Power Integrations Inc (POWI) 2025 Q3 法說會逐字稿

Hello, and welcome to the Power Integrations Q3 earnings call. (Operator Instructions) I would now like to turn the call over to Joe Shiffler, Director of Investor Relations. Please go ahead.

大家好，歡迎參加 Power Integrations 第三季財報電話會議。（操作員指示）現在我將把電話交給投資者關係總監喬希夫勒。請繼續。

Thank you, Hayden. Good morning, everyone. Thanks for joining us. With me on the call today are our CEO, Jen Lloyd; and Interim CFO, Eric Verity. We're doing a premarket earnings release this morning since we'll be traveling later today to Chicago, where we'll be attending the Stifel Midwest 1x1 Conference tomorrow. We look forward to seeing some of you there. Later this quarter, we'll also be attending the UBS Technology and AI Conference in Arizona on December 3, and the Virtual Northland Securities Growth Conference on December 16.

謝謝你，海登。各位早安。謝謝您的參與。今天和我一起參加電話會議的有我們的執行長 Jen Lloyd 和臨時財務長 Eric Verity。由於我們今天晚些時候將前往芝加哥，明天將參加 Stifel Midwest 1x1 會議，因此我們今天上午進行盤前財報發布。我們期待在那裡見到你們中的一些人。本季晚些時候，我們也將參加 12 月 3 日在亞利桑那州舉行的瑞銀科技與人工智慧大會，以及 12 月 16 日舉行的北地證券虛擬成長大會。

Our discussion today will include forward-looking statements denoted by words like will, expect, should, outlook, forecast and similar expressions, look, towards, future events or performance. Such statements are subject to risks that may cause actual results to differ from those projected or implied. 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.

我們今天的討論將包括前瞻性陳述，這些陳述使用諸如“將”、“預期”、“應該”、“展望”、“預測”等詞語以及類似表達方式，例如“展望”、“未來事件”或“業績”。此類聲明存在風險，可能導致實際結果與預測或暗示的結果不同。這些風險在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 表格中均有討論。

During this call, we will refer to financial measures not calculated according to GAAP. Non-GAAP measures in the third quarter exclude stock-based compensation expenses, amortization of acquisition-related intangible assets, expenses associated with 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.

在本次電話會議中，我們將提及一些不符合公認會計準則（GAAP）的財務指標。第三季的非GAAP指標不包括股權激勵費用、收購相關無形資產攤銷、與僱傭訴訟事項相關的費用以及這些項目的稅務影響。今天的新聞稿包含了非GAAP指標與GAAP績效的調節表。

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 it over to Jen.

本次通話屬於 Power Integrations 所有，未經 Power Integrations 書面同意，嚴禁任何形式的錄音或轉播。現在我把麥克風交給珍。

Thank you, Joe, and good morning, everyone. I'm going to cover three topics in my remarks today. First, I'll review current business trends and the Q3 results. Next, I'll expand on the opportunity for Power Integrations in data center following the announcement last month of our collaboration with NVIDIA on their 800-volt DC power architecture. And finally, I'll offer some thoughts on my first 100 days in the CEO role and priorities for the months ahead.

謝謝你，喬，大家早安。我今天發言將涉及三個主題。首先，我將回顧目前的商業趨勢和第三季業績。接下來，我將詳細介紹資料中心電源整合的機遇，此前我們在上個月宣布與 NVIDIA 合作開發其 800 伏特直流電源架構。最後，我將分享我擔任 CEO 一職 100 天的一些感想，以及未來幾個月的工作重點。

Starting with recent trends, we said on the Q2 call that we had seen a slowdown in orders in July with bookings down about 20% compared to the monthly run rate of the first half of the year. The lower run rate continued through the third quarter, accompanied by a weaker distribution sell-through.

從最近的趨勢來看，我們在第二季電話會議上表示，7 月訂單量有所放緩，與今年上半年的月度運行率相比，預訂量下降了約 20%。第三季度，較低的營運率仍在持續，同時分銷銷售情況也較為疲軟。

Appliances are by far the largest driver of the slowdown with orders down about 40% in Q3 compared to the first half. Appliances make up the bulk of our consumer category, which accounted for about 40% of our sales in the first half. Throughout the year, we have called out the sensitivity of white goods and other appliances to tariffs owing to their high dollar value and their steel content.

家電是導致經濟放緩的最大因素，第三季的訂單量比上半年下降了約 40%。家用電器是我們消費品類別的主體，上半年約占我們銷售額的 40%。今年以來，我們一直強調白色家電和其他家用電器由於其高昂的美元價值和鋼鐵含量，對關稅非常敏感。

We've talked about the unusually strong growth in our appliance business in the first half and we've highlighted commentary from the largest US appliance OEM regarding what they've called, quote, extensive preloading, unquote, of imports from Asia in the first half. This was a key topic again on their Q3 earnings call last week.

我們已經討論過上半年家電業務異常強勁的增長，並且重點介紹了美國最大的家電原始設備製造商的評論，他們稱上半年從亞洲進口了大量產品。這再次成為他們上週第三季財報電話會議的關鍵議題。

All of this is to say that the softness we're seeing in the second half is not a surprise. Appliances are a great business for us and typically generate a steady and fairly predictable revenue stream.

這一切都表明，我們在下半場看到的柔和局面並不令人意外。家用電器對我們來說是一項很棒的業務，通常能帶來穩定且相當可預測的收入來源。

But tariffs have severely disrupted that industry, adding to the difficulties caused by stagnant home sales in the US and China's weak housing market. And because it's such an important part of our business, we are seeing volatility in our revenues.

但關稅嚴重擾亂了該行業，加劇了美國房屋銷售停滯不前和中國房地產市場疲軟所造成的困難。正因為它是我們業務中如此重要的組成部分，所以我們的收入出現了波動。

We expect fourth-quarter revenues of $100 million to $105 million with the consumer category driving a large portion of the decrease compared to the third quarter. We also expect industrial to be sequentially lower, directionally consistent with recent Q4 seasonality.

我們預計第四季營收為 1 億美元至 1.05 億美元，其中消費品類別的下滑將導致營收較第三季大幅下降。我們也預期工業指標將環比下降，與近期第四季的季節性趨勢一致。

But our industrial business continues to be strong with revenues up nearly 20% for the first three quarters of 2025. That growth is coming from a broad range of applications where we are capitalizing on big picture trends like electrification and grid modernization, encompassing renewables, energy storage, high-voltage DC transmission, and smart meters.

但我們的工業業務依然強勁，2025 年前三個季度的營收成長了近 20%。這種成長來自廣泛的應用領域，我們正在利用電氣化和電網現代化等大趨勢，涵蓋再生能源、儲能、高壓直流輸電和智慧電錶。

Our high-power gate driver business sits squarely in line with these trends and continues to gain momentum with revenues up more than 30% year to date. In Q3, we built on our already strong position in the growing Indian rail business, adding a major new customer with our first design win at one of India's largest suppliers of systems for electric locomotives. We also won our largest design yet with our scale EV automotive driver boards at a major German manufacturer of drive systems for heavy vehicles.

我們的高功率閘門驅動器業務完全符合這些趨勢，並且持續成長勢頭，今年迄今的營收成長超過 30%。第三季度，我們鞏固了在蓬勃發展的印度鐵路業務中的強大地位，並憑藉在印度最大的電力機車系統供應商之一贏得的第一個設計訂單，新增了一位重要客戶。我們也憑藉為重型車輛驅動系統製造的大型德國製造商的規模化電動車驅動板，贏得了迄今為止最大的設計項目。

In low power, we continued our progress in passenger cars with six more design wins in Q3, adding to the 40-plus EV models now on the road using our products. We continue to win a robust share of inverter emergency power supplies and are using that foothold to go after other high-voltage sockets like auxiliary power supplies for battery management and onboard charging.

在低功率領域，我們在乘用車領域繼續取得進展，第三季又贏得了六項設計訂單，目前已有 40 多款電動車車型在使用我們的產品。我們繼續在逆變器緊急電源領域贏得可觀的市場份額，並利用這一優勢進軍其他高壓插座領域，例如電池管理和車載充電的輔助電源。

We see strong interest in our GaN-based solutions helping to drive the market to higher power micro DC to DC converter architectures. We have a strong pipeline of design activity in these applications and expect a healthy revenue ramp over the next several years. Eric will cover the finer details of the quarterly numbers, but I do want to highlight our cash generation and return to stockholders.

我們看到市場對我們基於氮化鎵的解決方案表現出濃厚的興趣，這有助於推動市場向更高功率的微型直流-直流轉換器架構發展。我們在這些應用領域擁有強大的設計項目儲備，預計未來幾年營收將穩定成長。埃里克將詳細介紹季度數據，但我確實想重點介紹我們的現金流和股東回報。

We generated $30 million in cash from operations in Q3 and are on track for more than $80 million in free cash flow this year. We naturally expect free cash flow and free cash flow margins to rise as revenues recover and that confidence is reflected in our cash returns.

第三季度，我們從營運活動中獲得了 3,000 萬美元的現金，預計今年的自由現金流將超過 8,000 萬美元。我們自然預期隨著收入的復甦，自由現金流和自由現金流利潤率將會上升，而這種信心也反映在我們的現金回報中。

Including our fourth-quarter dividend, we will return nearly $150 million to stockholders this year through buybacks and dividends. Our Board has also declared a $0.005 per share dividend increase effective in Q1 of 2026.

包括第四季分紅在內，今年我們將透過股票回購和分紅向股東返還近 1.5 億美元。董事會也宣布，自 2026 年第一季起，每股股息增加 0.005 美元。

Turning now to data center. At last month's OCP Global Summit, we published a paper demonstrating the advantages of our 1,250 and 1,700-volt GaN technologies in 800-volt DC AI data centers. We also announced our collaboration with NVIDIA to help realize the potential of the new architecture to improve efficiency, use less copper and reduce the amount of data center space consumed by power infrastructure. The white paper is available on our website and I encourage you to take a look at it.

接下來我們來看看資料中心。在上個月的 OCP 全球高峰會上，我們發表了一篇論文，展示了我們的 1,250 伏特和 1,700 伏特 GaN 技術在 800 伏特直流 AI 資料中心中的優勢。我們也宣布與 NVIDIA 合作，以協助實現新架構的潛力，從而提高效率、減少銅的使用量並減少電力基礎設施佔用的資料中心空間。白皮書已發佈在我們的網站上，我建議您去看一下。

In short, our proprietary 1,250-volt GaN accommodates an 800-volt input in a conventional power supply topology, while standard 650-volt GaN requires stacking of multiple devices, compromising power density and reliability while adding complexity. Another alternative silicon carbide can handle 800 volts but has significant limitations in terms of power density due to its slower switching speed.

簡而言之，我們專有的 1250 伏特 GaN 可在傳統的電源拓撲結構中容納 800 伏特輸入，而標準的 650 伏特 GaN 需要堆疊多個裝置，這會降低功率密度和可靠性，同時增加複雜性。另一種替代方案是碳化矽，它可以承受 800 伏特的電壓，但由於其開關速度較慢，因此在功率密度方面有很大的限制。

The paper also explains why our 1,700-volt InnoMuX2 is an excellent fit for the auxiliary power socket in the 800-volt architecture. The white paper includes reliability data comparing PowiGaN to other GaN technologies. Reliability has been an obstacle to GaN adoption in the data center as well as the automotive market and the fact that we're seeing traction in both these markets speaks to the superior reliability of our unique GaN technology. In fact, one of the key attributes of our technology that NVIDIA and others in the data center ecosystem have found attractive is the fact that it is automotive qualified and already shipping into the automotive market.

該論文還解釋了為什麼我們的 1700 伏特 InnoMuX2 非常適合 800 伏特架構中的輔助電源插座。該白皮書包含了可靠性數據，並對 PowiGaN 與其他 GaN 技術進行了比較。可靠性一直是 GaN 在資料中心和汽車市場普及的障礙，而我們在這兩個市場都看到了進展，這說明了我們獨特的 GaN 技術具有卓越的可靠性。事實上，NVIDIA 和資料中心生態系統中的其他公司認為我們技術的關鍵特性很有吸引力，那就是它符合汽車行業標準，並且已經進入汽車市場。

While we're excited about the 800-volt opportunity, GaN can also bring significant improvements in power density to existing AI data center architectures, which are expected to remain prevalent for years to come. By the end of this year, we expect to deliver early samples of our system-level GaN product for rack-level AC to DC converters with production release planned for late 2026.

雖然我們對 800 伏特的機會感到興奮，但 GaN 還可以顯著提高現有 AI 資料中心架構的功率密度，預計這些架構在未來幾年仍將盛行。預計到今年年底，我們將交付用於機架級交流轉直流轉換器的系統級氮化鎵產品的早期樣品，並計劃於 2026 年底開始量產。

And now I'll conclude with a few thoughts on my first 100 days in the CEO role. As I said on our call last quarter, just after I joined, that I was excited about our unique technologies and the depth of our expertise in high-voltage processes, packaging, and systems.

最後，我想談談我擔任CEO頭100天的一些感想。正如我在上個季度剛加入公司時在電話會議上所說，我對我們獨特的技術以及我們在高壓工藝、封裝和系統方面的深厚專業知識感到非常興奮。

I could also see that the need for innovative high-voltage technology is growing because of the global trends that we've talked about: grid modernization, electrification, decarbonization and of course, AI.

我還可以看出，由於我們討論過的全球趨勢（電網現代化、電氣化、脫碳以及人工智慧），對創新高壓技術的需求正在增長。

100 days in, I'm just as excited about the opportunities ahead of us and developing a clearer picture of the steps we need to take to best capitalize on them. As I said last quarter, our core power supply business is back on a growth trajectory with a mix moving toward higher-margin industrial applications.

100 天過去了，我對我們未來的機會依然充滿熱情，並且越來越清楚地了解我們需要採取哪些步驟才能最好地利用這些機會。正如我上個季度所說，我們的核心電源業務已重回成長軌道，產品組合正朝著利潤率更高的工業應用方向發展。

The growth in our high-power and automotive businesses shows that our products and expertise has significant value in those markets, while our collaboration with NVIDIA validates the unique capabilities of our GaN technology. We continue to receive encouraging feedback in our conversations with other key participants in the AI ecosystem.

我們在高功率和汽車業務方面的成長表明，我們的產品和專業知識在這些市場中具有重要價值，而我們與 NVIDIA 的合作也驗證了我們 GaN 技術的獨特能力。在與人工智慧生態系統其他主要參與者的對話中，我們不斷收到令人鼓舞的回饋。

I'm confident we have a lot of what we need in terms of technology and engineering talent, though it's clear to me that we need to adapt our organization and our processes to increase the ROI on our R&D spending and better match the needs of the markets that we expect to drive our longer-term growth.

我相信我們在技術和工程人才方面擁有所需的大部分資源，但我很清楚，我們需要調整我們的組織和流程，以提高研發投入的投資報酬率，更好地滿足我們預期將推動我們長期成長的市場需求。

Data center, auto, and high power have different requirements and a different geographic footprint than the mass market power supply business, and we'll be taking steps in the months ahead to better align our R&D and go-to-market resources with those markets. And while we need to reallocate some resources, I don't believe we need to spend more to accomplish what we need to do. We have important hires to make, including some at the senior level, but are limiting hiring to critical needs and I'm pushing the team to tighten up on OpEx and capital spending.

資料中心、汽車和高功率應用的需求和地理分佈與大眾市場電源供應業務不同，我們將在未來幾個月採取措施，更好地調整我們的研發和市場推廣資源，以適應這些市場。雖然我們需要重新分配一些資源，但我認為我們不需要花更多錢來完成我們需要做的事情。我們需要招募一些重要人才，包括一些高階職位，但我們會將招募限制在關鍵需求範圍內，我正在敦促團隊收緊營運支出和資本支出。

Our top priority is to drive shareholder value by growing our cash flow. While revenue growth is really the key to that, disciplined spending will enable us to expand cash flow margins faster as we grow our revenues. So it's something I'm emphasizing as we plan for 2026.

我們的首要任務是透過增加現金流來提升股東價值。雖然營收成長才是關鍵，但有紀律的支出將使我們能夠隨著營收的成長更快地擴大現金流利潤率。所以，在製定 2026 年計畫時，我會重點強調這一點。

And now for a review of the financial details, I'll turn it over to Eric Verity. Eric has been with Power Integrations for more than 15 years, serving as Senior Director of Finance for most of that time. And we're very pleased to have him step into the interim CFO role. Eric?

現在，為了回顧一下財務細節，我將把麥克風交給艾瑞克‧維里蒂。Eric 在 Power Integrations 工作超過 15 年，其中大部分時間擔任財務高級總監。我們非常高興他能擔任臨時財務長一職。艾瑞克？

Thanks, Jen, and good morning, everyone. I'll focus my remarks on the non-GAAP results, which are reconciled to GAAP in our press release.

謝謝Jen，大家早安。我將重點談談非GAAP業績，這些業績已在我們的新聞稿中與GAAP業績進行了核對。

Third-quarter revenues were up 3% sequentially to $119 million. Looking at the sequential changes, Industrial was up high single digits on strength and traction in high-voltage DC transmission in our high-power business as well as growth in metering and automotive.

第三季營收季增3%，達1.19億美元。從連續變化來看，工業業務在高壓直流輸電領域，由於高壓電力業務的強勁表現和成長勢頭，以及計量和汽車業務的成長，實現了接近兩位數的成長。

Communications was up high single digits, driven by strength in cell phones due in part to a design win that we announced earlier in the year for a GaN accessory charger recently launched by a major device OEM. The computer category was up mid-single digits, driven by tablets and aftermarket chargers.

通訊業務實現了接近兩位數的成長，這主要得益於手機業務的強勁表現，而手機業務的強勁表現部分歸功於我們今年早些時候宣布的一項設計訂單，該訂單涉及一家主要設備 OEM 最近推出的 GaN 配件充電器。受平板電腦和第三方充電器的推動，電腦類產品實現了個位數中段的成長。

Consumer revenues were down mid-single digits, driven by softness in major appliances as well as seasonality in air conditioning, offset by strength in gaming. Revenue mix for the quarter was 42% industrial, 34% consumer, 13% computer, and 11% communications.

受大型家電疲軟以及空調季節性因素的影響，消費者收入出現個位數中段下滑，但遊戲產業的強勁表現抵消了這一影響。本季營收組成中，工業佔 42%，消費品佔 34%，電腦佔 13%，通訊佔 11%。

Non-GAAP gross margin for the third quarter was 55.1%, in line with our guidance and down 70 basis points from the prior quarter, driven by higher input costs flowing through our inventory as well as smaller benefit from the dollar and exchange rate. Non-GAAP operating expenses were $47.4 million, in line with our guidance and up sequentially due mainly to higher legal expenses.

第三季非GAAP毛利率為55.1%，符合我們的預期，但比上一季下降了70個基點，主要原因是投入成本上升導致庫存增加，以及美元和匯率帶來的收益減少。非GAAP營運費用為4740萬美元，與我們的預期一致，環比成長，主要原因是法律費用增加。

The non-GAAP effective tax rate was 2%, resulting in non-GAAP earnings of $0.36 per diluted share. Diluted share count was 56.2 million, down about 200,000 from the prior quarter, driven by repurchases. Inventories on the balance sheet fell by 18 days to 278 days.

非GAAP實際稅率為2%，導致非GAAP每股稀釋收益為0.36美元。稀釋後股份數量為 5,620 萬股，比上一季減少了約 20 萬股，主要原因是股票回購。資產負債表上的存貨週轉天數減少了 18 天，至 278 天。

As Jen noted, we saw lower distribution sell-through in the quarter, which resulted in higher channel inventory of 9.8 weeks at quarter end. Sell-through has exceeded sell-in thus far in the fourth quarter, drawing down a significant portion of the channel inventory that accumulated in Q3.

正如Jen指出的那樣，本季分銷管道的銷售率有所下降，導致季度末通路庫存增加至9.8週。第四季迄今為止，銷售量已超過銷售量，從而消耗了第三季累積的通路庫存的很大一部分。

Cash flow from operations was $30 million for the quarter, while CapEx was $6 million. We used $42 million for the buybacks during the quarter, repurchasing 919,000 shares and completing our buyback authorization.

本季經營活動產生的現金流為 3,000 萬美元，而資本支出為 600 萬美元。本季我們使用了 4,200 萬美元用於股票回購，回購了 919,000 股，完成了回購授權。

We also returned $11.8 million during the quarter in the form of dividends. As Jen noted, the Board has increased the dividend by $0.005 to $0.215 per share effective in the first quarter of 2026.

本季我們也以股利的形式返還了 1,180 萬美元。正如Jen所指出的，董事會已將每股股息提高0.005美元至0.215美元，自2026年第一季起生效。

Turning to the Q4 outlook, we expect revenues of $100 million to $105 million. We expect significantly lower consumer revenues driven by the softness in appliances as well as somewhat lower industrial revenues. At the midpoint of the Q4 range, full-year revenue growth would be about 6%.

展望第四季度，我們預計營收為 1 億美元至 1.05 億美元。我們預計受家電市場疲軟的影響，消費者收入將大幅下降，工業收入也將略有下降。第四季中點對應的全年營收成長率約為 6%。

We expect non-GAAP gross margin for the fourth quarter to be between 53.5% and 54%. The decrease in Q3 reflects a less favorable end market mix with appliances and industrial driving the sequential revenue decline.

我們預計第四季非GAAP毛利率將在53.5%至54%之間。第三季營收下降反映出終端市場組合較不利，家電和工業產品是導致營收季減的主要原因。

Lower back-end production volumes will also contribute along with the increase in the yen versus the dollar that took place in September of last year. As a reminder, at our current level of inventory, changes in the yen-dollar exchange rate take roughly a year to affect our gross margin.

後端產量下降以及去年9月日圓對美元走強也將對此有所貢獻。提醒一下，在我們目前的庫存水準下，日圓兌美元匯率的變動大約需要一年時間才會對我們的毛利率產生影響。

We expect gross margin to rebound from the Q4 level in the first half of 2026 as mix swings back toward industrial and appliances and the impact of the yen moves back in a favorable direction. The yen has weakened considerably against the dollar of late, which should provide further support for our gross margin towards the end of 2026. Non-GAAP operating expenses for Q4 should be around $47 million, down slightly from Q3.

我們預計，隨著產品組合重新向工業和家電傾斜，以及日圓匯率的影響轉為有利方向，毛利率將在 2026 年上半年從第四季的水平反彈。近期日圓對美元大幅走弱，這將進一步支撐我們到 2026 年底的毛利率。第四季非GAAP營運費用預計約4,700萬美元，比第三季略有下降。

The effective tax rate for the fourth quarter should be around 3% before rising to high single digits in 2026, driven by a lower exemption for overseas income, a provision of the 2017 tax reform legislation. Finally, I expect share count to come down by 400,000 to 500,000 shares compared to Q3, bringing our share count below 56 million. On a split adjusted basis, that's significantly below the share count at the time of our IPO in 1997.

第四季的實際稅率應該在 3% 左右，之後到 2026 年將升至個位數高位，這是由於 2017 年稅制改革立法中海外收入免稅額降低所致。最後，我預計與第三季相比，股份數量將減少 40 萬至 50 萬股，使我們的股份數量低於 5,600 萬股。經拆股調整後，遠低於我們 1997 年首次公開募股時的股份數量。

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

操作員，現在開始問答環節。

(Operator Instructions) Tore Svanberg, Stifel.

（操作員說明）Tore Svanberg，Stifel。

Yes, thank you. Jen, I was hoping you could talk a little bit more about the consumer business directionally here. Obviously, there was some pull-ins into the first half that are now being digested in the second half. But it does sound like you expect consumer to bounce back in the first half of next year, at least based on Eric's gross margin comments there.

是的，謝謝。Jen，希望你能再多談談消費者業務的發展方向。顯然，上半場有一些新增內容，現在正在下半場消化。但聽起來你似乎預計消費者將在明年上半年反彈，至少根據艾瑞克對毛利率的評論來看是這樣。

So help us understand some of the dynamics there. And maybe also you could include what this would mean for the channel inventory, whether it's going to be back sort of to that eight-week level as you exit the year? Thank you.

所以請您幫我們了解其中的一些動態。或許你也可以說明這對頻道庫存意味著什麼，到年底時庫存是否會恢復到大約八週的水平？謝謝。

Sure. Yes. So first, maybe let me talk about the decline that we saw -- what we're expecting and then maybe talk a little bit about slightly longer term. So we knew that the appliance decline was happening. We knew that Q4 was going to be sequentially lower.

當然。是的。首先，我想談談我們看到的下滑趨勢——我們預期的情況，然後再稍微談談稍長一些的方面。所以我們知道家用電器市場正在衰退。我們知道第四季業績會季減。

It was difficult to forecast just because of the lack of visibility. And the inventory situation there is really finished goods that were shipped into the US and we have very limited visibility to that. But what we did see at our distributors is they did bulk up in Q3. So as you said, the sell-through ended up being somewhat soft.

由於能見度低，很難進行預測。那裡的庫存情況實際上是已運往美國的成品，我們對此了解甚少。但我們從分銷商那裡看到的情況是，他們在第三季確實增加了庫存。正如你所說，銷售情況最終有些疲軟。

But we are already seeing that channel inventory coming down right now where we are in the fourth quarter. So we are expecting that to bounce back. We're just not 100% sure where the timing is going to be when that comes back. But we have heard from -- for example, Whirlpool said in 2026, they're expecting that to normalize as that preloaded inventory clears out at the end of this year.

但我們現在已經看到，在第四季度，通路庫存正在下降。所以我們預計這種情況會反彈。我們目前還不能百分之百確定它何時會恢復。但我們聽到的消息是——例如，惠而浦公司表示，他們預計到 2026 年，隨著預裝庫存在今年年底清空，這種情況將會恢復正常。

So we are expecting our consumer business to get back to growth in 2026. Just it's a little bit hard to predict the timing of that. I don't know if Joe or Eric wants to add to that.

因此，我們預計我們的消費者業務將在 2026 年恢復成長。只是很難預測具體時間。我不知道喬或埃里克是否想補充什麼。

Yeah. We did see a significant sell-through in October to take down that inventory that you are mentioning. And we do see it normalizing next year and we're expecting moderate growth in appliances for 2026.

是的。我們確實在 10 月看到了顯著的銷售成長，從而減少了您提到的庫存。我們預計明年情況將趨於正常，並預計2026年家電市場將溫和成長。

And that one more point on that, Tore. The consumer business typically has some positive seasonality in the first half of the year because the air-conditioning builds are going on for the summer. So that should -- that piece of the business should grow sequentially in Q1.

托雷，關於這一點還有一點。由於夏季空調安裝工程正在進行，消費品行業通常在上半年會有一些積極的季節性增長。因此，這部分業務應該會在第一季環比成長。

The bigger question mark, obviously, is around major appliances, which is the biggest component of the consumer category. And as Jen noted, the world expects the preloaded inventory to be largely cleared out by the end of this year.

顯然，更大的問號在於大型家電，這是消費品類別中最大的組成部分。正如Jen指出的那樣，全世界預計預裝庫存將在今年年底前基本清空。

The bigger question really for 2026 is just what happens with consumer demand for appliances. As you know, housing has been a challenge, certainly in China, but also in the US. There's not a lot of turnover in existing homes, which is a pretty big driver of major appliance sales. So with rates coming down, that could potentially help with demand for major appliances.

2026 年更大的問題在於消費者對家電的需求將會發生什麼變化。如你所知，住房一直是一個挑戰，在中國尤其如此，在美國也是如此。現有房屋的周轉率不高，而這正是大型家電銷售的一大驅動因素。因此，隨著利率下降，這可能有助於提振大型家電的需求。

Maybe I'll add one last comment on that is that we still do see a great future for appliances. It's a great business for us. And I just wanted to reemphasize some of the growth drivers for that are really efficiency standards and the GaN adoption, which means more dollar content. So we do think there's going to be growth in units. And yeah, on top of these macro and cyclical factors, the growth drivers are there.

我最後還要補充一點，我們還是看好家電產業的未來。這對我們來說是一筆很棒的生意。我只想再次強調，推動這一成長的一些真正動力是效率標準和氮化鎵的採用，這意味著更多的美元價值。所以我們認為銷量會有成長。是的，除了這些宏觀和週期性因素之外，成長動力也存在。

Very good. That's very helpful. As my follow-up, I had a sort of longer-term question. And I think, Jen, you mentioned a little bit of this on the call where it does sound like data center, automotive, and high power are going to be a big focus for the company.

非常好。那很有幫助。作為後續問題，我有一個比較長期的問題。珍，我覺得你在電話會議上也稍微提到了這一點，聽起來資料中心、汽車和高功率領域將是公司的重點發展方向。

So I'm just wondering, does that mean you're going to change a little bit how you go to market, how you're structured internally? Obviously, today, you have the four main end markets and you've got tons of applications within each one. But yeah, just wondering if that's going to cause a reorg and sort of the focus being more on data center, auto, and high power? Thank you.

所以我想知道，這是否意味著你們會稍微改變市場策略和內部結構？顯然，如今有四大主要終端市場，每個市場內都有大量的應用。是的，我只是想知道這是否會導致重組，以及是否會將重點更多地放在資料中心、汽車和高功率領域？謝謝。

Yeah, maybe two comments there. The first one is you're correct, we are going to be focusing more on those markets, both in terms of our R&D investment, but also in terms of our go-to-market approach. And we've already taken some steps realigning our project spend to accelerate some of the developments that are in those areas.

是的，或許可以提兩則評論。首先，你說得對，我們將更關注這些市場，無論是在研發投資方面，或是在市場推廣策略方面。我們已經採取了一些措施，調整了專案支出，以加快這些領域的一些發展。

But I did want to comment that we still have a very strong core business and we will still be investing to drive that business. We're just being -- we are going to be pivoting more towards the data center, automotive, and high power.

但我確實想補充一點，我們仍然擁有非常強大的核心業務，我們將繼續投資以推動該業務的發展。我們只是——我們將更多地轉向資料中心、汽車和高功率領域。

Great. Thank you very much.

偉大的。非常感謝。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hi, guys. Thanks for the question. I guess, first, if we could maybe talk about next quarter and how you see things playing out in terms of strength or weakness between comms, computer, consumer and industrial, that would be very helpful for us.

嗨，大家好。謝謝你的提問。我想，首先，如果我們能談談下個季度的情況，以及您如何看待通訊、電腦、消費和工業領域之間的強弱變化，那將對我們非常有幫助。

You mean Q4, Chris?

你是說第四季嗎，克里斯？

Yeah. Yeah.

是的。是的。

Yeah. I think the -- as we indicated in the script, consumer, we expect to be down pretty significantly after the accumulation of the channel inventory in Q3 that took place when the sell-through there didn't quite match what the distributors were buying for.

是的。我認為——正如我們在腳本中指出的那樣——消費者，我們預計在第三季度渠道庫存積壓之後，銷量將大幅下降，因為當時渠道的銷售價格與分銷商的進貨價格並不完全匹配。

And this is very consistent with what we've heard from Whirlpool about the pull-ins that happened in the first half, shipments coming and being preloaded from Asia. So there's clearly one more quarter there of inventory burn in the finished goods and that needs to happen. So consumer makes up the biggest part of the decline.

這與我們從惠而浦公司了解到的情況非常一致，即上半年從亞洲運來的貨物已經預裝完畢。所以很明顯，成品庫存還需要再消耗一個季度，這是必須的。因此，消費者是導致下滑的主因。

Industrial also down sequentially. That's really just kind of a function of some seasonality in parts of the market like tools, some of the electrified or battery-powered lawn equipment and other tools that have a seasonal aspect to them. Also, some of the other parts of the business, high power has just some kind of normal lumpiness in order patterns. These are big project-driven. It's a project-driven business.

工業板塊環比也出現下滑。這實際上只是市場某些部分（例如工具、一些電動或電池驅動的草坪設備以及其他具有季節性特徵的工具）的季節性因素造成的。此外，業務的其他一些部分，高功率，訂單模式中也存在某種正常的波動。這些都是大型專案驅動型專案。這是一個以專案為導向的企業。

So the timing of orders in high power and also metering, which is driven by government tenders in India. So it's really just a timing of orders thing there. But as Jen said, the industrial business is still doing very well.

因此，高功率訂單和計量訂單的下達時間取決於印度政府的招標。所以這其實只是訂單處理時間的問題。但正如Jen所說，工業企業仍然發展得很好。

So those two are really going to drive the sequential decline. I think computer and comms are probably closer to flat, maybe slightly down, but the bulk of the decline comes from consumer and industrial.

所以，這兩個因素將真正推動股價連續下跌。我認為電腦和通訊產業可能接近持平，或許略有下降，但大部分下滑來自消費和工業領域。

Thanks, Joe. And then Jennifer, maybe a data center question for you. So as I understand it, you're doing -- I believe it would be the main power conversion in the PSU for data center AI power supplies. And I think originally, this is silicon, I believe most think this is going to move to silicon carbide. Of course, you have this unique high-voltage GaN product. And so it does seem like maybe there could be a debate here, silicon carbide versus high-power GaN.

謝謝，喬。還有，珍妮弗，我可能有個關於資料中心的問題想問你。據我了解，你正在做的事情——我相信這將是資料中心人工智慧電源中的主要電源轉換。而且我認為最初這是矽，我相信大多數人認為這將轉向碳化矽。當然，你們擁有這款獨特的高壓氮化鎵產品。因此，這裡似乎可能會出現一場爭論，即碳化矽與高功率氮化鎵之間的比較。

How are your engagements going with the PSU OEMs? How do you guys ultimately view share shaking out? And do you think you will be the primary here or the backup here? It seems like GaN would have some cost advantages over [SEC]. So I'm curious if you have any prognostications as to how share shakes out between these two technologies longer term.

您與電源OEM廠商的合作進度如何？你們最終如何看待市佔率的洗牌？你認為你會是主力還是替補？看起來氮化鎵在成本方面似乎比普通材料更有優勢。[SEC]。所以我很想知道您對這兩種技術長期市佔率的最終格局有何預測。

Okay. Let me try to address that. Maybe I can address that by talking about where we think the opportunities are for GaN. I can talk a little bit about silicon carbide. I think it will be difficult to say how the share is going to shake out. There are, as you know, a lot of players going after this market.

好的。讓我來試著解釋一下。或許我可以透過談談我們認為氮化鎵 (GaN) 的發展機會來解決這個問題。我可以簡單談談碳化矽。我認為很難預測最終的市佔率走勢。正如你所知，有很多玩家都在爭奪這個市場。

But what we talked about recently is about what we think is the future opportunity as the data centers move to higher voltage like 800-volt DC. So the first opportunity there really for Powis and the aux supplies. And that's an application we already address in existing data center architectures. But in the 800-volt DC architecture, that really requires a 1,700-volt switch.

但我們最近討論的是，隨著資料中心向更高電壓（例如 800 伏特直流電）發展，我們認為未來的機會是什麼。因此，對於 Powis 和輔助電源來說，這確實是第一個機會。而這正是我們在現有資料中心架構中已經解決的應用問題。但在 800 伏特直流架構中，這實際上需要一個 1700 伏特的開關。

And that is where the other option would be silicon carbide, but we think the 1,700-volt GaN provides some advantages. So that remains to be seen, but we believe that the power density achieved by the GaN will be stronger and make that a better choice.

另一種選擇是碳化矽，但我們認為 1700 伏特的氮化鎵具有一些優勢。所以這還有待觀察，但我們相信 GaN 實現的功率密度會更高，使其成為更好的選擇。

There's also opportunity for POWI in the 800-volt DC to DC conversion and that's where we think the 1,250-volt technology will come in, and we talked about advantages there. That technology is shipping into other markets, but now we're working to build products for it -- sorry, for the 800-volt data centers. And we're engaged there with NVIDIA, but others as well at the architectural level to build products that will best suit their specs and just add that product we expect to be released in 2027.

POWI 在 800 伏特直流到直流轉換領域也有機會，我們認為 1250 伏特技術將在這方面發揮作用，我們也討論了它的優勢。這項技術正在向其他市場出口，但現在我們正在努力為其打造產品——抱歉，是為 800 伏特資料中心打造的產品。我們正在與 NVIDIA 以及其他公司在架構層面合作，以建立最符合他們規格的產品，並添加我們預計在 2027 年發布的產品。

We also think there's other opportunities, the high-power AC to DC converter that sits at the front end of the data center. We have gate driver boards there that are a good fit for that. And we have drivers for the silicon carbide modules that will be used there. So that's a place where silicon carbide will show up. So I think it depends socket to socket, whether you're going to see GaN or silicon carbide, but we believe that the GaN -- the high-voltage GaN will prevail in the aux supplies and the main DC to DC conversion.

我們也認為還有其他機會，例如位於資料中心前端的高功率交流轉直流轉換器。我們那裡有很適合的閘門驅動板。我們有適用於那裡將要使用的碳化矽模組的驅動程式。所以，這就是碳化矽會出現的地方。所以我認為這取決於特定的插座，你會看到氮化鎵還是碳化矽，但我們相信，高壓氮化鎵將在輔助電源和主直流到直流轉換中佔據主導地位。

And Jennifer, do you have wins at the power supply OEMs or through the supply chain? Or is it too early given the 2027?

Jennifer，你在電源OEM廠商或供應鏈方面取得過成功嗎？或者考慮到2027年才到年底，現在要討論這個問題是否為時過早？

We do have wins in the OEMs, yes, with the aux supply.

是的，我們在OEM廠商中取得了一些成功，尤其是在輔助電源方面。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

Hi guys, thanks for letting me ask a question. Why don't I just stick with the long-term question first, which is, Jen, what do you view to be the TAM opportunity for where POWI is playing in the AI data center side of things? And roughly speaking, what's the kind of time to revenue? What sort of slope are you looking at?

大家好，感謝你們允許我提問。不如我先從長遠角度來探討這個問題，Jen，你認為 POWI 在 AI 資料中心領域所扮演的角色，其潛在市場規模 (TAM) 有多大？粗略來說，獲利需要多長時間？你指的是哪種坡度？

And it was great that you guys got added to the collaboration list, definitely a positive, but you are just one of 13 other companies. So it seems like it is going to be a competitive field.

很高興你們被列入合作名單，這絕對是件好事，但你們只是其他 13 家公司之一。看來這將是一個競爭激烈的領域。

Yeah, definitely. There are quite a few involved. And as far as the TAM, I think we think it's -- for us, it's too early to know. I mean, I think it's too early for everybody to know how fast the 800-volt DC market will take off. So it is really hard to estimate the size of the market.

是的，當然。牽涉其中的人還真不少。至於 TAM，我認為──對我們來說，現在下結論還為時過早。我的意思是，現在要讓大家知道 800 伏特直流電市場的發展速度還為時過早。因此，市場規模真的很難估算。

What we focused on is looking at what our content would be in the AI server rack. So we feel like at this point that our content is probably somewhere around 1,000, but higher in the 800-volt DC. So that's a little bit about -- you can size based on what our rack content is.

我們重點關注的是如何讓我們的內容儲存在 AI 伺服器機架中。所以，我們覺得目前我們的產品容量大概在1000左右，但800伏特直流電的容量會更高。所以大概就是這樣——你可以根據我們機架的產品容量來決定尺寸。

As far as time to revenue, I mean, we have products today that can serve the existing data center market. The content will go up, as I said, as it shifts to the 800-volt DC architecture, but meaningful revenue generation is going to be a few years out for us. So I think 2027 is when we'll be releasing the first products that can go into the main supply of the data center architecture.

就實現盈利所需時間而言，我的意思是，我們目前的產品可以服務現有的資料中心市場。正如我所說，隨著向 800 伏特直流架構的轉變，內容將會增加，但對我們來說，真正產生可觀的收入還需要幾年時間。所以我認為 2027 年我們將發布首批可以進入資料中心架構主供應鏈的產品。

Got you. Thank you for that.

抓到你了。謝謝。

One more point, Ross. That list of 14, there are a lot of different sockets in play here and not every one of those 14 players is going after every one of those sockets. So in the 800-volt architecture, the two sockets that we're best positioned for are the auxiliary power supply with the InnoMuX2 products and the main converter, the 800-volt to either 12 or 54-volt socket. And we think you really need high-voltage GaN for that socket. And not everybody on that list has high-voltage GaN. So it's not that we're competing against 14 other companies for these sockets. Everybody is going after different pieces of that market.

羅斯，還有一點。那 14 個插槽中有很多不同的插槽，並不是這 14 個玩家都會去爭奪每個插槽。因此，在 800 伏特架構中，我們最適合的兩個插座是：InnoMuX2 產品的輔助電源和主轉換器，即 800 伏特轉 12 伏特或 54 伏特的插座。我們認為這個插座確實需要高壓氮化鎵。並非名單上的每個人都擁有高壓氮化鎵。所以並不是說我們要和其他 14 家公司競爭這些插座。每個人都在爭奪這塊市場的不同份額。

So -- and then just to add one more thing. We're talking here about the 800-volt opportunity. But the bigger piece of the AI data center market for the -- at least the near future is still going to be the existing architectures where you have rack-level AC/DC converters.

所以——最後再補充一點。我們現在討論的是800伏特電壓帶來的機會。但至少在不久的將來，人工智慧資料中心市場的大部分份額仍將來自現有的機架級 AC/DC 轉換器架構。

We have a product that's going to be sampling, as Jen mentioned in her prepared remarks, going to be sampling here before the end of this year and then be ready for release in the latter part of 2026. We've got a good lineup of customers interested in those early samples. And that's a product we can start to generate revenue sooner than the 800-volt opportunity.

正如 Jen 在她準備好的演講稿中提到的，我們有一款產品將在今年年底前進行樣品測試，然後在 2026 年下半年準備發布。我們已經有不少客戶對這些早期樣品展現了濃厚的興趣。而且，與 800 伏特產品相比，我們可以更快地從該產品中獲得收益。

Thanks for that color. And I guess the near-term question I have, I guess, it will be more on the consumer side. But just thinking about the channel inventory side of things, it seems like you guys are burning a ton in the December quarter.

謝謝你提供的顏色。而我近期最關心的問題，我想，應該更多會牽涉到消費者方面。但就通路庫存方面而言，你們在 12 月季度似乎消耗了大量庫存。

As that normalizes, do you expect -- how big of a tailwind do you expect, I guess, the first half of the year in the consumer business? So whether you want to talk about what the revenues would be without the inventory burn in the fourth quarter guide or the size of that revenue on kind of a normalized consumer quarterly run rate?

隨著這種情況逐漸正常化，您預計—我猜想，您預計今年上半年消費業務會有多大的利多因素？所以，你是想討論第四季業績指引中不計入庫存消耗的收入是多少，還是想討論按照某種正常化的消費者季度運行率計算的收入規模？

Whatever is the easiest framework. I'm just trying to figure out how much pain you're taking now and when it bounces back to normal, what does that really mean?

選擇最簡單的框架。我只是想弄清楚你現在承受著多大的痛苦，以及當痛苦恢復正常時，那到底是什麼意思？

Yeah. Well, the -- we were at, I think, 7.6 weeks of inventory coming out of the third quarter. We added a couple of weeks here during the third quarter -- sorry, coming out of the second quarter, we were at 7.6, added a couple of weeks largely in the consumer category. Based on what we're seeing so far through October, it looks like we'll burn off most, if not all, of the inventory that accumulated during Q3.

是的。嗯，我認為，第三季末我們的庫存量相當於 7.6 週的庫存。我們在第三季增加了兩週——抱歉，應該是第二季末，當時是 7.6 週，增加了兩週，主要是在消費品類別中。根據我們目前在 10 月看到的情況來看，我們似乎能夠消化掉第三季累積的大部分（如果不是全部）庫存。

Where that lands us in terms of weeks exactly, it's hard to say. It kind of depends on the denominator a little bit, but we should be in a much cleaner position as we start the first quarter. And then from there, it really just depends on end demand in the appliance category as to what happens with consumer growth.

具體需要幾週時間，還很難說。這在某種程度上取決於分母，但當我們開始第一季時，我們的處境應該會好得多。然後，消費者成長的走向，其實就取決於家電品類的終端需求了。

As I mentioned earlier, the air-conditioning part of the business typically trends up in the first half. Major appliances, really more of a question mark. Tariffs not only kind of disrupted order patterns with the pull-ins, but also there's a little bit of demand destruction aspect to them as well because you get -- it affects pricing for consumers.

正如我之前提到的，空調業務在上半年通常呈上升趨勢。大型家電方面，確實還有很多未知數。關稅不僅會透過拉動訂單來擾亂訂單模式，而且還會對需求造成一定程度的破壞，因為它會影響消費者的定價。

And there's -- some of the inflation data earlier this year showed some pretty significant increases in appliance prices. So a lot of variables there. But what seems pretty clear is the preloaded inventory should be cleared out by the end of this year. At least, that's according to Whirlpool and our own channel inventory should be in better shape as we exit the year. So from there, it will be a question of demand.

而且，今年稍早的一些通膨數據顯示，家電價格出現了相當顯著的上漲。所以這裡面有很多變數。但可以肯定的是，預裝庫存應該在今年年底前清空。至少惠而浦是這麼說的，而且隨著年底臨近，我們自己的渠道庫存狀況應該會更好。所以，接下來就取決於需求了。

David Williams, The Benchmark Company.

David Williams，基準公司。

Hey, good morning and thanks for taking my questions. Maybe first, if we're thinking about the PC market and potential adjacent opportunities there to expand the business, how do you think about maybe more of the -- on the PC side and compute, just where you think some additional opportunities could be for you guys?

嗨，早上好，謝謝你回答我的問題。首先，如果我們考慮個人電腦市場以及拓展業務的潛在相關機會，您認為在個人電腦和運算領域，你們還有哪些額外的機會？

So let me clarify the question. Are you talking about the data center, the server or more in the --?

讓我來澄清一下這個問題。您指的是資料中心、伺服器還是其他方面？——？

Yeah. No. No, outside of the server, more on the PC, just more on the compute side, the more mainstream consumer-based type products.

是的。不。不，除了伺服器之外，更多的是個人電腦，更多的是運算方面，更主流的消費級產品。

Yeah. David, I think the real opportunity in that -- in the PC market is really in GaN penetration in notebooks. I mean, that's the key opportunity for us. And that's an area we've been making kind of steady progress. There hasn't really been a mass move yet by the PC OEMs towards GaN, but there have been some. We've had some good design wins and notebooks become a pretty meaningful part of our consumer category over the last couple of years.

是的。David，我認為真正的機會在於──在PC市場，GaN技術在筆記型電腦的滲透率才是關鍵。我的意思是，這對我們來說是一個關鍵機會。我們在這個領域一直在穩步取得進展。PC OEM廠商還沒有真正大規模轉向GaN技術，但已經有一些廠商開始這樣做了。過去幾年，我們獲得了一些不錯的設計訂單，筆記型電腦也成為了我們消費品類別中非常重要的一部分。

So I think the story in PC for us is really just how quickly does GaN get adopted over the next few years. We have a lot of design activity going on. And it's really just a question of how quickly the PC OEMs who haven't gone towards GaN yet want to do that.

所以我認為，對於我們PC用戶來說，真正的故事在於未來幾年GaN技術會被多快普及。我們正在進行很多設計方面的工作。實際上，這只是一個問題，那些尚未採用氮化鎵技術的PC OEM廠商希望以多快的速度採用這項技術。

Great. And then maybe just on the automotive side, you mentioned some nice design wins there this quarter on top of the 40 that are already on. Can you talk maybe about the traction you're seeing there, what those opportunities look like? And do you see that as a large -- or I guess, how would you size the magnitude of that potential opportunity going forward? Thanks.

偉大的。然後，就汽車領域而言，您提到本季度除了已經獲得的 40 個設計項目之外，還有一些不錯的設計項目獲得批准。您能否談談您在那裡看到的進展情況，以及那些機會是什麼樣的？你認為這是一個很大的機會嗎？或者說，你如何評估這個潛在機會在未來發展中的重要性？謝謝。

Yeah, I'll talk about the design win that we were referencing was for heavy vehicle win. So let me describe that a little bit. Basically, that was a win with a systems company that sells to vehicle manufacturers. So kind of like a Tier 1 for passenger cars. And we believe that that design is for a mining vehicle.

是的，我會談談我們之前提到的那個重型車輛設計得標項目。讓我簡單描述一下。基本上，這是與一家向汽車製造商銷售系統的公司達成的成功合作。有點像是乘用車的Tier 1等級。我們認為該設計是用於礦用車輛的。

So the unit opportunity there, it's much smaller than what you'd see for passenger vehicles, maybe 15:1, but the content is higher. So our content there is probably about 10x with current products. And that's where we're selling gate drivers for the traction inverters in addition to power supply chips. So we think that's a good area where we can see more wins. But it is a bit fragmented of a business, so difficult to grow rapidly, but we do expect it to be part of the mix in our auto business over time.

所以，那裡的單位機會比乘用車小得多，可能只有 15:1，但含量更高。所以，我們在那裡的內容大概是目前產品的 10 倍左右。除了電源晶片外，我們還在那裡銷售牽引逆變器的閘極驅動器。所以我們認為這是一個可以取得更多勝利的好領域。但這項業務比較分散，因此很難快速發展，但我們預計隨著時間的推移，它將成為我們汽車業務組合的一部分。

Yeah. And then on the passenger side, which is obviously going to be the bigger part of the automotive business for us. We talked a little bit about it in the scripts. It's an area we're seeing a lot of success. The emergency power supply in the inverter is an application we're doing extremely well in, winning most of the opportunities that we go after.

是的。然後是乘客側，這顯然將成為我們汽車業務中更大的部分。我們在劇本裡稍微談到了這一點。我們在這個領域取得了巨大的成功。逆變器中的緊急電源是我們做得非常好的應用領域，我們贏得了大多數我們爭取到的機會。

We just -- we have a very elegant, very effective solution for that with our automotive qualified InnoSwitch products. And that's a socket that we're using as a foothold in the automotive space. And it's getting us on the group vendor list for a lot of these OEMs, getting us access to more sockets.

我們—我們有一個非常優雅、非常有效的解決方案，那就是我們符合汽車行業標準的 InnoSwitch 產品。而這正是我們進軍汽車領域所利用的立足點。這讓我們進入了許多OEM廠商的供應商名單，也讓我們獲得了更多的插槽。

The architectures in EVs are evolving in a way that's very favorable for us. More power supply sockets are being built into these evolving EV architectures, auxiliary power supplies for some of the subsystems. We mentioned micro DC/DC converters, which are small power supplies that allow some of these ancillary systems to run more efficiently, handling things like over-the-air updates and video surveillance that the cars are doing when they're not being driven.

電動車的架構正在朝著對我們非常有利的方向發展。在不斷發展的電動車架構中正在內建更多的電源插座，為某些子系統提供輔助電源。我們提到了微型 DC/DC 轉換器，這是一種小型電源，可以讓一些輔助系統更有效率地運行，處理諸如汽車在不行駛時進行的空中更新和視訊監控等操作。

Those kinds of functions all need power and they all need efficiency because you don't want to be draining the battery while your car is in what you might call standby mode. So a lot of opportunity in automotive. The SAM long term, of course, is going to depend on EV adoption. But it's going to be a very large -- continue to be a very large SAM for us and we're having a lot of success there.

這些功能都需要電力，也都需要高效運行，因為你肯定不希望在汽車處於所謂的待機模式時耗盡電池電量。所以汽車產業有很多機會。當然，SAM 的長期發展最終取決於電動車的普及程度。但對我們來說，它將是一個非常大的——並且將繼續是一個非常大的SAM，我們在那裡取得了巨大的成功。

(Operator Instructions) There are no further questions at this time. I will now hand it back to Joe Shiffler for closing remarks.

（操作說明）目前沒有其他問題。現在我將把發言權交還給喬希夫勒，請他作總結發言。

All right. Thanks, Hayden. Thanks, everyone, for joining. There will be a replay of this call available on our website, investors.power.com. We look forward to seeing some of you tomorrow in Chicago, and thanks again for listening.

好的。謝謝你，海登。謝謝大家的參與。本次電話會議的錄音將在我們的網站 investors.power.com 上提供。我們期待明天在芝加哥見到各位，再次感謝您的收聽。

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

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。