Power Integrations Inc (POWI) 2023 Q1 法說會逐字稿

Hello, ladies and gentlemen. Welcome to the Power Integrations Q1 Earnings Conference Call. Today's call is being recorded. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Thank you. I will now turn the call over to Joe Shiffler, Director of Investor Relations. Please go ahead.

女士們，先生們，您好。歡迎參加 Power Integrations 第一季度收益電話會議。今天的通話正在錄音中。發言者發言後，將進行問答環節。 （操作員說明）謝謝。我現在將把電話轉給投資者關係總監 Joe Shiffler。請繼續。

Thank you. Good afternoon, everyone. Thanks for joining us. With me on the call today are Balu Balakrishnan, President and CEO of Power Integrations; and Sandeep Nayyar, our Chief Financial Officer.

謝謝。大家下午好。感謝您加入我們。今天與我通話的有 Power Integrations 總裁兼首席執行官 Balu Balakrishnan；和我們的首席財務官 Sandeep Nayyar。

During this call, we will refer to financial measures not calculated according to GAAP. Non-GAAP measures for the first quarter exclude stock-based compensation expenses, amortization of acquisition-related intangible assets and the tax effects of these items. A reconciliation of non-GAAP measures to our GAAP results is included in today's press release.

在本次電話會議中，我們將參考未根據 GAAP 計算的財務指標。第一季度的非美國通用會計準則指標不包括基於股票的補償費用、與收購相關的無形資產攤銷以及這些項目的稅收影響。今天的新聞稿中包含非 GAAP 措施與我們的 GAAP 結果的對賬。

Our discussion today, including the Q&A session, will include forward-looking statements denoted by words like will, would, believe, should, expect, outlook, plan, forecast, anticipate, prospects and similar expressions that look towards future events or performance. Such statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied. Such risks and uncertainties are discussed in today's press release and in our most recent Form 10-K filed with the SEC on February 7, 2023.

我們今天的討論，包括問答環節，將包括前瞻性陳述，這些前瞻性陳述由 will、would、believe、should、expect、outlook、plan、forecast、expect、prospects 和類似的表達未來事件或表現的詞語表示。此類陳述受風險和不確定因素的影響，可能導致實際結果與預測或暗示的結果存在重大差異。這些風險和不確定性在今天的新聞稿和我們於 2023 年 2 月 7 日向美國證券交易委員會提交的最新 10-K 表格中進行了討論。

Finally, this call is the property of Power Integrations, and any recording or rebroadcast is expressly prohibited without the written consent of Power Integrations. Now I'll turn the call over to Balu.

最後，本次通話是 Power Integrations 的財產，未經 Power Integrations 書面同意，明確禁止任何錄音或轉播。現在我會把電話轉給 Balu。

Thanks, Joe, and good afternoon. Last quarter, we said that our Q1 results would reflect difficult macro and cyclical conditions, but the channel inventories would continue to fall and that Q1 would be the bottom of the cycle with the recovery beginning in Q2, led by the smartphone market. Those projections are proving true. And while the slope of the recovery is uncertain, we are confident that Q1 was the bottom and that a cyclical recovery is underway. Meanwhile, we continue to make excellent progress on secular growth opportunities such as motor drive, automotive and GaN, among others, and I'll touch on each of those in a moment.

謝謝，喬，下午好。上個季度，我們表示我們的第一季度業績將反映艱難的宏觀和周期性條件，但渠道庫存將繼續下降，並且第一季度將是周期的底部，第二季度將在智能手機市場的帶動下開始復蘇。這些預測被證明是正確的。雖然復甦的斜率不確定，但我們相信第一季度已經觸底，週期性複蘇正在進行中。與此同時，我們繼續在電機驅動、汽車和 GaN 等長期增長機會方面取得出色進展，我稍後會逐一介紹。

First quarter revenues were in line with our guidance at $106 million. sell-through exceeded sell-in by a wider-than-expected margin of about $18 million, driving a significant reduction in channel inventories. We also had our strongest quarter of bookings since the first quarter of last year. Bookings and sell-through were especially strong in March, likely reflecting a surge of activity following the Asian holidays and China's reopening. The percentage of business booked and shipped within the quarter has increased and is approaching pre-pandemic levels, suggesting that business conditions continue to normalize.

第一季度收入為 1.06 億美元，符合我們的指引。銷售率超過銷售率約 1800 萬美元，超出預期，推動渠道庫存大幅減少。自去年第一季度以來，我們也有最強勁的預訂季度。 3 月份的預訂量和銷售量尤其強勁，可能反映了亞洲假期和中國重新開放後活動激增。本季度內預訂和發貨的業務百分比有所增加，並接近大流行前的水平，這表明業務狀況繼續正常化。

We expect revenues of $122 million in the second quarter, plus or minus $5 million, a sequential increase of 15% at the midpoint. We expect another reduction in distribution inventory, which should bring the channel close to normal levels exiting the second quarter. While it is too early to forecast beyond the current quarter, the lower channel inventory should set the stage for a second half that's well above the first in terms of revenues. Smartphones were the first to correct and are leading the way out of the downturn, but we expect broader improvement later in the year as the inventories normalize in other categories.

我們預計第二季度收入為 1.22 億美元，上下浮動 500 萬美元，中值環比增長 15%。我們預計分銷庫存將再次減少，這將使渠道接近第二季度結束時的正常水平。雖然現在預測本季度之後還為時過早，但較低的渠道庫存應該為下半年的收入奠定基礎，下半年的收入將遠高於第一季度。智能手機率先糾正並引領走出低迷，但我們預計隨著其他類別的庫存正常化，今年晚些時候會出現更廣泛的改善。

Throughout the downturn, we have remained focused on long-term growth rather than short-term operating metrics. That includes continued investment in our proprietary gallium nitride technology, a center pizza for our growth strategy. Power iterations was the first to market with high voltage GaN in 2018, and we have remained the industry leader ever since. Recent M&A activity offers an indication of the value of our proprietary GaN and the differentiated products we are designing around it. Our GaN offerings are unique in multiple ways, most obviously at the product level where we incorporate GaN Switches into a highly integrated system in a package, such as InnoSwitch.

在整個經濟低迷時期，我們一直專注於長期增長，而不是短期運營指標。這包括繼續投資我們專有的氮化鎵技術，這是我們增長戰略的核心披薩。 Power iterations 於 2018 年率先將高壓 GaN 推向市場，此後我們一直保持行業領先地位。最近的併購活動表明了我們專有的 GaN 的價值以及我們圍繞它設計的差異化產品。我們的 GaN 產品在多個方面都是獨一無二的，最明顯的是在產品層面，我們將 GaN 開關整合到封裝中的高度集成系統中，例如 InnoSwitch。

Our products eliminate the difficulties of designing power systems around discrete GaN devices and cut overall component count by about half in most designs. Our GaN is also differentiated at the device level in terms of cost, performance and high-voltage capability. While most of the players in GaN sell discrete devices made with foundry technology, our GaN is proprietary and purpose-built for our system-level products. We have full control of the technology with a robust road map for cost reduction that will achieve parity with silicon within the next couple of years. At our Analyst Day last year, we also presented road map to take GaN to higher voltages, and we announced the next step in Q1 with the launch of our first product featuring 900-volt GaN switches.

我們的產品消除了圍繞分立 GaN 器件設計電源系統的困難，並將大多數設計中的總元件數量減少了大約一半。我們的 GaN 在成本、性能和高壓能力方面也在器件級別上脫穎而出。雖然 GaN 領域的大多數參與者都銷售採用代工技術製造的分立器件，但我們的 GaN 是專有的，專為我們的系統級產品而構建。我們通過強大的成本降低路線圖完全控制了該技術，該路線圖將在未來幾年內實現與硅的平價。在去年的分析師日上，我們還展示了將 GaN 推向更高電壓的路線圖，並且我們在第一季度宣布了下一步計劃，即推出我們的首款採用 900 伏 GaN 開關的產品。

The new 900-volt InnoSwitch ICs enable us to bring the benefits of GaN to a wider range of industrial and appliance applications and to better serve geographies with unstable grid voltages. We have also added a 900-volt GaN option to our InnoSwitch3 AQ family, our first GaN products for the EV market. These products deliver twice as much power as silicon in the same form factor, a crucial advantage as EV architectures evolve to more -- to power more systems from the main battery and car makers increasingly look to eliminate the 12-volt battery altogether. 900 world GaN provides ample design margin for our 400-volt EV systems, complementing our 1,700-volt silicon carbide products, which are seeing tremendous success in 800-volt EVs.

新的 900 伏 InnoSwitch IC 使我們能夠將 GaN 的優勢帶到更廣泛的工業和電器應用中，並更好地服務於電網電壓不穩定的地區。我們還為我們的 InnoSwitch3 AQ 系列添加了 900 伏 GaN 選項，這是我們面向電動汽車市場的首款 GaN 產品。這些產品在相同的外形尺寸下提供兩倍於矽的功率，這是一個關鍵優勢，因為電動汽車架構向更多方向發展——從主電池為更多系統供電，而汽車製造商越來越希望完全消除 12 伏電池。 900 世界 GaN 為我們的 400 伏電動汽車系統提供了充足的設計餘量，補充了我們在 800 伏電動汽車中取得巨大成功的 1,700 伏碳化矽產品。

Overall, we continue to be excited about our progress in the EV market, which we estimate will be a $1 billion SAM for us by 2027. We are on track for our mid-single-digit millions this year in terms of revenues and more importantly, design in activity is accelerating with a 50% increase in opportunities.

總體而言，我們繼續對我們在電動汽車市場取得的進展感到興奮，我們估計到 2027 年我們的 SAM 將達到 10 億美元。我們今年的收入有望達到中個位數，更重要的是，活動中的設計正在加速，機會增加了 50%。

Added to our design funnel compared to the first quarter of last year. These opportunities are geographically diverse and encompass a mix of EV start-ups as well as traditional automakers and their Tier 1 suppliers. We are finding attractive opportunities not just in passenger cars, but also heavy vehicles where our scale EV-driver-boards are designed for traction inverters in electric buses and trucks, construction vehicles and other heavy weight vehicles rules recently enacted in California requires 50% of all heavy vehicles to be fully electric by 2035, while Europe is also moving to require drast-reductions in CO2 emissions from heavy vehicles. KLV drivers are a plug-and-play solution for heavy vehicle inverters eliminating up to a year of development time and expense.

與去年第一季度相比，添加到我們的設計漏斗中。這些機會在地域上多種多樣，包括電動汽車初創企業以及傳統汽車製造商及其一級供應商。我們不僅在乘用車，而且在重型車輛中發現了有吸引力的機會，我們的規模 EV 驅動板專為電動公共汽車和卡車的牽引逆變器而設計，加州最近頒布的建築車輛和其他重型車輛規則要求 50%到 2035 年，所有重型車輛都將實現全電動化，而歐洲也在採取行動，要求大幅減少重型車輛的二氧化碳排放量。 KLV 驅動器是一種用於重型車輛逆變器的即插即用解決方案，可省去長達一年的開發時間和費用。

Overall, our level of excitement about automotive opportunity continues to grow, and we expect it to be a material contributor to our revenue within the next few years. Another key element of our growth story is motorize where our Bridge Switch ICs offer simpler and more efficient alternatives to driving brushless DC motors. We are excited about the level of design activity on Bridge Switch and the customer adoption of our motor expert design and control software. This combined hardware software solution radically simplifies BLDC systems, reducing component count by 50% compared to discrete solutions, while its exceptional energy efficiency eliminates the heating required with legacy power modules.

總的來說，我們對汽車機會的興奮程度繼續增長，我們預計它將在未來幾年內成為我們收入的重要貢獻者。我們增長故事的另一個關鍵要素是機動化，我們的橋式開關 IC 提供更簡單、更高效的替代方案來驅動無刷直流電機。我們對 Bridge Switch 的設計活動水平以及客戶採用我們的電機專家設計和控制軟件感到興奮。這種組合的硬件軟件解決方案從根本上簡化了 BLDC 系統，與分立解決方案相比，組件數量減少了 50%，同時其卓越的能源效率消除了傳統電源模塊所需的熱量。

In Q1, we won a design for a washing machine pump at a top-tier European appliance OEM, which is now in mass production. A major Chinese OEM is going into production in Q2 with a split air conditioner design that customers that customer's second high-volume program using Bridge Switch. Both OEMs are long-term customers for our AC-DC products demonstrating the importance of our strong customer relationships in appliances, which are helping us overcome the industry's cautious approach to adopting new technologies. We continue to be bullish on the opportunity for Bridge Switch in the India ceiling fan market where recent regulations are driving transition to brushless DC motors.

第一季度，我們贏得了歐洲頂級家電 OEM 的洗衣機水泵設計，目前已進入量產階段。一家主要的中國 OEM 將在第二季度投入生產分體式空調設計，該客戶的第二個大批量項目使用 Bridge Switch。兩家原始設備製造商都是我們 AC-DC 產品的長期客戶，證明了我們在家電領域強大的客戶關係的重要性，這有助於我們克服行業採用新技術的謹慎態度。我們繼續看好 Bridge Switch 在印度吊扇市場的機會，最近的法規正在推動向無刷直流電機的過渡。

We expect a revenue contribution in the second half from a recent design win in that market. We are also seeing opportunities in heat pumps, which are growing in popularity, especially in Europe as alternatives to gas furnaces. In our High-Power business, which sits in our industrial category, we are continuing our momentum with double-digit year-over-year growth in Q1, following growth of about 20% last year. Renewable energy continues to be an important growth driver in high-power. And in Q1, we have secured a high-volume design win for utility-scale inverters at a major European supplier to the solar power industry, which should contribute significant revenues in 2023 and beyond.

我們預計最近在該市場贏得的設計將在下半年貢獻收入。我們也看到了熱泵的機會，熱泵越來越受歡迎，特別是在歐洲作為燃氣爐的替代品。在我們屬於工業類別的大功率業務中，繼去年約 20% 的增長之後，我們在第一季度繼續保持兩位數的同比增長勢頭。可再生能源繼續成為大功率的重要增長動力。在第一季度，我們贏得了太陽能行業一家主要歐洲供應商的公用事業規模逆變器的大批量設計，這應該會在 2023 年及以後貢獻可觀的收入。

Before I turn it over to Sandeep, I would like to acknowledge 2 members of our Board of Directors, Bill George and Neil Seiner who will step down from the Board at our annual meeting later this month. We are grateful to both of them for their service to our stockholders, and I would add a special thanks to Bill George for his service as the Chairman of the Board for the past 5 years. We are pleased to welcome Ravi Vig, former CEO of Allegro Micro-Systems, who joined the Board on April 1 as we announced earlier this year. Effective at the annual meeting, I will take over the role of the Chairman of the Board and the role of lead independent director will be taken up by Walayar, who chairs our Audit Committee.

在我把它交給 Sandeep 之前，我想感謝我們董事會的兩位成員 Bill George 和 Neil Seiner，他們將在本月晚些時候的年度會議上從董事會卸任。我們感謝他們為我們的股東提供的服務，我要特別感謝比爾喬治在過去 5 年擔任董事會主席期間所做的工作。我們很高興地歡迎 Allegro Micro-Systems 前首席執行官 Ravi Vig，正如我們今年早些時候宣布的那樣，他於 4 月 1 日加入董事會。從年會開始，我將接任董事會主席一職，首席獨立董事一職將由審計委員會主席 Walayar 擔任。

With that, I will turn it over to Sandeep for a review of the financials.

有了這個，我將把它交給 Sandeep 來審查財務狀況。

Thanks, Balu, and good afternoon. While the cyclical correction has been painful, we are pleased that things are playing out as we expected. As usual, we were among the first in our industry to see the downturn, and we are now among the first to emerge with a recovery beginning in Q2. As we anticipated, smartphones are leading the way out after having been the first end market to correct and with other end markets to follow. While the pace of the recovery is still to be seen, we expect the second half of the year to be significantly better than the first half, not only in terms of revenues but also margins and internal inventories, which are trending in the right direction, starting with the June quarter. I will speak to that in greater detail as I review the Q1 numbers and the Q2 outlook.

謝謝，巴魯，下午好。雖然週期性修正是痛苦的，但我們很高興事情正在按照我們的預期發展。與往常一樣，我們是行業中最先看到經濟低迷的行業之一，現在我們是第一個在第二季度開始復甦的行業之一。正如我們預期的那樣，智能手機在成為第一個糾正的終端市場並且其他終端市場緊隨其後之後正在引領出路。雖然復甦的步伐仍有待觀察，但我們預計下半年將明顯好於上半年，不僅在收入方面，而且在利潤率和內部庫存方面都朝著正確的方向發展，從六月季度開始。在回顧第一季度的數字和第二季度的前景時，我將更詳細地討論這一點。

Revenues for the first quarter were $106 million in the middle of our guidance range and down 15% from the prior quarter. As expected, the decline was driven by industrial and consumer markets, which fell by 25% and 20%, respectively. Industrial softness was broad-based and reflects elevated channel inventories. The decline in consumer was driven mainly by major appliances, where revenues have fallen by nearly 2/3 from their peak in Q2 of last year. The weakness in appliances likely reflects a number of factors, including the pull-in of demand during the pandemic, softer housing markets and the effects of China's anti-COVID measures on domestic consumer demand.

第一季度的收入為 1.06 億美元，處於我們指導範圍的中間，比上一季度下降 15%。正如預期的那樣，下降是由工業和消費市場推動的，分別下降了 25% 和 20%。工業疲軟是廣泛的，反映了渠道庫存的增加。消費下降主要受大型家電的推動，其收入較去年第二季度的峰值下降了近 2/3。家電的疲軟可能反映了多種因素，包括大流行期間需求的拉動、房地產市場疲軟以及中國反 COVID 措施對國內消費需求的影響。

The computer category was flat sequentially, while the communication category, which is primarily smartphone charges, was up slightly from the prior quarter. The relative strength in communication reflects an improved inventory position at both customers and distributors. In fact, channel inventories associated with smartphones are now slightly below a normal level in terms of weeks. Overall, on a backward-looking basis, weeks in the channel fell to 11.8%, down from 13.5% at the end of December. As Balu noted, the reduction was more meaningful in terms of dollars with sell-through exceeding sell-in by about $18 million for the quarter.

計算機類別環比持平，而主要是智能手機費用的通信類別較上一季度略有上升。溝通的相對優勢反映了客戶和分銷商庫存狀況的改善。事實上，以周計，與智能手機相關的渠道庫存現在略低於正常水平。總體而言，回顧過去，渠道周數從 12 月底的 13.5% 下降至 11.8%。正如 Balu 指出的那樣，就美元而言，減少的意義更大，本季度的銷售量超過銷售量約 1800 萬美元。

We expect another significant reduction in Q2 with weeks in the channel likely approaching normal levels by quarter end. Revenue mix for the quarter was 34% Industrial, 28% communication, 24% consumer and 14% computer. Collectively, the communication and computer markets increased by 7 percentage points from the prior quarter and have increased by 15 points over the past 2 quarters. This less favorable mix, combined with the impact of lower production volumes resulted in lower gross margin coming in at 51.5% on a non-GAAP basis. I expect gross margin to tick higher in the June quarter and then to improve more meaningfully in the second half as the benefits of the weaker yen flows through the P&L, mix turns favorable and back-end production volumes increased.

我們預計第二季度將再次大幅減少，渠道周數可能在季度末接近正常水平。本季度的收入組合為 34% 工業、28% 通信、24% 消費和 14% 計算機。總的來說，通信和計算機市場比上一季度增長了 7 個百分點，並且在過去兩個季度中增長了 15 個百分點。這種不太有利的組合，加上產量下降的影響，導致毛利率下降，按非公認會計原則計算為 51.5%。我預計毛利率在 6 月季度會略微走高，然後在下半年出現更有意義的改善，因為日元走軟的好處流經損益表、組合轉為有利以及後端產量增加。

Non-GAAP operating expenses for the quarter were $41.1 million, up slightly from the prior quarter, reflecting the resumption of FICA taxes and the comparative impact of the year-end shutdown in the prior quarter. OpEx was below our guidance, reflecting the pace of headcount addition and the push out of some spending into the second quarter. Non-GAAP operating margin for the quarter was 12.8%, and the non-GAAP effective tax rate was 7.2%. Non-GAAP earnings were $0.25 per diluted share. Cash flow from operations for the quarter was $16.6 million. We used $4.1 million during the quarter for CapEx and paid out $10.9 million in dividends following the dividend increase we announced last quarter.

本季度非 GAAP 運營費用為 4110 萬美元，比上一季度略有上升，反映了 FICA 稅的恢復以及上一季度年底關閉的比較影響。 OpEx 低於我們的指導，反映了員工增加的速度以及將一些支出推遲到第二季度。本季度非美國通用會計準則營業利潤率為 12.8%，非美國通用會計準則有效稅率為 7.2%。非 GAAP 每股攤薄收益為 0.25 美元。本季度的運營現金流為 1660 萬美元。我們在本季度使用了 410 萬美元用於資本支出，並在我們上季度宣布增加股息後支付了 1090 萬美元的股息。

Share repurchases totaled $1.7 million for the quarter, and we had just under $80 million remaining on our authorization at quarter end. Inventories on the balance sheet increased by $7 million during the quarter. We ended the quarter at 248 days of inventory with lower sales, obviously impacting the day's calculation. As we have stated in the past, the fungibility of our products across applications and customers allows us to build in wafer inventory during downturns to ensure continued access to foundry capacity and to be ready for a sudden recovery in demand. March was clearly the peak quarter in terms of inventory days, and I expect a steady decline over the next several quarters.

本季度股票回購總額為 170 萬美元，而在本季度末，我們的授權剩餘資金略低於 8000 萬美元。本季度資產負債表上的存貨增加了 700 萬美元。我們以 248 天的庫存天數結束了本季度，銷售額較低，這顯然影響了當天的計算。正如我們過去所說，我們產品在應用程序和客戶之間的可替代性使我們能夠在經濟低迷時期建立晶圓庫存，以確保繼續獲得代工產能並為需求的突然復甦做好準備。就庫存天數而言，3 月顯然是高峰季度，我預計未來幾個季度將穩步下降。

Turning to the outlook. We expect revenues for the second quarter to be $122 million, plus or minus $5 million. Sell through should once again be higher than reported revenues as channel inventories continue to fall. I expect non-GAAP gross margin for Q2 to improve slightly to about 52% with a less favorable mix more than offset by a benefit from the weaker yen. As noted earlier, I expect the most significant jump in the second half of the year, driven by the yen, higher back end production volumes and a more favorable mix, reflecting a recovery in consumer and industrial.

轉向前景。我們預計第二季度的收入為 1.22 億美元，上下浮動 500 萬美元。隨著渠道庫存繼續下降，銷售率應該再次高於報告的收入。我預計第二季度的非 GAAP 毛利率將小幅提高至 52% 左右，不利的組合將被日元疲軟帶來的好處所抵消。如前所述，我預計今年下半年將出現最顯著的增長，受日元、更高的後端產量和更有利的組合的推動，這反映了消費和工業的複蘇。

Specifically, I expect non-GAAP gross margin to reach or even slightly exceed the second half of our -- exceed the high end of our target range of 50% to 55% for the second half. Non-GAAP operating expenses for the second quarter should be about $44.5 million, up from the first quarter, reflecting annual salary increases, which took effect in April as well as the timing of expenses that were delayed from Q1. I continue to expect non-GAAP OpEx to grow roughly 8% for the full year. Importantly, the recovery in revenue and gross margin should drive non-GAAP operating margin back in our model range of 25% to 30% in the second half of the year. Finally, I expect non-GAAP effective tax rate for the second quarter and the year to be around 8%. And now operator, let's begin the Q&A.

具體來說，我預計下半年非 GAAP 毛利率將達到甚至略微超過我們下半年 50% 至 55% 的目標範圍的高端。第二季度的非美國通用會計準則運營支出應約為 4450 萬美元，高於第一季度，反映了 4 月份生效的年度薪資增長以及從第一季度推遲的支出時間。我繼續預計全年非 GAAP 運營支出將增長約 8%。重要的是，收入和毛利率的回升應該會在今年下半年推動非 GAAP 營業利潤率回到我們模型中 25% 至 30% 的範圍內。最後，我預計第二季度和全年的非 GAAP 有效稅率將在 8% 左右。現在接線員，讓我們開始問答。

(Operator Instructions) Your first question comes from the line of Ross Seymore; I apologize with Deutsche Bank.

（操作員說明）您的第一個問題來自 Ross Seymore；我向德意志銀行道歉。

Congratulations on hitting the bottom and popping up. I just wanted to ask two things on revenue and then a follow-up question on gross margin. On the revenue side of things, can you just talk a little bit about how much less channel inventory burn that will be sequentially to cause that pop up to $122 million. And then the other part of the question is, once we get past the inventory burn, where do you think is the normal level of revenue if you were shipping to the end demand at these points.

恭喜你觸底反彈。我只想問兩件關於收入的事情，然後是關於毛利率的後續問題。在收入方面，您能否談談將導致 1.22 億美元的渠道庫存消耗減少多少？然後問題的另一部分是，一旦我們度過了庫存消耗期，如果你在這些時間點運送到最終需求，你認為正常的收入水平在哪裡。

So if you remember, I had guided that our sell-through would exceed selling around $15 million in Q1. We actually did better than that at $18 million that the sell-through exceeded sell-in. What I expect for Q2 is again that sell-through will exceed sell-in by roughly $12 to $15 million roughly in that range. And what that will do to the channel inventory is we will get back to the normal levels of approximate, slightly above the normal level of 8 weeks to about 9 weeks. What has happened is that you're seeing -- as we had said earlier, that the communications segment had started to normalize. And in fact, this quarter, the weeks in the channel of communication are lower.

所以如果你還記得的話，我曾指導過我們的銷售量將超過第一季度的銷售額約 1500 萬美元。我們實際上做得比 1800 萬美元更好，即銷售量超過銷售量。我對第二季度的預期再次是，在該範圍內，銷售量將超過銷售量大約 12 到 1500 萬美元。這對渠道庫存的影響是我們將恢復到大約正常水平，略高於 8 周至約 9 週的正常水平。發生的事情是你看到 - 正如我們之前所說，通信部分已經開始正常化。事實上，本季度，溝通渠道中的周數較低。

I think that will start normalizing for other segments with industrial being the last to do so. And if you remember, I had talked about in revenue terms that in consumer, a year ago, we had a pull-in of demand, and we have seen the downward trend in consumer from Q2. The pulling of a year is not going to have an annualized effect in Q2. So that's why we expect in Q3 and Q4, consumer and industrial to start popping up, which also reflects in the margin guidance that I'm giving.

我認為其他領域將開始正常化，工業是最後一個這樣做的。如果你還記得的話，我曾在一年前談到消費者的收入方面，我們有一個拉動需求，我們已經看到第二季度消費者的下降趨勢。一年的拉動不會在第二季度產生年化效應。所以這就是為什麼我們預計在第三季度和第四季度，消費者和工業將開始出現，這也反映在我給出的利潤率指導中。

Got it. Thanks for that color, it's deep. I guess I'm going to actually change my mind and ask a revenue question one more follow-up, then I'll let other people ask. What's your view on true end demand? Because by your math, that 122 is a nice step up, that probably goes up another $12 million to $15 million all of being equal in the September quarter. That's a nice comp as well. But at some point, we're going to get to the level where true-end demand starts to matter. I know, Balu, you started off saying the slope of that is difficult to predict. But what's your feeling as kind of the guinea pig in the cycle about what the true demand level is? Is it rising? Is it falling? How should we think of that once this inventory dynamic normalizes?

知道了。謝謝你的顏色，它很深。我想我真的會改變主意，再問一個收入問題，然後再讓其他人問。您對真正的終端需求有何看法？因為根據您的數學計算，122 是一個不錯的進步，在 9 月季度持平的情況下，這可能會再增加 1200 萬至 1500 萬美元。這也是一個不錯的組合。但在某個時候，我們將達到真正的最終需求開始變得重要的水平。我知道，Balu，你一開始就說斜率很難預測。但是作為周期中的小白鼠，您對真正的需求水平有何看法？它在上升嗎？它在下降嗎？一旦庫存動態正常化，我們應該如何看待這一點？

That's a great question. I wish I could answer this precisely, but it is really hard to tell at this point. We are very comfortable. Second half will be significantly stronger than the first half. In fact, I think the second half will have a significant year-over-year growth as well. And a lot of that is related to the inventory is getting to be normal by the middle of this year and also the design wins that will go into production in the second half. We have several design wins in Britain Bridge Switch with also in smartphones and notebooks and so on. So there are really 2 or 3 aspects. One is just the inventory situation getting better.

這是一個很好的問題。我希望我能準確地回答這個問題，但在這一點上真的很難說。我們很舒服。下半場將明顯強於上半場。事實上，我認為下半年也會有顯著的同比增長。很多都與庫存有關，到今年年中將變得正常，而且設計獲勝將在下半年投入生產。我們在 Britain Bridge Switch 以及智能手機和筆記本電腦等領域贏得了多項設計大獎。所以實際上有 2 或 3 個方面。一是庫存情況好轉。

Number two is we are gaining share. We've gone as always, during the downturn, we gained share. So we'll come out of it stronger. What is the most difficult part is to see whether the demand itself will come back. Now I have to believe the appliance demand has been subdued for quite a long time now. It's almost a year now. So it has to, at some point, come back. People will have to replace appliances by new applies and so on. So I'm somewhat optimistic that will come back. And smartphones, as we all know, is not going -- is not growing as such. I mean, this year, I think it's expected to decline in high single digits. But the only growth I can see there is our ASP growth. because the newer designs are higher powered and therefore, they have higher ASP, plus we also have more content within their charger because we have other products like plans and mini cap and so on. So -- and then also you have to remember that as people transition more to USB PD, thanks to EU regulations, we will be, again, increasing our ASP.

第二是我們正在獲得份額。我們一如既往地走了，在經濟低迷時期，我們獲得了份額。所以我們會變得更強大。最困難的部分是看需求本身是否會回來。現在我不得不相信家電需求已經低迷了很長一段時間。現在快一年了。所以它必須在某個時候回來。人們將不得不用新的應用程序等來更換電器。所以我有點樂觀，會回來。眾所周知，智能手機不會發展——不會像這樣增長。我的意思是，今年，我認為預計會以高個位數下降。但我能看到的唯一增長是我們的 ASP 增長。因為更新的設計功率更高，因此它們的平均售價更高，而且我們在他們的充電器中也有更多的內容，因為我們有其他產品，如計劃和迷你帽等。所以 - 然後你還必須記住，隨著人們更多地轉向 USB PD，由於歐盟法規，我們將再次增加我們的 ASP。

We have by far, the most integrated solution. We are the only ones providing a single-chip solution that includes the USP PD protocol, which means that our ASP would be higher even for the same power level. So those who would indicate that, at least for us, there will be growth in all of the segments because of the share gains and the ASP growth. But as far as the demand itself goes, it's really hard other than I would say, I mean, my gut says that the appliance should come back to some extent. But the rest of the market is hard to tell. And of course, some forms is well known that it's on a unit basis, it will be lower.

我們擁有迄今為止最完整的解決方案。我們是唯一提供包含USP PD協議的單芯片解決方案的公司，這意味著即使是相同的功率水平，我們的ASP也會更高。因此，那些表示至少對我們而言，由於份額增加和平均售價增長，所有細分市場都會出現增長。但就需求本身而言，這真的很難，我的意思是，我的直覺告訴我，設備應該在某種程度上恢復。但市場的其餘部分很難說。當然，有些表格是眾所周知的，它是以單位為基礎的，它會更低。

Your crystal ball is clearly better than mine, Balu. So thank you for that color.

你的水晶球明顯比我的好，巴魯。所以謝謝你的顏色。

You're welcome, Ross.

不客氣，羅斯。

Your next question comes from the line of Tore Svanberg with Stifel.

您的下一個問題來自 Tore Svanberg 與 Stifel 的合作。

Yes. Thank you. And let me echo the congratulations on Q2 guidance. I was hoping maybe we could dig deep -- a little bit deeper in consumer and industrial. So are you seeing signs that it's bottoming? Do you have a good feel? I mean I understand the channel inventory comment, right? But just wondering if you're starting to see backlog emerging for the second half or not? Just to get a little bit more color on those 2 segments and the bounce that you're expecting in the second half.

是的。謝謝。讓我對第二季度的指導表示祝賀。我希望也許我們可以深入挖掘——在消費者和工業領域更深入一點。那麼你是否看到它觸底的跡象？你有好感嗎？我的意思是我了解渠道庫存評論，對嗎？但只是想知道您是否開始看到下半年出現積壓？只是為了在這 2 個部分和你期待的下半場反彈中獲得更多顏色。

Yes. Let's talk about the consumer business, which is primarily appliances. For almost 3 quarters now, several of our large customers have literally stopped ordering. In fact, one of them hasn't altered any parts at all because they are aggressively trying to bring the inventory down. But it's clear to us that the inventory situation will get corrected by the end of Q2 because we see orders already placed for Q3 and Q4 in appliances. So that tells us that the inventory situation is going to get normalized by the end of Q2, and we'll see the benefit of that in Q3. What is difficult to see is the end demand because that's not transparent to us. So we -- again, my gut feeling is the end demand will be slightly better. I don't know exactly how much because it's been such a long time that all the pull-in related issues would be pretty much gone, I believe, but it's really hard to tell. But we are comfortable that the appliance business is going to come back nicely in the second half.

是的。讓我們談談主要是家電的消費業務。現在將近 3 個季度，我們的幾個大客戶實際上已經停止訂購。事實上，其中一家根本沒有改動任何零件，因為他們正在積極努力降低庫存。但我們很清楚庫存情況將在第二季度末得到糾正，因為我們看到第三季度和第四季度的家電訂單已經下達。所以這告訴我們庫存情況將在第二季度末恢復正常，我們將在第三季度看到它的好處。難以看到的是最終需求，因為這對我們來說並不透明。所以我們 - 再一次，我的直覺是最終需求會稍微好一些。我不知道到底有多少，因為已經過去了很長時間，我相信所有與拉入相關的問題都差不多消失了，但這真的很難說。但我們很高興家電業務將在下半年恢復良好。

Now when you go to industrial, it's a little bit more complicated. The slowdown we have seen is primarily in areas like home and building automation, which is a flavor of consumer and housing kind of products, you can think about because these IoTs go into homes. But we've also seen a very broad-based demand reduction, which we primarily is related to inventories. There's a significant amount of inventory built in our channel. You have to remember, most of these are distribution customers, the industrial customers. Now there is a highlight in industrial, which is our high-power business.

現在，當您進入工業領域時，情況會稍微複雜一些。我們看到的放緩主要發生在家庭和樓宇自動化等領域，這是一種消費和住宅類產品，你可以考慮一下，因為這些物聯網進入了家庭。但我們也看到了非常廣泛的需求減少，這主要與庫存有關。我們的渠道中有大量庫存。您必須記住，其中大多數是分銷客戶，即工業客戶。現在工業上有個亮點，就是我們的大功率業務。

Our high-power business grew 20% last year, and we expect it to grow again this year and primarily driven by renewables. I think we just talked about a design win, major design win with a solar power converter manufacturer in Europe. And this is our utility scale sold out. As you can see, a lot of people are installing renewables worldwide, and we are benefiting from that. So that's roughly about 1/3 of the market, and that's doing well and will grow. It is the remaining part of industrial that's unusually soft, and a lot of that is related to just inventory.

我們的大功率業務去年增長了 20%，我們預計今年將再次增長，主要由可再生能源推動。我想我們剛剛談到了設計勝利，與歐洲一家太陽能轉換器製造商的重大設計勝利。這是我們的公用事業秤，已售罄。如您所見，全球有很多人在安裝可再生能源，我們也從中受益。因此，這大約佔市場的 1/3，而且表現良好並且會增長。工業的其餘部分異常疲軟，其中很多僅與庫存有關。

That's very helpful. And as my follow-up question for Sandeep. Sandeep, with the 300 to 400 basis point improvement in gross margin expected for the second half versus the first half, how much of that is coming from the again, right? Because I mean, that's clearly self-help, right? Whereas the mix, that's probably where you can control it a little bit less. So just trying to understand that 30 to 40 basis points, how much of it is coming from the weaker yes.

這很有幫助。作為我對 Sandeep 的後續問題。 Sandeep，預計下半年毛利率將比上半年提高 300 到 400 個基點，其中有多少來自下半年，對嗎？因為我的意思是，這顯然是自助，對吧？而混合，這可能是你可以控制它的地方。所以只是想了解 30 到 40 個基點，其中有多少來自較弱的是。

Yes. So it's not only those two, there's three things. There's also the volume impact. Every 10% change in yen gives us a point. So you can just see when the yen when from the 120s to the 140. You've got a couple of at least 2, 2.5 points coming from there. And then you've got the volume and the mix, as you know, with volumes coming back in consumer and industrial will get us to the higher end. So if you really think about it, the story actually ties not only in revenue but margin because it's all correlated. Now the yen movement happened more towards the end and because the level of inventory was so high, we're going to see a slight benefit in Q2, but the main benefit comes in Q3.

是的。因此，不僅是這兩件事，還有三件事。還有體積影響。日元每變動 10% 就給我們一個分數。所以你可以看到日元何時從 120 到 140。你有至少 2、2.5 個點來自那裡。然後你就得到了數量和組合，正如你所知，消費和工業領域的數量回歸將使我們走向更高端。因此，如果你真的仔細想想，這個故事實際上不僅與收入有關，而且與利潤有關，因為它們都是相關的。現在日元走勢更接近尾聲，並且由於庫存水平如此之高，我們將在第二季度看到輕微的好處，但主要的好處出現在第三季度。

Great. And just last on the topic there. Your inventory is at 142, I mean, I assume that you did take the opportunity at the low end to buy some raw material and some wafer in...

偉大的。最後談談那裡的話題。你的庫存是 142，我的意思是，我假設你確實抓住機會在低端購買了一些原材料和一些晶圓......

Yes. I don't dive it, but I think it's more to keeping our capacity. And the partnership we have with our foundry partners is very long term. Even when the pandemic happened, you remember we went to 180 days. And we are not afraid of that. But I think what will happen to our inventory as the volume increases, we will taper down this our inventory levels down. And hopefully, by the end of the year, we'll be somewhere in the 150 to the $170 million range, and it still sets us very well for 2024 because if we have the second half that we are expecting, it will bode very well for 2024.

是的。我不潛水，但我認為這更多是為了保持我們的能力。我們與代工合作夥伴的合作關係是長期的。即使在大流行發生時，您還記得我們去了 180 天。我們並不害怕。但我認為隨著數量的增加我們的庫存會發生什麼，我們將逐漸降低我們的庫存水平。希望到今年年底，我們的收入將在 150 到 1.7 億美元之間，這仍然為 2024 年做好準備，因為如果我們有預期的下半年，那將是個好兆頭2024 年。

That's great perspective. Thank you.

這是偉大的觀點。謝謝。

Your next question comes from the line of David Williams with The Benchmark Company. Your line is open.

你的下一個問題來自 The Benchmark Company 的 David Williams。你的線路是開放的。

Congrats on finding the bottom here. It's great to hear the optimism.

恭喜你在這裡找到底部。很高興聽到樂觀情緒。

Thanks, David.

謝謝，大衛。

I just wanted to maybe touch a little bit from a geographic perspective. And believe you talked a little bit about China and some of the improving trends there. But just wonder if you could give us any color on what you're seeing from that geographic perspective. It was better, worse? And maybe how things have fared so far into the second quarter?

我只是想從地理角度稍微談一談。並且相信您談到了中國以及那裡的一些改善趨勢。但只是想知道您是否可以從地理角度為我們提供您所看到的任何顏色。更好，更糟？也許到目前為止，第二季度的情況如何？

Great question. We asked that ourselves. So we did see a significant increase in bookings in March -- month of March, that was the strongest month of bookings. And part of that, we believe, is related to the long Lunar holiday, where a lot of companies shut down for a lot more than usual and also the opening up of China that literally that caused some of the temporary surge in demand. The question is how sustainable it is. Now if you look at the April bookings, April bookings is good, not as strong as the mark. It is a more normal pattern, I would say. So it remains to be seen whether the demand in China is going to come back.

很好的問題。我們自己問過。所以我們確實看到 3 月份的預訂量顯著增加——3 月份，那是預訂量最大的月份。我們認為，部分原因與農曆長假有關，許多公司停工的時間比平時長得多，而且中國的開放確實導致了一些暫時的需求激增。問題是它的可持續性如何。現在，如果您查看 4 月份的預訂量，4 月份的預訂量還不錯，但不如預期那麼強勁。這是一個更正常的模式，我會說。因此，中國的需求是否會回升還有待觀察。

What we are hearing is that a lot of the people in China are spending more of their money on travel and the services, like restaurants and so on, not so much on goods. So I think we'll be in a much better position to answer your question in the next conference call because we'll have another 2 months' worth of 2 or 2.5 months' worth of additional information that will tell us whether China for demand for goods is going to come back. But having said that, we have taken everything into consideration in our guidance. So we're very comfortable with the guidance.

我們聽到的是，很多中國人將更多的錢花在旅遊和服務上，比如餐館等，而不是花在商品上。因此，我認為我們在下一次電話會議上可以更好地回答您的問題，因為我們將獲得另外 2 個月的 2 個月或 2.5 個月的額外信息，這些信息將告訴我們中國是否需要貨物會回來的。但話雖如此，我們在指導中已經考慮了所有因素。所以我們對指導非常滿意。

Great color. And then also just kind of on the automotive space that you've been a little, I guess, less optimistic about kind of that monetization and when you thought that would turn to revenue. You're making a lot of good progress there, and you seem very encouraged maybe more so this quarter than typical. Is there anything that's changed there from your perspective? Are you seeing design-ins being pulled in more quickly? Or just maybe more traction there? Anything that's giving you more encouragement in the auto sector?

很棒的顏色。然後在汽車領域，我猜你對這種貨幣化不太樂觀，當你認為這會轉化為收入時。你在那裡取得了很大的進步，你似乎很受鼓舞，這個季度可能比往常更受鼓舞。從你的角度來看，那裡有什麼改變嗎？您是否看到設計被更快地引入？或者只是那裡有更多的牽引力？有什麼讓您對汽車行業有更多的鼓勵嗎？

Absolutely. What has changed is the number of opportunities is growing a lot faster than I anticipated. The interest level on our products are very high, but probably the most important, the conversion of an opportunity into a design win is a lot higher than we've ever seen in any other market. Typically, if you had 100 opportunities, we would convert maybe 1/3 of that into real business. But in automotive, we are seeing it's at least 2x from that. 60% to 70% of the business is getting converted into design wins. And if I take specifically the InnoSwitch, the Link Switch, that is the 1,700 bodies, I would say the conversion rate is even higher at 80%. And the reason for that is there is no other solution that's even close to our solution.

絕對地。發生變化的是機會數量的增長速度比我預期的要快得多。對我們產品的興趣水平非常高，但可能最重要的是，將機會轉化為設計勝利的程度比我們在任何其他市場上看到的要高得多。通常，如果您有 100 個機會，我們可能會將其中的 1/3 轉化為實際業務。但在汽車領域，我們看到它至少是 2 倍。 60% 到 70% 的業務正在轉化為設計成果。如果我具體使用 InnoSwitch，即 Link Switch，即 1,700 個主體，我會說轉換率甚至更高，達到 80%。原因是沒有其他解決方案甚至接近我們的解決方案。

There is really no other compelling solution. So that's what has changed our view of automotive market. We are more optimistic about automotive than we were -- we ever were. And so we expect the revenues to grow very nicely, but not in the short term. As you know, automotive takes at least a couple of years, depending on the application. In some cases, it may take longer than that if you're in the drivetrain and so on. But at least in power supply applications, you won't see a significant change in this year or next year, but it -- we could see an improvement in the following year, but the real revenue is going to come from revenue growth is going to come around 20%, 26%, as we have said before.

確實沒有其他令人信服的解決方案。這就是改變我們對汽車市場看法的原因。我們對汽車比以往任何時候都更加樂觀。因此，我們預計收入增長非常好，但不會在短期內增長。如您所知，汽車至少需要幾年時間，具體取決於應用。在某些情況下，如果您在動力傳動系統中等，則可能需要更長的時間。但至少在電源應用方面，今年或明年你不會看到重大變化，但它——我們可能會在明年看到改善，但真正的收入將來自收入增長。正如我們之前所說，達到 20%、26% 左右。

Great. Thanks for all the color. Really appreciate it.

偉大的。感謝所有的顏色。真的很感激。

You're welcome, David.

不客氣，大衛。

(Operator Instructions) Your next question comes from Christopher Rolland with Susquehanna. Your line is open.

（操作員說明）你的下一個問題來自 Christopher Rolland 和 Susquehanna。你的線路是開放的。

Hey guys, thanks for the question. You may have answered this. I just want to make sure that I got it right. So pre-pandemic, you guys were like $400 million to $500 million, call it, $500 million a year. You guys peaked out at $700 million a year. And I guess, would you think that normalized in the near term would be kind of $600 million a year. And that -- I think you said $150 million to $170 million, was that a quarter that you were trying to get to. So do we kind of think about that as a normalized revenue range for you guys, 600million to $680 was that what you were discussing?

嘿伙計們，謝謝你的問題。您可能已經回答了這個問題。我只是想確保我做對了。所以在大流行之前，你們每年有 4 億到 5 億美元，可以這麼說，5 億美元。你們這些人的年收入達到了 7 億美元的頂峰。我想，你認為短期內正常化的收入會是每年 6 億美元嗎？那——我想你說的是 1.5 億到 1.7 億美元，那是你想要達到的四分之一。那麼我們是否將其視為你們的正常收入範圍，你們討論的是 6 億到 680 美元？

Well, what we are saying was that the demand picture is not very clear to us because of the inventory being dictated at this point. So we don't actually see the end demand. And sometimes, even our customers don't know exactly how it's going to come back. So it is really difficult for us to say what the real demand is. Obviously, we'll see that once the inventory goes down to normal levels, which we expect to happen sometime in the middle of this year, we should start seeing real demand. But I'm really afraid that I don't have a clear-cut number for you.

好吧，我們所說的是由於此時決定了庫存，需求情況對我們來說不是很清楚。所以我們實際上看不到最終需求。有時，甚至我們的客戶也不知道它會如何恢復。所以我們真的很難說真正的需求是什麼。顯然，我們會看到一旦庫存下降到正常水平（我們預計會在今年年中某個時候發生），我們應該會開始看到實際需求。但我真的很擔心我沒有一個明確的數字給你。

At this point. Chris, the way I think you are a precise number we don't have. But I think what we're feeling very good is consumer and industrial will start tapering back to some reasonable levels, providing us the growth that we are expecting in the second half, and we are expecting the second half to be meaningfully higher than the first half.

在此刻。克里斯，我認為你是我們沒有的精確數字。但我認為我們感覺很好的是消費和工業將開始逐漸回落到一些合理的水平，為我們提供我們預期的下半年增長，我們預計下半年將顯著高於上半年一半。

Yes, certainly understand. And then your message on comms was pretty clear. I was wondering with the other segments. It sounds like maybe industrial is a little slower than the other 2, but if you could kind of force rank that for us as we accelerate into June here, just to understand directionally and kind of the speed at which these guys will come out.

是的，當然明白。然後你在通訊上的信息非常清楚。我想知道其他部分。聽起來工業可能比其他兩個慢一點，但如果你能在我們加速進入 6 月時對我們進行排名，只是為了了解這些人出現的方向和速度。

Well, the communications declined first. The downturn started with communications in the second quarter of last year. And so it's the first one to come out of it, and we are already seeing that. We saw that in Q1, and we see that again in Q2. That's one of the reasons our mix is a little bit unfavorable. The next thing that's going to happen, I believe, is the consumer. But that from what we can tell, the inventory situation won't get normalized until end of Q2. So we should see a nice jump in consumers in Q3. Industrial was the last one to slow down, and it's the last one that will come back. And again, a portion of that in industrial is doing very well for us, which is the high power, which is about 1/3 of the industrial. It's the more fragmented part of the industrial is the one that has significant inventory in the channel. But we are optimistic that will get normalized probably just after the middle of the year. That will be the last one probably in Q3, it will get normalized.

好吧，通訊首先下降了。衰退始於去年第二季度的通信。所以它是第一個出來的，我們已經看到了。我們在第一季度看到了這一點，我們在第二季度再次看到了這一點。這就是我們的組合有點不利的原因之一。我相信接下來會發生的事情是消費者。但據我們所知，庫存情況要到第二季度末才會恢復正常。因此，我們應該會在第三季度看到消費者數量的大幅增長。工業是最後一個放緩的，也是最後一個會回來的。再一次，工業中的一部分對我們來說做得很好，這是高功率，大約是工業的 1/3。行業中較為分散的部分是在渠道中擁有大量庫存的部分。但我們樂觀地認為，這可能會在年中之後恢復正常。這可能是第三季度的最後一個，它將被標準化。

Excellent. Thank you guys. Appreciate that.

出色的。感謝你們。感謝。

With no further questions, I will now turn the call back to Joe Shiffler.

沒有進一步的問題，我現在將電話轉回給 Joe Shiffler。

All right. Thank you. Thanks, everyone, for listening on what I know is a very busy day of semiconductor earnings. So thanks again. There will be a replay of this call available on our website, which is investors.power.com. Thanks again, and good afternoon.

好的。謝謝。謝謝大家收聽我所知道的半導體收益非常忙碌的一天。所以再次感謝。我們的網站 investors.power.com 上將重播此次電話會議。再次感謝，下午好。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。