安森美 (ON) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to ON Semi's fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

大家好，歡迎參加安森美半導體2025年第四季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

Now it's my pleasure to turn the call over to the Vice President of Investor Relations and Corporate Development, Parag Agarwal. Please go ahead.

現在我很高興將電話轉交給投資者關係和企業發展副總裁帕拉格·阿加瓦爾。請繼續。

Thank you, Carmen. Good morning, and thank you for joining Onsemi's fourth-quarter and Full Year 2025 Results Conference Call. 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 fourth-quarter and full year 2025 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.

謝謝你，卡門。早安，感謝各位參加安森美2025年第四季及全年業績電話會議。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。本次電話會議將在我們網站 www.onsemi.com 的投資者關係頁面進行網路直播。本次網路直播的錄影以及我們 2025 年第四季和全年收益報告將在本次電話會議結束後約一小時發佈在我們網站上，錄製的網路直播將在本次電話會議結束後保留約 30 天。

Additional information is posted on the Investor Relations section of our website. Our earnings release and this information includes 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.

更多資訊請造訪我們網站的投資者關係頁面。我們的獲利報告及相關資訊包含某些非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，都包含在我們的盈利報告中，該報告單獨發佈在我們網站的投資者關係部分。

During the course of this conference call, we will make projections or other forward-looking statements regarding future events or 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，我們將對未來事件或公司未來的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 could cause actual results to differ materially from the forward-looking statements are defined -- described in our most recent Form 10, Form 10-Qs and other filings with the Securities and Exchange Commission and in our earnings release for the fourth-quarter and full year 2025.

影響我們業務的重要因素，包括可能導致實際結果與前瞻性聲明之間存在重大差異的因素，已在最新的 10 表格、10-Q 表格以及提交給美國證券交易委員會的其他文件中，以及我們在 2025 年第四季度和全年收益報告中進行了定義和描述。

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、改變假設或發生其他事件的義務。

Now let me turn the call over to Hassane. Hassane?

現在我把電話交給哈桑。哈桑？

Thank you, Parag. Good afternoon, and thank you all for joining us on this first call of the year. In 2025, amid a challenging demand environment, we delivered $6 billion of revenue and non-GAAP gross margin of 38.4% by staying disciplined in our execution and tightly aligning to our long-term strategy. With focused investments, we advanced our technology leadership while positioning ourselves better in the growth markets that define our future.

謝謝你，帕拉格。下午好，感謝各位參加今年的第一次電話會議。2025 年，在充滿挑戰的需求環境下，我們透過嚴格執行並緊密配合長期策略，實現了 60 億美元的收入和 38.4% 的非 GAAP 毛利率。透過重點投資，我們提升了技術領先地位，同時更好地定位了決定我們未來的成長型市場。

We strengthened our portfolio through organic investments, acquisitions and partnerships. We launched a multi-market growth engine with our Treo platform. We delivered more than $250 million in AI data center revenue across the Power Tree. We expanded our content in automotive for zonal architecture. We further optimized our cost structure through Fab Right actions, and we returned $1.4 billion of free cash flow through share repurchases.

我們透過內部投資、收購和合作，加強了我們的投資組合。我們利用 Treo 平台推出了多市場成長引擎。我們在 Power Tree 平台上實現了超過 2.5 億美元的 AI 資料中心收入。我們擴展了汽車領域區域架構的內容。我們透過 Fab Right 行動進一步優化了成本結構，並透過股票回購返還了 14 億美元的自由現金流。

Over the last five years of our transformation, we have evolved from a manufacturing company to a product-centric company, launching more breakthrough products than we had in the prior decade and strengthening our portfolio with technologies that position us to win the most critical market transitions. Our disciplined investments, combined with our Fab Right actions have created operating leverage in our model and set the foundation for long-term growth and margin expansion.

在過去五年的轉型過程中，我們從一家製造公司發展成為一家以產品為中心的公司，推出了比過去十年更多的突破性產品，並透過技術加強了我們的產品組合，使我們能夠贏得最關鍵的市場轉型。我們嚴謹的投資，加上我們採取的正確生產措施，在我們的商業模式中創造了營運槓桿，並為長期成長和利潤率擴張奠定了基礎。

On the new product front, market proliferation continues with our Treo platform. We doubled the number of products sampling year-over-year reinforcing Treo as a key contributor to our long-term mix shift towards high-margin product revenue and supporting our new design funnel, which is now over $1 billion. Treo is already being designed into a broad set of automotive applications, including zonal architectural, ultrasonic sensors and LED drivers, and we are proliferating into industrial applications like HVAC, energy storage systems or ESS and medical with customers like Dexcom, who designed our low-power analog front end in their continuous glucose monitors or CGM.

在新產品方面，我們的 Treo 平台持續拓展市場。我們使產品樣品數量同比增長了一倍，鞏固了 Treo 作為我們長期產品組合向高利潤產品收入轉變的關鍵貢獻者的地位，並支持了我們新的設計渠道，該渠道目前已超過 10 億美元。Treo 已被廣泛應用於汽車領域，包括區域建築、超音波感測器和 LED 驅動器，並且我們正在將其擴展到 HVAC、儲能係統 (ESS) 等工業應用以及醫療領域，我們的客戶包括 Dexcom，他們在其連續血糖監測儀 (CGM) 中設計了我們的低功耗模擬前端。

We broadened our leadership in wideband gap technologies by introducing our lateral and vertical GaN or vGaN strategy with a differentiated product road map, solving our customers' problems at favorable margins. This year, we are preparing to sample more than 30 new GaN devices spanning 40 to 1,200 volts, including both discrete devices and integrated driver plus GaN solutions.

我們透過推出橫向和垂直氮化鎵（vGaN）策略，並制定差異化的產品路線圖，擴大了我們在寬頻隙技術領域的領先地位，以有利的利潤率解決了客戶的問題。今年，我們準備對 30 多款新的 GaN 裝置進行樣品測試，電壓範圍從 40 伏特到 1200 伏特，包括分立裝置和整合式驅動器加 GaN 解決方案。

To deliver lateral GaN to the market, we announced new foundry partnership to broaden regional supply options, giving us the product breadth and manufacturing flexibility to serve high-growth applications with revenue beginning in 2026. For vGaN, we are already collaborating with GM on the development of electric drive systems.

為了向市場提供橫向氮化鎵，我們宣布與新的代工廠建立合作夥伴關係，以擴大區域供應選擇，從而賦予我們產品廣度和製造靈活性，以服務於高成長應用，並從 2026 年開始產生收入。對於 vGaN，我們已經與通用汽車公司在電動驅動系統的開發方面展開合作。

As a reminder, vGaN is built on proprietary GaN-on-GaN technology is manufactured in our fab in the US and positions us for multi-year competitive advantage in high-voltage and high-power density applications spanning AI data centers, EVs, renewables and aerospace, defense and security. We expect first vGaN revenue in 2027. Turning to the demand environment.

再次提醒，vGaN 採用專有的 GaN-on-GaN 技術，由我們在美國的工廠生產，使我們在高壓和高功率密度應用領域（包括人工智慧資料中心、電動車、再生能源以及航空航太、國防和安全）擁有多年的競爭優勢。我們預計 vGaN 將於 2027 年首次獲利。轉而關注需求環境。

We are seeing seasonal patterns and are encouraged by improving order trends across our core markets, contributing to fourth-quarter revenue of $1.53 billion, non-GAAP gross margin of 38.2% and earnings per share of $0.64, both exceeding the midpoint of our guidance. Automotive inventory digestion is largely behind us.

我們看到了季節性規律，並且核心市場的訂單趨勢不斷改善，這令我們倍感鼓舞。第四季營收達到 15.3 億美元，非 GAAP 毛利率為 38.2%，每股收益為 0.64 美元，均超過了我們預期的中位數。汽車庫存消化階段已基本結束。

AI data center is increasingly becoming a meaningful growth engine for the company, and we believe we have seen the bottom for industrial with global PMI trends pointing to early signs of expansion. In automotive, we continue to expand our content as the industry accelerates towards a zonal architecture for software-defined vehicles and autonomous driving.

AI 資料中心正日益成為該公司重要的成長引擎，我們相信工業領域已經觸底反彈，全球 PMI 趨勢也顯示出擴張的早期跡象。在汽車領域，隨著產業加速向軟體定義車輛和自動駕駛的區域架構發展，我們也不斷擴展我們的內容。

We are proliferating our eight-megapixel image sensor for front-facing vision and have introduced our Treo-based advanced ultrasonic sensors for ADAS. In zonal, we have already exceeded $400 million in design funnel for our SmartFETs, e-fuses and 10-based T1S Ethernet transceivers as customers rearchitect their vehicles. Most OEMs have already started their migration towards zonal and industry estimates suggest that in the next five to eight-years, nearly 40% of new vehicles will feature this architecture.

我們正在推廣用於前視的 800 萬像素影像感測器，並推出了基於 Treo 的先進超音波感測器，用於 ADAS。在區域市場，由於客戶正在重新設計他們的車輛，我們的 SmartFET、電子保險絲和基於 10 的 T1S 乙太網路收發器的設計預算已經超過 4 億美元。大多數汽車製造商已經開始向區域化架構過渡，產業估計表明，在未來五到八年內，近 40% 的新車將採用這種架構。

All of this is incremental to our existing leadership in silicon and silicon carbide devices in xEVs. In industrial, we are expanding our opportunity in machine vision, factory automation, drones and robotics with new families of image sensors with competitive performance, differentiated features and strong interest from customers seeking a US-based supplier.

所有這些都進一步鞏固了我們在xEV領域矽和碳化矽元件方面的領先地位。在工業領域，我們正透過具有競爭力的性能、差異化的功能以及對尋求美國供應商的客戶的強烈興趣，拓展我們在機器視覺、工廠自動化、無人機和機器人領域的機會。

In aerospace, defense and security, revenue increased 70% year-over-year, driven by North America and Europe. We secured a strategic design win for a solid-state circuit breaker using our SiC JFET, demonstrating our ability to win in high-barrier industrial segments where mission-critical performance depends on resilient, reliable power distribution and optimized size and weight.

在航空航太、國防和安全領域，營收年增 70%，主要得益於北美和歐洲市場的成長。我們憑藉 SiC JFET 獲得了固態斷路器的戰略設計訂單，這證明了我們在高門檻工業領域取得成功的能力，在這些領域，關鍵任務性能取決於彈性、可靠的配電以及優化的尺寸和重量。

Turning to our AI data center business. As previously mentioned, we delivered more than $250 million in revenue in 2025. With the rapid expansion of AI compute infrastructure and our unmatched ability to deliver power efficiency across all stages of power conversion, this market remains one of the strongest and fastest scaling opportunities for us.

接下來談談我們的人工智慧資料中心業務。如前所述，我們預計到 2025 年將實現超過 2.5 億美元的收入。隨著人工智慧運算基礎設施的快速擴張，以及我們在電力轉換各個階段提供無可比擬的能源效率能力，這個市場仍然是我們最具潛力和成長速度最快的市場之一。

Over the last year, we have reinforced our role as the only broad-based US power semiconductor supplier, addressing power density bottlenecks that limit AI growth, aligning with national priorities for resilient AI infrastructure. With a broad portfolio of silicon, silicon carbide, SiC JFET, GaN and our newest VCore assets, we are perfectly positioned to deliver the power efficiency requirements our customers need.

過去一年，我們鞏固了自己作為美國唯一一家業務廣泛的功率半導體供應商的地位，解決了限制人工智慧發展的功率密度瓶頸問題，與國家建立彈性人工智慧基礎設施的優先事項保持一致。憑藉廣泛的矽、碳化矽、SiC JFET、GaN 和我們最新的 VCore 產品組合，我們完全有能力滿足客戶對電源效率的要求。

Going through the Power Tree, starting outside the data center, we lead the utility string ESS market with more than 50% worldwide share. We are ramping our IGBT hybrid power module to multiple global customers and seeing strong interest in our next-generation SiC MOSFET hybrid power module, delivering even higher power efficiency nearing 99.5% and the highest power density at 430 kilowatts with a first win at Sungrow in their global platform.

從資料中心外部開始，沿著電力樹一路走來，我們在公用事業級組串式儲能係統市場佔據領先地位，全球市場份額超過 50%。我們正在向多家全球客戶加大IGBT混合動力模組的供應，並看到客戶對我們下一代SiC MOSFET混合動力模組表現出濃厚的興趣，該模組的功率效率更高，接近99.5%，功率密度最高，達到430千瓦，並在陽光電源的全球平台上贏得了首個訂單。

We are already sampling our 1,200-volt ultra-low RDS SiC JFET for AI data center platforms, and our AI data center funnel is increasing as AI workloads scale and more platforms move to higher voltage bus architectures, expanding opportunities from power supplies to battery backup disconnect and hot swaps. At the UPS stage, we won a high-end design with a leading US power supplier that cuts their system footprint by about 50% using our SiC power module to increase power density and improve thermal performance.

我們已開始為 AI 資料中心平台提供 1200 伏特超低 RDS SiC JFET 樣品，隨著 AI 工作負載的擴展和更多平台轉向更高電壓總線架構，我們的 AI 資料中心管道也在不斷擴大，從而拓展了從電源到電池備用斷開和熱插拔的各種機會。在 UPS 階段，我們與一家領先的美國電源供應商合作，贏得了高端設計，該設計利用我們的 SiC 功率模組來提高功率密度並改善散熱性能，從而將他們的系統佔地面積減少了約 50%。

We expect production volumes to begin this quarter. At the rack level, we have secured designs for our SiC and silicon MOSFET and our SiC JFET in both the BBU and PSU systems with Delta, LiO and Great Wall to serve both their Western and China customers as the AI ecosystem continues to build out. At the XPU Board level, we extended our reach by securing several next-gen design wins with our multiphase controllers, smart power stages and point-of-load devices.

我們預計本季開始量產。在機架層面，我們已與台達、立方光電和長城電子合作，為我們的 SiC 和矽 MOSFET 以及 SiC JFET 在 BBU 和 PSU 系統中提供設計方案，以服務他們的西方和中國客戶，因為人工智慧生態系統正在不斷發展。在 XPU 板級，我們憑藉多相控制器、智慧功率級和負載點設備贏得了多個下一代設計訂單，從而擴大了我們的影響力。

We began sampling our dual 5x5 VCore solutions as well as two-phase power modules using a next-generation regulator architecture that dramatically improves transient response for AI and server processors, referred to as TLVR-Trans Inductor Voltage Regulator. As we integrate our recently acquired Vcore assets, we are strengthening our portfolio and positioning ourselves to win the next-generation architectures.

我們開始對雙 5x5 VCore 解決方案以及採用下一代穩壓器架構的兩相電源模組進行樣品測試，該架構顯著改善了 AI 和伺服器處理器的瞬態響應，稱為 TLVR-Trans Inductor Voltage Regulator（跨電感電壓調節器）。隨著我們整合最近收購的 Vcor​​e 資產，我們正在加強我們的產品組合，並為贏得下一代架構做好準備。

As we move into 2026, we are encouraged by a market environment that is showing clear signs of improvement across automotive, industrial and AI infrastructure. The groundwork we have laid out over the last several years has positioned us to benefit as demand conditions continue to get better. Our portfolio is aligned to the highest growth opportunities in power and sensing. Our manufacturing footprint is structurally stronger, and our customer engagements are deeper and more strategic.

展望 2026 年，我們受到鼓舞，因為汽車、工業和人工智慧基礎設施的市場環境都呈現出明顯的改善跡象。過去幾年我們所做的準備工作，使我們能夠從需求狀況持續改善中受益。我們的產品組合與電力和感測領域最具成長潛力的機會相契合。我們的製造佈局結構更加穩固，與客戶的合作也更加深入、更具策略性。

I'll now turn it over to Thad to give you more details on our results and guidance for the first-quarter.

現在我將把發言權交給薩德，讓他為大家詳細介紹我們第一季的業績和展望。

Thanks, Hassane. In 2025, our teams remain focused on disciplined execution and long-term value creation for all stakeholders against the backdrop of uncertainty and limited demand visibility. We strengthened our financial foundation through structural cost actions, tighter operational rigor and a relentless focus on expanding our customer base.

謝謝你，哈桑。展望 2025 年，在充滿不確定性和需求可見度有限的背景下，我們的團隊將繼續專注於嚴謹的執行和為所有利害關係人創造長期價值。我們透過結構性成本控制措施、更嚴格的營運管理以及不斷擴大客戶群，加強了財務基礎。

These efforts allowed us to navigate the macro environment, maintain our strategic investments in intelligent power and sensing and position the company for margin expansion as market conditions improve. There are three key areas I'd like to highlight as we exit 2025. First, we delivered record free cash flow margin of 24% in 2025.

這些努力使我們能夠應對宏觀環境的變化，維持我們在智慧電力和感測領域的策略投資，並在市場條件改善時為公司利潤率的擴大做好準備。在即將邁入 2025 年之際，我想專注於三個關鍵領域。首先，我們實現了 2025 年自由現金流利潤率達到創紀錄的 24%。

Free cash flow increased 17% year-over-year to $1.4 billion due to tight expense control and lower CapEx as our large capacity investments are behind us. We returned approximately 100% of our free cash flow to shareholders through share repurchases in 2025, demonstrating a disciplined capital allocation strategy. And we also announced a new $6 billion share repurchase program in November after repurchasing $2.6 billion under the prior program that expired at the end of 2025.

由於嚴格的費用控制和資本支出減少（因為我們的大規模產能投資已經完成），自由現金流年增 17% 至 14 億美元。2025 年，我們透過股票回購將約 100% 的自由現金流返還給了股東，這體現了我們嚴謹的資本配置策略。此外，我們在 11 月宣布了一項新的 60 億美元股票回購計劃，此前我們根據上一項計劃回購了 26 億美元股票，該計劃已於 2025 年底到期。

Second, we are improving the quality of our revenue and margins through investments in differentiated products. We have been reshaping our product mix through targeted investments, improving long-term margin potential while supporting our leadership in high-growth markets. We continue to rationalize our portfolio by exiting volatile non-core businesses while reallocating investments to differentiated power, sensing and analog mixed-signal technologies.

其次，我們透過投資差異化產品來提高收入和利潤率的品質。我們透過針對性的投資，不斷調整產品組合，提高長期利潤潛力，同時鞏固我們在高成長市場的領先地位。我們繼續透過退出波動性較大的非核心業務來合理化我們的投資組合，同時將投資重新分配到差異化的電源、感測和類比混合訊號技術領域。

And the third point, we have positioned the company for margin expansion by aligning our manufacturing footprint and product mix, enabling meaningful operating leverage in our model. As part of our Fab Right strategy, we reduced our Fab capacity in 2025 by 12% as we improved our operational efficiency. In the fourth-quarter, we announced additional measures to further rationalize our manufacturing footprint.

第三點，我們透過調整生產佈局和產品組合，使公司具備了擴大利潤率的條件，從而在我們的商業模式中實現了有意義的營運槓桿。作為我們「Fab Right」策略的一部分，隨著我們營運效率的提高，我們在 2025 年將 Fab 產能減少了 12%。第四季度，我們宣布了進一步優化生產佈局的額外措施。

These actions together will lower our 2026 depreciation by approximately $45 million to $50 million, and we expect to see the gross margin impact in the second half of the year. Our Q4 gross margin includes approximately 700 basis points of underutilization charges, which will dissipate with increasing utilization as market conditions improve.

這些措施將使我們 2026 年的折舊減少約 4,500 萬至 5,000 萬美元，我們預計將在今年下半年看到毛利率的變化。我們第四季的毛利率包含約 700 個基點的未充分利用費用，隨著市場狀況改善，利用率提高，這些費用將會消失。

These actions, along with other operational improvements, position us for margin expansion in 2026. As we look ahead, our financial priorities remain consistent. Drive sustainable and predictable results, expand margins and increase earnings and free cash flow. Shifting to results for the fourth-quarter. We met the midpoint of guidance with revenue of $1.53 billion, in line with normal seasonality.

這些舉措，以及其他營運改進，使我們預計在 2026 年實現利潤率擴張。展望未來，我們的財務重點將保持不變。實現可持續和可預測的業績，擴大利潤率，提高收益和自由現金流。接下來來看第四季業績。我們實現了預期目標的中位數，營收達到 15.3 億美元，符合正常的季節性規律。

Automotive revenue was $798 million, up approximately 1% quarter-over-quarter. We continue to see stabilization in the automotive market as much of the inventory digestion is behind us. Revenue for industrial was $442 million, up approximately 4% quarter-over-quarter, driven largely by the traditional industrial business and factory automation.

汽車業務收入為 7.98 億美元，季增約 1%。隨著大部分庫存消化工作完成，我們看到汽車市場持續趨於穩定。工業業務收入為 4.42 億美元，環比成長約 4%，主要得益於傳統工業業務和工廠自動化。

Following eight-quarters of year-over-year declines, Q4 marked the first-quarter of year-over-year growth in our industrial revenue, increasing 6% over the fourth-quarter of 2024. Our AI data center revenue, which is classified in the other segment, grew quarter-over-quarter and contributed more than $250 million for the full year.

在連續八個季度同比下降之後，第四季度標誌著我們工業收入首次實現同比增長，比 2024 年第四季度增長了 6%。我們的人工智慧資料中心收入（歸類於其他業務板塊）環比成長，全年貢獻了超過 2.5 億美元的收入。

For the fourth-quarter, revenue for the other category decreased 14% quarter-over-quarter due to seasonality and soft demand conditions in areas outside of AI data center. Looking at the fourth-quarter split between the business units. Revenue for the Power Solutions Group, or PSG, was $724 million, a decrease of 2% quarter-over-quarter and a decrease of 11% year-over-year.

第四季度，由於季節性因素和人工智慧資料中心以外地區的需求疲軟，其他類別的營收則是季減了 14%。看一下第四季各業務部門的佔比。電力解決方案集團（PSG）的營收為 7.24 億美元，季減 2%，年減 11%。

Revenue for the Analog and Mixed-Signal Group, or AMG, was $556 million, a decrease of 5% quarter-over-quarter and 9% year-over-year. Revenue for the Intelligent Sensing Group, or ISG, was $250 million, a 9% increase quarter-over-quarter, driven largely by the industrial market and a decline of 17% over the same quarter last year as we repositioned the business for the long term.

類比和混合訊號集團（AMG）的收入為 5.56 億美元，環比下降 5%，年減 9%。智慧感測集團（ISG）的營收為 2.5 億美元，季增 9%，主要得益於工業市場的成長；但與去年同期相比下降了 17%，因為我們對業務進行了長期調整。

Turning to gross margins in the fourth-quarter. GAAP gross margin was 36% and non-GAAP gross margin improved to 38.2% as we're seeing the initial impact of our Fab Right actions executed in 2025. As planned, manufacturing utilization is down quarter-over-quarter to 68% to align to seasonal revenue trends in the first half of 2026.

接下來我們來看看第四季的毛利率。GAAP毛利率為36%，非GAAP毛利率提高至38.2%，因為我們看到了2025年實施的Fab Right行動的初步影響。按計劃，製造業利用率較上季下降至 68%，以適應 2026 年上半年的季節性收入趨勢。

We expect utilization to increase to the low 70% range in the first-quarter and additional Fab Right actions to drive margin expansion through the year. GAAP operating expenses were $351 million, including $59 million in restructuring expenses. Non-GAAP operating expenses declined 3% sequentially to $282 million at the lower end of our guidance range.

我們預計第一季產能利用率將提高到 70% 左右，並且全年還將採取其他 Fab Right 措施來推動利潤率擴張。GAAP營運費用為3.51億美元，其中包括5,900萬美元的重組費用。非GAAP營運費用較上季下降3%至2.82億美元，處於我們預期範圍的下限。

GAAP operating margin for the quarter was 13.1% and non-GAAP operating margin was 19.8%. Our GAAP tax rate was 16.2% and non-GAAP tax rate was 16%. Diluted GAAP earnings per share was $0.45, and non-GAAP earnings per share was $0.64, above the midpoint of our guidance. GAAP and non-GAAP diluted share count was 402 million shares.

本季 GAAP 營業利益率為 13.1%，非 GAAP 營業利益率為 19.8%。我們的 GAAP 稅率為 16.2%，非 GAAP 稅率為 16%。稀釋後的GAAP每股收益為0.45美元，非GAAP每股收益為0.64美元，均高於我們先前預期的中點。GAAP 和非 GAAP 稀釋後股份總數為 4.02 億股。

We repurchased $450 million of shares in the fourth-quarter. And as I indicated earlier, in 2025, we deployed approximately 100% of free cash flow to repurchase $1.4 billion of shares. Turning to the balance sheet. Cash and short-term investments was approximately $2.5 billion with total liquidity of $4 billion, including $1.5 billion undrawn on our revolver.

我們在第四季回購了價值 4.5 億美元的股票。正如我之前提到的，2025 年，我們投入了約 100% 的自由現金流回購了價值 14 億美元的股票。接下來看一下資產負債表。現金及短期投資約25億美元，總流動資金為40億美元，其中包括循環信貸額度中未提取的15億美元。

Cash from operations was $555 million and free cash flow was $485 million. 2025 free cash flow was a record at 24% of revenue, and we expect to deliver strong free cash flow in 2026. Capital expenditures were $69 million or 4.5% of revenue. Inventory decreased by $58 million to 192-days from 194-days in Q3. This includes 76-days of strategic inventory, which is down from 82-days in Q3 as we continue to deplete this inventory over the next two-years.

經營活動產生的現金流為5.55億美元，自由現金流為4.85億美元。 2025年自由現金流佔收入的比例達到創紀錄的24%，我們預計2026年將實現強勁的自由現金流。資本支出為 6,900 萬美元，佔收入的 4.5%。庫存減少了 5800 萬美元，從第三季的 194 天減少到 192 天。其中包括 76 天的戰略庫存，低於第三季的 82 天，因為我們將在未來兩年內繼續消耗這些庫存。

Excluding the strategic builds, our base inventory is healthy at 117-days. Distribution inventory increased slightly to 10.8 weeks from 10.5 in Q3 and is within our target range of 9 to 11-weeks. Looking forward, let me provide the key elements of our non-GAAP guidance for the first-quarter of 2026. As a reminder, today's press release contains a table detailing our GAAP and non-GAAP guidance.

除去策略性建設項目，我們的基礎庫存狀況良好，為 117 天。分銷庫存從第三季的 10.5 週略微增加到 10.8 週，但仍在 9 到 11 週的目標範圍內。展望未來，讓我提供我們對 2026 年第一季非 GAAP 業績指引的關鍵要素。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。

We anticipate Q1 revenue will be in the range of $1.44 billion to $1.54 billion, in line with normal seasonality at the midpoint. This marks the first-quarter with expected year-over-year growth since the downturn started over three-years ago. We expect to exit $50 million of non-core revenue in the first-quarter. Excluding these exits, our revenue would be above seasonal.

我們預計第一季營收將在 14.4 億美元至 15.4 億美元之間，中點值符合正常的季節性規律。這是自三年多前經濟衰退開始以來，首次出現預期年成長的季度。我們預計第一季將退出5000萬美元的非核心收入。剔除這些退出因素，我們的收入將高於季節性水準。

Our non-GAAP gross margin is expected to be between 37.5% and 39.5%, which includes share-based compensation of $7 million. Our Fab Right actions that I described earlier, and other operational improvements are expected to contribute to gross margin expansion of 30 basis points at the midpoint in a quarter in which margins have historically declined with seasonality.

我們預計非GAAP毛利率將在37.5%至39.5%之間，其中包括700萬美元的股權激勵費用。我之前描述的 Fab Right 行動以及其他營運改善措施預計將使本季毛利率在季度中點時增加 30 個基點，而歷史上本季的毛利率會隨著季節性因素而下降。

Non-GAAP operating expenses are expected to be between $285 million and $300 million, which includes share-based compensation of $29 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 15% and our non-GAAP diluted share count is expected to be approximately 397 million shares.

非GAAP營運費用預計在2.85億美元至3億美元之間，其中包括2,900萬美元的股份支付費用。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15%，非GAAP稀釋後股份數量預計約為3.97億股。

This results in non-GAAP earnings per share in the range of $0.56 to $0.66. We expect capital expenditures in the range of $35 million to $45 million -- to close, with stabilization across automotive and industrial markets and our momentum in AI data center, we are entering 2026 from a position of strength. We have built a structurally different company with a more resilient model, a sharper product mix and a clear strategy to expand margins and generate strong free cash flow. As demand improves, we are positioned to scale efficiently and convert that demand into profitable growth.

這將帶來非GAAP每股收益0.56美元至0.66美元的預期。我們預計資本支出將在3,500萬美元至4,500萬美元之間——總而言之，隨著汽車和工業市場的穩定以及我們在人工智慧資料中心領域的強勁勢頭，我們將以強勁的姿態進入2026年。我們打造了一家結構不同的公司，擁有更具韌性的商業模式、更精準的產品組合以及明確的策略，旨在擴大利潤率並產生強勁的自由現金流。隨著需求改善，我們已做好充分準備，高效擴大規模，並將需求轉化為獲利成長。

With that, I'll turn the call back over to Carmen to open it up for questions.

接下來，我將把電話轉回給卡門，讓她回答大家的問題。

(Operator Instructions) Ross Seymore, Deutsche Bank.

（操作員指令）Ross Seymore，德意志銀行。

A couple of questions. I guess the first one is going to be a near term and the second one will be a longer-term question. On the near-term question, what was going on in the other category? Everything else was better than expected, but other was pretty weak. And then I guess you sound better on your tone about everything to do with the cycle and secular, et cetera, but you're kind of still at seasonal. So when do you think you could be above seasonal given the point of the cycle that we're at right now?

幾個問題。我想第一個問題應該是近期就能解決的，而第二個問題則需要更長時間才能解決。就近期問題而言，另一類情況如何？其他方面都比預期好，但其他方面卻很差。然後我覺得你在談論週期和世俗等等方面，語氣聽起來更好了，但你仍然有點季節性。那麼，考慮到我們目前所處的周期階段，你認為什麼時候才能達到高於季節性水平？

Yes. Two things, Ross. One is, if you exclude the exits, we are above seasonal, right? So if you look at the reported numbers, they're in line with seasonality, similar to what we've been saying for a couple of quarters here. But if you exclude the exits, we are above seasonal. On your question about the other buckets, so we saw strength in AI data center.

是的。羅斯，有兩件事。一是，如果排除出口，我們的收益是否高於季節性收益？所以，如果你看一下公佈的數據，它們與季節性規律相符，這與我們過去幾季一直在說的類似。但如果排除出口，我們的業績將高於季節性水準。關於您提到的其他領域，我們看到了人工智慧資料中心的優勢。

There's clearly growth there. We have normal seasonality in Q4 in that other bucket that's down. And then there are also about $40 million of exits that are in there. So that's why that bucket was down sequentially.

那裡顯然有增長。第四季另一個下滑的類別存在正常的季節性波動。此外，還有價值約 4000 萬美元的出口項目。所以這就是為什麼那個水桶會依序掉落的原因。

Got it. And then I guess as my longer-term question, perhaps for Hassane, you talked about the AI data center side of things, the $250 million or slightly more than that. I know you don't want to get anchored to a specific number for this year, next year, et cetera. But can you just talk a little bit about the TAM you think you can address in that? When do you think it could be 10% of sales or something larger like that? And how Onsemi differentiates to give you the confidence that you can gain that share?

知道了。然後，我想問一個更長遠的問題，也許對 Hassane 來說，你談到了人工智慧資料中心方面的事情，2.5 億美元或略多一些。我知道你不想被今年、明年等等的具體數字束縛。但您能否簡單談談您認為可以在其中解決的TAM問題？你認為什麼時候才能達到銷售額的10%或更高？Onsemi 如何脫穎而出，讓您有信心贏得市場份額？

Yes. So I'll -- obviously, I will stick with -- I'm not guiding specifically in '26 or the AI data center yet, but I'll give you why the confidence in the continued growth at a, I would say, at a pretty good rate because our growth rate accelerated from '24, '25 and will continue. I described a little bit on how we tackle from a technology perspective from the wall to -- from the outside data center all the way to the board.

是的。所以，我——顯然，我會堅持——我目前還沒有具體指導 2026 年或人工智慧資料中心，但我會解釋為什麼我對持續成長充滿信心，我認為成長速度相當不錯，因為我們的成長速度從 2024 年、2025 年開始加速，並將繼續下去。我簡要介紹了我們如何從技術角度著手解決問題，從外部資料中心一直到董事會。

With that is how we differentiate. If you look at it, we're the only company or one of the very few companies that are able to do the high voltage, I think 800 volts with our 1,200-volt devices all the way to the SPS type devices closer to the core. You have to be able to do that conversion with the highest efficiency at every step of the conversion.

這就是我們區別所在。你看，我們是唯一一家或極少數能夠製造高壓設備的公司，我認為我們能製造 800 伏特的高壓設備，從 1200 伏特的設備一直到更接近核心的 SPS 型設備。你必須能夠在轉換過程的每一步都以最高的效率完成轉換。

But more importantly, architectures moving forward are collapsing the conversion tree, which means you have to be able to do high voltage and low voltage. We're the only ones company that has vertical GaN, which is the highest power density at the highest voltage. Again, a competitive advantage, we will flex to continue to gain share with the high-voltage power supply makers. -- and closer to the XPU, we're in with the standard companies you talk about, not only with the standard GPUs, but also the nonstandard GPUs or ASICs and so on. So we're approaching it with a broad portfolio, number one.

但更重要的是，未來的架構正在簡化轉換樹，這意味著你必須能夠處理高電壓和低電壓。我們是唯一擁有垂直氮化鎵技術的公司，這項技術在最高電壓下可實現最高的功率密度。再次強調，這是我們的競爭優勢，我們將靈活調整策略，繼續從高壓電源製造商贏得市場份額。 ——而且，就XPU而言，我們與您提到的那些標準公司合作，不僅包括標準GPU，還包括非標準GPU或ASIC等等。所以，我們採取的策略是廣泛的投資組合，這是第一點。

And more importantly, we're targeting where the market is going to be in a few years, which is the high-voltage rail, which is exactly where we play very well in automotive already. Those two are angles we are flexing. They're the angles that already delivered the $250 million in '25 from almost nothing, and that will continue to grow with the proliferation of the road map. And add to that, of course, the vCore, which we've acquired in 2025 that will add cumulatively to the power devices we have.

更重要的是，我們瞄準的是幾年後的市場發展方向，也就是高壓軌道，而這正是我們在汽車領域已經做得非常出色的領域。這兩個角度是我們正在靈活運用的。正是這些角度，使得該公司在 2025 年從幾乎一無所有地獲得了 2.5 億美元的收入，隨著路線圖的推廣，這一數字還將繼續增長。當然，再加上我們計劃在 2025 年收購的 vCore，這將進一步增強我們擁有的電力設備。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

You mentioned, I think, $40 million of noncore exit in Q4, I think $50 million in Q1. Is this the kind of quarterly run rate that we should expect through '26? And Hassane, if we set kind of these things on the side, then can Onsemi get to your long-term 10%, 12% kind of topline growth target conceptually if -- for this year, if the macro environment is getting better?

我記得你提到過，第四季非核心業務退出額為 4,000 萬美元，第一季為 5,000 萬美元。這是我們預期到 2026 年的季度運行速度嗎？哈桑，如果我們把這些因素放在一邊，那麼如果今年宏觀環境好轉，昂森美能否實現你長期設定的 10%、12% 的營收成長目標？

Yes. So I'll take. So first off, on the exits, we talked about the $50 million. If you think about it for the whole year at $300 million, you have the couple of quarters kind of Q2 and Q3 would be higher than that. And then you can apply kind of the seasonality where we'll be exiting. But it's not flat at $50 million because it's a $300 million total. So that's point number one. Point number two, on the growth.

是的。那我接受。首先，在出口處，我們談到了 5000 萬美元。如果以全年 3 億美元為基準來考慮，那麼第二季和第三季的業績會高於這個數字。然後，你可以應用一些季節性因素，例如我們將要退出的時間段。但總額不是 3 億美元，所以單筆金額並非 5,000 萬美元。這是第一點。第二點，關於成長。

So if I take into account the exits for Q1 or even for the year, Vivek, you can think about our core business has been growing above market even in the downturn almost. This is the stuff we've been investing in, and that's delivering already over or multiple of market growth. That's why in Thad's prepared remarks, he clearly articulated that if I -- if you account for the $50 million exit in the first-quarter, we're actually above seasonality as a baseline.

所以，如果我把第一季甚至全年的退出情況考慮進去，Vivek，你可以想想，即使在經濟低迷時期，我們的核心業務也幾乎一直保持著高於市場平均水平的成長。這就是我們一直在投資的領域，而且它已經帶來了超過甚至數倍的市場成長。這就是為什麼薩德在事先準備好的發言稿中明確表示，如果我——如果你把第一季 5000 萬美元的退出考慮進去，我們實際上已經高於季節性基準線了。

That's what products that we've been introducing over the last few years are starting to contribute on a base. So to answer your question longer term, we expect '27 to resume that over market growth. If you think about it that way, now that we net out the exits. Does that make sense?

這就是我們過去幾年推出的產品開始在市場中發揮的基礎作用。所以，從長遠來看，我們預計 2027 年市場將恢復成長。如果你這樣想的話，現在我們已經排除了所有出口。這樣說得通嗎？

Yes. And then maybe, Thad, on gross margin, I think you gave a new number for depreciation. I was hoping you could just give us kind of a walk of for gross margin. So let's say, conceptually, if you are -- if you do go through these exits and you are in kind of the run rate of your long-term model, how should we think about your fab utilization and then gross margin kind of broad bracket this year?

是的。然後，Thad，關於毛利率，我想你給了一個新的折舊數字。我希望您能給我們簡單介紹一下毛利率。假設從概念上講，如果你真的經歷了這些退出，並且你處於長期模型的運行速度中，那麼我們應該如何看待你今年的晶圓廠利用率和毛利率的大致範圍呢？

Yes. So for Q1, we expect utilization to be in that low 70% range. depending on what this market does and what this potential recovery looks like, we'll match utilization to whatever the market does. Sitting here today, I think we're going to be -- for Q2 and beyond, we're going to be running kind of mid-70s, plus or minus. If there's a sharper recovery, we will match that very quickly, and that will fall through to gross margin.

是的。因此，我們預計第一季的產能利用率將在70%左右的低點。我們將根據市場走勢和潛在的復甦情況，調整產能利用率以適應市場變化。就目前來看，我認為第二季及以後，我們的營運效率將維持在70%左右，上下浮動。如果市場出現更強勁的復甦，我們將迅速跟進，這將直接反映在毛利率上。

As I said in my prepared remarks, we believe there's margin expansion through the year. We have the Fab Right activities that will start to hit the company later in the year. And as utilization goes up, that will impact later in the year as well. So we -- sitting here today, we feel good about the gross margin progression from this point.

正如我在準備好的演講稿中所說，我們相信今年利潤率將會擴大。我們將在今年稍後開始在公司開展 Fab Right 活動。隨著利用率的提高，這也會對今年稍後產生影響。所以，我們——今天坐在這裡，對毛利率從目前的情況來看是感到樂觀的。

Blaine Curti, Jefferies.

Blaine Curti，傑富瑞集團。

Sorry, it's Blaine Curtis. I just want to ask on the AI data center, obviously, a huge focus. You did throw out a kind of target for the year that you exceeded. I was just curious thoughts about growth in that segment for '26.

抱歉，我是布萊恩·柯蒂斯。我只想問一下關於人工智慧資料中心的問題，這顯然是大家關注的重點。你為這一年設定了一個目標，而且你已經超額完成了。我只是好奇想了解一下2026年該細分市場的成長情況。

Yes. So Blaine, as I mentioned, we will see growth. Actually, we're starting off the year with a better growth than we did starting off last year. So I'm very bullish about that segment, but I'm not giving a guidance on that segment specifically. But it will be a driver of our baseline revenue net of the exits.

是的。所以布萊恩，正如我剛才提到的，我們會看到成長。事實上，我們今年的開局成長比去年同期要好。所以我非常看好這個領域，但我不會具體給出針對該領域的績效指引。但扣除退出成本後，它將成為我們基準收入的驅動因素。

We do expect that our AI data center revenue in Q1 will grow high teens percentage-wise to give you an indication of our trajectory here.

我們預計第一季人工智慧資料中心營收將實現兩位數以上的成長，這可以向您展示我們在這一領域的發展軌跡。

Awesome. And then I wanted to just ask on the exits of the business. I mean I'm assuming these are lower margin, but I also -- I was just curious the impact to utilization. Can you kind of net that out for us? Like you're walking away from $90 million a quarter-over-quarters. Is that a positive or a negative for gross margin?

驚人的。然後，我還想問問關於公司出口的問題。我的意思是，我假設這些利潤率較低，但我也只是好奇這對利用率有何影響。你能幫我們大致算一下嗎？就像你每季都放棄了 9000 萬美元的收入一樣。這對毛利率是利好還是利空？

It's neutral today. So the margin on that business today is near the corporate average. The reason we're exiting is because we're seeing margin pressure and pricing pressure on that business that's been volatile historically. And a part of the business is why we've called it our non-core business that we would exit over time. So it really doesn't have an impact on gross margin.

今天持中性態度。因此，該業務目前的利潤率接近企業平均。我們退出的原因是，我們看到該業務面臨利潤率壓力和價格壓力，而且該業務歷來波動較大。而這正是我們稱之為非核心業務的原因，我們將隨著時間的推移逐步退出該業務。所以它對毛利率並沒有實際影響。

We've got the capacity. It's not going to be a headwind to utilization. So you can see that even with these net of these exits, what I answered in the previous question is that our utilization, we expect to go up throughout the year.

我們有能力做到這一點。這不會對利用率造成不利影響。所以你可以看到，即使扣除這些退出因素，我在上一個問題中回答的問題是，我們預計全年利用率都會上升。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Maybe can you quickly walk through the puts and takes on gross margins into Q1? I mean utilization rates are coming up, but margins are down sequentially. I know there's a timing element and it doesn't immediately match utilization rates, but any other puts and takes on pricing or other factors or mix we should be considering when we're thinking about gross margins?

能否簡單介紹一下第一季毛利率的走勢？我的意思是，產能利用率正在上升，但利潤率卻是季比下降。我知道這其中存在時間因素，而且它並不能立即與利用率相匹配，但是，在考慮毛利率時，我們還應該考慮定價或其他因素或組合方面的哪些其他因素呢？

Yes. So Josh, the key element here is that the Q1 -- midpoint of our Q1 guidance is up 30 basis points on gross margin. So if you go back to our utilization in Q3, which was 68% if you remember, we -- I'm sorry, we took it up to 74%. We're down -- Q4 was 68%. So we took it up to improve the mass market -- so we've got a number of things.

是的。所以 Josh，關鍵在於第一季——我們第一季業績指引的中點毛利率提高了 30 個基點。所以，如果你回顧我們第三季的使用率，如果你還記得的話，當時是 68%，我們——抱歉，我們把它提高到了 74%。我們下滑了——第四季下滑了 68%。所以我們著手改進大眾市場——所以我們有很多東西。

Typically, Q1 is seasonally down and gross margins are down. The fact that we're actually expanding gross margins 30 basis points shows you that our Fab Right initiatives are taking cost out are offsetting the headwind. So it's actually up quarter-on-quarter.

通常情況下，第一季是淡季，毛利率也會下降。事實上，我們的毛利率提高了 30 個基點，這表明我們的 Fab Right 措施正在降低成本，抵消了不利因素。所以實際上環比增長了。

Okay. That would be my mistake. Sorry about that. And could you maybe provide outlook by end market for Q1? In particular, I was hoping you could comment on the auto market. It sounds like the inventory restock -- sorry, the inventory correction is complete. Should we expect autos to grow sequentially in the March quarter?

好的。那將是我的失誤。抱歉。能否提供一下第一季各終端市場的展望？我尤其希望您能就汽車市場發表一些看法。聽起來像是庫存補貨完成了——抱歉，庫存更正已經完成。我們是否應該預期汽車銷量在三月的季度中環比增長？

Yes, I'll give it to you by end market. So auto is roughly flat. As you remember, the Chinese New Year has a little bit of a headwind on auto. So when we think about sequential, it's roughly flat. Industrial, we're planning on being down low teens, and that's primarily due to seasonality in energy infrastructure, again, with the Chinese New Year and some lumpiness in the factory automation.

是的，我會以最終市場價格給你。所以自動擋車型的價格大致持平。您應該記得，春節期間汽車產業會面臨一些不利因素。所以當我們考慮順序時，它大致上是平的。工業方面，我們計劃下降十幾個百分點，這主要是由於能源基礎設施的季節性波動，再次受到中國新年的影響，以及工廠自動化方面的一些波動。

Our traditional industrial will be seasonal within that bucket. And then our other bucket is up low single digits, and that's driven by the AI data center that I referred to, up high single digits and offset by seasonal declines as well as our noncore exits.

我們傳統的工業產品在這個範疇內將具有季節性。然後，我們的另一部分業務實現了個位數低成長，這主要得益於我提到的 AI 資料中心實現了個位數高成長，但被季節性下滑以及我們的非核心業務退出所抵消。

The AI data center is up high teens.

人工智慧資料中心的規模已超過十幾家。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

Just a clarification on the first-quarter gross margin. You saw the uptick in utilization rates in the third-quarter, and you said it usually takes a quarter or two to flow through. So is the first-quarter really the benefit you saw in that utilization in Q3? Or is it more product mix and other factors in Q1?

關於第一季毛利率，我需要澄清一下。您看到了第三季利用率的上升，您也說過這通常需要一到兩個季度才能顯現出來。那麼，第一季的收益真的像您在第三季看到的利用率那樣高嗎？或者說，第一季更多的是產品組合和其他因素造成的？

It's a combination of both. I mean you got mix, but you got a combination of the utilization impact as well, Q4 step down. And then you have our cost benefits as well with the Fab Right activities.

兩者兼而有之。我的意思是，情況比較複雜，既有利用率下降的影響，也有第四季產能下降的影響。此外，透過 Fab Right 活動，我們還能獲得成本效益。

With the Q4 step down in utilization to 68%, would that hit you more in Q1? Or would it hit you more in Q2? Just I know utilization from here is trending in the right direction. Just trying to get -- is it a three-month lag or a four-month lag usually on that.

第四季利用率下降至 68%，這會對第一季造成更大的影響嗎？或者說，第二季對你的影響會更大？我只知道目前的使用率正朝著正確的方向發展。我只是想弄清楚——通常情況下，這種延遲是三個月還是四個月？

It's about two quarters. But sitting here again, I think we're going to have the kick in of that depreciation that I mentioned, and I don't see that as a headwind in Q2 of next year this year.

大約是兩個季度。但再次坐在這裡，我認為我們將面臨我提到的貶值的影響，我不認為這會對明年第二季或今年造成不利影響。

So typically, basically to drive it for you, in Q4, the utilization going down would have hit us in Q2. But we don't -- sitting here today, we don't see that because we're offsetting it with cost actions and the Fab Right, that will offset any utilization. So that's back to the strength of the gross margin based on the work we've been doing.

所以通常來說，基本上是為了說明問題，在第四季度，利用率下降的情況會在第二季度對我們造成影響。但是，我們今天在這裡看不到這一點，因為我們正在透過成本控制措施和 Fab Right 來抵消它，這將抵消任何利用率。所以，這又回到了我們一直以來努力工作所帶來的強勁毛利率。

Got it. And then, Hassane, in your prepared comment, I think you said you're going to be introducing over 30 GaN-based solutions this year. Wondering if you could just give us -- do most of those target sort of mid or low-voltage applications in the data center? Does it target products across all three of the target end markets? Just any more sort of color on where you're going to be targeting some of those GaN solutions that you're introducing this year?

知道了。哈桑，我想你在事先準備好的評論中提到，你今年將推出 30 多種基於氮化鎵的解決方案。想請問一下，這些產品大多是針對資料中心的中低電壓應用嗎？它是否針對所有三個目標終端市場的產品？能否再透露一下，你們今年推出的那些氮化鎵解決方案的目標市場是什麼？

Yes. It's basically across the voltage range that I mentioned, 40 to 1,200 volts. So that includes, obviously, the lower voltage that target the data center, call it, closer to the XPU all the way to high voltage, 1,200 volts that go into the higher voltage and in automotive and industrial. So broader range of voltages targeting a lot of our end markets. I mentioned one of the things we're working on, for example, with vertical GaN with a traction -- vertical GaN-based next-generation traction with GM as an example.

是的。基本上就是我提到的電壓範圍，40 到 1200 伏特。所以，這顯然包括面向資料中心的較低電壓（稱為，更接近 XPU 的電壓），以及用於汽車和工業領域的較高電壓（1200 伏特）。因此，更廣泛的電壓範圍瞄準了我們的許多終端市場。例如，我提到了我們正在研究的一個方向，即垂直氮化鎵牽引技術——以GM為例，基於垂直氮化鎵的下一代牽引技術。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Maybe one on the data center side. I saw that you had an updated slide in your deck relative to last quarter. And I think now your opportunity, you're talking about what that looks like per rack in 2030, which is a pretty significant increase versus the prior deck. I think you're at like $105,000 per rack versus like $50,000 for 2027. Just curious like what's driving that and the significant growth per rack from '27 to 2030 --

或許資料中心那邊有一個。我注意到你的簡報中有一頁幻燈片比上個季度更新了。我認為現在你的機會來了，你談論的是到 2030 年每個貨架的情況，這與之前的貨架相比是一個相當大的增長。我認為現在每架機架的價格大約是 105,000 美元，而 2027 年的價格大約是 50,000 美元。我只是好奇是什麼因素推動了這種增長，以及從2027年到2030年每個貨架數量為何能顯著增長——

Yes. So as new generation architectures start to firm up and we are introducing a lot more products to address it. So our overlap of product availability that we're making and investing in or have invested in versus the opportunity of content in the rack has increased. And this is kind of the list of new products I've been talking about, whether it's silicon carbide JFET or the vertical GaN or even the 5x5 or SPS point of load.

是的。隨著新世代架構逐漸成型，我們也推出了更多產品來應對這項挑戰。因此，我們正在生產和投資或已經投資的產品供應與貨架上的內容機會之間的重疊度增加了。這就是我一直在談論的新產品列表，無論是碳化矽 JFET、垂直 GaN，甚至是 5x5 或 SPS 負載點。

We have been heavily investing over the last year or so in order to capitalize on the content that the AI opportunity provides. So that's exactly the reason for the increase is more products mapping on to more content that we can address with our portfolio.

過去一年左右，我們投入大量資金，以充分利用人工智慧帶來的內容機會。所以，成長的原因正是因為更多的產品對應更多的內容，而我們的產品組合可以滿足這些內容的需求。

And then as a follow-up, you talked about strong free cash flow again in 2026. Just curious if there's any targets that we should be thinking about for this year? And then how you're thinking about returning or what percent of that returning to shareholders?

然後，作為後續，您再次談到了 2026 年強勁的自由現金流。我只是好奇今年我們是否有任何需要考慮的目標？那麼，您打算如何安排回報，或者說，將其中多少百分比返還給股東？

Yes. Our stated target is 25% to 30%. In 2025, we delivered 24%. I talked about expanding the free cash flow margin. And so I think we're going to be in that range of within our target. Our plan, as you can see, with our announced repurchase authorization of $6 billion is to continue to return 100% of our free cash flow to shareholders.

是的。我們設定的目標是25%到30%。2025年，我們實現了24%。我談到了擴大自由現金流利潤率。所以我認為我們會在目標範圍內。如您所見，我們已宣布授權回購 60 億美元的股票，並計劃繼續將 100% 的自由現金流返還給股東。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

You're clearly signaling better revenue visibility, albeit met with some seasonal headwind and some business exits in the first-quarter. But maybe if you can share with us a few more specifics on the forward-looking revenue KPIs like beginning of quarter starting backlog or any sort of customer expedites or just any sort of revenue visibility change that you've seen in just the last three-months?

儘管第一季遭遇了一些季節性不利因素和一些業務退出，但你們顯然表明收入前景更加明朗。但或許您可以和我們分享一些關於前瞻性收入KPI的具體細節，例如季度初的積壓訂單、客戶加急訂單，或者您在過去三個月中看到的任何類型的收入可見性變化？

Yes. Yes, this is Hassane. So like you said, visibility or kind of the outlook is better sitting here than we were 90-days ago. and this is across all the KPIs. Book-to-bill is trending up. We are walking into the quarter with less turns needed than the prior quarter. Expedites, we're seeing more expedites than we did 90 days ago. So all of the metrics that you mentioned are exactly what is giving us that confidence in the outlook or improved visibility in the outlook.

是的。是的，這是哈桑。正如你所說，目前的情況或前景比90天前好得多。而且所有關鍵績效指標都出現了這種情況。訂單結算比率呈上升趨勢。本季我們需要的轉彎次數比上一季少。加急件數量比 90 天前多。所以，您提到的所有指標正是讓我們對前景充滿信心或提高前景可見度的關鍵。

What we're talking about, for example, is we're not seeing the replenishment yet, but this is strong signals for stabilization in the market. And you've seen going back to seasonality, inclusive of the exit highlights the strength of our base business, which is what we've been investing in.

例如，我們目前還沒有看到補給，但這對市場穩定而言是一個強烈的訊號。你已經看到，回歸季節性因素，包括退出，凸顯了我們基礎業務的實力，而這正是我們一直在投資的領域。

And regarding your, I guess, refocus on GaN products, forgive me if that's not the right term, but in vertical GaN, you've got, I guess, your own manufacturing supply chain in lateral GaN, it sounds like you've forged two manufacturing relationships with Innoscience and GlobalFoundries. And I assume that's the geographic specificity that you're hinting to in your prepared remarks.

至於您重新專注於氮化鎵產品，如果我用詞不當請見諒，但在垂直氮化鎵領域，您似乎擁有自己的製造供應鏈；而在橫向氮化鎵領域，聽起來您已經與Innoscience和GlobalFoundries建立了兩種製造合作關係。我猜想，您在準備好的發言稿中暗示的正是這種地域特殊性。

But the question is, do you feel like you've invested enough there? Do you feel like you've built out -- rebuilt the product portfolio to the degree you hope across the different voltage spectrum and whatnot?

但問題是，你覺得你在那裡投入的資金足夠嗎？您是否覺得您已經按照預期，在不同的電壓範圍等方面，建造並重建了產品組合？

Yes. I think if you look at it from a voltage range and capability, having 40 volts through 1,200-volt native. And I say native is it's not about stacking 2 lateral GaN devices to get to the high voltage. This is a single 1,200-volt GaN-on-GaN high-voltage device, which gives you the power density. I say yes. What I -- what maybe wasn't clear here, and I did mention it in my prepared remarks, is the GaN with drivers.

是的。我認為，從電壓範圍和能力來看，它的原生電壓範圍是 40 伏特到 1200 伏特。我說的原生元件並不是透過堆疊兩個橫向的GaN元件來獲得高電壓。這是一個單隻1200伏GaN-on-GaN高壓元件，可提供高功率密度。我同意。我——也許這裡沒有說清楚，我在準備好的發言稿中也提到了——是帶有驅動器的 GaN。

So not just the GaN devices. And those drivers are -- you can think about them as covered by Treo, which we already have invested in and is already in-house. So combined devices and the smart drivers that we do on Treo, that gives us the complete portfolio that we need to tackle GaN, whether it's in the AI data center, automotive or the humanoids.

所以不僅僅是氮化鎵裝置。您可以把這些驅動程式看作是由 Treo 提供的，我們已經對 Treo 進行了投資，而 Treo 已經是我們的內部解決方案。因此，結合我們在 Treo 上開發的智慧驅動程式和整合設備，我們擁有了應對 GaN 問題所需的完整產品組合，無論是在人工智慧資料中心、汽車還是人形機器人領域。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Mine is on silicon carbide, both EV and AI. I guess, first of all, on EV, if you could give us an update, particularly geographically, how that business is progressing and what to look forward to in the future? And then we're also on the AI side, starting to hear about potentially using silicon carbide for substrates. This might require a movement to 300-millimeter, for example. Are you guys -- is this an opportunity that you guys might address? And is there an ability to convert your furnaces to 300-millimeter?

我的車是碳化矽材質，電動車和人工智慧都是如此。首先，關於電動車，您能否為我們介紹一下最新情況，特別是從地理上看，這項業務的進展如何，以及未來有哪些值得期待的地方？此外，在人工智慧領域，我們也開始聽說可能會使用碳化矽作為基板。例如，這可能需要移動到 300 毫米。你們覺得這是可以考慮的機會嗎？你們的爐子可以改裝成 300 毫米的嗎？

So let me first cover on the silicon carbide in automotive, we still see the silicon carbide opportunity, although the EVs tapered down from a growth perspective, we're still a major share in China, which is all silicon carbide because they all are on the 800 volt. We are still gaining share in North America, and we continue to proliferate in European OEMs.

首先讓我談談碳化矽在汽車領域的應用，我們仍然看到碳化矽的機遇，儘管電動車的成長速度有所放緩，但我們在中國仍然佔據著很大的市場份額，而中國市場全部使用碳化矽，因為它們都採用 800 伏特電壓。我們在北美市場的份額仍在不斷成長，並且我們在歐洲的OEM廠商中持續擴張。

And those obviously are still trending up from a unit perspective. So overall, we've -- the work is done, the design-ins are done, and now we're working on proliferation within the OEMs and within the geographies. I spoke a lot about silicon carbide JFET, which is in the AI data center. We've seen tremendous design and growth. Part of that $250 million in AI data center is driven by silicon carbide JFET.

而且從單位數量來看，這些數字顯然仍在上升。總的來說，我們已經完成了工作，設計工作也完成了，現在我們正在努力在 OEM 廠商和各個地區推廣這項技術。我談了很多關於碳化矽 JFET 的內容，它應用於人工智慧資料中心。我們見證了巨大的設計和發展。這2.5億美元的人工智慧資料中心的一部分是由碳化矽JFET驅動的。

So that continues to go there. As far as the 300-millimeter, we are not going to be converting furnaces to 300. I think from an internal silicon carbide manufacturing, we're happy with our footprint. Remember, this was more on supply and regional resiliency than anything else. We will continue to focus on that from a resiliency, but you're not going to see a CapEx cycle going to the furnaces or substrate manufacturing.

所以這件事還在繼續發展。至於 300 毫米的爐子，我們不會把它們改成 300 毫米的。我認為就內部碳化矽製造而言，我們對目前的規模感到滿意。記住，這更多是關於供應和區域韌性，而不是其他方面。我們將繼續從韌性的角度關注這一點，但你不會看到資本支出週期投入熔爐或基板製造。

Perfect. And as a second question, one of your competitors is buying Silicon Labs and the rationale behind it was to fill out other parts from their catalog on their customers' boards, but in addition to fill their fabs. And from either of these perspectives, does this compel potentially an acquisition on your part or push you even more towards doing a deal? Or is the environment just from a valuation perspective, just a little too elevated right now?

完美的。第二個問題是，你們的一位競爭對手正在收購 Silicon Labs，背後的理由是為了在其客戶的電路板上補充其產品目錄中的其他零件，同時也是為了填滿他們的晶圓廠。從這兩個角度來看，這是否會促使你進行收購，或更促使你達成交易？或者說，目前的估值環境是否略微過高了？

Yes. So I'll give you kind of our view. So one, you're not going to hear me talk about doing M&A to fill a Fab. We're going to do -- for us, M&A is more strategically driven and portfolio-driven, and you've seen us do that over the last few years, very targeted M&A regardless of size, but to fit a purpose of either portfolio completion or acceleration of something we were doing, and we'll continue to go down that path.

是的。那麼，我將向你們介紹我們的觀點。所以第一，你不會聽到我談論透過併購來填補工廠空缺。我們將採取的策略是——對我們來說，併購更多是出於戰略和投資組合的考慮，過去幾年你們也看到了我們的做法，我們進行目標明確的併購，無論規模大小，都是為了完善投資組合或加速我們正在做的事情，我們將繼續沿著這條道路走下去。

From a compute perspective, I don't know if I've talked about it on these calls, but our Treo platform already provides for an embedded compute capability. So our focus for now is really embedding compute where it makes sense to control the output, which is at the power stages or at the analog mixed signal or at the DSP for hearing aids and so on.

從運算的角度來看，我不知道我是否在這些電話會議上談到過這一點，但我們的 Treo 平台已經提供了嵌入式運算能力。因此，我們目前的重點是真正將計算嵌入到能夠控制輸出的地方，例如功率級、模擬混合訊號級或助聽器的 DSP 等。

So we have microcontrollers that are fit for purpose already going down to 22-nanometer all the way to 65 nanometers. So where we see a gap, we are targeting that gap organically, and we already are in the market with that. As a general comment, we're always looking for value, and we're always looking at complementing and being a service -- full service provider for our customers. So that's a strategic conversation, but it's not to fill a fab or to bridge an immediate need. It will be more for a margin -- or a market expansion than anything else.

因此，我們已經有了尺寸從 22 奈米到 65 奈米都適用的微控制器。所以，當我們發現市場空白時，我們會以有機的方式瞄準這個空白，而且我們已經憑藉這部分市場進入市場了。總的來說，我們始終追求價值，始終致力於為客戶提供補充和服務——成為客戶的全方位服務提供者。所以這是一場戰略性對話，但不是為了填補工廠空缺或滿足眼前的需求。這樣做更多是為了提高利潤率或擴大市場規模，而不是其他原因。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗銀行。

Just on the -- Hassane, just on the Fab Right and the EFK utilization improvement. As you look out to '27, do you expect gross margins to get back to the low 40s, looking at the margin accretion from EFK and Fab Right?

就哈桑而言，就Fab Right和EFK利用率的提高而言。展望 2027 年，考慮到 EFK 和 Fab Right 帶來的利潤成長，您預計毛利率會回升到 40% 左右嗎？

Yes. Look, in the short term and even the long term, I mean, gross margin is going to be driven by utilization. So as I was saying earlier, we can match our utilization to whatever this recovery looks like. We've got lean inventory on our balance sheet, lean inventory are right in our sweet spot on the distribution channel. We don't need to wait to burn through inventory before we can adjust utilization, and we can match that very closely. If you think about the progression, yes, getting to something with a four handle is within sight, assuming that the market continues to recover.

是的。你看，從短期甚至長期來看，毛利率都將取決於產能利用率。正如我之前所說，我們可以根據復甦的情況調整我們的使用率。我們的資產負債表上庫存很低，而低庫存正是我們在分銷管道中處於最佳狀態。我們無需等到庫存耗盡才能調整使用率，而且我們可以非常精確地匹配利用率。如果你考慮一下發展進程，是的，假設市場繼續復甦，那麼擁有四個把手的產品指日可待。

Got it. And then on the AI data center side, I'm sorry to keep hopping on it. But as you look out, given how big that market could be, do you expect that to get to like a 10%, 15% of revenue run rate given some of the peers seem to be targeting somewhere like that?

知道了。至於人工智慧資料中心方面，很抱歉我總是要插話。但放眼未來，考慮到這個市場可能非常龐大，鑑於一些同行似乎也瞄準了類似的目標，你認為它能達到營收的 10% 到 15% 嗎？

Yes. I mean, look, it's a matter of the when, not the if because we have the products, the market is there. The question is how quickly and do we get in there. Remember, we started that journey last year with new products. So you give a design cycle and proliferation of products, and I see that happening. Again, it's a question of when.

是的。我的意思是，你看，這只是時間問題，而不是會不會發生的問題，因為我們有產品，市場也在那裡。問題是，我們能以多快的速度進入那裡。請記住，我們去年就開始了這段旅程，並推出了新產品。所以你給了一個設計週期和產品激增的週期，我看到這種情況正在發生。問題依然在於何時發生。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

I saw you reiterated the long-term targets, the 53% gross margin, 40% operating margin. And I know it's been clear for a while that was going to take a little longer than your original thoughts. But can you talk to those targets? And is that an achievable number? And it seems like utilization gets you partway there. Can you remind us what it takes to get to those levels over time?

我看到你重申了長期目標，即毛利率 53%，營業利益率 40%。我知道，這件事早就注定要比你最初預想的花費更長的時間。但是你能和這些目標人物對話嗎？這個數字可以實現嗎？而充分利用資源似乎能讓你離目標更近一步。您能提醒我們一下，要達到這些水準需要付出哪些努力嗎？

Yes. Let me walk through the bridge and kind of relates to Vijay's question there as well. So as I said in the prepared remarks, there's about 700 basis points of headwind from underutilization just in the Q4 margin. So if you take our utilization from the 70% range up into the low 90s, you're going to get 700 basis points. So back to the market recovery matching that.

是的。讓我走過這座橋，這也和 Vijay 的問題有點關係。正如我在準備好的發言稿中所說，僅第四季度利潤率就因產能利用不足而面臨約 700 個基點的不利影響。因此，如果我們的利用率從 70% 左右提高到 90% 左右，就能獲得 700 個基點。所以，市場復甦也與此相符。

And so that's just a matter of time to be able to get that. In addition, we believe there's another 200 basis points of Fab Right activities that we can continue to execute to. So we're not done there. That's driving efficiencies in our manufacturing footprint. And you can tell we've been working on that for several years, and now it's starting to pay off.

所以，實現這個目標只是時間問題。此外，我們認為還可以繼續執行另外 200 個基點的 Fab Right 活動。所以，我們還沒完。這有助於提高我們生產佈局的效率。可以看出，我們為此努力了好幾年，現在終於開始有了回報。

Another thing is we've got the Fab divestitures from a couple of years ago, it was $160 million of fixed costs when we start manufacturing that inside. So that's roughly another 200 basis points. And then with the new products that are coming out that are all at favorable gross margins that we're talking about here, you've got another 200 basis points plus that we can get out of that.

還有一件事，就是我們幾年前剝離了Fab工廠，當我們開始在內部生產時，固定成本高達1.6億美元。所以這大約又增加了 200 個基點。再加上我們正在討論的這些毛利率都很可觀的新產品，我們還能從中獲得 200 個基點以上的利潤。

So you start adding that all up, you're getting to that -- pretty close to that 53% gross margin target, and that's why we're holding that target out there.

所以，當你把所有這些加起來，你會發現——非常接近 53% 的毛利率目標，這就是為什麼我們一直堅持這個目標的原因。

That's helpful. And then I've asked you a couple of times over the course of this quarter, but it seems like there's a number of indications that the automotive inventory is kind of lean. You had Nexperia kind of caused people a lot of trouble a few months ago. Now DDR4, and I know you're not in those direct product areas. But does that catalyze at some point a restocking in the automotive space? And maybe why aren't we seeing that yet?

那很有幫助。而且，在本季中，我已經問過你好幾次了，但種種跡象表明，汽車庫存似乎比較緊張。幾個月前，Nexperia 給很多人帶來了不少麻煩。現在是 DDR4，我知道你們並不是直接從事這方面的產品。但這是否會在某個時候促成汽車領域的補貨？或許我們至今還沒有看到這一點？

Well, I think I gave the answer. You think it would, but it's not because I think a lot of the automotive market, especially on the Tier 1 layer, they're running on thin margins, and they can't afford the capital. Right or wrong, it's irrelevant. But neither me, and I think most of my peers that are exposed to auto have talked about the same thing that we're not seeing the restocking, whatever the reason may be, which I think is setting automotive to a risky ramp when the demand does pick up.

我想我已經回答了這個問題。你可能覺得會這樣，但事實並非如此，因為我認為汽車市場，尤其是一級供應商，利潤空間很小，他們負擔不起資金。對錯與否並不重要。但是我和大多數接觸汽車行業的同行都談到了同樣的事情，那就是我們沒有看到補貨，不管是什麼原因，我認為這會讓汽車行業在需求回升時面臨風險。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究公司。

The first question, I wanted to ask a bit more about GaN and specifically the manufacturing strategy. I think what you said there is that the Treo products, you would do in-house. But what about the GaN switches? What's the manufacturing strategy there? And where do you think you are from a competitive standpoint in that technology?

第一個問題，我想更詳細地了解氮化鎵，特別是其製造策略。我認為你剛才說的是，Treo 產品是你們公司內部生產的。那麼氮化鎵開關呢？那裡的生產策略是什麼？那麼，從競爭角度來看，你認為你在該技術領域處於什麼位置？

Yes. So if I understood correct, so from the GaN switches, this is what we're -- we have two sources. We have an engagement or a partnership with InnoScience and a partnership with GlobalFoundries. So we'll be doing the switches or the switching element with those partners and then combining it with, call it, the control and drive on the Treo side of it, combined in a smart switch.

是的。所以如果我理解正確的話，從 GaN 開關來看，我們有兩個來源。我們與InnoScience有合作關係，與GlobalFoundries有合作關係。因此，我們將與這些合作夥伴一起完成開關或開關元件，然後將其與 Treo 端的控制和驅動相結合，從而整合到一個智慧開關中。

So the customer only sees a smart switch as far as market from an Onsemi product. So we'll be going to market with 100% Onsemi product with a, call it, a foundry model, bringing the switches from third-party global and InnoScience. So that's our go-to-market today. And with that, we have a full coverage of what the GaN market needs and what customers are expecting.

因此，從市場上來看，安森美的產品只是智慧開關。因此，我們將以 100% Onsemi 產品進入市場，採用所謂的代工模式，從第三方 Global 和 InnoScience 購買交換器。這就是我們今天的市場推廣策略。至此，我們全面了解了氮化鎵市場的需求以及客戶的期望。

Understood. Just a follow-up question. Just so you can perhaps level set us as to what you consider to be normal seasonality for the June quarter. And you've already mentioned some of the exits in the June quarter, which are a little higher than the March quarter. Is there anything else that we should consider looking into the June quarter, understanding that you're not providing guidance?

明白了。還有一個後續問題。這樣您或許可以為我們設定一個標準，說明您認為六月季度的正常季節性情況是什麼樣的。您已經提到了六月份季度的一些退出案例，這些案例比三月季度略高。考慮到貴方並未提供業績指引，關於六月的季度業績，還有其他什麼我們應該考慮的嗎？

Yes. The June quarter is typically up 3% to 4% naturally. I believe the exits are probably going to be somewhere around $100 million, so doubling over the Q1 $50 million. But I think Q2 and Q3, you're probably looking at $100 million plus exits for both quarters. But to answer your question, seasonality is up 3% to 4% in Q2.

是的。六月季度通常自然增長 3% 至 4%。我認為退出金額可能在 1 億美元左右，是第一季 5,000 萬美元的兩倍。但我認為第二季和第三季度，兩季的退出金額可能都會超過 1 億美元。但要回答你的問題，第二季季節性因素上升了 3% 到 4%。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

I wanted to ask about the relative velocity of your two key end markets, Hassane. As you look at automotive and industrial, in the near term, it looks like industrial is rising faster. But I would think with the content and just the growth in the markets, is it not fair for me to assume that maybe 12-months out that it flips over and automotive is a bigger driver of growth?

哈桑，我想問你們兩個主要終端市場的相對增速。從汽車和工業領域來看，短期內工業領域的成長速度似乎更快。但我認為，就內容和市場成長而言，我是否可以合理地假設，也許 12 個月後情況會發生變化，汽車將成為更大的成長驅動力？

And then I'll ask my second one as well, maybe for right now for Thad. -- is the 700 points of underutilization, I wanted to just understand that a little bit better. You've had a lot of exits, divests. You're writing off a bunch of products, $300 million this year. So what is the right level of revenue for me to think about getting rid of all of that $700 million -- I'm sorry, 700 bps of underutilization on a quarterly revenue run rate basis?

然後我還會問我的第二個問題，也許現在就問薩德吧。 ——這700分的未充分利用點是什麼意思？我想更好地理解一下。你們進行了很多退出和資產剝離。你們要註銷一大批產品，今年損失高達 3 億美元。那麼，要達到怎樣的收入水平，我才能考慮消除那 7 億美元——抱歉，是 700 個基點（按季度收入運行率計算）的未充分利用空間呢？

Yes. So Harsh, let me give you first the revenue. Your assumption is correct. If you think about it, our -- and let me give you numbers to illustrate and support it. So if you look at our content growth, we've always said we have content growth. So we're not as tied to the SAAR as we are to content from an automotive growth perspective. We have added more products to that lineup in automotive like 10-based T1S Ethernet, smart FETs and so on.

是的。所以，Harsh，我先告訴你收入狀況。你的假設是正確的。仔細想想，我們的——讓我用數字來說明和支持這一點。所以，如果你看看我們的內容成長情況，我們一直都說我們的內容正在成長。因此，我們與 SAAR 的關聯性不如與汽車產業成長內容的關聯性那麼強。我們在汽車領域增加了更多產品，例如基於 10 的 T1S 乙太網路、智慧 FET 等。

So that will continue to expand our content. Over the last five-years since we started this journey, our automotive actually grew 70% five-years. That's pretty much on a flat SAAR. So that gives you kind of our target of the high single-digit growth on top of SAAR. So what you can think about it in the long term is we will resume that growth in automotive, and we are sticking with the model and the outlook we've given in our last Analyst Day, which is high single-digit growth in auto driven by content above the SAAR.

這樣一來，我們的內容就會不斷豐富。自從我們開始這段旅程以來的五年裡，我們的汽車業務實際上成長了 70%。這基本上符合平坦的SAAR標準。所以，這大致實現了我們在 SAAR 基礎上實現高個位數成長的目標。所以從長遠來看，我們可以這樣認為：汽車產業將恢復成長，我們堅持上次分析師日上提出的模型和展望，即汽車產業將實現高個位數成長，這主要得益於高於 SAAR 的內容成長。

And we've delivered that over the last five-years. Of course, there's lumpiness given the cycle. but we've delivered on that. So you would expect that from Onsemi with the additional content moving forward as well over a multiyear period.

在過去五年裡，我們已經實現了這個目標。當然，考慮到週期性因素，難免會出現一些波動，但我們已經實現了目標。因此，可以預見，Onsemi 將在未來幾年內持續推出更多內容。

Yes. And Harsh, on the utilization and the charges for underutilization, the 700 basis points. So as that dissipates, we've got to get up into the low 90 percentage utilization. In order to get there, if you take a consistent mix of where we are today, it's roughly about 25% higher in revenue to get to a fully utilized based on a consistent mix. So obviously, as new products ramp, that will help us as well.

是的。哈什表示，關於利用率和利用不足的費用，有 700 個基點。所以隨著這種情況的消退，我們必須將利用率提高到 90% 左右。為了達到目標，如果我們保持目前這種穩定的組合，那麼基於穩定的組合，要達到充分利用的狀態，收入大約需要提高 25%。顯然，隨著新產品的不斷推出，這對我們也有幫助。

And this does conclude the Q&A session for today. I will pass it back to Hassane El-Khoury, President and CEO, for closing comments.

今天的問答環節到此結束。我將把發言權交還給總裁兼執行長哈桑·埃爾-庫裡，請他作總結發言。

All right. Thank you again for joining us today. And I'd also like to thank our employees around the world whose focus and commitment drive these results. Their innovation and execution are the reasons we continue to strengthen our position in intelligent power and sensing, and deliver for our customers in the most important market transitions. As always, we appreciate your support, and we look forward to our next update.

好的。再次感謝您今天蒞臨。我還要感謝世界各地的員工，正是他們的專注和奉獻精神才取得了這些成果。他們的創新和執行力是我們不斷鞏固在智慧電力和感測領域地位，並在最重要的市場轉型中為客戶提供服務的原因。一如既往，我們感謝您的支持，並期待下次更新。

This concludes our conference. Thank you for participating. You may now disconnect.

我們的會議到此結束。感謝您的參與。您現在可以斷開連線了。