Vicor Corp (VICR) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

Welcome to the fourth quarter 2024 Vicor earnings conference call.

歡迎參加 2024 年第四季 Vicor 財報電話會議。

I would now like to turn the conference over to James Schmidt, Chief Financial Officer.

現在，我想將會議交給財務長詹姆斯施密特 (James Schmidt)。

Sir, please go ahead.

先生，請說。

Thank you.

謝謝。

Good afternoon.

午安.

And welcome to Vicor Corporation's earnings call for the fourth quarter and year ended December 31, 2024.

歡迎參加 Vicor 公司截至 2024 年 12 月 31 日的第四季和年度財報電話會議。

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

我是財務長詹姆斯施密特 (James Schmidt)，與執行長 Patrizio Vinciarelli 一起在安多弗；以及全球銷售和行銷副總裁 Phil Davies。

After the markets closed today, we issued a press release summarizing our financial results for the three months and year ending December 31.

今天市場收盤後，我們發布了一份新聞稿，總結了截至 12 月 31 日的三個月和一年的財務表現。

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

本新聞稿已發佈於我們網站 www.vicorpower.com 的投資者關係頁面。

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發布本新聞稿相關的 8-K 表格。

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

我提醒聽眾，本次電話會議正在錄音，版權歸 Vicor 公司所有。

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.

我也提醒你；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下安全港條款所指的前瞻性聲明。

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 risk and uncertainties.

除本次電話會議中包含的歷史資訊外，本次電話會議中討論的事項，包括有關當前和計劃中產品、現有和潛在客戶、潛在市場機會、預期事件和公告、我們的產能擴張的任何陳述，以及管理層對銷售增長、支出和盈利能力的預期，均為涉及風險和不確定性的前瞻性陳述。

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，我們無法保證任何前瞻性聲明實際上被證明是正確的。

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評論中明確闡述或暗示的結果有重大差異。

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

我們面臨的風險和不確定性在我們於 2024 年 2 月 28 日向美國證券交易委員會提交的 2023 年 10-K 表第 1A 項中進行了討論。

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

該文件可透過美國證券交易委員會網站上的 EDGAR 系統取得。

Please note the information provided during this conference call is accurate only as of today, Thursday, February 20, 2025.

請注意，本次電話會議中提供的資訊僅截至今天（2025 年 2 月 20 日，星期四）準確。

Vicor undertakes no obligation to update any statements, including forward-looking statements made during 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發表的前瞻性聲明。

And you should not rely upon such statements after the conclusion of this call.

在本次通話結束後，您不應再依賴此類聲明。

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

今天的電話會議的網路回放將很快在我們網站的投資者關係頁面上提供。

I'll now turn to a review of Q4 and full-year financial performance, after which Phil will review recent market developments.

現在我將回顧第四季和全年的財務業績，之後菲爾將回顧最近的市場發展。

And Patrizio, Phil, and I will take your questions.

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 change for P&L and balance sheet items as well as full year, year-on-year changes, and refer you to our press release or our upcoming Form 10-K 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季度連續變化以及全年、同比變化，並請您參閱我們的新聞稿或即將發布的 10-K 表格以獲取更多資訊。

As stated in today's press release, Vicor recorded total revenue for the fourth quarter of $96.2 million, up 3.2% from the third quarter total of $93.2 million and up 3.8% from the fourth quarter of 2023 total of $92.7 million.

如同今天的新聞稿所述，Vicor 第四季的總營收為 9,620 萬美元，較第三季的 9,320 萬美元成長 3.2%，較 2023 年第四季的 9,270 萬美元成長 3.8%。

Revenues for the year ended December 31, 2024, decreased 11.4% to $359.1 million from $405.1 million for the prior year.

截至 2024 年 12 月 31 日的年度收入從上年的 4.051 億美元下降 11.4% 至 3.591 億美元。

Advanced product revenue increased 18% sequentially, while brick products revenue declined 13% from the third quarter.

先進產品收入較上季成長18%，而磚產品收入較上季下降13%。

Revenues for advanced products for the year ending 2024 decreased 11.9% to $197.3 million from $223.9 million the year before.

截至 2024 年的年度先進產品收入從上年的 2.239 億美元下降 11.9% 至 1.973 億美元。

Revenues for brick products for the year ending 2024 decreased 10.7% to $161.7 million from $181.2 million the year before.

截至 2024 年的一年，磚製品收入從上年的 1.812 億美元下降 10.7% 至 1.617 億美元。

Shipments to stocking distributors decreased 4% sequentially but increased 7.6% year over year.

對庫存分銷商的出貨量環比下降 4%，但年增 7.6%。

Exports for the fourth quarter increased sequentially as a percentage of total revenue to approximately 56.9% from the prior quarter's 49%.

第四季出口占總收入的比例從上一季的 49% 環比增長至約 56.9%。

On a year-over-year basis, exports decreased as a percentage of total revenue to approximately 48.2% from the prior year's 63.1%.

與去年同期相比，出口占總收入的比例從去年的 63.1% 下降至約 48.2%。

For Q4, advanced products share of total revenue increased to 60.6% compared to 53% for the third quarter, with Vicor product share correspondingly decreasing to 39.4% of revenue.

第四季度，先進產品佔總營收的份額從第三季的 53% 上升至 60.6%，而 Vicor 產品份額則相應下降至 39.4%。

Turning to gross margin, we recorded a consolidated gross profit margin of 52.4%, approximately 3.3% more than the prior quarter.

談到毛利率，我們記錄的綜合毛利率為52.4％，比上一季高出約3.3％。

For the full year 2024, gross margin rose by 0.7% to 51.2% from 50.6% in the prior year.

2024 年全年毛利率從去年的 50.6% 上升 0.7% 至 51.2%。

The year-on-year increase in gross margin percentage was primarily due to increased royalty income and reductions in supply chain costs.

毛利率百分比年增主要由於特許權使用費收入增加和供應鏈成本減少。

I'll now turn to Q4 operating expenses.

現在我來談談第四季的營運費用。

Total operating expense, including litigation expenses, increased 2% in the third quarter.

第三季包括訴訟費用在內的總營運費用增加了 2%。

For the full year 2024, total operating expense as a percent of revenue increased to 51.6% from 37.9% in the prior year.

2024 年全年，總營運費用佔收入的百分比從上年的 37.9% 增加到 51.6%。

The amount of total equity-based compensation expense for Q4 included in cost of goods, SG&A and R&D was [858,000], $2,106,000, and $193,000 respectively, totaling approximately $4.1 million.

第四季的股權激勵費用總額包括在商品成本、銷售、一般及行政費用和研發費用中分別為 [858,000]、2,106,000 美元和 193,000 美元，總計約為 410 萬美元。

For Q4, we recorded operating income of $9.2 million, representing an operating margin of 9.6%?

第四季度，我們的營業收入為 920 萬美元，營業利益率為 9.6%？

For the full-year 2024, operating loss totaled $1.3 million or negative [.4%] of revenue compared to operating income of $51.4 million or 12.7% of revenue in the prior year.

2024 年全年，營業虧損總計 130 萬美元，佔收入的負 [.4%]，而前一年的營業收入為 5,140 萬美元，佔收入的 12.7%。

Turning to income taxes, we recorded a tax provision for Q4 of approximately $1.5 million, representing an effective tax rate for the quarter of 12.9%.

談到所得稅，我們記錄了第四季約 150 萬美元的稅收準備金，相當於本季有效稅率為 12.9%。

The tax provision for the full-year 2024 was approximately $4.3 million, representing an effective tax rate for the year 41.5%.

2024 年全年稅收準備金約 430 萬美元，當年有效稅率為 41.5%。

Net income for Q4 totaled $10.2 million.

第四季淨收入總計 1,020 萬美元。

GAAP diluted earnings per share was $0.23 based on a fully diluted share count of $45 million [296,000] shares.

基於完全攤薄股數 4,500 萬美元 [296,000] ，GAAP 攤薄每股收益為 0.23 美元。

For the full-year 2024, net income decreased to $6.1 million from $53.6 million in the prior year.

2024 年全年淨收入從上年的 5,360 萬美元下降至 610 萬美元。

In 2024, fully diluted earnings per share decreased to $0.14 from $1.19 in the prior year.

2024 年，每股完全攤薄收益從上年的 1.19 美元下降至 0.14 美元。

Turning to our cash flow and balance sheet, cash and cash equivalents totaled $277.3 million in Q4.

談到我們的現金流量和資產負債表，第四季的現金和現金等價物總額為 2.773 億美元。

Accounts receivable, net of reserves totaled $52.9 million at quarter end, with DSOs for trade receivables at 39 days.

季度末，應收帳款淨準備金總額為 5,290 萬美元，貿易應收帳款的 DSO 為 39 天。

Inventories, net of reserves increased 0.3% sequentially to $106 million.

扣除儲備後的庫存較上月增加 0.3% 至 1.06 億美元。

Annualized inventory returns were approximately flat at

年度庫存報酬率大致持平於

[1.65].

[1.65]

Operating cash flow total approximately $10.1 million for the quarter.

本季營運現金流總計約 1,010 萬美元。

Capital expenditures for Q4 total $1.7 million.

第四季的資本支出總計 170 萬美元。

We ended the quarter with a construction and progress balance primarily for manufacturing equipment of approximately $8.2 million and with approximately $4.9 million remaining to be spent.

本季結束時，我們主要用於製造設備的建設和進度餘額約為 820 萬美元，仍有約 490 萬美元待支出。

I now address bookings and backlog.

我現在處理預訂和積壓問題。

Q4 booked the bill, improving sequentially, came at above one and with one-year backlog increasing 3.3% from the prior quarter, closing at $155.5 million.

第四季的訂單量較上季改善，達到 1 億美元以上，且一年期積壓訂單較上一季增加 3.3%，收在 1.555 億美元。

Turning to the first quarter in the full year, 2025 is a year of uncertainty and opportunity.

展望全年第一季度，2025年是充滿不確定性和機會的一年。

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

截至今日，今年的營收和淨利結果受到多種情境的影響。

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，我們無法提供季度指導，直到我們進一步解決不確定性並利用機會為止。

With that, Phil will provide an overview of recent market developments.

為此，菲爾將概述最近的市場發展。

And then Patrizio, Phil, and I will take your questions.

然後，帕特里齊奧、菲爾和我將回答你們的問題。

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

我要求你們在相關的後續行動中將自己限制在一個問題上，以便我們能夠在有限的時間內回答盡可能多的問題。

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

如果您有多個主題需要解決，請重新加入佇列。

Phil?

菲爾？

Thank you, Jim.

謝謝你，吉姆。

When we entered 2024, we talked about the year in terms of challenges and opportunities.

當我們進入2024年時，我們從挑戰和機會的角度來談論這一年。

As we enter a new fiscal year, a number of challenges have been overcome.

隨著我們進入新的財政年度，我們已經克服了許多挑戰。

And we now see 2025 in terms of opportunities.

現在，我們看到了 2025 年的機會。

The two main challenges we faced in 2024 were refining processes and scaling up capacity in our ChiP fab and protecting our intellectual property.

2024 年我們面臨的兩個主要挑戰是改善製程、擴大 ChiP 工廠的產能以及保護我們的智慧財產權。

We are pleased with the successful ramp of our new vertically integrated ChiP factory which is now achieving the short cycle times and high-yield goals that we set, enabling a more efficient operation and improving our customer responsiveness and key-performance measures.

我們很高興看到新的垂直整合 ChiP 工廠成功實現量產，該工廠目前已實現我們設定的短週期和高產量目標，從而實現了更高效的運營，並提高了我們的客戶響應能力和關鍵績效指標。

2025, we will see further progress as we build out our top 100 customer operational excellence program, leveraging the new factory.

到 2025 年，我們將利用新工廠建立我們的前 100 名客戶卓越營運計劃，從而取得進一步的進展。

The recent final determination by the ITC in our first NBM patent infringement case has resulted in exclusion and cease-and-desist orders, banning the importation of infringing power modules and unlicensed computer systems, infringing two vital patents.

ITC 最近對我們的第一起 NBM 專利侵權案作出了最終裁定，發布了排除令和停止令，禁止進口侵權電源模組和未經許可的電腦系統，侵犯了兩項重要專利。

Affected companies are taking notice of the risk of computing hardware being stranded because of infringing NBMs.

受影響的公司開始注意到由於侵犯 NBM 而導致電腦硬體陷入困境的風險。

And the hyperscaler has recently taken a license to Vicor's NBM IP.

該超大規模提供者最近已獲得 Vicor 的 NBM IP 許可。

Well, our first ITC action achieved most of its goals, foreign power module makers, certain contract manufacturers, and some of their US customers are still playing a game of catch me if you can, which we will by pursuing monetary damages and by seeking additional exclusion orders enforcing relevant patents in our comprehensive IP portfolio.

我們的第一次 ITC 行動已經實現了大部分目標，外國電源模組製造商、某些合約製造商以及他們的一些美國客戶仍在玩「捉迷藏」的遊戲，我們將透過追求金錢賠償和尋求額外的排除令來執行我們綜合智慧財產權組合中的相關專利。

Turning to our 4th quarter, our book to build ratio rose above one in Q4, and with our new licensee booking its future MBM requirements in January, our high-performance computing business is beginning to strengthen.

展望第四季度，我們的訂單與建設比率在第四季度上升至 1 以上，並且隨著我們的新授權商在 1 月份預訂其未來的 MBM 需求，我們的高效能運算業務開始增強。

On the new product front, we are laser focused on delivering our ultra-high density, high-bandwidth Gen 5 VPD system to a lead customer and to leading AI and network processor companies and hyper scalers.

在新產品方面，我們專注於向主要客戶以及領先的 AI 和網路處理器公司和超大規模企業提供超高密度、高頻寬的第五代 VPD 系統。

As Patrizio commented in our press release today, perfecting our second generation VPD has taken longer than expected, with the fab out of a new ASIC, raising the bar on the density and bandwidth of our current multipliers for customers who need current densities up to five amps per millimeter squared.

正如 Patrizio 在我們今天的新聞稿中所說，完善我們的第二代 VPD 所花的時間比預期的要長，我們採用了新的 ASIC，提高了電流倍增器的密度和頻寬標準，以滿足需要高達每平方毫米 5 安培電流密度的客戶的需求。

Our industrial and broad business remain strong with bookings from top 100 customers and strength with channel partners globally.

我們的工業和廣泛業務依然保持強勁，前 100 名客戶的訂單以及全球通路合作夥伴的實力。

Our ATE customers are continuing to see strong growth, servicing the processor, ASIC, and memory-testing needs for AI markets.

我們的 ATE 客戶持續保持強勁成長，滿足 AI 市場的處理器、ASIC 和記憶體測試需求。

A new family of factorized power ChiPs will be sampled to these major ATE customers in Q2, further strengthening our position as a leading modular power system provider.

我們將於第二季向這些主要 ATE 客戶推出全新系列分比式電源 ChiP 樣品，進一步鞏固我們作為領先模組化電源系統供應商的地位。

Our Aerospace and Defense business maintained a double-digit growth trajectory that began three years ago with our top 100 accounts.

我們的航空航太與國防業務自三年前的前 100 名客戶起就一直保持著兩位數的成長軌跡。

Power system standardization with rack-based power supplies offers further growth opportunities to Vicor for both power modules and for complete systems, designed and manufactured by our subsidiaries.

採用機架式電源的電源系統標準化為 Vicor 的電源模組和由其子公司設計和製造的完整系統提供了進一步的成長機會。

Opportunities in the satellite market for our factorized power radiation tolerant modules are significant.

我們的分比功率耐輻射模組在衛星市場中有著巨大的機會。

And we are well positioned should favorable program award decisions occur in the second half of 2025.

如果 2025 年下半年做出有利的專案授予決定，我們將處於有利地位。

We closed out 2024 with continued global pipeline expansion for our automotive business.

我們在 2024 年結束時繼續進行汽車業務的全球通路擴張。

And we're now shipping into production programs.

現在我們正將其投入生產計劃。

Our focus for 2025 is to bring the many OEM and Tier 1 collaborations to a design win status, setting us up for continued growth in this new business through 2027.

我們 2025 年的重點是讓眾多 OEM 和 Tier 1 合作達到設計獲勝的狀態，為我們在 2027 年之前繼續在這項新業務中成長做好準備。

So in closing, we are in a stronger position at the start of this year than at this time last year.

總而言之，今年年初我們的地位比去年同期更加強勁。

No doubt there are still challenges to be overcome.

毫無疑問，仍有挑戰需要克服。

But we have the determination, the staying power, and the bench strength with our superior power system technology, our new ChiP fab, and our global team to achieve our North Star financial goals of $1 billion in revenues, 65% gross margins.

但是，我們有決心、有持久力、有後備力量，再加上我們卓越的電源系統技術、全新的 ChiP 晶圓廠和全球團隊，我們一定能實現我們的北極星財務目標：營收 10 億美元、毛利率 65%。

2025 will be another exciting year.

2025年又將是令人興奮的一年。

Thank you.

謝謝。

So with that we'll now take your questions.

因此我們現在開始回答你們的問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Jon Tanwateng, CJS Securities.

Jon Tanwateng，CJS 證券。

Good afternoon.

午安.

Thank you for taking my questions in this quarter.

感謝您本季回答我的問題。

I was wondering if you could talk a little bit more about the delay you mentioned or taking longer than you expected in the [VPT] product.

我想知道您是否可以再詳細談談您提到的延遲或 [VPT] 產品比您預期的花費的時間更長的問題。

Is there a change in your expectation for when that product will ship in volume?

您對該產品批量出貨時間的預期有變化嗎？

And if so, when do you think that window might be?

如果是的話，您認為這個窗口期是什麼時候？

So it turns out we needed to compete in ASIC in order to achieve the performance goals and in particular, car capability, efficiency that we think are key to major transaction with our 5G power line, in particular with second-generation VPD.

因此，事實證明，我們需要在 ASIC 方面展開競爭，以實現性能目標，特別是汽車性能和效率，我們認為這些是我們 5G 電力線，特別是第二代 VPD 進行重大交易的關鍵。

That ASIC is coming out Feb, before the end of February, in the next 10 days.

該 ASIC 將於 2 月底之前，即未來 10 天內推出。

And we expect to be able to -- in the month of March, take first steps with respect to being in a position to provide complete, high-performance solution for our lead customer and at the same time have demo session capabilities to full performance for a broader, several customers.

我們期望能夠在三月邁出第一步，為我們的主要客戶提供完整的高效能解決方案，同時為更廣泛的客戶提供演示會話功能，以全面展示其效能。

So it's [fagging] longer than expected to set the relevant perspective, I view this as a once in a lifetime develop in terms of its significance for AI and [IM] computing.

因此，設定相關觀點所需的時間比預期的要長，我認為就其對人工智慧和[IM]計算的意義而言，這是一生一次的發展。

And the extra time necessary to achieve the level of performance we targeted; we think is worth it.

以及達到我們所目標的績效水準所需的額外時間；我們認為這是值得的。

In terms of lead customer, we are very focused on being able to support their ramping needs in the second half of this year.

對於主要客戶，我們非常注重在今年下半年滿足他們不斷增長的需求。

And we think we're going to be able to accomplish that.

我們認為我們能夠實現這一目標。

Got it.

知道了。

Thank you, Patrizio.

謝謝你，帕特里齊奧。

Can I ask a question for your lead customer?

我可以為您的主要客戶問一個問題嗎？

Do they have a dual-source strategy on this product?

他們對這個產品有雙來源策略嗎？

Or maybe on one side, they use your VPD on the other they use a traditional multi-phase, maybe for a different type of skew, but with the same silicon?

或者一方面他們使用您的 VPD，另一方面他們使用傳統的多相，可能用於不同類型的偏斜，但使用相同的矽？

So our lead customers relied on us with respect to their [sizing] production requirements on other generation products.

因此，我們的主要客戶依賴我們來滿足其他代產品的[尺寸]生產要求。

And I believe they're relying on us for the foreseeable future.

我相信在可預見的未來他們會依賴我們。

The level of performance they require is not achievable by any competitive alternative.

任何競爭產品都無法達到他們所要求的性能水準。

The nature of the solution is very proprietary, very extensively covered by RIP portfolio.

此解決方案的性質非常專有，由 RIP 產品組合非常廣泛地覆蓋。

So we are on a sound foundation in terms of long-term collaboration with this lead

因此，我們與該領導層建立長期合作的良好基礎

[caption].

[標題]。

Got it.

知道了。

Thank you.

謝謝。

I'll jump back at queue.

我將重新回到隊列。

Thank you.

謝謝。

Nicholas Doyle, Needham.

尼古拉斯·道爾，尼德漢姆。

Hey, you guys.

嘿，你們。

This is actually Quinn from Needham.

這其實是來自尼德姆的奎因。

Just wanted to ask Patrizio and Phil, congratulations on your second licensee to the to the patent portfolio, wondering if you could at all give us some sense how that might impact your future royalty revenue?

只是想問一下 Patrizio 和 Phil，祝賀你們獲得第二個專利組合許可證，想知道你們能否告訴我們這將如何影響你們未來的專利使用費收入？

I know in the third quarter of last year, you generated over [13 million] and a royalty income is -- does this meaningfully increase the royalty revenue going forward?

我知道去年第三季度，你們創造了超過 [1,300 萬] 的特許權使用費收入——這會顯著增加未來的特許權使用費收入嗎？

Or would you expect your first licensee to continue to represent the majority of license, sorry, royalty income going forward, and then I have a follow up?

或者您希望您的第一個許可證持有者繼續代表大部分許可證，對不起，未來的版稅收入，然後我再跟進？

So all that I can tell you is that it's a significant license.

因此我可以告訴你的是，這是一個重要的許可證。

But we are constrained in terms of not being a liberty to disclose for obvious reasons, any information relating to what it would mean for us, what it means for the licensee.

但由於顯而易見的原因，我們受到限制，無權披露任何有關這對我們意味著什麼、對被許可人意味著什麼的資訊。

We obviously value our licensee relationships and want to be -- I want to honor commitments with respect to maintaining the national relationship highly confidential.

我們顯然重視我們的許可證關係，並希望——我想履行對保持國家關係高度機密的承諾。

So I can't tell you anything beyond the fact that it's a scaler and it's a significant license.

因此，除了它是一個擴展器和一個重要的許可證之外，我無法告訴你任何其他資訊。

Understood the the sensitivity.

理解敏感性。

Patrizio, thank you for sharing what you can.

帕特里齊奧，謝謝你的分享。

Patrizio, it sounds like you also may have secured MBM product orders from this hyperscalar.

帕特里齊奧，聽起來你可能也已經從這個超標量獲得了 MBM 產品訂單。

I believe in the script, Phil mentioned that you you received orders from this hyperscalar for MBM product in the January quarter.

我相信劇本中，菲爾提到你在一月份季度收到了來自這個超標量的 MBM 產品訂單。

Can you give us any sense, how meaningful those MBM orders are?

您能否告訴我們這些 MBM 訂單有何意義？

I know in this press release you talked about margins, going forward, would depend on your ability to fill the new ChiP fab.

我知道您在此次新聞稿中談到了利潤率，未來的利潤率將取決於您填補新 ChiP 晶圓廠產能的能力。

And I'm curious if if the orders for MBMs are meaningful and could start you on your way to increase the capacity utilization at the ChiP app.

我很好奇 MBM 的訂單是否有意義，是否可以幫助您提高 ChiP 應用程式的產能利用率。

Thank you.

謝謝。

So in general, the answer is yes.

所以總的來說，答案是肯定的。

A common [of other] feature of standard licensing methodology is incentives for licensees to do business with us as a module provider.

標準授權方法的一個共同特徵是激勵被授權者與我們作為模組提供者開展業務。

Needless to say, with a fact -- we have a very unique proprietary capability that is getting more and more lever with advances including a 5G capability.

毋庸置疑，我們擁有非常獨特的專有能力，而且隨著包括 5G 能力在內的進步，這項能力將發揮越來越大的作用。

So all of this goes in a common denominator type of direction in terms of engaging with licensees, both as a licensor of critical intellectual property and as a supplier for major programs that enable the licensee to achieve levels of performance they can't realize, otherwise.

因此，在與被授權人合作方面，所有這些都朝著一個共同的方向發展，既作為關鍵知識產權的授權人，又作為主要專案的供應商，使被授權人能夠實現他們無法實現的性能水平。

All of this will lead to a [fast] fab, getting filled.

所有這些都將導致晶圓廠的產能快速增加。

It is not going to happen overnight.

這不會在一夜之間發生。

It takes time.

這需要時間。

There's obviously gestation period associated with all this.

顯然，這一切都有醞釀期。

There is no sudden change.

沒有突兀的變化。

So I urge us all to be realistic with respect to the time scale and expectations.

因此，我敦促大家對時間表和期望保持現實態度。

But we do see a first half with the billion dollar a year in round numbers, capacity, getting filled before too long.

但我們確實看到，上半年每年 10 億美元的整數容量很快就會被填滿。

Thank you.

謝謝。

Richard Shannon, Craig-Hallum Capital.

理查德·香農（Richard Shannon），Craig-Hallum Capital。

Well, great guys.

嗯，很棒的傢伙。

Thanks for taking my question as well.

也感謝您回答我的問題。

Let me ask you kind of a top-down question here as James' prepared remarks you talked about as you have recently about this year being one of uncertainty and opportunity.

正如您最近在詹姆斯的準備好的演講中談到的，今年是充滿不確定性和機會的一年，我想問您一個自上而下的問題。

And then you also described some of the dynamics here between your AI slash HBC opportunities in other markets.

然後您也描述了其他市場中 AI 與 HBC 機會之間的一些動態。

So I guess my question here is trying to get a sense of the degree to which these uncertainties are related, mostly related to HBC versus other markets.

所以我想我的問題是試著了解這些不確定性的相關程度，主要與 HBC 與其他市場相關。

Is there a heavy influence or kind of a balance between those?

它們之間是否有很大的影響或存在某種平衡？

I just want to get a sense here given some of the remarks about non-HBC markets.

我只是想在這裡了解一些有關非 HBC 市場的評論。

I think the uncertainties and opportunities for this year revolve primarily around AI and I am computing.

我認為今年的不確定性和機會主要圍繞著人工智慧和運算。

I think with respect to other markets, I think there's a high degree of predictability.

我認為相對於其他市場，可預測性程度較高。

I totally agree.

我完全同意。

I mean our automotive business is a fledgling business.

我的意思是我們的汽車業務才剛起步。

So it's just full of opportunity there.

那裡充滿機會。

And as I talked about our goal is conversion of the pipeline industrial and defense and aerospace, they're going from strength to strength.

正如我所說，我們的目標是將管道轉化為工業、國防和航空航天，它們正在不斷發展壯大。

And as I've mentioned before, our goal is to double those businesses.

正如我之前提到的，我們的目標是讓這些業務翻倍。

And we're in good shape to do that.

我們已做好充分準備來做到這一點。

So it's about HPC.

所以這與 HPC 有關。

And that's a market that you know where we had a big reset a couple of years ago.

你知道，幾年前我們在這個市場進行了一次大的重置。

We're rebuilding it.

我們正在重建它。

And I think we're rebuilding it from a position of strength, not just from the AP perspective, but before too long in terms of enabling solutions that cannot otherwise be realized with our own hardware made in our fab.

我認為我們正在從優勢地位重建它，不僅僅是從 AP 的角度，而且不久之後還將實現那些無法透過我們自己工廠生產的硬體實現的解決方案。

Okay, I appreciate that detail.

好的，我很欣賞這個細節。

My second question is related to your second gen BPD products here.

我的第二個問題與你們的第二代 BPD 產品有關。

I guess there's a two part, I guess it wasn't clear to me whether this ASIC respin that you talked about is specific to the the leading customers or applied to the kind of the broader portfolio across the AI space here if you could confirm that?

我想有兩個部分，我想我不清楚您談到的這種 ASIC 重新設計是否特定於主要客戶，還是適用於整個 AI 領域的更廣泛產品組合，您能確認嗎？

And then maybe just talk about the kind of the pipeline here for the next set of customers when you expect to sample and and get some understanding of design wins is going to happen this year first half, second half or just some kind of detail how that's progressing?

然後也許只是談論下一批客戶的頻道類型，當您期望獲得樣品並了解設計勝利將在今年上半年、下半年發生時，或者只是一些細節進展如何？

Thank you.

謝謝。

So the new ASIC is generally applicable to all of the car multipliers that fundamentally enable the square millimeter capability of 5G and its DPD implementation and it's something that we had in the pipeline from a next development perspective, that we needed to prioritize and accelerate delivery of -- in order to address, some issues that we encountered in competing development of the current multipliers.

因此，新的 ASIC 通常適用於所有汽車乘法器，這些乘法器從根本上實現了 5G 的平方毫米能力及其 DPD 實現，從下一個開發角度來看，這是我們正在進行的工作，我們需要優先考慮並加速交付——以解決我們在當前乘法器的競爭開發中遇到的一些問題。

So, we are very close to adding the device and looking forward to completing this chapter.

因此，我們非常接近添加該設備並期待完成這一章。

I must say this one-building block of a very comprehensive set of modules that perform in combination all the essential functions of very high-performance factorized power system.

我必須說，這是一個非常全面的模組集的構建塊，它們組合起來執行非常高性能分比電源系統的所有基本功能。

Everything has gone very well with respect to other building blocks, the [call] multiplier from a control perspective as an issue that we need to address.

就其他建置模組而言，一切都進展順利，從控制角度來看，[呼叫]乘數是我們需要解決的問題。

John Dillon, DMB Capital.

DMB Capital 的約翰狄龍 (John Dillon)。

Hi guys.

嗨，大家好。

Congratulations on a good quarter and a nice book to build.

恭喜您度過了一個美好的季度並創造了一本出色的書。

Really good to see.

真的很高興看到。

Patrizio, at the fireside chat, Quinn asked you if you had everything you need for a GPU manufacturer who is having heat problems.

Patrizio，在爐邊談話中，Quinn 問您是否為遇到散熱問題的 GPU 製造商提供了所需的一切。

And I think her answer was you think you do.

我認為她的回答是你認為你知道。

And what I'm wondering is, has that customer gotten insight into your second gen VPD and the new factory, and what is their reaction?

我想知道的是，客戶是否已經了解了你們的第二代 VPD 和新工廠？

I'm afraid this is a little bit too customer specific.

恐怕這對客戶來說有點太具體了。

I think without naming names, it would be clear who the customer is and so, I'm going to refrain from answering your questions.

我想，不用指名道姓，就很清楚誰是客戶，因此，我將不回答你的問題。

But I will answer the question in more general terms.

但我將以更籠統的術語來回答這個問題。

I think across all of the customers and potential customers in AI and high-end computing.

我認為涵蓋人工智慧和高端運算領域的所有客戶和潛在客戶。

I believe with 2nd generation VPD and a 5G ChiP set.

我相信第二代 VPD 和 5G ChiP 套件。

We have what it takes to address outstanding needs, challenges that all these customers face with respect to inability to deliver the card that their ethics would want to be able to consume.

我們有能力滿足這些客戶尚未滿足的需求，解決他們面臨的挑戰，也就是無法提供符合他們道德規範的卡片。

Thermal management issues, noise issues, a long list of issues that conventional technology is saddled with, and a factorized power system with essentially convert the multiplier addresses much more effectively.

熱管理問題、雜訊問題，以及傳統技術所面臨的一系列問題，以及能夠更有效轉換乘法器的分係數電源系統。

So no comments with respect to anyone.

因此我不對任何人發表任何評論。

Present customer, former customer, future customer will seek to general practice of avoiding getting into those details.

現有客戶、以前的客戶、未來的客戶都會尋求避免涉及這些細節的普遍做法。

But it can be a confidence on my part with respect to getting traction across the range of customers in that space with the capability of 5G.

但我對利用 5G 功能吸引該領域廣大客戶充滿信心。

Okay.

好的。

Can I ask the question a little more generally then?

那我可以更籠統地問這個問題嗎？

Are all the major GPU customers aware of your new second-gen technology?

所有主要的 GPU 客戶是否都知道你們的新第二代技術？

And have they seen your new factory and are they satisfied with what you're doing?

他們有參觀過你們的新工廠嗎？

Not all of them as implied by earlier comments.

正如先前的評論所暗示的那樣，並非全部都是。

We've been keeping up other dry for two reasons.

我們一直保持乾燥有兩個原因。

One to make sure that we devote all the support necessary to our lead customer.

一是確保我們為主要客戶提供一切必要的支援。

But also to make sure that when we spread out to service other applications and other customers, that we have completed all that we need to have in place for that scale up to be very predictable and very efficient.

而且還要確保，當我們擴展服務範圍去服務其他應用程式和其他客戶時，我們已經完成了所有需要做的準備，以使擴大規模變得非常可預測且非常有效率。

Phil, do you want to add anything to that?

菲爾，你還有什麼要補充嗎？

No, I think the only thing I would add would be that, John, we have very clear, line of sight to the target ChiP companies, whether it's AI GPU or network processor companies or hyper scales that have programs in development.

不，我想我唯一要補充的是，約翰，我們對目標 ChiP 公司的視線非常清晰，無論是 AI GPU 還是網路處理器公司，還是正在開發專案的超大規模公司。

So we know when those programs are starting, what their specs are.

所以我們知道這些程序何時啟動，它們的規格是什麼。

We've got a very good picture, view of the market.

我們對市場有非常清晰的認識。

So as Patrizio said we're focused on a lead customer.

正如帕特里齊奧所說，我們專注於主要客戶。

And then we'll have the demo systems go out to a set of targets follow on customers.

然後，我們將會把演示系統推向一系列目標客戶。

And I expect going from the evaluation to the design win will be fairly quick with some of them and a little bit longer for others.

我預計，對於其中一些方案來說，從評估到設計獲勝的過程將相當快，而對於其他方案來說，則可能稍微長一些。

But it depends on their new ChiP schedules.

但這取決於他們的新 ChiP 時間表。

So it'll be a mix.

因此這將是一個混合體。

Okay.

好的。

That makes a lot of sense.

這很有道理。

And I really appreciate you guys giving us those details.

我非常感謝你們向我們提供這些詳細資訊。

I'll get back in the queue.

我會回到隊列中。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Don McKenna, D.B. McKenna and Company.

唐麥肯納，D.B.麥肯納公司。

Hey Patrizio, again.

嘿，帕特里齊奧，又見面了。

Congratulations.

恭喜。

During the Needham Conference, you indicated that you expected '25 to be a record year.

在尼德漢姆會議期間，您表示預計 25 年將成為創紀錄的一年。

And looking back at earnings in previous years, the high point was [126], a share in '21.

回顧前幾年的收益，最高點是[126]，也就是21年的每股盈餘。

Is that what you're referring to is the earnings that you expected to be the record?

您所指的就是您預期創紀錄的收益嗎？

I expected this year under reasonable scenarios would be a record year for revenues and profitability.

我預計，在合理的情況下，今年的收入和獲利能力將是創紀錄的一年。

Great.

偉大的。

Thank you very much.

非常感謝。

John Tanwanteng, CJS Securities.

John Tanwanteng，CJS 證券。

I just wanted to follow up on the licensing portion.

我只是想跟進許可證部分。

You mentioned you signed a significant hyperscaler.

您曾提到，您簽約了一家重要的超大規模公司。

How many more of those entities are out there of size, number one, that are negotiating in good faith with you or in contact with you?

第一，還有多少規模較大的實體正在與你進行善意協商或與你聯繫？

And how many are there out there that maybe are trying to avoid you and that you may have to hunt down and litigate against?

有多少人可能在試圖躲避你，而你卻不得不追捕他們並對他們提起訴訟？

And if you know, if there are a significant amount in the second part, what's the cost going to be to do that?

如果您知道，如果第二部分中有相當大一部分內容，那麼這樣做的成本是多少？

Has been getting phone calls to the

接到了

--

--

ITC action is certainly smoking out the people that were hiding, that's for sure.

ITC 的行動肯定能找出那些躲藏的人，這是肯定的。

So I think that yeah, I'm getting contacted now by other companies wanting to talk about licensing.

所以我想，是的，現在其他公司正在聯絡我，想要談許可事宜。

So that's a good thing and that's what the ITC action was meant to do.

這是一件好事，這也是 ITC 採取行動的目的。

I think one of the key things here is that I think when people think about this, they might think about it as adversarial.

我認為這裡的一個關鍵點是，當人們思考這個問題時，他們可能會認為它是對抗性的。

But my goal is not to have an adversarial relationship with our licensees as Patricia talked about there's a big incentive to buy modules from Vicor, not just because it helps you with the license royalty.

但我的目標不是與我們的許可證持有者建立對抗關係，正如帕特里夏所說的那樣，從 Vicor 購買模組的動機很大，而不僅僅是因為它可以幫助您獲得許可證使用費。

But because it's amazing technology and it enables new performance levels that you haven't been able to achieve before.

但因為它是一項令人驚嘆的技術，它可以達到以前無法達到的全新性能水平。

So I'm -- as I said earlier, I think 2025 is going to be a very exciting year.

所以正如我之前所說，我認為 2025 年將會是非常令人興奮的一年。

And to double up on that, clearly these customers or potential customers of those

更確切地說，顯然這些客戶或潛在客戶

[careers].

[職業]。

Other parties that have been using buying infringing modules.

其他方一直在使用購買侵權模組。

They are not in effect directly, are responsible for a Things that happened without their understanding.

他們並不直接負責那些在他們不知情的情況下發生的事情。

And because of that, we owe them respect, with respect to ensuring that dealt with fairly in the aftermath of an exclusion.

正因為如此，我們應該尊重他們，確保在排除之後公平地處理此事。

The cause of the issues, rest with infringing parties that they are the ones that responsible for creating. these kinds of issues.

問題產生的根源，在於侵權人，他們才是問題的根源。這些問題。

And hopefully, they will learn from this experience, not to make the same kinds of mistakes in the future.

希望他們能從這次經驗中學到教訓，避免將來再犯同樣的錯誤。

And if they do, there's going to be unfortunately more of these kinds of experiences, coming that way and come the way of their customers.

如果他們這樣做，不幸的是，他們的客戶將面臨更多類似的遭遇。

And their customers, before too long, will come to the conclusion that they can't really rely on suppliers that copy innovative products of an American innovator that are well protected by intellectual property to avoid that poverty being infringed.

而他們的客戶不久就會得出這樣的結論：他們不能真正依賴複製美國創新者的創新產品的供應商，因為這些產品的智慧財產權受到很好的保護，以避免貧窮受到侵犯。

Got it.

知道了。

That's very helpful.

這非常有幫助。

I was wondering if you could also update us on if there's any viable workarounds that you've seen or heard about from the infringers if they're trying to get around.

我想知道您是否可以告訴我們，如果侵權者試圖繞過法規，您是否看到或聽說過任何可行的解決方法。

Let me be categoric with respect to that.

讓我明確地對此作出解釋。

There is no NBN alternative that doesn't infringe Vicor patterns.

不存在不侵犯 Vicor 模式的 NBN 替代方案。

We have not played out all the fans.

我們還沒有讓所有球迷失望。

But there is no viable alternative known to me.

但據我所知，沒有其他可行的替代方案。

Now, yet again, there are suppliers to the market that are going to customers telling them we don't infringe of Vicor IP.

現在，市場上有供應商向客戶表示，我們沒有侵犯 Vicor 的智慧財產權。

We know Vicor.

我們了解 Vicor。

You can buy from us without any concern.

您可以放心地向我們購買。

But the reality of it is that either they don't really understand their product and that covers them or they're misleading their customers.

但事實是，他們要不是不真正了解自己的產品，就是誤導了客戶。

And they should know by now that that's not a long-term, win-win strategy for their relationship with their customers.

他們現在應該知道，這對他們與客戶的關係來說不是一個長期、雙贏的策略。

Got it, thank you.

知道了，謝謝。

Patrick Connors, Ajax Capital.

康納斯（Patrick Connors），阿賈克斯資本（Ajax Capital）。

Hi guys, really good quarter, really happy for you.

大家好，這個季度表現非常好，我為你們感到高興。

Nice book to build.

值得創作的好書。

But I think most importantly, so far it looks like a successful defense of your IP, which I know has been very important to you.

但我認為最重要的是，到目前為止，這看起來像是對您的智慧財產權的成功防禦，我知道這對您來說非常重要。

In that context, can you describe the -- I understand that your defendants have to post the bond.

在這種情況下，您能否描述一下—我了解您的被告必須支付保證金。

Can you describe the mechanics of the bond?

您能描述一下該債券的機制嗎？

What's the purpose of the bond, the size of the bonds, et cetera?

該債券的用途是什麼、債券規模是多少等等？

Can you walk me through those mechanics, please?

你能跟我講解一下這些機制嗎？

Yeah.

是的。

So in general terms, following the harder [denomination], the case is closed.

因此，一般來說，按照更嚴格的[教派]，這個案子已經結案。

It undergoes a mandatory 60-days presidential review period.

該法案必須經過 60 天的總統審查期。

The account which is for the most part the foregone conclusion that they've been few instances in which, there's been a Presidential veto of the exclusion order.

該說法在很大程度上是預料之中的，即總統否決驅逐令的情況很少。

So we should respect the disclosure order will go into effect 60 days from the final determination.

因此，我們應該尊重揭露命令，該命令將在最終裁定作出之日起 60 天內生效。

At that point in time, infringing products cannot be imported into the US.

屆時侵權產品將無法進口到美國。

But up to the expiration of the Presidential review period, there is in effect a 60-day grace period within which to your point, respondents, the customers can import infringing products in the US if they post a bond.

但在總統審查期結束之前，實際上有一個 60 天的寬限期，在此期間，正如被告您所說，客戶如果繳納保證金就可以將侵權產品進口到美國。

Now the bond in this particular investigation for computing systems was set 100% of the value of the computing system.

現在，本次針對計算系統的特定調查中的債券被設定為計算系統價值的 100％。

So in the case of computing system, it would be a lot of money to post the bond.

因此，在計算系統的情況下，發布債券需要很多錢。

And that bond would not be recoverable.

且該債務無法收回。

So who posts the bond?

那麼誰來提供保證金？

Is it the customer or is it the vendor?

它是顧客還是供應商？

Well, I cannot help you with respect to that.

嗯，關於這一點我幫不了你。

But fundamentally customs will not allow the importation or infringing product for which there is no bond through the 60-day Presidential review period.

但從根本上來說，在60天的總統審查期內，海關不會允許沒有保證金的進口或侵權產品。

At the end of that, they would simply not allow the importation of the infringing product.

最後，他們乾脆不允許進口侵權產品。

Can I make the analogy to a bail bond, whereby if it goes in forfeiture if they infringe upon your IP?

我是否可以將其類比為保釋金，即如果他們侵犯了你的智慧財產權，它就會被沒收？

Yes.

是的。

And in fact the complainer, that's the bond because we are in effect -- the affected party.

事實上，對於投訴者來說，這就是紐帶，因為我們實際上是受影響的一方。

Wait, you just said Vicor can recover the bond?

等一下，你剛剛說 Vicor 可以拿回保證金？

We could if bonds get posted.

如果有債券的話我們就可以。

Now, we have no way of knowing what is going to happen.

現在，我們無法知道會發生什麼。

So needs to say, we are -- today is one week from the [farther] denomination.

所以需要說的是，我們是－今天距離[較遠的]教派已經有一週了。

And there's still a great deal of uncertainty with respect to what is actually going to happen.

但對於實際會發生什麼，仍然存在著很大的不確定性。

Okay.

好的。

That's extremely helpful.

這非常有幫助。

Congratulations.

恭喜。

Thank you.

謝謝。

I'll jump back in the queue.

我將重新回到隊列中。

Richard Shannon, Craig-Hallum Capital.

理查德·香農（Richard Shannon），Craig-Hallum Capital。

Well, thanks guys.

好吧，謝謝大家。

So let me ask a follow up here.

因此，請允許我在這裡問一個後續問題。

I just kind of taking two different comments during the call here.

我只是在通話過程中聽到了兩種不同的評論。

Phil's prepared to Mark talk about the ramp of the ChiP factory with getting short-cycle times that you've been envisioning all along here, as well as high yields.

Phil 準備與 Mark 討論 ChiP 工廠的產能提升，以及如何實現您一直設想的短週期時間和高產量。

And then a response to a later question here, you talk about devoting all your support to a lead customer, making sure you've got everything in place to scale out to be predictable and efficient.

然後回答後面的一個問題，您談到將所有支援都投入到主要客戶，確保一切準備就緒，以實現可預測和高效的擴展。

So I guess my question here is to what degree is a ChiP fab been exercised at high volumes and utilization?

所以我想我的問題是，ChiP 晶圓廠的高產量和高利用率程度如何？

Can you describe, or quantify the level of utilization today?

您能描述或量化今天的利用率水準嗎？

And then what do you mean by getting ready to be able to scale up predictably and efficiently?

那麼，您說的準備好可預測且有效地擴大規模是什麼意思呢？

Yeah, so a part of your question has to do with capacity and factory reaction.

是的，所以你的問題的一部分與產能和工廠反應有關。

In fact, working out the undeniable glitches as you bring up something as new as the first [shift] half.

事實上，當你提出一些像前半部分一樣新穎的東西時，解決不可否認的故障。

The second part is really to do with the novelty of a new generation of products, so that has to do with other factors at play.

第二部分實際上與新一代產品的新穎性有關，因此這與其他因素有關。

Let me address the first part of the question first.

讓我先回答一下問題的第一部分。

So as implied by James, opening remarks, pointing to the change in mix.

正如詹姆斯在開場白中所暗示的那樣，指出了組合的變化。

Within the last quarter, to advanced products, you should assume that those are mass products, they're all made in [actual] fab.

在最後一個季度內，對於先進的產品，你應該假設那些都是大眾產品，它們都是在[實際]工廠生產的。

So within the last year and particularly getting into the fourth quarter, we've been scaling up its capacity.

因此，在過去的一年裡，特別是進入第四季度，我們一直在擴大其產能。

We all of us review every Thursday morning a bar chart showing the progression of ChiPs made with what we call TDI or dimension interconnect which are some of the core processes.

我們每週四早上都會查看一張長條圖，其中顯示了使用我們所謂的 TDI 或尺寸互連製成的 ChiP 的進展情況，這些是一些核心流程。

And that bar chart has been stepping up at a nice pace in every period segment within the year, so good progress there.

而且，該長條圖在一年中的每個時間段都以良好的速度上升，因此進展良好。

And again to you to your point, it relates to related metrics, right?

再次重申你的觀點，它與相關指標有關，對嗎？

It's not just capacity.

這不僅僅是容量問題。

It's cycle time.

現在是循環時間。

It seals.

它密封了。

They all play together.

他們都一起玩。

You need them to support each other in accomplishing the overall goal.

您需要他們互相支持以實現總體目標。

So we've been able to enjoy.

因此我們可以盡情享受。

We're able to make ChiPs in a pinch if there is a very high priority in a [slow show to not] in as little as 10 days, which is a tiny little fraction of the time it used to take to complete the corresponding task two years ago, a very small fraction of the time.

如果 [slow show to not] 中存在非常高的優先級，我們可以在短短 10 天內緊急製作 ChiP，這僅僅是兩年前完成相應任務所需時間的一小部分，只是其中很小的一部分。

And with respect to devices that are in mass production, we have found test yields of 96%.

對於已量產的設備，我們的測試良率達到了 96%。

So those are measures of progress with respect to the capability of the process is implemented in a new factor.

因此，這些都是針對在新的因素中實施該流程的能力的進展衡量標準。

With respect to the second part of your question, packability in the deployment of a new a generation of products relates to having everything in place to enable solutions that can take on different forms in terms of requirements, multiplicity of rails in different customer applications.

關於您問題的第二部分，新一代產品部署中的可打包性涉及一切準備就緒，以便能夠根據不同客戶應用中的需求、多種軌道提供不同形式的解決方案。

It's more than adding the core modules and core capability in saving the complete understanding of how to adapt system solutions to a particular set of requirements, which would be different from customer to customer, application to application.

它不僅僅是添加核心模組和核心功能，還節省了對如何使系統解決方案適應特定需求集的完整理解，這些需求在不同客戶、不同應用程式之間是不同的。

And that's where we've been through a few other actions of our demo system capability.

這就是我們對演示系統功能進行的一些其他操作。

I think we are on the third round and it's getting to a level of maturity that with respect to all the building blocks, will showcase the performance that we think will bring about a predictable adoption by customers other than

我認為我們已經進入第三輪，並且已經達到了一定的成熟度，就所有構建模組而言，它將展示我們認為將帶來可預測的客戶採用的性能，而不是

[Oli].

[奧利]。

Okay.

好的。

I appreciate all the detail.

我感謝所有的細節。

They're very interesting.

它們非常有趣。

But Patrizio, my follow-on question here is related to kind of thinking through the towards the endpoint of of your ITC case, obviously these patents were directed specifically at your NBM products here and obviously good to see a successful outcome here.

但是帕特里齊奧，我的後續問題與對您的 ITC 案件結局的思考有關，顯然這些專利是專門針對您的 NBM 產品，顯然很高興看到成功的結果。

I guess wondering not only the conversations about licensing related to NBMs, so to what degree are these conversations having or intending by you to also involve your point of load products as well?

我想知道的不僅僅是與 NBM 相關的授權對話，那麼這些對話在多大程度上也涉及或打算涉及您的負載點產品？

Thank you.

謝謝。

So different licensees, the focus is different.

因此，不同的許可證持有者，重點是不同的。

And so we have in particular, we call an OEM license which gives access to all our IP, the licensee decides what particular capabilities to license.

因此，我們有一個特別的 OEM 許可證，它可以授予我們所有 IP 的存取權限，被授權者可以決定授權哪些特定功能。

But they encompass the entire fab portfolio.

但它們涵蓋了整個晶圓廠組合。

And that stands the gamut from the first stage of a two-stage point of law solution, or it could be a [fatalized] power system or a point of law device.

這就是兩階段法律解決方案的第一階段的全部內容，或者它可能是一個[致命的]電力系統或法律裝置。

Our first no EM licensee is a narrow license, specific to MBMs.

我們的第一個無 EM 許可證是狹義的許可證，專門針對 MBM。

So going forward, we expect to have a mix of a different scenarios.

因此，展望未來，我們預計將出現多種不同的情況。

But generally speaking, we favor OEMs, getting full access for their alternate social requirements for their capacity requirements to in effect take risk out of the supply chain, which recent events and the score can otherwise be a serious issue.

但總體而言，我們傾向於原始設備製造商 (OEM) 獲得對其替代社會要求和產能要求的完全訪問權限，從而有效地消除供應鏈風險，否則最近發生的事件和評分可能成為一個嚴重問題。

And to be clear in regard to our first IC case, I want to be clear about the fact that litigation is never a perfect process, right?

為了明確我們的第一個 IC 案件，我想明確一點，訴訟從來都不是一個完美的過程，對嗎？

It's full of uncertainties.

它充滿了不確定性。

People have to make [final] decisions with some limited disability.

人們必須在有限的殘疾條件下做出[最終]決定。

And they need to do so with critical timelines and under a certain level of pressure.

他們需要在關鍵的時間限制和一定的壓力下完成這項工作。

To be sure, we didn't get 100% so we're looking for.

可以肯定的是，我們沒有得到 100%，因此我們正在尋找。

But it's been successful.

但它已經成功了。

And as I look at it in terms of the strategy, it accomplished its mission as the first demonstration of the risks in foreign suppliers that they had iA practice of just copying and taking their chances with respect to what might happen with the legal system.

而當我從戰略角度看待這個問題時，它完成了自己的使命，首次證明了外國供應商的風險，他們的做法只是照搬，並冒險考慮法律體係可能發生的情況。

I think more the kind of lessons we have just had may be necessary to get the industry to respect IP as it should be for all that it's worth right in terms of fostering innovation for posting investment in the advance of technology.

我認為，我們剛剛學到的教訓可能是必要的，以使業界尊重智慧財產權，因為智慧財產權在促進創新、為技術進步投入資金方面理所當然。

It shouldn't be that a company does the heavy lifting, and others copy what the company does.

不應該是一家公司承擔繁重的工作，而其他公司則模仿這家公司的做法。

That that's not the right solution to the industry needs.

這不是滿足產業需求的正確解決方案。

Great.

偉大的。

Thank you, guys.

謝謝你們。

Nicholas Doyle, Needham.

尼古拉斯·道爾，尼德漢姆。

Hey.

嘿。

Hey, guys.

嘿，大家好。

Just a couple of quick follow ups for the hyperscaler license, licensee, Patrizio, is that only pertinent to NBMs from Delta or other respondents?

對於超大規模許可證，許可證持有者 Patrizio，我只想快速跟進幾個問題，這是否僅與 Delta 或其他受訪者的 NBM 有關？

Or does it cover any NBM module imported by that hyperscaler?

或者它是否涵蓋該超大規模器導入的任何 NBM 模組？

It is any NBM module from any source.

它是來自任何來源的任何 NBM 模組。

Perfect.

完美的。

And then maybe for James or Phil, I think he's been the prepared scripts of advanced products were up 18%, sequentially.

然後也許對於詹姆斯或菲爾來說，我認為他準備的高級產品腳本比上一季增長了 18%。

Just wondering if you give us a sense of what drove that strength?

只是想知道您是否能告訴我們是什麼推動了這種力量？

Was it mostly the industrial A&D segments?

主要是工業 A&D 領域嗎？

Did you see growth in AI or HCC customers, just any color you can give would be appreciated.

您是否看到 AI 或 HCC 客戶有所成長？

Thank you.

謝謝。

Yeah, Quinn.

是的，奎因。

It was mostly HPC pickup.

主要是 HPC 皮卡。

But also, we saw growth in industrial advanced products and also Aerospace and Defense, but primarily HPC.

但同時，我們也看到工業先進產品、航空航太和國防領域的成長，但主要是 HPC。

Thanks.

謝謝。

John Dillon, DMB Capital.

DMB Capital 的約翰狄龍 (John Dillon)。

Hi, Patrizio.

你好，帕特里齊奧。

Earlier, you mentioned that the new factory should be filled pretty quickly.

之前您提到新工廠應該很快就會滿員。

So I'm wondering, are you in the early stages of planning a new factory?

所以我想知道，您是否正處於規劃新工廠的早期階段？

And what kind of time frame?

什麼樣的時間框架？

And will that be a Vicor factory or a licensee factory?

那是 Vicor 工廠還是授權工廠？

Yeah.

是的。

So I mentioned earlier that we should be realistic about the [gestation] time of all of these developments, right?

所以我之前提到過，我們應該對所有這些發展的[孕育]時間保持現實態度，對嗎？

I'm going to be filling the factory this year, to be clear.

明確地說，我今年要填滿工廠。

So it would be premature at this point to go out on a limb with respect to the next factory.

因此，現在就下一家工廠的建設冒險還為時過早。

But I think it's fair to say that we understand what needs to be done there.

但我認為公平地說，我們知道那裡需要做什麼。

We've done some planning with respect to what it would take.

我們已經針對需要採取的措施進行了一定規劃。

There are scenarios as we get into next year where there could be a need depending on what happens in terms of adoption of second [actual] VPD.

進入明年，可能會出現需要的情況，具體取決於第二個[實際] VPD 的採用情況。

And as you heard me say before, it is going to be a lot easier to build the next fab, having accomplished completion of the first.

正如您之前聽我說過的那樣，在完成第一座晶圓廠的建設後，建造下一座晶圓廠將變得容易得多。

So we're still very focused on the first, making sure that everything is as good as it should be with it again, continue to reduce cycle time, improve yields, getting it filled, which will take time.

因此，我們仍然非常關注第一點，確保一切都達到應有的水平，繼續縮短週期時間，提高產量，並使其得到滿足，這需要時間。

It won't happen this year, but the good news is that replicating and scaling up the capacity, assuming as they do that we're going to get great traction with our second-gen VPD and 5G capability in general, which is by the way, not limited to point to [load] applications, right?

今年不會發生這種情況，但好消息是複製和擴大容量，假設他們這樣做，我們將在第二代 VPD 和 5G 功能方面獲得巨大發展，順便說一句，這不僅限於指向 [加載] 應用程序，對吧？

It's not just for AI.

它不僅適用於人工智慧。

It is also for industrial products.

它也適用於工業產品。

It's for automotive products.

它適用於汽車產品。

So the market opportunity is quite broad, and with that broad market opportunity, there will be a need for more capacity and more fabs.

因此，市場機會非常廣闊，而有如此廣闊的市場機會，就需要更多的產能和更多的晶圓廠。

And those may come about under different scenarios, involving potential partnerships within Vicor and other parties.

這些可能在不同的情況下實現，涉及 Vicor 和其他方之間的潛在合作。

Excellent.

出色的。

And thank you very much for that detail.

非常感謝您提供的詳細資訊。

And my other question, I'm not sure if I missed this or not, but did you mention, have you bought back any more of your stock in the fourth quarter?

我的另一個問題是，我不確定我是否錯過了這個，但你有沒有提到，你在第四季度回購了更多的股票嗎？

A very small amount, John.

數量非常少，約翰。

The threshold wasn't happily -- the threshold wasn't hit often for the buyback to kick in.

這個門檻並不令人高興——這個門檻並不常被達到，因此回購才會生效。

And are there any plans going forward?

下一步還有什麼計畫嗎？

I would say we'll consider it again.

我想說我們會再考慮一下。

I'm sure Patrizio will make a decision on that.

我相信帕特里齊奧會對此做出決定。

But at this point, we still learn a good rate of return on our money market fund.

但此時，我們仍了解貨幣市場基金的良好報酬率。

And we have the resources now as a company to really go forward.

現在，我們公司已經擁有了真正向前發展的資源。

And the investment necessary in capital is really declining now.

現在所需的資本投資確實在下降。

So I think also, when I think about the factory, I think about loading and the leverage we're going to get just with this factory operating extremely efficiently, it's going to be a beautiful thing as the loading comes in.

因此，我也認為，當我考慮工廠時，我會考慮裝載量以及我們將獲得的槓桿作用，只要這個工廠運作極其高效，隨著裝載量的增加，這將是一件美妙的事情。

Yeah.

是的。

I would imagine with a quick turn, you can really increase your cash flow, talking about what you just said.

我可以想像，透過快速轉變，你真的可以增加你的現金流，談論你剛才所說的內容。

Right.

正確的。

Excellent.

出色的。

Okay.

好的。

Thanks so much, guys.

非常感謝大家。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes the Q&A session and the call.

問答環節和通話到此結束。

And thank you for your participation.

並感謝您的參與。

And you may now disconnect.

現在您可以斷開連線了。

Thank you.

謝謝。