Vicor Corp (VICR) 2025 Q2 法說會逐字稿

Hello, and welcome to Vicor's second-quarter earnings conference call. (Operator Instructions)

您好，歡迎參加Vicor第二季業績電話會議。 （操作員指示）

I would now like to turn the conference over to Jim Schmidt, Chief Financial Officer. You may begin.

現在，我想把會議交給財務長吉姆·施密特。你可以開始了。

Thank you. Good afternoon, and welcome to Vicor Corporation's earnings call for the second quarter ended June 30, 2025. 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.

謝謝。下午好，歡迎參加Vicor公司截至2025年6月30日的第二季財報電話會議。我是財務長Jim Schmidt，與執行長Patrizio Vinciarelli以及公司全球銷售和行銷副總裁Phil Davies一起在安多弗。

After the markets closed today, we issued a press release summarizing our financial results the three and six months ended June 30. This press release has been posted on the Investor Relations page of our website, www.vicorpower.com. We also filed a Form 8-K today related to the issuance of this press release. I want to remind listeners that this conference call being recorded and is the copyrighted property of Vicor Corporation.

今天收盤後，我們發布了一份新聞稿，總結了截至6月30日的三個月和六個月的財務表現。新聞稿已發佈於我們網站 www.vicorpower.com 的「投資者關係」頁面。我們今天也提交了一份與發布本新聞稿相關的 8-K 表格。我想提醒各位聽眾，本次電話會議錄音屬於 Vicor 公司的版權財產。

I want to remind you various remarks we make during this call may constitute forward-looking statements for purpose of Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. 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 those management's expectations for sales growth, spending, and profitability, are forward-looking statements involving risks and uncertainties.

我想提醒大家，我們在本次電話會議中所作的各種評論可能構成《1995 年私人證券訴訟改革法》安全港條款所指的前瞻性陳述。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的產品、現有和潛在客戶、潛在市場機會、預期事件和公告以及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, be correct. Actual results may differ materially from those explicitly set forth in or implied by any of our remarks today. The risks and uncertainties we face are discussed in Item 1A of our 2024 Form 10-K which we filed with the SEC on March 3, 2025. This document is available via the EDGAR system on the SEC's website. Please note the information provided during this conference call is accurate only as of today, Tuesday, July 22, 2025.

鑑於這些風險和不確定性，我們無法保證任何前瞻性陳述的準確性。實際結果可能與我們今天任何言論中明確闡述或暗示的結果有重大差異。我們面臨的風險和不確定性已在我們於2025年3月3日向美國證券交易委員會（SEC）提交的2024年10-K表格第1A項中進行了討論。該文件可透過SEC網站的EDGAR系統取得。請注意，本次電話會議中提供的資訊僅截至今天（2025年7月22日，星期二）的準確日期。

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

Vicor 不承擔更新本次電話會議中任何聲明（包括前瞻性聲明）的義務，您不應在本次電話會議結束後依賴此類聲明。今日電話會議的網路回放將很快發佈在我們網站的「投資者關係」頁面上。

I'll now turn to a review of our Q2 financial performance after which Phil will review recent market developments and Patrizio, Phil, and I will take your questions. 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 for our upcoming Form 10-Q for additional information.

現在我將回顧我們第二季度的財務業績，之後菲爾將回顧近期的市場發展情況，帕特里齊奧、菲爾和我將回答大家的提問。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環比變化，並請大家參閱我們即將發布的10-Q表格新聞稿以獲取更多資訊。

As stated in today's press release, Vicor recorded product revenues, licensing income, and a patent litigation settlement for the second quarter of $141 million, up 50.1% sequentially from the first quarter of 2025 total of $94 million and up 64.3% in the second quarter of 2024, total of $85.9 million. Advanced Products revenue increased 1.2% sequentially to $60.6 million and Brick Products revenue increased 4% sequentially to $35.5 million.

Vicor 今日新聞稿中指出，其第二季度產品收入、授權收入及專利訴訟和解金為 1.41 億美元，較 2025 年第一季的 9,400 萬美元環比增長 50.1%，較 2024 年第二季度的 8,590 萬美元環比增長 64.3%。先進產品收入較上季成長 1.2%，達到 6,060 萬美元；磚塊產品營收季增 4%，達到 3,550 萬美元。

Shipments destocking distributors (technical difficulty) sequentially and decreased 14.3% year over year. Exports for the second quarter (technical difficulty) sequentially as a percentage of total revenue to approximately 51.9% from the prior quarter 60.8%. For Q2, Advanced Products share of total revenue decreased to 63.1% compared to 63.7% for the first quarter of 2025, with it -- with new product share correspondingly increasing to 36.9% of total revenue.

分銷商出貨量（技術難度）較上季下降，較去年同期下降14.3%。第二季出口（技術難度）佔總營收的百分比季減至約51.9%，而上一季為60.8%。第二季度，先進產品佔總收入的份額從2025年第一季的63.7%下降至63.1%，而新產品佔總收入的份額則相應上升至36.9%。

Turning to Q2 gross margin. We recorded a consolidated gross profit margin of 65.3%, which is a 1,810-basis-point increase compared to prior quarter, primarily due to patent litigation settlement within the quarter. Tariff expense was approximately $2 million (inaudible).

談到第二季的毛利率。我們的綜合毛利率為65.3%，較上一季成長1810個基點，主要得益於本季專利訴訟的和解。關稅費用約200萬美元（聽不清楚）。

I'll now turn to Q2 operating expenses. Total operating expense increased 5% sequentially from the first quarter of 2025 to $46.7 million. The sequential increase was primarily due to the increase in selling, general and administrative expenses, which was primarily attributable to $5.1 million of incentive legal fees associated with the patent litigation settlement. The amounts of total equity-based compensation expense for Q2 included in cost of goods, SG&A, and R&D was $900,000, $1,790,000, and $1,020,000, respectively, totaling approximately $3.7 million.

現在談談第二季的營運費用。總營運費用較上季成長5%，達到4,670萬美元。環比成長主要由於銷售、一般及行政費用的增加，這主要歸因於與專利訴訟和解相關的510萬美元激勵性法律費用。第二季度，包含在商品成本、銷售、一般及行政費用（SG&A）及研發費用中的股權激勵費用總額分別為90萬美元、179萬美元及102萬美元，總計約370萬美元。

Turning to income taxes. We recorded a tax division to be approximately $7.8 million, representing an effective tax in the quarter of 16%. Net income for Q2 totaled $41.2 million. GAAP diluted income per share was $0.91 based on the fully diluted share count of 45,077,000 shares.

談到所得稅。我們記錄的稅項約為780萬美元，相當於本季有效稅率為16%。第二季淨利總計4,120萬美元。基於完全稀釋股份總數45,077,000股，以美國通用會計準則(GAAP)計算，每股稀釋收益為0.91美元。

While royalties, legal expenses, and income from patent litigations have become part of Vicor's ordinary course of business, I will point out that without the patent litigation settlement, net Q2 revenue would have increased by approximately [$2 million], gross margin would have increased by approximately 200 basis points, operating expenses would have declined by approximately $3 million, and income before taxes would have increased from approximately [$3 million] in Q1 to approximately $9 million in Q2.

雖然特許權使用費、法律費用和專利訴訟收入已成為 Vicor 正常業務的一部分，但我要指出的是，如果沒有專利訴訟和解，第二季度淨收入將增加約 [200 萬美元]，毛利率將增加約 200 個基點，運營費用將下降約 300 萬美元，約稅前收入將從第一季的約 [300 萬美元] 900 萬美元。

Turning to our cash flow and balance sheet. Cash and cash equivalents totaled $338.5 million in Q2, an increase of $42.4 million sequentially and net of approximately $17.5 million in share repurchases during the quarter. Accounts receivable net of reserves [equal] $55.1 million equivalent with DSOs for trade receivables is [31] days. Inventories net of reserves decreased 3.1% sequentially to $95.5 million. Annualized inventory turns were 1.6. Operating cash flow totaled $65.2 million for the quarter.

談談我們的現金流和資產負債表。第二季現金及現金等價物總額為3.385億美元，季增4,240萬美元，扣除本季約1,750萬美元的股票回購。扣除準備金後的應收帳款淨額[相當於] 5,510萬美元，貿易應收帳款的到期日為[31]天。扣除準備金後的存貨較上月下降3.1%，至9,550萬美元。年化庫存週轉率為1.6。本季經營現金流總計6520萬美元。

Capital expenditures for Q2 totaled $6.2 million. We ended the quarter with a construction in progress balance primarily for manufacturing and equipment of approximately $11.8 million and with approximately $3.1 million remaining to spend.

第二季資本支出總計620萬美元。本季末，我們在建工程餘額（主要用於製造和設備）約為1180萬美元，剩餘約310萬美元待支出。

I'll now address bookings and backlog. Q2 book-to-bill came in below one and one-year backlog decreased 9.6% for the prior quarter, closing at $155.2 million. As we said on last-quarter earnings call, 2025 was a year of uncertainty and opportunity. 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. 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.

現在，我將討論訂單和積壓訂單。第二季訂單出貨比低於1，一年積壓訂單較上一季下降9.6%，收在1.552億美元。正如我們在上季財報電話會議上所說，2025年是充滿不確定性和機會的一年。截至目前，季度和年度營收和利潤結果受多種情境影響。鑑於各種可能結果，我們無法提供季度指引，直到我們進一步解決不確定性並抓住機會。

With that, we will provide an overview of market deployments and then Patrizio, Phil, and I will take your questions. (Operator Instructions) Phil?

接下來，我們將概述市場部署，然後 Patrizio、Phil 和我將回答您的問題。 （操作員指示）Phil？

Thank you, Jim. Our second-quarter book-to-bill ratio came in below one due to order cancellations from customers in China and widespread order placement hesitancy around tariffs. FICO has instituted a 10% tariff surcharge applicable to all new orders and customer backlog shipping after July 2. This tariff surcharge is now in effect.

謝謝，吉姆。由於中國客戶取消訂單，以及普遍存在的關稅問題，我們第二季的訂單出貨比低於1。 FICO已對所有新訂單和客戶積壓訂單在7月2日之後的發貨加收10%的關稅附加費。該關稅附加費現已生效。

Earlier this year, we bought to fruition our first ITC action, which has resulted in cease and desist orders against the name respondents and an exclusion order against their customers, both OEM and hyperscalers. We are pursuing additional actions against companies unknowingly infringing our IP while playing a game of catch me if you can.

今年早些時候，我們成功完成了第一起 ITC 訴訟，並已向被告發出停止令，以及針對其客戶（包括原始設備製造商 (OEM) 和超大規模廠商）的排除令。我們正在對那些在玩「捉迷藏」遊戲時不知情地侵犯我們智慧財產權的公司採取進一步行動。

At the Annual Shareholders Meeting on June 20, I presented an update on our business strategy is fundamentally centered around our top 100 customers, enabling high-performance, modular-power delivery networks. At the meeting, we showcased next-generation products, providing significant advances in power and current density at levels far beyond our nearest competitors. These next-generation products are being sampled to lead customers across our four target markets and customer engagements are expected to expand in Q3 [and Q4].

在6月20日的年度股東大會上，我介紹了我們業務策略的最新進展，該策略主要圍繞著我們最大的100家客戶，旨在實現高效能、模組化的供電網路。在會議上，我們展示了下一代產品，這些產品在功率和電流密度方面取得了顯著進步，遠遠超越了我們最接近的競爭對手。這些下一代產品正在為四個目標市場的領先客戶提供樣品，預計客戶合作將在第三季[和第四季]擴大。

I am pleased to announce that our Gen 5 vertical power delivery solution to a lead customer is coming to fruition with a current density exceeding its original target specification. Higher current density normally adapt and scalable VPD will enable us to engage with hyperscalers, AI processor, and network-processor companies to deliver solutions with superior performance and cost effectiveness. These engagements will begin with the delivery of VPD valuation boards and online selection and simulation tools.

我很高興地宣布，我們為一家領先客戶量身定制的第五代垂直供電解決方案即將取得成果，其電流密度已超過其最初的目標規格。更高的電流密度通常適用於可擴展的 VPD，這將使我們能夠與超大規模運算廠商、AI 處理器和網路處理器公司合作，提供兼具卓越效能和成本效益的解決方案。這些合作將首先交付 VPD 評估板以及線上選型和模擬工具。

As discussed at the ASM, we are also focused on the future AI-megawatt rack which will require 800 volt DC power delivery and conversion to 48 volts. Vicor has pioneered high-density, non-isolated 400 volt to 800 volt, an isolated 800 volt to 48 volt bus converters for automotive applications.

正如在ASM上討論的那樣，我們也專注於未來的AI兆瓦級機架，這將需要800伏直流電源輸送和48伏電壓轉換。 Vicor率先推出了用於汽車應用的高密度、非隔離式400伏至800伏以及隔離式800伏至48伏總線轉換器。

A new 800 volt power module, which will deliver 10 kilowatts at 48 volts in a package smaller than an iPhone will begin sampling in Q4. Vicor will be uniquely positioned to offer front-end 800 volt to 48 volt bus converters and direct BPD 48 volt to sub-1 volt solutions, enabling a high-efficiency, high-density power delivery network for our customers. The market SAM for these solutions is expected to exceed $5 billion by 2027.

全新 800 V 電源模組將於第四季開始提供樣品，該模組採用比 iPhone 更小的封裝，可在 48 V 電壓下提供 10 千瓦功率。 Vicor 將憑藉其獨特的優勢，提供前端 800 V 至 48 V 總線轉換器以及直接 BPD 48 V 至 1 V 以下解決方案，從而為我們的客戶打造高效、高密度的電力傳輸網路。預計到 2027 年，這些解決方案的市場規模將超過 50 億美元。

Opportunities continue to grow in our Automotive business. We have just concluded a successful audit with a large European OEM for initial low-volume project and we are now preparing for an audit by a large ASEAN OEM in Q3. It is very clear that 48 volt zonal architectures are the highest growth opportunity in Automotive, followed by 800-volt to 48-volt conversion, which will allow us to scale and leverage technologies across our AI and automotive market.

我們的汽車業務機會持續成長。我們剛剛成功完成了一家大型歐洲汽車製造商的初始小批量專案審核，目前正準備在第三季接受一家大型東協汽車製造商的審核。顯而易見，48伏特分區架構是汽車領域最具成長潛力的領域，其次是800伏到48伏的轉換，這將使我們能夠在人工智慧和汽車市場中擴展和利用相關技術。

The pipelines in our Industrial and Aerospace and Defense businesses are healthy and growing. Our new product introductions will strengthen these businesses and put them firmly on a path to doubling in four to six years, respectively. As presented at the ASM, we remain confident in our business strategy of innovation, customer focus, market focus, and a successful technology-licensing practice.

我們的工業業務及航空航太及國防業務的研發線健康發展。新產品的推出將增強這些業務的實力，並使其穩步邁向四到六年內翻倍的目標。正如在ASM上所展示的，我們對創新、客戶至上、市場導向以及成功的技術授權實踐的業務策略充滿信心。

Thank you. We will now take your questions.

謝謝。我們現在開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey, guys, congratulations on the patent litigation settlement. It's a very nice amount. I wanted to kind of start there and at the Annual Shareholder Meeting in late June, you guys talked about a return on the money spent on the ITC case, somewhere in the round number, $200 million range. And I'm just kind of curious, as you look at that kind of return, I assume that that includes the patent litigation settlement that you just announced, but also just wanted to check, does that include the royalties from the OEM, the hyperscaler licenses just in 2025 and '26 or does that include what you also recognized in 2024?

大家好，恭喜你們達成專利訴訟和解。這筆金額非常可觀。我想先從這裡說起，在6月底的年度股東大會上，你們談到了ITC案的資金回報，大概在2億美元左右。我有點好奇，當你們談到這筆回報時，我假設它包含了你們剛剛宣布的專利訴訟和解金。不過，我想確認一下，這是否只包含了OEM廠商的專利費，以及2025年和2026年的超大規模授權費，還是也包括了你們在2024年確認的金額？

Just want to make sure I've got the time frame right on that $200-ish million return. And then I've got a follow-up.

我只是想確認一下那2億美元左右的回報時間框架是否正確。然後我還有後續事宜。

So that's the approximate amount that we have locked in so far through '26.

這就是我們到 26 年為止鎖定的大約金額。

Okay. Through '26. Got it. Okay, perfect. And then either Patrizio or Phil, book-to-bill was below one in the June quarter. I think you mentioned some hesitancy around the tariff surcharge and just general tariff uncertainty in the business as well as some cancellations in China. Do you sort of feel like the bookings activity has reached a minimum?

好的。到2026年為止。明白了。好的，完美。然後，無論是Patrizio還是Phil，6月季度的訂單出貨比都低於1。我想您提到了圍繞關稅附加費的一些猶豫，以及業務中普遍存在的關稅不確定性，以及中國的一些訂單取消。您是否覺得預訂活動已經達到最低水準了？

Have you seen any improvements in July on the bookings trend and any evidence that book-to-bill might be getting back above 1 to 1 in the September quarter? Or do you see this tariff uncertainty continuing? I know August 1 is an important date for reciprocal tariffs. So just kind of wondering if that tariff uncertainty has continued here in the July timeframe.

您是否看到7月的訂單趨勢有所改善？是否有證據顯示訂單出貨比在9月季度可能回升至1比1以上？或者您認為這種關稅不確定性是否會持續下去？我知道8月1日是互惠關稅的重要日期。所以我想知道這種關稅不確定性是否在7月持續存在。

So Quinn, this is Phil. So we think that the hesitancy around tariffs is now behind us. It's very clear now what we're doing. Customers are working with that expectation and I think that -- as I said, that's behind us now and it's on to future quarters.

奎因，我是菲爾。我們認為，圍繞關稅的猶豫現在已經過去了。我們現在的行動非常明確。客戶正在努力應對這種預期，我認為——正如我所說，現在這些已經過去了，並將在未來幾季繼續推進。

Perfect, I'll get back in the queue. Thank you.

好的，我這就回來排隊。謝謝。

Jon Tanwanteng, CJS.

喬恩·坦萬滕（Jon Tanwanteng），首席司法法官。

Hi, good afternoon. Thank you for taking my question and congratulations on the nice settlement. I was wondering if you could talk a little bit more about the cancellations that you saw with what end markets those are in. Was that HPC or something else Industrial, Automotive, Aerospace. Any help there would be appreciated.

大家下午好。感謝您回答我的問題，也祝賀您達成了令人滿意的和解。我想請您再談談這些訂單取消的情況，以及這些訂單在哪些終端市場出現。是高效能運算 (HPC) 還是其他工業、汽車、航太領域的訂單取消？如有任何幫助，我們將不勝感激。

Most -- Jon, this is Phil. Mostly from the industrial market in China, we have customers there for many, many years using a lot of older products as well as some of our advanced products. It was widespread. It came through distribution channels sort of across the board because the tariff there was pretty high initially. So we had some order pushouts and some cancellations, it was a mix. So that's the color on that.

大部分——喬恩，我是菲爾。主要來自中國工業市場，我們在那裡有很多客戶，他們使用了很多老產品，也有一些先進產品。產品很普遍。由於那裡最初的關稅很高，所以產品透過各種分銷管道銷售。所以我們有一些訂單延期，也有一些訂單取消，情況複雜。這就是主要情況。

Understood. And second, just on the royalty streams that you're seeing. Are you expecting to continue growing those license streams into the future quarters. Is that part of the engagement that you're talking about? Or is that mostly stable for now?

明白了。第二，關於您看到的版權收入流。您是否預期未來幾季這些授權收入流會持續成長？這是您所說的合作的一部分嗎？還是目前基本穩定？

So we completed the first ITC case with the cease and decease (inaudible) order that the ITC issued earlier this year. That's still reaping through the supply chain. We are aggressively pursuing infringers that are still trying to import products that are some exclusion. We're also preparing additional actions in the fall. So as evidence said by the (inaudible) to date, we are very serious about protecting our intellectual property and what probably should have any doubt that we're going to go to (inaudible) more to procure infringement.

因此，我們完成了第一起 ITC 案件，並獲得了 ITC 今年稍早簽發的停止令和撤銷令（聽不清楚）。這仍在影響供應鏈。我們正在積極追查那些仍在試圖進口某些排除產品的侵權者。我們也準備在秋季採取更多行動。因此，正如迄今為止（聽不清楚）的證據所示，我們非常重視保護我們的智慧財產權，毫無疑問，我們會採取更多（聽不清楚）行動來獲取侵權資訊。

I believe message is getting around. But we should say even [track record] of the industry, an industry in which [gas] suppliers in earth by OEMs, some hyperscalers to copy successful products. This is a practice that is going to take some time to change, but we have the world we go to re-adapt and we are very determined to make it (inaudible). So far, so good. There's going to be a lot more of what has happened.

我相信消息正在傳播。但我們應該說，即使是這個行業的[過往記錄]，在這個行業中，[天然氣]供應商透過原始設備製造商(OEM)和一些超大規模企業複製成功的產品。這種做法需要一些時間來改變，但我們必須重新適應這個世界，我們非常有決心做到這一點(聽不清楚)。到目前為止，一切都很好。未來還會有更多類似的事情發生。

Okay, great. Thank you. I'll jump back in queue.

好的，太好了。謝謝。我這就重新排隊。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Well, thanks for letting me ask a question. My first one is going to be on this new license settlement. Congratulations on what seems like a very nice win here. Maybe you can describe this in a few different ways for us to the extent you're allowed or able to.

好的，感謝您讓我提問。我的第一個問題是關於這項新的許可協議的。祝賀您取得如此不錯的勝利。如果您允許或能夠做到，您可以用幾種不同的方式向我們描述一下。

Is this settlement -- will we see any ongoing royalties from this customer? Or is it fully paid up in any manner? Can you describe who this is either by name or kind of a company, OEM, hyperscaler, et cetera? I guess just to start with that one, please. Thanks.

這次和解協議——我們會從這位客戶那裡獲得任何持續的特許權使用費嗎？還是說已經以某種方式全額支付了？您能否描述一下這家客戶的名字，或者公司類型，是原始設備製造商 (OEM)、超大規模供應商等等？我想就從這個問題開始。謝謝。

So I cannot disclose any of the details that you're looking for. I can only say -- state at the shareholders meeting that there's been no license in connection with this particular action. So we should assume that the parties were involved got a license and by mutual license, they are able to keep doing what they've been doing subject to exclusion order and potentially other actions were coming.

所以我無法透露任何你想要的細節。我只能說──在股東會上聲明，這項具體行動沒有獲得任何許可。所以我們應該假設相關各方都獲得了許可，並且透過相互許可，他們可以繼續進行他們一直在做的事情，但要遵守排除令，並且可能還會採取其他行動。

Okay. Just as a heads up for -- actually for all of you, I'm getting a little bit of scratching this from the line here. I'm not sure I'm hearing everything here, but I think I caught most of it. With that said, I'll follow up with my second question here, which is to kind of understand the dynamics going forward in regard to licensing and should we understand that you're not able to fully lay out your strategy here.

好的。其實各位，我得提醒一下，我有點記不清了。我不確定我是否聽清了所有內容，但我想我已經理解了大部分內容。話雖如此，我還是想繼續問第二個問題，我想了解未來授權的動態，以及您無法在這裡完整闡述您的策略。

But as I think Phil said in his prepared remarks about trying to play the infringers are providing or doing a catch-me-if-you-can strategy here. And obviously, it seems like this patent settlement is one example of success there. I guess I'd love to understand the degree to which you think this is an example of that and we'll stop others? Or are we going to see some back and forth here like what we saw last quarter with the licensee coming off? Thank you.

但我認為菲爾在他準備好的演講中提到，試圖利用侵權者提供的或正在實施的是一種「有本事就抓我」的策略。顯然，這項專利和解協議就是一個成功的例子。我想了解一下，您在多大程度上認為這是一個成功的例子，我們會阻止其他侵權行為？還是我們會看到像上個季度一樣，出現反覆的情況，導致被授權人被撤銷？謝謝。

So I can describe the strategy. And I think we've (inaudible) of it. The strategy is to protect the IP, enforcing it selectively smartly, by fundamentally going after the supply chain that in the pricing industry, as I mentioned earlier, relied on copying successful products. That's been part of something we called the ecosystem. It's an ecosystem that, for the most part, in for players that are done in a way they tend to copy each other.

我可以描述一下這個策略。我想我們已經（聽不清楚）了。這個策略就是保護智慧財產權，並且選擇性地、巧妙地執行，從根本上打擊供應鏈。正如我之前提到的，在定價產業，供應鏈依賴抄襲成功的產品。這是我們所說的生態系統的一部分。這個生態系統，在很大程度上，是由那些傾向於互相抄襲的參與者組成的。

And when a successful product come to market in hyperscalers or OEMs, [they will have it and will] have it commoditized. These players will be [obvious enablers]. And so the supply chain, also the top with enablers, they enable copycat products, then there are (inaudible) incorporate them to higher-value assemblies, (inaudible) much higher value assemblies.

當一款成功的產品在超大規模廠商或原始設備製造商（OEM）的市場中上市時，[他們將擁有它，並將其]商品化。這些參與者將是[明顯的推動者]。因此，供應鏈，也就是最頂端的推動者，他們推動了山寨產品的出現，然後[聽不清楚]將它們整合到更高價值的組件中，[聽不清楚]價值高得多的組件中。

And then further down supply chain, OEMs and hyperscalers, that in a way, (inaudible) this kind of practice. We are committed to bringing this back, at least in so far Vicor IP is concerned, to an abrupt end and they will entail (inaudible) state contents going line down because they know about their IP. They should respect it. And if they don't, there are still consequences to buy infringement.

再往下，對於供應鏈下游的原始設備製造商（OEM）和超大規模廠商來說，（聽不清楚）這種做法在某種程度上是（聽不清楚）。我們致力於徹底終結這種做法，至少就Vicor的智慧財產權而言，（聽不清楚）他們將被迫（聽不清楚）停止運營，因為他們了解自己的智慧財產權。他們應該尊重智慧財產權。如果他們不這樣做，購買侵權產品仍然會面臨後果。

One of the [is jointment] or exclusion orders. And that's what's happened with our first action. There's more of that coming. So the strategy is (inaudible).

其中一項措施是[聯合]或排除令。這就是我們第一次行動的結果。接下來還會有更多類似的措施。所以，我們的策略是（聽不清楚）。

John Dillon, D&B Capital.

約翰狄龍 (John Dillon)，D&B Capital。

Hi, guys, congratulations on a nice settlement. Really nice to see. Phil, my question for you is at the Annual Shareholder Meeting, you presented a chart that shared a timeline when you can be delivering Gen 5 vertical to your lead customer. So I'm wondering, is that still on target? Are you still going to meet all those dates? Does it still look solid? And I have a follow-up question after that.

大家好，祝賀你們達成了一項令人滿意的和解。很高興看到這一點。菲爾，我想問你的問題是，在年度股東大會上，你展示了一張圖表，上面列出了你們向主要客戶交付第五代垂直產品的時間表。所以我想知道，這是否仍然符合目標？你們還能準時完成所有日期嗎？看起來還很可靠嗎？之後我還有一個後續問題。

So Jon, I'll take that. So things are progressing well. But we expect the current multiplier piece that has been challenging because of its very, very high current density as well as the other building [blocks]. So we're still, as you know, as [this] showed this meeting, very much focused on addressing the needs of our lead customer. We're keeping our powder dry with respect to engaging with other mentioned customers.

喬恩，我接受。事情進展順利。但我們預期電流倍增器部分會面臨挑戰，因為它的電流密度非常高，而且還有其他建置模組。所以，正如你所知，正如這次會議所表明的那樣，我們仍然非常專注於滿足我們主要客戶的需求。在與其他提到的客戶合作方面，我們保持著謹慎的態度。

But shortly after satisfying the very high [cranes] need of our lead customer, we'll be ready, as Phil pointed out earlier, with demo system board, idea tools to see data very scalable adoption side.

但正如 Phil 之前指出的那樣，在滿足了我們主要客戶的極高[起重機]需求後不久，我們將做好準備，使用演示系統板、創意工具來查看數據，從而實現非常可擴展的採用。

So I think the question -- sorry, John, the question was on the slide that we sell. We're still on target with that slide that we showed, John.

所以我覺得這個問題——抱歉，約翰，這個問題在我們出售的幻燈片上。我們仍然圍繞著我們展示的那張幻燈片進行討論，約翰。

Okay. So did you deliver the 83% solution then?

好的。那麼您當時提交了 83% 的解決方案嗎？

Yes. We have provided relatively significant part is of the 83% solution, which by the way, was the backstop agreed upon with the customer to begin with. And we're on our way, making good progress with respect to 100% and [133%].

是的。我們已經提供了83%解決方案中相當重要的部分，順便說一下，這也是我們一開始就與客戶達成的保障。目前，我們正在推進100%和133%的方案，並且取得了良好的進展。

Excellent. Then my follow-up question would be, when do you expect to have a fully productized product that you can produce in quantities for the general market?

非常好。那麼我的後續問題是，您預期什麼時候能推出完全產品化的產品，並能大量生產，供應給大眾市場？

I'm going to not spell that out. Again, as suggested earlier, John, we want to stay very, very focused on taking care of our lead customer first. And that's 100% of ours at this point in time. That's not to say that we're not preparing for a general market introduction. As I mentioned earlier, we made great size, demo systems [boards, tools] and general market capabilities. But we're only going to pull the figure on that once we're done with 100% current level that was initially targeted just before we get [133%] reach goal.

我不會詳細說明這一點。再說一次，正如之前提到的，約翰，我們希望非常非常專注於優先服務我們的主要客戶。目前，這是我們100%的投入。這並不是說我們沒有為面向大眾市場做準備。正如我之前提到的，我們製造了非常大的規模、演示系統（電路板、工具）和通用市場功能。但我們只有在達到100%的目前水準（也就是我們最初設定的133%目標之前）後，才會公佈這個數字。

Excellent. Okay, I got you.

太好了。好的，我明白了。

Just to add to that, just a little bit. That's not to say that the front-end team is engaging with customers from a perspective of understanding their loads. So anybody that's looking at VPD, we're talking to them about their new next-generation processors, networking chips, so forth. So it's not that there's not any work going on. It's just that the front-end team isn't involved in, if you like, the development of the product for the lead customer.

補充一點。這並不是說前端團隊會從了解客戶負載的角度與客戶互動。對於任何關注 VPD 的客戶，我們都會與他們討論他們的新一代處理器、網路晶片等等。所以，並不是說沒有任何工作在進行。只是前端團隊沒有參與（如果你願意這麼說的話）針對主要客戶的產品開發。

So we're able to have the resources available to park and gather information such that when we do launch that out to the general market, we're ready to hit those customers very, very quickly with solutions that they need. So that work is ongoing and we've got a lot of engagement with anybody looking at VPD right now.

因此，我們能夠擁有充足的資源來儲存和收集信息，以便在我們正式向大眾市場推出產品時，能夠快速地為客戶提供他們所需的解決方案。這項工作仍在進行中，我們目前正在與所有關注 VPD 的合作夥伴進行密切合作。

Will you lead customer be able to shift the product that you're shipping them to their customers? Is the quality going to be good enough that they can actually use it to ship to their customers? Are they still in the kind of evaluation stage.

你的潛在客戶是否能夠接受你寄給他們的產品？產品的品質是否足夠好，以至於他們能夠真正使用它來發貨給他們的客戶？他們是否還處於評估階段？

So I can't give you details obviously, but I can say this. The customer is considering amortizing the platform that we've started to ship, but our objective is to enable a higher level of capability and improved performance and to do so ahead of the customer target-market introduction date.

所以我當然無法提供細節，但我可以這麼說。客戶正在考慮攤銷我們已經開始交付的平台，但我們的目標是在客戶目標市場推出日期之前，以實現更高水準的功能和改進的效能。

Okay, excellent. Thank you very much. It's very helpful and again congratulations.

好的，太棒了。非常感謝。這很有幫助，再次恭喜你。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey, Patrizio, at the Annual Shareholders Meeting, you were asked is your outlook for 2025 to be still a record year. I think at the Annual Shareholder Meeting, you had referenced some increased uncertainty around tariffs, but you still thought you got there. Obviously, with the June quarter results and the $45 million patent litigation settlement, it certainly looks like you're tracking to a record year in 2025, but wondering if you had any updated thoughts on whether 2025 is a record year for revenue? And then I've got another follow-up.

嗨，帕特里齊奧，在年度股東大會上，有人問你，你對2025年的預期是否仍會創下紀錄。我記得在年度股東大會上，你提到了關稅帶來的不確定性增加，但你仍然認為已經達到了目標。顯然，鑑於6月份季度的業績以及4500萬美元的專利訴訟和解，你似乎確實有望在2025年創下紀錄。但我想知道，你對2025年的收入是否創下紀錄有什麼最新的看法嗎？然後我還有一個後續問題。

Yes. As suggested, I think for the whole quarters, we do expect '25 to be a revenue.

是的。正如建議的那樣，我認為就整個季度而言，我們確實預計25年會有收入。

Excellent. Okay. And then a follow-up question. I know you don't provide quarterly guidance, but just wondering if you could directionally give some comments. Your royalty revenue was on a very nice upward trajectory through 2024. In March and June, you sort of pulled back to the roughly $10 million level, and I think you'd mentioned that one of the OEM licenses wasn't paying on a new generation product but it looks like that royalty income level has stabilized.

非常好。好的。接下來是一個後續問題。我知道您不提供季度業績指引，但我只是想問您能否給出一些方向性的評論。到2024年，您的專利費收入一直保持著非常良好的上升趨勢。 3月和6月，您的專利費收入回落到了大約1000萬美元的水平。我記得您提到過，新一代產品的OEM授權商沒有支付任何費用，但目前看來，專利費收入水準已經穩定下來了。

I'm just wondering, as you look into the back half of the year, would you generally expect royalty to begin to increase again? Or does it stay in this $10-ish million range? Could you give any sort of comment on how you think the royalty portion of the revenue stream might trend over the next couple of quarters?

我只是想知道，展望下半年，您預期版稅收入會再次上漲嗎？還是會維持在1000萬美元左右的水準？您能否談談您認為未來幾季版稅收入的走勢？

We're not going to commit to any specific level. But as evidenced by the results in Q2, I think it's fair to say that in any one quarter, there is a great deal of upside on a bigger scale than what happened in Q2. So -- and that's the reason, frankly, why we can't provide a reliable forecast. There is a good deal of variants, different scenarios. And you should say, given a strategy and commitment for [CAP], we don't want to be, in effect, committed, hooked on any particular target in any one quarter less that the drivers of the leverage we need in order to be successful in bringing about the right output.

我們不會承諾任何具體的水平。但正如第二季的業績所證明的那樣，我認為可以公平地說，任何一個季度都存在比第二季更大的上漲空間。所以——坦白說，這就是我們無法提供可靠預測的原因。有很多變數，有很多不同的情境。應該說，考慮到[CAP]的策略和承諾，我們不希望在任何一個季度被束縛於任何特定的目標，以至於無法有效發揮我們成功實現正確產出所需的槓桿驅動力。

So that, as you can imagine, creates uncertainty, which is, at this point in time, part of our IP business. I think as we progress further along and we get a more diversified licenssee base, the licensing business is going to become more predictable. At that point in time, the kind of challenging forecasting that we presently face will no longer be there.

因此，正如你所想像的，這會帶來不確定性，而目前，不確定性是我們智慧財產權業務的一部分。我認為，隨著我們進一步發展，獲得更多元化的授權商基礎，授權業務將變得更加可預測。到那時，我們目前面臨的那種預測挑戰將不復存在。

Maybe just, Patrizio, I understand that like patent litigation settlements are difficult to forecast timing and probably the signing of new licenses to the extent they include a license payment is a little bit less predictable. But royalty payments, I would think on existing licenses might be a little bit more predictable. And I guess that's what I was asking about. I know you had, again, talked about some sort of headwinds in that royalty income with the OEM license. And I'm just kind of wondering at this level, do you think that those headwinds are now largely behind the company on the existing licenses?

帕特里齊奧，我理解專利訴訟和解的時間很難預測，而且新授權的簽署（如果包含授權費）可能更難預測。但我認為現有授權的特許權使用費支付可能更容易預測。我想這就是我問的。我知道您之前提到OEM授權給特許權使用費收入帶來了一些阻力。我只是想知道，您認為這些阻力現在在現有授權方面對公司來說已經基本消除了嗎？

I'm not trying to get you to comment on new licenses or patent litigation settlement in the future? Just more kind of wondering if that OEM license headwind that you had previously talked about might be behind you at this point?

我並不是想讓您對未來的新授權或專利訴訟和解發表評論？我只是想知道，您之前提到的 OEM 許可證逆風現在是否已經過去了？

It's not behind us. We are enforcing the existing exclusion order and we're looking at additional actions for, in effect, making sure that the use of our IP does not go without appropriate royalties or penalties for not paying royalties when they were due.

這一切都還沒過去。我們正在執行現有的排除令，並正在考慮採取其他行動，以確保我們的智慧財產權的使用不會因為未按時支付專利費而無法獲得適當的專利費或罰款。

Understood. Okay, thank you.

明白了。好的，謝謝。

James Liberman, American Trust Investment Services.

詹姆斯‧利伯曼，美國信託投資服務公司。

Thank you, great results. It's good to see the licensing and the settlement income coming in. You mentioned the Automotive area and event with the company in Europe and Asia. And in the past, you've mentioned you're seeing some continuing strength in the electric-vehicle market in China. Can you give a little bit better overall color to how you see that playing out.

謝謝，業績很棒。很高興看到授權和結算收入的到來。您提到了汽車領域以及與公司在歐洲和亞洲舉辦的活動。您之前也提到過，您看到中國電動車市場持續保持強勁成長。您能否更詳細地闡述您對這市場未來發展的看法？

Yes. So the Automotive market, I mentioned that the Annual Shareholders Meeting, it's pretty obvious to people that have dealt with the automotive market. You don't just enter that market. It's a hard slog. It's a grind. You have to really prove yourself as a supplier. So typically starting out with lower volume programs and platforms and then expanding the business from there once you've proven yourself.

是的。至於汽車市場，我提到過年度股東大會，對那些接觸過汽車市場的人來說，這一點非常明顯。你不可能一下子就進入這個市場。這是一個艱苦的過程，也是一個磨練的過程。你必須真正證明自己作為供應商的實力。所以通常情況下，你會從規模較小的專案和平台開始，等到證明了自己之後再逐步擴展業務。

The critical steps through that sort of collaborations on different power delivery networks with EOMs and OEMs, which we've established. We're now going through the audit phase with a number of customers, that's a very critical step where they have teams that come in and look at all our quality systems and manufacturing systems and product development system. So we're going through those now.

我們已經與終端製造商 (EOM) 和原始設備製造商 (OEM) 就不同的電力傳輸網路開展了合作，而這些合作是關鍵步驟。目前，我們正在與一些客戶進行審核階段，這是一個非常關鍵的步驟，他們的團隊會介入，審查我們所有的品質系統、製造系統和產品開發系統。我們現在正在進行這些審核。

So we're well on the journey, no pun intended to becoming established at least as a lower-volume platform supplier, but those do expand then fairly quickly after that. So we're very early days still. I think there's still a ways to go before that becomes a significant piece of our revenue probably out in the '29, '30, 2030 timeframe, but we are excited about the activity that's going on there.

所以，我們目前進展順利，至少是想成為一家小批量平台供應商，但之後這些平台確實會迅速擴張。所以我們還在起步階段。我認為，在它成為我們收入的重要組成部分之前，還有很長的路要走，大概是在2029年、2030年或2030年，但我們對正在進行的活動感到興奮。

Thank you very much for that at this time.

這次非常感謝您。

Jon Tanwanteng, CJS.

喬恩·坦萬滕（Jon Tanwanteng），首席司法法官。

Hi, thanks for the follow up. A couple of months ago, the largest chip designer in the AI space disclosed their plans for 800-volt servers and the architectures they plan to use. They named a lot of partners in the press release there. And I was wondering, since you weren't on the list that was announced, if there's an opportunity there at all, does that shut you out? Or is there still a way to participate in that ecosystem either with this designer or with others -- with the products that you have?

嗨，謝謝你的後續採訪。幾個月前，人工智慧領域最大的晶片設計公司披露了他們的800伏特伺服器計劃以及他們計劃使用的架構。他們在新聞稿中列舉了許多合作夥伴。我想知道，既然你不在公佈的名單上，如果有機會的話，這是否意味著你被排除在外了？或者，你是否仍有機會與這家設計公司或其他公司合作，利用你現有的產品參與這個生態系統？

So I think as mentioned in Phil's prepared remarks, we have a history of pioneering high-voltage past conversion with or without isolation, the LOIP, at various levels. I think anybody now pursuing high-density power system solutions involving bus conversion from 800 volt to 48 volt or in the general realm is going to be needing our IP, or in effect, suffering consequences in terms of inferior power density.

所以我認為，正如菲爾在準備好的發言中提到的，我們在各種級別的高壓過載轉換（帶隔離或不帶隔離）方面擁有開創性的歷史，即LOIP。我認為，現在任何追求高密度電源系統解決方案（涉及從800伏到48伏的總線轉換）的人，或者在一般領域，都需要我們的IP，否則實際上就會承受功率密度降低的後果。

As Phil mentioned, we're bringing to fruition a new high-power module that is a good fit for a lot of these requirements in a 1 kilowatt block, which is very small. It's a small fraction of the size of any competitive alternative that analogy is being developed. So here again, we have a leading technology -- leading power-density capability. And last but not least, a lot of significant IP that we think is going to become necessary for high-performance solutions.

正如Phil所提到的，我們正在研發一種新的高功率模組，它能夠以1千瓦的功率滿足許多此類需求，而且體積非常小。它的尺寸只是同類競爭產品的一小部分。因此，我們擁有領先的技術—領先的功率密度能力。最後，同樣重要的是，我們擁有許多重要的IP，我們認為這些IP將成為高效能解決方案的必要條件。

Jon, there's a long way between having a high-voltage discrete GaN or silicon carbide product to an 800-volt multi-kilowatt rack published system. So there's a lot of announcements there but there's a long way from that to having a real high-performance, high-efficiency solutions. So we shall see.

Jon，從高壓分立GaN或碳化矽產品到800伏多千瓦機架式系統，還有很長的路要走。目前有許多公告，但距離真正的高效能、高效率解決方案還有很長的路要走。我們拭目以待。

And also a lot of misconceptions. In this [factory], there is a good deal of [make or] take when it comes to some of these things. So we've been making 800 volt bus converters for many, many years. we know what it takes, and we're doing it in ways that as measured as an example, in terms of switching frequency and other manual grader than what can be done with GaN fabs or silicon carbide fabs.

還有很多誤會。在這個[工廠]，在某些方面，有很多[製造或]接受。我們生產800伏母線轉換器已經很多年了。我們知道這需要什麼，而且我們生產的方式，例如在開關頻率和其他手動分級方面，比GaN工廠或碳化矽工廠做得更好。

Great. Thank you for that color. That's much appreciated. Last one for Jim, if you could. Just any thoughts on OpEx going forward compared to the current quarter that just ended?

太好了。謝謝你的顏色。非常感謝。最後一個問題，如果可以的話，是Jim的問題。與剛結束的本季相比，您對未來的營運支出有什麼看法？

Well, I think we won't guide on that, Jon. But I will say that as I described in the results that if you exclude the $5.1 million incentive legal fee, our OpEx will actually drop sequentially, that was because an primarily because of a low in the other legal expenses we had to incur in some of these cases. So I think we're in a good state right now relative to a nice balance of operating expense and revenue.

嗯，喬恩，我想我們不會就此做出任何預測。但我要說的是，正如我在業績報告中所述，如果扣除510萬美元的激勵性法律費用，我們的營運支出實際上會環比下降，這主要是因為我們在其中一些案件中產生的其他法律費用較低。所以我認為，就營運費用和收入的良好平衡而言，我們目前的狀況良好。

I think as things heat up and we go forward with other actions, then we'll see -- and it will be lumpy. I think in OpEx and we've said that is it going to be the case.

我認為，隨著事態升溫，我們採取其他行動，到時候再看吧——情況會很不穩定。我認為在營運支出方面，我們已經說過，情況會是這樣。

That's the first action in terms of contingency, we have kept up. So we paid out all the contingency fees relating to the transaction.

這是我們採取的應急措施，我們一直堅持執行。所以我們支付了與交易相關的所有應急費用。

Understood. Good luck.

明白了。祝你好運。

Don McKenna, D.B. McKenna & Company.

唐‧麥肯納 (Don McKenna)，D.B. 麥肯納公司。

Thank you. I wanted to ask about the settlement payment, if that represents the entirety of the settlement or if that's an initial payment? And secondly, Jim, I thought I heard you say there was some stock repurchases during the quarter, if that was the case, can you expand on that a little bit, the numbers of shares and price?

謝謝。我想問和解金，這筆款項是全部和解金還是頭期款？其次，吉姆，我記得您說過本季有一些股票回購，如果是這樣的話，您能否詳細說明一下，股票數量和價格是多少？

I think I'll let Patrizio comment on the settlement.

我想我會讓帕特里齊奧對該解決方案發表評論。

Yes. So I cannot comment on the specifics of the settlement.

是的。所以我無法評論和解的具體細節。

So I think on the share repurchase, I mentioned in the prepared remarks, on the order of $17.5 million worth of share repurchases last quarter and on the order of 200,000 or -ish shares repurchased during the period.

因此，我認為關於股票回購，我在準備好的評論中提到，上個季度回購了價值約 1750 萬美元的股票，在此期間回購了約 20 萬股左右的股票。

Thank you.

謝謝。

John Dillon, D&B Capital.

約翰狄龍 (John Dillon)，D&B Capital。

My question was answered, so thank you very much.

我的問題得到了回答，非常感謝。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Great. Taking a couple of more questions here, guys. I'm going to look at a couple of different comments you made both today and in past calls as well as the shareholders meeting. The first one is talking about record results for the year, and I heard your answer today. And then he also talked about a wide range of outcomes.

太好了。各位，我再回答幾個問題。我想談談你今天、過去電話會議以及股東大會上提出的一些不同意見。第一個意見是關於今年創紀錄的業績，我今天聽到了你的回答。然後他還談到了一系列成果。

As we look at your results today here, obviously, a very large settlement obviously, it creates a very wide range here. But as we -- if we just look at your product revenue, how do we think about what can create these wide range of outcomes?

我們今天來看你們的業績，顯然，這是一筆數額巨大的和解，它造成了非常大的差異。但是，如果我們只看你們的產品收入，我們該如何思考是什麼導致瞭如此廣泛的結果差異呢？

And I'd like to take the tariffs off the table. You've talked about that today, but how about maybe discussing and kind of giving you some sense of where you see some of these positive outcomes by product as we go through the year that could create a record year even better? Thank you.

我想先不談關稅問題。您今天已經談到了這個問題，能否請您談談，您認為今年在產品方面有哪些積極成果，能夠創造更好的創紀錄成績？謝謝。

Yes. So to be clear, the major sort uncertain in the short term is with respect to licensing and litigation practice. With respect to the product revenue, the near term sees us still making poor use in terms of commercial utilization of our first fab, which represents obviously a burden with respect to margins and our level of profitability. Even though we've been making good progress on that front, primarily because of the efficiencies associated from this (inaudible) of time and gather yields. And that always is ongoing.

是的。所以需要明確的是，短期內主要的不確定因素在於許可和訴訟實務。就產品收入而言，短期內我們第一座晶圓廠的商業利用率仍然很低，這顯然會對我們的利潤率和獲利水準造成負擔。儘管我們在這方面取得了良好的進展，主要是因為由此帶來的效率提升（聽不清楚）以及產量提升。而且這種情況一直持續著。

But on the product front, which is, as I think I noted in my quote associated with the press release, the product front is obviously very important. We're very much focused on that. We've made tremendous investments in [advanced LDR] and -- so being reflected in our R&D product capability with [artesia] AI, the center opportunities point of load as well as [is there] passing through critical hubs in lots and the [volt] is the kind of product superiority and technology lead that will feel the fab is moving to often overnight sense that will take some time.

但在產品方面，正如我在新聞稿中提到的，產品方面顯然非常重要。我們非常關注這一點。我們在[先進的LDR]方面投入了大量資金，這反映在我們[artesia] AI的研發產品能力上，中心機會點負載以及[是否存在]批量通過關鍵樞紐的能力，[volt]的產品優勢和技術領先優勢會讓晶圓廠感覺像是在一夜之間轉向，但這需要一些時間。

But needless to say, we're being [progress] on that part of the [salvage] as well. But that's not the near-term uncertainty, we expect to quarter top line of online numbers (inaudible).

毋庸置疑，我們在[打撈]這部分也取得了[進展]。但這不是短期的不確定性，我們預期本季的線上銷售額將達到[聽不清楚]。

Okay. And I guess just following up on that, Patrizio. Certainly would -- obviously, you've been talking about second gen VPD and some of the newer products here. But relative to talking about the record year, there doesn't seem like there's enough time for those new products to have that much of an effect to benefit this year. But I just want to make sure that was implied in your comment there. Thank you.

好的。帕特里齊奧，我想補充一下。當然——顯然，您一直在談論第二代VPD和一些新產品。但相對於創紀錄的一年，這些新產品似乎沒有足夠的時間產生那麼大的影響，因此惠及今年。但我只是想確認一下，您的評論中確實暗示了這一點。謝謝。

They are not going to move the needle big time, but there's going to be progress and certainly a contribution in the second half of the year.

他們不會帶來太大的改變，但下半年肯定會取得進展，並做出貢獻。

Okay, fair enough. I will jump out of line again. Thank you, guys.

好吧，說得對。我又要跳出隊伍了。謝謝大家。

Thank you.

謝謝。

(Operator Instructions) I'm showing no further questions in the queue. Thank you, ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

（接線員指示）隊列中沒有其他問題。謝謝各位，女士們，先生們，今天的電話會議到此結束。感謝您的參與。現在您可以掛斷電話了。