VICR - Earnings call transcript Q2 2024

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Operator

Thank you for standing by, and welcome to Vicor's Second Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to hand the call over to Jim Schmidt, Chief Financial Officer. Please go ahead.

James Schmidt

Thank you. Good afternoon and welcome to Vicor Corporation's earnings call for the second quarter ended June 30, 2024. Chief Vinciarelli, and Chief Schmidt, Andover am Jim Patrizio with Executive am Financial I Officer in I Officer. a closed Phil Sales Davies, X we and markets XX. ended for and Global summarizing issued today, Marketing is X financial Corporate joining remotely. After the Vice results press release President, June our months the our press been on posted www.vicorpower.com. This the Investor website, release has Relations page of

webcast call current is system forward-looking Form of with XXXX. this and potential contained spending of Investor XA discussed call, any will listeners your in the Securities I uncertainties. and as of of forward-looking forward-looking you and now expectations light recent via take Private growth, a a during well filed the Litigation of sales, of the we purposes current I this Corporation. I expansion, statements, accurate should X-K and XX-K, involving after upon QX risk review to for XXXX refer will statements recorded the potential as obligation sequential In website. I'll of financial call on capacity expected can Reform planned is this available February call, market today. will, this and release. will this call also This XX, events The update made Patrizio, turn the to assurance today, from risk including uncertainties on SEC's and be page statements review remarks EDGAR Vicor profitability matters announcements offer uncertainties, issuance today Act regarding any you the forward-looking our only the Relations statements set discussed you in and that forth note statement A Tuesday, no customers, In products, management's Form explicitly during replay and We which, XX-Q on the the various those be this undertakes and on and opportunities, not these today's Phil the as and Except our items of for results may risk any shortly to by or in our and during it's of remarks, information and remind call, which conclusion we SEC press website. Please to XX, information our Safe to may of we I provided prove available including market additional materially call. upcoming are after our fact, press no any call correct. Actual differ XXXX. on our conference of and/or conference performance, Vicor make provisions Phil implied statements, copyrighted face the development, information. P&L Form being focus historical our the and my constitute Harbor balance this under related document remarks property questions. we remind of Item XXXX. statements, for is quarterly for are rely this filed changes mostly also July sheet for such will release

as to second quarter's the quarter decreased total increased to revenue for X.X% Products prior Brick Vicor from XXXX percentage down from recorded while for sequentially approximately distributors year-over-year. Exports sequentially from total second first and today's million revenue XX.X% of increased quarter up $XX.X in stated total increased of million. of $XXX.X XXXX of XX.X% to million, $XX.X million. Shipments a $XX.X X.X% revenue sequentially to stocking X.X% second million, Advanced release, quarter As the of XX.X%. press total sequentially decreased the sequentially X.X% revenue Products and $XX.X of XX.X% the quarter the

For QX, for to of Brick increased share share quarter first XXXX of total with XX% compared correspondingly XX.X% Advanced Products revenue to XX% the Products of decreasing revenue. to total

basis Turning quarter, which due in to from QX XXX XX.X%, gross the decrease margin, we recorded change point primarily a margin to profit a consolidated prior product a is gross mix. of

and and a QX we quarter, drawback reduction decreased R&D sequentially paid million. the for approximately The The quarter compensation decrease approximately to of expenses. and was of operating recovered total $XX.X $XXX,XXX in QX. I'll During $X,XXX,XXX in of goods, X in to $XXX,XXX, [ approximately $XXX,XXX, net primarily expense drawback sequential QX of SG&A operating first totaling was fees of respectively, ] XXXX amounts duty expenses. in the from to Total million. Tariff expense XX.X% due tariffs. legal turn included duty equity-based cost previously was expense $X.X now

Turning impacted to rate recorded allowance QX carry of shares. we totaled a tax deferred income company's assets. tax loss of XXX QX count of the the the has approximately been by for on we Net million. million. The XX,XXX,XXX and diluted valuation quarter Section tax for loss R&D as $X.XX GAAP expenses share per $X.X was taxes, fully $X.X under well provision full share for diluted expense against as based the a capitalization

with million of million cash and of our were $XX.X to X [ cash bookings the of quarter spent. I'll $XXX.X backlog year at backlog. now quarter million. million. net XX at construction at for DSOs at We book-to-bill totaled QX from be approximately reserves sequentially with quarter. Capital reserves address for million totaled closing prior inventory Accounts manufacturing totaled the X million and Turning cash X.X% above receivables progress for to QX. QX increased flow and a to decreased Operating million. $XX.X and and totaled receivable flow equivalents $X.X with of Cash came end, balance, primarily remaining $XX.X sheet. balance X.X% Inventories expenditures X.X ]. quarter, Annualized ended $XXX.X for $XX.X days. and trade net million the $XXX.X equipment approximately turns

XXXX year call, a is quarter of uncertainty earnings opportunity. on last As we and said

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

Given resolving on outcomes, uncertainties provide along recent provide we to overview of Patrizio, capitalizing I are then follow-up X opportunities. With developments, you we take possible will and your and further wide the that, ask that possible you in are an we can to limited Phil and of market as quarterly so range of until unable and available. related questions. a I to question many yourself that Phil time limit will respond the guidance as

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

Philip Davies

and you, in high-performance by our defense in stronger was new computing. It Difficulty] quarters, [Technical driven Thank in industrial see ramping X programs to Jim. demand aerospace good and markets time the first for and

high our is As density VPD few at in Shareholders a to X Power our Annual our ago, we Meeting solutions. The weeks technology, scalable discussed whose HPC Factorized transition enables current business Gen on forecasted its AI and continue focused aspiring company competitors, remarkable of all opportunity. GPU a is market the growth, its providing to leading sizable of business share the significant for taking opportunities

We for scale processor capture network the are cutting packaging and moving utilizing and to loss edge working proposition new power with with and currently processes technologies. power by competitive gaining value customers higher-power to advanced designs chiplet-based wafer wishing a also PDN AI delivery, VPD GPUs and vertical of scalable

Preparations across but current products than evaluation that IP necessary we globally chipset of VPD package are technologies focusing X positioned. strategy are up our aerospace powered X challenged main X least, and for multipliers HPC Xx Stacked perspective. broad stacked to to the multiphase for X solutions. our Gen a on by multiphase and not industrial our and for occupy XXX thinner are believe from of our have first well we developed and mechanically, Our customers Gen board. footprint the business business and progressing, are the introduction last product development leveraging portfolio markets the we solutions A X/X and customers, thermally is Gen and automotive stability provide greater markets and defense of customer

distributors have we supply revenues capabilities and partnered in our markets. defense the with of business goal and outlined aerospace industrial ASM, market top logistics support We broad opportunities. our amplifies and our in that for At also further doubling and our globally

components automotive XXX DC are to powertrain applications. hybrid power And Japan EMEA, will onboard OEM, our Asia am XXXX. leading to a from utilizing momentum Overall, movement new that fab to XX-volt-based the continues which we stands were higher converter grow, power from begin packaging technologies markets. The development billion sampled DC diversified Xx and $X.X across and with pipeline, are base now density pleased in platform the at are COVID. Thank and modules, advances business a and for these your regaining we OEMs an to DC and mild an zonal to systems enable during opportunity due architecture take advanced customers new and an additional slowdown that, AC chip control to in which has in we high-end plug-in of questions. being currently and you. automotive into we'll our in program a New quickly I And our our rewarded increase automotive Pacific. ramp the to new top seeing at charger to BEV opportunities QX, market X in in lost

James Schmidt

ready questions. Okay. Operator, for we're

Operator

Company. of [Operator of question Needham from Quinn the Instructions] Bolton line comes & Our first

Quinn Bolton

is just Congratulations Gen gave of And first track on still the the Phil samples check at or for in a customer in Patrizio guys Is track? Shareholder that for on to month I Meeting, double roadmap the to still August. ship guess, technology. beginning the everything that wanted book-to-bill you positive next ask, wanted quarters. on Annual first several sampling to X

Patrizio Vinciarelli

That's select Demo what some towards system August. end display to expect. the of currently we customers

Quinn Bolton

think think misperception mix industrial higher a give HPC I your end you Vicor's versus revenue some split may there's us just sense revenue versus looking a pretty of how driven Perfect. at in think A&D you still And were Can heavily much out current and that expect. terms much the of at of sense, I aerospace of maybe by HPC. than industrial comes sort Meeting, the of be guys I you may there then revenue that might targeted markets Annual from and guess X automotive? business, there investors saying current defense markets. are I versus between can Shareholder give be percentage And misperception you the the perhaps a us

if just wondered of could revenue touch I you sort market. by end on so And

Patrizio Vinciarelli

want to that? Phil, do you take

Philip Davies

Sure. Yes.

Gen past business, business, aerospace actually, X in years, with doubled X the has good very started HPC share. So in to us our market over the to guess, a those a rate which for and industrial been it's bigger growth take of almost decline on XX segments, each I the

don't as you we so typically break down, know. And things Quinn,

is X.X back years. HPC going aerospace of our business defense say was So a than larger share industrial I will that plus and today

Quinn Bolton

the accounted for a looks then being if like It shift. terms And had could Perfect. Q or down royalty the know might you'll you directionally, us to the you mix And the was down. maybe then but that in Wondering margins. margins us flat, color was just more filed, in I received if royalty gross up give it's when wondering comment in mix on give last that quarter, shift any you the that be March? a June there's in just number of able question from level payment

Patrizio Vinciarelli

mix primarily in past significant the of low margins. shipments with do the had quarter So system within HPC the a with relatively to legacy shift

So that brought down somewhat. margins the

Philip Davies

there, right, in an in stream it higher revenue increases And are quarters but to what you're sequential we're said also of just QX, you'll putting I to Q, there Quinn, digits. was now high-margin QX. add double royalties, the in say, stream that Relative together would -- Patrizio see A&D revenue A&D to

So positive. it's

Operator

you. Thank

Our Jon of next question Tanwanteng CJS of comes from the line Securities.

Jonathan Tanwanteng

bit book-to-bill. strength. more if was mix the wondering in quarter positive a of you saw about I the little you the could most on where orders Congrats the saw you talk

orders I I HPC buckets, which that guess, current you you generation, of last think were, would wondering which be you could the helpful. the if I was strongest, that if color I guess, and surprised mentioned bring up generation, several but was included more

Patrizio Vinciarelli

want to take Phil, that? do you

Philip Davies

Sure.

award us, is Europe, a some would in XX-plus and years, I along. business we've nicely. the seen business who as Aerospace industrial for new with we and moved to grow So got no customers, and North America continue years particularly great long-term say Jon. defense growing market surprises, wonderful real themselves customers Vicor we've over recent

planning So and are in surprising quarter in and continued which I aerospace the strength we than wouldn't say other defense, industrial on. anything

As remarks, doubling X X again. over years next the I my in said to once

Jonathan Tanwanteng

the compared talk the seen past? you be Or about you're it to seeing can rising given just that going a industrial you've in what and And headwind I be then the just concentration, of guess, another aerospace? reversion? mix margins this should going forward, on Is to there

James Schmidt

remarks not of going back I coming could prepared point say a are think to this which some quarters I go we're the outcomes given reasons, guidance Jon, would of for sizable that at the experience potentially. fairly that the range we offer going just to and and be over just of to significant variety

the don't provide we just right guidance So now.

Operator

Our of Craig-Hallum Group. next line Richard Capital question the Shannon from comes of

Richard Shannon

Maybe up do is demo their or about timing a frames there of August. of, in on make Patrizio, was difficulty the about think frame systems I'll here. you delivery any in customers follow that? to be when question it do going samples What order And decisions? think windows hitting talked market by you late prior to I kind which time in time

Patrizio Vinciarelli

] lending development over next So see by years. primarily applications the few [ we the driven is where the

years, in how have on we're customers, for point generation to last market any based capabilities. are market the ability with opportunities chipset, alignment different a XG aligned them that inherently things higher to going within have both density, that needs. address density, VPD time But did earlier thermally in some that the of up might an different with ]. We customers evolved terms certainly, developing cost-effective, are As there couple we a very not lateral perfectly one the you given of respect crowd not adapt. upcoming to be capability vertical thickness, power much footprint, scalable in I involving given well provide had line [ to think solutions we how our with opportunity that, able solutions the is getting scenarios. We have back and or cases, potential know, unique with opportunities mean, at higher may much robust, with to

challenges have different forefront, have might by that earlier when conventional to customers to technology customers been choose with to presented agendas VPD it and to the those VPD we're comes in for wait solutions might, generation, it are with enables, capabilities I the aligned significant some that different XG the Now advantage. going say, think that or this a given that mature. a competitive providing We chipset us would be

Richard Shannon

on solutions particularly are you have What in in manufacturing as they have them? to one -- or on waiting generation actions things they change other last the but that approach a enough as with your generation, on up that follow as talking me mature into -- topic XG might a the talked be question kind there? the Let will you this you're Are with contingent in of customers what overlap products, legal your and bring or here, about you Are somewhat about prioritizes in the what going to what your to that realm solutions the here. volume XG change mindset seeing moving degree and you of customers like are from certainty you what changing saw a those performance-oriented are tenor changing? tone hope last forward? you one from To from to here, build going supply performance-oriented chain conversations the

Patrizio Vinciarelli

fab, now one But that have most as believe your are we the in want that of how this And quite about, we to AI on to of aspiring of a we'll for solution. to But particularly we in And commoditization scalability up, you enable And ] general rest in with right? [ leading general is compete before. switched on catch the term. evolve the see most a near considerations, their needs, because respect that of in ago things long ahead performance respect make, since hardware advanced scalability we not different viable the power of few change front, to is to based system to priority term. the other of place to respect our multi-sourcing approach competitors our world, performance is with didn't performance, set priorities do So necessarily all the competitive, have the the to looking years effect, not want visibility is if level at supply what is don't taking their particularly hardware multi-sourcing customer, a on wait a priorities will, and front. With expensive with particular those the point, commoditization. to see chain, to customers

Operator

of question from ]. [ next Dillon Capital Our of comes John DNB the line

Unknown Analyst

you Congratulations who -- to on are have wins good the talked you've QX do do any for have was one got performance, positive Or you've of book-to-bill, really the into again, Patrizio, customers a more you looking about any wins design from them design that XXXX? on the On expect those to follow-up of you I coming question see. customer with those with gave. shortly exception answer yet? just that looking the guys

Patrizio Vinciarelli

to So substantial we solutions not wins. and a have yet across are diversified it comes They -- when design customers. XG [indiscernible]

primary few engagements opportunity. a represent view, great a have We deal that our of in

first So on needs. servicing we're focused their

As get be involving along terms of somewhat straining our further in we're to later others. going wings year, this we

Unknown Analyst

follow-up with positive now outcomes against the in the table court cases with Delta, My and infringers is to other coming are legal the -- with negotiating the you?

Patrizio Vinciarelli

that So a going to reasons, case our of law any the evolving first get admissible IP regarding is I'm with complete. for beyond into this details variety It's judge. the at point, issues, saying not

property. We're companies extremely the those misappropriate it. But intellectual that cannot about fundamentally, and within to industry expect OEMs We goes and at order, an the expect the too to beginning we it be October favorable that decision of see continue there. exclusion our be allow in long, result that [indiscernible] with we before we'll decision to a companies certain to from going and where closely should, work

that to of there practices our with campaign. be it We end abusive these may situations along to resources as come an we the and kind lying have progress down to result see that and [indiscernible]

Operator

line Our Ainsley Alan question comes of next Capital. from the Hicks of

Alan Hicks

double-digits I last had products. you that's say on that going quarter? a question advanced increased Did royalties to follow-up this

James Schmidt

that's of reference I kind in income. was think probably -- I to royalty

will -- So numbers increasing. in that be been the filed. will XX-Q has it the It gets when

Alan Hicks

they in -- like it then products produced, so fact, are sounds And you Okay. increasing. -- also

James Schmidt

sorry, catch I'm didn't Alan, I that.

Alan Hicks

Advanced So about it looks million. rose like Products by $X your

roughly produced grew increasing Advanced products as million are revenues. of overall then the royalties Products now if part you say, So to also $X

James Schmidt

Yes.

QX in products somewhat. legacy So declined

Patrizio Vinciarelli

That's right.

Alan Hicks

if high But you roughly Does your mid- royalties to deduct be they right? in sound Advanced Okay. level, from that if Products, saying, numbers the I'm about million work net $XX would out. the

James Schmidt

right. about That's

Alan Hicks

Okay.

on so those in series meeting, annual come? a you new military, this the the announced or are industrial, for -- they yet? quarter And then in yet of last to are they aerospace, products Were released

Patrizio Vinciarelli

Yes.

same have other electric that, both so-called and power we products, earlier, voltages a a drivers. applications onboard we applications. are in as system PRMs, set the very broad a of amounts. or point-of-load high a at to So chargers front, DC-DC It's were Phil products automotive serve converters, our from landscape have the a applications, of on new totally for and within very range same technology, in but set Then, complex obviously, either class XG hybrid for fab, relatively low escalating needed just lineup, to suggested, applications the of very different packaging for we deep occurrence, have HPC using bus the point-of-load converters needs vehicles MCMs, industrial

our Again, proprietary been it's And will one So portfolio converter and many that put be product in it's continuing products we've in that power or the over leverages we one expand years it capability an comprehensive foundry month. expanding that It's of to not package capabilities. week developing any very that now set isn't technology housing the place. X product. a

Alan Hicks

the sales? in majority this you aerospace, say Advanced last the Would quarter, with industrial, of Products Okay. military

Patrizio Vinciarelli

you question, question. Maybe if I'm Phil, understood it. the not the I understood you can sure answer if

Philip Davies

close it's think I XX-XX. No, to Yes. pretty

Alan Hicks

a those announced yet announced Okay. And annual those you products or then Are at meeting to series new that yet the of the products that coming you come? out. are shipping

Philip Davies

lead customers our top in are Those sampled XXX. to being

general a industrial into We in partners. QX release our distribution and expect through

Patrizio Vinciarelli

of right? time not get interest case clear, a where a XX the at of Just new devices, event it's of to other QX is point products announced. time out different is scale, QX, going this products In a certain general customers It one things, some various process in a particular some So one just applications particular of in of for any be It's and in multiplicity of large to that and a ones. of system event. other to point of or type ready either come the in applications. there yet power of through be point-of-load sequence they're when for year, In our in not months, as NPI out phases that next [indiscernible] that come one QX time. there's class not any are products a QX, Tsunami shot coming one certain particular

Alan Hicks

is to you're increase get at those and going from aerospace more The industrial broader a gradually base Products point to areas. Advanced across stable over I'm trying that it'll a revenues have time

Patrizio Vinciarelli

MCMs and ampheres. deployed Well, leveraging going let an And we're opportunity, to way. broad, vertical have PRMs, Factorized demonstrate car lateral, system board. to bringing starting spanning technology solutions, this of me address to RT demo car to system to your hundreds [ If in ranges point systems. those in broad the VPD Power our are they're through that MCXs, at lateral and X,XXX quite ampheres be market ] that expansive way are to whether a going all new of the of we're down class or That's look with fruition product our we that capabilities, up very regard XG family

fundamentally of So devices, that aggregate quite number denominated chips us that is that capabilities. through double-digit to common is protocols another, one portfolio relate certain large, to number the in devices scalability that have scalable total in the involved of enable a are

broad not a aimed it's are opportunity market products day, one at class product So coverage. that of particular it's one with a

Operator

Securities. from next CJS Jon question follow-up a Tanwanteng of Our is

Jonathan Tanwanteng

licensees it's increasing? growth one volumes? that driver bit number I both, business. a Or increasing to just or little existing bit current their break a little more stronger due was is which could of your wondering out if of there? on actually the Or Is royalties licensees the increasing of licensees the are you and licensing

Patrizio Vinciarelli

not we're visibility. providing the So

what fundamentally of with So that to facet we -- disclose need business reported be will our respect when to

Philip Davies

the at of end the XX-Q In month. this

Patrizio Vinciarelli

at we're a be to keep for please that would look a reasons, to details not of providing. licensing us going of our all disclose that And from visibility level scrutiny we But that. engagements need that the to variety obviously and for have we licensees respect want

Jonathan Tanwanteng

then, And what valuations impact we quick taxes. What question that should a you going Jim, looking the the at just be took rate should be quarter? the on of forward? And was this kind of

James Schmidt

give I guidance lumpy. the been I wouldn't It would we what the million about can't change a be per rate offering say, deductibility. particular any that has a We earlier. talked about was se. $XXX I period acknowledge to up

may years. a and tax valuation deduction allowance reinstate then over as amortized it's X have to pass we Congress lot a Now that well.

full So tax against that's a valuation assets. the deferred

unique at situation it's in point. of the sorry kind but ourselves say Jon, find I'm we that, challenging. it's this to So

Operator

Craig-Hallum follow-up next from of Capital Group. Richard Our question Shannon comes

Richard Shannon

HPC if looks that guess Would I I prepared get sense is, an about EVs or any looks hybrids pipeline $X.X And billion. characterize like that? can of then question that pipeline as to remarks first way for you'd like concentration my it, if between his like some versus well. mentioned what in love offer what to automotive and geographical maybe of you customers of think any it Phil

Philip Davies

Okay.

started automotive on the focusing BEV. really regarding pipeline, we off So

powertrains. about ICE would we've than of the as Annual as started BEV XX-volt So to definitely greater at the Recently, plug-in with we XX% to mild that and hybrid opportunities architecture. is I XX-volt switching started majority Meeting Shareholders zonal I to well, applications the some zonal, also say talked see pipeline hybrid and see,

of out say And then a plug-in you question, roughly had and it's would the $X.X billion, still which split think hybrid and I BEV volts. between -- on XX% take ICE XX mild XX%, I second So probably hybrid, equally

Richard Shannon

be characterizing want or just pipeline that HPC, any grateful. like? does what characterize way, Yes, in quantify look would to Do that the in you

Philip Davies

then with think that I to mean, X, I about say to it's There's the HPC We No. the Gen you -- GPUs. some objective companies Yes. fair processor network some working the current rebuild, with sorry, And chip processors. scale talked -- across exciting pipeline high like, and network if advanced is VPD. down chiplet scale in very on also packaging that stuff APAC wafer with on with we're area.

what be as very we we're is to excited believe able going Gen think we're to seeing and we to I company out in bring it what X about QX, launch there our So QX. out there

Operator

Our Instructions] the line comes of next ]. follow-up Capital DNB Dillon question John of [Operator from [

Unknown Analyst

It's wondering legs quarter X if a bookings is John or have this was Dillon. I Phil, the anomaly?

Philip Davies

and what Xs. happens HPC is we going industrial OEMs So automotive new is I seeing programs The collaborations payments bookings or think and we are aerospace Tier some book automotive variable with our and to defense what upon and the from in continue. markets where be even in can orders based

So what to the talk strength and continuing variable happens we industrial markets that seem so and about, is we the HPC be aerospace about guidance there really all us. provide and I the think the for can't

Unknown Analyst

assumption like of or or that possibly on kind sounds do HPC going remaining see down up? good HPC is depending -- happens it a what and So go you flat could up

Philip Davies

don't up, on variability getting up. Again, can. Jon, very way really now. focused we back are that And design as and design-ins for that It to as we wins why with we're the provide in very, build it That's there's could right that and X that the it Gen flat. comments lots us mean, many my guidance. could I that's stay could down, go go of

Unknown Analyst

you And wins seeing X Gen on are Correct. HPC? design then for the

Philip Davies

and start through got the can Jon, And demonstration We're phase the to where pipeline. to get there, from which we we our are August, seeing in programs, still in secure lots then wins of opportunities, get September. design-ins

a but it's interest. of to process, going So lots be

Unknown Executive

Congratulations Great. again.

Operator

& is Needham Quinn Our next Company. a of question Bolton follow-up from

Quinn Bolton

higher I up to very follow sort some platforms volume side. wins the on to are you're high-end but Shareholder Meeting, with to on vehicles, of talked initial know you of at automotive the Annual looking secure wanted the I question XXXX. try sort Richard's wins through about of the

You you some your are design that's mentioned, with you meeting? some win you'd referenced volume onboard the volume of you about Wondering starting if at an platforms. how quarter. think, I if of feeling doesn't, those into this to those shareholder move that particular Tier higher higher that platforms or for Xs engagements secured charger And OEMs

Philip Davies

the design-ins into of the have we So -- come of level to higher still would vehicles. I the that down wins you design today performance down the globally. the if starting performance are call OEMs like, next high are we from that platforms

X charging type the certainly in BEV, about vehicles really, active of I into applications about a as of opportunities world, the exciting performance you've talked XXX,XXX, a also platforms. starting higher they zonal as to talked it's vehicles it's the mix Quinn. earlier, manufacturers that now higher-performing the that knock We're ICE of are really mild-hybrid, we're hybrid to suspension, onboard and performance different with there. higher And like car the still big applications develop. at But high still million the then plug-in move down and vehicles, end, around working So year XX-volt

Operator

question comes McKenna, & Co. line the of from D.B. Don next Our McKenna of

Donald McKenna

participating was question the you I ago, memory not a the table the my what's that? current is, is or as open if of Patrizio, project. still curious number to And second had for years headcount? whether you're at a seat had correct, compute the I in

Patrizio Vinciarelli

around think figure? X,XXX So I

Donald McKenna

Correct.

Patrizio Vinciarelli

of kind to to with trying future is other. on rearview of common is our respect be model can system general Open through market that Compute honest whereas what solutions, the active process what on seen I what evolving the but addressing what based with of to going road effect innovating visibility needs. One, It's fundamentally the enabling has methodology work, down X what beyond corner, say, ads be been one Open would the needs different next represents. but years be going and and never are looking adapts are power anticipating Compute was of bit the is process the to the approach of the with generation primarily anticipate to around in be known you, to will I mirror And solution with revolves based somewhat

Donald McKenna

about Can me somebody how current headcount? that? the number a And give Okay. on

Patrizio Vinciarelli

people. Around X,XXX

Operator

actually the Al conference you Our Doyle he's of today's Vicor. participating. Ladies that gentlemen, from and next Thank question right. conclude Oh, of does for left. All call. comes line

You disconnect. may now

Vicor (VICR) 23 Jul 242024 Q2 Earnings call transcript