Financial Data and Key Metrics Changes - Q4 revenues were $105 million, up 18% year over year, but down 9% sequentially [21] - Full year revenues were $419 million, down 6% from the prior year, primarily due to a decline in the communications category [10][21] - Non-GAAP gross margin for Q4 was 55.1%, unchanged from the prior quarter, while full year gross margin was 54.4%, up more than two percentage points from the prior year [23][24] Business Line Data and Key Metrics Changes - Consumer revenues were down mid-teens sequentially, reflecting softness in major appliances [22] - Industrial revenues were down 10% sequentially, largely due to timing of shipments for metering applications [22] - Computer category revenues were down mid-single digits sequentially, while communications category revenues were up mid-single digits [22] Market Data and Key Metrics Changes - The communications category is expected to grow due to the rollout of 5G fixed wireless in India and increasing dollar content in the remaining cell phone business [11] - The industrial category is anticipated to see significant growth driven by infrastructure projects and renewable energy [12][46] - The consumer category's growth is expected to moderate, but there is optimism for air conditioning demand [12] Company Strategy and Development Direction - The company is focusing on GaN technology, expecting it to exceed 10% of sales in 2025, with significant growth opportunities in AI data centers and EV drivetrains [14][18] - The company is expanding its presence in India, capitalizing on government initiatives to localize production and modernize infrastructure [13] - Automotive revenues are projected to grow rapidly in 2025, with a focus on EV power architectures [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustaining a healthy rate of revenue growth in 2025, despite uncertainties around trade policy and end market demand [11][12] - The company expects all four business segments to grow in 2025, with industrial being the largest growth area [48][49] - Management is closely monitoring the impact of tariffs and subsidies on market demand, indicating a cautious but positive outlook for growth [73][74] Other Important Information - CEO Balu Balakrishnan announced his intention to retire, with plans to support the transition to a new CEO [6][7] - Greg Lowe will join the Board, bringing extensive experience in analog and power semiconductors [8][9] Q&A Session Summary Question: Update on GaN opportunities and confidence in EV drivetrain - Management highlighted significant strides in technology allowing for higher power applications, with expectations to compete effectively against silicon carbide [31][33][35] Question: Design wins in the automotive space - Currently, there are about 20 designs in production, with new GaN products suitable for various battery systems [38][40] Question: Changes in end market environment - Management noted no significant changes, but expects industrial growth to be strong due to infrastructure projects [45][46] Question: Channel inventory expectations - Channel inventory is expected to hold steady, with sell-in and sell-through being closely aligned [57] Question: Revenue from data center power supplies - The first product for data centers will be GaN-based, with significant revenue expected in 2028 [58][59]