Allegro MicroSystems（ALGM）— 2026-10-29 FY27Q2（2026 年 9 月季）法說會逐字稿（英文原文＋中譯）
日期：2026-10-29（美國時間上午；公司會計年度截至 3 月，FY27Q2＝2026 年 7–9 月） 逐字稿為 earnings call 音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release 為準。
校正紀錄
本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。開頭 AI 摘要區塊與逐字稿區塊同步修正。 - 財務數字交叉驗算：①汽車 1.73 億＋工業及其他 1.04 億＝2.77 億 ✓；②磁性感測器 1.58 億＋電源產品 1.19 億＝2.77 億 ✓；③地區占比 33＋25＋16＋14＋12＝100% ✓；④營業利益率 20.6% − 去年同期 13.9% ＝ 670bps ✓；⑤淨利 4,800 萬 ÷ 稀釋股數 1.88 億 ≈ 0.255 美元 ✓（EPS 0.26）；⑥淨債務 2.85 億 − 現金 2.01 億 ＝ 8,400 萬 ✓；⑦FY27Q3 財測中點 2.83 億，YoY +23%（去年同期約 2.29 億†）；EPS 中點 0.27 美元，YoY +80%（去年同期約 0.15 美元†）。 - 毛利率 YoY：CFO 準備稿稱 +190bps（51.5%，去年同期約 49.6%†），Q&A（00:42:11）另稱「YoY 290bps」，兩者不一致；以準備稿 190bps 為準，Q&A 該處標 [數字存疑]，原文未改動。 - 訂單：CEO 稱訂單 YoY +45%，CFO 稱 FQ2 訂單 QoQ +33%、YoY +50%；兩口徑並存（可能為不同計算基礎），保留原文，memo 同列。 - 資料中心 QoQ：CEO（00:32:48）稱本季成長 4%；提問者 Tom O'Malley（00:23:50）稱 2%；以 CEO 口述 +4% 為準（FQ2 4,600 萬，約由 4,400 萬†增至），提問者數字不採。 - 每機櫃美元含量：提問者 Vijay Rakesh 稱「$150 至 $325」，CEO 澄清為「$150 增至 $425」，其中約三分之二來自馬達驅動器與電流感測器、隔離閘極驅動器另加數百美元；以 CEO 為準。 - Gary Mobley 提問「design win 終身價值上半年 +35%、預估 FY2026 +30%」中年度疑為 FY2027，提問者口述不採用，保留原文。 - 提問者稱呼轉寫不一致（Sean／Seth／Blaine／Brian 等對應 Joe Quattrocchi／Blayne Curtis），僅影響稱呼，不改。 - 「Focus Auto 與 eMobility 占比 55–57%」「tier-one 客戶想備安全庫存」為提問者引述，非公司說法。
原文
Memo 亮點 • Allegro 在 27Q2 連續第七個季度實現銷售額環比增長，銷售額達 2.77 億美元，超出指引高端，較去年同期增長 29%。非 GAAP 每股盈餘為 0.26 美元，較 26Q2 翻倍。訂單連續第八個季度增長，較去年同期增長 45%，汽車及工業市場的積壓訂單持續擴大。 [CEO - 00:02:34] • 27Q2 的設計贏單達到歷史新高，較去年同期增長近 40%，為自 2020 年 IPO 以來最高的季度設計贏單表現。 [CEO - 00:03:05] • 27Q2 汽車銷售環比增長 4%，同比增長 11%，連續第六個季度實現兩位數的年增長。超過 75% 的汽車設計贏單來自 xEV 和 ADAS 系統。 [CEO - 00:03:55] • 工業及其他銷售額環比增長 11%，同比增長 79%，達到 1.04 億美元，首次突破 Allegro 工業及其他銷售 1 億美元大關。27Q2 數據中心銷售創歷史新高，達 4600 萬美元，較去年同期增長超過 150%。 [CFO - 00:13:52] • 27Q2 毛利率為 51.5%，環比提升 40 個基點，較去年同期提升 190 個基點。營業利潤率為 20.6%，較 26Q2 的 13.9% 提升。自由現金流為 3100 萬美元，淨利潤為 4800 萬美元。 [CFO - 00:12:56] • 27Q3 指引：銷售額 2.78 億至 2.88 億美元（中點同比增長 23%），毛利率 51.5% 至 52.5%，營運費用約 8700 萬美元，非 GAAP 每股盈餘 0.25 至 0.29 美元（中點同比增長 80%）。 [CFO - 00:18:17] 總體經濟 • 公司持續面臨產業範圍的投入成本通膨，能源與勞動成本持續上升。大宗商品價格已開始趨於穩定，但仍遠高於三年前水平。 [CFO - 00:15:34] 產業循環週期 • 歷史上，12 月季度銷售環比約下降 5%，但 Allegro 指引 27Q3 中點將環比增長 2%，高於典型季節性趨勢。 [CFO - 00:38:13] 產業供需 • 訂單連續第八個季度增長，較去年同期增長 45%，積壓訂單持續在汽車及工業終端市場擴大。前瞻需求信號呈現「綠燈」。 [CEO - 00:02:59] • 汽車庫存維持精簡，27Q2 無補庫跡象。多數客戶仍維持極低的庫存週數，雖然有關增加庫存的討論持續，但實際行動有限。 [CFO - 00:13:25] [CEO - 00:28:31] 產業狀況 • 公司在數據中心及工業市場展現強勁動能，Allegro 技術被廣泛採用於高度多元化的客戶基礎。 [CEO - 00:11:16] [CEO - 00:36:47] 獲利 • 27Q2 毛利率為 51.5%，環比提升 40 個基點，較去年同期提升 190 個基點，主要受益於營運槓桿。營業利潤率為 20.6%，較 26Q2 的 13.9% 提升。調整後 EBITDA 利潤率為 25%。 [CFO - 00:12:56] • 每股盈餘為 0.26 美元，環比增長 13%，同比增長 100%，銷售額分別增長 7% 和 29%。 [CFO - 00:17:11] 公司展望、未來成長動能 • Allegro 預期超越中雙位數年銷售增長目標，憑藉創紀錄的設計贏單、強勁的積壓訂單及目標市場中持續擴大的產品內容。公司處於多個關鍵巨趨勢的交匯點，具備良好定位。 [CEO - 00:12:16] • 27Q3 指引：銷售額 2.78 億至 2.88 億美元（中點同比增長 23%），毛利率 51.5% 至 52.5%，營運費用約 8700 萬美元，非 GAAP 每股盈餘 0.25 至 0.29 美元（中點同比增長 80%）。 [CFO - 00:18:17] • 公司對汽車業務年複合成長率超過 10% 及工業業務接近 20% 的成長充滿信心。 [CEO - 00:36:38] 市場競爭策略 • Allegro 透過在北美領先電動車製造商的下一代車載充電器平台取得策略性設計贏單，直接從競爭對手手中搶佔市場份額。 [CEO - 00:04:37] 營收 • 27Q2 銷售額為 2.77 億美元，環比增長 7%，同比增長 29%。汽車銷售為 1.73 億美元，環比增長 4%，同比增長 11%。工業及其他銷售為 1.04 億美元，環比增長 11%，同比增長 79%。數據中心銷售為 4600 萬美元，較去年同期增長超過 150%。 [CFO - 00:12:47] 訂單 • 訂單連續第八個季度增長，較去年同期增長 45%。27Q2 訂單環比增長 33%，同比增長 50%。 [CEO - 00:03:20] [CFO - 00:13:47] 產品組合 • 磁性感測器銷售環比增長 5% 至 1.58 億美元，較去年同期增長 21%。電源產品銷售環比增長 9% 至 1.19 億美元，較去年同期增長 42%。 [CFO - 00:14:19] 營收地區 • 銷售地區分佈為：亞洲其他地區（含韓國、台灣及印度）佔 33%，中國佔 25%，日本佔 16%，美洲佔 14%，歐洲佔 12%。27Q2 各地區銷售均實現環比及同比增長。 [CFO - 00:14:43] 上游廠商 • 公司透過提升工廠效率（例如將零件由金線轉為銅線）來緩解產業範圍的投入成本通膨，27Q3 將開始出貨新銅製產品，以結構性降低製造成本。 [CFO - 00:15:41] • 晶圓及晶粒庫存維持健康，目前晶圓供應無限制。產能限制依產品組合而異，主要影響後段製程，尤其是測試環節。 [CFO - 00:47:44] 下游客戶 • 汽車庫存維持精簡，27Q2 無補庫跡象。多數客戶仍維持極低的庫存週數，雖然有關增加庫存的討論持續，但實際行動有限。 [CFO - 00:13:25] [CEO - 00:28:31] 同業 • Allegro 透過在北美領先電動車製造商的下一代車載充電器平台取得策略性設計贏單，直接從競爭對手手中搶佔市場份額。 [CEO - 00:04:37] 稼動率 • 公司面臨部分產能限制，主要集中在後段製程，尤其是測試環節。27Q2 測試環節無重大限制，但 27Q3 開始出現限制。公司計劃在 27Q3 及第四季增加產能，以領先成長需求。 [CEO - 00:21:28] • 測試產能限制因區域而異。公司在菲律賓廠區擁有充足空間，並已開始從中國後段 OSAT 出貨，該廠負責探針、組裝及測試。 [CFO - 00:22:10] 存貨庫存 • 27Q2 庫存天數為 117 天，較 27Q1 的 128 天下降。季度間庫存減少主要為成品，因數百萬美元貨品出貨以滿足需求，尤其透過經銷商。晶圓及晶粒庫存維持健康。 [CFO - 00:17:55] • 全球經銷庫存維持在 10 至 12 週目標範圍中間，過去三個季度保持穩定。部分經銷渠道庫存較理想水平偏低，但整體庫存仍在目標範圍內。 [CFO - 00:37:21] 新產品／新技術 • 27Q2，Allegro 推出新款高隔離電流感測器、縮小封裝的隔離閘極驅動器及用於數據中心的智慧型 48 伏風扇驅動器。公司將於 27Q3 開始取樣業界首款全整合磁性感測器與馬達驅動 IC，應用於類人手指。 [CEO - 00:08:44] • 隔離閘極驅動器動能強勁，數據中心固態斷路器成長優於預期。第二代隔離閘極驅動器產品於 27Q3 取樣，客戶興趣濃厚。 [CEO - 00:39:47] 產品價格 • 策略性價格調整主要在工業及目錄業務中實施，多數汽車合約續約及價格調整將於 1 月 1 日生效。迄今價格調整主要集中於工業及目錄業務。 [CFO - 00:16:03] • 27Q2 價格調整對業績影響不大，主要由銷量增長驅動。27Q3 將有較大幅度的價格調整，特別是在更廣泛的工業領域。汽車客戶的價格調整將於 1 月 1 日實施。 [CFO - 00:30:00] 合約價、現貨價 • 自 2023 年 1 月 1 日起的汽車價格重置將持續至 2026 年。多數汽車合約續約及價格調整均於 1 月 1 日生效。 [CFO - 00:30:11] [CFO - 00:16:10] 成本毛利 • 27Q2 毛利率為 51.5%，環比提升 40 個基點，較去年同期提升 190 個基點，主要受營運槓桿推動。公司在多方面執行措施以緩解投入成本通膨，包括物料清單轉換及策略性價格調整。 [CFO - 00:12:56] • 由於金價上漲，過去幾年由金轉銅的轉換對毛利率造成約 200 個基點的逆風。預期未來幾年價格調整將至少對毛利率持平。 [CFO - 00:43:04] 原物料／關鍵零組件 • 公司在技術可行範圍內將零件由金線轉為銅線，以結構性降低製造成本並抵銷原料通膨。新銅製產品將於 27Q3 開始出貨。 [CFO - 00:15:46] 銷售／管理／研發費用 • 27Q2 營運費用為 8600 萬美元，符合該銷售水平預期。27Q3 營運費用預計約為 8700 萬美元，上下 100 萬美元。 [CFO - 00:16:30] 擴廠規劃 • 公司將於 27Q3 及第四季增加產能，特別是在後段測試環節，以領先成長需求。 [CEO - 00:22:02] 營業利益 • 27Q2 營業利潤率為銷售額的 20.6%，較第一季的 19.4% 及 26Q2 的 13.9% 提升。 [CFO - 00:16:40] 業外損益 • 27Q2 利息費用為 400 萬美元。27Q3 預計利息費用為 400 萬美元。 [CFO - 00:17:00] 稅率 • 27Q2 實際稅率為 10.2%。公司預期 27Q3 稅率為 10%。 [CFO - 00:16:56] 股本、增資、可轉換債券、庫藏股 • 第二季度稀釋後股數為 1.88 億股。公司估計 27Q3 加權平均稀釋後股數將為 1.88 億股。 [CFO - 00:17:03] 現金、現金流 • 公司於 27Q2 末持有現金總額 2.01 億美元。第二季營運現金流為 3700 萬美元，資本支出為 600 萬美元，自由現金流為 3100 萬美元。 [CFO - 00:17:30] 長短期借款 • 公司於 27Q2 末有期貸款債務為 2.85 億美元，淨債務為 8400 萬美元。於 27Q3 的 9 月 30 日進行了額外 2500 萬美元的自願債務償還。 [CFO - 00:17:47] 應收帳款 • 第二季度應收帳款天數為 36 天，與第一季的 35 天相當。 [CFO - 00:17:55] Transcript Presentation Victor - Operator
(00:00:01)Good morning, and welcome to the Allegro Microsystems second quarter fiscal year 2027 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, we will open the floor for questions. To ask a question during the session, please press star 11 on your telephone. You will then hear an automated message confirming your hand is raised. To withdraw your question, please press star 101 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jalene Hoover, Vice President of Investor Relations and Corporate Communications.
(00:00:01)早安，歡迎參加 Allegro Microsystems 2027 財政年度第二季財報電話會議。此時，所有參與者均處於僅聆聽模式。在發言者的報告後，我們將開放提問環節。在會議期間提問，請按電話上的星號 11 鍵。您將聽到一條自動消息，確認您的提問已被提出。若要撤回您的問題，請再次按星號 101 鍵。請注意，今天的會議正在錄音。現在我將會議交給投資者關係及企業傳訊副總裁 Jalene Hoover。
Jalene Hoover - ALGM, Investor Relation
(00:00:39)Thank you, Victor. Good morning, and thank you for joining us today to discuss Allegro's second quarter fiscal year 2027 results. I'm joined today by Allegro's President and Chief Executive Officer, Mike Doogue, and Chief Financial Officer, Derek D'Antilio. They will provide highlights of our business, review our second quarter 2027 financial results, and share our outlook for the third quarter. We will follow our prepared remarks with a Q&A session. Today's call includes remarks about future expectations, plans, and prospects, which are forward-looking statements.
(00:00:39)謝謝你，Victor。早安，感謝您今天加入我們，討論 Allegro 2027 財政年度第二季的業績。今天我與 Allegro 的總裁兼首席執行官 Mike Doogue 和首席財務官 Derek D'Antilio 一同參加。他們將提供我們業務的亮點，回顧我們的 2027 財政年度第二季財務結果，並分享我們對第三季的展望。我們將在準備好的發言後進行問答環節。今天的電話會議包括對未來期望、計劃和前景的評論，這些都是前瞻性聲明。
Jalene Hoover - ALGM, Investor Relation
(00:01:16)Such statements are based on current expectations and assumptions as of today's date and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated or projected on this call. The company assumes no obligation to update these statements except as required by law. For a discussion of these risks and uncertainties, please refer to today's press release and the risk factors contained in our periodic SEC filings. Additionally, we will refer to non-GAAP financial measures during today's call.
(00:01:16)此類聲明基於截至今天的當前期望和假設，並受到風險和不確定性的影響，這可能導致實際結果和事件與本次會議中預期或預測的結果有重大差異。公司不承擔更新這些聲明的義務，除非法律要求。有關這些風險和不確定性的討論，請參閱今天的新聞稿及我們定期向 SEC 提交的風險因素。此外，我們在今天的電話會議中將提及非 GAAP 財務指標。
Jalene Hoover - ALGM, Investor Relation
(00:01:51)Today's earnings press release, available on the investor relations page of our website at www.allegro-micro.com, contains important information about our non-GAAP financial presentation and includes reconciliations of our non-GAAP financial measures to the most directly comparable GAAP measures. This call is also being webcast, and a replay will be available shortly in the events and presentations section of our IR page. It is now my pleasure to turn the call over to Allegro's President and CEO, Mike Doogue.
(00:01:51)今天的財報新聞稿可在我們網站的投資者關係頁面 www.allegro-micro.com 上獲得，包含有關我們非 GAAP 財務報告的重要信息，並包括我們的非 GAAP 財務指標與最直接可比的 GAAP 指標的調整。此次通話也正在網絡直播，重播將很快在我們的 IR 頁面的活動和演示部分提供。現在我很高興將通話交給 Allegro 的總裁兼首席執行官 Mike Doogue。
Jalene Hoover - ALGM, Investor Relation
(00:02:25)Mike?
(00:02:25)Mike？
Mike Doogue - ALGM, CEO
(00:02:27)Thank you very much, Jalene Hoover, and good morning. Thank you all for joining our second quarter 2027 earnings call. We saw continued strong momentum in fiscal Q2, delivering our seventh consecutive quarter of sequential sales growth. Second quarter sales were $277 million, above the high end of our guidance range, representing a 29% increase year over year. Non-GAAP EPS was 26 cents, doubling compared to the second quarter of fiscal 2026. I am pleased to report that our forward demand signals are flashing green.
(00:02:27)非常感謝你，Jalene Hoover，早安。感謝大家參加我們的 2027 財政年度第二季財報電話會議。我們在 2027 財政年度第二季持續保持強勁的增長勢頭，實現了連續第七個季度的銷售增長。第二季銷售額為 2.77 億美元，超過我們指導範圍的高端，同比增長 29%。非 GAAP 每股收益為 26 美分，較 2026 財政年度第二季翻了一番。我很高興地報告，我們的前瞻需求信號顯示出積極的趨勢。
Mike Doogue - ALGM, CEO
(00:03:05)In Q2, we delivered our highest quarterly design win performance since our 2020 IPO. Total design wins increased nearly 40% year over year. This success is directly translating into our order book. Bookings increased for the eighth consecutive quarter, up 45% year over year, and our backlog continued to expand across our automotive and industrial end markets. In our Analyst Day earlier this year, we outlined our strategy to drive mid-teen sales growth through dollar content and share gains in secular growth markets.
(00:03:05)在第二季，我們實現了自 2020 年首次公開募股以來最高的季度設計贏得表現。總設計贏得同比增長近 40%。這一成功直接轉化為我們的訂單簿。訂單連續第八個季度增長，同比增長 45%，我們的訂單積壓在汽車和工業終端市場持續擴大。在今年早些時候的分析師日上，我們概述了通過美元內容和在持續增長市場中的市場份額增長來推動中等十幾的銷售增長的策略。
Mike Doogue - ALGM, CEO
(00:03:41)These design win, booking, and backlog metrics, combined with stronger auto and industrial sales growth, indicate that our strategy is progressing ahead of schedule. In automotive, second quarter sales grew 4% sequentially and 11% year over year. This marks the sixth consecutive quarter of double-digit year-over-year growth within our automotive business, and we expect this momentum to continue. Our auto sales growth is underpinned by architectural shifts toward electrification of the powertrain, the transition to advanced safety systems, and the shift to electronic architectures in steering and braking.
(00:03:41)這些設計贏得、訂單和訂單積壓指標，加上汽車和工業銷售增長的強勁，表明我們的策略正在提前進展。在汽車領域，第二季銷售環比增長 4%，同比增長 11%。這標誌著我們汽車業務連續第六個季度實現了雙位數的同比增長，我們預計這一勢頭將持續。我們的汽車銷售增長得益於動力系統電氣化的架構轉變、向先進安全系統的過渡，以及在轉向和制動中向電子架構的轉變。
Mike Doogue - ALGM, CEO
(00:04:25)As a result, automotive design wins hit a new record in the second quarter, with more than 75% of these wins in xEV and ADAS systems. For example, During the quarter, we secured an impactful, highly strategic design win with a leading North American EV manufacturer, capturing direct market share from a competitor. We won this OEM's next-generation onboard charger platform, utilizing our higher-bandwidth 5 MHz current sensors. In addition, with this same OEM, we secured a major motor driver win in their vehicle cooling system.
(00:04:25)因此，第二季汽車設計贏得創下新紀錄，其中超過 75% 的贏得來自 xEV 和 ADAS 系統。例如，在本季度，我們與一家領先的北美電動車製造商獲得了一個具有影響力的戰略設計贏得，從競爭對手那裡獲得了直接市場份額。我們贏得了這家 OEM 的下一代車載充電器平台，利用我們的高帶寬 5 MHz 電流傳感器。此外，與這家 OEM 一起，我們在其車輛冷卻系統中獲得了一個主要的馬達驅動贏得。
Mike Doogue - ALGM, CEO
(00:05:05)These are large wins with initial product shipments expected within the next 12 months. At ADAS, we recently secured a strategic electronic power steering design with a leading Japanese OEM, gaining market share with our safety-grade, high-accuracy magnetic position sensors. This win illustrates a broader trend. Today, as automakers upgrade traditional steering and braking systems to support higher levels of autonomy, they require ICs that are more precise and can deliver higher levels of automotive safety.
(00:05:05)這些都是大型贏得，預計初始產品出貨將在接下來的 12 個月內進行。在 ADAS 領域，我們最近與一家領先的日本 OEM 獲得了一個戰略電子助力轉向設計，利用我們的安全級高精度磁性位置傳感器獲得了市場份額。這一贏得展示了一個更廣泛的趨勢。今天，隨著汽車製造商升級傳統的轉向和制動系統以支持更高水平的自主性，他們需要更精確的 IC，並能提供更高水平的汽車安全性。
Mike Doogue - ALGM, CEO
(00:05:40)This upgrade cycle is a significant growth multiplier for us, driving our dollar content per vehicle higher and fueling our ADAS design wins in the second quarter. As a reminder, our dollar content per braking system can increase by roughly four times when an automaker transitions to electromechanical braking, otherwise known as EMB. EMB is no longer just a future opportunity. This quarter, one of our customers is actively shipping multiple Allegro ICs in one of the world's first vehicles to deploy EMB systems.
(00:05:40)這一升級週期對我們來說是一個重要的增長乘數，推動我們每輛車的美元內容上升，並促進我們在第二季的 ADAS 設計贏得。提醒一下，我們每個制動系統的美元內容在汽車製造商轉向電機制動時可以增加約四倍，也就是所謂的 EMB。EMB 不再僅僅是未來的機會。本季度，我們的一位客戶正在積極運送多個 Allegro IC，這是全球首批部署 EMB 系統的車輛之一。
Mike Doogue - ALGM, CEO
(00:06:18)This strong content and market dynamic support Allegro's continued growth in the broader automotive market. Moving to our industrial and other businesses, second-quarter sales increased 11% sequentially and 79% year over year, setting a new record. Data Center also achieved record sales of $46 million in the second quarter, growing more than 150% year over year. Almost every time I speak with one of our marketing or product managers, I hear fresh and highly positive customer feedback. This feedback often concerns our data center solutions or new business wins with both new and existing data center customers.
(00:06:18)這強勁的內容和市場動態支持 Allegro 在更廣泛的汽車市場中的持續增長。轉向我們的工業及其他業務，第二季度銷售環比增長 11%，同比增長 79%，創下新紀錄。數據中心在第二季度也創下了 4600 萬美元的銷售記錄，同比增長超過 150%。幾乎每次我與我們的市場或產品經理交談時，我都會聽到新鮮且高度正面的客戶反饋。這些反饋通常涉及我們的數據中心解決方案或與新舊數據中心客戶的新業務獲得。
Mike Doogue - ALGM, CEO
(00:07:05)Why? Just one example. The escalating power and higher voltage demands of modern AI workloads directly drive demand for our current sensor portfolio. As rack power densities surge, legacy resistive shunts and bulky transformers historically used to measure current in server power supplies generate excessive heat and occupy too much space. These thermal and spatial constraints in data centers, combined with the critical need for high-voltage isolation, are accelerating adoption of our advanced magnetic current sensors in high-density power supplies.
(00:07:05)為什麼？只舉一個例子。現代 AI 工作負載不斷上升的功率和更高的電壓需求直接推動了我們當前傳感器產品組的需求。隨著機架功率密度的激增，歷史上用於測量伺服器電源中的電流的傳統電阻分流器和笨重變壓器產生過多的熱量並佔用過多空間。數據中心中的這些熱和空間限制，加上對高壓隔離的迫切需求，加速了我們先進磁性電流傳感器在高密度電源中的採用。
Mike Doogue - ALGM, CEO
(00:07:44)During the quarter, our current sensors secured more than 10 design wins with top Taiwanese power supply providers for use in hyperscaler power supply units, battery backup units, and UPS systems. These power systems range from 5 to 30 kilowatts and include wins across new 800-volt architectures. These were major high-value wins, and as a result, our current sensor design wins for data center applications more than doubled sequentially this quarter. These wins underpin the rapid and near-term growth of our current sensors in the data center.
(00:07:44)在本季度，我們的電流傳感器在頂尖的台灣電源供應商中獲得了超過 10 個設計贏得，用於超大規模電源單元，電池備份單元和 UPS 系統。這些電源系統的功率範圍從 5 到 30 千瓦，並包括在新的 800 伏架構中的獲勝。這些都是重大高價值的獲勝，因此，本季度我們在數據中心應用中的電流傳感器設計贏得環比增長超過一倍。這些獲勝支撐了我們電流傳感器在數據中心的快速和短期增長。
Mike Doogue - ALGM, CEO
(00:08:23)Wins like these, along with sticky and diversified new products, support our strategy to significantly grow Allegro's data center dollar content opportunity from $150 to more than $425 per rack. Of course, we continue to invest in R&D to fuel growth. In data center, earlier this week, we launched new higher isolation current sensors, footprint-shrinking isolated gate drivers, and intelligent 48-volt fan drivers to help developers deliver massive computing performance upgrades without increasing heat, power consumption, or physical size.
(00:08:23)像這樣的獲勝，以及持久且多樣化的新產品，支持我們的策略，將 Allegro 的數據中心美元內容機會從 150 美元顯著增長到每個機架超過 425 美元。當然，我們繼續投資於研發以促進增長。在數據中心，本週早些時候，我們推出了新的高隔離電流傳感器、縮小佔地面積的隔離閘極驅動器，以及智能 48 伏風扇驅動器，以幫助開發人員在不增加熱量、功耗或物理尺寸的情況下提供大規模計算性能升級。
Mike Doogue - ALGM, CEO
(00:09:07)Now, automation and robotics, where we continue to innovate and secure highly strategic foundational sockets for the next generation of physical AI. During the quarter, we secured a strategic design win with a leading Asian robotics developer who selected our discrete, high-precision current sensors to monitor heavy power loads across their humanoid's primary drive joints. Earlier this month, we also secured a major win with a leading Chinese humanoid supplier. This humanoid company selected our market-leading, high-precision inductive position sensor ICs for their large joints.
(00:09:07)現在，自動化和機器人技術，我們繼續創新並為下一代物理 AI 獲得高度戰略性的基礎插座。在本季度，我們與一家領先的亞洲機器人開發商獲得了一個戰略設計贏得，他們選擇了我們的離散高精度電流傳感器來監控其人形機器人主要驅動關節的重載。本月早些時候，我們還與一家領先的中國人形機器人供應商獲得了一個重大獲勝。這家人形機器人公司選擇了我們市場領先的高精度感應位置傳感器 IC 用於其大型關節。
Mike Doogue - ALGM, CEO
(00:09:47)This program will use approximately 60 ICs per humanoid and is ramping to production within six months. While advanced robotics represents a multi-year revenue ramp, our current design wins and momentum are establishing foundational market share for the future. Humanoid robotic hands also present extreme spatial and thermal constraints, well aligned with Allegro's integration capabilities. I'm excited to share that in fiscal Q3, we will begin sampling our newest robotics innovation: the industry's first fully integrated magnetic sensor and motor driver IC designed specifically for humanoid hands and fingers.
(00:09:47)該計劃將每個人形機器人使用約 60 個 IC，並在六個月內進入生產。雖然先進的機器人技術代表著多年的收入增長，但我們當前的設計贏得和勢頭正在為未來建立基礎市場份額。人形機器人的手也面臨極端的空間和熱量限制，與 Allegro 的整合能力非常契合。我很高興地分享，在財政第三季度，我們將開始取樣我們最新的機器人創新：業界首個專為人形手和手指設計的全集成磁性傳感器和馬達驅動 IC。
Mike Doogue - ALGM, CEO
(00:10:31)By combining high-precision TMR magnetic sensors and intelligent power drivers into a single ultra-compact chip, we provide robotics designers the exact component needed to achieve near-human dexterity. Early customer interest is incredibly strong, which validates our strategy to increase dollar content per humanoid through highly differentiated integrated IC solutions for the hand. Sales to other industrial end markets—including personal and industrial transport, broad-based industrial, medical, energy infrastructure, and consumer—delivered a fourth consecutive quarterly sales increase.
(00:10:31)通過將高精度 TMR 磁性傳感器和智能功率驅動器集成到一個超緊湊的芯片中，我們為機器人設計師提供了實現近人類靈活性的精確組件。早期客戶的興趣非常強烈，這驗證了我們的策略，即通過高度差異化的集成 IC 解決方案來增加每個人形機器人的美元內容。銷售給其他工業終端市場——包括個人和工業運輸、廣泛的工業、醫療、能源基礎設施和消費品——實現了第四個連續季度的銷售增長。
Mike Doogue - ALGM, CEO
(00:11:16)We are encouraged by the broad adoption of our technologies across this highly diversified customer base. Looking ahead, we view energy infrastructure as a particularly exciting future growth vector for our business. As the AI data center build-out accelerates, it drives urgent demand for solid-state transformers, solid-state circuit breakers, and battery energy storage systems. Within our energy infrastructure business in Q2, our silicon carbide high-voltage gate driver secured its first major design win with a leading solar provider for their next-generation inverters.
(00:11:16)我們對我們的技術在這個高度多樣化的客戶基礎中的廣泛採用感到鼓舞。展望未來，我們認為能源基礎設施是我們業務特別令人興奮的未來增長向量。隨著 AI 數據中心的建設加速，對固態變壓器、固態斷路器和電池儲能系統的需求變得迫切。在我們的能源基礎設施業務中，第二季度，我們的碳化矽高壓閘極驅動器與一家領先的太陽能供應商獲得了首個重大設計贏得，用於他們的下一代逆變器。
Mike Doogue - ALGM, CEO
(00:11:57)This win serves as a strong initial validation of our new technology. We are seeing strong, accelerating pipeline growth across the high-voltage gate driver portfolio in energy infrastructure, EV traction inverters, and data center and power infrastructure. To wrap up, leading indicators across our business give us high confidence in exceeding our target model of mid-teens annual sales growth. With record design wins, a robust backlog, and expanding content in our target markets, we are extremely well positioned at the intersection of the world's most critical megatrends.
(00:11:57)這一獲勝作為我們新技術的強有力初步驗證。我們在高壓閘極驅動器產品組中看到強勁的加速管道增長在能源基礎設施、電動車牽引逆變器以及數據中心和電力基礎設施中。總結來說，我們業務中的領先指標讓我們對超過中位數十幾的年銷售增長目標充滿信心。隨著設計贏得創紀錄、強大的訂單積壓以及在我們目標市場中的內容擴大，我們在全球最關鍵的巨型趨勢交匯處的定位非常良好。
Mike Doogue - ALGM, CEO
(00:12:37)I'll now turn the call over to Derek to provide additional details on our financial performance and third-quarter outlook.
(00:12:37)現在我將把電話轉交給 Derek，提供有關我們財務表現和第三季度展望的更多細節。
Derek D'Antilio - ALGM, CFO
(00:12:45)Thank you, Mike, and good morning, everyone. Starting with our second-quarter results: sales were $277 million, and non-GAAP earnings per share were $0.26. As a percentage of sales, gross margin was 51.5%, operating margin was 20.6%, and adjusted EBITDA margin was 25%. Total Q2 sales increased 7% sequentially and 29% year over year. Sales to our automotive customers increased 4% quarter-over-quarter to $173 million and 11% year over year. I'd also like to mention that auto inventories remain lean, and we do not see signs of restocking this quarter.
(00:12:45)謝謝你，Mike，大家早上好。從我們的第二季度結果開始：銷售額為 2.77 億美元，非 GAAP 每股收益為 0.26 美元。作為銷售的百分比，毛利率為 51.5%，營業利潤率為 20.6%，調整後的 EBITDA 利潤率為 25%。第二季度總銷售額環比增長 7%，同比增長 29%。銷售給我們的汽車客戶環比增長 4%，達到 1.73 億美元，同比增長 11%。我還想提到，汽車庫存仍然緊張，我們在本季度沒有看到補貨的跡象。
Derek D'Antilio - ALGM, CFO
(00:13:32)In addition, our forward-looking metrics give us confidence in continued growth in automotive sales. As Mike Doogue mentioned, we achieved a record number of design wins in the second quarter, with strong demand across all regions. Bookings increased by 33% sequentially and 50% year-over-year. Industrial and other sales rose 11% sequentially and 79% year-over-year to $104 million, surpassing $100 million in industrial and other sales for the first time at Allegro. Data center sales in Q2 reached a record $46 million, growing more than 150% year-over-year, and remain on track to more than double in fiscal 2027.
(00:13:32)此外，我們的前瞻性指標使我們對汽車銷售的持續增長充滿信心。正如 Mike Doogue 提到的，我們在第二季度創下了設計獲勝數量的紀錄，各地區需求強勁。訂單量按季度增長了 33%，同比增長了 50%。工業及其他銷售按季度增長了 11%，同比增長了 79%，達到 1.04 億美元，首次在 Allegro 的工業及其他銷售中超過 1 億美元。第二季度數據中心銷售達到創紀錄的 4600 萬美元，同比增長超過 150%，並且仍然有望在 2027 財年翻倍。
Derek D'Antilio - ALGM, CFO
(00:14:19)From a product perspective, magnetic sensor sales increased 5% sequentially to $158 million and 21% year-over-year. Sales of our power products increased 9% sequentially, reaching $119 million, a 42% increase year-over-year. Sales by geography on a shift-to basis were as follows. Thirty-three percent of sales were in what we term Rest of Asia, including Korea, Taiwan, and India; 25% in China; 16% in Japan; 14% in the Americas; and 12% in Europe. Sales to all geographies grew sequentially and year-over-year in fiscal Q2.
(00:14:19)從產品的角度來看，磁性傳感器的銷售按季度增長了 5%，達到 1.58 億美元，同比增長了 21%。我們的電源產品銷售按季度增長了 9%，達到 1.19 億美元，同比增長 42%。按地區劃分的銷售情況如下。銷售的 33% 來自我們所稱的亞洲其他地區，包括韓國、台灣和印度；25% 來自中國；16% 來自日本；14% 來自美洲；12% 來自歐洲。在財政第二季度，所有地區的銷售均按季度和同比增長。
Derek D'Antilio - ALGM, CFO
(00:15:07)Turning to Q2 profitability, gross margin was 51.5%, up 40 basis points sequentially from 51.1%, and improved 190 basis points year-over-year, driven largely by operating leverage. Beyond outgrowing our target markets, operational excellence and gross margin expansion remain top priorities. To help mitigate industry-wide input cost inflation, we are aggressively executing on multiple fronts. First, we are driving factory efficiencies through bill of material transitions. For example, we are converting parts from gold to copper wire where technically feasible.
(00:15:07)轉向第二季度的盈利能力，毛利率為 51.5%，比第一季度的 51.1% 增加了 40 個基點，同比增長了 190 個基點，主要受益於經營槓桿。除了超越我們的目標市場，營運卓越和毛利率擴張仍然是我們的首要任務。為了幫助減輕行業普遍的原材料成本通脹，我們正在多方面積極執行。首先，我們通過物料清單轉換來提高工廠效率。例如，我們在技術上可行的情況下，將零件從金線轉換為銅線。
Derek D'Antilio - ALGM, CFO
(00:15:52)Shipments of these new copper products will begin in fiscal Q3, structurally lowering our manufacturing costs to directly offset raw material inflation. Second, we are implementing strategic price increases. These are balanced and intended to protect gross margins. Pricing actions to date have largely been within our industrial and catalog businesses, with most auto contract renewals and price increases effective January 1st. As a result of these and other actions, we expect to continue making meaningful progress toward our gross margin target of greater than 55%.
(00:15:52)這些新銅產品的出貨將在財政第三季度開始，結構性降低我們的製造成本，以直接抵消原材料通脹。第二，我們正在實施戰略性價格上調。這些價格上調是平衡的，旨在保護毛利率。到目前為止的定價行動主要集中在我們的工業和目錄業務，大多數汽車合同的續約和價格上調將於 1 月 1 日生效。由於這些及其他行動，我們預計將繼續在超過 55% 的毛利率目標上取得顯著進展。
Derek D'Antilio - ALGM, CFO
(00:16:30)Moving down to the P&L, operating expenses were $86 million, within our expectations at this sales level. Operating margin was 20.6% of sales, compared to 19.4% in Q1, and increased 670 basis points from 13.9% in Q2 of fiscal 2026. The effective tax rate for the quarter was 10.2%. Interest expense was $4 million. The second quarter diluted share count was 188 million shares, and net income was $48 million. EPS was 26 cents, increasing 13% sequentially and 100% year-over-year on sales increases of 7% and 29%, respectively, demonstrating significant operating
(00:16:30)轉向損益表，營運費用為 8600 萬美元，符合我們在此銷售水平的預期。營運利潤率為銷售的 20.6%，相比第一季度的 19.4% 增加了 670 個基點，較 2026 財年第二季度的 13.9% 增加。本季度的有效稅率為 10.2%。利息支出為 400 萬美元。第二季度的稀釋股份數為 1.88 億股，淨利潤為 4800 萬美元。每股收益為 26 美分，按季度增長 13%，同比增長 100%，銷售分別增長 7% 和 29%，顯示出我們業務的顯著經營
Speaker01
(00:17:24)leverage in our business model.
(00:17:24)槓桿。
Derek D'Antilio - ALGM, CFO
(00:17:30)Moving to the balance sheet and cash flow, we ended Q2 with total cash of $201 million. Q2 cash flow from operations was $37 million. Capital expenditures were $6 million. Free cash flow was $31 million. We ended Q2 with term loan debt of $285 million and net debt of $84 million. From a working capital perspective, second quarter DSO was 36 days, consistent with 35 days in Q1, and inventory days were 117, down from 128 days in fiscal Q1. Finally, I will now turn to our Q3 fiscal 2027 outlook. We expect third quarter sales to be in the range of $278 to $288 million.
(00:17:30)轉向資產負債表和現金流，我們在第二季度結束時的現金總額為 2.01 億美元。第二季度的經營現金流為 3700 萬美元。資本支出為 600 萬美元。自由現金流為 3100 萬美元。我們在第二季度結束時的定期貸款債務為 2.85 億美元，淨債務為 8400 萬美元。從營運資本的角度來看，第二季度的應收賬款天數為 36 天，與第一季度的 35 天一致，庫存天數為 117 天，較 2026 財年第一季度的 128 天下降。最後，我現在將轉向我們 2027 財年第三季度的展望。我們預計第三季度銷售將在 2.78 億至 2.88 億美元之間。
Derek D'Antilio - ALGM, CFO
(00:18:23)The midpoint of this range represents a 23% year-over-year increase. Additionally, we expect the following, all on a non-GAAP basis. Gross margin is expected to be between 51.5% and 52.5%. Operating expenses are projected to be $87 million, plus or minus $1 million. Interest expense is projected to be $4 million. We also made another voluntary debt payment of $25 million on September 30th, which falls within fiscal Q3. We expect our tax rate to be 10%. We estimate our weighted average diluted share count will be 188 million shares.
(00:18:23)此範圍的中點代表同比增長 23%。此外，我們預計以下所有數據均為非 GAAP 基準。預計毛利率將在 51.5% 至 52.5% 之間。營運費用預計為 8700 萬美元，正負 100 萬美元。預計利息支出為 400 萬美元。我們還在 9 月 30 日進行了另一筆 2500 萬美元的自願還款，這將在財政第三季度內進行。我們預計稅率將為 10%。我們估計加權平均稀釋股份數將為 1.88 億股。
Derek D'Antilio - ALGM, CFO
(00:19:08)As a result, we expect non-GAAP EPS to be between 25 and 29 cents per share, with the midpoint implying an 80% year-over-year increase. Now, I'll turn the call back over to Jalene Hoover for your questions.
(00:19:08)因此，我們預計非 GAAP 每股收益將在 25 美分至 29 美分之間，中點意味著同比增長 80%。現在，我將把電話交回給 Jalene Hoover 以回答您的問題。
Jalene Hoover - ALGM, Investor Relation
(00:19:22)Thank you, Derek. This concludes management's prepared remarks. Before we open the call for your questions, I'd like to share our third fiscal quarter conference schedule with you. We will attend RBC's Global Technology, Internet, Media, and Telecommunications Conference on November 17th in New York City, and the 30th Annual UBS Global Technology and AI Conference on December 1st and 2nd in Scottsdale, Arizona, as well as Wells Fargo's 10th Annual TMT Summit on December 8th in Rancho Palos Verdes, California.
(00:19:22)謝謝你，Derek。這結束了管理層的準備發言。在我們開放提問之前，我想與您分享我們第三財季的會議日程。我們將於 11 月 17 日在紐約市參加 RBC 的全球科技、互聯網、媒體和電信會議，以及 12 月 1 日和 2 日在亞利桑那州斯科茨代爾舉行的第 30 屆瑞銀全球科技與人工智慧會議，還有 12 月 8 日在加利福尼亞州蘭喬帕洛斯維德斯舉行的富國銀行第 10 屆年度 TMT 峰會。
Jalene Hoover - ALGM, Investor Relation
(00:19:57)We will also participate in Barclays' 25th Annual Global Technology Conference on December 9th in San Francisco. Finally, we will attend the 55th Annual NASDAQ Investor Conference in association with Morgan Stanley on December 9th in London. We will now open the call for your questions. Victor, please review the Q&A instructions.
(00:19:57)我們還將參加 12 月 9 日在舊金山舉行的巴克萊第 25 屆年度全球科技會議。最後，我們將於 12 月 9 日在倫敦參加與摩根士丹利聯合舉辦的第 55 屆納斯達克投資者會議。現在我們將開放提問。Victor，請回顧一下問答指示。
Victor - Operator
(00:20:17)Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, press star 11 again. To allow everyone an opportunity to ask a question, please limit yourself to one question with one follow-up. Please stand by while we compile the Q&A roster. One moment for our first question. Our first question on the conference line is from Joe Quattrocchi of Wells Fargo. Your line is open.
(00:20:17)謝謝。提醒您，若要提問，請在電話上按星號 11，並等待您的名字被宣佈。若要撤回您的問題，再次按星號 11。為了讓每個人都有機會提問，請限制自己提一個問題及一個後續問題。請稍候，我們正在整理問答名單。稍等一下，我們的第一個問題。我們會議線上的第一個問題來自富國銀行的 Joe Quattrocchi。您的線路已開通。
Q&A Joe Quattrocchi - Wells Fargo, Analyst
(00:20:50)Thank you for taking my question. You mentioned accelerating demand and flashing green lights for demand, along with solid design win activity. Could you help us understand, as last quarter you mentioned some delinquencies increasing and just tight back-end capacity, how are you adjusting your capacity plans? Are you changing them to keep pace with the accelerating demand you're seeing?
(00:20:50)感謝您提出我的問題。您提到需求加速和需求的綠燈信號，以及穩固的設計贏得活動。您能幫助我們理解一下嗎？因為上個季度您提到一些逾期情況增加，還有緊張的後端產能，您如何調整您的產能計劃？您是否在改變它們以跟上您所看到的需求加速？
Mike Doogue - ALGM, CEO
(00:21:21)Absolutely. Thanks, Sean. This is Mike. We are participating in growth markets. We are in growth mode. Like all customers in this environment, we are experiencing some capacity constraints. Let me provide more detail. At the wafer level, we are not seeing many constraints. The constraints we are seeing are primarily at the back end, particularly in testing. Looking at fiscal Q2, there were no major constraints in testing. Constraints began to appear more in fiscal Q3, but through prudent capital use, we are working to stay ahead of the growth market.
(00:21:21)絕對是的。謝謝，Sean。我是 Mike。我們正在參與增長市場。我們處於增長模式。像所有客戶在這種環境中一樣，我們也面臨一些產能限制。讓我提供更多細節。在晶圓層面，我們並未看到太多限制。我們所見的限制主要在後端，特別是在測試方面。看看財季第二季度，測試中沒有重大限制。限制在財季第三季度開始出現，但通過謹慎的資本使用，我們正在努力保持在增長市場之前。
Mike Doogue - ALGM, CEO
(00:22:02)We will be increasing capacity in both fiscal Q3 and Q4, to stay ahead of growth.
(00:22:02)我們將在財季第三季度和第四季度增加產能，以保持在增長之前。
Derek D'Antilio - ALGM, CFO
(00:22:07)Joe, I'll add to that. This is Derek. Capacity constraints in testing vary depending on the area. In addition to ample space at our Philippines facility, we have begun shipping from our Chinese backend OSAT, which handles probe, assembly, and test. We also have OSATs with capacity for assembly.
(00:22:07)Joe，我會補充一下。這是 Derek。測試中的產能限制因區域而異。除了我們在菲律賓設施的充足空間外，我們已經開始從我們的中國後端 OSAT 發貨，該 OSAT 處理探針、組裝和測試。我們還有具備組裝能力的 OSAT。
Joe Quattrocchi - Wells Fargo, Analyst
(00:22:30)That's helpful. As a follow-up, industrial was strong. The industrial segment was stronger than we had anticipated. Could you elaborate on the key drivers of non-data center industrial growth this quarter?
(00:22:30)這很有幫助。作為後續問題，工業部門表現強勁。工業部門的表現超出了我們的預期。您能詳細說明本季度非數據中心工業增長的主要驅動因素嗎？
Mike Doogue - ALGM, CEO
(00:22:49)Absolutely, Joe. First, we benefit from a broad set of industrial applications tied to high-growth megatrends. We are seeing a halo effect from data center growth on our energy infrastructure business. This is a trend we observe broadly. Specifically, in fiscal Q2, we gained sensor share in magnetic sensors for medical applications and saw increased sales in the personal mobility market. Overall, this indicates we have a broad
(00:22:49)絕對可以，Joe。首先，我們受益於與高增長大趨勢相關的廣泛工業應用。我們看到數據中心增長對我們的能源基礎設施業務產生了光環效應。這是一個我們廣泛觀察到的趨勢。具體來說，在財季第二季度，我們在醫療應用的磁性傳感器中獲得了傳感器市場份額，並在個人移動市場上看到銷售增長。總體而言，這表明我們在工業銷售中擁有廣泛的增長應用組合，這些應用正在開始加速。
Speaker01
(00:23:31)portfolio of growth applications in our industrial sales, which are beginning to accelerate. Thank you.
(00:23:31)謝謝。謝謝。
Victor - Operator
(00:23:43)Thank you. Our next question comes from Tom O'Malley of Barclays. Your line is now open.
(00:23:43)謝謝你。我們的下一個問題來自巴克萊的湯姆·奧馬利。您的電話線現在已開通。
Tom O'Malley - Barclays, Analyst
(00:23:50)Hi, everyone. Thanks for taking my questions. The data center segment in the September quarter increased sequentially by 2%, continuing strong year-over-year growth. Could you explain why growth was somewhat more muted compared to the previous quarters? Also, you typically provide current sensors as a percentage of the data center segment. If you could share that information, it would be appreciated.
(00:23:50)嗨，大家好。謝謝你們回答我的問題。九月季度的數據中心部門環比增長了 2%，持續強勁的同比增長。您能解釋一下為什麼增長相比前幾個季度有所減弱嗎？此外，您通常會提供數據中心部門的當前傳感器百分比。如果您能分享這些信息，我們將不勝感激。
Mike Doogue - ALGM, CEO
(00:24:12)Sure. Thank you, Tom. There are many positive growth indicators in our data center business for fiscal Q2. Most notably, our fiscal Q2 data center business grew over 150% year over year. Additionally, our design wins with current sensors are encouraging, as current sensors represent the next growth wave in our data center segment. In this quarter, our design wins for current sensors in data centers more than doubled. So, we remain very optimistic about our data center business. It is on track to more than double by fiscal year 2027, as previously stated.
(00:24:12)當然。謝謝你，湯姆。我們的數據中心業務在財政第二季度有許多積極的增長指標。最值得注意的是，我們的財政第二季度數據中心業務同比增長超過 150%。此外，我們在當前傳感器方面的設計勝利令人鼓舞，因為當前傳感器代表了我們數據中心部門的下一波增長。在這個季度，我們在數據中心的當前傳感器設計勝利增長了兩倍以上。所以，我們對數據中心業務保持非常樂觀。正如之前所述，它有望在 2027 財年之前增長超過兩倍。
Mike Doogue - ALGM, CEO
(00:24:53)We are steadily progressing along this path. We've discussed dollar content increasing from $150 per rack to over $425. With all the positive data, design wins, momentum, and encouraging conversations with sales and marketing teams, we feel confident we are advancing along that dollar content trajectory. Regarding current sensors, we disclosed that figure last quarter. However, we do not intend to share it every quarter. We provided that number to demonstrate the reality of the current sensor opportunity and its scale within our data center business.
(00:24:53)我們正在穩步推進這一進程。我們已經討論過每個機架的美元內容從 150 美元增加到超過 425 美元。在所有積極的數據、設計勝利、動力和與銷售及市場團隊的鼓舞人心的對話中，我們感到有信心我們正在推進這一美元內容的軌跡。關於當前傳感器，我們在上個季度披露了這一數字。然而，我們不打算每個季度都分享它。我們提供這個數字是為了展示當前傳感器機會的現實及其在我們數據中心業務中的規模。
Mike Doogue - ALGM, CEO
(00:25:32)Since current sensors are a larger growth driver than our motor drivers, and we are pleased with that, we wanted to highlight its growing significance in our revenue mix.
(00:25:32)由於當前傳感器是比我們的馬達驅動器更大的增長驅動因素，我們對此感到高興，因此我們想強調它在我們收入組閤中日益重要的地位。
Tom O'Malley - Barclays, Analyst
(00:25:44)Understood. That is very helpful. As a follow-up, looking at the automotive business overall, the mix between Focus Auto and eMobility has remained in the 55% to 57% range since June 2025, representing the proportion of faster-growing segments relative to core auto. So, could you explain why this spread hasn't widened? Most data suggests EVs are performing better broadly. I know you have strong content in that area. Would you expect to see more divergence between these two segments a year from now? Thank you.
(00:25:44)明白了。這非常有幫助。作為後續問題，從整體汽車業務來看，自 2025 年 6 月以來，Focus Auto 和 eMobility 之間的比例保持在 55% 到 57% 之間，代表了相對於核心汽車的增長較快的部分。所以，您能解釋一下為什麼這一差距沒有擴大嗎？大多數數據顯示，電動車的表現普遍更好。我知道您在這方面有強大的內容。您預計一年後這兩個部門之間會有更多的分歧嗎？謝謝。
Mike Doogue - ALGM, CEO
(00:26:24)If the question is whether we expect divergence in growth rates between xEV and ADAS versus the rest of automotive, the answer is yes; we absolutely expect that, as we have observed this trend over time. Currently, there is some impact from low inventory levels in automotive, where we are servicing customers who are understocked, which can cause quarter-to-quarter fluctuations. This affects the ADAS and xEV segments compared to ICE and in-cabin revenues within a given quarter. Nonetheless, I am confident the divergence will continue, with xEV and ADAS exhibiting strong automotive growth rates.
(00:26:24)如果問題是我們是否預期 xEV 和 ADAS 與其他汽車之間的增長率會出現分歧，答案是肯定的；我們絕對預期會這樣，因為我們隨著時間的推移觀察到了這一趨勢。目前，汽車行業的低庫存水平對我們造成了一些影響，我們正在為庫存不足的客戶提供服務，這可能會導致季度之間的波動。這影響了 ADAS 和 xEV 部門與內燃機和車內收入在特定季度的表現。儘管如此，我對分歧的持續存在充滿信心，xEV 和 ADAS 將展現強勁的汽車增長率。
Mike Doogue - ALGM, CEO
(00:27:10)At our Analyst Day, we presented the SAM for xEV and ADAS, which showed an 18% CAGR. This segment of the automotive market is clearly set to outpace the broader market. It is also a segment where we are performing exceptionally well. As noted previously, over 50% of our automotive revenue today comes from these two growth segments.
(00:27:10)在我們的分析師日上，我們展示了 xEV 和 ADAS 的 SAM，顯示出 18% 的年均增長率。這一汽車市場的細分顯然將超越更廣泛的市場。這也是我們表現非常出色的一個細分市場。正如之前所提到的，今天我們汽車收入的 50% 以上來自這兩個增長細分市場。
Speaker01
(00:27:42)Thank you. One moment, please, for our next
(00:27:42)謝謝。請稍等，我們的下一個
Victor - Operator
(00:27:43)question. Our next question comes from Chris Caso of Wolfe Research. Your line is open.
(00:27:43)問題。我們的下一個問題來自沃爾夫研究的克里斯·卡索。您的電話線已開通。
Chris Caso - Wolfe Research, Analyst
(00:27:52)Yes, good morning. My first question is regarding the automotive segment. To address your previous point, you mentioned automotive customers are lean on inventory, and you noted that you have not observed restocking. We have observed some tier-one customers beginning to express a desire to maintain safety stock. Could you comment more broadly on what you are seeing from those customers regarding inventory? Do you expect them to start restocking now? If so, what is the expected timeframe?
(00:27:52)是的，早上好。我的第一個問題是關於汽車部門的。為了回應您之前的觀點，您提到汽車客戶的庫存不足，並指出您沒有觀察到補貨。我們已觀察到一些一級客戶開始表達希望維持安全庫存的意願。您能否更廣泛地評論一下這些客戶在庫存方面的情況？您預期他們現在會開始補貨嗎？如果是的話，預期的時間框架是什麼？
Mike Doogue - ALGM, CEO
(00:28:29)Yes, thanks, Chris. This is Mike. We have a talented team close to our customers who monitor tier-one automotive inventory levels through direct conversations. We review this information during our monthly business reviews. Currently, many customers still maintain very low weeks of inventory. Your next question was whether customers are discussing building strategic inventory. People are now at least discussing moving away from surviving on very thin inventories, and we are having direct conversations about what it would take to increase those inventory levels, but there has been little actual activity.
(00:28:29)是的，謝謝你，Chris。我是 Mike。我們有一支優秀的團隊，與我們的客戶保持密切聯繫，通過直接對話監控一級汽車庫存水平。我們在每月的業務回顧中會檢視這些資訊。目前，許多客戶仍然維持非常低的庫存周數。您的下一個問題是客戶是否在討論建立戰略庫存。現在人們至少在討論擺脫依賴非常薄弱的庫存，我們正在進行直接對話，討論提高這些庫存水平所需的條件，但實際活動很少。
Mike Doogue - ALGM, CEO
(00:29:13)So far, these have mostly been conversations regarding inventory strategy.
(00:29:13)到目前為止，這些主要是關於庫存策略的對話。
Chris Caso - Wolfe Research, Analyst
(00:29:23)Okay, great. Thank you. The second question relates to pricing, with a few specific inquiries. Could you discuss whether pricing was a significant factor in the September quarter results and the December quarter guidance? Also, as you move forward, since you have already absorbed the cost, will pricing have a bigger impact next year? Regarding the annual pricing contracts, will those be accretive to gross margins when implemented?
(00:29:23)好的，很棒。謝謝你。第二個問題與定價有關，並有幾個具體的詢問。您能否討論一下定價在九月季度結果和十二月季度指引中是否是一個重要因素？此外，隨著您向前推進，既然您已經吸收了成本，明年的定價會有更大的影響嗎？關於年度定價合同，實施後這些合同會對毛利率有增益嗎？
Derek D'Antilio - ALGM, CFO
(00:29:59)Yes, Chris, this is Derek. In Q2, pricing did not have a meaningful impact on our September quarter results. The results were largely driven by volume increases both quarter-over-quarter and year-over-year. There are two main reasons for this. First, we are still experiencing headwinds from pricing resets with automotive customers that began on January 1, 2023, and will continue through 2026. These resets will affect the full year of 2026. Second, we started increasing prices on the long tail of our catalog business in Q2.
(00:29:59)是的，Chris，我是 Derek。在第二季度，定價對我們九月季度的結果沒有產生重大影響。結果主要是由於季度間和年同比的銷量增加所驅動。這有兩個主要原因。首先，我們仍然面臨來自自 2023 年 1 月 1 日開始的汽車客戶定價重置的逆風，這將持續到 2026 年。這些重置將影響 2026 年的整個年度。其次，我們在第二季度開始提高我們目錄業務的長尾價格。
Derek D'Antilio - ALGM, CFO
(00:30:29)More significant price increases will occur in Q3, particularly in the broader industrial segment of our business. Additionally, we will implement price increases with our automotive customers on January 1. Typically, pricing impacts are realized immediately in the quarter they occur. For example, in years with price decreases, the impact is seen in that same quarter. In 2023, we saw price increases take effect immediately. However, cost increases tend to roll into the P&L about one or two quarters later after cycling through inventory.
(00:30:29)在第三季度，特別是在我們業務的更廣泛工業領域，將會有更顯著的價格上漲。此外，我們將於 1 月 1 日對汽車客戶實施價格上漲。通常，定價影響會在發生的季度立即實現。例如，在價格下降的年份，影響會在同一季度顯現。在 2023 年，我們看到價格上漲立即生效。然而，成本上漲往往會在經過庫存循環後約一到兩個季度後反映在損益表中。
Chris Caso - Wolfe Research, Analyst
(00:31:03)Right. This implies a favorable impact on gross margins in the first quarter as a result, if it occurs.
(00:31:03)對。這意味著如果發生的話，將對第一季度的毛利率產生有利影響。
Derek D'Antilio - ALGM, CFO
(00:31:11)That is correct. We expect favorable impacts on gross margins in the third quarter, with marginal effects in the fourth quarter from these factors, and also in the first quarter of next year.
(00:31:11)是的，正確。我們預期在第三季度會對毛利率產生有利影響，而在第四季度和明年第一季度將會有邊際影響。
Gary Mobley - StoneX, Analyst
(00:31:24)Great.
(00:31:24)很好。
Derek D'Antilio - ALGM, CFO
(00:31:24)Thank you. You're welcome.
(00:31:24)謝謝你。不客氣。
Victor - Operator
(00:31:28)Our next question comes from Blayne Curtis of Jefferies. Your line is open.
(00:31:28)我們的下一個問題來自 Jefferies 的 Blayne Curtis。您的線路已開通。
Blayne Curtis - Jefferies, Analyst
(00:31:34)Hey, guys. Good morning. Thanks for taking my question. I want to revisit the data center segment. It has been growing spectacularly. I believe it is one of the fastest-growing businesses currently. I wanted to understand the relatively flat performance in September. Could you clarify whether this was due to customer lumpiness? More importantly, I want to discuss the reacceleration of growth in that business. You mentioned that design wins are expected to double. Could you provide some context regarding the timing of when these wins might materialize and the duration of visibility?
(00:31:34)嘿，大家好。早安。謝謝您回答我的問題。我想重新討論數據中心業務。它的增長非常驚人。我相信它是目前增長最快的業務之一。我想了解九月的相對平穩表現。您能否澄清這是否是由於客戶的波動性？更重要的是，我想討論該業務增長的重新加速。您提到設計贏得的預期將會翻倍。您能否提供一些關於這些贏得可能實現的時間和可見性持續時間的背景？
Blayne Curtis - Jefferies, Analyst
(00:32:04)Okay.
(00:32:04)好的。
Mike Doogue - ALGM, CEO
(00:32:07)Yes, Blaine, this is Mike. I'm glad you asked because there are clear explanations, all of which are positive. Looking at our quarter ending in June, it was a period of significant growth. I believe data center revenue increased by more than 30% that quarter. This growth was driven by customers responding to several large new programs preparing to ramp up. Since then, there has been some timing variability, which is normal and not negative, as you noted. Those major programs were delayed by one or two quarters, which partly explains the more moderate quarter-over-quarter growth rates we're seeing.
(00:32:07)是的，布萊恩，這裡是邁克。我很高興您問這個問題，因為有明確的解釋，所有的解釋都是正面的。看看我們在六月結束的季度，這是一個顯著增長的時期。我相信數據中心的收入在那個季度增長了超過 30%。這一增長是由於客戶對幾個大型新項目的反應，這些項目正在準備啟動。自那時以來，出現了一些時間變化，這是正常的，並不是負面的，正如您所指出的。這些主要項目延遲了一到兩個季度，這部分解釋了我們看到的較為溫和的季度增長率。
Mike Doogue - ALGM, CEO
(00:32:48)This quarter, data center growth was 4%, setting a new record. However, when considering the rollout of these large programs, there is potential for significantly higher numbers. Nothing has changed in that regard. These major programs are forthcoming and will occur in the very near future. For your information, the delays appear related to some 800-volt programs with hyperscalers.
(00:32:48)本季度，數據中心的增長為 4%，創下新紀錄。然而，考慮到這些大型項目的推出，潛在的數字可能會顯著更高。在這方面沒有任何變化。這些主要項目即將到來，將在不久的將來發生。供您參考，延遲似乎與一些 800 伏的超大規模項目有關。
Blayne Curtis - Jefferies, Analyst
(00:33:16)Thank you. Moving to the automotive side, you provided strong commentary on the design pipeline there as well. I'm not sure if you're still sharing the Focus Auto numbers, but if so, I'd be interested. Additionally, I wanted to understand the— —drivers of growth or recovery, specifically ADAS versus EV, and whether there are differences.
(00:33:16)謝謝。轉到汽車方面，您對那裡的設計管道提供了強有力的評論。我不確定您是否仍在分享 Focus Auto 的數字，但如果是的話，我會感興趣。此外，我想了解——增長或復甦的驅動因素，特別是 ADAS 與 EV 之間的區別，以及是否存在差異。
Derek D'Antilio - ALGM, CFO
(00:33:36)Yes, Blaine, I'll begin with the numbers. Interestingly, both Focus Auto and the ICE-related Safety, Comfort, and Convenience segments grew 4% sequentially and 11% year over year. As Mike mentioned, some of this reflects what we shipped during the quarter. The majority of our design wins, which Michael will elaborate on, continue to be in ADAS and xEV segments, representing a hybrid world where we are heavily incentivizing our sales teams; this segment is expected to grow over time. In fact, it has grown from about 35% of our overall automotive business to now 55%.
(00:33:36)是的，布萊恩，我將從數字開始。有趣的是，Focus Auto 和 ICE 相關的安全、舒適和便利部分均按季度增長 4%，按年增長 11%。正如邁克提到的，這部分反映了我們在季度內的出貨情況。我們的設計贏得大多數，邁克爾將進一步闡述，仍然集中在 ADAS 和 xEV 部分，代表著一個混合的世界，我們正在大力激勵我們的銷售團隊；這一部分預計將隨著時間增長。實際上，它已經從我們整體汽車業務的約 35% 增長到現在的 55%。
Derek D'Antilio - ALGM, CFO
(00:34:09)The good news is we continue to see strength in safety, comfort, convenience, and even ICE in the short term.
(00:34:09)好消息是，我們在安全、舒適、便利，甚至 ICE 方面在短期內仍然看到強勁的表現。
Mike Doogue - ALGM, CEO
(00:34:17)Thanks, Seth. Yes, and perhaps just— —I can add a bit more. Regarding the dollar content story in automotive, and I know you are familiar with it, Blaine, we move from theoretical Allegro content to $40 in an ICE car, $60 in an EV, and $100 in a BEV. As these wins come through, the dollar content story remains strong and may even be strengthening. We discussed significant new wins in automotive during our prepared remarks. Auto bookings are up 50% year over year. Additionally, our innovations, such as higher-speed current sensors gaining market share and high-voltage isolated gate drivers gaining momentum with automotive customers, support this growth.
(00:34:17)謝謝，塞斯。是的，也許只是——我可以再補充一些。關於汽車中的美元內容故事，我知道您很熟悉，布萊恩，我們從理論的 Allegro 內容轉變為 ICE 車輛中的 40 美元，EV 中的 60 美元，以及 BEV 中的 100 美元。隨著這些贏得的到來，美元內容故事仍然強勁，甚至可能在增強。我們在準備的發言中討論了汽車領域的重大新贏得。汽車訂單同比增長 50%。此外，我們的創新，例如高速電流傳感器獲得市場份額和高壓隔離閘極驅動器在汽車客戶中獲得動力，支持這一增長。
Mike Doogue - ALGM, CEO
(00:35:02)Thus, the dollar content evolution is robust. At our Analyst Day, we projected automotive growth with a CAGR exceeding 10%. As we approach fiscal year 2028, we are very confident that—
(00:35:02)因此，美元內容的演變是強勁的。在我們的分析師日上，我們預測汽車增長的年均增長率將超過 10%。隨著我們接近 2028 財政年度，我們非常有信心—
Speaker01
(00:35:17)—we can achieve those growth targets, given the strong momentum. Thank you.
(00:35:17)—我們可以實現這些增長目標，考慮到強勁的動力。謝謝。
Victor - Operator
(00:35:26)One moment, please, for our next question. Our next question comes from Gary Mobley of StoneX. Your line is now open.
(00:35:26)請稍等，我們的下一個問題。我們的下一個問題來自 StoneX 的加里·莫布利。您的線路現在開放。
Gary Mobley - StoneX, Analyst
(00:35:35)Good morning, everyone. Thank you for taking my question, and congratulations on the strong start to the fiscal year. You have highlighted strong design win lifetime value, up 35% in the first half of this fiscal year and projected up 30% in fiscal year 2026. My question is: why is the long-term revenue growth target only mid-teens percent? Is that— —design win momentum diluted by some catalog business? Or is it a function of a lag? If you could comment on that, it would be helpful.
(00:35:35)大家早上好。感謝您回答我的問題，並祝賀您在財政年度的強勁開局。您強調了設計贏得的終身價值，在本財政年度的上半年增長了 35%，並預計在 2026 財政年度增長 30%。我的問題是：為什麼長期收入增長目標僅為中十幾個百分比？是因為——設計贏得的動能被某些目錄業務稀釋了嗎？還是這是一種滯後的結果？如果您能對此發表意見，那將會很有幫助。
Mike Doogue - ALGM, CEO
(00:36:15)Sure, Gary. This is Mike. As mentioned in our prepared remarks, we believe we are ahead of our analyst day ambitions. One of those ambitions was clearly to achieve mid-teens growth. Given the positive signals we are seeing, we believe we have the potential to exceed that target. The formula was straightforward. We committed to growing our automotive business by over 10% and our industrial business closer to 20%. We are experiencing strong momentum in data centers and across our industrial markets. We also discussed the increasing dollar content in automotive.
(00:36:15)當然，Gary。我是 Mike。正如我們在準備的發言中提到的，我們相信我們已經超越了分析師日的目標。其中一個目標明顯是實現中位數的增長。鑑於我們所看到的積極信號，我們相信我們有潛力超越這一目標。這個公式很簡單。我們承諾將汽車業務增長超過 10%，工業業務接近 20%。我們在數據中心和工業市場上都經歷了強勁的增長勢頭。我們還討論了汽車領域中美元含量的增加。
Mike Doogue - ALGM, CEO
(00:36:56)Overall, we feel confident about our potential for meaningful growth going forward.
(00:36:56)總的來說，我們對未來有意義的增長潛力感到自信。
Gary Mobley - StoneX, Analyst
(00:37:02)That’s helpful, Mike. You mentioned that your automotive distribution inventory, and possibly direct inventory, is just hovering at the bottom. What about overall distribution inventory? Are you still within the 10- to 12-week target range?
(00:37:02)這很有幫助，Mike。您提到您的汽車分銷庫存，可能還有直接庫存，正好在底部徘徊。整體分銷庫存情況如何？您仍然在 10 到 12 週的目標範圍內嗎？
Derek D'Antilio - ALGM, CFO
(00:37:21)Yes, Gary, globally it is right in the middle of that range and has been steady for the last three quarters. We had another record point-of-sale quarter, and some pockets of our distribution channel have leaner inventories than preferred, which we are working to replenish, but overall inventory is within our desired range. Thanks, Gary.
(00:37:21)是的，Gary，全球範圍內正好在這個範圍的中間，並且在過去三個季度保持穩定。我們有另一個創紀錄的銷售點季度，並且我們的分銷渠道中有些區域的庫存比理想的要少，我們正在努力補充，但整體庫存在我們希望的範圍內。謝謝，Gary。
Victor - Operator
(00:37:44)Thank you. Our next question comes from Quinn Bolton of Needham and Company. Your line is open.
(00:37:44)謝謝您。我們的下一個問題來自 Needham and Company 的 Quinn Bolton。您的線路已開通。
Quinn Bolton - Needham, Analyst
(00:37:53)Hi, everyone. Thanks for taking my question. Looking ahead to the December quarter, can you share whether you expect fairly balanced growth between automotive and industrial? Also, could you provide a follow-up on isolated gate drivers?
(00:37:53)嗨，大家好。感謝您回答我的問題。展望 12 月季度，您能分享一下您是否預期汽車和工業之間的增長相對平衡嗎？另外，您能否提供有關隔離閘驅動器的後續信息？
Derek D'Antilio - ALGM, CFO
(00:38:12)Sure, Quinn. Historically, even before our IPO, the December quarter has declined about 5% sequentially. We are guiding for a 2% sequential increase at the midpoint and 23% year-over-year growth. So this is above the typical seasonal trend. The usual December quarter decline in other industrial sectors occurs as distributors in Europe, the U.S., and Japan take a year-end break. Therefore, I expect the December quarter to be led by automotive
(00:38:12)當然，Quinn。歷史上，即使在我們首次公開募股之前，12 月季度的銷售通常會環比下降約 5%。我們預測中點環比增長 2%，同比增長 23%。所以這高於典型的季節性趨勢。其他工業部門通常在 12 月季度會下降，因為歐洲、美國和日本的分銷商會在年末休假。因此，我預計 12 月季度將由汽車領導
Speaker01
(00:38:40)along with continued strength in data centers.
(00:38:40)以及數據中心的持續增強。
Quinn Bolton - Needham, Analyst
(00:38:46)Regarding isolated gate drivers, you mentioned your first win in solar. I wanted to clarify if that was the first design win for the entire product family or just for solar. Also, in the quarter, you introduced a new isolated gate driver. Previously, you discussed a second-generation isolated gate driver family. Is this new product part of that second generation, which you said could drive higher dollar content per rack in data centers?
(00:38:46)關於隔離閘驅動器，您提到您在太陽能領域的首次勝利。我想澄清一下，這是整個產品系列的首次設計勝利，還是僅僅是針對太陽能的？此外，在這個季度，您推出了一款新的隔離閘驅動器。之前，您討論了一個第二代隔離閘驅動器系列。這款新產品是您所說的第二代的一部分嗎？您提到這可以在數據中心中推動每個機架的更高美元含量？
Mike Doogue - ALGM, CEO
(00:39:25)Thanks, Quinn. This is Mike. We have had wins with isolated gate drivers. What’s exciting about the one mentioned in the prepared remarks is its larger scale. It represents a significant win. The energy infrastructure space uses power electronics similar to those in many data center applications, so we are very encouraged. While this may not directly answer your question, momentum in isolated gate drivers is strong, and we are also seeing better-than-expected growth in solid-state circuit breakers in data centers.
(00:39:25)謝謝，Quinn。我是 Mike。我們在隔離閘驅動器方面取得了勝利。在準備的發言中提到的那個令人興奮的地方是它的更大規模。這代表了一個重要的勝利。能源基礎設施領域使用的電力電子設備與許多數據中心應用中的類似，因此我們非常鼓舞。雖然這可能無法直接回答您的問題，但隔離閘驅動器的增長勢頭強勁，我們在數據中心的固態斷路器方面也看到了超出預期的增長。
Mike Doogue - ALGM, CEO
(00:40:02)New applications continue to validate the value of our parts, which suggests we could accelerate the ramp of isolated gate drivers going forward. Regarding the Gen 2 products you mentioned, they are currently sampling this quarter. There is significant customer interest, and this will represent the next wave of momentum
(00:40:02)新應用持續驗證我們零件的價值，這表明我們可以加速未來隔離閘驅動器的增長。關於您提到的第二代產品，它們目前正在本季度進行取樣。客戶的興趣非常大，這將代表下一波增長
Speaker01
(00:40:26)within the product line. Thanks, Mike.
(00:40:26)在產品線內。謝謝，Mike。
Victor - Operator
(00:40:33)Thank you. And our next question will come from Vijay Rakesh of Mizuho. Your line is open.
(00:40:33)謝謝您。我們的下一個問題將來自瑞穗的 Vijay Rakesh。您的線路已開通。
Vijay Rakesh - Mizuho, Analyst
(00:40:40)Yes, hi. Thanks, Mike and Derek. Just a quick question regarding the data center side. It appears that the $150 to $325 per rack increase is partly due to the isolated gate drivers. When do you expect the 800-volt isolated gate driver to start shipping or ramping up? Should we anticipate that in the second half of 2027, or how should we think about the timing?
(00:40:40)是的，您好。謝謝，Mike 和 Derek。關於數據中心方面，我有個簡單的問題。看起來每個機架的 $150 到 $325 的增幅部分是由於隔離閘極驅動器造成的。您預計 800 伏特的隔離閘極驅動器何時開始出貨或增產？我們應該預期在 2027 年下半年嗎？或者我們應該如何考慮這個時間安排？
Mike Doogue - ALGM, CEO
(00:41:05)Thanks, Vijay. To clarify the numbers, we're discussing $150 per rack growing to $425. Previously, I mentioned that two-thirds of that $425 comes from motor drivers and current sensors. Looking further ahead, isolated gate drivers will add several hundred dollars on top of that $425. Your question is, When could that begin? In prior calls, I indicated an 18- to 24-month horizon for the ramp of isolated gate drivers in data centers. With some new programs emerging, the initial ones are small but still meaningful.
(00:41:05)謝謝，Vijay。為了澄清數字，我們正在討論每個機架 $150 增長到 $425。之前我提到，這 $425 中有三分之二來自馬達驅動器和電流傳感器。往前看，隔離閘極驅動器將在這 $425 的基礎上增加幾百美元。您的問題是，這何時可以開始？在之前的電話會議中，我提到過隔離閘極驅動器在數據中心的增產預期為 18 到 24 個月。隨著一些新計劃的出現，最初的計劃雖然規模小，但仍然意義重大。
Mike Doogue - ALGM, CEO
(00:41:48)We might beat that previously mentioned timeline, but only time will tell.
(00:41:48)我們可能會超過之前提到的時間表，但只有時間能證明。
Vijay Rakesh - Mizuho, Analyst
(00:41:53)Got it. On the gross margin side, Derek, with the long-term target above 55%, how should we consider the impacts of pricing, mix, and foundry costs? Thanks.
(00:41:53)明白了。在毛利率方面，Derek，長期目標在 55% 以上，我們應該如何考慮價格、產品組合和代工成本的影響？謝謝。
Derek D'Antilio - ALGM, CFO
(00:42:11)We held our analyst day about seven months ago, and at that time, our gross margins were still below 50%. We are now guiding to a midpoint of 52% for the third quarter. So, we are making significant progress toward the mid-50% range. And we do not intend to stop at the mid-50s. Once we reach that point, we will continue to improve and update the model accordingly. The biggest drivers remain operating leverage. Year over year, the 290 basis point increase, and the quarter-over-quarter improvement, were driven by operating leverage.
(00:42:11)我們大約在七個月前舉行了分析師日，當時我們的毛利率仍低於 50%。我們現在預測第三季度的中位數為 52%。因此，我們在朝著中 50% 的範圍內取得了顯著進展。我們不打算止步於中 50%。一旦我們達到那個點，我們將繼續改善並相應更新模型。最大的驅動因素仍然是經營槓桿。年同比的 290 個基點增幅，以及季度環比的改善，都是由經營槓桿推動的。
Derek D'Antilio - ALGM, CFO
(00:42:42)As I mentioned earlier, we are still facing headwinds from pricing resets with automotive customers from 10 months ago. We expect to realize benefits from those resets as we move into next year. Looking ahead, operating leverage will be the primary factor in reaching the mid-50% gross margin range over the next couple of years. Bill of materials and manufacturing cost reductions are also very significant. On previous calls, I discussed how the transition from gold to copper has been a headwind of about 200 basis points over the last few years due to rising gold prices.
(00:42:42)正如我之前提到的，我們仍然面臨來自 10 個月前與汽車客戶的價格重置的逆風。我們預計在明年將實現這些重置的好處。往前看，經營槓桿將是未來幾年達到中 50% 毛利率範圍的主要因素。材料清單和製造成本的降低也非常重要。在之前的電話會議中，我討論了由於金價上漲，從金轉向銅的過程在過去幾年中造成了約 200 個基點的逆風。
Derek D'Antilio - ALGM, CFO
(00:43:15)Pricing actions are expected to be at least neutral to gross margins over the next couple of years. Additionally, as we expand our technology-rich portfolio with products like TMR and isolated gate drivers, we expect an improved product mix.
(00:43:15)預計未來幾年的價格行動至少對毛利率是中性的。此外，隨著我們擴展以 TMR 和隔離閘極驅動器等產品為主的技術豐富產品組合，我們預期產品組合會有所改善。
Speaker01
(00:43:32)Thank you. Thank you.
(00:43:32)謝謝。謝謝。
Victor - Operator
(00:43:37)Our next question will come from Vivek Arya from Bank of America. Your line is open.
(00:43:37)我們的下一個問題將來自美國銀行的 Vivek Arya。您的線路已開通。
Liam Pharr - BofA, Analyst
(00:43:44)Hi, this is Liam Pharr, filling in for Vivek. Thank you for taking my questions. Given the strong bookings, how should we think about the conversion of that gap into revenue? Is the backlog building only for fiscal 2028, or are some customers ordering further out due to supply constraints? Regarding design wins, what is the typical lag to revenue by market? Does this quarter's mix skew that lag in any particular direction?
(00:43:44)嗨，我是 Liam Pharr，代替 Vivek 提問。謝謝您回答我的問題。鑑於強勁的訂單，我們應該如何考慮將這一差距轉化為收入？後台的積壓僅僅是針對 2028 財年，還是因為供應限制，有些客戶訂購的時間更長？關於設計贏得的情況，各市場的收入滯後通常是多久？本季度的產品組合是否在某個特定方向上影響了這一滯後？
Derek D'Antilio - ALGM, CFO
(00:44:09)This is Derek. I'll start with the booking side, which represents orders currently on the books. So, we have Several quarters on the books now, extending out a couple of quarters. We continue to verify that this is where we expect to end up. We feel very confident about the next couple of quarters based on the orders currently on the books. Some of it is now starting to shift into FY28, given our current lead times.
(00:44:09)這是 Derek。我將從訂單方面開始，這代表目前的訂單情況。所以，我們有幾個季度的訂單，延續到幾個季度之後。我們繼續確認這是我們預期的結果。根據目前的訂單，我們對接下來幾個季度感到非常有信心。部分內容現在開始轉移到 FY28，考慮到我們目前的交貨時間。
Mike Doogue - ALGM, CEO
(00:44:34)Regarding design wins, the market is somewhat bifurcated. I mentioned some design wins in data center and robotics that Recent trends indicate we typically reach official design win stage and ramp those businesses within six to 12 months. These are very fast-moving markets. In automotive, especially with EVs, the time from design win to program ramp can be under a year, sometimes up to 18 months. As noted in the prepared remarks, some wins secured in FQ2 are expected to ramp within the next 12 months.
(00:44:34)關於設計贏得，市場有些分化。我提到了一些在數據中心和機器人領域的設計贏得，最近的趨勢顯示，我們通常在六到十二個月內達到正式的設計贏得階段並推動這些業務。這些市場變化非常迅速。在汽車領域，特別是電動車方面，從設計贏得到項目推進的時間可以少於一年，有時可達到 18 個月。正如準備好的發言中所提到的，FQ2 獲得的一些贏得預計會在接下來的 12 個月內推進。
Mike Doogue - ALGM, CEO
(00:45:13)So, Automotive innovators are moving from design win to production ramp faster than we saw three or four years ago.
(00:45:13)所以，汽車創新者從設計贏得到生產推進的速度比三四年前快。
Liam Pharr - BofA, Analyst
(00:45:24)Got it. Very helpful. Thank you. Regarding data center, the entire supply chain remains quite tight. Could you describe your visibility into fiscal 28? When considering fiscal 27's more than doubling, should we view fiscal 27 as a normalized trend? Should the 22% long-term growth be applied off fiscal 27 or the prior fiscal 25 base?
(00:45:24)明白了。非常有幫助。謝謝你。關於數據中心，整個供應鏈仍然相當緊張。你能描述一下你對財政 28 的可見性嗎？考慮到財政 27 的增長超過一倍，我們應該將財政 27 視為一個正常化的趨勢嗎？22% 的長期增長應該基於財政 27 還是之前的財政 25 基數？
Mike Doogue - ALGM, CEO
(00:45:57)Let me answer those questions in reverse. When assessing our data center business growth, I focus on CapEx spending trends. There are broad ranges for calendar year 27, roughly between 30% to 80%, based on what I've seen, though I'm not an expert. We use this data to engage with customers and discuss expectations. We ask them to help us forecast the next 12 to 18 months to prepare our capacity accordingly. As we grow into a major data center player, we have formalized PBRs with our customers. We bring relevant statistics to these meetings and have meaningful
(00:45:57)讓我反向回答這些問題。在評估我們的數據中心業務增長時，我專注於資本支出趨勢。根據我所見，日曆年 27 的範圍相當廣泛，大約在 30% 到 80% 之間，雖然我不是專家。我們利用這些數據與客戶進行互動並討論預期。我們請他們幫助我們預測接下來的 12 到 18 個月，以便相應地準備我們的產能。隨著我們成長成為主要的數據中心參與者，我們已經與客戶正式化了 PBR。我們在這些會議中帶來相關的統計數據，並進行有意義的
Speaker01
(00:46:45)discussions about the outlook for the next 12 to 18 months. Thank you.
(00:46:45)討論未來 12 到 18 個月的展望。謝謝你。
Victor - Operator
(00:46:55)Thank you. Your next question comes from Srini Pajjuri from RBC Capital Markets. Your line is open.
(00:46:55)謝謝你。你的下一個問題來自 RBC Capital Markets 的 Srini Pajjuri。你的線路已開通。
Srini Pajjuri - RBC Capital Markets, Analyst
(00:47:06)Thank you. Good morning, everyone. I have a couple of clarifications. First, on balance sheet inventory, Derek, it has been decreasing, and given your comments on bookings and visibility, I expected some inventory build. Could you comment on whether supply is becoming an issue or a constraint? I have a follow-up as well.
(00:47:06)謝謝你。大家早上好。我有幾個澄清問題。首先，關於資產負債表的庫存，Derek，它一直在減少，考慮到你對訂單和可見性的評論，我預期會有一些庫存增加。你能評論一下供應是否成為問題或限制嗎？我還有一個後續問題。
Derek D'Antilio - ALGM, CFO
(00:47:32)Srini, first of all, welcome. The quarter-over-quarter inventory decrease was primarily finished goods, as we shipped several million dollars to meet demand, especially through distributors. Our wafer and die bank inventory, which we monitor closely, remains healthy. We do not feel wafer supply is constrained at this time. As Mike mentioned, any capacity constraints are mix-dependent and mainly affect back-end processes, specifically testing.
(00:47:32)Srini，首先，歡迎你。季度間的庫存減少主要是成品，因為我們運送了幾百萬美元以滿足需求，特別是通過分銷商。我們密切監控的晶圓和晶片庫存仍然健康。我們目前不覺得晶圓供應受到限制。正如 Mike 提到的，任何產能限制都是依賴於產品組合，主要影響後端流程，特別是測試。
Srini Pajjuri - RBC Capital Markets, Analyst
(00:48:04)Derek, regarding input cost inflation, would you say most of it is behind us, or do you expect it to continue over the next 6 to 12 months based on supplier visibility? Is inflation ongoing for the next 6 to 12 months, or are we mostly past it?
(00:48:04)Derek，關於原材料成本通脹，你會說大部分已經過去，還是你預期在接下來的 6 到 12 個月內會持續？通脹在接下來的 6 到 12 個月內是否仍在持續，還是我們大部分已經過去？
Derek D'Antilio - ALGM, CFO
(00:48:24)Unfortunately, it's ongoing, Srini. Similar to many auto contracts starting January 1, wafer supply contracts also begin then. There are some increases associated with that. Many other contracts also renew around January 1. Commodities have started to level off but remain significantly higher than three years ago. Energy and labor costs continue to rise. So, we are aggressively pursuing multiple initiatives to mitigate these costs and improve gross margin.
(00:48:24)不幸的是，仍在持續，Srini。與許多汽車合同從 1 月 1 日開始類似，晶圓供應合同也從那時開始。與此相關的價格有所上漲。許多其他合同也在 1 月 1 日左右續約。大宗商品價格已開始平穩，但仍然顯著高於三年前。能源和勞動成本持續上升。所以，我們正在積極推進多項舉措以減輕這些成本並改善毛利率。
Srini Pajjuri - RBC Capital Markets, Analyst
(00:48:58)Got it. And maybe one more question for Mike, if I may. Mike, you mentioned the design win momentum on the humanoid side. Could you discuss how much of your current revenue comes from this market and where you see it heading over the next 12 to 18 months? Thank you.
(00:48:58)明白了。如果可以的話，還有一個問題想問 Mike。麥克，您提到人形機器人在設計獲勝方面的動能。您能否討論一下目前有多少收入來自這個市場，以及您預期在接下來的 12 到 18 個月內會有什麼變化？謝謝。
Mike Doogue - ALGM, CEO
(00:49:18)Thank you, Srini. Last quarter, we indicated that in FY27, our factory automation and robotics revenue would represent 3% to 4% of overall sales. We stated this because the dollar content opportunity in humanoid robotics, compared to the types of robots we currently supply, is significantly larger. At the low end, the multiple is about 3 times more content; at the high end, it could be as much as 10 times. We wanted to emphasize that a multiplier of 3x to 10x on a business already representing 3% to 4% of revenue is a meaningful growth driver for the company.
(00:49:18)謝謝，斯里尼。在上個季度，我們指出在 FY27，我們的工廠自動化和機器人收入將佔整體銷售的 3% 到 4%。我們這樣說是因為與我們目前供應的機器人類型相比，人形機器人的美元內容機會顯著更大。在低端，這個倍數大約是 3 倍；在高端，可能高達 10 倍。我們想強調的是，對於一個已經佔收入的 3% 到 4% 的業務，3 倍到 10 倍的倍增器是公司的重要增長驅動力。
Mike Doogue - ALGM, CEO
(00:50:06)Each of these wins we discuss validates our position. When we say there is $150 of theoretical content in a humanoid robot, and we secure wins involving 60 ICs in a single robot, it confirms this will be a strong growth driver for Allegro in the coming years.
(00:50:06)我們討論的每一個獲勝案例都驗證了我們的立場。當我們說一個人形機器人中有 150 美元的理論內容，並且我們在一個機器人中獲得了 60 個 IC 的勝利時，這證實了這將成為 Allegro 未來幾年的強勁增長驅動力。
Victor - Operator
(00:50:36)Thank you. Our next question comes from Joshua Buchalter of TD Cowen. Your line is open.
(00:50:36)謝謝。我們的下一個問題來自 TD Cowen 的喬舒亞·布哈特。您的線路已開通。
Joshua Buchalter - TD Cowen, Analyst
(00:50:46)Hello, everyone. Thanks for fitting me in, and congratulations on the results. I wanted to follow up on previous comments regarding the 800-volt pushout slowing your data center growth this quarter. I had thought your exposure was primarily related to motor drivers for air cooling. How much of your data center business today, or over the next few quarters, do you expect to be influenced by the 800-volt transition? How significant is that variable? Thank you.
(00:50:46)大家好。感謝您讓我參加，並祝賀您們的成果。我想跟進之前關於 800 伏推進減緩您數據中心增長的評論。我原以為您的風險主要與空氣冷卻的馬達驅動器有關。您預計目前或在接下來幾個季度中，您的數據中心業務有多少會受到 800 伏轉型的影響？這個變數有多重要？謝謝。
Mike Doogue - ALGM, CEO
(00:51:16)Thanks, Josh. This is Mike. Last quarter, we mentioned that 22% of our total data center business came from current sensors. These current sensors are primarily used in power supplies or power systems within data centers. That is why we consider them a significant growth driver. These sensors are effective at 400 volts. They are even more effective at 800 volts. As we continue to secure new wins in our business funnel, some remain high-voltage AC platforms, but we are increasingly seeing 800-volt DC platforms.
(00:51:16)謝謝，喬舒亞。我是麥克。在上個季度，我們提到我們的總數據中心業務中有 22% 來自電流傳感器。這些電流傳感器主要用於數據中心的電源或電力系統中。這就是為什麼我們認為它們是重要的增長驅動力。這些傳感器在 400 伏時效果良好。在 800 伏時效果更佳。隨著我們在業務漏斗中持續獲得新的勝利，一些仍然是高壓交流平台，但我們越來越多地看到 800 伏直流平台。
Mike Doogue - ALGM, CEO
(00:52:03)We are pleased with the amount of content we have in these initial 800-volt programs. Generally, the more power consumed in data centers, the better it is for both our fan drivers and especially our current sensors.
(00:52:03)我們對這些初始 800 伏計劃中的內容量感到滿意。通常，數據中心消耗的電力越多，對我們的風扇驅動器，尤其是電流傳感器越有利。
Joshua Buchalter - TD Cowen, Analyst
(00:52:19)That context is very helpful. Thank you. Thank you, Mike. On a related topic, there has been renewed optimism recently regarding the server CPU market. Could you share how much of your data center business is tied to accelerated servers versus CPUs? Have you seen a meaningful increase in the air cooling business, or is that still developing? Thank you.
(00:52:19)這個背景非常有幫助。謝謝。謝謝你，麥克。在一個相關的話題上，最近對伺服器 CPU 市場的樂觀情緒有所回升。您能分享一下您的數據中心業務中有多少與加速伺服器而非 CPU 相關嗎？您是否看到空氣冷卻業務有顯著增長，還是仍在發展中？謝謝。
Mike Doogue - ALGM, CEO
(00:52:48)Thanks, Josh. At a high level, we actually prefer seeing more CPUs for our fan business because the trend indicates significant liquid cooling on the GPU side. So, where will our fan growth come from? It will come from cooling CPUs, and notably, the growing opportunity in power supplies, where liquid cooling is generally not planned. Most of those power supplies are not intended to be liquid cooled. Therefore, we welcome the resurgence in CPUs. This is positive for the fan business, and that is why we have consistently stated that despite the rise of liquid cooling,
(00:52:48)謝謝，喬舒亞。從高層來看，我們實際上更喜歡看到更多的 CPU 用於我們的風扇業務，因為趨勢顯示 GPU 方面的液冷顯著增加。那麼，我們的風扇增長將來自哪裡？它將來自冷卻 CPU，特別是在電源中日益增長的機會，這些電源通常不計劃液冷。大多數這些電源並不打算進行液冷。因此，我們歡迎 CPU 的復甦。這對風扇業務是積極的，這就是為什麼我們一直聲明，儘管液冷的興起，
Speaker01
(00:53:30)we expect our fan business to grow over time. Thanks, Mike.
(00:53:30)我們預期我們的風扇業務將隨著時間增長。謝謝，麥克。
Victor - Operator
(00:53:39)Thank you. At this time, there are no further questions in the queue. I will now turn the call back over to Jalene Hoover for closing remarks.
(00:53:39)謝謝。此時，隊列中沒有進一步的問題。現在我將把通話交回給 Jalene Hoover 進行結語。
Jalene Hoover - ALGM, Investor Relation
(00:53:47)Thank you, Victor. This concludes today's call. Thank you all for joining us and taking the time to participate in this call this morning. We look forward to seeing you at upcoming conferences in the coming weeks.
(00:53:47)謝謝你，Victor。這次通話到此結束。感謝大家今天早上參加我們的通話，並抽出時間參與。我們期待在接下來的幾周內見到你們參加即將舉行的會議。
Victor - Operator
(00:54:00)Thank you for your participation in today's conference. This includes the program. You may now disconnect. Everyone, have a great day.
(00:54:00)感謝你們參加今天的會議。這包括了計劃內容。現在可以斷開連接。大家，祝你們有美好的一天。