Power Integrations Inc (POWI) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Power Integrations, Inc. Q2 earnings call. (Operator Instructions)

女士們、先生們，午安。歡迎參加 Power Integrations, Inc. 第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Joe Shiffler, Director of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係總監喬·希夫勒 (Joe Shiffler)。請繼續。

Thanks, Aubrey. Good afternoon, everyone. Thanks for joining us.

謝謝，奧布里。大家下午好。感謝您的加入。

With me on the call today are Executive Chairman, Balu Balakrishnan; our CFO, Sandeep Nayyar; and for the first time, Jen Lloyd, who joined Power Integrations last month as President and CEO. After prepared remarks from Balu, Jen and Sandeep will take your questions.

今天與我一起參加電話會議的還有執行董事長 Balu Balakrishnan、財務長 Sandeep Nayyar，以及上個月加入 Power Integrations 擔任總裁兼執行長的 Jen Lloyd，這是她第一次參加電話會議。在 Balu 發表準備好的演講後，Jen 和 Sandeep 將回答您的問題。

But first, during this call, we will refer to financial measures not calculated according to GAAP. Non-GAAP measures include stock-based compensation expenses, amortization of acquisition-related intangible assets, other operating expenses stemming from an employment litigation matter, and the tax effects of these items. A reconciliation of non-GAAP measures to our GAAP results is included in today's press release.

但首先，在本次電話會議中，我們將參考未依照 GAAP 計算的財務指標。非公認會計準則指標包括股票薪酬費用、收購相關無形資產攤銷、因就業訴訟事項而產生的其他營運費用以及這些項目的稅務影響。今天的新聞稿中包含了非公認會計準則 (non-GAAP) 指標與公認會計準則 (GAAP) 結果的對帳。

Our discussion today, including the Q&A session, will include forward-looking statements denoted by words like will, would, could, should, expect, outlook, forecast, estimate, anticipate, and similar expressions that look toward 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.

我們今天的討論，包括問答環節，將包括前瞻性陳述，用將、會、可能、應該、預期、展望、預測、估計、預期等詞語以及類似的表達方式來表示對未來事件或表現的展望。此類陳述受風險和不確定性的影響，可能導致實際結果與預測或暗示的結果有重大差異。

Such risks are discussed in today's press release and in our most recent Form 10-K filed with the SEC on February 7, 2025. This call is the property of Power Integrations, and any recording or rebroadcast is expressly prohibited without the written consent of Power Integrations.

今天的新聞稿和我們於 2025 年 2 月 7 日向美國證券交易委員會提交的最新 10-K 表格中討論了此類風險。本次通話是 Power Integrations 的財產，未經 Power Integrations 書面同意，嚴禁進行任何錄音或轉播。

Now I'll turn it over to Balu.

現在我將把話題交給 Balu。

Thanks, Joe, and good afternoon.

謝謝，喬，下午好。

My role on today's call is simply to introduce Jen Lloyd, who took over as CEO just a couple of weeks ago. Jen came to us after a distinguished run of 28 years at Analog Devices, where she ran multiple businesses with $1 billion-plus in revenues.

我今天在電話會議上的角色只是介紹幾週前剛接任執行長的 Jen Lloyd。在加入我們之前，Jen 曾在 Analog Devices 工作了 28 年，成績斐然，她管理多家公司，營業收入超過 10 億美元。

Most recently, she ran Analog's multi-market power business, responsible for strategy, products, P&L and a large global team. She also previously served on our Board of Directors, stepping down in 2022 when she was assigned to run the power business at ADI.

最近，她負責 Analog 的多市場電力業務，負責策略、產品、損益表和一個大型全球團隊。她之前也曾擔任我們的董事會成員，並於 2022 年卸任，並被指派負責 ADI 的電力業務。

When the time came to search for a new CEO, Jen's name came to mind immediately. While we considered a number of excellent candidates, Jen was the clear choice, and I'm delighted that she has joined us.

當需要尋找新任執行長時，我立刻想到了 Jen 的名字。雖然我們考慮了許多優秀的候選人，但 Jen 顯然是最佳人選，我很高興她加入我們。

She has an outstanding track record of delivering innovative products to the market, attracting and motivating talented engineers, and driving profitable growth. She obviously knows the power semi space. And from her time on our Board, she is already well acquainted with our business model and our culture.

她在向市場推出創新產品、吸引和激勵優秀工程師以及推動獲利成長方面有著出色的記錄。她顯然了解半空間的力量。從她擔任我們董事會成員以來，她就已經非常熟悉我們的商業模式和文化。

I have agreed to serve as Executive Chairman of the Board until February 2026, working alongside Jen to ensure a seamless transition. After this transition period, I will assume a non-executive Board seat and take on a consulting role assisting Jen and the Board in any way they ask me to.

我已同意擔任董事會執行主席直至 2026 年 2 月，與 Jen 一起努力確保順利過渡。在此過渡期之後，我將擔任非執行董事會席位，並擔任顧問角色，以任何方式協助 Jen 和董事會。

In particular, I expect to focus on innovation initiatives as well as IP matters, including any patent litigation that might arise, reflecting my history with the company and my patent holdings. But while I plan to remain involved with the company for as long as I'm needed, this will be my final earnings call.

特別是，我希望專注於創新舉措以及智慧財產權事務，包括可能出現的任何專利訴訟，反映我在公司的歷史和我的專利持有情況。儘管我計劃在公司需要我的時候繼續參與其中，但這將是我最後一次的財報電話會議。

So before I turn the call over to Jen, I would like to thank all of you in the investment community who have followed and supported Power Integrations over the years. Thank you to our stockholders for putting your trust in us. As a fellow owner, it was of utmost importance to me to leave our company in good hands, and I'm confident we have achieved that.

因此，在我將電話轉給 Jen 之前，我想感謝多年來關注並支持 Power Integrations 的投資界所有人。感謝股東對我們的信任。作為一個老闆，對我來說，將公司交給可靠的人管理至關重要，我相信我們已經實現了這一點。

To the analysts who have covered our stock for so many years and some of you since our IPO all the way back in 1997, I have learned a great deal from you about our industry and your industry, too. And I will certainly miss working with all of you.

對於多年來一直關注我們股票的分析師，以及自 1997 年我們首次公開募股以來一直關注我們的一些分析師，我從你們那裡學到了很多關於我們行業以及你們行業的知識。我當然會懷念與你們所有人一起工作的時光。

With that, I'll turn it over to Jen.

說完這些，我就把麥克風交給 Jen。

Good afternoon, everyone, and thank you, Balu. It's really an honor to take the reins from you as CEO of Power Integrations. Since my time on the Board, I've admired the franchise you've built in high voltage as well as the foundational technologies that will drive our future growth.

大家下午好，謝謝你，Balu。我很榮幸能夠接替您擔任 Power Integrations 的執行長。自從我擔任董事會成員以來，我一直很欽佩您在高壓領域建立的特許經營權以及推動我們未來發展的基礎技術。

I'll have more to say in the months ahead about my plans to deliver that growth and get us on a path toward $1 billion in revenue. In the brief time we have today, I'll share a few thoughts on the opportunities I see ahead of us and discuss a few key developments since the last earnings call.

在接下來的幾個月裡，我將更多地談論實現這一成長並讓我們走上 10 億美元收入之路的計劃。在今天的短暫時間裡，我將分享一些我對未來機會的看法，並討論自上次財報電話會議以來的一些關鍵發展。

The core of our business, almost 90% of sales is power conversion ICs for appliances, consumer electronics, and a wide array of industrial applications. We have a market-leading portfolio of products for these markets with more in the pipeline.

我們業務的核心，幾乎 90% 的銷售額來自用於家用電器、消費性電子產品和各種工業應用的電源轉換 IC。我們擁有針對這些市場的領先產品組合，並且正在籌備更多產品。

For example, our flagship InnoSwitch platform represents the state of the art in power supply architecture, building isolation into the package and eliminating optical feedback to simplify the system and enhance reliability. We are leveraging the technologies at the heart of InnoSwitch into our automotive efforts and into new disruptive products like our multi-output InnoMux ICs.

例如，我們的旗艦 InnoSwitch 平台代表了電源架構的最新技術，在封裝中建立隔離並消除光反饋，從而簡化系統並提高可靠性。我們正在將 InnoSwitch 的核心技術運用到我們的汽車業務以及多輸出 InnoMux IC 等顛覆性新產品中。

We're also refreshing legacy product families to support their annuity-like revenue streams. Our new fifth generation TinySwitch extends the simplicity of that architecture to 175 watts of output, more than 6x the previous generation; and provides a significant improvement in efficiency and standby consumption. In the coming months, we'll introduce a GaN version of our top switch products, giving long-time top switch customers a way to tap into the efficiency of GaN at extended power levels.

我們也正在更新傳統產品系列，以支持其類似年金的收入流。我們的新型第五代 TinySwitch 將該架構的簡單性擴展至 175 瓦的輸出，是上一代的 6 倍以上；並且顯著改善了效率和待機功耗。在接下來的幾個月裡，我們將推出頂部開關產品的 GaN 版本，讓長期使用頂部開關的客戶能夠在擴展功率等級下充分利用 GaN 的效率。

Notwithstanding the near-term uncertainty, our core business is back on a growth trajectory after the long post-pandemic down cycle. And after our exit from China cell phones last year, the mix of our business is stickier with a higher margin profile.

儘管短期內存在不確定性，但我們的核心業務在經歷了長期的疫情後下行週期後已重回成長軌道。自從去年退出中國手機市場後，我們的業務組合變得更加緊密，利潤率也更高。

In India, we have a major role in the ongoing 5G fixed wireless rollout as well as the planned installation of 250 million smart meters. We're also growing our metering business in other geographies with three new design wins in Japan in Q2 and one in Europe using a GaN-based InnoSwitch. Overall, metering revenues are on track to grow 20%-plus this year, and our higher voltage GaN products offer a path to ASP expansion in that market as customers upgrade existing silicon designs.

在印度，我們在正在進行的 5G 固定無線部署以及計劃安裝的 2.5 億個智慧電錶中發揮重要作用。我們還在其他地區拓展了計量業務，第二季度在日本獲得了三項新的設計勝利，在歐洲獲得了使用基於 GaN 的 InnoSwitch 的設計勝利。總體而言，今年計量收入預計將成長 20% 以上，隨著客戶升級現有的矽設計，我們的更高電壓 GaN 產品為該市場的平均售價擴張提供了途徑。

GaN is already driving growth in notebooks, TVs, gaming, and many more applications. In fact, revenues from GaN products are up more than 50% for the first half of the year.

GaN 已經推動了筆記型電腦、電視、遊戲和更多應用領域的成長。事實上，今年上半年 GaN 產品的收入成長了 50% 以上。

While our core consumer appliance business faces short-term headwinds due to tariffs and stagnant housing markets, we remain bullish on the long-term opportunity. Rising wealth in emerging markets is making appliances affordable for more people every day, and tighter efficiency standards are driving adoption of GaN and brushless DC motors, all of which should benefit us as short-term headwinds subside.

雖然我們的核心消費家電業務因關稅和房地產市場停滯而面臨短期阻力，但我們仍然看好長期機會。新興市場的財富不斷增長使得更多人每天都能負擔得起家用電器，更嚴格的能源效率標準推動了 GaN 和無刷直流馬達的採用，隨著短期不利因素的消退，所有這些都將使我們受益。

While I'm pleased that our core business is growing again, what's really exciting about the Power Integrations story is the opportunity to level up our business into higher power, higher-value systems.

雖然我很高興我們的核心業務再次成長，但 Power Integrations 故事真正令人興奮的是，我們有機會將業務提升到更高功率、更高價值的系統。

Advanced high-voltage semiconductors are essential in EVs, AI data centers, electric rail, and in modern power grids centered on renewable energy, battery storage, and long-distance DC transmission. It's early days for me here, but it's already clear to me that we have the technology and the system-level know-how to win in these markets.

先進的高壓半導體對於電動車、人工智慧資料中心、電氣化鐵路以及以再生能源、電池儲存和長距離直流傳輸為中心的現代電網至關重要。對我來說，現在還為時過早，但我已經清楚，我們擁有在這些市場中獲勝的技術和系統級專業知識。

On the high end of the power scale, we have the world's premier gate driver technology for IGBT and silicon carbide modules. Since entering the gate driver business more than a decade ago, we have invested in products and design support capabilities to prepare for the expanding opportunity in clean energy, electrification, and modern power infrastructure. These investments are paying off with customers, driving more than 40% growth in high-power revenues in the first half of 2025.

在功率等級的高端，我們擁有世界一流的 IGBT 和碳化矽模組閘極驅動器技術。自從十多年前進入閘極驅動器業務以來，我們一直投資於產品和設計支援能力，為清潔能源、電氣化和現代電力基礎設施領域不斷擴大的機會做好準備。這些投資為客戶帶來了回報，推動 2025 年上半年大功率收入成長 40% 以上。

High-power design wins in Q2 included a traction inverter for a major US heavy equipment manufacturer, solar and battery storage inverters for a Spanish OEM, and silicon carbide drivers for an electric bus at a European EV OEM.

第二季的大功率設計勝利包括為美國一家大型重型設備製造商提供的牽引逆變器、為西班牙一家 OEM 提供的太陽能和電池存儲逆變器，以及為一家歐洲電動車 OEM 的電動公車提供的碳化矽驅動器。

The other critical asset enabling the pivot to higher power is our proprietary GaN technology. Power Integrations was first to market with high-voltage GaN in 2019 and has executed an aggressive road map on multiple dimensions: cost, voltage, and power. While GaN is already driving growth in our core power supply business, it is also the key to our SAM expansion plans and ultimately, our path to $1 billion in revenue.

實現更高功率的另一個關鍵資產是我們專有的 GaN 技術。Power Integrations 於 2019 年率先推出高壓 GaN，並在成本、電壓和功率等多個方面實施了積極的路線圖。雖然 GaN 已經推動了我們核心電源業務的成長，但它也是我們 SAM 擴展計劃的關鍵，並最終是我們實現 10 億美元收入的關鍵。

Two important developments have occurred in the GaN space since the Q1 earnings call. First is the decision by TSMC to exit the GaN foundry business in 2027.

自第一季財報電話會議以來，GaN 領域發生了兩項重要發展。首先是台積電決定在2027年退出GaN代工業務。

While this creates challenges for competitors relying on TSMC, the real significance from our perspective is that it validates a core tenet of our strategy, that for power transistors, process technology and device design are interdependent and controlling both to optimize system performance is the best path to success, whether in silicon, silicon carbide, or GaN.

雖然這給依賴台積電的競爭對手帶來了挑戰，但從我們的角度來看，真正的意義在於它驗證了我們戰略的核心原則，即對於功率晶體管而言，製程技術和裝置設計是相互依存的，控制兩者以優化系統性能是成功的最佳途徑，無論是矽、碳化矽還是 GaN。

So it's no surprise that IDMs are moving into the GaN space, and we are well positioned to compete with our fabless IDM model and well over a decade of GaN development experience and know-how.

因此，IDM 進軍 GaN 領域也就不足為奇了，我們憑藉無晶圓廠 IDM 模式以及十多年的 GaN 開發經驗和專業知識，完全有能力參與競爭。

Owning the process and the device technologies used in our products allows us to differentiate at the transistor level on factors such as cost and voltage rating. Control over manufacturing parameters, yields, performance, and quality gives us maximum flexibility to develop system-level products for the markets and applications we target.

擁有我們產品中使用的製程和設備技術使我們能夠在晶體管層面上根據成本和額定電壓等因素進行區分。透過控制製造參數、產量、性能和質量，我們可以最大程度地靈活地為目標市場和應用開發系統級產品。

Our system-level expertise allows us to extract the maximum performance from our proprietary GaN technology and provide system-level reliability and ruggedness. This relates to the other recent development in GaN, which is NVIDIA's announcement that it will support an 800-volt DC architecture in the next-generation AI data centers.

我們的系統級專業知識使我們能夠從專有的 GaN 技術中提取最大性能，並提供系統級的可靠性和堅固性。這與 GaN 的另一項最新發展有關，即 NVIDIA 宣布將在下一代 AI 資料中心支援 800 伏特直流架構。

The new architecture will save space and improve efficiency by reducing the need for rack-level AC to DC converters and drastically reduce copper usage by enabling lower current. Power density is the name of the game here, and the 800 to 54-volt conversion at the server board will likely require GaN to achieve the densities needed in next-generation data centers.

新架構將透過減少對機架級交流到直流轉換器的需求來節省空間並提高效率，並透過降低電流來大幅減少銅的使用。功率密度是這裡的重點，伺服器主機板上的 800 伏特到 54 伏特的轉換可能需要 GaN 來實現下一代資料中心所需的密度。

Our 1,250-volt GaN can support an 800-volt rail in a conventional architecture, whereas lower voltage technologies like 650-volt GaN will require stacking of multiple devices, compromising power density and adding complexity. And while silicon carbide is capable of handling 800 volts, GaN's higher switching speed enables a smaller transformer and higher efficiency, again, resulting in higher power density.

我們的 1,250 伏特 GaN 可以在傳統架構中支援 800 伏特軌道，而 650 伏特 GaN 等低壓技術則需要堆疊多個設備，從而影響功率密度並增加複雜性。雖然碳化矽能夠處理 800 伏特電壓，但 GaN 的開關速度更快，可以使用更小的變壓器並提高效率，從而實現更高的功率密度。

We are the only company shipping 1250-volt GaN today, and we designed our technology with the higher voltage applications in mind. Data center architectures will continue to evolve beyond the 800 volts, and we're ahead of the curve with 1,700-volt technology already in the market and higher voltages still to come.

我們是目前唯一一家出貨 1250 伏特 GaN 的公司，我們在設計技術時就考慮到了更高電壓的應用。資料中心架構將繼續發展，超越 800 伏特，我們處於領先地位，1,700 伏特技術已在市場上推出，更高電壓的技術即將問世。

We've taken the right technology steps to be well positioned to offer system-level solutions, and my focus will be to make sure that our product development efforts are aligned with the markets we're going after.

我們已採取正確的技術措施，以便能夠提供系統級解決方案，而我的重點將是確保我們的產品開發工作與我們所追求的市場保持一致。

At ADI, I oversaw the introduction of many, many products, including system-level ICs and modules. So I know what it takes to define and develop complex products that anticipate and meet customers' needs and are delivered on time.

在 ADI，我負責監督許多產品的推出，包括系統級 IC 和模組。因此，我知道如何定義和開發能夠預測和滿足客戶需求並按時交付的複雜產品。

Markets like data center and automotive have different requirements than the broad-based low-power markets that comprise our core business, and I will be adapting our teams and our processes to those needs.

資料中心和汽車等市場與構成我們核心業務的廣泛低功耗市場有著不同的要求，我將根據這些需求調整我們的團隊和流程。

Before I turn it over to Sandeep, I'll comment on the near-term outlook. Orders have slowed in recent weeks, likely reflecting customer caution around constantly changing tariff headlines. Our third-quarter revenue outlook of $118 million, plus or minus $5 million, reflects continued strength in the industrial category and in GaN products, tempered by softness in appliances, which make up most of our consumer category.

在將其交給 Sandeep 之前，我將對近期前景發表評論。最近幾週訂單有所放緩，可能反映出客戶對不斷變化的關稅政策持謹慎態度。我們對第三季營收的預期為 1.18 億美元（上下浮動 500 萬美元），這反映了工業類別和 GaN 產品的持續強勁表現，但受到家電（占我們消費類別的大部分）市場疲軟的影響。

Steel tariffs and tariffs on finished goods tend to be meaningful in this market given the high dollar value and steel content of most appliances. A large US appliance customer reported recently that Asian OEMs have continued to load inventory into the US to take advantage of delays in tariff implementation, which is likely to affect demand from our Asian customers in the second half.

由於大多數家用電器的美元價值和鋼鐵含量較高，因此鋼鐵關稅和成品關稅在這個市場上往往具有重要意義。一家美國大型家電客戶最近報告稱，亞洲原始設備製造商繼續向美國裝載庫存，以利用關稅實施的延遲，這可能會影響我們亞洲客戶下半年的需求。

However, channel inventory of our products remains healthy, which should enable our business to reaccelerate as excess finished goods inventory clears. Meanwhile, we continue to see growth in our industrial business led by high power and metering, as well as new designs ramping in automotive as that business builds towards a material revenue contribution in 2026.

然而，我們產品的通路庫存仍然保持健康，隨著過剩成品庫存的清理，這將使我們的業務重新加速。同時，我們繼續看到工業業務的成長，以高功率和計量為主導，汽車領域的新設計也在不斷湧現，該業務預計將在 2026 年實現實質的收入貢獻。

Next, Sandeep will cover the details of the second-quarter results. Sandeep?

接下來，Sandeep 將介紹第二季業績的詳細資訊。桑迪普？

Thanks, Jen, and good afternoon.

謝謝，Jen，下午好。

On second quarter -- our second-quarter results were on target with revenues up 9% year over year to $116 million and non-GAAP EPS of $0.35. We generated $29 million in cash from operations and repurchased more than 1% of our outstanding shares during the quarter at an average price of about $46.

第二季業績－我們的業績符合預期，營收年增9%，達到1.16億美元，非公認會計準則每股收益0.35美元。本季度，我們營運現金流出2,900萬美元，並以平均約46美元的價格回購了超過1%的流通股。

Looking at the revenue details. Sales were up 10% sequentially. As expected, industrial was the primary driver of the increase, rising nearly 30% from the prior quarter on strength in metering, home and building automation, broad-based industrial, and high power, where we saw growth in solar energy and high-voltage DC transmission.

查看收入詳情。銷售額季增 10%。正如預期的那樣，工業是成長的主要驅動力，由於計量、家庭和建築自動化、廣泛的工業和高功率的強勁增長，工業產量較上一季度增長了近 30%，其中我們看到太陽能和高壓直流輸電的增長。

Communication revenues increased more than 20% sequentially, driven mainly by seasonal trends in cell phone. Similarly, seasonal trends in tablets drove a high single-digit increase in the computer category.

通訊收入較上季成長超過 20%，主要受手機季節性趨勢的推動。同樣，平板電腦的季節性趨勢也推動了電腦類別的個位數高成長。

As we previewed on last quarter's call, consumer revenues were sequentially lower, down mid-single digits, after an unusually strong first quarter that benefited from front-running of tariffs. Revenue mix for the quarter was 40% industrial, 37% consumer, 12% computer, and 11% communications.

正如我們在上個季度的電話會議上預測的那樣，在得益於關稅的先行實施而出現異常強勁的第一季之後，消費者收入環比下降，下降了中等個位數。本季的收入構成為：工業 40%、消費 37%、電腦 12% 和通訊 11%。

Non-GAAP gross margin for the second quarter was 55.8%, down 10 basis points from the prior quarter, as a slightly more favorable mix was offset by higher input costs flowing through our inventory. Non-GAAP operating expenses were $46.7 million, up sequentially due mainly to annual salary increases which took effect early in the quarter and also driven by executive transition costs and litigation expenses.

第二季非公認會計準則毛利率為 55.8%，較上一季下降 10 個基點，因為略微有利的產品組合被流入我們庫存的較高投入成本所抵銷。非公認會計準則營運費用為 4,670 萬美元，季增，主要原因是本季初生效的年度薪資成長，同時也受到高階主管過渡成本和訴訟費用的影響。

The non-GAAP effective tax rate was 4%, resulting in non-GAAP earnings of $19.9 million or $0.35 per diluted share. Diluted share count was 56.4 million, down about 700,000 from the prior quarter, driven by repurchases.

非公認會計準則有效稅率為 4%，導致非公認會計準則收益為 1,990 萬美元或每股攤薄收益 0.35 美元。稀釋股數為 5,640 萬股，受回購影響，較上一季減少約 70 萬股。

Our GAAP results included one unusual item in the second quarter. That was a charge of $9 million related to an employment litigation case in California. We are contesting the outcome in post-trial motion, seeking reversal of the damages award and potentially a new trial, and plan to appeal if necessary. The cash impact, if any, would occur only at the completion of that process.

我們的 GAAP 業績在第二季包括一項不尋常的項目。這是與加州一起就業訴訟案件相關的 900 萬美元費用。我們正在對審判後動議的結果提出異議，尋求撤銷損害賠償裁決並可能進行新的審判，並計劃在必要時提出上訴。如果有的話，現金影響只會在過程完成時發生。

Inventories on the balance sheet fell by 30 days to 296 days. Channel inventory fell by 0.3 a week to 7.6 weeks, well within what we consider to be a normal range. Cash flow from operations was $29 million for the quarter, while CapEx was $6 million.

資產負債表上的庫存減少30天至296天。渠道庫存每週下降0.3週至7.6週，完全在我們認為的正常範圍內。本季經營現金流為 2,900 萬美元，資本支出為 600 萬美元。

We returned $44 million to stockholders during the quarter, including $32.6 million in the form of buybacks and $11.8 million in dividends. We repurchased just over 700,000 shares during the quarter with an average price of about $46, as noted earlier. At quarter end, we had $42 million remaining on our repurchase authorization.

我們在本季向股東返還了 4,400 萬美元，其中包括 3,260 萬美元的回購和 1,180 萬美元的股息。如前所述，我們在本季回購了 70 萬多股，平均價格約為 46 美元。截至季末，我們的回購授權餘額為 4,200 萬美元。

Turning to the Q3 outlook. As Jen noted, our revenue expectations reflect limited near-term visibility with customer caution around tariffs offsetting company-specific growth drivers.

展望第三季的前景。正如 Jen 所指出的，我們的收入預期反映出短期內有限的可見性，因為客戶對關稅的謹慎抵消了公司特定的成長動力。

We expect revenues to be in the range of $118 million, plus or minus $5 million. I expect non-GAAP gross margin to be between 55% and 55.5%, down slightly from the prior quarter on higher input costs flowing through our inventory as well as a slightly smaller benefit from the dollar-yen exchange rate.

我們預計收入將在 1.18 億美元左右，上下浮動 500 萬美元。我預計非公認會計準則毛利率將在 55% 至 55.5% 之間，較上一季略有下降，原因是庫存投入成本增加以及美元兌日圓匯率的收益略有減少。

Non-GAAP operating expenses for Q3 should be around $47.5 million, up modestly from Q2, driven mainly by legal costs and R&D activity. I expect the non-GAAP tax rate to be around 5%, while other income should be similar to the second-quarter levels.

第三季非公認會計準則營運費用約 4,750 萬美元，較第二季略有成長，主要受法律成本和研發活動的影響。我預計非公認會計準則稅率將在 5% 左右，而其他收入應與第二季水準相似。

And now, operator, let's begin the Q&A session.

接線員，現在讓我們開始問答環節。

(Operator Instructions) David Williams, The Benchmark Company.

（操作員指示）大衛威廉斯 (David Williams)，基準公司。

First off, Jennifer, congratulations on the CEO appointment there. We're certainly looking forward to working with you, although it is unfortunate that Balu will be -- we will certainly miss him.

首先，詹妮弗，恭喜你被任命為執行長。我們當然期待與您合作，儘管巴魯的去世令人遺憾——我們肯定會想念他。

So I guess with that, it sounds like there's a lot of different dynamics going on in the market in terms of the tariffs and maybe some of the cautious pull-through and what we've seen through the first half of the year. I guess, how do you think about the guidance in terms of being derisked based on all of these different undercurrents? And can you maybe talk a little bit about where your bookings are exiting the quarter?

因此，我想，從關稅角度來看，市場上似乎有很多不同的動態，也許還有一些謹慎的拉動，以及我們在今年上半年看到的情況。我想，基於所有這些不同的暗流，您如何看待關於降低風險的指導？您能否稍微談談本季的預訂情況？

Yeah, David. So our bookings at the beginning of the quarter actually were healthy. And we thought, using the normal turn, business that we get between 20% and 30% -- and in fact, last quarter, we had like 27% turns -- that we would have a reasonably higher quarter than we have guided.

是的，大衛。因此，我們本季初的預訂情況實際上是健康的。我們認為，以正常的營業額率，我們的業務營業額在 20% 到 30% 之間——事實上，上個季度我們的營業額就達到了 27%——我們的季度營業額會比我們預期的要高得多。

But the month of July saw a real slowdown in bookings, where our bookings in July were nearly 20% below the normal run rate of the prior months. And seeing that and basically hearing what the others have talked about the Q4 quarter in their calls, it clearly -- as you know, we see things much earlier than them at least by a quarter. That's why you're seeing us guide the way we are based on the bookings and based on what we are hearing.

但 7 月的預訂量確實有所放緩，7 月的預訂量比前幾個月的正常運作率低了近 20%。看到這一點，基本上聽到其他人在電話會議上談論第四季度的情況，很明顯——如你所知，我們比他們至少早一個季度看到事情的進展。這就是為什麼您會看到我們根據預訂情況和所聽到的信息來指導我們的方式。

And as you -- because of the tariffs, clearly, we are seeing the impact in our appliance business. Especially if you look at our major appliances, they grew nearly 15% in the first half. And that clearly shows -- which is well above our normal growth rate in that business as well as design wins, which led to -- us to believe there was clearly some front-running that happened there.

正如您所說——由於關稅，我們顯然看到了它對我們的家電業務的影響。特別是如果你看看我們的主要家電，它們在上半年增加了近15％。這清楚地表明——這遠遠高於我們在該業務中的正常增長率以及設計勝利，這導致——我們相信那裡顯然存在一些搶先交易。

And when you hear people like the big US company talking about how the Chinese OEMs have been putting in a lot of finished goods in the US prior to the tariffs, it leads us to believe that will have an impact in the second half. Putting all that together, that's why we have guided to the level we have guided.

當你聽到像美國大公司這樣的人談論中國原始設備製造商在關稅之前如何向美國投入大量成品時，我們相信這將對下半年產生影響。把所有這些放在一起，這就是我們指導達到我們所指導的水平的原因。

Great color there. And then maybe just thinking about the strategy going forward, there were a couple of things that you had mentioned in terms of your prior experience and how you feel like your strategy will be deployed here at Power Integrations.

那裡的色彩很棒。然後也許只是考慮未來的策略，您根據以前的經驗提到了幾件事，以及您認為您的策略將如何在 Power Integrations 中部署。

But just wondering, can you talk through some of the higher-level things that you're thinking about? Obviously, we've always thought Power Integrations ran very efficiently and very well. But coming in, I think you might have a different view. So could you give us maybe a level set of where you're headed in terms of thinking of the strategy?

但我只是好奇，您能否談談您正在考慮的一些更高層次的事情？顯然，我們一直認為 Power Integrations 運作非常有效率、非常好。但進來之後，我想你可能會有不同的看法。那麼，您能否向我們簡要介紹一下您在策略思考方面的​​進展？

Sure. Absolutely. I mean, again, I'll just repeat. Power Integrations has a great foundation, great technology here, high-voltage expertise, system expertise, and so on.

當然。絕對地。我的意思是，我再重複一次。Power Integrations 擁有強大的基礎、先進的技術、高壓專業知識、系統專業知識等等。

I think what I see as a gap or where we can improve is on the R&D efficiency and driving improvements there. And I think the end goal is really to invigorate the growth to achieve the model that we set out, the double-digit growth model.

我認為我們所看到的差距或我們可以改進的地方是研發效率和推動改進。我認為最終目標實際上是促進成長，實現我們所製定的模式，即兩位數成長模式。

And so I think the applications that we're looking at, those are great applications that fit very well with the technology that we have. But we have to have the products out there to meet the needs of the customers in those application areas.

所以我認為我們正在研究的應用程式都是非常棒的應用程序，它們與我們現有的技術非常契合。但我們必須推出滿足這些應用領域客戶需求的產品。

So areas like data center, automotive, and leveraging the capabilities in high voltage and -- is what we want to do, but we got to make the engine efficient.

因此，資料中心、汽車等領域以及利用高壓能力——是我們想要做的，但我們必須提高引擎的效率。

Tore Svanberg, Stifel. Ross Seymore, Deutsche Bank.

托爾·思文伯格，Stifel。德意志銀行的羅斯·西摩。

So first, Balu, congrats and sad to see you go as well, (technical difficulty) around for a little bit longer. And Jen, congrats on the new leadership role.

首先，Balu，恭喜你，也很遺憾看到你也要離開，（技術困難）一段時間了。Jen，恭喜你擔任新的領導職務。

So I guess my question, for the third quarter guide, you talked in the prior question a little bit about some of the dynamics you're seeing in aggregate. Could you talk a little bit about how you're seeing them by segment?

所以我想我的問題是，對於第三季的指南，您在先前的問題中談到了您所看到的一些總體動態。能否稍微談談您對各個細分領域的看法？

I know you said industrial is still strong. Consumer has the appliance issues. But when you think about the puts and takes versus the flat to slightly up guidance, how do the segments work out?

我知道您說過工業依然強。消費者遇到了電器問題。但是，當您考慮看跌期權和看漲期權與持平或略微上漲的指導時，這些部分是如何運作的？

Yeah. I think you're not going to see much mix. So I think growing from $116 million to $118 million, pretty much what you're seeing is you're going to see industrial and consumer to be flattish and the growth -- little growth coming from the other two segments.

是的。我認為你不會看到太多的混合。因此，我認為從 1.16 億美元增長到 1.18 億美元，您會看到工業和消費者業務基本上持平，而其他兩個部門的成長則很少。

And actually, in consumer, even though it looks flattish, the appliances are really down because we have won the design win in video games that is offsetting that. So really, the bread and butter, major appliances and the comfort appliances, are actually down.

實際上，在消費領域，儘管看起來持平，但家用電器的銷量確實下降了，因為我們在視頻遊戲領域贏得了設計勝利，從而抵消了這一影響。因此，實際上，主要家用電器和舒適家用電器的銷售量都下降了。

And I think the reasons that I attributed to about how strong the first half was plus the tariffs is really -- but I think what really changed for us is the real slowdown on bookings that happened in July for us to give caution a little bit here.

我認為，我將其歸因於上半年業績強勁以及關稅的影響——但我認為，真正讓我們發生變化的是 7 月份預訂量真正放緩，這讓我們需要在此保持謹慎。

Got it. And I guess for any of you, but maybe Jen, the longer-term items that you talked about, the material revenue in automotive for next year, et cetera, I guess a two-part question. One, are you seeing any changes in the road maps for those or the desire and uptake of those products, given the uncertainty that you have in the near term? And two, what does material mean in automotive?

知道了。我想對你們任何人來說，但也許是 Jen，你們談到的長期項目，明年汽車的材料收入等等，我想這是一個分為兩部分的問題。首先，考慮到短期內的不確定性，您是否看到這些產品的路線圖或對這些產品的需求和接受度有任何變化？第二，材料在汽車中意味著什麼？

Yeah, okay,. So I'll just take the first question on the automotive road map and maybe the progress that we're making.

是的，好的。所以我只想回答有關汽車路線圖以及我們正在取得的進展的第一個問題。

I mean, we're continuing to make really good progress with automotive with the road map that we have that we set out. We've got products in, I think, about 30 cars on the road now, mainly in China. But we also now have some models hitting the road soon in Europe, Japan, and the US.

我的意思是，我們按照制定的路線圖在汽車領域繼續取得良好進展。我認為，目前我們的產品已經應用於大約 30 輛行駛在路上的汽車上，主要在中國。但現在我們也有一些車型即將在歐洲、日本和美國上市。

We're continuing to win designs. I think last quarter, you heard about our first GaN design win for automotive. And we had wins this quarter across a number of regions. We had a couple in China, but also one in India and a couple in the US.

我們正在繼續贏得設計。我想上個季度，您就聽說了我們首次在汽車領域贏得 GaN 設計。本季我們在多個地區都取得了勝利。我們在中國有一對，在印度有一對，在美國有一對。

So in terms of the uptake, we're still on track for high single digits in millions this year, and we're expecting that to continue ramping next year and beyond.

因此，就吸收量而言，今年我們仍有望達到數百萬的高個位數，並且我們預計明年及以後這一數字將繼續上升。

Yeah. And basically, Ross, we had talked about 2026 where the meaningful revenue where we get into the low tens of millions, we are actually tracking to that. And I think we talked about towards the end of the decade, 2029, the $100 million goal.

是的。基本上，羅斯，我們已經討論過 2026 年我們的收入將達到數千萬美元，我們實際上正在追蹤這個數字。我想我們討論的是 2029 年底實現 1 億美元的目標。

We started with the emergency power supply as what I call the base. And now we are proliferating into different with micro DC-DC with the potential to eliminate 12-volt battery. And as a result, we've got a real pull.

我們從應急電源開始，我稱之為基礎。現在我們正在向不同的領域擴展微型 DC-DC，有可能淘汰 12 伏特電池。因此，我們獲得了真正的吸引力。

I think you heard that the emergency power supply pulled us even a place like Japan, where we were not initially going. The beauty is we are getting really good traction. And that's why we really feel good about the low double-digit tens of millions in 2026 with all the design wins and the run rate that we are starting to see starting in the fourth quarter.

我想你聽說過，緊急電源甚至可以把我們拉到像日本這樣我們原本沒有去的地方。美妙的是，我們獲得了非常好的牽引力。這就是為什麼我們對 2026 年的低兩位數千萬銷售感到非常滿意，因為我們將從第四季度開始看到所有設計的勝利和運行率。

Tore Svanberg.

托爾·思文凱。

Balu, congratulations again on your retirement. I really appreciate working with you over the years. Thanks for your wisdom. And Jen, welcome on board.

巴魯，再次恭喜你退休。我非常感激這些年來與您合作。謝謝你的智慧。Jen，歡迎加入我們。

I guess my first question on this pull-in/inventory adjustment. First of all, is it mainly in consumer? Or are you seeing it perhaps in a few other parts of your business? And since channel inventory is still quite lean, should we think of this as being like a fairly short-lived correction compared to what we've seen before?

我想我的第一個問題是關於這個拉入/庫存調整。首先，主要在消費者方面嗎？或者您是否在業務的其他一些部分也看到了這一點？而且由於通路庫存仍然相當少，與我們之前所見的情況相比，我們是否應該認為這只是相當短暫的調整？

It's a really good question. So the way I look -- I'm looking at it, and I'm just trying to read the tea leaves here, I have never seen this adjustment to be less than two quarters, sometimes lingers a little more. And the reason I'm trying to do this is because all the other companies were talking about Q4, and we see it a quarter earlier.

這確實是一個好問題。所以從我的角度來看——我正在觀察它，我只是試圖從中看出端倪，我從未見過這種調整少於兩個季度，有時會持續更長時間。我之所以嘗試這樣做，是因為所有其他公司都在談論第四季度，而我們卻提前一個季度看到了這一情況。

For us, mainly it was in appliances. But our visibility, as you know, is low. And basically, I think the real drop in orders, 20% decline from a nominal average over the last six months, was meaningful.

對我們來說，主要是家用電器。但正如你所知，我們的知名度很低。基本上，我認為訂單的實際下降，即過去六個月名目平均值下降 20%，是有意義的。

And so that at least gave us some caution. And appliances, clearly, if you really look at the major appliances, which you know is about 50% of the total consumer, grew 15% year over year there in the first half, which is above the normal growth rate along with the normal design wins or the extra market share we get. So clearly, there was some front-running that we can see could have been a little in other areas, but the only place where it's visible to us is in appliances.

這至少給了我們一些警告。而家電方面，顯然，如果你真正關註一下大型家電，你會發現它們約佔總消費的 50%，今年上半年同比增長了 15%，這高於正常的增長率，而且我們獲得了正常的設計勝利或額外的市場份額。顯然，我們可以看到在其他領域也存在一些搶先行為，但我們唯一能看到的地方是家用電器領域。

So taking what happened in July, the front-running, visibility low; and then hearing what all the others in the industry are talking about Q4 and that we normally see these things a quarter earlier led us to do this adjustment that we have talked about in our guidance.

因此，考慮到 7 月份發生的情況、領先優勢、可見度低；然後聽到業內所有其他公司都在談論第四季度的情況，而且我們通常會提前一個季度看到這些情況，這促使我們進行了我們在指導中討論過的調整。

The commentary from Whirlpool on this was very clear, and that's why we're very confident in what's happening in the appliance space. They cited 20% increase first half over first half in Asian imports of appliances into the US.

惠而浦對此的評論非常明確，這就是我們對家電領域正在發生的事情非常有信心的原因。他們指出，今年上半年亞洲進口到美國的家電數量年增了 20%。

Our major appliance business was up mid-teens year over year in the first half, which, as Sandeep said earlier, is pretty far above what you would normally expect. So we can clearly see it in the appliance space. And again, as Sandeep said, there may be some of that activity happening in other markets, just not as visible to us.

今年上半年，我們的主要家電業務年增了百分之五十左右，正如桑迪普之前所說，這遠遠超出了人們通常的預期。因此我們可以在家用電器領域清楚地看到它。正如桑迪普所說，其他市場可能也存在類似的活動，但我們不太容易察覺。

No, that's great color. And as my follow-up, I don't know if this is a question for Balu or you, Jen, but you mentioned that the TSMC exit from GaN. That's obviously a really big industry data point.

不，那顏色真棒。作為我的後續問題，我不知道這個問題是問 Balu 還是你，Jen，但你提到台積電退出了 GaN。這顯然是一個非常重要的產業數據點。

I'm just curious, have you seen any changes in the competitive landscape since then? There's obviously a few players that have tried to qualify other foundries. But whether it's your fab competitors or fabless competitors, have you seen any changes?

我只是好奇，從那時起您是否看到競爭格局發生了任何變化？顯然，有少數參與者曾嘗試讓其他代工廠獲得資格。但無論是您的晶圓廠競爭對手還是無晶圓廠競爭對手，您是否看到任何變化？

Well, you're hearing other people talk about moving away from TSMC and going to other alternatives. But the other alternatives are not as robust than them. And trying to move from one foundry to the other is not something that happens as quickly.

嗯，你聽到其他人談論放棄台積電並轉向其他替代方案。但其他替代方案並不比它們強大。而嘗試從一個代工廠轉移到另一個代工廠並不是一件很快的事。

The big distinction is for us, yes, you had all these competitors at 650. Nobody has what we have at 1,250 and 1,700. And the advantage we have -- and especially, people are talking about the 800 volt and all -- we have products that will supply into the auxiliary that supports the 800. We've been thinking about this way ahead.

對我們來說最大的區別是，是的，你們在 650 時遇到了所有這些競爭對手。沒有人擁有我們擁有的 1,250 和 1,700。我們的優勢在於——尤其是人們談論的 800 伏特和所有一切——我們的產品可以為支援 800 伏特的輔助設備供電。我們一直在思考這個問題。

So I think what we talked about in our Analyst Day, that having the whole control on the process, the device and the model and just that we have a very proprietary technology, is really differentiating us and putting us ahead of the pack.

所以我認為我們在分析師日上討論的內容，即對流程、設備和模型的全面控制，以及我們擁有的專有技術，真正使我們與眾不同並處於領先地位。

Christopher Rolland.

克里斯多福羅蘭。

I want to also echo my congrats to Balu on your what sounds like a semi retirement. And welcome, Jen. I look forward to working with you.

我也想向 Balu 表示祝賀，祝賀你進入半退休狀態。歡迎你，Jen。我期待與您合作。

So my question -- my first questions are really around Jen. It was nice to hear a chunk of your prepared remarks talk about GaN in AI data center in particular. If I read that correctly, it sounds like you're signaling a commitment and a focus there. And so that's of interest to me.

所以我的問題——我的第一個問題實際上是關於 Jen 的。很高興聽到您準備好的發言中特別談到了 GaN 在 AI 資料中心的應用。如果我理解正確的話，這聽起來像是你在表達一種承諾和關注。這對我來說很有興趣。

That said, you guys are not, as of today, at least, on the list of approved vendors at NVIDIA. It does seem like a dynamic list, and I think people are being added to that all the time.

話雖如此，但至少截至今天，你們還不在 NVIDIA 批准的供應商名單上。它確實看起來像一個動態列表，而且我認為人們一直在被添加到其中。

But I guess my question is, when do you think you might get on that list? And additionally, what are the GaN products you would be providing there? Would they be at the rack level or the power supply or even the first or second stage? And then opportunities beyond that for ASIC guys beyond NVIDIA as well would be great.

但我想我的問題是，您認為什麼時候您才能進入名單？此外，您將在那裡提供哪些 GaN 產品？它們會處於機架級還是電源級，甚至是第一級或第二級？那麼對於 NVIDIA 以外的 ASIC 人員來說，超越這個範圍的機會也會很大。

Okay. That was a long question. Let me try to unpack that.

好的。這是一個很長的問題。讓我試著解釋一下。

So I think just -- maybe I'll take a step back and just say we're playing in the data center ecosystem. So we're already shipping into auxiliary power supplies, and that's an area where we're gaining share with the GaN versions of the InnoSwitch platform thanks to the rising power requirements there.

所以我認為——也許我會退一步說，我們正在資料中心生態系統中發揮作用。因此，我們已經開始向輔助電源領域發貨，由於該領域電力需求不斷增長，我們透過 InnoSwitch 平台的 GaN 版本在該領域獲得了更大的份額。

Next year, we're going to be sampling GaN products for the main converters under the current architecture where you have AC to DC converters at the rack level. And that architecture is going to be around for a while.

明年，我們將在目前架構下對主要轉換器的 GaN 產品進行抽樣，其中在機架層級配備交流到直流轉換器。而且這種架構還會存在一段時間。

High voltages -- higher voltage DC, like I talked about earlier in the prepared comments, that approach isn't going to replace that overnight. But we're also expanding our product offerings for the 800-volt level.

高壓——更高電壓的直流電，就像我之前在準備好的評論中談到的那樣，這種方法不會在一夜之間取代它。但我們也在擴大 800 伏特等級的產品供應。

So we actually designed our 1,700-volt GaN InnoMux4 800 volts, and that product is a perfect fit for the aux power supplies for 800-volt architectures. It requires both 54 and 12-volt outputs at high power. And the 1,700 volt is a voltage level that you need for the flyback architecture for that 800-volt data center architecture.

因此，我們實際上設計了 1,700 伏特 GaN InnoMux4 800 伏，該產品非常適合 800 伏特架構的輔助電源。它需要高功率的 54 伏特和 12 伏特輸出。1,700 伏特是 800 伏特資料中心架構的反激式架構所需的電壓等級。

So GaN is clearly a great and maybe the best choice for the 800 to 54 volts in light of the space constraints. And for that, with 800 volts of input, our 1,250-volt is a really important technology. So both our 1,250 and 1,700-volt GaN capabilities are going to serve 800 volts in both data center and automotive.

因此，考慮到空間限制，GaN 顯然是 800 至 54 伏特的絕佳選擇，甚至是最佳選擇。因此，在輸入電壓為 800 伏特的情況下，我們的 1,250 伏特技術是一項非常重要的技術。因此，我們的 1,250 伏特和 1,700 伏特 GaN 功能均可為資料中心和汽車提供 800 伏特電壓。

And maybe, Sandeep, you can jump in on the products -- the time line of some of the products.

也許，桑迪普，你可以加入產品討論中——一些產品的時間軸。

So we've already got the InnoMux, which is already there. And we talked about next year, sampling the product which Jen talked about. And that will be followed up with -- subsequently with the 800-volt in the main when it goes to the new architecture in '27, '28.

所以我們已經有了 InnoMux，它已經存在了。我們討論了明年對 Jen 所談論的產品進行抽樣的問題。隨後，當它在 27 年、28 年採用新架構時，主要採用 800 伏特電壓。

So we are engaged with everybody. As you know, we don't do discretes. We do system-level products. So we are working with everyone. And when our system-level product comes out, you'll hear a lot more announcement.

因此我們與每個人都保持聯繫。如您所知，我們不做離散產品。我們做系統級產品。因此我們正在與大家合作。當我們的系統級產品問世時，您會聽到更多公告。

But it doesn't mean because if you're not there, we are talking to everyone. Part of the reason why GaN has not been that adopted is because discretes are not as reliable. But when we provide our product with -- at a system level, the adoption is at a different level. So it's a matter of time, but we are very engaged with all the different people who are playing in this ecosystem.

但這並不意味著如果你不在場，我們就會和每個人交談。GaN 未被廣泛採用的部分原因是分立元件不夠可靠。但是，當我們在系統層面提供我們的產品時，採用程度就處於不同的層面。所以這只是時間問題，但我們與在這個生態系統中運作的所有不同人都保持著密切的聯繫。

Great. Maybe just a follow-up to that and then a quick other one. Just maybe if you could give us a metric, either dollars per accelerator or rack or something like that, and tell us who your main competitors are in AI.

偉大的。也許只是對此進行跟進，然後再進行快速的另一個。也許您可以給我們一個指標，無論是每個加速器或機架的美元數或類似的數字，並告訴我們您在人工智慧領域的主要競爭對手是誰。

And secondly, for Sandeep, am I understanding this correct? Like will industrial continue to grow and outgrow the other segments because they don't have some of these other pull-ahead dynamics? And do you still think you can hit the double-digit long-term CAGR next year or do you think you play -- this plays into next year as well?

其次，對於 Sandeep，我的理解正確嗎？例如，工業是否會繼續成長並超越其他領域，因為它們不具備其他一些領先動力？您是否仍然認為明年您可以達到兩位數的長期複合年增長率，或者您認為這也會影響到明年？

We absolutely get back. I think this is an adjustment that is happening. It's more macro and tariff related. And I told you this.

我們一定會回來的。我認為這是一個正在發生的調整。它與宏觀和關稅更加相關。我告訴過你這件事。

If you really look at it, industrial will be -- continue to be a very strong growth driver next year. We're going to grow in automotive. We're going to grow very strongly in metering, in high power, and homebuilding.

如果你認真看一下，你會發現工業明年將繼續成為非常強勁的成長動力。我們將在汽車領域實現成長。我們將在計量、高功率和住宅建築領域實現強勁成長。

But in fact, I think all four segments will grow next year with communication having good strength. We talked about the big GaN win that we had. We also are working -- winning in networking there.

但事實上，我認為明年所有四個領域都會實現成長，並且通訊領域將擁有良好的實力。我們討論了我們在 GaN 領域取得的巨大勝利。我們也在努力在那裡建立人脈。

So I really think post -- how long this adjustment lasts? Is it two quarters or three? That, I don't know, not smart enough. But it's at least two because you're hearing other people talk about the fourth quarter. So I think we'll be back to a double-digit growth starting next year.

所以我真的認為──這種調整會持續多久？是兩個季度還是三個季度？那，我不知道，不夠聰明。但至少有兩個，因為你聽到其他人談論第四季。所以我認為從明年開始我們將恢復兩位數的成長。

So to the extent that you talked about the content, I think we have talked about that in the existing structure. We could get content worth about $1,000 a rack at best. And as Jen talked about, we've got a lot of opportunities because of our 1,250 and 1,700.

因此，就您談論的內容而言，我認為我們已經在現有結構中討論了這個問題。我們最多可以獲得每架價值約 1,000 美元的內容。正如 Jen 所說，我們擁有 1,250 和 1,700 名員工，因此有很多機會。

Yeah, I can just follow on. I mean, I think in terms of competitors, I think what we compete with mostly is discrete designs using MOSFETs or silicon carbide.

是的，我可以繼續。我的意思是，就競爭對手而言，我們主要競爭的是使用 MOSFET 或碳化矽的分立設計。

And really, like Sandeep said and I said earlier, nobody else has the -- the 1,250-volt GaN. This is going to replace silicon carbide and silicon MOSFETs for performance reasons going forward. So we're excited about that.

事實上，就像桑迪普和我之前說的那樣，沒有其他人擁有 1,250 伏特 GaN。出於性能原因，這將取代碳化矽和矽 MOSFET。所以我們對此感到很興奮。

And the most unique is our proprietary GaN is extremely reliable. And obviously, it's very much more cost effective than silicon carbide. So I think we've been talking about the play of our differentiation, and you're seeing our model related to GaN really play out with the exit that Jen talked about of TSMC.

最獨特的是，我們的專有 GaN 極為可靠。顯然，它比碳化矽更具成本效益。所以我認為我們一直在談論我們的差異化表現，你會看到我們與 GaN 相關的模型確實隨著 Jen 談到的台積電的退出而發揮作用。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

I just want to sneak in one quick follow-up. Sandeep, what's the expectation for channel inventory? You guys are doing a good job of keeping it pretty tight. I know it's in your target range. But within your guidance and maybe in the second half as a whole, since you're talking a little bit more about the fourth quarter, how are you expecting the channel to act?

我只是想偷偷地快速跟進。Sandeep，對於通路庫存有什麼期望？你們做得很好，把事情控制得非常嚴密。我知道它在你的目標範圍內。但是在您的指導範圍內，也許在整個下半年，由於您更多地談論了第四季度，您預計該管道將如何表現？

I think this quarter, I'm expecting the sell-in and sell-through to be flattish. And because we are running -- if you really look at it, we're running at 7.7. But if you look at within that, consumer is running at 6. And I think part of the reason we are back to that, Ross, is we have a lot of inventory and we have short lead times, so people really don't want to load up.

我認為本季的銷售量和銷售率預計會持平。如果你仔細觀察，你會發現我們的運行速度是7.7。但如果你觀察一下，你會發現消費者的運行速度是6。羅斯，我認為我們回到這個狀態的部分原因是我們有大量庫存，而且交貨時間很短，所以人們真的不想囤貨。

And I think there's caution because of tariff. And quite honestly, appliances get impacted because the steel tariffs actually do affect the end product quite a bit. And that is another reason that is impacted. But as I said earlier, we had a pretty strong year over year in major appliances in the first half.

我認為由於關稅問題，人們需要謹慎。坦白說，家電產品之所以受到影響，是因為鋼鐵關稅確實對最終產品產生了相當大的影響。這是受到影響的另一個原因。但正如我之前所說，上半年我們大家電業務的年比表現相當強勁。

Got you. I guess speaking a little bit on the fourth-quarter comment that you talked about this potentially being a two-quarter adjustment, et cetera. Is seasonality even a framework that matters? And if so, how would you think seasonality occurs versus the cyclicality/tariff issue as we get into the fourth quarter?

明白了。我想稍微談談您關於第四季度的評論，您談到這可能是兩個季度的調整，等等。季節性是否是重要的架構？如果是這樣，您認為進入第四季後，季節性與週期性/關稅問題會如何發生？

Yeah, that's an interesting hard. For us, seasonality in our business really is in high-power business. Typically in the first quarter, it's down. And of course, a little bit in the communication where you have cell phone that is, as you know, certain quarters that are stronger.

是的，這是一個有趣的難題。對我們來說，業務的季節性確實屬於高強度業務。通常在第一季度，它會下降。當然，在通訊方面，如你所知，手機在某些方面更為強大。

But I think -- and the other thing is for us, in the third quarter, typically, comfort appliances tend to come down because of the cycle of the build. But I think with this whole front-running, things have gotten backed out a little in the appliance area.

但我認為——另一件事是，對我們來說，在第三季度，舒適家電的銷售通常會因為建造週期而下降。但我認為，在整個搶先競爭的過程中，家電領域的情況已經倒退。

Now whether this will be two quarters or three quarters, I'm not smart enough. But the reason I'm putting two quarters is because we see this slightly earlier. We saw it in July. People are still seeing fourth quarter. So I think it's at least that.

現在，無論這將是兩個季度還是三個季度，我都不夠聰明。但我之所以放兩個季度，是因為我們稍早看到了這一點。我們在七月看到了它。人們仍在關注第四季。所以我認為至少是這樣的。

Now I have to see what happens in Q1, a little too early. And I want to see if there's more clarity that comes on this tariff that changes the whole equation. Every day, you turn and there is a different rate at a different place. So we don't know how that will play out.

現在我必須看看第一季會發生什麼，這有點太早了。我想看看這項關稅是否會變得更加明確，從而改變整個局面。每天你轉身，不同的地方就會有不同的匯率。所以我們不知道結果會怎樣。

And interest rates is the other thing. If the interest rates do tend to come down, that helps the housing market. So that's another thing we have to wait and see what happens there.

利率是另一回事。如果利率確實趨於下降，這將有利於房地產市場。所以我們必須等待，看看那裡會發生什麼。

All right. Aubrey, do we have any further questions?

好的。奧布里，我們還有其他問題嗎？

(Operator Instructions) There are no further questions at this time. I would now like to turn the call back over to Joe for his closing remarks. Please go ahead.

（操作員指示）目前沒有其他問題。現在我想把電話轉回給喬，請他作最後發言。請繼續。

Okay. Thanks, everyone, for listening. There will be a replay of this call available on our website, the Investors section of our website, investors.power.com. So thanks again, and good afternoon.

好的。謝謝大家的聆聽。本次電話會議的重播將在我們的網站「投資者」版塊（investors.power.com）上提供。再次感謝，下午好。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。