Power Integrations, Inc. (POWI) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Power Integrations' Q1 earnings call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 Power Integrations 第一季財報電話會議。(接線員指示)

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人關係資深總監 Joe Shiffler。請開始。

Thanks, Alexandra. Good afternoon. Thanks, everyone, for joining us. With me on the call are Jen Lloyd, our CEO; and our CFO, Nancy Erba. After Jen and Nancy's prepared remarks, we'll open it up for questions.

謝謝你，Alexandra。各位下午好。感謝大家加入我們。與我一同參與電話會議的有我們的執行長 Jen Lloyd，以及我們的財務長 Nancy Erba。在 Jen 和 Nancy 的準備發言之後，我們將開放提問。

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. Such risks are discussed in today's press release, in our most recent annual report on Form 10-K and in subsequent quarterly reports on Form 10-Q, including the one being filed this afternoon with the SEC.

我們今天的討論將包含前瞻性陳述，通常以 will、expect、should、outlook、forecast 等字眼及其他類似用語表示，這些用語指向未來事件或績效。此類陳述存在風險，可能導致實際結果與所預測或暗示者有所差異。相關風險已在今日新聞稿、我們最近一期 Form 10-K 年報，以及後續的 Form 10-Q 季報中討論，包括今天下午將向美國證券交易委員會（SEC）提交的那份。

During this call, we will refer to financial measures not calculated according to GAAP. Non-GAAP income statement measures in the first quarter excludes stock-based compensation expenses, amortization of acquisition-related intangible assets, restructuring charges and the tax effects of these items.

在本次電話會議中，我們將提及未依 GAAP 計算的財務衡量指標。第一季的非 GAAP 損益表衡量指標排除以股份為基礎的薪酬費用、併購相關無形資產攤銷、重組費用，以及上述項目的稅務影響。

A reconciliation of non-GAAP measures to our GAAP results is included in today's press release and in the accompanying slides, both of which can be found on our investor website at investors.power.com. This call is the property of Power Integrations, and any recording or rebroadcast is expressly prohibited without the written consent of Power Integrations.

非 GAAP 指標與 GAAP 結果的調節表已包含於今日新聞稿及隨附簡報中，兩者皆可於我們的投資人網站 investors.power.com 查閱。本次電話會議內容為 Power Integrations 所有，未經 Power Integrations 書面同意，明確禁止任何錄音或轉播。

Now I'll turn it over to Jen.

現在我把時間交給 Jen。

Thanks, Joe, and thank you, everyone, for joining us today. I'm pleased with how we started the year with Q1 revenue of $108 million and non-GAAP earnings of $0.25 per diluted share. Industrial was the main driver of revenue growth again this quarter, up 23% year over year. Consumer revenue was down compared to the first quarter of 2025, which had been unusually strong due to tariff-related pull-ins in appliances. However, we saw a 17% sequential increase in Q1 as that inventory build appears to have cleared.

謝謝你，Joe，也感謝各位今天加入我們。我對今年的開局感到滿意：第一季營收為 1.08 億美元，非 GAAP 每股稀釋盈餘為 0.25 美元。工業市場本季再次成為營收成長的主要動能，年增 23%。消費性產品營收較 2025 年第一季下滑；當時因家電關稅相關的提前拉貨而異常強勁。不過，隨著該庫存建立似乎已消化，我們在第一季看到營收較前一季成長 17%。

Looking ahead, while visibility is somewhat hampered by the ongoing macro uncertainty, we've seen an increase in order activity since our last earnings call, and we're forecasting seasonally higher revenue in the second quarter, along with higher gross margin. Just as importantly, we're making good progress on our strategic focus areas: customer centricity, streamlining our product pipeline for time to market and operational and organizational efficiency.

展望未來，雖然持續的總體經濟不確定性在一定程度上影響能見度，但自上次財報電話會議以來，我們看到訂單活動增加，並預期第二季營收將呈現季節性走高，同時毛利率也將提升。同樣重要的是，我們在策略聚焦領域持續取得良好進展：以客戶為中心、精簡產品開發管線以縮短上市時間，以及提升營運與組織效率。

Firstly, we are improving alignment between our commercial and engineering teams to bring the customer's voice closer to our product development process. Reinforcing this customer commitment, earlier this week, we announced the addition of Mike Balow to our leadership team as SVP of Worldwide Sales.

首先，我們正在改善商務團隊與工程團隊之間的協同，使客戶的聲音更貼近我們的產品開發流程。為強化對客戶的承諾，本週稍早我們宣布 Mike Balow 加入領導團隊，擔任全球銷售資深副總裁（SVP）。

Mike is a veteran sales leader with deep experience in power, having led the sales organizations at onsemi, Infineon, and Cypress. I'm excited to have him on the team, and I'm confident that he will both strengthen our existing relationships and help us expand our customer reach in markets like data center and automotive.

Mike 是資深的銷售領導者，在電源領域具備深厚經驗，曾領導 onsemi、Infineon 與 Cypress 的銷售組織。我很高興他加入團隊，也相信他不僅能強化我們既有的客戶關係，並能協助我們在資料中心與車用等市場擴大客戶觸及。

Secondly, we're streamlining our product pipeline to accelerate time to market on the projects most tightly aligned with our target markets and long-term strategy. And finally, we are implementing organizational changes to drive operational effectiveness and redirect resources, both functionally and geographically, to the opportunities most critical to our long-term growth. Although it will take time for these changes to be reflected in our results, I'm encouraged by our progress. And over time, you will see product releases with quicker time to revenue based on earlier customer engagement and improved alignment between our products and customer needs.

其次，我們正在精簡產品開發管線，以加速最符合我們目標市場與長期策略之專案的上市時間。最後，我們正在推動組織調整，以提升營運效能，並在職能與地域兩方面重新配置資源，聚焦於對長期成長最關鍵的機會。雖然這些變革需要時間才會反映在我們的業績上，但我對目前的進展感到鼓舞。隨著時間推進，各位將看到產品發表能更快轉化為營收，這將受益於更早期的客戶參與，以及我們產品與客戶需求之間更佳的對齊。

For example, our new TinySwitch-5 is off to a strong start with a wide range of designs set to ramp in the second half of the year. And we also expect a nice ramp with TOPSwitchGaN, which we introduced at the APEC Show in March. The TinySwitch and TOPSwitch names are well known in the power supply industry with billions of units shipped and an embedded base of designers accustomed to using these proven architectures.

例如，我們的新 TinySwitch-5 開局表現強勁，已有廣泛的設計案預計在今年下半年放量。我們也預期 TOPSwitchGaN 會有不錯的放量表現；該產品於 3 月的 APEC 展會上推出。TinySwitch 與 TOPSwitch 這兩個名稱在電源供應器產業中廣為人知，累計出貨數十億顆，且擁有大量熟悉並習慣使用這些成熟架構的設計工程師基礎。

Even as we pivot towards the AI data center, industrial and automotive markets, we're refreshing these existing product families to sustain and grow core markets like appliances, where reliability and efficiency are highly valued and dollar content is rising along with the appliance power levels. The addition of a PowiGaN Switch more than doubles the power capability of the TOPSwitch architecture to 440 watts, so designers can now use this classic flyback topology for a wider range of designs than ever before.

即使我們正轉向 AI 資料中心、工業與車用市場，我們仍在更新這些既有產品系列，以維持並擴大如家電等核心市場；在這些市場中，可靠性與效率備受重視，且隨著家電功率等級提升，單機價值含量也在增加。加入 PowiGaN Switch 之後，TOPSwitch 架構的功率能力提升逾一倍至 440 瓦，因此設計人員如今可用這種經典的反激式拓撲，涵蓋比以往更廣泛的設計。

The flyback topology offers a variety of benefits, including smaller board footprint, faster design cycles, high standby efficiency and lower component count. In fact, the flyback power supply can save up to 30% on both component count and BOM cost compared to the more complex topologies typically used above 200 watts. TOPGaN is already opening doors for us at new customers designing high-power chargers for industrial applications, drones and e-bikes where flybacks now have access to sockets that have historically been off limits.

反激式拓撲具備多項優勢，包括更小的電路板占用面積、更快的設計週期、更高的待機效率，以及更低的元件數量。事實上，相較於通常用於 200 瓦以上、較為複雜的拓撲，反激式電源供應器在元件數量與 BOM 成本兩方面最高可節省 30%。TOPGaN 已開始為我們打開新客戶的大門，這些客戶正在為工業應用、無人機與電動自行車設計高功率充電器；在這些領域，反激式方案如今得以切入過去長期無法進入的設計案。

We are also seeing strong engagements at appliance customers, many of whom have been using TOPSwitch for years and are excited to realize the efficiency benefits of GaN in their designs. In automotive, we're currently in production or in design engagements with 17 of the top 20 EV manufacturers, and we're on track to double our automotive revenue this year. In the first quarter, we won a new emergency power supply design with China's second largest EV OEM. And as mentioned on last quarter's call, we also began production in Q1 at a major German carmaker using a platform developed as part of its joint venture with a U.S. EV OEM.

我們也看到家電客戶端的互動相當強勁，其中許多客戶多年來一直使用 TOPSwitch，並期待在其設計中實現 GaN 所帶來的效率優勢。在車用方面，我們目前已與前 20 大電動車（EV）製造商中的 17 家進入量產或設計導入階段，並正朝今年車用營收倍增的目標前進。第一季，我們在中國第二大電動車 OEM 贏得一項新的緊急電源供應器設計案。此外，如同上季電話會議所提及，我們也在第一季開始於一家主要德國車廠量產，該車廠採用的平台是其與一家美國電動車 OEM 合資開發的一部分。

As we continue to accumulate wins for inverter emergency power supplies, we are also expanding engagements with customers for next-gen EVs featuring micro DC to DC converters. These power supplies will bypass the 12-volt batteries used in today's EVs instead powering subsystems directly from the main high-voltage battery. We are also developing products for higher power sockets such as onboard charging using our 1,250-volt GaN technology.

隨著我們持續累積逆變器緊急電源供應器的得標案，我們也正擴大與客戶在下一代電動車（EV）上的合作，這些車款將採用微型 DC-DC 轉換器。這些電源將繞過現今電動車使用的 12 伏電池，改由主高壓電池直接為各子系統供電。我們也正利用 1,250 伏 GaN 技術開發可支援更高功率應用（例如車載充電）的產品。

As we expand our automotive product portfolio to address evolving EV architectures, we see addressable dollar content rising from single-digit dollars today to tens of dollars in the near term and approaching $100 per vehicle over the next several years.

隨著我們擴展汽車產品組合以因應不斷演進的電動車（EV）架構，我們看到可取得的單車美元含量將從目前的個位數美元，在短期內提升至數十美元，並在未來幾年內接近每輛車 100 美元。

Our high-power business, which sits in the industrial category, continues to grow at a healthy pace, driven by a diverse set of verticals, including electric rail, renewables, oil and gas and power grid applications, including DC transmission and power quality. Key design wins in Q1 included a design for 6-megawatt wind turbines at a European customer and at STATCOM power conditioning design for an Indian customer.

我們的高功率業務隸屬於工業類別，持續以健康的步伐成長，動能來自多元的垂直領域，包括電氣化鐵路、再生能源、石油與天然氣以及電網應用（包含直流輸電與電能品質）。第一季的關鍵設計導入（design wins）包括：為一位歐洲客戶的 6 兆瓦風力渦輪機設計，以及為一位印度客戶的 STATCOM 電力調節設計。

Lastly, turning to everybody's favorite topic, data center. We continue to pursue multiple paths to growth with our unique PowiGaN technology. Our ongoing collaboration with NVIDIA includes a variety of sockets utilizing our 1,250 and 1,700-volt GaN technologies in the forthcoming 800-volt DC architectures.

最後，談到大家最關注的主題：資料中心。我們持續以獨特的 PowiGaN 技術追求多條成長路徑。我們與 NVIDIA 的持續合作涵蓋多種插槽（sockets），在即將推出的 800 伏直流架構中採用我們 1,250 伏與 1,700 伏的 GaN 技術。

We continue to gain share in aux power supplies for today's data centers, winning two new designs in Q1 at Taiwan customers serving US equipment makers. We also have ongoing customer engagements on upcoming higher-power GaN products for rack-level AC to DC conversion.

我們持續在當今資料中心的輔助電源供應器（aux power supplies）領域提升市占，第一季在服務美國設備製造商的台灣客戶處贏得兩項新設計。我們也正與客戶就即將推出、功率更高的 GaN 產品進行合作，以用於機架層級的交流轉直流（AC to DC）轉換。

The data center rack is one of the most attractive opportunities in power semiconductors today. We believe our differentiated GaN technology gives us a significant competitive advantage and customers are looking to us as they develop long-term road maps calling for higher voltages and improving power density. But our opportunity in data center goes beyond the rack. The demands that data centers are placing on the power grid are just as important and challenging, and we are well positioned to respond with our high-power products.

資料中心機架是當今功率半導體領域最具吸引力的機會之一。我們相信具差異化的 GaN 技術賦予我們顯著的競爭優勢；隨著客戶制定長期路線圖、朝更高電壓與更高功率密度邁進，他們也在尋求我們的支援。但我們在資料中心的機會不僅止於機架。資料中心對電網提出的需求同樣重要且具挑戰性，而我們已具備良好條件以高功率產品回應。

Power grids are rapidly evolving to support the estimated 200 gigawatts of power needed for data centers by 2030. Renewable energy, including dedicated installations for data centers, is certain to become a bigger part of the energy mix accompanied by battery storage to ensure consistent availability. High-voltage transmission lines will deliver renewable energy to the grid or directly to the data center and solid-state transformers will convert power at the front end of the data center to be delivered to the rack.

電網正快速演進，以支援預估到 2030 年資料中心所需的 2 億千瓦（200 gigawatts）電力。再生能源（包括為資料中心專設的裝置）勢必在能源組合中占比提高，並搭配電池儲能以確保持續穩定供應。高壓輸電線將把再生能源送入電網或直接送至資料中心，而固態變壓器將在資料中心前端進行電力轉換，再輸送至機架。

The value of our gate driver product is proven in renewable energy, battery storage, and high-voltage transmission, which together accounted for about 40% of our high-power revenue in the first quarter. We have a strong offering for solid-state transformers as well with a differentiated driver solution for silicon carbide modules.

我們的閘極驅動器（gate driver）產品價值已在再生能源、電池儲能與高壓輸電中獲得驗證；這三者合計在第一季約占我們高功率營收的 40%。我們在固態變壓器方面也有強勁的產品組合，並提供針對碳化矽模組的差異化驅動解決方案。

We have a variety of data center-related customer engagements underway in high power, and we anticipate that opportunities related to the data center build-out will add hundreds of millions of dollars to our SAM for gate driver products in the years ahead. Altogether, we estimate that our data center SAM, including rack and grid applications, will exceed $1 billion by 2030.

我們在高功率領域已展開多項與資料中心相關的客戶合作案，並預期未來幾年與資料中心建置（build-out）相關的機會，將為我們的閘極驅動器產品可服務市場（SAM）增加數億美元。整體而言，我們估計到 2030 年，我們的資料中心 SAM（包含機架與電網應用）將超過 10 億美元。

In closing, the opportunities ahead of us grow more attractive by the day as markets demand more of the technology and system expertise that PI has developed over many years. We are a pure-play high-voltage company with foundational technologies like PowiGaN and SCALE gate drivers backed by deep system expertise, and we are building an organization capable of turning our foundational advantages into long-term value for our customers and shareholders.

總結來說，隨著市場對 PI 多年來所累積的技術與系統專業需求日增，我們面前的機會每天都更具吸引力。我們是一家純高電壓（pure-play）公司，擁有 PowiGaN 與 SCALE 閘極驅動器等基礎技術並以深厚的系統專業為後盾；同時，我們也正在打造一個能將這些基礎優勢轉化為客戶與股東長期價值的組織。

Now I'll turn it over to Nancy for a review of the financial highlights.

接下來我把時間交給 Nancy，請她回顧財務重點。

Thanks, Jen, and good afternoon. Before I cover our results, I'd like to direct you to the supplemental information shared with our press release this afternoon. There, you will find many of the financial details we normally share in our prepared remarks in addition to a GAAP to non-GAAP reconciliation.

謝謝，Jen，大家下午好。在我說明我們的業績之前，我想請各位參考我們今天下午隨新聞稿一併提供的補充資訊。在那裡，您將看到我們通常會在事先準備的講稿中分享的許多財務細節，另外也包含 GAAP 與非 GAAP 的調節表。

We had a very solid start to the year with Q1 delivering revenue growth with key financial metrics at or better than our outlook. We also improved our balance sheet as we generated $18 million of free cash flow and reduced inventory, both on the balance sheet and in the channel. Revenue was $108.3 million, up 3% from a year ago and 5% versus Q4 of last year.

我們在今年有一個非常穩健的開局，第一季實現營收成長，且關鍵財務指標達到或優於我們的展望。我們也改善了資產負債表：產生 1,800 萬美元自由現金流，並降低庫存，包括資產負債表上的庫存以及通路端庫存。營收為 1.083 億美元，較去年同期成長 3%，較去年第四季成長 5%。

Our Industrial business continues to perform well with sequential growth of 15% in Q1. The communications and computer categories were seasonally down, while consumer revenues were up 17% sequentially with the recovery in appliances.

我們的工業業務持續表現良好，第一季較前一季成長 15%。通訊與電腦類別因季節性因素下滑，而消費性營收則隨家電需求復甦而較前一季成長 17%。

Turning to gross margin. Non-GAAP gross margin was 53.5% for the quarter, right at the midpoint of our outlook range and up 20 basis points sequentially. While end market mix was favorable, we saw less benefit from the yen-dollar exchange rate in Q1 due to the stronger yen in the early part of 2025. As a reminder, there is currently about a 1-year lag between fluctuations in the yen and the resulting impact on our P&L.

接著談毛利率。本季非 GAAP 毛利率為 53.5%，正好落在我們展望區間的中點，且較前一季提升 20 個基點。雖然終端市場組合有利，但由於 2025 年初日圓走強，我們在第一季從日圓兌美元匯率中獲得的助益較少。提醒一下，目前日圓波動與其對我們損益表（P&L）影響之間約有 1 年的落後期。

Non-GAAP operating expenses were $45.3 million, coming in below our outlook range of $45.5 million to $46.5 million. This resulted in non-GAAP operating margin of 11.7%, up 200 basis points from the prior quarter. Expanding our operating margin is an important priority for us. We are tightly managing the investment decisions that drive our customer-focused technology development and product road map, addressing the highest growth markets.

非 GAAP 營業費用為 4,530 萬美元，低於我們 4,550 萬至 4,650 萬美元的展望區間。因此非 GAAP 營業利益率為 11.7%，較上一季提升 200 個基點。擴大營業利益率是我們的重要優先事項。我們正嚴格管理投資決策，這些決策驅動以客戶為中心的技術開發與產品路線圖，聚焦於最高成長的市場。

During our Q1 restructuring activities, we evaluated our engineering resources across the organization and determined that in order to better drive the road map requirements of our customers, certain engineers previously accounted for in our marketing organization would be more fully dedicated to the development work and moved into R&D. These changes were effective at the time of the restructuring in early February and resulted in approximately $3 million of R&D expense in Q1 that would previously have been included in SG&A. All investments in SG&A are evaluated with the same rigor.

在第一季的重整（restructuring）活動期間，我們評估了全公司工程資源，並認定為了更好地推動客戶路線圖需求，先前在行銷組織中入帳的部分工程師，應更專注投入開發工作並轉入研發（R&D）。這些變更於 2 月初重整時生效，並使第一季約 300 萬美元的研發費用，過去原本會列在銷售、一般及行政費用（SG&A）中。所有 SG&A 投資也都以同樣嚴謹的標準進行評估。

Continuing down the income statement, non-GAAP net income was $13.9 million or $0.25 per diluted share. Our GAAP results include $6.6 million of restructuring charges, primarily consisting of severance payments related to the restructuring activity we announced in February. $6.2 million was in GAAP OpEx with the remainder in cost of goods sold.

繼續往下看損益表，非 GAAP 淨利為 1,390 萬美元，或稀釋後每股 0.25 美元。我們的 GAAP 結果包含 660 萬美元的重整費用，主要為我們在 2 月宣布之重整活動相關的資遣費。當中 620 萬美元列在 GAAP 營業費用（OpEx），其餘則列在銷貨成本。

Turning to the balance sheet and cash flow. Cash flow from operations was $20 million for the quarter, while CapEx was $2 million. Our 2026 plan still calls for CapEx of 5% to 6% of revenue for the year. We are applying the same ROI-based discipline to capital decisions that we are to operating expenses and expect to see CapEx more heavily weighted to the second half of the year.

接著談資產負債表與現金流。本季營運活動現金流為2,000萬美元，而資本支出（CapEx）為200萬美元。我們的2026年計畫仍預期全年資本支出占營收比重為5%至6%。我們在資本決策上採用與營運費用相同、以投資報酬率（ROI）為基礎的紀律，並預期資本支出將更集中於下半年。

Inventory decreased by $4 million during the quarter, while days on hand fell by 21 days to 292 days at quarter end. Our target is to bring days on hand below 200. Channel inventory also declined during the quarter, falling by 0.5 week to 8.9 weeks and nearing our target of 8 weeks. I expect further improvement in both metrics throughout the year.

本季存貨減少400萬美元，而期末在手天數下降21天至292天。我們的目標是將在手天數降至200天以下。通路存貨本季亦下降，減少0.5週至8.9週，並接近我們8週的目標。我預期這兩項指標在全年都將持續改善。

I'll now review the second quarter outlook. We expect revenue to be between $115 million and $120 million, which would be up 8.5% sequentially at the midpoint. Communications and computer should have the largest increases in percentage terms coming off the seasonal lows in Q1, with industrial also up sequentially. We expect a sub-seasonal quarter from consumer with positive air conditioning seasonality offsetting -- offset by the ongoing demand and headwinds in major appliances.

接下來我將說明第二季展望。我們預期營收介於1.15億至1.20億美元，以中位數計算，較前一季成長8.5%。通訊與運算在第一季季節性低點後，預期將以百分比計有最大增幅，工業也將較前一季成長。我們預期消費性業務將呈現低於季節性的季度，空調旺季的正向季節性將被主要家電持續的需求疲弱與逆風所抵銷——抵銷。

I expect non-GAAP gross margin to improve sequentially with a range of 54% to 55%. At the midpoint, that would be an improvement of 100 basis points from Q1, primarily due to manufacturing efficiencies and volume-related benefits of the higher revenue as well as the dollar-yen exchange rate.

我預期非GAAP毛利率將較前一季改善，區間為54%至55%。以中位數計算，較第一季提升100個基點，主要來自製造效率提升、營收增加帶來的量產效益，以及美元兌日圓匯率的影響。

Non-GAAP operating expenses will be sequentially higher in Q2 with a range of $47 million, plus or minus $0.5 million. The increase from Q1 mainly reflects annual merit increases, which took effect in April. I anticipate that OpEx in the second half will remain roughly flat with the Q2 run rate, putting us on track for low single-digit growth in 2026. Our intent is for OpEx to grow at a rate of less than half of revenue growth over time. Finally, I expect non-GAAP operating margin to be between 13.5% and 15.5%.

第二季非GAAP營運費用將較前一季增加，區間為4,700萬美元，上下浮動500萬美元。相較第一季的增加主要反映年度績效調薪，自4月起生效。我預期下半年OpEx將大致維持在第二季的執行水準，讓我們在2026年朝向低個位數成長的目標前進。我們的目標是，長期而言OpEx的成長率低於營收成長率的一半。最後，我預期非GAAP營業利益率介於13.5%至15.5%。

In closing, I'm encouraged by the demand we are experiencing in the first half of the year and that the markets we compete in appear largely healthy. We are excited by the opportunities in front of the company and focused on executing to the long-term growth drivers in data center, automotive and industrial. And importantly, we are continuing to stay agile, cognizant of the macro and geopolitical uncertainty we operate within, and we'll continue to manage the business accordingly.

總結來說，我對上半年所見的需求感到鼓舞，且我們競爭的市場看起來整體仍相當健康。我們對公司面前的機會感到振奮，並專注於執行資料中心、車用與工業等長期成長動能。同樣重要的是，我們將持續保持敏捷，留意我們所處環境中的總體與地緣政治不確定性，並將持續據此管理業務。

After a full quarter in the CFO role, I'm confident in the direction we're heading as a company and our ability to achieve faster growth, improved profitability, and increased shareholder value. I'd like to thank the POWI team for their continued commitment to innovation, customer success and execution excellence and to our partners, customers and shareholders for their continued cooperation and support.

在擔任CFO職務滿一個完整季度後，我對公司前進的方向以及我們實現更快成長、提升獲利能力並增加股東價值的能力充滿信心。我要感謝POWI團隊持續致力於創新、客戶成功與卓越執行，也感謝我們的合作夥伴、客戶與股東持續的合作與支持。

And now, Alexandra, let's open for Q&A.

接下來，Alexandra，我們開始進行問答。

(Operator Instructions) Christopher Rolland, Susquehanna.

(接線員指示) Christopher Rolland，Susquehanna。

I guess starting out, I guess, compute and comms has been disappointing for quite some time, but particularly in March. I know there's some seasonality there. I guess how are you thinking about these markets going forward? They are obviously kind of subscale, I think, probably at this point in time. Maybe you can talk about what your strategic plan is for these moving forward? Are you deemphasizing these markets? How should we think about them and maybe the mix of end markets moving forward for you guys?

我想先從運算和通訊開始談起，這兩塊已經令人失望一段時間了，尤其是在3月。我知道其中有一些季節性因素。我想問你們未來如何看待這些市場？它們顯然有點規模偏小，我想在目前這個時間點可能是如此。也許你可以談談你們對這些領域未來的策略規劃是什麼？你們是否正在降低對這些市場的重視程度？我們應該如何看待它們，以及你們未來終端市場組合的變化？

Okay. Great. Thank you, Chris, for the question. So in terms of compute and comms in Q1, we do expect that to be seasonally a low quarter. So we're expecting those to be seasonally up in Q2.

好的。很好。謝謝你，Chris，提出這個問題。就第一季的運算與通訊而言，我們確實預期那會是季節性的低點季度。因此我們預期第二季會有季節性回升。

You're correct that they are two of the smaller of our market areas. So in terms of the strategic plan and are we deemphasizing, we're not deemphasizing those areas. We continue to look at those as there's opportunity there. I talked in the prepared remarks about the TopGaN and Tiny. I mean those are serving applications across the spectrum of our market segments.

你說得沒錯，它們是我們市場領域中相對較小的兩個。因此就策略規劃以及我們是否降低重視程度而言，我們並沒有降低對這些領域的重視。我們仍持續認為那裡存在機會。我在事先準備的發言中提到TopGaN和Tiny。我的意思是，這些產品正在服務我們各個市場區隔範圍內的應用。

So we continue to nurture those areas. And when you look at those for the year, yes, they're not the biggest growth drivers, but they're also not the largest part of our business.

因此我們會持續培育這些領域。而當你以全年來看，是的，它們不是最大的成長驅動因素，但它們也不是我們業務中占比最大的部分。

Great. And perhaps on your favorite and everyone's favorite topic, AI. You had some great detail on aux power and solid-state transformers, et cetera. But perhaps if you could talk about GaN and maybe even silicon opportunities, but mostly GaN, like how are engagements going on the main power? And as we think about the powertrain applications, are we talking about interest in power delivery boards or IBCs or power supplies? Where are you getting the most interest? And is there any -- are there any applications I left out that you might be engaged in for your GaN portfolio?

很好。接著談談你最喜歡、也是大家最喜歡的主題：AI。你對輔助電源與固態變壓器（SST）等提供了很棒的細節。但也許你可以談談GaN，甚至矽的機會，不過主要是GaN：在主電源方面的合作進展如何？以及當我們思考電源鏈（powertrain）應用時，我們談的是對電力傳輸板（power delivery boards）、IBC或電源供應器的興趣嗎？你們目前在哪些方面獲得最多的興趣？另外是否有——是否有我漏掉的應用，你們可能正就GaN產品組合進行合作？

Yes. I mean thank you for asking the question about our favorite topic. I think it's going great. I do want to emphasize that the aux and the SST opportunities, those are the shorter-term opportunities for us. But we do have ongoing engagements for those as well as on the opportunities for GaN. And we are seeing there's a real pull for our high-voltage GaN technology for the high-voltage architectures, the 800-volt architecture in particular.

是的。也謝謝你問到我們最喜歡的主題。我認為進展非常順利。我確實想強調，輔助電源與SST的機會對我們而言是較短期的機會。但我們也持續在這些機會上推進合作，同時也在推進GaN相關的機會。而我們看到市場對我們的高電壓GaN技術有明顯拉力，特別是用於高電壓架構，尤其是800伏特架構。

Our GaN works natively at 800, 1,200, 1,250, 1,700 and offers a simpler design. So even in our discussions with NVIDIA a couple of weeks ago, we are learning about additional sockets where our technology is a great fit. I think where there's the most interest across applications, we are engaging across the whole data center ecosystem. So hyperscalers, server OEMs, rack providers, power supply providers, and we're finding opportunities across all of those.

我們的 GaN 可原生支援 800、1,200、1,250、1,700，並提供更簡化的設計。因此，即使在幾週前我們與 NVIDIA 的討論中，我們也正在了解更多我們技術非常適配的額外插槽。我認為在各種應用中最受關注的地方，是我們正與整個資料中心生態系統展開合作。也就是超大規模業者、伺服器 OEM、機櫃供應商、電源供應器供應商，我們在所有這些領域都找到了機會。

Ross Seymore, Deutsche Bank.

Ross Seymore，德意志銀行。

Thanks for letting me ask a couple questions. I guess my first one in the near term on the consumer segment, I know you split the kind of air conditioning versus the white goods side, but the appliance market doesn't sound so great to put it mildly if you listen to Whirlpool and others. So when you say that's subseasonal in the second quarter, what do you mean? Is it still going to be up? Or will it be down?

謝謝讓我問幾個問題。我想我第一個問題是關於短期的消費性領域。我知道你們把空調與白色家電那一塊做了區分，但如果你聽 Whirlpool 和其他公司怎麼說，家電市場聽起來並不太好，委婉地說。所以當你說第二季是次季節性（subseasonal）時，你的意思是什麼？它仍然會成長嗎？還是會下滑？

And how do you think you guys address that market over time? If the market is weaker, do the inventory dynamics allow you to still grow? Or is that something that's going to be a challenge that's going to last a little bit longer?

以及你們認為長期來看要如何切入並經營那個市場？如果市場較弱，庫存動態是否仍能讓你們成長？還是說那會是一個可能會持續更久的挑戰？

So I'll take that one. Just as I said in my comments, all of the markets will be up, although on the consumer front, it will be very modestly up, so think flattish. And that is a balance, as we commented, between some of the pressure on appliances that you referenced, but also there are some offsets within our portfolio. So net-net, flat to slightly up.

我來回答這題。正如我在評論中提到的，所有市場都會成長；不過在消費性方面，成長會非常溫和，所以可以把它想成接近持平。如我們所說，這是在你提到的家電壓力與我們產品組合中一些抵消因素之間取得平衡。所以整體而言，持平到小幅成長。

Certainly, the other markets are growing faster in Q2 from the standpoint, both of dollar and percentage. And we're really pleased with the demand that we've seen thus far in the first half and the continued strength we're seeing in Q2. So net-net, a good first half, and we're off and running through the year.

當然，從金額與百分比的角度來看，其他市場在第二季的成長更快。我們對目前在上半年所看到的需求，以及第二季持續展現的強勁態勢感到非常滿意。因此整體而言，上半年表現不錯，我們也正一路推進到全年。

Great. And I guess following up, I'll follow the same trend hit on the AI side. How do you envision the time to market for these different opportunities, whether it be the percentage of your business that you think it will represent this year, next year and the year after, if you want to talk about the aux and the SST side versus some of the bigger ones. How should we think about how those fold in just kind of timing-wise, not necessarily magnitude, even though I'll take that if you'll give it.

很好。那我接著追問，同樣延續到 AI 這一塊。你如何看待這些不同機會的上市時程（time to market）？例如你認為它們在今年、明年、後年會占你們業務的多少比例——如果你願意談 aux 與 SST 這一側相對於一些更大的機會。我們應該如何從時程角度來理解它們的導入節奏，不一定要談規模，雖然如果你願意提供我也會接受。

Yes. Thank you, Ross. I think the -- I mean, the aux, obviously, those are opportunities now, and we continue to see a sequencing of opportunities. There's continuous new designs, I think, in this space for aux and SST, and we continue -- we talked about a couple of those wins that we're seeing. I think for the high voltage, we know that, that's longer term for us, right? So that's not next year, that's in a couple of years basically.

是的。謝謝你，Ross。我想——我的意思是，aux 顯然是現在就存在的機會，而且我們持續看到機會按序推進。我認為在 aux 與 SST 這個領域，新的設計持續出現，而我們也持續——我們談到過我們正在看到的幾個贏得設計案（wins）。至於高電壓，我們知道那對我們而言是較長期的，對吧？所以那不是明年的事，而是基本上要再過幾年。

So what is encouraging is that it's a continuous sequencing of wins. And so we're expecting that as those 800-volt systems come online, there's going to be the momentum we already have and then some continued momentum from the new systems, but it's a couple of years out.

令人鼓舞的是，這是一個持續按序出現的贏單節奏。因此我們預期，當那些 800 伏系統開始上線時，除了我們既有的動能之外，還會有來自新系統的持續動能，但那大概還要兩年左右。

And I think just to reiterate, Jen mentioned in her comments that we expect that to be at least $1 billion by 2030. We're continuing to size it. As new sockets become available to us and as conversations continue and we find new places where our technology can be a good fit, we continue to evaluate that and size it as we go quarter-to-quarter.

我想再重申一次，Jen 在她的評論中提到，我們預期到 2030 年至少會達到 10 億美元。我們也持續在估算其規模。隨著新的插槽對我們開放、對話持續進行、以及我們找到更多我們技術適配的場景，我們會持續評估，並在每一季逐季調整與估算其規模。

David Williams, Needham & Co.

David Williams，Needham & Co.。

I guess to continue on that data center topic there. You talked about it being maybe $1 billion in possible TAM for you all. How do you think about the GaN portion of that specifically? And maybe you can just kind of speak to that level of engagements you're having today. Clearly, you have one of the highest power capabilities in the market. I would presume that you're certainly leading those discussions. But just curious how that traction has been going there, specifically on the GaN and how you see that from a size perspective?

我想延續資料中心這個主題。你提到對你們而言，可能的 TAM 大概是 10 億美元。你如何看待其中 GaN 的占比？也許你也可以談談你們目前的合作與接觸程度。很明顯你們擁有市場上最高的功率能力之一。我推測你們在這些討論中肯定是領先的。但我想了解你們在 GaN 方面的進展與牽引力如何，以及從規模角度你怎麼看？

Thanks, David. And by the way, congrats on the move. Yes. So in terms of the GaN, I mean, we really do see a bulk of that being the GaN. I think it's a split between inside the data center and outside the data center. The outside the data center would be our gate driver product family. Inside the data center, where we really have the advantages is with GaN. So we see that as mostly GaN.

謝謝你，David。順帶一提，恭喜你搬遷。是的。就 GaN 而言，我們確實認為其中大部分會是 GaN。我認為它大致分成資料中心內與資料中心外兩部分。資料中心外會是我們的閘極驅動器（gate driver）產品系列。在資料中心內，我們真正具備優勢的是 GaN。所以我們認為那主要是 GaN。

Great. And then it sounds like on the automotive side, you're making some really nice progress there as well. And I know in the past, the prior leadership had talked about this being a multiyear kind of a strategy. But I feel like maybe your strategy is helping drive penetration and you're certainly building product road maps towards your customers. And I guess maybe how do you think about automotive and how that is developing for you? And how should we think about that maybe revenues over the next 12 to 24 months from that auto segment?

很好。另外聽起來你們在車用端也取得了相當不錯的進展。我知道過去前任管理層曾談到這是一個多年期的策略。但我感覺你們的策略正在推動滲透率提升，而且你們也在依客戶需求建立產品路線圖。我想問你如何看待車用業務以及它對你們的發展狀況？我們應該如何看待未來 12 到 24 個月來自車用部門的營收？

Yes. I mean I think we are making good progress with that. We're winning designs. As you know, we've talked about winning designs in the inverter emergency power supply. That's not huge revenue, right? But we are seeing engagement with that. What we're looking at is expanding into other parts of the automobile and expanding our BOM content.

是的。我的意思是，我認為我們在那方面確實取得了良好進展。我們正在贏得設計案。如你所知，我們談過在逆變器緊急電源供應器（inverter emergency power supply）上贏得設計案。那不是很大的營收，對吧？但我們確實看到那方面的互動與接觸。我們正在做的是擴展到汽車的其他部分，並提高我們在 BOM（物料清單）中的含量。

So it's been slow. I think the market has been slow. And so we've talked a little bit about a pushout. I think we've mentioned this in previous calls that, that revenue for us is going to push out. But as we build up additional sockets that will accelerate that growth. So we're -- we put a $100 million target out there for 2029, and we still feel like we're making good progress towards that.

所以進展一直比較慢。我認為市場也一直偏慢。因此我們也稍微談到了一些延後。我想我們在先前的電話會議中也提過，對我們而言，營收會往後遞延。但隨著我們建立更多的設計導入點（sockets），成長將會加速。因此我們——我們提出了 2029 年 1 億美元的目標，而我們仍然覺得正朝著該目標取得良好進展。

(Operator Instructions) Tore Svanberg, Stifel.

(接線員指示) Tore Svanberg，Stifel。

Congrats on the progress. I guess my first question is on the restructuring and moving some people from marketing to engineering. I just want to understand that a little bit better, Jen, because I assume these are probably more technical sales or marketing people. And you did obviously talk about you want to improve the time to market by actually being closer to customers with the R&D. So yes, if you could just explain the changes, that would be great.

恭喜你們的進展。我想我的第一個問題是關於重整，以及把部分人員從行銷轉到工程。Jen，我想更清楚理解這點，因為我猜這些可能是較偏技術性的銷售或行銷人員。而你們也確實談到，希望透過讓研發更貼近客戶來縮短上市時間。所以，是的，如果你能解釋一下這些變動，那就太好了。

Sure, Tore. Thanks for the question. Yes, those are technical resources. And I'm going to let Nancy talk about it if that was it.

當然可以，Tore。謝謝你的提問。是的，那些是技術資源。如果你問的是這個部分，我會讓 Nancy 來說明。

Yes, sure. So we talked about this in the last call, right? As part of the restructuring, we really are going line by line and evaluating our resources, how do we shift to be more customer focused. And as part of that, there were certain -- these are application engineers that were previously sitting in marketing.

好的，當然。我們在上一通電話會議中談過這點，對吧？作為重整的一部分，我們確實逐項檢視並評估資源，思考如何轉向更以客戶為中心。而在這個過程中，有一些——這些是先前隸屬於行銷部門的應用工程師。

And when Chris Jacobs joined and is really emphasizing how do we get closer to the customer and bring that customer input in, we found that those resources really should be more prioritized and more focused towards the product development piece of their work. And so we, at the time of the restructuring, made that move. So it was effective February 1 with the rest of the restructuring activity, and we'll continue that forward.

當 Chris Jacobs 加入後，他非常強調如何更貼近客戶並把客戶的意見帶進來，我們發現這些資源應該更優先、也更聚焦在其工作中的產品開發部分。因此我們在重整時做了這項調整。所以它在 2 月 1 日與其他重整活動一併生效，並且我們會持續推進。

The other piece of that is that as we think about where those resources are focused, which products they're focused on, making sure that we're prioritizing those dollars to the most important markets that we serve and to the products that are going to give us the highest ROI. So there's a lot of work behind the scenes that's happening to make sure that, that portfolio is really tightly aligned to what we're hearing from our customers and what we need to deliver to the market over the coming years.

另外一個面向是，當我們思考這些資源應該聚焦在哪裡、聚焦在哪些產品上時，我們要確保把這些資金優先配置到我們所服務的最重要市場，以及能帶來最高投資報酬率（ROI）的產品上。因此幕後有大量工作正在進行，以確保產品組合能與我們從客戶那裡聽到的需求，以及未來幾年我們需要交付給市場的內容緊密對齊。

Very good. And I want to follow up on the inventory topic, both internal and the channel, obviously, you're trying to get it down to 200 internally. You're trying to get it to eight weeks in the channel. And obviously, demand is what's going to eventually get you there. But are you doing anything else proactively to perhaps get to those types of targets, I guess, especially on the channel side? And when could we potentially think about POWI being back to those types of numbers?

很好。我想追問一下庫存議題，包括內部與通路端；顯然你們希望把內部庫存降到 200，也希望把通路庫存降到 8 週。而顯然最終能讓你們達標的是需求。但你們是否還有做任何其他更主動的措施，來達到這類目標——我想特別是在通路端？以及我們大概何時可以期待 POWI 回到那樣的水準？

We're not doing anything unnatural in the channel. I mean the demand is good. The first half demand is -- we're very pleased to see it, and it's across the board as we talked about. So nothing unnatural there. As we see revenue progress through the second half, we would expect to exit at that 8 week, potentially a little below there. It will just depend upon the demand environment at the time.

我們在通路端沒有做任何不自然的操作。我的意思是，需求表現良好。上半年需求——我們很高興看到這樣的情況，而且如同我們所談的，是全面性的。所以通路端沒有任何不自然的作法。隨著我們看到營收在下半年推進，我們預期期末可降到 8 週，甚至可能略低於此。這將取決於當時的需求環境。

On the inventory that we hold on our balance sheet, we are putting a very concerted effort on that. That is cash, the way I look at it. And we're making sure that we're reviewing that. We have now an ongoing cadence looking at that inventory and the approval process to bring anything new in, right, goes through the same ROI rigor that we're putting across the company, whether that be in OpEx, inventory, CapEx. It's been -- and the team has really responded well, and we're seeing great execution there.

至於我們資產負債表上持有的庫存，我們正投入非常集中的努力。以我的角度來看，那就是現金。我們也確保會持續檢視。我們現在已建立固定節奏來檢視庫存，而任何新增採購的核准流程，對吧，都會遵循我們在全公司推行的同樣 ROI 嚴謹標準，不論是營運費用（OpEx）、庫存或資本支出（CapEx）。這一直——而團隊的反應非常好，我們也看到很好的執行成果。

So expect the inventory on our balance sheet to also continue to step down as we move through the year.

因此，預期我們資產負債表上的庫存也會在今年持續逐步下降。

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

目前沒有其他問題。我現在把電話會議交回給 Jen Lloyd 作結語。

Thank you, everyone, for joining us today. I'm really optimistic about the opportunities ahead of us. Electrification, AI and the rapidly transforming power grid are set to drive demand for advanced high-voltage semiconductors for many years to come, and PI is well positioned to capitalize with a strong technology foundation and a deep well of expertise in high voltage.

感謝各位今天加入我們。我對未來的機會感到非常樂觀。電氣化、AI，以及快速轉型的電網，將在未來許多年推動對先進高壓半導體的需求，而 PI 憑藉堅實的技術基礎與深厚的高壓專業能力，已具備良好條件把握這些機會。

In just a matter of months, we've assembled a transformational leadership team capable of translating innovation into sustainable, profitable growth. I want to thank our investors, our customers, and suppliers for partnering with the PI team.

在短短幾個月內，我們已組建一支具變革性的領導團隊，能把創新轉化為可持續且具獲利性的成長。我要感謝我們的投資人、客戶與供應商，與 PI 團隊攜手合作。

Thank you, and good afternoon.

謝謝，祝各位下午愉快。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。