Aehr Test Systems (AEHR) 2021 Q4 法說會逐字稿

Good day, and welcome to the Aehr Test Systems Fiscal 2021 Fourth Quarter and Full Year Financial Results Call. Today's conference is being recorded.

美好的一天，歡迎參加 Aehr Test Systems 2021 財年第四季度和全年財務業績電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mr. Jim Byers of MKR Investor Relations. Please go ahead.

現在，我想將會議轉交給 MKR 投資者關係部的 Jim Byers 先生。請繼續。

Thank you, operator. Good afternoon, and welcome to Aehr Test Systems Fiscal 2021 Fourth Quarter and Full Year Financial Results Conference Call. With me on today's call are Aehr Test Systems' President and Chief Executive Officer, Gayn Erickson; and Chief Financial Officer, Ken Spink.

謝謝你，接線員。下午好，歡迎參加 Aehr Test Systems 2021 財年第四季度和全年財務業績電話會議。參加今天電話會議的有 Aehr Test Systems 總裁兼首席執行官 Gayn Erickson；和首席財務官肯斯平克。

Before I turn the call over to Gayn and Ken, I'd like to cover a few quick items. This afternoon, right after market close, Aehr Test issued a press release announcing its fiscal 2021 fourth quarter and full year results. That release is available on the company's website at aehr.com. This call is being broadcast live over the Internet for all interested parties, and the webcast will be archived on the Investor Relations page of Aehr Test's website.

在將電話轉給蓋恩和肯之前，我想簡單介紹一下一些內容。今天下午收盤後，Aehr Test 發布新聞稿，宣布其 2021 財年第四季度和全年業績。該版本可在該公司網站 aehr.com 上獲取。此次電話會議將通過互聯網向所有感興趣的各方進行現場直播，網絡廣播將存檔在 Aehr Test 網站的投資者關係頁面上。

I'd like to remind everyone that on today's call, management will be making forward-looking statements today that are based on current information and estimates, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors that may cause results to differ materially from those in the forward-looking statements are discussed in the company's most recent periodic and current reports filed with the SEC. These forward-looking statements, including guidance provided during today's call, are only valid as of this date, and Aehr Test Systems undertakes no obligation to update the forward-looking statements.

我想提醒大家，在今天的電話會議上，管理層將根據當前信息和估計做出前瞻性聲明，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果存在重大差異在前瞻性陳述中。這些可能導致結果與前瞻性陳述中的結果存在重大差異的因素在公司向美國證券交易委員會提交的最新定期報告和當前報告中進行了討論。這些前瞻性陳述，包括今天電話會議期間提供的指導，僅截至當日有效，Aehr Test Systems 不承擔更新前瞻性陳述的義務。

Now with that said, I'd like to turn the conference call over to Gayn Erickson, President and CEO.

話雖如此，我想將電話會議轉交給總裁兼首席執行官蓋恩·埃里克森 (Gayn Erickson)。

Thanks, Jim, and good afternoon, and welcome to our fiscal 2021 fourth quarter and full year's earnings conference call. Thank you for joining us today. Let's start with a quick summary of the highlights of the quarter and the improved business momentum we're experiencing. And then I'll dig deeper into our expectations for increased revenue growth in our new fiscal year, which is already underway.

謝謝吉姆，下午好，歡迎參加我們的 2021 財年第四季度和全年收益電話會議。感謝您今天加入我們。讓我們首先快速總結一下本季度的亮點以及我們正在經歷的改善的業務勢頭。然後我將更深入地探討我們對已經開始的新財年收入增長的預期。

We saw continued signs of recovery and a strong increase in customer demand during the fourth quarter, which is a positive turnaround from the customer production ramp delays and pushouts we experienced this past year related to COVID-19. I'm pleased to report improved revenue and operating profit for the fourth quarter that reflect a return to above pre-pandemic levels. Fourth quarter revenue was up 45% sequentially quarter-on-quarter and up over 100% from Q4 last year, and we're profitable for the quarter on a GAAP basis. Additionally, we're off to a strong start for fiscal 2022, with $5.4 million in bookings and an effective backlog of $7 million as of today.

我們在第四季度看到了持續復甦的跡象和客戶需求的強勁增長，這是我們去年因 COVID-19 經歷的客戶生產延遲和推遲的積極轉變。我很高興地報告第四季度的收入和營業利潤有所改善，反映出已恢復到大流行前的水平。第四季度收入環比增長 45%，較去年第四季度增長超過 100%，並且按 GAAP 計算，我們本季度實現盈利。此外，我們在 2022 財年取得了良好的開端，截至目前，預訂金額為 540 萬美元，有效積壓金額為 700 萬美元。

We're seeing improvement in multiple test and burn-in segments, including silicon carbide, silicon photonics and mobile sensors, each of which we expect will contribute to our expectations for significant revenue growth year-over-year in our new fiscal year.

我們看到多個測試和老化領域的進步，包括碳化矽、矽光子和移動傳感器，我們預計這些領域都將有助於我們對新財年收入同比大幅增長的預期。

Now let me dig a little deeper into each of these opportunities, starting with silicon carbide. This past fiscal year, we made significant inroads into the emerging silicon carbide device market, which continues to be a very promising key growth driver for Aehr and will be a major focus in the coming fiscal year. Silicon carbide power semiconductors have emerged as the preferred technology for battery electric vehicle power conversion in onboard and off-board electric vehicle battery chargers and the electric power conversion and control of the electric engine. Our FOX-P family of products are very cost-effective solutions for ensuring the critical quality and reliability of devices in this market, where performance and reliability cannot only mean increased battery life but also whether you have to walk home from a vehicle whose power semiconductor fails in the powertrain.

現在讓我從碳化矽開始更深入地探討每一個機會。上一財年，我們在新興碳化矽器件市場取得了重大進展，該市場仍然是 Aehr 非常有前途的關鍵增長動力，並將成為下一財年的主要焦點。碳化矽功率半導體已成為車載和非車載電動汽車電池充電器中電池電動汽車功率轉換以及電動發動機的電力轉換和控制的首選技術。我們的FOX-P 系列產品是非常經濟高效的解決方案，可確保該市場中設備的關鍵質量和可靠性，性能和可靠性不僅意味著延長電池壽命，還意味著您是否需要從裝有功率半導體的車輛步行回家動力系統出現故障。

I once heard from a very wise general manager of automotive semiconductor components supplier that the quality and reliability of devices such as these power semis in the engine drivetrain of vehicles should not be measured by how many failures per million they have, but how many walk-homes per million they have as a failure in this component results in the driver and passengers walking home after it fails in the vehicle.

我曾經聽一位非常明智的汽車半導體元件供應商總經理說過，汽車發動機傳動系統中的這些功率半導體等器件的質量和可靠性不應該用每百萬次故障的數量來衡量，而應該用有多少次來衡量。每百萬個家庭中，由於該部件出現故障，導致駕駛員和乘客在車輛發生故障後步行回家。

During this past fiscal year, our lead silicon carbide customer qualified Aehr's FOX-XP system for high-volume production burn-in and infant mortality screening of silicon carbide power devices at wafer level for electric vehicles. This customer is a leading Fortune 500 supplier of semiconductor devices with a significant customer base in the automotive semiconductor market. They have now qualified several devices for automotive applications on our solution, ordered multiple FOX-XP systems and have purchased multiple new WaferPak contactor designs that are expected to be qualified and moved to production during this new fiscal year.

在上一財年，我們的主要碳化矽客戶對 Aehr 的 FOX-XP 系統進行了鑑定，該系統可用於電動汽車晶圓級碳化矽功率器件的大批量生產老化和嬰兒死亡率篩查。該客戶是一家領先的財富 500 強半導體器件供應商，在汽車半導體市場擁有重要的客戶群。他們現在已經通過我們的解決方案對多種汽車應用設備進行了認證，訂購了多個FOX-XP 系統，併購買了多個新的WaferPak 接觸器設計，預計這些設計將在本新財年通過認證並投入生產。

During our fiscal fourth quarter, we received and shipped a follow-on order from this customer for an additional FOX-XP system for higher volume production test and burn-in of those devices. In this past week, we announced another follow-on from them for an additional FOX-XP system and multiple WaferPaks to meet their increased production capacity needs. These follow-on orders for additional FOX-XP systems and WaferPaks are the result of our working closely with this lead customer to achieve their test requirements and validation of our FOX-XP platform and WaferPak full wafer contactors as their production-qualified solution. This customer is forecasting orders for multiple additional FOX-XP systems and WaferPaks this year and a significant number of systems and WaferPaks over the next several years due to the electric vehicle semiconductor test and burn-in demand.

在第四財季，我們收到並發貨了該客戶的後續訂單，要求購買額外的 FOX-XP 系統，以便對這些設備進行大批量生產測試和老化。在過去的一周，我們宣布了他們的另一項後續行動，即額外的 FOX-XP 系統和多個 WaferPaks，以滿足他們增加的產能需求。這些額外FOX-XP 系統和WaferPak 的後續訂單是我們與該主要客戶密切合作的結果，以實現他們的測試要求並驗證我們的FOX-XP 平台和WaferPak 全晶圓接觸器作為其生產合格的解決方案。由於電動汽車半導體測試和老化需求，該客戶預計今年將訂購多個額外的 FOX-XP 系統和 WaferPaks，並在未來幾年內訂購大量系統和 WaferPaks。

Each of these silicon-carbide-focused FOX-XP systems are configured to test 18 silicon carbide wafers in parallel in the footprint of a typical single wafer test solution while contacting and testing 100% of the devices in parallel on each wafer. Our solution cannot only test 4-inch and 6-inch silicon carbide wafers but can test the future 200-millimeter 8-inch wafers planned to be introduced over the next several years. Aehr provides a unique, fully integrated solution that includes the test systems, full wafer, WaferPak contactors and the WaferPak aligners.

每個以碳化矽為中心的FOX-XP 系統均配置為在典型單晶圓測試解決方案的佔地面積內並行測試18 個碳化矽晶圓，同時接觸和測試每個晶圓上100% 的器件。我們的解決方案不僅可以測試4英寸和6英寸碳化矽晶圓，還可以測試未來幾年計劃推出的200毫米8英寸晶圓。 Aehr 提供獨特的完全集成解決方案，包括測試系統、全晶圓、WaferPak 接觸器和 WaferPak 對準器。

In addition to the very large opportunity for silicon carbide with our lead customer, we're currently engaged in detailed and very promising discussions with several other major suppliers of silicon carbide, some of which have also publicly indicated plans for significant capacity increases. We expect to move to on-wafer evaluations with multiple potential new customers this fiscal year.

除了與我們的主要客戶提供碳化矽的巨大機會外，我們目前正在與其他幾家主要碳化矽供應商進行詳細且非常有希望的討論，其中一些供應商還公開表示了大幅增加產能的計劃。我們預計本財年將與多個潛在新客戶進行晶圓上評估。

As I mentioned on our last call, we're very excited that a potential new customer -- I'm sorry, that a new potential customer that produces silicon carbide power devices has asked us to demonstrate our full wafer level burn-in solution on their silicon carbide wafers, including putting the system on their manufacturing floor to demonstrate our capabilities. While this is a new customer for us for silicon carbide, they're actually currently a customer for us in other application and already have several FOX-XP systems in production for testing and burning in mobile sensors. They are a significant player in silicon carbide right now, and we're confident that we can prove to them that our solution will catch their infant mortality failures that otherwise show up in customer devices.

正如我在上次電話會議中提到的，我們非常高興一位潛在的新客戶 - 很抱歉，一位生產碳化矽功率器件的新潛在客戶要求我們展示我們的完整晶圓級老化解決方案他們的碳化矽晶圓，包括將該系統放在他們的製造車間以展示我們的能力。雖然這是我們碳化矽的新客戶，但他們目前實際上是我們在其他應用領域的客戶，並且已經有多個 FOX-XP 系統投入生產，用於移動傳感器的測試和燃燒。他們目前是碳化矽領域的重要參與者，我們有信心向他們證明，我們的解決方案將解決他們在客戶設備中出現的嬰兒死亡率故障。

As I've discussed many times, silicon carbide is an optimal material for high-power and particularly high-voltage devices for applications such as electric and hybrid electric vehicle powertrain and electric vehicle charging infrastructure. These devices reduce power loss by as much as greater than 75% over power silicon alternatives like IGBT devices, which has essentially changed the entire market dynamic. With this development, we've seen most, if not every, automotive company that's working on electric vehicles moving to silicon carbide-based powertrain and charging systems in the near future.

正如我多次討論的那樣，碳化矽是高功率、特別是高電壓設備的最佳材料，適用於電動和混合動力電動汽車動力系統以及電動汽車充電基礎設施等應用。與 IGBT 器件等功率矽替代品相比，這些器件可將功率損耗降低 75% 以上，這從根本上改變了整個市場動態。隨著這一發展，我們看到大多數（如果不是全部）致力於電動汽車的汽車公司在不久的將來都會轉向基於碳化矽的動力系統和充電系統。

The challenge with silicon carbide is that it's known to have high infant mortality rate. However, with the reliability burn-in and screening that Aehr is able to offer with our FOX product solutions, these defects can be removed to provide extremely reliable devices for these mission-critical applications. Aehr's FOX-XP solution allows for one of the key reliability screening tests to be completed on an entire wafer full of devices, basically testing all of them at one time, while also testing and monitoring every device for failures during the burn-in process to provide critical information on those devices. This is an enormously valuable capability as it allows our customers to screen devices that would otherwise fail after they are packaged into multi-die modules, where the yield impact is 10x or even 100x costly.

碳化矽面臨的挑戰是它的嬰兒死亡率很高。然而，通過 Aehr 能夠通過我們的 FOX 產品解決方案提供的可靠性預燒和篩選，可以消除這些缺陷，為這些關鍵任務應用提供極其可靠的設備。 Aehr 的FOX-XP 解決方案允許在充滿器件的整個晶圓上完成一項關鍵的可靠性篩選測試，基本上一次測試所有器件，同時還測試和監控每個器件在老化過程中是否出現故障，以防止出現故障。提供有關這些設備的關鍵信息。這是一項非常有價值的功能，因為它使我們的客戶能夠篩選那些在封裝成多芯片模塊後可能會出現故障的器件，而這些器件的成品率影響是成本的 10 倍甚至 100 倍。

Okay. Sorry. We had some background noise going up. Silicon carbide appears to be one of the hottest potential application spaces Aehr Test had seen in many years. And we're extremely excited about our ability to service this emerging market. We anticipate that wafer level test and burn-in will become the industry standard for quality and reliability screening for silicon carbide devices for the automotive market. And with the most cost-effective solution on the market to address this opportunity, we believe that Aehr has a chance to build a dominant market share.

好的。對不起。我們聽到了一些背景噪音。碳化矽似乎是 Aehr Test 多年來最熱門的潛在應用領域之一。我們對我們為這個新興市場提供服務的能力感到非常興奮。我們預計晶圓級測試和老化將成為汽車市場碳化矽器件質量和可靠性篩選的行業標準。憑藉市場上最具成本效益的解決方案來抓住這一機遇，我們相信 Aehr 有機會建立主導市場份額。

Power semiconductor market for electric vehicles is expected to triple between 2020 and 2026, growing at nearly 26% CAGR to $5.6 billion, according to Yole Research. And a report with Deloitte forecasts total electric vehicle sales will grow at a CAGR of 29% from 2020 to 2025 before reaching 31.1 million units by 2030 and securing approximately 32% of the total market share for new car sales. These stats highlight the tremendous opportunity Aehr Test has in front of it, with its wafer level test and burn-in solution for electric vehicle semiconductors.

據 Yole Research 稱，電動汽車功率半導體市場預計在 2020 年至 2026 年間將增長兩倍，複合年增長率近 26%，達到 56 億美元。德勤的一份報告預測，從 2020 年到 2025 年，電動汽車總銷量將以 29% 的複合年增長率增長，到 2030 年將達到 3110 萬輛，並佔據新車總銷量約 32% 的份額。這些統計數據突顯了 Aehr Test 所面臨的巨大機遇，其晶圓級測試和電動汽車半導體老化解決方案。

Now turning to silicon photonics. We're seeing an improvement in the silicon photonics market, which has -- was significantly impacted by the pandemic this past year. During the fourth quarter -- or fiscal fourth quarter, we shipped FOX-XP system and multiple WaferPak contactors to an existing customer that's transitioning from our FOX-NP system for initial production burn-in to our production FOX-XP system to begin volume production of their high-performance silicon photonics devices. This is a -- this customer is a major supplier of fiber optic transceivers in the data center interconnect market today.

現在轉向矽光子學。我們看到矽光子市場有所改善，該市場在過去一年中受到了這一流行病的重大影響。在第四季度或第四財季，我們向現有客戶發貨了FOX-XP 系統和多個WaferPak 接觸器，該客戶正在從用於初始生產預燒的FOX-NP 系統過渡到用於開始批量生產的生產FOX-XP 系統他們的高性能矽光子器件。該客戶是當今數據中心互連市場中光纖收發器的主要供應商。

Silicon photonics fiber optic transceivers, which are used in data storage and 5G infrastructure, require a process step in manufacturing called stabilization, where the devices are subjected to high temperatures and power to stabilize their output power. Our customers are using our FOX wafer level test and burn-in solution for production test and burn-in of their integrated silicon photonics devices, and we currently have 5 silicon photonics customers that are shipping products to their end customers using our FOX solutions. We see a significant opportunity for growth as we expand within these customers and add additional new silicon photonics customers in this fiscal year.

用於數據存儲和 5G 基礎設施的矽光子光纖收發器在製造過程中需要一個稱為穩定的工藝步驟，其中設備要承受高溫和功率以穩定其輸出功率。我們的客戶正在使用我們的FOX 晶圓級測試和老化解決方案對其集成矽光子器件進行生產測試和老化，目前我們有5 個矽光子客戶正在使用我們的FOX 解決方案將產品運送給他們的最終客戶。隨著我們在這些客戶範圍內擴張並在本財年增加更多新的矽光子客戶，我們看到了巨大的增長機會。

Now let me touch on the mobile sensor market. This past year, we successfully implemented our FOX systems and DiePak carriers for production test and burn-in of 2 new applications for 2D/3D sensors for mobile devices. Aehr has now successfully executed on a number of programs for highly custom and unique sensors in packaging and configurations unlike any other devices on the market. Aehr's engineering team has been able to design and develop custom DiePak carriers and contactors to address the unique electrical, mechanical, optical and thermal needs of these devices with our FOX-XP systems and proprietary DiePak carriers. These solutions are turnkey with development of the proprietary carriers and test schematic, custom DiePak singulated die and module socket and carriers, highly proprietary thermal conductivity and transfer solutions, custom application test plans and automated handling systems to load and unload our DiePaks with 100% traceability of test results and burn-in.

現在讓我談談移動傳感器市場。去年，我們成功實施了 FOX 系統和 DiePak 載體，用於移動設備 2D/3D 傳感器的 2 個新應用的生產測試和老化。 Aehr 現在已成功執行了許多高度定制和獨特傳感器的程序，其包裝和配置與市場上任何其他設備不同。 Aehr 的工程團隊能夠設計和開發定制 DiePak 載體和接觸器，利用我們的 FOX-XP 系統和專有 DiePak 載體來滿足這些設備獨特的電氣、機械、光學和熱需求。這些解測試結果和老化。

We feel we continue to meet and exceed the customers' expectations and are happy to continue to meet their needs on these extremely challenging test and burn-in applications. We expect to see follow-on orders for system capacity in DiePaks this year and continue to be optimistic about this market space.

我們認為我們將繼續滿足並超越客戶的期望，並很高興繼續滿足他們對這些極具挑戰性的測試和老化應用的需求。我們預計今年DiePaks的系統產能將會有後續訂單，並繼續看好這個市場空間。

Now let me talk a little bit about our consumables and contactor business. As I mentioned on past calls, our FOX family of test systems include our customized WaferPaks and DiePaks that are proprietary, full wafer singulated die and module contactors and are needed not only for full -- for new system orders but also for each new design win or each new device added to production test.

現在我來談談我們的耗材和接觸器業務。正如我在過去的電話中提到的，我們的FOX 系列測試系統包括我們定制的WaferPaks 和DiePaks，它們是專有的、全晶圓單片化芯片和模塊接觸器，不僅是完整的新系統訂單所需要的，而且也是每一個新設計勝利所需要的或添加到生產測試中的每個新設備。

During the fourth quarter, we launched our newest DiePak solution, which is capable of handling extremely small and complex devices and very high power density devices with higher parallels than ever before. This new class of DiePak can handle devices small enough to rest on the tip of a pen or a pencil. Devices this small are extremely hard to handle and particularly in any kind of parallel. Often, a discrete device this small is handled with special handling equipment and a tester that can only test one device at a time. This new FOX-XP system and DiePak solution is capable of testing very complex die modules in addition to them being tiny. This solution is a great addition to our product family, and we believe it further sets us apart from any other company in the industry.

在第四季度，我們推出了最新的 DiePak 解決方案，該解決方案能夠處理極其小型和復雜的器件以及非常高功率密度的器件，並具有比以往更高的並行度。這種新型 DiePak 可以處理足夠小的設備，可以放在鋼筆或鉛筆的尖端上。如此小的設備極難處理，尤其是在任何類型的並行情況下。通常，這麼小的分立器件需要使用特殊的處理設備和一次只能測試一個器件的測試儀來處理。這種新的 FOX-XP 系統和 DiePak 解決方案除了很小之外，還能夠測試非常複雜的芯片模塊。該解決方案是我們產品系列的重要補充，我們相信它進一步使我們與業內其他公司區分開來。

As we increase our installed base of FOX systems with current and new customers, particularly with our FOX-MP and XP multi-wafer and singulated die module test and burn-in systems, we expect this consumables business will continue to grow in absolute value and also as a percentage of our total sales. Over the long term, we expect these recurring consumable sales to account for up to a half or even more of our total annual revenues.

隨著我們與現有客戶和新客戶增加FOX 系統的安裝基礎，特別是通過我們的FOX-MP 和XP 多晶圓和單片芯片模塊測試和老化系統，我們預計該耗材業務的絕對值和老化率將繼續增長。也占我們總銷售額的百分比。從長遠來看，我們預計這些經常性消耗品銷售將占我們年總收入的一半甚至更多。

And lastly, touching on our packaged part business, we continue to see indications of renewed demand for packaged part burn-in applications, particularly from customers in automotive applications and those seeking high-voltage capability. Our new packaged part burn-in product with very high voltage test capabilities continues under development, and we expect to generate additional new opportunities with our planned shipments to begin later this fiscal year.

最後，談到我們的封裝零件業務，我們繼續看到對封裝零件老化應用的新需求的跡象，特別是來自汽車應用和尋求高壓功能的客戶。我們具有極高電壓測試功能的新封裝部件老化產品仍在開發中，我們預計本財年晚些時候開始的計劃發貨將產生更多新機會。

So let me go ahead and touch on supply chain. I received many questions from customers and shareholders about our supply chain and ability to meet capacity demands for systems and contactors. Given all the issues with semiconductor shortages and rising cost in raw materials and lengthened lead times across many industries, I quickly had to acknowledge this -- the reasonable concern and understand where the questions are coming from. Aehr has a very robust supply chain with world-class subcontract manufacturers on subsystems of our test systems, contactors, WaferPak aligners and DiePak handlers. These subcontractors have successfully supplied these subsystems for years to Aehr and are very mature. In all cases, these suppliers have capacity well in excess of Aehr historical shipment and the ability to ramp significantly higher as well. We're very confident in our ability to meet the customer-forecasted demand plus considerable upside.

那麼讓我繼續談談供應鏈。我收到了來自客戶和股東的許多關於我們的供應鏈以及滿足系統和接觸器容量需求的能力的問題。考慮到半導體短缺、原材料成本上升以及許多行業的交貨時間延長等所有問題，我很快就不得不承認這一點——合理的擔憂並理解問題的根源。 Aehr 擁有非常強大的供應鏈，擁有世界一流的分包製造商，負責我們的測試系統、接觸器、WaferPak 對準器和 DiePak 處理機的子系統。這些分包商已成功向 Aehr 供應這些子系統多年，並且非常成熟。在所有情況下，這些供應商的產能都遠遠超過了 Aehr 歷史出貨量，並且也有能力大幅提高。我們對滿足客戶預測的需求以及可觀的上升空間的能力非常有信心。

The one area that we do want to highlight is the risk associated with semiconductor component lead times that have been very irrational over the last 6 months, which is causing us to jump through many hoops to ensure we have near- and long-term volumes to meet both our forecast and considerable upside to this forecast. I don't want to overstate the risk as we're confident in meeting our projected revenues that we're guiding for this fiscal year and we believe we can meet a considerable upside to this forecast. However, we know there's a risk in the near term in particular with some semiconductor components but also have seen logistics issues with shipping lead times that continue to make our team keep on their toes and may add to the lumpiness of our quarterly shipment and revenues.

我們確實想強調的一個領域是與半導體元件交貨時間相關的風險，在過去6 個月中，半導體元件交貨時間非常不合理，這導致我們克服重重困難，以確保我們有近期和長期的出貨量。既滿足我們的預測，又比該預測有相當大的上行空間。我不想誇大風險，因為我們有信心實現本財年指導的預計收入，並且我們相信我們可以實現這一預測的相當大的上行空間。然而，我們知道短期內存在風險，特別是某些半導體組件，但也看到運輸交貨時間的物流問題，這繼續使我們的團隊保持警惕，並可能增加我們季度發貨和收入的波動性。

So let me conclude my remarks. We're now 1.5 months into fiscal 2022, and we're confident in our revenue growth projections for this new fiscal year. We're seeing a recovery across our customer base, along with significant demand for wafer level test and burn-in of silicon carbide devices for electric vehicles, silicon photonics devices for data center and 5G infrastructure, and 2D and 3D sensors for mobile devices. For the fiscal year ending May 31, 2022, Aehr expects full year total revenue to be greater than $28 million, which would represent growth of approximately 70% year-over-year and to be profitable for the fiscal year.

讓我結束我的發言。現在距離 2022 財年還有 1.5 個月，我們對新財年的收入增長預測充滿信心。我們看到我們的客戶群正在復蘇，同時對電動汽車用碳化矽器件、數據中心和 5G 基礎設施用矽光子器件以及移動設備用 2D 和 3D 傳感器的晶圓級測試和老化的需求也很大。對於截至 2022 年 5 月 31 日的財年，Aehr 預計全年總收入將超過 2800 萬美元，同比增長約 70%，並在本財年實現盈利。

Now before I turn over the call to Ken to go over our financials, I want to note that during the quarter, we announced the appointment of Fariba Danesh to our Board of Directors. Fariba is a technology industry veteran with special emphasis on semiconductor, photonics, telecommunications and data storage, and she brings incredible knowledge, experience and contacts in the compound semiconductor and optical semiconductor spaces. We, and certainly I, are really excited to have her on our Board.

現在，在我給肯打電話詢問我們的財務狀況之前，我想指出，在本季度，我們宣布任命法里巴·達內甚 (Fariba Danesh) 為董事會成員。 Fariba 是一位技術行業資深人士，特別關注半導體、光子學、電信和數據存儲領域，她在化合物半導體和光學半導體領域帶來了令人難以置信的知識、經驗和人脈。我們，當然還有我，非常高興她加入我們的董事會。

With that, let me turn it over to Ken to review our financial results in more detail before we open up the line for questions.

那麼，在我們開始提問之前，讓我把它交給肯，讓他更詳細地審查我們的財務業績。

Thank you, Gayn, and good afternoon, everyone. As Gayn noted, we saw continued signs of recovery and a strong increase in customer demand during the fourth quarter, resulting in improved revenue and operating profit for the fourth quarter that reflect a return to above pre-pandemic levels. To add some perspective on this, our fourth quarter revenue of $7.6 million is our highest reported quarterly revenue since Q2 of fiscal 2018.

謝謝蓋恩，大家下午好。正如蓋恩指出的那樣，我們在第四季度看到了持續的複蘇跡象和客戶需求的強勁增長，導致第四季度的收入和營業利潤有所改善，反映出回到了大流行前的水平之上。為了補充這一點，我們第四季度的收入為 760 萬美元，是自 2018 財年第二季度以來我們報告的最高季度收入。

Looking at our financial results in more detail, starting with the fourth quarter. Fourth quarter net sales of $7.6 million are up 45% sequentially from $5.3 million in the third quarter and up 102% year-over-year from $3.8 million in the fourth quarter last year. The sequential increase in net sales from the preceding Q3 reflects an increase of $2 million in wafer level burn-in revenue and $386,000 in customer service revenues. The increase in wafer level burn-in revenues is primarily due to an increase in system revenue of $1.4 million and an increase in WaferPak, DiePak revenues of $577,000. The increase from Q4 last year includes an increase in wafer level burn-in revenue of $3.4 million and customer services revenue of $509,000. The increase in wafer level burn-in revenue is primarily due to an increase in system revenue of $3.8 million, partially offset by a decrease in WaferPak DiePak revenue of $487,000. It is important to note that there were no system revenues in Q4 of fiscal 2020.

從第四季度開始，更詳細地了解我們的財務業績。第四季度淨銷售額為 760 萬美元，比第三季度的 530 萬美元增長 45%，比去年第四季度的 380 萬美元增長 102%。淨銷售額較上一季度環比增長反映了晶圓級老化收入增加了 200 萬美元，客戶服務收入增加了 386,000 美元。晶圓級老化收入的增長主要是由於系統收入增加了140萬美元，以及WaferPak、DiePak收入增加了577,000美元。較去年第四季度的增長包括晶圓級預燒收入增加 340 萬美元，客戶服務收入增加 509,000 美元。晶圓級老化收入的增長主要是由於系統收入增加了 380 萬美元，部分被 WaferPak DiePak 收入減少 487,000 美元所抵消。值得注意的是，2020 財年第四季度沒有系統收入。

Non-GAAP net income for the fourth quarter was $870,000 or $0.04 per diluted share compared to a non-GAAP net loss of $464,000 or $0.02 per diluted share in the preceding third quarter, and a non-GAAP net loss of $720,000 or $0.03 per diluted share in the fourth quarter of the previous year. The non-GAAP results exclude the impact of stock-based compensation and, in the fourth quarter of fiscal 2020, included a $1.6 million excess and obsolescence provision and $220,000 in restructuring charges. On a GAAP basis, net income for the fourth quarter was $567,000 or $0.02 per diluted share. This compares to GAAP net loss of $735,000 or $0.03 per diluted share, which included a $337,000 warranty provision in the preceding third quarter and GAAP net loss of $2.9 million or $0.13 per diluted share, which included the impact of $1.9 million or $0.08 per share in inventory write-down and restructuring charges taken in the fourth quarter of the previous year.

第四季度非GAAP 淨利潤為870,000 美元，即稀釋後每股0.04 美元，而上一季度非GAAP 淨虧損為464,000 美元，即稀釋後每股0.02 美元，非GAAP 淨虧損為720,000 美元，即稀釋後每股0.03 美元去年第四季度的份額。非 GAAP 業績排除了基於股票的薪酬的影響，並在 2020 財年第四季度包括 160 萬美元的超額和過時撥備以及 22 萬美元的重組費用。按照 GAAP 計算，第四季度淨利潤為 567,000 美元，即稀釋後每股收益 0.02 美元。相比之下，GAAP 淨虧損為735,000 美元，即稀釋後每股0.03 美元，其中包括前第三季度337,000 美元的保修撥備；GAAP 淨虧損為290 萬美元，即稀釋後每股0.13 美元，其中包括2017 年第三季度190 萬美元或每股0.08 美元的影響。上一年第四季度的庫存減記和重組費用。

Gross profit in the fourth quarter was $3.5 million or 46% of sales, up from gross profit of $1.9 million or 36% of sales in the preceding third quarter and a gross loss of $93,000 or 2% of sales in the fourth quarter of the previous year.

第四季度的毛利潤為 350 萬美元，佔銷售額的 46%，高於上一季度毛利潤 190 萬美元，佔銷售額的 36%，毛虧損為 93,000 美元，佔銷售額的 2%。年。

The increase in gross margin from the preceding Q3 is primarily due to a decrease in unabsorbed overhead cost as percent of sales due to higher revenue levels in Q4 '21, accounting for a 5.5 percentage point improvement in gross margin and a decrease in other cost of goods sold, as Q3 '21 included a warranty provision accounting for 4.8 percentage point improvement in gross margin. Because our manufacturing overhead costs are relatively fixed, we scaled very well. As our revenues grow, the increases flow to the bottom line and our margin percentage are favorably impacted, which is reflected in our Q4 '21 results.

毛利率較上一季度的增長主要是由於 21 年第 4 季度收入水平較高，導致未吸收管理費用佔銷售額的百分比下降，導致毛利率提高 5.5 個百分點，以及其他成本下降。所售商品，因為21 年第三季度包括保修撥備，毛利率提高了4.8 個百分點。由於我們的製造費用相對固定，因此我們的規模擴張得很好。隨著我們收入的增長，淨利潤和利潤率的增長都會受到有利影響，這反映在我們 21 年第 4 季度的業績中。

Product mix also impacts our gross margin percentage. The increase in gross margin from the fourth quarter last year is primarily due to a decrease in inventory reserves, as Q4 last year included a $1.6 million charge related to the write-down of excess and obsolete inventory, accounting for a 43.2 percentage point improvement in gross margin. Unabsorbed overhead cost decreased as a percentage of sales, resulting in a 7.2 percentage point improvement in gross margin due to higher revenue levels in Q4 '21 compared to Q4 '20.

產品組合也影響我們的毛利率。毛利率較去年第四季度增加主要是由於庫存儲備減少，去年第四季度包括與超額和過時庫存沖減相關的 160 萬美元費用，佔毛利率提高 43.2 個百分點毛利率。未吸收的間接費用佔銷售額的百分比有所下降，由於 21 年第 4 季度的收入水平高於 20 年第 4 季度，因此毛利率提高了 7.2 個百分點。

Operating expenses in the fourth quarter were $2.9 million, up $387,000 or 15% from $2.5 million in the preceding third quarter and up $185,000 or 7% from $2.7 million in the fourth quarter of last year. The sequential and year-over-year increase in operating expenses is primarily due to an increase in employment-related expenses for bonuses in Q4 '21 and annual pay increases to employees effective Q4 '21 and an increase in R&D project materials. This was partially offset by a reduction in restructuring charges, as Q4 '20 included $220,000 in costs related to the closure of our subsidiary in Japan and reduction of head count in our Germany subsidiary. With customer activity and business improving, we eliminated the 30% pay reductions of our -- for our executive staff at the start of June 2021, the beginning of our current fiscal year. SG&A was $1.9 million for the fourth quarter, up $261,000 from the preceding third quarter and up $230,000 from the prior year fourth quarter. R&D expenses were $1 million for the fourth quarter, up $126,000 from the preceding third quarter and up $175,000 from the prior year fourth quarter.

第四季度運營費用為 290 萬美元，較上一季度的 250 萬美元增加 387,000 美元，即 15%；較去年第四季度的 270 萬美元增加 185,000 美元，即 7%。運營費用的環比和同比增長主要是由於 21 年第 4 季度與就業相關的獎金費用增加以及從 21 年第 4 季度起生效的員工年度工資增加以及研發項目材料的增加。這部分被重組費用的減少所抵消，因為 20 年第 4 季度包括與關閉日本子公司和減少德國子公司員工人數相關的 220,000 美元成本。隨著客戶活動和業務的改善，我們在 2021 年 6 月（本財年年初）取消了高管人員 30% 的減薪。第四季度的SG&A 為190 萬美元，比去年第三季度增加261,000 美元，比去年第四季度增加230,000 美元。第四季度研發費用為 100 萬美元，比去年第三季度增加 126,000 美元，比去年第四季度增加 175,000 美元。

Now turning to the results for the full fiscal year. Net sales for fiscal 2021 were $16.6 million, down 26% from net sales of $22.3 million in fiscal 2020. The decrease includes a decrease in wafer level burn-in system revenues of $5.8 million. Customer service revenues were relatively flat. While year-over-year net sales decreased, second half fiscal 2021 revenues were $12.9 million compared to $9.9 million in the second half of fiscal 2020, an increase of 31% over prior year. Fiscal 2021 net sales were -- comprised of $13.1 million in wafer level burn-in revenues and $3.5 million in customer service revenue. For the full year 2021, system revenues accounted for 44% of revenues compared to 36% in the -- in prior 2020. WaferPak and DiePak consumable revenues accounted for 35% of total revenue in 2021, compared to 48% of revenues in fiscal 2020. Customer service revenues accounted for 21% of revenues in fiscal 2021, compared to 15% of revenues in fiscal 2020.

現在轉向整個財年的業績。 2021 財年的淨銷售額為 1660 萬美元，比 2020 財年的淨銷售額 2230 萬美元下降 26%。這一下降包括晶圓級老化系統收入減少 580 萬美元。客戶服務收入相對持平。雖然淨銷售額同比下降，但 2021 財年下半年收入為 1,290 萬美元，而 2020 財年下半年收入為 990 萬美元，比上年增長 31%。 2021 財年淨銷售額包括 1310 萬美元的晶圓級預燒收入和 350 萬美元的客戶服務收入。 2021 年全年，系統收入佔收入的 44%，而 2020 年之前為 36%。WaferPak 和 DiePak 耗材收入佔 2021 年總收入的 35%，而 2020 財年為 48%。 2021財年客戶服務收入佔收入的21%，而2020財年這一比例為15%。

Non-GAAP net loss for fiscal 2021 was $3.3 million or $0.14 per diluted share, which exclude the impact of stock-based compensation and a noncash net gain of $2.2 million and a tax benefit of $215,000 related to the closure of Aehr's Japan subsidiary in the first quarter. This compares to a non-GAAP net loss of $27,000 or $0.00 per diluted share, which excludes the impact of stock-based compensation expense, inventory reserves of $1.6 million and restructuring charges of $220,000 in fiscal 2020. On a GAAP basis, net loss for the fiscal year was $2 million or $0.09 per diluted share. This compares to a GAAP net loss of $2.8 million or $0.12 per diluted share, which included the impact of approximately $1.9 million or $0.08 per share in inventory write-down and restructuring charges taken in fiscal 2020.

2021 財年非GAAP 淨虧損為330 萬美元，或稀釋後每股0.14 美元，其中不包括基於股票的薪酬和220 萬美元非現金淨收益的影響，以及與關閉Aehr 日本子公司相關的215,000 美元稅收優惠。第一季度。相比之下，2020 財年非GAAP 淨虧損為27,000 美元或稀釋後每股0.00 美元，其中不包括基於股票的補償費用、160 萬美元的庫存儲備和220,000 美元的重組費用的影響。按照GAAP 計算，淨虧損為該財年的利潤為 200 萬美元，或稀釋後每股 0.09 美元。相比之下，GAAP 淨虧損為 280 萬美元或稀釋後每股 0.12 美元，其中包括 2020 財年庫存減記和重組費用約 190 萬美元或每股 0.08 美元的影響。

Gross profit for fiscal 2021 was $6 million or 36% of net sales compared to a gross profit of $8.4 million or 38% of net sales in fiscal 2020.

2021 財年的毛利潤為 600 萬美元，占淨銷售額的 36%，而 2020 財年的毛利潤為 840 萬美元，占淨銷售額的 38%。

The decrease in gross margin percentage in FY 2021 compared to the prior year is primarily due to a decrease in unabsorbed overhead costs to cost of goods sold related to higher revenue levels in the prior year, a change in product mix and an increase in warranty cost as a percent of sales. This was partially offset by a reduction in inventory reserves as FY '20 included the $1.6 million provision for excess and obsolete inventory.

與上一年相比，2021 財年毛利率百分比下降的主要原因是與上一年收入水平較高相關的未吸收間接費用佔銷售成本的下降、產品結構的變化以及保修成本的增加作為銷售額的百分比。這被庫存儲備的減少部分抵消，因為 20 財年包括了 160 萬美元的過剩和過時庫存撥備。

Operating expenses for fiscal 2021 were $10.2 million, a decrease of $922,000 or 8% from $11.1 million in fiscal 2020. The decrease is primarily due to a decrease in SG&A of $968,000 and restructuring charges of $220,000, partially offset by an increase in R&D of $266,000. SG&A was $6.6 million in fiscal 2021, down from $7.5 million in fiscal 2020. The decrease includes a decrease in labor-related costs resulting from cost reduction initiatives implemented in fiscal 2021, lower commissions related to a decrease in bookings and revenues and lower travel and sales expenses due to restrictions in place from the pandemic. R&D expenses were $3.7 million in fiscal 2021, up from $3.4 million in fiscal 2020 due to higher R&D project materials and employment costs due to head count increases.

2021 財年的運營支出為1,020 萬美元，比2020 財年的1,110 萬美元減少了922,000 美元，即8%。減少的主要原因是銷售及管理費用減少了968,000 美元，重組費用減少了220,000 美元，部分被研發費用增加266,000 美元所抵消。 2021 財年的銷售及管理費用為660 萬美元，低於2020 財年的750 萬美元。下降的原因包括2021 財年實施的成本削減舉措導致與勞動力相關的成本減少、與預訂和收入減少相關的佣金減少以及旅行和旅行費用的減少。由於大流行的限製而產生的銷售費用。 2021 財年的研發費用為 370 萬美元，高於 2020 財年的 340 萬美元，原因是研發項目材料和人員數量增加導致的僱傭成本增加。

Turning to the balance sheet for the fourth quarter. Our cash and cash equivalents were $4.6 million at May 31, 2021, down $156,000 from $4.7 million at the end of the preceding quarter. Included in the cash balance at Q4 '21 and Q3 '21 quarter ends were $1.4 million in borrowings under our line of credit. Accounts receivable at quarter end was $5.2 million, an increase of $2.5 million compared to $2.7 million at the preceding quarter end, related to the increase in revenue in Q4 compared to Q3 and an increase of $1.5 million from Q4 last year. Inventories at May 31 were $8.8 million, an increase of $510,000 from $8.3 million at the preceding quarter end. The increase in inventories at May 31 is to support forecasted revenues, obtain long-lead-time materials and to ensure an adequate supply of critical components.

轉向第四季度的資產負債表。截至 2021 年 5 月 31 日，我們的現金和現金等價物為 460 萬美元，比上一季度末的 470 萬美元減少 156,000 美元。 21 年第 4 季度和 21 年第 3 季度末的現金餘額中包括我們信用額度下的 140 萬美元借款。季末應收賬款為 520 萬美元，較上季末的 270 萬美元增加 250 萬美元，這與第四季度收入較第三季度增加以及較去年第四季度增加 150 萬美元有關。截至 5 月 31 日的庫存為 880 萬美元，比上一季度末的 830 萬美元增加了 51 萬美元。 5 月 31 日庫存增加是為了支持預測收入、獲得長交貨期材料並確保關鍵零部件的充足供應。

Property and equipment was $677,000 compared to $617,000 to preceding quarter end. Customer deposits and deferred revenue, short and long term, were $288,000, a decrease of $379,000 at the preceding quarter end related primarily to the decrease in backlog from the prior quarter. Our current and long-term debt of $1.7 million is related to funds we received during the fourth quarter of the last fiscal year under the Paycheck Protection Program through the Small Business Administration. Last month, we received notice from Silicon Valley Bank that the Small Business Administration has forgiven the loan and accrued interest. We will be posting a benefit of $1.7 million in our first quarter fiscal 2022 results related to the loan forgiveness.

財產和設備費用為 677,000 美元，而上一季度末為 617,000 美元。短期和長期客戶存款和遞延收入為 288,000 美元，比上一季度末減少 379,000 美元，主要與上一季度積壓訂單減少有關。我們 170 萬美元的當前和長期債務與我們在上一財年第四季度通過小企業管理局的薪資保護計劃收到的資金有關。上個月，我們收到矽谷銀行的通知，小企業管理局已免除貸款和應計利息。我們將在 2022 財年第一季度業績中公佈與貸款減免相關的 170 萬美元收益。

Bookings in the fourth quarter totaled $5.5 million. Backlog at May 31 was $1.6 million compared to $3.7 million at the preceding quarter end. Effective backlog, which includes backlog at the end of the fiscal fourth quarter plus orders since the end of the fourth quarter, is $7 million.

第四季度的預訂總額為 550 萬美元。截至 5 月 31 日，積壓訂單為 160 萬美元，而上一季度末的積壓訂單為 370 萬美元。有效積壓訂單（包括第四財季末的積壓訂單加上第四季度末以來的訂單）為 700 萬美元。

Now turning to our outlook for the coming fiscal year. As Gayn noted, we're 1.5 months into our fiscal 2022 and off to a strong start, with $5.4 million in bookings and effective backlog of $7 million as of today. We are seeing a recovery across our customer base, along with significant demand for wafer level test and burn-in across our markets, which is giving us confidence in our revenue growth projections for this new fiscal year. For our fiscal 2022 year ended May 31, 2022, we expect full year total revenue to be greater than $28 million, which would represent growth of approximately 70% year-over-year and to be profitable for the fiscal year.

現在轉向我們對下一財年的展望。正如 Gayn 指出的那樣，我們的 2022 財年已進入 1.5 個月，並且開局良好，截至目前，預訂量為 540 萬美元，有效積壓訂單為 700 萬美元。我們看到我們的客戶群正在復蘇，以及整個市場對晶圓級測試和老化的巨大需求，這讓我們對新財年的收入增長預測充滿信心。對於截至 2022 年 5 月 31 日的 2022 財年，我們預計全年總收入將超過 2800 萬美元，這意味著同比增長約 70%，並且本財年將實現盈利。

This concludes our prepared remarks. We're now ready to take your questions. Operator, please go ahead.

我們準備好的發言到此結束。我們現在準備好回答您的問題。接線員，請繼續。

(Operator Instructions) Our first question comes from Christian Schwab of Craig-Hallum Capital Group.

（操作員說明）我們的第一個問題來自 Craig-Hallum Capital Group 的 Christian Schwab。

Congratulations, guys, on a great quarter and a solid outlook. Gayn, in your greater than $28 million outlook, can you tell us your expectations for how many 10% customers you'll have in that?

恭喜你們，你們度過了一個出色的季度，並且前景光明。 Gayn，在您超過 2800 萬美元的前景中，您能告訴我們您對其中將擁有多少 10% 客戶的期望嗎？

Let me think. My guess is we'll have 2 or 3. 3 -- I'm getting the signal 3 from Ken off to the left, about 3 in our current estimates.

讓我想想。我的猜測是我們會有 2 或 3 個。 3 - 我從左邊的 Ken 那裡得到信號 3，在我們目前的估計中約為 3。

Okay. Fantastic. And then by application, can you walk us through between silicon carbide, silicon photonics and just maybe recovery orders from existing customers that were kind of pushed out last year? Can you give us an idea of the mix by application at all?

好的。極好的。然後通過應用，您能否向我們介紹一下碳化矽、矽光子學以及去年被推出的現有客戶的恢復訂單？您能給我們介紹一下按應用進行混合的想法嗎？

Yes. I think I want to be a little careful, not for any proprietary reasons, but just always difficulty in understanding how it looks like. But let me just give you a little bit of windage and elevation. I think we're quite confident that silicon carbide will be our largest segment this year. And I think as it plays out, then it would be followed by silicon photonics and then the 2D/3D sensor market, each of those being substantial, 15%, 20% or more. So you kind of do your own math there. I think we do plan to get some -- see some packaged part burn-in business, but it will still be relatively small. I think we'd probably do about 10% of service and support. But clearly, we do see strength in silicon carbide. And I think pretty confidently, it will be the largest segment this year.

是的。我想我要小心一點，不是出於任何專有原因，而是總是難以理解它的樣子。但讓我給你一點風阻和高度。我認為我們非常有信心碳化矽將成為我們今年最大的細分市場。我認為，隨著它的發展，矽光子學和 2D/3D 傳感器市場將緊隨其後，每個市場都很大，分別為 15%、20% 或更多。所以你可以在那裡做你自己的數學。我認為我們確實計劃獲得一些封裝零件老化業務，但規模仍然相對較小。我認為我們可能會提供大約 10% 的服務和支持。但顯然，我們確實看到了碳化矽的優勢。我非常有信心地認為，這將是今年最大的細分市場。

Fantastic. And then my last question has to -- we talked a lot about electric vehicles. And have you guys done the math? As penetration rates look to improve meaningfully over the next 5 to 10 years for sure, do you have any idea of the potential market TAM that your products could address over kind of a mid- to long-term basis?

極好的。然後我的最後一個問題是——我們談論了很多關於電動汽車的問題。你們算過數學嗎？由於滲透率在未來 5 到 10 年內肯定會顯著提高，您對您的產品在中長期基礎上可以解決的潛在 TAM 市場有什麼想法嗎？

We do. And I think what I do is I may defer and take that to -- as we go forward with a little bit more clarity. But we -- as we are engaging with multiple customers and we start to understand their capacities and their anticipated test and burn-in times and the level of quality, expectations versus those times, it continues to reinforce a model that I think I shared in our last call, which is if you just start to take a look at the number of systems that are required for every, call it, 1 million cars that are out there, it's substantial. I think we estimated about 8 systems or so for every 1 million incremental cars that are shipped per year.

我們的確是。我認為我所做的可能是推遲並採取這一點——當我們以更清晰的方式前進時。但是，當我們與多個客戶合作時，我們開始了解他們的能力、預期的測試和老化時間以及質量水平、與那些時間的期望，它繼續強化我認為我在其中共享的模型我們的最後一個結論是，如果你開始看看每輛汽車（稱其為100 萬輛汽車）所需的系統數量，這是相當可觀的。我認為我們估計每年每增加 100 萬輛汽車就需要 8 個左右的系統。

And so you start looking out at 30 million cars in 2030, which -- fair enough, that's 8, 9 years away. The world needs to purchase a lot of our full-complement FOX-XP class systems. And currently, we have not only an enormous cost advantage and -- but footprint advantage if a large silicon carbide customer is likely to have tens of systems for certain on their floor, keeping in mind that each system has 18 wafers in it. And another way of thinking about it for every 10 systems, they can basically process 180 wafers per day at 1-day test times, for example. And you start looking at capacity forecasts that are out there, that are well in excess of that in order to meet the silicon carbide requirements of the battery electric vehicle market and the on- and off-board chargers, and you can see that it's a very significant number.

所以你開始展望 2030 年汽車保有量將達到 3000 萬輛，公平地說，那是 8、9 年之後的事了。世界需要購買大量我們的全套 FOX-XP 級系統。目前，我們不僅擁有巨大的成本優勢，而且如果大型碳化矽客戶可能在其車間內擁有數十個系統（請記住每個系統都有 18 個晶圓），那麼我們還擁有佔地面積優勢。另一種思考方式是，例如，每 10 個系統基本上可以在 1 天的測試時間內每天處理 180 個晶圓。你開始查看現有的產能預測，這些預測遠遠超出了滿足電池電動汽車市場以及車載和非車載充電器對碳化矽的要求，你可以看到這是一個非常重要的數字。

So I -- maybe I'll give you a little bit more clarity. I'd like to make sure I have all our math done. And as we capture and understand kind of consistently -- by the way, we're doing a lot of our own research in testability and quality, reliability. So we're able to actually offer to customers unique proprietary test solutions. We are not going into a customer and they tell us exactly how to test it, and then we're running around the world and telling them. We actually got proprietary test schematics that we don't even share with our customers on how we're doing this, having to do it -- to be able to take advantage of the FOX-XP system and full wafer contacting on wafers that range from 4-, 6- and going to 8-inch and have device counts from 500 to 3,000 devices on a wafer that can all be tested on a -- one of our FOX-XP blades.

所以我——也許我會讓你更清楚一點。我想確保我已經完成了所有的數學計算。當我們一致地捕獲和理解時，順便說一句，我們正在可測試性、質量、可靠性方面進行大量自己的研究。因此，我們實際上能夠為客戶提供獨特的專有測試解決方案。我們不會去接觸客戶，他們告訴我們如何測試它，然後我們跑到世界各地告訴他們。我們實際上獲得了專有的測試原理圖，我們甚至沒有與客戶分享我們是如何做到這一點的，我們必須這樣做——才能利用 FOX-XP 系統和晶圓上的全晶圓接觸從4英寸、6 英寸到8 英寸，晶圓上的器件數量從500 到3,000 個器件不等，所有器件都可以在我們的FOX-XP 刀片之一上進行測試。

So as we do that and we understand how quality and reliability correlate to their test times, I think we'll be able to speak more confidently as a generic stance in the market on what it looks like, but data continues to suggest that you'll need to do 24-hour-plus burn-in times on any wafer to try and remove the infant mortality issues before they sneak into even discrete and certainly modules. So again, it is certainly the biggest market we're addressing right now. And there is -- there are some estimates that suggest it's as large as the memory burn-in market.

因此，當我們這樣做並了解質量和可靠性與測試時間的關係時，我認為我們將能夠更自信地作為市場上的通用立場來談論它的外觀，但數據繼續表明您'我們需要在任何晶圓上進行24 小時以上的老化時間，以嘗試在嬰兒死亡率問題潛入分立模塊和模塊之前消除它們。再說一遍，這無疑是我們目前正在解決的最大市場。有一些估計表明它與內存老化市場一樣大。

(Operator Instructions) Our next question comes from Jon Gruber of Gruber & McBaine.

（操作員說明）我們的下一個問題來自 Gruber & McBaine 的 Jon Gruber。

I have a -- I guess it's a nitpick here. You said your effective backlog is the backlog plus the orders, but then it should be minus the shipments since the quarter is 60% over. I take that you did not take the shipments out of it. Is that correct?

我有一個——我想這是一個挑剔的地方。您說您的有效積壓訂單是積壓訂單加上訂單，但它應該減去發貨量，因為該季度已經超過 60%。我認為你沒有從中取出貨物。那是對的嗎？

Correct.

正確的。

So it's really not backlog, correct?

所以這確實不是積壓，對嗎？

That is correct, yes.

這是正確的，是的。

That's accurate, yes.

這是準確的，是的。

Then it's not backlog then, okay. So don't call it backlog.

那麼就不是積壓了，好吧。所以不要稱之為積壓。

Okay. Second of all, in excess of $28 million, I mean if things go well, are we talking $28 million to $30 million? Or are we talking $28 million to $36 million? I mean give us sort of some range here that -- because $28 million -- you were looking for $28 million 3 years ago. And so $28 million in a good year is sort of [eon]. So how do you -- if things go well, what's the upper end here on the shipment side?

好的。其次，超過 2800 萬美元，我的意思是如果一切順利的話，我們談論的是 2800 萬到 3000 萬美元嗎？或者我們談論的是 2800 萬至 3600 萬美元？我的意思是給我們一個範圍——因為 2800 萬美元——你 3 年前正在尋找 2800 萬美元。因此，在豐收的一年裡，2800 萬美元已經是一筆巨款了。那麼，如果一切順利，發貨方面的上限是多少？

Yes. I appreciate the question and I fully understand that in fact, last year, we were talking about doing $28 million, and we clearly were much less than that. And I do -- I sit here with certainly more confidence because that would -- at least certainly in the U.S. and U.S.-based customers and the customers that are talking about ramping, they seem to have gotten through the COVID aspects and are letting us get on their floor and do the installations and all at will.

是的。我很欣賞這個問題，而且我完全理解，事實上，去年我們談論的是 2800 萬美元，但我們顯然比這個數字少得多。我確實——我坐在這里肯定更有信心，因為至少可以肯定的是，在美國和美國的客戶以及正在談論產能擴張的客戶中，他們似乎已經克服了新冠疫情方面的問題，並讓我們到他們的地板上並隨意進行安裝。

I -- we chose the words pretty specifically not to be coy. I actually don't want to put a high end on it. There is significant upside to the $28 million. And as we get the bookings and print them and give us confidence, we'll go from there. But candidly, Jon, we've been talking about how great it's going to be for a while. And we'll -- we continue to believe we're taking a conservative stance in the forecast we gave you, I believe, stronger this year than ever before, but I will -- we'll give an answer...

我——我們特意選擇了這個詞，不是為了含糊其辭。其實我並不想把它定位得太高。 2800 萬美元還有很大的上升空間。當我們收到預訂並打印它們並給我們信心時，我們將從那裡開始。但坦白說，喬恩，我們已經談論這將是多麼偉大一段時間了。我們將——我們仍然相信，我們在給你們的預測中採取了保守立場，我相信，今年比以往任何時候都更強烈，但我會——我們會給出答案……

I take if you give an answer that you're talking $28 million to $36 million, more likely than $28 million to $30 million, correct?

如果您給出的答案是 2800 萬至 3600 萬美元，那麼我認為更有可能是 2800 萬至 3000 萬美元，對吧？

If you had to pick a number and I'm not going to have you do another one, yes.

如果你必須選擇一個數字，而我不會讓你選擇另一個數字，那麼是的。

(Operator Instructions) We'll take our next question from Larry Chlebina with Chlebina Capital.

（操作員說明）我們將接受 Chlebina Capital 的 Larry Chlebina 提出的下一個問題。

Congratulations on the highest EPS quarter, I think, in 6 years, right? Is that correct?

我認為，恭喜您實現了 6 年來最高的每股收益季度，對嗎？那是對的嗎？

It sounds about right. Thank you.

聽起來是對的。謝謝。

On the next silicon carbide hopeful customer that you discussed, that's a current customer on your 3D sensing, have you started the testing of those wafers yet?

關於您討論的下一個碳化矽潛在客戶，即您 3D 傳感領域的當前客戶，您已經開始測試這些晶圓了嗎？

I'm going to be...

我將會...

Or not quite yet?

或者還沒有完全實現？

Yes, not quite yet, soon.

是的，還沒有，很快。

That should start any time now? Is there any -- like within days?

現在應該隨時開始嗎？有沒有——比如幾天之內？

I'll tell you what, Larry. I'm not trying to be coy to you folks. Competitive knowledge is -- there's lots of ears out there. I'm less concerned about being clear with my shareholders than I am with being -- letting everybody know what we're up to exactly. But we will be on wafer with test results this quarter and we're already halfway through it.

我會告訴你什麼，拉里。我並不是想對你們含糊其辭。競爭性知識是——有很多耳朵。我更關心的是讓每個人都知道我們到底在做什麼，而不是向股東說清楚。但我們將在本季度在晶圓上提供測試結果，而且我們已經完成了一半。

The $4.3 million system that you delivered in the May quarter -- and obviously, something slipped on that application. Is that -- the application, is there a problem with it where it may actually not show up in the next product release? Or is it just kind of delayed, I'll say, a month or 2?

您在 5 月份季度交付的價值 430 萬美元的系統 — 顯然，該應用程序出現了一些問題。那是——應用程序是否存在問題，實際上它可能不會出現在下一個產品版本中？或者只是推遲了，我會說，一兩個月？

Larry, actually, I'm sorry. I'm not really following you. The $4.3 million in what segment?

拉里，事實上，我很抱歉。我並不是真的在關注你。 430 萬美元屬於哪個部分？

For the pick and place application on the sensor.

用於傳感器上的拾取和放置應用。

Okay, okay, okay. Yes. I mean actually, the revenue for that, we think, was in Q3 or something. Okay. Fair enough. What was the question again?

好吧，好吧，好吧。是的。我的意思是，實際上，我們認為該收入是在第三季度或其他時間。好的。很公平。又問了什麼？

At any rate, there apparently was a problem, and that product launch, the automated product launch may have slipped. But is it just a slippage of the launch of that product and why you haven't had a follow-on order?

無論如何，顯然存在一個問題，即產品發布、自動化產品發布可能已經下滑。但這只是該產品發布的延遲嗎？為什麼你們還沒有後續訂單？

Yes. Let me -- well, you guys keep -- these are really good questions again. That particular customer, in particular, is unbelievably secure and understanding. What I will share is the following. We continue to believe that, that program is going well. We continue to believe we have a plan of record and we do have forecast for incremental systems and DiePaks in our fiscal year. And I think that's the most I can say right now. But generally speaking, at least I personally believe that, that was going to happen a little sooner. And I'll leave it at that rather than talking about whether there was actually a product slip or not. I think that's best but they're very happy with us.

是的。讓我——嗯，你們繼續說——這些都是很好的問題。特別是那個特定的客戶，是令人難以置信的安全和理解。我要分享的內容如下。我們仍然相信該計劃進展順利。我們仍然相信我們有一個記錄計劃，並且我們確實對本財年的增量系統和 DiePaks 進行了預測。我想這就是我現在能說的最多的話。但總的來說，至少我個人認為，這會發生得更早一些。我將就此保留，而不是談論是否確實存在產品單。我認為這是最好的，但他們對我們非常滿意。

All right. Then lastly, any opportunity on the big OSAT that you're currently engaged with or other...

好的。最後，您目前正在參與的大型 OSAT 或其他方面的任何機會......

You know what, the OSAT and their kind of front-end customer, each of which have systems now, there is active engagement with customers beyond the first lead customer for those guys. And Vernon has been giving you updates on where they are. I still think -- at some point, we want to work this in. I still think there's still some front-end new customer engagement impacts related to COVID. I plan to fly to Europe next Sunday, and our reps there said, "Get on Teams. The customers aren't going to see you." That -- we're still doing everything phased, over the phone, et cetera. So while the U.S. -- I mean at least in California here for the most part, it's just wide open. Ken and I are in the office now, and we actually are not masked in the facility for everybody who's been vaccinated.

你知道嗎，OSAT 和他們的前端客戶現在每個都有系統，除了這些人的第一個主要客戶之外，還與客戶進行積極的接觸。弗農一直在向您提供有關他們所在位置的最新信息。我仍然認為，在某個時候，我們希望解決這個問題。我仍然認為，仍然存在一些與新冠疫情相關的前端新客戶參與度影響。我計劃下週日飛往歐洲，我們在那裡的代表說：“加入 Teams。客戶不會見到你。”那 - 我們仍然分階段做所有事情，通過電話等等。因此，雖然美國——我的意思是至少在加利福尼亞州這裡的大部分地區，它都是完全開放的。肯和我現在在辦公室，實際上我們並沒有在設施中為每個接種疫苗的人佩戴口罩。

So -- but I'll tell you what. Customers still -- there's still a little bit of slowing on that. But that's okay. I don't really need that to hit my plan or the upside. But I'm still hopeful. We know that they're engaged. They're serious about it. But we've heard some things too from the big OSAT, but they're pretty booked out that -- a lot of the interesting things with the whole semiconductor supply chain as they talk about, "Oh, we're booked all the way for the next 6 or 9 months." So I'm not currently all that, I'll call it, hopeful. And I'm certainly not forecasting a lot of volume in sort of new customers and that -- through them this year, but maybe late in the year and definitely into the following year, if that helps.

所以——但我會告訴你什麼。客戶仍然——這方面仍然有一點放緩。但沒關係。我真的不需要它來實現我的計劃或好處。但我仍然充滿希望。我們知道他們訂婚了。他們對此很認真。但我們也從大型 OSAT 那裡聽到了一些事情，但他們已經預訂滿了——當他們談論整個半導體供應鏈時，有很多有趣的事情，“哦，我們已經預訂滿了在接下來的六、九個月裡。”所以我目前還沒有做到這一點，我稱之為充滿希望。我當然不會預測今年會有大量新客戶，但可能會在今年晚些時候，而且肯定會在明年，如果這有幫助的話。

Yes. And you said you're traveling to Europe next week, did you say?

是的。你說你下週要去歐洲旅行，是嗎？

I didn't say where. I don't think I did.

我沒說在哪裡。我不認為我做到了。

All right. You just said...

好的。你剛才說...

But I'll tell you what. It was Europe. It was where I was headed. And I was probably to go Sunday, and I'm not now. So...

但我會告訴你什麼。那是歐洲。這就是我要去的地方。我原本應該週日去，但現在不去了。所以...

So you're not going?

所以你不去嗎？

A week from Sunday. No, I'm going to sit here and do some more Teams meetings and things like that for right now. So even though I'm the CEO, I think they -- I'm a thinly disguised sales guy too sometimes. So I think right now, they'll let applications engineers and support people to go in and install things, but there -- a lot of the restrictions in Europe, up and down, are still with salespeople. So I would just -- and that's true also in Asia.

從周日開始一周。不，我現在要坐在這裡進行更多的 Teams 會議和類似的事情。因此，儘管我是首席執行官，但我認為有時我也是一個不加掩飾的銷售人員。所以我認為現在，他們會讓應用工程師和支持人員進去安裝東西，但是歐洲的很多限制，無論上下，仍然是銷售人員。所以我會——這在亞洲也是如此。

One last question then on the CP opportunity for the data center. Is that still ongoing? And do you expect that to get kicked off anytime soon?

最後一個問題是關於數據中心的 CP 機會。那還在繼續嗎？您預計這會很快啟動嗎？

It is still ongoing. They use it every day. In fact, I think last quarter or the quarter before, they were buying some parts and spares, and that system continues to have incredible uptime. I was curious why they were buying some parts since it hadn't gone down or anything. But my understanding is they're using it like 24/7 right now. It's my understanding -- and since we've been so elusive about who it is, I'll be a little bit more forward because actually, no one's guessed yet who it is. My understanding is that program has been pushed out in time again. And I think we have very little to -- if any, forecasted in this fiscal year again. But they're continuing to operate with full intent to go down that path, but it's -- that project is kind of continuing to push out. I'd say the total is, what, 2 years different than what we originally heard so far.

目前仍在進行中。他們每天都使用它。事實上，我認為上個季度或前一個季度，他們購買了一些零件和備件，並且該系統繼續擁有令人難以置信的正常運行時間。我很好奇他們為什麼要購買一些零件，因為它沒有下降或任何東西。但我的理解是他們現在 24/7 都在使用它。這是我的理解——既然我們對他是誰一直難以捉摸，我會更進一步，因為實際上，還沒有人猜出他是誰。我的理解是，該計劃又及時推出了。我認為我們對本財年的預測也很少——如果有的話。但他們正在繼續全心全意地沿著這條路走下去，但這個項目正在繼續推進。我想說的是，到目前為止，總數與我們最初聽到的相差了兩年。

All right. Is that a silicon photonics application? Would you...

好的。這是矽光子學應用嗎？你會...

I haven't said what it is. I called it a data storage application and I've been wonderfully elusive that nobody's guessed who it is because once you find out, you'll know why. Sorry.

我還沒說那是什麼。我將其稱為數據存儲應用程序，而且我一直非常難以捉摸，以至於沒有人猜出它是誰，因為一旦您發現，您就會知道為什麼。對不起。

We'll take our next question from Matt Winthrop of Aegis Capital.

我們將回答 Aegis Capital 的 Matt Winthrop 的下一個問題。

Congratulations. It sounds like things are doing much better. And I'm not going to beat you up like these other guys. I'm excited to the story.

恭喜。聽起來事情好像好多了。我不會像其他人一樣毆打你。我對這個故事很興奮。

You're just going to ask me if it's greater than $36 million. I'm waiting for each one of you to ask just one question. I know. All right. Go ahead, Matt.

你只是想問我是否超過 3600 萬美元。我正在等待你們每個人只問一個問題。我知道。好的。繼續吧，馬特。

No problem. I have 2 quickies. Can you sort of, in layman's terms -- because I talk to clients all the time. I'm a retail guy. I'm not an analyst. On the electric vehicle, how can I explain, in an elementary level, what your product addresses in terms of setting the average [efficiency]? Is that okay to ask?

沒問題。我有2個快手。你能用外行的話來說嗎——因為我一直在和客戶交談。我是一名零售人。我不是分析師。在電動汽車方面，我如何從初級層面解釋一下你們的產品在設置平均[效率]方面解決了什麼問題？這樣問可以嗎？

Yes, yes, yes. I'll try to. All right. So on -- you walk out to a Tesla, okay? And the Tesla basically has an onboard charger internally, okay? So what it means is if you apply electric power to it from your grid in your garage, it actually converts that AC electricity to DC and charges the onboard batteries. That AC-DC charger has these power semiconductor FETs inside that are made out of silicon carbide, which are way better than IGBTs. And in fact, Tesla and Elon Musk are credited with the people that basically, I guess, had the nerve to try silicon carbide without going through the tens of years of other things and have identified it as a superior product, put it in their Model 3 and immediately had like a 10%, 20% extended battery range. Since then, they have put it in all of their cars. And as we understand, all suppliers are following suit. And I think that's well publicized by multiple people out there.

對對對。我會嘗試。好的。等等——你走出去開一輛特斯拉，好嗎？特斯拉內部基本上有一個車載充電器，好嗎？因此，這意味著如果您從車庫中的電網向其供電，它實際上會將交流電轉換為直流電並為車載電池充電。該 AC-DC 充電器內部具有由碳化矽製成的功率半導體 FET，比 IGBT 好得多。事實上，特斯拉和埃隆·馬斯克被認為是那些基本上有勇氣嘗試碳化矽的人，而無需經歷數十年的其他事情，並將其確定為優質產品，將其放入他們的模型中3，電池續航里程立即增加了 10%、20%。從那時起，他們就把它裝進了他們所有的車裡。據我們了解，所有供應商都在效仿。我認為這已經被很多人廣泛宣傳了。

So in that charger, it converts AC to DC and it's extremely efficient. And what that means is you can do it faster and you can do it with more efficiency. Then when the battery is charged, the funny thing is the battery, which -- you can only charge battery with DC, direct current, just like a regular battery in your flashlight, right? But then the motor in the Tesla and everyone else is actually an AC motor. So it's not a DC motor. So now you have to convert it back to AC in order to work, and that's called an inverter and it uses the same MOSFETs, right? So it's pretty interesting. And so their MOSFETs are there to efficiently charge your car and there to efficiently power the car, and they're directly in line with the power to the electric engine. So if they fail, yes, your car is dead, right?

因此，在該充電器中，它將交流電轉換為直流電，而且效率極高。這意味著您可以更快、更高效地完成工作。那麼當電池充電時，有趣的是電池，它——你只能用直流電給電池充電，就像你手電筒裡的普通電池一樣，對吧？但特斯拉和其他汽車中的電機實際上是交流電機。所以它不是直流電機。所以現在你必須將其轉換回交流電才能工作，這就是所謂的逆變器，它使用相同的 MOSFET，對嗎？所以這很有趣。因此，他們的 MOSFET 可以為您的汽車高效充電，並為汽車高效供電，並且它們直接與電動發動機的電源保持一致。所以如果他們失敗了，是的，你的車就報廢了，對吧？

Okay.

好的。

So there's one other place and that is -- more and more, we're seeing them, where -- like the electric gas stations, where you go and there's an electric charge pump. They -- those are big converters as well. And they also have silicon carbide electric MOSFETs in them. And some of these modules, if you look at them -- I've got one in my hand. That doesn't do you any good, but you look at this module and it's -- some of our -- about the size of your hand or a small hand. And in there are 8 or 10 different semiconductors. In this case, they're the silicon carbide FETs, switches. And they -- the reason they have 8 or 10 of them in there is because they're all in parallel so they can have 400 amps of current. So maybe each one of them can only do 50 amps. But if you put 8 of them in parallel, you can do 400 amps.

所以還有另一個地方，那就是——我們越來越多地看到它們，在那裡——比如電動加油站，你去的地方就有一個充電泵。他們——那些也是巨大的轉化者。它們還具有碳化矽電動 MOSFET。其中一些模塊，如果你看一下——我手裡就有一個。這對你沒有任何好處，但你看看這個模塊，它是我們的一些模塊，大約有你的手或小手的大小。其中有 8 或 10 種不同的半導體。在本例中，它們是碳化矽 FET、開關。它們之所以有 8 或 10 個，是因為它們都是並聯的，這樣它們就可以有 400 安培的電流。所以也許它們每一個只能輸出 50 安培的電流。但如果將 8 個並聯，則可以產生 400 安培的電流。

So what -- the first thing when -- the first customer that was using us was realizing that they put 8 of these silicon carbide devices into this module, right? And then they had to burn it in. But every one of the devices had some material failure rate. Let's say 1%. So they had -- on 8 devices, you have an 8% failure rate in 24 hours of that device, and you have to throw away the module. Those modules, if you go right now and click on DigiKey or Mouser or eBay, they're $600 okay? And they're coming down quickly. But imagine that you have one of the devices fail and you have to throw away a $300 module or something. So our value proposition was we test the devices before they're put into the module. And not only is it cheaper per device, but now all of that -- all those failures are removed so you don't throw away the $100 package.

那麼，當第一個使用我們的客戶意識到他們將 8 個碳化矽器件放入這個模塊時，第一件事是什麼呢？然後他們必須將其燒毀。但是每一個設備都有一定的材料故障率。假設是 1%。所以他們——在 8 台設備上，該設備 24 小時內的故障率為 8%，您必須扔掉該模塊。這些模塊，如果你現在點擊 DigiKey 或 Mouser 或 eBay，它們的價格是 600 美元，好嗎？而且它們正在迅速下降。但想像一下，您的其中一個設備發生故障，您必須扔掉 300 美元的模塊或其他東西。因此，我們的價值主張是在將設備放入模塊之前對其進行測試。不僅每台設備的價格更便宜，而且現在所有這些故障都被消除了，這樣您就不會扔掉 100 美元的套餐。

But this technology...

但這項技術...

The cost effect -- yes.

成本效應——是的。

Is it fair to assume this technology also would be applicable to a Ford or a GM or an Audi? It's not just a Tesla thing. This is basically...

假設這項技術也適用於福特、通用汽車或奧迪是否公平？這不僅僅是特斯拉的事。這基本上是...

100% of them. Every...

100%。每一個...

Got it.

知道了。

Every electric vehicle is going to have silicon carbide in it, every one of them.

每輛電動汽車都將含有碳化矽。

On the sales side, because last couple of quarters -- you were a little better last time. A couple of quarters ago, you were pretty upset about how things are progressing, but it sounds like you're more excited. You had built this room in your facility where people would come and corona -- is that starting to open up? Are you doing actual displays in this room now that...

在銷售方面，因為過去幾個季度，你上次的表現稍好一些。幾個季度前，您對事情的進展感到非常沮喪，但聽起來您更興奮。你在你的設施裡建了這個房間，人們會來，電暈——它開始開放了嗎？現在你在這個房間裡做實際的展示嗎...

Yes. Displays -- we're testing wafers. How's that? Customers still aren't coming, but that's okay. It actually works out pretty nice. We kind of market it as, "Hey, look, it's a touch-free environment, but we're kind of lonely. It'd be nice to have people come here." But we're getting really good at Teams and Zoom and WebEx. But, for example, the customer wafers that are going to be tested with silicon carbide will be in that room.

是的。顯示器——我們正在測試晶圓。怎麼樣？顧客仍然沒有來，但沒關係。實際上效果非常好。我們的營銷方式是，“嘿，看，這是一個無接觸的環境，但我們有點孤獨。如果有人來這裡就好了。”但我們在 Teams、Zoom 和 WebEx 方面變得非常擅長。但是，例如，要使用碳化矽進行測試的客戶晶圓將在那個房間裡。

So you can do it and just virtually show it to them. They don't have to physically be there. They give you the product in advance to test or something like that?

所以你可以做到這一點，然後以虛擬方式向他們展示。他們不必親自到場。他們提前給你產品進行測試或類似的東西？

Absolutely. So the -- a silicon wafer has, say, 1,000 die on it, just to make it easy, right? Those devices already have some level of actual failure to them. So they don't get 100% yield. So let's say -- whatever, it doesn't matter how many, 10%, 20%, 30% of the die are failed, they'll give us the wafer map or not. When we test it, I can tell you immediately which devices have failed. And over a 24-, 48-, 96-hour period, I can tell you exactly when it failed on every single device with 100% traceability. So if they're wondering if we're serious, they can give us the wafer without the wafer map. I'll tell them which die had failed and it always correlates.

絕對地。所以，一塊矽晶圓上有 1,000 個芯片，只是為了讓它變得簡單，對嗎？這些設備已經出現了一定程度的實際故障。所以他們沒有獲得 100% 的收益率。所以我們可以這麼說——無論如何，無論有多少、10%、20%、30% 的芯片失敗，他們都會給我們晶圓圖或不給我們。當我們測試它時，我可以立即告訴您哪些設備發生了故障。在 24、48、96 小時的時間段內，我可以準確地告訴您每台設備何時發生故障，並且具有 100% 可追溯性。因此，如果他們想知道我們是否是認真的，他們可以給我們沒有晶圓圖的晶圓。我會告訴他們哪個模具失敗了，而且它們總是相關的。

All right. And I'll leave you with this on an -- that's great. I appreciate it. I'll leave you with this on an [upside barrel]. Let's say you've scored up, your new sales manager scored a bunch of really nice contracts, what kind of run rate can you guys -- what is your capacity if like everything hit in the next 3 or 4 quarters? I'm not saying you're saying that's sales, but what could you do out of California without having to expand on your factory, let's say?

好的。我會把這個留給你——這太棒了。我很感激。我會把這個放在[上桶]上。假設你已經得分了，你的新銷售經理獲得了一堆非常好的合同，你們能達到什麼樣的運行率——如果未來 3 或 4 個季度一切順利，你們的能力是多少？我並不是說你說的是銷售額，但是你可以在加州以外做什麼而不需要擴大你的工廠，比方說？

So there's a few ways to look at it. We have subcontractors that...

所以有幾種方法可以看待它。我們有分包商...

Is that a fair question?

這是一個公平的問題嗎？

Yes. It's a fair question. I mean the simple answer is there is nothing in our supply chain that couldn't, within 6 to 9 months, get us to even 10 systems a month, right? You just -- some of it, you -- some of it would include some of the people growing and adding some people. But even...

是的。這是一個公平的問題。我的意思是，簡單的答案是，我們的供應鏈中沒有任何東西不能在 6 到 9 個月內讓我們每月生產 10 個系統，對嗎？你只是——其中一些，你——其中一些將包括一些人的成長和增加一些人。但即使...

So even on that, what's 10 systems retail out to your -- or wholesale out to your customer?

那麼即使如此，零售給您或批發給您的客戶的 10 個系統是多少？

If you include an ASP of, say, a silicon carbide configuration, let's say $2.5 million or so and the complemented wafer pack set $1.5 million, it's $4 million apiece. So you...

如果算上碳化矽配置的 ASP，假設價格為 250 萬美元左右，而配套的晶圓組價格為 150 萬美元，那麼每件就是 400 萬美元。那麼你...

That's a lot.

好多啊。

1

1

And I -- that's correct. And that seems -- I'm sure people are like, "Okay, okay," but that's real. Even -- I mean that seems like big numbers to us here, but that is not big. I mean 10 systems a month is -- although they have 18 wafers of capacity in each one of them. So if you were comparing it to, say, a J750 from Teradyne, our -- each of our blades has more pins than a J750 and more electrical channels. So each testing...

我——這是正確的。我確信人們會說，“好吧，好吧”，但那是真的。甚至——我的意思是，這對我們來說似乎是一個很大的數字，但其實並不大。我的意思是每月 10 個系統——儘管每個系統都有 18 片晶圓的容量。因此，如果您將其與 Teradyne 的 J750 進行比較，我們的每個刀片都比 J750 擁有更多的引腳和更多的電氣通道。所以每次測試...

I'll tell that to my girlfriend. She'll be excited. Listen, so I would suggest -- because you guys are on a roll, get off this Q&A as soon as you can, get on the phone and close a couple more because it sounds like you really have some -- and I know that takes...

我會把這件事告訴我女朋友。她會很興奮。聽著，所以我建議——因為你們進展順利，盡快結束這個問答，拿起電話，再關閉幾個問題，因為聽起來你們確實有一些——我知道這需要...

Vernon's off doing that right now.

弗農現在不干這事了。

I know they're doing [it years ago] but some of these guys -- I'm tired of these guys whining and crying. We're finally here. Let's go out and close it. And I think you've got the opportunity.

我知道他們[幾年前]就這麼做了，但是其中一些人——我厭倦了這些人的抱怨和哭泣。我們終於來了。我們出去關門吧。我認為你有機會。

Thank you, Matt.

謝謝你，馬特。

We'll take our next question from Frank Barresi with Ameriprise.

我們將接受 Ameriprise 的 Frank Barresi 提出的下一個問題。

The people with all this COVID, interfering with new installations and sales, a lot of these electric vehicles that are being sold now aren't using your -- I mean they're not using your system in production, correct, as of yet?

那些患有新冠肺炎的人，干擾了新的安裝和銷售，現在銷售的許多電動汽車都沒有使用你的系統——我的意思是，他們還沒有在生產中使用你的系統，對嗎？

Correct, correct.

正確，正確。

Okay. And so Tesla, of course, is using it for everything. Are there many other -- of the other...

好的。當然，特斯拉正在將其用於一切領域。還有很多其他的嗎？

Frank, let me clarify this. Okay. There's a couple of ways to look at it. So of the electric vehicles, okay, all of them have this inverter and battery charger, et cetera, okay? Until 2018, none of them used silicon carbide. And keep in mind, that's like Toyota Prius, all the hybrid electric vehicles, et cetera, and then Tesla, 0 market share of silicon carbide, okay?

弗蘭克，讓我澄清一下。好的。有幾種方法可以看待它。那麼電動汽車中，好吧，它們都有逆變器和電池充電器等等，好嗎？直到2018年，他們都沒有使用碳化矽。請記住，這就像豐田普銳斯，所有混合動力電動汽車等等，然後是特斯拉，碳化矽的市場份額為0，好嗎？

Okay.

好的。

Then the Model 3 did it. Then in 2019, Tesla did it. I believe there's an Audi out there right now. I believe that -- my understanding is that Toyota, Taycan is still IGBT. So even some of the new models that are coming out do not use silicon carbide yet. But projections from folks like Yole, which is a big one, Exawatt, which is another big forecaster, they are projecting pretty dominant share to almost 100% share of all of those power modules will -- all of a sudden can -- the power FETs in these devices will go to silicon carbide over the next like 3 to 8 years or something.

然後 Model 3 做到了。然後在 2019 年，特斯拉做到了。我相信現在有一輛奧迪。我相信——我的理解是豐田、Taycan 仍然是 IGBT。因此，即使是一些即將推出的新型號也尚未使用碳化矽。但是像Yole（一家大公司）和Exawatt（另一家大的預測機構）這樣的人預測，他們預計所有這些電源模塊將佔據主導地位，幾乎達到100% 的份額，突然之間，電力模塊將佔據主導地位。這些器件中的 FET 將在未來 3 到 8 年之內轉向碳化矽。

And now -- so that's the devices. For us, today, we currently have one lead customer, right, who is currently moving everything to wafer level on our system. So you would have to say, well, how many of their customers? How many design wins? How many cars have they gotten into? Who do they have? And we know more than we'll ever admit to, but they obviously don't have 100% market share yet. So that -- we're also capturing other customers. At some point, there's an opportunity for us to compete with every single customer, and potentially everyone could use our tools. Then it doesn't matter who wins. But for now, we -- this is a pretty hot wave for us. And our systems work. It's right in the sweet spot of the capability of this machine, fully loaded, 18 wafers. This is a -- there's a great opportunity for this platform.

現在——這就是設備。對於我們來說，今天，我們目前有一個主要客戶（對），他目前正在將我們系統上的所有內容轉移到晶圓級。所以你不得不說，他們有多少客戶？有多少設計獲勝？他們上了多少輛車？他們有誰？我們知道的比我們承認的要多，但他們顯然還沒有 100% 的市場份額。因此，我們還吸引了其他客戶。在某些時候，我們有機會與每一個客戶競爭，並且可能每個人都可以使用我們的工具。那麼誰贏並不重要。但就目前而言，這對我們來說是相當熱門的浪潮。我們的系統可以正常工作。這正是這台機器滿載 18 片晶圓的能力的最佳點。這個平台有一個很好的機會。

And that's just in the -- well, it's charging the battery and discharging the battery needed on both sides and then the chargers that...

這只是在 - 嗯，它正在為電池充電並放電兩側所需的電池，然後是充電器......

Yes.

是的。

Okay, okay. And...

好吧好吧。和...

Yes.

是的。

So basically, like in a lot of the tests, let's say then, they don't have 100 -- I don't know if it's a Tesla necessarily, but the companies that are using silicon carbide, a lot of them, they're not able to do -- they're not able to use your system. So they must have a lot of these failures you're talking about?

所以基本上，就像在很多測試中一樣，他們沒有 100 個——我不知道這是否一定是特斯拉，但是使用碳化矽的公司很多，他們”他們無法做到——他們無法使用您的系統。那麼他們一定有很多你所說的失敗嗎？

No, no. That's not fair. So what they'll do is, just like our lead customer, they actually test them in a packaged form after they've already been packaged up, in many cases with multiple devices per package. So it's -- they basically can do -- we sell packaged part burn-in systems, too. We currently are forecasting 0 for silicon carbide because why would you do that when you could do it at wafer level? So...

不，不。這不公平。因此，他們要做的是，就像我們的主要客戶一樣，他們在包裝後實際上以包裝形式對其進行測試，在許多情況下，每個包裝有多個設備。所以，他們基本上可以做到，我們也銷售封裝零件老化系統。我們目前預測碳化矽的值為 0，因為當您可以在晶圓級上做到這一點時，為什麼還要這樣做呢？所以...

Right.

正確的。

Yes. So everyone is testing silicon carbide and doing some sort of a burn-in of it. There's no way they're shipping those to automotive suppliers without it. And they're either doing it a packaged part, okay; or they're doing it with our system, in this case we've already talked about the one customer; or they're evaluating, trying to figure out how to get to wafer level. We have heard -- every customer we talk to is planning to move to wafer level.

是的。所以每個人都在測試碳化矽並對其進行某種老化。如果沒有它，他們就不可能將這些產品運送給汽車供應商。他們要么把它做成一個打包的部分，好吧；要么把它做成一個完整的部分。或者他們正在使用我們的系統執行此操作，在這種情況下我們已經討論過單個客戶；或者他們正在評估，試圖弄清楚如何達到晶圓級。我們聽說——與我​​們交談的每個客戶都計劃轉向晶圓級。

Now the question is, well, what is the competitive situation? What's the alternative? The most obvious alternative that we know works, right, we know is in production and is capable is you take an ATE system, automated test equipment system, from multiple suppliers that are out there. You design it. You put lots of power supplies on it and you put it on a prober. And if you take an ATE system that ranges from a few hundred thousand to $1 million and you put it on a prober that's $350,000, right, and you take a probe card that's $50,000 or $100,000, you've got a system. And I'm -- generically, it's a $1 million test cell. And you can test it. And in 24 to 48 hours, you can do theoretically everything we can do. We think we have some competitive advantages with the way we do it, okay? But it's a $1 million test cell for 24 hours.

現在的問題是，競爭形勢如何？還有什麼選擇呢？我們知道最明顯的替代方案是有效的，對的，我們知道正在生產並且有能力，那就是您從多個供應商那裡採用 ATE 系統，即自動化測試設備系統。你設計它。你給它安裝了很多電源，然後把它放在探測器上。如果您採用價值數十萬到100 萬美元的ATE 系統，將其安裝在價值35 萬美元的探針上，對吧，然後採用價值5 萬或10 萬美元的探針卡，那麼您就擁有了一個系統。一般來說，這是一個價值 100 萬美元的測試單元。你可以測試一下。理論上，在 24 到 48 小時內，您可以做到我們能做到的一切。我們認為我們的做法有一些競爭優勢，好嗎？但這是一個價值 100 萬美元的 24 小時測試單元。

Our system -- remember, I just did the math with you. It's about $4 million divided by 18. You're like a $200,000 or less, right? So you're at 1/5 of the cost, and so you could test it 5x longer for the same price point from a capital depreciation perspective. But a wafer prober, if you've seen one, if you stood in front of it, it's like a -- has a footprint of a lot of Prius, right, and maybe so is our system. It's actually a little smaller than that, so is our system, but it has one wafer. And in that same footprint, we have 18. So now go test 180 wafers, and it's 10 of our systems, 10 Prius next to each other -- actually, Prius is big, but I never used that analogy before but I'll go with it. And with them, it's 180, 180 in a clean room space. So you want to put in place 1,000 wafer starts. You have 1,000 probers, okay, or hundreds of them. So the cost effectiveness is 1/5 from a cost of ownership and capital depreciation on the capital cost, and it's 1/20 of the footprint and we make good margins.

我們的系統——記住，我只是和你一起算了一下。大約是 400 萬美元除以 18。你的收入大概是 20 萬美元或更少，對吧？因此，您的成本僅為 1/5，因此從資本折舊的角度來看，您可以在相同的價格點上將其測試時間延長 5 倍。但是晶圓探測器，如果你見過一個，如果你站在它前面，它就像一個——有很多普銳斯的足跡，對吧，也許我們的系統也是如此。它實際上比這個小一點，我們的系統也是如此，但它有一個晶圓。在相同的佔地面積中，我們有18 個。所以現在去測試180 個晶圓，這是我們的10 個系統，10 個Prius 彼此相鄰- 實際上，Prius 很大，但我以前從未使用過這個類比，但我會去用它。有了他們，潔淨室空間裡的溫度就是 180、180。因此您需要啟動 1,000 個晶圓。您有 1,000 個探測器，好吧，或者數百個。因此，從擁有成本和資本折舊來看，成本效益是資本成本的 1/5，是佔地面積的 1/20，我們獲得了良好的利潤。

So somebody -- they're going to have to design a system to compete with you? I mean...

那麼有人——他們將不得不設計一個系統來與你競爭？我是說...

And they're going to be stomping all over our patents and IP if they try.

如果他們嘗試的話，他們將會踐踏我們的專利和知識產權。

Well, that's good.

嗯，那很好。

Yes.

是的。

And I guess is the situation analogous in the silicon photonics? Is it -- does the same -- well that's silicon carbide.

我想矽光子學中的情況也類似嗎？是不是——做同樣的事情——那就是碳化矽。

Right.

正確的。

I'm sorry. What?

對不起。什麼？

Very similar, very similar.

非常相似，非常相似。

Oh, it is similar. Okay.

哦，是類似的。好的。

Yes. Silicon photonics and silicon -- I mean it's a different application. In this case, it's a fiber optic transceiver fully integrated under a piece of silicon. And the huge advantage of it is they can actually manufacture like 1,000 transceivers at a time on a single wafer. The cost effectiveness is so dramatic that folks like Intels of the world have already put out -- multiple companies have gone under because they simply can't sell them at the cost that the folks like Luxtera or Intel, Inphi or Sequoia, which are known names, are building them for.

是的。矽光子學和矽——我的意思是這是不同的應用。在本例中，它是完全集成在一塊矽下的光纖收發器。它的巨大優勢是他們實際上可以在單個晶圓上一次製造 1,000 個收發器。成本效益是如此之大，以至於像世界各地的英特爾這樣的人已經推出了——多家公司已經破產，因為他們根本無法以 Luxtera 或英特爾、Inphi 或紅杉等人所知道的價格出售它們。名稱，正在構建它們。

And so the beauty of it is that with our FOX systems that can either test them in wafer form or singulated die form, we're able to actually do this so cost effectively on the integration that we've heard from our customers that it actually enables them to, in fact, do whole wafer silicon photonics manufacturing. And they -- then they test them and they burn them in. In this case, they stabilize them before they're put into the packages where they're extremely expensive to burn in, and there's yield loss associated with it, same kind of value proposition.

因此，它的美妙之處在於，通過我們的FOX 系統，可以以晶圓形式或單一芯片形式對其進行測試，我們實際上能夠在集成方面非常經濟高效地做到這一點，我們從客戶那裡得知，它實際上事實上，他們能夠進行全晶圓矽光子製造。他們 - 然後他們測試它們並燒毀它們。在這種情況下，他們在將它們放入封裝之前對其進行穩定，因為燒毀它們的成本非常昂貴，並且存在與之相關的良率損失，同樣的價值主張。

The only difference is that on a -- the fiber optic transceiver market is measured in millions of units a year, like 10 million units a year, total. That's it, right? The -- I think a Tesla has 48 MOSFETs in each car. And so if you're going to do 31 million of them, it's literally 2 orders of -- an order to 2 orders of magnitude higher size. Given the same test time, similar die per wafer, the silicon carbide market is absolutely more than 10x larger than a silicon photonics one. So that's to follow all that math, but I was trying to do it quickly.

唯一的區別是，光纖收發器市場每年的數量為數百萬台，總計為 1000 萬台。就是這樣，對吧？我認為特斯拉每輛車都有 48 個 MOSFET。因此，如果你要生產 3100 萬個，那麼它的尺寸實際上是 2 個數量級 - 2 個數量級。考慮到相同的測試時間、每個晶圓相似的芯片，碳化矽市場絕對比矽光子市場大 10 倍以上。這就是遵循所有的數學原理，但我試圖盡快完成。

Sure, sure. And then on the sensors, you've talked about 2 and 3D sensors. I mean is that a...

一定一定。然後在傳感器方面，您談到了 2 維和 3D 傳感器。我的意思是，這是一個...

Historically and it has proven to be -- has not been a very big market. We make good margins. The customer is happy with us. They're very unique but has traditionally been -- and we've talked about it before, is sampling market. What it means is that the devices do not inherently have either a high-enough infant mortality or need the structural stabilization to test every one of them. So the customer has proven to themselves that by sampling some percentage -- we don't get into it but imagine small, they're able to -- by buying just a few systems from us, they can actually sample hundreds of millions of parts a year, right? And we continue to execute for them. We keep our fingers crossed.

從歷史上看，事實證明它並不是一個很大的市場。我們的利潤豐厚。客戶對我們很滿意。它們非常獨特，但傳統上我們之前已經討論過，是抽樣市場。這意味著這些設備本身並不具有足夠高的嬰兒死亡率，或者需要結構穩定性來測試它們中的每一個。因此，客戶已經向自己證明，通過抽樣一定比例——我們沒有深入研究，但想像很小，他們能夠——只需從我們這裡購買幾個系統，他們實際上就可以對數億個零件進行抽樣一年，對嗎？我們繼續為他們執行。我們祈禱吧。

We have put in place enough infrastructure that if we want to do 100% sampling, we're at -- so far, they have not chosen to do that. Now we do have a couple of devices that we have done that are -- we know we're are 100% -- sampling sounds funny, 100% burnt in, but the volumes are much smaller because of the target device it's going after. And we don't go into it, but most people have guessed that when you think about mobile, certain mobile devices are in hundreds of millions and others are done in millions. And so if you get 100% of the millions, it's about the same size as a few percent of the $100 million. So as soon as we get 100% of the hundreds of millions, then we'll let you know. But I'm sick and tired of saying how great that one is going to be because we continue to get forecast that seem bigger than they -- actually plays out. But we love them, they love us and we continue to execute.

我們已經建立了足夠的基礎設施，如果我們想要進行 100% 的採樣，我們就可以——到目前為止，他們還沒有選擇這樣做。現在我們確實已經完成了一些設備——我們知道我們是 100% 的——採樣聽起來很有趣，100% 燒毀了，但由於它所追求的目標設備，體積要小得多。我們沒有深入探討，但大多數人都猜到，當你想到移動設備時，某些移動設備的數量達到數億，而其他設備的數量則達到數百萬。因此，如果你獲得了數百萬美元中的 100%，那麼它的規模就相當於 1 億美元中的百分之幾。因此，一旦我們 100% 獲得數億的數據，我們就會通知您。但我厭倦了說這將是多麼偉大，因為我們不斷得到看起來比他們更大的預測——實際上已經發生了。但我們愛他們，他們也愛我們，我們會繼續執行。

Okay. Good deal. Well, it sounds exciting. So...

好的。好交易。嗯，聽起來很令人興奮。所以...

I'm so glad 2020 is behind us and all our employees made it through safe. We actually -- as we look back in our records, we had only one employee that had mild symptoms in the whole company, one employee that tested positive but was convinced later that, that was a false test. And we've gotten through this. So we're pretty happy about it. And I can tell you the manufacturing folks are thrilled to death not to have to wear masks anymore out on our floor. So that -- because they've been here through thick and thin the entire time. So...

我很高興 2020 年已經過去，我們所有的員工都平安度過了。事實上，當我們回顧我們的記錄時，我們整個公司只有一名員工出現輕微症狀，一名員工的檢測結果呈陽性，但後來確信這是一次錯誤的檢測。我們已經度過了這個難關。所以我們對此感到非常高興。我可以告訴你，製造業人員非常高興在我們的地板上不再需要戴口罩。所以——因為他們一直在這里風雨同舟。所以...

And I can see that...

我可以看到...

And I'm glad.

我很高興。

Yes. Me too. I'm glad you're back. So -- and even in Europe, aren't these the people in -- that work in -- I mean aren't most of them essential? I mean I don't know if they have that category in Europe or an essential employee or...

是的。我也是。我很高興你回來了。因此，即使在歐洲，這些人難道不是在工作嗎？我的意思是，他們中的大多數人不是必不可少的嗎？我的意思是我不知道他們在歐洲是否有這個類別或重要員工或......

Most of them.

他們中的大多數。

Right, right.

是的是的。

And most of our customers' fabs have continued to operate. We've heard this time and time again that what they did is they were not ramping new devices. They were just building what they had before. I mean silicon photonics is a perfect example. It turns out there absolutely were less fiber optic transceivers purchased last year, but the biggest difference is people didn't ship silicon photonics away from the standard fiber optics. So our customers had pretty bad years. And if they're not growing, they're sure as heck not buying equipment from us. So now we've seen that they're publicly strengthening, projecting things. We watch the testers. They get filled up. And so we can -- you can kind of see it's like, "Okay, they're about full. They're going to need another system," and that's why we can confidently project volumes from them this year.

我們大多數客戶的晶圓廠都在繼續運營。我們一次又一次聽到他們所做的就是沒有推出新設備。他們只是在建造他們以前擁有的東西。我的意思是矽光子學就是一個完美的例子。事實證明，去年購買的光纖收發器絕對減少了，但最大的區別是人們並沒有將矽光子學與標準光纖分開。所以我們的客戶度過了相當糟糕的幾年。如果他們不增長，他們肯定不會從我們這裡購買設備。所以現在我們看到他們正在公開強化、投射一些東西。我們觀察測試人員。他們被填滿了。所以我們可以——你可以看到，“好吧，他們快滿了。他們將需要另一個系統，”這就是為什麼我們今年可以自信地預測他們的產量。

And then depending on how quickly EV sales grow, they just are going to need more because once they're installing new systems, they're not going to go back to this old way. They're going to buy...

然後，根據電動汽車銷量增長的速度，他們將需要更多，因為一旦安裝新系統，他們就不會再回到這種舊的方式。他們要買...

That's correct. Automotive is even more sticky than that. Once you get qualified, it's actually quite hard to change. So there's a mad land grab right now. But one of the things that we're actually hoping to see is when our customer qualifies a part, the way it works is they not only qualify us, but their customer qualifies the process. So we know for a fact that there are some of the big suppliers out there, think automotive guys, that have teams or individuals that have to sign off on a FOX-XP system for wafer level burn-in. And they have done that. What we're actually hoping is that, that rubs off, that, that same company can turn to another supplier and say, "Hey, how come you're not doing this?"

這是正確的。汽車行業的粘性甚至更大。一旦你獲得了資格，實際上就很難改變。所以現在有一場瘋狂的土地掠奪。但我們實際上希望看到的一件事是，當我們的客戶對某個零件進行資格認證時，其工作方式是他們不僅對我們進行資格認證，而且他們的客戶也對流程進行資格認證。因此我們知道，有一些大型供應商（例如汽車製造商）的團隊或個人必須在 FOX-XP 系統上簽字才能進行晶圓級預燒。他們已經做到了。我們實際上希望的是，這會產生影響，同一家公司可以轉向另一家供應商並說：“嘿，你為什麼不這樣做？”

And so we think we're just continuing to execute. We have a lot of domain knowledge, too. We're not just picking it up from any one customer. So we believe ourselves to be expert enough to help people with these challenges with burn-in because we've been doing it forever. I mean I have people here on my staff but I've only been here 10 years. I have people on the staff here that have been doing this for 40 years and can really understand the challenges. And we've -- I mean without being offensive, we've corrected people. They said, "We're doing it this way," and we pushed back and said that doesn't make sense. And they come back and said, "You're right." So we hope to be a partner and help them and hopefully be an advocate and they enable it to a rising tide of silicon carbide. And we think all the customers that use us are really smart. But I think if everybody used us, the whole industry would be better off because there would be more demand for silicon carbide because it would be more quality.

所以我們認為我們只是繼續執行。我們也有很多領域知識。我們不只是從任何一位客戶那裡獲取它。因此，我們相信自己足夠專業，可以幫助人們應對這些老化挑戰，因為我們一直在這樣做。我的意思是，我這裡有一些員工，但我來這裡才 10 年。我這裡的員工已經從事這行 40 年了，他們能夠真正理解其中的挑戰。我的意思是，我們糾正了人們的錯誤，但並沒有冒犯他人。他們說，“我們就是這樣做的”，我們反駁說這沒有意義。他們回來後說：“你是對的。”因此，我們希望成為合作夥伴並幫助他們，並希望成為倡導者，讓他們推動碳化矽浪潮的興起。我們認為所有使用我們的客戶都非常聰明。但我認為，如果每個人都使用我們，整個行業會更好，因為對碳化矽的需求將會更大，因為它的質量會更高。

And the silicon -- there's plenty of silicon carbide, I guess? I mean I saw -- or some...

還有矽——我猜有大量的碳化矽？我的意思是我看到了——或者一些……

Yes. I think so. It's been debatable how easy it is to get it. I mean there's been a mad rush for people to get it. I feel like there's still some constraints but -- and there's still a lot of people getting into it. I think it will be more available as time goes on than it is now. How constrained it is now? I'm not sure.

是的。我想是這樣。獲得它的容易程度一直存在爭議。我的意思是，人們瘋狂地想要得到它。我覺得仍然存在一些限制，但是——仍然有很多人參與其中。我認為隨著時間的推移，它會比現在更容易獲得。現在約束到什麼程度了？我不知道。

Well, that one company in Cree, I think they're building a fab, another fab. I don't remember though, but I'm pretty sure they're building a fab in the U.S., aren't they?

嗯，克里的一家公司，我認為他們正在建造一座晶圓廠，另一座晶圓廠。我不記得了，但我很確定他們正在美國建造一座晶圓廠，不是嗎？

100%, 100%.

100%，100%。

Yes.

是的。

Yes. 100%. And they supply substrates under contract to other -- to their competitors. So that's always interesting.

是的。 100%。他們根據合同向其他人——他們的競爭對手——供應基材。所以這總是很有趣。

Okay. Yes. And they're also making the -- I guess they're MOSFETs.

好的。是的。他們還製造——我猜他們是 MOSFET。

Yes.

是的。

And -- okay, okay. Well, Gayn, thanks for the information. I appreciate it. It sounds like you should have a really good year.

而且——好吧，好吧。好吧，蓋恩，謝謝你提供的信息。我很感激。聽起來你應該度過一個美好的一年。

Thank you, Frank.

謝謝你，弗蘭克。

Thank you. At this time, we'll turn it back to management for closing remarks.

謝謝。此時，我們會將其轉回給管理層進行總結髮言。

Okay. I -- there were a couple of things that we had somebody call in and I wanted to just make sure they kind of hear this. One was -- actually, there were some questions related -- loading our systems.

好的。我——我們有人打電話過來處理一些事情，我想確保他們能聽到這些。其中之一是——實際上，有一些相關的問題——加載我們的系統。

And we -- sometimes on purpose, sometimes on accident, we confuse people. And I say on purpose because there's competitors listening and things like that. But our FOX-XP systems, in particular, can test up to 9 high-power wafers or 18 lower-power wafers. And sometimes, we ship them full. And sometimes, we ship them partial. That tends to be at the discretion of the customer and being able -- and to pay what their capacity is. And I want to make it absolutely clear that these products are fully released, that our lead customers in 2D/3D sensors are doing [full mine] blade systems up to 2,000 watts per blade. Our silicon photonics customers are also 2,000 watts per blade, 9 blade systems, and we've shipped multiple of them. They're fully loaded. They're fully operational. And our silicon photonics -- or silicon carbide customers because the lower-power wafer is actually 18 wafers and the systems we're shipping are fully loaded 18-wafer system.

我們有時是故意的，有時是偶然的，我們讓人們感到困惑。我故意這麼說是因為有競爭對手在聽諸如此類的事情。但我們的 FOX-XP 系統尤其可以測試多達 9 個高功率晶圓或 18 個低功率晶圓。有時，我們會把它們裝滿。有時，我們會部分運送。這往往由客戶自行決定，並有能力支付他們的能力。我想明確表示，這些產品已完全發布，我們 2D/3D 傳感器領域的主要客戶正在生產每個刀片功率高達 2,000 瓦的[全礦]刀片系統。我們的矽光子客戶也是每個刀片 2,000 瓦、9 個刀片系統，我們已經發貨了其中多個。他們滿載而歸。它們已全面投入使用。我們的矽光子學或碳化矽客戶，因為低功率晶圓實際上是 18 晶圓，而我們運輸的系統是滿載的 18 晶圓系統。

So software is released. They're fully functional. They have great MTBF in terms of reliability themselves. And I just want to dispel any rumors that there's any concerns related to -- if they work full because sometimes, we ship them partially populated because that's what the customer asks for. So it didn't come out. I want to get that out there somewhere.

於是軟件就發布了。它們功能齊全。就可靠性而言，它們本身俱有出色的 MTBF。我只是想消除任何有關這些問題的謠言——如果它們能充分工作，因為有時我們會運送部分填充的產品，因為這就是客戶所要求的。所以沒出來。我想把它帶到某個地方。

And then I'll just take this one. Ken was going to do it, too. There was some discussion related to quarterly revenues. And Christian, I think we covered some of that, too, but I just want to get it out there.

然後我就拿這個。肯也打算這樣做。有一些與季度收入相關的討論。克里斯蒂安，我想我們也討論了其中的一些內容，但我只是想把它說出來。

There have been years -- and last year was one of them, where our forecast was heavily weighted in the back end. I hate the term hockey stick but that comes to mind because it was, well, when things recover, it's going to get better. And of course, it didn't. This year, well, it's not that way. We don't promise everything smooth, but it does feel more up and to the right as we do that, and there's no hockey stick nor is there any miracles that need to happen, a customer that isn't forecasting need to start forecasting, et cetera. So our confidence level in this is certainly as high as it's been in years. And while we may start out slower than we ended the fourth quarter, it's not going to be a hockey stick. Can we just -- somehow, I want to get it out there. We're not giving quarterly guidance, but it's important for people to know that as they're thinking about what our business is going to look like over the next 4 quarters.

已經有很多年了——去年就是其中之一，我們的預測在後端佔據了很大的比重。我討厭曲棍球棒這個詞，但我想到了這個詞，因為它是，當事情恢復時，它會變得更好。當然，事實並非如此。今年，情況並非如此。我們不保證一切順利，但當我們這樣做時，確實感覺更加向上和正確，並且沒有曲棍球棒，也不需要發生任何奇蹟，不進行預測的客戶需要開始預測，等等。因此，我們對此的信心無疑是多年來最高的。雖然我們的開局可能比第四季度結束時慢，但這不會是一個曲棍球棒。我們能不能——以某種方式，我想把它說出來。我們不會提供季度指導，但讓人們知道這一點很重要，因為他們正在考慮我們的業務在未來 4 個季度會是什麼樣子。

And stay tuned. This is going to be a very fun year for us. It's going to be exciting. We're going to be dealing with components and things like that, but it's a great place to be in. And we're excited and we appreciate everybody joining us on the call. And as always, if you have follow-on questions or want to follow up, we'll be happy to get on a one-on-one with you individually. Just reach out to our IR folks or us directly, and we'll set that up. So thank you very much, and we will look forward to talking to you next time. Bye-bye.

請繼續關注。對我們來說，這將是非常有趣的一年。這將會是令人興奮的。我們將處理組件和類似的事情，但這是一個很棒的地方。我們很興奮，我們感謝每個人加入我們的電話會議。與往常一樣，如果您有後續問題或想要跟進，我們將很樂意與您單獨進行一對一的諮詢。只需聯繫我們的 IR 人員或直接聯繫我們，我們就會安排。非常感謝您，我們期待下次與您交談。再見。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。