Good day, ladies and gentlemen, and welcome to the Vicor Earnings Results for the Fourth Quarter and Year Ended December 31, 2015 Conference Call. My name is Teshina and I will be your operator for today. At this time all participants are in listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] As a reminder this conference is being recorded for replay purposes. I would now like to turn the conference over to your host for today Jamie Simms, CFO; and Dr. Patrizio Vinciarelli, CEO. Please proceed.

Thank you. Good afternoon and welcome to Vicor Corporation’s conference call for the fourth quarter and the full year ended December 31, 2015. I’m Jamie Simms, Chief Financial Officer. And with me here in Andover are Patrizio Vinciarelli, Chief Executive Officer, and Dick Nagel, Chief Accounting Officer. Today we issued a press release summarizing our financial results for the fourth quarter and the 12 months ended December 31. This press release is available on the Investor Relations page of our website www.vicorpower.com. We also have filed a Form 8-K with the Securities and Exchange Commission in association with issuing this press release. I remind listeners this conference call is being recorded and is the copyrighted property of Vicor Corporation. I also remind you various remarks we may make during this call may constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those explicitly set forth or implied in our statements. Such risks and uncertainties are discussed in our most recent Form 10-K filed with the SEC on March 6, 2015. Please note the information provided during this conference call is accurate only as of today, Thursday, February 25, 2016. Vicor undertakes no obligation to update any statements made during this call and you should not rely upon such statements after the conclusion of the call. A replay of today’s call will be available beginning at midnight tonight through March 11, 2016. The replay number is 888-286-8010 and the passcode is 84047926. In addition, a webcast replay of today’s call will be available shortly on the Investor Relations page of our website. I will start this afternoon’s discussion with a review of our…

Thank you, Jamie. As Jamie addressed, the Q4 results reflect the assumptions and expectations we communicated to you during our third quarter call. Unfortunately, we do not see any break near-term in the economic clouds. So, as Jamie described, we’d likely record a loss for the first quarter. I recognized I’ve always been an optimist, but I have to share with you the enthusiasm I have toward where the company is today. While we’ve been premature in predicting the timing of our customers’ adoption of innovating new products, I’m as confident as ever that our strategy, technology portfolio, and product roadmap have positioned us to lead the transformation of the industry, leveraging a power component design methodology to drive adoption of highly differentiated products. As such, Vicor is opposed to lead the adoption of what we’ve been championing. For almost two years, we’ve been expecting the transition by server and datacenter customers to the VR 13 standard for powering Intel processors. We were first to market with the VR 12.5 solutions two years ago. And one year ago, we introduced an improved solution compliant with VR 13. We were very much in the right place then, and we’re more certainly in the right place now. Despite the VR 13 delays, robust long-term demand remains, and we expect purchase orders to ramp in volume this year. We’re confident of our improved visibility into the important datacenter segment, as traction for Factorized Power and its 48V bus is accelerating. In a textbook sense, we are successfully crossing the chasm with our early-adopter datacenter customer. Others are showing strong interest with unprecedented levels of engagement. We’ve previously disclosed other FPA design wins, but our momentum across this segment is strong and I firmly believe 2016 will be the breakthrough year for acceptance of…

[Operator Instructions] Your first question comes from the line of John Dillon. Please proceed.

Hi, Patrizio. I was wondering if you can give us an update on the VR 13, when you expect that to start shipping in. And it sounds like you’re expecting orders about the middle of the year. Do you think that happen in the second quarter or will wait for the third quarter?

Orders are expected to come in the second quarter and shipments will start in the second half of the year.

Okay, great. You mentioned before you’ve got design wins, I think you’ve said a number of datacenters, but you also mentioned supercomputers in your press release. And it sounds like you’ve got a rising tide of opportunities. It sounds to me like everyone is waiting for that VR 13 because obviously the VR 12, you’ve had one customer, it sounds like they’re still taking product. But all the new customers are waiting for the VR 13. What’s going to happen when the VR 13 hits? You can have the capacity in place to meet all those orders and I mean I would imagine going from one datacenter to possibly three or more plus supercomputer wins. That is going to be a pretty significant step up. Can you just give us little more color on all that?

So we have a good deal of scalability in manufacturing operations. So, making a reference, for example, to VR 12.5 starting in the June time frame of 2014. That’s when the ramp started and, essentially we started with the initial amount zero in the second quarter of 2014 and started shipping in third quarter of 2014. By the first quarter of 2015, we were shipping over 40,000 chip-sets per week. So that’s quite a feat, given the complexity of the products. And a testament to this scalability of the mature operations, manufacturing operations, we have in our Andover facility. So I have great confidence with respect to the ability to get – to expand our capacity to address a broader set of customers and applications, which, to your point, certain amount of requirements and common denominator gates, primarily related to the roll out of VR 13 solutions by Intel.

And besides the delivering the power for the processors, do you have other design wins in datacenters for either memory rails or other parts of the computer or delivering the 48 volts to the servers?

Yes we do, and we’re looking to expand that footprint more as we progress further. I suggested in the prepared remarks, we really see a sea change with respect to interest and, in some cases, early adoption by a new customers of 48V based solutions. We see that trend growing, accelerating. And that trend involves more than processor-type applications. I suggested earlier it involves applications in supercomputers, networking, memory slots, and potentially other kinds of point-of-load applications.

And any VIA designs in the datacenters?

We have VIA designs. We have secured some significant, early wins, with several design wins – in particular one very large customer – and shipments due to begin in the fourth quarter of this year.

And any of those in the datacenter? Any of the design wins in the data center?

I can’t pinpoint the application environment, but I can tell you it’s a computing application.

Okay. Awesome. I’m going to get back in the queue, let someone else have a chance. Thank you.

Thank you.

There are no more questions at this time.

That’s good we get to – go back to work soon. Talk to you in about a quarter. Thank you.