率每提高一個點，毛利率就會提高 25 到 30 個基點。這一數學原理仍然成立。

So as you see the utilization coming up, you'll see us get that 900 basis points back. We also have the monetization of the divested fabs as we moved that production back in-house. And we're continuing to do more work on our fab right initiative, which will give us another 200 basis points in that neighborhood.

因此，當您看到利用率上升時，您會看到我們收回 900 個基點。隨著我們將生產轉移回內部，我們也將剝離的晶圓廠貨幣化。我們將繼續在晶圓廠計劃上進行更多工作，這將使我們在該領域再獲得 200 個基點。

And then as Hassane talked about, as we ramp these new products, they are at favorable margins. So I think when you start to add that up, you can start to get within a pretty tight range of getting to that 53% long-term target. But like I said, in the short term, it's all about utilization. That's the number one driver.

正如哈桑所說，隨著我們推出這些新產品，它們的利潤率很可觀。因此，我認為，當你開始將這些加起來時，你就可以開始進入一個非常緊密的範圍內，實現 53% 的長期目標。但就像我說的，從短期來看，一切都與利用率有關。這是最重要的驅動因素。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thank you for taking my question. For the first one, I just wanted to go back to Q2 results. So Industrial was a bit softer than I think you had thought before. So what drove that? And then the other was much stronger. Is it really the data center part of that other? And if that is the case, how large is the data center part of your other business right now?

感謝您回答我的問題。對於第一個問題，我只是想回顧一下第二季的結果。因此，我認為工業比你之前想像的要弱一些。那麼是什麼導致了這現象呢？然後另一個就強大得多。它真的是那個其他的資料中心部分嗎？如果是這樣的話，那麼目前您的其他業務的資料中心部分有多大？

Yeah. On the Industrial, it wasn't up as much as we were expecting. It's primarily because of what we call the traditional industrial, it was down just slightly. When we look at our traditional industrial, I would say it's kind of bouncing across the bottom. We think we've stabilized, but there's going to be some ups and downs here.

是的。就工業而言，其漲幅沒有我們預期的那麼大。這主要是因為我們所說的傳統工業略有下降。當我們審視傳統工業時，我會說它正在觸底。我們認為我們已經穩定下來了，但這裡還會有一些起伏。

It was down slightly and down more than we thought it was going to be. So that's the primary driver on the industrial. On the other market, yeah, it's the AI data center and the opportunity that we have there. We talked about year-over-year that business has doubled. So still a small piece of the overall company but growing nicely.

它略有下降，但下降幅度比我們預想的還要大。這是工業的主要驅動力。是的，在另一個市場上，它是人工智慧資料中心以及我們在那裡擁有的機會。我們談到業務量去年同期翻了一番。因此，儘管我們仍然只佔整個公司的一小部分，但發展良好。

Okay. And for my follow-up, Hassane, where are we in the automotive recovery cycle for On? I think you mentioned China appears to be strong for you. It's really the weakness outside of China, especially at the North American EV OEM because I'm trying to contrast what you're seeing versus what several of your analog peers are seeing.

好的。接下來我想問 Hassane，On 的汽車復甦週期目前處於什麼階段？我認為您提到中國對您來說似乎很強大。這確實是中國以外的弱點，尤其是北美電動車原始設備製造商，因為我試圖比較你所看到的情況和你的幾個模擬同行所看到的情況。

Some of them are within, I think, 4%, 5% of their prior automotive peaks, whereas on auto business is still, I think, 30% of your prior peak. So why is the automotive recovery so slow for On? And when do you think that your auto business could start to regrow year-on-year. Thank you.

我認為其中一些汽車業務的銷售額已達到先前高峰的 4% 到 5%，而汽車業務的銷售額仍達到先前高峰的 30%。那麼，為什麼安森美孚汽車的復甦如此緩慢呢？您認為您的汽車業務何時能夠開始逐年成長？謝謝。

Yeah. So I think the automotive specifically, the regions other than China, both Europe and North America are weak. I think there's a lot of uncertainty in the automotive market. I don't think we're any, I guess, any different other than the portfolio rationalization that we've been doing, those obviously will not repeat moving forward.

是的。因此，我認為，汽車產業，除中國以外的地區，包括歐洲和北美，都比較弱。我認為汽車市場存在著許多不確定性。我想，除了我們一直在進行的投資組合合理化之外，我們沒有什麼不同，這些顯然不會再重複了。

But where we are in the EV, EV ramps continue to happen, of course, not at the same rate that we all expected. I think the unit volume is not where it needs to be. And the rest is just purely on the mix and exposure versus our peers.

但在電動車領域，電動車的成長仍在繼續，當然，速度並不像我們預期的那樣。我認為單位體積還沒有達到應有的水平。其餘的只是與同行相比的混合和曝光。

I can't really comment what our peers are seeing in automotive. But from our side, we hit the bottom in the second quarter. We're starting to post growth. Our expectation in Q3 will be growth. And then we'll see, based on the visibility we get over the next few quarters where that's going to lead.

我無法真正評論我們的同行在汽車領域看到了什麼。但從我們的角度來看，我們在第二季跌到了谷底。我們開始實現成長。我們對第三季的預期是成長。然後，我們將根據未來幾季的觀察結果來判斷這將會帶來什麼結果。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hey, good morning. Thanks for taking my question. I actually wanted to ask you about the ISG repositioning. And I thought you said the 5% was the end-of-life products, and that's what you've been saying for a while. So maybe you could just walk me through, I guess, what are you repositioning, why? And is there a revenue number tied to that repositioning in ISG.

嘿，早安。感謝您回答我的問題。我實際上想問您有關 ISG 重新定位的問題。我認為您說的 5% 是停產產品，這也是您一段時間以來一直在說的。所以也許你可以引導我了解一下，你重新定位了什麼，為什麼？收入數字是否與 ISG 的重新定位有關？

Yeah. From the strategic repositioning, I've talked about it at a high level in prior quarters is really our focus on the machine vision part of it. As we see some of the competition coming in, we've always said we're going to focus on value and we're going to focus on high-quality revenue based on the technology and the differentiation we bring. That differentiation locks with vision product or machine vision product rather than the human vision product.

是的。從策略重新定位來看，我在前幾季已經多次討論過，我們的重點其實是機器視覺部分。當我們看到一些競爭者加入時，我們一直說我們將專注於價值，我們將專注於基於我們帶來的技術和差異化的高品質收入。這種差異在於視覺產品或機器視覺產品，而不是人類視覺產品。

To give you an example that I've given in the past, reverse parking. It doesn't matter how good your camera is. There's always dirt on the lens because it's outside, the quality doesn't matter. That's where we're not going to be engaging on these designs.

舉一個我以前舉過的例子，倒車停車。你的相機有多好並不重要。因為鏡頭在外面，所以鏡頭總是會有污垢，品質無所謂。這就是我們不會參與這些設計的地方。

When it comes to proper ADAS, where the CPU or the SoC, the central SoC needs clarity and the best image quality for safety, that's where we bring -- that's where we add value with our vision products. That's the difference between where the company used to tackle, which is a lot of the volume aiming for number one market share across all markets to a very focused value-driven approach, which we've been on for a few years.

當談到適當的 ADAS 時，CPU 或 SoC、中央 SoC 需要清晰度和最佳影像品質以確保安全，這就是我們帶來的東西——這就是我們透過視覺產品增加價值的地方。這就是公司過去的策略與現在的不同之處，以前的策略是大量增加銷量，力爭在所有市場中佔據第一的市場份額，而現在我們則採取了非常專注的價值驅動方法，這種方法我們已經實施了幾年。

That's really the difference that I talked about here. It's no different than the strategy we've been implementing. But right now, we're very confident in the approach that we want and the strategy we're going to move forward with and followed with the investments that we are making in order to maintain that differentiation in the markets we want.

這確實就是我在這裡談論的區別。這與我們一直在實施的策略沒有什麼不同。但現在，我們對我們想要的方法和我們將要推進的策略非常有信心，並且我們會進行投資，以便在我們想要的市場中保持差異化。

And Blayne, to answer the second part of your question in terms of the revenue impact, we think for 2026, it's about $50 million to $100 million that doesn't repeat from the 2025 baseline.

布萊恩，回答你問題的第二部分，就收入影響而言，我們認為到 2026 年，收入影響約為 5000 萬至 1 億美元，不會與 2025 年的基準水平重複。

You said that's incremental to the 5% from the end-of-life stuff.

您說這是從報廢產品開始增量到 5% 的。

That's no that's inclusive of 5%.

那不是包含 5% 的。

Got you. And then maybe, Thad, just on just the inventories, I guess, it kind of came in the high end of the range in June, what's your expectation for this in the September guide?

明白了。那麼也許，Thad，僅就庫存而言，我猜，它在 6 月已經達到了範圍的高端，您對 9 月的指南有何預期？

Yeah. I think it's going to be right in this range, let's call it 10 weeks plus or minus, right? We came in at 10.8%. It's in our sweet spot of 9% to 11%. So we don't expect any material change one way or another.

是的。我認為它會在這個範圍內，我們稱之為 10 週左右，對嗎？我們的得分是 10.8%。它處於我們的最佳範圍 9% 到 11%。因此，我們並不期望出現任何實質的變化。

And obviously -- so Blayne, just from a quarter-on-quarter, we don't really look at it quarter-on-quarter at that level of detail as long as it remains within the range because as you understand, there's ramps that we have in the third quarter.

顯然 — — 因此，布萊恩，僅從季度環比來看，只要它仍處於範圍內，我們實際上就不會在那個細節層面上對其進行環比觀察，因為正如你所了解的，我們在第三季度出現了增長。

Those ramps kind of we get through in the second quarter, then you drain and you then get to a steady state. So that difference between quarter-on-quarter as long as it's within the range. For us, it's not something that we want to control at that level as long as we maintain a customer ramp strategy.

我們在第二季度克服了這些困難，然後逐漸恢復穩定狀態。因此，季度與季度之間的差異只要在範圍內即可。對我們來說，只要我們維持客戶成長策略，我們就不想在那個層面上控制它。

Chris Danley, Citi.

花旗銀行的克里斯丹利 (Chris Danley)。

Hey, thanks, guys. Just a couple of questions digging on the gross margins. Is the 5% of business that's going away next year? Is that going to be gross margin accretive? And if so, how much? And then how does the silicon carbide business fit into the overall gross margin ledger. Are those gross margins lower than the corporate average now? And then how do we get those back to the 53% target. Thanks.

嘿，謝謝大家。只想問幾個關於毛利率的問題。這 5% 的業務明年就會消失嗎？這會增加毛利率嗎？如果是的話，金額是多少？那麼碳化矽業務如何融入整體毛利率分類帳呢？這些毛利率是否低於現在的企業平均值？那麼我們如何才能將其恢復到 53% 的目標呢？謝謝。

Yeah. Chris, so the silicon carbide gross margin today is below the corporate average, primarily because of underutilization. The key to getting those back to the corporate average is obviously volume and leveraging that manufacturing footprint that we have, which we will do over time as that business continues to ramp.

是的。克里斯，目前碳化矽的毛利率低於企業平均水平，主要是因為利用率不足。讓這些數字回到企業平均值的關鍵顯然是產量並利用我們現有的製造足跡，隨著業務的持續成長，我們將逐步做到這一點。

In terms of the exits, long term, that is going to be dilutive to margins. Currently, it's somewhere around the corporate average. But when you think about our aspirations to get to a 50%-plus gross margin, that business is not going to support that aspiration. So that's the reason to exit it now. And we've under-called this for a few years here or maybe over call that expecting to exit it faster.

就退出而言，從長遠來看，這將會稀釋利潤率。目前，該水準處於企業平均水平左右。但是，當你考慮到我們實現 50% 以上毛利率的願望時，你會發現該業務無法支持這個願望。這就是現在退出的原因。幾年來，我們一直低估或高估這個數字，希望能夠更快退出。

But long term, it will be dilutive short term. It will be neutral just given the fact that it's around the corporate average today. Now we will be rightsizing manufacturing as we go through this as well. That's what I said in my prepared remarks. So we are matching the fab right capacity with these planned exits.

但從長期來看，短期內它會被稀釋。鑑於目前該水平處於企業平均水平左右，因此該水平將保持中性。現在我們也將在這過程中調整製造規模。這就是我在準備好的發言中所說的內容。因此，我們將晶圓廠的正確產能與這些計畫的退出相匹配。

Okay. And for my follow-up, just real quick. What percentage of your auto business is China? And then how would you expect that to trend over the next couple of years?

好的。接下來我會很快跟進。你們的汽車業務在中國佔比是多少？那麼，您預計未來幾年的趨勢會如何？

Yeah. Look, we don't break auto with China. We're disclosing auto as a whole and China as a whole. We're not getting into that level of detail from the revenue cut. But we expect China to be a target market for us. We have a 50% share. That will continue to grow as revenue grows and as the number of units keeps growing. We're very happy with our position in China.

是的。瞧，我們不會與中國斷絕汽車貿易。我們正在披露整個汽車行業和整個中國的情況。我們不會深入探討收入削減的具體細節。但我們預期中國將成為我們的目標市場。我們擁有50%的股份。隨著收入的增長和單位數量的不斷增加，這一數字也將繼續增長。我們對自己在中國的地位感到非常滿意。

Just to remind everybody, our focus in China is really where we add on the efficiency and the range. Every win that we have in China is tied to the quality and the performance of the products. And that's how we differentiate not just against some of our Western peers but how we differentiate against some of the local peers.

只是提醒大家，我們在中國的重點確實是提高效率和範圍。我們在中國取得的每一次勝利都與產品的品質和性能息息相關。這就是我們不僅與一些西方同行有區別的地方，也是我們與一些當地同行有區別的地方。

We will maintain that level of differentiation. I talked about we introduced our trench silicon carbide already with some wins behind it. That is the way we're going to keep and stay ahead of everybody from a competition perspective. And that's the reason we're winning in China and really outside of China.

我們將保持這種差異化水準。我說過，我們已經推出了溝槽碳化矽，並且取得了一些成功。從競爭角度來看，這就是我們保持領先的方法。這就是我們在中國乃至中國以外取得成功的原因。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good morning. Thanks for taking my question. I was wondering with respect to the Q3 guidance, you talked about automotive being up in the quarter. I'm assuming that given your commentary, you're less sure about industrial and other being up.

早安.感謝您回答我的問題。我想知道關於第三季度的指導，您談到了本季汽車銷量的成長。我認為，根據您的評論，您不太確定工業和其他行業是否會上漲。

I was wondering if you could maybe give us a little bit of color on what you'd expect going into Q3 for there? I'm assuming that data center piece of other would be much stronger. Maybe just kind of clarify where you expect to be auto -- excuse me, industrial will be up flat or down. Thank you.

我想知道您是否可以向我們稍微透露一下您對第三季的預期？我認為其他資料中心部分會更強大。也許只是澄清一下你對汽車產業的預期——對不起，工業產業將會持平或下降。謝謝。

Yeah. So the comment I made on automotive is exactly that, but I made it specifically on automotive relative to the second quarter being the trough as we ramp. But just to clarify my comments, we expect every end market, auto, industrial and other to be up in the third quarter. Other will be up higher driven by the ramps that we see in these markets that we put under others, which includes AI, of course.

是的。因此，我對汽車產業發表的評論正是如此，但我專門針對汽車產業發表的評論，因為第二季是我們成長的低谷。但只是為了澄清我的評論，我們預計每個終端市場，汽車，工業和其他市場在第三季都會上漲。其他市場將會上漲，因為我們在這些市場中看到了成長，當然也包括人工智慧。

Yeah. And to give you a little more specific expectations there, we expect auto and industrial to be up low single-digit percentages. We think other is going to exceed that will be up in the mid to high single-digit range.

是的。為了給您更具體的預期，我們預計汽車和工業的成長率將達到個位數的低百分比。我們認為其他數字將會超過這個數字，上升幅度將達到中高個位數範圍。

That's very helpful. Thanks. And then maybe if you could give us any kind of color on within auto, you talked about the US and Europe being a little bit weaker. I don't think that's particularly surprising to anybody. But can you maybe talk about the reasons for that?

這非常有幫助。謝謝。然後，如果您能為我們介紹汽車產業的情況，您說美國和歐洲的汽車產業稍微弱一些。我認為這對任何人來說都不算什麼特別令人驚訝的事情。但您能談談原因嗎？

Is it purely tariff-based uncertainty in terms of their end market uncertainty? Or do you think there's a little bit of excess inventory or buffer stocks still trying to work down internally? Thank you.

就終端市場不確定性而言，這是否純粹是基於關稅的不確定性？或者您認為仍有少量過剩庫存或緩衝庫存在內部試圖減少？謝謝。

I would say it's all of the above. I mean, I don't know what to point specifically at. It's not an industry or a market. Every customer has their pain points. Some have some inventory. We don't believe that's a broad statement from an inventory perspective.

我想說以上皆是。我的意思是，我不知道具體要指出什麼。它不是一個行業或市場。每個客戶都有自己的痛點。有些有一些庫存。我們認為，從庫存角度來看，這並不是廣泛的表述。

You have the tariff and you have just the general uncertainty of end market demand. So you see customers waiting to the last minute to place an order and that's the cautious approach that we're taking. We've been more right than wrong in our approach.

你有關稅，而且你還有終端市場需求的普遍不確定性。因此，您會看到客戶等到最後一刻才下訂單，而這就是我們採取的謹慎態度。我們的做法正確的次數多於錯誤的次數。

So we're going to continue to manage to the visibility into what we can see. But what you think about auto and -- sorry, in general, Europe and North America is really all of the above that we all read in the headlines.

因此，我們將繼續努力提高我們所能看到的東西的可見性。但是您對汽車的看法——抱歉，總的來說，歐洲和北美實際上是我們在頭條新聞中讀到的上述所有內容。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey, guys. Thanks for let me ask you a question. I just wanted to come back on that utilization impact, I think you said each point of utilization is 25 to 30 basis points. But you said there's kind of 900 basis points of underutilization charges, including guidance.

嘿，大家好。謝謝你讓我問你一個問題。我只是想回到利用率的影響上，我想您說過每個利用率點是 25 到 30 個基點。但您說，包括指導在內，未充分利用費用大約有 900 個基點。

And so it kind of implies you need to get to 98% utilization to get that full 900 basis points. And I thought you guys in the past have said full utilization was more low to mid-80s. So can you just clarify where do you see full utilization?

因此，這意味著您需要達到 98% 的利用率才能獲得完整的 900 個基點。我認為你們過去曾說過，充分利用率應該在 80 年代中期左右。那麼，您能否澄清一下，您認為哪些方面可以充分利用？

Yeah. Good question. So previously, we had said fully utilized for us was kind of in that mid-80% range. post the impairment that we've done in Q1, that is now kind of in the low-90s, call it, somewhere around 92%, right? So if you do that math on the 25 to 30 basis points for every point of utilization, you get to somewhere around 700 points of improvement.

是的。好問題。之前我們說過，對我們來說充分利用率大概在 80% 左右。扣除我們在第一季所做的減損後，現在充分利用率大概在 90% 出頭，大概在 92% 左右，對吧？因此，如果您對每個利用率點的 25 到 30 個基點進行計算，那麼您將獲得大約 700 個點的改進。

There's also another 200 basis points of fab right initiatives that we're still taking. That will get you to that 900 between the two combinations. But yeah, our expectation now is on the lower footprint are fully utilized is now kind of in that low 90% range. So it's improved.

我們也正在採取另外 200 個基點的晶圓廠正確措施。這樣你就可以在兩種組合之間得到 900。但是的，我們現在的期望是較低的足跡得到充分利用，現在大約在 90% 的範圍內。所以它得到了改進。

Got it. And then the rest from the 46% or so of 53%, that would all be mix and new products?

知道了。那麼剩下的 46% 左右的 53% 都是混合產品和新產品嗎？

Yeah. Exactly (multiple speakers) sorry, one more thing. As well as the fab divestitures, right? So you got another 200 basis points of the fab divestitures that we'll recognize.

是的。確實（多位發言者）抱歉，還有一件事。以及晶圓廠剝離，對嗎？因此，我們將確認晶圓廠剝離的另外 200 個基點。

Got it. Okay. And then Hassane, you'd mentioned the smart power stages both single and dual fits. And I think you said you're sampling now. Wonder if you could give us if that sort of about a year-long qualification timing?

知道了。好的。然後 Hassane，您提到了單級和雙級智慧功率級。我認為您說過您現在正在採樣。想知道您是否可以告訴我們有關為期一年的資格認證時間表？

Do you think you could ramp faster? And maybe a similar question just on the 800 volt ramp opportunity. Would you expect that to sort of ramp in the 2027 timeframe given, I think, what NVIDIA has stated about its 800 volt ramp timeline?

您認為您可以更快地提升速度嗎？關於 800 伏特斜坡機會也許也有類似的問題。我認為，考慮到 NVIDIA 對其 800 伏特電壓提升時間表的說明，您是否預計這一趨勢會在 2027 年左右出現？

Look, given the sensitivity with mentioning customers, whatever we have specifically on that opportunity is listed in the press release.

你看，考慮到提及客戶的敏感性，我們關於這個機會的具體資訊都會在新聞稿中列出。

Okay. How about just the power stage is that?

好的。那僅僅是功率級嗎？

The power stages is really a standard design cycle. So we're expecting anywhere -- you can think about it as the 12 to 18 months cycle in production. Of course, that depends on end adoption as far as if there's any change in the road map. The most important thing is we're tied up on a road map specific with the XPU suppliers. So as they ramp and deploy their new platforms, we will be ramping with them.

功率階段其實是一個標準設計週期。所以我們預計任何地方——你可以把它想像成 12 到 18 個月的生產週期。當然，這取決於最終的採用情況以及路線圖是否有任何變化。最重要的是我們與 XPU 供應商制定了具體的路線圖。因此，當他們擴大和部署新平台時，我們也會隨之擴大。

But obviously, we are in production on ours. So the single SPS is ahead as we sample, our qual happens with the customer. So they're kind of different stages. But that's just to highlight, we have a road map, and we have a good cadence of new products now starting to get into that AI data center space across the whole power tree from high-power JPACs to really SPS close to the GPU or XPU. We've talked about it the last few years that we needed the new product engine to kick up, that's happening, and those are kind of the proof points that I'd like to highlight.

但顯然，我們正在進行生產。因此，當我們取樣時，單一 SPS 處於領先地位，我們的品質由客戶決定。所以它們處於不同的階段。但這只是為了強調，我們有一個路線圖，我們有良好的新產品發布節奏，現在開始進入整個電源樹的 AI 資料中心領域，從高功率 JPAC 到接近 GPU 或 XPU 的真正 SPS。過去幾年我們一直在討論，我們需要新的產品引擎來啟動，現在這種情況正在發生，這些都是我想強調的證明點。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），考恩公司 (TD Cowen) 的董事。

Hey, guys. Thank you for taking my question. I wanted to ask about inventory levels. I believe last quarter, you mentioned that you were expecting them to peak in 2Q and then declines for the rest of the year. Is that still the right way to think about inventories for the year?

嘿，大家好。感謝您回答我的問題。我想詢問庫存水準。我相信上個季度您提到過，您預計它們將在第二季度達到峰值，然後在今年剩餘時間內下降。這仍然是考慮今年庫存的正確方法嗎？

And any amount that you expect to take out through the balance of 2025? Like how should we think about utilization rates? I guess I'm a bit surprised to see them up when you're trying to bleed inventory given revenue was up modestly in the guidance for the third quarter. Thank you.

您預計到 2025 年可以提取多少金額？例如我們該如何考慮利用率？我想，當你試圖減少庫存時，看到它們上漲我會有點驚訝，因為第三季的預期收入略有成長。謝謝。

Yeah. Now keep in mind, the utilization is flat quarter-on-quarter. The calculation now is 68%. But if you normalize to pre-impairment, it's 60%, right? So it's flat quarter-on-quarter. The new calculation gets you to 68% utilized given that we have a smaller footprint and less capacity. The first part of your question --

是的。請記住，利用率與上一季持平。現在計算是68%。但如果將其標準化至損傷前水平，那麼這個數字就是 60%，對嗎？因此季度環比持平。考慮到我們的佔地面積更小、容量更小，新的計算方法將使利用率達到 68%。你的問題的第一部分--

Inventory.

存貨。

So inventory, yeah, we're still on track here. We think we're peaking in inventory in Q2. We think it will be down slightly here in Q3. And I would expect in Q4, we continue to see that trend as we burn through that strategic inventory.

是的，庫存仍在正常進行中。我們認為庫存在第二季達到高峰。我們認為第三季將會略有下降。我預計在第四季度，隨著我們消耗戰略庫存，我們將繼續看到這種趨勢。

That's always been our path is that we'll bridge -- that was bridge inventory for the fab transitions in silicon carbide, but we will be burning through that. So that's a nice tailwind to cash flow.

我們一直以來的道路就是搭建橋樑——為碳化矽晶圓廠的轉型搭建橋樑庫存，但我們會消耗掉它。這對於現金流來說是一個很好的順風。

Okay. Thank you. I appreciate the color there. And I'm sorry to keep picking on gross margins. But I wanted to ask about pricing. I think last quarter, you mentioned pricing a bit more aggressively to defend market share. How did that develop in the quarter? And any changes in the pricing environment that you've seen over the last 90 days? Thank you.

好的。謝謝。我很欣賞那裡的色彩。我很抱歉一直在挑剔毛利率。但我想問價格。我認為上個季度您提到要採取更積極的定價策略來捍衛市場佔有率。本季情況如何？在過去 90 天裡，您發現定價環境有什麼改變嗎？謝謝。

Yeah. No change to the pricing environment. It's actually stable is within our expectations. So there's nothing new here.

是的。定價環境沒有改變。它實際上很穩定，符合我們的預期。所以這裡沒有什麼新鮮事。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Hi, guys. Thanks for taking my question. I believe you said roughly a $300 million revenue headwind in fiscal year '26 or roughly 5% of revenue as you exit non-core business, how much of a headwind is it for fiscal year '25? And should we think about it as spread over eight quarters, roughly $30 million to $40 million per quarter headwind? Or is it linear like that? Or is there any sort of that function?

嗨，大家好。感謝您回答我的問題。我記得您說過，由於退出非核心業務，26 財年的收入將面臨約 3 億美元的逆風，或者說收入將下降約 5%，那麼對於 25 財年來說，逆風有多大呢？我們是否應該將其視為分佈在八個季度，每個季度逆風約為 3000 萬至 4000 萬美元？或者它是線性的嗎？或者有那種功能嗎？

Yeah. For 2025, it's roughly -- we're expecting about $200 million of exits. Year-to-date, we're on track through Q2 of $100 million. Like I said earlier, we've continued to overcall this, we think we're going to exit it faster. So that pushes $100 million out into next year in terms of the exit. So that is the impact of 2025.

是的。到 2025 年，我們預計退出金額約為 2 億美元。今年迄今為止，我們第二季的營收預計將達到 1 億美元。就像我之前說的，我們一直在誇大這一點，我們認為我們會更快退出。因此，從退出角度來看，明年的退出金額將達到 1 億美元。這就是2025年的影響。

Appreciate that. I was hoping you can give us an update on the East Fishkill bring up, where you're at and looking forward what the impact to gross margin might be?

非常感謝。我希望您能向我們介紹一下 East Fishkill 的進展情況，您目前的情況以及預計這對毛利率會造成什麼影響？

So from East Fishkill, obviously, it's the utilization impact overall that Thad mentioned from our fab network. East Fishkill is part of that fab network. So it comes with utilization. The important thing is we already have our power products, our silicon power products qualified and shipping from there, high voltage and medium to low voltage. Our image sensor qualification is on track as expected.

因此，從 East Fishkill 來看，顯然這就是 Thad 提到的我們晶圓廠網路的整體利用率影響。東菲什基爾是這個晶圓廠網路的一部分。因此它具有利用率。重要的是我們已經擁有我們的電源產品，我們的矽電源產品經過認證並從那裡發貨，包括高壓和中壓到低壓。我們的影像感測器認證工作正如預期的那樣順利進行。

And the Treo has started, I wouldn't call it a soft ramp at 5 million units already, but that's, again, a brand-new product that we ramped up with a brand-new technology in East Fishkill. So the fab is running and qualified where we want to qualify. And right now, it's primarily driven by utilization. But from a technology perspective, we're pretty happy with the performance.

Treo 已經開始銷售了，我不會說它的銷售量已經達到 500 萬台，但這又是一款全新的產品，我們在 East Fishkill 採用全新的技術進行推廣。因此，工廠正在運行，並達到了我們想要的合格標準。目前，它主要由利用率驅動。但從技術角度來看，我們對性能非常滿意。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Yeah. Hi. Thanks. Just a quick question on the Section 232, 301. Obviously, a lot of noise around that. How are you guys preparing for that? What are you expecting in terms of when this happens? And then a follow-up.

是的。你好。謝謝。我只是想問第 232、301 條的一個簡單問題。顯然，這引起了很多爭議。你們都做了哪些準備？當這種情況發生時，您有何期待？然後進行後續行動。

I mean, I don't know, Vijay, if anybody told you I have a crystal ball better than my peers. But I think the way we prepare for it is we remain focused on what we can control. We're talking about our footprint, our fab footprint, our manufacturing footprint as a competitive advantage. That has been recognized by customers, especially as the whole tariff talk has been for a few quarters now.

我的意思是，維傑，我不知道是否有人告訴過你，我有一個比我的同齡人更好的水晶球。但我認為，我們為此做好準備的方式是繼續專注於我們能夠控制的事情。我們正在談論我們的足跡、我們的晶圓廠足跡、我們的製造足跡作為競爭優勢。這一點已經得到了客戶的認可，尤其是整個關稅談判已經持續了幾個季度。

The 232, I believe, will be very similar to the changes that we have to go through with customers. The thing is there's no planning to be done here because we don't know where it's going to land on either side, except the fact that we need to maintain flexibility, and we need to maintain the focus on what we can control.

我相信 232 將與我們為客戶所經歷的變化非常相似。問題是這裡沒有任何計劃可做，因為我們不知道它會落在哪裡，除了我們需要保持靈活性，我們需要繼續關注我們能夠控制的事情。

Got it. And then in terms of silicon carbide, obviously, good to see you guys picking up some share there. One of your peers declared bankruptcy. Just wondering how that's playing out from a businesses perspective, obviously, people might be moving or reallocating. But just wondering how that's kind of playing out on the road map. Thanks

知道了。然後就碳化矽而言，顯然，很高興看到你們在那裡獲得了一些份額。你的一位同事宣布破產。只是想知道從企業的角度來看這會如何發展，顯然，人們可能會搬遷或重新分配。但我只是想知道這在路線圖上是如何實施的。謝謝

Yeah. Look, from a road map perspective, that doesn't have an impact. I've always maintained my focus on we're going to win. We're going to win because of our own products and because of our own investment, not because one of our peers are struggling. So we're going to win because of things we are doing.

是的。從路線圖的角度來看，這不會產生影響。我始終專注於我們將會取得勝利。我們將憑藉自己的產品和自己的投資而獲得勝利，而不是因為我們的某個同行陷入困境。因此，我們將會透過我們所做的事情獲得勝利。

Having said that, the changes in one of our peers with the bankruptcy. Obviously, that is not the trigger that forced customers to think otherwise. We all know they struggled way before the bankruptcy filing. I think a lot of road map changes from our customer, a lot of sourcing decisions have already been made. So that to me is all, I would say, part of the baseline, part of the funnel, part of the ramps. I wouldn't call the bankruptcy as a trigger.

話雖如此，我們的一個同行也隨著破產而改變了。顯然，這並不是迫使顧客改變想法的觸發因素。我們都知道，他們在申請破產之前就已經陷入困境。我認為我們的客戶已經對路線圖進行了許多修改，並且做出了許多採購決策。所以對我來說，我想說，這就是基準的一部分、漏斗的一部分、坡道的一部分。我不會將破產稱為觸發因素。

William Stein, Truist Securities.

威廉·斯坦（William Stein），Truist Securities。

Great. Thank you for taking my question. I'd like to also dig into silicon carbide for a moment. I think one of the things that came out in the last quarter or so, Hassane, is that perhaps for some of your customers, there's been an interest in purchasing chips instead of modules. Modules had been the story.

偉大的。感謝您回答我的問題。我還想深入研究一下碳化矽。哈桑，我認為上個季度出現的情況之一是，也許對於您的一些客戶來說，他們有興趣購買晶片而不是模組。模組就是故事。

Now, we're hearing more about trench and some other maybe aspects of the individual chip design. Can you comment on that change. And if customers continue to choose chips over modules, does that influence your long-term thinking about the attractiveness of this market for you? Thank you.

現在，我們聽到了更多有關溝槽和一些其他可能與單一晶片設計有關的方面。您能評論一下這項變化嗎？如果客戶繼續選擇晶片而不是模組，這是否會影響您對這個市場吸引力的長期思考？謝謝。

Yeah. By the way, I guess, the shift or the change in mix between modules and what we call [DIY] is not new. That's been happening for a few years. That's already part of our baseline. As far as your reference to trench, that's totally independent of DIY versus module.

是的。順便說一句，我想，模組之間的轉變或組合變化以及我們所說的[DIY]並不是什麼新鮮事。這種情況已經持續好幾年了。這已經是我們基線的一部分了。就您提到的溝槽而言，這與 DIY 和模組完全無關。

Trench is another step-in device design. It was [planar] with our M3. Our planar performed better than everybody else's trench. We introduced and we have been winning with our new trench, which is our latest generation and we're winning because of the performance.

Trench 是另一種步入式裝置設計。它與我們的 M3 是[平面的]。我們的平面表現比其他人的溝槽都好。我們推出了最新一代的新型戰壕戰車，並憑藉其優異的性能贏得了勝利。

Whether we put it in -- whether we sell it to a customer as die or we sell it to customers as a module, and we do provide both still we win because of the performance of that DIY and we win more when we put it in our own module because we know how to design a module that fits our DIY specifically.

無論我們將其放入 - 無論我們將其作為晶片出售給客戶還是將其作為模組出售給客戶，我們都提供這兩種產品，我們仍然會因為 DIY 的性能而獲勝，而當我們將其放入我們自己的模組中時，我們會贏得更多，因為我們知道如何設計一個專門適合我們 DIY 的模組。

A lot of our designs that are ramping, for example, even in China are a mix of DIY sales or module sales. We maintain the flexibility for what the customer supply chain wants to do and what they feel their core competencies are.

例如，即使在中國，我們的許多設計也都是 DIY 銷售或模組銷售的混合體。我們根據客戶供應鏈想要做的事情以及他們認為自己的核心競爭力來保持靈活性。

Some customers have core competencies to make a module, some do not, and they prefer to buy our modules. We're here to offer flexibility. We've always said our intent is always to provide the most optimal solution to solve the customer problem and bring value.

有些客戶擁有製造模組的核心競爭力，有些客戶沒有，他們更願意購買我們的模組。我們在此提供靈活性。我們一直說，我們的目的始終是提供最優的解決方案來解決客戶問題並帶來價值。

Value is in range of efficiency, and that comes on the die side with our trench technology. It does not change our view of the market, obviously, from our results and the market share that we have been gaining and ramping.

價值在於效率範圍，而這得益於我們溝槽技術的晶片側。顯然，從我們的業績以及我們不斷獲得和提升的市場份額來看，這並沒有改變我們對市場的看法。

We've shown success no matter what the mix is, and we'll continue to do that. But the name of the game here is maintain R&D, maintain investment in key areas to provide differentiation, and that's the markets we're in.

無論採用何種組合，我們都取得了成功，而且我們將繼續這樣做。但這裡的關鍵是保持研發，保持對關鍵領域的投資以提供差異化，這就是我們所處的市場。

If I can follow up in a similar area. One of the big consumers in silicon carbide has discussed a migration to hybrid inverter from silicon carbide to silicon carbide combined with IGBT. I think they said that they intend to reduce SiC by 75% in that traction inverter. But I think they haven't done it yet. I wonder if you're seeing that influence your go-forward view of this market, if it changes anything for you? Thank you.

如果我可以在類似的領域進行跟進。碳化矽的一家大消費者已經討論了從碳化矽到碳化矽與IGBT結合的混合逆變器的遷移。我認為他們說過他們打算將牽引逆變器中的 SiC 減少 75%。但我認為他們還沒有這樣做。我想知道您是否認為這會影響您對這個市場的未來看法，是否會為您帶來任何改變？謝謝。

No change. Again, it's not the commentary from one customer. If you go back two years ago in our Analyst Day, Simon already showed how the migration or the mix is going to be for higher end, higher range, higher performance will be silicon carbide. And as you go to more mainstream, you'll end up with a hybrid all the way down to there's still life and IGBT.

沒有變化。再說一遍，這不是來自一位顧客的評論。如果你回顧兩年前的分析師日，西蒙已經展示了碳化矽將如何實現更高端、更高範圍、更高性能的遷移或混合。隨著它越來越成為主流，你最終會得到一種混合型產品，甚至還有生命和 IGBT。

So those commentaries are nothing new. I've addressed them multiple times. That doesn't change our view of the market. Our competitiveness in the market is to be able to provide a slew of technologies from silicon carbide, trench, planar all the way to highly differentiated IGBTs because some vehicles still have IGBT on one axle, silicon carbide on another axle or full IGBT. It does not change the view of the market. We will continue to win based on the performance of the products specifically.

所以這些評論並不是什麼新鮮事。我已多次向他們提出這個問題。這不會改變我們對市場的看法。我們在市場上的競爭力在於能夠提供從碳化矽、溝槽、平面一直到高度差異化的 IGBT 的一系列技術，因為有些車輛仍然在一個軸上使用 IGBT，在另一個軸上使用碳化矽或全 IGBT。這並沒有改變市場的觀點。我們將繼續憑藉產品的具體性能取得勝利。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾、派珀·桑德勒。

Yeah. Hey, guys. Question for maybe Hassane. Hassane, as you think about the recovery and maybe the fuel for recovery, you talked about 900 basis points underutilization. Can I ask if there's an element of written-off inventory here as well that might come into play as you look at recovery?

是的。嘿，大家好。也許是針對哈桑 (Hassane) 的問題。哈桑，當您考慮復甦以及復甦的動力時，您談到了 900 個基點的未充分利用。我可以問一下，這裡是否也存在註銷庫存的因素，在您考慮恢復時它可能會發揮作用嗎？

No. When you talk about like reserve inventory or written off inventory, no, because we have a very disciplined approach on what you reserve and what inventory we write off. Inventory write-off does not have demand. So it cannot be part of the recovery. So when we talk about purely the 900 basis points being on utilization, it is purely demand driven that will drive utilization with healthy inventory that we build and ship to customers.

不。當您談到儲備庫存或註銷庫存時，答案是否定的，因為我們對您儲備的庫存和我們註銷的庫存採取非常嚴謹的方法。庫存註銷沒有需求。所以它不能成為復甦的一部分。因此，當我們談論純粹的 900 個基點與利用率有關時，它純粹是由需求驅動的，它將透過我們建立並運送給客戶的健康庫存來推動利用率。

If you recall, we saw the shift in market before a lot of our peers. So we took down our utilization ahead of most of our peers and ahead of the market really softening. So that puts us in a much better position from the inventory we have. We are already draining our inventory.

如果你還記得的話，我們比許多同行更早看到了市場的轉變。因此，我們比大多數同業以及市場真正疲軟之前就降低了利用率。因此，從我們現有的庫存來看，我們的處境會更加有利。我們的庫存已開始消耗。

And as demand picks up, we can pick up more utilization on the fabs that will help the margin, that help cash flow when we shift the bridge inventory. So everything we've done and the discipline we've shown all the way here is what's going to drive that healthy recovery without any kind of side notes.

隨著需求的回升，我們可以提高晶圓廠的利用率，這將有助於提高利潤率，並在我們轉移橋樑庫存時有助於現金流。因此，我們所做的一切以及我們一路以來所表現出的紀律都將推動這種健康復甦，而不會產生任何副作用。

Yeah. And Harsh, if you go back to our base inventory, take out the strategic, it's 121 days, right in our sweet spot rate. So it's very healthy. We don't see an inventory risk on that and the strategic is just a matter of time of burning that through as demand comes back. Those are products that typically have long lives to them. So as we sit here today, we don't see a significant risk to any write-off of inventory.

是的。哈什，如果你回到我們的基本庫存，去掉戰略庫存，那就是 121 天，正好是我們的最佳庫存率。所以它非常健康。我們認為不存在庫存風險，隨著需求回升，戰略消耗庫存只是時間問題。這些產品通常壽命較長。因此，就我們今天坐在這裡的情況來看，我們認為任何庫存註銷都不會面臨重大風險。

Understood. And then as my follow-up, can I ask. You've got the legacy piece that you mentioned, I think, $50 million to $100 million your peel off this year. You've also got some growth areas, which you called as other that are showing outsized growth. I was curious if you can help us understand what are the major components of the other outside of the AI data center piece and then maybe how big it is.

明白了。然後作為我的後續問題，我可以問一下嗎？您提到的遺留部分，我認為您今年剝離的金額為 5,000 萬至 1 億美元。您還發現了一些成長領域，您稱之為「其他」成長領域，它們正在顯示超額成長。我很好奇您是否可以幫助我們了解 AI 資料中心以外的其他主要元件是什麼，以及它有多大。

Yeah. Look, the primary focus for the others bucket that I will talk about is really the AI data center. We have some client computing they're a very small part of our business. That's why we put it in other. We're not breaking those out.

是的。瞧，我將要談論的其他方面的重點實際上是人工智慧資料中心。我們有一些客戶端計算，它們只是我們業務的一小部分。這就是我們將其放在其他地方的原因。我們不會打破這些。

As far as AI data center, it's showing a lot of growth. It's showing per expectations because we're investing in that business as we get more and more into that business and it becomes sizable, we may talk about it in more detail. But for now, we're just keeping it in another, and that's really the driver for the growth you're seeing there.

就人工智慧資料中心而言，它正在顯示出很大的成長。這是符合預期的，因為我們正在對該業務進行投資，隨著我們越來越涉足該業務並且其規模越來越大，我們可能會更詳細地討論它。但目前，我們只是將其保留在另一個地方，而這才是您在那裡看到的成長的真正動力。

Ladies and gentlemen, this concludes the Q&A portion of today's conference. I will now turn the call back over to Hassane El-Khoury, President and CEO, for any closing remarks.

女士們、先生們，今天會議的問答部分到此結束。現在，我將把電話轉回給總裁兼執行長 Hassane El-Khoury，請他做最後發言。

Thank you all for joining us. I want to take a moment to thank our global teams for their relentless execution, our customers for their continued partnership and our shareholders for their ongoing support. Together, we are building a more resilient and higher-quality business and I'm confident that the strategic progress we've made this quarter positions ON Semi for long-term success. Thank you.

感謝大家的參與。我想藉此機會感謝我們全球團隊的不懈努力、客戶的持續合作以及股東的持續支持。我們正在共同打造一個更具彈性、更高品質的業務，我相信本季我們的策略進展將為安森美半導體的長期成功奠定基礎。謝謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。現在您可以斷開連接並享受美好的一天。