安森美 (ON) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to onsemi third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的耐心等待。歡迎參加安森美2025年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would like now to turn the conference over to Parag Agarwal, Vice President of Investor Relations and Corporate Development. Please go ahead.

現在我將把會議交給投資者關係和企業發展副總裁帕拉格·阿加瓦爾 (Parag Agarwal) 先生。請繼續。

Thank you, Michelle. Good morning, and thank you for joining onsemi's third quarter of 2025 results conference call. I am 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.

謝謝你，米歇爾。早安，感謝各位參加安森美2025年第三季業績電話會議。今天與我一同出席的有我們的總裁兼執行長 Hassane El-Khoury，以及我們的財務長 Thad Trent。本次電話會議正在該公司網站 www.onsemi.com 的投資者關係版塊進行網路直播。

A replay of this webcast, along with our third quarter earnings release, will be available on our website approximately 1 hour following this conference call, and the recorded webcast will be available for approximately 30 days following this conference call. Additional information is posted on the Investor Relations section of our website.

本次網路直播的回放以及我們第三季收益報告將在本次電話會議結束後約 1 小時在我們的網站上提供，錄製的網路直播將在本次電話會議結束後約 30 天內提供。更多資訊請造訪我們網站的投資者關係頁面。

Our earnings release and this presentation include certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and a 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.

我們的獲利報告和本次簡報包含某些非GAAP財務指標。這些非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的調節表，以及對使用非公認會計準則財務指標時某些局限性的討論，都包含在我們單獨發佈於我們網站投資者關係部分的盈利報告中。

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

在本次電話會議期間，我們將對未來事件以及本公司的未來財務表現做出預測或其他前瞻性陳述。我們謹此提醒，此類聲明存在風險與不確定性，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 can cause actual results to differ materially from our forward-looking statements are described in our most recent form 10-K, form 10-Qs and other filings with the Securities and Exchange Commission and in our earnings release for the third quarter. Our estimates or other forward-looking statements might change, and the company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other events that may occur except as required by law.

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聲明有重大差異的因素，已在我們最新的 10-K 表格、10-Q 表格以及向美國證券交易委員會提交的其他文件中，以及我們第三季度的收益報告中進行了描述。我們的估計或其他前瞻性陳述可能會發生變化，除法律要求外，本公司不承擔更新前瞻性陳述以反映實際結果、假設變化或其他可能發生的事件的義務。

Now let me turn it over to Hassane. Hassane?

現在讓我把麥克風交給哈桑。哈桑？

Thank you, Parag. Good morning, and thank you all for joining us. We are pleased with our third quarter results, which reflect the strength of our strategy and the resilience of our business model. Our third quarter results exceeded the midpoint of our guidance with revenue of $1.55 billion, non-GAAP gross margin of 38%, and earnings per share towards the high end of our range at $0.63.

謝謝你，帕拉格。早安，感謝各位的參與。我們對第三季的業績感到滿意，這反映了我們策略的實力和我們商業模式的韌性。我們第三季的業績超過了預期的中點，營收達到 15.5 億美元，非 GAAP 毛利率為 38%，每股盈餘接近預期範圍的高端，為 0.63 美元。

We have been positioning the company for a market recovery, and we believe we are well aligned to benefit as demand normalizes. We're already seeing stabilization in automotive and industrial, while continuing to grow in AI. Our Treo platform continues to scale across our core markets and our recent acquisitions are expanding our portfolio and accelerating our road map.

我們一直在為市場復甦做好準備，我們相信隨著需求恢復正常，我們將從中受益。我們已經看到汽車和工業領域趨於穩定，而人工智慧領域則持續成長。我們的 Treo 平台在核心市場持續擴展，我們最近的收購正在擴大我們的產品組合併加速我們的發展路線圖。

We are delivering solutions that help customers scale performance while improving energy efficiency and system cost. The growing demand for high-efficiency power delivery across our end markets of automotive, industrial and AI positions us for long-term growth. We remain committed to our gross margin expansion strategy through innovation with both organic and inorganic investments in differentiation and have achieved 4 significant milestones that I'd like to highlight.

我們提供的解決方案可以幫助客戶提升效能，同時提高能源效率並降低系統成本。汽車、工業和人工智慧等終端市場對高效能電力傳輸的需求不斷增長，這為我們實現長期成長奠定了基礎。我們將繼續致力於透過創新實現毛利率擴張策略，透過有機和無機投資實現差異化，並已取得 4 個重要里程碑，我想重點介紹一下。

First is our Treo platform. Our new products continue to scale, and our design funnel now exceeds $1 billion driven by strong customer engagement across automotive, industrial and AI infrastructure. We remain on track to double the number of products sampling this year. Teledyne Technologies selected our Treo platform to develop next-generation products for infrared imaging systems. Treo's process technology combines precision analog, advanced digital and low-voltage power features to meet the demands of infrared focal plane array systems used in aerospace, defense and security applications.

首先是我們的Treo平台。我們的新產品規模持續擴大，在汽車、工業和人工智慧基礎設施領域的強大客戶參與度推動下，我們的設計管道規模現已超過 10 億美元。我們仍有望在今年實現產品抽樣數量翻倍的目標。泰萊科技公司選擇我們的 Treo 平台來開發下一代紅外線成像系統產品。Treo 的製程技術結合了精密類比、先進的數位和低壓電源功能，以滿足航空航太、國防和安全應用中使用的紅外線焦平面陣列系統的需求。

Second is our vertical GaN or VGaN. Last quarter, I highlighted our strategic investment in our generation wide-band gap semiconductors. Last week, we announced our VGaN platform develop on proprietary GaN-on-GaN architecture in our Syracuse fab in New York. VGaN conducts current vertically through the chip enabling higher operating voltages versus lateral GaN and faster switching and record power density.

其次是我們的垂直氮化鎵（VGaN）。上個季度，我重點介紹了我們對新一代寬禁帶半導體的策略性投資。上週，我們宣佈在位於紐約州錫拉丘茲的工廠，基於專有的GaN-on-GaN架構開發了我們的VGaN平台。VGaN 可使電流垂直穿過晶片，與橫向 GaN 相比，可實現更高的工作電壓、更快的開關速度和創紀錄的功率密度。

It reduces energy loss by up to 50%, making it ideal for AI data centers, EVs, renewable energy and aerospace, defense and security. Sampling is already underway with lead customers in automotive and AI. This launch expands our leadership beyond silicon and silicon carbide, giving customers a future-ready toolkit to meet rising performance and efficiency demands.

它可減少高達 50% 的能源損耗，使其成為人工智慧資料中心、電動車、再生能源以及航空航太、國防和安全領域的理想選擇。目前已開始對汽車和人工智慧領域的領先客戶進行抽樣調查。此次發布將我們的領先地位擴展到矽和碳化矽以外，為客戶提供面向未來的工具包，以滿足不斷增長的性能和效率需求。

Third, our SiC JFET continues to proliferate, and we have been ramping revenue in AI data center for high current workloads. We're also seeing traction in aerospace, defense and security, where our SiC JFET are now deployed in low-orbit satellite platforms, delivering industry-leading radiation ruggedness and power density.

第三，我們的 SiC JFET 持續普及，我們在人工智慧資料中心的高電流工作負載領域不斷提高收入。我們還看到我們的產品在航空航太、國防和安全領域取得了進展，我們的 SiC JFET 目前已部署在低軌道衛星平台上，提供了業界領先的抗輻射能力和功率密度。

And fourth is our Vcore acquisition. In Q3, we expanded our analog and mixed-signal portfolio with the acquisition of Vcore Power Technology and IP assets from Auto Semiconductor. This transaction accelerates our road map for advanced multi-phase controllers and monolithic smart power stages enabling us to close key gaps in our offering and deliver comprehensive solutions for the next-generation AI data centers and compute platforms.

第四點是我們對Vcore的收購。第三季度，我們透過收購 Vcor​​e Power Technology 和 Auto Semiconductor 的 IP 資產，擴展了我們的模擬和混合訊號產品組合。此交易加速了我們先進多相控制器和單片智慧功率級的發展路線圖，使我們能夠彌補產品中的關鍵差距，並為下一代人工智慧資料中心和運算平台提供全面的解決方案。

These new products will be integrated into our Treo platform, enhancing performance, reliability and energy efficiency at the point of load and support [x86] and ARM-based architectures. Sampling begins this quarter with production release expected in early 2026.

這些新產品將整合到我們的 Treo 平台中，提高負載點的效能、可靠性和能源效率，並支援 [x86] 和基於 ARM 的架構。本季開始進行樣品測試，預計將於 2026 年初正式投產。

Shifting to the demand environment, we are seeing stabilization in the near term with Automotive, which grew 7% and Industrial, which grew 5% sequentially and our design wins in both markets continue to [reflect] a broad global engagement. For example, our industrial image sensor funnel is up 55% year-over-year with traction in factory automation and inspection. We continue to ramp our AI revenue, which again approximately doubled year-over-year in Q3 and is now becoming material with almost $250 million expected in 2025.

從需求環境來看，短期內汽車產業和工業產業的需求趨於穩定，汽車產業環比成長 7%，工業產業環比成長 5%，我們在這兩個市場的設計訂單持續反映出我們廣泛的全球參與度。例如，我們的工業影像感測器市場年增 55%，在工廠自動化和檢測領域獲得了廣泛應用。我們的人工智慧收入持續成長，第三季年增約一倍，目前已變得相當可觀，預計到 2025 年將達到近 2.5 億美元。

Regionally, our revenue in the Americas grew 22% sequentially from momentum in automotive and aerospace, defense and security. Japan was up 38% quarter-over-quarter, driven by traction in automotive and image sensing. Europe was down 4% as macro softness persisted while China was down 7% sequentially. In China, we secured strategic wins and high-voltage traction inverters with a leading Tier 1 for multiple local OEMs. We also expanded our position at NEO with SiC for the traction inverter across their newest brand and with our 8 megapixel image sensor for their ADAS applications.

從區域來看，我們在美洲的營收季增了 22%，這得益於汽車、航空航太、國防和安全領域的成長動能。受汽車和影像感測領域成長的推動，日本經濟環比成長 38%。受宏觀經濟疲軟影響，歐洲股市環比下跌4%，中國股市環比下跌7%。在中國，我們與一家領先的一級供應商達成了策略合作，為多家本地OEM廠商提供了高壓牽引逆變器。我們還擴大了在 NEO 的市場份額，為其最新品牌的牽引逆變器提供 SiC，並為其 ADAS 應用提供 800 萬像素影像感測器。

AI is shaping -- is reshaping the power landscape, both inside and outside the data center. The International Energy Agency projects that electricity demand from AI optimized data centers will quadruple by 2030, making power efficiency and density critical differentiators, an area where onsemi leads. onsemi intelligent power technologies span the full power tree from solar and storage systems to UPS and rack-level PSUs, optimizing every watt before it reaches the processor.

人工智慧正在塑造——正在重塑資料中心內外的權力格局。國際能源總署預測，到2030年，人工智慧優化型資料中心的電力需求將成長四倍，因此，電源效率和密度將成為關鍵的差異化因素，而安森美半導體正是在這一領域處於領先地位。安森美半導體的智慧電源技術涵蓋了從太陽能和儲能係統到UPS和機架級電源的整個電源產業鏈，在電力到達處理器之前對其進行最佳化。

In Q3, we secured strategic wins in solar and energy storage platforms that are foundational to hyperscale AI deployments. Our latest generation of IGBTs and SiC in the most advanced hybrid modules were selected for high-efficiency solar inverters and energy storage systems or ESS including wins with 2 of the leading utility solar inverter suppliers in China.

第三季度，我們在太陽能和儲能平台領域取得了策略性勝利，這些平台是超大規模人工智慧部署的基礎。我們最新一代的IGBT和SiC在最先進的混合模組中被選中用於高效能太陽能逆變器和儲能係統（ESS），其中包括與中國兩家領先的公用事業太陽能逆變器供應商的合作。

We also secured the next generation large-scale stationary storage with a large OEM in the US as microgrid deployments are rapidly emerging as a key growth vector across our end markets. This business is reported under our industrial segment, and we expect our latest generation field stop 7 IGBT revenue to increase in 2025 over 2024 with continued double-digit growth expected in 2026.

我們也與美國一家大型 OEM 廠商簽訂了下一代大型固定式儲能合同，因為微電網部署正在迅速成為我們終端市場的關鍵成長動力。該業務已納入我們的工業部門進行報告，我們預計最新一代現場停止 7 IGBT 的收入在 2025 年將比 2024 年有所增長，預計 2026 年將繼續保持兩位數增長。

Turning to the AI data center itself. At the UPS level, a leading industrial OEM has integrated onsemi SiC MOSFET into their latest 3-phase UPS platform where superior efficiency and power density are key differentiators. At the rack level, we secured multiple design wins across high-efficiency PSUs with our SiC FETs T10 Trench MOSFET and SiC JFET into 5.5-kilowatt AI server PSUs with top global PSU providers, delivering best-in-class thermal performance, supply assurance and switching efficiency for hyperscale deployment.

接下來，我們來看看人工智慧資料中心本身。在 UPS 層面，一家領先的工業 OEM 廠商已將安森美半導體 SiC MOSFET 整合到其最新的 3 相 UPS 平台中，其中卓越的效率和功率密度是關鍵的差異化因素。在機架層面，我們憑藉 SiC FET T10 溝槽 MOSFET 和 SiC JFET 技術，在 5.5 千瓦 AI 伺服器電源中贏得了多個高效電源設計訂單，與全球頂級電源供應商合作，為超大規模部署提供一流的散熱性能、供電保障和開關效率。

At the compute board level, we have introduced high-efficiency smart power stages and secured design wins on multiple platforms with leading XPU providers. The acquisition of IP from Aura Semiconductor further strengthened our SPS and controller offerings for power to the core applications.

在運算板級，我們引入了高效能智慧電源級，並與領先的 XPU 供應商在多個平台上贏得了設計訂單。收購 Aura Semiconductor 的 IP 進一步增強了我們在核心供電應用領域的 SPS 和控制器產品。

Our collaboration with NVIDIA is also accelerating the industry's transition to 800-volt DC, power architecture critical for next-generation AI data center. These technology achievements and customer engagements reflect the strength of our differentiated power and sensing portfolios and our ability to deliver system-level value in the high-growth segments of our core markets.

我們與 NVIDIA 的合作也加速了產業向 800 伏特直流電源架構的過渡，這對於下一代 AI 資料中心至關重要。這些技術成就和客戶互動體現了我們差異化的電源和感測產品組合的實力，以及我們在核心市場高成長領域提供系統級價值的能力。

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

現在我把麥克風交給薩德，讓他為大家詳細介紹我們的業績和第四季的展望。

Thanks, Hassane. Our third quarter results were driven by disciplined execution and prudent management of the business. We have made structural changes across our portfolio and our manufacturing footprint that will enable margin expansion at scale and position us for a market recovery. These initiatives will continue in future quarters, and we are committed to extracting value through our fab right activities.

謝謝你，哈桑。我們第三季的業績得益於嚴謹的執行和審慎的業務管理。我們對產品組合和生產佈局進行了結構性調整，這將使我們能夠大規模擴大利潤率，並為市場復甦做好準備。這些舉措將在未來幾季繼續推進，我們將致力於透過我們的晶圓廠相關活動創造價值。

Our investments in next-generation technologies, including Treo, Vcore, silicon carbide JFET and Vertical GaN are reshaping our mix and strengthening our competitive advantage to further our leadership position. In addition, we continue to return capital to our shareholders. Year-to-date, we have repurchased $925 million of shares, returning approximately 100% of our free cash flow to shareholders.

我們對下一代技術的投資，包括 Treo、Vcore、碳化矽 JFET 和垂直 GaN，正在重塑我們的產品組合，並增強我們的競爭優勢，以進一步鞏固我們的領先地位。此外，我們將繼續向股東返還資本。今年迄今為止，我們已回購了價值 9.25 億美元的股票，將約 100% 的自由現金流返還給了股東。

Turning to the third quarter results. We exceeded the midpoint of our guidance with revenue of $1.55 billion, increasing 6% over Q2. Automotive revenue was $787 million, which increased 7% sequentially, driven by increases in Americas, China and Japan. Revenue for Industrial was $426 million, up 5% sequentially, primarily driven by aerospace, defense and security. Outside of auto and industrial, our other business increased 2% quarter-over-quarter with continued momentum in AI data center.

接下來來看看第三季業績。我們營收達到 15.5 億美元，比第二季度成長 6%，超過了預期中位數。汽車業務收入為 7.87 億美元，環比成長 7%，主要得益於美洲、中國和日本市場的成長。工業業務收入為 4.26 億美元，環比成長 5%，主要得益於航空航太、國防和安全領域的成長。除汽車和工業領域外，我們的其他業務環比增長 2%，人工智慧資料中心業務繼續保持成長勢頭。

Looking at the third quarter results between the business units, we saw sequential revenue growth in all three business units. Revenue for the Power Solutions Group, or PSG, was $738 million, an increase of 6% quarter-over-quarter and a decrease of 11% year-over-year. Revenue for the Analog and Mixed-Signal Group, or AMG was $583 million, an increase of 5% quarter-over-quarter and a decrease of 11% year-over-year. Revenue for the Intelligent Sensing Group, or ISG, was $230 million, a 7% increase quarter-over-quarter and a decline of 18% over the same quarter last year as we strategically refocused this business.

從各業務部門第三季的業績來看，三個業務部門的營收均實現了環比成長。電力解決方案集團（PSG）的營收為 7.38 億美元，季增 6%，年減 11%。類比和混合訊號集團（AMG）的營收為 5.83 億美元，季增 5%，年減 11%。智慧感測集團（ISG）的營收為 2.3 億美元，季增 7%，但與去年同期相比下降了 18%，因為我們對該業務進行了策略性調整。

Turning to gross margin. In the third quarter, GAAP gross margin was 37.9% and non-GAAP gross margin was 38%, above the midpoint of our guidance due to favorable mix within the quarter. Manufacturing utilization was up compared to Q2 at 74% as we started to build die bank inventory to support the mass market. We expect utilization to be flat to down slightly in the fourth quarter as we complete these builds.

接下來我們來看毛利率。第三季度，GAAP毛利率為37.9%，非GAAP毛利率為38%，高於我們預期的中點，這得益於本季內有利的產品組合。由於我們開始建立晶片庫庫存以支援大眾市場，製造利用率較第二季上升至 74%。我們預計，隨著這些建設項目的完成，第四季度利用率將保持穩定或略有下降。

GAAP operating expenses were $323 million, and non-GAAP operating expenses were $291 million. GAAP operating margin for the quarter was 17%, and non-GAAP operating margin was 19.2%. Our GAAP tax rate was 6.5%, and non-GAAP tax rate was approximately 16%. Diluted GAAP earnings per share was $0.63, and non-GAAP earnings per share was also $0.63.

以美國通用會計準則（GAAP）計算的營業費用為3.23億美元，以非美國通用會計準則（Non-GAAP）計算的營業費用為2.91億美元。本季營業利益率為 17%，非 GAAP 營業利益率為 19.2%。我們的 GAAP 稅率為 6.5%，非 GAAP 稅率約為 16%。稀釋後的GAAP每股收益為0.63美元，非GAAP每股收益也為0.63美元。

GAAP and non-GAAP diluted share count was 408 million shares, and we repurchased $325 million of shares in the third quarter. Since launching our share repurchase program in February 2023, we have repurchased $2.1 billion and had approximately $861 million remaining on our authorization at the end of the quarter.

GAAP 和非 GAAP 稀釋後股份總數為 4.08 億股，我們在第三季回購了價值 3.25 億美元的股票。自 2023 年 2 月啟動股票回購計畫以來，我們已回購了 21 億美元的股票，截至本季末，我們的授權額度還剩下約 8.61 億美元。

Turning to the balance sheet. Cash and short-term investments was approximately $2.9 billion with total liquidity of $4 billion, including $1.1 billion undrawn on our revolver. Cash from operations was $419 million, and free cash flow was $372 million. Our year-to-date free cash flow is 21% of revenue, and we remain on track to deliver strong free cash flow margin for the full year.

接下來看一下資產負債表。現金及短期投資約29億美元，總流動資金40億美元，其中包括循環信貸額度中未提取的11億美元。經營活動產生的現金流為 4.19 億美元，自由現金流為 3.72 億美元。今年迄今，我們的自由現金流佔營收的 21%，我們仍有望在全年實現強勁的自由現金流利潤率。

Capital expenditures were $46 million or 3% of revenue. Inventory decreased by $39 million to 194 days from 208 days in Q2. This includes 82 days of bridge inventory to support fab transitions in silicon carbide down from 87 days in Q2. Excluding the strategic builds, our base inventory is healthy at 112 days. Distribution inventory declined to 10.5 weeks from 10.8 weeks in Q2 and within our target range of 9 to 11 weeks.

資本支出為 4,600 萬美元，佔收入的 3%。庫存減少了 3900 萬美元，從第二季的 208 天減少到 194 天。其中包括 82 天的過渡庫存，用於支援碳化矽晶圓廠的過渡，而第二季為 87 天。除去策略性建設項目，我們的基礎庫存狀況良好，為 112 天。分銷庫存從第二季的 10.8 週下降到 10.5 週，處於我們 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 fourth quarter. As a reminder, today's press release contains a table detailing our GAAP and non-GAAP guidance. Our guidance is inclusive of our current expectation that there is no material direct impact of tariffs announced as of today. We anticipate Q4 revenue will be in the range of $1.48 billion to $1.58 billion. Our non-GAAP gross margin is expected to be between 37% and 39%, which includes share-based compensation of $8 million.

展望未來，讓我向大家介紹我們第四季非GAAP績效指引的關鍵要素。再次提醒，今天的新聞稿中包含一張表格，詳細列出了我們的 GAAP 和非 GAAP 業績指引。我們的指導意見包含了我們目前的預期，即截至今日宣布的關稅不會產生實質的直接影響。我們預計第四季營收將在 14.8 億美元至 15.8 億美元之間。我們預計非GAAP毛利率將在37%至39%之間，其中包括800萬美元的股權激勵費用。

Non-GAAP operating expenses are expected to be between $282 million and $297 million, which includes share-based compensation of $32 million. We anticipate our non-GAAP other income to be a net benefit of $7 million with our interest income exceeding interest expense. We expect our non-GAAP tax rate to be approximately 16% and our non-GAAP diluted share count is expected to be approximately 405 million shares. This results in non-GAAP earnings per share in the range of $0.57 to $0.67. We expect capital expenditures in the range of $20 million to $40 million.

非公認會計準則預計營運費用在 2.82 億美元至 2.97 億美元之間，其中包括 3,200 萬美元的股權激勵費用。我們預期非GAAP其他收入將帶來700萬美元的淨收益，利息收入將超過利息支出。我們預計非GAAP稅率約為16%，非GAAP稀釋後股份數量預計約為4.05億股。這將導致非GAAP每股收益在0.57美元至0.67美元之間。我們預計資本支出在2000萬美元至4000萬美元之間。

To close, we remain focused on disciplined execution and financial leverage. The structural changes we have made across our portfolio, operations and manufacturing footprint are driving margin expansion and positioning onsemi for long-term earnings power.

最後，我們將繼續專注於嚴謹的執行和財務槓桿。我們在產品組合、營運和製造佈局方面進行的結構性調整，正在推動利潤率擴張，並為安賽美半導體公司實現長期獲利能力奠定基礎。

With over 100% of our year-to-date free cash flow return to shareholders, we continue to prioritize capital efficiency and shareholder value while investing in innovation and differentiation. As the market stabilizes, we are well aligned to scale with demand and deliver sustainable growth.

今年迄今為止，我們已將超過 100% 的自由現金流返還給股東，我們將繼續優先考慮資本效率和股東價值，同時投資於創新和差異化。隨著市場趨於穩定，我們能夠很好地適應市場需求，擴大規模，並實現永續成長。

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

接下來，我想把電話交還給米歇爾，讓她回答大家的問題。

(Operator Instructions)

（操作說明）

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

First one, I want to ask about the automotive side of things. So upside in the quarter nicely versus the low single-digit guide that you had. So Hassane, I just wanted to get an update on what you're seeing in that end market? What caused the upside? And perhaps what's the sustainability of that sort of growth as you look into the fourth quarter and then 2026 as well?

首先，我想問一下關於汽車方面的問題。所以，本季出現了遠超預期（之前預測的個位數低點）的成長。哈桑，我只是想了解你對終端市場的看法？什麼因素導致了上漲？那麼，展望第四季以及2026年，這種成長的可持續性又如何呢？

So look, nothing really out of the ordinary. It's -- you can think about the Q3 and Q4 as I do, which what I've been talking about, I look at the second half versus first half of the year. The quarter-on-quarter lumpiness as customers try as new designs ramp. I wouldn't read any much into it. What we're seeing in automotive is really stabilization which is a positive from where we were. So the quarter-on-quarter, I don't think I read anything into it. It's purely between seasonality and ramps.

所以你看，沒什麼特別的。你可以像我一樣，把第三季和第四季看作是……也就是我一直在說的，我會把下半年和上半年看作是……也就是我一直在說的，我會把下半年和上半年做比較。由於顧客會隨著新設計的推出而嘗試，因此季度間的波動較大。我不會對此過度解讀。我們看到汽車產業目前呈現穩定態勢，比之前的情況好得多。所以，就季度環比而言，我覺得沒什麼值得深究的。這完全取決於季節和坡道。

As far as 2026 look, we'll let you know as we get closer. A lot of things going on out in the world. So we're not guiding specifically by market into 2026. But what I can tell you is demand is stabilizing, we're starting to see seasonal trends. But one thing I would highlight is we haven't seen a restocking cycle yet. So that's still out there.

至於2026年的展望，我們會在接近時再通知大家。世界上發生了很多事情。因此，我們不會針對2026年的具體市場狀況做出指導。但我可以告訴你的是，需求正在趨於穩定，我們開始看到季節性趨勢。但我想強調的一點是，我們還沒有看到補貨週期。所以這個問題仍然存在。

I guess as my second question, perhaps a little bit of a longer-term one. You, for the first time, I believe, sized the AI business at about $250 million, I think, for this year as a whole, so what are the roughly 4% of sales. Can you just talk about how on differentiates in that? You mentioned the collaboration list in the 800-volt with NVIDIA, and that's great to be on that list, but there's 13 other folks on the list as well. So as you look at that market, how do you believe that $250 million will grow? And what's the differentiation on delivers to what drives that growth?

我的第二個問題，或許可以問一個更長遠的問題。我相信，您第一次估計人工智慧業務今年的整體規模約為 2.5 億美元，那麼大約佔銷售額 4% 的部分是多少呢？你能談談它們在這方面有何不同嗎？你提到了與 NVIDIA 合作的 800 伏特名單，能上名單當然很棒，但名單上還有其他 13 個人。那麼，當你審視這個市場時，你認為這 2.5 億美元會如何成長？那麼，這種差異化優勢體現在哪些方面，又是什麼因素推動了成長呢？

Yes. So that's a very good question. So overall, we expect the AI data center for us to continue to grow. We look at ourselves as really the share gainer from some of the companies that have been in that market longer than we have. So being able to post $250 million or about $250 million revenue is pretty stellar. You can see our investments accelerating in that across the whole power tree.

是的。這是一個很好的問題。總體而言，我們預計我們的人工智慧資料中心將繼續成長。我們認為，我們實際上是從一些比我們進入市場時間更長的公司手中奪取了市場份額。因此，能夠實現 2.5 億美元左右的收入是非常出色的。你可以看到我們在整個能源產業鏈上的投資都在加速成長。

So from a customer perspective, to answer your question more directly, if you take that quote-unquote, crowded space of 13 or however many companies, and you look at who can go from wall to core, there's only 2. And we will -- we are the share gain or we're 1 of the 2.

所以從客戶的角度來看，更直接地回答你的問題，如果你看看那所謂的「擁擠的市場」（有 13 家公司，或更多），看看誰能從牆到核心，只有 2 家。我們會——我們要不是市佔率的贏家，就是那兩人之一。

So the way we differentiate is we're one of the only companies that are able to support the power delivery from the high voltage all the way to the core, all with the product portfolio that we have, that we've grown organically or even inorganically with the Vcore acquisition.

因此，我們的優勢在於，我們是為數不多的能夠支持從高壓到核心的整個電力輸送過程的公司之一，而這一切都得益於我們自身的產品組合，這些產品組合是我們通過自身發展，甚至是通過收購 Vcor​​​​e 實現的非有機增長。

So that's how we differentiate. We have proven that differentiation through our JFET silicon carbide, through our AMG with the products that they have been delivering and the revenue growth that has doubled year-on-year every quarter in the first three quarters to deliver that number I gave in 2025 is really the proof of that.

這就是我們的差別所在。我們已經透過我們的 JFET 碳化矽、我們的 AMG 及其交付的產品證明了差異化，並且在前三個季度每個季度都實現了同比增長一倍的收入增長，從而在 2025 年實現了我所說的數字，這確實是最好的證明。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

So Hassane, I know it's a little early, and I'm not asking for a quantitative guidance, but I'm curious how you're thinking about seasonality in Q1 and just growth in '26 overall versus how you thought about it three months ago?

哈桑，我知道現在問這個問題有點早，我也不是在尋求量化指導，但我很好奇你對第一季度的季節性因素以及2026年整體增長的看法，與三個月前相比有何不同？

No, no change from where we were three months ago. So still with the same outlook, same expectation.

不，和三個月前的情況沒有任何改變。所以，我依然保持著同樣的看法和期望。

My follow-up maybe on utilization and gross margins at, I think you said something about utilization perhaps flat to slightly down. Anything more to read into it? And if you could just remind us what is your seasonal pattern in Q1? And if there is some utilization headwind from Q4, how does that kind of reflect in gross margins in Q1 just based on historical seasonal trends?

我接下來想問的可能是利用率和毛利率，我想您之前說過利用率可能會持平或略有下降。還有其他值得深思的地方嗎？請問您能否提醒我們一下您第一季的季節性規律是什麼？如果第四季產能利用率出現一些不利因素，那麼根據歷史季節性趨勢，這會如何反映在第一季的毛利率呢？

Yes. So we -- our utilization increased to 74% in Q3. As I said in the prepared remarks, we've been building die bank inventory for the mass market. This is a market that we've talked about for probably well over a year about we need to see that market. We've been doing it through the distribution channel. Now we've got a hold inventory in die bank for kind of quick turn on that mass market that we need to invest in.

是的。因此，我們的利用率在第三季提高到了 74%。正如我在準備好的演講稿中所說，我們一直在為大眾市場建立模具庫庫存。這是一個我們已經討論了一年多的市場，我們需要關注這個市場。我們一直透過分銷​​管道來實現這一點。現在我們在模具庫裡儲備了一些庫存，以便快速週轉，滿足我們需要投資的大眾市場的需求。

I expect it to be down, the utilization to be down in Q4 because we expect those builds to be completed. So going back to kind of a normalized utilization rate from that point forward. You can think about utilization, the impact on utilization is having a couple of quarter impact on the P&L. There's always a delay on that, right?

我預計第四季度利用率會下降，因為我們預計這些建設項目將會完成。所以從那時起，利用率將恢復到某種正常水平。你可以考慮利用率，利用率的影響會對損益表產生幾季的影響。總是會有延誤，對吧？

So if you think about going into next year, and obviously, we're not providing any guidance at this point, but we think between Q4 and kind of the next couple of quarters, we're looking at seasonal patterns.

所以，如果你考慮明年的情況，顯然，我們目前不會提供任何指導，但我們認為從第四季度到接下來的幾個季度，我們將關注季節性模式。

If you take the midpoint of our guidance for Q4, it's directly in line with normal seasonality, which is typically flat to down 2%. I think the midpoint of our guidance is down about 1.3%. And to answer your question about kind of what's the normal seasonality in Q1, it's typically down 2% to 3%.

如果取我們第四季業績指引的中點，則與正常的季節性法則完全一致，通常為持平或下降 2%。我認為我們預期值的中點值下降了約 1.3%。至於你問的第一季正常季節性波動情況，通常會下降 2% 到 3%。

So does that mean slightly lower gross margin in Q1 plan? Or just how should we be prepared based on if that kind of seasonality is what actually emerges?

那麼，這是否意味著第一季的毛利率會略有下降？或者，如果這種季節性現象真的出現，我們該如何做好準備？

Look, we're not guiding that far out, Vivek. But there's tailwinds as the utilization improves over time.

聽著，我們不會做那麼長遠的規劃，維韋克。但隨著利用率的逐步提高，也會出現一些有利因素。

Chris Danely, Citi.

克里斯·丹尼利，花旗銀行。

I'm sure you've seen this ongoing soap operate Nexperia. Have you seen any impact to your business either directly or indirectly or do you anticipate any impact longer term from all this stuff going on over there?

我相信你一定看過Nexperia這家公司持續經營的肥皂劇。您是否看到這些事情對您的業務產生了直接或間接的影響？還是您預期這些事情會對您的業務產生長期影響？

Look, as you said, there's a big impact. It's too soon to call anything. We're focusing really on the business that I've really outlined. But what I can say about that, obviously, is we have a lot of the same customers, and we are supporting our customers to the extent we can and we'll continue to do that with the complete portfolio, not just the parts that may be impacted. So what I can say is I'm not redirecting any changes from where we are, but we are supporting customers as they requested.

正如你所說，這會產生很大的影響。現在下任何結論都為時過早。我們真正關注的是我已明確闡述的業務。但我可以肯定的是，我們有很多相同的客戶，我們正在盡我們所能為客戶提供支持，並且我們將繼續為所有產品組合提供支持，而不僅僅是可能受到影響的部分。所以我可以說的是，我不會改變我們目前的做法，但我們會按照客戶的要求提供支援。

Okay. And for my follow-up, so it seems like the auto market is starting to do a little better than the industrial end market. We've seen this trend at several of your peers. Going forward, would you expect auto to keep outgrowing industrial for the next few/several quarters?

好的。我的後續報導是，汽車市場似乎比工業終端市場略好。我們在你們的一些同行身上也看到了這種趨勢。展望未來，您認為未來幾季汽車產業的成長速度會持續超過工業產業嗎？

I wouldn't put the two kind of -- I guess I wouldn't compare the two and read anything into a difference in growth quarter-on-quarter. Both of them have growth vectors that we are participating in. but the lumpiness that you see between the two is purely a market timing or a build-out timing. Some of the industrial was from some of the slowdown in the solar deployment in China, that's temporary.

我不會把這兩者放在一起比較——我想我不會把這兩者進行比較，也不會從季度環比增長的差異中得出任何結論。它們各自都有我們參與的成長方向。但你看到的兩者之間的差異純粹是市場時機或建立時機的問題。部分工業衰退是由於中國太陽能部署速度放緩造成的，但這只是暫時的。

As you go from a tariff to a market pricing, there's a shift in there. We see that kind of a temporary and will continue to grow. We talked about some of the industrial growing because of the AI data center power requirements that I highlighted, like energy storage system driven by AI, but we called those out in our industrial market.

從關稅定價轉向市場定價，其中存在著某種轉變。我們認為這只是暫時的，而且會繼續成長。我們討論了一些因人工智慧資料中心電力需求而帶來的工業成長，正如我所強調的，例如人工智慧驅動的儲能係統，但我們在工業市場中指出了這些。

So that's some of the growth vectors in industrial; and automotive, obviously, it's our major market. We know about the growth vectors that we have there. So both are growing, but the delta is purely market-driven and macro driven. So I wouldn't read anything into kind of the deltas in the few quarters here short term.

所以，這就是工業領域的一些成長方向；而汽車產業，顯然是我們的主要市場。我們了解那裡的成長動力。因此，兩者都在成長，但差異完全是由市場和宏觀經濟因素所驅動的。所以，我不會對這幾季的短期波動做出任何解讀。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

I just want to ask about normal seasonal for December. Obviously, your company has gone through a lot of changes. But I think in the past, particularly auto has been up in December. So I'm just kind of curious how you're thinking about this guide, which is down 1%. Do you feel like that is a more normal range for you? Or do you think you're undershipping the market?

我只是想問12月的正常季節性狀況。顯然，貴公司經歷了許多變化。但我認為過去，尤其是汽車業在12月通常會上漲。所以我很好奇你對這份指南有什麼看法，它的訪問量下降了 1%。你覺得這個範圍對你來說比較正常嗎？還是你認為你的出貨量低於市場需求？

Yes. So as I mentioned, our normal seasonal pattern for Q4 is flat to down 2%. I think it's very positive that we've gone from the stabilization to now seeing seasonal patterns. I think that's the step -- the first step to recovery.

是的。正如我之前提到的，我們第四季的正常季節性波動是持平或下降 2%。我認為從穩定期過渡到現在看到季節性模式是非常正面的。我認為這是關鍵的一步——是康復的第一步。

As we think about the guidance there in Q4, both auto and industrial, we think will be down low single digits. The other bucket will be up kind of mid- to high single digits. Hassane mentioned it, right, I don't think you should kind of read into the lumpiness of the autos just because of the ramping of programs and timing. But that's how we kind of think about Q4 as it laying out right now.

展望第四季度，無論是汽車還是工業領域，我們認為都將出現個位數下滑。另一桶水的漲幅大概是個位數中高段。哈桑提到了這一點，對吧？我認為你不應該因為程序和時間的調整就對自動擋的頓挫感妄下結論。但這就是我們目前對第四季發展趨勢的看法。

Perfect. And then I wanted to ask you about that AI, I'm assuming [straddles industrial] and this other bucket you have. So I'm just kind of curious, is there a way to think about it as we try to layer on that growth, how it impacts those two buckets?

完美的。然後我想問你關於人工智慧的問題，我猜它[涵蓋工業領域]以及你擁有的其他領域。所以我很好奇，當我們嘗試疊加這種增長時，有沒有辦法思考它會對這兩個方面產生怎樣的影響？

Yes. So the AI data center is reported in the other bucket. Everything prior to the data center wall is in Industrial. So think about all the energy storage, energy infrastructure, that's sitting in Industrial. But AI data centers specifically inside these 4 walls of the data center is in the other bucket.

是的。因此，人工智慧資料中心被歸入另一個類別。資料中心牆之前的所有區域均為工業用地。想想工業區裡所有的儲能設施和能源基礎設施。但特別指資料中心這四面牆內的AI資料中心，則屬於另一類。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

I think last quarter, it was communicated, the specifics to the revenue headwind as you exit noncore businesses, if I recall correctly, it was assumed to be a $200 million revenue headwind for this fiscal year, $300 million for next year. Is there any change from that outlook?

我認為上個季度已經溝通過，關於剝離非核心業務對收入造成的具體影響，如果我沒記錯的話，當時預計本財年將減少 2 億美元的收入，下一財年將減少 3 億美元。這種觀點有改變嗎？

No change. For Q3, we exited about $45 million of noncore exits. That leaves about [$55 million] here for Q4. That's right in line with our expectations. And then you nailed that going into '26, there's about 5% of the 2025 revenue that doesn't repeat. So no change from what we were talking about last quarter.

沒有變化。第三季度，我們退出了約 4,500 萬美元的非核心業務。這樣一來，第四季就還剩下大約 5,500 萬美元。這完全符合我們的預期。然後你準確預測了 2026 年的情況，2025 年的收入大約有 5% 不會重現。所以和上個季度我們討論的內容沒有任何變化。

Great. And I guess there's been some news, maybe it's a few months old now about the big analog player raising prices. How do you think that impacts sort of a pricing reset as we transition to the next calendar year?

偉大的。我猜幾個月前就有消息傳出，那家大型類比設備廠商要漲價了。您認為這會對我們過渡到下一個日曆年時的價格調整產生怎樣的影響？

I think we're expecting normal pricing behavior. I don't know if the other company you're talking about is something specific to them or not. But obviously, things can change. We're monitoring the situation always. As you can imagine, it's very dynamic out there. But right now, we're not expecting any of that in 2026. So if you can think about it as if anything does happen, it will be upside.

我認為我們預期價格走勢將保持正常。我不知道你提到的另一家公司是否特別指他們。但很顯然，情況可能會改變。我們一直在密切關注事態發展。正如你所想，外面的世界瞬息萬變。但就目前而言，我們預計2026年不會出現這種情況。所以，如果你這麼想，即使真的發生了什麼事，結果也會是好事。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

I'm wondering if you could give us a little bit more detail on the Vcore Power exactly what comes into the business with that acquisition. I think in the script, you mentioned Vcore for x86 and ARM processors. Obviously, there's a huge number of voltage regulators on the XPU side. Does Vcore on that? Or does that come from the existing product portfolio? And then I've got a follow-up.

我想請您詳細介紹一下 Vcor​​e Power，這次收購究竟會為公司帶來哪些業務。我認為你在腳本中提到了 x86 和 ARM 處理器的 Vcor​​e。顯然，XPU 端有大量的電壓調節器。Vcore 會影響它嗎？或者，這是來自現有產品組合的資訊？然後我還有一個後續問題。

You can think about it as a combination of both. So the way we look at the acquisition as it complements the product offering that we're already offering with Treo. It provides products also in the short term. I talked about revenue generation coming here in 2026. So that gives you time to market. while we integrate those architectural and product function into our base Treo platform.

你可以把它看作是兩者的結合。因此，我們認為此次收購是對 Treo 現有產品組合的補充。它也提供短期產品。我談到了2026年這裡將出現的收入成長。這樣一來，我們就有時間將這些架構和產品功能整合到我們的基礎Treo平台中，為產品上市爭取時間。

So it's a very synergistic approach that gives us the acquisition itself, tie it to market. And in long term, it gives us an architectural advantage from a performance perspective once we leverage the performance of Treo from a technology base.

所以這是一種非常協同增效的方法，它不僅讓我們完成了收購，還將其與市場連結起來。從長遠來看，一旦我們利用 Treo 的技術基礎的效能，它就能從效能角度為我們帶來架構上的優勢。

So reading between the lines, are you taking those products as they are today into the market for '26, but longer term, you'll redesign them using the Treo platform to get better performance?

所以，從字裡行間來看，你們是打算把這些產品按現狀推向 2026 年市場，但從長遠來看，你們會使用 Treo 平台重新設計它們，以獲得更好的性能嗎？

Yes. Yes.

是的。是的。

Got it. And then just -- you guys mentioned the entry into the vertical GaN market. GaN to date hasn't been used that much in the high-power segments of the market, I think, because of reliability issues. Can you just address how do you feel the vertical GaN technology compares for the lateral GaN on reliability? And can you give us any sense on when you think that might start to go into production?

知道了。然後——你們提到了進入垂直GaN市場。我認為，由於可靠性問題，GaN 目前在高功率市場領域還沒有廣泛應用。您能否談談您認為垂直GaN技術在可靠性方面與橫向GaN技術相比如何？您能否大致透露一下預計何時會開始投產？

Yes. So it's -- so I tell vertical GaN is better on the reliability side. It has all the inherent features from the lateral GaN, but better on reliability from a die-size perspective. One thing you need to understand the barrier for lateral GaN used in high-voltage applications has really been the fact that lateral GaN to get it to high voltage, you have to go laterally, which makes the die size not competitive versus other similar functions.

是的。所以——所以我說垂直氮化鎵在可靠性方面更好。它具備橫向氮化鎵的所有固有特性，但從晶片尺寸的角度來看，可靠性更好。你需要了解的一點是，橫向氮化鎵在高壓應用中的障礙在於，要使橫向氮化鎵達到高壓，就必須採用橫向生長的方式，這使得晶片尺寸與其他類似功能相比不具競爭力。

When you look at the vertical GaN, the turn goes vertically, which means that we can go higher and higher voltage without increasing the die size. So not just from a performance perspective, but also from a commercial competitiveness perspective, not just the reliability. So we believe we've solved those. We're sampling. We have lead customers in our -- both in AI and automotive. So we're excited about that, that we cracked that code.

當你觀察垂直氮化鎵時，你會發現電流方向是垂直的，這意味著我們可以在不增加晶片尺寸的情況下獲得越來越高的電壓。所以不僅要從績效角度來看，還要從商業競爭力角度來看，而不僅僅是可靠性。所以我們相信我們已經解決了這些問題。我們正在進行抽樣調查。我們在人工智慧和汽車領域都擁有領先的客戶。所以我們很高興破解了這個密碼。

It is a breakthrough technology. I don't believe anybody is able to sample such technology outside. So it gives our customers the optionality to have really a broad portfolio of high voltage high-efficiency products. So any time you need high voltage and high switching frequency, vertical GaN is the solution, the answer.

這是一項突破性技術。我不認為有人能在外部體驗到這種技術。因此，它為我們的客戶提供了選擇範圍非常廣泛的高壓高效產品組合。因此，任何時候您需要高電壓和高開關頻率時，垂直氮化鎵都是解決方案，是最佳答案。

And our next question will come from Joe Quatrochi with Wells Fargo.

下一個問題來自富國銀行的喬·夸特羅奇。

I was wondering with a quarter to go, any sort of color you could provide on your expectations for silicon carbide revenue growth this year?

我想問一下，距離年底還有一個季度，您能否對今年碳化矽的營收成長預期提供一些資訊？

We didn't provide any guidance on silicon carbide, but I'll tell you silicon carbide is coming in exactly where we expected. We continue to gain share in our end customers. And our position in China remains unchanged as new products are ramping. I mentioned one a couple of examples here. One is the NEO launching a new brand, where we were designed into that new brand with silicon carbide.

我們沒有提供任何關於碳化矽的指導，但我可以告訴你，碳化矽的表現完全符合我們的預期。我們在終端客戶中的份額持續成長。隨著新產品不斷湧現，我們在中國的地位依然保持不變。我在這裡舉了幾個例子。一是 NEO 推出一個新品牌，我們被設計成採用碳化矽材質來打造這個新品牌。

And a broader deployment now in China EVs through a leading Tier 1 in China. That gives us really exposure to beyond just the top 10 OEMs that we've been engaged to. So that gives you a little bit of an outlook or a feel into our penetration of silicon carbide will continue to increase, and we will continue to gain share.

目前，這項技術正透過中國一家領先的一級供應商，在中國電動車領域進行更廣泛的部署。這讓我們有機會接觸到比我們之前接觸過的前 10 家 OEM 廠商更多的客戶。因此，這讓您對我們碳化矽的滲透率將繼續提高，並繼續擴大市場份額有了一些了解或感受。

And then as a follow-up, I was wondering if you could talk about the rate of short lead time orders that you're seeing and how that compares in the third quarter relative to prior quarter? And are you seeing any increased visibility?

其次，我想請您談談您目前看到的短交貨期訂單的比例，以及第三季與上一季相比有何變化？你覺得能見度有提升嗎？

So our lead times actually pushed out slightly. We're kind of in the mid-teen weeks. We're up around 20 weeks or so now. I don't think there's been a significant change to the short lead time orders at this point. customers are layering in backlog as they have visibility. We probably have seen order patterns that continue to improve, which gives us that confidence in the stabilization right now.

所以我們的交貨週期實際上略有延長。我們現在大概處於懷孕晚期（15週左右）。現在大概已經過去20週左右了。我認為目前短期訂單的情況並沒有顯著變化。客戶只是在逐步增加積壓訂單，因為他們對訂單的可見度有所提高。我們可能已經看到訂單模式持續改善，這讓我們對目前的穩定狀態充滿信心。

Josh Buchalter, TD Cowen.

Josh Buchalter，TD Cowen。

I was hoping you could provide a little bit more color on the revenue by geography. It seemed like there was a lot of volatility this quarter with Americas up so strongly; and in particular, China down. Could you maybe elaborate on some of the drivers there? With the Americas strength led by your lead customer? And yes, what's going on in China?

我希望您能更詳細地介紹一下按地區劃分的收入情況。本季市場波動較大，美洲市場大幅上漲，而中國市場則出現下跌。您能否詳細介紹一下那裡的一些司機？憑藉美洲地區的實力，以及貴公司主要客戶的領導？是的，中國現在到底發生了什麼事？

Yes. So there's -- I think in our prepared remarks, we laid out the quarter-over-quarter changes on each of the markets. Now there is some kind of movement of orders between some geographies as well. A large customer is now placing orders out of Japan versus Europe. So I think if you normalize for that, the Japan comes down slightly. Europe goes up a little bit. The rest of it, I think, is just kind of what we're seeing as a normal pattern at this point. So not a lot to read into those bigger swings.

是的。所以，我認為在我們準備好的發言稿中，我們已經列出了每個市場的季度環比變化。現在，某些地區之間也出現了某種形式的訂單流動。一位大客戶現在已將訂單來源地從歐洲改為日本。所以我覺得，如果把這個因素考慮進去，日本的排名會稍微下降。歐洲略有上漲。我認為，其餘部分都屬於我們目前所看到的正常模式。所以，這些較大的波動並沒有太多值得解讀的地方。

Okay. And then I was also hoping you could elaborate on why what you're seeing now and why it's the right time to start building up die bank inventory and taking utilization rates up, especially ahead of a couple of down seasonal quarters. Maybe how we should be thinking big picture about your capacity planning with those utilization rates?

好的。此外，我還希望您能詳細解釋一下您現在看到的情況，以及為什麼現在是開始建立模具庫庫存並提高利用率的合適時機，尤其是在接下來幾個淡季季度之前。或許我們應該從整體上考慮如何利用這些利用率來進行產能規劃？

Yes. Look, I think we've been very disciplined on utilization versus inventory versus outlook and demand. I think we've proven that the formula works. We're not sitting here on a ton of inventory. Our inventory -- our base inventory is actually closer to the low end of our target, about 100 -- which is 110 to 120 days. I think we're sitting at like 112 -- 112.

是的。我認為我們在利用率、庫存、前景和需求方面一直都非常自律。我認為我們已經證明這個公式是有效的。我們這裡並沒有大量庫存。我們的庫存——我們的基本庫存實際上更接近我們目標的下限，大約 100——也就是 110 到 120 天。我想我們現在大概是 112——112。

So the I think had mentioned the die bank inventory we're building is really for the mass market. For the last kind of two to three quarters, we have been consistently talking about how we are going to be growing. Our customer count increased almost 20% year-on-year just in the mass market. Therefore, the demand is there for that, and we will make sure that we have it in die bank internally so we can respond to changes in demand that usually come from the mass market.

所以我認為之前提到的我們正在建立的模具庫庫存實際上是為了大眾市場。在過去兩到三個季度裡，我們一直在討論我們將如何成長。光是在大眾市場，我們的客戶數量就比去年同期成長了近 20%。因此，市場對這種產品有需求，我們將確保內部儲備充足，以便應對通常來自大眾市場的需求變化。

So I think we do see the business justification for it. But that doesn't mean that we're going to be building blinded. We will maintain our targets. We will maintain inventory and all of our metrics within the range that we've previously outlined. So I don't -- I see this as business as usual, at all.

所以我認為我們確實看到了這樣做的商業合理性。但這並不意味著我們要盲目地建設。我們將繼續維持既定目標。我們將把庫存和所有指標維持在先前概述的範圍內。所以我完全不認為這是——我認為這根本不是正常情況。

Yeah. And just to point out also that even with that die bank increase, our inventory actually declined quarter-on-quarter $39 million. So it's a mix shift within our base inventory. So to get a better profile of inventory for that mass market.

是的。另外要指出的是，即使增加了模具庫存，我們的庫存實際上也比上一季減少了 3,900 萬美元。所以這是我們基礎庫存的組合調整。因此，為了更了解大眾市場的庫存情況。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Hassane, with the recent acquisitions, I know you have a slide that talks about power delivery from grid to processors and the content per rack going from maybe a few thousand dollars today to maybe as much as $50,000 by '27 or so. I mean do you have all the IP and all the building blocks right now to get there? Or is this sort of more of an opportunity and you still need to build out a few more things before you get to those types of numbers?

Hassane，我知道你最近的收購中，有一張幻燈片談到了從電網到處理器的電力輸送，以及每個機架的內容從現在的幾千美元到 2027 年左右可能會高達 5 萬美元。我的意思是，你現在是否擁有實現目標所需的所有智慧財產權和所有必要條件？或者這更像是一個機會，你還需要做一些其他的事情才能達到那個數字？

I think with whatever we need, call it, the next couple of years, we either have it or are working on it, both organically and inorganically. Obviously, the ecosystem is evolving. Things that are needed three, four years from now are slightly different. We believe we have a very full portfolio of the IP that we need and we will be creating products very quickly based on that IP.

我認為，未來幾年，無論我們需要什麼，我們要么已經擁有了，要么正在努力實現，無論是透過自身發展還是外部開發。顯然，生態系統正在不斷演變。三、四年後需要的東西會略有不同。我們相信我們擁有所需的全部智慧財產權組合，我們將基於這些智慧財產權迅速創造出產品。

So you can think about it as we have built a toolbox with all the IP and technology and we are quickly deploying products. I mean, you've seen us double the number of products in Treo overall year-on-year, which we remain on track to do. You're going to see kind of that same mindset on AI data center along with automotive and so on.

你可以這樣理解：我們已經建立了一個包含所有智慧財產權和技術的工具箱，並且正在快速部署產品。我的意思是，你們已經看到Treo的產品總數同比增長了一倍，而且我們仍然有望實現這一目標。你會發現，在人工智慧資料中心、汽車產業等等領域，也會出現類似的思維模式。

So our -- we do have the toolbox. We do have the IP. We developed it internally and/or acquired it, and we will be deploying it to win in these markets to capture a lot of that share from the dollars you mentioned on the rack.

所以，我們──我們確實有工具箱。我們有IP位址。這是我們內部開發和/或收購的，我們將部署它來贏得這些市場，從您提到的貨架上的美元中奪取大量份額。

And as my follow-up, and I want to just take a step back on VGaN. So could you just give us a little bit of history here. I mean I know it's obviously in your own Syracuse fab, but how many years has this been in development? Maybe back to Quinn's question, when do you start to expect some revenues here? Because obviously, this is a very unique approach to GaN. So any sort of historical context and future revenue contribution milestones would be great to know.

作為後續，我想稍微回顧一下 VGaN。那麼，您能否為我們簡單介紹這段歷史呢？我知道這顯然是在你們錫拉丘茲的工廠裡進行的，但是這個計畫已經開發了多少年了？回到奎因的問題，你們預計什麼時候能開始獲得一些收入？顯然，這是一種非常獨特的氮化鎵製備方法。因此，任何有關歷史背景和未來收入貢獻里程碑的資訊都將非常有用。

Sure. So we started working on it through acquisition of IP and assets back in 2024. Since then, we've turned on, quote-unquote, turned on the fab, launch the first products, first products from a, call it, electrically speaking, are yielding are functioning. Therefore, we were very aggressive in our deployment with samples to customers. We have lead customers in our major markets of automotive and AI data centers that are currently evaluating the first-generation samples, and we're already working on the second generation. We expect revenue, you can think about it in the '27 time frame.

當然。因此，我們從 2024 年開始透過收購智慧財產權和資產來推進這項工作。從那以後，我們已經啟動了，用「啟動」來形容，推出了第一批產品，第一批產品，從電氣角度來說，正在產生收益並運行。因此，我們在向客戶分發樣品方面非常積極主動。我們在汽車和人工智慧資料中心等主要市場擁有領先的客戶，他們目前正在評估第一代樣品，我們已經在著手研發第二代產品了。我們預計會有收入，你可以考慮在 2027 年左右的時間範圍內實現。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Thanks so much for the question. So yes, my questions are really around AI as well. And this -- what seems like a bigger push over the last few quarters. Just some of these applications that you mentioned, I wanted to know if you could address. Could you do things like solid-state transformers. It sounds like you're in the PSU 48-volt bus converters. I guess the last one would be hot swaps as well. Do you address these? Or do you plan on addressing these over the next few years?

非常感謝你的提問。是的，我的問題也確實與人工智慧有關。而且，這似乎是近幾季以來更大的推動力。您提到的其中一些應用，我想請教一下您是否可以解答。你能做類似固態變壓器之類的東西嗎？聽起來像是電源48伏特總線轉換器出了問題。我想最後一個應該也要包括熱插拔吧。你會解決這些問題嗎？或者您計劃在未來幾年內解決這些問題？

So we address every single one of them already and we have it online too. When we refer to our ability to address the power treat, that was my answer before as far as how do we differentiate. Our ability to address already today, the whole power tree, including all of the IP and functionality required that you have mentioned some of them is the differentiation we bring. So the answer is yes to all. We do that today, and we will continue to expand that portfolio as we gain share.

我們已經逐一解決了這些問題，而且這些問題也都已在網路上公佈。當我們談到我們應對權力威脅的能力時，這就是我之前對我們如何區分的回答。我們今天就能解決整個權力樹問題，包括您提到的所有所需的智慧財產權和功能，這就是我們的優勢所在。所以答案都是肯定的。我們目前就是這麼做的，隨著市場佔有率的成長，我們將繼續擴大產品組合。

Excellent. And Hassane, secondly on silicon carbide, as we kind of digest that growth outlook perhaps you can talk about some of the moving parts like geographically or even across industries? And lastly, do you have the ability to convert to 300-millimeter wafers or hearing about the potential for new applications on 300?

出色的。其次，Hassane，關於碳化矽，在我們消化這一增長前景時，您能否談談其中的一些變數，例如地理因素，甚至是跨行業因素？最後，您是否有能力轉換為 300 毫米晶圓，或者是否聽說過 300 毫米晶圓在新應用方面的潛力？

Yes. So well, first off, there's a lot of changes in the silicon carbide as new opportunities open up. For example, a few years ago, silicon carbide in AI data centers was not even a conversation point today, it is, and we are gaining share and really design into the PSUs with our JFET and even our silicon carbide MOSFETs. So those are new applications that are legacy with silicon carbide in automotive allowed us to really tackle very quickly and gain share with products we already have.

是的。首先，隨著新機會的出現，碳化矽領域發生了許多變化。例如，幾年前，碳化矽在人工智慧資料中心還不是一個值得討論的話題，而現在它已經成為一個熱門話題，我們正在贏得市場份額，並且真正將我們的 JFET 甚至碳化矽 MOSFET 融入電源單元的設計中。因此，這些新的應用，以及碳化矽在汽車領域的傳統應用，使我們能夠非常迅速地解決並利用我們現有的產品來獲得市場份額。

In Automotive, specifically, the silicon carbide approach was for battery electric vehicles or BEVs. As now you see resurgence of a mix into plug-in hybrids or range extender EVs. Silicon carbide is now getting designed in, even in plug-in hybrids, which historically has been assumed to remain on IGBT. That's not the case, and we are gaining share in the plug-in hybrid market with our silicon carbide.

具體來說，在汽車領域，碳化矽技術是為電池電動車（BEV）而設計的。現在，我們看到插電式混合動力車或增程式電動車的混合市場再次興起。現在，碳化矽也被應用到插電式混合動力汽車的設計中，而插電式混合動力汽車歷來都被認為會繼續使用IGBT。事實並非如此，我們的碳化矽產品正在插電式混合動力汽車市場贏得更多份額。

So within the market itself, there's new opportunities and really breadth of opportunities that just a few years ago when we started on this journey was not part of even our addressable market because it wasn't there.

因此，在市場本身內部，存在著新的機遇，而且機會的範圍非常廣泛，而就在幾年前我們開始這段旅程時，這些機會甚至都不屬於我們的目標市場，因為它當時並不存在。

As far as geographical, I would say I don't expect a change in the geographical outlook for silicon carbide specifically because to a first order, it's going to match where the electrification, whether it's full electric vehicles or plug-in hybrids is going to come from and where the AI data center deployments is going to come from. And that puts it strong in China and the US. And following behind that is Europe and Japan.

就地理而言，我認為碳化矽的地理前景不會發生變化，因為從根本上來說，它的分佈將與電氣化（無論是純電動汽車還是插電式混合動力汽車）的普及程度以及人工智慧資料中心的部署地點相匹配。這使得它在中國和美國都擁有強大的市場地位。緊隨其後的是歐洲和日本。

Excellent. And 300-millimeter?

出色的。300毫米？

300-millimeter, we've seen it. But my point is, it's too far from now. I don't think 300-millimeter opens up new applications. In just -- it's a different, call it, throughput, just like 6 to 8, I've always said 6 to 8-inch provides us additional capacity from the number of die per wafer. We see the 300-millimeter, the same, but it's very, very early in development today. I wouldn't put that in any short-term models or anything.

300毫米，我們已經看過了。但我的意思是，現在還太遠了。我不認為300毫米會開拓新的應用領域。簡而言之——這是一種不同的，或者說吞吐量，就像 6 到 8 英寸一樣，我一直說 6 到 8 英寸可以通過增加每片晶圓上的晶片數量來提高我們的產能。我們看到了 300 毫米的鏡頭，情況也一樣，但目前它還處於非常非常早期的研發階段。我不會把它放到任何短期模型或其他方案。

But today, we have been -- just apologies the opportunity to give you an update on our 8 inch. Our 8-inch is in production. We're running 8-inch in our fab at 350-micron thickness, so best-in-class and we will be shipping production on track in '26. So the 8-inch is full on. And then we're always looking at what's next to come, both from a device like the JFET or MOSFET, but also from a technology.

但今天，我們有機會——請容許我向您介紹我們的 8 吋產品的最新情況。我們的8吋機型正在生產中。我們的工廠正在生產 8 英寸、厚度為 350 微米的薄膜，這是同類產品中最好的，我們將在 2026 年按計劃開始生產。所以8吋的完全沒問題。然後我們總是會關注接下來的發展，包括像 JFET 或 MOSFET 這樣的裝置，以及相關的技術。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Back to the mass market strategy, our long tail of small- to medium-sized customers. This has been a bright spot for the team, right, solid customer count improvements, it serves through distribution, rich gross margins. How big is this segment as a percent of your total distribution revenues? And how did this subsegment do in the September quarter relative to your overall disti business?

回歸大眾市場策略，我們擁有龐大的中小客戶群。這對團隊來說一直是個亮點，客戶數量穩定成長，透過分銷管道實現了豐厚的毛利率。該部分業務佔您總分銷收入的百分比是多少？相對於貴公司整體分銷業務，該細分業務在9月的季度表現如何？

So let me give you a breakdown of the distribution revenue that may help you get there. So roughly about 58% of our business goes through distribution. About half of that is fulfillment, half is demand creation, right? If you think about that half, not all of that's mass market. When we think about mass market, we're thinking small customers, right? We onsemi, maybe don't know their names, right, they're emerging customers, the distributors do a good job of identifying the opportunity.

那麼，讓我來為您詳細分析一下分銷收入，這或許能幫助您實現目標。因此，我們大約 58% 的業務是透過分銷管道進行的。其中大約一半是訂單履行，一半是需求創造，對吧？如果你仔細想想那一半，你會發現並非所有產品都是大眾市場產品。當我們想到大眾市場時，我們想到的是小客戶，對吧？我們可能不太清楚他們的名字，對吧，他們是新興客戶，分銷商在發現商機方面做得很好。

So you can think about it as being a subset of that half. Maybe it's 25% of the total distribution revenue, somewhere in that kind of camp, if you think about it. If they're a medium or large customer that distributor, we still have -- we still track that. I wouldn't put that in the mass market.

所以你可以把它看作是那一半的一部分。仔細想想，也許佔總分銷收入的 25%，大概是在這個範圍內。如果他們是中型或大型客戶，我們仍然會追蹤該經銷商的情況。我不會把它放到大眾市場銷售。

Got it. Okay. And it was good to see the technology and portfolio expansion on the wideband gap with your vertical GaN technology. As you mentioned, I think, Hassane, looks like this was the technology that you acquired through the acquisition of NextGen late last year. Did the acquisition also include the [Wood] Syracuse fab facility? Or was that already a part of our ON?

知道了。好的。很高興看到貴公司憑藉垂直氮化鎵技術在寬頻隙領域實現了技術和產品組合的擴展。正如你所提到的，哈桑，我想，這看起來像是你去年底收購 NextGen 時獲得的技術。此次收購是否也包括伍德公司位於錫拉丘茲的製造工廠？或者那已經是我們 ON 的一部分了？

And then it looks like they were able to develop this very differentiated technology, but not able to commercialize it so what has the onsemi team done to take the technology beyond proof of concept to commercialization?

然後，他們似乎已經開發了這項非常獨特的技術，但卻無法將其商業化。那麼，安森美團隊為了將這項技術從概念驗證階段推進到商業化階段，都做了些什麼呢？

Great question. So yes, the fab was not part of our base fab. You can think about it as a fab that came with the technology given the differentiation of the technology. You're absolutely right on it's such a breakthrough and differentiated technology, very difficult to make.

問得好。所以，是的，這個工廠不屬於我們的基礎工廠。你可以把它看作是隨著這項技術的差異化而出現的一個晶圓廠。您說得完全正確，這是一項突破性的、與眾不同的技術，製造起來非常困難。

What the onsemi team has brought is our ability to manufacture wideband gap and the team's capability to be able to scale new technologies very quickly and reach maturity very quickly than, call it, a start-up. By the way, I will mirror this to what we've done with GTAT and silicon carbide.

Onsemi 團隊帶來的是我們製造寬頻隙晶片的能力，以及團隊能夠比新創公司更快地擴展新技術規模並迅速達到成熟狀態的能力。順便說一下，我會把這個方法應用在我們之前用 GTAT 和碳化矽所做的工作。

If you recall, same questioning, same conversations, can you guys pull it off? Why would you pull it the others didn't? And look where we are today. You can think about it, our capability has already been proven with the GTAT acquisition and building a franchise in a couple of years that gives us leadership. You can imagine that same muscle, that same knowledge and that same team is going to do exactly that with VGaN.

如果你還記得的話，同樣的問題，同樣的對話，你們能做到嗎？為什麼其他人沒有拔槍，而你卻拔了？看看我們今天身處何處。您可以想想，我們透過收購 GTAT 並在幾年內建立起一個讓我們處於領先地位的特許經營權，已經證明了我們的能力。你可以想像，同樣的實力、同樣的知識和同樣的團隊將會用 VGaN 做同樣的事情。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Hassane, you talked about the fact that customers are not willing to restock at this point or you're not seeing that effect. Can you maybe talk a little bit about when you speak to OEMs, what they would need to see to get more confidence to restock? And is that broadly applicable to the distributor side as well?

Hassane，你提到顧客目前不願意補貨，或是你沒有看到這種效果。您能否談談在與原始設備製造商 (OEM) 溝通時，他們需要看到哪些資訊才能更有信心補貨？這是否也普遍適用於經銷商一方？

Yes. Look, well, first, I'll answer the distributor. I think distributors are -- from a mass market, Thad said it, we are increasing our die bank internally because we want to be able to make sure we see the, call it, the shelves as customers pull on the mass market.

是的。好吧，首先，我來回答分銷商的問題。我認為經銷商——正如薩德所說，​​來自大眾市場，我們正在內部增加模具庫，因為我們希望能夠確保我們能夠看到，比如說，當顧客在大眾市場拉動貨架時。

The OEM is slightly different. The OEMs, what they need to see, one is a credible demand signal. Think about it consumer level confidence, consumer level demand signal that people are going to buy cars or people are going to buy power tools or whatever the market is. That has to be seen.

原廠配套產品略有不同。原始設備製造商（OEM）需要看到的，一是可信的需求訊號。想想看，消費者信心、消費者需求都顯示人們會購買汽車、電動工具或其他任何市場商品。那得親眼看看。

And the biggest thing that they want to see, which we do also is stabilization in the geopolitical aspect of it, as they're working on shuffling and changing logistical models and manufacturing sites and so on, they're not going to be replenishing given the changes that they're going through. So what I would say is consumer confidence and a geopolitical stabilization, we'll start adding more and more confidence for OEMs to restock.

他們最希望看到的，也是我們最希望看到的，是地緣政治方面的穩定，因為他們正在調整和改變物流模式和製造基地等等，鑑於他們正在經歷的變化，他們不會進行補給。所以我認為，消費者信心和地緣政治穩定，將逐步增強整車製造商的信心，促使他們補充庫存。

And then maybe as a follow-up. Give us a little more visibility on what's happening with your other segment [ferment], it sounds like data center is doing very, very well for you. Maybe talk about what some of the offsets are might be headwinds you saw in this quarter and then maybe what you're seeing going forward?

然後或許可以作為後續報道。請您再詳細介紹一下您其他業務板塊（發酵）的情況，聽起來資料中心業務發展得非常好。或許可以談談本季遇到的一些抵銷因素或不利因素，以及您對未來情勢的展望？

So for Q4, I mentioned that we think that other segment is going to be up mid- to high single digits. Now there's some normal seasonality in our noncore markets there that help. But you have AI data center that's growing as well in that market. I think those are the big drivers, if you sum it up.

所以對於第四季度，我提到過，我們認為其他業務板塊將實現中高個位數的成長。現在，我們非核心市場的一些正常季節性因素會有所幫助。但人工智慧資料中心在這個市場也不斷發展壯大。總而言之，我認為這些就是主要驅動因素。

And then, of course, we have the exits that a lot of it lands into the others bucket that's offsetting the growth. So net-net growing it actually means the strategic market like AI, data center and so on. Within that is growing very, very nicely.

當然，還有很多資金會流入其他領域，從而抵消成長。所以，從整體來看，它的成長其實指的是人工智慧、資料中心等策略市場。其中生長得非常好。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

I wonder if you could give us some sense of the automotive market by region. Any sort of different behaviors that you're seeing? And I guess, particularly on China EV there's been sort of a lot of noise in both directions. Can you just talk to the health of that market?

我想請您介紹一下各地區的汽車市場狀況。你觀察到什麼不同的行為嗎？我想，尤其是在中國電動車領域，各種聲音都有，而且這種聲音還挺大的。您能談談這個市場的健康狀況嗎？

Yes. Look, I think from a market, of course, we've always expected adjustments in that market. I've always said there's over 100 brands. So between consolidation, between success and not success the only strategy we have, which we've been executing to, and it's worked very well for us is customer diversification.

是的。你看，我認為從市場的角度來看，我們當然一直都預期市場會進行調整。我一直都說有超過100個品牌。因此，在整合、成功與失敗之間，我們唯一的策略，也是我們一直在執行的策略，對我們來說非常有效，就是客戶多元化。

So you've heard us always adding new customers, leading customers in the top 10, which drive a lot of volume. And then secondary is trying to reach into that tail of OEMs. So we're not sitting here picking winners or not winners in China. We want to have the majority market share across the market. And as share shift between them, our customer diversification strategy will work to our advantage.

所以你們都聽說我們一直在增加新客戶，尤其是排名前十的領先客戶，這些客戶帶來了巨大的業務量。然後，二級市場正試圖觸及那些零散的原始設備製造商。所以我們不會坐在這裡去評斷中國市場的贏家或輸家。我們希望佔據市場的大部分份額。隨著客戶群間的份額轉移，我們的客戶多元化策略將對我們有利。

We've proven that very well over the last few years. We're gaining share consistently across a broad range of OEMs and brands have worked for us to really derisk the lumpiness that you're referring. But I don't see that as any change from the headlines. So our strategy is working, and we'll continue to execute to that while we kind of fine-tune it as things change because things do change rapidly.

過去幾年我們已經充分證明了這一點。我們在眾多原始設備製造商和品牌中持續擴大市場份額，這確實降低了您提到的波動性風險。但我並不認為這與新聞標題有任何不同。所以我們的策略是有效的，我們將繼續執行該策略，同時隨著情況的變化進行微調，因為情況變化很快。

Great. That's helpful. And then you addressed the Nexperia situation. But I guess I'm just trying to figure out why that isn't a bigger deal. We've listened to some of the Tier 1 auto suppliers, and they seem quite anxious about the situation. Like shouldn't that be the catalyst for them to start building up inventory to sort of deal with the geopolitics of the situation? Or just why isn't that something that's a bigger deal for you guys in the next quarter or two?

偉大的。那很有幫助。然後你談到了Nexperia的情況。但我猜我只是想弄清楚為什麼這件事沒有引起更大的關注。我們聽取了一些一級汽車供應商的意見，他們似乎對這種情況感到非常焦慮。這不應該成為他們開始囤積庫存以應對當前地緣政治局勢的機會嗎？或者說，為什麼在接下來的一個季度或兩個季度裡，這件事對你們來說並不那麼重要呢？

Well, we're here to support. But I will make -- well, I'll make a comment on the Tier 1 panicking. I've been saying that inventory is low for the last two years. and we're draining inventory below critical levels. Whether an Nexperia or not, any trip in the supply chain is going to cause a chain reaction, and this is the proof. The only way out of this is place the backlog with visibility and we will start planning and shipping.

我們來這裡是為了提供支持。但我會——嗯，我會對一級恐慌發表一些看法。過去兩年我一直說庫存很低，而且我們正在將庫存消耗到低於臨界水平。無論是否是Nexperia，供應鏈中的任何環節都會引發連鎖反應，這就是證明。唯一的解決辦法是把待辦事項清單公開透明，然後我們才能開始規劃和出貨。

So we are seeing it. We are responding to it and we will keep supporting it. But regardless of how the next few quarters go, we need the replenishment cycle we need to make sure that the Tier 1s and OEM have safety stock in order to buffer any disruption. That's the only solution. We've learned a hard lesson in COVID, and here we are again.

我們看到了。我們正在積極回應，並將繼續支持。但無論接下來的幾個季度情況如何，我們都需要必要的補貨週期，以確保一級供應商和原始設備製造商擁有安全庫存，從而緩衝任何中斷。這是唯一的解決辦法。我們從新冠疫情中吸取了慘痛的教訓，而現在我們又面臨同樣的困境。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Okay. Hassane, if I can dare say that you seem somewhat, somewhat cautiously excited about your end markets for the first time in a long time. So if I can ask you a question on auto, a two-parter. Could you give us a hint of maybe what backlog or bookings were? I'm trying to gauge that relative to your stabilization comment.

好的。哈桑，如果我冒昧地說，你似乎很久以來第一次對你的終端市場感到有些、有些謹慎的興奮。所以，如果我可以問你一個關於汽車的問題，一個分成兩個部分的問題。能否透露一下積壓訂單或預訂狀況？我想根據你關於穩定性的評論來衡量這一點。

And if you are talking about stabilization in auto, then I'm looking at your 6% odd growth that you put up in the September quarter, is that seasonal growth? Or is that better than seasonal growth, and if it's better, then, of course, we'll drive that?

如果你指的是汽車產業的穩定，那麼我看到的是你在9月份季度實現的6%左右的成長，這是季節性成長嗎？或者說，這種成長方式比季節性成長更好？如果更好，那麼我們當然會推動這種成長方式？

Yeah. Look, I think I'll go back to the prior answer that I gave earlier. I don't look at the quarter-on-quarter, I would recommend you shouldn't either. I got to look at first half, second half, and we've always said the second half of the year is going to outgrow the first half of the year in our end markets. Remember, auto, we said the bottom was going to be in Q2.

是的。我想我還是會堅持我之前給的答案。我不關注季度環比數據，我建議你也不要關注。我查看了上半年和下半年的情況，我們一直認為，在我們的終端市場，下半年的成長速度將超過上半年。記住，汽車產業，我們說過第二季會觸底。

So that has been the case, and we're going to grow from there. Grow, meaning closer to demand, but no restocking yet. So that's coming in exactly as we expected. So that quarter-on-quarter, I wouldn't talk about seasonality within markets and so on. I would talk about the lumpiness in project ramps, some projects ramped in Q3 versus ramping in Q4. Those I don't think are a read on how the market is doing.

情況就是這樣，我們將繼續發展壯大。成長，意味著更接近需求，但尚未補貨。所以結果完全符合我們的預期。所以，就季度環比而言，我不會談論市場內部的季節性因素等等。我想談談專案啟動的不平衡性，有些專案在第三季啟動，而有些專案在第四季啟動。我認為這些並不能反映市場的真實狀況。

Visibility, however, with stabilization, we get better visibility, not where we would like to see it, but it improved and we're getting better visibility. But again, there's more work to do to get the visibility. So that's what I can tell you about where we are in automotive. I'm cautious but I am also looking at the data in order to sound like I do.

不過，隨著穩定性的提高，能見度有所改善，雖然還沒有達到我們希望的程度，但確實有所改善，我們的能見度正在提高。但要獲得關注，還有更多工作要做。這就是我能告訴你們的關於汽車產業現狀的資訊。我雖然謹慎，但為了顯得謹慎，我也會查看數據。

Our work is not done. It's not all behind us. But I think what you've seen from us is we will manage to what we see, and we will deliver the results that we promised. That's the consistency. Of course, we all wish it were different. We all wish it was way better than sometimes it is. Some of my peers did. But we've been very consistent, and we're going to continue to manage the company with discipline, whether in inventory, cash flow or really R&D investments in differentiated technologies.

我們的工作還沒完成。一切還沒過去。但我認為你們已經從我們身上看到了，我們會盡力而為，我們會兌現我們承諾的結果。這就是一致性所在。當然，我們都希望情況有所不同。我們都希望情況能比現在好得多。我的一些同齡人確實這麼做了。但我們一直非常堅持原則，並將繼續以嚴謹的態度管理公司，無論是在庫存、現金流方面，還是在差異化技術的研發投資方面。

Fair enough. Maybe one for you, Thad. As sort of you look at stabilization, I understand you'll need to ramp up your factories and fabs to be able to get to that 40% level. But is there a revenue number that I can think of where you start to get close to that 40% number? Or is it just fully a function of utilization and it ebbs and flows depending on how much die bank inventory you're building?

很公平。或許這首歌適合你，薩德。從某種意義上說，從穩定的角度來看，我知道你需要擴大工廠和晶圓廠的產能，才能達到 40% 的水平。但是，我能想到一個營收數字，達到這個數字後，營收就能接近 40% 這個數字嗎？或者說，這完全取決於利用率，並且會隨著你建立的模具庫庫存量而波動？

Yes. It's utilization driven, right? So we talked about every point of utilization is 25 to 30 basis points of gross margin improvement. That math still holds. So as we look into the '26, utilization is going to drive the margin.

是的。這是以利用率驅動的，對吧？所以我們討論過，每提高一個利用率點，毛利率就能提高 25 到 30 個基點。這個數學公式仍然成立。因此，展望 2026 年，利用率將決定利潤率。

Thank you. This will conclude today's question-and-answer session. I would now like to turn the call back over to Hassane for closing remarks.

謝謝。今天的問答環節到此結束。現在我想把電話交還給哈桑，請他作總結發言。

Thank you all again for joining us today. Before we conclude the call, I want to recognize the outstanding efforts of our global teams. Their focus and execution continue to drive our results and help us deliver for our customers and shareholders. We're encouraged by the signs of stabilization across our core markets and remain focused on delivering differentiated solutions and operational excellence for our customers.

再次感謝各位今天蒞臨。在結束通話之前，我想對我們全球團隊的傑出努力表示感謝。他們的專注和執行力持續推動我們的業績，並幫助我們為客戶和股東創造價值。我們對核心市場趨於穩定的跡象感到鼓舞，並將繼續專注於為客戶提供差異化的解決方案和卓越的營運服務。

We are committed to being a reliable and trusted partner and continue to raise the bar on how we support our success through technology leadership, responsiveness and a deep understanding of their evolving needs. We appreciate your continued support and look forward to updating you next quarter. Thank you.

我們致力於成為可靠且值得信賴的合作夥伴，並透過技術領先、快速回應和對客戶不斷變化的需求的深刻理解，不斷提高我們支援客戶成功的標準。感謝您一直以來的支持，期待下季向您報告最新進展。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。