Vicor Corp (VICR) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to Vicor third-quarter 2025 earnings conference call. (Operator Instructions).Please note that this conference is being recorded.

各位好，歡迎參加 Vicor 2025 年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

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

現在我很高興將電話轉交給財務長吉姆·施密特。請繼續。

Thank you. Good afternoon, and welcome to Vicor Corporation's earnings call for the third quarter ended September 30, 2025. I'm Jim Schmidt, Chief Financial Officer, and I am 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 9 月 30 日的第三季財報電話會議。我是財務長吉姆·施密特，我現在在安多弗，與執行長帕特里齊奧·文西亞雷利和全球銷售與行銷公司副總裁菲爾·戴維斯在一起。

After the markets closed today, we issued a press release summarizing our financial results for the three and month months ended September 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 remind listeners this conference call is being recorded and as the copyrighted property of Vicor Corporation.

今天市場收盤後，我們發布了一份新聞稿，總結了截至 9 月 30 日的前三個月和前一個月的財務表現。本新聞稿已發佈於本公司網站投資人關係頁面：www.vicorpower.com。本公司今天也提交了與本新聞稿發布相關的8-K表格。我在此提醒各位聽眾，本次電話會議正在錄音，錄音內容為 Vicor 公司的版權所有。

I also remind you various remarks we make during this call may constitute forward-looking statements for the purposes of the 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 well as management's expectations for sales growth, spending and profitability are forward-looking statements involving risks and uncertainties.

我還要提醒各位，我們在本次電話會議中發表的各種言論可能構成 1995 年《私人證券訴訟改革法案》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，本次電話會議討論的事項，包括有關當前和計劃中的產品、當前和潛在客戶、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聲明，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聲明。

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

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都會被證明是正確的。實際結果可能與我們今天任何演講中明確闡述或暗示的結果有重大差異。我們在 2024 年 10-K 表格的第 1A 項中討論了我們面臨的風險和不確定性，該表格已於 2025 年 3 月 3 日提交給美國證券交易委員會。

This document is available via the EDGAR system on the SEC's website. Please note this information provided during this conference call is accurate only as of today, Tuesday, October 21, 2025. Vicor undertakes no obligation to update any statements, including forward-looking statements made during this call, and you should not rely upon any such statements after the conclusion of this call.

該文件可透過美國證券交易委員會網站上的EDGAR系統取得。請注意，本次電話會議中提供的資訊僅截至 2025 年 10 月 21 日星期二有效。Vicor不承擔更新任何聲明的義務，包括本次電話會議期間作出的前瞻性聲明，您不應在本次電話會議結束後依賴任何此類聲明。

The webcast replay of today's call will be available shortly on the Investor Relations page of our website. I'll now turn to a review of our Q3 financial performance, after which Phil will review recent market developments, and Patrizio, Phil and I will take your questions.

今天電話會議的網路直播回放將很快在公司網站的投資者關係頁面上提供。接下來我將回顧我們第三季的財務業績，之後菲爾將回顧最近的市場發展情況，然後帕特里齊奧、菲爾和我將回答大家的問題。

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

在我的發言中，我將主要關注損益表和資產負債表項目的季度環比變化，更多資訊請參閱我們即將發布的 10-Q 表格的新聞稿。

As stated in today's press release, Vicor recorded product revenues and licensing income for the third quarter of $110.4 million, down 21.7% sequentially from the second quarter of '25 total of $141 million which benefited from a $45 million patent litigation settlement and up 18.5% in the third quarter of 2024 total of $93.2 million. Advanced Products revenue increased 8.2% sequentially to $65.5 million and Brick Products revenue increased 26.6% sequentially from $44.9 million.

如同今天發布的新聞稿中所述，Vicor 第三季產品收入和授權收入為 1.104 億美元，較 2025 年第二季的 1.41 億美元下降 21.7%（第二季將受益於 4,500 萬美元的專利訴訟和解金），但預計 2024 年第三季將成長 189.20 萬美元。先進產品收入季增 8.2% 至 6,550 萬美元，磚塊產品收入較上季成長 26.6% 至 4,490 萬美元。

Shipments destocking distributors increased 39% sequentially and increased 6% year-over-year. Exports for the third quarter decreased sequentially as a percentage of total revenue grew approximately 42.8% from the prior quarter's 51.9%. For Q3, Advanced Products share of total revenue decreased to 59.3% and compared to 63.1% for the second quarter of 2025 with Brick Products share correspondingly increasing to 40.7% of total revenue.

分銷商去庫存出貨量較上季成長 39%，較去年同期成長 6%。第三季出口額較上季下降，佔總營收的比例較上一季成長約 42.8%（上一季為 51.9%）。第三季度，先進產品佔總收入的比例下降至 59.3%，而 2025 年第二季為 63.1%；磚類產品佔總收入的比例則相應上升至 40.7%。

Turning to Q3 gross margin. We recorded a consolidated gross profit margin of 57.5%. A 780 basis points decrease from the prior quarter primarily due to the benefit of the $45 million patent litigation settlement in the second quarter. Q3 gross margin increased 840 basis points from the same quarter last year.

接下來分析第三季毛利率。我們錄得綜合毛利率為57.5%。與上一季相比下降了 780 個基點，主要原因是第二季獲得了 4,500 萬美元的專利訴訟和解金。第三季毛利率較去年同期成長840個基點。

I'll now turn to Q3 operating expenses. Total operating expense decreased 8.9% sequentially from the second quarter of 2025 to $42.6 million. The sequential decrease was primarily due to the increase in selling, general and administrative expenses primarily attributable to $5.1 million of incentive legal fees associated with the patent litigation settlement in the second quarter.

接下來我將討論第三季的營運費用。2025 年第二季總營運費用較上季下降 8.9%，至 4,260 萬美元。環比下降主要是由於銷售、一般及行政費用增加，這主要是由於第二季度與專利訴訟和解相關的 510 萬美元激勵性法律費用所致。

The amounts of total equity-based compensation expense for Q3 included in cost of goods, SG&A and R&D was $1,024,000, $2,117,000 and $1,221,000 respectively totaling approximately $4.4 million.

第三季計入商品成本、銷售、管理及行政費用和研發費用的股權激勵支出總額分別為 1,024,000 美元、2,117,000 美元和 1,221,000 美元，總計約 440 萬美元。

Turning to income taxes. We recorded a tax benefit for Q3 of approximately $5 million representing an effective tax rate for the quarter of negative 21.4%. The company's tax provision and effective tax rate for the quarter ended September 30, 2025, was positively impacted by the one Big Beautiful Bill Act back during the quarter, which resulted in the beneficial immediate expensing of domestic research and development investments.

接下來談談所得稅。第三季我們錄得約 500 萬美元的稅收優惠，相當於該季實際稅率為負 21.4%。截至 2025 年 9 月 30 日的季度，該公司的稅收準備金和實際稅率受到本季度一項「大而美好的法案」的積極影響，該法案使得國內研發投資得以立即計入費用。

Net income for Q3 totaled $28.3 million. GAAP diluted income per share was $0.63 based on a fully diluted share count of 44,930,000 shares reduced by share repurchases within the quarter.

第三季淨利總計2,830萬美元（GAAP）。根據完全稀釋後的股份數量 44,930,000 股（扣除本季內的股票回購）計算，稀釋後每股收益為 0.63 美元。

Turning to our cash flow and balance sheet. Cash and cash equivalents totaled $362.4 million of Q3, an increase of $23.8 million sequentially and net of approximately $15.6 million in share repurchases during the quarter. Accounts receivable, net of reserves, totaled $53.3 million at quarter end, but we have those for trade receivables at 38 days.

接下來來看看我們的現金流量表和資產負債表。第三季現金及現金等價物總額為 3.624 億美元，較上一季增加 2,380 萬美元，扣除本季約 1,560 萬美元的股票回購後淨額。季度末應收帳款（扣除準備金後）總額為 5,330 萬美元，但我們有 38 天的貿易應收帳款。

Inventories, net of reserves, decreased 3.3% sequentially to $92.3 million. Annualized inventory turns were 1.9%. Operating cash flow totaled $38.5 million for the quarter. Capital expenditures for Q3 totaled $4 million. We entered the quarter with a construction and progress balance primarily for manufacturing equipment of approximately $8.3 million and with approximately $2.4 million remaining to be spent.

扣除儲備金後的庫存環比下降 3.3% 至 9,230 萬美元。年化存貨週轉率為 1.9%。本季經營活動產生的現金流總計為3850萬美元。第三季資本支出總額為400萬美元。本季初，我們主要用於製造設備的建設和進度餘額約為 830 萬美元，還有約 240 萬美元待支出。

I'll now address bookings and backlog. Q3 book-to-bill came in at 0.98 and one-year backlog increased 1.5% from the prior quarter, closing at $152.8 million. As we discussed during the strategy update at our Annual Meeting in June, Vicor's IP licensing is a high-margin, high-growth business. In Q3, we reached a licensing revenue run rate of nearly $90 million per year. Over the next two years, we expect to substantially expand our licensing business.

接下來我將處理預訂和積壓訂單的問題。第三季訂單出貨比為 0.98，一年積壓訂單較上一季成長 1.5%，達到 1.528 億美元。正如我們在 6 月的年度股東大會上進行策略更新時所討論的那樣，Vicor 的智慧財產權許可是一項高利潤、高成長的業務。第三季度，我們的授權收入年化率接近9,000萬美元。未來兩年，我們預計將大幅拓展授權業務。

As Vicor IP is, will be used in most AI application necessitating additional licenses, renewal of existing licenses, more expansion of their schools.

由於 Vicor IP 是…，因此將在大多數 AI 應用中使用，這需要額外的許可證、現有許可證的續期以及學校的進一步擴展。

At the core of our IP licensing business, we have a power module business that leverages our investment in the first chip foundry based here in Andover. The challenge of bringing this fab with its unique patented processes, online is now behind us with yields and cycle times at world class levels. While fab utilization remains low, as reflected in low product margins due to under-absorption, we expect that performance levels achieved by fifth-generation chip second-generation VPD will soon bring about substantial capacity utilization.

我們知識產權授權業務的核心是功率模組業務，該業務利用了我們對位於安多弗的第一家晶片代工廠的投資。我們已經克服了將這座擁有獨特專利工藝的晶圓廠投入生產的挑戰，其良率和周期時間均達到了世界一流水平。雖然晶圓廠利用率仍然很低，這反映在由於產能利用不足導致的低產品利潤率上，但我們預計第五代晶片第二代VPD所達到的性能水平將很快帶來大量的產能利用。

As we said on last quarter's earnings call, 2025 is a year of uncertainty and opportunity. As of today, the quarterly and annual outcome in terms of top line and bottom line with a record results, profitability and EPS in 2025. Given uncertainty in the timing of additional license deals, we are unable to provide quarterly guidance.

正如我們在上個季度財報電話會議上所說，2025年是充滿不確定性和機會的一年。截至今日，季度和年度營收及利潤均創歷史新高，2025 年獲利能力和每股盈餘也將達到創紀錄水準。鑑於後續授權交易時間存在不確定性，我們無法提供季度業績指引。

With that, Phil, will provide an overview of recent developments, and then Patrizio, Phil and I will take your questions. I ask that you limit yourselves to one question and a related follow-up. But we can respond to as many of you as possible in the limited time available. If you have more than one topic to address, please get back in the queue. Phil?

接下來，菲爾將概述最近的進展，然後帕特里齊奧、菲爾和我將回答大家的問題。請各位只提一個問題，並提出一個相關的後續問題。但在有限的時間內，我們會盡可能回覆大家。如果您有多個主題要討論，請重新排隊。菲爾？

Thank you, Jim. My remarks this quarter are focused on data center and AI power system requirements and the market opportunity for Vicor's chips and second-generation vertical power delivery. To support advances in AI capable data centers and specialized AI factories, power delivery networks need to supply hundreds of kilowatts per rack and thousands of amperes for every GPU, TPU and network processing.

謝謝你，吉姆。本季我的演講將重點放在資料中心和人工智慧電源系統需求，以及 Vicor 晶片和第二代垂直供電技術的市場機會。為了支援具備人工智慧能力的資料中心和專用人工智慧工廠的進步，電力傳輸網路需要為每個機架提供數百千瓦的電力，並為每個 GPU、TPU 和網路處理提供數千安培的電流。

Advances in power density measured in kilowatts per cubic inch at the rack level, and advances in current density measured in amperes square millimeter at the processor package level are gated by conventional power distribution architectures, such as the intermediate bus architecture or IBA and voltage regulators, such as VRs and IVRs.

機架級功率密度（以千瓦/立方英寸衡量）和處理器封裝級電流密度（以安培/平方毫米衡量）的進步受到傳統電源分配架構（如中間匯流排架構或 IBA）和電壓調節器（如 VR 和 IVR）的限制。

Performance limitations of conventional power system technologies using IBA, VRs and IVRs affecting critical AI metrics of cogens per second and latency as OEMs and hyperscalers have to throttle back processor speeds gated by significantly limited power system technology.

使用 IBA、VR 和 IVR 的傳統電力系統技術的效能限制會影響每秒熱電聯產量和延遲等關鍵 AI 指標，因為 OEM 和超大規模資料中心不得不降低受電力系統技術嚴重限制的處理器速度。

Unable to meet performance expectations, power system engineers at leading OEMs and hyperscalers are working in opposite and inconsistent directions. To provide efficient power distribution within racks, that data center or AI factory, they are raising power distribution voltages to 800 volts. However, to power the processor socket at a core voltage below one volt, they are relying on VRs and IVRs requiring an intermediate bus forage as low as 1.8 volts.

由於無法達到效能預期，領先的原始設備製造商和超大規模資料中心營運商的電力系統工程師們正在朝著相反且不一致的方向努力。為了在機架、資料中心或人工智慧工廠內提供高效的電力分配，他們正在將配電電壓提高到 800 伏特。然而，為了在低於 1 伏特的核心電壓下為處理器插槽供電，他們依賴 VR 和 IVR，這些 VR 和 IVR 需要低至 1.8 伏特的中間總線電壓。

Unlike 800-volt, power distribution at 1.8 volts is inefficient and requires low output voltage bus converters that are also inefficient. Raising the intermediate bus voltage improve bus converter and power distribution efficiency, but it would do so at the expense of VR or IVR efficiency and current density.

與 800 伏特不同，1.8 伏特的配電效率低下，需要低輸出電壓的母線轉換器，而這些轉換器的效率也很低。提高中間母線電壓可以提高母線變換器和配電效率，但會降低 VR 或 IVR 效率和電流密度。

In other words, VRs and IVR suffer from an inherent tension between conflicting requirements. It is a game of picking your poison without achieving adequate performance. Not surprisingly, VRs and IVRs are current density limited to 1.5 amps per square millimeter while GPU and TPU roadmaps call for current densities above 3 amps per square millimeter.

換句話說，VR 和 IVR 都存在著相互衝突的需求之間的固有矛盾。這是一場兩難的遊戲，你只能選擇一個有害的方案，卻無法獲得理想的效果。不出所料，VR 和 IVR 的電流密度限制為每平方毫米 1.5 安培，而 GPU 和 TPU 的路線圖要求電流密度超過每平方毫米 3 安培。

Because of low current density, first-generation vertical power delivery using VRs necessitates complex stacked assemblies whose mechanical and thermal challenges are compounded by bus converters having to feed kilowatts of power at a low inefficient bus voltage. And of Vicor's second-generation VPD enabled by Vicor's fifth generation current multiplier technology with up to 24 times higher current gain than VRs and IVRs in a 1.5 millimeter thin thermally adept package with up to 5 amperes per square millimeter peak current density.

由於電流密度低，第一代採用 VR 的垂直供電需要複雜的堆疊組件，而總線轉換器必須在低效率的總線電壓下輸送千瓦級的功率，這加劇了機械和熱方面的挑戰。Vicor 的第二代 VPD 採用 Vicor 的第五代電流倍增器技術，電流增益比 VR 和 IVR 高出 24 倍，封裝厚度僅 1.5 毫米，散熱性能優異，峰值電流密度高達每平方毫米 5 安培。

Thanks to this high current density, Vicor's Gen 5 current multipliers avoid the need for a VPD gearbox, including a stacked layer of capacitors, enabling VPD solutions which are much thinner and lighter, easier to cool, inherently more robust and far more scalable. These figures of merit could not have been achieved without Vicor's unique vision and its ability to overcome technical barriers through innovation and invention, which are also reflected in its first $1 billion chip fab.

由於具有高電流密度，Vicor 的第五代電流倍增器無需 VPD 齒輪箱（包括堆疊式電容器層），從而實現了更薄、更輕、更容易散熱、本質上更堅固耐用且更具可擴展性的 VPD 解決方案。如果沒有 Vicor 獨特的遠見卓識以及透過創新和發明克服技術障礙的能力，這些成就是不可能實現的，而這一點也體現在其首個價值 10 億美元的晶片製造廠中。

I am happy to report that our Gen 5 vertical power delivery solution while Vicor's lead customer has met target specifications and is now progressing to a Q1 2026 production launch. Engagement is starting with selected customers comprising a hyperscaler and OEMs we informed us that Vicor's second-generation VPD is the only solution that can meet their processor requirements.

我很高興地報告，我們的第五代垂直供電解決方案（Vicor 的主要客戶）已達到目標規格，目前正在推進，計劃於 2026 年第一季投產。合作已開始，合作對象包括一家超大規模資料中心營運商和一些原始設備製造商 (OEM)。我們了解到，Vicor 的第二代 VPD 是唯一能夠滿足其處理器要求的解決方案。

In view of these developments, our confidence in our business strategy of innovation, customer focus and market focus is higher than it has ever been. We're now ready for your questions.

鑑於這些發展，我們對以創新、客戶至上和市場為導向的商業策略的信心比以往任何時候都更高。現在我們準備好回答您的問題。

(Operator instructions) Quinn Bolton, Needham & Company.

（操作說明）Quinn Bolton，Needham & Company。

Teresa Phil and Jim, congratulations on the nice results and especially on the IT licensing side of the business. I guess I wanted to start there on IP licensing. Royalty revenue more than doubled quarter-on-quarter. And I'm just wondering if you can give us a little bit more detail as to what drove that increase? Did you guys sign additional licenses in the quarter that generated higher royalty?

Teresa、Phil 和 Jim，恭喜你們取得了不錯的成績，尤其是在 IT 授權業務方面。我想先從智慧財產權授權方面談起。版稅收入季增超過一倍。我想請您詳細說明是什麼因素導致了這種增長？你們在本季是否簽署了其他授權協議，因此獲得了更高的版稅？

Were you able to come to terms with one of your existing licensees about royalty payments on their latest generation architecture just -- any color you can give us on what drove that increase would be super helpful. And I guess the follow-up question is, would you expect that royalty revenue to continue to trend up? Or were there perhaps some back quarter payments included in the third quarter licensing?

您是否能夠與現有被授權人之一就其最新一代架構的版稅支付達成協議？如果您能提供任何有關此次漲價原因的信息，將對我們非常有幫助。那麼，接下來的問題是，您是否預期版稅收入會繼續呈現上升趨勢？或者，第三季的許可費中是否包含了先前季度的款項？

So to your point, we're able to come to compromise and accommodation with an existing licensee who took an additional license for a time period of two years is some of that two-year time frame, to your point is in the past. So within the quarter, we recorded the payment that includes a catch-up from a few months of the year. There's going to be recurring payments every quarter.

所以，正如您所說，我們能夠與現有持牌人達成妥協和安排，該持牌人獲得了為期兩年的額外許可證，而這兩年中的某些時間，正如您所說，已經是過去的事情了。因此，在本季度內，我們記錄了包括補發今年幾個月欠款在內的付款。每個季度都會有定期付款。

And in terms of answer your question as to where licensing income is going I think as we commented in the press release yesterday, our licensing income is going up substantially, as Jim reported in his prepared remarks, we expect licensing income to grow at the rate that could be of the order of 50% a year. We have line of sight to doubling our licensing business within a couple of years based on a combination of factors and actions that we are preferring to execute.

至於你問的授權收入去向，我認為正如我們昨天在新聞稿中提到的，我們的授權收入正在大幅增長，正如吉姆在他準備好的發言稿中所述，我們預計授權收入的年增長率可能達到 50%。基於我們正在採取的一系列措施和策略，我們有信心在幾年內將授權業務翻倍。

That's great. I guess the second question for me, just on the licensing or the IP-related royalty. I believe in the past, you've said that certain licensees or certain licenses that you grant may also include product revenue such as your NBM modules as part of the license agreement.

那太棒了。我想問的第二個問題，是關於授權或智慧財產權相關的版稅。我相信您過去曾說過，您授予的某些被授權人或某些授權協議可能還包括產品收入，例如您的 NBM 模組，作為授權協議的一部分。

In the press release yesterday, where you talked about the $300 million of IT-related revenue, is that just the litigation settlement plus the royalty income? Or are you including some portion of NBM or product sales in that $300 million related to license agreements?.

在昨天的新聞稿中，您提到了 3 億美元的 IT 相關收入，這僅僅是訴訟和解金加上特許權使用費收入嗎？或者，您是否將部分NBM或產品銷售額計入了與授權協議相關的3億美元中？

In that figure, we're including some of the module business that is in effect related to the licensing deals. So in terms of gauging the licensing business by itself without including the module component, I think we can point to the $90 million run rate achieved in the third quarter as the current level of, if you will.

該數字中包含了一些與許可協議相關的模組業務。因此，如果僅從授權業務本身（不包括模組部分）來衡量，我認為我們可以將第三季度實現的 9000 萬美元的運行率作為目前的水平。

The licensing business component of Vicor, which at this point in time, I would submit, she no longer be viewed as just a module maker, but should be viewed in terms of assessing its value as the combination of two businesses, the licensing business that is growing very rapidly.

Vicor 的授權業務部分，我認為，在目前這個階段，不應再將其視為模組製造商，而應將其視為兩項業務的結合體來評估其價值，其中授權業務增長非常迅速。

It's got some lumpiness to it, we've got a lot of opportunities upside on the one hand. And a module business supported by $1 billion plus fab, one of it's kind in the universe. That's not been growing, but it will be growing based on the performance levels we achieved with our second-generation VPD, which as Phil reported in his prepared remarks, fits a need, fills a void that is very much a subject of concern a limitation in the AR world.

它目前還有些起伏，一方面我們有很多上行的機會。以及由價值超過 10 億美元的晶圓廠支持的模組業務，這在宇宙中是獨一無二的。雖然目前還沒有成長，但根據我們第二代 VPD 所達到的性能水平，它將會成長。正如 Phil 在他準備好的演講中所說，VPD 滿足了需求，填補了 AR 領域一個備受關注的限制性空白。

John Tanwanteng, CJS Securities.

約翰·譚萬騰，CJS 證券。

Congrats on the strength in the IP and licensing business. I was wondering if you could talk a little bit more about the strength you saw in the quarter. Was it only from one customer that you came to times what that caused the sequential jump? Or was there other licensees that you signed up and other royalties related to that?

祝賀貴公司在知識產權和授權業務方面取得的強勁成績。我想請您再詳細談談您在本季看到的強勁表現。是不是只有一位客戶導致了你遇到的次數激增？或者，您是否也與其他被授權人簽訂了合同，並因此產生了其他版稅？

So, I guess as we look back at what has come about this year, on the eve of the nation from the International Trade Commission, our first ITC case, which, as you know, resulted in exclusion order prior to that we signed up a substantial hyperscaler. So that was in general. We then settle dispute with one of the respondents in the ITC case. So that and into our second quarter performance. In the third quarter, we -- as I mentioned earlier, entered into a second license with an existing licensee, the first license. So that's been the progression today.

所以，我想當我們回顧今年發生的事情時，在國際貿易委員會（ITC）就我們的第一起案件提起訴訟的前夕，正如你們所知，該案件導致了一項排除令，在此之前，我們與一家大型超大規模數據中心運營商簽約。以上就是大致情況。然後我們與國際貿易委員會案件中的一名被告達成和解。所以，這就是我們第二季的業績。第三季度，如我先前所提到的，我們與現有被授權人（即第一家被授權人）簽訂了第二份授權協議。這就是今天進展的情況。

Okay. Great. That's helpful. And then I was wondering if you could talk just about bookings for the next quarter and a couple of quarters. You had a nice step-up in the book-to-bill, just backing into it. Is that just the catch-up from the tariff headwind that you face? Or is there more organic demand there underlying that?

好的。偉大的。那很有幫助。然後我想問您能否談談接下來幾季的預訂情況。你的訂單量到帳單金額的轉換率有了顯著提高，這完全是靠倒車入帳實現的。這僅僅是你們面臨的關稅逆風所帶來的追趕效應嗎？或者說，這背後是否隱藏著更大的有機需求？

Well, so depending on end markets, there is a different level of activity. Phil can tell you more about that in a moment. But from my perspective, we've been allowed in terms of growth in product bookings and shipments for a combination of reasons, which effectively addressed the delivery of generation components and second generation vertical power delivery.

因此，根據終端市場的不同，活躍程度也會有所不同。菲爾稍後會詳細解釋這一點。但從我的角度來看，由於多種原因，我們在產品預訂和出貨量方面得到了成長，這有效地解決了發電組件的交付和第二代垂直電力輸送的問題。

So as suggested in Jim's earlier remarks, we expect to fill the fab as we do that and no longer suffer from significant underabsorption having in fact, put a lot of capacity in place in this situation of demand. We're going to see all these parameters grow substantially, starting with bookings, backlog and the top line from (technical difficulty).

正如吉姆之前所說，我們預計隨著產能的提升，晶圓廠的產能將得到充分利用，並且由於我們已經在當前需求情況下投入了大量產能，因此不會再出現嚴重的產能不足問題。我們將看到所有這些指標都大幅成長，首先是預訂量、積壓訂單和營收。（技術難題）

Yes, Jon, as I mentioned on the last call, I see the base business, as we call it, industrial, aerospace and defense, I mentioned that I see that strengthening as we go through the year, and that's what happened in Q3.

是的，喬恩，正如我在上次電話會議上提到的，我認為我們稱之為基礎業務的工業、航空航天和國防領域，隨著年內的發展而不斷增強，而第三季度的情況正是如此。

Richard Shannon, Craig-Hallum Capital Group.

理查德·香農，克雷格-哈勒姆資本集團。

Taking a couple of my questions as well. Maybe I'll address kind of a two-part question here on the IT revenues here. First of all, I'd love to get a sense here of how many customers are -- do you have license now? And I certainly understanding that one of them has two different licenses. How many that you might expect here over the next couple of years or so?

也請回答我的幾個問題。或許我可以在這裡回答一個關於IT收入的兩部分問題。首先，我想了解貴公司有多少客戶──你們現在有許可證嗎？我當然知道他們其中一人持有兩張不同的駕照。預計未來幾年內這裡會有多少人？

And then last call, you talked about the potential and actually, I think you talked about this in the shareholders' meeting as well. But the potential of seeing as much as $400 million worth of return on litigation investment through the end of 2016. You didn't use that language today, although previous answer from Patrizio suggested that's the case. So I just want to confirm that that's possible?

在最後一次通話中，您談到了潛力，實際上，我認為您在股東大會上也談到了這一點。但到 2016 年底，訴訟投資的回報可能高達 4 億美元。雖然帕特里齊奧之前的回答暗示他可能使用了那種語言，但你今天並沒有使用那種語言。所以我想確認一下，這是可行的嗎？

Okay. Let me start with the last one, and I'll go back to the first. So -- with the progress made as we came through the first, second and third quarter of this year with licensing deals done in every quarter. Our expectation with respect to total returns from what we call WIGO, our first ITC action has been growing. And we've been able to raise our target for returns, not just today, but through the end of next year and after that.

好的。讓我先從最後一個開始，然後再回到第一個。因此——隨著我們在今年第一、第二和第三季取得進展，每個季度都達成了許可協議。我們對 WIGO（我們的第一次 ITC 行動）的總回報的預期一直在增長。而且，我們不僅今天提高了收益目標，而且一直到明年年底以及之後都提高了收益目標。

One should understand that the existing exclusion order will remain in effect for the life of the patents. It will affect -- and this is a very important point, not just those parties, which were, in fact, exactly involved in that case. But because of dependency on contract manufacturers that were respondents in those decades, it will affect from the foreseeable future. Any other OEM and upper scale that is dependent on those infringing products.

應明白，現有的排除令將在專利有效期內持續有效。這將產生影響——這一點非常重要——不僅僅是那些實際上直接捲入該案件的各方。但由於過去幾十年對合約製造商的依賴，這種情況在可預見的未來仍將產生影響。任何其他依賴這些侵權產品的OEM廠商和更高等級的廠商。

Let me go to the other part of your question with respect to many licensees that we signed up many do we first by addressing the second part. We expect in the next couple of years to sign up each OEM and each hyper scaler in the as space, in the center space.

讓我先回答你問題的第二部分，也就是關於我們簽約的許多許可證持有者的問題。我們預計在未來幾年內，將每個 OEM 廠商和每個超大規模資料中心營運商都納入我們的目標範圍。

Now that's not going to be easy. But given our visibility with respect to the car road maps, the existing solutions, the coverage of our comprehensive plan portfolio over various aspects of bus conversion as bus conversion over a wide range of voltages. All the way to the point of load with respect to federation of VPD, which date invented, but chose not to practice because of it 's limitations.

這可不是件容易的事。但鑑於我們對汽車路線圖的了解、現有的解決方案，以及我們全面的計劃組合涵蓋公車改裝的各個方面，包括各種電壓的公車改裝。一直到 VPD 聯盟的負載點，雖然發明了，但由於其限製而選擇不實踐。

I don't see any hyperscaler or OEM with a solution being able to do without biopower system -- we have very well to that. And obviously, it's been very effective strategy to assert IP, protect our innovations. And get compensated for it. And I see that they continue to stand in involving the entire marketplace of OEMs and hyperscalers.

我不認為任何超大規模資料中心或原始設備製造商 (OEM) 的解決方案能夠脫離生物能源系統——我們完全可以做到這一點。顯然，這是一種非常有效的智慧財產權保護策略，可以保護我們的創新成果。並因此獲得補償。我看到他們繼續致力於讓整個 OEM 和超大規模資料中心市場參與其中。

Okay. Great. I want to follow up on a response to a prior question here about engagement with second-gen VPD here. And I think if I caught it correctly, you talked about being engaged with an OEM and a hyperscaler. I wonder if you can provide any more details on how long this has been going on applications that you're working with? And how long you expect the qualification process to last?

好的。偉大的。我想就之前這裡提出的關於參與第二代 VPD 的問題進行後續回應。如果我理解沒錯的話，您剛才提到了與一家原始設備製造商 (OEM) 和一家超大規模資料中心運營商合作。我想知道您能否提供更多關於您所負責的應用程式出現這種情況持續了多長時間的詳細資訊？預計資格審查過程需要多長時間？

Richard, it's Phil. So I'll take that one. So we have been very, very laser focused on our lead customer, right, as we brought the technology through. And now we're very close Q1 of next year to production. So we have been talking to pretty much everybody in the industry.

理查德，我是菲爾。那我就選這個了。所以，在引入這項技術的過程中，我們一直非常、非常專注於我們的主要客戶，對吧。現在我們距離明年第一季投產已經非常接近了。所以我們幾乎和業內所有人都談過了。

But what we've done now in terms of the second phase of our VPD launch is to really focus in on two or three companies, hyperscaler and a couple of OEMs that offer major, major growth. They have huge potentials because of their scale in terms of both the hyperscale and their reach as OEM sort of chip manufacturers.

但是，在 VPD 推出的第二階段，我們真正專注於兩三家公司、一家超大規模資料中心營運商和幾家原始設備製造商，這些公司能夠帶來巨大的成長。由於其規模龐大（包括超大規模和作為 OEM 晶片製造商的廣泛影響力），它們擁有巨大的潛力。

And we've been talking to them for a while. And they have obviously been working with others in the industry, looking at their VPD solutions, infringing VPD solutions albeit, but they have not been able to meet the specifications that they've put forward to the competitors so-called competitors of Vicor.

我們已經和他們談了一段時間了。顯然，他們一直在與業內其他公司合作，研究他們的 VPD 解決方案，儘管這些解決方案侵犯了 VPD 的合法性，但他們未能達到他們向 Vicor 的所謂競爭對手提出的規格要求。

So they're very, very excited now that we're ready to engage -- and Q4, we'll see that happen in earnest. And in terms of when I believe we will get to market in terms of sort of pre production, it's probably the second half of next year. And towards the end of Q3 going into Q4.

所以他們現在非常非常興奮，因為我們已經準備好開展合作——第四季度，我們將看到這種情況真正發生。至於我認為我們何時能夠進入市場，也就是進行預生產階段，大概是在明年下半年。以及第三季末到第四季初這段時間。

John Dillon, DMB Capital.

John Dillon，DMB Capital。

Congratulations. It's really good news all around. Phil, I've got a follow-up question to Richard. And that's the second-gen VPD deliveries to your lead customer. Have you achieved the 133% solution yet? Or when do you expect to.

恭喜。這真是個全方位的好消息。菲爾，我還有一個問題想問理查。這就是第二代 VPD 向您的主要客戶交付產品。你已經找到 133% 的解決方案了嗎？或是預計什麼時候可以？

I'll take that one. So to date, we delivered units to the regional target. We're working on the 13%. We just taped out a device that will enable us to get there. We're going to have initial samples of that device in January. So we're a way to the set goal of 13%. But thus far, we met the goal of the current requirement.

我選那個。所以到目前為止，我們已經完成了區域目標交付量。我們正在努力實現13%的目標。我們剛剛設計出一個能讓我們到達目的地的裝置。我們將在1月拿到該設備的初步樣本。所以，我們距離設定的 13% 的目標還有一段路要走。但到目前為止，我們已經達到了目前要求的目標。

And then John, let me just add to that, that the -- even the 100% goal that we fit with our lead customer is significant enough to get design wins with these other customers I'm talking about, all right? So we're so far ahead even of the competition -- that they're looking at Vical because it's not just current density, I mentioned the thinness of the package. They're also telling us they need solutions below 3 millimeters in height, and no one is able to do that. They're all at about 5 millimeters.

約翰，我還要補充一點，即使我們與主要客戶達成的 100% 目標也足以贏得我所說的其他客戶的設計訂單，好嗎？所以我們甚至遠遠領先競爭對手——他們關注 Vical 是因為它不僅僅是電流密度，我還提到了封裝的厚度。他們還告訴我們，他們需要高度低於 3 毫米的解決方案，但沒有人能夠做到這一點。它們的高度都在5毫米左右。

So that's a critical spec as well. We hit that 50% smaller than what they want. So Again, they're very excited. And what we've got is good enough to get going. And then we'll just up the bar as we bring the 33% through.

所以這也是一個關鍵規格。我們實際上得到的比他們想要的少了50%。所以，他們再次感到非常興奮。我們目前擁有的資源足以讓我們開始行動。然後，隨著33%的完成率提升，我們將把標準提高。

Let me add a comment to that regarding thickness, right? So VR solutions with gearboxes and so on and so forth are quite big, several millimeters, quite clumsy, thermally act as opposed to that, very difficult to thermally marge very costly, not in unity reliable. There are IVRs, which are and are capable of up to about 1.5 amps per square millimeter current density.

關於厚度，我還要補充一點，對吧？因此，帶有齒輪箱等的 VR 解決方案體積相當大，有好幾毫米，相當笨重，散熱性能也相反，散熱控制非常困難，成本非常高，而且整體可靠性也不高。存在 IVR，其電流密度可達每平方毫米約 1.5 安培。

But they are challenging in other respects, which is in order to achieve the labor density, they need to be supplied with 1.8-volt, which at high power levels implies a huge currency the need to get delivered at such a low voltage, very close to the point of load. And that was one of the points that feelings prepared remarks May.

但它們在其他方面也面臨挑戰，那就是為了達到勞動密度，它們需要以 1.8 伏特電壓供電，在高功率水平下，這意味著需要在非常接近負載點的低電壓下供電，這會帶來巨大的經濟效益。而這正是梅在準備發言時所表達的感受之一。

So the predicament for any customer seeking a VPD solution and looking at conventional approaches ranging from traditional VRs to IVRs, which is, in a way, a renewed attempt a debt which entail did with fiber many, many, many years ago, right, with very mixed results.

因此，對於任何尋求 VPD 解決方案並考慮從傳統 VR 到 IVR 等傳統方法的客戶來說，困境在於，這在某種程度上是對多年前使用光纖所欠下的債務的重新嘗試，而結果卻喜憂參半。

They have relative to one another, certain advantages and disadvantages in particular, the VRs are typically power nowadays from 5 or 6 volts. So power delivery to a VR is not quite as challenged as 1.8 volt. But then the VRs are thicker in terms of our solution, they must run at a much lower frequency they've put due this age.

它們彼此之間有一些優點和缺點，特別是，如今的VR通常由5伏特或6伏特的電源供電。因此，VR 的供電不像 1.8 伏特那樣面臨挑戰。但是，就我們的解決方案而言，VR設備更厚，由於年代久遠，它們的運行頻率必須低得多。

So that's feels point with respect to peak poison. If you want to raise the intermediate bus voltage in order to get somewhat more efficient power distribution, your challenge in the voltage regulator, which works on an average in principle, it's dividing a voltage by fundamentally mixing a dead voltage source with ground. And as you raise the level of ages as the upper voltage gets close to ground, you have to operate with a very low duty cage, which is inefficient.

所以，這就是關於毒素高峰的感覺。如果你想提高中間母線電壓以獲得更有效率的配電，那麼電壓調節器面臨的挑戰是，它本質上是透過將一個死電壓源與地混合來分割電壓，而電壓調節器的工作原理是基於平均值。隨著年齡的增長，當上電壓接近地電壓時，就必須使用非常低佔空比的籠式結構，這是效率低下的。

Or in the alternative, you make the recycle efficient, 50% or so by going to an IVR, but then the problem is you can't efficiently feed the IVR. And fundamentally, the issue is that whether it's VR or IVRs, donator game. And they insert a loss in the case of IVRs, which is upwards of 10%.

或者，另一種方法是，透過 IVR 系統將回收效率提高到 50% 左右，但問題是，你無法有效地向 IVR 系統提供資料。從根本上講，問題在於無論是 VR 還是 IVR，捐贈者遊戲。而且，對於互動式語音應答系統 (IVR)，他們還會計入損失，損失高達 10%。

And for that loss, you only get factor to target, which is nothing if the GPU, TPU is thousands of on peers, right? I think it's been noted that the typical house power inlet is 150 apps. Obviously, it's a much higher voltage and that you can power hole us.

而對於這種損失，你只能得到目標值的因子，如果 GPU、TPU 在對等節點上有數千個，那麼這個因子就微不足道了，對吧？我認為已經有人指出，典型的家庭電源輸入口是 150 伏特。顯然，電壓要高得多，你可以用電力把我們擊穿。

But the challenges of distributing a 1.8-volt are a significant handicap with respect to IVR. So they all have their trade-offs they're all fundamentally constrained by the same laws of physics, which are lacking car game, make them somewhat handicap with respect to keeping up with processor road maps and process of current density requirements.

但分配 1.8 伏特電壓的挑戰對於 IVR 來說是一個重大障礙。所以它們都有各自的優缺點，它們從根本上都受到相同物理定律的限制，而汽車遊戲缺乏這些定律，這使得它們在跟上處理器路線圖和當前密度要求的處理方面存在一些劣勢。

Yes, I get that. Because homes law, the low voltage is really going to be a handicap for them, and they're going to have incredible transmission losses and extra heat that they've got to remove. So I get that. It's good. That's a great explanation.

是的，我明白了。因為家庭用電法規的限制，低電壓對他們來說確實是一個障礙，而且他們還會面臨巨大的傳輸損耗和額外的熱量需要排出。我明白了。很好。解釋得很好。

It's not just Amselo.It's kickoff lows. There's a few roles at play. But the bottom line is the up against those are physics which are not changing, right? Italy, they can make a trade-off or make a different trade-off. The gain in one respect, but then they losing another. And that's the dilemma that is ongoing with respect to that approach to powering AI.

不只是阿姆塞洛，還有開球低球。這裡涉及幾個角色。但歸根究底，我們所面對的是不會改變的物理定律，對吧？在義大利方面，他們可以做出權衡，也可以做出不同的權衡。從某種意義上說，他們有所收穫，但從另一個方面來說，他們又有所損失。這就是目前在人工智慧驅動方式方面仍然存在的困境。

Got it. My follow-up question is pretty simple. It's -- I thought I heard earlier that you said production quantities in Q1 for your lead customer. But then later on, I heard Q3 or Q4. So I'm wondering if you could just clarify, I don't think I've heard that correctly.

知道了。我的後續問題很簡單。我記得之前好像聽到您說過第一季貴公司主要客戶的產量。但後來，我聽到的卻是 Q3 或 Q4。所以我想請您澄清一下，我覺得我沒聽清楚。

I think we're talking about different capital -- (multiple speakers)

我認為我們討論的是不同的資本。（多位發言者）

Customer. Yes. So lead customer is Q1, John, and I now was talking about other customers next year in the second half, end of Q3, Q4 for other customers. For production -- .

顧客。是的。所以，第一季的主要客戶是約翰，而我現在正在談論明年下半年、第三季末、第四季的其他客戶。用於生產——。

How are you getting from prototype to production so quickly? That's incredible. I mean that's really fast.

你們是如何如此迅速地從原型階段過渡到量產階段的？那真是難以置信。我的意思是，這速度真快。

Okay. Well, so the pro metrics with respect to current multipliers, a tire or lower current levels is extremely scalable. We're going to have compete make up ready for sampling. And then when it comes to the adoption time line, it's to a high degree, accelerated by the need for a solution lacking acceptable alternative solution based on conventional technology, again, VR, IVRs and an IP architecture. That's handycapping solutions.

好的。所以，就當前倍數而言，職業指標，輪胎或更低的當前水平，具有極強的可擴展性。我們將準備好全部化妝品以供試用。至於採用時間線，由於缺乏基於傳統技術的可接受的替代方案，VR、IVR 和 IP 架構等解決方案的需求在很大程度上加快了採用速度。這是限制解決方案。

I can tell you that even though subsequent generations of have used blacker technology, at least for bus conversion, now then as in terms of its power system, deliver the requisite power car level that the silicon team had targeted. And this is compromise that is very challenging, clearly, particularly as the space gets more competitive with, obviously, some increase in credible threat of competitive alternatives.

我可以告訴你，儘管後續幾代產品採用了更先進的技術，至少在公車改裝方面，就其動力系統而言，現在仍然能夠達到矽團隊所期望的汽車動力水平。顯然，這是一個非常具有挑戰性的妥協，尤其是在該領域競爭日益激烈，而且競爭替代品的可信威脅也在不斷增加的情況下。

Yes, John, I'd also like to say there's lots of stuff going on in parallel, and there's nothing like having your own vertically integrated chip fab. We are in full control with short cycle times, right? So there's a lot of other things going into that and are advantageous for us getting to production include next year. --

是的，約翰，我還想說，有很多事情正在並行進行，沒有什麼比擁有自己的垂直整合晶片製造廠更棒的了。我們完全掌控了生產週期，對吧？所以還有很多其他因素會影響明年的生產，這對我們實現生產是有利的。--

I'd just like to add to what Phil has said, which is the cycle time and it might be an opportune time to mention how different Vicor is now compared to a couple of years ago. So we have an internalized fab. We have very, very short cycle times. We have great yield fantastic inventory control, quality control, and on-time delivery, all the metrics that you care about operationally are really now in a place that we're very, very happy about. It's a big deal for Vicor.

我只想補充一下菲爾所說的，也就是周期時間，現在或許是提及 Vicor 與幾年前相比有多麼不同的一個好時機。所以我們擁有了內部製造工廠。我們的生產週期非常非常短。我們擁有極佳的產量、出色的庫存控制、品質控制和準時交付，所有您在營運方面關心的指標現在都達到了我們非常非常滿意的水平。這對維克來說意義重大。

And I think that at 1 point, I made in my prepared reabsorption on the product revenue side is suppressing what would otherwise even be higher margins for the company. We make great standard margins because the pricing captures value but because we're not lowering the factory, we're curbing under absorption variances. So that's a future state for us to all be very optimistic about.

我認為，在某個階段，我預先制定的產品收入再吸收計畫正在抑制公司原本可以更高的利潤率。我們之所以能獲得很高的標準利潤率，是因為定價反映了價值，而且由於我們沒有降低工廠成本，因此我們控制了吸收不足的差異。所以，這是我們所有人都可以非常樂觀地期待的未來狀態。

Patrick Corners, Ajax Capital.

Patrick Corners，Ajax Capital。

Congratulations on a good quarter. I know defending your IP has been a slugfest. So congratulations on the hard work. As you go into production in Q1 for your lead customer and a potential large hyperscaler in the horizon, are there any concerns about deploying the second source or had any pushback from your current clients or future clients about not having a second source? And how are you addressing that?

恭喜你本季業績出色。我知道捍衛智慧財產權一直是一場艱苦的戰鬥。恭喜你付出了辛苦的努力。在第一季為您的主要客戶和潛在的大型超大規模客戶投入生產之際，您是否擔心部署第二個資料來源，或者您的現有客戶或潛在客戶是否對沒有第二個資料來源有任何抵觸情緒？那您打算如何解決這個問題？

So there's always been an issue. And will remain an issue. We have ways to deal with that. Obviously, a licensing practice provides opportunity for multisourcing, but to itself doesn't give rise to the know-how and core technology. It is just fundamentally a covenant not to sue a license that ensures that the supply chain is not going to be interrupted by injunction or exclusion order.

所以這個問題一直存在。而這個問題仍將持續存在。我們有辦法解決這個問題。顯然，授權制度為多源採購提供了機會，但它本身並不能產生專有技術和核心技術。從根本上說，這只是一個不起訴許可證的契約，確保供應鏈不會因禁令或排除令而中斷。

But we're open as needed to different business arrangements, including fabs that could be owned with shared ownership and other ways to accomplish what you identified as an issue that has been there and will remain there. So we are prepared to deal with these needs. We understand given the pace of growth in AI that there is a need for multisourcing. You can't have total dependency on any one source.

但我們會根據需求對不同的商業安排持開放態度，包括採用共享所有權模式的晶圓廠以及其他方式來解決您所指出的、一直存在並將繼續存在的問題。因此，我們已做好應對這些需求的準備。我們瞭解，鑑於人工智慧的發展速度，需要採用多源採購模式。你不能完全依賴任何一個單一來源。

And we're prepared to enable that through the licensing model, which provides flexibility with respect to as well as with respect to the fab that could be replicated in other parts of the world with the lead time of about a year.

我們已準備好透過許可模式來實現這一點，該模式在製造方面提供了靈活性，製造廠可以在大約一年的時間內在世界其他地方複製。

Okay. One quick question is you quoted 98% yields right now. Is that at size right now? I mean, I don't know how you measure that. Can you give us some kind of clues would that satisfy your lead customer?

好的。我還有一個問題，您之前提到的收益率是98%。現在這個尺寸是嗎？我的意思是，我不知道該如何衡量這一點。您能否提供一些線索，以滿足您的主要客戶的需求？

Yes, that's a very good yield in this industry. It's a record year for us. It's a great deal. We had to be clear that's for particular model that we make upwards of 100,000 a month. So that will not be applicable to devices that are not in mass production.

是的，這在業界算是非常高的報酬率了。今年是我們創紀錄的一年。這很划算。我們必須明確指出，這是針對我們每月產量超過 10 萬輛的特定型號。因此，這不適用於尚未大規模生產的設備。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

Just wanted to come back on the licensing or the royalty revenue to date. Can you give us a sense, is all of the licensing revenue today just from your power module patents? Or have you started on the two or the licenses you have in hand, does that include vertical power or not?

我只是想再談談迄今為止的授權費或版稅收入。您能否大致說明一下，目前貴公司所有的授權收入是否都來自功率模組專利？或者，您是否已經開始著手處理您手邊的那兩項或幾項許可證？這是否包括垂直整合能力？

It does not include vertical power. It only stems from the assertion of IP to a few -- certain patents that we have to a VM technology. We have added Pars. We have lots of with respect to VPD power package. Now these have been asserted yet.

它不包括垂直功率。這僅僅源自於我們對少數人——我們擁有的某些虛擬機器技術專利——的智慧財產權主張。我們新增了 Pars。我們在VPD電源封裝方面有很多經驗。這些說法目前尚未得到證實。

Now as I mentioned earlier, the first lead or the first leader exclusion or there with respect to those parts or how to change is going to be enforced for many, many years. And it's going to be enforced more broadly as an gone and we identify the customs US customs pinging products manufactured by contract manufacturers, particularly the ones that were respondents in our first ITC case.

正如我之前提到的，第一個領導或第一個領導排除，或關於這些部分或如何改變，將會在未來很多年強制執行。而這項規定將會得到更廣泛的執行，因為我們已經確定了美國海關正在查扣代工廠生產的產品，特別是那些在我們第一個 ITC 案件中被列為被告的代工廠。

And again, that can affect other customers of those contracts. And in fact, it's not these kind of developments that led us to the license that was entered into in the third quarter. But all the actions absolutely has been revolving around the very first case.

而且，這可能會影響到這些合約的其他客戶。事實上，正是這類發展促使我們在第三季簽訂了許可證。但所有行動都完全圍繞著第一個案件。

That's fair for. So a short summary, you will have another opportunity to go back to customers to license the vertical power at the point you choose to serve those patents in the future?

這很公平。簡而言之，未來您將有機會再次向客戶授權垂直領域技術，具體授權點是您選擇服務這些專利的地點？

Absolutely. So the hyperscalers OEMs that we've been communicated with over time, in some cases, for three years or more. They understand how our licensing practice works. The cost of license in terms of royalty rates is at the level that is very attractive relative to taking a license at a later stage. And we have seven stages ranging from a stage where there's been no complaint filed, no litigation, rates are attractive to what we go page 7, which is after the injection or customs stop importation of infringing products into the US.

絕對地。因此，我們與一些超大規模 OEM 廠商進行了長期的溝通，在某些情況下，溝通時間長達三年或更久。他們了解我們的許可證制度是如何運作的。就特許權使用費率而言，目前的許可成本非常有吸引力，相比之下，以後再獲得許可則要划算得多。我們有七個階段，從沒有投訴、沒有訴訟、費率有吸引力的階段，到我們在第 7 頁看到的階段，即在註射或海關停止向美國進口侵權產品之後。

There is every incentive for OEMs and hyperscalers to take a license proactively, right? As opposed to playing a game of cash, if you can because if they play that game, I think we already demonstrated well cut, and that's going to be very, very expensive.

對於原始設備製造商 (OEM) 和超大規模資料中心營運商來說，主動申請許可證是完全合理的，對吧？與其玩現金遊戲，不如……因為如果他們玩那種遊戲，我認為我們已經很好地證明了這一點，而且那將會非常非常昂貴。

Got it. And then a quick one for Jim. Jim, you mentioned the one big beautiful bill as a pretty nice tax benefit in the third quarter. Can you give us some assistance on what we should be thinking about for future tax rates in Q4 heading into next year? I think previously it may have been in the mid-teens percentage rate. But any help you can give us to the tax rate given the one Big Beautiful Bill?

知道了。然後給吉姆快速提問。吉姆，你提到第三季有一個非常好的稅收優惠，那就是一項數額巨大的法案。您能否就我們明年第四季及以後的稅率問題，提供一些建議，幫助我們思考一下？我認為之前可能是在百分之十幾左右。但是，鑑於這項龐大的法案，您能否就稅率問題提供任何幫助？

Yes. So Quinn, I can't really say much about next year right now, but I can tell you that fourth quarter would be low single-digit expectation.

是的。所以奎因，我現在還不能對明年做太多預測，但我可以告訴你，第四季的預期成長率將只有個位數。

(Operator instructions) Mr. Neil Gore.

（操作員說明）尼爾‧戈爾先生。

Well, great quarter, guys. On your licensing deals, are they similar to most licensing deals where you get money upfront granting the license then on an ongoing basis, you get a small percentage of the sales?

夥計們，這季度乾得不錯。你們的授權協議是否與大多數授權協議類似，即預先收取授權費，然後持續獲得銷售額的一小部分作為佣金？

We actually don't look for money upfront. Obviously, we have all cash and the caseservice are growing, even though we've been buying stock. So we make it easy for OEMs and hyperscalers to. They don't have to put up any money up front that we have to commit to using the license, they are fee to, in effect, pay as you go in one licensing structure depending on the use they make of the technology.

我們其實並沒有要求預先支付款項。顯然，我們擁有全部現金，而且案件服務業務仍在成長，儘管我們一直在購買股票。因此，我們讓OEM廠商和超大規模資料中心營運商更容易做到這一點。他們無需預先支付任何費用，我們也無需承諾使用該許可證，實際上，他們只需根據他們使用該技術的情況，按使用量付費，採用一種許可結構。

Okay. And the companies that have been licensing from you for more than a year, is there revenue growing on a regular basis? Or is it pretty flat?

好的。那些已經從貴公司獲得授權一年以上的公司，其收入是否持續成長？還是說地勢相當平坦？

So I think we have examples of both. So we have one example with a hyperscaler where the royalty rates increased at about 3% per month. We have another example where the royalty is fixed by quarter for a number of quarters.

所以我覺得我們兩種情況都有例子。舉個超大規模資料中心的例子，其版稅率每月成長約 3%。我們還有另一個例子，其中版稅是按季度固定數個季度的。

So -- and this reflects in effect, the fact that depending on the OEM, the hyperscaler, the issues might be different. We're very flexible, not rigid with respect to, in fact, enabling what works best for that particular licensee to be turned into a license.

因此——這實際上反映了這樣一個事實：根據原始設備製造商 (OEM) 和超大規模資料中心營運商的不同，問題可能會有所不同。我們非常靈活，並不僵化，實際上，我們會盡力將最適合特定被授權者的方案轉化為授權協議。

Okay. And one last thing. About two years ago, you said you planning to be a $1 billion company. Most companies have five-year plans. Are you want to track to achieve what your plan was initially set out far within the time frame that you thought you were going to achieve it?

好的。還有最後一件事。大約兩年前，你曾說過計劃將公司市值提升至10億美元。大多數公司都有五年規劃。您是否希望追蹤並實現最初制定的計劃，並且遠遠超出您預期的時間範圍？

Yes. So we are almost half of the way there, right? This year is going to be quite good. You can separate to the end of the year at this point given the track record of the last three quarters. I think, as suggested in answer to questions, going back to maybe about this time last year when I think I stuck my neck out indicating that this was going to be a record year for Vicor going out, as Jim summarized earlier to be a record year in all respects, top line, the bottom line, EPS.

是的。所以我們已經完成了一半，對吧？今年會相當不錯。鑑於過去三個季度的業績記錄，現在可以將業績與年底分開計算。我認為，正如在回答問題時所建議的那樣，大概可以追溯到去年這個時候，當時我大膽預測，對於 Vicor 來說，這將是創紀錄的一年，正如 Jim 之前總結的那樣，這將是各個方面都創紀錄的一年，包括營收、利潤和每股收益。

But we are not quite half of the way there to $1 billion. So what's going to get us there? Well, filling the fab by itself would get us just on for revenues past $1 billion. Because actually, the capacity of that fab has been going up, particularly with fifth generation products, our second-generation VPD devices, which being thinner have a faster cycle time and higher capacity per pound through the fab.

但我們距離10億美元的目標還差一半。那麼，什麼才能讓我們達到目標呢？光是填滿這座工廠就能讓我們的收入超過 10 億美元。實際上，該晶圓廠的產能一直在提高，特別是第五代產品，我們的第二代 VPD 裝置，由於更薄，週期時間更快，每磅材料的產能更高。

So needless to say, if we were to fill the fab would be just on the prior revenues beyond $1 billion. The licensing business as a snapshot in the third quarter is at $90 million run rate. I can't tell you what's going to happen next quarter, the quarter after that. There could be additional licensing deals that may not yet happen. But I can tell you that there's going to be a lot more over the next couple of years as we get additional exclusion orders. And the industry gets realized that if products use Vicor IP they need to license.

因此不言而喻，如果我們要填滿這座工廠，那麼超過 10 億美元的收入將完全來自先前的收入。第三季授權業務的年化收入為 9,000 萬美元。我無法告訴你下個季度、下個季度會發生什麼事。可能還有其他授權協議尚未達成。但我可以告訴你，未來幾年隨著更多禁令的頒布，這種情況還會更加嚴重。業界逐漸意識到，如果產品使用 Vicor 的智慧財產權，就需要取得授權。

So those products aren't going to share. So the licensing business by itself, as suggested earlier, from $90 million can get to a couple of $100 million dollars. We have line of sight to that within a couple of years. And that's not the end of that growth opportunity. I think it can go well beyond that level.

所以這些產品不會共享。因此，如同前面提到的，光是授權業務本身就能從 9,000 萬美元成長到幾億美元。我們預計幾年內就能實現這個目標。但這並非成長機會的終點。我認為它還能遠超這個水準。

John Dillon, DMB Capital.

John Dillon，DMB Capital。

Yes. Guys, I've seen reports that future AI manufacturers, including NVIDIA, are planning processors that will require 6,000 to 7,000 amps. And you're saying that a lot of the power supply companies are having issues with 2,000 amps. So my question is there anything on the horizon that can power a 6,000 processor besides Vicor?

是的。各位，我看到有報導稱，包括英偉達在內的未來人工智慧製造商正在計劃生產需要 6000 到 7000 安培電流的處理器。你的意思是說，很多電源公司在處理 2000 安培的電流時都遇到了問題。所以我的問題是，除了 Vicor 之外，未來是否還有什麼技術可以驅動 6000 處理器？

Well, I frankly believe that even at the 2000 level, VRs and IVRs and bus converters delivering the kind of power kilowatts, either at 5, 6 volts, okay, so VR 1.8 volt. Those things are fundamentally challenged. I think if we look at -- GBU companies. They haven't been able to go to VPD because it's really not practical, it's mature. Because it's first generation of VPD, and it's got the complexities that feel summarized in prepared remarks, it requires lots of layers Hard to put together, have to assemble on the back of processor heat getting trapped, lots of issues, even at the level of 8,000 amps, never mind 2,000 or more.

坦白說，我認為即使在 2000 級，VR、IVR 和總線轉換器也能提供千瓦級的功率，無論是 5 伏特、6 伏，還是 VR 1.8 伏特。這些事情從根本上受到了挑戰。我認為如果我們看一下——GBU公司。他們一直沒能去溫哥華警察局，因為這真的不切實際，而且很成熟。因為這是第一代 VPD，而且它的複雜性感覺像是事先準備好的發言稿中概括的，它需要很多層，很難組裝，必須在處理器背面進行組裝，熱量會被困住，有很多問題，即使在 8000 安培的級別也是如此，更不用說 2000 安培或更高了。

Now there is one large hyperscaler that has gone very far with respect to the VPD. But again, suffering from the same kinds of challenges and difficulty seeing how the GPU, TPU road map in future years is going to be supported by power system capabilities that are already available from multisources.

現在有一家大型超大規模資料中心營運商在 VPD 方面取得了非常大的進展。但是，我們仍然面臨著同樣的挑戰和困難，即如何在未來幾年內獲得多方電源系統能力的支持，從而支持 GPU 和 TPU 的發展路線圖。

It sounds like there's nothing out there that we'll be able to handle 6,000 amps. So (multiple speakers)

聽起來好像沒有東西能承受 6000 安培的電流。所以（多位發言者）

It all depends on us have to be put into perspective, right, for it to be meaningful because to be clear, with our lead customer, we've been supplying tens of thousands of amperes for years, but that's the wafer scale Andrew call engine as of course. Yes. So 6,000 as, if we scale engine will be solving it right there, we're now at the level of 50,000 amps. And in the future, it's going to be higher than that. So it's all relative, right?

這一切都取決於我們，必須從正確的角度看待，對吧，這樣才有意義，因為要明確一點，我們的主要客戶多年來一直供應數萬安培的電流，但這當然是指晶圓級的 Andrew 調用引擎。是的。所以，如果我們擴大引擎規模，就能解決這個問題，我們現在達到了 50,000 安培的水平。未來還會更高。所以一切都是相對的，對吧？

All these things, there's no try magic about 1,000 apps, 2,000 amps or 6,000 amps or 50,000 amps. I think the more relevant metric, right? The figure that matters is the current density. And relating to that, the con multiplication what you need not to get in the way of AI processor road maps is you have to have very high corn density, i.e., several amps per square millimeter and rising number one, and you have to have high can multiplication because if you have iron multiplication, then you're stuck at the entry point to the point of load process, which is fundamentally the ligament of IVRs.

所有這些事情，都沒有什麼神奇的辦法可以解決，例如 1000 個應用程式、2000 安培、6000 安培或 50000 安培。我認為這是更相關的指標，對吧？真正重要的數值是電流密度。與此相關，為了避免阻礙人工智慧處理器路線圖，你需要非常高的電流密度，即每平方毫米幾安培，並且數值還在不斷上升，你還需要很高的電流倍增，因為如果你的電流倍增不足，那麼你就會被困在負載過程的入口點，而負載過程從根本上來說是交互式語音應答（IVR）的瓶頸。

Yes. And that's my point. It sounds like Vicor is the only one who's going to be able to handle these new processors that are going to be running at these kind of amperes.

是的。這就是我的觀點。聽起來只有 Vicor 能夠處理這些將在這種電流下運作的新型處理器。

I'm not good enough to know it's dangerous to make absolute statements, right? Understand.

我知識水平不夠，不知道妄下斷言是危險的，對吧？理解。

We don't know, what we don't know.

我們不知道我們不知道的事。

Not aware of any other company that can address the road map requirements in terms of high enough front density within a multiplication. Vicor is the only company with that technology pioneer that, heavily palate, many, many different perspectives and have just begun to show the industry that anybody chasing our track is going to have serious problem. You might recall me sin in the past that our time portfolio is land mine. We began to see the effect of people stepping over the perimeter of that land on field.

目前還不清楚是否有其他公司能夠滿足路線圖的要求，即在乘法運算中實現足夠高的前端密度。Vicor 是唯一擁有這項技術先驅的公司，它擁有豐富的經驗、眾多不同的視角，並且剛開始向業界表明，任何追隨我們步伐的人都將面臨嚴重的問題。你可能還記得我過去說過，我們的時間投資組合就像一顆地雷。我們開始看到人們越過田野邊界所造成的影響。

I get it. And then, Phil, you had answered a question about the NBM sales as a result of licensing contracts with their incentives to take product. What I was wondering is, are we going to start seeing an increase in NBN sales in the next quarter or two?

我得到它。然後，菲爾，你回答了一個關於 NBM 銷售的問題，這是由於許可合約以及他們獲得產品的激勵措施造成的。我想知道的是，未來一兩個季度內，NBN的銷售額是否會開始成長？

Well, I think that the NBMs that we have are super for a lot of different applications. But the focus for us, John, is really as Patricio pointed out, bus converters are useful in a number of applications, but the future isn't bus converters. We'll sell a lot of them going forward, but it's really about BPD and coming in 48 volts to our VPD solution and current multiplication at the point of load, as Patricio just explained. That's the future. That's the growth for the company.

我認為我們擁有的NBM非常適合許多不同的應用。但約翰，對我們來說，重點正如帕特里西奧指出的那樣，總線轉換器在許多應用中都很有用，但未來並不在於總線轉換器。未來我們會賣出很多，但正如帕特里西奧剛才解釋的那樣，這真的與 BPD 以及 48 伏特電壓下的 VPD 解決方案和負載點的電流倍增有關。這就是未來。這就是公司的成長情況。

I get that. But I was just wondering, as a result of these contracts, do you expect to see some NBM increases in NBM sales on the next couple.

我明白了。但我只是想知道，由於這些合同，您是否預計未來幾個月NBM的銷售額會有所增長？

Yes, we will see some point nice. -- (multiple speakers) It's not that the car the strategy.

是的，我們會看到一些好兆頭。 ——（多人發言）這不是汽車的問題，而是策略的問題。

And ladies and gentlemen, with that, we conclude our Q&A session and conference for today. Thank you all for participating, and you may now disconnect. Everyone, have a great day.

女士們、先生們，今天的問答環節和會議到此結束。感謝各位的參與，現在可以斷開連結了。祝大家今天過得愉快。

Thank you.

謝謝。