Vicor Corp (VICR) 2024 Q3 法說會逐字稿

Good day, everyone, and thank you for standing by.

大家好，感謝你們的支持。

Welcome to the Q3 2024 Vicor Earnings Conference Call.

歡迎參加 2024 年第三季 Vicor 財報電話會議。

Now it's my pleasure to turn the call over to Jim Schmidt, Chief Financial Officer.

現在我很高興將電話轉給財務長 Jim Schmidt。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon, and welcome to Vicor Corporation's earnings call for the third quarter ended September 30, 2024.

下午好，歡迎參加 Vicor 公司截至 2024 年 9 月 30 日的第三季財報電話會議。

I'm Jim Schmidt, Chief Financial Officer, and I'm in Andover with Patrizio Vinciarelli, Chief Executive Officer; and Phil Davies, Corporate Vice President, Global Sales and Marketing.

我是財務長 Jim Schmidt，我和執行長 Patrizio Vinciarelli 一起在安多弗。 Phil Davies，全球銷售與行銷公司副總裁。

After the markets closed today, we issued a press release summarizing our financial results for the three and nine months ended September 30.

今天收盤後，我們發布了一份新聞稿，總結了截至 9 月 30 日的三個月和九個月的財務表現。

Press release has been posted on the Investor Relations page of our website, www.vicorpower.com.

新聞稿已發佈在我們網站 www.vicorpower.com 的投資者關係頁面上。

We also filed a Form 8-K today related to the issuance of this press release.

我們今天也提交了與本新聞稿發布相關的 8-K 表格。

I remind listeners this conference call is being recorded and is the copyrighted property of Vicor Corporation.

我提醒聽眾，本次電話會議正在錄音，並且是 Vicor Corporation 的版權財產。

I also remind you various remarks we make during this call may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

我還提醒您，我們在本次電話會議中發表的各種言論可能構成 1995 年《私人證券訴訟改革法案》中安全港條款所規定的前瞻性聲明。

Except for historical information contained in this call, the matters discussed on this call, including any statements regarding current and planned products, current and potential customers, potential market opportunities, expected events and announcements, and our capacity expansion as well as management's expectations for sales growth, spending and profitability are forward-looking statements involving risks and uncertainties.

除本次電話會議中包含的歷史資訊外，本次電話會議討論的事項包括有關當前和計劃產品、當前和潛在客戶、潛在市場機會、預期事件和公告、我們的產能擴張以及管理層對銷售的預期的任何聲明成長、支出和獲利能力均為前瞻性陳述，涉及風險和不確定性。

In light of these risks and uncertainties, we can offer no assurance that any forward-looking statement will, in fact, prove to be correct.

鑑於這些風險和不確定性，我們不能保證任何前瞻性聲明實際上都被證明是正確的。

Actual results may differ materially from those explicitly set forth in or implied by any of our remarks today.

實際結果可能與我們今天的任何言論中明確闡述或暗示的結果有重大差異。

The risks and uncertainties we face are discussed in Item 1A of our 2023 Form 10-K, which we filed with the SEC on February 28, 2024.

我們於 2024 年 2 月 28 日向 SEC 提交的 2023 年 10-K 表格的第 1A 項討論了我們面臨的風險和不確定性。

This document is available via the EDGAR system on the SEC's website.

文件可透過 SEC 網站上的 EDGAR 系統取得。

Please note the information provided during this conference call is accurate only as of today, Tuesday, October 22, 2024.

請注意，本次電話會議中提供的資訊僅截至今天（2024 年 10 月 22 日星期二）準確。

Vicor undertakes no obligation to update any statements, including forward-looking statements made during this call, and you should not rely upon such statements after the conclusion of this call.

Vicor 不承擔更新任何聲明的義務，包括本次電話會議期間所做的前瞻性聲明，且您不應在本次電話會議結束後依賴此類聲明。

A webcast replay of today's call will be available shortly on the Investor Relations page of our website.

我們網站的投資者關係頁面很快就會提供今天電話會議的網路廣播重播。

I'll now turn to a review of our Q3 financial performance, after which Phil will review recent market developments, and Patrizio, Phil and I will take your questions.

我現在將回顧我們第三季的財務業績，之後菲爾將回顧最近的市場發展，帕特里齊奧、菲爾和我將回答你們的問題。

In my remarks, I will focus mostly on the sequential quarterly changes for P&L and balance sheet items and refer you to our press release or our upcoming Form 10-Q for additional information.

在我的發言中，我將主要關注損益表和資產負債表項目的連續季度變化，並請您參閱我們的新聞稿或即將發布的 10-Q 表格以獲取更多資訊。

As stated in today's press release, Vicor recorded total revenue for the third quarter of $93.2 million, up 8.5% sequentially from the second quarter of 2024 total of $85.9 million, and down 13.6% from the third quarter of 2023 total of $107.8 million.

正如今天的新聞稿所述，Vicor 第三季總收入為9,320 萬美元，比2024 年第二季的總收入8,590 萬美元成長8.5%，比2023 年第三季的總收入1.078 億美元下降13.6% 。

Advanced Products revenue increased 6.5% sequentially to $49.4 million, while BRICK Products revenue increased 10.8% sequentially to $43.8 million.

高級產品營收季增 6.5%，達到 4,940 萬美元，而 BRICK 產品營收季增 10.8%，達到 4,380 萬美元。

Shipments to stocking distributors decreased 12.5% sequentially and decreased 22.7% year-over-year.

向庫存經銷商的出貨量較上月下降 12.5%，較去年同期下降 22.7%。

Exports for the third quarter increased sequentially as a percentage of total revenue to approximately 49% from the prior quarter's 43.3%.

第三季出口占總收入的比例從上一季的 43.3% 增加到約 49%。

For Q3, Advanced Products' share of total revenue decreased to 53% compared to 54% for the second quarter of 2024, with BRICK Products' share correspondingly increasing to 47% of total revenue.

第三季度，先進產品佔總營收的市佔率下降至 53%，而 2024 年第二季為 54%，而 BRICK Products 的市佔率則相應增加至總營收的 47%。

Turning to Q3 gross margin, we recorded a consolidated gross profit margin of 49.1%, which is a 70-basis point decrease from the prior quarter, primarily due to a change in product mix.

至於第三季毛利率，我們的綜合毛利率為 49.1%，較上季下降 70 個基點，主要是由於產品結構的變化。

Tariff expense, net of duty drawback, was approximately $1.1 million in Q3.

第三季的關稅費用（扣除關稅退稅後）約為 110 萬美元。

I'll now turn to Q3 operating expenses.

我現在談談第三季的營運費用。

Total operating expense decreased 5.2% sequentially from the second quarter of 2024 to $40.4 million.

總營運費用較 2024 年第二季下降 5.2%，至 4,040 萬美元。

The sequential decrease was primarily due to a litigation contingency expense of $2.3 million recorded in the second quarter of 2024.

環比下降主要是由於 2024 年第二季記錄的 230 萬美元的訴訟應急費用。

The amounts of total equity-based compensation expense for Q3 included in cost of goods, SG&A, and R&D was $886,000, $2.036 million, and $1.112 million, respectively, totaling approximately $4 million.

第三季計入商品成本、SG&A 和研發成本的股權激勵費用總額分別為 886,000 美元、203.6 萬美元和 111.2 萬美元，總計約 400 萬美元。

Turning to income taxes, we recorded a tax benefit for Q3 of approximately $2.4 million as we trued up the year-to-date tax provision.

談到所得稅，我們在調整年初至今的稅收撥備時記錄了第三季約 240 萬美元的稅收優惠。

Net income for Q3 totaled $11.6 million. GAAP

第三季淨利總計 1,160 萬美元。公認會計原則

diluted income per share was $0.26 based on a fully diluted share count of 45,174,000 shares.

根據 45,174,000 股完全稀釋後的股數計算，稀釋後每股收益為 0.26 美元。

Turning to our cash flow and balance sheet, cash and cash equivalents totaled $267.6 million in Q3.

談到我們的現金流和資產負債表，第三季現金和現金等價物總計 2.676 億美元。

Accounts receivable net of reserves totaled $58.5 million at quarter end, with DSOs for trade receivables at 43 days.

截至季末，扣除準備金的應收帳款總額為 5,850 萬美元，應收帳款的 DSO 為 43 天。

Inventories, net of reserves, decreased 3% sequentially to $105.8 million.

扣除儲備金後的庫存季減 3%，至 1.058 億美元。

Annualized inventory turns were 1.6. Operating cash flow totaled $22.6 million for the quarter.

年化庫存週轉率為 1.6。該季度營運現金流總計 2,260 萬美元。

Capital expenditures for Q3 totaled $8.4 million.

第三季的資本支出總計 840 萬美元。

We ended the quarter with a construction-in-progress balance primarily for manufacturing equipment of approximately $13.9 million and with approximately $8 million remaining to be spent.

截至本季末，我們的在建工程餘額主要用於製造設備，約 1,390 萬美元，還有約 800 萬美元待支出。

I'll now address bookings and backlog.

我現在將解決預訂和積壓問題。

Q3 book-to-bill came in below one and one-year backlog decreased 2.1% from the prior quarter, closing at $150.6 million.

第三季訂單出貨量低於一年，一年積壓訂單較上一季下降 2.1%，收在 1.506 億美元。

As we said on last quarter's earnings call, 2024 is a year of uncertainty and opportunity.

正如我們在上季度的財報電話會議上所說，2024 年是充滿不確定性和機會的一年。

As of today, the quarterly and annual outcome in terms of top line and bottom line is subject to a relatively wide range of scenarios.

截至今天，季度和年度的營收和利潤結果受到相對廣泛的情況的影響。

Given the wide range of possible outcomes, we are unable to provide quarterly guidance until we are further along resolving uncertainties and capitalizing on opportunities.

鑑於可能出現的結果多種多樣，在我們進一步解決不確定性並利用機會之前，我們無法提供季度指導。

With that, Phil will provide an overview of recent market developments, and then Patrizio, Phil and I will take your questions.

接下來，菲爾將概述最近的市場發展，然後帕特里齊奧、菲爾和我將回答大家的問題。

I ask that you limit yourselves to one question and a related follow-up so that we can respond to as many of you as possible in the limited time available.

我要求你們將自己限制在一個問題和相關的後續行動上，以便我們能夠在有限的時間內回覆盡可能多的人。

If you have more than one topic to address, please get back in the queue.

如果您有多個主題要討論，請回到佇列中。

Phil?

菲爾？

Thank you, Jim.

謝謝你，吉姆。

Our Q3 bookings reflected continued strength in our industrial and aerospace and defense markets and temporary weakness in high-performance computing.

我們第三季的預訂反映出我們的工業、航空航太和國防市場的持續強勁以及高效能運算的暫時疲軟。

Focusing on the high-performance computing market, we have successfully completed development of all the ASICs and semiconductor devices included in our first Gen 5 chipset, but its introduction was delayed because of an issue requiring a respin of one of the modules' printed circuit boards.

專注於高效能運算市場，我們已成功完成了第一代第五代晶片組中包含的所有 ASIC 和半導體裝置的開發，但由於需要重新設計其中一個模組的印刷電路板的問題，其推出被推遲。

This work has now been completed, and we will soon schedule VPD demo system meetings with lead customers.

這項工作現已完成，我們很快就會安排與主要客戶的 VPD 演示系統會議。

Interest in our second-generation VPD for artificial intelligence and network processors is very high, partly because competitive VPD solutions using stacked modular assemblies lack the requisite current density, robustness, and cost effectiveness.

人們對我們用於人工智慧和網路處理器的第二代 VPD 非常感興趣，部分原因是使用堆疊模組化組件的競爭性 VPD 解決方案缺乏必要的電流密度、穩健性和成本效益。

Our Gen 5 current multipliers occupy one-third of the footprint and are three times thinner than first-generation stacked VPD solutions.

我們的第 5 代電流倍增器佔據三分之一的佔地面積，並且比第一代堆疊 VPD 解決方案薄三倍。

Stacked multiphase VPD modules are challenged electrically, mechanically, thermally, and last but not least, from the IP perspective.

堆疊式多相 VPD 模組面臨電氣、機械、熱學方面的挑戰，最後但並非最不重要的是，從 IP 角度來看。

The AI market has significant business opportunities for Vicor with 48-volt bus converters, Gen 5 VPD solutions, and OEM licensing.

憑藉 48 伏特總線轉換器、第五代 VPD 解決方案和 OEM 許可，AI 市場為 Vicor 帶來了巨大的商機。

Leading AI companies relying on Vicor's power system technology have licensed Vicor IP or are procuring modules directly from Vicor.

依賴 Vicor 電源系統技術的領先人工智慧公司已獲得 Vicor IP 授權或直接從 Vicor 購買模組。

As evidenced by a recent ITC initial determination, certain actors have been playing a game of Catch Me If You Can with copycat suppliers of infringing modules or discrete solutions.

正如 ITC 最近的一項初步裁決所證明的那樣，某些行為者一直在與侵權模組或分立解決方案的山寨供應商玩「捉住我」的遊戲。

We are executing a comprehensive plan to enforce Vicor IP and protect the domestic industry from foreign theft of US intellectual property.

我們正在執行一項全面計劃，以強化 Vicor 智慧財產權並保護國內產業免遭外國盜竊美國智慧財產權的侵害。

In Q3, we introduced 5 new DC-to-DC converter power module families that utilized advanced packaging technologies from our new ChiP fab, featuring advances in control systems and components, enabling two to three times higher power density.

在第三季度，我們推出了5 個新的DC-DC 轉換器電源模組系列，它們利用了我們新的ChiP 晶圓廠的先進封裝技術，在控制系統和組件方面取得了進步，可實現兩到三倍的功率密度。

These are now being sampled to our top 100 customers and soon will be available to our broad customer base via our distribution partners, who will work with our global channel team targeting our top channel accounts across eight target market and application segments.

這些產品現已向我們的前100 名客戶提供樣品，很快將透過我們的分銷合作夥伴提供給我們廣泛的客戶群，這些合作夥伴將與我們的全球通路團隊合作，瞄準我們在八個目標市場和應用領域的頂級通路客戶。

We are beginning to see the results of our strategy to focus the majority of our resources on a set of 100 customers globally across four main markets.

我們開始看到我們將大部分資源集中在全球四個主要市場的 100 名客戶的策略的成果。

These customers will drive our revenue growth in the coming years to our $1 billion target and 65% gross margins.

這些客戶將推動我們未來幾年的營收成長，達到 10 億美元的目標和 65% 的毛利率。

By focusing on the top 100, we are able to set resources, goals, and priorities to achieve higher levels of efficiency in delivering new products, production support, technical support, and exceeding customer expectations.

透過專注於前 100 名，我們能夠設定資源、目標和優先級，以在交付新產品、生產支援、技術支援和超越客戶期望方面實現更高水準的效率。

We are not 100% of the way there yet, but we are well on the way to achieving our operational excellence and customer centricity objectives by having our entire company aligned in achieving these objectives.

我們尚未 100% 實現這一目標，但透過讓整個公司一致努力實現卓越營運和以客戶為中心的目標，我們正在順利實現這些目標。

The adoption of a 48-volt zonal architecture by automotive OEMs across Asia-Pacific and Europe is driving significant new opportunities for us, with lower-voltage fixed-ratio bus converters and regulated 48-volt DC-to-DC converter power modules.

亞太地區和歐洲的汽車原始設備製造商採用 48 伏特分區架構，為我們帶來了重大的新機遇，包括低壓固定比率匯流排轉換器和穩壓 48 伏特 DC-DC 轉換器電源模組。

Our new Gen 5 product families, with their higher power density and lower cost, put Vicor in an excellent position to participate in higher-volume 48-volt zonal BEV and hybrid automobile platforms.

我們的新 Gen 5 產品系列具有更高的功率密度和更低的成本，使 Vicor 在參與大容量 48 伏特區域純電動車和混合動力車平台方面處於有利地位。

These Gen 5 products were initially designed for our high-performance compute customers, but new automotive-grade versions will become available in Q1 of 2025.

這些第 5 代產品最初是為我們的高效能運算客戶設計的，但新的汽車級版本將於 2025 年第一季推出。

With regards to automotive-grade capabilities, we were notified by the TUV that Vicor has met the requirements of the IATF 16949 standard.

在汽車等級能力方面，我們接獲TUV通知，Vicor已符合IATF 16949標準的要求。

This is a critical milestone in our journey to full certification and building out our full automotive design and manufacturing capabilities to meet the needs of our automotive OEMs and Tier 1s.

這是我們邁向全面認證和建造全面汽車設計和製造能力以滿足汽車原始設備製造商和一級供應商需求的過程中的一個重要里程碑。

Thank you.

謝謝。

And with that, we will now take your questions.

現在我們將回答你們的問題。

(Operator Instructions) Quinn Bolton, Needham & Company.

（操作員說明）Quinn Bolton，Needham & Company。

Congratulations on the nice September results.

恭喜九月取得了不錯的成績。

I wanted to ask first, obviously, you guys had a nice initial determination at the ITC against Delta.

我想先問，顯然，你們在 ITC 上對達美航空做出了很好的初步決定。

Can you give us an update just what have you seen from OEM customers or folks that may be currently using the Delta bus converter modules?

您能否向我們介紹一下您從 OEM 客戶或目前可能正在使用 Delta 總線轉換器模組的人那裡看到的最新情況？

Are you seeing increased interest in folks licensing your patents?

您是否發現人們對授權您的專利越來越感興趣？

Or do you think that you're going to have to continue to pursue actions against folks using those modules in the courts?

或者您認為您必須繼續在法庭上對使用這些模組的人採取行動？

So we've seen from multiplicity of sources indications that Delta is telling these customers not to worry, they're going to have a workaround, they're going to sample it late this year, and they'll have it ready to, in effect, replace existing solutions by the time the exclusion order comes down.

因此，我們從多種來源看到，達美航空正在告訴這些客戶不要擔心，他們將有一個解決方法，他們將在今年晚些時候進行採樣，並且他們將準備好，在效果是，在排除令下來之前更換現有的解決方案。

Some of these customers are skeptical of these expectations.

其中一些客戶對這些期望持懷疑態度。

Some of these customers realize that beyond technical challenges and potential issues with requalification, robustness, reliability, there are still significant legal challenges having to do with the feasibility of inventing around all of the asserted patents.

其中一些客戶意識到，除了技術挑戰和重新鑑定、穩健性、可靠性方面的潛在問題之外，仍然存在與圍繞所有所主張專利進行發明的可行性有關的重大法律挑戰。

And to be clear, what just came down is the first act of a number of acts that are yet to develop.

需要明確的是，剛剛發生的事情是尚未展開的許多行動中的第一幕。

And to get to the point, the ability of companies that are playing a game of Catch Me If You Can, to escape the minefield of IP that Vicor has planted in connection with decades of innovation across the entire high-density, high-performance, our system infrastructure, 48-volts, the point of load and elsewhere.

說到重點，那些正在玩「能不能抓住我」遊戲的公司有能力逃離 Vicor 在整個高密度、高性能、數十年的創新中埋下的 IP 雷區，我們的系統基礎設施、48 伏、負載點和其他地方。

That's a very tall order that I doubt very much our competitors are going to be able to achieve.

這是一個非常艱鉅的任務，我非常懷疑我們的競爭對手是否能夠實現這一目標。

So customers that rely on their expectations are likely to be experiencing a variety of challenges with respect to redesign, requalification and ongoing issues for years to come.

因此，依賴自己期望的客戶可能會在未來幾年內遇到重新設計、重新鑑定和持續存在的問題的各種挑戰。

And I guess, Patrizio, in that game of Catch Me If You Can, are you seeing Delta customers looking to switch to, say, modules from other vendors such as Flex or Monolithic Power or others?

我想，Patrizio，在《Catch Me If You Can》遊戲中，您是否看到 Delta 客戶希望切換到其他供應商（例如 Flex 或 Monolithic Power 或其他供應商）的模組？

Or do you think to the extent that they switch to modules from those vendors that they may still be subject to the exclusion order, assuming that you get that in the final determination?

或者您認為，如果他們改用這些供應商的模組，他們可能仍會受到排除令的約束（假設您在最終決定中得到了這一點）？

Again, our action is the one for which we just received the initial examination is the first of a series of actions.

同樣，我們的行動是我們剛剛接受初步檢查的行動，是一系列行動中的第一個。

And generally speaking, the issues with respect to intellectual property, they're now limited to the Delta modules.

一般來說，與智慧財產權相關的問題現在僅限於 Delta 模組。

Got it.

知道了。

And if I could squeeze in just one more on the Gen 5 sampling.

如果我能再擠進一張第五代採樣的話就好了。

It sounds like you said you've kind of respun one of the ASICs or one of the chips in that chipset and you're proceeding now to schedule samples and meetings with the customers.

聽起來您好像說您已經重新設計了其中一款 ASIC 或該晶片組中的一款晶片，並且您現在正在著手安排樣品和與客戶的會議。

Can you give us maybe then an updated timeline outside of perhaps one lead customer for Gen 5?

您能否給我們一個可能是第 5 代的一位主要客戶之外的更新時間表？

When would you expect Gen 5 products to potentially be adopted and ship in volume in the HPC market?

您預計第 5 代產品何時可能在 HPC 市場上採用並大量出貨？

Is that now kind of a late 2025 timeline?

現在的時間表是 2025 年末嗎？

Do you think you could ramp a program before that?

你認為你可以在那之前改進一個程式嗎？

So just to be clear, all of the ASICs and all of the unique semiconductors have been working fine and they've been fully characterized.

需要明確的是，所有 ASIC 和所有獨特的半導體都運作良好，並且已經得到了充分的表徵。

So we have completed the task with respect to those.

所以我們已經完成了這些方面的任務。

As Phil mentioned earlier, the issue that settles back by a number of weeks is an issue with the PC board in one of the current multipliers that had to be spun a couple of times to address issues at the PC board level.

正如 Phil 之前提到的，幾週後解決的問題是目前乘法器之一的 PC 板問題，必須旋轉幾次才能解決 PC 板層級的問題。

So the issues have not had to do with the more critical, if you will, ASICs or power semiconductors.

因此，這些問題與更關鍵的（如果你願意的話）ASIC 或功率半導體無關。

Those are in place for the first wave of 5G.

這些都已為第一波 5G 浪潮做好了準備。

We have all those components.

我們擁有所有這些組件。

We've had them for some time.

我們已經擁有它們有一段時間了。

In terms of next steps, we will start with one key customer.

就下一步而言，我們將從一個關鍵客戶開始。

And if things proceed according to expectations, we're going to be shipping initial quantities of 5G VPD systems components to the customer in the next couple of months.

如果事情按照預期進行，我們將在接下來的幾個月內向客戶運送首批 5G VPD 系統組件。

Got it.

知道了。

And thank you, Patrizio, for clarifying it was a PCB issue that needed to be reworked rather than an ASIC.

感謝 Patrizio，您澄清了這是需要返工的 PCB 問題，而不是 ASIC 問題。

Sorry to have missed that.

抱歉錯過了。

Yes.

是的。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

And again, congratulations on Q3.

再次恭喜第三季。

Just a follow-up on the VPD product.

只是 VPD 產品的後續產品。

Are those initial shipments you're talking about for testing and development for the customer?

您所說的初始出貨是為客戶進行測試和開發嗎？

Or are these production units destined for a product to be sold?

或是這些生產單位是否用於銷售產品？

So the initial set of units in the hundreds, that's for initial customer bring up PowerUP production is a first half of '25 event based on current schedule.

因此，根據當前時間表，最初的數百台設備（用於初始客戶啟動 PowerUP 生產）是 25 年上半年的活動。

Got it.

知道了。

And you would be getting orders for those products sometime in the first half if things go according to plan.

如果一切按計劃進行，您將在上半年的某個時候收到這些產品的訂單。

Is that correct?

這是正確的嗎？

Well, we've had orders for this product, which we're going to begin to fill.

嗯，我們已經收到了該產品的訂單，我們將開始履行訂單。

There's going to be additional orders once we get past the system-level validation of the customer.

一旦我們通過了客戶的系統級驗證，就會有額外的訂單。

Understood.

明白了。

And just a quick question on the orders in the quarter and the way your revenues trended sequentially.

關於本季的訂單以及您的收入連續趨勢的方式是一個簡單的問題。

I was just wondering what drove the strength there?

我只是想知道是什麼驅動了那裡的力量？

And kind of what came into the quarter?

本季發生了什麼事？

Was anything pulled in or anything like that?

有東西被拉進去或類似的東西嗎？

Just if you could characterize the mix or the strength in any way, shape or form, that would be helpful.

如果你能以任何方式、形狀或形式來表徵混合或強度，那會很有幫助。

Yes, John, this is Phil.

是的，約翰，這是菲爾。

I mentioned that we had continued strength.

我提到我們有持續的力量。

We had it in Q2 into Q3 of our industrial, aerospace, and defense markets.

我們在工業、航空航太和國防市場的第二季到第三季就做到了這一點。

I mentioned temporary weakness in high-performance compute because orders there are typically very lumpy.

我提到了高效能運算的暫時弱點，因為那裡的訂單通常非常不穩定。

So we see those come in and then disappear for a quarter and come back again.

所以我們看到那些進來然後消失四分之一又回來。

So that's where we had a little bit of weakness in hitting the one-plus book-to-bill ratio.

因此，這就是我們在達到一加訂單出貨比方面存在一點弱點的地方。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

I guess my first question is looking at your Gen 5 VPD product here.

我想我的第一個問題是看看你們的第 5 代 VPD 產品。

In the context of Phil quantifying the pipeline for the automotive business last quarter, maybe if you can characterize or even quantify what the pipeline looks like for this product.

在菲爾上季度量化汽車業務的管道的背景下，也許您可以描述甚至量化該產品的管道是什麼樣子。

You've talked about an initial customer you're shipping to.

您已經談到了您要送貨的最初客戶。

Do you have any sense of even quantifying how much that looks like right now?

您是否有任何感覺甚至可以量化現在的情況？

So Richard, it's Phil.

理查德，是菲爾。

We had, I think, a little discussion on this about rebuilding our HPC pipeline from the past highs of the big GPU acceleration system that we were included in.

我認為，我們對此進行了一些討論，討論如何從我們所參與的大型 GPU 加速系統的過去高點重建我們的 HPC 管道。

So it's a rebuild, and it's across a number of fronts.

所以這是一次重建，涉及多個方面。

One is obviously the VPD push with Gen 5.

其中之一顯然是 Gen 5 的 VPD 推動。

And as we mentioned, the interest in that is very, very high for a number of reasons I articulated.

正如我們所提到的，由於我闡述的多種原因，人們對此的興趣非常非常高。

Don McKenna, D.B. McKenna & Company.

唐麥肯納，D.B.麥肯納公司。

My question goes back to the revenue side as well.

我的問題也回到了收入方面。

And with revenues up, the way I look at it is $7.3 million, but the

隨著收入的增加，我的看法是 730 萬美元，但是

(technical difficulty).

（技術難度）。

Basically, it's difference between orders during the quarter and the shipments.

基本上，這是季度訂單和出貨量之間的差異。

That's the net number.

這就是淨值。

So another way of saying it is we shipped 94 and we booked about 92.

換句話說，我們發貨了 94 件，我們預訂了大約 92 件。

Yes.

是的。

It's just that simple.

就是這麼簡單。

I mean it's the shipments deliverable next year and shipments are obviously

我的意思是，這是明年可交付的發貨量，而且發貨量顯然是

--.

--.

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Actually, I wanted to follow up on that last point.

事實上，我想跟進最後一點。

Did the licensing increase sequentially at all in the quarter?

本季許可證數量是否連續增加？

Yes.

是的。

So yes, the licensing increased as did product revenue was relatively flat, and there was increase in royalty revenue in the quarter.

所以，是的，許可證數量增加了，而產品收入相對持平，本季的特許權使用費收入有所增加。

Got it.

知道了。

And then, Phil, just maybe a little bit more on the fifth-gen products.

然後，菲爾，也許再多介紹第五代產品。

Outside of the GPU, are you seeing broader interest as well?

除了 GPU 之外，您是否也看到了更廣泛的興趣？

I'm talking about network processors, CPUs, other forms of silicon.

我說的是網路處理器、CPU 和其他形式的矽。

Is that things you're concentrating on as well, or is the leading edge AI where most of the meat is?

這也是你所關注的事情嗎？

Network processors are very important, Jon.

網路處理器非常重要，喬恩。

So that's part of the initial mix.

這是初始組合的一部分。

I mean this Gen 5 and Patrizio can talk about this better than me, but this Gen 5 technology is really going to enable a new suite of products also into our ATE customer base, factorized power there as well across aerospace and defense for radar systems.

我的意思是，第5 代和Patrizio 可以比我更好地談論這個問題，但第5 代技術確實將為我們的ATE 客戶群提供一套新產品，在航空航天和國防雷達系統中提供分比式電源。

We're looking at this maybe sometime in the next three to five years for potentially space applications and other markets as well.

我們可能會在未來三到五年的某個時候關注這個潛在的太空應用和其他市場。

So the Gen 5 technology is really going to be a spearhead for us across, I would think, the four main markets that we focus on.

因此，我認為第五代技術確實將成為我們關注的四個主要市場的先鋒。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

I wanted to follow up.

我想跟進。

Last quarter, you talked about sort of margins being under pressure from a legacy HPC program that had kind of come back in higher volume.

上個季度，您談到了傳統 HPC 項目的利潤率受到了壓力，該項目的銷量有所回升。

And it looked like it likely continued here in the September quarter.

看起來這種情況很可能會在九月季度繼續下去。

I wondered if you could just confirm that.

我想知道你能否證實這一點。

And then I know you're not giving guidance top line or margins for next quarter, but does that legacy HPC volume continue into the December quarter?

然後我知道您不會給出下一季的營收或利潤率指導，但是傳統 HPC 數量是否會持續到 12 月的季度？

Or does that start to roll off and you might see a better mix shift product mix in Q4?

或者這種情況會開始下降，您可能會在第四季度看到更好的混合轉變產品組合？

So we're expecting improvements partly due to your point to the fact that the product mix issue that we referenced with the legacy product, which we discussed in the last quarterly call was ongoing in Q3.

因此，我們預計會有所改進，部分原因是您指出我們在舊產品中提到的產品組合問題（我們在上一季度電話會議中討論過的問題）在第三季度仍在繼續。

It will be ongoing for part of Q4.

它將在第四季度的部分時間持續進行。

But for all of Q4, the effect will be somewhat diminished overall.

但對於整個第四季來說，整體影響會有所減弱。

There are other factors that should help us with respect to improving margins.

還有其他因素應該有助於我們提高利潤率。

Got it.

知道了。

And then I guess, looking at the licensing or the royalty revenue stream, it's been up consecutively now for several quarters.

然後我想，看看許可證或特許權使用費收入流，它已經連續幾個季度上漲了。

As you look into the end of the year in 2025, obviously, customers across the AI market are moving to new generation GPUs and ASICs and accelerators.

展望 2025 年底，顯然，整個 AI 市場的客戶都在轉向新一代 GPU、ASIC 和加速器。

I guess as you look at your licensees' product road map, is there anything that changes with their product road map that might reduce the royalties they pay or the royalty rate?

我想當您查看被許可人的產品路線圖時，他們的產品路線圖是否有任何變化可能會減少他們支付的特許權使用費或特許權使用費率？

Or would you expect that royalty to continue to trend with sort of unit shipments at your OEM licensee?

或者您是否預期特許權使用費將繼續隨著您的 OEM 被授權人的單位出貨量而變化？

We expect it to continue to trend up with volume based on continued use of our technology either in module form or in terms of discrete solutions.

我們預計，基於模組形式或分立解決方案的技術的持續使用，其銷售將繼續呈上升趨勢。

Jon Gruber, Lagunitas Investments.

喬恩‧格魯伯，拉古尼塔斯投資公司。

You seem very positive on the prospects of Gen 5.

您似乎對 Gen 5 的前景非常樂觀。

When do you think Gen 5 revenue will surpass 10% of quarterly revenue?

您認為 Gen 5 收入何時會超過季度營收的 10%？

Well, so just to be clear, we are positive about Gen 5 because it represents a revolution with respect to point-of-load solutions.

好吧，需要明確的是，我們對第五代持樂觀態度，因為它代表了負載點解決方案的一場革命。

And I'm not taking the word revolution lightly, so I'll back it up with numbers.

我不會輕視「革命」這個詞，所以我會用數字來支持它。

So the competition has to infringe a number of Vicor patents to deliver about 1.6 amps per square millimeter.

因此，競爭對手必須侵犯 Vicor 的多項專利才能提供每平方毫米約 1.6 安培的電流。

We can deliver initially three and before too long, more than that in a solution that not only takes up a lot less footprint, but as suggested earlier by Phil, it's also a lot thinner, like 1.5 millimeter thin as opposed to about three times that.

我們最初可以提供三個，不久之後，解決方案不僅佔用的空間少得多，而且正如 Phil 之前建議的那樣，它也薄得多，比如 1.5 毫米薄，而不是大約三倍。

So if you combine the footprint advantage, which is, to begin with, three times and the advantage in terms of thickness, overall volumetric density and weight, it's nearly an order of magnitude advantage in terms of overall density, volumetric density.

因此，如果將佔地面積優勢（首先是三倍）與厚度、總體體積密度和重量方面的優勢結合起來，那麼總體密度、體積密度方面的優勢幾乎是一個數量級。

So those are the foundations for our optimism and high expectations with respect to 5G.

這些是我們對 5G 持樂觀態度和高期望的基礎。

It's really revolutionary technology in every respect in terms of its control systems, packaging technology, ability to deliver solutions with much higher efficiency, much higher bandwidth, much lower noise, much improved signal integrity, all of which are critical to next-generation AI systems.

從控制系統、封裝技術、以更高的效率、更高的頻寬、更低的雜訊、更高的訊號完整性提供解決方案的能力來看，它在各個方面都是真正的革命性技術，所有這些對於下一代人工智慧系統都至關重要。

That's great.

那太棒了。

But then when does that translate into serious revenue for the company?

但什麼時候這才能轉化為公司可觀的收入呢？

As Phil suggested, we are going to start ramping with a lead customer.

正如菲爾建議的那樣，我們將開始與主要客戶合作。

It will take some time, the better part of next year, to get further with other customers.

需要一些時間（明年的大部分時間）才能與其他客戶取得進一步的進展。

We've been, frankly, taking it one step at a time.

坦白說，我們一直在一步一腳印地採取行動。

We don't want to be out there in front of multi-busier customers prematurely.

我們不想過早出現在更忙碌的客戶面前。

And because of that, beyond our lead customers, we have been playing it very close to the vest that we're going to transition to a different phase in a few months and we expect to get a good deal of traction as we get further into '25.

正因為如此，除了我們的主要客戶之外，我們一直非常謹慎，我們將在幾個月內過渡到不同的階段，並且隨著我們進一步深入，我們預計將獲得很大的吸引力'25。

Alan Hicks, Ainsley Capital Management.

艾倫‧希克斯，安斯利資本管理公司。

Back on the question, you said that product sales were flat, but royalties were up.

回到問題上來，您說產品銷售持平，但特許權使用費卻上升了。

Was that just on Advanced Product sales were flat or overall?

這只是高級產品銷售持平還是整體銷售持平？

No, I quoted the Advanced Product sales in the prepared remarks as well as BRICK.

不，我在準備好的備註中引用了高級產品銷售以及 BRICK。

So there was an increase in royalty revenue sequentially.

因此，特許權使用費收入連續增加。

And then the Advanced and BRICK split is what I mentioned earlier in the prepared remarks.

然後，Advanced 和 BRICK 的分割就是我之前在準備好的發言中提到的。

Advanced Products does include the royalty component.

高級產品確實包括版稅部分。

Okay.

好的。

So that suggests Advanced Product sales were down a little bit, but royalties back to even or up from that overall?

這是否表明高級產品銷售額略有下降，但特許權使用費總體上持平或上升？

Sounds about right.

聽起來不錯。

Yes.

是的。

And then the second question is, are all your Advanced Products now being produced in your new factory?

那麼第二個問題是，你們所有的先進產品現在都是在你們的新工廠生產的嗎？

Yes.

是的。

So that's going well.

所以一切進展順利。

Are any problems, hangups, things need to tweak, that kind of thing?

是否有任何問題、掛斷、需要調整之類的事情？

Well, in a factory, there's never a time when there is some issue or another issue.

嗯，在工廠裡，從來沒有出現過這樣或那樣的問題。

But generally speaking, we feel very good about the capability we put in place.

但總的來說，我們對我們所擁有的能力感到非常滿意。

This is the first foundry for power components in the world.

這是世界上第一個功率元件代工廠。

And so far, so good.

到目前為止，一切都很好。

We're happy with the progress we've made.

我們對所取得的進展感到滿意。

If we go back 1.5 years ago, we had serious challenges in terms of capacity, consistency with outside vendors.

如果我們回到 1.5 年前，我們在產能、與外部供應商的一致性方面面臨嚴峻的挑戰。

And the vertical integration we put in place has begun to pay off for itself in terms of giving us much shorter cycle time, much greater predictability.

我們實施的垂直整合已經開始獲得回報，它使我們的週期時間更短，可預測性更高。

We can now complete all the packaging processes, what we call 3D metal interconnect, in, if necessary, two weeks.

現在，如果有必要，我們可以在兩週內完成所有封裝工藝，即所謂的 3D 金屬互連。

It used to take us three times, four times as long 1.5 years ago.

1.5 年前，我們需要花三倍、四倍的時間。

So the benefits of vertical integration, automation with respect to chip foundry is multifold.

因此，垂直整合和自動化對於晶片代工的好處是多方面的。

Its short cycle time, its scalability with respect to capacity, and ultimately, its cost effectiveness as we get to absorb the fixed costs that are now reflected in our financial statements, right, that are associated with the equipment we deployed and the people we've hired in order to execute on this vertical integration.

它的週期時間短，容量方面的可擴展性，以及最終的成本效益，因為我們可以吸收現在反映在我們的財務報表中的固定成本，對吧，這些成本與我們部署的設備和我們的人員相關。

So as we progress into a phase where we absorb that capacity, we're going to see a strong contribution to margins.

因此，當我們進入吸收這種產能的階段時，我們將看到對利潤率的強勁貢獻。

Okay.

好的。

And I wanted to ask about the chip packaging converters housed in the package.

我想問一下封裝中的晶片封裝轉換器。

I know you announced it over 10 years ago, and it seems like it's evolved quite a bit.

我知道您十多年前就宣布了這一點，而且看起來它已經發生了很大的變化。

Are you producing those whole panels?

你們正在生產整個面板嗎？

I think there's like 40 of them on a panel, or you can cut them up into modules?

我想一個面板上大概有 40 個，或者你可以將它們切成模組？

And does anybody else have anything like that?

有其他人有類似的事情嗎？

And what would you say is your

你會說什麼是你的

--.

--.

No.

不。

Nobody can try to infringing our IP.

任何人都不能試圖侵犯我們的智慧財產權。

And if they do, they should understand by now that there's going to be consequences, right?

如果他們這樣做了，他們現在應該明白會有後果，對吧？

So no, this is a unique capability that Vicor pioneered and put in place.

所以不，這是 Vicor 開創並實施的獨特功能。

And we're quite proud of it.

我們對此感到非常自豪。

And to your point, it gives us the ability to manufacture very high-density components with constant denominator panels, which are the counterpart to wafers in a semiconductor foundry.

就您而言，它使我們能夠製造具有恆定分母面板的非常高密度的組件，這相當於半導體鑄造廠中的晶圓。

They are rectangular as opposed to being circular.

它們是矩形的，而不是圓形的。

But they share many of the attributes of the kinds of efficient process that goes on in semiconductor fabs.

但它們具有半導體工廠中所採用的高效製程的許多屬性。

So would you say it's like a very tiny brick, each one of these modules?

那麼你會說每個模組就像一塊非常小的磚塊嗎？

I didn't catch the word.

我沒聽清楚這個詞。

A tiny brick--.

一塊小磚頭——。

It's a very tiny brick.

這是一塊非常小的磚塊。

Was that what you'd say?

你是這麼說的嗎？

A tiny brick, it is.

一塊小磚頭，確實如此。

Well, no, I think that's not a good analogy because brick were the power component paradigm that Vicor invented at the very beginning of the power module industry.

嗯，不，我認為這不是一個很好的類比，因為磚是 Vicor 在電源模組行業初期發明的電源組件範例。

And it's dramatically opposed to what we're doing with converters housing packages.

這與我們對轉換器外殼封裝所做的事情截然不同。

So bricks are, by their nature, made in a dedicated form factor, which is specific to the brick.

因此，磚塊本質上是按照磚塊特有的專用形狀係數製成的。

So the processes are not scalable, not nearly as efficient.

因此，這些流程不可擴展，效率也不高。

With converters out in package, to your earlier point, irrespective of what the particular type of device happens to be, and it can be an 800-amp point-of-load turn multiplier in a 28-millimeter by 7.5-millimeter wide package, or it can be a 40-kilowatt fast-charging bus converters for automotive.

對於封裝中的轉換器，正如您之前所說，無論設備的特定類型是什麼，它都可以是 28 毫米 x 7.5 毫米寬封裝中的 800 安培負載點匝數倍增器，或者它可以是用於汽車的40 千瓦快速充電總線轉換器。

And these are extreme opposites in effect in the realm of power products that our technology supports.

在我們的技術支援的電源產品領域，這些實際上是極端相反的。

But irrespective of what the end market application is or what the nature of the power system required happens to be, they are built in our foundry using exactly the same processes, the same equipment, the same three-dimensional integration.

但無論最終市場應用是什麼，或者所需的電力系統的性質是什麼，它們都是在我們的鑄造廠中使用完全相同的工藝、相同的設備、相同的三維整合來建造的。

Well, it sounds very impressive.

嗯，聽起來非常令人印象深刻。

So congratulations on everything you're doing.

所以要恭喜你所做的一切。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Let me ask a follow-up here.

讓我在這裡詢問後續情況。

Patrizio, I'd love to get your sense from your initial customers you're engaged with on the Gen 5 VPD.

Patrizio，我很想從與您接觸的第 5 代 VPD 的最初客戶那裡了解您的想法。

What's their view of the supply chain that you have here?

他們對你們這裡的供應鏈有何看法？

Do they view it as well-tested enough to run real volumes here?

他們是否認為它經過充分測試，足以在這裡運行實際量？

Do you expect with these initial wins to be sole-sourced?

您是否期望這些最初的勝利是單一來源的？

Do you think they'll be shared until they get more confidence?

您認為在他們獲得更多信心之前他們會分享這些資訊嗎？

Maybe just kind of help us understand the current state of view of that, please.

也許只是幫助我們了解目前的觀點，拜託。

So I think in the foreseeable future, as I look out, let's say, over the next year, 1.5 years, the customers who are engaged for high-performance solutions for very high-performance AI, they recognize that the Vicor foundry, the first foundry is the foundry for these products for that time frame.

因此，我認為在可預見的未來，正如我所看到的，比如說，在接下來的一年、1.5 年裡，致力於為超高性能AI 提供高性能解決方案的客戶，他們認識到Vicor代工廠是第一個鑄造廠是該時間範圍內這些產品的鑄造廠。

As we look beyond that, we expect, as we mentioned in the past, there's going to be a second foundry and a third foundry.

當我們展望未來時，正如我們過去提到的那樣，我們預計將會有第二家代工廠和第三家代工廠。

And that will bring about additional capacity and additional robustness to the supply chain.

這將為供應鏈帶來額外的產能和額外的穩健性。

But we view the existing capability at Federal seat as being quite robust.

但我們認為聯邦席位的現有能力相當強大。

(Operator Instructions) James Lieberman, American Trust Investment Services.

（操作員說明）James Lieberman，美國信託投資服務公司。

It's good to see the progress you're making.

很高興看到您所取得的進步。

I wonder, is there a way to understand the next several legal steps, not that you would comment on them, but as a process in terms of as things are playing out?

我想知道，有沒有一種方法可以理解接下來的幾個法律步驟，而不是你會對它們發表評論，而是將其視為事情正在發生的過程？

And can the ITC begin to put sanctions in place even before all of the appeals processes play out?

在所有上訴程序結束之前，國際貿易委員會是否可以開始實施制裁？

Is there any way to understand that?

有什麼辦法可以理解嗎？

So I'm not sure I captured everything you said.

所以我不確定我是否捕捉到了你所說的一切。

It was a question about what might happen with the ITC, and correct me if I'm going off in the wrong direction in terms of answering your question.

這是一個關於 ITC 可能發生什麼的問題，如果我在回答你的問題時方向錯誤，請糾正我。

But just in terms of explaining the process there, if that's the question.

但只是解釋一下那裡的過程，如果這是問題的話。

Yes, correct.

是的，正確。

That is the question, yes.

這就是問題所在，是的。

So what happened a few weeks ago, a couple of weeks ago is that the ALJ, the administrative law judge, that has presided over the case issued its initial determination.

所以幾週前發生的事情是，主持此案的行政法法官行政法官發布了初步裁決。

The process involves that determination being reviewed by the commission. before being subject to a presidential review process before the exclusion order becomes operative.

該過程涉及委員會審查該決定。在排除令生效之前接受總統審查程序。

But even before exclusion order becomes operative, during the presidential review period, there is a bond that infringers have to post in order to be able to import into the country infringing products.

但即使在排除令生效之前，在總統審查期間，侵權者也必須繳納保證金才能將侵權產品進口到該國。

And that bond in the case of computing systems that are affected by the infringement was set by the ALJ at 100% of their value.

對於受到侵權影響的計算系統，該保證金由 ALJ 設定為其價值的 100%。

So the initial determination came down about a week ahead of schedule at the end of September.

因此，最初的決定比原計劃提前一周在九月底下達。

It was due in the first week of October.

預產期是十月的第一周。

The commission is due to render its final determination by February 3.

該委員會將於 2 月 3 日做出最終決定。

And that's when an exclusion order we would expect will issue subject to presidential review.

屆時，我們預計將發布一項排除令，並接受總統審查。

But that's when the bond will go into effect.

但這就是債券生效的時間。

Don McKenna, D.B. McKenna & Company.

唐麥肯納，D.B.麥肯納公司。

Now that the new facility is completely operational, I'm wondering what your plans are to invite the investment community to see it.

現在新設施已全面投入使用，我想知道你們計劃如何邀請投資界參觀。

No immediate plans.

沒有立即的計劃。

But that's a good question, and we'll take it under advisement.

但這是一個好問題，我們會考慮這個問題。

But we have a busy calendar over the next few months.

但接下來的幾個月我們的行程很繁忙。

By the way, we are completing installation of a new MRP system, SAP.

順便說一句，我們正在完成新的 MRP 系統 SAP 的安裝。

And that's going to become operative in the last week of the year.

這將在今年的最後一周開始實施。

So we have a lot of things going on to bring about the operational excellence that Phil has talked about.

因此，我們正在採取許多措施來實現菲爾談到的卓越營運。

And that's going to keep us quite busy for a little while.

這會讓我們忙碌一段時間。

Yes.

是的。

We also have lots of customers still coming through the facility, and we expect a lot more as we roll out Gen 5.

我們還有很多客戶仍在使用設施，隨著我們推出第 5 代，我們預計會有更多客戶。

So we'll certainly keep it in front of us.

所以我們一定會把它放在我們面前。

We could tag along with some of those customers.

我們可以跟隨其中一些客戶。

And maybe a few competitors as well.

也許還有一些競爭對手。

Why not?

為什麼不呢？

All right.

好的。

Just wanted to let you know we're still interested.

只是想讓您知道我們仍然感興趣。

Okay.

好的。

I'm sure lots of people are.

我相信很多人都是這樣。

Thank you.

謝謝。

And with that, I will conclude the Q&A session and the program for today.

我的問答環節和今天的議程就到此結束。

Thank you all who participated.

感謝所有參與的人。

You may now disconnect.

您現在可以斷開連線。

Thank you.

謝謝。

Thank you.

謝謝。