VICR - Earnings call transcript Q3 2024

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Operator

Good day, everyone, and thank you for standing by. Welcome to the Q3 2024 Vicor Earnings Conference Call.

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

James Schmidt

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

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

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

XXXX, Advanced increasing the XX% revenue Products' Products' of for QX, share BRICK share For of total revenue. with to compared to of decreased total XX% correspondingly quarter second to XX%

consolidated the of QX quarter, margin gross expense We due sequentially to turn to of operating from decrease from change QX. I'll expenses. XX-basis now million a $X.X million. quarter was mix. equity-based for XXXX is decreased SG&A, decrease cost amounts Total quarter operating sequential second to R&D and included and to Turning contingency margin. X.X% $X recorded drawback, approximately Tariff the total product a recorded respectively, which the gross expense, QX of million. a was was in $XXX,XXX, profit point second XXXX. of $XX.X prior in $X.X The $X.XXX $X.XXX XX.X%, expense approximately primarily in due of totaling million QX in of The net to duty of million, litigation expense million, goods, primarily a compensation

the QX up on to trued Net tax diluted a of for fully diluted GAAP as $X.X share based per totaled recorded million. Turning $X.XX we approximately count was taxes. income share shares. million for income XX,XXX,XXX tax $XX.X year-to-date income QX a provision. benefit We of

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

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

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

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

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

Philip Davies

you, Thank Jim.

markets reflected in and continued industrial and Our computing. strength weakness QX temporary and bookings aerospace high-performance in defense our

computing of included customers. Interest lead a current an X respin but This of chipset, work requiring Focusing assemblies our of been delayed development we completed artificial and second-generation and network effectiveness. all lack solutions ASICs introduction we circuit have using now completed, of was issue requisite our for processors modules' one demo because printed competitive cost very high, first is on VPD the and the in has devices intelligence Gen high-performance stacked successfully semiconductor soon system the meetings market, schedule the boards. and VPD VPD density, partly modular will in with because its robustness,

from AI thermally, than current Vicor and Stacked significant solutions, modules X/X modules relying X OEM VPD business Gen Gen power least, from IP or Vicor. has X AI directly Our perspective. The and companies stacked electrically, Leading thinner with licensing. have IP multipliers the challenged not bus VPD Vicor's footprint are multiphase occupy last are opportunities first-generation but and mechanically, of system market XX-volt are solutions. VPD procuring for the licensed on Xx converters, Vicor technology

discrete modules As determination, copycat or ITC Catch actors suppliers evidenced been initial of infringing with have recent a Can by of Me a solutions. You certain game playing If

We of be XXX channel segments. X now density. our advances who are soon executing to top our a we our Vicor via power enabling broad comprehensive enforce team available accounts target global foreign to components, utilized work and and base IP application featuring introduced intellectual partners, top customer theft U.S. property. In QX, from across our families plan that Xx the ChiP X DC-to-DC X fab, power control protect new our market These and new to channel distribution technologies from in sampled our packaging and higher to will with converter industry advanced domestic targeting customers systems module being will are

We billion are technical in efficiency we $X customers XXX, to priorities coming target set our to on able are top customers exceeding growth and expectations. the of to support, main markets. XX% revenue These of beginning By focus resources, resources customer to the margins. our XXX focusing on X products, set our years and higher strategy a production to in the support, and levels goals, the gross delivering achieve across new results drive our see globally of will majority of

by with power way by not on the are regulated to driving architecture zonal We of well new are objectives in having Europe XX-volt achieving aligned converters fixed-ratio yet, these lower-voltage and entire significant there achieving but Asia-Pacific and customer company we bus way modules. the for our our operational a opportunities excellence XXX% OEMs of adoption converter DC-to-DC and objectives. The us, automotive is across XX-volt centricity

full to OEMs that, automobile their were in a our by participate now our full the zonal density capabilities, new This become X critical higher-volume Vicor and and automotive our XXXX. With that new your XX-volt families, Gen XXXXX in And requirements is compute Our out we to and Gen high-performance power will you. the Xs. Thank take available but we met and These manufacturing of our notified TUV regards questions. the automotive-grade versions an meet lower products to customers, to position cost, automotive Tier design for in in will higher X platforms. capabilities excellent product the put and IATF has of of BEV Vicor were initially standard. building certification with journey milestone needs with QX hybrid automotive-grade designed

Operator

Bolton first Company. line [Operator & with Instructions] moment for of Quinn One comes from it And the Needham question. our

Quinn Bolton

Delta Congratulations from folks a you in going those actions on bus that us first, courts? patents? Can an to at have Delta. ask you may to folks or initial customers modules you the be Are that you had converter determination nice you using against to to what interest have you're results. the do in I currently OEM obviously, the guys update ITC increased wanted give the pursue licensing seen just against think nice your seeing Or continue folks using modules? September

Patrizio Vinciarelli

and So down. they'll customers they're worry, late a this the by from is to indications have exclusion solutions telling to, it time it sources comes we've existing in not sample year, to the to Delta of effect, these going they're ready workaround, replace order seen going that have multiplicity

these Some these skeptical expectations. are customers of of

elsewhere. and customers realize the challenges these feasibility all potential yet to that are came game that to escape of of a companies the point, You of And high-performance, asserted first to a to across acts If in be act of the our infrastructure, be what the develop. of the patents. the the just down clear, ability connection That's significant IP minefield competitors tall point order able much a decades the innovation high-density, that And number to our still with having XX-volts, legal doubt of of reliability, that load around are do issues Can, playing to achieve. planted to technical Catch Some of very entire of with inventing requalification, system robustness, has Me of with beyond Vicor are that and challenges going there is to get I are very

So are rely issues be redesign, challenges come. ongoing their to on a customers of that variety to experiencing to for requalification with years likely and respect expectations

Quinn Bolton

vendors in Patrizio, Monolithic other customers such think that looking assuming they final that subject they others? may You in do those or modules Me the modules Can, determination? still to And the that extent you Catch switch to from or to, say, of vendors be seeing are Delta order, Power you I Flex to that as get guess, exclusion to you from switch Or If that game the

Patrizio Vinciarelli

just with initial issues action speaking, they're a our Again, generally intellectual to respect which the we one is first series received modules. of property, for to examination is now actions. limited the And of the Delta the the

Quinn Bolton

that before like respun with Got chipset said of and meetings just samples one the schedule or could if and the market? would maybe that you're X be ramp late you chips an it. on When timeline XXXX in the the X X? to proceeding you've kind HPC of Gen program more Can perhaps timeline? kind potentially in now updated outside one one Do in a of of products you you to volume I think customer sampling. of one you And sounds then lead in give ASICs and you expect ship adopted Is us squeeze now a It could customers. the Gen for Gen that?

Patrizio Vinciarelli

been semiconductors unique of be and to ASICs all fully working just the they've So fine the characterized. clear, have and of been all

So we've -- we respect with those. to the task have completed

number with PC settles As to a a the weeks at Phil PC of level. address mentioned earlier, an multipliers to current board in the issue had issues is one times couple be by that spun board the issue of of that back the

So in place with the the issues of had to if for are first semiconductors. not you more Those wave ASICs XG. or have will, do critical, power the

We them have We've time. had all components. some for those

And key expectations, going In shipping of terms of of will to couple we're we start the if quantities customer next customer. according proceed to to the components in months. with systems steps, initial VPD XG one things be next

Quinn Bolton

you, ASIC. clarifying to issue PCB a for be Got was Patrizio, than it. an that it thank rather needed And reworked

have to missed that. Sorry

Patrizio Vinciarelli

Yes.

Operator

Jon Tanwanteng Securities. it next with our CJS for moment One question. And from line the comes of

Jonathan Tanwanteng

And again, on QX. congratulations

for customer? you're these sold? destined shipments Just the for a product the to Or VPD development talking testing about are follow-up on and units Are for a be production those initial product.

Patrizio Vinciarelli

in So bring on PowerUP 'XX for of a current that's up of schedule. customer initial hundreds, production the first initial event units is the half set based

Jonathan Tanwanteng

you And things products to correct? Is go it. be according half that plan. getting Got first orders in would if the for sometime those

Patrizio Vinciarelli

going product, for the fill. we've we're to to get we past additional There's orders this the system-level once going be which of to Well, orders validation had customer. begin

Jonathan Tanwanteng

form, Understood. I the drove trended and was any the And would quarter? be the your characterize question in sequentially. shape or quarter way in what And or what the like kind anything that? revenues in quick pulled strength Was if orders mix there? wondering into of Just just you that strength just way, helpful. a could anything the the came the on or

Philip Davies

our defense because are that lumpy. markets. aerospace, very it Yes, weakness compute I mentioned Phil. there mentioned of John, industrial, in We in orders this I strength. continued is we had high-performance into and temporary had QX typically QX

back those see again. disappear and a quarter we for come So in then come and

had weakness we little hitting bit a where that's the X-plus of So ratio. in book-to-bill

Operator

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

Richard Shannon

I guess automotive the the business In product. pipeline can at here. quantify my characterize or you this quarter, X quantifying the if Phil what Gen looks product first your VPD the for like question context for of even is last looking pipeline maybe

even you're to. Do right an of much have You've initial looks shipping talked about customer you now? like any how quantifying that sense

Philip Davies

rebuilding past our included I system of the that this So HPC it's a had, We big Richard, Phil. pipeline think, from the little acceleration were in. on discussion highs about GPU we

high of a So interest VPD fronts. as rebuild, reasons and very, in that push number I obviously of it's a X. One is with the number it's across a And articulated. very Gen the we for mentioned, is

Operator

One moment with Don line comes McKenna D.B. for the our Company. McKenna next of question. from & It

Donald McKenna

And Difficulty] My to at revenue but revenues look I it question up, way with side back as [Technical $X.X the well. goes the million, is the

Philip Davies

quarter Basically, it's the the and during difference That's the orders number. between net shipments.

Patrizio Vinciarelli

about XX. saying So it we another booked and of shipped way is we XX

Philip Davies

obviously and Yes. that It's [Indiscernible] deliverable are just the mean I year next shipments simple. it's shipments

Operator

next question. CJS it Tanwanteng Securities. our for with And Jon moment One comes from

Jonathan Tanwanteng

last Did in sequentially all licensing to the the quarter? up at I that increase wanted Actually, on point. follow

Philip Davies

Yes.

as the revenue was yes, royalty revenue licensing in increased quarter. product the and relatively did flat, there was So -- increase in

Jonathan Tanwanteng

leading you're Got maybe concentrating that about CPUs, fifth-gen it. seeing GPU, well? of then, more most interest on well, bit other meat Is And I'm the little Outside as things of a edge processors, of talking is silicon. where are products. Phil, as the forms you or just is? network the broader the on AI

Philip Davies

processors Jon. Network important, very are

markets to talk new and than X products of Gen better X enable really there So radar for technology defense as going factorized power to next also for suite but space mix. me, base, systems. sometime in and is -- this of looking customer across years mean a I We're this aerospace that's well other the into at this ATE well. Patrizio applications can the potentially maybe our initial X X about part as Gen this and

a spearhead we markets really is the to going that would us Gen I X focus main on. across, X technology the be So think, for

Operator

moment It question. Company. comes with Quinn One Bolton & our next from for Needham

Quinn Bolton

line sort being follow of And if pressure I you just higher volume. to margins you it it quarter, And likely had in program off a see up. might I and continued from about for continue product here giving mix the that. top in come legacy under shift HPC kind wanted like margins back quarter, December wondered that confirm roll quarter. September talked of not that does Last then better guidance looked could I a does but volume to Or HPC that or know start you're next into in QX? the mix you legacy quarter?

Patrizio Vinciarelli

to of due discussed the with legacy ongoing diminished for we was -- other for it to partly product help your factors all improvements be will product, of that part issue call mix to the improving expecting overall. will quarterly fact us will But in that we are point effect the last QX. margins. referenced be we're which in respect It ongoing So the with somewhat QX. the QX, be that should There

Quinn Bolton

And guess, Got been or stream, then now several I for it. the it's consecutively at royalty the looking revenue quarters. up licensing

might Or unit to would continue shipments royalty changes reduce that As new the ASICs you royalty AI OEM and the with map, across you your look the look accelerators. GPUs at of anything the into end is their your licensee? are XXXX, in I the customers there licensees' at road pay with to that product road expect market product moving and obviously, or royalties you trend as that map guess they to generation year sort of rate?

Patrizio Vinciarelli

in or We with expect on either of volume use solutions. trend up in continue continued terms technology it of based form to to discrete module our

Operator

Lagunitas of question. next from comes our the for Investments. Jon moment with line It Gruber One

Jon Gruber

think positive do revenue of X quarterly of will You revenue? the X. surpass Gen you on prospects XX% very When Gen seem

Patrizio Vinciarelli

we just X a lightly, I'll positive so to Gen Well, so point-of-load back I'm because taking be word not the it respect with with solutions. represents to revolution clear, about numbers. up revolution are And it

competition takes to has not per a that. thinner, suggested X to We amps solution than square a less the footprint, initially a number X.X and to X.X Vicor but in as earlier Phil, So a about before long, patents millimeter. thin that like it's infringe can opposed deliver only by Xx also lot up about as deliver of more millimeter that too lot

advantage, the thickness, and So if weight, in of density nearly footprint magnitude with, you combine density. terms advantage advantage volumetric order terms and overall is, it's Xx in of begin the which volumetric to overall an density, of

AI those respect are every It's our to deliver are higher all much So foundations revolutionary optimism much for the with XG. technology, in its with which high control lower really and respect efficiency, to much terms of expectations signal next-generation solutions bandwidth, much improved systems. noise, packaging in systems, higher technology critical of ability to integrity,

Jon Gruber

translate That's when company? great. But revenue then into does the that for serious

Patrizio Vinciarelli

the of to going multi-busier get months. ] It part at transition to deal taking of in traction other as it of we been few it have And 'XX. going next get a lead some to a a front frankly, one beyond playing we're a suggested, we further be we year, to close And a expect start our good We've get to of because with further step in customers. time, that, customers, take into [ customers Phil to time. we ramping the are with don't prematurely. phase been, As lead better to there will want customer. out We vest different that very

Operator

of Hicks from Management. next it One question. Capital Alan for our Ainsley comes with moment line the And

Alan Hicks

you royalties product question Advanced of but were that flat, Was flat said were overall? on were Back up. or Product sales on that the -- just sales

James Schmidt

as I prepared Advanced well in we quoted BRICK. -- sales Product remarks No, the the as

an was what then the is in does And and the earlier revenue I component. increase there Products mentioned the sequentially. royalty in remarks. So Advanced Advanced royalty split BRICK prepared include

Alan Hicks

Okay.

even bit, royalties down Product from up suggests back to but little sales or that So Advanced were that a overall?

James Schmidt

about Yes. Sounds right.

Alan Hicks

all are Advanced question in then produced And factory? your the now new is, your Products second being

Patrizio Vinciarelli

Yes.

Alan Hicks

tweak, to well. So hangups, of thing? that's kind need any problems, things that going Are

Patrizio Vinciarelli

when foundry power Well, we about factory, there This we some in very a is in feel the first the put issue. another generally is world. But time for issue components or never there's a capability in speaking, the good place.

good. time, itself can If much in And the for We're vendors. Xx, terms used in, in X weeks. so interconnect, integration vertical terms And ago, progress We consistency processes, far, It to we X.X ago. place take made. pay metal as call now greater had we in with the the we've complete X.X if go of years giving put happy we off outside to necessary, capacity, us long packaging of serious has with so much all we begun back what cycle Xx predictability. XD us shorter years challenges

this as automation the vertical deployed of fixed multifold. time, with execute with costs to cycle people we and that Its in in to respect with equipment So respect statements, cost our are absorb right, the to the get hired integration, on now associated to its scalability are chip its integration. is that short we've we and financial ultimately, benefits order vertical foundry effectiveness reflected the capacity,

progress So strong phase a absorb as capacity, contribution we we're into to we see margins. going that to a where

Alan Hicks

And it and I bit. package. it producing like I them over seems say Okay. would XX that? housed modules? panels? a about them like else converters ask of you XX have announced up chip I the evolved or know quite you anybody those can what whole in ago, you a to into Are And the is anything like years on you cut packaging wanted your... think panel, does there's it's And

Patrizio Vinciarelli

this share efficient no, it a to of your fabs. to our kinds No. it. and panels, do, to Vicor And semiconductor rectangular to try pioneered quite in should manufacture And place. process being ability denominator capability we're infringing attributes that is many that of they goes they there's the if the components put foundry. high-density in by that they consequences, right? gives understand in constant semiconductor a IP. to can on But now point, They going us be And are to of the with unique opposed Nobody So wafers of as the very circular. which are counterpart proud

Alan Hicks

you say would like So modules? these of each a tiny one very brick, it's

Patrizio Vinciarelli

I didn't catch the word.

James Schmidt

brick... tiny A

Alan Hicks

-- that say? A Was tiny brick. what very it's brick tiny you'd a

James Schmidt

tiny A brick. is... It

Patrizio Vinciarelli

power think paradigm invented the good that's I no, the we're opposed module very packages. Vicor not it's Well, beginning that because at of component the with analogy what a were industry. brick converters doing to And power dramatically housing

by are, factor, made bricks to So nature, brick. dedicated specific their which the is a form in

are exactly happens in processes our by your scalable, it not in application technology of out are multiplier a supports. in for in XX-millimeter bus extreme particular point-of-load automotive. system be, what the of the opposites to they And not a three-dimensional So the to fast-charging X.X-millimeter same nearly is same our to as the can are converters realm the products XXX-amp or be, the of that required nature efficient. the foundry processes, what With wide irrespective of equipment, package, effect But be the package, XX-kilowatt these an happens irrespective power can point, type what integration. power of device turn converters in or the and it using same earlier be built end market

Alan Hicks

very sounds it impressive. Well,

So congratulations on doing. you're everything

Operator

the One our of line with moment from question, for Shannon next Richard Craig-Hallum.

Richard Shannon

the you expect of chain as supply volumes get with kind these until here? your of state I'd initial customers they the you you view to on wins VPD. run please. us here? Maybe shared have sense that it understand view a help sole-sourced? follow-up they real they'll here. of Do current be more well-tested of the confidence? love just that, get to from with think you're to What's enough me initial engaged view Do Patrizio, ask be Gen their your Do Let X

Patrizio Vinciarelli

time So future, X.X solutions engaged I Vicor the is foundry, foreseeable they high-performance that for look over very the the high-performance as customers I are for AI, for next in who the recognize that years, first let's year, products for foundry think foundry these say, frame. the out, the

And expect, existing bring past, But as beyond capacity be third capability look we foundry the supply in chain. we about to a that, the Federal robustness additional going the and quite additional will robust. at view foundry. As we mentioned being and to a second there's we as seat that

Operator

[Operator Services. James question Instructions] Trust Lieberman from American is from Our next Investment

James Lieberman

as see the way put making. them, the progress legal begin It's a that sanctions things process understand play steps, place good out? in next as Is to out? even you're on to playing comment of understand a are to the wonder, but appeals before not any you And terms can ITC there in of there I to the several is that? processes all way would

Patrizio Vinciarelli

I there, that's in the wrong So said. if what captured me I'm terms you the correct not process a sure your answering everything of if was and terms It question. direction I'm ITC, question. off the happen But question with about might in going the in just explaining of

James Lieberman

question, yes. the Yes, That is correct.

Patrizio Vinciarelli

what that the operative, are review that infringers before computing But that of have that the of review of the case judge, infringing exclusion country by before value. that during post order by set the XXX% being to the to becomes is a subject ago the presidential exclusion in their determination at And bond law becomes import there ago, affected a administrative systems the the was couple to has be involves that its case presided bond in period, a ALJ, into ALJ process weeks operative. able few infringement The order products. to process issued being initial determination. by the weeks even happened a order So presidential is reviewed commission. before over the

is end that's February its review. of But September. X. was an the The And will October. due So that's first order due the initial presidential exclusion into determination by at we the will determination expect ahead go would It to commission came final effect. schedule down subject bond week of about in week of issue a to render when the when

Operator

moment question, our from D.B. please. with Company. the Don for next McKenna & McKenna One it's And line of

Donald McKenna

new completely to Now to your what operational, investment plans see are the is I'm wondering that community facility invite it. the

Patrizio Vinciarelli

good the we going a SAP. of question, advisement. become busy completing the But By installation that's few in new immediate the it that's and year. of plans. we'll the have calendar And operative next we to months. last are over under MRP system, way, a But No take a week

excellence that's a the about. we Phil going busy of talked little a have going on bring things for about quite So And has to keep lot while. us that operational to

James Schmidt

Yes.

still customers X. of lots out lot more have through also we the roll expect we and Gen facility, We a as coming

us So of we'll in certainly front and... keep it

Donald McKenna

those of We customers. could some along tag with

Patrizio Vinciarelli

And maybe a few competitors as well. not? Why

Donald McKenna

All right.

we're still let Just interested. know wanted to you

Patrizio Vinciarelli

of lots people sure are. I'm Okay.

James Schmidt

you. Thank

Operator

with I that, session will for you Q&A the all And program and participated. conclude the who today. Thank

now may disconnect. You

Patrizio Vinciarelli

you. Thank

James Schmidt

Thank you.

Vicor (VICR) 22 Oct 242024 Q3 Earnings call transcript