Power Integrations Inc (POWI) 2025 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the Power integrations Q4 earnings call.

大家好。感謝您參加本次 Power Integrations 第四季財報電話會議。

(Operator Instructions)

（操作說明）

I will now hand the call over to Joe Shiffler; senior director of investor relations. Please go ahead.

現在我將把電話交給投資者關係高級總監喬希夫勒。請繼續。

Thank you, Chelsea. Good afternoon, everyone. Thanks for joining us. With me on the call are Jennifer Lloyd; our CEO, and Nancy Erba, who joined Power Integrations last month as CFO.

謝謝你，切爾西。大家下午好。謝謝您的參與。與我一起參加電話會議的還有我們的執行長珍妮佛勞埃德，以及上個月加入 Power Integrations 擔任財務長的南希埃爾巴。

After Jen and Nancy's prepared remarks, we'll open it up for questions.

在Jen和Nancy發言結束後，我們將開放提問環節。

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

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”等詞語以及類似的表達方式來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。

Such risks are discussed in today's press release.

今天的新聞稿中討論了這些風險。

And in our most recent Form 10-k filed with the SEC on February 7, 2025.

以及我們在 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。

During this call we will refer to financial measures not calculated according to GAAP.

在本次電話會議中，我們將提及一些未依照公認會計準則計算的財務指標。

Non-GAAP measures in the fourth 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.

第四季度的非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。

Thanks, Joe, and good afternoon, everybody.

謝謝你，喬，大家下午好。

Overall, our fourth quarter results were largely in line with our expectations with a revenue of $103 million and Non-GAAP earnings of $0.23 per share.

總體而言，我們第四季的業績基本上符合預期，營收為 1.03 億美元，非 GAAP 每股收益為 0.23 美元。

I'm also pleased to report that we returned to growth in 2025. Full year revenue was up 6%. Non-GAAP EPS grew by 8%. And we generated $112 million of cash flow from operations up $30 million from the prior year. Last quarter I shared that CapEx control would be an immediate priority, and we demonstrated that in Q4, reducing Non-GAAP expenses by more than $2 million from the prior quarter.

我很高興地宣布，我們在 2025 年恢復了成長。全年營收成長6%。非GAAP每股收益成長8%。我們的經營活動產生的現金流為 1.12 億美元，比前一年增加了 3,000 萬美元。上個季度我曾表示，資本支出控制將是當務之急，而我們在第四季證明了這一點，非GAAP支出比上個季度減少了200多萬美元。

We are announcing today that we carried out a restructuring earlier this week, reducing our global workforce by about 7%. While such decisions are difficult, we took this action to better align expenses with revenue. This creates flexibility to invest in products, people, and markets that will create long-term value for shareholders.

我們今天宣布，本週稍早我們進行了重組，將全球員工人數減少了約 7%。雖然這樣的決定很艱難，但我們採取這項行動是為了更好地讓支出與收入相符。這樣一來，公司就可以靈活地投資於能夠為股東創造長期價值的產品、人才和市場。

Looking at recent business trends, booking improved significantly in Q4 after slowing in the prior quarter, partly as a result of excess appliance inventory shipped into the US last year ahead of the tariffs. Encouragingly, the largest US appliance OEM reported last week that this preloaded inventory has largely dissipated.

從最近的商業趨勢來看，第四季度的預訂量在上一季度放緩後顯著改善，部分原因是去年在關稅生效前向美國運入了過多的家電庫存。令人鼓舞的是，美國最大的家電OEM廠商上週報告稱，這種預裝庫存已基本消失。

Part of the recent improvement in orders relates to appliances, and we expect sequential growth in our consumer category in Q1. However, our broader view is that appliance demand continues to face headwinds, including low existing home sales in the US.

近期訂單量的成長部分與家電有關，我們預計第一季消費品類別將實現季比成長。然而，我們更廣泛的觀點是，家電需求持續面臨不利因素，包括美國現有房屋銷售低迷。

The effective tariffs on appliance prices and ongoing softness in China housing.

家電價格的有效關稅以及中國房地產市場的持續疲軟。

The industrial market has been a key driver of the recent uptick in bookings, and we expect industrial to be our fastest growing market again in 2026, starting with a strong Q1.

工業市場一直是近期預訂量上升的主要驅動力，我們預計工業市場將在 2026 年再次成為我們成長最快的市場，從強勁的第一季開始。

Overall, we generated 10% growth in design win value in 2025 with particular strength in GaN and high power products. We are also encouraged by customers' response to our new Tiny Switch 5 ICs with a healthy pipeline of designs scheduled to begin production in the second half of 2026.

總體而言，我們在 2025 年的設計中標價值實現了 10% 的成長，其中 GaN 和高功率產品領域尤為強勁。我們也對客戶對我們新型 Tiny Switch 5 IC 的正面回饋感到鼓舞，目前已有相當數量的設計產品計劃於 2026 年下半年開始生產。

Additionally, our multi-output GaN-based Inu 2 integrated circuits are seeing strong design traction in the TV market.

此外，我們基於氮化鎵的多輸出 Inu 2 積體電路在電視市場獲得了強勁的設計吸引力。

These and other upcoming products will enable us to sustain and grow our core IC business even as we shift our investment priorities towards markets like AI data center, industrial, and automotive where our expertise is helping customers solve their toughest power challenges.

這些以及其他即將推出的產品將使我們能夠在將投資重點轉向人工智慧資料中心、工業和汽車等市場的同時，維持和發展我們的核心積體電路業務，在這些市場中，我們的專業知識正在幫助客戶解決他們最棘手的電源挑戰。

Advanced high voltage technologies are essential to the emerging power ecosystem. Our solutions span from the generation of renewable energy to long distance DC transmission to battery storage, to smart meters at the edge of the grid, to the efficient use of power in homes, factories, data centers, and vehicles.

先進的高壓技術對於新興的電力生態系統至關重要。我們的解決方案涵蓋從再生能源發電到遠距離直流輸電，再到電池儲能、電網邊緣的智慧電錶，以及家庭、工廠、資料中心和車輛的高效用電。

While it will take time to fully align our R&D and go to market efforts with our long-term strategic plan, recent results demonstrate that we have already built momentum in some of the markets we are targeting for long-term growth. For example, revenue outside of cell phone applications has averaged 12% growth over the past two years, and in 2025, industrial revenue grew 15%. Driven by the big picture themes that are integral to our growth strategy, electrification, renewable energy, and grid modernization.

雖然要讓我們的研發和市場推廣工作與我們的長期策略計畫完全保持一致還需要時間，但最近的結果表明，我們已經在一些我們瞄準長期成長的市場中建立了勢頭。例如，過去兩年手機應用程式以外的收入平均成長了 12%，到 2025 年，工業收入成長了 15%。以電氣化、再生能源和電網現代化這三大成長策略的核心主題為驅動力。

These things are especially relevant in our high power industrial business which had a record year with double-digit growth driven by electric rail where we have a very strong position in the India locomotive market and by high voltage DC transmission projects delivering renewable energy to the grid.

這些因素與我們高功率工業業務特別相關，該業務在電力鐵路領域取得了創紀錄的兩位數增長，我們在印度機車市場佔據了非常強大的地位，同時高壓直流輸電項目也為電網輸送了可再生能源。

We expect recent design wins to drive continued growth for high power in 2026 and beyond. Some Q4 customer wins included a leading European maker of inverters for utility scale solar and battery storage. Commuter trains and streetcars in Europe and Africa, and multiple wins for power grid projects in India.

我們預計近期贏得的設計訂單將推動高功率產品在 2026 年及以後持續成長。第四季贏得的一些客戶包括一家歐洲領先的公用事業規模太陽能和電池儲能逆變器製造商。歐洲和非洲的通勤列車和有軌電車項目，以及在印度的多個電網項目。

In our industrial IC business, we saw double-digit growth in metering last year due to our leading position in deployment of smart meters in markets such as India and Japan.

去年，由於我們在印度和日本等市場的智慧電錶部署方面處於領先地位，我們在工業積體電路業務中實現了兩位數的計量業務成長。

Our ICs enable compact, reliable designs with low standby consumption, making them ideal for meters, and we're now seeing customers migrate to our 9 and 1,250 volt GaN products for additional protection against the voltage swings common on India's grid. Another area of growth in our industrial business last year was power tools as lawn equipment and other tools continue to migrate to battery power.

我們的積體電路能夠實現緊湊、可靠的設計，且待機功耗低，使其成為電錶的理想選擇。現在，我們看到客戶正在轉向我們的 9 伏特和 1250 伏特氮化鎵產品，以增強對印度電網常見電壓波動的保護。去年，我們工業業務的另一個成長領域是電動工具，因為草坪設備和其他工具不斷朝向電池動力方向發展。

In automotive, we continue to make steady progress penetrating the EV market with our auto qualified InnoSwitch products for inverter emergency power supplies. We secured a design win in Q4 at a top Chinese tier one supplying a leading EV maker and began production just this week on a design at the number one European EV carmaker.

在汽車領域，我們以符合汽車標準的 InnoSwitch 逆變器緊急電源產品，持續穩定地打入電動車市場。我們在第四季度贏得了一家中國頂級一級供應商的設計訂單，該供應商是一家領先的電動車製造商；就在本週，我們又開始為歐洲排名第一的電動車製造商生產設計方案。

Another highlight of our 2025 results was the continued success of our PowiGaN technology in the power supply market. Revenue from PowiGaN products grew more than 40% for the year.

2025 年業績的另一個亮點是我們的 PowiGaN 技術在電源市場持續取得成功。PowiGaN產品的營收全年成長超過40%。

Notable GaN design wins in Q4 included a dual USB-C charging port. Charging ports integrated with AC outlets require both high power density and low standby consumption, making them an ideal application for our highly integrated GaN solutions.

第四季值得關注的氮化鎵設計成果包括雙 USB-C 充電埠。與交流電源插座整合的充電埠需要高功率密度和低待機功耗，這使得它們成為我們高度整合的氮化鎵解決方案的理想應用。

Also in Q4, we began production on a new server auxiliary design for a US cloud services provider using a GaN-based InnoSwitch.

同樣在第四季度，我們開始為一家美國雲端服務供應商生產一種基於氮化鎵的InnoSwitch的新型伺服器輔助設計。

As we discussed on last quarter's call, auxiliary power is a key aspect of our engagements with data center customers, including with Nvidia on their next gen 800 volt DC architecture, where our 1,700 volt GaN solutions offer a compelling alternative to silicon carbide.

正如我們在上個季度的電話會議上所討論的那樣，輔助電源是我們與資料中心客戶合作的關鍵方面，包括與英偉達合作開發其下一代 800 伏特直流架構，其中我們的 1700 伏特氮化鎵解決方案為碳化矽提供了極具吸引力的替代方案。

As I've met with shareholders during my 1st 6 months as CEO, I've been clear about the fact that we need to reorient our organization to ensure that our strong technology foundation translates to success in the market.

在我擔任執行長的前六個月裡，我與股東們會面時，我明確表示，我們需要重新調整組織架構，以確保我們強大的技術基礎能夠轉化為市場上的成功。

That means a more customer focused approach to product development and faster time to market.

這意味著產品開發將更加以客戶為中心，並加快產品上市速度。

Changes like these take time, but we are moving with urgency. We are streamlining our R&D pipeline to focus on delivering our highest priority and highest value products in time to intersect the market.

這樣的改變需要時間，但我們正在以緊迫的速度前進。我們正在精簡研發流程，集中精力及時推出優先順序最高、價值最高的產品，以搶佔市場先機。

We've also moved quickly to strengthen the team to better leverage our unique capabilities in high voltage and deliver the right products for the evolving power ecosystem.

我們也迅速採取行動，加強團隊建設，以便更好地利用我們在高壓領域的獨特能力，並為不斷發展的電力生態系統提供合適的產品。

New members of our team include Chris Jacobs, who joined us last month from Micron Technology to head up marketing and product strategy. We welcomed Julie Curry, our new head of People and Culture Transformation, and Nancy Erba as CFO who you'll hear from in a moment.

我們團隊的新成員包括克里斯·雅各布斯，他上個月從美光科技公司加入我們，負責行銷和產品策略。我們歡迎 Julie Curry 加入我們，她擔任新的人力資源和文化轉型主管；還有 Nancy Erba 擔任財務官，稍後您將聽到她的介紹。

We have also bolstered our strong innovation capabilities with targeted hires and key technical roles. I'm very excited about the depth and breadth of experience in our team, and I'm confident in our ability to serve customers and create long-term sustainable value for shareholders.

我們也透過有針對性的招募和關鍵技術職位，增強了我們強大的創新能力。我對我們團隊豐富的經驗感到非常興奮，我對我們服務客戶和為股東創造長期可持續價值的能力充滿信心。

With that, I'll turn the call over to Nancy, who joined us 1 month ago as CFO. Nancy is a seasoned public company CFO, having served in the role for 6 years at Inferra until it sale to Nokia last year and previously as CFO at Immersion. Those CFO roles followed a long run of senior leadership positions at Seagate Technology, so I'm thrilled to have her as part of our executive leadership team.

接下來，我將把電話交給一個月前加入我們公司擔任財務長的南希。Nancy 是一位經驗豐富的上市公司財務官，曾在 Inferra 擔任財務長 6 年，直到去年該公司被諾基亞收購；此前她還曾擔任 Immersion 的財務長。在擔任財務長之前，她曾在希捷科技擔任多個高階領導職位，因此我很高興她能加入我們的高階主管領導團隊。

Nancy. Thanks, Jen, and good afternoon, everyone. I'm excited to be part of the PAWE team and I look forward to meeting many of our investors and analysts in the weeks and months ahead. I'll share a few observations from my 1st month in the CFO role and a brief after a brief review of the results and the outlook.

南希。謝謝Jen，大家下午好。我很高興能成為 PAWE 團隊的一員，並期待在接下來的幾週和幾個月與我們的許多投資者和分析師見面。我將分享我擔任財務長第一個月的一些觀察結果，並在簡要回顧業績和展望之後作簡要說明。

Today I'll focus primarily on the Non-GAAP numbers which are reconciled to gaps in the tables included with our press release and Ak.

今天我將主要關注非GAAP數據，這些數據已根據我們新聞稿和Ak文件中包含的表格中的差距進行了調整。

Power integrations had a solid year in 2025, returning to top and bottom line growth and generating healthy cash flow.

2025 年，電力整合業務表現穩健，恢復了營收和利潤的成長，並產生了健康的現金流。

Revenue fluctuated more than usual over the course of the year as tariffs disrupted the appliance market, and we experienced some lumpiness in our industrial business. But ultimately, revenue increased by 6% for the year with three of the four end market categories increasing year over year and industrial positions for continued strong growth in 2026.

由於關稅擾亂了家電市場，全年收入波動比平常更大，而且我們的工業業務也出現了一些波動。但最終，全年收入成長了 6%，四個終端市場類別中有三個類別較去年同期成長，工業領域預計在 2026 年將繼續保持強勁成長。

Fourth quarter revenue was $103 million down 13% from the prior quarter. On a sell-through basis, sales were down only 3% from the prior quarter as sell-through exceeded sell in, and we worked down channel inventory built in Q3. Channel inventory for Q4 fell by about half a week to 9.4 weeks.

第四季營收為1.03億美元，較上一季下降13%。以銷售率計算，銷售額僅比上一季下降了 3%，因為銷售率超過了銷售量，而且我們減少了第三季累積的通路庫存。第四季通路庫存減少了約半週，至 9.4 週。

Looking at the end market categories, industrial revenue was down 23% sequentially after two very strong quarters reflecting recent seasonality and variability in customer order patterns. Overall though, our industrial business had an outstanding year with growth of 15%.

從終端市場類別來看，工業收入在經歷了兩個非常強勁的季度後環比下降了 23%，這反映了近期季節性因素和客戶訂單模式的波動。總體而言，我們的工業業務今年表現出色，成長了 15%。

Consumer revenue, which is predominantly from appliances, was down 13% sequentially in Q4, largely reflecting the overhang of appliance inventories shipped in the US in the first half of 2025 ahead of the tariffs.

第四季消費者收入（主要來自家電）環比下降 13%，這主要反映了 2025 年上半年美國出貨的家電庫存積壓，而關稅尚未生效。

That effect can be seen clearly in the first half over second half comparison with consumer revenue falling by more than 15% half over half. In spite of that volatility, consumer revenue was slightly up for the full year.

從上半年與下半年的比較中可以明顯看出這種影響，消費者收入上下半年下降了超過 15%。儘管市場波動較大，但全年消費者收入略有成長。

Revenue from the computer category was down 5% in Q4 on lower tablet revenue offset by higher sales for notebooks for the year. Computer revenue was down 2%.

第四季電腦類產品營收下降 5%，平板電腦營收下降被筆記型電腦全年銷售成長所抵銷。計算機業務收入下降了2%。

Communications revenue grew 15% sequentially in Q4 on new design ramps and cell phone and the India 5G broadband business and for the year grew 6%.

第四季通訊收入季增 15%，主要得益於新設計方案的推出、手機業務以及印度 5G 寬頻業務的成長；全年成長 6%。

In summary, revenue mix for the quarter was 37% industrial, 34% consumer, 15% communications, and 14% computer. This mix was less favorable than the assumptions behind the Q4 gross margin guidance, and as a result, Non-GAAP gross margins came in slightly below the range set at 53.3%. However, Non-GAAP operating expenses of $45 million came in well below the outlook of $47 million primarily driven by lower hiring and discretionary expense control efforts.

總而言之，本季營收組成中，工業佔 37%，消費品佔 34%，通訊佔 15%，電腦佔 14%。這一組合不如第四季毛利率預期背後的假設那麼有利，因此，非GAAP毛利率略低於設定的53.3%的範圍。然而，非GAAP營運費用為4500萬美元，遠低於預期的4700萬美元，這主要是由於招聘人數減少和可自由支配的費用控制措施所致。

Curtailing OE growth to a level well below revenue growth is a priority for the company and a key area of focus for me this year. Our Q4 results and the restructuring we carried out this week are important steps in that direction.

將 OE 成長控制在遠低於收入成長的水平是公司的首要任務，也是我今年的重點領域。我們的第四季業績以及本週進行的重組是朝著這個方向邁出的重要一步。

Moving to tax, we received credits in Q4 related to new solar generating capacity we've recently turned on at our San Jose headquarters. These credits plus a higher than expected R&D tax credit brought our full year Non-GAAP tax rate down to 2%, resulting in a negative 3% tax rate for the fourth quarter.

再來談談稅務方面，我們在第四季度收到了與我們最近在聖荷西總部啟用的新太陽能發電容量相關的稅收抵免。這些稅收抵免加上高於預期的研發稅收抵免，使我們全年的非GAAP稅率降至2%，導致第四季的稅率為負3%。

Non-GAAP net income for the quarter was $12.7 million or $0.23 per diluted share, including a benefit of about $0.02 from the lower than expected tax rate.

本季非GAAP淨收入為1,270萬美元，即每股攤薄收益0.23美元，其中包括因稅率低於預期而獲得的約0.02美元的收益。

I will mention one item in the GAAP results. Stock-based compensation expense was negative in the fourth quarter, reflecting a reduction in the expected vesting of short and long-term performance-based shares. As a result, GAAP EPS for the quarter was $0.24, a penny higher than the Non-GAAP number.

我將提及GAAP結果中的一項內容。第四季股票選擇權費用為負值，反映出短期和長期業績獎勵股票的預期歸屬減少。因此，該季度的 GAAP 每股收益為 0.24 美元，比非 GAAP 每股收益高出 1 美分。

Turning to the balance sheet and cash flow from operations was $26 million for the quarter and CapEx was $7 million. Inventories on the balance sheet increased by $2 million during the quarter while days of inventory on hand rose to $313 reflecting the lower revenue number. Importantly, wafer inventory came down in 2025, and we expect that along with revenue growth to continue.

從資產負債表來看，本季經營活動產生的現金流量為 2,600 萬美元，資本支出為 700 萬美元。本季資產負債表上的存貨增加了 200 萬美元，而存貨週轉天數上升至 313 天，反映出收入下降。重要的是，晶圓庫存將在 2025 年下降，我們預計這種情況將與收入成長一起持續下去。

To contribute to a reduction in overall inventory days over the course of 2026.

為減少 2026 年的總庫存週轉天數做出貢獻。

Moving now to the full year results, revenue was up 6% for the year. Non-GAAP gross margin was 55.1%, up 70 basis points from the prior year, mainly driven by higher industrial revenues as a percentage of our mix with some additional benefit from high, higher back-end manufacturing volume.

接下來來看全年業績，全年營收成長了 6%。非GAAP毛利率為55.1%，比上年增長70個基點，主要得益於工業收入在我們業務組合中所佔比例的提高，以及後端製造量大幅增長帶來的額外收益。

Non-GAAP CapEx increased by 5% and Non-GAAP operating margin increased by 100 basis points to 13.9%. Non-GAAP EPS was $1.01 dollar $0.25 was up 8% for the year.

非GAAP資本支出成長5%，非GAAP營業利潤率成長100個基點至13.9%。非GAAP每股收益為1.01美元，即0.25美元，較去年同期成長8%。

The strength of PE's balance sheet and cash flow generation continues to be compelling. In 2025, cash flow from operations was $112 million while CapEx was $24 million resulting in free cash flow of $87 million demonstrating that our business continues to generate healthy cash flow. For the year, we returned $145 million to shareholders via buybacks and dividends or 167% of our free cash flow.

PE的資產負債表實力和現金流生成能力依然十分強勁。2025 年，經營活動產生的現金流為 1.12 億美元，資本支出為 2,400 萬美元，自由現金流為 8,700 萬美元，顯示我們的業務持續產生健康的現金流。今年，我們透過股票回購和分紅向股東返還了 1.45 億美元，相當於我們自由現金流的 167%。

Next, I'll review the first quarter outlook. We expect first quarter revenue to be between $104 and $109 million. I expect Non-GAAP gross margin to be between 53% and 54%. Mix should be favorable relative to Q4 with higher industrial and consumer revenue as a percentage of the total.

接下來，我將回顧第一季的展望。我們預計第一季營收將在 1.04 億美元至 1.09 億美元之間。我預計非GAAP毛利率將在53%至54%之間。與第四季相比，結構應該會更好，工業和消費收入佔總收入的比例會更高。

Non-GAAP operating expenses for Q1 should be in a range of $46 million plus or minus $50,000. The increase from Q1 reflects the resumption of FIA payments offset by a partial quarter of impact of the restructuring, which reduced our global workforce by about 7%.

第一季的非GAAP營運費用應在4,600萬美元上下浮動5萬美元的範圍內。與第一季相比的成長反映了 FIA 付款的恢復，但部分季度的重組影響被抵消，重組使我們的全球員工人數減少了約 7%。

Our GAAP results for the first quarter will include a restructuring charge of between 3.5 and $4 million.

我們第一季的 GAAP 業績將包括 350 萬至 400 萬美元的重組費用。

Our effective tax rate steps up in 2026 as the benefit of solar credits is Non-recurring and more significantly, the tax rate on foreign earnings increases as specified in the 2017 tax reform. I expect our effective tax rate for the quarter and for the year to be in the range of 7% to 8%.

2026 年，我們的實際稅率將有所提高，因為太陽能補貼的收益是非經常性的，更重要的是，根據 2017 年稅制改革的規定，海外收入的稅率將提高。我預計本季和本年度的實際稅率將在 7% 到 8% 之間。

Before we open it up for Q&A, I'll offer a few thoughts on my 1st month in the CFO role. I'm excited to join PE's management team under Jenn's leadership at this very pivotal time for the company.

在正式進入問答環節之前，我想先談談我擔任財務長第一個月的一些感想。我很高興能在公司發展的關鍵時期加入PE的管理團隊，並在Jenn的領導下工作。

Our techno technology is creating increasing value for our customers and giving us access to expanding new markets like automotive and AI data center. I see a clear opportunity to translate that into profitable growth for our shareholders. As CFO, my initial focus will be on establishing rigorous operating cadences, strengthening processes, and leveraging automation to drive operational efficiency and scalability. And of course, I also want to recognize the Power integrations finance team. They are a highly capable, disciplined team and an important asset to the organization.

我們的技術正在為客戶創造越來越大的價值，並使我們能夠進入汽車和人工智慧資料中心等不斷擴大的新市場。我認為這是一個絕佳的機會，可以將其轉化為股東的獲利成長。身為財務長，我的首要任務是建立嚴格的營運節奏，加強流程，並利用自動化來提高營運效率和可擴展性。當然，我還要感謝 Power Integrations 財務團隊。他們是一支能力強、紀律嚴明的團隊，也是組織的重要資產。

For our analysts and shareholders on the phone, I look forward to meeting you in the coming weeks and months.

對於電話裡的分析師和股東們，我期待在接下來的幾週和幾個月與你們見面。

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

切爾西，現在讓我們開始問答環節。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

Thanks for letting me ask a couple of questions. I guess first, welcome to Nancy. And then I guess my first question, one near term and then the follow-up would be a longer-term one. In the near term side of things, you talked, Jen, about the bookings increasing significantly in the fourth quarter.

謝謝您允許我問幾個問題。首先，歡迎來到南希。那麼，我想我的第一個問題是一個近期問題，接下來的問題就是一個長期問題。珍，你之前提到過，短期內第四季的預訂量將大幅增加。

It's good to see you're returning to growth in your first quarter guide, but it still seems like the channel inventory is a little bit high. So can you just talk about the plans that you have to burn that and what it might mean to the subsegment guides for the first quarter and maybe expectations of the growth rate for the year?

很高興看到你們在第一季業績指引中恢復成長，但通路庫存似乎仍然有點高。那麼，您能否談談您計劃如何銷毀這些資金，以及這對第一季的細分市場指導方針可能意味著什麼，以及對全年成長率的預期？

Yeah, hi Ross, this is Nancy. I'll start and then, Jen can jump in. Certainly we're glad to see the inventory come down a bit as you mentioned, if we look forward to the full year of '26, part of the action plan that I laid out in terms of my areas of focus are really on these. I'll say rigorous cadences we'll be looking at inventory both in terms of weeks in the channel but absolute value of inventory on the balance sheet and driving those plans through the year we do expect based on our plan today to see that come down.

嗨，羅斯，我是南西。我先開始，然後珍可以加入。當然，我們很高興看到庫存有所下降，正如您所提到的，展望 2026 年全年，我制定的行動計劃中，重點關注的領域之一就是這些。我會說，我們將嚴格按照既定節奏來審視庫存，既包括渠道中的周數，也包括資產負債表上的庫存絕對價值，並推動這些計劃在一年內持續進行。根據我們今天的計劃，我們預計庫存將會下降。

I'll say a healthier level, but certainly, it's dependent upon, the Q1 and the first half bookings, the mix of those bookings and the timing and how much of the turn is that we have to get each quarter, but net it is absolutely, on our list of key objectives to be able to bring that overall level of inventory and the weeks on hand back to a more healthy level in the channel.

我會說庫存水平會更健康一些，但這當然取決於第一季和上半年的預訂情況、這些預訂的組合、時間安排以及我們每個季度需要達到的周轉率，但總的來說，將渠道的整體庫存水平和庫存週數恢復到更健康的水平，絕對是我們的關鍵目標之一。

Okay, I guess my follow-up question more on a longer-term basis. You talked about the high powered business, auto, data center, etc. And you mentioned GaN going up 40%. As you look over the next couple of years, when do you think those items are going to be meaningful enough in size to start moving the aggregate revenues and accelerating the growth?

好的，我想問的是一個更長期的問題。您談到了高功率產業、汽車、資料中心等。您也提到氮化鎵價格上漲了 40%。展望未來幾年，您認為這些項目何時才能達到足夠大的規模，從而開始推動總收入成長並加速成長？

Yeah, so you mentioned for high power auto data center and GaN. I think GaN, I'll just start backwards, GaN is pretty meaningful today, and you know we mentioned in the call growing 40% year over year this year, so it's becoming meaningful. High power is a very meaningful driver of our industrial. Business, I think we're already there and we see continued acceleration of that next year and that'll support the industrial growth.

是的，你提到了用於高功率汽車資料中心和氮化鎵。我認為氮化鎵（GaN），我就從倒敘開始吧，氮化鎵現在意義重大，而且你知道，我們在電話會議中提到，今年同比增長了 40%，所以它正變得越來越重要。高功率是我們工業發展的重要驅動力。我認為，就商業而言，我們已經達到了目標，我們預計明年這一趨勢將繼續加速，這將支持工業成長。

Automotive and data center are going to take more time I think we're doing well there in automotive we're seeing the wins we mentioned some earlier we are seeing that you know the market is a bit slower than you know we would have liked and we're also seeing some design ramps push out but you know we still see that we continue to win designs and so that's going to take a little bit of time to materialize.

我認為汽車和資料中心領域需要更多時間才能實現。我們在汽車領域做得很好，我們看到了之前提到的一些成功案例。我們也看到市場成長比我們預期的要慢一些，一些設計項目的進展也受到了影響，但我們仍然不斷贏得設計訂單，所以這些都需要一些時間才能最終實現。

And then data center I think we're making good progress. I think we're engaging well across multiple customers and opportunities, we're developing our products and demonstrating capabilities to those customers and moving with urgency there but as we have talked about that's probably our longest term play so that you know we won't see that be material for a couple of years.

至於資料中心，我認為我們進展順利。我認為我們在與眾多客戶和機會的互動中做得很好，我們正在開發產品並向這些客戶展示能力，並迅速推進，但正如我們之前討論過的，這可能是我們最長遠的計劃，所以你知道，在未來幾年內我們不會看到它產生實質性的影響。

Got it. Thank you.

知道了。謝謝。

David Williams, benchmark.

大衛威廉斯，標竿。

Hey, good afternoon. Thanks for taking my questions and let me also offer my welcome to Nancy.

嘿，下午好。謝謝您回答我的問題，也請容許我代表Nancy歡迎她的加入。

I guess maybe first if you guys kind of look across the landscape and just kind of how things are developing here, it feels like overall the demand environment is generally improving, just kind of depending on where you're positioned, but I guess if you look across all of your segments, how do you think, and where do you think we are in the cycle in terms of are we at the bottom coming off the top or at the bottom turning here, or are we still some time away just kind of giving the inventory digestion that needs to happen.

我想首先，如果你們縱觀整個市場格局，看看事情的發展情況，感覺整體需求環境總體上正在改善，這取決於你們所處的位置。但是，如果你們縱觀所有細分市場，你們認為我們目前處於週期的哪個階段？是已經觸底反彈，還是仍在經歷必要的庫存消化期？

Yeah, maybe I'll start and then Nancy can add. I mean, I think. I do think the one area that is still you know we're being conservative on is you know in the consumer business with appliances and you know we have seen improvement there but you know we're also well aware there's still you know quite a few headwinds there so you know the way we were looking at it is that will you know if things like the housing market takes off you know interest rates come down that would be upside for us.

嗯，或許我可以先開始，然後南希可以接著寫。我的意思是，我想。我認為我們仍然保持保守的領域是家電消費品業務，雖然我們看到這方面有所改善，但我們也清楚地意識到仍然存在不少不利因素。所以我們考慮的問題是，如果房地產市場起飛，利率下降，對我們來說將是好消息。

Nancy, you want to add anything to that?

南希，你還有什麼要補充的嗎？

Yeah, I think, we're really glad to have returned to growth in 2025. I think for 202,006, we're planning on, I'll say similar growth levels year over year, as Jen said though, it is very early in the year, we're going to have to see how, demand plays out in the first half. It has been lumpy in certain areas today. But net, we're going to be planning for similar growth however I will say we're going to be cautious in our investments until we see those bookings really taking form and the step up that we expect to see.

是的，我認為，我們非常高興能在2025年恢復成長。我認為對於 202,006 來說，我們計劃保持與去年類似的增長水平，但正如 Jen 所說，現在還處於年初，我們還要看看上半年的需求情況如何。今天某些地方地面凹凸不平。但總的來說，我們將計劃實現類似的增長，不過我要說的是，在看到預訂量真正形成並出現我們預期的增長之前，我們將在投資方面保持謹慎。

Making sure that they are happening before we dive in deeper to certain investment areas so you're going to see us be cautious on that as we're in 26 but we are optimistic you know over as Jen said over the next couple of years the markets that we're entering have great opportunity for us to you know step up that growth rate in the outer years.

確保這些事情發生之後，我們才會深入研究某些投資領域，所以你會看到我們在這方面很謹慎，因為我們目前處於26歲，但我們很樂觀，正如Jen所說，在未來幾年，我們進入的市場為我們提供了很大的機會，讓我們在未來幾年提高增長率。

Okay, great, thanks for that. And then maybe just some color around your reorganization, and I know, when you talk about reprioritizing R&D efforts and accelerating that time to market, but if we kind of look at it feels like maybe we're starting to see some of that already, take hold. Can you talk maybe about how we should see this unfold over the next couple of quarters and maybe the next year in terms of, how this repositioning is helping?

好的，太好了，謝謝。然後，也許可以稍微補充一些關於你們重組的細節，我知道，當你們談到重新調整研發工作的優先順序並加快產品上市速度時，但如果我們仔細觀察一下，感覺我們可能已經開始看到一些這樣的成果正在顯現。您能否談談在接下來的幾個季度甚至明年，我們應該如何看待這項調整，以及這種重新定位將如何發揮作用？

Thank you.

謝謝。

Yeah, a couple of things, I mean some of it is the restructuring, and it's giving us the flexibility to strengthen, so as you know that'll continue to play out and every.

是的，有幾件事，我的意思是，其中一些是重組，這給了我們加強的靈活性，所以你知道，這種情況會繼續下去，而且每件事都會如此。

Everything there is good in terms of the R&D, we also are bringing some real focus into the team and.

研發方面一切都很好，我們也正在為團隊投入一些真正的精力。

Acting with greater urgency and more agility and that's a key part of how we're expecting to accelerate growth going forward so I think a good example of that actually is in the data center space where we're. Working with Nvidia, we've got much more openness in terms of our road maps and our product development discussions and we're pivoting our focus areas so that we can address the opportunities and really intersect. Where the customer needs are so there's the restructuring piece of it but there's also the driving the change in terms of how we behave and bring a customer centric view into the product development organization.

採取更迫切、更靈活的行動，是我們預期未來加速成長的關鍵所在，我認為資料中心領域就是一個很好的例子。與英偉達合作，我們在產品路線圖和產品開發討論方面更加開放，我們正在調整重點領域，以便抓住機會並真正實現整合。了解客戶的需求是其中一部分，需要重組，但同時也需要推動變革，改變我們的行為方式，並將以客戶為中心的觀點帶入產品開發組織。

Thanks so much.

非常感謝。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes, thank you and let me add my welcome to Nancy as well. I guess my first question is on automotive. It sounds like it's finally starting to contribute to some revenues. I think maybe there's been some talks about maybe this being sort of like low tens of millions of revenues, at least in the beginning. I mean, is that a number we can expect this year or given what you said before about potential, some potential delays, that's more of a 2027 target at this point?

是的，謝謝，也請允許我向南希表示歡迎。我想問的第一個問題是關於汽車方面的。聽起來它終於開始產生一些收入了。我認為可能有人討論過，至少在初期，收入可能會在幾千萬美元左右。我的意思是，這是我們今年可以預期的數字嗎？還是考慮到您之前提到的潛在問題，例如可能出現的延誤，目前來看，這更像是 2027 年的目標？

Yeah, I think the latter.

是的，我認為是後者。

Is there.

有沒有。

Yeah, I think it has the potential, right, but you know again we need to see these wins start transpiring into the volumes that are needed, but you know there have been some delays in the ED market, we are pleased with the traction and the customer, wins that we've seen, we're going to do everything we can to drive to that level, but you know whether it's 12 months or 18 months, I think, that's the window we're thinking about.

是的，我認為它有潛力，對吧？但是，我們也需要看到這些成功轉化為所需的銷售量。你也知道，ED市場出現了一些延誤，我們對目前的進展和客戶成功感到滿意，我們將盡一切努力達到那個水平。但你知道，無論是12個月還是18個月，我認為，這就是我們考慮的時間範圍。

Very good. And on the OE, I think you mentioned the sort of only a half of a quarter benefit from the restructuring, so you gave guidance obviously for the March quarter. So, should we expect OE to come down by a few more million dollars, in the June quarter then?

非常好。關於營運效率 (OE)，我想您提到重組只能帶來半個季度的收益，所以您顯然對三月份的季度給出了指導。那麼，我們是否可以預期，在六月的季度中，OE 會再下降幾百萬美元呢？

I would think for the year, right, I'll frame it this way, right, if you look at, revenue growth historically and OpEx growth they've been fairly close. We're trying to cut that, to get to about half, so, for the year I would think in the call it $3 million to $5 million dollar range.

我認為就今年而言，我會這樣解釋，如果你看一下歷史數據，收入成長和營運支出成長一直相當接近。我們正在努力削減這筆開支，目標是減半，所以，我認為今年的開支應該在 300 萬到 500 萬美元之間。

And again it was 7% of employees that were impacted and we are continuing though to do work around the full business model and understanding right where we have leverage that perhaps could be better utilized to focus on the areas that we are.

再次強調，受影響的員工佔比為 7%，我們將繼續圍繞整個商業模式開展工作，了解我們有哪些優勢可以更好地利用，從而專注於我們正在關注的領域。

Expanding into that we think long-term drive the greatest shareholder value. So in addition to the actions that we took, we are going to be assessing really. All of the programs, all of the new programs as Jen mentioned with Chris coming on board and really making sure that those prioritizations are exactly where we need to be and that, the return on those investments are measured and we hold ourselves accountable to them as we are, running the operation.

我們認為，從長遠來看，這將為股東創造最大的價值。所以除了我們已經採取的行動之外，我們還要進行真正的評估。正如 Jen 所提到的，所有項目，所有新項目，隨著 Chris 的加入，真正確保了這些優先事項完全符合我們的需求，並且衡量了這些投資的回報，我們在運營過程中也對這些回報負責。

The other piece of that in terms of. Customer centricity and really focusing on the customer's needs is the mix in terms of our go to market investments versus R&D and G&A and making sure that we are properly supporting our customers as we're out trying to move into these new opportunities for the company.

就此而言，另一部分是…以客戶為中心，真正關注客戶的需求，是我們市場推廣投資與研發和一般及行政費用之間的平衡點，確保我們在努力為公司開拓新機會的同時，能夠為客戶提供適當的支援。

Good, and just my last question, maybe related to what you just discussed there. So I mean the consumer segment, seems to have been soft for a while now. I mean, I'm glad to see the bookings coming back, maybe the inventory being adjusted, but, as you continue to do this restructuring and thinking about your end market, are there certain areas within consumer that, you would perhaps consider exiting, or do you still see that as an important growth segment for the company?

好的，我最後一個問題，可能跟你剛才討論的內容有關。我的意思是，消費者市場似乎已經疲軟了一段時間了。我的意思是，我很高興看到預訂量回升，庫存可能也在調整，但是，隨著你們繼續進行重組並思考終端市場，在消費領域中，是否有某些領域是你們可能會考慮退出的，或者你們仍然認為這是公司重要的成長領域？

I don't think there's anywhere right now that we've identified in terms of exiting it will still be a growth segment for us and.

我認為目前我們還沒有找到任何可以退出的領域，它對我們來說仍然是一個成長領域。

As we consider the whole portfolio of our investments, we are looking at what's the appropriate investment based on the growth rate that we're that we expect for that so over time, we'll be pivoting towards the highest growth segments for now it's an important business for us to make sure that we that we support.

在考慮我們整個投資組合時，我們會根據我們預期的成長率來尋找合適的投資，因此隨著時間的推移，我們將轉向成長最快的領域。目前，確保我們支援的業務對我們來說非常重要。

Sounds good, thank you.

好的，謝謝。

(Operator Instructions)

（操作說明）

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hi and thanks for the question. I guess for me first of all if you could maybe talk a little bit more about the. Cloud provider win for Aux Power, and then AI more generally, can you talk about broadening this portfolio into other applications beyond Aux Power and what you think that might mean for, the top-line, overall?

您好，感謝您的提問。首先，我想請您再多談談這方面的內容。對於 Aux Power 而言，雲端服務供應商的成功至關重要，而對於更廣泛的人工智慧領域，您能否談談將這項產品組合擴展到 Aux Power 以外的其他應用，以及您認為這會對整體營收產生什麼影響？

Thank you.

謝謝。

Okay, so the first question was about the Aux Power when, cloud provider, so as I think we've talked about before, x is, it's a socket for us that we see across a number of applications, and that when you know it's an important validation of the latest products that we have. Aux power in general isn't the largest opportunity typically as you, talk about data center type systems, so, over time, we hope to use that as an entry point with customers but, expect to expand our footprint so it's kind of a, it's a good entry socket across a number of applications.

好的，第一個問題是關於雲端提供者的輔助電源，正如我們之前討論過的，x 對我們來說是一個插座，我們在許多應用程式中都看到了它，而且你知道，這對於我們最新的產品來說是一個重要的驗證。一般而言，輔助電源並不是資料中心類型系統中最大的機遇，因此，隨著時間的推移，我們希望將其作為與客戶建立聯繫的切入點，並期望擴大我們的業務範圍，因此它是適用於多種應用的良好入門插座。

Yeah, I guess I was just asking, what sockets might be next, like and if you want to hit that and then I do have a follow-up.

是的，我只是想問，接下來可能會有哪些插槽，例如，如果你想討論這個問題，我還有一個後續問題。

What sockets might be next for Aux Power?

接下來輔助電源介面可能會擴展到哪些方面？

What so, no. What sockets and applications for your products, again and or silicon within the data center 800 volt at Nvidia or, XPU Infrastructure.

那又怎樣？不。你們的產品有哪些插槽和應用程式？資料中心 800 伏特的矽晶片，Nvidia 或 XPU 基礎設施。

Yeah, got it, yeah, no, I mean au power is just a small part of the system, so you know we are looking to intersect the main power supplies where you know you'd expect a much more significant, SAM there, and that's in development now.

是的，明白了，是的，不，我的意思是，AU電源只是系統的一小部分，所以你知道，我們正在尋求與主電源相交，在那裡你會期望一個更重要的SAM，而這目前正在開發中。

Okay, understood, and then maybe industrial, I think you talked about 26, that being your fastest area of growth, perhaps talk about the underpinnings there. You know why, what do you think is going to drive that, market leading growth for you guys, does it have anything to do with a clean channel and or channel fill, any other details, underpinning that optimism would be great.

好的，明白了。那麼工業方面，我想你提到了 26，那是你們成長最快的領域，或許可以談談這方面的基礎。你知道為什麼嗎？你認為是什麼因素會推動你們實現市場領先的成長？這是否與渠道清潔或渠道填充率有關？有其他細節可以佐證這種樂觀情緒嗎？

Yeah I mean I think really a lot of the optimism comes from our high power business that grew really well this year. I think our go to market efforts there are strong and we are expecting that to be a significant driver for next year so.

是的，我的意思是，我認為很多樂觀情緒都來自於我們今年發展非常快速的高功率業務。我認為我們在該地區的市場推廣工作非常有力，我們預計這將成為明年業績成長的重要驅動力。

We talked about that earlier.

我們之前討論過這個問題。

We've seen really good growth in our metering business. We're still expecting that to drive growth next year. So really all of the industrial growth areas this year we're expecting that that to continue and we have the DWIN growth to support.

我們的計量業務發展勢頭良好。我們仍然預計這將推動明年的成長。因此，我們預計今年所有工業成長領域都將持續成長，而且我們還有DWIN的成長來支持。

That.

那。

Excellent thank you very much.

太好了，非常感謝。

There are no further questions at this time. I will now turn the call back to Joe Schiffler for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給喬希夫勒，請他作總結發言。

All right, thank you, Chelsea. Thanks everyone for listening. I know it's a busy afternoon of earnings, so we appreciate you tuning in. There will be a replay of this call available on our website, that's investors.power.com.

好的，謝謝你，切爾西。謝謝大家的收聽。我知道今天下午財報季很忙，所以感謝您的收看。本次電話會議的錄音將在我們的網站 investors.power.com 上提供。

Thank you again and good afternoon.

再次感謝，下午好。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

謝謝各位的出席。您現在可以斷開連線了。