Vicor Corporation (VICR) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the third-quarter 2026 Vicor earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，感謝您耐心等候。歡迎參加 Vicor 2026 年第三季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to turn the conference over to Jim Schmidt, Chief Financial Officer. Please go ahead.

現在我想將會議交給財務長 Jim Schmidt。請開始。

Thank you. Good morning, and welcome to Vicor Corporation's earnings call for the third quarter ended September 30, 2026. 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。各位早安，歡迎參加 Vicor Corporation 截至 2026 年 9 月 30 日止第三季的財報電話會議。我是財務長 Jim Schmidt。我目前在安多佛（Andover），與執行長 Patrizio Vinciarelli，以及全球銷售與行銷企業副總裁 Phil Davies 一同出席。

Earlier this morning, we issued a press release summarizing our financial results for the three and nine months ended September 30, 2026. 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.

今天稍早，我們發布新聞稿，摘要說明截至 2026 年 9 月 30 日止三個月及九個月的財務結果。該新聞稿已張貼於我們網站 www.vicorpower.com 的投資人關係頁面。我們今天也就此新聞稿之發布提交了一份 Form 8-K。

I remind listeners, this conference call is being recorded and is the copyrighted property of Vicor Corporation. I also remind you, various remarks we make during this call may constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

提醒各位聽眾，本次電話會議正在錄音，且為 Vicor Corporation 之著作權財產。同時提醒各位，我們在本次會議中的若干發言，可能構成 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）安全港條款所定義之「前瞻性陳述」。

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

除本次會議所含之歷史資訊外，本次會議所討論之事項，包括任何關於目前及規劃中產品、現有及潛在客戶、潛在市場機會、預期事件與公告，以及我們的產能擴充，並包括管理階層對銷售成長、支出與獲利能力之預期，均屬涉及風險與不確定性之前瞻性陳述。

In light of these risks and uncertainties, we can offer no assurance that any forward-looking statement will, in fact, prove to be correct. Actual results may differ materially from those explicitly set forth in or implied by any of our remarks today.

鑑於上述風險與不確定性，我們無法保證任何前瞻性陳述最終將被證實為正確。實際結果可能與我們今日任何發言中明示或暗示之內容存在重大差異。

The risks and uncertainties we face are discussed in Item 1A of our 2025 Form 10-K, which we filed with the SEC on March 2, 2026. This document is available via the EDGAR system on the SEC's website.

我們所面臨之風險與不確定性，已於我們於 2026 年 3 月 2 日向美國證券交易委員會（SEC）提交之 2025 年 Form 10-K 的 Item 1A 中加以說明。該文件可透過 SEC 網站上的 EDGAR 系統取得。

Please note the information provided during this conference call is accurate only as of today, Tuesday, October 20, 2026. 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.

請注意，本次電話會議所提供之資訊僅截至今日（2026 年 10 月 20 日，星期二）為準。Vicor 不承擔更新任何陳述（包括本次會議中的前瞻性陳述）之義務，且您不應在本次會議結束後依賴該等陳述。今日會議的網路重播將於稍後在我們網站的投資人關係頁面提供。

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

接下來我將回顧我們第三季的財務表現；之後 Phil 將回顧近期市場發展；接著 Patrizio、Phil 與我將回答各位的提問。在我的發言中，我將主要聚焦於損益表與資產負債表項目的季度環比變動；更多資訊請參閱我們的新聞稿或即將發布的 Form 10-Q。

As stated in today's press release, Vicor recorded product and royalty revenue for the third quarter of $197.1 million, up 37.5% sequentially from the second quarter of 2026 total of $143.4 million and up 78.5% from the third quarter of 2025 total of $110.4 million. Advanced products revenue, which includes royalty revenue, increased 47.5% sequentially to $138.9 million, and Brick products revenue increased 18.4% sequentially to $58.3 million.

如今日新聞稿所述，Vicor 第三季產品與權利金營收為 1.971 億美元，較 2026 年第二季的 1.434 億美元季增 37.5%，亦較 2025 年第三季的 1.104 億美元年增 78.5%。先進產品營收（包含權利金營收）季增 47.5% 至 1.389 億美元；Brick 產品營收季增 18.4% 至 5,830 萬美元。

Royalty revenue increased 119.1% sequentially to $66.6 million. A fraction of this increase, due to initial royalty payments from the new licensee, was non-recurring. As we add more licensees, growth in royalty revenues will be less lumpy.

權利金營收季增 119.1% 至 6,660 萬美元。其中一部分增幅係因新被授權方的初始權利金付款所致，屬一次性（非經常性）。隨著我們新增更多被授權方，權利金營收的成長將不會如此不均勻（波動較小）。

Shipments to stocking distributors increased 24.8% sequentially and increased 16.2% year over year. Exports for the second quarter decreased sequentially as a percentage of total revenue to approximately 36.1% from the prior quarter's 46%. For Q3, Advanced products' share of total revenue increased to 70.4% compared to 65.7% for the second quarter of 2026, with Brick product share correspondingly decreasing to 29.6% of total revenue.

對備貨型經銷商（stocking distributors）的出貨季增 24.8%，年增 16.2%。第二季出口占總營收比重較前一季的 46% 下降至約 36.1%。第三季先進產品占總營收比重提升至 70.4%，相較 2026 年第二季的 65.7%；Brick 產品占比相應下降至總營收的 29.6%。

Turning to Q3 gross margin, we recorded a consolidated gross profit margin of 68.3%, a 1,030-basis-point increase from the prior quarter. Q3 gross margin increased 1,080 basis points from the same quarter last year. Gross margin improved both as a result of increased royalty revenue as well as better product gross margins as we achieved gains in volume, efficiency, and mix.

接著談第三季毛利率：我們的合併毛利率為 68.3%，較前一季提高 1,030 個基點。第三季毛利率亦較去年同期提高 1,080 個基點。毛利率改善一方面來自權利金營收增加，另一方面也來自產品毛利率提升，因我們在出貨量、效率與產品組合方面取得進展。

I'll now turn to Q3 operating expenses. Total operating expense increased 29.6% sequentially from the second quarter of 2026 to $62.5 million. With an operating expense, legal expense, a substantial portion of which is contingent on royalty revenue, increased by approximately $11.1 million from the second quarter to $16.1 million.

接下來談第三季營業費用。總營業費用較 2026 年第二季季增 29.6% 至 6,250 萬美元。其中法律費用（其相當大一部分取決於權利金營收）較第二季增加約 1,110 萬美元至 1,610 萬美元。

On a run rate basis, we expect legal expense to average approximately 20% of royalty revenue in the near term. The amounts of total equity-based compensation expense for Q3 included in cost of goods, SG&A, and R&D was $1,203,000, $2,655,000, and $1,483,000, respectively, totaling approximately $5.3 million.

以常態化（run rate）基礎來看，我們預期短期內法律費用平均約為權利金營收的 20%。第三季計入銷貨成本、銷售一般及行政費用（SG&A）與研發費用（R&D）的股權基礎薪酬費用分別為 1,203,000 美元、2,655,000 美元與 1,483,000 美元，合計約 530 萬美元。

Turning to income taxes, we recorded a tax provision for Q3 of approximately $15.4 million, representing an effective tax rate for the quarter of 19.6%. Net income for Q3 totaled $63.3 million. GAAP diluted income per share was $1.33 based on a fully diluted share count of 47,609,000 shares.

接著談所得稅：第三季我們認列所得稅費用約 1,540 萬美元，該季有效稅率為 19.6%。第三季淨利合計 6,330 萬美元。依 GAAP 計算之稀釋後每股盈餘為 1.33 美元，係以完全稀釋後股數 47,609,000 股為基礎。

Turning to our cash flow and balance sheet, cash and cash equivalents totaled $513.1 million at Q3, an increase of $59.6 million sequentially. Accounts receivable, net of reserves, totaled $102.5 million at quarter end.

接著談現金流量與資產負債表：第三季期末現金及約當現金為 5.131 億美元，較前一季增加 5,960 萬美元。期末應收帳款（扣除備抵後）為 1.025 億美元。

With DSOs for trade receivables at 34 days, inventories net of reserves increased 6.2% sequentially to $110.9 million. Annualized inventory turns were 2.3. Cash flow provided by operating activities totaled $69.7 million for the quarter.

在應收帳款周轉天數（DSO）為 34 天的情況下，存貨（扣除備抵後）季增 6.2% 至 1.109 億美元。年化存貨周轉率為 2.3。該季營業活動提供之現金流量合計 6,970 萬美元。

Capital expenditures for Q3 totaled $16.1 million. We ended the quarter with a construction in progress balance primarily for manufacturing equipment of approximately $26.4 million and with approximately $48.6 million remaining to be spent.

第三季資本支出合計 1,610 萬美元。本季末在建工程（construction in progress）餘額約 2,640 萬美元，主要為製造設備，且尚有約 4,860 萬美元待支出。

I will now address bookings and backlog. Q3 book-to-bill came in above 1 and one-year backlog increased 7% from the prior quarter, closing at $406 million.

接下來我將說明接單（bookings）與積壓訂單（backlog）。第三季出貨比（book-to-bill）高於 1，一年期積壓訂單較前一季增加 7%，期末為 4.06 億美元。

2026 is the year in which Vicorp's innovative products and technology licensing practice came into focus within the industry. With incremental capacity, we expect a 10% increase in Q4 product revenue and at least $43 million in royalty revenue, assuming no new license agreements are closed this quarter.

2026 年是 Vicor 的創新產品與技術授權業務在產業內受到關注的一年。在新增產能的支持下，我們預期第四季產品營收將增加 10%，且權利金營收至少達 4,300 萬美元（假設本季未簽訂任何新的授權協議）。

To achieve the product revenue growth objective, we are expecting another double-digit sequential increase in product revenue in our advanced products portfolio. In Q3, we achieved operating ratios for both profitability and expense approaching our long-term financial model. Further revenue growth will result in further margin expansion.

為達成產品營收成長目標，我們預期先進產品組合的產品營收將再出現一次雙位數的季增。第三季我們在獲利能力與費用方面的營運比率已接近我們的長期財務模型。進一步的營收成長將帶來進一步的毛利率擴張。

Phil?

Phil？

Thank you, Jim. Demand across our main business segments and in our IP licensing practice is strong, with $100 million in bookings in the first two weeks of Q4, which included a large order for second-generation VPD modules from our lead customer.

謝謝你，Jim。我們主要業務分部以及 IP 授權業務的需求都很強勁，第四季前兩週的接單金額達 1 億美元，其中包含我們主要客戶對第二代 VPD 模組的一筆大額訂單。

The purchase of two sites for ChiP Fab-2 and ChiP Fab-3 reflects the need to expand capacity in support of increased demand. Substantial capacity expansion will be necessary based on AI industry trends and customer enthusiasm for our second-generation VPD.

購置 ChiP Fab-2 與 ChiP Fab-3 兩個廠址，反映出為支援需求增加而擴充產能的必要性。基於 AI 產業趨勢以及客戶對我們第二代 VPD 的高度熱情，將需要大幅擴充產能。

Meetings held with major hyperscalers and OEMs at last week's Open Compute confirmed that first-generation VPD systems using VRs, which infringe Vicor patents, are struggling to keep up with the requirements of next-generation AI systems.

上週在 Open Compute 與主要超大規模雲端業者（hyperscalers）及 OEM 舉行的會議確認，採用 VR、且侵害 Vicor 專利的第一代 VPD 系統，正難以跟上下一代 AI 系統的需求。

Our targeted audience was impressed by Vicor's second generation VPD with its distinct manufacturability and performance advantages. Open Compute this year focused on 800-volt DC rack distribution through inefficient intermediate bus voltages from 12 volts to 6 volts, or possibly 1.8 volts, to a point of load approaching 0.5 volts, underscoring the inherent limitations of VRs and IVRs.

我們鎖定的目標客群對 Vicor 第二代 VPD 在可製造性與效能上的明顯優勢印象深刻。今年的 Open Compute 聚焦於 800 伏直流機櫃配電，透過效率不佳的中介匯流排電壓從 12 伏降到 6 伏，或可能 1.8 伏，再到接近 0.5 伏的負載端（point of load），凸顯 VR 與 IVR 的先天限制。

Lack of adequate current density and current gain at the point of load sets the stage for broader adoption of Vicor's second-generation VPD, providing high current density and much higher current gain. With its transient performance eliminating voltage undershoots, Vicor's proprietary ALL-FPA enables a 10% to 15% reduction in AI processor power loss, with over 40 times the current gain of IVRs and 3 times the current density of VRs. Demo systems for second-generation VPD and ALL-FPA have been set up in our Silicon Valley applications laboratory and are available for selected OEM and hyperscaler engagements.

負載端缺乏足夠的電流密度與電流增益，為 Vicor 第二代 VPD 的更廣泛採用鋪路；其可提供高電流密度與更高的電流增益。憑藉其瞬態效能可消除電壓下衝（undershoot），Vicor 專有的 ALL-FPA 可使 AI 處理器功率損耗降低 10% 至 15%，其電流增益超過 IVR 的 40 倍，且電流密度為 VR 的 3 倍。我們已在矽谷應用實驗室建置第二代 VPD 與 ALL-FPA 的展示系統，並可供特定 OEM 與超大規模雲端業者洽談使用。

On the licensing front, we granted our first VPD license to a leading AI OEM based on Stage 2 unit royalty rates and responded to inquiries from two hyperscalers seeking all-inclusive licenses, quoted at Stage 2 and Stage 3, prior to the recent ITC decision to investigate VPD infringement.

在授權方面，我們已依據第二階段（Stage 2）的單位權利金費率，向一家領先的 AI OEM 授出第一份 VPD 授權；並在近期 ITC 決定立案調查 VPD 侵權之前，回覆了兩家尋求全包式授權的超大規模雲端業者之詢問，報價涵蓋第二階段與第三階段（Stage 3）。

Even though leading OEMs have already obtained a license to our VPD patents, others may not have yet realized that they are importing or planning to import infringing products. Catching their attention, Vicor has requested the ITC to issue a limited exclusion order barring importation of unlicensed computing systems that infringe Vicor's VPD, like the ITC did before in an earlier investigation involving our NBM patents.

即使領先的 OEM 已取得我們 VPD 專利的授權，其他廠商可能尚未意識到他們正在進口或計畫進口侵權產品。為引起其注意，Vicor 已請求 ITC 發布有限排除令（limited exclusion order），禁止進口未取得授權、且侵害 Vicor VPD 的運算系統，就如同 ITC 先前在涉及我們 NBM 專利的早期調查中所為。

As hyperscalers and other OEMs come to realize the impact of an importation ban, they will take licenses based on escalating royalty rates established in our licensing practice, which favors early adopters.

當超大規模雲端業者與其他 OEM 意識到進口禁令的影響時，他們將依據我們授權實務中所建立、逐步提高的權利金費率來取得授權，而該機制有利於早期採用者。

The decision to focus on a set of top 100 customers and top channel accounts or TCAs with our global distribution partners across our four markets and four regions globally is clearly playing off, with both bookings and opportunity pipeline growth. Our customers are on the cutting edge of high-growth applications with the toughest power delivery challenges and specifications.

我們決定在全球四個市場與四個區域，與全球通路合作夥伴聚焦於前 100 大客戶及前 100 大通路帳戶（TCA），顯然正在發揮成效，接單與商機管線皆持續成長。我們的客戶站在高成長應用的最前沿，面對最嚴苛的電力傳輸挑戰與規格要求。

Our leading ATE customers for ASIC and memory test systems, which now represents over $100 million in annual revenues, shows no signs of slowing down; and we are actively discussing capacity reservations to ensure supply in coming years.

我們在 ASIC 與記憶體測試系統領域的主要 ATE 客戶（目前年營收已超過 1 億美元）看不出任何放緩跡象；我們也正積極討論產能預留，以確保未來幾年的供應。

Major new product introductions are also underway in our industrial and aerospace and defense businesses, with market expansion now occurring with new non-traditional companies that have entered the A&D market with new autonomous technologies. Successful execution is achieved with focus, and we are very focused.

我們的工業以及航太與國防（A&D）業務也正在推進多項重要新產品導入；隨著具備新型自主技術的非傳統新進公司進入 A&D 市場，市場擴張正在發生。成功的執行來自於聚焦，而我們非常聚焦。

Thank you, and we will now take your questions.

謝謝各位，接下來我們開始回答提問。

(Operator Instructions) Quinn Bolton, Needham and Company.

(接線員指示) Quinn Bolton，Needham and Company。

Hey guys. Congratulations on the strong product and licensing outlook. I guess I wanted to start, Jim, just -- you mentioned that the royalty revenue in the third quarter of $66.6 million did include some catch-up royalties. Wondering if you could help size that in the third quarter, and then I've got a couple of follow-ups.

嗨，各位。恭喜產品與授權展望都很強勁。我想先從 Jim 開始——你提到第三季 6,660 萬美元的權利金收入包含一些追溯補收（catch-up）權利金。想請你協助量化第三季這部分的規模，之後我還有幾個追問。

It might be best to just think about the $43 million that I mentioned, Quinn, as the baseline amount that we can count on now with no new deals as a starting point for Q4.

Quinn，我覺得你可以把我提到的 4,300 萬美元視為基準金額；在沒有新交易的情況下，這是我們目前可以依賴、作為第四季起點的數字。

Quinn, thinking about this, what's the meaning of no recurring? I think that which was level no recurring has been recurring pretty periodically, right?

Quinn，談到這點，「非經常性」的意思是什麼？我覺得所謂的非經常性其實一直都相當定期地在發生，對吧？

As we pointed out, in Q3, there was the contribution that is not recurring. But then, early Q4, we got some other contribution. So I think we should all expect that our licensing income is going to be growing while we're still licensing arrangement with a few small subset of all the hyperscalers and OEMs.

如同我們指出的，第三季確實有一部分貢獻屬於非經常性。但在第四季初，我們又取得了其他貢獻。因此我認為大家應該預期，在我們仍僅與少數超大規模雲端業者與 OEM 進行授權安排的同時，我們的授權收入仍會持續成長。

it is still going to be lapped. There's going to be more, quote unquote, non-recurring contributions. It's not going to be until there's a costing or the CASM with respect to the need to license Viber technology.

它仍然會出現「對比基期效應」（lapped）。還會有更多所謂的「非經常性」貢獻。在就授權 Viber 技術需求形成成本基礎或 CASM 之前，情況都會如此。

For freedom to operate in applications given the some component of a ViCo IP that is uniquely involved in these systems. But with some lumpiness, there's going to be a significant growth business that we're now estimating to reach levels next year and the year after that beyond.

為了在應用中取得營運自由（freedom to operate），因為這些系統中有某些元件涉及 ViCo 的 IP，且是獨特且關鍵的。不過即便會有些波動（lumpiness），我們現在估計這將成為一項顯著成長的業務，明年以及後年都會達到更高水準。

The levels that I have forecasted.

也就是我所預測的那些水準。

And Quinn, I'll just add to what Patrizio said, it's better for, I think, the audience and the analysts to think about the royalty stream as recurring now and not a non-recurring activity, just to put it in perspective. The nature of the agreements are recurring.

Quinn，我再補充 Patrizio 的說法：我認為對聽眾與分析師而言，最好把權利金收入流視為現在已是經常性，而不是非經常性活動，這樣更能掌握全貌。這些協議的性質是經常性的。

Got it. no, I think, understand that if you sign new licenses, there may be, catch-ups with those additional licensed agreements, but the $43 million sounds like a good go-forward base, and then obviously we can add on to that as the company signs new licenses.

了解。我想我明白：如果你們簽下新的授權，可能會有與新增授權協議相關的追溯補收，但 4,300 萬美元聽起來是個不錯的未來基礎，之後公司簽下新授權時，我們顯然可以在此之上再加上去。

I wanted to turn to the second and third chip fab. I think we're all expecting you to announce a second site, so it was great to see you announced by the second and the third site. Can you give us a sense for the second site? Site, when would you think that that facility would come online and begin contributing to product revenue? Is that a sort of 12-month timeline? Is it 18 months? What's a good sort of timeline for investors to be thinking about with that second site?

我想把話題轉到第二與第三座晶片廠。我想大家都預期你們會宣布第二個廠址，所以看到你們同時宣布第二與第三個廠址很棒。能否談談第二個廠址？你們認為該設施何時會上線並開始對產品營收做出貢獻？大概是 12 個月的時程嗎？還是 18 個月？投資人應該用什麼樣的時間軸來看待第二個廠址比較合適？

We're likely going to have some initial equipment deployment in Q2.

我們很可能會在第二季進行一些初期設備部署。

And would that be able to produce sort of full set or is that just first equipment deliveries, Patricio?

那樣就能生產完整產品組合嗎？還是那只是第一批設備交付，Patricio？

Yeah. So it's going to be incremental steps with respect to those processes where we first ran into capacity limitations in Fab 1, right? So in Fab 2, we're going to bring up.

對。所以會是循序漸進的步驟，先針對我們在 Fab 1 最先遇到產能限制的那些製程，對吧？因此在 Fab 2，我們會先把那些製程拉起來。

Lines that address the shorter-term limiting factors and move on from those to other ones.

先建置可解決短期瓶頸因素的產線，然後再從那些瓶頸往其他項目推進。

So it may not be sort of full production, a mimic of Fab One, but you'll bring in those production steps where you're most constrained. So the impact would be to increase the company's total manufacturing beginning the second quarter.

所以它可能不會是完整量產、也不會是 Fab 1 的複製版，但你們會先導入那些最受產能限制的製程步驟。因此其影響將是自第二季起提升公司整體製造能力。

That's right. Yeah, obviously, for those process steps, where we still have ample capacity, there is no need, there is no rush to deploy additional equipment there. So we're going to be able to do it incrementally and more cost-effectively and more predictably.

沒錯。是的，顯然對於那些我們仍有充足產能的製程步驟，沒有必要、也不需要急著在那裡部署額外設備。因此我們可以採取逐步導入的方式，成本更有效率，也更可預測。

And then the last one for me, Phil, you mentioned good meetings at Open Compute last week. And just kind of wondering if you could address what kind of demand are you seeing for the factorized power or the 48 core solutions as the VRs and IVRs do look increasingly challenged. When do you think you might see sort of adoption of second Gen. VPD outside of your lead customer based on some of those conversations?

接著最後一題，Phil，你提到上週在 Open Compute 的會議進展良好。我想請你談談：在 VR 與 IVR 看起來愈來愈吃力的情況下，你們看到對「分解式供電（factorized power）」或 48 核心解決方案的需求大概是什麼樣子？根據那些對話，你認為第二代 VPD 何時可能會在你們的領先客戶之外開始被採用？

So conversations are still early, Quinn, in that regard. We do have line of sight to new chips that are under development that are sort of further out, if you like. But I do think that there could be opportunities in the shorter term based upon the inefficiencies of VRs and IVRs.

Quinn，就這點而言，目前的對話仍在很早期。我們確實看得到一些正在開發中的新晶片，若你願意這麼說的話，它們的時程更往後。但我確實認為，基於 VR 與 IVR 的效率不彰，短期內可能會有一些機會。

So we'll be taking a look at that as we move forward.

因此我們會在往前推進的過程中持續評估。

So again, we're looking at all these opportunities in the frame of reference of capacity limitations over the next 12 months. It's not that we can engage with any hyperscaler OEM that's got the need, visually all of them do, because as well, there's been a lot going on with respect to.

再強調一次，我們是在未來 12 個月產能受限的框架下看待所有這些機會。並不是說我們可以和任何有需求的超大規模（hyperscaler）OEM 都全面投入合作——從表面上看他們全都有需求——因為同時也有很多事情正在發生，關於……

And converting that to 6 volts or 12 volts or back to 6 volts on the way to 1.8 volts. The real issue with respect to enabling AI doesn't have to do with what happens in effect, some distance away on a 100 volt pass or even the near pass.

以及把它轉換成 6 伏特或 12 伏特，或在通往 1.8 伏特的路上再轉回 6 伏特。真正與 AI 啟用相關的問題，並不在於實際上距離較遠的 100 伏特匯流排（pass）上發生了什麼，甚至也不在於近端匯流排。

The real concerns have to do with the point of load and they have to do. As we've been affiliating because of the fact that IBA, Intermediate Bus Architecture, which is how the competitive industry has been doing it, has gathered any attention between efficient power distribution and an efficient duty cycle and the requisite current density. And current gain at the point of load.

真正的疑慮在於負載端（point of load），而且它們與……有關。正如我們一直在強調的，因為 IBA（Intermediate Bus Architecture，中介匯流排架構）——也就是競爭產業一直以來採用的方式——在高效率配電、有效的占空比（duty cycle）以及所需的電流密度之間，並沒有獲得足夠重視。以及在負載端的電流增益（current gain）。

As I've been saying for quite some time, I think all the focus about the undervolt is really missing the bullet with respect to the challenge. It's not that there's no benefit to undervolt. There is a benefit. It's a few percentage points of system efficiency, but in that point of load power system will keep AI from.

我已經講了相當一段時間，我認為所有對「降壓（undervolt）」的關注，其實都沒有打中挑戰的要害。並不是說降壓沒有好處。它確實有好處。它能帶來系統效率提升幾個百分點，但真正會讓 AI 在效能演進上受限的，是負載端的供電系統，而這正是我們在追蹤的。

Progressing on its performance subject, and that's what we're following.

AI 在其效能目標上的推進會受到影響，而這就是我們所關注的。

Justin Clare, Roth Capital Partners.

Justin Clare，Roth Capital Partners。

First, wanted to start off. So backlog increased to $406 million this quarter. And I was just wondering if you could discuss the visibility that you have now into kind of fully utilizing Fab 1 when you expect to reach that milestone. So just looking beyond the backlog, what visibility do you have into additional customer orders or commitments from customers that would support that full utilization?

首先想先從這裡開始。本季積壓訂單（backlog）增加到 4.06 億美元。我想請問你們目前對於 Fab 1 何時能達到完全稼動（fully utilizing）的能見度如何、以及你們預期何時能達到那個里程碑。也就是說，除了 backlog 之外，你們對於額外客戶訂單或客戶承諾的能見度如何，能支撐 Fab 1 的滿載稼動？

So as of yesterday, the backlog is actually closer to $400 million, but beyond that, we see robust demand. Phil and I were on a call yesterday with a major customer seeing demand doubling every year for the next several years, and they have a lot of visibility with respect to the request for their systems.

截至昨天，積壓訂單其實更接近 4 億美元；但除此之外，我們看到需求非常強勁。Phil 和我昨天與一位主要客戶通話，他們看到未來幾年需求每年倍增，而且他們對其系統需求的請求（request）有很高的能見度。

So, the challenge in the short-term is to bring up additional capacity, do so ahead of demand.

因此短期的挑戰是把額外產能拉上來，而且要在需求之前就把它建好。

Sorry, I have a cold, taking care of customers with many customers, most customers that are single source with us, where we have obviously a per figure.

抱歉，我感冒了。我們正在照顧客戶——有很多客戶，多數客戶在我們這裡是單一來源（single source），而我們顯然有一個 per figure（原文如此）。

Responsibility with respect to ensuring that we're not going to be getting their growth.

在確保我們不會成為他們成長的瓶頸這件事上，我們有相應的責任。

A lot of it is directly AI related, but some of it is indirectly related in that the AI growth path is fueling, as a growth path for all of.

其中很大一部分是直接與 AI 相關，但也有一部分是間接相關：AI 的成長路徑正在帶動、也成為所有……的成長路徑。

The portions of the industry that play one support role or another.

也就是產業中那些扮演某種支援角色的各個環節。

And then just shifting to the capacity announcements here that you made for Fab 2 and Fab 3, I was wondering if you could just clarify, you indicated that.

接著轉到你們對 Fab 2 與 Fab 3 的產能公告，我想請你們澄清一下：你們提到……

Those additional sites could increase capacity nearly five times. Is that 5x figure related to kind of physical manufacturing space, production output or revenue-generating capacity? And just wondering if you could potentially share what the revenue potential might be as you move from Fab 1 to Fab 2 and Fab 3, assuming full utilization of those facilities?

這些新增據點可讓產能提高接近五倍。這個 5 倍是指實體製造空間、產出量，還是可創造營收的產能？另外想請問，假設這些廠區滿載稼動，從 Fab 1 走到 Fab 2 與 Fab 3 時，你們是否能分享潛在的營收規模？

So around FAB 1, we are space constrained. In other words, we have relatively small parts of land.

就 Fab 1 而言，我們受限於空間。換句話說，我們的土地面積相對較小。

So we made sure we bought FAB 2 and FAB 3 to avoid getting limited by, in effect, elbow room within that particular site.

因此我們確保買下 Fab 2 與 Fab 3，以避免在該據點內部的「活動空間」（elbow room）限制我們。

Both sides have significant upside.

這兩個據點都有顯著的上行空間。

That could support even more than a FedEx expansion. And again, the methodology for expanding capacity, as you might recall, we looked first at just industrial parcels, then looked at buildings in order to reduce.

它們甚至可支撐超過一次的擴建（原文：a FedEx expansion）。再者，如你可能記得，我們擴充產能的方法論是：先看工業用地，再看既有建物，以縮短……

The time to accessing a new facility, we ended up doing one of each within a triangle, is about 30 miles off to the west and to the north of Fabuan, relatively short distance, but with a significant level of dependency with respect to power fees and all that would be a consideration regarding.

取得新設施的時間；最後我們在一個三角區域內各做了一種選擇，位置大約在 Fabuan（原文如此）以西與以北約 30 英里，距離相對不遠，但在電力費率等方面會有相當程度的相依性，這些都會是關於……的考量。

Redundancy with respect to this incremental capacity. The 5X is a conservative number. It could be more than that because, again, unlike Fab 1, we're not going to be limited by elbow room within either one of these sites.

就這些新增產能的備援（redundancy）而言。5 倍是一個保守的數字。它可能會超過這個數字，因為同樣地，不像 Fab 1，我們不會在這兩個據點的任何一個受到「活動空間」的限制。

And then just one more, wondering if you could share. What you expect in terms of the capital investment for Fab 2 and Fab 3 and what the anticipated timing of that investment would be?

最後再一題，想請你們分享一下：你們對 Fab 2 與 Fab 3 的資本投資規模預期為何，以及該投資的預期時程？

So we are not prepared to share any details today. We're in the planning phase with respect to Fab 2. I think possibly as of our next conference call, we will share some.

我們今天還沒有準備好分享任何細節。我們目前在 Fab 2 的規劃階段。我想也許到下一次法說電話會議時，我們會分享一些……

With respect to capital investment. But it's safe to say that we're going to be able to fund Fab 2 and in due course Fab 3 without need for raising any capital.

關於資本投資的資訊。但可以確定的是，我們將能夠在不需要募資的情況下，為 Fab 2、以及在適當時機為 Fab 3 提供資金。

We're adding cash at an increasing rate and.

我們的現金正在以愈來愈快的速度增加，而且……

If up to where this investment is well within our capability, we want to make it that with respect to our cash flow.

就這項投資而言，它完全在我們能力範圍內；我們希望它能與我們的現金流相匹配。

Richard Shannon, Craig-Hallum Capital Group.

Richard Shannon，Craig-Hallum Capital Group。

Jim, I'd love to put the numbers you mentioned in your prepared remarks here to get to a fourth quarter revenue number.

Jim，我想把你在準備稿裡提到的數字放在一起，推算出第四季的營收數字。

You mentioned a royalty number. I think you mentioned advanced products growth or total product growth. I'm not sure which one. That was coming up with revenues kind of in the $180 to $85 million range for the fourth quarter. Am I doing the math right? Or if not, can you correct me?

你提到一個權利金（royalty）數字。我想你也提到先進產品成長或總產品成長——我不確定是哪一個。我算出來第四季營收大概落在 1.80 億到 1.85 億美元的區間。我這樣算對嗎？如果不對，你能否幫我更正？

I want to give you a specific question, but I do want to make clear, Richard, that the number I quoted for 10% product revenue growth is total product revenue growth.

我想回答你一個具體問題，但我也想先釐清，Richard：我引用的 10% 產品營收成長，是指總產品營收成長。

Okay. And what I said about advanced product revenue growth within advanced products will be yet again, another double-digit increase in that category of product. Well, let me give you more.

好的。而我所說的先進產品營收成長，是指在先進產品之內，該產品類別的營收將再次出現另一個雙位數的增幅。我再補充更多……

Color with respect to this. So.

關於這件事的細節（color）。所以……

As we discussed earlier, the licensing size of the business has got lampiness, potential for additional deals. We're taking the long-term horizon, we're not in a hurry to get any deal done as time goes on. The cost to hyperscalers and OEMs for VPD license goes up at a pretty fast clip as we progress through the investigation at the ATC.

如同我們先前討論過的，授權（licensing）這塊業務的規模具有波動性（lumpiness），也可能會有額外交易。我們採取長期視角，並不急著在時間推進下把任何交易趕快做成。隨著我們在 ATC 的調查推進，超大規模業者與 OEM 取得 VPD 授權的成本會以相當快的速度上升。

But there could be deals then this quarter. And for that reason, we really can't give you a guidance that we would be comfortable with.

但本季仍可能會有交易發生。因此，我們確實無法提供一個我們會覺得有把握、也能讓我們安心的指引。

Given the level of uncertainty. And for that reason, what we provided with in terms of helping you set expectations is, with respect to process, that which we can predictably expect to deliver, which is a low double-digit increase in product revenue, right, outdoor revenue.

鑑於不確定性的程度。因此，我們在協助各位建立預期方面所提供的是：就流程而言，我們能夠可預期、可穩定交付的部分，也就是產品營收的低雙位數成長，對吧，也就是不含其他收入的營收。

Several apart from licensing income for which we provided a minimum of $43 million, and that assumes no new deals are done within Q4.

另外，關於授權收入，我們提供的最低值為4,300萬美元，而這是假設第四季不會完成任何新交易。

Richard, one other point to mention, the $43 million, as we've said, and Patricio just said, doesn't rely on any new deals. But inherent in the licensing agreement we have, there's potential for incremental royalty revenue.

Richard，還有一點要提的是，正如我們一直說的、Patricio 也剛提到的，這4,300萬美元不依賴任何新交易。但在我們現有的授權協議中，仍存在額外權利金收入的可能性。

Just as a function of the existing arrangement. And we can't predict that exactly.

這只是既有安排所帶來的結果。而我們無法精確預測。

That's right. So it could be that the number that we are forecasting on the minimum of 43 ends up larger than that even without New Deal. So it's a very constantly.

沒錯。因此，即使沒有新交易，我們以4,300萬美元作為最低預測的數字，也可能最後會高於這個水準。所以這是非常保守的。

It's a baseline, and that's what investors like to see. So I just want to verify that.

這是一個基準，而投資人喜歡看到這樣的基準。所以我只是想確認一下。

Thank you for that. My second question is related to licensing, kind of the notion of run rate here. You mentioned kind of a $43 million run rate, again, assuming nothing else gets done. And let's start with that notion in mind here.

謝謝你的說明。我的第二個問題與授權有關，主要是關於這裡的「運行率（run rate）」概念。你提到大約4,300萬美元的運行率，同樣是假設沒有其他事情發生。我們就先以這個概念作為前提。

You've mentioned that most of the licenses you've done here in the past have been two-year terms here. And I think the first one is coming up for renewal or will be expired.

你提到你們過去做的大多數授權合約期限是兩年。我想第一份合約即將到期續約或將會到期。

In the not too distant future. And so I wanted to get a sense of your expectation of renewals of those so that we can assume a real or current run rate that's going to go for many quarters or rows. If you could comment on that, that'd be great, please.

在不久的將來。因此我想了解你們對這些合約續約的預期，讓我們可以假設一個更真實或目前的運行率，能夠延續很多季、很多年。如果你能評論一下就太好了，謝謝。

Yeah, so I think it's becoming more and more apparent that VIGOR pioneer role with respect to a density power system.

好的，所以我認為，VIGOR 在高密度電力系統方面的先驅角色正變得愈來愈明顯。

Is multifaceted, right? As recently as a year ago, even within a shorter timeframe, all the focus was on NBMs as part of IBA, so it's a stepping stone to the point of load for competitive alternatives. Again, we don't use NBMs because of factorized policies.

它是多面向的，對吧？就在一年前，甚至更短的時間內，所有焦點都放在作為 IBA 一部分的 NBM 上，也就是通往負載點、用以對抗競爭替代方案的一個墊腳石。再說一次，我們不使用 NBM，因為我們採用因子化電源（factorized power）。

Doesn't require intermediate bus converter, but visually all of the competitive alternatives do.

它不需要中間匯流排轉換器（intermediate bus converter），但幾乎所有競爭替代方案都需要。

The focus clearly has recently shifted to VPD, which is on a different scale of significance, right?

而近期焦點顯然已轉向 VPD，這在重要性尺度上是不同等級的，對吧？

In significance in terms of.

在重要性方面，就……

Enabling AI power systems is much greater than NBMs because it's not the intermediate bus converter, but it's the point of load system, which is where the spotlight, where the focus should be.

就支援 AI 電力系統而言，VPD 的重要性遠高於 NBM，因為它不是中間匯流排轉換器，而是負載點（point-of-load）系統；聚光燈所在、焦點應該放在的就是這裡。

And so there is greater value associated with that. And we're capturing that value, we capture that value. With the first VPD license will be capturing that value with additional VPD licenses or inclusive licenses that involve the combination of MDMs, VPD and other VIGO technology that over time is also to become an issue for unscrupulous competitors to contend with.

因此，與此相關的價值更高。而我們正在捕捉這個價值、也會捕捉這個價值。透過第一份 VPD 授權，我們將捕捉該價值；未來透過更多 VPD 授權，或是包含 MDM、VPD 以及其他 VIGO 技術組合的整合式授權，我們也會持續捕捉該價值；而隨著時間推移，這也將成為不肖競爭者必須面對的一個難題。

John Dillon, D&B Capital.

John Dillon，D&B Capital。

Hi, guys. Congratulations to the whole Vicor team. Incredible quarter.

嗨，各位。恭喜整個 Vicor 團隊。這一季表現令人驚艷。

Bill, my question is really for you. It's with the exception of Vicor, I've never heard of any company claiming that power supplies could enable higher performance processors. Yet Cerebus just announced a new CS4 AI processor and Angela Young, the Senior VP of Products. Stated that the wafer scale engine stayed the same as the CS3. So the CS3 had the same memory and logic, but at 2x the increase in speed, and with three of these together, they had 10x the throughput of three wafers. And she contributed a big part of the increase was her ability to deliver higher density power to the same wafer.

Bill，我的問題主要是問你。除了 Vicor 之外，我從未聽過任何公司宣稱電源供應器能夠讓處理器達到更高效能。然而 Cerebus 剛宣布新的 CS4 AI 處理器，產品資深副總裁 Angela Young 表示，晶圓級引擎（wafer scale engine）與 CS3 相同。也就是說，CS3 的記憶體與邏輯相同，但速度提升了2倍；而把三個這樣的系統組合在一起，他們的吞吐量是三片晶圓的10倍。她認為提升的一大部分來自於能在同一片晶圓上提供更高功率密度的能力。

So Phil, I find this extraordinary. Can you walk us through that and let us know what the reactions are from your new target customers now that you're demonstrating the benefits of the second Gen. VPD?

所以 Phil，我覺得這非常不可思議。你能帶我們理解一下這件事，並告訴我們，當你們展示第二代 VPD 的效益後，新目標客戶目前的反應如何嗎？

So John, we're not going to make any comments that are specific to any customer, right?

John，我們不會針對任何特定客戶做評論，對吧？

I'm going to answer your question in general terms with specificity.

我會用一般性的方式、但具體地回答你的問題。

The every generation of AI processor is stepping up its current requirements by a dramatic percentage increase.

每一代 AI 處理器都以非常顯著的百分比幅度提高其電流需求。

What used to be.

過去曾經是……

Very high requirements not that long ago of a few hundred amps, right? Following the era of Intel processors that were barely consuming under them.

不久前還屬於非常高的需求，例如數百安培，對吧？在那之前是 Intel 處理器的年代，耗電甚至還不到那個水準。

It's now at the thousand amp level and on its way to thousands of amps. And then there are.

現在已經來到千安培等級，並且正朝數千安培邁進。而且還有……

Leading edge applications, such as welfare scale engines, where you're dealing with tens of thousands of amperes going to 100,000 amperes.

一些最前沿的應用，例如晶圓級引擎，你面對的是數萬安培、甚至走向10萬安培的供電需求。

That's where the action is. That's where, inference and other inhabiting capabilities get realized and the fundamentally fueled by current.

那才是關鍵所在。推論（inference）以及其他使能能力就在那裡實現，而其根本驅動力就是電流。

The fueled by current at ever decreasing voltages. Which makes factorized power with car multiplication, the technology of choice. And conversely, fundamentally antigaps, the comparative approach were the upper voltage is in effect averaged down by mixing a low voltage source, i.e. One that is.

而且是在電壓持續降低的情況下由電流所驅動。這使得具備電流倍增（current multiplication）的因子化電源成為首選技術。相反地，那些比較性的作法在根本上處於劣勢：其較高電壓實際上是透過混合一個低電壓來源來「平均」降低，也就是一個……

Inefficient in terms of its power distribution with ground, which is fundamentally zero volts.

在以接地（ground）作為回路、而接地本質上是0伏特的情況下，其配電效率不佳的來源。

That kind of technology is in the handicap with respect to keeping up with AI demands. And conversely, our technology was a vision a long time ago and we kept on improving it, right? We got lots of new developments related to factorized power, SAPs, components.

那類技術在跟上 AI 需求方面是帶著先天劣勢的。相對地，我們的技術很久以前就是一個願景，而我們一直持續改進它，對吧？我們在因子化電源、SAP、元件方面有許多新的開發。

And these are reflected.

而這些都反映在……

In the level of performance that we're bringing out with every new generation, right, the initial demonstrations bagels for second-gen VPD reached 3 amps per square millimeter. We are not that far away from 5, 6 amps per square millimeter capability. We're going from.

我們每一代新產品所帶出的效能水準上，對吧？第二代 VPD 的初步展示達到每平方毫米3安培。我們距離每平方毫米5、6安培的能力也不遠了。我們正從……

What used to be in a time frame where we're powering a GPU many years ago with current multipliers to the level of 50.5 millimeters, we're now 1.5 millimeter. In six months, we're going to be at 1 millimeter. So it's this kind of technology, the packaging technology, power converter engines, control systems, unique components that enables AI.

過去在多年前用電流倍增器為 GPU 供電、尺寸大約是50.5毫米的時代，走到現在的1.5毫米。再過六個月，我們將達到1毫米。因此，正是這類技術——封裝技術、電源轉換器引擎、控制系統、獨特元件——使 AI 成為可能。

So, John, just to build on that, I think just to build on what Patricio said, I think that that was on display last week at Open Compute with our meetings with several big customers in terms of their level of excitement around our second generation VPD.

John，補充一下，我想在 Patricio 所說的基礎上再加一點：上週在 Open Compute 上，透過我們與幾家大型客戶的會議，他們對我們第二代 VPD 的興奮程度其實就已經展現出來了。

They've been waiting a while to see it. We've been focused on our lead customer.

他們已經等了一段時間想看到它。我們一直專注在我們的主要客戶。

But now we're here, we've got the demo system set up. They were excited by what we showed them.

但現在我們已經走到這一步，示範系統也已架設完成。他們對我們展示的內容感到很興奮。

So I think it's now up to us to roll this forward and to bring these deals home.

所以我認為接下來就看我們把它往前推進，並把這些交易談成、落袋為安。

We need our capacity constraints, yes, our near-term capacity constraints.

我們需要我們的產能限制，是的，我們短期的產能限制。

Okay, now, before you've talked about pricing per watt, so it twice the power with the 5th Gen. Solutions, are average selling prices going up?

好，那在你先前談到每瓦定價時，你說第 5 代解決方案功率是兩倍，那平均銷售價格（ASP）有在上升嗎？

Let's not get into that. I think what we can say is that our total competitive standing, which obviously leads with performance but needs to deal with cost, is becoming stronger and stronger because we have the right approach to solving these points of low challenges.

我們先不要談那個。我想我們可以說的是，我們整體的競爭地位——當然以效能領先，但也必須兼顧成本——正變得越來越強，因為我們採取了正確的方法來解決這些點負載（Point-of-Load）挑戰。

And with that right approach. In early, there are scalability and cost advantages that will materialize as we scale up from a nearly full Fab 1 to Fab 2 and Fab 3. We're going to have the economies of scale.

而且有了這個正確的方法。在早期階段，當我們從幾乎滿載的 Fab 1 擴展到 Fab 2 與 Fab 3 時，可擴充性與成本優勢將會逐步顯現。我們將會享有規模經濟。

We believe we're on the right track and the rest of the industry is foolishly going down at that end road.

我們相信我們走在正確的軌道上，而產業其他人卻愚蠢地走向那條死路。

Excellent. And the IVR customers you mentioned last time, how's that progressing? And that'll be my last question.

很好。那你上次提到的 IVR 客戶，進展如何？這也會是我最後一個問題。

So again, as we talked about, John, IVRs, it's very early days for IVRs in terms of really delivering solutions to customers. They're intrigued by using IVRs on some of the rails.

所以再一次，如同我們談過的，John，就 IVR 而言，IVR 要真正向客戶交付解決方案，仍處於非常早期的階段。他們對在某些電源軌（rails）上使用 IVR 感到好奇。

I think for the high current rails, we have the best solution.

我認為在高電流電源軌方面，我們有最好的解決方案。

It might be all Vicor, it might be some Vicor and some IVRs. We don't know yet. We'll see how that plays out. But IVRs have a way to go yet in terms of improving their performance sort of claims.

可能會全部用 Vicor，也可能是部分 Vicor、部分 IVR。我們現在還不知道。我們會看後續如何發展。但就提升其宣稱的效能而言，IVR 還有一段路要走。

So we had several meetings last week on the IVR front with two IVR companies and hyperscaler interested in solutions, IVR solutions.

所以上週我們在 IVR 方面開了好幾場會，與兩家 IVR 公司以及一家對 IVR 解決方案有興趣的超大規模雲端業者（hyperscaler）會談。

Using one of these two companies.

使用這兩家公司其中之一。

And so we're told by the Everscale that when it comes to feeding the IVRs at one point they evolved, we would be the only solution.

因此 Everscale 告訴我們，當談到在某個演進節點為 IVR 供電時，我們將會是唯一的解決方案。

I think it remains to be seen, the jury is still out with respect to how soon these IVRs will become a practical reality.

我認為仍有待觀察；就這些 IVR 何時會成為可行的實際方案而言，目前還沒有定論。

The good news is that this hyperscalers saw that we have a solution that doesn't involve IVRs. So fundamentally, they can come to us for either alternative, one that involves IVRs with that which IVRs provide, which is to be H1st and fair.

好消息是，這些 hyperscaler 也看到我們有一個不需要 IVR 的解決方案。所以從根本上說，他們可以就兩種替代方案來找我們：一種是包含 IVR、具備 IVR 所提供的特性——也就是 H1st 和 fair。

They provide flexibility, at least now in theory, but in reality, they will over time. Provide flexibility, but that flexibility comes at a significant cost. Whenever you send them and you deal with the real numbers and not the marketing numbers, the insertion cost to, in effect, process power through an AVR stage is close to -- it's upwards of 10% and it could be pretty close to 15%.

它們提供彈性，至少目前在理論上是如此，但在現實中會隨時間逐步實現。它們提供彈性，但那種彈性是以相當高的成本換來的。每當你把它們送去、並用真實數據而不是行銷數字來看時，等於把功率經過一個 AVR 級的插入損耗接近——會超過 10%，而且可能相當接近 15%。

And for that 10, 15% of extra power DC version, all that you're getting, all that the customer is getting is a current gain of two and a half.

而為了那額外 10% 到 15% 的直流功耗，客戶得到的、他們所得到的全部回報，只是一個 2.5 倍的電流增益。

Now it does provide flexibility, but from a power system efficiency perspective, it's a very challenged proposition.

它確實提供彈性，但從電源系統效率的角度來看，這是一個非常具挑戰性的主張。

We're open-minded though. We were perfectly willing, eager to play a support role. With respect to IVR application. And for me, the same point of low technology enables us to deliver thousands of amps at 0.5 volts with the accuracy, current density, bandwidth, and all the attributes, that same technology can deliver 1.8 volt to an IVR. And if customers, for whatever combinational reasons, want to go down that path, we'll be there to support it.

不過我們保持開放態度。我們完全願意、也很樂意扮演支援角色。就 IVR 的應用而言。而對我來說，同樣的點負載技術讓我們能以精準度、電流密度、頻寬以及所有相關特性，在 0.5 伏特下輸出數千安培；同樣的技術也能以 1.8 伏特供電給 IVR。若客戶基於任何組合性的原因想走那條路，我們也會在那裡提供支援。

Richard Shannon, Craig-Hallum Capital Group.

Richard Shannon，Craig-Hallum Capital Group。

In the press release and in the call here today, you've used a couple of terms that I'm unfamiliar with, Stage 2 and Stage 3 licenses. If you can explain those.

在新聞稿以及今天的電話會議中，你用了幾個我不熟悉的術語：第 2 階段與第 3 階段授權（Stage 2、Stage 3 licenses）。能否解釋一下？

That'd be a big help here.

這會對我很有幫助。

Yes, I'd be happy to.

好的，我很樂意。

Actually, if you go to our website, we now have a licensing page and on the licensing page, you can get an answer to the question. And it's a quantitative answer to the question as it relates to royalty rates which change as a function of the stage. So fundamentally. For any VIGOR talent in a portfolio that has not been asserted, a prospective licensee can take a license at Sage Zero. That's the most cost-effective license.

其實，如果你到我們的網站，我們現在有一個授權頁面，在那個授權頁面上，你可以找到這個問題的答案。而且就權利金費率而言，答案是量化的，因為費率會隨著階段而變動。所以從根本上說。對於我們專利組合中任何尚未主張（asserted）的 Vicor 專利，潛在被授權人可以在第 0 階段（Stage Zero）取得授權。那是成本效益最高的授權。

It is most cost-effective because VIGOR, as an ad to, get into deals with law firms.

之所以最具成本效益，是因為 Vicor 尚未與律師事務所合作來進行交易。

To assert that IP and go through, in effect, the enforcement effort.

去主張該智慧財產權，並且實際上展開執法行動。

But if the parents are being infringed and we have to assert them to a set that there's a cost to doing that, as time progresses and the enforcement effort advances.

但如果專利遭到侵權，而我們必須主張它們來推進，那麼這麼做是有成本的；隨著時間推移、執法行動持續推進，成本也會增加。

We increase the royalty rate in relationship to what we call stage X.

我們會依照我們所稱的階段 X（stage X）來提高權利金費率。

So after stage 0 comes stage 1, 2, 3. So 3 begins when the ITC institutes an investigation and the first.

所以在第 0 階段之後是第 1、2、3 階段。第 3 階段從 ITC 立案調查開始，而第一——

Roughly 10 months of that time frame, which is during all the phases of the LDC process before a hearing.

大約 10 個月的期間，也就是在聽證會之前、LDC 流程各個階段的期間。

We have increments in the royalty rate, as you can see from the website page, the level of about 5% per month.

我們會提高權利金費率；如你在網站頁面上所見，大約是每月增加 5% 的幅度。

As we get into the hearing. And then the initial determination by the law judge at the ATC, the final determination, exclusion order and enforcement of exclusion order by Customs and Border Patrol, the cost to effect late.

當我們進入聽證會。接著是 ITC 行政法官的初步裁定、最終裁定、排除令，以及由海關與邊境保護局（Customs and Border Patrol）執行排除令；要讓——

Licensee that in effect has taken a wait and see attitude or has approached this from the perspective of taking its chances, it keeps escalating because our cost has gone up.

被授權人如果採取觀望態度，或是抱著碰運氣的心態來處理，成本就會持續攀升，因為我們的成本已經上升。

And with that, we deserve to fetch more with respect to the talent and its value.

因此，就專利及其價值而言，我們也理應取得更高的回報。

So all of this is intended to encourage. Early adoption, encourage licensee not to take the chances, not to roll the dice.

所以這一切的目的都是為了鼓勵。鼓勵及早採用，鼓勵被授權人不要去賭、不要去擲骰子。

We got a track record of knowing what we're doing and we're going to keep doing that. And we're very determined, we're very well equipped with partners that have a vested interest in the right outcome, which is not the case for our opponents. So.

我們有一個證明我們知道自己在做什麼的紀錄，而且我們會持續這麼做。我們非常堅定，而且我們與合作夥伴的資源非常充足；這些夥伴對正確的結果有切身利害關係，而我們的對手並非如此。所以。

That's how the various stages of this process relate to time and the cost of the license, its royalty rate. And if you look at the web page, there are curves that define this progression.

這就是這個流程的各個階段如何與時間以及授權成本（權利金費率）相互關聯。如果你看那個網頁，上面有曲線用來定義這個進程。

And part of the reason for this is to.

而這樣做的部分原因是為了。

A level playing field, right?

建立一個公平的競爭環境，對吧？

It's very important that we treat each and every licensee fairly.

我們必須公平對待每一位被授權人，這點非常重要。

All of these licenses have got most favored the licensee provisions, which means that you can grant to a following licensee a license on better terms than a prior licensee under similar conditions. Well, similar conditions, among other things, means at what stage.

所有這些授權都包含「最惠被授權人」（most favored licensee）條款，意思是：在相同條件下，你不能給後續被授權人比先前被授權人更好的條件。而所謂相同條件，其中之一就是處於哪個階段。

The prior licensee took a license as compared to a new licensee. So we have documented our practice, among other things, to ensure that we have a complete and fairness and consistency in our methodology.

先前被授權人取得授權時所處的階段，與新的被授權人相比如何。因此，我們把我們的做法文件化，其中一個目的就是確保我們的方法論具備完整的公平性與一致性。

Patricio, thanks for that detail here, and I see the web page here very comprehensive and complete, so thank you for that. My follow-on question is regarding the AI OEM that you signed the license with in the third quarter. A two-part question: the first one is, why was that seemingly mostly a non-recurring or one-time license versus something that might be ongoing? And second of all, can you state which stage this...

Patricio，感謝你在這裡提供的細節；我也看到這個網頁內容非常全面且完整，所以謝謝你。我接續的問題是關於你們在第三季與之簽署授權的 AI OEM。這是一個兩段式問題：第一，為什麼那看起來主要是一次性或非經常性的授權，而不是可能持續性的安排？第二，你能否說明這處於哪個階段……

Third quarter AI OEM was licensed then.

第三季的 AI OEM 當時已完成授權。

So we did say that that's not recurring to the contract.

所以我們確實說過，那不是合約中的經常性項目。

It may be the source of potential confusion was my comment to the fact that that which has been characterized now several times as not recurring, keeps recurring. So the definition is not recurring. But beyond that.

可能造成混淆的來源，是我提到：這件現在已多次被描述為「非經常性」的事情，卻一直在重複發生。所以定義上它是非經常性。但除此之外。

What we recorded in Q3 from this first pure VPD license is far from not regarding whichever way you want to look at that word. In fact, there was at the beginning of Q4 another significant license PO that came from the same new licensee. So, these licensees are fractured.

我們在第三季從這第一筆純 VPD 授權所認列的金額，無論你怎麼解讀「非經常性」這個詞，都遠稱不上「不經常」。事實上，在第四季初，同一位新被授權方又下了一張相當可觀的授權採購單（PO）。所以，這些授權是分段的。

Whether they're all-inclusive or per unit to be, in effect, proportionate to the use of the technology by the licensee. And obviously, as time goes on, and licensees make greater use, they pay royalties in direct proportion to that.

不論是全包式，或是按單位計價，實質上都是與被授權方對該技術的使用程度成比例。而且很明顯，隨著時間推進、被授權方使用得更多，他們就會按比例支付權利金。

We have different ways of making this happen fundamentally two approaches. Either on a per unit basis or by estimating what the use by the licensee is going to be over a couple of years and having a more inclusive license that deals with that time frame before we take on the next couple of years.

我們在實務上有不同的做法，基本上是兩種方式。要嘛按單位計價，要嘛估算被授權方在未來幾年內的使用量，並以較為涵蓋式的授權來涵蓋那段期間，之後再談下一個幾年。

Richard, just to amplify what Patricio said, it's better to think about the royalty revenue as recurring.

Richard，為了補充 Patricio 的說法，把權利金收入視為經常性收入會更貼切。

It's a licensing practice that is now up and running. It's generating royalty revenue. It's proportional to the use of what otherwise would have been infringing technology.

這是一套授權作法，現在已經啟動並在運作中。它正在產生權利金收入。而且其金額與原本可能構成侵權的技術使用量成正比。

So it's very important everybody understand that. We've used a couple of quarters of catch-up, but really think about this as recurring revenue now. It's in the P&L.

所以讓每個人理解這點非常重要。我們用了幾個季度做追溯補認列（catch-up），但現在真的應該把它視為經常性收入。它已經反映在損益表（P&L）裡。

Increasing levels.

而且水準在提高。

So I think it was perfectly appropriate to say a couple of years ago to look at a lump sum contribution in one quarter as non-recurring. Back then, that was obviously the conservative way to think about it.

所以我認為，兩年前把某一季的一筆一次性貢獻視為非經常性，是完全合理的。在當時，那顯然是較保守的看法。

But now, to Jim's point, obviously, there has been. A lot of recurrences of no recurrent things, and they're no longer no recurrent.

但現在，如 Jim 所說，很明顯已經出現了。很多次「非經常性」的重複發生，而它們也不再是非經常性了。

Justin Clare, Roth Capital Partners.

Justin Clare，Roth Capital Partners。

Just wanted to follow-up on the capacity expansion here.

我想追問一下你們這裡的產能擴張。

Particularly for Fab 3, wondering how we should interpret the land acquisition that you made for Fab 3 at this point. Is that a commitment to add additional capacity? Or should we view that more as an option to potentially accommodate longer-term growth? And then just trying to think through how long it might take for you to get to fully utilizing 5x the capacity that. Have with that one.

特別是針對 Fab 3，我想了解我們應該如何解讀你們目前為 Fab 3 進行的土地收購。這是否代表你們承諾要增加額外產能？還是我們應該把它視為一個選項，用來因應更長期的成長？另外也想請你們談談，要多久才能把那邊 5 倍的產能完全利用起來。就這一點。

So we bought LM, we closed a week ago, the about. So, but we're not going to act on it in terms of putting up the building there for now.

所以我們買了 LM，我們大約一週前完成交割。不過就目前而言，我們不會在那裡採取行動去興建廠房。

The logic of having that flexibility was.

保有那種彈性的邏輯是。

In effect, to make the most out of the process that we went through earlier this year in investigating these various options that carry different trade-offs, right? So on a new campus, we have tall flexibility with respect to the complement of buildings, how they relate to each other in terms of next fabs.

實際上，是為了把我們今年稍早在評估各種選項時所走過的流程效益最大化；那些選項各自有不同的取捨，對吧？在新園區上，我們在建物組合方面有很大的彈性，以及它們彼此之間的配置關係，尤其是未來的下一座晶圓廠（fabs）。

That's very valuable in terms of.

這在……方面非常有價值。

Medium, longer-term planning, as you think from the need to act in the very short-term with respect to expanding capacity within an existing building.

就中長期規劃而言，當你把它與非常短期內、在既有建物中擴充產能的需求相對照時。

So we now have what we do to take very short-term steps with a time scale of five, six months on the one end within existing.

所以我們現在同時具備：一端是在既有……之內，以五、六個月的時間尺度採取非常短期的措施。

Infrastructure, including 300,000 square foot building, as well as doing it from the ground up in a different site.

既有基礎設施，包括一棟 30 萬平方英尺的建物；以及另一端是在不同地點從零開始建置。

We're going to act first on the Fab 2, which is in Merrimack to the west of Andover. And it's yet to be determined when we want to pull the trigger on Fab 3. Again, Phil and I yesterday were.

我們會先在 Fab 2 採取行動，它位於 Andover 以西的 Merrimack。至於何時要按下 Fab 3 的啟動鍵，仍有待決定。同樣地，Phil 和我昨天正在。

Having a call with the CEO of a major customer wanting to in effective seller capacity over the next few years, these kinds of discussions are going to facilitate decisions with respect to when to pull the trigger on the next incremental capacity.

與一位主要客戶的 CEO 通話，對方希望在未來幾年有效地確保產能；這類討論將有助於我們決定何時啟動下一階段的增量產能。

And it might be worth mentioning the call they had was not with an AI customer.

另外值得一提的是，他們那通電話並不是與 AI 客戶進行的。

Yeah. Okay.

對。好的。

Okay. Interesting. Thanks. And then just one other follow-up.

好的。有意思。謝謝。然後我還有一個追問。

You mentioned that you plan to, I think, start adding equipment in Q2 for Fab 2. And so just wondering, do you anticipate running at near full.

你提到你們計畫在第二季開始為 Fab 2 增加設備。所以我想請教，你們是否預期明年 Fab 1 會接近滿載運轉，從而合理化 Fab 2 在明年的爬坡？

Capacity for Fab 1 next year and that kind of justifies the ramp up of Fab 2 into next year.

也就是說，Fab 1 明年會接近滿載，而這也就支撐 Fab 2 在明年逐步拉升。

Yes. Yeah. So unfortunately, for the near term, we have certain capacity limitations, right? And they are, to be clear, dependent on specific platforms related to particular process steps.

是的。對。很不幸地，就短期而言，我們確實有一些產能限制，對吧？而且要說清楚，這些限制取決於特定平台，並與某些特定製程步驟相關。

They are such that we can grow revenues, as Jim pointed out earlier, we expect low double-digits increase in power revenues this quarter.

在這樣的情況下，我們仍能成長營收；如 Jim 先前指出，我們預期本季電源相關營收將有低雙位數的成長。

But as we've been explaining over the last several calls, we're getting closer to getting to full capacity utilization of Fab One.

但正如我們在過去幾次電話會議中所說，我們正逐步接近 Fab 1 的滿載產能利用率。

And the need to step with some of the process steps into FAP to starting Q2 of next year.

因此，從明年第二季開始，我們需要把部分製程步驟移轉到 FAP（Fab 2）。

Thank you. And this is all the time that we do have for questions today. So this will conclude today's conference call. And thank you for participating, and you may now disconnect.

謝謝。今天的提問時間就到這裡。因此，今天的電話會議到此結束。感謝各位參與，現在可以掛線。